31
Auditors’ Report
TO THE MEMBERS OF GLAXOSMITHKLINE PHARMACEUTICALS LIMITED
1. We have audited the attached Balance Sheet of GlaxoSmithKline Pharmaceuticals Limited (the “Company”) as at
31
st
December, 2012, and the related Statement of Profit and Loss and Cash Flow Statement for the year ended on
that date annexed thereto, which we have signed under reference to this report. These financial statements are the
responsibility of the Company’s Management. Our responsibility is to express an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require
that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting principles used and significant estimates made
by Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
3. As required by the Companies (Auditor’s Report) Order, 2003, as amended by the Companies (Auditor’s Report)
(Amendment) Order, 2004 (together the “Order”), issued by the Central Government of India in terms of sub-section (4A)
of Section 227 of ‘The Companies Act, 1956’ of India (the ‘Act’) and on the basis of such checks of the books and records
of the Company as we considered appropriate and according to the information and explanations given to us, we give in
the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.
4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that:
(a) We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary
for the purposes of our audit;
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from
our examination of those books;
(c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement
with the books of account;
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report
comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Act;
(e) On the basis of written representations received from the directors, as on 31
st
December, 2012 and taken on record
by the Board of Directors, none of the directors is disqualified as on 31
st
December, 2012 from being appointed as a
director in terms of clause (g) of sub-section (1) of Section 274 of the Act;
(f) In our opinion and to the best of our information and according to the explanations given to us, the said financial
statements together with the notes thereon and attached thereto give, in the prescribed manner, the information
required by the Act, and give a true and fair view in conformity with the accounting principles generally accepted
in India:
(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31
st
December, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
For Price Waterhouse & Co., Bangalore
Firm Registration Number : 007567S
Chartered Accountants
Asha Ramanathan
Partner
Mumbai, 19
th
February, 2013
Membership Number: 202660
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