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2e^GR/ACURE\N/ PHARMAGEUTIGALS LTD.

EItrA&ryE 9'@ARtrpqm E8:gBeeENl@E

(9Board of Directors

Sh. A.S. Bh argavaSh. C.S. BhargavaSh, Harshad VaidSh. Sudhir BhargavaSh. P.K RastogiSh. Parag Bhargava

GRACURE PHARMAcEUTIcALs LTD.

- Chairman cum Managing Director- Drector- Director- Whole Time Director- Whole Time Director- Whole Time Director

Registered Office

251-254 2d F|oot,DLF Tower,15, Shivaji Marg,New Delh F 110015.

Works:

1)

2)

Ba nke rs:

ICICI Ba nk Umited9-A, Phelps Buildinq,IIId Floor,Con naug ht Place,New Delh i - 110001.

Auditors

M/s Dadu Dadoo & Associates,Cha rtered Accountants,C- 13, Mansarova r Garden,New DelhF110015.

E- 1105, RIICO Industrial Area,Phase-III, thiwadi-30 10 19,Distt, Alwar. (Rajasthan).

Brahman Beli Road,Village Belidyad,Nalagarh- 174101,Oistt. Sola n ( H.P.).

-1-

(9AL & OTHER OPERATING INDICAT

Sales Tumover

Profit b efo re tax

Profit after tax

Dividend decla red

Equity Share capital

Retained earnings

Earning per Share ({)

Long-Term Borrowings

Current Lia bilities & Provisions

Total

Share Capital

Reserve & SurPlus

Deferred Tax Liability

Total

2012-t3

5484.26

615.70

433.55

62.1 3

282.4 0

361.08

15.3 5

THE COMPANY OWNED

2573.s8

284s.25

5418.8 3

THE COMPANY OWED

94.82

2478.12

2572.94

N ET WORTH

282.40

2284.68

278.8 7

284 5.8 9

Net Fixed Assets

Current Assets

Total

2013-14

644L.66

809.43

554.26

67 .77

282.40

474.97

19.63

2954.62

3161 .71

6L46.33

3 5.57

2789.90

2825.47

28?.40

27 43.t0

295.36

3320.86

(< in Laca)

20t4-15

7931.55

1001.92

734.7 4

67 .77

282.40

659,4526.15

3008.81

4L75,91

7 L84.72

19.55

3183.11

3202.66

2A2,40

3442.30

257.36

3982.06

-2-

GRACURE PHARMACEUTICALS LTD.

Notice ofthe Annual General Meeting

Notice ls hereby given that the 23d Annual General Meeting of the Members of GracurePharmaceutlcals Limited will be held at 5.OO p.m. on Tuesday, the 29th day of September 2015 atThe Chelmsford Club, Raisina Road, New Delhl to transact the following businesses:

(}RDTtIARY BUSINES:

1. To rEcelve, consider and adopt the audited Balance Sheet as at 31r March 2015, profit &Loss Account and Cash Flow Statement for the period ended on that date along with theAudltors' and Dlrectors' Report thereon.To declare dividend for the financial yearended 31st March 2015.To elect Director in place of Mr. Sudhir Bhargava who retires by rotation and being etigible,ofrers himself br re-appointment.

4. To elect Director in place of Mr. Pradeep Kumar Rastogi, who retires by rotation and beingelig lble, offers h imself fo r re-appo intment.

5,'RESOLVEDthatM/s.DaduDadoo&Associates(FRNOO576ON),theretiringAuditorsbere-appolnted as Auditors ofthe Company pursuant to Section 139 of the Companies Act, 2013,(the 'Act'), the Companies (Audit and Auditors) Rules, 2014 and such other applicabteprovbbns, lf any, of the Act or Rules framed there under from the conclusion of this AnnualGeneralMeeting tl! the conclusion of th€ 28th Annual GeneralMeeting subject to ratificationof Shareholders at each Annual General Meeting."

"RESOLVED FURTHER THAT the Board of Directors be and ts hereby authorized to fix theremuneration payable and the reimbursement of out-of-pocket expenses, if any, to the saidAuditors."

SPECIAL BUSI ESSI

6. To Cqisider and if thought fit, to pass with or without rnodif ication(c) the followingresolution as a Special Resolution!-

'RESOLVED THAI pursuant to the provbions of Sections 196 and 197, Schedule V andother applicable provbbns of the Companies Act, 2013, consent of the Company be and ishereby accorded to the revisbn in remuneration payabh to Mr. A.S, Bhargava (holding DIN00004468), Chairman and Managing Director of the Company w.e.f. April l, 2015 as givenbelow i

Salary. Commission. Perquisites, amenities and benefits:

2.3.

(9

Baslc

House Rent Allowance

Bonus

Lea ve Travel Concession

Telephone Expenses

Car Facllity

Electrlcity Expenses

r 8,s7,000/- P.M.

t 3,43,000/- P. M.

As per rules of the Company

As per rules of the Company

Use of the telephone for official purposes asper the Company s policy.

Use of the Company! Car for officialpurposes as per the Company,s policy

Reimbursement of actual expenses at hisresidence,

-3-

(9He shall not be entitled to sitting fee for attending the Meeting of Board of Dlrectors and/or

of any other Committee of Board of Oirectors in accordance with the limlt laid down under

the Companies Act, 2013 and rules made there under' He shall be entitled to any other

actualexpenses incurred by him for the official purposes'

Provided that the perquastes and allowances shall be evaluated as per Income Tax Rules'

wherever applicable and in the absence of any such ruhs, the same shall be evaluated at

actualcost.

Further R€solved that Board of Directors are hereby authorized severally to do all such acts,

deeds and things which.may be incidental and/or necessary for implementing the above

reso lution"

7, To Corlsidc. and if thought ,it, to pa55 with ot without modifi'etion(s) tlr c

following resolution as a Special Resolution:-

RESOLVEDTHAT pursuantto the provisions of Sections 196 and 197' Schedule V and other

applicable provasions of the Companies Act, 2013, consent of the Company be and is hereby

accorded to the revision in remuneration payable to t'l r. Parag Bhargava (holding DIN

OOOO4475), WholeTime Directorw.e.f. April 1,2015 as given belovv:

Salarv- c om mlsslon, peroulslt's' arnenlties arid behefits:

Ba sic

House Rent Allowa nce

Bonu s

Leave Travel Con cession

Telephone ExPenses

Car FacilitY

Electricity ExPenses

{ 5,36,000/- P. M.

i 2,14,0000/- P.M.

As per ru les of the ComPanY

As per ru les of the Com Pa nY

Use of the telephone for official purposes

as per the ComPany's PolicY.

Use of the Company's Car for officialpurposes as per the company's policy

Reimbursement of actual expenses athis residence.

Further Resolved that Board of Directors are hereby authorized severally to do all

such acts, deeds and things which may be incidental and/or necessary for

im plem enting the above resolution"

fo Consider and if thought fit. to Pa55 with or without modification(s) the

iotto*ing resolution a5 a spedal Resolution:-

*RESOLVED fHAf pursuant to the provbions of Sections 196 and 197' Schedule V and

other applicable provbions of the Companies Act, 2013, consent o-f the Company be and is

iu.euf accoraea to the revision in remuneration payable to Mr' sudhir Bhargava (holding

DIN 06004491), whole Time Director v''e f' April 1, 2015 as given below :

8.

(9Salary, Comrrlission. perqulsites. antenlties and benefits:

Basic a48,@O/_ p.M.

tbuse Rent Allowance ? 19,400/- p.M,

Bonus

lea ve Travel Concession

Telephone Expenses

Car Facility

Electricity Expenses

further Resohed that Board of Directors are hereby authorized severally to do all such acts,deeds and things u/hich may be incidentat andlo; necessary ;;;;;,,, ttre;;Jresolution"

To. Consider and lf thought llt. to pass with or without modifietion(s) thcfollowing resolution as a Special Resoludon:.

'REsoLvED THAT pursuant to the provEions of sections 196 and 197, schedure v andother applicable provbions of the Companies Act, 2013, consent of ihe-Company be and isheGby accorded to the revision in remuneGtion payable to Mr, pradeep Kumar Rastog i(holdirE DIN 0OOO448O), Whote Time Oirector w.e.f. Aprit r, ZOti as girie-n'Oetow :

As per rules of the Company.

As per rules of the Company.

Use of the telephone for official purposes asper the Companyk policy.

Use of the Companyt Ca. for ofricialpurposes as per the Company,s policy

Reinbursement of actual expenses at hisrcsidence.

156,400/-P.M.

t 22,4N(-P.M.

As per rules of the Company

As per rules of the Company

l,rse of the telephone for official purposes asper the Company,s policy.

Lrse of the Companyt Car for officialpurpoGes as per the Comparry,s policy

Reinbursement of actual expenses at hisresidence.

Salarv. Commission, perauisites. arEnities and benefits:

Basic

liouse Rent Allowance

Bonus

Lea ve Travel Concession

Telephone Expenses

Gr Facility

Electricity Expenses

fufther Resol\cd that Board of Directors are hereby authorized severally to do all such acts,

X"ff,,H" things which may be incidental analoi necessary fo. _rilr"n,,ng the above

-5-

10.

<9To Consider and if thought fit, to pass with or without modifi€tion(s) thefollowing resolution as a Special Resolutionl-

RESOLVED THAT pursuant to section 188 and other applicable provisions, if any of the

Companies Act, 2013 and relevant rules made there under (including any statutory

modification(s) or re-enactment thereof, for the time being in force) consent of the

Company be and is hereby accorded for increase in remuneration of Mrs' Sheere Bharga\rd'

wife of Mr. Parag Bhargava, whole Tlme Director of the Company and relatlve of Mr' A S

Bhargava, chairman cum Managing Drector of the company who is currently holding offce

or plice of profit as GM product Development (DRA) for the folloy{ing sum w.e.f. october 1,

2015 as given below:

Particulars Amount in tSalary 2,86,000 Per Month

HRA 1,14,000 Per Month

Total Cost to the ComPanY 4,0 0,000 Per Month

RESOLVED FURTHER THAT Mr. A.S. Bhargava, Managing Dlrector of the company be and is

hereby authorised to do all such acts, deeds and things as are necessary and incidental to

give effect to the aforesaid resolution

Date:19.08.2o15

Registered office:251-254, IInd FloorDLF Tower15, Sh ivaji Marg,New DelhF 110015

on behalf of the Board

sdl-A.s. Bhargava

Chairman cum Managing DirectorDIN No. 00004468

Address: I-7, lCrti Nagar, Nelv Delhi, 110015

-6-

(9NOTES:

1. Pursuant to section 102 0f the companiesAct, 2013, the Expranatory statement setting outmaterial facts and reasons for the proposed spectal gusineisis ;pipenoed herein.A MEMBER IS ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLEO TO APPOINTA PROXY/PROXIES TO ATTEND AND VOTE INSTAD O; ;JiSELF/HERSELF AND THEPROXy/pROxrES NEED NOT BE A MEMBER Oi ri i coi'r-pa-liv.

'i person can act as proxy onbeharf of members not exceeding fifty (50) and r'"rJrg r""ih" ?Jgregate not more than tenpercent of the totd share capitat of the Company.

The instrument of proxy in order b be effective, should be deposited at the Registered:oI].: "tthe company, duty compteted-and signed, not i"r.-inun 48 hours before thecommencement of the meetino A proxy form is ient tre.ewitn. pioxies submitted on beharfof the companies, societies et;., must 6.e. support Jtv1"'

"pp."pr"" resolution/authority,as applicable. proxtes in order to be valid must O" O"'po.,t"iiiine company,s Reoisteredoffice not hter than fortv-eight hours before the com;;;.-,,;;"t "?

il;;fi;;'r. '|\Lv'r(E'cu

Corporate Members are reouestecl.to send to the Registered Office of the Company a dulycertified copv ofthe Board h.esorution, pursuant to s"iiii" irilitn" companies Act, 2013.authorizing their representative to attend and ,oG ;G;;;^;icenerat Meeting.

I5,#,![ott"ni.""o.'ested to intimate change in their address, if anv, to the company at its

Members are requested to quote Folio Numbers in all correspondence with the Company.

The dividend on equity shares as recommended by the Directors for the year ended March31, 2015, if declared at the Meeting, w l be pard lo tt" ."."U"-., whose names appear inthe Register of Members as on 29h S-eptemberZOfS. - - ""'"'''

Members desiring any information on.the accounts of the Company and its operations maywrite to the companv at its Reoisrered.office ,n"iri i i o-"ii'o'5;le tne meeting so that thedesired information may be cotivenienuy provrded at th; ;;"i;;.All documents refened to in the.accompanying Notice are open for inspection at theRegistered Office of the Comoany during office niurs on a lioifing days between 11 a.m.to 1 p.m. up to the date of this Annuat Cineral-N eeiingi

-" ""'^"

In case members intend to raise any queries in the forthcoming Annual General Meetino.they are requested to Dlease ror"aio'ine;;;"-;; ;;;;i;'il;, ;;il;#;;.",i,?'iiy;Meeting to the company, so that the.r-" ruy O" "ii*a "O"lip."p.atety b their entiresatisfaction.

