1. We have audited the attached Consolidated Balance Sheet of LUPIN
LIMITED (the Company), and its subsidiaries, (the Company and its
subsidiaries constitute “the Group”) as at 31st March, 2011, the
Consolidated Proft and Loss Account and the Consolidated Cash Flow
Statement of the Group for the year ended on that date, both annexed
thereto. The Consolidated Financial Statements include investments in
associates accounted on the equity method in accordance with Accounting
Standard 23 (Accounting for Investments in Associates in Consolidated
Financial Statements) as notifed under the Companies (Accounting
Standards) Rules, 2006. These financial statements are the
responsibility of the Companys Management and have been prepared on
the basis of the separate financial statements and other information
regarding components. Our responsibility is to express an opinion on
these Consolidated Financial Statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the signifcant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. We did not audit the financial statements of 13 subsidiaries, whose
financial statements refect total assets of Rs. 9454 million as at 31st
March, 2011, total revenues of Rs. 9217 million and net cash inflows
amounting to Rs. 231.4 million for the year ended on that date as
considered in the Consolidated Financial Statements. These financial
statements have been audited by other auditors whose reports have been
furnished to us and our opinion in so far as it relates to the amounts
included in respect of these subsidiaries is based solely on the
reports of the other auditors.
4. We report that the Consolidated Financial Statements have been
prepared by the Company in accordance with the requirements of
Accounting Standard 21 (Consolidated Financial Statements) and
Accounting Standard 23 (Accounting for Investment in Associates in
Consolidated Financial Statements) as notifed under the Companies
(Accounting Standards) Rules, 2006.
5. Based on our audit and on consideration of the separate audit
reports on the individual financial statements of the Company, its
aforesaid subsidiaries and an associate, and to the best of our
information and according to the explanations given to us, in our
opinion, the Consolidated Financial Statements give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(i) in the case of the Consolidated Balance Sheet, of the state of
affairs of the Group as at 31st March, 2011;
(ii) in the case of the Consolidated Proft and Loss Account, of the
proft of the Group for the year ended on that date; and
(iii) in the case of the Consolidated Cash Flow Statement, of the cash
flows of the Group for the year ended on that date.
For Deloitte Haskins & Sells
Chartered Accountants
(Registration No.117366W)
K. A. Katki
Place : Mumbai Partner
Dated : May 12, 2011 Membership No. 038568
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