1.pfizer Limited Annual Report 2014-15

7(1<($5),1$1&,$/
6800$5<
Currency: ` in lakhs
Particulars Nov Nov Nov Nov Nov Mar Mar Mar Mar Mar
2005 2006 2007 2008 2009 2011 2012 2013 2014 2015
# ** ^ 16 months @ $
Sources of Funds
Shareholders' Funds
Share Capital 2,984 2,984 2,984 2,984 2,984 2,984 2,984 2,984 2,984 4,575
Reserves and Surplus 34,672 37,589 61,880 86,972 96,449 113,360 127,486 166,458 62,857 192,726
Total Shareholders' Funds 37,656 40,573 64,864 89,956 99,433 116,344 130,470 169,442 65,841 197,301
Borrowed Funds
Unsecured Loans - - - - - - - - - 250
Total 37,656 40,573 64,864 89,956 99,433 116,344 130,470 169,442 65,841 197,551
Application of Funds
Net Fixed Assets 7,770 6,675 7,040 8,306 9,329 8,621 3,186 2,594 2,318 95,690
Investments - - 50 50 50 - 4,755 4,599 4,449 4,266
Deferred Tax Asset (Net) 903 1,436 1,298 2,267 2,750 3,554 3,708 3,988 3,419 6,714
Current Assets, Loans and Advances;
Inventories 8,983 9,845 9,506 12,468 11,337 15,932 18,324 16,515 15,150 38,790
Sundry Debtors 8,282 6,901 6,137 5,973 6,439 9,819 14,178 14,209 17,339 15,787
Cash and Bank Balances 20,993 30,651 47,979 54,306 52,740 57,701 86,627 143,294 30,779 60,929
Other Current Assets 214 903 817 1,449 482 591 964 2,098 611 1,430
Loans & Advances 6,693 6,821 13,537 24,795 37,209 42,127 26,414 18,653 23,604 37,549
Total Currents Assets, Loans and Advances 45,165 55,121 77,976 98,991 108,207 126,170 146,507 194,769 87,483 154,484
Less: Current Liabilities and Provisions
Current Liabilities 13,404 14,495 10,628 12,214 13,289 15,719 17,168 19,026 21,471 42,090
Provisions 6,448 9,498 11,165 7,444 7,614 6,282 10,518 17,482 10,357 21,513
Net Current Assets 25,313 31,128 56,183 79,333 87,304 104,169 118,821 158,261 55,655 90,881
Voluntary Retirement Schemes 3,670 1,334 293 - - - - - - -
Total 37,656 40,573 64,864 89,956 99,433 116,344 130,470 169,442 65,841 197,551
Income
Gross Sales 69,750 76,586 77,301 76,482 81,183 121,501 105,834 99,509 105,743 190,076
Less : Excise Duty 5,416 6,039 6,199 5,409 3,956 4,545 4,102 4,711 5,315 7,302
Less : Sales Tax 4,482 4,312 3,836 3,302 - - - - - -
Net Sales 59,852 66,235 67,266 67,771 77,227 116,956 101,732 94,798 100,427 182,774
Operating and Other Income 4,103 5,953 34,270 9,342 10,074 17,579 16,870 20,733 21,692 9,292
Total 63,955 72,188 101,536 77,113 87,301 134,535 118,602 115,531 122,119 192,066
Expenditure
Material Cost 20,007 22,356 23,148 23,759 28,771 39,049 35,910 33,305 37,488 73,985
Personnel Cost 10,014 10,234 10,170 10,210 12,920 22,699 19,282 20,670 19,177 23,636
Manufacturing and Other Expenses 19,273 19,746 20,510 20,966 22,689 36,823 34,605 32,323 30,662 49,414
Interest Expense 15 7 2 - - - - - - -
Depreciation and amortization 1,385 1,307 958 1,112 828 1,200 956 802 797 13,108
Finance Cost - - - - - - 59 24 36 77
Total 50,694 53,650 54,788 56,047 65,208 99,771 90,812 87,124 88,160 160,220
3UR±W%HIRUH7D[DWLRQDQG([FHSWLRQDO,WHPV 13,261 18,538 46,748 21,066 22,093 34,764 27,790 27,965 33,959 31,846
Exceptional Items -Net (2,337) (2,337) (1,735) 20,790 (1,092) (302) (37) 41,412 - (8,045)
3UR±W%HIRUH7D[DWLRQ 10,924 16,201 45,013 41,856 21,001 34,462 27,753 69,377 33,959 23,801
7D[DWLRQ 4,112 5,628 11,120 11,944 7,313 11,828 9,292 19,057 11,873 13,768
3UR±WIRUWKH\HDUEHIRUHLPSDFWRIWKH6FKHPH 6,812 10,573 33,893 29,912 13,688 22,634 18,461 50,320 22,086 10,033
of Amalgamation
L 3UR±WDIWHUWD[RIHUVWZKLOH:\HWK/LPLWHGWKH - - - - - - - - - 8,792
amalgamating company
(ii) Depreciation / amortization on fair valuation of - - - - - - - - - (11,844)
±[HGDVVHWV QHWRIWD[
3UR±WIRUWKH\HDU 6,812 10,573 33,893 29,912 13,688 22,634 18,461 50,320 22,086 6,981
Tax Provision as a % of PBT (%) 37.6 34.7 24.7 28.5 34.8 34.3 33.5 27.5 35.0 57.8
1HW3UR±WDVDRI6DOHV 9.8 13.8 50.3 44.1 17.7 19.4 18.1 53.1 22.0 3.8
Earnings Per Share (`)
D &RPSXWHGRQWKHEDVLVRISUR±WIRUWKH\HDU 22.83 35.43 113.58 100.24 45.87 75.85 61.87 168.63 74.01 15.26
E &RPSXWHGRQWKHEDVLVRISUR±WIRUWKH\HDU
before the impact of Scheme of Amalgamation
(i) before exceptional items (net of tax) - - - - - - - - - 34.18
(ii) after exceptional items - - - - - - - - - 21.93
Equity Dividend Per Share (`) 10.00 22.50 27.50 12.50 12.50 16.50 12.50 32.50 360.0 12.50
Total Dividend Amount (` in Lakhs) 2,984 6,714 8,206 3,730 3,730 4,924 3,730 9,699 10,7429 5,718
Book Value per share (`) 126.19 135.95 217.37 301.46 333.22 389.84 437.17 567.76 220.64 431.28
,QFOXGHVSUR±WRQVDOHRI&KDQGLJDUKSURSHUW\
,QFOXGHVSUR±WRQVDOHRIFRQVXPHUKHDOWKFDUHEUDQGV
^ Includes results of erstwhile Duchem Laboratories Ltd. on its amalgamation with the Company.
@ Includes gain on sale of the animal health business and sale of investment in the subsidiary.
,QFOXGHVUHVXOWVRIHUVWZKLOH:\HWK/LPLWHGRQLWVDPDOJDPDWLRQZLWKWKH&RPSDQ\
1
CONTENTS
02 Notice
Board’s Report including

Management Discussion and Analysis 11
42 Corporate Governance Report
Independent Auditors’ Report 55
60 Balance Sheet
6WDWHPHQWRI3UR±WDQG/RVV 61
62 Cash Flow Statement
Notes to the Financial Statements 64
1
NOTICE -
64th Annual General Meeting
NOTICE is hereby given that the 64th$QQXDO*HQHUDO0HHWLQJRIWKH0HPEHUVRI3±]HU/LPLWHGZLOOEHKHOGDW Yashwantrao Chavan
Pratishthan Auditorium, General Jagannath Bhosale Marg, Next to Sachivalaya Gymkhana, Mumbai – 400 021, on
Monday, 13th July, 2015 at 3.00 p.m. to transact the following business:
Ordinary Business:
1. To receive, consider and adopt the Audited Financial Statements of the Company including the Balance Sheet as at 31st March,
DQGWKH6WDWHPHQWRI3UR±WDQG/RVVRIWKH&RPSDQ\IRUWKH±QDQFLDO\HDUHQGHGst March, 2015 and the Reports of the
Board of Directors and Auditors thereon.
7RGHFODUHDGLYLGHQGIRUWKH±QDQFLDO\HDUHQGHGst March, 2015.
3. To appoint a Director in place of Mr. S. Sridhar (DIN: 05162648), who retires by rotation and being eligible, offers himself for
re-appointment.
7RFRQVLGHUDQGLIWKRXJKW±WWRSDVVZLWKRUZLWKRXWPRGL±FDWLRQ V WKHIROORZLQJUHVROXWLRQDVDQ2UGLQDU\5HVROXWLRQ
“RESOLVED THAT pursuant to the ordinary resolution passed by the Members at the 63rd Annual General Meeting of the
Company and the provisions of Sections 139, 142 and other applicable provisions, if any, of the Companies Act, 2013, read with the
&RPSDQLHV $XGLWDQG$XGLWRUV 5XOHV LQFOXGLQJDQ\VWDWXWRU\PRGL±FDWLRQ V RUUHHQDFWPHQW V WKHUHRIIRUWKHWLPHEHLQJ
LQIRUFH WKHDSSRLQWPHQWRI0HVVUV%65 &R//3&KDUWHUHG$FFRXQWDQWVKDYLQJ)LUPªV5HJLVWUDWLRQ1R::
DVWKH6WDWXWRU\$XGLWRUVRIWKH&RPSDQ\IRUWKH±QDQFLDO\HDUHQGLQJst March, 2016, at such remuneration as may be approved
E\WKH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\EHDQGLVKHUHE\UDWL±HG¨
Special Business:
“RESOLVED THAT pursuant to the provisions of Sections 149 and 152 and other applicable provisions, if any, of the Companies
$FW §WKH$FW¨ UHDGZLWKWKH&RPSDQLHV $SSRLQWPHQWDQG4XDOL±FDWLRQRI'LUHFWRUV 5XOHV6FKHGXOH,9WRWKH$FW
DQG&ODXVHRIWKH/LVWLQJ$JUHHPHQW LQFOXGLQJDQ\VWDWXWRU\PRGL±FDWLRQ V RUUHHQDFWPHQW V WKHUHRIIRUWKHWLPHEHLQJLQ
IRUFH 0U6XQLO6/DOEKDL ',1 ZKRKROGVRI±FHDVDQ$GGLWLRQDO'LUHFWRURIWKH&RPSDQ\XSWRWKHGDWHRIWKLV$QQXDO
General Meeting in terms of Section 161 of the Act and ZKRTXDOL±HVIRUEHLQJDSSRLQWHGDVDQ,QGHSHQGHQW'LUHFWRULQUHVSHFW
of whom the Company has received a notice in writing from a Member under Section 160 of the Act, proposing his candidature for
WKHRI±FHRI'LUHFWRUEHDQGLVKHUHE\DSSRLQWHGDVDQ,QGHSHQGHQW'LUHFWRURIWKH&RPSDQ\IRUDWHUPRI ±YH \HDUVHIIHFWLYH
14th )HEUXDU\QRWEHLQJOLDEOHWRUHWLUHE\URWDWLRQ¨
7RFRQVLGHUDQGLIWKRXJKW±WWRSDVVZLWKRUZLWKRXWPRGL±FDWLRQ V WKHIROORZLQJUHVROXWLRQDVDQOrdinary Resolution:
“RESOLVED THAT 'U /DNVKPL 1DGNDUQL ',1 ZKR KROGV RI±FH DV DQ $GGLWLRQDO 'LUHFWRU RI WKH &RPSDQ\ XS WR
WKHGDWHRIWKLV$QQXDO*HQHUDO0HHWLQJLQWHUPVRI6HFWLRQRIWKH&RPSDQLHV$FW §WKH$FW¨ DQGEHLQJHOLJLEOHIRU
appointment, in respect of whom the Company has received a notice in writing from a Member under Section 160 of the Act,
SURSRVLQJKHUFDQGLGDWXUHIRUWKHRI±FHRI'LUHFWRUEHDQGLVKHUHE\DSSRLQWHGDVD'LUHFWRURIWKH&RPSDQ\OLDEOHWRUHWLUHE\
URWDWLRQ¨
7RFRQVLGHUDQGLIWKRXJKW±WWRSDVVZLWKRUZLWKRXWPRGL±FDWLRQ V WKHIROORZLQJUHVROXWLRQDVDQOrdinary Resolution:
“RESOLVED THATSXUVXDQWWRWKHSURYLVLRQVRI6HFWLRQVDQGRWKHUDSSOLFDEOHSURYLVLRQVLIDQ\RIWKH&RPSDQLHV
$FW §WKH$FW¨ UHDGZLWKWKH&RPSDQLHV $SSRLQWPHQWDQG5HPXQHUDWLRQRI0DQDJHULDO3HUVRQQHO 5XOHV6FKHGXOH9
WRWKH$FWDQG&ODXVHRIWKH/LVWLQJ$JUHHPHQW LQFOXGLQJDQ\VWDWXWRU\PRGL±FDWLRQ V RUUHHQDFWPHQW V WKHUHRIIRUWKHWLPH
EHLQJLQIRUFH FRQVHQWRIWKH&RPSDQ\EHDQGLVKHUHE\DFFRUGHGWRWKHDSSRLQWPHQWRI'U/DNVKPL1DGNDUQL ',1 DVD
:KROHWLPH 'LUHFWRU RI WKH &RPSDQ\ IRU D WHUP RI ±YH \HDUV ZLWK HIIHFW IURP th February, 2015 and to her receiving
UHPXQHUDWLRQSD\PHQWVSHUTXLVLWHVEHQH±WVDQGDPHQLWLHVIURPWKDWGDWHDVJLYHQEHORZ
A. Salary, Fixed Allowances and Bonus/Performance Linked Incentives:
7KHDJJUHJDWHRI6DODU\)L[HG$OORZDQFHVDQG%RQXV3HUIRUPDQFH/LQNHG,QFHQWLYHVSD\DEOHWR'U/DNVKPL1DGNDUQLVKDOOEH
subject to a maximum limit of ` 5XSHHV2QH&URUH6HYHQW\±YH/DNKVRQO\ SHUDQQXP
2 3±]HU/LPLWHG | ANNUAL REPORT 2014-15

% 3HUTXLVLWHV%HQH±WVDQG$PHQLWLHV
,QDGGLWLRQWRWKHDERYHPHQWLRQHG6DODU\)L[HG$OORZDQFHVDQG%RQXV3HUIRUPDQFH/LQNHG,QFHQWLYHV'U/DNVKPL1DGNDUQL
ZLOODOVREHHQWLWOHGWRWKHIROORZLQJSHUTXLVLWHVEHQH±WVDQGDPHQLWLHV
(a) Conveyance/Car Allowance:
'U/DNVKPL1DGNDUQLZLOOEHHQWLWOHGWRFRQYH\DQFHFDUDOORZDQFHDVSHUUXOHVRIWKH&RPSDQ\
(b) Communication Allowance/Expenses:
'U/DNVKPL1DGNDUQLZLOOEHHQWLWOHGIRUFRPPXQLFDWLRQDOORZDQFHUHLPEXUVHPHQWDVSHUUXOHVRIWKH&RPSDQ\
(c) Medical Expenses:
5HLPEXUVHPHQWRIPHGLFDOH[SHQVHVLQFXUUHGE\'U/DNVKPL1DGNDUQLDQGKHUIDPLO\DVSHUUXOHVRIWKH&RPSDQ\
(d) Leave and Leave Travel Assistance:
/HDYH DV SHU UXOHV RI WKH &RPSDQ\ /HDYH 7UDYHO $VVLVWDQFH IRU 'U /DNVKPL 1DGNDUQL DQG IDPLO\ DV SHU UXOHV RI WKH
Company.
(e) Personal Accident Insurance, Group Term Assurance and Hospitalization Coverage:
3HUVRQDO$FFLGHQW,QVXUDQFH*URXS7HUP$VVXUDQFHDQG+RVSLWDOL]DWLRQ&RYHUDJHDVSHUUXOHVRIWKH&RPSDQ\
(f) Provident Fund:
Contribution to the Company’s Provident Fund Scheme, in accordance with the rules of the Scheme.
(g) Gratuity
Contribution to Gratuity Fund as per rules of the Company.
(h) Reimbursement of Expenses:
'U/DNVKPL1DGNDUQLZLOODOVREHHQWLWOHGWRUHLPEXUVHPHQWRIH[SHQVHVLQFXUUHGE\KHUIRUWKHSXUSRVHRIEXVLQHVVRIWKH
Company.
(i) 6XFKRWKHUEHQH±WVDPHQLWLHVDQGSHUTXLVLWHVDVDUHDYDLODEOHWRRWKHUVHQLRUH[HFXWLYHVRIWKH&RPSDQ\RUDVWKH%RDUG
of Directors of the Company may determine from time to time.
Provision of car for use of Company’s business will not be considered as perquisite. Perquisites shall be valued as per
Income-Tax Rules, 1962, wherever applicable.
C. Minimum Remuneration:
Subject to such approvals as may be necessary, the remuneration determined by the Board of Directors of the Company
ZLWKLQWKHOLPLWVVSHFL±HGLQVXESDUDJUDSK$DERYHDQGWKHSHUTXLVLWHVEHQH±WVDQGDPHQLWLHVVSHFL±HGLQVXESDUDJUDSK%
DERYHZLOOEHSDLGDQGDOORZHGWR'U/DNVKPL1DGNDUQLGXULQJKHUWHQXUHRIRI±FHDVD:KROHWLPH'LUHFWRURIWKH&RPSDQ\
QRWZLWKVWDQGLQJWKHDEVHQFHRULQDGHTXDF\RISUR±WVLQDQ\±QDQFLDO\HDU
RESOLVED FURTHER THATWKH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\PD\LQLWVGLVFUHWLRQSD\WR'U/DNVKPL1DGNDUQLORZHU
remuneration than the maximum remuneration hereinbefore stipulated and revise the same from time to time, within the maximum
OLPLWVVWLSXODWHG7KHWHUPVRIUHPXQHUDWLRQSD\DEOHWR'U/DNVKPL1DGNDUQLVKDOOEHLQFRPSOLDQFHZLWKWKHSURYLVLRQVRI6HFWLRQV
DQGRIWKH$FWUHDGZLWK6FKHGXOH9WRWKH$FW
RESOLVED FURTHER THATWKH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\EHDQGLVKHUHE\DXWKRUL]HGWRGRDOOVXFKDFWVGHHGVPDWWHUV
DQGWKLQJVDVLQLWVDEVROXWHGLVFUHWLRQPD\FRQVLGHUQHFHVVDU\H[SHGLHQWRUGHVLUDEOHLQRUGHUWRJLYHHIIHFWWRWKLV5HVROXWLRQ¨
“RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions, if any, of the Companies Act, 2013, read
ZLWKWKH&RPSDQLHV $XGLWDQG$XGLWRUV 5XOHVDQGRWKHUUXOHVLIDQ\PDGHWKHUHXQGHU LQFOXGLQJDQ\VWDWXWRU\PRGL±FDWLRQ V
or re-enactment(s) thereof, for the time being in force), the remuneration of ` 5XSHHV7HQ/DNKV)RUW\7KRXVDQGRQO\
SOXVVHUYLFHWD[DQGRXWRISRFNHWH[SHQVHVDVDSSURYHGE\WKH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\SD\DEOHWR0HVVUV5$ &R
Cost Accountants, having Firm’s Registration No. 000242 for conducting Cost Audit of the records maintained by the Company for
WKH±QDQFLDO\HDUHQGLQJst0DUFKEHDQGLVKHUHE\UDWL±HG¨
3
7RFRQVLGHUDQGLIWKRXJKW±WWRSDVVZLWKRUZLWKRXWPRGL±FDWLRQ V WKHIROORZLQJUHVROXWLRQDVD6SHFLDO5HVROXWLRQ
“RESOLVED THAT pursuant to the provisions of Section 14 and other applicable provisions of the Companies Act, 2013 read with
WKH&RPSDQLHV ,QFRUSRUDWLRQ 5XOHV LQFOXGLQJDQ\VWDWXWRU\PRGL±FDWLRQ V RUUHHQDFWPHQW V WKHUHRIIRUWKHWLPHEHLQJ
in force), the revised Articles of Association which is placed before the Members at this meeting duly initialed by Mr. R. A. Shah,
&KDLUPDQIRUWKHSXUSRVHRILGHQWL±FDWLRQEHDQGLVKHUHE\DSSURYHGDQGDGRSWHGLQVXEVWLWXWLRQDQGWRWKHHQWLUHH[FOXVLRQRIWKH
regulations contained in the existing Articles of Association of the Company.
RESOLVED FURTHER THAT WKH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\EHDQGLVKHUHE\DXWKRUL]HGWRGRDOOVXFKDFWVGHHGVPDWWHUV
DQGWKLQJVDVLQLWVDEVROXWHGLVFUHWLRQPD\FRQVLGHUQHFHVVDU\H[SHGLHQWRUGHVLUDEOHLQRUGHUWRJLYHHIIHFWWRWKLV5HVROXWLRQ¨
By Order of the Board of Directors
Prajeet Nair
Mumbai, 12th June, 2015 Company Secretary
5HJLVWHUHG2I±FH
3±]HU/LPLWHG
3±]HU&HQWUH3DWHO(VWDWH2II695RDG
-RJHVKZDUL : 0XPEDL
7HO)D[
:HEVLWHZZZS±]HULQGLDFRP
(PDLO,'FRQWDFWXVLQGLD#S±]HUFRP
&,1/0+3/&
Notes:
$ 6WDWHPHQW VHWWLQJ RXW PDWHULDO IDFWV SXUVXDQW WR 6HFWLRQ RI WKH &RPSDQLHV $FW §WKH $FW¨ ZLWK UHVSHFW WR
Item Nos. 5 to 9 of the Notice is annexed hereto.
7KH5HJLVWHURI0HPEHUVDQGWKH6KDUH7UDQVIHU%RRNVRIWKH&RPSDQ\ZLOOUHPDLQFORVHGIURP)ULGD\rd July, 2015 to Monday,
13th July, 2015 (both days inclusive) for the purpose of payment of dividend.
'LYLGHQGIRUWKH±QDQFLDO\HDUHQGHGst March, 2015, as recommended by the Board of Directors of the Company, if approved at
the Annual General Meeting, will be paid to the Members on 28th July, 2015 as under:
L 7RDOO%HQH±FLDO2ZQHUVLQUHVSHFWRIVKDUHVKHOGLQGHPDWHULDOL]HGIRUPDVSHUWKHGDWDDVPD\EHPDGHDYDLODEOHE\WKH
1DWLRQDO6HFXULWLHV'HSRVLWRU\/LPLWHG 16'/ DQGWKH&HQWUDO'HSRVLWRU\6HUYLFHV ,QGLD /LPLWHG &'6/ DVRIWKHFORVHRI
business hours on Thursday, 2nd July, 2015;
ii. To all Members in respect of shares held in physical form after giving effect to valid transfers in respect of transfer requests
lodged with the Company on or before the close of business hours on Thursday, 2nd July, 2015.
,17(5062)6(&7,212)7+($&7$0(0%(5(17,7/('72$77(1'$1'927($77+($118$/*(1(5$/0((7,1*,6
(17,7/('72$332,1721(25025(352;,(672$77(1'$1'927(,167($'2)+,06(/)+(56(/)$1'$352;<1(('127
%($0(0%(52)7+(&203$1<
$SHUVRQFDQDFWDV3UR[\RQEHKDOIRIPHPEHUVQRWH[FHHGLQJ ±IW\ DQGKROGLQJLQWKHDJJUHJDWHQRWPRUHWKDQ WHQ
percent of the total share capital of the Company carrying voting rights. A member holding more than 10 (ten) percent of the total
share capital of the Company carrying voting rights may appoint a single person as Proxy and such person shall not act as a Proxy
for any other person or shareholder.
7KHLQVWUXPHQWDSSRLQWLQJWKH3UR[\GXO\FRPSOHWHGDQGVLJQHGPXVWEHGHSRVLWHGDWWKH5HJLVWHUHG2I±FHRIWKH&RPSDQ\QRW
OHVVWKDQKRXUVEHIRUHFRPPHQFHPHQWRIWKH0HHWLQJ0HPEHUVPD\SOHDVHQRWHWKDWD3UR[\GRHVQRWKDYHWKHULJKWWRVSHDN
at the Meeting and can vote only on a poll.
0HPEHUV3UR[LHV$XWKRUL]HG5HSUHVHQWDWLYHVDUHUHTXHVWHGWREULQJWKHLUFRS\RIWKH$QQXDO5HSRUWWRWKH0HHWLQJDORQJZLWK
GXO\±OOHGLQ$WWHQGDQFH6OLSVIRUDWWHQGLQJWKH0HHWLQJ

7KH$QQXDO5HSRUWGXO\FLUFXODWHGWRWKH0HPEHUVRIWKH&RPSDQ\LVDYDLODEOHRQWKH&RPSDQ\ªV:HEVLWHDW©ZZZS±]HULQGLDFRPª
0HPEHUV VHHNLQJ DQ\ LQIRUPDWLRQ RU FODUL±FDWLRQ RQ WKH $QQXDO 5HSRUW DUH UHTXHVWHG WR VHQG ZULWWHQ TXHULHV WR WKH &RPSDQ\
DWOHDVWRQHZHHNEHIRUHWKHGDWHRIWKH0HHWLQJWRHQDEOHWKH&RPSDQ\WRFRPSLOHWKHLQIRUPDWLRQDQGSURYLGHUHSOLHVDWWKH
Meeting.
0HPEHUVKROGLQJVKDUHVLQWKHSK\VLFDOPRGHDUHUHTXHVWHGWRDGGUHVVWKHLUFRPPXQLFDWLRQVUHJDUGLQJWUDQVIHURIVKDUHVFKDQJH
of address etc., quoting their folio number(s) to the Company’s Registrar & Share Transfer Agents:
Karvy Computershare Private Limited
81,73),=(5/,0,7('
Karvy Selenium Tower B, Plot No 31 & 32
*DFKLERZOL)LQDQFLDO'LVWULFW1DQDNUDPJXGD6HULOLQJDPSDOO\
Hyderabad, Telangana – 500032
&RQWDFWSHUVRQ0U0596XEUDKPDQLDP
7HO
Fax: 040 2300 1153
72//)5((12
(PDLO,'HLQZDUGULV#NDUY\FRP
3XUVXDQWWR&ODXVH$,,RIWKH/LVWLQJ$JUHHPHQWZLWKWKH6WRFN([FKDQJHVXQFODLPHGVKDUHVKHOGE\VKDUHKROGHUV
ZHUH RXWVWDQGLQJ LQ WKH &RPSDQ\ªV 8QFODLPHG 6XVSHQVH $FFRXQW LQFOXGLQJ HUVWZKLOH :\HWK /LPLWHG DV RQ st March, 2015,
details of which are as follows:
Particulars Number of Number of

Shareholders Shares*
Aggregate number as at 1st$SULO LQFOXGLQJHUVWZKLOH:\HWK/LPLWHG 2,459
1XPEHURIVKDUHVFODLPHGDQGWUDQVIHUUHGIURPWKH8QFODLPHG6XVSHQVH$FFRXQW 19 649
GXULQJWKH\HDU LQFOXGLQJHUVWZKLOH:\HWK/LPLWHG
Aggregate number as at 31st March, 2015 2,440
7KHRSHQLQJEDODQFHRIVKDUHVLQWKH8QFODLPHG6XVSHQVH$FFRXQWLQFOXGHVVKDUHVKHOGE\VKDUHKROGHUVRI
HUVWZKLOH:\HWK/LPLWHGVKDUHKROGHUVKDGFODLPHGVKDUHVDQGWKHVDPHKDVEHHQWUDQVIHUUHGWRWKHPIURPWKH8QFODLPHG
6XVSHQVH$FFRXQWRIHUVWZKLOH:\HWK/LPLWHG)XUWKHUSXUVXDQWWRWKH$PDOJDPDWLRQRIHUVWZKLOH:\HWK/LPLWHGZLWK3±]HU/LPLWHG
VKDUHVRI3±]HU/LPLWHGZHUHLVVXHGLQOLHXRIXQFODLPHGVKDUHVRIHUVWZKLOH:\HWK/LPLWHGDVSHUWKHVKDUHH[FKDQJH
ratio of the Scheme of Amalgamation.
9. In compliance with Sections 205A and 205C of the Companies Act, 1956, the Company has transferred the unpaid or unclaimed
GLYLGHQGVGHFODUHGXSWRWKH±QDQFLDO\HDUVIURPWLPHWRWLPHWRWKH,QYHVWRU(GXFDWLRQDQG3URWHFWLRQ)XQG WKH,(3)
established by the Central Government. The Company has uploaded the details of unpaid and unclaimed amounts lying with the
Company as on 10th1RYHPEHU GDWHRIODVW$QQXDO*HQHUDO0HHWLQJ RQWKHZHEVLWHRIWKH&RPSDQ\ªZZZS±]HULQGLDFRPª
and also on the website of the Ministry of Corporate Affairs.
Members are requested to contact the Company’s Registrar & Share Transfer Agents, in respect of their outstanding dividends for
the succeeding years.
10. Pursuant to Section 101 of the Act read with Rule 18 of the Companies (Management and Administration) Rules, 2014,
the Annual Report for 2014-15 is being sent through electronic mode to all the Members whose E-mail IDs are registered with the
&RPSDQ\'HSRVLWRU\3DUWLFLSDQWVIRUFRPPXQLFDWLRQSXUSRVHVXQOHVVDQ\PHPEHUKDVUHTXHVWHGIRUSK\VLFDOFRS\RIWKHVDPH
)RU0HPEHUVZKRKDYHQRWUHJLVWHUHGWKHLU(PDLO,'VZLWKWKH&RPSDQ\'HSRVLWRU\3DUWLFLSDQWVDSK\VLFDOFRS\RIWKH$QQXDO
Report for 2014-15 is being sent by the permitted mode.
7RVXSSRUWWKH©*UHHQ,QLWLDWLYHª0HPEHUVZKRKDYHQRWUHJLVWHUHGWKHLUHPDLODGGUHVVHVDUHUHTXHVWHGWRUHJLVWHUWKHVDPHZLWK.DUY\
&RPSXWHUVKDUH3ULYDWH/LPLWHGWKHLUUHVSHFWLYH'HSRVLWRU\3DUWLFLSDQWV
,QWHUPVRI6HFWLRQRIWKH$FWUHDGZLWKWKHDSSOLFDEOHUXOHVWKHUHWRHYHU\KROGHURIVKDUHVLQWKH&RPSDQ\PD\QRPLQDWHLQWKH
SUHVFULEHGPDQQHUDSHUVRQWRZKRPKLVKHUVKDUHVLQWKH&RPSDQ\VKDOOYHVWLQWKHHYHQWRIKLVKHUGHDWK1RPLQDWLRQIRUPV
can be obtained from the Registrar & Share Transfer Agents.
5
12. In compliance with the provisions of Section 108 of the Act read with Rule 20 of the Companies (Management and Administration)
Rules, 2014, the Company is pleased to offer remote e-voting facility, which will enable the Members to cast their votes electronically
on all resolutions set out in the Notice. The remote e-voting period commences on Thursday, 9th July, 2015 (9.00 a.m.) and ends on
Sunday, 12th July, 2015 (5.00 p.m.).
13. Remote e-voting facility:
$ 7KH&RPSDQ\KDVDSSRLQWHG.DUY\&RPSXWHUVKDUH3ULYDWH/LPLWHG §.DUY\¨ WRSURYLGHWKHUHPRWHHYRWLQJIDFLOLW\,QFDVHRI
DQ\TXHU\SHUWDLQLQJWRHYRWLQJSOHDVHYLVLW+HOS )$4ªVVHFWLRQRI.DUY\HYRWLQJZHEVLWHHYRWLQJNDUY\FRP
B. The Instructions for e-voting are as under:
L /DXQFKLQWHUQHWEURZVHUE\W\SLQJWKH85/KWWSVHYRWLQJNDUY\FRP
LL (QWHU WKH ORJLQ FUHGHQWLDOV LH 8VHU ,' DQG SDVVZRUG PHQWLRQHG LQ \RXU HPDLO SULQWHG RQ WKH $WWHQGDQFH 6OLS
<RXU )ROLR 1R '3 ,' &OLHQW ,' ZLOO EH \RXU 8VHU ,' +RZHYHU LI \RX DUH DOUHDG\ UHJLVWHUHG ZLWK .DUY\ IRU HYRWLQJ
\RXFDQXVH\RXUH[LVWLQJ8VHU,'DQGSDVVZRUGIRUFDVWLQJ\RXUYRWH
User ID: For Members holding shares in Demat form:

a. For NSDL: 8 character DP ID followed by 8 digit Client ID
ď͘&Žƌ^>͗ϭϲĚŝŐŝƚĞŶĞĮĐŝĂƌǇ/ͬůŝĞŶƚ/
For Members holding shares in Physical form:
Event No. (EVEN) followed by Folio No. registered with the Company
Password: zŽƵƌƵŶŝƋƵĞƉĂƐƐǁŽƌĚŝƐƉƌŝŶƚĞĚŽŶƚŚĞƩĞŶĚĂŶĐĞ^ůŝƉͬƉƌŽǀŝĚĞĚŝŶƚŚĞĞŵĂŝůĨŽƌǁĂƌĚŝŶŐƚŚĞĞůĞĐƚƌŽŶŝĐŶŽƟĐĞ͘
LLL $IWHUHQWHULQJWKHVHGHWDLOVDSSURSULDWHO\FOLFNRQ§/2*,1¨
LY <RXZLOOQRZUHDFK3DVVZRUG&KDQJH0HQXZKHUHLQ\RXDUHUHTXLUHGWRPDQGDWRULO\FKDQJH\RXUSDVVZRUG7KHQHZ
SDVVZRUGVKDOOFRPSULVHRIPLQLPXPFKDUDFWHUVZLWKDWOHDVWRQHXSSHUFDVH $= RQHORZHUFDVH D] RQHQXPHULF
value (0-9) and a special character (@,$,#, etc). The system will prompt you to change your password and update your
FRQWDFWGHWDLOVOLNHPRELOHQXPEHU(PDLO,'HWFRQ±UVWORJLQ<RXPD\DOVRHQWHUDVHFUHWTXHVWLRQDQGDQVZHURI\RXU
choice to retrieve your password in case you forget it. It is strongly recommended that you do not share your password
ZLWKDQ\RWKHUSHUVRQDQGWKDW\RXWDNHXWPRVWFDUHWRNHHS\RXUSDVVZRUGFRQ±GHQWLDO
Y <RXQHHGWRORJLQDJDLQZLWKWKHQHZFUHGHQWLDOV
YL 2QVXFFHVVIXOORJLQWKHV\VWHPZLOOSURPSW\RXWRVHOHFWWKH§(9(17¨LH3±]HU/LPLWHG
vii) On the voting page, enter the number of shares (which represents the number of votes) as on the Cut Off Date
XQGHU §)25$*$,167¨ RU DOWHUQDWLYHO\ \RX PD\ SDUWLDOO\ HQWHU DQ\ QXPEHU LQ §)25¨ DQG SDUWLDOO\ LQ §$*$,167¨ EXW
WKH WRWDO QXPEHU LQ §)25 $*$,167¨ WDNHQ WRJHWKHU VKRXOG QRW H[FHHG \RXU WRWDO VKDUHKROGLQJ ,I WKH VKDUHKROGHU
GRHV QRW LQGLFDWH HLWKHU §)25¨ RU §$*$,167¨ LW ZLOO EH WUHDWHG DV §$%67$,1¨ DQG WKH VKDUHV KHOG ZLOO QRW EH FRXQWHG
under either head.
YLLL <RX PD\ WKHQ FDVW \RXU YRWH E\ VHOHFWLQJ DQ DSSURSULDWH RSWLRQ DQG FOLFN RQ “Submit”. $ FRQ±UPDWLRQ ER[ ZLOO EH
GLVSOD\HG&OLFN “OK”WRFRQ±UPHOVH“CANCEL”WRPRGLI\2QFH\RXFRQ±UP\RXZLOOQRWEHDOORZHGWRPRGLI\\RXU
vote. During the voting period, Members can login any number of times till they have voted on the Resolutions.
L[ 2QFHWKHYRWHRQWKH5HVROXWLRQLVFDVWE\WKHVKDUHKROGHUKHVKHVKDOOQRWEHDOORZHGWRFKDQJHLWVXEVHTXHQWO\
[ &RUSRUDWH,QVWLWXWLRQDO 0HPEHUV LH RWKHU WKDQ ,QGLYLGXDOV +8) 15, HWF DUH DOVR UHTXLUHG WR VHQG VFDQQHG
FHUWL±HG WUXH FRS\ 3') )RUPDW RI WKH %RDUG 5HVROXWLRQ $XWKRULW\ /HWWHU HWF WR WKH 6FUXWLQL]HU DW
(PDLO,'S±]HUHYRWLQJ#GKRODNLDDVVRFLDWHVFRPZLWKDFRS\PDUNHGWRHYRWLQJ#NDUY\FRP7KHVFDQQHGLPDJH
RI WKH DERYH PHQWLRQHG GRFXPHQWV VKRXOG EH LQ WKH QDPLQJ IRUPDW §&RUSRUDWH 1DPHB(9(1 12¨ $OWHUQDWLYHO\ WKH
DIRUHVDLGGRFXPHQWVPD\EHXSORDGHGRQWKH.DUY\HYRWLQJZHEVLWHKWWSVHYRWLQJNDUY\FRP
xi) The Cut-off date for determining the eligibility of Members for remote e-voting and poll is Monday, 6th July, 2015.

[LL 9RWLQJULJKWVVKDOOEHUHFNRQHGRQWKHSDLGXSYDOXHRIVKDUHVUHJLVWHUHGLQWKHQDPHRIWKHPHPEHUEHQH±FLDORZQHU
(in case of electronic shareholding) as on the cut-off date i.e., Monday, 6th July, 2015. A person, whose name is recorded
LQWKHUHJLVWHURIPHPEHUVRULQWKHUHJLVWHURIEHQH±FLDORZQHUVPDLQWDLQHGE\WKHGHSRVLWRULHVDVRQWKHFXWRIIGDWH
i.e., Monday, 6th-XO\RQO\VKDOOEHHQWLWOHGWRDYDLOWKHIDFLOLW\RIUHPRWHHYRWLQJSROO
xiii) Any person who becomes a member of the Company after dispatch of the Notice of the Meeting and holding shares as
on the cut-off date i.e., Monday, 6th-XO\PD\REWDLQWKH8VHU,'DQGSDVVZRUGLQWKHPDQQHUDVPHQWLRQHGEHORZ
D ,IWKHPRELOHQXPEHURIWKHPHPEHULVUHJLVWHUHGDJDLQVW)ROLR1R'3,'&OLHQW,'WKHPHPEHUPD\VHQG606
0<(3:'VSDFH!(9RWLQJ(YHQW1XPEHU)ROLR1RRU'3,'&OLHQW,'WR([DPSOHIRU16'/0<(3:'
63$&(!,1([DPSOHIRU&'6/0<(3:'63$&(!([DPSOHIRU3K\VLFDO
0<(3:'63$&(!;;;;
E ,I(PDLODGGUHVVRUPRELOHQXPEHURIWKHPHPEHULVUHJLVWHUHGDJDLQVW)ROLR1R'3,'&OLHQW,'WKHQRQWKHKRPH
SDJHRIKWWSVHYRWLQJNDUY\FRPWKHPHPEHUPD\FOLFN§)RUJRW3DVVZRUG¨DQGHQWHU)ROLR1RRU'3,'&OLHQW,'
and PAN to generate a password.
c) Member may call Karvy’s toll free number 1-800-3454-001
xiv) The Annual Report 2014-15 of the Company containing the Notice of the Annual General Meeting is also available on
.DUY\HYRWLQJZHEVLWHKWWSVHYRWLQJNDUY\FRP
[Y .DUY\&RPSXWHUVKDUH3ULYDWH/LPLWHGVKDOOEORFNWKHUHPRWHHYRWLQJPRGXOHDIWHUSPRQ6XQGD\th July, 2015.
xvi) Members who have voted electronically through remote e-voting shall not be eligible to vote at the Annual General
Meeting.
14. Pursuant to Section 107 of the Act read with Rule 20 of the Companies (Management and Administration) Rules,
2014, voting through polling paper shall also be made available to those Members who attends the Annual General
Meeting and have not already cast their vote by e-voting.
7KH&RPSDQ\KDVDSSRLQWHG &6 0U%KXPLWUD9'KRODNLD'HVLJQDWHG3DUWQHURI'KRODNLD $VVRFLDWHV//3&RPSDQ\6HFUHWDULHV

LQSUDFWLFHDVWKH6FUXWLQL]HUIRUFRQGXFWLQJWKHHOHFWURQLFYRWLQJDQGSROOLQJSURFHVVLQDIDLUDQGWUDQVSDUHQWPDQQHU
7KH6FUXWLQL]HUVKDOOZLWKLQDSHULRGRIWKUHHGD\VIURPWKHFRQFOXVLRQRIWKH$QQXDO*HQHUDO0HHWLQJVXEPLWKLVUHSRUWRIWKHYRWHV
cast in favour or against, if any, through electronic voting and polling process to the Chairman. The results declared along with the
FRQVROLGDWHG6FUXWLQL]HUªV5HSRUWVKDOOEHSODFHGRQWKHZHEVLWHRIWKH&RPSDQ\ZZZS±]HULQGLDFRPDQGRQWKHZHEVLWHRI.DUY\
KWWSVHYRWLQJNDUY\FRP7KHUHVXOWVVKDOOVLPXOWDQHRXVO\EHFRPPXQLFDWHGWRWKH6WRFN([FKDQJHV
As required under Clause 49 of the Listing Agreement, given below are the details of the Director proposed for
re-appointment:
Item No. 3:
0U 6 6ULGKDU ',1 DJHG DERXW \HDUV LV D &KDUWHUHG $FFRXQWDQW E\ SURIHVVLRQ ZLWK RYHU \HDUV RI H[SHULHQFH LQ
WKH±QDQFH±HOG+HMRLQHG3±]HULQ-XQH+HZDVDSSRLQWHGDV([HFXWLYH'LUHFWRU¥)LQDQFHRQWKH%RDUGRI3±]HU/LPLWHGZLWK
effect from 14th May, 2013. In June 2013, Mr. Sridhar assumed additional responsibility of Distribution function and was re-designated
DV([HFXWLYH'LUHFWRU¥)LQDQFH 'LVWULEXWLRQ,Q0D\0U6ULGKDUPRYHGWRDQHZUROHLQWKH&RPSDQ\DV%XVLQHVV8QLW+HDG
3RVWPRYLQJWRWKHQHZUROH0U6ULGKDUFRQWLQXHGWRKHDG'LVWULEXWLRQIXQFWLRQ0U6ULGKDUYDFDWHGWKHSRVLWLRQRI&KLHI)LQDQFLDO2I±FHU
effective close of business hours on 12th0D\+HLVFXUUHQWO\GHVLJQDWHGDV([HFXWLYH'LUHFWRU%XVLQHVV8QLWDQG'LVWULEXWLRQ+HDG
%HIRUHMRLQLQJ3±]HUKHZDVWKH)LQDQFH'LUHFWRURI'LDHJR,QGLD3ULYDWH/LPLWHG
Mr. Sridhar does not hold any shares in the Company. Mr. Sridhar is not a Director in any other Company.
None of the Directors or Key Managerial Personnel of the Company and their relatives other than Mr. Sridhar (being the appointee) are
FRQFHUQHGRULQWHUHVWHG±QDQFLDOO\RURWKHUZLVHLQWKH5HVROXWLRQVHWRXWDW,WHP1R
The Board recommends the Ordinary Resolution set out at Item No. 3 of the Notice for the approval of the Members.
7
A STATEMENT SETTING OUT MATERIAL FACTS PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013, (“the Act”)
FOR ITEM NOS. 5 to 9:
ITEM NO. 5 :
The Board of Directors of the Company at their meeting held on 14th)HEUXDU\DSSRLQWHG0U6XQLO6/DOEKDL ',1
as an Additional Director of the Company with effect from 14th February, 2015. In terms of Section 161 of the Companies Act, 2013,
§WKH$FW¨ 0U/DOEKDLZLOOKROGRI±FHXSWRWKHGDWHRIWKLV$QQXDO*HQHUDO0HHWLQJThe Board of Directors of the Company at their
meeting held on 14th)HEUXDU\DOVRDSSRLQWHG0U6XQLO/DOEKDLDVDQ,QGHSHQGHQW'LUHFWRURIWKH&RPSDQ\IRUDSHULRGRI ±YH
years with effect from 14th February, 2015,
0U6XQLO6/DOEKDL ',1 DJHGDERXW\HDUVKROGVDQ06GHJUHHLQ&KHPLVWU\IURPWKH8QLYHUVLW\RI0DVVDFKXVHWWVDQG
06GHJUHHLQ(FRQRPLF3ROLF\DQG3ODQQLQJIURP1RUWKHDVWHUQ8QLYHUVLW\+HKDVH[SHUWLVHDQGZLGHH[SHULHQFHLQWKH0DQDJHPHQW
±HOG0U/DOEKDLLVSUHVHQWO\WKH&KDLUPDQDQG0DQDJLQJ'LUHFWRURI$WXO/LPLWHGDGLYHUVL±HGFKHPLFDOFRPSDQ\ZKHUHKHKDVEHHQ
ZRUNLQJVLQFH
0U /DOEKDL KROGV VKDUHV LQ WKH &RPSDQ\ LQ KLV LQGLYLGXDO FDSDFLW\ DORQJ ZLWK KLV UHODWLYHV DQG DV D WUXVWHH 7KH GHWDLOV RI KLV
'LUHFWRUVKLSLQRWKHU3XEOLF/LPLWHG&RPSDQLHVDQGPHPEHUVKLSRI%RDUG&RPPLWWHHVWKHUHRIDVRQth May, 2015, is given as under:
Name of Company Designation Chairmanship / Chairmanship / Membership

Membership of of Stakeholders’ Relationship
Audit Committee Committee
$PDO/LPLWHG Chairman - -
$WXO%LRVFLHQFH/LPLWHG Chairman - -
$WXO/LPLWHG Chairman and Managing Director - Member
$WXO5DMDVWKDQ'DWH3DOPV/LPLWHG 9LFH&KDLUPDQ - -
1DYLQ)OXRULQH,QWHUQDWLRQDO/LPLWHG Director Member -
0U /DOEKDL LV D 0HPEHU RI WKH *RYHUQLQJ &RXQFLO RI 6KUHH 9DOODEK 6KLNVKDQ $VKUDP D 7UXVWHH RQ WKH %RDUG RI %$,) 'HYHORSPHQW
5HVHDUFK)RXQGDWLRQ&KDLUPDQRI*XMDUDW5XUDO,QVWLWXWHIRU6RFLR(FRQRPLF5HFRQVWUXFWLRQ9DGRGDUD&KDLUPDQRI'KDUDPSXU8WWKDQ
9DKLQLDQGVRPHRWKHUVRFLDOLQVWLWXWLRQVHVWDEOLVKHGE\/DOEKDL*URXS
0U/DOEKDLLVQRWD'LUHFWRURIDQ\3ULYDWH&RPSDQ\
7KH&RPSDQ\KDVUHFHLYHGDGHFODUDWLRQIURP0U/DOEKDLFRQ±UPLQJWKDWKHPHHWVZLWKWKHFULWHULDRILQGHSHQGHQFHDVSURYLGHGXQGHU
6HFWLRQ RIWKH&RPSDQLHV$FW §WKH$FW¨ DQG&ODXVHRIWKH/LVWLQJ$JUHHPHQW)XUWKHU0U/DOEKDLLVQRWGLVTXDOL±HG
from being appointed as Director in terms of Section 164 of the Act.
,QWHUPVRI6HFWLRQUHDGZLWK6HFWLRQRIWKH$FW0U/DOEKDLVKDOOKROGRI±FHIRUDWHUPXSWR ±YH \HDUVRQWKH%RDUGDQG

is not liable to retire by rotation. The Company has received a notice in writing from a Member along with a deposit of requisite amount
XQGHU6HFWLRQRIWKH$FWSURSRVLQJWKHFDQGLGDWXUHRI0U/DOEKDLIRUWKHRI±FHRI'LUHFWRURIWKH&RPSDQ\
1RQHRIWKH'LUHFWRUVRU.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\DQGWKHLUUHODWLYHVRWKHUWKDQ0U/DOEKDL EHLQJWKHDSSRLQWHH DQG

KLVUHODWLYHVZKRKROGVKDUHVLQWKH&RPSDQ\DUHFRQFHUQHGRULQWHUHVWHG±QDQFLDOO\RURWKHUZLVHLQWKH5HVROXWLRQVHWRXWDW,WHP1R
7KLV6WDWHPHQWPD\DOVREHUHJDUGHGDVDGLVFORVXUHXQGHU&ODXVHRIWKH/LVWLQJ$JUHHPHQWZLWKWKH6WRFN([FKDQJHV
7KHWHUPVDQGFRQGLWLRQVRIWKHDSSRLQWPHQWRI0U/DOEKDLVKDOOEHPDGHDYDLODEOHIRULQVSHFWLRQE\WKH0HPEHUVDWWKH5HJLVWHUHG
2I±FHRIWKH&RPSDQ\RQDOOZRUNLQJGD\V 0RQGD\WR)ULGD\ EHWZHHQDPDQGSPXSWRWKHGDWHRIWKH0HHWLQJ
The Board recommends the Ordinary Resolutions set out at Item No. 5 of the Notice for approval by the Members.
ITEM NOS. 6 & 7:
The Board of Directors of the Company at their meeting held on 14th)HEUXDU\DSSRLQWHG'U/DNVKPL1DGNDUQL ',1
as an Additional Director of the Company with effect from 14th February, 2015. In terms of Section 161 of the Companies Act, 2013,
§WKH$FW¨ 'U1DGNDUQLZLOOKROGRI±FHXSWRWKHGDWHRIWKLV$QQXDO*HQHUDO0HHWLQJ

The Board of Directors of the Company at their meeting held on 14th)HEUXDU\DOVRDSSRLQWHG'U/DNVKPL1DGNDUQLDVD:KROH
WLPH 'LUHFWRU RI WKH &RPSDQ\ IRU D SHULRG RI ±YH \HDUV ZLWK HIIHFW IURP th February, 2015, on such remuneration, payments,
SHUTXLVLWHVEHQH±WVDQGDPHQLWLHVDVVHWRXWLQWKH5HVROXWLRQDW,WHP1RRIWKH1RWLFHRIWKH0HHWLQJ7KHVDLGDSSRLQWPHQWLV
subject to the approval of the shareholders at the Annual General Meeting of the Company.
'U/DNVKPL1DGNDUQLDJHGDERXW\HDUVKROGVDQ06GHJUHHLQ6RFLRORJ\DQG6RFLDO:HOIDUHDQG'RFWRUDWHLQ,QGXVWULDO6RFLRORJ\
'U1DGNDUQLKDVPRUHWKDQ\HDUVRIFRUSRUDWHH[SHULHQFH6KHMRLQHGWKH&RPSDQ\DV6HQLRU'LUHFWRU+XPDQ5HVRXUFHVLQ0DUFK
%HIRUHMRLQLQJWKH&RPSDQ\'U1DGNDUQLKHOGWKHSRVLWLRQRI+XPDQ5HVRXUFHV/HDGHUZLWK'RZ&KHPLFDO,QWHUQDWLRQDO3ULYDWH
/LPLWHG
'U1DGNDUQLGRHVQRWKROGDQ\VKDUHVLQWKH&RPSDQ\'U1DGNDUQLLVQRWD'LUHFWRURIDQ\RWKHU&RPSDQ\
'U1DGNDUQLLVQRWGLVTXDOL±HGIURPEHLQJDSSRLQWHGDV'LUHFWRULQWHUPVRI6HFWLRQRIWKH$FW7KH&RPSDQ\KDVUHFHLYHGDQRWLFHLQ
ZULWLQJIURPD0HPEHUDORQJZLWKDGHSRVLWRIUHTXLVLWHDPRXQWXQGHU6HFWLRQRIWKH$FWSURSRVLQJWKHFDQGLGDWXUHRI'U1DGNDUQL
IRUWKHRI±FHRI'LUHFWRURIWKH&RPSDQ\
1RQHRIWKH'LUHFWRUVRU.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\DQGWKHLUUHODWLYHVRWKHUWKDQ'U1DGNDUQL EHLQJWKHDSSRLQWHH
DUHFRQFHUQHGRULQWHUHVWHG±QDQFLDOO\RURWKHUZLVHLQWKH5HVROXWLRQVVHWRXWDW,WHP1RVDQG
7KLV6WDWHPHQWPD\DOVREHUHJDUGHGDVDGLVFORVXUHXQGHU&ODXVHRIWKH/LVWLQJ$JUHHPHQWZLWKWKH6WRFN([FKDQJHV
7KHJLYHQSDUWLFXODUVRIKHUDSSRLQWPHQWDQGUHPXQHUDWLRQDVVHWRXWDW,WHP1RRIWKH1RWLFHPD\EHWUHDWHGDVDQDEVWUDFWSXUVXDQW
to Section 190 of the Act.
$FRS\RIWKHGUDIWOHWWHURIDSSRLQWPHQWVKDOOEHPDGHDYDLODEOHIRULQVSHFWLRQE\WKH0HPEHUVDWWKH5HJLVWHUHG2I±FHRIWKH&RPSDQ\
RQDOOZRUNLQJGD\V 0RQGD\WR)ULGD\ EHWZHHQDPDQGSPXSWRWKHGDWHRIWKH0HHWLQJ
7KH%RDUGUHFRPPHQGVWKH2UGLQDU\5HVROXWLRQVVHWRXWDW,WHP1RVDQGRIWKH1RWLFHIRUDSSURYDOE\WKH0HPEHUV
ITEM NO. 8:
3XUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FW §WKH$FW¨ UHDGZLWK5XOHRIWKH&RPSDQLHV $XGLWDQG$XGLWRUV 5XOHV

the Board of Directors at its meeting held on 5th May, 2015, on recommendation of the Audit Committee, appointed Messrs. RA & Co.,
Cost Accountants (having Firm’s Registration No. 000242) for conducting the Audit of the cost accounting records maintained by the
&RPSDQ\IRUWKH±QDQFLDO\HDUHQGLQJst March, 2016, at a remuneration of ` 5XSHHV7HQ/DNKVDQG)RUW\7KRXVDQGRQO\
SOXVVHUYLFHWD[DQGRXWRISRFNHWH[SHQVHVZKLFKLVVXEMHFWWRUDWL±FDWLRQE\WKH0HPEHUV
Pursuant to Section 148 of the Act read with Rule 14 of the Companies (Audit and Auditors) Rules, 2014, the remuneration as approved
E\WKH%RDUGRI'LUHFWRUVSD\DEOHWRWKH0HVVUV5$ &RUHTXLUHVWREHUDWL±HGE\WKH6KDUHKROGHUVRIWKH&RPSDQ\
1RQHRIWKH'LUHFWRUVRU.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\DQGWKHLUUHODWLYHVDUHFRQFHUQHGRULQWHUHVWHG±QDQFLDOO\RURWKHUZLVH
in the Resolution set out at Item No. 8 of the Notice.
The Board recommends the Ordinary Resolution set out at Item No. 8 of the Notice for approval by the Members.
ITEM NO. 9:
3±]HU /LPLWHG ZDV LQFRUSRUDWHG RQ st November, 1950, under the provisions of the Indian Companies Act, 1913. The Articles of
Association of the Company, as currently in force, was adopted when the Company was incorporated under the Indian Companies Act,
DQGIXUWKHUDPHQGPHQWVZHUHDGRSWHGSXUVXDQWWRWKHSURYLVLRQVXQGHUWKH&RPSDQLHV$FW3XUVXDQWWRWKHQRWL±FDWLRQRI
Companies Act, 2013, the existing Articles of Association require amendments to certain provisions to align the same in conformity with
the Companies Act, 2013.
&RQVLGHULQJWKDWVXEVWDQWLYHVHFWLRQVRIWKH&RPSDQLHV$FWZKLFKGHDOZLWKWKHJHQHUDOZRUNLQJRIWKHFRPSDQLHVKDYHEHHQQRWL±HGLW
is proposed to amend the existing Articles of Association to align it with the provisions of Companies Act, 2013 including the Rules framed
WKHUHXQGHUDQG7DEOH§)¨WR6FKHGXOH,WRWKH&RPSDQLHV$FWZKLFKVHWVRXWWKHPRGHODUWLFOHVRIDVVRFLDWLRQIRUDFRPSDQ\
limited by shares. Accordingly, it is considered expedient to replace the existing Articles of Association by adopting a revised Articles of
Association.
9
:KLOHVRPHRIWKH$UWLFOHVRIWKHH[LVWLQJ$UWLFOHVRI$VVRFLDWLRQRIWKH&RPSDQ\UHTXLUHDOWHUDWLRQRUGHOHWLRQVPDWHULDOFKDQJHVWKDWDUH
proposed in the new draft Articles of Association are given below for ease of reference to shareholders:
Sr. Particulars as per draft Articles Summary of change
No. of Association
1. 'H±QLWLRQV 'H±QLWLRQVDUHDSSURSULDWHO\DPHQGHGWRDOLJQZLWKWKHSURYLVLRQVRIWKH&RPSDQLHV$FW
2013.
2. General Meetings Proceedings with respect to the Annual General Meeting regarding length of the Notice
calling the general meeting, requirement of to whom the notice for the general meeting
needs to be given, material facts to be set out in the explanatory statements, business
to be transacted at the general meetings and other general meeting matters including
adjournment, poll etc. are amended in line with the provisions of the Companies Act, 2013.
3. 9RWLQJULJKWV To include voting through electronic means.
4. Proxy Restrictions on Proxy incorporated to align with the provisions of the Companies Act, 2013
with regard to limit of a person acting as a proxy.
5. Retirement and Rotation of Provisions with respect to the retirement and rotation of Directors are amended to align
Directors with the provisions of the Companies Act, 2013.
6. Appointment of Directors Provisions with respect to the appointment of Directors and procedure thereof is amended
to align with the provisions of the Companies Act, 2013.
Proceedings of Board of Directors Proceedings with respect to the Meetings of Board of Directors, quorum for the meeting,
notice calling the meeting, etc. are amended in line with the provisions of the Companies
Act, 2013.
8. Powers of Board 6SHFL±FSRZHUVRI%RDUGLVDPHQGHGWRDFWLYLWLHVDVSHUWKHSURYLVLRQVRIWKH&RPSDQLHV
Act, 2013.
9. &DSLWDOL]DWLRQ Provisions regarding application of funds from reserve accounts when amounts in reserve
DFFRXQWVDUHWREHFDSLWDOL]HGDUHDPHQGHGWRDOLJQZLWKWKHSURYLVLRQVRIWKH&RPSDQLHV
Act, 2013 and redundant provisions have been removed.
10. General Powers The statutory provisions of the Act which permit a Company to do some acts “if so
DXWKRUL]HGE\LWV$UWLFOHV¨RUSURYLVLRQVZKLFKUHTXLUHD&RPSDQ\WRGRDFWVLQDSUHVFULEHG
PDQQHU§XQOHVVWKH$UWLFOHVRWKHUZLVHSURYLGH¨KDYHEHHQVSHFL±FDOO\LQFOXGHG
&HUWDLQ SURYLVLRQV RI H[LVWLQJ $UWLFOHV RI $VVRFLDWLRQ KDYH EHHQ VLPSOL±HG E\ SURYLGLQJ UHIHUHQFH WR WKH DSSOLFDEOH 6HFWLRQV RI WKH
Companies Act, 2013 and the Rules framed thereunder, to avoid repetition.
7KHGUDIWRIWKHUHYLVHG$UWLFOHVRI$VVRFLDWLRQVKDOOEHPDGHDYDLODEOHIRULQVSHFWLRQE\WKH0HPEHUVDWWKH5HJLVWHUHG2I±FHRIWKH
&RPSDQ\RQDOOZRUNLQJGD\V 0RQGD\WR)ULGD\ EHWZHHQDPDQGSPXSWRWKHGDWHRIWKH0HHWLQJ
1RQHRIWKH'LUHFWRUVRU.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\DQGWKHLUUHODWLYHVDUHFRQFHUQHGRULQWHUHVWHG±QDQFLDOO\RURWKHUZLVH
in the Resolution set out at Item No. 9 of the Notice.
The Board recommends the Special Resolution set out at Item No. 9 of the Notice for approval by the Members.
By Order of the Board of Directors
Prajeet Nair
Mumbai, 12th June, 2015 Company Secretary
5HJLVWHUHG2I±FH
3±]HU/LPLWHG
3±]HU&HQWUH3DWHO(VWDWH2II695RDG
-RJHVKZDUL : 0XPEDL
7HO)D[
(PDLO,'FRQWDFWXVLQGLD#S±]HUFRP
&,1/0+3/&

