SEPT 11 essays

SEPT 11 essays When people examine right and wrong, they can overcome the negative side of themselves and become better humans. As we look at the act of terrorism that occurred on Tuesday, September 11, 2001 many feel the pain that is shared throughout the United States of America. They feel the frustration, agony, sorrow, and anger. This pain is shared mutually throughout the world even. Many of these people feel that we as a nation should strike back in full force, and aggressively tear down terrorism as a whole. In this short time since the tragedy there have been numerous polls taken that say America is ready to fight a long and drawn out war against terrorism. Perhaps war is not the answer. If we are to go to war will be stooping to the terrorists level. We will be killing thousands of people to make up the lives of the ones we lost, but that is not right, because you cannot bring back their lives now. We will be terrorists in their eyes. We will be coming in to their homeland, and taking away lives of people, because of their beliefs. They believe that their way is the right way, but so do we. We believe in freedoms, and we believe in having rights as people. An additional point is we will be sending many of our young troops to fight a battle that has already been won. We are a free nation and no act of terrorism should stop us from feeling free. There is nothing we can do to bring back the lives that have been lost. Going to battle is not going to win this war of freedom, because this war has already been won? We as a nation must be strong and carry on, because if we do not we will die as a nation and the terrorist with feel satisfaction knowing that they have kille d a nation on the inside even though the nation looks strong on the outside. In the short story The Long Exile, by Leo Tolstoy, an innocent man, Askenov, is charged with murder and is sentenced to life in prison. While in prison Askeno gets a name for himse ...

Legalization of Medical Marijuana in United States Essay

Legalization of Medical Marijuana in United States - Essay Example The medical use of marijuana can be dated long back in the world history of medicine. It has been found to be used in several countries and cultures to relieve chronic pain and in the treatment of various ailments like asthma, nausea, migraine, hypertension, anxiety, insomnia, epilepsy and even cancer. But the wide use of marijuana as the recreational drug was also common historically. The active ingredient in marijuana, the delta-tetrahydrocannabinol, was found to boost mood, perception, and consciousness. This property of marijuana resulted in controversy related to the legalization of its use. The critics argue that legalization of marijuana may provoke its use for recreational purpose rather than medical purpose. Some critics also disagree with the medical benefits of marijuana. The current paper concentrates on the issue of legalization of the medical use marijuana focusing on the pros and cons of its use and on the medical, government and legal approaches regarding the controve rsy.The use of marijuana for medicinal purposes was common historically. Its earliest written evidence was found in Chinese literature from fifteenth century B.C. Several articles were published in medical journals regarding the therapeutic use of marijuana. The modern phase of therapeutic use of cannabis began about 140 years ago when reports on its effectiveness as an analgesic and anticonvulsant were found. At about the same time its use in melancholia and other psychiatric illnesses was also demonstrated.

Royal national lifeboat institute Case Study Example | Topics and Well Written Essays - 2500 words

Royal national lifeboat institute - Case Study Example The name was subsequently changed to the Royal National Lifeboat Institution in 1854, when cork lifejackets were first issued to crew members. Since its inception, the RNLI has saved more than 139,000 lives , the proof of which are the innumerable stories of courage of sailors and volunteers who have stood the social and technological change over a period of time. The purpose, vision and values of RNLI clearly define their activities i.e. Purpose is â€Å"saving lives at sea†, Vision is to â€Å"end preventable loss at sea† and the Values are â€Å"selfless, dependable, trustworthy and courageous†. Their philosophy is not to seek funding from the government but the lifesaving service is provided by volunteers, and the organization is supported by contributions, donations and legacies on a purely voluntary basis. The entire operation is performed through local teams but with resources and directions from a central location. They have gained expertise through the h istory and tradition of the RNLI’s achievement of almost two centuries. The whole objective is to carry out preservation of life at sea and on the water, primarily by prevention and rescue operations. Introduction This report is a case study of Royal National Lifeboat Institute. ... It was founded by Sir William Henry on 4th March 1824. It was started with the name of National Institute for the Preservation of Life from Ship wrecks; after thirty years it was named Royal National Lifeboat Institute (RNLI). The idea of this Institute came up in his mind when he was on the Isle of Man and had witnessed the treacherous nature of the sea causing dozens of accidents of ships. So he decided to save their lives and then at his appeal, this charity was founded. In 1854, lifejackets were issued to the crew first time. In 1891, the first street collection was held at Manchester. This charity is established with the purpose of saving lives at sea. Its vision is to end preventable loss of life at sea. They all are dedicated towards their vision. They work together like a team to come up with the situation. Till now RNLI has saved more than 139000 lives. Now it has 444 lifeboats and 235 lifeboat stations. For saving lives, it has two main categories of lifeboats:- All weather boats: Weight of large boats is more than 40 metric tons, 1250hp engines, its speed is 25knots and its cost is around ?2 millions. Inshore lifeboats: These are small boats which work at the shores and are able to operate in shallow waters. It has different types of lifeboats for different places. When any incident occurs at the sea, then firstly it gets all the detail about the incident from the coastguard and then the crew can plot a course to the casualty. After arriving at the scene, they tell about their arrival to the coastguard and after that they assess the situation and take up the further steps. If possible they had a talk With the casualty and provide them reassurance.

