SUN PHARMACEUTICAL INDUSTRIES LIMITED
ANNUAL REPORT 2010-2011
NOTES ON ACCOUNTS
A. SIGNIFICANT ACCOUNTING POLICIES
I. Basis of Accounting
These financial statements are prepared under historical cost convention on
an accrual basis in accordance with the Generally Accepted Accounting
Principles in India and the Accounting Standards (AS) as notified under
Companies (Accounting Standards) Rules, 2006.
II. Use of estimates
The presentation of financial statements in conformity with the generally
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amount of assets and liabilities on the date
of the financial statements and the reported amount of revenues and
expenses during the reporting period. Difference between the actual result
and estimates are recognised in the period in which the results are known /
materialised.
III. Fixed Assets and Depreciation / Amortisation
Fixed Assets including intangible assets are stated at historical cost (net
of cenvat credit) less accumulated depreciation/ amortisation thereon and
impairment losses, if any. Depreciation on tangible assets is provided on
Straight Line Method at the rates specified in Schedule XIV to The
Companies Act, 1956. Assets costing Rs. 5,000/- or less are depreciated at
hundred percent rate on prorata basis in the year of purchase. Intangible
assets consisting of trademarks, designs, technical knowhow, noncompete
fees and other intangible assets are amortised on Straight Line Method from
the date they are available for use, over the useful lives of the assets
(10/20 years), as estimated by the Management considering the terms of
agreement. Leasehold land is amortised over the period of lease.
IV. Leases
Lease rental for assets taken on operating lease are charged to the Profit
And Loss Account in accordance with Accounting Standard 19 on Leases.
V. Revenue Recognition
Sales of products are recognised when risk and rewards of ownership of the
products are passed on to the customers, which is generally on despatch of
goods. Export sales are recognised on the basis of Bill of lading / Airway
bill. Sales includes delayed payment charges and are stated net of returns
and Vat / Sales Tax, if any.
VI. Investments
Investments are classified into Current and Long Term Investments. Current
Investments are valued at lower of cost and fair value. Long Term
Investments are stated at cost less provision, if any, for other than
temporary diminution in their value.
VII. Inventories
Inventories consisting of raw and packing materials, stores and spares,
work in progress and finished goods are stated at lower of cost (Raw and
Packing Material - Specific Identificaiton Method; Stores and Spares - FIFO
basis; Work in Progress and Finished Goods - Weighted Average Method) and
net realisable value.
VIII. Research and Development
The research and development cost is accounted in accordance with
Accounting Standard - 26'Intangible Assets'. All related revenue
expenditure incurred on original and planned investigation undertaken with
the prospect of gaining new scientific or technical knowledge and
understanding up to the time when it is possible to demonstrate probable
future economic benefits, is recognised as research expenses and charged
off to the profit and loss account, as incurred. All subsequent expenditure
incurred for product development on the application of research findings or
other knowledge upon demonstration of probability of future economic
benefits, prior to the commencement of production, to the extent
identifiable and possible to segregate are accumulated and carried forward
as development expenditure under Capital Work in Progress, to be
capitalised as an intangible asset on completion of the project. In case a
project does not proceed as per expectations / plans, the same is abandoned
and the amount classified as development expenditure under Capital Work in
Progress is charged off to the profit and loss account.
IX. Foreign Currency Transactions
Transactions denominated in foreign currencies are recorded at the exchange
rate that approximates the actual rate prevailing at the date of the
transaction. Monetary items denominated in foreign currency at the year end
are translated at year end rates.
In respect of monetary items, which are covered by forward exchange
contracts, the difference between the year end rate and the rate on the
date of the contract is recognised as exchange difference and the premium
on such forward contracts is recognised over the life of the forward
contract. The exchange differences arising on settlement / translation are
recognised in the Profit and Loss Account.
X. Derivative Accounting:
Forward Contracts in the nature of highly probable forcasted transactions /
firm commitments entered into for hedging the risk of foreign currency
exposure are accounted for on the principles of prudence as enunciated in
Accounting Standard 1 (AS-1) 'Disclosure of Accounting Policies'. Pursuant
to this, losses, if any, on Mark to Market basis, are recognised in the
Profit and Loss Account and gains are not recognised on prudent basis.
XI. Taxes on Income
Provision for taxation comprises of Current Tax and Deferred Tax. Current
Tax provision has been made on the basis of reliefs and deductions
available under the Income Tax Act, 1961. Deferred tax resulting from
'timing differences' between taxable and accounting income is accounted for
using the tax rates and laws that are enacted or substantively enacted as
on the balance sheet date.The deferred tax asset is recognised and carried
forward only to the extent that there is a reasonable certainty that the
assets can be realised in future. However, where there is unabsorbed
depreciation or carry forward losses under taxation laws, deferred tax
assets are recognized only if there is virtual certainty of realisation of
such assets. Deferred tax assets are reviewed as at each Balance sheet
date.
XII. Employee Benefits
(a) The Company's contribution in respect of provident fund is charged to
Profit and Loss Account each year.
(b) With respect to gratuity liability, Company contributes to Life
Insurance Corporation of India (LIC) under LIC's Group Gratuity policy.
Gratuity liability as determined on actuarial basis by the independent
valuer is charged to Profit and Loss Account.
(c) Liability for accumulated compensated absences of employees is
ascertained for on actuarial valuation basis and provided for as per the
Company rules.
XIII. Borrowing Costs
Borrowing costs that are attributable to the acquisition or construction of
qualifying assets are capitalised. Other borrowing costs are recognised as
an expense in the period in which they are incurred.
XIV. Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised only when there is a present obligation as a
result of past events and when a reliable estimate of the amount of the
obligation can be made. Contingent liability is disclosed for (i) Possible
obligations which will be confirmed only by future events not wholly within
the control of the Company or (ii) Present obligations arising from past
events where it is not probable that an outflow of resources will be
required to settle the obligation or a reliable estimate of the amount of
the obligation can not be made. Contingent Assets are not recognised in the
financial statements since this may result in the recognition of income
that may never be realised.
XV. Government Grants / Subsidy
Government grants, if any, are accounted when there is reasonable assurance
that the enterprise will comply with the conditions attached to them and it
is reasonably certain that the ultimate collection will be made. Capital
Subsidy in nature of Government Grants related to specific fixed assets is
accounted for where collection is reasonably certain and the same is shown
as a deduction from the gross value of the asset concerned in arriving at
its book value and accordingly the depreciation is provided on the reduced
book value.
