5322960310

ANNUAL REPORT 2009-2010 31
Auditors Report
Auditors report to the Board of Directors of Glenmark Pharmaceuticals Limited on the Consolidated Financial Statements of Glenmark
Pharmaceuticals Limited
1. We have audited the attached consolidated balance sheet of Glenmark Pharmaceuticals Limited (the Company) and its subsidiaries
and its jointly controlled entity; hereinafter referred to as the Group (refer Note 1 on Schedule 21 to the attached consolidated
fnancial statements) as at 31st March, 2010, the related consolidated Proft and Loss Account 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
fnancial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these
fnancial 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 fnancial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fnancial statements. An audit also
includes assessing the accounting principles used and signifcant estimates made by management, as well as evaluating the overall
fnancial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
3. We did not audit the fnancial statements of thirty three subsidiaries and one jointly controlled entity included in the consolidated
fnancial statements, which constitute total assets of Rs. 10,603,282 (000) and net assets of Rs. 5,254,257 (000) as at 31st March,
2010, total revenue of Rs. 16,886,790 (000), net proft of Rs. 2,076,632 (000) and net cash fows amounting to Rs. 436,382 (000) for
the year then ended. These fnancial statements and other fnancial information have been audited by other auditors whose reports
have been furnished to us, and our opinion on the consolidated fnancial statements to the extent they have been derived from such
fnancial statements is based solely on the report of such other auditors.
4. We report that the consolidated fnancial statements have been prepared by the Companys Management in accordance with the
requirements of Accounting Standard (AS) 21 - Consolidated Financial Statements and Accounting Standard (AS) 27 - Financial
Reporting of Interests in Joint Ventures notifed under sub-section 3C of Section 211 of the Companies Act, 1956.
5. Based on our audit and on consideration of reports of other auditors on separate fnancial statements and on the other fnancial
information of the components 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 fnancial 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 afairs of the Group as at 31st March, 2010;
(b) in the case of the consolidated Proft and Loss Account, of the proft of the Group for the year ended on that date; and
(c) in the case of the consolidated Cash Flow Statement, of the cash fows of the Group for the year ended on that date.
For Price Waterhouse
Firm Registration Number: 301112E
Chartered Accountants
Partha Ghosh
Partner
Membership Number: F-55913

Place: Mumbai
Date: 28th May, 2010
32 GLENMARK PHARMACEUTICALS LIMITED
Consolidated Balance Sheet
Rs. in (000s)
Schedules
As at
31st March, 2010
As at
31st March, 2009
I. SOURCES OF FUNDS
1. SHAREHOLDERS' FUNDS
a) Capital 1 269,838 250,520
b) Reserves and Surplus 2 23,282,495 15,731,044
23,552,333 15,981,564
2. MINORITY INTEREST 130,075 31,552
3. LOAN FUNDS
a) Secured Loans 3 2,414,139 3,826,548
b) Unsecured Loans 4 16,279,767 17,116,917
18,693,906 20,943,465
4. DEFERRED TAX LIABILITY 5 1,275,009 1,054,748
TOTAL 43,651,323 38,011,329
II. APPLICATION OF FUNDS
1. FIXED ASSETS 6
a) Gross Block 21,755,428 18,385,786
b) Less: Depreciation 3,882,342 2,723,341
c) Net Block 17,873,086 15,662,445
d) Capital Work-in-progress 6,007,692 5,454,080
23,880,778 21,116,525
2. INVESTMENTS 7 181,229 181,229
3. DEFERRED TAX ASSET 8 564,860 485,489
4. CURRENT ASSETS, LOANS AND ADVANCES
a) Inventories 9 7,084,591 6,302,253
b) Sundry Debtors 10 10,782,779 9,553,428
c) Cash and Bank Balances 11 1,070,200 714,823
d) Loans and Advances 12 5,273,096 4,220,877
24,210,666 20,791,381
LESS: CURRENT LIABILITIES AND PROVISIONS
a) Current Liabilities 13 4,986,466 4,398,904
b) Provisions 14 199,744 164,391
5,186,210 4,563,295
NET CURRENT ASSETS 19,024,456 16,228,086
TOTAL 43,651,323 38,011,329
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 21
Schedules referred to above and notes attached thereto form an integral part of the
Consolidated Balance Sheet.
This is the Consolidated Balance Sheet referred to in our report of even date.
For Price Waterhouse For and on behalf of the Board of Directors

Partha Ghosh Glenn Saldanha Cheryl Pinto A. S. Mohanty
Partner Managing Director & CEO Director Director
Place: Mumbai Marshall Mendonza
Date: 28th May, 2010 Vice President - Legal & Company Secretary
Consolidated Proft and Loss Account
Rs. in (000s)
Schedules
Year ended
31st March, 2010
Year ended
31st March, 2009
INCOME
Sales & Operating Income 15 25,006,466 21,160,332
Other income 16 489,635 1,740,116
25,496,101 22,900,448
EXPENDITURE
Cost of Sales 17 10,193,390 8,750,997
Selling and Operating Expenses 18 7,844,662 6,976,794
Depreciation/Amortisation 6 1,206,104 1,026,827
Interest (net) 19 1,640,213 1,404,766
Research and Development Expenses 20 772,758 882,703
21,657,127 19,042,087
Proft before Tax and Exceptional items 3,838,974 3,858,361
Exceptional Item - 1,169,548
PROFIT BEFORE TAX 3,838,974 2,688,813
Provision for Taxation
- Current Year [includes wealth tax provision Rs. 200 (2009 - Rs. 288)] 914,730 651,299
- Mat Credit (Entitlement)/Utilisation (520,504) 395,278
- Deferred Tax 137,071 (383,148)
- Fringe Beneft Tax - 81,373
- Prior Period Tax (2,639) 9,282
NET PROFIT AFTER TAX BEFORE MINORITY INTEREST 3,310,316 1,934,729
Share of (proft)/loss transfer to Minority (65,608) (18,092)
NET PROFIT AFTER TAX & MINORITY INTEREST 3,244,708 1,916,637
Balance Proft Brought Forward 11,215,453 10,276,665
NET PROFIT AVAILABLE FOR APPROPRIATION 14,460,161 12,193,302
Proposed Dividend on Equity Shares 107,935 100,208
Tax on Proposed Dividend on Equity Shares 17,927 17,030
Residual Dividend and Dividend Tax 163 -
Transfer to Foreign Currency Monetary Item Translation Diference Account - 366,121
Transfer to General Reserve 128,463 494,490
BALANCE CARRIED TO BALANCE SHEET 14,205,673 11,215,453
Earnings Per Share (Rs.) [Refer Note 5 of Schedule 21]
Basic 12.4 7.7
Diluted 12.4 7.5
Face Value per Share 1.0 1.0
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 21
Consolidated Proft and Loss Account.
This is the Consolidated Proft and Loss Account referred to in our report of even date.

Consolidated Cash lo State ent
Rs. in (000s)
Year ended
31st March, 2010
Year ended
31st March, 2009
A. CASH FLOW FROM OPERATING ACTIVITIES:
Net Proft before tax 3,838,974 2,688,813
Adjustments for:
Depreciation 1,206,104 1,026,827
Interest Expense 1,655,035 1,457,208
Interest Income (14,822) (52,442)
Income from Investment - Dividends (75) (38)
(Proft)/Loss on Fixed Assets sold 8,413 518
Bad Debts written of - 5,729
Provision for Bad & Doubtful Debts 32,932 54,181
Provision for Doubtful Advances (700) -
Provision for Gratuity & Leave Encashment 47,838 53,414
Unrealised foreign exchange (gain)/loss (282,149) 196,081
Operating Proft Before Working Capital Changes 6,491,550 5,430,291
Adjustments for changes in Working Capital:
- (Increase) in Sundry Debtors (1,168,169) (1,580,108)
- (Increase) in Other Receivables (571,227) (1,215,386)
- (Increase) in Inventories (782,338) (2,294,862)
- Increase in Trade and Other Payables 428,159 1,213,717
Cash Generated from Operations 4,397,975 1,553,652
- Taxes (Paid) (873,954) (1,394,571)
Net Cash from Operating Activities 3,524,021 159,081
B. CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of Fixed Assets (3,404,395) (7,662,729)
Capital Work-in-Progress (553,612) (2,081,793)
Proceeds from Sale of Fixed Assets 73,984 183,496
Proceeds/(Payment) for Sale/Purchase of Investments - 6,942
Interest Received 14,822 52,442
Dividend Received 75 38
Net Cash used in Investing Activities (3,869,126) (9,501,604)
Consolidated Cash lo State ent
Rs. in (000s)
Year ended
31st March, 2010
Year ended
31st March, 2009
C. CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from Fresh Issue of
Share Capital (including Securities Premium) 4,142,780 350,586
Net Assets fnanced by Minority Shareholders 32,915 (1,336)
Exchange Fluctuation Reserves 16,015 (254,409)
Proceeds/(Payment) of Long Term Borrowings 6,639,196 164,905
Proceed from Short Term Borrowings (5,250,473) 8,059,154
Proceeds from Working Capital Facilities movement (2,713,047) 1,614,427
Redemption of FCCB (279,960) -
FCCB Premium paid on redemption including TDS (105,288) -
Interest Paid (1,663,660) (1,441,050)
Dividend Paid (100,966) -
Dividend Tax Paid (17,030) -
Net Cash from Financing Activities
700,482 8,492,277
Net Increase/(Decrease) in Cash and Cash Equivalents
355,377 (850,246)
Cash and Cash Equivalents as at 31st March, 2009
714,823 1,565,069
Cash and Cash Equivalents as at 31st March, 2010
1,070,200 714,823
Cash and Cash Equivalents Comprise:
Cash 3,839 6,123
Deposits with Scheduled Banks 31,214 51,126
Deposits with Non-Scheduled Banks 2,829 126
Balance with Scheduled Banks 145,815 92,669
Balance with Non-Scheduled Banks 886,503 564,779
1,070,200 714,823
Notes:
1. The Cash Flow Statement has been prepared under the "Indirect Method" as set out in Accounting Standard - 3 on Cash Flow
Statements issued by the Institute of Chartered Accountants of India.
2. Cash and Cash Equivalents includes Rs. 3,122 which are not available for use by the Company. (Refer Schedule 13 to the Consolidated
Financial Statements)
3. Figures in bracket indicate Cash outgo.
This is the Consolidated Cash Flow Statement referred to in our report of even date.

Schedules annexed to and forming part of the Consolidated Balance Sheet
Rs. in (000s)
As at
31st March, 2010
As at
31st March, 2009
1. CAPITAL
Authorised
350,000,000 (2009 350,000,000) Equity Shares of Re. 1 each 350,000 350,000
4,000,000 (2009 4,000,000) Cumulative Redeemable Non-Convertible
Preference Shares of Rs. 100 each 400,000 400,000
Issued, Subscribed and Paid-up
TOTAL 269,838 250,520
Notes:
1. During the year ended 31st March, 2010 the Company, pursuant to Employee Stock Option Scheme 2003, has granted 236,500
(2009 - 2,305,500) options at market price as defned in SEBI (ESOS) Guidelines and cancelled 601,100 (2009 - 1,697,500) options.
2. During the year 604,860 (2009 - 500,300) options were converted into Equity Shares under the Employee Stock Option Scheme,
2003. As at 31st March, 2010 2,633,500 options were outstanding under Employee Stock Option Scheme 2003. On exercise of the
options so granted under Employee Stock Option Scheme 2003, the paid up Equity Share Capital of the Company will increase by a
like number of shares.
3. During the year, Nil (2009 - 7,500) Zero Coupon Foreign Currency Convertible Bonds (FCCB) of USD 1,000 each aggregating USD Nil
(2009 - USD 7.5 million) were converted into Nil (2009 - 1,293,706) equity shares of Re. 1 each. As at 31st March, 2010, FCC Bonds
amounting to USD 30 million were outstanding.
4. On 18th September, 2009 the Company allotted 18,712,935 Equity Shares of Re. 1 each at a premium of Rs. 220/- per share to Qualifed
Institutional Buyers pursuant to chapter VIII of the Securities Exchange Board of India (Issue of Capital and Disclosure Requirement)
Regulation 2009.
5. Of the above 158,371,140 (2009 - 158,371,140) Equity Shares of Re. 1 each are allotted as fully paid-up Bonus Shares by Capitalisation
of Reserves.
Rs. in (000s)
As at
31st March, 2010
As at
31st March, 2009
2. RESERVES AND SURPLUS
Securities Premium Account
Balance at the beginning of the year 3,184,454 2,896,843
Add: Premium on Issue of Shares pursuant to Conversion of ESOP 36,659 22,636
Add: Premium on Issue of Shares to Qualifed Institutional Buyers 4,116,846 -
Less: Issue expenses on issue of shares to QIBs 65,829 -
Add: Premium on Issue of Shares pursuant to Conversion of FCC Bonds - 326,156
Add: Writeback of redemption premium for FCC Bonds converted during the year - 66,115
Less: Redemption premium of FCC Bonds outstanding at year end 149,623 127,296
Add: Tax impact on FCCB redemption premium 35,787 -
Closing Balance 7,158,294 3,184,454
General Reserve
Add: Transferred from Proft & Loss Account 128,463 494,490
Add: Transfer to Fixed assets (Refer Note 11 of Schedule 21) - 3,915
Less: Transfer from Foreign Currency Monetary Item Translation Diference Account
(Refer Note 11 of Schedule 21) - 491,095
Foreign Currency Monetary Item Translation Diference Account
Balance at the beginning of the year (178,259) -
Addition/(Reduction) during the year 645,275 (289,670)
Amortisation of Foreign Currency Monetary Item Translation Diference (202,362) 111,411
Closing Balance 264,654 (178,259)
Capital Redemption Reserve 200,000 200,000
Capital Reserve 1,000 1,000
Exchange Fluctuation Reserves
Balance at the beginning of the year (185,940) 68,469
Addition/(Reduction) during the year 16,015 (254,409)
Closing Balance (169,925) (185,940)
Proft and Loss Account Balance 14,205,673 11,215,453
TOTAL 23,282,495 15,731,044
3. SECURED LOANS
From Banks Note
Term Loan 1 2,266,286 873,080
Working Capital Facilities 2 147,853 2,860,900
Other Loans 3 - 92,568
TOTAL 2,414,139 3,826,548
Notes:
1. Term loan is secured by way of exclusive charge as the case may be, at certain locations, on Company's fxed assets both present and
future.
2. Working Capital Facilities is secured by hypothecation of Stocks of raw materials, packing materials, fnished goods, work-in-process,
receivables and equitable mortgage on fxed assets at the manufacturing facility at Nasik and Research and Development centre at
Sinnar, Nasik.
3. Other Loans are secured by way of Hypothecation of certain Premises, Equipment and Vehicles.
Rs. in (000s)
As at
31st March, 2010
As at
31st March, 2009
4. UNSECURED LOANS
Short Term Loan from Banks 4,100,431 9,358,889
Other Loans from Banks 10,771,319 5,876,916
Foreign Currency Convertible Bonds (due within one year) [Refer Note 6 of Schedule 21] 1,354,200 1,835,280
Security Deposit 53,817 45,832
TOTAL 16,279,767 17,116,917
5. DEFERRED TAX LIABILITY [Refer Note 2(xi) of Schedule 21]
Depreciation 1,158,540 880,151
Foreign Currency Long Term Loans and Others 17,809 174,597
Others 98,660 -
TOTAL 1,275,009 1,054,748
6. FIXED ASSETS [Refer Note 2(ii), 2(iii), 2(iv), 2(v)(b) and 2(xii) of Schedule 21]
Rs. in (000s)
GROSS BLOCK DEPRECIATION / AMORTISATION NET BLOCK
As on
31st March,
2009
Acquisition
during the
year
Additions
during the
year
Consolidation
Adjustment
Deduction As on
31st March,
2010
As on
31st March,
2009
Acquisition For the
year
Consolidation
Adjustment
On
Deduction
As on
31st March,
2010
As on
31st March,
2010
As on
31st March,
2009
Tangible assets
Freehold Land 52,067 - 11,737 (2,391) - 61,413 - - - - - - 61,413 52,067
Leasehold Land 203,208 - 162,692 (6,008) (54,400) 305,492 20,189 - 9,742 (2,364) (1,098) 26,469 279,023 183,019
Factory Buildings 2,194,377 - 648,971 68,995 - 2,912,343 182,621 - 73,164 (5,611) - 250,174 2,662,169 2,011,756
Other Buildings and
Premises
883,441 - 75,808 41,007 (1,872) 998,384 98,875 - 41,155 (5,604) (64) 134,362 864,022 784,566
Plant and Machinery 2,156,556 - 147,799 127,232 (1,661) 2,429,926 143,259 - 63,925 2,655 (46) 209,793 2,220,133 2,013,297
Furniture and
Fixtures
602,068 - 68,158 17,386 (262) 687,350 173,824 - 53,804 (806) (9) 226,813 460,537 428,244
Equipments 3,002,184 - 615,669 161 (4,776) 3,613,238 681,241 - 315,893 (15,421) (3,189) 978,524 2,634,714 2,320,943
Vehicles 110,284 - 25,688 (1,835) (14,315) 119,822 47,380 - 18,632 (1,709) (7,886) 56,417 63,405 62,904
Intangible assets
Goodwill 800,586 - 116,703 26,084 - 943,373 236,803 - 35,588 10,409 - 282,800 660,573 563,783
Computer software 480,743 - 85,001 41,236 (16,558) 590,422 103,936 - 42,039 2,981 (152) 148,804 441,618 376,807
Brands 7,900,272 - 1,677,821 (482,566) (1,862) 9,093,665 1,035,213 - 552,162 (19,189) - 1,568,186 7,525,479 6,865,059
TOTAL 18,385,786 - 3,636,047 (170,699) (95,706) 21,755,428 2,723,341 - 1,206,104 (34,659) (12,444) 3,882,342 17,873,086 15,662,445
Previous Year 11,241,021 - 9,327,763 521,104 (2,704,102) 18,385,786 2,055,881 - 1,026,827 81,670 (441,037) 2,723,341
Capital Work-in-progress 6,007,692 5,454,080
Notes:
1. Equipment and Other Premises include assets aggregating Rs. 162,435 (2009 Rs. 26,539) [net book value as at 31st March, 2010 Rs. 71,844 (2009 Rs. Nil)], and Rs. 132,422 (2009 Rs. 81,438) [net book value as
at 31st March, 2010 Rs. 64,012 (2009 Rs. 31,065)] respectively, which have been acquired on fnance lease.
2. Addition to assets include Rs. 7,499 (2009 - Rs. 5,400) being borrowing costs.
Rs. in (000s)
As at
31st March, 2010
As at
31st March, 2009
7. INVESTMENTS [Refer Note 2(vi) of Schedule 21]
LONG TERM INVESTMENTS - At Cost - fully paid
Quoted - non-trade
Equity shares
9,000 (2009 9,000) Bank of India of Rs. 10 each [Market Value Rs. 3,067 (2009 Rs. 1,979)] 405 405
1,209 (2009 1,209) IDBI Bank Limited of Rs. 10 each [Market Value Rs. 139 (2009 Rs. 55)] 34 34
439 439
Investment in Government Securities
National Savings Certifcate - Sixth Issue 22 22
National Savings Certifcate - Eighth Issue 10 10
Unquoted - non-trade
1 (2009 1) Time Share of Dalmia Resorts Limited 20 20
1 (2009 1) Equity Share of Esquados 340,000 of Glenmark Pharmaceutica Limitada.,
Lisbon (Portugal) 48 48
213,032 (2009 - 213,032) Equity Shares of Bharuch Eco-Aqua Infrastructure Limited of
Rs. 10 each, fully paid-up 2,130 2,130
1,350,000 (2009 - 1,350,000) 7% cumulative preference shares of Rs. 100 each fully
paid-up of Marksans Pharma Ltd. 135,000 135,000
Investment with Napo Pharmaceuticals Inc.
[1,176,471 (2009 - 1,176,471) Preferred shares of USD 0.85 each] 43,560 43,560
180,790 180,790
TOTAL 181,229 181,229
Aggregate book value of Investments
- Quoted [Market value Rs. 3,206 (2009 - Rs. 2,034)] 439 439
- Unquoted 180,790 180,790
TOTAL 181,229 181,229
8. DEFERRED TAX ASSET [Refer Note 2(xi) of Schedule 21]
Provision for Bad Debts and Doubtful Advances 79,968 69,784
Unabsorbed Losses and Depreciation 421,839 307,669
Others 63,053 108,036
TOTAL 564,860 485,489
9. INVENTORIES [Refer Note 2(vii) of Schedule 21]
(As certifed by the management)
Raw Materials 1,588,410 1,187,623
Packing Materials 344,867 259,356
Work-in-Process 1,143,752 951,568
Stores and Spares 49,811 45,235
Finished Goods 3,957,751 3,858,471
TOTAL 7,084,591 6,302,253
10. SUNDRY DEBTORS
Outstanding for more than six months
Secured, considered good 98,460 -
Unsecured, considered good 3,541,547 1,524,610
Unsecured, considered doubtful 234,927 191,959
3,874,934 1,716,569
Less: Provision for doubtful debts 234,927 191,959
3,640,007 1,524,610
Other debts -
Secured, considered good 41,275 2,543
7,142,772 8,028,818
TOTAL 10,782,779 9,553,428
Rs. in (000s)
As at
31st March, 2010
As at
31st March, 2009
11. CASH AND BANK BALANCES
Cash in hand 3,839 6,123
Balances with Scheduled Banks
- Current Accounts 122,659 92,593
- Margin Money Account 31,214 51,126
- EEFC Account 23,156 76
Balances with Non-Scheduled Banks
- Deposit Accounts 2,829 126
TOTAL 1,070,200 714,823
The balances in the margin money accounts are given as security against guarantees
issued by banks on behalf of the Company.
