The Directors have pleasure in submitting their Report for the year ended 31st December 2012.
The Directors recommend a Dividend of Rs. 50 per Equity Share for the year (previous year: Rs. 45.00 per Equity Share). If approved by the Shareholders at the Annual General Meeting, the Dividend will absorb Rs. 423 crores. The Dividend Distribution Tax borne by the Company will amount to Rs. 64 crores.
2. Management Discussion and Analysis
(a) Finance and Accounts
Your Company maintained its prominent position in the Pharmaceuticals market with Sale of Products (net of Excise Duty) registering a growth of 11.2%. Sales of the Pharmaceuticals business grew by 12.5% supported by good growth in all of the Company's diversified business units i.e. in the Mass Markets, Mass Specialty, Vaccines and Specialty segments such as dermatologicals, oncology, etc.
Despite a challenging operating environment, material cost increases and significant investments in field force expansion in recent years, Profit before Exceptional items and Tax grew by 7.9%, and Profit before Investment Income, Depreciation and Tax amounted to 32% of net Sales.
Cash generation from Operations and before Exceptional items continues to remain favourable, driven by business performance and management of working capital. Your Company continues to look for ways and means of deploying accumulated cash balances which remain invested largely in bank deposits.
Your Company has not accepted any fixed deposits during the year. There was no outstanding towards unclaimed deposit payable to depositors as on 31st December 2012.
(b) Pharmaceuticals Business performance and outlook
Your Company continues to enjoy a leadership position in the therapy areas in which it provides health care solutions to patients.
Your Company outlined the strategy six years back by defining the portfolio and identified specialty products as a patient need and focused on these therapy areas with a view to augmenting the company solutions in these areas. The contribution from specialty products has consistently grown from 18.5% in 2009 to 21.7% in 2012 of the total sales of your Company and has grown by 16% over last year.
Your Company is a leader in meeting patient needs in the area of Dermatology and has further consolidated its leadership position and is well poised to expand the therapeutic offerings in the coming years. In the Dermatology therapy, your Company registered a market share of 15.5% during the current year. The core strength of your Company's clinical Dermatology offerings have consistently grown ahead of the market and at the same time the newly expanded Stiefel business has met satisfactory uptake from patients and doctors. The topical steroids continue to be the main stay for Dermatology and have retained a strong leadership position with a market share of 29% (source: IMS MAT NOV12). Your Company has a range of offerings for patients in topical antibiotics through products like T Bact, Bactroban, Neosporin and Altargo which occupy a significant leadership position with market share of 54% (source: IMS MAT NOV12). In cosmetology, your Company continued to expand offerings for patients with the innovative Stiefel range of products meeting needs in areas like acne, sunscreen and dry skin management.
The disease burden of cancer sadly continues to increase in the country. Your Company, as in the last few years, provided innovative solutions to meet the same. Tykerb launched for terminally ill breast cancer patients continues to find increasing acceptance among doctors and patients alike, particularly on account of the tiered pricing approach which your Company follows for these life saving products. In addition, Votrient for the treatment of kidney cancer and Revolade for treatment of thrombocytopenia (reduced platelet count) in adults with the blood disorder chronic immune (idiopathic) thrombocytopenic purpura (ITP), continue to meet the needs of increasing number of patients year on year. Your Company now has a significant presence in the attempts to treat the unfortunate burden of cancer.
Cardiovascular disease as well continues to grow at an alarming rate and your Company has brought to market "Benitec", a product licensed in from Daichi Sankyo, Japan. Benitec has found increasing acceptance with patients and doctors alike in the current year. Diseases of central nervous system also have a major epidemiology in the country and your Company introduced a product from its parent organization's research pipeline, "Lamictal" as well as "Ictacetam", a branded generic for the treatment of Epilepsy. The launch of Seretide Evohaler with dose counter has helped your Company in improving patient care in asthma. This unique device through its dose counting model has helped to facilitate the right usage of the drug delivery system thereby improving patient compliance.
The Mass Specialty business of your Company recorded a double digit growth over the previous year with its promoted product portfolio growing ahead of the market. The anti-infective range of products, despite a slowdown in the market, crossed the milestone turnover of Rs. 500 crores with Augmentin retaining its status of being the No. 1 brand in the Indian Pharmaceutical Industry by value. Your Company's recent entry in the anti-fungal segment continued to provide an effective solution to patient needs in this therapeutic area and the Company's product, "Mycamine" grew ahead of other products in this area in terms of its uptake by patients and doctors.
