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Certificate on Corporate Governance To the Members of Glenmark Pharmaceuticals Limited We have reviewed the implementation of Corporate Governance procedures by Glenmark Pharmaceuticals Limited during the year ended 31 March 2011, 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 financial 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 efficiency or effectiveness with which the management has conducted the affairs of the Company. For and on behalf of S.S. Rauthan & Associates Company Secretaries Place: Mumbai Date: 10 May 2011 Surjan Singh Rauthan Proprietor M. No. - FCS-4807 COP-3233 48 GLENMARK PHARMACEUTICALS LIMITED
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 31 March 2011 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto (collectively referred as the ‘financial statements’). These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial 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 financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor’s Report) Order, 2003 (the ‘Order’) (as amended), issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 (the ‘Act’), we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 4. Further to our comments in the Annexure referred to 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 financial statements dealt with by this report are in agreement with the books of account; d. On the basis of written representations received from the directors, as on 31 March 2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 March 2011 from being appointed as a director in terms of clause(g) of sub-section (1) of section 274 of the Act; e. In our opinion and to the best of our information and according to the explanations given to us, the financial statements dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Act and the Rules framed thereunder and give the information required by the Act, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, in the case of: i) the Balance Sheet, of the state of affairs of the Company as at 31 March 2011; ii) the Profit and Loss Account, of the profit for the year ended on that date; and iii) the Cash Flow Statement, of the cash flows for the year ended on that date. For Walker, Chandiok & Co. Chartered Accountants Firm Registration No: 001076N Per Khushroo B. Panthaky Partner Membership No: F – 42423 Place: Mumbai Date: 10 May 2011 Annual Report 2010-2011 49
Page 35 and 36: Profiles of Directors Mr. Gracias S
Page 37 and 38: DIRECTORS Mr. D. R. Mehta, Mrs. B.
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Page 47 and 48: Distribution Schedule as on 31 Marc
Page 49 and 50: Market Price Data: High, low during
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Page 83 and 84: Consolidated Statement of Financial
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NOTE R - MATERIALS CONSUMED Materia
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Net compensated absence cost for th
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NOTE Y - SEGMENT REPORTING The Chie
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The Group’s trade and other recei
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As at 31 March 2011, the Group’s
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Depreciation Further, depreciation
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GLENMARK PHARMACEUTICALS LIMITED Re
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GLENMARK PHARMACEUTICALS LIMITED Re
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