MIRA
INFORM REPORT
|
Report Date : |
20.08.2014 |
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) : |
31.03.2014 |
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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.851.000 Millions |
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CIN No.: [Company Identification
No.] |
L85195TG1984PLC004507 |
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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
: |
Manufacturer and
Seller of Bulk Drugs, Formulations and Diagnostic Reagents and Kits. |
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No. of Employees
: |
19000 (Approximately) (Worldwide) |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (79) |
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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 373160000 |
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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 having excellent track record. The company manufacturers wide range of pharmaceuticals products in India and Overseas. The company is doing well. Financial position of the company is sound. Fundamentals are strong and healthy. Directors are reported to be experienced, respectable and resourceful businessmen. Trade relations are fair. Business is active. Payments are reported to be regular 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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India |
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 |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization policies.
A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based: “AA+” |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
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Date |
April 2013 |
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Rating Agency Name |
ICRA |
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Rating |
Non-fund based: “A1+” |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
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Date |
April 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
31-03-2014.
LOCATIONS
|
Registered Office/ Corporate Office : |
8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500034, Telangana,
India |
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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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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 |
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Formulation
Manufacturing Facilities : |
Formulations Plot No. 146,
IDA Bollaram, Jinnaram Mandal, Medak District – 502325, Andhra Pradesh, India Formulations S Y No. 42, 45,
46 and 54 Bachupally, Qutubullapur Mandal, Ranga Reddy District – 502325,
Andhra Pradesh, India Formulations 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, 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 |
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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), 39-40, KIADB
Industrial Area, Electronic City Phase II, Hosur Road, Bangalore - 560100,
Karnataka, India ADTL, Bollaram Road,
Miyapur Hyderabad - 500049, Andhra Pradesh, India Technology
Development Centre Bollaram Road,
Miyapur Hyderabad - 500049, Andhra Pradesh, India Technology
Development Centre Plot 31A, IDA, Jeedimetla Hyderabad - 500050, Andhra Pradesh, India |
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Facility
Locations Outside India : |
Located at: Kunshan Rotam
Reddy Pharmaceutical Company Limited No. 258, Huang
Pu Jiang (M) Road, API CUERNAVACA
PLANT Industrias Quimicas Falcon de Mexico S.A. de C.V. Carretera
Federal Cuernavaca-Cuautla KM 4.5 CIVAC, Jiutepec, Morelos Dr. Reddy’s
Laboratories (UK) Limited 6, Dr. Reddy’s
Laboratories (EU) Limited Chirotech
Technology Limited Dr. Reddy’s
Laboratories Dr. Reddy’s
Laboratories Dr. Reddy’s
Laboratories New York Inc. 1974 Route 145, Technology
Development Centre Zernikedreef 12, 2333 CL |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. Satish Reddy |
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Designation : |
Chairman |
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Date of Birth/
Age : |
47 Years |
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Qualification
: |
B. Tech., M.S. (Medicinal Chemistry) |
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Name : |
Mr. Anupam Puri |
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Designation : |
Independent Director |
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Date of Appointment : |
04.06.2002 |
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Name : |
Dr. Ashok Sekhar Ganguly |
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Designation : |
Independent Director |
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Name : |
Mr. G V Prasad |
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Designation : |
Co-Chairman and Chief Executive Officer |
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Date
of Birth/ Age: |
54 Years |
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Date
of Appointment: |
30.03.2013 |
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Qualification: |
B.Sc. (Chem. |
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Name : |
