LUPIN HOLDINGS B.V.

Deloitte Chartered Accountantr

12. Dr.Annie.8esant Road

Haskins & Sells OPP. Shiv hgar Estate

Worli, Murnbai 400 018
India
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Tel: +91 02) 6667 9000
Fax: +91(22) 6667 9100

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TO the goard of Directors of
Lupin Holdings B. V.

We have audited the B a l m Sheet of Lupin Holdings B. V. (" the Company") as at 31'
March, 2010, the Profit and Loss Account and also the Cash Flow Statement of the
Company for the year ended 31' March, 2010 (the financial statements) attached hereto%
which have been prepared in accordance with the Generally Accepted Accounting
Principles in India.

This report is issued solely for the purpose of consolidation of accounts by the holding
company, Lupin Limited and to comply with the provisions of Section 212 of the
Companies Act, 1956 and should not be used for other purposes.

This report does not include a statement on the matters specified in paragraphs 4 and 5 of
the Companies (Auditor's Report) Order, 2003, issued by the Cexktral Government in
. terms of section 227(4A) of the Companies Act, 1956, since in our opinion and according
to the information and explanations given to us, the said Order is not applicable to the
Company.
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Respective Responsibilities of theManggwnt md
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The management of the Company i s responsible f o ~ t ~ e ~ ' p r e p a r.aofthest:financia&.,
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:: statements. It is our responsibilitf?oform an independent .bPiniOn,. .

b a d on 'our a d i t.of. ,:'. ,:. . .:. :. .
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the financidstatementsandlto express our opinion
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with tbaud,itb8 standar&~!i~s&;by,'~&e:~n~~~''<
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of ch&tered , , A c c o ~oft ~dia,. ~ audit iwlud&~.,~+atiO<,) a te& ,basis:of-.'. . . . . ". : . . ,

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evidence :relevant t o t h e 1 d ~ s c l o s u r e ~ : , ~jf~ti'&~i~l

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management in the prepPr&ionof the -fmandal .stittementsiis a d : w ~ e r . ~ f i;aCCOunmg;
ee ;,: . . . . . . . . 1 . . .

policieg are to.&& $jCUm$tance$rel&j::m,.the. ~ o m p ~ c o n $ i ~, n3 p t lpY ~ ~ ':';.& ; ~ - .

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. . andadequatelydi&lo&: 'we planned &perfdm'e$:audif ~ o a s ~ o . ~ o b ~ a ~ n a.~. ~. n. f :: om~tion~~:~ . . . . . . . .

', and.'explanation,which
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purpose of our audit:: .' . ..' ' , . . . .
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 Deloitte
Haskins & Sells

Opinion

8) The Balance Sheet, Profit and Loss Account and the Cash FIow Statement dealt with
by this report, are in agreement with the books of accounts of the Company and
comply with the accounting standards referred to in sub-section (3C) of Section 21 1
of the Companies Act, 1956;

b) In our opinion and to the best of our informatioa and according to the explanations
given to us, the financial statements read with the accounting policies and notes
thereon give a true and fair view;

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31d
March,2010;
(ii) in the case of the Profit and Loss Account, of the profit .for the year ended 3'1
March,2010;and
(iii) in the case of the Cash Flow Statement, ofthe cash flows fbr the year ended on
that date.

For Deloitte Haskins & Sells

Chartered Accountants
(Registration No 11 7 3 0

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 Lupin Holdings B: V.

Balance Sheet as at 31,st March, 201'0

1 Scheduler As at 31.03.2010 I ~s at 31.032009
EURO ( Fs. 1 EURO I R6.,
I. SOURCE OF FUNDS
I
I
Shareholders' Funds I I I
Shsrs Capllal

IReservss and Surplus

III.APPUCATlON OF FUNDS

I
CurmntAssets, Loans and Advances
Sundly Deblon
Cahndeanlrl3akma
Loma end Adjancss

Less :C u m n t Uablllder and Provkio~nc

c m n t UabWUes , .