BOARD’S REPORT
Including Management Discussion and Analysis
TO THE MEMBERS
Your Directors take pleasure in presenting this 64th$QQXDO5HSRUWDORQJZLWKWKH$XGLWHG)LQDQFLDO6WDWHPHQWVIRUWKH±QDQFLDO\HDUHQGHG

31st0DUFK7KH&RPSDQ\RSHUDWHVRQO\LQRQHEXVLQHVVVHJPHQWYL]§3KDUPDFHXWLFDOV¨DQGWKLV5HSRUWFRYHUVLWV3KDUPDFHXWLFDO
EXVLQHVVSHUIRUPDQFH7KHDXGLWHG±JXUHVJLYHQKHUHXQGHUIRUWKH±QDQFLDO\HDUXQGHUUHYLHZDQGWKHSUHYLRXV\HDUDUHQRWFRPSDUDEOH
DVWKHFXUUHQW\HDULQFOXGHV±JXUHVRI:\HWK/LPLWHGZKLFKDPDOJDPDWHGZLWKWKH&RPSDQ\HIIHFWLYHst'HFHPEHU7KHSULRU\HDU
±JXUHVDUHRQO\RIVWDQGDORQH3±]HU/LPLWHG7KH$SSRLQWHGGDWHIRUWKHVDLG$PDOJDPDWLRQZDVst April, 2013.
DIVIDEND
<RXU 'LUHFWRUV UHFRPPHQGHG D GLYLGHQG RI ` SHU VKDUH IRU WKH SHULRG XQGHU UHYLHZ 7KH GLYLGHQG SD\RXW ZLOO EH
` /DNKV DQG WKH GLYLGHQG GLVWULEXWLRQ WD[ SD\DEOH E\ WKH &RPSDQ\ ZRXOG DPRXQW WR ` /DNKV 7KLV DJJUHJDWHV WR
`/DNKV
FINANCIAL HIGHLIGHTS
` in lakhs
Particulars Year ended Year ended
31st March, 2015 31st March, 2014
5HYHQXHIURP2SHUDWLRQV 182,774 100,427
2SHUDWLQJDQGRWKHU,QFRPH 9,292 21,692
3UR±W%HIRUH7D[DQG([FHSWLRQDO,WHPV 31,846 33,958
([FHSWLRQDO,WHPV ([SHQVHV ,QFRPH (8,045) -
3UR±W%HIRUH7D[ 23,801 33,958
/HVV7D[DWLRQ
&XUUHQW7D[ 15,100 11,304
'HIHUUHG7D[ &UHGLW 'HELW (1,332) 568
3UR±WEHIRUHLPSDFWRI6FKHPHRI$PDOJDPDWLRQ 10,034 22,086
,PSDFWRI6FKHPHRI$PDOJDPDWLRQ (3,052) -
3UR±WIRUWKH\HDUDIWHULPSDFWRI6FKHPHRI$PDOJDPDWLRQ 6,982 22,086
%DODQFHRI3UR±WIURP3ULRU<HDUV 30,387 136,197
6XUSOXVDYDLODEOHIRU$SSURSULDWLRQ 37,369 158,283
$SSURSULDWLRQV
7UDQVIHUWR*HQHUDO5HVHUYH - 2,209
Adjustment on account of Depreciation 19 -
,QWHULP'LYLGHQG - 107,429
3URSRVHG'LYLGHQG 5,718 -
7D[RQ'LYLGHQG 1,164 18,258
6XUSOXVDVSHU%DODQFH6KHHW 30,467 30,387
7KH 6FKHPH RI $PDOJDPDWLRQ RI :\HWK /LPLWHG ZLWK WKH &RPSDQ\ §WKH 6FKHPH¨ UHFHLYHG DSSURYDO RI WKH +RQªEOH +LJK &RXUW RI
-XGLFDWXUH DW %RPED\ RQ st 2FWREHU DQG VXEVHTXHQW WR DSSURYDOV E\ RWKHU UHOHYDQW UHJXODWRU\ DXWKRULWLHV WKH 6FKHPH KDV
EHFRPHHIIHFWLYHst'HFHPEHU6LQFHWKH6FKHPHUHFHLYHGDOOWKHUHTXLVLWHDSSURYDOVDIWHUWKH±QDQFLDOVWDWHPHQWVIRUWKH\HDU
ended 31st0DUFKZHUHDGRSWHGDQGDSSURYHGE\WKHVKDUHKROGHUVRIWKHUHVSHFWLYHFRPSDQLHVWKHLPSDFWRIDPDOJDPDWLRQKDV
EHHQJLYHQLQWKHFXUUHQW±QDQFLDO\HDUZLWKHIIHFWIURPWKHDSSRLQWHGGDWHLHst April, 2013.
11
,QWHUPVRIWKH6FKHPHRI$PDOJDPDWLRQ\RXU&RPSDQ\DOORWWHGDQGLVVXHGHTXLW\VKDUHVRI`HDFKWRWKHVKDUHKROGHUV
RI:\HWK/LPLWHG$FFRUGLQJO\WKHSDLGXSHTXLW\VKDUHFDSLWDORI\RXU&RPSDQ\QRZVWDQGVLQFUHDVHGWR`/DNKV
<RXU &RPSDQ\ªV QHW VDOHV IRU WKH \HDU HQGHG st March, 2015 was ` /DNKV <RXU &RPSDQ\ DFKLHYHG D 1HW 3UR±W RI
`/DNKVEHIRUHJLYLQJHIIHFWWRWKH6FKHPH
7KH&RPSDQ\KDGDQQRXQFHGD9ROXQWDU\5HWLUHPHQW6FKHPH §956¨ GXULQJWKH\HDUXQGHUUHYLHZLQLWV3ODQWDW7KDQH7KHH[SHQVHV

LQUHODWLRQWR956DQGRWKHUUHODWHGFRVWVDUHUH²HFWHGDV([FHSWLRQDOLWHP
$V VWDWHG HDUOLHU WKH DXGLWHG ±JXUHV IRU st 0DUFK DUH QRW FRPSDUDEOH ZLWK WKDW RI st 0DUFK +RZHYHU RQ D OLNH WR
OLNH FRPSDULVRQ WKH SKDUPDFHXWLFDO UHYHQXH IURP RSHUDWLRQV IRU WKH \HDU XQGHU UHYLHZ ZDV ` /DNKV DV FRPSDUHG WR
` /DNKV LQ WKH SUHYLRXV \HDU UHJLVWHULQJ D JURZWK RI +LJKHU H[SHQVHV DQG GHSUHFLDWLRQDPRUWL]DWLRQ DV D UHVXOW RI
DPDOJDPDWLRQKDYHLPSDFWHGSUR±WIURPRSHUDWLRQVIRUWKH\HDU
3UR±WDIWHUWD[KDVEHHQLPSDFWHGE\WKHFRPSDUDWLYHO\ORZHUEDQNLQWHUHVWLQFRPHDQGKLJKHUH[SHQVHV2QDOLNHWROLNHFRPSDULVRQ
3UR±WIURPRSHUDWLRQVIRUWKH\HDUDIWHUDGMXVWLQJIRUWKHLQFUHPHQWDOLPSDFWRQGHSUHFLDWLRQDPRUWL]DWLRQDQGRWKHULQFRPHZRXOGEH
`/DNKVUH²HFWLQJDJURZWKRIRYHUWKHSUHYLRXV\HDUHQGHGst March, 2014.
7KHSUR±WIRUWKH\HDUHQGHGst0DUFKRIHUVWZKLOH:\HWK/LPLWHGRI`/DNKVGHSUHFLDWLRQRQWDQJLEOHDVVHWVDPRUWL]DWLRQ
RI JRRGZLOO DQG LQWDQJLEOH DVVHWV DULVLQJ IURP WKH DPDOJDPDWLRQ IRU WKH SHULRG st April, 2013 to 31st March, 2014, aggregating to
`/DNKVKDYHEHHQDFFRXQWHGIRULQWKHFXUUHQW\HDUªVVWDWHPHQWRISUR±WDQGORVV$FFRUGLQJO\WKHSUR±WIRUWKH\HDUXQGHUUHYLHZ
DIWHUJLYLQJHIIHFWWRWKH6FKHPHZDV`/DNKV
PHARMACEUTICAL INDUSTRY PERFORMANCE - OVERVIEW & OUTLOOK
,QGLDRIIHUVVLJQL±FDQWJURZWKRSSRUWXQLWLHVDFURVVYDULRXVVHFWRUVDQGLVSURMHFWHGWREHDPRQJVWWKH7RSPDUNHWVJOREDOO\E\
DFURVVVHYHUDOVHFWRUVIRUHJSKDUPDFHXWLFDOVVWHHOFRQVXPHUJRRGVDQGDXWRPRELOHV,QGLDªVSRWHQWLDOLVGULYHQVLJQL±FDQWO\
E\ JURZWK RI WKH PLGGOH LQFRPH KRXVHKROGV ZKLFK DUH H[SHFWHG WR H[SDQG IURP a RI KRXVHKROGV WR a E\ DV SHU
0F.LQVH\DQDO\VLV$FRPELQDWLRQRILQFUHDVLQJOHYHOVRIDI²XHQFHLQDGGLWLRQWRD\RXQJHUPRUHXUEDQGHPRJUDSKLFZLOOVXVWDLQ
FRQVXPSWLRQJURZWKLQ,QGLD
7KHHFRQRPLFRXWORRNIRU,QGLDLVFDXWLRXVO\EXR\DQWKRZHYHUWKHVDPHLVSUHGLFDWHGRQDQH[SHFWDWLRQRIVLJQL±FDQWUHIRUPVE\WKH
FXUUHQWJRYHUQPHQWZKLFKIRUWKH±UVWWLPHLQ\HDUVUHVXOWVIURPDVLQJOHSDUW\PDMRULW\LQWKH3DUOLDPHQW7KHHOHFWLRQRXWFRPHV
KDYHWULJJHUHGVLJQL±FDQWSRVLWLYHVHQWLPHQWZLWK,0) :RUOG(FRQRPLF8SGDWH-DQXDU\ SURMHFWLQJWKDW,QGLDZLOOEHRQH
RIWKHIDVWHVWJURZLQJODUJHHFRQRPLHVLQDWa+RZHYHULWLVLPSHUDWLYHWKDWWKHJRYHUQPHQWWUDQVODWHVLWVLQWHQWLQWR
DFWLRQVEHIRUHWKHSRVLWLYHVHQWLPHQWVZDQHV
7KH,QGLDQ3KDUPDFHXWLFDO0DUNHW ,30 DVSHU,060$70DUFKLVDW`&URUHVDQGUHJLVWHUHGJURZWKLQ
ZLWKYROXPHVRIH[LVWLQJSURGXFWVFRQWULEXWLQJQHZSURGXFWVYROXPHFRQWULEXWLQJDQGSULFHLQFUHDVHFRQWULEXWLQJ
to this growth. 7KH,30REVHUYHGDPRGHUDWLRQLQJURZWKLHIURPDKLJKRILQWRLQ
7KH,30LVGRPLQDWHGE\EUDQGHGJHQHULFVZLWKJRYHUQPHQWUHJXODWLRQSOD\LQJDPDMRUUROHLQWKHLQGXVWU\ªVHYROXWLRQ7KHSKDUPDFHXWLFDO
PDUNHWFRQVLVWVRIDODUJHQXPEHURIEUDQGVUHVXOWLQJLQKLJKFRPSHWLWLYHLQWHQVLW\DFURVVDOOPDUNHWVHJPHQWVZLWKRQO\DIHZODUJH
EUDQGVRIPRUHWKDQ`100 Crores.
OPPORTUNITIES, THREATS, RISKS & CONCERNS
7KHVRFLRHFRQRPLFVLWXDWLRQLQ,QGLDFRXSOHGZLWKWKHKLJKDQGULVLQJGLVHDVHEXUGHQDFURVVWKHUDS\DUHDVSURYLGHVDQRSSRUWXQLW\
for the pharPDFHXWLFDOVLQGXVWU\WRVHUYHODUJHUXQPHWQHHGV0F.LQVH\ ,QGLD3KDUPD UHSRUWFLWHGULVLQJLQFRPHVFRXSOHG
ZLWKLPSURYLQJPHGLFDOLQIUDVWUXFWXUHULVHLQWKHSUHYDOHQFHDQGWUHDWPHQWRIFKURQLFGLVHDVHVJUHDWHUKHDOWKLQVXUDQFHFRYHUDJH
ODXQFKHVRISDWHQWHGSURGXFWVDQGQHZPDUNHWFUHDWLRQDVWKHNH\JURZWKGULYHUVIRUWKHLQGXVWU\
7KH +RVSLWDO 6HJPHQW LQ SDUWLFXODU LV H[SHFWHG WR SOD\ DQ LQFUHDVLQJ UROH LQ GULYLQJ GHPDQG IRU GUXJV DFURVV WKHUDSHXWLF
DUHDV :LWK WKH FRQWLQXLQJ H[SDQVLRQ RI FRUSRUDWH KRVSLWDO JURXSV LQWR QHZ FLWLHV DQG WRZQV WKH *RYHUQPHQWªV VWDWHG LQWHQW
WR LQFUHDVH WKH QXPEHU RI WHUWLDU\ SXEOLF KRVSLWDOV WRJHWKHU ZLWK WKH FRQWLQXLQJ IRFXV RI KHDOWK LQVXUDQFH SURJUDPV RQ
LQSDWLHQWFDUHWKLVVHJPHQWLVH[SHFWHGWRFRQWULEXWHUHDVRQDEOHYROXPHVIRUWKHSKDUPDFHXWLFDOVLQGXVWU\

$WWKHVDPHWLPHWKHLQGXVWU\IDFHVDVLJQLILFDQWFKDOOHQJH¥SDUWLFXODUO\IURPXQSUHGLFWDEOHSROLFLHVDQGH[SDQGLQJVFRSHRISULFH
controls.
0F.LQVH\LQ ,QGLD3KDUPD SURMHFWWKH,QGLDQ3KDUPDFHXWLFDOV0DUNHWWRUHDFK86'ELOOLRQE\WKH\HDU+RZHYHU

LW DOVR VWDWHG WKDW LQ D SHVVLPLVWLF VFHQDULR RZLQJ WR UHJXODWRU\ FRQWUROV DQG HFRQRPLF VORZGRZQ WKH PDUNHW PD\ RQO\ UHDFK
86'ELOOLRQ,QRWKHUZRUGVWKHUHSRUWSXWVDYDOXHRI86'ELOOLRQRQWKHULVNVDVVRFLDWHGZLWKUHJXODWRU\PHDVXUHVLQFOXGLQJ
SULFHFRQWUROVWRJHWKHUZLWKSRVVLEOHHFRQRPLFVORZGRZQ
'XULQJWKH\HDUXQGHUUHYLHZSULFHFRQWUROVKDYHEHHQH[WHQGHGWRDQXPEHURIGUXJVWKURXJKWKHQRWLILFDWLRQVUHVXOWLQJIURPWKH
LPSOHPHQWDWLRQRIWKH'UXJ3ULFH&RQWURO2UGHURI7KLVKDVFDXVHGVLJQLILFDQWYDOXHHURVLRQIRUOHDGLQJEUDQGV,QDGGLWLRQ
WKH*RYHUQPHQWDOVRLQYRNHGSURYLVLRQVXQGHU3DUDRIWKH'3&2¥PHDQWIRUXVHXQGHUH[WUDRUGLQDU\FLUFXPVWDQFHVDQG
LQSXEOLFLQWHUHVW¥LQHVVHQFHWRUHJXODWHWKHSULFHGLIIHUHQFHEHWZHHQEUDQGV7KLVEURXJKWDQDGGLWLRQDOSURGXFWVRYHUDQG
DERYHWKRVHLQWKH1/(0XQGHUSULFHFRQWUROVIXUWKHUHURGLQJYDOXHDQGGHQWLQJFRQILGHQFHLQSUHGLFWDELOLW\RISULFLQJSROLFLHV
:KLOH WKH IXOO LPSDFW RI WKHVH PHDVXUHV KDV QRW \HW EHHQ VHHQ DQG DEVRUEHG ,QGLD LV RQ WKH YHUJH RI DQRWKHU UHYLVLRQ RI WKH
1DWLRQDO/LVWRI(VVHQWLDO0HGLFLQHV 1/(0 $OOGUXJVLQFOXGHGLQWKLVOLVWZLOOIDOOXQGHUSULFHFRQWURO
7KH\HDUDOVRVDZWKHLPSOHPHQWDWLRQRIWKHQHZSURYLVLRQVRI6FKHGXOH+ FRYHULQJGUXJV XQGHUWKH'UXJVDQG&RVPHWLFV

$FWWKDWLPSRVHVDGGLWLRQDOVWULQJHQWUHTXLUHPHQWVLQWKHGLVWULEXWLRQDQGVDOHRIWKHVHGUXJV
$WDPDFUROHYHOWRRWKHEXGJHWDU\DOORFDWLRQIRUKHDOWKFDUHWKDWZDVH[SHFWHGWREHHQKDQFHGKDVUHPDLQHGVWDJQDQWDURXQG
WKHRI*'3PDUN7KH*RYHUQPHQWªVGUDIW1DWLRQDO+HDOWK3ROLF\WKRXJKGRHVUHFRPPHQGDQLQFUHDVHRIDOORFDWLRQWR
RI*'3LQRUGHUWRVXSSRUWWKHYDULRXVDPELWLRQVVHWRXWLQWKHSROLF\GRFXPHQW
,QWKHDUHDRI,QWHOOHFWXDO3URSHUW\ §,3¨ LQQRYDWRUFRPSDQLHVKDYHIDFHGDQXQFHUWDLQDQGFKDOOHQJLQJHQYLURQPHQWZLWKUHJDUG

WRWKHSURWHFWLRQRIWKHLU,3LQ,QGLD&HUWDLQSURYLVLRQVLQWKH,3ODZVDQGWKHPDQQHULQZKLFKWKH\KDYHEHHQLQWHUSUHWHGLQVHYHUDO
FDVHVKDVXQGHUPLQHGWKHDELOLW\RIVXFKFRPSDQLHVWRFRPSHWHIDLUO\ZKLOHFUHDWLQJDQXQSUHGLFWDEOHEXVLQHVVHQYLURQPHQWIRU
LQYHVWPHQWV
+RZHYHUDQXPEHURIUHFHQWLQLWLDWLYHVVLJQDOWKHQHZ*RYHUQPHQWªVIRFXVRQ,3UHODWHGPDWWHUVZLWKDYLHZWRHQKDQFH,QGLDªV
UHSXWDWLRQDVDVHFXUHGHVWLQDWLRQIRU,3DQGLQYHVWPHQWV:RUNRQWKHGUDIW1DWLRQDO,QWHOOHFWXDO3URSHUW\5LJKWV §,35¨ 3ROLF\
ZDVLQLWLDWHGGXULQJWKH\HDUZKLOHDKLJKOHYHOZRUNLQJJURXSRQ,35KDVEHHQHVWDEOLVKHGEHWZHHQ,QGLDDQGWKH86DVDSDUWRI
WKH7UDGH3ROLF\)RUXP
:KLOHWKHRXWFRPHRIWKHVHLQLWLDWLYHVUHPDLQVWREHVHHQWKHUHLVDQRSWLPLVPDQGH[SHFWDWLRQWKDWWKH*RYHUQPHQWZLOOOD\JUHDWHU
HPSKDVLVRQWKHFUHDWLRQRI,3LQ,QGLDSURYLGHIRUKLJKVWDQGDUGVRI,3SURWHFWLRQDQGHQIRUFHPHQWSURPRWHFRPPHUFLDOL]DWLRQ
DQGEXLOGKXPDQUHVRXUFHVDQGUHODWHGFDSDELOLWLHVWRVXFFHVVIXOO\LPSOHPHQWLWVQHZ,35SROLF\
,063URJQRVLV5HSRUW0DUFKSURMHFWVD&$*5JURZWKRIIRUWKH,QGLDQ3KDUPDFHXWLFDOV,QGXVWU\RYHUWKHSHULRG
DQG 7KHUH LV D QHHG IRU FRQVLVWHQF\ DQG SUHGLFWDELOLW\ LQ WKH SROLF\ HQYLURQPHQW SDUWLFXODUO\ LQ WKH DUHD RI SULFH
FRQWUROVDQGDOVRDKLJKHUEXGJHWDU\DOORFDWLRQWRZDUGVWKHKHDOWKFDUHVHFWRUIRUWKHLQGXVWU\WRPHHWLWVIXOOSRWHQWLDO
<RXU&RPSDQ\FRQWLQXHVWRPDLQWDLQDSRVLWLYHRXWORRNDQGLVZHOOSODFHGWRFDSLWDOL]HXSRQWKHFXUUHQWDQGIXWXUHRSSRUWXQLWLHV
for growth.
REVIEW OF OPERATIONS
'XULQJWKH\HDUXQGHUUHYLHZWKH&RPSDQ\KDVVHHQWKHEHQH±WVRIWKHDPDOJDPDWLRQRI:\HWK/LPLWHGDQGWKH&RPSDQ\FRPLQJ
LQWRSOD\7KHH[SDQGHGSRUWIROLRDQGLQWHJUDWHGWHDPVKDYHIXUWKHUVWUHQJWKHQHGRXUSUHVHQFHDQGRSHQHGXSQHZWKHUDSHXWLFDUHDV
ZLWK SRZHUIXO RIIHULQJV (LJKW SURGXFWV RI \RXU &RPSDQ\ IHDWXUH LQ WKH OLVW RI WRS SKDUPDFHXWLFDO EUDQGV LQ ,QGLD 7KUHH RI LWV
NH\EUDQGV&RUH[ &RXJK)RUPXODWLRQ %HFRVXOHV 0XOWLYLWDPLQ DQG3UHYHQDU SQHXPRFRFFDOYDFFLQH UDQNHGDPRQJWKHWRS
SKDUPDFHXWLFDOEUDQGVLQ,QGLD ,0676$0$70DUFK
7KH &RPSDQ\ DOVR IRFXVHG RQ PDUJLQ LPSURYHPHQW E\ RSWLPXP DOORFDWLRQ RI LWV UHVRXUFHV DQG WKURXJK IRUH[ PDQDJHPHQW
<RXU&RPSDQ\ZDVDOVRDEOHWRDFKLHYHLPSURYHGHI±FLHQFLHVE\OHYHUDJLQJWHFKQRORJ\DVDGLIIHUHQWLDWRU
13
<RXU&RPSDQ\KDVWHDPVSURPRWLQJYDULRXVSURGXFWVRIWKH&RPSDQ\
Trade Rx:
'XULQJWKH\HDUXQGHUUHYLHZWKH²DJVKLSEUDQGVRI\RXU&RPSDQ\FRQWLQXHGWRUHWDLQWKHOHDGHUVKLSSRVLWLRQV7KH7UDGH5[WHDP
ZKLFKKRXVHVVRPHRI\RXU&RPSDQ\ªVEORFNEXVWHUEUDQGVYL]&RUH[%HFRVXOHVDQG*HOXVLOLVWKHODUJHVWWHDPZLWKaFRQWULEXWLRQ
WR WKH WRWDO UHYHQXH 'XULQJ WKH \HDU XQGHU UHYLHZ QXPEHU RI SURPRWLRQDO DFWLYLWLHV ZHUH LQLWLDWHG ZLWK PXOWLSOH VWDNHKROGHUV DFURVV
WUDGH FKDQQHOV DQG JHRJUDSKLHV 7KHVH HQJDJHPHQWV LQFOXGHG GLVVHPLQDWLRQ RI VFLHQWL±F OLWHUDWXUH FRQWLQXRXV PHGLFDO HGXFDWLRQ
WHOHYLVLRQDGYHUWLVHPHQWVRFLDOPHGLDFDPSDLJQVHWF6HYHUDO&KHPLVWDZDUHQHVVDQGWUDGHOR\DOW\SURJUDPVZHUHDOVRFRQGXFWHG
$VDSDUWRIWKHVWUDWHJ\WRIXUWKHUJURZWKH&RPSDQ\ªV²DJVKLSEUDQGVLQWKHPDUNHWDQXPEHURIQHZOLQHH[WHQVLRQVRIVRPHRIWKHVH
EUDQGVZHUHODXQFKHGGXULQJWKH\HDU7KLVVWUDWHJ\LVDOVRVXSSRUWHGE\WKH±QGLQJVRIDPDUNHWUHVHDUFKWKDWKDYHUHYHDOHGFRQWLQXLQJ
KLJKFRQVXPHUWUXVWIRUWKHVH²DJVKLSEUDQGV7KHLQLWLDOUHVSRQVHWRZDUGVWKHVHQHZODXQFKHVKDVEHHQSRVLWLYH
Women’s Health Care (WHC):
7KH:RPHQªV+HDOWK3RUWIROLRKDVEHHQRQHRIWKHELJJHVWEHQH±FLDULHVRIWKHDPDOJDPDWLRQRI:\HWK/LPLWHGZLWKWKH&RPSDQ\
7KHRIIHULQJLQZRPHQªVKHDOWKLVQRZPXFKPRUHFRPSUHKHQVLYHZLWKOHDGHUVKLSSRVLWLRQVLQDUHDVVXFKDVFRQWUDFHSWLYHVIROLFDFLG
DQGLURQVXSSOHPHQWV7KH:RPHQªV+HDOWKFDUH3RUWIROLRRI\RXU&RPSDQ\QRZLVDOHDGHULQWKHUHSUHVHQWHGJ\QHFRORJ\PDUNHWZLWK
DPDUNHWVKDUHRIDERXW0RVWRIWKHEUDQGVLQWKHSRUWIROLRDUHOHDGHUVRUIHDWXUHLQWKHWRSEUDQGVLQWKHLUUHVSHFWLYHVHJPHQWV
:+&WHDPIRFXVHGRQLQFUHDVLQJYROXPHJURZWKRIWKHNH\SURGXFWVLPSDFWHGE\WKHQHZ3ULFLQJ3ROLF\WRSDUWLDOO\RIIVHWWKHORVVRI
UHYHQXHE\H[SDQGLQJFXVWRPHUFRYHUDJH
,Q RUGHU WR HQKDQFH DZDUHQHVV DQG LQFUHDVH WKH DGRSWLRQ RI RUDO FRQWUDFHSWLYHV WKH PDUNHWLQJ WHDP RI :+& FRQFHSWXDOL]HG D
©0\WK%XVWLQJ&DPSDLJQª7KHFDPSDLJQUHDFKHGRXWWRGRFWRUVDQGSDWLHQWVDOLNHWRGHP\VWLI\WKHP\WKVDVVRFLDWHGZLWKORQJWHUP
RUDOFRQWUDFHSWLYHXVDJH)XUWKHUWKHFDPSDLJQDOVRLQFOXGHGH[SDQGHGXVDJHRIRUDOFRQWUDFHSWLYHVE\VWUHQJWKHQLQJWKH§$FWRQ)DFWV¨
LQLWLDWLYHV
.H\ 2SLQLRQ /HDGHU (QJDJHPHQW ZDV VWHSSHG XS WKURXJK ,QWHUQDWLRQDO 6SHDNHU 3URJUDPV DQG DFWLYLWLHV LQYROYLQJ SDUWQHUVKLS ZLWK
,QGLDQ0HQRSDXVH6RFLHW\WRFDVFDGHHPHUJLQJSRVLWLYHSHUFHSWLRQIRU0HQRSDXVDO+RUPRQHWKHUDS\
0XFDLQHZKLFKLVWKHFDWHJRU\OHDGHULQ/LTXLG$QWDFLGUHJLVWHUHGDJRRGJURZWKRQWKHEDFNRIDQDFWLYHSURPRWLRQFDPSDLJQDQG
LQWURGXFWLRQRIDQHZELJJHUPOSDFN7KLVQHZSDFNDJLQJRIIHUVFRQYHQLHQFHWRSDWLHQWVIRUORQJHUWHUPXVDJHDQGWKHEUDQGZDV
DOVRSURPRWHGDVDFRSUHVFULSWLRQEUDQGZLWK3URWRQ3XPS,QKLELWRUV 33,V \LHOGLQJGHVLUHGUHVXOWV
Anti-Infective & Cardiovascular:
<RXU&RPSDQ\UDQNVthLQWKHKRVSLWDOVHJPHQWZLWKDZLGHSRUWIROLRFRYHULQJFDWHJRULHVDFURVVFULWLFDOFDUHVHJPHQW7KLVSRVLWLRQKDV
EHHQEXLOWRYHUWKH\HDUVWKURXJKLQLWLDWLYHVVXFKDVVFLHQWL±FHQJDJHPHQWVDQGVWURQJPHGLFDODGYRFDF\0DJQH[LVWKHQXPEHURQH
EUDQGLQWKHKRVSLWDODQWLELRWLFFDWHJRU\ZLWKDPDUNHWVKDUH%\FRQVROLGDWLQJWKHWHDPVWKH2QHWHDPDSSURDFKZLWKLWVVWUDWHJ\
RQSRUWIROLRVHOOLQJSURYLGHGSRVLWLYHWUDFWLRQ<RXU&RPSDQ\KDVWDNHQVHYHUDOQHZLQLWLDWLYHVIRFXVLQJRQWKHUROHRILWVEUDQGVDWYDULRXV
stages of Trauma management.
,Q RUGHU WR HPSKDVL]H RQ 3±]HU TXDOLW\ DQG HI±FDF\ WKH $QWLLQIHFWLYH WHDP DOVR XVHG LWV FRUH WKHPH §2ULJLQDO LV 2QH¨ WR GHVLJQ LWV
HQJDJHPHQWVZLWKVWDNHKROGHUVDQG.H\2SLQLRQ/HDGHUV
,QWKH&DUGLRYDVFXODUVHJPHQWWKHWHDPIRFXVHGRQLQGLFDWLRQH[SDQVLRQWRGULYHJURZWKIRUWKHVHJPHQW
Pain, Respiratory & Central Nervous System (CNS):
,Q WKH DFXWH SDLQ VHJPHQW \RXU &RPSDQ\ ODXQFKHG 'RORQH[ 5DSLG ZKLOH WKH PDNHRYHU RI 'RORQH[ IURP ©SDLQ UHOLHIª WR ©PRELOLW\ª
KHOSHGWRLPSURYHWKHUDQNDQGPDUNHWVKDUHIRUWKHSURGXFW)RU'DODFLQWKH&RPSDQ\IRFXVHGRQLQGLFDWLRQH[SDQVLRQDQGVSHFLDOW\
HQJDJHPHQWLQLWLDWLYHVDW2UWKRSHDGLFVDQG'HQWLVWVZKLOHH[SDQGLQJXVDJHWRDOOVWDJHVLQGLDEHWLFIRRWLQIHFWLRQV7KHLQFUHDVHGIRFXV
RQVSHFLDOWLHVDQGSULPDU\FDUHKRVSLWDOVKDVLPSURYHGVFULSFRQWULEXWLRQDQGVSHFLDOW\GRPLQDQFHIRU'RORQH[DQG'DODFLQ
,Q WKH 5HVSLUDWRU\ VHJPHQW \RXU &RPSDQ\ H[SDQGHG LWV FRYHUDJH ZLWK (17V WKURXJK D GLVHDVH SURJUHVVLRQ DSSURDFK DQG &KURQLF
2EVWUXFWLYH3XOPRQDU\'LVHDVHFRQWLQXXP
<RXU&RPSDQ\LVUDQNHGthLQWKH&16PDUNHWZLWKD&$*5RI%UDQGVOLNH$WLYDQDQG3DFLWDQHDUHOHDGHUVLQWKHLUUHVSHFWLYH7$
FDWHJRU\2YHUDOOWKHWHDPDFKLHYHGDJURZWKLQSUHVFULSWLRQVDQGSUHVFULEHUEDVHIRUERWK3V\FKLDWU\DQG1HXURORJ\VHJPHQWV

Vaccines:
,Q WKH ,QGLDQ 9DFFLQHV 0DUNHW \RXU &RPSDQ\ WRGD\ KDV WKH FRXQWU\ªV VLQJOH ODUJHVW YDFFLQH VRXUFH ,06 76$ 0$7 0DU
3UHYHQDULVDSSURYHGIRUWKHSUHYHQWLRQRISQHXPRFRFFDOSQHXPRQLDDQGLQYDVLYHSQHXPRFRFFDOGLVHDVHFDXVHGE\VWUHSWRFRFFXV
SQHXPRQLDVWUDLQV,WLVDSSURYHGIRUFKLOGUHQRIZHHNVXSWR\HDUVRIDJHDQGLVWKHRQO\SQHXPRFRFFDOFRQMXJDWHYDFFLQHDSSURYHG
LQ,QGLDIRUDGXOWV\HDUVRIDJHDQGROGHU
7KH &RPSDQ\ KDV LPSOHPHQWHG D QXPEHU RI VXFFHVVIXO VWUDWHJLHV WR UDLVH DZDUHQHVV DPRQJVW 3HGLDWULFLDQV DQG RWKHU VWDNHKROGHUV
DQGHQKDQFHGWKHDGRSWLRQRIWKHYDFFLQH6RPHRIWKHVHLQFOXGH&HUWL±FDWLRQSURJUDPIRU1XUVHVRQ&KLOG+HDWK ,PPXQLVDWLRQLQ
FROODERUDWLRQZLWK7UDLQLQJ1XUVHV$VVRFLDWLRQRI,QGLD ,$3&ROG&KDLQPDQDJHPHQWSURJUDPIRUYDFFLQHZKROHVDOHUVDQGWKHLUVWDII
*3$GYRFDF\SURJUDPLQFROODERUDWLRQZLWK,QGLDQ0HGLFDO$VVRFLDWLRQDQG9DFFLQHUHPLQGHUSURJUDPLQFROODERUDWLRQZLWKDOHDGLQJ
PRELOHRSHUDWRUDQGWKH,QGLDQ$FDGHP\RI3HGLDWULFV
7KH&RPSDQ\KDVDOVRXQGHUWDNHQVHYHUDOLQLWLDWLYHVWRLQFXOFDWHWKHFXOWXUHRIYDFFLQDWLRQIRUWKHHOGHUO\WKURXJKPHGLFDOHGXFDWLRQ
DPRQJVWGRFWRUV7RZDUGVWKLV\RXU&RPSDQ\LVZRUNLQJFORVHO\ZLWKWKH$VVRFLDWLRQRI3K\VLFLDQVRI,QGLDVRFLHW\RI1HSKURORJ\DQG
FROOHJHRI&KHVW3K\VLFLDQV
Consumer Healthcare:
7KH&RQVXPHU+HDOWKFDUH7HDPIRFXVHGRQEXLOGLQJFRQVXPHUDQGWUDGHDFWLYDWLRQSURJUDPVDQGRQLQFUHDVLQJGLVWULEXWLRQFRYHUDJH
for Anacin in select markets.
$QQH)UHQFK$OO1DWXUDOYDULDQWZDVODXQFKHGGXULQJWKH\HDUZLWKWKHREMHFWLYHRIVWUHQJWKHQLQJWKH$QQH)UHQFKSRUWIROLRZLWKDQ
LPSURYHGIRUPXODWLRQ7KHSDFNDJLQJFRPSULVHVRIDQDWWUDFWLYHZLQGRZFDUWRQZLWKDIUHH6NLQ3ROLVKLQJ6SRQJHWRKHOSFRQVXPHUVJHW
DQHQKDQFHGKDLUUHPRYDOH[SHULHQFH
MANUFACTURING OPERATIONS:
<RXU&RPSDQ\ªV0DQXIDFWXULQJ'LYLVLRQKDVDOZD\VHQGHDYRXUHGWRGHOLYHUQHZLQWURGXFWLRQVWRWKHFXUUHQWSURGXFWSRUWIROLRDQGWRWKH
PDUNHWWRLPSURYHSDWLHQWKHDOWKDQGFRQWULEXWHWRDEHWWHUVWDQGDUGRIOLYLQJ0DQXIDFWXULQJRSHUDWLRQVDUHFDUULHGRXWLQIXOOFRPSOLDQFH
ZLWKORFDOVWDWXWRU\ODZVDQGVWULQJHQW*OREDO4XDOLW\VWDQGDUGV7KH&RPSDQ\ªVFRQWLQXHGIRFXVRQUHQHZDEOHUHVRXUFHVKDVFUHDWHGDQ
H[FHOOHQWPRGHOIRUHQYLURQPHQWDOVXVWDLQDELOLW\7KHUHLVDFRQVWDQWHPSKDVLVRQFRQVHUYDWLRQRIUHVRXUFHVDFURVVPDQXIDFWXULQJVLWHV
and to reduce waste.
$V\HWDQRWKHUSRVLWLYHRXWFRPHRIWKHDPDOJDPDWLRQRI:\HWK/LPLWHGZLWKWKH&RPSDQ\\RXU&RPSDQ\QRZKDVDZDUGZLQQLQJ
PDQXIDFWXULQJIDFLOLW\DW*RD7KHSODQWPDQXIDFWXUHVSURGXFWVZLWKWKHPRVWVWULQJHQWJOREDOTXDOLW\VWDQGDUGVDQGGHOLYHUVTXDOLW\
SURGXFWVZLWKKLJKOHYHORIFXVWRPHUVDWLVIDFWLRQ%HVLGHVFRPSO\LQJZLWK6FKHGXOH0RIWKH'UXJVDQG&RVPHWLFV5XOHVXQGHUWKH
'UXJV &RVPHWLFV$FWWKHVLWHKROGV,62DQG*03 ,&+*XLGHOLQHV¥9HUVLRQ DFFUHGLWDWLRQ7KH3ODQWVWULFWO\DGKHUHV
WR*OREDOVDIHW\DQGHQYLURQPHQWDOQRUPVDQGKDVUHFHLYHGDQXPEHURIFRUSRUDWHDZDUGV7KHVLWHKROGVDFFUHGLWDWLRQRI,62
2+6$6
7KH3ODQWZDVWKHUHFLSLHQWRIWKH6XSSO\&KDLQ([FHOOHQFH$ZDUGLQE\)URVWDQG6XOOLYDQ
MEDICAL AFFAIRS DIVISION:
:LWKDFFHVVWR3±]HUªVVFLHQWL±FPDWHULDOWKH0HGLFDO$IIDLUV'LYLVLRQVXSSRUWVHDFKEXVLQHVVXQLWLQLWVHQJDJHPHQWZLWKKHDOWKFDUH
SURIHVVLRQDOV 7KHVH HQJDJHPHQW DFWLYLWLHV DUH DLPHG DW GHYHORSLQJ VFLHQWL±F SDUWQHUVKLS ZLWK KHDOWKFDUH SURIHVVLRQDOV PHGLFDO
DVVRFLDWLRQVDQGLQVWLWXWHVWRZDUGVLPSURYLQJSDWLHQWRXWFRPHV'XULQJWKH\HDUWKHWHDPDOVRXWLOL]HGGLJLWDOSODWIRUPVVXFKDVYLUWXDO
GLVFXVVLRQIRUXPVWRFRQGXFWDQXPEHURISK\VLFLDQHGXFDWLRQSURJUDPV
,QDGGLWLRQWRVXSSRUWLQJWKHHQJDJHPHQWZLWKSK\VLFLDQVWKH0HGLFDO'LYLVLRQDOVRSURYLGHGUHJXODUWKHUDS\DQGSURGXFWXSGDWHVIRU
LPSURYLQJ±HOGIRUFHHIIHFWLYHQHVV7KLVZDVDFFRPSOLVKHGWKURXJKGLIIHUHQWLDOWUDLQLQJDQGVFLHQWL±FFRPPXQLFDWLRQWR±HOGFROOHDJXHV
through medical newsletters.
15
HUMAN RESOURCES (“HR”) / INDUSTRIAL RELATIONS:
+5 SULRULWLHV GXULQJ WKH \HDU XQGHU UHYLHZ KDYH EHHQ RQ 6HUYLFH 'HOLYHU\ 3URDFWLYH 7DOHQW 0DQDJHPHQW FUHDWLQJ D &KDQJH $JLOH
RUJDQL]DWLRQDQGEHLQJWKH6WHZDUGVRI3±]HU&XOWXUH
$PRQJ WKH LPSRUWDQW LQLWLDWLYHV XQGHUWDNHQ GXULQJ WKH \HDU ZDV WKH LQWURGXFWLRQ RI WKH ©1R /DEHOVª SHUIRUPDQFH PDQDJHPHQW for
PDQDJHPHQWFROOHDJXHV7KLVPHDQWSHUIRUPDQFHUHYLHZZDVVXPPHGXSRQQRWRQO\©ZKDWªZDVGRQHEXW©KRZªLWZDVGRQHWKURXJK
WKHXVHRIKRQHVWDQGFDQGLGIHHGEDFNGHYRLGRIELDVHVDQGUHWDOLDWLRQ&ROOHDJXHVZHUHPHDVXUHGRQFXOWXUDOWUDLWVDQGEHKDYLRUVDQG
PDQDJHUVWUDLQHGWRSURYLGHRQJRLQJIHHGEDFNDWUHJXODULQWHUYDOVLQWKHDEVHQFHRIUDWLQJODEHOV
$V D SDUW RI WKH SURDFWLYH WDOHQW PDQDJHPHQW IRFXV $VVHVVPHQW &HQWHUV ¥ $ VFLHQWL±F SURFHVV IRU HYDOXDWLRQ RI TXDOLW\ WDOHQW ZDV
LQWURGXFHGIRUHIIHFWLQJSURPRWLRQGHFLVLRQVIRUPDQDJHULDOSRVLWLRQVLQWKHVDOHVRUJDQL]DWLRQ7KHVHFHQWHUVDUHEDVHGRQWKH3±]HU
&RPSHWHQF\)UDPHZRUN
7KHWHDPDOVRIRFXVHGHQKDQFLQJFROOHDJXHHQJDJHPHQWDQGGULYLQJWKHOWN,7FXOWXUHDFURVVWKHRUJDQLVDWLRQ7KHOWN,7FXOWXUH
ZDVUHLQIRUFHGWKURXJKRXWWKH\HDUZLWKVHYHUDOFURVVIXQFWLRQDOSODWIRUPVIRUFROODERUDWLYHSURMHFWV$VSHFLDOFHOHEUDWLRQZDVFRQGXFWHG
on the Annual OWN,7'D\LQ0DUFK6WUDLJKW7DONDQG6WUDLJKW/LVWHQLQJZHUHHQFRXUDJHGWREXLOGWUXVWDQGFUHDWHDWUDQVSDUHQW
DQGKHDOWK\HQYLURQPHQW
&ROOHDJXHHQJDJHPHQWZDVDOVREXLOWWKURXJKFHOHEUDWLRQVDURXQGIHVWLYHRFFDVLRQVDQGYLVLWVRI3±]HUJOREDOOHDGHUVKLSWHDPVWR,QGLD
7KH&RPSDQ\DOVRODXQFKHGDKHDOWKDQGZHOOQHVVLQLWLDWLYHFDOOHG§3±WÏRUFROOHDJXHVDWWKHFRUSRUDWHRI±FH
$VDQDQQXDOLQLWLDWLYHWKH3±]HU9RLFH6XUYH\LVFRQGXFWHGWRPDSHPSOR\HHSHUFHSWLRQVDQGSURYLGHWKHFRPSDQ\PDQDJHPHQWZLWK
LQVLJKWVRQDUHDVIRURUJDQL]DWLRQGHYHORSPHQW7KHRXWFRPHVRIWKLV\HDUªVVXUYH\VKRZHGH[WUHPHO\SRVLWLYHUHVXOWVRQWKHSDUDPHWHUV
RIOHDGHUVKLSHPSOR\HHHQJDJHPHQWFRUSRUDWHFXOWXUHDQGRUJDQL]DWLRQDOV\VWHPVDQGVWUXFWXUHV
3RVW WKH FRPSOHWLRQ RI DPDOJDPDWLRQ RI :\HWK /LPLWHG ZLWK WKH &RPSDQ\ LQ 'HFHPEHU WKH +5 GLYLVLRQ DOVR XQGHUWRRN DQG
FRQFOXGHGDFRPSOH[SURFHVVRIKDUPRQL]DWLRQRIFRPSHQVDWLRQEHQH±WVIRUWKHLQWHJUDWHGZRUNIRUFH
7KH &RPSDQ\ ²RDWHG D 9ROXQWDU\ 5HWLUHPHQW 6FKHPH IRU LWV ZRUNPHQ DW LWV 7KDQH 3ODQW ZRUNPHQ RSWHG IRU WKH 6FKHPH
7KHEDODQFHZRUNPHQFRQWLQXHGWREHRQWKHUROOV3UHVHQWO\QRRSHUDWLRQVDUHEHLQJFDUULHGRXWLQWKHVDLGSODQW
,QUHVSHFWRI\RXU&RPSDQ\ªV3ODQWDW*RDDPDWWHURIFRQFLOLDWLRQEHWZHHQWKHZRUNPHQXQLRQDQGPDQDJHPHQWLVEHLQJKHDUGDW
WKH6WDWH/DERXU&RPPLVVLRQHUªVRI±FHIROORZLQJDFKDUWHURIGHPDQGVVXEPLWWHGE\WKH8QLRQ7KH&RPSDQ\KDVPDGHQHFHVVDU\
VXEPLVVLRQV LQ WKLV UHJDUG 7KH &RPSDQ\ KDV DGHTXDWH PDQXIDFWXULQJ FDSDFLW\ WKURXJK H[LVWLQJ DQG RWKHU DUUDQJHPHQWV WR HQVXUH
FRQWLQXHGVXSSO\RISURGXFWV
7KH©6H[XDO+DUDVVPHQWRI:RPHQDW:RUNSODFH 3UHYHQWLRQ3URKLELWLRQDQG5HGUHVVDO $FWªVHHNVWRSURWHFWZRPHQFROOHDJXHV
DJDLQVWVH[XDOKDUDVVPHQWDWWKHLUSODFHRIZRUN$VSHFLDOO\GHVLJQHGRQOLQHFRXUVHZDVUROOHGRXWWRKHOSDOOFROOHDJXHVDQGDVVRFLDWHV
XQGHUVWDQGZKDWFRQVWLWXWHVVH[XDOKDUDVVPHQWDWZRUNSODFHDQGKRZWRDGGUHVVLWDVZHOODVWKHRUJDQL]DWLRQªVUROHLQSUHYHQWLQJLW
7KH&RPSDQ\KDVDOVRLQSODFHDQ$QWL6H[XDO+DUDVVPHQW3ROLF\LQOLQHZLWKWKHUHTXLUHPHQWVRIWKH6H[XDO+DUDVVPHQWRI:RPHQDW
WKH:RUNSODFH 3UHYHQWLRQ3URKLELWLRQ 5HGUHVVDO $FW,QWHUQDO&RPSODLQWV&RPPLWWHHKDVEHHQVHWXSWRUHGUHVVFRPSODLQWV
UHFHLYHG UHJDUGLQJ VH[XDO KDUDVVPHQW $OO HPSOR\HHV SHUPDQHQW FRQWUDFWXDO WHPSRUDU\ WUDLQHHV DUH FRYHUHG XQGHU WKLV SROLF\
'XULQJWKH±QDQFLDO\HDUXQGHUUHYLHZRQHFRPSODLQWZDVUHFHLYHGDQGWKHVDPHZDVGXO\GLVSRVHGRII
INTERNAL CONTROL SYSTEMS, THEIR ADEQUACY AND COMPLIANCE

&RPSOLDQFH &RQWUROV DQG 5LVN &&5 7HDP LV UHVSRQVLEOH IRU FRQWLQXRXVO\ PRQLWRULQJ WKH DGHTXDF\ DQG HIIHFWLYHQHVV RI LQWHUQDO
FRQWUROVZLWKDQREMHFWLYHWRSURYLGHWRWKH6HQLRU0DQDJHPHQWDQG$XGLW&RPPLWWHHDQLQGHSHQGHQWDQGUHDVRQDEOHDVVXUDQFHRQ
WKHDGHTXDF\DQGHIIHFWLYHQHVVRIWKH&RPSDQ\ªVULVNPDQDJHPHQWFRQWURODQGJRYHUQDQFHSURFHVVHV7KLVLVDFKLHYHGWKURXJKDFR
VRXUFHGLQWHUQDODXGLWPRGHOZKLFKLQFOXGHVLQGHSHQGHQWUHYLHZVSHUIRUPHGE\&&5WHDPWRJHWKHUZLWKDXGLWUHYLHZVSHUIRUPHGWKURXJK
DQLQGHSHQGHQW&KDUWHUHG$FFRXQWDQW±UP
<RXU&RPSDQ\KDVZHOOGH±QHG6WDQGDUG2SHUDWLQJ3URFHGXUHVIRULGHQWLI\LQJDQGPLWLJDWLQJEXVLQHVVULVNVDFURVVDOOIXQFWLRQVRIWKH
&RPSDQ\7KH&RPSDQ\SHULRGLFDOO\LGHQWL±HVDOOULVNVDQGSULRULWL]HVWKHPDMRURQHVDQGGHYHORSVDSSURSULDWHSODQVIRUWKHLUPLWLJDWLRQ
6HQLRUPDQDJHPHQWKDVRZQHUVKLSRIWKHPDMRUEXVLQHVVULVNVWKHLUPDQDJHPHQWDQGPLWLJDWLRQSODQV
$QQXDOO\ULVNDVVHVVPHQWLVSHUIRUPHGE\WKH&&57HDPDQGWKLVULVNEDVHGDXGLWDSSURDFKLVXVHGWRFUHDWHDQDQQXDODXGLWSODQZKLFK
LVDSSURYHGE\WKH$XGLW&RPPLWWHHDQGIROORZHGWKURXJKRXWWKH\HDU$VSDUWRIWKHTXDUWHUO\UHYLHZVWDWXVRIWKHDQQXDODXGLWSODQ
GHVLJQDVVHVVPHQWRSHUDWLQJHIIHFWLYHQHVVNH\DXGLW±QGLQJVDQGUHPHGLDWLRQVWDWXVRISULRU±QGLQJVDUHSUHVHQWHGDQGGLVFXVVHGZLWK
Audit Committee.

7KH$XGLW&RPPLWWHHGLVFXVVHVZLWKWKH&RPSDQ\ªV6WDWXWRU\$XGLWRUVWKHLUYLHZVRQWKH±QDQFLDOVWDWHPHQWVLQFOXGLQJWKH±QDQFLDO
UHSRUWLQJV\VWHPFRPSOLDQFHWRDFFRXQWLQJSROLFLHVDQGSURFHGXUHVWKHDGHTXDF\DQGHIIHFWLYHQHVVRIWKHLQWHUQDOFRQWUROVDQGV\VWHPV
IROORZHGE\WKH&RPSDQ\
7KURXJKLWVJRYHUQDQFHVWUXFWXUHDQGSROLFLHVDQGSURFHGXUHV3±]HUVWULYHVIRUIDVWDQGHI±FLHQWGHFLVLRQPDNLQJFOHDUDQGHIIHFWLYH
OHYHOVRIDFFRXQWDELOLW\DQGFRQWURO JRYHUQDQFH
$VSDUWRIRXURQJRLQJFRPPLWPHQWWR&RPSOLDQFHDQG,QWHJULW\\RXU&RPSDQ\KDVFUHDWHGDGHGLFDWHGWHDPIRUVXSSRUWLQJFROOHDJXHV
LQHQVXULQJFRPSOLDQFHZKLOHLQWHUDFWLQJZLWK+HDOWKFDUH3URIHVVLRQDOVDQG*RYHUQPHQW2I±FLDOV
$V SDUW RI DQQXDO UHYLHZ DQ XSGDWHG SROLF\ FRYHULQJ LQWHUDFWLRQ ZLWK +HDOWKFDUH 3URIHVVLRQDOV DQG *RYHUQPHQW RI±FLDOV FDOOHG
©0\$QWL&RUUXSWLRQ3ROLF\ 3URFHGXUHVª 0$33 ZDVUHOHDVHGWRWKHHQWLUH2UJDQL]DWLRQ7KHXSGDWHGSROLF\UROORXWZDVIROORZHGE\
H[WHQVLYHWUDLQLQJDQGFRPPXQLFDWLRQDFWLYLWLHVWRHQVXUHWKDWDOOFROOHDJXHVDUHDZDUHRIUHTXLUHPHQWV7KHVDLGSROLF\DGGUHVVHVERWK
ORFDOOHJDOUHTXLUHPHQWVZKLOHDOVROHYHUDJLQJRQEHVWSUDFWLFHVIROORZHGLQRWKHUPDUNHWV
$VDZD\RIUHLQIRUFLQJRXUFXOWXUHRIFRPSOLDQFH\RXU&RPSDQ\KDVLGHQWL±HGRGGFROOHDJXHVDV§&RPSOLDQFH&KDPSLRQVÏURP
YDULRXVWHDPVZKRDFWDV±UVWSRLQWRIFRQWDFWIRUDQ\FROOHDJXHLQFDVHWKH\KDYHSROLF\UHODWHGTXHVWLRQV'XULQJWKH\HDUZHKDYH
IXUWKHUHQKDQFHGRXU§&RPSOLDQFH&KDPSLRQ¨SURJUDPDQGKDYHLQFOXGHGDOORXUUHJLRQDOVDOHVPDQDJHUVLQWKHSURJUDP
*LYHQDOOWKHHQKDQFHPHQWVPDGHGXULQJWKH\HDU\RXU&RPSDQ\LVZHOOSODFHGLQGULYLQJWKHVSLULWRI&RPSOLDQFHDFURVVRXUFROOHDJXHV
and stakeholders.
WHISTLE BLOWER / VIGIL MECHANISM
7KH&RPSDQ\KDVHVWDEOLVKHGD:KLVWOH%ORZHU9LJLO0HFKDQLVPWKURXJKZKLFKLWV'LUHFWRUV(PSOR\HHVDQG6WDNHKROGHUVFDQUHSRUW
WKHLUJHQXLQHFRQFHUQVDERXWXQHWKLFDOEHKDYLRXUVDFWXDORUVXVSHFWHGIUDXGRUYLRODWLRQRIWKH&RPSDQ\ªVFRGHRIFRQGXFWRUHWKLFV
SROLF\7KHVDLG3ROLF\SURYLGHVIRUDGHTXDWHVDIHJXDUGVDJDLQVWYLFWLPL]DWLRQDQGDOVRGLUHFWDFFHVVWRWKHKLJKHUOHYHOVRIVXSHUYLVRUV
7KH(PDLO,'IRUUHSRUWLQJJHQXLQHFRQFHUQVLV©FRUSRUDWHFRPSOLDQFH#S±]HUFRPª
CORPORATE AFFAIRS
7KH&RUSRUDWH$IIDLUV'LYLVLRQZRUNVLQWKHDUHDVRI*RYHUQPHQW5HODWLRQV,QWHUQDODQG([WHUQDO&RPPXQLFDWLRQVDQG&RUSRUDWH6RFLDO
5HVSRQVLELOLW\7KURXJKWKHYDULRXVLQLWLDWLYHVLWSXUVXHVWKHWHDPDLPVDWHQKDQFLQJ3±]HUªVUHSXWDWLRQDPRQJLWVYDULRXVVWDNHKROGHUV
DGYRFDWLQJRQPDWWHUVRISROLF\WKDWLPSDFWWKHEXVLQHVVEXLOGLQJHQJDJHPHQWZLWKLQWKHRUJDQL]DWLRQDQGHVWDEOLVKLQJWKH&RPSDQ\
DVDUHVSRQVLEOHFRUSRUDWHRUJDQL]DWLRQ
)URPDSROLF\IRUPXODWLRQSHUVSHFWLYHWKLVZDVD\HDURIKLJKDFWLYLW\7KHQHZ*RYHUQPHQWDWWKH&HQWUHEHJDQZRUNRQDQXPEHURI
QHZSROLFLHVPRVWVLJQL±FDQWO\WKH,QWHOOHFWXDO3URSHUW\5LJKWV3ROLF\DQGWKH1DWLRQDO+HDOWK3ROLF\,QDGGLWLRQWKHSURFHVVRIUHYLVLRQ
RIWKH1DWLRQDO/LVWRI(VVHQWLDO0HGLFLQHVZDVDOVRLQLWLDWHGGXULQJWKH\HDU2QHDFKRIWKHVHWKH&RUSRUDWH$IIDLUVWHDPHQJDJHG
H[WHQVLYHO\ZLWKERWKWKHVWDNHKROGHUVLQ*RYHUQPHQWDQGWKHH[SHUWVFRQWULEXWLQJWRWKHVHSURFHVVHV3±]HUDOVRSOD\HGDOHDGLQJUROHLQ
LWVLQGXVWU\DVVRFLDWLRQWKH233,RQDUHDVRISULFLQJDQGLQWHOOHFWXDOSURSHUW\
$&65&RPPLWWHHZDVFRQVWLWXWHGWKLV\HDUWRDFWLQDQDGYLVRU\FDSDFLW\WRWKH%RDUGDQG0DQDJHPHQWZLWKUHVSHFWWRWKH&RPSDQ\ªV
&65SROLFLHVDQGVWUDWHJLHV6XEVHTXHQWO\WKH&RPSDQ\KDVIRUPXODWHGDFRPSUHKHQVLYHSROLF\WKDWKDVEHHQDGRSWHGE\WKH%RDUG
$VIRFXVDUHDV3±]HUZLOOHQFRXUDJHDQGVXSSRUW,QGLDQLQQRYDWLRQDQGLQWHOOHFWXDOSURSHUW\ZLWKDQHPSKDVLVRQKHDOWKFDUHVXSSRUW
QDWLRQDOSURJUDPVZLWKOLQNDJHWRKHDOWKFDUHSDUWLFLSDWHLQGLVDVWHUUHOLHIZRUNDQGHQOLVWHPSOR\HHVDVYROXQWHHUVWRVXSSRUWDFWLYLWLHV
DURXQGGLVHDVHDZDUHQHVV7KHSROLF\DQGWKHSURJUDPVHQYLVDJHGLQLWDUHLQFRPSOLDQFHZLWK6FKHGXOH9,,DQGRWKHU&65SURYLVLRQVRI
the Companies Act, 2013.
7KH ±UVW VHW RI LQLWLDWLYHV ZDV ODXQFKHG GXULQJ WKH \HDU ZKHUH 3±]HU VXSSRUWHG WKH 6ZDFKK 9LG\DOD\D &DPSDLJQ ¥ D SDUW RI WKH
*RYHUQPHQWªVQDWLRQDO6ZDFKK%KDUDWSURJUDP3±]HUKDVFRPPLWWHGDSDUWRILWV&65IXQGVDQGWLPHRILWVRZQHPSOR\HHVDVYROXQWHHUV
WR EXLOG DQG UHIXUELVK VDQLWDWLRQ IDFLOLWLHV LQ 6FKRROV SDUWLFXODUO\ IRU *LUO VWXGHQWV 7KH &RPSDQ\ WRJHWKHU ZLWK 3±]HU )RXQGDWLRQ
DWUXVWLQFRUSRUDWHGLQ86E\RXUSDUHQWFRPSDQ\3±]HU,QF86$ DOVRVWHSSHGIRUZDUGWRVXSSRUWUHOLHIDQGUHKDELOLWDWLRQHIIRUWVIRUWKH
VXUYLYRUVRIWKH-DPPXDQG.DVKPLU²RRGVLQ
7KH,QWHUQDO&RPPXQLFDWLRQVHIIRUWUHPDLQHGIRFXVHGRQHQKDQFLQJHPSOR\HHHQJDJHPHQW7KHWHDPSXEOLVKHVDTXDUWHUO\LQWHUQDO
PDJD]LQH WLWOHG &UXFLEOH WKDW VKRZFDVHV LPSRUWDQW SURMHFWV LQLWLDWLYHV DQG VXFFHVVHV IURP WKH YDULRXV EXVLQHVV XQLWV DQG VXSSRUW
IXQFWLRQVLQWKHRUJDQL]DWLRQ$GLJLWDOYHUVLRQRIWKHSXEOLFDWLRQLVQRZXQGHUSUHSDUDWLRQZLWKWKHDLPRIRIIHULQJWKLVFRQWHQWWRWKH
HQWLUH±HOGIRUFHDVRQWKHLUL3$'V
17
CORPORATE SOCIAL RESPONSIBILITY
7KHEULHIRXWOLQHRIWKH&RUSRUDWH6RFLDO5HVSRQVLELOLW\ &65 3ROLF\RIWKH&RPSDQ\DQGWKHLQLWLDWLYHVXQGHUWDNHQE\WKH&RPSDQ\RQ
&65DFWLYLWLHVGXULQJWKH\HDUDUHVHWRXWLQ“Annexure - A”RIWKLV5HSRUWLQWKHIRUPDWSUHVFULEHGLQWKH&RPSDQLHV &RUSRUDWH6RFLDO
5HVSRQVLELOLW\3ROLF\ 5XOHV7KHSROLF\LVDYDLODEOHRQWKHZHEVLWHRIWKH&RPSDQ\©ZZZS±]HULQGLDFRPª
CAUTIONARY NOTE
&HUWDLQ VWDWHPHQWV LQ UHVSHFW WR 0DQDJHPHQW 'LVFXVVLRQ DQG $QDO\VLV PD\ EH IRUZDUG ORRNLQJ DQG DUH VWDWHG DV UHTXLUHG E\ WKH
DSSOLFDEOHODZVDQGUHJXODWLRQV7KHIXWXUHUHVXOWVRIWKH&RPSDQ\PD\EHDIIHFWHGE\PDQ\IDFWRUVZKLFKFRXOGEHGLIIHUHQWIURPZKDW
WKH'LUHFWRUVHQYLVDJHLQWHUPVRIIXWXUHSHUIRUPDQFHDQGRXWORRN
DIRECTORS
,QDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH&RPSDQLHV$FW0U66ULGKDUUHWLUHVE\URWDWLRQDWWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ
DQGEHLQJHOLJLEOHRIIHUVKLPVHOIIRUUHDSSRLQWPHQW
0U$LMD]7REDFFRZDOOD0DQDJLQJ'LUHFWRUKDVEHHQRIIHUHGDJOREDOUROHZLWK3±]HU,QF86$ZKLFKKHLQWHQGVWRDFFHSW+HZLOOFRQWLQXH
LQ KLV FXUUHQW SRVLWLRQ DV WKH 0DQDJLQJ 'LUHFWRU XQWLO KLV VXFFHVVRU KDV EHHQ DSSRLQWHG E\ WKH %RDUG RI 'LUHFWRUV RI WKH &RPSDQ\
0U$LMD]7REDFFRZDOODZDVDSSRLQWHGDVWKH0DQDJLQJ'LUHFWRUIRUWKHSHULRGRI\HDUVHIIHFWLYHth August, 2012.
7KH%RDUGRI'LUHFWRUVDWWKHPHHWLQJKHOGRQth)HEUXDU\EDVHGRQWKHUHFRPPHQGDWLRQRI1RPLQDWLRQDQG5HPXQHUDWLRQ
&RPPLWWHHDSSRLQWHG0U6XQLO/DOEKDLDVDQ$GGLWLRQDO'LUHFWRUZKRZLOOKROGWKHRI±FHWLOOWKHGDWHRIWKHHQVXLQJ$QQXDO*HQHUDO
0HHWLQJ 7KH %RDUG RI 'LUHFWRUV DW WKH VDLG PHHWLQJ DOVR DSSRLQWHG 0U 6XQLO /DOEKDL DV DQ ,QGHSHQGHQW 'LUHFWRU IRU D WHUP RI
±YH\HDUVZLWKHIIHFWIURPth)HEUXDU\VXEMHFWWRWKHDSSURYDORIWKHPHPEHUVDWWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ
7KH%RDUGRI'LUHFWRUVDWWKHLUPHHWLQJKHOGRQth)HEUXDU\EDVHGRQWKHUHFRPPHQGDWLRQRI1RPLQDWLRQDQG5HPXQHUDWLRQ
&RPPLWWHHDSSRLQWHG'U/DNVKPL1DGNDUQLDVDQ$GGLWLRQDO'LUHFWRUZKRZLOOKROGWKHRI±FHWLOOWKHGDWHRIWKHHQVXLQJ$QQXDO*HQHUDO
0HHWLQJ7KH%RDUGRI'LUHFWRUVDWWKHVDLGPHHWLQJDOVRDSSRLQWHG'U/DNVKPL1DGNDUQLDVD:KROHWLPH'LUHFWRUIRUDSHULRGRI±YH
\HDUVZLWKHIIHFWIURPth)HEUXDU\VXEMHFWWRWKHDSSURYDORIWKHPHPEHUVDWWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ
$OO,QGHSHQGHQW'LUHFWRUVKDYHJLYHQWKHGHFODUDWLRQVWKDWWKH\PHHWWKHFULWHULDRILQGHSHQGHQFHDVODLGGRZQXQGHU6HFWLRQ RI
WKH&RPSDQLHV$FWDQG&ODXVHRIWKH/LVWLQJ$JUHHPHQW
Board Performance Evaluation
7KH&RPSDQ\KDVGHYLVHGD3HUIRUPDQFH(YDOXDWLRQ)UDPHZRUNDQG3ROLF\ZKLFKVHWVDPHFKDQLVPIRUWKHHYDOXDWLRQRIWKH%RDUG
%RDUG&RPPLWWHHVDQG'LUHFWRUV
3HUIRUPDQFH (YDOXDWLRQ RI WKH %RDUG &RPPLWWHHV DQG 'LUHFWRUV ZDV FDUULHG RXW WKURXJK DQ HYDOXDWLRQ PHFKDQLVP LQ WHUPV RI WKH
DIRUHVDLG3HUIRUPDQFH(YDOXDWLRQ)UDPHZRUNDQG3ROLF\
Independent Directors’ Meeting
7ZR0HHWLQJVRIWKH,QGHSHQGHQW'LUHFWRUVZHUHKHOGRQth)HEUXDU\DQGth0D\ZLWKRXWWKHSUHVHQFHRIWKH([HFXWLYH
'LUHFWRUV RU PDQDJHPHQW SHUVRQQHO 2Q th 0D\ WKH ,QGHSHQGHQW 'LUHFWRUV FDUULHG RXW SHUIRUPDQFH HYDOXDWLRQ RI 1RQ
,QGHSHQGHQW'LUHFWRUVDQGWKH%RDUGRI'LUHFWRUVDVDZKROHSHUIRUPDQFHRI&KDLUPDQRIWKH&RPSDQ\WKHTXDOLW\FRQWHQWDQGWLPHOLQHV
RI²RZRILQIRUPDWLRQEHWZHHQWKH0DQDJHPHQWDQGWKH%RDUGEDVHGRQWKH3HUIRUPDQFH(YDOXDWLRQIUDPHZRUNRIWKH&RPSDQ\
$OOWKH,QGHSHQGHQW'LUHFWRUVZHUHSUHVHQWDWWKHDIRUHVDLG0HHWLQJV
Nomination and Remuneration Policy
7KH%RDUGKDVRQWKHUHFRPPHQGDWLRQRIWKH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHHIUDPHGDSROLF\IRUVHOHFWLRQDQGDSSRLQWPHQW
RI 'LUHFWRUV 6HQLRU 0DQDJHPHQW .H\ 0DQDJHULDO 3HUVRQQHO DQG WKHLU UHPXQHUDWLRQ 7KH 1RPLQDWLRQ DQG 5HPXQHUDWLRQ 3ROLF\ LV
DQQH[HGKHUHZLWKDV“Annexure - B”.
Meetings of the Board
'XULQJWKH\HDU±YH%RDUG0HHWLQJVDQG±YH$XGLW&RPPLWWHH0HHWLQJVZHUHKHOGDQGFRQYHQHG7KHGHWDLOVRIZKLFKDUHJLYHQLQWKH
&RUSRUDWH*RYHUQDQFH5HSRUW7KHLQWHUYHQLQJJDSEHWZHHQWKH0HHWLQJVZDVZLWKLQWKHSHULRGSUHVFULEHGXQGHUWKH&RPSDQLHV$FW
DQG&ODXVHRIWKH/LVWLQJ$JUHHPHQW