Register of Members and share Transfer books of the company wi, be crosed from 22dSeptember, 2015 to 29th Seorembe_r,_2015 (both days in.turir-"j,fo. the purpose of AnnualGeneral Meeting to be held o;n 29/og/2o15.

Members who wish to make / ch3ngg 3-666113tion in respect of their shareholding in thecompany, as permitted under section 72 ofthe companiJs act]'i013, may submit at theRegistered office of the Company the prei.iio"o rorrn Siil ]:i iiicn ts atta*,"a.

2.

3.

4.

6.

7.

5.

L

9.

10.

11.

-7-

(9 GRACURE PHARMACEUTICALS LTD.

EXPLANATORY STATEMENT PURSUANT TO SECTTON 102 OF THE COi'IPANIES ACT. 2OI3

Item No- 6

The Board of Oirectors of the Company have, at their rneeting held on 19.08.2015, based on theperformance of the Company and subject to the approval of the Members in the General Meeting,approved the revision in the remuneration payable to Mr. A.S, Bhargava, Chairman cum ManagingDirectorof the Company w.e.f. 01.04,2015.

statement pursuant to Rule 7 0f companies (aopointment and Remuneration) Rules 2014

S. No. General Information Remarks

1 Nature of Industry Pha rmaceuticals Industry

2 Date or expected date ofcommencement of commercialprod uction

Company commenced commercialproduction in the year 1992.

3 In case of new companies,expected da te of commencement

of activities as per project approved by

NA

4 Financial performance based onqiven indicators

Profit after tax as on 31-03-2015 is I7 ,38 ,37 ,5a7 I -

5 Foreign Investments or

Co llaborato rs, lf any

Foreign investments to the extent of< 34,44,0001- have been invested inthe equity shares of the comPanY bY

its nonresident shareholders.

Information about the aPPointee

6 Background details Mr. A S Bhargava is a B. Pharma. He

has been associated with the businessof the Company since inception. He

has to his credit over 48 years ofexperience in Pharmaceutkal sector.Mr. Bhargava is the promoter of theCompany.

7 Past Remu neration Remuneration as fixed by theshareholders in Annual GeneralMeeting held on September 22,2OL4,

8 Recogn it io n or awards NA

-8-

(9 GRACURE PHARMACEUTICALS LTD.

Mr. A S Bhargava is .!ponstOEEthe management and control of theCom pany subject to thesu perintend ence, control anddiredion of the Boa rd of Directors.

He has to hb credit over 48 years ofin Pharmaceutical sector.

Under the leadershtp of Mr. Bhargava,the Company has made significantprogress in building up its clhntele,and in tune with its business model,

company now has a mix of clients

u nera tio n Proposed As stated in the notice ofnGMmparative Remuneration Profile w

to industry, size of the €ompany,rofile of the position and person

uniary relationsh ip directt orirectly with the company or

ip with manage rial

Mr. A. S. Bhargava hohsshareholding in the Company and isalso acting as a Managing Director.

The business is a capitat iniEiliiEbusiness and has a long gestationperiod from approaching a client to

version anto business.

s taken or proposed to befor im pro vement

The company tas m-oi s[niiEnTprogress in building up its clientele,and in tune with the business modelCompany has now got a mix of clients

d profits in measurable termsCom p any ts expecting overa

growth around 10 to 1590 as compareto Financial Year 2OL4-20 L5.

Therefore, your Board recommends the said resolutjon for your approvat by way of SpecialReso lutlon.

None of th€ Drrectors, Key Managearar personner and therr reraaves are rn any way concerned o.lnterested ln the scid resolu.on except r. A.S. Bhargava, f,1.. i.S. ita.9"ru, Mr, parag Bhargava,Olrcctors ot the Com p.ny.

It m o-,

The Board of Olrectors of th. company have, at thetr meeting held on t9.OB.20t5, b.sed on thepe.formancc of the Company and subrect to ihe approval of tia iJ.U"o in the General Meeflng,rpproved the revrsion ln the remunerjtbn pavaure'io M;. i;;; rih;;gara, whore Time Director ofthe Com pany w.e.f.01.04.2015.

-9-

(9<tatement purslant to Rule 7 d Cdnpanies (Appointrrrent and Remrneration) Rules 2()14

S.No. irtsGen€ral Information

1 Nature of IndustrY Pharmaceuticals Industry

z 6 e or expected date of

commencement of commercial

D rod uction

Company commenced commercialproduction in the year 1992

3 iiTase of new companies, expected date ofcommencement of activitaes as per projectapproved by financial lnstitution appearing In

the prosPectus

Tinancial performance based on Profit after tax as on 31-03-2015 is l7,3A,37,5a71-

5 F6iEii.eign rnres[ments or collaborators, if any Foreign investments to the extent of< 34,44,OO01- have been invested in

the equity shares of the comPanY bY

its nonresident shareholders.

I.fo.-.tto, "bort the aPPoint€e

6 6Ict<ground detaits l'lrjarag Bhargava is a B. Pharma

and MBA. He has been associatedwith the business of the ComPanY

since 2002. He has to his credit overL2 years of experience in

Pharmaceutical sector.

7 Past Remuneration Remuneration as fixed bY theshareholders in Annual 6eneralMeetlng held on September 22,

8 necoo-qnitionora*aros NA

9 iilEill-Iia tris s, iu oititv t',! r. Parag Bhargava is acting as a

whole tlme diredor of the ComPanY.

He has to hls credit over 12 Years ofexperlence in Pharmaceutical sector.Under the leadershiP of Mr.Bhargava, the comPany has madesignificant progress in bulldlng up itsclientele across Global.

10 dEfr IiiE[l6unerationProposed As stated in the notice of AGM

11 GiEi-rative.emunerationprof ilewithrespectto industry, size of the company, profile of theposition and Person

t2 Peclrn iary relation+ilp directly or indlrectlywrth the company or relationshlp with

managerial Personnel, if anY

Mr. Parag Bhargava holds 5.21q6shareholding ln the comPanY and isalso acting as a Whole Time Diredor

- 10-

(9 GRACURE PHARMACEUTICALS LTD.

hJsiness is a capital intensive business anO haslorE geSation period frorn approachirE a diert@nversion into business,

Step6 taken or proposed to be taken company has made sig.ifi-ant prfiEss inup its clientele, and in tune with the businessCornpany has now got a mix of clients asoss Global.

Expected inoea- in productivity-nA profiG The @mpany is expecting overall groMh around 1015o/o as cornfEre to Financial year 201+2O1S.

Therefore, your Board recommends the sard resorution for your approvar by way of speciarResolutlon.

None ofthe Directors, Key Manageriar personner and therr reratives are in any way concerned orlnterested rn the said resorution except Mr. A.s. Bhargava, and Mr. parag Bhargiva, 6ir".too oitt"Company.

It m ilo- 8

The Board of Directors ofthe company have, at their meeting herd on 19.0g.2015, based on theperbrmance of the company and subject to the approvar oftie Members in tte cenerai lreeiinglapproved the reviston in the remuneration payable to t"l r. suohii Bhargava, whole.t-ime Director ;ithe Company w.e.f. O 1. 04.2015.

Therefore, your Board recommends the said resorution for your approvar by way of speciarResolutlon.

None ofthe Directors, Key Managerrar personner and therr reratives are in any way concerned orlnterested ln the sard resorution except Mr. sudhrr Bhargava, oireaor of the conipanl.

Item No. 9

The Board of Directors of the company have,. at their meeflng herd on 19.08.2015, based on theperformance of the company and iublict to the approvar oi iie'Nemuers i" tt" cJ""iiiir*ii"glapproved the revrsion rn the remunerition payabre io Mr. p.K. R;stogi, whore Time orrector oi tddCompany w.e.f. 01.04.20 15.

Therefore, your Board recommends the said resorution for your approvar by way of speciarResolutlon.

None ofthe Drrectors, Key Managerrar personner and their rerauves are in any way concerned orlnterested ln the said resolution except Mr. p.K, Rastogi, Director of the Company.

-11-

(9 GRACURE pnanMAcEurrcALs LrD.

Item No. 10

Profile of Ms. Sheere thargava

Father's Name: Sh. Santosh Kumar Banga

Date of Birth: October 12, 1979

Ms. Sheere Bhargava is holding the degree of M. Pharma from a premier insutute. She has over 5years of experience ln the pharmaceutical tndustry commenchg from 2005. The Board at itsmeeting held on 19.08.2015 considered the revlsion in remuneration payable to Mrs. SheereBhargava, GM Product Development (DRA). Since, she is the wife of Mr. parag Bharqava, WholeTrme Director of the Company and rehtive of Mr. A.S. Bhargava, Chairman Cum Managing Dlrectorof the Company, her revision in salary is to be appro\red by the Shareholders by way oi passingspecial resolution. The proposed remuneration to Ms. sheere Bhargava is commensurate with heiexperience and is in line with the industry standards. The Board recommends this resolution.

None of the DirectoB, Key Managerial Personnel and their relatives are in any way concerned orinterested in the said resolution except Mr. A.S. Bhargava, Chairman & Managing Director and Mr.Parag Bhargava, Whole Tlme Director of the Company, who are the relatives of Ms. SheereBhargava, are interested and restrahed themselves from participating in the dlscussions in theBoard Meeting while the board recommends this resoluflon to be passed as a special resolution.

Date:19,08.2015

Registered office:2 51-254, IInd FloorDLF Tower 15, Shivaji Mar9,New Delh i- 110015

On behalf of the Board

sdl-A.S. Bhargava

Chairman cum Managing DirectorDIN No. 00004468

I-7, Kirti Nagar, New Delhi, lloot5

-t2-

(9 GRACURE PHARMAcEUTIcALS LTD.

Form No. SH-13

Nomination Form

[Pursuant to section 72 of the Comrynies Ac+ 2073 and rule79( 7) of ttre Companies (Share Capital and Debentures) Rules

2OL4ITo

Name of the company: GMCURE PHARI,IACEUTICALS LIMITED

Address of the companyr25l-254 IInd Floor, DLFTower, 15 Shivaji

Marg, New Delhi-110015

I/We ....................... the holder(s) of the securities

particulars of which are given hereunder wish to make nomination and

do hereby nominate the following persons in whom shall vest, all the

rights in respect of such securities in the event of my/our death,

(1) PARnCULARS OFTHE SECURITIES (in respect of which

nomlnation is being made)

Nature of

securities

Folio No. No. of

securities

Certificate

No.

Distinctive

No.

(2) PARTTCULARS OF NO[.1tNEVS -(a) Name:

(b) Date of Birth:

(c) Father's/Mother's/Spouse's name:

(d) Occupation:

- 13-

(e) Nationality:

(f) Address:

(g) E-mail id:

(h) Relationship with the security holder:

(3) rN CASE NOMINEE IS A MINOR-

(a ) Date of birth:

( b) Date of attaining majority

(c) Name of guardian:

( d) Add ress of g uard lan :

Name:

Address:

Name of the Security

Holde r (s) Signature Witness with name

and add ress

-14-

GRACURE PHARMAcEUTIcALs

(9DIRECTORS'REPOTo,The Members,

Your Directors haveofthe Company and

GRACURE PHARMACEUTICALS LTD.

RT TO TH E M EMBERS

pleasure in presenting their 23'd Annual Report on the business and operationsthe accounts for the Financial Year ended March 31, 2015'

1. Financial summarv or hiqhliqhts1Performance of tl rpanv (standalone)

Financial Resu lts (( In Lacs)

2014-1 5

(t In Lacs)

20L3-14Sales 7931.5 5 644t.66

Operating Profit before Depreciation &Interest

1348.69 996.9 B

Less: Interest t5.7 I 16.20

Depreciation 33 0.9 B 171.35

Profit Before Tax 1001.9 809.4 3

Provision for Tax 26 3.18 255.t7

Prof it after Tax 734.7 4 554.26

Balance brought forward from PreviousYears

2468.45 2070.03

Provision for Deferred Tax! iahilitv /aqsets

-3 8.O 0 16.5 5

Prof it available for Appropriation 3246.94 2607 .7 4

Proposed Dividend 67.7 7 67.77

Provision for Dividend Tax !L.52 tt.52

Transfer to General Reserve 60.0 0 60.0c

Surplus carried to Balance Sheet 310 7.6 s 2468.45

2. Dividend

The Directors of the Cornpany are pleased to recommend for approval of members at the Annual

General Meeting, payment of dividend of 24o/o (inclusive of l2o/o 'lnterim Dividend) for the year

2Ol4-15. your Directors already declared an interim dividend of l2o/o for the same year, therefore

there is a need to regularize the same in the ensuring Annual General Meebng and the payment for

the balance dividend shall be made to the members.