12. LOANS AND ADVANCES (unsecured, considered good unless otherwise stated)
Advances recoverable in cash or kind or for value to be received
Considered good 2,439,132 1,767,369
Considered doubtful 29,100 29,800
2,468,232 1,797,169
Less: Provision for Doubtful advances (29,100) (29,800)
2,439,132 1,767,369
Advance to Vendors 773,046 772,069
Advance tax (net of provision) 491,526 531,737
MAT Credit Entitlement 685,253 164,749
Balance with Excise Authorities 702,579 800,335
Deposits 181,560 184,618
TOTAL 5,273,096 4,220,877
13. CURRENT LIABILITIES
Acceptances 821,134 -
Sundry Creditors
- Total outstanding dues to Micro enterprises and small enterprises - 26,524
- Total outstanding dues to creditors other than Micro enterprises and small enterprises 2,971,576 3,408,255
Investor Education and Protection Fund shall be credited by
- Unclaimed Dividend 3,122 3,717
[There are no amounts due and outstanding to be credited to Investor Education and
Protection Fund]
Advances from Customers - 46,648
Other Liabilities 732,644 491,478
Interest accrued but not due 457,990 422,282
TOTAL 4,986,466 4,398,904
14. PROVISIONS
Proposed Dividend 107,935 100,208
Tax payable on Proposed Dividend 17,927 17,030
Provision for Wealth Tax 252 276
Provision for Fringe Beneft Tax - 2,050
Provident Fund Scheme payable 7,543 7,288
Provision for Gratuity and Leave Encashment 66,087 37,539
TOTAL 199,744 164,391
Schedules annexed to and forming part of the Consolidated Proft and Loss Account
Rs. in (000s)
Year ended
31st March, 2010
Year ended
31st March, 2009
15. SALES AND OPERATING INCOME [Refer Note 2(ix) of Schedule 21]
Sale of goods and IP assets 24,991,174 21,145,423
Income from services 15,292 14,909
TOTAL 25,006,466 21,160,332
16. OTHER INCOME
Lease Rent 2,184 11,431
Dividend received on non-trade Investments 75 38
Exchange gain - 1,352,331
Export Incentive 237,605 297,093
Provision for Doubtful Advances Written back 700 -
Miscellaneous Income 249,071 79,223
TOTAL 489,635 1,740,116
17. COST OF SALES
Salary, wages, bonus and allowances 495,374 485,023
Contribution to Provident and other Funds 10,320 8,838
Labour charges 316,135 325,489
Consumption of raw & packing materials 5,441,962 4,917,533
Purchase of Traded goods 2,692,326 3,774,902
Excise Duty 201,880 295,483
Sales Tax 680,848 462,829
Power, fuel and water charges 293,220 231,447
Consumption of stores and spares 174,600 153,144
Repairs and maintenance - plant and machinery 64,040 61,395
Repairs and maintenance - building 21,193 18,600
Rent, rates and taxes 13,633 8,027
Other manufacturing expenses 79,323 119,990
(Increase)/Decrease in inventory (291,464) (2,111,703)
TOTAL 10,193,390 8,750,997
Rs. in (000s)
Year ended
31st March, 2010
Year ended
31st March, 2009
18. SELLING AND OPERATING EXPENSES
Salary, bonus and allowances 2,173,598 2,057,021
Contribution to Provident and other funds 144,732 103,402
Staf welfare expenses 75,509 69,133
Directors' salaries, allowances and commission 105,799 144,805
Incentive and commission 191,060 140,813
Sales promotion expenses 1,529,366 1,370,270
Export Commission 62,007 59,620
Commission on sales 125,238 45,193
Travelling expenses 654,307 690,247
Freight outward 514,716 465,045
Telephone expenses 90,112 59,673
Rates and taxes 39,942 56,049
Provision for doubtful debts 32,932 54,181
Bad debts written of - 5,729
Insurance premium 69,406 69,449
Electricity charges 25,399 24,084
Rent 284,082 270,158
Legal and Professional Expenses 406,242 390,847
Repairs and Maintenance - others 128,143 123,618
Auditors' remuneration and expenses
- Audit fees* 25,455 20,191
- Certifcation and other matters 485 1,500
- Reimbursement of out-of-pocket expenses 37 124
Loss on sale of fxed assets 8,413 518
Amortisation of Pre-operative/Preliminary expenses - 7,422
Exchange Loss 290,201 -
Other operating expenses 867,481 747,702
TOTAL 7,844,662 6,976,794
* Audit fees include fees paid to statutory auditors of subsidiary companies.
19. INTEREST (Net)
On term loans from bank 969,981 810,305
On other loans from bank 685,054 646,903
1,655,035 1,457,208
Less: Interest Income
On deposits with banks 14,822 52,442
14,822 52,442
TOTAL 1,640,213 1,404,766
20. RESEARCH AND DEVELOPMENT EXPENSES [Refer Note 2(x) of Schedule 21]
Salary, bonus and allowances 409,688 237,275
Staf welfare expenses 856 168
Directors' Remuneration 225 211
Consumable and Chemicals 62,989 106,084
Repairs and maintenance - building 182 131
Repairs and maintenance - others 24,505 5,631
Other expenses 251,885 502,740
TOTAL 772,758 882,703
Schedules annexed to and forming part of the Consolidated Proft and Loss Account
Schedules annexed to and forming part of the Consolidated Financial Statements
1. BACKGROUND
The consolidated fnancial statements relate to Glenmark Pharmaceuticals Limited ( the Company) and its following subsidiaries
and Joint Venture company (the Group).
Name of the Subsidiary/Joint Venture Country of
Incorporation
Ownership and Percentage
either directly or through
subsidiaries as at 31st March
2010 2009
Glenmark Pharmaceuticals Europe Ltd.* United Kingdom 100% 100%
Glenmark Generics (Europe) Ltd.** (formerly Glenmark Pharmaceuticals (Europe) Ltd.) United Kingdom 100% 100%
Glenmark Pharmaceuticals S.R.O. (Formerly known as Medicamenta A.S.,
Czech Republic)*
Czech Republic 100% 100%
Glenmark Pharmaceuticals SK, S.R.O. * (Formerly known as Medicamenta SK SRO) Slovak Republic 100% 100%
Glenmark Pharmaceuticals S.A.* Switzerland 100% 100%
Glenmark Holding S.A. Switzerland 100% 100%
Glenmark Generics Holding S.A.** Switzerland 100% 100%
Glenmark Generics Finance S.A.** Switzerland 100% 100%
Glenmark Pharmaceuticals S.R.L.* Romania 100% 100%
Glenmark Pharmaceuticals Eood * Bulgaria 100% 100%
Glenmark Distributor SP z.o.o.* Poland 100% 100%
Glenmark Pharmaceuticals SP z.o.o.* Poland 100% 100%
Glenmark Generics Inc. **(formerly Glenmark Pharmaceuticals Inc.) USA 100% 100%
Glenmark Therapeutics Inc.* USA 100% 100%
Glenmark Farmaceutica Ltda* Brazil 100% 100%
Glenmark Generics S.A. ** (formerly Servycal S.A.) Argentina 100% 100%
Glenmark Pharmaceuticals Mexico, S.A. DE C.V. * Mexico 100% 100%
Glenmark Pharmaceuticals Peru SAC * Peru 100% 100%
Glenmark Pharmaceuticals Colombia Ltda.* Colombia 100% 100%
Glenmark Uruguay S.A. (formerly known as Badatur S.A., Uruguay)* Uruguay 100% 100%
Glenmark Pharmaceuticals Venezuela, C.A.* Venezuela 100% 100%
Glenmark Dominicana SRL, Dominican Republic (formerly known as
Glenmark Dominicana S.A.)
Dominican Republic 100% 100%
Glenmark Pharmaceuticals Egypt S.A.E. Egypt 100% 100%
Glenmark Pharmaceuticals FZE U.A.E. 100% 100%
Glenmark Impex L.L.C Russia 100% 100%
Glenmark Philippines Inc. Philippines 100% 100%
Glenmark Pharmaceuticals (Nigeria) Ltd. Nigeria 100% 100%
Glenmark Pharmaceuticals Malaysia Sdn Bhd Malaysia 100% 100%
Glenmark Pharmaceuticals (Australia) Pty Ltd. Australia 100% 100%
Glenmark South Africa (pty) Ltd.* (formerly known as Glenmark Pharmaceuticals
Pty Ltd.)
South Africa 100% 100%
Glenmark Pharmaceuticals South Africa (Pty) Ltd.*(formerly known as Bouwer
Bartlett Pty Ltd.)
South Africa 100% 100%
Glenmark Pharmaceuticals (Thailand) Co. Ltd. Thailand 49% 49%
Glenmark Exports Ltd. India 100% 100%
Glenmark Generics Ltd. India 96.93% 98%
* held through Glenmark Holding S.A., Switzerland
** held through Glenmark Generics Ltd.
SCHEDULE 21 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
2. SIGNIFICANT ACCOUNTING POLICIES
i) Basis of preparation of Consolidated Financial Statements
The consolidated fnancial statements have been prepared and presented under the historical cost convention on the
accrual basis of accounting in accordance with the accounting principles generally accepted in India and comply with
the mandatory Accounting Standards issued by the Institute of Chartered Accountants of India to the extent applicable.
The Consolidated Financial statements have been prepared using uniform accounting policies for like transactions and other
events in similar circumstances and are presented to the extent possible in the same manner as the Companys separate
fnancial statements. However, it was not practicable to use uniform accounting policies for depreciation in the case of
following subsidiaries:
Rs. in (000s)
Gross Block as on
31st March, 2010
Percentage of
Total Assets
Glenmark Pharmaceuticals S.A. 457,872 2.10%
Premises 20%
Vehicles 40%
Laboratory Instruments and Equipments 40%
Glenmark Pharmaceuticals South Africa (Pty) Ltd. 598 0.00%
Computer Software 50%
Glenmark Philippines Inc. 18,107 0.08%
Vehicles 33%
Equipments 33%
Furniture and fxtures 20%
Glenmark Pharmaceuticals (Australia) Pty Ltd. 136 0.00%
Equipments 25% to 40%
Glenmark Generics Inc. 57,610 0.26%
Leasehold Improvement 12.5%
Furniture and fxtures 14%
Glenmark Generics (Europe) Ltd. 13,701 0.06%
Equipments 25%
The Consolidated Financial Statements have been prepared on the following basis :
(a) In respect of Subsidiary Companies, the fnancial statements have been consolidated on a line-by-line basis by adding
together the book values of like item of assets, liabilities, incomes and expenses, after fully eliminating intra-group
balances and unrealised profts/losses on intra-group transactions as per Accounting Standard - AS 21 Consolidated
Financial Statements. In case of Joint Venture Companies, the fnancial statements have been consolidated as per
Accounting Standard (AS 27) Financial Reporting of Interests in Joint Ventures.
(b) The excess of cost to the Company of its investment in the Subsidiary Company over the Companys share of net assets
of the subsidiary company is recognised in the fnancial statements as Goodwill, which is tested for impairment, if any,
at each balance sheet date. The excess of Companys share of net assets of the subsidiary company over the cost of
acquisition is treated as Capital Reserve.
(c) The results of operations of a subsidiary are included in the Consolidated Financial Statements from the date on which
the parent-subsidiary relationship comes into existence.
(d) The translations of fnancial statements into Indian Rupees relating to non-integral foreign operations have been carried
out using the following procedures :
- assets and liabilities have been translated at closing exchange rates at the year end; and
- income and expenses have been translated at an average of monthly exchange rates.
The resultant translation exchange gain/(loss) has been disclosed as Exchange Fluctuation Reserve under Reserves and
Surplus.
(e) The Notes and Signifcant Accounting Policies to the Consolidated Financial Statements are intended to serve as a guide
for better understanding of the Groups position. In this respect, the Group has disclosed such notes and policies, which
represent the requisite disclosure.
ii) Fixed Assets (including Intangibles), Depreciation and Amortisation
Fixed assets are stated at cost less accumulated depreciation and amortisation. The Group capitalises all costs relating to the
acquisition and installation of fxed assets. Expenditure of revenue nature, incurred in setting up of new projects, is capitalised
as an indirect cost towards construction of the fxed assets.
Depreciation is provided using the straight line method, pro-rata to the period of use of assets, based on the useful lives of fxed
assets as estimated by management, or at the rates specifed in Schedule XIV of the Companies Act, 1956, whichever is higher.
Brands/IP Rights are amortised from the month of products launch/commercial production, over the estimated economic life
not exceeding 10 years.
Fixed assets having aggregate cost of Rs. 5,000 or less are depreciated fully in the year of acquisition.
The Group has estimated the useful life of its assets as follows:
Category Estimated useful life (in years)
Plant and machinery 8 - 20
Vehicles 5 - 6
Equipments and Air Conditioners 4 - 20
Furniture and Fixtures 10
Computer Software 5
Brands 5 - 10
Leasehold land and improvement is amortised over the period of lease.
iii) Borrowing Costs
Borrowing costs that are attributable to the acquisition and construction of a qualifying asset are capitalised as a part of the
cost of the asset. Other borrowing costs are recognised as an expense in the year in which they are incurred.
iv) Impairment of Assets
The Group assesses at each Balance Sheet date whether there is any indication that an asset may be impaired. If any such
indication exist, the Group estimates the recoverable amount of the asset. If such recoverable amount of the asset or the
recoverable amount of the cash generating unit to which the asset belongs is less than its carrying amount, the carrying
amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognised in the Proft and
Loss Account. If at the Balance Sheet date there is an indication that if a previously assessed impairment loss no longer exist,
the recoverable amount is reassessed and the asset is refected at the recoverable amount.
v) Foreign Currency Transactions
(a) Foreign currency transactions are recorded at the exchange rates prevailing on the date of such transactions. Monetary
assets and liabilities as at the Balance Sheet date are translated at the rates of exchange prevailing at the date of the
Balance Sheet. Gain/loss arising on account of diferences in foreign exchange rates on settlement/translation of
monetary assets and liabilities are recognised in the Proft and Loss Account. Non-monetary foreign currency items are
carried at cost.
(b) Gain/loss on account of foreign exchange fuctuation in respect of liabilities in foreign currencies specifc to acquisition
of fxed assets are recognised in the Proft and Loss Account.
vi) Investments
Long-term investments are stated at cost. Provision, where necessary, is made to recognize a decline, other than temporary, in
the value of the investments.
vii) Inventories
Inventories of fnished goods, consumable store and spares are valued at cost or net realisable value, whichever is lower. Cost
of raw materials and packing materials is ascertained on a frst-in-frst-out basis. Cost of work-in-process and fnished goods
include the cost of materials consumed, labour and manufacturing overheads. Excise and customs duty accrued on production
or import of goods, as applicable, is included in the valuation of inventories. Net realisable value is the estimate of the selling
price in the ordinary course of the business.
viii) Employee Benefts
Long-term Employee Benefts
In case of Defned Contribution plans, the Companys contributions to these plans are charged to the Proft and Loss Account
as incurred. Liability for Defned Beneft plans is provided on the basis of valuations, as at the Balance Sheet date, carried
out by an independent actuary. The actuarial valuation method used for measuring the liability is the Projected Unit Credit
method. The estimate of future salary increases considered takes into account the infation, seniority, promotion and other
relevant factors. The expected rate of return of plan assets is the Companys expectation of the average long-term rate of return
expected on investments of the fund during the estimated term of the obligations. Plan assets are measured at fair value as at
the Balance Sheet date.
ix) Revenue Recognition
The Group recognises revenue on despatch of goods to customers. Revenues from services are recognized on completion of
such services. Revenue from IP asset/Marketing rights is recognized on transfer of ownership/right to use in accordance with
the terms of relevant agreements. Revenue from contract research being in the nature of product development activities is
recognized as per the terms of the agreement. Revenues are recorded at invoice value, inclusive of excise duty and sales-tax,
but net of returns and trade discounts.
x) Research and Development
Capital expenditure on Research and Development (R & D) is capitalised as fxed assets. Development cost relating to the new
and improved product and/or process development is recognised as an intangible asset to the extent that it is expected that
such asset will generate future economic benefts. Other research and development costs are expensed as incurred.
xi) Taxation
Current Tax
Current tax is determined as the amount of tax payable in respect of taxable income for the year.
Deferred Tax
Deferred tax is recognised, subject to the consideration of prudence, on timing diferences being the diference between
taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent
period. Deferred tax assets are not recognised on unabsorbed depreciation and carry forward of losses unless there is virtual
certainty that suf cient future taxable income will be available against which such deferred assets can be realised.
Deferred tax assets/liabilities recognised as above is after excluding the amounts, which are getting reversed during the tax
holiday period.
xii) Leases
Finance Leases
Assets acquired under fnance lease are recognised as assets with corresponding liabilities in the Balance Sheet at the inception
of the lease at amounts equal to lower of the fair value of the leased asset or at the present value of the minimum lease
payments. These leased assets are depreciated in line with the Groups policy on depreciation of fxed assets. The interest is
allocated to periods during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the
liability for each period.
Operating Leases
Lease rent in respect of assets taken on operating lease are charged to the Proft and Loss Account as per the terms of lease
agreements.
xiii) Employee Stock Option Schemes (ESOS)
The Company accounts for compensation expense under the Employee Stock Option Schemes using the intrinsic value
method as permitted by the Guidance Note on Accounting for Employee Share-based Payments issued by the Institute of
Chartered Accountants of India. The diference between the market price and the exercise price as at the date of the grant is
treated as compensation expense and charged over the vesting period.
xiv) Provisions and Contingent Liabilities
The Group recognises a provision when there is a present obligation as a result of a past event that probably requires an
outfow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability
is made when there is a possible obligation or a present obligation that may, but probably will not, require an outfow of
resources. Where there is a possible obligation or a present obligation that the likelihood of outfow of resources is remote, no
provision or disclosure is made.
3. CONTINGENT LIABILITIES NOT PROVIDED FOR
Rs. in (000s)
2010 2009
(a) Bank guarantees 74,147 71,532
Disputed Income Tax/Excise Duty/Sales Tax 33,249 33,769
Claims against the Company not acknowledged as debts (Refer Note i) 386 380
Open letters of credit (Refer Note ii) 141,615 92,726
Sundry debtors factored with recourse option (Refer Note iii) 3,911,451 2,800,000
Guarantees for Rent 7,691 7,689
Indemnity Bond 345,366 331,876
Corporate Guarantee (USD 27 million) 1,218,780 1,376,460
Note:
i) In respect of labour/industrial disputes.
ii) The total amount related to LC outstanding as on 31st March, 2010.
iii) The amount related to Credit facilities given by Bank against debtors.
(b) Estimated amount of contracts remaining to be executed on capital account, net of advances, not provided for as at
31st March, 2010 aggregate Rs. 430,447 (2009 - Rs. 271,734).
4. During the year, the Company subscribed to 71,510,000 equity shares for a consideration of Rs. 7,151,000 (000) in its subsidiary
Glenmark Generics Limited for the balance Business sale consideration.
5. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the net proft for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the weighted average number of shares outstanding are adjusted for the
efects of all dilutive potential equity shares from the exercise of options on unissued share capital and on conversion of FCC Bonds.
The calculations of earnings per share (basic and diluted) are based on the earnings and number of shares as computed below.
Rs. in (000s)
31st March, 2010 31st March, 2009
Proft after tax and Minority Interest (attributable to equity shareholders) 3,244,708 1,916,637
In (000s)
Reconciliation of number of shares No. of Shares No. of Shares
Weighted average number of shares:
For basic earnings per share 260,759 250,025
Add:
Deemed exercise of options on unissued equity share capital and
Conversion of FCC Bonds
565 5,237
For diluted earnings per share 261,324 255,262
Earnings per share (nominal value Re. 1 each) Rs. Rs.
Basic 12.4 7.7
Diluted 12.4 7.5
6. FOREIGN CURRENCY CONVERTIBLE BOND ISSUED
A) The Company had issued 30,000 Zero Coupon Foreign Currency Convertible Bonds of USD 1,000 each (Rs. 1,331,700 at issue)
(i) Convertible at the option of the bondholder at any time on or after 11th November, 2007 but prior to the close of
business on 29th November, 2010 at a fxed exchange rate of Rs. 44.94 per 1 USD and the conversion price of Rs. 582.60
per share of Re. 1 each.
(ii) Redeemable in whole but not in part at the option of the Company on or after 10th January, 2010 if closing price of the
share for each of the 25 consecutive trading days immediately prior to the date upon which notice of such redemption
is given was atleast 130% of the applicable Early Redemption Amount divided by the Conversion Ratio.
(iii) Redeemable on maturity date on 11th January, 2011 at 139.729% of its principal amount if not redeemed or converted
earlier. The redemption premium of 39.729% payable on maturity of the bond if there is no conversion of the bond
to be debited to Securities Premium Account evenly over the period of 5 years from the date of issue of bonds. As of
31st March, 2010, 30,000 FCC bonds (2009 - 30,000) of USD 1,000 each aggregating to USD 30 million are outstanding.
B) The Company had issued 20,000 Zero Coupon Foreign Currency Convertible Bonds of USD 1,000 each (Rs. 873,200 at issue)
(i) Convertible at the option of the bondholder at any time on or after 28th March, 2005 but prior to the close of business on
2nd January, 2010 at a fxed exchange rate of Rs. 43.66 per 1 USD and price of Rs. 215.60 (Post adjustment for bonus and
split) per share of Re. 1 each.
(ii) Redeemable in whole but not in part at the option of the Company on or after 15th February, 2008 if closing price
of the Share for each of the 25 consecutive trading days immediately prior to the date upon which notice of such
redemption is given was atleast 130% of the applicable Early Redemption Amount divided by the Conversion Ratio.
(iii) Redeemable on maturity date on 16th February, 2010 at 133.74% of its principal amount if not redeemed or converted
earlier. The redemption premium of 33.74% payable on maturity of the Bond if there is no conversion of the Bond to
be debited to Securities Premium Account evenly over the period of 5 years from the date of issue of Bonds. During
the year, 1,000 FCC Bonds of USD 1,000 each aggregating to USD 1 Million were redeemed on 16th February, 2010 on
maturity. As of 31st March, 2010, NIL FCC Bonds (2009 - 1,000) of USD 1,000 each are outstanding.
C) The Company had issued 50,000 Zero Coupon Foreign Currency Convertible Bonds of USD 1,000 each (Rs. 2,183,000 at issue)
(i) Convertible at the option of the bondholder at any time on or after 15th November, 2006 but prior to the close of business
on 2nd January, 2010 at a fxed exchange rate of Rs. 43.66 per 1 USD and the price of Rs. 253.11 (post adjustment for split)
(ii) Redeemable in whole but not in part at the option of the Company on or after 15th February, 2009 if closing price of the
share for each of the 25 consecutive trading days immediately prior to the date upon which notice of such redemption is
given was atleast 130% of the applicable Early Redemption Amount divided by the Conversion Ratio.
earlier. The Redemption Premium of 34.07% payable on maturity of the Bond if there is no conversion of the Bond to
be debited to Securities Premium Account evenly over the period of 5 years from the date of issue of Bonds. During
the year, 5,000 FCC Bonds of USD 1,000 each aggregating to USD 5 Million were redeemed on 16th February, 2010 on
maturity. As of 31st March, 2010, NIL FCC Bonds (2009-5000) of USD 1,000 each are outstanding.
7. SEGMENT INFORMATION
Business segments
The Group is primarily engaged in a single segment business of manufacturing and marketing of pharmaceutical formulations and
active pharmaceutical ingredients and is governed by a similar set of risks and returns.
Geographical segments
In the view of the management, the Indian and export markets represent geographical segments.
Sales by market The following is the distribution of the Companys sale by geographical market:
Rs. in (000s)
2009-2010 2008-2009
Geographical segment
India 8,767,083 7,155,326
Other than India* 16,239,383 14,005,006
TOTAL 25,006,466 21,160,332
Assets and additions to fxed assets by geographical area The following table shows the carrying amount of segment assets and
additions to fxed assets by geographical area in which the assets are located:
Rs. in (000s)
India
2009-2010
Others*
2009-2010
India
2008-2009
Others*
2008-2009
Carrying amount of segment assets 17,886,600 30,386,073 16,077,552 26,011,583
Additions to fxed assets 1,459,979 2,176,068 1,620,088 7,707,675
* Others represent receivables from debtors located outside India including those related to deemed exports and cash and bank
balances of branches outside India.
8. RELATED PARTY DISCLOSURES
In accordance with the requirements of Accounting Standard - 18 Related Party Disclosures, the names of the related parties where
control exists and/or with whom transactions have taken place during the year and description of relationships, as identifed and
certifed by the Management are as follows:
a) Key Management Personnel
Mr. Gracias Saldanha
Mrs. B. E. Saldanha
Mr. Glenn Saldanha
Mrs. Cheryl Pinto
Mr. R. V. Desai
Mr. A. S. Mohanty
b) Transactions with related parties during the year
Rs. in (000s)
2009-2010 2008-2009
Managerial Remuneration
Name of Directors
1. Mr. Gracias Saldanha 120 25,882
2. Mrs. B. E. Saldanha 60 40
3. Mr. Glenn Saldanha 18,282 34,093
4. Mrs. Cheryl Pinto 9,409 15,011
5. Mr. R. V. Desai - 9,190
6. Mr. A. S. Mohanty 8,202 11,213
9. LEASES
a) The Group has entered into operating and fnance lease agreements for the rental of property, vehicles, computers, equipments
and other assets. Typically, lease agreements are for a period of three to ffteen years.
