you are here:

Ranbaxy Laboratories Ltd.

BSE: 500359 | NSE: RANBAXY | Series: NA | ISIN: INE015A01028 | SECTOR: Pharmaceuticals

BSE Live

Apr 01, 16:00
859.90 0.00 (0.00%)
Volume
No Data Available
308,222
  • Prev. Close

    859.90

  • Open Price

    814.90

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Ranbaxy Laboratories is not traded on BSE in the last 30 days

NSE Live

Apr 01, 15:59
859.80 0.00 (0.00%)
Volume
No Data Available
5,415,702
  • Prev. Close

    859.80

  • Open Price

    814.70

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    859.80 (9924)

Ranbaxy Laboratories is not traded on NSE in the last 30 days

Annual Report

For Year :
2014 2012 2011 2010 2009 2008 2007 2006

Director’s Report

The Directors have pleasure in presenting this 47th Annual Report and Audited Accounts for the year ended 31st December, 2007. WORKING RESULTS Rs. in Million Year ended Year ended December 31, December 31, 2007 2006 Net Sales 40,712.87 39,720.51 Profit before Interest, Depreciation, Amortization and Impairment 9,865.63 6,081.70 Interest 934.26 584.44 Depreciation, Amortization and Impairment 1,187.31 1,067.50 Profit before Tax 7,744.06 4,429.76 Provision for Tax 1,566.86 624.33 Profit After Tax 6,177.20 3,805.43 Tax - earlier years - 145.84 Balance as per last balance sheet 471.18 560.34 Transfer from Foreign projects reserve 24.87 22.95 Balance available for appropriation 6,673.25 4,534.56 Appropriations: Dividend Interim 932.12 3,168.94 Final 2,239.42 - Tax on Dividend 539.02 444.44 Transfer to : General Reserve 800.00 450.00 Surplus carried forward 2,162.69 471.18 6,673.25 4,534.56 CONSOLIDATED WORKING RESULTS (UNDER INDIAN GAAP) Net Sales 66,926.74 60,652.24 Profit before Interest, Depreciation, Amortization and Impairment 13,580.64 9,389.54 Interest 1,411.88 1,036.32 Depreciation, Amortization and Impairment 2,183.41 1,842.88 Profit before Tax 9,985.35 6,510.34 Provision for Tax 2,118.86 1,356.74 Profit After Tax 7,866.49 5,153.60 Add: Share in profit & loss of associates (Net) 2.10 - Less: Minority Interests 123.74 50.21 Profit After Tax and Minority Interests 7,744.85 5,103.39 Tax - earlier years 1.01 148.06 Balance as per last balance sheet 2,464.96 1,253.94 Transfer from Foreign projects reserve 24.87 22.95 Balance available for appropriation 10,235.69 6,528.34 Appropriations: Dividend Interim 932.13 3,168.94 Final 2,239.42 - Tax on Dividend 539.02 444.44 Transfer to : General Reserve 800.00 450.00 Surplus carried forward 5,725.12 2,464.96 10,235.69 6,528.34 CONSOLIDATED FINANCIAL STATEMENTS Consolidated Financial Statements for the year ended December 31, 2007, under Indian GAAP and US GAAP form part of the Annual Report. OPERATIONS The Company had a successful year registering an improved performance on the key parameters. Consolidated net sales at Rs. 66,927 millions grew by 10.3% in 2007, while Profit After Tax registered a robust growth of 53% over the previous year. The performance during the year was driven by growth in sales of dosage forms across developed and emerging markets, increased operating efficiencies, a continuing focus on cost optimization and better management of working capital. Dosage form sales constituted 94% of global sales in 2007 (91% in 2006) reflecting the Companys focus on moving up the value curve. Overseas markets contributed 78% of total sales. DIVIDEND Interim Dividend of Rs.2.50 per share was paid in November, 2007. Your Directors now recommend a final dividend of Rs. 6.00 per share for the year ended December 31, 2007, taking the total dividend to Rs. 8.50 per share of par value of Rs. 5 each (2006 - total dividend Rs.8.50 per share). CHANGES IN CAPITAL STRUCTURE Issue of shares on exercise of Employees Stock Options The Company allotted Equity Shares (on pari-passu basis) pursuant to exercise of Stock Options by eligible employees, as summarized below: Date of Allotment No. of Shares April 13, 2007 81,658 July 12, 2007 95,384 October 10, 2007 114,966 January 10, 2008 82,830 SUBSIDIARIES AND JOINT