Annual Report 2016 PDF

Committed to Serve
Fast-forward the future
GlaxoSmithKline Pharmaceuticals Limited

Annual Report 2015-16
Message from the Managing Director
Dear Shareholders, healthcare professionals-the new focus

being the creation of multi-channel
It is a matter of great pride and approaches to reach more physicians.
privilege for me to address you, our We are looking at medical education
VKDUHKROGHUVIRUWKH¿UVWWLPH from a holistic perspective using digital
I am excited to be associated with technology; it could be one way to add
GSK Pharmaceuticals Ltd., a company value in the new world. In sync with our
that has a rich legacy and tradition of global initiatives, we intend to develop
excellence in India. new digital, personal and real-time
applications to better deliver information.
India has rapidly emerged as one
of the fastest growing economies in Your company has stepped up its supply
the world. Last year, India surpassed chain excellence with an investment
China in terms of GDP growth rate. of ` 1000 crore in a new state-of-
The Indian pharmaceutical industry the-art facility at Vemgal, Karnataka.
today presents an interesting mix of The existing facility at Nashik has
challenges and opportunities. Further also seen a further infusion of funds
inclusion of drugs in the National List towards upgradation. This will ensure
“To stay ahead in this new of Essential Medicines (NLEM)–subject uninterrupted supply that will better serve
environment, we are re-engineering to price ceilings, along with stringent our patients.
the business model in a way that we compliance and quality standards, have
are able to maintain margins, but eroded margins. We are also committed to bring the
at the same time, deliver value of right products from our global pipeline to
relevance to our stakeholders – To stay ahead in this new environment,
India at the right price, to better
physicians, hospitals and the we are re-engineering the business
serve our patients and explore the right
model in a way that we are able to
government. The value creation that opportunities to launch new medicines
maintain margins, but at the same
we are looking at will be different from through in-licensing deals.
time, deliver value of relevance to our
what we’ve done in the past.”
stakeholders – physicians, hospitals
To widen access to our medicines into
and the government. The value creation
middle and rural India, we are calibrating
that we are looking at will be different
prices of our products. The success
from what we’ve done in the past.
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RXUUHFHQWVXFFHVVLQ6\QÀRUL[RXU
We have changed the way we engage
pneumococcal conjugate vaccine and
Seretide Accuhaler in the respiratory
space.
Your company puts people at the heart

GSK is a science-led global healthcare of everything that we do to help them
do more, feel better and live longer.
company with a mission to help people
However, even today, millions of
do more, feel better, live longer.
people still do not have access to basic
We research, manufacture and make
healthcare. We want to change this
available a broad range of medicines and
and are working to develop innovative
vaccines. We are committed to increase
medicines and vaccines, while also
access to our medicines by selling ¿QGLQJQHZZD\VWRJHWWKHPWR
them at affordable prices in developing everybody who needs them.
countries
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 of-the-art topical medicine (creams and

ointments) facility that will be the largest
The wide range of GSK’s portfolio of of its kind within the GSK network.
products touches the lives of millions
of patients everyday. We are fast Quality, Environment &
forwarding our supply chain excellence Employee Health and Safety
to ensure every patient gets the right GSK remains committed to the
product at the right price. highest quality standards in the
pharmaceutical industry. Equally,
We are investing ` 1000 crore in our environmental considerations have also
state-of-the-art facility at Vemgal, been at the forefront of our upcoming
Karnataka. Our existing site at Nashik factory in Vemgal, with an aim to
has also been upgraded to ensure achieve Leadership in Energy and
uninterrupted supply. In addition, the Environmental Design (LEED)
New Eltroxin facility at Nashik company plans to invest in a new state- Gold Standard.

Committed to Serve
In addition, we are investing in
renewable energy for our new factory :HDUHFRQ¿GHQWWROHYHUDJHWKHSRZHURIWKHGLJLWDOUHYROXWLRQDQGGHOLYHU
in Vemgal, in the form of a 0.5MW impressive growth as we fast-forward the future while remaining committed
Photovoltaic array, which will generate to serve our patients with futuristic quality standards.
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requirement.
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
HI¿FLHQW
` 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 Our path to high growth of digitisinJRXUHQWLUH¿HOGIRUFHZLWK
safety through cultural improvement, iPads for instant detailing and real-time
facility upgrades and procedural Leading in the digital age
reporting. In addition, we are launching
excellence. Digital disruption is transforming every a Customer Relationship Management
industry globally. With increasing (CRM) & Sales Force Automation
The site has demonstrated record- Internet penetration in India and (SFA) tool with integration of the HCP
breaking output with an increased more digital-savvy healthcare engagement platform.
EHS and Quality environment. professionals (HCPs), GSK is leading
this transformation with a vision of an
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Recently, the site recorded the highest integrated solution that will increase
the quality of in-clinic interactions. In time has come for the pharmaceutical
ever volume supply since its opening in
a single quarter, we have achieved industry to leverage technology to
1983.
400,000 digital HCP-interaction LPSURYHUHDOWLPHÀRZRILQIRUPDWLRQ
minutes by leveraging peer to peer and ride the digital revolution to fast
networking. We are also in the process forward the future.

Our products speak for us business/function, providing combined For building teams
depth and relevant breadth of with expertise
At GSK, we continue to apply for new
experience early in a career at GSK. At GSK, the emphasis is on hiring the
products that will bring innovative
GSK’s sales force undergoes rigorous right people for the job.
therapeutic options in healthcare to
training. Selected high-potential
patients in India.
Sales Managers are put through the We have recruited talent with
“GMAC–GSK Marketing Accreditation H[SHULHQFHLQVSHFL¿FWKHUDSHXWLFDUHDV
Some of these new innovative products
Programme” for eighteen months to to drive growth and engagement with
include albiglutide (Tanzeum) for the
develop their marketing capability. doctors.
treatment of Type 2 Diabetes Mellitus
in adults, a paediatric vaccine for
At our Nashik site, we had an average
immunisation of children between one A recent example is the launch of our
of 8 man-days per employee or 5% of
to twelve years of age against measles, Eltroxin Invictus Team, a specialised
overall work time dedicated to training
mumps, rubella and varicella (Priorix team tasked with stepping up our
and improvement. During this training,
tetra), inactivated poliomyelitis vaccine engagement with endocrinologists to
employees were exposed to numerous
(Poliorix) indicated for immunisation make GSK their trusted and preferred
DFWLYLWLHVLQFOXGLQJULVNLGHQWL¿FDWLRQ
against poliomyelitis from age of six partner of choice, in order to better
and management, process capability
weeks onwards. serve our patients.
improvement, emergency
response, etc. This resulted in a deeper
Building capability
5% ofto overall
understanding of the essential elements
for the future work time dedicated
of Safety and Quality, to equip them
training and improvement at
Power of One team with the necessary skills to improve
our Nashik site.
their performance.
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 GSK’s future.
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
GUDZQXSIRULQGLYLGXDOVLGHQWL¿HGDV
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
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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
world’s 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 GSK commits to eliminate Lymphatic Filariasis
in the high-burden districts of Rajasthan
and Madhya Pradesh. (LF – commonly known as Elephant Foot)
In India, Lymphatic Filariasis has been (WHO), which in turn partners with the
We have partnered with Action recorded in 250 districts across 20 Government of India to administer the
Research and Training for Health states/union territories. Over 600 million medicine.
(ARTH) in Rajasthan and CARE India in people in India are at risk of contracting
Madhya Pradesh to build capacity of the this infection, which is spread by a GSK manufactures albendazole tablets
ASHA workers (community volunteers),
mosquito-borne parasite. at its manufacturing facility at Nashik
train the skilled birth attendants,
solely for this purpose and we have
generate awareness and ensure
Over the past several years, GSK has committed to continue to support
improved facility-based and home-
based newborn care. Our newborn been at the forefront in the war against WHO and the Government of India
survival initiative is estimated to have Lymphatic Filariasis and in 2015-16 to eliminate Lymphatic Filariasis as a
saved the lives of over 6,000 newborns donated over 70 million albendazole public health disease in India.
over a span of two years. tablets to the World Health Organisation

GSK Centre to accomodate cancer-affected children

and their families
We recently inaugurated the parents come to hospitals from distant
GlaxoSmithKline Centre in Mumbai, towns and villages. The hospitals do
run in partnership with St. Jude not treat them as in-patients during the
India ChildCare Centres. The centre long drawn-out treatment and these
will provide residential, nutritional, needy families do not have a place to
educational and transportation support stay when the child is not admitted to
to children affected with cancer and the hospital. Also, it is critical to ensure
their families in Mumbai. a safe and hygienic environment for
GSK’s school sanitation children undergoing cancer treatment.
project in Nashik In major cities of India where low-cost The GSK Centre provides the children
GSK has also commenced a project on cancer treatment is available, children and their families this much-needed
school sanitation in Nashik, which is a who need treatment for cancer and their support.
critical aspect, not only for child health,
but also for preventing drop-outs among
students, especially girls.
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 equally to ensure that immediate
healthcare needs of communities,
in Chennai
especially children, were met.
GSK was quick to contribute to the
relief operations in Chennai by donating Employees volunteer their
PHGLFLQHVLQFOXGLQJDQWLLQÀDPPDWRU\
time and skills
antibiotics, antihistamines, vitamins
and minerals to AmeriCares. More Our employees have been championing
than 20,00,000 units of medicines our endeavour to make a difference
in society by actively participating in
ZHUHGRQDWHGDQGWKH¿HOGWHDPV
various platforms for volunteering that
ensured that the medicines were utilised
GSK offers. In fact, in 2015-16, over
DFFRUGLQJWRWKHLGHQWL¿HGPHGLFDOQHHG 3,000 employees contributed more than
in the region. GSK employees also 13,000 volunteering hours through
contributed generously towards relief skill-based full-time volunteering
efforts, led by Save the Children, and projects, fundraising and volunteering
the company matched their contribution 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 Emerging Markets Forum at Educational grant to Public

Global Business Summit the University of Maryland Health Foundation
In January this year, Sir Andrew Witty, In April 2016, A. Vaidheesh, Vice One of our core values is patient focus
CEO, GSK plc spoke at the prestigious President, South Asia & Managing and in order to ensure that patients
Economic Times Global Business Director, India, GSK Pharmaceuticals receive appropriate treatment, GSK
Summit in New Delhi. The event was Ltd. weighed in on a high-level policy supports continuing high-quality
inaugurated by PM, Narendra Modi. panel discussion at the Robert H Smith education of doctors. GSK gave an
Sir Witty was joined by other global School of Business at the University HGXFDWLRQDOJUDQWWRWKH&HUWL¿FDWH
leaders-McKinsey’s Dominic Barton, of Maryland in the United States. The Course in Management of Thyroid
GE’s John Rice, PwC’s Dennis Nally agenda at the Emerging Markets Forum Disorders (CCMTD), developed and
and Indian leaders-Uday Kotak, Kumar forum was to explore avenues to foster implemented by the Public Health
greater business engagement between
Mangalam Birla and Sunil Mittal. Foundation of India (PHFI).
India and the US.
Sir Witty spoke on “Innovation- The course is accredited by the
Accessing the next billion”. He reiterated Antimicrobial Resistance South Asian Federation of Endocrine
GSK’s Indian legacy, “GSK has been in Campaign Societies (SAFES) for 2016-17 and also
India for almost 100 years and we are GSK Pharmaceuticals Ltd. had endorsed by Asia and Oceania Thyroid
proud of our Indian heritage.” the opportunity to work with OPPI Association (AOTA) for 10 years
(Organisation of Pharmaceutical (2016-2025), which speaks to the high
He also reiterated GSK’s commitment Producers on India) and the Health quality of education delivered by the
to make in India with a recent ` 1000 Ministry of Government of India and course.
crore investment in a state-of-the-art :+2LQRUJDQLVLQJWKH¿UVW$QWLPLFURELDO
facility at Vemgal, Karnataka that will Resistance – AMR Conclave at Delhi in GSK has also recently supported a
manufacture the largest quantity of February 2016. The AMR campaign was 3+),&HUWL¿FDWH&RXUVHLQ0DQDJHPHQW
modern medicines within the GSK kicked off by the Honourable Minister of Chronic Obstructive Pulmonary
network, using the most cutting edge of Health – J.P.Nadda with a print and Disease (COPD) and Asthma,
technology in the world. radio campaign to educate doctors and ZKLFKZLOOEHJLQLWV¿UVWSKDVHLQ
patients at large on the appropriate use November 2016.
of antibiotics. (Refer to AMR campaign
on the inside back cover of this report.)

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 GSK’s global world class operations).
Most Respected Companies Best Safety Practices Emerging Markets- “Winning

in India – Business World Award 2015- National Safety Performance Awards 2015”
GSK Pharmaceuticals ranked second in Council A nation-wide campaign on Congenital
the “Most respected companies” in India GSK Pharmaceuticals India has been hypothyroidism (Early detection and
in a Business World (magazine) survey management of hypothyroidism in
recognised for our high safety standards
in the pharmaceuticals sector. pregnant women and neonates)
with an award from the National Safety
ensured that doctors were educated
Council – Maharashtra Chapter in
Best Companies to Work and took action to improve screening for
collaboration with the Directorate pregnant women. The media campaign
For- Business Today Industrial Safety & Health, Maharashtra. reached two million readers through 150
GSK Pharmaceuticals ranked second At the ‘Best Safety Practices Award publications.
in ‘Best Companies to Work For’ in the 2015’, GSK’s Nashik site was presented
pharmaceuticals and healthcare sector an award for contributing to employee Emerging Markets- “Winning
in a survey, conducted by Business health and safety through cultural
Today magazine.
Performance Awards 2015”
improvement, facility upgrades and
procedural excellence. The launch-readiness and affordable
pricing increased patient access to
Seretide. The team responsible for
Global Manufacturing and this was given an award for building a
Supply (GMS) President’s patient-focused sustainable business in
Awards the respiratory space.
Our site at Nashik won a GMS

President’s Award for building a
culture of zero accidents and improved
occupational health. This was achieved
by using internal and external experts to
VLJQL¿FDQWO\LPSURYHDQGVXVWDLQVDIHW\
performance.


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

(` Crores) per share (`)
68.2
59.3
55.7
50.8
44.3
2338 2600 2520 3253 2729 227 237 238 219 203
2011 2012 2013 2014-15 2015-16 2011 2012 2013 2014-15 2015-16
(15 Months) (12 Months) (15 Months) (12 Months)
Book value EPS
1HW3UR¿WWR1HW6DOHV 3UR¿W%HIRUH7D[WR1HW6DOHV
22% 33%
20% 29%
18%
26%
23% 21%
15%
14%
599 847 729 749 577

431 577 502 472 375
2011 2012 2013 2014-15 2015-16 2011 2012 2013 2014-15 2015-16
(15 Months) (12 Months) (15 Months) (12 Months)
1HW3UR¿W` Crores) % to Sales PBT (` Crores) % to Sales
Earnings Before Interest, Depreciation Utilisation of Income

DQG7D[WR1HW6DOHV
Proposed dividend
34%
32% 10%
22% Contribution to
19% Exchequer
18%
13%
Materials
Depreciation 42%
800 842 550 629 479 1%
2011 2012 2013 2014-15 2015-16

(15 Months) (12 Months)
EBIDTA (` Crores) % to Sales
Operating Expenses
Note: 34%
Earnings Before Interest, Depreciation and Tax is excluding Exceptional Items

Board of Directors
$VRQ
Chairman Management Team General Manager - Administration &
D. S. Parekh Company Secretary
Managing Director
A. Vaidheesh A. A. Nadkarni
Vice-Chairman
Executive Directors Auditors
V. Thyagarajan (upto 31.10.15)
A. Aristidou Price Waterhouse & Co Bangalore LLP
±&KLHI)LQDQFLDO2I¿FHU
Managing Director Cost Auditors
R. C. Sequeira
Dr. H. B. Joshipura (upto 31.07.15) ±+XPDQ5HVRXUFHV R. Nanabhoy & Co.
A. Vaidheesh (w.e.f. 03.08.15) R. Krishnaswamy Solicitors
– Technical
Gagrat & Co.
Directors
A. Aristidou Commercial Head Bankers
R. R. Bajaaj S. Venkatesh Citibank N.A.
Ms. A. Bansal ±3KDUPDFHXWLFDOV Deutsche Bank
P. V. Bhide HDFC Bank Limited
N. Kaviratne CBE Executive Vice-Presidents Hongkong and Shanghai Banking
R. Krishnaswamy B. Akshikar Corporation Limited
P. V. Nayak (upto 31.10.15) ±3KDUPDFHXWLFDOV
A. N. Roy Registrars & Share Transfer Agents
R. Bartaria
R. C. Sequeira ±3KDUPDFHXWLFDOV Karvy Computershare Private Limited
R. Simard Unit: GlaxoSmithKline Pharmaceuticals Limited
K. Hazari
D. Sundaram ±/HJDO &RUSRUDWH$IIDLUV Karvy Selenium Tower B, Plot No. 31 & 32
Gachibowli, Financial District Nanakramguda,
Audit Committee Vice-Presidents Serilingampally, Hyderabad,
D. Sundaram - Chairman Telangana - 500 032
Dr. (Ms.) V. Desai
P. V. Bhide – Medical Tel. No.: 040-67162222
N. Kaviratne CBE Fax No.: 040-23001153
S. Dheri
D. S. Parekh Toll Free No.: 1800-3454-001
– Vaccines
Email: einward.ris@karvy.com
S. Khanna
Stakeholders’ Relationship – Finance
Committee
D. S. Parekh - Chairman
R. R. Bajaaj
5HJLVWHUHG2I¿FH
Dr. Annie Besant Road,
Contents
P. V. Bhide Mumbai - 400 030 Performance Summary 2
A. Vaidheesh Tel.: 24959595, Fax: 24959494
Website: www.gsk-india.com Directors’ Report 3
Nomination & Remuneration Email: askus@gsk.com
Committee CIN: L24239MH1924PLC001151
Annexure ‘A’ to ‘G’ to Directors’ Report 13
N. Kaviratne CBE - Chairman
Ms. A. Bansal Factory Independent Auditors’ Report 53
D. S. Parekh Ambad, Nashik
Financial Statements 60
Share Department
Corporate Social Responsibility
Dr. Annie Besant Road, Form AOC-1 90
Committee
D. S. Parekh - Chairman Mumbai - 400 030
Telephone: 022-24959415/434 Biddle Sawyer Limited 91
Ms. A. Bansal
A. N. Roy Fax: 022-24981526
Consolidated Financial Statements 102
A. Vaidheesh Email: ajay.a.nadkarni@gsk.com
Annual Report 2015-16 1

Note: Members are requested to kindly bring their copy of the Annual Report to the Meeting.

Performance Summary
(Amounts in ` Lakhs)
2015-16* 15 Months 2013 * 2012 * 2011 * 2010 2009 2008 2007 2006
Ended
March
2015 *
PROFIT AND LOSS ACCOUNT
Sales 2814,80 3358,54 2593,39 2669,97 2391,73 2155,08 1912,77 1751,56 1712,84 1677,57
3UR¿WEHIRUHWD[ 574,40 800,51 703,17 994,78 921,60 867,27 758,48 679,90 606,73 555,95
Tax (200,93) (278,10) (226,19) (317,59) (290,24) (285,89) (253,59) (231,54) (209,94) (194,23)
3UR¿WDIWHUWD[DQGEHIRUH 373,47 522,41 476,98 677,19 631,36 581,38 504,89 448,36 396,79 361,72
exceptional items
Exceptional items (net of tax) 1,74 (50,76) 24,90 (99,93) (200,76) (17,69) 7,40 128,21 140,87 183,79
1HW3UR¿W 375,21 471,65 501,88 577,26 430,60 563,69 512,29 576,57 537,66 545,51
Balance brought forward 887,27 1099,94 1142,95 1110,59 1164,53 1049,23 882,41 759,89 632,75 441,19
Dividends (423,52) (529,39) (423,51) (423,51) (381,16) (338,81) (254,11) (338,81) (304,93) (262,58)
7D[RQGLVWULEXWHGSUR¿W (86,22) (107,77) (71,19) (63,66) (60,32) (53,21) (40,13) (57,58) (51,82) (36,82)
Transfer to General Reserve - (47,16) (50,19) (57,73) (43,06) (56,37) (51,23) (57,66) (53,77) (54,55)
Balance carried forward 752,74 887,27 1099,94 1142,95 1110,59 1164,53 1049,23 882,41 759,89 632,75
BALANCE SHEET
Equity Capital 84,70 84,70 84,70 84,70 84,70 84,70 84,70 84,70 84,70 84,70
Reserves 1632,44 1766,96 1932,49 1925,31 1835,23 1846,11 1674,45 1456,39 1276,21 1110,01
Borrowings 2,37 3,12 4,14 4,59 4,91 5,16 5,42 5,65 5,77 5,54
1719,51 1854,78 2021,33 2014,60 1924,84 1935,97 1764,57 1546,74 1366,68 1200,25
Fixed Assets 471,71 238,28 161,93 133,19 115,32 117,65 114,17 100,35 92,90 94,46
Investments 47,67 47,67 57,67 102,58 159,80 160,35 190,91 751,87 1333,32 1139,41
Net Deferred Tax 88,61 82,91 92,11 86,54 61,47 56,40 44,69 29,60 20,14 24,61
Net Assets 1111,52 1485,92 1709,62 1692,29 1588,25 1601,57 1414,80 664,92 (79,68) (58,23)
(Current and Non-Current)
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 50.00 62.50 50.00 50.00 45.00 40.00 30.00 22.00 18.00 17.00
Special Additional Dividend - - - - - - - 18.00 18.00 14.00
Total 50.00 62.50 50.00 50.00 45.00 40.00 30.00 40.00 36.00 31.00
Earnings per equity share 44.30 55.68 59.25 68.15 50.84 66.55 60.48 68.07 63.48 64.40
Book Value 202.73 218.61 238.16 237.31 226.67 227.96 207.69 181.95 160.67 141.05
Number of employees 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.
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3. The accounting year of the company has been changed from January - December to April - March with effect from the previous period. Consequently,
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2 Annual Report 2015-16

Directors’ Report
The Directors have pleasure in submitting their Report for the year 3. MANAGEMENT DISCUSSION AND ANALYSIS
ended 31st March 2016 of GlaxoSmithKline Pharmaceuticals
Economic Scenario
Limited. As the accounting year of the company was changed
in the prior year from January-December to April–March, in Global economic activity in 2015 remained muted. Growth
line with the uniformity provisions of the Companies Act, 2013, in emerging markets and developing economies declined
the prior year’s Annual Accounts and Report of the Company IRUWKH¿IWKFRQVHFXWLYH\HDUVWLOOFRQWULEXWLQJWRJOREDO
DUH IRU D SHULRG RI ¿IWHHQ PRQWKV IURP st January 2014 to growth), while a modest recovery continued in advanced
31st 0DUFK 7KH FXUUHQW \HDU ¿JXUHV WKHUHIRUH DUH QRW economies. This has been attributed to: 1) The slow shift in
FRPSDUDEOH ZLWK WKRVH RI WKH SUHYLRXV ¿IWHHQPRQWK SHULRG focus from investment and manufacturing to consumption
ended 31st March 2015. and services in China; 2) Lower prices for energy and other
commodities; and 3) Gradual tightening in monetary policy
1. FINANCIAL RESULTS FOR THE YEAR ENDED
in the US. 6RXUFH0HGLDUHSRUWV
31ST MARCH 2016
In India, in the Fiscal Year 2014-2015, Gross Domestic
Rupees in lakhs
Product (GDP) grew by 7.3 per cent, following a 6.9 per cent
JURZWKUDWHLQWKHSUHYLRXV\HDU,QWKH¿UVWKDOIRI)LVFDO<HDU
Year ended 15 months
2015-16, the growth was 7 per cent. Domestic consumption
31st March ended
(57 per cent) and investment (33.1 per cent) were major
2016 31st March contributors to growth in Fiscal Year 2014-15. This can be
2015 attributed to high savings rates, a growing labour force and
Sale of Products (Net of 2728,50.95 3253,40.98 an expanding middle class. Following the downward trend
Excise Duty) LQ JOREDO FRPPRGLW\ SULFHV WKH UHWDLO LQÀDWLRQ DYHUDJHG
SHU FHQW LQ ¿UVW KDOI RI )LVFDO <HDU 6RXUFH
Other Operating Revenue 28,44.74 34,16.82
KPMG report, “India Soars High” (February 2016) and
Revenue from Operations 2756,95.69 3287,57.80 Finance Ministry/ Reserve Bank of India website) This has
3UR¿WEHIRUH([FHSWLRQDO 574,39.96 800,50.43 allowed RBI to cut its policy rate by 125 basis points in
items and Tax 2015, which is expected to underpin the domestic demand.
,QGLD¶V FXUUHQW DFFRXQW GH¿FLW KDV FRQWLQXHG WR QDUURZ
Exceptional Items 2,61.33 (51,88.14) enabling the RBI to increase the foreign exchange reserves,
3UR¿WEHIRUH7D[ 577,01.29 748,62.29 which could protect the economy from possible disruptions
LQJOREDO¿QDQFLDOPDUNHWVWKURXJKPRQHWDU\WLJKWHQLQJLQ
Less: Tax expense 201,79.95 276,97.71
advanced countries).
1HW3UR¿WIRUWKH\HDU 375,21.34 471,64.58
Overview of the Indian Pharmaceuticals Market
Add: Opening Surplus brought 887,24.61 1099,93.27
forward from the previous year In this economic scenario, the Indian Pharmaceuticals
market has seen double-digit growth in the last one year.
Less: Appropriations:
It is forecasted to grow at a compound annual growth rate
Proposed Dividend (including 509,73.42 637,16.78 &$*5RIEHWZHHQDQGUHDFKLQJ
WD[RQGLVWULEXWHG3UR¿WV ` 1859.5 billion by 2020. 6RXUFH0HGLDUHSRUWV
Transfer to General Reserve - 47,16.46 Business Performance
Closing Surplus carried 752,72.53 887,24.61
In this challenging environment, your Company has
forward delivered value, aided predominantly by manufacturing and
2. DIVIDEND supply chain excellence to ensure continuity and secure
supply of medicines, along with initiatives to increase reach
Your Directors are pleased to recommend a Dividend so that patients can access medicines. Your Company
of ` 50.00 per Equity Share for the year (previous year continues to enjoy a leadership position in the therapy areas
` SHU (TXLW\ 6KDUH IRU WKH ¿IWHHQPRQWK SHULRG in which it provides healthcare solutions to patients. Seven
The Dividend is subject to the approval of Shareholders of your Company’s brands feature in the top 50 Industry
at the Annual General Meeting on 28th July 2016 and brand list, namely Augmentin, Calpol, Zinetac, Betnovate -
will be paid on or after 29th July 2016. If approved 1%HWQRYDWH&6\QÀRUL[DQG(OWUR[LQ<RXU&RPSDQ\KDV
by the Shareholders at the Annual General Meeting, set in motion initiatives to re-engineer its business model to
the Dividend will absorb ` 424 crores. The Dividend maintain margins and to best deliver value to patients and
Distribution Tax borne by the Company will amount to stakeholders.
` 86 crores.

