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Home > Equity Market > Glenmark Pharmaceuticals Ltd.- Notes To Account >

Glenmark Pharmaceuticals Ltd.- Notes To Account

Industry: Pharmaceuticals
BSE Code :532296
NSE Code :GLENMARK
Business Group:Not Applicable
LTP (Rs.)
ISIN No :INE935A01035
Face Value/M Lot :1.00/1
P/E Ratio : 40.09
Market Cap : 15478.73 Cr
You can view the entire text of Notes to accounts of the company for the latest year.
Year End : 03 / 2013
1. 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.

The calculations of earnings per share (basic and diluted) are based on the earnings and number of shares as computed below.

2. 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 pharmaceuticals is governed by a similar set of risks and returns.

3. Related Party Disclosures

In accordance with the requirements ofAccounting Standard -18 "Related Party Disclosures", the names of the related parties where control exists and/or with whom transactions have taken place during the year and description of relationships, as identified and certified by the management are as follows:

a) Parties where direct/indirect control exists

i) Subsidiary companies

Glenmark Pharmaceuticals Europe Ltd., U.K.

Glenmark Generics (Europe) Ltd., U.K.

Glenmark Pharmaceuticals S.R.O., Czech Republic

Glenmark Pharmaceuticals SK, s.r.o., Slovak Republic

Glenmark Pharmaceuticals S. A., Switzerland

Glenmark Holding S. A., Switzerland

Glenmark Generics Holding S.A., Switzerland (merged with Glenmark Generics Finance SAw.e.f. 1 April 2012.)

Glenmark Generics Finance S. A., Switzerland

Glenmark Pharmaceuticals S.R.L., Romania

Glenmark Pharmaceuticals Eood., Bulgaria

Glenmark Distributors SP z.o.o., Poland

Glenmark Pharmaceuticals SP z.o.o., Poland

Glenmark Generics Inc., USA

Glenmark Therapeutics Inc., USA

Glenmark Farmaceutica Ltda., Brazil

Glenmark Generics S.A., Argentina

Glenmark Pharmaceuticals Mexico, S.A. DE C.V., Mexico

Glenmark Pharmaceuticals Peru SAC., Peru

Glenmark Pharmaceuticals Colombia Ltda., Colombia

Glenmark Uruguay S.A., Uruguay

Glenmark Pharmaceuticals Venezuela., C.A, Venezuela

Glenmark Dominicana, SRL, Dominican Republic

Glenmark Pharmaceuticals Egypt S.A.E., Egypt

Glenmark Pharmaceuticals FZE., U.A.E.

Glenmark Impex L.L.C., Russia

Glenmark Philippines Inc., Philippines

Glenmark Pharmaceuticals (Nigeria) Ltd., Nigeria

Glenmark Pharmaceuticals Malaysia Sdn Bhd., Malaysia

Glenmark Pharmaceuticals (Australia) Pty Ltd., Australia

Glenmark South Africa (Pty) Ltd., South Africa

Glenmark Pharmaceuticals South Africa (Pty) Ltd., South Africa

Glenmark Access Ltd. (formerly known as Glenmark Exports Ltd.)

Glenmark Generics Ltd., India

Glenmark Generics B.V., Netherlands

Glenmark Arzneimittel Gmbh., Germany

Glenmark Generics Canada, Inc.

Glenmark Pharmaceuticals Kenya Ltd.; Kenya

Glenmark Therapeutics AG; Switzerland

ii) Investment in Joint Venture

Glenmark Pharmaceuticals (Thailand) Co. Ltd., Thailand

iii) Enterprise over which key managerial personnel exercise significant influence Glenmark Foundation, India

b) Related party relationships where transactions have taken place during the year Subsidiary Companies/Joint Venture

Glenmark Farmaceutica Ltda., Brazil

Glenmark Philippines Inc., Philippines

Glenmark Pharmaceuticals (Nigeria) Ltd., Nigeria

Glenmark Pharmaceuticals S.A., Switzerland

Glenmark Pharmaceuticals Malaysia Sdn. Bhd., Malaysia

Glenmark Impex L.L.C., Russia

Glenmark Holding S.A., Switzerland

Glenmark Generics Ltd., India

Glenmark Pharmaceuticals Peru SAC., Peru

Glenmark Pharmaceuticals Venezuela., C.A, Venezuela

Glenmark Pharmaceuticals FZE., U.A.E.

