Accelerating a

Healthy India
Energy where
it matters
GlaxoSmithKline Pharmaceuticals Limited
Annual Report 2017-18
Our DNA

Our strategy
Bring quality, needed healthcare
products to as many people
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and technical know-how
and talented people.
Our values and expectations
˒ Patient focus ˒ Courage
˒ Transparency ˒ Accountability
˒ Respect ˒ Development
˒ Integrity ˒ Teamwork

We are committed to meet the unmet and underserved healthcare needs of the next billion
Indians. We will be accelerating growth with sharp focus on three new priorities - Innovation,
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prepared for...

Accelerating a healthy India with

Energy where it matters.
Note: Members are requested to
Contents kindly bring their copy of Annual
Message from the Managing Director . . . . . . .. .. .. . 01 Report to the Meeting.
Accelerating a Healthy India . . . . . . . . . . . . .. .. .. . 02
Financial Highlights & Performance Summary . .. .. .. . 10 Annual General Meeting
Board of Directors & Management Team . . . . .. .. .. . 12 Tuesday, 24th July, 2018 at 2:30pm
Directors’ Report . . . . . . . . . . . . . . . . . . . .. .. .. . 13 Birla Matushri Sabhagar,
Annexure ‘A’ to ‘G’ to Directors’ Report . . . . . .. .. .. . 25 19, Sir Vithaldas Thackersey Marg,
Independent Auditors’ Report . . . . . . . . . . . .. .. .. . 63 Mumbai 400020
Financial Statements . . . . . . . . . . . . . . . . .. .. .. . 70
Form AOC-1 . . . . . . . . . . . . . . . . . . . . . . .. .. .. 119
Biddle Sawyer Limited . . . . . . . . . . . . . . . . .. .. .. 120
Consolidated Financial Statements . . . . . . . . .. .. .. 134
 WyattPrism Communications

GlaxoSmithKline Pharmaceuticals Limited

GSK House, Dr. Annie Besant Road, Mumbai - 4000 030. Tel: 022-2495 9595 | Fax: 022-2495 9494
www.gsk-india.com
 1

Message from the

Managing Director

"At GSK too, we believe that we are at the cusp

of a new era. The new direction provided by
our Global CEO, Emma Walmsley has seen the
emergence of three clear priorities – Innovation,
Performance, Trust."

Dear Shareholders, 13 markets, with comparable peers. HPHUJHQFHRIWKUHHFOHDUSULRULWLHV

I am proud to report that in 2017-18, we
continued to keep our customers at the
forefront of all our endeavours with our
initiatives for reach, quality and reliable
supply of our medicines. Your Company
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and underserved needs of patients in
the country. The Indian healthcare sector
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for more access and affordability of
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its future.
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customers - the faith that they have in
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effective internally and sharply focus our
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to create fresh avenues to reach our
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awareness on diseases. We have also
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at six-month intervals, have revealed
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a majority extremely proud to work
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value for our shareholders. We will be
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in innovation with the launch of our
but more focussed priorities. This will
hexavalent DTap vaccine, Infanrix
help us become more competitive, win
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implementation of a landmark indirect tax WKHHQHUJ\ZLOOXQORFNSRWHQWLDODQG
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at the cusp of a new era. The new
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Annual Report 2017-18
2 GlaxoSmithKline Pharmaceuticals Limited

Innovation
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the most competitive claims and labels,
and brilliant execution of our launches.
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We aim to be one of the most ,Q,QGLDZHDUHEULQJLQJLQQRYDWLYHSURGXFWVIURPRXUVWURQJ

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innovative companies in the world. WRWKHKLJKHVWOHYHOVRIFRPSOLDQFHLQWKHLQGXVWU\7KURXJK
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development, we continue with our commitment to meet the
with deep consumer and patient unmet and underserved healthcare needs of the country.
understanding to develop new and
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Brilliant execution of new launches

Infanrix Hexa - World’s No. 1 hexavalent

DTaP vaccine
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in patients with central venous or arterial catheters. This
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value. They have been well received by healthcare professionals
who are keen to recommend it.
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will continue to launch more innovative
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for new opportunities and avenues
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Annual Report 2017-18

 GlaxoSmithKline Pharmaceuticals Limited

Performance
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Company Overview Statutory Reports Financial Statements 5

GSK aspires to be amongst the best performing companies in the world.

Performance, as one of the three priorities, requires us to focus our energy
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execution and deep customer engagement, simplicity and synergising right
talent and technology to drive high levels of performance.
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professional engagement
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our behalf and de-linked our sales
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channels. Our sales force is equipped
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interactions to deliver a personalised,
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industry has re-drawn the contours of
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with our priority of performance. With
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now be able to access information, Vaccines self-pay market
seamlessly and in real-time, track
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enabled us to holistically harness and
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products, pay vendors, raise invoices
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Developing the right talent
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view. We have a workforce that is a
mix of experience and youth. Diversity
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The self-pay vaccines market is valued at around
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Annual Report 2017-18

 GlaxoSmithKline Pharmaceuticals Limited

Trust
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products to as many people as possible,
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 Company Overview Statutory Reports Financial Statements 7

Healthcare is a business that has trust at its core. $W*6.,QGLDZHFRQVWDQWO\IRFXVRQ

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Everyday, countless patients and consumers put medicines to provide better and more
their health and that of their families in our hands affordable healthcare to more people in
because they trust us. GSK is committed to becoming WKHFRXQWU\4XDOLW\LVSDUDPRXQWWR*6.
and comes from the quality culture that is
one of the most trusted companies in the world. GHHSO\HPEHGGHGZLWKLQRXU'1$

Reliable supply
To ensure timely secure supply of
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Chain team has worked on a series of
measures over the last couple of years.
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a robust demand review process, that
has resulted in our demand forecast
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we have been able to increase our
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have also developed alternate sources
for our key products as well as raw
materials to minimise disruptions due to
unavailability of input materials.
We have invested in expansion at our
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further secure supply of our medicines,
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Quality of our products
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company with our parent to ensure
that we sustain the same standard of
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Quality system and continued
emphasis on the performance of our
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healthcare professionals.
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has invested in a state-of-the-art
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site for the manufacture of our thyroid
hormone, Eltroxin.
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invested in a state-of-the-art facility at
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which will enhance the quality, service
and compliance of our medicines.
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from the previous survey.
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views on the same.
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conducted twice a year as it helps
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well, what we can improve and what we
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compliant, but also on a continued path
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Annual Report 2017-18
8 GlaxoSmithKline Pharmaceuticals Limited

Corporate Social Responsibility

Healthy communities are the backbone of strong, sustainable societies. But there are still millions of people
without access to basic healthcare. Our CSR projects are designed to be sustainable in the long term. In 2017-18,
GlaxoSmithKline Pharmaceuticals Limited has invested ` 11.25 crore in communities that positively impacted over a
million people.

Partnering India to Eliminate Lymphatic Filariasis

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Minister said that the Government has prepared action
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products. LF is transmitted by mosquitoes.

continuum of care approach in the FRPPXQLW\PHPEHUVLQFOXGLQJ

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Saving our newborns
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world, 1 dies in India. We lose over
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are preventable. India has committed
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delivery and newborn care services
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for essential care of mother and
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were conducted. Over 250 mother
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care for are homeless, while others
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Company Overview Statutory Reports Financial Statements 

Child nutrition
In India, one in three women of
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estimated that one in every two Indian
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anaemia and that it is associated with
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to child nutrition in one of the
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the postnatal period and into early
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we aim to improve the nutritional
status of 7,000 married women at pre
and post conception and delivery and
of 5,000 children under six years of
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40
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comes in with residential, educational,
nutritional and transportation support to
children affected with cancer and
their parents.
we are persistently constrained by
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10,000
in the next four decades will be driven and schools.

children provided access

to school sanitation

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300
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100
vulnerable children provided
holistic care

Annual Report 2017-18

10 GlaxoSmithKline Pharmaceuticals Limited

Financial Highlights

*Revenue from operations includes excise duty as per Ind AS 18. However, consequent to
the introduction of Goods & Service Tax w.e.f. 1st July 2017, Central excise duties, VAT *The EPS and Book Value for the year 2017-18, year 2016-17, year 2015-16 and 15
etc. have been subsumed under GST. In accordance with Ind AS and Schedule III of months ended March 2015 are as per Ind AS. Prior year 2013 is as per IGAAP.
Companies Act, 2013, GST is not part of Revenue. Accordingly the revenue from
operations for the period 2017-18 are not comparable with the previous periods.

* The Net Profit for the year 2015-16, year 2016-17 and year 2017-18 are as per Ind AS. * Profit Before Tax and Revenue from Operations for the year 2017-18, year 2016-17,
Prior year 2013 and 15 Months Ended March 2015 are as per IGAAP. year 2015-16 and 15 months ended March 2015 are as per Ind AS. Prior year 2013 is as
per IGAAP.

21%
18%
17%* 17%*

*Earnings Before Interest, Depreciation, Exceptional Items and Tax and Revenue from * % Utilisation of Income excludes Exceptional Income
Operations for the year 2017-18, year 2016-17, year 2015-16 and 15 months ended
March 2015 are as per Ind AS. Prior year 2013 is as per IGAAP.
 Company Overview Statutory Reports Financial Statements 11

Performance Summary

(Amount in ` lakhs)
2017-18# 2016-17# 2015-16# 15 Months 2013 2012 2011 2010 2009 2008
Ended
March
2015#

PROFIT AND LOSS ACCOUNT

Revenue from Operations 2895,88 2994,51 2826,21 3362,36 2619,37 2700,34 2429,58 2187,48 1933,09 1771,83
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BALANCE SHEET
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Annual Report 2017-18

12 GlaxoSmithKline Pharmaceuticals Limited

Board of Directors
(As on 01.06.2018)

Chairman Management Team Factory

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Managing Director
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 Company Overview Statutory Reports Financial Statements 13

Directors’ Report

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Annexure “A” to Directors Report

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Annexure “B” to Directors Report

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Annual Report 2017-18

28 GlaxoSmithKline Pharmaceuticals Limited

P Attendance of each Director at the Board meetings and last Annual General Meeting (AGM) and the number
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Annual Report 2017-18

30 GlaxoSmithKline Pharmaceuticals Limited

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3. AUDIT COMMITTEE

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32 GlaxoSmithKline Pharmaceuticals Limited

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Annual Report 2017-18

34 GlaxoSmithKline Pharmaceuticals Limited

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7. GENERAL BODY MEETINGS

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8. MEANS OF COMMUNICATION
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9. GENERAL SHAREHOLDER INFORMATION

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36 GlaxoSmithKline Pharmaceuticals Limited

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Year BSE NSE

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(Rupees) (Rupees) (No. of (Rupees) (Rupees) (No. of
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P Share Performance of the Company in comparison to BSE Sensex

Company Overview Statutory Reports Financial Statements 37

P Share Performance of the Company in comparison to NSE S&P CNX Nifty

 P Equity History

Particulars No. of shares Year of issue

issued
(of ` 10 each)
2ULJLQDO+ROGLQJ 18,00,000 1924
%RQXV,VVXH 2,00,000 1947
%RQXV,VVXH 10,00,000 1962
%RQXV,VVXH 24,00,000 1968
3XEOLF,VVXH 18,00,000 1969
%RQXV,VVXH 36,00,000 1977
%RQXV,VVXH 36,00,000 1980
3XEOLFFXP5LJKWV,VVXH 56,00,000 1983
6KDUHVDOORWWHGWR*URXS&RPSDQLHV 44,89,800 1993
5LJKWV,VVXH 53,97,700 1993
%RQXV,VVXH 2,98,87,500 1995
6KDUHV LVVXHG SXUVXDQW WR WKH DPDOJDPDWLRQ RI 6PLWK.OLQH %HHFKDP 1,47,00,000 2001
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Total 8,47,03,017

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38 GlaxoSmithKline Pharmaceuticals Limited

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2. %LUOD6XQ/LIH7UXVWHH&RPSDQ\3ULYDWH/LPLWHG 2.29
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7. 9DQJXDUG(PHUJLQJ0DUNHWV6WRFN,QGH[)XQG 0.30
8. 7KH,QGLD)XQG,QF 0.22
9. 7KH1HZ,QGLD$VVXUDQFH&RPSDQ\/LPLWHG 0.17
10. 87,1LIW\1H[W([FKDQJH7UDGHG)XQG 0.14

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No. of Equity Shares held Folios % Shares %

8SWR 32808 34.83 356812 0.42
26 to 50 14575 15.48 622346 0.73
51 to 100 17797 18.90 1445801 1.71
101 to 500 26629 28.28 5216589 6.16
501 to 1000 1662 1.76 1167258 1.38
1001 to 10000 657 0.70 1353807 1.60
DQGDERYH 47 0.05 74540404 88.00
Grand Total 94175 100.00 84703017 100.00

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Category No. of Shares %

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)RUHLJQ1DWLRQDOV 2,875 0.00
Individuals 93,85,920 11.09
2WKHUV 5,07,994 0.60
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42 GlaxoSmithKline Pharmaceuticals Limited

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Annexure “E” to Directors Report

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Annual Report 2017-18

54 GlaxoSmithKline Pharmaceuticals Limited

Category of No. of Shares held at the beginning of the No. of Shares held at the end of the year %
Shareholders year i.e. 1st April 2017 31st March 2018 Change
Demat Physical Total % of Demat Physical Total % of during
Total Total the year
Shares Shares
1%)&V5HJLVWHUHGZLWK 6265 0 6265 0.01 7728 0 7728 0.01 0.00
5%,
1RQ5HVLGHQW,QGLDQ 0 2065 2065 0.00 0 1434 1434 0 0.00
5HSDWULDEOH
7UXVWV 18191 0 18191 0.02 15929 0 15929 0.02 0.00
1RQ5HVLGHQW,QGLDQV 91471 0 91471 0.11 67617 0 67617 0.08 -0.03
&OHDULQJ0HPEHUV 11441 0 11441 0.01 12726 0 12726 0.02 0.00
1RQ5HVLGHQW&RPSDQLHV 0 294 294 0.00 0 0 0 0.00 0.00
1RQ5HVLGHQW,QGLDQ1RQ 161046 6766 167812 0.20 255659 3656 259315 0.31 0.11
5HSDWULDEOH
'LUHFWRUV 612 0 612 0.00 612 0 612 0.00 0.00
)RUHLJQ1DWLRQDOV 2875 0 2875 0.00 2875 0 2875 0.00 0.00
IEPF 0 0 0 0.00 322728 0 322728 0.38 0.38
6XEWRWDO% 8847550 2091953 10939503 12.92 8998695 1644310 10643005 12.57 -0.35
Total Public Shareholding 19054205 2121550 21175755 25.00 19503638 1672117 21175755 25.00 0.00
(B)=(B)(1)+(B)(2)
C. Shares held by 0 0 0 0.00 0 0 0 0 0.00
Custodian for GDRs
& ADRs
Grand Total (A+B+C) 82581467 2121550 84703017 100 83030900 1672117 84703017 100 0.00

 LL 6KDUHKROGLQJRI3URPRWHUV
Sr. Shareholder’s Shareholding at the beginning of the Shareholding at the end of the % change
No. Name year year in share
No. of % of total % of Shares No. of % of total % of Shares holding
Shares Shares Pledged/ Shares Shares Pledged/ during
of the encumbered of the encumbered the year
Company to total Company to total
shares shares
1 *OD[R*URXS/LPLWHG 30485250 35.99 0 30485250 35.99 0 0
2 (VND\ODE/LPLWHG 5880000 6.94 0 5880000 6.94 0 0
3 %XUURXJKV:HOOFRPH 3360000 3.97 0 3360000 3.97 0 0
,QWHUQDWLRQDO/LPLWHG
4 *OD[R6PLWK.OLQH3WH/LPLWHG 23802012 28.10 0 23802012 28.10 0 0
Total 63527262 75.00 0 63527262 75.00 0 0

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Sr. Name of promoters Shareholding at the Cumulative Shareholding
No. beginning of the year during the year
1st April 2017 31st March 2018
No. of Shares % of total No. of Shares % of total
Shares of the Shares of the
Company Company
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Company Overview Statutory Reports Financial Statements 55

iv. Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and
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Sr. Name of the Date Remarks Shareholding at the Cumulative Shareholding
No. Shareholder beginning of the year during the year
No. of % of total No. of % of total
Shares Shares Shares Shares
of the of the
Company Company
1 LIFE INSURANCE CORPORATION OF INDIA
01/04/2017 $WWKHEHJLQQLQJ 5488062 6.48 5488062 6.48
RIWKH\HDU
02/06/2017 3XUFKDVH 21572 0.02 5509634 6.50
09/06/2017 3XUFKDVH 2196 0.01 5511830 6.51
16/06/2017 3XUFKDVH 100 0.00 5511930 6.51
23/06/2017 3XUFKDVH 82518 0.09 5594448 6.60
30/06/2017 3XUFKDVH 2732 0.01 5597180 6.61
10/11/2017 6DOH -1000 0.01 5596180 6.61
17/11/2017 6DOH -1200 0.00 5594980 6.61
24/11/2017 6DOH -9542 0.02 5585438 6.59
01/12/2017 6DOH -5079 0.00 5580359 6.59
08/12/2017 6DOH -786 0.00 5579573 6.59
15/12/2017 6DOH -3469 0.01 5576104 6.58
29/12/2017 6DOH -1210 0.00 5574894 6.58
05/01/2018 6DOH -16300 0.02 5558594 6.56
12/01/2018 6DOH -28691 0.03 5529903 6.53
19/01/2018 6DOH -27227 0.03 5502676 6.50
26/01/2018 6DOH -20526 0.03 5482150 6.47
02/02/2018 6DOH -5502 0.00 5476648 6.47
09/02/2018 6DOH -1200 0.01 5475448 6.46
16/02/2018 6DOH -7144 0.00 5468304 6.46
23/02/2018 6DOH -5980 0.01 5462324 6.45
02/03/2018 6DOH -13458 0.02 5448866 6.43
09/03/2018 6DOH -14913 0.01 5433953 6.42
16/03/2018 6DOH -2153 0.01 5431800 6.41
23/03/2018 6DOH -2787 0.00 5429013 6.41
30/03/2018 3XUFKDVH 3350 0.00 5432363 6.41
30/03/2018 6DOH -7423 0.01 5424940 6.40
31/03/2018 $WWKHHQGRIWKH 5424940 6.40 5424940 6.40
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2 BIRLA SUN LIFE TRUSTEE COMPANY PRIVATE LIMITED
01/04/2017 $WWKHEHJLQQLQJ 1264373 1.49 1264373 1.49
RIWKH\HDU
07/04/2017 3XUFKDVH 17315 0.02 1281688 1.51
14/04/2017 3XUFKDVH 10395 0.02 1292083 1.53
21/04/2017 3XUFKDVH 13500 0.01 1305583 1.54
28/04/2017 3XUFKDVH 3375 0.01 1308958 1.55
05/05/2017 3XUFKDVH 3870 0.00 1312828 1.55
12/05/2017 3XUFKDVH 7560 0.01 1320388 1.56
19/05/2017 3XUFKDVH 5760 0.01 1326148 1.57
26/05/2017 3XUFKDVH 9630 0.01 1335778 1.58
02/06/2017 3XUFKDVH 10495 0.01 1346273 1.59