(a) Finance and Accounts There are no loans, guarantees given, securities
provided and investments covered under Section 186
<RXU&RPSDQ\VWULYHVWRGULYHSUR¿WDEOHYROXPHJURZWK
of the Companies Act, 2013. Your Company has not
in a competitive generic market with an underlying
DFFHSWHGDQ\¿[HGGHSRVLWVGXULQJWKH\HDU7KHUHZDV
focus on delivering quality products to patients.
no outstanding towards unclaimed deposit payable to
To support the long term strategy, the Company is
depositors as on 31st March 2016.
undergoing an investment initiative to upscale its
existing manufacturing capabilities at its Nashik plant 7KHUH DUH QR VLJQL¿FDQW RU PDWHULDO RUGHUV SDVVHG
and has commenced the construction of its new plant by the Regulators, Courts or Tribunals which impact
at Vemgal, Karnataka. the going concern status of the Company and its
future operations. There are no material changes and
Sale of Products (net of Excise Duty) decreased by
FRPPLWPHQWV DIIHFWLQJ WKH ¿QDQFLDO SRVLWLRQ RI WKH
IRU WKH WZHOYHPRQWK SHULRG HQGHG st March
Company as on the date of the report.
DV FRPSDUHG ZLWK WKH SUHYLRXV ¿IWHHQPRQWK
period ending 31st March 2015. The corresponding .H\ FRPSDUDEOH ¿JXUHV IRU WKH PRQWK SHULRG
Sales of the Pharmaceutical business decreased by ending April - March 2016 and April - March 2015
RYHUWKHVHSHULRGV7KH*URVV0DUJLQLQFUHDVHG
As mentioned above, the audited results for the year
by a percentage as compared to last year, driven by
ended 31st March 2016 are not comparable with those
portfolio mix. Other Expenses for the period include
RI WKH ¿IWHHQPRQWK SHULRG HQGHG st March 2015.
increased Corporate Social Responsibility spend
However, on a memorandum basis and for comparative
ZKLFKDPRXQWVWRRIWKHODVWWKUHH\HDUV¶DYHUDJH
purposes, unaudited results for the twelve months
RI3UR¿W$IWHU7D[
ended 31st March 2015 are given below:
3UR¿W %HIRUH ([FHSWLRQDO ,WHPV DQG 7D[ DPRXQWHG
Rupees in lakhs
WR RI 6DOHV IRU WKH \HDU FRPSDUHG WR WKH
¿IWHHQPRQWKSUHYLRXVSHULRGRI7KLVUHGXFWLRQLV
Year ended Unaudited
mainly on account of lower Other Income as business
enhances its capital investment programme. 31st March Twelve month
2016 ended 31st
1HW 3UR¿W IRU WKH <HDU UHPDLQHG ÀDW DW RI 1HW March 2015
Sales. Exceptional income for the year of ` 2.61 crores
LQFOXGHVWKHSUR¿WRQGLVSRVDORISURSHUW\GXULQJWKH Revenue from 2756,95.69 2679,96.99
year of ` 15.99 crores [pre-tax] that is partly offset by the Operations
rationalisation costs of ` 5.15 crores for Portfolio and 3UR¿W%HIRUH 574,39.96 651,75.24
Manufacturing activities as well as the costs relating to Exceptional Items
the Asset Sale transaction with Novartis of ` 7.70 crores. and Tax
This compares favourably to the prior year Exceptional
costs of `FURUHVLQWKHSULRU¿IWHHQPRQWKSHULRG Exceptional Items 2,61.33 (54,87.05)
UHODWLQJ WR DFWXDULDO ORVV RQ HPSOR\HH EHQH¿WV RI 3UR¿W%HIRUH7D[ 577,01.29 596,88.19
` 21.51 crores and a charge of ` 30.37 crores for the Less: Tax 201,79.95 220,41.41
rationalisation of capital assets for one dosage form at
expense
the Nashik facility.
1HW3UR¿WIRUWKH 375,21.34 376,46.78
Cash generation from Operations continued to remain Year
favourable this year and is in line with business
performance. The Company utilised ` 232 crores of 5HYHQXHIURP2SHUDWLRQVLQFUHDVHGLQWKH\HDU
cash as capital expenditure, predominantly for the new 7KH ¿UVW WZR TXDUWHUV RI WKH \HDU ZHUH LPSDFWHG E\
project at Vemgal, as well as for the upgrade of the supply factors that led to a decline in sales growth
existing factory at Nashik. Your Company continues IRU WKH ¿UVW KDOI RI WKH \HDU 7KH VHFRQG KDOI RI WKH
to look for ways and means of deploying accumulated \HDUVDZUHFRYHU\WRDJURZWKUDWHLQH[FHVVRI
cash balances as at 31st March 2016 which remain assisted by reduced constraints as well as the sales
invested largely in bank deposits. from the acquired Novartis vaccines.
'XULQJ WKH \HDU WKH &RPSDQ\ UHPRGHOHG LWV ¿QDQFH 7KH JURVV PDUJLQ LPSURYHG E\ DV FRPSDUHG WR
RSHUDWLQJPRGHOWRHQKDQFHWKHHI¿FLHQF\RIHQGWRHQG the prior year’s unaudited twelve-month period due to
processing of transactions, increase capabilities toward SRUWIROLR PL[ KRZHYHU WKH 3UR¿W %HIRUH ([FHSWLRQDO
¿QDQFHSDUWQHULQJZLWKWKHEXVLQHVVDVZHOODVHQVXUH ,WHPVDQG7D[GHFOLQHGE\GULYHQE\DUHGXFWLRQ
VWURQJ ¿QDQFLDO JRYHUQDQFH DFURVV WKH RUJDQLVDWLRQ LQ2WKHU,QFRPHDQGWKHLQÀDWLRQLPSDFWRQWKHFRVW
7KH LPSOHPHQWDWLRQ RI WKH ¿QDQFH RSHUDWLQJ PRGHO base.
positions the Company to upscale its future Enterprise
Exceptional income for the year, as detailed above,
Resource Planning systems.
compares favourably to the exceptional cost of the

prior year unaudited twelve-month period of ` 54.87 than 638000 villages and small towns. Access to
FURUHVUHODWLQJWRDFWXDULDOORVVRQHPSOR\HHEHQH¿WV WKHLU GHVLUHG PHGLFLQHV LV D VLJQL¿FDQW FKDOOHQJH IRU
of ` 24.50 crores and a charge of ` 30.37 crores for the them. Healthcare in most of these areas is managed
rationalisation of capital assets for one dosage form at through primary and community healthcare centres.
the Nashik facility. Your Company invested in increasing its resources in
WKH 5($&+ WHDP ZLWK WKH VSHFL¿F WDVN WR LQFUHDVH
1HW SUR¿W PDUJLQ IRU WKH \HDU RI RI VDOHV LV access) to increase penetration into rural markets with
comparable to the same margin as in the prior year. a large portfolio of brands spanning the Company’s
Novartis Transaction therapeutic areas. The rural initiative is expanding
for greater geographical reach and will now ensure
In April 2014, GlaxoSmithKline plc (GSK), London, prescription leadership and support to patients in rural
UK, entered into three inter-conditional agreements PDUNHWV <RXU &RPSDQ\ VWDUWHG LWV XQLTXH VFLHQWL¿F
with Novartis AG (Novartis), Basel, Switzerland. SURJUDPPH 9DQ 6FLHQWL¿F 3URPRWLRQDO 0HHWLQJV
In one such agreement, GSK agreed to acquire (SPM), conducting meetings with Doctors from a van
1RYDUWLV¶ 9DFFLQHV %XVLQHVV H[FOXGLQJ LQÀXHQ]D WKDW WUDYHOV WR WKH DUHDV WKDW DUH GLI¿FXOW WR UHDFK
vaccine) and manufacturing capabilities and facilities 7KH 'RFWRUV ZKR EHQH¿W IURP WKLV SURJUDPPH
from Novartis, and in the second agreement, GSK otherwise have limited or no access to continuous
agreed to sell the rights to its Marketed Oncology medical education due to infrastructure challenges
Portfolio, related R&D activities and AKT Inhibitors and lack of medical expertise.
currently in development to Novartis. Globally,
these transactions with Novartis were completed on According to IMS data, the hospital segment is
2nd March 2015. In connection with the above HVWLPDWHGWRJURZDWD&$*5RIE\DOPRVW
transactions, the GlaxoSmithKline Pharmaceuticals PRUH WKDQ WKH UHWDLO VHJPHQW <RXU FRPSDQ\
Limited (“your Company”) Board, in its meeting held expanded the Hospital Business Team reaching
on 12th February 2015, approved the transactions on out to more hospitals with a customised approach,
an Asset Sale basis with Novartis Healthcare Private promoting mass market and mass specialty brands
Limited, a private unlisted company incorporated along with the cardiac portfolio. Some of the products
under the Companies Act 1956. Pursuant to the global like Betnovate were moved from specialty business
deal, your Company will have its distribution rights to mass market business for greater coverage. Your
terminated for the oncology portfolio and acquire Company’s established products like Augmentin,
distribution rights for the vaccines portfolio. GSK plc Cobadex CZS and Calpol are now promoted by all
and Novartis AG have obtained the approval from the WKHWHDPVWRHQVXUHWKDWWKHEHQH¿WVDUHSDVVHGRQ
Competition Commission of India. Your Company and to maximum number of patients possible, which has
1RYDUWLV+HDOWKFDUH3ULYDWH/LPLWHGKDG¿OHGVHSDUDWH resulted in prescriptions growing from month to month
applications for approval with the Foreign Investment during the last year.
Promotion Board (FIPB). The closing of the asset sales Your Company’s Respiratory team launched a price-
between the companies was subject to the receipt of volume initiative on Seretide Accuhaler with an
all applicable legal and regulatory approvals, consent, objective to make Seretide Accuhaler accessible to
permissions and sanctions as may be necessary from more patients in India in order to help them better
concerned authorities. Your Company successfully manage and control their Asthma and Chronic
completed this transaction on 30th September 2015 on Obstructive Pulmonary Disorder (COPD) in a better
receipt of all applicable legal and regulatory approvals. way. As a result of this initiative, the patient share on
Your Company’s sales performance for the current Seretide Accuhaler has gone up by almost three times
year was enhanced by ` 61 crores from the acquired and this initiative has had a positive impact on the
sales in vaccines. Furthermore, your Company Seretide Evohaler.
continues to sell the Oncology portfolio relating to
this transaction up until the marketing authorisations Your company’s Dermatology business maintained its
transfer to Novartis Healthcare Private Limited. leadership in the segment’s market in the year under
consideration; backed by above par performances
:KLOVWWKHWUDQVDFWLRQLVH[SHFWHGWREHSUR¿WQHXWUDO from classic brands like Betnovate & Tenovate, as
for your Company, your Company’s vaccines portfolio well as strategically important brands such as Zimig,
is enhanced predominantly from distribution of the Oilatum and Clindoxyl. Keeping the patient as the focus
anti-rabies vaccine as well as from the expected of all activities, the team launched different patient
pipeline of vaccines from GSK. FDPSDLJQV OLNH µ6NLQ¿H¶ VNLQ FDUH DZDUHQHVV FDPSV
b) Pharmaceuticals Business Performance and which were conducted in colleges and corporate
Outlook RI¿FHV E\ UHQRZQHG 'HUPDWRORJLVWV <RXU FRPSDQ\
also took on the challenge of increasing awareness
The year under consideration was focused on on the right and appropriate use of steroids by way
increasing access to medicines to serve patients RIPHHWLQJVOHDÀHWVDQGSRVWHUVLQRUGHUWRHGXFDWH
EHWWHU RI WKH ,QGLDQ SRSXODWLRQ UHVLGHV LQ PRUH patients and pharmacists.

The Mass Specialty business continued its growth the self-pay segment in India. Consistent with your
WUDMHFWRU\ DQG$XJPHQWLQ WKH ÀDJVKLS EUDQG RI \RXU Company’s philosophy of increasing access, your
Company regained the No. 1 position in the “Amoxy Company continues to offer cost-effective presentation
Clav” market, showing a remarkable recovery after it RI D ÀDJVKLS SQHXPRFRFFDO YDFFLQH LQ WKH IRUP RI
was bought under the NLEM (National List of Essential vials to help protect more kids from pneumococcal
Medicines) list as per DPCO 2013 with an annual disease, which is the leading cause of infant mortality
in India. Sudden changes in interpretation of licensing
SUHVFULSWLRQJURZWKRI<RXU&RPSDQ\XVHGWKH
requirements coupled with constraints of supplies
opportunity of the price control induced downward from the parent facility led to shortages of a number
correction to improve access to patients and of vaccines through the year. Notwithstanding that,
improve outcomes as is evidenced by the growth of the measure of the ability of your Company’s vaccines
prescriptions. The team not only focused on improving WR EHQH¿W FKLOGUHQ DQG ZRPHQ¶V KHDOWK LV LQGLFDWHG
access, but also on therapy-shaping activities. It in the healthy growth registered. The vaccines team
carried out various initiatives on “Appropriate use of is gearing up for the launch of the combined MMRV
antibiotics” by Health Care Professionals (HCPs) and YDFFLQHWKH¿UVWRILWVNLQGWREHODXQFKHGLQ,QGLDLQ
“Responsible Antibiotic Adherence” by patients. The 2016. The merger of Novartis Vaccines Business, has
team remains focused to enable Augmentin to achieve given a key anti-rabies vaccine, “Rabipur” to enhance
the status of volume leader in the market and be the the overall portfolio of vaccines.
highest prescribed brand in the “Amoxy Clav” market. c) Opportunities, Risks, Concerns and Threats
³(OWUR[LQ´ \RXU &RPSDQ\¶V ÀDJVKLS WKHUDSHXWLF The Union Budget 2016-17 announced certain
solution for Thyroid management achieved an annual big changes connected to the healthcare sector.
JURZWK RI 0DQ\ UHFHQW DGYDQFHV LQ SUHYHQWLRQ Out of nine pillars of the Union Budget, one was social
and management of Hypothyroidism need to be healthcare. The Government announced setting up of
translated into practice for Health Care Professionals 3000 new drug stores across the country to handle
(HCPs) in Tier 1 and Tier 2 cities. To help rapid and shortage of drugs, especially in rural areas under
early diagnosis of Thyroid disorders, your Company the Jan Aushadi Yojna to provide generic drugs at
XQGHUWRRN VHYHUDO 6FLHQWL¿F 3URPRWLRQDO PHHWLQJV affordable rates. A health insurance cover of up to
on “Maternal Hypothyroidism” and “Translating of ` 1 lakh per family is also provided. With the launch
Thyroid guidelines”. As many as 10000 such meetings of the National Dialysis Programme to deal with high
took place during the year. The ‘One-on-One’ SPMs costs involved in healthcare as part of the Programme,
were a good example in our pursuit of being a patient- every district hospital will have facilities of dialysis.
focused organisation and taking a lead to ‘door The Health Protection Scheme of ` 1 lakh to cover
deliver’ knowledge to equip HCPs for appropriate unforeseen illness for poor families with addition of
disease management. The Disease Awareness ` 30,000/- for senior citizens, was a welcoming step in
initiative on Congenital Hypothyroidism (CH) was GHHSHQLQJDFFHVV7KHLQFUHDVHLQJRYHUQPHQW
conducted in many cities during the year. Feedback spending on social sectors with focus on healthcare
from doctors was encouraging as they believed that and the government’s promise to provide health
your Company is spreading awareness in the society insurance to the under-privileged class through
and thus improving the future of children with CH. the new Health Protection Scheme is welcome.
Your Company has taken an initiative of launching All these would act as a catalyst for investment in the
team “INVICTUS”- a dedicated task force based at healthcare sector and help in improving affordability
various locations in the country. The team caters to and accessibility of quality healthcare in India, which
key stakeholders for Eltroxin and engages them for in turn will help growth of your Company.
VFLHQWL¿FSURPRWLRQDODFWLYLWLHV7KHNH\EUDQG&HIWXP
also registered a double digit prescription growth in Government issued a Fixed Dose Combination
major specialty areas. >)'&@ QRWL¿FDWLRQ RQ th March 2016 pursuant to
ZKLFK PRUH WKDQ ¿[HG GRVH FRPPXQLFDWLRQ
The key brands in Mass markets like Zinetac, Calpol, GUXJV ZHUH EDQQHG$V SHU WKH VDLG QRWL¿FDWLRQ
Betnesol, Zentel, and Cetzine have maintained Companies were not allowed to manufacture, sell
dominant market leadership positions. Calpol is the and distribute the FDCs. Many companies and
No. 1 prescribed brand in the Indian Pharmaceutical LQGXVWU\ DVVRFLDWLRQV KDYH ¿OHG D ZULW SHWLWLRQ LQ WKH
Market and generates 3 prescriptions every Delhi High Court challenging the abrupt ban of FDCs.
2 seconds. Your Company’s strategy was to increase The Delhi High Court has granted a stay order and the
access to patients by targeting the adjacent and direct matter continues to be heard on a regular basis at the
category competition and drive unit sales consistent High Court. The abrupt ban on FDCs has caused an
with following your Company’s policy of increasing environment of uncertainty as some of the FDCs were
access to medicines. available in the market and used by patients for many
In the area of preventive healthcare, your Company years. Your company has minimal impact on account
continues to be the No. 1 vaccines Company in RIWKHVDLG)'&1RWL¿FDWLRQ

d) Regulatory Affairs DQGRU VXSSRUWHG KLJK TXDOLW\ VFLHQWL¿F HGXFDWLRQDO
programmes for Healthcare Professionals to update
During the year under review, in order to support
their knowledge about disease management which
the commercial availability of new drugs that would
will ultimately help their patients receive appropriate
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treatment.
suffering from various diseases, your Company
submitted necessary applications for New Products in One such independent medical education programme
India to the CDSCO (Central Drugs Standard Control supported through an educational grant by your
Organization), Ministry of Health and Family Welfare, &RPSDQ\LVWKH&HUWL¿FDWH&RXUVHLQ0DQDJHPHQWRI
Government of India. After a thorough review of its Thyroid Disorders (CCMTD) which has been developed
applications, your Company has received approval and implemented by Public Health Foundation of
for some of these products from CDSCO, which India (PHFI) in collaboration with Chellaram Diabetes
will enable timely access to new and innovative Institute (CDI), Pune. This is a comprehensive training
therapeutic options to patients in our country. programme with the main objective of enhancing the
knowledge and skills of primary care physicians in the
Some of the innovator products approved by the
management of thyroid disorders and till date, more
regulatory agency in India during the year under review
than 700 physicians have completed this course.
includes albiglutide (Tanzeum) for the treatment of type
2 diabetes mellitus in adults, a pediatric vaccine for Your company also planned and conducted
immunisation of children of 1 year to 12 years of age Pulmonary Rehabilitation (PR) workshops across
against measles, mumps, rubella and varicella (Priorix ,QGLDLQFRQVXOWDWLRQZLWKH[SHUWVLQWKH¿HOGLQRUGHU
tetra), inactivated poliomyelitis vaccine (Poliorix) to educate chest physicians and physiotherapists
indicated for immunisation against poliomyelitis from UHJDUGLQJ YDULRXV DVSHFWV RI 35 DQG LWV EHQH¿WV LQ
age of 6 weeks onwards. All these new products patients with respiratory disease.
approved for your Company during the year under
e) Internal Control Framework
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your Company also received approval for import and Your Company conducts its business with integrity
marketing of 2 new cosmetic products in India and and high standards of ethical behaviour and in
DSSURYDO IRU FRQWLQXHG PDUNHWLQJ RI ¿[HG GRVH compliance with the laws and regulations that govern
combination products in India upon reassessment of its business. Your Company has a well-established
HI¿FDF\DQGVDIHW\GDWDSUHVHQWHGE\\RXU&RPSDQ\ framework of internal controls in operation, supported
by standard operating procedures, policies and
Medical Affairs and Medical Governance
guidelines, including suitable monitoring procedures
The Medical Affairs team has provided valuable and self-assessment exercises. In addition to external
medical inputs for the development and execution of DXGLW WKH ¿QDQFLDO DQG RSHUDWLQJ FRQWUROV RI \RXU
strategy for several key products including Seretide, Company at various locations are reviewed by the
Augmentin, Eltroxin and also the Vaccines portfolio. ,QWHUQDO$XGLWRUV WR UHSRUW VLJQL¿FDQW ¿QGLQJV WR WKH
The team played a crucial role in communicating Audit Committee of the Board. The Audit Committee
KLJKTXDOLW\ VFLHQWL¿F LQIRUPDWLRQ WR WKH PHGLFDO reviews the adequacy and effectiveness of the
fraternity and regulatory authorities. The Medical implementation of audit recommendations including
Affairs and the Medical Governance teams ensure those relating to strengthening your Company’s risk
that your Company’s promotional activities and management policies and systems. Compliance
HCP (Healthcare Professional) engagements are with laws and regulations is also monitored through
consistent with global GSK standards and in line with a matrix of well laid down framework which requires
all the applicable guidelines and standard operating LQGLYLGXDO IXQFWLRQV WR FRQ¿UP DQG UHSRUW VWDWXWRU\
procedures. compliances on all laws and regulations concerning
their respective functions and which gets integrated
At the end of 2013, GSK globally announced
with the overall compliance reporting on all laws and
industry-leading changes to the way the company
regulations for the purposes of review and monitoring
interacts with HCPs. One of these changes includes
by the Audit Committee.
stopping payments to Healthcare Professionals to
VSHDNDWVFLHQWL¿FPHHWLQJVRQEHKDOIRI*6.DQGE\ As required by the Companies Act 2013, your
doing this, the Company increases trust by eliminating Company has implemented an Internal Financial
WKH SHUFHSWLRQ RI D FRQÀLFW RI LQWHUHVW 7KLV FKDQJH Control (IFC) Framework. Section 134(5)(e) requires
has been implemented in India by your Company from the Directors to make an assertion in the Directors
1st January 2016 and in preparation for this new HCP Responsibility Statement that your Company has
Engagement model, your Company has taken steps to ODLG GRZQ LQWHUQDO ¿QDQFLDO FRQWUROV ZKLFK DUH LQ
build internal medical capacity and capability to deliver existence, adequate and operate effectively. Under
this new model and enhance the way your Company Section 177(4)(vii), the Audit Committee evaluates the
interacts with HCPs. Your Company has developed LQWHUQDO¿QDQFLDOFRQWUROVDQGPDNHVDUHSUHVHQWDWLRQ