DIRECTORS’ RESPONSIBILITY STATEMENT
7RWKHEHVWRIWKHLUNQRZOHGJHDQGEHOLHIDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVREWDLQHGE\WKHP\RXU'LUHFWRUVPDNHWKH
IROORZLQJVWDWHPHQWVLQWHUPVRI6HFWLRQ F RIWKH&RPSDQLHV$FW
D WKDWLQWKHSUHSDUDWLRQRIWKHDQQXDO±QDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHGst0DUFKWKHDSSOLFDEOHDFFRXQWLQJVWDQGDUGV
KDYHEHHQIROORZHGDORQJZLWKSURSHUH[SODQDWLRQUHODWLQJWRPDWHULDOGHSDUWXUHVLIDQ\
E WKDWVXFKDFFRXQWLQJSROLFLHVDVPHQWLRQHGLQ1RWHRIWKH1RWHVWRWKH)LQDQFLDO6WDWHPHQWVKDYHEHHQVHOHFWHGDQGDSSOLHG
FRQVLVWHQWO\DQGMXGJPHQWDQGHVWLPDWHVKDYHEHHQPDGHWKDWDUHUHDVRQDEOHDQGSUXGHQWVRDVWRJLYHDWUXHDQGIDLUYLHZRIWKH
VWDWHRIDIIDLUVRIWKH&RPSDQ\DVDWst0DUFKDQGRIWKHSUR±WRIWKH&RPSDQ\IRUWKH\HDUHQGHGRQWKDWGDWH
F WKDW SURSHU DQG VXI±FLHQW FDUH KDV EHHQ WDNHQ IRU WKH PDLQWHQDQFH RI DGHTXDWH DFFRXQWLQJ UHFRUGV LQ DFFRUGDQFH ZLWK WKH
SURYLVLRQVRIWKH&RPSDQLHV$FWIRUVDIHJXDUGLQJWKHDVVHWVRIWKH&RPSDQ\DQGIRUSUHYHQWLQJDQGGHWHFWLQJIUDXGDQG
RWKHULUUHJXODULWLHV
G WKDWWKHDQQXDO±QDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGRQDJRLQJFRQFHUQEDVLV
H WKDWSURSHULQWHUQDO±QDQFLDOFRQWUROVZHUHLQSODFHDQGWKDWWKH±QDQFLDOFRQWUROVZHUHDGHTXDWHDQGZHUHRSHUDWLQJHIIHFWLYHO\
I WKDW V\VWHPV WR HQVXUH FRPSOLDQFH ZLWK WKH SURYLVLRQV RI DOO DSSOLFDEOH ODZV ZHUH LQ SODFH DQG ZHUH DGHTXDWH DQG RSHUDWLQJ
HIIHFWLYHO\
AUDIT COMMITTEE
7KHGHWDLOVSHUWDLQLQJWRFRPSRVLWLRQRI$XGLW&RPPLWWHHDUHLQFOXGHGLQWKH&RUSRUDWH*RYHUQDQFH5HSRUWZKLFKIRUPVSDUWRIWKLV
Report.
FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS
7KH GHWDLOV SHUWDLQLQJ WR )DPLOLDUL]DWLRQ 3URJUDPPH IRU ,QGHSHQGHQW 'LUHFWRUV DUH LQFOXGHG LQ WKH &RUSRUDWH *RYHUQDQFH 5HSRUW
which forms part of this Report.
RISK MANAGEMENT POLICY
7KHGHWDLOVSHUWDLQLQJWRWKH5LVN0DQDJHPHQW3ROLF\DUHLQFOXGHGLQWKH&RUSRUDWH*RYHUQDQFH5HSRUWZKLFKIRUPVSDUWRIWKLV5HSRUW
RELATED PARTY TRANSACTIONS
$OO5HODWHG3DUW\7UDQVDFWLRQVWKDWZHUHHQWHUHGLQWRGXULQJWKH±QDQFLDO\HDUZHUHRQDQDUPªVOHQJWKEDVLVDQGZHUHLQWKHRUGLQDU\
FRXUVH RI EXVLQHVV 7KHUH DUH QR PDWHULDOO\ VLJQL±FDQW UHODWHG SDUW\ WUDQVDFWLRQV PDGH E\ WKH &RPSDQ\ ZLWK 3URPRWHUV 'LUHFWRUV
.H\0DQDJHULDO3HUVRQQHORURWKHUGHVLJQDWHGSHUVRQVZKLFKPD\KDYHDSRWHQWLDOFRQ²LFWZLWKWKHLQWHUHVWRIWKH&RPSDQ\DWODUJH
7KH&RPSDQ\KDGHQWHUHGLQWRPDWHULDOO\VLJQL±FDQWUHODWHGSDUW\WUDQVDFWLRQVZLWK3±]HU([SRUW&RPSDQ\,UHODQGIRUSXUFKDVHRIUDZ
PDWHULDOVEXONGUXJVDQG±QLVKHGJRRGV7KHVDPHLVZLWKLQWKHOLPLWVGXO\DSSURYHGE\WKHPHPEHUVDWWKHrd Annual General Meeting.
$OO 5HODWHG 3DUW\ 7UDQVDFWLRQV DUH SODFHG RQ D TXDUWHUO\ EDVLV EHIRUH WKH $XGLW &RPPLWWHH IRU DSSURYDO DQG EHIRUH WKH %RDUG IRU
consideration and noting.
7KH3ROLF\RQ5HODWHG3DUW\7UDQVDFWLRQVDVDSSURYHGE\WKH%RDUGLVXSORDGHGRQWKH&RPSDQ\ªVZHEVLWH©ZZZS±]HULQGLDFRPª7KH
ZHEOLQNIRUWKH3ROLF\LVKWWSZZZS±]HULQGLDFRPH1HZV:HEVLWHLQYHVWRUSGI5HODWHG3DUW\7UDQVDFWLRQ3ROLF\SGI
1RQHRIWKH'LUHFWRUVKDYHDQ\PDWHULDOSHFXQLDU\UHODWLRQVKLSVRUWUDQVDFWLRQVYLVjYLVWKH&RPSDQ\
3XUVXDQW WR 6HFWLRQ RI WKH &RPSDQLHV $FW DQG 5XOHV PDGH WKHUHXQGHU SDUWLFXODUV RI WUDQVDFWLRQV ZLWK UHODWHG SDUWLHV DV
UHTXLUHGXQGHU6HFWLRQ RIWKH&RPSDQLHV$FWLQWKHSUHVFULEHG)RUP$2&LVDQQH[HGKHUHZLWKDV“Annexure - C”.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
7KH&RPSDQ\KDVQRWJUDQWHGDQ\ORDQVJXDUDQWHHVDQGLQYHVWPHQWVIRUWKH±QDQFLDO\HDUHQGHGst March 2015.
DEPOSITS FROM PUBLIC
7KH&RPSDQ\KDVQRWDFFHSWHGDQ\GHSRVLWVIURPSXEOLFDQGDVVXFKQRDPRXQWRQDFFRXQWRISULQFLSDORULQWHUHVWRQGHSRVLWVIURP
SXEOLFZDVRXWVWDQGLQJDVRQWKHGDWHRIWKH%DODQFH6KHHW
OTHER INFORMATION
7KH LQIRUPDWLRQ RQ FRQVHUYDWLRQ RI HQHUJ\ WHFKQRORJ\ DEVRUSWLRQ DQG IRUHLJQ H[FKDQJH HDUQLQJV DQG RXWJR VWLSXODWHG XQGHU
6HFWLRQ P RI WKH &RPSDQLHV $FW UHDG ZLWK 5XOH RI 7KH &RPSDQLHV $FFRXQWV 5XOHV LV DQQH[HG
herewith as “Annexure - D”.
19
$ WDEOH FRQWDLQLQJ SDUWLFXODUV RI HPSOR\HHV LQ DFFRUGDQFH ZLWK WKH SURYLVLRQV RI 6HFWLRQ RI WKH &RPSDQLHV $FW
§WKH$FW¨ UHDGZLWK5XOH RIWKH&RPSDQLHV $SSRLQWPHQWDQG5HPXQHUDWLRQRI0DQDJHULDO3HUVRQQHO 5XOHVLVDQQH[HG
herewith as “Annexure - E”.
7KHLQIRUPDWLRQUHTXLUHGSXUVXDQWWR6HFWLRQ RIWKH$FWUHDGZLWK5XOH RI7KH&RPSDQLHV $SSRLQWPHQWDQG5HPXQHUDWLRQ
RI0DQDJHULDO3HUVRQQHO 5XOHVLQUHVSHFWRIHPSOR\HHVRIWKH&RPSDQ\IRUPVSDUWRIWKLV5HSRUW+RZHYHUDVSHUWKHSURYLVLRQ
RI6HFWLRQVDQGRIWKH$FWWKH5HSRUWDQG$FFRXQWVDUHEHLQJVHQWWRWKH0HPEHUVDQGRWKHUVHQWLWOHGWKHUHWRH[FOXGLQJWKH
LQIRUPDWLRQRQHPSOR\HHVªSDUWLFXODUVZKLFKLVDYDLODEOHIRULQVSHFWLRQE\WKH0HPEHUVDWWKH5HJLVWHUHG2I±FHRIWKH&RPSDQ\GXULQJ
EXVLQHVV KRXUV RQ ZRUNLQJ GD\V RI WKH &RPSDQ\ XS WR WKH GDWH RI WKH HQVXLQJ $QQXDO *HQHUDO 0HHWLQJ $Q\ PHPEHU LQWHUHVWHG LQ
REWDLQLQJDFRS\RIVXFKVWDWHPHQWPD\ZULWHWRWKH&RPSDQ\6HFUHWDU\DWWKH&RPSDQ\ªV5HJLVWHUHG2I±FH
AUDITORS
7KH$XGLWRUV0HVVUV%65 &R//3ZHUHDSSRLQWHGDV6WDWXWRU\$XGLWRUVWRKROGRI±FHIRUDWHUPRI WKUHH \HDUVIURPFRQFOXVLRQRI
63rd Annual General Meeting till the conclusion of the 66th$QQXDO*HQHUDO0HHWLQJVXEMHFWWRUDWL±FDWLRQE\PHPEHUVDWHYHU\VXEVHTXHQW
Annual General Meeting.
7KHDSSRLQWPHQWRI0HVVUV%65 &R//3ZLOOEHSODFHGEHIRUHWKHPHPEHUVDWWKLV$QQXDO*HQHUDO0HHWLQJIRUUDWL±FDWLRQ
COST AUDITORS
3XUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FWUHDGZLWK7KH&RPSDQLHV &RVW5HFRUGVDQG$XGLW 5XOHVDVDPHQGHGIURPWLPH
WRWLPHWKHFRVWDXGLWUHFRUGVPDLQWDLQHGE\WKH&RPSDQ\LVUHTXLUHGWREHDXGLWHG<RXU'LUHFWRUVKDGRQWKHUHFRPPHQGDWLRQRIWKH$XGLW
&RPPLWWHHDSSRLQWHG0HVVUV5$ &RWRDXGLWWKHFRVWDFFRXQWVRIWKH&RPSDQ\IRUWKH±QDQFLDO\HDURQDUHPXQHUDWLRQRI
`/DNKV$VUHTXLUHGXQGHUWKH&RPSDQLHV$FWWKHUHPXQHUDWLRQSD\DEOHWRWKH&RVW$XGLWRULVUHTXLUHGWREHSODFHGEHIRUH
WKH0HPEHUVLQDJHQHUDOPHHWLQJIRUWKHLUUDWL±FDWLRQ$FFRUGLQJO\D5HVROXWLRQVHHNLQJ0HPEHUªVUDWL±FDWLRQIRUWKHUHPXQHUDWLRQ
SD\DEOHWR0HVVUV5$ &R&RVW$XGLWRUVLVLQFOXGHGDW,WHP1RRIWKH1RWLFHFRQYHQLQJWKH$QQXDO*HQHUDO0HHWLQJ
7KH&RPSDQ\KDV±OHGWKH&RVW$XGLW5HSRUWIRU)RUPXODWLRQVDQG&RPSOLDQFH5HSRUWIRUWKH±QDQFLDO\HDUHQGHGst March, 2014
on 24th6HSWHPEHUGXHGDWHEHLQJth6HSWHPEHU7KH&RVW$XGLW5HSRUW)RUPXODWLRQVDQG&RPSOLDQFH5HSRUWIRUWKH
±QDQFLDO\HDUHQGHGst0DUFKLVGXHWREH±OHGE\th6HSWHPEHU
0HVVUV5$ &RKDYHFRQ±UPHGWKHLUHOLJLELOLW\WREHWKH&RVW$XGLWRUVDQGKDYHEHHQDSSRLQWHGWRFRQGXFW&RVW$XGLWRIWKH&RPSDQ\ªV
UHFRUGVIRUWKH±QDQFLDO\HDUHQGLQJst0DUFK7KHUHPXQHUDWLRQLVVXEMHFWWRUDWL±FDWLRQE\WKHVKDUHKROGHUV
SECRETARIAL AUDIT
3XUVXDQW WR WKH SURYLVLRQV RI 6HFWLRQ RI WKH &RPSDQLHV $FW DQG 7KH &RPSDQLHV $SSRLQWPHQW DQG 5HPXQHUDWLRQ RI
0DQDJHULDO3HUVRQQHO 5XOHVWKH&RPSDQ\KDVDSSRLQWHG0HVVUV6DUDI $VVRFLDWHVD±UPRI&RPSDQ\6HFUHWDULHVLQ3UDFWLFH
WRXQGHUWDNHWKH6HFUHWDULDO$XGLWRIWKH&RPSDQ\7KH5HSRUWRIWKH6HFUHWDULDO$XGLW5HSRUWLVDQQH[HGKHUHZLWKDV“Annexure - F”.
EXTRACT OF ANNUAL RETURN
7KHGHWDLOVIRUPLQJSDUWRIWKHH[WUDFWRIWKH$QQXDO5HWXUQLQ)RUP0*7LVDQQH[HGKHUHZLWKDV“Annexure - G”.
CORPORATE GOVERNANCE
$ 5HSRUW RQ &RUSRUDWH *RYHUQDQFH DORQJ ZLWK D &HUWL±FDWH IURP 0HVVUV % 6 5 &R //3 UHJDUGLQJ FRPSOLDQFH ZLWK WKH FRQGLWLRQV
RI&RUSRUDWH*RYHUQDQFHDVVWLSXODWHGXQGHU&ODXVHRIWKH/LVWLQJ$JUHHPHQWZLWK6WRFN([FKDQJHVIRUPVSDUWRIWKLV5HSRUWDQG
DQQH[HGKHUHZLWKDV“Annexure - H”.
ACKNOWLEDGEMENTS
<RXU'LUHFWRUVZRXOGOLNHWRSODFHRQUHFRUGWKHLUVLQFHUHDSSUHFLDWLRQIRUWKHVXSSRUWDQGDVVLVWDQFHH[WHQGHGE\WKH&RPSDQ\ªVVXSSOLHUV
DQGEXVLQHVVDVVRFLDWHV<RXU'LUHFWRUVDUHWKDQNIXOWRWKHHVWHHPHGVKDUHKROGHUVIRUWKHLUFRQWLQXHGVXSSRUWDQGWKHFRQ±GHQFHUHSRVHG
LQWKH&RPSDQ\DQGLWV0DQDJHPHQW
<RXU'LUHFWRUVZLVKWRSODFHRQUHFRUGWKHLUDSSUHFLDWLRQIRUWKHVXSSRUWDQGJXLGDQFHSURYLGHGE\LWV3DUHQW&RPSDQ\3±]HU,QF86$
For and on behalf of the Board of Directors
R.A. Shah
0XPEDLth June, 2015 Chairman

ANNEXURE - A
$QQXDO5HSRUWRQ&RUSRUDWH6RFLDO5HVSRQVLELOLW\DFWLYLWLHVIRUWKH±QDQFLDO\HDU
1. CSR Policy Overview
$W3±]HU/LPLWHG WKH§&RPSDQ\¨RU§3±]HU¨ ZHFRQVWDQWO\VWULYHWRSRVLWLYHO\LPSDFWWKHKHDOWKRISHRSOHWKURXJKRXWWKHFRXQWU\
,Q,QGLDIRUPRUHWKDQ\HDUVZHKDYHVWULYHGWRVHUYHRXUFRPPXQLW\E\VHWWLQJWKHVWDQGDUGIRUTXDOLW\VDIHW\DQGYDOXHLQWKH
GLVFRYHU\GHYHORSPHQWPDQXIDFWXUHDQGGHOLYHU\RIPHGLFLQHV
7KH&RPSDQ\WKURXJKLWV&RUSRUDWH6RFLDO5HVSRQVLELOLW\ §&65¨ 3ROLF\HQFRXUDJHVVWURQJHUFRPPLWPHQWIURPWKHRUJDQL]DWLRQ
DQGHPSOR\HHVWRZDUGVWKHVRFLHW\WRDGGUHVVWKHKHDOWKFDUHFKDOOHQJHVRIWKHFRXQWU\7KH3ROLF\DSSOLHVWRDOO&65SURJUDPV
SURMHFWVRIWKH&RPSDQ\DQGKDVEHHQSUHSDUHGNHHSLQJ3±]HUªVRZQFRUHFRPSHWHQFLHVDQGSULRULWLHVLQFRQVLGHUDWLRQ7KH3ROLF\
DOVRDLPVWRDOLJQ3±]HUªV&65LQWHUYHQWLRQVZLWKWKHKHDOWKFDUHSULRULWLHVRIWKH*RYHUQPHQWRI,QGLDDQGRWKHUVWDNHKROGHUVZRUNLQJ
ZLWKVLPLODUPDQGDWHV,QGRLQJVRLWLVRXUHQGHDYRXUWRV\QHUJL]HWKH&65LQLWLDWLYHVXQGHUWDNHQE\YDULRXV3±]HUIXQFWLRQVGLYLVLRQV
ZLWKLQRQHXQL±HGVWUDWHJLFXPEUHOOD
$&65&RPPLWWHHKDVEHHQFRQVWLWXWHGWRDFWLQDQDGYLVRU\FDSDFLW\WRWKH%RDUGDQG0DQDJHPHQWZLWKUHVSHFWWRSROLFLHVDQG
VWUDWHJLHVWKDWDIIHFWWKH&RPSDQ\ªVUROHDVDVRFLDOO\UHVSRQVLEOHRUJDQL]DWLRQ7KH&65&RPPLWWHHHQVXUHVWKDWWKHLPSOHPHQWDWLRQ
DQGPRQLWRULQJRIWKHSURMHFWVLVLQFRPSOLDQFHZLWKWKH&652EMHFWLYHVDQG3ROLF\RIWKH&RPSDQ\
CSR Committee
Sr. No. Name Designation / Category

1. 0U3UDGLS6KDK &KDLUPDQ,QGHSHQGHQW'LUHFWRU
2. 0U$LMD]7REDFFRZDOOD 0HPEHU:KROHWLPH'LUHFWRU
3. Mr. S. Sridhar 0HPEHU:KROHWLPH'LUHFWRU
Our Purpose
3URPRWHDFFHVVWRTXDOLW\KHDOWKFDUHLQWKHFRXQWU\E\QXUWXULQJLQQRYDWLRQVHQFRXUDJLQJFRPPXQLW\LQYROYHPHQWRIRXUHPSOR\HHV
DQGV\QHUJL]LQJHIIRUWVLQSDUWQHUVKLSVZLWK*RYHUQPHQWDQGRWKHUVWDNHKROGHUVIRUFROOHFWLYHLPSDFW
7KH%RDUGRI'LUHFWRUVRI\RXU&RPSDQ\RQWKHUHFRPPHQGDWLRQRIWKH&65&RPPLWWHHKDVDGRSWHGWKH&65SROLF\ZLWKWKH
IROORZLQJIRFXVDUHDVIRUGHVLJQLQJRXULQWHUYHQWLRQV
CSR Focus Areas
(QFRXUDJHDQGVXSSRUW,QGLDQLQQRYDWLRQDQG,QGLDQ,QWHOOHFWXDO3URSHUW\ZLWKDIRFXVRQ+HDOWKFDUH
8QGHUWDNHDZDUHQHVVDQGDFFHVVSURJUDPVRXUVHOYHVRULQSDUWQHUVKLSZLWK1*2ªV*RYHUQPHQWDQG+HDOWKFDUH3URYLGHUVZLWK
DIRFXVRQ:RPHQDQG&KLOGKHDOWK
6XSSRUWQDWLRQDOSURJUDPVDQGSULRULWLHVZLWKOLQNDJHWRKHDOWKFDUH
(QOLVWHPSOR\HHVDVYROXQWHHUVWRVXSSRUWDFWLYLWLHVDURXQGGLVHDVHDZDUHQHVV
3DUWLFLSDWHLQGLVDVWHUUHOLHIDFWLYLWLHV
)RUPRUHGHWDLOVRQ&653ROLF\SOHDVHYLVLWLQYHVWRUUHODWLRQVVHFWLRQRQWKH&RPSDQ\ªVZHEVLWH©ZZZS±]HULQGLDFRPª
Financial details
7KH SURYLVLRQV SHUWDLQLQJ WR FRUSRUDWH VRFLDO UHVSRQVLELOLW\ DV SUHVFULEHG XQGHU 6HFWLRQ RI WKH &RPSDQLHV $FW DUH
DSSOLFDEOHWR3±]HU/WG7KH±QDQFLDOGHWDLOVDVVRXJKWE\WKH&RPSDQLHV$FWDUHDVIROORZV
` in lakhs
Particulars Amount
$YHUDJHQHWSUR±WRIWKH&RPSDQ\IRUWKHODVWWKUHH±QDQFLDO\HDUV 30,105
3UHVFULEHG&65([SHQGLWXUH DVSHU6HFWLRQRI&RPSDQLHV$FW 602
'HWDLOVRI&65VSHQWGXULQJ±QDQFLDO\HDU
D 7RWDODPRXQWWREHVSHQWIRUWKH±QDQFLDO\HDU 602
E $PRXQWXQVSHQWLIDQ\ 473
F 0DQQHULQZKLFKWKHDPRXQWZDVVSHQWGXULQJWKH±QDQFLDO\HDU 'HWDLOVJLYHQEHORZ
21
` in lakhs
Manner in which CSR amount spent during the Financial Year 2014-15
Sr. CSR project Sector in Projects or Amount outlay Amount Cumulative Amount
No. or activity which the programs (budget) Project spent on the expenditure spent : Direct
LGHQWL±HG project is 1. Local area or or Program wise Projects and upto the or through
covered other Programs reporting Implementing
2. Specify the 1. Direct period Agency
state and district Expenditure
where Projects or on Projects/
Programs were Programs
undertaken 2. Overheads
([SHQGLWXUHRQSURMHFWVSURJUDPV
a. School 6DQLWDWLRQ D.XUOD0XPEDL 121.50 121.50 121.50 L'LUHFW
Sanitation +HDOWKFDUH E5DLJDGGLVWULFW LL,PSOHPHQWLQJ
project - .DUMDWEORFN $JHQF\1*2
3±]HU,QGLD c. Thane district SDUWQHU
goes to $PEHUQDWK
School EORFNV
E Disaster relief Disaster relief Flood affected 7.60 7.60 7.60 ,PSOHPHQWLQJ
work work regions of $JHQF\1*2
-DPPX Jammu partner
Kashmir .DVKPLU
5HOLHI:RUN
Total 129.10 129.10 129.10
Reasons for shortfall in CSR spend

7KHUHKDVEHHQDVKRUWIDOORIÒDNKVLQWKH&65VSHQGIRUWKH±QDQFLDO\HDU7KH&653ROLF\ZDVDSSURYHGDQGDGRSWHG
E\WKH%RDUGRI'LUHFWRUVRQUHFRPPHQGDWLRQRIWKH&65&RPPLWWHHRQth1RYHPEHU%HLQJWKH±UVW\HDURILPSOHPHQWDWLRQ
D GHOD\ ZDV FDXVHG GXH WR FODUL±FDWLRQV UHTXLUHG WR HQVXUH WKDW WKH LGHQWL±HG SURMHFWV ZHUH FRYHUHG XQGHU WKH &65 JXLGHOLQHV
7KH&RPSDQ\KRZHYHUHQYLVDJHVWRUDPSXSLWV&65VSHQGLQWKH±QDQFLDO\HDU
Responsibility Statement
7KH 5HVSRQVLELOLW\ 6WDWHPHQW RI WKH &RUSRUDWH 6RFLDO 5HVSRQVLELOLW\ &RPPLWWHH RI WKH %RDUG RI 'LUHFWRUV RI WKH &RPSDQ\ LV
UHSURGXFHGEHORZ
§3±]HUªV&65SURMHFWVSURJUDPVDUHHQWUHQFKHGLQWKHZD\ZHGREXVLQHVVDQGDUHJXLGHGE\RXUFRUSRUDWHPLVVLRQYDOXHVDQG
DVSLUDWLRQV 7KH LPSOHPHQWDWLRQ DQG PRQLWRULQJ RI &RUSRUDWH 6RFLDO 5HVSRQVLELOLW\ &65 SURMHFWV LV LQ FRPSOLDQFH ZLWK WKH
SURYLVLRQVRI6HFWLRQRIWKH&RPSDQLHV$FW¨
Aijaz Tobaccowalla Pradip Shah

0XPEDLth0D\ Managing Director Chairman, CSR Committee

ANNEXURE - B
1RPLQDWLRQDQG5HPXQHUDWLRQ3ROLF\RI3±]HU/LPLWHG
7KLV1RPLQDWLRQDQG5HPXQHUDWLRQ3ROLF\(“Policy”)KDVEHHQDGRSWHGE\3±]HU/LPLWHGªV%RDUGRI'LUHFWRUV(“Board”), acting on
WKH UHFRPPHQGDWLRQV RI LWV 1RPLQDWLRQ DQG 5HPXQHUDWLRQ &RPPLWWHH WR SUHVFULEH WKH 1RPLQDWLRQ DQG 5HPXQHUDWLRQ SROLF\ RI
3±]HU/LPLWHG §&RPSDQ\¨§3±]HU¨ .
1. OBJECTIVES:
7KH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHH3ROLF\VKDOOEHLQFRPSOLDQFHZLWK6HFWLRQRIWKH&RPSDQLHV$FWUHDG
ZLWKWKHDSSOLFDEOH5XOHVWKHUHWRDQG&ODXVHRIWKH/LVWLQJ$JUHHPHQWDVDPHQGHGIURPWLPHWRWLPH7KHNH\REMHFWLYHVRIWKH
3ROLF\ZRXOGEH
D $VVHVVQHFHVVDU\DQGGHVLUDEOHFRPSHWHQFLHVRI%RDUGPHPEHUV
E 5HYLHZ%RDUGVXFFHVVLRQSODQV
F (YDOXDWHWKH%RDUGªVSHUIRUPDQFH
G 0DNHUHFRPPHQGDWLRQVWRWKH%RDUGRQ
L ([HFXWLYH'LUHFWRUVUHPXQHUDWLRQDQGLQFHQWLYHSROLFLHV
LL 5HPXQHUDWLRQSDFNDJHVRINH\PDQDJHULDOSHUVRQQHODQGVHQLRUPDQDJHPHQW
LLL 7KH&RPSDQ\ªVUHFUXLWPHQWUHWHQWLRQDQGWHUPLQDWLRQSROLFLHVIRUNH\PDQDJHULDOSHUVRQQHODQGVHQLRUPDQDJHPHQW
LY 7KHUHPXQHUDWLRQIUDPHZRUNIRU'LUHFWRUV
2. PFIZER’S COMPENSATION PHILOSOPHY
3±]HUªV&RPSHQVDWLRQDQG%HQH±WVSURJUDPVDUHGHVLJQHGWRHQKDQFHLWVDELOLW\WRDWWUDFWPRWLYDWHUHWDLQDQGHQJDJHDKLJK
performing and committed workforce.
3. DEFINITIONS
a. “Act” means the Companies Act, 2013 and Rules framed thereunder, as amended from time to time.
E “Key Managerial Personnel” means
L &KLHI([HFXWLYH2I±FHURUWKH0DQDJLQJ'LUHFWRURUWKH0DQDJHU
LL :KROHWLPH'LUHFWRU
LLL &KLHI)LQDQFLDO2I±FHU
LY &RPSDQ\6HFUHWDU\DQG
Y 6XFKRWKHURI±FHUDVPD\EHSUHVFULEHGXQGHUWKH$FW
c. “Senior Management”PHDQVSHUVRQQHORIWKH&RPSDQ\ZKRDUHPHPEHUVRILWVFRUHPDQDJHPHQWWHDPH[FOXGLQJWKH
%RDUGRI'LUHFWRUVFRPSULVLQJDOOPHPEHUVRIPDQDJHPHQWRQHOHYHOEHORZWKH([HFXWLYH'LUHFWRUVLQFOXGLQJWKHIXQFWLRQDO
heads.
4. ROLE OF COMMITTEE
a. Matters to be dealt with, perused and recommended to the Board by the Nomination and Remuneration
Committee
7KH&RPPLWWHHVKDOO
L )RUPXODWHWKHFULWHULDIRUGHWHUPLQLQJTXDOL±FDWLRQVSRVLWLYHDWWULEXWHVDQGLQGHSHQGHQFHRID'LUHFWRU
LL ,GHQWLI\SHUVRQVZKRDUHTXDOL±HGWREHFRPHD'LUHFWRUDQGSHUVRQVZKRPD\EHDSSRLQWHGLQ.H\0DQDJHULDO3HUVRQQHO
DQG6HQLRU0DQDJHPHQW3HUVRQQHOLQDFFRUGDQFHZLWKWKHFULWHULDODLGGRZQLQWKLVSROLF\
LLL )RUPXODWHFULWHULDIRUHYDOXDWLRQRI,QGHSHQGHQW'LUHFWRUV.H\0DQDJHULDO3HUVRQQHO6HQLRU0DQDJHPHQW3HUVRQQHODQG
WKH%RDUGDVDZKROH
LY 5HFRPPHQGWRWKH%RDUGFULWHULDIRUUHPXQHUDWLRQIRU'LUHFWRUV.H\0DQDJHULDO3HUVRQQHODQGRWKHU(PSOR\HHV
Y 5HFRPPHQGWRWKH%RDUGDSSRLQWPHQWDQGUHPRYDORI'LUHFWRUV.H\0DQDJHULDO3HUVRQQHODQG6HQLRU0DQDJHPHQW
3HUVRQQHO
YL 'HYLVHD3ROLF\RQ%RDUG'LYHUVLW\
23
b. Policy for appointment, remuneration and removal of Independent Directors, Key Managerial Personnel and
Senior Management:
i. The Nomination and Remuneration Committee will ensure that:
WKHOHYHODQGFRPSRVLWLRQRIUHPXQHUDWLRQLVUHDVRQDEOHDQGVXI±FLHQWWRDWWUDFWUHWDLQDQGPRWLYDWH'LUHFWRUVRIWKH
TXDOLW\UHTXLUHGWRUXQWKHFRPSDQ\VXFFHVVIXOO\
UHODWLRQVKLSRIUHPXQHUDWLRQWRSHUIRUPDQFHLVFOHDUDQGPHHWVDSSURSULDWHSHUIRUPDQFHEHQFKPDUNVDQG
UHPXQHUDWLRQ WR :KROHWLPH 'LUHFWRUV .H\ 0DQDJHULDO 3HUVRQQHO DQG 6HQLRU 0DQDJHPHQW 3HUVRQQHO LQYROYHV D
EDODQFHEHWZHHQ±[HGDQGLQFHQWLYHSD\UH²HFWLQJVKRUWDQGORQJWHUPSHUIRUPDQFHREMHFWLYHVDSSURSULDWHWRWKH
ZRUNLQJRIWKH&RPSDQ\DQGLWVJRDOV
LL $SSRLQWPHQWFULWHULDDQGTXDOL±FDWLRQV
WKH&RPPLWWHHVKDOOLGHQWLI\DQGDVFHUWDLQWKHLQWHJULW\TXDOL±FDWLRQH[SHUWLVHDQGH[SHULHQFHRIWKHSHUVRQIRU
DSSRLQWPHQWDV'LUHFWRU.H\0DQDJHULDO3HUVRQQHORUDW6HQLRU0DQDJHPHQWOHYHODQGUHFRPPHQGWRWKH%RDUG
KLVKHUDSSRLQWPHQW
WKHFDQGLGDWHVKDOOSRVVHVVDGHTXDWHTXDOL±FDWLRQH[SHUWLVHDQGH[SHULHQFHIRUWKHSRVLWLRQKHVKHLVFRQVLGHUHG
IRUDSSRLQWPHQW7KH&RPPLWWHHKDVGLVFUHWLRQWRGHFLGHZKHWKHUTXDOL±FDWLRQH[SHUWLVHDQGH[SHULHQFHSRVVHVVHG
E\DSHUVRQLVVXI±FLHQWVDWLVIDFWRU\IRUWKHFRQFHUQHGSRVLWLRQ
7KH DSSRLQWPHQW RI DQ\ :KROHWLPH 'LUHFWRU .H\ 0DQDJHULDO 3HUVRQQHO 6HQLRU 0DQDJHPHQW VKDOO DOVR EH
JRYHUQHGE\WKHSUHYDLOLQJHPSOR\PHQWSROLFLHVRIWKH&RPSDQ\
iii. Term / Tenure:
0DQDJLQJ'LUHFWRU:KROHWLPH'LUHFWRU
¾ 7KH&RPSDQ\PD\DSSRLQWRUUHDSSRLQWDSHUVRQDVLWV([HFXWLYH&KDLUPDQ0DQDJLQJ'LUHFWRURU([HFXWLYH
'LUHFWRUIRUDWHUPQRWH[FHHGLQJ±YH\HDUVDWDWLPH1RUHDSSRLQWPHQWVKDOOEHPDGHHDUOLHUWKDQRQH\HDU
EHIRUHWKHH[SLU\RIWHUP
,QGHSHQGHQW'LUHFWRU
¾ $Q,QGHSHQGHQW'LUHFWRUVKDOOKROGRI±FHIRUDWHUPXSWR±YHFRQVHFXWLYH\HDUVRQWKH%RDUGRIWKH&RPSDQ\
DQG ZLOO EH HOLJLEOH IRU UHDSSRLQWPHQW IRU DQRWKHU WHUP XS WR FRQVHFXWLYH \HDUV RQ SDVVLQJ RI D VSHFLDO
UHVROXWLRQE\WKH&RPSDQ\DQGGLVFORVXUHRIVXFKDSSRLQWPHQWLQWKH%RDUGªV5HSRUW
¾ 1R,QGHSHQGHQW'LUHFWRUVKDOOKROGRI±FHIRUPRUHWKDQWZRFRQVHFXWLYHWHUPVEXWVXFK,QGHSHQGHQW'LUHFWRU
VKDOOEHHOLJLEOHIRUDSSRLQWPHQWDIWHUH[SLU\RIWKUHH\HDUVRIFHDVLQJWREHFRPHDQ,QGHSHQGHQW'LUHFWRU
3URYLGHGWKDWDQ,QGHSHQGHQW'LUHFWRUVKDOOQRWGXULQJWKHVDLGSHULRGRIWKUHH\HDUVEHDSSRLQWHGLQRUEH
DVVRFLDWHGZLWKWKH&RPSDQ\LQDQ\RWKHUFDSDFLW\HLWKHUGLUHFWO\RULQGLUHFWO\
¾ $W WKH WLPH RI DSSRLQWPHQW RI ,QGHSHQGHQW 'LUHFWRU LW VKRXOG EH HQVXUHG WKDW QXPEHU RI %RDUGV RQ ZKLFK
VXFK,QGHSHQGHQW'LUHFWRUVHUYHVLVUHVWULFWHGWRVHYHQOLVWHGFRPSDQLHVDVDQ,QGHSHQGHQW'LUHFWRUDQGWKUHH
OLVWHGFRPSDQLHVDVDQ,QGHSHQGHQW'LUHFWRULQFDVHVXFKSHUVRQLVVHUYLQJDVD:KROHWLPH'LUHFWRURIDOLVWHG
FRPSDQ\RUVXFKRWKHUQXPEHUDVPD\EHSUHVFULEHGXQGHUWKH$FWDQG/LVWLQJ$JUHHPHQW)RUWKLVSXUSRVHWKH
,QGHSHQGHQW'LUHFWRUVVKDOOVXEPLWDGHFODUDWLRQLQWKLVUHJDUGDQGWKH&RPPLWWHH%RDUGVKDOOUHO\RQVXFK
declaration.
iv. Evaluation:
7KH&RPPLWWHHVKDOOFDUU\RXWWKHHYDOXDWLRQRISHUIRUPDQFHRI,QGHSHQGHQW'LUHFWRUV.H\0DQDJHULDO3HUVRQQHO6HQLRU
0DQDJHPHQW3HUVRQQHODQGWKH%RDUGDVDZKROHDWUHJXODULQWHUYDO \HDUO\
v. Removal:
'XHWRUHDVRQVIRUDQ\GLVTXDOL±FDWLRQPHQWLRQHGLQWKH$FWRUXQGHUDQ\RWKHUDSSOLFDEOH$FW5XOHVDQG5HJXODWLRQV
WKHUHXQGHURUIRUVXFKRWKHUFRPSHOOLQJUHDVRQVWKH&RPPLWWHHPD\UHFRPPHQGWRWKH%RDUGZLWKUHDVRQVUHFRUGHGLQ
ZULWLQJUHPRYDORIDQ,QGHSHQGHQW'LUHFWRU.H\0DQDJHULDO3HUVRQQHORU6HQLRU0DQDJHPHQW3HUVRQQHOVXEMHFWWRWKH
SURYLVLRQVDQGFRPSOLDQFHRIWKH$FW5XOHVDQG5HJXODWLRQVDQGDSSOLFDEOHSROLFLHVRIWKH&RPSDQ\
vi. Retirement:
7KH,QGHSHQGHQW'LUHFWRUVVKDOOQRWEHOLDEOHWRUHWLUHE\URWDWLRQ7KHRWKHU'LUHFWRUV.H\0DQDJHULDO3HUVRQQHODQG6HQLRU
0DQDJHPHQW3HUVRQQHOVKDOOUHWLUHDVSHUWKHDSSOLFDEOHSURYLVLRQVRIWKH$FWDQGSUHYDLOLQJSROLFLHVRIWKH&RPSDQ\

c. Policy relating to the Remuneration for the Whole-time Director, Key Managerial Personnel and Senior
Management Personnel:
i. General:
:KLOH GHWHUPLQLQJ WKH UHPXQHUDWLRQ FRPSHQVDWLRQ EHQH±WV HWF WR WKH :KROHWLPH 'LUHFWRUV .H\ 0DQDJHULDO
3HUVRQQHODQG6HQLRU0DQDJHPHQW3HUVRQQHOWKH&RPPLWWHHVKDOONHHSLQPLQGIROORZLQJFULWHULD
¾ 7KDWWKHUHPXQHUDWLRQLVDOLJQHGZLWKPDUNHWZKHQFRPSDUHGWRUHOHYDQWSHHUFRPSDQLHV
¾ 7KDWWKHUHPXQHUDWLRQLVDSSURSULDWHIRUWKH&RPSDQ\DVLWH[LVWVWRGD\EXWDQWLFLSDWHVIXWXUHEXVLQHVVQHHGV
¾ 3KLORVRSKLFDOO\FRQVLVWHQWDURXQG3±]HUªVJOREDOSROLFLHVEXWORFDOO\DQGFXOWXUDOO\DSSURSULDWH
¾ 8QGHUVWDQGDEOHDQGYDOXDEOHWRWKHWDOHQWWKH&RPSDQ\ZLVKHVWRDWWUDFWPRWLYDWHHQJDJHDQGUHWDLQ
¾ 6LPSOHDQGFRVWHIIHFWLYHIRUWKH&RPSDQ\WRFRPPXQLFDWHPDLQWDLQDQGDGPLQLVWHU
¾ 6HOHFWHGSRVLWLRQVPD\EHSDLGKLJKHUUHPXQHUDWLRQWKDQPDUNHWDOLJQHGSHHUJURXSUHPXQHUDWLRQDQG
¾ +LJKHUUHPXQHUDWLRQPD\EHFRQVLGHUHGIRUWKHSXUSRVHRIUHWHQWLRQRIWDOHQW
7KH UHPXQHUDWLRQ FRPSHQVDWLRQ EHQH±WV HWF RI :KROHWLPH 'LUHFWRUV VKDOO EH VXEMHFW WR WKH DSSURYDO RI WKH
VKDUHKROGHUVRIWKH&RPSDQ\DQG&HQWUDO*RYHUQPHQWZKHUHYHUUHTXLUHG
ii. ,QFUHPHQWVWRWKHH[LVWLQJUHPXQHUDWLRQFRPSHQVDWLRQEHQH±WVWUXFWXUHRI:KROHWLPH'LUHFWRUVZLOOEHUHFRPPHQGHG
E\WKH&RPPLWWHHWRWKH%RDUGVXEMHFWWRWKHPD[LPXPOLPLWVDSSURYHGE\WKH6KDUHKROGHUV
iii. Remuneration to Whole-time / Managing Director, Key Managerial Personnel and Senior Management
Personnel:
7KH &RPPLWWHH VKDOO HQVXUH WKDW 5HPXQHUDWLRQ WR :KROHWLPH 'LUHFWRUV .H\ 0DQDJHULDO 3HUVRQQHO DQG 6HQLRU
0DQDJHPHQW 3HUVRQQHO KDV D EDODQFH EHWZHHQ ±[HG DQG YDULDEOH LQFHQWLYH SD\ UH²HFWLQJ VKRUW DQG ORQJ WHUP
SHUIRUPDQFHREMHFWLYHVDSSURSULDWHWRWKHZRUNLQJRIWKH&RPSDQ\DQGLWVJRDOV7KHFRPSRQHQWVRIUHPXQHUDWLRQ
FRQVLVWRIDQQXDOJXDUDQWHHGFDVKFRPSULVLQJRIEDVLFVDODU\DGKRFVSHFLDODOORZDQFH+RXVH5HQW$OORZDQFHHWF
9DULDEOHFRPSRQHQWFRQVLVWVRIERQXVSHUIRUPDQFHOLQNHGLQFHQWLYHVEDVHGRQWKHSHUIRUPDQFHRIWKH&RPSDQ\
DQG SHUIRUPDQFH RI HDFK 'LUHFWRU .H\ 0DQDJHULDO 3HUVRQQHO 6HQLRU 0DQDJHPHQW 3HUVRQQHO 7KH :KROHWLPH
'LUHFWRUV .H\ 0DQDJHULDO 3HUVRQQHO 6HQLRU 0DQDJHPHQW 3HUVRQQHO DUH DOVR HOLJLEOH IRU /RQJ 7HUP ,QFHQWLYHV
JUDQWHG E\ WKH 3DUHQW &RPSDQ\ 3±]HU ,QF 86$ LQ WKH IRUP RI 6WRFN 2SWLRQV DQG 5HVWULFWHG 6WRFN 8QLWV 7KH
TXDQWXPRISHUTXLVLWHVLQFOXGHVHPSOR\HUªVFRQWULEXWLRQWR3URYLGHQW)XQG0HGLFDO5HLPEXUVHPHQW([SHQVHV/HDYH
7UDYHO$VVLVWDQFH&DU&RQYH\DQFH$OORZDQFHHWF
iv. Remuneration to Non-Executive / Independent Directors:
6LWWLQJ)HHV
5HVLGHQW1RQ([HFXWLYH,QGHSHQGHQW'LUHFWRUVVKDOOEHSDLGWKHVLWWLQJIHHVIRUDWWHQGLQJWKHPHHWLQJVRIWKH%RDUG
DQGWKH&RPPLWWHHVRIZKLFKWKH\DUHPHPEHU7KH%RDUGPD\DWLWVGLVFUHWLRQUHYLVHWKHVLWWLQJIHHVSD\DEOHWRWKH
5HVLGHQW1RQ([HFXWLYH,QGHSHQGHQW'LUHFWRUVIURPWLPHWRWLPH3URYLGHGWKDWWKHDPRXQWRIVXFKIHHVVKDOOQRW
H[FHHGWKHOLPLWSUHVFULEHGXQGHUWKH$FW
&RPPLVVLRQ
,Q DGGLWLRQ WR WKH VLWWLQJ IHHV 5HVLGHQW 1RQ([HFXWLYH ,QGHSHQGHQW 'LUHFWRUV PD\ DOVR EH SDLG D &RPPLVVLRQ
DV PD\ EH GHWHUPLQHG E\ WKH %RDUG DV UHFRPPHQGHG E\ WKH 1RPLQDWLRQ DQG 5HPXQHUDWLRQ &RPPLWWHH DIWHU
FRQVLGHULQJWKHSHUIRUPDQFHRIWKH&RPSDQ\DQGWKHSHUIRUPDQFHDQGFRQWULEXWLRQRIWKH'LUHFWRUVDVHYDOXDWHG
E\WKH%RDUGVXEMHFWWRWKHOLPLWQRWH[FHHGLQJRIWKHSUR±WVRIWKH&RPSDQ\FRPSXWHGDVSHUWKHDSSOLFDEOH
SURYLVLRQVRIWKH$FWDQGVXEMHFWWRDSSURYDORI6KDUHKROGHUV
6WRFN2SWLRQV
,QGHSHQGHQW'LUHFWRUVVKDOOQRWEHHQWLWOHGWRDQ\VWRFNRSWLRQVRIWKH&RPSDQ\RULWV3DUHQW&RPSDQ\
5. OTHERS:
&ODXVHVZLWKUHVSHFWWRWKH0HPEHUVKLSDQG7HUP&KDLUSHUVRQ)UHTXHQF\RI0HHWLQJV1RPLQDWLRQDQG5HPXQHUDWLRQ'XWLHVDQG
RWKHUDGPLQLVWUDWLYHIXQFWLRQVRIWKH&RPPLWWHHVKDOOEHDVSHUWKH1RPLQDWLRQDQG5HPXQHUDWLRQ&KDUWHURIWKH&RPSDQ\
6. REVIEW OF THE POLICY:
7KH&RPPLWWHHZLOOGLVFXVVDQ\UHYLVLRQVWKDWPD\EHUHTXLUHGDQGUHFRPPHQGDQ\VXFKSURYLVLRQVWRWKH%RDUGIRUFRQVLGHUDWLRQ
DQGDSSURYDO
{{{
25
Annexure - C
Form AOC-2 - Material Related Party Transactions
[Pursuant to Clause (h) of Sub-section (3) of Section 134 of the Act and Rule 8 (2) of the Companies (Accounts) Rules, 2014]
)RUPIRUGLVFORVXUHRISDUWLFXODUVRIFRQWUDFWVDUUDQJHPHQWVHQWHUHGLQWRE\WKH&RPSDQ\ZLWKUHODWHGSDUWLHVUHIHUUHGWRLQ6XEVHFWLRQ
RI6HFWLRQRIWKH&RPSDQLHV$FWLQFOXGLQJFHUWDLQDUPªVOHQJWKWUDQVDFWLRQVXQGHUWKLUGSURYLVRWKHUHWR
i. Details of contracts or arrangements or transactions not at arm’s length basis:
7KHUHZHUHQRFRQWUDFWVRUDUUDQJHPHQWVRUWUDQVDFWLRQVHQWHUHGLQWRGXULQJWKH\HDUHQGHGst March, 2015, which were not at
DUPªVOHQJWKEDVLV
ii. Details of material contracts or arrangement or transactions at arm’s length basis:
7KHGHWDLOVRIPDWHULDOFRQWUDFWVRUDUUDQJHPHQWRUWUDQVDFWLRQVDWDUPªVOHQJWKEDVLVIRUWKH\HDUHQGHGst March, 2015 are as
IROORZV
Sr. Name of the Related Nature of Transaction Duration Salient Terms Amount
No. Party and Relationship (` in Lakhs)
1 3±]HU,QF86$ 6HUYLFH,QFRPH 445.56
2Q DUPªV OHQJWK EDVLV
8OWLPDWH+ROGLQJ 5HFRYHU\RIH[SHQVHV 102.16
2QJRLQJ DQG LQ RUGLQDU\ FRXUVH
&RPSDQ\ 5R\DOW\H[SHQVH 36.59
RIEXVLQHVV
5HLPEXUVHPHQWRIH[SHQVHV 293.61
2 3±]HU3URGXFWV,QGLD 6HUYLFH,QFRPH 2Q DUPªV OHQJWK EDVLV 1,480.06
Private Limited, India 5HFRYHU\RIH[SHQVHV 2QJRLQJ DQG LQ RUGLQDU\ FRXUVH 611.83
)HOORZ6XEVLGLDU\ 5HLPEXUVHPHQWRIH[SHQVHV RIEXVLQHVV 11.91
3 3±]HU'HYHORSPHQW 6HUYLFH,QFRPH 2QJRLQJ 2Q DUPªV OHQJWK EDVLV 630.33
LP, UK DQG LQ RUGLQDU\ FRXUVH
)HOORZ6XEVLGLDU\ RIEXVLQHVV
4 3±]HU([SRUW&RPSDQ\ 3XUFKDVHRI6WRFNLQ7UDGH 2Q DUPªV OHQJWK EDVLV 24,316.29
Ireland 3XUFKDVHRI5DZ%XONPDWHULDOV 2QJRLQJ DQG LQ RUGLQDU\ FRXUVH 6,684.00
5 3±]HU6LQJDSRUH 3XUFKDVHRI6WRFNLQ7UDGH 2QJRLQJ 2Q DUPªV OHQJWK EDVLV 3,679.26
Trading Pte Limited, DQG LQ RUGLQDU\ FRXUVH
(Belgium Branch) RIEXVLQHVV
)HOORZ6XEVLGLDU\
6 3±]HU,QWHUQDWLRQDO 5HFRYHU\RIH[SHQVHV 2QJRLQJ 2Q DUPªV OHQJWK EDVLV 175.50
LLC, USA DQG LQ RUGLQDU\ FRXUVH
7 3±]HU&RUSRUDWLRQ 5HFRYHU\RIH[SHQVHV 2QJRLQJ 2Q DUPªV OHQJWK EDVLV 135.52
Hongkong Limited DQG LQ RUGLQDU\ FRXUVH
8 3±]HU3ULYDWH/LPLWHG 5HLPEXUVHPHQWRIH[SHQVHV 2QJRLQJ 2Q DUPªV OHQJWK EDVLV 223.63
Singapore DQG LQ RUGLQDU\ FRXUVH
9 3±]HU$VLD 5HLPEXUVHPHQWRIH[SHQVHV 2QJRLQJ 2Q DUPªV OHQJWK EDVLV 166.55
Manufacturing Pte Ltd. DQG LQ RUGLQDU\ FRXUVH
10 3±]HU3KDUPDFHXWLFDOV 5HLPEXUVHPHQWRIH[SHQVHV 2QJRLQJ 2Q DUPªV OHQJWK EDVLV 113.77
Korea Limited DQG LQ RUGLQDU\ FRXUVH
11 3±]HU*OREDO7UDGLQJ 3XUFKDVHRI6WRFNLQ7UDGH 2QJRLQJ 2Q DUPªV OHQJWK EDVLV 242.15
Ireland DQG LQ RUGLQDU\ FRXUVH
$SSURSULDWH DSSURYDOV KDYH EHHQ WDNHQ IRU UHODWHG SDUW\ WUDQVDFWLRQV :LWK UHVSHFW WR 6U 1R %RDUG DSSURYDOV ZDV WDNHQ RQ
9th2FWREHU1RDGYDQFHVKDYHEHHQSDLGRUUHFHLYHGDJDLQVWWKHWUDQVDFWLRQVPHQWLRQHGDERYH
R.A. Shah
0XPEDLth 0D\ Chairman