Glenmark Pharmaceuticals Egypt S.A.E., Egypt

Glenmark Generics SA., Argentina

Glenmark Generics (Europe) Ltd., U.K.

Glenmark Pharmaceuticals Europe Ltd., U.K.

Glenmark Generics Inc., USA

Glenmark Pharmaceuticals s.r.o., Czech Republic

GlenmarkTherapeutics Inc., USA

Glenmark Pharmaceuticals (Thailand) Co. Ltd., Thailand

Glenmark Dominicana SA., Dominican Republic

Glenmark Distributor SP z.o.o., Poland

Glenmark Pharmaceuticals S.R.L., Romania

Glenmark Pharmaceuticals South Africa (Pty) Ltd., South Africa

Glenmark Pharmaceuticals Kenya Ltd; Kenya

Glenmark Pharmaceuticals Colombia Ltda., Colombia

Glenmark Pharmaceuticals Mexico, S.A. DE C.V., Mexico

Glenmark Pharmaceuticals (Australia) Pty Ltd., Australia

Glenmark Therapeutics AG; Switzerland

Glenmark Uruguay S.A., Uruguay

Enterprise over which key managerial personnel exercise significant influence

Glenmark Foundation, India

c) Key management personnel

Mr. Gracias Saldanha (Upto 20 July 2012)

Mrs. B. E. Saldanha

Mr. Glenn Saldanha

Mrs. Cherylann Pinto

Mr. R. V. Desai (Appointed w.e.f 9 November 2011)

Mr. A. S. Mohanty (Upto 10 May 2011)

4. 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.

5. Leases

The Company has taken on lease/ leave and licence godowns/ residential & office premises at various locations in the country.

i) The Company's significant leasing arrangements are in respect of the above godowns & premises (including furniture and fittings therein, as applicable). The aggregate lease rentals payable are charged to Statement of Profit and Loss 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 ofRs. 98.62 (2012 -Rs. 99.32) towards deposit and unadjusted advance rent is recoverable from the lessor.

6. Taxation

Provision for current taxation for the Company of Rs. 656.97 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 Rs. 656.97 for the current year and has been recognised as MAT Credit Entitlement in Note 13.

7. Employee Benefits

The disclosures as required as per the revised AS 15 are as under:

1. BriefdescriptionofthePlans

The Company has various schemes for long-term benefits such as Provident Fund, Superannuation, Gratuity and Compensated absences. 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 benefit.

8. Research and development expenditure

During the year, the Company expensed Rs. 929.44 (2012 -Rs. 759.57) as research and development costs.

9. Extracts of Assets and Liabilities as on 31 March 2013 and Income and Expenses for the year ended 31 March 2013 related to the interest of the Company (without elimination of the effect of transactions between the Company and Glenmark Pharmaceuticals (Thailand) Co. Ltd., Thailand) have been extracted from the audited financial statements:

10. Other Events

Merck Sharp & Dohme Pharmaceuticals Private Limited ('Merck'), the Indian affiliate of Merck & Co. Inc., USA had filed a decree for permanent injunction in the Hon'ble High Court at Delhi to restrain Glenmark Pharmaceuticals Limited from manufacture and sale of generic versions of Merck's product Januvia (Sitagliptin Phosphate) alleging patent right infringement. The petition was dismissed by the single bench of the Hon'ble High Court at Delhi and Merck has now filed an appeal before the divisional bench of the Hon'ble High Court at Delhi, which is pending hearing. Based on a legal advice, the management is confident that no liability is likely to devolve on the Company.

11. Prior Year Comparatives

Prior year's figures have been regrouped or reclassified wherever necessary to confirm to current year's classification.

Visit the Glenmark Pharmaceuticals Ltd. company profile page for more information on the company. Learn about Glenmark Pharmaceuticals Ltd. raw material report, capital structure information, and list of bankers, auditors & registrars. Get live equity market updates and browse through breaking news stories from the Indian share market.

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