Your Company's efforts towards building awareness in the hypothyroidism area continued unabated and the patient focused activities were highly appreciated by the physician's community. CCM was the proud recipient of the OPPI Marketing Excellence Award in the Existing Product Category. Your Company immensely benefited from the new initiatives of Hospital and Tender business with both teams strengthening their presence in the corporate and government hospital segments.
Mass markets, which comprise of the traditional health care solutions of your Company contributed to 47% of your Company's share in Indian Pharmaceutical Market (IPM) in 2012. Mass markets had 11 brands in first 300 brands of IPM, in value terms. Betnesol was ranked 3rd brand and Zinetac was at number 4, in unit terms.
Dilo BM, Cefspan, Lilo, Ostocalcium, Zentel and Zyloric grew better than the market and Zinetac, Piriton, Calpol, Phexin and Bactroban retained a growth level above the market growth. Ostocalcium solids and liquids grew above the market and crossed a turnover of Rs. 50 crores. Calpol, Zinetac, Neosporin and Phexin displayed very strong performance. The positive portfolio changes were significant with greater momentum displayed on promoted brands. REACH, a rural marketing initiative of your Company which attempts to physically provide access of the Company's products in small villages and which also provides continuing medical education to doctors in these remote geographies has met with continued success. The collaboration initiative between your Company and the Consumer Healthcare Company owned by the parent organization with a view to improving access of our products to patients has commenced well. As a part of this initiative the mass markets business of your Company launched products in patient nutrition by launching the brands ActiBase and ActiGrow.
Your Company is already a leader in providing a solution for gout and expanded its offerings by launching Febuxostat, again, for the treatment of gout.
International evidence clearly suggests that disease prevention remains a more cost effective health economic intervention than therapy. Consistent with this evidence, your Company offers a wide range of vaccines to prevent specific diseases. Your Company's range of vaccines grew faster than the overall vaccines market in 2012. Pneumococcal disease remains the leading cause of infant mortality in the country. Your Company launched Synflorix a pneumococcal vaccine last year again at an India specific price from the parent's research pipeline. Synflorix was very well received by pediatricians and parents alike and achieved a landmark distinction of being the 1st brand in the Indian Pharmaceutical Industry to achieve this level of success in the first year of launch. The other important vaccines which continue to receive increasing support from the physician community were Cervarix and Rotarix. Your Company continues to hold its leadership position with a market share of 24.9% (source: IMS MAT NOV12). During the year your Company was awarded Frost and Sullivan: Paediatricians' Award for Vaccines Company of the year.
New products were introduced in the areas of Dermatology, Oncology, Gynaecology and Respiratory.
Exports recorded a sales turnover of Rs. 19.59 crores comprising both Bulk Drugs and Formulations. Exports of bulk drugs were to major markets like Japan, France, Jordan, U.K. and Germany.
(c) Opportunities, risk, concerns and threats
The economic reforms initiated in the last quarter of the year continued, the projections for the 12th Five Year Plan envisage increasing total public funding by the Centre and States, plan and non-plan, on core health from 1.04% of GDP in 2011-12 to 1.87% of GDP by the end of the 12th Plan. Higher allocation is intended to support more activities in public healthcare including improving health infrastructure. A major focus would be to expand the reach of healthcare and to work towards the long term objective of establishing Universal Health Coverage in the country.
The Indian government has notified the National Pharmaceutical Policy which brought in significant change in the price control mechanism by introducing market based price control based on essentiality of a drug against the existing cost based price control. The span of control has expanded to include all drugs listed in the National List of Essential Medicines (NLEM), however, the pricing mechanism intends to retain market prices up to a ceiling price based on simple average of all brands with market share more than 1%. The new pricing policy is likely to have a business impact on your Company due to the new pricing mechanism and the expanded NLEM list of drugs.