XVI. Impairment of Assets
The Company assesses at each Balance Sheet date whether there is any
indication that an asset may be impaired. If any such indication exists,
the Company estimates the recoverable amount of the asset. If such
recoverable amount of the asset or the recoverable amount of the cash
generating unit to which the asset belongs is less than its carrying
amount, the carrying amount is reduced to its recoverable amount. The
reduction is treated as an impairment loss and is recognised in the Profit
and Loss Account. If at the Balance Sheet date there is an indication that
if a previously assessed impairment loss no longer exists, the recoverable
amount is reassessed and the asset is reflected at the lower of recoverable
amount and the carrying amount that would have been determined had no
impairment loss being recognised.
As at 31st March, As at 31st
2011 March, 2010
Rs. in Rs. in Rs. in Rs. in
Million Million Million Million
B. NOTES TO FINANCIAL STATEMENTS
1. CONTINGENT LIABILITIES NOT
PROVIDED FOR :
Guarantees Given by the bankers on
behalf of the Company 160.1 106.4
Corporate Guarantees 46.0 51.5
Letters of Credit for Imports 166.7 505.5
Liabilities Disputed
- Appeals filed with respect to:
Income Tax on account of Disallowances/
Additions 290.2 446.6
Sales Tax on account of Rebate / Classification 25.6 11.4
Excise Duty on account of
Valuation/Cenvat Credit 318.4 314.0
ESIC Contribution on account of applicability 0.2 0.2
Drug Price Equalisation Account
[DPEA] on account of 14.0 14.0
demand towards unintended benefit, including
interest there on, enjoyed by the Company
Demand by JDGFT import duty with
respect to import 11.5 11.1
alleged to be in excess of entitlement as per
the Advanced Licence Scheme
Other Claims against the Company not 15.3 6.7
acknowledged as debts
2. Estimated amount of contracts remaining 1,032.2 986.9
to be executed on capital account [net of
advances].
3. REMUNERATION TO DIRECTORS
Managerial Remuneration U/s 198
of the Companies Act, 1956
Salaries and Allowances 55.1 32.3
Contribution to Provident and Other Funds 4.6 3.2
Perquisites and Benefits 1.9 0.3
Commission 4.0 3.7
Total 65.6 39.5
The above remuneration excludes Gratuity since the same is ascertained on
an aggregate basis for the Company as a whole by way of acturial
valuation and separate values attributable to Directors is not available.
Computation of net profit U/s 198 read with Section 309(5) of the Companies
Act, 1956 and calculation of commission payable to directors
Profit Before Taxation 14,540.2 9,491.6
Add : Depreciation as per Accounts 642.3 694.7
Loss on Sale of Investments (net) - 334.8
Managerial Remuneration 65.6 39.5
Directors Sitting Fees 0.2 0.2
Provision for Doubtful Debts/Advances 12.8 720.9 19.3 1,088.5
Less: Depreciation as per Section 350
of the Companies Act 1956 642.3 694.7
Sundry Balances/Bad Debts Written Off 14.4 5.1
Profit on Sale of Investments (net) 393.1 -
1,049.8 699.8
Net Profit 14,211.3 9,880.3
As at 31st March, As at 31st
2011 March, 2010
Rs. in Rs. in Rs. in Rs. in
Million Million Million Million
Remuneration payable to Wholetime
Directors including Managing
Director
Maximum payable @ 10% of Net 1,421.1 988.0
Profit as per the Companies
Act, 1956
Maximum payable as approved by 103.0 63.0
the Shareholders
Actual paid as approved by 61.6 35.8
the Board
Commission payable to Non Executive
Directors
Maximum payable @ 1% of Net Profit 142.1 98.8
as per the Companies Act, 1956
Maximum payable @ 0.25 % (previous 35.5 24.7
year @ 0.25 %) of Net Profit as
approved by the Shareholders
Actual paid as approved 4.0 3.7
by the Board
Rs. in Million
2010-11 2009-10
4. RESEARCH AND DEVELOPMENT EXPENDITURE
Revenue 1,355.9 1,277.7
Capital 236.1 159.0
5. Net Interest income Rs. 1,259.3 Million
(Previous Year Rs.1,048.5 Million) comprises:
Interest income
Bank Deposits 657.6 797.0
Loan 84.7 56.2
Current Investment 83.1 1.4
Long term Investment 427.6 188.6
Others 12.2 9.7
1,265.2 1,052.9
Interest Expense:
Fixed Loans 2.5 1.1
Others 3.4 3.3
5.9 4.4
6. INFORMATION RELATING TO
CONSUMPTION OF MATERIALS
Quantity Value Quantity Value
Raw Materials and Packing Materials
Raw Materials- (in 000 KGs) 12,521.5 6,555.7 14,016.7 6,452.3
Raw Materials-(In Kilo Litres) 24,362.9 25,826.7
Packing/Other Materials * 626.9 * 639.3
Total 7,182.6 7,091.6
*Information can not be furnished as the items involved are numerous.
None of the items individually account for more than 10% of total
consumption.
2010-11 2009-10
Rs. in Rs. in
Million Million
Imported and Indigenous % Value % Value
Raw Materials and Packing Materials
Imported 41.44 2,976.5 44.38 3,147.3
Indigenous 58.56 4,206.1 55.62 3,944.3
Total 100.00 7,182.6 100.00 7,091.6
Stores and Spares
Imported 0.53 1.8 1.03 3.3
Indigenous 99.47 337.3 98.97 319.3
Total 100.00 339.1 100.00 322.6
7. INFORMATION RELATING TO LICENSED CAPACITY AND PRODUCTION:
2010-11 2009-10
Formulation (Tablets/Capsules/
Parenterals/Ointments)
(Nos in Million)
Licensed Capacity Not Applicable Not Applicable
Installed Capacity* 7,157.4 7,216.3
Actual Production (including loan license) 2,085.7 2,544.4
Bulk Drugs/Chemicals
Licensed Capacity Not Applicable Not Applicable
Installed Capacity* (In Kilo Litres) 1,181.7 1,093.6
Actual Production (including loan
license) (Rs.In 000 Kgs) 2,252.5 2,227.2
(*as certified by the Management)
8. INFORMATION RELATING TO TURNOVER, PURCHASE OF GOODS AND STOCKS
Rs. in Million
Turnover Purchase of Goods
Quantity Value Quantity Value
Formulations (Qty Million)
2010-11 2,473.0 15,918.0 361.2 1,751.7
2009-10 2,788.1 13,884.2 268.1 1,329.0
Bulk Drugs/Chemicals (Qty in 000 Kgs)
2010-11 2,252.7 3,909.7 13.1 8.5
2009-10 2,294.1 4,602.9 10.2 2.7
Others:
2010-11 30.1 6.6
2009-10 41.7 38.7
Total
2010-11 19,857.8 1,766.8
2009-10 18,528.8 1,370.4
Rs. in Million
Opening Stock Closing Stock
Quantity Value Quantity Value
Formulations (Qty Million)
2010-11 206.0 388.7 180.0 317.0
2009-10 181.6 362.4 206.0 388.7
Bulk Drugs/Chemicals
(Qty in 000 Kgs)
2010-11 134.0 386.2 146.9 651.1
2009-10 190.7 602.5 134.0 386.2
Others:
2010-11 - -
2009-10 - -
Total
2010-11 774.9 968.1
2009-10 964.9 774.9
Year ended Year ended
31st March, 2011 31st March, 2010
Rs. in Million Rs. in Million
9. INCOME/EXPENDITURE IN FOREIGN CURRENCY
Income
Exports (FOB basis) 8,963.6 8,389.5
Interest 0.9 9.8
Others 41.1 109.0
Expenditure
Raw Materials (CIF basis) 2,722.9 3,003.9
Packing Materials (CIF basis) 337.3 242.6
Capital Goods (CIF basis) 903.5 242.0
Spares and Components (CIF basis) 76.1 26.4
Professional Charges 206.2 226.2
Overseas Travel 82.1 80.4
Others 828.8 807.5
10. The net exchange gain of Rs.307.3 Million (Previous Year gain of
Rs.36.4 Million) is included under various heads in the Profit and Loss
account.
