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Schedules annexed to and forming part of the Financial Statements
(All amounts in millions of Indian Rupees, unless otherwise stated)
2010-2011 2009-2010
Glenmark Generics Ltd., India 5,355.67 770.50
Glenmark Impex L.L.C., Russia 340.24 488.62
Glenmark Pharmaceuticals South Africa (Pty) Ltd., South Africa - 0.40
Glenmark Pharmaceuticals FZE., United Arab Emirates (14.83) (6.49)
Glenmark Generics SA., Argentina 1.16 1.09
Glenmark Pharmaceuticals Venezuela., C.A , Venezuela 42.62 5.30
Glenmark Pharmaceuticals Malaysia Sdn.Bhd., Malaysia (11.58) -
Glenmark Pharmaceuticals Peru SAC., Peru 15.34 -
Glenmark Foundation, India 0.04 -
8. OUTSTANDING DUES TO MICRO, SMALL AND MEDIUM SCALE BUSINESS ENTERPRISES
The Company has not received any information from the “suppliers” regarding their status under the Micro, Small and
Medium Enterprises Development Act, 2006 and 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 and office premises at various locations in
the country.
i) The Company’s significant leasing arrangements are in respect of the above godowns and premises (including
furniture and fittings therein, as applicable). The aggregate lease rentals payable are charged to Profit and Loss
Account as Rent.
ii) The Leasing arrangements which are cancellable range between 11 months to 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 ` 83.35 (2010 - ` 83.91) towards deposit and unadjusted
advance rent is recoverable from the lessor.
10. TAXATION
Provision for current taxation for the Company of ` 674.15 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 effect 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-off against the tax liability, other than MAT in future
years. Accordingly, an amount of ` 286.15 for the current year and has been recognised 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 benefits 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 defined 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 defined benefit plans include Gratuity and Leave Encashment.
2010-2011 2009-2010
2. Charge to the Profit and Loss Account based on contributions:
Superannuation 2.42 2.33
Provident fund 73.63 55.09
76.05 57.42
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GLENMARK PHARMACEUTICALS LIMITED