(d) Research & Development and Regulatory Matters
During the year under review, in order to support the commercial availability of new drugs that would benefit and improve the quality of life of Indian patients suffering from various diseases, your Company submitted necessary applications for New Products in India to the CDSCO (Central Drugs Standard Control Organization), Ministry of Health and Family Welfare, Government of India. After a thorough review of its applications, your Company has received approval for some of these products from CDSCO, which will enable timely access to new and innovative therapeutic options to patients in our country. Additionally, to support the R&D efforts of GlaxoSmithKline, your Company submitted 2 Clinical Trial applications to CDSCO. Your Company has been granted approval, based on a diligent review of our applications made in 2012, to conduct 4 studies in the Indian population through the Clinical Operations team in India.
Some of the innovator products approved by the regulatory agency in India during the year under review include a biological oncology product denosumab in-licenced from Amgen (Xgeva) for the prevention of skeletal related events in patients with advanced malignancies involving bone, lamotrigine extended release formulation (Lamictal XR), a medicine for the treatment of epilepsy and fluticasone propionate suspension for inhalation for asthma patients. All these new products approved for the Company during the year under review will be beneficial to Indian patients.
GlaxoSmithKline continues to be committed to Research and Development of medicines that will improve the quality of life of people around the world and truly make a difference to patients. Your Company is one of the few with passion for research and with exemplary skills for turning that research into medicines, keeping a "patient first" attitude in everything that it does. GlaxoSmithKline's scientists across the world work hard to discover new medicines that prevent, treat or cure diseases.
Your Company initiated studies in oncology, anti-infectives, respiratory and osteoporosis, after obtaining necessary Ethics Committee approvals. Your Company has trained 56 new investigators on Good Clinical Practices and protocol-related science at approximately 40 clinical trial sites across India. Quality continues to be a priority as demonstrated by a number of internal and external compliance audits with no critical/or major findings. To strengthen quality of data, the team enhanced its existing quality standards and simplified systems and processes. This will help generate accurate and significant data, and ensure that the rights and safety of patients taking part in your Company's studies are protected.
The Medical Affairs team has provided valuable medical inputs for the development and execution of brand strategy for several products including Uricostat (Febuxostat), IV-FER (Iron Sucrose), Volibris (Ambrisentan), Zimivir (Valacyclovir), Lamictal (Lamotrigine), Ictacetam (Levetiracetam) and Hycamtin (Topotecan). The team played a crucial role in communicating high-quality scientific information to the medical fraternity. It was involved in conducting scientific engagement activities such as advisory board meetings, congress presentations, publications and provision of evidence-based medical information to healthcare practitioners. The Medical Affairs team, in tandem with Medical Governance team, also ensures that your Company's promotional activities are in line with all the applicable guidelines and standard operating practices.
(e) Internal Control Framework
Your Company conducts its business with integrity and high standards of ethical behavior, and in compliance with the laws and regulations that govern its business. Your Company has a well established framework of internal controls in operation, supported by standard operating procedures, policies and guidelines, including suitable monitoring procedures and self-assessment exercises. In addition to external audit, the financial and operating controls of your Company at various locations are reviewed by the Internal Auditors, who report significant findings to the Audit Committee of the Board. Compliance with laws and regulations is also monitored.
Your Company's Code of Conduct sets out the fundamental standards to be followed by employees in their everyday actions. In accordance with the Code of Conduct, and Standards associated with the Code of Conduct, employees are required to become familiar with the legal requirements, policies and procedures applicable to their areas of operation, avoid conflicts of interest and are tasked with upward reporting of all unethical and illegal conduct. All employees are committed to the principle of performance with integrity and ensuring that activities comply with all applicable laws.
Additionally, employees are required to certify on an annual basis whether there have been any transactions which are fraudulent, illegal or violative of the Code of Conduct. Strong oversight and self monitoring policies and procedures demonstrate your Company's commitment to the highest standards of integrity.
Your Company's policies and updated Global Code of Practice for Promotion and Customer Interactions prescribe the nature of practices and prohibits specifically those which are unethical. Your Company is a signatory to the OPPI (Organisation of Pharmaceuticals Producers in India) Code of marketing conduct. Your Company is also governed by the anti-bribery and corruption programme which is applicable across the global organisation and complies with the principles laid down under US Foreign Corrupt Practices Act and British anti-bribery laws.
(f) Human Resources
In your Company various initiatives took shape in 2012 on the Human Resources front in the three key focus areas of Capability Building, Talent Management and Employee Engagement.