to the Board. The purpose of the IFC is to ensure that Interactions prescribe the nature of practices and
policies and procedures adopted by your Company SURKLELWV VSHFL¿FDOO\ WKRVH ZKLFK DUH XQHWKLFDO<RXU
IRU HQVXULQJ WKH RUGHUO\ DQG HI¿FLHQW FRQGXFW RI LWV Company is a signatory to the OPPI (Organisation
business are implemented, including policies for and of Pharmaceuticals Producers in India) Code of
the safeguarding its assets, prevention and detection Marketing Conduct.
of frauds and errors, accuracy and completeness
Risk Management
of accounting records, and timely preparation of
UHOLDEOH¿QDQFLDOLQIRUPDWLRQ7KH,)&LPSOHPHQWDWLRQ The Company has a Risk Management and
required all processes of your Company to be Compliance Board (RMCB). Risk maps stating the
documented alongside the controls within the process. VLJQL¿FDQWEXVLQHVVULVNVSRWHQWLDOFRQVHTXHQFHVDQG
All processes were satisfactorily tested for both design mitigation plans are prepared by each function and
and effectiveness during the year. reviewed by the RMCB on a regular basis. Business
Furthermore, the Company extended its Independent Continuity Plans are periodically reviewed and tested
Business Monitoring (IBM) project under ‘ECHO’. The to enhance their relevance. The Risk Management
ECHO IBM Framework is designed by the GSK plc Framework covering business, operational and
group requiring a regular review of activities, data, ¿QDQFLDO ULVNV LV EHLQJ FRQWLQXRXVO\ UHYLHZHG E\ WKH
exceptions and deviations in order to continuously Audit Committee. At present, in the opinion of the
monitor and improve the quality of operations. It is a Board of Directors, there are no risks which may
risk-based enterprise approach ensuring consistency, threaten the existence of the Company.
quality, transparency and clear accountability of Risk
Vigil Mechanism
Management and Internal Controls across all business
units. Your Company has a Speak Up Programme. The
Your Company expects all employees to act Programme offers people within and outside GSK
transparently, respectfully and with integrity and a range of channels to voice concerns and report
WR SXW WKH LQWHUHVWV RI SDWLHQWV DQG FRQVXPHUV ¿UVW misconduct. The Speak Up culture and procedures
at all times. Your Company aims to put these core encourages everyone to raise concerns about potential
values at the heart of everything it does and every XQHWKLFDORULOOHJDOFRQGXFWDQGDVVXUHVFRQ¿GHQWLDOLW\
decision it makes. The GSK Code of Conduct and and protection from retaliation, retribution or any form
accompanying training, seeks to ensure everyone in of harassment to those reporting such concerns.
your Company understands how to put values into &RQ¿GHQWLDO6SHDN8SLQWHJULW\OLQHSKRQHQXPEHUVDUH
practice. Mandatory training on the Code of Conduct available to people within and outside of your Company.
KHOSV\RXU&RPSDQ\¶VHPSOR\HHVJDLQWKHFRQ¿GHQFH An independent company manages these reporting
to make the right decisions and become familiar with lines and calls are logged through their central system
the policies and procedures applicable to their areas to ensure integrity of the programme.
RIRSHUDWLRQDYRLGFRQÀLFWVRILQWHUHVWDQGUHSRUWDOO
Your Company endeavours to treat all questions or
unethical and illegal conduct. Your Company also has
FRQFHUQVDERXWFRPSOLDQFHLQDFRQ¿GHQWLDOPDQQHU
an Anti-Bribery and Corruption (ABAC) programme
even if the person reporting a question or concern
designed to prevent non-compliance through controls,
practical guidance and mandatory training. The LGHQWL¿HVWKHPVHOYHV<RXU&RPSDQ\DOVRKDVDZHOO
programme complies with the principles laid down laid down process to prevent, take disciplinary action
under US Foreign Corrupt Practices Act and British and deter acts of sexual harassment. Your Company
Anti-Bribery laws. has constituted a complaint mechanism and a
complaint committee to deal in a timely manner with all
Additionally, employees are required to certify on instances of sexual harassment and to ensure that no
an annual basis whether there have been any victims or witnesses are victimised or discriminated.
transactions which are fraudulent, illegal or violative
of the Code of Conduct. Strong oversight and Your Company has in place a whistle blower policy with a
self-monitoring policies and procedures demonstrate view to provide a mechanism for its Directors/employees/
your Company’s commitment to the highest standards customers to approach the Chairman of Audit Committee,
of integrity. in case of any grievance or concern. The Whistle Blower
policy can be accessed on your Company’s website
Your Company has also successfully complemented
www.gsk-india.com/investors/policies.
its Internal Control Framework with the test of design
and effectiveness of all its processes across the f) Human Resources:
organisation as part of meeting the requirements of
the Companies Act, 2013, to ensure the existence and Your Company in the year under consideration saw
effectiveness of Internal Financial Controls. a renewed focus on the Human Resources front
with initiatives in leadership & talent management,
Your Company’s policies and updated Global capability building, rewards & recognition, ERP
Code of Practice for Promotion and Customer systems and employee communication.

,Q \RXU &RPSDQ\ VLJQL¿FDQWO\ VWUHQJWKHQHG the wellness and wellbeing programme, the Let’s Talk
its Human Resources capability in the Supply Chain programme, the Empowerment League programme,
organisation with particular emphasis on Quality and the Star Recognition programmes, the employee
Employee Health & Safety. The Human Resources Health and Safety programmes, etc. During the course
team partnered with the business to develop and of the year, an employee Survey was carried out and
implement a Change Management plan across the your Company had some of the highest scores in
Nashik site. The focus was on sustainability of policies both Engagement and Empowerment within the GSK
and processes, underpinned with a 4-day training group and these scores also compared favourably
programme, ‘Gurukul’ for all employees. The Nashik against external benchmarks.
Site won GMS President’s Award on “Building a
culture of Zero Accidents” and 2nd prize at the “Best Towards developing and growing women leaders,
Safety award competition - 2015” by National Safety talented Women Managers are being put through a
Council – Maharashtra Chapter in collaboration with unique programme, ‘Accelerating Difference’ which
Directorate of Industrial Safety & Health, Maharashtra. will help them to hone their capability in managing
Your Company continues to focus on Talent senior roles. Women-friendly policies have also been
Management and Leadership to build a strong put in place.
Leadership pipeline. Differentiated development Your Company has also put in place a number
SODQV KDYH EHHQ GUDZQ XS IRU LQGLYLGXDOV LGHQWL¿HG of initiatives with respect to values and maturity
as key talent, which covers on-the-job development, assessment. This has led to an extensive coverage
relationship/coaching skills along with formal
of all employees to ensure that they understand and
GHYHORSPHQWFODVVURRP WUDLQLQJ ,GHQWL¿HG KLJK
learn to live our values of Transparency, Respect for
potential Sales Managers have been put through the
people, Integrity and Patient Focus.
“GMAC - GSK Marketing Accreditation Program” for
18 months to develop their Marketing capability. Your There are four recognised unions – Selling Area (zonal)
Company continues to invest in its ‘Future Leaders’ based – North, East, West and South to address the
programme drawing on fresh talent from leading JULHYDQFHV RI HPSOR\HHV ZRUNLQJ LQ WKH ¿HOG 7KH
universities/business schools around the country. Union in the West selling area also represents the
Managers have been through various leadership workers working at Nashik site. The Unions have
programmes, such as Accelerating Difference - for been committed to the growth and development of the
talented Women Managers, Emerging Leaders
Company.
SURJUDPPH ¿UVW OLQH OHDGHUV OHDGLQJ GHOLYHU\
coaching etc. Towards enhancing employee capability, Prevention of Sexual Harassment at Work Place
extensive sales training programmes were launched,
including distance learning programmes. For instance, As per the requirements of the Sexual Harassment
72 e-learning modules for about 44 brands were also of Women at the workplace (Prevention, Prohibition
implemented. & Redressal) Act, 2013 (“Act”) and rules made
thereunder, your Company has adopted a policy
Your Company launched ‘Workday’, an ERP initiative, (www.gsk-india.com/investors/policies) for prevention
to enhance its HR Systems. Workday allows Managers
of sexual harassment at workplace and has constituted
to have access to employee information on a real-time
an Internal Complaints Committee. During the year,
basis that helps managers to better manage their
your Company has not received any complaints on
people. Workday covers performance management,
Sexual Harassment under the said Act.
leave, talent management, query resolutions, amongst
other features. Managers can also readily access g) Supply Chain
Workday on smartphones and iPads to enhance
HI¿FLHQF\ Manufacturing:
Following the acquisition of Novartis Vaccines business Manufacturing operations in India continue to progress
globally, your Company seamlessly completed the and develop. The Nashik Site has continued to
‘asset deal’ transfer. In October 2015, around 120 deliver on its overall strategic intent and has invested
employees of Novartis were integrated into your heavily in Safety and Quality in the past year, while
Company’s Vaccines business after going through further securing supplies and capability to serve the
an Orientation and Crossover Induction programme patient. The Site has increased output capability from
covering GSK values, business processes and SOPs. WKURXJK E\ DSSUR[LPDWHO\ ZLWK D
About 40 employees transferred to Novartis as part of WDUJHWIRUWKHHQGRIUHDFKLQJDHI¿FLHQF\
divestment of our Oncology business. gain from 2014. The Site successfully launched new
A number of employee engagement initiatives strengths in Bactroban and Eltroxin, further supporting
were carried out such as volunteering - through the patient need. The Site has upgraded key utilities,
Company’s ‘Pulse’ and ‘Orange day’ programmes, LQFOXGLQJHOHFWULFDO+9$&DQGSXUL¿HGZDWHUV\VWHPV

The site has invested heavily in dust containment End-to-End Supply Chain & Logistics:
FDSDELOLW\DQG¿UH¿JKWLQJFDSDELOLW\WRHQVXUHDVDIH
Your Company is implementing several initiatives in
working environment for all staff. The site has invested
driving greater safety & tracking when the products
in the upgradation of all manufacturing areas to
are transported from our manufacturing locations
improve Safety and Quality standards to GSK global
to various warehouses across the country, by using
expectations. Progress on the new Building for the
GPS tracking devices, engaging with the transporters
Eltroxin Suite has progressed to plan and the facility
to ensure that product handling is appropriate from
is on track for commercial supply from January 2017.
pilferage & theft perspective. Your company is
New Manufacturing Site: looking at strengthening the cold chain capability
across the supply chain through the warehouses,
As you are aware, your Company has decided
transportation & packaging. This initiative is to further
WR FUHDWH D QHZ *UHHQ¿HOG PDQXIDFWXULQJ VLWH LQ
enhance compliance to patient safety & regulatory
Bengaluru. The new factory, is being built to the
requirements.
highest International Standards. It has been designed
in India and will incorporate the highest appropriate h) Corporate Social Responsibility
levels of technology and automation to ensure cost-
Your Company has a rich legacy of partnering the
effective production of the highest quality medicines.
communities in which we live and operate. Strong
The process equipment is either being imported or
partnerships with community groups are critical, as
sourced locally, wherever possible.
local organisations have the greatest insights into the
Environmental considerations have been at needs of their people and the strategies that stand the
the forefront of the Factory Design and future greatest chance of success. Your Company’s focus
operation. Your Company is aiming to achieve is on making life-changing, long-term differences in
LEED (Leadership in Energy and Environmental human health by addressing the healthcare burdens
Design) Gold standard which is an internationally of accessibility, affordability and awareness. Your
recognised US set of rating systems for the design, &RPSDQ\ZRUNVWRIXO¿OOWKLVDQGRWKHUVRFLDOFKDQJH
construction, operation, and maintenance of green efforts, through our Corporate Social Responsibility
buildings, that aims to help building owners and (CSR) programmes. During the last year, the CSR
operators be environmentally responsible and use programme touched the lives of over a million people
UHVRXUFHV HI¿FLHQWO\ $GGLWLRQDOO\ \RXU &RPSDQ\ across India.
is investing in renewable energy in the form of a
Pursuant to the provisions of Section 135 and rules
0.5 MW Photovoltaic array, which will generate a
made thereunder of the Companies Act, 2013, the
VLJQL¿FDQW SDUW RI WKH VLWH¶V HQHUJ\ UHTXLUHPHQW
Company has constituted a CSR committee to monitor
All waste water will be recycled with zero waste.
CSR activities of the Company. The CSR policy of the
Advanced ‘Programme Management’ techniques are
Company may be accessed on the Company website
being used to ensure all the various processes, quality
at the link www.gsk-india.com/investors/policies. The
management systems, staff recruitment, and other
CSR Report on the activities undertaken during the
operational readiness activities are in place prior to
year, given in Annexure ‘C’, forms a part of this Report.
start-up.
i) Certain statements in the “Management Discussion
Manufacturing Excellence:
and Analysis” section may be forward-looking and are
7KH1DVKLNVLWHKDVVLJQL¿FDQWO\LQFUHDVHGFDSDELOLW\LQ stated as required by applicable laws and regulations.
the delivery of the GSK Production System (GPS) with Many factors may affect the actual results, which could
WKH 6LWH VKRZLQJ VLJQL¿FDQW LPSURYHPHQW LQ 6DIHW\ be different from what the Directors envisage in terms
Quality and Cost as your Company drives towards of future performance and outlook.
Zero Accident, Zero Defect and Zero Waste. Site
4. DIRECTORS
SHUIRUPDQFHODVW\HDUVKRZHGVLJQL¿FDQWLPSURYHPHQW
in all performance parameters for Safety, Quality and Mr. V. Thyagarajan, Non-Executive Director and
Cost from the previous year. The Site launched two key Mr. P. V. Nayak, Independent Director retired as Directors
initiatives to support knowledge and understanding. from 31st October 2015. Dr. H. B. Joshipura resigned as a
These include the launch of Site B2B programme – Managing Director from 31st July 2015. The Board places
a 4-day intensive EHS and Quality training programme on record its appreciation of the valuable services rendered
to ensure all staff are meeting a common standard for by Directors, Mr. V. Thyagarajan, Mr. P. V. Nayak and
these critical activities. In addition, the Site launched its Managing Director, Dr. H. B. Joshipura, during their tenure
Site Learning Zone; a hands-on learning environment and for their contribution to the deliberations of the Board.
where staff can practice in a safe way, common,
day-to-day work practices and drive improvement into The Board of Directors has appointed Mr. A. Vaidheesh as
the process. Managing Director with effect from 3rd August 2015.

In terms of the provisions under Section 149 of the or entered in the ordinary course of business and are at
Companies Act, 2013, the Board and Shareholders have arm’s length. All Related Party Transactions are subjected
approved the appointment of all the existing Independent WR LQGHSHQGHQW UHYLHZ E\ D UHSXWHG DFFRXQWLQJ ¿UP WR
Directors, that is, viz. Mr. R. R. Bajaaj, Ms. A. Bansal, establish compliance with the requirements of Related
Mr. P. V. Bhide, Mr. N. Kaviratne, Mr. A. N. Roy and Party Transactions under the Companies Act, 2013 and
0U'6XQGDUDPIRUDWHUPRI¿YH\HDUVIURPth March 2015. LODR.
The Independent Directors have submitted the Declaration 6. DIRECTORS’ RESPONSIBILITY STATEMENT
of Independence, as required pursuant to Section 149 (7) of
<RXU'LUHFWRUVFRQ¿UP
the Companies Act, 2013, stating that they meet the criteria
of Independence as provided in sub-section (6). (i) that in the preparation of the annual accounts, the
applicable accounting standards have been followed
During the year ended 31st March 2016, six Board meetings
along with proper explanations relating to material
were held, the details of which are given in the Corporate
departures, if any
Governance Report. The intervening gap between the
Meetings was within the period prescribed under the (ii) that the Directors have selected such accounting policies
Companies Act, 2013. and applied them consistently and made judgements
and estimates that are reasonable and prudent so as
Remuneration Policy and Board Evaluation
to give a true and fair view of the state of affairs of the
In compliance with the provisions of the Companies Company as on 31st0DUFKDQGRIWKHSUR¿WRIWKH
Act, 2013 and Regulation 27 of the Listing Obligations & Company for the year ended on that date;
Disclosures Requirement, Regulations, 2015 the Board
LLL WKDW WKH 'LUHFWRUV KDYH WDNHQ SURSHU DQG VXI¿FLHQW
of Directors on the recommendation of the Nomination
care for the maintenance of adequate accounting
& Remuneration Committee, adopted a Policy on
records in accordance with the provisions of the
remuneration of Directors and Senior Management. The
Companies Act 2013 for safeguarding the assets of
Remuneration Policy is stated in the Corporate Governance
the Company and for preventing and detecting fraud
Report.
and other irregularities;
Performance evaluation of the Board was carried out
(iv) that the Directors have prepared the annual accounts
during the period under review. The details are given in the
on a going concern basis;
Corporate Governance Report.
Y WKDWSURSHULQWHUQDO¿QDQFLDOFRQWUROVODLGGRZQE\WKH
Familiarisation programmes for the Independent Directors
Directors were followed by the Company and such
In Compliance with the requirements of SEBI Regulations, LQWHUQDO ¿QDQFLDO FRQWUROV DUH DGHTXDWH DQG ZHUH
your Company has put in place a familiarisation programme operating effectively, and
for the Independent Directors to familiarise them with their
(vi) that proper systems to ensure compliance with the
role, rights and responsibilities as Directors, the working of
provisions of all applicable laws have been devised
the Company, nature of the industry in which the Company
and such systems were adequate and were operating
operates, business model, etc. It is also available on the
effectively.
Company website www.gsk-india.com/investors/policies.
7. CORPORATE GOVERNANCE & BUSINESS
5. PARTICULARS OF CONTRACTS AND RELATED
SUSTAINABILITY REPORT
PARTY TRANSACTIONS
Your Company is part of the GlaxoSmithKline plc group
In line with the requirements of the Companies Act, 2013
and conforms to norms of Corporate Governance adopted
and Listing Obligations & Disclosures Requirement (LODR),
by them. As a Listed Company, necessary measures are
Regulations, 2015, your Company has formulated a
taken to comply with the Listing Obligations & Disclosures
policy on Related Party Transactions. All Related Party
Requirement, Regulations, 2015 with the Stock Exchanges.
Transactions that are entered into during the year, were
$UHSRUWRQ&RUSRUDWH*RYHUQDQFHDORQJZLWKDFHUWL¿FDWHRI
on arm’s length basis and were in the ordinary course of
compliance from the Auditors, given in Annexure ‘A’, forms
EXVLQHVV7KHUHZHUHQRPDWHULDOO\VLJQL¿FDQWUHODWHGSDUW\
a part of this Report. Further, a Business Responsibility
transactions made with the Promoters, Directors or Key
Report, describing the initiatives taken by your Company
0DQDJHULDO3HUVRQQHOZKLFKPD\KDYHDSRWHQWLDOFRQÀLFW
from an environmental, social and governance perspective,
of interest with the Company at large. The Policy of Related
given in Annexure ‘B’, also forms a part of this Report.
Party Transactions can be accessed on the Company
website www.gsk-india.com/investors/policies. 8. AUDITORS
All Related Party Transactions are placed before the Audit The Auditors in their Report dated 25th May 2016 have
Committee for review and approval. Prior omnibus approval commented that the back-up of the books of accounts and
is obtained for Related Party Transactions on a quarterly other books and papers are not maintained in electronic
basis for transactions which are of repetitive nature and / mode on servers physically located in India. Your Company

would like to clarify that your Company’s ERP is centralised Section 197(12) of the Act, and the Rules made thereunder
in Global Data Centres. The back-up storage is maintained at is enclosed as Annexure “F”, which forms a part of this
Global Data Centres outside India. The Company is reviewing Report.
maintenance of back-up of ERP data in India as required under
Rule 3 of the Companies (Accounts) Rules, 2014. Pursuant to section 129 (3) of the Companies Act, 2013,
a statement in form “AOC 1” containing the salient feature
M/s. Price Waterhouse & Co Bangalore LLP, Chartered of the Financial Statements of the subsidiary Company is
Accountants (Firm Registration No. 007567S/S-200012), attached.
WKH6WDWXWRU\$XGLWRUVRIWKH&RPSDQ\ZLOOKROGRI¿FHXQWLO
the conclusion of the ensuing Annual General Meeting Although the audited statements of accounts, relating to
and are eligible for re-appointment as per Section 139 of Company’s subsidiary are no longer required to be attached
the Companies Act, 2013. Shareholders are requested to to the Company’s Annual Report the same is enclosed as
re-appoint M/s. Price Waterhouse & Co Bangalore LLP, and in way of better disclosure practice.
Chartered Accountants, as the Auditors of the Company and
DXWKRULVHWKH%RDUGRI'LUHFWRUVWR¿[WKHLUUHPXQHUDWLRQ The information on employees who were in receipt of
(Sec 139) remuneration of not less than ` 60 lakhs during the year or
` 5 lakhs per month during any part of the year forms part
Pursuant to the provisions of Section 204 of the Act, and
of this report and will be provided to any Shareholder on
the Rules made thereunder, the Company has appointed
a written request to the Company Secretary. In the terms
M/s Parikh & Associates, Practicing Company Secretaries,
to undertake Secretarial Audit of the Company. The Report of Section 136 of the Act, the said annexure is open for
of the Secretarial Auditor is annexed to the Board Report LQVSHFWLRQ DW WKH UHJLVWHUHG RI¿FH RI WKH &RPSDQ\ GXULQJ
as Annexure “D”, which forms a part of this Report. The the business hours on any working day of the Company up
6HFUHWDULDO$XGLW5HSRUWGRHVQRWFRQWDLQDQ\TXDOL¿FDWLRQ to the date of Annual General Meeting.
reservation or adverse remark. 10. ACKNOWLEDGEMENTS
Pursuant to Section 148 of the Companies Act, 2013,
The Directors express their appreciation for the contribution
the Board of Directors on the recommendation of Audit
PDGHE\WKHHPSOR\HHVWRWKHVLJQL¿FDQWLPSURYHPHQWLQ
Committee have appointed M/s. R. Nanabhoy & Co., Cost
Accountants for conducting the audit of the cost accounting the operations of the Company and for the support received
records maintained by the Company for its Formulations from all other stakeholders, including shareholders, doctors,
IRU 7KH %RDUG KDV UHFRPPHQGHG UDWL¿FDWLRQ medical professionals, customers, suppliers and business
of remuneration payable to them for year 2015-16 to the partners.
Shareholders of the Company at the ensuing Annual The Board and the Management of your Company are
General Meeting.
indeed appreciative of the substantial support being
As required by Section 92(3) of the Act and the Rules received from GSK plc, the parent organisation, in providing
framed thereunder, the extract of the Annual Return in Form new healthcare solutions which are products of its discovery
MGT 9 is enclosed as Annexure “G”, also forms a part of ODEV DQG WKH WHFKQRORJ\ LPSURYHPHQWV WKDW EHQH¿W \RXU
this Report. Company immensely.
9. GENERAL
The information on Conservation of Energy, Technology, On behalf of the Board of Directors
Absorption and Foreign Exchange earnings and outgo as
stipulated in Section 134(3) M of the Act, and the Rules
D. S. Parekh
framed thereunder is annexed herewith in Annexure “E”,
Chairman
which forms a part of this Report. The Disclosures pertaining
to the remuneration and other details as required under 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. COMPANY’S PHILOSOPHY ON CODE OF GOVERNANCE

