MIRA INFORM REPORT

 

 

Report Date :

24.09.2013

 

IDENTIFICATION DETAILS

 

Name :

DR. REDDY’S LABORATORIES LIMITED

 

 

Registered Office :

8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500034, Andhra Pradesh

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

24.02.1984

 

 

Com. Reg. No.:

01-004507

 

 

Capital Investment / Paid-up Capital :

Rs. 849.000 Millions

 

 

CIN No.:

[Company Identification No.]

L85195AP1984PLC004507

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

HYDD00080D

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer and Seller of Bulk Drugs, Formulations and Diagnostic Reagents and Kits.

 

 

No. of Employees :

16504 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (78)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 311000000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

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 India and Overseas. The company is doing good in business and profitability. Directors are reported to be experienced, respectable and resourceful businessmen. Trade relations are fair. Payments are usually correct and as per commitments.

 

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

 

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

 

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Fund based / Non fund based : “A1+”

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

07.05.2013

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

LOCATIONS

 

Registered /Corporate Office/ Active Pharmaceutical Ingredients :

8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India 

Tel. No.:

91-40-49002900

Fax No.:

91-40-49002999

E-Mail :

shares@drreddys.com

drl@hd1.vsnl.net.in

corpcom@drreddys.com

vasudevan@drreddys.com

pavanknvs@drreddys.com

ssrinivasan@drreddys.com

nikhilshah@drreddys.com

Website :

http://www.drreddys.com  

 

 

Custom Pharmaceuticals Services :

Bollaram Road, Miyapur, Hyderabad – 500049, Andhra Pradesh, India

Tel No.:

91-40-44658888

Fax No.:

91-40-44658699

E-Mail :

cpsgen@drreddys.com

 

 

Branded Finished Dosages / Business Development :

Greenlands, Ameerpet, Hyderabad – 500016, Andhra Pradesh, India

Tel No.:

91-40-49048400

Fax No.:

91-40-23731955

 

 

Finished Dosage - Generics: (North America)

200 Somerset Corporation Blvd., Bridgewater, NJ 08807

Tel. No.:

1-908-203-4900

Fax No.:

1-908-203-4940

 

 

Finished Dosage - Generics: (Europe)

258 Bath Road, Slough, Berkshire, SL 1 4DX

Tel. No.:

0044 1753 5125 00

Fax No.:

0044 1753 6966 77

 

 

Dr. Reddy’s Foundation:

6-3-655/12, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India.

Tel. No.:

91-40-65343424/ 23304199/ 1868

Fax No.:

91-40-23301085

E-Mail :

info@drreddysfoundation.org

Website :

www.drreddysfoundation.org

 

 

Facility Locations In India

 

 

API Manufacturing Facilities :

API Hyderabad Plant 1

Plot No. 137, 138, IDA Bollaram, Jinnaram Mandal Medak District - 502325, Andhra Pradesh, India

 

API Hyderabad Plant 2

Plot No. 75B, 105, 110 and 111, IDA Bollaram, Jinnaram Mandal, Medak District - 502325, Andhra Pradesh, India

 

API Hyderabad Plant 3

Plot No. 116, 116A and 126C and SY No. 157, IDA Bollaram, Jinnaram Mandal, Medak District - 502325, Andhra Pradesh, India

 

API Hyderabad Plant 4

Plot No. 9/A, 9/B, 22A, 22B and 22C, Phase – III, IDA Jeedimetla, Ranga Reddy District – 502325, Andhra Pradesh, India

 

API Nalgonda Plant

Peddadevulapally, Tripuraram Mandal, Nalgonda District – 502325, Andhra Pradesh, India

 

API Srikakulam Plant

IDA, Pydibheemavaram Ransthal Mandal Srikakulam, District - 502325, Andhra Pradesh, India

 

API Srikakulam Plant (SEZ)

Sector No. 28 and 34 Devunipalavalasa Village, Ranastalam Mandal, Srikakulam District - 502325, Andhra Pradesh, India

 

 

Formulation Manufacturing

Facilities :

Formulations Hyderabad Plant 1

Plot No. 146, IDA Bollaram, Jinnaram Mandal, Medak District – 502325, Andhra Pradesh, India

 

Formulations Hyderabad Plant 2

S Y No. 42, 45, 46 and 54 Bachupally, Qutubullapur Mandal, Ranga Reddy District – 502325, Andhra Pradesh, India

 

Formulations Hyderabad Plant 3

S Y No. 41 Bachupally, Qutubullapur Mandal, Ranga Reddy – 502325, Andhra Pradesh, India

 

Formulations Yanam Plant

Ward-F, Block-4, Adavipolam Yanam, Pondicherry – 533464, Tamilnadu, India

 

Formulations Baddi Plant 1

Khol, Nalagarh Solan, Nalagarh Road, Baddi – 173205, Himachal Pradesh, India

 

Formulations Vizag Sez Plant

Plot No P1-P9, Phase III Duvvada, VSEZ, Visakapatanam – 530046, Andhra Pradesh, India

 

Formulations Baddi Plant 2

Village Mauja Thana, Nalagarh Baddi Road, Baddi, District Solan – 173205, Himachal Pradesh, India

 

Formulations Srikakulam Plant (SEZ)

Sector No. 9-13 and 17-20 Devunipalavalasa Village, Ranastalam Mandal, Srikakulam District – 532409, Andhra Pradesh, India

 

Biologics

Survey No.47, Bachupally Quthbullapur Mandal, Ranga Reddy District – 500043, Andhra Pradesh, India

 

 

Research and Development Facility :

Integrated Product Development Organisation (IPDO)

Bachupally Village, Qutubullapur Mandal, Ranga Reddy District - 500123, Andhra Pradesh, India

 

Aurigene Discovery Technologies Limited (ADTL), Bangalore

 

39-40, KIADB Industrial Area, Electronic City Phase II, Hosur Road, Bangalore - 560100, Karnataka, India

 

ADTL, Hyderabad

Bollaram Road, Miyapur Hyderabad - 500049, Andhra Pradesh, India

 

Technology Development Centre Hyderabad 1

Bollaram Road, Miyapur Hyderabad - 500049, Andhra Pradesh, India

 

Technology Development Centre Hyderabad 2

Plot 31A, IDA, Jeedimetla Hyderabad - 500050, Andhra Pradesh, India

 

 

Facility Locations Outside India :

Located at:

 

Kunshan Rotam Reddy Pharmaceutical Company Limited

No. 258, Huang Pu Jiang (M) Road, Kunshan Development Zone, Jiangsu Province P. R. China 215300

 

API CUERNAVACA PLANT Industrias Quimicas Falcon de Mexico S.A. de C.V.

Carretera Federal Cuernavaca-Cuautla KM 4.5 CIVAC, Jiutepec, Morelos Mexico 62578

 

Dr. Reddy’s Laboratories (UK) Limited

6, Riverview Road, Beverly, East Yorkshire HU 17 OLD, United Kingdom

 

Dr. Reddy’s Laboratories (EU) Limited

Steanard Lane, Mirfield, West Yorkshire, WF 14, 8HZ, United Kingdom

 

Chirotech Technology Limited

410 Cambridge Science Park Milton Road, Cambridge CB4 0PE, United Kingdom

 

Dr. Reddy’s Laboratories Louisiana LLC

8800 Line Avenue, Shreveport, Louisiana 71106. USA

 

Dr. Reddy’s Laboratories Tennessee LLC

P.O. Box 9002, 201 Industrial Drive Bristol, TN 37621- 9002, USA

 

Dr. Reddy’s Laboratories New York Inc.

1974 Route 145, Middleburgh, New York 12122, USA

 

Technology Development Centre leiden OctoPlus N.V.

Zernikedreef 12, 2333 CL Leiden, The Netherlands

 

 

DIRECTORS

 

As on 31.03.2013  

 

Name :

Mr. G V Prasad

Designation :

Vice-Chairman and Chief Executive Officer

Date of Birth/ Age:

53 Years

Date of Appointment:

30.03.2013

Qualification:

B.Sc. (Chem. Eng.), M.S. (Indl. Admn.)