Annual Report 2017-18

56 GlaxoSmithKline Pharmaceuticals Limited

Sr. Name of the Date Remarks Shareholding at the Cumulative Shareholding

No. Shareholder beginning of the year during the year
No. of % of total No. of % of total
Shares Shares Shares Shares
of the of the
Company Company
09/06/2017 3XUFKDVH 3960 0.00 1350233 1.59
16/06/2017 3XUFKDVH 6480 0.01 1356713 1.60
23/06/2017 3XUFKDVH 18675 0.02 1375388 1.62
30/06/2017 3XUFKDVH 10998 0.02 1386386 1.64
07/07/2017 3XUFKDVH 13410 0.01 1399796 1.65
14/07/2017 3XUFKDVH 12175 0.02 1411971 1.67
21/07/2017 3XUFKDVH 8280 0.01 1420251 1.68
28/07/2017 3XUFKDVH 12942 0.01 1433193 1.69
04/08/2017 3XUFKDVH 10116 0.01 1443309 1.70
11/08/2017 3XUFKDVH 10676 0.02 1453985 1.72
18/08/2017 3XUFKDVH 10008 0.01 1463993 1.73
25/08/2017 3XUFKDVH 14040 0.01 1478033 1.74
01/09/2017 3XUFKDVH 14940 0.02 1492973 1.76
08/09/2017 3XUFKDVH 9720 0.01 1502693 1.77
15/09/2017 3XUFKDVH 7560 0.01 1510253 1.78
22/09/2017 3XUFKDVH 10260 0.02 1520513 1.80
29/09/2017 3XUFKDVH 14490 0.01 1535003 1.81
06/10/2017 3XUFKDVH 13050 0.02 1548053 1.83
13/10/2017 3XUFKDVH 4950 0.00 1553003 1.83
20/10/2017 3XUFKDVH 9000 0.01 1562003 1.84
27/10/2017 3XUFKDVH 14130 0.02 1576133 1.86
31/10/2017 3XUFKDVH 5850 0.01 1581983 1.87
03/11/2017 3XUFKDVH 6300 0.01 1588283 1.88
10/11/2017 3XUFKDVH 13082 0.01 1601365 1.89
17/11/2017 3XUFKDVH 9900 0.01 1611265 1.90
24/11/2017 3XUFKDVH 15300 0.02 1626565 1.92
01/12/2017 3XUFKDVH 6750 0.01 1633315 1.93
08/12/2017 3XUFKDVH 11097 0.01 1644412 1.94
15/12/2017 3XUFKDVH 9000 0.01 1653412 1.95
22/12/2017 3XUFKDVH 16020 0.02 1669432 1.97
29/12/2017 3XUFKDVH 11628 0.01 1681060 1.98
05/01/2018 3XUFKDVH 28688 0.04 1709748 2.02
12/01/2018 3XUFKDVH 21600 0.02 1731348 2.04
19/01/2018 3XUFKDVH 27540 0.04 1758888 2.08
26/01/2018 3XUFKDVH 20520 0.02 1779408 2.10
02/02/2018 3XUFKDVH 24948 0.03 1804356 2.13
09/02/2018 3XUFKDVH 20520 0.02 1824876 2.15
16/02/2018 3XUFKDVH 12780 0.02 1837656 2.17
23/02/2018 3XUFKDVH 19350 0.02 1857006 2.19
02/03/2018 3XUFKDVH 18720 0.02 1875726 2.21
09/03/2018 3XUFKDVH 19080 0.03 1894806 2.24
16/03/2018 3XUFKDVH 16281 0.02 1911087 2.26
23/03/2018 3XUFKDVH 17100 0.02 1928187 2.28
30/03/2018 3XUFKDVH 8100 0.01 1936287 2.29
31/03/2018 $WWKHHQGRIWKH 1936287 2.29 1936287 2.29
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Company Overview Statutory Reports Financial Statements 57

Sr. Name of the Date Remarks Shareholding at the Cumulative Shareholding

No. Shareholder beginning of the year during the year
No. of % of total No. of % of total
Shares Shares Shares Shares
of the of the
Company Company
3 GENERAL INSURANCE CORPORATION OF INDIA
01/04/2017 $WWKHEHJLQQLQJ 965718 1.14 965718 1.14
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31/03/2018 $WWKHHQGRIWKH 965718 1.14 965718 1.14
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01/04/2017 $WWKHEHJLQQLQJ 626279 0.74 626279 0.74
RIWKH\HDU
31/03/2018 $WWKHHQGRIWKH 626279 0.74 626279 0.74
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5 THE ORIENTAL INSURANCE COMPANY LIMITED
01/04/2017 $WWKHEHJLQQLQJ 405109 0.48 405109 0.48
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31/03/2018 $WWKHHQGRIWKH 405109 0.48 405109 0.48
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01/04/2017 $WWKHEHJLQQLQJ 0 0 0 0
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08/12/2017 7UDQVIHU 322698 0.39 322698 0.39
22/12/2017 7UDQVIHU 30 0.00 30 0.00
31/03/2018 $WWKHHQGRIWKH 322728 0.39 322728 0.39
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01/04/2017 $WWKHEHJLQQLQJ 275755 0.33 275755 0.33
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26/05/2017 6DOH -3757 0.01 271998 0.32
02/06/2017 6DOH -1209 0.00 270789 0.32
23/06/2017 6DOH -1316 0.00 269473 0.32
22/09/2017 6DOH -1182 0.00 268291 0.32
13/10/2017 6DOH -382 0.00 267909 0.32
27/10/2017 6DOH -933 0.00 266976 0.32
22/12/2017 6DOH -7278 0.01 259698 0.31
19/01/2018 6DOH -1182 0.00 258516 0.31
23/03/2018 3XUFKDVH 250303 0.29 508819 0.60
23/03/2018 6DOH -258516 0.30 250303 0.30
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01/04/2017 $WWKHEHJLQQLQJ 226483 0.27 226483 0.27
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28/04/2017 6DOH -1585 0.00 224898 0.27
05/05/2017 6DOH -22969 0.03 201929 0.24
23/06/2017 6DOH -63000 0.08 138929 0.16
11/08/2017 3XUFKDVH 1792 0.01 140721 0.17
01/09/2017 6DOH -3563 0.01 137158 0.16
08/09/2017 6DOH -24 0.00 137134 0.16
15/09/2017 6DOH -16 0.00 137118 0.16

Annual Report 2017-18

58 GlaxoSmithKline Pharmaceuticals Limited

Sr. Name of the Date Remarks Shareholding at the Cumulative Shareholding

No. Shareholder beginning of the year during the year
No. of % of total No. of % of total
Shares Shares Shares Shares
of the of the
Company Company
22/09/2017 6DOH -446 0.00 136672 0.16
29/09/2017 6DOH -4461 0.00 132211 0.16
06/10/2017 3XUFKDVH 110 0.00 132321 0.16
13/10/2017 6DOH -4555 0.01 127766 0.15
20/10/2017 6DOH -9 0.00 127757 0.15
27/10/2017 6DOH -27 0.00 127730 0.15
03/11/2017 6DOH -63 0.00 127667 0.15
10/11/2017 6DOH -18 0.00 127649 0.15
24/11/2017 6DOH -9027 0.01 118622 0.14
01/12/2017 6DOH -27 0.00 118595 0.14
08/12/2017 6DOH -9 0.00 118586 0.14
22/12/2017 6DOH -18 0.00 118568 0.14
29/12/2017 6DOH -37 0.00 118531 0.14
05/01/2018 6DOH -9 0.00 118522 0.14
12/01/2018 6DOH -45 0.00 118477 0.14
19/01/2018 6DOH -9 0.00 118468 0.14
09/02/2018 6DOH -288 0.00 118180 0.14
30/03/2018 3XUFKDVH 306 0.00 118486 0.14
31/03/2018 $WWKHHQGRIWKH 118486 0.14 118486 0.14
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$WWKHEHJLQQLQJ
01/04/2017 194107 0.23 194107 0.23
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29/12/2017 7UDQVIHU -7000 0.01 187107 0.22
31/03/2018 $WWKHHQGRIWKH 187107 0.22 187107 0.22
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01/04/2017 $WWKHEHJLQQLQJ 141093 0.17 141093 0.17
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31/03/2018 $WWKHHQGRIWKH 141093 0.17 141093 0.17
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Sr. For each of the Directors and KMP Shareholding at the Cumulative Shareholding
No. beginning of the year during the year
No. of Shares % of total No. of Shares % of total
Shares of the Shares of the
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60 GlaxoSmithKline Pharmaceuticals Limited

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66 GlaxoSmithKline Pharmaceuticals Limited

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68 GlaxoSmithKline Pharmaceuticals Limited

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ASSETS
Non-current assets
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Financial Assets
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2163,05.16 1649,84.48
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EQUITY AND LIABILITIES
EQUITY
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2079,94.81 2028,21.31
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1596,04.39 717,45.87
Total liabilities 1885,06.72 992,93.89
TOTAL EQUITY AND LIABILITIES 3965,01.53 3021,15.20
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Revenue From Operations   
Other Income 28  
Total Income 2949,40.03 3066,51.74

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5,58.70 (3,47.00)
Total Comprehensive Income for the year 357,57.47 333,30.51
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A. CASH FLOWS FROM OPERATING ACTIVITIES
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C. CASH FLOW FROM FINANCING ACTIVITIES
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1HWFDVKRXWÀRZIURP¿QDQFLQJDFWLYLWLHV & (306,63.48) (510,76.22)
Net increase in cash and cash equivalents (A + B + C) 61,12.28 24,59.35
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Net Increase in cash and cash equivalents 61,12.28 

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Annual Report 2017-18

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Standalone Statement of Changes in Equity

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(a) Equity share capital

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As at As at
March 31, 2018 March 31, 2017
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Balance at April 1, 2016      

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80 GlaxoSmithKline Pharmaceuticals Limited

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Annual Report 2017-18

86 GlaxoSmithKline Pharmaceuticals Limited

Notes to the Standalone Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

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As at Additions Disposals As at As at For the On As at As at
April 01, March 31, April 01, Year Disposals March 31, March 31,
2017 2018 2017 2018 2018

Freehold land         
Leasehold land         
)UHHKROGEXLOGLQJV         
/HDVHKROGEXLOGLQJV         
3ODQWDQGHTXLSPHQW5HIHU1RWHDEHORZ         
)XUQLWXUHDQG¿[WXUHV         
9HKLFOHV         
2I¿FHHTXLSPHQW         
Total 299,08.58 32,02.94 1,79.63 329,31.89 46,37.63 33,84.09 1,02.50 79,19.22 250,12.67

Year ended March 31, 2017 Gross block $FFXPXODWHG'HSUHFLDWLRQ$PRUWLVDWLRQ Net block
As at Additions Disposals As at As at For the On As at As at
April 01, March 31, April 01, Year Disposals March 31, March 31,
2016 2017 2016 2017 2017

Freehold land         
Leasehold land         
)UHHKROGEXLOGLQJV         
/HDVHKROGEXLOGLQJV         
3ODQWDQGHTXLSPHQW5HIHU1RWHDEHORZ         
)XUQLWXUHDQG¿[WXUHV         
9HKLFOHV         
2I¿FHHTXLSPHQW         
Total 225,13.40 75,50.43 1,55.25 299,08.58 21,09.08 25,71.14 42.59 46,37.63 252,70.95

1RWH
D 3ODQWDQGHTXLSPHQWLQFOXGHVFRPSXWHUV
Capital work-in-progress:
(`LQODNKV
FY 2017-18 FY 2016-17
Opening Balance  
Additions  
/HVV
Capitalisation  
 $VVHWVKHOGIRUVDOH  
 :ULWHRII  
Closing Balance 922,89.71 573,21.68

 &DSLWDOZRUNLQSURJUHVVDVDW0DUFKDQG0DUFKPDLQO\FRPSULVHRIWKHRQJRLQJLQYHVWPHQWVLQWKHQHZ
JUHHQ¿HOGPDQXIDFWXULQJIDFWRU\EHLQJFRQVWUXFWHGDW%HQJDOXUX
 Company Overview Statutory Reports Financial Statements 

Notes to the Standalone Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

NOTE 4 : INVESTMENT PROPERTY
(`LQODNKV
As at As at
March 31, 2018 March 31, 2017
Gross carrying amount
2SHQLQJJURVVFDUU\LQJDPRXQW'HHPHGFRVW  
Additions  
7UDQVIHU  
Closing gross carrying amount  
Accumulated Depreciation
Opening Accumulated Depreciation  
Depreciation  
7UDQVIHU  
Closing Accumulated Depreciation  
Net carrying amount 1,76.01 5,32.36
)UHHKROG/DQGDQG%XLOGLQJDW7KDQHKDVEHHQWUDQVIHUUHGWRDVVHWVKHOGIRUVDOH5HIHU1RWH

L $PRXQWVUHFRJQLVHGLQWKH6WDWHPHQWRI3UR¿WDQG/RVVIRULQYHVWPHQWSURSHUW\
(`LQODNKV
As at As at
March 31, 2018 March 31, 2017
Rental Income  
Depreciation  
$PRXQWUHFRJQLVHGLQWKH6WDWHPHQWRI3UR¿WDQG/RVV  

(ii) Premises given on operating lease

 7KH FRPSDQ\ KDV DQ DSDUWPHQW JLYHQ RQ RSHUDWLQJ OHDVH RQ FDQFHOODEOH WHUPV 7KH OHDVH DUUDQJHPHQW LV IRU WKH
SHULRG RI  \HDUV DQG LV UHQHZDEOH IRU D IXUWKHU SHULRG RQ PXWXDOO\ DJUHHDEOH WHUPV 5HQWDO LQFRPH RI `  ODNKV
0DUFK`ODNKVLVGLVFORVHGXQGHU2WKHU,QFRPH

(iii) Estimation of fair value

 7KH&RPSDQ\KDVWKUHHSURSHUWLHV0DUFKIRXUSURSHUWLHVWKDWKDYHEHHQFRQVLGHUHGDV,QYHVWPHQW3URSHUWLHV
7KHVHLQFOXGHWZRYDFDQWODQGVLWHV0DUFKWKUHHYDFDQWODQGVLWHVWKDWDUHQRWLQRSHUDWLRQDOXVHDWSUHVHQW
DQGDQDSDUWPHQWWKDWLVOHDVHGDWFRPPHUFLDOUDWHV

 ,QWKHYLHZRIWKHPDQDJHPHQWWKHIDLUPDUNHWYDOXHRIWKHODQGVLWHVLVQRWUHOLDEO\PHDVXUDEOHDVWKHUHDUHYHU\IHZ
UHFHQW WUDQVDFWLRQV RI FRPSDUDEOH FRPSRVLWLRQ RI WKHVH SURSHUWLHV LQ WKH PDUNHW )XUWKHU WKH IDLU PDUNHW YDOXH ZLOO EH
VXEMHFWWRQXPHURXVPXQLFLSDOGHGXFWLRQVGHSHQGHQWXSRQWKHFXUUHQWXVHDQGLQWHQGHGXVHRIWKHSURSHUW\%DVHGRQ
WKH DERYH LW LV QRW SRVVLEOH WR DVFHUWDLQ DQG GLVFORVH WKH UDQJH RI IDLU PDUNHW YDOXH7KH HVWLPDWHG 5HDG\ 5HFNRQHU
YDOXHDW\HDUHQGEDVHGRQODWHVWSXEOLVKHGGDWDDQGRQFXUUHQWVWDWHGXVHWRWDOV` ODNKV0DUFK
`/DNKV5HDG\5HFNRQHUUDWHVDUHWKHSULFHVRIUHVLGHQWLDOSURSHUW\ODQGRUFRPPHUFLDOSURSHUW\IRUDJLYHQ
DUHDWKDWLVSXEOLVKHGDQGUHJXODWHGE\WKH5HVSHFWLYH6WDWH*RYHUQPHQWVDVDJXLGHWRZDUGVSD\PHQWRIVWDPSGXW\DW
WKHWLPHRIWUDQVDFWLRQ7KH5HDG\5HFNRQHU9DOXHLVUHJDUGHGDVDJURVVYDOXHDQGGRHVQRWUHSUHVHQWWKHXQGHUO\LQJIDLU
PDUNHW9DOXHRIWKHSURSHUWLHV7KH&RPSDQ\ZLOOIXUWKHUGHWDLOWKHIDLUYDOXHRILWVLQYHVWPHQWSURSHUWLHVXSRQHQWHULQJD
FRPPLWWHGDJUHHPHQWZLWKDWKLUGSDUW\XQOHVVDQDOWHUQDWLYHUHOLDEOHHVWLPDWHRIWKHIDLUYDOXHLVDWWDLQDEOH

 7KH IDLU YDOXH RI WKH OHDVHG DSDUWPHQW LV HVWLPDWHG DW `  ODNKV 0DUFK    `  ODNKV7KH IDLU
YDOXDWLRQ LV EDVHG RQ D GHDO FRQFOXGHG E\ WKH &RPSDQ\ RI D FRPSDUDEOH SURSHUW\ LQ WKH VDPH ORFDWLRQ GXULQJ WKH
SUHYLRXV \HDU7KH )DLU 9DOXH KDV QRW EHHQ DGMXVWHG IRU DQ\ WUHQGV IRU FKDQJH LQ SURSHUW\ UDWHV RYHU WKH \HDU DV WKH
PDQDJHPHQWH[SHFWVWKHFKDQJHWREHLQVLJQL¿FDQWLQYDOXHDQGKDVGHFLGHGWRUHO\RQWKHYDOXHGHULYHGLQWKHSUHYLRXV
\HDU7KHIDLUYDOXHPHDVXUHPHQWLVFDWHJRULVHGLQOHYHOIDLUYDOXHKLHUDUFK\

Annual Report 2017-18

88 GlaxoSmithKline Pharmaceuticals Limited

Notes to the Standalone Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

NOTE 5 : INTANGIBLE ASSETS
(`LQODNKV
Year ended March 31, 2018 Gross block Accumulated Amortisation Net block
As at Additions Disposals As at As at For the On As at As at
April 01, March 31, April 01, Year Disposals March 31, March 31,
2017 2018 2017 2018 2018

Intangible Assets
6RIWZDUH         
Total - 76,57.40 - 76,57.40 - 3,89.22 - 3,89.22 72,68.18

Year ended March 31, 2017 Gross block Accumulated Amortisation Net block
As at Additions Disposals As at As at For the On As at As at
April 01, March 31, April 01, Year Disposals March 31, March 31,
2016 2017 2016 2017 2017

Intangible Assets
'LVWULEXWLRQ5LJKWV         
Total 3,22.80 - - 3,22.80 3,22.80 - - 3,22.80 -

Intangible assets under development:

(`LQODNKV
FY 2017-18 FY 2016-17
Opening Balance  
Additions  
/HVV
Capitalisation  
Closing Balance - 32,24.73

(`LQODNKV
As at As at
March 31, 2018 March 31, 2017
NOTE 6 : INVESTMENTS
In Unquoted Equity Instruments
In Subsidiary
Biddle Sawyer Limited  
 (TXLW\6KDUHVRI`HDFKIXOO\SDLG
In Others
Biotech Consortium India Limited  
 (TXLW\6KDUHVRI`HDFKIXOO\SDLG
'LQHWWH([FOXVLYH&OXE3ULYDWH/LPLWHG  
 (TXLW\6KDUHVRI`HDFKIXOO\SDLG
Other Unquoted Investments
1DWLRQDO6DYLQJV&HUWL¿FDWH/RGJHGZLWK*RYHUQPHQWDXWKRULWLHV  
47,66.97 47,66.97
$JJUHJDWHRI8QTXRWHG,QYHVWPHQWV$W%RRNYDOXH 47,66.97 47,66.97
Company Overview Statutory Reports Financial Statements 89

Notes to the Standalone Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

(`LQODNKV
As at As at
March 31, 2018 March 31, 2017
NOTE 7 : NON-CURRENT FINANCIAL ASSETS - LOANS
(Unsecured considered good)
Security Deposits  
14,58.05 13,27.96

NOTE 8 : NON-CURRENT FINANCIAL ASSETS - OTHERS

0DUJLQPRQH\'HSRVLWDJDLQVWEDQNJXDUDQWHH  
27.76 2,42.76

NOTE 9 : OTHER NON-CURRENT ASSETS

Capital advances  
/HVV$OORZDQFHIRUGRXEWIXOGHEWV  
9,51.43 137,37.11
Balances with Government Authorities  
Sundry Deposit  
5HPLWWDQFHVLQWUDQVLW5HIHU1RWHLLL  
Others  
91,47.76 205,13.36

NOTE 10 : INVENTORIES (AT LOWER OF COST OR NET REALISABLE VALUE)

5DZDQG3DFNLQJPDWHULDOV  
:RUNLQSURJUHVV  
Finished goods  
6WRFNLQWUDGHLQFOXGHVLQWUDQVLWDVRQ0DUFKODNKV0DUFK  
`ODNKV
Stores and spares  
500,18.33 425,48.14
7KHFRVWRILQYHQWRULHVUHFRJQLVHGDVDQH[SHQVHGXULQJWKH\HDUHQGHG0DUFKLQFOXGHV`ODNKVLQUHVSHFWRI
ZULWHGRZQVRILQYHQWRU\WRQHWUHDOLVDEOHYDOXH

(`LQODNKV
As at As at
March 31, 2018 March 31, 2017
NOTE 11 : TRADE RECEIVABLES
Unsecured, Considered good  
8QVHFXUHG&RQVLGHUHGGRXEWIXO  
/HVV$OORZDQFHIRUGRXEWIXOGHEWV5HIHU1RWHDEHORZ  
146,95.89 170,79.67
Note:-
D 'XULQJWKH\HDUHQGHG0DUFKWKH&RPSDQ\KDVFUHDWHGDQDGGLWLRQDODOORZDQFHIRUGRXEWIXOGHEWVRI`
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Annual Report 2017-18

90 GlaxoSmithKline Pharmaceuticals Limited

Notes to the Standalone Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

(`LQODNKV
As at As at
March 31, 2018 March 31, 2017
NOTE 12 : CASH AND CASH EQUIVALENTS
%DODQFHVZLWK%DQNV
Current account  
7HUPGHSRVLWZLWKRULJLQDOPDWXULW\SHULRGRIOHVVWKDQWKUHHPRQWKV  
&KHTXHVRQKDQG5HIHU1RWH  
199,39.66 138,27.38