11. Disclosures under the Micro, Small and Medium Enterprises Development
Act, 2006:
(a) An amount of 33.0 Million (Previous Year Rs.14.8 Million) and Rs.NIL
(Previous Year Rs.NIL) was due and outstanding to suppliers as at the end
of the accounting year on account of Principal and Interest respectively.
(b) No interest was paid during the year.
(c) No interest is payable at the end of the year under Micro, Small and
Medium Enterprises Development Act, 2006.
(d) No amount of interest was accrued and unpaid at the end of the
accounting year.
The above information and that given in Schedule 12 - 'Current Liabilities
and Provisions' regarding Micro, Small and Medium Enterprises has been
determined to the extent such parties have been identified on the basis of
information available with the Company.This has been relied upon by the
auditors.
12. Disclosure with respect to Accounting Standards notified by the
Companies (Accounting Standards) Rules, 2006 :
(i) Related Party Disclosure - as per Annexure A'
(ii) Accounting Standard (AS-20) on Earnings Per Share:
2010-11 2009-10
Profit After Tax - used as Numerator for
calculating Earnings per share 13,838.0 8,986.5
Weighted Average number of Shares used in
computing basic & diluted earnings per share 1,035,581,955 1,035,581,955
Nominal Value Per Share (in Rs.) 1 1
Basic & Diluted Earnings Per Share (in Rs.) 13.4 8.7
Consequent to the approval of the members of the Company and upon requisite
regulatory compliance, during the year, one equity share of Rs.5 each of
the Company is sub-divided into five equity shares of Rs.1 each fully paid-
up. The Earnings Per Share of Rs.1 each has been restated for all the
corresponding periods in accordance with Accounting Standard (AS-20) on
'Earnings Per Share' as notified under The Companies (Accounting Standards)
Rules, 2006.
2010-11 2009-10
Rs.in Million Rs.in Million
(iii) Accounting Standard (AS-17) on
Segment Reporting
(a) Primary Segment
The Company has identified 'Pharmaceuticals'
as the only primary reportable business segment.
(b) Secondary Segment (by Geographical Segment)
India 10,171.8 9,348.8
Outside India 9,686.0 9,180.0
Total Sales 19,857.8 18,528.8
In view of the interwoven/intermix nature of business and manufacturing
facility, other segmental information is not ascertainable.
(iv) Accounting Standard (AS-15) on Employee benefits
Contributions are made to Recognised Provident Fund/ Government Provident
Fund, Family Pension Fund, ESIC and other Statutory Funds which covers all
regular employees. While both the employees and the Company make
predetermined contributions to the Provident Fund and ESIC, contribution to
the Family Pension Fund are made only by the Company. The contributions are
normally based on a certain proportion of the employee's salary. Amount
recognised as expense in respect of these defined contribution plans,
aggregate to Rs.108.1 Million (Previous year Rs.90.8 Million)
Rs. in Million
Year ended 31st March,
2011 2010
Contribution to Provident Fund 102.5 87.4
Contribution to Employees State
Insurance Scheme (ESIC) 5.5 3.3
and Employees Deposit Linked Insurance (EDLI)
Contribution to Labour Welfare Fund 0.1 0.1
In respect of Gratuity, Contributions are made to LIC's Recognised Group
Gratuity Fund Scheme based on amount demanded by LIC of India. Provision
for Gratuity is based on actuarial valuation done by independent actuary as
at the year end. Actuarial Valuation for Compensated Absences is done as at
the year end and the provision is made as per Company rules amounting to
Rs.43.2 Million (Previous Year Rs.38.8 Million) and it covers all regular
employees. Major drivers in actuarial assumptions, typically, are years of
service and employee compensation. After the issuance of the Accounting
Standard 15 on Employee Benefits', commitments are actuarially determined
using the Projected Unit Credit' method. Gains and losses on changes in
actuarial assumptions are accounted for in the Profit and Loss account.
Rs. in Million
Year ended 31st March,
2011 2010
Category of Plan Assets : The Company's Plan Assets
in respect of Gratuity are funded through the Group
Scheme of the LIC of India.
In respect of gratuity (funded):
Reconciliation of liability recognised in the Balance
sheet
Present value of commitments (as per Actuarial Valuation) 248.3 212.7
Fair value of plan assets 274.2 228.5
Net asset in the Balance sheet 25.9 15.8
Movement in net liability recognised in the Balance sheet
Net liability / (assets) as at the beginning of the year (15.8) (44.8)
Net expense recognised in the Profit and Loss account 29.0 60.2
Contribution during the year (39.1) (31.2)
Net liability / (assets) in the Balance sheet (25.9) (15.8)
Expense recognised in the Profit and Loss account
Current service cost 25.2 18.6
Interest cost 18.3 12.1
Expected return on plan assets (20.7) (16.5)
Actuarial loss 6.2 46.0
Expense charged to the Profit and Loss account 29.0 60.2
Return on plan assets
Expected return on plan assets 20.7 16.5
Actuarial gain 3.3 3.3
Actual return on plan assets 24.0 19.8
Reconciliation of defined-benefit commitments
Commitments as at the beginning of the year 212.7 142.4
Current service cost 25.2 18.6
Interest cost 18.3 12.1
Paid benefits (17.4) (9.7)
Actuarial loss 9.5 49.3
Commitments as at the year end 248.3 212.7
Reconciliation of plan assets
Plan assets as at the beginning of the year 228.5 187.2
Expected return on plan assets 20.7 16.5
Contributions during the year 39.1 31.2
Paid benefits (17.4) (9.7)
Actuarial gain 3.3 3.3
Plan assets as at the year end 274.2 228.5
The actuarial calculations used to estimate commitments and expenses in
respect of gratuity and compensated absences are based on the following
assumptions which if changed, would affect the commitment's size, funding
requirements and expense:
Discount rate 8.25% 8.00%
Expected return on plan assets 8.25% 8.00%
Expected rate of salary increase 6.00% 6.00%
Mortality LIC (1994-96) Ultimate
The estimates of future salary increases, considered in the actuarial
valuation, take into account inflation, seniority, promotion and other
relevant factors such as supply and demand in the employment market.