As at 31st March,2010, the Group had commitments under non-cancellable fnance leases as follows:
Rs. in (000s)
Minimum lease payments
Due within one year 53,104 10,355
Due later than one year and not later than fve years 34,897 27,345
Due later than fve years 36,330 33,141
Total 124,331 70,841
Present value of minimum lease payments
Due later than fve years 23,039 20,233
Total 103,261 53,254
b) Glenmark Generics Inc., USA (GGI) conducts its operations from facilities that are leased under a 97-month non-cancellable
operating lease expiring in September 2013. Additional of ce space were subleased under a 52-month non-cancellable
operating lease which expired in September 2008.
Glenmark Pharmaceuticals South Africa (PTY) Limited has entered into operation lease agreement for the rental of its of ce
premises. The lease agreement is for a period of 5 years.
Glenmark Philippines Inc. has entered into operating lease agreements for the rental of its warehouse and of ce premises. The
lease agreement is for a period of 4 years.
Glenmark Pharmaceuticals SP z.o.o. has entered into operating lease agreements for the rental of its of ce premises for a period
of 3 to 5 years.
Rs. in (000s)
Minimum lease payments
Due later than fve years - 21,674
Total 136,945 258,173
c) The Group has taken on lease/leave and licence godowns/residential & of ce premises at various locations.
i) The Groups signifcant leasing arrangements are in respect of the above godowns & premises (Including furniture and
fttings therein, as applicable). The aggregate lease rentals payable are charged to Proft and Loss Account as Rent.
ii) The Leasing arrangements which are cancellable range between 11 months and 5 years. They are usually renewable by
mutual consent on mutually agreeable terms. Under these arrangements, generally refundable interest free deposits
have been given. An amount of Rs. 83,911 (2009 - Rs. 78,559) towards deposit and unadjusted advance rent is recoverable
from the lessor.
10. EMPLOYEE BENEFITS
The disclosures as required as per the revised AS 15 are as under:
1. Brief description of the Plans
The Group has various schemes for long-term benefts such as Provident Fund, Superannuation, Gratuity, Pension Fund, Social
Securities and Leave Encashment. In case of funded schemes, the funds are recognised by the Income tax authorities and
administered through appropriate authorities. The Group's defned contribution plans are Superannuation and Employees'
Provident Fund and Pension Scheme since the Company has no further obligation beyond making the contributions. The
Group's defned beneft plans include Gratuity and Leave Encashment.
2. Charge to the Proft and Loss Account based on contributions:
Rs. in (000s)
2009-10 2008-09
Superannuation 2,331 2,326
Provident Fund, Pension Fund and Social Securities 165,351 129,087
167,682 131,413
3. Disclosures for defned beneft plans based on actuarial reports as on 31st March, 2010:
Rs. in ('000s)
2009-2010 2008-2009
Gratuity
(Funded plan)
Leave
Encashment
(Funded plan)
Gratuity
(Funded plan)
Leave
Encashment
(Funded plan)
(i) Change in Defned Beneft Obligation
Opening defned beneft obligation 121,429 68,839 103,127 48,330
Current service cost 20,086 16,881 15,036 15,079
Interest cost 9,112 4,873 7,710 3,169
Actuarial loss/(gain) 2,549 12,075 5,095 13,209
Benefts paid (8,720) (15,062) (9,539) (10,948)
Closing defned beneft obligation 144,456 87,606 121,429 68,839
(ii) Change in Fair Value of Assets
Opening fair value of plan assets 117,459 35,271 76,559 29,790
Expected return on plan assets 10,815 2,506 8,152 2,422
Actuarial gain/(loss) 3,628 789 (4,781) 91
Contributions by employer 10,117 20,019 47,067 13,917
Benefts paid (8,720) (15,062) (9,539) (10,949)
Closing fair value of plan assets 133,299 43,523 117,458 35,271
(iii) Reconcilation of Present Value of Defned Beneft
Obligation and the Fair Value of Assets
Present Value of Funded Obligation as at end of the
year
144,456 87,607 121,429 68,839
Fair Value of Plan Assets as at end of the year (133,299) (43,523) (117,458) (35,271)
Funded Liability/(Asset) recognised in the Balance Sheet 11,157 44,084 3,971 33,568
Present Value of Unfunded Obligation as at end of the
year
- - - -
Unrecognised Actuarial Gain/(Loss) - - - -
Unfunded Liability/(Asset) recognised in the Balance Sheet - - - -
(iv) Amount recognised in the Balance Sheet
Present value of obligations as at year end 144,456 87,607 121,429 68,839
Fair value of plan assets as at year end (133,299) (43,523) (117,458) (35,271)
Amount not recognised as an asset - - - -
Net (asset)/liability recognised as on 31st March, 2010 11,157 44,084 3,971 33,568
(v) Expenses recognised in the Proft and Loss Account
Interest on defned beneft obligation 9,112 4,873 7,710 3,169
Expected return on plan assets (10,815) (2,506) (8,152) (2,422)
Net actuarial loss/(gain) recognised in the current year (1,079) 11,286 9,876 13,118
Total expense 17,304 30,534 24,470 28,944
(vi) Actual Return on Plan Assets
Actuarial gain/(loss) on Plan Assets 3,628 789 (4,781) 91
Actual Return on Plan Assets 14,443 3,295 3,371 2,513
(vii) Asset information
Administered by Birla Sunlife Insurance Co. Ltd.
and LIC of India
100% 100% 100% 100%
2009-2010 2008-2009
Gratuity
(Funded plan)
Leave
Encashment
(Funded plan)
Gratuity
(Funded plan)
Leave
Encashment
(Funded plan)
(viii) Principal actuarial assumptions used
Discount rate (p.a.) 8% 8% 7.5%-8% 7.5%-8%
Expected rate of return on plan assets (p.a.) 8%-9% 8%-9% 8%-9% 8%-9.25%
(ix) Experience Analysis
Actuarial gain/(loss) on change in assumptions 6,297 (1,922) - -
Experience (Gain)/Loss on Liabilities (3,748) 13,997 - -
Actuarial gain/(loss) on Obligation 2,549 12,075 - -
(x) Expected employers contribution for the next year is Rs. 29,351 ('000) for Gratuity and Leave Encashment.
11. As per the transitional provision given in the notifcation issued by Ministry of Corporate Afairs dated 31st March, 2009 the Group
has opted for the option of adjusting the exchange diference on long term foreign currency monetary items:
i) To the cost of the assets acquired out of this foreign currency monetary item. During the year, the Group has decapitalised
exchange diference amounting to Rs. 105.46 lakhs on restatement of long-term loans used for acquiring the fxed assets.
ii) To the Foreign Currency Monetary Item Translation Diference account. During the year, the Group has transferred exchange
gain of Rs. 6,452.75 lakhs on restatement of long-term loans. Accordingly, proportionate amount of Rs. 2,023.62 lakhs is
amortised and Depreciation charged of Rs. 17.04 lakhs for the year ended 31st March, 2010. Due to the above proft for the year
is lower by Rs. 4,551.64 lakhs.
12. Extracts of Assets and Liabilities as on 31st March, 2010 and Income and Expenses for the year ended 31st March, 2010 related to the
interest of the Company [without elimination of the efect of transactions between the Company and Glenmark Pharmaceuticals
(Thailand) Co. Ltd., Thailand] have been extracted from the audited accounts.
Rs. in (000s)
Particulars 2009-2010 2008-2009
Assets
Net Fixed Assets including CWIP 5 -
Deferred Tax Asset 236 52
Cash Bank Balances 1,029 1,114
Loans and Advances 57 59
Liabilities
Current Liabilities 144 66
Income
Net Sales - -
Expenses
Selling and Operating expenses 1,269 325
Depreciation 1 -
Provision for Taxation including Deferred Tax (191) (49)
13. PRIOR YEAR COMPARATIVES
Prior years fgures have been regrouped or reclassifed wherever necessary to confrm to current years classifcation.
Rs. in ('000s)
Signatures to the Schedules 1 to 21 which form an integral part of the Financial Statements.

Profles of Directors
Mr. Gracias Saldanha (Chairman)
Mr. Gracias Saldanha, 72, is the founder of the Company. He
has over 38 years experience in the industry. His educational
qualifcations include a M.Sc. from Bombay University with a
Diploma in Management Studies from Jamnalal Bajaj Institute
of Management Studies, Mumbai. He has worked with leading
pharmaceutical companies like Abbott Laboratories and E. Merck.
Mr. Glenn Saldanha (Managing Director & CEO)
Mr. Glenn Saldanha, 40, is a B.Pharm from Bombay University
and was awarded the Watumall Foundation Award for overall
excellence. His other educational qualifcations include an MBA
from New York Universitys Leonard N. Stern School of Business
(US). He has worked for Eli Lilly in the US and was a Management
Consultant with Price Waterhouse Coopers. His services have been
used by Smithkline Beecham, Rhorer, Astra, Merck and Johnson
and Johnson, among others.
Mr. A. S. Mohanty (Director Corporate Communications & CSR)
Mr. A. S. Mohanty, 56, is M.Sc., and looks after Corporate
Communications & CSR activities. He has over 32 years experience
in pharmaceutical sales and marketing as well as healthcare
sectors.
Mr. N. B. Desai (Non-Executive Director)
Mr. N. B. Desai, 83, is a retired General Manager of Bank of Baroda.
He has over 46 years experience in the Banking Sector. He has
worked in India and overseas. He was Chairman of Bank of Baroda
Uganda Ltd. He was the founder and Managing Director of
Equitorial Bank PLC, UK from which he retired in 1992.
Mr. Sridhar Gorthi (Non-Executive Director)
Mr. Sridhar Gorthi, 38 is a B.A., L.L.B., (Hons.) from the National
Law School of India University. Mr. Sridhar Gorthi is presently a
partner in Trilegal and has worked with Arthur Anderson and Lex
Inde, Mumbai. He is involved in legal advisory services to various
multinational and domestic corporations on restructuring, debt
fnance, joint ventures, acquisition/mergers etc.
Mr. D. R. Mehta (Non-Executive Director)
Mr. D. R. Mehta, 73, has graduated in Arts and law from
Rajasthan University. He also studied at Royal Institute of Public
Administration, London, UK and the Alfred Sloan school of
Management, Boston, U.S.A. He has over 40 years experience in
civil services and has held various positions in the Government of
Rajasthan and Government of India. He was the Deputy Governor
of Reserve Bank of India and also the chairman of the Securities
and Exchange Board of India.
Mrs. Cheryl Pinto (Director - Corporate Afairs)
Mrs. Cheryl Pinto, 43, is a graduate in Pharmacy from the
University of Bombay. She has over 22 years experience in the
pharmaceuticals business.
Mrs. B. E. Saldanha (Non-Executive Director)
Mrs. B. E. Saldanha, 70, has graduated in B.Sc., B.Ed., from Bombay
University and was a Whole-time Director of the Company from
1982 to 2005. She was responsible to a large extent in developing
the Companys export business.
Mr. Julio F. Ribeiro (Non-Executive Director)
Mr. Julio F. Ribeiro, 81, is a retired government of cial and has
served the country under various assignments. Amongst the
major positions held, he has been the Ex-commissioner of Police,
Mumbai, former Special Secretary to Government of India,
Ministry of Home Afairs, former Director General of Police, Punjab,
Ex-Adviser to the Governor of Punjab, Ex-Ambassador of India to
Romania.
Mr. Hocine Sidi Said (Non-Executive Director)
Mr. Hocine Sidi Said, 45, has graduated in B.A (International
Marketing). He is the Founder & Director of Bio-nAbler, an
investment company that partners with Sovereign Wealth Funds
and Private Equity Firms across Asia and the MENA region to
identify and execute product and company acquisitions. He has
over 20 years of experience in the pharmaceuticals industry and
has worked with companies like Pfzer and UCB. During his stint
at UCB, he was incharge of the entire Emerging Markets Region
and designated as Senior Vice President. Prior to joining UCB, he
spent close to 17 years with Pfzer in various senior management
and developmental roles in the Middle East, Central and Eastern
Europe and Asia.
Directors Report
Your Directors have pleasure in presenting their 32nd Annual Report and Audited Accounts of the Company for the year ended 31st March,
2010.
FINANCIAL RESULTS

(Rs. in Millions)
Standalone Consolidated
2009-2010 2008-2009 2009-2010 2008-2009
Proft before Interest, Depreciation & Tax 1724.50 3206.13 6685.29 6289.95
Less: Interest 301.58 551.39 1640.21 1404.76
Less: Depreciation 212.78 191.04 1206.10 1026.83
Less: Tax (Current Year & Deferred Tax) (74.49) 281.46 528.66 754.08
Less: Exceptional Items - 2.98 - 1169.55
Proft after Tax 1284.63 2179.26 3310.32 1934.73
Share of (Proft)/Loss of Minority Interest - - (65.61) (18.09)
Proft after Tax and Minority Interest 1284.63 2179.26 3244.71 1916.64
Surplus brought forward from earlier years 7480.98 5636.88 11215.45 10276.66
Proft available for appropriations 8765.61 7816.14 14460.16 12193.30
APPROPRIATIONS
Proposed Dividend on Equity Shares 107.94 100.21 107.94 100.21
Tax on Proposed Dividend on Equity Shares 17.93 17.03 17.93 17.03
Transfer to Foreign Currency Monetary Item Translation Diference
Account - - - 366.12
Residual Dividend and Dividend Tax 0.16 - 0.16 -
Transfer to General Reserves 128.46 217.93 128.46 494.49
Balance carried to Balance Sheet 8511.12 7480.97 14205.67 11215.45
8765.61 7816.14 14460.16 12193.30
DIVIDEND
Your Directors recommend a Dividend of 40% (Re. 0.40 per equity
share of Re. 1/ each) to be appropriated from the profts of the year
2009-10 subject to the approval of the members at the ensuing
Annual General Meeting. The dividend will be paid in compliance
with applicable regulations. The dividend, if approved, will result
in an outfow of Rs. 125.87 million (including dividend tax).
CONSOLIDATED ACCOUNTS
In accordance with the requirements of Accounting Standard
AS-21 prescribed by the Institute of Chartered Accountants of
India, the Consolidated Accounts for the year ended 31st March,
2010, under Indian GAAP forms part of the Annual Report.
RESULTS OF OPERATIONS
The Company achieved consolidated Gross revenue of
Rs. 25006.47 million (Rs. 21160.33 million) registering a growth of
18.18% over the previous year and the Consolidated operating
proft before interest, depreciation and tax was Rs. 6685.29 million
as compared to Rs. 6289.95 million in the previous year.
On standalone basis the company achieved a gross revenue of
Rs. 10296.87 million and the Standalone operating proft before
interest, depreciation & tax was Rs. 1724.50 million as compared
to Rs. 3206.13 million in the previous year.
CHANGES IN CAPITAL STRUCTURE
Issue of shares on exercise of Employees Stock Options:
During the year, the Company allotted 604,860 Equity Shares of
Re. 1/- each (on pari-passu basis) pursuant to exercise of Stock
Options by the eligible employees of the Company and its
subsidiaries.
Issue of shares under QIP:
During the year, the Company allotted 18,712,935 Equity Shares
of Re. 1/- each at a premium of Rs. 220/- per share to Qualifed
Institutional Buyers pursuant to Chapter VIII of the Securities
Exchange Board of India (Issue of Capital Disclosure Requirements)
Regulations 2009. The issue proceeds were utilised towards
repayment of debts.
EMPLOYEE STOCK OPTION SCHEME
During the year, Stock Options have been issued to the employees
of the Company. On exercising the convertible options so granted,
the paid-up equity share capital of the company will increase by a
The details of stock options granted by the Company are disclosed in
compliance with clause 12 of the Securities Exchange Board of India
(Employee Stock Options Scheme and Employee Stock Purchase
Scheme), 1999 and set out in the Annexure-B to this Report.
LISTING AT STOCK EXCHANGES
The Equity shares of the Company continue to be listed on
Bombay Stock Exchange Ltd., and The National Stock Exchange
of India Ltd. Foreign Currency Convertible Bonds are listed on the
Singapore Stock Exchange.
SUBSIDIARY COMPANIES
During the year the name of Badatur S.A. was changed to
Glenmark Uruguay S.A. and Glenmark Dominicana S.A. to
Glenmark Dominicana, SRL. The Company has also incorporated a
subsidiary i.e. Glenmark Generics B.V., Netherlands.
Pursuant to the provisions of Section 212 (8) of the Companies
Act, 1956, the Company has obtained exemption from Ministry of
Corporate Afairs, New Delhi, vide its letter No. 47/420/2010-CL-III
dated 28th June, 2010 to attach Audited Accounts of its subsidiaries
together with Directors Report and Auditors Report. The Audited
Accounts of the subsidiaries together with its Directors Report
and Auditors Report are available for inspection of members on
any working day at the Corporate Of ce of the Company between
11 a.m. to 1 p.m.
DIRECTORS
Mr. Glenn Saldanha, Mr. Sridhar Gorthi and Mr. J. F. Ribeiro retire
by rotation at the ensuing Annual General Meeting and being
eligible, ofer themselves for re-appointment.
Mr. M. Gopal Krishnan resigned as Director of the Company
w.e.f. 29th January, 2010. Your Directors wish to place on record
their sincere appreciation of the valuable contribution made by
Mr. Gopal Krishnan during his tenure on the Board.
Mr. Hocine Sidi Said has been appointed as Additional Director
w.e.f. 29th October, 2009. He holds of ce as Director upto the date
of the ensuing Annual General Meeting. Notice has been received
from a member of the Company pursuant to the provisions of
Section 257 of the Companies Act, 1956 signifying his intention
to appoint Mr. Hocine Sidi Said as Director on the board of the
Company.
CORPORATE GOVERNANCE
Report on the Corporate Governance forms an integral part of
this Report. The Certifcate of the Practicing Company Secretary
certifying compliance with the conditions of Corporate
Governance as stipulated in clause 49 of the Listing Agreement
with Stock Exchanges is annexed with the report on Corporate
Governance.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The management discussion and analysis report on the operations
of the company, as required under the Listing agreements with
the stock exchanges is provided in a separate section and forms a
part of this report.
AUDITORS
M/s. Price Waterhouse, Chartered Accountants, have been the
Statutory Auditors of the Company since F.Y. 2002-03. The Audit
Committee and the Board of Directors have decided that in
order to adhere to the best Corporate Governance practices, the
Statutory Auditors should be changed periodically on rotational
basis. The Company has received a Special Notice pursuant to
Section 225 of the Companies Act, 1956 from a member proposing
to move a resolution for the appointment of Walker, Chandiok &
Co. Chartered Accountants, as Statutory Auditors of the Company
in place of the retiring auditors, M/s. Price Waterhouse at the
ensuing Annual General Meeting.
Your Directors propose the appointment of Walker, Chandiok &
Co., Chartered Accountants, as Statutory Auditors of the Company
at the ensuing Annual General Meeting.
Walker, Chandiok & Co. is a member frm of M/s Grant Thornton
who is a leading international frm rated among the top 10 frms.
They have a large international network and would be helpful and
useful to the Company in managing its international operations.
They have representations on various Accounting Board &
committees in India and cater to leading companies.
HUMAN RESOURCES
Companys industrial relations continued to be harmonious
during the year under review.
PARTICULARS OF EMPLOYEES
Information as required under the provisions of Section 217(2A)
of the Companies Act, 1956 read together with the Companies
(particulars of Employees) Rules, 1975, as amended, are given in
an Annexure forming part of this report.
CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT,
TECHNOLOGY ABSORPTION, FOREIGN EXCHNAGE EARNINGS AND
OUTGO
The particulars as prescribed under Section 217(1)(e) of the
Companies Act, 1956, read with the Companies (Disclosure of
particulars in the report of Board of Directors) Rules, 1988 are set
out in the Annexure-A to this Report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, the
directors confrm that
(i) in the preparation of the annual accounts, the applicable
accounting standards have been followed along with
proper explanation relating to material departures, if any;
(ii) appropriate accounting policies have been selected and
applied consistently and have made judgments and
estimates that are reasonable and prudent so as to give a
true and fair view of the state of afairs of the Company as
at 31st March, 2010 and of the proft of the Company for the
year ended 31st March, 2010;
(iii) proper and suf cient care has been taken for 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) the annual accounts have been prepared on a going concern
basis.
APPRECIATION AND ACKNOWLEDGEMENTS
Your Directors express their gratitude to the Companys customers,
shareholders, business partners viz. distributors and suppliers,
medical profession, Companys bankers, fnancial institutions
including investors for their valuable sustainable support and
Co-operation.
Your Directors commend the continuing commitment and
dedication of employees at all levels.
For and on behalf of the Board of Directors
G. Saldanha
Chairman
Mumbai
Date: 9th August, 2010
ANNEXURE-A
Information under Section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of the Board
of Directors) Rules, 1988 and forming part of the Directors Report.
A. CONSERVATION OF ENERGY
Energy Generation Measures Taken
A. Power and Fuel Consumption 2009-10 2008-09
1. Electricity
(a) Purchased
Unit (in 000 Kwhrs) 7995.98 6210.77
Total Amount (Rs. in 000s) 35385.00 27587.12
Rate/Unit (Rs.) 4.43 4.44
(b) Own Generation
i) Through Diesel Generator
Unit (in 000 Kwhrs) 1187.92 992.99
Units per Ltr. of Diesel Oil 3.33 3.50
Cost/Unit (Rs.) 9.51 10.64
ii) Through Steam Turbine/Generator NIL NIL
2. Coal NIL NIL
Qty.
Total Cost
Avg. Rate
3. Furnace Oil/Light Diesel Oil
Qty. (K. Ltr.) 52.40 54
Total Amount (Rs. in 000s) 2391.40 2395.32
Avg. Rate (Rs./K. Ltr.) 45.64 44.35
4. i) Internal generation
Light Diesel Oil
Qty. (In Ltr. 000s) NIL NIL
Total Cost (Rs. in 000s) NIL NIL
Rate/Unit (Rs.) NIL NIL
ii) Natural Gas
Qty. (M
3
000s) NIL NIL
Total Cost (Rs. in 000s) NIL NIL
Rate/Unit (Rs.) NIL NIL
Annexures to the Directors Report
B. Consumption
The Company manufactures several Drug Formulations
in diferent pack sizes. In view of this, it is impracticable to
apportion the consumption and cost of utilities to each
Product/Formulation.
B. TECHNOLOGY ABSORPTION, RESEARCH & DEVELOPMENT
(R & D)
1. Specifc areas in which R & D is carried out by the
Company and its subsidiaries and benefts derived
as a result of the same.
Formulation Development:
a) Pharmaceutical Formulation Development:
Development of formulations as immediate
release, delayed release, enteric release,
sustained release and various platform
technologies. This includes literature survey,
preformulation studies, formulation and
standardization of dosage forms for selected
drug molecules on laboratory scale.
R & D has developed the new formulations for new
and existing molecules and drug combinations.
Which includes its standardization and execution
at production site, evaluation of these batches
against reference samples for pharmaceutical and
bio-equivalence.
The following products are ready for commercialization and
commecialized during the fnancial year 2009-2010.