 

 

Name :

Mr. Satish Reddy

Designation :

Vice chairman and Managing Director

Date of Birth/ Age :

46 Years

Qualification :

B. Tech., M.S. (Medicinal Chemistry)

 

 

Name :

Dr. Ashok Sekhar Ganguly

Designation :

Independent Director

 

 

Name :

Mr. Anupam Puri

Designation :

Independent Director

Date of Appointment :

04.06.2002

 

 

Name :

Ms. Kalpana Morparia

Designation :

Independent Director

Date of Appointment :

05.06.2007

 

 

Name :

Dr. Omkar Goswami

Designation :

Independent Director

Date of Appointment :

21.07.2008

 

 

Name :

Mr. Sridar Iyengar

Designation :

Independent Director

 

 

Name :

Mr. Bruce L A Carter

Designation :

Independent Director

Date of Appointment :

21.07.2008

 

 

Name :

Mr. J P Moreau

Designation :

Independent Director

Date of Appointment :

18.05.2007

 

 

Name :

Mr. Ravi Bhoothalingam

Designation :

Independent Director

Date of Appointment :

30.10.2000

 

 

KEY EXECUTIVES

 

Name :

Mr. Sandeep Poddar

Designation :

Company Secretary

 

 

Name :

Mr. Abhijit Mukherjee

Designation :

President Global Generics

 

 

Name :

Dr. Amit Biswas

Designation :

Executive Vice-President Integrated Product Development

 

 

Name :

Mr. Amit Patel

Designation :

Executive Vice-President North America Generics

 

 

Name :

Dr. Cartikeya Reddy

Designation :

Senior Vice-President Biologics

 

 

Name :

M V Ramana

Designation :

Senior Vice-President Emerging Markets, Global Generics

 

 

Name :

Dr. R Ananthanarayanan

Designation :

President Pharmaceutical Services and Active Ingredients

 

 

Name :

Dr. Raghav Chari

Designation :

Senior Vice President, Proprietory Products

 

 

Name :

Samiran Das

Designation :

Executive Vice-President FTO and GGPM

 

 

Name :

Mr. Saumen Chakraborthy

Designation :

Executive Vice-President FTO and GGPM

 

 

Name :

Mr. Umang Vohar

Designation :

Executive Vice-President and Chief Financial Officer

 

 

SHAREHOLDING PATTERN

 

As on 30.06.2013

 

Category of Shareholders

No. of Shares

Percentage of Holding

 

 

 

A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

3688528

2.62

http://www.bseindia.com/include/images/clear.gifBodies Corporate

39729284

28.20

http://www.bseindia.com/include/images/clear.gifSub Total

43417812

30.81

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

43417812

30.81

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

9242450

6.56

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

93621

0.07

http://www.bseindia.com/include/images/clear.gifInsurance Companies

5694540

4.04

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

55593370

39.46

http://www.bseindia.com/include/images/clear.gifSub Total

70623981

50.12

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

10441247

7.41

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

12389259

8.79

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

931992

0.66

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

3098054

2.20

http://www.bseindia.com/include/images/clear.gifClearing Members

508455

0.36

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

2337293

1.66

http://www.bseindia.com/include/images/clear.gifForeign Nationals

10155

0.01

http://www.bseindia.com/include/images/clear.gifTrusts

242151

0.17

http://www.bseindia.com/include/images/clear.gifSub Total

26860552

19.06

Total Public shareholding (B)

97484533

69.19

Total (A)+(B)

140902345

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

29166174

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

29166174

0.00

Total (A)+(B)+(C)

170068519

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Seller of Bulk Drugs, Formulations and Diagnostic Reagents and Kits.

 

 

Products :

Product Description

Item Code No. [ITC Code]

Ciprofloxacin Hydrochloride

29419003

Norfloxacin

29420001

Omerprazole

30049038

 

 

GENERAL INFORMATION

 

No. of Employees :

16504 (Approximately)

 

 

Bankers :

·         Allahabad Bank, Industrial Finance Branch, Secunderabad, Andhra Pradesh, India

·         Bank of Baroda, Khairatabad Branch, Hyderabad, Andhra Pradesh, India

·         Canara Bank, Basheer Bagh, Hyderabad, Andhra Pradesh, India

·         Canara Bank, India

·         Citi Bank, Hyderabad, Andhra Pradesh, India

·         Global Trust Bank, Secunderabad, Andhra Pradesh, India

·         HDFC Bank, Hyderabad, Andhra Pradesh, India

·         The Hongkong and Shanghai Banking Corporation Limited, Hyderabad, Andhra Pradesh, India

·         State Bank of Hyderabad, Overseas Branch, Hyderabad, Andhra Pradesh, India

·         State Bank of India, Industrial Finance Branch, Hyderabad, Andhra Pradesh, India

·         State Bank of Mysore, Industrial Finance Branch, Hyderabad, Andhra Pradesh, India

·         Standard Chartered Grindlays Bank Limited, Hyderabad, Andhra Pradesh, India

·         Andhra Bank, Balanagar Branch, Hyderabad – 500016, Andhra Pradesh, India

 

 

Facilities :

SECURED LOAN

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

LONG TERM BORROWING

 

 

Long term maturities of finance lease obligations

35.000

5.000

Total

35.000

5.000

 

Note:

 

Finance lease obligations are towards lease rentals payable for the vehicles leased by the Company. Lease rentals are paid in monthly installment, with the last installment due in November 2016.

 

Banking Relations :

--

 

 

Auditors :

 

Name :

BSR and Company

Chartered Accountants

Address :

Hyderabad, Andhra Pradesh, India

 

 

Subsidiaries including step down subsidiaries :

·         Aurigene Discovery Technologies (Malaysia) Sdn Bhd

·         Aurigene Discovery Technologies Inc., USA

·         Aurigene Discovery Technologies Limited, India

·         beta Institut gemeinnützige GmbH, Germany (formerly beta institute fur sozialmedizinische Forschung und Entwicklung GmbH)

·         betapharm Arzneimittel GmbH, Germany

·         Cheminor Investments Limited, India

·         Chienna B.V., Netherlands (from 15 February 2013)

·         Chirotech Technology Limited, UK

·         Dr. Reddy’s Bio-sciences Limited, India

·         Dr. Reddy’s Farmaceutica Do Brasil Ltda., Brazil

·         Dr. Reddy’s Laboratories (Australia) Pty. Limited, Australia

·         Dr. Reddy’s Laboratories (EU) Limited, UK

·         Dr. Reddy’s Laboratories (Proprietary) Limited, South Africa

·         Dr. Reddy’s Laboratories Inc., USA

·         Dr. Reddy’s Laboratories International SA, Switzerland

·         Dr. Reddy’s Laboratories Lousiana LLC, USA

·         Dr. Reddy’s Laboratories Romania SRL, Romania

·         Dr. Reddy’s Laboratories SA, Switzerland

·         Dr. Reddy’s New Zealand Limited, New Zealand (formerly Affordable Health Care Limited)

·         Dr. Reddy’s Pharma SEZ Limited, India

·         Dr. Reddy’s Srl, Italy (formerly Jet Generici Srl)

·         Dr. Reddy’s Laboratories New York, Inc., USA (from 24 May 2011)

·         Dr. Reddy’s Laboratories (Canada) Inc., Canada (till 20 September 2012)

·         Dr. Reddy’s Laboratories (UK) Limited, UK

·         Dr. Reddy’s Laboratories ILAC TICARET Limited SIRKETI, Turkey (till 04 December 2012)

·         Dr. Reddy’s Laboratories Tennessee LLC, USA

·         Dr. Reddy’s Laboratories LLC, Ukraine (from 11 May 2011)

·         Dr. Reddy’s Venezuela C.A., Venezuela

·         DRL Impex Limited, India (formerly DRL Investments Limited)

·         Eurobridge Consulting B.V., Netherlands

·         Idea2Enterprises (India) Private Limited, India

·         Industrias Quimicas Falcon de Mexico, S.A. de.C.V., Mexico

·         I-Ven Pharma Capital Limited, India

·         Lacock Holdings Limited, Cyprus

·         OctoPlus Development B.V., Netherlands (from 15 February 2013)

·         OctoPlus N.V., Netherlands (from 15 February 2013)

·         OctoPlus PolyActive Sciences B.V., Netherlands (from 15 February 2013)

·         OctoPlus Sciences B.V., Netherlands (from 15 February 2013)