3. Reserves

An amount of { 60 Lacs has been transferred to General Reserves'

4. Brief description of the Company's working during the year/State of Company's affair

The Company has achieved sales of { 793 1.55 Lacs, out of which { 67L6.83 Lacs were through

export only, i.e. export constituted approximately 84.680/o of the total turnover. The Company

expects to improve this percentage further in the financial year 20 15-16.Further, your company had

carried forward { 3107.65. Lacs of net proFit to the Balance Sheet. The EPS this year stands at{ 26.15.

- 15-

(9 GRACURE PHARMACEUTICALS LTD.

5, Material chanqes and crrmmitmentsr if anv, affectinq the financial Dosition of the.o Orr", *hi.h h"r" o..r.."d b"t*""n th" ",rd

of th" fitttnti"l ,""t of th" "o-r"tr' toihGh tie financial statements relate and the date of the reoort : Not Applicable

6. Details of sionificant and material orders passed bv the-reoulators or cou rts ortribunalsimi;ctinq the ooino concern status and comoanv's ooerations in future

Not Applicable

7. Details in respect of adeduacy of internal fin.ncial controlq with refefence to th.Financial Statements.

The company has an adequate Internal control system, commensurate with the size & nature ofthebusiness of the comPanY.

8. Detail< of Subsidiarv /l.int Ventur€</Asso.iate ComPanies

The company has no subsidiary/joint ventures/associate companies. However the company has

established a representative office at vIETNAM for the purpose of malntaining long termrelationships with the distributors there

9. Oirectors

Mr. Sudhir Bhargava and Mr. Pradeep Kumar Rastogl, Direcbrs of the company are retlrlng by

rotation and being eliqible offer themselves for re-appointment during the year under revlew. There

was no change among directors during the financial year under revlew'

10. Degosits

The Company has nelther accepted nor renewed any deposits durlng the year under revlew.

1 1. Sta!.u!e.!lr-AuC!!9!E

M/s Dadu Dadoo & Associates (FRN OO6760N), Chartered Accountants, New Delhi retire on theconclusion of this Annual General meeting and being eligible offers themselves for reappointment till2Bth Annual General Meeting. Being eliglble, they have offered themselves for reappointrnent and

have furnished the company a written certificate to the effect that the proposed reappointment, lfmade, will be in accordance with Section 139 oftheCompanies Act,2013'

12. AditorJ-Besod

There was no qualiflcrtlons, reservatlons or adverse remarks made by the Auditors h thelr report.The provlslons relating to sub mlsslon of Secretaria I Audlt Report in not a ppllcable to the Company '

13. E8last-s!-E-e.Enu!.llc!.uE

The extract of the annual retum in Form No. MGT - 9 is annexed as Annexure A.

- 16-

(9 GRACURE PHARMAcEUTIcALs LTD.

L4,outgoThe details of conservation of energy, technorogy absorption, breign exchange earnings and outgoare as follows:

(A) C.gnsery.ati9.n of.enerov: Energy conservation is being pursued $/ith considerable focus andcofrnitment by the Management through improved operationar ana rnaintenanie p-;.t,;;;. Til;efficrts are on. to conserve energy and for consequent decrease rn the cost of producfion ov i"ti"gmeasures such as instalation of po-wer saving equipments, proper erectric oistriuriion

"til e" f"ithe. provisions of section 134(m) of the companres Act, zoi:, itre particurars ur" ann"red h"r!tounder Annexure B and forms part of the report.

LB) Iechnoloov absorption, Research & Develooment (R & D);The company carried out R & D for development oi nEw-iid innovative products and forlmprovement and up gradation of quality of raw nEterials.

(C) Eordgir achanoe earnings ahd Outoo:'[t: F_olelgl Exchange eamed tn terms of actual inflows during the Financiat year 2014-15:_16151.43 lacs.

]l1Fgl19n Exchange out90 In terms of actuar outflows durrng the Financiar year 2014-15:-< 252.33 lacs.

15, Corpgrate Social Responsibility (CSR)Gracure Pharmaceuticars Limited g'ttre cornpany"y aims to improve the hearth of a! peopre. Throughits business, the company makes an important contribution to society, through our innovatiieheathcare produds, targeting unmet medical needs.Company's focus areas under CSR:. Health. Ed ucatlo n. Environment

Composition of CSR Committee:

Name of the D irector C ategory

Mr, A.S. Bhargava Chairman of the Committee; Chairman andManag ing Director

Mr. Parag BhaBava Member; Whole Time Director

Mr. Harshad Vaid Member; Non -Execu tive and I ndependent D irector

The Company is in the process of exploring the possibilities of investing in CSR activities in andaround its diversified locations. since_the.concept of gsR is new, the Board is going tnrough ihetechnicalities and lmplications of csR Rules as per companies Act, 2013 urt it" "corpu,i,y r,i,formulated csR policy in compliance with its objectives duiing the end of financial v"r,r uii iu.Jtof which company has not incurred any csR expenditure during the Fina ncial year 2d 14- 15.

Average net profit of the Company for the last three financial years | < 2,24,3t 3OA/_Prescribed CSR Expenditure (two per centofthe amountas above): t 4,4g,626t_

(916. Statement On Declaration Given BY IndeDendent Directors U/S 149(6) Of The

Companies Aci 2013The provisions of Section 149 pertaining to the appointment of Independent Dlrectors do not apply

to our Company.

lil; ",r* or,n"

"ou.o *on"ttoo

'* tomp y were held during thefinancial year'

18. Audit CommitteeTheprovisionsofSectionlTTrelatingtoconstitutionofAUditcommitteearenotapp|icabletotheCompany

il; igil mechanism are not applicable to the

Company

20. Nomination and Remuneratioh Committeei;;@constitution-ofNominatlonandRemunerationcommittee are not applicabte to'it l, c"rpiiv and hence the company has not devised any policy

I"ruiinq b uppointment of Direct;rs, paymeni of f'lan ageria l. remu nerat io n' Directors qualifications'

oositive attributes, indepenOence-oi'did.tort and othei related matters as provided under Section

tze(f) of tne Companies Act, 2013'

22. Particulars of contrads or arranoements with releted oa*ies:

The partkulars of every contract - *'a"S"t""tt "ntered

into by.the Company with related parties

;;;;;;; i; i"; ;eaion (r) or seciion rla of ti," companies Act, 2013 are disclosed in Form No.

AOC -2 as Annexure C.

2L.

GRACURE PHARMACEUTICALS LTD.

iht; der section 186.of the

i"rp."[. la, zoti iuring the year under review and hence the said provision is not applicable

a) Salary as per p.ovlsions contained in s"tlon17( 1) ofthe In.ome_tax Act

iil or perquisltes u/s 17(2) Income-tax

ry under section I

- 18-

23,n"miiiEli6i of oirector: ({ In Lacs)

51. No. ra.ticulars of Remuneratron

Ma n a9erS ud hir

106.81 56 .01 8.9 3

106.81 5 6.01 8.9l

(924. Risk manaoement oolicv

Business risks exist for any enterprise having national and intemational exposure

we have a comprehensive risk management system in prace, which enabres us to recoqnise andanavse risks earrv and to take the uip.opri"t" iiiio n. f;;';iri". is impremented as an integrarpart of our business processes across it e enti.e op"iiiion. - -'-

25, Directors, Responsibilitv Statement

The Drectors'Responsibiritv statement referred to in crause (c) of sub-section (3) of section 134 0tthe Companies Act, 2013, shall state that_(a) in the preparation of the annuar accounts, the appricabre accounting standards had been folowedtLlnglitll proper explanation retating to materiat departures;(o) the directors had serected such accounting poticies ani appried them consistenry and madejudgments and estimates that are reasonabre ind prudent ro i!io 9,u" a true and fair view of thestate of affairs of the companv at the end or the financiai year and of the profit and ross of thecompany fur that period;(c) the directors had taken proper and suffkient care for the maintenance of adequate accountingrecords h accordance with the provisions. of this Act for rur"gua.Jing tn" "r.""1-iii" -;;;;;:;;tor preventing and detecting fraud and other irregularities; -(d) the directors had prepared the annual accorn-ts on a gling concem basis; and(D trre drrectors had devised oroper systems to ensure

-compriance with the provisions of a,applicable hws and that such sysle.s *ere adequate and operating effectively.

26. &knowledoements

Your Directors prace on reco rd their. whorehearted appreciation to your company,s bankers,i"'Tlftf if!"il!li,:: ""0

to arr with whose herp, .oop.iution una hard work ,r'-" iJii,lrv-,, "iil

Place: New DelhiDate:19.O8,2015

For and on behalf of the Board of Directors

sd/ -A.S. B hargava

Chairman cum Managing DirectorDIN No. 0O0O446a

I-7, Kirti Nagar, New Delhi, 11OO15

GRACURE PHARMACEUTICALS LTD.

- 19-

(9ANNEXURE "A' TO DIRECTORS'REPORT

Form No. l.l GT-9EXTRACT OF ANNUAL RETURN

As on the financial year cnded on 31st March' 2Ol5

[Pursuantto section 92(3) oftheCompanies Act,2O13 and rule 12( 1) oftheCompanies (Management and Administration) Rules' 20141

I. REGTSTRATION AND OTHER DETAILS:

i) CIN: U24232DL 199 2PLCo49oo2

ii) Registration Date; O1l 06/ 1992

iii) Name of the Company: Gracure Pharmaceuticals Limited

iv) Category / Sub-Category of the Company: Public Company Limited by Shares

V) AddreSS of the Reqistered office and contact details: 25L-254, IInd Floor, DLF Tower,'

15, Shivaji Marg, New Delhi-110o15

vi) Whether listed companY: No

vii) Name, Mdress and Contact details of Registrar and Transfer Agent: N'A

II. PRINCIPAL BUSINESS ACTIVTTIES OF THE COMPANY

All the business activities contributing 1O yo or more of the total turnover of the company

shall be stated:-

rII. paRTIcULARS OF HOLDING, SUssIDIARY AND ASSOCIATE CoMPANIEST NoT APPLICABLE

imE-iZ oeso oescrption of main products /

Address OF the ComPanY

-20-

(9IV. SHARE HOLDING PATTERN (Equity Shar€ Capitat Breakuoi) catqory:;;;; s;iiiotdn'g -' --^-P as pencentage of rdal Equitv)

category of s rrarerrotdEE No. of shares hetd ;a titbcginnlng ot year

o, of Shares h€td .ttlre end of year

0,6Change

during theyear

PhysE.t I% of Tot,lsr'..".

Physicar m$t

r,9s,020 177.73 0.17a) Individual/HUF 2r,90,400 ltz.56b) Central Govt-

0 Any Other.

Sub-total (A) (rI- 2t,9o,4oo l|77.s5 Io.l,

I

(2) For€igna) NRIs'Individualsb) Other - Individuats

d) Eanks /e) Any Other... I

su u-total l eJllJ! t-Total sharehotding or promotEi fer= ,a), r I +tal( 2)

21,90,40 O 77,56 21,9s,O2O 77.73 o.17a. Pu blic Sharehotding

a) M L,tual Fu-nds/ Ba-;iri -b) Central Govr.

I.c) State Govt.(sd) Veniure Caoital frm,-i

LdP'rat FUn0s

I-i) Others (specify) I-sub-totat (B)(1):-I f_2. l{ on - t nsti tlr ti on;J' trE-i) Indian

L-=

-

3.44,000 12. 18tl- [i1"

"".,,J, lil*-*,i"i",,Jff : i'i:iI* 2,52,020 8.93 2,42,780 8.6 0_33

[,, rnotuouat shareholders holdingnominalshare capital in excess of Rs, 1

37,580 1.33 42,200 1.49 0.1 6

ct ottrers criSrin o-TiiEiE-d) NRrs lsub-totat (a )( 2):-

rota r pub li c s rra rihoid-lis-lEFi-ffi 22.44 |6,28,980 22.27 49

c. shares rrera bf--Ili6ZiiiE'iEiEiTAna c

(^+u + c) 28,24,OOO 100 2a,24,O(n 00

3

(9(li) Shareholding d Protnoters

sl.No.

