MIRA INFORM REPORT
|
Report
Date : |
02.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
CLARIS
LIFESCIENCES LIMITED |
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|
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|
Formerly
Known As : |
ORACLE LABORATORIES LIMITED (w.e.f.
01/04/1999) |
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Registered
Office : |
Claris
Corporate Headquarters, Near Parimal Crossing Ellisbridge, Ahmedabad 380 006,
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Country
: |
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Financials
(as on) : |
31.12.2005 |
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Date
of Incorporation : |
19.07.1994 |
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Com.
Reg. No.: |
22543 |
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CIN
No.: [Company
Identification No.] |
U85110GJ1994PLC022543 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
AHMC00478C |
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Legal
Form : |
Closely
Held Public Limited Liability Company |
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Line
of Business : |
Manufacturing
and Marketing of Research Based Proprietary Products and Therapies for Acute
Illnesses and Surgical Situations. |
RATING & COMMENTS
|
MIRA’s
Rating : |
A |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial
& operational base are regarded healthy. General unfavourable factors
will not cause fatal effect. Satisfactory capability for payment of interest
and principal sums |
Fairly Large |
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Maximum
Credit Limit : |
USD 4237892 |
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Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject is well-established and
reputed company having satisfactory track. Directors are reported as
experienced and respectable businessmen. Trade relations are reported as
fair. Business is active. Payment are usually correct and as per commitments.
The
company can be considered for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
Claris
Corporate Headquarters, Near Parimal Crossing Ellisbridge, Ahmedabad 380 006,
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|
Tel.
No.: |
91-79-26563331 |
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Fax
No.: |
91-79-26408053
/ 26565879 / 26408055 |
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E-Mail
: |
intl.corp@clarislifesciences.com |
|
Website
: |
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|
Area : |
5000 sq. ft |
|
Location : |
Owned |
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Head
Office : |
Corporate Towers, A-3,
“Sangeeta”, Near Parimal Crossing, Ellisbridge, Ahmedabad – 380 006, |
|
Tel.
No.: |
91-79-26563331 |
|
Fax
No.: |
91-79-26408053 / 26565879
/ 26408055 |
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E-Mail
: |
intl.corp@clarislifesciences.com
crcproducts.corp@clarislifessciences.com
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|
Website: |
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Factory
1 : |
A-3,
“Sangeeta”, Near Parimal Crossing, Ellisbridge, Ahmedabad – 380 006, |
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Factory
2 : |
Dada Estate, 1/J. Jalaram Estate, Sanad – |
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Area : |
50000 sq. mtrs |
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Premises : |
Owned |
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Overseas
Office : |
v Claris Lifesciences AG Fal Consulting Seestrasse 5, CH-6030 CHAM, Tel. No. +41-41-7808766 Fax No. +41-56-6228257 E-Mail : falego@cs.com v 16, Tel. No. +7-095-2996610 Fax. No. +7-095-2999695 v Zeus Lifesciences Limited Rua Estados Unidos, 242, CEP 01427-00, Jardim Telefax No. +55-11-38847263 Fax No. +55-11-30517888 E-Mail zeuslife@uol.com.br v Claris Lifesciences Kazakhstan
Limited Tel. No. +32-72-306363 / 308251 E-Mail : intl.kazath@clarislifesciences.com v Tel. No. +7-3272-583193/583194 Fax. No.
+7-3272-583195 |
DIRECTORS
|
Name : |
Mr.
Sushilkumar Baldevraj Handa |
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Designation
: |
Chairman & Managing Director
|
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Address
: |
Sharanya, High Court Judges Bunglow, Bodakdev,
Ahmedabad – 380 054, |
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Date
of Birth/Age : |
02.01.1954 |
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Date
of Appointment : |
23.10.1999 |
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Date of Ceasing: |
28.08.2001 |
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Name : |
Mrs.
Binaben Sushilkumar Handa |
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Designation
: |
Director |
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Address
: |
Sharanya, |
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Date
of Birth/Age : |
13.07.1952 |
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Date
of Appointment : |
23.10.1999 |
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|
Name : |
Mr.
Prashant Jayendra Desai |
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Designation
: |
Director |
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Address
: |
A/202, Devraj Apartments, Near Goyal Terrace, |
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Date
of Birth/Age : |
20.11.1960 |
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Date
of Appointment : |
24.04.1999 |
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|
Name : |
Dr.