·         OctoPlus Technologies B.V., Netherlands (from 15 February 2013)

·         OctoShare B.V., Netherlands (from 15 February 2013)

·         OOO Alfa, Russia (formerly OOO JV Reddy Biomed Limited) (till 16 July 2012)

·         OOO Dr. Reddy’s Laboratories Limited, Russia

·         OOO DRS LLC, Russia

·         Promius Pharma LLC, USA (formerly Reddy Pharmaceuticals LLC);

·         Reddy Antilles N.V., Netherlands

·         Reddy beta GmbH, Germany (formerly beta Healthcare Solutions GmbH)

·         Reddy Cheminor S.A., France

·         Reddy Holding GmbH, Germany

·         Reddy Netherlands B.V., Netherlands

·         Reddy Pharma Iberia SA, Spain

·         Reddy Pharma Italia S.p.A., Italy

·         Reddy Pharmaceuticals Hong Kong Limited, Hong Kong (till 19 October 2012)

·         Reddy US Therapeutics Inc., USA

·         Trigenesis Therapeutics Inc., USA (till 04 December 2012)

 

 

Associates :

Macred India Private Limited, India (from 19 July 2010 till 24 February 2012) (Enterprise in which the Company holds 20% of equity shares)

 

 

Joint venture :

·         Kunshan Rotam Reddy Pharmaceutical Company Limited (“Reddy Kunshan”), China (Enterprise over which the Company exercises joint control with other joint venture partners and holds 51.33% of equity shares)

·         DRANU LLC, USA (from 9 July 2012) (Enterprise over which the Company’s step-down subsidiary exercises joint control with other joint venture partner and holds 50% of equity shares)

 

 

Enterprises where principal shareholders have control or significant influence (“Significant interest entities”)

·         Dr. Reddy’s Research Foundation (Enterprise over which the principal shareholders have significant influence)

·         Dr. Reddy’s Institute of Life Sciences (formerly Institute of Life Sciences) (Enterprise over which principal shareholders have significant influence)

·         Ecologic Technologies Limited (Enterprise over which principal shareholders have significant influence)

·         Ecologic Chemicals Limited (Subsidiary of Ecologic Technologies Limited) (Subsidiary of enterprise over which principal shareholders have significant influence)

·         Stamlo Hotels Private Limited (Enterprise controlled by principal shareholders)

 

 

Others :

·         Green Park Hotels and Resorts Limited (formerly Diana Hotels Limited) (Enterprise owned by relative of a director)

·         K Samrajyam (Spouse of former Chairman (Late Dr. K Anji Reddy)

·         G Anuradha  (Spouse of Chairman and Chief Executive Officer)

·         Deepti Reddy (Spouse of Vice Chairman and Managing Director)

·         Dr. Reddy’s Foundation (Formerly Dr. Reddy’s Foundation for Human and Social development) (Enterprise where principal shareholders are trustees)

·         A. R. Life Sciences Private Limited  (Enterprise in which relative of a director has significant influence)

 

 

CAPITAL STRUCTURE

 

As on 30.06.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

240000000

Equity Shares

Rs. 5/- each

Rs. 1200.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

170068519

Equity Shares

Rs. 5/- each

Rs. 850.343 Millions

 

 

 

 

 

As on 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

240000000

Equity Shares

Rs. 5/- each

Rs. 1200.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

169836675

Equity Shares

Rs. 5/- each

Rs. 849.000 Millions

 

 

 

 

 

a)     Reconciliation of the equity shares outstanding is set out below:

 

Particulars

31.03.2013

Number of shares

Amount

Number of shares outstanding at the beginning of the year

169560346

848

Add : Share issued during the year

276129

1

Number of shares outstanding at the end of the year

169836475

849

 

b)    Terms / rights attached to equity shares

 

The Company has only one class of equity shares having a par value of Rs. 5/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. During the year ended 31 March 2013, the amount of per share dividend recognized as distributions to equity shareholders is Rs. 15/- (31 March 2012: Rs. 13.75/-). The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

 

c)     Details of shareholders holding more than 5% shares in the company

 

Particulars

31.03.2013

Number of shares

% of equity shares held

Dr. Reddy’s Holdings Limited

39729284

23.39

First state investments management (UK) Limited, First state investments International Limited and their associates

9667791

5.69

Life Insurance Corporation of India and its associates

7686575

4.563

 

d)    695259 (previous year: 654156) 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 98,608 (previous year: 117899) 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”.

 

e)     Represents 200 (previous year: 200) equity shares of Rs. 5/- each, amount paid-up Rs. 500/- (rounded off in millions in the note above) forfeited due to non-payment of allotment money.

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

849.000

848.000

846.000

(b) Reserves & Surplus

76985.000

66330.000

59356.000

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

77834.000

67178.000

60202.000

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

63.000

5130.000

5130.000

(b) Deferred tax liabilities (Net)

937.000

200.000

1008.000

(c) Other long term liabilities

28.000

63.000

60.000

(d) long-term provisions

298.000

212.000

197.000

Total Non-current Liabilities (3)

1326.000

5605.000

6395.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

15828.000

10204.000

9311.000

(b) Trade payables

7678.000

7334.000

8069.000

(c) Other current liabilities

13011.000

9844.000

5889.000

(d) Short-term provisions

4214.000

3241.000

2768.000

Total Current Liabilities (4)

40731.000

30623.000

26037.000

 

 

 

 

TOTAL

119891.000

103406.000

92634.000

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

23355.000

18967.000

16893.000

(ii) Intangible Assets

515.000

1.000

17.000

(iii) Capital work-in-progress

4232.000

6176.000

5460.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

21826.000

22707.000

24620.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

3501.000

6318.000

9117.000

(e) Other Non-current assets

209.000

0.000

0.000

Total Non-Current Assets

53638.000

54169.000

56107.000

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

1966.000

2070.000

0.000

(b) Inventories

15265.000

13267.000

10632.000

(c) Trade receivables

29639.000

19435.000

17705.000

(d) Cash and cash equivalents

9191.000

8490.000

662.000

(e) Short-term loans and advances

8885.000

5298.000

5778.000

(f) Other current assets

1307.000

677.000

1750.000

Total Current Assets

66253.000

49237.000

36527.000

 

 

 

 

TOTAL

119891.000

103406.000

92634.000

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

84340.000

67397.000

53045.000

 

 

Other Income

1417.000

818.000

1196.000

 

 

TOTAL                                     (A)

85757.000

68215.000

54241.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of material consumed (including packing material consumed)

22773.000

17386.000

13351.000

 

 

Purchase of stock-in-trade (traded goods)

3931.000

3076.000

3310.000

 

 

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(1006.000)

(1048.000)

-790.000

 

 

Conversion charges

592.000

505.000

276.000

 

 

Excise duty

636.000

534.000

617.000

 

 

Employee benefits expense

11381.000

8661.000

7274.000

 

 

Research and development

6509.000

5813.000

5128.000

 

 

Other expenses

19444.000

15124.00

11467.000

 

 

Provision for other than temporary diminution in the value of long-term investments

223.000

1925.000

557.000

 

 

TOTAL                                     (B)

64483.000

51976.000

41190.000

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

21274.000

16239.000

13051.000

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

614.000

636.000

53.000

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

20660.000

15603.000

12998.000

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

3128.000

3011.000

2479.000

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

17532.000

12592.000

10519.000

 

 

 

 

 

Less

TAX                                                                  (H)

4877.00

3468.000

1585.000

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

12655.000

9124.00

8934.000

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

36049.000

31397.000

25541.000

 

 

 

 

 

Add

TRANSFER FROM GENERAL RESERVE

0.000

0.000

5972.000

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Proposed dividend on equity shares

2548.000

2331.000

1904.000

 

 

Tax on proposed dividend

433.000

378.000

309.000

 

 

Credit of dividend distribution tax

(4.000)

0.000

0.000

 

 

Dividend of previous years (including tax)

3.000

3.000

4.000

 

 

Debenture Redemption Reserve

845.000

848.000

19.000

 

 

Transfer to General Reserve

1265.000

912.000

893.000

 

 

Issuance of Bonus Debentures as per scheme

0.000

0.000

5078.000

 

 

