MIRA
INFORM REPORT
|
Report Date : |
28.04.2012 |
IDENTIFICATION DETAILS
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Name : |
DR. REDDY’S LABORATORIES LIMITED |
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Registered
Office : |
8-2-337, Road No 3, Banjara Hills, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
24.02.1984 |
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Com. Reg. No.: |
01-004507 |
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Capital
Investment / Paid-up Capital : |
Rs.846.000 Millions |
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CIN No.: [Company Identification
No.] |
L85195AP1984PLC004507 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDD00080D |
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Legal Form : |
A Public Limited
Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturers and
Sellers of Bulk Drugs, Formulations and Diagnostic Reagents and Kits. |
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No. of Employees
: |
10,000
(Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (78) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 240000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old, well – established and a reputed company engaged in
manufacturing and marketing of pharmaceuticals. The company manufacturers
wide range of pharmaceuticals products in The company can be considered good for normal business dealings under
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered
Office / Corporate Office : |
8-2-337, Road No 3, Banjara Hills, |
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Tel. No.: |
91-40-49002900 |
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Fax No.: |
91-40-49002999 |
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E-Mail : |
ssrinivasan@drreddys.com
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Website : |
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Custom
Pharmaceuticals Services : |
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Tel No.: |
91-40-44658888 |
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Fax No.: |
91-40-44658699 |
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E-Mail : |
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Plants (In |
Bulk
Drugs – I, II, III and IV · Plot Nos. 137, 138 and 146, IDA Bollarum, Jinnaram Mandal, Medak District - 502 320, Andhra Pradesh · Plot Nos. 110 and 111, IDA Bollarum, Jinnaram Mandal, Medak District - 502 320, Andhra Pradesh · Plot Nos. 116, IDA Bollarum, Jinnaram Mandal, Medak District - 502 320, Andhra Pradesh · Plot No. 9/A, Phase III, IDA Jeedimetla Ranga Reddy District – 500 055, Andhra Pradesh · Bulk Drugs – V Peddadevulapally, Tripuraram Mandal, Nalgonda District – 508207, · Bulk Drugs – VI IDA Pydibheemavaram, Ransthal
Mandal, Srikakulam District – 532409, Andhra Pradesh · Bulk Drugs – IX IDA
Pydibheemavaram, Ransthal Mandal, Srikakularrf Dist, AP 532 409 Formulations ·
I – IDA
Bollaram Jinnaram Mandal, Medak District – 502320, · II- Survey No. 42/ 45/ 46 and 54, Bachupally Quthbullapur Mandal, Ranga Reddy District – 500123, Andhra Pradesh, India · III – R S No. 63/3 and 63/4, Thiruvandarkoil Mannvipet, Pondicherry – 605102, Tamil Nadu, India ·
IV – Ward
– F, Block –4, Adavipolam, Yanam, ·
V – Plot No. A-3 to A-6, Phase 1-A,
Verna Industiral Estate, Verna, ·
VI – Khol, Nalagarh, Solan, Pradesh Generics ·
Survey No. 41, Bachupally Quthbullapur Mandal,
Ranga Reddy District – 500043, Boitech/Critical Care/Diagnostics ·
Survey No.47, Bachupally Quthbullapur Mandal,
Ranga Reddy District – 500043, Custom Chemical Services/Discovery
Research ·
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Plants
(Outside |
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Finished Dosage - Generics: ( |
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Tel. No.: |
1-908-203-4900 |
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Fax No.: |
1-9*08203-4940 |
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Finished Dosage - Generics: ( |
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Tel. No.: |
0044 1753 5125 00 |
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Fax No.: |
0044 1753 6966 77 |
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Foundation: |
6-3-655/12,
Somajiguda, |
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Tel. No.: |
91-40-65343424/
23304199/ 1868 |
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Fax No.: |
91-40-23301085 |
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E-Mail : |
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Website : |
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Active
Pharmaceutical Ingredients : |
8-2-120/76/1/B, 2nd Floor, Ashoka Hitec Chambers, Road No.
2, Banjara Hills - 500034, |
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Tel. No.: |
91-40-66470960 |
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Fax No.: |
91-40-23541224 |
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Branded
Finished Dosages / Business Development : |
Greenlands, Ameerpet, |
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Tel No.: |
91-40-49048400 |
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Fax No.: |
91-40-23731955 |
DIRECTORS
AS ON 31.03.2011
|
Name |
Mr. K. Satish Reddy |
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Designation |
Managing Director and Chief Operating Officer |
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Qualification |
B. Tech., M. S. |
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Date of
Joining |
18.01.1993 |
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Previous
Employment |
Director – Globe Organics Limited |
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Other
Directorships |
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Name : |
Dr. Ashok Sekhar Ganguly |
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Designation : |
Director |
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Name : |
Dr. Omkar Goswami |
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Designation : |
Director |
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Date of Appointment : |
21.07.2008 |
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Name : |
Mr. Ravi Bhoothalingam |
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Designation : |
Director |
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Date of Appointment : |
30.10.2000 |
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Name : |
Mr. Anupam Puri |
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Designation : |
Non – Executive Director |
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Date of Appointment : |
04.06.2002 |
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Name : |
Mr. J P Moreau |
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Designation : |
Director |
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Date of Appointment : |
18.05.2007 |
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Name : |
Mrs. Kalpana Morparia |
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Designation : |
Director |
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Date of Appointment : |
05.06.2007 |
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Name : |
Mr. Bruce L A Carter |
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Designation : |
Additional Director |
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Date of Appointment : |
21.07.2008 |
KEY EXECUTIVES
|
Name |
Mr. V. S. Suresh |
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Designation |
Company Secretary |
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Name |
Mr. Satish Reddy |
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Designation |
Chief Operating Officer |
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Qualification |
B. Tech., M. S. |
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Date of
Joining |
18th January, 1993 |
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Previous
Employment |
Director – Globe Organics Limited |
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Other
Directorships |
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|
Name |
Mr. G V. Prasad |