NOTE 13 : BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS

(DUPDUNHG%DODQFHV
Unpaid dividend accounts  
7HUP GHSRVLW ZLWK RULJLQDO PDWXULW\ SHULRG RI PRUH WKDQ WKUHH PRQWKV EXW OHVV WKDQ  
twelve months
0DUJLQPRQH\'HSRVLWDJDLQVWEDQNJXDUDQWHH  
1080,29.43 743,95.98

NOTE 14 : CURRENT FINANCIAL ASSETS - OTHERS

(Unsecured considered good)
5HFHLYDEOHIURPJURXSFRPSDQLHV  
,QWHUHVWDFFUXHGRQGHSRVLWVZLWKEDQNV  
$GYDQFHVUHFRYHUDEOH  
57,91.44 100,47.94

NOTE 15 : OTHER CURRENT ASSETS

Balances with Government Authorities  
Advance to Creditors  
Sundry advances  
Import advances  
3UHSD\PHQWVDQG3UHSDLG([SHQVHV  
Others  
173,36.67 69,22.42

NOTE 16 : ASSETS HELD FOR SALE

)UHHKROG/DQGDQG%XLOGLQJ5HIHU1RWHDEHORZ  
3ODQWDQG0DFKLQHU\5HIHU1RWHEEHORZ  
4,93.74 1,62.95
1RWHV
D 7KHDPRXQWLVWKH:ULWWHQ'RZQ9DOXHRIWKHSURSHUW\DW7KDQHZKLFKLVEHLQJVROGDQGDGYDQFHUHFHLYHGDJDLQVWVXFK
KDVEHHQFODVVL¿HGDV&XUUHQW/LDELOLW\DVGRFXPHQWVIRUVDOHRISURSHUW\DUH\HWWREHH[HFXWHG7KHWUDQVIHUZLOOFRQFOXGH
DIWHUREWDLQLQJDOOUHOHYDQWVWDWXWRU\DQGRWKHUDSSURYDOVFRQVHQWVSHUPLVVLRQVDVUHTXLUHGLQODZ5HIHU1RWH
E 7KHDPRXQWLQFOXGHV3ODQWDQG0DFKLQHU\IURP0\VRUHDQG%DQJDORUHVLWHKHOGIRUVDOH
 Company Overview Statutory Reports Financial Statements 91

Notes to the Standalone Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

(`LQODNKV
As at As at
March 31, 2018 March 31, 2017
NOTE 17 : EQUITY SHARE CAPITAL
Authorised
HTXLW\VKDUHVRI`10 each  
Issued
HTXLW\VKDUHVRI`10 each  
6XEVFULEHGDQG3DLG8S
 HTXLW\VKDUHVRI`HDFKIXOO\SDLGXS  
84,70.30 84,70.30
H[FOXGHVHTXLW\VKDUHVRI`HDFKRIWKH&RPSDQ\HTXLW\VKDUHVRI`HDFKRIHUVWZKLOH%XUURXJKV:HOOFRPH
,QGLD/LPLWHGKHOGLQDEH\DQFH

As at March 31, 2018 As at March 31, 2017

Number of Rupees Number of Rupees
Shares in lakhs Shares in lakhs
D 5HFRQFLOLDWLRQRIWKHQXPEHURIVKDUHV
 %DODQFHDWWKHEHJLQQLQJRIWKH\HDU    
Issued during the year    
 %DODQFHDWWKHHQGRIWKH\HDU 84,703,017 84,70.30 84,703,017 8,470.30
E 5LJKWVSUHIHUHQFHVDQGUHVWULFWLRQVDWWDFKHGWRHTXLW\VKDUHV
 7KH&RPSDQ\KDVRQHFODVVRIHTXLW\VKDUHVKDYLQJDSDUYDOXHRI`SHUVKDUH(DFKVKDUHKROGHULVHOLJLEOHIRURQH
YRWHSHUVKDUHKHOG7KHGLYLGHQGSURSRVHGE\WKH%RDUGRI'LUHFWRUVLVVXEMHFWWRWKHDSSURYDORIWKHVKDUHKROGHUVLQWKH
HQVXLQJ$QQXDO*HQHUDO0HHWLQJH[FHSWLQFDVHRILQWHULPGLYLGHQG,QWKHHYHQWRIOLTXLGDWLRQWKHHTXLW\VKDUHKROGHUVDUH
HOLJLEOHWRUHFHLYHWKHUHPDLQLQJDVVHWVRIWKH&RPSDQ\DIWHUGLVWULEXWLRQRIDOOSUHIHUHQWLDODPRXQWVLQSURSRUWLRQWRWKHLU
VKDUHKROGLQJ

F 6KDUHVKHOGE\VXEVLGLDULHVRIXOWLPDWHKROGLQJFRPSDQ\LQDJJUHJDWH

As at March 31, 2018 As at March 31, 2017

Number of Rupees Number of Rupees
Shares in lakhs Shares in lakhs
(TXLW\ VKDUHV RI ` HDFK UHSUHVHQWLQJ  RI    
total shareholding)
G 'HWDLOVRIHTXLW\VKDUHVKHOGE\VKDUHKROGHUVKROGLQJPRUHWKDQVKDUHVRIWKHDJJUHJDWHVKDUHVLQWKH&RPSDQ\

As at March 31, 2018 As at March 31, 2017

Number of Rupees Number of Rupees
Shares in lakhs Shares in lakhs
 *OD[R*URXS/LPLWHG8.    
 *OD[R6PLWK.OLQH3WH/LPLWHG6LQJDSRUH 23,802,012  23,802,012 
 (VND\ODE/LPLWHG8.    
 /LIH,QVXUDQFH&RUSRUDWLRQRI,QGLD    

Annual Report 2017-18

92 GlaxoSmithKline Pharmaceuticals Limited

Notes to the Standalone Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

(`LQODNKV
As at As at
March 31, 2018 March 31, 2017
NOTE 18 : OTHER EQUITY
Capital redemption reserve  
General reserve  
Capital reserve  
Retained earnings (Including Other Comprehensive Income)  
1995,24.51 1943,51.01

NOTE 19 : NON-CURRENT FINANCIAL LIABILITIES - BORROWINGS

Unsecured
,QWHUHVWIUHHGHIHUUHGVDOHVWD[LQFHQWLYH  
58.30 98.90
Terms of repayment
,QWHUHVWIUHHGHIHUUHGVDOHVWD[LQFHQWLYHDVDW0DUFKRI`ODNKV0DUFK`ODNKVDYDLOHGXQGHU
WKH6DOHV7D['HIHUPHQW6FKHPHZKLFKLVUHSD\DEOHLQQLQHLQVWDOPHQWVDVDW0DUFK0DUFKWKLUWHHQ
LQVWDOPHQWVDQGFORVLQJRQ$SULO7KHFXUUHQWPDWXULW\DPRXQWDVDW0DUFKLV`ODNKV0DUFK
`ODNKVRIWKHORDQKDVEHHQGLVFORVHGXQGHU1RWH

(`LQODNKV
As at As at
March 31, 2018 March 31, 2017
NOTE 20 : NON-CURRENT FINANCIAL LIABILITIES - OTHERS
Security deposits received  
3D\DEOHWRHPSOR\HHV  
2,24.47 3,48.95

NOTE 21 : NON-CURRENT PROVISIONS

)RU3ULFLQJPDWWHUV5HIHU1RWHDQG  
)RUHPSOR\HHEHQH¿WV
 *UDWXLW\5HIHU1RWH  
 /HDYHHQFDVKPHQWDQGFRPSHQVDWHGDEVHQFHV5HIHU1RWH  
 3RVWUHWLUHPHQWPHGLFDODQGRWKHUEHQH¿WV5HIHU1RWH  
)RUORQJWHUPLQFHQWLYHSODQ5HIHU1RWHDQG  
)RUGLYHVWPHQWUHVWUXFWXULQJ5HIHU1RWH  
)RUH[SHFWHGVDOHVUHWXUQV5HIHU1RWH  
)RURWKHUV5HIHU1RWH  
286,19.56 271,00.17

NOTE 22 : TRADE PAYABLES

'XHWR0LFUR6PDOODQG0HGLXP(QWHUSULVHV5HIHU1RWH  
Due to others  
502,52.60 275,92.23
Company Overview Statutory Reports Financial Statements 93

Notes to the Standalone Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

(`LQODNKV
As at As at
March 31, 2018 March 31, 2017
NOTE 23 : CURRENT FINANCIAL LIABILITIES - OTHERS
&XUUHQW0DWXULW\RI,QWHUHVWIUHHGHIHUUHGVDOHVWD[LQFHQWLYH5HIHU1RWH  
Unclaimed dividends *  
6DODULHV:DJHV%RQXVDQGHPSOR\HHEHQH¿WVSD\DEOH  
&UHGLWRUVIRUFDSLWDOJRRGV  
5DWLRQDOLVDWLRQUHODWLQJWRDPDQXIDFWXULQJVLWH  
3D\DEOHWRVXEVLGLDU\FRPSDQ\  
2WKHU3D\DEOHV  
267,10.69 359,90.87
7KHUHDUHQRDPRXQWVGXHDQGRXWVWDQGLQJWREHFUHGLWHGWR,QYHVWRU(GXFDWLRQDQG
Protection Fund

NOTE 24 : OTHER CURRENT LIABILITIES

6WDWXWRU\GXHVLQFOXGLQJSURYLGHQWIXQGDQGWD[GHGXFWHGDWVRXUFH  
$GYDQFHIURP&XVWRPHUV  
$GYDQFHUHFHLYHGWRZDUGVGLVSRVDORIODQG5HIHU1RWHDEHORZ  
575,22.75 31,26.81
Note:-
(a) 'XULQJWKH\HDUWKHFRPSDQ\KDVUHFHLYHGWKHPRQH\LQDGYDQFHWRZDUGVGLVSRVDORI7KDQH/DQG7KHWUDQVIHUZLOOFRQFOXGH
DIWHUREWDLQLQJDOOUHOHYDQWVWDWXWRU\DQGRWKHUDSSURYDOVFRQVHQWVSHUPLVVLRQVDVUHTXLUHGLQODZ5HIHU1RWH
(`LQODNKV
As at As at
March 31, 2018 March 31, 2017
NOTE 25 : CURRENT PROVISIONS
)RUHPSOR\HHEHQH¿WV5HIHU1RWH
 /HDYHHQFDVKPHQWDQGFRPSHQVDWHGDEVHQFHV  
 3RVWUHWLUHPHQWPHGLFDODQGRWKHUEHQH¿WV  
)RUORQJWHUPLQFHQWLYHSODQ5HIHU1RWHDQG  
)RUUDWLRQDOLVDWLRQUHODWLQJWRDPDQXIDFWXULQJVLWH5HIHU1RWH  
)RUH[SHFWHGVDOHVUHWXUQV5HIHU1RWH  
)RURWKHUV5HIHU1RWH  
97,10.07 48,24.88
NOTE 26 : MOVEMENT IN PROVISIONS
(`LQODNKV
Rationalisation Pricing Long term 'LYHVWPHQW Expected Others
relating to a matters Incentive Plan Restructuring Sales
manufacturing site Returns
(i) (ii) (iii) (iv) (v) (vi)
April 2017- March 2018
Opening Balance      
$GG3URYLVLRQGXULQJWKH\HDU      
/HVV$PRXQWVXWLOLVHGUHYHUVHGGXULQJ      
the year
Balance at the year end      
April 2016 - March 2017
Opening Balance      
$GG3URYLVLRQGXULQJWKH\HDU      
/HVV$PRXQWVXWLOLVHGUHYHUVHGGXULQJ      
the year
Balance at the year end      

Annual Report 2017-18

 GlaxoSmithKline Pharmaceuticals Limited

Notes to the Standalone Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

Notes:
L 5DWLRQDOLVDWLRQUHODWLQJWRDPDQXIDFWXULQJVLWH7KLVUHSUHVHQWVDQHVWLPDWHGDPRXQWRIFRVWUHTXLUHGWREHLQFXUUHGWR
UDWLRQDOLVH FORVHG PDQXIDFWXULQJ VLWH RI WKH &RPSDQ\ 7KH &RPSDQ\ XWLOL]HV WKH VDPH DV DQG ZKHQ DFWXDO FRVWV DUH
LQFXUUHG,WLVH[SHFWHGWREHXWLOLVHGZLWKLQPRQWKVIURPWKHHQGRIWKH\HDU
LL 3ULFLQJ PDWWHUV 'LYHVWPHQW 5HVWUXFWXULQJ DQG RWKHU PDWWHUV 3URYLVLRQ IRU SULFLQJ PDWWHUV 'LYHVWPHQW 5HVWUXFWXULQJ
DQGRWKHUPDWWHUVPDGHIRUSUREDEOHOLDELOLWLHVFODLPVDULVLQJRXWRISHQGLQJGLVSXWHOLWLJDWLRQVFRPPHUFLDOWUDQVDFWLRQV
ZLWKVWDWXWRU\DXWKRULWLHVWKLUGSDUWLHV7KHRXWÀRZZLWKUHJDUGWRWKHVDLGPDWWHUVGHSHQGVRQWKHH[KDXVWLRQRIUHPHGLHV
DYDLODEOHWRWKH&RPSDQ\XQGHUWKHODZDQGKHQFHWKH&RPSDQ\LVQRWDEOHWRUHDVRQDEO\DVFHUWDLQWKHWLPLQJRIWKH
RXWÀRZ$OVRUHIHUQRWHVDQG
LLL /RQJWHUPLQFHQWLYHSODQ5HIHUQRWH
LY ([SHFWHGVDOHVUHWXUQV7KLVUHSUHVHQWVSURYLVLRQPDGHIRUH[SHFWHGVDOHVUHWXUQV5HYHQXHLVDGMXVWHGIRUWKHH[SHFWHG
YDOXHRIUHWXUQV,WLVH[SHFWHGWREHXWLOLVHGZLWKLQPRQWKVIURPWKHHQGRIWKH\HDU

(`LQODNKV
Year ended Year ended
March 31, 2018 March 31, 2017
NOTE 27 : REVENUE FROM OPERATIONS
A. Sale of products (including excise duty)
 6DOHRISURGXFWV  
2820,03.24 2920,78.55
&RQVHTXHQWWRWKHLQWURGXFWLRQRI*RRGVDQG6HUYLFH7D[*67ZLWKHIIHFWIURP
-XO\&HQWUDO([FLVH9DOXH$GGHG7D[9$7HWFKDYHEHHQVXEVXPHG
XQGHU *67 ,Q DFFRUGDQFH ZLWK ,QG$6  RQ 5HYHQXH DQG 6FKHGXOH ,,, RI WKH
&RPSDQLHV$FWXQOLNH([FLVH'XWLHVOHYLHVOLNH*679$7HWFDUHQRWSDUW
RI5HYHQXH$FFRUGLQJO\WKH¿JXUHVIRUWKH\HDUHQGHG0DUFKDUHQRW
FRPSDUDEOHZLWKWKHSUHYLRXV\HDU
B. Other operating revenue
Service income  
 ([FKDQJHJDLQQHW  
Consignment sales commission  
 0DQXIDFWXULQJFKDUJHVUHFRYHU\  
Others  
75,84.78 73,71.95
Total Revenue from operations (A + B) 2895,88.02 2994,50.50

NOTE 28 : OTHER INCOME

,QWHUHVWLQFRPHRQ
 'HSRVLWVZLWKEDQNV  
Loans  
Others  
*DLQRQGLVSRVDORI3URSHUW\3ODQWDQG(TXLSPHQWQHW  
Rental Income  
Other  
53,52.01 72,01.24
Company Overview Statutory Reports Financial Statements 

Notes to the Standalone Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

(`LQODNKV
Year ended Year ended
March 31, 2018 March 31, 2017
NOTE 29 : COST OF MATERIALS CONSUMED
&RVWRIPDWHULDOVFRQVXPHG  
510,26.96 523,57.63

NOTE 30 : CHANGES IN INVENTORIES OF FINISHED GOODS, STOCK-

IN-TRADE AND WORK-IN-PROGRESS
Opening stock
Finished goods  
6WRFNLQWUDGH  
:RUNLQSURJUHVV  
335,32.63 414,81.72
Less: Closing stock
Finished goods  
6WRFNLQWUDGH  
:RUNLQSURJUHVV  
393,26.62 335,32.63
(57,93.99) 79,49.09

NOTE 31 : EMPLOYEE BENEFITS EXPENSE

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523,39.85 483,01.22

NOTE 32 : FINANCE COSTS

On Security deposits  
Others  
18.91 25.00

NOTE 33 : DEPRECIATION AND AMORTIZATION EXPENSE

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37,98.58 26,34.69

Annual Report 2017-18

96 GlaxoSmithKline Pharmaceuticals Limited

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Year ended Year ended
March 31, 2018 March 31, 2017
NOTE 34 : OTHER EXPENSES
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Travelling  
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17,89.92 18,04.23
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Rent  
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Printing, postage and telephones  
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Insurance  
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96.50 1,13.91
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599,09.52 606,27.40

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35 7KHUHFXUULQJH[SHQGLWXUHRQUHVHDUFKDQGGHYHORSPHQWFKDUJHGRIIWRUHYHQXHDPRXQWVWR`ODNKV3UHYLRXV\HDU
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NOTE 38 : EXCEPTIONAL ITEMS

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17,79.85 45,73.05

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NOTE 39 : EMPLOYEE BENEFIT OBLIGATIONS

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Annual Report 2017-18

98 GlaxoSmithKline Pharmaceuticals Limited

Notes to the Standalone Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

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Gratuity
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Annual Report 2017-18

100 GlaxoSmithKline Pharmaceuticals Limited

Notes to the Standalone Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

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As at March 31, 2018 As at March 31, 2017

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NOTE 40 : CONTINGENT LIABILITIES AND COMMITMENTS
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Annual Report 2017-18

102 GlaxoSmithKline Pharmaceuticals Limited

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NOTE 42 : MATTERS IN RESPECT OF ERSTWHILE BURROUGHS WELLCOME (INDIA) LIMITED (BWIL):

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NOTE 43 : MATTERS IN RESPECT OF ERSTWHILE SMITHKLINE BEECHAM (INDIA) LIMITED:

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Company Overview Statutory Reports Financial Statements 103

Notes to the Standalone Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

NOTE 44 : DISCLOSURES AS REQUIRED BY MICRO, SMALLAND MEDIUM ENTERPRISES DEVELOPMENT
ACT, 2006 ARE AS UNDER:
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March 31, 2018 March 31, 2017
(a) The principal amount and the interest due thereon remaining unpaid to suppliers
(i) Principal  
(ii) Interest due thereon  
 
E L 7KHGHOD\HGSD\PHQWVRISULQFLSDODPRXQWSDLGEH\RQGWKHDSSRLQWHGGDWH  
during the entire accounting year
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Enterprises Development Act, 2006
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the agreed terms
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agreed terms
(d) (i) Total Interest accrued during the year  
(ii) Total Interest accrued during the year and remaining unpaid  
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NOTE 45 : TAX EXPENSE

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Current tax
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 $GMXVWPHQWWRGHIHUUHGWD[DWWULEXWDEOHWRFKDQJHLQLQFRPHWD[UDWH  
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Total tax expense 189,59.58 174,30.40
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Before tax Tax Net of tax Before tax Tax Net of tax
(expense) (expense)
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8,58.80 (3,00.10) 5,58.70 (5,30.65) 1,83.65 (3,47.00)

Annual Report 2017-18

 GlaxoSmithKline Pharmaceuticals Limited

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Total tax Expense 189,59.58 174,30.40
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(d) Movement in deferred tax balances

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balance the Statement in OCI WD[DVVHW
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Deferred tax liabilities
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Deferred tax asset (net) 91,31.14 14,74.24 (3,00.10) 103,05.28
 Company Overview Statutory Reports Financial Statements 

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Total Deferred tax asset 110,10.94 (6,00.11) 1,83.65 105,94.48
Deferred tax liabilities
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Deferred tax asset (net) 100,80.91 (11,33.42) 1,83.65 91,31.14

NOTE 46 : LEASES
(i) The future minimum lease payments under non-cancellable operating leases are as follows:
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Lease Rental debited Future Minimum As at As at
WR6WDWHPHQWRI3UR¿W lease Payments March 31, 2018 March 31, 2017
and Loss
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as operating lease ODNKV QRWODWHUWKDQ\HDUV
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(ii) The details of cancellable operating leases are as follows:

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NOTE 47 : EARNINGS PER SHARE

Year ended Year ended
March 31, 2018 March 31, 2017
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Earnings per share (Basic and Diluted) `  
Face value per share ` 10 10

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Annual Report 2017-18

106 GlaxoSmithKline Pharmaceuticals Limited

Notes to the Standalone Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

NOTE 49 : FINANCIAL INSTRUMENTS - FAIR VALUE AND RISK MANAGEMENT
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As at As at
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Financial assets at fair value through OCI (FVTOCI)
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Total Investment in Equity Instruments 5.50 5.50
Financial assets at amortised cost
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B. Fair Value Hierarchy

