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In total, ` 82.71 of employee remuneration expense has been included in the consolidated income statement for 31 March 2011. The stock compensation reserve has been credited by an equivalent amount and reduced by ` 16.28 for ESOPs converted to shares. This amount has been transferred to ‘Additional paid-in capital’. No liabilities were recognised due to share-based payment transactions as at the end of the year. NOTE V - RELATED PARTY TRANSACTIONS Related parties with whom the Group has transacted during the year Key Management Personnel Mr. Gracias Saldanha Mrs. B. E. Saldanha Mr. Glenn Saldanha Mrs. Cheryl Pinto Mr. A. S. Mohanty Enterprises over which significant influence exercised by key management personnel/directors Glenmark Foundation India Summary of transactions with related parties during the year Nature of Transaction Year ended 31 March 2011 Transactions with key management personnel Remuneration 54.43 Amount payable at the year end - Share based payments - Transactions with enterprises over which significant influence exercised by key management personnel/directors Advances given and outstanding 0.04 The directors are covered under the Group’s gratuity policy and ESOP scheme along with other employees of the Group. Proportionate amount of gratuity and stock compensation expense is not included in the aforementioned disclosures as it cannot be separately ascertained. NOTE W - EARNINGS PER SHARE (EPS) The basic earnings per share for the year ended 31 March 2011 has been calculated using the net results attributable to shareholders of Glenmark as the numerator. Calculation of basic and diluted EPS is as follows: Particulars 31 March 2011 Profit attributabl e to shareholders of Glenmark, for basic and dilutive 4,532.08 Weighted average number of shares outstanding during the year for Basic EPS 270,041,025 Effect of dilutive potential ordinary shares: Employee stock Options 417,789 Weighted average number of shares outstanding during the year for Dilutive EPS 270,458,814 Basic EPS, in ` 16.78 Diluted EPS, in ` 16.76 NOTE X - COMMITMENTS AND CONTINGENCIES A summary of the contingencies existing as at year ended is as follows: Particulars 31 March 2011 Bank Guarantees 68.62 Letters of Credit issued by Bankers 323.08 Guarantees given to third party for Office rentals 8.59 Indemnity Bond 260.25 Corporate Guarantees 1,206.36 Disputed Income tax/Excise duty/Sales tax 47.06 Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) 295.98 Others 0.15 102 GLENMARK PHARMACEUTICALS LIMITED
NOTE Y - SEGMENT REPORTING The Chief Operating Decision Maker (“CODM”) evaluates the Group’s performance and allocates resources based on an analysis of various performance indicators by reportable segments. The Group’s reportable segments are as follows: 1. India 2. United States 3. Latin America 4. Europe 5. Rest of the World The CODM reviews revenue as the performance indicator, and does not review the total assets and liabilities for each reportable segment. The measurement of each segment’s revenues, expenses and assets is consistent with the accounting policies that are used in preparation of the Company’s consolidated financial statements. Information about reportable segments Segmental Revenue Year ended 31 March 2011 India 9,931.68 USA 8,779.16 Latin America 2,490.04 Europe 3,719.86 Rest of the world (ROW) 4,569.96 Total 29,490.70 Analysis of revenue by Category Specialty: This segment includes manufacture and distribution of branded products of the Group. The Specialty business in focused on several therapeutic segments such as Dermatology, Internal medicine, Respiratory, Pediatrics, Diabetes, Gynecology, Oncology etc. Generics: This segment consists of finished pharmaceutical products ready for consumption by the patient, marketed under as generic finished dosages with therapeutic equivalence to branded formulations (generics). Out-licensing: This segment involves the discovery of new chemical entities for subsequent commercialisation and outlicensing. This segment also includes contract research services in accordance with the specific customer requirements. Revenues Gross Less Inter Net Segment Specialty 16,030.49 67.44 15,963.05 Generics 12,864.48 231.93 12,632.55 Out-licensing 895.10 - 895.10 Total 29,790.07 299.37 29,490.70 Analysis of assets by reportable segments India USA Latin Europe ROW Total America Tangible Assets 10,181.67 34.42 1,080.33 468.91 28.79 11,794.12 Intangible Assets 1,698.84 740.39 2,772.67 4,450.35 61.13 9,723.38 Total 21,517.50 NOTE Z - OTHER FINANCIAL ASSETS Trade receivables comprise amounts receivable from the sale of goods and services. Other current assets include prepayments, input taxes, advances to vendors, accrued interest and deposits and advances receivable in cash and kind. The management consider that the carrying amount of trade and other receivables approximates their fair value. Bank balances and cash comprise cash and short-term deposits held by the group treasury function. The carrying amount of these assets approximates their fair value. Available - for - sale investments – Non-current represent investments in preferred stock of other pharmaceutical companies which present the Group with opportunity for return through dividend income and security deposits for operating leases and other services. The Investment in equity shares amounting to ` 2.68 been stated at cost less impairment charges as these are unlisted and therefore the fair value of the Group’s equity investment in this entity cannot be reliably measured. Annual Report 2010-2011 103
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Profiles of Directors Mr. Gracias S
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DIRECTORS Mr. D. R. Mehta, Mrs. B.
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3. Metformin ER Tablets 1000 mg 4.
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ANNEXURE - B Disc losure in the Dir
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Report on Corporate Governance Purs
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5. Shareholders’/Investors’ Gri
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Distribution Schedule as on 31 Marc
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Market Price Data: High, low during
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Certification by the Chief Executiv
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Auditors’ Report To, The Members
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