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Designation |
Executive Vice Chairman and CEO |
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Date of Appointment : |
08.04.1986 |
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Name |
Mr. Abhijit Mukherjee |
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Designation |
President |
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Name |
Mr. K. B. Sankara Rao |
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Designation |
Executive Vice President |
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Name |
Mr. Saumen Chakraborthy |
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Designation |
Executive Vice President |
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Name |
Mr. Vilas M. Dholye |
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Designation |
Senior Vice President |
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Name |
Mr. Amit Patel |
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Designation |
Senior Vice President, |
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Name |
Dr. Cartikeya Reddy |
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Designation |
Senior Vice President, Biologics |
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Name |
Dr. R Ananthanarayanan |
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Designation |
President Pharmaceutical Services and
Active Ingredients |
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Name |
Mr. Umang Vohar |
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Designation |
Senior Vice President and Chief Financial
Officer |
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Name |
Dr. Raghav Chari |
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Designation |
Senior Vice President, Proprietory Products
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Name : |
Mr. G.V. Prasad |
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Designation : |
Vice Chariman and Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2012
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
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(A) Shareholding
of Promoter and Promoter Group |
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3,688,528 |
2.62 |
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39,729,284 |
28.17 |
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43,417,812 |
30.78 |
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Total shareholding
of Promoter and Promoter Group (A) |
43,417,812 |
30.78 |
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(B) Public
Shareholding |
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11,055,448 |
7.84 |
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73,546 |
0.05 |
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11,633,885 |
8.25 |
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46,497,438 |
32.97 |
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69,260,317 |
49.10 |
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11,581,907 |
8.21 |
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12,776,378 |
9.06 |
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1,075,357 |
0.76 |
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2,933,610 |
2.08 |
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429,931 |
0.30 |
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2,500,279 |
1.77 |
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3,400 |
- |
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28,367,252 |
20.11 |
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Total Public
shareholding (B) |
97,627,569 |
69.22 |
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Total (A)+(B) |
141,045,381 |
100.00 |
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(C) Shares held by
Custodians and against which Depository Receipts have been issued |
- |
- |
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- |
- |
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28,514,965 |
- |
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28,514,965 |
- |
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Total
(A)+(B)+(C) |
169,560,346 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millions BUSINESS DETAILS
|
Line of Business : |
Manufacturers and
Sellers of Bulk Drugs, Formulations and Diagnostic Reagents and Kits. |
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Products : |
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PRODUCTION STATUS AS ON (31.03.2011)
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Class
of Goods |
Unit |
Installed Capacity |
Actual Production |
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Formulations |
Million Units |
6363 |
4759 |
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Active Pharmaceutical ingredients and intermediates
[API] |
Tones |
4087 |
3560 |
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Generics |
Million Units |
11727 |
6656 |
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Biotechnology – on single shift basis |
Grams |
-- |
13426 |
Notes:
- In terms of press Note no 4 (1994 series) dated October 25, 1994 issued by the department of Industrial Development, Ministry of Industry, Government of India and Notification no. S.O. 137 (E) dated March 01, 1999 issued by the Department of Industrial Policy and Promotion, Ministry of Industry, Government of India, Industrial licencing has been abolished in respect of bulk drugs and formulations. Hence there are no registered / Licenced capacities for these bulk drugs and formulations.
- Installed capacities are as certified by Management and have not been verified by the auditors as this is a technical matter.
- Actual production of Formulations includes 118 million units (previous year: 292 million units) produced on loan licensing basis from outside parties.
- Actual production of API includes 443 tones (previous year: 822 tones) produced on loan licensing basis from outside parties.
GENERAL INFORMATION
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No. of Employees : |
10000
(Approximately) |
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Bankers : |
·
Allahabad
Bank, Industrial Finance Branch, Secunderabad, ·
Bank
of Khairatabad Branch, ·
Canara
Bank Basheer Bagh, ·
Canara
·
Citi
Bank ·
Global
Trust Bank Secunderabad, ·
HDFC
Bank ·
The
Hongkong and Shanghai Banking Corporation Limited ·
State
Bank of Overseas Branch, ·
State
Bank of Industrial Finance Branch, ·
State
Bank of Industrial Finance Branch, ·
Standard
Chartered Grindlays Bank Limited ·
Andhra
Bank Balanagar Branch, |
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Facilities : |
Notes: 1. Loan from
Indian Renewable Energy Development Agency Limited is secured by way of
hypothecation of specific movable assets pertaining to the Solar Grid Interactive Power
Plant. The loan was repayable in quarterly installments of Rs. 1.48 each
quarter and carried an interest rate of 2% per annum. This loan has been
repaid during the year. 2. Finance lease
obligations represent present value of minimum lease rentals payable for the
vehicles leased by the Company and is secured by hypothecation of those
vehicles.
Notes: 1.
Refer Note No 29 of Schedule 20. Amount repayable
in 12 months is Rs. Nil. 2.
Amount repayable in 12 months is Rs. 2. 3.
Foreign Currency Packing Credit comprises loans from
J.P. Morgan Chase, The Bank of Tokyo-Mitsubishi UFJ Limited, BNP Paribas and
HSBC carrying interest rates of LIBOR plus 52 – 80 bps; loan from Credit
Agricole Corporate and Investment Bank and The Bank of Nova Scotia carrying a
fixed rate of interest of 1.120% – 2.085% per annum, which are repayable on
expiry of 6 months from the date of drawdown; Rupee packing credit from State
Bank of India carrying interest rate of 8.75% per annum. Packing Credit loans
for the previous year comprised foreign currency packing credit loan that
were taken from Standard Chartered Bank, The Bank of Nova Scotia, BNP
Paribas, ABN Amro Bank and HSBC carrying interest rates of LIBOR plus 40 – 75
bps, repayable on expiry of 6 months from the date of drawdown and Rupee
packing credit from State Bank of India carrying interest rate of 5% per
annum. 4.