14.t Cumnt h s e B

p m ~andloss
t Account

I
SlgnMunt accounting pol1cl.r and- notes fonnlng
pafl of accounts

Int e r n of our repW allnched For snd on behalf of the Board

F w DelMe Haskins h Sells
ChmtmdAaornlsnts

M. S. Dharmadhlkarl Sunll Makhar* 'Pi van Maurlk

Parbler Director Dlredor
PIE&: Mumbai Place :Mumbai Place': h51ardam
Dated :April 28. iOl.0. '-- Daled- :Aqil 28.2010. Dated :ApN 27,2016
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 Lupin Holdings B. V.
ppofit and Loss accountfor the Year Ended 31st March, 2010

Current Year ended 31.032010 Previous Year ended 31.03202009

Schedules EURO Rs. EURO Rs.

INCOME
DMdend lnawne 590.156 36.979.175
Other InCWne 8 45.709 18,030,815 8.868 579,273

sjs.865 5 5 , ~ ~ 8.868 579.273

EXPENDITURE
O V ~ Wand Other m=
'= 9 159.3TI 10,705S7 80,272 9.860.85s
1SS>l7 10,705,287 80,272 0.8W,D58
Prom1 (Loss)8afon Tax 476.488 44.304.703 Cll.4W (928181,685)
ProvWonlraT~
(R&noleno.20d~lO)
ProlitI (Loor) afIer Tax 476,488 44,5WS70J (71.44) (S,261,68q

Add:Delicil~torwardfrunprevtouSyear (102.050) (10,788,336) (30,646) (1,506,6511

I (Detidl)auried lo Balanat sheet
Surpl~~ 374,438 33,516,367 (lOZ.050) (10,788,3361~

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Eamlngs per share Bask and Diluted
--Basic
DllW
6.64
5.35
617.62
497.19
(1-56) (203.41)
(203.41)
(1-56)
(Refer rote no 2.8 of Schedule 10)
Facevalueofeachshar8kEURO1.000

SlgnMlcant .ccountlng plWea and mfomlng pad of

accounts 10

In tenns of ow repalattached For and on behalf of the Board

For DeloitleHaskins 6 Sells

M. S. Dharmadhlkarl Sunll Yakharia tan Maurlk

Parher Dlredor Diredw

Place :Mumbal Place :Mumbai ~ b c:

eAmsterdam
Dated :Aprll28,2010. Dated :April 28,2010. Dated :April 27.2010.
 Lupin Holdings B. V.
cash FIOW a e m e n l lorthe year mded Slst March 2010
I I I I
Cun'enl Year Ended 31.032010 W w s Year Ended 31.03.2009
Uao R6. Euro Rs.
A Cash Flow fmm OprainS Ac(Mt*s
Pmhl 1 (LOSS) bBfW 476.488 M.304.703 111.404) (9.281.685)
Agustmeluc for:
m short tmm Ida
~nterest Loan 143.880) (2,948,111)
~e~unreaIhdsrahanpe~-duringthe)sar 1.105.825 134.260)
Exchange rate d f l m M ban&km (R&no(s 3 bekw) (19.953,446)

operating loss before changes 432598 22,506,971 CH.404) (9.315.845)

AdjUStmWIlS Ibr :
~ r s d eand other rscaivablas (594.6131 (35,807,197) (12176) (62%697)
Trade Payablas W.70 (24854,258) 18.052 1.327216
~etushuubInOpentlnO~ W6W ( W W l W.528) (6.814.426)
h w
B. ~ r s now acu-
~uchase ofnI-
lderadOIshort~baerCocporetsL0an
Notc&shuwdInhvsr#lgCIIlrltla

Net unreallsed ex- mtrwenca W q the year (1,103,825) 34280

2) The cash flow Slatement has been preparedunder the lndlred meVlod as set wl h the Aaaunting Standard 3 ( A M ) "Wish Flow S t a t m t " .

3) mdump dierencn tranrbtion cepreferrtsexchange m- m bawlationo( bbirfy pertaWns u hvming w.

