Page 73 - GlaxoSmithKline Pharmaceuticals AR 2012

69
Auditor’s Report on the Consolidated Financial Statements of
GlaxoSmithKline Pharmaceuticals Limited
The Board of Directors of GlaxoSmithKline Pharmaceuticals Limited
1. We have audited the attached Consolidated Balance Sheet of GlaxoSmithKline Pharmaceuticals Limited (the ‘Company ’)
and its subsidiary, hereinafter referred to as the ‘Group’ (Refer Note 1A to the attached Consolidated Financial Statements)
as at 31st December, 2012, the related Consolidated Statement of Profit and Loss and the Consolidated Cash Flow
Statement for the year ended on that date annexed thereto, which we have signed under reference to this report. These
consolidated 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. We did not audit the financial statements of the subsidiary, included in the consolidated financial statements, which
constitute total assets of Rs. 46,34.56 lakhs and net assets of Rs. 42,83.84 lakhs as at 31 st December, 2012, total revenue
of Rs. 24,31.56 lakhs, net profit of Rs. 7,86.87 lakhs and net cash flows amounting to Rs. 22,99.33 lakhs for the year then
ended. These financial statements and other financial information have been audited by other auditors whose report has
been furnished to us, and our opinion on the consolidated financial statements to the extent they have been derived
from such financial statements is based solely on the report of such other auditors.
4. We report that the consolidated financial statements have been prepared by the Company’s Management in accordance
with the requirements of Accounting Standard (AS) 21 – Consolidated Financial Statements, notified under sub-section
(3C) of Section 211 of the Companies Act, 1956.
5. Based on our audit and on consideration of reports of other auditor on separate Financial Statements and on the
other Financial Information of the component of the Group as referred to above, and to the best of our information and
according to the explanations given to us, in our opinion, the attached Consolidated Financial Statements give a true
and fair view in conformity with the accounting principles generally accepted in India:
(a) in the case of the Consolidated Balance Sheet, of the state of affairs of the Group as at 31st December, 2012;
(b) in the case of the Consolidated Statement of Profit and Loss, of the profit of the Group for the year ended on that
date: and
(c) in the case of the Consolidated Cash Flow Statement, of the cash flows of the Group for the year ended on that
date.
For Price Waterhouse & Co., Bangalore
Firm Registration Number: 007567S
Chartered Accountants
Asha Ramanathan
Partner
Membership No. 202660
Mumbai, 19th February, 2013