Dividend Distribution Tax on distribution as per scheme

0.000

0.000

843.000

 

BALANCE CARRIED TO THE B/S

43614.000

36049.000

31397.000

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export on FOB Basis

61004.000

48405.000

36718.000

 

 

Interest on loan to subsidiaries

181.000

249.000

336.000

 

 

Service income and license fees

1684.000

581.000

310.000

 

 

Royalty income

0.000

53.000

13.000

 

 

Guarantee Commission

177.000

79.000

24.000

 

 

Litigation settlement

1220.000

0.000

76.000

 

 

Others

24.000

0.000

0.000

 

TOTAL EARNINGS

64290.000

49367.000

37477.000

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

8837.000

6914.000

5337.000

 

 

Capital equipment (including spares and components)

2650.000

2285.000

2773.000

 

TOTAL IMPORTS

11487.000

9199.000

8110.000

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

Basic

74.54

53.83

52.82

 

Diluted

74.17

53.56

52.51

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

 

30.06.2013

(Unaudited)

 

 

 

1st Quarter

Net sales

 

 

18216.000

Total Expenditure

 

 

16685.600

Profit before interest, depreciation and tax (Excluding Other Income)

 

 

1530.600

Other income

 

 

333.100

Operating Profit

 

 

1863.700

Interest

 

 

139.200

Exceptional Items

 

 

0.000

Profit before depreciation and tax

 

 

1724.500

Depreciation

 

 

890.900

Profit before tax

 

 

833.600

Tax

 

 

185.000

Profit after tax

 

 

648.600

Extraordinary items

 

 

0.000

Prior period expenses

 

 

0.000

Other adjustments

 

 

0.000

Net Profit

 

 

648.600

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)
14.76

13.38
16.47

 

 
 

 
 

Net Profit Margin

(PBT/Sales)

(%)
20.79

18.68
19.83

 

 
 

 
 

Return on Total Assets

(PBT/Total Assets}

(%)
18.68

16.90
16.82

 

 
 

 
 

Return on Investment (ROI)

(PBT/Networth)

 
0.23

0.19
0.17

 

 
 

 
 

Debt Equity Ratio

(Total Debt /Networth)

 
0.20

0.23
0.24

 

 
 

 
 

Current Ratio

(Current Asset/Current Liability)

 
1.63

1.61
1.40

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

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

Yes

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 involved in

Yes

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

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

90258811

05/08/2002

12,000,000.00

STATE BANK OF INDIA

INDUSTRAIL FINANCE BRANCH, SOMAJIGUDA, HYDERABAD,  ANDHRA PRADESH, INDIA

-

2

90258687

23/02/2001

150,000,000.00

STATE BANK OF HYDERABAD

OVERSEAS BRANCH, SOMAJIGUDA, HYDERABAD, ANDHRA PR
ADESH, INDIA

-

3

90258523

20/10/1999 *

1,710,000,000.00

CANARA BANK

BASHIRBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA

-

4

90134184

31/12/1998 *

1,000,000.00

ICICI LIMITED

L.B. BHAVAN, 6-3-550; SOMAJIGUDA, HYDERABAD - 500082, ANDHRA PRADESH, INDIA

-

5

90258324

17/08/1997

26,000,000.00

BANK OF BARODA B

KHAIRTABAD BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA

-

6

90132444

19/06/1997

150,000,000.00

THE INDUSTRIAL CREDIT and INVESTMENT CORP. OF INDIA
LIMITED

163, BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA

-

7

90258244

15/12/2000 *

1,000,000.00

THE HONG KONG AND SHANGHAI BANKING CORP. LIMITED

BAHRAIN OFFSHORE BANKING UNIT, MANAMA, MANAMA, ,
BAHRAIN

-

8

90132335

12/11/1996 *

100,000,000.00

THE INDUSTRIAL CREDIT and INVESTMENT CORP. OF INDIA
LIMITED

163, BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA

-

9

90132312

28/08/1996 *

40,000,000.00

SCICI LIMITED

4 NAGARJUNA HILLS, PUNJAGUTTA, HYDERABAD - 500482, ANDHRA  PRADESH, INDIA

-

10

90132308

13/08/1996 *

50,000,000.00

THE INDUSTRIAL CREDIT and INVESTMENT CORP. OF INDIA
LIMITED

163, BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA

-

11

90135598

02/08/1996

100,000,000.00

GLOBALTRUST BANK LIMITED

303/48/3, SARDAR PATEL ROAD, SECUNDERABAD - 500003, ANDHRA  PRADESH, INDIA

-

12

90135585

18/06/1996

130,000,000.00

ANZ GRINDLAYS BANK

5/9/234; M.G.ROAD, POST BOX NO. 117, HYDERABAD - 500001, ANDHRA PRADESH, INDIA

-

13

90132215

19/02/1996

100,000,000.00

GLOBALTRUST BANK LIMITED

303/48/3, SARDAR PATEL ROAD, SECUNDERABAD - 500003, ANDHRA PRADESH, INDIA

-

14

90135537

20/12/1995

50,000,000.00

GLOBAL TRUST BANK LIMITED

303/48/3, SARDAR PATEL ROAD, SECUNDERABAD - 500003, ANDHRA PRADESH, INDIA

-

15

90135533

04/12/1995

26,000,000.00

GLOBAL TRUST BANK LIMITED

303/48/3, SARDAR PATEL ROAD, SECUNDERABAD - 500003, ANDHRA PRADESH, INDIA

-

16

90132130

06/07/1995

55,000,000.00

GLOBAL TUST BANK LIMITED

303/48/3, SARDAR PATEL ROAD, SECUNDERABAD - 500003, ANDHRA PRADESH, INDIA

-

17

90132063

04/01/1995

40,000,000.00

THE INDUSTRIAL CREDIT and INVESTMENT CORP. OF INDIA
LIMITED

163, BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA

-

18

90257991

30/06/1998 *

1,060,000,000.00

CANARA BANK

BASHIRBAGH, HYDERABAD, ANDHRA PRADESH, INDIA

-

19

90257988

03/08/1994

318,000,000.00

CANARA BANK

BASHIRBGH, HYDERABAD, ANDHRA PRADESH, INDIA

-

20

90131989

14/07/1994

50,000,000.00

THE INDUSTRIAL CREDIT and INVESTMENT CORP. OF INDIA
LIMITED

163, BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA

-

21

90131913

13/08/1996 *

60,000,000.00

EXPORT IMPORT BANK OF INDIA

CENTRE ONE, WORLD TRADE CENTRE CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA

-

22

90131852

28/08/1996 *

1,000,000.00

NEW INDIA ASSURANCE COMPANY LIMITED

MAHATMA GANDHI ROAD, MUMBAI - 400001, MAHARASHTRA,  INDIA

-

23

90257824

15/09/1992

195,000,000.00

STATE BNAK OF INDIA

INDUSTRIAL FINANCE BRANCH, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH, INDIA

-

24

90257820

16/10/1993 *

15,000,000.00

BANK OF BARODA

KHAIRTABAD, HYDERABAD, ANDHRA PRADESH, INDIA

-

25

90259573

03/08/1992

20,400,000.00

STATE BANK OF INDIA

INDUST. FINANCE BRANCH, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH, INDIA

