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International Funding used in Dr. Reddys Lab

Submitted in partial fulfillment of the requirements for

Post Graduate Diploma in Management (PGDM)

By

Sandeep SinghRoll no. 37

Section-A (Full Time)

Class of 2010

Bharatiya Vidya Bhavans

Usha & Lakshmi Mittal Institute of Management

Copernicus Lane, Kasturba Gandhi Marg

New Delhi

Jan 2012


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Contents

1. Company Overview ................................................................................................................................... 4

2. International Fundings Used by the Organization:Annual Report2010-2011 ........................................ 6

a) ADR Share and other Foreign ownership: ........................................................................................... 6

b) Schedules .............................................................................................................................................. 7

1.a: Schedule 1: Share Capital ............................................................................................................... 7

1.a: Interpretation: .............................................................................................................................. 10

1.b: Schedule 2: Reserves and Surplus................................................................................................ 11

1.b: Interpretation: ............................................................................................................................. 13

1.c: Schedule 4: Unsecured Load ........................................................................................................ 14

1.c: Interpretation: .............................................................................................................................. 15

1.d: Schedule 13: Other Income and Schedule 16: Operating and other expenses ............................... 16

1:d Interpretation: .............................................................................................................................. 17

3. Conclusion from Annual Statement 2010-2011: .................................................................................... 17

4. Analysis Based on Quarterly Results: Quarter 2, 2011-12 ..................................................................... 17

a) Effect of Depreciation in Rupee on Profits: ........................................................................................ 17

5. News Track .............................................................................................................................................. 18

6. Ratio Analysis: ......................................................................................................................................... 21


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Table of Contents

Table 1: Distribution of shareholding on the basis of ownership ........................................................................... 6Table 2: Distribution of Shareholding according to Shareholders' class ................................................................. 6

Table 3: Schedule 1 Share Capital .................................................................................................................................7

Table 4: Dr. Reddy's Employees ADR Stock Option Scheme 2007 ........................................................................... 8

Table 5: Category B Par Value Options 31March2010 ............................................................................................ 9

Table 6; Category Par Value Option Year ended 31March2011 ............................................................................ 10

Table 7 Schedule 2: Reserves and Surplus ............................................................................................................ 11

Table 8: Schedule 5 Unsecured Loans .................................................................................................................. 14

Table 9: Schedule 13 and 16: Operating Income and Operating & Other Expenses. ............................................. 16

Figures

Figure 1: CAGR ....................................................................................................................................................... 4

Figure 2: Revenue .................................................................................................................................................. 5
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1. Company Overview

Dr. Reddy's Laboratories Ltd. (NYSE: RDY) is established in 1984, It is an integrated global

pharmaceutical company, committed to providing affordable and innovative medicines for

healthier lives. Through its three businesses - Pharmaceutical Services and Active

Ingredients, Global Generics and Proprietary Products Dr. Reddys offers a portfolio of

products and services including Active Pharmaceutical Ingredients (APIs), Custom

Pharmaceutical Services (CPS), generics, biosimilars, differentiated formulations and News

Chemical Entities (NCEs).

Dr. Reddys Laboratories Ltd. therapeutic focus is on gastro-intestinal, cardiovascular,

diabetology, oncology, pain management, anti-infective and paediatrics. Major markets includeIndia, USA, Russia and CIS, Germany, UK, Venezuela, S. Africa, Romania, and New

Zealand.

Dr. Reddy's began as a supplier to Indian drug manufacturers, but it soon started exporting to

other less-regulated markets that had the advantage of not having to spend time and money on a

manufacturing plant that that would gain approval from a drug licensing body such as the U.S.

Food and Drug Administration (FDA). By the early 1990s, the expanded scale and profitability

from these unregulated markets enabled the company to begin focusing on getting approval from

drug regulators for their formulations and bulk drug manufacturing plants in more-developed

economies. This allowed their movement into regulated markets such as the US and Europe.

Dr. Reddy Labs have seen a CAGR of 21% in last 10 years. On 31st march 2001 their revenue

was Rs, 10,975 million which is now raised to 74,693 on 31st march 2011. The Companys

consolidated revenues increased by 6% to Rs. 74,693 million (US$ 1.7 billion) in 2010-11.

