Deloitte

Haskins & Sells LLP

Chartered Accountants
Indiabulls Finance Centre
Tower 3. 27th.

32nd Floor

Senapati Bapat Marg

Elphinstone Road (West)
Mumbai . 400 013
Maharashtra, India
Tel: +91 (022) 61B5 4000
Fax: +91 (022) 6185 4501/4601

INDEPENDENT AUDITORS' REVIEW REPORT

TO THE BOARD OF DIRECTORS OF
SUN PHARMA ADVANCED RESEARCH COMPANY LIMITED
I.

We have reviewed the accompanying Statemcnt of Unaudited Financial Results of SUN PHARMA ADVANCED
RESEARCH COMPANY LIMITED ("the Company") for the quarter and six months ended Septcmber 30, 2015
("thc Statement"), being submitted by the Company pursuant to the requirement of Clause 41 of the Listing
Agreements with the Stock Exchanges, except for the disclosures in Part II - Select Information referred to ;n
paragraph 5 below. This Statement is the responsibility of the Company's Management and has been approved by
the Board of Directors. Our responsibility is to issue a report on the Statement based on our review.

2.

We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410
'Review of Interim Financial Infonnation Performed by the Independent Auditor of the Entity', issued by thc
Institute of Chartered Accountants of India. This Standard requires that we plan and perform the rcview to obtain
moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to
inquiries of Company personnel and analytical procedures applied to financial data and thus provides less assurance
than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.

3.

Based on our review conducted as stated above, read with paragraph 4 below, nothing has come to our attention that
causes us to believc that the accompanying Statement, prepared in accordance with the Accounting Standards
specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules,
2014 and other accounting principles generally accepted in India, has not disclosed the information rcquired to bc
disclosed in terms of Clause 41 ofthe Listing Agreements with the Stock Exchanges, including the manncr in which
it is to bc disclosed, or that it contains any material misstatement.

4.

Managcrial remuneration paid is in excess of the limits approved by the Central Government to the extent of Rs Nil
for the quarter and six months ended September 30, 2015 (Rs 214.45 Lakhs upto September 30, 2015). In this
regard, we have been informed by the Management of the Company that they have made further representations to
the Central Government, the response in respect of which is awaited.
Our report is not modified in respect of this matter.

5.

Further, we also report that we have traced the number of shares as well as the percentage of shareholding in respect
of the aggregate amount of public shareholding and the number of shares as well as the percentage of shares
pledged/encumbered and non-encumbered in respect of the aggregate amount of promoters and promoter group
shareholding in terms of Clause 35 of the Listing Agreements with the Stock Exchanges and the particulars relating
to investor complaints disclosed in Part 11- Select Information for the quarter and six months ended September 30,
2015 of the Statement, from the details furnished by the Management.
For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm's Registration No. iI7366W/W-100018)
L

~'

Mumbai, November 4, 20 J 5

Rajesh K. Hiranandani
Partner
(Membership No. 36920)

Regd. Office: 12, Dr. Annie Besant Road, Opp. Shiv Sagar Estate, Warli, Mumbai - 400 018, India. (lLP Identification No. AAB-8737)

Sun Pharma Advanced Research Company Limited

Regd Office: Sun Pharma Advanced Researcn Centre,
Akota

erN No.
Part I

Road. Akota, Vadodara

- 390 020. Tel. No.026S-2330815

: L73100GJ2006PLC047837

Web Site: w\'oW.sunpharma.in

Statement of Unaudited Financial Results for the Quarter and Six Months ended September 30, 2015
30.09.2015
Unaudited

Income from Oper.atlons

Income from Opetations
Total Income from Operations
Expensos
Cost of Materials Consumed
Employee Benefits Expense
Clinical Trials and Professional Charges
Depreciation Expanse
Other Expenses
Total Expense.
Profit J (loss) from Operations before Other Income and Finance Costs
Other Income
Profit J (loss) from ordinary activiti~ before Finance Costs
Finance Costs
Profit J (loss) from ordinary activities before Tax
Tax Expense
Net Profit J (loss) for the period
Paid-up Equity Share Capilal- Face Value! 1 each
Reserves excluding Revalualion Reserve
Eamings Per Share,of t 1 each - in! (Basic and Diluted)
See accompanvlno ~Oles to the financial results