Anti infammatory and analgesic
1. Lornoxicam + Paracetamol Tablets (4 mg+500 mg)
(commecialized)
2. Lornoxicam + Paracetamol Tablets (8 mg+500 mg)
(commecialized)
3. Lornoxicam SR Tablets 16 mg (commecialized)
4. Dexibuprofen tablets 300 mg (commecialized)
5. Dexibuprofen tablets 400 mg (commecialized)
6. Dexibuprofen + Paracetamol tablets 300 + 500 mg
(commecialized)
7. Diacerein ER capsules 100 mg (Ready for
commercialization)
Anti Allergic
1. Levocetirizine + Phenylephrine capsules
(5mg + 10 mg) (commecialized)
Anti Diabetic
1. Metformin Hydrochloride Extended Release Tablets
1000 mg (Ready for commercialization)
2. Miglitol and metformin Hydrochloride SR Tablets
(25 mg + 500 mg) and (50 mg + 500 mg)
(commecialized)
Anti Asthmatic
1. Acebrophylline Capsule 100 mg (commecialized)
2. Montelukast & Levocetirizine Tablets (Ready for
commercialization)
3. Doxofylline & Salbutamol Capsules (400 + 2 & 400
+ 4) (Ready for commercialization)
Anti Hypertensive
1. Telmisartan & Metoprolol tablets (40 mg + 25 mg)
(Ready for commercialization)
2. Telmisartan & Metoprolol tablets (40 mg + 50 mg)
3. Olmesartan Tablets 40mg (commecialized)
4. Olmesartan + Hydrochlorothiazide Tablets (40 mg
+12.5 mg) (commecialized)
Hormones
1. Buserelin Injection 1 mg / ml (commecialized)
2. Cyproteronoe Acetate & Ethinyl Estradiol tablets
Anti Bacterial
1. Tigecycline Injection (commecialized)
2. Ofoxacin and Ornidazole Tablet (commecialized)
3. Colistimethate Injection 1 Million IU (Ready for
commercialization)
Dermatology
1. Benzoyl Peroxide Gel 2.5% (Ready for
commercialization)
2. Benzoyl Peroxide Gel 5% (Ready for
commercialization)
3. Sertaconazole + Beclomethasone Dipropionate Cream
4. Hydroquinone+Tretinoin+Fluocinolone Acetonide
Cream (commecialized)
5. Clotrimazole + Beclomethaosne Dipropionate +
Lidocaine + Ofoxacin Ear Drops (commecialized)
6. Tretinoin cream (Ready for commercialization)
Topical Solutions
1. Minoxidil 10% + Aminexil 1.5% Topical Solution
Liquid Orals
1 Levosalbutamol Sulphate + Guaiphenesin + Ambroxol
Hydrochloride Expectorant (commecialized)
2. Amantadine Hydrochloride + Paracetamol +
Phenylephrine Hydrochloride + Chlorpheniramine
Maleate Oral Solution (commecialized)
Oncology
1. Pemetrexed for Injection (commecialized)
2. Bortezomib for Injection (commecialized)
3. Erlotinib Tablets (commecialized)
NCE Formulation Development
1. Formulation Development for NCE 8200 - tablet
batch for clinical bridging study 50/100 mg
(Completed)
2. Formulation Development NCE 4039-Tablet and
capsule batches for clinical study.
3. Formulation Development NCE 10693- Preclinical
development & clinical development
4. Formulation Development NCE 15300 - Preclinical
development and clinical studies.
development.
US market
1. Omeprazole capsule 10 mg, 20 mg, 40 mg (Ready for
commercialization)
Analytical Method Development:
a) Development of new analytical test procedures for
Establishing the quality and setting up specifcation for the
release testing of Dosage Forms and Active Pharmaceutical,
Finished Intermediates is the responsibility of Analytical
Method Development group at Glenmark R & D. These
methods are validated as per International Regulatory
Standards.
The responsibilities of this department also include the
evaluation of the stability of the products developed at
R&D under various Climatic Conditions as ICH Guidelines
of Stability. This data is used as a basis to predict the shelf
life of the products and also to prepare the stability study
protocols for the commercial products manufactured as
drug products/drug substance.
Category Method
Developed
Methods
Validated
Methods
Transferred
to the
manufacturing
Site
Oral Solid Dosages 87 46 19
Derma products 29 33 17
Oncology products 10 5 4
API 3 9 9
Documents for Drug
Substance
(STP, Specs etc.)
49
In Analytical Research activities for NCE research:
a) We developed new analytical test procedures to establish
the structure and evaluate the quality of NCE prior to
initial biological screening. During pre-clinical studies,
we generated analytical data for establishing the quality
and setting up specifcation for the release testing of
Drug substances. The methods used to release the drug
substances which are used in clinical trials, are validated as
per International Regulatory Standards.
b) We evaluated physicochemical properties of new chemical
entity; did the characterization studies, stability studies
(under various Climatic Conditions as per ICH Guidelines of
Stability).
c) CMC related Dossiers, study protocols and study reports
were prepared to support various pre-clinical studies and
clinical trial applications with Regulatory Agencies.
d) We performed polymorphic evaluation and salt selection
studies on various NCEs drug substance and drug products.
e) Reference standards of NCE were generated and supplied to
CROs and manufacturing sites.
Category Numbers
Methods developed 131
Methods Validated 3
Methods Transferred to the Manufacturing
Sites
4
Reference Standards for NCEs 9
Stability Studies 136
Developmental Studies 15
Documents for Drug Substance (Dossiers,
Specs, CoA, TTD, etc.)
413
2. Future plan of action
R & D is working on new molecules in the following segment;
- Oncology Products
- Antifungal molecules
- Antibacterial molecules
- Antiasthmatic molecules
- Antidiabetic products
- Antiaging products
- Antiinfammatory products
- Atihyperlipidemic products
- Antiosteoporosis products
- Antiemetic products
- Sunscreens Products
- Technology such as microspheres & aerosols foam
Mousse.
- Technology to replace solvents used in flm coating
by water.
- Development of formulations for Semi regulatory
market.
- Development of formulations for Latin American market.
- Development of formulations for US market.
- Antihypertensive molecules
- Metered dose inhaler products for India market.
- Metered dose inhaler products for Brazil market
- Development of specialized NDDS products for
Indian/SRM.
TECHNOLOGY ABSORPTION, ADOPTION AND INNOVATION:
1. Eforts in brief towards technology absorption,
adoption and innovation.
Most of our eforts in the area of technology
absorption, adoption and innovation are based on
our own eforts in R & D. They include improvement
in yield and quality, improvement of processes and
development of new processes with validation
studies.
2. Benefts derived:
Benefts derived are enhanced production of our
products, improvement in the yield and quality of
products and introduction of new products, cost
reduction of products and processes without afecting
the quality of the products and process ef cacy.
Our R & D Centre is recognised by D.S.I.R., Ministry of
Science and Technology, Government of India.
Information regarding technology imported during
the last fve years Nil.
3. Expenditure on R & D:
(Rs. in Million)
2009-10 2008-09
a) Capital Expenditure 57.98 104.46
b) Revenue Expenditure 460.56 514.58
c) Total 518.54 619.04
d) R & D Expenditure as a
percentage of total turnover
4.99% 6.41%
C. FOREIGN EXCHANGE EARNINGS AND OUTGO
1. Activities relating to exports; initiatives taken to
increase exports; development of new export markets
for products and services; and export plans. The
Management Discussion and Analysis report forming
a part of the Directors Report deals with the same.
2. Total foreign exchange earned was Rs. 2953.47 million
and outfow was Rs. 596.83 million.
For and on behalf of the Board of Directors
G. Saldanha
Chairman
Mumbai
Date: 9th August, 2010
Particulars
a Options granted 10,134,900
b Pricing Formula Exercise Price shall be the latest available closing market price
of the equity shares of the company, prior to the date of grant
c Options Vested** 5,764,000
d Options Exercised** 2,252,500
e Total no. of shares arising as result of exercise of Options 2,252,500
f Options lapsed * 5,248,900
g Variation in terms of Options None
h Money realised by exerise of Options (in lakhs) 952.85
i Total number of options in force** 2,633,500
** The number of options have been reported as on 31.03.2010
* Lapsed Options includes options cancelled/lapsed
j Employee wise details of options granted to :
- Senior Management Name of the employee No. of options granted
Chanakya Mishra 10000
Jaswinder Gill 10000
Paulo Tadeu Resende 27500
Penny Ward 35000
Rajeev Sibal 10000
Rick Finnegan 25000
Sanjay Gupta 20000
- any other employee who receives a grant in any one year of
option amounting to 5% or more of option granted during that
year
None
- employees who were granted option, during any one year,
equal to or exceeding 1% of the issued capital (excluding
warrants and conversions) of the Company at the time of grant
None
k
Diluted earnings per share pursuant to issue of shares on exercise
of option calculated in accordance with AS 20 'Earnings per Share'
l Pro Forma Adjusted Net Income and Earning Per Share
Particulars Rs. in Lakhs
Net Income 12,846.32
As Reported
Add: Intrinsic Value Compensation Cost Nil
Less: Fair Value Compensation Cost 24.58
Adjusted Pro Forma Net Income 12,821.74
Earning Per Share: Basic
As Reported 4.93
Adjusted Pro Forma 4.92
Earning Per Share: Diluted
As Reported 4.92
Adjusted Pro Forma 4.91
ANNEXURE-B
Disclosure in the Directors Report as per SEBI Guidelines:
m Weighted average exercise price of Options granted during the
year whose
(a) Exercise price equals market price 228.63
(b) Exercise price is greater than market price N.A.
(c) Exercise price is less than market price N.A.
Weighted average fair value of options granted during the year
whose
(a) Exercise price equals market price 141.95
(b) Exercise price is greater than market price N.A.
(c) Exercise price is less than market price N.A.
n Description of method and signifcant assumptions used to
estimate the fair value of options
The fair value of the options granted has been estimated using
the Black-Scholes option pricing model. Each tranche of vesting
have been considered as a separate grant for the purpose of
valuation. The assumptions used in the estimation of the same
has been detailed below:
Weighted average values for options granted during the year
Variables
Stock Price 230.16
Volatility 57.43%
Risk-free Rate 7.75%
Exercise Price 228.63
Time to Maturity 6.00
Dividend yield 22.00%
141.95
Stock Price : Closing price on NSE as on the date of grant has been considered for valuing the grants.
Volatility : We have considered the historical volatility of the stock till the date of grant to calculate the fair value.
Risk-free rate of return : The risk-free interest rate being considered for the calculation is the interest rate applicable for a maturity equal to
the expected life of the options based on the zero-coupon yield curve for Government Securities.
Exercise Price : The Exercise Price is the latest available closing market price of the equity shares of the Company, prior to the date of grant,
for the respective grants.
Time to Maturity : Time to Maturity / Expected Life of options is the period for which the Company expects the options to be live. The
minimum life of a stock option is the minimum period before which the options cannot be exercised and the maximum life is the maximum
period after which the options cannot be exercised.
Expected divided yield : Expected dividend yield has been calculated as an average of dividend yields for the four fnancial years preceding
the date of the grant.
Report on Corporate Governance
Pursuant to Clause 49 of the Listing Agreement, a Report on Corporate Governance is given below.
1. The Companys philosophy on Code of Governance:
The Companys philosophy on Code of Governance is aimed at assisting the top management of the Company in the ef cient
conduct of its business and in meeting its obligations to shareholders. The Company has adopted a codifed Corporate Governance
Charter, inter-alia, to fulfll its corporate responsibilities and achieve its fnancial objectives.
The Company believes in and has consistently practiced good corporate governance. The Company creates an environment for the
ef cient conduct of the business and to enable management to meet its obligations to all its stakeholders, including amongst others,
shareholders, customers, employees and the community in which the Company operates.
2. Board of Directors:
A. Composition:
The Board comprises of 10 Directors, of whom, three are executive, and seven are non-executive Directors. The Chairman of the
Board is a Non-Executive Director.
The Non-Executive Directors are professionals with experience in management, pharmaceutical industry, legal, fnance,
marketing and general administration who bring in a wide range of skills and experience to the Board.
a) Details of the Board of Directors:
Name of the Director Status Relationship with other
Directors
No. of Board
Meetings
attended
No. of other
Directorships
held #
Committee
Membership(s) ##
Chairman Member
Gracias Saldanha -
Chairman
Non-Executive
Promoter
Group
Father of Mr. Glenn Saldanha and
Ms. Cheryl Pinto and Husband of
Mrs. B. E. Saldanha
6 1
B. E. Saldanha (Ms.) * Non-Executive
Promoter
Group
Mother of Mr. Glenn Saldanha and
Ms. Cheryl Pinto and wife of Mr.
Gracias Saldanha
3 1
Glenn Saldanha
Managing Director
and CEO
Executive
Promoter
Group
Son of Mr. Gracias Saldanha and
Mrs. B. E. Saldanha and brother of
Ms. Cheryl Pinto
5 3 2
Cheryl Pinto (Ms.) Executive
Promoter
Group
Daughter of Mr. Gracias Saldanha
and Mrs. B. E. Saldanha and Sister
of Mr. Glenn Saldanha
5 1
J. F. Ribeiro Non-Executive
Independent
None 5 3 5 --
A. S. Mohanty Executive None 6
N. B. Desai Non-Executive
Independent
None 2 1 3
Sridhar Gorthi Non-Executive
Independent
None 5 2 3
D. R. Mehta* Non-Executive
Independent
None 3 6
Hocine Sidi-Said** Non-Executive
Independent
None 1
M. Gopal Krishnan*** Non-Executive
Independent
None 1
# Includes Directorship(s) in Indian Companies. The Directorships held by Directors as mentioned above, do not include
Alternate Directorships and Directorships of Foreign Companies, Section 25 Companies and Private Limited Companies.
## In accordance with Clause 49 of the Listing Agreement, Membership/Chairmanship of only the Audit Committee and
Shareholders/Investors Grievance Committee of all Public Limited Companies have been considered.
* Appointed as Director w.e.f. 14th August, 2009
** Appointed as Director w.e.f. 29th October, 2009
*** Ceased to be a Director w.e.f. 29th January, 2010
b) During the Financial Year ended 31st March, 2010, Six board meetings were held on the following dates:
17th April 2009, 26th June 2009, 27th July 2009, 14th August 2009, 29th October 2009 and 29th January 2010
B. None of the Non-Executive Directors of the Company, have any pecuniary relationship or transactions with the Company other
than sitting fees paid for attending board meeting/ committee meetings and those already disclosed in the note 7 of schedule
21 to the Financial Statement in the Annual Report.
C. Mr. Gracias Saldanha, Mr. Glenn Saldanha, Mrs. Cheryl Pinto and Mr. J. F. Ribeiro attended the last Annual General Meeting of
the Company held on 25th September, 2009.
3. Audit Committee:
i) Your Company has a qualifed and independent Audit Committee. During the Financial Year ended 31st March, 2010, the
committee met fve times on 30th May, 2009, 26th June, 2009, 27th July, 2009, 28th October, 2009 and 29th January, 2010. The
attendance of the Committee members at the meetings was as follows:
ii)
Name No. of meetings attended Remarks
1. J. F. Ribeiro 4 Chairman
2. Sridhar Gorthi 3 Member
3. N. B. Desai 2 Member
4. M. Gopal Krishnan 1 (Ceased to be a member w.e.f.
29th January, 2010)
Mr. Glenn Saldanha, Managing Director & CEO, Mr. R. V. Desai, CFO and Mr. Prakash Sevekari, Cost Auditor are invitees to the
Meeting of the Audit Committee. The Company Secretary acts as a Secretary to the Committee. The terms of reference of this
committee are wide enough covering matters specifed in the Companies Act, 1956 read together with Clause 49 of the Listing
Agreement of the Stock Exchange. The current Charter of the Audit Committee is in line with international best practices and the
regulatory changes formulated by SEBI and the listing agreements with the stock exchanges on which your company is listed.
iii) Terms of Reference:
a) Approving and implementing the audit procedures and techniques.
b) Reviewing audit reports of both statutory and internal auditors with auditors and management.
c) Reviewing fnancial reporting systems, internal control systems and control procedures.
d) Ensuring compliance with regulatory guidelines.
e) Reviewing the quarterly, half-yearly and annual fnancial results of the Company before submission to the Board.
4. Remuneration of Directors:
A. The remuneration of the executive and non-executive Directors of your Company is decided by the Board of Directors on the
terms and conditions as per the recommendation by the Compensation Committee.
B. Given below are the details of remuneration/fees/commission paid to Directors during the fnancial year ended 31st March , 2010:
Name of Director Salaries
Amount (Rs.)
Retirement
benefts/other
reimbursements
Amount (Rs.)
Commission
Amount (Rs.)
Sitting Fees
Amount (Rs.)
Total
Amount (Rs.)
1. Gracias Saldanha 120,000 120,000
2. B. E. Saldanha 60,000 60,000
3. Glenn Saldanha 9,720,000 8,562,309 18,282,309
4. Cheryl Pinto 7,900,512 1,508,443 9,408,955
5. J. F. Ribeiro 1,80,000 1,80,000
6. N. B. Desai 80,000 80,000
7. M. Gopal Krishnan* 40,000 40,000
8. Sridhar Gorthi 1,60,000 160,000
9. A. S. Mohanty 6,200,508 1,044,163 957,000 82,01,671
10. D. R. Mehta 60,000 60,000
11. Hocine Sidi Said 20,000 20,000
23,821,020 11,114,915 957,000 720,000 36,612,935
Notes:
1. The Executive Directors have been reappointed on 16th May, 2007 for the term of fve years. The service contract can be
terminated with a notice of six months.
2. Sitting fees of Rs. 1,60,000 of Mr. Sridhar Gorthi was paid to Trilegal on his behalf.
* Ceased to be director w.e.f. 29th January, 2010
Shares held by non-executive/Independent directors as on 31st March, 2010
Name of Director Equity Shares (Nos.)
Gracias Saldanha 654744
B. E. Saldanha 537598
J. F. Ribeiro 45800
N. B. Desai 30000
Sridhar Gorthi 559
D. R. Mehta NIL
Hocine Sidi Said NIL
5. Shareholders/Investors Grievance Committee:
The following Committee reviews shareholders complaints and resolution thereof.
Name of committee Members No. of meetings held Attendance at the meeting
Shareholders and Investors Grievance
Committee.
1) J. F. Ribeiro Chairman 7 7
2) Glenn Saldanha Member 7 6
3) N. B. Desai Member 7 3
4) Cheryl Pinto Member 7 5
Compliance Of cer: Mr. Sanjay Chowdhary Jt. Company Secretary acts as the Compliance of cer of the Company.
Details of investors complaints received during the year ended 31st March, 2010:
No. of complaints 2009-2010 2008-2009
Received 20 50
Disposed 20 50
Pending NIL Nil
The Companys Registrars, Karvy Computershare Private Ltd., had received letters/complaints during the fnancial year, all of
which were replied/resolved to the satisfaction of the shareholders.
6. Compensation Committee:
i) Broad terms of reference of the Compensation Committee:
To recommend and review remuneration package of Executive/Non-Executive Directors.
To approve issue of stock options to the employees.
ii) The Compensation Committee comprises of following members of the Board:
1. J. F. Ribeiro - Chairman
2. Glenn Saldanha - Member
3. N. B. Desai - Member
4. S. Gorthi - Member
iii) During the year ended 31st March, 2010, four meetings were held: 17th April 2009, 14th July 2009, 29th January 2010 and 25th
February 2010.
iv) Compensation Policy:
The Company follows a market linked remuneration policy, which is aimed at enabling the Company to attract and retain the
best talent. Compensation is also linked to individual and team performance as they support the achievement of Corporate
Goals. The Company has formulated an Employee Stock Option Scheme for rewarding & retaining performers.
7. Disclosures by Management:
a) No material, fnancial and commercial transactions were reported by the management to the Board, in which the management
had personal interest having a potential confict with the interest of the company at large.
b) There are no transactions with the Director or Management, their associates or their relatives etc. that may have potential
confict with the interest of the Company at large.
c) There was no non-compliance during the last three years by the Company on any matter related to capital market.
Consequently, there were neither penalties imposed nor strictures passed on the Company by Stock Exchanges, SEBI or any
statutory authority.
d) Though there is no formal Whistle Blower Policy, the Company takes cognizance of the complaints made and suggestions
given by the employees and others. Even anonymous complaints are looked into and whenever necessary, suitable corrective
steps are taken. No employee of the Company has been denied access to the Audit Committee of the Board of Directors of the
Company.
e) The company has fulflled a non-mandatory requirement as prescribed in Annexure I D to Clause 49 of the Listing Agreement
with the Stock Exchanges, related to Remuneration Committee (Compensation Committee). Please see the Para on
Compensation Committee.
8. Shareholders information:
a) The relevant information relating to the Directors to be re-appointed at the ensuing Annual General Meeting to be held on
27th September, 2010 are given below:
i) Mr. Glenn Saldanha 40, is a B. Pharm from Bombay University and was awarded the Watumall Foundation Award for
overall excellence. His other educational qualifcations include an MBA from New York Universitys Leonard N. Stern
School of Business (US). He has worked for Eli Lilly in the US and was a Management Consultant with Price Waterhouse
Coopers. His Services have been used by Smithkline Beecham, Rhorer, Astra, Merck and Johnson and Johnson, among
others. He has been the Managing Director of the Company since May2002. He is also a Director of following Companies/
Body Corporates:
Names of the companies/frms Position
Glenmark Exports Ltd. Director
Glenmark Generics Inc., USA. Director
Glenmark Dominicana, S.R. L. Director
Glenmark Pharmaceuticals S.A. Director
Glenmark Holding S.A. Director
Glenmark Generics Ltd. Chairman
Glenmark Generics Holding S.A. Director
Glenmark Generics Finance S.A. Director
Glenmark Therapeutics Inc. USA Director
Talwalkar Better Value Fitness Ltd. Director
ii) Mr. J. F. Ribeiro 81, is a retired Government of cial and has served the country under various assignments. Amongst
the major positions held, he has been the Ex-Commissioner of Police, Mumbai, Former Special Secretary to Government
of India, Ministry of Home Afairs, former Director General of Police, Punjab, Ex-Adviser to the Governor of Punjab,
Ex-Ambassador of India to Romania. He is also a Director of following Companies/Body Corporates:
Glenmark Generics Ltd. Non-Executive Director
VVF Ltd. Non-Executive Director
Fullerton India Credit Company Ltd. Non-Executive Director
iii) Mr. Sridhar Gorthi 38, is a B.A., LLB (Hons.) from the National Law School of India University. He is presently a partner in
Trilegal and has worked with Arthur Anderson and Lex Inde, Mumbai. He is involved in legal advisory services to various
multinational and domestic corporations on restructuring, debt fnance, joint ventures, acquisition/mergers etc. He is
also a Director of following Companies/Body Corporates:
Trilegal Partner
Triconsult India Pvt. Ltd. Director
Glenmark Generics Ltd. Director
Hathway Cable & Datacom Limited Director
Pay Pal Payment Pvt. Ltd. Director
Aurous Communications & Events (I) Pvt. Ltd. Director
Insite India adviser Limited Director
Scottish & Newcastle India Pvt. Ltd Director
RPS Research India Pvt. Ltd. Director
Petro Tiger Services India Private Limited Director
iv) Mr. Hocine Sidi Said 45, is the Founder & Director of Bio-nAbler, an investment company that partners with Sovereign
Wealth Funds and Private Equity Firms across Asia and the MENA region to identify and execute product and company
acquisitions. He has over 20 years of experience in the pharmaceuticals industry and has worked with companies
like Pfzer and UCB. During his stint at UCB, he was incharge of the entire Emerging Markets Region and designated
as Senior Vice President. Prior to joining UCB, he spent close to 17 years with Pfzer in various senior management
and developmental roles in the Middle East, Central and Eastern Europe and Asia. He is also a Director of following
Companies/Body Corporates:-
Moksha 8 Inc. Member
Fuelogical Pte Ltd. Director
Bio-nAbler LLC Director
b) Share Transfer Process: The shares are sent/received for physical transfer at R & Ts of ce and all valid transfer requests are
processed and returned within a period of 30 days from the date of receipt. The Share transfers are approved on weekly basis
by the Share Transfer Committee.
c) Dematerialisation of shares: As of 31st March, 2010, 99.05% of shares have been dematerialised and held in electronic form
through NSDL and CDSL. The shares of your company are permitted to be traded only in dematerialised form.
d) Share Holding Pattern as at 31st March, 2010:
Description No. of Shareholders Shares held % to Equity
Com pany Promoters 16 130507963 48.37
Foreign Institutional Investors 182 72432081 26.84
Residential Individuals 63881 29896297 11.08
Bodies Corporate 1363 11521963 4.27
Indian Financial Institutions 9 7905087 1.45
Mutual Funds 43 12063032 4.47
Non Resident Indians 1779 1804779 0.67
Foreign Nationals 7 112108 0.04
Description No. of Shareholders Shares held % to Equity
Banks 12 1286450 0.48
H.U.F. 1399 867228 0.32
Employees 63 512497 0.19
Clearing Members 290 779960 0.29
Directors 6 123824 0.05
Trusts 12 24284 0.01
TOTAL 69062 269837553 100.00
e) General Body Meetings:
i) The last three Annual General Meetings of the Company were held at the venue and time as under:
AGM No. Date Time Venue
29 20th September, 2007 11.00 a.m. Sunville Banquet & Conference Hall
3rd foor, Dr. Annie Besant Road,
Worli, Mumbai - 400 018.