Pravin Pranlal Shah |
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Designation
: |
Director |
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Address
: |
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Date
of Birth/Age : |
11.11.1944 |
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Date
of Appointment : |
27.04.1999 |
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Name : |
Dr.
Nergis Noshirwan Mahalaxminarayan |
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Designation
: |
Director |
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Address
: |
Northcole Nursing Home Best Marg, Apollo Bunder,
Next to Tajmahal Hotel, Mumbai – 400 039 |
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Date
of Birth/Age : |
31.10.1935 |
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Date
of Appointment : |
12.06.1999 |
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|
09.04.2002 |
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|
Name : |
Mr.
Kaushik Kantilal Shah |
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Designation
: |
Director |
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Address
: |
B-44, Management Enclave, Vastrapur, Ahmedabad, |
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Date
of Birth/Age : |
06.11.1963 |
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Date
of Appointment : |
06.05.2000 |
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|
Name : |
Dr.
Herbert Rebmann |
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Designation
: |
Director [German] |
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Address
: |
Lipoid GmbH, Frigerstrasa 4, |
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Date
of Birth/Age : |
20.06.1940 |
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Date
of Appointment : |
11.01.2001 |
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|
Name : |
Mr. Arjun
Sushilkumar Handa |
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Designation
: |
Director |
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Address
: |
Sharanya, |
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Date
of Birth/Age : |
30.09.1979 |
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Date
of Appointment : |
19.02.2001 |
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|
Name : |
Mr. Jatin Rameshchandra Jalundhwala |
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Designation
: |
Director |
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Address
: |
602, Satkrut Parthsarathi Avenue, 132, Ring Road,
Near Shyamal Rowhouse, Ambawadi, Ahmedabad- 380015, Gujarat, India |
|
Date
of Birth/Age : |
29.01.1960 |
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Date
of Appointment : |
09.04.2002 |
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|
Name : |
Mr. Chetan Satyendra Majumdar |
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Designation
: |
Director |
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Address
: |
B-201, |
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Date
of Birth/Age : |
16.06.1952 |
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Date
of Appointment : |
02.10.2003 |
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|
Name : |
Mr. Nirmal Pooranprakash Gupta |
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Designation
: |
Director |
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Address
: |
429, IIM Campus, Indian Institute of Management, Vastrapur,
Ahmedabad 380 015, |
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Date
of Birth/Age : |
20.08.1961 |
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Date
of Appointment : |
12.03.2005 |
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|
Name : |
Mr. Prabhakar Ramchandra Dalal |
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Designation
: |
Director |
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Address
: |
1302, Wallace Appartments – I, |
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Date
of Birth/Age : |
09.01.1953 |
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Date
of Appointment : |
07.10.2004 |
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|
Name : |
Mr. Madhav Menon Shankar Narayan |
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Designation
: |
Director |
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Address
: |
11th Floor, Brindavan III, Poonam
Nagar, Andheri (East), Mumbai 400 093, |
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Date
of Birth/Age : |
08.08.1962 |
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Date
of Appointment : |
13.03.2006 |
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|
Name : |
Mr. Nimish Shah |
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Designation
: |
Director |
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|
Name : |
Mr. Abhinandan K Jain |
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Designation
: |
Director |
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Name : |
Mr. Saurabh N Soparkar |
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Designation
: |
Director |
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|
Name : |
Mr. Pradeepkamal Chaturvedi |
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Designation
: |
Director |
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Name : |
Mr. Aditya Sushilkumar Handa |
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Designation
: |
Director |
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Address
: |
Sharanya, |
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Date
of Birth/Age : |
14.03.1985 |
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Date
of Appointment : |
01.06.2007 |
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|
Name : |
Mr. Amish Pravinchandra Vyas |
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Designation
: |
Director |
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Address
: |
89 – 400, Saraswati Nagar, Near Azad Society,
Ambawadi, Ahmedabad 380 015, |
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Date
of Birth/Age : |
17.09.1970 |
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Date
of Appointment : |
01.06.2007 |
KEY
EXECUTIVES
|
Name : |
Mr. Jatin Rameshchandra Jalundhwala |
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Designation
: |
Company Secretary |
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Address
: |
602, Satkrut Parthsarathi Avenue, 132, Ring Road,
Near Shyamal Rowhouse, Ambawadi, Ahmedabad- 380015, Gujarat, India |
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Date
of Birth/Age : |
29.01.1960 |
|
Date
of Appointment : |
18.04.2006 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No of Shares |
|
Equity shares Rs. 10/- each |
|
|
Mrs.