7KH&RPSDQ\¶VSKLORVRSK\RI&RUSRUDWH*RYHUQDQFHLVDLPHGDWDVVLVWLQJWKHPDQDJHPHQWRIWKH&RPSDQ\LQWKHHI¿FLHQW
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\KDVDGRSWHGDFRGL¿HG&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 Board’s 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 9
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 Number of Attendance Number of Number of
Directorship Board at the last Directorships in mandatory
Meetings AGM held other companies committee
attended on 31st July (excluding positions held in
2015 Directorships in other companies
foreign and private
companies) Chairman Member
Mr. D. S. Parekh Non-Executive 6 Yes 8 1 3
Chairman
Mr. V. Thyagarajan Non-Executive 2 Yes NA
Vice-Chairman NA NA
(up to 31.10.2015)
Dr. H. B. Joshipura Executive 3 Yes NA NA NA
Managing Director
(up to 31.07.2015)
Mr. A. A. Aristidou Executive 6 Yes 1 Nil Nil
Mr. R. R. Bajaaj Non-Executive 6 Yes 2 Nil Nil
& Independent
Ms. A. Bansal Non-Executive 6 Yes 2 Nil Nil
& Independent
Mr. P. V. Bhide Non-Executive 5 Yes 7 2 3
& Independent
Mr. S. Harford Non- Executive Nil NA NA NA NA
(upto 18.05.2015)
Mr. N. Kaviratne Non-Executive 6 Yes 2 Nil Nil
& Independent
Mr. R. Krishnaswamy Executive 5 Yes 1 Nil Nil
Mr. P. V. Nayak Non-Executive & 3 Yes NA NA NA
(upto 31.10.2015) Independent
Mr. A. N. Roy Non-Executive & 6 Yes 3 2 1
Independent
Mr. R. C. Sequeira Executive 5 No 2 Nil Nil
Mr. R. Simard Non-Executive 4 Yes Nil Nil Nil
(w.e.f. 18.05.2015)
Mr. D. Sundaram Non-Executive & 5 Yes 4 Nil 2
Independent
Mr. A. Vaidheesh Executive 3 NA 1 Nil Nil
Managing Director
(w.e.f. 03.08.2015)
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Company.
The Board of Directors has approved a policy for related party transactions and has been uploaded on the Company’s
website (http://www.gsk-india.com/investor/Policies)7KHUHDUHQRPDWHULDOO\VLJQL¿FDQWUHODWHGSDUW\WUDQVDFWLRQVHQWHUHG
into by the Company with its Promoters, Directors or Management, their subsidiaries or relatives etc. that may have potential
FRQÀLFWZLWKWKHLQWHUHVWVRIWKH&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 arm’s 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 Master’s Degree in Marketing Management
IURP%RPED\8QLYHUVLW\+HLVDQ+RQRUDU\)HOORZRI7KH$VVRFLDWLRQRI0LQLPDO$FFHVV6XUJHRQVRI,QGLDDQGLVDFHUWL¿HG
3URFHVV([FHOOHQFH%ODFN%HOW3ULRUWRKLVFXUUHQWUROHKHZDV9LFH3UHVLGHQW&RUSRUDWH*RYHUQPHQW$IIDLUV$VLD3DFL¿F
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$VLD3DFL¿F
'LDEHWHVIUDQFKLVHIRU¿YH\HDUV0U9DLGKHHVKLVZLGHO\UHFRJQL]HGIRUFKDLULQJYDULRXVLQLWLDWLYHVZLWKLQGXVWU\ERGLHVLQ
,QGLDDQGLQ$VLD3DFL¿F5HJLRQ6WUDWHJLF028ZLWK&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
Company’s Corporate Social Responsibility function. He was also on the Tata Group’s 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 Vice–President, 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
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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\¶V¿QDQFLDOUHSRUWLQJSURFHVVDQGWKHGLVFORVXUHRILWV¿QDQFLDOLQIRUPDWLRQWRHQVXUHWKDWWKH
¿QDQFLDOVWDWHPHQWVDUHFRUUHFWVXI¿FLHQWDQGFUHGLEOH

E WRUHYLHZZLWK0DQDJHPHQWWKH¿QDQFLDOVWDWHPHQWVDWWKHHQGRIDTXDUWHUKDOI\HDUDQGWKHDQQXDO¿QDQFLDOVWDWHPHQWV
and Auditor’s report thereon before submission to the Board for approval, focusing particularly on:
(i) matters required to be included in the Director’s Responsibility Statement to be included in the Board’s 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 VLJQL¿FDQWDGMXVWPHQWVPDGHLQWKH¿QDQFLDOVWDWHPHQWVDULVLQJRXWRIDXGLW¿QGLQJV
Y FRPSOLDQFHZLWKOLVWLQJDQGRWKHUOHJDOUHTXLUHPHQWVUHODWLQJWR¿QDQFLDOVWDWHPHQWV
(vi) disclosure of any related party transactions; and
YLL TXDOL¿FDWLRQVLQWKHGUDIWDXGLWUHSRUW
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 post-
audit 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\LQFOXGLQJWKHVWUXFWXUHRIWKHLQWHUQDODXGLWGHSDUWPHQWVWDI¿QJDQG
VHQLRULW\RIWKHRI¿FLDOKHDGLQJWKHGHSDUWPHQWUHSRUWLQJVWUXFWXUHFRYHUDJHDQGIUHTXHQF\RILQWHUQDODXGLW
J GLVFXVVLRQZLWKLQWHUQDODXGLWRUVRQDQ\VLJQL¿FDQW¿QGLQJVDQGIROORZXSWKHUHRQ
K UHYLHZLQJWKH¿QGLQJVRIDQ\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 WRDSSURYHDQ\VXEVHTXHQWPRGL¿FDWLRQRIWUDQVDFWLRQVRIWKH&RPSDQ\ZLWKUHODWHGSDUWLHVH[SODQDWLRQ7KHWHUP³UHODWHG
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 WRHYDOXDWHLQWHUQDO¿QDQFLDOFRQWUROVDQGULVNPDQDJHPHQWV\VWHPV
n) to do valuation of Undertakings or assets of the Company, wherever it is necessary;
R WRDSSURYHDSSRLQWPHQWRI&)2LHWKH:KROHWLPH)LQDQFH'LUHFWRURUDQ\RWKHUSHUVRQKHDGLQJWKH¿QDQFHIXQFWLRQRU
GLVFKDUJLQJWKDWIXQFWLRQDIWHUDVVHVVLQJWKHTXDOL¿FDWLRQVH[SHULHQFHDQGEDFNJURXQGHWFRIWKHFDQGLGDWH
p) to review the external auditor’s audit reports and presentations and management’s response;
T WRHQVXUHFRRUGLQDWLRQEHWZHHQWKHLQWHUQDODQGH[WHUQDODXGLWRUVDQGWRUHTXHVWLQWHUQDODXGLWWRXQGHUWDNHVSHFL¿FDXGLW
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 WRUHYLHZSROLFLHVDQGSURFHGXUHVZLWKUHVSHFWWRGLUHFWRUV¶DQGRI¿FHUV¶H[SHQVHDFFRXQWVLQFOXGLQJWKHLUXVHRIFRUSRUDWH
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 Auditor’s Report but shall not have the right to vote;
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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:
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LL 6WDWHPHQWRIVLJQL¿FDQWUHODWHGSDUW\WUDQVDFWLRQVDVGH¿QHGE\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 Designation Category of Directorship Attendance out of

four meetings held
Mr. D. Sundaram Chairman Non-Executive & Independent 4
Mr. D .S. Parekh Member Non-Executive 4
Mr. V. Thyagarajan (up to 31.10.2015) Member Non- Executive 1
Mr. P .V. Nayak (up to 31.10.2015) Member Non-Executive & Independent 2
Mr. N. Kaviratne Member Non-Executive & Independent 4
Mr. P. V. Bhide Member Non-Executive & Independent 4
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
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Companies Act, 2013 and Clause 19 of Listing Obligations & Disclosures Regulations, 2015 with Stock Exchanges and are
as follows:
D )RUPXODWLRQRIWKHFULWHULDIRUGHWHUPLQLQJTXDOL¿FDWLRQSRVLWLYHDWWULEXWHVDQGLQGHSHQGHQFHRID'LUHFWRUDQGWKH\
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;
WKHOHYHODQGFRPSRVLWLRQRIUHPXQHUDWLRQLVUHDVRQDEOHDQGVXI¿FLHQWWRDWWUDFWUHWDLQDQGPRWLYDWH'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\UHÀHFWLQJVKRUWDQGORQJWHUPSHUIRUPDQFHREMHFWLYHVDSSURSULDWHWRWKHZRUNLQJRIWKH&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 Director’s 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 Category of Directorship
Mr. N. Kaviratne Chairman Non-Executive & Independent
Mr. D. S. Parekh Member Non-Executive
Ms. A. Bansal Member Non-Executive & Independent
Mr. V. Thyagarajan (up to 31.10.2015) Member Non-Executive
During the year under review, the Committee met on 18 May 2015, 22 June 2015, 31 July 2015, 31st October 2015 and
th nd st
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.
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DQGUHWLUHPHQWEHQH¿WVZKLFKDUH¿[HGFRPSRQHQWVDQGWKHDQQXDOSHUIRUPDQFHERQXVDQGORQJWHUPLQFHQWLYHVDUHWKH
variable components.
c) When determining remuneration levels individual’s 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\EHKLJKHUWRUHÀHFWDFKDQJHLQWKHVFRSHRIWKHLQGLYLGXDO¶VUROHUHVSRQVLELOLWLHVRUH[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 Board’s functioning like composition of Board and its
&RPPLWWHHV%RDUGFXOWXUHSHUIRUPDQFHRIVSHFL¿FGXWLHVDQGREOLJDWLRQV
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
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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:
(Rupees in lakhs)
Executive Directors Salary Performance Perquisites and Contribution to Provident Total
Bonus Allowances Fund and Superannuation
Fund
Mr. A. Aristidou 85.68 10.69 260.19 14.30 370.86
Dr. H. B. Joshipura 75.68 156.63 505.48 20.43 758.22
(up to 31.07.2015)
Mr. R. Krishnaswamy 61.04 21.02 62.57 16.48 161.11
Mr. R. C. Sequeira 62.52 16.96 46.63 16.88 142.99
Mr. A. Vaidheesh 138.87 0.00 39.77 37.50 216.14
(w.e.f. 03.08.2015)
(Rupees in lakhs)
Independent Directors and #Commission Sitting Fees Total
Non-Executive Directors
Mr. D. S. Parekh 14.00 6.80 20.80
Mr. R. R. Bajaaj 10.00 1.10 11.10
Ms. A. Bansal 10.00 2.10 12.10
Mr. P. V. Bhide 10.00 1.80 11.80
Mr. N. Kaviratne 10.00 2.40 12.40
Mr. P. V. Nayak (up to 31.10.2015) 5.83 0.50 6.33
Mr. A. N. Roy 10.00 1.20 11.20
Mr. D. Sundaram 10.00 1.80 11.80
Mr. V. Thyagarajan (up to 31.10.2015) 5.83 0.50 6.33
# Payable in 2016
Notes:
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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.

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.
5. 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:
Mr. D. S. Parekh Chairman Non-Executive
Mr. A.N. Roy Member Non-Executive & Independent
Ms. A. Bansal Member Non-Executive & Independent
Mr. A. Vaidheesh (w.e.f. 03.08.2015) Member Managing Director
Dr. H. B. Joshipura (up to 31.07.2015) 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 Board’s 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:

Mr. D. S. Parekh Chairman Non-Executive
Mr. R. R. Bajaaj Member Non-Executive & Independent
Mr. P. V. Bhide Member Non-Executive & Independent
Dr. H. B. Joshipura (up to 31.07.2015) Member Managing Director
Mr. A. Vaidheesh (w.e.f. 03.08.2015) Member Managing Director
th
During the year under review, the Committee met on 16 December 2015 and all the members attended the meeting.
1DPHGHVLJQDWLRQDQGDGGUHVVRIWKH&RPSOLDQFH2I¿FHU
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 3 4 4 4 15
Stock Exchanges - - 1 1 2
Shareholders - - 37 32 69
Total 3 4 42 37 86
During the year under review, the above complaints regarding non-receipt of shares sent for transfer demat queries and non-
receipt of dividend warrants and annual reports were received from the shareholders, all of which have been resolved. The
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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 Year Venue Time Special Resolution

st st
31 July 2015 1 January 2014 to 3.00 p.m. Amendment to the Articles
31st March 2015 (15 months) Birla Matushri Sabhagar, of Association
19, Sir Vithaldas
17th April 2014 1st January 2013 to 3.00 p.m. Not applicable
Thackersey Marg,
31st December 2013
Marine Lines,
16th April 2013 1st January 2012 to Mumbai – 400 020 3.00 p.m. Not applicable
31st December 2012
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 Company’s 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 BSE NSE

High Low Volume High Low Volume
(Rupees) (Rupees) (No. of Shares) (Rupees) (Rupees) (No. of Shares)
April 2015 3430.00 2965.65 71958 3450.00 2961.00 271518
May 2015 3325.00 3120.00 32498 3340.00 3102.50 160463
June 2015 3398.85 3124.00 37686 3400.00 3125.00 234055
July 2015 3565.60 3300.00 54219 3574.00 3300.00 304836
August 2015 3825.00 3310.00 62727 3825.00 3305.00 232637
September 2015 3453.25 3262.00 44933 3484.00 3265.95 196538
October 2015 3425.00 3254.00 60469 3435.00 3254.00 167260
November 2015 3306.00 3080.00 25718 3313.00 3077.00 133968
December 2015 3330.00 3216.00 16003 3345.00 3151.15 192142
January 2016 3317.80 3035.65 25574 3325.00 3032.05 149207
February 2016 3310.00 3064.00 90501 3348.80 3090.05 137331
March 2016 3850.00 3164.50 41895 3872.00 3156.95 224932
Share Performance of the Company in comparison to BSE Sensex
Share Performance of the Company in comparison to NSE S&P CNX Nifty

Equity History
Particulars No. of shares issued Year of issue

(of Rupees 10 each)
Original Holding 18,00,000 1924
Bonus Issue 2,00,000 1947
Bonus Issue 10,00,000 1962
Bonus Issue 24,00,000 1968
Public Issue 18,00,000 1969
Bonus Issue 36,00,000 1977
Bonus Issue 36,00,000 1980
Public cum Rights Issue 56,00,000 1983
Shares allotted to Group Companies 44,89,800 1993
Rights Issue 53,97,700 1993
Bonus Issue 2,98,87,500 1995
Shares issued pursuant to the amalgamation of SmithKline Beecham
Pharmaceuticals (India) Limited (SBPIL) with the Company in the ratio of one 1,47,00,000 2001
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 1,28,47,546 2004
for every ten shares of BWIL issued on 29th October 2004
Buy back of equity shares ( 26,19,529) 2005
Total 8,47,03,017
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. Name of Shareholder % to Equity

1. Life Insurance Corporation of India 6.06
2. General Insurance Corporation of India 1.14
3. Aberdeen Global Indian Equity (Mauritius) Limited 0.74
4. Birla Sun Life Trustee Company Private Limited 1.17
5. The Oriental Insurance Company Limited 0.49
6. Vanguard Emerging Markets Stock Index Fund 0.41
7. SBI Life Insurance Co. Ltd 0.26
8. The India Fund INC 0.23
9. UTI-Dividend Yield Fund 0.30
10. Vanguard Total International Stock Index Fund 0.25
The distribution of shareholding as on 31.03.2016 is as follows:
No. of Equity Shares held Folios % Shares %
Up to 25 29567 31.07 329109 0.39
26 to 50 15092 15.85 650068 0.77
51 to 100 19268 20.24 1568401 1.85
101 to 500 28820 30.28 5590636 6.60
501 to 1000 1708 1.79 1193201 1.41
1001 to 10000 671 0.70 1336149 1.58
10001 and above 67 0.07 74035453 87.40
Grand Total 95193 100.00 84703017 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
Bodies Corporates 625,680 0.74
Foreign Nationals 2,875 0.00
Individuals 10,153,540 11.99
Others 35,064 0.04
Total 84,703,017 100.00
Registrars and 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 – 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 RI WKH SDLGXS FDSLWDO KDV EHHQ GHPDWHULDOLVHG DV RQ
liquidity Glaxo Group Limited, GlaxoSmithKline Pte Limited, Eskaylab Limited,
Burroughs Wellcome International Limited and Castleton Investment Limited,
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their shares in the dematerialised form.
Outstanding GDRs/ADRs/ Warrants or Not issued.
any convertible instruments conversion
date and likely impact on equity
Address for correspondence Shareholders’ correspondence should be addressed to the Company’s
Registrars and Share Transfer Agents at the address mentioned above.
Shareholders may also contact Mr. Ajay Nadkarni, Company Secretary, at the
5HJLVWHUHGRI¿FHRIWKH&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
7UDQVDFWLRQVZLWKUHODWHGSDUWLHVDUHGLVFORVHGLQ1RWHWRWKH¿QDQFLDOVWDWHPHQWVLQWKH$QQXDO5HSRUW
During the last three years, there were no strictures or penalties imposed by either the Securities and Exchange Board of
India or the Stock Exchanges or any statutory authority for non-compliance of any matter related to the capital markets.
The Codes of Conduct applicable to all Directors and employees of the Company have been posted on the Company’s
ZHEVLWH)RUWKH\HDUXQGHUUHYLHZDOO'LUHFWRUVDQGVHQLRUPDQDJHPHQWSHUVRQQHORIWKH&RPSDQ\KDYHFRQ¿UPHGWKHLU
adherence to the provisions of the said Codes.
The Company has put in place a whistle blower policy/ vigil mechanism pursuant to which employees of the Company can
raise their concerns relating to fraud, malpractice or any other activity or event which is against the interest of the Company
and no one has been denied access to the Audit Committee.
The Company has in place Risk Management Policy for Risk Assessment and Mitigation and it is periodically reviewed by
the Board Members.
7KH&RPSDQ\LVVHQGLQJ¿UVWUHPLQGHUOHWWHUZLWKFRS\RI$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
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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.
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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.
On behalf of the Board of Directors
D. S. Parekh
Chairman
Mumbai, 25th May 2016

$XGLWRUV¶&HUWL¿FDWHUHJDUGLQJFRPSOLDQFHRIFRQGLWLRQVRI&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 Company’s management. Our examination
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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\QRUWKHHI¿FLHQF\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/S–200012
Chartered Accountants
Asha Ramanathan
Place: Mumbai Partner
Date: May 25, 2016 Membership No: 202660
Declaration Regarding Compliance by Board Members and Senior Management Personnel with the Company’s
code of Conduct
In accordance with Regulation 26(3) of the SEBI Listing Obligations & Disclosures Requirements (LODR), Regulations, 2015.
,KHUHE\FRQ¿UPWKDWDOOWKH'LUHFWRUVDQGWKH6HQLRU0DQDJHPHQWSHUVRQQHORIWKH&RPSDQ\KDYHDI¿UPHGFRPSOLDQFHWRWKHLU
respective Codes of Conduct, as applicable to them for the year ended 31st March 2016.
For GlaxoSmithKline Pharmaceuticals Limited
Annaswamy Vaidheesh
Managing Director
Mumbai, 25th May 2016 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 Class Sub class Description

210 2100 21001 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
8. List three key product/services that the

Company manufactures/provides
(as in balance sheet) : 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 : Nil
ii. Number of national locations : 1 Manufacturing Plant at Nashik
+HDG2I¿FHDW0XPEDL
10. Markets served by the Company : 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
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7RWDOVSHQGLQJRQ&RUSRUDWH6RFLDO5HVSRQVLELOLW\&65DVSHUFHQWDJHRISUR¿WDIWHUWD[
7KH&RPSDQ\¶VWRWDOVSHQGLQJRQ&65LVRIWKHDYHUDJHQHWSUR¿WLQWKHSUHYLRXVWKUHH¿QDQFLDO\HDUV
5. List of activities in which expenditure in 4 above has been incurred:
Please refer to Annexure‘C’ 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,GHQWL¿FDWLRQ1XPEHU',1
Name: Mr. Raju Krishnaswamy
Designation: Executive Director
b) Details of the BR Head:
1 DIN (if applicable) : 03043004
2 Name : Mr. Raju Krishnaswamy
3 Designation : Executive Director
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5 E mail ID : raju.x.krishnaswamy@gsk.com
2. Principle-wise (as per NVGs) BR Policy/policies (Reply in Y/N)
2a. Details of Compliance (Reply Y/N)
Engagement and
Question
Business Ethics
Responsibility
Human Rights
Public Policy
Environment
Wellbeing of
Stakeholder
Employee
Customer
Relations
Product
CSR
CSR
P1 P2 P3 P4 P5 P6 P7 P8 P9
1 Do you have a policy / policies for: Y Y Y Y Y Y Y Y Y
2 Has the policy been formulated Y Y Y Y Y Y Y Y Y
in consultation with the relevant
stakeholders
3 Does the policy conform to any Most of the company’s policies are aligned with GSK plc’s global best
national / international standards? practices. The Company adhered to Indian laws and regulations, in
If yes, specify? cases where it is more stringent.
4 Has the policy been approved Y Y Y Y Y Y Y Y Y
by the Board? If yes, has it been Standards and Policies adopted by our global parent have been put
signed by MD / Owner / CEO / in place in India. Being in the healthcare business, our standards are
appropriate Board Director? more stringent.
5 Does the Company have a Y Y Y Y Y Y Y Y Y
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implementation of the policy?
6 Indicate the link for the policy to be
http://india-pharma.gsk.com/en-in/about-us/policies-codes-and-
viewed online?
standards/
http://india-pharma.gsk.com/en-in/investors/shareholder-information/
policies/

Engagement and
Question
Business Ethics
Responsibility
Human Rights
Public Policy
Environment
Wellbeing of
Stakeholder
Employee
Customer
Relations
Product
CSR
CSR
P1 P2 P3 P4 P5 P6 P7 P8 P9
7 Has the policy been formally Y Y Y Y Y Y Y Y Y
communicated to all relevant
internal and external
stakeholders?
8 Does the Company have in-house Y Y Y Y Y Y Y Y Y
structure to implement the policy /
policies?
9 Does the Company have a Y Y Y Y Y Y Y Y Y
grievance redressal mechanism
related to the policy / policies
to address stakeholders’
grievances related to the policy /
policies?
10 Has the Company carried out Y Y Y Y Y Y Y Y Y
independent audit/evaluation of
the working of this policy by an
internal or external agency?
2b. If answer to Sr. No. 1 against any principle is ‘No’, please explain why: (Tick up to 2 options)
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
The Company has not understood the N.A. N.A. N.A N.A N.A. N.A. N.A. N.A. N.A.
principles
The Company is not at a stage where N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
LW¿QGVLWVHOILQDSRVLWLRQWRIRUPXODWH
DQGLPSOHPHQWWKHSROLFLHVRQVSHFL¿HG
principles
7KH&RPSDQ\GRHVQRWKDYH¿QDQFLDO N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
or manpower resources available for
the task
It is planned to be done within next six N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
months
It is planned to be done within next one N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
year
Any other reason (please specify) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
3. 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. KWWSLQGLDSKDUPDJVNFRPHQLQLQYHVWRUV¿QDQFLDO
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 value-
based 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
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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 GSK’s 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 people’s 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
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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
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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\VWDJHIURPGHYHORSPHQWXQWLOWKH¿QDOGLVWULEXWLRQ
Being a global company, most of GSK’s 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.
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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.
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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 GSK’s 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 GSK’s 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
DUHRYHUDQGDERYHWKHVSHFL¿FTXDOLW\FKHFNVZLWKUHVSHFWWRHDFKEDWFKRI¿QLVKHGSURGXFWVDVZHOODVLQSXWUDZPDWHULDOV

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.
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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\HI¿FLHQF\DQGUHQHZDEOHHQHUJ\
were undertaken at our Nashik site.
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renewable energy were undertaken at our Nashik site (For more on these initiatives, please read Director’s 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,
ÀH[LZRUNWLPLQJVZHUHSXWLQSODFH7RUHDGPRUHDERXWRXUUHFUXLWPHQWSURFHVVORJRQWR±http://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 company’s 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\HHVLQWKH¿HOGIRUFH7KLVLQLWLDWLYHDLPVDWLQFUHDVLQJDZDUHQHVV
on road and motor vehicle safety, with tips that can be put into practice in our employees’ daily lives.