All resolutions moved at the last Annual General Meeting were passed by a show of hands by requisite majority of
members who attended the meeting.
ii) Whether any special resolution passed in the previous three AGMs?
Yes.
iii) Whether any special resolution passed last year through postal ballot?
Yes
iv) Who conducted the postal ballot?
Mr. S. S. Rauthan, Practising Company Secretary.
v) Whether any special resolution is proposed to be conducted through postal ballot?
No.
vi) Procedure for postal ballot.
One resolution was passed by Postal ballot on 2nd September, 2009. Mr. S. S. Rauthan, Practising Company Secretary was
appointed as the scrutinizer for conducting the Postal Ballot and the Scrutinizer submitted his report to the Chairman of
the Board of Directors of the Company and the results were announced at the deemed Extra-Ordinary General Meeting
held on 2nd September, 2009 at the corporate of ce of the Company at Glenmark House, HDO Corporate Building,
Wing-A, B. D. Sawant Marg, Andheri (E), Mumbai - 400 099.
The following is the result of the Postal Ballot as per the Scrutinizers Report.
Item No. 1 of Notice: Approval of the shareholders under Section 81(1A) and other applicable provisions, if any, of the
Companies Act, 1956 for issue of shares or Convertible instruments by the company.
Particulars No. of Postal
Ballot Forms
No. of Shares % of the total paid
up equity shares
Total Postal Ballot forms received (A) 1332 145984726 58.27
Less: Invalid Postal Ballot forms (B) 36 114998 0.05
Net valid Postal Ballot forms (as per register) (A-B) 1296 145869728 58.22
Postal Ballot forms with assent for the resolution 1239 135004939 53.89
Postal Ballot forms with dissent for the resolution 57 10864789 4.33
f) Date, Time and Venue of the Ensuing Annual General Meeting : Annual General Meeting shall be held on Monday,
27th September, 2010 at 11 a.m. at Sunville Banquet & Conference Hall, 3rd Floor, Dr. Annie Besant Road, Worli,
Mumbai - 400 018.
Record Date/Book Closure:
Book Closure: Monday, 20th September, 2010 to Monday, 27th September, 2010 (both days inclusive)
g) Date of declaration of dividend:
A dividend of Re. 0.40 per share has been recommended by the Board of Directors on 28th May, 2010 subject to the approval
of the shareholders at the ensuing Annual General Meeting.
h) Financial Calendar (Tentative and Subject to change)
Financial reporting for the frst quarter ending June 30, 2010. July 2010
Financial reporting for the second quarter ending September 30, 2010. October 2010
Financial reporting for the third quarter ending December 31, 2010. January 2011
Financial results for the year ending March 31, 2011. May 2011
i) Members can avail of nomination facility by fling Form 2B with the Company. Blank forms can be downloaded from the
website of the Company.
j) Members may kindly note that consequent to split in the face value of equity shares of the company from Rs. 10/- to Rs. 2/- and
subsequently from Rs. 2/- to Re. 1/-, the share certifcates in the face value of Rs. 10/-or Rs. 2/- have ceased to be valid for any
purpose whatsoever. Members who are holding share certifcates of the face value of Rs. 10/- or Rs. 2/- each are requested to
kindly send their respective share certifcates to the R & T Agents for receiving ten or two equity shares of face value of Re. 1/-
each in exchange of one equity share of face value of Rs. 10/- each or Rs. 2/-.
k) Pursuant to the provisions of Section 205A (5) of the Companies Act,1956, dividend for the fnancial year ended March 31,
2001 and thereafter, which remain unclaimed for a period of seven years will be transferred by the Company to the Investor
Education and Protection Fund (IEPF) established by the Central Government pursuant to Section 205C of the Companies Act,
1956.
Information in respect of such unclaimed dividend when due for transfer to the said Fund is given below :
Financial Year
Ended
Date of declaration
of Dividend
Date of transfer to unpaid/
unclaimed dividend account
Last date for claiming
unpaid Dividend
Due date for transfer
to IEP Fund
31.03.2003 15.05.2003 15.06.2003 14.06.2010 14.07.2010
31.03.2004 29.03.2004 29.04.2004 28.04.2011 28.05.2011
31.03.2005 26.04.2005 26.05.2005 25.05.2012 24.06.2012
31.03.2006 31.01.2006 02.03.2006 01.03.2013 31.03.2013
31.03.2007 26.12.2006 25.01.2007 24.01.2014 23.02.2014
31.03.2008 31.10.2007 30.11.2007 29.11.2014 29.12.2014
31.03.2009 25.09.2009 25.10.2009 24.10.2016 23.11.2016
Shareholders who have not so far encashed their dividend warrant(s) are requested to seek issue of duplicate warrant (s)
by writing to the Companys Registrar and Transfer Agents, M/s. Karvy Computershare Pvt. Ltd. immediately. Shareholders
are requested to note that no claims shall lie against the Company or the said Fund in respect of any amounts which were
unclaimed and unpaid for a period of seven years from the dates that they frst became due for payment and no payment shall
be made in respect of any such claims.
l) Means of Communication:
a) Quarterly/Half Yearly and Annual Financial Results of the Company are published in the Financial Express and Punyanagri
newspapers.
b) Your Companys results & of cial news releases are displayed on the companys website.
c) All items required to be covered in the Management Discussion & Analysis are included in the Directors Report to
Members.
d) Company has its own web site and all the vital information relating to the company and its products is displayed on its
web site: www.glenmarkpharma.com.
e) Whether presentation made to institutional investors or to the analysts Yes.
Your Company also regularly provides information to the stock exchanges as per the requirements of the Listing
Agreements. The Companys website is updated periodically to include information on new developments and business
opportunities of your Company.
The Management Discussion & Analysis forms a part of the Annual Report.
9. Companys Scrip Information:
Listing on stock exchanges: The shares of the Company are listed on Bombay Stock Exchange Limited & the National Stock
Exchange of India Ltd.
Listing fees for the year 2010-11 have been paid to the Stock Exchanges.
Stock Code: 532296 on the BSE
Electronic Form No. INE935A01035
Scrip Name
GLENMARK PHA- BSE
GLENMARK - NSE
Market Price Data: High, low during each month in last fnancial year. Performance in comparison to broad based indices namely BSE
Sensex.
(All fgures in Indian Rupees)
Months High Low Closing BSE Sensex
Apr-09 217.50 147.50 179.80 11,403.25
May-09 268.00 161.90 227.10 14,625.25
Jun-09 266.80 199.05 217.60 14,493.84
Jul-09 274.45 203.35 249.80 15,670.31
Aug-09 280.35 202.00 217.15 15,666.64
Sep-09 239.90 213.05 237.50 17,126.84
Oct-09 252.90 215.45 224.15 15,896.28
Nov-09 258.65 210.00 231.35 16,926.22
Dec-09 287.05 234.00 275.00 17,464.81
Jan-10 290.00 235.30 242.15 16,357.96
Feb-10 268.00 240.25 251.60 16,429.55
Mar-10 273.00 230.00 266.25 17,527.77
10. Plant Locations:
The Companys plants are located at:
i) E-37, MIDC Industrial Area, D Road, Satpur, Nasik - 422 007, Maharashtra.
ii) Village: Kishanpura, Baddi Nalagarh Road, Tehsil: Nalagarh, Dist.: Solan - 174 101, Himachal Pradesh.
iii) Business Unit II, Village Bhattanwala, PO Rajpura, Nalagarh Dist.: Solan, Himachal Pradesh.
iv) D-42, Plot No. 50, Kundaim Industrial Estate, Kundaim - 403 115, Goa.
11. Outstanding GDRs/ADRs/Warrants or any Convertible instruments exercised, date and likely impact on equity:
A) The Company had issued 2,36,500 new options under Employees Stock Option Scheme viz. ESOS 2003. During the Financial
Year 2009-2010, 6,01,100 options were cancelled and 6,04,860 options were exercised. As of 31st March, 2010, 26,33,500
options were outstanding and are due for exercise on the following dates:
ESOS 2003
Date Number of Options
April 27, 2010 95,200
May 22, 2010 14,500
May 29, 2010 62,300
July 4, 2010 6,000
July 9, 2010 9,000
August 14, 2010 64,800
August 22, 2010 46,800
September 16, 2010 49,800
October 9, 2010 13,600
October 12, 2010 3,600
November 8, 2010 92,000
December 9, 2010 1,11,150
January 9, 2011 68,100
January 24, 2011 75,800
February 5, 2011 2,34,850
February 16, 2011 40,000
March 21, 2011 1,15,800
April 27, 2011 88,800
May 22, 2011 10,000
July 9, 2011 18,000
July 14, 2011 13,950
August 14, 2011 54,000
ESOS 2003
Date Number of Options
August 22, 2011 46,800
October 9, 2011 27,200
October 12, 2011 2,400
December 9, 2011 1,11,150
January 9, 2012 68,100
February 5, 2012 2,91,850
February 25, 2012 9,500
March 21, 2012 77,200
July 9, 2012 27,000
July 14, 2012 27,900
August 22, 2012 62,400
October 9, 2012 40,800
December 9, 2012 1,48,200
January 9, 2013 90,800
February 5, 2013 17,400
February 25, 2013 19,000
July 9, 2013 36,000
July 14, 2013 41,850
October 9, 2013 54,400
February 5, 2014 23,200
February 25, 2014 28,500
July 14, 2014 55,800
February 25, 2015 38,000
Glenmark Vs. BSE SENSEX
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On exercising the convertible options so granted under the ESOS of the Company, the paid-up equity share capital of the
company will increase by a like number of shares.
B) The company had issued 20,000 Zero Coupon Foreign Currency Convertible Bonds of USD 1000 each.
i. Convertible at the option of the bondholder at any time on or after 28th March, 2005 but prior to the close of business
on 2nd January, 2010 at a fxed exchange rate of Rs. 43.66 per 1 USD and price of Rs. 215.5985(post adjustment for bonus
and split) per share of Re. 1 each.
ii. Redeemable in whole but not in part at the option of the company on or after 15th February, 2008 if closing price of the
given was at least 130% of the applicable Early Redemption Amount divided by the conversion ratio.
iii. Redeemable on maturity date on 16th February, 2010 at 133.74% of its principal amount if not redeemed or converted
earlier. The redemption premium of 33.74% payable on maturity of the bond if there is no conversion of the bond to be
debited to Securities Premium account evenly over the period of 5 years from the date of issue of bonds.
During the year, 1000 FCC bonds of USD 1000 each aggregating to USD 1 Million were redeemed on 16th February, 2010
on maturity. As of 31st March, 2010, NIL FCC Bonds (2009-1000) of USD 1000 each are outstanding.
C) The company had issued 50,000 Zero Coupon Foreign Currency Convertible Bonds of USD 1000 each.
i. Convertible at the option of the bondholder at any time on or after 15th November, 2006 but prior to the close of
business on 2nd January 2010 at a fxed exchange rate of Rs. 43.66 per 1 USD and the price of Rs. 253.11(post adjustment
for split) per share of Re. 1/- each.
ii. Redeemable in whole but not in part at the option of the company on or after 15th February, 2009 if closing price of the
given was at least 130% of the applicable Early Redemption Amount divided by the conversion ratio.
iii. Redeemable on maturity date on 16th February, 2010 at 134.07% of its principal amount if not redeemed or converted
earlier. The redemption premium of 34.07% payable on maturity of the bond if there is no conversion of the bond to be
debited to Securities Premium account evenly over the period of 5 years from the date of issue of bonds.
During the year, 5000 FCC Bonds of USD 1000 each aggregating to USD 5 Million were redeemed on 16th February, 2010
on maturity. As of 31st March, 2010 NIL FCC Bonds (2009-5000) of USD 1000 each are outstanding.
D) The company had issued 30,000 Zero Coupon Foreign Currency Convertible Bonds of USD 1000 each.
i. Convertible at the option of bondholder at any time on or after 11th November, 2007 and prior to the close of business
on 29th November, 2010 at a fxed exchange rate of Rs. 44.94 per 1 USD and the conversion price of Rs. 582.60 per share
of Re. 1/- each.
ii. Redeemable in whole but not in part at the option of the Company, at any time on or after 10th January, 2010, if the
closing price of shares (translated into US Dollars at the prevailing rate) for each of the 25 consecutive trading days
immediately prior to the date upon which notice of redemption is given was at least 130% of the applicable early
redemption amount divided by the applicable Conversion Ratio.
iii. Redeemable on 11th January, 2011 at 139.729% of its Principal amount if not redeemed or converted earlier. The
redemption premium of 39.729% payable on maturity of the bond if there is no conversion of the bond to be debited to
Securities Premium account evenly over the period of 5 years from the date of issue of bonds.
As of 31st March, 2010, 30000 FCC bonds of USD 1000 each aggregating to USD 30 Million are outstanding.
12. Electronic Clearing System (ECS):
Shareholders are advised to opt for payment of dividend through ECS. The salient benefts of receiving dividend payment through
ECS amongst others may be listed as below:
a) There are no clearing charges in the hands of the investor/recipient, the same are borne by the Company;
b) Risk as to fraudulent encashment of the dividend warrants, loss/interception of dividend warrants in transit, are eliminated;
c) The facility ensures instant credit of the dividend amount in the desired account which to the recipient, means efortless and
speedier transaction and hassles as to revalidation etc are done away with;
d) Once the payment is made through ECS/NECS company issues intimation letters to the investors as to credit/payment of
dividend, providing therein the details of the account and amount. Investors may download the ECS Mandate Form from the
companys website and send the same duly flled in to registrars for updating of records.
13. Investor Helpdesk: for clarifcations/assistance, if any, please contact:
Corporate Of ce Registrars & Transfer Agents
Persons to contact Mr. Sanjay Chowdhary Mr. M. R. V.Subrahmanyam
Add: Glenmark Pharmaceuticals Ltd.
Glenmark House, HDO Corporate Building, Wing A, B. D.
Sawant Marg, Chakala, Of. Western Express Highway,
Andheri (E), Mumbai - 400 099.
Karvy Computershare Pvt. Ltd.
Plot No. 17 to 24, Near Image Hospital, Vittalrao
Nagar, Madhapur, Hyderabad - 500 081.
Telephone (022) 40189999 (040) 23420818-828
Fax No. (022) 40189986 (040) 23420814
E-mail webmaster@glenmarkpharma.com mrvs@karvy.com
Website: www.glenmarkpharma.com www.karvy.com
Investor Redressal: complianceof cer@glenmarkpharma.com -
Declaration regarding af rmation of Code of Conduct
In terms of the requirements of the amended Clause 49 of the Listing Agreement, this is to confrm that all the members of the Board and
the senior management personnel have af rmed compliance with the Code of Conduct for the year ended 31st March, 2010.
Place: Mumbai Glenn Saldanha
Date: 9th August, 2010 Managing Director & CEO
We, Glenn Saldanha, Managing Director & Chief Executive Of cer and R. V. Desai, Chief Financial Of cer, of Glenmark Pharmaceuticals Ltd.,
certify that:
(a) We have reviewed fnancial statements and cash fow statement for the year and that to the best of our knowledge and belief:
i) these statements do not contain any materially untrue statement or omit any material fact or contain statements that might be
misleading;
ii) these statements together present a true and fair view of the companys afairs and are in compliance with existing accounting
standards, applicable laws and regulations.
(b) There are, to the best of our knowledge and belief, no transactions entered into by the company during the year which are fraudulent,
illegal or violative of the companys code of conduct.
(c) We accept responsibility for establishing and maintaining the internal controls for fnancial reporting and that we have evaluated the
efectiveness of internal control systems of the company pertaining to fnancial reporting and we have disclosed to the auditors and
the Audit Committee, defciencies in the design or operation of such internal controls, if any, of which we are aware and the steps we
have taken or propose to take to rectify these defciencies.
(d) We have indicated to the auditors and the Audit Committee:
i) signifcant changes in internal control over fnancial reporting during the year;
ii) signifcant changes in accounting policies during the year and that the same have been disclosed in the notes to the fnancial
statements:
iii) during the year there were no instances of fraud which we have become aware. The management and its employees have a
signifcant role in the Companys internal control system.
Glenn Saldanha R. V. Desai
Managing Director & Chief Executive Of cer Chief Financial Of cer
Place: Mumbai
Certifcation by the Chief Executive Of cer (CEO) and Chief Financial Of cer (CFO) on Financial
Statements of the Company
To the Members of:
GLENMARK PHARMACEUTICALS LIMITED
We have reviewed the implementation of Corporate Governance procedures by Glenmark Pharmaceuticals Limited during the year ended
31st March, 2010, with the relevant records and documents maintained by the Company, furnished to us for our review and report on
Corporate Governance as approved by the Board of Directors.
The compliance of conditions of Corporate Governance is the responsibility of the management. Our examination was limited to a review
of procedures and implementation thereof, adopted by the Company for ensuring the compliances of the conditions of Corporate
Governance. It is neither an audit nor an expression of opinion on the fnancial statements of the Company.
In our opinion and to the best of our information and explanations given to us, we certify that the Company has complied with the
conditions of Corporate Governance as stipulated in the Listing Agreement.
On the basis of our review and according to the information and explanations given to us, the conditions of Corporate Governance as
stipulated in Clause 49 of the Listing Agreement(s) with the stock exchanges have been complied with in all material respect by the
Company and that no investor grievance is pending for a period exceeding one month against the Company as per the records maintained
by the Shareholders/Investors Grievance Committee.
We further state that such compliance is neither an assurance as to the future viability of the Company nor the ef ciency or efectiveness
with which the management has conducted the afairs of the Company.
For and on behalf of
S. S. Rauthan & Associates
Company Secretaries
Surjan Singh Rauthan
Proprietor
Place : Mumbai M. No. - FCS-4807
Date : 9th August, 2010. COP-3233
Certifcate on Corporate Governance
Auditors Report
To the Members of
Glenmark Pharmaceuticals Limited
1. We have audited the attached Balance Sheet of Glenmark Pharmaceuticals Limited (the Company) as at 31st March, 2010, and the
related Proft and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto, which we have signed
under reference to this report. These fnancial statements are the responsibility of the Companys Management. Our responsibility is
to express an opinion on these fnancial 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 fnancial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fnancial statements. An audit also
includes assessing the accounting principles used and signifcant estimates made by Management, as well as evaluating the overall
fnancial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003, as amended by the Companies (Auditors Report) (Amendment) Order,
2004 (together the Order), issued by the Central Government of India in terms of sub-section (4A) of Section 227 of The Companies
Act, 1956 of India (the Act) and on the basis of such checks of the books and records of the Company as we considered appropriate
and according to the information and explanations given to us, we give in the Annexure a statement on the matters specifed in
paragraphs 4 and 5 of the Order.
4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that:
(a) We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the
purposes of our audit;
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our
examination of those books;
(c) The Balance Sheet, Proft and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books
of account;
(d) In our opinion, the Balance Sheet, Proft and Loss Account and Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of Section 211 of the Act;
(e) On the basis of written representations received from the directors, as on 31st March, 2010 and taken on record by the Board
of Directors, none of the directors is disqualifed as on 31st March, 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of Section 274 of the Act;
(f) In our opinion and to the best of our information and according to the explanations given to us, the said fnancial statements
together with the notes thereon and attached thereto give, in the prescribed manner, the information required by the Act, and
give a true and fair view in conformity with the accounting principles generally accepted in India:
(i) in the case of the Balance Sheet, of the state of afairs of the company as at 31st March, 2010;
(ii) in the case of the Proft and Loss Account, of the proft for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash fows for the year ended on that date.
Partha Ghosh
Partner

Place: Mumbai
ANNEXURE TO AUDITORS REPORT
Referred to in paragraph 3 of the Auditors Report of even date to the members of Glenmark Pharmaceuticals Limited on the fnancial
statements for the year ended 31st March, 2010
1. (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation, of fxed
assets.
(b) The fxed assets are physically verifed by the Management according to a phased programme designed to cover all the items
over a period of three years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its
assets. Pursuant to the programme, a portion of the fxed assets has been physically verifed by the Management during the
year and no material discrepancies between the book records and the physical inventory have been noticed.
(c) In our opinion and according to the information and explanations given to us, a substantial part of fxed assets has not been
disposed of by the Company during the year.
2. (a) The inventory (excluding stocks with third parties) has been physically verifed by the Management during the year. In respect
of inventory lying with third parties, these have substantially been confrmed by them. In our opinion, the frequency of
verifcation is reasonable.
(b) In our opinion, the procedures of physical verifcation of inventory followed by the Management are reasonable and adequate
in relation to the size of the Company and the nature of its business.
(c) On the basis of our examination of the inventory records, in our opinion, the Company is maintaining proper records of
inventory. The discrepancies noticed on physical verifcation of inventory as compared to book records were not material.
3. (a) The Company has not granted any loans, secured or unsecured, to companies, frms or other parties covered in the register
maintained under Section 301 of the Act.
(b) The Company has not taken any loans, secured or unsecured, from companies, frms or other parties covered in the register
maintained under Section 301 of the Act.
4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system
commensurate with the size of the Company and the nature of its business for the purchase of inventory, fxed assets and for the
sale of goods and services. Further, on the basis of our examination of the books and records of the Company, and according to the
information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct
major weaknesses in the aforesaid internal control system.
5. According to the information and explanations given to us, there have been no contracts or arrangements referred to in Section 301
of the Act during the year to be entered in the register required to be maintained under that Section. Accordingly, the question of
commenting on transactions made in pursuance of such contracts or arrangements does not arise.
6. The Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Act and the rules
framed there under.
7. In our opinion, the Company has an internal audit system commensurate with its size and nature of its business.
8. We have broadly reviewed the books of account maintained by the Company in respect of products where, pursuant to the Rules
made by the Central Government of India, the maintenance of cost records has been prescribed under clause (d) of sub-section (1) of
Section 209 of the Act, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.
We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.
9. (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the
Company is generally regular in depositing the undisputed statutory dues including provident fund, investor education and
protection fund, employees state insurance, income-tax, sales-tax, wealth-tax, service tax, customs duty, excise duty, cess and
other material statutory dues as applicable with the appropriate authorities.
(b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues
of income-tax, wealth-tax, service-tax, customs duty and cess which have not been deposited on account of any dispute.
