Annual Report 2016

Committed to Serve
Fast-forward the future

GlaxoSmithKline Pharmaceuticals Limited
Annual Report 2015-16
Message from the Managing Director

Dear Shareholders,
It is a matter of great pride and
privilege for me to address you, our
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I am excited to be associated with
GSK Pharmaceuticals Ltd., a company
that has a rich legacy and tradition of
excellence in India.
To stay ahead in this new

environment, we are re-engineering
the business model in a way that we
are able to maintain margins, but
at the same time, deliver value of
relevance to our stakeholders
physicians, hospitals and the
government. The value creation that
we are looking at will be different from
what weve done in the past.
India has rapidly emerged as one

of the fastest growing economies in
the world. Last year, India surpassed
China in terms of GDP growth rate.
The Indian pharmaceutical industry
today presents an interesting mix of
challenges and opportunities. Further
inclusion of drugs in the National List
of Essential Medicines (NLEM)subject
to price ceilings, along with stringent
compliance and quality standards, have
eroded margins.
To stay ahead in this new environment,
we are re-engineering the business
model in a way that we are able to
maintain margins, but at the same
time, deliver value of relevance to our
stakeholders physicians, hospitals
and the government. The value creation
that we are looking at will be different
from what weve done in the past.
We have changed the way we engage
GSK is a science-led global healthcare

company with a mission to help people
do more, feel better, live longer.
We research, manufacture and make
available a broad range of medicines and
vaccines. We are committed to increase
access to our medicines by selling
them at affordable prices in developing
countries
healthcare professionals-the new focus

being the creation of multi-channel
approaches to reach more physicians.
We are looking at medical education
from a holistic perspective using digital
technology; it could be one way to add
value in the new world. In sync with our
global initiatives, we intend to develop
new digital, personal and real-time
applications to better deliver information.
Your company has stepped up its supply
chain excellence with an investment
of ` 1000 crore in a new state-ofthe-art facility at Vemgal, Karnataka.
The existing facility at Nashik has
also seen a further infusion of funds
towards upgradation. This will ensure
uninterrupted supply that will better serve
our patients.
We are also committed to bring the
right products from our global pipeline to
India at the right price, to better
serve our patients and explore the right
opportunities to launch new medicines
through in-licensing deals.
To widen access to our medicines into
middle and rural India, we are calibrating
prices of our products. The success
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pneumococcal conjugate vaccine and
Seretide Accuhaler in the respiratory
space.
Your company puts people at the heart
of everything that we do to help them
do more, feel better and live longer.
However, even today, millions of
people still do not have access to basic
healthcare. We want to change this
and are working to develop innovative
medicines and vaccines, while also
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everybody who needs them.
A. Vaidheesh
Company Overview | Statutory Reports | Financial Statements
Committed to Serve
The Indian pharmaceuticals business has been going through a transformation in recent years, driven by regulatory
challenges. Amongst key challenges is the inclusion of additional medicines to the National List of Essential Medicines (NLEM)
with price ceilings set by the government, stringent compliance standards and increased quality expectations, all of which
have pressured margins.
And yet, at GSK, we have always risen above challenges as we endeavour to bring quality and care standards of the future to
our patients.
Vemgal project team on site
Supply chain excellence

The wide range of GSKs portfolio of
products touches the lives of millions
of patients everyday. We are fast
forwarding our supply chain excellence
to ensure every patient gets the right
product at the right price.
New Eltroxin facility at Nashik
We are investing ` 1000 crore in our

state-of-the-art facility at Vemgal,
Karnataka. Our existing site at Nashik
has also been upgraded to ensure
uninterrupted supply. In addition, the
company plans to invest in a new state-
of-the-art topical medicine (creams and

ointments) facility that will be the largest
of its kind within the GSK network.
Quality, Environment &

Employee Health and Safety
GSK remains committed to the
highest quality standards in the
pharmaceutical industry. Equally,
environmental considerations have also
been at the forefront of our upcoming
factory in Vemgal, with an aim to
achieve Leadership in Energy and
Environmental Design (LEED)
Gold Standard.
Committed to Serve
In addition, we are investing in
renewable energy for our new factory
in Vemgal, in the form of a 0.5MW
Photovoltaic array, which will generate
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requirement.
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impressive growth as we fast-forward the future while remaining committed
to serve our patients with futuristic quality standards.
With this initiative, GSK reiterates

its care for the environment and
commitment towards sustainable
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generations.
In addition, the recently launched
Regional Transformation Plan will also
aim to make our supply chain more
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` 1000 crore
investment in our state-of-the-art
facility at Vemgal, Karnataka
The health and safety of our employees

are of highest priority at GSK.
We have been recognised for our high
safety standards with an award to our
Nashik site from the National Safety
Council Maharashtra Chapter, for
contributing to employee health and
safety through cultural improvement,
facility upgrades and procedural
excellence.
The site has demonstrated recordbreaking output with an increased
EHS and Quality environment.
Recently, the site recorded the highest
ever volume supply since its opening in
1983.
Our path to high growth

Leading in the digital age
Digital disruption is transforming every
industry globally. With increasing
Internet penetration in India and
more digital-savvy healthcare
professionals (HCPs), GSK is leading
this transformation with a vision of an
integrated solution that will increase
the quality of in-clinic interactions. In
a single quarter, we have achieved
400,000 digital HCP-interaction
minutes by leveraging peer to peer
networking. We are also in the process
of digitisinJRXUHQWLUHHOGIRUFHZLWK
iPads for instant detailing and real-time
reporting. In addition, we are launching
a Customer Relationship Management
(CRM) & Sales Force Automation
(SFA) tool with integration of the HCP
engagement platform.
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time has come for the pharmaceutical
industry to leverage technology to
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and ride the digital revolution to fast
forward the future.
Our products speak for us

At GSK, we continue to apply for new
products that will bring innovative
therapeutic options in healthcare to
patients in India.
Some of these new innovative products
include albiglutide (Tanzeum) for the
treatment of Type 2 Diabetes Mellitus
in adults, a paediatric vaccine for
immunisation of children between one
to twelve years of age against measles,
mumps, rubella and varicella (Priorix
tetra), inactivated poliomyelitis vaccine
(Poliorix) indicated for immunisation
against poliomyelitis from age of six
weeks onwards.
Building capability
for the future
Power of One team
As part of our commitment to serve
patients better, GSK is harnessing the
Power of One team internally. Eight
cross-functional Excellence Teams have
been put in place who, in addition to
their usual duties, also work together
to identify key action areas to bring this
vision alive to fast-forward GSKs future.
business/function, providing combined

depth and relevant breadth of
experience early in a career at GSK.
GSKs sales force undergoes rigorous
training. Selected high-potential
Sales Managers are put through the
GMACGSK Marketing Accreditation
Programme for eighteen months to
develop their marketing capability.
At our Nashik site, we had an average
of 8 man-days per employee or 5% of
overall work time dedicated to training
and improvement. During this training,
employees were exposed to numerous
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and management, process capability
improvement, emergency
response, etc. This resulted in a deeper
understanding of the essential elements
of Safety and Quality, to equip them
with the necessary skills to improve
their performance.
For building teams

with expertise
At GSK, the emphasis is on hiring the
right people for the job.
We have recruited talent with
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to drive growth and engagement with
doctors.
A recent example is the launch of our
Eltroxin Invictus Team, a specialised
team tasked with stepping up our
engagement with endocrinologists to
make GSK their trusted and preferred
partner of choice, in order to better
serve our patients.
work time dedicated
5% ofto overall
training and improvement at
our Nashik site.
The right training to hone the

development of our employees
Our employees are continuously
given the right training that will keep
them ahead in both their personal and
professional development. We also
have differentiated development plans
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key talent that includes on-the-job
development, enhancing relationship
and coaching skills as well as formal
development and classroom training.
Our fresh recruits from leading
universities and business schools
undergo multiple rotations within a
Partnering with
our communities
*6.,QGLDKDVDULFKOHJDF\RISDUWQHULQJZLWKQRWIRUSURWRUJDQLVDWLRQVWRVXSSRUWRXUFRPPXQLWLHV:HIRFXVRQPDNLQJ
a difference through our Corporate Social Responsibility (CSR) efforts. In 2015-16, our CSR programmes touched the lives of
more than a million people in India.
GSK cares for newborn

survival
The healthcare need of newborn
survival is an area where GSK has
focused its CSR efforts. In India,
every year, over 7,50,000 children
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birth. This translates to 27% of the
worlds newborn deaths, the highest
in the world. What is even more
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newborn deaths are caused by treatable
conditions. At GSK, we have built CSR
partnerships to address the entire
continuum of care for newborn survival
in the high-burden districts of Rajasthan
and Madhya Pradesh.
We have partnered with Action
Research and Training for Health
(ARTH) in Rajasthan and CARE India in
Madhya Pradesh to build capacity of the
ASHA workers (community volunteers),
train the skilled birth attendants,
generate awareness and ensure
improved facility-based and homebased newborn care. Our newborn
survival initiative is estimated to have
saved the lives of over 6,000 newborns
over a span of two years.
GSK commits to eliminate Lymphatic Filariasis

(LF commonly known as Elephant Foot)
In India, Lymphatic Filariasis has been
recorded in 250 districts across 20
states/union territories. Over 600 million
people in India are at risk of contracting
this infection, which is spread by a
mosquito-borne parasite.
Over the past several years, GSK has
been at the forefront in the war against
Lymphatic Filariasis and in 2015-16
donated over 70 million albendazole
tablets to the World Health Organisation
(WHO), which in turn partners with the

Government of India to administer the
medicine.
GSK manufactures albendazole tablets
at its manufacturing facility at Nashik
solely for this purpose and we have
committed to continue to support
WHO and the Government of India
to eliminate Lymphatic Filariasis as a
public health disease in India.
GSK Centre to accomodate cancer-affected children

and their families
GSKs school sanitation

project in Nashik
GSK has also commenced a project on
school sanitation in Nashik, which is a
critical aspect, not only for child health,
but also for preventing drop-outs among
students, especially girls.
We recently inaugurated the

GlaxoSmithKline Centre in Mumbai,
run in partnership with St. Jude
India ChildCare Centres. The centre
will provide residential, nutritional,
educational and transportation support
to children affected with cancer and
their families in Mumbai.
In major cities of India where low-cost
cancer treatment is available, children
who need treatment for cancer and their
parents come to hospitals from distant

towns and villages. The hospitals do
not treat them as in-patients during the
long drawn-out treatment and these
needy families do not have a place to
stay when the child is not admitted to
the hospital. Also, it is critical to ensure
a safe and hygienic environment for
children undergoing cancer treatment.
The GSK Centre provides the children
and their families this much-needed
support.
GSK, in association with Habitat for

Humanity India Trust, will construct/
repair sanitation units and also
communicate to students, teachers
and support staff to promote the use of
sanitation facilities and change existing
unsanitary behaviour.
10,000 children covered by the project
will carry the message of hygienic
sanitary practices to their families
and communities and take strides
towards making our country free of
open defecation, resulting in a healthier
nation.
Disaster relief efforts

in Chennai
GSK was quick to contribute to the
relief operations in Chennai by donating
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antibiotics, antihistamines, vitamins
and minerals to AmeriCares. More
than 20,00,000 units of medicines
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ensured that the medicines were utilised
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in the region. GSK employees also
contributed generously towards relief
efforts, led by Save the Children, and
the company matched their contribution
equally to ensure that immediate

healthcare needs of communities,
especially children, were met.
Employees volunteer their

time and skills
Our employees have been championing
our endeavour to make a difference
in society by actively participating in
various platforms for volunteering that
GSK offers. In fact, in 2015-16, over
3,000 employees contributed more than
13,000 volunteering hours through
skill-based full-time volunteering
projects, fundraising and volunteering
events and payroll giving.
Building partnerships
for the future
:KLOH*6.IRFXVHVLQWHUQDOO\WRFRQVWDQWO\LPSURYHRXUVWDQGDUGVDQGEULQJKHDOWKFDUHRIWKHIXWXUHWRRXUSDWLHQWV:HKDYH
also built external partnerships for a healthier future for all. GSK has built relationships with the government, Indian industry,
public health organisations, universities abroad and non-governmental organisations to improve the quality of medical
education, widen access to healthcare and foster business relations between countries.
The Economic Times

Global Business Summit
Emerging Markets Forum at

the University of Maryland
Educational grant to Public

Health Foundation
In January this year, Sir Andrew Witty,

CEO, GSK plc spoke at the prestigious
Economic Times Global Business
Summit in New Delhi. The event was
inaugurated by PM, Narendra Modi.
Sir Witty was joined by other global
leaders-McKinseys Dominic Barton,
GEs John Rice, PwCs Dennis Nally
and Indian leaders-Uday Kotak, Kumar
Mangalam Birla and Sunil Mittal.
In April 2016, A. Vaidheesh, Vice

President, South Asia & Managing
Director, India, GSK Pharmaceuticals
Ltd. weighed in on a high-level policy
panel discussion at the Robert H Smith
School of Business at the University
of Maryland in the United States. The
agenda at the Emerging Markets Forum
forum was to explore avenues to foster
greater business engagement between
India and the US.
One of our core values is patient focus

and in order to ensure that patients
receive appropriate treatment, GSK
supports continuing high-quality
education of doctors. GSK gave an
HGXFDWLRQDOJUDQWWRWKH&HUWLFDWH
Course in Management of Thyroid
Disorders (CCMTD), developed and
implemented by the Public Health
Foundation of India (PHFI).
Sir Witty spoke on InnovationAccessing the next billion. He reiterated

GSKs Indian legacy, GSK has been in
India for almost 100 years and we are
proud of our Indian heritage.
He also reiterated GSKs commitment
to make in India with a recent ` 1000
crore investment in a state-of-the-art
facility at Vemgal, Karnataka that will
manufacture the largest quantity of
modern medicines within the GSK
network, using the most cutting edge
technology in the world.
Antimicrobial Resistance
Campaign
GSK Pharmaceuticals Ltd. had
the opportunity to work with OPPI
(Organisation of Pharmaceutical
Producers on India) and the Health
Ministry of Government of India and
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Resistance AMR Conclave at Delhi in
February 2016. The AMR campaign was
kicked off by the Honourable Minister
of Health J.P.Nadda with a print and
radio campaign to educate doctors and
patients at large on the appropriate use
of antibiotics. (Refer to AMR campaign
on the inside back cover of this report.)
The course is accredited by the

South Asian Federation of Endocrine
Societies (SAFES) for 2016-17 and also
endorsed by Asia and Oceania Thyroid
Association (AOTA) for 10 years
(2016-2025), which speaks to the high
quality of education delivered by the
course.
GSK has also recently supported a
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of Chronic Obstructive Pulmonary
Disease (COPD) and Asthma,
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November 2016.
Awards &
Recognition
GSK Pharmaceuticals Ltd. has been recognised during the year with prestigious external awards in addition to awards won
within the organisation (competing with the rest of GSKs global world class operations).
Most Respected Companies

in India Business World
GSK Pharmaceuticals ranked second in
the Most respected companies in India
in a Business World (magazine) survey
in the pharmaceuticals sector.
Best Companies to Work

For- Business Today
GSK Pharmaceuticals ranked second
in Best Companies to Work For in the
pharmaceuticals and healthcare sector
in a survey, conducted by Business
Today magazine.
Best Safety Practices

Award 2015- National Safety
Council
GSK Pharmaceuticals India has been
recognised for our high safety standards
with an award from the National Safety
Council Maharashtra Chapter in
collaboration with the Directorate
Industrial Safety & Health, Maharashtra.
At the Best Safety Practices Award
2015, GSKs Nashik site was presented
an award for contributing to employee
health and safety through cultural
improvement, facility upgrades and
procedural excellence.
Global Manufacturing and

Supply (GMS) Presidents
Awards
Emerging Markets- Winning

Performance Awards 2015
A nation-wide campaign on Congenital
hypothyroidism (Early detection and
management of hypothyroidism in
pregnant women and neonates)
ensured that doctors were educated
and took action to improve screening for
pregnant women. The media campaign
reached two million readers through 150
publications.
Emerging Markets- Winning

Performance Awards 2015
The launch-readiness and affordable
pricing increased patient access to
Seretide. The team responsible for
this was given an award for building a
patient-focused sustainable business in
the respiratory space.
Our site at Nashik won a GMS

Presidents Award for building a
culture of zero accidents and improved
occupational health. This was achieved
by using internal and external experts to
VLJQLFDQWO\LPSURYHDQGVXVWDLQVDIHW\
performance.

Charts
Turnover (Net)
Earnings Per Share (EPS) and Book Value

per share (`)
(` Crores)
68.2
59.3
55.7
50.8
44.3
2338
2600
2520
2011
2012
2013
3253
2729
2014-15
2015-16
(15 Months) (12 Months)
227
237
238
2011
2012
2013
Book value
1HW3URWWR1HW6DOHV
2014-15
2015-16
EPS
33%
20%
29%
26%
15%
431
577
502
2011
2012
2013
1HW3URW` Crores)
472
599
847
729
2011
2012
2013
% to Sales
22%
842
550
2011
2012
2013
EBIDTA (` Crores)
629
18%
479
577
2014-15
2015-16
Utilisation of Income
Proposed dividend
10%
Contribution to
Exchequer
13%
Materials
42%
Depreciation
1%
2014-15
2015-16
% to Sales
Note:
Earnings Before Interest, Depreciation and Tax is excluding Exceptional Items
749
% to Sales
PBT (` Crores)
32%
800
21%
375
2014-15
2015-16
19%
23%
14%
Earnings Before Interest, Depreciation

DQG7D[WR1HW6DOHV
34%
203
3URW%HIRUH7D[WR1HW6DOHV
22%
18%
219
Operating Expenses
34%
Board of Directors
$VRQ
Chairman
D. S. Parekh
Vice-Chairman
V. Thyagarajan (upto 31.10.15)
Managing Director
Dr. H. B. Joshipura (upto 31.07.15)
A. Vaidheesh (w.e.f. 03.08.15)
Directors
A. Aristidou
R. R. Bajaaj
Ms. A. Bansal
P. V. Bhide
N. Kaviratne CBE
R. Krishnaswamy
P. V. Nayak (upto 31.10.15)
A. N. Roy
R. C. Sequeira
R. Simard
D. Sundaram
Audit Committee
D. Sundaram - Chairman
P. V. Bhide
N. Kaviratne CBE
D. S. Parekh
Stakeholders Relationship
Committee
D. S. Parekh - Chairman
R. R. Bajaaj
P. V. Bhide
A. Vaidheesh
Nomination & Remuneration
Committee
N. Kaviratne CBE - Chairman
Ms. A. Bansal
D. S. Parekh
Corporate Social Responsibility
Committee
D. S. Parekh - Chairman
Ms. A. Bansal
A. N. Roy
A. Vaidheesh
Management Team
Managing Director
A. Vaidheesh
Executive Directors
A. Aristidou
&KLHI)LQDQFLDO2IFHU
General Manager - Administration &

Company Secretary
A. A. Nadkarni
Auditors
Price Waterhouse & Co Bangalore LLP
R. C. Sequeira
+XPDQ5HVRXUFHV
Cost Auditors
R. Nanabhoy & Co.
R. Krishnaswamy
Technical
Solicitors
Gagrat & Co.
Commercial Head
Bankers
Citibank N.A.
Deutsche Bank
HDFC Bank Limited
Hongkong and Shanghai Banking
Corporation Limited
S. Venkatesh
3KDUPDFHXWLFDOV
Executive Vice-Presidents
B. Akshikar
3KDUPDFHXWLFDOV
R. Bartaria
3KDUPDFHXWLFDOV
K. Hazari
/HJDO &RUSRUDWH$IIDLUV
Vice-Presidents
Dr. (Ms.) V. Desai
Medical
S. Dheri
Vaccines
S. Khanna
Finance
Registrars & Share Transfer Agents

Karvy Computershare Private Limited
Unit: GlaxoSmithKline Pharmaceuticals Limited
Karvy Selenium Tower B, Plot No. 31 & 32
Gachibowli, Financial District Nanakramguda,
Serilingampally, Hyderabad,
Telangana - 500 032
Tel. No.: 040-67162222
Fax No.: 040-23001153
Toll Free No.: 1800-3454-001
Email: einward.ris@karvy.com
5HJLVWHUHG2IFH
Dr. Annie Besant Road,
Mumbai - 400 030
Tel.: 24959595, Fax: 24959494
Website: www.gsk-india.com
Email: askus@gsk.com
CIN: L24239MH1924PLC001151
Contents
Annexure A to G to Directors Report
13
Factory
Ambad, Nashik
Independent Auditors Report
53
Financial Statements
60
Form AOC-1
90
Biddle Sawyer Limited
91
Share Department
Dr. Annie Besant Road,
Mumbai - 400 030
Telephone: 022-24959415/434
Fax: 022-24981526
Email: ajay.a.nadkarni@gsk.com
Performance Summary
Directors Report
Consolidated Financial Statements
Note: Members are requested to kindly bring their copy of the Annual Report to the Meeting.
102
Annual Report 2015-16 1

Performance Summary
(Amounts in ` Lakhs)
2015-16* 15 Months
Ended
March
2015 *
PROFIT AND LOSS ACCOUNT
Sales
3URWEHIRUHWD[
Tax
3URWDIWHUWD[DQGEHIRUH
exceptional items
Exceptional items (net of tax)
1HW3URW
Balance brought forward
Dividends
7D[RQGLVWULEXWHGSURW
Transfer to General Reserve
Balance carried forward
BALANCE SHEET
Equity Capital
Reserves
Borrowings
Fixed Assets
Investments
Net Deferred Tax
Net Assets
(Current and Non-Current)
2013 *
2012 *
2011 *
2010
2009
2008
2007
2006
2814,80
574,40
(200,93)
373,47
3358,54
800,51
(278,10)
522,41
2593,39
703,17
(226,19)
476,98
2669,97
994,78
(317,59)
677,19
2391,73
921,60
(290,24)
631,36
2155,08
867,27
(285,89)
581,38
1912,77
758,48
(253,59)
504,89
1751,56
679,90
(231,54)
448,36
1712,84
606,73
(209,94)
396,79
1677,57
555,95
(194,23)
361,72
1,74
375,21
887,27
(423,52)
(86,22)
752,74
(50,76)
471,65
1099,94
(529,39)
(107,77)
(47,16)
887,27
24,90
501,88
1142,95
(423,51)
(71,19)
(50,19)
1099,94
(99,93)
577,26
1110,59
(423,51)
(63,66)
(57,73)
1142,95
(200,76)
430,60
1164,53
(381,16)
(60,32)
(43,06)
1110,59
(17,69)
563,69
1049,23
(338,81)
(53,21)
(56,37)
1164,53
7,40
512,29
882,41
(254,11)
(40,13)
(51,23)
1049,23
128,21
576,57
759,89
(338,81)
(57,58)
(57,66)
882,41
140,87
537,66
632,75
(304,93)
(51,82)
(53,77)
759,89
183,79
545,51
441,19
(262,58)
(36,82)
(54,55)
632,75
84,70
1632,44
2,37
1719,51
84,70
1766,96
3,12
1854,78
84,70
1932,49
4,14
2021,33
84,70
1925,31
4,59
2014,60
84,70
1835,23
4,91
1924,84
84,70
1846,11
5,16
1935,97
84,70
1674,45
5,42
1764,57
84,70
1456,39
5,65
1546,74
84,70
1276,21
5,77
1366,68
84,70
1110,01
5,54
1200,25
471,71
47,67
88,61
1111,52
238,28
47,67
82,91
1485,92
161,93
57,67
92,11
1709,62
133,19
102,58
86,54
1692,29
115,32
159,80
61,47
1588,25
117,65
160,35
56,40
1601,57
114,17
190,91
44,69
1414,80
100,35
751,87
29,60
664,92
92,90
1333,32
20,14
(79,68)
94,46
1139,41
24,61
(58,23)
1719,51
1854,78
2021,33
2014,60
1924,84
1935,97
1764,57
1546,74
1366,68
1200,25
* Year 2015-16, 15 Months Ended March 2015, and Years 2013, 2012, 2011 based on Revised Schedule VI
OTHER KEY DATA
Rupees per `10/- Equity Share
Dividends
Special Additional Dividend
Total
Earnings per equity share
Book Value
Number of employees
50.00
50.00
44.30
202.73
62.50
62.50
55.68
218.61
50.00
50.00
59.25
238.16
50.00
50.00
68.15
237.31
45.00
45.00
50.84
226.67
40.00
40.00
66.55
227.96
30.00
30.00
60.48
207.69
22.00
18.00
40.00
68.07
181.95
18.00
18.00
36.00
63.48
160.67
17.00
14.00
31.00
64.40
141.05
4611
4657
5034
4706
5055
4338
4006
3722
3620
3850
NOTES
1. The Company has divested its Fine Chemicals business on 30th September, 2007 and its Animal Health business on 31st July, 2006.
)LJXUHVKDYHEHHQDGMXVWHGUHJURXSHGZKHUHYHUQHFHVVDU\LQOLQHZLWKWKHQDQFLDOVWDWHPHQWVWRIDFLOLWDWHFRPSDULVRQ
3. The accounting year of the company has been changed from January - December to April - March with effect from the previous period. Consequently,
WKH SUHYLRXV SHULRGV QDQFLDO VWDWHPHQWV DUH IRU PRQWKV IURP VW -DQXDU\ WR VW 0DUFK ,Q YLHZ RI WKLV WKH FXUUHQW \HDUV JXUHV DUH QRW
FRPSDUDEOHZLWKWKRVHRIWKHSUHYLRXVSHULRG3UHYLRXVSHULRGVJXUHVKDYHEHHQUHJURXSHGZKHUHYHUQHFHVVDU\
2 Annual Report 2015-16
Directors Report
The Directors have pleasure in submitting their Report for the year
ended 31st March 2016 of GlaxoSmithKline Pharmaceuticals
Limited. As the accounting year of the company was changed
in the prior year from January-December to AprilMarch, in
line with the uniformity provisions of the Companies Act, 2013,
the prior years Annual Accounts and Report of the Company
DUH IRU D SHULRG RI IWHHQ PRQWKV IURP st January 2014 to
31st 0DUFK 7KH FXUUHQW \HDU JXUHV WKHUHIRUH DUH QRW
FRPSDUDEOH ZLWK WKRVH RI WKH SUHYLRXV IWHHQPRQWK SHULRG
ended 31st March 2015.
1.
FINANCIAL RESULTS FOR THE YEAR ENDED

31ST MARCH 2016
Rupees in lakhs
Sale of Products (Net of

Excise Duty)
Year ended
31st March
2016
15 months
ended
31st March
2015
2728,50.95
3253,40.98
Other Operating Revenue
28,44.74
34,16.82
Revenue from Operations
2756,95.69
3287,57.80
3URWEHIRUH([FHSWLRQDO
items and Tax
574,39.96
800,50.43
Exceptional Items
2,61.33
(51,88.14)
3URWEHIRUH7D[
577,01.29
748,62.29
Less: Tax expense
201,79.95
276,97.71
1HW3URWIRUWKH\HDU
375,21.34
471,64.58
Add: Opening Surplus brought

forward from the previous year
887,24.61
1099,93.27
Less: Appropriations:
Proposed Dividend (including
WD[RQGLVWULEXWHG3URWV
Transfer to General Reserve
Closing Surplus carried
forward
2.
509,73.42
637,16.78
47,16.46
752,72.53
887,24.61
DIVIDEND
Your Directors are pleased to recommend a Dividend
of ` 50.00 per Equity Share for the year (previous year
` SHU (TXLW\ 6KDUH IRU WKH IWHHQPRQWK SHULRG
The Dividend is subject to the approval of Shareholders
at the Annual General Meeting on 28th July 2016 and
will be paid on or after 29th July 2016. If approved
by the Shareholders at the Annual General Meeting,
the Dividend will absorb ` 424 crores. The Dividend
Distribution Tax borne by the Company will amount to
` 86 crores.
3.
MANAGEMENT DISCUSSION AND ANALYSIS

Economic Scenario
Global economic activity in 2015 remained muted. Growth
in emerging markets and developing economies declined
IRUWKHIWKFRQVHFXWLYH\HDUVWLOOFRQWULEXWLQJWRJOREDO
growth), while a modest recovery continued in advanced
economies. This has been attributed to: 1) The slow shift in
focus from investment and manufacturing to consumption
and services in China; 2) Lower prices for energy and other
commodities; and 3) Gradual tightening in monetary policy
in the US. 6RXUFH0HGLDUHSRUWV
In India, in the Fiscal Year 2014-2015, Gross Domestic
Product (GDP) grew by 7.3 per cent, following a 6.9 per cent
JURZWKUDWHLQWKHSUHYLRXV\HDU,QWKHUVWKDOIRI)LVFDO<HDU
2015-16, the growth was 7 per cent. Domestic consumption
(57 per cent) and investment (33.1 per cent) were major
contributors to growth in Fiscal Year 2014-15. This can be
attributed to high savings rates, a growing labour force and
an expanding middle class. Following the downward trend
LQ JOREDO FRPPRGLW\ SULFHV WKH UHWDLO LQDWLRQ DYHUDJHG
SHU FHQW LQ UVW KDOI RI )LVFDO <HDU 6RXUFH
KPMG report, India Soars High (February 2016) and
Finance Ministry/ Reserve Bank of India website) This has
allowed RBI to cut its policy rate by 125 basis points in
2015, which is expected to underpin the domestic demand.
,QGLDV FXUUHQW DFFRXQW GHFLW KDV FRQWLQXHG WR QDUURZ
enabling the RBI to increase the foreign exchange reserves,
which could protect the economy from possible disruptions
LQJOREDOQDQFLDOPDUNHWVWKURXJKPRQHWDU\WLJKWHQLQJLQ
advanced countries).
Overview of the Indian Pharmaceuticals Market
In this economic scenario, the Indian Pharmaceuticals
market has seen double-digit growth in the last one year.
It is forecasted to grow at a compound annual growth rate
&$*5RIEHWZHHQDQGUHDFKLQJ
` 1859.5 billion by 2020. 6RXUFH0HGLDUHSRUWV
Business Performance
In this challenging environment, your Company has
delivered value, aided predominantly by manufacturing and
supply chain excellence to ensure continuity and secure
supply of medicines, along with initiatives to increase reach
so that patients can access medicines. Your Company
continues to enjoy a leadership position in the therapy areas
in which it provides healthcare solutions to patients. Seven
of your Companys brands feature in the top 50 Industry
brand list, namely Augmentin, Calpol, Zinetac, Betnovate 1%HWQRYDWH&6\QRUL[DQG(OWUR[LQ<RXU&RPSDQ\KDV
set in motion initiatives to re-engineer its business model to
maintain margins and to best deliver value to patients and
stakeholders.
(a)
Finance and Accounts
<RXU&RPSDQ\VWULYHVWRGULYHSURWDEOHYROXPHJURZWK
in a competitive generic market with an underlying
focus on delivering quality products to patients.
To support the long term strategy, the Company is
undergoing an investment initiative to upscale its
existing manufacturing capabilities at its Nashik plant
and has commenced the construction of its new plant
at Vemgal, Karnataka.
There are no loans, guarantees given, securities

provided and investments covered under Section 186
of the Companies Act, 2013. Your Company has not
DFFHSWHGDQ\[HGGHSRVLWVGXULQJWKH\HDU7KHUHZDV
no outstanding towards unclaimed deposit payable to
depositors as on 31st March 2016.
Sale of Products (net of Excise Duty) decreased by

IRU WKH WZHOYHPRQWK SHULRG HQGHG st March
DV FRPSDUHG ZLWK WKH SUHYLRXV IWHHQPRQWK
period ending 31st March 2015. The corresponding
Sales of the Pharmaceutical business decreased by
RYHUWKHVHSHULRGV7KH*URVV0DUJLQLQFUHDVHG
by a percentage as compared to last year, driven by
portfolio mix. Other Expenses for the period include
increased Corporate Social Responsibility spend
ZKLFKDPRXQWVWRRIWKHODVWWKUHH\HDUVDYHUDJH
RI3URW$IWHU7D[
.H\ FRPSDUDEOH JXUHV IRU WKH PRQWK SHULRG

ending April - March 2016 and April - March 2015
As mentioned above, the audited results for the year
ended 31st March 2016 are not comparable with those
RI WKH IWHHQPRQWK SHULRG HQGHG st March 2015.
However, on a memorandum basis and for comparative
purposes, unaudited results for the twelve months
ended 31st March 2015 are given below:
3URW %HIRUH ([FHSWLRQDO ,WHPV DQG 7D[ DPRXQWHG

WR RI 6DOHV IRU WKH \HDU FRPSDUHG WR WKH
IWHHQPRQWKSUHYLRXVSHULRGRI7KLVUHGXFWLRQLV
mainly on account of lower Other Income as business
enhances its capital investment programme.
Rupees in lakhs
Unaudited
Year ended
31st March Twelve month
ended 31st
2016
March 2015
1HW 3URW IRU WKH <HDU UHPDLQHG DW DW RI 1HW
Sales. Exceptional income for the year of ` 2.61 crores
LQFOXGHVWKHSURWRQGLVSRVDORISURSHUW\GXULQJWKH
year of ` 15.99 crores [pre-tax] that is partly offset by the
rationalisation costs of ` 5.15 crores for Portfolio and
Manufacturing activities as well as the costs relating to
the Asset Sale transaction with Novartis of ` 7.70 crores.
This compares favourably to the prior year Exceptional
costs of `FURUHVLQWKHSULRUIWHHQPRQWKSHULRG
UHODWLQJ WR DFWXDULDO ORVV RQ HPSOR\HH EHQHWV RI
` 21.51 crores and a charge of ` 30.37 crores for the
rationalisation of capital assets for one dosage form at
the Nashik facility.
Cash generation from Operations continued to remain
favourable this year and is in line with business
performance. The Company utilised ` 232 crores of
cash as capital expenditure, predominantly for the new
project at Vemgal, as well as for the upgrade of the
existing factory at Nashik. Your Company continues
to look for ways and means of deploying accumulated
cash balances as at 31st March 2016 which remain
invested largely in bank deposits.
7KHUH DUH QR VLJQLFDQW RU PDWHULDO RUGHUV SDVVHG

by the Regulators, Courts or Tribunals which impact
the going concern status of the Company and its
future operations. There are no material changes and
FRPPLWPHQWV DIIHFWLQJ WKH QDQFLDO SRVLWLRQ RI WKH
Company as on the date of the report.
'XULQJ WKH \HDU WKH &RPSDQ\ UHPRGHOHG LWV QDQFH