6 Months ended
30.09.2014
30.09.2015
Unaudited
Unaudited

3 Months ended

Particulars

30.09.2014
Unaudited

30.00.2015
Unaudited

~in L khs
Year ended
31.03.2015
Audited

4,591
4,591

8,656
8,656

8,176
8,176

15,574
15,574

(1,774)

296
1,365
2,155
162
527
4,525
(181)
21
(160)
5
(165)

195
1,126
2,683
206
591
4,a01
(210)
68
(142)
5
(147)

920
2,727
4,902
371
1,696
10,616
(1,960)
42
(1,918)
21
(1,939)

37.
2,239
5,406
366
1,106
9,496
(1,320)
210
(1,110)
11
(1,121)

1,010
4,579
11.104
72.
2,390
19,807
(4,233)
303
(3,930)
22
(3,952)

(1,774)
2,367

(165)
2,367

(147)
2,367

(1,939)
2,367

(1,121)
2,367

(0.75)

(0.07)

(O.06)

(0.82)

(0,47)

(3,952)
2,367
7,613
(1.67)

'.344

4,312
",312

62.
1,362
2,747
189
1,169
6,091
(1,779)
21
(1,758)

,.

Select information for the Quarter and Six Months ended September 30, 2015

Part II

6 Montlls ended

3 Months ended

Particulars

30.00,2015

30.09.2015

30.09.2014

30.09.2015

30.09,2014

Year Ended
31.03.2015

Particulars of Shareholding
Public Shareholding
No. of Equity Shares of t 1 each
Percentage of Shareholding
Promoters and Promoter Group Shareholdlng
,) Pledged I EnaJmbered
No. of Equity Shares of t 1 each
Percentage of Equity Shares (as a % of the toial shareholding of promoter and
promoter group)
Percentage of Equity Shares (as a % of the total share capital of the Company)
')

Non-encumbere:l
No. of Equity Shares of t 1 each
Percentage of Equity Shares (as a % of the total shareholding of promoter and
promoter group)
Percentage of Equity Shares (as a % of the total share capital of the Company)

PartJculars
Investor Complaints
Pending at the beginning of the quarter
Received during the quarter
Disposed of during the quarter
Remaining unresolved at the end of the "'uarter

(!b/
For Identification
Deloitle Haskins & Sells LLP

77,792,101
32.87

77,809,194
32.87

77,811,251
32.87

77,792,101
32.87

77,811,251
32.87

77,811,251
32.87

1,162,066

1,162,066

675,000

1,162,066

675,000

1,162,066

0.73

0,42

0.73

0,42

0.73

0.29

0.49

0.73
0.49

0.49

157,733,187

157,733,187

99.27

99.27

66.64

66.64

3 months ended 30/09/2015

0.29

0.49

157.731,130

157,733,187

158,218,196

99.58

99.27

99.56

99.27

66.64

66.64

6664

6664

158,218,196

Sun Pharma Advanced Research Company Limited

Regd Office:

Sun Pharma

Adva[lced

Research

Centre,

Akota Road, AkOIa,Vadodara - 390 020. Tel. No.026S~2330815

eIN No.; L73100GJ2006PLC047837 Web Site: www.sunpharma.in
Notes:
Statement

f in lakhs

of Assets and liabilities

As at
31.03.2015
Audited

As"
30.09.2015

Particulars

Unudlled

EQUITY
i

AND L1ABIUTlES

Shareholders'

Funds

ReseNeS

and Surplus

Sub-total.

Shareholders'

iI Non-current

Uabllities

(a)

Long-term

(b)

Deferred

(0)

Other Long-term

('I

Long-term

SutJ.total
Iii

Current

(0)

Other Current Liabilities

(0)

Short-tem,

273

327

'"

8
237
572
40
2,701

5,070

698
77

1,480

8.