Bank overdraft is on the current accounts with
Citibank, State Bank of |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Bharat S. Raut
and Company Chartered
Accountants |
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Subsidiaries : |
·
DRL Investments Limited, ·
Reddy Pharmaceuticals Hong Kong Limited, ·
OOO JV Reddy Biomed Limited, ·
Reddy Antilles NV, ·
Reddy ·
Reddy US Therapeutics Inc., ·
Dr. Reddy’s Laboratories Inc., ·
Reddy Cheminor SA, France ·
Dr. Reddy’s Farmaceutica Do Brasil Limited, ·
Cheminor Investments Limited, ·
Aurigene Discovery Technologies Limited, ·
Aurigene Discovery Technologies Inc., ·
Dr. Reddy’s Laboratories (EU) Limited, ·
Dr. Reddy’s Laboratories (UK) Limited, ·
Dr. Reddy’s Laboratories (Proprietary) Limited, ·
OOO Dr. Reddy’s Laboratories Limited, ·
Promius Pharma LLC (formerly Reddy
Pharmaceuticals ·
Dr. Reddy’s Bio-sciences Limited, ·
Globe Enterprises (a partnership firm in ·
Industrias Quimicas Falcon de Mexico, SA de CV, ·
betapharm Arzneimittel ·
beta Healthcare Solutions GmbH, ·
beta institute fur sozialmedizinische Forschung
und Entwicklung GmbH, ·
Reddy Holding ·
Lacock Holdings Limited, ·
Reddy Pharma Iberia SA, ·
Reddy Pharma Italia SPA, ·
Dr. Reddy’s Laboratories ( ·
Dr. Reddy’s Laboratories SA, ·
Eurobridge Consulting BV, ·
OOO DRS LLC, ·
Aurigene Discovery Technologies ( ·
Dr. Reddy’s ·
Dr. Reddy’s Laboratories ILAC TICARET Limited
SIRKETI, ·
Dr. Reddy’s SRL, ·
Dr. Reddy’s Laboratories Lousiana ·
Chirotech Technology Limited, ·
Dr. Reddy’s Pharma SEZ Limited, ·
Dr. Reddy’s Laboratories International SA, ·
Idea2Enterprises ( ·
Dr. Reddy’s Laboratories Romania SRL, ·
I-VEN Pharma Capital Limited, ·
Dr. Reddy’s Laboratories Tennessee, ·
Dr. Reddy’s ·
Macred India Private Limited, ·
Perlecan Pharma Private Limited, India
(Amalgamated with the Company vide order dated 12 June 2009 by the High Court
of Judicature,Andhra Pradesh, Hyderabad) |
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Associates : |
·
APR |
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Joint Ventures : |
·
Kunshan Rotam Reddy Pharmaceutical Company
Limited (“Reddy Kunshan”), |
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Enterprises
where principal shareholders have control or significant influence
(“Significant interest entities”) |
·
Dr. Reddy’s Research Foundation (“Research
Foundation”) ·
Dr. Reddy’s Holdings Limited ·
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CAPITAL STRUCTURE
AS ON 21.07.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
240000000 |
Equity Shares |
Rs.5/- each |
Rs. 1200.000 Millions |
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Issued,Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
169560346 |
Equity Shares |
Rs.5/- each |
Rs. 847.802 Millions |
|
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AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
240000000 |
Equity Shares |
Rs.5/- each |
Rs. 1200.000 Millions |
|
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Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
169252932 |
Equity Shares |
Rs.5/- each |
Rs. 846.000
Millions |
|
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|
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
169252732 |
Equity Shares |
Rs.5/- each |
Rs. 846.000
Millions |
|
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|
Notes:
1. Subscribed and
paid-up share capital includes:
(a)
111,732,202 (previous year: 111,732,202) equity
shares of Rs. 5/- each fully paid-up, allotted as bonus shares. Out of total,
34,974,400 shares were allotted by capitalisation of General Reserve and
76,757,802 equity shares allotted as bonus shares by capitalisation of the
Securities Premium Account in earlier years.
(b)
1,052,248 (previous year: 1,052,248) equity shares
of Rs. 5/- each allotted pursuant to a scheme of amalgamation with Standard
Equity Fund Limited without payments being received in cash.
(c)
20,571,768 (previous year: 20,571,768) equity
shares of Rs. 5/- each allotted and 82,800 (previous year: 82,800) equity
shares of Rs. 5/- each extinguished pursuant to a scheme of amalgamation with
erstwhile Cheminor Drugs Limited (CDL) without payments being received in cash.
(d)
40,750,000 (previous year: 40,750,000) equity
shares of Rs. 5/- each allotted against American Depository Shares (ADS).
(e)
17,204,304 (previous year: 17,204,304) equity
shares of Rs. 5/- each allotted against Global Depository Receipts (GDR) that
were converted into ADS during the year ended 31 March 2002.
(f)
226,776 (previous year: 226,776) equity shares of
Rs. 5/- each allotted to the erstwhile members of American Remedies Limited
(ARL) pursuant to a scheme of amalgamation with ARL without payments being
received in cash.
(g)
1,548,579 (previous year: 1,185,283) equity shares
of Rs. 5/- each allotted to the eligible employees of the Company and its
subsidiaries on exercise of the vested stock options in accordance with the
terms of exercise under the “Dr. Reddy’s Employees Stock Option Plan, 2002”.
(h)
190,634 (previous year: 146,583) equity shares of
Rs. 5/- each allotted to the eligible employees of the Company and its
subsidiaries on exercise of the vested stock options in accordance with the
terms of exercise under the “Dr. Reddy’s Employees Stock Option Plan, 2007”.
2. Represents 200
(previous year: 200) equity shares of Rs. 5/- each, amount paid-up Rs. 500/-
(rounded off in millions in the Schedule above) forfeited due to nonpayment of
allotment money.