Contemporary Supply Chain Management and Consultancy Management Essay

Contemporary Supply Chain Management and Consultancy Management Techniques - Essay Example This research will begin with the statement that the ever-increasing competition especially in the global markets, that are characterized by the short life cycles of products, high quality of a product, cheap prices and short delivery times in order to satisfy consumers who are demanding, are most likely to strictly prevail. Firms should be always continuous in supplier development in order to ensure that the suppliers have similar capabilities and as well as same time, share same objectives and policies as theirs so as to compete in a competitive environment. The study was conducted by reviewing of various secondary sources. In today’s business climate that is competitive, firms are increasingly relying on their suppliers in delivering defect-free products, technologically advanced goods, in a cost-effective state and timely. However, often the suppliers may be devoid of the capability to perform sufficiently in these areas. If the goods or services that are offered by a supp lier is somehow deficient in some respect, the purchasing firm might face the decision of either to look for another source of supply or working with the suppliers that exist to remedy shortcomings. However, due to the uncertainty that concerns the locating of a better source, and the higher cost of looking for and evaluating of new suppliers, the buying firms might choose to continue to work with the present suppliers in order to improve the performances. In addition, in order to facilitate the innovation process and achieving the objectives of reducing cost and as well providing quality, companies focus on strengthening and differentiating their capabilities and brands. Therefore, branding management has increasingly become significant while a large section of the development processes and production are handed to the suppliers. For example, the Japanese manufacturers that are led by Toyota company, have displayed very close relationships with their suppliers, in a way that includ es exchanging information extensive and directing assistance to the suppliers.

Social Networking Gone Bad Essay Example for Free

Social Networking Gone Bad Essay Have you even thought about how different society would be without social networking web sites? Many of the social networking web sites today play a huge role with the way we interact with one another in our everyday lives, which include most relationships. Using a social networking web site has many negative effects on relationship. Building insecurity, advertising personal information, and building social media moods are some of the many ways relationship are negatively impacted. First and foremost, many people are building up insecurities in their relationships due to these social networking web sites. The thought of what another person is doing on these web sites or who they are interacting with are affecting the trust bond between relationships which are causing the insecurities. For example, if a couple have had pervious issues with one person going behind another’s and speaking to their ex or person of opposite sex, then the thought of being easily connected with people through these sites can really build up the insecurity in the other persons mind and make them think that their partner is being unfaithful. Since it is so easy for someone to go on their phones and open the internet and begin speaking to people half way around the world. Not only can this destroy a relationship but it can also be unhealthy, causing anxiety and depression. The web being a public place, may not be the best place to be advertising personal information such as phone number, email address, or even photos. Some spouses and significant other may become bothered by the information streamed onto these sites and could possibly anger the person and potentially ruin a relationship. Have a phone number or email address on the sites can cause a person from the opposite sex or even their ex to try and get in contact with them, and that right there can really cause some major issues in someone’s relationship. It could even lead to someone getting harmed physically out of anger, when people out their relationships and personal life on the internet, nothing is secure nor private. Therefore eople are allowing others to have access in their relationship, by making it easier for people to express their opinion or do malicious things to sabotage it Not only can this destruct a love relationship but inappropriate information can ruin a relationship with someones job or business. In addition, as part of any social network experience, becoming networked and involved with each other is what keeps these sites going. Unfortunately, â€Å"a downside of social media relationships is that we’re potentially subject to emotional contagion effects, as illustrated in research by John Cacioppo, a researcher at the University of Chicago†(Jain, Dr.  R, 2010). In other words people with bad thoughts, ideas, or moods can transmit them to other people without ever having any face to face contact with the person. So basically if you have been following someone on one of these social networks and every time you are logged on, that certain someone is just posting negative comments and ideas, chances are that the very person reading this over and over again will begin to adapt these negative thoughts and ideas and then reflect a negative mood towards other people in their own real life, and the people they love. Which ultimately begin to take a toll on a relationship, because if one person is constantly upset the other is going to look at themselves first and feel like they are not wanted anymore. Even though social networking web sites might seem like the most amazing gift of technology, its adverse impact can ruin your strongest relationship and at the end leave you with countless regrets. Online friends, self-centered attention-seeking, short attention spans, distraction, and loss of privacy are what these social networks web sites engage you in, and not having control of it can have a negative impact on you and on your relationships. So be for you consider signing up for one of these social networks web sites or signing back on to an existing account, ask yourself if you are ready to deal with the negative effects the these sites have to offer. Also keep in mind there may be a possibility of ruining any types of relationships you are currently in or at least have an effect on them.