Beena S Handa |
7800624 |
|
Mr. Arjun
S Handa |
1300000 |
|
Mr.
Aditya S Handa |
1300000 |
|
Mr. Jatin
R Jalundhwala |
52 |
|
Mr. Nayan
Rao |
52 |
|
Sarjan
Financial Private Limited |
15853448 |
|
Medical
Technologies Limited |
3102080 |
|
First
Carlyle Ventures III |
1000 |
|
Total |
29357256 |
|
Preference shares Rs. 1000/- each |
|
|
First
Carlyle Ventures III |
600000 |
|
Mr.
Madhava Menon Shankar Narayan |
3000 |
|
Mr.
Mahesh Parasuraman |
120 |
|
Mr.
Nikhil Mohta |
120 |
|
Mr.
Manish Gaur |
120 |
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Total |
603360 |
Equity
share breakup (percentage of total equity)
|
S. No.
|
Category
|
Percentage |
|
1 |
Foreign holdings(Foreign institutional
investor(s), Foreign companie(s), Foreign financial institution(s),
Non-resident Indian(s) or overseas corporate bodies |
2.02 |
|
2 |
Bodies corporate (not mentioned above) |
63.26 |
|
3 |
Directors or relatives of directors |
34.72 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturing
and Marketing of Research Based Proprietary Products and Therapies for Acute
Illnesses and Surgical Situations. |
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Products
: |
Nutrition, blood & plasma, anaesthesia, organ
preservation and renal care, comprising of solutions, medicines and equipments.
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Exports
to : |
Europe, Latin America, Asia Pacific, CIS countries, |
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Imports
from : |
Reputed
manufacturers and suppliers in Europe and |
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Terms
: |
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Purchasing : |
L/C terms |
PRODUCTION STATUS (As on
31.12.2005)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Large
Volume Parenterals |
Nos. |
92.650 |
131.443 |
|
Small
Volume Parenterals |
Nos. |
71.400 |
3.478 |
|
Others |
Nos. |
5.195 |
6.096 |
GENERAL INFORMATION
|
Suppliers
: |
Ř Aurra Enterpreses Ř Choksi Vijay Print Ř Divesh Salt Supplier Ř Mass Transfer Ř Monaal Enterprises Ř Navkar Enterprises Ř Pruthvi Enterprises Ř Rajdeep Packaging Ř Sahyog Plastic Ř Shailesh Surgical Ř Shree Kamlesh Ř Transgeniks Ř Veepack Industries Ř Image Maker Ř Panchsheel ( Ř Monaal Marketing Ř R K Label Ř Sanmati Enterprises Ř Insight Care Ř Micro Playback Ř Shreeji Plastic Ř Jalvi Enterprises Ř Murlidhar Plast Chem. Ř Mother Polymer Ř KSB Plastomech Ř Shree Padma Print Ř Oriental Tin Manufacturer Ř Vijay Industrial Adhesive Ř V M Chemicals |
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Customers
: |
v World Health Organisation v International Red Cross v UNHCR v USAID v British Aid |
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No. of
Employees : |
150 |
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Bankers
: |
v Corporation Bank IF Branch, Ahmedabad, v Centurion Bank, Silver Brook, Opp.