Annexure - D
Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo
INFORMATION UNDER SECTION 134 OF THE COMPANIES ACT, 2013 READ WITH RULE 8 OF THE COMPANIES
(ACCOUNTS) RULES, 2014 AND FORMING PART OF BOARD’S REPORT FOR THE YEAR ENDED 31st MARCH, 2015
A. CONSERVATION OF ENERGY:
a) Energy Conservation measures taken:
(OLPLQDWLRQRI)XUQDFH2LO )2 XVDJHIRU+HDWLQJ9HQWLODWLRQDQG$LU&RQGLWLRQLQJ +9$& RSHUDWLRQWKURXJK6SHFL±F
(QHUJ\&RQVHUYDWLRQ0HDVXUHV
&RPSOHWHGWKHIROORZLQJFRVWVDYLQJSURMHFWV
L 5HSODFHPHQWRIVWHDPRSHUDWHG9DSRU$EVRUSWLRQ0DFKLQH 9$0 ZLWK(OHFWULF6FUHZ&KLOOHUV
LL (OHFWUL±FDWLRQRI)OXLG%HGSURFHVVRUVWRDYRLG)2JHQHUDWHGVWHDPDVKHDWVRXUFH
LLL ,QWURGXFWLRQRIHOHFWULFDOVDQLWL]DWLRQIRUZDWHUV\VWHPWRDYRLGXVDJHRI)2JHQHUDWHGVWHDP
E Impact of measures taken:

i. Reduction of annual furnace oil consumption.
LL 5HGXFWLRQLQFDUERQHPLVVLRQ
c) Steps taken for utilizing alternate sources of energy:

L (OHFWUL±FDWLRQRI)OXLG%HG3URFHVVRUVWRDYRLG)2JHQHUDWHGVWHDPDVKHDWVRXUFH
LL ,QWURGXFWLRQRIHOHFWULFDOVDQLWL]DWLRQIRUZDWHUV\VWHPWRDYRLGXVDJHRI)2JHQHUDWHGVWHDP
d) Capital investment on energy conservation equipments:

`/DNKVIRULQVWDOODWLRQRIQHZJHQHUDWLRQ(OHFWULFDOVFUHZFKLOOHU75FDSDFLW\WRFRYHUXS+9$&UHTXLUHPHQWRIWKH
Goa plant.
B. TECHNOLOGY ABSORPTION:
Research and Development (R & D):
(IIRUWVLQEULHIPDGHWRZDUGVWHFKQRORJ\DEVRUSWLRQ
D 7KH &RPSDQ\ RQ DQ RQJRLQJ EDVLV LQWHUDFWV ZLWK WKH 3DUHQW &RPSDQ\ IRU WHFKQLFDO H[SHUWLVH IRU SKDUPDFHXWLFDO
IRUPXODWLRQV7KH&RPSDQ\DOVRSXWVHPSKDVLVRQLQQRYDWLRQLQLWVRSHUDWLRQV
%HQH±WVGHULYHGDVDUHVXOWRIWKHDERYHHIIRUWV
7KH&RPSDQ\KDVEHQH±WHGVXEVWDQWLDOO\DVDUHVXOWRIWKHHPSKDVLVRQLQQRYDWLRQ5HGXFWLRQLQHQHUJ\FRQVXPSWLRQDQG
LPSURYHPHQWLQSURGXFWTXDOLW\DUHVRPHRIWKHEHQH±WVDFKLHYHGGXULQJWKH\HDUXQGHUUHYLHZ
,PSRUWHGWHFKQRORJ\ LPSRUWHGGXULQJWKHODVW\HDUVUHFNRQHGIURPWKHEHJLQQLQJRIWKH±QDQFLDO\HDU

D 7KHGHWDLOVRIWHFKQRORJ\LPSRUWHG1LO
E 7KH\HDURILPSRUW1RWDSSOLFDEOH
F :KHWKHUWKHWHFKQRORJ\EHHQIXOO\DEVRUEHG1RWDSSOLFDEOH
G ,IQRWIXOO\DEVRUEHGDUHDVZKHUHDEVRUSWLRQKDVQRWWDNHQSODFHDQGUHDVRQVWKHUHRI1RWDSSOLFDEOH
$VPHQWLRQHGLQ ZHFRQWLQXHWRUHFHLYHWHFKQRORJ\SURFHVVNQRZKRZDQGWHFKQLFDODVVLVWDQFHIURPWLPHWRWLPHIURPWKH
3DUHQW&RPSDQ\
27
([SHQGLWXUHRQ5HVHDUFKDQG'HYHORSPHQW `,Q/DNKV
(i) Capital -
LL 5HYHQXH 1,739.86
(iii) Total 1,739.86
LY 7RWDO5 'H[SHQGLWXUHDVSHUFHQWDJHRIWRWDOWXUQRYHU 1%
C. FOREIGN EXCHANGE EARNINGS AND OUTGO:

'XULQJWKHSHULRGXQGHUUHYLHZ
D )RUHLJQH[FKDQJHHDUQLQJVE\WKH&RPSDQ\ZDV`/DNKV
E )RUHLJQ H[FKDQJH H[SHQGLWXUH ZKLFK LQFOXGHV LPSRUW RI UDZ PDWHULDOV DQG JRRGV IRU UHVDOH VHUYLFH FKDUJHV HWF ZDV
`/DNKV
R.A. Shah
0XPEDLth0D\ Chairman

Annexure - E
Particulars of Employees
PARTICULARS OF EMPLOYEES PURSUANT TO SECTION 134(3)(q) OF THE COMPANIES ACT, 2013 READ WITH RULE 5(1)
OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014
Sr. Requirement under Rule 5(1) Details

No.
1. 5DWLRRIWKHUHPXQHUDWLRQRIHDFKH[HFXWLYH 0U$LMD]7REDFFRZDOOD0DQDJLQJ'LUHFWRU
Director to the median remuneration of the
0U66ULGKDU([HFXWLYH'LUHFWRU)LQDQFHDQG'LVWULEXWLRQ &)2
HPSOR\HHVRIWKH&RPSDQ\IRUWKH)LQDQFLDO
Year. 0U9LYHN'KDULZDO([HFXWLYH'LUHFWRU7HFKQLFDO2SHUDWLRQV
'U/DNVKPL1DGNDUQL([HFXWLYH'LUHFWRU+XPDQ5HVRXUFHV
2. 3HUFHQWDJHLQFUHDVHLQUHPXQHUDWLRQRIHDFK 0U$LMD]7REDFFRZDOOD0DQDJLQJ'LUHFWRU
([HFXWLYH'LUHFWRU&KLHI)LQDQFLDO2I±FHU
0U66ULGKDU([HFXWLYH'LUHFWRU)LQDQFHDQG'LVWULEXWLRQ &)2
&KLHI([HFXWLYH2I±FHU &RPSDQ\6HFUHWDU\
6DODU\RIYV6DODU\RI 0U9LYHN'KDULZDO([HFXWLYH'LUHFWRU7HFKQLFDO2SHUDWLRQV
'U/DNVKPL1DGNDUQL([HFXWLYH'LUHFWRU+XPDQ5HVRXUFHV
0U3UDMHHW1DLU&RPSDQ\6HFUHWDU\
3. 3HUFHQWDJHLQFUHDVHLQWKHPHGLDQ 0HULW,QFUHDVH
UHPXQHUDWLRQRIHPSOR\HHVLQWKH±QDQFLDO
\HDU 9V 7RWDO5HPXQHUDWLRQ LQFOXGLQJVDOHVLQFHQWLYHV
4. 1XPEHURI3HUPDQHQW(PSOR\HHVDVRQ 2,797
31st0DUFKRQWKHUROOVRI&RPSDQ\
5. ([SODQDWLRQRQWKHUHODWLRQVKLSEHWZHHQ 7KH DYHUDJH 0HULW LQFUHDVH RI DOO HPSOR\HHV LV DV FRPSDUHG WR WKH
DYHUDJHLQFUHDVHLQUHPXQHUDWLRQDQG &RPSDQ\SHUIRUPDQFHRIUHYHQXHJURZWK
FRPSDQ\SHUIRUPDQFH
The increase is a factor of performance of the colleagues as well as adjustments
FRQVHTXHQWWRFRPSHQVDWLRQEHQFKPDUNLQJ
6. &RPSDULVRQRIWKHUHPXQHUDWLRQRIWKH.H\ ,QFUHDVHLQUHPXQHUDWLRQRI.033OHDVHUHIHU6U1R DERYH
0DQDJHULDO3HUVRQQHO §.03¨ ,QGLYLGXDOO\
2YHUDOOLQFUHDVHLQUHPXQHUDWLRQRI.H\0DQDJHULDO3HUVRQQHO
DQGWRWDOO\ DJDLQVWWKHSHUIRUPDQFHRIWKH
FRPSDQ\ 7KH&RPSDQ\ªVSHUIRUPDQFHIRUWKH\HDUHQGHGst March, 2015 in terms of
UHYHQXHLV
7. z $YHUDJHSHUFHQWLOHLQFUHDVHPDGHLQWKH 0DQDJHULDO3HUVRQQHO
VDODULHV RI HPSOR\HHV RWKHU WKDQ WKH
2WKHUVPHULWLQFUHDVHDQGRQ7RWDO5HPXQHUDWLRQ LQFOXGLQJVDOHV
managerial personnel in last Financial
LQFHQWLYHV
Year and its comparison with the
percentile increase in the managerial
UHPXQHUDWLRQ DQG MXVWL±FDWLRQ WKHUHRI
DQGSRLQWRXWLIWKHUHDUHDQ\H[FHSWLRQDO
circumstances for increase in the
PDQDJHULDOUHPXQHUDWLRQ
z -XVWL±FDWLRQIRUYDULDWLRQLQWKHDYHUDJH 7KHVDOHLQFHQWLYHVDUHOLQNHGWRVDOHVSHUIRUPDQFH
SHUFHQWLOH LQFUHDVH EHWZHHQ 1RQ
0DQDJHULDO HPSOR\HHV DQG 0DQDJHULDO )RU RWKHU WKDQ 0DQDJHULDO FROOHDJXHV WKH UHPXQHUDWLRQ LQFUHDVH LV EDVHG RQ
HPSOR\HHV SHUIRUPDQFHDQGDGMXVWPHQWVFRQVHTXHQWWRFRPSHQVDWLRQEHQFKPDUNLQJ
8. .H\SDUDPHWHUVIRUDQ\YDULDEOHFRPSRQHQW ,QGLYLGXDO3HUIRUPDQFHDQGEXVLQHVVSHUIRUPDQFH
RIUHPXQHUDWLRQDYDLOHGE\WKH'LUHFWRUV
9. Ratio of the remuneration of the highest paid 1RW$SSOLFDEOH
GLUHFWRUWRWKDWRIWKHHPSOR\HHVZKRDUHQRW
GLUHFWRUVEXWUHFHLYHGUHPXQHUDWLRQLQH[FHVV
RIWKHKLJKHVWSDLGGLUHFWRUGXULQJWKH\HDU
29
Sr. Requirement under Rule 5(1) Details
No.
10. $I±UPDWLRQWKDWWKHUHPXQHUDWLRQLVDVSHU 5HPXQHUDWLRQ LV DV SHU WKH 1RPLQDWLRQ DQG 5HPXQHUDWLRQ 3ROLF\ RI WKH
WKHUHPXQHUDWLRQSROLF\RIWKHFRPSDQ\ &RPSDQ\
11. 9DULDWLRQVLQWKHPDUNHWFDSLWDOL]DWLRQ 7KH PDUNHW FDSLWDOL]DWLRQ DV RQ st March, 2015 was `10,203.35 crores as
against `3,772.70 crores as on 31st March, 2014, showing an increase of 170%.
7KLVLVRQDFFRXQWRILVVXHRIQHZVKDUHVWRWKHVKDUHKROGHUVRIHUVWZKLOH:\HWK
/LPLWHG SXUVXDQW WR LWV DPDOJDPDWLRQ ZLWK WKH &RPSDQ\ DQG LQFUHDVH LQ WKH
market price.
12. 3ULFH HDUQLQJV UDWLR DV DW WKH FORVLQJ RI 3ULFH (DUQLQJV UDWLR RI WKH &RPSDQ\ ZDV DV DW st March, 2015 and
31st March, 2015 and 31st March, 2014. was 17.08 as at 31st0DUFK7KHSULFHHDUQLQJUDWLRLVQRWFRPSDUDEOHRQ
DFFRXQWRIDPDOJDPDWLRQRIHUVWZKLOH:\HWK/LPLWHGZLWKWKH&RPSDQ\
13. 3HUFHQWDJHLQFUHDVHRUGHFUHDVHLQWKHPDUNHW 7KH FORVLQJ SULFH RI WKH &RPSDQ\ªV HTXLW\ VKDUHV RQ WKH 16( DQG %6( DV RI
TXRWDWLRQV RI WKH VKDUHV RI WKH FRPSDQ\ LQ 31st March, 2015 was `2,230.15 and ÙHVSHFWLYHO\7KH&RPSDQ\KDG
FRPSDULVRQWRWKHUDWHDWZKLFKWKHFRPSDQ\ FRPHRXWZLWKODVWSXEOLFRIIHULQ$QDPRXQWRI`LQYHVWHGLQWKH
FDPHRXWZLWKWKHODVWSXEOLFRIIHU VDLGSXEOLFRIIHUZRXOGEHZRUWK`/DNKVDVRQst March, 2015 indicating
D&RPSRXQGHG$QQXDO*URZWK5DWHRI7KLVLVH[FOXGLQJWKHGLYLGHQG
accrued thereon.
R.A. Shah

Annexure - F
Secretarial Audit Report for the Financial Year Ended 31st March 2015
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014]
To,
7KH0HPEHUV
PFIZER LIMITED
3±]HU&HQWUH
3DWHO(VWDWH
2II695RDG-RJHVKZDUL :HVW
0XPEDL
:HKDYHFRQGXFWHGWKH6HFUHWDULDO$XGLWRIWKHFRPSOLDQFHDSSOLFDEOHVWDWXWRU\SURYLVLRQVDQGWKHDGKHUHQFHWRJRRGFRUSRUDWHSUDFWLFHV
E\3±]HU/LPLWHG KHUHLQDIWHUFDOOHGWKH&RPSDQ\ 6HFUHWDULDO$XGLWZDVFRQGXFWHGLQDPDQQHUWKDWSURYLGHGXVDUHDVRQDEOHEDVLVIRU
HYDOXDWLQJWKHFRUSRUDWHFRQGXFWVVWDWXWRU\FRPSOLDQFHVDQGH[SUHVVLQJRXURSLQLRQWKHUHRQ
%DVHGRQRXUYHUL±FDWLRQRIWKH&RPSDQ\ªVERRNVSDSHUVPLQXWHERRNVIRUPVDQGUHWXUQV±OHGDQGRWKHUUHFRUGVPDLQWDLQHGE\WKH
&RPSDQ\DQGDOVRWKHLQIRUPDWLRQSURYLGHGE\WKH&RPSDQ\LWVRI±FHUVDJHQWVDQGDXWKRUL]HGUHSUHVHQWDWLYHVGXULQJWKHFRQGXFWRI
VHFUHWDULDODXGLWZHKHUHE\UHSRUWWKDWLQRXURSLQLRQWKH&RPSDQ\KDVGXULQJWKHDXGLWSHULRGFRYHULQJWKH±QDQFLDO\HDUHQGHGRQ
31st0DUFKFRPSOLHGZLWKWKHVWDWXWRU\SURYLVLRQVOLVWHGKHUHXQGHUDQGDOVRWKDWWKH&RPSDQ\KDVSURSHU%RDUGSURFHVVHVDQG
FRPSOLDQFHPHFKDQLVPLQSODFHWRWKHH[WHQWLQWKHPDQQHUDQGVXEMHFWWRWKHUHSRUWLQJPDGHKHUHLQDIWHU
:H KDYH H[DPLQHG WKH ERRNV SDSHUV PLQXWH ERRNV IRUPV DQG UHWXUQV ±OHG DQG RWKHU UHFRUGV PDLQWDLQHG E\ WKH &RPSDQ\ IRU WKH
±QDQFLDO\HDUHQGHGRQst0DUFKDFFRUGLQJWRWKHSURYLVLRQVRI
L 7KH&RPSDQLHV$FW WKH$FW DQGWKHUXOHVPDGHWKHUHXQGHU
LL 7KH6HFXULWLHV&RQWUDFWV 5HJXODWLRQ $FW ©6&5$ª DQGWKHUXOHVPDGHWKHUHXQGHU
LLL 7KH'HSRVLWRULHV$FWDQGWKH5HJXODWLRQVDQG%\HODZIUDPHGWKHUHXQGHU
LY )RUHLJQ([FKDQJH0DQDJHPHQW$FWDQGWKHUXOHVDQGUHJXODWLRQVPDGHWKHUHXQGHUWRWKHH[WHQWRI)RUHLJQ'LUHFW,QYHVWPHQW
DQG2YHUVHDV'LUHFW,QYHVWPHQW
Y 7KHIROORZLQJ5HJXODWLRQVDQG*XLGHOLQHVSUHVFULEHGXQGHUWKH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD$FW ©6(%,$FWª
L 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD 6XEVWDQWLDO$FTXLVLWLRQRI6KDUHVDQG7DNHRYHUV 5HJXODWLRQV
LL 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD 3URKLELWLRQRI,QVLGHU7UDGLQJ 5HJXODWLRQV
LLL 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD 5HJLVWUDUVWRDQ,VVXHDQG6KDUH7UDQVIHU$JHQWV 5HJXODWLRQVUHJDUGLQJWKH
&RPSDQLHV$FWDQGGHDOLQJZLWKFOLHQW
7KH&RPSDQ\KDVIXUWKHUFRPSOLHGZLWKEHORZPHQWLRQHGODZVZKLFKDUHVSHFL±FDOO\DSSOLFDEOHWRWKH&RPSDQ\DVLWLVLQWKH
EXVLQHVVRIGUXJVDQGSKDUPDFHXWLFDOV
i. Drugs and Cosmetics Act, 1940
LL 'UXJVDQG0DJLF5HPHGLHV 2EMHFWLRQDEOH$GYHUWLVHPHQW $FW
LLL 'UXJV3ULFLQJ&RQWURO2UGHU
LY 3KDUPDF\$FW
Y 1DUFRWLF'UXJVDQG3V\FKRWURSLF6XEVWDQFHV$FW
)ROORZLQJODZVZHUHQRWDSSOLFDEOHWRWKH&RPSDQ\GXULQJWKH$XGLWSHULRG
L 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD 'HOLVWLQJRI(TXLW\6KDUHV 5HJXODWLRQV
LL 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD %X\EDFNRI6HFXULWLHV 5HJXODWLRQV
LLL 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD ,VVXHRI&DSLWDODQG'LVFORVXUH5HTXLUHPHQWV 5HJXODWLRQV
LY 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD (PSOR\HH6WRFN2SWLRQ6FKHPHDQG(PSOR\HH6WRFN3XUFKDVH6FKHPH *XLGHOLQHV

Y 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD ,VVXHDQG/LVWLQJRI'HEW6HFXULWLHV 5HJXODWLRQV
31
:HKDYHDOVRH[DPLQHGFRPSOLDQFHZLWKWKHIROORZLQJ
L 6HFUHWDULDO6WDQGDUGVLVVXHGE\WKH,QVWLWXWHRI&RPSDQ\6HFUHWDULHVRI,QGLD 1RWDSSOLFDEOHGXULQJWKH\HDU
LL /LVWLQJ$JUHHPHQWVHQWHUHGLQWRE\WKH&RPSDQ\ZLWK%6(/LPLWHGDQG1DWLRQDO6WRFN([FKDQJHRI,QGLD/LPLWHG
'XULQJWKHSHULRGXQGHUUHYLHZWKH&RPSDQ\KDVFRPSOLHGZLWKWKHSURYLVLRQVRIWKH$FW5XOHV5HJXODWLRQV*XLGHOLQHV6WDQGDUGVHWF
DVPHQWLRQHGDERYH
:HIXUWKHUUHSRUWWKDWWKH%RDUGRIWKH&RPSDQ\LVGXO\FRQVWLWXWHGZLWKSURSHUEDODQFHRI([HFXWLYH'LUHFWRUV1RQ([HFXWLYH'LUHFWRUV
DQG,QGHSHQGHQW'LUHFWRUV7KHFKDQJHVLQWKHFRPSRVLWLRQRIWKH%RDUGRI'LUHFWRUVWKDWWRRNSODFHGXULQJWKHSHULRGXQGHUUHYLHZZHUH
FDUULHGRXWLQFRPSOLDQFHZLWKWKHSURYLVLRQVRIWKH$FW
$GHTXDWHQRWLFHLVJLYHQWRDOOGLUHFWRUVWRVFKHGXOHWKH%RDUG0HHWLQJVDJHQGDDQGGHWDLOHGQRWHVRQDJHQGDZHUHVHQWZHOOLQDGYDQFH
DQGDV\VWHPH[LVWVIRUVHHNLQJDQGREWDLQLQJIXUWKHULQIRUPDWLRQDQGFODUL±FDWLRQVRQWKHDJHQGDLWHPVEHIRUHWKHPHHWLQJDQGIRU
meaningful participation at the meeting.
0DMRULW\GHFLVLRQVZHUHFDUULHGWKURXJKXQDQLPRXVO\DVUHFRUGHGLQWKHPLQXWHVRIWKHPHHWLQJVRIWKH%RDUGRI'LUHFWRUVRU&RPPLWWHHV
RIWKH%RDUGDVWKHFDVHPD\EH
:HIXUWKHUUHSRUWWKDWWKHUHDUHDGHTXDWHV\VWHPVDQGSURFHVVHVLQWKHFRPSDQ\FRPPHQVXUDWHZLWKWKHVL]HDQGRSHUDWLRQVRIWKH
FRPSDQ\WRPRQLWRUDQGHQVXUHFRPSOLDQFHZLWKDSSOLFDEOHODZVUXOHVUHJXODWLRQVDQGJXLGHOLQHV
:HIXUWKHUUHSRUWWKDWDVFKHPHRIDPDOJDPDWLRQ WKH6FKHPH XQGHUVHFWLRQVWRRIWKH&RPSDQLHV$FWEHWZHHQ:\HWK
/LPLWHGDQGWKH&RPSDQ\DQGWKHLUUHVSHFWLYHVKDUHKROGHUVDQGFUHGLWRUVZLWK$SULODVWKHDSSRLQWHGGDWHKDVEHHQDSSURYHG
E\WKH+RQªEOH+LJK&RXUWRI-XGLFDWXUHDW0XPEDLYLGHLWVRUGHUGDWHG2FWREHU8SRQQHFHVVDU\±OLQJZLWKWKH5HJLVWUDURI
&RPSDQLHV0XPEDL0DKDUDVKWUDWKH6FKHPHKDVEHFRPHHIIHFWLYHRQ'HFHPEHUDQGWKHHIIHFWWKHUHRIKDVEHHQJLYHQLQ
these accounts.
&RQVHTXHQWO\LQUHVSHFWRIWKHDPDOJDPDWLRQRI:\HWK/LPLWHGZLWKWKH&RPSDQ\¥
D ,QWHUPVRIWKH6FKHPHWKHHQWLUHEXVLQHVVDQGWKHZKROHRIWKHXQGHUWDNLQJRI:\HWK/LPLWHGDVDJRLQJFRQFHUQLQFOXGLQJDOO
IUHHKROGDQGOHDVHKROGODQGVWDQGVWUDQVIHUUHGWRDQGYHVWHGLQWKH&RPSDQ\ZLWKHIIHFWIURP$SULOEHLQJWKH$SSRLQWHG
Date.
E ,QFRQVLGHUDWLRQRIWKHDPDOJDPDWLRQRI:\HWK/LPLWHGZLWKWKH&RPSDQ\WKH&RPSDQ\KDGLVVXHGQHZHTXLW\VKDUHV
of `HDFKWRWKHVKDUHKROGHUVRI:\HWK/LPLWHGDJJUHJDWLQJWR`LQWKHUDWLRRI VHYHQ HTXLW\VKDUHVRI`10
5XSHHV7HQRQO\ HDFKFUHGLWHGDVIXOO\SDLGXSRIWKH&RPSDQ\IRUHYHU\ WHQ HTXLW\VKDUHVRI` 5XSHHV7HQRQO\ HDFK
IXOO\SDLGXSKHOGLQ:\HWK/LPLWHG
:HIXUWKHUUHSRUWWKDWGXULQJWKHDXGLWSHULRGQRQHRIWKHIROORZLQJHYHQWVKDVWDNHQSODFH
, 3XEOLF5LJKWV3UHIHUHQWLDO,VVXHRI6KDUHV'HEHQWXUHV6ZHDWHTXLW\HWF
,, 5HGHPSWLRQEX\EDFNRIVHFXULWLHV
,,, )RUHLJQ7HFKQLFDO&ROODERUDWLRQV
Saraf and Associates

3UDFWLVLQJ&RPSDQ\6HFUHWDULHV
K. G. Saraf
3ODFH 0XPEDL 3URSULHWRU
'DWH th0D\ )&6&3
1RWH7KLVUHSRUWLVWREHUHDGZLWKRXUOHWWHURIHYHQGDWHZKLFKLVDQQH[HGDV©$11(;85(ªDQGIRUPVDQLQWHJUDOSDUWRIWKLVUHSRUW

‘ANNEXURE’
To,
7KH0HPEHUV
PFIZER LIMITED
3±]HU&HQWUH
3DWHO(VWDWH
2II695RDG-RJHVKZDUL :HVW
0XPEDL
2XUUHSRUWRIHYHQGDWHLVWREHUHDGDORQJZLWKWKLVOHWWHU
0DLQWHQDQFH RI VHFUHWDULDO UHFRUG LV WKH UHVSRQVLELOLW\ RI WKH PDQDJHPHQW RI WKH &RPSDQ\ 2XU UHVSRQVLELOLW\ LV WR H[SUHVV DQ
RSLQLRQRQWKHVHVHFUHWDULDOUHFRUGVEDVHGRQRXUDXGLW
:HKDYHIROORZHGWKHDXGLWSUDFWLFHVDQGSURFHVVHVDVZHUHDSSURSULDWHWRREWDLQUHDVRQDEOHDVVXUDQFHDERXWWKHFRUUHFWQHVVRI
WKHFRQWHQWVRIWKH6HFUHWDULDOUHFRUGV7KHYHUL±FDWLRQZDVGRQHRQWHVWEDVLVWRHQVXUHWKDWFRUUHFWIDFWVDUHUH²HFWHGLQVHFUHWDULDO
UHFRUGV:HEHOLHYHWKDWWKHSURFHVVHVDQGSUDFWLFHVZHIROORZHGSURYLGHDUHDVRQDEOHEDVLVIRURXURSLQLRQ
:HKDYHQRWYHUL±HGWKHFRUUHFWQHVVDQGDSSURSULDWHQHVVRI±QDQFLDOUHFRUGVDQG%RRNVRI$FFRXQWVRIWKHFRPSDQ\
:KHUHHYHUUHTXLUHGZHKDYHREWDLQHGWKH0DQDJHPHQWUHSUHVHQWDWLRQDERXWWKHFRPSOLDQFHRIODZVUXOHVDQGUHJXODWLRQVDQG
KDSSHQLQJRIHYHQWV
7KH FRPSOLDQFH RI WKH SURYLVLRQV RI &RUSRUDWH DQG RWKHU DSSOLFDEOH ODZV UXOHV UHJXODWLRQV VWDQGDUGV LV WKH UHVSRQVLELOLW\ RI
PDQDJHPHQW2XUH[DPLQDWLRQZDVOLPLWHGWRWKHYHUL±FDWLRQRISURFHGXUHVRQWHVWEDVLV
7KH6HFUHWDULDO$XGLWUHSRUWLVQHLWKHUDQDVVXUDQFHDVWRWKHIXWXUHYLDELOLW\RIWKH&RPSDQ\QRURIWKHHI±FDF\RUHIIHFWLYHQHVVZLWK
ZKLFKWKHPDQDJHPHQWKDVFRQGXFWHGWKHDIIDLUVRIWKHFRPSDQ\
Saraf and Associates

&RPSDQ\6HFUHWDULHV
3ODFH0XPEDL 3URSULHWRU
'DWHth0D\ )&6&3
33
ANNEXURE - G
FORM MGT-9 - Extract of Annual Return
EXTRACT OF ANNUAL RETURN
DVRQWKH±QDQFLDO\HDUHQGHGRQst March, 2015
)2500*7
>3XUVXDQWWR6HFWLRQ RIWKH&RPSDQLHV$FWDQG5XOH RIWKH&RPSDQLHV 0DQDJHPHQWDQG$GPLQLVWUDWLRQ 5XOHV@
I. REGISTRATION AND OTHER DETAILS:
L &,1 /0+3/&

ii. Registration Date 1RYHPEHU
LLL 1DPHRIWKH&RPSDQ\ 3±]HU/LPLWHG
LY &DWHJRU\ 3XEOLF&RPSDQ\
6XE&DWHJRU\RIWKH&RPSDQ\ &RPSDQ\KDYLQJVKDUHFDSLWDO
Y $GGUHVVRIWKH5HJLVWHUHGRI±FHDQGFRQWDFWGHWDLOV 3±]HU&HQWUH3DWHO(VWDWH2II695RDG-RJHVKZDUL :HVW
0XPEDL
7HO
)D[
(PDLOFRQWDFWXVLQGLD#S±]HUFRP:HEVLWHZZZS±]HULQGLDFRP
YL :KHWKHUOLVWHG&RPSDQ\ Yes
YLL 1DPH$GGUHVVDQG&RQWDFWGHWDLOVRI5HJLVWUDUDQG .DUY\&RPSXWHUVKDUH3ULYDWH/LPLWHG
Transfer Agent 81,73),=(5/,0,7('
.DUY\6HOHQLXP7RZHU%3ORW1R
+\GHUDEDG7HODQJDQD¥
7HO
)D[
72//)5((12
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY:
$OOWKHEXVLQHVVDFWLYLWLHVFRQWULEXWLQJRUPRUHRIWKHWRWDOWXUQRYHURIWKH&RPSDQ\DUHDVJLYHQEHORZ
Sr. Name and Description of main products NIC Code of the Product % to total turnover
No. of the Company
1 3KDUPDFHXWLFDOV 21002 100%
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES:
Sr. Name and address of the Company CIN/GLN Holding % of Shares Applicable
No. /Subsidiary held Section
/Associate
1. 3±]HU(DVW,QGLD%9 1$ 3URPRWHU 39.75 2(69)
5LYLXP:HVWODDQ
/'&DSHOOH$DQ'HQ,MVVHO
7KH1HWKHUODQGV
2. :\HWK//& 1$ 3URPRWHU 12.28 2(69)
2UDQJH6WUHHW
:LOPLQJWRQ'HODZDUH
86$
3. :\HWK+ROGLQJV//& 1$ 3URPRWHU 3.56 2(69)
(DUOLHUNQRZQDV:\HWK
+ROGLQJV&RUSRUDWLRQ
2QH3RUWODQG6TXDUH3RUWODQG
0DLQH86$

Sr. Name and address of the Company CIN/GLN Holding % of Shares Applicable
No. /Subsidiary held Section
/Associate
4. :DUQHU/DPEHUW&RPSDQ\//& 1$ 3URPRWHU 2.60 2(69)
2UDQJH6WUHHW
:LOPLQJWRQ'HODZDUH
86$
5. 3DUNH'DYLV &RPSDQ\//& 1$ 3URPRWHU 2.09 2(69)
30600 Telegraph Road,
%LQJKDP)DUPªV
Michigan 48025.
86$
6. -RKQ:\HWK %URWKHU/LPLWHG 1$ 3URPRWHU 1.93 2(69)
+XQWHUFRPEH/DQH
South Maidenhead 516,
23+(QJODQG
7. 3KDUPDFLD&RUSRUDWLRQ 1$ 3URPRWHU 1.71 2(69)
100 Route 26,
1RUWK3HDSDFN1HZ-HUVH\
86$
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as Percentage of Total Equity):
i) Category-wise Share Holding:
Category of Shareholders No. of Shares held No. of Shares held % Change

at the beginning of the year at the end of the year during the
Demat 3K\VLFDO Total % of Total Demat Physical Total % of total year
Shares Shares
A. Promoters
(1) Indian
D ,QGLYLGXDO+8) - - - - - - - - -
E &HQWUDO*RYHUQPHQW - - - - - - - - -
F 6WDWH*RYHUQPHQW V - - - - - - - - -
G %RGLHV&RUSRUDWH - - - - - - - - -
H %DQNV), - - - - - - - - -
I $Q\RWKHU
Sub-Total (A) (1) - - - - - - - - -
(2) Foreign
D 15,V,QGLYLGXDOV - - - - - - - - -
E 2WKHU,QGLYLGXDOV - - - - - - - - -
F %RGLHV&RUSRUDWH 21113171 - 21113171 70.75 29243042 - 29243042 63.92 (6.83)*
G %DQNV), - - - - - - - - -
H $Q\2WKHU - - - - - - - - -
Sub-Total (A) (2) - - - - - - - - -
Total Shareholding of Promoter 21113171 - 21113171 70.75 29243042 - 29243042 63.92 (6.83)
(A) = (A) (1) + (A) (2)
35
Category of Shareholders No. of Shares held No. of Shares held % Change
at the beginning of the year at the end of the year during the
Demat 3K\VLFDO Total % of Total Demat Physical Total % of total year
Shares Shares
B. Public Shareholding
,QVWLWXWLRQV
a. Mutual Funds 1332345 600 1332945 4.47 2572554 740 2573294 5.62 1.15
E %DQNV), 8926 2091 11017 0.04 6779 2437 9216 0.02 (0.02)
F &HQWUDO*RYW - - - - - - - - -
G 6WDWH*RYWV - - - - - - - - -
H 9HQWXUH&DSLWDO)XQGV 75 - 75 - - - - - -
I ,QVXUDQFH&RPSDQLHV 297154 - 297154 1.00 850202 - 850202 1.86 0.86
J ),,V 921371 - 921371 3.09 2228193 46 2228239 4.87 1.78
K )RUHLJQ9HQWXUH&DSLWDO)XQGV - - - - - - - - -
L 2WKHUV VSHFLI\ - - - - - - - - -
Sub-Total (B) (1) 2559871 2691 2562562 8.59 5657728 3223 5660951 12.37 3.78
2. Non Institutions
D %RGLHV&RUSRUDWH - - - - - - - - -
L ,QGLDQ 343364 20654 364018 1.22 2818020 24688 2842708 6.22 5.00
LL 2YHUVHDV - 300 300 - - 1035 1035 - -
E ,QGLYLGXDOV
L ,QGLYLGXDOVKDUHKROGHUV 4285636 1053111 5338747 17.89 5844893 1149923 6994816 15.29 (2.60)
holding nominal share capital
upto `1 lakh
LL ,QGLYLGXDOVKDUHKROGHUV 176248 - 176248 0.59 717346 - 717346 1.57 0.98
holding nominal share capital
LQH[FHVVRI`1 lakh
F 2WKHUV 6SHFLI\
L 'LUHFWRUVDQG5HODWLYHV 3400 - 3400 0.01 6017 - 6017 0.01 -
ii. Trusts 2033 - 2033 0.01 3501 53 3554 0.01 -
LLL )RUHLJQ%RGLHVDQG&RUSRUDWHV - 300 300 - - 1035 1035 - -
LY 1RQUHVLGHQW,QGLDQV 221806 9270 231076 0.77 241663 9335 250998 0.55 0.22
Y &OHDULQJ0HPEHUV 49016 569 49585 0.17 25661 569 26230 0.06 0.11
Sub-Total (B) (2) 5081503 1084204 6165707 20.66 9657101 1186638 10843739 23.71 3.05
Total Public Shareholding 7641374 1086895 8728269 29.25 15314829 1186684 16504690 36.08 6.83
(B) = (B) (1) + (B) (2)
C Shares held by the Custodian for - - - - - - - - -
GDRs and ADRs
Grand Total (A+B+C) 28754545 1086895 29841440 100.00 44557871 1189861 45747732 100.00 -
&KDQJHLQ3URPRWHUVKDUHKROGLQJLVRQDFFRXQWRIVKDUHVLVVXHGWRWKH3URPRWHUVRIHUVWZKLOH:\HWK/LPLWHGSXUVXDQWWRLWV
DPDOJDPDWLRQZLWKWKH&RPSDQ\

ii) Shareholding of promoters:
Sr. Shareholders Name Shareholding at the Shareholding at the

No beginning of the year end of the year %
Change
No. of % of total % of shares No. of % of total % of shares
in share-
Shares shares pledged / Shares shares pledged /
holding
of the encumbered of the encumbered
during
Company to total Company to total
the year*
share share
1 3±]HU(DVW,QGLD%9 18186334 60.94 - 18186334 39.75 - (21.19)
2 :\HWK//& - - - 5617707 12.28 - 12.28
3 :\HWK+ROGLQJV//& - - - 1630164 3.56 - 3.56
(DUOLHUNQRZQDV:\HWK
+ROGLQJV&RUSRUDWLRQ
4 :DUQHU/DPEHUW&RPSDQ\//& 1187163 3.98 - 1187163 2.60 - (1.38)
5 3DUNH'DYLV &RPSDQ\//& 955733 3.20 - 955733 2.09 - (1.11)
6 -RKQ:\HWK %URWKHU/LPLWHG - - - 882000 1.93 - 1.93

7 3KDUPDFLD&RUSRUDWLRQ 783941 2.63 - 783941 1.71 - (0.92)
Total 21113171 70.75 - 29243042 63.92 - (6.83)
7KHWHUP§HQFXPEUDQFH¨KDVWKHVDPHPHDQLQJDVDVVLJQHGWRLWLQ5HJXODWLRQ RIWKH6(%, 6XEVWDQWLDO$FTXLVLWLRQRI6KDUHV

DQG7DNHRYHUV 5HJXODWLRQV
3XUVXDQW WR WKH $PDOJDPDWLRQ RI HUVWZKLOH :\HWK /LPLWHG ZLWK 3±]HU /LPLWHG VKDUHV RI 3±]HU /LPLWHG ZHUH LVVXHG
LQOLHXRIVKDUHVRIWKHHUVWZKLOH:\HWK/LPLWHGDVSHUWKHVKDUHH[FKDQJHUDWLRRIWKH6FKHPHRI$PDOJDPDWLRQ
2XW RI WKHVH VKDUHV RI 3±]HU /LPLWHG ZHUH LVVXHG LQ OLHX RI VKDUHV KHOG E\ WKH SURPRWHUV RI HUVWZKLOH
:\HWK/LPLWHG
iii) Change in Promoters’ Shareholding*:
Sr. Name of the shareholder Shareholding at the Cumulative shareholding

No beginning of the year during the year
No. of Shares % of total No. of Shares % of total
shares of the shares of the
Company Company
1 3±]HU(DVW,QGLD%9
$WWKHEHJLQQLQJRIWKH\HDU 18186334 60.94 18186334 60.94
$WWKHHQGRIWKH\HDU 18186334 39.75 18186334 39.75
2 Wyeth LLC
$WWKHEHJLQQLQJRIWKH\HDU - - - -
Allotment of Shares pursuant to Scheme 5617707 12.28 5617707 12.28
RI $PDOJDPDWLRQ EHWZHHQ :\HWK /LPLWHG
DQGWKH&RPSDQ\RQ'HFHPEHU
37
Sr. Name of the shareholder Shareholding at the Cumulative shareholding
Company Company
3 :\HWK+ROGLQJV//&
(DUOLHUNQRZQDV:\HWK+ROGLQJV
Corporation)
RI$PDOJDPDWLRQEHWZHHQ:\HWK/LPLWHG
4 :DUQHU/DPEHUW&RPSDQ\//&
5 3DUNH'DYLV &RPSDQ\//&
6 -RKQ:\HWK %URWKHU/LPLWHG
RI$PDOJDPDWLRQEHWZHHQ:\HWK/LPLWHG
7 3KDUPDFLD&RUSRUDWLRQ
Total 21113171 70.75 29243042 63.92
3XUVXDQW WR WKH $PDOJDPDWLRQ RI HUVWZKLOH :\HWK /LPLWHG ZLWK 3±]HU /LPLWHG VKDUHV RI 3±]HU /LPLWHG ZHUH LVVXHG
LQOLHXRIVKDUHVRIWKHHUVWZKLOH:\HWK/LPLWHGDVSHUWKHVKDUHH[FKDQJHUDWLRRIWKH6FKHPHRI$PDOJDPDWLRQ
2XW RI WKHVH VKDUHV RI 3±]HU /LPLWHG ZHUH LVVXHG LQ OLHX RI VKDUHV KHOG E\ WKH SURPRWHUV RI HUVWZKLOH
:\HWK/LPLWHG

iv) Shareholding pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):
Sr. Name of the Shareholder Shareholding at the Cumulative Shareholding

No beginning of the Year during the Year
No of Shares % of total No. of Shares % of total
Company Company
1 BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED
2SHQLQJ%DODQFH - - - -
6KDUHVERXJKWGXULQJWKHSHULRGWR 1035936 2.27 1035936 2.27
6KDUHVVROGGXULQJWKHSHULRGWR 53594 0.12 982342 2.15
&ORVLQJEDODQFH 982342 2.15 982342 2.15
2 ATUL LIMITED
6KDUHVVROGGXULQJWKHSHULRGWR - - 958927 2.10
&ORVLQJEDODQFH 958927 2.10 958927 2.10
3 LIFE INSURANCE CORPORATION OF INDIA
6KDUHVVROGGXULQJWKHSHULRGWR - - - -
&ORVLQJEDODQFH 507250 1.11 507250 1.11
4 UTI - EQUITY FUND
2SHQLQJ%DODQFH 477901 1.05 477901 1.05
&ORVLQJEDODQFH 572682 1.25 572682 1.25
5 FRANKLIN TEMPLETON MUTUAL FUND SCHEMES
2SHQLQJ%DODQFH 411673 0.90 411673 0.90
&ORVLQJEDODQFH 187426 0.41 187426 0.41
6 FRANKLIN TEMPLETON INVESTMENT FUNDS AND
SCHEMES
2SHQLQJ%DODQFH 390000 0.85 390000 0.85
6KDUHVERXJKWGXULQJWKHSHULRGWR - - - -
&ORVLQJEDODQFH 390000 0.85 390000 0.85
7 PARI WASHINGTON COMPANY PRIVATE LIMITED
&ORVLQJEDODQFH 358294 0.78 358294 0.78
8 BIRLA SUN LIFE TRUSTEE COMPANY PRIVATE LIMITED
AND SCHEMES
2SHQLQJ%DODQFH 307708 0.67 307708 0.67
&ORVLQJEDODQFH 1115271 2.44 1115271 2.44
9 THE ORIENTAL INSURANCE COMPANY LIMITED
2SHQLQJ%DODQFH 297154 0.65 297154 0.65
6KDUHVVROGGXULQJWKHSHULRGWR - - 327829 0.72
&ORVLQJEDODQFH 327829 0.72 327829 0.72
10 DB INTERNATIONAL (ASIA) LIMITED
&ORVLQJEDODQFH 223124 0.49 223124 0.49
39
v) Shareholding of Directors and Key Managerial Personnel:
Sr. Name of the Director Shareholding at the Cumulative shareholding

Company Company
1 Mr. R.A. Shah - Chairman
$WWKHEHJLQQLQJRIWKH\HDU 3,400 0.01 3,400 0.01
Allotment of Shares pursuant to Scheme of 140 0.00 3,540 0.01
$PDOJDPDWLRQEHWZHHQ:\HWK/LPLWHGDQGWKH
&RPSDQ\RQ'HFHPEHU
$WWKHHQGRIWKH\HDU 3,540 0.01 3,540 0.01
2 0U6XQLO/DOEKDL¥,QGHSHQGHQW'LUHFWRU
2QWKHGDWHRIDSSRLQWPHQW 2,477 0.01 2,477 0.01
(i.e., 14th)HEUXDU\
$WWKHHQGRIWKH\HDU 2,477 0.01 2,477 0.01
3. 0U3UDMHHW1DLU¥.H\0DQDJHULDO3HUVRQQHO
1RQH RI WKH RWKHU ,QGHSHQGHQW 'LUHFWRUV LH 0U 8GD\ .KDQQD DQG 0U 3UDGLS 6KDK DQG ([HFXWLYH 'LUHFWRUV
0U$LMD]7REDFFRZDOOD0U9LYHN'KDULZDO0U66ULGKDUDQG'U/DNVKPL1DGNDUQL KROGVKDUHVLQWKH&RPSDQ\GXULQJWKH±QDQFLDO
\HDUHQGHGst March, 2015.
V) INDEBTEDNESS:
Indebtedness of the Company including interest outstanding/accrued but not due for payment:
7KH&RPSDQ\KDVQRWDYDLOHGDQ\ORDQGXULQJWKH\HDUDQGLVDGHEWIUHHFRPSDQ\
VI) REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:
A. Remuneration to Managing Director, Whole- time Directors and / or Manager:
Sr. Particulars of Remuneration Name of MD/WTD/KMP Total

No. Mr. Aijaz Mr. Vivek Mr. S. Sridhar Dr. Lakshmi Amount
Tobaccowalla Dhariwal (WTD & Nadkarni (`)
(CEO & MD) (WTD) CFO) (w.e.f 14th
February,
2015) (WTD)
1 *URVV6DODU\
D 6DODU\DVSHUSURYLVLRQVFRQWDLQHGLQVHFWLRQ 52,353,751 11,822,012 15,203,453 1,115,104 80,494,320
RIWKH,QFRPH7D[$FW
E 9DOXHRISHUTXLVLWHVXV ,QFRPHWD[$FW 10,994,482 3,069,418 3,590,935 1LO 17,654,835
1961
F 3UR±WVLQOLHXRIVDODU\XQGHUVHFWLRQ 1LO 1LO 1LO 1LO 1LO
,QFRPHWD[$FW
2 6WRFN2SWLRQV 9,413,582 3,565,210 6,697,957 1LO 19,676,749
3 6ZHDW(TXLW\ 1LO 1LO 1LO 1LO 1LO
4 Commission
z $VRISUR±W 1LO 1LO 1LO 1LO 1LO
z 2WKHUVVSHFLI\ 1LO 1LO 1LO 1LO 1LO
5 2WKHUSOHDVHVSHFLI\ 1LO 1LO 1LO 1LO 1LO
Total 72,761,815 18,456,640 25,492,345 1,115,104 117,825,904
Ceiling as per the Act 123,917,458 123,917,458 123,917,458 123,917,458 247,834,916
6WRFN2SWLRQVFRQVLVWRI5HVWULFWHG6WRFN8QLWVDQG6WRFN2SWLRQVJUDQWHGE\3±]HU,QF86$

B. Remuneration to other Directors:
Sr. Particulars of Remuneration Name of Directors Total
No. Amount
1. Independent Directors Mr. R.A. Mr. Pradip Mr. Uday Mr. Sunil (`)
Shah Shah Khanna Lalbhai
(w.e.f 14th
February
2015)
z )HHIRUDWWHQGLQJERDUGFRPPLWWHHPHHWLQJV 550,000 610,000 580,000 110,000 1,850,000
z Commission 1,000,000 1,000,000 1,000,000 125,000 3,125,000
z 2WKHUVSOHDVHVSHFLI\ - - - - -
Total (1) 1,550,000 1,610,000 1,580,000 235,000 4,975,000
2. Other Non-Executive Directors
z )HHIRUDWWHQGLQJERDUGFRPPLWWHHPHHWLQJV 1$ 1$ 1$ 1$ 1$
z Commission - - - - -
z 2WKHUVSOHDVHVSHFLI\ - - - - -
Total (2) 1$ 1$ 1$ 1$ 1$
Grand Total = (1+2) 1,550,000 1,610,000 1,580,000 235,000 4,975,000
Total Managerial Remuneration 1,550,000 1,610,000 1,580,000 235,000 4,975,000
2YHUDOO&HLOLQJDVSHUWKH$FW 24,783,492
C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD:
Sr. Particulars of Remuneration Name of Key Total

No. Managerial Personnel Amount
Mr. Prajeet Nair (`)
(CS-Company
Secretary)
1 *URVV6DODU\
D 6DODU\DVSHUSURYLVLRQVFRQWDLQHGLQVHFWLRQ RIWKH,QFRPH7D[$FW 3,312,040 3,312,040
E 9DOXHRISHUTXLVLWHVXV ,QFRPHWD[$FW 638 638
F 3UR±WVLQOLHXRIVDODU\XQGHUVHFWLRQ ,QFRPHWD[$FW 1LO 1LO
2 6WRFN2SWLRQV 617,437 617,437
3 6ZHDW(TXLW\ 1LO 1LO
4 Commission
z $VRISUR±W 1LO 1LO
z 2WKHUVVSHFLI\ 1LO 1LO
5 2WKHUSOHDVHVSHFLI\ 1LO 1LO
Total 3,930,115 3,930,115
6WRFN2SWLRQVFRQVLVWRI5HVWULFWHG6WRFN8QLWVDQG6WRFN2SWLRQVJUDQWHGE\3±]HU,QF86$
vii) PENALTIES/PUNISHMENT/COMPOUNDING OF OFFENCES

7KHUHZHUHQRLQVWDQFHVRIDQ\SHQDOWLHVSXQLVKPHQWFRPSRXQGLQJRIRIIHQFHVIRUWKH\HDUHQGHGst March, 2015.
{{{
41
ANNEXURE - H
Corporate Governance Report
I. PFIZER’S PHILOSOPHY ON CORPORATE GOVERNANCE
&RUSRUDWH*RYHUQDQFHDW3±]HULVQRWMXVWDGKHUHQFHWRPDQGDWRU\UXOHVDQGJXLGHOLQHV<RXU&RPSDQ\KDVUHVSRQVLEO\FULWLFDOO\
DQGFROOHJLDOO\ZRUNHGWKURXJKDOOPDMRUGHFLVLRQV,WKDVKHOSHGFUHDWHDFUHGLEOHUHSXWDWLRQDPRQJVWDOOVWDNHKROGHUVDQGUHJXODWRUV
:HDUHJXLGHGE\WKH&RUH9DOXHVRIRXU3DUHQW&RPSDQ\3±]HU,QF86$LQRXUGD\WRGD\GHFLVLRQPDNLQJZKLFKUH²HFWVWKH
HQGXULQJFKDUDFWHURI3±]HUDQGLWVSHRSOH<RXU&RPSDQ\FRQVWDQWO\VWULYHVWRPDLQWDLQKLJKJRYHUQDQFHVWDQGDUGVDQGLVIRFXVHG
RQWKHJRDORIPDNLQJ3±]HUWKHSUHPLHULQQRYDWLYHELRSKDUPDFHXWLFDOFRPSDQ\7KLVDSSURDFKKDVKHOSHGWKH&RPSDQ\HDUQWKH
WUXVWRIDOOLWVVWDNHKROGHUVRYHULWVORQJKLVWRU\
II. BOARD OF DIRECTORS
(a) Composition of the Board of Directors
7KH&RPSDQ\LVIXOO\FRPSOLDQWZLWKWKH&RUSRUDWH*RYHUQDQFHQRUPVLQUHVSHFWRIFRQVWLWXWLRQRIWKH%RDUGRI'LUHFWRUV
§WKH %RDUG¨ 7KH %RDUG DW 3±]HU UHSUHVHQWV DQ RSWLPXP PL[ RI SURIHVVLRQDOLVP NQRZOHGJH JHQGHU DQG H[SHULHQFH
3UHVHQWO\ WKH %RDUG FRPSULVHV RI 1RQ([HFXWLYH 'LUHFWRUV DQG ([HFXWLYH 'LUHFWRUV LQFOXGLQJ RQH :RPDQ 'LUHFWRU
0U5$6KDK0U3UDGLS6KDK0U8GD\.KDQQDDQG0U6XQLO/DOEKDLDUH1RQ([HFXWLYH,QGHSHQGHQW'LUHFWRUVRQWKH%RDUG
0U$LMD]7REDFFRZDOOD0U9LYHN'KDULZDO0U66ULGKDUDQG'U/DNVKPL1DGNDUQL :RPDQ'LUHFWRU DUH([HFXWLYH'LUHFWRUV
RQWKH%RDUG7KH&KDLUPDQRIWKH%RDUGLVD1RQ([HFXWLYH,QGHSHQGHQW'LUHFWRU1RQHRIWKH'LUHFWRUVDUHUHODWHGWRHDFK
other.
(b) Board Meetings
7KH%RDUGPHHWVDWOHDVWRQFHHYHU\TXDUWHUWRUHYLHZWKHTXDUWHUO\UHVXOWVDQGRWKHULWHPVRIWKHDJHQGDDQGLIQHFHVVDU\
DGGLWLRQDOPHHWLQJVDUHKHOG7KHJDSEHWZHHQWZR%RDUG0HHWLQJVGRHVQRWH[FHHGRQHKXQGUHGDQGWZHQW\GD\V7KH%RDUG
LVDSSULVHGDQGLQIRUPHGRIDOOWKHLPSRUWDQWLQIRUPDWLRQUHODWLQJWRWKHEXVLQHVVRIWKH&RPSDQ\LQFOXGLQJWKRVHOLVWHGLQ
$QQH[XUH; WR&ODXVHRIWKH/LVWLQJ$JUHHPHQW7KH&KDLUPDQRIWKH%RDUGWKH0DQDJLQJ'LUHFWRUDQGWKH&RPSDQ\
6HFUHWDU\GLVFXVVWKHLWHPVWREHLQFOXGHGLQWKHDJHQGDDQGWKHDJHQGDLVVHQWLQDGYDQFHWRWKH'LUHFWRUVDORQJZLWKGUDIW
RI WKH UHOHYDQW GRFXPHQWV DQG H[SODQDWRU\ QRWHV ZKHUHYHU UHTXLUHG WR HQDEOH WKH %RDUG WR GLVFKDUJH LWV UHVSRQVLELOLWLHV
HIIHFWLYHO\DQGWDNHLQIRUPHGGHFLVLRQV
'XULQJWKHSHULRG$SULOWRVW0DUFK §±QDQFLDO\HDUXQGHUUHYLHZ¨ WKH&RPSDQ\KHOG±YH%RDUG0HHWLQJVDV
XQGHU
(i) 2nd0D\ LY th1RYHPEHU
(ii) 24 -XO\
th
Y th)HEUXDU\
(iii) 9 2FWREHU
th
7KHGHWDLOVRIFRPSRVLWLRQRIWKH%RDUGQXPEHURI%RDUG0HHWLQJVKHOGDWWHQGDQFHWKHUHDWDQGDWWKHODVW$QQXDO*HQHUDO
0HHWLQJ §$*0¨ DQGWKHQXPEHURIRWKHU'LUHFWRUVKLSV0HPEHUVKLSVDQGRU&KDLUPDQVKLSVKHOGE\HDFK'LUHFWRURIWKH
%RDUGDVRQst0DUFKDUHVHWRXWEHORZ
Name Category of No. of Board No. of Board Attendance No. of other No. of other
Directorship* Meetings Meetings at the Last Director- Committees of
held Attended AGM ships held which Member/
Chairman
Mr. R.A. Shah (Chairman) 1(' , 5 5 Yes 9
0U$LMD]7REDFFRZDOOD :7' 5 5 Yes 1LO 1$
(Managing Director)
0U3UDGLS6KDK 1(' , 5 5 Yes 8
0U8GD\.KDQQD 1(' , 5 5 Yes 6
0U6XQLO/DOEKDL 1(' , 1 1 1$ 5 1LO
(w.e.f. 14th)HEUXDU\
0U9LYHN'KDULZDO :7' 5 5 Yes 1LO 1$
Mr. S. Sridhar :7' 5 5 Yes 1LO 1$
'U/DNVKPL1DGNDUQL :7' 1 1 1$ 1LO 1$
1(' , 1RQ([HFXWLYH'LUHFWRU,QGHSHQGHQW
:7':KROHWLPH'LUHFWRU