RSHUDWLQJPRGHOWRHQKDQFHWKHHIFLHQF\RIHQGWRHQG
processing of transactions, increase capabilities toward
QDQFHSDUWQHULQJZLWKWKHEXVLQHVVDVZHOODVHQVXUH
VWURQJ QDQFLDO JRYHUQDQFH DFURVV WKH RUJDQLVDWLRQ
7KH LPSOHPHQWDWLRQ RI WKH QDQFH RSHUDWLQJ PRGHO
positions the Company to upscale its future Enterprise
Resource Planning systems.
Revenue from
Operations
3URW%HIRUH
Exceptional Items
and Tax
Exceptional Items
2756,95.69
2679,96.99
574,39.96
651,75.24
2,61.33
(54,87.05)
3URW%HIRUH7D[
577,01.29
596,88.19
Less: Tax
expense
201,79.95
220,41.41
1HW3URWIRUWKH
Year
375,21.34
376,46.78
5HYHQXHIURP2SHUDWLRQVLQFUHDVHGLQWKH\HDU
7KH UVW WZR TXDUWHUV RI WKH \HDU ZHUH LPSDFWHG E\
supply factors that led to a decline in sales growth
IRU WKH UVW KDOI RI WKH \HDU 7KH VHFRQG KDOI RI WKH
\HDUVDZUHFRYHU\WRDJURZWKUDWHLQH[FHVVRI
assisted by reduced constraints as well as the sales
from the acquired Novartis vaccines.
7KH JURVV PDUJLQ LPSURYHG E\ DV FRPSDUHG WR

the prior years unaudited twelve-month period due to
SRUWIROLR PL[ KRZHYHU WKH 3URW %HIRUH ([FHSWLRQDO
,WHPVDQG7D[GHFOLQHGE\GULYHQE\DUHGXFWLRQ
LQ2WKHU,QFRPHDQGWKHLQDWLRQLPSDFWRQWKHFRVW
base.
Exceptional income for the year, as detailed above,
compares favourably to the exceptional cost of the
prior year unaudited twelve-month period of ` 54.87

FURUHVUHODWLQJWRDFWXDULDOORVVRQHPSOR\HHEHQHWV
of ` 24.50 crores and a charge of ` 30.37 crores for the
rationalisation of capital assets for one dosage form at
the Nashik facility.
1HW SURW PDUJLQ IRU WKH \HDU RI RI VDOHV LV
comparable to the same margin as in the prior year.
Novartis Transaction
In April 2014, GlaxoSmithKline plc (GSK), London,
UK, entered into three inter-conditional agreements
with Novartis AG (Novartis), Basel, Switzerland.
In one such agreement, GSK agreed to acquire
1RYDUWLV 9DFFLQHV %XVLQHVV H[FOXGLQJ LQXHQ]D
vaccine) and manufacturing capabilities and facilities
from Novartis, and in the second agreement, GSK
agreed to sell the rights to its Marketed Oncology
Portfolio, related R&D activities and AKT Inhibitors
currently in development to Novartis. Globally,
these transactions with Novartis were completed on
2nd March 2015. In connection with the above
transactions, the GlaxoSmithKline Pharmaceuticals
Limited (your Company) Board, in its meeting held
on 12th February 2015, approved the transactions on
an Asset Sale basis with Novartis Healthcare Private
Limited, a private unlisted company incorporated
under the Companies Act 1956. Pursuant to the global
deal, your Company will have its distribution rights
terminated for the oncology portfolio and acquire
distribution rights for the vaccines portfolio. GSK plc
and Novartis AG have obtained the approval from the
Competition Commission of India. Your Company and
1RYDUWLV+HDOWKFDUH3ULYDWH/LPLWHGKDGOHGVHSDUDWH
applications for approval with the Foreign Investment
Promotion Board (FIPB). The closing of the asset sales
between the companies was subject to the receipt of
all applicable legal and regulatory approvals, consent,
permissions and sanctions as may be necessary from
concerned authorities. Your Company successfully
completed this transaction on 30th September 2015 on
receipt of all applicable legal and regulatory approvals.
Your Companys sales performance for the current
year was enhanced by ` 61 crores from the acquired
sales in vaccines. Furthermore, your Company
continues to sell the Oncology portfolio relating to
this transaction up until the marketing authorisations
transfer to Novartis Healthcare Private Limited.
:KLOVWWKHWUDQVDFWLRQLVH[SHFWHGWREHSURWQHXWUDO
for your Company, your Companys vaccines portfolio
is enhanced predominantly from distribution of the
anti-rabies vaccine as well as from the expected
pipeline of vaccines from GSK.
b)
Pharmaceuticals
Outlook
Business
Performance
and
The year under consideration was focused on

increasing access to medicines to serve patients
EHWWHU RI WKH ,QGLDQ SRSXODWLRQ UHVLGHV LQ PRUH
than 638000 villages and small towns. Access to

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them. Healthcare in most of these areas is managed
through primary and community healthcare centres.
Your Company invested in increasing its resources in
WKH 5($&+ WHDP ZLWK WKH VSHFLF WDVN WR LQFUHDVH
access) to increase penetration into rural markets with
a large portfolio of brands spanning the Companys
therapeutic areas. The rural initiative is expanding
for greater geographical reach and will now ensure
prescription leadership and support to patients in rural
PDUNHWV <RXU &RPSDQ\ VWDUWHG LWV XQLTXH VFLHQWLF
SURJUDPPH 9DQ 6FLHQWLF 3URPRWLRQDO 0HHWLQJV
(SPM), conducting meetings with Doctors from a van
WKDW WUDYHOV WR WKH DUHDV WKDW DUH GLIFXOW WR UHDFK
7KH 'RFWRUV ZKR EHQHW IURP WKLV SURJUDPPH
otherwise have limited or no access to continuous
medical education due to infrastructure challenges
and lack of medical expertise.
According to IMS data, the hospital segment is
HVWLPDWHGWRJURZDWD&$*5RIE\DOPRVW
PRUH WKDQ WKH UHWDLO VHJPHQW <RXU FRPSDQ\
expanded the Hospital Business Team reaching
out to more hospitals with a customised approach,
promoting mass market and mass specialty brands
along with the cardiac portfolio. Some of the products
like Betnovate were moved from specialty business
to mass market business for greater coverage. Your
Companys established products like Augmentin,
Cobadex CZS and Calpol are now promoted by all
WKHWHDPVWRHQVXUHWKDWWKHEHQHWVDUHSDVVHGRQ
to maximum number of patients possible, which has
resulted in prescriptions growing from month to month
during the last year.
Your Companys Respiratory team launched a pricevolume initiative on Seretide Accuhaler with an
objective to make Seretide Accuhaler accessible to
more patients in India in order to help them better
manage and control their Asthma and Chronic
Obstructive Pulmonary Disorder (COPD) in a better
way. As a result of this initiative, the patient share on
Seretide Accuhaler has gone up by almost three times
and this initiative has had a positive impact on the
Seretide Evohaler.
Your companys Dermatology business maintained its
leadership in the segments market in the year under
consideration; backed by above par performances
from classic brands like Betnovate & Tenovate, as
well as strategically important brands such as Zimig,
Oilatum and Clindoxyl. Keeping the patient as the focus
of all activities, the team launched different patient
FDPSDLJQV OLNH 6NLQH VNLQ FDUH DZDUHQHVV FDPSV
which were conducted in colleges and corporate
RIFHV E\ UHQRZQHG 'HUPDWRORJLVWV <RXU FRPSDQ\
also took on the challenge of increasing awareness
on the right and appropriate use of steroids by way
RIPHHWLQJVOHDHWVDQGSRVWHUVLQRUGHUWRHGXFDWH
patients and pharmacists.
The Mass Specialty business continued its growth

WUDMHFWRU\ DQG$XJPHQWLQ WKH DJVKLS EUDQG RI \RXU
Company regained the No. 1 position in the Amoxy
Clav market, showing a remarkable recovery after it
was bought under the NLEM (National List of Essential
Medicines) list as per DPCO 2013 with an annual
SUHVFULSWLRQJURZWKRI<RXU&RPSDQ\XVHGWKH
opportunity of the price control induced downward
correction to improve access to patients and
improve outcomes as is evidenced by the growth of
prescriptions. The team not only focused on improving
access, but also on therapy-shaping activities. It
carried out various initiatives on Appropriate use of
antibiotics by Health Care Professionals (HCPs) and
Responsible Antibiotic Adherence by patients. The
team remains focused to enable Augmentin to achieve
the status of volume leader in the market and be the
highest prescribed brand in the Amoxy Clav market.
(OWUR[LQ \RXU &RPSDQ\V DJVKLS WKHUDSHXWLF

solution for Thyroid management achieved an annual
JURZWK RI 0DQ\ UHFHQW DGYDQFHV LQ SUHYHQWLRQ
and management of Hypothyroidism need to be
translated into practice for Health Care Professionals
(HCPs) in Tier 1 and Tier 2 cities. To help rapid and
early diagnosis of Thyroid disorders, your Company
XQGHUWRRN VHYHUDO 6FLHQWLF 3URPRWLRQDO PHHWLQJV
on Maternal Hypothyroidism and Translating of
Thyroid guidelines. As many as 10000 such meetings
took place during the year. The One-on-One SPMs
were a good example in our pursuit of being a patientfocused organisation and taking a lead to door
deliver knowledge to equip HCPs for appropriate
disease management. The Disease Awareness
initiative on Congenital Hypothyroidism (CH) was
conducted in many cities during the year. Feedback
from doctors was encouraging as they believed that
your Company is spreading awareness in the society
and thus improving the future of children with CH.
Your Company has taken an initiative of launching
team INVICTUS- a dedicated task force based at
various locations in the country. The team caters to
key stakeholders for Eltroxin and engages them for
VFLHQWLFSURPRWLRQDODFWLYLWLHV7KHNH\EUDQG&HIWXP
also registered a double digit prescription growth in
major specialty areas.
The key brands in Mass markets like Zinetac, Calpol,
Betnesol, Zentel, and Cetzine have maintained
dominant market leadership positions. Calpol is the
No. 1 prescribed brand in the Indian Pharmaceutical
Market and generates 3 prescriptions every
2 seconds. Your Companys strategy was to increase
access to patients by targeting the adjacent and direct
category competition and drive unit sales consistent
with following your Companys policy of increasing
access to medicines.
In the area of preventive healthcare, your Company
continues to be the No. 1 vaccines Company in
the self-pay segment in India. Consistent with your

Companys philosophy of increasing access, your
Company continues to offer cost-effective presentation
RI D DJVKLS SQHXPRFRFFDO YDFFLQH LQ WKH IRUP RI
vials to help protect more kids from pneumococcal
disease, which is the leading cause of infant mortality
in India. Sudden changes in interpretation of licensing
requirements coupled with constraints of supplies
from the parent facility led to shortages of a number
of vaccines through the year. Notwithstanding that,
the measure of the ability of your Companys vaccines
WR EHQHW FKLOGUHQ DQG ZRPHQV KHDOWK LV LQGLFDWHG
in the healthy growth registered. The vaccines team
is gearing up for the launch of the combined MMRV
YDFFLQHWKHUVWRILWVNLQGWREHODXQFKHGLQ,QGLDLQ
2016. The merger of Novartis Vaccines Business, has
given a key anti-rabies vaccine, Rabipur to enhance
the overall portfolio of vaccines.
c)
Opportunities, Risks, Concerns and Threats

The Union Budget 2016-17 announced certain
big changes connected to the healthcare sector.
Out of nine pillars of the Union Budget, one was social
healthcare. The Government announced setting up of
3000 new drug stores across the country to handle
shortage of drugs, especially in rural areas under
the Jan Aushadi Yojna to provide generic drugs at
affordable rates. A health insurance cover of up to
` 1 lakh per family is also provided. With the launch
of the National Dialysis Programme to deal with high
costs involved in healthcare as part of the Programme,
every district hospital will have facilities of dialysis.
The Health Protection Scheme of ` 1 lakh to cover
unforeseen illness for poor families with addition of
` 30,000/- for senior citizens, was a welcoming step in
GHHSHQLQJDFFHVV7KHLQFUHDVHLQJRYHUQPHQW
spending on social sectors with focus on healthcare
and the governments promise to provide health
insurance to the under-privileged class through
the new Health Protection Scheme is welcome.
All these would act as a catalyst for investment in the
healthcare sector and help in improving affordability
and accessibility of quality healthcare in India, which
in turn will help growth of your Company.
Government issued a Fixed Dose Combination
>)'&@ QRWLFDWLRQ RQ th March 2016 pursuant to
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GUXJV ZHUH EDQQHG$V SHU WKH VDLG QRWLFDWLRQ
Companies were not allowed to manufacture, sell
and distribute the FDCs. Many companies and
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Delhi High Court challenging the abrupt ban of FDCs.
The Delhi High Court has granted a stay order and the
matter continues to be heard on a regular basis at the
High Court. The abrupt ban on FDCs has caused an
environment of uncertainty as some of the FDCs were
available in the market and used by patients for many
years. Your company has minimal impact on account
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d)
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programmes for Healthcare Professionals to update
their knowledge about disease management which
will ultimately help their patients receive appropriate
treatment.
Regulatory Affairs
During the year under review, in order to support
the commercial availability of new drugs that would
EHQHWDQGLPSURYHWKHTXDOLW\RIOLIHRI,QGLDQSDWLHQWV
suffering from various diseases, your Company
submitted necessary applications for New Products in
India to the CDSCO (Central Drugs Standard Control
Organization), Ministry of Health and Family Welfare,
Government of India. After a thorough review of its
applications, your Company has received approval
for some of these products from CDSCO, which
will enable timely access to new and innovative
therapeutic options to patients in our country.
Some of the innovator products approved by the
regulatory agency in India during the year under review
includes albiglutide (Tanzeum) for the treatment of type
2 diabetes mellitus in adults, a pediatric vaccine for
immunisation of children of 1 year to 12 years of age
against measles, mumps, rubella and varicella (Priorix
tetra), inactivated poliomyelitis vaccine (Poliorix)
indicated for immunisation against poliomyelitis from
age of 6 weeks onwards. All these new products
approved for your Company during the year under
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your Company also received approval for import and
marketing of 2 new cosmetic products in India and
DSSURYDO IRU FRQWLQXHG PDUNHWLQJ RI [HG GRVH
combination products in India upon reassessment of
HIFDF\DQGVDIHW\GDWDSUHVHQWHGE\\RXU&RPSDQ\
Medical Affairs and Medical Governance
The Medical Affairs team has provided valuable
medical inputs for the development and execution of
strategy for several key products including Seretide,
Augmentin, Eltroxin and also the Vaccines portfolio.
The team played a crucial role in communicating
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fraternity and regulatory authorities. The Medical
Affairs and the Medical Governance teams ensure
that your Companys promotional activities and
HCP (Healthcare Professional) engagements are
consistent with global GSK standards and in line with
all the applicable guidelines and standard operating
procedures.
At the end of 2013, GSK globally announced
industry-leading changes to the way the company
interacts with HCPs. One of these changes includes
stopping payments to Healthcare Professionals to
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doing this, the Company increases trust by eliminating
WKH SHUFHSWLRQ RI D FRQLFW RI LQWHUHVW 7KLV FKDQJH
has been implemented in India by your Company from
1st January 2016 and in preparation for this new HCP
Engagement model, your Company has taken steps to
build internal medical capacity and capability to deliver
this new model and enhance the way your Company
interacts with HCPs. Your Company has developed
One such independent medical education programme

supported through an educational grant by your
&RPSDQ\LVWKH&HUWLFDWH&RXUVHLQ0DQDJHPHQWRI
Thyroid Disorders (CCMTD) which has been developed
and implemented by Public Health Foundation of
India (PHFI) in collaboration with Chellaram Diabetes
Institute (CDI), Pune. This is a comprehensive training
programme with the main objective of enhancing the
knowledge and skills of primary care physicians in the
management of thyroid disorders and till date, more
than 700 physicians have completed this course.
Your company also planned and conducted
Pulmonary Rehabilitation (PR) workshops across
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to educate chest physicians and physiotherapists
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patients with respiratory disease.
e)
Internal Control Framework

Your Company conducts its business with integrity
and high standards of ethical behaviour and in
compliance with the laws and regulations that govern
its business. Your Company has a well-established
framework of internal controls in operation, supported
by standard operating procedures, policies and
guidelines, including suitable monitoring procedures
and self-assessment exercises. In addition to external
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Company at various locations are reviewed by the
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Audit Committee of the Board. The Audit Committee
reviews the adequacy and effectiveness of the
implementation of audit recommendations including
those relating to strengthening your Companys risk
management policies and systems. Compliance
with laws and regulations is also monitored through
a matrix of well laid down framework which requires
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compliances on all laws and regulations concerning
their respective functions and which gets integrated
with the overall compliance reporting on all laws and
regulations for the purposes of review and monitoring
by the Audit Committee.
As required by the Companies Act 2013, your
Company has implemented an Internal Financial
Control (IFC) Framework. Section 134(5)(e) requires
the Directors to make an assertion in the Directors
Responsibility Statement that your Company has
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existence, adequate and operate effectively. Under
Section 177(4)(vii), the Audit Committee evaluates the
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to the Board. The purpose of the IFC is to ensure that

policies and procedures adopted by your Company
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business are implemented, including policies for and
the safeguarding its assets, prevention and detection
of frauds and errors, accuracy and completeness
of accounting records, and timely preparation of
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required all processes of your Company to be
documented alongside the controls within the process.
All processes were satisfactorily tested for both design
and effectiveness during the year.
Interactions prescribe the nature of practices and

SURKLELWV VSHFLFDOO\ WKRVH ZKLFK DUH XQHWKLFDO<RXU
Company is a signatory to the OPPI (Organisation
of Pharmaceuticals Producers in India) Code of
Marketing Conduct.
Risk Management
The Company has a Risk Management and
Compliance Board (RMCB). Risk maps stating the
VLJQLFDQWEXVLQHVVULVNVSRWHQWLDOFRQVHTXHQFHVDQG
mitigation plans are prepared by each function and
reviewed by the RMCB on a regular basis. Business
Continuity Plans are periodically reviewed and tested
to enhance their relevance. The Risk Management
Framework covering business, operational and
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Audit Committee. At present, in the opinion of the
Board of Directors, there are no risks which may
threaten the existence of the Company.
Furthermore, the Company extended its Independent

Business Monitoring (IBM) project under ECHO. The
ECHO IBM Framework is designed by the GSK plc
group requiring a regular review of activities, data,
exceptions and deviations in order to continuously
monitor and improve the quality of operations. It is a
risk-based enterprise approach ensuring consistency,
quality, transparency and clear accountability of Risk
Management and Internal Controls across all business
units.
Vigil Mechanism
Your Company has a Speak Up Programme. The
Programme offers people within and outside GSK
a range of channels to voice concerns and report
misconduct. The Speak Up culture and procedures
encourages everyone to raise concerns about potential
XQHWKLFDORULOOHJDOFRQGXFWDQGDVVXUHVFRQGHQWLDOLW\
and protection from retaliation, retribution or any form
of harassment to those reporting such concerns.
&RQGHQWLDO6SHDN8SLQWHJULW\OLQHSKRQHQXPEHUVDUH
available to people within and outside of your Company.
An independent company manages these reporting
lines and calls are logged through their central system
to ensure integrity of the programme.
Your Company expects all employees to act

transparently, respectfully and with integrity and
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at all times. Your Company aims to put these core
values at the heart of everything it does and every
decision it makes. The GSK Code of Conduct and
accompanying training, seeks to ensure everyone in
your Company understands how to put values into
practice. Mandatory training on the Code of Conduct
KHOSV\RXU&RPSDQ\VHPSOR\HHVJDLQWKHFRQGHQFH
to make the right decisions and become familiar with
the policies and procedures applicable to their areas
RIRSHUDWLRQDYRLGFRQLFWVRILQWHUHVWDQGUHSRUWDOO
unethical and illegal conduct. Your Company also has
an Anti-Bribery and Corruption (ABAC) programme
designed to prevent non-compliance through controls,
practical guidance and mandatory training. The
programme complies with the principles laid down
under US Foreign Corrupt Practices Act and British
Anti-Bribery laws.
Your Company endeavours to treat all questions or

FRQFHUQVDERXWFRPSOLDQFHLQDFRQGHQWLDOPDQQHU
even if the person reporting a question or concern
LGHQWLHVWKHPVHOYHV<RXU&RPSDQ\DOVRKDVDZHOO
laid down process to prevent, take disciplinary action
and deter acts of sexual harassment. Your Company
has constituted a complaint mechanism and a
complaint committee to deal in a timely manner with all
instances of sexual harassment and to ensure that no
victims or witnesses are victimised or discriminated.
Additionally, employees are required to certify on

an annual basis whether there have been any
transactions which are fraudulent, illegal or violative
of the Code of Conduct. Strong oversight and
self-monitoring policies and procedures demonstrate
your Companys commitment to the highest standards
of integrity.
Your Company has also successfully complemented
its Internal Control Framework with the test of design
and effectiveness of all its processes across the
organisation as part of meeting the requirements of
the Companies Act, 2013, to ensure the existence and
effectiveness of Internal Financial Controls.
Your Companys policies and updated Global
Code of Practice for Promotion and Customer
Your Company has in place a whistle blower policy with a

view to provide a mechanism for its Directors/employees/
customers to approach the Chairman of Audit Committee,
in case of any grievance or concern. The Whistle Blower
policy can be accessed on your Companys website
www.gsk-india.com/investors/policies.
f)
Human Resources:
Your Company in the year under consideration saw
a renewed focus on the Human Resources front
with initiatives in leadership & talent management,
capability building, rewards & recognition, ERP
systems and employee communication.
,Q \RXU &RPSDQ\ VLJQLFDQWO\ VWUHQJWKHQHG

its Human Resources capability in the Supply Chain
organisation with particular emphasis on Quality and
Employee Health & Safety. The Human Resources
team partnered with the business to develop and
implement a Change Management plan across the
Nashik site. The focus was on sustainability of policies
and processes, underpinned with a 4-day training
programme, Gurukul for all employees. The Nashik
Site won GMS Presidents Award on Building a
culture of Zero Accidents and 2nd prize at the Best
Safety award competition - 2015 by National Safety
Council Maharashtra Chapter in collaboration with
Directorate of Industrial Safety & Health, Maharashtra.
the wellness and wellbeing programme, the Lets Talk

programme, the Empowerment League programme,
the Star Recognition programmes, the employee
Health and Safety programmes, etc. During the course
of the year, an employee Survey was carried out and
your Company had some of the highest scores in
both Engagement and Empowerment within the GSK
group and these scores also compared favourably
against external benchmarks.
Towards developing and growing women leaders,
talented Women Managers are being put through a
unique programme, Accelerating Difference which
will help them to hone their capability in managing
senior roles. Women-friendly policies have also been
put in place.
Your Company continues to focus on Talent

Management and Leadership to build a strong
Leadership pipeline. Differentiated development
SODQV KDYH EHHQ GUDZQ XS IRU LQGLYLGXDOV LGHQWLHG
as key talent, which covers on-the-job development,
relationship/coaching skills along with formal
GHYHORSPHQWFODVVURRP WUDLQLQJ ,GHQWLHG KLJK
potential Sales Managers have been put through the
GMAC - GSK Marketing Accreditation Program for
18 months to develop their Marketing capability. Your
Company continues to invest in its Future Leaders
programme drawing on fresh talent from leading
universities/business schools around the country.
Managers have been through various leadership
programmes, such as Accelerating Difference - for
talented Women Managers, Emerging Leaders
SURJUDPPH UVW OLQH OHDGHUV OHDGLQJ GHOLYHU\
coaching etc. Towards enhancing employee capability,
extensive sales training programmes were launched,
including distance learning programmes. For instance,
72 e-learning modules for about 44 brands were also
implemented.
Your Company launched Workday, an ERP initiative,
to enhance its HR Systems. Workday allows Managers
to have access to employee information on a real-time
basis that helps managers to better manage their
people. Workday covers performance management,
leave, talent management, query resolutions, amongst
other features. Managers can also readily access
Workday on smartphones and iPads to enhance
HIFLHQF\
Following the acquisition of Novartis Vaccines business
globally, your Company seamlessly completed the
asset deal transfer. In October 2015, around 120
employees of Novartis were integrated into your
Companys Vaccines business after going through
an Orientation and Crossover Induction programme
covering GSK values, business processes and SOPs.
About 40 employees transferred to Novartis as part of
divestment of our Oncology business.
A number of employee engagement initiatives
were carried out such as volunteering - through the
Companys Pulse and Orange day programmes,
Your Company has also put in place a number

of initiatives with respect to values and maturity
assessment. This has led to an extensive coverage
of all employees to ensure that they understand and
learn to live our values of Transparency, Respect for
people, Integrity and Patient Focus.
There are four recognised unions Selling Area (zonal)
based North, East, West and South to address the
JULHYDQFHV RI HPSOR\HHV ZRUNLQJ LQ WKH HOG 7KH
Union in the West selling area also represents the
workers working at Nashik site. The Unions have
been committed to the growth and development of the
Company.
Prevention of Sexual Harassment at Work Place
As per the requirements of the Sexual Harassment
of Women at the workplace (Prevention, Prohibition
& Redressal) Act, 2013 (Act) and rules made
thereunder, your Company has adopted a policy
(www.gsk-india.com/investors/policies) for prevention
of sexual harassment at workplace and has constituted
an Internal Complaints Committee. During the year,
your Company has not received any complaints on
Sexual Harassment under the said Act.
g)
Supply Chain
Manufacturing:
Manufacturing operations in India continue to progress
and develop. The Nashik Site has continued to
deliver on its overall strategic intent and has invested
heavily in Safety and Quality in the past year, while
further securing supplies and capability to serve the
patient. The Site has increased output capability from
WKURXJK E\ DSSUR[LPDWHO\ ZLWK D
WDUJHWIRUWKHHQGRIUHDFKLQJDHIFLHQF\
gain from 2014. The Site successfully launched new
strengths in Bactroban and Eltroxin, further supporting
patient need. The Site has upgraded key utilities,
LQFOXGLQJHOHFWULFDO+9$&DQGSXULHGZDWHUV\VWHPV
The site has invested heavily in dust containment

FDSDELOLW\DQGUHJKWLQJFDSDELOLW\WRHQVXUHDVDIH
working environment for all staff. The site has invested
in the upgradation of all manufacturing areas to
improve Safety and Quality standards to GSK global
expectations. Progress on the new Building for the
Eltroxin Suite has progressed to plan and the facility
is on track for commercial supply from January 2017.
End-to-End Supply Chain & Logistics:

Your Company is implementing several initiatives in
driving greater safety & tracking when the products
are transported from our manufacturing locations
to various warehouses across the country, by using
GPS tracking devices, engaging with the transporters
to ensure that product handling is appropriate from
pilferage & theft perspective. Your company is
looking at strengthening the cold chain capability
across the supply chain through the warehouses,
transportation & packaging. This initiative is to further
enhance compliance to patient safety & regulatory
requirements.
New Manufacturing Site:

As you are aware, your Company has decided
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Bengaluru. The new factory, is being built to the
highest International Standards. It has been designed
in India and will incorporate the highest appropriate
levels of technology and automation to ensure costeffective production of the highest quality medicines.
The process equipment is either being imported or
sourced locally, wherever possible.
h)
Your Company has a rich legacy of partnering the

communities in which we live and operate. Strong
partnerships with community groups are critical, as
local organisations have the greatest insights into the
needs of their people and the strategies that stand the
greatest chance of success. Your Companys focus
is on making life-changing, long-term differences in
human health by addressing the healthcare burdens
of accessibility, affordability and awareness. Your
&RPSDQ\ZRUNVWRIXOOOWKLVDQGRWKHUVRFLDOFKDQJH
efforts, through our Corporate Social Responsibility
(CSR) programmes. During the last year, the CSR
programme touched the lives of over a million people
across India.
Environmental considerations have been at

the forefront of the Factory Design and future
operation. Your Company is aiming to achieve
LEED (Leadership in Energy and Environmental
Design) Gold standard which is an internationally
recognised US set of rating systems for the design,
construction, operation, and maintenance of green
buildings, that aims to help building owners and
operators be environmentally responsible and use
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is investing in renewable energy in the form of a
0.5 MW Photovoltaic array, which will generate a
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All waste water will be recycled with zero waste.
Advanced Programme Management techniques are
being used to ensure all the various processes, quality
management systems, staff recruitment, and other
operational readiness activities are in place prior to
start-up.
Pursuant to the provisions of Section 135 and rules

made thereunder of the Companies Act, 2013, the
Company has constituted a CSR committee to monitor
CSR activities of the Company. The CSR policy of the
Company may be accessed on the Company website
at the link www.gsk-india.com/investors/policies. The
CSR Report on the activities undertaken during the
year, given in Annexure C, forms a part of this Report.
i)
Manufacturing Excellence:
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the delivery of the GSK Production System (GPS) with
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Quality and Cost as your Company drives towards
Zero Accident, Zero Defect and Zero Waste. Site
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in all performance parameters for Safety, Quality and
Cost from the previous year. The Site launched two key
initiatives to support knowledge and understanding.
These include the launch of Site B2B programme
a 4-day intensive EHS and Quality training programme
to ensure all staff are meeting a common standard for
these critical activities. In addition, the Site launched its
Site Learning Zone; a hands-on learning environment
where staff can practice in a safe way, common,
day-to-day work practices and drive improvement into
the process.
Corporate Social Responsibility
4.
Certain statements in the Management Discussion

and Analysis section may be forward-looking and are
stated as required by applicable laws and regulations.
Many factors may affect the actual results, which could
be different from what the Directors envisage in terms
of future performance and outlook.
DIRECTORS
Mr. V. Thyagarajan, Non-Executive Director and
Mr. P. V. Nayak, Independent Director retired as Directors
from 31st October 2015. Dr. H. B. Joshipura resigned as a
Managing Director from 31st July 2015. The Board places
on record its appreciation of the valuable services rendered
by Directors, Mr. V. Thyagarajan, Mr. P. V. Nayak and
Managing Director, Dr. H. B. Joshipura, during their tenure
and for their contribution to the deliberations of the Board.
The Board of Directors has appointed Mr. A. Vaidheesh as
Managing Director with effect from 3rd August 2015.
or entered in the ordinary course of business and are at

arms length. All Related Party Transactions are subjected
WR LQGHSHQGHQW UHYLHZ E\ D UHSXWHG DFFRXQWLQJ UP WR
establish compliance with the requirements of Related
Party Transactions under the Companies Act, 2013 and
LODR.
In terms of the provisions under Section 149 of the

Companies Act, 2013, the Board and Shareholders have
approved the appointment of all the existing Independent
Directors, that is, viz. Mr. R. R. Bajaaj, Ms. A. Bansal,
Mr. P. V. Bhide, Mr. N. Kaviratne, Mr. A. N. Roy and
0U'6XQGDUDPIRUDWHUPRIYH\HDUVIURPth March 2015.
The Independent Directors have submitted the Declaration
of Independence, as required pursuant to Section 149 (7) of
the Companies Act, 2013, stating that they meet the criteria
of Independence as provided in sub-section (6).
6.
DIRECTORS RESPONSIBILITY STATEMENT
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During the year ended 31st March 2016, six Board meetings
were held, the details of which are given in the Corporate
Governance Report. The intervening gap between the
Meetings was within the period prescribed under the
Companies Act, 2013.
Remuneration Policy and Board Evaluation
In compliance with the provisions of the Companies
Act, 2013 and Regulation 27 of the Listing Obligations &
Disclosures Requirement, Regulations, 2015 the Board
of Directors on the recommendation of the Nomination
& Remuneration Committee, adopted a Policy on
remuneration of Directors and Senior Management. The
Remuneration Policy is stated in the Corporate Governance
Report.
Performance evaluation of the Board was carried out

during the period under review. The details are given in the
Corporate Governance Report.
Familiarisation programmes for the Independent Directors
PARTICULARS OF CONTRACTS AND RELATED

PARTY TRANSACTIONS
In line with the requirements of the Companies Act, 2013
and Listing Obligations & Disclosures Requirement (LODR),
Regulations, 2015, your Company has formulated a
policy on Related Party Transactions. All Related Party
Transactions that are entered into during the year, were
on arms length basis and were in the ordinary course of
EXVLQHVV7KHUHZHUHQRPDWHULDOO\VLJQLFDQWUHODWHGSDUW\
transactions made with the Promoters, Directors or Key
0DQDJHULDO3HUVRQQHOZKLFKPD\KDYHDSRWHQWLDOFRQLFW
of interest with the Company at large. The Policy of Related
Party Transactions can be accessed on the Company
website www.gsk-india.com/investors/policies.
All Related Party Transactions are placed before the Audit
Committee for review and approval. Prior omnibus approval
is obtained for Related Party Transactions on a quarterly
basis for transactions which are of repetitive nature and /
that in the preparation of the annual accounts, the

applicable accounting standards have been followed
along with proper explanations relating to material
departures, if any
(ii)
that the Directors have selected such accounting policies

and applied them consistently and made judgements
and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the
Company as on 31st0DUFKDQGRIWKHSURWRIWKH
Company for the year ended on that date;
LLL WKDW WKH 'LUHFWRUV KDYH WDNHQ SURSHU DQG VXIFLHQW

care for the 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;
(iv) that the Directors have prepared the annual accounts
on a going concern basis;
In Compliance with the requirements of SEBI Regulations,

your Company has put in place a familiarisation programme
for the Independent Directors to familiarise them with their
role, rights and responsibilities as Directors, the working of
the Company, nature of the industry in which the Company
operates, business model, etc. It is also available on the
Company website www.gsk-india.com/investors/policies.
5.
(i)
Y WKDWSURSHULQWHUQDOQDQFLDOFRQWUROVODLGGRZQE\WKH
Directors were followed by the Company and such
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operating effectively, and
(vi) that proper systems to ensure compliance with the
provisions of all applicable laws have been devised
and such systems were adequate and were operating
effectively.
7.
CORPORATE
GOVERNANCE
SUSTAINABILITY REPORT
&
BUSINESS
Your Company is part of the GlaxoSmithKline plc group

and conforms to norms of Corporate Governance adopted
by them. As a Listed Company, necessary measures are
taken to comply with the Listing Obligations & Disclosures
Requirement, Regulations, 2015 with the Stock Exchanges.
$UHSRUWRQ&RUSRUDWH*RYHUQDQFHDORQJZLWKDFHUWLFDWHRI
compliance from the Auditors, given in Annexure A, forms
a part of this Report. Further, a Business Responsibility
Report, describing the initiatives taken by your Company
from an environmental, social and governance perspective,
given in Annexure B, also forms a part of this Report.
8.
AUDITORS
The Auditors in their Report dated 25th May 2016 have
commented that the back-up of the books of accounts and
other books and papers are not maintained in electronic
mode on servers physically located in India. Your Company
would like to clarify that your Companys ERP is centralised

in Global Data Centres. The back-up storage is maintained at
Global Data Centres outside India. The Company is reviewing
maintenance of back-up of ERP data in India as required under
Rule 3 of the Companies (Accounts) Rules, 2014.
M/s. Price Waterhouse & Co Bangalore LLP, Chartered
Accountants (Firm Registration No. 007567S/S-200012),
WKH6WDWXWRU\$XGLWRUVRIWKH&RPSDQ\ZLOOKROGRIFHXQWLO
the conclusion of the ensuing Annual General Meeting
and are eligible for re-appointment as per Section 139 of
the Companies Act, 2013. Shareholders are requested to
re-appoint M/s. Price Waterhouse & Co Bangalore LLP,
Chartered Accountants, as the Auditors of the Company and
DXWKRULVHWKH%RDUGRI'LUHFWRUVWR[WKHLUUHPXQHUDWLRQ
(Sec 139)
Pursuant to the provisions of Section 204 of the Act, and
the Rules made thereunder, the Company has appointed
M/s Parikh & Associates, Practicing Company Secretaries,
to undertake Secretarial Audit of the Company. The Report
of the Secretarial Auditor is annexed to the Board Report
as Annexure D, which forms a part of this Report. The
6HFUHWDULDO$XGLW5HSRUWGRHVQRWFRQWDLQDQ\TXDOLFDWLRQ
reservation or adverse remark.
Pursuant to Section 148 of the Companies Act, 2013,
the Board of Directors on the recommendation of Audit
Committee have appointed M/s. R. Nanabhoy & Co., Cost
Accountants for conducting the audit of the cost accounting
records maintained by the Company for its Formulations
IRU 7KH %RDUG KDV UHFRPPHQGHG UDWLFDWLRQ
of remuneration payable to them for year 2015-16 to the
Shareholders of the Company at the ensuing Annual
General Meeting.
As required by Section 92(3) of the Act and the Rules
framed thereunder, the extract of the Annual Return in Form
MGT 9 is enclosed as Annexure G, also forms a part of
this Report.
9.
Section 197(12) of the Act, and the Rules made thereunder

is enclosed as Annexure F, which forms a part of this
Report.
Pursuant to section 129 (3) of the Companies Act, 2013,
a statement in form AOC 1 containing the salient feature
of the Financial Statements of the subsidiary Company is
attached.
Although the audited statements of accounts, relating to
Companys subsidiary are no longer required to be attached
to the Companys Annual Report the same is enclosed as
and in way of better disclosure practice.
The information on employees who were in receipt of
remuneration of not less than ` 60 lakhs during the year or
` 5 lakhs per month during any part of the year forms part
of this report and will be provided to any Shareholder on
a written request to the Company Secretary. In the terms
of Section 136 of the Act, the said annexure is open for
LQVSHFWLRQ DW WKH UHJLVWHUHG RIFH RI WKH &RPSDQ\ GXULQJ
the business hours on any working day of the Company up
to the date of Annual General Meeting.
10. ACKNOWLEDGEMENTS
The Directors express their appreciation for the contribution
PDGHE\WKHHPSOR\HHVWRWKHVLJQLFDQWLPSURYHPHQWLQ
the operations of the Company and for the support received
from all other stakeholders, including shareholders, doctors,
medical professionals, customers, suppliers and business
partners.
The Board and the Management of your Company are
indeed appreciative of the substantial support being
received from GSK plc, the parent organisation, in providing
new healthcare solutions which are products of its discovery
ODEV DQG WKH WHFKQRORJ\ LPSURYHPHQWV WKDW EHQHW \RXU
Company immensely.
GENERAL
The information on Conservation of Energy, Technology,
Absorption and Foreign Exchange earnings and outgo as
stipulated in Section 134(3) M of the Act, and the Rules
framed thereunder is annexed herewith in Annexure E,
which forms a part of this Report. The Disclosures pertaining
to the remuneration and other details as required under
On behalf of the Board of Directors