The particulars of dues of sales-tax and excise duty as at 31st March, 2010 which have not been deposited on account of a
dispute, are as follows:
Name of the statute Nature of
dues
Amount*
(Rs. lakhs)
Period to which
the amount relates
Forum where the dispute is
pending
The Central Excise Act, 1944 Excise Duty 247.02 2002 to 2006 The Central Excise and Service Tax
Appellate Tribunal
The Gujarat Sales Tax Act, 1969/The
Central Sales Act, 1956 (Gujarat)
Sales Tax 20.64 2004 - 2005 Deputy Commissioner (CT) Appeals
* Net of amount deposited under protest
10. The Company has no accumulated losses as at 31st March, 2010 and it has not incurred any cash losses in the fnancial year ended on
that date or in the immediately preceding fnancial year.
11. According to the records of the Company examined by us and the information and explanation given to us, the Company has not
defaulted in repayment of dues to any fnancial institution or bank as at the balance sheet date.
12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other
securities.
13. The provisions of any special statute applicable to chit fund/nidhi/mutual beneft fund/societies are not applicable to the Company.
14. In our opinion, the Company is not a dealer or trader in shares, securities, debentures and other investments.
15. In our opinion and according to the information and explanations given to us, the terms and conditions of the guarantees given by
the Company, for loans taken by others from banks or fnancial institutions during the year, are not prejudicial to the interest of the
Company.
16. In our opinion, and according to the information and explanations given to us, on an overall basis, the term loans have been applied
for the purposes for which they were obtained.
17. On the basis of an overall examination of the balance sheet of the Company, in our opinion and according to the information and
explanations given to us, there are no funds raised on a short-term basis which have been used for long-term investment.
18. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under
Section 301 of the Act during the year.
19. The Company has not issued any debentures.
20. The Company has not raised any money by public issues during the year.
21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance
of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the Management.
Partha Ghosh
Partner

Place: Mumbai
Balance Sheet
Rs. in (000s)
Schedules
As at
31st March, 2010
As at
31st March, 2009
I. SOURCES OF FUNDS
1. SHAREHOLDERS' FUNDS
a) Capital 1 269,838 250,520
b) Reserves and Surplus 2 17,464,316 12,049,185
17,734,154 12,299,705
2. LOAN FUNDS
a) Secured Loans 3 486,403 1,122,123
b) Unsecured Loans 4 7,111,150 9,536,950
7,597,553 10,659,073
3. DEFERRED TAX LIABILITY 5 327,713 411,232
TOTAL 25,659,420 23,370,010
II. APPLICATION OF FUNDS
1. FIXED ASSETS 6
a) Gross Block 3,086,286 2,704,814
b) Less: Depreciation 1,182,210 976,745
c) Net Block 1,904,076 1,728,069
d) Capital Work-in-progress 468,830 324,493
2,372,906 2,052,562
2. INVESTMENTS 7 9,929,191 2,376,317
3. DEFERRED TAX ASSETS 8 96,727 88,060
4. CURRENT ASSETS, LOANS AND ADVANCES
a) Inventories 9 1,503,976 1,303,143
b) Sundry Debtors 10 3,300,915 4,098,190
c) Cash and Bank Balances 11 50,772 116,877
d) Loans and Advances 12 10,481,709 15,726,828
15,337,372 21,245,038
LESS: CURRENT LIABILITIES AND PROVISIONS
a) Current Liabilities 13 1,902,857 2,232,555
b) Provisions 14 173,919 159,412
2,076,776 2,391,967
NET CURRENT ASSETS 13,260,596 18,853,071
TOTAL 25,659,420 23,370,010
NOTES TO THE FINANCIAL STATEMENTS 21
Schedules referred to above and notes attached there to form an integral part of the Balance Sheet.
This is the Balance Sheet referred to in our report of even date.

Proft and Loss Account
Rs. in (000s)
Schedules
Year ended
31st March, 2010
Year ended
31st March, 2009
INCOME
Sales and Operating Income 15 10,296,868 8,661,724
Other Income 16 91,897 994,923
10,388,765 9,656,647
EXPENDITURE
Cost of Sales 17 3,730,510 3,055,159
Selling and Operating Expenses 18 4,473,195 2,880,774
Depreciation 6 212,778 191,045
Interest (net) 19 301,584 551,386
Research and Development Expenses 20 460,560 514,584
9,178,627 7,192,948
Proft before Tax and Exceptional items 1,210,138 2,463,699
Exceptional Item - 2,980
PROFIT BEFORE TAX 1,210,138 2,460,719
Provision for Taxation [Refer Note 1(xi) and 10 of Schedule 21]
- Current Year [includes wealth tax provision Rs. 200 (Prev. Year Rs.275)] 247,487 272,275
- MAT Credit (Entitlement)/Utilisation (229,795) 557,518
- Deferred Tax (92,186) (632,382)
- Fringe Beneft Tax - 74,748
- Prior Period Tax - 9,297
NET PROFIT AFTER TAX 1,284,632 2,179,263
Balance Proft Brought Forward 7,480,978 5,636,879
NET PROFIT AVAILABLE FOR APPROPRIATION 8,765,610 7,816,142
Proposed Dividend on Equity Shares 107,935 100,208
Tax on Proposed Dividend on Equity Shares 17,927 17,030
Residual Dividend and Dividend Tax 163 -
Transfer to General Reserve 128,463 217,926
BALANCE CARRIED TO BALANCE SHEET 8,511,122 7,480,978
Earnings Per Share (Rs.) [Refer Note 5 of Schedule 21]
Basic 4.93 8.72
Diluted 4.92 8.54
Face Value Per Share 1.00 1.00
NOTES TO THE FINANCIAL STATEMENTS 21
Proft and Loss Account.
This is the Proft and Loss Account referred to in our report of even date.

Cash Flow Statement
Rs. in (000s)
Year ended
31st March, 2010
Year ended
31st March, 2009
A. CASH FLOW FROM OPERATING ACTIVITIES:
Net Proft before Tax 1,210,138 2,460,719
Adjustments for:
Depreciation 212,778 191,045
Interest Expense 996,645 948,134
Interest Income (695,061) (396,748)
Income from Investment - Dividends (75) (38)
(Proft)/Loss on Fixed Assets sold 9,112 (4,102)
Provision for Doubtful Advances written back (700) -
Provision for Bad & Doubtful Debts 17,500 30,000
Provision for Gratuity & Leave Encashment 34,629 45,822
Exceptional Item - 2,980
Unrealised Foreign Exchange (Gain)/Loss 1,192,324 (744,988)
Operating Proft Before Working Capital Changes 2,977,290 2,532,824
Adjustments for changes in working capital:
- (Increase)/Decrease in Sundry Debtors 585,198 (1,173,745)
- (Increase)/Decrease in Other Receivables 7,225,571 (436,075)
- (Increase) in Inventories (200,833) (177,893)
- Increase/(Decrease) in Trade and Other Payables (392,699) 642,603
Cash Generated from Operations 10,194,527 1,387,714
- Taxes (Paid) (Net of Tax Deducted at Source) (362,878) (447,125)
Net Cash from Operating Activities 9,831,649 940,589
B. CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of Fixed Assets (463,034) (362,003)
Capital Work-in-Progress (144,337) 71,423
Proceeds from Sale of Fixed Assets 64,562 90,187
Purchase of Investments (7,542,575) (419,613)
Loans & Advances to Subsidiary Companies (2,564,114) (5,346,365)
Interest Received 647,208 74,890
Dividend Received 75 38
Net Cash used in Investing Activities (10,002,215) (5,891,443)
Cash Flow Statement
Rs. in (000s)
Year ended
31st March, 2010
Year ended
31st March, 2009
C. CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from Fresh Issue of
Share Capital (including Securities Premium) 4,142,780 350,586
Proceeds/(Repayment) of Long Term Borrowings 4,365,679 (791)
Proceeds/(Repayment) of Short Term Borrowings (6,426,451) 6,176,352
Proceeds from Working Capital Facilities movement (464,470) (634,150)
Redemption of FCCB (279,960) -
FCCB Premium paid on redemption including TDS (105,288) -
Interest Paid (1,009,833) (935,747)
Dividend Paid (100,966) (72)
Dividend Tax Paid (17,030) -
Net Cash from Financing Activities 104,461 4,956,178
Net Increase/(Decrease) in Cash & Cash Equivalents (66,105) 5,324
Cash and Cash Equivalents as at 31st March, 2009 116,877 111,751
Cash balance transferred to Glenmark Generics Ltd. - (198)
Cash and Cash Equivalents as at 31st March, 2010 50,772 116,877
Cash and Cash Equivalents Comprise:
Cash 1,710 1,045
Deposits with Scheduled banks 14,725 37,382
Deposits with Non-scheduled Banks 113 126
Balance with Scheduled Banks 33,022 76,173
Balance with Non-scheduled Banks 1,202 2,151
50,772 116,877
Notes:
1. The Cash Flow Statement has been prepared under the "Indirect Method" as set out in Accounting Standard - 3 on Cash Flow
Statements issued by the Institute of Chartered Accountants of India.
2. Cash and cash equivalents includes Rs. 3,122 which are not available for use by the Company. (Refer Schedule 13 to the Financial
Statements)
3. Figures in bracket indicate Cash outgo.
This is the Cash Flow Statement referred to in our report of even date.

Schedules annexed to and forming part of the Balance Sheet
Rs. in (000s)
As at
31st March, 2010
As at
31st March, 2009
1. CAPITAL
Authorised
4,000,000 (2009 4,000,000) Cumulative Redeemable non-convertible preference shares
of Rs. 100 each
400,000 400,000
Issued, Subscribed and Paid-up
TOTAL 269,838 250,520
Notes:
1. During the year ended 31st March, 2010 the Company, pursuant to Employee Stock Option Scheme 2003, has granted 236,500
(2009 - 2,305,500) options at market price as defned in SEBI (ESOS) Guidelines and cancelled 601,100 (2009 - 1,697,500) options.
2. During the year 604,860 (2009 - 500,300) options were converted into Equity Shares under the Employee Stock Option Scheme,
2003. As at 31st March, 2010, 2,633,500 options were outstanding under Employee Stock Option Scheme, 2003. On exercise of the
options so granted under Employee Stock Option Scheme 2003, the paid-up Equity Share Capital of the Company will increase by a
3. During the year, Nil (2009 - 7,500) Zero Coupon Foreign Currency Convertible Bonds (FCCB) of USD 1,000 each aggregating USD Nil
(2009 - USD 7.5 million) were converted into Nil (2009 - 1,293,706) equity shares of Re. 1 each. As at 31st March, 2010, FCC Bonds
amounting to USD 30 million were outstanding.
4. On 18th September, 2009 the Company allotted 18,712,935 Equity Shares of Re. 1 each at a premium of Rs. 220/- per share to Qualifed
Institutional Buyers pursuant to chapter VIII of the Securities Exchange Board of India (Issue of Capital and Disclosure Requirement)
Regulation 2009.
5. Of the above 158,371,140 (2009 - 158,371,140) Equity Shares of Re. 1 each are allotted as fully paid-up Bonus Shares by Capitalisation
of Reserves.
Rs. in (000s)
As at
31st March, 2010
As at
31st March, 2009
2. RESERVES AND SURPLUS
Securities Premium Account
Add: Premium on Issue of Shares pursuant to Conversion of ESOP 36,659 22,636
Add: Premium on Issue of Shares to Qualifed Institutional Buyers 4,116,846 -
Less: Issue expenses on issue of shares to QIBs 65,829 -
Add: Premium on Issue of Shares pursuant to conversion of FCC Bonds - 326,156
Add: Writeback of redemption premium for FCC Bonds converted during the year - 66,115
Less: Redemption premium of FCC Bonds 149,623 127,296
Add: Tax impact on FCCB redemption premium 35,787 -
General Reserve
Add: Transferred from Proft and Loss Account 128,463 217,926
Add: Transfer to Fixed assets - 3,915
Less: Transfer from Foreign Currency Monetary Item Translation Diference Account - 91,649
Foreign Currency Monetary Item Translation Diference Account
Balance at the beginning of the year (246,476) -
Add: FCC Bond and ECB loan unrealised gain/(loss) as per notifcation issued by
Ministry of Corporate Afairs
256,318 (391,995)
Amortisation of Foreign Currency Monetary Item Translation Diference 26,366 145,519
Closing Balance 36,208 (246,476)
Capital Redemption Reserve 200,000 200,000
Capital Reserve 1,000 1,000
Proft and Loss Account Balance 8,511,122 7,480,978
TOTAL 17,464,316 12,049,185
6. FIXED ASSETS [Refer Note 1(ii), 1(iii), 1(iv), 1(v)(b), 1(x) and 1(xii) of Schedule 21]
Rs. in (000s)
GROSS BLOCK DEPRECIATION/AMORTISATION NET BLOCK
As at
31st March,
2009
Additions
during the
year
Deductions As at
31st March,
2010
As at
31st March,
2009
For the
year
On
Deductions
As at
31st March,
2010
As at
31st March,
2010
As at
31st March,
2009
Tangible assets
Freehold Land 36,731 11,737 - 48,468 - - - - 48,468 36,731
Leasehold Land 80,894 4,758 (54,400) 31,252 2,414 967 (1,098) 2,283 28,969 78,480
Factory Buildings 351,416 114,889 - 466,305 55,484 15,298 - 70,782 395,523 295,932
Other Buildings &
Premises 201,122 5,822 - 206,944 24,273 3,340 - 27,613 179,331 176,849
Plant and Machinery 240,266 56,861 (1,661) 295,466 48,909 12,620 (46) 61,483 233,983 191,357
Furniture and Fittings 267,171 37,712 - 304,883 132,260 29,677 - 161,937 142,946 134,911
Equipments 994,179 190,295 (2,518) 1,181,956 361,991 79,988 (1,689) 440,290 741,666 632,188
Vehicles 40,818 2,037 (6,716) 36,139 17,033 5,543 (4,329) 18,247 17,892 23,785
Intangible assets
Computer software 59,496 39,212 (16,556) 82,152 22,866 13,808 (151) 36,523 45,629 36,630
Brands 432,721 - - 432,721 311,515 51,537 - 363,052 69,669 121,206
TOTAL 2,704,814 463,323 (81,851) 3,086,286 976,745 212,778 (7,313) 1,182,210 1,904,076 1,728,069
Previous Year 4,837,377 408,920 (2,541,483) 2,704,814 1,162,046 191,045 (376,346) 976,745 - -
Capital Work-in-progress 468,830 324,493
Notes:
1. Addition to Fixed assets includes Capital expenditure of Rs. 57,978 [2009 - Rs. 104,456] incurred at approved R & D centres.
2. Addition to assets include Rs. 7,499 (2009 - Rs. 5,400) being borrowing costs.
Rs. in (000s)
Notes
As at
31st March, 2010
As at
31st March, 2009
3. SECURED LOANS
From Banks
Term Loan 1 338,550 509,800
Working Capital Facilities 2 147,853 612,323
TOTAL 486,403 1,122,123
Notes:
1. Term loan is secured by way of exclusive charge as the case may be, at certain locations, on Company's fxed assets both present and
future.
2. Working Capital Facilities is secured by hypothecation of Stocks of raw materials, packing materials, fnished goods, work in process,
receivables and equitable mortgage on fxed assets at the manufacturing facility at Nasik and Research and Development centre at
Sinnar, Nasik.
Rs. in (000s)
As at
31st March, 2010
As at
31st March, 2009
4. UNSECURED LOANS
Short Term Loans from Banks 1,221,727 7,656,138
Other Loans from Banks 4,481,731 -
Foreign Currency Convertible Bonds (due within one year) [Refer Note 15 of Schedule 21] 1,354,200 1,835,280
Security Deposit 53,492 45,532
TOTAL 7,111,150 9,536,950
5. DEFERRED TAX LIABILITY [Refer Note 1(xi) of Schedule 21]
Depreciation 309,904 297,339
FCC Bond/ECB Loan revaluation 17,809 113,893
TOTAL 327,713 411,232
Rs. in (000s)
As at
31st March, 2010
As at
31st March, 2009
7. INVESTMENTS [Refer Note 1(vi) and 14(e) of Schedule 21]
Long Term Investments - At Cost - Fully Paid
Quoted - non-trade
Equity shares
9,000 (2009 9,000) Bank of India of Rs. 10 each [Market Value Rs. 3,067 (2009 Rs. 1,979)] 405 405
1,209 (2009 1,209) IDBI Bank Limited of Rs. 10 each [Market Value Rs. 139 (2009 Rs. 55)] 34 34
439 439
Investment in Government Securities
National Savings Certifcate - Sixth Issue 22 22
Unquoted - non-trade
1 (2009 1) Time Share of Dalmia Resorts Limited 20 20
1 (2009 1) Equity Share of Esquados 340,000 of Glenmark Pharmaceutica Limitada.,
Lisbon (Portugal)
48 48
213,032 (2009 - 213,032) Equity Shares of Bharuch Eco-Aqua Infrastructure Limited of
Rs. 10 each, fully paid-up
2,130 2,130
1,350,000 (2009 - 1,350,000) 7% cumulative preference shares of Rs. 100 each fully paid-up
of Marksans Pharma Ltd.
135,000 135,000
Investment with Napo Pharmaceuticals Inc. [1,176,471 (2009 - 1,176,471) Preferred shares
of USD 0.85 each]
43,560 43,560
Investment in Joint Venture - Glenmark Pharmaceuticals (Thailand) Co. Ltd. [9,800 Ordinary
shares of THB 100 each and 16,415 Ordinary Shares of THB 100 each (Paid-up 50 THB) & 2
Preference shares of THB 100 each (2009 - 9,800 Ordinary shares & 2 Preference shares) of
THB 100 each]
2,508 1,348
Investments in Subsidiary Companies - Unquoted - non-trade
a) Glenmark Exports Limited, India 18,500 18,500
[1,850,020 (2009 - 1,850,020) Equity Shares of Rs. 10 each]
b) Glenmark Impex LLC, Russia 722,279 432,287
[Roubles 455,701,648 (2009 - 266,741,126)]
c) Glenmark Philippines Inc., Philippines 116,703 87,899
[640,490 (2009 - 497,162) shares of Pesos 200 each]
d) Glenmark Pharmaceuticals (Nigeria) Ltd., Nigeria 86,609 51,335
[267,533,341 (2009 - 157,115,916) shares of Naira 1 each]
e) Glenmark Pharmaceuticals Malaysia Sdn. Bhd., Malaysia 15,286 13,977
[1,200,861 (2009 - 1,107,955) shares of RM 1 each]
f ) Glenmark Generics Ltd, India [Refer Note 4 of Schedule 21] 7,868,000 717,000
[143,210,000 (2009 - 71,700,000) shares of Rs. 10 each]
g) Glenmark Holding S. A., Switzerland 797,113 797,113
[22,520,000 (2009 - 22,520,000) shares of CHF 1 each]
h) Glenmark Pharmaceuticals (Australia) Pty. Ltd., Australia 65,047 60,734
[1,976,002 (2009 - 1,861,002) shares of AUD 1 each]
i) Glenmark Pharmaceuticals Egypt S.A.E., Egypt 42,940 1,980
[4,975,154 (2009 - 250,000) shares of EGP 1 each]
j) Glenmark Pharmaceuticals FZE (U.A.E.) 12,925 12,925
[1 (2009 - 1) shares of AED 1,000,000 each]
k) Glenmark Dominicana, SRL, Dominican Republic* 62 -
[100 (2009 - 50) shares of RD 1000 each]
9,928,752 2,375,878
TOTAL 9,929,191 2,376,317
Aggregate book value of Investments
- Quoted [Market value Rs. 3,206 (2009 - Rs. 2,034)] 439 439
- Unquoted 9,928,752 2,375,878
TOTAL 9,929,191 2,376,317
*denotes amount less than Rs. 1 ('000)
Rs. in (000s)
As at
31st March, 2010
As at
31st March, 2009
8. DEFERRED TAX ASSET [Refer Note 1(xi) of Schedule 21]
Provision for Bad Debts and Doubtful Advances 68,017 62,306
Others 28,710 25,754
TOTAL 96,727 88,060
9. INVENTORIES [Refer Note 1(vii) and 13(f) of Schedule 21]
(As certifed by the management)
Raw Materials 523,450 370,141
Packing Material 154,959 131,119
Work-in-Process 182,197 72,468
Stores and Spares 16,453 13,647
Finished Goods 626,917 715,768
TOTAL 1,503,976 1,303,143
10. SUNDRY DEBTORS [Refer Note 14(c) of Schedule 21]
Outstanding for more than six months
Secured, considered good - -
Unsecured, considered doubtful 176,098 158,598
2,686,127 1,815,324
Less: Provision for doubtful debts 176,098 158,598
2,510,029 1,656,726
Other debts -
Secured, considered good - -
Unsecured, considered good 790,886 2,441,464
790,886 2,441,464
TOTAL 3,300,915 4,098,190
11. CASH AND BANK BALANCES
Cash in hand 1,710 1,045
Balances with Scheduled banks
- Margin Money Account 14,725 37,382
- EEFC Account 31 76
Balances with Non-Scheduled Banks
- Deposit Accounts 113 126
TOTAL 50,772 116,877
The balances in the margin money accounts are given as security against guarantees issued by banks on behalf of the Company.
Bank balances with Non-Scheduled banks in current account includes: Rs. in (000s)
As at 31st
March, 2010
Maximum amount outstanding
during the year 2009-2010
As at 31st
March, 2009
during the year 2008-2009
Bank for Foreign Trade of Vietnam 58 404 92 1,502
Imperial Bank 66 225 116 170
Foreign Trade Bank of Cambodia 335 484 163 383
State Export-Import Bank of Ukraine 32 1,826 183 2,395
Taib Kazak Bank 461 948 64 838
Alp Jamol Bank USD A/c 224 723 499 1,240
Alp Jamol Bank Local Currency A/c 7 522 40 585
HSBC Singapore USD 19 30 30 143
Barclays Bank,New Maadi Branch - 345 346 800
Bank of Kazakhstan USD A/c - 1,222 618 775
1,202 2,151
Bank balances with Non-Schedule Banks in Deposit account includes:
HSBC Call Deposit USD 113 126 126 126
Rs. in (000s)
As at
31st March, 2010
As at
31st March, 2009
12. LOANS AND ADVANCES (unsecured, considered good unless otherwise stated)
Advances recoverable in cash or kind or for value to be received
Considered good 375,370 576,056
Considered doubtful 29,100 29,800
404,470 605,856
Less: Provision for Doubtful advances (29,100) (29,800)
375,370 576,056
Receivable from Glenmark Generics Ltd. 770,500 7,598,996
Advances to subsidiaries [Refer Note 14(a) and (b) of Schedule 21] 8,508,090 6,649,554
Share Application Money - pending allotment
- [Egyptian Pound Nil (2009 - 1,158,308)] Glenmark Pharmaceuticals Egypt (S.A.E.) - 10,299
Advance to Vendors 104,275 432,999
Advance tax [net of provision of Rs. 1,524,636 (2009 - Rs. 1,313,135)] 204,699 91,382
MAT Credit Entitlement [Refer Note 10 of Schedule 21] 232,304 2,509
Balance with Excise Authorities 163,809 238,609
Deposits 122,662 126,424
TOTAL 10,481,709 15,726,828
13. CURRENT LIABILITIES
Acceptances 494,716 -
Sundry creditors [Refer Note 8 of Schedule 21]
- Total outstanding dues to Micro enterprises and small enterprises - 26,524
- Total outstanding dues to creditors other than Micro enterprises and small enterprises 791,803 1,463,950
Investor Education and Protection Fund shall be credited by
- Unclaimed Dividend 3,122 3,717
[There are no amounts due and outstanding to be credited to Investor Education
and Protection Fund]
Advances from Customer - 46,648
Payable to Subsidiaries [Refer Note 14(d) of Schedule 21] 6,486 120,868
Other Liabilities 157,073 152,337
Interest accrued but not due 449,657 418,511
TOTAL 1,902,857 2,232,555
14. PROVISIONS
Proposed Dividend 107,935 100,208
Tax payable on Proposed Dividend 17,927 17,030
Provision for Wealth Tax 252 276
Provision for Fringe Beneft Tax - 2,050
Provident Fund Scheme payable 7,543 7,288
Provision for Gratuity and leave encashment [Refer Note 11 of Schedule 21] 40,262 32,560
TOTAL 173,919 159,412
Schedules annexed to and forming part of the Proft and Loss Account
Rs. in (000s)
Year ended
31st March, 2010
Year ended
31st March, 2009
15. SALES AND OPERATING INCOME [Refer Note 1(ix) and 13(b) of Schedule 21]
Sale of goods* 10,281,576 8,647,288
Income from services 15,292 14,436
TOTAL 10,296,868 8,661,724
* includes Sales Tax and Excise Duty aggregating Rs. 388,827 (2009 Rs. 311,401)
and Rs. 77,763 (2009 Rs. 108,810) respectively.