Rs. in Million
Year ended 31st March,
2011 2010 2009 2008 2007
Experience adjustment
On plan liabilities 17.5 56.5 5.2 126.9 3.1
On plan assets 3.3 3.3 3.9 2.4 1.2
Present value of
benefit obligation 248.3 212.7 142.4 106.4 75.0
Fair value of plan assets 274.2 228.5 187.2 104.0 83.5
Excess of (obligation over
plan assets)/
plan assets over obligation 25.9 15.8 44.8 (2.4) -
The contribution expected to be made by the Company during financial year
ending 31st March, 2012 is 35.5 Million.
(v) Accounting Standard (AS-19) on Operating Leases
(a) The company has obtained certain premises for its business operations
(including furniture and fittings, therein as applicable) under operating
lease or leave and license agreements. These are generally not non-
cancellable and range between 11 months to 5 years under leave and licence,
or longer for other lease and are renewable by mutual consent on mutually
agreeable terms. The Company has given refundable interest free security
deposits in accordance with the agreed terms.
(b) Lease payments are recognised in the Profit and Loss Account under
'Rent' in Schedule 17.
13. Investment Purchased and Sold during the Year
Mutual Fund Units (Units of Face Value of Rs.10 Each, unless stated
otherwise)
2010-11
Units Purchase Value Sales Value
In Nos. Rs. in Rs. in
Million Million
AIG Mutual Fund (*) 416,710 466.7 470.7
Axis Mutual Fund (*) 1,009,567 1,050.7 1,051.8
Baroda Pioneer Mutual Fund 259,183,237 2,750.1 2,758.7
Bharti AXA Mutual Fund (*) 445,569 500.0 500.9
Birla Sun Life Mutual Fund 1,776,929,287 24,953.3 25,009.0
Canara Robeco Mutual Fund 89,332,745 1,050.0 1,051.9
Daiwa Mutual Fund (*) 289,577 315.0 315.1
DBS Chola Mutual Fund - - -
Deutsche Asset Management 492,226,715 5,756.5 5,775.3
Deutsche Asset Management(**) 2,884,076 365.0 365.1
DSP Mutual Fund 50,000,000 500.0 508.1
DSP Mutual Fund (*) 1,289,746 1,733.1 1,738.5
Fidelity Mutual Fund 19,607,689 250.0 251.3
Fortis Mutual Fund 230,265,112 3,259.0 3,268.8
HDFC Mutual Fund 71,110,348 1,260.1 1,261.9
HSBC Mutual Fund 3,452,371 50.0 50.0
ICICI Prudential Mutual Fund 328,068,526 3,414.4 3,432.4
ICICI Prudential Mutual Fund(**) 66,974,317 9,343.0 9,345.5
IDBI Mutual Fund 196,116,534 1,980.1 1,986.3
IDFC Mutual Fund 126,971,449 1,509.7 1,519.4
JM Mutual Fund 261,515,878 3,660.1 3,692.7
JP Morgan Asset Management 503,324,578 6,121.1 6,134.8
JP Morgan Asset Management 503,324,578 6,121.1 6,134.8
Kotak Mutual Fund 425,171,798 6,860.2 6,877.9
L&T India Mutual Fund 60,132,981 700.0 705.2
Morgan Stanely Mutual Fund 9,438,860 100.0 100.1
Pramerica Mutual Fund 66,398,567 665.0 667.8
Pramerica Mutual Fund (*) 3,006,177 3,060.0 3,064.2
Principal Mutual Fund 63,827,588 810.0 813.4
Reliance Mutual Fund 276,801,181 4,205.0 4,207.8
Reliance Mutual Fund (*) 198,472 250.0 251.3
Religare Mutual Fund 141,430,843 1,730.7 1,732.9
SBI Mutual Fund 149,868,573 2,320.0 2,323.3
Shinsei Mutual Fund - - -
Shinsei Mutual Fund (*) 2,559,701 2,690.6 2,701.5
Sundaram BNP Paribas Mutual Fund 74,059,634 1,390.0 1,392.3
Taruas Mutual Fund (*) 771,222 810.0 810.4
Tata Mutual fund - - -
Templeton Mutual Fund (*) 2,166,895 3,085.0 3,086.9
UTI Mutual Fund (*) 558,745 593.4 594.4
(*) Units of Face Value of Rs.1,000 Each
(**) Units of Face Value of Rs.100 Each
Certificate of Deposit
(Units of Face Value of Rs.100,000 Each)
IDBI Bank 2,500 249.1 250.0
State Bank of Indore 10,000 995.4 1,000.0
Axis Bank 5,000 497.1 500.0
Oriental Bank of Commerce 9,500 941.7 950.0
Bank of India 2,500 248.9 250.0
Canara Bank 2,500 248.8 250.0
Bank of Maharashtra 5,000 497.1 500.0
Corporation Bank 10,000 996.7 1,000.0
Allahabad Bank 20,000 1,987.7 2,000.0
United Bank of India 5,000 496.5 500.0
Punjab National Bank 7,500 745.0 750.0
Central Bank of India 6,500 642.4 650.0
Federal Bank 2,500 245.9 250.0
ING Vysha Bank 2,500 245.8 250.0
Debentures
ETHL Communications Holdings Ltd. 250 232.2 245.6
Units of Face Value of Rs.1,000,000 Each
Commercial Paper
India Infoline Ltd. 2,000 995.5 998.4
Units of Face Value of 500,000 Each
2009-10
Units Purchase Value Sales Value
In Nos. Rs. in Rs. in
Million Million
AIG Mutual Fund (*) - - -
Axis Mutual Fund (*) 467,443 470.0 470.6
Baroda Pioneer Mutual Fund 471,961,898 4,880.8 4,893.2
Bharti AXA Mutual Fund (*) 1,323,588 1,450.1 1,453.1
Birla Sun Life Mutual Fund 1,313,064,099 19,875.2 19,922.8
Canara Robeco Mutual Fund 38,822,296 426.0 426.5
Daiwa Mutual Fund (*) - - -
DBS Chola Mutual Fund 74,088,548 870.0 873.0
Deutsche Asset Management 1,017,540,933 11,705.9 11,767.2
Deutsche Asset Management(**) - - -
DSP Mutual Fund 85,372,150 1,330.1 1,339.7
DSP Mutual Fund (*) 2,422,780 3,060.0 3,060.4
Fidelity Mutual Fund 278,879,207 3,320.2 3,333.2
Fortis Mutual Fund 912,190,062 10,960.4 11,002.3
HDFC Mutual Fund 661,627,364 12,245.1 12,282.6
HSBC Mutual Fund - - -
ICICI Prudential Mutual Fund 1,183,651,098 15,070.2 15,114.3
ICICI Prudential Mutual Fund(**) 53,162,327 7,218.1 7,220.9
IDBI Mutual Fund - - -
IDFC Mutual Fund 373,697,093 4,383.1 4,407.5