Revenues from Global Generics increased by 10% while PSAI revenues decreased by 4%. In

Figure 1: CAGR


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2010-11, Dr. Reddys share of revenue from

The international businesses stood at 81%. The remaining 19% came from India. North America

(US and Canada) contributed to 31% of total revenues in 2010-11, versus 30% last year. Europe

accounted for 21% of total sales in 2010-11, compared to 24% in 2009-10. Russia and other CIS

countries contributed to 15% of total revenues

.

India

19%

North America

31%Russi a and Other

CIS Countries

15%

Europe

21%

Row

14%

Revenue

India

North America

Russia and Other CIS

Countries

Europe

Row

Figure 2: Revenue


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2. International Fundings Used by the Organization:Annual Report2010-2011

a) ADR Share and other Foreign ownership:

Table 1: Distribution of shareholding on the basis of

ownership

From the table 1 we can see that foreign holing comprises 46.27% of total ownership, out of

which 18.74% is in the form of ADR (American Depository Receipt) / Foreign Nationals.

Table 2: Distribution of Shareholding according to Shareholders' class


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From table 2 Distribution of shareholding according to Shareholders class we can see that

DRL(Dr. Reddys Lab) has 1 shareholder a holding equtity shares underlying ADR and these are

the benefecialries owners outside India.

b) Schedules

1.a: Schedule 1: Share Capital

Table 3: Schedule 1 Share Capital

1. Subscribed and paid-up share capital includes:

(a) 111,732,202 (previous year: 111,732,202) equity shares of Rs. Rs. 5/- each fully paid-

up, allotted as bonus shares. Out of total, 34,974,400 shares were allotted by

capitalization of General Reserve and 76,757,802 equity shares allotted as bonus shares

by capitalization of the Securities Premium Account in earlier years.

(b) 1,052,248 (previous year: 1,052,248) equity shares of Rs. 5/- each allotted pursuant

to a scheme of amalgamation with Standard Equity Fund Limited without payments

being received in cash.


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(c) 20,571,768 (previous year: 20,571,768) equity shares of Rs. 5/- each allotted and

82,800 (previous year: 82,800) equity shares of Rs. 5/- each extinguished pursuant to a

scheme of amalgamation with erstwhile Cheminor Drugs Limited (CDL) without

payments being received in cash.

(d) 40,750,000 (previous year: 40,750,000) equity shares of Rs. 5/- each allottedagainst American Depository Shares (ADS).

(e) 17,204,304 (previous year: 17,204,304) equity shares of Rs. 5/- each allotted

against Global Depository Receipts (GDR) that were converted into ADS during the

year ended 31 March 2002.

(f) 226,776 (previous year: 226,776) equity shares of Rs. 5/- each allotted to the erstwhile

members of American Remedies Limited (ARL) pursuant to a scheme of amalgamation

with ARL without payments being received in cash..

(g) 1,548,579 (previous year: 1,185,283) equity shares of Rs. 5/- each allotted to the

eligible employees of the Company and its subsidiaries on exercise of the vested stock

options in accordance with the terms of exercise under the Dr. Reddys Employees

Stock Option Plan, 2002. (Refer Note 9, Schedule 20).

(h) 190,634 (previous year: 146,583) equity shares of Rs. 5/- each allotted to the eligible

employees of the Company and its subsidiaries on exercise of the vested stock options in

accordance with the terms of exercise under the Dr. Reddys Employees Stock Option

Plan, 2007. (Refer Note 9, Schedule 20).

2. Represents 200 (previous year: 200) equity shares of Rs. 5/- each, amount paid-up Rs. 500/-(rounded off in millions in the Schedule above) forfeited due to nonpayment of allotment money.

3. 718,161 (previous year: 885,007) 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.

Reddys Employees Stock Option Plan, 2002 and 124,559 (previous year: 112,390) 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. Reddys Employees ADR Stock

Option Pl an 2007 (Refer Note 9, Schedule 20).

Table 4: Dr. Reddy's Employees ADR Stock Option Scheme 2007


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.