Mr. Bruce L A Carter |
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Designation : |
Independent Director |
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Date of Appointment : |
21.07.2008 |
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Name : |
Dr. J P Moreau |
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Designation : |
Independent Director |
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Date of Appointment : |
18.05.2007 |
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Name : |
Ms. Kalpana Morparia |
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Designation : |
Independent Director |
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Date of Appointment : |
05.06.2007 |
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Name : |
Dr. Omkar Goswami |
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Designation : |
Independent Director |
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Date of Appointment : |
21.07.2008 |
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Name
: |
Mr. Sridar Iyengar |
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Designation : |
Independent Director |
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Name : |
Mr. Ravi Bhoothalingam |
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Designation : |
Independent Director |
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Date of Appointment : |
30.10.2000 |
KEY EXECUTIVES
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Name
: |
Dr. R Ananthanarayanan |
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Designation : |
President Pharmaceutical Services and Active Ingredients |
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Name
: |
Dr. S Chandrasekhar |
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Designation : |
President And Head, Human Resources |
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Name
: |
Alok Sonig |
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Designation : |
Senior Vice President and Head, India Business (Generics) |
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Name
: |
Samiran Das |
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Designation : |
Executive Vice President and Head, FTO and Ggpm |
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Name
: |
Dr. Raghav Chari |
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Designation : |
Executive Vice-President, Proprietary Products |
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Name
: |
M V Ramana |
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Designation : |
Executive Vice-President and Head, Emerging Markets, Global Generics |
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Name
: |
Dr. Amit Biswas |
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Designation : |
Executive Vice-President, Integrated Product Development |
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Name
: |
Abhijit Mukherjee |
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Designation : |
Chief Operating Officer |
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Name
: |
Dr. K V S Ram Rao |
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Designation : |
Senior Vice-President and Head, Chemical Technical Operations (CTO) |
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Name
: |
Dr. Cartikeya Reddy |
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Designation : |
Executive Vice-President and Head, Biologics |
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Name
: |
Saumen Chakraborty |
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Designation : |
President, Chief Financial Officer and Global Head, IT and BPE |
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Name
: |
Umang Vohra |
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Designation : |
Executive Vice-President and Head, North America Generics |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category
of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
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|
(1) Indian |
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|
3688528 |
2.66 |
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|
39729284 |
28.60 |
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|
43417812 |
31.26 |
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Total shareholding
of Promoter and Promoter Group (A) |
43417812 |
31.26 |
|
(B) Public
Shareholding |
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|
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|
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|
5352715 |
3.85 |
|
|
205757 |
0.15 |
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|
3701465 |
2.67 |
|
|
60112718 |
43.28 |
|
|
69372655 |
49.95 |
|
|
|
|
|
|
9891554 |
7.12 |
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|
|
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|
|
12253588 |
8.82 |
|
|
946976 |
0.68 |
|
|
3008163 |
2.17 |
|
|
349839 |
0.25 |
|
|
2315540 |
1.67 |
|
|
7799 |
0.01 |
|
|
334985 |
0.24 |
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|
26100281 |
18.79 |
|
Total Public
shareholding (B) |
95472936 |
68.74 |
|
Total (A)+(B) |
138890748 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
31444291 |
0.00 |