Provisions

Current

9,980

1,644

Borrowings

Liabilities

- EQUITY

7,613

8,050

538

LlablJltles

Trade Payables

AND UAB1Ll1lES

8,283

3,716

16871

14268

6,879

6,682

ASSETS
Non-current

A\l.sets

(a)
(b)

Fi){ed As$ets

(0)

Other NO"1-current Assets

Long-term

Current

,.

Loans and Advances

Non-current

assets

Assets

(a)
(bl

Trade Receivables

(0)

Short-term

(0)

Other CU'iTent Assets

Cash ant" Cash Equivalents

Sub-tolal

Loans and Advancas

- Current

TOTAL.
2

Liabilities

Short-term

5683

(Net)

Provisions

(al
(b)

Sub-lotal
ii

Borrowings
Tax Liabilities

- Non-currenl

Sub-totAl

Fund

Liabilities

TOTAL

2,367

2,367

Share Capital

(a)
(bl

ASSETS
financial

and have bean subjected

3

The Company

Status of Utilisation

results of the Company

have been reviewed

to a limited review by the StatutO!)' Auditors

has only one reportable

business

segment

by the Audit Committae

and approved

by the Board of Directors

at their respective

namely 'Pharmaceutical

Research

and Development

of identified

corporate

1,989

3,145

2,543

1,734

28

meetings

7,928

6,294

16871

14,268

held on November

4, 2015

& De~eropment'.

,"'"

t',

'"

Isa on
fin

Repayment

4,On
877

30

of rights issue proceeds:

Total Pro'eded

General

7,974

of the Company.

Particulars

Ally Reseatch

1,262

8,943

28

assets

The above unaudited

2,048

activities

loans availed

I expenses'

from Group Entlties

~roj.ected
.. ~ual
utilisation up to utilisation upto
31.03.2015
31.03.2015
tin

Lakhs

tin

Lakhs

10,316

10,302

10,311

6,100

6,100

6,100

6,100

3,256

3,256

3,256

3,256

152

152

'"

19,810

19,824

19,824

Funds utilised

30.09.2015

Lakhs

10,316

purposes

Issue expenses

tin

Lakhs

Actual
utilisation upto

152
19,819

14

Calls unpaid
Shares

Forfeited,due

to non--payment

of call money

Revised

from 'Pharmaceutical

highly unpredictable
5

During the quarter,

October

researctl

the Company

On September
shareholders

18, 2015, the Company

of the Company,

Figures for the previous

business

has forfeited

3, 2012 'and the final call money

Premium respectively).
The amount of t 0.10 Lakhs received
6

and development

nature of the company's

of

17,093

activities

_ Clinical

of Phannaceutical
Equity Shares

of

and Development,

1/- each (paid up amount

27/. per share was outstanding

with respect

trials' in terms of resolution

Researctl

to the face value of 17,093forfeitecl

at such ratio and price and premium

pertods have been regrouped

1 reclassified,

considered

by shareholders

at the Annual

(consisting

of

0.40 per share

Meeting

under head "Share

of call money.
and f 26.60

Capital"

held on July 30, 2013. Given the

not in E!J(cess of f 25,000

These

shares were originally

per share towards

as at September

Board of India (SEBI) for further issuance

for an amount aggregating

Genefsl

Share

Cilpilal

1 each, on rights basis to the

lakhs

necessary.

~~~
Dilip S. Shanghvi
November

4, 2015

,erP
For Identification
Deloitte Haskins & Sells LLP

Chalnnan

allotted

and Managing

Director

on

ilnd Share

30, 2015.

of equity shares oft

By order of the Board

Mumbai,

19,824

of the funds varies from the projections.

0.60 per share) due to non-payment

Equity shares is disclosed

and Exchange

as may be decided,
wtlerever

at the time of forfeiture

has filed a Draft Letter of Offer with Securities

passed

the actual utillsation

19,824

19,824

19,824

Total