VENTURES A statement pursuant to section 212 of the Companies Act, 1956, relating to subsidiary companies is attached to the accounts. In terms of approval granted by the Central Government under section 212(8) of the Companies Act, 1956, the audited accounts of the subsidiary companies are not attached to this Annual Report. However, the consolidated financial statements prepared in accordance with Accounting Standard 21 of the Institute of Chartered Accountants of India presented in this Annual Report includes the financial information of subsidiary companies. MERGER & ACQUISITIONS 1. Demerger of New Drug Discovery Research Unit The Board of Directors of the Company at its meeting held on February 19, 2008, approved a Scheme of Arrangement for Demerger (Scheme) of New Drug Discovery Research (NDDR) Unit of the Company into Ranbaxy Life Sciences Research Limited (RLS), a subsidiary of the Company, subject to requisite approvals. The Appointed Date for the purpose of demerger has been fixed as 1st January 2008. Under the Scheme, shareholders of the Company will be entitled to receive one equity share of Re. 1.00 each of RLS without any payment for every four equity shares of Rs. 5.00 each held in the Company as on the Record Date to be fixed for this purpose. This is a significant step in creating an independent pathway for NDDR with dedicated resources and an enhanced focus for long-term growth. In terms of the Listing Agreements with the stock exchanges, The National Stock Exchange of India Ltd. and Bombay Stock Exchange Limited have conveyed their No Objection to the Scheme. 2 . Zenotech Laboratories Limited The Company increased its equity stake in Zenotech Laboratories Ltd., Hyderabad, from 6.94% to 46.95%. This would provide a strong platform in high growth areas like Biologics and Speciality injectables including Oncology products, across emerging and developed markets to the Company. 3 . Jupiter BioSciences Limited The Company acquired a strategic stake of 14.9% in Jupiter Biosciences Limited, Hyderabad, through equity warrants. The total investment for this would be Rs. 470 million. This would provide the Company access to the fast growing and niche therapeutic segment of Peptides. 4 . Be-Tabs Pharmaceuticals (Proprietary) Limited (South Africa) The Company concluded the acquisition of Be-Tabs in South Africa through Ranbaxy Netherlands B.V (RNBV), a wholly owned subsidiary of the Company. This has resulted in making Ranbaxy the fifth largest generic pharmaceutical company in South Africa. 5. Dermatalogy Brands of Bristol Myers Squibb(USA) The Company, through RNBV acquired 13 dermatalogy products from Bristol Myers Squibb (BMS) in the USA for consideration of US $ 26 Mn. This has further strengthened and extended the franchise of the Company in the dermatology arena. MANAGEMENT DISCUSSION AND ANALYSIS REPORT Management Discussion and Analysis Report, as required under the Listing Agreements with the Stock Exchanges, is enclosed at Annexure A. EMPLOYEES STOCK OPTION SCHEME Information regarding the Employees Stock Option Scheme is enclosed at Annexure B. LISTING AT STOCK EXCHANGE The Equity Shares of the Company continue to be listed on Bombay Stock Exchange Ltd. and The National Stock Exchange of India Ltd. Global Depository Shares are listed on the Stock Exchange at Luxembourg and Foreign Currency Convertible Bonds are listed on the Singapore Exchange Securities Trading Limited. The annual listing fees for the year 2007-2008 have been paid to these Exchanges. DISCLOSURE OF PARTICULARS As required by the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988, the relevant information and data is given at Annexure C. FIXED DEPOSITS The Company has not invited / received any fixed deposits during the year. DIRECTORS RESPONSIBILITY STATEMENT In terms of provisions of Section 217(2AA) of the Companies Act, 1956, (Act) your Directors confirm that: (i) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, wherever applicable. (ii) The Directors 