Doctor House, Near Parimal Garden, C. G. Road, Ahmedabad – 380 006, Gujarat Credit Limit : Rs. 100.000 millions sanctioned on
25.06.2001 v Global Trust Bank Limited, G-2,
Samedh, Tel No. 91-79-26405395 / 96 / 26401661 Fax No. 91-79-26405597 Credit Limit : Rs. 170.000 millions sanctioned on
12.06.2000 v Axis Bank Limited, Sakar, v The United Mercantile Co-operative
Bank Limited, Nadiad Branch, Nadiad, Ahmedabad, v Oriental Bank of Commerce |
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Facilities: |
SECURED LOAN (As on
31.12.2005)
UNSECURED LOAN (As
on 31.12.2005)
|
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Financial
Institution : |
Sundaran Finance Limited No. 21, |
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Facilities : |
Credit Limit: Rs. 1.200 millions and charges Rs. 0.239
millions |
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|
Banking Relations : |
Satisfactory |
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Auditors
: |
|
|
Name: |
Shah & Shah Associates Chartered Accountants |
|
Address: |
702, Aniket, Near Municipal Market, Navrangpura, Ahmedabad
380 009, |
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|
|
|
Associates
: |
v Sarjan Financial Private Limited Nobles, A-Wing 4th Floor, 380009, v Medical Technologies Limited Nobles, A-Wing 4th Floor, 380009, v Catalys Venture Cap. Limited, v Zeus Lifesciences Limited, v v v H.M.R. [Hoechst, Marrion, Russell,
Alliance Company], v Core Biotech Limited v Core Parenterals Limited v Claris Lifesciences CA Venezuels v Claris Productios Farmaceuticos do
Brazil Ltda v PT Claris Lifsciences v Claris Lifesciences v Mr. Jatin R Jalundhwala v Mr. Chetan S Majmudar |
CAPITAL STRUCTURE
Authorised
Capital :
(As on 29.05.2006)
|
No. of
Shares |
Type |
Value |
Amount |
|
60174000 |
Equity shares |
Rs. 10/ each |
Rs. 601.740 millions |
Issued,
Subscribed & Paid-up Capital (As on 29.05.2006)
|
No. of
Shares |
Type |
Value |
Amount |
|
29357256 |
Equity shares |
Rs. 10/- each |
Rs. 293.572 millions |
|
603360 |
Preference shares |
Rs. 1000/- each |
Rs. 603.360 millions |
|
29960616 |
Total shares |
|
Rs. 896.932 millions
|
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.12.2005 |
31.12.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
|
291.142 |
291.142 |
|
|
2] Share
Application Money |
|
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
|
768.331 |
526.352 |
|
|
4]
(Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1059.473 |
817.494 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
|
515.566 |
348.758 |
|
|
2]
Unsecured Loans |
|
307.492 |
26.720 |
|
|
TOTAL BORROWING |
|
823.058 |
375.478 |
|
|
DEFERRED
TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1882.531 |
1192.972 |
|
|
|
|
|
|
|
|
APPLICATION
OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED
ASSETS [Net Block] |
|
1357.165 |
993.777 |
|
|
Capital
work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
88.520 |
55.694 |
|
|
DEFERREX
TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
446.088 |
244.084 |
|
|
Sundry
Debtors |
|
387.963 |
276.324 |
|
|
Cash
& Bank Balances |
|
108.830 |
20.815 |
|
|
Other
Current Assets |
|
2.389 |
5.126 |
|
|
Loans
& Advances |
|
230.287 |
157.791 |
|
Total Current Assets |
|
1175.557 |
704.140 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current
Liabilities |
|
626.318 |
400.931 |
|
|
Provisions |
|
112.933 |
160.428 |
|
Total Current
Liabilities |
|
739.251 |
561.359 |
|
|
Net Current Assets |
|
436.306 |
142.781 |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
|
0.540 |
0.720 |
|
|
|
|
|
|
|
|
TOTAL |
|
1882.531 |
1192.972 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.12.2005 |
31.12.2004 |
|
|
Sales Turnover |
|
2780.351 |
1939.779 |
|
|
Other Income |
|
20.691 |
20.565 |
|
|
Total
Income |
|
2801.042 |
1960.344 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
278.353 |
238.498 |
|
|
Provision for Taxation |
|
65.958 |
79.712 |
|
|
Profit/(Loss) After Tax |
|
212.395 |
158.786 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
1096.445 |
936.724 |
|
|
Salaries, Wages, Bonus, etc. |
|
186.871 |
126.668 |
|
|
Managerial Remuneration |
|
1.973 |
1.691 |
|
|
Payment to Auditors |
|
0.933 |
0.662 |
|
|
Interest |
|
56.462 |
25.878 |
|
|
Insurance Expenses |
|
7.486 |
2.677 |
|
|
Power & Fuel |
|
75.357 |
43.132 |
|
|
Other Expenditure |
|
1097.162 |
584.414 |
|
Total
Expenditure |
|
2522.689 |
1721.846 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.12.2005 |
31.12.2004 |
|
PAT / Total Income |
(%) |
|
7.58 |
8.09 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
10.01 |
12.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
10.99 |
14.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.26 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.47 |
1.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.59 |
1.25 |
LOCAL AGENCY FURTHER
INFORMATION
HISTORY :
The name of the company was changed to Core Laboratories
Limited with effect from 18th June, 1996.
Then, Core Laboratories was amalgamated with Core
Patenterals Limited on 4th March, 1994.
The name of the company was then changed to subject with
effect from 1st April, 1999. On 28th May, 1999, Nova
Lifesciences Limited amalgamated with subject.