4) lnve-t h end tepilal h Schedule 3 'InvesUmMs7 E m 5.372.494. Rs. 375,134,4251- by way of Wlgnmentntd
cettainassetstoa~canpayhamncash~ I

In term of ow repat aaachecl For and on behallof the Bomd

FwWoiUeWm8SeDs
Chartered&mmhn&

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M. S. Dharmadhlkart . +"I1~.lrlu;t;. . . . .,*n Mautlk. . .
Partner . .
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Place :hl&nbei . . ,,m:Mm .. . Pb*: Amslerdam '
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Dated :Apn124 2010. D a y :~pr1128.P10; ' . . . Dated :ApN 27.201% ,
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SCHEDULE'I".
SHARE CAPITAL

~ucplusin P d ~and
t Loss Account
 Lupin Holdings 6-V.
schedulesForming Part of Ule Balance Sheet AS al31.03.2010 As 1 1
I 'EURO I Rs. EURO

SCHEDULE'3-. IWESmENTS
Lona ism,n-I

Nunk FaceVm
+
.qptrame pty. Limiled. w @ a
s AUD
[Refer Note no. 2.2 Of sdledlda 101

b p i n AUantls H o l d i s SA. Switzerland 2.488 CHF

(IW) low

I HOmwrsan -
Qnw.-Y
p d w Nola no. 2 3 (a) d Schedule I01

PHP
10

Lupin PharmaCanadm Lld

Canada
. 280.m.WO
(-1
Note
A

:duo
1.

Notes:
l.&gmgateeostOf~Inv-
~AUthe~hshamsereW~up.
3 ~SharedEumBB.BOO.l~Of8.400.1~d16.300,6ShareS~

.-----
I ios.iw,m

I 4.sharesdonKdhavetaca~lae.
~.ln~nMiPtPhamePtyW.~+ededsdddurlrg~Year
Number F & V W
A m
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Max Phaima Pty. L t d . A m 885.714 1
[Refer Note no 22 d Schedule 101
s.~pralcontribulimreprasecrtseertainefsetsasslgnedfo~hesaid~
and cash c o n l f i m

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SCHEDULE '4- SUNDRY DEBTORS(Ullcieuuedr
Debts outstanmng for a period e w w sbc months
ConsideredOood
Coclslded DDuWul

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B ~ B d a 4 a - ~ n n ~ W .~
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~ota:Sundrydebtas~~dueItom~canpa)r
~boece,GOORS.36,541,840 (previouEYear E w Na Ra NO
SCHEDU~E'T CASHAND BANK BALAHCES' .
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:. ~ ~ m l n ~ u r d w a h p m - t k ~ ~ - m V ' .
- k )ear E m 3m.m
IMaxbnumamount o&taMiw duhg t
~~237.553.io9@iuvbus year- 13,791,043Rs. 831.378.QW1 .
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SCHEDULE 7"-CURRENT W M E S AND PROVISIONS
Wwrsnt UabilWes

Small M m f
[Indudes Euro Nil Rs. Nii (Praviousyear Eum 297.- RsM,OB8.390)
due lo holdng eompanyl
Total 2,268,666
 Lupin Holdings 6. V.
Schedules Formlng Part of the Profit and Loss Account

Current Year ended 31.03.2010 Previous Year ended 31.03.2009

EURO Rs. EURO Rs.
SCHEDULE "8" -OTHER INCOME
Interest on short tern Inter Corporate Loan 43,880 2,848.111
Bank Interest 83 6.237 8,868 578,273
Mlscallaneous lnaune 1.726 115,917
Exchangedifferenceon translation (net) - 14,880,550
Total 45,709 18,030,815 8,868 579,273
SCHEDULE 9"-OPERATING AND OTHER EXPENSES

Legal and Professional Charges 76,862 5,169,558 60.030 3,921,132

FUlng Fees 139 8,322 216 14,105
Audii Fees DndudlngServiceTax Eum 773 Rs 51.922 8,273 555,664 8,273 540,360
(previous year Eum 773 Rs 50,460)]
Exchange diierencaon translation (net) 4,6f7.607
Edmnge rate difference 67,157 4.510.835 7,743 505,762
Bank Charges 6,846- 458,807 4,010 261,882
Total 159,377 10,705,287 80,272 B.860,858
 Lupin Holdings B. V.
SCHEDULE "10":

SIGNIFICANT ACCOLINTING POLICIES AND NOTES FORMING PART OF THE

BALANCE SHEET AND.PROFIT;ANDLOSS ACCOUNT
These financial statements are prepared solely for the purposes of consolidation by the holding
company, Lupin Limbed and to comply with the provision of Section 212 of the Indian Companies
Act, 1956.
1. . Significant Accounting Policies: - . .