GSK places it’s 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%DVHGRQWKHUHVXOWVVSHFL¿FDFWLRQSODQVKDYHEHHQLPSOHPHQWHGWRLPSURYHWKHVFRUHVDQG
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\HHVZRUNLQJLQWKH¿HOG7KHXQLRQLQWKH: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
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Regular employee surveys
Consultation with employee representatives on changes to the business
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Our community development programmes
Non-governmental organisations
Partnering in community for Engagement development programmes
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Global and regional supplier review meetings
Meetings for diverse suppliers
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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\±:HFDQKDYHDQLQÀXHQFHRQKXPDQULJKWVEH\RQGRXURZQRSHUDWLRQV2XUHIIRUWVWRLPSURYHDFFHVVWRKHDOWKFDUH
VXSSRUWVRFLHW\PRUHEURDGO\WRIXO¿OOLWVULJKWWRKHDOWK
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\HI¿FLHQF\
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\HI¿FLHQF\)RUPRUH
on these initiatives, please read Director’s Report)
7KHHPLVVLRQVJHQHUDWHGE\WKH&RPSDQ\DUHZLWKLQOLPLWVSHFL¿HGE\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
]HURGLVFKDUJHEDVLVZLWKUHVSHFWWRZDWHU7UHDWHGVLWHHIÀXHQWLVXVHGIRUVLWHJDUGHQLQJ
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\PRGL¿HGPLFURRUJDQLVPVDQG(+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.
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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.
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,QGLDHYHU\\HDURYHUODNKFKLOGUHQGLHZLWKLQWKH¿UVWGD\V7KLVWUDQVODWHVWRRIZRUOG¶VQHZERUQGHDWKV:KDWLV
HYHQPRUHKHDUWEUHDNLQJLVWKDWIRXURXWRI¿YHQHZERUQGHDWKVUHVXOWIURPWUHDWDEOHFRQGLWLRQV$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\DGRSWLQJDÀH[LEOHSULFLQJDSSURYDOWRSULFLQJRXU
PHGLFLQHVDQGYDFFLQHVEDVHGRQDFRXQWU\¶VDELOLW\WRSD\7KLVKDVUHVXOWHGLQVLJQL¿FDQWUHGXFWLRQLQSULFHVUHSUHVHQWLQJ
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:HZRUNWRIXO¿OOWKLVDQGRWKHUVRFLDOFKDQJHHIIRUWVWKURXJKRXU
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.
7KHDYHUDJHQHWSUR¿WRI\RXU&RPSDQ\IRUODVWWKUHH\HDUVZDV` 706.81 crores. $FFRUGLQJO\RIDYHUDJHQHWSUR¿WIRUODVW
three years was ` 14.14 crores. Against this, your Company has spent ` 14.70 crores on CSR projects, including overheads. This
VSHQGDPRXQWVWRRIWKHDYHUDJHRIQHWSUR¿WVIRUSUHFHGLQJWKUHH\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 Project area Project- Direct Cumulative Amount
No. (local area, state wise outlay expenditure expenditure spent through
and district) (budget)** in reporting upto reporting implementing
period* period** agencies called
‘CSR Partners’
Partnering India to eliminate Lymphatic Filariasis (LF - also known as Elephant Foot)
1 Albendazole donation Pan-India 11,89,37,070 11,89,37,070 11,89,37,070 World Health
for supporting mass Organisation
drug administration for
elimination of LF
Mother and child healthcare
2 Facility and community Rajsamand 3,62,00,000 50,00,000 1,32,00,000 Action Research
based care for newborn and Udaipur, and Training for
survival Rajasthan and Health and CARE
Panna, Madhya India Solutions
Pradesh for Sustainable
Development
3 Maternal and child health Kolkata, West 4,50,000 4,50,000 4,50,000 BITAN Institute
through awareness building Bengal for Training,
on ante and post natal care, Awareness and
immunisation and family Networking
planning
4 Maternal and child health South- 42,60,000 14,50,000 42,60,000 Indian Institute of
through outdoor clinics, 24-Parganas of Mother and Child
awareness and nutrition Kolkata, West
support Bengal


‘CSR Partners’
Cancer care
5 Screening and awareness Thane, 23,55,000 7,85,000 23,55,000 Sri Chaitanya Seva
for cancer Maharashtra Trust
and Jhansi, Uttar
Pradesh
6 Affordability of cancer Mumbai, 50,70,000 16,90,000 50,70,000 Indian Cancer
treatment through Maharashtra Society
vocational training with
stipend, nutritional and
accommodation support for
cancer patients
7 Support for construction Mumbai, 1,00,00,000 0 49,97,000 St. Jude India Child
of a new centre to Maharashtra Care Centres
provide residential,
nutritional, educational
and transportation support
for children affected with
cancer and their parents
8 Palliative care for the Bengaluru, 15,00,000 5,00,000 15,00,000 Bangalore Hospice
terminally ill Karnataka Trust
Care for the differently abled
9 Early intervention for Khairatabad, 16,20,000 5,40,000 16,20,000 Aural Education
children with hearing Hyderabad, for Children with
impairment Andhra Pradesh Hearing Impairment
(AURED)
10 Education, therapy and Delhi 10,60,000 5,00,000 10,60,000 Sanjeevani Social
vocational training for the Welfare Society
mentally differently abled
Holistic Care for the Vulnerable
11 Holistic care for vulnerable Patna, Bihar 9,69,000 4,69,000 9,69,000 Nai Dharti
underserved girls
12 Support for holistic care of Bengaluru, 6,76,000 5,76,000 6,76,000 Ashraya Seva Trust
the elderly Karnataka
13 Support to underserved Nashik, 6,50,000 5,00,000 6,50,000 Vanita Vikas
students for continuing their Maharashtra Mandal
education
Healthcare access and awareness
14 School sanitation Nashik, 52,92,000 52,92,000 52,92,000 Habitat for
Maharashtra Humanity India
Trust
15 Mobile and static clinics for Peth and 56,21,329 13,21,329 56,21,329 Niramaya Health
healthcare services to the Trimbak, Nashik, Foundation
tribal poor Maharashtra

‘CSR Partners’
Disaster relief
16 Product donation for Products with NSP of ` 37,69,549 AmeriCares India
disaster relief Foundation
17 Matched contribution by Chennai, Tamil 2,23,551 2,23,551 2,23,551 Bal Raksha Bharat
employees towards support Nadu (Save the Children)
for rehabilitation of children
affected with disaster
Total project expense on CSR in FY15-16 14,20,03,499
Total administrative expense on CSR in FY15-16 50,23,615
Total CSR expense in FY15-16 14,70,27,114
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KDYHEHHQRQDQDQQXDOUHQHZDOEDVLVSRVWDVVHVVPHQW
CSR Committee Responsibility Statement

<RXU&65&RPPLWWHHFRQ¿UPVWKDWWKHLPSOHPHQWDWLRQDQGPRQLWRULQJRI&653ROLF\LVLQFRPSOLDQFHZLWK&65REMHFWLYHVDQG
Policy of your Company.
A. Vaidheesh D. S. Parekh
Managing Director 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.
%DVHGRQRXUYHUL¿FDWLRQRIWKH&RPSDQ\¶VERRNVSDSHUVPLQXWHERRNVIRUPVDQGUHWXUQV¿OHGDQGRWKHUUHFRUGVPDLQWDLQHGE\
WKH FRPSDQ\ WKH LQIRUPDWLRQ SURYLGHG E\ WKH FRPSDQ\ LWV RI¿FHUV DJHQWV DQG DXWKRULVHG UHSUHVHQWDWLYHV GXULQJ WKH FRQGXFW RI
VHFUHWDULDODXGLWWKHH[SODQDWLRQVDQGFODUL¿FDWLRQVJLYHQWRXVDQGWKHUHSUHVHQWDWLRQVPDGHE\WKH0DQDJHPHQWZHKHUHE\UHSRUW
WKDWLQRXURSLQLRQWKHFRPSDQ\KDVGXULQJWKHDXGLWSHULRGFRYHULQJWKH¿QDQFLDO\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[DPLQHGWKHERRNVSDSHUVPLQXWHERRNVIRUPVDQGUHWXUQV¿OHGDQGRWKHUUHFRUGVPDGHDYDLODEOHWRXVDQGPDLQWDLQHG
E\WKH&RPSDQ\IRUWKH¿QDQFLDO\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%HQH¿WV5HJXODWLRQV
(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 2WKHUODZVDSSOLFDEOHVSHFL¿FDOO\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[LVWVIRUVHHNLQJDQGREWDLQLQJIXUWKHULQIRUPDWLRQDQGFODUL¿FDWLRQVRQWKHDJHQGDLWHPVEHIRUH
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 Company’s 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
FRUUHFWQHVVRIWKHFRQWHQWVRIWKH6HFUHWDULDOUHFRUGV7KHYHUL¿FDWLRQZDVGRQHRQWHVWEDVLVWRHQVXUHWKDWFRUUHFWIDFWV
DUHUHÀHFWHGLQ6HFUHWDULDOUHFRUGV:HEHOLHYHWKDWWKHSURFHVVHVDQGSUDFWLFHVZHIROORZHGSURYLGHDUHDVRQDEOHEDVLV
for our opinion.
:HKDYHQRWYHUL¿HGWKHFRUUHFWQHVVDQGDSSURSULDWHQHVVRI¿QDQFLDOUHFRUGVDQG%RRNVRI$FFRXQWVRIWKH&RPSDQ\
4. Whereever required, we have obtained the Management representation about the Compliance of laws, rules and regulations
and happening of events etc.
5. The Compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility
RIPDQDJHPHQW2XUH[DPLQDWLRQZDVOLPLWHGWRWKHYHUL¿FDWLRQRISURFHGXUHRQWHVWEDVLV
7KH6HFUHWDULDO$XGLWUHSRUWLVQHLWKHUDQDVVXUDQFHDVWRWKHIXWXUHYLDELOLW\RIWKH&RPSDQ\QRURIWKHHI¿FDF\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 HVAC’s, 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
ROGLQHI¿FLHQWSXPSVDQGZDWHUUHGXFWLRQ'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\HI¿FLHQF\DQGUHQHZDEOHHQHUJ\ZHUHXQGHUWDNHQDW1DVKLNVLWH7KHNH\KLJKOLJKWVDUH
(+6/DXGLWFRPSOHWHGZLWKQRPDMRU¿QGLQJRQFKHPLFDOPDQDJHPHQW
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\DUHZLWKLQOLPLWVVSHFL¿HGE\0DKDUDVKWUD3ROOXWLRQ&RQWURO%RDUG:LWKUHJDUGWR
waste management, our waste is segregated and given to government approved vendors for recycling wherever appropriate.
1DVKLNVLWHUXQVRQ]HURGLVFKDUJHEDVLVZLWKUHVSHFWWRZDWHU7UHDWHGVLWHHIÀXHQWLVXVHGIRUVLWHJDUGHQLQJ
(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\IRUWKH¿QDQFLDO
year ended 31st March 2016.
Sr. Name of Directors Designation Remuneration of Directors Ratio to Median

No. LQWKH¿QDQFLDO\HDULQ Remuneration
(` lakhs)
1 Mr. D S Parekh** Non-Executive Director-Chairman 20.80 2.31
2 Mr. R. R. Bajaaj* Independent Director 11.10 1.23
3 Ms. A. Bansal* Independent Director 12.10 1.34
4 Mr. P. V. Bhide* Independent Director 11.80 1.31
5 Mr. N. Kaviratne* Independent Director 12.40 1.38
6 Mr. A.N Roy* Independent Director 11.20 1.24
7 Mr. D Sundaram* Independent Director 11.80 1.31
* 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 Remuneration of Ratio to median (%)Increase in

No. & KMP Directors / KMP in the Remuneration remuneration in
¿QDQFLDO\HDULQ` lakhs) WKH¿QDQFLDO\HDU
1 Dr. H. Joshipura Managing Director 758.22 NA NA
(upto 31/07/2015)
2 A. Vaidheesh Managing Director 216.14 24.01 9
(w.e.f. 03/08/2015)
3 A. Aristidou Whole-time Director 370.86 41.20 7
& CFO
4 R. Krishnaswamy Whole-time Director 161.11 17.90 8
5 R.C.Sequeira Whole-time Director 142.99 15.88 8
6 Ajay Nadkarni Company Secretary 44.54 4.95 12
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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 Company’s 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
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6. Comparison of the remuneration of the Key Managerial Personnel against the performance of the Company:
In line with the Company’s 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\HDUQHGDSUR¿WDIWHUWD[RI` 375,21.34 lakhs against ` 376,46.78 lakhs on a 12 months comparable basis.
9DULDWLRQVLQWKHPDUNHWFDSLWDOL]DWLRQRIWKH&RPSDQ\ 3ULFH(DUQLQJV5DWLRDVDWWKHFORVLQJGDWHRIFXUUHQW¿QDQFLDO\HDUDQG
SUHYLRXV¿QDQFLDO\HDU
As on March 31, 2016 As on March 31, 2015 Increase / Decrease (%)
Market Capitalization (` in crore) 32,192.65 28,821.47 8.96
Price Earnings Ratio 85.79 61.11 40.38
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
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\HDUDQGLWVFRPSDULVRQZLWKWKHSHUFHQWLOHLQFUHDVHLQWKHPDQDJHULDOUHPXQHUDWLRQDQGMXVWL¿FDWLRQWKHUHRI
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 A. Vaidheesh R.C.Sequeira R. Krishnaswamy A. Aristidou A. Nadkarni

Managing Whole-time Whole-time Whole-time Company
Director Director Director Director & CFO Secretary
Remuneration (` in lakhs) 216.14 142.99 161.11 370.86 44.54
Revenue (` in lakhs) 275,695.69
5HPXQHUDWLRQDVRI 0.08 0.05 0.06 0.13 0.02
revenue
3UR¿WEHIRUHWD[` in lakhs) 57,701.29
5HPXQHUDWLRQDVRI3UR¿W 0.37 0.25 0.28 0.64 0.08
before Tax
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.
:HDI¿UPWKDWWKHUHPXQHUDWLRQSDLGWR'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
$VRQ¿QDQFLDO\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
$GGUHVVRIWKH5HJLVWHUHGRI¿FHDQGFRQWDFW : Dr. Annie Besant Road Mumbai - 400030
details Tel : 022-24959595
Fax: 022-24959494
Email: askus@gsk.com
Whether listed company : Yes
Name, Address and Contact details of : Karvy Computershare Private Limited
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 NIC Code of the Product/ % to total turnover of the
No. main products/services service company
1 Pharmaceuticals 21002 100
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

Sr. Name and address of the CIN / GLN Holding / % of shares Applicable
No. Company Subsidiary / held section
Associate
1 Biddle Sawyer Limited U51900MH1948PLC006218 Subsidiary 100 2(87)
252, Dr. Annie Besant Road
Mumbai 400030
IV. SHARE HOLDING PATTERN (EQUITY SHARE CAPITAL BREAKUP AS PERCENTAGE OF TOTAL EQUITY):
i. Category-wise Share Holding:
Category of No. of Shares held at the beginning of the No. of Shares held at the end of % Change
Shareholders year i.e. 1st April 2015 the year i.e. 31st March 2016 during
Demat Physical Total % of Demat Physical Total % of the year
Total Total
Shares Shares
A. Promoters
(1) Indian
a) Individual/HUF 0 0 0 0 0 0 0 0 0
b) Central Govt 0 0 0 0 0 0 0 0 0

Total Total
Shares Shares
c) State Govt(s) 0 0 0 0 0 0 0 0 0
d) Bodies Corp. 0 0 0 0 0 0 0 0 0
e) Banks / FI 0 0 0 0 0 0 0 0 0
f) Any other 0 0 0 0 0 0 0 0 0
Sub-total(A)(1): 0 0 0 0 0 0 0 0 0
(2) Foreign
a) NRIs - Individuals 0 0 0 0 0 0 0 0 0
b) Other – Individuals 0 0 0 0 0 0 0 0 0
c) Bodies Corp. 0 0 0 0 0 0 0 0 0
d) Banks / FI 0 0 0 0 0 0 0 0 0
e) Any other 63527262 0 63527262 75.00 63527262 0 63527262 75.00 0
Sub-total (A)(2): 63527262 0 63527262 75.00 63527262 0 63527262 75.00 0
Total shareholding 63527262 0 63527262 75.00 63527262 0 63527262 75.00 0
of Promoter (A) =
(A)(1)+(A)(2)
B. Public Shareholding
(1) Institutions
a) Mutual Funds 859059 11200 870295 1.03 1404484 11236 1415720 1.67 0.64
b) Banks / FI 6960034 16361 6976395 8.24 6786813 16361 6803174 8.03 (0.21)
c) Central Govt 0 0 0 0 0 0 0 0 0
d) State Govt(s) 0 0 0 0 0 0 0 0 0
e) Venture Capital Funds 0 0 0 0 0 0 0 0 0
f) Insurance Companies 0 0 0 0 0 0 0 0 0
g) FIIs 1765721 2042 1767763 2.09 1906234 2042 1908276 2.25 0.16
h) Foreign Venture Capital 0 0 0 0 0 0 0 0 0
Funds
i) Others (specify) 0 0 0 0 0 0 0 0 0
Sub-total (B)(1): 9584814 29639 9614453 11.35 10097531 29639 10127170 11.96 0.61
(2)Non-Institutions
a) Bodies Corp.
i) Indian 810496 18239 828735 0.98 607677 18003 625680 0.74 (0.24)
ii) Overseas 0 0 0 0 0 0 0 0 0
b) Individuals
i) Individual shareholders 8024764 2275111 10299875 12.16 7814371 2158916 9973287 11.77 (0.39)
holding nominal share
capital upto ` 1 lakh
ii) Individual shareholders 191301 0 191301 0.23 179641 0 179641 0.21 (0.02)
holding nominal share
capital in excess of ` 1
lakh
c) Others (specify)
NBFCs Registered with RBI 0 0 0 0 1035 0 1035 0 0

Total Total
Shares Shares
Non Resident Indian 0 0 0 0 0 2065 2065 0 0
Repatriable
Trusts 18581 0 18581 0.02 20170 0 20170 0.02 0
Non Resident Indians 187366 10285 197651 0.23 221929 0 221929 0.26 (0.03)
Clearing Members 20740 0 20740 0.02 13859 0 13859 0.02 0
Non Resident Companies 0 0 0 0 0 294 294 0 0
Non Resident Indian Non 0 0 0 0 0 7138 7138 0 0
Repatriable
Foreign Nationals 2937 0 2937 0 2875 0 2875 0 0
Sub-total(B)(2): 9257373 2303929 11561302 13.65 8862169 2186416 11048585 13.04 (0.61)
Total Public Shareholding 18842187 2333568 21175755 25.00 18959700 2216055 21175755 25.00 0
% %%
C. Shares held by 0 0 0 0 0 0 0 0 0
Custodian for GDRs & ADRs
Grand Total (A+B+C) 82369449 2333568 84703017 100 82486962 2216055 84703017 100 0
ii. Shareholding of Promoters: (including promoter group)
Sr. Shareholder’s Shareholding at the beginning Shareholding at the end % change
No. Name of the year 1st April 2015 of the year 31st March 2016 in share
No. of % of total % of Shares No. of % of total % of Shares holding
Shares Shares Pledged/ Shares Shares Pledged / during
of the encumbered of the encumbered to the year
Company to total shares Company total shares
1 GLAXO GROUP 30485250 35.99 0 30485250 35.99 0 0
LIMITED
2 ESKAYLAB LIMITED 5880000 6.94 0 5880000 6.94 0 0
3 BURROUGHS 3360000 3.97 0 3360000 3.97 0 0
WELLCOME
INTERNATIONAL
LIMITED
4 CASTLETON 3192238 3.77 0 3192238 3.77 0 0
INVESTMENT
LIMITED
5 GLAXOSMITHKLINE 20609774 24.33 0 20609774 24.33 0 0
PTE LIMITED
Total 63527262 75.00 0 63527262 75.00 0 0
iii. Change in Promoters’ Shareholding (please specify, if there is no change):

Sr. Shareholding at the beginning Cumulative Shareholding
No. of the year 1st April 2015 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
There is no change in promoters share holding.
increase/decrease (e.g. allotment/transfer/bonus/
sweat equity etc)
At the End of the year

iv. Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):
Sr. Name of the Date Remarks Shareholding at the beginning Cumulative Shareholding
No. Shareholder of the year 1st April 2015 during the year 31st March 2016
No. of % of total Shares No. of % of total Shares
Shares of the Company Shares of the Company
1 LIFE INSURANCE CORPORATION OF INDIA
At the beginning of 5181604 6.12 5181604 6.12
the year
10/04/2015 Sale -14342 (0.01) 5167262 6.10
17/04/2015 Sale -3555 0 5163707 6.10
24/04/2015 Sale -9417 (0.01) 5154290 6.09
08/05/2015 Purchase 1211 0 5155501 6.09
08/05/2015 Sale -2000 0 5153501 6.08
15/05/2015 Purchase 5056 0 5158557 6.09
22/05/2015 Purchase 494 0 5159051 6.09
29/05/2015 Purchase 3437 0 5162488 6.09
05/06/2015 Purchase 1117 0 5163605 6.10
04/09/2015 Sale -6061 0 5157544 6.09
11/09/2015 Sale -1279 0 5156265 6.09
25/09/2015 Sale -132 0 5156133 6.09
30/09/2015 Sale -3849 0 5152284 6.08
16/10/2015 Sale -9312 (0.01) 5142972 6.07
23/10/2015 Sale -12355 (0.01) 5130617 6.06
27/11/2015 Purchase 501 0 5131118 6.06
31/03/2016 At the end of the 5131118 6.06 5131118 6.06
year
2 GENERAL INSURANCE CORPORATION OF INDIA
01/04/2015 At the beginning of 981249 1.16 981249 1.16
the year
10/04/2015 Sale -5000 0 976249 1.15
30/10/2015 Sale -10066 0.01 966183 1.14
06/11/2015 Sale -465 0 965718 1.14
At the end of the 965718 1.14 965718 1.14
year
3 ABERDEEN GLOBAL INDIAN EQUITY (MAURITIUS) LIMITED
the year
31/03/2016 At the end of the 626279 0.74 626279 0.74
year
4 BIRLA SUN LIFE TRUSTEE COMPANY PRIVATE LIMITED
the year
10/04/2015 Purchase 27000 0.03 637434 0.75
17/04/2015 Purchase 6500 0 643934 0.76
24/04/2015 Purchase 11000 0.01 654934 0.77
01/05/2015 Purchase 9600 0.01 664534 0.78
08/05/2015 Purchase 20541 0.02 685075 0.81
08/05/2015 Sale -333 0 684742 0.81
15/05/2015 Purchase 4500 0 689242 0.81
22/05/2015 Purchase 3150 0 692392 0.82
29/05/2015 Purchase 4950 0 697342 0.82
05/06/2015 Purchase 9900 0.01 707242 0.83
12/06/2015 Purchase 6300 0 713542 0.84