My Mom is a Pathological Liar :: Personal Narrative, essay about my family

I think it was my mother who taught me the meaning of honesty. Not because she was honest, but because she lied all the time. She felt that the easiest way out of any given situation was generally the best way out. And, for her, that generally meant telling a "little white lie." As a young child I thought it was kind of cool. And, naturally, when I would come to her with a concern or question wondering what I should do, she generally advised me to lie. "Mom, I told Theresa that I would go over to her house, but now I would rather go to Sue's house to play." "Tell Theresa you're sick," she would advise. And generally I did. But I didn't seem blessed with her lack of conscience. On many painful occasions Theresa would find out that I really went to Sue's house without her. These occasions taught me that it is more painful to be caught in a lie than it is to tell the truth in the first place. I wondered how it was possible that my mother had never learned that lesson. I started thinking of all the lies that I'd heard her tell. I remembered the time she told someone that her favorite restaurant had closed, because she didn't want to see her there anymore. Or the time she told Dad that she loved the lawn mower he gave her for her birthday. Or when she claimed that our phone lines had been down when she was trying to explain why she hadn't been in touch with a friend of hers for weeks. And what bothered me even more were all the times she had incorporated me into her lies. Like the time she told my guidance counselor that I had to miss school for exploratory surgery, when she really needed me to babysit. And it even started to bother me when someone would call for her and she would ask me to tell her that she wasn't there. So, I started my own personal fight against her dishonesty. When I answered the phone and it was someone my mother didn't want to talk to, I said, "Louise, mom is here, but she doesn't want to talk to you. My Mom is a Pathological Liar :: Personal Narrative, essay about my family I think it was my mother who taught me the meaning of honesty. Not because she was honest, but because she lied all the time. She felt that the easiest way out of any given situation was generally the best way out. And, for her, that generally meant telling a "little white lie." As a young child I thought it was kind of cool. And, naturally, when I would come to her with a concern or question wondering what I should do, she generally advised me to lie. "Mom, I told Theresa that I would go over to her house, but now I would rather go to Sue's house to play." "Tell Theresa you're sick," she would advise. And generally I did. But I didn't seem blessed with her lack of conscience. On many painful occasions Theresa would find out that I really went to Sue's house without her. These occasions taught me that it is more painful to be caught in a lie than it is to tell the truth in the first place. I wondered how it was possible that my mother had never learned that lesson. I started thinking of all the lies that I'd heard her tell. I remembered the time she told someone that her favorite restaurant had closed, because she didn't want to see her there anymore. Or the time she told Dad that she loved the lawn mower he gave her for her birthday. Or when she claimed that our phone lines had been down when she was trying to explain why she hadn't been in touch with a friend of hers for weeks. And what bothered me even more were all the times she had incorporated me into her lies. Like the time she told my guidance counselor that I had to miss school for exploratory surgery, when she really needed me to babysit. And it even started to bother me when someone would call for her and she would ask me to tell her that she wasn't there. So, I started my own personal fight against her dishonesty. When I answered the phone and it was someone my mother didn't want to talk to, I said, "Louise, mom is here, but she doesn't want to talk to you.

Financial Outlook on Dr. Reddy’s Laboratories

International Finance Project On â€Å"Financial outlook on Dr. Reddy’s Laboratories Ltd. † Submitted to: Prof. S. K. Gupta Submitted by: Date: 31 Dec. 2011 SOURAV KUMAR 2K10IB30 PGDM IB 2010-2012 ASIA PACIFIC INSTITUTE OF MANAGEMENT 3 & 4, Institutional Area, Jasola, New Delhi 110025 INTRODUCTION Established in 1984, Dr. Reddy's Laboratories Ltd. (NYSE: RDY) 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. Reddy’s 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). PURPOSE & VALUES: Providing Affordable Medicines Our Global Generics business helps reduce drug costs for individuals and governments by bringing generic drugs to market as early as possible, and making them available to as many patients as possible. We market both generic small-molecule drugs and generic biopharmaceuticals. In markets with guidelines for approval, our Biologics business offers more affordable and equally effective generic biopharmaceuticals or biosimilars. We supply pharmaceutical ingredients to other generic companies through the API arm of our PSAI business, which contributes to our goal of providing affordable edicine. We will continue to promote affordability in significant ways and work to expand our product offering of generics, focusing on increasing access to products with significant barriers to entry. We will continue to look for new opportunities to take generics to more patients, in collaboration with other companies. Developing Innovative Medicines Despite the great advances of medical science, there are still many unmet medical needs. Our Proprietary Products businesses address some of these unmet medical needs, by developing and bringing to market new drugs. Through innovation in science and technology, combined with a deep understanding of underlying