MIRA INFORM REPORT
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Report No. : |
318851 |
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Report Date : |
23.04.2015 |
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, Hyderabad - 500034, Telangana |
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Country : |
India |
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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 Million |
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CIN No.: [Company Identification
No.] |
L85195TG1984PLC004507 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDD00080D |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Information denied by management |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (79) |
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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 |
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Maximum Credit Limit : |
USD 266500000 |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Non-Convertible Debenture Programme = AA+ Withdrawn |
|
Rating Explanation |
As the company has fully redeemed the
instrument on maturity. There is no amount outstanding against the rated
instrument. |
|
Date |
September 2014 |
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.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-40-49002900)
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 : |
Plot No. 137, 138, IDA Bollaram, Jinnaram Mandal Medak District -
502325, Andhra Pradesh, India
Plot No. 75B, 105, 110 and 111, IDA Bollaram, Jinnaram Mandal, Medak
District - 502325, Andhra Pradesh, India
Plot No. 116, 116A and 126C and SY No. 157, IDA Bollaram, Jinnaram
Mandal, Medak District - 502325, Andhra Pradesh, India
Plot No. 9/A, 9/B, 22A, 22B and 22C, Phase – III, IDA Jeedimetla,
Ranga Reddy District – 502325, Andhra Pradesh, India
Peddadevulapally, Tripuraram Mandal, Nalgonda District – 502325,
Andhra Pradesh, India
IDA, Pydibheemavaram Ransthal Mandal Srikakulam, District - 502325,
Andhra Pradesh, India
Sector No. 28 and 34 Devunipalavalasa
Village, Ranastalam Mandal, Srikakulam District - 502325, Andhra Pradesh,
India |
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Formulation
Manufacturing Facilities : |
Plot No. 146, IDA Bollaram, Jinnaram Mandal, Medak District – 502325,
Andhra Pradesh, India
S Y No. 42, 45, 46 and 54 Bachupally, Qutubullapur Mandal, Ranga Reddy
District – 502325, Andhra Pradesh, India
S Y No. 41 Bachupally, Qutubullapur Mandal, Ranga Reddy – 502325,
Andhra Pradesh, India
Ward-F, Block-4, Adavipolam Yanam, Pondicherry – 533464, Tamilnadu,
India
Khol, Nalagarh Solan, Nalagarh Road, Baddi – 173205, Himachal Pradesh,
India
Plot No P1-P9, Phase III Duvvada, VSEZ, Visakapatanam – 530046, Andhra
Pradesh, India
Village Mauja Thana, Nalagarh Baddi Road, Baddi, District Solan –
173205, Himachal Pradesh, India
Sector No. 9-13 and 17-20 Devunipalavalasa Village, Ranastalam Mandal,
Srikakulam District – 532409, Andhra Pradesh, India
Survey No.47, Bachupally
Quthbullapur Mandal, Ranga Reddy District – 500043, Andhra Pradesh, India |
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Research and
Development Facility : |
Bachupally Village, Qutubullapur Mandal, Ranga Reddy District -
500123, Andhra
Pradesh,
India
Bollaram Road, Miyapur Hyderabad - 500049, Andhra Pradesh, India
Bollaram Road, Miyapur Hyderabad - 500049, Andhra Pradesh, India
Plot 31A, IDA, Jeedimetla Hyderabad -
500050, Andhra
Pradesh,
India |
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Facility
Locations Outside India : |
No. 258, Huang Pu Jiang (M) Road, Kunshan Development Zone, Jiangsu
Province P. R. China 215300
Carretera Federal Cuernavaca-Cuautla KM 4.5 CIVAC, Jiutepec, Morelos
Mexico 62578
6, Riverview Road, Beverly, East Yorkshire HU 17 OLD, United Kingdom
Steanard Lane, Mirfield, West Yorkshire, WF 14, 8HZ, United Kingdom
410 Cambridge Science Park Milton Road, Cambridge CB4 0PE, United
Kingdom
8800 Line Avenue, Shreveport, Louisiana 71106. USA
P.O. Box 9002, 201 Industrial Drive Bristol, TN 37621- 9002, USA
1974 Route 145, Middleburgh, New York 12122, USA
Zernikedreef 12, 2333 CL Leiden, The
Netherlands |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Satish Reddy |
|
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 |
|
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
|
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 |
SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
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|
(1) Indian |
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|
3688528 |
2.16 |
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|
39729284 |
23.32 |
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|
43417812 |
25.48 |
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Total shareholding
of Promoter and Promoter Group (A) |
43417812 |