16. OTHER INCOME
Dividend received on non trade Investments 75 38
Exchange gain - 867,485
Export Incentive 48,574 76,200
Proft on Sale of Fixed Assets - 4,102
Provision for Doubtful Advances Written back 700 -
Guarantee Commission 26,062 29,135
Miscellaneous income 16,486 17,963
TOTAL 91,897 994,923
17. COST OF SALES
Salary, wages, bonus and allowances 143,388 127,402
Labour charges 148,249 152,784
Consumption of raw and packing materials [Refer Note 13(d) and (e) of Schedule 21] 2,002,785 1,678,637
Purchase of Traded goods [Refer note 13(c) of Schedule 21] 841,496 687,227
Excise Duty 75,924 116,132
Sales Tax 388,827 311,401
Power, fuel and water charges 61,239 54,783
Consumption of stores and spares [Refer note 13(e) of Schedule 21] 42,272 43,013
Repairs and maintenance - Plant and Machinery 21,087 14,785
Repairs and maintenance - Building 5,056 2,809
Rent 1,650 -
Other manufacturing expenses 14,363 13,568
(Increase)/Decrease in inventory (20,878) (151,620)
TOTAL 3,730,510 3,055,159
18. SELLING AND OPERATING EXPENSES
Salary, bonus and allowances 888,179 818,658
Directors' salaries, allowances and commission [Refer Note 12 of Schedule 21] 36,613 95,709
Sales promotion expenses 919,629 556,614
Export commission 34,368 21,360
Commission on sales 44,864 29,590
Freight outward 165,391 169,819
Telephone expenses 19,247 22,005
Rates and taxes 7,520 6,721
Provision for doubtful debts 17,500 30,000
Rent 87,016 89,831
Schedules annexed to and forming part of the Proft and Loss Account
Year ended
31st March, 2010
Year ended
31st March, 2009
18. SELLING AND OPERATING EXPENSES (Contd.)
Repairs & Maintenance - Others 59,126 63,835
Auditors' remuneration
- Audit fees 4,800 4,200
- Other matters 96 126
- Out of pocket expenses 33 124
Loss on sale of assets 9,112 -
Exchange Loss 1,143,543 -
Other operating expenses 343,169 327,003
TOTAL 4,473,195 2,880,774
19. INTEREST (Net)
On term loans from bank 345,803 150,042
On other loans from bank 650,842 798,092
996,645 948,134
Less: Interest Income
On deposits with banks [tax deducted at source Rs. 247 (2009 - Rs. 653)] 10,258 3,111
On Loans given to Subsidiaries 684,803 393,637
695,061 396,748
TOTAL 301,584 551,386
20. RESEARCH AND DEVELOPMENT EXPENSES [Refer Note 1(x) of Schedule 21]
Salary and other allowances 180,181 180,474
Incentive and commission 24 9,290
Consumable and Chemicals 140,888 166,241
Repairs and maintenance - Building 182 131
Repairs and maintenance - Others 25,060 17,925
Other expenses 84,708 110,408
TOTAL 460,560 514,584
Rs. in (000s)
Schedules annexed to and forming part of the Financial Statements
SCHEDULE 21 - NOTES TO THE FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
i) Basis of Accounting
The Financial Statements are prepared to comply in all material aspects with all the applicable accounting principles in India,
the applicable Accounting Standards notifed u/s 211(3C) of the Companies Act,1956 and the relevant provisions of the
Companies Act,1956.
ii) Fixed Assets (including Intangibles), Depreciation and Amortisation
Fixed assets are stated at cost less accumulated depreciation and amortisation. The Company capitalises all costs relating
to the acquisition and installation of fxed assets. Expenditure of revenue nature, incurred in setting up of new projects, is
capitalised as an indirect cost towards construction of the fxed assets.
Depreciation is provided using the straight line method, pro-rata to the period of use of assets, based on the useful lives of fxed
assets as estimated by management, or at the rates specifed in Schedule XIV of the Companies Act, 1956, whichever is higher.
Brands/IP Rights are amortised from the month of products launch/commercial production, over the estimated economic life
not exceeding 10 years.
Fixed assets having aggregate cost of Rs. 5,000 or less are depreciated fully in the year of acquisition.
The Company has estimated the useful life of its assets as follows:
Category Estimated useful life (in years)
Plant and Machinery 8 - 20
Vehicles 5 - 6
Equipments and Air conditioners 4 - 20
Furniture and Fixtures 10
Computer Software 5
Brands 5 - 10
Leasehold land and improvement is amortised over the period of lease.
iii) Borrowing Costs
Borrowing costs that are attributable to the acquisition and construction of a qualifying asset are capitalised as a part of the
cost of the asset. Other borrowing costs are recognised as an expense in the year in which they are incurred.
iv) Impairment of Assets
The Company assesses at each Balance Sheet date whether there is any indication that an asset may be impaired. If any such
indication exist, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or the
recoverable amount of the cash generating unit to which the asset belongs is less than its carrying amount, the carrying
amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognised in the Proft and
Loss Account. If at the Balance Sheet date there is an indication that if a previously assessed impairment loss no longer exist,
the recoverable amount is reassessed and the asset is refected at the recoverable amount.
v) Foreign Currency Transactions
a) Foreign currency transactions are recorded at the exchange rates prevailing on the date of such transactions. Monetary
assets and liabilities as at the Balance Sheet date are translated at the rates of exchange prevailing at the date of the
Balance Sheet. Gain/loss arising on account of diferences in foreign exchange rates on settlement/translation of
monetary assets and liabilities are recognised in the Proft and Loss Account. Non-monetary foreign currency items are
carried at cost.
b) Gain/loss on account of foreign exchange fuctuation in respect of liabilities in foreign currencies specifc to acquisition
of fxed assets are recognised in the Proft and Loss Account.
vi) Investments
Long-term investments are stated at cost. Provision, where necessary, is made to recognize a decline, other than temporary, in
the value of the investments.
vii) Inventories
Inventories of fnished goods, consumable store and spares are valued at cost or net realisable value, whichever is lower. Cost
of raw materials and packing materials is ascertained on a frst-in-frst-out basis. Cost of work-in-process and fnished goods
include the cost of materials consumed, labour and manufacturing overheads. Excise and customs duty accrued on production
or import of goods, as applicable, is included in the valuation of inventories. Net realisable value is the estimate of the selling
price in the ordinary course of the business.
viii) Employee Benefts
Long-term Employee Benefts
In case of Defned Contribution plans, the Company's contributions to these plans are charged to the Proft and Loss Account as
incurred. Liability for Defned Beneft plans is provided on the basis of valuations, as at the Balance Sheet date, carried out by an
independent actuary. The actuarial valuation method used for measuring the liability is the Projected Unit Credit method. The
estimate of future salary increases considered takes into account the infation, seniority, promotion and other relevant factors.
The expected rate of return on plan assets is the Company's expectation of the average long-term rate of return expected
on investments of the fund during the estimated term of the obligations. Plan assets are measured at fair value as at the
Balance Sheet date.
ix) Revenue Recognition
The Company recognizes revenue on despatch of goods to customers. Revenues from services are recognized on completion
of such services. Revenue from IP asset/Marketing rights is recognized on transfer of ownership/right to use in accordance with
the terms of relevant agreements. Revenue from contract research being in the nature of product development activities is
recognized as per the terms of the agreement. Revenues are recorded at invoice value, inclusive of excise duty and sales-tax,
but net of returns and trade discounts.
x) Research and Development
Capital expenditure on Research and Development (R & D) is capitalised as fxed assets. Development cost relating to the new
and improved product and/or process development is recognised as an intangible asset to the extent that it is expected that
such asset will generate future economic benefts. Other research and development costs are expensed as incurred.
xi) Taxation
Current Tax
Current tax is determined as the amount of tax payable in respect of taxable income for the year.
Deferred Tax
Deferred tax is recognised, subject to the consideration of prudence, on timing diferences being the diference between
taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent
period. Deferred tax assets are not recognised on unabsorbed depreciation and carry forward of losses unless there is virtual
certainty that suf cient future taxable income will be available against which such deferred tax assets can be realised.
Deferred tax assets/liabilities recognised as above is after excluding the amounts, which are getting reversed during the tax
holiday period.
xii) Leases
Finance Leases
Assets acquired under fnance lease are recognised as assets with corresponding liabilities in the Balance Sheet at the inception
of the lease at amounts equal to lower of the fair value of the leased asset or at the present value of the minimum lease
payments. These leased assets are depreciated in line with the Companys policy on depreciation of fxed assets. The interest is
allocated to periods during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the
liability for each period.
Operating Leases
Lease rent in respect of assets taken on operating lease are charged to the Proft and Loss Account as per the terms of lease
agreements.
xiii) Employee Stock Option Schemes (ESOS)
The Company accounts for compensation expense under the Employee Stock Option Schemes using the intrinsic value
method as permitted by the Guidance Note on "Accounting for Employee Share-based Payments" issued by the Institute of
Chartered Accountants of India. The diference between the market price and the exercise price as at the date of the grant is
treated as compensation expense and charged over the vesting period.
xiv) Provisions and Contingent Liabilities
The Company recognises a provision when there is a present obligation as a result of a past event that probably requires an
outfow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability
is made when there is a possible obligation or a present obligation that may, but probably will not, require an outfow of
resources. Where there is a possible obligation or a present obligation that the likelihood of outfow of resources is remote, no
provision or disclosure is made.
2. As per the transitional provision given in the notifcation issued by Ministry of Corporate Afairs dated 31st March, 2009 the Company
has opted for the option of adjusting the exchange diference on long-term foreign currency monetary items:
i) To the cost of the assets acquired out of this foreign currency monetary item. During the year, Company has decapitalised
exchange diference amounting to Rs. 105.46 lakhs on restatement of long-term loans used for acquiring the fxed assets.
ii) To the Foreign Currency Monetary Item Translation Diference account. During the year, Company has transferred exchange
gain of Rs. 2,563.18 lakhs on restatement of long-term loans. Accordingly, Proportionate amount of Rs. 263.66 lakhs is amortised
and Depreciation charged of Rs. 17.04 lakhs for the year ended 31st March, 2010. Due to the above proft for the year is lower by
Rs. 1,988.50 lakhs (net of tax).
3. CONTINGENT LIABILITIES NOT PROVIDED FOR
Rs. in (000s)
(a) Bank Guarantees 20,768 21,671
Disputed Income Tax/Excise Duty/Sales Tax 26,765 27,285
Claims against the Company not acknowledged as debts (Refer Note i) 386 380
Open letters of credit 5,274 -
Sundry debtors factored with recourse option (Refer Note ii) 3,500,000 2,800,000
Indemnity Bond 345,366 331,876
Call money payable to Glenmark Pharmaceuticals (Thailand) Co. Ltd.
(16,415 shares @ 50 THB per Ordinary Share) 1,149 -
Corporate Guarantee (Refer Note iii) 8,283,012 7,974,112
Corporate Guarantee (Refer Note iv) 1,218,780 1,376,460
Notes:
i) In respect of labour/industrial disputes.
ii) The amount related to Credit facilities given by bank against debtors.
iii) Corporate guarantee given on behalf of various subsidiaries :
Citibank [Given on behalf of Glenmark Holding SA, Switzerland (GHSA)] 4,514,000 5,098,000
ICICI Bank [Given on behalf of Glenmark Holding SA, Switzerland (GHSA)] 645,502 729,014
HSBC Bank (Given on behalf of Glenmark Farmaceutica Ltda, Brazil) - 101,960
Citi Bank (Given on behalf of Glenmark Pharmaceuticals S.R.L. Romania) 5,204 5,804
ALD Automotive (Given on behalf of Glenmark Impex, L.L.C. Russia) 98,026 109,334
ING Vysya Bank (Given on behalf of Glenmark Generics Ltd.) 430,000 430,000
Central Bank of India (Given on behalf of Glenmark Generics Ltd., India) 1,500,000 1,500,000
Citibank (Given on behalf of Glenmark Pharmaceutica Ltda., Brazil) 90,280 -
Yes Bank Ltd. (Given on behalf of Glenmark Generics Ltd.) 1,000,000 -
iv) The Company's subsidiary, Glenmark Generics Inc., U.S.A. (GGI) [formerly known as Glenmark Pharmaceuticals Inc., U.S.A.
(GPI)] on 2nd June, 2006 has entered into an Agreement with Paul Royalty Fund Holdings II (PRF) pursuant to which, PRF
will pay upto USD 27 million to GGI for the development and commercialization of certain products for the US market.
Further, the Company has entered into a Master Services, License, Manufacturing and Supply Agreement with GGI to
develop and manufacture the aforesaid products, and also issued a fnancial guarantee in favour of PRF for an amount
not exceeding USD 27 million for the benefts under the said agreement.
b) Estimated amount of contracts remaining to be executed on capital account, net of advances, not provided for as at 31st March,
2010 aggregate Rs. 137,151 (2009 Rs. 120,170).
4. During the year, the Company subscribed to 71,510,000 equity shares for a consideration of Rs. 7,151,000 ('000) in its subsidiary
Glenmark Generics Limited for the balance Business sale consideration.
5. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the net proft for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the weighted average number of shares outstanding are adjusted for the
efects of all dilutive potential equity shares from the exercise of options on unissued share capital and on conversion of FCC Bonds.
The calculations of earnings per share (basic and diluted) are based on the earnings and number of shares as computed below.
Rs. in (000s)
2009-2010 2008-2009
Proft after tax for the fnancial year (attributable to equity shareholders) 1,284,632 2,179,263
In (000s)
Reconciliation of number of shares No. of Shares No. of Shares
Weighted average number of shares:
For basic earnings per share 260,759 250,025
Add:
Deemed exercise of options on unissued equity share capital and conversion of FCC Bonds 565 5,237
For diluted earnings per share 261 ,324 255,262
Earnings per share (nominal value Re. 1 each) Rs. Rs.
Basic 4.93 8.72
Diluted 4.92 8.54
6. SEGMENT INFORMATION
Business segments
The Company is primarily engaged in a single segment business of formulations and is managed as one entity, for its various activities
and manufacturing and marketing of pharmaceutical is governed by a similar set of risks and returns.
Geographical segments
In the view of the management, the Indian and export markets represent geographical segments.
Sales by market The following is the distribution of the Company's sale by geographical market:
Rs. in (000s)
2009-2010 2008-2009
Geographical segment
India 7,528,626 6,146,628
Other than India* 2,768,242 2,515,096
TOTAL 10,296,868 8,661,724
* includes deemed exports aggregating Rs. Nil (2009 Rs. 354,036)
Assets and additions to fxed assets by geographical area The following table shows the carrying amount of segment assets and
additions to fxed assets by geographical area in which the assets are located:
Rs. in (000s)
India Others* India Others*
2009-2010 2009-2010 2008-2009 2008-2009
Carrying amount of segment assets 25,558,999 2,080,470 23,303,046 2,370,871
Additions to fxed assets 463,323 - 408,920 -
* Others represent receivables from debtors located outside India including those related to deemed exports and cash and bank
balances of branches outside India.
7. RELATED PARTY DISCLOSURES
In accordance with the requirements of Accounting Standard - 18 "Related Party Disclosures", the names of the related parties where
control exists and/or with whom transactions have taken place during the year and description of relationships, as identifed and
certifed by the management are as follows:
a) Parties where direct/indirect control exists
i) Subsidiary Companies
Glenmark Pharmaceuticals Europe Ltd., U.K.
Glenmark Generics (Europe) Ltd., U.K. [formerly known as Glenmark Pharmaceuticals (Europe) Ltd.]
Glenmark Pharmaceuticals S.R.O. (formerly known as Medicamenta A.S., Czech Republic)
Glenmark Pharmaceuticals SK, s.r.o., Slovak Republic (Formerly known as Medicamenta SK SRO)
Glenmark Pharmaceuticals S.A., Switzerland
Glenmark Holding S.A., Switzerland
Glenmark Generics Holding S.A., Switzerland
Glenmark Generics Finance S. A., Switzerland
Glenmark Pharmaceuticals S.R.L., Romania
Glenmark Pharmaceuticals Eood., Bulgaria
Glenmark Distributor SP z.o.o., Poland
Glenmark Pharmaceuticals SP. z.o.o., Poland
Glenmark Generics Inc., USA
Glenmark Therapeutics Inc., USA
Glenmark Farmaceutica Ltda., Brazil
Glenmark Generics S.A., Argentina
Glenmark Pharmaceuticals Mexico, S.A. DE C.V., Mexico
Glenmark Pharmaceuticals Peru SAC., Peru
Glenmark Pharmaceuticals Colombia Ltda., Colombia
Glenmark Uruguay S.A. (formerly known as Badatur S.A., Uruguay)
Glenmark Pharmaceuticals Venezuela., C.A., Venezuela
Glenmark Dominicana SRL, Dominican Republic (formerly known as Glenmark Dominicana S.A.)
Glenmark Pharmaceuticals Egypt S.A.E., Egypt
Glenmark Pharmaceuticals FZE., U.A.E.
Glenmark Impex L.L.C., Russia
Glenmark Philippines Inc., Philippines
Glenmark Pharmaceuticals (Nigeria) Ltd., Nigeria
Glenmark Pharmaceuticals Malaysia Sdn Bhd., Malaysia
Glenmark Pharmaceuticals (Australia) Pty Ltd., Australia
Glenmark South Africa (Pty.) Ltd., South Africa
Glenmark Pharmaceuticals South Africa (Pty.) Ltd., South Africa
Glenmark Exports Ltd., India
Glenmark Generics Ltd., India
ii) Investment in Joint Venture
Glenmark Pharmaceuticals (Thailand) Co. Ltd., Thailand
b) Related party relationships where transactions have taken place during the year
Subsidiary Companies
Glenmark Exports Ltd., India
Glenmark Farmaceutica Ltda., Brazil
Glenmark Philippines Inc., Philippines
Glenmark Pharmaceuticals (Nigeria) Ltd., Nigeria
Glenmark Pharmaceuticals S.A., Switzerland
Glenmark Pharmaceuticals Malaysia Sdn. Bhd., Malaysia
Glenmark Pharmaceuticals (Australia) Pty. Ltd., Australia
Glenmark Impex L.L.C., Russia
Glenmark Holding S.A., Switzerland
Glenmark Generics Ltd., India
Glenmark Pharmaceuticals Venezuela., C.A., Venezuela
Glenmark Pharmaceuticals South Africa (Pty.) Ltd., South Africa
Glenmark Dominicana SRL, Dominican Republic
c) Key management personnel
Mr. Gracias Saldanha
Mrs. B.E. Saldanha
Mr. Glenn Saldanha
Mrs. Cheryl Pinto
Mr. A.S. Mohanty
d) Transactions with related parties during the year
Rs. in (000s)
2009-2010 2008-2009
Subsidiary Company
1. Sale of Finished Products & Services 1,101,531 1,314,750
Glenmark Exports Ltd., India - 353,098
Glenmark Pharmaceuticals S.A., Switzerland 461,465 523,189
Glenmark Farmaceutica Ltda., Brazil 87,689 65,611
Glenmark Pharmaceuticals Inc., Philippines 41,687 22,737
Glenmark Impex L.L.C., Russia 481,562 304,968
Glenmark Generics Ltd., India 249 22,400
Glenmark Pharmaceuticals (Nigeria) Ltd., Nigeria 23,055 22,747
Glenmark Pharmaceuticals South Africa (Pty) Ltd., South Africa 395 -
Glenmark Pharmaceuticals Venezuela., C.A., Venezuela 5,429 -
2. Purchase of Finished Products & Services 220,925 295,511
Glenmark Generics Ltd., India 217,065 295,511
Glenmark Generics S.A., Argentina 3,860 -
3. Investment in Share Capital 7,552,874 789,315
Glenmark Philippines Inc., Philippines 28,804 36,689
Glenmark Pharmaceuticals Malaysia Sdn. Bhd., Malaysia 1,309 3,846
Glenmark Pharmaceuticals (Nigeria) Ltd., Nigeria 35,274 -
Glenmark Pharmaceuticals (Australia) Pty. Ltd., Australia 4,313 60,734
Glenmark Pharmaceuticals Egypt S.A.E., Egypt 40,960 1,980
Glenmark Pharmaceuticals (Thailand) Co. Ltd., Thailand 1,160 1,348
Glenmark Pharmaceuticals FZE., (U.A.E.) - 12,925
Glenmark Generics Ltd., India 7,151,000 380,000
Glenmark Dominicana SRL, Dominican Republic 62 -
4. Share Application Money - 10,299
Glenmark Pharmaceuticals Egypt S.A.E., Egypt - 10,299
5. Sale of Business to - 7,500,000
Glenmark Generics Ltd., India - 7,500,000
6. Sale of Fixed Assets to 19,150 94,268
Glenmark Pharmaceuticals S.A., Switzerland 755 6,349
Rs. in (000s)
2009-2010 2008-2009
7. Purchase of Fixed Assets 23,400 86,872
Glenmark Generics Ltd., India - 4,220
8. Advance received - 1,920
Glenmark Pharmaceuticals (Australia) Pty. Ltd., Australia - 1,920
9. Advances given 2,405 107
Glenmark Pharmaceuticals (Australia) Pty. Ltd., Australia - 107
Glenmark Pharmaceuticals (Nigeria) Ltd., Nigeria 2,405 -
10. Loan given to 3,417,084 5,719,717
Glenmark Holding S.A., Switzerland 3,410,337 4,775,744
Glenmark Pharmaceuticals (Nigeria) Ltd., Nigeria - 20,765
Glenmark Pharmaceuticals Egypt S.A.E., Egypt 6,747 -
11. Loan repaid by 1,598,644 798,190
Glenmark Holding S.A., Switzerland 997,570 -
Glenmark Philippines Inc., Philippines - 19,484
Glenmark Pharmaceuticals Egypt S.A.E., Egypt 6,747 -
12. Interest on Loan Given 684,803 393,637
Glenmark Philippines Inc., Philippines - 228
Glenmark Holding S.A., Switzerland 260,734 118,103
Glenmark Pharmaceuticals (Australia) Pty. Ltd., Australia - 965
Glenmark Pharmaceuticals Egypt S.A.E., Egypt 237 -
13. Expenses paid on behalf of Glenmark Pharmaceuticals Ltd., India 54,216 22,122
Glenmark Farmaceutica Ltda., Brazil 243 815
Glenmark Pharmaceuticals FZE., U.A.E. 26,069 -
14. Expenses paid on behalf of Glenmark Generics Ltd., India 85,219 90,019
15. Reimbursement of expenses to Glenmark Exports Ltd., India 45,780 45,661
16. Other Income from 30,352 29,135
Glenmark Generics Ltd., India 4,290 -
Glenmark Holding S.A., Switzerland 26,062 29,135
17. Labour Charges to Glenmark Generics Ltd., India 592 5,260
18. Factory rent to Glenmark Generics Ltd., India 1,650 -
Key management personnel
Remuneration 36,073 95,429
Mr. Gracias Saldanha 120 25,882
Mrs. B. E. Saldanha 60 40
Mr. Glenn Saldanha 18,282 34,093
Mrs. Cheryl Pinto 9,409 15,011
Mr. R. V. Desai (resigned from the board efective from
1st April, 2009)
- 9,190
Mr. A. S. Mohanty 8,202 11,213
Rs. in (000s)
2009-2010 2008-2009
e) Related party balances
Receivable/(Payable) from/(to) Subsidiary companies 9,888,720 15,199,299
Glenmark Exports Ltd., India 159,479 661,603
Glenmark Holding S.A., Switzerland 7,422,429 5,519,684
Glenmark Generics Ltd., India 770,500 7,858,349
Glenmark Pharmaceuticals South Africa (Pty.) Ltd., South Africa 395 -
Glenmark Pharmaceuticals FZE., U.A.E. (6,486) -
Glenmark Generics SA., Argentina 1,091 -
8. OUTSTANDING DUES TO MICRO, SMALL AND MEDIUM SCALE BUSINESS ENTITIES
The Company has not received any information from the "suppliers" regarding their status under the Micro, Small and Medium
Enterprises Development Act, 2006 & hence disclosures, if any, relating to the amounts as at year end together with interest paid/
payable as required under the said Act have not been given.