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Financial Instruments measured at Fair value (Level 3)
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5.50 5.50
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Annual Report 2017-18

108 GlaxoSmithKline Pharmaceuticals Limited

Notes to the Standalone Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

C. Financial risk management

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 Company Overview Statutory Reports Financial Statements 109

Notes to the Standalone Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

 6XPPDU\RIWKH&RPSDQ\¶VDJHLQJRIRXWVWDQGLQJIURPYDULRXVFXVWRPHUVDQGLPSDLUPHQWIRUH[SHFWHG&UHGLW/RVVLVDV
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As at March 31, 2018 Gross Carrying Expected Credit Carrying amount of
amount Losses trade receivables (net of
Expected Credit loss)
Not due   
3DVWGXHGD\V   
3DVWGXHGD\V   
3DVWGXHGD\V   
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Total 162,64.86 15,68.97 146,95.89

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Not due   
3DVWGXHGD\V   
3DVWGXHGD\V   
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Total 185,80.89 15,01.22 170,79.67

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Annual Report 2017-18

110 GlaxoSmithKline Pharmaceuticals Limited

Notes to the Standalone Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

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 Company Overview Statutory Reports Financial Statements 111

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March 31, 2018 March 31, 2017
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NOTE 50 : CAPITAL MANAGEMENT

(a) Risk Management
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Annual Report 2017-18

112 GlaxoSmithKline Pharmaceuticals Limited

Notes to the Standalone Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

(b) Dividends
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Year ended Year ended
March 31, 2018 March 31, 2017
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NOTE 51 : SEGMENT REPORTING

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Year ended Year ended
March 31, 2018 March 31, 2017
Revenues from external customers attributed to the country of domicile and
attributed to all foreign countries from which the company derives revenues
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Total 2895,88.02 2994,50.50

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March 31, 2018 March 31, 2017
Details of non current asset
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Total 1636,38.31 1216,61.90

Information about major customers

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NOTE 52 : RELATED PARTY DISCLOSURES

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Annual Report 2017-18

 GlaxoSmithKline Pharmaceuticals Limited

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Annual Report 2017-18

116 GlaxoSmithKline Pharmaceuticals Limited

Notes to the Standalone Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

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Company Overview Statutory Reports Financial Statements 

Notes to the Standalone Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

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2017-18 2016-17
1 5HPXQHUDWLRQFRPPLVVLRQVLWWLQJIHHV  
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3 Interest income on loans given  
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NOTE 53 : SHARE-BASED PAYMENT ARRANGEMENTS

Restricted Share Awards (RSAs)
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WKHULJKWWRDFFUXHGLYLGHQGV

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Annual Report 2017-18

118 GlaxoSmithKline Pharmaceuticals Limited

Reconciliation of RSAs
Number of RSA
As at April 1, 2016 75,922
Granted 
([HUFLVHG 
Cancelled 
As at March 31, 2017 100,908
Granted 
([HUFLVHG 
Cancelled (1,280)
As at March 31, 2018 157,458

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Expense arising from share-based payment transactions

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2017-18 2016-17
Restricted Share Awards (RSAs)  

Carrying amount of liability

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Particulars As at As at
March 31, 2018 March 31, 2017
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NOTE 54 : EVENT OCCURRING AFTER BALANCE SHEET DATE

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NOTE 55
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NOTE 56 : APPROVAL OF FINANCIAL STATEMENTS

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Chartered Accountants '63DUHNK Chairman ',1
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 Company Overview Statutory Reports Financial Statements 119

FORM NO. AOC.1

6WDWHPHQWFRQWDLQLQJVDOLHQWIHDWXUHVRIWKH¿QDQFLDOႋDWHPHQW
of subsidiaries / associate companies / joint ventures
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Part "A": Subsidiaries
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1. Name of the subsidiary: Biddle Sawyer Limited

2. Reporting period for the subsidiary concerned, if different from the holding company's reporting period: Same Reporting period as of
Holding Company
 5HSRUWLQJFXUUHQF\DQG([FKDQJHUDWHDVRQWKHODVWGDWHRIWKHUHOHYDQW¿QDQFLDO\HDULQWKHFDVHRI
foreign subsidiaries: NA
4. Share capital: 96.00
5. Reserves & surplus: 24,03.36
6. Total assets: 30,35.50
7. Total Liabilities: 5,36.14
8. Investments: Nil
9. Revenue from operation: (23.24)
 3UR¿WEHIRUHWD[DWLRQ 
11. Provision for taxation: (35.64)
 3UR¿WDIWHUWD[DWLRQ 
13. Proposed Dividend: Nil
14. % of shareholding: 100%
Notes: The following information shall be furnished at the end of the statement: Not Applicable
1. Names of subsidiaries which are yet to commence operations
2. Names of subsidiaries which have been liquidated or sold during the year.

Part "B": Associates and Joint Ventures : Not Applicable

Annual Report 2017-18

120 Biddle Sawyer Limited

BIDDLE SAWYER LIMITED

DIRECTORS’ REPORT TO THE MEMBERS
The Directors have pleasure in submitting their 72nd Report for the
year ended 31st March 2018.
),1$1&,$/5(68/76)257+(<($5(1'('ST0$5&+
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maintenance of adequate accounting records in accordance
with the provisions of the Companies Act, 2013 for safeguarding
the assets of the Company and for preventing and detecting
fraud and other irregularities;
` in Lakhs G WKH'LUHFWRUVKDYHSUHSDUHGWKHDQQXDODFFRXQWVIRUWKH¿QDQFLDO
Year ended Year ended year ended 31st March 2018 on a going concern basis;
st March st March e) the Directors had devised proper systems to ensure compliance
  with the provisions of all applicable laws and that such systems
Revenue from Operations (23.24) 571.83 were adequate and operating effectively.
3UR¿WEHIRUH7D[ (161.83) 10.68
OTHER MANDATORY DISCLOSURES
Provision for Tax - 4.86
Deferred Tax Charge / (credit) (35.64) 2.13 ‡ 7KH%RDUGRI'LUHFWRUVPHW)RXUWLPHVGXULQJWKH¿QDQFLDO
year 2017-18.
1HW3UR¿WIRUWKH\HDU (126.19) 3.69
Opening Surplus brought forward 2529.55 2525.86 ‡ $VRQst March 2018, the Company did not have any Subsidiary
Closing Surplus carried forward 2403.36 2529.55 / Joint Venture / Associate Company.

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During the year your Company did not generate revenue as it’s
products were under supply constraints. However the Company
accepted normal sales returns amounting to ` 23.24 lakhs. Company
incurred loss of `ODNKVDVFRPSDUHGWRSUR¿WDIWHUWD[` 3.69
lakhs during the previous year ended 31st March 2017.
DIVIDEND
The Directors do not recommend any dividend for the year ended
31st March 2018.
AUDITORS AND AUDITOR’S REPORT
Members are requested to re-appoint Cornelius and Davar, Chartered
Accountants, as the Auditors of the Company for the ensuing year and
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are self-explanatory and do not call for any further comments and
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2013, an extract of Annual Return in prescribed format is
annexed to this Report as Annexure 1.
‡ 7KH&RPSDQ\KDVQRWJUDQWHGDQ\ORDQVSURYLGHGJXDUDQWHHV
or made investments pursuant to the provisions of Section 186
RIWKH&RPSDQLHV$FWGXULQJWKH¿QDQFLDO\HDU
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year and the date of this Report.
‡ <RXU&RPSDQ\KDVQRWDFFHSWHGDQ\GHSRVLWVIURPWKHSXEOLF
during the year under review.
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made with the Promoters, Directors or Key Managerial
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Company at large.
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reservation or adverse remark.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
During the year under review, Mr. Andrew Aristidou resigned as
Director of the Company with effect from 31st December 2017 and
Ms. Puja Thakur was appointed as Director of the Company in Causal
Vacancy with effect from 1st January 2018. Mr. Rohan Mota, was
appointed as a Company Secretary with effect from 25th October 2017.
In terms of the provisions of the Companies Act, 2013,
Mr. Raju Krishnaswamy retires from the Board of Directors of the
Company by rotation and being, eligible, has offered himself for
re-appointment at the ensuing Annual General Meeting.
The Notice convening the forthcoming Annual General Meeting
includes the proposal for reappointment of aforesaid Director.
1RQHRIWKH'LUHFWRUVDUHGLVTXDOL¿HGIRUDSSRLQWPHQWUHDSSRLQWPHQW
under Section 164 of the Companies Act, 2013.
DIRECTORS’ RESPONSIBILITY STATEMENT
Pursuant to the requirements of Section 134(5) of the Companies Act,
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5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, are given, as there are no
employees drawing remuneration in excess of the prescribed
limits.
‡ 7KHUH DUH QR VLJQL¿FDQW DQG PDWHULDO RUGHUV SDVVHG E\ WKH
regulators or courts or tribunals impacting the going concern
status and company’s operations in future.
‡ 7KH &RPSDQ\ LV   VXEVLGLDU\ RI *OD[R6PLWK.OLQH
Pharmaceuticals Limited (“Parent Company”) and all policies
including Vigil Mechanism, Risk Management Policy and
,QWHUQDO)LQDQFLDO&RQWUROKDYHEHHQDGRSWHGRQOLQHVRISDUHQW
Company.
‡ 7KH&RPSDQ\GRHVQRWKDYHDQ\PDQXIDFWXULQJSODQWRURI¿FH
so Conservation of Energy & Technology Absorption is not
DSSOLFDEOHDQG&RPSDQ\GRHVQRWKDYHDQ\)RUHLJQH[FKDQJH
HDUQLQJV DQG )RUHLJQ ([FKDQJH RXWJR IRU WKH ¿QDQFLDO \HDU
2017-18.
ACKNOWLEDGEMENT
The Board wishes to place on record its gratitude for the assistance
D LQWKHSUHSDUDWLRQRIWKHDQQXDODFFRXQWVIRUWKH¿QDQFLDO\HDU and co-operation received from Government, Banks, Authorities,
ended 31st March 2018 the applicable accounting standards Customer’s, Vendors and to all its Members for the trust and
have been followed along with proper explanation relating to FRQ¿GHQFHUHSRVHGLQWKH&RPSDQ\
material departures, if any;
)RUDQGRQEHKDOIRIWKH%RDUGRI'LUHFWRUV
b) the Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are Annaswamy Vaidheesh
reasonable and prudent so as to give a true and fair view of the Chairman
state of affairs of the Company as at 31st March 2018 and of the
SUR¿WRUORVVRIWKH&RPSDQ\IRUWKDWSHULRG
Mumbai, 18th May 2018
 Company Overview Statutory Reports Financial Statements 121

ANNEXURE 1
)RUP1R0*7
EXTRACT OF ANNUAL RETURN
$6217+(),1$1&,$/<($5(1'('21st0$5&+
[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
CIN : U51900MH1948PLC006218
Registration Date : March 13, 1948
Name of the Company : %,''/(6$:<(5/,0,7('
Category / Sub-Category of the Company : Company Limited By Shares / Indian Non-Government Company
$GGUHVVRIWKH5HJLVWHUHGRI¿FHDQGFRQWDFWGHWDLOV : 252, Dr. Annie Besant Road Mumbai 400030
Whether listed company : No
Name, Address and Contact : NA
details of Registrar and Transfer Agent, if any:
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
All the business activities contributing 10% or more of the total turnover of the company shall be stated: -
Sr. No. Name and Description of main products/services NIC Code of the Product/ service % to total turnover of the company
1 Pharmaceuticals 21002 100
,,, 3$57,&8/$562)+2/',1*68%6,',$5<$1'$662&,$7(&203$1,(6
Sr. No. Name and address of the Company CIN / GLN Holding / subsidiary / associate % of shares held Applicable section
1 GLAXOSMITHKLINE L24239MH1924PLC001151 Holding 100 2(87)
PHARMACEUTICALS LIMITED
,9 6+$5(+2/',1*3$77(51(TXLW\6KDUH&DSLWDO%UHDNXSDVSHUFHQWDJHRI7RWDO(TXLW\
 L &DWHJRU\ZLVH6KDUH+ROGLQJ
Category of Shareholders No. of Shares held at the beginning of the No. of Shares held at the end of the year [as % Change
year [as on 1st$SULO@ RQst0DUFK@ during the
Demat Physical Total % of Total Shares Demat Physical Total % of Total Shares year
A. Promoters
  ,QGLDQ - - - - - - - - -
  D ,QGLYLGXDO+8) - - - - - - - - -
b) Central Govt - - - - - - - - -
c) State Govt(s) - - - - - - - - -
d) Bodies Corp. - 960000 960000 100 - 960000 960000 100 -
  H %DQNV), - - - - - - - - -
f) Any other - - - - - - - - -
 6XEWRWDO$ - 960000 960000 100 - 960000 960000 100 -
  )RUHLJQ
 6XEWRWDO$ - - - - - - - - -
Total shareholding of         
3URPRWHU$ $$
B. Public Shareholding
1. Institutions - - - - - - - - -
6XEWRWDO% - - - - - - - - -
 1RQ,QVWLWXWLRQV
6XEWRWDO% - - - - - - - - -
Total Public Shareholding - - - - - - - - -
% %%
C. Shares held by Custodian - - - - - - - - -
for GDRs & ADRs
*UDQG7RWDO$%&         
LL 6KDUHKROGLQJRI3URPRWHUV
Sr. Shareholder’s Name Shareholding at the beginning of the year Shareholding at the end of the year % change in
No. No. of % of total % of Shares No. of % of total % of Shares shareholding
Shares Shares of the Pledged / Shares Shares of the Pledged / during the
company encumbered to company encumbered to year
total shares total shares
1 GlaxoSmithKline 960000 100 0 960000 100 0 NIL
Pharmaceuticals Limited
Total       NIL
LLL &KDQJHLQ3URPRWHUV¶6KDUHKROGLQJSOHDVHVSHFLI\LIWKHUHLVQRFKDQJHThere is no change in promoters holding
LY 6KDUHKROGLQJ3DWWHUQRIWRSWHQ6KDUHKROGHUVRWKHUWKDQ'LUHFWRUV3URPRWHUVDQG+ROGHUVRI*'5VDQG$'5V

Sr. Top Ten Shareholders Shareholding at the beginning Cumulative shareholding during the
No. RIWKH\HDUst$SULO \HDUst0DUFK
No. of shares % of total shares No. of shares % of total shares of
of the company the company
1. GlaxoSmithKline Pharmaceuticals Limited (Holding Company)
At the beginning of the year 959994 99.99
Date wise Increase / Decrease in Share holding during the year Nil Nil
specifying the reasons for increase / decrease Nil Nil
At the End of the year 959994 99.99 959994 99.99
2. Annaswamy Vaidheesh jointly with GlaxoSmithKline Pharmaceuticals
Ltd
At the beginning of the year 1 0.00
Date wise Increase / Decrease in Shareholding during the year 0.00 0.00
specifying the reasons for increase / decrease
At the End of the year 1 0.00 1 0.00

Annual Report 2017-18

122 Biddle Sawyer Limited

Sr. Top Ten Shareholders Shareholding at the beginning Cumulative shareholding during the
No. RIWKH\HDUst$SULO \HDUst0DUFK
No. of shares % of total shares No. of shares % of total shares of
of the company the company
3. Andrew Aristidou jointly with GlaxoSmithKline Pharmaceuticals Ltd
At the beginning of the year 1 0.00
Date wise Increase / Decrease in Shareholding during the year (1) 0.00
specifying the reasons for increase / decrease
At the End of the year 0 0.00 0 0.00
4. Raju Krishnaswamy jointly with GlaxoSmithKline Pharmaceuticals Ltd
At the beginning of the year 1 0.00
Date wise Increase / Decrease in Shareholding during the year 0.00 0.00
specifying the reasons for increase / decrease
At the End of the year 1 0.00 1 0.00
5 Ronald Sequeira jointly with GlaxoSmithKline Pharmaceuticals Ltd
At the beginning of the year 1 0.00
Date wise Increase / Decrease in Shareholding during the year 0.00 0.00
specifying the reasons for increase / decrease
At the End of the year 1 0.00 1 0.00
6 Nilesh Limaye jointly with GlaxoSmithKline Pharmaceuticals Ltd
At the beginning of the year 1 0.00
Date wise Increase / Decrease in Shareholding during the year (1) 0.00
specifying the reasons for increase / decrease
At the End of the year 0 0.00 0 0.00
7 Ajay Nadkarni jointly with GlaxoSmithKline Pharmaceuticals Ltd
At the beginning of the year 1 0.00
Date wise Increase / Decrease in Shareholding during the year 0.00 0.00
specifying the reasons for increase / decrease
At the End of the year 1 0.00 1 0.00
8 Puja Thakur jointly with GlaxoSmithKline Pharmaceuticals Ltd
At the beginning of the year 0 0.00
Date wise Increase / Decrease in Shareholding during 1 0.00 1 0.00
the year specifying the reasons for increase / decrease
(share transferred on 2nd)HEUXDU\
At the End of the year 1 0.00 1 0.00
9 Rohan Mota jointly with GlaxoSmithKline Pharmaceuticals Ltd
At the beginning of the year 0 0.00
Date wise Increase / Decrease in Shareholding during 1 0.00 1 0.00
the year specifying the reasons for increase / decrease
(share transferred on 2nd)HEUXDU\
At the End of the year 1 0.00 1 0.00

Y 6KDUHKROGLQJRI'LUHFWRUVDQG.H\0DQDJHULDO3HUVRQQHO

Sr. Name of the Director / KMP Shareholding at the Cumulative shareholding

No. beginning of the year during the year
1st$SULO st0DUFK
No. of % of total No. of % of total
shares shares of the shares shares of the
company company
1 Annaswamy Vaidheesh with GlaxoSmithKline Pharmaceuticals Ltd 1 0.00 1 0.00
2 Andrew Aristidou jointly with GlaxoSmithKline Pharmaceuticals Ltd 1 0.00 0 0.00
3 Raju Krishnaswamy jointly with GlaxoSmithKline Pharmaceuticals Ltd 1 0.00 1 0.00
4 Ronald Sequeira jointly with GlaxoSmithKline Pharmaceuticals Ltd 1 0.00 1 0.00
5 Ajay Nadkarni jointly with GlaxoSmithKline Pharmaceuticals Ltd 1 0.00 1 0.00
6 Nilesh Limaye jointly with GlaxoSmithKline Pharmaceuticals Ltd 1 0.00 0 0.00
7 Puja Thakur jointly with GlaxoSmithKline Pharmaceuticals Ltd 0 0.00 1 0.00
8 Rohan Mota jointly with GlaxoSmithKline Pharmaceuticals Ltd 0 0.00 1 0.00
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment: NIL
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Whole-time Directors and/or Manager: NIL
B. Remuneration of other directors: NIL
C. Remuneration to Key Managerial Personnel Other Than MD/ Manager/ WTD: NIL
VII. PENALTIES / PUNISHMENT / COMPOUNDING OF OFFENCES:
There were no penalties, punishment or compounding of offences during the year ended 31st March 2018.
On behalf of the Board of Directors