25.48 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
6010819 |
3.53 |
|
|
163268 |
0.10 |
|
|
3093029 |
1.82 |
|
|
66211413 |
38.86 |
|
|
75478529 |
44.30 |
|
|
|
|
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|
7321287 |
4.30 |
|
|
|
|
|
|
11798852 |
6.92 |
|
|
837645 |
0.49 |
|
|
2753192 |
1.62 |
|
|
214352 |
0.13 |
|
|
2160946 |
1.27 |
|
|
5884 |
0.00 |
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|
372010 |
0.22 |
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|
22710976 |
13.33 |
|
Total Public
shareholding (B) |
98189505 |
57.63 |
|
Total (A)+(B) |
141607317 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
28773857 |
16.89 |
|
|
31444291 |
16.89 |
|
Total (A)+(B)+(C) |
170335039 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Seller of Bulk Drugs, Formulations and Diagnostic Reagents and Kits. |
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Products : |
Bulk Drugs,
Formulations and Diagnostic Reagents and Kits. |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
Notes: 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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Auditors : |
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Name : |
BSR and Company LLP Chartered Accountants |
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Address : |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries
including step down subsidiaries : |
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Joint Ventures : |
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List of other
related parties with whom transactions have taken place during the current and/or
previous year : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
240000000 |
Equity Shares |
Rs.5/- each |
Rs.1200.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
170108868 |
Equity Shares |
Rs.5/- each |
Rs.851.000 Million |
a)
Reconciliation of
the equity shares outstanding is set out below:
|
Equity Shares |
Number
of Shares |
Rs. In Million |
|
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 equity shares held by shareholders
holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
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 Million]
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 |
|
|
|
|
|
|
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
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
29132.000 |
21274.000 |
16239.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
783.000 |
614.000 |
636.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
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 BEFORE
TAX (E-F) (G) |
24544.000 |
17532.000 |
12592.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5216.000 |
4877.000 |
3468.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT 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 |
|
|
BALANCE CARRIED
TO THE B/S |
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 Per
Share (Rs.) |
113.67 |
74.54 |
53.83 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
30.12.2014 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd Quarter |
|
Net Sales |
26904.800 |
24808.400 |
21509.000 |
|
Total Expenditure |
18801.000 |
18837.900 |
19972.400 |
|
PBIDT (Excl OI) |
8103.800 |
5970.500 |
1536.600 |
|
Other Income |
918.800 |
547.800 |
627.400 |
|
Operating Profit |
9022.600 |
6518.300 |
2164.000 |
|
Interest |
151.000 |
160.200 |
139.100 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
8871.600 |
6358.100 |
2024.900 |
|
Depreciation |
1054.800 |
1205.900 |
1273.900 |
|
Profit Before Tax |
7816.800 |
5152.200 |
751.000 |
|
Tax |
1789.300 |
816.300 |
35.100 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
6027.500 |
4335.900 |
715.900 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
6027.500 |
4335.900 |
715.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
19.87 |
15.00 |
13.54 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
29.95 |
25.22 |
24.09 |
|
|
|
|
|
|
|
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 Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
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 Million) |
(Rs. In Million) |
(Rs. In Million) |
|
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 Million) |
(Rs. In Million) |
(Rs. In Million) |
|
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:
|
Particulars |
31.03.2014 Rs.
In Million |
31.03.2013 Rs.
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
Sales tax deferment loan from the Government of Andhra Pradesh (interest free) |
15.000 |
28.000 |
|
Long term loans from banks |
8987.000 |
0.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Packing credit loans |
17630.000 |
15786.000 |
|
Bank overdraft |
0.000 |
42.000 |
|
Total |
26632.000 |
15856.000 |
Notes:
- Sales tax deferment loan is repayable in 8 instalments, with the last instalment due on 31 March 2019.
- 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.
