DRIVIN G ROWTH - Dr. Reddy's

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302 notes to the financial statements 1. PRINCIPAL ACTIVITIES The Company, located in K.E.T.D, is a sino-foreign equity joint venture company established on December 31, 1993 for an operating period of 50 years. The registered capital of the Company shall be USD11,000,000 and the share holding structure of the Company at present is as below: Kunshan Double-Crane Pharmaceutical Co., Ltd. 1.59% of the registered capital Canada Rotam Enterprises Co., Ltd. 47.41% of the registered capital <strong>Dr</strong>. Reddy’s Laboratories Ltd., India 51% of the registered capital The principal activities of the Company are to produce and repackage bulk formulations, capsules, ointments, gels and other products and to sell self-produced products. 2. BASIS OF PREPARATION The financial statements have been prepared in accordance with the Accounting Standards for Enterprises and the Accounting Regulations of the People’s Republic of China for Enterprises with Foreign Investment. 3. PRINCIPAL ACCOUNTING POLICIES a) Sales revenue Sales revenue is recognised upon goods delivery. Sales revenue represents sales amount net of output value added tax. b) Depreciation Fixed assets are depreciated at rates sufficient to write off their cost over their estimated useful lives on the straight line basis, taking into account their residual value which is estimated at 10% of cost. The applicable useful lives of fixed assets are as follows: Buildings 20 years Plant and Machinery 10 years Instrument 5 years Motor vehicles 5 years Other equipment 5 years c) Pre-operating expenses Pre-operating expenses are amortised using the straight line method over a period of five years. d) Land occupancy expense Land occupancy expense is amortised using the straight line method over a period of fifty years. e) Other deferred expenses Other deferred expenses are amortised using the straight line method over a period of ten years. f) Foreign currencies Transactions in foreign currencies are translated into Renminbi at the exchange rates stipulated by People’s Bank of China prevailing on the day on which the transactions took place. Monetary assets and liabilities expressed in foreign currencies at the Balance Sheet date are translated into Renminbi at the exchange rates stipulated by People’s Bank of China at the Balance Sheet date. Exchange differences arising in these cases are dealt with in the Profit and Loss Account. Foreign exchange differences arising during the pre-operating period have been capitalised and are separately disclosed in the Balance Sheet as “exchange losses during pre-operating period”. These are being amortised using the straight line method over a period of five years from the date of commencement of full operation of the Company. g) Cash and cash equivalents Cash comprises cash on hand and deposits that are readily available for payment. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. h) Inventories Inventories are stated at cost. Cost, calculated on the weighted average basis, comprises materials, direct labour and an appropriate proportion of all production overhead expenditure. 4. MAIN TAXATION Tax rate Value added tax 17% KUNSHAN ROTAM REDDY PHARMACEUTICAL CO. LTD. | FINANCIALS | ANNUAL REPORT 2001
notes to the financial statements 5. INVENTORIES RMB 2000 2001 Raw materials 1,425,271.25 1,147,342.36 Work in progress 262,230.04 606,956.55 Finished goods 478,730.68 5,163,689.14 Packages 53,510.44 74,731.18 6. FIXED ASSETS Cost Accumulated Net book value depreciation At December 31, 2001 At December 31, 2001 At December 31, 2001 Buildings 19,212,535.21 2,016,886.16 17,195,649.05 Plant and machinery 4,629,317.34 677,163.20 3,952,154.14 Instrument 2,391,837.00 927,992.50 1,463,844.50 Motor vehicles 990,980.06 370,809.83 620,170.23 Other equipments 1,441,343.10 493,025.48 948,317.62 7. SHORT TERM LOAN Lender Amount of loan Rate of interest per annum Canada Rotam Enterprises Co. Ltd. USD 430,000.00 6.425% 8. ACCOUNTS PAYABLE Accounts payable include payables to the following related company: RMB 2001 Rotam (HK) Co. Ltd. 5,805,786.60 9. NON-OPERATING INCOME The amount of non-operting income this year is 4,966,980.00 (USD600,000.00), which was contributed by Canada Rotam Co. Ltd., for making up the losses. KUNSHAN ROTAM REDDY PHARMACEUTICAL CO. LTD. | FINANCIALS | ANNUAL REPORT 2001 303
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DRIVIN G ROWTH Dr. Reddy’s Labora
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sales of branded formulations grew
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THE ULTIMATE ACCOLADE FOR A PHARMAC
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IT TAKES COURAGE AND VISION TO LOOK
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1997 Entered: Phase I clinical tria
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1987 USFDA Inspection: Ibuprofen fa
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1999 Submitted: ANDA for Omeprazole
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1995 Established: Reddy- Biomed; ou
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ARMED WITH A HIGHLY MOTIVATED AND C
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K ILO L AB FACILITY at Technology D
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SHE PRACTICES HAVE EVOLVED FROM AN
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ADOPTING A COMPETENCY-BASED FRAMEWO
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THE HIGHEST PATRIOTISM AND PHILANTH
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AFTER AN HOUR AT ROSHNI I LEFT WITH
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and valuation THE DICTUM in any kno
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total shareholder’s return “TOT
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4,585,070 equity shares of erstwhil
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REDDY PHARMACEUTICALS HONG KONG LTD
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Pathway enables Reddy US Therapeuti
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AUDITORS THE AUDIT in the financial
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2.Benefits derived as a result of t
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Table B | Technology, absorption, a
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articulation of its corporate visio
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THE LAUNCH OF FLUOXETINE HAS BEEN T
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MUCH OF THE CASH FLOW ARISING OUT O
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WITH THE ANTICIPATED GROWTH IN THE
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CHART B NCE Pipeline Diabetes DRF N
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AURIGENE WILL BUILD SKILLS IN AUTOM
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The highlights of the scheme were:
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INVESTMENTS INVESTMENTS reduced to
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Rs. 108 million (US$ 2.25 million)
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THE STRENGTH OF INDIA’S SCIENTIFI
