Business Context and Reporting Period
This Form 6-K filing by Dr. Reddy's Laboratories Limited is dated May 5, 2005. The report addresses a change in the registrant's certifying accountants for U.S. GAAP financial reporting. The company reports financial results in accordance with both U.S. GAAP and Indian GAAP.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This document is a regulatory disclosure regarding auditor changes and does not contain financial performance data.
Material Changes
The primary material change disclosed is the re-appointment of KPMG (Registered), an Indian partnership ("KPMG India"), as the Company's U.S. GAAP auditors for the fiscal year ended March 31, 2005. This replaces KPMG LLP, a UK limited liability partnership, which served as the U.S. GAAP auditor for the fiscal year ended March 31, 2004. The change occurred after KPMG India notified the Company of its registration with the U.S. Public Company Accounting Oversight Board (PCAOB). There has been no change in the Company's Indian GAAP auditors, BSR & Co.
Guidance, Outlook, and Risks
The filing states that the appointment of KPMG LLP was expected to be transitory, with the re-appointment of KPMG India anticipated upon completion of its PCAOB registration. The Company confirms that the reports of KPMG LLP for the fiscal years ended March 31, 2003, and 2004 did not contain an adverse opinion, disclaimer of opinion, or qualification regarding uncertainty, audit scope, or accounting principles. Furthermore, there were no disagreements with KPMG LLP on matters of accounting principle, practice, financial statement disclosure, or auditing scope during the relevant periods.
Key Facts for Investor Verification
- Dr. Reddy's Laboratories Limited has reverted to KPMG India as its U.S. GAAP auditor for the fiscal year ended March 31, 2005.
- The change in auditors was necessitated by KPMG India's successful registration with the PCAOB.
- There were no disagreements or reportable events between the Company and the former U.S. GAAP auditor, KPMG LLP.
- The Company's Indian GAAP auditors, BSR & Co., remain unchanged.
- This filing does not contain financial results or forward-looking guidance.