DRIVIN G ROWTH - Dr. Reddy's
DRIVIN G ROWTH - Dr. Reddy's
DRIVIN G ROWTH - Dr. Reddy's
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notes to the financial statements<br />
GENERAL COMMENTS<br />
The Company was incorporated on January 30, 1997. The objects of the Company are to engage in investment, finance and real<br />
estate activities.<br />
Reddy Antilles N.V. and Reddy Netherlands B.V. belong to the <strong>Dr</strong>. Reddy’s Laboratories Group. Through these two companies, the<br />
<strong>Dr</strong>. Reddy’s Group makes available know-how and related intellectual knowledge (patents and trademarks) in connection with the<br />
rights for these two companies to utilise the Reddy Patent Rights and Reddy Technology.<br />
ACCOUNTING PRINCIPLES<br />
Assets and liabilities are stated at their face value, except when indicated otherwise. Balance Sheet items in foreign currency have been<br />
translated at year-end exchange rates (except when indicated otherwise); Profit and Loss items in foreign currency have been<br />
translated at the rate of the transaction day. Differences arising on translation were taken to the Profit and Loss account.<br />
The investment in Reddy Netherlands B.V. and Reddy US Therapeutics Inc. are stated at cost. The investment in Viral Therapeutics Inc.<br />
is stated at net asset value.<br />
INVESTMENTS<br />
Reddy Viral Reddy US<br />
Netherlands B.V. Therapeutics Inc. Therapeutics Inc.<br />
Book value at December 31, 2000 21,004 – 2,100,000<br />
Investments – – –<br />
Book value at December 31, 2001 21,004 – 2,100,000<br />
As per the reporting date of the financial statements, the unaudited accounts of Viral Therapeutics as per September 30, 2000 were<br />
available.<br />
In accordance with the above accounting policy the investment is stated at net asset value. As the value of the investment is negative,<br />
(US$ 733,053), it is stated nil.<br />
SHAREHOLDERS’ EQUITY<br />
The authorised capital amounts to US$ 1,000,000 divided into 1,000,000 shares of US$ 1 par value each. As at year-end 500,000<br />
shares were outstanding and fully paid up.<br />
Movements during the year 2001:<br />
Issued & Retained Result current<br />
paid up capital earnings period<br />
Starting balance 500,000 5,355,861 (1,247,610)<br />
Movements (1,247,610) 1,247,610<br />
Loss for the period (14,998)<br />
Year-end balance 500,000 4,108,251 (14,998)<br />
1. SUBSIDIARIES<br />
(Country) (% held) (US $)<br />
Reddy US Therapeutics Inc. U.S.A. 2,100,000<br />
Reddy Netherlands B.V. The Netherlands 100.0000 21,004<br />
Viral Therapeutics Inc. U.S.A. 10.73694 –<br />
Total 2,121,004<br />
2. Loans to affiliated companies<br />
(US $)<br />
Reddy Pharmaceuticals, Hong Kong 943,868<br />
Reddy Pharmaceuticals, Singapore 100,000<br />
Total 1,043,868<br />
REDDY ANTILLES N.V. | FINANCIALS | ANNUAL REPORT 2001<br />
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