3. 718,161
(previous year: 885,007) stock options are outstanding to be issued by the
Company on exercise of the vested stock options in accordance with the terms of
exercise under the “Dr. Reddy’s Employees Stock Option Plan, 2002” and 124,559
(previous year: 112,390) stock options are outstanding to be issued by the
Company on exercise of the vested stock options in accordance with the terms of
exercise under the “Dr. Reddy’s Employees ADR Stock Option Plan 2007”
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
846.000 |
844.000 |
842.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
59356.000 |
58302.000 |
51749.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
60202.000 |
59146.000 |
52591.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7.000 |
8.000 |
26.000 |
|
|
2] Unsecured Loans |
14441.000 |
5624.000 |
6377.000 |
|
|
TOTAL BORROWING |
14448.000 |
5632.000 |
6403.000 |
|
|
DEFERRED TAX LIABILITIES |
1008.000 |
750.000 |
904.000 |
|
|
|
|
|
|
|
|
TOTAL |
75658.000 |
65528.000 |
59898.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
16910.000 |
13156.000 |
12108.000 |
|
|
Capital work-in-progress |
5704.000 |
7454.000 |
4112.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
24620.000 |
25551.000 |
17038.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10632.000
|
8974.000
|
7351.000
|
|
|
Sundry Debtors |
17705.000
|
10605.000
|
14197.000
|
|
|
Cash & Bank Balances |
662.000
|
3680.000
|
3844.000
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
16401.000
|
13001.000
|
13085.000
|
|
Total
Current Assets |
45400.000
|
36260.000 |
38477.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
11207.000
|
11943.000
|
7800.000
|
|
|
Other Current Liabilities |
3200.000
|
2532.000
|
2702.000
|
|
|
Provisions |
2569.000
|
2418.000
|
1335.000
|
|
Total
Current Liabilities |
16976.000
|
16893.000 |
11837.000 |
|
|
Net Current Assets |
28424.000
|
19367.000
|
26640.000
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
75658.000 |
65528.000 |
59898.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.20111 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
52181.000 |
44011.000 |
39997.000 |
|
|
|
Other Income |
2060.000 |
3235.000 |
2982.000 |
|
|
|
TOTAL (A) |
54241.000 |
47246.000 |
42979.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
16705.000 |
14821.000 |
14699.000 |
|
|
|
Conversion Charges |
276.000 |
325.000 |
298.000 |
|
|
|
Excise Duty |
617.000 |
424.000 |
387.000 |
|
|
|
Personnel Costs |
7012.000 |
5100.000 |
4133.000 |
|
|
|
Operating and Other Expenses |
10895.000 |
9429.000 |
10086.000 |
|
|
|
Research and Development Expenses |
5128.000 |
3643.000 |
3847.000 |
|
|
|
Provision for decline in the value of long term investments |
557.000 |
321.000 |
112.000 |
|
|
|
TOTAL (B) |
41190.000 |
34063.000 |
33562.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13051.000 |
13183.000 |
9417.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
53.000 |
111.000 |
185.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
12998.000 |
13072.000 |
9232.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2479.000 |
2224.000 |
1937.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
10519.000 |
10848.000 |
7295.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(1585.000) |
(2387.000) |
(1686.000) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
8934.000 |
8461.000 |
5609.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
25541.000 |
20391.000 |
16575.000 |
|
|
|
|
|
|
|
|
|
Less |
Adjustment on account of merger of Perlecan Pharma Private Limited |
0.000 |
248.000 |
0.000 |
|
|
Add |
Transfer from General Reserve |
5972.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
893.000 |
846.000 |
561.000 |
|
|
|
Proposed
dividend on equity shares |
1904.000 |
1900.000 |
1053.000 |
|
|
|
Tax on proposed
dividend |
309.000 |
316.000 |
178.000 |
|
|
|
Dividend of
previous years (including tax) |
4.000 |
1.000 |
1.000 |
|
|
|
Debenture
Redemption Reserve |
19.000 |
0.0000 |
0.000 |
|
|
|
Issuance of Bonus
Debentures as per scheme |
5078.000 |
0.000 |
0.000 |
|
|
|
Dividend
Distribution Tax on distribution as per scheme |
843.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
31397.000 |
25541.000 |
20391.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
36718.000 |
30138.000 |
28925.000 |
|
|
|
Interest on loan
to subsidiaries |
336.000 |
351.000 |
320.000 |
|
|
|
Service income
and license fees |
310.000 |
1111.000 |
1979.000 |
|
|
|
Royalty income |
13.000 |
10.000 |
6.000 |
|
|
|
Guarantee
Commission |
24.000 |
0.000 |
0.000 |
|
|
|
Others |
76.000 |
4.000 |
3.000 |
|
|
TOTAL EARNINGS |
37477.000 |
31614.000 |
31233.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5337.000 |
4864.000 |
5538.000 |
|
|
|
Capital Equipments |
2773.000 |
1107.000 |
1355.000 |
|
|
TOTAL IMPORTS |
8110.000 |
5971.000 |
6893.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
52.82 |
50.15 |
33.32 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
16969.600 |
16469.800 |
16076.900 |
|
Total Expenditure |
10852.000 |
13901.800 |
14005.200 |
|
PBIDT (Excl OI) |
6117.600 |
2568.000 |
2071.700 |
|
Other Income |
555.400 |
130.500 |
241.700 |
|
Operating Profit |
6673.000 |
2698.500 |
2313.400 |
|
Interest |
152.400 |
157.800 |
169.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
6520.600 |
2540.700 |
2144.100 |
|
Depreciation |
689.300 |
734.000 |
748.800 |
|
Profit Before Tax |
5831.300 |
1806.700 |
1395.300 |
|
Tax |
1290.800 |
421.700 |
315.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
4540.500 |
1385.000 |
1080.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
4540.500 |
1385.000 |
1080.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
16.47
|
17.91
|
13.05
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.16
|
24.65
|
18.24
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.88
|
21.95
|
14.42
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.18
|
0.14
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.54
|
0.38
|
0.35
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.67
|
2.15
|
3.25
|
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
No |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
Note:
The Registered Office of the company has been shifted
from 7-1-27, Ameerpet,
MANAGEMENT DISCUSSION AND ANALYSIS
OVERVIEW
Incorporated in
1984, Dr. Reddy’s Laboratories (‘Dr. Reddy’s’ or ‘the Company’) is a global
pharmaceutical company with footprints over 25 countries. The Company’s purpose
is to provide affordable and innovative medicines for healthier lives, which we
do through:
·
Pharmaceutical Services and Active Ingredients (PSAI),
comprising Active Pharmaceutical Ingredients (API) and Custom Pharmaceuticals
Services (CPS).
·
Global Generics (GG) businesses, which includes
branded and unbranded prescription and over-the-counter (OTC) pharmaceutical
products.
·
Proprietary Products (PP), comprising of
biosimilars, differentiated formulations and New Chemical Entities (NCEs).
In
2011, Dr. Reddy’s became the only Indian pharmaceutical company to celebrate
the 10th anniversary of listing at the New York Stock Exchange.
The
Company enjoys some key strengths which are listed below:
·
Industry leading chemistry skills and
development processes which have resulted in monetizing several niche product
opportunities.
·
A high degree of vertical integration
with most of the APIs being sourced internally to manufacture formulations.
This has not only helped in speed to market but also kept Dr. Reddy’s generic
and formulation products cost competitive. The Company ranks amongst the global
leaders in Drug Master Filings (DMF), with 486 global DMFs as of 31 March 2011.
·
The Company enjoys critical business
mass in key markets such as North America,
·
Creates and leverages value
opportunities through strategic partnerships.
·
Has established a presence in
biosimilars through Reditux™, Dr. Reddy’s brand of rituximab, the world’s first
biosimilar monoclonal antibody, as well as three additional products, Grafeel®,
Cresp® and Peg-Grafeel™.
KEY FINANCIAL HIGHLIGHTS
As per
financial reporting standards prescribed under the International Financial
Reporting Standards (IFRS):
·
The Company’s consolidated revenue for
2010-11 grew by 6% to Rs. 74,693 millions(US$ 1.7 billion). As Chart a shows, Dr. Reddy’s
revenue has been rising at a CAGR of 21% over the last ten years.