1.1 Basls of preparation of financfal statements: -

The accompanying financial statements have been prepared under the hfstorical cost
convention in accordance with generalty accepted accounting principles in India, and the
applicable accounting standards.

1.2 Use of Estimates: -

The preparation of the financial statements, in mnfonnity with the generally accepted
accounting principles, requires estimates and assumptions to be made that affect fhe
reported amounts of assets and liabilities on the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period. Dierences
between actual results and estimates are recugnized in the period in which the results are
known / materialized.

1.3 Foreign Cumncy Transactions1 Translation:

9 Transactions inforeign currency are recorded at the original rate of exchange in force at
the time transactions are effected.
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ii) Exchange differences arising on settlements during the year of short term monetary ifems
denominated in forelgn currency; and 'exchange differences arising on the reporting of
short term monetary items denominated in foreign currency which are'outstanding at the
year-end using the exchange rates prevailing at the balance sheet date, are recognised
in the Profit and Loss Account.

iii) Irt terms of the Notification relating to AS 11 issued by the Ministry of Corporate Affairs in
March 2009:

a) The exchange diierence arising on reporting of the 'Long Term Foreign Cumnc);
Monetav hemsmat the rates different from those at which they were Inbialty recorded
during the period or reported in the previous financiak statements and the exchange
difference on settlement of such items, in so far as such items relate to the acquis'ion
of a depreciable capitat asset, are added or deducted as the case may be, from the
cost of the respective asset and depreciated over the balance life d those assets and
 b) In other cases, these are accumulated in a 'Foreign Currency Monetary Item
Translation Diierence Account' and amortised over the balance period of such long
term asseffliabilii but not beyond 31st March, 2011.

Iv) The local accounts are maintained in local and functional currency, which is the EURO
(€). Considering the operations of the Company as 'Integral' to the Holding company in
terms of AS 11, the financial statements have been translated to Indian Rupees on the
following basis-

i) All income-and expenses are translated. at the average rate of exchange prevailing.
during the year.

i Monetary assets and liabilities are translated at the closing rate on the Balance sheet
date.

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iii) Non Monetary assets and liabilities and share capital are translated at historical
rates.

iv) The resulting exchange difference is accounted in 'Exchange Dilference Translation

Account* and is charged 1 credited to the Profit and Loss Account.

1.4 Investments:-

Long-term investments are stated at cost which include. those direct charges ihich are
incurred on acquisition of investment. Investments In foreign currency are stated at cost By
converting at exchange rate pkvailing at the time of acquisition. Provision for diminution in
the value of long-tern investments is made only if such decline is other than temporary.

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ij Diiend'fr&n 'i&estment: i=wcoghiied in the ProM and Loss :&count when the."ght t6 :

receive.paymentis established. . . . . . . . . . .
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I) Inter?& is recognized
. on
. ,atime. importlo" basis.
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iii) Revenue is recognized only when-it is reasonably
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ultimate cdtedion rill ' .' '

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1,.6 ' Taxes on Income:-' . . .
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he Provisions of inland Revenue.ordinance

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. hcqme tax& are accounted for~irr,accordaari~e ' w i h ~ c c o & " ~.&indiitl. .22On'n'=,+&o~n'ti"g ..
for:Taxes:on Income', (AS.:22).Tax; Expense: comprise]both 'current'b x and. deferred-:tax. . . . :
Current: tax is.:meastired a t tha:amouttt;'expected. . . . .to.. b e paid:.OF recovered: . . .frorn'lhe:
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authorities'"sing th=: ~pp~@~l&~fax'rates~es. .,': ',:-,: ;: . . ::: ......ik .:' .: ;!.:,'., . . -::,. . . {: .. .:, .....-. . . .
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Deferred tax.assets, a n d ~ ~ : l i a ~ l l i f i e ~ : ~ ~ r ef:oi :di ~ ~~gt ,nikr ~~ d. t~a. x i ~ n ~ sttributable.
~ q u i e r i ~to. . -.. . . "

. timirig differeii&;:'bdeen;, fa&le:, income 'and,ewhnting; ihwme, are m @ & e &6t'. 2 . :

... ,enaa@::.,'tmi. rM6$; At ~ ~ : datei:' the.; compafiy
i;, ~ a l g "-$~e;et;-, ,:
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unie&g"iiea..defemd tax asse;t$,:.i&ih+..&&t th&y,b;&m'e .rea$oflabb,certiii)@i .vifllia!ly- . ,