JM Mutual Fund 186,522,165 2,574.1 2,580.2
JP Morgan Asset Management 292,533,033 3,415.2 3,428.8
JP Morgan Asset Management
Kotak Mutual Fund 84,497,852 1,470.0 1,472.1
L&T India Mutual Fund - - -
Morgan Stanely Mutual Fund 25,000,000 250.0 250.1
Pramerica Mutual Fund - - -
Pramerica Mutual Fund (*) - - -
Principal Mutual Fund 519,967,061 7,427.4 7,430.9
Reliance Mutual Fund 544,884,579 7,435.0 7,437.0
Reliance Mutual Fund (*) 4,539,867 5,580.8 5,630.2
Religare Mutual Fund 614,014,034 7,150.3 7,188.4
SBI Mutual Fund - - -
Shinsei Mutual Fund 112,570,172 1,135.0 1,136.4
Shinsei Mutual Fund (*) 2,794,682 2,840.7 2,853.7
Sundaram BNP Paribas Mutual Fund 31,608,298 470.0 470.6
Taruas Mutual Fund (*) - - -
Tata Mutual fund 17,775,366 250.0 250.6
Templeton Mutual Fund (*) 1,869,343 2,493.0 2,499.9
UTI Mutual Fund (*) 3,415,543 3,463.2 3,465.9
(*) Units of Face Value of
Rs.1,000 Each
(**) Units of Face Value of
Rs.100 Each
Certificate of Deposit
(Units of Face Value of
Rs.100,000 Each)
IDBI Bank - - -
State Bank of Indore - - -
Axis Bank - - -
Oriental Bank of Commerce - - -
Bank of India - - -
Canara Bank - - -
Bank of Maharashtra - - -
Corporation Bank - - -
Allahabad Bank - - -
United Bank of India - - -
Punjab National Bank - - -
Central Bank of India - - -
Federal Bank - - -
ING Vysha Bank
Debentures
ETHL Communications Holdings Ltd. - - -
Units of Face Value of
Rs.1,000,000 Each
Commercial Paper
India Infoline Ltd. - - -
Units of Face Value of 500,000 Each
2010-11 2009-10
in Million in Million
14. Profit / (Loss) on Sale of Investments (net)
Profit / (Loss) on Sale of Current Investments (net) 371.6 (440.7)
Profit / (Loss) on Sale of Long Term Investments (net) 21.5 105.9
393.1 (334.8)
15. Balances with Other Banks held in:
Name of the Bank/Institution A B C D
UBS AG Wealth Management-London 0.0 0.0 0.0 0.0
Rs.8,308 (Previous Year Rs.8,631)
Maximum Balance Rs.8,631
(Previous Year Rs.9,490)
Credit Agricole (Suisse) S.A.Private Bank 1.4 355.3 354.5 430.5
Vietnam Export Import Bank,
Hochiminch Branch, Vietnam 0.4 12.1 2.7 18.3
Standard Chartered, Shanghai Branch, China 2.7 11.3 4.4 17.3
Moscow Bank, Moscow Branch, Moscow 1.2 18.2 2.4 10.2
Belvnesheconom Bank, Minsk Branch, Belarus 0.9 6.6 0.1 6.2
Tsesna Bank,Almaty Branch, Kazakhstan 0.6 6.1 0.3 5.8
Ukreixm Bank, Kyiv Branch, Ukraine 0.6 3.9 0.6 3.5
Total 7.8 365.0
16. Loans / Advances due from Subsidiaries
Loans
Green Eco Development Centre Ltd. 0.1 0.1 - -
Sun Pharma De Venezuela, C.A. 1.2 1.2 - -
Advances :Share Application Money to
Sun Pharma Global Inc. BVI - 1,344.0 1,344.0 2,173.4
Sun Pharma De Mexico, S.A. DE C. V. 59.9 60.3 60.3 68.4
Total 61.2 1,404.3
A = Balance As at 31st March, 2011
B = Maximum Balance 2010-11
C = Balance As at 31st March, 2010
D = Maximum Balance 2009-10
17. Intangible assets consisting of trademarks, designs, technical knowhow,
non compete fees and other intangible assets are stated at cost of
acquisition based on their agreements and are available to the Company in
perpetuity. The depreciable amount of intangible assets is arrived at based
on the management's best estimates of useful lives of such assets after due
consideration as regards their expected usage, the product life cycles,
technical and technological obsolescence, market demand for products,
competition and their expected future benefits to the Company.
18. Legal Proceedings
The Company and / or its subsidiaries are involved in various legal
proceedings including product liability, contracts, employment claims and
other regulatory matters relating to conduct of its business. The Company
carries product liability insurance / is contractually indemnified by the
manufacturer, in an amount it believes is sufficient for its needs. In
respect of other claims, the Company believes, these claims do not
constitute material litigation matters and with its meritorious defences
the ultimate disposition of these matters will not have material adverse
effect on its Financial Statements.
19. Taro Pharmaceutical Industries Ltd (Taro), a pharmaceutical company,
incorporated in Israel became a subsidiary of the Company on September 20,
2010.
20 As per the best estimate of the management, no provision is required to
be made as per Accounting Standard (AS) 29 as notified by Companies
(Accounting Standards) Rules, 2006, in respect of any present obligation as
a result of a past event that could lead to a probable outflow of
resources, which would be required to settle the obligation.
Rs. in Million
Year ended 31st March,
2011 2010
21. Remuneration to Auditors (excluding service tax) :
Audit Fees 6.6 6.6
In any other manner, for certification etc. 0.2 0.2
Out of pocket expenses 0.1 0.1
Total 6.9 6.9
22. The Company enters into Forward Exchange Contracts being derivative
instruments, which are not intended for trading or speculative purposes,
but for hedge purposes, to establish the amount of reporting currency
required or available at the settlement date.