·
Profit after tax (PAT) for 2010-11 was
Rs. 11,040 millions versus Rs. 1,068 millions in 2009-10.
FINANCIALS
The financials are
given in two sub-sections:
·
Abridged IFRS accounts for Dr. Reddy’s as a
consolidated entity.
·
Abridged Indian GAAP stand-alone accounts for Dr. Reddy’s,
as statutorily required under
OUTLOOK
The Company
believes their focus on profitable growth and targeting a leadership position
in Global Generics and PSAI will create significant value in the near term. The
Company is addressing the need for infrastructure and capacity increases to
meet future growth.
In the Global
Generics segment, improving depth through portfolio expansion, consistent
delivery of limited competition products and supply chain excellence should lead
to a leadership position in key markets. In the PSAI segment, the objective is
to be the partner of choice by creating compelling value for customers through
leveraging IP, technology and cost leadership. In the Proprietary business, the
aim is to create a viable business
by calibrating
investments to produce a self sustainable model.
The Company
expects a positive outlook for the next year. The largest increment of growth
is expected to be contributed by the
UNAUDITED STANDALONE FINANCIAL RESULTS
FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2011
RS.
IN MILLIONS
|
Sr. No. |
Particulars |
Quarter Ended |
Nine Months
Ended |
|
|
|
|
31.12.2011 (Unaudited) |
30.09.2011 (Unaudited) |
31.12.2011 (Unaudited) |
|
1. |
Net Sales/Income
from Operations |
16076.900 |
16469.800 |
49514.100 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
a) (Increase) / Decrease in Stock in Trade |
(558.200) |
(220.900) |
(1093.700) |
|
|
b) Material Consumed |
5194.200 |
5471.900 |
15446.500 |
|
|
c) Research and development expenses net |
1494.700 |
1452.700 |
4138.500 |
|
|
d) Depreciation |
748.800 |
734.000 |
2172.100 |
|
|
e) Other Expenditure |
3849.400 |
3774.500 |
8958.400 |
|
|
f) Personnel Costs |
2066.600 |
1974.500 |
6077.400 |
|
|
g) Selling Expenses |
1958.500 |
1449.100 |
4800.400 |
|
|
h) Total |
14754.000 |
14635.800 |
40499.600 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
1322.900 |
1834.000 |
9014.500 |
|
|
|
|
|
|
|
4. |
Other Income |
241.700 |
130.500 |
498.300 |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
1564.600 |
1964.500 |
9512.800 |
|
|
|
|
|
|
|
6. |
Interest |
169.300 |
157.800 |
479.500 |
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
1395.300 |
1806.700 |
9033.300 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
1395.300 |
1806.700 |
9033.300 |
|
|
|
|
|
|
|
10. |
Tax Expense |
315.000 |
421.700 |
2027.500 |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
1080.300 |
1385.000 |
7005.800 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
1080.300 |
1385.000 |
7005.800 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
847.600 |
847.600 |
847.600 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
6.37 |
8.17 |
41.35 |
|
|
b) Basic and diluted EPS after extraordinary items |
6.34 |
8.13 |
41.13 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
96543537 |
96165909 |
96543537 |
|
|
- Percentage of Shareholding |
56.94 |
56.73 |
56.94 |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
43417812 |
43417812 |
43417812 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100% |
100% |
100% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
25.61 |
25.61 |
25.61 |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. in millions)
|
Sl. No. |
|
Particulars |
Quarter Ended |
Nine Months
Ended |
|
|
|
31.12.2011 |
30.09.2011 |
31.12.2011 |
||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
a)
Pharmaceutical Services and Active Ingredients |
6309.200 |
6322.200 |
17921.400 |
|
|
|
b)
Global Generics |
11160.300 |
113053.500 |
35147.100 |
|
|
|
c)
Proprietary Products |
4.400 |
5.000 |
13.000 |
|
|
|
|
|
|
|
|
|
|
Total |
17473.900 |
17630.700 |
53081.500 |
|
|
|
|
|
|
|
|
|
|
Less: Inter segment revenue |
1393.600 |
1244.200 |
3567.000 |
|
|
|
Add
: Other unallocable Income |
238.300 |
213.800 |
497.900 |
|
|
|
Total income |
16318.600 |
16600.300 |
50012.400 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
a)
Pharmaceutical Services and Active Ingredients |
1717.200 |
1241.400 |
3311.700 |
|
|
|
b)
Global Generics |
3357.900 |
4012.800 |
13329.700 |
|
|
|
c)
Proprietary Products |
(530.100) |
(421.300) |
(1231.100) |
|
|
|
|
|
|
|
|
|
|
Total |
4545.000 |
4832.900 |
15410.300 |
|
|
|
|
|
|
|
|
|
|
Less :Interest |
169.300 |
157.800 |
479.500 |
|
|
|
Less : Other Unallocable Expenses, net |
2980.400 |
2868.400 |
5897.500 |
|
|
|
|
|
|
|
|
|
|
Total profit before tax |
1395.300 |
1806.700 |
9033.300 |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
|
|
|
|
|
|
|
a)
Pharmaceutical Services and Active Ingredients |
20020.800 |
19642.900 |
20020.800 |
|
|
|
b)
Global Generics |
28536.500 |
32512.300 |
28536.500 |
|
|
|
c)
Proprietary Products |
(338.600) |
(65.800) |
(338.600) |
|
|
|
d)
Unallocated |
19019.100 |
13962.700 |
19019.100 |
|
|
|
|
|
|
|
|
|
|
Total |
67237.800 |
66052.100 |
67237.800 |
Notes:
1. Pursuant to clause 41 of the Listing Agreement, the
investor complaints received, disposed off and lying unresolved for the quarter
ended 31 December 2011 are given in the table below:
|
Nature of
Complaints |
Opening balance |
Received |
Disposal |
Closing Balance |
|
Non receipt of
shares / Debenture Certificates and dividend
|
Nil |
3 |
2 |
1* |
2. The unaudited results have been reviewed by the Audit Committee
of the Board on 2 February 2012 and approved by the Board of Directors of the
Company at their meeting held on 3 February 2012.
3. The results for the quarter and nine months ended 31
December 2011 have been subjected to a “Limited review” by the Statutory
Auditors of the Company. An unqualified report has been issued by them thereon.