disease pathways, we develop and commercialise new formulations of approved products. We also develop new chemical entities with improved and well-characterised safety and efficacy profiles. We focus our research on the therapeutic areas of pain, anti-bacterials and metabolic disorders. Our Custom Pharmaceutical Services arm of our PSAI business helps innovator companies get their proprietary medicines to patients faster, by providing a range of technology platforms and services. ABOUT THE BUSINESS: The healthcare needs of people worldwide cannot be met by one company alone. Collectively however we can bring new drugs to the market in a fast and efficient manner and provide the building blocks of affordable medicines. Through our PSAI business, which comprises the Active Pharmaceutical Ingredients (API) and Custom Pharmaceutical Services (CPS) businesses, we offer IP advantaged, speedy product development and cost-effective manufacturing services to our customers – generic companies and innovators. This allows us to help make good medicines available to more people around the world. The core strengths of our PSAI business are the state-of-the-art infrastructure, resources and skills we are able to offer to our customers: †¢Large and diverse product portfolio †¢Eight FDA-inspected plants and three technology centers †¢World class chemistry expertise †¢Robust, large-scale manufacturing capabilities †¢Intellectual Property (IP) driven product development for freedom to operate †¢Total, seamless supply chain management PARTNERSHIP PHILOSPHY: At the core of each successful partnership is a great relationship based on trust and mutual respect. As we work towards fulfilling our core purpose we share your aspirations. We recognize and embrace the fact that our partners are a core component of this strategy. We understand that partnerships are successful when benefits accrue to both parties. They are built on a shared vision with well-defined and agreed-upon goals. We also know that that the partners’ thinking and interests may not always be identical, but that we share the same goal—a successful product. Our shared partnership successes are at the very heart of our business. From our first meeting through product launch and beyond, we stand behind our belief in true partnership thereby combining our strengths and sharing our successes. Dr. Reddy's firmly believes that the right alliances can contribute significantly to the success of our partners as well as to our own strategy and sustainable growth. â€Å"At Dr. Reddy’s we aim to foster a culture of building fair, effective, and mutually beneficial—winning—collaborations. The importance that we place on building winning collaborations is evidenced partly by the early and substantial involvement of senior management. In this way, we achieve quick decision-making and the allocation of necessary resources to achieve success. † G V Prasad Vice Chairman and CEO Transparent and Simple process: Clarity of thought, Speed of execution, Flexibility, creativity, and transparency are critical components of our negotiation and transaction process. As no two deals are the same, we work with potential partners to structure deals through customized approaches that allow both partners to leverage unique capabilities and assets in order to achieve common goals. A simple and streamlined process to progress our partnering discussions and a flat organizational structure facilitates rapid decision making from initial screening to execution. As a company that evaluates 100+ business development opportunities in any given year (many of which come to closure), we value the time and resources our potential partners commit to explore and complete any potential partnership. Dr. Reddy’s emphasizes a transparent and collaborative negotiation process and prompt decision making. We bring a reputation for acting swiftly and being flexible. We will work with you to reach an agreement with which you will be comfortable and that will head us in the right direction toward shared success. Sustained relationship based on trust and mutual respect: Our robust alliance management principles and practices allow successful execution of joint initiatives. Dr. Reddy’s is committed to ensuring that our partnerships succeed and flourish. Quarterly Results: Quarterly Results of Dr Reddys Laboratories——————- in Rs. Cr. ——————- Sep '11Jun '11Mar '11Dec '10Sep '10 Sales Turnover1,646. 981,696. 961,329. 161,389. 761,296. 88 Other Income13. 0555. 5429. 1137. 2152. 35 Total Income1,660. 031,752. 501,358. 271,426. 971,349. 23 Total Expenses1,390. 181,085. 201,113. 741,046. 631,022. 98 Operating Profit256. 80611. 76215. 42343. 13273. 0 Profit On Sale Of Assets———- Profit On Sale Of Investments———- Gain/Loss On Foreign Exchange———- VRS Adjustment———- Other Extraordinary Income/Expenses———- Total Extraordinary Income/Expenses———- Ta x On Extraordinary Items———- Net Extra Ordinary Income/Expenses———- Gross Profit269. 85667. 30244. 53380. 34326. 25 Interest15. 7815. 244. 250. 540. 13 PBDT254. 07652. 06257. 78379. 80326. 12 Depreciation73. 4068. 9365. 5063. 8961. 35 Depreciation On Revaluation Of Assets———- PBT180. 67583. 13192. 28315. 91264. 77 Tax42. 17129. 0826. 4153. 1444. 57 Net Profit138. 50454. 05165. 87262. 77220. 20 Prior Years Income/Expenses———- Depreciation for Previous Years Written Back/ Provided———- Dividend———- Dividend Tax———- Dividend (%)———- Earnings Per Share8. 1726. 799. 8015. 5313. 01 Book Value———- Equity84. 7684. 7484. 6384. 6184. 60 Reserves———- Face Value5. 005. 005. 005. 005. 00 ___________________________________________ Balance Sheet of the company (annually): ——————- In Rs. Cr. —————————— DescriptionMar-11Mar-10Mar-09Mar-08 SOURCES OF FUNDS: Share Capital84. 684. 484. 284. Share Warrants & Outstanding39. 333. 935. 532. 5 Total Reserves5896. 35796. 35139. 44695. 