D. S. Parekh
Chairman
Mumbai, 25th May 2016
Annexure A to the Directors Report

Report on Corporate Governance
(Pursuant to Regulations 17 to 27 and clauses (b) to (i) of sub-regulation (2) of Regulation 46 and paragraphs C, D and E
of Schedule V of the Listing Obligations & Disclosures Regulations, 2015 (LODR) entered into with the Stock Exchanges)
1.
COMPANYS PHILOSOPHY ON CODE OF GOVERNANCE
7KH&RPSDQ\VSKLORVRSK\RI&RUSRUDWH*RYHUQDQFHLVDLPHGDWDVVLVWLQJWKHPDQDJHPHQWRIWKH&RPSDQ\LQWKHHIFLHQW
conduct of its business and in meeting its obligations to stakeholders, and is guided by a strong emphasis on transparency,
DFFRXQWDELOLW\DQGLQWHJULW\)RUVHYHUDO\HDUVWKH&RPSDQ\KDVDGRSWHGDFRGLHG&RUSRUDWH*RYHUQDQFH&KDUWHUZKLFKLVLQ
line with the best practice, as well as meets all the relevant legal and regulatory requirements. All Directors and employees are
bound by Code of Conduct and the associated standards of Conduct that sets out the fundamental standards to be followed in
all actions carried out on behalf of the Company.
2.
BOARD OF DIRECTORS
Composition and size of the Board

The present strength of the Board is Twelve Directors. The Board comprises of Executive and Non-Executive Directors. The
Non-Executive Directors bring independent judgment in the Boards deliberations and decisions. Four Directors, including
the Managing Director, are Executive Directors. There are Eight Non-Executive Directors, of which, six are Independent
Directors.
Glaxo Group Limited, U.K., have rights enshrined in the Articles of Association relating to the appointment and removal of
Directors not exceeding one-third of the total number of retiring Directors.
Board meetings and attendance

Six Board meetings were held during the year ended 31st March 2016 and the gap between two Board meetings did not
exceed four months. The annual calendar of Board meetings is agreed upon at the beginning of each year.
The information as required under Schedule V (C) of the Listing Obligations & Disclosures Regulations, 2015 is made
available to the Board. The agenda and the papers for consideration at the Board meeting are circulated at least seven days
prior to the meeting. Adequate information is circulated as part of the Board papers and is also made available at the Board
meeting to enable the Board to take informed decisions.
The dates on which meetings were held are as follows:
Sr. No.
Date of Meeting
Board Strength
No. of Directors present
1.
18th May 2015
14
12
2.
22nd June 2015
14
13
st
3.
31 July 2015
14
13
4.
31st October 2015
14
12
5.
16th December 2015
12
6.
10th February 2016
12
12
Attendance of each Director at the Board meetings and last Annual General Meeting (AGM) and the number of
companies and committees where he is a Director / Member (as on the date of the Directors Report)
Name of Director
Category of
Directorship
Mr. D. S. Parekh
Chairman
Non-Executive
Yes
Mr. V. Thyagarajan
Vice-Chairman
(up to 31.10.2015)
Dr. H. B. Joshipura
Managing Director
(up to 31.07.2015)
Mr. A. A. Aristidou
Mr. R. R. Bajaaj
Non-Executive
Yes
Ms. A. Bansal
Mr. P. V. Bhide
Mr. S. Harford
(upto 18.05.2015)
Mr. N. Kaviratne
Mr. R. Krishnaswamy
Mr. P. V. Nayak
(upto 31.10.2015)
Mr. A. N. Roy
Mr. R. C. Sequeira
Mr. R. Simard
(w.e.f. 18.05.2015)
Mr. D. Sundaram
Mr. A. Vaidheesh
Managing Director
(w.e.f. 03.08.2015)
Number of Attendance
Board
at the last
Meetings
AGM held
attended on 31st July
2015
Number of
Number of
Directorships in
mandatory
other companies
committee
(excluding
positions held in
Directorships in
other companies
foreign and private
companies)
Chairman Member
8
1
3
NA
NA
NA
Executive
Yes
NA
NA
NA
Executive
Non-Executive
& Independent
Non-Executive
& Independent
Non-Executive
& Independent
Non- Executive
6
6
Yes
Yes
1
2
Nil
Nil
Nil
Nil
Yes
Nil
Nil
Yes
Nil
NA
NA
NA
NA
Yes
Nil
Nil
5
3
Yes
Yes
1
NA
Nil
NA
Nil
NA
Yes
5
4
No
Yes
2
Nil
Nil
Nil
Nil
Nil
Yes
Nil
NA
Nil
Nil
Non-Executive
& Independent
Executive
Non-Executive &
Independent
Non-Executive &
Independent
Executive
Non-Executive
Non-Executive &
Independent
Executive
'LUHFWRUV ZLWK PDWHULDOO\ VLJQLFDQW UHODWHG SDUW\ WUDQVDFWLRQV SHFXQLDU\ RU EXVLQHVV UHODWLRQVKLS ZLWK WKH
Company.
The Board of Directors has approved a policy for related party transactions and has been uploaded on the Companys
website (http://www.gsk-india.com/investor/Policies)7KHUHDUHQRPDWHULDOO\VLJQLFDQWUHODWHGSDUW\WUDQVDFWLRQVHQWHUHG
into by the Company with its Promoters, Directors or Management, their subsidiaries or relatives etc. that may have potential
FRQLFWZLWKWKHLQWHUHVWVRIWKH&RPSDQ\DWODUJH$OOWUDQVDFWLRQVHQWHUHGZLWKWKHUHODWHGSDUWLHVGXULQJWKH\HDUHQGHG
31st March 2016 as mentioned under the Companies Act 2013 and Regulation 23 and 27(2)(b) of the Listing Obligations &
Disclosures Regulations (LODR) were in the ordinary course of business and at arms length pricing basis. The Register of
Contracts containing the transactions in which Directors are interested is placed before the Board regularly for its approval.
The Company has adopted policy for determination of material subsidiary and the same has been posted on the Company
website http://www.gsk-india.com/investor/Policies
Directors Inductions and Familiarization

The Board of Directors are provided with necessary reports and internal policies to enable them to familiarize with company
procedures and practices. Web link giving details of familiarization program can be accessed at http://www.gsk-india.com/
investor/Policies
Details of Directors being appointed /re-appointed

As per the Statute, two-third of the Directors excluding the Independent Directors should be retiring Directors. One-third of
these retiring Directors are required to retire every year and if eligible, these Directors qualify for re-appointment.
Mr. R. C. Sequeira and Mr. R. Krishnaswamy retire by rotation at the ensuing Annual General Meeting and being eligible
offer themselves for re-appointment.
A brief resume of Directors appointed/eligible for re-appointment along with the additional information required under Clause
36(3) of the Listing Obligations & Disclosures Regulations, 2015 is as under:
Mr. A. Vaidheesh
Mr. Vaidheesh is a Bachelor of Physics from Madras University and has done his Masters Degree in Marketing Management
IURP%RPED\8QLYHUVLW\+HLVDQ+RQRUDU\)HOORZRI7KH$VVRFLDWLRQRI0LQLPDO$FFHVV6XUJHRQVRI,QGLDDQGLVDFHUWLHG
3URFHVV([FHOOHQFH%ODFN%HOW3ULRUWRKLVFXUUHQWUROHKHZDV9LFH3UHVLGHQW&RUSRUDWH*RYHUQPHQW$IIDLUV$VLD3DFLF
for Johnson & Johnson based out of Singapore and a member of Global Leadership team for health care advocacy and
SROLF\%HIRUHWKDWKHZDV0DQDJLQJ'LUHFWRURI-RKQVRQ -RKQVRQ0HGLFDO,QGLD--0,DQG9LFHSUHVLGHQW$VLD3DFLF
'LDEHWHVIUDQFKLVHIRUYH\HDUV0U9DLGKHHVKLVZLGHO\UHFRJQL]HGIRUFKDLULQJYDULRXVLQLWLDWLYHVZLWKLQGXVWU\ERGLHVLQ
,QGLDDQGLQ$VLD3DFLF5HJLRQ6WUDWHJLF028ZLWK&KLQD&RPPXQLVW3DUW\6FKRRO,QGLD+HDOWK,QVXUDQFHGHYHORSPHQW
and leading Health care agenda in APEC summits are noteworthy.
Mr. R. C. Sequeira
Mr. R. C. Sequeira is an alumni of Loyola College, Chennai and XLRI, Jamshedpur and has 32 years of experience in the
HOGRQ+XPDQ5HVRXUFHVZLWKODUJHPXOWLQDWLRQDOFRPSDQLHVLQ,QGLD+HEHJDQKLV+5FDUHHULQDVD0DQDJHPHQW
Trainee with Union Carbide India Limited and gained employee relations experience in various positions. He was appointed
Personnel Manager in 1990. In 1992, he moved to the HSBC Bank where he handled HR for East and West India and
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Mr. Sequeira has also held the position of Head of Compensation and Employee Relations with HSBC, India.
Mr. Sequeira joined Tata Power Company in 2004 as VP and Head of Human Resources with additional charge for the
Companys Corporate Social Responsibility function. He was also on the Tata Groups HR steering Committee. He is a
Director of Biddle Sawyer which forms part of the GlaxoSmithKline Group Companies in India. He is also a Director in Hill
Properties Limited.
Mr. Raju Krishnaswamy
Mr. Raju Krishnaswamy has completed his B. Pharm from JSS College of Pharmacy, Ooty and has done MBA from ICFAI.
Prior to joining the Company, Raju worked as Senior VicePresident, Global Manufacturing with Wockhardt Limited.
In this capacity, he was leading the manufacturing operations of Wockhardt in India, U.S.A. and Ireland. He also headed
the contract manufacturing services and the R&D formulation for India and rest of the world countries. Earlier, Raju has also
had successful stints with organizations like Cipla Limited and Ranbaxy Laboratories Limited. He was also actively working
on the Boards of Wockhardt Infrastructure Development Limited and Wockhardt Biopharm Limited.
3.
AUDIT COMMITTEE
Terms of Reference
7KHWHUPVRIUHIHUHQFHRIWKLV&RPPLWWHHDUHZLGHHQRXJKWRFRYHUWKHPDWWHUVVSHFLHGIRU$XGLW&RPPLWWHHXQGHU6HFWLRQ
of the Companies Act, 2013 and Clause 18 of the Listing Obligations & Disclosures Regulations, 2015 with Stock Exchanges and
are as follows:
D
2YHUVLJKWRIWKH&RPSDQ\VQDQFLDOUHSRUWLQJSURFHVVDQGWKHGLVFORVXUHRILWVQDQFLDOLQIRUPDWLRQWRHQVXUHWKDWWKH
QDQFLDOVWDWHPHQWVDUHFRUUHFWVXIFLHQWDQGFUHGLEOH
E
WRUHYLHZZLWK0DQDJHPHQWWKHQDQFLDOVWDWHPHQWVDWWKHHQGRIDTXDUWHUKDOI\HDUDQGWKHDQQXDOQDQFLDOVWDWHPHQWV
and Auditors report thereon before submission to the Board for approval, focusing particularly on:
(i)
matters required to be included in the Directors Responsibility Statement to be included in the Boards report in terms
of clause (c) of Sub Section 3 of Section 134 of the Companies Act, 2013;
(ii)
changes, if any, in accounting policies and practices and reasons for the same;
(iii) major accounting entries involving estimates based on the exercise of judgment by management;
LY VLJQLFDQWDGMXVWPHQWVPDGHLQWKHQDQFLDOVWDWHPHQWVDULVLQJRXWRIDXGLWQGLQJV
Y FRPSOLDQFHZLWKOLVWLQJDQGRWKHUOHJDOUHTXLUHPHQWVUHODWLQJWRQDQFLDOVWDWHPHQWV
(vi) disclosure of any related party transactions; and
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c)
to consider the appointment, re-appointment, remuneration and terms of appointment of the statutory auditors, any questions
of resignation or dismissal and payment to statutory auditors for any other services rendered by them;
d)
to discuss with the statutory auditors before the audit commences, about the nature and scope of the audit as well as postaudit discussion to ascertain any area of concern (in absence of management where necessary);
e)
reviewing, with management, performance of statutory and internal auditors, adequacy of the internal control systems and
discuss the same periodically with the statutory auditors, prior to the Board making its statement thereon;
I
UHYLHZLQJWKHDGHTXDF\RILQWHUQDODXGLWIXQFWLRQLIDQ\LQFOXGLQJWKHVWUXFWXUHRIWKHLQWHUQDODXGLWGHSDUWPHQWVWDIQJDQG
VHQLRULW\RIWKHRIFLDOKHDGLQJWKHGHSDUWPHQWUHSRUWLQJVWUXFWXUHFRYHUDJHDQGIUHTXHQF\RILQWHUQDODXGLW
J
GLVFXVVLRQZLWKLQWHUQDODXGLWRUVRQDQ\VLJQLFDQWQGLQJVDQGIROORZXSWKHUHRQ
K
UHYLHZLQJWKHQGLQJVRIDQ\LQWHUQDOLQYHVWLJDWLRQE\WKHLQWHUQDODXGLWRUVLQWRPDWWHUVZKHUHWKHUHLVVXVSHFWHGIUDXGRU
irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board;
i)
to look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case
of non-payment of declared dividends) and creditors;
j)
to review the functioning of the Whistle Blower mechanism;
N
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party transactions shall have the same meaning as provided in Clause 2(1)(zc) of the Listing Obligations & Disclosures
Regulations, 2015 ;
l)
to scrutinize inter-corporate loans and investments;
P WRHYDOXDWHLQWHUQDOQDQFLDOFRQWUROVDQGULVNPDQDJHPHQWV\VWHPV
n)
to do valuation of Undertakings or assets of the Company, wherever it is necessary;
R
WRDSSURYHDSSRLQWPHQWRI&)2LHWKH:KROHWLPH)LQDQFH'LUHFWRURUDQ\RWKHUSHUVRQKHDGLQJWKHQDQFHIXQFWLRQRU
GLVFKDUJLQJWKDWIXQFWLRQDIWHUDVVHVVLQJWKHTXDOLFDWLRQVH[SHULHQFHDQGEDFNJURXQGHWFRIWKHFDQGLGDWH
p)
to review the external auditors audit reports and presentations and managements response;
T
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projects, having informed management of their intentions;
r)
to consider any material breaches or exposure to breaches of regulatory requirements or of ethical codes of practice to
which the Company subscribes, or of any related codes, policies and procedures, which could have a material effect on the
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V
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assets, and consider the results of any review of these areas by the internal auditors or the external auditors;
t)
to review with the management, the statement of uses/application of funds raised through an issue (public issue, rights
issue, preferential issue, etc), the statement of funds utilized for purposes other than those stated in the offer document/
prospectus/notice and the report submitted by the monitoring agency monitoring the utilization of proceeds of a public or
rights issue, and making appropriate recommendations to the Board to take up steps in this matter;
u)
the Auditors of the Company and the Key Managerial Personnel shall have right to be heard in the meetings of the Audit
Committee when it considers the Auditors Report but shall not have the right to vote;
Y
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w)
to carry out any other function as is mentioned in the terms of reference of the Audit Committee;
x) Review the following information by Audit Committee

The Audit Committee shall mandatorily review the following information:
L
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LL
6WDWHPHQWRIVLJQLFDQWUHODWHGSDUW\WUDQVDFWLRQVDVGHQHGE\WKHDXGLWFRPPLWWHHVXEPLWWHGE\PDQDJHPHQW
iii)
Management letters/letters of internal control weaknesses issued by the statutory auditors;
iv)
Internal audit reports relating to internal control weaknesses; and
v)
The appointment, removal and terms of remuneration of the Chief Internal Auditor shall be subject to review by the
Audit Committee.
Details of the composition of the Audit Committee and attendance of Members are as follows:
Four Audit Committee meetings were held during the year ending 31st March 2016. The Committee comprises of Independent
and Non-Executive Directors and their meetings were held on 18th May 2015, 31st July 2015, 31st October 2015 and
10th February 2016.
Name
Mr. D. Sundaram
Designation
Chairman
Category of Directorship
Non-Executive & Independent
Attendance out of
four meetings held
4
Mr. D .S. Parekh
Member
Non-Executive
Mr. V. Thyagarajan (up to 31.10.2015)
Member
Non- Executive
Mr. P .V. Nayak (up to 31.10.2015)
Member
Mr. N. Kaviratne
Member
Mr. P. V. Bhide
Member
The Managing Director, the Finance Director, other Executive Directors, the Statutory Auditors and Internal Auditors are
invitees to the meetings.
The Chairman of the Audit Committee, Mr. D. Sundaram, was present at the Annual General Meeting of the Company held
on 31st July 2015.
Risk Management Committee
The Risk Management Committee consists of the same members as Audit Committee and attendance of Risk Management
Committee would be same as Audit Committee.
4.
NOMINATION & REMUNERATION COMMITTEE
Terms of Reference
7KHWHUPVRIUHIHUHQFHRIWKLV&RPPLWWHHFRYHUWKHPDWWHUVVSHFLHGIRU1RPLQDWLRQ 5HPXQHUDWLRQ&RPPLWWHHLQWKH
Companies Act, 2013 and Clause 19 of Listing Obligations & Disclosures Regulations, 2015 with Stock Exchanges and are
as follows:
D
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recommend to the Board a policy, relating to the remuneration of the Directors, Key Managerial Personnel and other
employees;
While formulating the policy as mentioned above the Committee will ensure that;
WKHOHYHODQGFRPSRVLWLRQRIUHPXQHUDWLRQLVUHDVRQDEOHDQGVXIFLHQWWRDWWUDFWUHWDLQDQGPRWLYDWH'LUHFWRUVRI
the quality required to run the Company successfully;
2) relationship of remuneration to performance is clear and meets appropriate performance benchmarks and;
UHPXQHUDWLRQWR'LUHFWRUV.H\0DQDJHULDO3HUVRQQHODQGVHQLRUPDQDJHPHQWLQYROYHVDEDODQFHEHWZHHQ[HG
DQGLQFHQWLYHSD\UHHFWLQJVKRUWDQGORQJWHUPSHUIRUPDQFHREMHFWLYHVDSSURSULDWHWRWKHZRUNLQJRIWKH&RPSDQ\
and its goals
b)
Formulation of criteria for evaluation of Independent Directors and the Board;
c)
Devising a policy on Board diversity;
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accordance with the criteria laid down, and recommend to the Board their appointment and removal and shall carry out
evaluation of every Directors performance. The Company shall disclose the remuneration policy and the evaluation
criteria in its Annual Report.
The composition of the Nomination & Remuneration Committee is as follows:
Name of the Member
Designation
Mr. N. Kaviratne
Chairman
Mr. D. S. Parekh
Member
Non-Executive
Ms. A. Bansal
Member
Member
th
Non-Executive
nd
st
During the year under review, the Committee met on 18 May 2015, 22 June 2015, 31 July 2015, 31st October 2015 and
10th February 2016 which was attended by all the members.
Remuneration Policy & evaluation criteria
The Nomination & Remuneration Committee has adopted Policy on Remuneration to the Senior Management and Executive
Directors of the Company and a Policy on composition, diversity and evaluation of the Board of the Company. The major terms
of both policies are as under:
Remuneration Policy for Senior Management & Executive Directors
a)
All the Executive Directors including the Managing Director is paid such remuneration as may be mutually agreed between
the Company and the Executive Directors within the overall limits prescribed under the Companies Act, 2013 and is subject
to approval by the Shareholders of the Company.
E
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DQGUHWLUHPHQWEHQHWVZKLFKDUH[HGFRPSRQHQWVDQGWKHDQQXDOSHUIRUPDQFHERQXVDQGORQJWHUPLQFHQWLYHVDUHWKH
variable components.
c)
When determining remuneration levels individuals role, experience and performance and independently sourced data for
relevant comparator groups are considered.
d)
Ordinarily, salary increases will be broadly in line with the average increases for the wider GlaxoSmithKline workforce.
+RZHYHULQFUHDVHVPD\EHKLJKHUWRUHHFWDFKDQJHLQWKHVFRSHRIWKHLQGLYLGXDOVUROHUHVSRQVLELOLWLHVRUH[SHULHQFH
e)
The overall performance of the individual is a key consideration when determining salary increases.
Performance Evaluation of Board

In terms of the provisions of the Companies Act, 2013 and Schedule II part D of the Listing Obligations & Disclosures Regulations,
2015, the Board has carried out the annual performance evaluation of its own including the various Committee and the individual
Directors with a detailed questionnaire covering various aspects of Boards functioning like composition of Board and its
&RPPLWWHHV%RDUGFXOWXUHSHUIRUPDQFHRIVSHFLFGXWLHVDQGREOLJDWLRQV
A similar process with a separate exercise was carried out to evaluate the performance of the individual Directors including the
Chairman of the Board, who were evaluated on parameters such as the independence of judgment, level of engagement, their
contribution, safeguarding the interests of the Company and minority shareholders.
Remuneration to Non- Executive Directors

a)
Independent and Non-Executive Directors other than Directors who are in the employment of the GlaxoSmithKline Group
Companies are entitled for sitting fees of `10,000 per meeting of Board or Committee thereof. They will also be entitled
for reimbursement of expenses incurred for participation of the Board or Committee Meetings. With effect from 1st January
2016, Independent and Non-Executive Directors other than Directors who are in the employment of the GlaxoSmithKline
Group Companies are entitled for sitting fees of ` 50,000 per meeting of Board or Committee thereof.
b)
All the Directors of the Company, excluding the Managing Director, Directors in the whole-time employment of the Company
and Directors who are in the employment of the GlaxoSmithKline Group Companies are entitled to receive commission
FROOHFWLYHO\XSWRDPD[LPXPRIRQHSHUFHQWRIWKHQHWSURWVRIWKH&RPSDQ\FRPSXWHGLQDFFRUGDQFHZLWKWKHSURYLVLRQV
of the Companies Act, 2013 for such period and such amount as may be decided by the Board of Directors from time to time.
c)
The Independent Directors of the Company are not entitled to participate in the Stock Option Scheme of the Company, if
any, introduced by the Company.
The details of the remuneration paid to the Directors during the year ending 31st March 2016 are given below:
Executive Directors
Salary
Performance
Bonus
Perquisites and
Allowances
Mr. A. Aristidou
Dr. H. B. Joshipura
(up to 31.07.2015)
Mr. R. Krishnaswamy
Mr. R. C. Sequeira
Mr. A. Vaidheesh
(w.e.f. 03.08.2015)
85.68
75.68
10.69
156.63
260.19
505.48
61.04
62.52
138.87
21.02
16.96
0.00
62.57
46.63
39.77
(Rupees in lakhs)
Total
Contribution to Provident
Fund and Superannuation
Fund
14.30
370.86
20.43
758.22
16.48
16.88
37.50
161.11
142.99
216.14
(Rupees in lakhs)
Independent Directors and
Non-Executive Directors
Mr. D. S. Parekh
Mr. R. R. Bajaaj
Ms. A. Bansal
Mr. P. V. Bhide
Mr. N. Kaviratne
Mr. P. V. Nayak (up to 31.10.2015)
Mr. A. N. Roy
Mr. D. Sundaram
# Payable in 2016
#Commission
Sitting Fees
Total
14.00
10.00
10.00
10.00
10.00
5.83
10.00
10.00
5.83
6.80
1.10
2.10
1.80
2.40
0.50
1.20
1.80
0.50
20.80
11.10
12.10
11.80
12.40
6.33
11.20
11.80
6.33
Notes:
D
7KHDJUHHPHQWEHWZHHQWKH&RPSDQ\DQGHDFK([HFXWLYH'LUHFWRUVLVIRUDSHULRGRIYH\HDUV0U$9DLGKHHVK
agreement is from 3rd August 2015 to 30th September 2019 and three years in case of Mr. R. C. Sequeira and
Mr. A. Aristidou) or normal retirement date, whichever is earlier. Either party to agreement is entitled to terminate the
agreement by giving not less than three months notice (six months notice in case of Managing Director) in writing to
the other party.
b)
Performance bonus is paid as a percentage of salary, based on certain pre-agreed performance parameters.
c)
Presently, the Company does not have a scheme for grant of its stock options either to the Executive Directors or
employees. However, the Executive Directors and some senior employees of the Company are entitled to Stock
Options, Share Value Plan and Performance Share Plan of GlaxoSmithKline plc. During the year, in addition to the
above remuneration, Dr. H. B. Joshipura, Mr. R. C. Sequeira and Mr. R. Krishnaswamy were paid an amount of
` 3,92,40,388, ` 27,54,858 and ` 27,54,858 respectively under the GlaxoSmithKline plc Share Value Plan.
5.
d)
None of the Directors other than those listed above are paid remuneration.
e)
None of the other Non-Executive Directors hold any shares of the Company except Mr. D. S. Parekh who holds 612
equity shares of the Company.
CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE

In compliance with the provisions of Section 135 of the Companies Act, 2013, the composition of the Corporate Social
Responsibility Committee is as follows:
Name of the Member
Mr. D. S. Parekh
Mr. A.N. Roy
Ms. A. Bansal
Mr. A. Vaidheesh (w.e.f. 03.08.2015)
Designation
Chairman
Member
Member
Member
Dr. H. B. Joshipura (up to 31.07.2015)
Non-Executive
Managing Director
Member
Managing Director
st
th
During the year under review, the Committee met on 31 July 2015 and 16 December 2015 which was attended by all the
members.
Please refer to the Boards Report and its annexures for details regarding CSR activities.
6.
STAKEHOLDERS RELATIONSHIP COMMITTEE

In compliance with the provisions of Section 178 of the Companies Act, 2013 and Clause 20 of the Listing Obligations &
Disclosures Regulations, 2015, the composition of the Investors / Shareholders Grievance Committee is as follows:
Name of the Member
Designation
Mr. D. S. Parekh
Chairman
Non-Executive
Mr. R. R. Bajaaj
Member
Mr. P. V. Bhide
Member
Dr. H. B. Joshipura (up to 31.07.2015)
Member
Managing Director
Member
Managing Director
Mr. A. Vaidheesh (w.e.f. 03.08.2015)

th
During the year under review, the Committee met on 16 December 2015 and all the members attended the meeting.
1DPHGHVLJQDWLRQDQGDGGUHVVRIWKH&RPSOLDQFH2IFHU
Mr. Ajay Nadkarni
Company Secretary
Dr. Annie Besant Road
Mumbai-400 030
Phone: (022) 2495 9433
Fax: (022) 2498 1526
Email ID: ajay.a.nadkarni@gsk.com
The complaints received during the year under review are as follows:
Correspondence in the nature of complaints from
Q1
Q2
Q3
Q4
Total
Securities and Exchange Board of India
15
Stock Exchanges
Shareholders
37
32
69
Total
42
37
86
During the year under review, the above complaints regarding non-receipt of shares sent for transfer demat queries and nonreceipt of dividend warrants and annual reports were received from the shareholders, all of which have been resolved. The
&RPSDQ\KDGQRWUDQVIHUVSHQGLQJDWWKHFORVHRIWKHQDQFLDO\HDU
7.
GENERAL BODY MEETINGS
Details of the location of the last three Annual General Meetings (AGM) and details of the resolutions passed or to
be passed by Postal Ballot:
Date
st
Year
Venue
st
31 July 2015
1 January 2014 to
31st March 2015 (15 months)
17th April 2014
1st January 2013 to

31st December 2013
16th April 2013
1st January 2012 to

31st December 2012
Birla Matushri Sabhagar,

19, Sir Vithaldas
Thackersey Marg,
Marine Lines,
Mumbai 400 020
Time
Special Resolution
3.00 p.m.
Amendment to the Articles

of Association
3.00 p.m.
Not applicable
3.00 p.m.
Not applicable
All the resolutions, including special resolutions set out in the respective Notices were passed by the shareholders.
No Postal Ballots were used for voting at the meeting held during the year under review.
No Special Resolution is proposed to be passed through Postal Ballot at the forthcoming Annual General Meeting.
8.
MEANS OF COMMUNICATION
The quarterly and half-yearly results are published in widely circulating national and local dailies such as The Economic
Times and Business Standard, in English and Maharashtra Times, in Marathi. These are not sent individually to the
shareholders.
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address is www.gsk-india.com. During the year the Company had made a one presentation to institutional investors and
analysts.
The Management Discussion and Analysis Report form a part of this Annual Report.
9.
GENERAL SHAREHOLDER INFORMATION
AGM: Date, Time and Venue
28th July 2016 at 3.00 p.m. at Birla Matushri Sabhagar, 19, Sir Vithaldas
Thackersey Marg, Marine Lines, Mumbai - 400 020
Financial Year
i)
April to March
ii)
First Quarter Results - Last Week of July
iii)
Half-yearly Results - Last week of October
iv)
Third Quarter Results - Second week of February 2017
v)
Results for the year ending 31st March 2017 - May 2017
Date of Book Closure
19th July 2016 to 28th July 2016 (both days inclusive)
Dividend Payment date(s)
On or after 28th July 2016.
Listing on Stock Exchange
The BSE Limited, Mumbai, and the National Stock Exchange of India
Limited. The Company has paid the listing fees for the year 1st April 2015
to 31st March 2016
Stock Code Physical
500660 on BSE
GLAXO on The National Stock Exchange (NSE)
Demat ISIN Number for NSDL and CDSL
INE 159A01016
High/low of market price of the Companys shares traded along with the volumes on The Stock Exchange, Mumbai and
on the National Stock Exchange during the year April 2015 to March 2016 is furnished below :
Year
April 2015
May 2015
June 2015
July 2015
August 2015
September 2015
October 2015
November 2015
December 2015
January 2016
February 2016
March 2016
BSE
High
(Rupees)
3430.00
3325.00
3398.85
3565.60
3825.00
3453.25
3425.00
3306.00
3330.00
3317.80
3310.00
3850.00
Low
(Rupees)
2965.65
3120.00
3124.00
3300.00
3310.00
3262.00
3254.00
3080.00
3216.00
3035.65
3064.00
3164.50
NSE
Volume
(No. of Shares)
71958
32498
37686
54219
62727
44933
60469
25718
16003
25574
90501
41895
High
(Rupees)
3450.00
3340.00
3400.00
3574.00
3825.00
3484.00
3435.00
3313.00
3345.00
3325.00
3348.80
3872.00
Share Performance of the Company in comparison to BSE Sensex
Share Performance of the Company in comparison to NSE S&P CNX Nifty
Low
(Rupees)
2961.00
3102.50
3125.00
3300.00
3305.00
3265.95
3254.00
3077.00
3151.15
3032.05
3090.05
3156.95
Volume
(No. of Shares)
271518
160463
234055
304836
232637
196538
167260
133968
192142
149207
137331
224932
Equity History
Particulars
Original Holding
Bonus Issue
Bonus Issue
Bonus Issue
Public Issue
Bonus Issue
Bonus Issue
Public cum Rights Issue
Shares allotted to Group Companies
Rights Issue
Bonus Issue
Shares issued pursuant to the amalgamation of SmithKline Beecham
Pharmaceuticals (India) Limited (SBPIL) with the Company in the ratio of one
share of the Company for every two shares of SBPIL issued on 30th November
2001
Shares issued pursuant to the amalgamation of Burroughs Wellcome (India)
Limited (BWIL) with the Company in the ratio of fourteen shares of the Company
for every ten shares of BWIL issued on 29th October 2004
Buy back of equity shares
Total
1,47,00,000
2001
1,28,47,546
2004
( 26,19,529)
8,47,03,017
2005
List of top ten shareholders of the Company other than Glaxo Group Limited, GlaxoSmithKline Pte Limited, Eskaylab
/LPLWHG%XUURXJKV:HOOFRPH,QWHUQDWLRQDO/LPLWHGDQG&DVWOHWRQ,QYHVWPHQW/LPLWHGZKRKROG
DQGVKDUHVUHVSHFWLYHO\
Sr. No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
No. of shares issued Year of issue

(of Rupees 10 each)
18,00,000
1924
2,00,000
1947
10,00,000
1962
24,00,000
1968
18,00,000
1969
36,00,000
1977
36,00,000
1980
56,00,000
1983
44,89,800
1993
53,97,700
1993
2,98,87,500
1995
Name of Shareholder
Life Insurance Corporation of India
General Insurance Corporation of India
Aberdeen Global Indian Equity (Mauritius) Limited
Birla Sun Life Trustee Company Private Limited
The Oriental Insurance Company Limited
Vanguard Emerging Markets Stock Index Fund
SBI Life Insurance Co. Ltd
The India Fund INC
UTI-Dividend Yield Fund
Vanguard Total International Stock Index Fund
% to Equity
6.06
1.14
0.74
1.17
0.49
0.41
0.26
0.23
0.30
0.25
The distribution of shareholding as on 31.03.2016 is as follows:

No. of Equity Shares held
Up to 25
26 to 50
51 to 100
101 to 500
501 to 1000
1001 to 10000
10001 and above
Grand Total
Folios
29567
15092
19268
28820
1708
671
67
95193
%
31.07
15.85
20.24
30.28
1.79
0.70
0.07
100.00
Shares
329109
650068
1568401
5590636
1193201
1336149
74035453
84703017
%
0.39
0.77
1.85
6.60
1.41
1.58
87.40
100.00
Shareholding pattern as on 31.03.2016 is as follows;

Category
No. of Shares
Promoter & Promoter Group
63,527,262
75.00
*OD[R*URXS/LPLWHG8.
30,485,250
35.99
*OD[R6PLWK.OLQH3WH/LPLWHG6LQJDSRUH
20,609,774
24.33
(VND\ODE/LPLWHG8.
5,880,000
6.94
%XUURXJKV:HOOFRPH,QWHUQDWLRQDO/LPLWHG8.
3,360,000
3.97
&DVWOHWRQ,QYHVWPHQW/LPLWHG0DXULWLXV
3,192,238
3.77
Mutual Funds
1,415,720
1.67
Financial Institutions / Banks/ Insurance Companies
6,803,174
8.04
Foreign Institutional Investors/ NRI/ OCB
2,139,702
2.52
625,680
0.74
2,875
0.00
10,153,540
11.99
Bodies Corporates
Foreign Nationals
Individuals
Others
Total
35,064
0.04
84,703,017
100.00
Registrars and Share Transfer Agents

Unit: GlaxoSmithKline Pharmaceuticals Limited
Karvy Selenium Tower B, Plot No 31 & 32
Gachibowli, Financial District,
Nanakramguda, Serilingampally
Hyderabad, Telangana 500032
Tel No.: 040 - 67162222
Fax No.: 040 - 23001153
Contact Person: Mr. Premkumar Nair
Email ID: einward.ris@karvy.com
Share transfer system
All the transfers received are processed by the Registrars and Share Transfer
Agents and are approved by the Share Transfer Committee, which normally
meets Four times in a month or more depending on the volume of transfers.
Share transfers are registered and returned within maximum of 15 days from
the date of lodgment if documents are complete in all respects.
Dematerialisation of shares and

liquidity
RI WKH SDLGXS FDSLWDO KDV EHHQ GHPDWHULDOLVHG DV RQ
Glaxo Group Limited, GlaxoSmithKline Pte Limited, Eskaylab Limited,
Burroughs Wellcome International Limited and Castleton Investment Limited,
ZKR MRLQWO\ KROG RI WKH SDLGXS VKDUH FDSLWDO RI WKH &RPSDQ\ KROG
their shares in the dematerialised form.
Outstanding GDRs/ADRs/ Warrants or

any convertible instruments conversion
date and likely impact on equity
Not issued.
Address for correspondence
Shareholders correspondence should be addressed to the Companys

Registrars and Share Transfer Agents at the address mentioned above.
Shareholders may also contact Mr. Ajay Nadkarni, Company Secretary, at the
5HJLVWHUHGRIFHRIWKH&RPSDQ\IRUDQ\DVVLVWDQFH
Tel. Nos. 24959595 Extension 433/434/415
Email ID : ajay.a.nadkarni@gsk.com
Shareholders holding shares in electronic mode should address all their
correspondence to their respective Depository Participant.
Plant :
A-10 M I D C Area - Ambad, Nashik, Maharashtra 422001
10. OTHER DISCLOSURES

7UDQVDFWLRQVZLWKUHODWHGSDUWLHVDUHGLVFORVHGLQ1RWHWRWKHQDQFLDOVWDWHPHQWVLQWKH$QQXDO5HSRUW
During the last three years, there were no strictures or penalties imposed by either the Securities and Exchange Board of
India or the Stock Exchanges or any statutory authority for non-compliance of any matter related to the capital markets.
The Codes of Conduct applicable to all Directors and employees of the Company have been posted on the Companys
ZHEVLWH)RUWKH\HDUXQGHUUHYLHZDOO'LUHFWRUVDQGVHQLRUPDQDJHPHQWSHUVRQQHORIWKH&RPSDQ\KDYHFRQUPHGWKHLU
adherence to the provisions of the said Codes.
The Company has put in place a whistle blower policy/ vigil mechanism pursuant to which employees of the Company can
raise their concerns relating to fraud, malpractice or any other activity or event which is against the interest of the Company
and no one has been denied access to the Audit Committee.
The Company has in place Risk Management Policy for Risk Assessment and Mitigation and it is periodically reviewed by
the Board Members.
7KH&RPSDQ\LVVHQGLQJUVWUHPLQGHUOHWWHUZLWKFRS\RI$QQXDO5HSRUWIRUWKHVKDUHVZKLFKDUHO\LQJXQFODLPHGZLWKWKH
Company as per Listing Regulations.
The company is not dealing in commodity and hence disclosure relating to commodity price risks and commodity hedging
activities is not applicable.
There is no Non- Compliance of any requirement of Corporate Governance Report of Sub para (2) to (10) of Part C of
Schedule V of the Listing Regulations.
The Company has complied with all mandatory items of the clause 49 of the Listing Agreement as applicable till 30th November,
2015 and Regulations 17 to 27 with schedule II and V of Listing Regulations from 1st December, 2015. The Company has
executed the fresh agreement with BSE and NSE as required under new enacted Listing Regulations.
NON- MANDATORY REQUIREMENTS
A.
The Board
7KH&KDLUPDQRIWKH%RDUGGRHVQRWPDLQWDLQD&KDLUPDQVRIFHDWWKH&RPSDQ\VH[SHQVH
B.
Shareholders Right:
The quarterly and half-yearly results are published in widely circulating national and local dailies such as The Economic Times
and Business Standard, in English and Maharashtra Times, in Marathi. These are not sent individually to the shareholders but
hosted on the website of the Company.
& $XGLW4XDOLFDWLRQ
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D.
Separate post of Chairman and Managing Director

The posts of Chairman and Managing Director are separate.
E.
Reporting of Internal Auditors

The Internal Auditor of the Company reports to the Audit Committee and makes detailed presentations at quarterly meetings.
D. S. Parekh
Chairman
$XGLWRUV&HUWLFDWHUHJDUGLQJFRPSOLDQFHRIFRQGLWLRQVRI&RUSRUDWH*RYHUQDQFH
To the Members of GlaxoSmithKline Pharmaceuticals Limited
We have examined the compliance of conditions of Corporate Governance by GlaxoSmithKline Pharmaceuticals Limited, for
the year ended March 31, 2016 as stipulated in Regulations 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27 and clauses (b) to (i) of
sub-regulation (2) of regulation 46 and para C , D and E of Schedule V of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (collectively referred to as SEBI Listing Regulations, 2015).
The compliance of conditions of Corporate Governance is the responsibility of the Companys management. Our examination
ZDV FDUULHG RXW LQ DFFRUGDQFH ZLWK WKH *XLGDQFH 1RWH RQ &HUWLFDWLRQ RI &RUSRUDWH *RYHUQDQFH LVVXHG E\ WKH ,QVWLWXWH RI
Chartered Accountants of India and was limited to procedures and implementation thereof, adopted by the Company for ensuring
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statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company has
complied with the conditions of Corporate Governance as stipulated in the SEBI Listing Regulations, 2015.
:HVWDWHWKDWVXFKFRPSOLDQFHLVQHLWKHUDQDVVXUDQFHDVWRWKHIXWXUHYLDELOLW\RIWKH&RPSDQ\QRUWKHHIFLHQF\RUHIIHFWLYHQHVV
with which the management has conducted the affairs of the Company.
For and on behalf of
Price Waterhouse & Co Bangalore LLP
Firm Registration Number: 007567S/S200012
Chartered Accountants
Place: Mumbai
Date: May 25, 2016
Asha Ramanathan
Partner
Membership No: 202660
Declaration Regarding Compliance by Board Members and Senior Management Personnel with the Companys
code of Conduct
In accordance with Regulation 26(3) of the SEBI Listing Obligations & Disclosures Requirements (LODR), Regulations, 2015.
,KHUHE\FRQUPWKDWDOOWKH'LUHFWRUVDQGWKH6HQLRU0DQDJHPHQWSHUVRQQHORIWKH&RPSDQ\KDYHDIUPHGFRPSOLDQFHWRWKHLU
respective Codes of Conduct, as applicable to them for the year ended 31st March 2016.
For GlaxoSmithKline Pharmaceuticals Limited
Annaswamy Vaidheesh
Managing Director
DIN: 1444303
Annexure B to the Directors Report

Business Responsibility Report for the Financial year 2016
Section A: General Information about the Company
1.
Corporate Identity Number (CIN)
: L24239MH1924PLC001151
2.
Name of the Company
: GLAXOSMITHKLINE PHARMACEUTICALS LIMITED
3.
Registered Address
: Dr. Annie Besant Road, Mumbai - 400030
4.
Website
: www.gsk-india.com
5.
E-mail id
: in.investorqueries@gsk.com
6.
Financial Year reported
: April 1, 2015 to March 31, 2016
7.
Sector(s) that the Company is engaged in (industrial activity code wise):

Group
210
8.
Class
2100
Sub class
21001
List three key product/services that the

Company manufactures/provides
(as in balance sheet)
Description
Manufacture of medicinal substances used in the manufacture of
pharmaceuticals: antibiotics, endocrine products, basic vitamins; opium
derivatives; sulpha drugs; serums and plasmas; salicylic acid, its salts and
esters; glycosides and vegetable alkaloids; chemically pure sugar
: Betamethasone, Potassium Clavulanate with Amoxycillin & Pneumococcal

Polysaccharide Conjugate Vaccine (adsorbed) Ph.Eur.
9.
Total number of locations where business activity is undertaken by the Company:
i.
Number of international locations
ii.
Number of national locations

10. Markets served by the Company
: Nil
: 1 Manufacturing Plant at Nashik
+HDG2IFHDW0XPEDL
: Pan India across all markets in India.
Section B: Financial Details of the Company

1.
Paid up capital (Rupees in lakhs)
: 8470.30
2.
Total turnover (Rupees in lakhs)
: 2728,50.95

7RWDOSURWDIWHUWD[HV5XSHHVLQODNKV

7RWDOVSHQGLQJRQ&RUSRUDWH6RFLDO5HVSRQVLELOLW\&65DVSHUFHQWDJHRISURWDIWHUWD[
7KH&RPSDQ\VWRWDOVSHQGLQJRQ&65LVRIWKHDYHUDJHQHWSURWLQWKHSUHYLRXVWKUHHQDQFLDO\HDUV
5.
List of activities in which expenditure in 4 above has been incurred:
Please refer to AnnexureC to Directors Report for the details

Section C: Other Details
1.
Does the Company have any Subsidiary Company / Companies?

Yes, the Company has one subsidiary, Biddle Sawyer Limited.
2.
Do the Subsidiary Company / Companies participate in the BR initiatives of the parent Company? If yes, then indicate
the number of such subsidiary company(s)?
Business Responsibility initiatives of the parent company are applicable to all subsidiary companies.
3.
Do any other entity / entities (e.g. suppliers, distributors etc.) that the Company does business with, participate in the
BR initiatives of the Company? If yes, then indicate the percentage of such entity / entities? [Less than 30%, 30-60%,
More than 60%]
The GSK Code of Conduct is applicable to all the business entities who do business with the Company. The business
associates do not directly participate in Business Responsibility Initiatives of the Company.
Section D: BR Information
1.
Details of Director / Directors responsible for BR:

a)
Details of the Director / Directors responsible for implementation of the BR Policy / Policies:
'LUHFWRU,GHQWLFDWLRQ1XPEHU',1

Name: Mr. Raju Krishnaswamy
Designation: Executive Director
b)
2.
Details of the BR Head:

1
DIN (if applicable)
03043004
Name
Mr. Raju Krishnaswamy
Designation
Executive Director

7HOHSKRQH1R

E mail ID
raju.x.krishnaswamy@gsk.com
Principle-wise (as per NVGs) BR Policy/policies (Reply in Y/N)
Stakeholder
Engagement and
CSR
Human Rights
Environment
Public Policy
CSR
Customer
Relations
Do you have a policy / policies for:

Has the policy been formulated
in consultation with the relevant
stakeholders
Does the policy conform to any
national / international standards?
If yes, specify?
Has the policy been approved
by the Board? If yes, has it been
signed by MD / Owner / CEO /
appropriate Board Director?
Wellbeing of
Employee
1
2
Product
Responsibility
Question
Business Ethics
2a. Details of Compliance (Reply Y/N)
P1
Y
Y
P2
Y
Y
P3
Y
Y
P4
Y
Y
P5
Y
Y
P6
Y
Y
P7
Y
Y
P8
Y
Y
P9
Y
Y
Most of the companys policies are aligned with GSK plcs global best
practices. The Company adhered to Indian laws and regulations, in
cases where it is more stringent.
Y
Y
Y
Y
Y
Y
Y
Y
Y
Standards and Policies adopted by our global parent have been put
in place in India. Being in the healthcare business, our standards are
more stringent.
Y
Y
Y
Y
Y
Y
Y
Y
Y
Does the Company have a

VSHFLHG&RPPLWWHHRIWKH%RDUG
'LUHFWRU2IFLDOWRRYHUVHHWKH
implementation of the policy?
Indicate the link for the policy to be
http://india-pharma.gsk.com/en-in/about-us/policies-codes-andviewed online?
standards/
http://india-pharma.gsk.com/en-in/investors/shareholder-information/
policies/
Human Rights
Environment
Public Policy
CSR
Customer
Relations
10
Stakeholder
Engagement and
CSR
Wellbeing of
Employee
Has the policy been formally

communicated to all relevant
internal and external
stakeholders?
Does the Company have in-house
structure to implement the policy /
policies?
Does the Company have a
grievance redressal mechanism
related to the policy / policies
to address stakeholders
grievances related to the policy /
policies?
Has the Company carried out
independent audit/evaluation of
the working of this policy by an
internal or external agency?
Product
Responsibility
Business Ethics
Question
P1
P2
P3
P4
P5
P6
P7
P8
P9
2b. If answer to Sr. No. 1 against any principle is No, please explain why: (Tick up to 2 options)
Questions
The Company has not understood the
principles
The Company is not at a stage where
LWQGVLWVHOILQDSRVLWLRQWRIRUPXODWH
DQGLPSOHPHQWWKHSROLFLHVRQVSHFLHG
principles
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or manpower resources available for
the task
It is planned to be done within next six
months
It is planned to be done within next one
year
Any other reason (please specify)
3.
P1
N.A.
P2
N.A.
P3
N.A
P4
N.A
P5
N.A.
P6
N.A.
P7
N.A.
P8
N.A.
P9
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
Governance related to BR:

The Board of Directors of the Company assesses business responsibility initiatives annually. The Company publishes a
Business Responsibility Report in its Annual Report once a year. KWWSLQGLDSKDUPDJVNFRPHQLQLQYHVWRUVQDQFLDO
results/annual-reports/
Section E: Principle-wise Performance
Ethics, transparency and responsibility
Good governance and transparent reporting are part of our commitment to be open about our business activities. Our
commitment to responsible, values-based business underlies everything we do including our sales and marketing practices,
policy activities and our relationships with suppliers and how we conduct and report our research. We have a strong valuebased culture and our actions are supported by robust policies and compliance processes.
We conduct our business in an ethical way. We also engage stakeholders directly to understand and prioritise the issues
that are important to them. Our policies on ethics, bribery and corruption cover all our stakeholders including suppliers,
vendors, contractors, NGOs, etc.
As a global corporation, we have a common &RGHRI&RQGXFWacross the globe. This code sets out fundamental standards
for all employees and is supported by the Employees Guide to Business Conduct, which helps employees take ethical
decisions and emphasises our values: transparency, respect for people, integrity, and focus on the patient. Every employee
at the time of induction is taken through the code of business conduct and specialised training is provided for employees
working in manufacturing, sales and marketing, where there are additional requirements. In addition, all managers and
HPSOR\HHVDUHUHTXLUHGWRFRQUPWKHLUFRPSOLDQFHZLWKWKHFRGHRQDQDQQXDOEDVLV7KLV&RGHLVQRWMXVWIRUDOOHPSOR\HHV
but also extends to anyone who works for and on behalf of GSK. At GSK, we ensure that everything we do is guided by
our commitment to our values and our commitment to being in compliance with the regulations within which we have to
operate. The foundations of these commitments are laid out in our Code of Conduct and each employee must take personal
responsibility to abide by our Code.
We market our prescription medicines and vaccines to healthcare professionals, hospitals and government. Our policies
and updated *OREDO&RGHRI3UDFWLFHIRU3URPRWLRQDQG&XVWRPHU,QWHUDFWLRQV prescribe the nature of our practices. This
code as the name suggests is applicable worldwide. Our regional and local policies, standard operating procedures and
other codes provide additional guidance to employees. Additionally, we are also a signatory to the OPPI (Organisation of
Pharmaceutical Producers of India) code of marketing conduct.
We also have in place The Anti-Bribery and Corruption (ABAC) Programme. ABAC is a part of GSKs response to the threat
and risk of bribery and corruption. The programme includes the ABAC Handbook, which has been designed to assist
internal and external parties understand corruption risk and identify peoples responsibilities to actively combat both real and
perceived corruption.
Speak Up-Our whistleblowing initiative
We have a culture of disclosure which is enabled by a strong grievance redressal body and supportive ecosystems. In
DGGLWLRQVSHFLFSURFHVVHVDQGPHFKDQLVPVWRIDFLOLWDWHUHSRUWLQJRIXQHWKLFDOFRQGXFWRUYLRODWLRQRIODLGGRZQJXLGHOLQHV
as well as for protection of employees that report unethical conducts are in place. All GSK employees have access to whistle
blowing that they can use to get advice, and to report suspected cases of misconduct anonymously, if required.
Safety & Sustainable products and services
Sustainability in our business is critically important if we are to deliver continued innovation and success to our products.
Our commercial success depends on growing a diverse business, creating innovative new products people value, making
WKHPZLGHO\DFFHVVLEOHDQGRSHUDWLQJHIFLHQWO\,QWKHSURFHVVZHDUHDEOHWRJURZRXUEXVLQHVVDQGSURYLGHSDWLHQWV
consumers, employees, our shareholders and society. Through our wide range of products and services, GSK touches the
lives of millions of patients every day. In the best interest of the patient, we endeavour to work with responsible suppliers
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LQWHUHVWRIWKHSDWLHQWLVRISULPHLPSRUWDQFHDWHYHU\VWDJHIURPGHYHORSPHQWXQWLOWKHQDOGLVWULEXWLRQ
Being a global company, most of GSKs products are approved by major international regulators like USFDA and UKMHRA.
Besides, there are mandatory regulatory approvals required in India endorsing the safety of the product.
7KH&RPSDQ\VFRPPLWPHQWLVWRUHGXFHFDUERQIRRWSULQWE\LQDQGKDYHDFDUERQQHXWUDOYDOXHFKDLQE\
WRUHGXFHRXUZDWHULPSDFWDFURVVWKHYDOXHFKDLQE\DQGUHGXFHRXURSHUDWLRQDOZDVWHE\E\:LWKRXUORQJ
term goal for our value chain to be carbon neutral by 2050, we look at every process associated with our products from
sourcing raw materials to manufacturing, use and product disposal. The Company conducts audits both internally as well as
with vendors of the manufacturing process, usage of materials, etc.
$ VLJQLFDQW SURSRUWLRQ RI LQJUHGLHQWV IRU RXU SURGXFWV DQG SDFNDJLQJ PDWHULDO DUH VRXUFHG ORFDOO\ IURP WKLUG SDUW\
PDQXIDFWXUHUV EHORQJLQJ WR 0LFUR 6PDOO DQG 0HGLXP (QWHUSULVHV $ TXDOLHG WHDP LV LQ SODFH WR EXLOG FDSDFLW\ DQG
capability, to educate and raise the standard of these vendors. The Company has a policy of procuring goods and services
like horticulture, housekeeping and the like from nearby suitable sources of supply.
To ensure compliance to GSKs standards, all these vendors have to go through the GSK Audit and Approval process which
are based on global guidelines. Our quality team trains and guides these vendors to ensure that they have infrastructure,
facilities, systems and controls in line with GSKs global standards. Additionally, periodic quality audits are held to ensure
that the manufacturing processes both internally as well as with vendors remain compliant with our quality standards. These
DUHRYHUDQGDERYHWKHVSHFLFTXDOLW\FKHFNVZLWKUHVSHFWWRHDFKEDWFKRIQLVKHGSURGXFWVDVZHOODVLQSXWUDZPDWHULDOV
One of our products Seretide Evohaler was changed to include environment friendly CFC free propellant.
As our products are related to health, we cannot recycle our products. However, there is a mechanism to segregate the
waste given to the authorised vendor for recycling wherever appropriate. We reuse some paper packaging material.
We follow the GMP guidelines with respect to our product packaging. Our products have barcodes and other features to
avoid pilferage. Also to validate the authenticity of the product, we have started a unique QR code for one of our products.
This feature was introduced as an anti-counterfeit measure.
(+6 (QYLURQPHQW
At GSK, an environmental sustainability strategy is implemented across the entire value chain from raw materials to product
disposal. As we grow our business to bring innovative medicines to people across the world, environment sustainability
continues to be a priority and we remain committed to reducing our environmental impact. Our policy on environment
FRQIRUPVWRORFDOODZVDVZHOODV*6.VJOREDOVWDQGDUGV9DULRXVLQLWLDWLYHVIRUHQHUJ\HIFLHQF\DQGUHQHZDEOHHQHUJ\
were undertaken at our Nashik site.
2XUSROLF\RQ(+66FRQIRUPVWRORFDOODZVDVZHOODV*6.VJOREDOVWDQGDUGV9DULRXVLQLWLDWLYHVIRUHQHUJ\HIFLHQF\DQG
renewable energy were undertaken at our Nashik site (For more on these initiatives, please read Directors Report).
Employees wellbeing
Our employment practices are designed to create a work place culture in which all GSK employees feel valued, respected,
empowered and inspired to achieve their goals. There has been a continued focus in the areas of Talent Management,
Rewards & Recognitions, Capability building, Employee Engagement and communication.
We are committed to being an employer of choice and believe in investing in developing our employees at every level from
people in their early careers to those in senior management positions. Identifying and investing in talent to build a strong
Leadership pipeline has and will remain a key area of employee development. To enhance the talent pipeline besides the
GMAC GSK Marketing Accreditation Program which focussed on a development plan for high potential Sales Managers a
number of assessment centres were run to select the right talent in sales and marketing. New programmes like accelerating
difference, emerging leaders etc have been introduced. We continue to invest in our future leaders programme drawing on
fresh talent from leading universities/business schools around the country.
Our aim is to create an inclusive and engaging working environment that empowers employees to contribute and help us
achieve our strategic business objectives. Our policies for employees conform to GSK global standards as well as comply
with local laws. We are committed to making employment at GSK accessible to people with disabilities as well as make it
lucrative for women to be part of our talent force. Towards this end, a programme for women called accelerating difference
for talented Women Managers was launched. Women friendly policies such as enhanced maternity leave, work from home,
H[LZRUNWLPLQJVZHUHSXWLQSODFH7RUHDGPRUHDERXWRXUUHFUXLWPHQWSURFHVVORJRQWRhttp://www.gsk.com/careers/
why-gsk
We are committed to conducting our operations in a responsible manner to protect our employees, the environment and
community in which we operate. Extensive work has been carried out in our Nashik site as well as amongst our sales force
to train and create awareness on Employee Health and Safety. Training programmes like Energy for Performance and
Personal Resilience have also been organised to promote employee health, wellbeing and resilience.
Safety training has been given to all employees in the last year, including permanent women employees, temporary
employees and those with disabilities at the companys Nashik, Maharashtra and Vemgal, Karnataka sites.
The Company also encourages its employees to go for regular health checkups and immunization towards preventive
healthcare.
This year, the Company introduced the Partnership for Prevention or P4P initiative for the preventive healthcare of our
employees and their families, in addition to the existing GSK medical plan. This initiative reiterates our commitment to
supporting the health and wellbeing of our employees. Under P4P, the company offers a range of free preventive healthcare
services, including adult and child immunisations, cancer screening, pre-natal care, cardiovascular & diabetes health and
smoking cessation, across a large network of healthcare centres.
GSK has also developed a global driver safety programme, Safe Driving: Every Journey Counts, and a pilot launch was
UROOHGRXWLQWKH:HVWHUQUHJLRQIRUWKHVDIHW\RIRXUHPSOR\HHVLQWKHHOGIRUFH7KLVLQLWLDWLYHDLPVDWLQFUHDVLQJDZDUHQHVV
on road and motor vehicle safety, with tips that can be put into practice in our employees daily lives.
GSK places its Values (Transparency, Respect for People, Integrity and Patient Focus) at the heart of everything it does.
In keeping with this approach, the Company undertook a Values Maturity Assessment to understand whether leaders and
HPSOR\HHVZDONWKHWDON%DVHGRQWKHUHVXOWVVSHFLFDFWLRQSODQVKDYHEHHQLPSOHPHQWHGWRLPSURYHWKHVFRUHVDQG
further embed values within the organisation.
Emotional and mental health and the ability to cope with pressure are just as important as physical well being. Our Wellness
and Wellbeing programme provides GSK employees with access to counselling and mental health and guidance. We
have a total of 4611 employees working with GSK of which 562 are women employees and 4 permanent employees with
disability. We have a total of 81 temporary employees.
There are four recognised unions Selling Area (zonal) based North, East, West and South to address the grievances of
HPSOR\HHVZRUNLQJLQWKHHOG7KHXQLRQLQWKH:HVWVHOOLQJDUHDDOVRUHSUHVHQWVWKHZRUNHUVZRUNLQJDW1DVKLNVLWH7KH
Unions have been committed to the growth and development of the Company.
Stakeholder engagement
Engagement and dialogue enables us to understand the needs and views of key stakeholders. This engagement and
feedback helps us to identify important issues and shape our response in the interest of our shareholders and wider society.
Many of our engagements take place during the routine course of business, in day to day interactions with customers,
employees, suppliers and other partners. Besides, we carry out formal and structured engagement, including through
meetings, consultations and participation in conferences.
Examples of how we engage with our stakeholders are outlined here.
+HDOWKFDUH3URIHVVLRQDOV+&3V
Sales representative meetings

Interactions during clinical studies and at conferences
Engagement with professional organisations
Patients
Market research to understand patient needs
Governments and regulators
Our public policy work
Input to policy makers based on our global experience on key issues such as healthcare
,QYHVWRUV
Meetings with investors
(PSOR\HHV
Regular employee surveys
Consultation with employee representatives on changes to the business
/RFDOFRPPXQLWLHV
Our community development programmes
Non-governmental organisations
Partnering in community for Engagement development programmes
6XSSOLHUV
Global and regional supplier review meetings
Meetings for diverse suppliers
3HHUFRPSDQLHV
Pharmaceutical industry organisation meetings
Joint projects such as the Pharmaceutical Supply Chain Initiative
Human Rights
GSK conforms to national laws as well as the global GSK policies. We comply and adhere to all the human rights laws and
guidelines of the Constitution of India, national laws and policies and the content of the International Bill of Human Rights.
We have direct control over human rights in our own operations and aim to act responsibly across all our spheres which
includes our employees, suppliers, local communities and society more broadly.
2XUDSSURDFKWRKXPDQULJKWV
Employees Our employment standards cover issues including diversity, equal opportunities, health & safety and protection
of employees human rights.
Suppliers Our Third Party Code of Conduct requires suppliers, contractors and business partners to meet GSK guidelines
for ethical standards and human rights. Environmental, Health and Safety (EHS) audits help us identify potential breaches
of our human rights clauses.
Communities GSK aims to have good relationships with all the communities around our sites and to operate in ways that
do not infringe their human rights.
6RFLHW\:HFDQKDYHDQLQXHQFHRQKXPDQULJKWVEH\RQGRXURZQRSHUDWLRQV2XUHIIRUWVWRLPSURYHDFFHVVWRKHDOWKFDUH
VXSSRUWVRFLHW\PRUHEURDGO\WRIXOOOLWVULJKWWRKHDOWK
Read more online - our positions online including: Our Human Rights Statement; GSK on the Convention on Biological
Diversity (Search for public policies on www.gsk.com Principle 5: Businesses should respect and promote human rights).
Environment
At GSK, an environmental sustainability strategy is implemented across the entire value chain from raw materials to product
disposal. As we grow our business to bring innovative medicines to people across the world, environmental sustainability
continues to be a priority and we remain committed to reducing our environmental impact.
2XUSROLF\RQHQYLURQPHQWFRQIRUPVWRORFDOODZVDVZHOODV*6.VJOREDOVWDQGDUGV9DULRXVLQLWLDWLYHVIRUHQHUJ\HIFLHQF\
and renewable energy were undertaken at our Nashik site.
As part of our sustainability initiatives our Nashik site has undertaken various initiatives for energy conservation in the year
2014 and 2015 that have resulted in reduced energy consumption by 212430 units. These include:
Installation of Energy Meters for all major areas and panels at site, with an energy monitoring system to identify and
benchmark, area wise energy consumption.
Undertaking various power saving initiatives to reduce energy consumption, HVAC upgrading, (including replacement
of 5 Air handling units), rationalisation of compressed air consumption, cooling towers and other systems. There has
been an impact of additional energy consumption of 349847 units due to additional periods of operation of HVAC and
increased areas covered under air handling systems for maintaining room temperature conditions in various areas (like
sterile ampoules). This has resulted in an overall increase in energy consumption by 137417 units.
Working on various options to reduce energy consumption in 2015, including conversion to biomass for boiler,
consumption and controls optimisation for HVAC systems, boiler and water reduction.
Over and above these measures, there have been continued efforts to monitor noise levels, recycling of waste and
PRQLWRULQJRIJDVHRXVHPLVVLRQVIURPWKHERLOHUWKDWKDYHUHVXOWHGLQVXVWDLQLQJDKLJKOHYHORIHQHUJ\HIFLHQF\)RUPRUH
on these initiatives, please read Directors Report)
7KHHPLVVLRQVJHQHUDWHGE\WKH&RPSDQ\DUHZLWKLQOLPLWVSHFLHGE\0DKDUDVKWUD3ROOXWLRQ&RQWURO%RDUG1RVKRZ
cause notice or warning letter was issued by Maharashtra Pollution Control Board. With regard to waste management, our
waste is segregated and given to government approved vendors for recycling wherever appropriate. Nashik site runs on
]HURGLVFKDUJHEDVLVZLWKUHVSHFWWRZDWHU7UHDWHGVLWHHIXHQWLVXVHGIRUVLWHJDUGHQLQJ
We publish our positions on our intranet EHS Manager Entropy on the following:
Climate change
The impact of climate change on health
Besides, we publish our positions on our website which include:
Climate change
Impact of climate change on health
*HQHWLFDOO\PRGLHGPLFURRUJDQLVPVDQG(+6
Pharmaceuticals in the environment
Ozone depletion and metered-dose inhalers for asthma
Ozone depleting substances in plant and equipment

The Company is aligned to Parent for global environmental initiatives and link for the same is as follows http://www.gsk.com/
en-gb/responsibility/our-planet/
Public policy and patient advocacy
GSK is a member of various industrial and trade bodies like Confederation of Indian Industries (CII), Bombay Chamber of
Commerce and Industries (BCCI), Organisation of Pharmaceutical Producers of India (OPPI) and Pharmaceutical Research
and Manufacturers of America (PHRMA). We are a part of various task forces and forums within these chambers and work
closely with the industry bodies in devising strategies to improve healthcare in the country as well to provide input to public
policy with respect to the same.
Inclusive growth & equitable development
GSK India has a long legacy of giving and partnering with the communities in which we live and operate. We focus on
making life-changing, long-term differences in human health by addressing some of the major health-related concerns.
:H ZRUN WR IXOOO WKLV DQG RWKHU SKLODQWKURSLF HIIRUWV WKURXJK FRPPXQLW\EDVHG SDUWQHUVKLSV 6WURQJ SDUWQHUVKLSV ZLWK
community groups are critical, as local organisations have the greatest insights into the needs of their people and the
strategies that stand the greatest chances of success.
$PRQJWKHYDULRXV&65SURMHFWVLPSOHPHQWHGZHKDYHLGHQWLHGWRDGGUHVVWKHKHDOWKFDUHQHHGRIQHZERUQVXUYLYDO,Q
,QGLDHYHU\\HDURYHUODNKFKLOGUHQGLHZLWKLQWKHUVWGD\V7KLVWUDQVODWHVWRRIZRUOGVQHZERUQGHDWKV:KDWLV
HYHQPRUHKHDUWEUHDNLQJLVWKDWIRXURXWRIYHQHZERUQGHDWKVUHVXOWIURPWUHDWDEOHFRQGLWLRQV$W*6.ZHKDYHSDUWQHUHG
with ARTH and CARE to address the entire continuum of care for newborn survival in the high burden districts in Rajasthan
and Madhya Pradesh. We have partnered to build capacity of the ASHA workers, train the skilled birth attendants, generate
awareness and ensure improved facility based and home based newborn care. Our commitment for project on newborn
survival is over ` 3.5 crores to be spent over two years.
We also encourage employee volunteering through programmes such as Orange Day and the PULSE initiatives. Orange
Day is a day-long employee volunteering initiative wherein our employees volunteer their time with the elderly at old age
homes, with children at orphanages, with the youth and with the differently abled. In the past year, 3000 employees made a
difference by contributing nearly 14500 volunteering hours. PULSE is a global volunteering initiative that gives an employee
a chance to work full-time for a period of 3-6 months with an NGO.
Patient engagement
Patient is at the core of our business. They are our most important stakeholders. We are constantly seeking new ways of
delivering healthcare and making our products available and affordable to people who need them, wherever they live.
,QRXUHIIRUWWRH[SDQGDFFHVVWRRXUSURGXFWVZHKDYHOHGWKHLQGXVWU\E\DGRSWLQJDH[LEOHSULFLQJDSSURYDOWRSULFLQJRXU
PHGLFLQHVDQGYDFFLQHVEDVHGRQDFRXQWU\VDELOLW\WRSD\7KLVKDVUHVXOWHGLQVLJQLFDQWUHGXFWLRQLQSULFHVUHSUHVHQWLQJ
a good outcome for the patients.
We adhere to national and international standards with respect to product safety and code of engaging with customers.
On our product packaging, we provide all the information as required under the Drugs & Cosmetics Act & Rules.
As on March 31, 2016, from a quality perspective, 44 complaints that were made directly to the company are pending, and
our response is awaited. Investigation is in progress in these cases. As on March 31, 2016, there are 8 consumer complaints
pending in different consumer forums.
D. S. Parekh
Chairman
Annexure C to the Directors Report