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|
31444291 |
0.00 |
|
Total (A)+(B)+(C) |
170335039 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Seller of Bulk Drugs, Formulations and Diagnostic Reagents and Kits. |
GENERAL INFORMATION
|
No. of Employees : |
19000 (Approximately) (Worldwide) |
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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 Limited, 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 |
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Facilities : |
(Rs.
In Millions)
Notes: (a) Finance lease obligations are towards lease rentals payable for the vehicles leased by the Company. Lease rentals are paid in monthly instalment, with the last instalment due in April 2018. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company LLP Chartered Accountants |
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Address : |
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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 · 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 · Dr. Reddy’s Pharma SEZ Limited, India · Dr. Reddy’s Singapore PTE Limited, Singapore (from 22 October 2013) · Dr. Reddy’s Srl, Italy (formerly Jet Generici Srl) · Dr. Reddy’s Laboratories New York, Inc., USA · Dr. Reddy’s Laboratories Canada Inc., Canada (from 29 August 2013) · 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 · Dr. Reddy’s Venezuela C.A., Venezuela · DRL Impex Limited, India · 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 (under liquidation) · 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 (till 16 July 2012) · OOO Dr. Reddy’s Laboratories Limited, Russia · OOO DRS LLC, Russia · Promius Pharma LLC, USA · Reddy Antilles N.V., Netherlands · Reddy Specialities GmbH, Germany (formerly Reddy beta GmbH) · Reddy Cheminor S.A., France (under liquidation) · 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 (till 03 July 2013 ) and · 55. Trigenesis Therapeutics Inc., USA (till 04 December 2012) |
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Joint Ventures : |
· Kunshan Rotam Reddy Pharmaceutical Company Limited (“Reddy Kunshan”), China · Dranu LLC, USA (from 9 July 2012) |
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List of other
related parties with whom transactions have taken place during the current
and/or previous year : |
· Dr. Reddy’s Research Foundation · Dr. Reddy's Institute of Life Sciences · Ecologic Chemicals Limited · Stamlo Hotels Private Limited · Green Park Hotels and Resorts Limited · Pudami Educational Society ·
A. R. Life Sciences Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2014
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 |
|
|
|
|
|
|
170108868 |
Equity Shares |
Rs.5/- each |
Rs.851.000 Millions |
|
|
|
|
|
a)
Reconciliation of
the equity shares outstanding is set out below:
|
Particulars |
31.03.2014 |
|
|
Number of shares |
Rs. In Millions |
|
|
Number of shares outstanding at the beginning of the year |
169,836,475 |
849.000 |
|
Add : Equity shares issued pursuant to employee stock option plan |
272,393 |
2.000 |
|
Number of shares
outstanding at the end of the year |
170,108,868 |
851.000 |
(b) Terms / rights
attached to the 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 2014, the amount of per share dividend recognized as distributions to equity shareholders is Rs. 18 (previous year: Rs.15). 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 |
31.03.2014 |
|
|
Number of shares |
% of equity
shares held |
|
|
Dr. Reddy’s Holdings Limited |
39,729,284 |
23.35 |
|
First state investments management (UK) Limited, First state
investments International Limited and their associates |
14,056,799 |
8.26 |
(d) 651,674 (previous year: 695,259) 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 97463 (previous year: 98,608) 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]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
851.000 |
849.000 |
848.000 |
|
(b) Reserves & Surplus |
92439.000 |
76985.000 |
66330.000 |
|
(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) |
93290.000 |
77834.000 |
67178.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
9015.000 |
63.000 |
5130.000 |
|
(b) Deferred tax liabilities
(Net) |
1252.000 |
937.000 |
200.000 |
|
(c) Other long term liabilities |
47.000 |
28.000 |
63.000 |
|
(d) long-term provisions |
335.000 |
298.000 |
212.000 |
|
Total
Non-current Liabilities (3) |
10649.000 |
1326.000 |
5605.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
17630.000 |
15828.000 |
10204.000 |
|
(b) Trade payables |
8423.000 |
7678.000 |
7334.000 |
|
(c) Other current liabilities |
10294.000 |
13011.000 |
9844.000 |
|
(d) Short-term provisions |
4795.000 |
4214.000 |
3241.000 |
|
Total
Current Liabilities (4) |
41142.000 |
40731.000 |
30623.000 |
|
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|
|
|
|
TOTAL |
145081.000 |
119891.000 |
103406.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
26937.000 |
23355.000 |
18967.000 |
|
(ii) Intangible Assets |
546.000 |
515.000 |
1.000 |
|
(iii) Capital work-in-progress |
5761.000 |
4232.000 |
6176.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
17401.000 |
21826.000 |
22707.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5358.000 |
3752.000 |