- 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.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31st DECEMBER 2014
(Rs. In Million)
|
Sr. No. |
Particular |
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Nine Month Ended
( Unaudited) |
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
1. |
Net Sales/Income from Operations |
21213.600 |
24519.900 |
72261.900 |
|
|
License fees and service income |
66.000 |
78.200 |
299.800 |
|
|
Other operating income |
229.400 |
210.300 |
660.500 |
|
|
Total income
from operations (net) |
21509.000 |
24808.400 |
73222.200 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
a) Cost of materials consumed |
6352.700 |
6311.000 |
18506.200 |
|
|
b) Purchases of stock-in-trade |
1514.900 |
1406.700 |
3948.500 |
|
|
c) Changes in inventories of finished goods, work-in-
process and stock-in-trade |
(704.900) |
(972.000) |
(1590.300) |
|
|
d) Employee benefits expense |
3690.900 |
3732.700 |
11065.300 |
|
|
e) Selling Expenses |
2610.900 |
2757.500 |
8401.200 |
|
|
f) Depreciation and amortisation expense |
1273.900 |
1205.900 |
3534.600 |
|
|
g) Provision for decline in the value of long-term
investments |
0.000 |
0.000 |
0.000 |
|
|
h) Other expenses |
6507.900 |
5602.000 |
16657.500 |
|
|
h) Total |
21246.300 |
20043.800 |
60523.000 |
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
262.700 |
4764.600 |
12699.200 |
|
4. |
Other Income |
627.400 |
547.800 |
1471.100 |
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
890.100 |
5312.400 |
14170.300 |
|
6. |
Finance costs |
139.100 |
160.200 |
450.300 |
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
751.000 |
5152.200 |
13720.000 |
|
8. |
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
751.000 |
5152.200 |
13720.000 |
|
10. |
Tax Expense |
35.100 |
816.300 |
2640.700 |
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
715.900 |
4335.900 |
11079.300 |
|
12. |
Extraordinary Item (net of expense) |
0.000 |
0.000 |
0.000 |
|
13. |
Net Profit for the period (11-12) |
715.900 |
4335.900 |
11079.300 |
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
851.800 |
851.800 |
851.800 |
|
15. |
Reserves Excluding Revaluation Reserve |
|
|
|
|
16. |
Basic
and Diluted Earnings Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic |
4.20 |
25.45 |
65.06 |
|
|
b) Diluted |
4.18 |
25.34 |
64.77 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
97291936 |
97914376 |
97291936 |
|
|
- Percentage of Shareholding |
57.11 |
57.47 |
57.11 |
|
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 |
43417812 |
43417812 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
25.49 |
25.49 |
25.49 |
|
Particulars |
30.09.2014 |
|
Investment Complaints |
|
|
Pending at the beginning of the quarter |
2 |
|
Received during the quarter |
2 |
|
Disposed of during the quarter |
4 |
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Sl. No. |
Particulars |
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Nine Month Ended
( Unaudited) |
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
1 |
Segment Revenue |
|
|
|
|
|
|
|
|
|
|
|
a)
Pharmaceutical Services and Active Ingredients |
6446.800 |
6989.900 |
20487.800 |
|
|
b)
Global Generics |
16877.300 |
19728.200 |
56725.200 |
|
|
c)
Proprietary Products |
0.000 |
0.000 |
0.000 |
|
|
Total |
23324.100 |
26718.100 |
78754.800 |
|
|
Less: Inter segment revenue |
1815.100 |
1909.700 |
5532.600 |
|
|
Add
: Other unallocable Income |
0.000 |
0.000 |
0.000 |
|
|
Total income |
21509.000 |
24808.400 |
73222.200 |
|
2 |
Segment Results |
|
|
|
|
|
a)
Pharmaceutical Services and Active Ingredients |
(392.200) |
451.600 |
283.600 |
|
|
b)
Global Generics |
612.300 |
5503.100 |
14992.700 |
|
|
c)
Proprietary Products |
(673.900) |
(701.900) |
(2132.500) |
|
|
Total |
(453.800) |
5252.800 |
13143.800 |
|
|
Less :Interest |
139.100 |
160.200 |
450.300 |
|
|
Less : Other Unallocable
Expenses, net |
(1343.900) |
(59.600) |
(1026.500) |
|
|
Total profit before tax |
751.000 |
5152.200 |
13720.000 |
|
3 |
Capital Employed |
|
|
|
|
|
a)
Pharmaceutical Services and Active Ingredients |
29288.000 |
28607.400 |
29288.000 |
|
|
b)
Global Generics |
60100.000 |
63297.700 |
60100.000 |
|
|
c)
Proprietary Products |
(888.500) |
(676.900) |
(888.500) |
|
|
d)
Unallocated |
16518.300 |
12792.500 |
16518.300 |
|
|
Total |
105017.800 |
104020.700 |
105017.800 |
Notes:
1 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.
2 Other expenditure for the quarter ended 31 December 2014 includes impairment loss of Rs. 200.900 Million relating to some of the product related intangibles forming part of Company’s Global Generics segment.
3 The unaudited results have been reviewed by the Audit Committee of the Board on 28 January 2015 and approved by the Board of Directors of the Company at their meeting held on 29 January 25.
4 The result for the quarter and nine months ended 31 December 2014 have been subjected to a “Limited review” by the Statutory Auditors of the Company. As unqualified report has been issued by them Theron.
