DRIVIN G ROWTH - Dr. Reddy's

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auditors’ conclusion
Legal address: 2 Christoprudny boulevard, office 11, 101000, Moscow.
Actual address: 5 Zhukovskogo st., office 13, 103062, Moscow.
Telephone: 923-92-61, 923-92-86
General Audit Activity Licence No. 004688 issued March 15, 2000.
Stock Exchanges, Off-budget funds and Investment Institutions Audit Activity Licence No. 003798 of November 23, 1999.
Licence is valid until November 23, 2002.
State Registration Certificate of Sinay Joint-Stock company No. 861953, issued by Moscow Registration Chamber October 10, 1996.
Account No. 40702810400000111301 in Promsvyazbank Commercial Bank, other bank details.
Mr. V.U. Bakin, Senior Auditor (Auditor’s Qualification Certificate in General Audit No. 019399 of September 23, 1997, prolonged until
July 31, 2003) participated in the audit.
Sinay Auditing Company Conclusion for Reddy-Biomed Joint Venture with Foreign Investments Executive body regarding
Reddy-Biomed Joint-Venture with Foreign Investments Accounting as per January 1, 2002.
1. We carried out the audit of enclosed Balance Sheet and Profit and Loss Report (further on – The Report) of Reddy-Biomed Joint
Venture with Foreign Investments for the state on January 1, 2002. The Report was prepared by Reddy-Biomed Joint Venture with
Foreign Investments Executive body basing on Federal Law of 21.11.96. No. 129-Ø3 Regarding Business Accounting; Business
Accounting Regulations in Russian Federation, approved by the Ministry of Finance Order No. 34H of July 29, 1998; Instructions
for Companies’ Accounting Bills Plan Implementation, approved by the Ministry of Finance Order No. 56 of November 1, 1991;
and also in accordance with other normative documents of the Ministry of Finance which regulate accounts’ reports compilations
by companies in Russia.
2. Reddy-Biomed Joint Venture with Foreign Investments Executive body is responsible for the authenticity of the documents provided
and for the Report preparation. Our responsibility is to give an opinion about the Report's trustworthiness in all the existing aspects
basing on the audit conducted.
3. We carried out the audit in compliance with the Federal Law of August 7, 2001 No. 119-Ø3 Regarding Audit Activities, Rules
(standards) of Audit Activities, approved by the Audit Activities Commission of the President of Russian Federation. The audit was
planned and conducted in a way that would make us confident that the Report does not contain any significant distortions. The
audit included random numbers’ and explanations’ confirmations check-ups. Besides, the audit included estimation of the
accounting policy and most significant calculations made by Reddy-Biomed Joint Venture with Foreign Investments Executive body.
It also contains general representation of accounting estimation to determine its correspondence to the normative acts of Russian
Federation. we assume that the audit conducted provides us with sufficient arguments to conclude that the Report is trustworthy.
4. We consider the enclosed Accounting Report, which is signed and stamped by Sinay Company for identification, to be authentic,
i.e. it is prepared in a way to show the state of Reddy-Biomed Ltd. Joint Venture with Foreign Investments assets and liabilities as
per January 1, 2002 and its activities finance results for the year 2001 basing on Federal Law of 21.11.96 No 129-Ø3 Regarding
Business Accounting; Business Accounting Regulations in Russian Federation, approved by the Ministry of Finance order No 34H
of July 29, 1998; Instructions for Companies’ Accounting Bills Plan Implementation, approved the Ministry of Finance No 56 of
November 1, 1991; and also in accordance with other normative documents of the Ministry of Finance which regulate account
reports compilations by companies in Russia.
REDDY BIOMED LTD. | FINANCIALS | ANNUAL REPORT 2001
O.V. CHERNOV
General Director
V.Y. BAKIN
Senior Auditor