-

26

90257815

16/10/1993 *

15,000,000.00

BANK OF BARODA

KHAIRTABAD, HYDERABAD, ANDHRA PRADESH, INDIA

-

27

90131842

24/07/1992

25,000,000.00

STATE BANK OF MYSORE

BANJARA HILLS BRANCH, HYDERABAD, ANDHRA PRADESH, I
NDIA

-

28

90257810

07/07/1992

30,000,000.00

CANARA BANK

BASHIRBAGH, HYDERABAD, ANDHRA PRADESH, INDIA

-

29

90131831

16/05/1996 *

25,000,000.00

STATE BANK OF MYSORE

BANJARA HILLS BRANCH, BANJARA HILLS, HYDERABAD, ANDHRA PRADESH, INDIA

-

30

90131814

06/12/1993 *

15,000,000.00

THE INDUSTRIAL CREDIT and INVESTMENT CORP. OF INDIA
LIMITED

163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 40
0020, INDIA

-

31

90133552

28/08/1996 *

15,000,000.00

THE INDUSTRIAL CREDIT and INVESTMENT CORP. OF INDIA
LIMITED

163, BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA

-

32

90131803

11/09/1991

4,500,000.00

INDUSTRIAL FINANCE CORP. OF INDIA

BANK OF BARODA BUILDING, 16; SANSAD MARG; P.B.NO.
363, NEW DELHI - 110001, INDIA

-

33

90259520

20/02/1992 *

22,500,000.00

CANARA BANK

BASHIRBAGH, HYDERABAD, ANDHRA PRADESH, INDIA

-

34

90257684

20/12/1990

22,500,000.00

CANARA BANK

BASHIRBAGH, HYDERABAD, ANDHRA PRADESH, INDIA

-

35

90131756

19/12/1990

320,000.00

GENERAL INSURANCE CORPORATION OF INDIA

INDUSTRIAL ASSURANCE BUILDING, CHURCHGATE, MUMBAI - 400020, MAHARASHTRA, INDIA

-

36

90257680

05/03/1992 *

14,400,000.00

ANZ GRINDLAYS BANK

ABIDS, HYDERABAD, ANDHRA PRADESH, INDIA

-

37

90257677

27/08/1996 *

22,400,000.00

ANZ GRINDLAYS BANK

HYDERABAD, HYDERABAD, ANDHRA PRADESH, INDIA

-

38

90263248

12/11/1990

63,000,000.00

BANK OF BARODA

KHAIRTABAD BRANCH, HYDERABAD - 500004, ANDHRA PRADESH, INDIA

-

39

90257676

05/03/1992 *

22,400,000.00

ANZ GRINDLAYS BANK

ABIDS, HYDERABAD, ANDHRA PRADESH, INDIA

-

40

90257648

03/08/1992 *

9,000,000.00

STATE BANK OF INDIA

INDUST. FINANCE BRANCH, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH, INDIA

-

41

90257626

18/08/1994 *

24,000,000.00

CANARA BANK

BASHIRBAGH, HYDERABAD, ANDHRA PRADESH, INDIA

-

42

90257622

20/08/1992 *

15,000,000.00

BANK OF BARODA

KHARITABAD BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA

-

43

90131694

28/08/1996 *

10,000,000.00

THE INDUSTRIAL CREDIT and INVESTMENT CORP. OF INDIA
LIMITED

163, BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA

-

44

90257610

27/11/1989

3,000,000.00

STATE BNAK OF INDIA

INDUSTRIAL FINANCE BRANCH, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH, INDIA

-

45

90133492

13/11/1989

7,000,000.00

STATE BANK OF INDIA

R.P. ROAD, SECUNDERABAD, ANDHRA PRADESH, INDIA

-

46

90263099

30/10/1989

181,255.00

DCL FINANCE LIMITED

DECCAN CHAMBERS, SOMAJIGUDA, HYDERABAD - 500482, ANDHRA PRADESH, INDIA

-

47

90263098

18/08/1989

612,527.00

DCL FINANCE LIMITED

DECCAN CHAMBERS, SOMAJIGUDA, HYDERABAD - 500482, ANDHRA PRADESH, INDIA

-

48

90131663

30/06/1989

7,500,000.00

THE INDUSTRIAL CREDIT and INVESTMENT CORP. OF INDIA
LIMITED

163, BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA

-

49

90131652

13/08/1996 *

16,000,000.00

INDUSTRIAL DEVELOPMENT BANK OF INDIA

IDBI TOWER, CUFFE PARADE COLABA, BOMBAY, MAHARASH
TRA - 400005, INDIA

-

50

90257559

13/02/1989

79,712.00

CANARA BANK

BASHIRBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA

-

51

90257549

15/12/1988

79,712.00

CANARA BANK

BASHIRBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA

-

52

90257547

07/12/1988

339,326.00

CANARA BANK

BASHIRBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA

-

53

90263097

03/11/1988

1,221,000.00

DCL FINANCE LIMITED

DECCAN CHAMBERS, SOMAJIGUDA, HYDERABAD - 500482, ANDHRA PRADESH, INDIA

-

54

90257538

18/08/1994 *

18,500,000.00

CANARA BANK

BASHIRBAGH, HYDERABAD, ANDHRA PRADESH, INDIA

-

55

90263095

13/10/1988

151,921.00

DCL FINANCE LIMITED

DECCAN CHAMBERS, SOMAJIGUDA, HYDERABAD - 500482, ANDHRA PRADESH, INDIA

-

56

90257537

12/10/1988

210,183.00

CANARA BANK

BASHIRBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA

-

57

90257536

11/10/1988

18,500,000.00

CANARA BANK

BASHIRBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA

-

58

90257534

07/10/1988

339,326.00

CANARA BANK

BASHIRBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA

-

59

90257533

16/12/1992 *

18,500,000.00

CANARA BANK

BASHIRBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA

-

60

90131606

28/08/1996 *

6,000,000.00

THE INDUSTRIAL CREDIT and INVESTMENT CORP. OF INDIA
LIMITED

163, BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA

-

61

90259469

07/09/1988

161,200.00

CANARA BANK

BASHIRBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA

-

62

90133416

22/09/1987

2,000,000.00

THE ICICI LIMITED

MUMBAI, MAHARASHTRA, INDIA

-

63

90131551

12/01/1989 *

8,000,000.00

THE INDUSTRIAL CREDIT and INVESTMENT CORP. OF INDIA
LIMITED

163, BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA

-

64

90259446

25/06/1987

6,000,000.00

ANZ GRINDLAYS BANK

HYDERABAD, ABIDS, HYDERABAD, ANDHRA PRADESH, INDI
A

-

65

90257463

03/06/1987

2,000,000.00

CANARA BANK

BASHIRBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA

-

66

90257457

03/06/1987 *

7,500,000.00

CANARA BANK

BASHIRBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA

-

67

90131537

27/03/1987

5,000,000.00

THE INDUSTRIAL CREDIT and INVESTMENT CORP. OF INDIA
LIMITED

163, BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA

-

68

90257446

24/02/1987

8,000,000.00

CANARA BANK

BASHIRBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA

-

69

90131526

31/05/2000 *

44,000,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, SOMAJIGUDA, HYDERABAD,  ANDHRA PRADESH, INDIA

-

70

90133393

29/10/1996 *

48,000,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, SOMAJIGUDA, HYDERABAD,  ANDHRA PRADESH, INDIA

-

71

90135052

25/10/1997 *

48,000,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, SOMAJIGUDA, HYDERABAD,  ANDHRA PRADESH, INDIA

-

72

90257443

12/01/1987

143,700.00

CANARA BANK

BASHIRBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA

-

73

90131520

03/11/1986

6,500,000.00

THE INDUSTRIAL CREDIT and INVESTMENT CORP. OF INDIA
LIMITED

163, BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA

-

74

90257427

06/09/1986

4,000,000.00

CANARA BANK

BASHIRBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA

-

75

90257425

02/09/1986

24,500,000.00

CANARA BANK

BASHIRBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA

-

76

90257422

21/06/1986

2,000,000.00

CANARA BANK

BASHIRBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA

-

77

90257413

11/04/1986

500,000.00

CANARA BANK

BASHIRBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA

-

78

90135024

25/02/1986

2,000,000.00

CANARA BANK

BASHIRBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA

-

79

90131485

11/10/1985

1,000,000.00

ANDHRA BANK

BALANAGAR, HYDERABAD, ANDHRA PRADESH, INDIA

-

80

90136505

24/08/1985

184,600.00

DCL FINANCE LIMITED

SOMJIGUDA, HYDERABAD, ANDHRA PRADESH, INDIA

-

81

90257374

03/06/1987 *

1,950,000.00

CANARA BANK

BASHIRBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA

-

82

90259419

03/06/1987 *

1,400,000.00

CANARA BANK

BASHIRBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA

-

83

90257360

03/06/1987 *

1,500,000.00

CANARA BANK

BASHIRBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA

-

84

90131456

05/09/1984

1,500,000.00

ANDHRA BANK

BALANAGAR, HYDERABAD, ANDHRA PRADESH, INDIA

-

85

90131021

03/01/1984

394,000.00

ANDHRA PRADESH STATE FINANCIAL CORP.