Notes:
1XPEHU RI GLUHFWRUVKLSVPHPEHUVKLSV KHOG LQ RWKHU FRPSDQLHV H[FOXGHV 'LUHFWRUVKLSV0HPEHUVKLSV LQ SULYDWH OLPLWHG
FRPSDQLHV IRUHLJQ FRPSDQLHV FRPSDQLHV XQGHU 6HFWLRQ RI WKH &RPSDQLHV $FW §WKH $FW¨ PHPEHUVKLS RI
PDQDJLQJFRPPLWWHHVRIFKDPEHUVERGLHVDQGDOWHUQDWHGLUHFWRUVKLSV
1RQH RI WKH ,QGHSHQGHQW 'LUHFWRUV VHUYH DV DQ ,QGHSHQGHQW 'LUHFWRU LQ PRUH WKDQ OLVWHG FRPSDQLHV
0U 6XQLO /DOEKDL ZKR LV WKH 0DQDJLQJ 'LUHFWRU :KROHWLPH 'LUHFWRU RI $WXO /LPLWHG GRHV QRW KROG ,QGHSHQGHQW
Directorship in more than 3 listed companies.
7KHQHFHVVDU\GLVFORVXUHVUHJDUGLQJFRPPLWWHHSRVLWLRQVKDYHEHHQPDGHE\DOOWKH'LUHFWRUV1RQHRIWKH'LUHFWRUVDUH
0HPEHUVRIPRUHWKDQFRPPLWWHHVDQG&KDLUPDQRIPRUHWKDQFRPPLWWHHVDFURVVDOOSXEOLFOLPLWHGFRPSDQLHVLQ
ZKLFK KH LV D 'LUHFWRU 1XPEHU RI &KDLUPDQVKLSV0HPEHUVKLSV RI FRPPLWWHHV FRYHUV &KDLUPDQVKLSV0HPEHUVKLSV RI
$XGLW&RPPLWWHHDQG6WDNHKROGHUVª5HODWLRQVKLS&RPPLWWHH
III. BOARD COMMITTEES
'XULQJWKH±QDQFLDO\HDUXQGHUUHYLHZWKH%RDUGKDG±YH&RPPLWWHHVYL]$XGLW&RPPLWWHH6WDNHKROGHUVª5HODWLRQVKLS&RPPLWWHH
&RUSRUDWH 6RFLDO 5HVSRQVLELOLW\ &RPPLWWHH 1RPLQDWLRQ DQG 5HPXQHUDWLRQ &RPPLWWHH DQG %RDUG $GPLQLVWUDWLYH DQG 6KDUH
7UDQVIHU&RPPLWWHH7KH%RDUGGHFLGHVWKHWHUPVRIUHIHUHQFHRIWKHVH&RPPLWWHHVDQGWKHDVVLJQPHQWRILWV0HPEHUVWKHUHRI
AUDIT COMMITTEE
3UHVHQWO\WKH$XGLW&RPPLWWHHFRPSULVHVRI0U5$6KDKDV&KDLUPDQ0U3UDGLS6KDK0U8GD\.KDQQDDQG0U$LMD]7REDFFRZDOOD
DVLWV0HPEHUV
0U 3UDGLS 6KDK DQG 0U 8GD\ .KDQQD DUH &KDUWHUHG $FFRXQWDQWV E\ SURIHVVLRQ 0U 5$ 6KDK LV D 6ROLFLWRU E\ SURIHVVLRQ
0U $LMD] 7REDFFRZDOOD ZDV LQGXFWHG DV D 0HPEHU RQ WKH $XGLW &RPPLWWHH ZLWK HIIHFW IURP th )HEUXDU\
0U 7REDFFRZDOOD KROGV 0DVWHUªV 'HJUHH LQ %XVLQHVV $GPLQLVWUDWLRQ IURP WKH 6WHUQ 6FKRRO RI %XVLQHVV 1HZ <RUN 8QLYHUVLW\
$OOWKHPHPEHUVRIWKH&RPPLWWHHDUHSURIHVVLRQDOVDQG±QDQFLDOO\OLWHUDWHZLWKLQWKHPHDQLQJRI&ODXVHRIWKH/LVWLQJ$JUHHPHQW
0U3UDMHHW1DLUWKH&RPSDQ\6HFUHWDU\DFWVDVWKH6HFUHWDU\WRWKH&RPPLWWHH
)LYH$XGLW&RPPLWWHH0HHWLQJVZHUHKHOGGXULQJWKH±QDQFLDO\HDUXQGHUUHYLHZDQGWKHJDSEHWZHHQWZR0HHWLQJVGLGQRWH[FHHG
RQHKXQGUHGDQGWZHQW\GD\V7KHVH0HHWLQJVZHUHKHOGRQ
(i) 2nd0D\ LY th1RYHPEHU
(ii) 24 -XO\
th
Y th)HEUXDU\
(iii) 9 2FWREHU
th
7KHGHWDLOVRIWKHFRPSRVLWLRQRIWKH$XGLW&RPPLWWHHDQGWKHDWWHQGDQFHRIWKH0HPEHUVDWWKH$XGLW&RPPLWWHH0HHWLQJVDUH
DVXQGHU
Name Category* Number of Number of
Meetings held Meetings attended
Mr. R.A. Shah (Chairman) 1(' , 5 5
0U3UDGLS6KDK 1(' , 5 5
0U8GD\.KDQQD 1(' , 5 5
0U$LMD]7REDFFRZDOOD ZHIth)HEUXDU\ :7' 1$ 1$
7KHWHUPVRIUHIHUHQFHRIWKH$XGLW&RPPLWWHHLQFOXGHVWKHPDWWHUVVSHFL±HGXQGHU&ODXVH ,,, ' RIWKH/LVWLQJ$JUHHPHQW
ZLWKWKH6WRFN([FKDQJHVDVZHOODV6HFWLRQRIWKH&RPSDQLHV$FW
7KH0DQDJLQJ'LUHFWRU)LQDQFH'LUHFWRU,QWHUQDO$XGLWRUDQG6WDWXWRU\$XGLWRUVDUHLQYLWHHVWRWKH0HHWLQJ
The Chairman of the Audit Committee was present at the 63rd Annual General Meeting held on 10th 1RYHPEHU
7KH0LQXWHVRIWKH$XGLW&RPPLWWHH0HHWLQJVZHUHQRWHGDWWKH%RDUG0HHWLQJV
43
STAKEHOLDERS’ RELATIONSHIP COMMITTEE
3UHVHQWO\ WKH 6WDNHKROGHUVª 5HODWLRQVKLS &RPPLWWHH FRPSULVHV RI 0U 8GD\ .KDQQD DV LWV &KDLUPDQ 0U 6XQLO /DOEKDL DQG
0U9LYHN'KDULZDODVLWV0HPEHUV
0U3UDMHHW1DLUWKH&RPSDQ\6HFUHWDU\DFWVDVWKH6HFUHWDU\WRWKH&RPPLWWHHDQGDVWKH&RPSOLDQFH2I±FHU
7KH%RDUGRI'LUHFWRUVRQnd0D\UHQDPHGWKH6KDUHKROGHUVª,QYHVWRUVª*ULHYDQFH&RPPLWWHHWR6WDNHKROGHUVª5HODWLRQVKLS
Committee.
7KHGHWDLOVRIWKHFRPSRVLWLRQRIWKH6WDNHKROGHUVª5HODWLRQVKLS&RPPLWWHHDQGWKHDWWHQGDQFHRIWKH0HPEHUVDWWKH0HHWLQJ
held on 14th)HEUXDU\DUHDVXQGHU
Name Designation Category* Attendance at the

Meeting held on
14th February, 2015
0U8GD\.KDQQD &KDLUPDQ Chairman 1(' , Yes
(w.e.f. 2nd0D\
0U6XQLO/DOEKDL 0HPEHU 1(' , Yes
0U9LYHN'KDULZDO 0HPEHU :7' Yes
0U3UDGLS6KDK Chairman 1(' , 1$
(Resigned w.e.f. 2nd0D\
7KHWHUPVRIUHIHUHQFHRIWKH6WDNHKROGHUVª5HODWLRQVKLS&RPPLWWHHFRYHUVWKHPDWWHUVVSHFL±HGXQGHU&ODXVH 9,,, ( RI
WKH/LVWLQJ$JUHHPHQWZLWKWKH6WRFN([FKDQJHV
7KH0LQXWHVRIWKH6WDNHKROGHUVª5HODWLRQVKLS&RPPLWWHH0HHWLQJZHUHQRWHGDWWKH%RDUG0HHWLQJ
$VXPPDU\RIWKHFRPSODLQWVUHFHLYHGFOHDUHGSHQGLQJGXULQJWKH±QDQFLDO\HDUXQGHUUHYLHZDUHJLYHQEHORZ
Nature of Complaints Number of Complaints

As on Received Cleared/ Pending as on
1st April, during the attended 31st March,
2014 ±QDQFLDO\HDU during the 2015
±QDQFLDO\HDU
1RQUHFHLSWRIGLYLGHQGZDUUDQWV 1LO 50 50 1LO
1RQUHFHLSWRIVKDUHFHUWL±FDWHVDIWHUWUDQVIHUGHOHWLRQRI 1LO 9 9 1LO
QDPHWUDQVPLVVLRQWUDQVSRVLWLRQFRQVROLGDWLRQRIIROLRV
VKDUHFHUWL±FDWHVFRUUHFWLRQRIQDPHHWF
1RQUHFHLSWRI$QQXDO5HSRUW 1LO 1LO 1LO 1LO
/HWWHUVIURP6(%,6WRFN([FKDQJHVDQG0LQLVWU\RI 1LO 31 31 1LO
Corporate Affairs
Total Nil 90 90 Nil
'XULQJWKH±QDQFLDO\HDUXQGHUUHYLHZFRPSODLQWVZHUHUHFHLYHGDQGDVRQGDWHDOORIWKHPKDYHEHHQUHGUHVVHGDQVZHUHGWR
WKHVDWLVIDFWLRQRIWKHVKDUHKROGHUV1RLQYHVWRUJULHYDQFHUHPDLQHGXQDWWHQGHGSHQGLQJIRUUHVROXWLRQIRUPRUHWKDQGD\VDQG
QRUHTXHVWIRUVKDUHWUDQVIHUVDQGGHPDWHULDOL]DWLRQUHFHLYHGIRUWKH±QDQFLDO\HDUXQGHUUHYLHZZDVSHQGLQJIRUPRUHWKDQWKHWLPH
OLPLWSUHVFULEHGXQGHUWKH/LVWLQJ$JUHHPHQWZLWKWKH6WRFN([FKDQJHV

CORPORATE SOCIAL RESPONSIBILITY COMMITTEE:
7KH%RDUGRI'LUHFWRUVRQnd0D\FRQVWLWXWHGD&RUSRUDWH6RFLDO5HVSRQVLELOLW\&RPPLWWHH3UHVHQWO\WKH&RUSRUDWH6RFLDO
5HVSRQVLELOLW\&RPPLWWHHFRPSULVHVRI0U3UDGLS6KDKDVLWV&KDLUPDQ0U$LMD]7REDFFRZDOODDQG0U66ULGKDUDVLWV0HPEHUV
7ZR PHHWLQJV RI WKH &RUSRUDWH 6RFLDO 5HVSRQVLELOLW\ &RPPLWWHH ZHUH KHOG GXULQJ WKH ±QDQFLDO \HDU XQGHU UHYLHZ
i.e., 6th1RYHPEHUDQGth)HEUXDU\
7KHGHWDLOVRIFRPSRVLWLRQRIWKH&RUSRUDWH6RFLDO5HVSRQVLELOLW\&RPPLWWHHDQGDWWHQGDQFHRIWKH0HPEHUVDWWKH&RUSRUDWH
6RFLDO5HVSRQVLELOLW\0HHWLQJVDUHDVXQGHU

0U3UDGLS6KDK &KDLUPDQ 1(' , 2 2
0U$LMD]7REDFFRZDOOD :7' 2 2
Mr. S. Sridhar :7' 2 2
7KHWHUPVRIUHIHUHQFHRIWKH&RUSRUDWH6RFLDO5HVSRQVLELOLW\&RPPLWWHHLQFOXGHVWKHPDWWHUVVSHFL±HGLQWKH6HFWLRQRIWKH$FW
6FKHGXOH9,,WRWKH$FWDQG5XOHVPDGHWKHUHXQGHU
%DVHG RQ WKH UHFRPPHQGDWLRQ RI WKH &RUSRUDWH 6RFLDO 5HVSRQVLELOLW\ &RPPLWWHH WKH %RDUG RI 'LUHFWRUV KDYH IRUPXODWHG DQG
DGRSWHGD3ROLF\RQ&RUSRUDWH6RFLDO5HVSRQVLELOLW\7KHVDPHLVGLVSOD\HGXQGHUWKH,QYHVWRU5HODWLRQVVHFWLRQRQWKH&RPSDQ\ªV
ZHEVLWH©ZZZS±]HULQGLDFRPª
$VXPPDU\RI&RUSRUDWH6RFLDO5HVSRQVLELOLW\DFWLYLWLHVFDUULHGRXWE\WKH&RPSDQ\GXULQJWKH\HDUXQGHUUHYLHZDQGGHWDLOVWKHUHRI
DUHJLYHQDV$QQH[XUH$WRWKH%RDUGªV5HSRUW
7KH +HDG RI WKH &RUSRUDWH $IIDLUV 'LYLVLRQ RI WKH &RPSDQ\ LV DQ LQYLWHH WR WKH 0HHWLQJ 7KH 0LQXWHV RI WKH &RUSRUDWH 6RFLDO
5HVSRQVLELOLW\&RPPLWWHH0HHWLQJVZHUHQRWHGDWWKH%RDUG0HHWLQJV
NOMINATION AND REMUNERATION COMMITTEE
7KH%RDUGRI'LUHFWRUVRQth$SULOFRQVWLWXWHGWKH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHH3UHVHQWO\WKH1RPLQDWLRQDQG
5HPXQHUDWLRQ&RPPLWWHHFRPSULVHVRI0U3UDGLS6KDKDV&KDLUPDQ0U5$6KDK0U8GD\.KDQQD 1RQ([HFXWLYH,QGHSHQGHQW
'LUHFWRUV 0U$LMD]7REDFFRZDOODDQG'U/DNVKPL1DGNDUQL ([HFXWLYH'LUHFWRUV DVLWV0HPEHUV
7KUHH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHH0HHWLQJVZHUHKHOGGXULQJWKH±QDQFLDO\HDUXQGHUUHYLHZ7KHVH0HHWLQJVZHUH
KHOGRQ
(i) 2nd0D\ LLL th)HEUXDU\
(ii) 9th2FWREHU
7KHGHWDLOVRIFRPSRVLWLRQRIWKH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHHDQGDWWHQGDQFHRIWKH0HPEHUVDWWKH1RPLQDWLRQ
DQG5HPXQHUDWLRQ&RPPLWWHH0HHWLQJVDUHDVXQGHU

0U3UDGLS6KDK &KDLUPDQ 1(' , 3 3
Mr. R.A. Shah 1(' , 3 3
0U8GD\.KDQQD 1(' , 3 3
0U$LMD]7REDFFRZDOOD :7' 3 3
'U/DNVKPL1DGNDUQL ZHIth)HEUXDU\ :7' 1$ 1$
45
7KH 1RPLQDWLRQ DQG 5HPXQHUDWLRQ &RPPLWWHH inter alia UHYLHZV DQG UHFRPPHQGV WR WKH %RDUG UHPXQHUDWLRQ LQFOXGLQJ WKH
%RQXV3HUIRUPDQFH /LQNHG ,QFHQWLYH RI 0DQDJLQJ 'LUHFWRU :KROHWLPH 'LUHFWRUV .H\ 0DQDJHULDO DQG 6HQLRU 0DQDJHPHQW
3HUVRQQHO EDVHG RQ WKH SHUIRUPDQFH SDUDPHWHUV IRU WKH H[HFXWLYHV DQG WKH &RPSDQ\ VXEMHFW WR WKH OLPLWV DSSURYHG E\ WKH
0HPEHUVDQGDVSHUPLWWHGE\ODZ
7KH WHUPV RI UHIHUHQFH RI WKH 1RPLQDWLRQ DQG 5HPXQHUDWLRQ &RPPLWWHH LQFOXGH WKH PDWWHUV VSHFL±HG XQGHU &ODXVH RI WKH
/LVWLQJ$JUHHPHQWZLWKWKH6WRFN([FKDQJHVDVZHOODVXQGHU6HFWLRQRIWKH$FW
%DVHG RQ WKH UHFRPPHQGDWLRQ RI WKH 1RPLQDWLRQ DQG 5HPXQHUDWLRQ &RPPLWWHH WKH %RDUG RI 'LUHFWRUV KDYH IRUPXODWHG DQG
DGRSWHG1RPLQDWLRQDQG5HPXQHUDWLRQ3ROLF\DQGWKHVDPHLVJLYHQDV$QQH[XUH%WRWKH%RDUGªV5HSRUW
7KH0LQXWHVRIWKH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHH0HHWLQJVZHUHQRWHGDWWKH%RDUG0HHWLQJV
BOARD ADMINISTRATIVE AND SHARE TRANSFER COMMITTEE
3UHVHQWO\ WKH %RDUG $GPLQLVWUDWLYH DQG 6KDUH 7UDQVIHU &RPPLWWHH FRPSULVHV RI 0U $LMD] 7REDFFRZDOOD 0U 9LYHN 'KDULZDO
0U66ULGKDUDQG'U/DNVKPL1DGNDUQL ZHIth)HEUXDU\
7KH%RDUGRI'LUHFWRUVDWLWVPHHWLQJKHOGRQth-XO\UHQDPHGWKH%RDUG$GPLQLVWUDWLYH&RPPLWWHHWR%RDUG$GPLQLVWUDWLYH
DQG6KDUH7UDQVIHU&RPPLWWHHDQGHQKDQFHGWKHVFRSHRIWKH&RPPLWWHHWRFRYHUPDWWHUVUHODWLQJWRVKDUHWUDQVIHUWUDQVPLVVLRQ
issue of duplicate shares etc.
7KH&RPPLWWHHPHHWVRQDUHJXODUEDVLVWRDSSURYHDGPLQLVWUDWLYHDFWLRQVDQGVKDUHWUDQVIHUPDWWHUV7KHPLQXWHVRIWKH%RDUG
$GPLQLVWUDWLYHDQG6KDUH7UDQVIHU&RPPLWWHH0HHWLQJVZHUHQRWHGDWWKH%RDUG0HHWLQJV
REMUNERATION TO DIRECTORS
7KHUHKDVEHHQQRPDWHULDOO\VLJQL±FDQWUHODWHGSDUW\WUDQVDFWLRQVSHFXQLDU\UHODWLRQVKLSVRUWUDQVDFWLRQVEHWZHHQ3±]HU/LPLWHG
DQGLWV'LUHFWRUVIRUWKH±QDQFLDO\HDUXQGHUUHYLHZWKDWPD\KDYHDSRWHQWLDOFRQ²LFWZLWKWKHLQWHUHVWRIWKH&RPSDQ\DWODUJH
6DODU\%HQH±WV3HUTXLVLWHV3HUIRUPDQFH/LQNHG,QFHQWLYHV6LWWLQJ)HHVDQG&RPPLVVLRQ
7KHIROORZLQJWDEOHJLYHVGHWDLOVRIUHPXQHUDWLRQSDLGWR([HFXWLYH'LUHFWRUVIRUWKH±QDQFLDO\HDUXQGHUUHYLHZ
(a) Executive Directors
(`LQ/DNKV
Name Remuneration
Salary %HQH±WVDQG Performance Total
Perquisites* Linked
Incentives
0U$LMD]7REDFFRZDOOD 237.55 419.66 70.40 727.61
0U9LYHN'KDULZDO 100.36 66.34 17.86 184.56
Mr. S. Sridhar 126.90 102.88 25.14 254.92
'U/DNVKPL1DGNDUQL ZHIth)HEUXDU\ 9.84 1$ 1.31 11.15
Total 474.65 588.88 114.71 1178.24
%HQH±WVDQG3HUTXLVLWHVLQFOXGHVHPSOR\HHVWRFNRSWLRQVJUDQWHGE\WKH3DUHQW&RPSDQ\3±]HU,QF86$
(1) Service Contracts, Severance Fees and Notice Period
7KHDSSRLQWPHQWRIWKH0DQDJLQJ'LUHFWRUDQG:KROHWLPH'LUHFWRU V LVJRYHUQHGE\WKH$UWLFOHVRI$VVRFLDWLRQRIWKH
&RPSDQ\DQGWKH5HVROXWLRQVSDVVHGE\WKH%RDUGRI'LUHFWRUVDQGWKH0HPEHUVRIWKH&RPSDQ\7KHVHFRYHUWKHWHUPV
DQGFRQGLWLRQVRIVXFKDSSRLQWPHQWUHDGZLWKWKHVHUYLFHUXOHVRIWKH&RPSDQ\
,QWHUPVRIWKH$UWLFOHVRI$VVRFLDWLRQUHVLJQDWLRQRID'LUHFWRUEHFRPHVHIIHFWLYHXSRQLWVDFFHSWDQFHE\WKH%RDUG
7KHDSSRLQWPHQWRI0DQDJLQJ'LUHFWRU:KROHWLPH'LUHFWRU V DUHE\ZD\RI%RDUG5HVROXWLRQDQGVHUYLFHHPSOR\PHQW
FRQWUDFWV7KHVHFRQWUDFWVDUHWHUPLQDEOHE\HLWKHUSDUW\E\VHUYLQJQRWLFHRIWKUHHPRQWKV7KHUHLVQRVHSDUDWHSURYLVLRQ
IRU SD\PHQW RI VHYHUDQFH IHH XQGHU WKH UHVROXWLRQVFRQWUDFWV JRYHUQLQJ WKH DSSRLQWPHQW RI 0DQDJLQJ 'LUHFWRU DQG
:KROHWLPH'LUHFWRU V

(2) Employee Stock Option Scheme
7KH&RPSDQ\GRHVQRWKDYHDQ\(PSOR\HH6WRFN2SWLRQ6FKHPHIRULWV'LUHFWRUVDQG(PSOR\HHV7KH([HFXWLYH'LUHFWRUV
DQG6HQLRU0DQDJHPHQW3HUVRQQHODUHKRZHYHUHOLJLEOHIRUWKHDQQXDO/RQJ7HUP,QFHQWLYH&RPSHQVDWLRQSODQE\ZD\
RI5HVWULFWHG6WRFN8QLWVDQG6WRFN2SWLRQVJUDQWHGE\WKH3DUHQW&RPSDQ\3±]HU,QF86$
(3) Performance Linked Incentive criteria
7KH&RPSDQ\KDVLQWHUQDOQRUPVIRUDVVHVVLQJWKHSHUIRUPDQFHRILWVVHQLRUH[HFXWLYHVLQFOXGLQJ([HFXWLYH'LUHFWRUV
(4) 0U$LMD]7REDFFRZDOOD0U66ULGKDU0U9LYHN'KDULZDODQG'U/DNVKPL1DGNDUQLGRQRWKROGDQ\HTXLW\VKDUHVRIWKH
&RPSDQ\
(b) Non-Executive Directors
7KH1RQ([HFXWLYH'LUHFWRUVDUHSDLGUHPXQHUDWLRQE\ZD\RI&RPPLVVLRQDQG6LWWLQJ)HHV7KHGHWDLOVRIUHPXQHUDWLRQSDLG
WR1RQ([HFXWLYH'LUHFWRUVIRUWKH±QDQFLDO\HDUXQGHUUHYLHZDUHDVXQGHU
(`LQ/DNKV
Name Sitting Fees Commission Total Number of
shares held
Mr. R.A. Shah 5.50 10.00 15.50 3,540
0U3UDGLS6KDK 6.10 10.00 16.10 1LO
0U8GD\.KDQQD 5.80 10.00 15.80 1LO
0U6XQLO/DOEKDL ZHIth)HEUXDU\ 1.10 1.25 2.35 2,477
Total 18.50 31.25 49.75 -
7KH &RPPLVVLRQ SD\DEOH WR WKH 1RQ([HFXWLYH 'LUHFWRUV LV GHFLGHG E\ WKH %RDUG RI 'LUHFWRUV RI WKH &RPSDQ\ ZLWKLQ
WKHOLPLWVVWLSXODWHGE\WKH6SHFLDO5HVROXWLRQSDVVHGDWWKHnd Annual General Meeting held on 6th6HSWHPEHU
7KHDPRXQWRI&RPPLVVLRQSD\DEOHWRHDFKRIWKH1RQ([HFXWLYH'LUHFWRULVGHFLGHGE\WKH%RDUGRQWKHEDVLVRIWKHUROH
DQGUHVSRQVLELOLW\DV&KDLUPDQ0HPEHURIWKH%RDUGDQGRIWKH%RDUG&RPPLWWHH V DQGRYHUDOO±QDQFLDOSHUIRUPDQFH
RIWKH&RPSDQ\
0U5$6KDKLVDVHQLRUSDUWQHURI0V&UDZIRUG%D\OH\ &R6ROLFLWRUV $GYRFDWHVZKRKDYHDSURIHVVLRQDOUHODWLRQVKLS
ZLWKWKH&RPSDQ\7KHIHHVHDUQHGE\0V&UDZIRUG%D\OH\ &RIURP3±]HU/LPLWHGFRQVWLWXWHVOHVVWKDQRIWKH
WRWDO UHYHQXH RI 0V &UDZIRUG %D\OH\ &R LQ HDFK \HDU GXULQJ WKH ODVW WKUHH ±QDQFLDO \HDUV $V SHU WKH YLHZ RI WKH
%RDUGRI'LUHFWRUVDQGDOVRDVSHUWKHOHJDORSLQLRQVRXJKWRQWKHVXEMHFWRI,QGHSHQGHQFHRI0U5$6KDKWKHOHJDO
±UP 0V &UDZIRUG %D\OH\ &R GRHV QRW KDYH D PDWHULDO DVVRFLDWLRQ ZLWK WKH &RPSDQ\ 7KH SURIHVVLRQDO IHHV RI
`/DNKVWKDWZDVSDLGWRWKHPGXULQJWKH±QDQFLDO\HDUXQGHUUHYLHZLVQRWFRQVLGHUHGPDWHULDOHQRXJKWRLPSLQJH
on the independence of Mr. R.A. Shah.
%HVLGHV SD\PHQW RI FRPPLVVLRQ DQG VLWWLQJ IHHV DQG GLYLGHQG RQ HTXLW\ VKDUHV KHOG LI DQ\ E\ WKH 'LUHFWRUV
QRRWKHUSD\PHQWVKDYHEHHQPDGHRUWUDQVDFWLRQVRIDSHFXQLDU\QDWXUHHQWHUHGLQWRE\WKH&RPSDQ\ZLWKWKH'LUHFWRUV
IV. CHIEF EXECUTIVE OFFICER (CEO)/CHIEF FINANCIAL OFFICER (CFO) CERTIFICATION
$VUHTXLUHGXQGHU&ODXVH ,; RIWKH/LVWLQJ$JUHHPHQWWKH&(2DQG&)2&HUWL±FDWLRQRIWKH)LQDQFLDO6WDWHPHQWVWKH&DVK)ORZ
6WDWHPHQWDQGWKH,QWHUQDO&RQWURO6\VWHPVIRU±QDQFLDOUHSRUWLQJIRUWKH±QDQFLDO\HDUHQGHGst0DUFKZDVSODFHGEHIRUH
%RDUGRI'LUHFWRUVDWLWV0HHWLQJKHOGRQth0D\
V. GENERAL BODY MEETINGS
(a) The details of the last 3 Annual General Meetings held are as under:
AGM Financial Year Date and Time Venue of the AGM

63rd 2013-2014 10th1RYHPEHUDWDP <DVKZDQWUDR &KDYDQ 3UDWLVKWKDQ
Auditorium, General Jagannath
62 nd
2012-2013 6 6HSWHPEHUDWSP
th
%KRVDOH 0DUJ 1H[W WR 6DFKLYDOD\D
61 st
2011-2012 2nd August, 2012 at 3.00 p.m. *\PNKDQD0XPEDL
47
$OOWKHUHVROXWLRQVVHWRXWLQWKHUHVSHFWLYH1RWLFHVZHUHSDVVHGE\WKHUHTXLVLWHPDMRULW\RIWKHPHPEHUV
$PHHWLQJRIWKHVKDUHKROGHUVZDVFRQYHQHGRQth$SULOXQGHUWKHGLUHFWLRQVRIWKH+RQªEOH%RPED\+LJK&RXUW
WR VHHN WKHLU DSSURYDO WR WKH 6FKHPH RI $PDOJDPDWLRQ EHWZHHQ :\HWK /LPLWHG DQG WKH &RPSDQ\ $W WKH VDLG PHHWLQJ
WKH VKDUHKROGHUV XQDQLPRXVO\ LQ QXPEHU DQG LQ YDOXH DSSURYHG WKH 6FKHPH RI $PDOJDPDWLRQ EHWZHHQ
:\HWK/LPLWHGDQGWKH&RPSDQ\
(b) Special Resolutions passed at the last three Annual General Meetings:
A Special Resolution was passed at the 63rd$QQXDO*HQHUDO0HHWLQJRIWKH&RPSDQ\KHOGRQth1RYHPEHUDXWKRUL]LQJ
%RDUGRI'LUHFWRUVWRHQWHULQWRFRQWUDFWVDUUDQJHPHQWVWUDQVDFWLRQVZLWK3±]HU([SRUW&RPSDQ\,UHODQGD©5HODWHG3DUW\ªDV
GH±QHGXQGHU6HFWLRQ RIWKH&RPSDQLHV$FWDQG&ODXVH9,,RIWKH/LVWLQJ$JUHHPHQWIRUSXUFKDVHWUDQVIHURU
UHFHLSWRISURGXFWVJRRGVDFWLYHSKDUPDFHXWLFDOLQJUHGLHQWVPDWHULDOVVHUYLFHVRURWKHUREOLJDWLRQVLIDQ\RQVXFKWHUPVDQG
FRQGLWLRQVDVPD\EHPXWXDOO\DJUHHGXSRQEHWZHHQWKH&RPSDQ\DQG3±]HU([SRUW&RPSDQ\IRUDQDPRXQWQRWH[FHHGLQJ
in aggregate ` 5XSHHV6L[+XQGUHG&URUHVRQO\ LQHDFK±QDQFLDO\HDU
A Special Resolution was passed at the 62nd$QQXDO*HQHUDO0HHWLQJRIWKH&RPSDQ\KHOGRQth6HSWHPEHUIRUSD\PHQW
RIFRPPLVVLRQWR5HVLGHQW,QGLDQ1RQ([HFXWLYH'LUHFWRUVRIWKH&RPSDQ\DWWKHUDWHRIRIWKHQHWSUR±WVRIWKH&RPSDQ\
VXEMHFWWRDPD[LPXPOLPLWRI` 5XSHHV(LJKW\/DNKVRQO\ SHUDQQXPWREHFRPSXWHGLQWKHPDQQHUODLGGRZQ
LQ6HFWLRQ RIWKHHUVWZKLOH&RPSDQLHV$FWIRUDSHULRGRI±YH\HDUVFRPPHQFLQJIURPst'HFHPEHU
(c) Passing of Special Resolutions by Postal Ballot:
'XULQJWKH\HDUXQGHUUHYLHZLQWHUPVRI6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD §6(%,¨ &LUFXODU&,5&)'',/GDWHG
4th )HEUXDU\ DQG &LUFXODU &,5&)'',/ GDWHG st 0D\ VKDUHKROGHUVª DSSURYDO ZDV VRXJKW E\ 3RVWDO
%DOORW IRU D UHVROXWLRQ WR DSSURYH WKH 6FKHPH RI $PDOJDPDWLRQ RI :\HWK /LPLWHG ZLWK 3±]HU /LPLWHG DQG WKHLU UHVSHFWLYH
VKDUHKROGHUV DQG FUHGLWRUV %DVHG RQ WKH 5HSRUW RI &6 0U %KXPLWUD 'KRODNLD 3URSULHWRU RI 0V 'KRODNLD $VVRFLDWHV
D3UDFWLFLQJ&RPSDQ\6HFUHWDU\DQG6FUXWLQL]HUIRUFRQGXFWLQJWKHDIRUHPHQWLRQHG3RVWDO%DOORWWKH5HVROXWLRQZDVSDVVHG
ZLWKDQRYHUZKHOPLQJPDMRULW\7KHYRWHVFDVWLQIDYRXUDJJUHJDWHGWRRIWKHWRWDOYRWHVFDVW
1RQHRIWKH5HVROXWLRQVSURSRVHGDWWKHth$QQXDO*HQHUDO0HHWLQJQHHGWREHSDVVHGE\3RVWDO%DOORW
VI. DISCLOSURES
(a) Related party transactions
7KH &RPSDQ\ KDV QRW HQWHUHG LQWR DQ\ PDWHULDOO\ VLJQL±FDQW UHODWHG SDUW\ WUDQVDFWLRQV ZLWK LWV 3URPRWHUV 'LUHFWRUV RU
0DQDJHPHQWWKHLUVXEVLGLDULHVRUUHODWLYHVHWFWKDWPD\KDYHSRWHQWLDOFRQ²LFWZLWKWKHLQWHUHVWVRIWKH&RPSDQ\DWODUJH
7KH&RPSDQ\KDVGLVFORVHGGHWDLOVRIPDWHULDOWUDQVDFWLRQVZLWKUHODWHGSDUWLHVWRWKH%6(/LPLWHGDQGWKH1DWLRQDO6WRFN
([FKDQJHRI,QGLD/LPLWHGDORQJZLWKWKHFRPSOLDQFHUHSRUWRQFRUSRUDWHJRYHUQDQFH
7KH&RPSDQ\KDVIRUPXODWHGDQGDGRSWHGDSROLF\RQGHDOLQJZLWK5HODWHG3DUW\7UDQVDFWLRQVDQGVDPHLVGLVSOD\HGXQGHU
WKH ,QYHVWRU 5HODWLRQV VHFWLRQ RQ WKH &RPSDQ\ªV ZHEVLWH ©ZZZS±]HULQGLDFRPª 7KH ZHEOLQN IRU WKH 3ROLF\ LV KWWSZZZ
S±]HULQGLDFRPH1HZV:HEVLWHLQYHVWRUSGI5HODWHG3DUW\7UDQVDFWLRQ3ROLF\SGI
7KH&RPSDQ\KDVUHFHLYHGGLVFORVXUHVIURPWKHVHQLRUPDQDJHULDOSHUVRQQHOFRQ±UPLQJWKDWWKH\KDYHQRWHQWHUHGLQWRDQ\
PDWHULDO±QDQFLDODQGFRPPHUFLDOWUDQVDFWLRQVLQZKLFKWKH\RUWKHLUUHODWLYHVPD\KDYHDSHUVRQDOLQWHUHVW
7UDQVDFWLRQVZLWKWKHUHODWHGSDUWLHVDVSHUUHTXLUHPHQWVRI$FFRXQWLQJ6WDQGDUGDUHGLVFORVHGLQ1RWHWRWKH±QDQFLDO
VWDWHPHQWVLQWKH$QQXDO5HSRUWDQGWKH\DUHQRWLQFRQ²LFWZLWKWKHLQWHUHVWRIWKH&RPSDQ\DWODUJH
7KH$XGLW&RPPLWWHHKDVUHYLHZHGWKHUHODWHGSDUW\WUDQVDFWLRQVDVPDQGDWRULO\UHTXLUHGXQGHUUHOHYDQWSURYLVLRQVRIWKH
/LVWLQJ$JUHHPHQW7KHVDLGWUDQVDFWLRQVDUHLQWKHRUGLQDU\FRXUVHRIEXVLQHVVDQGDWDUPªVOHQJWKEDVLV
(b) Compliances by the Company
7KH&RPSDQ\KDVFRPSOLHGZLWKWKHUHTXLUHPHQWVRIWKH6WRFN([FKDQJHV6(%,DQGRWKHUVWDWXWRU\DXWKRULWLHVRQDOOPDWWHUV
UHODWLQJWRFDSLWDOPDUNHWVGXULQJWKHODVWWKUHH\HDUV1RSHQDOWLHVRUVWULFWXUHVKDYHEHHQLPSRVHGRQWKH&RPSDQ\E\WKH
6WRFN([FKDQJHV6(%,RURWKHUVWDWXWRU\DXWKRULWLHVUHODWLQJWRWKHDERYH
(c) Code of Conduct
7KH&RPSDQ\LVFRPPLWWHGWRFRQGXFWLQJLWVEXVLQHVVLQFRQIRUPLW\ZLWKHWKLFDOVWDQGDUGVDQGDSSOLFDEOHODZVDQGUHJXODWLRQV
7KLVFRPPLWPHQWVWDQGVHYLGHQFHGE\WKH0RGHO&RGHRI&RQGXFWDGRSWHGE\WKH%RDUGRI'LUHFWRUVDWWKHLUPHHWLQJKHOGRQ
30th'HFHPEHUZKLFKLVDSSOLFDEOHWRHDFKPHPEHURIWKH%RDUGRI'LUHFWRUVDQG6HQLRU0DQDJHPHQWRIWKH&RPSDQ\

7KH&RPSDQ\KDVUHFHLYHGFRQ±UPDWLRQVIURPDOOWKH'LUHFWRUVDQG6HQLRU0DQDJHPHQWRIWKH&RPSDQ\UHJDUGLQJFRPSOLDQFH
ZLWKWKHVDLG&RGHIRUWKH±QDQFLDO\HDUXQGHUUHYLHZ
$FHUWL±FDWHIURP0U$LMD]7REDFFRZDOOD0DQDJLQJ'LUHFWRUWRWKLVHIIHFWIRUPVSDUWRIWKLV5HSRUW7KHVDLG&RGHLVDOVR
GLVSOD\HGXQGHUWKHLQYHVWRUUHODWLRQVVHFWLRQRQWKH&RPSDQ\ªVZHEVLWH©ZZZS±]HULQGLDFRPª
(d) Whistle Blower / Vigil Mechanism
7KH&RPSDQ\KDVHVWDEOLVKHGD:KLVWOH%ORZHU9LJLO0HFKDQLVPWKURXJKZKLFKLWV'LUHFWRUV(PSOR\HHVDQG6WDNHKROGHUV
FDQUHSRUWWKHLUJHQXLQHFRQFHUQVDERXWXQHWKLFDOEHKDYLRXUVDFWXDORUVXVSHFWHGIUDXGRUYLRODWLRQRIWKH&RPSDQ\ªVFRGHRI
FRQGXFWRUHWKLFVSROLF\7KHVDLG3ROLF\SURYLGHVIRUDGHTXDWHVDIHJXDUGVDJDLQVWYLFWLPL]DWLRQDQGDOVRGLUHFWDFFHVVWRWKH
KLJKHUOHYHOVRIVXSHUYLVRUV
7KH(PDLO,'IRUUHSRUWLQJJHQXLQHFRQFHUQVLVFRUSRUDWHFRPSOLDQFH#S±]HUFRP
(e) Risk Management framework
7KH&RPSDQ\KDVLQSODFHDPHFKDQLVPWRLQIRUPWKH%RDUGDERXWWKHULVNDVVHVVPHQWDQGPLQLPL]DWLRQSURFHGXUHVDQG
SHULRGLFDOUHYLHZWRHQVXUHWKDWPDQDJHPHQWFRQWUROVULVNWKURXJKPHDQVRIDSURSHUO\GH±QHGIUDPHZRUN
7KH&RPSDQ\KDVIRUPXODWHGDQGDGRSWHG5LVN0DQDJHPHQW3ROLF\WRSUHVFULEHULVNDVVHVVPHQWPDQDJHPHQWUHSRUWLQJDQG
GLVFORVXUHUHTXLUHPHQWVRIWKH&RPSDQ\
(f ) Management Discussion and Analysis
7KH0DQDJHPHQW'LVFXVVLRQDQG$QDO\VLVIRUPVDSDUWRIWKH%RDUGªV5HSRUW$OOPDWWHUVSHUWDLQLQJWRLQGXVWU\VWUXFWXUHDQG
GHYHORSPHQWVRSSRUWXQLWLHVDQGWKUHDWVVHJPHQWZLVHWHDPZLVHSHUIRUPDQFHRXWORRNULVNVDQGFRQFHUQVLQWHUQDOFRQWURO
V\VWHPVDQGDGHTXDF\GLVFXVVLRQRQ±QDQFLDODQGRSHUDWLRQDOSHUIRUPDQFHDQGPDWHULDOGHYHORSPHQWVLQKXPDQUHVRXUFHV
are discussed in the said Report.
(g) Adherence to Accounting Standards
7KH )LQDQFLDO 6WDWHPHQWV KDYH EHHQ SUHSDUHG DQG SUHVHQWHG XQGHU WKH KLVWRULFDO FRVW FRQYHQWLRQ RQ DQ DFFUXDO EDVLV RI
DFFRXQWLQJ DQG LQ DFFRUGDQFH ZLWK WKH DFFRXQWLQJ SULQFLSOHV JHQHUDOO\ DFFHSWHG LQ ,QGLD DQG FRPSO\ ZLWK WKH $FFRXQWLQJ
6WDQGDUGVUHIHUUHGLQWKH&RPSDQLHV $FFRXQWLQJ6WDQGDUGV 5XOHVZKLFKFRQWLQXHWRDSSO\XQGHU6HFWLRQRIWKH
&RPSDQLHV$FWUHDGZLWK5XOHRIWKH&RPSDQLHV $FFRXQW 5XOHVDQGRWKHUUHOHYDQWSURYLVLRQRIWKH&RPSDQLHV
$FWWRWKHH[WHQWDSSOLFDEOH
(h) Board Diversity
7KH&RPSDQ\UHFRJQL]HVWKDWD%RDUGFRPSRVHGRIDSSURSULDWHO\TXDOL±HGPHPEHUVZLWKDEURDGUDQJHRIH[SHULHQFHUHOHYDQW
WRWKHEXVLQHVVLVLPSRUWDQWIRUHIIHFWLYHFRUSRUDWHJRYHUQDQFHDQGVXVWDLQHGFRPPHUFLDOVXFFHVV7KH&RPSDQ\EHOLHYHVWKDW
LWKDVDWUXO\GLYHUVH%RDUGZKLFKOHYHUDJHVRQWKHVNLOOVDQGNQRZOHGJHLQGXVWU\RUUHODWHGSURIHVVLRQDOH[SHULHQFHDJHDQG
JHQGHUZKLFKKHOSVWKH&RPSDQ\WRUHWDLQRXUFRPSHWLWLYHDGYDQWDJH7KH%RDUGKDVDGRSWHGWKH%RDUG'LYHUVLW\3ROLF\WR
UHFRJQL]HWKHEHQH±WVRIDGLYHUVH%RDUGDQGWRIXUWKHUHQKDQFHWKHTXDOLW\RISDUWLFLSDWLRQDQGSHUIRUPDQFH
(i) Familiarization Program for Independent Directors
7KH &RPSDQ\ KDV LQ SODFH D )DPLOLDUL]DWLRQ 3URJUDP IRU ,QGHSHQGHQW 'LUHFWRUV WR SURYLGH LQVLJKWV LQWR WKH &RPSDQ\ WR
HQDEOHWKH,QGHSHQGHQW'LUHFWRUVWRXQGHUVWDQGLWVEXVLQHVVLQGHSWKDQGFRQWULEXWHVLJQL±FDQWO\WRWKH&RPSDQ\ªVVXFFHVV
7KH([HFXWLYH'LUHFWRUV6HQLRU0DQDJHPHQWPDNHVSUHVHQWDWLRQVSHULRGLFDOO\WRIDPLOLDUL]HWKH,QGHSHQGHQW'LUHFWRUVZLWK
WKHVWUDWHJ\RSHUDWLRQVDQGIXQFWLRQVRIWKH&RPSDQ\7KH&RPSDQ\DOVRFLUFXODWHVQHZVDQGDUWLFOHVUHODWHGWRWKHLQGXVWU\
DQG SURYLGHV VSHFL±F UHJXODWRU\ XSGDWHV WR WKH ,QGHSHQGHQW 'LUHFWRUV RQ D UHJXODU EDVLV 7KH &RPSDQ\ KDV GHYLVHG DQG
DGRSWHGDSROLF\RQ)DPLOLDUL]DWLRQ3URJUDPIRU,QGHSHQGHQW'LUHFWRUVDQGKDVXSORDGHGWKHVDPHRQWKH&RPSDQ\ªVZHEVLWH
©ZZZS±]HULQGLDFRPª
(j) Mandatory Requirements
7KH &RPSDQ\ LV LQ FRPSOLDQFH ZLWK DOO WKH PDQGDWRU\ UHTXLUHPHQWV VWLSXODWHG XQGHU &ODXVH RI WKH /LVWLQJ $JUHHPHQW
DVDPHQGHGIURPWLPHWRWLPH7KHDGRSWLRQRIQRQPDQGDWRU\UHTXLUHPHQWVLVSURYLGHGLQWKLV5HSRUW
49
VII. MEANS OF COMMUNICATION
Financial Results
7KHTXDUWHUO\KDOI\HDUO\DQGDQQXDO±QDQFLDOUHVXOWVDUHJHQHUDOO\SXEOLVKHGLQ©%XVLQHVV6WDQGDUGªDQG©6DNDOª7KHUHVXOWVDUHDOVR
GLVSOD\HGXQGHUWKH,QYHVWRU5HODWLRQVVHFWLRQRQWKH&RPSDQ\ªVZHEVLWH©ZZZS±]HULQGLDFRPªVKRUWO\DIWHULWVVXEPLVVLRQWRWKH
6WRFN([FKDQJHV
Presentation to Institutional Investors/Analysts
)RXUWHOHFRQIHUHQFHVZHUHKHOGZLWK,QVWLWXWLRQDO,QYHVWRUV$QDO\VWVRQth0D\th-XO\th1RYHPEHUDQG
20th)HEUXDU\7KHWUDQVFULSWRIWKHVDPHZHUHSXWRQWKH&RPSDQ\ªVZHEVLWH©ZZZS±]HULQGLDFRPª7KHRI±FLDOQHZVUHOHDVHV
DUHDOVRGLVSOD\HGXQGHUWKHLQYHVWRUUHODWLRQVVHFWLRQRQWKHZHEVLWHRIWKH&RPSDQ\
VIII. GENERAL SHAREHOLDER INFORMATION
Date, time and venue of the Annual General Meeting
Date 13th-XO\
Time 3.00 p.m.
9HQXH <DVKZDQWUDR&KDYDQ3UDWLVKWKDQ$XGLWRULXP*HQHUDO-DJDQQDWK%KRVDOH0DUJ1H[WWR6DFKLYDOD\D*\PNKDQD
0XPEDL
Financial Year
7KH±QDQFLDO\HDURIWKH&RPSDQ\LVIURPst April to 31st March.
)LQDQFLDO&DOHQGDU 7HQWDWLYH
)LUVW4XDUWHU5HVXOWV /DVWZHHNRI-XO\
6HFRQG4XDUWHU5HVXOWV /DVWZHHNRI2FWREHU
7KLUG4XDUWHU5HVXOWV /DVWZHHNRI-DQXDU\
)RXUWK4XDUWHUDQG$QQXDO5HVXOWV 6HFRQGZHHNRI0D\
Date of Book Closure
3rd-XO\WRth-XO\ ERWKGD\VLQFOXVLYH
Dividend Payment Date
7KH%RDUGRI'LUHFWRUVDWLWVPHHWLQJKHOGRQth0D\KDVUHFRPPHQGHGDGLYLGHQGRI`SHUHTXLW\VKDUH IRUWKH
±QDQFLDO\HDUHQGHGst March, 2015.
'LYLGHQGIRUWKH±QDQFLDO\HDUHQGHGst0DUFKDVUHFRPPHQGHGE\WKH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\LIDSSURYHGDW
WKH$QQXDO*HQHUDO0HHWLQJZLOOEHSDLGWRWKH0HPEHUVRQth-XO\DVXQGHU
L 7RDOO%HQH±FLDO2ZQHUVLQUHVSHFWRIVKDUHVKHOGLQGHPDWHULDOL]HGIRUPDVSHUWKHGDWDDVPD\EHPDGHDYDLODEOHE\WKH
1DWLRQDO6HFXULWLHV'HSRVLWRU\/LPLWHG 16'/ DQGWKH&HQWUDO'HSRVLWRU\6HUYLFHV ,QGLD /LPLWHG &'6/ DVRIWKHFORVHRI
EXVLQHVVKRXUVRQ7KXUVGD\nd-XO\
LL 7RDOO0HPEHUVLQUHVSHFWRIVKDUHVKHOGLQSK\VLFDOIRUPDIWHUJLYLQJHIIHFWWRYDOLGWUDQVIHUVLQUHVSHFWRIWUDQVIHUUHTXHVWV
ORGJHGZLWKWKH&RPSDQ\RQRUEHIRUHWKHFORVHRIEXVLQHVVKRXUVRQ7KXUVGD\nd-XO\
Listing on Stock Exchanges
7KH&RPSDQ\LVOLVWHGRQWKH%6(/LPLWHGDQGWKH1DWLRQDO6WRFN([FKDQJHRI,QGLD/LPLWHG7KHDQQXDOOLVWLQJIHHVKDYHEHHQSDLG
DQGWKHUHLVQRRXWVWDQGLQJSD\PHQWWRZDUGVWKH6WRFN([FKDQJHVDVRQGDWH
Stock Code
%6(/LPLWHG
7KH1DWLRQDO6WRFN([FKDQJHRI,QGLD/LPLWHG3),=(5(4
,QWHUQDWLRQDO6HFXULWLHV,GHQWL±FDWLRQ1XPEHU ,6,1
7KH&RPSDQ\ªVVFULSIRUPSDUWRIWKH6(%,ªV&RPSXOVRU\'HPDW6HJPHQWEHDULQJ,6,11R,1($
Corporate Identity Number (CIN)
7KH &RPSDQ\ªV &,1 DOORWWHG E\ WKH 0LQLVWU\ RI &RUSRUDWH $IIDLUV *RYHUQPHQW RI ,QGLD LV /0+3/&
7KH&RPSDQ\LVUHJLVWHUHGDW0XPEDLLQWKH6WDWHRI0DKDUDVKWUD,QGLD

Address for Correspondence
$OO6KDUHKROGHUVªFRUUHVSRQGHQFHVKRXOGEHDGGUHVVHGWR0V.DUY\&RPSXWHUVKDUH3YW/WGWKH5HJLVWUDUDQG7UDQVIHU$JHQWVRI
WKH&RPSDQ\RUWRWKH6HFUHWDULDO'HSDUWPHQWRIWKH&RPSDQ\DWWKHIROORZLQJDGGUHVVHV
Registrar and Share Transfer Agents Address
.DUY\&RPSXWHUVKDUH3ULYDWH/LPLWHG
81,73),=(5/,0,7('
.DUY\6HOHQLXP7RZHU%3ORW1R
+\GHUDEDG7HODQJDQD¥
&RQWDFWSHUVRQ0U0596XEUDKPDQLDP
7HO
)D[
72//)5((12
5HJLVWHUHG2I±FH$GGUHVV
3±]HU/LPLWHG
3±]HU&HQWUH3DWHO(VWDWH
2II695RDG-RJHVKZDUL : 0XPEDL¥
7HO)D[
(PDLO,'SUDMHHWQDLU#S±]HUFRP
&,1/0+3/&
Share Transfer System
7KH&RPSDQ\6HFUHWDU\KDGEHHQHPSRZHUHGE\WKH%RDUGIRUDSSURYLQJWUDQVIHUVWUDQVPLVVLRQVRIVKDUHVVSOLWFRQVROLGDWLRQ
DQGRWKHUDOOLHGPDWWHUVXSWRDOLPLWRIVKDUHVRILQGLYLGXDOLWHPV:LWKHIIHFWIURPth-XO\WKH%RDUGDXWKRUL]HG%RDUG
$GPLQLVWUDWLYHDQG6KDUH7UDQVIHU&RPPLWWHHWRFRYHUPDWWHUVUHODWLQJWRVKDUHWUDQVIHUVWUDQVPLVVLRQLVVXHRIGXSOLFDWHVKDUHV
HWFDIWHUHQKDQFLQJWKHVFRSHRIWKHVDLG&RPPLWWHH$WHDFKPHHWLQJWKH%RDUGLVDSSULVHGRIWKHGHWDLOVRIWUDQVIHUWUDQVPLVVLRQ
LVVXHRIGXSOLFDWHVKDUHV7KH&RPSDQ\ªV5HJLVWUDUV0V.DUY\&RPSXWHUVKDUH3YW/WGKDVDGHTXDWHLQIUDVWUXFWXUHWRSURFHVVWKH
VKDUHWUDQVIHUV7KHVKDUHWUDQVIHUVUHFHLYHGDUHSURFHVVHGZLWKLQGD\VIURPWKHGDWHRIUHFHLSWVXEMHFWWRWKHWUDQVIHULQVWUXPHQW
EHLQJYDOLGDQGFRPSOHWHLQDOOUHVSHFWV'HPDWHULDOL]DWLRQUHTXHVWVDUHSURFHVVHGZLWKLQGD\VIURPWKHGDWHRIUHFHLSWWRJLYH
FUHGLWRIWKHVKDUHVWKURXJKWKH'HSRVLWRULHV,QFRPSOLDQFHZLWKWKH/LVWLQJ$JUHHPHQWHYHU\VL[PRQWKVD3UDFWLFLQJ&RPSDQ\
6HFUHWDU\DXGLWVWKH6\VWHPRI7UDQVIHUDQGD&HUWL±FDWHWRWKDWHIIHFWLVLVVXHG
MARKET PRICE DATA*
7KH+LJKDQG/RZSULFHVRIWKH&RPSDQ\ªVVKDUH RIWKHIDFHYDOXHRI`HDFK IRUWKH±QDQFLDO\HDUXQGHUUHYLHZDUHDVEHORZ
Month and Year BSE Ltd. The National Stock Exchange of

India Ltd.
High (`) Low (`) High (`) Low (`)
Apr 2014 1346.90 1228.00 1348.65 1224.00
0D\ 1298.00 1175.00 1299.00 1173.20
Jun 2014 1449.90 1210.00 1450.00 1207.00
-XO\ 1499.00 1325.00 1500.00 1315.00
Aug 2014 1453.00 1321.05 1450.00 1320.00
Sep 2014 1824.00 1426.00 1825.00 1401.60
2FW 1718.00 1511.00 1720.00 1504.35
1RY 1828.00 1618.75 1824.95 1602.60
Dec 2014 2177.45 1745.00 2184.00 1741.00
Jan 2015 2325.00 2032.00 2325.00 1720.00
)HE 2115.60 1951.00 2116.60 1950.50
Mar 2015 2250.00 1974.50 2251.00 1969.80
6RXUFH%6(DQG16(:HEVLWHV
51
PERFORMANCE OF PFIZER SHARE PRICE TO BROAD BASED INDEX - BSE SENSEX, NIFTY (INDEXED)
180.00
170.00
160.00
150.00
140.00
Pfizer^
Index
130.00
Sensex
120.00
Nifty
110.00
100.00
90.00
80.00
Apr-14 May-14 Jun-14 July-14 Aug-14 Sept-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15
A3±]HU6KDUH3ULFHRQ%6(
DISTRIBUTION OF SHAREHOLDING
(a) Shareholding Pattern as on 31st March, 2015:
Category of Shareholder Number of Shares Percentage of

Shareholding
Promoters
3±]HU(DVW,QGLD%91HWKHUODQGV 18186334 39.75
:\HWK//& 5617707 12.28
:\HWK+ROGLQJV&RUSRUDWLRQ 1630164 3.56
:DUQHU/DPEHUW&RPSDQ\//&86$ 1187163 2.60
3DUNH'DYLV &RPSDQ\//&86$ 955733 2.09
-RKQ:\HWK %URWKHU/WG 882000 1.93
3KDUPDFLD&RUSRUDWLRQ86$ 783941 1.71
Sub-Total 29243042 63.92
Non-Promoters
0XWXDO)XQGV87, 2573294 5.62
)LQDQFLDO,QVWLWXWLRQV%DQNV 9216 0.02
,QVXUDQFH&RPSDQLHV 850202 1.86
)RUHLJQ,QVWLWXWLRQDO,QYHVWRUV 2228239 4.87
%RGLHV&RUSRUDWH 2843743 6.22
,QGLYLGXDOV 7712162 16.86
'LUHFWRUV 5HODWLYHV 6017 0.01
Trusts 3554 0.01
)RUHLJQ%RGLHV&RUSRUDWH 1035 0.00
1RQUHVLGHQW,QGLDQV 250998 0.55
&OHDULQJ0HPEHUV 26230 0.06
Sub-Total 16504690 36.08
Total 45747732 100.00

(b) Class-wise Distribution of Equity Shares as on 31st March, 2015:
Number of Equity Share Holding Number of Percentage of Number of Percentage of

Shareholders Shareholders Shares Shareholding
¥ 54728 64.23 1158009 2.53
¥ 13444 15.78 1060611 2.32
¥ 14926 17.52 2916774 6.38
¥ 1208 1.42 852484 1.86
¥ 732 0.86 1384128 3.03
¥ 48 0.05 349596 0.76
$ERYH 121 0.14 38026130 83.12
Total 85207 100.00 45747732 100.00
Dematerialization of Shares and Liquidity
7KHVKDUHVRIWKH&RPSDQ\IRUPSDUWRIWKH&RPSXOVRU\'HPDW6HJPHQW7KH&RPSDQ\KDVHVWDEOLVKHGFRQQHFWLYLW\ZLWK
ERWKWKH'HSRVLWRULHVYL]1DWLRQDO6HFXULWLHV'HSRVLWRU\/LPLWHG 16'/ DQG&HQWUDO'HSRVLWRU\6HUYLFHV ,QGLD /LPLWHG &'6/
WKURXJKLWV5HJLVWUDUV 6KDUH7UDQVIHU$JHQWV0V.DUY\&RPSXWHUVKDUH3YW/WG
As on 31st0DUFKWKHQXPEHURIVKDUHVKHOGLQGHPDWHULDOL]HGDQGSK\VLFDOPRGHDUHDVXQGHU
Particulars Number of Percentage to Number of Percentage

Shares Total Capital Shareholders to Total
Issued Number of
Shareholders
+HOGLQGHPDWHULDOL]HGPRGHLQ16'/ 43155094 94.33 52061 61.10
+HOGLQGHPDWHULDOL]HGPRGHLQ&'6/ 1402777 3.07 14475 16.99
3K\VLFDOPRGH 1189861 2.60 18671 21.91
Total 45747732 100.00 85207 100.00
Outstanding GDRs/ADRs/Warrants or any convertible instruments, etc.