Annual Report on CSR Activities
Your Company has a rich legacy of partnering the communities in which we live and operate. Strong partnerships with community
groups are critical, as local organisations have the greatest insights into the needs of their people and the strategies that stand
the greatest chances of success. We focus on making life-changing, long-term differences in human health by addressing the
KHDOWKFDUHEXUGHQVRIDFFHVVLELOLW\DIIRUGDELOLW\DQGDZDUHQHVV:HZRUNWRIXOOOWKLVDQGRWKHUVRFLDOFKDQJHHIIRUWVWKURXJKRXU
Corporate Social Responsibility (CSR) programmes. In 2015-16 our CSR programmes touched the lives of over a million people
across India.
The CSR Policy of your Company is available on the website and can be accessed by following the link below:
http://india-pharma.gsk.com/en-in/responsibility/responsibility-reports-and-data/
Your Board has appointed a CSR Committee to review and recommend CSR projects. Mr. D.S. Parekh, Mr. A. Vaidheesh,
Mr. A.N. Roy and Ms. A. Bansal are the members of this Committee.
7KHDYHUDJHQHWSURWRI\RXU&RPSDQ\IRUODVWWKUHH\HDUVZDV` 706.81 crores. $FFRUGLQJO\RIDYHUDJHQHWSURWIRUODVW
three years was ` 14.14 crores. Against this, your Company has spent ` 14.70 crores on CSR projects, including overheads. This
VSHQGDPRXQWVWRRIWKHDYHUDJHRIQHWSURWVIRUSUHFHGLQJWKUHH\HDUV<RXU&RPSDQ\V&65SURMHFWVDUHDOLJQHGWRWKH
Schedule VII of the Companies Act and focus on promoting health care, including preventive healthcare and education.
Details of the CSR spend is given in the table below:
Sr. CSR Project
No.
Project area
(local area, state
and district)
Projectwise outlay
(budget)**
Direct
expenditure
in reporting
period*
Partnering India to eliminate Lymphatic Filariasis (LF - also known as Elephant Foot)
Pan-India
11,89,37,070
11,89,37,070
1
Albendazole donation
for supporting mass
drug administration for
elimination of LF
Mother and child healthcare
2
Facility and community
based care for newborn
survival
Maternal and child health

through awareness building
on ante and post natal care,
immunisation and family
planning
Maternal and child health
through outdoor clinics,
awareness and nutrition
support
Rajsamand
and Udaipur,
Rajasthan and
Panna, Madhya
Pradesh
Kolkata, West
Bengal
South24-Parganas of
Kolkata, West
Bengal
3,62,00,000
50,00,000
4,50,000
4,50,000
42,60,000
14,50,000
Cumulative
expenditure
upto reporting
period**
Amount
spent through
implementing
agencies called
CSR Partners
11,89,37,070 World Health

Organisation
1,32,00,000 Action Research

and Training for
Health and CARE
India Solutions
for Sustainable
Development
4,50,000 BITAN Institute
for Training,
Awareness and
Networking
42,60,000 Indian Institute of
Mother and Child
Sr. CSR Project

No.
Cancer care
5
Screening and awareness
for cancer
Project area
(local area, state
and district)
Projectwise outlay
(budget)**
Cumulative
expenditure
upto reporting
period**
Direct
expenditure
in reporting
period*
Amount
spent through
implementing
agencies called
CSR Partners
23,55,000
7,85,000
50,70,000
16,90,000
1,00,00,000
49,97,000 St. Jude India Child

Care Centres
Bengaluru,
Karnataka
15,00,000
5,00,000
15,00,000 Bangalore Hospice

Trust
Care for the differently abled

9
Early intervention for
children with hearing
impairment
Khairatabad,
Hyderabad,
Andhra Pradesh
16,20,000
5,40,000
10
Delhi
10,60,000
5,00,000
16,20,000 Aural Education

for Children with
Hearing Impairment
(AURED)
10,60,000 Sanjeevani Social
Welfare Society
Patna, Bihar
9,69,000
4,69,000
9,69,000 Nai Dharti
Bengaluru,
Karnataka
Nashik,
Maharashtra
6,76,000
5,76,000
6,76,000 Ashraya Seva Trust
6,50,000
5,00,000
6,50,000 Vanita Vikas

Mandal
Affordability of cancer
treatment through
vocational training with
stipend, nutritional and
accommodation support for
cancer patients
Support for construction
of a new centre to
provide residential,
nutritional, educational
and transportation support
for children affected with
cancer and their parents
Palliative care for the
terminally ill
Education, therapy and

vocational training for the
mentally differently abled
Holistic Care for the Vulnerable

11
Holistic care for vulnerable
underserved girls
12 Support for holistic care of
the elderly
13 Support to underserved
students for continuing their
education
Thane,
Maharashtra
and Jhansi, Uttar
Pradesh
Mumbai,
Maharashtra
Mumbai,
Maharashtra
Healthcare access and awareness

14 School sanitation
Nashik,
Maharashtra
15
Mobile and static clinics for

healthcare services to the
tribal poor
Peth and
Trimbak, Nashik,
Maharashtra
52,92,000
52,92,000
56,21,329
13,21,329
23,55,000 Sri Chaitanya Seva

Trust
50,70,000 Indian Cancer

Society
52,92,000 Habitat for

Humanity India
Trust
56,21,329 Niramaya Health
Foundation
Sr. CSR Project

No.
Project area
(local area, state
and district)
Projectwise outlay
(budget)**
Direct
expenditure
in reporting
period*
Cumulative
expenditure
upto reporting
period**
Amount
spent through
implementing
agencies called
CSR Partners
Disaster relief
16
Product donation for

disaster relief
Chennai, Tamil
17 Matched contribution by
Nadu
employees towards support
for rehabilitation of children
affected with disaster
Total project expense on CSR in FY15-16
Total administrative expense on CSR in FY15-16
Total CSR expense in FY15-16
Products with NSP of ` 37,69,549

2,23,551
2,23,551
AmeriCares India
Foundation
2,23,551 Bal Raksha Bharat
(Save the Children)
14,20,03,499
50,23,615
14,70,27,114
$OODPRXQWVLQ`
%XGJHWDQGFXPXODWLYHVSHQGVFRQVLGHUHGIURP)<RQO\GHVSLWHVRPHSURMHFWVEHLQJLQLWLDWHGSULRUWR)<VLQFHWKHVH
KDYHEHHQRQDQDQQXDOUHQHZDOEDVLVSRVWDVVHVVPHQW
CSR Committee Responsibility Statement
<RXU&65&RPPLWWHHFRQUPVWKDWWKHLPSOHPHQWDWLRQDQGPRQLWRULQJRI&653ROLF\LVLQFRPSOLDQFHZLWK&65REMHFWLYHVDQG
Policy of your Company.
A. Vaidheesh
Managing Director
D. S. Parekh
Chairman, CSR Committee
Annexure D to the Directors Report

FORM No. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2016
(Pursuant to Section 204 (1) of the Companies Act, 2013 and Rule No. 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014)
To,
The Members,
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate
practices by GlaxoSmithKline Pharmaceuticals Limited (hereinafter called the Company). Secretarial Audit was conducted in a manner
that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.
%DVHGRQRXUYHULFDWLRQRIWKH&RPSDQ\VERRNVSDSHUVPLQXWHERRNVIRUPVDQGUHWXUQVOHGDQGRWKHUUHFRUGVPDLQWDLQHGE\
WKH FRPSDQ\ WKH LQIRUPDWLRQ SURYLGHG E\ WKH FRPSDQ\ LWV RIFHUV DJHQWV DQG DXWKRULVHG UHSUHVHQWDWLYHV GXULQJ WKH FRQGXFW RI
VHFUHWDULDODXGLWWKHH[SODQDWLRQVDQGFODULFDWLRQVJLYHQWRXVDQGWKHUHSUHVHQWDWLRQVPDGHE\WKH0DQDJHPHQWZHKHUHE\UHSRUW
WKDWLQRXURSLQLRQWKHFRPSDQ\KDVGXULQJWKHDXGLWSHULRGFRYHULQJWKHQDQFLDO\HDUHQGHGRQst March 2016 generally complied
with the statutory provisions listed hereunder and also that the Company has proper Board processes and compliance mechanism in
place to the extent, in the manner and subject to the reporting made hereinafter:
:HKDYHH[DPLQHGWKHERRNVSDSHUVPLQXWHERRNVIRUPVDQGUHWXUQVOHGDQGRWKHUUHFRUGVPDGHDYDLODEOHWRXVDQGPDLQWDLQHG
E\WKH&RPSDQ\IRUWKHQDQFLDO\HDUHQGHGRQst March 2016 according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made thereunder;
(ii) The Securities Contract (Regulation) Act, 1956 (SCRA) and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct
Investment, Overseas Direct Investment and External Commercial Borrowings;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (SEBI Act)
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 and Securities and Exchange
Board of India (Prohibition of Insider Trading) Regulations, 2015;
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and
amendments from time to time;
(d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme)
*XLGHOLQHVDQG7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD6KDUH%DVHG(PSOR\HH%HQHWV5HJXODWLRQV
(Not applicable to the Company during the audit period)
(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008; (Not applicable to the
Company during the audit period)
(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding
the Companies Act and dealing with client; (Not applicable to the Company during the audit period)
(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; (Not applicable to the Company
during the audit period) and
(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998; (Not applicable to the Company
during the audit period)
YL 2WKHUODZVDSSOLFDEOHVSHFLFDOO\WRWKH&RPSDQ\QDPHO\
(1) Pharmacy Act, 1948,
(2) Drugs and Cosmetics Act, 1940,
(3) Drugs and Magic Remedies (Objectionable Advertisement) Act, 1954,
(4) Narcotic Drugs and Psychotropic Substances Act, 1985,
(5) Drug Pricing Control Order, 2013
We have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards issued by The Institute of Company Secretaries of India with respect to board and general meetings.
(ii) The Listing Agreements entered into by the Company with BSE Limited and National Stock Exchange of India Limited read with
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
During the period under review, the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines,
standards etc. mentioned above.
We further report that:

The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and
Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were
carried out in compliance with the provisions of the Act.
Adequate notice was given to all Directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least
VHYHQGD\VLQDGYDQFHDQGDV\VWHPH[LVWVIRUVHHNLQJDQGREWDLQLQJIXUWKHULQIRUPDWLRQDQGFODULFDWLRQVRQWKHDJHQGDLWHPVEHIRUH
the meeting for meaningful participation at the meeting.
Decisions at the Board Meetings were taken unanimously.
We further report that there are adequate systems and processes in the Company commensurate with the size and operations of the
Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
We further report that during the audit period no events occurred which had bearing on the Companys affairs in pursuance of the
above referred laws, rules, regulations, guidelines etc.
For Parikh & Associates
Company Secretaries
Place: Mumbai
Date : 25.05.2016
Signature:
P. N. Parikh
Partner
FCS No: 327 CP No: 1228

This Report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part of this report.
Annexure A
To,
The Members
Our report of even date is to be read along with this letter.
1.
Maintenance of Secretarial record is the responsibility of the management of the Company. Our responsibility is to express
an opinion on these secretarial records based on our audit.
2.
We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
FRUUHFWQHVVRIWKHFRQWHQWVRIWKH6HFUHWDULDOUHFRUGV7KHYHULFDWLRQZDVGRQHRQWHVWEDVLVWRHQVXUHWKDWFRUUHFWIDFWV
DUHUHHFWHGLQ6HFUHWDULDOUHFRUGV:HEHOLHYHWKDWWKHSURFHVVHVDQGSUDFWLFHVZHIROORZHGSURYLGHDUHDVRQDEOHEDVLV
for our opinion.

:HKDYHQRWYHULHGWKHFRUUHFWQHVVDQGDSSURSULDWHQHVVRIQDQFLDOUHFRUGVDQG%RRNVRI$FFRXQWVRIWKH&RPSDQ\
4.
Whereever required, we have obtained the Management representation about the Compliance of laws, rules and regulations
and happening of events etc.
5.
The Compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility
RIPDQDJHPHQW2XUH[DPLQDWLRQZDVOLPLWHGWRWKHYHULFDWLRQRISURFHGXUHRQWHVWEDVLV

7KH6HFUHWDULDO$XGLWUHSRUWLVQHLWKHUDQDVVXUDQFHDVWRWKHIXWXUHYLDELOLW\RIWKH&RPSDQ\QRURIWKHHIFDF\RUHIIHFWLYHQHVV
with which the management has conducted the affairs of the Company.
For Parikh & Associates

Company Secretaries
Place: Mumbai
Date : 25.05.2016
Signature:
P. N. Parikh
Partner
FCS No: 327 CP No: 1228
Annexure E to the Directors Report

DISCLOSURE PURSUANT TO SECTION 134(3)(M) OF THE COMPANIES ACT, 2013 READ WITH RULE 8 OF THE COMPANIES
(ACCOUNTS), RULES 2014.
(a)
Conservation of Energy:
Nashik site has undertaken various initiatives for energy and water conservation in the year 2015 that has resulted in reduced
energy consumption by 7,33,809 units. These include energy consumption initiatives like upgradation of HVACs, rationalization
of compressed air consumption and others. There has also been an impact of additional energy consumption of 7,35,186 units
due to increased areas where room conditions are now maintained. Additional work is under progress on various options to
further reduce energy consumption, including conversion of Boiler to Biomass, optimization for HVAC systems, replacement of
ROGLQHIFLHQWSXPSVDQGZDWHUUHGXFWLRQ'XULQJWKHVDPHSHULRGVLWHKDVXQGHUWDNHQLQLWLDWLYHVIRUUHGXFLQJZDWHUFRQVXPSWLRQ
OLNHUDWLRQDOL]DWLRQRIYDFXXPSXPSDQGSURFHVVXWLOLW\DQGRWKHUXVDJHVUHVXOWLQJLQUHGXFWLRQE\NODSSUR[DV
compared to the previous period. Additional projects like ETP water treatment and recycling through RO and other Kaizen
initiatives to further reduce water consumption in 2016.
9DULRXVLQLWLDWLYHVIRUHQHUJ\HIFLHQF\DQGUHQHZDEOHHQHUJ\ZHUHXQGHUWDNHQDW1DVKLNVLWH7KHNH\KLJKOLJKWVDUH

(+6/DXGLWFRPSOHWHGZLWKQRPDMRUQGLQJRQFKHPLFDOPDQDJHPHQW
Site got GMS Presidents award 2015 for EHS improvement program.
Site received Best Safety Award for good practices shared to DISH/NSC
Site received water commendation in GMS Water Trophy 2015.
No occupational illness case related to chemical exposure reported in 2015.

(QHUJ\UHGXFHGE\aGXULQJWKH\HDUFRPSDUHGWRWKHSUHYLRXV\HDU
7KHHPLVVLRQVJHQHUDWHGE\WKH&RPSDQ\DUHZLWKLQOLPLWVVSHFLHGE\0DKDUDVKWUD3ROOXWLRQ&RQWURO%RDUG:LWKUHJDUGWR
waste management, our waste is segregated and given to government approved vendors for recycling wherever appropriate.
1DVKLNVLWHUXQVRQ]HURGLVFKDUJHEDVLVZLWKUHVSHFWWRZDWHU7UHDWHGVLWHHIXHQWLVXVHGIRUVLWHJDUGHQLQJ
(b) Technology absorption:

The following projects have been completed during the period using new technologies at the Nashik Site:
New Air handling units replacing old in Beta and Zinetac provided with Safe Change Hepa Filtration for Operator protection.
New Dust collection unit provided in Eltroxin for operator protection.
Dynamic Passboxes installed for Material transfer applications in manufacturing areas for cross contamination control.
New Sampling Booths meeting occupational exposure protection criteria installed in warehouse for raw material sampling.
Ultrasonic sieving arrangement provided on 2 Lines (Albendazole and Eltroxin).
Auto Dosing and monitoring system installed for chemical treatment of cooling water in Cooling Tower Application.
Dock Shelters installed in warehouse & rapid roll up doors across corridors for area control.
33 kv old oil circuit breakers replaced by vacuum circuit breakers.
New forklifts and material handling battery operated trucks provided for Warehouse.
CCTV Camera install across manufacturing areas.
Access Control for monitoring installed across manufacturing areas and warehouse.
(c)
Foreign Exchange Earnings and Outgo:

The foreign exchange earnings for the year ended 31st March 2016 was ` 51,91 lakhs and foreign exchange outgo for the
year ended 31st March 2016 was ` 861,96 lakhs. The foreign exchange earnings for the period ended 31st March 2015 was
` 69,92 lakhs and foreign exchange outgo for the period ended 31st March 2015 was ` 768,09 lakhs.
D. S. Parekh
Chairman
Annexure F to the Directors Report

DISCLOSURE UNDER SECTION 197 (12) OF THE COMPANIES ACT, 2013 AND OTHER DISCLOSURES AS PER RULE 5 OF
THE COMPANIES (APPOINTMENT & REMUNERATION OF KEY MANAGERIAL PERSONNEL) RULES, 2014

5DWLRRI5HPXQHUDWLRQRI1RQ([HFXWLYH'LUHFWRUVWRWKHPHGLDQUHPXQHUDWLRQRIWKHHPSOR\HHVRIWKH&RPSDQ\IRUWKHQDQFLDO
year ended 31st March 2016.
Remuneration of Directors
LQWKHQDQFLDO\HDULQ
(` lakhs)
Ratio to Median
Remuneration
Non-Executive Director-Chairman
20.80
2.31
Mr. R. R. Bajaaj*
Independent Director
11.10
1.23
Ms. A. Bansal*
12.10
1.34
Mr. P. V. Bhide*
11.80
1.31
Mr. N. Kaviratne*
12.40
1.38
Mr. A.N Roy*
11.20
1.24
Mr. D Sundaram*
11.80
1.31
Sr. Name of Directors

No.
Designation
Mr. D S Parekh**
Commission to Independent Directors increased from ` 5 lakhs to ` 10 lakhs per year from 2016.
**
Commission to Chairman increased from ` 7 lakhs to ` 14 lakhs per year from 2016.
$FFRUGLQJO\WKHUHZDVLQFUHDVHLQFRPPLVVLRQWR&KDLUPDQ ,QGHSHQGHQW'LUHFWRUVGXULQJWKH\HDU
2.
Ratio of Remuneration of Whole-time Directors & Key Managerial Personnel (KMP) against the Company.
Sr. Whole-time Directors Designation
No. & KMP
Remuneration of
Directors / KMP in the
QDQFLDO\HDULQ` lakhs)
Ratio to median
Remuneration
(%)Increase in
remuneration in
WKHQDQFLDO\HDU
Dr. H. Joshipura
(upto 31/07/2015)
Managing Director
758.22
NA
NA
A. Vaidheesh
(w.e.f. 03/08/2015)
Managing Director
216.14
24.01
A. Aristidou
Whole-time Director
& CFO
370.86
41.20
R. Krishnaswamy
Whole-time Director
161.11
17.90
R.C.Sequeira
Whole-time Director
142.99
15.88
Ajay Nadkarni
Company Secretary
44.54
4.95
12

7KHUHZDVLQFUHDVHLQWKHPHGLDQUHPXQHUDWLRQRIHPSOR\HHVLQWKHQDQFLDO\HDU
4.
There were 4611 permanent employees on the rolls of the Company as on 31st March 2016.
5.
The relationship between average increase in remuneration and the Companys performance :
The reward philosophy of the Company is to provide market competitive total reward opportunity that has a strong linkage to and
drives performance culture. Every year, the salary increases for the Company are decided on the basis of benchmarking exercise
WKDWLVXQGHUWDNHQZLWKVLPLODUSUROHRUJDQL]DWLRQV
7KHDYHUDJHUHPXQHUDWLRQLQFUHDVHGE\LQ7KHSURWDIWHUWD[UHPDLQHGDWRQDPRQWKFRPSDUDEOHEDVLV
6.
Comparison of the remuneration of the Key Managerial Personnel against the performance of the Company:
In line with the Companys reward philosophy, merit increases and annual bonus pay-outs of its Employees including Key
Managerial Personnel are directly linked to individual performance as well as that of the business. The performance rating of
Key Managerial Personnel was duly reviewed and approved by Nomination and Remuneration Committee. During the year, the
&RPSDQ\HDUQHGDSURWDIWHUWD[RI` 375,21.34 lakhs against ` 376,46.78 lakhs on a 12 months comparable basis.

9DULDWLRQVLQWKHPDUNHWFDSLWDOL]DWLRQRIWKH&RPSDQ\ 3ULFH(DUQLQJV5DWLRDVDWWKHFORVLQJGDWHRIFXUUHQWQDQFLDO\HDUDQG
SUHYLRXVQDQFLDO\HDU
As on March 31, 2016
As on March 31, 2015
Increase / Decrease (%)
32,192.65
28,821.47
8.96
85.79
61.11
40.38
Market Capitalization (` in crore)

Price Earnings Ratio
The Company made last public offer in 1969 at ` 15 (Face value of ` 10 per share plus Premium of ` 5 per share). The Share
price of the Company closed at ` 3814.75 on National Stock Exchange of India Limited and at ` 3800.65 on BSE Limited on
31st0DUFKUHSUHVHQWLQJDQLQFUHDVHVLQFHWKHGDWHRIODVWSXEOLFLVVXH

$YHUDJHSHUFHQWLOHLQFUHDVHDOUHDG\PDGHLQWKHVDODULHVRIHPSOR\HHVRWKHUWKDQWKHPDQDJHULDOSHUVRQQHOLQWKHODVWQDQFLDO
\HDUDQGLWVFRPSDULVRQZLWKWKHSHUFHQWLOHLQFUHDVHLQWKHPDQDJHULDOUHPXQHUDWLRQDQGMXVWLFDWLRQWKHUHRI
7KHDYHUDJHLQFUHDVHLQWKHUHPXQHUDWLRQRIDOOHPSOR\HHVZDVLQ)<7KH$YHUDJHLQFUHDVHLQUHPXQHUDWLRQRI
PDQDJHULDOSHUVRQQHOZDVLQ)<,QFUHDVHLQVDODU\LVEDVHGRQUHPXQHUDWLRQSROLF\UHZDUGSKLORVRSK\
9.
Comparison of the each remuneration of the Key Managerial Personnel against the performance of the Company:
Particulars
Remuneration (` in lakhs)
A. Vaidheesh
Managing
Director
216.14
R.C.Sequeira
Whole-time
Director
142.99
0.08
161.11
0.05
3URWEHIRUHWD[` in lakhs)
5HPXQHUDWLRQDVRI3URW
before Tax
A. Aristidou
Whole-time
Director & CFO
A. Nadkarni
Company
Secretary
370.86
44.54
0.06
0.13
0.02
0.28
0.64
0.08
275,695.69
Revenue (` in lakhs)
5HPXQHUDWLRQDVRI
revenue
R. Krishnaswamy
Whole-time
Director
57,701.29
0.37
0.25
10. The key parameters for variable component of remuneration availed by the Directors are as follows:
Variable compensation is an integral part of total reward package for all Key Managerial Personnel Executive Directors. Annual
Bonus is directly linked to an individual performance rating and business performance. The key parameters for the variable
component of remuneration availed by the Directors are considered by the Board of Directors based on the recommendations
of the Nomination and Remuneration Committee as per the Policy for Remuneration of the Directors, Key Managerial Personnel
and other Employees.
11. No employee of the Company receives remuneration in excess of the highest paid Director of the Company.
:HDIUPWKDWWKHUHPXQHUDWLRQSDLGWR'LUHFWRUV.H\0DQDJHULDO3HUVRQQHODQGRWKHU(PSOR\HHVLVDVSHUWKH5HPXQHUDWLRQ
Policy of the Company.
D. S. Parekh
Chairman
Annexure G to the Directors Report

Form MGT - 9
Extract of Annual Return
$VRQQDQFLDO\HDUHQGHGst March 2016
[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
L24239MH1924PLC001151
Registration Date
November 13, 1924
Name of the Company
GLAXOSMITHKLINE PHARMACEUTICALS LIMITED
Category / Sub-Category of the Company
Company Limited By Shares / Indian Non-Government Company
$GGUHVVRIWKH5HJLVWHUHGRIFHDQGFRQWDFW
details
Dr. Annie Besant Road Mumbai - 400030

Tel : 022-24959595
Fax: 022-24959494
Email: askus@gsk.com
Whether listed company
Yes
Name, Address and Contact details of

Registrar and Transfer Agent, if any:

Karvy Selenium Tower B, Plot No 31 & 32 Gachibowli Financial District
Nanakramguda, Serilingampally Hyderabad, Telangana 500032
Tel No: 040-67162222, Fax No: 040-23001153
II.
PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
$OOWKHEXVLQHVVDFWLYLWLHVFRQWULEXWLQJRUPRUHRIWKHWRWDOWXUQRYHURIWKHFRPSDQ\VKDOOEHVWDWHG
Sr. Name and Description of
No. main products/services
1
III.
NIC Code of the Product/

service
% to total turnover of the

company
21002
100
Pharmaceuticals
PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

Sr. Name and address of the
No. Company
1
CIN / GLN

252, Dr. Annie Besant Road
Mumbai 400030
U51900MH1948PLC006218
Holding /
Subsidiary /
Associate
Subsidiary
% of shares
held
Applicable
section
100
2(87)
IV.
SHARE HOLDING PATTERN (EQUITY SHARE CAPITAL BREAKUP AS PERCENTAGE OF TOTAL EQUITY):
i.
Category-wise Share Holding:

Category of
Shareholders
A. Promoters
(1) Indian
a) Individual/HUF
b) Central Govt
No. of Shares held at the beginning of the

year i.e. 1st April 2015
Demat
Physical
Total
% of
Total
Shares
0
0
0
0
0
0
0
0
No. of Shares held at the end of

the year i.e. 31st March 2016
Demat
Physical
Total
% of
Total
Shares
0
0
0
0
0
0
0
0
% Change
during
the year
0
0
Category of
Shareholders
c) State Govt(s)

Demat
Physical
Total
% of
Total
Shares
0
0
0
0

% Change
during
the year
Demat
Physical
Total
% of
Total
Shares
0
0
0
0
0
d) Bodies Corp.
e) Banks / FI
f) Any other
Sub-total(A)(1):
(2) Foreign
a) NRIs - Individuals
b) Other Individuals
c) Bodies Corp.
d) Banks / FI
e) Any other
63527262
0 63527262
75.00 63527262
0 63527262
75.00
Sub-total (A)(2):
63527262
0 63527262
75.00 63527262
0 63527262
75.00
Total shareholding
of Promoter (A) =
(A)(1)+(A)(2)
63527262
0 63527262
75.00 63527262
0 63527262
75.00
B. Public Shareholding
(1) Institutions
a) Mutual Funds
b) Banks / FI
859059
11200
870295
1.03
1404484
11236
1415720
1.67
0.64
6960034
16361
6976395
8.24
6786813
16361
6803174
8.03
(0.21)
c) Central Govt
d) State Govt(s)
e) Venture Capital Funds
f) Insurance Companies
1765721
2042
1767763
2.09
1906234
2042
1908276
2.25
0.16
29639 10127170
11.96
0.61
g) FIIs
h) Foreign Venture Capital
Funds
i) Others (specify)
Sub-total (B)(1):
9584814
29639
9614453
810496
18239
828735
0.98
607677
18003
625680
0.74
(0.24)
2275111 10299875
12.16
7814371
2158916
9973287
11.77
(0.39)
11.35 10097531
(2)Non-Institutions
a) Bodies Corp.
i) Indian
ii) Overseas
b) Individuals
i) Individual shareholders
holding nominal share
capital upto ` 1 lakh
8024764
ii) Individual shareholders

holding nominal share
capital in excess of ` 1
lakh
191301
191301
0.23
179641
179641
0.21
(0.02)
1035
1035
c) Others (specify)
NBFCs Registered with RBI
Category of
Shareholders
Non Resident Indian

Repatriable
Trusts
Non Resident Indians
Clearing Members
Non Resident Companies
Non Resident Indian Non
Repatriable
Foreign Nationals
Sub-total(B)(2):
Total Public Shareholding
% %%
C. Shares held by
Custodian for GDRs & ADRs
Grand Total (A+B+C)
ii.

Demat
Physical
Total
% of
Total
Shares
0
0
0
0
18581
187366
20740
0
0
2937
9257373
18842187
0
10285
0
0
0
GLAXO GROUP
LIMITED
2
3
iii.
0
2875
13.65 8862169
25.00 18959700
2333568 84703017
100 82486962
0
0
0
294
7138
20170
221929
13859
294
7138
0.02
0.26
0.02
0
0
0
(0.03)
0
0
0
0
2875
2186416 11048585
2216055 21175755
0
13.04
25.00
0
(0.61)
0
2216055 84703017
100
Shareholding at the end

of the year 31st March 2016
Shareholding at the beginning

of the year 1st April 2015
No. of
Shares
20170
221929
13859
0
0
Shareholding of Promoters: (including promoter group)
Sr. Shareholders
No. Name
0.02
0.23
0.02
0
0
0
2937
2303929 11561302
2333568 21175755
0
82369449
18581
197651
20740
0
0

% Change
during
the year
Demat
Physical
Total
% of
Total
Shares
0
2065
2065
0
0
% of total
% of Shares
Shares
Pledged/
of the
encumbered
Company to total shares
No. of
Shares
% of total
Shares
of the
Company
% change
in share
holding
% of Shares
during
Pledged /
the
year
encumbered to
total shares
30485250
35.99
30485250
35.99
ESKAYLAB LIMITED
5880000
6.94
5880000
6.94
BURROUGHS
WELLCOME
INTERNATIONAL
LIMITED
CASTLETON
INVESTMENT
LIMITED
GLAXOSMITHKLINE
PTE LIMITED
Total
3360000
3.97
3360000
3.97
3192238
3.77
3192238
3.77
20609774
24.33
20609774
24.33
63527262
75.00
63527262
75.00
Change in Promoters Shareholding (please specify, if there is no change):
Sr.
No.

Cumulative Shareholding
during the year 31st March 2016
No. of
% of total shares
No. of
% of total shares
shares
of the Company
shares
of the Company
At the beginning of the year
Date wise Increase/ Decrease in Promoters Share
holding during the year specifying the reasons for
increase/decrease (e.g. allotment/transfer/bonus/
sweat equity etc)
At the End of the year
There is no change in promoters share holding.
iv.
Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):
Sr. Name of the

No. Shareholder
Date
Remarks

No. of
% of total Shares
Shares
of the Company
LIFE INSURANCE CORPORATION OF INDIA

At the beginning of
5181604
the year
10/04/2015
Sale
-14342
17/04/2015
Sale
-3555
24/04/2015
Sale
-9417
08/05/2015
Purchase
1211
08/05/2015
Sale
-2000
15/05/2015
Purchase
5056
22/05/2015
Purchase
494
29/05/2015
Purchase
3437
05/06/2015
Purchase
1117
04/09/2015
Sale
-6061
11/09/2015
Sale
-1279
25/09/2015
Sale
-132
30/09/2015
Sale
-3849
16/10/2015
Sale
-9312
23/10/2015
Sale
-12355
27/11/2015
Purchase
501
31/03/2016 At the end of the
5131118
year
GENERAL INSURANCE CORPORATION OF INDIA
01/04/2015 At the beginning of
981249
the year
10/04/2015
Sale
-5000
30/10/2015
Sale
-10066
06/11/2015
Sale
-465
At the end of the
965718
year
ABERDEEN GLOBAL INDIAN EQUITY (MAURITIUS) LIMITED
626279
the year
626279
year
BIRLA SUN LIFE TRUSTEE COMPANY PRIVATE LIMITED
610434
the year
10/04/2015
Purchase
27000
17/04/2015
Purchase
6500
24/04/2015
Purchase
11000
01/05/2015
Purchase
9600
08/05/2015
Purchase
20541
08/05/2015
Sale
-333
15/05/2015
Purchase
4500
22/05/2015
Purchase
3150
29/05/2015
Purchase
4950
05/06/2015
Purchase
9900
12/06/2015
Purchase
6300
No. of
% of total Shares
Shares
of the Company
6.12
5181604
6.12
(0.01)
0
(0.01)
0
0
0
0
0
0
0
0
0
0
(0.01)
(0.01)
0
6.06
5167262
5163707
5154290
5155501
5153501
5158557
5159051
5162488
5163605
5157544
5156265
5156133
5152284
5142972
5130617
5131118
5131118
6.10
6.10
6.09
6.09
6.08
6.09
6.09
6.09
6.10
6.09
6.09
6.09
6.08
6.07
6.06
6.06
6.06
1.16
981249
1.16
0
0.01
0
1.14
976249
966183
965718
965718
1.15
1.14
1.14
1.14
0.74
626279
0.74
0.74
626279
0.74
0.72
610434
0.72
0.03
0
0.01
0.01
0.02
0
0
0
0
0.01
0
637434
643934
654934
664534
685075
684742
689242
692392
697342
707242
713542
0.75
0.76
0.77
0.78
0.81
0.81
0.81
0.82
0.82
0.83
0.84
Sr. Name of the

No. Shareholder
Date
19/06/2015
26/06/2015
26/06/2015
30/06/2015
03/07/2015
10/07/2015
10/07/2015
17/07/2015
24/07/2015
24/07/2015
31/07/2015
07/08/2015
14/08/2015
21/08/2015
28/08/2015
28/08/2015
04/09/2015
04/09/2015
11/09/2015
18/09/2015
18/09/2015
25/09/2015
30/09/2015
02/10/2015
09/10/2015
16/10/2015
16/10/2015
23/10/2015
23/10/2015
30/10/2015
06/11/2015
13/11/2015
20/11/2015
27/11/2015
04/12/2015
11/12/2015
11/12/2015
18/12/2015
18/12/2015
25/12/2015
31/12/2015
01/01/2016
08/01/2016
15/01/2016
22/01/2016
29/01/2016
05/02/2016
05/02/2016
Remarks
Purchase
Purchase
Sale
Purchase
Purchase
Purchase
Sale
Purchase
Purchase
Sale
Purchase
Purchase
Purchase
Purchase
Purchase
Sale
Purchase
Sale
Purchase
Purchase
Sale
Purchase
Purchase
Purchase
Purchase
Purchase
Sale
Purchase
Sale
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Sale
Purchase
Sale
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Sale

No. of
% of total Shares
No. of
% of total Shares
Shares
of the Company
Shares
of the Company
5400
0
718942
0.85
7847
0
726789
0.86
-1320
0
725469
0.86
4500
0
729969
0.86
4950
0
734919
0.87
4114
0
739033
0.87
-400
0
738633
0.87
7650
0
746283
0.88
8846
0.01
755129
0.89
-746
0
754383
0.89
4500
0
758883
0.90
5400
0
764283
0.90
7200
0
771483
0.91
8100
0
779583
0.92
8100
0
787683
0.93
-725
0
786958
0.93
9900
0.01
796858
0.94
-42
0
796816
0.94
6300
0
803116
0.95
10800
0.01
813916
0.96
-9034
0
804882
0.95
4350
0
809232
0.96
2700
0
811932
0.96
1800
0
813732
0.96
13500
0.01
827232
0.98
11808
0.01
839040
0.99
-2267
0
836773
0.99
49445
0.05
886218
1.05
-42570
0.05
843648
1.00
9000
0.01
852648
1.01
8280
0
860928
1.02
4680
0
865608
1.02
7416
0
873024
1.03
8270
0
881294
1.04
2844
0
884138
1.04
4536
0
888674
1.05
-3165
0
885509
1.05
5832
0
891341
1.05
-74
0
891267
1.05
3969
0
895236
1.06
899772
1.06
4536
0
1598
0
901370
1.06
6076
0
907446
1.07
8897
0.01
916343
1.08
17828
0.01
934171
1.10
6966
0
941137
1.11
10158
0.01
951295
1.12
-5498
0
945797
1.12
Sr. Name of the

