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Auditors’ Report
Auditors’ report to the Board of Directors of Glenmark Pharmaceuticals Limited.
We have audited the attached Consolidated Statement of Financial Position of Glenmark Pharmaceuticals Limited
(“the Company”) its subsidiaries (as per list appearing in Note B) collectively referred to as “the Glenmark Group” as at
31 March 2011 and also the Consolidated Statement of Comprehensive Income, Consolidated Statement of Changes in
Equity and the Consolidated Statement of Cash Flow for the year ended on the date annexed thereto (“collectively referred
as consolidated financial statements”). These consolidated financial statements are the responsibility of the Glenmark
Group’s management and have been prepared by the management on the basis of separate financial statements and other
financial information regarding components. Our responsibility is to express an opinion on these consolidated financial
statements based on our audit.
1. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require
that we plan and perform the audit to obtain reasonable assurance 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.
2. We did not audit the financial statements of certain subsidiaries, whose financial statements reflect total assets of
` 14,389 million as at 31 March 2011, total revenue of ` 18,938 million and cash flows amounting to ` 1,019.62 million
for the year then ended. These financial statements and other financial information have been audited by other
auditors whose reports have been furnished to us, and our opinion in respect thereof, is based solely on the report
of other auditors.
3. We report that the consolidated financial statements have been prepared by Glenmark Group’s management in
accordance with the requirements of International Accounting Standard 27, ‘Consolidated and Separate Financial
Statements’ forming part of International Financial Reporting Standards (“IFRS”) as permitted by SEBI Circular CIR/
CFD/DIL/1/2010 dated 5 April, 2010 (“SEBI Circular”).
4. As described in Note A-2.2 to the consolidated financial statements, in the preparation of its first financial statements
in accordance with International Financial Reporting Standards, Glenmark Group has not presented any financial
information for the comparative period as required by SEBI Circular.
5. As described in Note A-2.2 to the consolidated financial statements, Glenmark Group has not presented a reconciliation
of significant differences between the figures as disclosed as per IFRS and the figures as they would have been if the
notified Indian Accounting Standards were adopted, as required by SEBI circular.
6. Based on our audit and consideration of reports of other auditors on financial statements and on the other financial
information of the components, and to the best of our information and according to the explanations given to us,
we are of the opinion that, subject to the omission of the disclosures described in para 4 and 5 above, the attached
consolidated financial statements give a true and fair view in conformity with International Financial Reporting
Standards as permitted vide SEBI circular:
a) in case of the Consolidated Statement of Financial Position, of the state of affairs of the Glenmark Group as at
31 March 2011;
b) in case of the Consolidated Statement of Comprehensive Income, of the profit for the year ended on that date;
and
c) in case of the Consolidated Statement of Cash Flow, 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
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GLENMARK PHARMACEUTICALS LIMITED