2 Shareholder's Funds6020. 25914. 65259. 14811. 8 Secured Loans0. 70. 82. 63. 4 Unsecured Loans1444. 1562. 4637. 745 8. 9 Total Debts1444. 8563. 2640. 3462. 3 Total Liabilities74656477. 85899. 45274. 1 APPLICATION OF FUNDS : Gross Block30252425. 72157. 31750. 2 Less: Accumulated Depreciation13341110. 1946. 5762. 8 Less: Impairment of Assets Net Block16911315. 61210. 8987. 4 Lease Adjustment A/c Capital Work in Progress570. 4745. 4411. 2246. 5 Pre-operative Expenses pending Assets in transit Investments24622555. 1703. 81930. 6 Current Assets, Loans & Advances Inventories1063. 2897. 4735. 1640. 9 Sundry Debtors1770. 51060. 51419. 7897. 7 Cash and Bank66. 2368384. 4536. 7 Other Current Assets1. 80. 62. 8 Loans and Advances2606. 42048. 718401250. 6 Total Current Assets5506. 34376. 44379. 83328. 7 Less: Current Liabilities and Provisions Current Liabilities1440. 71447. 51050. 2680. 9 Provisions1223. 2992. 2665. 6451. 3 Total Current Liabilities2663. 92439. 71715. 81132. 2 Net Current Assets2842. 41936. 726642196. 5 Miscellaneous Expenses not written off Deferred Tax Assets / Liabilities-100. 8-75-90. 4 -86. 9 Total Assets74656477. 85899. 45274. 1 Contingent Liabilities2488. 22412. 21977. 93325. 8 Book Value353. 481087348. 382701310. 190024284. 143876 Adjusted Book Value353. 481087348. 382701310. 19284. 1439 Profit & Loss Statement of the company (annually) ——————- in Rs. Cr. ————————————— DescriptionMar-11Mar-10Mar-09Mar-08 No of Months12121212 INCOME : Gross Sales5284. 74543. 84239. 83449. 7 Less: Inter divisional transfers Less: Sales Returns Less: Excise Duty97. 37480. 984. 5 Net Sales5187. 44469. 84158. 93365. 2 EXPENDITURE : Increase/Decrease in Stock-79-117. 3-64. 1-93. Raw Material Consumed1396. 413461177. 61146. 1 Power & Fuel Cost144. 6104. 19077. 1 Employee Cost701. 2510413. 3368. 6 Other Manufacturing Expenses1053. 9793. 3894698. 2 General and Administration Expenses288. 7195. 6228193. 9 Selling and Distribution Expenses477443. 8448. 7375. 4 Misce llaneous Expenses113. 991. 6121. 930 Less: Expenses Capitalised Total Expenditure4096. 73367. 13309. 42795. 4 Operating Profit (Excl OI)1090. 71102. 7849. 5569. 8 Other Income219220. 5101. 1191. 1 Operating Profit1309. 71323. 2950. 6760. 9 Interest9. 91627. 414. 7 PBDT1299. 81307. 2923. 2746. 2 Depreciation247. 9222. 4193. 162 Profit Before Taxation & Exceptional Items1051. 91084. 8729. 5584. 2 Exceptional Income / Expenses Profit Before Tax1051. 91084. 8729. 5584. 2 Provision for Tax158. 5238. 7168. 6108. 9 Profit After Tax893. 4846. 1560. 9475. 3 Extra items Adjustments to PAT597. 2-24. 8-1. 5 Profit Balance B/F2554. 12039. 11657. 51305. 1 Appropriations4044. 72860. 42218. 41778. 9 Equity Dividend %22522512575 Earnings Per Share52. 801418450. 124407633. 307628. 258 Adjusted EPS52. 801418450. 124407633. 307628. 258 Forex and External commercial borrowings: ——————- in Rs. Cr. ————————â €”———— DescriptionMar-11Mar-10Mar-09Mar-08 EXPORTS Total Inflow In Foreign Currency3747. 73161. 43123. 32366. 8362 Exports – FOB Value3671. 83013. 82892. 52259. 9061 Revenue in Forex75. 9147. 6230. 8106. 9301 Frieght & Insurance Technology transfer fees Service Fees31111. 1197. 959. 2134 Commision Earned2. 4 Dividend received Interest Earnings33. 635. 13236. 8753 Other Exports8. 91. 40. 910. 8414 Capital Inflow – Other Deemed Exports IMPORTS Total Outflow In Foreign Currency1321. 31021. 41180. 91071. 0232 Imports – CIF Value533. 7486. 4553. 8658. 4784 Raw Materials533. 7486. 4553. 8658. 4784 Traded Goods Stores & spares Other Imports Total Capital Outflow277. 3110. 7135. 577. 1814 Capital Goods277. 3110. 7135. 577. 1814 Other Capital Expenditures Repayments of Loans Investment In foreign Currency Expenditure in Foreign Currency510. 3424. 3491. 6335. 3634 Travelling Expenses5. 16109. 385 Interest Expenditure7. 5 Legal Expenses113. 166. 652. 355. 1145 Royalty Technical Fees Commision paid Others384. 6351. 7429. 3270. 8639 Dividend Paid Deemed Imports Raw Materials consumed Material Imported in Amt456. 6334. 2357231. 2115 Material Imported in %43303926. 37 Material Indigenous in Amt609. 8766. 3564. 2645. 144 Material Indigenous in %57706173. 63 Stores and spares consumed Spare Imported in Amt52. 433. 230. 121. 2313 Spares Imported in %1513811 Spare Indigenous in Amt300. 7220. 3326. 3180. 0892 Spares Indigenous in %85879289 Dr Reddy's Laboratories in News Dr Reddy's Laboratories: Higher capacity, New products to pump up growth Kiran Kabtta Somvanshi, ET Bureau Dec 26, 2011, 05. 20am IST Tags: †¢Sun Pharma| †¢Russia| †¢Germany| †¢generics Dr Reddy's Laboratories, the second-largest pharma company (by sales) in India, is at an inflexion point. Its robust performance in the US and Russia is driving its growth. The second half of the fiscal is likely to be better for the company than the first one –characterised by more product launches and increase in market share. It's probably the right time for investors to consider this stock. BUSINESS The company is engaged in generics, bulk drugs & custom services and proprietary products. The genericsbusiness contributes over 70% to its total revenues, which stood at $1. 