Money realized by exercise of options Rs. 9, 53,170. Total number of options in force 124,559

Table 5: Category B Par Value Options 31March2010


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Table 6; Category Par Value Option Year ended 31March2011

1.a: Interpretation:

From Note 1 option d, e of table 3 Schedule 1 Share capital we can see that company had issued

GDR which had maturing date of 31st March 2002, they had converted those GDR into ADS

(American Depository Shares).

In accounting year 2010-11, 40, 750,000 (previous year: 40,750,000) equity shares of Rs. 5/-

each allotted against American Depository Shares.

Dr. Reddys Employees ADR Stock Option Plan 2007

The Company instituted the DRL 2007 Plan for all eligible employees in pursuance of the

special resolution approved by the shareholders in the Annual General. Meeting held on 27 July

2005. The DRL 2007 Plan came into effect on approval of the Board of Directors on 22 January

2007. The DRL 2007 Plan covers all employees of DRL and its subsidiaries and directors

(excluding promoter directors) of DRL and its subsidiaries (collectively, eligible employees).

Under the DRL. 2007 Plan, the Compensation Committee of the Board (the Compensation

Committee) shall administer the DRL 2007 Plan and grant stock options to eligible employees

of the Company and its subsidiaries.

The Compensation Committee shall determine the employees eligible for receiving the options,

the number of options to be granted, the exercise price, the vesting period and the exercise

period. The vesting period is determined for all options issued on the date of the grant. The


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options issued under the DRL 2007 plan vest in periods ranging between one and four years and

generally have a maximum contractual term of five years.

During the current year, the Company under the DRL 2007 Plan has issued 58,660 options to

eligible employees. The vesting period for the options granted varies from 12 to 48 months. The

date of grant, number of options granted, exercise price fixed by the Committee for respectiveoptions and the market price of the shares of the Company on the date of grant is given below:

1.b: Schedule 2: Reserves and Surplus

Table 7 Schedule 2: Reserves and Surplus

(I): Schedule 20 Notes 1:

a) Foreign currency transactions and balances.


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Foreign currency transactions are recorded using the exchange rates prevailing on the dates of

the respective transactions. Exchange differences arising on foreign currency transactions settled

during the year are recognised in the profit and loss account.

Monetary assets and liabilities denominated in foreign currencies as at the balance sheet date, not

covered by forward exchange contracts, are translated at year-end rates. The resultant exchangedifferences are recognised in the profit and loss account. Non-monetary assets are recorded at the

rates prevailing on the date of the transaction.

Income and expenditure items at representative offices are translated at the respective monthly

average rates. Monetary assets at representative offices at the balance sheet date are translated

using the year-end rates. Non-monetary assets are recorded at the rates prevailing on the date of

the transaction.

Forward contracts are entered into to hedge the foreign currency risk of the underlying

outstanding at the balance sheet date. The premium or discount on all such contracts is amortizedas income or expense over the life of the contract. Any profit or loss arising on the cancellation

or renewal of forward contracts is recognised as income or expense for the period.

In relation to the forward contracts entered into to hedge the foreign currency risk of the

underlying outstanding at the balance sheet date, the exchange difference is calculated and

recorded in accordance with AS-11 (revised). The exchange difference on such a forward

exchange contract is calculated as the difference of the foreign currency amount of the contract

translated at the exchange rate at the reporting date, or the settlement date where the transaction

is settled during the reporting period and the corresponding foreign currency amount translated at

the later of the date of inception of the forward exchange contract and the last reporting date.Such exchange differences are recognized in the profit and loss account in the reporting period in

which the exchange rates change.

Exchange differences arising on a monetary item that, in substance, forms part of an enterprises

net investment in a non-integral foreign operation has been accumulated in a foreign currency

translation reserve in the enterprises financial statements until the disposal of the net investment,

at which time they should be recognised as income or as expense.

The financial statements of the foreign integral subsidiaries, representative offices and

collectively referred to as the foreign integral operations are translated into Indian rupees as

follows:

Revenue items, except depreciation are translated at the respective monthly average rates.

Depreciation is translated at the rates used for the translation of the values of the assets on

which depreciation is calculated.


