Page 67 - GlaxoSmithKline Pharmaceuticals AR 2012

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Biddle Sawyer Limited
were outstanding as at 31st December, 2012, for a period of
more than six months from the date of becoming payable.
(b) According to the books of accounts and records as produced
and examined by us in accordance with the generally accepted
auditing practices in India, there are no dues of wealth tax,
sales tax, service tax, customs duty, excise duty and cess
which have not been deposited on account of any dispute. The
particulars of dues of income-tax as at 31st December, 2012
which has not been deposited on account of a dispute, are as
follows:
Name of the
Statute
Nature of
the dues
Amount
involved
Rs. in lakhs
Period to
which the
amounts
relates
Authority
where the
matter is
pending
Income Tax
Act, 1961.
Income Tax 178.20 AY 2009-10 CIT(A)
(x) The Company does not have any accumulated losses as at
31st December, 2012. The Company has not incurred cash losses
during the financial year covered by our audit or in the immediately
preceding financial year.
(xi) According to the books of accounts and records of the Company,
there has been no default in repayment of dues to any financial
institution or bank during the year. The Company has not issued any
debentures.
(xii) According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Therefore, the provisions of clause 4(xii) of the Companies (Auditor’s
Report) Order, 2003, are not applicable to the Company.
(xiii) In our opinion, the Company is not a chit fund or a nidhi mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor’s Report) Order, 2003, are not applicable
to the Company.
(xiv) In our opinion, the Company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor’s Report)
Order, 2003, are not applicable to the Company.
(xv) According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others
from banks or financial institutions. Therefore, the provisions of
clause 4(xv) of Companies (Auditor’s Report) Order, 2003, are not
applicable to the Company.
(xvi) According to the information and explanations given to us, the
company has not taken any term loans. Therefore, the provisions of
clause 4(xvi), of Companies (Auditor’s Report) Order, 2003, are not
applicable to the Company.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance sheet of the Company, we
report that no funds raised on short-term basis have been used for
long-term investment.
(xviii) According to the information and explanations given to us, during
the period covered by our audit report, the Company has not
made preferential allotment of shares to parties and companies
covered in the register maintained under Section 301 of the
Companies Act, 1956.
(xix) According to the information and explanations given to us, the
Company has not issued any debentures.
(xx) During the period covered by our audit report, the Company has not
raised any money by public issues.
(xxi) To the best of our knowledge and belief and according to
the information and explanations given to us, no fraud on or by
the Company has been noticed or reported during the course of
our audit.
For CORNELIUS & DAVAR
Firm Registration No. 101963W
Chartered Accountants
RUSTOM D. DAVAR
(Partner)
Membership No.: F. 10620
Place: Mumbai
Date: 19th February, 2013