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$jje:,case;ma$. be, ,'',.. . . '. . . . ' . . . . .
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'. certain orreaikaiion,
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 1.7 Provision, Contingent Liabilities and Contingent Assets: -
Provisions involving substantial degree of estimation in measurement are recognized when
there is a present oblbation as a result of past events and it is probable that there will be an
oufflow of resources. Contingent liabilities are not recognized but are disclosed in the notes.
Contingent Assets are neither recognized nor disclosed in the financial statements.

2 Notes to Accounts: -
2.1 Company Overview: -
The Company was incorporated on 30th March, 2007, at Amsterdam as a private limited
liability company under the Dutch Law, as a wholly owned subsidiary of Lupin Limited. The
Company is engaged in the activities of investing in and acquisition of pharmaceutical
companies across the globe with the object to get good returns in the .form of dividend and
capital appreciation.

2.2 The company was holding 2,000,000 ordinary shares of AUD 1 each in a subsidiary company
- Max Pharma Pty Limited, Australia, (Max) representing 87.5% stake therein. During the year
the Company purchased the balance stake in that subsidiary. As a result of which Max
became a wholly owned subsidiary company of the Company.

At the beginning of the year, the Company was holding 18,667,967 shares of Euro 3,163,663,
Rs. 204,459,362 in an associate company -
Generic Health Pty Ltd., Australia (GH)
representing 36.65% stake in that company. With a view to secure the benefit of synergies,
better market penetration and saving in overhead costs, the Company decided to consolidate
the operations of Max and GH. To achieve such consolidation, the Company sold its entie
investment in Max to GH for the consideration primarily comprising of 9,500,000 shares of
Euro 1,579,146, Rs. 96,471,396 in GH. The company fut-ther acquired 2,031,247 shares from
other shareholders as a result of which the aggregate holding of the Company in GH has
increased to 49.91 %. -
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2.3 (a) The Company holds100% equity stake at cost Euro 4,704,449 Rs. 310,739,141 in Hormosan
Pharma GmbH, Germany (Hormosan). The said subsidiary continued to incur losses during
the year and has negative net worth at the end of the year. However, considering the.
financial support from Lupin Limited (the holding company of Lupin Holdings 6.V.) and
Hormosan's projections1 plans for introducing many new products (including products from
Lupin Limited, India) in the German Market in the near future, growth in the turnover is
expected, which would result in improvement in net worth, over a period of time.
. . . .
(b) ~ ~ : s t a t =ind note 2.2 above, the company h a s increased:ik stakein ~ ~ t 0 4 9 . 9 1 ::' ~ .
,
. representing 30,199,214-shares; .costing:Euio 5,120,23.7,.,~s.- 326,844.21 3. -Thecompany ..has.
. . '.also.given interest:bearingl loan of Euro -1i383,877, Rs. 83,779,884. to: GH..: During the :year; . '

G H has incurredlosses resulting in.further erosion of.its networth. GH.has plans.to introduce . .
the .products including the products from ~upin.'~imited- in the. market in near..future. .As a: :
result of this it is expected'that the company's turnover would increase leading.to.piofitabilify..:
..
. . ..
. .
and-improvementin networth over a: period. of . time. . . .. . .
.. . . .
. . .,. .. . .

1~ i s e odn the, above and considering that these inv&fm&nts are held:as strategic hng'tenn.
'

--investments,
. .
in the opinion of the management, the diminution in.the value of the aforesaid
. .
. .
. .
. .
 investments is considered temporary and the loan is considered good of recovery.
Accordingly, no provision is considered necessary. in respect thereof.

2.4 Considering the definition of reportable business segment and reportable geographical
. segment contained in Accounting Standard 17 (AS 17) 'Segment Reporting ', the
management is of the opinion that there is only one reportable business and geographical
segment. the results of which are disclosed in the financial statements.

2.5 - Additional Information pursuant to the Provisions of Paragraphs 3.4C and 4 D of Pad IIof
Schedule VI to the Companies Act, 1956.

