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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 70 GLENMARK PHARMACEUTICALS LIMITED
Schedules annexed to and forming part of the Financial Statements (All amounts in millions of Indian Rupees, unless otherwise stated) 3. Disclosures for defined benefit plans based on actuarial reports as on 31 March 2011: 2010-2011 2009-2010 Gratuity (Funded plan) Leave Encashment (Funded plan) Gratuity (Funded plan) Leave Encashment (Funded plan) (i) Change in Defined Benefit Obligation Opening defined benefit obligation 126.82 68.28 109.64 55.51 Current service cost 23.39 17.69 16.65 14.18 Interest cost 7.31 3.61 7.92 3.72 Actuarial loss/(gain) 3.52 (0.80) 0.72 6.73 Benefits paid (10.17) (16.19) (8.11) (11.86) Closing defined benefit obligation 150.87 72.59 126.82 68.28 (ii) Change in Fair Value of Assets Opening fair value of plan assets 122.97 31.87 107.98 24.61 Expected return on plan assets 8.30 2.32 10.08 2.51 Actuarial gain/(loss) 1.24 0.69 2.91 (0.20) Contributions by employer 10.17 21.13 10.11 16.81 Benefits paid (10.17) (16.19) (8.11) (11.86) Closing fair value of plan assets 132.51 39.82 122.97 31.87 (iii) Reconciliation of Present Value of Defined Benefit Obligation and the Fair Value of Assets Present value of funded obligations as at year end 150.87 72.59 126.82 68.28 Fair value of plan assets as at year end (132.51) (39.82) (122.97) (31.87) Funded Liability/(Asset) recognised in the Balance Sheet 18.36 32.77 3.85 36.41 Present Value of Unfunded Obligation as at year end - - - - Unrecognised Actuarial Gain/(Loss) - - - - Unfunded Liability/(Asset) recognised in the Balance Sheet - - - - (iv) Amount recognised in the Balance Sheet Present value of obligations as at year end 150.87 72.59 126.82 68.28 Fair value of plan assets as at year end (132.51) (39.82) (122.97) (31.87) Amount not recognised as an asset - - - - Net (asset)/liability recognised as at 31 March 2011 18.36 32.77 3.85 36.41 (v) Expenses recognised in the Profit and Loss Account Current service cost 23.39 17.69 16.65 14.18 Interest on defined benefit obligation 7.31 3.61 7.92 3.72 Expected return on plan assets (8.30) (2.32) (10.08) (2.51) Net actuarial loss/(gain) recognised in the current year 2.28 (1.49) (2.18) 6.93 Total expenses 24.68 17.49 12.31 22.32 (vi) Actual Return on Plan Assets Expected return on plan assets 8.30 2.32 10.08 2.51 Actuarial gain/(loss) on Plan Assets 1.24 0.69 2.91 (0.20) Actual Return on Plan Assets 9.54 3.01 12.99 2.31 (vii) Asset information Administered by Birla Sunlife Insurance Co. Ltd. and LIC of India 100% 100% 100% 100% (viii) Principal actuarial assumptions used Discount rate (p.a.) 8.30% 8.30% 8.00% 8.00% Expected rate of return on plan assets (p.a.) 9.00% 9.00% 9.00% 9.00% (ix) Experience Analysis Actuarial (gain)/loss on change in assumptions (3.80) (2.00) 6.30 (1.92) Experience (gain)/loss due to change in experience 7.32 1.20 (5.58) 8.65 Actuarial (gain)/loss on Obligation 3.52 (0.80) 0.72 6.73 (x) Expected employer’s contribution for the next year is ` 68.20 for Gratuity and Leave Encashment. Annual Report 2010-2011 71
Page 35 and 36: Profiles of Directors Mr. Gracias S
Page 37 and 38: DIRECTORS Mr. D. R. Mehta, Mrs. B.
Page 39 and 40: 3. Metformin ER Tablets 1000 mg 4.
Page 41 and 42: ANNEXURE - B Disc losure in the Dir
Page 43 and 44: Report on Corporate Governance Purs
Page 45 and 46: 5. Shareholders’/Investors’ Gri
Page 47 and 48: Distribution Schedule as on 31 Marc
Page 49 and 50: Market Price Data: High, low during
Page 51 and 52: Certification by the Chief Executiv
Page 53 and 54: Auditors’ Report To, The Members
Page 55 and 56: (b) The dues outstanding in respect
Page 57 and 58: Profit and Loss Account (All amount
Page 59 and 60: Cash Flow Statement (All amounts in
Page 61 and 62: Schedules annexed to and forming pa
Page 73: Schedules annexed to and forming pa
Page 81 and 82: Additional information as required
Page 83 and 84: Consolidated Statement of Financial
Page 85 and 86: Consolidated Statement of Comprehen
Page 87 and 88: Notes to Consolidated Financial Sta
Page 89 and 90: the foreign entity and translated i
Page 91 and 92: The Group’s internal drug develop
Page 93 and 94: Financial liabilities are recognise
Page 95 and 96: In those cases where the possible o
Page 97 and 98: NOTE B - BASIS OF CONSOLIDATION The
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Page 103 and 104: NOTE R - MATERIALS CONSUMED Materia
Page 105 and 106: Net compensated absence cost for th
Page 107 and 108: NOTE Y - SEGMENT REPORTING The Chie
Page 109 and 110: The Group’s trade and other recei
Page 111 and 112: As at 31 March 2011, the Group’s
Page 113 and 114: Depreciation Further, depreciation
Page 116 and 117: GLENMARK PHARMACEUTICALS LIMITED Re
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