Your Company's Talent Management process focused on building talent at various levels in the organization. A number of Management Trainees have been hired keeping in mind the company's future needs to build a leadership pipeline. At the mid to senior levels new people have been hired to build capabilities in new therapy areas and to fill any gaps. While at the same time the Company has focused on developing internal talent through a robust identification process and with a clear development plan designed for each such talent. This year saw a rise in the number of our employees moving on international assignments as a part of our planned development moves. Following the entry of your Company into the Central Nervous System (CNS) therapy area, a new team was created by hiring experienced CNS professionals in Sales & Marketing.
Addressing the training needs of our employees and with a focus on developing leadership and coaching skills, a carefully planned Learning and Development calendar was created and implemented. While the First Line Leadership program and the Leading Delivery program continued to enhance capabilities in your Company's first and second line managers respectively, majority of your Company's managers were covered under "Practical Coaching at Workplace". This initiative is aimed at developing and embedding a coaching culture among our managers.
'Empowerment League 2012' maintained focus on developing Individual Empowerment which is one of the key strategic priorities of your Company. This is an avenue for reaching out to the larger organization towards engaging and empowering employees to take ownership of problems which in turn drive the strategic priority of individual empowerment and embeds your Company's high performance behaviors.
Your Company, in their commitment to recognize and reward individuals and teams, has rewarded over 387 employees with the AAA (Acknowledge, Appreciate, Applaud) for their contributions to the GSK values and implementation of strategic imperatives. A number of other recognition programmes such as the 'Bravo Card' and 'STAR' awards continue to run successfully. Wellness and Wellbeing Services were availed by the employees which helped in providing them guidance on their day-to-day issues of life. A number of continuous improvement measures were put in place to enhance the service levels in HR.
In order to contribute to society employees were encouraged to participate in two initiatives under the branding of 'PULSE' and 'Orange Day'. A number of employees participated in both programmes. Through PULSE, motivated employees engage in assignments with nonprofit organizations for 3 or 6 months full-time, contributing their skills to solve healthcare challenges at home and abroad. When PULSE volunteers return, they act as catalysts to change your Company for the better. In the Orange Day programme employees were required to carry out field work with identified NGOs on Orange Day.
On the Industrial Relations front, your Company would like to acknowledge the contributions of the Union and its employees in general in helping the Company attain its business goals. During the course of the year, your Company offered a voluntary retirement scheme to employees of Thane factory which was accepted by all the employees. Your Company has since ceased operations at Thane factory.
Your Company continues to lay strong emphasis on Sales Training for its field force, both at induction and through refresher programs to accredit all front-line sales persons and managers on Pathology-Product-Promotion with World Class Sales Skills.
The three year researched 'Sales DNA' has been launched now even for all our First-line Sales Managers. The Sales Training team has initiated significant design of extensive and comprehensive e-Learning resources to enable a quicker and improved execution of Marketing Strategy by all Sales Teams in 2013.
In order to increase patient access to medicine, the sales training resources have, in addition to Brand Strategies, also designed a differentiated strategy on 'Customer and Patient Focus' for brand promotion in many therapy areas. The 'Patient-Customer Focused Selling' will give a cutting edge to your Company's front-line sales personnel in a crowded market.
(g) Supply Chain
The trend of last year continued in 2012 as well, whereby many uncontrollable factors made supply chain vulnerable namely global and local economic downturn, high inflation and depreciating Indian Rupee. Europe in particular posed a grave risk where exports from Indian vendors were down and also a new regulation likely to be in practice by July 2013 forcing them to redesign their business models. All these posed risk in supply continuity coupled with increasing cost. However, a combination of strategic commodity management and integration with global and regional management structure helped your Company in mitigating these price and security of supply pressures to a great extent. Another focus area was to launch "Green Sourcing" and reduction of carbon footprint of your Company's supply chain. A benchmark exercise of carbon emission from your Company's key vendors was initiated.
The India manufacturing operations have a roadmap and long term strategy aligned with the global strategy. Capacity expansion projects of Ampoules and Eltroxin have been started at the Nashik site this year. Your Company also continues to work on building capacities through dual sourcing for key products. The Nashik site is continuously building capabilities through productivity, OEE improvements, recruitment of professionals, specifically in Quality, EHS and Manufacturing, as well as recruitment of fresh diploma engineers on the shop floor. Over a period, the site has developed capabilities of supplying to Government Tenders which are in generic drug form and highly customised packs.