No. Shareholder
Date
12/02/2016
19/02/2016
26/02/2016
04/03/2016
11/03/2016
18/03/2016
25/03/2016
31/03/2016
31/03/2016
Remarks
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
At the end of the
year
THE ORIENTAL INSURANCE COMPANY LIMITED
the year
10/04/2015
Sale
17/04/2015
Sale
05/06/2015
Sale
03/07/2015
Sale
10/07/2015
Sale
17/07/2015
Sale
24/07/2015
Sale
31/07/2015
Sale
07/08/2015
Sale
14/08/2015
Sale
21/08/2015
Sale
28/08/2015
Sale
04/09/2015
Sale
11/09/2015
Sale
18/09/2015
Sale
25/09/2015
Sale
30/09/2015
Sale
02/10/2015
Sale
09/10/2015
Sale
16/10/2015
Sale
23/10/2015
Sale
30/10/2015
Sale
12/02/2016
Sale
25/03/2016
Sale
31/03/2016
Sale
year

No. of
% of total Shares
No. of
% of total Shares
Shares
of the Company
Shares
of the Company
4105
0
949902
1.12
4247
0
954149
1.13
7515
0
961664
1.14
9378
0.01
971042
1.15
6831
0
977873
1.15
10305
0.01
988178
1.17
4378
0
992556
1.17
1546
0
994102
1.17
994102
1.17
994102
1.17
556040
0.66
556040
0.66
-5770
-1039
-10309
-4000
-8207
-7693
-5483
-4808
-9851
-2091
-4508
-63
-11121
-8743
-6723
-10606
-7811
-2000
-11928
-4107
-1932
-1000
-161
-4800
-6200
415086
0
0
0.01
0
0
0
0
0
0.01
0
0
0
0.01
0.01
0
0.01
0
0
0.01
0
0
0
0
0
0
0.49
550270
549231
538922
534922
526715
519022
513539
508731
498880
496789
492281
492218
481097
472354
465631
455025
447214
445214
433286
429179
427247
426247
426086
421286
415086
415086
0.65
0.65
0.64
0.63
0.62
0.61
0.61
0.60
0.59
0.59
0.58
0.58
0.57
0.56
0.55
0.54
0.53
0.53
0.51
0.51
0.50
0.50
0.50
0.50
0.49
0.49
0.42
358182
0.42
0
0
0
0
0
0
0
0
0.41
356274
355446
354922
353578
348903
347118
347496
348058
348058
0.42
0.42
0.42
0.42
0.41
0.41
0.41
0.41
0.41
VANGUARD EMERGING MARKETS STOCK INDEX FUND

358182
the year
18/12/2015
Sale
-1908
25/12/2015
Sale
-828
-524
15/01/2016
Sale
22/01/2016
Sale
-1344
05/02/2016
Sale
-4675
12/02/2016
Sale
-1785
11/03/2016
Purchase
378
18/03/2016
Purchase
562
348058
year
Sr. Name of the

No. Shareholder
Date
Remarks
SBI LIFE INSURANCE CO. LTD

the year
10/04/2015
Purchase
24/04/2015
Purchase
01/05/2015
Purchase
12/06/2015
Purchase
26/06/2015
Purchase
03/07/2015
Purchase
10/07/2015
Purchase
17/07/2015
Sale
04/09/2015
Purchase
30/09/2015
Purchase
09/10/2015
Purchase
23/10/2015
Purchase
30/10/2015
Sale
06/11/2015
Purchase
20/11/2015
Purchase
31/12/2015
Purchase
08/01/2016
Purchase
22/01/2016
Purchase
29/01/2016
Sale
05/02/2016
Sale
26/02/2016
Sale
04/03/2016
Sale
11/03/2016
Sale
25/03/2016
Sale
31/03/2016
Purchase
year
THE INDIA FUND INC
the year
year
UTI-DIVIDEND YIELD FUND
the year
10/04/2015
Purchase
05/06/2015
Purchase
03/07/2015
Purchase
24/07/2015
Purchase
31/07/2015
Purchase
06/11/2015
Purchase
31/12/2015
Purchase
01/01/2016
Purchase
08/01/2016
Purchase
year

No. of
% of total Shares
Shares
of the Company
No. of
% of total Shares
Shares
of the Company
201113
0.24
201113
0.24
26215
5000
4601
1628
2165
5500
- 3934
4425
2878
4000
2500
-1000
2500
1132
1000
4203
2560
-24259
-1500
-7644
-14377
-27385
-4400
7116
29964
224001
0.03
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.02
0
0
0.01
0.02
0
0
0.03
0.26
227328
232328
236929
238557
240722
246222
242288
246713
249591
253591
256091
255091
257591
258723
259723
263926
266486
242227
240727
233083
218706
191321
186921
194037
224001
224001
0.27
0.27
0.27
0.28
0.28
0.28
0.29
0.29
0.29
0.29
0.30
0.30
0.30
0.30
0.31
0.31
0.31
0.31
0.29
0.28
0.28
0.26
0.23
0.22
0.23
0.26
194107
0.23
194107
0.23
194107
0.23
194107
0.23
151329
0.18
151329
0.18
470
3458
22205
2369
12329
10543
27000
25102
1898
256703
0
0
0.02
0
0.01
0.01
0.02
0.02
0
0.30
151799
155257
177462
179831
192160
202703
229703
254805
256703
256703
0.18
0.18
0.21
0.21
0.23
0.24
0.27
0.30
0.30
0.30
Sr. Name of the

No. Shareholder
10
v.
Date
Remarks

No. of
% of total Shares
No. of
% of total Shares
Shares
of the Company
Shares
of the Company
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND
141183
0.17
141183
0.17
the year
10/04/2015
Purchase
5306
0
146489
0.17
17/04/2015
Purchase
293
0
146782
0.17
08/05/2015
Purchase
1620
0
148402
0.18
15/05/2015
Purchase
2569
0
150971
0.18
22/05/2015
Purchase
1346
0
152317
0.18
05/06/2015
Purchase
3795
0
156112
0.18
12/06/2015
Purchase
1944
0
158056
0.19
17/07/2015
Purchase
7640
0
165696
0.20
24/07/2015
Purchase
1099
0
166795
0.20
31/07/2015
Purchase
3008
0
169803
0.20
07/08/2015
Purchase
6435
0
176238
0.21
21/08/2015
Purchase
2633
0
178871
0.21
28/08/2015
Purchase
1471
0
180342
0.21
04/09/2015
Purchase
5290
0
185632
0.22
11/09/2015
Purchase
1927
0
187559
0.22
20/11/2015
Purchase
1499
0
189058
0.22
0.22
04/12/2015
Purchase
886
0
189944
11/12/2015
Purchase
840
0
190784
0.23
18/12/2015
Purchase
716
0
191500
0.23
08/01/2016
Purchase
806
0
192306
0.23
15/01/2016
Purchase
4390
0
196696
0.23
22/01/2016
Purchase
3535
0
200231
0.24
05/02/2016
Purchase
260
0
200491
0.24
12/02/2016
Purchase
610
0
201101
0.24
26/02/2016
Purchase
11404
0.01
212505
0.25
04/03/2016
Purchase
25
0
212530
0.25
212530
0.25
212530
0.25
year
Shareholding of Directors and Key Managerial Personnel:
Sr.
No.
Shareholding at the beginning of

the year 1st April 2015
For each of the Directors and KMP
No. of shares
Cumulative Shareholding during

the year 31st March 2015
RIWRWDOVKDUHVRI No. of shares

the Company
RIWRWDOVKDUHVRI
the Company
At the beginning of the year

Date wise Increase / Decrease in Share
holding during the year specifying the
reasons for increase / decrease (e.g.
allotment / transfer / bonus / sweat equity
etc)
At the end of the year
None of Directors and KMP hold shares in the Company except

Mr. Deepak Parekh, Chairman who holds 612 equity shares in the
Company which remain unchanged throughout the year.
V.
INDEBTEDNESS:
Indebtedness of the Company including interest outstanding/accrued but not due for payment.
(` in lakhs)
Secured Loans
excluding deposits
Unsecured
Loans
Deposits
Total
Indebtedness
0
0
0
0
311.54
0
0
311.54
0
0
0
0
311.54
0
0
311.54
0
0
0
0
74.25
74.25
0
0
0
0.00
74.25
74.25
0
0
0
0
237.30
0
0
237.30
0
0
0
0
237.30
0
0
237.30
,QGHEWHGQHVVDWWKHEHJLQQLQJRIWKHQDQFLDO\HDU
i)
Principal Amount
ii) Interest due but not paid
iii) Interest accrued but not due
7RWDOLLLLLL
&KDQJHLQ,QGHEWHGQHVVGXULQJWKHQDQFLDO\HDU

$GGLWLRQ

5HGXFWLRQ
Net Change
,QGHEWHGQHVVDWWKHHQGRIWKHQDQFLDO\HDU
i)
Principal Amount
ii) Interest due but not paid
iii) Interest accrued but not due
Total (i+ii+iii)
VI
REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:
A.
Remuneration to Managing Director, Whole-time Directors and/or Manager:

(` in lakhs)
Sr.
No.
Particulars of
Remuneration
Gross salary
(a) Salary as per
provisions contained
in section 17(1) of the
Income-tax Act, 1961
(b) Value of perquisites
u/s 17(2) Income-tax
Act, 1961
F3URWVLQOLHXRIVDODU\
under section 17(3)
Income-tax Act, 1961
Stock Option
Sweat Equity
Commission
DVRISURW
- others, specify
Others
Performance Bonus
Total
2
3
4
Ceiling as per the

$FW#RISURWV
calculated under section
198 of the Companies
Act, 2013)
Name of MD/ WTD/ Manager

Total
Mr. A Vaidheesh Mr. R. C.
Mr. R.
Mr. A. Aristidou Dr. H. B. Joshipura Amount
(w.e.f.
Sequeira
Krishnaswamy
Whole-time
(up to 31.07.2015)
03/08/2015)
Director & CFO
176.37
79.40
77.52
99.98
96.11
529.38
39.77
46.63
62.57
260.19
505.48
914.64
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
0
216.14
16.96
142.99
21.02
161.11
10.69
370.86
156.63
758.22
205.30
1649.32
577,01.29
B.
Remuneration to other Directors:

(` in lakhs)
Sr. Particulars of Remuneration

No.
1
Fee for attending Commission Others, please

specify
board / committee
meetings
Independent Directors
Mr. R. R. Bajaaj
Ms. A. P. Bansal
Mr. P. V. Bhide
Mr. N. Kaviratne
Mr. P. V. Nayak (up to 31.10.2015)
Mr. A. N. Roy
Mr. D. Sundaram
Other Non-Executive Directors
Mr. D. S. Parekh
7RWDO0DQDJHULDO5HPXQHUDWLRQ
1.10
2.10
1.80
2.40
0.50
1.20
1.80
0.50
10.00
10.00
10.00
10.00
5.83
10.00
10.00
5.83
11.10
12.10
11.80
12.40
6.33
11.20
11.80
6.33
6.80
18.20
14.00
85.66
20.80
103.86
2YHUDOO&HLOLQJDVSHUWKH$FW#RISURWVFDOFXODWHG
under section 198 of the Companies Act, 2013)
C.
Total
Amount
577.01
Remuneration to Key Managerial Personnel other than MD/Manager/WTD

(` in lakhs)
Sr. Particulars of Remuneration

No.
1
2
3
4
Key Managerial Personnel

Mr. A. Nadkarni
Company Secretary
Gross salary
(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961
F 3URWVLQOLHXRIVDODU\XQGHUVHFWLRQ,QFRPHWD[$FW
Stock Option
Sweat Equity
Commission
DVRISURW
- others
Others - Performance Bonus
Total
28.72
10.98
Nil
Nil
Nil
Nil
Nil
4.85
44.54
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:

There were no penalties, punishment or compounding of offences during the year ended 31st March 2016.
D. S. Parekh
Chairman
INDEPENDENT AUDITORS REPORT

TO THE MEMBERS OF GLAXOSMITHKLINE PHARMACEUTICALS LIMITED
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BALANCE SHEET AS AT 31ST MARCH, 2016

Note
No.
As at
31st March, 2016
5XSHHVLQODNKV
As at
31st March, 2015

1,59.50

2,62.60
5,28.86

526,96.08
3061,95.00

3236,40.22

88,60.91

521,66.25
126,56.50

3061,95.00

3236,40.22
EQUITY AND LIABILITIES

SHAREHOLDERS' FUNDS

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2
Reserves and surplus

NON-CURRENT LIABILITIES

/RQJWHUPERUURZLQJV

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5

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6
CURRENT LIABILITIES

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enterprises

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8

6KRUWWHUPSURYLVLRQV
9
TOTAL
ASSETS
NON-CURRENT ASSETS

)L[HGDVVHWV

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11

7DQJLEOHDVVHWV
11

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12

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15
CURRENT ASSETS

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16

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18

6KRUWWHUPORDQVDQGDGYDQFHV
19

2WKHUFXUUHQWDVVHWV
20
TOTAL
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7KLVLVWKH%DODQFH6KHHWUHIHUUHGWRLQRXUUHSRUWRIHYHQGDWH
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STATEMENT OF PROFIT AND LOSS

FOR THE YEAR ENDED 31ST MARCH, 2016
5XSHHVLQODNKV
Note
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Year ended
31st March, 2016
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28
2WKHU,QFRPH
29
Total Revenue
15 months ended
31st March, 2015

121,82.51

2878,78.20
3486,24.97
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3XUFKDVHVRIWUDGHGJRRGV

&KDQJHVLQLQYHQWRULHVRIQLVKHGJRRGVZRUNLQSURJUHVVDQG
traded goods

(PSOR\HHEHQHWVH[SHQVH

'HSUHFLDWLRQDQGDPRUWLVDWLRQH[SHQVH
11

2WKHUH[SHQVHV

Total Expenses
3URWEHIRUHH[FHSWLRQDOLWHPVDQGWD[
([FHSWLRQDO,WHPV

3URWEHIRUH7D[

662,12.90
2304,38.24
2685,74.54

7D[H[SHQVH
&XUUHQWWD[
'HIHUUHGWD[
1HW3URW

9,19.22
375,21.34
471,64.58

55.68
(DUQLQJVSHUHTXLW\VKDUHEDVLFDQGGLOXWHG`)
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Asha Ramanathan
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CASH FLOW STATEMENT

a.
CASH FLOW FROM OPERATING ACTIVITIES

3URWEHIRUHWD[DWLRQDQGH[FHSWLRQDOLWHPV
Adjustments for :

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3URWRQVDOHGLVSRVDORIWDQJLEOHDVVHWVQHW

,QWHUHVWLQFRPH

,QWHUHVWH[SHQVH

'HSUHFLDWLRQ$PRUWLVDWLRQ

2SHUDWLQJSURWEHIRUHZRUNLQJFDSLWDOFKDQJHV
478,06.69
628,11.14

353,79.87
597,93.95
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&DVKRZEHIRUHH[FHSWLRQDOLWHPV
149,37.70
347,80.64

-

138,55.80
340,87.73

10,00.01

500,96.14
177,61.83
Adjustments for :

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Cash generated from operations
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Net cash generated from operating activities
b.
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31st March, 2016
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31st March, 2015
CASH FLOW FROM INVESTING ACTIVITIES

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6DOHRIWDQJLEOH[HGDVVHWVLQFOXGLQJWDQJLEOHDVVHWVKHOGIRUVDOH
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CASH FLOW STATEMENT (Contd.)
c.
Year ended
31st March, 2016
5XSHHVLQODNKV
15 months ended
31st March, 2015

(638,33.17)

(496,98.73)
1,18.77
21,50.83
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1,18.77
21,50.83
0.12
56,01.00
60,18.18
116,19.30

60,02.00

115,00.53
1195,00.00
1762,75.00
CASH FLOW FROM FINANCING ACTIVITIES

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(A + B + C)

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Cash on hand
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NOTES TO THE FINANCIAL STATEMENTS

GENERAL INFORMATION
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VFHQDULRVEDVHFDVHVFHQDULRULVLQJLQWHUHVWUDWHVFHQDULRDQGIDOOLQJLQWHUHVWUDWHVFHQDULR7KH'HQHG%HQHW
2EOLJDWLRQRIWKHLQWHUHVWUDWHJXDUDQWHHLVVHWHTXDOWRWKHDYHUDJHRIWKHSUHVHQWYDOXHVGHWHUPLQHGXQGHUWKHVH
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7KHOLDELOLW\IRUOHDYHHQFDVKPHQWDQGFRPSHQVDWHGDEVHQFHVLVSURYLGHGRQWKHEDVLVRIYDOXDWLRQDVDW%DODQFH
6KHHWGDWHFDUULHGRXWE\DQLQGHSHQGHQWDFWXDU\
LL 7KHH[SHQGLWXUHRQYROXQWDU\UHWLUHPHQWVFKHPHVLVFKDUJHGWRWKH6WDWHPHQWRI3URWDQG/RVVLQWKH\HDULQZKLFK
it is incurred.
LLL $FWXDULDOJDLQVDQGORVVHVFRPSULVHH[SHULHQFHDGMXVWPHQWVDQGWKHHIIHFWVRIFKDQJHVLQDFWXDULDODVVXPSWLRQV
DQGDUHUHFRJQLVHGLQWKH6WDWHPHQWRI3URWDQG/RVVLQWKH\HDULQZKLFKWKH\DULVH
U (DUQLQJV3HU6KDUH
%DVLFHDUQLQJVSHUVKDUHLVFDOFXODWHGE\GLYLGLQJWKHQHWSURWIRUWKHSHULRGDWWULEXWDEOHWRHTXLW\VKDUHKROGHUVE\WKH
ZHLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKHSHULRG
7KHZHLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKHSHULRGDQGIRUDOOSHULRGVSUHVHQWHGLVDGMXVWHG
IRUHYHQWVVXFKDVERQXVVKDUHVRWKHUWKDQWKHFRQYHUVLRQRISRWHQWLDOHTXLW\VKDUHVWKDWKDYHFKDQJHGWKHQXPEHURI
HTXLW\VKDUHVRXWVWDQGLQJZLWKRXWDFRUUHVSRQGLQJFKDQJHLQUHVRXUFHV)RUWKHSXUSRVHRIFDOFXODWLQJGLOXWHGHDUQLQJV
SHUVKDUHWKHQHWSURWIRUWKHSHULRGDWWULEXWDEOHWRHTXLW\VKDUHKROGHUVDQGWKHZHLJKWHGDYHUDJHQXPEHURIVKDUHV
RXWVWDQGLQJGXULQJWKHSHULRGLVDGMXVWHGIRUWKHHIIHFWVRIDOOGLOXWLYHSRWHQWLDOHTXLW\VKDUHV
As at
31st March, 2016
5XSHHVLQODNKV
As at
31st March, 2015
90,00.00
90,00.00

84,70.30

84,70.30
SHARE CAPITAL
AUTHORISED
HTXLW\VKDUHVRI`10 each
HTXLW\VKDUHVRI`HDFKIXOO\SDLGXS
H[FOXGHVHTXLW\VKDUHVRI`HDFKRIWKH&RPSDQ\HTXLW\VKDUHVRI`HDFKRIHUVWZKLOH%XUURXJKV
:HOOFRPH,QGLD/LPLWHGKHOGLQDEH\DQFH
ISSUED
SUBSCRIBED AND PAID-UP
As at 31st March, 2016
Number of
Shares
Rupees
LQODNKV
Number of
Shares
Rupees
LQODNKV

a)
Reconciliation of the number of shares
%DODQFHDWWKHEHJLQQLQJRIWKH\HDU
,VVXHGGXULQJWKH\HDU
%DODQFHDWWKHHQGRIWKH\HDU
b)
Rights, preferences and restrictions attached to equity shares:
7KH&RPSDQ\KDVRQHFODVVRIHTXLW\VKDUHVKDYLQJDSDUYDOXHRI`SHUVKDUH(DFKVKDUHKROGHULVHOLJLEOHIRURQH
YRWHSHUVKDUHKHOG7KHGLYLGHQGSURSRVHGE\WKH%RDUGRI'LUHFWRUVLVVXEMHFWWRWKHDSSURYDORIWKHVKDUHKROGHUVLQWKH
HQVXLQJ$QQXDO*HQHUDO0HHWLQJH[FHSWLQFDVHRILQWHULPGLYLGHQG,QWKHHYHQWRIOLTXLGDWLRQWKHHTXLW\VKDUHKROGHUV
DUHHOLJLEOHWRUHFHLYHWKHUHPDLQLQJDVVHWVRIWKH&RPSDQ\DIWHUGLVWULEXWLRQRIDOOSUHIHUHQWLDODPRXQWVLQSURSRUWLRQWR
their shareholding.
c)
Shares held by subsidiaries of ultimate holding company in aggregate
(TXLW\VKDUHVRI`HDFKUHSUHVHQWLQJRIWRWDO

shareholding)
d)

Number of
Shares
Rupees
LQODNKV
Number of
Shares
Rupees
LQODNKV

Details of equity shares held by shareholders holding more than 5% shares of the aggregate shares in the
Company:
Number of
%
Shares Shareholding
Number of
%
Shares Shareholding
*OD[R*URXS/LPLWHG8.


(VND\ODE/LPLWHG8.
5,880,000

5,880,000

/LIH,QVXUDQFH&RUSRUDWLRQRI,QGLD

5XSHHVLQODNKV
As at
31st March, 2016
As at
31st March, 2015
1,65.51
1,65.51
1,65.51
1,65.51
2,61.95
2,61.95
2,61.95
2,61.95

RESERVES AND SURPLUS

CAPITAL RESERVE
%DODQFHDVDWWKHEHJLQQLQJRIWKH\HDU
$GGLWLRQV'HGXFWLRQV
%DODQFHDVDWWKHHQGRIWKH\HDU
(a)
CAPITAL REDEMPTION RESERVE

$GGLWLRQV'HGXFWLRQV
(b)
GENERAL RESERVE:
7UDQVIHUIURP6XUSOXVLQ6WDWHPHQWRI3URWDQG/RVV

875,44.44
875,44.44

3URWIRUWKH\HDU

SURPLUS IN STATEMENT OF PROFIT AND LOSS
/HVV$SSURSULDWLRQV
3URSRVHG'LYLGHQG
7D[RQGLYLGHQG
7UDQVIHUWR*HQHUDO5HVHUYH

752,72.53
887,24.61
1632,44.43
1766,96.51
TOTAL
D ,QFOXGHV&HQWUDO*RYHUQPHQWVXEVLG\ÒDNKVDQGFDSLWDOSURWRQUHLVVXHRIVKDUHVIRUIHLWHGRIHUVWZKLOH%XUURXJKV
:HOOFRPH,QGLD/LPLWHGÒDNKV
E 2QDFFRXQWRIEX\EDFNRIHTXLW\VKDUHV
5XSHHVLQODNKV
As at
31st March, 2016
As at
31st March, 2015
1,59.50
2,62.60
1,59.50
2,62.60
LONG TERM BORROWINGS

Unsecured
,QWHUHVWIUHHVDOHVWD[ORDQIURP6,&20/LPLWHG
TOTAL
7HUPVRIUHSD\PHQW
,QWHUHVWIUHH6DOHV7D[/RDQIURP6,&20/LPLWHGDVDWst0DUFKRIÒDNKVSUHYLRXV\HDUÒDNKV
DYDLOHG XQGHU WKH 6DOHV 7D[ GHIHUPHQW 6FKHPH UHSD\DEOH LQ VHYHQWHHQ LQVWDOPHQWV SUHYLRXV \HDU WZHQW\ RQH
LQVWDOPHQWVFORVLQJRQth$SULO7KHFXUUHQWPDWXULW\DPRXQWRIÒDNKVSUHYLRXV\HDUÒDNKVRIWKHORDQ
KDVEHHQGLVFORVHGXQGHU1RWH2WKHU&XUUHQW/LDELOLWLHV
OTHER LONG TERM LIABILITIES

6HFXULW\GHSRVLWVUHFHLYHG
TOTAL
LONG TERM PROVISIONS
)RU3ULFLQJPDWWHUV5HIHU1RWH
)RUHPSOR\HHEHQHWV

*UDWXLW\

/HDYHHQFDVKPHQWDQGFRPSHQVDWHGDEVHQFHV

3RVWUHWLUHPHQWPHGLFDODQGRWKHUEHQHWV
)RUORQJWHUPLQFHQWLYHSODQ
)RUGLYHVWPHQWUHVWUXFWXULQJ
)RURWKHUV
TOTAL
TRADE PAYABLES
'XHVRIPLFURDQGVPDOOHQWHUSULVHV5HIHU1RWH
'XHVRIFUHGLWRUVRWKHUWKDQPLFURDQGVPDOOHQWHUSULVHV
TOTAL
OTHER CURRENT LIABILITIES
&XUUHQW0DWXULW\RI/RQJ7HUP%RUURZLQJV

,QWHUHVWIUHHVDOHVWD[ORDQIURP6,&20/LPLWHG5HIHU1RWH
6XEVLGLDU\FRPSDQ\
8QFODLPHGGLYLGHQGV
6DODULHVZDJHVDQGERQXVSD\DEOH
6WDWXWRU\GXHVLQFOXGLQJSURYLGHQWIXQGDQGWD[GHGXFWHGDWVRXUFH
&UHGLWRUVIRUFDSLWDOJRRGV
5DWLRQDOLVDWLRQUHODWLQJWRDPDQXIDFWXULQJVLWH
2WKHU3D\DEOHV
TOTAL
7KHUHDUHQRDPRXQWVGXHDQGRXWVWDQGLQJWREHFUHGLWHGWR,QYHVWRU
(GXFDWLRQDQG3URWHFWLRQ)XQG
SHORT TERM PROVISIONS
)RUSURSRVHGHTXLW\GLYLGHQG
)RUSURYLVLRQIRUWD[DWLRQQHW5HIHUQRWHD
)RUWD[RQGLVWULEXWHGSURW
)RUHPSOR\HHEHQHWV

*UDWXLW\


)RUUDWLRQDOLVDWLRQUHODWLQJWRDPDQXIDFWXULQJVLWH
)RURWKHUV
TOTAL
As at
31st March, 2016
5XSHHVLQODNKV
As at
31st March, 2015

5,66.33

5,28.86

283,90.11

6,22.52

270,95.87

323,09.02

305,88.63

81.11
22,26.12

203,59.23

1,50.60
20,26.22

131,55.53

86,21.92

526,96.08

1,99.61
1,08.06

668,41.92
10
MOVEMENT IN PROVISIONS
5XSHHVLQODNKV
Rationalisation
relating to a
manufacturing site
Pricing
Long term Divestment /
matters Incentive Plan Restructuring
Others
April 2015-March 2016

2SHQLQJ%DODQFH

$GG3URYLVLRQGXULQJWKH\HDU

/HVV$PRXQWVXWLOLVHGUHYHUVHGGXULQJWKH\HDU

Balance at the year end

26,86.26
January 2014-March 2015

2SHQLQJ%DODQFH

$GG3URYLVLRQGXULQJWKHSHULRG
11

/HVV$PRXQWVXWLOLVHGUHYHUVHGGXULQJWKHSHULRG

8,25.90
Balance at the period end

FIXED ASSETS
5XSHHVLQODNKV
*URVVEORFNDWFRVW
1HWEORFN
Depreciation/Amortisation
$VDWst
$VDWst $VDWst
0DUFK
$GGLWLRQV 'HGXFWLRQV
0DUFK
0DUFK
2015 $GMXVWPHQWV
E
2016
2015
2Q
'HGXFWLRQV $VDWst $VDWst $VDWst
)RUWKH $GMXVWPHQWV
0DUFK
0DUFK
0DUFK
Year
E
2016
2016
2015
(A)
INTANGIBLE ASSETS
'LVWULEXWLRQ5LJKWVF

TOTAL (A)
3,22.80
3,22.80
3,22.80
3,22.80
3UHYLRXVSHULRG$

(B)
TANGIBLE ASSETS
)UHHKROGODQG
/HDVHKROGODQGG
)UHHKROGEXLOGLQJVD
/HDVHKROGEXLOGLQJV

2.00
2.00
2.00
2.00

8,12.11

21,52.69

0.52

3ODQWDQGHTXLSPHQW

25,06.11

)XUQLWXUHDQG[WXUHV

92.65

9HKLFOHV

6,16.66

8,08.02

2IFH(TXLSPHQW

1,15.58

2,19.51

TOTAL (B)

319,19.35
105,91.39

34,57.30 390,53.44 196,13.39 21,54.85
31,19.12 186,49.12 204,04.32
3UHYLRXVSHULRG%
299,08.09

199,00.91

TOTAL (A+B)
319,19.35
109,14.19
34,57.30 393,76.24 196,13.39 24,77.65
31,19.12 189,71.92 204,04.32
3UHYLRXVSHULRG$%
299,08.09

199,00.91

1RWH
D )UHHKROGEXLOGLQJVLQFOXGHLQYHVWPHQWVUHSUHVHQWLQJRZQHUVKLSRIUHVLGHQWLDODWV5HIHU1RWH
E 'HGXFWLRQVLQWKHSUHYLRXVSHULRGLQFOXGH7DQJLEOHDVVHWVKHOGIRUVDOHVKRZQXQGHU2WKHU&XUUHQW$VVHWV5HIHUQRWHJURVVEORFNÒDNKV
accumulated depreciation ÒDNKVDQGQHWEORFNÒDNKV
F ,QWDQJLEOHDVVHWVÒDNKVWRZDUGV'LVWULEXWLRQ5LJKWVRIWKHYDFFLQHVSRUWIROLRDFTXLUHGIURP1RYDUWLV+HDOWKFDUH3ULYDWH/LPLWHG5HIHUQRWH
G $GGLWLRQVWROHDVHKROGODQGSHUWDLQVWRODQGDFTXLUHGIRUWKHQHZJUHHQHOGPDQXIDFWXULQJIDFWRU\EHLQJFRQVWUXFWHGDW%HQJDOXUX5HIHUQRWH
H 'XULQJWKH\HDUWKH&RPSDQ\KDVDGRSWHGHVWLPDWHGXVHIXOOLIHRI[HGDVVHWVDVVWLSXODWHGE\6FKHGXOH,,WRWKH&RPSDQLHV$FWRUUHDVVHVVHG
XVHIXOOLIHEDVHGRQWHFKQLFDOHYDOXDWLRQ7KHLPSDFWRIWKHFKDQJHLQXVHIXOOLYHVRQWKHSURWIRUWKH\HDUHQGHG0DUFKLVQRWPDWHULDO
12
As at
31st March, 2016
5XSHHVLQODNKV
As at
31st March, 2015
5.00
5.00
0.50
0.50

TOTAL
47,66.97
47,66.97

12,25.25

21,52.89
22,02.06
12,55.28
TOTAL
99,39.70
93,03.06
/LDELOLWLHV
'HSUHFLDWLRQLQFOXGLQJWDQJLEOHDVVHWVKHOGIRUVDOH

TOTAL
10,78.79
10,11.63
TOTAL
88,60.91
82,91.43
NON-CURRENT INVESTMENTS
(VALUED AT COST UNLESS OTHERWISE STATED)
TRADE
IN EQUITY INSTRUMENTS
Unquoted

%LRWHFK&RQVRUWLXP,QGLD/LPLWHG

(TXLW\6KDUHVRI`HDFKIXOO\SDLG
'LQHWWH([FOXVLYH&OXE3ULYDWH/LPLWHG

OTHER INVESTMENTS
Unquoted

1DWLRQDO6DYLQJV&HUWLFDWH

/RGJHGZLWK*RYHUQPHQWDXWKRULWLHV
IN SUBSIDIARY COMPANY
Unquoted

%LGGOH6DZ\HU/LPLWHG
13
$JJUHJDWHRI8QTXRWHG,QYHVWPHQWV$W%RRNYDOXH
7KHUHDUHQRLQYHVWPHQWVSXUFKDVHGDQGVROGUHGHHPHGGXULQJWKH\HDU
DEFERRED TAX ASSETS (NET)

'HIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHDWWULEXWDEOHWRWKHIROORZLQJLWHPV
Assets

3URYLVLRQIRUHPSOR\HHEHQHWV

&RVWVRIYROXQWDU\UHWLUHPHQWVFKHPHV

3URYLVLRQIRUGRXEWIXOGHEWVORDQVDQGDGYDQFHV

,QWHUHVWRQ,QFRPHWD[UHIXQGQRWDFFRXQWHGEXWFRQVLGHUHGDVWD[DEOH

XQGHUWKH,QFRPHWD[$FW

([SHQVHVDOORZDEOHIRUWD[SXUSRVHVZKHQSDLG
5XSHHVLQODNKV

14
LONG TERM LOANS AND ADVANCES
8QVHFXUHGFRQVLGHUHGJRRGXQOHVVRWKHUZLVHVWDWHG
Capital advances
81,11.91
/HVV$OORZDQFHIRUGRXEWIXOORDQVDQGDGYDQFHV

6HFXULW\'HSRVLWV

166,92.55
2WKHUORDQVDQGDGYDQFHV5HIHU1RWH
$GYDQFHLQFRPHWD[QHW5HIHU1RWHE
%DODQFHZLWK*RYHUQPHQW$XWKRULWLHV

6XQGU\'HSRVLWV

/RDQVDQGDGYDQFHVUHFRYHUDEOHLQFDVKRULQNLQG
TOTAL

296,35.82
288,31.03
5.92
5.92
LQFOXGHVRXWVWDQGLQJORDQVUHFHLYDEOHIURPUHODWHGSDUWLHV
15
OTHER NON CURRENT ASSETS

5HPLWWDQFHVLQWUDQVLW>5HIHU1RWHLLL@
0DUJLQPRQH\'HSRVLWDJDLQVWEDQNJXDUDQWHH
16

2,92.21
7DQJLEOHDVVHWVKHOGIRUVDOHDWERRNYDOXHRUHVWLPDWHGQHW
UHDOLVDEOHYDOXHVDOYDJHYDOXHZKLFKHYHULVORZHU
11,05.90
11,05.90
TOTAL
11,41.49
14,04.03

7UDGHGJRRGVLQFOXGHVLQWUDQVLWÒDNKVSUHYLRXV
\HDUÒDNKV

)LQLVKHGJRRGV

TOTAL
521,66.25
368,85.59
10,80.52

90,99.60

126,56.50
100,31.79
INVENTORIES
6WRUHVDQGVSDUHV
5DZDQGSDFNLQJPDWHULDOVLQFOXGHVLQWUDQVLW`
ODNKVSUHYLRXV\HDUÒDNKV
:RUNLQSURJUHVV
17
TRADE RECEIVABLES
Considered good
2XWVWDQGLQJIRUDSHULRGH[FHHGLQJVL[PRQWKVIURPWKH
GDWHWKH\DUHGXHIRUSD\PHQW
2WKHUV
&RQVLGHUHGGRXEWIXO
2XWVWDQGLQJIRUDSHULRGH[FHHGLQJVL[PRQWKVIURPWKH
GDWHWKH\DUHGXHIRUSD\PHQW
2WKHUV
/HVV3URYLVLRQIRUGRXEWIXOGHEWV
TOTAL
18
19
20
CASH AND BANK BALANCES

