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Annual Report - Glenmark

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Contents<br />

2<br />

Global. Reaserch-focused. Integrated<br />

10<br />

Highlights, 2004-05<br />

11<br />

Objectives, 2005-2006<br />

12<br />

Interview with the CEO<br />

16<br />

Business Divisional Analysis<br />

18<br />

Domestic Formulations<br />

22<br />

Active Pharmaceutical Ingredients<br />

26<br />

International Formulations<br />

30<br />

Research and Development<br />

36<br />

Global Management Team<br />

37<br />

Management's Discussion and Analysis<br />

43<br />

Risk Management<br />

45<br />

Five-year Financial Summary<br />

47<br />

Ratios<br />

49<br />

Profile of Directors<br />

50<br />

Director's <strong>Report</strong><br />

61<br />

<strong>Report</strong> on Corporate Governance<br />

71<br />

Auditor's <strong>Report</strong><br />

74<br />

The Financial Statements

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