6318.000 |
|
(e) Other Non-current assets |
0.000 |
209.000 |
0.000 |
|
Total
Non-Current Assets |
56003.000 |
53889.000 |
54169.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
10664.000 |
1966.000 |
2070.000 |
|
(b) Inventories |
15921.000 |
15265.000 |
13267.000 |
|
(c) Trade receivables |
45615.000 |
29639.000 |
19435.000 |
|
(d) Cash and cash equivalents |
6651.000 |
9191.000 |
8490.000 |
|
(e) Short-term loans and
advances |
8287.000 |
8634.000 |
5298.000 |
|
(f) Other current assets |
1940.000 |
1307.000 |
677.000 |
|
Total
Current Assets |
89078.000 |
66002.000 |
49237.000 |
|
|
|
|
|
|
TOTAL |
145081.000 |
119891.000 |
103406.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
97280.000 |
84340.000 |
67397.000 |
|
|
Other Income |
1515.000 |
1417.000 |
818.000 |
|
|
TOTAL
(A) |
98795.000 |
85757.000 |
68215.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
21918.000 |
22773.000 |
17386.000 |
|
|
Purchases of Stock-in-Trade |
4690.000 |
3931.000 |
3076.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1706.000) |
(1006.000) |
(1048.000) |
|
|
Conversion Charges |
785.000 |
592.000 |
505.000 |
|
|
Excise duty |
562.000 |
636.000 |
534.000 |
|
|
Employees benefits expense |
11849.000 |
11381.000 |
8661.000 |
|
|
Other expenses |
21583.000 |
19667.000 |
15124.000 |
|
|
Research and Development
Expenses |
9982.000 |
6509.000 |
5813.000 |
|
|
Provision for other than
temporary diminution in the value of long-term investments |
0.000 |
0.000 |
1925.000 |
|
|
TOTAL
(B) |
69663.000 |
64483.000 |
51976.000 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
29132.000 |
21274.000 |
16239.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
783.000 |
614.000 |
636.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
28349.000 |
20660.000 |
15603.000 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
3805.000 |
3128.000 |
3011.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
24544.000 |
17532.000 |
12592.000 |
|
|
|
|
|
|
|
Less |
TAX
(H) |
5216.000 |
4877.000 |
3468.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
(I) |
19328.000 |
12655.000 |
9124.000 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
43614.000 |
36049.000 |
31397.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed dividend on equity
shares |
3062.000 |
2548.000 |
2331.000 |
|
|
Tax on proposed dividend |
520.000 |
433.000 |
378.000 |
|
|
Credit of dividend
distribution tax |
(2.000) |
(4.000) |
0.000 |
|
|
Dividend of previous years
(including tax) |
3.000 |
3.000 |
3.000 |
|
|
Debenture Redemption Reserve |
827.000 |
845.000 |
848.000 |
|
|
Transfer to General Reserve |
1933.000 |
1265.000 |
912.000 |
|
|
Total
(M) |
6343.000 |
5090.000 |
4472.000 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
56599.000 |
43614.000 |
36049.000 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
74059.000 |
61004.000 |
48405.000 |
|
|
Interest on loan to subsidiaries |
90.000 |
181.000 |
249.000 |
|
|
Service income and license fees |
1495.000 |
1684.000 |
581.000 |
|
|
Royalty income |
0.000 |
0.000 |
53.000 |
|
|
Guarantee commission |
176.000 |
177.000 |
79.000 |
|
|
Litigation settlement |
162.000 |
1220.000 |
0.000 |
|
|
Others |
25.000 |
24.000 |
0.000 |
|
|
TOTAL
EARNINGS |
76007.000 |
64290.000 |
49367.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
11031.000 |
8837.000 |
6914.000 |
|
|
Capital equipment (including spares and components) |
1931.000 |
2650.000 |
2285.000 |
|
|
TOTAL
IMPORTS |
12962.000 |
11487.000 |
9199.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
113.67 |
74.54 |
53.83 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
19.56 |
14.76 |
13.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
25.23 |
20.79 |
18.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.13 |
18.68 |
16.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.23 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.29 |
0.20 |
0.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.17 |
1.62 |
1.61 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
848.000 |
849.000 |
851.000 |
|
Reserves & Surplus |
66330.000 |
76985.000 |
92439.000 |
|
Net
worth |
67178.000 |
77834.000 |
93290.000 |
|
|
|
|
|
|
long-term borrowings |
5130.000 |
63.000 |
9015.000 |
|
Short term borrowings |
10204.000 |
15828.000 |
17630.000 |
|
Total
borrowings |
15334.000 |
15891.000 |
26645.000 |
|
Debt/Equity
ratio |
0.228 |
0.204 |
0.286 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
67397.000 |
84340.000 |
97280.000 |
|
|
|
25.139 |
15.343 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
67397.000 |
84340.000 |
97280.000 |
|
Profit |
9124.000 |
12655.000 |
19328.000 |
|
|
13.54% |
15.00% |
19.87% |
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 |
-- |
|
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2014 |
As on 31.03.2013 |
|
LONG TERM
BORROWINGS |
|
|
|
Sales tax deferment loan from the Government of Andhra Pradesh (interest free) (b) |
15.000 |
28.000 |
|
Long term loans from banks (c) |
8987.000 |
0.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Packing credit loans (d) |
17630.000 |
15786.000 |
|
Bank overdraft |
0.000 |
42.000 |
|
|
|
|
|
Total |
26632.000 |
15856.000 |
Notes:
(b) Sales tax deferment loan is repayable in 8 instalments, with the last instalment due on 31 March 2019.