A. Vaidheesh P. Thakur
Mumbai, 18th May 2018 DIN: 01444303 DIN: 07971789
 Company Overview Statutory Reports Financial Statements
INDEPENDENT AUDITORS’ REPORT
To the Members of Biddle Sawyer Limited
Report on the Financial Statements
:H KDYH DXGLWHG WKH DFFRPSDQ\LQJ ,QG $6 ¿QDQFLDO VWDWHPHQWV RI %LGGOH
Sawyer Limited (“the Company”), which comprise the Balance Sheet as at
31st0DUFKWKH6WDWHPHQWRI3UR¿WDQG/RVVWKHFDVKÀRZVWDWHPHQWDQG
the statement of changes in equity for the year then ended, and a summary of
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Management’s Responsibility for the Financial Statements
The Company’s Board of Directors is responsible for the matters stated in
section 134(5) of the Companies Act 2013 (“the Act”) with respect to the
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accepted in India, including the Accounting Standards (Ind AS) prescribed
under section 133 of the Act read with Rule 7 of the Companies (Accounts)
Rules, 2014 and the Companies (Accounting Standards) Amendment Rules,
2016. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the assets
of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design, implementation
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effectively for ensuring accuracy and completeness of the accounting records,
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that give a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditors’ Responsibility
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based on our audit. We have taken into account the provisions of the Act,
the accounting and auditing standards and matters which are required to be
included in the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing,
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section 143(10) of the Act. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable
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misstatement.
An audit involves performing procedures to obtain audit evidence about the
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selected depend on the auditor’s judgment, including the assessment of the
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fraud or error. In making those risk assessments, the auditor considers internal
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statements that give a true and fair view in order to design audit procedures
that are appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of the
accounting estimates made by the Company’s Directors, as well as evaluating
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statements.
Opinion
In our opinion and to the best of our information and according to the
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ANNEXURE – A TO THE AUDITORS’ REPORT
The Annexure referred to in Independent Auditors’ Report to the members of
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we report that:
(i) (a) The company has maintained proper records showing full
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assets;
123
information required by the Act in the manner so required and give a true and
fair view in conformity with the accounting principles generally accepted in India
including Ind AS, of the state of affairs of the Company as at 31st March, 2018,
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that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2016
(“the Order”) issued by the Central Government of India in terms of
Section 143(11) of the Act, we give in the Annexure A, a statement on the
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2. As required by Section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for
the purposes of our audit;
b. In our opinion, proper books of account as required by law
have been kept by the Company so far as it appears from our
examination of those books, except that the backup of the books
of accounts and other books and papers maintained in electronic
mode has not been maintained on server physically located in
India;
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statement and statement of changes in equity dealt with by this
Report are in agreement with the books of account;
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Act, read with rule 7 of the Companies (Accounts) Rules, 2014 and
the Companies (Accounting Standards) Amendment Rules, 2016;
e. On the basis of the written representations received from the
directors as on 31st March, 2018 taken on record by the Board of
'LUHFWRUV QRQH RI WKH GLUHFWRUV LV GLVTXDOL¿HG DV RQ st March,
2018 from being appointed as a director in terms of Section 164(2)
of the Act;
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¿QDQFLDOUHSRUWLQJRIWKH&RPSDQ\DQGWKHRSHUDWLQJHIIHFWLYHQHVV
of such controls, refer to our separate report in ‘Annexure B’ ; and
g. With respect to the other matters to be included in the Auditor’s
Report in accordance with Rule 11 of the Companies (Audit
and Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations
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(ii) The Company did not have any long-term contracts
including derivative contracts for which there were any
material foreseeable losses; and
(iii) There were no amounts which were required to be
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by the Company.
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CHARTERED ACCOUNTANTS
RUSTOM D. DAVAR
(PROPRIETOR)
 0(0%(56+,312)
Place: MUMBAI
Date: 18th May, 2018
Limited Liability Partnerships or other parties covered in the register
maintained under section 189 of the Companies Act, 2013. Therefore,
the provision of Clause 3(iii), (iii)(a), (iii)(b) and (iii)(c) of the said Order are
not applicable to the Company;
(iv) In our opinion and according to the information and explanation given to
us, there are no loans, investments, guaranteesandsecurities granted in
respect of which provisions of section 185 and 186 of the Companies Act,
E )L[HG DVVHWV KDYH EHHQ SK\VLFDOO\ YHUL¿HG E\ WKH PDQDJHPHQW 2013 are applicable and hence not commented upon;
during the year and no material discrepancies have been noticed (v) In our opinion and according to the information and explanations given to
RQVXFKYHUL¿FDWLRQ us, the Company has not accepted any deposits within the provisions of
(c) According to the information and explanations given to us and on section 73 to 76 or any other relevant provisions of the Companies Act,
the basis of our examination of the records of the Company, the 2013.Therefore, the provisions of paragraph 3(v) of the said Order are not
title deeds of immovable properties included in investment property applicable to the Company;
are held in the name of the company. (vi) We have broadly reviewed the books of account maintained by the
LL 7KH LQYHQWRU\ KDV EHHQ SK\VLFDOO\ YHUL¿HG E\ WKH PDQDJHPHQW GXULQJ company pursuant to the Rules made by the Central Government for the
WKH \HDU ,Q RXU RSLQLRQ WKH IUHTXHQF\ RI YHUL¿FDWLRQ LV UHDVRQDEOH maintenance of the cost records under sub-section (1) of section 148
1R PDWHULDO GLVFUHSDQFLHV ZHUH QRWLFHG RQ VXFK SK\VLFDO YHUL¿FDWLRQ of the Companies Act, 2013 and are of the opinion that prima facie, the
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them as at 31 March 2018 and no material discrepancies were noticed in however, made a detailed examination of the records with a view to
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(iii) According to the information and explanations given to us, the company (vii) (a) The company is regular in depositing undisputed statutory dues
KDV QRW JUDQWHG DQ\ ORDQV VHFXUHG RU XQVHFXUHG WR FRPSDQLHV ¿UPV including provident fund, employees’ state insurance, income-tax,

Annual Report 2017-18

124 Biddle Sawyer Limited

sales-tax , service tax, duty of customs, duty of excise , value (xi) According to the information and explanations given to us and based
added tax, Goods and Service Tax, cess and any other statutory on our examination of the records of the Company, no managerial
dues applicable to it; remuneration has been paid or provided by the company;
(b) According to the information and explanations given to us, (xii) In our opinion, and to the best of our information and according to
no undisputed amounts payable in respect of provident fund, the explanations given to us, the Company is not a nidhi company.
employees’ state insurance, income-tax, sales-tax, service tax, duty Accordingly, paragraph 3(xii) of the Order is not applicable and hence not
of customs, duty of excise , value added tax, Goods and Service commented upon;
Tax, cess and other material statutory dues were outstanding, at (xiii) According to the information and explanations given to us and based on
the year end, for a period of more than six months from the date our examination of the records of the Company, transactions with the
they became payable; related parties are in compliance with section 177 and 188 of Companies
(c) According to the records of the Company, the dues outstanding of Act, 2013 where applicable and the details have been disclosed in the
income-tax, sales-tax, service tax, duty of custom, duty of excise, ¿QDQFLDO VWDWHPHQWV DV UHTXLUHG E\ WKH DSSOLFDEOH ,QGLDQ$FFRXQWLQJ
value added tax, Goods and Service Tax and cess on account of Standards (Ind AS) 24;
any dispute, are as follows: (xiv) According to the information and explanations given to us and based
on our examination of the records of the Company, the Company has
Name of the Nature of Amount Period to which )RUXPZKHUH not made any preferential allotment or private placement of shares or
statute dues (`in ’000) the amount dispute is fully or partly convertible debentures during the year under review and
relates pending hence, reporting requirements under clause 3(xiv) are not applicable to
West Bengal Sales Tax 19,96.00 Assessment Jt. the company andhence not commented upon;
Value Added Tax <HDU Commissioner
(xv) According to the information and explanations given to us and based on
Income Tax Act, TDS 22.10 Assessment TDS - CPC
our examination of the records of the Company, the Company has not
1961 Default <HDU
entered into non-cash transactions with directors or persons connected
(viii) According to the books of accounts and records of the Company, the
with him. Accordingly, paragraph 3 (xv) of the Order is not applicable;
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the government and has not issued any debentures till 31st March, 2018. (xvi) According to the information and explanations given to us, the provisions
Accordingly, paragraph 3 (viii) of the Order is not applicable. of section 45-1A of the Reserve Bank of India Act, 1934 are not applicable
to the Company.
(ix) According to the information and explanations given to us and based on
our examination of the records of the Company, the Company has not )RU&251(/,86 '$9$5
UDLVHGDQ\PRQH\VE\ZD\RI,QLWLDO3XEOLF2IIHURU)XUWKHU3XEOLF2IIHU CHARTERED ACCOUNTANTS
including debt instruments and term loans during the year. Accordingly,
the provisions of clause 3 (ix) of the Order are not applicable to the
Company. RUSTOM D. DAVAR
(x) Based upon the audit procedures performed for the purpose of reporting (PROPRIETOR)
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information and explanations given by the management, we report that
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employees has been noticed or reported during the course of our audit; Date:18th May, 2018
ANNEXURE – B TO THE AUDITOR’S REPORT Meaning of Internal Financial Controls Over Financial Reporting
5HSRUWRQWKH,QWHUQDO)LQDQFLDO&RQWUROVXQGHU&ODXVHLRI6XEVHFWLRQRI
Section 143 of the Companies Act, 2013 (“the Act”).
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Sawyer Limited (“the Company”) as of March 31,2018in conjunction with our
DXGLWRIWKH¿QDQFLDOVWDWHPHQWVRIWKH&RPSDQ\IRUWKH\HDUHQGHGRQWKDWGDWH
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining
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criteria established by the Company considering the essential components
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&RQWUROV 2YHU)LQDQFLDO 5HSRUWLQJ LVVXHG E\ WKH ,QVWLWXWH RI &KDUWHUHG
Accountants of India. These responsibilities include the design, implementation
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HIIHFWLYHO\IRUHQVXULQJWKHRUGHUO\DQGHI¿FLHQWFRQGXFWRILWVEXVLQHVVLQFOXGLQJ
adherence to company’s policies, the safeguarding of its assets, the prevention
and detection of frauds and errors, the accuracy and completeness of the
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as required under the Companies Act, 2013.
Auditor’s Responsibility
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FRQWUROVRYHU¿QDQFLDOUHSRUWLQJEDVHGRQRXUDXGLW:HFRQGXFWHGRXUDXGLW
LQDFFRUGDQFH ZLWKWKH*XLGDQFH1RWHRQ$XGLWRI,QWHUQDO )LQDQFLDO&RQWUROV
$ FRPSDQ\¶V LQWHUQDO ¿QDQFLDO FRQWURO RYHU ¿QDQFLDO UHSRUWLQJ LV D SURFHVV
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UHSRUWLQJ DQG WKH SUHSDUDWLRQ RI ¿QDQFLDO VWDWHPHQWV IRU H[WHUQDO SXUSRVHV
in accordance with generally accepted accounting principles. A company’s
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procedures that (1) pertain to the maintenance of records that, in reasonable
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assets of the company; (2) provide reasonable assurance that transactions
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accordance with generally accepted accounting principles , and that receipts
and expenditure of the company are being made only in accordance with
authorisations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorised
acquisition , use, or disposition of the company’s assets that could have a
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Inherent Limitations of Internal Financial Controls Over Financial
Reporting
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reporting including the possibility of collusion or improper management override
of controls, material misstatements due to error or fraud may occur and not be
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RYHU¿QDQFLDOUHSRUWLQJWRIXWXUHSHULRGVDUHVXEMHFWWRWKHULVNWKDWWKHLQWHUQDO
2YHU)LQDQFLDO5HSRUWLQJWKH³*XLGDQFH1RWH´DQGWKH6WDQGDUGVRQ$XGLWLQJ ¿QDQFLDO FRQWURO RYHU ¿QDQFLDO UHSRUWLQJ PD\ EHFRPH LQDGHTXDWH EHFDXVH RI
as prescribed under section 143(10) of the Companies Act, 2013, to the extent changes in conditions, or that the degree of compliance with the policies or
DSSOLFDEOH WR DQ DXGLW RI LQWHUQDO ¿QDQFLDO FRQWUROV DQG ERWK LVVXHG E\ WKH procedures may deteriorate.
Institute of Chartered Accountants of India. Those Standards and the Guidance Opinion
Note require that we comply with ethical requirements and plan and perform the In our opinion, the Company has, in all material respects, an adequate internal
DXGLWWRREWDLQUHDVRQDEOHDVVXUDQFHDERXWZKHWKHUDGHTXDWHLQWHUQDO¿QDQFLDO ¿QDQFLDO FRQWUROV V\VWHP RYHU ¿QDQFLDO UHSRUWLQJ DQG VXFK LQWHUQDO ¿QDQFLDO
FRQWUROV RYHU ¿QDQFLDO UHSRUWLQJ ZDV HVWDEOLVKHG DQG PDLQWDLQHG DQG LI VXFK FRQWUROVRYHU¿QDQFLDOUHSRUWLQJZHUHRSHUDWLQJHIIHFWLYHO\DVDW0DUFK
controls operated effectively in all material respects. EDVHGRQWKHLQWHUQDOFRQWURORYHU¿QDQFLDOUHSRUWLQJFULWHULDHVWDEOLVKHGE\WKH
Our audit involves performing procedures to obtain audit evidence about the Company considering the essential components of internal control stated in the
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DQG WKHLU RSHUDWLQJ HIIHFWLYHQHVV 2XU DXGLW RI LQWHUQDO ¿QDQFLDO FRQWUROV RYHU issued by the Institute of Chartered Accountants of India.
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CHARTERED ACCOUNTANTS
exists, and testing and evaluating the design and operating effectiveness of
internal control based on the assessed risk. The procedures selected depend RUSTOM D. DAVAR
on the auditor’s judgement, including the assessment of the risks of material (PROPRIETOR)
PLVVWDWHPHQWRIWKH¿QDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURU 0(0%(56+,312)
:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXI¿FLHQWDQGDSSURSULDWH
WRSURYLGHDEDVLVIRURXUDXGLWRSLQLRQRQWKHLQWHUQDO¿QDQFLDOFRQWUROVV\VWHP Place: MUMBAI
RYHU¿QDQFLDOUHSRUWLQJ Date: 18th May, 2018
 Company Overview Statutory Reports Financial Statements 125

%$/$1&(6+((7$6$7670$5&+ STATEMENT OF PROFIT AND LOSS FOR THE YEAR

(1'('0$5&+
` in ‘000s
Note No. As at March As at March ` in ‘000s
  Note No. For the For the
ASSETS year ended year ended
1RQFXUUHQWDVVHWV 0DUFK 0DUFK
Investment properties 2 2,08 2,08  
)LQDQFLDODVVHWV Revenue from Operations 19 (23,24) 571,83
(i) Loans 3 40,83 40,31 Other Income 20 102,35 105,87
Current tax assets (net) 466,82 447,68 Total income  
Expenses
Deferred tax assets (net) 67,14 31,50
Cost of materials consumed 21 54,80 9,91
Other non-current assets 4 95,50 67,94
Changes in inventories of work- 22 1,27 387,91
 
in-progress, stock-in-trade and
Current assets ¿QLVKHGJRRGV
Inventories 5 - 31,60 Other expenses 23 184,87 269,20
)LQDQFLDO$VVHWV Total expenses  
(i) Trade receivables 6 - 73,14 3UR¿WORVVEHIRUHH[FHSWLRQDO (161,83) 10,68
(ii) Cash and cash 7 218,89 163,49 and items and tax
equivalents Exceptional items - -
(iii) Bank balances other than 8 1501,45 1651,45 3UR¿WORVVEHIRUHWD[ (161,83) 10,68
(ii) above Income tax expenses
Other current assets 9 642,79 593,57 Current tax - 4,86
  Deferred tax (3,564) 2,13
TOTAL ASSETS   3UR¿W/RVVIRUWKHSHULRG  
EQUITY AND LIABILITIES Other Comprehensive Income
Equity ,WHPVWKDWZLOOQRWEHUHFODVVL¿HGWR
Equity share capital 10 96,00 96,00 SUR¿WRUORVV
Other Equity 11 2403,36 2529,55 5HPHDVXUHPHQWVRIGH¿QHG - -
EHQH¿WOLDELOLW\DVVHW
Total equity  
Income tax relating to items - -
LIABILITIES
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1RQFXUUHQWOLDELOLWLHV SUR¿WRUORVV
Financial liabilities Total Comprehensive Income for (126,19) 3,69
 L 2WKHU¿QDQFLDOOLDELOLWLHV 12 1,35 1,35 WKHSHULRG,;;&RPSULVLQJ3UR¿W
Provisions 13 125,33 125,33 (Loss) and Other Comprehensive
  Income for the period)
3UR¿WDWWULEXWDEOHWR
Current liabilities
Owners of the Company (126,19) 3,69
)LQDQFLDOOLDELOLWLHV
Total comprehensive income
(i) Trade payables 14 360,40 300,51
attributable to:
Other current liabilities 15 1,75 2,71
Owners of the Company (126,19) 3,69
Provisions 16 47,31 47,31
Earnings per equity share   
  Basic and diluted earnings per
TOTAL EQUITY AND LIABILITIES   share
6LJQL¿FDQW$FFRXQWLQJ3ROLFLHV 1RWHVRQ$FFRXQWV 7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKHVH¿QDQFLDOVWDWHPHQWV
As per our report of even date )RUDQGRQEHKDOIRIWKH%RDUG As per our report of even date )RUDQGRQEHKDOIRIWKH%RDUG
attached attached
For CORNELIUS & DAVAR Annaswamy Vaidheesh Puja Thakur For CORNELIUS & DAVAR Annaswamy Vaidheesh Puja Thakur
CHARTERED ACCOUNTANTS Chairman Director CHARTERED ACCOUNTANTS Chairman Director
DIN: 01444303 DIN: 07971789 DIN: 01444303 DIN: 07971789
RUSTOM D. DAVAR RUSTOM D. DAVAR
(PROPRIETOR) (PROPRIETOR)
Membership No. F10620 Membership No. F10620
Place : Mumbai Place : Mumbai
Date: 18th May 2018 Date: 18th May 2018

Annual Report 2017-18

126 Biddle Sawyer Limited

STATEMENT OF CHANGES IN EQUITY

` in ‘000s
D (TXLW\VKDUHFDSLWDO $VDW0DUFK $VDW0DUFK
No. of Shares Amount No. of Shares Amount
Balance at the beginning of the reporting period 960,000 96,00 960,000 96,00
Changes in equity share capital during the year - - - -
Balance at the end of the reporting period 960,000 96,00 960,000 96,00

E 2WKHU(TXLW\
Particulars Reserves and Surplus Items of Other Total Equity
comprehensive
income
Capital reserve General reserve Retained Remeasurements
Earnings RIWKHQHWGH¿QHG
EHQH¿W3ODQV
Balance at 1st April 2017 2,91 1006,01 1520,63 - 2529,55
Total Comprehensive
3UR¿WORVVIRUWKH\HDU - - (126,19) - (126,19)
Other Comprehensive Income for the year - - - -
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Dividend on Equity Shares - - - - -
Dividend Distribution Tax - - - - -
Balance at the end of the reporting period March 31, 2018 2,91 1006,01 1394,44 - 2403,36

Particulars Reserves and Surplus Items of Other Total Equity

comprehensive
income
Capital reserve General reserve Retained Remeasurements of
Earnings WKHQHWGH¿QHGEHQH¿W
Plans
Balance at April 1, 2016 2,91 1006,01 1516,94 - 2525,86
Total Comprehensive
3UR¿WIRUWKH\HDU - - 3,69 - 3,69
Other Comprehensive Income for the year - - - - -
7UDQVDFWLRQVZLWKRZQHUVRIWKHFRPSDQ\
Dividend on Equity Shares - - - - -
Dividend Distribution Tax - - - - -
Balance at the end of the reporting period 31st March 2017 2,91 1006,01 1520,63 - 2529,55

7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKHVH¿QDQFLDOVWDWHPHQWV
As per our report of even date attached )RUDQGRQEHKDOIRIWKH%RDUG
For CORNELIUS & DAVAR Annaswamy Vaidheesh Puja Thakur
CHARTERED ACCOUNTANTS Chairman Director
DIN: 01444303 DIN: 07971789
RUSTOM D. DAVAR
(PROPRIETOR)
Membership No. F10620
Place : Mumbai
Date: 18th May 2018
 Company Overview Statutory Reports Financial Statements 127

&$6+)/2:67$7(0(17)257+(<($5(1'('0$5&+
` in ‘000s
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0DUFK 0DUFK
A. CASH FLOW FROM OPERATING ACTIVITIES
3UR¿W/RVVEHIRUHLQFRPHWD[DQGH[FHSWLRQDOLWHPV (161,83) 10,68
Adjustments for :
,QWHUHVWLQFRPHFODVVL¿HGDVLQYHVWLQJFDVKÀRZV (102,35) (105,87)
Change in operating assets and liabilities
Decrease in Inventories 31,60 388,81
Decrease in Trade receivables 73,14 7,97
(Increase) in Other non-current assets (28,08) (32,97)
(Increase)/Decrease in Other current assets (49,22) 156,70
Increase /(Decrease) in Trade payables 59,89 (164,57)
(Decrease) in Other current liabilities (96) (75)
Cash generated from operations (177,81) 260,00
Income taxes paid (net of refunds) (19,14) 27,03
1HWFDVKLQÀRZ2XWÀRZIURPRSHUDWLQJDFWLYLWLHV A (196,95) 287,03
B. CASH FLOW FROM INVESTING ACTIVITIES
Investment in bank deposits having original maturity more than 3 months 150,00 (350,00)
Interest received 102,35 105,87
1HWFDVK,QÀRZRXWÀRZIURPLQYHVWLQJDFWLYLWLHV B 252,35 (244,13)
Net increase in cash and cash equivalents (A + B) 55,40 42,90
Cash and cash equivalents as at 1st April 2017 (opening balance) 163,49 120,59
Cash and cash equivalents as at 31st March, 2018 (closing balance) 218,89 163,49
Net increase in cash and cash equivalents 55,40 42,90
NOTES:
Cash and cash equivalents include:
Balances with banks 218,89 163,49
Total cash and cash equivalents 218,89 163,49
7KH &DVK )ORZ 6WDWHPHQW KDV EHHQ SUHSDUHG XQGHU WKH ³,QGLUHFW 0HWKRG´ DV VHW RXW LQ ,QGLDQ
$FFRXQWLQJ 6WDQGDUG RQ &DVK )ORZ 6WDWHPHQWV LVVXHG E\ WKH ,QVWLWXWH RI &KDUWHUHG$FFRXQWDQWV
of India.