FIXED ASSETS:
§
Land –
Freehold
§
Building
§
Plant
and Machinery
§
Electrical
Equipment
§
Laboratory
Equipment
§
Furniture
and fixture
§
Office
Equipment
§
Vehicles
WEBSITE DETAILS:
PROFILE
Subject
is an integrated pharmaceutical company focused on providing medicines through
its three business segments: Global Generics segment, Pharmaceutical Services
and Active Ingredients (PSAI) segment and Proprietary Products segment. Its
Global Generics segment includes branded and unbranded prescription and
over-the-counter (OTC) drug products business. Its Pharmaceutical Services and
Active Ingredients (PSAI) segment consists of its active pharmaceutical
ingredients (API) business and its custom pharmaceutical services business.
Effective July 1, 2009, the Company’s drug discovery operations at
MANAGEMENT
K. ANJI REDDY - EXECUTIVE CHAIRMAN OF THE BOARD
Dr. K. Anji Reddy
is the founder and Executive Chairman of the Board of Subject. He is the
Founder-Chairman of Dr. Reddy’s. He served in the state-owned Indian Drugs and
Pharmaceuticals Limited from 1969 to 1975; he was Founder-Managing Director of
Uniloids Limited from 1976 to 1980 and
Standard Organics Limited from 1980 to 1984, before founding Dr. Reddy’s in
1984. Under Dr. Reddy’s leadership, the Company became a pioneer in the Indian
Pharmaceutical industry. It turned the Indian bulk drug industry from
import-dependent in the mid-80s to selfreliant in the mid-90s and, finally,
into the exportoriented industry that it is today. Dr. Reddy’s was the first
company to initiate drug discovery research in
Education
BS
Pharmaceuticals,
G. V. PRASAD – EXECUTIVE VICE CHAIRMAN OF THE
BOARD, CHIEF EXECUTIVE OFFICER
Mr. G. V. Prasad
is Executive Vice Chairman of the Board, Chief Executive Officer of Subject. He
joined the Board in 1986 and leads the core team that drives the growth and
performance of Dr. Reddy’s. He has been Vice-Chairman and CEO of Dr. Reddy’s
since 2001, when Cheminor Drugs Limited, the
company of which he was then Managing Director, merged with Dr. Reddy’s. Prasad
has played a key role in the evolution of Dr. Reddy’s from a mid-sized
pharmaceutical company into a globally respected pharmaceutical. He is widely
credited as the architect of Dr. Reddy’s global generics strategy. He is
dedicated to building the innovation side of the business and drives the
Sustainability agenda at Dr. Reddy’s. He holds a degree in Chemical Engineering
from the Illinois Institute of Technology,
Mr. Ravi
Bhoothalingam is Non-Executive Independent Director of Subject, since 2000. He
joined the Company’s Board in 2000. Mr. Bhoothalingam has served as the
President of The Oberoi Group of Hotels and was responsible for the operations
of the Group worldwide. He has also served as Head of Personnel at British
American Tobacco (BAT) Plc, Managing Director of VST Industries Limited and as
a Director of ITC Limited. He is also a Director of Sona Koyo Steering Systems
Limited. Mr. Bhoothalingam holds a Bachelor of Science degree in Physics from
Education
·
PHD Microbiology,
·
BS Botany,
ASHOK SEKHAR GANGULY - NON-EXECUTIVE INDEPENDENT
DIRECTOR
Dr. Ashok Sekhar Ganguly
has been appointed as Non-Executive Independent Director of Subject with effect
from October 23, 2009. Dr. Ganguly was appointed as Director on the Board of
the Company in 2009. He is currently the Chairman of ABP Private Limited
(Ananda Bazar Patrika Group) and was a Director on the Central Board of Reserve
Bank of
Education
·
PHD,
·
MS,
·
BS Chemistry,
OMKAR GOSWAMI – NON-EXECUTIVE INDEPENDENT DIRECTOR
Dr. Omkar Goswami,
Ph.D. is Non-Executive Independent Director of Subject, since 2000. He joined
the Company’s Board in 2000. Since April 2004, he has been the Founder and
Chairman of CERG Advisory Private Limited, a consulting and advisory firm. He
taught and researched Economics for 18 years at
Education
DS Biochemistry,
KALPANA MORPARIA – DIRECTOR
Ms. Kalpana
Morparia is Non-Executive Independent Director of Subject, since June 5, 2007.
Ms. Morparia joined the Company’s Board in 2007. She is the Chief Executive
Officer of J P Morgan,
Education
Law,
ANUPAM P. PURI - NON-EXECUTIVE INDEPENDENT DIRECTOR
Mr. Anupam P. Puri
is Non-Executive Independent Director of Subject, since 2002. He joined the
Company’s Board in 2002. From 1970 to 2000, Mr. Anupam Puri was with McKinsey
and Company, a management consultancy firm. He worked globally with corporate
clients in several industries on strategy and organizational issues, and also
served several governments and multilateral institutions on public policy. Mr.
Anupam Puri spearheaded the development of McKinsey’s
SATISH REDDY - CHIEF OPERATING OFFICER, MANAGING
DIRECTOR, EXECUTIVE DIRECTOR
Mr. Satish Reddy
is Chief Operating Officer, Managing Director, Executive Director of Subject.
He joined Dr. Reddy’s in 1993 as Executive Director. He played an instrumental
role in the company’s transition from a bulk drugs manufacturer to a global
player in the branded generics space by spearheading the Company’s entry into
emerging markets. Satish steers Dr. Reddy’s Pharmaceutical Services and Active
Ingredients (PSAI) and Global Generics businesses, two of the company’s core
revenue generating streams. In 1997, he was appointed Managing Director.He
graduated in Chemical Engineering from
Education
·
MS Medicinal Chemistry,
·
B Chemical Engineering,
SAUMEN CHAKRABORTY - PRESIDENT AND GLOBAL HEAD -
QUALITY, HR AND IT
Mr. Saumen
Chakraborty is President and Global Head - Quality, HR and IT of Subject. In
this role, he is responsible for Company's Quality, Information Technology,
Business Process Excellence, Human Resources, Corporate Communications and
Supply Chain Effectiveness functions. Prior to this role, he was head of the Global
Generics Operations along with Integrated Product Development across the
organization. Mr. Chakraborty joined the Company in 2001 as Global Chief of
Human Resources. He later took over as Chief Financial Officer in 2006 and then
became Company's President — Corporate and Global Generics Operations in early
2009. He has 26 years of experience in strategic and operational aspects of
management. Prior to joining the Company, he held various line manager, human
resources and other positions, including Senior Manager (Finance and Accounts)
in Eicher, and Vice President (Operations) in Tecumseh. A member of various
industry forums, including the Confederation of Indian Industry and the
National HRD Network, he graduated with honors as the valedictorian of his
class from Visva-Bharati University in Physics, and went on to pursue
management from the Indian Institute of Management, Ahmedabad. He continues to
be responsible for Information Technology and Business Process Excellence.