7 billion in FY11. DRL has focussed on four key regions — North America, India, Russia/CIS and Europe — with an objective to achieve critical mass in the base business. North America is the company's largest and strongest market, contributing onethird of the company's revenues. New product launches, limited competition products and improved market share has helped the company post a strong performance in the region. DRL's German business remains its sore point, pulling down the growth rates for the European region. The pricing pressure brought about by the tender-based business structure has adversely affected its profitability. The Indian business has been a laggard since the last several quarters, but the sequential improvement in its performance in the September quarter is encouraging. Its biosimilars portfolio has done very well and has logged a growth of 22% y-o-y, hinting at a better period in the coming months. The Russian business, though not a large contributor, has proved to be yet another growth driver for the company. The OTC business, in particular, is doing well in the region. GROWTH DRIVERS DRL has targeted revenues of $3 billion and a RoCE of 25% in FY13. The company has a strong pipeline with 76 pending ANDAs (17 tentative approvals). It has 40 Para IV filings of which 11 have first to file opportunities. The company is focussing on scaling up manufacturing and having a higher mix of US generics in total global generics. In Germany, the company has undertaken cost control measures, and has commenced supplies to AOK tenders and launched new products outside the scope of tenders. Its effect would be visible from the current quarter. DRL has a tie-up with GSK to develop and market select products across emerging markets outside India. FINANCIALS While its earnings have been erratic over the years, the company's revenues have grown at a CAGR of around 21% over the last decade. DRL has restructured operations at its German and Mexican units. It has capped risky and expensive R by pulling out research in therapies like diabetes and cardiovascular. Instead, it is now channelising its R efforts towards development of limited competition products, biosimilars and new chemical entities in areas like pain management, anti-infectives and dermatology. CONCERNS Forging growth in its Indian business and profitability in its European operations is a major concern for the company. Its future growth depends on the success of its efforts in these areas. The company has raised `1,077-crore debt in the current quarter to meet working capital requirements and also to refinance old loans. This brings its total debt to over `4,200 crore. VALUATIONS The company's stock is trading at 23 times its consolidated annual earnings. These valuations are lower than its better-performing peers like Sun Pharma and Cipla. Pharma cos with huge FCCBs may not get hit as their export earnings remaining high Sanjay Pingle, Mumbai Monday, December 19, 2011, 08:00 Hrs [IST] Steady depreciation of Rupee against US Dollar and Euro may not have any major impact on Indian pharmaceutical industry despite many pharma companies have huge exposure to foreign currency loans and bonds. To a great extend, such adverse rates will be offset by the sizable export earnings of Indian pharma companies. Continuous depreciation of Indian Rupee against US Dollar and Euro is a great concern for Indian manufacturers having Foreign Currency Loans (FCLs) and Foreign Currency Convertible Bonds (FCCBs). But the exports of these companies are likely to shoot up in 2011-12 with depreciation of rupee in terms of foreign currencies. Indian pharma companies have recorded export earnings of more than 50 per cent of their revenues to US and Europe during 2010-11 and with depreciation of Rupee export earnings are likely to go up significantly. This will reduce the adverse effect on bottom line likely with the current unfavorable foreign exchange rates. Uncertainty in Euro region and recessionary conditions worldwide is making Dollar more firm against several currencies. At present, the exchange rate of Indian Rupee against dollar is moving near to Rs. 55 and that of Euro is moving over Rs. 71 as against Rs. 45. 87 per Dollar and Rs. 61. 13 per Euro year ago. The Dollar appreciated nearly by 20 per cent and Euro by almost 17 per cent within one year making FCL and Foreign Currency Convertible Bonds (FCCBs) payments costlier for Indian companies. The pharma industry has already incurred huge foreign currency loss during the first half of 2011-12 and these are likely to increase in the remaining part of the FY'12 with adverse exchange fluctuations. Though the Indian pharmaceutical companies have created strong networth position in the past, the volatile and adverse change in foreign exchange rates may put pressure on bottom line. The borrowings of Pharmabiz sample of leading 35 companies shows that the total borrowings, including secured and non-secured loan went up by 18. 3 per cent to Rs. 37,709 crore during 2010-11 from Rs. 1,899 crore in the previous year. The secured loans, including foreign currency loans and FCCBs, of 35 companies increased by 19. 8 per cent to Rs. 21,899 crore from Rs. 18,278 crore. As against these borrowings, the net worth, equity capital plus reserves & surplus, of these companies stood at Rs. 68,201 crore as compared toRs. 48,811 crore in the previous year, representing a strong growth of 39. 7 per cent in 2010-11. Out of 35 companies, 23 companies availed FCL or issued FCCBs and the aggregate amount worked out to Rs. 9,560 crore in 2010-11 as compared to Rs. 10,765 crore. Thus, FCL and FCCBs comprised of 25 per cent in 2010-11 of aggregate borrowings as compared to 34 per cent in the last year. The reduction is mainly due to redemption of FCCBs by few companies and repayment of costly FCLs. The aggregate amount of FCCBs issued by these companies reduced by 12 per cent to Rs. 5,382 crore from Rs. 6,118 crore and foreign currency loans by 10. 1 per cent to Rs. 4,178 crore from Rs. 4,647 crore. Ranbaxy Laboratories has outstanding FCCBs aggregating to US$ 440 million as at the end of December 2010. The company has shown Rs. 1,967 crore as unsecured loan for FCCBs as compared to Rs. ,048 crore in the previous year. Orchid Chemicals and Pharmaceuticals has outstanding FCCBs of Rs. 523. 58 crore as against Rs. 607. 74 crore in the 2009-10. Jubilant Lifesciences has reduced its FCCBs amount to Rs. 633. 70 crore from Rs. 861 crore in the previous year. Further, Strides Arcolab has reduced its FCCBs loan to Rs. 457. 28 crore from Rs. 634. 