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packing credit loan that were taken from Standard Chartered Bank, The Bank of Nova Scotia,

BNP Paribas, ABN Amro Bank and HSBC carrying interest rates of LIBOR plus 4075 bps,

repayable on expiry of 6 months from the date of drawdown and Rupee packing credit from State

Bank of India carrying interest rate of 5% per annum.

3. Long-term foreign currency loan was guaranteed by the Company and certain subsidiaries ofthe Group. The loan carried an interest rate of EURIBOR plus 150 basis points. Effective 24

November 2006 the interest rate was changed to EURIBOR plus 70 basis points on euro portion

of the loan and LIBOR plus 70 basis points on dollar portion of the loan. During the year the

Group repaid the balance outstanding amount through three new short-term borrowings

aggregating to Rs. 5,972.

4. Bank overdraft is on the current accounts with Citibank, State Bank of India, HDFC and

HSBC bank carrying interest rates of 10.50%, 11.00%, 12.00% and 10.50% per annum,

respectively. (Bank overdraft in the previous year was on current accounts with Citibank, State

Bank of India and HDFC Bank carrying interest rates of 10.75%, 10.25% and 14.50% perannum, respectively).

5. Short-term loan taken by subsidiary from Citibank carrying interest rates of 1.95% 8% per

annum, from Bank of America carrying interest rate of 1.61% 1.79% per annum and from

Royal Bank of Scotland carrying interest rate of 5.38% per annum.

6. Loan from the State Bank of India taken by Aurigene Discovery Technologies Limited is

covered by way of Corporate Guarantee given by Parent Company. The loan carried an interest

rate of 11.75% per annum. This loan was fully repaid during the year.

7. Refer Note No 23 of Schedule 19. Amount repayable in 12 months is Rs. Nil.

1.c: Interpretation:

During the year 2010-2011 DRL has paid the Long term foreign currency loans of Rs.8, 899

Million. On the other hand company has raised its packing credit loans in which they have

borrowed money from various institutions like.

J.P.Morgan Chase. The Bank of Tokyo Mitsubishi UFJ LTD, BNP Paribas


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HSBCOn which they are paying interest rates of LIBOR plus 5280 bps. Then they have taken fixed

interest rate loans from:

Credit Agricole Corporate & Investment Bank

The Bank of Nova ScotiaPacking Credit loans for the previous year comprised foreign currency packing credit loan that

were taken from Standard Chartered Bank, The Bank of Nova Scotia, BNP Paribas, ABN Amro

Bank and HSBC carrying interest rates of LIBOR plus 40 75 bps, repayable on expiry of 6

months from the date of drawdown and Rupee packing credit from State Bank of India carrying

interest rate of 5% per annum.

1.d: Schedule 13: Other Income and Schedule 16: Operating and other expenses

Table 9: Schedule 13 and 16: Operating Income and Operating & Other Expenses.


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1:d Interpretation:

In Table 9 we can see that during financial year 2009-10 company has seen the profit of Rs.73

Million but in next financial year 2010-2011 they have seen the loss of 46 million.

3. Conclusion from Annual Statement 2010-2011:

DRL (Dr. Reddys Lab) has continuously used various sources of international funding and if we

talk about the ownership, foreign holing comprises 46.27% of total ownership. Initially they

were using GDR which they had converted into ADS and then again they converted those ADS

into equity shares. They have issued to ADR to their employees in subsidiary. They have taken

loan from various foreign financial institutions and banks like J.P Morgan, HSBC, ABN AMRO,

The Bank of Tokyo, and Mitsubishi UFJ LTD on LIBOR basis. They have also paid the loan

raised from European companies on EURIBOR.

They are aware of foreign currency fluctuations therefore they have created reserves like Foreign

currency translation reserve and Hedge Reserve. But last year they have seen the loss of

Rs.43Million because of the foreign currency fluctuations.