As per our report of even date attached )RUDQGRQEHKDOIRIWKH%RDUG

For CORNELIUS & DAVAR Annaswamy Vaidheesh Puja Thakur
CHARTERED ACCOUNTANTS Chairman Director
DIN: 01444303 DIN: 07971789
RUSTOM D. DAVAR
(PROPRIETOR)
Membership No. F10620
Place : Mumbai
Date: 18th May 2018

Annual Report 2017-18

128 Biddle Sawyer Limited

NOTES TO THE FINANCIAL STATEMENTS FOR THE G Inventories

<($5(1'('0$5&+ Inventories are valued at lower of cost and net realisable value. Cost
is determined on moving average basis. The cost of work-in-progress
1 SIGNIFICANT ACCOUNTING POLICIES: (other than those lying at third party manufacturing sites which is valued
DW PDWHULDO FRVW DQG ¿QLVKHG JRRGV FRPSULVHV RI UDZ PDWHULDOV GLUHFW
D %DVLVRI$FFRXQWLQJ
labour, other direct costs and related production overheads, but excludes
 7KH ¿QDQFLDO VWDWHPHQWV RI WKH &RPSDQ\ KDYH EHHQ SUHSDUHG LQ interest expense. Net realisable value is the estimate of the selling price
DFFRUGDQFH ZLWK ,QGLDQ$FFRXQWLQJ 6WDQGDUGV ³,QG$6´ QRWL¿HG XQGHU in the ordinary course of business, less the costs of completion and
the Companies (Indian Accounting Standards) Rules, 2015 and relevant selling expenses.
provisions of the Companies Act, 2013 (“the Act”). The policies set out
below have been consistently applied during the years presented. H 5HYHQXH5HFRJQLWLRQ
 7KH¿QDQFLDOVWDWHPHQWVDUHSUHVHQWHGLQ,15DQGDOOYDOXHVDUHURXQGHG Revenue is measured at the fair value of the consideration received or
to the nearest thousand (INR 000), except when otherwise indicated. receivable: Revenue from sale of goods is recognised when the amount of
revenue can be reliably measured and it is probable that future economic
E 3URSHUW\SODQWDQGHTXLSPHQW
 )UHHKROGODQGLVFDUULHGDWKLVWRULFDOFRVW$OORWKHULWHPVRISURSHUW\SODQW
and equipment are stated at historical cost less depreciation. Historical
cost includes expenditure that is directly attributable to the acquisition of
the items.
Subsequent costs are included in the asset’s carrying amount or
recognised as a separate asset, as appropriate, only when it is probable
WKDW IXWXUH HFRQRPLF EHQH¿WV DVVRFLDWHG ZLWK WKH LWHP ZLOO ÀRZ WR WKH
Company and the cost of the item can be measured reliably. The
carrying amount of any component accounted for as a separate asset
EHQH¿WVZLOOÀRZWRWKHHQWLW\$PRXQWVGLVFORVHGDVUHYHQXHDUHLQFOXVLYH
of excise duty and net of returns, applicable trade discounts, allowances,
Goods and Service Tax (GST), value added taxes and amounts collected
RQ EHKDOI RI WKLUG SDUWLHV )URP st July 2017 onwards the excise duty
and most indirect taxes in India have been replaced Goods and Service
Tax (GST). The Company collects GST on behalf of the Government and
hence GST is not included in revenue from operations. Sales are also
netted off for probable saleable and non-saleable return of goods from
the customers, estimated on the basis of historical data of such returns.
is derecognised when replaced. All other repairs and maintenance are
FKDUJHG WR SUR¿W RU ORVV GXULQJ WKH UHSRUWLQJ SHULRG LQ ZKLFK WKH\ DUH
incurred.
Depreciation is provided on the straight-line method over the estimated
I )RUHLJQ&XUUHQF\WUDQVDFWLRQV
 ,WHPVLQFOXGHGLQWKH6WDQGDORQH)LQDQFLDO6WDWHPHQWVRIWKH&RPSDQ\
are measured using the currency of the primary economic environment
in which the entity operates (‘the functional currency’). The Standalone
)LQDQFLDO 6WDWHPHQWV DUH SUHVHQWHG LQ ,QGLDQ UXSHH ,15 ZKLFK LV
useful lives of the assets as per the rates prescribed under
Company’s functional and presentation currency.
Schedule II to the Companies Act, 2013 or re-assessed useful life based ,WHPVLQFOXGHGLQWKH6WDQGDORQH)LQDQFLDO6WDWHPHQWVRIWKH&RPSDQ\
on technical evaluation as under: are measured using the currency of the primary economic environment
in which the entity operates (‘the functional currency’). The Standalone
)DFWRU\%XLOGLQJV 30 years
)LQDQFLDO 6WDWHPHQWV DUH SUHVHQWHG LQ ,QGLDQ UXSHH ,15 ZKLFK LV
Other Buildings 60 years
Company’s functional and presentation currency.
Plant and Equipment 10 years
Personal Computers and Laptops 3 to 5 years  )RUHLJQFXUUHQF\WUDQVDFWLRQVDUHWUDQVODWHGLQWRWKHIXQFWLRQDOFXUUHQF\
XVLQJ WKH H[FKDQJH UDWHV DW WKH GDWHV RI WKH WUDQVDFWLRQV )RUHLJQ
Other Computer Equipment 4 years
exchange gains and losses resulting from the settlement of such
)XUQLWXUHDQG)L[WXUHV 10 years transactions and from the translation of monetary assets and liabilities
2I¿FH(TXLSPHQW 5 years denominated in foreign currencies at year end exchange rates are
Vehicles 5 years JHQHUDOO\UHFRJQLVHGLQSUR¿WRUORVV

Depreciation is provided pro-rata for the number of months availability
for use. Depreciation on sale / disposal of assets is provided pro-rata up
to the end of the month of sale / disposal.
An asset purchased where the actual cost does not exceed ` 5,000 is
depreciated at the rate of 100%.
Gains and losses on disposals are determined by comparing proceeds
with carrying amount. These are recognised as income or expense in the
VWDWHPHQWRISUR¿WDQGORVV
Advances given towards acquisition of Property, plant and equipment
outstanding at each balance sheet date are disclosed as Capital Advance
under Other non current assets.
 )RUHLJQ H[FKDQJH JDLQV DQG ORVVHV DUH SUHVHQWHG LQ WKH VWDWHPHQW RI
SUR¿WDQGORVVRQDQHWEDVLVZLWKLQRWKHUH[SHQVHVRWKHULQFRPH
Non-monetary items that are measured at fair value in a foreign currency
are translated using the exchange rates at the date when the fair
value was determined. Translation differences on assets and liabilities
carried at fair value are reported as part of the fair value gain or loss.
)RU H[DPSOH WUDQVODWLRQ GLIIHUHQFHV RQ QRQ PRQHWDU\ DVVHWV DQG
OLDELOLWLHV VXFK DV HTXLW\ LQVWUXPHQWV KHOG DW IDLU YDOXH WKURXJK SUR¿W
RU ORVV DUH UHFRJQLVHG LQ SUR¿W RU ORVV DV SDUW RI WKH IDLU YDOXH JDLQ RU
loss and translation differences on non-monetary assets such as equity
LQYHVWPHQWVFODVVL¿HGDV)92&,DUHUHFRJQLVHGLQRWKHUFRPSUHKHQVLYH
income. Non-monetary items that are measured based on historical cost
F ,QYHVWPHQWVDQGRWKHU¿QDQFLDODVVHWV in a foreign currency are not translated.
 7KH&RPSDQ\FODVVL¿HVLWV¿QDQFLDODVVHWVLQWKHIROORZLQJPHDVXUHPHQW J 5HVHDUFKDQG'HYHORSPHQW
categories:
Capital expenditure on Research and Development is treated in the
- those to be measured subsequently at fair value (either through VDPHZD\DVH[SHQGLWXUHRQ)L[HG$VVHWV7KHUHYHQXHH[SHQGLWXUHRQ
RWKHUFRPSUHKHQVLYHLQFRPHRUWKURXJKSUR¿WRUORVVDQG Research and Development is written off in the year in which it is incurred.
- those measured at amortised cost.
 7KH FODVVL¿FDWLRQ GHSHQGV RQ WKH &RPSDQ\¶V EXVLQHVV PRGHO IRU
PDQDJLQJ¿QDQFLDODVVHWVDQGWKHFRQWUDFWXDOWHUPVRIWKHFDVKÀRZV
 )RUDVVHWVPHDVXUHGDWIDLUYDOXHJDLQVDQGORVVHVZLOOHLWKHUEHUHFRUGHG
LQ SUR¿W RU ORVV RU RWKHU FRPSUHKHQVLYH LQFRPH )RU LQYHVWPHQWV LQ
debt instruments, this will depend on the business model in which the
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K 3URYLVLRQIRU5HWLUHPHQW%HQH¿WV
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Tax authorities and the fund is administered through Trustees. The
6XSHUDQQXDWLRQIXQGEHQH¿WVLVDGPLQLVWHUHGE\DWUXVWIRUPHGIRUWKLV
purpose through the Group Schemes of the Life Insurance Corporation of
India, and the liability towards Superannuation is provided according to
WKHUXOHVRIWKH)XQG
L 7D[HVRQ,QFRPH
on whether the Company has made an irrevocable election at the time of
initial recognition to account for the equity investment at fair value through Income tax expense represents the sum of the current tax and deferred
other comprehensive income. tax.
 Company Overview Statutory Reports Financial Statements 129

 &XUUHQWWD[FKDUJHLVEDVHGRQWD[DEOHSUR¿WIRUWKH\HDU,QFDVHRI/RVV
MAT provision will be accessed to make the book provision. Taxable
SUR¿WGLIIHUVIURPSUR¿WDVUHSRUWHGLQWKH6WDWHPHQWRI3UR¿WDQG/RVV
because some items of income or expense are taxable or deductible in
different years or may never be taxable or deductible. The Company’s
liability for current tax is calculated using Indian tax rates and laws that
have been enacted by the reporting date.
Current tax assets and liabilities are offset when there is a legally
enforceable right to set off current tax assets against current tax liabilities
and when they relate to income taxes levied by the same taxation
authority.
municipal deductions dependent upon the current use and intended use
of the property. Consequently, it is not possible to ascertain and disclose
the range of fair market value.The estimated Ready Reckoner at year
end, based on latest published data and current stated use, totals 23 Crs
for current year. Ready Reckoner rates are the prices of the residential
property, land or commercial property for a given area that is published
and regulated by the respective State Governments as a guide towards
payment of stamp duty at the time of transaction. The Ready Reckoner
is regarded as a gross value and does not represent the underlying fair
market value to the company.
` in ‘000s

The Company periodically evaluates positions taken in the tax returns For the For the
year ended year ended
with respect to situations in which applicable tax regulations are subject
0DUFK 0DUFK
to interpretation and establishes provisions where appropriate.  
Deferred tax is the tax expected to be payable or recoverable in the 127(
future arising from temporary differences between the carrying amounts 1RQFXUUHQW)LQDQFLDODVVHWV/RDQV
of assets and liabilities in the Balance Sheet and the corresponding tax
EDVHVXVHGLQWKHFRPSXWDWLRQRIWD[DEOHSUR¿W,WLVDFFRXQWHGIRUXVLQJ Sundry Deposits 14,27 13,63
the balance sheet liability method. Deferred tax liabilities are generally Advances recoverable 26,56 26,68
recognised for all taxable temporary differences and deferred tax assets  
DUHUHFRJQLVHGWRWKHH[WHQWWKDWLWLVSUREDEOHWKDWWD[DEOHSUR¿WVZLOOEH
available against which deductible temporary differences can be utilised.
Deferred tax is calculated at the tax rates that are expected to apply in the 127(
period when the liability is settled or the asset realised, based on tax rates 2WKHUQRQFXUUHQWDVVHWV
that have been enacted or substantively enacted by the reporting date.
Balance with Government Authorities 95,50 67,94
Deferred income tax assets and liabilities are off-set against each other  
and the resultant net amount is presented in the Balance Sheet, if and
only when the Company currently has a legally enforceable right to set-off
the current income tax assets and liabilities. 127(
Inventories
 &XUUHQW DQG GHIHUUHG WD[ LV UHFRJQLVHG LQ SUR¿W RU ORVV H[FHSW WR WKH
extent that it relates to items recognised in other comprehensive income Raw materials - 28,32
or directly in equity. In this case, the tax is also recognised in other Packing materials - 2,01
comprehensive income or directly in equity, respectively. Work-in-progress - -
M 2WKHU$FFRXQWLQJ3ROLFLHV )LQLVKHGJRRGV - 1,27
These are consistent with the generally accepted accounting principles.  

 ,19(670(173523(57<$6$70$5&+ 127(
` in ‘000s Trade receivables
As at March As at March
(Unsecured considered good unless otherwise
 
stated)
Gross carrying amount
Considered good - 73,14
Opening gross carrying amount/ Deemed 2,08 2,08
cost  
Additions - -
Deduction - - 127(
Closing gross carrying amount 2,08 2,08 Cash and cash equivalents
Accumulated Depreciation
Current account Balances with Banks 170,52 85,70
Opening Accumulated Depreciation - -
Interest accured on investments/ deposits 48,37 77,79
Depreciation charge - -
 
Closing Accumulated Depreciation - -
Net carrying amount 2,08 2,08
127(
` in ‘000s Bank balances other than cash and cash equivalents
0DU 0DU Term deposit with original maturity period of more 1500,00 1650,00
L )DLUYDOXH than three months but less than twelve months

Investment properties 2357,35 2357,35 Term deposit with original maturity period of more 1,45 1,45
than twelve months but maturing within next twelve
Estimation of fair value  
The company obtains independent valuations for its investment 127(
properties at lease annually.The main inputs used for determining fair Other current assets
values of investment properties are the rental growth rates, expected
Balance with Government Authorities 8 8
vacancy rates, terminal yields and discount rates based on comparable
transactions and industry data. Sundry advances 642,71 593,49
 
Description of valuation method used
127(
The Company has a land site that has been considered as Investment
Share capital
Property as it is not operational at present. In view of management, the fair
market value of the land site is not reliably measurable as there are very Equity share capital 96,00 96,00
few recent transactions of comparable composition of these properties  
LQWKHPDUNHW)XUWKHUWKHIDLUPDUNHWYDOXHZLOOEHVXEMHFWWRQXPHURXV

Annual Report 2017-18

130 Biddle Sawyer Limited

` in ‘000s ,,'58*635,&(6(48$/,6$7,21$&&2817

For the For the The Company received a letter dated 20th/24th August, 1998 from the
year ended year ended Central Government demanding an amount of ` 4,40,79,918 comprising
0DUFK 0DUFK ` 1,42,74,110 in respect of prices relating to Salbutamol formulations
  during the period April, 1979 to December, 1983 with interest thereon
NOTE 11 amounting to ` 2,98,05,808 upto 31st July, 1998. The Company had been
Other Equity
legally advised that the demand of ` 1,42,74,110 is not sustainable and
it, therefore follows that the interest demand also cannot be sustained.
General reserve 1006,01 1006,01 The total demand has been challenged by the Company in a Writ Petition
Capital reserve 2,91 2,91 ¿OHGLQWKH%RPED\+LJK&RXUW7KH%RPED\+LJK&RXUWKDVJUDQWHGDQ
interim stay of the demand, subject to the Company depositing 50% of the
Retained earnings 1394,44 1520,63
principal amount. Accordingly, the Company has deposited an amount
  of ` 71,50,000 with the Government on 3rd May, 1999.This is a normal
interim order passed by the High court in such matters and does not in
DQ\ZD\UHÀHFWXSRQWKHPHULWVRURWKHUZLVHRIWKHFDVH7KHDPRXQWZLOO
127( EHUHIXQGHGLIWKH&RPSDQ\VXFFHHGVDWWKH¿QDOKHDULQJRIWKHPDWWHU
1RQFXUUHQW¿QDQFLDOOLDELOLWLHV2WKHUV The Government’s application in the Supreme Court praying that this writ
Security deposits received 63 63 petition be transferred to the Supreme Court from the Bombay High Court
was not allowed and the Company’s writ petition will now be heard by the
2WKHUQRQFXUUHQW¿QDQFLDOOLDELOLWLHV 72 72 Bombay High Court.
 
` in ‘000s

As at As at
127( 0DUFK 0DUFK
1RQFXUUHQW3URYLVLRQV  6+$5(&$3,7$/
Drugs Prices Equalisation Account (refer note 17 (ii)) 71,24 71,24 Authorised
1,500,000 (Previous year : 150,00 150,00
Provision for pricing of formulation 54,09 54,09
1,500,000) Equity Shares of
  `10 each
ISSUED, SUBSCRIBED &
PAID-UP:
127(
960,000 (Previous year : 96,00 96,00
Trade and other payables 960,000) Equity Shares of `10
each fully paid up (of the above
Trade and other payables 360,40 300,51 750,000 ordinary shares have
  been allotted as fully paid-up
Bonus shares by capitalisation of
General Reserve)
127( TOTAL  

Other current liabilities D 6KDUHVKHOGE\KROGLQJ

company
Statutory dues 1,75 2,71
Equity Shares of ` 10 96,00 96,00
  each 960,000 (Previous
year : 960,000) held
by GlaxoSmithKline
127( Pharmaceuticals Limited, the
Holding Company
Current provisions
E 5HFRQFLOLDWLRQRIWKHQXPEHU
)RURWKHUV 47,31 47,31 of shares

  Balance at the beginning of the 9600,00 96,00 9600,00 96,00
year

Issued during the year - - - -

` in ‘000s Balance at the end of the year 9600,00 96,00 9600,00 96,00
For the For the
F 5LJKWVSUHIHUHQFHVDQG
year ended year ended restrictions attached to equity
0DUFK 0DUFK shares:
 
The company has only one class
, &217,1*(17/,$%,/,7,(6
Claims against the Company not
acknowledged as debts
Income-tax matters
Sales tax matters
Guarantee given by the Company to the
Customs Authorities
Based on the data obtained by Government,
it had directed the Company to pay a tentative
amount along with interest due thereon into
the Drugs Prices Equilisation Account (DPEA)
under Drugs (Price Control) Order 1979, in
respect of Bulk Drug Amoxicillin Trihydrate, on
DFFRXQWRIDOOHJHGXQLQWHQGHGEHQH¿WHQMR\HG
E\ WKH &RPSDQ\ 7KH &RPSDQ\ KDG ¿OHG LWV
reply contending that no amount is payable
into DPEA.
of equity shares having a par
value of `10/- per share. Each
1736,96 1638,95
share holder of equity shares is
entitled to one vote per share.
22 22 The company declares and pays
dividends in Indian rupees. The
19,96 19,96 dividend proposed by the Board
200,00 200,00 of Directors is subject to the
approval of the shareholders
in the ensuing Annual General
49,29 49,29 Meeting except in case of interim
dividend.
In the event of liquidation of
the company, the holders of
equity shares will be entitled
to receive remaining assets of
the company, after distribution
of all preferential amounts. The
distribution will be in proportion
to the number of equity shares
held by the shareholders.
Company Overview Statutory Reports Financial Statements 131

As at As at ` in ‘000s
0DUFK 0DUFK
For the For the
G 'HWDLOVRIVKDUHKROGHUV year ended year ended
KROGLQJPRUHWKDQVKDUHV 0DUFK 0DUFK
in the company:  
GlaxoSmithKline 9600,00 9600,00
 EARNINGS PER SHARE
Pharmaceuticals Limited, the
Holding Company Earnings per share
{100%} {100%} Earnings per share is calculated by
GLYLGLQJWKHSUR¿WDWWULEXWDEOHWRWKHHTXLW\
shareholders by the weighted average
number of equity shares outstanding during
` in ‘000s
the year. The numbers used in calculating
For the For the basic and diluted earnings per equity share
year ended year ended are as stated below:
0DUFK 0DUFK
3UR¿WDIWHUWD[DWLRQ` ‘000) (126,19) 3,69
 