Shareholder's Name Sharetrotaing at the beginning ofthe year

Shareholdinq at the end of the Year

No. ofShare 5

o/o of totalshares of

thecompany

o/o ofShares

Pledged /encum bere

d to totalshares

No. ofShare s

o/o of totalShares of

thecompany

o/oo f SharesPledged /

encumbered to total

s hares

Shares ofo/o ch ang e

in

sh areho lding du rinqthe year

1. t4 r. A. S. Bhargava 14387 20 50.9 5 N,A, t43A7 20 50.95 N,A, N,A.

2. f4 r. Harshad Vaid 10000 0.35 N,A. 10000 0.3 5 N.A,

3. f4 r. Parag Bhargava 147140 5.2r N,A. 151760 5.31 N.A, 0.16

14 r. P.K. Rastog i 200 0 N. A, 200 N.A, N.A,

5. Mrs. Ragini Bhargava 584540 20.7 N. A, 584540 20.7 N.A. N.A,

6. Mr. Satish ChandraBhargava

4800 o.17 N, A- 4800 o.t7 N,A. N.A.

7. 1"1r. Sudhir Bhargava 5000 0. 18 N. A- 5000 0.18 N,A. N,A.

(iii) change in Promote rs' S ha r€h olding ( please specify, if there is no change)

No.Particulars Shareholdinq at the

beginning of the yearCu mulativeSharehoHing duringLhe year

No. ofshares

o/o of totalshares of

thecompany

No. olshares

o/o of totalshares of

thecompany

1 At the beginning of theyear

147t40 5.21 u7fia 5.21

2 Increase inshareholding due tolransfur of shares on

4620 0.16 151760

3 At the End of the year 151760 5.37 151760 5.37

-22-

I

(9(iv) Shareholding Pattern of top ten Sharehotd€rs(other than Directors, promoters and Hotde.s ot cDRs end ADRs):Sl. No. Pa rtrculars Shareholdrng at the beginning

of the yea rShareholding at the End

of the yearFor Each oF the Top 10Shareholders

,Jo, oF shares o/o of tota I

shares of thecompa ny

No. oF shares o/o of totalsha res of the

I IYedrcament Export (France) 2 00000 7.08 2 0m00 7.082_ Exphar S.A. ( Aelqium) 144 0 00 5.1 r 44000 5.13. Mrs. Sheere Bhargava 21580 0.83 282A0 I

IYrs. Lata Bh a rga va 14 000 0.5 14 000 0.5Mr. Rajesh Kumar Bhargava 1000 0 0.35 10 000 0.3 5

6. lv1rs. Sudesh Gupta 786 0 0.28 7A& 0.2 81. Mr- Sandeep Bhargava 7340 o.26 7 340 0.268 Ms. Madhu thargava (Haryana ) 7000 0.25 7000 0.2 5

9. l,ls. t"ladhu Bhargava (Dethr) 60 00 0.21 6000 0.2110. 5000 0.18 5000 0.18

v) of Directois and XeySl. No. Shareholding at the t€glnning Cumutattve S ha reh otd in!7fri-i!

the yearNo. of shares o/o of total

sh are s of theNo. of shares o/o of total

sha res oF theI Mr.A.S. Bhargava-Managing

Olecto rAt the begrnnrng of the year v3at20 50.95 % t43€720 50.9 50/oDate wse lncrease / Decrease inShare holding during the yearspeofyrng the reasons I'or lrrcrease/ decrease (e.9. allotnrent /transfer / bonus/sweat equrfy etc):

N Nl Nrl N

At he end of fhe year t438720 50.9s % r4]€t20 50.9 5%2 Mr. Paraq Bhargava-Whole Tirne

DirectorAt the beginning of the year 141\40 5_2t t47140 5.21Increase rn shareholdrng due totransFer of shares on 30.06.2014

1620 0.16 4620 0.16

At the end of the year 1517 60 5.31 1 517 60 5.373 Mr. Sudhir thargava-Whole Trme

DirectorAt the begrnning of the year 50 00 0.18 5 000 0.18Date wise Increase / Decrease tnShare holdrng durmg the yearspeofying the reasons [or lrrrease/ decrease (e.9. allotriEnt /transfer / bonus/sweat equlty etc):

N Nr Nrl Nl

Ai the end of the year 5 000 0.18 5 000 0.18

-23-

(9W. Harshad vaid_Directs

ETEEglnnns ortne vear r0000 0.35 1m00 0.3s

oatiii;e Ir"recV Pec.eae in sharehddiq dunnq the year specifvioq the

reasons for inoease / decrease (€.9.

alloEnent / transtur / bon6/sr^€at equtv€rc):

N,l N,l Nil Nil

At tre end d the Year 10000 0.35 lm00 0.35

praoeep rumar natosi whole 'l'ln€

etTEEsinrir! of the vear 200 2m

6 se Irxreae/ oecreBE instErehddinq durnrg dl€ year specifvinq th€

r€asons ftr insease / decrease (e.9

allounent / transfer / bonL6/s\ €at equitv

NLI Nrl Nil Nil

at iie end d 6le ye llo! 2m 0

inter€st outsbnd irE /accrued but nddtEfd

ii) lnterest due but mt

iii) lntere5t dcnEd but nd

W. REMUNERATIO'{ OT DIRECT(NS AND XEY ?'IAI{AGERIA L PERSONNEL

a. Retntlleratioo of Utector: ({ In Lakhs)

-24-

9.ib.

FE cuarsor aem,neraumtaolwrolManagEr

t4olwfD Il,lanalpr

t D/WTD/i{arEler

j4D lwrD II'bnag€r

A"S. Bhargava-MdlaoirEDrector

Parag BtBrgava

Director

Sudl!Blrargava-

Di!cttr

P.K Ra*ogi-

Director

(a) Sala.y as per provisons cotained in

sectoo 17(1) oftllg In@me_tax A.t, 1961106.81 56.01 7.74 8.93

5

)

)

v.INDfgrED ESS (( In Lakhs)

:xcludinglepcits

f(,b1Irdebtedn€s5

lIEelIeoIEsS at qE rE!tr.tr,.! e sillnandal ve.r

50.22 Nil Nil v).22

NI Ni Nil NI

ir-i) tntrest a:cned uut nct dtr Nil Nil Nr MI

Tdal (l+ii+iil) 50.22 Nr Nal 9.22

dinge in rndet*ed'Es drirtg Ur Nr! NLI Nil NI

Ni Nil Nil lll

14.55 N, Nil 14.55

ttre fimnod vea ri) Principal Arno0l 3s.t Nil Nil 35-57

iiJ lnte.esta,re u,i mt pall Ni N N N1

Ni Nil Nil NI

Idal (i+ii+iii) 35.57 N,l Nit 35.57

(9vatue or pe rqu ts te s ,i-I76

c) Pronts in tieu ofr7(3) lncome-tnx Act, r96r

as o/o of profitothers, specjfy...

rling as per th€ Act

board / committee

Non-ExeotlvetiEEEattendrng board / commE

Ceiling as per the Act

ir3llERlElfffx@

vit. PEN tltEs / pt NtsHltt,tt/ co*orr,or*c o, orrancts,

s..tion or the conp;-;Id--[RD / NO-T/ couRTl (Cve

Nit

L Orrfa ofFtc€Rs IN

conpoud,no

-T

I

-25-

3

Utners, ptease spectfy

106 81 56.0r 7-74 8.9 3Permisgble ee.m ssrbte

I eerm iss,uii-TEI iEiiirdcrcutars or Remuneration

Directo rs1

ffi

-

(9AIINEXURE "B- TO DIRECTORS' REPORT

FORM A

Disclosure of PartioJlars with respect to conservation of Energy

A. POWER AND FUEL COi{SUI'IPTION(t) ElcctrldtY(a) turdrased

-Unlts-Total Amourt (in <)-Rate /Unit (in {)

(b) Own Generation(i) Thro(4h Diesel Generator__U n its-_FuelOil / Gas corsumed--Units Per litre of fuel Oil/ Gas

--Cost /Unit (In Rs' )(ii) Through Steam Turbine / GerErator'--Units--unrts Per litre of Fuel Oil/ Gas

--Units Per litre of Fuel Oil/ Gas--Cost /Unit (In Rs )

*- Tf€ company has mt insElled anY

steam tultine at its works'(2) coal

Quantity (in Tonnes)Total cost (rn {)Average Pnte Per Tonne (in t)

(3) Fumace oilQuantrtY (rn Kilo Litres)Total cost (in l)Average Rate per Kilo Latre (in

')(4) Otherr / tntemal GenerationQuantitYTotal cost (in {)RaG / un it

B. CONSUMPTION PER UNIT OF PRODUCYIONunit of Produds (000 Packs)ElectricitycoalFurnace OilOther, if anY.

Place: l{ ew Oclh I

Date: 19.08.2015

# There are no specifi. standards as consumption per unit depends on the product mixsince it consists of tablets, capsules, liquid / dry sYrups, injections, ointments etc.

On behall oI the Eoard ot oirectors

sd l.A.S.8ha.tava

C h airm a n-cu m -M an agin 8 Director

Stardardsif any

Curent Year

2014-15

PrevioG Yea r

2013-14

23{4594 2Tl2A9222A52045 18808043

9.74 6 74

N.A.#

N,A.#

1437 2449560

2.9

18.63

N,A.

N,AN.A

N,A

N.A

N-A

N.AN,AN,A

i45267119058

2.9

15.4

N.A.

N,A.

N,A.N.A,

N,A.

N.A,

N,A,

N.A,

N,A.

N,A,

-26-

(9 GRACURE PHARMACEUTICALS LTD.

ANNEXURE "C" TO DIRECTORS' REPORT

FORM NO. AOC -2

(Pursuant to clause (h) of sub-section (3) of section r34 of the Act and Rure 8(2) oftheCompanies (Accounts) Rules, 2014.Form for Disclosure of particurars of co ntra cts/a rra ngem en ts entered into by the company withrelated parties refe rred to in sub section (1) of section 188 of the companiej lct, 2orj inciudingcertain arms length transaction under third proMso thereto.1. Detalls of contracts or arrangements or transactions not at Arm,s length basis,

S l. No, Pa rticu la rs Oetailsa) Name (s) of the related party a nature of

relatlonshipN.A.

b) Nature of contracts/ arran gem ents/ tra nsaction N.A.

c) Duration of the contracts/ arrangenrentsTtra nsaction

N.A.

d) Salient terms of the contracts or arrangementsortransactlon lncluding the value, lfany

N.A.

e) lustlficatlon for entering into such contracts orarrangements or tra nsactions

N.A.

0 oate of approval by the Board N.A.9) Amount pald as advances, if any N.A.

h) Date on whlch the speclal resoluflon was passedln General meeting as requjred Llnder firstprovlso to sectlon 188

N.A.

2, Details of contraats or arrangements or transactions at Arm,s length basis.

Sl. No, Pa rticula rsa) Name (s) of the related party & nature of

relatio nshipa. Mrs. Ragini Bhargava, W7oSh. A.S. Bhargava, ManagingDirector of the Company

b. M rs. Sheere Bhargava,W/o Sh. Parag ghargava, wholeTime Director of the Co mpany

b) Natuae of contracts/arrang ements/ transaction a.

b.

Rent

SalarvSallent terms of the contracts or arrangementsor transaction lnclud lng the value, lf any

a. Rent: f 22,24,7 2Al-

b. Salarvi a 29.40.O00/-d) Amount paid as advances, if any Not Aoplicable

.dl_A.S. Bhargava

Chairma n cum l,tanaglng DirectorDIN No.00004458

t-7, l(irtl t{agar, New Delhi, ll0O15

-27 -

(9Independ ent Auditor's RePortTo the Members of Gracure Pharmaceuticals Limited

1.Raport on the Flnancial Stat€me.rtiV-J6ave auaitea the accompanying financial statement of Gracure Pharmaceuticals Limited("thecompany"),whichcomprisetheBalancesheetasatMarch3l,20l5,thestatementofProfit and Loss, the Cash Flow Statement for the year then ended. and a summary of the

signifacant accounting policies and other explanatory information'

ilanagement's RasPon5ibilitY tor the Financial Statem 6ntsi'ti-ci.pu"v;. Boar; of Directors is responsibte for the matters stated in section 13a(5) of

the companies Act, 2013("the Act") with respect to the preparation of these financial

statements to give a true and fair view of the f.nancialposit.on, f.nancial performance and

cashflowofthecompanyinaccordance!viththeaccoUntingprinciplesgenerallyacceptedinIndia,.ncludingtheAccountingstandardsspecifiedUndersectionl3]oftheAct,readwithRLlleTofthecompanies(Accounts)R!rles.2ol4.Thisresponsibilityalsoincludemalntenance of adequate accoLlnting records in accordance with the Provisions of the Act for

safegU.rdingoftheassetsofthecompanyandforpreventinganddetectingfraUdsandothe; irreg;larities; selection and application of appropri'te accounting policies; makingjudgmentiand estimates that are reasonable and prudent; and design, implementation and

maintenance of adequate anternal financial controls, that were operating effectively forensUringtheaccuracyandcompletenessoftheaccountingrecords,relevanttothep."pu,"tionandpresentat.onofthefinancialstatementsthatgiveatrueandfairviewandare free from material misstatement, whether due to fraud or error'

2.