15 crore and Aurobind o Pharma toRs. 620. 76 crore from Rs. 767. 71 crore. Wockhardt's FCCB liabilities increased slightly to Rs. 458. 82 crore from Rs. 446. 40 crore and that of Plethico Pharma's to Rs. 425. 12 crore from Rs. 411. 91 crore. The foreign currency loans (FCLs) of Jubilant Lifesciences went up to Rs. 1755. 71 crore from Rs. 1580. 48 crore and that of Cadila's to Rs. 737. 70 crore from Rs. 722. 80 crore. Biocon has successfully reduced its FCLs to Rs. 189. 94 crore from Rs. 220. 72 crore. Dr Reddy's Laboratories has repaid its FCLs ofRs. 889. 90 crore during 2010-11 through three new short-term borrowings. However, FCL of Lupin went up sharply to Rs 306. 54 crore from Rs. 181. 99 crore in the previous year. Further, FCL of Orchid Chemical went up to Rs. 325. 22 crore from Rs. 250. 02 crore and that of Panacea Biotec to Rs. 359. 4 crore from Rs. 293. 74 crore. Ipca Laboratories FCLs also jumped to Rs. 183. 15 crore from Rs. 125. 52 crore. The sample of Pharmabiz 35 companies have managed to reduce their liabilities in respect of FCCBs and FCLs during 2010-11 and likely to reduce risk of depreciation of Rupee against Dollar and Euro. Further rise in interest rates by RBI will also put additional burden on the sector in 2011-12. However, higher exports may assist to reduce adverse impact on working. Dr. Reddy’s Q2 FY12 Financial Results : Q2 FY12 Revenues at ? 22. 7 billion ($462 million), YoY growth of 21%; Q2 FY12 Adjusted* EBITDA at ? 5. billion ($104 million), YoY growth of 20%; Q2 FY12 Adjusted** PAT at ? 3. 1 billion ($63 million), YoY growth of 8% Hyderabad, India, October 25, 2011: Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) today announced its unaudited consolidated financial results for the quarter ended September 30, 2011 under International Financial Reporting Standards (IFRS). Key Highlights †¢Consolidated revenues are at ? 22. 7 billion ($462 million) in Q2 FY12 versus ? 18. 7 billion ($381 million) in Q2 FY11, year-on-year growth of 21%. Consolidated revenues for H1 FY12 is at ? 42. 5 billion ($866 million). oRevenues from Global Generics for Q2 FY12 are at ? 6. 1 billion ($329 million). Year-on-year growth of 18% mainly driven by North America and Russia. oRevenues from PSAI are at ? 5. 9 billion ($121 million) in Q2 FY12, growth of 28% over previous year. †¢Adjusted* EBITDA of ? 5. 1 billion ($104 million) in Q2 FY12, is at 23% of revenues recording year-on-year growth of 20%. Consolidated adjusted EBITDA for H1 FY12 is at ? 9. 4 billion ($193 million). †¢Adjusted** Profit after Tax for Q2 FY12 is at ? 3. 1 billion ($63 million), is at 14% of revenues with year-on-year growth of 8%. Consolidated adjusted PAT for H1 FY12 is at ? 5. 6 billion ($115 million). During the quarter, the company launched 28 new generic products, filed 17 new product registrations and filed 11 DMFs globally. †¢Dr. Reddy’s today announced the final approval of its olanzapine 20 mg tablets, the generic version of Eli Lilly’s Zyprexa ®from the USFDA. *Note: Adjustments include: benefit from a part reversal of provision booked in Q1 for Voluntary Retirement Scheme (VRS) floated by the company. **Note: Adjustments include: a) intere st on bonus debentures and b) benefit from a part reversal of provision booked in Q1 on account of Voluntary Retirement Scheme (VRS) floated by the company. All figures in millions, except EPS All dollar figures based on convenience translation rate of 1USD = ? 49. 05 Dr. Reddy's Laboratories Limited and Subsidiaries Unaudited Consolidated Income Statement ParticularsQ2 FY12Q2 FY11Growth % ($)(? )%($)(? )(%) Revenue46222,67910038118,70410021 Cost of revenues21410,473461788,7184720 Gross profit24912,206542049,9865322 Operating Expenses Selling, general & administrative expenses1477,216321165,7093126 Research and development expenses301,4596261,270715 Other operating (income) / expense(4)(215)(1)(4)(218)(1)(2) Results from operating activities763,74517663,2251716 Net finance (income) / expense1500135042 Share of (profit) / loss of equity accounted investees(0)(13)(0)(0)(3)(0)- Profit / (loss) before income tax763,70916653,1941716 Income tax (benefit) / expense1363137327293 Profit / (loss) for the period633,07814582,867157 Diluted EPS0. 418. 1 0. 316. 9 Profit Reconciliation: Adjusted EBITDA ReconciliationQ2 FY12Q2 FY11 ($)(? )($)(? ) PBT763,709653,194 Interest522506 Depreciation1887915731 Amortization83896317 EBITDA1065,203874,248 Adjustments: Part reversal of provision booked in Q1 for Voluntary Retirement Scheme(2)(94) Adjusted EBITDA1045,109874,248 Adjusted PAT ReconciliationQ2 FY12Q2 FY11 ($)(? ($)(? ) PAT633,078582,867 Adjustments: Interest on Bonus Debentures2118 Part reversal of provision booked in Q1 for Voluntary Retirement Scheme(2)(94) Tax normalizing adjustment(0)(4) Adjusted PAT633,099582,867 Segmental Analysis Global Generics Revenues from Global Generics segment are at ? 16. 1 billion ($329 million) in Q2 FY12 registering growth of 18% over previous year. †¢Reven ues from North America at ? 6. 3 billion in Q2 FY12 versus ? 4. 4 billion in Q2 FY11. Growth in USD terms of 45% was led by new product launches in the last twelve months and market share improvement in key products. 5 new products launched during the quarter, including limited competition products such as fondaparinux and fexofenadine pseudoephedrine D24 OTC. o24 products of our prescription portfolio feature among the Top 3 rank in market share (Source: IMS Sales Volumes July 2011). oDuring the quarter, 4 ANDAs were filed. The cumulative ANDA filings as of 30th September, 2011 are 177. A total of 76 ANDAs are pending for approval with the USFDA of which 40 are Para IVs and 11 are FTFs. †¢Revenues in Russia & Other CIS markets at ? 3. 4 billion in Q2 FY12 versus ? 2. 8 billion in Q2 FY11, year-on-year growth of 23%. Revenues in Russia at ? 2. 9 billion in Q2 FY12 versus ? 2. 