CHIRAG ALI LANE, HYDERABAD, ANDHRA PRADESH, INDIA

-

86

90263087

19/02/1980

188,612.00

DCL FINANCE LIMITED

DECCAN CHAMBERS, SOMAJIGUDA, HYDERABAD - 500482, ANDHRA PRADESH, INDIA

-

 

* Date of charge modification

 

LITIGATION DETAIL

 

CEA 214 / 2010

CEASR 1880 / 2010

CASE IS:PENDING

PETITIONER

 

RESPONDENT

THE COMMISSIONER OF CUSTOMS & CENTRAL EXCISE, HYDERABAD

  VS

M/S. DR REDDY'S LABORATORIES LIMITED. ( UNIT-I ), HYDERABAD

PET.ADV. : GOPALAKRISHNA GOKHALEY

 

RESP.ADV. : GUNARANJAN

SUBJECT: SERVICE TAX LIABILITY

 

DISTRICT:  HYDERABAD

FILING DATE:  30-04-2010

POSTING STAGE :  FOR ADMISSION

REG. DATE    :   18-06-2010

 

LISTING DATE :  05-07-2010

STATUS   :  ADMIT

HON'BLE JUDGE(S):

B.PRAKASH RAO    

RAMESH RANGANATHAN

 

UNSECURED LOANS:

 

Particular

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

LONG TERM BORROWINGS

 

 

Debentures

 

 

9.25% Redeemable Non convertible Debentures of Rs. 5/- each  (a)

0.000

5078.000

Deferred payment liabilities

 

 

Sales tax deferment loan from the Government of Andhra Pradesh (interest free)  (b)

28.000

47.000

SHORT TERM BORROWINGS

 

 

Packing Credit Loans (c)

15786.000

10204.000

Bank overdraft

42.000

0.000

Total

15856.000

15329.000

 

Note:

 

(a)   Debentures are due for redemption on 24 March 2014 and accordingly, the same are disclosed under other current liabilities as at 31 March 2013

 

(b)   Sales tax deferment loan is repayable in 10 installments, with the last installment due on 31 March 2019.

 

(c)   Packing Credit loans for the current year comprised of USD / EUR denominated Foreign Currency Packing Credit loans carrying interest rates of LIBOR plus 50 - 125 bps and RUB denominated loans carrying fixed interest rate of 7.25% - 8.00% per annum and are repayable within 1 to 6 months from the date of drawdown. Packing Credit loans for the previous year comprised of USD / EUR denominated Foreign Currency Packing Credit loans carrying interest rates of LIBOR plus 100 - 150 bps or fixed rate of 2.21% - 3.06% per annum and were repayable within 1 to 6 months from the date of drawdown.

 

 

BUSINESS PERFORMANCE

Business Performance

Global Generics Global Generics segment grew by 18% to Rs. 82563.000 millions in FY2013 from Rs. 70243.000 millions in FY2012. Excluding the beneficial impact of Olanzapine exclusivity from FY2012 revenues, the year-on-year growth was 26%.

 

Revenue from North America grew by 19% to Rs. 37846.000 millions in FY2013 from Rs. 31889.000 millions in FY2012. Excluding the beneficial impact of olanzapine exclusivity from FY2012 revenues, the year-on-year growth was 38%.

 

Revenue from Russia and other CIS countries grew by 28% to Rs. 16908.000 millions in FY2013 from Rs. 13260.000 millions in FY2012. India showed a revenue growth of 13% to Rs. 14560.000 millions in FY2013 from R12931.000 millions in FY2012.

 

 

PHARMACEUTICAL SERVICES AND ACTIVE INGREDIENTS

 

Revenues grew by 29% to Rs. 30702.000 millions from Rs. 23812.000 millions in FY2012. This growth was largely driven by new product launches to generic customers and improved customer orders.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

Established in 1984, they are an integrated global pharmaceutical company committed to providing affordable and innovative medicines through their three core businesses: Global Generics, Pharmaceutical Services and Active Ingredients and Proprietary Products.

 

Dr. Reddy’s business segments are described as under:

 

Global Generics(GG) segment, which includes their branded and unbranded prescription and over-the-counter (OTC) drug products business. This segment also includes the operations of their Biologics business;

 

Pharmaceutical Services and Active Ingredients (PSAI) segment, which consists of their Active Pharmaceutical

Ingredients (API) business and Custom Pharmaceutical Services (CPS) business; and

 

 

Proprietary Products segment, which consists of their New Chemical Entities (NCEs), Differentiated Formulations and dermatology focused specialty business operated through Promius™ Pharma.

 

They have a strong presence in highly regulated markets such as the United States, the United Kingdom and Germany, as well as in other key markets such as India, Russia, Venezuela, Romania, South Africa and certain countries of the former Soviet Union.

 

Given below is a brief outline of the businesses. Further details are to be found in subsequent sections of this chapter.

 

 

OUTLOOK FOR THE GLOBAL

 

Pharmaceutical Industry The global pharmaceutical market is estimated to cross USD 1 trillion in 2013. It is expected to grow at a CAGR of 6% to reach USD 1.2 trillion by 2016 (IMS, The Global Use of Medicines: Outlook through 2016).

 

This growth will be largely contributed by what is called the ‘pharmerging’ markets1, generics and the biologics space. For the period from 2011 to 2016, pharmerging markets have been estimated to grow at a CAGR of 12% to 15%; generics at a CAGR of 11% to 12%; and biologics at a CAGR of 5% to 6%.

 

During the same period, developed markets, coping with patent expiries, are expected to register much lower growth —estimated at a CAGR of 1% to 4%. Of all developed markets, the US still continues to be the largest, followed by Japan and Germany. However, what needs noting is that by growing at a significantly higher rate, the pharmerging markets are expected to account for 30% of the global market in 2016, from 20% in 2012. In doing so, the pharmerging markets will, in the aggregate, match the size of the US market in 2016.

 

The global pharmaceutical industry is at an interesting point in time. To understand its characteristics and offerings, one needs to examine the opportunities and challenges.

 

 

KEY GROWTH SEGMENTS

 

Having stated the challenges, it is equally important to touch upon the growth areas. These are expected to be:

 

THE PHARMERGING MARKETS

 

The pharmerging market—predominantly comprising branded generics—currently accounts for a fifth of the global market. As mentioned earlier, it is expected to nearly double its size by adding USD 150 billion to USD 165 billion by 2016 and, in doing so, reach 30% of the global pharmaceutical market.

 

 

GENERICS

 

This market is estimated to increase from USD 242 billion at present to somewhere between USD 400 and USD 430 billion by 2016. A sizeable generic opportunity exists with the impending patent expiries. The total value of patent expiries beyond 2012 is estimated at USD 101 billion over the next four years.

 

BIOLOGICS

 

The global biologics market is expected to reach USD 200 to USD 210 billion by 2016. Biosimilars are estimated to reach around USD 4 billion to USD 6 billion. With patent for top selling biologics expiring between 2012 and  019, biosimilars are expected to witness stronger growth in the future. Passing of the Biologics Price Control and Innovation (BPCI) Act of 2009 in the US for creating a regulatory pathway for biosimilars, and establishment of biosimilar monoclonal antibodies guidelines in Europe, are other positive factors expected to drive the growth momentum.

 

 

OUTLOOK

 

The Company believes that its focus on profitable growth and targeting a leadership position in GG and PSAI will create significant value in the near term. In GG, improving depth through portfolio expansion, cost leadership, consistent delivery of limited competition products and supply chain excellence should lead to a leadership position in key markets. In PSAI, the objective is to be the partner of choice by creating compelling value for customers through leveraging IP, technology and cost leadership. In Proprietary Products, the aim is to create a viable business by calibrating investments to produce a self sustainable model.

 

The Company has a positive outlook for the next year. The largest increment of growth is expected to be contributed by the North America generics business. It also expects continued momentum from its key Emerging Markets.

 

 

OUTLOOK FOR THE GLOBAL PHARMACEUTICAL INDUSTRY

 

The global pharmaceutical market is estimated to cross USD 1 trillion in 2013. It is expected to grow at a CAGR of 6% to reach USD 1.2 trillion by 2016 (IMS, The Global Use of Medicines: Outlook through 2016).