Auditors' R..Pon3ibilitY3. Our responsibility is to express an opinion on these financial statements based on our audit.

GRACURE PHARMACEUTICALS LTD.

We have take into acqount the provisions of the Act and the Rules made thereunderincluding the accountino standards and matters which are required to be included in the

audit report.

we conducted our audit in accordance with the standards on Auditing specified underSection 143(10) of the Act and other applicable authoritative pronouncements issued by theinstitute of Chartered Accountants of India. Those Standards and pronouncements requirethat we comply with ethical requarements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialm isstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures ln the flnancial statements. The procedures selected depend on the auditor'siudqment, including the assessment of the riSks of material misstatement of the financialstatements, whether due to fraud or error. In making those risk assessments, the auditorconsiders lnternal fin.ncial control relevant to the Company's preparation of the financialstatements that give a true and fair vlew, in order to design audit procedures that areappropriate in the circumstance, but not for the purpose of expressing an opinion of whetherthe Company has in place an adequate lnternal financialcontrols systems over financialreporting and the operating effectiveness of such controls. An audit also lncludes evaluatingthe appropriateness of the accounting policies used and the reasonableness of theaccountin9 estimates made by the Company's Directors, as well as evaluating the overallpresentatlon of the financial statements.

4.

5.

6.

7. we believe that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the ftnancial statements.

-28 _

(98 .OpinionIn our opinion and to the best of our information and according to the explanations given tous, theaforesaid financial statements give the information required by the Act in the Mannerso required and give a true and fair view in conformity with the accounting principles generallyaccepted in India, of the state of affairs ofthe Company as at March 3f, Z0fS andits profiiand its cash flows for the year ended of that date.

?.Report on other l€gal and Regulatory RequirementsAs requlred by 'the Companies (Audito;.s nlport) Orae r, 2015,, issued by the CentralGovemment of India in terms of sub-section (11) of Section 143 of the Act (hereinafterreferred b as the,,orde/,), and on the basb of such checks of the books and records of theCompany as we considered appropriate and according to the information and explanationsgiven to us, we give in the Annexure a statement on the matters specified in paragraph 3 and4 of the Order.

10. As requlred by Section 143(3) of t re Act we roport that!a. we have sought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit.b. In our opinion proper books of account as required by law ha\e been kept by the Companyso far as it appears from our examination of those books.c. The Balance sheet, the statement of profit and Loss, and cash Frow state rne nt dealt withby this Report are in agreement with the books of account.d In our opinion, the aforesaid financiar statements compry with the Accounting standardsspecified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)Rules,2014.

e. on the Basis of the written representations received ftom the directors as on March 31,2015 taken on record by the Board of Directors, none ofthe directo rs is disqualified as onl4arch 31, 2015 ftom being appointed as a director in terms of Sectio n 164(2) of the Act.I In our opinion, the Company has reasonably adequate intemal financial control system inplace providing operating effectiveness of such controls.g' with respect to the other matters to be incruded in Auditor's in accordance with Rure 11 0fthe Companies (Audit and Auditors) Rules, 20t4, in our opinion and to the best of ourknowledge and belief and according to information and explanations qiven to us:1. The Company has disclosed the impact, if any, of pending litigations as at March 31,

2015 on its financial position in its financial statements _ Reftr Note 2.242. The Company did not have any long-term contract including derivative contract as at

March 31, 2015, which may lead to any foreseeable losses.3. There has been no delay in transferring amount, required to be transfurred, to the

Investor Education and protection Fund by the Company during the year ended March31, 2015.

Palacer New DelhiDate:19.08.2O15

For M/s Dadu Dadoo & AssociatesChartered Accountants

(Firm Registration No. O06750N)

sdl-Mahendra Dadu

Pa rtnerMembership No. 083625

-29-

(9 GRACURE PHARMACEUTICALS LTD.

Annexure to Independent Auditors' Report

Referred to in paragraph 9 of th€ fndependent Audltors' Report of even date to themembers of Graqrre Pharmaceuticals Limited on the financial statements as of and forthe year ended March 31, 2015

I (a) The Company is maintaining proper records showing full particulars, including quantitativedetails and situation, offixed assets.

(b) The fixed assets have been physically verified by the Management atthe reasonableintervals. As informed, no material discrepancies between book records and thephysical inventories have been noticed on such verification.

ii. (a) The in\entories have been physically verified at reasonable intervals during the yearby the Mana gement.

(b) In o ur opin ion, th e procedure of physical verification of inventory followed bytheManagement are reasonable and adequate in relation to the size of the Company and thenature of its bu siness.

(c) On the basis of our examination of the inventory records, in our opinion, the Company bmaintaining Proper records of inventory. The discrepancies noticed on physicalverification of inventory as compared to book record were not material and have beenproperly dealt with in books ofaccounts.

iii. The Company has not granted any loans secured or unsecured, to companies, firm orother parties covered in the register maintained under Section 189 of the Act. The refo re,the provisions of Clauses 3(iii),(iii)(a) and (iii)(b) of said Order are not appticabte to theCompany.

iv. In our opinion, and according to the information and explanations give to us, thereis an adequate internal control system commensurate with the size of theCompany and the nature of its business for the purchase of inventory and fixedassetsand for the sale of goods and services. Further, on the basis of ourexamination for the books and records ofthe company, and according to the informationand explanations given to us, we have neither come across, nor havl been informed ai,,any continuing failureto correct major weaknesses in the aforesaid irternal ccnEror systei,t.v. The Company has not accepted any deposits from public within the meanino lrtSectionsT3 to 76 of the Companies Act,2013 and the rules framed thereunder.vi, We have broadly reviewed the books of account maintained by the Cciitpanv inrespect of products where, pursuant to the rures madeby the central Governrnent ofIndia, the maintenance of cost records has been specified under sub-section (1J ofSection 148 of the Act, and are of the opinion that, prima facie, the p.esiribeaaccounts and reco rds have been made and nEintained. we have not, hov,lerer,made a detailed examination of the records with a viewto determine whether theyare accurate or complete.

vii. (a) According to the information and explanations given and the records of the cimcanvexamined by us, in our opinion, the Company is generalty regular in depositing thlundisputed statutory dues, incruding provident funcr, ernproyies' state insuianie,income-tax, sales tax, wealth tax, service tax,duty of customs, duq. of excise, valueaddedtax, cess and any other statutory dues tothe extent applicabie to ,i, with ihaappropriate authorities. According to the information and explanations glven to us, noundisputed-am_ounts pardble in respect of the aforesaid dueswere outstanding as at31r March,2015 for a period of more than six rIDnths from the date they become payabie.

-3C-

(9

Place: New Delha

Date:19,08,2015

GRACURE PHARMACEUTICALS LTD.

(b) According to the information and explanations given to usand the records oftheCompanyexamined by us, there are no dues of wealth tax and value added tax which havenot been deposited on account of any dispute. The particulars of dues of Income tax,sales tax, service tax, duty of customs and duty orexciseas atMarch 31,201S whichhave not been deposited on account ofdispute, are as follows-

For M/s Dadu Dadoo & AssociatesChartered Accountants(Firm Registration No. 00676ON)

(c) The amountrequired to be transferred to Investor Education and protection Fund has beentransferred in accordance with the provisions ofthecompanies Act, lg56andtherures

made thereunder.viii. The company has no accumurated losses as at the end of the financiar year and it has not

incurred any cash rosses in the financial year ended on that date or in the immediatelypreced in9 fina ncial year.

ix, Based on our audit procedures and as per the information and explanations given by themanagernent, we are of the opinion that the company has not defaurted in repayment ofdues to any financiar institution, or Bank, however Debenture were not rssuei uy ttreCompanyas at the balance sheetdate.

x. In our opinion, and accord ing -to

the information and explanations give to us, the companyhas not given any guarantee for loans takes by others ftom banG orfinancial instiiuti6nsduring the year. Accordingry, provisions of crauses 3(x) of the order are not appricable tothe Company.

,i. The Company has not raised any term loans. Accordingly, the provisions of Clauses 3(xi)of the Order are not applicable to the Company.

)di. During the course of our examination of the books and records of the Cornpany andaccording to the Information and explanations given to us, we have neither comi across anyinstance of fraud on or by the Company, noticed or reported during the year.

sdl-Mahendra Dadu

partner

Membership No. 083625

Nature ofth e Statre

NaUrre of f,xles Amount (in Rs.) Period of Which theamount relates

Forum in which the dues ispendino

In corYE TaxAct 1961

Income Tax Rs.6,04.316/- aY.20(N-O5 Com, of Inco]IE Ta( (Appeals)-IV New Ddhi

IncoirE TaxAct 1961

Income Tax Rs.3,30,35Ol- AY.2008-09 Com. of InconE Ta)( (Appeals)-IV New Ddhi

IncoitE TaxAct 196r.

Income Tax Ps.34,546/- AY.2009-10 Com. of Inco]IE Ta( (Appeals)-IV New Ddhi

Inco]tE TaxAc! 1961

Income Tax Rs. 1, 5a, 260,/- 4Y.2012-13 Com. of InconE Ta( (Appeals)-IV, New Ddhi

-J1-

(9BALANCE SHEET AS AT 31ST MARCH, 2015

Amount in I Amount in ?

As at 31'03'15 As at 31 03 14

Note

2.r 282i[000'oo2.2 344230296.00

2.4

SIGNIFICA T ACCOUNTING POLICTES AND NOTES TO FII{ANCIAL STATETENTS

As per our report of even dateFor Dadu Dadoo & AssociatesCharter€d Accountants(Firm Rcgistration No.006760N)

dl-A.S. Ehargava

Ch airman cum Managlng Dl.ector

28240000.00

2743@983.00

3556642.00

29535919.00

235523571 .OO

13985190.00

294a1715.OO

5r4633086.00

sdl -

Sudhir BhargavaWhole Time Director

ParticularsI. EQUITY AND LIABILITIES

(1) Shareholders' Funds

(a) Share Capital

(b) Reserves and Surplus

(2) Non-Current LiaUlibes

(a) Long-Term Borrowings

(b) Deferred Tax Liablities (Net)

(3) Current Liabalrties

(a) Trade Payables

(b) Oth er Current Liabilities

(c) Short_Term Prov6ions

Total

Assets

(1) Non - current Assets

(a) Fixed Assels

(i) Tangrble Assets

(ii) I nta ng ible Assets

(iii) Capital work-in-Progress

(2) Current Assets

(a) Current lnvestments

(b) I nv entories

(c) trade Receivables

(d) Cash and Cash Equivalents

(e) Short Term Loans and Advances

Total

2.5 26a52O19O.OO

2.6 16119695.00

) 7 33671568.0071a4725'J6-0O

2,8

2.8

2.4

19 55039,O0

2573571a.OO

30 06 0() a9 0.o o

280130.000.o0

260185226.00

701058.00

37575509.00

0.00

63635927.00

136322r28.00

627 43199.00

534@039.00614633085.00

2.9 25OOOO0.O0

2.10 68a2s027.O0

2. 11 189521280.00

2.r2 982634s2.00

2.t3 s8481727.0071a472506.OO

sdl-l.lahen dra Dadu

PartnerMembership No.083625Place : New DelhiDate :19,O8.2O15

-32-

(9STATEMENT OF PROFIT & LOSS FOR THE YEAR ENDED 31ST MARCH 2015

Pa rtiqt la rsi

INCOME

Re\€nue from operations

Other lncome

TdalRevenue

EXPENDITURE

Cost of Materials Consumed

Changes in tnventoriesof Finished

Goods, work in-process and StockinTrade

Emdoyee Benefit Expense

Financial Costs

Dep(eciation and Amortjzation Exper

Other Expenses

TotalExper6es

Profit before Tax

Tax Egense:

Current Tax

Deferred Tax

Profit/(Loss) after Tax for the year

Earning per Equity Share

4l-Mdr€ndra Dadu

Paftlter

Mernb€rship No.083625

Place : l{ew Delhi

Date :19.08.2015

Amount in I Amqtnt in {As at 3r..O3.2OtS As at 31.03.2014Nob

2.t4 82 9939335. @

r $30753. O0

669148284.00

15778656.00

2.76

841870G8.m

472219289.@

68492 6940.00

393514753.00

2.772.18

2.19

2.8

2.20

-9734792.@81026999.@

1s78906.@

3 3098151. @15 348 918 2. 00

-1113s70.0060196265.00

1619902.00

17135013.00

132631411.0074767n35.@ m3983774.00

80943166.00

25517048.00

16s4678.00

10 019 235 3.00

26318041m

-380020r.m

77674573.n

sdl -A.S. Bhargrva

C,rdrmar qrm M raging Dir€ctor

53771440.00

19.63

4/-sldhir Bh gava

Yvhole Ti]IE f,lrector

26.15

SIGNIFICANT AOCOUNTING POLICIES AND NOTES TO FINAI{CIAL STATEiGNTS

As per our report of even dateFor Dadu Dadoo & AssocbEsC,lartcrcd Accountatts(Frm Registraton o,q)676ON)

-3 3,

(9

6sh Flov6 from Opcrating ActiviuesProfit before tax*ionAdjt6tnErts for:DepreciatjmIrterest incorneInterest expeneProfit / (Loss) on tfe sale of as,sets, Cant & eq'.iFnert

Working capitrl changes;(lrErease) / D€crease in trade and cttEr recei\rables(Irrrease) / Decrease in invento.iesIrrrease / ( Decre6e) in trade aod dher payables

Gsh qendatsd ftqn oD€raionsIrtgest piidIrE6ne ta(es p6ilDvidends pakl

l*t .ash from opcl-.ting .ctivitiercash flo,r/s from investing etivitiesfurdase d property, Cant and equipnEntfurdEse cf In\restnEntProceeds frorn sale of equiprn€ntIrterest incdne

lbt @$ used in inve*ing -tMties

esh flovs from fira.EirE acdvitiesPrceeds frorn lorE-term bc.rowingshyrn€nt ca lorE-term bqrowirgstGt @$ us€d in financing 4tMt€s

Net inqease in cash d cash equivalerts

Cash and c6h €quivalenB at beAiminq of oeriod

Cash ard c6h equivdenE atend ofpedod

As per our rcportof 6,en dateFor Dadu Dadoo & Aseo<iat€.Orartered Ac@unta nts(Flnn Regisb-a tio.r t5.0O676ON)

sdl-l,Lhc.d ra D.duhrtncrl&mbcr$lp o.Oa3625Pl.c!: ttw DelhlDtc ! 19.6.2015

GRACURE PHARMACEUTICALS LTD.

STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31ST MARCH 2015

Amount in aFigures as at

31.03.2015

1mt923Sr,@

330981s1.(x'(4r12434.OO)

35945a.(x'o.m

(5a21larl().OO)(s1881m.O0)3932()911.00

ArnoJnt in IFlglJres as at

31.03.2014

80943166.00

17135013.00(531084.00)

502357.004176010.00

(17I2415.00)(9351818.00)31178970.00

101950199.00548090.00

27082939.0067n600.00

105.68495.0O36945a.00

313459@.0033a88@.00

_______J9364221_.@_

(3499r:r/l{).o0)(250qrm.o0)

411243a.m

______Ii!328e!?.09)

0.00(146s122.O0)

_-___g$!r4.oE

___52531829.0q

(71576175.00)

8613749.00533r084.00

(57631342.00)

35520253.q'

62743199.@

942634s2.m

56$000.00(10616369.00)

_1191!t!9.0E

4991859.00

57751340.00

62743199.00

sdl-Sudtir Bhargava

\Mlole nmG Dir€<tor

sd/-A.S,Bhargava

Chairman cum tlbnaging Director

-34-

(9 GRACURE PHARMAcEUTIcALs LTD.

Notes forming part of the Financial statement as at and for the year ended 31st t{arch 2015

,. Sign ifica nt Accounting policies

1,1 Basis of PreparationThese financiar statemehts are prepared in accordance with the generalry acceptedaccounting principles in India under the historical cost convention on accrual basis.Pursuant to section 133 0f the companies Act, 2013 read with rule 7 0f the companies(Accounts) Rules, 2014, till the Standards of Accounting or any addendum thereto areprescribed by central covernment in consultation and ;ecommendation of the nationalFinancial Reporting Authority, the existing Accounting Standards notified under theCompanies Act, 1955(the,Act,) shall continue to apply. Consequenuy, these financialstatements are prepared to comply in all material aspects with tt" A..drnting ttinaa.ainotified under sub-section (3C) of Section 211 of the Act ICompanies ja..orniingStandards) Rules, 20061 and the other relevant provisions of the Companies Act. 2013,

All assets and liabilities are classified as current or non -current as pernormal operating cycle and other criteria set out in Schedule III to the2013.

1.2 Flxed AssctsFixed assets are stated at cost of acquisition, including any attributable cost forbringing the asset to its working condition for its interided use, less accumulateddepreciation and impairment loss,

Deprechtion on assets is calculated on a straight _line method in terms of life span ofassets prescribed under Schedule II of the Companies Act, 2013,

Assessment b carried out at each Balance Sheet date as to whether there is anyindication that an asset (tangible and intangible) may be impaired.

1.3 Investm antsInvestments that are readiry rearizabre and are intended to be herd for not more thanone year at the point of acquisition are classified as "current Investments-. All otherinvestments are classified as "Non-current Investments,,. Current Investments arestated at lourer of cost and fair value.

1.4 Inventorle3Inventories are valued at the lower of cost or net realizable value. Basis of determinationof cost remains as follows:-

i) Raw Material, Packng Material, stores and spares are valued at cost, excludingExcise Duty.

ii) Work-in process is valued at estimated cost.iii) Finished goods are valued at costor net realizable value whichever is lower,

Exclud ing Excise Duty.

1,5 Forelgn Cu rrency TransacdonsForeign currency transactions are recorded at the exchange rates prevailing on the date ofthe transaction. Gains and losses arising out of subsequent fluctuations ara accounted foron actual payment or realization. Monetary items denominated in foreign currency as atthe Balance Sheet date are convert€d at the exchange rates prevailing on thai date.Exchange differences are recognized in the Statement of Profit and Loss.

the com pan y'sCompanies Act,

-3 5-

(9 GRACURE PHARMACEUTICALS LTD.

1.6 Revenue Recognitiorrsales are recognized when the slgnificant risks and rewards of ownership in the goods are

transferred tolhe customer and are recognized net of trade discounts rebates, sales taxand excise duty.service income is accounted as and r,vhen services are rendered and are net of service tax.

Interest incorTE is recognized on time proportion basis takhg into account the amount

outstanding and the rate applicableDividend into rne is recognised when the right to receive divkjend is established' All

expenses are provlded on accrual basis.

L,7 Employe€ Benefitsshort-term ernployee benefits are recognized as an expense and charged to the Profit &Loss Account oi ttre year in which the related service is rendered. Termination benefits arerecognized as an expense as and when incuned.

1.8 Taxes on Incomecurrent Tax is determined as the amount of tax payable ln respect of estimated taxable

income furthe year.

Defened tax is recognized for all the timing differences, subject to the consideration of

prudence in respect of deferred tax assets. Deferred tax assets are recognised and carried

iorwards only io the extent that there b a reasonable certainty that sufficient futuretaxable lncome will be available against which such deferred tax assets can be realized.

Deferred tax assets and liabilities are measured using the tax rates and tax laws that havebeen enacted substantively enacted by the Balance Sheet date.

1.9 ContingentLiabilitiesDisputed liabilities and claims against company including claims raised by fiscal authoriths(e.9. Income TaX,VAT,Excise etc.),pending in appeal for which no reliable estimates can be

made of the amount of the obligation or which are remotely poised for crystallization arenot provided for in accounts but disclosed in notes to accounts'

However present obligation as a result of past event with possibility of an outflow olresources, when reliably estimable, is recognIed ln accounts.

1.10 Use of EstimateThe preparation of financlal statements in accordance with the gen€rally acceptedaccounting principles requires the management to make estimate and assumptions thataffect the reported amounts of assets and liabilities as at the Balance Sheet date and theresults of operations during the reporting period. The actual results could differ from theseestimates. Any revision to such accounting esumates is recognised in the accountingperiod ln whlch such revision takes place.

1.11 Earnings Per ShareBasic earnings per share is calculated by dividing the net profit aftertax forthe period by the number of equity shares as on date of balance sheet.

-3 6-

(91.12 Leases

Leases in which a slgnificant portion of the risks and rewards of ownership areretained by the lessor are classified as operating leases. payments made underoperating leases are charges to the Statement of profit and Lo;s over the period of thelease.

,..13 Cash and Cash EquivalentsIn the cash flow Statement, cash and cashdemand deposits with banks, other short-termmaturities of three month or less,

equivalents include cash in hand,hiqhly liquid investments with original

1.14 Research and Development expenditureRevenue expenditure on research & development ls expensed as incurred. Howe\er incase of capital expenditure, the cost less residual value of an asset with a finite lifehas been annrtised on a systematic basis over that life.

2. NOTES TO FINANCIAL STATEMENT2.1 SHARE CAPITAL

Authorised5250000 Equity Shares of { 1Ol- each

Issued, Sub scibed and paid up

2824000 Equity Shares of I 1O/- each( of the above, 14120OO Equity Shares,fu ypaid up have been issued as Bonus Sharesby capitalization of the General Reserve )

Amount in (As at 31.03.15

s2500000

28240000

28240000

Amou nt in IAs at 31.03.14

5 25 00 000

2824000 0

2 8240 000

TheCompany hasonryone crass ofshares referred to as Equity shares having a parvarue ofr lol-.Each holder of Equity Shares is entjtled to one vote per shaie.-

The company decrares and pays dividends in Indian Rupees. The dividend proposed by the Board ofDirectors is subjectto the approval ofthe shareholders in the ensuing nnnuatbenerai'Neeun!. --

The Board of Directors in their meeting held on March 20th,2015, decrared an interim dividend of l1.20 per Equity Share. Further the Board of Directors in theirmeeting held on tgii Ar;;;i;b];,'proposed a final dividendof { 1.20 per Equity share which issubject to approval ofsharehoHers atthe ensuing Annual General Meeting to be hetd on 29th September, 2015. The totat ;tp;;;I;;'for the year ended March 31,2015 on account ofdividend is< al ll Lakhs and ror oivir]eni tax is r11.52 Lakhs.H-owever,the totar appropriation for the year ended March 31,2014 on account ofdividend was 67.17 Lakhs and { 11.52 Lakhs was provided as dividend taifo;th;it;;;. - -

-31-

(9 GRACURE PHARMACEUTICALS LTD.

The reconciliat ion of the nu rnber of shares outstanding as at March 31,2015 and March 31, 2014 is set

out belo!v : -

The details of Shareholders holdirE more than 5qo shares :-

Pdrticulars As at 315t tlarch 2015

l{o, ot Sh.res

As at 31st March 2014

No. of Shares

Equity SlBres at ttE beginnlng of the year

Equity Shares at tlE end of tfp Year

28 24000

2a 24000

2824000

2A240O0

ib me of shareholder A3 at 31st l.{arch 2015

t{o, of Shares (o/o)

As at 31st I'tarch 2014

No. of Shares ( o/o)

Sh. A.S. Bharqava

Its. Ragini Bhargava

t4edi@ment & Port Saral

Ivt. Parag Bhargava

aphar S.A.

143872O (5O.95o/o)

SS4.AO (2O.7 Ooto)

2oooo0 (o7.o8o/o)

,.51760 (0S.37olo)

1tl4(x)O (O5.1oo/o)

1438720 (s0.95o/o)

5A444O (20.70o/o\

200000 (07.08o/")

M7 A0 (o5 .21o/o)

144000 (05.10o/o)

2.2 RESERVS; & SURPLUS

1. General Reserve

Openirp Bahnce

Add BalarEe from P& L App.A/c

2. Proflt & Loss Aaount

As Fr Last Balance Sheet

Add : Depreciatioo Effect

Less : Appropriation

Transferred to General Reserve

Anpunt in IAs at 31.03.15

27465mO.(x'

60qr000.(x,

Anpurt in IAs at 31.03.14

21465000.00

6m0000.00

Add : Ilet Profrt after Tax for the year 77674513,00

24 6a 44 98 3. OO

175 254.00

3346s 000.o0

324694750.OO

310765 296.00

207@2997.00

53n!440.O0

0.00

27465000.00

26017 4437 .OO

246844983.00

6000(xr0.0oProposed Dlvidend on Equity Shares 6772500.00

1151854.00

6m0000.00

67/7600.00

1151854.00Tax on Dividend

-38-

344230 296.00 274309983.00

(9

1955039. O0

Loan for vehicles are secured by way of hypothecation of the con@rned vehide.