A) The following are the outstanding Forward Exchange Contracts entered
into by the Company as on 31st March, 2011
Currency US Dollar
Buy/Sell Sell
Cross Currency Rs.
Amount in Million As at 31st March, 2011 $310.0
Amount in Million As at 31st March, 2010 $175.0
B) The year end foreign currency exposures that have not been hedged by a
derivative instrument or otherwise are given below:
a) Amounts receivable in foreign currency on account of the following :
Currency As at 31st March, As at 31st March,
2011 2010
Amount in Million Amount in Million
Exports of Goods &
Services US Dollar $20.6 Rs. 917.5 $14.6 Rs. 655.2
Euro (Euro) 3.5 Rs. 221.3 (Euro)4.0 Rs. 240.5
XOF XOF 6.1 Rs. 0.6 XOF 5.7 Rs. 0.5
British (Pound) 0.6 Rs. 40.9 0.7 Rs. 48.9
Pound (Pound)
CHF 14,500 Swiss Franc CHF 0.0 Rs. 0.7 - -
Loans Receivables US Dollar $1.3 Rs. 59.9 $1.3 Rs. 60.3
Share Application US Dollar - - $30.0 Rs.1344.0
Money
b) Amounts payable
in foreign currency
on account of the
following :
Import of Goods
& Services US Dollar $5.7 Rs. 254.3 $6.3 Rs. 280.8
Euro (Euro) 0.1 Rs. 9.2 (Euro)0.3 Rs. 16.6
pound 360
(Previous Year British (Pound) 0.0 Rs. 0.0 (Pound) Rs. 0.3
euro 3,821) Pound 0.0
Rs. 25,693
CHF 8,260 Swiss CHF 0.0 Rs. 0.4 - -
Franc
AUD 5,311 Australian AUD 0.0 Rs. 0.2 - -
Dollar
CAD 3,743 Canadian CAD 0.0 Rs. 0.2 - -
Dollar
Chinese CNY 0.6 Rs. 3.8 - -
Yuan
Japanese JPY 13.1 Rs. 7.1 JPY 9.4 Rs. 4.4
Yen
Commission Payable US Dollar $4.2 Rs. 188.0 $3.1 Rs. 139.6
Euro (Euro) 1.3 Rs. 80.5 1.0 Rs. 58.4
(Euro)
23. Previous years' figures are restated / regrouped / rearranged wherever
necessary in order to conform to current years' groupings and
classifications.
Annexure A' to Notes on Account
ACCOUNTING STANDARD (AS-18) ' RELATED PARTY DISCLOSURE '
Names of related parties and description of relationship:
1. Subsidaries:
Alkaloida Chemical Company Zrt
Caraco Pharmaceutical Laboratories Ltd.
Chattem Chemical Inc.
Green Eco Development Centre Ltd.
OOO 'Sun Pharmaceutical Industries' Ltd.
Sun Farmaceutica Ltda (upto 30th September, 2010)
TKS Farmaceutica Ltda.
Sun Pharma De Mexico S.A. DE C.V.
Sun Pharma De Venezuela, CA
Sun Pharma Global Inc.
Sun Pharmaceutical (Bangladesh) Ltd.
Sun Pharmaceutical Industries (Europe) B.V.
Sun Pharmaceutical Industries Inc.
Sun Pharmaceutical Spain, S.L.
Sun Pharmaceuticals France
Sun Pharmaceuticals Germany GmbH
Sun Pharma Global (FZE)
Sun Pharmaceuticals Italia S.R.L.
Sun Pharmaceuticals UK Ltd.
Taro Pharmaeutical Industries Ltd.
Sun Pharmaceutical Industries (Australia) Pty. Ltd.
Aditya Acquisition Company Ltd.
Sun Pharmaceuticals (SA) (Pty) Ltd.
Sun Global Canada Pty Ltd.
Sun Pharmaceutical Peru S.A.C.
Taro Development Corporation
Sun Development Corporation I (upto 20th September, 2010)
ZAO Sun Pharma Industries Ltd.
SPIL De Mexico S.A. DE C.V.
Caraco Pharma Inc.
3Sky Line LLC
One Commerce Drive LLC
Taro Healthcare Ltd.
Taro Hungary Intellectual Property Licensing LLC
Taro Industries Ltd.
Taro International Ltd - Isaral
Taro Laboratories Ltd.
Taro Manufacturing Ltd.
Taro Pharmaceutical INC.
Taro Pharmaceutical India Pvt. Ltd.
Taro Pharmaceutical Laboratories INC.
Taro Pharmaceutical U.S.A., INC.
Taro Pharmaceuticals Europe B.V.
Taro Pharmaceuticals Ireland Ltd.
Taro Pharmaceuticals North America INC
Taro Pharmaceuticals UK Ltd.
Taro Research Institute Ltd.
Tarochem Ltd.
Morley and Company Inc.
Sun Laboratories FZE
Taro Pharmaceuticals Canada Ltd.
Sun Laboratories Inc.
Taro International Ltd - UK
2. Controlled Entity:
Sun Pharma Exports
Sun Pharmaceutical Industries
Sun Pharma Sikkim
Sun Pharma Drugs
Universal Enterprise Pvt. Ltd.
3. Key Management Personnel:
Mr. Dilip S. Shanghvi Chairman & Managing Director
Mr. Sudhir V. Valia Wholetime Director
Mr. Sailesh T. Desai Wholetime Director
Mr. S. Kalyanasundaram Chief Executive Officer and Wholetime Director
4. Relatives of Key Management Personnel:
Mr. Aalok Shanghvi Son of Chairman and Managing Director
Ms. Khyati Valia Daughter of Wholetime Director
5. Enterprise under significant Influence of Key Management Personnel or
their relatives:
Sun Petrochemicals Pvt. Ltd.
Navjivan Rasayan (Gujarat) Pvt. Ltd.
Sun Pharma Advanced Research Company Ltd.