 

This growth will be largely contributed by what is called the ‘pharmerging’ markets1, generics and the biologics space. For the period from 2011 to 2016, pharmerging markets have been estimated to grow at a CAGR of 12% to 15%; generics at a CAGR of 11% to 12%; and biologics at a CAGR of 5% to 6%.

 

During the same period, developed markets, coping with patent expiries, are expected to register much lower growth estimated at a CAGR of 1% to 4%. Of all developed markets, the US still continues to be the largest, followed by Japan and Germany. However, what needs noting is that by growing at a significantly higher rate, the pharmerging markets are expected to account for 30% of the global market in 2016, from 20% in 2012. In doing so, the pharmerging markets will, in the aggregate, match the size of the US market in 2016.

 

The global pharmaceutical industry is at an interesting point in time. To understand its characteristics and offerings, one needs to examine the opportunities and challenges.

 

 

CONTINGENT LIABILITIES:

 

(Rs. in millions)

PARTICULARS

31.03.2013

31.03.2012

Guarantees:

 

 

(a) Issued by the Company on behalf of subsidiaries, associates and joint ventures

16274.000

17039.000

Claims against the Company not acknowledged as debts in respect of:

 

 

(a) Income tax matters, pending decisions on various appeals made by the Company and by the Department

446.000

432.000

(b) Excise matters (including service tax), under dispute

301.000

250.000

(c) Sales tax matters, under dispute

379.000

237.000

(d) The Company has received demand for payment to the credit of the Drug Prices Equalisation Account under Drugs (Price Control) Order, 1995 for few of its products which are being contested. Based on its best estimate, the Company has made a provision in its books of account towards the potential liability related to the principal

and interest amount demanded under the aforesaid order and believes that possibility of any liability that may arise on account of penalty on this demand is not likely.

(e) The Andhra Pradesh Electricity Regulatory Commission (the “APERC”) has passed various orders approving the levy of Fuel Surcharge Adjustment (“FSA”) charges for the period from 1 April 2008 to 31 December 2012 by power distribution companies from all the consumers of electricity in the state of Andhra Pradesh, India. The Company filed separate Writs of Mandamus before the High Court of Andhra Pradesh (the “High Court”) challenging and questioning the validity and legality of this levy of FSA charges by the APERC for various periods.

 

The Company, after taking into account all of the available information and legal provisions, has recorded an amount of Rs. 233.000 as the potential liability towards FSA charges. The total amount approved by APERC for collection by the power distribution companies from the Company in respect of FSA charges for the period from 1 April 2008 to 31 December 2012 is approximately Rs. 473.000. As of 31 March 2013, the Company paid, under protest, an amount of Rs. 84.000 demanded by the power distribution companies as part of monthly electricity bills. The Company remains exposed to additional financial liability should the orders passed by the APERC be upheld by the Courts.

(f) The Company, along-with many other pharmaceutical companies in Andhra Pradesh, has received various notices from the Andhra Pradesh Pollution Control Board (the “APP Control Board) to show cause as to why action should not be initiated against it for violations under the Indian Water Pollution Act and the Indian Air Pollution Act. Furthermore, the APP Control Board issued orders to the Company to (i) stop production of all new products at the Company’s manufacturing facilities in Hyderabad, India without obtaining a “Consent for Establishment”, (ii) not manufacture products at such facilities in excess of certain quantities specified by the APP Control Board and (iii) furnish a bank guarantee (similar to a letter of credit) totalling to Rs.12.500.

 

The Company appealed the APP Control Board orders to the Andhra Pradesh Pollution Appellate Board (the “APP Appellate Board”). The APP Appellate Board first stayed the APP Control Board orders and subsequently modified the orders, permitting the Company to file applications for Consents for Establishment and to increase

the quantities of existing products which could be manufactured beyond that permitted by the APP Control Board, while requiring the Company not to manufacture new products at the specified facilities without the permission of the APP Control Board. The APP Appellate Board also reduced the total value of the Company’s bank

guarantee required by the APP Control Board to Rs. 6.250.

 

The APP Appellate Board passed its order on 20 October 2012 in favour of the Company and observed that pollution load has to be determined on the basis of the level of effluents after treatment, and not at the time of generation. The APP Appellate Board set a three month time frame for the state government to make a decision on the proposal made by the pharmaceutical manufacturing industry to reconsider the state executive orders with respect to a ban on manufacture of pharmaceutical products beyond the approved quantities. The state government has not yet issued its decision.

 

The APP Control Board issued further notices on 6 December 2012 and 28 February 2013 to the Company seeking certain clarifications regarding the list of products, pollution (water and air) and compliance with Consent for Operation and Consent for Establishment pertaining to Company’s four active pharmaceutical ingredients manufacturing units. After submission of necessary clarifications by the Company, the APP Control Board forfeited the bank guarantee amounting to Rs. 1.000 for two of the Company’s units while releasing the bank guarantee of Rs. 0.250 for third unit. Further, the APP Control Board directed the Company to furnish an additional bank guarantee of Rs. 8.000 for the aforesaid two units. The Company is in the process of challenging the orders of APP control Board before the appellate Authority.

(g) Additionally, the Company is involved in other disputes, lawsuits, claims, governmental and/or regulatory inspections, inquiries, investigations and proceedings, including patent and commercial matters that arise from time to time in the ordinary course of business. Except as discussed above, the Company does not believe that there are any such contingent liabilities that are expected to have any material adverse effect on its financial statements.

 

 

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH

 JUNE 2013

(Rs. In Millions)

Particulars

30.06.2013

(Quarter Ended)

 

(Unaudited)

1. Income form operations

 

a) Net sales/ Income from operation (net of excise duty)

17834.600

b) ) License fees and service income

78.300

c) Other operating income

303.300

Total income from Operations(net)

18216.200

2. Expenditure

 

a) Cost of material consumed

5611.900

b) Purchases of stock in trade

922.400

c) Changes in inventories of finished goods, work-in-progress and stock-in-trade

(791.900)

d) Employees benefit expenses

2806.700

e) Research and development expenses

1851.600

f) Selling expenses

1945.400

g) Depreciation and amortisation

890.900

h) Provision for decline in the value of long-term investments

244.900

i) Other expenditure

4094.600

Total expenses

17576.500

3. Profit from ordinary activities before other income, finance costs and Tax

639.700

4. Other income

333.100

5. Profit from ordinary activates before finance costs and Tax

972.800

6. Finance costs

139.200

7. Profit from ordinary activities before exceptional items

833.600

8. Exceptional items

0.000

9. Profit from ordinary activities before tax

833.600

10. Tax expense

185.000

11. Net Profit from ordinary activities after tax

648.600

12. Extra-ordinary items

0.000

13. Net profit for the period / year

648.600

14. Paid-up equity share capital (face value Rs. 5/- each)

850.300

15. Reserves (excluding revaluation reserve)

 

16. Earnings per share before and after extra-ordinary items (in Rupees) per Rs. 5/- share

 

- Basic (Not annualised)

3.82

- Diluted (Not annualised)

3.80

 

 

PART-II

 

A. Particulars of shareholding

 

1. Public Shareholding

 

- Number of shares

97484533

- Percentage of shareholding

57.32

2. Promoters and Promoters group Shareholding-

 

a) Pledged /Encumbered

 

Number of shares

-

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

-

Percentage of shares (as a % of total share capital of the company)

-

 

 

b) Non  Encumbered

 

Number of shares

43417812

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

100.00

Percentage of shares (as a % of total share capital of the company)

25.53

 

*Public shareholding as defined under Clause 40A of Listing Agreement (excludes shares held by Promoters, Promoter Group and American Depository Receipt Holders)

 

B. Investor Complaints (Nos.)

 

30.06.2013

(Quarter Ended)

Pending at the beginning of the quarter

Nil

Receiving during the quarter

4

Disposed of during the quarter

4

Remaining unreserved at the end of the quarter

Nil

 

 

SEGMENT INFORMATION

 

Particulars

 

30.06.2013

(Quarter Ended)

1. Segment wise revenue, results and capital employed

 

Segment revenue

 

a) Pharmaceutical Services and Active Ingredients

5687.800

b) Global Generics

13572.100

c) Proprietary Products

0.300

Total

19260.200

Less: Inter segment revenue

1015.100

Add : Other unallocable Income

304.200

Total income

18549.300

2. Segment results

 

Profit / (loss) before tax and interest from each segment

 

a) Pharmaceutical Services and Active Ingredients

403.700

b) Global Generics

4459.100

c) Proprietary Products

(502.900)

Total

4359.900

Less: Interest

139.200

Less: Other unallocable Income

3387.100

Total profit before tax

833.600

3. Capital Employed :

 

a) Pharmaceutical Services and Active Ingredients

25049.100

b) Global Generics

41733.600

c) Proprietary Products

(113.700)

d) Unallocated

10749.400

Total

77418.400

 

Global Generics includes operations of Biologics business. Inter-segment revenue represents sale from Pharmaceutical Services and Active Ingredients to Global Generics at cost:

 

1.     1 The unaudited results have been reviewed by the Audit Committee of the Board and approved by the Board of Directors of the Company at their meeting held on 30 July 2013.