Amount in tAs at 31.03.15

0.q,19 55039.00

Amount in a

As at 31.03.14

0.00

3556642.00

2.3 LONG-TERM BORROWINGS

1. Term Loa n (ECB)

2. Loa ns for Vehicles

2.4 DEFERRED TAX LIABILITY

On acco(rnt of TimirE Difference

Openinq Balance

Add/Less: Provision for Current year

3556642.00

29s35919.OO

-3a(x)201.q)

278 81241.00

1654678.00

2573571A.(x) 29535919.00

-39-

GRACURE PHARMAcEUTIcALS LTD.

Profile of Vehicle Loa ns are as set out below :

Particu lar During l-2 Year During 2-3 year During 3-4 Year

Vehlcle Loan - From Banks 1168857.00 786182.00 0.00

Amount in {As at 31.O3.15

258520190.OO

As at 31.03.14

235523577.00

2.5 TRADE PAYABLES

Sundry Cred itors

2.6 OTHER CURRENT LIABILITIES

l.Current mafurity of finance lease obligatrcn

2.Acoued Salaries and Benefits

3.Statutory Dues

4.Other Payables

2.7 SHORT.TERM PROVISIONS

1- Proposed Divklend

2.Provision for tax on Dividend

3. Provision for In@me Tax

26 8s 20190.O0 235523571.AO

1601604.00

5435151.O0

1170921.0O

7912019.O0

1465123.00

4418542.00

110703 5.00

6994490.00

16119 69 s.OO

Other Payables includes Security Deposit and advance from customers.

13985190.00

67r7600.Oo

5 75927.O0

263 t8041.o0

3388800.00

57 5927 .O0

25517018.00

3 36 7r 56a.00 2948177 5.00

-40,

GRACURE PHARMAcEUTIcALs

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-4t-

<9CURRENT ASSETS

2.9 CURRENT INVE ST }{E NTSInvestment in ICICI PrudentialEquity Arbitrage Fund Regular Plan

GRACURE pnanuacEurrcALs LrD.

Amount in {As at 31.O3.15

2sooooo.o0

Amount in {As at 31.03.14

0.002500000.oo 0.0 0

2.lO Inventori€s(Physically verjfed and valued by Management)

1. Raw Material

2. Finished G oods

3. Work in Process

4. Packing Material

5. Material in Transit

2.11TRAOE RECE IVA BLES

(Unsecured but Considered good)

1. Outstanding for a period exceedrng

six m onths

2. Othe rs

2.12 CASH & BANK AALANCES1. Cash in ha nd

2. Cash at Bank

Balance with Scheduled Banks

C urrent Account

Deposit Account

Cash Credit Account

3. IYargin Money on Bank Guarantee

2.13 SHORT-TERM LOANS & ADVANCES(Unsecured but Considered good )

1. Advances recoverable in cash or kind

or for the value to be received2. Advance to Em ployees

3. Advance Incom e Tax4. Security Deposit

5. Adva nce to Suppliers6.CapitalAdvance

34379447.OO

14765663.O03526049,OO

8579943.003573925.OO

34111547.00

50 308 71.00

86184 57.00

9289423.00

6586629.0 068a25027.00 63636927.00

136322128.00

7379460.00182141820.OO

5 63 6444.0 0

130685684.001a95212aO.OO

264502.O0

38662433.O044669863.0014436654.O0

2 30000.oo

452208.00

5612 3 33.00

47 810610.00

8638048.00

2 30000.0098263452.OO 62 74 3199.00

L7634777.OO

72500.0030770033.00

5215026.O04788451.00

o.oo

- 12293053.00

95000.00

25931085.00

58 013 26.00

7478961.00

1869614.00

53469039.00

-42-

54481727,00

(92.14 REVENUE FROM OPERATIONS1.Sale of Productsa. Domesticb. Export

2.Other Operating Revenuesa.DEPB License Saleb.Duty Drawback/Refund of Excisec.Job & Technical Receipts

2.15 OTHER INCOME1.Interest2.Dividend2.Gain/Loss on Foreign Currency (Net)

2.16 COST OF MATCRIAL CONSUMEDl. Opening Stock

Raw MateraalPack ing l'4ateria I

W ork in process

2. Add : Pu rcha sesRaw MaterialPa ck in9 14aterial

3. Less : C losing StockRaw MaterialPack ing MaterialW ork in process

GRACURE pnanuacEurrcALs LrD.

Amount in tAs at 31.O3.15

121471941.00671583198.00

Amount in tAs at 31.03.14

98290185.00545876178.00

793155139.00

o.oo30309196.OO

644166363.00

99L444.0023990477.00

34111547.009289423.004618457,OO

52019427.O0

303768a12.00166916489.OO5227047 2a.OO

38379447,OO8579943.003526049.00

47 22L92a9,OO

4112438.00r13197,OO

7705118.00119307S3.OO

5331084.000.00

10447572.0O15778656.00

28320075.008462034.008391185.00

45173294.00

262304657.00138056229.00445534180.00

5030871.0039r7301.001113570.00

Cost of Material Consumed inctudes a 334660.00 (14S3179.00)towards Research.and Development Expenditure

2. ',7

CHANGE IN INVETORIES OFFtNTSHED GOODS, WORK-tN-PROCESS AND STOCK- IN- TRADE

Closing Stock of Finished GoodsLess Openinq Stock of Finished Goods

14765663.005030471.009734792.OO

34111547.009289423.008618457.00

393514753.00

-43 -

(92.18 EMPLOYEE BENEFTT EXPENSES

1. Wages & Allowances

2. Salaries & Allowa nces

3. Labour & Staff welfare

4. Contribuuon to ESI, PF & FPF

5. others

&nployees Benefit Expenses irEludes a 4476629 00

(3229 165. OO) towa rds Resea rch a nd Development

Ex p€ nd itu re

2.19 FINANCIAL COST

1, Ba nk lnterest& Finance Charges

2. tntereston Vehicle loans and others

2.2O OTHER EXPE NSES

A. Manufacturirq ExPerEes

1. Fa cto ry Insurance

2. Rent

3, Factory Repair & Maintenance

4. Freight Cartage ExPer6es

5, Eledricity & water charges

6. Laboratory & Testing Expenses

7, Machinery RePair & Maintenance

8. Security Service Charges

9, Excise Duty pakl

10. Hire charges of Air conditioners

11. CorEumable sto res'12. Generator Running & Maintenarrce

13. Handling & Other Charges

14. Dies & Purrches

15. Central Stock Transfer Charges

16. Labour charges

'€onsumable Stores includes I 1303931.00 (0.00)

Research and DeveloprI€nt Expenditure

GRACURE PHARMACEUTICALS LTD.

1209448.00369458.OO

157A906.OO

12108 20.00

409082.00

1619902.00

Amount in tAs at 31.03.r.5

35976597.0O31165659.00

2156820.OO

27a2l4r.OOa945575.OO

81025999,00

Amourt in {As at 31.03.14

25649398.00

25138898.001s42639.00

1934495.00

5930835.00

60195265.00

523813.00

891m.006736011.00

2844490.00

18808043.00

10716686.00

39752 59.00

1781539.00

22874098.00

0.00860045.00

3911186.00

332507.00

1486152.00

9 37.00

2341317.00

77281283.00

303039.OO

o.oo7267 57 4.OO

2858916.00233 22813.0013349247.OO

s179 206,00

1841101.002833s638.00

o.oo2470398.0O536a 157.00

0.00933492.00

o'oo247531s.OO

94704a96.00towa rds

-44-

(9B. Establishment Sdling and distribution1, Ad vert isem e nt

2.Audit Fees

3,Irternal Audit Fees

4.Sales Prornotion

5. Commision on Sale

6.Travelling & Conveyance

7. Dbcount

8. Entertainment

9. Fees & Taxes

l0,General Expenses

ll.Insurance - Vehicles

12.Legal & Professiona I Charges

13.Membership & Subscrip on

14.Pctages & Courier Expenses

l5.Printing & Stationery

15.Om@ Rent

lT.Telephone & Internet Expenses

lS.Vehicle Running & l'1a inte na nce

19,Ofrlce Repair & l4aintenarrce

20.Festival Expenses

21,Freight & Forwarding Outward

22.Exper6es on Exports

23,Books & Periodicals

24.Export Pro.nouon

25,Tours & Travelliog Director

26.Tours & Travelllng Diredor Foretgn

27.Repair & Maintenance-others

28.Rent- Warehouse

29.Loss on Sale of Assets

30.Lease Rent (Mercedies Benz)

Total (A+B)

Expenses

Anrount in tAs at 31.03.15

aa4q).oo61798.OO

26966.OO

217005a.oo

6a598a.OO

3062185.0O

o.oo249006.OO

57alao.oo6a25 71.0O

184511.0O

2842061.0O

1594aa.oo

305622,0O

3087391.O0

23r. os 28.00

143 0099.0 0

loo4660.OO

11094 50.O0

511678.O0

6854984.O0

25345849.00

63355.0O

I246s69.0O

338023.00

2369032.0O

2A46734.OO

7 2000.0 0

o.oo

1097100.Oo

Amount h <

As at 31.03.14

248394.@

51798. m26955.00

375295.m

159524.m

2905517. m

91901.m

201466.00

1869407.m

743605.@

275088.00

1614650. m153844.00

227888.m

204973 5.00

2309628.m

1147354.m

1718423.@

L02877r.@

441397.@

4584680.m

20619736.m

937L4.@

3582305.m

100864.00

1468989.@

2098819. m

50000.m

4176010. m

914250. m687a42a6.00

1634a9ta2.oo55350128. m

132531411.00

-45-

(9 GRACURE PHARMACEUTICALS LTD.

2.21 Receardr ard DGvGloPment ExPcltdlturc

A. R3rrenue ExpardltuEl.Cost of Materhls Carsrmed (Refer NoE No.2.16)

zwages (Refer Nde No. 2.18)

3.@rtribution to P.F and Oher Funds (refer NoE No 2.18)

4.@rEuamble Sttre (Refer NoE No.2.20)

Tot l (A)

B. Opit l E)(PGndltur! r (Reier t{oto tlo. 2.8)

1. Computer

Z Furdtrre3. lab Equitrnent

Tot l (B)

Total (A+B)**Excluding fi narce cctsdepreciatboamortbatbn and inpaiment

222 ExpcnsB at VlCtnam

l.lrEurance

ZOffice Expenses

3.Omce Rent

4. Miscella neous Expenses

5. koduct Registration ExPerEes

6. Salary

T.Teiing Expenses

& I'la.keting

Amount in <

As at 31.03.15

334660.OO

3066425.0O14094(N.m1303931.0O

_-_____!!-r5??9-ql

29295.m174501.0O

r1359687.0O

4s77 443.N1(}592703.OO

Arnount in tAr at 31.03.14

1453179.00

3L24404.O0

104761.00

0.00

4682344.00

1:}3800.00

0.00

4932738.00

5066538.00

-94S9S?4!.

61965.m1o:t900.0o304425.q)

1174545.mo.q,

7 75 5 @.OO

1384705.q'o.(xt

3405040.0o

46113.00

60200.00

389400.00

16333s3.00

215475.00

633900.00

5/2238.00

1337008.00

____18826C2.09_

**Expenses at Viebam have been clubed with ExperEes on Export at pdnt no. 22 shown under

Etabli$ment,Sellirg and Disb-ibutjon Exper6es (Note No, 2.20).

-46-

(92'23 cont'acts/a rrang ements entered into by the company with rerated parties at arm.s

length basis.

2,24 &ief particulars of disputed liabitities

Nature of theStatue

Nature of Dues Amount(int)

Period of Whichthe amo unt

relates

Forum in w hi.h thpd ues is pen ding

I nco rne Ta xAct,1961

Income Tax < 6,04,3t6/- A.Y.2004-05 Com, of Income Tax(Ap peals)- IV, New

Delh i

I nco rne TaxAct,1961

Income Tax { 3,30,350/- A.Y.2008-09 Com. of Income Tax(Ap peals) - IV, New

Delh i

I nco me TaxAct,1961

Income Tax < 34,546/- A.Y.2009-10 Com. of Income Tax(Ap peals)- IV, New

Delh i

Inco rne TaxAct,1961

Income Tax { 1,58,260/- A.Y. 2012-13 Com. of Income Tax(Appeals)- IV, New

Delh i

2.25 Depreciation & Amortisation Expenses

Depreciatio &Amortisatlon includes t1553851/- towards Research and Development.

2.26 Earning per Share

Baslc earning per share is computed by dividing the net profrt after tax by the number ofequity shares outstanding during the period.