Rs. in Million
ACCOUNTING STANDARD (AS-18) ' RELATED PARTY DISCLOSURE '
Particulars Subsidiaries Controlled Entity Key Management
Personnel
31/03/11 31/03/10 31/03/11 31/3/10 31/3/11 31/3/10
Purchases of goods/
DEPB 70.1 103.4 241.4 414.3 - -
Caraco Pharmaceutical
Laboratories Ltd. 22.8 78.3 - - - -
Alkaloida Chemical
Company Zrt 47.3 25.0 - - - -
Sun Pharmaceutical
Industries - - 229.5 413.3 - -
Others - 0.1 11.9 1.0 - -
Purchase of Fixed Assets 0.1 - 4.6 6.4 - -
Sun Pharmaceutical
Industries - - 4.6 6.4 - -
Others 0.1 - - - - -
Sale of goods/DEPB 4,658.7 3,651.0 821.6 943.0 - -
Caraco Pharmaceutical
Laboratories Ltd. 3,415.4 2,134.1 - - - -
Sun Pharma Global
(FZE) 890.8 871.6 - - - -
Sun Pharma Sikkim - - 624.4 630.3 - -
Others 352.5 645.3 197.2 312.7 - -
Sale of Fixed Assets - - 1.2 0.3 - -
Sun Pharma Sikkim - - 1.1 0.1 - -
Sun Petrochemicals
Pvt.Ltd. - - - - - -
Sun Pharma Advanced
Research Company Ltd. - - - - - -
Others - - 0.1 0.2 - -
Receiving of Service /
Reimbursement of Expenses:
Services - - 20.7 27.6 - -
Sun Pharmaceutical
Industries - - 20.7 27.6 - -
Sun Pharma Advanced
Research Company Ltd. - - - - - -
Reimbursement of
Expenses 89.8 48.8 - - - -
Caraco Pharmaceutical
Laboratories Ltd. 74.8 37.1 - - - -
Others 15.0 11.7 - - - -
Rendering of Service/
Reimbursement of
Expenses Services 16.3 81.3 - 2.3 - -
Caraco Pharmaceutical
Laboratories Ltd. 16.3 71.9 - - - -
Sun Pharmaceutical
Industries Inc. - 9.4 - - - -
Others - - - 2.3 - -
Reimbursement of
Expenses 51.9 48.3 0.2 0.2 - -
Sun Pharma Global
(FZE) 51.7 43.7 - - - -
Sun Pharma Advanced
Research Company Ltd. - - - - - -
Others 0.2 4.6 0.2 0.2 - -
Finance (including
loans and equity
contributions)
Capital Contribution/
(Withdrawal) 1.5 2,314.1 (12,139.5) (9,482.7) - -
Sun Pharma Global Inc. - 2,314.1 - - - -
Sun Pharma Sikkim - - (10,916.3) (2,240.3) - -
Sun Pharmaceutical
Industries - - (1,223.2) (7,253.9) - -
Others 1.5 - 0.0 11.5 - -
Sales of Investments - 243.4 - - - -
Sun Pharma Global Inc. - 243.4 - - - -
Loans given /Share
Application Money 1.4 1,761.9 - 6.0 - -
Sun Pharma De
Venezuela, CA 1.3 - - - - -
Sun Pharma Global Inc. - 1,761.9 - - - -
Others 0.1 - - 6.0 - -
Loans Received back/
Share Application
Money Refund 1,344.0 317.4 - 6.0 - -
Sun Pharma
Global Inc 1,344.0 317.4 - - - -
Others - - - 6.0 - -
Corporate Guarantees
Given / (Released)
on behalf of (2508.8) 15.7 - 200.0 - -
Sun Pharma
Global Inc (2,508.8) - - - - -
Sun Pharma Sikkim - - - 200.0 - -
Sun Pharma Advanced
Research Company Ltd. - - - - - -
Sun Pharmaceuticals
Italia S.R.L. - 15.7 - - - -
Interest Income - - 2.2 2.2 - -
Sun Pharmaceutical
Industries - - 1.1 1.1 - -
Sun Pharma Sikkim - - 1.1 1.1 - -
Rent Income - - 3.0 1.9 - -
Sun Pharmaceutical
Industries - - 1.6 1.6 - -
Sun Pharma Sikkim - - 1.4 0.3 - -
Sun Pharma Advanced
Research Company Ltd. - - - - - -
Others - - - - - -
Director's Remuneration - - - - 61.6 35.8
Mr. Dilip S. Shanghvi - - - - 16.9 15.0
Mr. Sudhir V. Valia - - - - 16.9 15.0
Mr. Sailesh T. Desai - - - - 7.8 5.8
Mr. S. Kalyanasundaram - - - - 20.0 -
Apprenticeship Stipend/
Remuneration - - - - - -
Mr. Aalok Shanghvi - - - - - -
Ms. Khyati Valia - - - - - -
Remuneration
(Partner's) Received - - 62.0 150.7 - -
Sun Pharmaceutical
Industries - - 62.0 150.7 - -
Share of profit from
Partnership Firm - - 11,653.9 6,625.9 - -
Sun Pharma Sikkim - - 10,786.3 4,515.5 - -
Sun Pharmaceutical
Industries - - 867.6 2,110.4 - -
Others (Rs.3292)
(Previous Year (Rs.800)) - - (0.0) (0.0) - -
Outstanding Corporate
Guarantee to Bank 282.8 2,793.3 200.0 200.0 - -
Sun Pharma De Mexico
S.A. DE C.V. 133.6 134.4 - - - -
{Actual Utilised Rs.Nil
(Previous Year Rs.Nil)}
Sun Pharmaceutical
(Bangladesh) Ltd. 133.6 134.4 - - - -
{Actual Utilised
Rs.18.4 Million
(Previous Year
Rs.23.2 Million)}
Sun Pharma Sikkim
{Actual Utilised
Rs.27.6 Million - - 200.0 200.0 - -
(Previous Year
16.2 Million)}
Sun Pharma Global Inc - 2,508.8 - - - -
{Actual Utilised Rs.Nil
(Previous Year Rs.Nil)}
Others {Actual
Utilised Rs.Nil 15.6 15.7 - - - -
(Previous Year
Rs.12.1 Million)}
Outstanding
receivables
/ Payables (Net) 1,899.3 2,759.7 (0.1) (0.1) (11.7) (7.6)
Caraco Pharmaceutical
Laboratories Ltd. 1,127.2 780.2 - - - -
OOO 'Sun
Pharmaceutical
Industries' Ltd. 438.9 277.5 - - - -
Others 333.2 1,702.0 (0.1) (0.1) (11.7) (7.6)
Particulars Relatives of Key Enterprise under Total
Management significant
Personnel Influence of Key
Management
Personnel or
their relatives
31/3/11 31/3/10 31/3/11 31/3/10 31/3/11 31/3/10
Purchases of goods/
DEPB - - 0.9 1.1 312.4 518.8
Caraco Pharmaceutical