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 as at the end of the accounting year and of the profit of the Company for the year. (iii) The Directors 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 for preventing and detecting fraud and other irregularities. (iv) The Directors have prepared the annual accounts on a going concern basis. DIRECTORS Mr. Harpal Singh was elected as Non-Executive Chairman of the Board of Directors effective April 27, 2007 consequent to resignation of Mr. Tejendra Khanna from the position of Chairman and Director on his appointment as Lieutenant Governor of Delhi. Dr. Brian W. Tempest retired as Chief Mentor and Executive Vice Chairman of the Board of Directors of the Company effective close of business hours on December 31, 2007 on completion of his term. He was subsequently appointed as an Additional Director (Non-executive) of the Company effective January 17, 2008 and holds office upto the date of this Annual General Meeting. Mr. Shivinder Mohan Singh was appointed as a Director of the Company effective January 18, 2006 in the casual vacancy caused by resignation of Mr. J.W. Balani and holds office upto the date of this Annual General Meeting. Mr. Sunil Godhwani was appointed as a Director of the Company on April 27, 2007 in the casual vacancy caused by resignation of Mr. Tejendra Khanna and held office of Director upto the conclusion of the Annual General Meeting (AGM) held on May 31, 2007. Subsequent to the AGM, the Board appointed him as an Additional Director of the Company effective May 31, 2007. The Company has received Notices along with requisite fee from members under Section 257 of the Companies Act, 1956 proposing the candidatures of Dr. Brian W. Tempest, Mr. Shivinder Mohan Singh and Mr. Sunil Godhwani as Directors of the Company. In accordance with the Articles of Association of the Company, Mr. Surendra Daulet-Singh, Mr. Nimesh N. Kampani, Mr. Harpal Singh and Mr. V. K. Kaul, retire by rotation as Directors at the ensuing Annual General Meeting and are eligible for re-appointment. CORPORATE GOVERNANCE Report on Corporate Governance along with the Certificate of the Auditors, M/s Walker, Chandiok & Co. confirming compliance of conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreements with the stock exchanges form part of the Annual Report. COST AUDIT The reports of M/s R J. Goel & Co., Cost Accountants, in respect of audit of the cost accounts relating to formulations and bulk drugs for the year ended December 31, 2007, will be submitted to the Central Government in due course. AUDITORS M/s Walker, Chandiok & Co., Chartered Accountants, retire as Auditors of the Company at the conclusion of the ensuing Annual General Meeting and have confirmed their eligibility and willingness to accept the office of the Auditors, if re- appointed. STATEMENT OF EMPLOYEES Statement of particulars of employees as required under Section 217(2A) of the Companies Act, 1956 (the Act) and Rules framed there under forms part of this Report. However, in terms of the provisions of Section 219(1)(b)(iv) of the Act, this Report and Accounts are being sent to all the shareholders excluding the Statement of particulars of employees under Section 217(2A) of the Act. Any shareholder interested in obtaining a copy of the statement may write to the Company Secretary at the Registered Office of the Company. ACKNOWLEDGEMENTS Your Company continues to occupy a place of respect amongst the many publics it is associated with, most of all our valuable customers. The Directors commend the continued commitment and dedication of employees at all levels. The Directors also wish to acknowledge with thanks all other stakeholders for their valuable sustained support and encouragement. It is this unity of purpose that breeds success and your Directors look forward to receiving similar support and encouragement from the larger Ranbaxy family in the years ahead. On behalf of the Board of Directors Gurgaon HARPAL SINGH March 29, 2008 CHAIRMAN

Director’s Report