Sl. No. Pa rticula rs Detailsa) Name (s) of the ret-tedlartyEiSture of

relationshipa. Mrs. Ragini Bhargava, W/o Sn. e"S. Ah;rg;t,Manao ino Director of the Comoanvb. Mrs. Sheere Bhargava, Wo Sh. paragBhargava, Whole Time Director of the Company

b) Nature ofcontracts/arrang ements/transaction

a.Rent

b.Salaryc) Salient terms of the contricts or

a rrangements ortransaction including thevalue, if any

a.Rent: < 22,24,728

b.Salary: { 29,40,000

-47-

(9

ITE}I

Oried Aluminium Hyd.

Paracetamol

OioxacineFamotidirECiprofloxacjn Hd

IhJprofenAceclofenac

Amoxcillin TrihydrateFero (Efu mera te

Albend azolePantop razo les od iu m

Chlo zo xa zole

Levofloxacine

Lactulose SoldionRanitid irEt',lo rfi ox ac in

Celecoxib

Diclofenac Sodium

Meth oca ft a rnc I

Diloxanile FtroateFax ofen ad ine

LangrazohAs@ruc Acileo.ioxibCeflxime l,rSP

Ilon(iii) Hyforyl+troridazole Benzoate

Fluconazole

QUnine SdphateEnalapril Maleate

CefuroxirE AxetilOthers

Total

GRACURE PHARMACEUTICALS LTD.

2,27 Auditors' Remuneration

(a) Stat uto ry Audito rs

-Tax Audit Fee s

Total

(b) Intemal Audit Fees

2.28 Details of C on su mPtion,Prod uct ion, Sto cks and Sales

a) Detail Of Raw l.laterial Consumed

Amount in Is at 31.O3.15

44944,OO16854.OO

Amount in tAs at 31.03.14

44944.@16854.00

6179a.OO 61798.00

26956.0O 26472.@

UNIT

KG

KG

KG

KG

KG

KG

KG

KG

KG

KG

KG

KG

KG

KG

KG(G

KG

KG

KG

KG

KG

KG

KG

KG

KG

KG

KG

KG

KG

KG

KG

KG

201/+ 15

QUANTITY VALUE QUAi'ITITY VALUE

I in lacs

10.49

42.A5

10.42

2.9030.5r39.24

9.03

0.00

14.33

26.555.83

5.78

38 78

24.40

r0.4214.09

17.26

9.9711. 15

7 8.692.a7

2.21

56.4358.400.m0.00

0.00

0.00

115.575.840.00

1909.562565.13

20r3-14

? in lacs

10100.59 11.6430017.19 84.ss

3ss.15 10.37o.oo o.o0

1574.09 69.1965,09.27 44.57587.a9 s.93972,29 21,44

7469.00 13.6r1539.53 24.82

o.00 0.00724.69 4.7362t.7A 17,44

3699,00 9.9610r,5.14 9.67619,35 13.86650.97 15.93427.29 2.24

1291.20 10.865582.a6 7A.69525.00 37.67364.30 3.02

8097.46 44,13/106.53 45,6s?27,24 31.34

3972.41 10.672507.31 17.291041.07 64.451749,77 109.36

o.oo o.oo1292.a7 138.85

2043.O4.....,EE5T

7758.8915519.71

3 56.3 7

112.831543.255904.02894.78

0.007 t72.421709.95

327.92886.12

137 3.57

9060.001010.71614.30650.88

1678.601297.305582.86

399.5 7

233.9?7460.77

514.000.000.000.000.00

L7 47 .19105.04

0.00

-48-

(9b) Raw Material Consumed o/oage Wise

i) lmportedii)IndigenousTOTAL

4. Licensed, Installed Capacity & Actual production.u nit

Tablets In lacsCapsules In lacsDry Syrup Botfles ln lacsUquid Injectabtes (Inct- Viats/Amp.ding EyelEar Drops) In lacs

2014-15o/oAGE VALU E

I In Lacs3.16 94.a6

96.a4 2900.1s

2013- 74

%AGE VALUE

{ In Lacs

L2.43 318.9a7 ,57 2246.23

100 2995.O1 100 2565.13

Liq uid Syrup

Olntments

5. StocksITEM

Tablets

Capsules

Dry SyrupL.lquid Syrup

Raw Material

6. SalesITEM

Tablets

Capsules

Dry Syrup

Uquid Syrup

Olntments

Bottles in lacs

Tu bes in lacs

UNIT

In lacs

In lacs

Bottles ln lacs

Bottles ln lacs

In 'OO'kgs

UNIT

In lacs

In lacs

Bottles in lacs

Bottles in lacs

Tubes in lacs

2014-rsQTY, VALU E

? in lacs5273.9 4574.5

1439.69 14a4,929.42 355.4a

6,-.74 L42a.t24.O3 78.53

7931.5s

N. A.

N. A,

N, A.

225

t46100

Licensed InstalledCapacity Capacity

N. A. 21900N. A. 6276N. A. 144

Produ ctio n2014-15 2013-14s362.a6 5540.941457.55 12L3.46

13 10.2

62.46 65.124.O3 3.32

AS AT AS AT31.O3.15 31.03.14

t97.4 108.4425.04 7.L83.5a 0

o.95 0.232078.9 472.23

2013-t4QTY. VALUE

< In Lacs

5680.21 35 64.451240.67 tl61.2t

8.54 289.6 6

66.23 13 67.0 B

3.32 59 .26

64 4L .66Tota I

-49-

(92014-15 20L3-14? in Lacs I In Lacs

6151.4 5183.26

2.31 DividendThe company remits the equivalent of the dividend payable to Non-resident

Shareholders. Dividend is remitted in Indian Rupees to the Depository Bank and

then bank purchased and transfer the equivalent foreign currency to Non-resident

Sharehotders. Dividend b remitted in Indian Rupees to the Depository Bank and

The particulars of dividends the year ended March 31, 2015 and March 31,2014 are asfollows:

Prevlous yea/s figures have been regro uped / reworked / rcarranged where ever

Necessary to co nform to current yea/s dassificatlons.

As per our report of e vendateFo. I/a. Drdu Dadoo I A3aoclatatcha arad accounta nta(Fi.m Reglstratlon No. 006760N)

sdl -Sudhir gha rg.v a

w hole Time Director

2.29 Earnings in foreign exchange

FOB value of Exports

2.30 Expenditure in foreign exchange

a. Raw Materials and Packaging Materials

b. Export Promotion

c. Interest on term loan

d. Capital Goods

e. Expense at Vietnam

2 014- 15

{ in Lacs

100.6177.65

o36.0238.O5

2013- 14

t in Lacs

77 6.7r27 .89

0.9398.28

48.88

( in Lacs

ijrti.rtao NumberofNon- Numberofsharesto Year ended March31,

Resident sha re which the dividends

holders relate 2015 20L4

Interim dividend nscal 2015 2 344000 4.13

Final dividend for fiscal 2014 2 344000 4.13

Interim dividend fiscal 2014 2 344000 4.13

Final dividend for fiscal 2013 2 344O0O 4.13

sdl -X ahlnd r. DaduPa rtna lit.m ber.hip No. 083 625Placa: Ncw Dalhl.Drt.! 19.O4.2O 15

sdl -4.3.8 h. rgava

Chairman culn llanrging Di.Cctor

- 50-

(9@BALANCE SHEET AASTR CT AND COMPANY'S GENERAL BUS!NESS PROFILE.

GRACURE PHARMACEUTICALS

l) Rqisttation a).aa,

c) aalance Sheet dare

ii) C.pat l r.ied dori6C the y€ar.

d) Priva te Placement

iii) Po5itionof Mobilir.tion I Deptoymentof rund3:

!) Ior.r LiabilitiG.

c) Sou.c.! oa rundi:

- Res€rues & Surplus- Defened Tax Liabilit

d) Appli..tion ofFur

- Capital Wo.k in Pro(

- l{et Curent Ass€ts- Mis.. Expenditure

aY) Prform.nc. of(a) Iurnover (Iotal lnob) Total Exp€od iture

e) Ear.rnq Per ShaE (

r) O'v,dend Fate (in %

v) Gc.e.i. names of rhr€e Princip.l Pioduct/SeBic.. or Comp.ny:(As p€r monetary tertr

ii) ChloramphenEolO.Slli)Enal.pril aleate

4900255

3r.3.2015

,L4472718472

2a240344194

257351955

300aa1o

250096743

o

441870,41677100r927343'26.15

24

A3 pcr our r.po.t of ev.n d.Efor Dadu D.doo A Associat tChartlr€d Ac.ountants(rinn R€0i5trarion llo.005760N)

xdb€r3hip No,Oa3625

Dat6 : 19.08.2015

A.s. Bh.19.v.Ch.irm.n cum Managing Di..cta

125204100!104052 15 50 00 3 5

r0 72 17 43 30CrO

Sudhir Bh!19avaWhol€ Time Director

- 51-

(9Form No' M GT-ll

ProxY form

lPurluanttosectlonto5(6)ofthecompaniesAct,20l3and-rUle19(3)o'thecomPanlCs- iuinagement tnd adminlstratlon) Rules' 20141

CIN

N ame of the ComPanY

Registered Office

I/we, belng the member (s)hereby appolnt

l. l{a me:Address:E-mail ID:

signatures: orfaillng hlrn "" ""'

2. Name:Address:E-m a il ID:

signatures: or fail' ng him """""'

As my/our proxY to attend and vote (on a poll) for me/ut and on my/our b€half at theiinrli b"nL."r ileeting of the compa;y, to be hetd on the 29rh Day of september, 20_15,

liit" ifr"i."to.a Ct;b, Ratsina ioaa, tew Dethi and at any adrournment thereof in

rcspect otsuch resolutions as are indi'ated below:

RESOLUTrO l{o. I

To consider and discuss and adopt the Balance sheet as at 31st March, 2015, Profit and LoSS

Account and Cash Flo$/ Statement for the year ended on that date'

RESO LU TIO N NO.2

To declare dividend. if any, on Equity Shares for the year ended 31r March 2015

RESO LUTTO N NO. 3

To elect Dlrector ln place of Mr. sudhir Bhargava who retires by rotation and being ellgible, otrers

himself for re-aPPointment.

RESOLUTIO N NO. 4

To elect olrector ln place of M.r. Pradeep xumar Rastogi, veho retlres by rotation and being eliglble,

offers hlmself fo r re-appo lntment,

RESOLU TION NO.5

To re-appolnt Statutory Audltors of the Company to hold office from the conclusion of this AGM until

the conciuslon of the 28th AGM and fix their remuneration

: u 24232D11992P1C049002

: GRACUR E PHARMACEUIICALS UMITEO

: 251-254 IInd Floor, DLF Tower, 15 ShivaliMarg, New Delhi-110015

of ......-...,............. Shares of the above named comP'ny,

-52-

<9RESOLUTION NO. 6

To consider and, if thought fit, to pass with or without modification the special Resolution inconnection wrth obtaining approvar of shdrehorders for the revision or .",nul,"rution oir,ai.-A s.Bhargava, Chairman cum tvlanaging Director of the Compury *.".f. 01.04.2015.

RESOLUTION NO. 7

To consider and,.if thought fit, to pass with or without modificatjon the ordinary Resolution inconnection with obtaining approvar or sharehorders ror tne ,evision or r."nl*"rufion;il;;;;;;Bhargava, Whole Time Director of the Company w.e.f. O 1. 04.2O t;.RESOLUTION NO. A

To consider and, if thought fit, to pass wrth or without modificatron the ordinary Resolution inconnection with obtaining approval of shareholders for the revision of remunerattrl "iM;.

;;;;i;Bhargava, Whole Time Director of the Company w.e.f. Of .Oq.ZOfi.

RESOLUTION NO. 9

To consider and, if thought fit, to pass !ryith or without modificatron the ordinary Resolution in:onnection with obtaining approvar of sharehorders ror ttre revifion or r"-rn".ittn' oi rii.- p. x.Rastogi, WholeTime Director of the Company w.e.f. 01.04.2015.

RESOLUTION NO. 10

To consider and. if thought fit, to pass with or wjthout modification the special Resolution inconnection with obtaining approval of shareholders ror trre reviiion of salary of 1,ts. Ms. sheereBhargava, w.e.f . O1.1O.2Ot5.

Signed this 19h dayofAugust,2Ol.5

Signa tures of shareholder

Signatures of Proxy holder(s)...

AffixRevenueStamp

Note: This form of proxy in order to be effective shourd be dury compreted and deposited at theReg istered office of th e company, n ot h ss than 48 hou rs before the co mrne ncement of th e M eeting.

-53-

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GRACURE PHARMACEUTICALS LTD.251-254,2n0 Floor, DLF Tower15, Shivaji Marg, New Delhi - 110015