2.     The results for the quarter ended 30 June 2013 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

·         Customer contracts

·         Technical know how

·         Non-compete fees

·         Copyrights and patents

 

 

PRESS RELEASE

 

DR. REDDY’S ANNOUNCES THE APPROVAL OF AZACITIDINE FOR INJECTION

 

Hyderabad, India, September 17, 2013

Dr. Reddy’s Laboratories (NYSE: RDY) announced today that Azacitidine for Injection 100 mg/vial, a bioequivalent generic version of VIDAZA® (azacitidine for injection) is approved by the United States Food & Drug Administration (USFDA) on September 16, 2013. The launch of product in the market is planned in the near-term.

 

The VIDAZA® brand had U.S. sales of approximately $378.5 Million for the most recent twelve months ending July 2013 according to IMS Health.

 

Dr. Reddy’s Azacitidine for Injection 100 mg/vial is available in single use-vials.

 

 

DR. REDDY’S LAUNCHES THE RECOMMENDED PUBLIC CASH OFFER
FOR ALL THE ISSUED AND OUTSTANDING ORDINARY SHARES OF OCTOPLUS N.V.

 

Hyderabad, India, December 14, 2012

Dr. Reddy’s Laboratories Limited (NYSE:RDY) [“Dr. Reddy’s”], together with its subsidiaries, launches the recommended public offer to acquire all the issued and outstanding shares of OctoPlus N.V. (Euronext Amsterdam: OCTO), a service based specialty pharmaceutical company, at an offer price of EUR 0.52 (cum dividend) per share. The Offer Period commences on 14 December 2012 at 09:00 CET and ends on 8 February 2013 at 18:00 CET, unless extended.

 

Shareholders (including certain members of the Boards) holding in aggregate 63.5% of the issued and outstanding ordinary shares of OctoPlus have entered into irrevocable undertakings to tender their shares under the Offer.

 

 

DR. REDDY’S ANNOUNCES THE LAUNCH OF DONEPEZIL HYDROCHLORIDE TABLETS, 23 MG

 

HYDERABAD, India

Dr. Reddy’s Laboratories (NYSE: RDY) announced yesterday that it has launched Donepezil Hydrochloride Tablets, 23 mg, a therapeutic equivalent generic version of ARICEPT®, 23 mg in the U.S. market on July 26, 2013, following the approval by the United States Food and Drug Administration (USFDA) of Dr. Reddy’s ANDA for Donepezil Hydrochloride Tablets, 23 mg.

 

The ARICEPT®, 23 mg brand had U.S. sales of approximately $92.6 Million MAT for the most recent twelve months ending in May 2013 according to IMS Health*.

 

Dr. Reddy’s Donepezil Hydrochloride Tablets, 23 mg is available in bottle count sizes of 30 and 90.

 

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 and differentiated formulations. Major therapeutic focus is on gastro-intestinal, cardiovascular, diabetology, oncology, pain management and anti-infective. Major markets include India, USA, Russia-CIS and Europe apart from other select geographies within Emerging Markets.

 

 

DR. REDDY’S ANNOUNCES THE LAUNCH OF DECITABINE FOR INJECTION

 

Hyderabad, India, July 12, 2013

Dr. Reddy’s Laboratories (NYSE: RDY) announced today that it has launched Decitabine for Injection (50mg) a therapeutic equivalent generic version of Dacogen (Decitabine for Injection) in the US market on July 11, 2013, following the approval by the United States Food and Drug Administration (USFDA) of Dr. Reddy’s ANDA for Decitabine for Injection.


The Dacogen brand has U.S. sales of approximately $260 Million MAT for the most recent twelve months ending in July 2013 according to IMS Health*.

 

Dr. Reddy’s Decitabine for Injection 50 mg is available as a single dose vial.

 

 

DR. REDDY ANNOUNCES FILING OF ANNUAL REPORT ON FORM 20-F

 

Hyderabad, India, July 10, 2013

Dr. Reddy's Laboratories Limited (NYSE: RDY) today announced that its Annual Report on Form 20-F, containing its annual consolidated financial statements for the fiscal year ended 31 March, 2013 was filed with the United States Securities and Exchange Commission on July 9, 2012.

 

The Annual Report on Form 20-F is also available on Dr. Reddy's website, www.drreddys.com and can be accessed by selecting 'SEC filings' under the 'Investors' Section. ADS holders may also obtain a hard copy of the Annual Report on Form 20-F at no cost, by sending a written request to the Company's registered office

 

 

DR. REDDY’S ANNOUNCES THE LAUNCH OF LAMOTRIGINE EXTENDED-RELEASE TABLETS

 

Hyderabad, India, June 26, 2013

Dr. Reddy’s Laboratories (NYSE: RDY) announced today that it has launched Lamotrigine Extended-Release Tablets (25 mg, 50 mg, 100 mg, 200 mg, 300 mg) a therapeutic equivalent generic version of Lamictal® XR (lamotrigine) in the US market on June 25, 2013, following the approval by the United States Food and Drug Administration (USFDA) of Dr. Reddy’s ANDA for Lamotrigine XR tablets.

 

The Lamictal® XR brand and generic had combined U.S. sales of approximately $300.5 Million MAT for the most recent twelve months ending in April 2013 according to IMS Health*.

 

Dr. Reddy’s Lamotrigine XR Tablets 25 mg, 50 mg, 100 mg, 200 mg, and 300 mg are available as unit of use bottles of 30s.

 

 

FUJIFILM AND DR. REDDY'S CALL OFF JOINT VENTURE FOR GENERIC DRUGS IN JAPAN

 

Hyderabad, India, June 3, 2013

FUJIFILM Corporation ("Fujifilm" hereinafter) and Dr. Reddy's Laboratories Limited. ("Dr. Reddy's" hereinafter) have decided to terminate the Memorandum of Understanding (the "MoU" hereinafter) to enter into an exclusive partnership in the generic drugs business for the Japanese market and to establish a joint venture in Japan.

Based on the MoU signed on July 28, 2011, the two companies had conducted detailed studies on the establishment of a joint venture for developing and manufacturing generic drugs in Japan. However, as Fujifilm realigns its long-term growth strategy for the pharmaceutical business, both companies have led to a mutual agreement to terminate the MoU.

 

The two companies will continue to explore partnership/alliance opportunities in other pharmaceutical businesses such as API (active pharmaceutical ingredient) development and manufacturing, contract research and development and manufacturing, and the development and marketing of super-generics.

 

Commenting on the development, GV Prasad, Chairman and CEO, Dr. Reddy's said, "Unfortunately, we will not be able to partner with Fujifilm specifically for generic formulations business in Japan. However, I want to reinforce our commitment towards a planned entry into Japan to bring affordable and innovative drugs to more patients worldwide."

 

Takatoshi Ishikawa, Director Corporate Vice President and General Manager of Pharmaceutical Products Division said, ”In the long-term we will be focusing more on priority fields such as new drugs in cancer field, more value-added super Generic, and bio-related business by using our core technologies: analysis technologies, original nanotechnology, and high reliability and high quality manufacturing technologies. Meanwhile, we will continue future collaboration with Dr. Reddy’s in other fields.”

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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 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. 62.52

UK Pound

1

Rs. 100.26

Euro

1

Rs. 84.27

 

 

INFORMATION DETAILS

 

Report Prepared by :

MRI

 

 

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

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

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

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.