Education
·
MBA, Indian Institute of Management
·
Physics,
ABHIJIT MUKHERJEE - PRESIDENT - GLOBAL GENERICS
Mr. Abhijit
Mukherjee is President - Global Generics of Subject. Before joining the
company, he worked with Atul Limited for 10 years, where he held numerous
positions of increasing responsibility. In his last assignment there he was
President, Bulk Chemicals and Intermediates Business, and Managing Director,
Atul Products Limited. He started his career as a management trainee in
Hindustan Lever Limited (“HLL”) and worked at that company for 13 years,
including three years in a Unilever company. He was primarily involved in
technical assignments in the aroma chemicals business in HLL and Unilever and
also in detergents and sulphonation plants of HLL. He holds a degree in
Chemical Engineering from the Indian Institute of Technology in
Education
B Chemical
Engineering, Indian Institute of Technology, Kharagpur
UMANG VOHRA - CHIEF FINANCIAL OFFICER
Mr. Umang Vohra is
Chief Financial Officer of Subject. He has over 14 years of experience across
various functions within finance, strategic planning and corporate development.
He is responsible for managing Company's organization’s global finance
functions including among others Accounts and Controlling, Taxation,
Compliance, Secretarial, Investor Relations and Treasury. He joined the Company
in 2002, initially working as Deputy Chief Financial Officer, and has been part
of several of Company's key initiatives like acquisitions, research and
development, de-risking transactions, and operational improvements and
migration to IFRS in Company's accounting, governance and finance processes.
Prior to joining the Company, Mr. Vohra worked with Eicher and PepsiCo
RAGHAV
Dr. Raghav Chari
is Senior Vice President - Proprietary Products of Subject. He heads
Proprietary Products segment and is responsible for developing a viable
portfolio of products across Company's New Chemical Entities and Differentiated
Formulations businesses. Dr. Chari joined the Company in 2006 as Vice
President- Corporate Development for Company's New Chemical Entities and
Specialty business and has helped shape Company's Proprietary Products business
strategy while developing alliance platforms. He started his career with
McKinsey and Company, where he spent several years as an Associate, Engagement
Manager and finally Associate Principal in McKinsey’s Pharmaceuticals and
Medical Products practice. After McKinsey, he took leadership roles in strategy
and business development with several smaller biotech companies. Prior to
joining the Company, he was the head of the Corporate Strategy function at NPS
Pharmaceuticals. Dr. Chari is a graduate in Mathematics and Physics from the
California Institute of Technology and holds a Ph. D in Theoretical Physics from
Education
·
PHD Theoretical Physics,
·
Mathematics and Physics, California Institute of
Technology PHD Theoretical Physics,
·
Mathematics and Physics, California Institute of
Technology
K. B. SANKARA RAO - EXECUTIVE VICE PRESIDENT -
INTEGRATED PRODUCT DEVELOPMENT
Mr. K. B. Sankara
Rao is Executive Vice President - Integrated Product Development Business of
Subject. Mr. Rao was appointed to this position in February 2004. He is
responsible for directing Company's strategies for new product development in
the areas of generics, branded generics, specialty, NCE formulations and active
pharmaceutical ingredients. Mr. Rao began his career with the Company in 1986.
Since then, he has held a series of leadership roles in manufacturing, research
and development, quality, projects and supply-chain management, in addition to
revitalizing Company's new product development function using the Six-Sigma
process. Mr. Rao was also instrumental in the design and implementation of the
“Self-Managed Team” — a concept arguably unique in the pharmaceutical industry.
He is a life-member of the Indian Pharmaceutical Association, the Controlled
Release Society and the Indian Pharmacy Graduates Association. He is also a
member of the Confederation of Indian Industry (“CII”) Southern Region Quality
and Productivity Sub-committee, as well as the CII Sohrabji Godrej Green
Business Centre,
Education
M Pharmacy,
VILAS M. DHOLYE
-EXECUTIVE VICE PRESIDENT - FORMULATIONS MANUFACTURING
Mr. Vilas M.
Dholye is Executive Vice President - Formulations Manufacturing of Subject. He
has over 35 years of experience in operations and projects management. Mr.
Dholye joined organization in 2000 and was responsible for all aspects of
Company's API manufacturing operations. He has over the last few years been
responsible for implementing business process excellence and enterprise
resource planning projects. Prior to joining the Company, Mr. Dholye worked
with Pidilite Industries, Gharda Chemicals, Humphrey and Glasgow (Now Jacob
Engineering) and Asian Paints, among other companies. Mr. Vilas holds a
Chemical Engineering degree from the University Institute of Chemical
Technology, Mumbai.
Education
Chemical
Engineering,
AMIT PATEL - SENIOR VICE PRESIDENT -
Mr. Amit Patel is Senior
Vice President - North America Generics of Subject. He is responsible for
executing company’s strategic efforts in the North American generics market.
Prior to joining us in 2003, Amit was co-founder and Chief Executive Officer of
a healthcare services startup called Med On Time that was later acquired by
CTIS Inc., at which he served as Vice President of Corporate Development.
Earlier, he was a strategy consultant with Marakon Associates where he focused
on value-based management and mergers and acquisition. He received a Bachelor
of Science degree in Economics from the Wharton School of Business at the
Education
·
MBA,
·
B Systems Engineering,
·
BS Economics,
C. CARTIKEYA REDDY - SENIOR VICE PRESIDENT AND HEAD
– BIOLOGICS
Dr. C. Cartikeya
Reddy is Senior Vice President and Head - Biologics of Subject, which focuses
on the development of biosimilar molecules for the Indian and global markets.