$VRQGDWHWKH&RPSDQ\KDVQRWLVVXHGWKHVHW\SHVRIVHFXULWLHV
Plant Location
L 7KDQH%HODSXU5RDG
.8%D]DU3RVW
1DYL0XPEDL
LL 3ORW1R/3KDVH,,,
9HUQD,QGXVWULDO(VWDWH
9HUQD¥*RD
IX. NON-MANDATORY REQUIREMENTS
Shareholders’ Rights
7KHKDOI\HDUO\±QDQFLDOUHVXOWVDUHSXEOLVKHGLQWKHQHZVSDSHUVDVPHQWLRQHGDERYHDQGDOVRWKH\DUHGLVSOD\HGXQGHUWKHLQYHVWRU
UHODWLRQV VHFWLRQ RQ WKH &RPSDQ\ªV ZHEVLWH ©ZZZS±]HULQGLDFRPª 7KHUHIRUH WKH UHVXOWV ZHUH QRW VHSDUDWHO\ FLUFXODWHG WR DOO
shareholders.
R.A. Shah
53
&HUWL±FDWH RI &RPSOLDQFH ZLWK WKH &RUSRUDWH *RYHUQDQFH UHTXLUHPHQWV XQGHU
Clause 49 of the Listing Agreement
7RWKH0HPEHUVRI3±]HU/LPLWHG
:HKDYHH[DPLQHGWKHFRPSOLDQFHRIFRQGLWLRQVRI&RUSRUDWH*RYHUQDQFHE\3±]HU/LPLWHG §WKH&RPSDQ\¨ IRUWKH\HDUHQGHGRQ
0DUFKDVVWLSXODWHGLQ&ODXVHRIWKH/LVWLQJ$JUHHPHQWRIWKH&RPSDQ\ZLWKWKH6WRFN([FKDQJHVLQ,QGLD
7KH FRPSOLDQFH RI FRQGLWLRQV RI &RUSRUDWH *RYHUQDQFH LV WKH UHVSRQVLELOLW\ RI WKH &RPSDQ\ªV PDQDJHPHQW 2XU H[DPLQDWLRQ ZDV
OLPLWHGWRSURFHGXUHVDQGLPSOHPHQWDWLRQWKHUHRIDGRSWHGE\WKH&RPSDQ\IRUHQVXULQJWKHFRPSOLDQFHRIWKHFRQGLWLRQVRI&RUSRUDWH
*RYHUQDQFH,WLVQHLWKHUDQDXGLWQRUDQH[SUHVVLRQRIRSLQLRQRQWKH±QDQFLDOVWDWHPHQWVRIWKH&RPSDQ\
,Q RXU RSLQLRQ DQG WR WKH EHVW RI RXU LQIRUPDWLRQ DQG DFFRUGLQJ WR WKH H[SODQDWLRQV JLYHQ WR XV ZH FHUWLI\ WKDW WKH &RPSDQ\ KDV
FRPSOLHGZLWKWKHFRQGLWLRQVRI&RUSRUDWH*RYHUQDQFHDVVWLSXODWHGLQWKHDERYHPHQWLRQHG/LVWLQJ$JUHHPHQW
:HIXUWKHUVWDWHWKDWVXFKFRPSOLDQFHLVQHLWKHUDQDVVXUDQFHDVWRWKHIXWXUHYLDELOLW\RIWKH&RPSDQ\QRUWKHHI±FLHQF\RUHIIHFWLYHQHVV
ZLWKZKLFKWKHPDQDJHPHQWKDVFRQGXFWHGWKHDIIDLUVRIWKH&RPSDQ\
For B S R & Co. LLP

Chartered Accountants
)LUPªV5HJLVWUDWLRQ1R::
Sadashiv Shetty
0XPEDL 3DUWQHU
0D\ 0HPEHUVKLS1R
Declaration by the Managing Director under Clause 49 of the Listing Agreement

regarding compliance with Code of Conduct
,QDFFRUGDQFHZLWK&ODXVH,, ( RIWKH/LVWLQJ$JUHHPHQWZLWKWKH6WRFN([FKDQJHV,KHUHE\FRQ±UPWKDWDOOWKH'LUHFWRUVDQGWKH
6HQLRU0DQDJHPHQWSHUVRQQHORIWKH&RPSDQ\KDYHDI±UPHGFRPSOLDQFHZLWKWKH&RGHRI&RQGXFWDVDSSOLFDEOHWRWKHPIRUWKH
±QDQFLDO\HDUHQGHGst March, 2015.
)RU3±]HU/LPLWHG
3ODFH0XPEDL Aijaz Tobaccowalla

'DWHth0D\ Managing Director

INDEPENDENT AUDITOR’S
REPORT
7R7KH0HPEHUV2I3±]HU/LPLWHG
Report on the Standalone Financial Statements
:HKDYHDXGLWHGWKHDFFRPSDQ\LQJVWDQGDORQH±QDQFLDOVWDWHPHQWVRI3±]HU/LPLWHG §WKH&RPSDQ\¨ ZKLFKFRPSULVHWKH%DODQFH
6KHHWDVDW0DUFKWKH6WDWHPHQWRI3UR±WDQG/RVVWKH&DVK)ORZ6WDWHPHQWIRUWKH\HDUWKHQHQGHGDQGDVXPPDU\RIWKH
VLJQL±FDQWDFFRXQWLQJSROLFLHVDQGRWKHUH[SODQDWRU\LQIRUPDWLRQ
Management’s Responsibility for the Standalone Financial Statements
7KH&RPSDQ\ªV%RDUGRI'LUHFWRUVLVUHVSRQVLEOHIRUWKHPDWWHUVVWDWHGLQ6HFWLRQ RIWKH&RPSDQLHV$FW §WKH$FW¨ ZLWK

UHVSHFW WR WKH SUHSDUDWLRQ RI WKHVH VWDQGDORQH ±QDQFLDO VWDWHPHQWV WKDW JLYH D WUXH DQG IDLU YLHZ RI WKH ±QDQFLDO SRVLWLRQ ±QDQFLDO
SHUIRUPDQFHDQGFDVK²RZVRIWKH&RPSDQ\LQDFFRUGDQFHZLWKWKHDFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQ,QGLDLQFOXGLQJWKH
$FFRXQWLQJ6WDQGDUGVVSHFL±HGXQGHU6HFWLRQRIWKH$FWUHDGZLWK5XOHRIWKH&RPSDQLHV $FFRXQWV 5XOHV7KLVUHVSRQVLELOLW\
DOVRLQFOXGHVPDLQWHQDQFHRIDGHTXDWHDFFRXQWLQJUHFRUGVLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH$FWIRUVDIHJXDUGLQJWKHDVVHWVRIWKH
&RPSDQ\DQGIRUSUHYHQWLQJDQGGHWHFWLQJIUDXGVDQGRWKHULUUHJXODULWLHVVHOHFWLRQDQGDSSOLFDWLRQRIDSSURSULDWHDFFRXQWLQJSROLFLHV
PDNLQJMXGJPHQWVDQGHVWLPDWHVWKDWDUHUHDVRQDEOHDQGSUXGHQWDQGGHVLJQLPSOHPHQWDWLRQDQGPDLQWHQDQFHRIDGHTXDWHLQWHUQDO
±QDQFLDOFRQWUROVWKDWZHUHRSHUDWLQJHIIHFWLYHO\IRUHQVXULQJWKHDFFXUDF\DQGFRPSOHWHQHVVRIWKHDFFRXQWLQJUHFRUGVUHOHYDQWWRWKH
SUHSDUDWLRQDQGSUHVHQWDWLRQRIWKH±QDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZDQGDUHIUHHIURPPDWHULDOPLVVWDWHPHQWZKHWKHU
GXHWRIUDXGRUHUURU
Auditor’s Responsibility
2XUUHVSRQVLELOLW\LVWRH[SUHVVDQRSLQLRQRQWKHVHVWDQGDORQH±QDQFLDOVWDWHPHQWVEDVHGRQRXUDXGLW
:HKDYHWDNHQLQWRDFFRXQWWKHSURYLVLRQVRIWKH$FWWKHDFFRXQWLQJDQGDXGLWLQJVWDQGDUGVDQGPDWWHUVZKLFKDUHUHTXLUHGWREH
LQFOXGHGLQWKHDXGLWUHSRUWXQGHUWKHSURYLVLRQVRIWKH$FWDQGWKH5XOHVPDGHWKHUHXQGHU
:HFRQGXFWHGRXUDXGLWLQDFFRUGDQFHZLWKWKH6WDQGDUGVRQ$XGLWLQJVSHFL±HGXQGHU6HFWLRQ RIWKH$FW7KRVH6WDQGDUGV
UHTXLUHWKDWZHFRPSO\ZLWKHWKLFDOUHTXLUHPHQWVDQGSODQDQGSHUIRUPWKHDXGLWWRREWDLQUHDVRQDEOHDVVXUDQFHDERXWZKHWKHUWKH
±QDQFLDOVWDWHPHQWVDUHIUHHIURPPDWHULDOPLVVWDWHPHQW
$QDXGLWLQYROYHVSHUIRUPLQJSURFHGXUHVWRREWDLQDXGLWHYLGHQFHDERXWWKHDPRXQWVDQGWKHGLVFORVXUHVLQWKH±QDQFLDOVWDWHPHQWV7KH
SURFHGXUHVVHOHFWHGGHSHQGRQWKHDXGLWRUªVMXGJPHQWLQFOXGLQJWKHDVVHVVPHQWRIWKHULVNVRIPDWHULDOPLVVWDWHPHQWRIWKH±QDQFLDO
VWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURU,QPDNLQJWKRVHULVNDVVHVVPHQWVWKHDXGLWRUFRQVLGHUVLQWHUQDO±QDQFLDOFRQWUROUHOHYDQWWRWKH
&RPSDQ\ªVSUHSDUDWLRQRIWKH±QDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZLQRUGHUWRGHVLJQDXGLWSURFHGXUHVWKDWDUHDSSURSULDWH
LQ WKH FLUFXPVWDQFHV EXW QRW IRU WKH SXUSRVH RI H[SUHVVLQJ DQ RSLQLRQ RQ ZKHWKHU WKH &RPSDQ\ KDV LQ SODFH DQ DGHTXDWH LQWHUQDO
±QDQFLDOFRQWUROVV\VWHPRYHU±QDQFLDOUHSRUWLQJDQGWKHRSHUDWLQJHIIHFWLYHQHVVRIVXFKFRQWUROV$QDXGLWDOVRLQFOXGHVHYDOXDWLQJWKH
DSSURSULDWHQHVVRIWKHDFFRXQWLQJSROLFLHVXVHGDQGWKHUHDVRQDEOHQHVVRIWKHDFFRXQWLQJHVWLPDWHVPDGHE\WKH&RPSDQ\ªV'LUHFWRUV
DVZHOODVHYDOXDWLQJWKHRYHUDOOSUHVHQWDWLRQRIWKH±QDQFLDOVWDWHPHQWV
:H EHOLHYH WKDW WKH DXGLW HYLGHQFH ZH KDYH REWDLQHG LV VXI±FLHQW DQG DSSURSULDWH WR SURYLGH D EDVLV IRU RXU DXGLW RSLQLRQ RQ WKH
VWDQGDORQH±QDQFLDOVWDWHPHQWV
Opinion
,Q RXU RSLQLRQ DQG WR WKH EHVW RI RXU LQIRUPDWLRQ DQG DFFRUGLQJ WR WKH H[SODQDWLRQV JLYHQ WR XV WKH DIRUHVDLG VWDQGDORQH ±QDQFLDO
VWDWHPHQWVJLYHWKHLQIRUPDWLRQUHTXLUHGE\WKH$FWLQWKHPDQQHUVRUHTXLUHGDQGJLYHDWUXHDQGIDLUYLHZLQFRQIRUPLW\ZLWKWKH
DFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQ,QGLDRIWKHVWDWHRIDIIDLUVRIWKH&RPSDQ\DVDW0DUFKDQGLWVSUR±WDQGLWVFDVK
²RZVIRUWKH\HDUHQGHGRQWKDWGDWH
Report on Other Legal and Regulatory Requirements
$VUHTXLUHGE\WKH&RPSDQLHV $XGLWRUªV5HSRUW 2UGHU §WKH2UGHU¨ LVVXHGE\WKH&HQWUDO*RYHUQPHQWRI,QGLDLQWHUPVRIVXE

VHFWLRQ RIVHFWLRQRIWKH&RPSDQLHV$FWZHJLYHLQWKH$QQH[XUHDVWDWHPHQWRQWKHPDWWHUVVSHFL±HGLQSDUDJUDSKV
DQGRIWKH2UGHU
55
$VUHTXLUHGE\6HFWLRQ RIWKH$FWZHUHSRUWWKDW
D :HKDYHVRXJKWDQGREWDLQHGDOOWKHLQIRUPDWLRQDQGH[SODQDWLRQVZKLFKWRWKHEHVWRIRXUNQRZOHGJHDQGEHOLHIZHUHQHFHVVDU\
IRUWKHSXUSRVHVRIRXUDXGLW
E ,QRXURSLQLRQSURSHUERRNVRIDFFRXQWDVUHTXLUHGE\ODZKDYHEHHQNHSWE\WKH&RPSDQ\VRIDUDVLWDSSHDUVIURPRXUH[DPLQDWLRQ
RIWKRVHERRNV
F 7KH%DODQFH6KHHWWKH6WDWHPHQWRI3UR±WDQG/RVVDQGWKH&DVK)ORZ6WDWHPHQWGHDOWZLWKE\WKLV5HSRUWDUHLQDJUHHPHQWZLWK
WKHERRNVRIDFFRXQW
G ,QRXURSLQLRQWKHDIRUHVDLGVWDQGDORQH±QDQFLDOVWDWHPHQWVFRPSO\ZLWKWKH$FFRXQWLQJ6WDQGDUGVVSHFL±HGXQGHU6HFWLRQRI
WKH$FWUHDGZLWK5XOHRIWKH&RPSDQLHV $FFRXQWV 5XOHV
H 2Q WKH EDVLV RI WKH ZULWWHQ UHSUHVHQWDWLRQV UHFHLYHG IURP WKH GLUHFWRUV DV RQ 0DUFK WDNHQ RQ UHFRUG E\ WKH %RDUG RI
'LUHFWRUVQRQHRIWKHGLUHFWRUVLVGLVTXDOL±HGDVRQ0DUFKIURPEHLQJDSSRLQWHGDVDGLUHFWRULQWHUPVRI6HFWLRQ
RIWKH$FW
I :LWKUHVSHFWWRWKHRWKHUPDWWHUVWREHLQFOXGHGLQWKH$XGLWRUªV5HSRUWLQDFFRUGDQFHZLWK5XOHRIWKH&RPSDQLHV $XGLWDQG
$XGLWRUV 5XOHVLQRXURSLQLRQDQGWRWKHEHVWRIRXULQIRUPDWLRQDQGDFFRUGLQJWRWKHH[SODQDWLRQVJLYHQWRXV
L 7KH&RPSDQ\KDVGLVFORVHGWKHLPSDFWRISHQGLQJOLWLJDWLRQVRQLWV±QDQFLDOSRVLWLRQLQLWV±QDQFLDOVWDWHPHQWV¥5HIHU1RWH
DQGWRWKH±QDQFLDOVWDWHPHQWV
LL 7KH&RPSDQ\GLGQRWKDYHDQ\ORQJWHUPFRQWUDFWVLQFOXGLQJGHULYDWLYHFRQWUDFWVIRUZKLFKWKHUHZHUHDQ\PDWHULDOIRUHVHHDEOH
ORVVHV
LLL 7KHUHKDVEHHQQRGHOD\LQWUDQVIHUULQJDPRXQWVUHTXLUHGWREHWUDQVIHUUHGWRWKH,QYHVWRU(GXFDWLRQDQG3URWHFWLRQ)XQGE\
WKH&RPSDQ\GXULQJWKH\HDUHQGHG0DUFK
)RUB S R & Co. LLP

&KDUWHUHG$FFRXQWDQWV
Sadashiv Shetty
0XPEDL 3DUWQHU
0D\ 0HPEHUVKLS1R

ANNEXURE TO THE INDEPENDENT AUDITORS’
REPORT - 31 MARCH 2015
5HIHUUHGWRLQRXUUHSRUWRIHYHQGDWH
L D 7KH &RPSDQ\ KDV PDLQWDLQHG SURSHU UHFRUGV VKRZLQJ IXOO SDUWLFXODUV LQFOXGLQJ TXDQWLWDWLYH GHWDLOV DQG VLWXDWLRQ RI ±[HG
DVVHWV
E 7KH&RPSDQ\KDVDUHJXODUSURJUDPPHRISK\VLFDOYHUL±FDWLRQRILWV±[HGDVVHWVE\ZKLFKDOO±[HGDVVHWVDUHYHUL±HGLQD
SKDVHGPDQQHURYHUDSHULRGRIWKUHH\HDUV,QRXURSLQLRQWKLVSHULRGLFLW\RISK\VLFDOYHUL±FDWLRQLVUHDVRQDEOHKDYLQJUHJDUG
WRWKHVL]HRIWKH&RPSDQ\DQGWKHQDWXUHRILWVDVVHWV&HUWDLQ±[HGDVVHWVZHUHYHUL±HGGXULQJWKLV\HDUDVSHUWKLVSURJUDP
1RPDWHULDOGLVFUHSDQFLHVZHUHQRWLFHGRQVXFKYHUL±FDWLRQ
LL D 7KHLQYHQWRU\KDVEHHQSK\VLFDOO\YHUL±HGE\WKHPDQDJHPHQWGXULQJWKH\HDU,QRXURSLQLRQWKHIUHTXHQF\RIVXFKYHUL±FDWLRQ
LVUHDVRQDEOH)RUVWRFNVO\LQJZLWKWKLUGSDUWLHVDWWKH\HDUHQGZULWWHQFRQ±UPDWLRQVKDYHEHHQREWDLQHG
E 7KHSURFHGXUHVIRUWKHSK\VLFDOYHUL±FDWLRQRILQYHQWRU\IROORZHGE\WKHPDQDJHPHQWDUHUHDVRQDEOHDQGDGHTXDWHLQUHODWLRQ
WRWKHVL]HRIWKH&RPSDQ\DQGWKHQDWXUHRILWVEXVLQHVV
F 7KH &RPSDQ\ LV PDLQWDLQLQJ SURSHU UHFRUGV RI LQYHQWRU\ 7KH GLVFUHSDQFLHV QRWLFHG GXULQJ WKH SK\VLFDO YHUL±FDWLRQ RI
LQYHQWRULHVDVFRPSDUHGWRERRNUHFRUGVZHUHQRWPDWHULDODQGKDYHEHHQGHDOWZLWKLQWKHERRNVRIDFFRXQW
LLL $FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV WKH &RPSDQ\ KDV QRW JUDQWHG DQ\ ORDQV VHFXUHG RU XQVHFXUHG WR
FRPSDQLHV±UPVRURWKHUSDUWLHVFRYHUHGLQWKHUHJLVWHUPDLQWDLQHGXQGHU6HFWLRQRIWKH$FW$FFRUGLQJO\SDUDJUDSK LLL RI
WKHRUGHULVQRWDSSOLFDEOH
LY ,QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVDQGKDYLQJUHJDUGWRWKHH[SODQDWLRQWKDWSXUFKDVHV
RI FHUWDLQ LWHPV RI LQYHQWRULHV DUH IRU WKH &RPSDQ\ªV VSHFLDOL]HG UHTXLUHPHQWV DQG VLPLODUO\ FHUWDLQ VHUYLFHV DUH UHQGHUHG DQG
SXUFKDVHG IRU WKH VSHFLDOL]HG UHTXLUHPHQWV RI WKH EX\HUV DQG WKH &RPSDQ\ UHVSHFWLYHO\ DQG VXLWDEOH DOWHUQDWLYH VRXUFHV DUH
QRWDYDLODEOHWRREWDLQFRPSDUDEOHTXRWDWLRQVWKHUHLVDQDGHTXDWHLQWHUQDOFRQWUROV\VWHPFRPPHQVXUDWHZLWKWKHVL]HRIWKH
&RPSDQ\DQGWKHQDWXUHRILWVEXVLQHVVZLWKUHJDUGWRSXUFKDVHRILQYHQWRULHVDQG±[HGDVVHWVDQGZLWKUHJDUGWRWKHVDOHRIJRRGV
DQGVHUYLFHV,QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKHUHLVQRPDMRUZHDNQHVVHVLQLQWHUQDO
FRQWUROV
Y 7KH&RPSDQ\KDVQRWDFFHSWHGDQ\GHSRVLWVIURPWKHSXEOLF
YL :H KDYH EURDGO\ UHYLHZHG WKH ERRNV RI DFFRXQW PDLQWDLQHG E\ WKH &RPSDQ\ SXUVXDQW WR WKH UXOHV SUHVFULEHG E\ WKH &HQWUDO
*RYHUQPHQWIRUPDLQWHQDQFHRIFRVWUHFRUGVXQGHU6HFWLRQ RIWKH$FWLQUHODWLRQWRSURGXFWVPDQXIDFWXUHGDQGDUHRIWKH
RSLQLRQWKDWSULPDIDFLHWKHSUHVFULEHGDFFRXQWVDQGUHFRUGVKDYHEHHQPDGHDQGPDLQWDLQHG:HKDYHQRWKRZHYHUPDGHD
GHWDLOHGH[DPLQDWLRQRIWKHUHFRUGV
YLL D $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVDQGRQWKHEDVLVRIRXUH[DPLQDWLRQRIWKHERRNVRIDFFRXQWRI
WKH&RPSDQ\DPRXQWVGHGXFWHGDFFUXHGLQWKHERRNVRIDFFRXQWLQUHVSHFWRIXQGLVSXWHGVWDWXWRU\GXHVLQFOXGLQJ3URYLGHQW
IXQG(PSOR\HHVªVWDWHLQVXUDQFH,QFRPHWD[6DOHVWD[9DOXHDGGHGWD[:HDOWKWD[6HUYLFHWD[GXW\RI&XVWRPVGXW\RI
([FLVH&HVVDQGRWKHUPDWHULDOVWDWXWRU\GXHVKDYHEHHQJHQHUDOO\UHJXODUO\GHSRVLWHGZLWKWKHDSSURSULDWHDXWKRULWLHV
$FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV QR XQGLVSXWHG DPRXQWV SD\DEOH LQ UHVSHFW RI 3URYLGHQW IXQG
(PSOR\HHVªVWDWHLQVXUDQFH,QFRPHWD[6DOHVWD[9DOXHDGGHGWD[6HUYLFHWD[:HDOWKWD[GXW\RI&XVWRPVGXW\RI([FLVH
&HVVDQGRWKHUPDWHULDOVWDWXWRU\GXHVZHUHLQDUUHDUVDVDW0DUFKIRUDSHULRGRIPRUHWKDQVL[PRQWKVIURPWKHGDWH
WKH\EHFDPHSD\DEOH
E $FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV WKH GXHV VHW RXW LQ $SSHQGL[ , LQ UHVSHFW RI ,QFRPH WD[ 6DOHV
WD[ 6HUYLFH WD[ GXW\ RI &XVWRPV 9DOXH DGGHG WD[ DQG GXW\ RI ([FLVH KDYH QRW EHHQ GHSRVLWHG E\ WKH &RPSDQ\ ZLWK WKH
DSSURSULDWHDXWKRULWLHVRQDFFRXQWRIGLVSXWHV
F 7KH&RPSDQ\KDVWUDQVIHUUHGDPRXQWVUHTXLUHGWREHWUDQVIHUUHGWRWKH,QYHVWRU(GXFDWLRQDQG3URWHFWLRQ)XQGZLWKLQWKH
SUHVFULEHGWLPH
57
ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT - 31 MARCH 2015 (CONTINUED)
YLLL 7KH&RPSDQ\GRHVQRWKDYHDQ\DFFXPXODWHGORVVHVDWWKHHQGRIWKH±QDQFLDO\HDUDQGKDVQRWLQFXUUHGFDVKORVVHVLQWKHFXUUHQW
±QDQFLDO\HDUDQGLQWKHLPPHGLDWHO\SUHFHGLQJ±QDQFLDO\HDU
L[ 7KH&RPSDQ\GLGQRWKDYHDQ\RXWVWDQGLQJGXHVWRDQ\±QDQFLDOLQVWLWXWLRQEDQNVRUGHEHQWXUHKROGHUVGXULQJWKH\HDU
[ $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKH&RPSDQ\KDVQRWJLYHQDQ\JXDUDQWHHVIRUORDQVWDNHQE\RWKHUV
IURPEDQNVRU±QDQFLDOLQVWLWXWLRQV
[L 7KH&RPSDQ\GLGQRWKDYHDQ\WHUPORDQVRXWVWDQGLQJGXULQJWKH\HDU
[LL $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVQRPDWHULDOIUDXGRQRUE\WKH&RPSDQ\KDVEHHQQRWLFHGRUUHSRUWHG
GXULQJWKH\HDU
)RUB S R & Co. LLP

Sadashiv Shetty
0XPEDL 3DUWQHU
0D\ 0HPEHUVKLS1R

ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT - 31 MARCH 2015 (CONTINUED)
Appendix I as referred to in paragraph vii(b) of Annexure to the Independent Auditors’ report.
Name of the Statute Forum where dispute is Period to which the amount Nature of dues Amount
pending relates in lakhs
7KH,QFRPHWD[$FW &RPPLVVLRQHURI,QFRPHWD[ WR 7D[DQG,QWHUHVW
$SSHDOV
&RPPLVVLRQHURI,QFRPHWD[ 1RQGHGXFWLRQVKRUW
$SSHDOV GHGXFWLRQ
,7$7 DQGDQG 7D[DQGLQWHUHVW
DQG
,7$7 1RQGHGXFWLRQVKRUW
GHGXFWLRQ
7KH&HQWUDO([FLVH$FW &XVWRPVH[FLVHVHUYLFHWD[ WR 'XW\DQGSHQDOW\
$SSHOODWHWULEXQDO
$VVLVWDQW&RPPLVVLRQHURI WRDQG 'XW\LQFOXGLQJLQWHUHVWDQG
&HQWUDO([FLVH DQGWR SHQDOW\
6XSUHPH&RXUW 'XW\DQGSHQDOW\
&RPPLVVLRQHU $SSHDOV WRDQG 'XW\DQGSHQDOW\
%RPED\+LJK&RXUW 'XW\DQGSHQDOW\
&XVWRPV$FW &RPPLVVLRQHURI$SSHDOV 'XW\DQGSHQDOW\RQLPSRUWV
DQGRWKHUGLVSXWHV
6XSUHPH&RXUW 'XW\DQGSHQDOW\RQLPSRUWV
DQGRWKHUGLVSXWHV
7KH)LQDQFH$FW %RPED\+LJK&RXUW WR 'XW\DQGSHQDOW\
6HUYLFH7D[
9DOXH$GGHG7D[$FW $VVLVWDQW&RPPLVVLRQHU WR 7D[
DQG6WDWHDQG&HQWUDO WRDQG
6DOHV7D[
$GGLWLRQDO&RPPLVVLRQHU DQG 7D[
$SSHDOV
$VVHVVLQJDXWKRULW\ WRDQG 7D[DQGSHQDOW\

$VVLVWDQW&RPPLVVLRQHU $SSHDOV DQG 7D[
&RPPLVVLRQHU WR 7D[
&RPPLVVLRQHU $SSHDOV WR 7D[
DQGWR
'HSXW\&RPPLVVLRQHU WR 7D[DQGSHQDOW\
'HSXW\&RPPLVVLRQHU $SSHDOV WR 7D[DQGSHQDOW\
WR
WR
)LUVW$SSHOODWH$XWKRULW\ WR 7D[,QWHUHVWDQGSHQDOW\
-RLQW&RPPLVVLRQHU WR 7D[,QWHUHVWDQGSHQDOW\
-RLQW&RPPLVVLRQHU $SSHDOV 7D[,QWHUHVWDQGSHQDOW\
DQG
0RELOH6TXDG DQG 7D[
5HYLVLRQERDUG WR 7D[
6HFRQG$SSHOODWH$XWKRULW\ 7D[DQGSHQDOW\
6XSUHPHFRXUW 7D[
7ULEXQDO WR 7D[
WR
59
BALANCE SHEET
AS AT 31 MARCH 2015
&XUUHQF\` LQODNKV
1RWH 31 March 2015 0DUFK
EQUITY AND LIABILITIES
Shareholders’ funds
6KDUHFDSLWDO 4,574.95
5HVHUYHVDQGVXUSOXV 192,726.23
197,301.18
Non-current liabilities
/RQJWHUPERUURZLQJV 250.22
2WKHUORQJWHUPOLDELOLWLHV 10.00
/RQJWHUPSURYLVLRQV 2,956.43
3,216.65
Current liabilities
7UDGHSD\DEOHV 33,420.34
2WKHUFXUUHQWOLDELOLWLHV 8,660.10
6KRUWWHUPSURYLVLRQV 11 18,556.45
60,636.89
TOTAL 261,154.72
ASSETS
Non-current assets
)L[HGDVVHWV
7DQJLEOHDVVHWV 7,509.19
,QWDQJLEOHDVVHWV 86,924.60
&DSLWDOZRUNLQSURJUHVV 1,255.97
95,689.76
1RQFXUUHQWLQYHVWPHQWV 13 4,266.19
'HIHUUHGWD[DVVHWV QHW 6,713.90
/RQJWHUPORDQVDQGDGYDQFHV 29,156.48
135,826.33
Current assets
,QYHQWRULHV 38,790.14
7UDGHUHFHLYDEOHV 15,786.87
&DVKDQGEDQNEDODQFHV 60,928.70
6KRUWWHUPORDQVDQGDGYDQFHV 8,392.94
2WKHUFXUUHQWDVVHWV 1,429.74
125,328.39
TOTAL 261,154.72
6LJQL±FDQWDFFRXQWLQJSROLFLHV
1RWHVWRWKH±QDQFLDOVWDWHPHQWV
7KHQRWHVUHIHUUHGWRDERYHIRUPDQLQWHJUDOSDUWRIWKH±QDQFLDOVWDWHPHQWV
$VSHURXUUHSRUWRIHYHQGDWHDWWDFKHG For and on behalf of the Board of Directors

)RUB S R & Co. LLP
Sadashiv Shetty R. A. Shah Pradip Shah Aijaz Tobaccowalla
3DUWQHU &KDLUPDQ 'LUHFWRU 0DQDJLQJ'LUHFWRU
0HPEHUVKLS1R ',1 ',1 ',1
S. Sridhar S.S. Lalbhai Vivek Dhariwal
:KROHWLPH'LUHFWRU 'LUHFWRU :KROHWLPH'LUHFWRU
&KLHI)LQDQFLDO2I±FHU ',1 ',1
',1
Uday Khanna Dr. Lakshmi Nadkarni Prajeet Nair
'LUHFWRU :KROHWLPH'LUHFWRU &RPSDQ\6HFUHWDU\
',1 ',1
0XPEDL 0XPEDL
0D\ 0D\

STATEMENT OF PROFIT AND LOSS
FOR THE YEAR ENDED 31 MARCH 2015
&XUUHQF\` LQODNKV
1RWH Year ended <HDUHQGHG
31 March 2015 0DUFK
Revenues
5HYHQXHIURPRSHUDWLRQV JURVV 190,076.26
/HVV([FLVHGXW\ 7,301.82
5HYHQXHIURPRSHUDWLRQV QHW 182,774.44
2WKHURSHUDWLQJLQFRPH 2,557.40
2WKHULQFRPH 6,734.61
Total revenues 192,066.45
Expenses
&RVWRIPDWHULDOVFRQVXPHG D E 38,583.50
3XUFKDVHVRIVWRFNLQWUDGH F 43,638.00
&KDQJHVLQLQYHQWRULHVRI±QLVKHGJRRGVZRUNLQSURJUHVVDQGVWRFNLQWUDGH G (8,236.14)
(PSOR\HHEHQH±WV 23,635.86
)LQDQFHFRVWV 76.88
'HSUHFLDWLRQDQGDPRUWL]DWLRQ 13,107.71
2WKHUH[SHQVHV 49,414.33
Total expenses 160,220.14
3UR±W EHIRUH H[FHSWLRQDO LWHPV WD[ DQG WKH LPSDFW RI WKH 6FKHPH RI
Amalgamation 31,846.31
([FHSWLRQDO LWHPV 9ROXQWDU\ 5HWLUHPHQW 6FKHPH DQG RWKHU UHODWHG FRVWV IRU (8,044.72)
7KDQHIDFWRU\
3UR±WEHIRUHWD[DQGLPSDFWRIWKH6FKHPHRI$PDOJDPDWLRQ 23,801.59
Tax expense
&XUUHQWWD[ 15,099.72
'HIHUUHGWD[FKDUJH FUHGLW (1,332.07)
3UR±WIRUWKH\HDUEHIRUHLPSDFWRIWKH6FKHPHRI$PDOJDPDWLRQ 10,033.94
,PSDFWRIWKH6FKHPHRI$PDOJDPDWLRQUHODWLQJWR±QDQFLDO\HDU 3
L 3UR±WDIWHUWD[RIHUVWZKLOH:\HWK/LPLWHGWKHDPDOJDPDWLQJFRPSDQ\ 8,791.99
LL 'HSUHFLDWLRQDPRUWL]DWLRQRQIDLUYDOXDWLRQRI±[HGDVVHWV QHWRIWD[ (11,844.00)
3UR±WIRUWKH\HDU 6,981.93
Earnings per share (of `10/- each): ( Basic & diluted)
D &RPSXWHGRQWKHEDVLVRISUR±WIRUWKH\HDU 15.26
E &RPSXWHG RQ WKH EDVLV RI SUR±W IRU WKH \HDU EHIRUH WKH LPSDFW RI WKH
6FKHPHRI$PDOJDPDWLRQ
L EHIRUHH[FHSWLRQDOLWHPV QHWRIWD[ 34.18
LL DIWHUH[FHSWLRQDOLWHPV QHWRIWD[ 21.93
6LJQL±FDQWDFFRXQWLQJSROLFLHV
1RWHVWRWKH±QDQFLDOVWDWHPHQWV
7KHQRWHVUHIHUUHGWRDERYHIRUPDQLQWHJUDOSDUWRIWKH±QDQFLDOVWDWHPHQWV

)RUB S R & Co. LLP
',1
',1 ',1
0XPEDL 0XPEDL
0D\ 0D\
61
CASH FLOW STATEMENT
&XUUHQF\` LQODNKV
Year ended <HDUHQGHG

31 March 2015 0DUFK
A Cash Flow from Operating Activities :
3UR±WEHIRUHWD[DQGLPSDFWRIWKH6FKHPHRI$PDOJDPDWLRQ 23,801.59
$GMXVWPHQWVIRU
'HSUHFLDWLRQDQGDPRUWL]DWLRQ 13,107.71
8QUHDOLVHGIRUHLJQH[FKDQJHORVV JDLQ 1HW (53.06)
,QWHUHVWLQFRPH (4,453.55)
5HQWDOLQFRPH (1,551.81)
3UR±W /RVVRQ±[HGDVVHWVVROGGLVFDUGHG 1HW (13.01)
3URYLVLRQIRUGRXEWIXOWUDGHUHFHLYDEOHVDQGDGYDQFHV (436.98)
3URYLVLRQVQRORQJHUUHTXLUHGZULWWHQEDFN (510.60)
2SHUDWLQJSUR±WEHIRUHZRUNLQJFDSLWDOFKDQJHV 29,890.29
$GMXVWPHQWVIRU
,QFUHDVH 'HFUHDVHLQWUDGHDQGRWKHUUHFHLYDEOHV (3,398.75)
,QFUHDVH 'HFUHDVHLQLQYHQWRULHV (7,882.36)
,QFUHDVH 'HFUHDVH LQWUDGHDQGRWKHUSD\DEOHV 8,336.89
,QFUHDVH 'HFUHDVH LQ SURYLVLRQV H[FOXGLQJ SURSRVHG GLYLGHQG WD[ RQ (1,097.59)
SURSRVHGGLYLGHQGLQFRPHWD[SURYLVLRQ
&DVKJHQHUDWHGIURPRSHUDWLRQV 25,848.48
'LUHFWWD[HVSDLG 1HW (14,501.29)
Net cash from operating activities after exceptional items (A) 11,347.19
B Cash Flow from Investing Activities :
3XUFKDVHRI±[HGDVVHWV (2,056.60)
3URFHHGVIURPVDOHRI±[HGDVVHWV 35.72
5HQWDOLQFRPHRQLQYHVWPHQWSURSHUWLHV 1,320.15
,QWHUHVWUHFHLYHG 3,919.92
Net cash from / (used) in investing activities (B) 3,219.19

CASH FLOW STATEMENT
&XUUHQF\` LQODNKV

31 March 2015 0DUFK
C Cash Flow from Financing Activities :
'LYLGHQGSDLGRQHTXLW\VKDUHV (137.84)
7D[SDLGRQGLYLGHQG -
1HWFDVKXVHGLQ±QDQFLQJDFWLYLWLHV & (137.84)
Net Increase / (Decrease) in Cash & Cash equivalents (A)+(B)+(C) 14,428.54
Cash & Cash equivalents at the beginning of the year (note 1) 30,786.20
$GG$FTXLUHGSXUVXDQWWRWKH6FKHPHRI$PDOJDPDWLRQ QRWH 15,721.82
Cash & Cash equivalents at the end of the year (note 1) 60,936.56
14,428.54
1RWHV
&DVKDQGEDQNEDODQFHV 60,928.70
8QUHDOLVHGWUDQVODWLRQJDLQRQIRUHLJQFXUUHQF\FDVKDQGEDQNEDODQFHV 7.86
60,936.56
7KH DPRXQW LQFOXGHV &DVK DQG EDQN EDODQFH DV RQ $SULO ` ODNKV 1HW &DVK IURP 2SHUDWLQJ DFWLYLWLHV
` ODNKV 1HW &DVK IURP ,QYHVWLQJ DFWLYLWLHV ` ODNKV DQG 1HW &DVK XVHG LQ )LQDQFLQJ DFWLYLWLHV
ÒDNKVIURPHUVWZKLOH:\HWK/LPLWHGIRUWKH±QDQFLDO\HDU
&DVKDQGEDQNEDODQFHVLQFOXGHEDODQFHVDJJUHJDWLQJWRÒDNKV 0DUFKÒDNKV ZLWKVFKHGXOHGEDQNV

RQFXUUHQWDFFRXQWVLQUHVSHFWRIXQSDLGGLYLGHQGZKLFKDUHQRWDYDLODEOHIRUXVHE\WKH&RPSDQ\
7KHDERYH&DVK)ORZ6WDWHPHQWKDVEHHQSUHSDUHGXQGHUWKHLQGLUHFWPHWKRGDVVHWRXWLQ$FFRXQWLQJ6WDQGDUGRQ§&DVK
)ORZ6WDWHPHQW¨
3UHYLRXV\HDU±JXUHVKDYHEHHQUHJURXSHGZKHUHQHFHVVDU\

)RUB S R & Co. LLP
',1
',1 ',1
0XPEDL 0XPEDL
0D\ 0D\
63
NOTES TO THE FINANCIAL STATEMENTS
&XUUHQF\` LQODNKV
1 Background
7KH &RPSDQ\ LV D 3XEOLF OLPLWHG &RPSDQ\ LQFRUSRUDWHG XQGHU WKH ,QGLDQ &RPSDQLHV $FW KDYLQJ LWV UHJLVWHUHG RI±FH LQ
0XPEDL0DKDUDVKWUDDQGLVOLVWHGRQ%6(/WGDQGWKH1DWLRQDO6WRFN([FKDQJHRI,QGLD/LPLWHG7KH&RPSDQ\LVHQJDJHGLQ
PDQXIDFWXULQJ PDUNHWLQJ WUDGLQJ DQG H[SRUW RI 3KDUPDFHXWLFDO SURGXFWV 7KH &RPSDQ\ KDV LWV RZQ PDQXIDFWXULQJ IDFLOLW\
DW 7KDQH DQG *RD 7KH &RPSDQ\ KDV YDULRXV LQGHSHQGHQW FRQWUDFW WKLUG SDUW\ PDQXIDFWXUHUV EDVHG DFURVV WKH FRXQWU\ 7KH
&RPSDQ\VHOOVLWVSURGXFWVWKURXJKLQGHSHQGHQWGLVWULEXWRUVSULPDULO\LQ,QGLD
6LJQL±FDQW$FFRXQWLQJ3ROLFLHV
7KHDFFRXWLQJSROLFLHVVHWRXWEHORZKDYHEHHQDSSOLHGFRQVLVWHQWO\WRWKHSHULRGVSUHVHQWHGLQWKHVH±QDQFLDOVWDWHPHQWV
D %DVLVRISUHSDUDWLRQRI±QDQFLDOVWDWHPHQWV
7KH ±QDQFLDO VWDWHPHQWV KDYH EHHQ SUHSDUHG DQG SUHVHQWHG XQGHU WKH KLVWRULFDO FRVW FRQYHQWLRQ RQ DQ DFFUXDO EDVLV RI
DFFRXQWLQJ DQG LQ DFFRUGDQFH ZLWK WKH DFFRXQWLQJ SULQFLSOHV JHQHUDOO\ DFFHSWHG LQ ,QGLD DQG FRPSO\ ZLWK WKH DFFRXQWLQJ
VWDQGDUGVUHIHUUHGLQWKH&RPSDQLHV $FFRXQWLQJ6WDQGDUGV 5XOHVZKLFKFRQWLQXHWRDSSO\XQGHUVHFWLRQRIWKH
&RPSDQLHV$FWUHDGZLWK5XOHRIWKH&RPSDQLHV $FFRXQW 5XOHVDQGRWKHUUHOHYDQWSURYLVLRQVRIWKH&RPSDQLHV
$FWWRWKHH[WHQWDSSOLFDEOH
(b) Use of estimates
7KHSUHSDUDWLRQRI±QDQFLDOVWDWHPHQWVLQFRQIRUPLW\ZLWK*HQHUDOO\$FFHSWHG$FFRXQWLQJ3ULQFLSOHV *$$3 LQ,QGLDUHTXLUHV
PDQDJHPHQW WR PDNH HVWLPDWHV DQG DVVXPSWLRQV WKDW DIIHFW WKH DSSOLFDWLRQ RI WKH DFFRXQWLQJ SROLFLHV DQG WKH UHSRUWHG
DPRXQWV RI DVVHWV OLDELOLWLHV LQFRPH DQG H[SHQVHV DQG WKH GLVFORVXUHV RI FRQWLQJHQW OLDELOLWLHV RQ WKH GDWH RI ±QDQFLDO
VWDWHPHQWV$FWXDOUHVXOWVFRXOGGLIIHUIURPWKRVHHVWLPDWHV$Q\UHYLVLRQWRDFFRXQWLQJHVWLPDWHVLVUHFRJQL]HGSURVSHFWLYHO\
LQFXUUHQWDQGIXWXUHSHULRGV(VWLPDWHVDQGXQGHUO\LQJDVVXSPWLRQVDUHUHYLHZHGRQDQRQJRLQJEDVLV
F &XUUHQWDQG1RQFXUUHQWFODVVL±FDWLRQ
$OODVVHWVDQGOLDELOLWLHVKDYHEHHQFODVVL±HGDVFXUUHQWRUQRQFXUUHQWDVSHUWKH&RPSDQ\ªVQRUPDORSHUDWLQJF\FOHDQGRWKHU
FULWHULDVHWRXWLQ6FKHGXOH,,,RIWKH&RPSDQLHV$FW%DVHGRQWKHQDWXUHRILWªVDFWLYLWLHVDQGWKHWLPHEHWZHHQWKH
DFTXLVLWLRQRIDVVHWVIRUSURFHVVLQJDQGWKHLUUHDOL]DWLRQLQFDVKRUFDVKHTXLYDOHQWVWKH&RPSDQ\KDVDVFHUWDLQHGLWVRSHUDWLQJ
F\FOHDVPRQWKVIRUWKHSXUSRVHRIFXUUHQWRUQRQFXUUHQWFODVVL±FDWLRQRIDVVHWVDQGOLDELOLWLHV
(d) Fixed assets and depreciation / amortization
7DQJLEOH±[HGDVVHWV
L 7DQJLEOH±[HGDVVHWVDUHVWDWHGDWFRVWRIDFTXLVLWLRQOHVVDFFXPXODWHGGHSUHFLDWLRQDPRUWL]DWLRQDQGLPSDLUPHQWORVVHV
7KHFRVWRI±[HGDVVHWVLQFOXGHVWD[HV RWKHUWKDQWKRVHVXEVHTXHQWO\UHFRYHUDEOHIURPWD[DXWKRULWLHV GXWLHVIUHLJKWDQG
RWKHULQFLGHQWDOH[SHQVHVUHODWHGWRWKHDFTXLVLWLRQDQGLQVWDOODWLRQRIWKHUHVSHFWLYHDVVHWV
LL $VVHWVFRVWLQJLQGLYLGXDOO\XSWR`DUHZULWWHQRIIDQGWKRVHFRVWLQJPRUHWKDQÈXWXSWR86DUHIXOO\
GHSUHFLDWHGLQWKH\HDURISXUFKDVHH[FHSWWKDW
§PXOWLSOHOLNHLWHPV¨WKHFRVWRIZKLFKLVRYHU86LQWKHDJJUHJDWHDQG
§XQOLNHLWHPVRIDFDSLWDOQDWXUHZLWKLQDQDVVHWFDWHJRU\ÏRUODUJHVFDOHSURMHFWVWKHDJJUHJDWHFRVWRIZKLFKH[FHHGV
86DUHFRQVLGHUHGDVRQHDVVHWDQGGHSUHFLDWHGLQDFFRUGDQFHZLWKWKHDFFRXQWLQJSROLF\VWDWHGLQ LLL EHORZ
LLL 'HSUHFLDWLRQ RQ ±[HG DVVHWV XSWR 0DUFK ZDV SURYLGHG RQ VWUDLJKW OLQH PHWKRG DW WKH KLJKHU RI WKH UDWHV
GHWHUPLQHGE\WKH&RPSDQ\EDVHGRQWKHHVWLPDWHGXVHIXOOLIHRIWKHDVVHWVRUWKHUDWHVVSHFL±HGLQ6FKHGXOH;,9RIWKH
&RPSDQLHV$FW
3XUVXDQWWRWKHQRWL±FDWLRQRIWKH6FKHGXOH,,RIWKH&RPSDQLHV$FWZLWKHIIHFWIURP$SULOGHSUHFLDWLRQIRU
WKH\HDUKDVEHHQSURYLGHGDVSHUWKHUDWHVGHWHUPLQHGLQ3DUW&RI6FKHGXOH,,RUEDVHGRQHVWLPDWHGXVHIXOOLIHRIWKH
DVVHWVGHWHUPLQHGE\WKHPDQDJHPHQW$FFRUGLQJO\IRUDVVHWVZKLFKKDGQRUHVLGXDOOLIHDVDW$SULOWKHERRNYDOXH
KDVEHHQDGMXVWHGDJDLQVW6XUSOXV QHWRIGHIHUUHGWD[
'HSUHFLDWLRQ RQ DGGLWLRQV RWKHU WKDQ WKRVH VWDWHG LQ LL DERYH LV SURYLGHG RQ D SURUDWD EDVLV IURP WKH PRQWK RI
FDSLWDOLVDWLRQ'HSUHFLDWLRQRQGHOHWLRQVGXULQJWKH\HDULVSURYLGHGXSWRWKHPRQWKLQZKLFKWKHDVVHWLVVROGGLVFDUGHG
LY 'HSUHFLDWLRQRQDVVHWVRWKHUWKDQWKRVHVSHFL±HGLQ LL DQG LLL DERYHDUHSURYLGHGDWWKHIROORZLQJUDWHVSHUDQQXP

&XUUHQF\` LQODNKV
Assets Rate
/DQG/HDVHKROG $PRUWL]HGRYHUWKHOHDVHSHULRG
%XLOGLQJV2QOHDVHKROGODQG 5DWHEDVHGRQOHDVHSHULRG
/HDVHKROGLPSURYHPHQWV $PRUWL]HGRYHUWKHOHDVHSHULRG
$VVHWVDFTXLUHGXQGHUWKH6FKHPHRI$PDOJDPDWLRQIURPHUVWZKLOH:\HWK/LPLWHGDUHGHSUHFLDWHGRYHUWKHHVWLPDWHG
UHVLGXDOXVHIXOOLIHRIWKHDVVHWVDVGHWHUPLQHGE\DQLQGHSHQGHQWH[SHUW
Assets Rate
&RPSXWHUV WR
)XUQLWXUH WR
2I±FH(TXLSPHQW WR
0DFKLQHU\ (TXLSPHQW WR
9HKLFOHV WR
,QWDQJLEOH±[HGDVVHWV
L ,QWDQJLEOHDVVHWVFRPSULVHVRI7UDGHPDUNVDQG&RVWRI$SSOLFDWLRQ6RIWZDUH
D 7UDGHPDUNVDUHDPRUWL]HGRQDVWUDLJKWOLQHEDVLVRYHUDSHULRGRI\HDUV
E &RVWRI$SSOLFDWLRQ6RIWZDUHDUHUHFRUGHGDWLWVDFTXLVLWLRQFRVWDQGLVDPRUWL]HGRQVWUDLJKWOLQHEDVLVRYHUWR
\HDUVZKLFKLQPDQDJHPHQWªVHVWLPDWHUHSUHVHQWVWKHSHULRGGXULQJZKLFKHFRQRPLFEHQH±WVZLOOEHGHULYHGIURP
WKHLUXVH&RVWRI$SSOLFDWLRQ6RIWZDUHQRWH[FHHGLQJÒDNKVLVEHLQJFKDUJHGWRWKHVWDWHPHQWRISUR±WDQGORVV
LL *RRGZLOOLVDPRUWL]HGRQDVWUDLJKWOLQHEDVLVRYHUDSHULRGRI\HDUV
5HYHQXHH[SHQGLWXUHRQUHVHDUFKDQGGHYHORSPHQWLVH[SHQVHGDVLQFXUUHG&DSLWDOH[SHQGLWXUHRQUHVHDUFKDQGGHYHORSPHQW
LVFDSLWDOLVHGDV±[HGDVVHWVDQGGHSUHFLDWHGLQDFFRUGDQFHZLWKWKHGHSUHFLDWLRQSROLF\RIWKH&RPSDQ\
(e) Impairment of assets
,QDFFRUGDQFHZLWK$FFRXQWLQJ6WDQGDUG $6 RQ©,PSDLUPHQWRIDVVHWVªZKHUHWKHUHLVDQLQGLFDWLRQRILPSDLUPHQWRI
WKH&RPSDQ\ªVDVVHWVWKHFDUU\LQJDPRXQWVRIWKH&RPSDQ\ªVDVVHWVDUHUHYLHZHGDWHDFKEDODQFHVKHHWGDWHWRGHWHUPLQH
ZKHWKHUWKHUHLVDQ\LPSDLUPHQW7KHUHFRYHUDEOHDPRXQWRIWKHDVVHWV RUZKHUHDSSOLFDEOHWKDWRIWKHFDVKJHQHUDWLQJXQLW
WRZKLFKWKHDVVHWEHORQJV LVHVWLPDWHGDWWKHKLJKHURILWVQHWVHOOLQJSULFHDQGLWVYDOXHLQXVH9DOXHLQXVHLVWKHSUHVHQWYDOXH
RIHVWLPDWHGIXWXUHFDVK²RZVH[SHFWHGWRDULVHIURPWKHFRQWLQXLQJXVHRIWKHDVVHWVDQGIURPLWVGLVSRVDODWWKHHQGRILWV
XVHIXOOLIH$QLPSDLUPHQWORVVLVUHFRJQLVHGZKHQHYHUWKHFDUU\LQJDPRXQWRIDQDVVHWRUDFDVKJHQHUDWLQJXQLWH[FHHGVLWV
UHFRYHUDEOHDPRXQW,PSDLUPHQWORVVLVUHFRJQL]HGLQWKHVWDWHPHQWRISUR±WDQGORVV
(f) Foreign exchange transactions
7UDQVDFWLRQV LQ IRUHLJQ H[FKDQJH DUH DFFRXQWHG IRU DW WKH VWDQGDUG H[FKDQJH UDWHV DV GHWHUPLQHG E\ WKH &RPSDQ\ RQ D
PRQWKO\EDVLV7KHH[FKDQJHGLIIHUHQFHVDULVLQJRQIRUHLJQH[FKDQJHWUDQVDFWLRQVVHWWOHGGXULQJWKH\HDUDUHUHFRJQL]HGLQWKH
VWDWHPHQWRISUR±WDQGORVVRIWKH\HDU
0RQHWDU\DVVHWVDQGOLDELOLWLHVLQIRUHLJQH[FKDQJHZKLFKDUHRXWVWDQGLQJDVDWWKH\HDUHQGDUHWUDQVODWHGDW\HDUHQGDWWKH
FORVLQJH[FKDQJHUDWHDQGWKHUHVXOWDQWH[FKDQJHGLIIHUHQFHVDUHUHFRJQL]HGLQWKHVWDWHPHQWRISUR±WDQGORVV
(g) Investments
/RQJWHUP LQYHVWPHQWV DUH VWDWHG DW FRVW OHVV RWKHU WKDQ WHPSRUDU\ GLPLQXWLRQ LQ YDOXH GHWHUPLQHG VHSDUDWHO\ IRU HDFK
LQGLYLGXDOLQYHVWPHQW&XUUHQWLQYHVWPHQWVDUHUHFRJQL]HGDWFRVWRUQHWUHDOLVDEOHYDOXHZKLFKHYHULVORZHU
,QYHVWPHQWLQODQGRUEXLOGLQJVWKDWDUHQRWLQWHQGHGWREHRFFXSLHGVXEVWDQWLDOO\IRUXVHE\RULQRSHUDWLRQVRIWKH&RPSDQ\RU
KHOGIRUUHQWDOSXUSRVHLVFODVVL±HGDVLQYHVWPHQWSURSHUW\,QYHVWPHQWSURSHUW\LVVWDWHGDWFRVWOHVVDFFXPXODWHGGHSUHFLDWLRQ
(h) Inventories
5DZ PDWHULDOV VWRFNLQWUDGH ZRUNLQSURJUHVV ±QLVKHG JRRGV DQG SDFNLQJ PDWHULDOV DUH YDOXHG DW WKH ORZHU RI ZHLJKWHG
DYHUDJHFRVWDQGQHWUHDOL]DEOHYDOXH&RVWRI±QLVKHGJRRGVDQGZRUNLQSURJUHVVLQFOXGHVFRVWRIPDWHULDOVGLUHFWODERXUDQG
DQDSSURSULDWHSRUWLRQRIRYHUKHDGVWREULQJWKHLQYHQWRU\WRWKHSUHVHQWORFDWLRQDQGFRQGLWLRQ6WRUHVDQGPDLQWHQDQFH
VSDUHVDUHYDOXHGDWDYHUDJHFRVW
65
&XUUHQF\` LQODNKV
7KHQHWUHDOL]DEOHYDOXHRIZRUNLQSURJUHVVLVGHWHUPLQHGZLWKUHIHUHQFHWRWKHVHOOLQJSULFHRIUHODWHG±QLVKHGJRRGV5DZ
PDWHULDOVDQGRWKHUVXSSOLHVKHOGIRUXVHLQSURGXFWLRQRILQYHQWRULHVDUHQRWZULWWHQGRZQEHORZFRVWH[FHSWLQFDVHVZKHUH
PDWHULDOSULFHVKDYHGHFOLQHGDQGLWLVHVWLPDWHGWKDWWKHFRVWRIWKH±QLVKHGSURGXFWVZLOOH[FHHGWKHLUQHWUHDOL]DEOHYDOXH
)LQLVKHGJRRGVH[SLULQJZLWKLQGD\V QHDUH[SLU\LQYHQWRU\ DVDWWKHEDODQFHVKHHWGDWHKDYHEHHQIXOO\SURYLGHGIRU
(i) Samples
3K\VLFLDQVªVDPSOHVDUHYDOXHGDWVWDQGDUGFRVWZKLFKDSSUR[LPDWHVDFWXDOFRVWDQGDUHFKDUJHGWRWKHVWDWHPHQWRISUR±WDQG
ORVVZKHQGLVWULEXWHG
(j) Revenue recognition
5HYHQXHIURPVDOHRIJRRGVLQWKHFRXUVHRIRUGLQDU\DFWLYLWLHVLVUHFRJQL]HGZKHQSURSHUW\LQWKHJRRGVRUDOOVLJQL±FDQWULVNV
DQGUHZDUGVRIWKHLURZQHUVKLSDUHWUDQVIHUUHGWRWKHFXVWRPHUDQGQRVLJQL±FDQWXQFHUWDLQW\H[LVWVUHJDUGLQJWKHDPRXQW
RIWKHFRQVLGHUDWLRQWKDWZLOOEHGHULYHGIURPWKHVDOHRIWKHJRRGVDQGUHJDUGLQJLWVFROOHFWLRQ7KHDPRXQWUHFRJQL]HGDV
UHYHQXHLVH[FOXVLYHRIVDOHVWD[YDOXHDGGHGWD[HV 9$7 DQGVHUYLFHWD[DQGLVQHWRIUHWXUQVDQGGLVFRXQWV5HYHQXHIURP
VHUYLFHVLVUHFRJQL]HGDVDQGZKHQVHUYLFHVDUHUHQGHUHGDQGUHODWHGFRVWVDUHLQFXUUHGLQDFFRUGDQFHZLWKWKHWHUPVRIWKH
VSHFL±FFRQWUDFWV,QWHUHVWLQFRPHLVUHFRJQL]HGRQDWLPHSURSRUWLRQEDVLVWDNLQJLQWRDFFRXQWWKHDPRXQWRXWVWDQGLQJDQG
WKHLQWHUHVWUDWHDSSOLFDEOH
N (PSOR\HHEHQH±WV
6KRUWWHUPHPSOR\HHEHQH±WV
$OO HPSOR\HH EHQH±WV SD\DEOH ZKROO\ ZLWKLQ WZHOYH PRQWKV RI UHQGHULQJ WKH VHUYLFH DUH FODVVL±HG DV VKRUW WHUP HPSOR\HH
EHQH±WV %HQH±WV VXFK DV VDODULHV ZDJHV ERQXV VKRUW WHUP FRPSHQVDWHG DEVHQFHV DQG WKH H[SHFWHG FRVW RI H[JUDWLD LV
UHFRJQL]HGLQWKHSHULRGLQZKLFKWKHHPSOR\HHUHQGHUVWKHUHODWHGVHUYLFH
/RQJWHUPHPSOR\HHEHQH±WV
L 'H±QHGFRQWULEXWLRQSODQ
7KH &RPSDQ\ªV FRQWULEXWLRQ WRZDUGV HPSOR\HHVª 6XSHUDQQXDWLRQ SODQ LV UHFRJQL]HG DV DQ H[SHQVH GXULQJ WKH \HDU
,QFDVHRIHPSOR\HHVWUDQVIHUUHGIURPHUVWZKLOH:\HWK/LPLWHGWKH&RPSDQ\KDVDGH±QHGFRQWULEXWLRQSODQLQIRUP
RI3URYLGHQW)XQGLQZKLFKWKH&RPSDQ\PDNHVVSHFL±HGPRQWKO\FRQWULEXWLRQVWRZDUGVHPSOR\HH3URYLGHQW)XQGWR
*RYHUQPHQW DGPLQLVWHUHG (PSOR\HH 3URYLGHQW )XQG VFKHPHV ZKLFK LV UHFRJQL]HG DV DQ H[SHQVH LQ WKH VWDWHPHQW RI
SUR±WDQGORVVGXULQJWKHSHULRGLQZKLFKWKHHPSOR\HHUHQGHUVWKHVHUYLFH
LL 'H±QHGEHQH±WSODQV
Provident fund
3URYLGHQW IXQG FRQWULEXWLRQV DUH PDGH WR D WUXVW DGPLQLVWHUHG E\ WKH WUXVWHHV 7UXVW PDNHV LQYHVWPHQWV DQG VHWWOHV
PHPEHUVFODLPV,QWHUHVWSD\DEOHWRWKHPHPEHUVVKDOOQRWEHDWDUDWHORZHUWKDQWKHVWDWXWRU\UDWH/LDELOLW\LVUHFRJQL]HG
IRUDQ\VKRUWIDOOLQWKHSODQDVVHWVYLVjYLVDFWXDULDOO\GHWHUPLQHGOLDELOLW\RIWKHIXQGREOLJDWLRQ
Gratuity plan
7KH&RPSDQ\ªVJUDWXLW\EHQH±WVFKHPHLVDGH±QHGEHQH±WSODQ7KH&RPSDQ\ªVQHWREOLJDWLRQLQUHVSHFWRIWKHJUDWXLW\
EHQH±WVFKHPHLVFDOFXODWHGE\HVWLPDWLQJWKHDPRXQWRIIXWXUHEHQH±WWKDWHPSOR\HHVKDYHHDUQHGLQUHWXUQIRUWKHLU
VHUYLFHLQWKHFXUUHQWDQGSULRUSHULRGVWKDWEHQH±WLVGLVFRXQWHGWRGHWHUPLQHLWVSUHVHQWYDOXHDQGWKHIDLUYDOXHRIDQ\
SODQDVVHWVLVGHGXFWHG
7KHSUHVHQWYDOXHRIWKHREOLJDWLRQDVDWWKHEDODQFHVKHHWGDWHXQGHUVXFKGH±QHGEHQH±WSODQLVGHWHUPLQHGEDVHGRQ
DFWXDULDOYDOXDWLRQXVLQJWKH3URMHFWHG8QLW&UHGLW0HWKRGE\DQLQGHSHQGHQWDFWXDU\ZKLFKUHFRJQL]HVHDFKSHULRGRI
VHUYLFHDVJLYLQJULVHWRDGGLWLRQDOXQLWRIHPSOR\HHEHQH±WHQWLWOHPHQWDQGPHDVXUHVHDFKXQLWVHSDUDWHO\WREXLOGXSWKH
±QDOREOLJDWLRQ
7KHREOLJDWLRQLVPHDVXUHGDWWKHSUHVHQWYDOXHRIWKHHVWLPDWHGIXWXUHFDVK²RZV7KHGLVFRXQWUDWHVXVHGIRUGHWHUPLQLQJ
WKHSUHVHQWYDOXHRIWKHREOLJDWLRQXQGHUGH±QHGEHQH±WSODQDUHEDVHGRQWKHPDUNHW\LHOGVRQJRYHUQPHQWVHFXULWLHVDV
DWWKHEDODQFHVKHHWGDWH
$FWXDULDOJDLQVDQGORVVHVDUHUHFRJQL]HGLPPHGLDWHO\LQWKHVWDWHPHQWRISUR±WDQGORVV
LLL 2WKHU/RQJWHUPHPSOR\PHQWEHQH±WV
&RPSHQVDWHGDEVHQFHVZKLFKDUHQRWH[SHFWHGWRRFFXUZLWKLQWZHOYHPRQWKVDIWHUWKHHQGRIWKHSHULRGLQZKLFKWKH
HPSOR\HHUHQGHUVWKHUHODWHGVHUYLFHVDUHUHFRJQL]HGDVDOLDELOLW\DWWKHSUHVHQWYDOXHRIWKHGH±QHGEHQH±WREOLJDWLRQ