3 billion in Q2 FY11, year-on-year growth in USD terms of 30%, largely driven by volume growth in key b rands. ?OTC portfolio growth of 33% over previous year; OTC sales at 25% of overall Russia sales. ?Dr. Reddy’s year-on-year secondary prescription sales growth at 20% versus industry’s growth of 10%. (Source: Pharmexpert August 2011). Dr. Reddy’s is ranked 12th in market share. oRevenues in Other CIS markets remained flat at ? 477 million in Q2 FY12. †¢Revenues in India increased by 9% to ? 3. 5 billion in Q2 FY12 versus ? . 2 billion in Q2 FY11. o3 new products launched during the quarter. oBiosimilar portfolio growth of 22% over previous year ; represents 6% to sales. †¢Revenues from Europe at ? 2. 1 billion in Q2 FY12, declined by 10% over previous year. oRevenues from Germany declined by 27% to ? 1. 2 billion in Q2 FY12 due to continuing impact of tenders. oRevenues from Rest of Europe grew by 26% to ? 933 million in Q2 FY12 driven by new launches in UK and growth in out-licensing business. Pharmaceutical Services and Active Ingredients (PSAI) â₠¬ ¢Revenues from PSAI are at ? 5. billion in Q2 FY 12 versus ? 4. 6 billion in Q2 FY11, year-on-year increase of 28%. oGrowth in Active Ingredients business led by new product launches in Europe. oPharmaceutical Services business grew on account of improved customer order book status. oDuring the quarter, 11 DMFs were filed globally, with 2 in US, 2 in Europe, 1 in Canada and 6 in rest of the markets. The cumulative DMF filings as of 30th September 2011 are 506. Income Statement Highlights: †¢Gross profit at ? 12. 2 billion ($249 million) in Q2 FY12, margin of 54% to revenues, marginal increase over previous year. Selling, General & Administration (SG&A) expenses including amortization at ? 7. 2 billion ($147 million) increased by 26% over Q2 FY11. This increase is on account of a) higher freight costs both on account of increase in sales volumes as well as rate increases, b) inflation and year-on-year increments linked increase in manpower costs across businesses, c) increment al costs at Bristol and Shreveport manufacturing facilities in the US and d) the increase in the OTC-related selling and marketing costs in Russia and other CIS markets as compared to previous year. R&D expenses at ? 1. 5 billion ($30 million) in Q2 FY12, increase of 15% over Q2 FY11. †¢Net Finance costs are at ? 50 million ($1 million) in Q2 FY 12 versus ? 35 million ($0. 7 million) in Q2 FY11 The change is on account of : oNet forex gain of ? 151 million ($3 million) versus net forex loss of ? 49 million ($1 million) in Q2 FY11. oNet interest expense of ? 225 million ($5 million) in Q2 FY12 versus ? 5 million ($0. 1 million) in Q2 FY11. oProfit on sale of investments of ? 25 million ($0. 5 million) in Q2 FY12 versus ? 19 million ($0. 4 million) in Q2 FY11. Adjusted EBITDA of ? 5. 1 billion ($104 million) in Q2 FY12, is at 23% of revenues with year-on-year growth of 20%. †¢Adjusted Profit after Tax for Q2 FY12 is at ? 3. 1 billion ($63 million), is at 14% of revenues with year-on-year growth of 8%. †¢Adjusted EPS for Q2 FY 12 is at ? 18. 2 ($0. 4) versus ? 16. 9 ($0. 3) in Q2 FY11. †¢Capital expenditure for H1 FY12 is at ? 3. 6 billion ($73 million). Appendix 1: Q2 FY12 Key Balance Sheet Items (In millions) ParticularsAs on 30th Sep 11As on 30th Jun 11 $)(? )($)(? ) Cash and cash equivalents1557,5961115,468 Trade receivables41920,56834917,136 Inventories37918,59235517,401 Property, plant and equipment64131,45062230,524 Goodwill and other intangible assets30815,11530414,921 Loans and borrowings (current & non-current)63831,30348823,940 Trade payables1828,9401728,433 Equity98048,08199748,902 Appendix 2: Q2 FY12 Revenue Mix by Segment (In millions) Q2 FY12Q2 FY 11Growth % ($)(? )as a %($)(? )as a % Global Generics32916,1367127913,6677318 North America 6,28739 4,4163242 Europe 2,11713 2,36617(10) India 3,45921 3,160239 Russia & Other CIS 3,38021 2,7512023 RoW 8936 9747(8) PSAI1215,93326944,6172528 North America 1,06818 8141831 Europe 2,30339 1,5513448 India 75213 6531415 RoW 1,81031 1,5993513 Others1261039420245 Total46222,67810038118,70410021 Appendix 3: Q2 FY12 Revenue Mix by Geography (In millions) Q2 FY12Q2FY 11Growth % ($)(? )as a %($)(? )as a % North America1597,777341115,4642942 Europe924,53620844,1022211 India864,21019783,8132010 Russia & Other CIS693,38015562,7511523 Others572,77512522,573148 Total46222,67810018,70418,10021 Appendix 4: H1 FY12 Consolidated Income Statement All figures in millions, except EPS All dollar figures based on convenience translation rate of 1USD = ? 49. 05 ParticularsH1 FY12H1 FY11Growth % ($)(? )%($)(? )(%) Revenue86642,46210072435,53510019 Cost of revenues40219,7014633916,6354718 Gross profit46422,7615438518,9005320 Operating Expenses Selling, general & administrative expenses28513,9723322811,1913125 Research and development expenses542,6566462,263617 Other operating (income) / expense(8)(401)(1)(8)(404)(1)(1) Results from operating activities1336,533151195,8501612 Net finance (income) / expense296042121(55) Share of (profit) / loss of equity accounted investees(0)(17)(0)(0)(8)(0)113 Profit / (loss) before income tax1326,455151155,6471614 Income tax (benefit) / expense15751214684210 Profit / (loss) for the period1165,704131014,9631415 Diluted EPS0. 733. 6 0. 629. 2 Appendix 5: H1 FY12 Profit Reconciliation (In millions) Adjusted EBITDA ReconciliationH1 FY12H1 FY11 ($)(? )($)(? ) PBT1326,4551155,647 Interest9446(0)(3) Depreciation351,708291,416 Amortization1679412605 Reported EBITDA1929,4041567,665 Adjustments: One-time charge of Voluntary Retirement Scheme142 Adjusted EBITDA1939,4451567,665 Adjusted PAT ReconciliationH1 FY12H1 FY11 ($)(? )($)(? ) Reported PAT1165,7041014,963 Adjustments: Interest on Bonus Debentures5236 One-time charge of Voluntary Retirement Scheme142 Tax normalizing adjustment(7)(364) Adjusted PAT1155,6181014,963