4. Analysis Based on Quarterly Results: Quarter 2, 2011-12

a) Effect of Depreciation in Rupee on Profits:

The convenience dollar rate for the quarter was at Rs. 49.05 per dollar, and the average dollar

rate for the quarter is at Rs. 45.80. As the Dollar rate was to volatile company had spent more on

Hedging. DRL has also seen Net forex gain of Rs. 151 mn ($3mn) versus net forex loss of

Rs.49mn ($1mn) in Q2 FY11. Till now they are getting benefit of this Rupee depreciation as

they got their major revenues from other countries and relatively their interest payment and other

foreign expenses are less.

b) Effect on Depreciation on Cash Flows:

Similarly their cash flows has also been improved by 22.58% with this depreciation.


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Cash Flows in Lakhs (Rs):

30.9.2011 30.9.2010

7 5,961 6 1,966

5. News Track

Dr. Reddy's Lab inches up as ADR gains

Capital Market / 09:18 , Dec 26, 2011

Dr. Reddy's Laboratories rose 0.33% to Rs 1,595 at 9:17 IST on BSE after the company's American

depository receipt, or ADR gained 1.11% to settle at $30.01 on the New York Stock Exchange Friday, 23

December 2011.

Meanwhile, the BSE Sensex was up 63.13 points, or 0.4% to 15,801.83.

On BSE, 230 shares were traded in the counter as against an average daily volume of 33,606 shares in

the past one quarter.

The stock hit a high of Rs 1,619 and a low of Rs 1,595 so far during the day. The stock had hit a 52-week

high of Rs 1730.45 on 27 December 2010. The stock had hit a 52-week low of Rs 1387 at 22 August 2011.

The large-cap stock had outperformed the market over the past one month till 23 December 2011,gaining 3.88% compared with the Sensex's 0.25% rise. The scrip had also outperformed the market in

past one quarter, surging 7.02% as against 2.62% fall in the Sensex.

The company has equity capital of Rs 84.77 Crore. Face value per share is Rs 5.

On a consolidated basis, Dr. Reddy's Laboratories' net profit rose 7.3% to Rs 307.80 Crore on 21.2%

growth in net sales to Rs 2267.79 Crore in Q2 September 2011 over Q2 September 2010.

Dr. Reddy's Laboratories is an integrated global pharmaceutical company, committed to providing

affordable and innovative medicines for healthier lives.

http://www.indiainfoline.com/Markets/News/Dr-Reddys-Lab-inches-up-as-ADR-gains/4086759061
http://www.indiainfoline.com/Markets/News/Dr-Reddys-Lab-inches-up-as-ADR-gains/4086759061http://www.indiainfoline.com/Markets/News/Dr-Reddys-Lab-inches-up-as-ADR-gains/4086759061http://www.indiainfoline.com/Markets/News/Dr-Reddys-Lab-inches-up-as-ADR-gains/4086759061


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Pharma firms to gain on depreciating rupee

Malini Bhupta / Mumbai December 20, 2011, 0:47 IST

Revenues and earnings to improve for companies with low forexliabilities and no forward cover.

The falling rupee is expected to benefit pharmaceutical companies in apositive way, claim analysts. The local currency has depreciated 18 percent over the last few weeks and this spells good news for domestic

pharmaceutical firms. Last year, the domestic pharma market grew at15.3 per cent, nearly three times the growth in developed markets, saysCentrums Ranjit Kapadia. While this growth is expected to continue

this year too, the falling rupee will add to it.

Analysts say, for several large players, half the total revenues come fromglobal markets. For these, the falling rupee will shore up earnings and

revenues. But, only those having no or low forex liabilities and forward covers will gain. Forinstance, 91 per cent revenues of Divi's Laboratories come from global sales, so the rupee fallwill impact these by an estimated 12 per cent in the second half of FY12 and seven per cent forthe full year. According to Emkay Global, the firm has not taken any forward covers and, as a

result, the rupee depreciation will have an estimated positive impact on Ebitda of 37 per cent inthe second half of FY12 and 21 per cent in FY12. Overall, the profit after tax (PAT) is expectedto increase 37 per cent in H2 and 21 per cent in FY12.