(c) External Commercial Borrowings of USD 150 million carrying interest rate of LIBOR plus 179 bps and is repayable in five equal quarterly instalments ending in February 2019. As part of the arrangement, the Company is required to comply with certain financial covenants and the Company was in compliance with such covenants as of 31 March 2014.
(d) Packing credit loans for the current year comprised of
USD and EUR denominated loans carrying interest rates of LIBOR plus 20 - 85
bps, RUB denominated loans carrying interest rate of Moscow Prime Offered Rate
plus 60 bps, RUB denominated loans carrying fixed interest rate of 7.20% -
7.75% per annum and INR denominated loans carrying fixed interest rate of 9.50%
- 10%, and are repayable within 1 to 6 months from the date of drawdown.
Packing Credit loans for the previous year comprised of USD and EUR denominated
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.
MANAGEMENT DISCUSSION
AND ANALYSIS
GLOBAL GENERICS (GG)
Revenue from Global Generics for FY2014 increased by 27.4% and stood at Rs.105.2 billion — driven largely by North America and the emerging markets.
Revenue from North America for FY2014 was Rs.55.3 billion, recording a year-on-year growth of 46.1%. Growth was largely driven by key complex to make’ products launched during the year. Nine new products were launched during the year the major ones being decitabine, azacitadine, zolendronic acid (5 mg/100 mL), divalproex ER and donepezil 23 mg. There was also a significant increase in the market share of key existing products such as metoprolol succinate and atorvastatin. FY2014 also saw 13 product fi lings in the USA. Cumulatively, 62 Abbreviated New Drug Applications (ANDAs) are pending for approval from the US Food and Drug Administration (USFDA). Of these, 39 are Para IVs — out of which they believe nine to have ‘First to File’ status.
Revenue from Emerging Markets for FY2014 was Rs.27.2 billion registering a year-on-year growth of 21.1%. Within Emerging Markets:
Revenue from Russia and other CIS markets was Rs.19.8 billion recording a growth of 17.2%.
Revenue from the Rest of World (RoW) territories was Rs.7.4 billion growing at 33%.
Revenue from India for FY2014 was Rs.15.7 billion achieving a growth of 7.9%.
PHARMACEUTICAL
SERVICES AND ACTIVE INGREDIENTS (PSAI)
Compared to the previous year, revenue from PSAI in FY2014 declined by 21.9% to Rs.24 billion. This was on account of decreased sales of Active Pharmaceutical Ingredients (APIs) as some of our key customers lost market shares during the year, coupled with lower sales from “launch molecules” vis-ŕ-vis the previous year.
During the year, 61 DMFs were fi led globally, including 12 in the US and 13 in Europe. The cumulative number of DMF fi lings as of 31 March 2014 is 631.
OUTLOOK FOR THE
GLOBAL PHARMACEUTICAL INDUSTRY
The global pharmaceutical market is expected to reach US$ 1.2 trillion in 2017, up from US$ 0.96 trillion in 2012, growing at the compound annual growth rate (CAGR) of 4.5% over the five-year period.1
Developed markets2 will account for more than half of the business even in 2017, or approximately US$ 668 billion in value.
Simultaneously, with a higher CAGR of around 11.6%, the pharmerging markets3 will significantly increase their share from 23% of the market in 2012 to 32% in 2017.
Another way to look at the growth of the global pharmaceutical market is the mix between branded and generic drugs. Here are the estimates the IIHI provides:
The market for branded drugs is expected to grow modestly to reach US$ 620 billion in 2017.
The generic drugs market is expected to grow at a CAGR of 10.5%, from around US$ 260 billion in 2012 to about US$ 430 billion in 2017.
Generic medicines will meet a significant part of increasing global demand, rising from a market share of 27% in 2012 to 36% in 2017.
