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Particulars 31 March 2011 Deferred income tax liabilities - Non-current Other current assets 25.14 Difference in depreciation on Property, plant and equipment 1,451.16 1,476.30 Net deferred income tax asset 1,081.36 In assessing the reliability of deferred income tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will be realised. The ultimate realisation of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. The amount of the deferred income tax assets considered realisable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced. NOTE O - EQUITY AND RESERVES a) Ordinary shares The Company presently has only one class of ordinary shares. For all matters submitted to vote in the shareholders meeting, every holder of ordinary shares, as reflected in the records of the Company on the date of the shareholders’ meeting, has one vote in respect of each share held. All shares are equally eligible to receive dividends and the repayment of capital in the event of liquidation of the Company. The Company has an authorised share capital of 350,000,000 equity shares of ` 1 each. b) Dividends Indian statutes mandate that dividends be declared out of distributable profits only after the transfer of up to 10 percent of net income computed in accordance with regulations to a general reserve. Should the Company declare and pay dividends, such dividends are required to be paid in INR to each holder of equity shares in proportion to the number of shares held. The Company had declared dividend payout of ` 0.40 per share. c) Reserves Additional paid-in capital – The amount received by the Company over and above the par value of shares issued (share premium) is shown under this head. Statutory reserves – The Capital redemption reserve has been created as per the requirement of Section 80 of The Companies Act, 1956. Such reserve is not currently available for distribution to the shareholders. Currency translation reserve – Assets and liabilities of foreign subsidiaries are translated into INR at the rate of exchange prevailing as at the date of statement of financial position. Revenue and expenses are translated into INR by averaging the exchange rates prevailing during the period. The exchange difference arising out of the year-end translation is being debited or credited to Currency translation reserve account. Accumulated earnings – Accumulated earnings include all current and prior period results as disclosed in the income statement. Stock compensation reserve – Stock compensation reserve consists of employee compensation cost allocated over the vesting period of options granted to employees. Such cost is recognised in income statement and is credited to the reserve. Upon exercise of options, such reserves are reclassified to other components of equity. NOTE P - OPERATING REVENUE Operating revenue comprises the following: Particulars Year ended 31 March 2011 Sale of goods and out licensing of intangible assets 29,473.98 Income from services 16.72 Total 29,490.70 NOTE Q - OTHER INCOME Other income comprises the following: Particulars Year ended 31 March 2011 Profit on sale of property, plant and equipment 3.52 Exchange gain, others 1,300.47 Lease rent 2.20 Others 98.99 Total 1,405.18 98 GLENMARK PHARMACEUTICALS LIMITED
NOTE R - MATERIALS CONSUMED Materials consumed for the year comprise the following: Particulars Year ended 31 March 2011 Consumption of raw material and packing material 7,680.29 Consumption of stores and spares 407.59 Purchase of finished goods 2,387.70 (Increase)/Decrease in stock of finished goods (557.26) Total 9,918.32 NOTE S - EMPLOYEE COSTS Employee costs comprise the following: Particulars Year ended 31 March 2011 Salaries, wages and bonus 4,664.93 Retirement benefits 73.34 Contribution to provident and other funds 255.01 Welfare expenses 109.75 Total 5,103.03 NOTE T - EMPLOYEE POST-RETIREMENT BENEFITS The following are the employee benefit plans applicable to the employees of the Group. a) Defined benefit plan In accordance with applicable laws, the Group provides for gratuity, a defined benefit retirement plan (“the Gratuity Plan”) covering eligible employees. The Gratuity Plan provides for a lump sum payment to vested employees on retirement, death, incapacitation or termination of employment of amounts that are based on salary and tenure of employment. Liabilities with regard to the Gratuity Plan are determined by actuarial valuation. The following table sets out the funded status of the Gratuity Plan and the amounts recognised in the Group’s consolidated financial statements: Particulars 31 March 2011 Change in Benefit Obligation Present Benefit Obligation (‘PBO’) at the beginning of the year 291.53 Interest cost 13.99 Service cost 51.30 Benefits paid (8.33) Actuarial (gain)/loss on obligations (12.27) Translation adjustment 7.47 PBO at the end of the year 343.69 Change in Fair Value of Assets Opening fair value of plan assets 224.79 Expected return on plan assets 11.69 Actuarial gain/(loss) (4.62) Contributions by employer 33.89 Benefits paid (8.33) Closing fair value of plan assets 257.42 Actual Return on Plan Assets Expected return on plan assets 11.69 Actuarial gain/(loss) on Plan Assets (4.62) Actual Return on Plan Assets 7.07 Liability recognised Present value of obligation 343.69 Fair value of plan assets (257.42) Liability recognised in statement of financial position 86.27 Annual Report 2010-2011 99
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NOTE R - MATERIALS CONSUMED<br />
Materials consumed for the year comprise the following:<br />
Particulars<br />
Year ended<br />
31 March 2011<br />
Consumption of raw material and packing material 7,680.29<br />
Consumption of stores and spares 407.59<br />
Purchase of finished goods 2,387.70<br />
(Increase)/Decrease in stock of finished goods (557.26)<br />
Total 9,918.32<br />
NOTE S - EMPLOYEE COSTS<br />
Employee costs comprise the following:<br />
Particulars<br />
Year ended<br />
31 March 2011<br />
Salaries, wages and bonus 4,664.93<br />
Retirement benefits 73.34<br />
Contribution to provident and other funds 255.01<br />
Welfare expenses 109.75<br />
Total 5,103.03<br />
NOTE T - EMPLOYEE POST-RETIREMENT BENEFITS<br />
The following are the employee benefit plans applicable to the employees of the Group.<br />
a) Defined benefit plan<br />
In accordance with applicable laws, the Group provides for gratuity, a defined benefit retirement plan (“the Gratuity<br />
Plan”) covering eligible employees. The Gratuity Plan provides for a lump sum payment to vested employees on<br />
retirement, death, incapacitation or termination of employment of amounts that are based on salary and tenure of<br />
employment. Liabilities with regard to the Gratuity Plan are determined by actuarial valuation.<br />
The following table sets out the funded status of the Gratuity Plan and the amounts recognised in the Group’s<br />
consolidated financial statements:<br />
Particulars 31 March 2011<br />
Change in Benefit Obligation<br />
Present Benefit Obligation (‘PBO’) at the beginning of the year 291.53<br />
Interest cost 13.99<br />
Service cost 51.30<br />
Benefits paid (8.33)<br />
Actuarial (gain)/loss on obligations (12.27)<br />
Translation adjustment 7.47<br />
PBO at the end of the year 343.69<br />
Change in Fair Value of Assets<br />
Opening fair value of plan assets 224.79<br />
Expected return on plan assets 11.69<br />
Actuarial gain/(loss) (4.62)<br />
Contributions by employer 33.89<br />
Benefits paid (8.33)<br />
Closing fair value of plan assets 257.42<br />
Actual Return on Plan Assets<br />
Expected return on plan assets 11.69<br />
Actuarial gain/(loss) on Plan Assets (4.62)<br />
Actual Return on Plan Assets 7.07<br />
Liability recognised<br />
Present value of obligation 343.69<br />
Fair value of plan assets (257.42)<br />
Liability recognised in statement of financial position 86.27<br />
Annual Report 2010-2011 99
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