19/06/2015 Purchase 5400 0 718942 0.85
26/06/2015 Purchase 7847 0 726789 0.86
26/06/2015 Sale -1320 0 725469 0.86
30/06/2015 Purchase 4500 0 729969 0.86
03/07/2015 Purchase 4950 0 734919 0.87
10/07/2015 Purchase 4114 0 739033 0.87
10/07/2015 Sale -400 0 738633 0.87
17/07/2015 Purchase 7650 0 746283 0.88
24/07/2015 Purchase 8846 0.01 755129 0.89
24/07/2015 Sale -746 0 754383 0.89
31/07/2015 Purchase 4500 0 758883 0.90
07/08/2015 Purchase 5400 0 764283 0.90
14/08/2015 Purchase 7200 0 771483 0.91
21/08/2015 Purchase 8100 0 779583 0.92
28/08/2015 Purchase 8100 0 787683 0.93
28/08/2015 Sale -725 0 786958 0.93
04/09/2015 Purchase 9900 0.01 796858 0.94
04/09/2015 Sale -42 0 796816 0.94
11/09/2015 Purchase 6300 0 803116 0.95
18/09/2015 Purchase 10800 0.01 813916 0.96
18/09/2015 Sale -9034 0 804882 0.95
25/09/2015 Purchase 4350 0 809232 0.96
30/09/2015 Purchase 2700 0 811932 0.96
02/10/2015 Purchase 1800 0 813732 0.96
09/10/2015 Purchase 13500 0.01 827232 0.98
16/10/2015 Purchase 11808 0.01 839040 0.99
16/10/2015 Sale -2267 0 836773 0.99
23/10/2015 Purchase 49445 0.05 886218 1.05
23/10/2015 Sale -42570 0.05 843648 1.00
30/10/2015 Purchase 9000 0.01 852648 1.01
06/11/2015 Purchase 8280 0 860928 1.02
13/11/2015 Purchase 4680 0 865608 1.02
20/11/2015 Purchase 7416 0 873024 1.03
27/11/2015 Purchase 8270 0 881294 1.04
04/12/2015 Purchase 2844 0 884138 1.04
11/12/2015 Purchase 4536 0 888674 1.05
11/12/2015 Sale -3165 0 885509 1.05
18/12/2015 Purchase 5832 0 891341 1.05
18/12/2015 Sale -74 0 891267 1.05
25/12/2015 Purchase 3969 0 895236 1.06
31/12/2015 Purchase 4536 0 899772 1.06
01/01/2016 Purchase 1598 0 901370 1.06
08/01/2016 Purchase 6076 0 907446 1.07
15/01/2016 Purchase 8897 0.01 916343 1.08
22/01/2016 Purchase 17828 0.01 934171 1.10
29/01/2016 Purchase 6966 0 941137 1.11
05/02/2016 Purchase 10158 0.01 951295 1.12
05/02/2016 Sale -5498 0 945797 1.12

12/02/2016 Purchase 4105 0 949902 1.12
19/02/2016 Purchase 4247 0 954149 1.13
26/02/2016 Purchase 7515 0 961664 1.14
04/03/2016 Purchase 9378 0.01 971042 1.15
11/03/2016 Purchase 6831 0 977873 1.15
18/03/2016 Purchase 10305 0.01 988178 1.17
25/03/2016 Purchase 4378 0 992556 1.17
31/03/2016 Purchase 1546 0 994102 1.17
31/03/2016
At the end of the 994102 1.17 994102 1.17
year
5 THE ORIENTAL INSURANCE COMPANY LIMITED
the year
10/04/2015 Sale -5770 0 550270 0.65
17/04/2015 Sale -1039 0 549231 0.65
05/06/2015 Sale -10309 0.01 538922 0.64
03/07/2015 Sale -4000 0 534922 0.63
10/07/2015 Sale -8207 0 526715 0.62
17/07/2015 Sale -7693 0 519022 0.61
24/07/2015 Sale -5483 0 513539 0.61
31/07/2015 Sale -4808 0 508731 0.60
07/08/2015 Sale -9851 0.01 498880 0.59
14/08/2015 Sale -2091 0 496789 0.59
21/08/2015 Sale -4508 0 492281 0.58
28/08/2015 Sale -63 0 492218 0.58
04/09/2015 Sale -11121 0.01 481097 0.57
11/09/2015 Sale -8743 0.01 472354 0.56
18/09/2015 Sale -6723 0 465631 0.55
25/09/2015 Sale -10606 0.01 455025 0.54
30/09/2015 Sale -7811 0 447214 0.53
02/10/2015 Sale -2000 0 445214 0.53
09/10/2015 Sale -11928 0.01 433286 0.51
16/10/2015 Sale -4107 0 429179 0.51
23/10/2015 Sale -1932 0 427247 0.50
30/10/2015 Sale -1000 0 426247 0.50
12/02/2016 Sale -161 0 426086 0.50
25/03/2016 Sale -4800 0 421286 0.50
31/03/2016 Sale -6200 0 415086 0.49
31/03/2016 At the end of the 415086 0.49 415086 0.49
year
6 VANGUARD EMERGING MARKETS STOCK INDEX FUND
the year
18/12/2015 Sale -1908 0 356274 0.42
25/12/2015 Sale -828 0 355446 0.42
15/01/2016 Sale -524 0 354922 0.42
22/01/2016 Sale -1344 0 353578 0.42
05/02/2016 Sale -4675 0 348903 0.41
12/02/2016 Sale -1785 0 347118 0.41
11/03/2016 Purchase 378 0 347496 0.41
18/03/2016 Purchase 562 0 348058 0.41
31/03/2016 At the end of the 348058 0.41 348058 0.41
year

7 SBI LIFE INSURANCE CO. LTD
the year
10/04/2015 Purchase 26215 0.03 227328 0.27
24/04/2015 Purchase 5000 0 232328 0.27
01/05/2015 Purchase 4601 0 236929 0.27
12/06/2015 Purchase 1628 0 238557 0.28
26/06/2015 Purchase 2165 0 240722 0.28
03/07/2015 Purchase 5500 0 246222 0.28
10/07/2015 Purchase - 3934 0 242288 0.29
17/07/2015 Sale 4425 0 246713 0.29
04/09/2015 Purchase 2878 0 249591 0.29
30/09/2015 Purchase 4000 0 253591 0.29
09/10/2015 Purchase 2500 0 256091 0.30
23/10/2015 Purchase -1000 0 255091 0.30
30/10/2015 Sale 2500 0 257591 0.30
06/11/2015 Purchase 1132 0 258723 0.30
20/11/2015 Purchase 1000 0 259723 0.31
31/12/2015 Purchase 4203 0 263926 0.31
08/01/2016 Purchase 2560 0 266486 0.31
22/01/2016 Purchase -24259 0.02 242227 0.31
29/01/2016 Sale -1500 0 240727 0.29
05/02/2016 Sale -7644 0 233083 0.28
26/02/2016 Sale -14377 0.01 218706 0.28
04/03/2016 Sale -27385 0.02 191321 0.26
11/03/2016 Sale -4400 0 186921 0.23
25/03/2016 Sale 7116 0 194037 0.22
31/03/2016 Purchase 29964 0.03 224001 0.23
31/03/2016 At the end of the 224001 0.26 224001 0.26
year
8 THE INDIA FUND INC
the year
31/03/2016 At the end of the 194107 0.23 194107 0.23
year
9 UTI-DIVIDEND YIELD FUND
the year
10/04/2015 Purchase 470 0 151799 0.18
05/06/2015 Purchase 3458 0 155257 0.18
03/07/2015 Purchase 22205 0.02 177462 0.21
24/07/2015 Purchase 2369 0 179831 0.21
31/07/2015 Purchase 12329 0.01 192160 0.23
06/11/2015 Purchase 10543 0.01 202703 0.24
31/12/2015 Purchase 27000 0.02 229703 0.27
01/01/2016 Purchase 25102 0.02 254805 0.30
08/01/2016 Purchase 1898 0 256703 0.30
31/03/2016 At the end of the 256703 0.30 256703 0.30
year

Sr. Name of the Date Remarks

Shareholding at the beginning Cumulative Shareholding
10 VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND
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
04/12/2015 Purchase 886 0 189944 0.22
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
31/03/2016 At the end of the 212530 0.25 212530 0.25
year
v. Shareholding of Directors and Key Managerial Personnel:
Sr. Shareholding at the beginning of Cumulative Shareholding during

No. the year 1st April 2015 the year 31st March 2015
For each of the Directors and KMP No. of shares RIWRWDOVKDUHVRI No. of shares RIWRWDOVKDUHVRI
the Company the Company
At the beginning of the year
Date wise Increase / Decrease in Share
holding during the year specifying the None of Directors and KMP hold shares in the Company except
reasons for increase / decrease (e.g. Mr. Deepak Parekh, Chairman who holds 612 equity shares in the
allotment / transfer / bonus / sweat equity Company which remain unchanged throughout the year.
etc)
At the end of the year

V. INDEBTEDNESS:
Indebtedness of the Company including interest outstanding/accrued but not due for payment.
(` in lakhs)
Secured Loans Unsecured Deposits Total
excluding deposits Loans Indebtedness
,QGHEWHGQHVVDWWKHEHJLQQLQJRIWKH¿QDQFLDO\HDU
i) Principal Amount 0 311.54 0 311.54
ii) Interest due but not paid 0 0 0 0
iii) Interest accrued but not due 0 0 0 0
7RWDOLLLLLL 0 311.54 0 311.54
&KDQJHLQ,QGHEWHGQHVVGXULQJWKH¿QDQFLDO\HDU
$GGLWLRQ 0 0 0 0.00
5HGXFWLRQ 0 74.25 0 74.25
Net Change 0 74.25 0 74.25
,QGHEWHGQHVVDWWKHHQGRIWKH¿QDQFLDO\HDU
i) Principal Amount 0 237.30 0 237.30
ii) Interest due but not paid 0 0 0 0
iii) Interest accrued but not due 0 0 0 0
Total (i+ii+iii) 0 237.30 0 237.30
VI REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:

A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
(` in lakhs)
Sr. Particulars of Name of MD/ WTD/ Manager Total
No. Remuneration 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
1 Gross salary
(a) Salary as per 176.37 79.40 77.52 99.98 96.11 529.38
provisions contained
in section 17(1) of the
Income-tax Act, 1961
(b) Value of perquisites 39.77 46.63 62.57 260.19 505.48 914.64
u/s 17(2) Income-tax
Act, 1961
F3UR¿WVLQOLHXRIVDODU\ Nil Nil Nil Nil Nil Nil
under section 17(3)
Income-tax Act, 1961
2 Stock Option Nil Nil Nil Nil Nil Nil
3 Sweat Equity Nil Nil Nil Nil Nil Nil
4 Commission
DVRISUR¿W Nil Nil Nil Nil Nil Nil
- others, specify Nil Nil Nil Nil Nil Nil
5 Others
Performance Bonus 0 16.96 21.02 10.69 156.63 205.30
Total 216.14 142.99 161.11 370.86 758.22 1649.32
Ceiling as per the 577,01.29

$FW#RISUR¿WV
calculated under section
198 of the Companies
Act, 2013)

B. Remuneration to other Directors:

(` in lakhs)
Sr. Particulars of Remuneration Fee for attending Commission Others, please Total
No. board / committee specify Amount
meetings
1 Independent Directors
Mr. R. R. Bajaaj 1.10 10.00 - 11.10
Ms. A. P. Bansal 2.10 10.00 - 12.10
Mr. P. V. Bhide 1.80 10.00 - 11.80
Mr. N. Kaviratne 2.40 10.00 - 12.40
Mr. P. V. Nayak (up to 31.10.2015) 0.50 5.83 - 6.33
Mr. A. N. Roy 1.20 10.00 - 11.20
Mr. D. Sundaram 1.80 10.00 - 11.80
Mr. V. Thyagarajan (up to 31.10.2015) 0.50 5.83 - 6.33
2 Other Non-Executive Directors
Mr. D. S. Parekh 6.80 14.00 - 20.80
7RWDO0DQDJHULDO5HPXQHUDWLRQ 18.20 85.66 - 103.86
2YHUDOO&HLOLQJDVSHUWKH$FW#RISUR¿WVFDOFXODWHG 577.01

under section 198 of the Companies Act, 2013)
C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD

(` in lakhs)
Sr. Particulars of Remuneration Key Managerial Personnel
No. Mr. A. Nadkarni
Company Secretary
1 Gross salary
(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961 28.72
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961 10.98
F 3UR¿WVLQOLHXRIVDODU\XQGHUVHFWLRQ,QFRPHWD[$FW Nil
2 Stock Option Nil
3 Sweat Equity Nil
4 Commission
DVRISUR¿W Nil
- others Nil
5 Others - Performance Bonus 4.85
Total 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
Report on the Standalone Financial Statements
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ANNEXURE A TO INDEPENDENT AUDITORS’ REPORT
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BALANCE SHEET AS AT 31ST MARCH, 2016

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Note As at As at
No. 31st March, 2016 31st March, 2015
EQUITY AND LIABILITIES
SHAREHOLDERS' FUNDS
6KDUHFDSLWDO 2
Reserves and surplus
NON-CURRENT LIABILITIES
/RQJWHUPERUURZLQJV 1,59.50 2,62.60
2WKHUORQJWHUPOLDELOLWLHV 5 5,28.86
/RQJWHUPSURYLVLRQV 6
CURRENT LIABILITIES
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enterprises
2WKHUFXUUHQWOLDELOLWLHV 8
6KRUWWHUPSURYLVLRQV 9 526,96.08
TOTAL 3061,95.00 3236,40.22
ASSETS
NON-CURRENT ASSETS
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7DQJLEOHDVVHWV 11
&DSLWDOZRUNLQSURJUHVV5HIHUQRWH
1RQFXUUHQWLQYHVWPHQWV 12
'HIHUUHGWD[DVVHWVQHW 88,60.91
/RQJWHUPORDQVDQGDGYDQFHV
2WKHUQRQFXUUHQWDVVHWV 15
CURRENT ASSETS
,QYHQWRULHV 16 521,66.25
7UDGHUHFHLYDEOHV 126,56.50
&DVKDQGEDQNEDODQFHV 18
6KRUWWHUPORDQVDQGDGYDQFHV 19
2WKHUFXUUHQWDVVHWV 20
TOTAL 3061,95.00 3236,40.22
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STATEMENT OF PROFIT AND LOSS

FOR THE YEAR ENDED 31ST MARCH, 2016
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Note Year ended 15 months ended
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5HYHQXHIURPRSHUDWLRQV 28
2WKHU,QFRPH 29 121,82.51
Total Revenue 2878,78.20 3486,24.97
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&KDQJHVLQLQYHQWRULHVRI¿QLVKHGJRRGVZRUNLQSURJUHVVDQG

traded goods
(PSOR\HHEHQH¿WVH[SHQVH
'HSUHFLDWLRQDQGDPRUWLVDWLRQH[SHQVH 11
2WKHUH[SHQVHV 662,12.90
Total Expenses 2304,38.24 2685,74.54
3UR¿WEHIRUHH[FHSWLRQDOLWHPVDQGWD[

([FHSWLRQDO,WHPV
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7D[H[SHQVH
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1HW3UR¿W 375,21.34 471,64.58
(DUQLQJVSHUHTXLW\VKDUHEDVLFDQGGLOXWHG`)
)DFHYDOXH` 10 each. 55.68
7KLVLVWKH6WDWHPHQWRI3UR¿WDQG/RVVUHIHUUHGWRLQRXUUHSRUWRIHYHQGDWH
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CASH FLOW STATEMENT

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Year ended 15 months ended
31st March, 2016 31st March, 2015
a. CASH FLOW FROM OPERATING ACTIVITIES
3UR¿WEHIRUHWD[DWLRQDQGH[FHSWLRQDOLWHPV
Adjustments for :
3URYLVLRQZULWWHQEDFNDVQRORQJHUUHTXLUHG
3UR¿WRQVDOHGLVSRVDORIWDQJLEOHDVVHWVQHW
,QWHUHVWLQFRPH
,QWHUHVWH[SHQVH
'HSUHFLDWLRQ$PRUWLVDWLRQ
2SHUDWLQJSUR¿WEHIRUHZRUNLQJFDSLWDOFKDQJHV 478,06.69 628,11.14
Adjustments for :
,QYHQWRULHV
7UDGH5HFHLYDEOHV
6KRUWWHUPORDQVDQGDGYDQFHV
2WKHUFXUUHQWDVVHWV
2WKHUQRQFXUUHQWDVVHWV
7UDGHSD\DEOHV
3URYLVLRQV
2WKHUFXUUHQWOLDELOLWLHV
2WKHUORQJWHUPOLDELOLWLHV
Cash generated from operations 353,79.87 597,93.95
'LUHFWWD[HVSDLGQHWRIUHIXQGV
&DVKÀRZEHIRUHH[FHSWLRQDOLWHPV 149,37.70 347,80.64
([FHSWLRQDOLWHPV
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Net cash generated from operating activities A 138,55.80 340,87.73

b. CASH FLOW FROM INVESTING ACTIVITIES
3XUFKDVHRIWDQJLEOH¿[HGDVVHWV
6DOHRIWDQJLEOH¿[HGDVVHWVLQFOXGLQJWDQJLEOHDVVHWVKHOGIRUVDOH
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6DOHUHGHPSWLRQRIFXUUHQWLQYHVWPHQWV - 10,00.01
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Net cash from investing activities B 500,96.14 177,61.83

CASH FLOW STATEMENT (Contd.)

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c. CASH FLOW FROM FINANCING ACTIVITIES
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7D[RQGLVWULEXWHGSUR¿W
1HWFDVKXVHGLQ¿QDQFLQJDFWLYLWLHV & (638,33.17) (496,98.73)
Net increase in cash and cash equivalents (A + B + C) 1,18.77 21,50.83
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Net increase in cash and cash equivalents 1,18.77 21,50.83
NOTES:
1. &DVKDQGFDVKHTXLYDOHQWVLQFOXGH
Cash on hand 0.12
7HUPGHSRVLWVZLWKRULJLQDOPDWXULW\SHULRGRIOHVVWKDQWKUHHPRQWKV 56,01.00 60,02.00
%DODQFHVZLWKEDQNV 60,18.18
7RWDOFDVKDQGFDVKHTXLYDOHQWV 116,19.30 115,00.53
2. 2WKHU%DQNEDODQFHVLQFOXGH
7HUPGHSRVLWVZLWKRULJLQDOPDWXULW\SHULRGRIPRUHWKDQWKUHHPRQWKV 1195,00.00 1762,75.00
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As at As at
2 SHARE CAPITAL
AUTHORISED
HTXLW\VKDUHVRI`10 each 90,00.00 90,00.00
ISSUED
HTXLW\VKDUHVRI`10 each
SUBSCRIBED AND PAID-UP

HTXLW\VKDUHVRI`HDFKIXOO\SDLGXS
84,70.30 84,70.30
H[FOXGHVHTXLW\VKDUHVRI`HDFKRIWKH&RPSDQ\HTXLW\VKDUHVRI`HDFKRIHUVWZKLOH%XUURXJKV
:HOOFRPH,QGLD/LPLWHGKHOGLQDEH\DQFH
As at 31st March, 2016 As at 31st March, 2015

Number of Rupees Number of Rupees
Shares LQODNKV Shares LQODNKV
a) Reconciliation of the number of shares
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b) Rights, preferences and restrictions attached to equity shares:

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DUHHOLJLEOHWRUHFHLYHWKHUHPDLQLQJDVVHWVRIWKH&RPSDQ\DIWHUGLVWULEXWLRQRIDOOSUHIHUHQWLDODPRXQWVLQSURSRUWLRQWR
their shareholding.
c) Shares held by subsidiaries of ultimate holding company in aggregate

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shareholding)
d) Details of equity shares held by shareholders holding more than 5% shares of the aggregate shares in the
Company:
Number of % Number of %
Shares Shareholding Shares Shareholding
*OD[R*URXS/LPLWHG8.
*OD[R6PLWK.OLQH3WH/LPLWHG6LQJDSRUH
(VND\ODE/LPLWHG8. 5,880,000 5,880,000
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As at As at
3 RESERVES AND SURPLUS
CAPITAL RESERVE
%DODQFHDVDWWKHEHJLQQLQJRIWKH\HDU 1,65.51 1,65.51
$GGLWLRQV'HGXFWLRQV - -
%DODQFHDVDWWKHHQGRIWKH\HDU (a) 1,65.51 1,65.51
CAPITAL REDEMPTION RESERVE

%DODQFHDVDWWKHHQGRIWKH\HDU (b) 2,61.95 2,61.95
GENERAL RESERVE:
%DODQFHDVDWWKHEHJLQQLQJRIWKH\HDU
7UDQVIHUIURP6XUSOXVLQ6WDWHPHQWRI3UR¿WDQG/RVV -
%DODQFHDVDWWKHHQGRIWKH\HDU 875,44.44 875,44.44
SURPLUS IN STATEMENT OF PROFIT AND LOSS

3UR¿WIRUWKH\HDU
/HVV$SSURSULDWLRQV
3URSRVHG'LYLGHQG
7D[RQGLYLGHQG
7UDQVIHUWR*HQHUDO5HVHUYH -
TOTAL 1632,44.43 1766,96.51
D ,QFOXGHV&HQWUDO*RYHUQPHQWVXEVLG\ÒDNKVDQGFDSLWDOSUR¿WRQUHLVVXHRIVKDUHVIRUIHLWHGRIHUVWZKLOH%XUURXJKV
:HOOFRPH,QGLD/LPLWHGÒDNKV
E 2QDFFRXQWRIEX\EDFNRIHTXLW\VKDUHV
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As at As at
4 LONG TERM BORROWINGS
Unsecured
,QWHUHVWIUHHVDOHVWD[ORDQIURP6,&20/LPLWHG 1,59.50 2,62.60
TOTAL 1,59.50 2,62.60
7HUPVRIUHSD\PHQW
,QWHUHVWIUHH6DOHV7D[/RDQIURP6,&20/LPLWHGDVDWst0DUFKRIÒDNKVSUHYLRXV\HDUÒDNKV
DYDLOHG XQGHU WKH 6DOHV 7D[ GHIHUPHQW 6FKHPH UHSD\DEOH LQ VHYHQWHHQ LQVWDOPHQWV SUHYLRXV \HDU WZHQW\ RQH
LQVWDOPHQWVFORVLQJRQth$SULO7KHFXUUHQWPDWXULW\DPRXQWRIÒDNKVSUHYLRXV\HDUÒDNKVRIWKHORDQ
KDVEHHQGLVFORVHGXQGHU1RWH2WKHU&XUUHQW/LDELOLWLHV

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As at As at
5 OTHER LONG TERM LIABILITIES
6HFXULW\GHSRVLWVUHFHLYHG
TOTAL 5,66.33 5,28.86
6 LONG TERM PROVISIONS

)RU3ULFLQJPDWWHUV5HIHU1RWH
)RUHPSOR\HHEHQH¿WV
*UDWXLW\
/HDYHHQFDVKPHQWDQGFRPSHQVDWHGDEVHQFHV
3RVWUHWLUHPHQWPHGLFDODQGRWKHUEHQH¿WV
)RUORQJWHUPLQFHQWLYHSODQ 6,22.52
)RUGLYHVWPHQWUHVWUXFWXULQJ
)RURWKHUV
TOTAL 283,90.11 270,95.87
7 TRADE PAYABLES
'XHVRIPLFURDQGVPDOOHQWHUSULVHV5HIHU1RWH
'XHVRIFUHGLWRUVRWKHUWKDQPLFURDQGVPDOOHQWHUSULVHV
TOTAL 323,09.02 305,88.63
8 OTHER CURRENT LIABILITIES