Weighted average number of shares (Nos) 9600,00 9600,00
 Revenue from operations
Earnings per share (Basic and Diluted) - ` (13.14) 0.38
$ 6DOHRISURGXFWVJURVV )DFHYDOXHSHUVKDUH` 10.00 10.00
Sale of products (23,25) 571,82
(23,25) 571,82  SEGMENT REPORTING
B. Other operating revenue The Company has only one segment namely pharmaceuticals; hence no
separate disclosure of segment-wise information has been made.
Others 1 1
1 1  Tax expense
Total Revenue from operations   D$PRXQWVUHFRJQLVHGLQSUR¿WDQGORVV
Current income tax - 4,86
Deferred tax
 Other income
Decrease (increase) in deferred tax (35,64) 2,13
Interest income 102,35 105,87 assets
  (Decrease) increase in deferred tax - -
liabilities
Deferred tax expense  
 Cost of materials consumed
Tax expense for the year  
Cost of materials consumed   E 5HFRQFLOLDWLRQRIHႇHFWLYHWD[UDWH
 3UR¿WEHIRUHWD[  
 Changes In Inventories Of Finished Tax using the Company’s domestic tax (41,66) 3,30
*RRGV:RUN,Q3URJUHVVDQGWUDGHG rate (Current year 25.75% and Previous
goods <HDU

Opening stock  7D[HႇHFWRI

Tax effect of amounts which are not
)LQLVKHGJRRGV 1,27 388,94 deductible (taxable) in calculating
Traded goods - 24 taxable income:

Less: Closing stock Donation 71 1,41

Other items 5,31 2,28
)LQLVKHGJRRGV - (1,27)
 
 
The Company’s tax rates for the year ended March 31, 2018 is and 2017
ZHUH  DQG  UHVSHFWLYHO\ ,QFRPH WD[ H[SHQVH IRU )<
 Other expenses 17-18 is Nil & deffered tax credit of ` 35,64 (‘000) recognised on carried
forward loss as compared to income tax expense of ` 6,99 (‘000) for the
Selling & Distribution Expenses - 80,62
year ended March 31, 2017. The effective tax rate for the year ended
Rent 1,52 5,30 March 31, 2018 was lower primarily as a result of changes in threshold
limit of net taxable income of ` 1 crore instead of ` 5 crore in the previous
Rates and taxes 4,30 30,56
year, as a result of this change basic tax rate reduced from 30% to 25%.
Remuneration to auditors :
 F 0RYHPHQWLQGHIHUUHGWD[EDODQFHV
Statutory audit fees 2,70 3,11
` in ‘000s
Tax audit fees 70 70
0DUFK
Other services - 10 Net balance Recognised Net
Reimbursement of expenses 40 51 $SULO LQSUR¿WRU Deferred
 loss tax asset /
Corporate social responsibility (Refer Note 5,54 9,15 OLDELOLW\
30)
INR INR INR
Exchange (Gain)/loss (6,39) 3,54
Deferred tax asset
Reimbursement of expenses to 45,53 102,88 Expenses allowable for 15,00 38,40 53,40
GlaxoSmithKline Pharmaceuticals Limited tax purpose when paid
Legal & professional expenses 65,24 19,07 Provision for pricing 16,50 (2,76) 13,74
Miscellaneous expenses 65,33 13,66 matters
Tax assets (Liabilities) 31,50 35,64 67,14
 

Annual Report 2017-18

132 Biddle Sawyer Limited

 G 0RYHPHQWLQGHIHUUHGWD[EDODQFHV  7KHDPRXQWRIIDLUYDOXHRIWKHDERYH)LQDQFLDODVVHWVDQGOLDELOLWLHV
LVFRQVLGHUHGWREHLQVLJQL¿FDQWLQYDOXHDQGKHQFHFDUU\LQJYDOXH
March 31, 2017
and the fair value is considered to be same.
Net balance Recognised Net
$SULO LQSUR¿WRU Deferred The carrying amounts of Cash and cash equivalents, other bank
 loss tax asset / balance, Trade receivables, Trade payables are considered to be
OLDELOLW\ the same as their fair values due to their short term nature.
INR INR INR C. Financial risk management
Deferred tax asset The Company has exposure to the following risks arising from
Expenses allowable for 15,97 (97) 15,00 ¿QDQFLDOLQVWUXPHQWV
tax purpose when paid
 ƒ /LTXLGLW\ULVN
Provision for pricing 17,66 (1,16) 16,50
matters  ƒ 0DUNHWULVN
Tax assets (Liabilities) 33,63 (2,13) 31,50 5LVNPDQDJHPHQWIUDPHZRUN
The Company’s board of directors has overall responsibility for the
The company offsets tax assets and liabilities if and only if it has establishment and oversight of the Company’s risk management framework.
a legally enforceable right to set off current tax assets and current The board of directors has established the Risk Management Committee, which
tax liabilities and the deferred tax assets and deferred tax liabilities is responsible for developing and monitoring the Company’s risk management
relate to income taxes levied by the same tax authority. policies. The committee reports regularly to the board of directors on its activities

6LJQL¿FDQW PDQDJHPHQW MXGJHPHQW LV UHTXLUHG LQ GHWHUPLQLQJ The Company’s risk management policies are established to identify and
analyse the risks faced by the Company, to set appropriate risk limits and
provision for income tax, deferred income tax assets and liabilities
controls and to monitor risks and adherence to limits. Risk management
and recoverability of deferred income tax assets. The recoverability
SROLFLHV DQG V\VWHPV DUH UHYLHZHG UHJXODUO\ WR UHÀHFW FKDQJHV LQ PDUNHW
of deferred income tax assets is based on estimates of taxable conditions and the Company’s activities. The Company, through its training and
income in which the relevant entity operates and the period over management standards and procedures, aims to maintain a disciplined and
which deferred income tax assets will be recovered. constructive control environment in which all employees understand their roles
 Financial instruments – Fair values and risk management and obligations.
 $ $FFRXQWLQJFODVVL¿FDWLRQDQGIDLUYDOXHV The audit committee oversees how management monitors compliance with the
company’s risk management policies and procedures, and reviews the adequacy
The following table shows the carrying amounts and fair values of the risk management framework in relation to the risks faced by the Company.
RI ¿QDQFLDO DVVHWV DQG ¿QDQFLDO OLDELOLWLHV LQFOXGLQJ WKHLU OHYHOV The audit committee is assisted in its oversight role by internal audit. Internal
presented below. audit undertakes both regular and ad hoc reviews of risk management controls
and procedures, the results of which are reported to the audit committee.
` in ‘000s
As at As at Liquidity risk
0DUFK 0DUFK
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  obligations as they become due. The Company manages its liquidity risk by
Financial assets at amortised cost HQVXULQJDVIDUDVSRVVLEOHWKDWLWZLOODOZD\VKDYHVXI¿FLHQWOLTXLGLW\WRPHHW
Security Deposits 14,27 13,63 its liabilities when due, under both normal and stressed conditions, without
Advances recoverable 26,56 26,68 incurring unacceptable losses or risk to the Company’s reputation.
Cash and cash equivalents 218,89 163,49 The Company’s principal sources of liquidity are cash and cash equivalents
Other bank balance 1501,45 1651,45 DQG WKH FDVK ÀRZ WKDW LV JHQHUDWHG IURP RSHUDWLRQV 7KH &RPSDQ\ KDV QR
outstanding bank borrowings. The Company believes that the working capital
Trade receivables - 73,14
LV VXI¿FLHQW WR PHHW LWV FXUUHQW UHTXLUHPHQWV $Q\ VKRUWWHUP VXUSOXV FDVK
7RWDO¿QDQFLDODVVHWV   generated, over and above the amount required for working capital management
Financial liabilities at amortised cost and other operational requirements, are retained as Cash and Investment in
Security deposits received 63 63 short term deposits with banks. The said investments are made in instruments
2WKHUQRQFXUUHQW¿QDQFLDOOLDELOLWLHV 72 72 ZLWKDSSURSULDWHPDWXULWLHVDQGVXI¿FLHQWOLTXLGLW\
Trade payables 360,40 300,51 As of March 31, 2018, the Company had working capital of
7RWDO¿QDQFLDOOLDELOLWLHV   ` 1953,67 (000), including cash and cash equivalents of ` 218,89, investments
LQWHUPGHSRVLWVLHEDQNFHUWL¿FDWHVRIGHSRVLWKDYLQJRULJLQDOPDWXULWLHVRI
B. Fair Value Hierarchy more than 3 months) of ` 1501,45 (000). As of March 31, 2017, the Company
This section explains the judgements and estimates made in had working capital of ` 2162,72 (000), including cash and cash equivalents of
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measured at amortised cost and for which fair values are disclosed original maturities of more than 3 months) of ` 1651,45 (000).
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Exposure to liquidity risk
 )DLUYDOXHRI¿QDQFLDODVVHWVDQGOLDELOLWLHVPHDVXUHGDWDPRUWLVHG
cost 7KH IROORZLQJ DUH WKH UHPDLQLQJ FRQWUDFWXDO PDWXULWLHV RI ¿QDQFLDO OLDELOLWLHV
at the reporting date. The amounts are gross and undiscounted, and include
` in ‘000s estimated interest payments and exclude the impact of netting agreements.
As at As at
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Financial assets As at Carrying Total 1 year   More
Security Deposits 0DUFK amount or less years years WKDQ
 years
Carrying value 14,27 13,63
)DLUYDOXH 14,27 13,63 1RQ
Advances recoverable derivative
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Carrying value 26,56 26,68
liabilities
)DLUYDOXH 26,56 26,68
Trade 360,40 360,40 59,89 300,51 - -
Financial liabilities Payables
Security deposits received and other
Carrying value 63 63 payables
)DLUYDOXH 63 63 Security 63 63 - - 63 -
Other non-current liabilities deposits
Carrying value 72 72 Other 72 72 - - 72 -
non-current
)DLUYDOXH 72 72
liabilities
 Company Overview Statutory Reports Financial Statements 133

` in ‘000s The Company has adequate cash and bank balances and no
interest bearing liabilities. The company monitors its capital by
&RQWUDFWXDOFDVKÀRZV a careful scrutiny of the cash and bank balances, and a regular
$VDW0DUFK Carrying Total 1 year   More assessment of any debt requirements. In the absence of any
amount or less years years WKDQ interest bearing debt, the maintenance of debt equity ratio etc. may
years not be of any relevance to the Company.
1RQGHULYDWLYH  RELATED PARTY DISCLOSURES
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1 Related parties with whom there were transactions during the year
Trade Payables and 300,51 300,51 300,51 - - - are listed below:
other payables
Holding Company:
Security deposits 63 63 - - 63 -
The company is a wholly owned subsidiary of GlaxoSmithKline
Other non-current 72 72 - - 72 - Pharmaceuticals Limited.
liabilities
2 The following transactions were carried out with the related parties
Market risk at normal commercial terms in the ordinary course of business.
0DUNHWULVNLVWKHULVNRIORVVRIIXWXUHHDUQLQJVIDLUYDOXHVRUIXWXUHFDVKÀRZV
` in ‘000s
that may result from adverse changes in market rates and prices (such as
interest rates and foreign currency exchange rates) or in the price of market Holding Company
risk-sensitive instruments as a result of such adverse changes in market rates
Year Year Ended
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instruments, all foreign currency receivables and payables. The Company is 0DUFK 
exposed to market risk primarily related to foreign exchange rate risk. 
Currency risk 1 Payment of manufacturing - -
7KHÀXFWXDWLRQLQIRUHLJQFXUUHQF\H[FKDQJHUDWHVPD\KDYHSRWHQWLDOLPSDFW charges
RQWKHSUR¿WDQGORVVDFFRXQWZKHUHDQ\WUDQVDFWLRQUHIHUHQFHVPRUHWKDQRQH
2 Payment of common costs 45,53 118,22
currency or where assets/liabilities are denominated in a currency other than the
functional currency of the entity. 3 Payment of CSA commission - 22,98
The Company is exposed to currency risk on account of its receivables and 4 Payment of marketing commission - 65,66
payables in foreign currency. The functional currency of the Company is Indian
Rupee. The Company has exposure to USD.The Company has not hedged this 5 Outstanding payable/(receivable) 27,47 (73,14)
foreign currency exposure and strives to achieve asset liability offset of foreign by the Company (net) @
currency exposure.
@ Transactions with the above parties are accounted in the
Exposure to currency risk respective current accounts.
The Company’s exposure to foreign currency risk at the end of the reporting
period is as follows:  CORPORATE SOCIAL RESPONSIBILITY
Expense towards activities relating to Corporate Social Responsibility in
` in ‘000s compliance with section 135 of the Companies Act, 2013 recognised in
0DUFK 0DUFK WKH6WDWHPHQWRI3UR¿WDQG/RVVXQGHUµ&RUSRUDWHVRFLDOUHVSRQVLELOLW\¶LQ
  Note 23.:
USD USD ` in ‘000s
Trade payables 88,84 88,28
Year ended Year ended
1HWVWDWHPHQWRI¿QDQFLDOSRVLWLRQH[SRVXUH (88,84) (88,28) st March st March
 
Sensitivity analysis
(a) Amount spent
A reasonably possible strenghtening / weakening of the respective foreign
currencies with respect to functional currency of Company would result in Particulars
LQFUHDVHRUGHFUHDVHLQSUR¿WRUORVVDQGHTXLW\DVVKRZQLQWDEOHEHORZ7KLV
(i) Construction/ acquisition of the - -
analysis assumes that all other variables, in particular interest rates, remain asset
constant and ignores any impact of forecast sales and purchases. The following
analysis has been worked out based on the exposures as of the date of (ii) On purposes other than (i) above 5,54 9,15
VWDWHPHQWVRI¿QDQFLDOSRVLWLRQ  
(ႇHFWLQ` Strengthening 3UR¿WRUORVV Equity (b) Gross amount required to be spent by 5,54 9,15
Thousands / Weakening % the Company
Strengthening Weakening Strengthening Weakening
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USD 3% (2,67) 2,67 - - ¿JXUHVKDYHEHHQUHJURXSHGZKHUHYHUQHFHVVDU\

(ႇHFWLQ` Strengthening / 3UR¿WRUORVV Equity

Thousands Weakening % As per our report of even date )RUDQGRQEHKDOIRIWKH%RDUG
Strengthening Weakening Strengthening Weakening attached
March 31, 2017
For CORNELIUS & DAVAR Annaswamy Vaidheesh Puja Thakur
USD 3% (2,65) 2,65 - - CHARTERED ACCOUNTANTS Chairman Director
DIN: 01444303 DIN: 07971789
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RUSTOM D. DAVAR
 Capital Management (PROPRIETOR)
D 5LVN0DQDJHPHQW Membership No. F10620
Place : Mumbai
The Company’s policy is to maintain a strong capital base so as to
Date: 18th May 2018
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future development of the business. Management monitors the
return on capital as well as the level of dividends to ordinary
shareholders.

Annual Report 2017-18

134 GlaxoSmithKline Pharmaceuticals Limited

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF GLAXOSMITHKLINE PHARMACEUTICALS LIMITED
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Notes As at As at
March 31, 2018 March 31, 2017
ASSETS
Non-current assets
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Investment Property 4  
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2181,47.08 1672,61.64
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TOTAL ASSETS 3947,48.27 3003,83.53
EQUITY AND LIABILITIES
EQUITY
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Total Liabilities 1890,15.38 996,97.95
TOTAL EQUITY AND LIABILITIES 3947,48.27 3003,83.53
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Revenue From Operations   
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Total Income 2950,19.14 3073,05.88

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A. CASH FLOWS FROM OPERATING ACTIVITIES
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Total 201,10.18 139,13.08
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Balance as at April 1, 2016      

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(b) Principles of consolidation
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Annual Report 2017-18

 GlaxoSmithKline Pharmaceuticals Limited

Notes to the Consolidated Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

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Annual Report 2017-18

 GlaxoSmithKline Pharmaceuticals Limited

Notes to the Consolidated Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

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c Provisions and contingent liabilities

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NOTE 3 : PROPERTY, PLANT AND EQUIPMENT
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April 01, March 31, April 01, Year Disposals March 31, March 31,
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Total 299,08.58 32,02.94 1,79.63 329,31.89 46,37.63 33,84.09 1,02.50 79,19.22 250,12.67

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April 01, March 31, April 01, Year Disposals March 31, March 31,
2016 2017 2016 2017 2017

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Closing Balance 922,89.71 573,21.68

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Annual Report 2017-18

 GlaxoSmithKline Pharmaceuticals Limited

Notes to the Consolidated Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

NOTE 4 : INVESTMENT PROPERTY
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Net carrying amount 1,78.09 5,34.44
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(ii) Premises given on operating lease

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(iii) Estimation of fair value

 7KH*URXSKDVIRXUSURSHUWLHV0DUFK¿YHSURSHUWLHV WKDWKDYHEHHQ FRQVLGHUHG DV,QYHVWPHQW3URSHUWLHV
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DQGDQDSDUWPHQWWKDWLVOHDVHGDWFRPPHUFLDOUDWHV

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DW\HDUHQGEDVHGRQODWHVWSXEOLVKHGGDWDDQGRQFXUUHQWVWDWHGXVHWRWDOV`ODNKV$VDW0DUFK
`ODNKV5HDG\5HFNRQHUUDWHVDUHWKHSULFHVRIUHVLGHQWLDOSURSHUW\ODQGRUFRPPHUFLDOSURSHUW\IRUDJLYHQ
DUHDWKDWLVSXEOLVKHGDQGUHJXODWHGE\WKHUHVSHFWLYH6WDWH*RYHUQPHQWVDVDJXLGHWRZDUGVSD\PHQWRIVWDPSGXW\DW
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IDLUPDUNHWYDOXHRIWKHSURSHUWLHV7KH*URXSZLOOIXUWKHUGHWDLOWKHIDLUYDOXHRILWVLQYHVWPHQWSURSHUWLHVXSRQHQWHULQJD
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 7KH IDLU YDOXH RI WKH OHDVHG DSDUWPHQW LV HVWLPDWHG DW `  ODNKV 0DUFK    `  ODNKV7KH IDLU
YDOXDWLRQLVEDVHGRQDGHDOFRQFOXGHGE\WKH*URXSRIDFRPSDUDEOHSURSHUW\LQWKHVDPHORFDWLRQGXULQJWKHSUHYLRXV
\HDU7KHIDLUYDOXHKDVQRWEHHQDGMXVWHGIRUDQ\WUHQGVIRUFKDQJHLQSURSHUW\UDWHVRYHUWKH\HDUDVWKHPDQDJHPHQW
H[SHFWVWKHFKDQJHWREHLQVLJQL¿FDQWLQYDOXHDQGKDVGHFLGHGWRUHO\RQWKHYDOXHGHULYHGLQWKHSUHYLRXV\HDU7KHIDLU
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Company Overview Statutory Reports Financial Statements 

Notes to the Consolidated Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

NOTE 5 : INTANGIBLE ASSETS
(`LQODNKV
Year ended March 31, 2018 Gross block (at cost) Accumulated Amortisation Net block
As at Additions Disposals As at As at For the On As at As at
April 01, March 31, April 01, Year Disposals March 31, March 31,
2017 2018 2017 2018 2018

,QWDQJLEOH$VVHWV
6RIWZDUH         
Total - 76,57.40 - 76,57.40 - 3,89.22 - 3,89.22 72,68.18

Year ended March 31, 2017 Gross block Accumulated Amortisation Net block
As at Additions Disposals As at As at For the On As at As at
April 01, March 31, April 01, Year Disposals March 31, March 31,
2016 2017 2016 2017 2017

,QWDQJLEOH$VVHWV
'LVWULEXWLRQ5LJKWV         
Total 3,22.80 - - 3,22.80 3,22.80 - - 3,22.80 -

Intangible assets under development:

(`LQODNKV
FY 2017-18 FY 2016-17
Opening Balance  
Additions  
/HVV7UDQVIHUV  
Capitalisation  
Closing Balance - 32,24.73

(`LQODNKV
As at As at
March 31, 2018 March 31, 2017
NOTE 6 : INVESTMENTS
In Unquoted Equity Instruments
Biotech Consortium India Limited  
 (TXLW\6KDUHVRI`HDFKIXOO\SDLG
'LQHWWH([FOXVLYH&OXE3ULYDWH/LPLWHG  
 (TXLW\6KDUHVRI`HDFKIXOO\SDLG
Other Unquoted Investments
1DWLRQDO6DYLQJV&HUWL¿FDWH/RGJHGZLWK*RYHUQPHQWDXWKRULWLHV  
Total 5.67 5.67
$JJUHJDWHRI8QTXRWHG,QYHVWPHQWV$W%RRNYDOXH 5.67 5.67

NOTE 7 : NON-CURRENT FINANCIAL ASSETS - LOANS

8QVHFXUHGFRQVLGHUHGJRRG
Security Deposits  
$GYDQFHVUHFRYHUDEOH  
14,98.89 13,68.28

Annual Report 2017-18

 GlaxoSmithKline Pharmaceuticals Limited

Notes to the Consolidated Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

(`LQODNKV
As at As at
March 31, 2018 March 31, 2017
NOTE 8 : NON-CURRENT FINANCIAL ASSETS - OTHERS
0DUJLQPRQH\'HSRVLWDJDLQVWEDQNJXDUDQWHH  
27.76 2,42.76