&DVKDQGFDVKHTXLYDOHQWV
Cash on hand
%DODQFHVZLWKEDQNV
Current account

7HUPGHSRVLWZLWKRULJLQDOPDWXULW\SHULRGRIOHVVWKDQWKUHHPRQWKV
2WKHUEDQNEDODQFHV

7HUPGHSRVLWZLWKRULJLQDOPDWXULW\SHULRGRIPRUHWKDQWKUHHPRQWKV
EXWOHVVWKDQWZHOYHPRQWKV

7HUPGHSRVLWZLWKRULJLQDOPDWXULW\SHULRGRIPRUHWKDQWZHOYHPRQWKV
EXWPDWXULQJZLWKLQQH[WWZHOYHPRQWKV
8QSDLGGLYLGHQGDFFRXQWV

TOTAL
SHORT TERM LOANS AND ADVANCES
&XUUHQWDFFRXQWEDODQFHVZLWKJURXSFRPSDQLHV
3UHSDLG([SHQVHV
$GYDQFHVUHFRYHUDEOHLQFDVKRULQNLQG
TOTAL
OTHER CURRENT ASSETS
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TOTAL
As at
31st March, 2016
5XSHHVLQODNKV
As at
31st March, 2015
0.12

56,01.00

60,02.00

12,00.00

22,26.12
2,69.02
1333,45.42
20,26.22

1898,01.75

9,51.88

115,96.71

68,66.99
119,74.32

12,59.85

48,53.77
16.80
78,24.91
21
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As at
31st March, 2016
5XSHHVLQODNKV
As at
31st March, 2015

14.27

8.38

5.89
5.89

2.00
2.00

21,52.80
21,52.80
5XSHHVLQODNKV
Year ended
31st March, 2016
27
28
PROPOSED DIVIDEND
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REVENUE FROM OPERATIONS
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TOTAL
(a)

29

50.00

DETAILS OF SALE OF PRODUCTS

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(b) OTHER OPERATING REVENUE

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TOTAL
15 months ended
31st March, 2015

62.50

2756,95.69
3287,57.80
1258,25.86

2814,80.38

3358,54.49

5,80.90

26.00
-

120,14.78

197,20.45

(42.13)

1,08.22
121,82.51

58.00

198,67.17
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2016 (CONTD.)
5XSHHVLQODNKV
Year ended
31st March, 2016
30
15 months ended
31st March, 2015
COST OF MATERIALS CONSUMED

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TOTAL
636,96.72
726,73.46
1RWHV
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VALUE OF IMPORTED AND INDIGENOUS RAW AND
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31

10.86

100.00
636,96.72
100.00
726,73.46
PURCHASE OF TRADED GOODS

3XUFKDVHRIWUDGHGJRRGV

TOTAL
739,93.66
779,89.39
162,29.61

DETAILS OF PURCHASE OF TRADED GOODS

7DEOHWVDQG&DSVXOHV


125,58.12
739,93.66
779,89.39
9DFFLQHV
2WKHUV
32
CHANGES IN INVENTORIES OF FINISHED GOODS,

WORK-IN-PROGRESS AND TRADED GOODS
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Traded goods

270,33.16
268,94.47
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)LQLVKHGJRRGV

Traded goods

414,81.72
TOTAL

(144,48.56)
270,33.16

(1,38.69)
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31st March, 2016
33
EMPLOYEE BENEFITS EXPENSES

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TOTAL
34
15 months ended
31st March, 2015
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TOTAL

10.89

8,02.19

443,37.45
493,02.23
119,91.00

5,29.98

12,88.66

15.05

6.00
26.25

6.58
6.00
20.00

9.11
1,22.01

19,58.55

603,81.32

6,58.01

1,21.08

5,58.12

19.80

662,12.90
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Annexure 1
Form No. MGT-9
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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:-
III.
Sr.
No.
Name and Description of main products/ services
NIC Code of the Product/ service
% to total turnover of the company
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21002
100
PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

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Name and address of the Company
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% of shares
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Holding
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Holding /
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associate
Promoters
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Public Shareholding
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Non-Institutions
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Shares held by Custodian for GDRs
& ADRs
Grand Total (A+B+C)

year i.e 1st April 2015
% of Total
Demat
Physical
Total
Shares
No. of Shares held at the end of the

year i.e 31st March 2016
% of Total
Shares
Demat
Physical
Total
% Change
during the
year
960000
-
960000
-
100
-
960000
-
960000
-
100
-
960000
960000
100
960000
960000
100
960000
960000
100
960000
960000
100

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Shareholding of Promoters
Sr.
No.
Shareholders Name
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Total
Shareholding at the beginning of the

year 1st April 2015
No. of
% of total % of Shares
Shares
Shares
Pledged /
of the
encumbered
company
to total
shares
960000
100
0
960000
100
0
Shareholding at the end of the year

31st March 2016
No. of
% of total % of Shares
Shares
Shares
Pledged /
of the
encumbered
company
to total
shares
960000
100
0
960000
100
0
(iii)
Change in Promoters Shareholding (please specify, if there is no change): There is no change in Promoters Shareholding
(iv)
Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):
Sr.
No.
Top Ten Shareholders

No. of Shares
1.
959999
99.99
1LO
1LO
959999
99.99
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Shareholding of Directors and Key Managerial Personnel:
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Name of the Director/KMP
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2
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V.
INDEBTEDNESS
VI.
REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
Cumulative shareholding during

No. of Shares % of total shares No. of Shares % of total shares
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of the company
0
0.00
1
0.00
1
0.00
0
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Indebtedness of the Company including interest outstanding/accrued but not due for payment : 1,/
VI.
A.
Remuneration to Managing Director, Whole-time Directors and/or Manager: 1,/
B.
Remuneration of other directors: 1,/
C.
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PENALTIES/ PUNISHMENT/ COMPOUNDING OF OFFENCES:

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As at 31st
March, 2016
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15 Months
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Ended 31st
31st March,
2016 March, 2015
As at 31st
March, 2015
Rupees '000
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creditors other than micro

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Total
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9

10

11

(2) Current assets

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12

7UDGHUHFHLYDEOHV

81,11

&DVKDQGEDQNEDODQFHV

15

2WKHUFXUUHQWDVVHWV
16

Total
3248,75

Rupees '000 Rupees '000

96,00

a.
3URWEHIRUHWD[

5HYHQXHIURPRSHUDWLRQV*URVV
/HVV([FLVHGXW\
5HYHQXHIURPRSHUDWLRQV1HW
2WKHU,QFRPH
Total Revenue
([SHQVHV
3XUFKDVHRI6WRFNLQ7UDGH
&KDQJHVLQLQYHQWRULHVRIQLVKHGJRRGV
ZRUNLQSURJUHVVDQG6WRFNLQ7UDGH
2WKHUH[SHQVHV
Total Expenses
3URWEHIRUHWD[
7D[H[SHQVH
&XUUHQWWD[
'HIHUUHGWD[
3URWIRUWKHSHULRG
(DUQLQJVSHUVKDUHEDVLFDQGGLOXWHG`)
)DFHYDOXHRIVKDUHV` 10 each
19
20

152,58

Adjustments for :

,QYHQWRULHV

2838,33
7UDGHUHFHLYDEOHV
2,08
18,80

7UDGHSD\DEOHV
2WKHU&XUUHQW/LDELOLWLHV
Cash generated from / (used in) operations

150,60
1258,89

2838,33
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b.
,QWHUHVWUHFHLYHG
Rupees '000 Rupees '000

59,85

216,10

Net increase / (decrease) in cash and cash

equivalents
(A+B)

&DVKDQGFDVKHTXLYDOHQWVDVDWst April, 2015

RSHQLQJEDODQFH
1258,89

&DVKDQGFDVKHTXLYDOHQWVDVDW 0DUFK
FORVLQJEDODQFH

1258,89

15 Months
Ended 31st
March, 2015


3XUFKDVHVDOHRIEDQNGHSRVLWVZLWKPDWXULW\
period more than 12 months
3URWDQG/RVVVWDWHPHQWIRUWKH\HDUHQGHGst March, 2016

Year Ended
31st March,
2016

Adjustments for :
,QWHUHVWLQFRPH
$VSHURXUUHSRUWRIHYHQGDWHDWWDFKHG
For CORNELIUS & DAVAR
$QQDVZDP\9DLGKHHVK Andrew A. Aristidou
Chairman
Director
',1
',1
586720''$9$5
(PROPRIETOR)
Membership No. F.10620
Place : Mumbai
Date: 25th May, 2016
Note
No.
st
Net increase / (decrease) in cash and cash

equivalents
127(6
21
29
555,11
-

22

&DVKDQGEDQNEDODQFHV

1258,89

552,50


1258,89

80
161,25
16.80
229,85

1.

Chairman
Director
',1
',1
586720''$9$5
(PROPRIETOR)
Place : Mumbai
&DVKDQGFDVKHTXLYDOHQWVLQFOXGH
7KH&DVK)ORZ6WDWHPHQWKDVEHHQSUHSDUHGXQGHUWKH,QGLUHFW0HWKRGDVVHW
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&KDUWHUHG$FFRXQWDQWVRI,QGLD
Chairman
Director
',1
',1
586720''$9$5
(PROPRIETOR)
Place : Mumbai

NOTES TO FINANCIAL STATEMENTS

2 SHARE CAPITAL
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a)
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per the Companys normal operating cycle and other criteria set out in the
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VWDWHGDWORZHURIERRNYDOXHDQGHVWLPDWHGQHWUHDOLVDEOHYDOXHVDOYDJHYDOXH
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in value other than temporary in which case the carrying value is reduced to
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whichever is less.
d)
,QYHQWRULHV
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Revenue Recognition
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F
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96,00
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SHUVKDUH(DFKVKDUHKROGHURI
HTXLW\VKDUHVLVHQWLWOHGWRRQHYRWH
per share. The company declares
DQG SD\V GLYLGHQGV LQ ,QGLDQ
UXSHHV 7KH GLYLGHQG SURSRVHG E\
WKH %RDUG RI 'LUHFWRUV LV VXEMHFW WR
WKH DSSURYDO RI WKH VKDUHKROGHUV LQ
WKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ
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Rupees

96,00
96,00
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FRPSDQ\ WKH KROGHUV RI HTXLW\
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SURSRUWLRQ WR WKH QXPEHU RI HTXLW\
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G 'HWDLOVRIVKDUHKROGHUVKROGLQJPRUH 1XPEHURI
6KDUHV
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*OD[R6PLWK.OLQH3KDUPDFHXWLFDOV
960,000
/LPLWHGWKH+ROGLQJ&RPSDQ\
^`
1XPEHURI
6KDUHV
960,000
^`

As at 31st
March, 2016
As at 31st
March, 2015
Rupees '000
Rupees '000
2,91
2,91
CAPITAL RESERVE
$GGLWLRQV'HGXFWLRQV
7UDQVIHUIURP3URWDQG/RVV$FFRXQW
i)
([FLVH'XW\
7KHH[FLVHGXW\LQUHVSHFWRIFORVLQJLQYHQWRU\RIQLVKHGJRRGVLVLQFOXGHG
DVSDUWRILQYHQWRU\7KHDPRXQWRI&(19$7FUHGLWVLQUHVSHFWRIPDWHULDOV
FRQVXPHGIRUVDOHVLVGHGXFWHGIURPFRVWRIPDWHULDOVFRQVXPHG
96,00
960,000
960,000
2WKHU$FFRXQWLQJ3ROLFLHV
96,00
1XPEHURI
6KDUHV
These are consistent with the generally accepted accounting principles.
96,00
96,00
96,00
N
96,00
Rupees

7KH &RPSDQ\ KDV LWV RZQ *UDWXLW\ )XQG UHFRJQLVHG E\ WKH ,QFRPH 7D[
DXWKRULWLHVDQGWKHIXQGLVDGPLQLVWHUHGWKURXJK7UXVWHHV7KH6XSHUDQQXDWLRQ
IXQGEHQHWVLVDGPLQLVWHUHGE\DWUXVWIRUPHGIRUWKLVSXUSRVHWKURXJKWKH
*URXS 6FKHPHV RI WKH /LIH ,QVXUDQFH &RUSRUDWLRQ RI ,QGLD DQG WKH OLDELOLW\
WRZDUGV6XSHUDQQXDWLRQLVSURYLGHGDFFRUGLQJWRWKHUXOHVRIWKH)XQG
&XUUHQWWD[LVGHWHUPLQHGDVWKHDPRXQWRIWD[SD\DEOHLQUHVSHFWRIWD[DEOH
LQFRPHIRUWKHSHULRG'HIHUUHGWD[LVUHFRJQLVHGVXEMHFWWRWKHFRQVLGHUDWLRQ
RI SUXGHQFH RQ WLPLQJ GLIIHUHQFHV EHLQJ WKH GLIIHUHQFH EHWZHHQ WD[DEOH
LQFRPHDQGDFFRXQWLQJLQFRPHWKDWRULJLQDWHLQRQHSHULRGDQGDUHFDSDEOH
RIUHYHUVDOLQRQHRUPRUHVXEVHTXHQWSHULRGV
96,00
960,000
960,000
150,00
1XPEHURI
6KDUHV
3URYLVLRQIRU5HWLUHPHQW%HQHWV
7D[HVRQ,QFRPH
150,00
6KDUHVKHOGE\KROGLQJFRPSDQ\
(TXLW\6KDUHVRI` 10 each 960,000
3UHYLRXV\HDUKHOGE\
*OD[R6PLWK.OLQH3KDUPDFHXWLFDOV
/LPLWHGWKH+ROGLQJ&RPSDQ\
5HFRQFLOLDWLRQRIWKHQXPEHURIVKDUHV
h)
M
As at
31st March, 2015
Rupees '000
Authorised
3UHYLRXV\HDU
(TXLW\6KDUHVRI`10 each
ISSUED, SUBSCRIBED & PAID-UP:
3UHYLRXV\HDU(TXLW\
6KDUHVRI`HDFKIXOO\SDLGXS
RIWKHDERYHRUGLQDU\VKDUHVKDYH
EHHQDOORWWHGDVIXOO\SDLGXS%RQXVVKDUHV
E\FDSLWDOLVDWLRQRI*HQHUDO5HVHUYH
TOTAL
\HDUV
c)
As at
31st March, 2016
Rupees '000
2,91
2,91
1006,01
1006,01
GENERAL RESERVE:
-
1006,01
1006,01

910,85
PROFIT & LOSS ACCOUNT

3URWIRUWKH\HDU
161,25


TOTAL


4

As at 31st
March, 2016
As at 31st
March, 2015
Rupees '000
Rupees '000
6HFXULW\'HSRVLW

2WKHUV

TOTAL

'UXJV3ULFHV(TXDOLVDWLRQ$FFRXQWUHIHUQRWH

3URYLVLRQIRUSULFLQJRIIRUPXODWLRQ

125,33
125,33
'HIHUUHG7D[$VVHW
3URYLVLRQIRUSULFLQJRIIRUPXODWLRQ
As at 31st
March, 2016
As at 31st
March, 2015
Rupees '000
Rupees '000

18,15
TOTAL
DEFERRED TAX ASSET (Net)
TRADE PAYABLES
'XHVRIPLFURDQGVPDOOHQWHUSULVHV

'XHVRIFUHGLWRUVRWKHUWKDQPLFURDQGVPDOO
enterprises

TOTAL
465,08
215,28
$GYDQFH,QFRPH7D[
8QVHFXUHGFRQVLGHUHGJRRG
$GYDQFHVUHFRYHUDEOHLQFDVKRUNLQG
26,68
26,68
6XQGU\'HSRVLWV

554,85
485,58
'HSRVLWVZLWKEDQNVRIPDWXULW\SHULRGPRUH
than 12 months

TOTAL

11
7

3DFNLQJPDWHULDOV

:RUNLQSURJUHVV

)LQLVKHGJRRGV

6WRFNLQWUDGH
13

6WDWXWRU\GXHV

TOTAL
3,46
4,09

INVENTORIES

420,41
672,68
/HVVWKDQVL[PRQWKV8QVHFXUHGFRQVLGHUHG
good
81,11
150,60
TOTAL
81,11
150,60
115,98
58,89

1200,00
1415,98
1258,89
TOTAL
7KH DERYH LQIRUPDWLRQ KDV EHHQ GHWHUPLQHG

WR WKH H[WHQW VXFK SDUWLHV KDYH EHHQ LGHQWLHG
RQ WKH EDVLV RI LQIRUPDWLRQ DYDLODEOH ZLWK WKH
&RPSDQ\ 7KLV KDV EHHQ UHOLHG XSRQ E\ WKH
Auditors.

OTHER NON-CURRENT ASSETS
Raw materials
7KHUH DUH QR GHOD\V LQ SD\PHQWV WR 0LFUR DQG

6PDOO HQWHUSULVHV DV UHTXLUHG WR EH GLVFORVHG
XQGHUWKH0LFUR6PDOODQG0HGLXP(QWHUSULVHV
'HYHORSPHQW$FW
18,80
LONG-TERM LOANS AND ADVANCES
12
-
65
17,99
10
TOTAL
TOTAL

TRADE RECEIVABLES
14
%DQNEDODQFHV
,QFXUUHQWDFFRXQWV
2WKHUEDQNEDODQFHV
/RQJWHUPGHSRVLWVZLWKPDWXULW\SHULRGPRUH
WKDQPRQWKVEXWOHVVWKDQPRQWKV
TOTAL
TANGIBLE FIXED ASSETS

Rupees 000
Sr
No.
Particulars
/DQG
)DFWRU\%XLOGLQJ

3ODQW 0DFKLQHU\

)XUQLWXUH )L[WXUHV
Cycles
Computers
GROSS BLOCK
DEPRECIATION
As at
01/04/2015
Additions
Deductions
As at
31/03/2016
NET BLOCK
As at
01/04/2015
for the year
Deductions
As at
31/03/2016
As at
31/03/2016
As at
31/03/2015
2,08
2,08
2,08
2,08
16,98
16,98
16,98
16,98

Total
199,32
199,32
197,24
197,24
2,08
2,08
Previous Year
199,32
199,32
197,24
197,24
2,08

15
Rupees '000
Rupees '000
%DODQFHZLWKFXVWRPVDQGH[FLVH
TOTAL
16
As at 31st
March, 2015
SHORT-TERM LOANS AND ADVANCES
Advances to suppliers
As at 31st
March, 2016

750,27
242,85
Rupees '000
Rupees '000
20
OTHER INCOME
,QWHUHVW,QFRPH

TOTAL
93,03
127,18

555,11
750,27

21
,QWHUHVWDFFUXHGRQ%DQN'HSRVLWV,QYHVWPHQWV

TOTAL
4,61
5,40

COST OF MATERIAL CONSUMED

5DZPDWHULDOVFRQVXPHG5HIHUQRWH
CONTINGENT LIABILITIES
TOTAL
&ODLPVDJDLQVWWKH&RPSDQ\QRWDFNQRZOHGJHG
DVGHEWV
,QFRPHWD[PDWWHUV
6DOHVWD[PDWWHUV
*XDUDQWHHJLYHQE\WKH&RPSDQ\WRWKH
Customs Authorities
%DVHG RQ WKH GDWD REWDLQHG E\ *RYHUQPHQW
it had directed the Company to pay a tentative
amount along with interest due thereon into the
'UXJV3ULFHV(TXLOLVDWLRQ$FFRXQW'3($XQGHU
'UXJV 3ULFH &RQWURO 2UGHU LQ UHVSHFW RI
%XON 'UXJ $PR[LFLOOLQ 7ULK\GUDWH RQ DFFRXQW
RI DOOHJHG XQLQWHQGHG EHQHW HQMR\HG E\ WKH
&RPSDQ\ 7KH &RPSDQ\ KDG OHG LWV UHSO\
FRQWHQGLQJWKDWQRDPRXQWLVSD\DEOHLQWR'3($
18
15 Months
Ended 31st
March, 2015
17
Year Ended
31st March,
2016
22
19,96
19,96
200,00
200,00

DRUGS PRICES EQUALISATION ACCOUNT

The Company received a letter dated 20thth
$XJXVW IURP WKH &HQWUDO *RYHUQPHQW
GHPDQGLQJ DQ DPRXQW RI `
comprising ` LQ UHVSHFW RI
SULFHV UHODWLQJ WR 6DOEXWDPRO IRUPXODWLRQV
GXULQJ WKH SHULRG $SULO WR 'HFHPEHU
ZLWK LQWHUHVW WKHUHRQ DPRXQWLQJ WR
`XSWRst July, 1998. The Company
KDG EHHQ OHJDOO\ DGYLVHG WKDW WKH GHPDQG RI
`LVQRWVXVWDLQDEOHDQGLWWKHUHIRUH
IROORZV WKDW WKH LQWHUHVW GHPDQG DOVR FDQQRW
EH VXVWDLQHG 7KH WRWDO GHPDQG KDV EHHQ
FKDOOHQJHGE\WKH&RPSDQ\LQD:ULW3HWLWLRQOHG
LQ WKH %RPED\ +LJK &RXUW 7KH %RPED\ +LJK
&RXUWKDVJUDQWHGDQLQWHULPVWD\RIWKHGHPDQG
VXEMHFW WR WKH &RPSDQ\ GHSRVLWLQJ RI WKH
principal amount. Accordingly, the Company
KDVGHSRVLWHGDQDPRXQWRI`ZLWKWKH
*RYHUQPHQWRQrd0D\7KLVLVDQRUPDO
LQWHULP RUGHU SDVVHG E\ WKH +LJK FRXUW LQ VXFK
PDWWHUV DQG GRHV QRW LQ DQ\ ZD\ UHHFW XSRQ
WKHPHULWVRURWKHUZLVHRIWKHFDVH7KHDPRXQW
ZLOOEHUHIXQGHGLIWKH&RPSDQ\VXFFHHGVDWWKH
QDO KHDULQJ RI WKH PDWWHU 7KH *RYHUQPHQWV
DSSOLFDWLRQLQWKH6XSUHPH&RXUWSUD\LQJWKDWWKLV
ZULWSHWLWLRQEHWUDQVIHUUHGWRWKH6XSUHPH&RXUW
IURPWKH%RPED\+LJK&RXUWZDVQRWDOORZHGDQG
WKH&RPSDQ\VZULWSHWLWLRQZLOOQRZEHKHDUGE\
WKH%RPED\+LJK&RXUW
19
REVENUE FROM OPERATIONS (NET)
6DOHRISURGXFWV
)LQLVKHGJRRGV
6WRFNLQWUDGH
2WKHU2SHUDWLQJ5HYHQXH
5HYHQXHIURPRSHUDWLRQVJURVV
/HVV([FLVH'XW\
TOTAL
&RVWRIPDWHULDOVFRQVXPHGLVEDVHGRQ
derived values)
22
CHANGES IN INVENTORIES OF FINISHED

GOODS, WORK-IN-PROGRESS AND STOCKIN-TRADE
2SHQLQJLQYHQWRULHV
)LQLVKHG*RRGV
:RUNLQ3URJUHVV
6WRFNLQ7UDGH

Closing inventories
)LQLVKHG*RRGV
:RUNLQ3URJUHVV
6WRFNLQ7UDGH
TOTAL

24
(230,96)
23
OTHER EXPENSES
6HOOLQJ 'LVWULEXWLRQ([SHQVHV

0DQXIDFWXULQJ&KDUJHV

Repairs - Building
Rent

5DWHV 7D[HV

([FLVH'XW\

5HPXQHUDWLRQRIDXGLWRUV

6WDWXWRU\DXGLWIHHV
Year Ended
31st March,
2016
15 Months
Ended 31st
March, 2015
7D[DXGLWIHHV

2WKHUVHUYLFHV

Rupees '000
Rupees '000

88
&RVWDXGLWIHHV

25
5HLPEXUVHPHQWRIH[SHQVHVWR*OD[R6PLWK.OLQH

98,69

51,55
91

1260,43
1906,31
&RUSRUDWH6RFLDO5HVSRQVLELOLW\5HIHU1RWH
([FKDQJHORVVQHW
0LVFHOODQHRXV([SHQVHV
TOTAL

552,50
807,00

24
EARNINGS PER SHARE
(DUQLQJVSHUVKDUH
Year Ended
31st March,
2016
15 Months
Ended 31st
March, 2015
Rupees. '000
Rupees. '000
31
RELATED PARTY DISCLOSURES

1
Related parties with whom there were transactions during the year are listed
EHORZ
+ROGLQJ&RPSDQ\
7KHFRPSDQ\LVDZKROO\RZQHGVXEVLGLDU\RI*OD[R6PLWK.OLQH

7KHIROORZLQJWUDQVDFWLRQVZHUHFDUULHGRXWZLWKWKHUHODWHGSDUWLHVDWQRUPDO
FRPPHUFLDOWHUPVLQWKHRUGLQDU\FRXUVHRIEXVLQHVV
(DUQLQJVSHUVKDUHLVFDOFXODWHGE\GLYLGLQJWKH
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Rupees '000
Holding Company
161,25

960,000
960,000
16.80

10
10
3D\PHQWRIFRPPRQFRVWV
5DZDQGSDFNLQJPDWHULDOV
220,11
590,29
TOTAL
220,11
590,29

110,55
110,89
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CIF VALUE OF IMPORTS
15 Months
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25
Year Ended
31st March,
2016
32
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215,91

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current accounts.
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Rupees '000
As at 31st March,
2016
&XUUHQF\([FKDQJH
26
VALUE AND PERCENTAGE OF IMPORTED /

INDIGENOUS
0$7(5,$/6&21680('

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,QGLJHQRXV
TOTAL
27
555,11
$PRXQW
33
86'

86'
(XUR

(XUR

CORPORATE SOCIAL RESPONSIBILITY

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Year Ended
31st March,
2016
Rupees '000
15 Months
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13,85

750,27

2WKHUV

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555,11
750,27
TOTAL
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RAW AND PACKING MATERIALS CONSUMED

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28
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34
CHANGE IN FINANCIAL YEAR
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necessary.
SALES OF TRADED GOODS

7DEOHWV
51,55
TOTAL
51,55

7DEOHWV

TOTAL
1,34
30
SEGMENT REPORTING
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WKDWUHFHLSWVDQGH[SHQGLWXUHVRIWKHFRPSDQ\DUHEHLQJPDGHRQO\LQDFFRUGDQFHZLWKDXWKRULVDWLRQVRIPDQDJHPHQWDQG
GLUHFWRUV RI WKH FRPSDQ\ DQG SURYLGH UHDVRQDEOH DVVXUDQFH UHJDUGLQJ SUHYHQWLRQ RU WLPHO\ GHWHFWLRQ RI XQDXWKRULVHG
DFTXLVLWLRQXVHRUGLVSRVLWLRQRIWKHFRPSDQ\VDVVHWVWKDWFRXOGKDYHDPDWHULDOHIIHFWRQWKHQDQFLDOVWDWHPHQWV
Inherent Limitations of Internal Financial Controls Over Financial Reporting

%HFDXVHRIWKHLQKHUHQWOLPLWDWLRQVRILQWHUQDOQDQFLDOFRQWUROVRYHUQDQFLDOUHSRUWLQJLQFOXGLQJWKHSRVVLELOLW\RIFROOXVLRQRU
LPSURSHUPDQDJHPHQWRYHUULGHRIFRQWUROVPDWHULDOPLVVWDWHPHQWVGXHWRHUURURUIUDXGPD\RFFXUDQGQRWEHGHWHFWHG$OVR
SURMHFWLRQVRIDQ\HYDOXDWLRQRIWKHLQWHUQDOQDQFLDOFRQWUROVRYHUQDQFLDOUHSRUWLQJWRIXWXUHSHULRGVDUHVXEMHFWWRWKHULVN
WKDWWKHLQWHUQDOQDQFLDOFRQWURORYHUQDQFLDOUHSRUWLQJPD\EHFRPHLQDGHTXDWHEHFDXVHRIFKDQJHVLQFRQGLWLRQVRUWKDW
WKHGHJUHHRIFRPSOLDQFHZLWKWKHSROLFLHVRUSURFHGXUHVPD\GHWHULRUDWH
Opinion
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PDWHULDOUHVSHFWVDQDGHTXDWHLQWHUQDOQDQFLDOFRQWUROVV\VWHPRYHUQDQFLDOUHSRUWLQJDQGVXFKLQWHUQDOQDQFLDOFRQWUROV
RYHUQDQFLDOUHSRUWLQJZHUHRSHUDWLQJHIIHFWLYHO\DVDW0DUFKEDVHGRQWKHLQWHUQDOFRQWURORYHUQDQFLDOUHSRUWLQJ
FULWHULDHVWDEOLVKHGE\WKH&RPSDQ\FRQVLGHULQJWKHHVVHQWLDOFRPSRQHQWVRILQWHUQDOFRQWUROVWDWHGLQWKH*XLGDQFH1RWHRQ
$XGLWRI,QWHUQDO)LQDQFLDO&RQWUROV2YHU)LQDQFLDO5HSRUWLQJLVVXHGE\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD
Other Matters
2XUDIRUHVDLGUHSRUWVXQGHU6HFWLRQLRIWKH$FWRQWKHDGHTXDF\DQGRSHUDWLQJHIIHFWLYHQHVVRIWKHLQWHUQDOQDQFLDO
FRQWUROVRYHUQDQFLDOUHSRUWLQJLQVRIDUDVLWUHODWHVWRVXEVLGLDU\&RPSDQ\ZKLFKLVWKH&RPSDQ\LQFRUSRUDWHGLQ,QGLDLV
EDVHGRQWKHFRUUHVSRQGLQJUHSRUWVRIWKHDXGLWRUVRIVXFK&RPSDQ\LQFRUSRUDWHGLQ,QGLD2XURSLQLRQLVQRWTXDOLHGLQ
UHVSHFWRIWKLVPDWWHU
0XPEDL

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)RUPrice Waterhouse & Co Bangalore LLP

Asha Ramanathan
3DUWQHU
0HPEHUVKLS1XPEHU
CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2016

As at
31st March, 2016
5XSHHVLQODNKV
As at
31st March, 2015
2

5
6
1,59.50

2,62.60

2,59.25

8
9
202,81.58
526,96.08
3046,01.35

3215,66.65
11
11

525,86.66
126,56.50

3046,01.35

3215,66.65
Note
No
SHAREHOLDERS' FUNDS

6KDUHFDSLWDO
Reserves and surplus
NON-CURRENT LIABILITIES

/RQJWHUPERUURZLQJV


/RQJWHUPSURYLVLRQV
CURRENT LIABILITIES

7UDGHSD\DEOHV

D 7RWDORXWVWDQGLQJGXHVRIPLFURDQGVPDOOHQWHUSULVHV

E 7RWDORXWVWDQGLQJGXHVRIFUHGLWRUVRWKHUWKDQPLFURDQGVPDOO
enterprises


6KRUWWHUPSURYLVLRQV
TOTAL
ASSETS
NON-CURRENT ASSETS

)L[HGDVVHWV

,QWDQJLEOHDVVHWV

7DQJLEOHDVVHWV

&DSLWDOZRUNLQSURJUHVV5HIHUQRWH

1RQFXUUHQWLQYHVWPHQWV



CURRENT ASSETS
,QYHQWRULHV

7UDGHUHFHLYDEOHV

&DVKDQGEDQNEDODQFHV


2WKHUFXUUHQWDVVHWV
TOTAL
12

15
16

18
19
20
7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKHVHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
7KLVLVWKH&RQVROLGDWHG%DODQFH6KHHWUHIHUUHGWRLQRXUUHSRUWRIHYHQGDWH
Asha Ramanathan
3DUWQHU
0HPEHUVKLS1R
Chairman
0DQDJLQJ'LUHFWRU
&RPSDQ\6HFUHWDU\
0XPEDLth0D\
0XPEDLth0D\
'63$5(.+
',1
$9DLGKHHVK
',1
A.A. Aristidou
',1
'6XQGDUDP
',1
$$1DGNDUQL
CONSOLIDATED STATEMENT OF PROFIT AND LOSS

5XSHHVLQODNKV
Note
No.
Year ended
31st March, 2016
15 months ended
31st March, 2015

6DOHRISURGXFWV
([FLVHGXW\
6DOHRISURGXFWVQHW

5HYHQXHIURPRSHUDWLRQV
28

2WKHU,QFRPH
29

2891,10.66
3504,46.03
Total Revenue

3XUFKDVHVRIWUDGHGJRRGV

&KDQJHVLQLQYHQWRULHVRIQLVKHGJRRGVZRUNLQSURJUHVVDQG
traded goods

(PSOR\HHEHQHWVH[SHQVH

'HSUHFLDWLRQDQGDPRUWLVDWLRQH[SHQVH
11

2WKHUH[SHQVHV

608,12.82

2314,25.09
2696,89.76

Total Expenses
3URWEHIRUHH[FHSWLRQDOLWHPVDQGWD[
([FHSWLRQDO,WHPV

3URWEHIRUH7D[

7D[H[SHQVH
&XUUHQWWD[
'HIHUUHGWD[
1HW3URW

376,82.59
476,41.09

56.24
(DUQLQJVSHUHTXLW\VKDUHEDVLFDQGGLOXWHG`)
)DFHYDOXH` 10 each.

7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKHVHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
7KLVLVWKH&RQVROLGDWHG6WDWHPHQWRI3URWDQG/RVVUHIHUUHGWRLQRXUUHSRUWRIHYHQGDWH
Asha Ramanathan
3DUWQHU
0HPEHUVKLS1R
Chairman
0DQDJLQJ'LUHFWRU
&RPSDQ\6HFUHWDU\
0XPEDLth0D\
'63$5(.+
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$9DLGKHHVK
',1
A.A. Aristidou
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'6XQGDUDP
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0XPEDLth0D\
CONSOLIDATED CASH FLOW STATEMENT

a.
Year ended
31st March, 2016
5XSHHVLQODNKV
15 months ended
31st March, 2015


3URWEHIRUHWD[DWLRQDQGH[FHSWLRQDOLWHPV
Adjustments for :
3URWRQVDOHGLVSRVDORIWDQJLEOHDVVHWVQHW
,QWHUHVWLQFRPH
,QWHUHVWH[SHQVH
'HSUHFLDWLRQ$PRUWLVDWLRQ

479,59.27
633,89.81

Adjustments for :
,QYHQWRULHV
7UDGH5HFHLYDEOHV
2WKHUFXUUHQWDVVHWV


7UDGHSD\DEOHV

3URYLVLRQV
10,22.88

28,29.21


355,95.97
596,99.99

&DVKRZEHIRUHH[FHSWLRQDOLWHPV
150,00.97
344,57.25


&RVWVIRU$VVHW6DOHWUDQVDFWLRQZLWK1RYDUWLV

139,19.07
337,64.34

Cash generated from operations

([FHSWLRQDOLWHPV
3D\PHQWVXQGHU9ROXQWDU\5HWLUHPHQW6FKHPH
1RQUHFXUULQJH[SHQVHVIRUUDWLRQDOLVDWLRQLQLWLDWLYHV
Net cash generated from operating activities
b.