@Expenditurein Foreign Currencies on account of:

Particular EURO Rupees
Legal and Professional Charges 682 28,285
(-1 (-1 L

b)Eamings in Foreign Exchange on account of:

Particular I EURO I Rupees
Dividend Income 590.1 56 36.979.175

2.6 The year end foreign currency exposures that have not been hedged by a derivative
insbment or otherwise are as below:

a) Amount Receivable in foreign currency on account of the following:

Particular ZAR EWRO Rupees

Other Receivables 6,000,000 603,600 36,541,944
(Nil) (Nil) (Nil)

. b) Amount Payable in foreign currency on account of the following:

'. . . . . .
.
~

.
Particular. USD EURO Rupees . .
-
.
'Other
.
Payables, 3,000,000
(Nil) . .
;.:2,229.600- ::134,979.984
(-1
. .
.
-. .
. .. . .
. . a:.. .
. .
. . . .
.. .

-
. . . .

. . .
a):. . .
Names of.Relatgdpartieiand'descrlption.
. .
ofrel'nship: . .
. .. . .. . .. . .. . :. .
. . ..
..
. .
. . : , Company whose :control exists. '

. ..
.. ..
. ..
. ., . .
.
Lupin' Limited (Holding
. .
Company)
. . : . -
. ., ' .. . : .
. . . .. . . .. . . . . . .
. . . .

. .
. . .. .. : ' i) , subrldiariesoi&e company. . ' ,,
.
..
.

. . .
- ~ y o w aPharmaceutica~lndustry
. . Co., Ltd.
. .

- Amel:To!dhoku.
. . . . .,

. -
. . .' . ... ,
.- HormosmPharma GmbH.
. . . .
. . (w.ef. $5P,~uly,2008) . .

-- Pharma-Dynamics
'

- (Proprietary) Ltd.:' - - - '

. . Multicare:Pharmaceutical Philippines .Inc. ', . .

.. . .
 - Max Pharma Pty Ltd.
(upto 31"' May, 2009)
- Lupin Atlantis Holdings SA
- Lupin Pharma Canada Ltd.
(w.e.f. 18" June, 2009)

iii) Associates of the Company

-
Generic Health Pty. Ltd.
-Shinko Yakuhin (Associate 5;mpany of KyowaPharmaceutical . .
Industry Co., Ltd.) (Up to 10 March, 2010)

iv) Key management personnel IParties

-
Sunil Makharia (Director)
. - Andrew.Macaulay (Director) . .
-: -
P.Van Maurik.(Director) . .

(w.8.f. 21* August;.2008)' - .

. . .
. .
. .
-
Trust lritematbnal Management 0. .V. '
. .

(Director appointedas.pennissible under Dutch Law)

. b) elated parties ~ransactions:.. . . .

' . . . .. .
Sr. . . . .Transaction Description of Euro , . Rupees .,.

No. . . ..- : -. Relationship . .

-
' ,

.
1. . Equity contributionreceived Holding
. . . .. Company . , 35,355,000 2.481:,9$1,250 '

. Lupin Limited .' . . .. . . . .. . . (27.71 8,000) (1;834,363,3.57) -

-.
. . . : . .
.
2; . - Investment-inSubsidiaries . . Subsidiary - . '
.

Companies
: Lupin Atlantis HoldingsSA . . 33,166,967 .; 2,349,185,514 . .

. . .
(Nil) - (Nil) .

'
.
. . .

. . . Max ~ h a r m a
Pty ~ t d .: , ' . . 340,735 . . . '.22,669,090::
. .
(583,056) ' (36,580,958) 1
. . . .. . . .
. .
. . . .
. .

.. Lupin. Pha.rma.Canada
. Ltd.. . . . .. . .
. .
' ,
.
....
.
- . .
I 1,911,734. . .. . 125,335,397 . ,

. .
.
.
. . ...... .
.. .. . (Nil).. . .
'(Nil). . . .
. . . .
.
. . . .. . .
. .
.
. . -
. .
.. .
. - Total , 35,419,436 :.2,497,1,90,0.0~.
. .. . .
. . .. .. ...
.
: . .
. .
.
. .
.
:
.. '
.
.
:
. . . . .. .. .
. .., .. . ..., . . ...
. . . .
. .
.. . . .. .
.
. . (583.056)- :- (36,580,958)
'
..
. .. ..
'

:.., . ,. : . . , . . ... . . . . . . . . . .
. . .. . . . .. . : . . . . . . . . .

