DRIVIN G ROWTH - Dr. Reddy's

Pathway enables Reddy US Therapeutics,
Inc. to target several diseases from a single
research focus. Net income of the Company
for the periods ended March 31, 2002 and
March 31, 2001 was US$ 158 thousands and
US$ 102 respectively.
EVENTS AFTER MARCH 31, 2002
ON APRIL 11, 2002 the first overseas
acquisition was successfully completed for
GBP 9.05 million. BMS Laboratories
Limited and Meridian Healthcare (UK)
Limited (wholly owned subsidiary of BMS
Laboratories) became the subsidiaries of
your Company. The primary business of the
BMS Group is manufacturing and
marketing of generic pharmaceutical
products in the United Kingdom (UK). In
the financial year 2002, the Group
registered a combined turnover of around
GBP 7.0 million and profit after tax of GBP
1.2 million. BMS and Meridian have fullyintegrated
manufacturing facilities for oral
solids, liquids and packaging located in
London and Beverley, UK. Meridian
currently markets more than 30 generic
products through full and short-line
wholesalers and has another 70 licenses in
the pipeline. BMS and Meridian, which are
largely privately held, employ nearly 50
people.
DIRECTORS RESPONSIBILITY
STATEMENT
IN TERMS OF section 217 (2AA) of the
Companies Act, 1956, your Directors confirm
as under:
1. In preparation of annual accounts, the
applicable accounting standards have been
followed along with proper explanation
relating to material departures;
2. We have selected such accounting policies
and applied them consistently and made
judgments and estimates that are
reasonable and prudent so as to give a true
and fair view of the state of affairs of the
Company at the end of the financial year
2001-2002 and of profit of the Company
for that period;
3. We have taken proper and sufficient care
for the maintenance of adequate
accounting records in accordance with the
provisions of this Act for safeguarding the
assets of the Company and or preventing
and detecting fraud and other irregularities;
4. We have prepared the annual accounts on
an ongoing concern basis.
FIXED DEPOSITS
YOUR COMPANY has not accepted any
fixed deposits and, as such, no amount of
principal or interest was outstanding as of the
Balance Sheet date.
DR. REDDY’S LABORATORIES LTD. | DIRECTORS’ REPORT | ANNUAL REPORT 2001-2002
39