Prior to joining in 2004, Mr. Reddy worked with Genentech Inc., where he was a
Group Leader in the area of Cell Culture Process Development. Before that, he
was with the Biotechnology Division of Bayer Corporation, where he led teams in
the areas of Bioprocess Development and pilot scale manufacturing. Mr. Reddy
holds a Master of Science degree and Ph.D. in Chemical Engineering from the
University of Illinois, Urbana-Champaign, and was a Visiting Scholar at the
Massachusetts Institute of Technology in Cambridge, Massachusetts, United States
of America. He also graduated with a Bachelor of Technology degree in Chemical
Engineering from the Indian Institute of Technology in
Education
·
PHD Chemical Engineering,
·
MS Chemical Engineering,
·
B Chemical Engineering, Indian Institute of
Technology, Chennai
NEWS
PRESS RELEASE:
Dr. Reddy’s announces the launch of Olanzapine
tablets
Dr. Reddy’s Laboratories (NYSE: RDY) announced today that it has launched Olanzapine Tablets (2.5 mg, 5 mg, 7.5 mg, 10mg, 15 mg), a bioequivalent generic version of ZYPREXA Tablets in the US market on April 23, 2012 following the approval by the United States Food and Drug Administration (USFDA) of Dr. Reddy’s ANDA for Olanzapine Tablets. Dr. Reddy’s Olanzapine Tablets in 20 mg had been awarded a 180-day period of marketing exclusivity in the U.S. on October 26, 2011 which was commercialized through a commercial, manufacture and supply agreement with Teva Pharmaceutical Industries Limited.
The ZYPREXA® Tablets brand and generic had
combined
Dr. Reddy’s Olanzapine Tablets in 2.5 mg, 5 mg, 7.5 mg, 10 mg, 15 mg and 20 mg strengths are available in 30 and 500 count bottles.
Disclaimer
This press release includes forward-looking statements, as defined in the
About Dr. Reddy’s
Dr. Reddy’s Laboratories Limited (NYSE: RDY) is an
integrated global pharmaceutical company, committed to providing affordable and
innovative medicines for healthier lives. Through its three businesses - Pharmaceutical Services and Active Ingredients, Global Generics and Proprietary Products – Dr. Reddy’s
offers a portfolio of products and services including APIs, custom
pharmaceutical services, and generics, biosimilars, differentiated formulations
and NCEs. Therapeutic focus is on gastro-intestinal, cardiovascular, diabetology,
oncology, pain management, anti-infective and pediatrics. Major markets include
Dr. Reddy's announces the Launch of Ziprasidone
Hydrochloride Capsules
Dr. Reddy's Laboratories (NYSE: RDY) announced today that it has
launched Ziprasidone Hydrochloride
Capsules, a bioequivalent generic version of Geodon® in the US
market on March 2, 2012 following the approval by the United States Food and
Drug Administration (USFDA) of Dr. Reddy's ANDA for Ziprasidone Hydrochloride
Capsules.
The Geodon® brand had
Dr. Reddy's Ziprasidone Hydrochloride Capsules in 20 mg, 40 mg, 60
mg and 80 mg strengths are available in 60 count bottle size.
Disclaimer
This press release includes forward-looking statements, as defined in the
About Dr. Reddy's
Dr. Reddy's laboratories Limited (NYSE: RDY) is an integrated
global pharmaceutical company, committed to providing affordable and innovative
medicines for healthier lives. Through its four businesses - Pharmaceutical
Services and Active ingredients, Global Generics, Biosimilars and Proprietary
Products. Dr. Reddy's offers a portfolio of products and services including
APls, custom pharmaceutical services, generics, biosimilars, differentiated
formulations and NCEs. Therapeutic focus is on gastro-intestinal,
cardiovascular, diabetology, oncology, pain management, anti-infective and
pediatrics. Major markets include
Teva and Dr. Reddy’s announce launch of generic
Zyprexa® in the United States
Hyderabad, India, October 25, 2011: Teva Pharmaceutical Industries
Limited (Nasdaq: TEVA) and Dr. Reddy’s Laboratories (NYSE: RDY) announced today
the commercial launch of Olanzapine Tablets, the generic version of Eli Lilly’s
Zyprexa®. Annual sales of Zyprexa® were approximately
$3.2 billion in the
Teva’s
Olanzapine Tablets in 2.5 mg, 5 mg, 7.5 mg, 10 mg and 15 mg and Dr. Reddy’s
Olanzapine Tablets in 20 mg have each been awarded a 180-day period of
marketing exclusivity in the U.S. Dr. Reddy's is supplying the 20 mg version of
the product following an April 2011 commercialization, manufacture and supply
agreement with Teva. In addition, as per the terms of the agreement, Dr.
Reddy's will launch their 2.5 mg, 5 mg, 7.5 mg, 10 mg,15 mg and 20 mg of
Olanzapine tablets upon expiration of the 180-day exclusivity period.
ZYPREXA® is a
trademark of Eli Lilly and Company
Disclaimer
This press release includes forward-looking statements, as defined in the
About Dr. Reddy’s
Dr.
Reddy’s Laboratories Limited (NYSE: RDY) is an integrated global pharmaceutical
company, committed to providing affordable and innovative medicines for
healthier lives. Through its three businesses - Pharmaceutical Services and
Active Ingredients, Global Generics and Proprietary Products – Dr. Reddy’s
offers a portfolio of products and services including APIs, custom
pharmaceutical services, generics, biosimilars, differentiated formulations and
NCEs. Therapeutic focus is on gastro-intestinal, cardiovascular, diabetology,
oncology, pain management, anti-infective and pediatrics. Major markets include
About TEVA
Teva
Pharmaceutical Industries Limited (NASDAQ: TEVA) is a leading global
pharmaceutical company, committed to increasing access to high-quality
healthcare by developing, producing and marketing affordable generic drugs as
well as innovative and specialty pharmaceuticals and active pharmaceutical
ingredients. Headquartered in
Dr. Reddy's Laboratories Limited
Acquires Prescription Business of JB Chemicals And Pharmaceuticals In
Jul 22, 2011
Dr.
Reddy's Laboratories Limited announced that it has entered into an agreement
with JB Chemicals and Pharmaceuticals to acquire their pharmaceutical
prescription portfolio in the
Dr. Reddy's Laboratories Limited
Announces the USFDA Approval of Fondaparinux Sodium Injection
Jul 13, 2011
Dr.
Reddy's Laboratories Limited and Alchemia Limited, announced that Dr. Reddy's
has received final approval of Dr. Reddy's ANDA for Fondaparinux Sodium
Injection, a bioequivalent generic version of Arixtra, in the
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.68 |
|
|
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.69.35 |
INFORMATION DETAILS
|
Report Prepared
by : |
MYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
78 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.