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Schedules annexed to and forming part of the Financial Statements
(All amounts in millions of Indian Rupees, unless otherwise stated)
31 March 2011 31 March 2010
Citibank (Glenmark Impex L.L.C., Russia) 223.40 -
Citibank (Glenmark Pharmaceuticals SK s.r.o, Slovakia) 44.68 -
Citibank (Glenmark Pharmaceuticals S.R.L Romania) 134.04 -
Citibank (Glenmark Distributors SP z.o.o, Poland) 134.04 -
Citibank (Glenmark Impex L.L.C., Russia) 44.68 -
Citibank (Glenmark Holding S.A., Switzerland (GHSA)) 2,234.00 -
iii) The Company’s subsidiary, Glenmark Generics Inc., U.S.A (GGI) (formerly known as Glenmark
Pharmaceuticals Inc., U.S.A. (GPI) on 2 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 commercialisation 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 financial guarantee in favour of PRF for an amount not exceeding
USD 27 million for the benefits under the said agreement.
(b)
Estimated amount of contracts remaining to be executed on capital account, net of advances, not provided for
as at 31 March 2011 aggregate ` 233.78 (2010 – ` 137.15).
4. FOREIGN CURRENCY MONETARY ITEM TRANSLATION DIFFERENCE ACCOUNT
As at
31 March 2011
As at
31 March 2010
Balance at the beginning of the year 36.21 (246.48)
Add: Unrealised gain/(loss) on FCC Bond and ECB loan as per notification 253.35 256.32
issued by Ministry of Corporate Affairs
Amortisation of foreign currency monetary item translation difference (289.56) 26.37
Closing balance - 36.21
5. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the net profit 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 effects 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.
2010-2011 2009-2010
Profit after tax for the financial year (attributable to equity shareholders) 2,121.78 1,284.63
Reconciliation of number of shares (In millions) No. of Shares No. of Shares
Weighted average number of shares:
For basic earnings per share 270.04 260.76
Add:
Deemed exercise of options on unissued equity share capital and conversion
0.42 0.56
of FCC Bonds
For diluted earnings per share 270.46 261.32
Earnings per share (nominal value ` 1 each) ` `
Basic 7.86 4.93
Diluted 7.85 4.92
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:
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GLENMARK PHARMACEUTICALS LIMITED