3XUFKDVHRIWDQJLEOH[HGDVVHWV
6DOHRIWDQJLEOH[HGDVVHWVLQFOXGLQJWDQJLEOHDVVHWVKHOGIRUVDOH
6DOHRISURSHUW\([FHSWLRQDOLWHP
([SHQVHVUHODWLQJWRVDOHRISURSHW\([FHSWLRQDOLWHP
6DOHUHGHPSWLRQRIFXUUHQWLQYHVWPHQWV
,QYHVWPHQWLQEDQNGHSRVLWVKDYLQJRULJLQDOPDWXULW\PRUHWKDQPRQWKV
5HGHPSWLRQ0DWXULW\RIEDQNGHSRVLWVKDYLQJRULJLQDOPDWXULW\PRUHWKDQ
PRQWKV
,QWHUHVWUHFHLYHG

10,00.01

500,89.96
180,00.72
CONSOLIDATED CASH FLOW STATEMENT (Contd.)
c.
Year ended
31st March, 2016
5XSHHVLQODNKV
15 months ended
31st March, 2015

CASH FLOW FROM FINANCING ACTIVITIES

5HSD\PHQWVRIERUURZLQJV
,QWHUHVWSDLG

'LYLGHQGSDLG


(638,33.17)
(496,98.73)
1,75.86
20,66.33
&DVKDQGFDVKHTXLYDOHQWVDVDWst$SULORSHQLQJEDODQFH

&DVKDQGFDVKHTXLYDOHQWVDVDWst0DUFKFORVLQJEDODQFH

1,75.86
20,66.33
1HWFDVKXVHGLQQDQFLQJDFWLYLWLHV
&
(A + B + C)

NOTES:
1.
&DVKDQGFDVKHTXLYDOHQWVLQFOXGH
0.12

7HUPGHSRVLWVZLWKRULJLQDOPDWXULW\SHULRGRIOHVVWKDQWKUHHPRQWKV
56,01.00
60,02.00
%DODQFHVZLWKEDQNV

55,56.66
117,35.28
115,59.42
1208,00.00
1774,75.00
Cash on hand
2.
2WKHU%DQNEDODQFHVLQFOXGH
7HUPGHSRVLWVZLWKRULJLQDOPDWXULW\SHULRGRIPRUHWKDQWKUHHPRQWKV

7KH&RQVROLGDWHG&DVK)ORZ6WDWHPHQWKDVEHHQSUHSDUHGXQGHUWKH,QGLUHFW0HWKRGDVVHWRXWLQ$FFRXQWLQJ6WDQGDUG
RQ&DVK)ORZ6WDWHPHQWVQRWLHGXQGHU6HFWLRQRIWKH&RPSDQLHV$FW
7KLVLVWKH&RQVROLGDWHG&DVK)ORZ6WDWHPHQWUHIHUUHGWRLQRXUUHSRUWRIHYHQGDWH
Asha Ramanathan
3DUWQHU
0HPEHUVKLS1R
Chairman
0DQDJLQJ'LUHFWRU
&RPSDQ\6HFUHWDU\
0XPEDLth0D\
'63$5(.+
',1
$9DLGKHHVK
',1
A.A. Aristidou
',1
'6XQGDUDP
',1
$$1DGNDUQL
0XPEDLth0D\
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1A GENERAL INFORMATION
*OD[R6PLWK.OLQH3KDUPDFHXWLFDOV/LPLWHGWKH&RPSDQ\LVDSXEOLFOLPLWHGFRPSDQ\DQGLVOLVWHGRQWKH%6(/WG%RPED\

6WRFN([FKDQJHDQGWKH1DWLRQDO6WRFN([FKDQJHRI,QGLD/WG16(7KH&RPSDQ\DQGLWVVXEVLGLDU\MRLQWO\UHIHUUHGWRDV
WKH*URXSKHUHLQXQGHUDUHHQJDJHGLQWHUDOLDLQWKHEXVLQHVVRIPDQXIDFWXULQJGLVWULEXWLQJDQGWUDGLQJLQSKDUPDFHXWLFDOV
7KHVXEVLGLDU\FRQVLGHUHGLQWKHVHFRQVROLGDWHGQDQFLDOVWDWHPHQWVLV
1DPHRIWKH&RPSDQ\
%LGGOH6DZ\HU/LPLWHG%6/
&RXQWU\RI
incorporation
,QGLD
YRWLQJSRZHUKHOGDVDW
st0DUFK
100
YRWLQJSRZHUKHOGDVDW
st0DUFK
100
1B STATEMENT OF ACCOUNTING POLICIES

a) Basis for preparation of accounts

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,QGLDXQGHUWKHKLVWRULFDOFRVWFRQYHQWLRQRQDQDFFUXDOEDVLV3XUVXDQWWRVHFWLRQRIWKH&RPSDQLHV$FWUHDG
ZLWK 5XOH RI WKH &RPSDQLHV $FFRXQWV 5XOHVWLOOWKHVWDQGDUGVRIDFFRXQWLQJ RUDQ\DGGHQGXP WKHUHWRDUH
SUHVFULEHGE\&HQWUDO*RYHUQPHQWLQFRQVXOWDWLRQDQGUHFRPPHQGDWLRQRIWKH1DWLRQDO)LQDQFLDO5HSRUWLQJ$XWKRULW\
WKHH[LVWLQJ$FFRXQWLQJ6WDQGDUGVQRWLHGXQGHUWKH&RPSDQLHV$FWVKDOOFRQWLQXHWRDSSO\&RQVHTXHQWO\WKHVH
QDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGWRFRPSO\LQDOOPDWHULDODVSHFWVZLWKWKHDFFRXQWLQJVWDQGDUGVQRWLHGXQGHU
6HFWLRQ&RIWKH&RPSDQLHV$FW>&RPSDQLHV$FFRXQWLQJ6WDQGDUGV5XOHVDVDPHQGHG@DQGRWKHU
UHOHYDQWSURYLVLRQVRIWKH&RPSDQLHV$FW
7KH0LQLVWU\RI&RUSRUDWH$IIDLUV0&$KDVQRWLHGWKH&RPSDQLHV$FFRXQWLQJ6WDQGDUGV$PHQGPHQW5XOHV

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6WDQGDUGV5XOHVLVDSSOLFDEOHWRDFFRXQWLQJSHULRGFRPPHQFLQJRQRUDIWHUWKHGDWHRIQRWLFDWLRQLH$SULO
$OODVVHWVDQGOLDELOLWLHVKDYHEHHQFODVVLHGDVFXUUHQWRUQRQFXUUHQWDVSHUWKH*URXSVQRUPDORSHUDWLQJF\FOHDQG
RWKHUFULWHULDVHWRXWLQ6FKHGXOH,,,WRWKH&RPSDQLHV$FW
(b) Principles of consolidation

7KHFRQVROLGDWHGQDQFLDOVWDWHPHQWVUHODWHWR*OD[R6PLWK.OLQH3KDUPDFHXWLFDOV/LPLWHGWKH&RPSDQ\DQGLWVZKROO\

owned VXEVLGLDU\7KHFRQVROLGDWHGQDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGRQWKHIROORZLQJEDVLV

7KHQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\DQGLWVVXEVLGLDU\KDYHEHHQFRPELQHGRQDOLQHE\OLQHEDVLVE\DGGLQJ
WRJHWKHUWKHERRNYDOXHVRIOLNHLWHPVRIDVVHWVOLDELOLWLHVLQFRPHDQGH[SHQVHVDIWHUIXOO\HOLPLQDWLQJLQWUDJURXS
EDODQFHVDQGLQWUDJURXSWUDQVDFWLRQVUHVXOWLQJLQXQUHDOLVHGSURWVRUORVVHV

7KHFRQVROLGDWHGQDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGXVLQJXQLIRUPDFFRXQWLQJSROLFLHVIRUOLNHWUDQVDFWLRQV
DQGRWKHUHYHQWVLQVLPLODUFLUFXPVWDQFHVDQGDUHSUHVHQWHGWRWKHH[WHQWSRVVLEOHLQWKHVDPHPDQQHUDVWKH
&RPSDQ\VVHSDUDWHQDQFLDOVWDWHPHQWV

7KHH[FHVVRIFRVWWRWKH&RPSDQ\RILWVLQYHVWPHQWLQWKHVXEVLGLDU\LVUHFRJQLVHGLQWKHQDQFLDOVWDWHPHQWVDV
JRRGZLOOZKLFKLVDPRUWLVHGRYHUDSHULRGRIWHQ\HDUV
F 2WKHU6LJQLFDQW$FFRXQWLQJ3ROLFLHV
7KHVH DUH VHW RXW LQ WKH QRWHV WR WKH QDQFLDO VWDWHPHQWV XQGHU 6WDWHPHQW RI$FFRXQWLQJ 3ROLFLHV RI WKH QDQFLDO
VWDWHPHQWVRIWKH&RPSDQ\DQG%6/
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2016 (CONTD.)
5XSHHVLQODNKV
As at
31st March, 2016
As at
31st March, 2015
90,00.00
90,00.00

HTXLW\VKDUHVRI`HDFKIXOO\SDLGXS

TOTAL
84,70.30
84,70.30
SHARE CAPITAL
AUTHORISED
ISSUED
SUBSCRIBED AND PAID-UP
H[FOXGHVHTXLW\VKDUHVRI`HDFKRIWKH&RPSDQ\HTXLW\VKDUHVRI`HDFKRIHUVWZKLOH%XUURXJKV:HOOFRPH
,QGLD/LPLWHGKHOGLQDEH\DQFH
Number of
Rupees in
Shares
ODNKV

Number of
Rupees in
Shares
ODNKV

a)
Reconciliation of the number of share
,VVXHGGXULQJWKH\HDU
b)
Rights, preferences and restrictions attached to equity shares:
7KH&RPSDQ\KDVRQHFODVVRIHTXLW\VKDUHVKDYLQJDSDUYDOXHRI`SHUVKDUH(DFKVKDUHKROGHULVHOLJLEOHIRURQHYRWHSHU
VKDUHKHOG7KHGLYLGHQGSURSRVHGE\WKH%RDUGRI'LUHFWRUVLVVXEMHFWWRWKHDSSURYDORIWKHVKDUHKROGHUVLQWKHHQVXLQJ$QQXDO
*HQHUDO0HHWLQJH[FHSWLQFDVHRILQWHULPGLYLGHQG,QWKHHYHQWRIOLTXLGDWLRQWKHHTXLW\VKDUHKROGHUVDUHHOLJLEOHWRUHFHLYH
WKHUHPDLQLQJDVVHWVRIWKH&RPSDQ\DIWHUGLVWULEXWLRQRIDOOSUHIHUHQWLDODPRXQWVLQSURSRUWLRQWRWKHLUVKDUHKROGLQJ
c)
Shares held by subsidiaries of ultimate holding company in aggregate
(TXLW\VKDUHVRI`HDFKUHSUHVHQWLQJRIWRWDO

shareholding)
d)
Number of
Shares
Rupees
LQODNKV
Number of
Shares
Rupees
LQODNKV

Details of equity shares held by shareholders holding more than 5% shares of the aggregate shares in the Company:
Number of
%
Shares Shareholding
Number of
%
Shares Shareholding
*OD[R*URXS/LPLWHG8.


(VND\ODE/LPLWHG8.
5,880,000

5,880,000

/LIH,QVXUDQFH&RUSRUDWLRQRI,QGLD

5XSHHVLQODNKV
As at
31st March, 2016
As at
31st March, 2015

1,70.97
1,70.97
2,62.00
2,62.00
2,62.00
2,62.00


CAPITAL RESERVE
$GGLWLRQV'HGXFWLRQV
(a)
CAPITAL REDEMPTION RESERVE

$GGLWLRQV'HGXFWLRQV
(b)
GENERAL RESERVE:
7UDQVIHUIURP6XUSOXVLQ6WDWHPHQWRI3URWDQG/RVV

863,20.59
863,20.59

3URWIRUWKH\HDU

SURPLUS IN STATEMENT OF PROFIT AND LOSS
/HVV$SSURSULDWLRQV
3URSRVHG'LYLGHQG
7D[RQGLYLGHQG
7UDQVIHUWR*HQHUDO5HVHUYH


1611,36.68
1744,27.51
TOTAL
D ,QFOXGHV&HQWUDO*RYHUQPHQWVXEVLG\ÒDNKVDQGFDSLWDOSURWRQUHLVVXHRIVKDUHVIRUIHLWHGRIHUVWZKLOH%XUURXJKV
:HOOFRPH,QGLD/LPLWHGÒDNKV
E ,QFOXGHVÒDNKVRQDFFRXQWRIEX\EDFNRIHTXLW\VKDUHV
5XSHHVLQODNKV
LONG TERM BORROWINGS
As at
31st March, 2016
As at
31st March, 2015
1,59.50
2,62.60
1,59.50
2,62.60
Unsecured
,QWHUHVWIUHHVDOHVWD[ORDQIURP6,&20/LPLWHG
7HUPVRIUHSD\PHQW
,QWHUHVWIUHH6DOHV7D[/RDQIURP6,&20/LPLWHGDVDWst0DUFKRIÒDNKVSUHYLRXV\HDUÒDNKV
DYDLOHG XQGHU WKH 6DOHV 7D[ GHIHUPHQW 6FKHPH UHSD\DEOH LQ VHYHQWHHQ LQVWDOPHQWV SUHYLRXV \HDU WZHQW\ RQH
LQVWDOPHQWVFORVLQJRQth$SULO7KHFXUUHQWPDWXULW\DPRXQWRIÒDNKVSUHYLRXV\HDUÒDNKVRIWKHORDQ
KDVEHHQGLVFORVHGXQGHU1RWH2WKHU&XUUHQW/LDELOLWLHV
As at
31st March, 2016
5XSHHVLQODNKV
As at
31st March, 2015
2,26.10

5,67.68

5,30.21

285,15.44

6,22.52

272,21.20
TRADE PAYABLES
'XHVRIPLFURDQGVPDOOHQWHUSULVHV
'XHVRIFUHGLWRUVRWKHUWKDQPLFURDQGVPDOOHQWHUSULVHV
TOTAL

327,74.09
2,59.25

308,03.89

&XUUHQW0DWXULW\RI/RQJ7HUP%RUURZLQJV

,QWHUHVWIUHHVDOHVWD[ORDQIURP6,&20/LPLWHG5HIHU1RWH
8QFODLPHGGLYLGHQGV
6DODULHVZDJHVDQGERQXVSD\DEOH
6WDWXWRU\GXHVLQFOXGLQJSURYLGHQWIXQGDQGWD[GHGXFWHGDWVRXUFH
&UHGLWRUVIRUFDSLWDOJRRGV
5DWLRQDOLVDWLRQUHODWLQJWRDPDQXIDFWXULQJVLWH
2WKHU3D\DEOHV
TOTAL

22,26.12

202,81.58

20,26.22

130,09.02

86,21.92

526,96.08

1,99.61
1,08.06

668,41.92

6HFXULW\GHSRVLWVUHFHLYHG
TOTAL
)RU3ULFLQJPDWWHUV5HIHU1RWHVDQG
)RUHPSOR\HHEHQHWV

*UDWXLW\


)RUGLYHVWPHQWUHVWUXFWXULQJ
)RURWKHUV
TOTAL
7KHUHDUHQRDPRXQWVGXHDQGRXWVWDQGLQJWREHFUHGLWHGWR,QYHVWRU
(GXFDWLRQDQG3URWHFWLRQ)XQG
SHORT TERM PROVISIONS

)RUSURSRVHGHTXLW\GLYLGHQG
)RUSURYLVLRQIRUWD[DWLRQQHW5HIHUQRWHD
)RUWD[RQGLVWULEXWHGSURW
)RUHPSOR\HHEHQHWV

*UDWXLW\


)RUUDWLRQDOLVDWLRQUHODWLQJWRDPDQXIDFWXULQJVLWH
)RURWKHUV
TOTAL
10
MOVEMENT IN PROVISIONS
5XSHHVLQODNKV
Rationalisation
relating to a
manufacturing site
Pricing
Long term Divestment /
matters Incentive Plan Restructuring
Others
April 2015-March 2016

2SHQLQJ%DODQFH

$GG3URYLVLRQGXULQJWKH\HDU

/HVV$PRXQWVXWLOLVHGUHYHUVHGGXULQJWKH\HDU

Balance at the year end

26,86.26
January 2014-March 2015

2SHQLQJ%DODQFH

$GG3URYLVLRQGXULQJWKHSHULRG
11

/HVV$PRXQWVXWLOLVHGUHYHUVHGGXULQJWKHSHULRG

8,25.90
Balance at the period end

FIXED ASSETS
5XSHHVLQODNKV
*URVVEORFNDWFRVW
1HWEORFN
Depreciation/Amortisation
$VDWst
$VDWst $VDWst
0DUFK
$GGLWLRQV 'HGXFWLRQV
0DUFK
0DUFK
2015 $GMXVWPHQWV
E
2016
2015
2Q
'HGXFWLRQV $VDWst $VDWst $VDWst
)RUWKH $GMXVWPHQWV
0DUFK
0DUFK
0DUFK
Year
E
2016
2016
2015
(A)
INTANGIBLE ASSETS
'LVWULEXWLRQ5LJKWVF

*RRGZLOOI

TOTAL (A)
42,14.97
3,22.80
45,37.77
42,14.97
3,22.80
45,37.77
3UHYLRXVSHULRG$

(B)
TANGIBLE ASSETS
)UHHKROGODQG
/HDVHKROGODQGG
)UHHKROGEXLOGLQJVD

8,29.09

8,21.08

/HDVHKROGEXLOGLQJV

21,52.69

0.52

3ODQWDQGHTXLSPHQW

25,06.11 116,59.15

)XUQLWXUHDQG[WXUHV

26,08.86
92.65

9HKLFOHV

6,16.66

2IFH(TXLSPHQW

1,15.58

2,19.51

TOTAL (B)
321,18.67
105,91.39

34,57.30 392,52.76 198,10.63 21,54.85
31,19.12 188,46.36 204,06.40
3UHYLRXVSHULRG%

200,98.15

TOTAL (A+B)
363,33.64
109,14.19
34,57.30 437,90.53 240,25.60 24,77.65
31,19.12 233,84.13 204,06.40
3UHYLRXVSHULRG$%

1RWH
D )UHHKROGEXLOGLQJVLQFOXGHLQYHVWPHQWVUHSUHVHQWLQJRZQHUVKLSRIUHVLGHQWLDODWV5HIHU1RWH
E
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accumulated depreciation ÒDNKVDQGQHWEORFNÒDNKV
F
,QWDQJLEOHDVVHWVÒDNKVWRZDUGV'LVWULEXWLRQ5LJKWVRIWKHYDFFLQHVSRUWIROLRDFTXLUHGIURP1RYDUWLV+HDOWKFDUH3ULYDWH/LPLWHG5HIHUQRWH
G $GGLWLRQVWROHDVHKROGODQGSHUWDLQVWRODQGDFTXLUHGIRUWKHQHZJUHHQHOGPDQXIDFWXULQJIDFWRU\EHLQJFRQVWUXFWHGDW%HQJDOXUX5HIHUQRWH

H 'XULQJWKH\HDUWKH&RPSDQ\KDVDGRSWHGHVWLPDWHGXVHIXOOLIHRI[HGDVVHWVDVVWLSXODWHGE\6FKHGXOH,,WRWKH&RPSDQLHV$FWRUUHDVVHVVHGXVHIXOOLIH
EDVHGRQWHFKQLFDOHYDOXDWLRQ7KHLPSDFWRIWKHFKDQJHLQXVHIXOOLYHVRQWKHSURWIRUWKH\HDUHQGHG0DUFKLVQRWPDWHULDO
I
$PRUWLVHGRYHUDSHULRGRIWHQ\HDUV
12
5.00
0.50
0.50

5.67
5.67

12,25.25

18.15

99,57.69
22,02.06

93,21.86
/LDELOLWLHV
'HSUHFLDWLRQLQFOXGLQJWDQJLEOHDVVHWVKHOGIRUVDOH
TOTAL

10,78.79

10,11.63
TOTAL
88,78.90
83,10.23
$JJUHJDWHRI8QTXRWHG,QYHVWPHQWV$W%RRNYDOXH
7KHUHDUHQRLQYHVWPHQWVSXUFKDVHGDQGVROGUHGHHPHGGXULQJWKH\HDU
DEFERRED TAX ASSETS (NET)

'HIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHDWWULEXWDEOHWRWKHIROORZLQJLWHPV
Assets

3URYLVLRQIRUHPSOR\HHEHQHWV

&RVWVRIYROXQWDU\UHWLUHPHQWVFKHPHV

3URYLVLRQIRUGRXEWIXOGHEWVORDQVDQGDGYDQFHV

3URYLVLRQIRUSULFLQJPDWWHUV

,QWHUHVWRQ,QFRPHWD[UHIXQGQRWDFFRXQWHGEXWFRQVLGHUHGDVWD[DEOH

XQGHUWKH,QFRPHWD[$FW

TOTAL
14
5.00
NON-CURRENT INVESTMENTS
(VALUED AT COST UNLESS OTHERWISE STATED)
TRADE
IN EQUITY INSTRUMENTS
Unquoted

%LRWHFK&RQVRUWLXP,QGLD/LPLWHG


'LQHWWH([FOXVLYH&OXE3ULYDWH/LPLWHG

OTHER INVESTMENTS
Unquoted

1DWLRQDO6DYLQJV&HUWLFDWH

/RGJHGZLWK*RYHUQPHQWDXWKRULWLHV
TOTAL

13
As at
31st March, 2016
Rupees in
ODNKV
As at
31st March, 2015
LONG TERM LOANS AND ADVANCES

Capital advances
/HVV$OORZDQFHIRUGRXEWIXOORDQVDQGDGYDQFHV
6HFXULW\'HSRVLWV
2WKHUORDQVDQGDGYDQFHV5HIHU1RWH

$GYDQFHLQFRPHWD[QHW5HIHU1RWHE


6XQGU\'HSRVLWV

/RDQVDQGDGYDQFHVUHFRYHUDEOHLQFDVKRULQNLQG
TOTAL
81,11.91

301,90.68

293,16.61
15

16
17
18
OTHER NON CURRENT ASSETS

5HPLWWDQFHVLQWUDQVLW>5HIHU1RWHLLL@
'HSRVLWVZLWKEDQNVRIPDWXULW\SHULRGPRUHWKDQPRQWKV
TOTAL
INVENTORIES
6WRUHVDQGVSDUHV
5DZDQGSDFNLQJPDWHULDOVLQFOXGHVLQWUDQVLWÒDNKVSUHYLRXV
\HDUÒDNKV
:RUNLQSURJUHVV
7UDGHGJRRGVLQFOXGHVLQWUDQVLWÒDNKVSUHYLRXV\HDU`
ODNKV
)LQLVKHGJRRGV
TOTAL
TRADE RECEIVABLES
Considered good

2XWVWDQGLQJIRUDSHULRGH[FHHGLQJVL[PRQWKVIURPWKHGDWHWKH\DUH
GXHIRUSD\PHQW

2WKHUV
&RQVLGHUHGGRXEWIXO

2XWVWDQGLQJIRUDSHULRGH[FHHGLQJVL[PRQWKVIURPWKHGDWHWKH\DUH
GXHIRUSD\PHQW

2WKHUV

/HVV3URYLVLRQIRUGRXEWIXOGHEWV
TOTAL
&DVKDQGFDVKHTXLYDOHQWV
Cash on hand
%DODQFHVZLWKEDQNV
Current account

7HUPGHSRVLWZLWKRULJLQDOPDWXULW\SHULRGRIOHVVWKDQWKUHHPRQWKV
2WKHUEDQNEDODQFHV

7HUPGHSRVLWZLWKRULJLQDOPDWXULW\SHULRGRIPRUHWKDQWKUHHPRQWKV
EXWOHVVWKDQWZHOYHPRQWKV

7HUPGHSRVLWZLWKRULJLQDOPDWXULW\SHULRGRIPRUHWKDQWZHOYHPRQWKV
EXWPDWXULQJZLWKLQQH[WWZHOYHPRQWKV

8QSDLGGLYLGHQGDFFRXQWV

TOTAL
As at
31st March, 2016
5XSHHVLQODNKV
As at
31st March, 2015
5.92

5.92
2,92.21

11,05.90
11,05.90
11,42.94
14,05.48

525,86.66

375,58.27
10,80.52

90,99.60

126,56.50

100,31.79
0.12

56,01.00

60,02.00

25,00.00

22,26.12
2,69.02
1347,61.40
20,26.22

1910,60.64
19
20
SHORT TERM LOANS AND ADVANCES

&XUUHQWDFFRXQWEDODQFHVZLWKJURXSFRPSDQLHV
3UHSDLG([SHQVHV
$GYDQFHVUHFRYHUDEOHLQFDVKRULQNLQG
TOTAL
,QWHUHVWDFFUXHGRQLQYHVWPHQWVGHSRVLWV
2WKHUV
TOTAL
As at
31st March, 2016
5XSHHVLQODNKV
As at
31st March, 2015

9,51.88

123,46.98

122,17.17

12,59.85

48,58.38
16.80
78,30.31
21
CONTINGENT LIABILITIES AND COMMITMENTS

A Contingent Liabilities not provided for:

L &KHTXHVGLVFRXQWHGZLWKEDQNV

LL ,QUHVSHFWRIFODLPVPDGHDJDLQVWWKH&RPSDQ\QRW
DFNQRZOHGJHGDVGHEWVE\WKH&RPSDQ\

6DOHVWD[PDWWHUV

([FLVHPDWWHUV

6HUYLFHWD[PDWWHUV
1,29.20
1,29.20

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2WKHUOHJDOPDWWHUV

22,01.55

ZKLFKQHWRIFXUUHQWWD[DPRXQWWR

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the Company to pay a tentative amount along with interest due
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31st March, 2016
5XSHHVLQODNKV
As at
31st March, 2015

2,00.00

2,00.00

5XSHHVLQODNKV
As at
31st March, 2015

0.12
0.12

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31st March, 2016
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31st March, 2016
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2.00
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VKDUHVRI`HDFKIXOO\SDLGXSLQ3RRQDP&RRSHUDWLYH+RXVLQJ6RFLHW\/LPLWHG

VKDUHVRI`HDFKIXOO\SDLGXSLQ$QLWD&RRSHUDWLYH+RXVLQJ6RFLHW\/LPLWHG

VKDUHVRI`HDFKIXOO\SDLGXSLQ&RRSUDJH:RRGKRXVH

VKDUHVRI`HDFKIXOO\SDLGXSLQ6HD)DFH3DUN&RRSHUDWLYH+RXVLQJ6RFLHW\/LPLWHG

VKDUHVRI`HDFKIXOO\SDLGXSLQ5HG5RVH&RRSHUDWLYH+RXVLQJ6RFLHW\/LPLWHG
VKDUHRIÌXOO\SDLGXSLQ7KH,PSHULDO&RQGRPLQLXP

21,52.80
21,52.80
Year ended
31st March 2016
27
28
PROPOSED DIVIDEND
7KHGLYLGHQGRQ(TXLW\6KDUHVRI`HDFKLVDVIROORZV
$PRXQWRIGLYLGHQG
'LYLGHQGSHU(TXLW\6KDUH
REVENUE FROM OPERATIONS
6DOHRISURGXFWV
([FLVHGXW\
6DOHRISURGXFWVQHW
TOTAL
(a)

29

50.00

DETAILS OF SALE OF PRODUCTS

7DEOHWVDQG&DSVXOHV
9DFFLQHV
2WKHUV
(b) OTHER OPERATING REVENUE

6HUYLFHLQFRPH

2WKHUVHUYLFHV

'LUHFWH[SHQVHVUHODWLQJWRWKHDERYH
([SRUWUHODWHGEHQHWVQHW
Consignment sales commission
0DQXIDFWXULQJFKDUJHVUHFRYHU\
2WKHUV
OTHER INCOME
,QWHUHVWLQFRPH*URVV

2QGHSRVLWVZLWKEDQNV

2QORDQV

2QWD[UHIXQGV

2QLQYHVWPHQWV*RYHUQPHQWVHFXULWLHVDQGRWKHUWKDQ
trade

ORQJWHUP>QHWRISUHPLXPZULWHRIIRI1LO3UHYLRXV
year ÒDNKV@

2WKHUV
/HVV,QWHUHVWH[SHQVH
6HFXULW\GHSRVLWV

2WKHUV
Rent received
3URWRQVDOHGLVSRVDORI[HGDVVHWVQHW
TOTAL
5XSHHVLQODNKV
15 months ended
31st March, 2015

9,88.69
5,81.81

62.50

2768,35.12
3304,51.69

2828,06.47

3378,62.28
27,24.65

26.00
-
188,12.56

121,07.81

198,47.62

(42.13)

120,65.68

1,08.22
122,75.54
32,04.40

58.00

199,94.34
Year ended
31st March 2016
30
COST OF MATERIALS CONSUMED

%HWDPHWKDVRQH9DOHUDWH,3
2WKHUUDZPDWHULDOVFRQVXPHG
TOTAL
1RWHV
1RVLQJOHUDZRUSDFNLQJPDWHULDODFFRXQWVIRUPRUHWKDQ
RIWRWDOFRQVXPSWLRQ
&RVWRIPDWHULDOVFRQVXPHGLVEDVHGRQGHULYHGYDOXHV
VALUE OF IMPORTED AND INDIGENOUS RAW AND
PACKING MATERIALS CONSUMED
3XUFKDVHGLQGLJHQRXVO\
,PSRUWHGE\WKHFRPSDQ\LQFOXGLQJGXW\DQGRWKHUFKDUJHV
31

642,51.83

11.51
100.00

3XUFKDVHRIWUDGHGJRRGV
TOTAL
DETAILS OF PURCHASE OF TRADED GOODS
7DEOHWVDQG&DSVXOHV
9DFFLQHV
2WKHUV
32
CHANGES IN INVENTORIES OF FINISHED GOODS,

WORK-IN-PROGRESS AND TRADED GOODS
2SHQLQJVWRFN
:RUNLQSURJUHVV
)LQLVKHGJRRGV
Traded goods
/HVV&ORVLQJVWRFN
:RUNLQSURJUHVV
)LQLVKHGJRRGV
Traded goods
TOTAL
33
EMPLOYEE BENEFITS EXPENSES

6DODULHVZDJHVDQGERQXV
&RQWULEXWLRQVWR3URYLGHQWDQGSHQVLRQIXQGV
*UDWXLW\IXQGV
6WDIIZHOIDUH
TOTAL
5XSHHVLQODNKV
15 months ended
31st March, 2015
568,55.06

642,51.83

734,23.73

16.16
100.00

118,61.98
734,23.73

739,93.66

779,90.73
162,29.61

739,93.66

779,90.73

274,22.58

270,52.93

418,70.90

274,22.58

(144,48.32)

8,02.19

443,37.45

(3,69.65)

493,02.23
Year ended
31st March 2016
34
OTHER EXPENSES
6DOHVSURPRWLRQ
6WRFNSRLQWFRPPLVVLRQ
)UHLJKWQHW
Travelling
0DQXIDFWXULQJFKDUJHV
Repairs - Buildings

3ODQWDQG0DFKLQHU\

2WKHUV
&RQVXPSWLRQRIVWRUHVDQGVSDUHV
3RZHUIXHODQGZDWHU
Rent
5DWHVDQGWD[HV
3ULQWLQJSRVWDJHDQGWHOHSKRQHV
6DOHVWUDLQLQJEULHQJDQGFRQIHUHQFH
([FLVHGXW\
,QVXUDQFH
5HPXQHUDWLRQWRDXGLWRUV

6WDWXWRU\DXGLWIHHV

,QRWKHUFDSDFLW\LQUHVSHFWRI

7D[DXGLWIHHV

$XGLWRIWD[DFFRXQWV

2WKHUVHUYLFHV


&RVWDXGLWIHHV
'DWHH[SLUHGVWRFNV
&RUSRUDWHVRFLDOUHVSRQVLELOLW\5HIHU1RWH
&RPPLVVLRQWRQRQZKROHWLPH'LUHFWRUV
'LUHFWRUV
VLWWLQJIHHV
0LVFHOODQHRXV
5HLPEXUVHPHQWRIH[SHQVHVQHW5HIHU1RWH
([SHQVHVUHODWLQJWRVHUYLFHLQFRPH>5HIHU1RWHE@
TOTAL
5XSHHVLQODNKV
15 months ended
31st March, 2015

10.89

5,29.98

29,28.92
12,88.66

15.05

6.00
26.25

6.58
6.00
20.00

9.11
1,22.01

608,12.82

6,58.01

22,96.05

15,18.96

68.82

1,21.08

5,58.12

19.80

668,07.47
35 7KHUHFXUULQJH[SHQGLWXUHRQUHVHDUFKDQGGHYHORSPHQWFKDUJHGRIIWRUHYHQXHDPRXQWVWRÒDNKV3UHYLRXVSHULRG

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39

Amount spent
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EXCEPTIONAL ITEMS
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Year ended
31st March 2016
5XSHHVLQODNKV
15 months ended
31st March 2015

14,84.12

5,97.28

2.99
2,61.33

(51,88.14)
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Related Party disclosures
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128,81.11

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21,00.00
16,80.00
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Holding company/
Other companies in the
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GSK Group (iii)
company (i)
2015-16 January 14
2015-16 January 14
- March 15
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12,09.29
-

9,88.69

59,82.25

21.22

12,09.29

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91,56.12

152,68.08

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Earnings per share

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31st March, 2016
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15 months ended
31st March, 2015
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GSK House, Dr. Annie Besant Road, Mumbai- 4000 030 Tel: 022-2495 9595 Fax: 022-2495 9494
www.gsk-india.com
WyattPrism Communications

Annual Report 2016

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Annual Report 2016

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Committed to Serve

Fast-forward the future

Message from the Managing Director

To stay ahead in this new

India has rapidly emerged as one

GSK is a science-led global healthcare

healthcare professionals-the new focus

Company Overview | Statutory Reports | Financial Statements

Vemgal project team on site

Supply chain excellence

New Eltroxin facility at Nashik

We are investing ` 1000 crore in our

of-the-art topical medicine (creams and

Quality, Environment &

Annual Report 2015-16

Company Overview | Statutory Reports | Financial Statements

With this initiative, GSK reiterates

The health and safety of our employees

Annual Report 2015-16

Our path to high growth

Company Overview | Statutory Reports | Financial Statements

Our products speak for us

business/function, providing combined

For building teams

The right training to hone the

Company Overview | Statutory Reports | Financial Statements

GSK cares for newborn

GSK commits to eliminate Lymphatic Filariasis

(WHO), which in turn partners with the

Company Overview | Statutory Reports | Financial Statements

GSK Centre to accomodate cancer-affected children

GSKs school sanitation

We recently inaugurated the

parents come to hospitals from distant

GSK, in association with Habitat for

Disaster relief efforts

equally to ensure that immediate

Employees volunteer their

Company Overview | Statutory Reports | Financial Statements

The Economic Times

Emerging Markets Forum at

Educational grant to Public

In January this year, Sir Andrew Witty,

In April 2016, A. Vaidheesh, Vice

One of our core values is patient focus

Sir Witty spoke on InnovationAccessing the next billion. He reiterated

Annual Report 2015-16

The course is accredited by the

Company Overview | Statutory Reports | Financial Statements

Most Respected Companies

Best Companies to Work

Best Safety Practices

Global Manufacturing and

Emerging Markets- Winning

Emerging Markets- Winning

Our site at Nashik won a GMS

Annual Report 2015-16

Company Overview | Statutory Reports | Financial Statements

GlaxoSmithKline Pharmaceuticals Limited

Earnings Per Share (EPS) and Book Value

Annual Report 2015-16

Earnings Before Interest, Depreciation

General Manager - Administration &

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