&XUUHQF\` LQODNKV
DVDWWKHEDODQFHVKHHWGDWHXVLQJ3URMHFWHG8QLW&UHGLWPHWKRGE\DQLQGHSHQGHQWDFWXDU\7KHGLVFRXQWUDWHVXVHGIRU
GHWHUPLQLQJWKHSUHVHQWYDOXHRIWKHREOLJDWLRQXQGHUGH±QHGEHQH±WSODQDUHEDVHGRQWKHPDUNHW\LHOGVRQJRYHUQPHQW
VHFXULWLHVDVDWWKHEDODQFHVKHHWGDWH
(l) Leases
/HDVHUHQWDOVXQGHUDQRSHUDWLQJOHDVHDUHUHFRJQL]HGDVDQH[SHQVHLQWKHVWDWHPHQWRISUR±WDQGORVVRQDVWUDLJKWOLQHEDVLV
RYHUWKHOHDVHWHUP/HDVHLQFRPHIURPRSHUDWLQJOHDVHVLVUHFRJQL]HGLQWKHVWDWHPHQWRISUR±WDQGORVVRQDVWUDLJKWOLQHEDVLV
RYHUWKHOHDVHWHUP
(m) Voluntary Retirement Scheme (VRS)
/LDELOLW\XQGHUWKH956LVDFFUXHGRQWKHDFFHSWDQFHRIWKHDSSOLFDWLRQVRIWKHHPSOR\HHVXQGHUWKH956VFKHPHLVVXHGE\WKH
&RPSDQ\DQGLVFKDUJHGWRWKHVWDWHPHQWRISUR±WDQGORVV
(n) Taxation
,QFRPHWD[H[SHQVHFRPSULVHVFXUUHQWWD[DQGGHIHUUHGWD[FKDUJHRUFUHGLW3URYLVLRQIRUFXUUHQWWD[LVEDVHGRQWKHUHVXOWVIRU
WKH\HDULQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH,QFRPH7D[$FW
7KHGHIHUUHGWD[FKDUJHRUFUHGLWLVUHFRJQL]HGXVLQJVXEVWDQWLYHO\HQDFWHGUDWHV,QWKHFDVHRIXQDEVRUEHGGHSUHFLDWLRQRU
FDUULHG IRUZDUG ORVVHV GHIHUUHG WD[ DVVHWV DUH UHFRJQL]HG RQO\ WR WKH H[WHQW WKHUH LV YLUWXDO FHUWDLQW\ RI UHDOL]DWLRQ RI VXFK
DVVHWV2WKHUGHIHUUHGWD[DVVHWVDUHUHFRJQL]HGRQO\WRWKHH[WHQWWKHUHLVUHDVRQDEOHFHUWDLQW\RIUHDOL]DWLRQLQIXWXUH6XFK
DVVHWVDUHUHYLHZHGDVDWHDFKEDODQFHVKHHWGDWHWRUHDVVHVVUHDOL]DWLRQ
(o) Earnings per share
%DVLFDQGGLOXWHGHDUQLQJVSHUVKDUHDUHFRPSXWHGE\GLYLGLQJWKHQHWSUR±WDIWHUWD[DWWULEXWDEOHWRHTXLW\VKDUHKROGHUVIRUWKH
\HDUZLWKWKHZHLJKWHGQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDU
(p) Provisions and contingent liabilities
7KH &RPSDQ\ FUHDWHV D SURYLVLRQ ZKHQ WKHUH H[LVW D SUHVHQW REOLJDWLRQ DV D UHVXOW RI D SDVW HYHQW WKDW SUREDEO\ UHTXLUHV
DQRXW²RZRIUHVRXUFHVDQGDUHOLDEOHHVWLPDWHFDQEHPDGHRIWKHDPRXQWRIWKHREOLJDWLRQ$GLVFORVXUHIRUDFRQWLQJHQW
OLDELOLW\LVPDGHZKHQWKHUHLVDSRVVLEOHREOLJDWLRQRUDSUHVHQWREOLJDWLRQWKDWPD\EXWSUREDEO\ZLOOQRWUHTXLUHDQRXW²RZRI
UHVRXUFHV:KHQWKHUHLVDSRVVLEOHREOLJDWLRQRUDSUHVHQWREOLJDWLRQLQUHVSHFWRIZKLFKWKHOLNHOLKRRGRIRXW²RZRIUHVRXUFHV
LVUHPRWHQRSURYLVLRQRUGLVFORVXUHLVPDGH&RQWLQJHQWDVVHWVDUHQRWUHFRJQL]HGLQ±QDQFLDOVWDWHPHQWV
3 Amalgamation of Wyeth Limited with the Company
7KHVKDUHKROGHUVRIWKH&RPSDQ\DSSURYHGWKH6FKHPHRI$PDOJDPDWLRQ ©6FKHPHª EHWZHHQWKH&RPSDQ\DQG:\HWK/LPLWHG
ZLWKDQDSSRLQWHGGDWHRI$SULOZKHUHE\DOOWKHDVVHWVDQGOLDELOLWLHVRI:\HWK/LPLWHGZKLFKZHUHWUDQVIHUUHGWRDQGYHVWHG
LQWKH&RPSDQ\KDYHEHHQUHFRUGHGDWWKHLUIDLUYDOXHVIURPWKHDSSRLQWHGGDWH
:\HWK/LPLWHGZDVHQJDJHGLQPDQXIDFWXULQJPDUNHWLQJWUDGLQJDQGH[SRUWRISKDUPDFHXWLFDOVDQGFRQVXPHUKHDOWKFDUHSURGXFWV
:\HWK/LPLWHGKDGLWªVRZQPDQXIDFWXULQJIDFLOLW\DW*RDDQGYDULRXVLQGHSHQGHQWFRQWUDFWWKLUGSDUW\PDQXIDFWXUHUVLQ,QGLD
7KHVDLG6FKHPHUHFHLYHGWKHDSSURYDORIWKH+RQªEOH+LJK&RXUWRI-XGLFDWXUHDW%RPED\RQ2FWREHUDQGVXEVHTXHQWWR
DSSURYDOVE\RWKHUUHOHYDQWUHJXODWRU\DXWKRULWLHVWKH6FKHPHKDVEHFRPHHIIHFWLYH'HFHPEHU6LQFHWKH6FKHPHUHFHLYHG
DOOWKHUHTXLVLWHDSSURYDOVDIWHUWKH±QDQFLDOVWDWHPHQWVIRUWKH\HDUHQGLQJ0DUFKZHUHDXWKRULVHGE\WKHVKDUHKROGHUV
WKHLPSDFWRIDPDOJDPDWLRQKDVEHHQJLYHQLQWKHFXUUHQW±QDQFLDO\HDUZLWKHIIHFWIURPWKHDSSRLQWHGGDWH
,QDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKHDIRUHVDLG6FKHPH
L 7KHDSSURYHGVKDUHVZDSUDWLRLVHTXLW\VKDUHVRIWKHIDFHYDOXHRI`HDFKIXOO\SDLGXSRIWKH&RPSDQ\IRUHYHU\HTXLW\
VKDUHVRIWKHIDFHYDOXHRI`HDFKIXOO\SDLGXSRI:\HWK/LPLWHG$FFRUGLQJO\IRUDWRWDOFRQVLGHUDWLRQRIÒDNKV
WKH&RPSDQ\KDVDOORWWHGDQGLVVXHGHTXLW\VKDUHVRI`HDFKWRWKHVKDUHKROGHUVRIHUVWZKLOH:\HWK/LPLWHGLQ
'HFHPEHUDQGDFFRXQWHGIRUWKHVKDUHSUHPLXPRIÒDNKV
LL 7KHDPDOJDPDWLRQLVDFFRXQWHGXQGHUWKH§3XUFKDVH0HWKRG¨DVSHU$FFRXQWLQJ6WDQGDUG$FFRXQWLQJIRU$PDOJDPDWLRQV
DVUHIHUUHGWRLQWKH6FKHPHRI$PDOJDPDWLRQDSSURYHGE\WKH+LJKFRXUW
LLL 7KHWUDQVIHURIDVVHWVDQGOLDELOLWLHVRI:\HWK/LPLWHGDWIDLUYDOXHKDVEHHQHIIHFWHGIURPWKH§$SSRLQWHGGDWH¨RI$SULO
DVGH±QHGLQWKH6FKHPH
67
&XUUHQF\` LQODNKV
LY )DLUYDOXHRIDVVHWVDQGOLDELOLWLHVDFTXLUHGIURP:\HWK/LPLWHGDUHDVXQGHU
Assets
)L[HGDVVHWV
&DSLWDOZRUNLQSURJUHVV
'HIHUUHGWD[DVVHW
,QYHQWRULHV
7UDGHUHFHLYDEOHV
&DVKDQGEDQNEDODQFHV
2WKHUFXUUHQWDVVHWV
/RDQVDQGDGYDQFHV
Total Assets 83,780
Liabilities
/RQJWHUPERUURZLQJV
&XUUHQWOLDELOLWLHV
3URYLVLRQV
3URSRVHGGLYLGHQG
Total Liabilities 61,056
Net Assets taken over 22,724
Purchase consideration 131,379
Goodwill (including intangible assets) 108,655
Y 'XULQJ WKH \HDU HQGHG 0DUFK :\HWK /LPLWHG GHFODUHG DQG SDLG LQWHULP GLYLGHQG RI ` SHU VKDUH DJJUHJDWLQJ WR
ÒDNKVDQGWD[WKHUHRQÒDNKV7KHLQWHULPGLYLGHQGSDLGLVLQDFFRUGDQFHZLWKWKH6FKHPHDSSURYHGE\WKH+LJK
&RXUW 7KH SXUFKDVH FRQVLGHUDWLRQ GHWHUPLQHG LV QHW RI WKH LQWHULP GLYLGHQG GHFODUHG DQG SDLG $FFRUGLQJO\ WKH LQWHULP GLYLGHQG
GHFODUHGDQGSDLGKDVQRWEHHQFRQVLGHUHGIRUGHWHUPLQLQJWKHSXUFKDVHFRQVLGHUDWLRQDQGKDYHEHHQFRQVLGHUHGDVDOLDELOLW\WDNHQ
RYHU
YL 2SHUDWLRQVRI:\HWK/LPLWHGIURP$SULOWR0DUFKDVGHWDLOHGEHORZKDYHEHHQDFFRXQWHGIRULQWKHFXUUHQW
\HDUªVVWDWHPHQWRISUR±WDQGORVVDIWHUWKHSUR±WIRUWKH\HDUEHIRUHLPSDFWRIWKH6FKHPHRI$PDOJDPDWLRQ
<HDUHQGHG
0DUFK
Revenues
5HYHQXHIURPRSHUDWLRQV QHW
2WKHURSHUDWLQJLQFRPH
2WKHULQFRPH
Total revenues
Expenses
&RVWRIPDWHULDOVFRQVXPHG
3XUFKDVHVRIVWRFNLQWUDGH
&KDQJHVLQLQYHQWRULHVRI±QLVKHGJRRGVZRUNLQSURJUHVVDQGVWRFNLQWUDGH
(PSOR\HHEHQH±WV
)LQDQFHFRVWV
'HSUHFLDWLRQDQGDPRUWL]DWLRQ
2WKHUH[SHQVHV
Total expenses 57,952.58
3UR±WEHIRUHWD[ 13,388.19
Tax expense
&XUUHQWWD[
'HIHUUHGWD[
3UR±WIRUWKH\HDU 8,791.99
7KHGHSUHFLDWLRQRIWDQJLEOHDVVHWVDQGDPRUWL]DWLRQRIJRRGZLOODQGLQWDQJLEOHDVVHWVDULVLQJIURPWKHDPDOJDPDWLRQIRUWKH
SHULRG$SULOWR0DUFKDJJUHJDWLQJWRÒDNKVKDVEHHQDFFRXQWHGIRULQWKHFXUUHQW\HDUªVVWDWHPHQW
RISUR±WDQGORVVDIWHUWKHSUR±WIRUWKH\HDUEHIRUHLPSDFWRIWKH6FKHPHRI$PDOJDPDWLRQ

&XUUHQF\` LQODNKV
4 Share capital
31 March 2015 0DUFK

Number of Amount 1XPEHURI $PRXQW
shares shares
Authorised
(TXLW\VKDUHVRI`HDFK 52,844,080 5,284.41
8QFODVVL±HGVKDUHVRI`HDFK 10,155,920 1,015.59
63,000,000 6,300.00
Issued
Subscribed and fully paid up
)RUIHLWHGHTXLW\VKDUHV 2,640 0.18
Total 45,750,372 4,574.95
1RWHV
5HFRQFLOLDWLRQRIWKHQXPEHURIHTXLW\VKDUHVDQGDPRXQWRXWVWDQGLQJDWWKHFRPPHQFHPHQWDQGDWWKHHQGRIWKHUHSRUWLQJ
\HDU
31 March 2015 0DUFK

shares shares
%DODQFHDWWKHFRPPHQFHPHQWRIWKH\HDU 29,844,080 2,984.32
$GGLWLRQV 6KDUHV LVVXHG SXUVXDQW WR WKH 6FKHPH RI 15,906,292 1,590.63
$PDOJDPDWLRQ 5HIHUQRWH
%DODQFHDWWKHHQGRIWKH\HDU 45,750,372 4,574.95
'HWDLOVRIHTXLW\VKDUHVKHOGE\WKHKROGLQJFRPSDQ\WKHXOWLPDWHKROGLQJFRPSDQ\WKHLUVXEVLGLDULHVDQGDVVRFLDWHV
31 March 2015 0DUFK

shares shares
(TXLW\VKDUHVRI`HDFKIXOO\SDLGXSKHOGE\
Ultimate Holding Company
3±]HU,QF - -
Holding Company
3±]HU(DVW,QGLD%9 IURP0DUFKWR
'HFHPEHU
Subsidiaries of the ultimate holding company
3±]HU(DVW,QGLD%9 ZHI'HFHPEHU 18,186,334 1,818.63
:\HWK//&86$ ZHI'HFHPEHU 5,617,707 561.77
:\HWK+ROGLQJV&RUSRUDWLRQ86$ ZHI 1,630,164 163.02
'HFHPEHU
-RKQ:\HWK %URWKHU/WG8. ZHI 882,000 88.20
'HFHPEHU
:DUQHU/DPEHUW&RPSDQ\ 1,187,163 118.72
3DUNH'DYLV &RPSDQ\ 955,733 95.57
3KDUPDFLD&RUSRUDWLRQ 783,941 78.39
69
&XUUHQF\` LQODNKV
6KDUHKROGHUVKROGLQJPRUHWKDQVKDUHVDVRQ0DUFKDQG0DUFK
31 March 2015 0DUFK
Number of % holding 1XPEHURI KROGLQJ
shares shares
(TXLW\VKDUHVRI`HDFKIXOO\SDLGXSKHOGE\
3±]HU(DVW,QGLD%9 ZHI'HFHPEHU 18,186,334 39.75
3±]HU(DVW,QGLD%9 IURP0DUFKWR - -
'HFHPEHU
:\HWK//&86$ ZHI'HFHPEHU 5,617,707 12.28
3XUVXDQWWRWKH6FKHPHRI$PDOJDPDWLRQRIHUVWZKLOH:\HWK/LPLWHGZLWKWKH&RPSDQ\VKDUHVRIIDFHYDOXH`HDFK
ZHUHLVVXHGGXULQJWKH\HDUWRWKHVKDUHKROGHUVRIHUVWZKLOH:\HWK/LPLWHGIRUFRQVLGHUDWLRQRWKHUWKDQFDVK'XULQJWKH±YHUHSRUWLQJ
SHULRGVLPPHGLDWHO\SUHFHGLQJWKHUHSRUWLQJGDWHQRVKDUHVKDYHEHHQLVVXHGE\FDSLWDOL]DWLRQRIUHVHUYHVDVERQXVVKDUHV
7KH&RPSDQ\KDVDVLQJOHFODVVRIHTXLW\VKDUHV$FFRUGLQJO\DOOWKHHTXLW\VKDUHVUDQNHTXDOO\ZLWKUHJDUGWRYRWLQJULJKWVGLYLGHQGV
DQGVKDUHLQWKH&RPSDQ\ªVUHVLGXDODVVHWV
5 Reserves and surplus
31 March 2015 0DUFK
Securities premium account
$WWKHFRPPHQFHPHQWRIWKH\HDU 2,277.70
$GGLWLRQV 3UHPLXP RQ LVVXH RI HTXLW\ VKDUHV SXUVXDQW WR WKH 6FKHPH RI 129,789.00
$PDOJDPDWLRQ 5HIHUQRWH
$WWKHHQGRIWKH\HDU 132,066.70
General reserve
$GG7UDQVIHUUHGIURPVXUSOXV -
Surplus
$GG3UR±WIRUWKH\HDU 6,981.93
/HVV$GMXVWPHQWRQDFFRXQWRI'HSUHFLDWLRQ 5HIHUQRWH 19.02
/HVV$SSURSULDWLRQV
3URSRVHGGLYLGHQG `SHUVKDUH0DUFK1LO 5,718.47
7D[RQ3URSRVHGGLYLGHQG 1,164.14
,QWHULPGLYLGHQG 1LO0DUFK`SHUVKDUH -
7D[RQGLYLGHQG -
7UDQVIHUUHGWRJHQHUDOUHVHUYH -
Total 192,726.23
6 Long-term borrowings (Unsecured)
31 March 2015 0DUFK

Loans and advances from related parties
-RKQ:\HWK %URWKHU/LPLWHG,QGLD%UDQFK 250.22
Total 250.22
7KHDPRXQWUHSUHVHQWVSXUFKDVHFRQVLGHUDWLRQSD\DEOHWR-RKQ:\HWKDQG%URWKHU/LPLWHG8.IRUWKHWUDQVIHURILWVXQGHUWDNLQJLQ
,QGLDWRWKHHUVWZKLOH:\HWK/LPLWHG7KHDPRXQWKDVEHHQUHWDLQHGDVDQLQWHUHVWIUHHXQVHFXUHGORDQDVSHUWKHGLUHFWLYHVRIWKH
5%,LQWKLVUHJDUGSHQGLQJDSSURSULDWHFOHDUDQFHIURPWKH,QFRPHWD[DXWKRULWLHV

&XUUHQF\` LQODNKV
7 Other long-term liabilities
31 March 2015 0DUFK

6HFXULW\GHSRVLWV 10.00
Total 10.00
8 Long-term provisions
31 March 2015 0DUFK

Employee related
3URYLGHQWIXQG 5HIHUQRWH -
*UDWXLW\ 5HIHUQRWH 225.32
Other provisions
'HPDQGVXQGHU'3&2 5HIHUQRWH E DQGQRWH 1,987.94
6DOHVUHWXUQ 5HIHUQRWH D 540.39
&XVWRPVDQG&HQWUDO([FLVH 5HIHUQRWH F DQGQRWH 202.78
Total 2,956.43
$GGLWLRQDOGLVFORVXUHUHODWLQJWRFHUWDLQSURYLVLRQV
7KH&RPSDQ\KDVPDGHSURYLVLRQIRUYDULRXVFRQWUDFWXDOREOLJDWLRQVDQGGLVSXWHGOLDELOLWLHVEDVHGRQLWVDVVHVVPHQWRIWKHDPRXQW
LWHVWLPDWHVWRLQFXUWRPHHWVXFKREOLJDWLRQVGHWDLOVRIZKLFKDUHJLYHQEHORZ
2SHQLQJ $GGLWLRQV 8WLOLVDWLRQ &ORVLQJ
QRWH 5HYHUVDOV
D 6DOHV5HWXUQ
March 2015 402.27 138.12 - 540.39
0DUFK
E 3URYLVLRQIRU'HPDQGVXQGHUWKH'UXJV 3ULFHV
&RQWURO 2UGHU
March 2015 1,987.94 - - 1,987.94
0DUFK
F 3URYLVLRQIRU'LVSXWHG'HPDQGV
&HQWUDO([FLVH
March 2015 200.34 - - 200.34
0DUFK
&XVWRPV
March 2015 2.44 - - 2.44
0DUFK
7RWDO DEF
March 2015 2,592.99 138.12 - 2,731.11
0DUFK
)XWXUHFDVKRXW²RZVLQUHVSHFWRI E DQG F DERYHDUHGHWHUPLQDEOHRQO\RQUHFHLSWRIMXGJHPHQWVGHFLVLRQVSHQGLQJZLWK
YDULRXVDXWKRULWLHVIRUXPV
1RWH7KHRSHQLQJEDODQFHVDVRQ$SULOLQFOXGHEDODQFHVDFTXLUHGSXUVXDQWWRWKH6FKHPHRI$PDOJDPDWLRQRIHUVWZKLOH
:\HWK/LPLWHG
71
&XUUHQF\` LQODNKV
9 Trade payables
31 March 2015 0DUFK

0LFURDQGVPDOOHQWHUSULVHV 5HIHUQRWH 201.29
2WKHUWUDGHSD\DEOHV 33,219.05
Total 33,420.34
'LVFORVXUHVUHTXLUHGXQGHU6HFWLRQRIWKH0LFUR6PDOODQG0HGLXP(QWHUSULVHV'HYHORSPHQW$FW
31 March 2015 0DUFK

L 3ULQFLSDO DPRXQW UHPDLQLQJ XQSDLG WR DQ\ VXSSOLHU DV DW WKH HQG RI WKH 167.87
DFFRXQWLQJ\HDU
LL ,QWHUHVWGXHWKHUHRQUHPDLQLQJXQSDLGWRDQ\VXSSOLHUDVDWWKHHQGRIWKH -
DFFRXQWLQJ\HDU
LLL 7KHDPRXQWRILQWHUHVWSDLGDORQJZLWKWKHDPRXQWVRIWKHSD\PHQWPDGH -
WRWKHVXSSOLHUEH\RQGWKHDSSRLQWHGGD\
LY 7KHDPRXQWRILQWHUHVWGXHDQGSD\DEOHIRUWKH\HDU -
Y 7KHDPRXQWRILQWHUHVWDFFUXHGDQGUHPDLQLQJXQSDLGDWWKHHQGRIWKH 33.42
DFFRXQWLQJ\HDU
YL 7KH DPRXQW RI IXUWKHU LQWHUHVW GXH DQG SD\DEOH HYHQ LQ WKH VXFFHHGLQJ -
\HDUXQWLOVXFKGDWHZKHQWKHLQWHUHVWGXHVDVDERYHDUHDFWXDOO\SDLG
'XHVWR0LFURDQG6PDOO(QWHUSULVHVKDYHEHHQGHWHUPLQHGWRWKHH[WHQWVXFKSDUWLHVKDYHEHHQLGHQWL±HGRQWKHEDVLVRILQIRUPDWLRQ
FROOHFWHGE\WKHPDQDJHPHQW7KLVKDVEHHQUHOLHGXSRQE\WKHDXGLWRUV
10 Other current liabilities
31 March 2015 0DUFK

8QSDLGGLYLGHQGV 5HIHUQRWH 1,530.48
&UHGLWRUVIRUFDSLWDOH[SHQGLWXUH 478.26
6WDWXWRU\UHPLWWDQFHV 2,219.36
(PSOR\HHEHQH±WV 3,223.90
6HFXULW\GHSRVLWV 1,208.10
Total 8,660.10
,QYHVWRUHGXFDWLRQDQGSURWHFWLRQIXQG ,(3) LVEHLQJFUHGLWHGE\WKHDPRXQWRIXQSDLGGLYLGHQGDIWHUVHYHQ\HDUVIURPWKHGXH

GDWH7KHEDODQFHUHSUHVHQWVDPRXQWVQRW\HWGXHIRUGHSRVLWWRWKH,(3)

&XUUHQF\` LQODNKV
11 Short-term provisions
31 March 2015 0DUFK

Employee related
&RPSHQVDWHGDEVHQFHV 5HIHUQRWH 433.33
3URYLGHQWIXQG 5HIHUQRWH -
2WKHUHPSOR\HHEHQH±WV 5HIHUQRWH D 691.83
Other provisions
:HDOWKWD[ 1HWRIWD[HVSDLG 85.76
)ULQJHEHQH±WWD[ 1HWRIWD[HVSDLG 55.22
,QFRPHWD[ 1HWRIWD[HVSDLG 7,002.81
6DOHVUHWXUQ 5HIHUQRWH E 2,352.67
'HPDQGVXQGHU'3&2 5HIHUQRWH F DQGQRWH 481.28
3URSRVHGGLYLGHQG 5HIHUQRWH 5,718.47
7D[RQSURSRVHGGLYLGHQG 1,164.14
Total 18,556.45
$GGLWLRQDOGLVFORVXUHVUHODWLQJWRFHUWDLQSURYLVLRQV
2SHQLQJ $GGLWLRQV 8WLOLVDWLRQ &ORVLQJ

QRWH 5HYHUVDOV
D 2WKHUHPSOR\HHEHQH±WV
March 2015 993.06 43.24 344.47 691.83
0DUFK
E 6DOHV5HWXUQ
March 2015 2,553.51 - 200.84 2,352.67
0DUFK
F 3URYLVLRQIRU'HPDQGVXQGHUWKH'UXJV 3ULFHV
&RQWURO 2UGHU
March 2015 481.28 - - 481.28
0DUFK
Total (a + b + c)
March 2015 4,027.85 43.24 545.31 3,525.78
0DUFK
1RWH7KHRSHQLQJEDODQFHVDVRQ$SULOLQFOXGHEDODQFHVDFTXLUHGSXUVXDQWWRWKH6FKHPHRI$PDOJDPDWLRQRIHUVWZKLOH
:\HWK/LPLWHG
3URSRVHGGLYLGHQG
31 March 2015 0DUFK
$PRXQWSHUVKDUH LQ` 12.50
1XPEHURIVKDUHV 45,747,732
$PRXQW `LQODNKV 5,718.47
73
74
12 Fixed Assets &XUUHQF\`LQODNKV
Leasehold Leasehold Building Plant and Furniture Vehicles 2I±FH Computers Total Trademarks Goodwill Total Total
land Improvements on equipment and equipments Tangibles Intangibles
Leasehold ±[WXUHV
Land
Gross block
Balance as at 1 April 2013 32.57 478.28 1,421.40 5,569.81 453.93 202.59 1,129.54 2,194.90 11,483.02 15.51 - 15.51 11,498.53
$GGLWLRQVGXULQJWKH\HDU
'LVSRVDOV$GMXVWPHQWV
%DODQFHDVDW0DUFK
%DODQFHDVDW$SULO
$FTXLUHG SXUVXDQW WR 6FKHPH
RI $PDOJDPDWLRQ RI :\HWK
/LPLWHG 5HIHUQRWH
$GGLWLRQV
'LVSRVDOV$GMXVWPHQWV
Balance as at 31 March 2015 32.57 648.91 5,765.00 8,209.58 518.36 167.81 1,389.88 3,456.95 20,189.06 42,735.51 65,935.00 108,670.51 128,859.57
Accumulated Depreciation /
Amortization
Balance as at 1 April 2013 15.95 359.48 489.08 4,456.47 346.04 190.70 1,040.07 2,100.99 8,998.78 15.51 - 15.51 9,014.29
'HSUHFLDWLRQ$PRUWL]DWLRQ
IRUWKH\HDU
$FFXPXODWHGGHSUHFLDWLRQ
$PRUWL]DWLRQRQGLVSRVDOV
$GMXVWPHQWV
%DODQFHDVDW0DUFK
%DODQFHDVDW$SULO
$FTXLUHGSXUVXDQWWR6FKHPH
RI$PDOJDPDWLRQRI:\HWK
/LPLWHG
'HSUHFLDWLRQ$PRUWL]DWLRQ
IRUWKH\HDU
$GMXVWPHQWVWR6XUSOXV

5HIHUQRWH
$FFXPXODWHGGHSUHFLDWLRQ
$PRUWL]DWLRQRQGLVSRVDOV
$GMXVWPHQWV
Balance as at 31 March 2015 16.59 431.78 1,056.73 6,769.88 430.06 148.88 1,137.76 2,688.19 12,679.87 8,559.51 13,186.40 21,745.91 34,425.78
Net Block
$VDW0DUFK
As at 31 March 2015 15.98 217.13 4,708.27 1,439.70 88.30 18.94 252.12 768.76 7,509.19 34,176.00 52,748.60 86,924.60 94,433.79
%XLOGLQJLQFOXGHVLQYHVWPHQWLQVKDUHDSSOLFDWLRQPRQH\RI` 0DUFK` LQFRRSHUDWLYHKRXVLQJVRFLHW\UHSUHVHQWLQJRZQHUVKLSRIWZRUHVLGHQWLDO²DWV

3XUVXDQWWRWKHQRWL±FDWLRQRIWKH6FKHGXOH,,RIWKH&RPSDQLHV$FWZLWKHIIHFWIURP$SULOGHSUHFLDWLRQIRUWKH\HDUKDVEHHQSURYLGHGDVSHUWKHUDWHVGHWHUPLQHG
LQ3DUW&RI6FKHGXOH,,RUEDVHGRQHVWLPDWHGXVHIXOOLIHRIWKHDVVHWVGHWHUPLQHGE\WKHPDQDJHPHQW$FFRUGLQJO\GHSUHFLDWLRQIRUWKH\HDULVKLJKHUE\ÒDNKVDQGIRUDVVHWV
ZKLFKKDGQRUHVLGXDOOLIHDVDW$SULOWKHERRNYDOXH QHWRIGHIHUUHGWD[ DPRXQWLQJWRÒDNKVKDVEHHQDGMXVWHGDJDLQVW6XUSOXV
7KHFRPSDQ\KDVREWDLQHGDQH[WHUQDOWHFKQLFDOHYDOXDWLRQRIWKHUHPDLQLQJHVWLPDWHGXVHIXOOLIHRIWKHDVVHWVWDNHQRYHUIURPHUVWZKLOH:\HWK/LPLWHG
/DQGDQG%XLOGLQJDFTXLUHGIURPHUVWZKLOH:\HWK/LPLWHGWKHDPDOJDPDWLQJ&RPSDQ\SXUVXDQWWRWKH6FKHPHRI$PDOJDPDWLRQZLWKWKH&RPSDQ\LVEHLQJ
WUDQVIHUUHGLQWKHQDPHRIWKH&RPSDQ\
3±]HU/LPLWHG | ANNUAL REPORT 2014-15

,QFOXGHVDGGLWLRQVPDGHE\HUVWZKLOH:\HWK/LPLWHGIRUWKH±QDQFLDO\HDU
&XUUHQF\` LQODNKV
13 Non - current investments
31 March 2015 0DUFK

2WKHU,QYHVWPHQWV
a. Investment property
$VVHWVJLYHQRQRSHUDWLQJOHDVH 5,316.91
/HVVDFFXPXODWHGGHSUHFLDWLRQ 1,050.97
4,265.94
b. Unquoted investments
,QYHVWPHQWLQRWKHUHTXLW\LQVWUXPHQWV
L 7KH6KDPUDR9LWKDO&RRSHUDWLYH%DQN/LPLWHG 0.25
0DUFK VKDUHVRI`HDFKIXOO\SDLGXS
LL *ROG6RYHUHLJQ $FWXDOFRVW` -
LLL %KDUXFK(FR$TXD,QIUDVWUXFWXUH/LPLWHG 7.29
0DUFK HTXLW\VKDUHVRI`HDFKIXOO\SDLGXS
LY %KDUXFK(QYLUR,QIUDVWUXFWXUH/LPLWHG 0.02
0DUFK HTXLW\VKDUHVRI`HDFKIXOO\SDLGXS
7.56
,QYHVWPHQWLQJRYHUQPHQWVHFXULWLHV 0.11
/HVV3URYLVLRQIRUGLPLQXWLRQLQYDOXHRILQYHVWPHQWV (7.42)
0.25
Total 4,266.19
$JJUHJDWHDPRXQWRIXQTXRWHGLQYHVWPHQWV 0.25
14 Deferred tax asset (net)
31 March 2015 0DUFK

Tax effect of items constituting deferred tax assets
2QGLIIHUHQFHEHWZHHQERRNEDODQFHDQGWD[EDODQFHRI±[HGDVVHWV -
3URYLVLRQIRUHPSOR\HHEHQH±WV 260.00
3URYLVLRQIRUGRXEWIXOWUDGHUHFHLYDEOHDQGDGYDQFHV 984.25
3URYLVLRQIRUH[FLVHGXW\FXVWRPGXW\DQGSULFLQJOLWLJDWLRQV 937.65
$PRUWL]DWLRQRIYROXQWDU\UHWLUHPHQWFRVWV 2,236.24
3URYLVLRQIRUVDOHVUHWXUQ 1,001.29
2WKHUV 2,271.03
7,690.46
Tax effect of items constituting deferred tax liability
2QGLIIHUHQFHEHWZHHQERRNEDODQFHDQGWD[EDODQFHRI±[HGDVVHWV 976.56
976.56
Deferred tax asset (net) 6,713.90
75
&XUUHQF\` LQODNKV
15 Long-term loans and advances
8QVHFXUHGFRQVLGHUHGJRRGXQOHVVRWKHUZLVHVWDWHG
31 March 2015 0DUFK

&DSLWDODGYDQFHV 8.70
&RPSHQVDWHGDEVHQFHV 5HIHUQRWH -
'HSRVLWVDQGRWKHUDGYDQFHV
&RQVLGHUHGJRRG 5HIHUQRWH 6,301.95
&RQVLGHUHGGRXEWIXO 264.59
6,566.54
/HVV3URYLVLRQIRUGRXEWIXOGHSRVLWVDQGDGYDQFHV (264.59)
6,301.95
(PSOR\HHUHODWHGORDQVDQGDGYDQFHV 59.72

$GYDQFHLQFRPHWD[ 1HWRISURYLVLRQIRUWD[ 17,980.10
%DODQFHZLWK&XVWRPV
&RQVLGHUHGJRRG 989.05
1,062.73
/HVV3URYLVLRQIRURWKHUGRXEWIXOORDQVDQGDGYDQFHV (73.68)
989.05
2WKHUORDQVDQGDGYDQFHV
&RQVLGHUHGJRRG 3,338.59
3,547.22
3,338.59
Total 29,156.48
,QFOXGHVÒDNKV 0DUFKÒDNKV GHSRVLWHGLQUHVSHFWRIGHPDQGVXQGHUWKH'UXJV 3ULFHV&RQWURO 2UGHU

16 Inventories
$WORZHURIFRVWDQGQHWUHDOLVDEOHYDOXHXQOHVVRWKHUZLVHVWDWHG
31 March 2015 0DUFK

5DZPDWHULDOV 9,164.40
*RRGVLQWUDQVLWLQFOXGHGDERYHÒDNKV 0DUFKÒDNKV
:RUNLQSURJUHVV 957.60
)LQLVKHGJRRGV 5HIHUQRWH 10,413.91
6WRFNLQWUDGH 5HIHUQRWH 16,906.47
6WRUHVDQGVSDUHV DWFRVW 123.35
3DFNLQJPDWHULDOV 1,224.41
Total 38,790.14

&XUUHQF\` LQODNKV
)LQLVKHGJRRGVFRPSULVHV
31 March 2015 0DUFK

/LTXLGSDUHQWHUDOV 369.73
7DEOHWVDQGFDSVXOHV 5,687.24
/LTXLGV 3,706.10
6ROLGV 274.81
/LTXLGVDQG/RWLRQV 376.03
2LQWPHQWV -
10,413.91
6WRFNLQWUDGHFRPSULVHV
31 March 2015 0DUFK

/LTXLGSDUHQWHUDOV 10,604.48
/LTXLGV 534.54
3RZGHUSDUHQWHUDOV 2,261.29
2LQWPHQWV 346.89
0LVFHOODQHRXV 110.53
16,906.47
17 Trade receivables
31 March 2015 0DUFK

7UDGHUHFHLYDEOHVRXWVWDQGLQJIRUDSHULRGH[FHHGLQJVL[PRQWKVIURPWKHGDWH
WKH\EHFDPHGXHIRUSD\PHQW
6HFXUHGFRQVLGHUHGJRRG 3.12
8QVHFXUHGFRQVLGHUHGJRRG 1,528.47
&RQVLGHUHGGRXEWIXO 2,226.94
3,758.53
/HVV3URYLVLRQIRUGRXEWIXOWUDGHUHFHLYDEOHV (2,226.94)
1,531.59
2WKHUWUDGHUHFHLYDEOHV
6HFXUHGFRQVLGHUHGJRRG 62.89
14,271.61
/HVV3URYLVLRQIRUGRXEWIXOWUDGHUHFHLYDEOHV (16.33)
14,255.28
Total 15,786.87
77
&XUUHQF\` LQODNKV
18 Cash and bank balances
31 March 2015 0DUFK

&DVKDQGFDVKHTXLYDOHQWV
&DVKRQKDQG 0.90
%DODQFHVZLWKEDQNV
,QFXUUHQWDFFRXQWV 1,526.35
,Q(()&DFFRXQW 1.31
,QGHSRVLWDFFRXQWV 47,469.66
2WKHUEDQNEDODQFHV
'HSRVLWDFFRXQWV 10,400.00
(DUPDUNHGEDQNEDODQFHV
8QSDLGGLYLGHQGDFFRXQWV 1,530.48
Total 60,928.70
19 Short-term loans and advances

8QVHFXUHGFRQVLGHUHGJRRGXQOHVVRWKHUZLVHVWDWHG
31 March 2015 0DUFK

6HFXULW\GHSRVLWV 2,173.55
/RDQVDQGDGYDQFHVWRHPSOR\HHV 151.46
%DODQFHZLWK&XVWRPVDQG([FLVHDXWKRULWLHV 1,982.46
2WKHUORDQVDQGDGYDQFHV
4,139.13
4,085.47
Total 8,392.94
20 Other current assets
31 March 2015 0DUFK

,QWHUHVWDFFUXHGRQWLPHGHSRVLWV 892.40
3K\VLFLDQVDPSOHV DWFRVW 464.92
$VVHWVKHOGIRUVDOH 72.42
Total 1,429.74

&XUUHQF\` LQODNKV
21 Revenue from operations

31 March 2015 0DUFK
6DOHRISURGXFWV 190,076.26
/HVVH[FLVHGXW\ 7,301.82
Total 182,774.44
6DOHRISURGXFWVFRPSULVHV

31 March 2015 0DUFK
/LTXLGV 46,289.15
6ROLGV 1,636.19
2LQWPHQWV 1,443.76
)HHGVXSSOHPHQWV -
&RVPHWLFVDQG7RLOHWULHV
/LTXLGDQG/RWLRQV 2,363.54
182,774.44
22 Other operating income

31 March 2015 0DUFK
6DOHRIVHUYLFHV 2,535.90
&6$FRPPLVVLRQ 6.36
6DOHRIVFUDS 15.14
Total 2,557.40
23 Other income

31 March 2015 0DUFK
,QWHUHVWLQFRPH
2QGHSRVLWVIURPEDQNV 4,437.90
2QVWDIIORDQ 11.37
2QRWKHUV 4.28
5HQWDOLQFRPH 5HIHUQRWH 1,551.81
/LDELOLWLHVSURYLVLRQVQRORQJHUUHTXLUHGZULWWHQEDFN 386.38
,QVXUDQFHFODLPV 101.84
3UR±WRQVDOHRIDVVHWV QHW 13.01
0LVFHOODQHRXVLQFRPH 228.02
Total 6,734.61
79
&XUUHQF\` LQODNKV
24 Cost of materials consumed
24 a. Raw materials consumed
31 March 2015 0DUFK
2SHQLQJVWRFN QRWH 9,435.49
$GG3XUFKDVHV QHW 28,712.20
38,147.69
/HVV&ORVLQJVWRFN 9,164.40
&RVWRIUDZPDWHULDOVFRQVXPHG D 5HIHUQRWHD L 28,983.29
1RWH2SHQLQJVWRFNIRU±QDQFLDO\HDULQFOXGHVVWRFNDFTXLUHGSXUVXDQWWRWKH6FKHPHRI$PDOJDPDWLRQ
24 b Packing materials consumed
31 March 2015 0DUFK
2SHQLQJVWRFN QRWH 1,268.30
$GG3XUFKDVHV 9,556.32
10,824.62
/HVV&ORVLQJVWRFN 1,224.41
&RVWRISDFNLQJPDWHULDOVFRQVXPHG E 9,600.21
Total cost of materials consumed ( a + b ) 38,583.50
1RWH2SHQLQJVWRFNIRU±QDQFLDO\HDULQFOXGHVVWRFNDFTXLUHGSXUVXDQWWRWKH6FKHPHRI$PDOJDPDWLRQ
D L 5DZPDWHULDOFRQVXPHGFRPSULVHV
31 March 2015 0DUFK
9LWDPLQV 4,086.15
&RGHLQHSKRVSDWH 3,691.20
0LQLSUHVV;/EXONWDEOHWV 5,466.99
6XJDU 1,085.91
3UHGQLVRORQH 5,578.09
/HYRQRJHVWUHO1RUJHVWUHO 218.45
3UHPDULQWDEOHWV 611.26
2WKHULWHPV 8,245.24
28,983.29
24 c Purchases of stock-in-trade
31 March 2015 0DUFK
/LTXLGV 2,072.02
6ROLGV -
2LQWPHQWV 924.78
43,638.00

&XUUHQF\` LQODNKV
G &KDQJHVLQLQYHQWRULHVRI±QLVKHGJRRGVZRUNLQSURJUHVVDQGVWRFNLQWUDGH
31 March 2015 0DUFK
,QYHQWRULHVDWWKHHQGRIWKH\HDU
)LQLVKHGJRRGV 10,413.91
:RUNLQSURJUHVV 957.60
6WRFNLQWUDGH 16,906.47
28,277.98
,QYHQWRULHVDWWKHFRPPHQFHPHQWRIWKH\HDU QRWH
)LQLVKHGJRRGV 8,831.17
:RUNLQSURJUHVV 1,117.96
6WRFNLQWUDGH 10,092.71
20,041.84
Net (increase) / decrease (8,236.14)
1RWH ,QYHQWRULHVDWWKHFRPPHQFHPHQWRIWKH±QDQFLDO\HDULQFOXGHVLQYHQWRULHVDFTXLUHGSXUVXDQWWRWKH6FKHPHRI
$PDOJDPDWLRQ
(PSOR\HHEHQH±WV

31 March 2015 0DUFK
6DODULHVDQGZDJHV 20,663.49
&RQWULEXWLRQVWRSURYLGHQWDQGRWKHUIXQGV 5HIHUQRWH 861.65
6WDIIZHOIDUHH[SHQVHV 1,459.13
Total 23,635.86
81
82
(PSOR\HHEHQH±WV
0DUFK 0DUFK 0DUFK 0DUFK 0DUFK
*UDWXLW\ &RPSHQVDWHG 3URYLGHQW *UDWXLW\ &RPSHQVDWHG 3URYLGHQW *UDWXLW\ &RPSHQVDW 3URYLGHQW *UDWXLW\ &RPSHQVDW 3URYLGHQW *UDWXLW\ &RPSHQVDW 3URYLGHQW
DEVHQFHV IXQG DEVHQFHV IXQG HGDEVHQFHV IXQG HGDEVHQFHV IXQG HGDEVHQFHV IXQG
1 Changes in present value of
obligations
3URMHFWHGEHQH±WREOLJDWLRQDW 6,250.04 999.42 540.44
EHJLQQLQJRIWKH\HDU
&XUUHQWVHUYLFHFRVW 877.34 798.21 -
7UDQVIHUVLQ - 525.99 -
,QWHUHVWFRVW 489.78 89.50 47.23
%HQH±WVSDLG ([SHFWHG (1,078.70) (476.64) -
VHWWOHPHQWV
3DVWVHUYLFHFRVW¥YHVWHG - - -
FXUWDLOPHQWJDLQ
$FWXDULDO JDLQ ORVVRQREOLJDWLRQ (171.96) (467.07) (587.67)
,QFUHDVHLQDFFRXQWEDODQFH
(PSOR\HUªVFRQWULEXWLRQV - - -
3ODQSDUWLFLSDQWVªFRQWULEXWLRQV - - -
3URMHFWHGEHQH±WREOLJDWLRQDWWKH 6,366.50 1,469.41 -
HQGRIWKH\HDU
2 Changes in fair value of plan - -
assets
)DLUYDOXHRISODQDVVHWVDW 5,886.31 2,468.72 -
EHJLQQLQJRIWKH\HDU
$GMXVWPHQWWRRSHQLQJEDODQFH (346.01) (644.64) -
([SHFWHGUHWXUQRQSODQDVVHWV 475.63 150.48 -
&RQWULEXWLRQV - 434.29 -
%HQH±WVSDLG7UDQVIHURXW - (434.29) -
([SHFWHGVHWWOHPHQWV
$FWXDULDOJDLQ ORVV RQSODQDVVHWV 32.69 35.81 -
(PSOR\HUªVFRQWULEXWLRQV - - -
3ODQSDUWLFLSDQWVFRQWULEXWLRQV - - -
)DLUYDOXHRISODQDVVHWVDWWKHHQG 6,048.62 2,010.37 -
RIWKH\HDU
3 Net Asset / (Liability)
recognized in the balance sheet
3URMHFWHGEHQH±WREOLJDWLRQDWWKH 6,366.50 1,469.41 -
HQGRIWKH\HDU
)DLUYDOXHRISODQDVVHWVDWWKHHQG 6,048.62 2,010.37 -
RIWKH\HDU
1HW$VVHW /LDELOLW\ UHFRJQL]HGLQ (317.88) 540.96 -
WKHEDODQFHVKHHW
4 Expense recognized in the
VWDWHPHQWRISUR±WDQGORVV
&XUUHQWVHUYLFHFRVW 877.34 798.21 -
,QWHUHVWFRVW 489.78 89.50 47.23
3DVWVHUYLFHFRVW¥YHVWHG - - -
FXUWDLOPHQWJDLQ
([SHFWHGUHWXUQRQSODQDVVHWV (475.63) (150.48) -
1HWDFWXDULDO *DLQ /RVV (204.65) (502.89) (587.67)
UHFRJQL]HG
([SHQVHUHFRJQL]HGLQWKH 686.84 234.34 (540.44)
3±]HU/LPLWHG | ANNUAL REPORT 2014-15

&XUUHQF\` LQODNKV
VWDWHPHQWRISUR±WDQGORVV
(PSOR\HHEHQH±WV &RQWLQXHG
0DUFK 0DUFK 0DUFK 0DUFK 0DUFK
*UDWXLW\ &RPSHQVDWHG 3URYLGHQW *UDWXLW\ &RPSHQVDWHG 3URYLGHQW *UDWXLW\ &RPSHQVDW 3URYLGHQW *UDWXLW\ &RPSHQVDW 3URYLGHQW *UDWXLW\ &RPSHQVDW 3URYLGHQW
DEVHQFHV IXQG DEVHQFHV IXQG HGDEVHQFHV IXQG HGDEVHQFHV IXQG HGDEVHQFHV IXQG
5 Balance sheet reconciliation
2SHQLQJQHWOLDELOLW\ 363.73 1,469.30 540.44
7UDQVLWLRQOLDELOLW\¥DGMXVWHGLQ 346.01 (644.64) -
JHQHUDOUHVHUYH
5HVHUYHDWWKHEHJLQQLQJRIWKH - - -
\HDU
([SHQVHDVDERYH 686.84 (234.34) (540.44)
7UDQVIHULQ RXW %HQH±WVSDLG (1,078.70) (49.35) -
([SHFWHGVHWWOHPHQWV
$PRXQWUHFRJQL]HGLQWKHEDODQFH 317.88 540.97 -
VKHHW
6 Actuarial Assumptions
'LVFRXQWUDWH 7.80% 7.80% 7.80%
([SHFWHG UDWH RI UHWXUQ RQ SODQ 9.00% 9.10% 8.62%
DVVHWV
$QQXDOLQFUHDVHLQFRPSHQVDWLRQ 5% to 5% to 9.0% 5% to WR WR 1$ WR WR 1$ WR WR 1$ WR WR WR
9.0% 9.0%
$GMXVWPHQWVWRRSHQLQJEDODQFHLQFOXGHVIXQGVUHFHLYHGIURP/,&RI,QGLDWRZDUGVUHLPEXUVHPHQWRISUHYLRXV\HDUEHQH±WSD\RXW
'H±QHGFRQWULEXWLRQSODQ
'XULQJWKH\HDUWKH&RPSDQ\KDVFRQWULEXWHGÒDNKV 0DUFK1LO WRZDUGVHPSOR\HHªVVXSHUDQQXDWLRQIXQG
*HQHUDOGHVFULSWLRQRIVLJQL±FDQWGH±QHGEHQH±WSODQV
L *UDWXLW\SODQ
*UDWXLW\LVSD\DEOHWRDOOHOLJLEOHHPSOR\HHVRIWKH&RPSDQ\RQVXSHUDQQXDWLRQGHDWKDQGSHUPDQHQWGLVDEOHPHQWDVSHU&RPSDQ\ªVUXOHVRUDVSHUSURYLVLRQV
RIWKH3D\PHQWRI*UDWXLW\$FW
LL /HDYHSODQ
$OOHOLJLEOHHPSOR\HHVFDQFDUU\IRUZDUGDQGDYDLOHQFDVKOHDYHDVSHU&RPSDQ\ªVUXOHVVXEMHFWWRDPD[LPXPDFFXPXODWLRQRIGD\VLQFDVHRISULYLOHJH
OHDYH
LLL 3URYLGHQWIXQG
7KHHPSOR\HHªVSURYLGHQWIXQGLVDGPLQLVWHUHGE\D7UXVWFUHDWHGVSHFL±FDOO\IRUWKHSXUSRVH7KHHPSOR\HHªVDQGHPSOR\HUªVFRQWULEXWLRQVDUHWUDQVIHUUHGWR
WKHWUXVW$OOOLDELOLWLHVDULVLQJRQDFFRXQWRISURYLGHQWIXQGSD\RXWVRQUHVLJQDWLRQRUUHWLUHPHQWIURPVHUYLFHRUGHDWKZKLOHLQVHUYLFHDUHPDGHIURPWKHWUXVW
7KHHVWLPDWHGFRQWULEXWLRQWREHSDLGWRWKHSODQGXULQJWKHDQQXDOSHULRGEHJLQQLQJDIWHUEDODQFHVKHHWGDWHLVÒDNKV 3UHYLRXV\HDU1LO
&XUUHQF\` LQODNKV
83
&XUUHQF\` LQODNKV
26 Finance costs

31 March 2015 0DUFK
,QWHUHVWH[SHQVHRQRWKHUV 76.88
Total 76.88
27 Depreciation and amortization

31 March 2015 0DUFK
7DQJLEOHDVVHWV 5HIHUQRWH 2,060.01
,QWDQJLEOHDVVHWV 5HIHUQRWH 10,865.20
,QYHVWPHQWSURSHUW\ 5HIHUQRWH 182.50
Total 13,107.71
28 Other expenses

31 March 2015 0DUFK
&RQVXPSWLRQRIVWRUHVDQGVSDUHSDUWV 450.93
3URFHVVLQJFKDUJHV 5,679.88
3RZHUDQGIXHO 1,040.24
5HQW 4,744.52
5HSDLUVDQGPDLQWHQDQFHEXLOGLQJV 47.13
5HSDLUVDQGPDLQWHQDQFHPDFKLQHU\ 389.09
5HSDLUVDQGPDLQWHQDQFHRWKHUV 15.62
,QVXUDQFH 737.10
5DWHVDQGWD[HV 3,865.08
&RPPXQLFDWLRQ 762.31
7UDYHOOLQJDQGFRQYH\DQFH 4,327.97
)UHLJKW )RUZDUGLQJH[SHQVHV 8,042.34
$GYHUWLVHPHQWDQGVDOHVSURPRWLRQ 7,561.31
/HJDODQGSURIHVVLRQDOIHHV 5,527.62
3D\PHQWVWRDXGLWRUV 5HIHUQRWH 121.03
5R\DOW\ 48.38
&DVKGLVFRXQW 78.04
([FKDQJH/RVV 145.60
([FLVH'XW\ 591.98
%DQNFKDUJHV 74.07
3URYLVLRQIRUGRXEWIXOWUDGHUHFHLYDEOHVDQGDGYDQFHV (436.98)
3ULQWLQJDQGVWDWLRQHU\ 144.89
6HUYLFHFKDUJHV -
&RPPLVVLRQWRGLUHFWRUV 31.25
0LVFHOODQHRXVH[SHQVHV 5,424.93
Total 49,414.33

&XUUHQF\` LQODNKV
3D\PHQWWRDXGLWRUV LQFOXVLYHRIVHUYLFHWD[

31 March 2015 0DUFK
$VDXGLWRU 83.15
)RURWKHUVHUYLFHV 35.96
)RUUHLPEXUVHPHQWRIH[SHQVHV 1.92
Total 121.03
29 Pricing Litigations - Contingencies