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internal accounting, administrative
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e disproportionately distributed in
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COMPOSITION AND MEETINGS OF THE BOA
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Table 2 | Remuneration of the direc
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(iii) Ms. G Anuradha (daughter of D
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increase speed of reporting and cre
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the Committee. The Investment Commi
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MANAGEMENT DISCUSSION AND ANALYSIS
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non-executive, independent Addition
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press releases and conducts program
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We state that no investor grievance
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Media Bhaswati Banerjee / R. Rammoh
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CODES AT VARIOUS STOCK EXCHANGES Th
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EQUITY HISTORY OF THE COMPANY Table
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SHAREHOLDING PATTERN AS ON MARCH 31
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dematerialised form may contact the
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UNCLAIMED DIVIDENDS Pursuant to sec
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generics Survey No. 41 Bachupally Q
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financials 103
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annexure to the auditors’ report
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alance sheet | AS AT MARCH 31 (All
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schedules to the balance sheet | (A
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schedules to the profit and loss ac
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schedule to the balance sheet and p
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cash flow statement | YEAR ENDED MA
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auditors’ certificate To The Boar
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consolidated financials
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consolidated balance sheet | (All a
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schedules to the consolidated balan
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schedules to the consolidated profi
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schedule to the consolidated balanc
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cash flow statement | (contd...) YE
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statement under section 212
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The net Aggregate of profits (losse
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drl investments ltd.
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auditors’ report A RAMACHANDRA RA
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alance sheet | AS Schedule 2002 200
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schedules | AS AT MARCH 31 (Rs) 200
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schedules Schedule - 3.00 NOTES TO
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compact electric ltd.
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auditors’ report A RAMACHANDRA RA
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alance sheet | AS Schedule 2002 200
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schedules | FOR THE YEAR ENDED MARC
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schedules 7. The information requir
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alance sheet abstract and company
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eddy pharmaceuticals hong kong ltd.
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eport of the auditors ERNST & YOUNG
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profit and loss account | YEAR ENDE
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notes to financial statements - DEC
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notes to financial statements - DEC
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eddy biomed ltd.
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eport of sinay joint-stock company
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alance sheet | AS AT DECEMBER 31 (R
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eddy antilles n.v.
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alance sheet | AS AT DECEMBER 31 (U
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notes to the financial statements G
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dr. reddy’s farmacêutica do bras
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dr. reddy’s laboratories, inc.
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alance sheet | AS AT MARCH 31 (US $
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statement of cash flows | FOR THE Y
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notes to the financial statements n
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notes to the financial statements n
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eddy pharmaceuticals singapore pte
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9. DIVIDENDS No dividend has been p
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eport of the auditors to the member
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profit and loss statement | FOR sta
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notes to the financial statements -
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notes to the financial statements -
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eddy us therapeutics, inc
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alance sheet | AS AT MARCH 31 (US $
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statement of cash flows | FOR THE Y
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notes to financial statements 2.REL
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eddy cheminor s.a.
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Page 267 and 268: auditors’ report A RAMACHANDRA RA
Page 269 and 270: alance sheet | AS AT MARCH 31 Parti
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Page 277 and 278: Acknowledgements The Directors take
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Page 281 and 282: profit and loss account | FOR EXPEN
Page 283 and 284: schedules forming part of the profi
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Page 287 and 288: zenovus biotech pvt. ltd.
Page 289 and 290: auditors’ report A RAMACHANDRA RA
Page 295 and 296: kunshan rotam reddy pharmaceutical
Page 297 and 298: alance sheet | AS AT DECEMBER 31 (R
Page 299: income statement | FOR THE YEAR END
Page 303 and 304: eddy netherlands b.v.
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Page 307 and 308: general notes GENERAL COMMENTS The
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