NOTE 9 : OTHER NON-CURRENT ASSETS

Capital advances  
/HVV$OORZDQFHIRUGRXEWIXOGHEWV  
 
%DODQFHVZLWK*RYHUQPHQW$XWKRULWLHV  
Sundry Deposit  
5HPLWWDQFHVLQWUDQVLW5HIHU1RWHLLL  
Others  
92,43.26 205,81.30

NOTE 10 : INVENTORIES (AT LOWER OF COST OR NET REALISABLE VALUE)

5DZDQG3DFNLQJPDWHULDOV  
:RUNLQSURJUHVV  
Finished goods  
6WRFNLQWUDGHLQFOXGHVLQWUDQVLWDVRQ0DUFKODNKV0DUFK  
`ODNKV
Stores and spares  
500,18.33 425,79.74

7KHFRVWRILQYHQWRULHVUHFRJQLVHGDVDQH[SHQVHGXULQJWKH\HDUHQGHG0DUFKLQFOXGHV`ODNKVLQUHVSHFW
RIZULWHGRZQVRILQYHQWRU\WRQHWUHDOLVDEOHYDOXH

(`LQODNKV
As at As at
March 31, 2018 March 31, 2017
NOTE 11 : TRADE RECEIVABLES
8QVHFXUHG&RQVLGHUHGJRRG  
8QVHFXUHG&RQVLGHUHGGRXEWIXO  
/HVV$OORZDQFHIRUGRXEWIXOGHEWV5HIHU1RWHDEHORZ  
146,95.89 170,79.67

Note:-
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Company Overview Statutory Reports Financial Statements 

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(`LQODNKV
As at As at
March 31, 2018 March 31, 2017
NOTE 12 : CASH AND CASH EQUIVALENTS
%DODQFHVZLWK%DQNV
Current account  
7HUPGHSRVLWZLWKRULJLQDOPDWXULW\SHULRGRIOHVVWKDQWKUHHPRQWKV  
&KHTXHVRQKDQG5HIHU1RWH  
201,10.18 139,13.08

NOTE 13 : BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS

(DUPDUNHG%DODQFHV
Unpaid dividend accounts  
7HUP GHSRVLW ZLWK RULJLQDO PDWXULW\ SHULRG RI PRUH WKDQ WKUHH PRQWKV EXW OHVV WKDQ  
WZHOYHPRQWKV
0DUJLQPRQH\'HSRVLWDJDLQVWEDQNJXDUDQWHH  
1095,30.88 760,47.43

NOTE 14 : CURRENT FINANCIAL ASSETS - OTHERS

8QVHFXUHGFRQVLGHUHGJRRG
5HFHLYDEOHIURPJURXSFRPSDQLHV  
,QWHUHVWDFFUXHGRQGHSRVLWVZLWKEDQNV  
$GYDQFHVUHFRYHUDEOH  
58,12.34 101,25.73

NOTE 15 : OTHER CURRENT ASSETS

%DODQFHVZLWK*RYHUQPHQW$XWKRULWLHV  
Advance to Creditors  
Sundry advances  
Import advances  
3UHSD\PHQWVDQG3UHSDLG([SHQVHV  
Others  
179,79.46 75,15.99

NOTE 16 : ASSETS HELD FOR SALE

)UHHKROG/DQGDQG%XLOGLQJV5HIHU1RWHDEHORZ  
3ODQWDQG0DFKLQHU\5HIHU1RWHEEHORZ  
4,93.74 1,62.95
1RWHV
D 7KHDPRXQWLVWKH:ULWWHQ'RZQ9DOXHRIWKHSURSHUW\DW7KDQHZKLFKLVEHLQJVROGDQGDGYDQFHUHFHLYHGDJDLQVWVXFK
KDVEHHQFODVVL¿HGDV&XUUHQW/LDELOLW\DVGRFXPHQWVIRUVDOHRISURSHUW\DUH\HWWREHH[HFXWHG7KHWUDQVIHUZLOOFRQFOXGH
DIWHUREWDLQLQJDOOUHOHYDQWVWDWXWRU\DQGRWKHUDSSURYDOVFRQVHQWVSHUPLVVLRQVDVUHTXLUHGLQODZ5HIHU1RWH

E 7KHDPRXQWLQFOXGHV3ODQWDQG0DFKLQHU\IURP0\VRUHDQG%DQJDORUHVLWHKHOGIRUVDOH

Annual Report 2017-18

 GlaxoSmithKline Pharmaceuticals Limited

Notes to the Consolidated Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

(`LQODNKV
As at As at
March 31, 2018 March 31, 2017
NOTE 17 : EQUITY SHARE CAPITAL
Authorised
HTXLW\VKDUHVRI`HDFK  
Issued
HTXLW\VKDUHVRI`HDFK  
6XEVFULEHGDQG3DLG8S
 HTXLW\VKDUHVRI`HDFKIXOO\SDLGXS  
84,70.30 84,70.30
H[FOXGHVHTXLW\VKDUHVRI`HDFKRIWKH&RPSDQ\HTXLW\VKDUHVRI`HDFKRIHUVWZKLOH%XUURXJKV:HOOFRPH
,QGLD/LPLWHGKHOGLQDEH\DQFH

As at March 31, 2018 As at March 31, 2017

Number of Rupees Number of Rupees
Shares in lakhs Shares in lakhs
D 5HFRQFLOLDWLRQRIWKHQXPEHURIVKDUHV
 %DODQFHDWWKHEHJLQQLQJRIWKH\HDU    
Issued during the year    
 %DODQFHDWWKHHQGRIWKH\HDU 84,703,017 84,70.30 84,703,017 8,470.30
E 5LJKWVSUHIHUHQFHVDQGUHVWULFWLRQVDWWDFKHGWRHTXLW\VKDUHV
 7KH&RPSDQ\KDVRQHFODVVRIHTXLW\VKDUHVKDYLQJDSDUYDOXHRI`SHUVKDUH(DFKVKDUHKROGHULVHOLJLEOHIRURQH
YRWHSHUVKDUHKHOG7KHGLYLGHQGSURSRVHGE\WKH%RDUGRI'LUHFWRUVLVVXEMHFWWRWKHDSSURYDORIWKHVKDUHKROGHUVLQWKH
HQVXLQJ$QQXDO*HQHUDO0HHWLQJH[FHSWLQFDVHRILQWHULPGLYLGHQG,QWKHHYHQWRIOLTXLGDWLRQWKHHTXLW\VKDUHKROGHUVDUH
HOLJLEOHWRUHFHLYHWKHUHPDLQLQJDVVHWVRIWKH&RPSDQ\DIWHUGLVWULEXWLRQRIDOOSUHIHUHQWLDODPRXQWVLQSURSRUWLRQWRWKHLU
VKDUHKROGLQJ

F 6KDUHVKHOGE\VXEVLGLDULHVRIXOWLPDWHKROGLQJFRPSDQ\LQDJJUHJDWH

As at March 31, 2018 As at March 31, 2017

Number of Rupees Number of Rupees
Shares in lakhs Shares in lakhs
 (TXLW\ VKDUHV RI ` HDFK UHSUHVHQWLQJ  RI    
WRWDOVKDUHKROGLQJ
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As at March 31, 2018 As at March 31, 2017

Number of Rupees Number of Rupees
Shares in lakhs Shares in lakhs
 *OD[R*URXS/LPLWHG8.    
 *OD[R6PLWK.OLQH3WH/LPLWHG6LQJDSRUH    
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 /LIH,QVXUDQFH&RUSRUDWLRQRI,QGLD    
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Particulars As at As at
March 31, 2018 March 31, 2017
NOTE 18 : OTHER EQUITY
Capital redemption reserve  
General reserve  
Capital reserve  
5HWDLQHGHDUQLQJV,QFOXGLQJ2WKHU&RPSUHKHQVLYH,QFRPH  
1972,62.59 1922,15.28

NOTE 19 : NON-CURRENT FINANCIAL LIABILITIES - BORROWINGS

Unsecured
,QWHUHVWIUHHGHIHUUHGVDOHVWD[LQFHQWLYH  
58.30 98.90
Terms of repayment
,QWHUHVWIUHHGHIHUUHGVDOHVWD[LQFHQWLYHDVDW0DUFKRI`ODNKV0DUFK`ODNKVDYDLOHGXQGHU
WKH6DOHV7D['HIHUPHQW6FKHPHZKLFKLVUHSD\DEOHLQQLQHLQVWDOPHQWVDVDW0DUFK0DUFKWKLUWHHQ
LQVWDOPHQWVDQGFORVLQJRQ$SULO7KHFXUUHQWPDWXULW\DPRXQWDVDW0DUFKLV`ODNKV0DUFK
`ODNKVRIWKHORDQKDVEHHQGLVFORVHGXQGHU1RWH

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Particulars As at As at
March 31, 2018 March 31, 2017
NOTE 20 : NON-CURRENT FINANCIAL LIABILITIES - OTHERS
Security deposits received  
3D\DEOHWRHPSOR\HHV  
2WKHUQRQFXUUHQW¿QDQFLDOOLDELOLWLHV  
2,25.82 3,50.30

NOTE 21 : NON-CURRENT PROVISIONS

)RU3ULFLQJPDWWHUV5HIHU1RWHDQG  
)RUHPSOR\HHEHQH¿WV
 *UDWXLW\5HIHU1RWH  
 /HDYHHQFDVKPHQWDQGFRPSHQVDWHGDEVHQFHV5HIHU1RWH  
 3RVWUHWLUHPHQWPHGLFDODQGRWKHUEHQH¿WV5HIHU1RWH  
)RUORQJWHUPLQFHQWLYHSODQ5HIHU1RWHDQG  
)RUGLYHVWPHQWUHVWUXFWXULQJ5HIHU1RWH  
)RUH[SHFWHGVDOHVUHWXUQV5HIHU1RWH  
)RURWKHUV5HIHU1RWH  
287,44.89 272,25.50

NOTE 22 : TRADE PAYABLES

'XHWR0LFUR6PDOODQG0HGLXP(QWHUSULVHV5HIHU1RWH  
Due to others  
505,85.52 278,92.73

Annual Report 2017-18

 GlaxoSmithKline Pharmaceuticals Limited

Notes to the Consolidated Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

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As at As at
March 31, 2018 March 31, 2017
NOTE 23 : CURRENT FINANCIAL LIABILITIES - OTHERS
&XUUHQW0DWXULW\RI,QWHUHVWIUHHGHIHUUHGVDOHVWD[LQFHQWLYH5HIHU1RWH  
8QFODLPHGGLYLGHQGV  
6DODULHVZDJHVERQXVDQGHPSOR\HHEHQH¿WVSD\DEOH  
&UHGLWRUVIRUFDSLWDOJRRGV  
5DWLRQDOLVDWLRQUHODWLQJWRDPDQXIDFWXULQJVLWH  
2WKHU3D\DEOHV  
267,10.69 359,17.73
7KHUHDUHQRDPRXQWVGXHDQGRXWVWDQGLQJWREHFUHGLWHGWR,QYHVWRU(GXFDWLRQDQG
Protection Fund

NOTE 24 : OTHER CURRENT LIABILITIES

6WDWXWRU\GXHVLQFOXGLQJSURYLGHQWIXQGDQGWD[GHGXFWHGDWVRXUFH  
$GYDQFHIURP&XVWRPHUV  
$GYDQFHUHFHLYHGWRZDUGVGLVSRVDORIODQG5HIHU1RWHDEHORZ  
575,24.50 31,29.52
Note:-
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(`LQODNKV
As at As at
March 31, 2018 March 31, 2017
NOTE 25 : CURRENT PROVISIONS
)RUHPSOR\HHEHQH¿WV5HIHU1RWH
 /HDYHHQFDVKPHQWDQGFRPSHQVDWHGDEVHQFHV  
 3RVWUHWLUHPHQWPHGLFDODQGRWKHUEHQH¿WV  
)RUORQJWHUPLQFHQWLYHSODQ5HIHU1RWHDQG  
)RUUDWLRQDOLVDWLRQUHODWLQJWRDPDQXIDFWXULQJVLWH5HIHU1RWH  
)RUH[SHFWHGVDOHVUHWXUQV5HIHU1RWH  
2WKHUV5HIHU1RWH  
97,57.38 48,72.19

NOTE 26 : MOVEMENT IN PROVISIONS

(`LQODNKV
Rationalisation Pricing Long term 'LYHVWPHQW Expected Others
relating to a matters Incentive Plan Restructuring Sales
manufacturing site Returns
(i) (ii) (iii) (ii) (iv) (ii)
April 2017- March 2018
Opening Balance      
$GG3URYLVLRQGXULQJWKH\HDU      
/HVV$PRXQWVXWLOLVHGUHYHUVHGGXULQJ      
the year
Balance at the year end      
April 2016 - March 2017
Opening Balance      
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/HVV$PRXQWVXWLOLVHGUHYHUVHGGXULQJ      
the year
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Notes:
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LVH[SHFWHGWREHXWLOLVHGZLWKLQPRQWKVIURPWKHHQGRIWKH\HDU
LL 3ULFLQJ PDWWHUV 'LYHVWPHQW 5HVWUXFWXULQJ DQG RWKHU PDWWHUV 3URYLVLRQ IRU SULFLQJ PDWWHUV 'LYHVWPHQW 5HVWUXFWXULQJ
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ZLWKVWDWXWRU\DXWKRULWLHVWKLUGSDUWLHV7KHRXWÀRZZLWKUHJDUGWRWKHVDLGPDWWHUVGHSHQGVRQWKHH[KDXVWLRQRIUHPHGLHV
DYDLODEOHWRWKH*URXSXQGHUWKHODZDQGKHQFHWKH*URXSLVQRWDEOHWRUHDVRQDEO\DVFHUWDLQWKHWLPLQJRIWKHRXWÀRZ
$OVRUHIHUQRWHVDQG
LLL /RQJWHUPLQFHQWLYHSODQ5HIHUQRWH
LY ([SHFWHGVDOHVUHWXUQV7KLVUHSUHVHQWVSURYLVLRQPDGHIRUH[SHFWHGVDOHVUHWXUQV5HYHQXHLVDGMXVWHGIRUWKHH[SHFWHG
YDOXHRIUHWXUQV,WLVH[SHFWHGWREHXWLOLVHGZLWKLQPRQWKVIURPWKHHQGRIWKH\HDU

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Particulars Year ended Year ended
March 31, 2018 March 31, 2017
NOTE 27 : REVENUE FROM OPERATIONS
A. Sale of products (including excise duty)
 6DOHRISURGXFWV  
2819,79.99 2926,50.37
&RQVHTXHQWWRWKHLQWURGXFWLRQRI*RRGVDQG6HUYLFH7D[*67ZLWKHIIHFWIURP
-XO\&HQWUDO([FLVH9DOXH$GGHG7D[9$7HWFKDYHEHHQVXEVXPHG
XQGHU *67 ,Q DFFRUGDQFH ZLWK ,QG$6  RQ 5HYHQXH DQG 6FKHGXOH ,,, RI WKH
&RPSDQLHV$FWXQOLNH([FLVH'XWLHVOHYLHVOLNH*679$7HWFDUHQRWSDUW
RI5HYHQXH$FFRUGLQJO\WKH¿JXUHVIRUWKH\HDUHQGHG0DUFKDUHQRW
FRPSDUDEOHZLWKWKHSUHYLRXV\HDU
B. Other operating revenue
Service income  
 ([FKDQJHJDLQQHW  
Consignment sales commission  
 0DQXIDFWXULQJFKDUJHVUHFRYHU\  
Others  
75,84.79 73,48.40
Total Revenue from operations (A + B) 2895,64.78 2999,98.77

NOTE 28 : OTHER INCOME

,QWHUHVWLQFRPHRQ
 'HSRVLWVZLWKEDQNV  
Loans  
Others  
*DLQRQGLVSRVDORI3URSHUW\3ODQWDQG(TXLSPHQWQHW  
Rental income  
Others  
54,54.36 73,07.11

Annual Report 2017-18

 GlaxoSmithKline Pharmaceuticals Limited

Notes to the Consolidated Financial Statements IRUWKH\HDUHQGHG0DUFKFRQWG

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Particulars Year ended Year ended
March 31, 2018 March 31, 2017
NOTE 29 : COST OF MATERIALS CONSUMED
&RVWRIPDWHULDOVFRQVXPHG  
510,81.76 523,67.54

NOTE 30 : CHANGES IN INVENTORIES OF FINISHED GOODS, STOCK-

IN-TRADE AND WORK-IN-PROGRESS
Opening stock
Finished goods  
6WRFNLQWUDGH  
:RUNLQSURJUHVV  
335,33.90 418,70.90
Less: Closing stock
Finished goods  
6WRFNLQWUDGH  
:RUNLQSURJUHVV  
393,26.62 335,33.90
(57,92.72) 83,37.00

NOTE 31 : EMPLOYEE BENEFITS EXPENSE

6DODULHVZDJHVDQGERQXV  
&RQWULEXWLRQVWR 3URYLGHQWDQGSHQVLRQIXQGV5HIHU1RWH  
    *UDWXLW\IXQGV5HIHU1RWH  
6WDIIZHOIDUH  
52,339.85 48,301.22

NOTE 32 : FINANCE COSTS

On Security deposits  
Others  
18.91 25.00

NOTE 33 : DEPRECIATION AND AMORTIZATION EXPENSE

2Q,QYHVWPHQW3URSHUWLHV5HIHU1RWH  
2Q3URSHUW\3ODQWDQG(TXLSPHQW5HIHU1RWH  
2Q2WKHU,QWDQJLEOHDVVHWV5HIHU1RWH  
37,98.58 26,34.69
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Year ended Year ended
March 31, 2018 March 31, 2017
NOTE 34 : OTHER EXPENSES
Sales promotion  
6WRFNSRLQWFRPPLVVLRQ  
Freight  
Travelling  
/RVVRQVDOHGLVSRVDORI3URSHUW\3ODQWDQG(TXLSPHQWQHW  
([FKDQJHORVVQHW  
0DQXIDFWXULQJFKDUJHV  
5HSDLUV
 %XLOGLQJV  
 3ODQWDQG0DFKLQHU\  
 2WKHUV  
17,89.92 18,04.23
&RQVXPSWLRQRIVWRUHVDQGVSDUHV  
3RZHUIXHODQGZDWHU  
Rent  
5DWHVDQGWD[HV  
3ULQWLQJSRVWDJHDQGWHOHSKRQHV  
6DOHVWUDLQLQJEULH¿QJDQGFRQIHUHQFH  
Insurance  
5HPXQHUDWLRQWRDXGLWRUV
 6WDWXWRU\DXGLWIHHV5HIHU1RWHDEHORZ  
 ,QRWKHUFDSDFLW\LQUHVSHFWRI
  7D[DXGLWIHHV  
  2WKHUVHUYLFHV5HIHU1RWHEEHORZ  
  5HLPEXUVHPHQWRIH[SHQVHV5HIHU1RWHFEHORZ  
96.50 1,13.91
&RVWDXGLWIHHV  
&RUSRUDWHVRFLDOUHVSRQVLELOLW\5HIHU1RWH  
&RPPLVVLRQWRQRQZKROHWLPH'LUHFWRUV  
'LUHFWRUV
VLWWLQJIHHV  
/HJDODQGSURIHVVLRQDOIHHV  
Miscellaneous  
5HLPEXUVHPHQWRIH[SHQVHVQHW5HIHU1RWH  
600,94.39 608,73.04

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NOTE 40 : CONTINGENT LIABILITIES AND COMMITMENTS
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NOTE 44 : MATTERS IN RESPECT OF ERSTWHILE SMITHKLINE BEECHAM (INDIA) LIMITED :

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NOTE 45 : DISCLOSURES AS REQUIRED BY MICRO, SMALLAND MEDIUM ENTERPRISES DEVELOPMENT

ACT, 2006 ARE AS UNDER:
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during the entire accounting year
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NOTE 46 : TAX EXPENSE
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(b) Amounts recognised in Other Comprehensive Income (OCI)

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(expense) (expense)
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Deferred tax asset (net) 101,14.54 (11,35.55) 1,83.65 91,62.64
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NOTE 47 : LEASES
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NOTE 48 : EARNINGS PER SHARE

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March 31, 2018 March 31, 2017
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NOTE 50 : FINANCIAL INSTRUMENTS - FAIR VALUE AND RISK MANAGEMENT

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As at As at
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Financial assets at fair value through OCI (FVTOCI)
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Total Investment in Equity Instruments 5.50 5.50
Financial assets at amortised cost
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Security Deposits  
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%DQNEDODQFHVRWKHUWKDQ&DVKDQGFDVKHTXLYDOHQWV  
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7RWDO¿QDQFLDODVVHWV 1516,76.11 1187,77.12
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Total Financial Liabilities 775,80.33 642,59.66

B. Fair Value Hierarchy

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Financial Instruments measured at Fair value (Level 3)
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5.50 5.50

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C. Financial risk management

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NOTE 52 : SEGMENT REPORTING
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