Like Divi's, there are several others that have a high share of global sales and low forexliabilities. Dr Reddy's, for instance, derives 80 per cent of its revenues from global sales, butthe firm has taken forward covers of $775 million and hedged its cash flows. As a result, theimpact on the EBITDA will be limited to 14 per cent in H2 and eight per cent for the full year.The company has foreign currency loans of $200 million. According to analysts, the overall PATis expected to increase 16 per cent in the second half of this year and nine per cent in FY12.Cipla is another player that will see some benefit flowing into its bottom line due to a weaker

rupee.

However, Glenmark is unlikely to benefit much from the rupee, though 72 per cent of itsrevenues come from global sales. Though the company has not taken any forward cover, it hasforeign currency loans of $350 million, which will result in raising total liabilities by Rs 155Crore in FY12. Despite this, PAT is expected to remain flat, claim analysts.


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http://www.business-standard.com/india/news/pharma-firms-to-gaindepreciating-rupee/459047/

Pharmaceutical results preview for Q3FY12: Emkay

Published on Tue, Jan 10, 2012 at 18:34 | Source : Moneycontrol.com

Updated at Tue, Jan 10, 2012 at 19:08

Emkay Global Financial Services has come with its December quarterly earnings estimates forpharmaceutical sector. According to the research firm the sector is expected to report a growth of18% YoY (5% QoQ) in revenues partly driven by Rupee depreciation which is likely to be 4-5%

of the overall growth.

Divi's Lab (+32%), Sun Pharma (+27%), Ipca Labs (+28%), Glenmark Pharma (+27%), Dr.Reddys (+23%) and Ranbaxy (+17%) will be outperformers. The laggards will be Uncihem Labs(+6%), Aurobindo (+6%) & GSK (+11%).

OPM for the Emkay Pharma Universe is expected to 24% compared to 22% in Q2FY12 and 21%in Q3FY11. Expansion in EBIDTA margins will 200-250bps on account of Rupee depreciationand 100-150bps due to Para-IVs.

EBITDA margin expansion will be led by Ranbaxy Labs (+1000bps YoY & +1389bps QoQ),Ipca Labs (+678bps YoY & +108bps QoQ), Sun Pharma (+1000bps YoY & -280bps QoQ) and

Dr. Reddys (+617bps YoY & 504bps QoQ).

PAT of Pharma universe is likely to grow by 51% YoY (25% QoQ) compared to 4% YoYgrowth in Q2FY12 driven by Rupee depreciation and Para-IVs

Growth in APAT will be on account of 69% growth in Sun Pharma, 77% growth in Dr. Reddys(led by Zyprexa), 420% growth in Ranbaxy (led by Lipitor) and 35% growth in Divi's Lab.

In the generics space -Ipca Labs and Glenmark Pharma are our preferred bet.

In the CRAMS space -Divi's and Jubilant Life are our preferred bet.
http://www.business-standard.com/india/news/pharma-firms-to-gaindepreciating-rupee/459047/http://www.business-standard.com/india/news/pharma-firms-to-gaindepreciating-rupee/459047/http://www.business-standard.com/india/news/pharma-firms-to-gaindepreciating-rupee/459047/


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6. Ratio Analysis:


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Debt Equity Ratio:

All these figures are in (Rs.) lakhs

Year/Qtr Qtr 2 2011 2010

Debt Equity Ratio Total Debt / Owners Fund 0.651049271 0.380940909

:Total Debt 313,031 172,359

: Owners Fund 480,810 452,456

DRL has increased the level of debt in the organization from .38 to .65 by raising loans and short

term borrowings. Earlier on 30.9.2010 their loans and short term borrowing were

Rs.121,214lakhs which is on 20.9.2011 is Rs.260,093lakhs.


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A) Returns to Sale Qtr 2 2011 2010

Operating Profit Ratio Operating Profit / Net Sales *100 17% 17%

: Operating Profit = 37,445 32,266

: Net Sales = 226,779 187,037

Net Profit Ratio Net Profit / Net Sales *100 14% 15%

: Net Profit = 30,780 28,682

: Net Sales = 226,779 187,037

DRL second qtr 3-.9.2011 Net profit is increased by Rs.2098Lakhs but their net profit ratio is

declined by 1%. And in case of Operating profit their profit is increased by Rs.5179lakhs but

there is no change in their operating profit ratio.

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