9. LEASES
The Company has taken on lease/leave and licence godowns/residential & of ce premises at various locations in the country.
i) The Company's signifcant leasing arrangements are in respect of the above godowns & premises (including furniture and
fttings therein, as applicable). The aggregate lease rentals payable are charged to Proft and Loss Account as Rent.
ii) The Leasing arrangements which are cancellable range between 11 months and 5 years. They are usually renewable by mutual
consent on mutually agreeable terms. Under these arrangements, generally refundable interest free deposits have been given.
An amount of Rs. 83,911 ('000) [2009 - Rs. 78,559 ('000)] towards deposit and unadjusted advance rent is recoverable from the
lessor.
10. TAXATION
Provision for current taxation for the Company of Rs. 211,500 ('000) represents Minimum Alternate Tax pursuant to the provisions of
Section 115JB of the Income Tax Act, 1961 of India.
The Finance Act, 2005 inserted sub-section (1A) to Section 115JAA to grant tax credit in respect of MAT paid under Section 115JB of the
Act with efect from Assessment Year 2006-07 and carry forward the credit for a period of 10 years. In accordance with the Guidance
Note issued on Accounting For Credit Available in Respect of Minimum Alternative Tax (MAT) under the Income Tax Act, 1961 by the
Institute of the Chartered Accountants of India, the Company has recognised MAT Credit which is expected to be set-of against the
tax liability, other than MAT in future years. Accordingly, an amount of Rs. 232,304 ('000) for the current year is included as MAT Credit
Entitlement in Schedule 12 - Loans and Advances.
11. EMPLOYEE BENEFITS
The disclosures as required as per the revised AS 15 are as under:
1. Brief description of the Plans
The Company has various schemes for long-term benefts such as Provident Fund, Superannuation, Gratuity and Leave
Encashment. In case of funded schemes, the funds are recognised by the Income tax authorities and administered through
appropriate authorities. The Company's defned contribution plans are Superannuation and Employees' Provident Fund and
Pension Scheme (under the provisions of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952) since the
Company has no further obligation beyond making the contributions. The Company's defned beneft plans include Gratuity
and Leave Encashment.
Rs. in (000s)
2009-2010 2008-2009
2. Charge to the Proft and Loss Account based on contributions:
Superannuation 2,331 2,326
Provident fund 55,092 50,642
57,423 52,968
3. Disclosures for defned beneft plans based on actuarial reports as on 31st March, 2010: Rs. in ('000s)
2009-2010 2008-2009
Gratuity
(Funded
plan)
Leave
Encashment
(Funded
plan)
Gratuity
(Funded
plan)
Leave
Encashment
(Funded
plan)
(i) Change in Defned Beneft Obligation
Opening defned beneft obligation 109,641 55,509 103,127 48,330
Interest cost 7,919 3,719 7,711 3,169
Actuarial loss/(gain) 721 6,728 1,958 8,299
Benefts paid (8,117) (11,853) (18,191) (19,368)
Closing defned beneft obligation 126,818 68,286 109,641 55,509
(ii) Change in Fair Value of Assets
Opening fair value of plan assets 107,981 24,609 76,559 29,790
Actuarial gain/(loss) 2,906 (198) (4,758) (386)
Contributions by employer 10,117 16,810 46,219 12,152
Benefts paid (8,117) (11,853) (18,191) (19,369)
Closing fair value of plan assets 122,968 31,874 107,981 24,609
(iii) Reconciliation of Present Value of Defned Beneft Obligation
and the Fair Value of Assets
Present value of funded obligations as at year end 126,818 68,286 109,641 55,509
Funded Liability/(Asset) recognised in the Balance Sheet 3,850 36,412 1,660 30,900
Present Value of Unfunded Obligation as at year end - - - -
Unrecognised Actuarial Gain/(Loss) - - - -
Unfunded Liability/(Asset) recognised in the Balance Sheet - - - -
(iv) Amount recognised in the Balance Sheet
Present value of obligations as at year end 126,818 68,286 109,641 55,509
Amount not recognised as an asset - - - -
Net (asset)/liability recognised as on 31st March, 2010 3,850 36,412 1,660 30,900
(v) Expenses recognised in the Proft and Loss Account
Interest on defned beneft obligation 7,919 3,719 7,711 3,169
Expected return on plan assets (10,081) (2,506) (8,152) (2,422)
Net actuarial loss/(gain) recognised in the current year (2,185) 6,926 6,715 8,686
Total expenses 12,307 22,322 21,310 24,512
(vi) Actual Return on Plan Assets
Actuarial gain/(loss) on Plan Assets 2,906 (198) (4,758) (386)
Actual Return on Plan Assets 12,987 2,308 3,394 2,036
(vii) Asset information
Administered by Birla Sunlife Insurance Co. Ltd. and LIC of India 100% 100% 100% 100%
(viii) Principal actuarial assumptions used
Discount rate (p.a.) 8.00% 8.00% 7.50% 7.50%
Expected rate of return on plan assets (p.a.) 9.00% 9.00% 9.00% 9.25%
(ix) Experience Analysis
Actuarial gain/(loss) on change in assumptions 6,297 (1,922) - -
Experience (Gain)/Loss on Liabilities (5,576) 8,650 - -
Actuarial gain/(loss) on Obligation 721 6,728 - -
(x) Expected employers contribution for the next year is Rs. 23,355 ('000) for Gratuity and Leave Encashment.
12. MANAGERIAL REMUNERATION
Rs. in (000s)
2009-2010 2008-2009
(a) Paid/payable to directors*
Salaries, Perquisites & Other benefts 23,821 53,060
Commission (Previous period amount includes commission Payable to
Non-executive director @ 1% of Proft computed under Section 349).
957 27,766
Sitting Fees 720 350
Contribution to Provident Fund & Superannuation Fund 11,115 14,533
36,613 95,709
Name of Directors
1. Mr. Gracias Saldanha 120 25,882
2. Mrs. B. E. Saldanha 60 40
3. Mr. Glenn Saldanha 18,282 34,093
4. Mrs. Cheryl Pinto 9,409 15,011
5. Mr. R. V. Desai (resigned from the board efective from 1st April, 2009) - 9,190
6. Mr. A. S. Mohanty 8,202 11,213
7. Other Directors 540 280
* Excludes contributions to Gratuity and Leave Encashment Fund, which is
based on actuarial valuation.
(b) Computation of net profts in accordance with Section 349 and Section 309(5)
of the Companies Act, 1956.
Proft before taxation as per Statement of Proft and Loss 1,210,138 2,460,719
Add: Depreciation as per Statement of Proft and Loss 212,778 191,045
Loss on sale of Generic business - 2,980
Provision for Doubtful Debts 17,500 30,000
1,440,416 2,684,744
Less: Depreciation calculated under Section 350 of the Companies Act, 1956 212,778 191,045
Proft on sale of assets - 4,212
Net proft in accordance with Section 349 1,227,638 2,489,487
Add: Managerial remuneration paid/payable to directors 36,613 95,709
Net proft in accordance with Section 309(3) of the Companies Act, 1956 1,264,251 2,585,196
Maximum managerial remuneration allowed under Section 198 of the Companies
Act, 1956, 11 per cent of the above 139,068 284,372
13. CAPACITY, PRODUCTION, SALES AND STOCKS
(a) Capacities and actual production (including samples)
Class of goods UoM Installed Capacity Actual Production
2009-2010 2008-2009 2009-2010 2008-2009
Injections Ltrs - - 210,901 192,422
Liquid Orals Ltrs 12,036,666 8,166,666 4,175,057 5,002,682
Lotions and Externals Ltrs 2,367,500 626,250 708,052 511,193
Ointments and Creams Kgs 4,357,500 1,087,500 834,457 631,728
Solids and Powders Kgs 113,000 113,000 311,173 231,673
Tablets and Capsules Nos 1,182,950,000 1,180,800,000 784,299,349 752,893,839
Others - - 132,131 343,864
Notes:
i) The products of the Company are exempt from licencing procedures.
ii) Installed capacity, being a technical matter, has not been verifed by the auditors. However, the management has certifed
the same.
iii) Actual production includes goods manufactured at third party manufacturing facilities on loan licence basis and at
leased facilities.
(b) Sales
Class of goods UoM 2009-2010 2008-2009
Qty Value Qty Value
Rs. in ('000s) Rs. in ('000s)
Injectibles Ltrs 360,800 674,558 255,206 566,494
Liquid Orals Ltrs 4,464,608 1,411,501 4,859,858 1,676,725
Lotions and Externals Ltrs 845,595 1,033,321 697,124 820,983
Ointments and Creams Kgs 872,132 2,016,108 620,370 1,435,520
Solids and Powders Kgs 316,939 166,081 197,963 107,263
Tablets and Capsules Nos 1,124,223,930 4,153,827 757,502,380 3,408,056
Cardiac diagnostic services 15,292 14,436
Others 826,180 632,247
TOTAL 10,296,868 8,661,724
Notes:
1. Sales are net of sales returns.
2. Sales quantities does not include free issues, samples and breakages.
(c) Finished goods purchased (includes samples)
Class of goods UoM 2009-2010 2008-2009
Qty Value Qty Value
Rs. in ('000s) Rs. in ('000s)
Injectibles Ltrs 151,626 241,784 83,444 151,925
Liquid Orals Ltrs 137,390 45,539 176,880 52,408
Lotions and Externals Ltrs 100,869 41,752 249,752 115,818
Ointments and Creams Kgs 17,347 16,792 48,343 20,884
Solids and Powders Kgs - - - -
Tablets and Capsules Nos 322,750,466 436,830 105,128,406 345,779
Others - 58,799 - 413
TOTAL 841,496 687,227
(d) Raw and packing materials consumed
Products 2009-2010 2008-2009
Qty Value Qty Value
in kgs Rs. in ('000s) in kgs Rs. in ('000s)
Telmisartan BP 7,363 95,306 - -
Sugar S/30 Ih 1,461,206 49,841 1,862,804 35,153
Mupirocin Usp 316 49,087 268 39,074
100ML Amber Pet Bottles (25 mm Neck) 28,442,845 46,044 30,532,524 49,293
Propylene Glycol IP 366,813 33,319 - -
Lornoxicam IH 295 33,214 326 41,144
Eplerenone 101 31,604 84 33,632
Levofoxacin Hemihydrate IP 11,537 31,353 10,910 42,671
Miglitol IH 479 31,290 455 34,018
Linezolid IH 1,560 31,205 1,242 25,134
Others 1,570,522 1,378,518
TOTAL 2,002,785 1,678,637
(e) Break-up of Materials and Consumable stores consumed
2009-2010 2008-2009
Value Per cent Value Per cent
Rs. in ('000s) Rs. in ('000s)
Materials
Imported materials 76,623 3.83 143,370 8.54
Indigenously procured 1,926,162 96.17 1,535,267 91.46
2,002,785 100.00 1,678,637 100.00
Consumable stores and spares
Imported - - - -
Indigenously procured 42,272 100.00 43,013 100.00
42,272 100.00 43,013 100.00
(f) Inventories of fnished goods (manufactured and traded)
Opening Stock Closing Stock
2009-2010 2008-2009 2009-2010 2008-2009
Class of goods UoM Qty Value Qty Value Qty Value Qty Value
Rs. in (000s) Rs. in (000s) Rs. in (000s) Rs. in (000s)
Injectibles Ltrs 55,583 64,554 34,668 44,877 57,315 85,396 55,583 64,554
Liquid Orals Ltrs 719,115 96,640 394,256 61,613 566,946 63,978 719,115 96,640
Lotions and Externals Ltrs 190,778 59,852 136,458 38,028 154,111 51,401 190,778 59,852
Ointments and Creams Kgs 134,285 100,676 78,975 84,389 113,959 73,922 134,285 100,676
Solids and Powders Kgs 55,170 11,513 21,523 5,974 49,405 10,797 55,170 11,513
Tablets and Capsules Nos 207,546,567 378,131 163,171,004 427,357 190,372,456 233,737 207,546,567 378,131
Bulk Drugs Kgs - - 3,067 58,157 - - - -
Others - 4,402 - 25,216 - 107,686 - 4,402
TOTAL 715,768 745,611 626,917 715,768
14. SUBSIDIARY COMPANIES Rs. in (000s)
during the year As at
2009-2010 2008-2009 31st March, 2010 31st March, 2009
a) Loans and Advances to Subsidiaries
Glenmark Pharmaceuticals S.A., Switzerland 953,721 553,244 911,657 553,244
Glenmark Holding S.A., Switzerland 8,204,910 5,519,683 7,422,429 5,519,683
Glenmark Farmaceutica Ltda., Brazil 2,746 4,935 2,411 2,988
Glenmark Pharmaceuticals (Nigeria) Ltd., Nigeria 39,141 36,711 31,746 36,711
Glenmark Impex L.L.C., Russia 156,708 156,708 138,756 156,708
Glenmark Generics Ltd., India 52,754 533,427 - 380,220
Glenmark Pharmaceuticals Egypt S.A.E., Egypt 6,962 - - -
Glenmark Generics SA., Argentina 2,219 399 1,091 -
8,508,090 6,649,554
b) Interest-bearing loans to Subsidiary Companies
Glenmark Holding S.A., Switzerland. 8,112,070 4,836,426 7,011,506 4,836,426
Glenmark Pharmaceuticals (Nigeria) Ltd., Nigeria 31,226 26,757 29,341 26,757
Glenmark Impex L.L.C., Russia 144,117 137,358 135,417 137,358
Glenmark Pharmaceuticals Egypt S.A.E., Egypt 6,747 - - -
c) Receivable from Subsidiary Companies
Glenmark Exports Ltd., India 159,479 661,603
Glenmark Pharmaceuticals South Africa (Pty) Ltd.,
South Africa
395 -
d) Payable to Subsidiaries
Glenmark Pharmaceuticals FZE., U.A.E. 6,486 -
e) Movement of shares during the year
No. of Shares in ('000)
As at
1st April, 2009
Invested during
the Year
Sale during
the Year
Balance
as at 31st
March, 2010
Investments in Subsidiary Companies - Unquoted
- non-trade
Glenmark Impex L.L.C., Russia 266,741 188,961 - 455,702
Glenmark Philippines Inc., Philippines 497 143 - 640
Glenmark Pharmaceuticals (Nigeria) Ltd., Nigeria 157,116 110,417 - 267,533
Glenmark Pharmaceuticals Malaysia Sdn. Bhd., Malaysia 1,108 93 - 1,201
Glenmark Pharmaceuticals (Australia) Pty Ltd., Australia 1,861 115 - 1,976
Glenmark Pharmaceuticals Egypt S.A.E., Egypt 250 4,725 - 4,975
Glenmark Dominicana, SRL, Dominican Republic* 0* 0* - 0*
Investment in Joint Venture
Glenmark Pharmaceuticals (Thailand) Co. Ltd.
- Ordinary shares (Paid-Up 50 THB) - 16 - 16
* number less than 1,000
15. FOREIGN CURRENCY CONVERTIBLE BOND ISSUED
A) The Company had issued 30,000 Zero Coupon Foreign Currency Convertible Bonds of USD 1,000 each (Rs. 1,331,700 at issue)
on 29th November, 2010 at a fxed exchange rate of Rs. 44.94 per 1 USD and the conversion price of Rs. 582.60 per share
of Re. 1 each.
(ii) Redeemable in whole but not in part at the option of the Company on or after 10th January, 2010 if closing price of the
given was at least 130% of the applicable Early Redemption Amount divided by the Conversion Ratio.
(iii) Redeemable on maturity date on 11th January, 2011 at 139.729% of its principal amount if not redeemed or converted
earlier. The redemption premium of 39.729% payable on maturity of the bond if there is no conversion of the bond
to be debited to Securities Premium Account evenly over the period of 5 years from the date of issue of bonds. As of
31st March, 2010, 30,000 FCC bonds (2009-30,000) of USD 1,000 each aggregating to USD 30 million are outstanding.
B) The Company had issued 20,000 Zero Coupon Foreign Currency Convertible Bonds of USD 1,000 each (Rs. 873,200 at issue)
(i) Convertible at the option of the bondholder at any time on or after 28th March, 2005 but prior to the close of business on
2nd January, 2010 at a fxed exchange rate of Rs. 43.66 per 1 USD and price of Rs. 215.60 (Post adjustment for bonus and
split) per share of Re. 1 each.
Share for each of the 25 consecutive trading days immediately prior to the date upon which notice of such redemption is
earlier. The redemption premium of 33.74%payable on maturity of the Bond if there is no conversion of the Bond to be
debited to Securities Premium Account evenly over the period of 5 years from the date of issue of Bonds. During the year,
1,000 FCC Bonds of USD 1,000 each aggregating to USD 1 Million were redeemed on 16th February, 2010 on maturity.
As of 31st March, 2010, NIL FCC Bonds (2009 -1,000) of USD 1,000 each are outstanding.
C) The Company had issued 50,000 Zero Coupon Foreign Currency Convertible Bonds of USD 1,000 each (Rs. 2,183,000 at issue)
on 2nd January, 2010 at a fxed exchange rate of Rs. 43.66 per 1 USD and the price of Rs. 253.11 (post adjustment for split)
earlier. The Redemption Premium of 34.07% payable on maturity of the Bond if there is no conversion of the Bond to be
debited to Securities Premium Account evenly over the period of 5 years from the date of issue of Bonds. During the year,
5,000 FCC Bonds of USD 1,000 each aggregating to USD 5 Million were redeemed on 16th February, 2010 on maturity.
As of 31st March, 2010, NIL FCC Bonds (2009 - 5,000) of USD 1,000 each are outstanding.
GLENMARK PHARMACEUTICALS LIMITED 96
16. Extracts of Assets and Liabilities as on 31st March, 2010 and Income and Expenses for the year ended 31st March, 2010 related to
the interest of the Company [without elimination of the efect of transactions between the Company and Glenmark Pharmaceuticals
(Thailand) Co. Ltd., Thailand] have been extracted from the audited accounts.
Rs. in (000s)
Particulars 2009-2010 2008-2009
Assets
Net Fixed Assets including CWIP 5 -
Deferred Tax Asset 236 52
Cash Bank Balances 1,029 1,114
Loans and Advances 57 59
Liabilities
Current Liabilities 144 66
Income
Net Sales - -
Expenses
Selling and Operating expenses 1,269 325
Depreciation 1 -
Provision for Taxation including Deferred Tax (191) (49)
17. VALUE OF IMPORTS ON CIF BASIS
Capital Goods 77,916 182,620
Materials 150,438 114,254
228,354 296,874
18. EARNINGS IN FOREIGN CURRENCY
Export of goods calculated on FOB basis 2,649,149 2,068,524
Guarantee Commission 26,062 29,135
Interest on loan to subsidiaries 278,254 136,067
2,953,465 2,233,726
19. EXPENDITURE IN FOREIGN CURRENCY
Professional and Consultancy charges 36,940 19,756
Export promotional expenses and export commission 132,000 114,164
Salary and related expenses 99,650 115,908
Product registration expenses 47,584 36,892
Interest expenses 12,881 29,983
Others 222,218 159,216
596,834 528,150
20. DIVIDEND REMITTANCE IN FOREIGN CURRENCY
Number of Non-resident Shareholders 22 -
Number of Equity Shares held by them 163,240 -
Amount of dividend paid (Gross), TDS Rs. Nil (2009 Rs. Nil) 65 -
Year to which dividend relates 2008-2009 -
21. PRIOR YEAR COMPARATIVES
Prior year's fgures have been regrouped or reclassifed wherever necessary to confrm to current year's classifcation.
Signatures to the Schedules 1 to 21 which form an integral part of the Financial Statements.

Additional information as required under Part IV of Schedule VI to the Companies Act, 1956.
Balance Sheet Abstract & Companys General Business Profle
Rs. in (000s)
(a) Registration Details
Registration No. 1 9 9 8 2 State Code 1 1
Date Month Year
Balance Sheet Date 3 1 0 3 2 0 1 0
(b) Capital raised during the year
Public Issue Rights Issue
N I L N I L
Bonus Issue Qualifed Institutions Placement Issue
N I L 1 8 7 1 3
Preferential ofer of shares under
Employee stock option scheme Conversion of FCC Bond
6 0 5 N I L
(c) Position of mobilisation and deployment of funds
Total Liabilities including Shareholders Funds Total Assets
2 7 7 3 6 1 9 6 2 7 7 3 6 1 9 6
SOURCES OF FUNDS
Paid-up Capital Reserves and Surplus
2 6 9 8 3 8 1 7 4 6 4 3 1 6
Secured Loans Unsecured Loans
4 8 6 4 0 3 7 1 1 1 1 5 0
Deferred Tax Liability
3 2 7 7 1 3
APPLICATION OF FUNDS
Net Fixed Assets Investments
2 3 7 2 9 0 6 9 9 2 9 1 9 1
Net Current Assets Miscellaneous Expenditure
1 3 2 6 0 5 9 6 N I L
Deferred Tax Assets Accumulated Losses
9 6 7 2 7 N I L
(d) Performance of the Company
Turnover (Total Income) Total Expenditure
1 0 3 8 8 7 6 5 9 1 7 8 6 2 7
Proft/(Loss) Before Tax Proft/(Loss) After Tax
1 2 1 0 1 3 8 1 2 8 4 6 3 2
Basic Earnings per Share in Rs. Diluted Earnings per Share in Rs.
4 . 9 3 4 . 9 2
Dividend Rate %
4 0
(e) Generic Names of Three Principal Products of Company
Item Code No. (ITC code) Product Description
3 0 0 4 2 0 . 3 9 Levofoxacin
3 0 0 4 9 0 . 6 9 Lornoxicam
3 0 0 4 9 0 . 7 9 Telmisartan
ANNUAL REPORT 2009-2010
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5322960310

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