Good Health Can’t Wait.

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Good Health Can’t Wait. Dr. Reddy’s Laboratories Limited NOTES TO FINANCIAL STATEMENTS (All amounts in Indian Rupees millions, except share data and where otherwise stated) 2.28: AUDITOR’S REMUNERATION PARTICULARS FOR THE YEAR ENDED 31MARCH 2015 FOR THE YEAR ENDED 31MARCH 2014 a) Audit fees 11 11 b) Other charges Taxation matters* 1 - Other matters 1 1 c) Reimbursement of out of pocket expenses 1 2 14 14 * Represents ` 600 thousands (previous year: ` 400 thousands) rounded off in millions above. 2.29: INTEREST IN JOINT VENTURE The Company has 51.33 percent interest in Kunshan Rotam Reddy Pharmaceutical Co. Limited (“KRRP”), a joint venture in China. KRRP is engaged in manufacturing and marketing of active pharmaceutical ingredients and intermediates and formulations in China. The contractual arrangement between shareholders of KRRP indicates joint control as the minority shareholders, along with the Company, have significant participating rights such that they jointly control the financial and operating policies of KRRP in the ordinary course of business . The aggregate amount of assets, liabilities, income and expenses related to the Company’s share in KRRP are given below: Balance Sheet (extract) PARTICULARS AS AT AS AT 31 MARCH 2015 31 MARCH 2014 Fixed assets 188 157 Deferred tax assets, net 1 2 Inventories 171 195 Trade receivables 258 216 Cash and bank balances 496 271 Short term loans and advances 152 223 Trade payables 180 273 Other current liabilities 235 189 Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) 4 5 Statement of Profit and Loss PARTICULARS FOR THE YEAR ENDED 31 MARCH 2015 FOR THE YEAR ENDED 31 MARCH 2014 Income Sales 1,723 1,428 Other income 10 9 Expenditure Material costs 381 359 Employee benefits expense 425 316 Operating and other expenses 652 502 Depreciation and amortisation 25 20 Profit before taxation 250 240 Provision for taxation - Current tax expense 33 34 - Deferred tax expense 1 6 Profit after taxation 216 200 146
Standalone Financial Statements Annual Report 2014 - 15 NOTES TO FINANCIAL STATEMENTS (All amounts in Indian Rupees millions, except share data and where otherwise stated) 2.30: EMPLOYEE STOCK OPTION SCHEME Dr. Reddy’s Employees Stock Option Plan-2002 (“the DRL 2002 Plan”): The Company instituted the DRL 2002Plan for all eligible employees in pursuance of the special resolution approved by the shareholders in the Annual General Meeting held on 24September2001. The DRL 2002 Plan covers all employees of DRL and its subsidiaries and directors (excluding promoter directors) of DRL and its subsidiaries (collectively, “eligible employees”). Under the Scheme, the Nomination, Governance and Compensation Committee of the Board (‘the Committee’) shall administer the Scheme and grant stock options to eligible directors and employees of the Company and its subsidiaries. The 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 the options issued on the date of the grant. The options issued under the DRL 2002 Plan vest in periods ranging between one and four years and generally have a maximum contractual term of five years. The DRL 2002 Plan, as amended at annual general meetings of shareholders held on 28 July 2004 and on 27 July 2005, provides for stock option grants in two categories: Category A: 300,000 stock options out of the total of 2,295,478 reserved for grant of options having an exercise price equal to the fair market value of the underlying equity shares on the date of grant; and Category B: 1,995,478 stock options out of the total of 2,295,478 reserved for grant of options having an exercise price equal to the par value of the underlying equity shares (i.e., `5 per option). The fair market value of a share on each grant date falling under Category A above is defined as the average closing price (after adjustment of Bonus issue) for 30 days prior to the grant, in the stock exchange where there was highest trading volume during that period. Notwithstanding the foregoing, the Committee may, after getting the approval of the shareholders in the Annual General Meeting, grant options with a per share exercise price other than fair market value and par value of the equity shares. After the issue of bonus shares by the Company in August 2006, the DRL 2002 Plan provides for stock options granted in the above two categories as follows: PARTICULARS NUMBER OF OPTIONS UNDER CATEGORY A NUMBER OF OPTIONS UNDER CATEGORY B TOTAL Options reserved under original plan 300,000 1,995,478 2,295,478 Options exercised prior to issue of bonus shares (A) 94,061 147,793 241,854 Balance of shares that can be allotted on exercise of options (B) 205,939 1,847,685 2,053,624 Options arising from issue of bonus shares (C) 205,939 1,847,685 2,053,624 Total options after bonus shares (A+B+C) 505,939 3,843,163 4,349,102 In the case of termination of employment, all unvested options would stand cancelled. Options that have vested but have not been exercised can be exercised within the time prescribed under each option agreement by the Committee or if no time limit is prescribed, within three months of the date of employment termination, failing which they would stand cancelled. The term of the DRL 2002 Plan was extended for a period of 10 years with effect from 29 January 2012 by the shareholders at the Company’s Annual General Meeting held on 20 July 2012. During the year ended 31 March 2015, the Company has issued 230,840 Category B options to eligible employees under the DRL 2002 Plan. 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 respective options and the market price of the shares of the Company on the day prior to the date of grant are given below: DATE OF GRANT NUMBER OF OPTIONS GRANTED EXERCISE PRICE ` MARKET PRICE ` (AS PER SEBI GUIDELINES) 25 May 2014 134,912 5.00 2,308.70 15 June 2014 95,428 5.00 2,445.15 14 July 2014 500 5.00 2,700.70 147
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ANNUAL REPORT 2014-15 Good Health C
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Our Brand We are in the business of
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Notice Annual Report 2014 - 15 NOTI
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E-Voting Annual Report 2014 - 15 IN
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Dr. Reddy’s Laboratories Limited
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The future belongs, not to those wh
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