The share of generics is expected to rise everywhere: (i) in developed markets from 16% in 2012 to 21% in 2017; (ii) in pharmerging markets from 58% to 63%; and (iii) in the rest of the world from 27% to 31%.
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 and the Emerging Markets businesses.
In a dynamic business environment, the Company’s base business model in pharmaceuticals is exposed to considerable volatility, both upwards and downwards. While the upsides create non-linear value for the organization, there is a conscious attempt to protect it against the downsides.
PHARMACEUTICAL
SERVICES AND ACTIVE INGREDIENTS (PSAI)
FY2014 was a challenging year for the PSAI business with revenues declining by 22% compared to FY2013. Decreased sales of Active Pharmaceutical Ingredients was primarily due to some of their key customers losing market shares during the year, coupled with lower sales from ‘launch molecules’ vis-ŕ-vis the previous year. The pharmaceutical services business also saw a slowdown in the demand for custom services from some of their innovator company customers. However, being vertically integrated, the API business continues to support their Global Generic launches.
Asia Pacific is fast becoming a dominant player in the global API business, both in terms of supply and demand. Countries such as India and China have become global hubs for API outsourcing, primarily due to their low cost of production and strong domestic demand. However, the industry is also facing some challenges, with newer market entrants increasing competition and eroding API prices. Mergers, collaborations, high levels of cost competency and optimal inventory management are strategies that have been noticed across the API industry in order to survive and grow.
Dr. Reddy’s is one of the highest Drug Master File (DMF) filers worldwide. During FY2014, they filed 61 DMFs globally, including 12 in the US, 13 in Europe and 36 in other markets. The cumulative number of DMF fi lings as on 31 March 2014 was 631.
STATEMENT
OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30ST JUNE 2014
RS.
IN MILLIONS
|
Sr. No. |
Particular |
Quarter Ended |
|
|
|
30.06.2014 (Unaudited) |
|
1. |
Net Sales/Income from Operations |
26528.400 |
|
|
License fees and service income |
155.600 |
|
|
Other operating income |
220.800 |
|
|
Total income
from operations (net) |
26904.800 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
a) Cost of materials consumed |
5842.500 |
|
|
b) Purchases of stock-in-trade |
1026.900 |
|
|
c) Changes in inventories of finished goods, work-in-
process and stock-in-trade |
86.600 |
|
|
d) Employee benefits expense |
3641.700 |
|
|
e) Selling Expenses |
3032.800 |
|
|
f) Depreciation and amortisation expense |
1054.800 |
|
|
g) Provision for decline in the value of long-term
investments |
0.000 |
|
|
h) Other expenses |
5170.500 |
|
|
h) Total |
19855.800 |
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
7049.000 |
|
4. |
Other Income |
918.800 |
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
7967.800 |
|
6. |
Finance costs |
151.000 |
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
7816.800 |
|
8. |
Exceptional Items |
0.000 |
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
7816.800 |
|
10. |
Tax Expense |
1789.300 |
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
6027.500 |
|
12. |
Extraordinary Item (net of expense) |
0.000 |
|
13. |
Net Profit for the period (11-12) |
6027.500 |
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
851.700 |
|
15. |
Reserves Excluding Revaluation Reserve |
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
a) Basic |
35.42 |
|
|
b) Diluted |
35.26 |
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
-Number of Shares |
95472936 |
|
|
- Percentage of Shareholding |
56.05 |
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of Shares |
-- |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
-- |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
- Number of Shares |
43417812 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100.00 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
25.49 |
|
Particulars |
30.06.2014 |
|
Investment Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. in millions)
|
Sl. No. |
|
Particulars |
30.06.2014 |
|
|
(Unaudited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
|
|
|
a)
Pharmaceutical Services and Active Ingredients |
7051.100 |
|
|
|
b)
Global Generics |
21661.500 |
|
|
|
c)
Proprietary Products |
0.000 |
|
|
|
Total |
28712.600 |
|
|
|
Less: Inter segment revenue |
1807.800 |
|
|
|
Add
: Other unallocable Income |
0.000 |
|
|
|
Total income |
26904.800 |
|
2 |
|
Segment Results |
|
|
|
|
a)
Pharmaceutical Services and Active Ingredients |
224.200 |
|
|
|
b) Global
Generics |
8877.300 |
|
|
|
c)
Proprietary Products |
(756.700) |
|
|
|
Total |
8344.800 |
|
|
|
Less :Interest |
151.000 |
|
|
|
Less : Other Unallocable Expenses, net |
377.000 |
|
|
|
Total profit before tax |
7816.800 |
|
3 |
|
Capital Employed |
|
|
|
|
a)
Pharmaceutical Services and Active Ingredients |
27180.600 |
|
|
|
b)
Global Generics |
61506.900 |
|
|
|
c)
Proprietary Products |
(408.300) |
|
|
|
d)
Unallocated |
11104.400 |
|
|
|
Total |
99383.600 |
Note:
The above financial results are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair value. GAAP comprises mandatory accounting standards as prescribed by the Companies (Accounting Standards) Rules, 2006 which continue to apply under section 133 of the Companies Act 2013; guidelines issued by Securities and Exchange Board of India; and other accounting principles generally accepted in India.