In line with Global Manufacturing and Supply initiatives, your Company has been working on strategy deployment, performance management, lean leadership, visual factory, gemba with purpose etc. Through strategy deployment the Nashik site is striving to engage everybody and aligning the collective efforts of everyone with the site roadmap to deliver the business goals. Several improvement projects have been identified related to OEE improvement, cost reduction, productivity improvement, quality and safety improvement which are in progress.
Lean sigma training was imparted to 26 supervisors from different functions. They are working on the improvement projects in their respective areas. A benchmarking study -Pharma Operations Benchmarking of Solids (POBOS) was done for solid dose value stream to assess where your Company stands as compared to other sites within GlaxoSmithKline Group. In most of the areas your Company is in the top position. An action plan has been drawn up by the site to further strengthen manufacturing and Quality infrastructure.
Keeping in mind the growing business and complexities, actions were taken to re-align processes and infrastructure during the year. In tune with your Company's commitment to Quality and Compliance, major projects got started in consolidation of warehouses, augmenting warehousing capability in terms of space, temperature controlled storage area and fulfilling other basic needs. While supply position was challenged for a few brands, overall positive trend in supply performance especially in vaccines helped supporting the larger business performance.
(h) Corporate Social Responsibility
As a part of its social development initiatives, your Company continued its dedicated efforts towards social programmes by continued support to ongoing long term projects and commissioning many new activities.
Gramin Arogya Vikas Sanstha (GAVS), a registered public trust, promoted by the Company, gave new shape to its Tribal health care project with its partner NGO, Niramaya Health Foundation. The Project is now covering 60 villages through nine health centres and mobile van clinics in Nashik, Maharashtra. In 2012, this project has impacted the lives of 30,000 direct beneficiaries and 1.25 lakh indirect beneficiaries through health checkups and education sessions.
GAVS in partnership with Kherwadi Social Welfare Association (KSWA) has worked towards "enhancing employment through Vocational and Skill Development Training" among underprivileged rural tribal youth in Nashik. This year, the project covered 1000 youths for training. Your Company continued its support to Institute for Indian Mother and Child (IIMC), a non-government organization. The major objectives of the project includes providing primary health care services to mother and child, work and educate community on services related to antenatal care, natal and post natal care. During the year more than 1.2 lakh mothers have been covered for maternal and child health.
Another health care project which your Company is supporting through Nirmaya Health Foundation is in the slums of the dumping grounds in Deonar, Mumbai. Through this project, your Company is managing a fully-equipped mobile medical van, ensuring that the immediate health care needs of 30,000 slum dwellers can be assessed and treated, and proper referrals can be made when necessary. Your company also started safe drinking water project for slum families and opened a new computer education center for slum children.
During the year, your Company proactively supported four voluntary organizations for cancer care. This included screening camps to facilitate early detection, treatment, rehabilitation and palliative care of cancer affected patients from underserved community. Sri Chaitanya Seva Trust was supported for Cancer screening camps and over 120 camps were conducted, thereafter more than 10,000 patients were screened for cancer. New initiatives were also taken to provide complete assistance to cancer patients and their families. Indian Cancer Society was supported for rehabilitation of 100 cancer patients through vocational training, employment and nutritious diet. The Bangalore Hospice Trust, Karunashraya was supported with donation of medicines for care of critically ill cancer patients.
This year marked the beginning of the fifth year of a very successful partnership with Pratham in Behraich (U.P) and Jodhpur (Rajasthan). During the year, out of 98 children, 30 children were repatriated successfully with follow ups on their education. Additionally 30 children will be enrolled. Digital classes were started to facilitate increased interest in children towards education, improve quality of education and also to increase the pace of the child's learning.
Among other initiatives taken during the year was the support to Paraplegic Foundation in Mumbai for rehabilitation of the severely orthopedically disabled lower socio-economic class patients. Another new Initiative taken by your company was to run Mid Day Meal Program in association with ISKON food relief which has contributed to an increase in overall enrolment in schools. During the year, 70 schools and over 1000 students in Mumbai municipal schools were supported.