3.: . InveStment in Associat~. . . : . . : : ' Associate

. . . . . . . Company . . . . . 1;625,779., . ;' 99,726;414 ....
. .
-.Generic,~ ~ ~~ t yh: ~ht .d. . .. . .. . . . . : :, . . . . .. . . .. .. . . . . . . ..
- (Nil . (Nil)
,

. 4.. . ~ivide,ndIncome :
' Pharrna . S.ubsidiaryCompany - . : .. 590.1'56.
;:.: " : . : , . - '. . . : . . . . (Nil . . . . :
. . .
56,979.175
. .
.
.

.
.
:
. . Dynamics (Pcopoetary) timite& Nil) . : . '
,

. . 5. Interest::: Income . - Generic ;Associat&,Compa* . :. 43,8:0 :2,$8,7. .11 . . . . :

~t&:':. . . . : : : . . . . ' . . . :. . . . : , . . . ; ..., . .
,
.... . . ,

.
. ; -
(N1I.J . . . : ,(Nil) . . .. .-,.. '

. . 6.. . . Expenses reimbursement: . fdr. .,..Holding,Compa.ny . : . . Nit . : : . . . Nit . . . . . . . . . . :. . . :-

.
:.
. . .. . . . .inv&tmeni related:mit': ,:; ..:: . : 1: :. . : . ; .
. .
: 1 . .. ... . ... . .. (297,452) . ' (20,088,390): :.
.
:.. : :. :.. .. . . .. . . . . . ..
.
..
. 7 . . Expenses:reimbur'semenf . .. . . .

'
Lupin ~imitbd;
,..,.
. . . . . . . . . .. . . . : . .
.
; ~ o t & & : ~ o
..
m b a :~ ~ .
. .;.
562 37,723 . . ' ' ' ,
.. .. . . . .. . .. .. . . . : ,

. . .
';. :
. . . ..
. . . . ,
.
(Nil)- (Nil) . .
:
' .
. . . . .
. . . . . . .
.
:, . . G m b H . :: .~ ." b s i d i a r y ~ 6 m ~. a n ~
~o.rmosan~harma . . . Nil : . . .
Nil - .

. .
. . . .
. . . . . . . (18,021) (1,217,072)'.
.
..
.:. . . . . .. . . . ,
..
. . . . .
.
.
. .
. . . .
. .
. .
. . . ..... . .
 Pharma Dynamics (Proprietary) Subsidiary Company 682 28,285
Ltd. (Nil) (Nil)
Total 1,244 66,008
(18021) (1,217,072)
8. Short Term Loan (given) - Subsidiary Company 100,000 6,620,500
Hormosan Pharma GmbH (Nil) (Nil)
9. Short Term Loan (received Subsidiary Company 100,000 6,816,000
back) - Hormosan Pharrna (Nil) (Nil)
GmbH
10. Short Term Loan (given) - Associate Company 1,383,877 92,955.01 8
Generic Health Pty Ltd. (Nil) (Nil)

c) Balances due from 1 to related parties:

Sr. Loans and Advances at the Description of Euro Rupees

No. year end Relationship
1. Lupin Limited Holding Company Nil Nil
(297,452) . (20,088,390)
2. Hormosan Pharma GmbH Subsidiary Company Nil Nil
(18,021) (20,088,390)
3. Pharma Dynamics (Proprietary) Subsidiary Company 603,600 36,541,944
Ltd (Nil) (Nil)
4. Generic Health Pty Ltd. Associate Company 1,383,877 83,779,884
- - p~ - - - (Nil)
. . ~
(Nil)
. .

Note: -
Related.Partyrelationshipis as identified by the company and relied upon by the Auditors. . . . . .
.
. . .
. .
. .
2.8 ' Earnings per share is&lculatedas~follows:
.... . . . . . .. .
. . . . . . .
. . . .. . . . . . .

Particulars .' For the . For-the,Year : Forthe Year Forttie Yeai .. . ,

. . ended.31": : ended 31" . -ended315' e d e d 31'' . .. . . .

March 2010 :- March 20d0 : .March 2009 ' March-2009- ..