&XUUHQW0DWXULW\RI/RQJ7HUP%RUURZLQJV
,QWHUHVWIUHHVDOHVWD[ORDQIURP6,&20/LPLWHG5HIHU1RWH
6XEVLGLDU\FRPSDQ\ 81.11 1,50.60
8QFODLPHGGLYLGHQGV 22,26.12 20,26.22
6DODULHVZDJHVDQGERQXVSD\DEOH
6WDWXWRU\GXHVLQFOXGLQJSURYLGHQWIXQGDQGWD[GHGXFWHGDWVRXUFH
&UHGLWRUVIRUFDSLWDOJRRGV
5DWLRQDOLVDWLRQUHODWLQJWRDPDQXIDFWXULQJVLWH
2WKHU3D\DEOHV
TOTAL 203,59.23 131,55.53
7KHUHDUHQRDPRXQWVGXHDQGRXWVWDQGLQJWREHFUHGLWHGWR,QYHVWRU
(GXFDWLRQDQG3URWHFWLRQ)XQG
9 SHORT TERM PROVISIONS

)RUSURSRVHGHTXLW\GLYLGHQG
)RUSURYLVLRQIRUWD[DWLRQQHW5HIHUQRWHD
)RUWD[RQGLVWULEXWHGSUR¿W 86,21.92
)RUHPSOR\HHEHQH¿WV
*UDWXLW\ - -
3RVWUHWLUHPHQWPHGLFDODQGRWKHUEHQH¿WV 1,99.61
)RUUDWLRQDOLVDWLRQUHODWLQJWRDPDQXIDFWXULQJVLWH
)RURWKHUV
TOTAL 526,96.08 668,41.92

10 MOVEMENT IN PROVISIONS
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Rationalisation
Pricing Long term Divestment /
relating to a Others
matters Incentive Plan Restructuring
manufacturing site
April 2015-March 2016
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$GG3URYLVLRQGXULQJWKH\HDU - - -
/HVV$PRXQWVXWLOLVHGUHYHUVHGGXULQJWKH\HDU - -
Balance at the year end 26,86.26
January 2014-March 2015

2SHQLQJ%DODQFH
$GG3URYLVLRQGXULQJWKHSHULRG - - -
/HVV$PRXQWVXWLOLVHGUHYHUVHGGXULQJWKHSHULRG - 8,25.90
Balance at the period end
11 FIXED ASSETS
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*URVVEORFNDWFRVW Depreciation/Amortisation 1HWEORFN
2Q
$VDWst $VDWst $VDWst 'HGXFWLRQV $VDWst $VDWst $VDWst
0DUFK $GGLWLRQV 'HGXFWLRQV 0DUFK 0DUFK )RUWKH $GMXVWPHQWV 0DUFK 0DUFK 0DUFK
2015 $GMXVWPHQWV E 2016 2015 Year E 2016 2016 2015
(A) INTANGIBLE ASSETS
'LVWULEXWLRQ5LJKWVF - - - - - -
TOTAL (A) - 3,22.80 - 3,22.80 - 3,22.80 - 3,22.80 - -
3UHYLRXVSHULRG$ - - - - - - - - - -
(B) TANGIBLE ASSETS
)UHHKROGODQG 2.00 - - 2.00 - - - - 2.00 2.00
/HDVHKROGODQGG - - -
)UHHKROGEXLOGLQJVD 8,12.11
/HDVHKROGEXLOGLQJV 21,52.69 0.52
3ODQWDQGHTXLSPHQW 25,06.11
)XUQLWXUHDQG¿[WXUHV 92.65
9HKLFOHV 6,16.66 8,08.02
2I¿FH(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
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accumulated depreciation ÒDNKVDQGQHWEORFNÒDNKV
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12 NON-CURRENT INVESTMENTS
(VALUED AT COST UNLESS OTHERWISE STATED)
TRADE
IN EQUITY INSTRUMENTS
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(TXLW\6KDUHVRI`HDFKIXOO\SDLG 5.00 5.00
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OTHER INVESTMENTS
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IN SUBSIDIARY COMPANY
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TOTAL 47,66.97 47,66.97
$JJUHJDWHRI8QTXRWHG,QYHVWPHQWV$W%RRNYDOXH

7KHUHDUHQRLQYHVWPHQWVSXUFKDVHGDQGVROGUHGHHPHGGXULQJWKH\HDU
13 DEFERRED TAX ASSETS (NET)

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Assets
3URYLVLRQIRUHPSOR\HHEHQH¿WV
&RVWVRIYROXQWDU\UHWLUHPHQWVFKHPHV 12,25.25
3URYLVLRQIRUGRXEWIXOGHEWVORDQVDQGDGYDQFHV
,QWHUHVWRQ,QFRPHWD[UHIXQGQRWDFFRXQWHGEXWFRQVLGHUHGDVWD[DEOH
XQGHUWKH,QFRPHWD[$FW 22,02.06
([SHQVHVDOORZDEOHIRUWD[SXUSRVHVZKHQSDLG 21,52.89 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

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14 LONG TERM LOANS AND ADVANCES
8QVHFXUHGFRQVLGHUHGJRRGXQOHVVRWKHUZLVHVWDWHG
Capital advances 81,11.91
/HVV$OORZDQFHIRUGRXEWIXOORDQVDQGDGYDQFHV
6HFXULW\'HSRVLWV
2WKHUORDQVDQGDGYDQFHV5HIHU1RWH
$GYDQFHLQFRPHWD[QHW5HIHU1RWHE 166,92.55
%DODQFHZLWK*RYHUQPHQW$XWKRULWLHV
6XQGU\'HSRVLWV
/RDQVDQGDGYDQFHVUHFRYHUDEOHLQFDVKRULQNLQG
TOTAL 296,35.82 288,31.03
LQFOXGHVRXWVWDQGLQJORDQVUHFHLYDEOHIURPUHODWHGSDUWLHV
15 OTHER NON CURRENT ASSETS

5HPLWWDQFHVLQWUDQVLW>5HIHU1RWHLLL@ 5.92 5.92
0DUJLQPRQH\'HSRVLWDJDLQVWEDQNJXDUDQWHH 2,92.21
7DQJLEOHDVVHWVKHOGIRUVDOHDWERRNYDOXHRUHVWLPDWHGQHW
11,05.90 11,05.90
UHDOLVDEOHYDOXHVDOYDJHYDOXHZKLFKHYHULVORZHU
TOTAL 11,41.49 14,04.03
16 INVENTORIES
6WRUHVDQGVSDUHV
5DZDQGSDFNLQJPDWHULDOVLQFOXGHVLQWUDQVLW`

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TOTAL 521,66.25 368,85.59
17 TRADE RECEIVABLES
Considered good
2XWVWDQGLQJIRUDSHULRGH[FHHGLQJVL[PRQWKVIURPWKH
10,80.52
GDWHWKH\DUHGXHIRUSD\PHQW
2WKHUV 90,99.60
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TOTAL 126,56.50 100,31.79

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18 CASH AND BANK BALANCES
&DVKDQGFDVKHTXLYDOHQWV
Cash on hand 0.12
%DODQFHVZLWKEDQNV
Current account
7HUPGHSRVLWZLWKRULJLQDOPDWXULW\SHULRGRIOHVVWKDQWKUHHPRQWKV 56,01.00 60,02.00
2WKHUEDQNEDODQFHV
7HUPGHSRVLWZLWKRULJLQDOPDWXULW\SHULRGRIPRUHWKDQWKUHHPRQWKV

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7HUPGHSRVLWZLWKRULJLQDOPDWXULW\SHULRGRIPRUHWKDQWZHOYHPRQWKV
12,00.00
EXWPDWXULQJZLWKLQQH[WWZHOYHPRQWKV
8QSDLGGLYLGHQGDFFRXQWV 22,26.12 20,26.22
TOTAL 1333,45.42 1898,01.75
19 SHORT TERM LOANS AND ADVANCES

&XUUHQWDFFRXQWEDODQFHVZLWKJURXSFRPSDQLHV
3UHSDLG([SHQVHV 9,51.88
$GYDQFHVUHFRYHUDEOHLQFDVKRULQNLQG 68,66.99
TOTAL 115,96.71 119,74.32
20 OTHER CURRENT ASSETS

,QWHUHVWDFFUXHGRQLQYHVWPHQWVGHSRVLWV
7DQJLEOHDVVHWVKHOGIRUVDOHDWERRNYDOXHRUHVWLPDWHGQHWUHDOLVDEOH
12,59.85
YDOXHVDOYDJHYDOXHZKLFKHYHULVORZHU
2WKHUV 16.80
TOTAL 48,53.77 78,24.91
21 CONTINGENT LIABILITIES AND COMMITMENTS

A Contingent Liabilities not provided for:
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ZKLFKQHWRIFXUUHQWWD[DPRXQWWR 289,68.56
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28 REVENUE FROM OPERATIONS

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(a) DETAILS OF SALE OF PRODUCTS

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120,14.78 197,20.45
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6HFXULW\GHSRVLWV
2WKHUV
(42.13)

Rent received
3UR¿WRQVDOHGLVSRVDORI¿[HGDVVHWVQHW 58.00
3URYLVLRQZULWWHQEDFNDVQRORQJHUUHTXLUHG 1,08.22
TOTAL 121,82.51 198,67.17

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2016 (CONTD.)
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30 COST OF MATERIALS CONSUMED
%HWDPHWKDVRQH9DOHUDWH,3
2WKHUUDZPDWHULDOVFRQVXPHG
3DFNLQJPDWHULDOVFRQVXPHG
TOTAL 636,96.72 726,73.46
1RWHV
1RVLQJOHUDZRUSDFNLQJPDWHULDODFFRXQWVIRUPRUHWKDQ
RIWRWDOFRQVXPSWLRQ
&RVWRIPDWHULDOVFRQVXPHGLVEDVHGRQGHULYHGYDOXHV
VALUE OF IMPORTED AND INDIGENOUS RAW AND
PACKING MATERIALS CONSUMED

3XUFKDVHGLQGLJHQRXVO\
,PSRUWHGE\WKHFRPSDQ\LQFOXGLQJGXW\DQGRWKHUFKDUJHV 10.86
100.00 636,96.72 100.00 726,73.46
31 PURCHASE OF TRADED GOODS
3XUFKDVHRIWUDGHGJRRGV
TOTAL 739,93.66 779,89.39
DETAILS OF PURCHASE OF TRADED GOODS

9DFFLQHV
2WKHUV 125,58.12
739,93.66 779,89.39
32 CHANGES IN INVENTORIES OF FINISHED GOODS,
WORK-IN-PROGRESS AND TRADED GOODS
2SHQLQJVWRFN
:RUNLQSURJUHVV
)LQLVKHGJRRGV
Traded goods
270,33.16 268,94.47
/HVV&ORVLQJVWRFN
:RUNLQSURJUHVV
)LQLVKHGJRRGV
Traded goods
414,81.72 270,33.16
TOTAL (144,48.56) (1,38.69)

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33 EMPLOYEE BENEFITS EXPENSES
6DODULHVZDJHVDQGERQXV
&RQWULEXWLRQVWR3URYLGHQWDQGSHQVLRQIXQGV
*UDWXLW\IXQGV 8,02.19
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TOTAL 443,37.45 493,02.23
34 OTHER EXPENSES
6DOHVSURPRWLRQ 119,91.00
6WRFNSRLQWFRPPLVVLRQ
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0DQXIDFWXULQJFKDUJHV
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3ODQWDQG0DFKLQHU\
2WKHUV 10.89 15.05
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3RZHUIXHODQGZDWHU
Rent
5DWHVDQGWD[HV
3ULQWLQJSRVWDJHDQGWHOHSKRQHV 12,88.66
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2WKHUVHUYLFHV 26.25
5HLPEXUVHPHQWRIH[SHQVHV

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5HLPEXUVHPHQWRIH[SHQVHVQHW5HIHU1RWH 19,58.55
([SHQVHVUHODWLQJWRVHUYLFHLQFRPH>5HIHU1RWHE@
TOTAL 603,81.32 662,12.90

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423,68.25 433,36.36

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42 Expenditure in foreign currency on account of :

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11,24.32 17,09.28
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Biddle Sawyer Limited

Annexure 1
Form No. MGT-9
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I. REGISTRATION AND OTHER DETAILS:
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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:-
Sr. Name and Description of main products/ services NIC Code of the Product/ service % to total turnover of the company
No.
1 3KDUPDFHXWLFDOV 21002 100
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES
Sr. Name and address of the Company CIN / GLN Holding / % of shares Applicable
No. subsidiary / held section
associate
1 */$;260,7+./,1(3+$50$&(87,&$/6/,0,7(' /0+3/& Holding 100
,9 6+$5(+2/',1*3$77(51(TXLW\6KDUH&DSLWDO%UHDNXSDVSHUFHQWDJHRI7RWDO(TXLW\
L &DWHJRU\ZLVH6KDUH+ROGLQJ
Category of Shareholders No. of Shares held at the beginning of the No. of Shares held at the end of the
year i.e 1st April 2015 year i.e 31st March 2016 % Change
% of Total % of Total during the
Demat Physical Total Shares Demat Physical Total Shares year
A. Promoters
1 Indian - - - - - - - - -
a) ,QGLYLGXDO+8) - - - - - - - - -
E &HQWUDO*RYW - - - - - - - - -
c) 6WDWH*RYWV - - - - - - - - -
d) Bodies Corp. - 960000 960000 100 - 960000 960000 100 -
e) %DQNV), - - - - - - - - -
I $Q\2WKHU - - - - - - - - -
Sub-total (A) (1):- - - - - - - - - -
2 Foreign
Sub-total (A)(2) - - - - - - - - -
Total shareholding of Promoter (A) - 960000 960000 100 - 960000 960000 100 -
= (A)(1)+(A)(2)
B. Public Shareholding
1 Institutions - - - - - - - - -
2 Non-Institutions
Total Public Shareholding (B) = (B) - - - - - - - - -
(1)+(B)(2)
C. Shares held by Custodian for GDRs - - - - - - - - -
& ADRs
Grand Total (A+B+C) - 960000 960000 100 - 960000 960000 100 -

(ii) Shareholding of Promoters
Sr. Shareholder’s Name Shareholding at the beginning of the Shareholding at the end of the year % change in
No. year 1st April 2015 31st March 2016 shareholding
No. of % of total % of Shares No. of % of total % of Shares during the
Shares Shares Pledged / Shares Shares Pledged / year
of the encumbered of the encumbered
company to total company to total
shares shares
1 *OD[RVPLWKNOLQH3KDUPDFHXWLFDOV/LPLWHG 960000 100 0 960000 100 0 1,/
Total 960000 100 0 960000 100 0 NIL
(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. Top Ten Shareholders Shareholding at the beginning of Cumulative shareholding during
No. of Shares % of total shares No. of Shares % of total shares
of the company of the company
1. *OD[RVPLWKNOLQH3KDUPDFHXWLFDOV/LPLWHG+ROGLQJ&RPSDQ\
$WWKHEHJLQQLQJRIWKH\HDU 959999 99.99
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VSHFLI\LQJWKHUHDVRQVIRULQFUHDVHGHFUHDVH
$WWKH(QGRIWKH\HDU 959999 99.99
2 0U$QQDVZDP\9DLGKHHVKMRLQWO\ZLWK*OD[R6PLWK.OLQH
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0.00 1 0.00
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0.00 0 0.00
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$WWKH(QGRIWKH\HDU 0 0.00 0 0.00
(v) Shareholding of Directors and Key Managerial Personnel:
Sr. Name of the Director/KMP Shareholding at the beginning of Cumulative shareholding during
No. of Shares % of total shares No. of Shares % of total shares
of the company of the company
1 0U$QQDVZDP\9DLGKHHVK 0 0.00 1 0.00
2 'U+%-RVKLSXUD 1 0.00 0 0.00
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment : 1,/
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
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B. Remuneration of other directors: 1,/
C. Remuneration to Key Managerial Personnel Other Than MD/ Manager/ WTD :1,/
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¿QDQFLDOUHSRUWLQJLQFOXGHGREWDLQLQJDQXQGHUVWDQGLQJRILQWHUQDO¿QDQFLDO CHARTERED ACCOUNTANTS
FRQWUROVRYHU¿QDQFLDOUHSRUWLQJDVVHVVLQJWKHULVNWKDWDPDWHULDOZHDNQHVV
586720''$9$5
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Balance Sheet as at 31st March, 2016 &DVK)ORZ6WDWHPHQWIRUWKH\HDUHQGHGst March, 2016
As at 31st As at 31st Year Ended 15 Months

Note March, 2016 March, 2015 31st March, Ended 31st
No. 2016 March, 2015
Rupees '000 Rupees '000
I. EQUITY AND LIABILITIES Rupees '000 Rupees '000
(1) Shareholders' Funds
6KDUH&DSLWDO 2 96,00 96,00 a. CASH FLOW FROM OPERATING ACTIVITIES
5HVHUYHVDQG6XUSOXV
(2) Non-Current Liabilities 3UR¿WEHIRUHWD[
2WKHU/RQJWHUPOLDELOLWLHV Adjustments for :
(3) Current Liabilities ,QWHUHVWLQFRPH
7UDGHSD\DEOHV 6
D 7RWDORXWVWDQGLQJGXHVRI
- 2SHUDWLQJSUR¿WEHIRUHZRUNLQJFDSLWDOFKDQJHV 152,58
micro and small enterprises
E 7RWDORXWVWDQGLQJGXHVRI Adjustments for :
creditors other than micro
and small enterprises ,QYHQWRULHV
2WKHUFXUUHQWOLDELOLWLHV
Total 3248,75 2838,33 7UDGHUHFHLYDEOHV
II. Assets
(1) Non-current assets 6KRUWWHUPORDQVDQGDGYDQFHV 59,85
)L[HGDVVHWV 8 2,08 2,08 7UDGHSD\DEOHV
'HIHUUHGWD[DVVHWVQHW 9 18,80
/RQJWHUPORDQVDQGDGYDQFHV 10 2WKHU&XUUHQW/LDELOLWLHV
(2) Current assets
Cash generated from / (used in) operations 216,10
,QYHQWRULHV 12
7UDGHUHFHLYDEOHV 81,11 150,60 'LUHFWWD[HVSDLGQHWRIUHIXQGV
&DVKDQGEDQNEDODQFHV 1258,89
6KRUWWHUPORDQVDQGDGYDQFHV 15 Net cash from / (used in) operating activities A
Total 3248,75 2838,33
$VSHURXUUHSRUWRIHYHQGDWHDWWDFKHG )RUDQGRQEHKDOIRIWKH%RDUG
For CORNELIUS & DAVAR $QQDVZDP\9DLGKHHVK Andrew A. Aristidou b. CASH FLOW FROM INVESTING ACTIVITIES
CHARTERED ACCOUNTANTS Chairman Director
3XUFKDVHVDOHRIEDQNGHSRVLWVZLWKPDWXULW\
',1 ',1 -
period more than 12 months
586720''$9$5
(PROPRIETOR) ,QWHUHVWUHFHLYHG
Membership No. F.10620
Net cash from investing activities B
Place : Mumbai
Date: 25th May, 2016
Net increase / (decrease) in cash and cash

3UR¿WDQG/RVVVWDWHPHQWIRUWKH\HDUHQGHGst March, 2016 equivalents (A+B)
Year Ended 15 Months

&DVKDQGFDVKHTXLYDOHQWVDVDWst April, 2015
Note 31st March, Ended 31st 1258,89
RSHQLQJEDODQFH
No. 2016 March, 2015
Rupees '000 Rupees '000 &DVKDQGFDVKHTXLYDOHQWVDVDW 0DUFK
st
1258,89
5HYHQXHIURPRSHUDWLRQV*URVV 19 FORVLQJEDODQFH
/HVV([FLVHGXW\
5HYHQXHIURPRSHUDWLRQV1HW Net increase / (decrease) in cash and cash

2WKHU,QFRPH 20 equivalents
Total Revenue
([SHQVHV 127(6
&RVWRIPDWHULDOVFRQVXPHG 21 555,11
3XUFKDVHRI6WRFNLQ7UDGH 29 - 1. &DVKDQGFDVKHTXLYDOHQWVLQFOXGH
&KDQJHVLQLQYHQWRULHVRI¿QLVKHGJRRGV &DVKDQGEDQNEDODQFHV 1258,89
22
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2WKHUH[SHQVHV 552,50 7RWDOFDVKDQGFDVKHTXLYDOHQWV 1258,89
Total Expenses
3UR¿WEHIRUHWD[
7D[H[SHQVH 7KH&DVK)ORZ6WDWHPHQWKDVEHHQSUHSDUHGXQGHUWKH³,QGLUHFW0HWKRG´DVVHW
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'HIHUUHGWD[ 80
3UR¿WIRUWKHSHULRG 161,25
&KDUWHUHG$FFRXQWDQWVRI,QGLD
(DUQLQJVSHUVKDUHEDVLFDQGGLOXWHG`) 16.80
)DFHYDOXHRIVKDUHV` 10 each
For CORNELIUS & DAVAR $QQDVZDP\9DLGKHHVK Andrew A. Aristidou
For CORNELIUS & DAVAR $QQDVZDP\9DLGKHHVK Andrew A. Aristidou
',1 ',1
',1 ',1
586720''$9$5
586720''$9$5
(PROPRIETOR)
(PROPRIETOR)
Place : Mumbai
Place : Mumbai


NOTES TO FINANCIAL STATEMENTS 2 SHARE CAPITAL
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March, 2016 March, 2015
$FFRXQW 3UHPLXP LQ UHVSHFW RI IRUZDUG FRQWUDFWV LV DFFRXQWHG RYHU WKH
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DVSDUWRILQYHQWRU\7KHDPRXQWRI&(19$7FUHGLWVLQUHVSHFWRIPDWHULDOV PROFIT & LOSS ACCOUNT
FRQVXPHGIRUVDOHVLVGHGXFWHGIURPFRVWRIPDWHULDOVFRQVXPHG
%DODQFHDVDWWKHEHJLQQLQJRIWKH\HDU 910,85
M 7D[HVRQ,QFRPH
3UR¿WIRUWKH\HDU 161,25
&XUUHQWWD[LVGHWHUPLQHGDVWKHDPRXQWRIWD[SD\DEOHLQUHVSHFWRIWD[DEOH
LQFRPHIRUWKHSHULRG'HIHUUHGWD[LVUHFRJQLVHGVXEMHFWWRWKHFRQVLGHUDWLRQ %DODQFHDVDWWKHHQGRIWKH\HDU
RI SUXGHQFH RQ WLPLQJ GLIIHUHQFHV EHLQJ WKH GLIIHUHQFH EHWZHHQ WD[DEOH
LQFRPHDQGDFFRXQWLQJLQFRPHWKDWRULJLQDWHLQRQHSHULRGDQGDUHFDSDEOH TOTAL
RIUHYHUVDOLQRQHRUPRUHVXEVHTXHQWSHULRGV
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These are consistent with the generally accepted accounting principles.

