Page 63 - GlaxoSmithKline Pharmaceuticals AR 2012

59

Notes to the Financial Statements for the year ended 31st December, 2012

— continued

50

Disclosures as required by Accounting Standard 19, “Leases”, notified under sub-section (3C) of Section 211 of the Companies Act,

1956, are given below:

(i) The Company has taken various residential, office and godown premises under operating lease or leave and licence agreements.

These are not non-cancellable and range between 11 months and 3 years under leave and licence, or longer for other leases and

are renewable by mutual consent on mutually agreeable terms. The Company has given refundable interest free security deposits

under certain agreements.

(ii) Lease payments are recognised in the Statement of Profit and Loss under ‘Rent’ in Note 36.

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Earnings per share

Previous year

Net Profit

Rupees in lakhs

577,25.89

430,60.42

Weighted average number of shares

..

Nos.

8,47,03,017

Earnings per share (Basic and Diluted)

..

Rs.

68.15

50.84

Face value per share

..

Rs.

10

52

Advance income-tax (net) represents payments in excess of provisions of Rs. 2747,20.91 lakhs (Previous year - Rs. 2452,83.36 lakhs)

and includes a net tax refund with interest of Rs. 110,35.00 lakhs which has been held as provision pending the final outcome

of a litigation.

53

The tax year for the Company being the year ending 31st March, the provision for taxation for the year is the aggregate of the provision

made for the three months ended 31st March, 2012 and the provision based on the figures for the remaining nine months upto

31st December, 2012, the ultimate tax liability of which will be determined on the basis of the figures for the period 1st April, 2012

to 31st March, 2013.

54

Previous year figures

The financial statements for the year ended December 31, 2011 had been prepared as per the then applicable, pre-revised

Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956,

the financial statements for the year ended December 31, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous

year figures have also been reclassified to conform to this year’s classification. The adoption of Revised Schedule VI for previous year

figures does not impact recognition and measurement principles followed for preparation of financial statements.

The accompanying notes are an integral part of the financial statements.

For Price Waterhouse & Co., Bangalore

Firm Registration No. 007567S

Chartered Accountants

Asha Ramanathan

Partner

Membership No. 202660

For and on behalf of the Board

Vice-Chairman

V. Thyagarajan

Managing Director

Dr. H. B. Joshipura

Senior Executive Director

M. B. Kapadia

Company Secretary

A. A. Nadkarni

Mumbai, 19th February, 2013