GSK_Annual_Report_2021

Statutory Reports GlaxoSmithKline Pharmaceuticals Limited 150 DirEctors’ REport to tHE MEmbErs The Directors have pleasure in submitting their 75 th Report for the year ended 31 March 2021. FinanciaL REsULts for tHE YEar EndEd 31 MarcH 2021 ` in Lakhs Year ended 31 March 2021 Year ended 31 March 2020 Revenue from Operations 12,56.22 - Profit/(Loss) before Tax 76.22 (16,80.40) Provision for Tax - - Deferred Tax Charge/(credit) 18.24 10.18 Net Profit/(Loss) for the year 57.98 (16,90.58) Opening Surplus brought forward (5,98.74) 10,91.84 Closing Surplus carried forward 5,40.76 5,98.74 State of Company Affairs During the year under review, your Company has generated total revenue from operations of ` 1256 lakhs as against ` Nil during the previous year ended 31 March 2020. Company made net profit of was ` 58 lakhs, as compared to loss of ` 1691 lakhs during the previous year ended 31 March 2020.The Company has entered into agreement with one of its group Company to sell Albendazole tablets in conjunction with group company’s partnership with World Health Organisation (WHO) led public health initiative to eliminate Lymphatic Filariasis. DIVIDEND The Directors do not recommend any dividend for the year ended 31 March 2021. AUDITORS AND AUDITOR’S REPORT Members are requested to re-appoint M/s. Cornelius and Davar, Chartered Accountants, as the Auditors of the Company for the ensuing year and x their remuneration. The notes on financial statements referred to in the Auditors Report are self- explanatory and do not call for any further comments and explanations. The Auditors’ Report does not contain any qualification, reservation or adverse remark. DIRECTORS AND KEY MANAGERIAL PERSONNEL During the year under review, Mr. Raju Krishnaswamy resigned as Director of the Company with effect from 27 January 2021, Mr. Bhushan Akshikar was appointed as Additional Director from 18 March 2021 till the conclusion of Annual General Meeting. In terms of the provisions of the Companies Act, 2013, Ms. Puja Thakur retires from the Board of Directors of the Company by rotation and being, eligible, has offered herself for re-appointment at the ensuing Annual General Meeting. The Notice convening the forthcoming Annual General Meeting includes the proposal for reappointment of aforesaid Director. None of the Directors are disqualified for appointment / re-appointment under Section 164 of the Companies Act, 2013. DIRECTORS’ RESPONSIBILITY STATEMENT Pursuant to the requirements of Section 134(5) of the Companies Act, 2013, your Directors confirm that: a) in the preparation of the annual accounts for the financial year ended 31 March 2021 the applicable accounting standards have been followed along with proper explanation relating to material departures, if any; b) the Directors had selected such accounting policies and applied them consistently and made judgement and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31 March 2021 and of the profit or loss of the Company for that period; c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d) the Directors have prepared the annual accounts for the financial year ended 31 March 2021 on a going concern basis; e) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively. OTHER MANDATORY DISCLOSURES ● The Board of Directors met 5 (Five) times during the financial year 2020-21. ● As on 31 March 2021, the Company did not have any Subsidiary / Joint Venture / Associate Company. ● The Company has not granted any loans, provided guarantees or made investments pursuant to the provisions of Section 186 of the Companies Act, 2013, during the financial year 2020-21. ● There were no material changes and commitments affecting the financial position of the Company between the end of financial year and the date of this Report. ● Your Company has not accepted any deposits from the public during the year under review. ● There were no materially significant related party transactions made with the Promoters, Directors or Key Managerial Personnel which may have a potential conflict of Interest of the Company at large. ● No details as required under the provisions of Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are given, as there are no employees drawing remuneration in excess of the prescribed limits. ● There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and company’s operations in future. ● The Company is 100 % subsidiary of GlaxoSmithKline Pharmaceuticals Limited (“Parent Company”) and all policies including Vigil Mechanism, Risk Management Policy and Internal Financial Control have been adopted on lines of parent Company. ● The Company does not have any manufacturing plant or office so Conservation of Energy & Technology Absorption is not applicable, and Company does not have any Foreign exchange earnings and Foreign Exchange outgo for the financial year 2020-21. ACKNOWLEDGEMENT The Board wishes to place on record its gratitude for the assistance and co-operation received from Government, Banks, Authorities, Customer’s, Vendors and to all its Members for the trust and confidence reposed in the Company. For and on behalf of the Board of Directors Sridhar Venkatesh Chairman Mumbai, 10 May 2021 BIDDLE SAWYER LIMITED