(a) Oxytetracycline and other formulations
,QUHVSHFWRIFHUWDLQSULFH±[DWLRQ2UGHUVRIRIWKH*RYHUQPHQWRI,QGLDWKH6XSUHPH&RXUWYLGHLWV2UGHURI0DUFK
KHOGWKDWSHQGLQJGLVSRVDORIWKH&RPSDQ\ªV:ULW3HWLWLRQLQWKH+LJK&RXUWRI0XPEDLWKH&RPSDQ\PD\GHSRVLW
RIWKHLPSXJQHGDPRXQWRIÒDNKV 0DUFKÒDNKV OHVVÒDNKV 0DUFKÒDNKV DOUHDG\
GHSRVLWHGZLWKWKH8QLRQRI,QGLDEHIRUH0D\ZKLFKKDVEHHQGRQH,QWKHHYHQWWKDWWKH&RPSDQ\VXFFHHGVEHIRUH
WKH+LJK&RXUWRI0XPEDLWKLVDPRXQWZLOOEHUHWXUQHGZLWKLQRQHPRQWKIURPWKHGDWHRIWKHGHFLVLRQRIWKH+LJK&RXUWZLWK
LQWHUHVWDWWKHUDWHRISHUDQQXP+RZHYHULIWKH&RPSDQ\ORVHVWKH:ULW3HWLWLRQWKHEDODQFHDPRXQWRIÒDNKV
0DUFKÒDNKV ZLWKLQWHUHVWDWWKHUDWHRISHUDQQXPZLOOKDYHWREHSDLGWRWKH*RYHUQPHQW
(b) Multivitamin Formulations
,Q UHVSHFW RI FHUWDLQ SULFH ±[DWLRQ 2UGHUV RI RI WKH *RYHUQPHQW RI ,QGLD WKH 6XSUHPH &RXUW YLGH LWV 2UGHU GDWHG
'HFHPEHU KHOG WKDW SHQGLQJ GLVSRVDO RI WKH &RPSDQ\ªV :ULW 3HWLWLRQ LQ WKH +LJK &RXUW RI 0XPEDL WKH &RPSDQ\
PD\GHSRVLWRIWKHLPSXJQHGDPRXQWRIÒDNKV 0DUFKÒDNKV ZLWKWKH8QLRQRI,QGLDEHIRUH
-DQXDU\ZKLFKKDVEHHQGRQH,QWKHHYHQWWKDWWKH&RPSDQ\VXFFHHGVEHIRUHWKH+LJK&RXUWRI0XPEDLWKLVDPRXQW
ZLOOEHUHWXUQHGZLWKLQRQHPRQWKIURPWKHGDWHRIWKHGHFLVLRQRIWKH+LJK&RXUWZLWKLQWHUHVWDWWKHUDWHRISHUDQQXP
+RZHYHULIWKH&RPSDQ\ORVHVWKH:ULW3HWLWLRQWKHEDODQFHDPRXQWRIÒDNKV 0DUFKÒDNKV ZLWKLQWHUHVW
DWWKHUDWHRISHUDQQXPZLOOKDYHWREHSDLGWRWKH*RYHUQPHQW
(c) Protinex
,Q\HWDQRWKHUFDVHWKH&RPSDQ\KDGFKDOOHQJHGLQDSULFH±[DWLRQ2UGHURIWKH*RYHUQPHQWRI,QGLDE\D:ULW3HWLWLRQ
EHIRUHWKH+LJK&RXUWRI0XPEDL7KH+RQRUDEOH&RXUWSDVVHGDQDGLQWHULPDQGLQWHULPRUGHUVWD\LQJWKHLPSXJQHGRUGHU
7KH3HWLWLRQZKLOHLWZDVVWLOOSHQGLQJIRUKHDULQJDQG±QDOGLVSRVDOZDVZLWKGUDZQLQRQUHGUHVVDORIWKH&RPSDQ\ªV
JULHYDQFHV$IWHUSURWUDFWHGFRUUHVSRQGHQFHRQWKHVXEMHFWLQWKH*RYHUQPHQWUDLVHGDGHPDQGRIÒDNKV 0DUFK
ÒDNKV RQWKH&RPSDQ\IRUWKHSHULRG$SULOWR-XO\DQGGLUHFWHGWKH&RPSDQ\WRGHSRVLWWKHVDPH
LQWRWKH'3($7KHUHDIWHUWKH'UXJ3ULFHV/LDELOLW\5HYLHZ '3/5 &RPPLWWHHVHQWDOHWWHUGDWHG)HEUXDU\VHHNLQJ
WKH&RPSDQ\ªVVXEPLVVLRQUHSUHVHQWDWLRQDJDLQVWWKHUHGXFHGFODLPDPRXQWRIÒDNKV 0DUFKÒDNKV IRU
WKHSHULRG$SULOWR$XJXVWDVLQWLPDWHGWRWKH'3/5&RPPLWWHHE\WKH*RYHUQPHQWRI,QGLD7KH&RPSDQ\KDV
PDGHLWVVXEPLVVLRQVWRWKH'3/5&RPPLWWHHYLGHLWVOHWWHURI0DUFKFODLPLQJWKDWQRDPRXQWZKDWVRHYHULVGXHDQG
SD\DEOHKDYLQJUHJDUGWRWKHIDFWVDQGUHOHYDQWPDWHULDORIWKHFDVH
,Q WKH PHDQWLPH WKH 'HSDUWPHQW RI &KHPLFDOV DQG 3HWURFKHPLFDOV YLGH WKHLU OHWWHU GDWHG )HEUXDU\ UDLVHG DQ
DGGLWLRQDOGHPDQGRIÒDNKV 0DUFKÒDNKV IRUWKHHDUOLHUSHULRGRI)HEUXDU\WR0DUFKRYHU
DQGDERYHWKHUHYLVHGFODLPRIÒDNKV 0DUFKÒDNKV IRUWKHSHULRG$SULOWR$XJXVW7KXVWKH
WRWDOGHPDQGUDLVHGQRZVWDQGVUHYLVHGWRÒDNKV 0DUFKÒDNKV 7KH'3/5&RPPLWWHHKDGYLGHLWV
OHWWHUGDWHG)HEUXDU\LQYLWHGWKH&RPSDQ\WRPDNHLWVVXEPLVVLRQVUHSUHVHQWDWLRQVDJDLQVWWKHDERYHVDLGFODLP
7KH&RPSDQ\KDVPDGHLWVVXEPLVVLRQVWRWKH'3/5&RPPLWWHHYLGHLWVOHWWHUGDWHG0D\FODLPLQJWKDWQRDPRXQW
ZKDWVRHYHULVGXHDQGSD\DEOHKDYLQJUHJDUGWRWKHIDFWVDQGUHOHYDQWPDWHULDORIWKHFDVH
3XUVXDQWWRWKHVXEPLVVLRQVPDGHE\WKH&RPSDQ\WKH'3/5&RPPLWWHHGLUHFWHGE\DQ2UGHURQ1RYHPEHUWKDW
FODUL±FDWLRQVVKRXOGEHREWDLQHGIURPWKH0XPEDL+LJK&RXUWRQZKHWKHUWKH,QWHULP6WD\JUDQWHGLQWKH&LYLO:ULW3HWLWLRQ
1XPEHURILVDSSOLFDEOHWRWKLVPDWWHU 7KLV:ULW3HWLWLRQLV±OHGE\233,DQG,'0$MRLQWO\DJDLQVWDQ\1RWLFH
LVVXHG E\ WKH *RYHUQPHQW RI ,QGLD DIWHU $XJXVW WR DQ\ PHPEHU RI WKH 233, RU ,'0$ LQLWLDWLQJ SURFHHGLQJV IRU
UHFRYHU\RIDQDPRXQWGHPDQGHGLQUHVSHFWRIDSHULRGSULRUWRWKDWGDWH
2QD1RWLFHRI0RWLRQ±OHGE\WKH&RPSDQ\LQWKHVDLG:ULW3HWLWLRQWKH0XPEDL+LJK&RXUWKDVJUDQWHGDGLQWHULP2UGHU
WKDW§SHQGLQJWKHKHDULQJDQG±QDOGLVSRVDORIWKLV1RWLFHRI0RWLRQIXUWKHUSURFHHGLQJVLQWKHVDLG&DVH1RSHQGLQJ
EHIRUHWKHVDLG'UXJ3ULFHV/LDELOLW\5HYLHZ&RPPLWWHHEHVWD\HG¨
85
&XUUHQF\` LQODNKV
7KH%RPED\+LJK&RXUWYLGHLWVMXGJHPHQWGDWHG'HFHPEHUGLVPLVVHGWKH:ULW3HWLWLRQ±OHGE\233, ,'0$DQG
GLUHFWHGWKHFRPSDQLHVZKRKDYHEHHQLVVXHGVKRZFDXVHQRWLFHVWR±OHDSSURSULDWHUHSOLHVDQGGLUHFWHGWKHJRYHUQPHQWWR
SDVVDSSURSULDWHRUGHUVDFFRUGLQJO\
(d) Vitamin and other formulations
7KH*RYHUQPHQWKDVDUELWUDULO\GHWHUPLQHGWKHOLDELOLW\RIWKH&RPSDQ\DWÒDNKV 0DUFKÒDNKV EHLQJ
WKH GLIIHUHQFH LQ SULFH LQ UHVSHFW RI 9LWDPLQ DQG RWKHU IRUPXODWLRQV VROG E\ WKH &RPSDQ\ GXULQJ WKH \HDUV WR
7KH&RPSDQ\KDVUHSXGLDWHGWKHOLDELOLW\RQWKLVDFFRXQW7KH&RPSDQ\ªV6ROLFLWRUVKDYHDGYLVHGWKDWWKHUHSXGLDWLRQE\WKH
&RPSDQ\LVOHJDOO\VXVWDLQDEOH7KH*RYHUQPHQWKDVSXUVXHGWKHPDWWHU7KH&RPSDQ\PDLQWDLQVLWVSRVLWLRQWKDWWKHFODLP
E\WKH*RYHUQPHQWLVQRWOHJDOO\VXVWDLQDEOH
(e) Chloramphenicol
7KH*RYHUQPHQWKDVDUELWUDULO\GHWHUPLQHGWKHOLDELOLW\RIWKH&RPSDQ\DWÒDNKV 0DUFKÒDNKV DQGÒDNKV
0DUFKÒDNKV EHLQJWKHGLIIHUHQFHEHWZHHQWKHSULFHRIEXONGUXJ&KORUDPSKHQLFROSRZGHUDQG&KORUDPSKHQLFRO
3DOPLWDWHUHVSHFWLYHO\DOORZHGLQWKHIRUPXODWLRQSULFHDQGDFWXDOSURFXUHPHQWSULFHIRUWKHSHULRGWR7KH&RPSDQ\
KDVUHSXGLDWHGWKHOLDELOLW\RQWKLVDFFRXQWDVDGYLVHGE\WKH&RPSDQ\ªV6ROLFLWRUV7KH&RPSDQ\KDVDOVRREWDLQHGD6WD\
RUGHUIURPWKH+RQRUDEOH+LJK&RXUWRI0XPEDLDJDLQVWWKHGHPDQG
3XUVXDQWWRWKHVXEPLVVLRQVPDGHE\WKH&RPSDQ\WKH'3/5&RPPLWWHHGLUHFWHGE\DQ2UGHURQ1RYHPEHUWKDW
FODUL±FDWLRQVVKRXOGEHREWDLQHGIURPWKH0XPEDL+LJK&RXUWRQZKHWKHUWKH,QWHULP6WD\JUDQWHGLQWKH&LYLO:ULW3HWLWLRQ
1XPEHURILVDSSOLFDEOHWRWKLVPDWWHU 7KLV:ULW3HWLWLRQLV±OHGE\233,DQG,'0$MRLQWO\DJDLQVWDQ\1RWLFH
LVVXHG E\ WKH *RYHUQPHQW RI ,QGLD DIWHU $XJXVW WR DQ\ PHPEHU RI WKH 233, RU ,'0$ LQLWLDWLQJ SURFHHGLQJV IRU
UHFRYHU\RIDQDPRXQWGHPDQGHGLQUHVSHFWRIDSHULRGSULRUWRWKDWGDWH
6LPLODUDSSOLFDWLRQVZHUH±OHGDVLQWKHPDWWHURI3URWLQH[EHIRUHWKH%RPED\+LJK&RXUWLQ:ULW3HWLWLRQ±OHGE\233, ,'0$
DQGVLPLODURUGHUZDVSDVVHGLH&DVH1RSHQGLQJEHIRUHWKHVDLG'UXJ3ULFHV/LDELOLW\5HYLHZ&RPPLWWHHZDVVWD\HG
7KH233, ,'0$:ULW3HWLWLRQKDYHEHHQGLVSRVHGZLWKWKHGLUHFWLRQDVDIRUHVDLG
(f) 3XUVXDQWWRWKHUHSHDORI'3&2HUVWZKLOH:DUQHU+LQGXVWDQ/LPLWHG PHUJHGZLWK3DUNH'DYLV ,QGLD /LPLWHGLQ
DQG3DUNH¥'DYLV ,QGLD /LPLWHGPHUJHGZLWK3±]HU/LPLWHGLQ KDGFODVVL±HG,VRNLQWDEOHWV,VRNLQOLTXLGDQG3\ULGLXP
WDEOHWVDVGHFRQWUROOHGSURGXFWVXQGHUWKH'3&27KHFDWHJRUL]DWLRQZDVKRZHYHUFKDOOHQJHGE\WKH*RYHUQPHQWLQ
DQGDGHPDQGRIÒDNKV 0DUFKÒDNKV ZDVUDLVHGDJDLQVWWKH&RPSDQ\$JDLQVWWKLVGHPDQGDQH[FLVH
GXW\VHWRIIRIÒDNKV 0DUFKÒDNKV ZDVDOORZHGWRWKH&RPSDQ\DQGD±QDOGHPDQGRIÒDNKV 0DUFK
ÒDNKV ZDVUDLVHGLQ
7KH&RPSDQ\KDGGHSRVLWHGDQDPRXQWRIÒDNKV 0DUFKÒDNKV LQ)HEUXDU\DQGÒDNKV 0DUFK
ÒDNKV LQ0D\WRWDOOLQJWRDQDJJUHJDWHRIÒDNKV 0DUFKÒDNKV LQIXOODQG±QDOVHWWOHPHQWRIWKH
GHPDQG DV SHU WKH DUJXPHQWV VHW IRUWK E\ WKH &RPSDQ\ 7KH *RYHUQPHQW VXEVHTXHQWO\ UDLVHG D GHPDQG RI ` ODNKV
0DUFKÒDNKV WRZDUGVLQWHUHVWRQSULQFLSDOGHPDQG LHLQWHUHVWRIÒDNKV 0DUFKÒDNKV IRU3\ULGLXP
IRUWKHSHULRGWR$XJXVWDQGÒDNKV 0DUFKÒDNKV IRU,VRNLQIRUWKHSHULRGWR-XQH
7KH&RPSDQ\±OHGD:ULW3HWLWLRQLQWKH$QGKUD3UDGHVK+LJK&RXUWLQ6HSWHPEHUIRUVWD\LQJDOOIXUWKHUSURFHHGLQJV
DJDLQVWWKH&RPSDQ\7KH+LJK&RXUWVWD\HGWKHGHPDQGLQUHVSHFWRIFROOHFWLRQRILQWHUHVWEXWGLUHFWHGWKH&RPSDQ\WR
GHSRVLWWKHEDODQFHGHPDQGRIÒDNKV 0DUFKÒDNKV ZKLFKDPRXQWZDVGHSRVLWHGLQ1RYHPEHU
7KHVDLG:ULW3HWLWLRQKDVEHHQKHDUGDQGGLVSRVHGRIIE\±QDOMXGJHPHQWRIWKH+RQªEOH+\GHUDEDG+LJK&RXUWRQ$SULO
7KH+RQªEOH+LJK&RXUWKDVLQWHUDOLDVHWDVLGHDOOWKHGHPDQGQRWLFHVDQGIXUWKHUGLUHFWHGWKH5HVSRQGHQWVWRUHIXQG
WKHPRQLHVSDLGXQGHUWKHLQWHULPRUGHUV
7KH8QLRQRI,QGLDKDVSUHIHUUHGD6/3EHIRUHWKH+RQRUDEOH6XSUHPH&RXUWDJDLQVWWKHDERYHMXGJHPHQW,QYLHZRIWKHUH
EHLQJDGLVFUHSDQF\LQWKH(QJOLVKDQG+LQGL1RWL±FDWLRQRI'3&2LQSDUD RIWKH'3&2WKH6SHFLDO/HDYH
3HWLWLRQ FDPH WR EH DOORZHG YLGH RUGHU GDWHG $SULO VHWWLQJ DVLGH WKH LPSXJQHG MXGJPHQW DQG UHVWRULQJ WKH ZULW
SHWLWLRQWR±OHWRFRQGXFWDSSURSULDWHHQTXLU\DQGIRUKHDULQJDQGIUHVKGLVSRVDO7KHPDWWHUQRZVWDQGVUHPDQGHGEDFNWR
WKH+\GHUDEDG+LJK&RXUW
(g) Multivitamin Formulations
7KH*RYHUQPHQWKDVDUELWUDULO\UDLVHGDGHPDQGRIÒDNKV 0DUFKÒDNKV RQDFFRXQWRIDOOHJHGRYHUSULFLQJ
RIFHUWDLQPXOWLYLWDPLQIRUPXODWLRQVPDUNHWHGE\HUVWZKLOH3KDUPDFLD+HDOWKFDUH/LPLWHG PHUJHGZLWK3±]HU/LPLWHG IRUWKH
SHULRG WR 7KH &RPSDQ\ KDV UHSXGLDWHG WKH OLDELOLW\ RQ WKLV DFFRXQW DV DGYLVHG E\ LWV VROLFLWRUV 7KH &RPSDQ\
±OHGD:ULW3HWLWLRQ1RRILQWKH+LJK&RXUWDW0XPEDL7KH6XSUHPH&RXUWRI,QGLDLQD6SHFLDO/HDYH3HWLWLRQ
6/3 ±OHGE\WKH&RPSDQ\KHOGWKDWSHQGLQJGLVSRVDORI:ULW3HWLWLRQ±OHGEHIRUHWKH+LJK&RXUWDW0XPEDLWKH&RPSDQ\
VKDOOIXUQLVKDQXQGHUWDNLQJLQUHVSHFWRIRILWVOLDELOLW\DQGVKDOOGHSRVLWWKHEDODQFHDJJUHJDWLQJWRÒDNKV

&XUUHQF\` LQODNKV
0DUFKÒDNKV 7KLVDPRXQWKDVEHHQGHSRVLWHGZLWKWKH*RYHUQPHQWRI,QGLDDQGLVLQFOXGHGXQGHUWKHKHDG
§/RQJ7HUP/RDQVDQG$GYDQFHV¨
3XUVXDQWWRD7UDQVIHU3HWLWLRQ &LYLO QRRI±OHGXQGHU$UWLFOH$ RIWKH&RQVWLWXWLRQRI,QGLDDOOSHQGLQJ
ZULWSHWLWLRQVLQUHVSHFWRI'3($OLDELOLWLHVDUHQRZWREHWUDQVIHUUHGWRWKH6XSUHPH&RXUWWREHKHDUGDQG±QDOO\GHFLGHGE\
WKH6XSUHPH&RXUWRI,QGLD&RQVHTXHQWO\DVDUHVXOWRIWKHVDLGWUDQVIHUSHWLWLRQ:ULW3HWLWLRQVUHIHUUHGWRLQ D E F H
I DQG J DERYHZLOOQRZEHKHDUGDQGGLVSRVHGRIIE\WKH6XSUHPH&RXUW
7KH6XSUHPH&RXUWKRZHYHUE\RUGHUGDWHG0D\GLVSRVHGRIWKH7UDQVIHU3HWLWLRQGLUHFWLQJWKHFRQFHUQHG+LJK&RXUWV
WRWDNHXSWKHZULWSHWLWLRQVEHIRUHWKHPDQGGLVSRVHWKHPRQPHULWV
7KH:ULW3HWLWLRQV±OHGEHIRUHWKH+RQªEOH%RPED\+LJK&RXUWFDPHXSIRUKHDULQJRQ)HEUXDU\7KH+RQªEOH%RPED\
+LJK&RXUWZDVRIWKHYLHZWKDWWKH2UGHUVSDVVHGE\WKH8QLRQPD\EHVHWDVLGHDQGWKH8QLRQPD\EHGLUHFWHGWRGHFLGHWKH
PDWWHUVDIUHVKNHHSLQJDOOWKHLVVXHVDQGFRQWHQWLRQVRSHQ&RQVHTXHQWO\DVGLUHFWHGE\WKH+RQªEOH&RXUWGUDIWPLQXWHVRI
WKHRUGHUZHUHSUHSDUHGDQGFLUFXODWHGWRWKH$GYRFDWHVRIWKH8QLRQIRUWKHLUSHUXVDO
,QYLHZRIWKHGLVDJUHHPHQWEHWZHHQWKHSDUWLHVRQWKHGUDIWPLQXWHVRQ0DUFKWKH8QLRQVRXJKWWRSUHVVIRUWKHLU
1RWLFHRI0RWLRQIRUDOOWKHPDWWHUVWREHOLVWHGIRU±QDOKHDULQJ7KHUHDIWHUWKH+RQªEOH%RPED\+LJK&RXUWSDVVHGDQ2UGHU
IRUWKHPDWWHUVWREHOLVWHGLQGXHFRXUVHDQGUHMHFWHGWKH1RWLFHRI0RWLRQRIWKH8QLRQ
7KHUHDIWHUWKH8QLRQPDGHDQDSSOLFDWLRQEHIRUHWKH+RQªEOH&KLHI-XVWLFHIRUKDYLQJWKLVJURXSRIPDWWHUVWREHDVVLJQHGWR
D'LYLVLRQ%HQFKIRUH[SHGLWLRXVKHDULQJ+RZHYHUWLOOGDWHQR2UGHUKDVEHHQSDVVHGLQWKHPDWWHU
,QYLHZRIPDWWHUV D E F H I DQG J EHLQJVXEMXGLFHWKHOHJDORSLQLRQEHLQJLQIDYRURIWKH&RPSDQ\DQGEDVHGRQ
WKHDVVHVVPHQWRIWKH0DQDJHPHQWQRIXUWKHUSURYLVLRQLVFRQVLGHUHGQHFHVVDU\RYHUDQGDERYHWKHVXPRIÒDNKV
0DUFKÒDNKV ZKLFKKDVEHHQSDLGRIILQHDUOLHU\HDUV
7KH&RPSDQ\ZRXOGFRQWLQXHWRVHHNOHJDOUHFRXUVHLQDOOWKHDERYHPDWWHUV
(h) 7KH*RYHUQPHQWRI,QGLDKDGVHUYHGGHPDQGQRWLFHVRQHUVWZKLOH:\HWK/LPLWHGLQUHVSHFWRILWVSURGXFWFODLPLQJWKDWDQ
DPRXQWRIÒDNKVLQFOXVLYHRILQWHUHVWRIÒDNKVLVSD\DEOHLQUHVSHFWRISULFH±[DWLRQXQGHUWKH'UXJV 3ULFHV
&RQWURO 2UGHU 7KH &RPSDQ\ KDV GLVSXWHG WKH GHPDQG :LWKRXW SUHMXGLFH WR LWV FRQWHQWLRQ WKH &RPSDQ\ SDLG WKH
SULQFLSDODPRXQWRIÒDNKV7KH&RPSDQ\FDUULHVDSURYLVLRQRIÒDNKVLQUHVSHFWRIWKHVDLGGHPDQG7KH
&RPSDQ\KDVIXUQLVKHGFRUSRUDWHERQGVIRUDPRXQWDJJUHJDWLQJWRÒDNKVIRULQWHUHVW
(i) 7KH*RYHUQPHQWRI,QGLDKDGVHUYHGGHPDQGQRWLFHVRQHUVWZKLOH:\HWK/LPLWHGLQUHVSHFWRILWVSURGXFWFODLPLQJWKDWDQ
DPRXQWRIÒDNKVLQFOXVLYHRILQWHUHVWRIÒDNKVLVSD\DEOHLQUHVSHFWRISULFH±[DWLRQXQGHUWKH'UXJV 3ULFHV
&RQWURO 2UGHU 7KH &RPSDQ\ KDV GLVSXWHG WKH GHPDQG :LWKRXW SUHMXGLFH WR LWV FRQWHQWLRQ WKH &RPSDQ\ KDV SDLG
SULQFLSDODPRXQWRIÒDNKVXQGHUSURWHVW7KH&RPSDQ\FDUULHVDFXPXODWLYHSURYLVLRQRIÒDNKVLQWKHERRNVRI
DFFRXQWV&RUSRUDWHERQGVIRUDPRXQWDJJUHJDWLQJWRÒDNKVIRULQWHUHVWKDVEHHQIXUQLVKHG
(j) 7KH*RYHUQPHQWRI,QGLDKDGVHUYHGGHPDQGQRWLFHVRQHUVWZKLOH:\HWK/LPLWHGLQUHVSHFWRILWVFHUWDLQEXONGUXJVFODLPLQJ
WKDWDQDPRXQWRIÒDNKVLQFOXVLYHRILQWHUHVWÒDNKVLVSD\DEOHLQWRWKH'UXJ3ULFHV(TXDOL]DWLRQ$FFRXQW '3($
XQGHUWKH'UXJV 3ULFHV&RQWURO 2UGHURQDFFRXQWRIDOOHJHGXQLQWHQGHGEHQH±WHQMR\HGE\WKH&RPSDQ\7KH&RPSDQ\
KDVGLVSXWHGWKHGHPDQG:LWKRXWSUHMXGLFHWRLWVFRQWHQWLRQVWKH&RPSDQ\KDVSDLGDQDPRXQWRIÒDNKVXQGHUSURWHVW
(k) 7KH *RYHUQPHQW RI ,QGLD KDG VHUYHG D GHPDQG QRWLFH RQ HUVWZKLOH :\HWK /LPLWHG FODLPLQJ DQ DPRXQW ` ODNKV
LQFOXVLYHRILQWHUHVWRIÒDNKVGXHWKHUHRQIRUDOOHJHGQRQFRPSOLDQFHXQGHUWKH'UXJV 3ULFHV&RQWURO 2UGHULQ
UHVSHFWRISURGXFWLRQRI3UHGQLVRORQHEDVHGIRUPXODWLRQV:LWKRXWSUHMXGLFHWRLWVFRQWHQWLRQVWKH&RPSDQ\KDVSURYLGHGDQG
SDLGÒDNKVDQGGLVSXWHGWKHEDODQFHGHPDQG
7KHGHPDQGVVWDWHGLQ K L M DQG N DERYHDJJUHJDWHWRÒDNKVLQFOXVLYHRILQWHUHVWRIÒDNKV%DVHGRQ
WKHOHJDORSLQLRQVREWDLQHGLQUHVSHFWRIWKHVHFDVHVWKH&RPSDQ\LVRIWKHRSLQLRQWKDWWKHHVWLPDWHGOLDELOLW\LQUHVSHFWRI
WKHVHFDVHVLQYROYHGVKDOOQRWH[FHHGÒDNKVSURYLGHGLQWKHERRNVRIDFFRXQW
(l) Other Pricing related disputes
7KHJRYHUQPHQWKDGUDLVHGYDULRXVGHPDQGVIRUDOOHJHGRYHUFKDUJLQJRISULFHVRQEDWFKHVPDQXIDFWXUHGSULRUWRWKHHIIHFWLYH
GDWHRISULFHQRWL±FDWLRQVIRUFHUWDLQSURGXFWV7KHJRYHUQPHQWKDGDOVRUDLVHGGHPDQGVRQDFFRXQWRIDOOHJHGQRQDGKHUHQFH
RIFHUWDLQSULFHQRWL±FDWLRQVRQSURGXFWVPDUNHWHGWUDGHGE\WKH&RPSDQ\7KHWRWDOOLDELOLW\LQUHVSHFWRIWKHVHGHPDQGV
DPRXQWHGWRÒDNKV 0DUFKÒDNKV DJDLQVWZKLFKWKH&RPSDQ\KDVPDGHDSURYLVLRQRIÒDNKV
0DUFKÒDNKV
%DVHG RQ WKH OHJDO RSLQLRQV REWDLQHG WKH &RPSDQ\ LV RI WKH RSLQLRQ WKDW WKH HVWLPDWHG OLDELOLW\ LQ UHVSHFW RI WKHVH FDVHV
LQYROYHGVKDOOQRWH[FHHGWKHDPRXQWSURYLGHGLQERRNVRIDFFRXQW
87
&XUUHQF\` LQODNKV
30 Contingent liabilities and commitments (to the extent not provided for)
31 March 2015 0DUFK

(i) Contingent liabilities*
D &ODLPVQRWDFNQRZOHGJHGDVGHEWV 1,369.05
E 2WKHUJXDUDQWHHV 754.04
F 2WKHUFRQWLQJHQWOLDELOLWLHVLQUHVSHFWRI
([FLVH'XW\ 2,086.10
&XVWRPVGXW\ 171.72
6DOHVWD[9$7 13,187.38
6HUYLFHWD[ 193.11
,QFRPHWD[ 25,139.08
3HQGLQJODERXUPDWWHUVFRQWHVWHGLQYDULRXVFRXUWV 104.21
(ii) Commitments
(VWLPDWHGDPRXQWRIFRQWUDFWVUHPDLQLQJWREHH[HFXWHGRQFDSLWDODFFRXQW 2,453.46
DQGQRWSURYLGHGIRU
0DQDJHPHQW FRQVLGHUV WKH VHUYLFH WD[ H[FLVH GXW\ FXVWRP GXW\ VDOHV WD[ 9$7 DQG LQFRPH WD[ GHPDQGV UHFHLYHG IURP WKH
DXWKRULWLHVDUHQRWWHQDEOHDJDLQVWWKH&RPSDQ\DQGWKHUHIRUHQRSURYLVLRQIRUWKHVHWD[FRQWLQJHQFLHVKDVEHHQPDGH
31 The year-end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are given
below:
1DWXUHRIH[SRVXUH 31 March 2015 0DUFK

Foreign ` in lakhs )RUHLJQ `LQODNKV
currency FXUUHQF\
(US$ in 86LQ
lakhs) ODNKV
$FFRXQWVUHFHLYDEOH 27.05 1,688.23
$FFRXQWVSD\DEOH 89.75 5,602.40
1HWUHFHLYDEOH SD\DEOH (62.70) (3,914.17)
32 Value of imports calculated on CIF basis

31 March 2015 0DUFK
5DZPDWHULDOV 13,922.73
*RRGVIRUUHVDOH 28,814.58
Total 42,737.31
33 Expenditure in foreign currency (accrual basis)

31 March 2015 0DUFK
5R\DOW\ 36.59
7UDYHOOLQJDQGFRQYH\DQFH 182.46
6HUYLFHFKDUJHV 390.18
6DODULHVDQGZDJHV 338.63
/HJDODQGSURIHVVLRQDOIHHV 44.41
2WKHUV 103.14
Total 1,095.41

&XUUHQF\` LQODNKV
34 Details of consumption of imported and indigenous raw materials
Amount
,PSRUWHG
March 2015 15,028.83
0DUFK
,QGLJHQRXV
March 2015 13,954.46
0DUFK
Total 28,983.29

35 Earnings in foreign exchange

31 March 2015 0DUFK
([SRUWRIJRRGVFDOFXODWHGRQ)2%EDVLV 93.30
6HUYLFHLQFRPH 1,075.59
Total 1,168.89
36 Amounts remitted in foreign currency

31 March 2015 0DUFK
$PRXQWRIGLYLGHQGUHPLWWHGLQIRUHLJQFXUUHQF\ -
7RWDO QXPEHU RI QRQUHVLGHQW VKDUHKROGHUV WR ZKRP WKH GLYLGHQGV ZHUH -
UHPLWWHGLQIRUHLJQFXUUHQF\
7RWDOQXPEHURIVKDUHVKHOGE\WKHPRQZKLFKGLYLGHQGZDVGXH -
<HDUWRZKLFKWKHGLYLGHQGUHODWHV - 0DUFK
±QDOGLYLGHQG
0DUFK
LQWHULPGLYLGHQG
37 Segmental information
$IWHUFRQVLGHULQJWKH$PDOJDPDWLRQRI:\HWK/LPLWHGHIIHFWLYH$SULOWKH&RPSDQ\KDVFRQFOXGHGWKDWLWKDVRQO\RQH
VHJPHQW ZKLFK LV 3KDUPDFHXWLFDOV DQG WKH FRPSDQ\ SULPDULO\ RSHUDWHV LQ GRPHVWLF PDUNHW WKHUHIRUH GLVFORVXUH UHODWLQJ WR
VHJPHQWVLVQRWDSSOLFDEOHDQGDFFRUGLQJO\QRWPDGH
38 Disclosures as required by the Accounting Standard 18 on “Related Party Disclosures” are given below:
I. Names of Related Parties and description of Relationships
A. Parties where control exists:
8OWLPDWHKROGLQJFRPSDQ\
3±]HU,QF86$
B. Holding Company:
3±]HU(DVW,QGLD%9 IURP0DUFKWR'HFHPEHU
& &RPSDQLHVFROOHFWLYHO\H[HUFLVLQJVLJQL±FDQWLQ²XHQFH
3±]HU(DVW,QGLD%9 ZHI'HFHPEHU
:\HWK//&86$ ZHI'HFHPEHU
:\HWK+ROGLQJV&RUSRUDWLRQ86$ ZHI'HFHPEHU
-RKQ:\HWK %URWKHU/LPLWHG8. ZHI'HFHPEHU
89
&XUUHQF\` LQODNKV
:DUQHU/DPEHUW&RPSDQ\//&86$
3DUNH'DYLV &RPSDQ\//&86$
3KDUPDFLD&RUSRUDWLRQ86$
3±]HU&RUSRUDWLRQ3DQDPD XSWR0DUFK
3±]HU,QYHVWPHQWV1HWKHUODQGV%9 XSWR0DUFK
>&ROOHFWLYHO\KROGLQJRIWKHDJJUHJDWHRIHTXLW\VKDUHFDSLWDORIWKH&RPSDQ\@
D. Fellow Subsidiaries with whom transactions have taken place during the year
3±]HU/DERUDWRULHV 3URSULHWRU\ /LPLWHG6RXWK$IULFD
3±]HU(QWHUSULVHV6$5//X[HPERXUJ
3±]HU([SRUW&RPSDQ\,UHODQG
3±]HU*OREDO7UDGLQJ,UHODQG
3±]HU6LQJDSRUH7UDGLQJ3WH/LPLWHG %HOJLXP%UDQFK
3±]HU,QF3KLOOLSLQHV
3±]HU3ULYDWH/LPLWHG6LQJDSRUH
3±]HU3URGXFWV,QGLD3ULYDWH/LPLWHG,QGLD
3±]HU&RUSRUDWLRQ$XVWULD*HVHOOVFKDIWPE+
3±]HU2YHUVHDV//&
3±]HU&RUSRUDWLRQ+RQJNRQJ/LPLWHG
3±]HU/LPLWHG8.
3±]HU&DQDGD,QF
3±]HU$XVWUDOLD3W\/LPLWHG
3±]HU$VLD0DQXIDFWXULQJ3WH/WG
3±]HU'HYHORSPHQW/3
3±]HU(J\SW6$(
3±]HU3KDUPDFHXWLFDOV.RUHD/LPLWHG
:KLWHKDOO,QWHUQDWLRQDO,QF
:\HWK$\HUVW,QWHUQDWLRQDO//&
:\HWK3KDUPDFHXWLFDOV,QF
3±]HU6HUYLFH&RPSDQ\%9%$
3±]HU,QWHUQDWLRQDO//&86$
3±]HU6$GH&9
-RKQ:\HWK %URWKHU/LPLWHG ,QGLD%UDQFK ZHI'HFHPEHU
:\HWK/LPLWHG $PDOJDPDWLRQHIIHFWHGZLWKWKH&RPSDQ\LQWKHFXUUHQW\HDU
=RHWLV3KDUPDFHXWLFDO5HVHDUFK3ULYDWH/LPLWHG XSWR-XQH
=RHWLV,QGLD/LPLWHG XSWR-XQH
=RHWLV6LQJDSRUH37(/WG XSWR-XQH
3±]HU$QLPDO3KDUPD3ULYDWH/LPLWHG XSWR-XQH
E. Key Managerial Personnel
$LMD]7REDFFRZDOOD0DQDJLQJ'LUHFWRU
66ULGKDU:KROHWLPH'LUHFWRUDQG&KLHI)LQDQFLDO2I±FHU ZHI0D\
9LYHN'KDULZDO:KROHWLPH'LUHFWRU
'U/DNVKPL1DGNDUQL:KROHWLPH'LUHFWRU ZHI)HEUXDU\

&XUUHQF\` LQODNKV
II. Transactions during the year and Balances Outstanding as at the year end with the Related Parties are as follows:
31 March 2015 31 March 2014

No. Nature of Transactions Ultimate Companies Fellow Ultimate Companies Fellow
Holding exercising Subsidiaries Holding exercising Subsidiaries
Company VLJQL±FDQW Company VLJQL±FDQW
LQ²XHQFH LQ²XHQFH
1 6DOHRI±QLVKHGJRRGV QHWRI - - -
UHWXUQV
6HUYLFHLQFRPH LQFOXGLQJ 445.56 - 2,110.40
VHUYLFHWD[
3 6DOHRIDVVHW - - -
5HFRYHU\RIH[SHQVHV 102.16 4.11 1,015.17
3XUFKDVHRI±QLVKHGJRRGV - - 28,814.58
3XUFKDVHRIUDZEXON - - 6,687.06
PDWHULDOV
5R\DOW\H[SHQVH 36.59 - -
6HUYLFHFKDUJHV - - -
([SHQVHVUHLPEXUVHG 293.61 - 555.27
,QWHULP'LYLGHQGIRU - - -
'HFHPEHUDQG
GLYLGHQGLQUHVSHFWRIWKH
\HDUHQGHG0DUFK
11 &RPPLVVLRQ,QFRPH - - -
5HQWDOLQFRPH - - -
13 2XWVWDQGLQJDVDWWKH\HDU 316.62 31.74 2,136.82
HQG¥'XHIURP
2XWVWDQGLQJDVDWWKH\HDU 976.74 770.66 20,955.57
HQG¥'XHWR
Key Managerial Personnel
No. Nature of transactions Year ended <HDUHQGHG

31 March 2015 0DUFK
5HPXQHUDWLRQWR.H\0DQDJHULDOSHUVRQQHO 981.49
91
&XUUHQF\` LQODNKV
Details of material transactions during the year:

31 March 2015 0DUFK
a) 6DOHRI±QLVKHGJRRGV QHWRIUHWXUQV
3±]HU,QF3KLOOLSLQHV -
3±]HU$QLPDO3KDUPD3ULYDWH/LPLWHG -
b) 6DOHRI±[HGDVVHWV
:\HWK/LPLWHG -
c) Service Income
3±]HU,QF86$ 445.56
:\HWK/LPLWHG,QGLD LQFOXGLQJVHUYLFHWD[ -
3±]HU3URGXFWV,QGLD3ULYDWH/LPLWHG,QGLD LQFOXGLQJVHUYLFHWD[ 1,480.06
3±]HU'HYHORSPHQW/3 630.33
d) Recovery of expenses
3±]HU,QF86$ 102.16
=RHWLV3KDUPDFHXWLFDO5HVHDUFK3ULYDWH/LPLWHG -
3±]HU3URGXFWV,QGLD3ULYDWH/LPLWHG,QGLD 611.83
:\HWK/LPLWHG,QGLD -
3±]HU,QWHUQDWLRQDO//&86$ 175.50
3±]HU&RUSRUDWLRQ+RQJNRQJ/WG 135.52
=RHWLV,QGLD/LPLWHG -
e) Purchase of stock in trade
3±]HU([SRUW&RPSDQ\,UHODQG 24,316.29
3±]HU*OREDO7UDGLQJ,UHODQG 242.15
3±]HU6LQJDSRUH7UDGLQJ3WH/LPLWHG %HOJLXP%UDQFK 3,679.26
f) Purchase of Raw/ Bulk materials
g) Royalty expense
3±]HU,QF86$ 36.59
h) Expenses reimbursed
3±]HU3ULYDWH/LPLWHG6LQJDSRUH 223.63
3±]HU$VLD0DQXIDFWXULQJ3WH/WG 166.55
3±]HU,QF86$ 293.61
3±]HU3KDUPDFHXWLFDOV.RUHD/LPLWHG 113.77
:\HWK/LPLWHG,QGLD -
i) Service Charges
:\HWK/LPLWHG,QGLD -
j) Dividend Paid
3±]HU&RUSRUDWLRQ3DQDPD -
3±]HU,QYHVWPHQW1HWKHUODQGV%9 -
k) Rental income
=RHWLV3KDUPDFHXWLFDO5HVHDUFK3ULYDWH/LPLWHG -
l) Remuneration to Key Management Personnel
$LMD]7REDFFRZDOOD 633.48
66ULGKDU 187.94
9LYHN'KDULZDO 148.91

&XUUHQF\` LQODNKV
31 March 2015 0DUFK
m) Outstanding as at the year end due from
:\HWK/LPLWHG,QGLD -
3±]HU/LPLWHG8QLWHG.LQJGRP 288.92
3±]HU,QF86$ 316.62
3±]HU,QWHUQDWLRQDO//& 328.88
3±]HU'HYHORSPHQW/3 636.35
n) Outstanding as at the year end due to
:\HWK/LPLWHG,QGLD -
3±]HU6LQJDSRUH7UDGLQJ3WH/LPLWHG6LQJDSRUH 1,784.20
o) CSA Commission
39 Details of leasing arrangements

31 March 2015 0DUFK
As Lessor
7KH &RPSDQ\ KDV OHW RXW VRPH RI LWV RZQHG SURSHUW\ GXULQJ WKH \HDU RQ
RSHUDWLQJOHDVH7KHOHDVHWHUPVDUHLQWKHUDQJHRI\HDUV7KHLQIRUPDWLRQ
LQUHVSHFWRIWKHVDPHLVDVIROORZV
*URVVERRNYDOXH 5HIHUQRWH 5,316.91
$FFXPXODWHG'HSUHFLDWLRQ 5HIHUQRWH 1,050.97
'HSUHFLDWLRQIRUWKHOHDVHSHULRG 182.50
5HQWDOLQFRPH 639.14
/HDVH ,QFRPH UHFRJQLVHG LQ WKH VWDWHPHQW RI SUR±W DQG ORVV IRU WKH \HDU LQ
UHVSHFWRIVXEOHWSURSHUW\LVÒDNKV 0DUFKÒDNKV
As Lessee
7KH&RPSDQ\KDVWDNHQYDULRXVUHVLGHQWLDOJRGRZQVRI±FHSUHPLVHV LQFOXGLQJ
IXUQLWXUHDQG±WWLQJVWKHUHLQDVDSSOLFDEOH XQGHURSHUDWLQJOHDVHRUOHDYHDQG
OLFHQFH DJUHHPHQWV 7KHVH DUH JHQHUDOO\ FDQFHOODEOH DQG UDQJH EHWZHHQ
PRQWKV DQG \HDUV XQGHU OHDYH DQG OLFHQFH RU ORQJHU IRU RWKHU OHDVHV DQG LQ
FHUWDLQFDVHVDUHUHQHZDEOHE\PXWXDOFRQVHQWRQPXWXDOO\DJUHHDEOHWHUPV7KH
&RPSDQ\KDVJLYHQUHIXQGDEOHLQWHUHVWIUHHVHFXULW\GHSRVLWVLQDFFRUGDQFHZLWK
WKHDJUHHGWHUPV
)XWXUHPLQLPXPOHDVHSD\PHQWV
QRWODWHUWKDQRQH\HDU 2,754.00
ODWHUWKDQRQH\HDUDQGQRWODWHUWKDQ±YH\HDUV 9,180.00
ODWHUWKDQ±YH\HDUV -
/HDVHSD\PHQWVDUHUHFRJQLVHGLQWKHVWDWHPHQWRISUR±WDQGORVVXQGHU5HQW
40 Earnings per share (Basic and diluted)
31 March 2015 0DUFK
1HWSUR±WIRUWKH\HDU
D 3UR±WIRUWKH\HDU 6,981.93
E 3UR±WIRUWKH\HDUEHIRUHWKHLPSDFWRI6FKHPHRI$PDOJDPDWLRQ
L EHIRUHH[FHSWLRQDOLWHPV QHWRIWD[ 15,636.68
LL DIWHUH[FHSWLRQDOLWHPV QHWRIWD[ 10,033.94
93
&XUUHQF\` LQODNKV
31 March 2015 0DUFK
:HLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVIRUFDOFXODWLQJEDVLFDQGGLOXWHG(36 45,747,732
3DUYDOXHSHUVKDUH `10 `
(DUQLQJVSHUVKDUH%DVLFDQGGLOXWHG
D &RPSXWHGRQWKHEDVLVRISUR±WIRUWKH\HDU 15.26
E &RPSXWHGRQWKHEDVLVRISUR±WIRUWKH\HDUEHIRUHWKHLPSDFWRI6FKHPH
RI$PDOJDPDWLRQ
L EHIRUHH[FHSWLRQDOLWHPV QHWRIWD[ 34.18
LL DIWHUH[FHSWLRQDOLWHPV QHWRIWD[ 21.93
41 Employee stock option scheme
7KHHPSOR\HHVRIWKH&RPSDQ\KDYHEHHQLVVXHG 0DUFK 6KDUH2SWLRQVDQG 0DUFK
UHVWULFWHGVWRFNXQLWVXQGHUWKH3±]HU,QF6KDUH2SWLRQ3ODQE\3±]HU,QF7KHFRVWLQFXUUHGE\3±]HU,QFSXUVXDQWWRWKHVDLG
3±]HU,QF6KDUH2SWLRQ3ODQIRUWKH\HDUHQGHG0DUFKDPRXQWVWRÒDNKV 0DUFKÒDNKV 7KHVH
DPRXQWVKDYHQRWEHHQFKDUJHGWRWKH&RPSDQ\E\3±]HU,QF
42 Expenditure on research and development
31 March 2015 0DUFK
&DSLWDO -
5HYHQXH 1,739.86
Total 1,739.86
43 Corporate Social Responsibility

$VSHUVHFWLRQRIWKH&RPSDQLHV$FWWKH&RPSDQ\KDVFRQVWLWXWHGD&RUSRUDWH6RFLDO5HVSRQVLELOLW\ &65 &RPPLWWHH
7KH±UVWVHWRILQLWLDWLYHVZHUHODXQFKHGGXULQJWKH\HDUZKHUHWKH&RPSDQ\VXSSRUWHGWKH6ZDFKK9LG\DOD\D&DPSDLJQ¥DSDUWRI
WKH*RYHUQPHQWªVQDWLRQDO6ZDFKK%KDUDWSURJUDP7KH&RPSDQ\DOVRFRPPLWWHGIXQGVWREXLOGDQGUHIXUELVKVDQLWDWLRQIDFLOLWLHV
LQVFKRROVSDUWLFXODUO\IRUJLUOVWXGHQWV7KHHPSOR\HHVRIWKH&RPSDQ\DOVRYROXQWHHUHGLQWKLVSURJUDP7KH&RPSDQ\GRQDWHG
PHGLFLQHVWRVXSSRUWWKH²RRGUHOLHIZRUNLQ-DPPX .DVKPLU7KHWRWDODPRXQWVSHQWE\WKH&RPSDQ\WRZDUGV&65DFWLYLWLHV
GXULQJWKH\HDULVÒDNKV
3UHYLRXV\HDU±JXUHV
)LJXUHVIRUWKHSUHYLRXV\HDUDUHQRWFRPSDUDEOHDVWKHVDPHGRHVQRWLQFOXGHWKHHIIHFWRIWKH6FKHPHRI$PDOJDPDWLRQ)LJXUHV
IRUWKHSUHYLRXV\HDUVKDYHEHHQUHJURXSHGZKHUHQHFHVVDU\

)RUB S R & Co. LLP
',1
',1 ',1
0XPEDL 0XPEDL
0D\ 0D\

PFIZER LIMITED
&,1/0+3/&
5HJLVWHUHG2I±FH3±]HU&HQWUH3DWHO(VWDWH2II695RDG-RJHVKZDUL : 0XPEDL¥
7HO)D[:HEVLWHZZZS±]HULQGLDFRP(PDLO,'FRQWDFWXVLQGLD#S±]HUFRP
CONSENT FOR RECEIVING DOCUMENTS IN ELECTRONIC FORM

'HDU6KDUHKROGHUV
3XUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FWUHDGZLWK5XOHRIWKH&RPSDQLHV 0DQDJHPHQWDQG$GPLQLVWUDWLRQ 5XOHV
\RXU &RPSDQ\ KDV VHQW WKH $QQXDO 5HSRUW WKURXJK HOHFWURQLF PRGH WR WKRVH 6KDUHKROGHUV ZKRVH (PDLO ,'V DUH UHJLVWHUHG
3OHDVHQRWHWKDWDVD6KDUHKROGHU\RXZLOOEHHQWLWOHGWRUHFHLYHSK\VLFDOFRSLHVRIDOOQRWLFHVDQGGRFXPHQWVIUHHRIFRVW
XSRQVSHFL±FUHTXHVWWRWKH&RPSDQ\
7KH $QQXDO 5HSRUW DQG WKH 1RWLFH RI *HQHUDO 0HHWLQJV DQG RWKHU GRFXPHQWV ZLOO DOVR EH DYDLODEOH RQ WKH &RPSDQ\ªV ZHEVLWH DW
©ZZZS±]HULQGLDFRPª
6KDUHKROGHUVKROGLQJVKDUHVLQSK\VLFDOPRGHDQGZLVKLQJWRUHJLVWHUXSGDWHWKHLU(PDLO,'WRUHFHLYHWKH$QQXDO5HSRUWDQGRWKHU
GRFXPHQWV LQ HOHFWURQLF PRGH DUH UHTXHVWHG WR ±OO WKH IRUP EHORZ DQG VHQG WKH VDPH WR RXU 5HJLVWUDU DQG 6KDUH 7UDQVIHU $JHQWV
YL] Karvy Computershare Private Limited, Karvy Selenium Tower B, Plot No 31 & 32, Gachibowli, Financial District,
Nanakramguda, Serilingampally, Hyderabad, Telangana – 500 032.7KH&RPSDQ\ZLOOQRWEHLQDSRVLWLRQWRVHQGWKHGRFXPHQWV
LQHOHFWURQLFPRGHXQOHVVWKHGXO\±OOHGLQIRUPEHORZLVUHFHLYHG
6KDUHKROGHUVKROGLQJVKDUHVLQWKHGHPDWHULDOL]HGPRGHDQGZLVKLQJWRUHJLVWHUXSGDWHWKHLU(PDLO,'WRUHFHLYHWKH$QQXDO5HSRUWDQG
RWKHUGRFXPHQWVLQHOHFWURQLFPRGHDUHUHTXHVWHGWR±OOWKHIRUPEHORZDQGVHQGWKHVDPHWR.DUY\&RPSXWHUVKDUH3ULYDWH/LPLWHGDQG
DOVRUHJLVWHUXSGDWHWKHLU(PDLO,'ZLWKWKH'HSRVLWRU\3DUWLFLSDQWVZKHUHWKHLU'HPDWDFFRXQWLVPDLQWDLQHG
PFIZER LIMITED
3ODFH0XPEDL Prajeet Nair

'DWHWK -XQH Company Secretary

PFIZER LIMITED
&,1/0+3/&
5HJLVWHUHG2I±FH3±]HU&HQWUH3DWHO(VWDWH2II695RDG-RJHVKZDUL : 0XPEDL¥
7HO)D[:HEVLWHZZZS±]HULQGLDFRP(PDLO,'FRQWDFWXVLQGLD#S±]HUFRP
CONSENT FOR RECEIVING DOCUMENTS IN ELECTRONIC FORM

,:HDJUHHWRUHFHLYHGRFXPHQWVLQHOHFWURQLFPRGHSXUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FWUHDGZLWK5XOHRIWKH
&RPSDQLHV 0DQDJHPHQWDQG$GPLQLVWUDWLRQ 5XOHV3OHDVHUHJLVWHUXSGDWH WKH(PDLO,'DVPHQWLRQHGEHORZ
6WULNHRXWZKLFKHYHULVQRWDSSOLFDEOH
1. Name(s) of Shareholder(s)

(including joint holders, if any) :
2. No. of Shares held :

3. Registered Folio No. / DP ID &
Client ID No. :
4. E-mail ID for receipt
of documents in
electronic mode :
3ODFHBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(Signature of First holder)
'DWHBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(Name of First holder)
)RU3K\VLFDOVKDUHV .LQGO\VHQGWR.DUY\&RPSXWHUVKDUH3ULYDWH/LPLWHG
)RU'HPDWVKDUHV .LQGO\VHQGWR.DUY\&RPSXWHUVKDUH3ULYDWH/LPLWHGDQGDOVRUHJLVWHUXSGDWHWKH(PDLO,'ZLWKWKH'HSRVLWRU\
3DUWLFLSDQWZKHUHGHPDWDFFRXQWLVPDLQWDLQHG
PFIZER LIMITED
CIN: L24231MH1950PLC008311
Registered Office: Pfizer Limited, Pfizer Centre, Patel Estate, Off S.V. Road, Jogeshwari (West), Mumbai – 400 102
Tel: 91 22 6693 2000 Fax: 91 22 2678 4569 Website: www.pfizerindia.com E-mail ID: [email protected]
64TH ANNUAL GENERAL MEETING

ATTENDANCE SLIP
NAME AND ADDRESS OF THE MEMBER: PLEASE COMPLETE THE SLIP AND
HAND IT OVER AT THE ENTRANCE OF
THE MEETING HALL
FOLIO NO. / CLIENT ID / DP ID:
I hereby record my presence at the 64th Annual General Meeting of the Members of Pfizer Limited which will be held at Yashwantrao
Chavan Pratishthan Auditorium, General Jagannath Bhosale Marg, Next to Sachivalaya Gymkhana, Mumbai – 400 021, on Monday,
13th July, 2015 at 3.00 p.m.
Name of the Shareholder Signature of the Shareholder/Proxy*
*Strike out whichever is not applicable.

ELECTRONIC VOTING PARTICULARS
EVEN (E-voting Event Number) User ID Password
Please read the instructions given at Note No. 13 of the Notice of the Annual General Meeting carefully before voting electronically.
"
"
PFIZER LIMITED
CIN: L24231MH1950PLC008311
Registered Office: Pfizer Limited, Pfizer Centre, Patel Estate, Off S.V. Road, Jogeshwari (West), Mumbai – 400 102
Tel: 91 22 6693 2000 Fax: 91 22 2678 4569 Website: www.pfizerindia.com E-mail ID: [email protected]
Name and Address of the Member: PROXY FORM - MGT - 11

[Pursuant to Section 105(6) of the Companies Act, 2013
and Rule 19(3) of the Companies (Management and
Administration) Rules, 2014]
Folio No. / Client ID / DP ID:_________________________________________ E-mail ID:_______________________________________

I / We, being the member(s) holding .......................... shares of Pfizer Limited hereby appoint
1. Name 2. Name 3. Name
Address Address Address
E-mail ID E-mail ID E-mail ID
Signature Signature Signature
.............................................., or failing him / her .............................................., or failing him / her ..............................................

as my / our Proxy to attend and vote (on a poll) for me / us and on my / our behalf at the 64th Annual General Meeting of the Company
to be held on Monday, 13th July, 2015 at 3.00 p.m. at Yashwantrao Chavan Pratishthan Auditorium, General Jagannath Bhosale Marg,
next to Sachivalaya Gymkhana, Mumbai – 400 021 and at any adjournment(s) thereof in respect of such resolutions, as are indicated overleaf.
Signed this _________________________ day of __________________________ 2015.
Please affix
Revenue
Signature of the Shareholder: _____________________________Signature of the Proxy holder(s): ______________________ Stamp
Note : This form of proxy in order to be effective should be duly completed and deposited at the Registered Office of the Company,
not less than 48 hours before commencement of the Meeting.
Please see overleaf
"
"
Sr.
Resolutions
No
Ordinary Resolutions
1. To consider and adopt the Audited Financial Statements of the Company for the financial year ended 31st March, 2015 together
with the Reports of the Board of Directors and Auditors thereon.
2. To declare a dividend for the financial year ended 31st March, 2015.
3. To appoint a Director in place of Mr. S. Sridhar who retires by rotation and being eligible offers himself for re-appointment.
4. To ratify the appointment of Messrs. B S R & Co. LLP, Chartered Accountants as Statutory Auditors of the Company for the
financial year ending 31st March, 2016.
5. To consider and appoint Mr. Sunil Lalbhai as an Independent Director of the Company, for a term of 5 years effective
14th February, 2015.
6. To consider and appoint Dr. Lakshmi Nadkarni as Director of the Company, liable to retire by rotation.
7. To consider and appoint Dr. Lakshmi Nadkarni as a Whole-time Director of the Company, for a term of 5 years effective
14th February, 2015.
8. To consider and ratify the remuneration payable to Messrs. RA & Co., Cost Accountants for the financial year ending
31st March, 2016.
Special Resolution
9. To approve and adopt the revised Articles of Association of the Company.

1.pfizer Limited Annual Report 2014-15

Uploaded by

Copyright:

Available Formats

1.pfizer Limited Annual Report 2014-15

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

1.pfizer Limited Annual Report 2014-15

Uploaded by

Copyright:

Available Formats

7(1<($5),1$1&,$/

Board’s Report including

42 Corporate Governance Report

Independent Auditors’ Report 55

62 Cash Flow Statement

Notes to the Financial Statements 64

 7RGHFODUHDGLYLGHQGIRUWKH±QDQFLDO\HDUHQGHGst March, 2015.

 7RFRQVLGHUDQGLIWKRXJKW±WWRSDVVZLWKRUZLWKRXWPRGL±FDWLRQ V WKHIROORZLQJUHVROXWLRQDVDQ2UGLQDU\5HVROXWLRQ

 7RFRQVLGHUDQGLIWKRXJKW±WWRSDVVZLWKRUZLWKRXWPRGL±FDWLRQ V WKHIROORZLQJUHVROXWLRQDVDQOrdinary Resolution:

 7RFRQVLGHUDQGLIWKRXJKW±WWRSDVVZLWKRUZLWKRXWPRGL±FDWLRQ V WKHIROORZLQJUHVROXWLRQDVDQOrdinary Resolution:

A. Salary, Fixed Allowances and Bonus/Performance Linked Incentives:

2 3±]HU/LPLWHG | ANNUAL REPORT 2014-15

By Order of the Board of Directors

4 3±]HU/LPLWHG | ANNUAL REPORT 2014-15

Particulars Number of Number of

User ID: For Members holding shares in Demat form:

6 3±]HU/LPLWHG | ANNUAL REPORT 2014-15

c) Member may call Karvy’s toll free number 1-800-3454-001

[Y .DUY\&RPSXWHUVKDUH3ULYDWH/LPLWHGVKDOOEORFNWKHUHPRWHHYRWLQJPRGXOHDIWHUSPRQ6XQGD\th July, 2015.

 7KH&RPSDQ\KDVDSSRLQWHG &6 0U%KXPLWUD9'KRODNLD'HVLJQDWHG3DUWQHURI'KRODNLD $VVRFLDWHV//3&RPSDQ\6HFUHWDULHV

Name of Company Designation Chairmanship / Chairmanship / Membership

,QWHUPVRI6HFWLRQUHDGZLWK6HFWLRQRIWKH$FW0U/DOEKDLVKDOOKROGRI±FHIRUDWHUPXSWR ±YH \HDUVRQWKH%RDUGDQG

1RQHRIWKH'LUHFWRUVRU.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\DQGWKHLUUHODWLYHVRWKHUWKDQ0U/DOEKDL EHLQJWKHDSSRLQWHH DQG

8 3±]HU/LPLWHG | ANNUAL REPORT 2014-15

3XUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FW §WKH$FW¨ UHDGZLWK5XOHRIWKH&RPSDQLHV $XGLWDQG$XGLWRUV 5XOHV

By Order of the Board of Directors

10 3±]HU/LPLWHG | ANNUAL REPORT 2014-15

Your Directors take pleasure in presenting this 64th$QQXDO5HSRUWDORQJZLWKWKH$XGLWHG)LQDQFLDO6WDWHPHQWVIRUWKH±QDQFLDO\HDUHQGHG

7KH&RPSDQ\KDGDQQRXQFHGD9ROXQWDU\5HWLUHPHQW6FKHPH §956¨ GXULQJWKH\HDUXQGHUUHYLHZLQLWV3ODQWDW7KDQH7KHH[SHQVHV

12 3±]HU/LPLWHG | ANNUAL REPORT 2014-15

0F.LQVH\LQ ,QGLD3KDUPD SURMHFWWKH,QGLDQ3KDUPDFHXWLFDOV0DUNHWWRUHDFK86'ELOOLRQE\WKH\HDU+RZHYHU

7KH\HDUDOVRVDZWKHLPSOHPHQWDWLRQRIWKHQHZSURYLVLRQVRI6FKHGXOH+ FRYHULQJGUXJV XQGHUWKH'UXJVDQG&RVPHWLFV

,QWKHDUHDRI,QWHOOHFWXDO3URSHUW\ §,3¨ LQQRYDWRUFRPSDQLHVKDYHIDFHGDQXQFHUWDLQDQGFKDOOHQJLQJHQYLURQPHQWZLWKUHJDUG

14 3±]HU/LPLWHG | ANNUAL REPORT 2014-15

MEDICAL AFFAIRS DIVISION:

INTERNAL CONTROL SYSTEMS, THEIR ADEQUACY AND COMPLIANCE

16 3±]HU/LPLWHG | ANNUAL REPORT 2014-15

18 3±]HU/LPLWHG | ANNUAL REPORT 2014-15

For and on behalf of the Board of Directors

20 3±]HU/LPLWHG | ANNUAL REPORT 2014-15

Sr. No. Name Designation / Category

Reasons for shortfall in CSR spend

For and on behalf of the Board of Directors

Aijaz Tobaccowalla Pradip Shah

22 3±]HU/LPLWHG | ANNUAL REPORT 2014-15

24 3±]HU/LPLWHG | ANNUAL REPORT 2014-15

26 3±]HU/LPLWHG | ANNUAL REPORT 2014-15

E Impact of measures taken:

c) Steps taken for utilizing alternate sources of energy:

d) Capital investment on energy conservation equipments:

 ,PSRUWHGWHFKQRORJ\ LPSRUWHGGXULQJWKHODVW\HDUVUHFNRQHGIURPWKHEHJLQQLQJRIWKH±QDQFLDO\HDU 

C. FOREIGN EXCHANGE EARNINGS AND OUTGO:

For and on behalf of the Board of Directors

28 3±]HU/LPLWHG | ANNUAL REPORT 2014-15

Sr. Requirement under Rule 5(1) Details

For and on behalf of the Board of Directors

30 3±]HU/LPLWHG | ANNUAL REPORT 2014-15

Saraf and Associates

7RGHFODUHDGLYLGHQGIRUWKH±QDQFLDO\HDUHQGHGst March, 2015.

7RFRQVLGHUDQGLIWKRXJKW±WWRSDVVZLWKRUZLWKRXWPRGL±FDWLRQ V WKHIROORZLQJUHVROXWLRQDVDQ2UGLQDU\5HVROXWLRQ

7RFRQVLGHUDQGLIWKRXJKW±WWRSDVVZLWKRUZLWKRXWPRGL±FDWLRQ V WKHIROORZLQJUHVROXWLRQDVDQOrdinary Resolution:

7RFRQVLGHUDQGLIWKRXJKW±WWRSDVVZLWKRUZLWKRXWPRGL±FDWLRQ V WKHIROORZLQJUHVROXWLRQDVDQOrdinary Resolution:

[Y .DUY\&RPSXWHUVKDUH3ULYDWH/LPLWHGVKDOOEORFNWKHUHPRWHHYRWLQJPRGXOHDIWHUSPRQ6XQGD\th July, 2015.

7KH&RPSDQ\KDVDSSRLQWHG &6 0U%KXPLWUD9'KRODNLD'HVLJQDWHG3DUWQHURI'KRODNLD $VVRFLDWHV//3&RPSDQ\6HFUHWDULHV

,QWHUPVRI6HFWLRQUHDGZLWK6HFWLRQRIWKH$FW0U/DOEKDLVKDOOKROGRI±FHIRUDWHUPXSWR ±YH \HDUVRQWKH%RDUGDQG

1RQHRIWKH'LUHFWRUVRU.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\DQGWKHLUUHODWLYHVRWKHUWKDQ0U/DOEKDL EHLQJWKHDSSRLQWHH DQG

3XUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FW §WKH$FW¨ UHDGZLWK5XOHRIWKH&RPSDQLHV $XGLWDQG$XGLWRUV 5XOHV

7KH&RPSDQ\KDGDQQRXQFHGD9ROXQWDU\5HWLUHPHQW6FKHPH §956¨ GXULQJWKH\HDUXQGHUUHYLHZLQLWV3ODQWDW7KDQH7KHH[SHQVHV

0F.LQVH\LQ ,QGLD3KDUPD SURMHFWWKH,QGLDQ3KDUPDFHXWLFDOV0DUNHWWRUHDFK86'ELOOLRQE\WKH\HDU+RZHYHU

7KH\HDUDOVRVDZWKHLPSOHPHQWDWLRQRIWKHQHZSURYLVLRQVRI6FKHGXOH+ FRYHULQJGUXJV XQGHUWKH'UXJVDQG&RVPHWLFV

,QWKHDUHDRI,QWHOOHFWXDO3URSHUW\ §,3¨ LQQRYDWRUFRPSDQLHVKDYHIDFHGDQXQFHUWDLQDQGFKDOOHQJLQJHQYLURQPHQWZLWKUHJDUG

,PSRUWHGWHFKQRORJ\ LPSRUWHGGXULQJWKHODVW\HDUVUHFNRQHGIURPWKHEHJLQQLQJRIWKH±QDQFLDO\HDU

L &,1 /0+3/&

7KHWHUP§HQFXPEUDQFH¨KDVWKHVDPHPHDQLQJDVDVVLJQHGWRLWLQ5HJXODWLRQ RIWKH6(%, 6XEVWDQWLDO$FTXLVLWLRQRI6KDUHV

3ODFH0XPEDL Aijaz Tobaccowalla

7KH&RPSDQ\ªV%RDUGRI'LUHFWRUVLVUHVSRQVLEOHIRUWKHPDWWHUVVWDWHGLQ6HFWLRQ RIWKH&RPSDQLHV$FW §WKH$FW¨ ZLWK

$VUHTXLUHGE\WKH&RPSDQLHV $XGLWRUªV5HSRUW 2UGHU §WKH2UGHU¨ LVVXHGE\WKH&HQWUDO*RYHUQPHQWRI,QGLDLQWHUPVRIVXE

3UR±WEHIRUHWD[DQGLPSDFWRIWKH6FKHPHRI$PDOJDPDWLRQ 23,801.59

'HSUHFLDWLRQDQGDPRUWL]DWLRQ 13,107.71

8QUHDOLVHGIRUHLJQH[FKDQJHORVV JDLQ 1HW (53.06)

,QWHUHVWLQFRPH (4,453.55)

5HQWDOLQFRPH (1,551.81)

3UR±W /RVVRQ±[HGDVVHWVVROGGLVFDUGHG 1HW (13.01)

3URYLVLRQIRUGRXEWIXOWUDGHUHFHLYDEOHVDQGDGYDQFHV (436.98)

3URYLVLRQVQRORQJHUUHTXLUHGZULWWHQEDFN (510.60)

2SHUDWLQJSUR±WEHIRUHZRUNLQJFDSLWDOFKDQJHV 29,890.29

,QFUHDVH 'HFUHDVHLQWUDGHDQGRWKHUUHFHLYDEOHV (3,398.75)

,QFUHDVH 'HFUHDVHLQLQYHQWRULHV (7,882.36)

,QFUHDVH 'HFUHDVH LQWUDGHDQGRWKHUSD\DEOHV 8,336.89

&DVKJHQHUDWHGIURPRSHUDWLRQV 25,848.48

'LUHFWWD[HVSDLG 1HW (14,501.29)

3XUFKDVHRI±[HGDVVHWV (2,056.60)

3URFHHGVIURPVDOHRI±[HGDVVHWV 35.72

5HQWDOLQFRPHRQLQYHVWPHQWSURSHUWLHV 1,320.15

,QWHUHVWUHFHLYHG 3,919.92