4 OTHER LONG TERM LIABILITIES 9 DEFERRED TAX ASSET (Net)
As at 31st As at 31st
As at 31st As at 31st
Rupees '000 Rupees '000
Rupees '000 Rupees '000 'HIHUUHG7D[$VVHW
3URYLVLRQIRUSULFLQJRIIRUPXODWLRQ 18,15
6HFXULW\'HSRVLW
([SHQVHVDOORZDEOHIRUWD[SXUSRVHVZKHQSDLG 65
2WKHUV TOTAL 17,99 18,80
TOTAL
10 LONG-TERM LOANS AND ADVANCES

$GYDQFH,QFRPH7D[
8QVHFXUHGFRQVLGHUHGJRRG
$GYDQFHVUHFRYHUDEOHLQFDVKRUNLQG 26,68 26,68
6XQGU\'HSRVLWV
'UXJV3ULFHV(TXDOLVDWLRQ$FFRXQWUHIHUQRWH
TOTAL 554,85 485,58
3URYLVLRQIRUSULFLQJRIIRUPXODWLRQ
TOTAL 125,33 125,33 11 OTHER NON-CURRENT ASSETS
'HSRVLWVZLWKEDQNVRIPDWXULW\SHULRGPRUH

than 12 months
TOTAL
6 TRADE PAYABLES
12 INVENTORIES
'XHVRIPLFURDQGVPDOOHQWHUSULVHV -
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'XHVRIFUHGLWRUVRWKHUWKDQPLFURDQGVPDOO 3DFNLQJPDWHULDOV

enterprises :RUNLQSURJUHVV -
TOTAL 465,08 215,28 )LQLVKHGJRRGV
6WRFNLQWUDGH
7KHUH DUH QR GHOD\V LQ SD\PHQWV WR 0LFUR DQG
TOTAL 420,41 672,68
6PDOO HQWHUSULVHV DV UHTXLUHG WR EH GLVFORVHG
XQGHUWKH0LFUR6PDOODQG0HGLXP(QWHUSULVHV
'HYHORSPHQW$FW 13 TRADE RECEIVABLES
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WR WKH H[WHQW VXFK SDUWLHV KDYH EHHQ LGHQWL¿HG 81,11 150,60
good
RQ WKH EDVLV RI LQIRUPDWLRQ DYDLODEOH ZLWK WKH TOTAL 81,11 150,60
&RPSDQ\ 7KLV KDV EHHQ UHOLHG XSRQ E\ WKH
Auditors.
%DQNEDODQFHV
,QFXUUHQWDFFRXQWV 115,98 58,89
7 OTHER CURRENT LIABILITIES 2WKHUEDQNEDODQFHV
6WDWXWRU\GXHV /RQJWHUPGHSRVLWVZLWKPDWXULW\SHULRGPRUH
1200,00
WKDQPRQWKVEXWOHVVWKDQPRQWKV
TOTAL 3,46 4,09 TOTAL 1415,98 1258,89
8 TANGIBLE FIXED ASSETS
Rupees ‘000
Sr Particulars GROSS BLOCK DEPRECIATION NET BLOCK

No.
As at Additions Deductions As at As at for the year Deductions As at As at As at
01/04/2015 31/03/2016 01/04/2015 31/03/2016 31/03/2016 31/03/2015
1 /DQG 2,08 - - 2,08 - - - - 2,08 2,08
2 )DFWRU\%XLOGLQJ 16,98 - - 16,98 16,98 - - 16,98 - -
3ODQW 0DFKLQHU\ - - - - - -
)XUQLWXUH )L[WXUHV - - - - - -
5 Cycles 5 - - 5 5 - - 5 - -
6 Computers - - - - - -
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


As at 31st As at 31st Year Ended 15 Months
March, 2016 March, 2015 31st March, Ended 31st
Rupees '000 Rupees '000 2016 March, 2015
15 SHORT-TERM LOANS AND ADVANCES Rupees '000 Rupees '000
20 OTHER INCOME
8QVHFXUHGFRQVLGHUHGJRRG ,QWHUHVW,QFRPH
Advances to suppliers
TOTAL 93,03 127,18
%DODQFHZLWKFXVWRPVDQGH[FLVH 8 8
TOTAL 750,27 242,85
8QVHFXUHGFRQVLGHUHGJRRG 21 COST OF MATERIAL CONSUMED

,QWHUHVWDFFUXHGRQ%DQN'HSRVLWV,QYHVWPHQWV 5DZPDWHULDOVFRQVXPHG5HIHUQRWH
TOTAL 4,61 5,40
17 CONTINGENT LIABILITIES
TOTAL 555,11 750,27
&ODLPVDJDLQVWWKH&RPSDQ\QRWDFNQRZOHGJHG
&RVWRIPDWHULDOVFRQVXPHGLVEDVHGRQ
DVGHEWV
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,QFRPHWD[PDWWHUV 22 -
6DOHVWD[PDWWHUV 19,96 19,96
*XDUDQWHHJLYHQE\WKH&RPSDQ\WRWKH
200,00 200,00
Customs Authorities
%DVHG RQ WKH GDWD REWDLQHG E\ *RYHUQPHQW
it had directed the Company to pay a tentative 22 CHANGES IN INVENTORIES OF FINISHED
amount along with interest due thereon into the GOODS, WORK-IN-PROGRESS AND STOCK-
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Closing inventories
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principal amount. Accordingly, the Company
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Year Ended 15 Months 7D[DXGLWIHHV
31st March, Ended 31st
2016 March, 2015 2WKHUVHUYLFHV -
Rupees '000 Rupees '000 5HLPEXUVHPHQWRIH[SHQVHV 88
19 REVENUE FROM OPERATIONS (NET)
&RVWDXGLWIHHV 25
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TOTAL 1260,43 1906,31 TOTAL 552,50 807,00

Year Ended 15 Months 31 RELATED PARTY DISCLOSURES
31st March, Ended 31st 1 Related parties with whom there were transactions during the year are listed
2016 March, 2015 EHORZ
Rupees. '000 Rupees. '000 +ROGLQJ&RPSDQ\
24 EARNINGS PER SHARE 7KHFRPSDQ\LVDZKROO\RZQHGVXEVLGLDU\RI*OD[R6PLWK.OLQH
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3D\PHQWRIPDQXIDFWXULQJFKDUJHV
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3D\PHQWRIFRPPRQFRVWV 110,55 110,89
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25 CIF VALUE OF IMPORTS current accounts.
5DZDQGSDFNLQJPDWHULDOV 220,11 590,29 32 UNHEDGED FOREIGN CURRENCY EXPOSURE

7KHIRUHLJQFXUUHQF\H[SRVXUHVQRWKHGJHGDVDWWKH\HDUHQGDUHDVXQGHU
TOTAL 220,11 590,29
Rupees '000
As at 31st March, As at 31st March,
2016 2015
&XUUHQF\([FKDQJH 86' (XUR 86' (XUR
26 VALUE AND PERCENTAGE OF IMPORTED /
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,QGLJHQRXV DQG/RVVXQGHUµ&RUSRUDWHVRFLDOUHVSRQVLELOLW\¶LQ1RWH
TOTAL 555,11 750,27 Rupees '000

2016 March, 2015
D $PRXQWVSHQW
27 RAW AND PACKING MATERIALS CONSUMED 3DUWLFXODUV
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LL 2QSXUSRVHVRWKHUWKDQLDERYH -
2WKHUV 13,85 -
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Company
TOTAL 555,11 750,27
34 CHANGE IN FINANCIAL YEAR
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28 SALES OF TRADED GOODS 'HFHPEHUWR$SULO0DUFKZLWKHIIHFWIURPWKHSUHYLRXVSHULRG&RQVHTXHQWO\
WKHSUHYLRXVSHULRG¶V¿QDQFLDOVWDWHPHQWVDUHIRUWKHPRQWKVIURPst January,
7DEOHWV - 51,55 WRst0DUFK
,QYLHZRIWKHDERYHWKHFXUUHQW\HDU¶V¿JXUHVDUHQRWFRPSDUDEOHZLWKWKRVHRI
TOTAL - 51,55 WKHSUHYLRXVSHULRG3UHYLRXVSHULRG¶V¿JXUHVKDYHEHHQUHJURXSHGZKHUHYHU
necessary.
29 PURCHASE OF TRADED GOODS For CORNELIUS & DAVAR $QQDVZDP\9DLGKHHVK Andrew A. Aristidou
7DEOHWV - CHARTERED ACCOUNTANTS Chairman Director
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TOTAL - 1,34 586720''$9$5
(PROPRIETOR)
30 SEGMENT REPORTING Membership No. F.10620
Place : Mumbai
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INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF GLAXOSMITHKLINE PHARMACEUTICALS LIMITED
Report on the Consolidated Financial Statements
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CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2016

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Note As at As at
No 31st March, 2016 31st March, 2015
EQUITY AND LIABILITIES
SHAREHOLDERS' FUNDS
6KDUHFDSLWDO 2
Reserves and surplus
NON-CURRENT LIABILITIES
/RQJWHUPERUURZLQJV 1,59.50 2,62.60
2WKHUORQJWHUPOLDELOLWLHV 5
CURRENT LIABILITIES
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D 7RWDORXWVWDQGLQJGXHVRIPLFURDQGVPDOOHQWHUSULVHV 2,59.25
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6KRUWWHUPSURYLVLRQV 9 526,96.08
TOTAL 3046,01.35 3215,66.65
ASSETS
NON-CURRENT ASSETS
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CURRENT ASSETS
,QYHQWRULHV 16 525,86.66
7UDGHUHFHLYDEOHV 126,56.50
&DVKDQGEDQNEDODQFHV 18
6KRUWWHUPORDQVDQGDGYDQFHV 19
TOTAL 3046,01.35 3215,66.65
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CONSOLIDATED STATEMENT OF PROFIT AND LOSS

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Total Revenue 2891,10.66 3504,46.03
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traded goods
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2WKHUH[SHQVHV 608,12.82
Total Expenses 2314,25.09 2696,89.76
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2WKHUFXUUHQWDVVHWV
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CONSOLIDATED CASH FLOW STATEMENT (Contd.)

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Net increase in cash and cash equivalents (A + B + C) 1,75.86 20,66.33
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1. &DVKDQGFDVKHTXLYDOHQWVLQFOXGH
Cash on hand 0.12
7HUPGHSRVLWVZLWKRULJLQDOPDWXULW\SHULRGRIOHVVWKDQWKUHHPRQWKV 56,01.00 60,02.00
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2. 2WKHU%DQNEDODQFHVLQFOXGH
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1A GENERAL INFORMATION
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2016 (CONTD.)
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As at As at
2 SHARE CAPITAL
AUTHORISED
HTXLW\VKDUHVRI`10 each 90,00.00 90,00.00
ISSUED
HTXLW\VKDUHVRI`10 each
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TOTAL 84,70.30 84,70.30
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Shares ODNKV Shares ODNKV
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b) Rights, preferences and restrictions attached to equity shares:

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c) Shares held by subsidiaries of ultimate holding company in aggregate

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Number of % Number of %
Shares Shareholding Shares Shareholding
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3 RESERVES AND SURPLUS
CAPITAL RESERVE
%DODQFHDVDWWKHHQGRIWKH\HDU (a) 1,70.97 1,70.97
CAPITAL REDEMPTION RESERVE

%DODQFHDVDWWKHHQGRIWKH\HDU (b) 2,62.00 2,62.00
GENERAL RESERVE:
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SURPLUS IN STATEMENT OF PROFIT AND LOSS

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3URSRVHG'LYLGHQG
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TOTAL 1611,36.68 1744,27.51
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4 LONG TERM BORROWINGS
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1,59.50 2,62.60
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LQVWDOPHQWVFORVLQJRQth$SULO7KHFXUUHQWPDWXULW\DPRXQWRIÒDNKVSUHYLRXV\HDUÒDNKVRIWKHORDQ
KDVEHHQGLVFORVHGXQGHU1RWH2WKHU&XUUHQW/LDELOLWLHV

5XSHHVLQODNKV
As at As at
5 OTHER LONG TERM LIABILITIES
6HFXULW\GHSRVLWVUHFHLYHG 2,26.10
TOTAL 5,67.68 5,30.21

)RU3ULFLQJPDWWHUV5HIHU1RWHVDQG
)RUHPSOR\HHEHQH¿WV
*UDWXLW\
)RUGLYHVWPHQWUHVWUXFWXULQJ
)RURWKHUV
TOTAL 285,15.44 272,21.20
7 TRADE PAYABLES
'XHVRIPLFURDQGVPDOOHQWHUSULVHV 2,59.25
'XHVRIFUHGLWRUVRWKHUWKDQPLFURDQGVPDOOHQWHUSULVHV
TOTAL 327,74.09 308,03.89
8 OTHER CURRENT LIABILITIES

&XUUHQW0DWXULW\RI/RQJ7HUP%RUURZLQJV
,QWHUHVWIUHHVDOHVWD[ORDQIURP6,&20/LPLWHG5HIHU1RWH
8QFODLPHGGLYLGHQGV 22,26.12 20,26.22
6DODULHVZDJHVDQGERQXVSD\DEOH
6WDWXWRU\GXHVLQFOXGLQJSURYLGHQWIXQGDQGWD[GHGXFWHGDWVRXUFH
&UHGLWRUVIRUFDSLWDOJRRGV
5DWLRQDOLVDWLRQUHODWLQJWRDPDQXIDFWXULQJVLWH
2WKHU3D\DEOHV
TOTAL 202,81.58 130,09.02
7KHUHDUHQRDPRXQWVGXHDQGRXWVWDQGLQJWREHFUHGLWHGWR,QYHVWRU
(GXFDWLRQDQG3URWHFWLRQ)XQG
9 SHORT TERM PROVISIONS

)RUSURSRVHGHTXLW\GLYLGHQG
)RUSURYLVLRQIRUWD[DWLRQQHW5HIHUQRWHD
)RUWD[RQGLVWULEXWHGSUR¿W 86,21.92
)RUHPSOR\HHEHQH¿WV
*UDWXLW\ - -
3RVWUHWLUHPHQWPHGLFDODQGRWKHUEHQH¿WV 1,99.61
)RUUDWLRQDOLVDWLRQUHODWLQJWRDPDQXIDFWXULQJVLWH
)RURWKHUV
TOTAL 526,96.08 668,41.92

10 MOVEMENT IN PROVISIONS
5XSHHVLQODNKV
Rationalisation
Pricing Long term Divestment /
relating to a Others
matters Incentive Plan Restructuring
manufacturing site
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
$GG3URYLVLRQGXULQJWKHSHULRG - - -
/HVV$PRXQWVXWLOLVHGUHYHUVHGGXULQJWKHSHULRG - 8,25.90
Balance at the period end
11 FIXED ASSETS
5XSHHVLQODNKV
*URVVEORFNDWFRVW Depreciation/Amortisation 1HWEORFN
2Q
$VDWst $VDWst $VDWst 'HGXFWLRQV $VDWst $VDWst $VDWst
0DUFK $GGLWLRQV 'HGXFWLRQV 0DUFK 0DUFK )RUWKH $GMXVWPHQWV 0DUFK 0DUFK 0DUFK
2015 $GMXVWPHQWV E 2016 2015 Year E 2016 2016 2015
(A) INTANGIBLE ASSETS
'LVWULEXWLRQ5LJKWVF - - - - - -
*RRGZLOOI - - - - - -
TOTAL (A) 42,14.97 3,22.80 - 45,37.77 42,14.97 3,22.80 - 45,37.77 - -
3UHYLRXVSHULRG$ - - - - - -
(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
2I¿FH(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$%
1RWH
D )UHHKROGEXLOGLQJVLQFOXGHLQYHVWPHQWVUHSUHVHQWLQJRZQHUVKLSRIUHVLGHQWLDOÀDWV5HIHU1RWH
E 'HGXFWLRQV LQ WKH SUHYLRXV SHULRG LQFOXGH 7DQJLEOH DVVHWV KHOG IRU VDOH VKRZQ XQGHU µ2WKHU &XUUHQW$VVHWV¶ 5HIHU QRWH JURVV EORFN ` ODNKV
accumulated depreciation ÒDNKVDQGQHWEORFNÒDNKV
F ,QWDQJLEOHDVVHWVÒDNKVWRZDUGV'LVWULEXWLRQ5LJKWVRIWKHYDFFLQHVSRUWIROLRDFTXLUHGIURP1RYDUWLV+HDOWKFDUH3ULYDWH/LPLWHG5HIHUQRWH
G $GGLWLRQVWROHDVHKROGODQGSHUWDLQVWRODQGDFTXLUHGIRUWKHQHZJUHHQ¿HOGPDQXIDFWXULQJIDFWRU\EHLQJFRQVWUXFWHGDW%HQJDOXUX5HIHUQRWH
H 'XULQJWKH\HDUWKH&RPSDQ\KDVDGRSWHGHVWLPDWHGXVHIXOOLIHRI¿[HGDVVHWVDVVWLSXODWHGE\6FKHGXOH,,WRWKH&RPSDQLHV$FWRUUHDVVHVVHGXVHIXOOLIH
EDVHGRQWHFKQLFDOHYDOXDWLRQ7KHLPSDFWRIWKHFKDQJHLQXVHIXOOLYHVRQWKHSUR¿WIRUWKH\HDUHQGHG0DUFKLVQRWPDWHULDO
I $PRUWLVHGRYHUDSHULRGRIWHQ\HDUV

Rupees in
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12 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&HUWL¿FDWH
/RGJHGZLWK*RYHUQPHQWDXWKRULWLHV
TOTAL 5.67 5.67
$JJUHJDWHRI8QTXRWHG,QYHVWPHQWV$W%RRNYDOXH

7KHUHDUHQRLQYHVWPHQWVSXUFKDVHGDQGVROGUHGHHPHGGXULQJWKH\HDU
13 DEFERRED TAX ASSETS (NET)

'HIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHDWWULEXWDEOHWRWKHIROORZLQJLWHPV
Assets
3URYLVLRQIRUHPSOR\HHEHQH¿WV
&RVWVRIYROXQWDU\UHWLUHPHQWVFKHPHV 12,25.25
3URYLVLRQIRUGRXEWIXOGHEWVORDQVDQGDGYDQFHV
3URYLVLRQIRUSULFLQJPDWWHUV 18.15
,QWHUHVWRQ,QFRPHWD[UHIXQGQRWDFFRXQWHGEXWFRQVLGHUHGDVWD[DEOH
XQGHUWKH,QFRPHWD[$FW 22,02.06
([SHQVHVDOORZDEOHIRUWD[SXUSRVHVZKHQSDLG
TOTAL 99,57.69 93,21.86
/LDELOLWLHV
'HSUHFLDWLRQLQFOXGLQJWDQJLEOHDVVHWVKHOGIRUVDOH
TOTAL 10,78.79 10,11.63
TOTAL 88,78.90 83,10.23
14 LONG TERM LOANS AND ADVANCES

Capital advances 81,11.91
/HVV$OORZDQFHIRUGRXEWIXOORDQVDQGDGYDQFHV
6HFXULW\'HSRVLWV
2WKHUORDQVDQGDGYDQFHV5HIHU1RWH
$GYDQFHLQFRPHWD[QHW5HIHU1RWHE
6XQGU\'HSRVLWV
/RDQVDQGDGYDQFHVUHFRYHUDEOHLQFDVKRULQNLQG
TOTAL 301,90.68 293,16.61

5XSHHVLQODNKV
As at As at
15 OTHER NON CURRENT ASSETS
5HPLWWDQFHVLQWUDQVLW>5HIHU1RWHLLL@ 5.92 5.92
'HSRVLWVZLWKEDQNVRIPDWXULW\SHULRGPRUHWKDQPRQWKV
11,05.90 11,05.90
TOTAL 11,42.94 14,05.48
16 INVENTORIES
6WRUHVDQGVSDUHV
5DZDQGSDFNLQJPDWHULDOVLQFOXGHVLQWUDQVLWÒDNKVSUHYLRXV

\HDUÒDNKV
:RUNLQSURJUHVV
7UDGHGJRRGVLQFOXGHVLQWUDQVLWÒDNKVSUHYLRXV\HDU`

ODNKV
)LQLVKHGJRRGV
TOTAL 525,86.66 375,58.27
17 TRADE RECEIVABLES
Considered good
2XWVWDQGLQJIRUDSHULRGH[FHHGLQJVL[PRQWKVIURPWKHGDWHWKH\DUH
10,80.52
GXHIRUSD\PHQW
2WKHUV 90,99.60
&RQVLGHUHGGRXEWIXO
2XWVWDQGLQJIRUDSHULRGH[FHHGLQJVL[PRQWKVIURPWKHGDWHWKH\DUH

GXHIRUSD\PHQW
2WKHUV - -
/HVV3URYLVLRQIRUGRXEWIXOGHEWV
TOTAL 126,56.50 100,31.79

&DVKDQGFDVKHTXLYDOHQWV
Cash on hand 0.12
%DODQFHVZLWKEDQNV
Current account
7HUPGHSRVLWZLWKRULJLQDOPDWXULW\SHULRGRIOHVVWKDQWKUHHPRQWKV 56,01.00 60,02.00
2WKHUEDQNEDODQFHV
7HUPGHSRVLWZLWKRULJLQDOPDWXULW\SHULRGRIPRUHWKDQWKUHHPRQWKV

EXWOHVVWKDQWZHOYHPRQWKV
7HUPGHSRVLWZLWKRULJLQDOPDWXULW\SHULRGRIPRUHWKDQWZHOYHPRQWKV
25,00.00
EXWPDWXULQJZLWKLQQH[WWZHOYHPRQWKV
8QSDLGGLYLGHQGDFFRXQWV 22,26.12 20,26.22
TOTAL 1347,61.40 1910,60.64

5XSHHVLQODNKV
As at As at
19 SHORT TERM LOANS AND ADVANCES
&XUUHQWDFFRXQWEDODQFHVZLWKJURXSFRPSDQLHV
3UHSDLG([SHQVHV 9,51.88
$GYDQFHVUHFRYHUDEOHLQFDVKRULQNLQG
TOTAL 123,46.98 122,17.17

,QWHUHVWDFFUXHGRQLQYHVWPHQWVGHSRVLWV
12,59.85
2WKHUV 16.80
TOTAL 48,58.38 78,30.31
21 CONTINGENT LIABILITIES AND COMMITMENTS

A Contingent Liabilities not provided for:
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100.00 642,51.83 100.00 734,23.73
31 PURCHASE OF TRADED GOODS
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TOTAL 739,93.66 779,90.73
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739,93.66 779,90.73
32 CHANGES IN INVENTORIES OF FINISHED GOODS,

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TOTAL (144,48.32) (3,69.65)
33 EMPLOYEE BENEFITS EXPENSES

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WyattPrism Communications

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

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Committed to Serve

Fast-forward the future

GlaxoSmithKline Pharmaceuticals Limited

Dear Shareholders, healthcare professionals-the new focus

Your company puts people at the heart

Vemgal project team on site

Supply chain excellence of-the-art topical medicine (creams and

Annual Report 2015-16

With this initiative, GSK reiterates

In addition, the recently launched

The health and safety of our employees

We have been recognised for our high

Annual Report 2015-16

The right training to hone the

Our fresh recruits from leading

Annual Report 2015-16

GSK cares for newborn

Annual Report 2015-16

GSK Centre to accomodate cancer-affected children

GSK, in association with Habitat for

10,000 children covered by the project

Annual Report 2015-16

The Economic Times Emerging Markets Forum at Educational grant to Public

Annual Report 2015-16

Most Respected Companies Best Safety Practices Emerging Markets- “Winning

Our site at Nashik won a GMS

Annual Report 2015-16

GlaxoSmithKline Pharmaceuticals Limited

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

599 847 729 749 577

Earnings Before Interest, Depreciation Utilisation of Income

2011 2012 2013 2014-15 2015-16

Annual Report 2015-16

Annual Report 2015-16 1

GlaxoSmithKline Pharmaceuticals Limited

OTHER KEY DATA

2 Annual Report 2015-16

Annual Report 2015-16 3

4 Annual Report 2015-16

Annual Report 2015-16 5

6 Annual Report 2015-16

Annual Report 2015-16 7

8 Annual Report 2015-16

Annual Report 2015-16 9

10 Annual Report 2015-16

Annual Report 2015-16 11

12 Annual Report 2015-16

1. COMPANY’S PHILOSOPHY ON CODE OF GOVERNANCE

1. 18th May 2015 14 12

2. 22nd June 2015 14 13

4. 31st October 2015 14 12

5. 16th December 2015 12 9

6. 10th February 2016 12 12

Annual Report 2015-16 13

14 Annual Report 2015-16

Annual Report 2015-16 15

16 Annual Report 2015-16

Name Designation Category of Directorship Attendance out of

4. NOMINATION & REMUNERATION COMMITTEE

Annual Report 2015-16 17

10th February 2016 which was attended by all the members.

18 Annual Report 2015-16

Annual Report 2015-16 19

Financial Year i) April to March

Dividend Payment date(s) On or after 28th July 2016.

Stock Code – Physical 500660 on BSE

Demat ISIN Number for NSDL and CDSL INE 159A01016

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

Shareholding pattern as on 31.03.2016 is as follows;

Registrars and Share Transfer Agents Karvy Computershare Private Limited