5 The figures for the previous periods have been re-grouped/ re-classified, wherever necessary, to conform to the current period classification.
6 Research and development expenditure included in Employee benefits expense and other expenditure is as under.
|
Sl. No. |
Particulars |
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Nine Month Ended
( Unaudited) |
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
Employee benefits expense |
618.000 |
619.600 |
1799.600 |
|
|
Other Expenditre |
2145.400 |
2388.400 |
6282.100 |
|
|
Total |
2763.400 |
3808.000 |
8081.700 |
STATEMENT OF BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
30.09.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
851.800 |
|
(b) Reserves & Surplus |
|
|
103,168.900 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
104,020.700 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
9,288.500 |
|
(b) Deferred tax liabilities (Net) |
|
|
1,364.300 |
|
(c) Other long term
liabilities |
|
|
34.200 |
|
(d) long-term
provisions |
|
|
364.500 |
|
Total Non-current
Liabilities (3) |
|
|
11,051.500 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
10,434.000 |
|
(b) Trade
payables |
|
|
9,532.300 |
|
(c) Other
current liabilities |
|
|
11,933.300 |
|
(d) Short-term
provisions |
|
|
1,481.100 |
|
Total Current
Liabilities (4) |
|
|
33,380.700 |
|
|
|
|
|
|
TOTAL |
|
|
148,452.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
|
35,834.500 |
|
(ii)
Intangible Assets |
|
|
0.000 |
|
(iii)
Capital work-in-progress |
|
|
0.000 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
17,600.700 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
5,050.500 |
|
(e) Other
Non-current assets |
|
|
11.100 |
|
Total Non-Current
Assets |
|
|
58,496.800 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
8,040.200 |
|
(b)
Inventories |
|
|
18,289.600 |
|
(c) Trade
receivables |
|
|
50,063.700 |
|
(d) Cash
and cash equivalents |
|
|
3,217.600 |
|
(e)
Short-term loans and advances |
|
|
8,689.200 |
|
(f) Other
current assets |
|
|
1,655.800 |
|
Total
Current Assets |
|
|
89,956.100 |
|
|
|
|
|
|
TOTAL |
|
|
148,452.900 |
INDEX OF CHARGE:
|
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 PRADESH, INDIA |
- |
|
3 |
90258523 |
20/10/1999 * |
1,710,000,000.00 |
CANARA BANK |
BASHIRBAGH, HYDERABAD, ANDHRA PRADESH - 500029, INDIA |
- |
|
4 |
90134184 |
31/12/1998 * |
1,000,000.00 |
ICICI LTD |
L.B. BHAVAN, 6-3-550; SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH - 500082, 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 &
INVESTMENT CORP. OF INDIA |
163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
7 |
90258244 |
15/12/2000 * |
1,000,000.00 |
THE HONG KONG AND SHANGHAI BANKING CORP. LTD; |
BAHRAIN OFFSHORE BANKING UNIT, MANAMA, MANAMA, , BAHRAIN |
- |
|
8 |
90132335 |
12/11/1996 * |
100,000,000.00 |
THE INDUSTRIAL CREDIT &
INVESTMENT CORP. OF INDIA |
163; BACKBAY RECLAMATION, BOMBAY, Maharashtra - 400020, INDIA |
- |
* Date of charge
modification
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
PRESS RELEASE
DR REDDY'S, ENDO GET FDA APPROVAL TO LAUNCH GENERIC VALCYTE
Nov 7 (Reuters) - The U.S. Food and Drug Administration (FDA) said it has granted final approval to Indian drugmaker Dr Reddy's Laboratories Ltd and U.S. firm Endo International Plc to make cheaper copies of Roche Holding AG's antiviral Valcyte.
The move comes after Ranbaxy Laboratories Ltd said on Thursday that FDA had stripped the company of its tentative approval to launch the first copy of the drug due to quality control issues at its manufacturing plants.
Ranbaxy, whose all India-based manufacturing plants have
been banned by the FDA from exporting to the United States, also lost its rights to a
six-months market
exlusivity for valcyte
generic.
There are no companies with such sales exclusivity for Valcyte generic anymore, FDA spokeswoman Sandy Walsh said in a statement mailed to Reuters.
A spokeswoman for Dr. Reddy's did not immediately respond
to a request for comment on Friday. Endo could not be reached outside the U.S.
business hours.
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, 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.62.82 |
|
UK Pound |
1 |
Rs.93.85 |
|
Euro |
1 |
Rs.67.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
GTA |
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 |
|
--PROFITABILITY |
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.