Laboratories Ltd. - - - - 22.8 78.3
Alkaloida Chemical
Company Zrt - - - - 47.3 25.0
Sun Pharmaceutical
Industries - - - - 229.5 413.3
Others - - 0.9 1.1 12.8 2.2
Purchase of
Fixed Assets - - 0.2 - 4.9 6.4
Sun Pharmaceutical
Industries - - - - 4.6 6.4
Others - - 0.2 - 0.3 -
Sale of goods/DEPB - - 13.7 17.8 5,494.0 4,611.8
Caraco Pharmaceutical
Laboratories Ltd. - - - - 3,415.4 2,134.1
Sun Pharma Global
(FZE) - - - - 890.8 871.6
Sun Pharma Sikkim - - - - 624.4 630.3
Others - - 13.7 17.8 563.4 975.8
Sale of Fixed Assets - - 0.2 19.1 1.4 19.4
Sun Pharma Sikkim - - - - 1.1 0.1
Sun Petrochemicals
Pvt.Ltd. - - - 19.1 - 19.1
Sun Pharma Advanced
Research Company Ltd. - - 0.2 - 0.2 -
Others - - - - 0.1 0.2
Receiving of Service /
Reimbursement of
Expenses:
Services - - 95.2 12.4 115.9 40.0
Sun Pharmaceutical
Industries - - - - 20.7 27.6
Sun Pharma Advanced
Research Company Ltd. - - 95.2 12.4 95.2 12.4
Reimbursement of
Expenses - - 0.5 1.1 90.3 49.9
Caraco Pharmaceutical
Laboratories Ltd. - - - - 74.8 37.1
Others - - 0.5 1.1 15.5 12.8
Rendering of Service/
Reimbursement of
Expenses Services - - - 3.8 16.3 87.4
Caraco Pharmaceutical
Laboratories Ltd. - - - - 16.3 71.9
Sun Pharmaceutical
Industries Inc. - - - - - 9.4
Others - - - 3.8 - 6.1
Reimbursement of
Expenses - - 24.8 25.9 76.9 74.4
Sun Pharma Global
(FZE) - - - - 51.7 43.7
Sun Pharma Advanced
Research Company Ltd. - - 24.8 25.9 24.8 25.9
Others - - - - 0.4 4.8
Finance (including
loans and equity
contributions)
Capital Contribution/
(Withdrawal) - - - - (12,138.0) (7,168.6)
Sun Pharma Global Inc. - - - - - 2,314.1
Sun Pharma Sikkim - - - - (10,916.3) (2,240.3)
Sun Pharmaceutical
Industries - - - - (1,223.2) (7,253.9)
Others - - - - 1.5 11.5
Sales of Investments - - - - - 243.4
Sun Pharma Global Inc. - - - - - 243.4
Loans given /Share
Application Money - - - - 1.4 1,767.9
Sun Pharma De
Venezuela, CA - - - - 1.3 -
Sun Pharma Global Inc. - - - - - 1,761.9
Others - - - - 0.1 6.0
Loans Received back/
Share Application
Money Refund - - - - 1,344.0 323.4
Sun Pharma
Global Inc - - - - 1,344.0 317.4
Others - - - - - 6.0
Corporate Guarantees
Given / (Released)
on behalf of - - - (125.0) (2,508.8) 90.7
Sun Pharma
Global Inc - - - - (2,508.8) -
Sun Pharma Sikkim - - - - - 200.0
Sun Pharma Advanced
Research Company Ltd. - - - (125.0) - (125.0)
Sun Pharmaceuticals
Italia S.R.L. - - - - - 15.7
Interest Income - - - - 2.2 2.2
Sun Pharmaceutical
Industries - - - - 1.1 1.1
Sun Pharma Sikkim - - - - 1.1 1.1
Rent Income - - 1.4 0.7 4.4 2.6
Sun Pharmaceutical
Industries - - - - 1.6 1.6
Sun Pharma Sikkim - - - - 1.4 0.3
Sun Pharma Advanced
Research Company Ltd. - - 1.3 0.6 1.3 0.6
Others - - 0.1 0.1 0.1 0.1
Director's Remuneration - - - - 61.6 35.8
Mr. Dilip S. Shanghvi - - - - 16.9 15.0
Mr. Sudhir V. Valia - - - - 16.9 15.0
Mr. Sailesh T. Desai - - - - 7.8 5.8
Mr. S. Kalyanasundaram - - - - 20.0 -
Apprenticeship Stipend/
Remuneration 1.4 0.8 - - 1.4 0.8
Mr. Aalok Shanghvi 0.9 0.5 - - 0.9 0.5
Ms. Khyati Valia 0.5 0.3 - - 0.5 0.3
Remuneration
(Partner's) Received - - - - 62.0 150.7
Sun Pharmaceutical
Industries - - - - 62.0 150.7
Share of profit from
Partnership Firm - - - - 11,653.9 6,625.9
Sun Pharma Sikkim - - - - 10,786.3 4,515.5
Sun Pharmaceutical
Industries - - - - 867.6 2,110.4
Others (Rs.3292)
(Previous Year(Rs.800)) - - - - (0.0) (0.0)
Outstanding Corporate
Guarantee to Bank - - - - 482.8 2,993.3
Sun Pharma De Mexico
S.A. DE C.V. - - - - 133.6 134.4
{Actual Utilised Rs.Nil
(Previous Year Rs.Nil)}
Sun Pharmaceutical
(Bangladesh) Ltd. - - - - 133.6 134.4
{Actual Utilised
Rs.18.4 Million
(Previous Year
Rs.23.2 Million)}
Sun Pharma Sikkim
{Actual Utilised
Rs.27.6 Million - - - - 200.0 200.0
(Previous Year
16.2 Million)}
Sun Pharma Global Inc - - - - - 2,508.8
{Actual Utilised Rs.Nil
(Previous Year Rs.Nil)}
Others {Actual
Utilised Rs.Nil - - - - 15.6 15.7
(Previous Year
Rs.12.1 Million)}
Outstanding receivables
/ Payables (Net) (0.2) (0.2) 20.9 48.4 1,908.2 2,800.2
Caraco Pharmaceutical
Laboratories Ltd. - - - - 1,127.2 780.2
OOO 'Sun
Pharmaceutical
Industries' Ltd. - - - - 438.9 277.5
Others (0.2) (0.2) 20.9 48.4 342.1 1,742.4
For and on behalf of the Board In terms of our report attached
SUNIL R. AJMERA For Deloitte Haskins & Sells
Company Secretary Chartered Accountants
S. KALYANASUNDARAM RAJESH K. HIRANANDANI
Wholetime Director & CEO Partner
DILIP S. SHANGHVI Mumbai, 28th May, 2011
Chairman & Managing Director
SUDHIR V. VALIA
Wholetime Director
SAILESH T. DESAI
Wholetime Director
Mumbai, 28th May, 2011.
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