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 2014.
The results for the quarter ended 30 June 2014 have been subjected to a “Limited review” by the Statutory Auditors of the Company. An unqualified report has been issued by them thereon.
The figures for the previous periods have been re-grouped/ re-classified, wherever necessary, to conform to the current period classification.
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, |
- |
|
2 |
90258687 |
23/02/2001 |
150,000,000.00 |
STATE BANK OF HYDERABAD |
OVERSEAS BRANCH,
SOMAJIGUDA, HYDERABAD, ANDHRA PR |
- |
|
3 |
90258523 |
20/10/1999 * |
1,710,000,000.00 |
CANARA BANK |
BASHIRBAGH,
HYDERABAD, ANDHRA PRADESH - 500029, IN |
- |
|
4 |
90134184 |
31/12/1998 * |
1,000,000.00 |
ICICI LTD |
L.B. BHAVAN,
6-3-550; SOMAJIGUDA, HYDERABAD, ANDH |
- |
|
5 |
90258324 |
17/08/1997 |
26,000,000.00 |
BANK OF BARODA B |
KHAIRTABAD BRANCH,
HYDERABAD, ANDHRA PRADESH, INDI |
- |
|
6 |
90132444 |
19/06/1997 |
150,000,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORP. OF INDIA |
163; BACKBAY
RECLAMATION, BOMBAY, MAHARASHTRA - 40 |
- |
|
7 |
90258244 |
15/12/2000 * |
1,000,000.00 |
THE HONG KONG AND SHANGHAI BANKING CORP. LTD; |
BAHRAIN OFFSHORE
BANKING UNIT, MANAMA, MANAMA, , |
- |
|
8 |
90132335 |
12/11/1996 * |
100,000,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORP. OF INDIA |
163; BACKBAY
RECLAMATION, BOMBAY, MAHARASHTRA - 40 |
- |
|
9 |
90132312 |
28/08/1996 * |
40,000,000.00 |
SCICI LTD |
4 NAGARJUNA HILLS, PUNJAGUTTA,
HYDERABAD, ANDHRA |
- |
|
10 |
90132308 |
13/08/1996 * |
50,000,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORP. OF INDIA |
163; BACKBAY
RECLAMATION, BOMBAY, MAHARASHTRA - 40 |
- |
* Date of charge modification
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and machinery
· Electrical equipment
· Laboratory equipment
· Furniture and fixtures
· Office equipment
· Vehicles
Intangible Assets
· Customer contracts
· Technical know how
· Non-compete fees
· Copyrights and patents
PRESS RELEASE
DR REDDY'S LABS
LAUNCHES GENERIC VERSION OF CYMBALTA
June 27, 2014
Drug maker Dr Reddy's Laboratories has launched duloxetine delayed-release capsules USP 20 mg, 30 mg and 60 mg in the US market, the company said today.
According to IMS health, Cymbalata (duloxetine delayed-release capsules) brand and generic had US sales of USD 5.04billion for the most recent 12 months ending April 2014, Dr Reddy's said in the statement.
