Page 71 - GlaxoSmithKline Pharmaceuticals AR 2012

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Biddle Sawyer Limited
As at 31st
December,
2012
As at 31st
December,
2011
Rs. ’000 Rs. ’000
15 CASH AND BANK BALANCES
Bank balances
In current accounts .. .. .. .. .. 59,54 127,42
Other bank balances
Long term deposits with maturity period more than
3 months but less than 12 months .. .. .. 27,40,00 29,00,00
Total 27,99,54 3027,42
16 SHORT-TERM LOANS AND ADVANCES
Unsecured, considered good
Advances to suppliers .. .. .. .. 2,38,93 71,63
Balance with customs and excise .. .. .. 8 8
Total 2,39,01 71,71
17 OTHER CURRENT ASSETS
Unsecured, considered good
Interest accrued on Bank Deposits/Investments .. 78,75 128,30
Total 78,75 128,30
18 CONTINGENT LIABILITIES
Claims against the Company not acknowledged as
debts .. .. .. .. .. .. .. .. 11,86,12 10,79,57
Income-tax matters 1,78,20 5,56,40
Guarantee given by the Company to the Customs
Authorities .. .. .. .. .. .. .. 2,00,00 2,00,00
Based on the data obtained by Government, it had
directed the Company to pay a tentative amount
along with interest due thereon into the Drugs
Prices Equilisation Account (DPEA) under Drugs
(Price Control) Order 1979, in respect of Bulk
Drug Amoxicillin Trihydrate, on account of alleged
unintended benefit enjoyed by the Company. The
Company had filed its reply contending that no
amount is payable into DPEA. .. .. .. .. 49,29 49,29
19 DRUGS PRICES EQUALISATION ACCOUNT
The Company received a letter dated 20th/24th
August, 1998 from the Central Government
demanding an amount of Rs, 4,40,79,918
comprising Rs. 1,42,74,110 in respect of prices
relating to Salbutamol formulations during the
period April, 1979 to December, 1983 with interest
thereon amounting to Rs. 2,98,05,808 upto 31st July,
1998. The Company had been legally advised that
the demand of Rs, 1,42,74,110 is not sustainable
and it, therefore follows that the interest demand
also cannot be sustained. The total demand has been
challenged by the Company in a Writ Petition filed in
the Bombay High Court. The Bombay High Court
has granted an interim stay of the demand, subject
to the Company depositing 50% of the principal
amount. Accordingly, the Company has deposited
an amount of Rs. 71,50,000 with the Government
on 3rd May, 1999. This is a normal interim order
passed by the High court in such matters and does
not in any way reflect upon the merits or otherwise
of the case. The amount will be refunded if the
Company succeeds at the final hearing of the matter.
The Government’s application in the Supreme Court
praying that this writ petition be transferred to the
Supreme Court from the Bombay High Court was
not allowed and the Company’s writ petition will now
be heard by the Bombay High Court.
20 INTERIM DIVIDEND
The interim dividend for the year is as follows:
On Equity Shares of Rs. 10 each
Amount of dividend .. .. .. .. .. 22,00,00 18,00,00
Dividend per Equity Share .. .. .. .. 229.17 187.5
Year
ended 31st
December,
2012
Year
ended 31st
December,
2011
Rs. ’000 Rs. ’000
21 REVENUE FROM OPERATIONS (NET)
Sale of products
Finished goods .. .. .. .. .. 19,02,50 37,16,63
Stock-in-trade .. .. .. .. .. .. 3,39,92 4,16,87
Other Operating Revenue
Scrap sales .. .. .. .. .. .. – 39
Revenue from operations (gross) .. .. .. 22,42,42 41,33,89
Less : Excise Duty.. .. .. .. .. 94,24 89,28
Total 21,48,18 40,44,61
22 OTHER INCOME
Interest Income .. .. .. .. .. 2,83,08 3,53,98
Profit on Sale of Investments .. .. .. .. – 11,90
Miscellaneous income .. .. .. .. .. 30 1
Total 2,83,38 3,65,89
23 COST OF MATERIAL CONSUMED
Raw materials consumed (Refer note 30) .. .. 4,74,94 8,10,73
Packing materials consumed .. .. .. .. 48,05 71,58
Total 5,22,99 8,82,31
(Cost of materials consumed is based on derived
values)
24 CHANGES IN INVENTORIES OF FINISHED
GOODS, WORK-IN-PROGRESS AND STOCK-IN-
TRADE
Opening inventories
Finished Goods .. .. .. .. .. 192,37 155,61
Work-in-Progress .. .. .. .. .. 17,34 56,75
Stock-in-Trade .. .. .. .. .. .. 42 2,51
Closing inventories
Finished Goods.. .. .. .. .. .. (78,76) (192,37)
Work-in-Progress .. .. .. .. .. (5,19) (17,34)
Stock-in-Trade .. .. .. .. .. .. (39,27) (42)
Total 86,91 4,74
25 OTHER EXPENSES
Selling & Distribution Expenses .. .. .. 4,44,06 7,06,02
Manufacturing Charges .. .. .. .. 54,19 79,66
Rent .. .. .. .. .. .. .. .. 1,78 1,67
Rates and Taxes .. .. .. .. .. .. 53,85 71,17
Excise Duty .. .. .. .. .. .. .. (12,85) (13,99)
Remuneration of auditors :
Statutory audit fees .. .. .. .. .. 2,47 1,76
Tax audit fees .. .. .. .. .. .. 67 44
Other services .. .. .. .. .. .. 52 35
Reimbursement of expenses.. .. .. .. 43 65
Cost audit fees.. .. .. .. .. .. 22 24
Reimbursement of expenses to GlaxoSmithKline
Pharmaceuticals Limited.. .. .. .. .. 68,94 86,78
Exchange loss (net) .. .. .. .. .. 1,51,58 2,06
Miscellaneous Expenses .. .. .. .. 39,91 18,42
Total 8,05,77 9,55,23