During the year, your Company also supported many projects in the area surrounding Nashik operations for education of the underprivileged children. The support to the Ashirwad Special Education School, Delhi which serves mentally challenged children continued. Besides, the Pushpawati Runtha Kanya Vidhylaya, Shree Ichhyamani Vidhyamandir and Vanita Vikas Mandal, Nashik, were supported by providing educational material to girls from underprivileged families. Another project supported was through the Down's syndrome Care Association, Nashik for giving Special Toys/Games/Speech/physiotherapy etc. to treat children. Your Company supported a Computer lab project for Chandak Kanya Vidyalaya and for Avishkar Education Sanstha.
GSK plc continued its efforts in strengthening immunization in 5 Health Posts of Mumbai slums with PATH, an international development organization and covered a population of 5 lakh. Through the use of web based MIS system, coverage for immunization increased from 34% to 51% among the eligible children upto 2 years of age.
"The Personal Hygiene and Sanitation Education (PHASE) Programme" supported by GSK plc was implemented successfully this year as well through Pratham, an NGO working towards child's right to education. GSK plc continued its support through donation of Albendazole tablets to India for the Government Lymphatic Filariasis eradication programme.
(i) Cautionary Note
Certain statements in the "Management Discussion and Analysis" section may be forward-looking and are stated as required by applicable laws and regulations. Many factors may affect the actual results, which could be different from what the Directors envisage in terms of future performance and outlook.
Dr. A. Banerjee resigned as Alternate Director to Mr. S. Harford from 31st July 2012 and Mr. V. Narayanan resigned as Director from 9th November 2012. The Board places on record its appreciation of the valuable services rendered by Dr. A. Banerjee and Mr. V. Narayanan during their tenure as Directors and for their contributions to the deliberations of the Board.
The Board of Directors has appointed Ms. Anjali Bansal as Non-Executive Independent Director with effect from 19th February 2013, in the casual vacancy caused by the resignation of Mr. V. Narayanan.
Mr. P. V. Bhide, Mr. M. B. Kapadia and Mr. R. C. Sequeira retire by rotation and, being eligible, offer themselves for re-appointment.
4. Directors' Responsibility Statement
Your Directors confirm:
(i) that in the preparation of the annual accounts, the applicable accounting standards have been followed;
(ii) that the Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year ended 31st December 2012 and of the profit of the Company for that year;
(iii) that the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
(iv) that the Directors have prepared the annual accounts on a going concern basis.
5. Corporate Governance & Business Responsibility Report
Your Company is part of the GlaxoSmithKline plc group and conforms to norms of Corporate Governance adopted by them. As a Listed Company, necessary measures are taken to comply with the Listing Agreements with the Stock Exchanges. A report on Corporate Governance, along with a certificate of compliance from the Auditors, given in Annexure 'B', forms a part of this Report. Further a Business Responsibility Report, describing the initiatives taken by your Company from an environmental, social and governance perspective, given in Annexure 'C', also forms a part of this Report.
Members are requested to re-appoint M/s. Price Waterhouse & Co., Bangalore, Chartered Accountants, as the Auditors of the Company and authorise the Audit Committee to fix their remuneration.
Pursuant to the Order issued by the Central Government under Section 233B of the Companies Act, 1956, the Board of Directors of your Company have appointed M/s. R. Nanabhoy & Co., Cost Accountants for conducting the audit of the cost accounting records maintained by the Company for its Formulations.
The particulars relating to conservation of energy, technology absorption and foreign exchange earnings and outgo are given in Annexure 'A' forming part of this Report. The particulars of employees required to be furnished under Section 217(2A) of the Companies Act, 1956, read with the rules there under, forms part of this Report. However, as per the provisions of Section 219(1)(b)(iv) of the Companies Act, 1956, the reports and accounts are being sent to all the Shareholders of the Company excluding the statement of particulars of employees. Any Shareholder interested in obtaining a copy may write to the Company Secretary at the Registered Office of the Company. Further, attached to the accounts of the Company are the Report and Audited Accounts of Biddle Sawyer Limited, a subsidiary company.
The Directors express their appreciation for the contribution made by the employees to the significant improvement in the operations of the Company and for the support received from all other stakeholders, including shareholders, doctors, medical professionals, customers, suppliers and business partners.
The Board and the Management of your Company are indeed appreciative of the substantial support being received from GSK plc, the parent organization, in providing new healthcare solutions which are products of its discovery labs and the technology improvements which benefits your Company immensely.
On behalf of the Board of Directors
Date: 19th February 2013