The US FDA in December last year approved the first generic versions of Cymbalta (duloxetine delayed-release capsules), for Aurobindo Pharma Limited, Dr Reddy's Laboratories Limited, Lupin Limited, Sun Pharma Global FZE, Teva Pharmaceuticals USA and Torrent Pharmaceuticals Limited to market the drug in various strengths.
Cymbalta (duloxetine) is used to treat major depressive disorder, general anxiety disorder and fibromyalgia.
Common adverse reactions reported by people taking Cymbalta include nausea, dry mouth, drowsiness, fatigue, decreased appetite, increased sweating, and dizziness, FDA had said in the website earlier. Generic prescription drugs approved by the FDA have the same high quality and strength as brand-name drugs. Generic prescription drug manufacturing and packaging sites must pass the same quality standards as those of brand-name drugs, it had said.
DR REDDY'S LAUNCHES
SKIN DISORDER LOTION IN INDIA
June 12, 2014
Drug firm Dr Reddy's Laboratories today launched Melgain lotion used for treatment of vitiligo, a skin disorder in India under a partnership with Issar Pharmaceuticals Pvt Limited.
The lotion will benefit patients of the skin pigmentation disorder in India, Dr Reddy's said in a statement. "Melgain lotion is safe and efficacious in vitiligo cases involving various areas of the body, as established by a number of clinical studies. Its safety is well established for treating children as well," it added.
It leads to re-pigmentation in 80 percent to 90 percent of patients, as compared to 60 percent of patients who respond to other medical treatments such as corticosteroids and phototherapy, Dr Reddy's said.
"Vitiligo is a skin disease that leads to white patches on the body due to the loss of normal skin pigment called melanin. It is a very common disease that affects all races, and is estimated to affect about 5 crore people in India," it added.
Melgain lotion's unique mechanism of action enhances re-pigmentation when used in combination with other therapies, Dr Reddy's said.
Shares of Dr Reddy's Laboratories today closed at Rs 2,434 apiece on BSE, up 0.08 percent from previous close.
DR REDDY INITIATES
VOLUNTARY RECALL OF DRUG FROM US MARKET
June 19, 2014
Drug maker Dr Reddy's Laboratories has initiated voluntary recall of Metoprolol Succinate Extended Release Tablets, USP 25 mg. 100-count bottles from US market following failure of dissolution test, USFDA said.
According to a notification by the FDA, the recall of the 13,560 bottles has been voluntarily initiated by the company through a letter to the regulator last month under 'Class-II' classification. Metoprolol is used alone or in combination with other medications to treat high blood pressure.
It also is used to prevent angina (chest pain) and to improve survival after a heart attack. The regulator's website cited "Failed Dissolution Specifications: failure of dissolution test observed at 18 month time point," as the reason for recall. Tablet Dissolution is a standardised method for measuring the rate of drug release from a dosage form.
DR REDDY'S RECALLS
OVER 13,000 BOTTLES OF HYPERTENSION DRUG
June 19, 2014
Dr Reddy's Laboratories is recalling 13,560 bottles of the high blood pressure drug metoprolol succinate in the United States after it failed a dissolution test, the US Food and Drug Administration said. Metoprolol succinate extended release is a cheaper generic form of AstraZeneca Plc's Toprol XL. Wockhardt Limited also recalled 109,744 bottles of the same drug last month citing the same reason.
The recall was voluntarily started by Dr Reddy's on May 23, 2014, and posted on the FDA website on Thursday.
A Dr Reddy's spokesman did not immediately respond to a request for comment on the recall. Dissolution tests are commonly conducted to check the time taken for the active ingredient in a drug to release into the body, and help predict how the drug performs inside the body.
The Dr Reddy's recall, like the one by Wockhardt, was classified by the FDA as Class II, which means use of or exposure to the recalled products may cause temporary or medically reversible adverse health consequences.
This is the latest in a string of drug recalls and manufacturing quality-related issues involving Indian companies that have hurt the reputation of the industry as a supplier of cheap generic drugs, and led to increased scrutiny from regulators.
Dr Reddy's recalled about 58,656 bottles of the heartburn drug lansoprazole in the United States in March due to a microbial contamination.
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 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.60.72 |
|
|
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.81.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
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 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
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 |
|
79 |
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.