. . . . . . :. 'inEURO: : . 1 n R . . . :. in EURO- . . ' . . . . . in Rs:: . . . .
Profit / ( ~ 6 safter
~ ) tax . ' . 476,488 .. 44;304,703 '.,.: (71,404);. (9;281,685) . . . . . . .
. . .
Weighted- average number . ,
.
.
.
.
.
.
.
.
. .
.
. . .
.
. .
. . .
of shares. . .
. .. . . .
. . . . .. . .. . . . . . . . . .
(Numbers) . .. . . .. . . . .
. . .
. .
- Bas.ic . . . . .
. . . .71,735" ', ' 71,735, : '
.
45,630
. . .
. . 45,630 '
.. ' ' .:
. ..
. .
. . .
. .
. .. .. . . . .,. ... . . . . ., . .. . . . .- . .. .. .
.
.. . .
Add : ' Dilutiie. effect. of . I .. .. ,
. ~ .
:

Advance towards: ordinary ..

. . ,. .
17,376
..
; . . . .. .
-. .
: '17,376.
.
.
'. . ..
.
.:.
.. . . ~. 1 . 1
.
.

. . . . . . . . . . . .
. . . .. .
:'.
. . .':. . ,:.Nil'.,.
....
. . . . : .
. .
.
.
. , .. . .. .. .
.
.

Shares : . . ,. ' ,
. . . . .
. . .
. . . . .. . . . . . . . . . .
.. . . . . .
. . .
.. . .. . . .
. . . .. . . . . . . .: ..
. . . . . '
...
. .
, .. . . .. . . , . .. . .
. .
.
. . . . . . . . .
.. . . .'. . . . . .
. .
. . . . . . . . .
. ..
. . . .. ..
. .
. .
. . .
. . .
-~iluted, ' , .
,
.
.
.
8$
. $
. ll:,. . ' : .8g,lll. .
.
45.630 : 4 5 , 6 3 0
. . . . .
.. :.-',.
. .
. . . . . .. . . .
. . .. .. ... .. . . . .
. . . . . .. . . .
. .... . .. . .. . .
. . . .. . . . . . . . . .
. . ..
.
.
. .. . .. . . . .
.
. .
. .
. . .. . . .
. . ., . . . . .
.. . . . .
. . . .
. . ,. .
.. .. .
.
,
. .
. . . .
.
Eamings Per-Shares
. . . . .
. . ' . ..
.
.
.: .
. .,. . . . . .
. . :.
.
- . . .
.
.
.
.
--Basic,-... . . . . . .. .
. . .
' . : . ;6.64:_ , : ' i-617.62, . ::. . .(1..,56)' , - . . .(20$41). . :. . .

-Diluted . . .
. . . 5.35.;: . -.. 1 497.19. :,: - .(1.56)- . 1(203:41) . .
 Note:
Share application money received was not considered for the purpose of calculation of
diluted EPS for Previous year, since the results thereof on EPS were antidilutive, considering
loss situation.

2.9 The provision for current tax has been computed considering the tax laws in Netherlands. On
the basis of the current tax computation, there are no timing difference and hence no
deferred tax.

2.10 Details of loans and advances in the nature of loans as per the requirements of dause 32 of
the Listing Agreement of Holding Company with Stock Exchanges:

Name of the Nature of Amount outstanding as Madmum amount

company relationship at 31* March, 2010 outstanding during the
Year
Euro Rs. Euro Rs.
Horrnosan Pharma Subsidiary Nil Nil 1,OO,OOO 6,816,000
GmbH, Germany (Nil) (Nil) (Nib (Nil)
Generic Health Pty Associate - 1,383,877 83,779,884 1,383,877 83,779,884
- Ltd, Australia (Nii) (Nil) (Nil) (Nib
2.11 Closing exchange rate as on 31d March, 2010 considered for the purpose of translation as
referred in 1.3 ( i i ) above is Rs. 60.54 per 1 EURO (Rs 67.54 per IEURO as on 31.' March,
2W9).

2.12 Fiures in brackets are for.-previous.year.

Signature to Schedules It o 10

For and on'behalof the Board

. .

Sunil ~akhaiia w a n Maurik

Director ' - Director.
. .

Place': Mumbai Place .: ~msterdam'

Date :April 28,201 0. . . Date :April 27; 201'0