Further, on 1st October, 1997, another company
Novin Biologicals Limited also proposed to merge with this company. However, the material approval of the Hon’ble
High Court of Gujarat was pending for the scheme of amalgamation.
The company shifted its registered office from 6th
Floor, A-Wing, Sangeeta Complex, Near Parimal Crossing, Ellisbridge, Ahmedabad
– 380006, Gujarat to the present address w.e.f. 11.01.2002.
Milestones
Year 2004
• Company
records 46% sales growth over year 2003
• Global
presence in 59 countries
• Sterile
injectable parenteral manufacturing facility receives several international
regulatory appprovals including MHRA(
• 247 product
registrations world wide
• Inauguration
of infusion project and enteral nutrition manufacturing facility
• First
international approval for infusion plant from MOH,
• WHO GMP for Injectable and Infusion manufacturing facilities
• Injectable plant receives IDMA Quality Excellence Award 2004
• Injectable plant receives ISO 9001:2000 certification
• Foundation stone of API plant laid
• Inauguration of laboratory in
• Inauguration of office in
• First order received from the
• New products Sufentil (Sufentanil Citrate Injection),
TNA/TNA Peri (Triple Chamber Nutrition System), Limus (Sirolimus) tablets,
Norglobin (Immunoglobulin) IVIG
• Patent for an improved process of producing pyrogen free
Hydroxyethyl starch approved by the Patents Office, Govt. of India
• Claris Critical Care Oration Award 2004 given to Dr. R.
Ramakantan, Professor & Head, Dept. of Radiology, KEM, Mumbai
• 2nd Claris International Critical Care International
Achievement Award given to Dr. Balavenkatesh,
Business :
The company is founded and managed by a team of scientists,
pharmaceutical specialists and management experts.
The company is one of the fastest growing pharmaceutical
companies in the Indian subcontinent.
The company has been accredited with ISO 9002 Certification.
Its' manufacturing facilities are GE and GMP certified
Having established its presence in
Subject enjoys market leadership
across several products and categories in
• The revolutionary new anaesthetic propofol under brand name Profol
• Oral glutamine under brand name Glutammune
• Triple chamber CAPD system Trisafe
• The highly potent narcotic analgesic Sufentil
• Triple chamber nutrition system with parenteral route
administration – TNA Peri
Subject’ customer base in
In line with its commitment to the cause of critical care in the country, subject
remains at the forefront of efforts towards medical education including
participation in several national and international congresses, sponsorship of
training programs for young doctors, publication of scientific journals and
other such initiatives.
International
The company has a presence
in more than 60 countries across Latin America, Europe, CIS, Asia Pacific,
Middle East and
Additionally, subject enjoys a unique position in the regulated markets because
of its know-how and expertise in manufacturing injectable products. The company
has identified regulated markets comprising North America, the European Union,
Central and East Europe, the Far East, Australasia and the
Subject is in the process of establishing an extensive marketing and
distribution network in all the regulated markets and has also filed its
dossiers for product registration in key regulated markets. To spearhead its
sales and distribution activities in Europe and the
A significant share of the company's revenues come from international
operations, and several major brands like Profol (propofol) , Hestar
(hydroxyethyl starch) and anti-infectives like Ciprox/Ciprocina
(ciprofloxacin), are widely recognized and accepted globally.
Their teams in international markets include sales, marketing and support
people, ably complemented by a strong network of distribution partners. This
level of infrastructure in international markets helps them meet the demands of
their international customers including aid agencies, large corporate hospitals
and institutions.
Critical
Care :
The company's product range basket in Critical Care includes
Anaesthesia, Blood and Plasma products, I.V. fluids and Advanced
Antinfectives/Antibacterial.
The company's expertise in lipid based technology has made
it one of the few companies in the world to manufacture propofol. The entry of
this advanced anaesthetic revolutionised the way anaesthesia was given in the
country. Today, Proive TM is an internationally accepted brand while Profile TM
is the no. 1 brand of Propofol in
The company's gamut of products in Critical Care helps
medical professionals in providing high quality, effective and speedy treatment
to patients in the operation theatre, ICU, regular hospital setting or at home.
In the Renal Care segment, the company offers medicines,
disposables and equipment.
Perfusol TM - cold organ preservation systems for transplant
and Renograf TM - multi organ perfusion system.
Pharmaceutical
Generics
The company offers injectables and oral dosage forms across
various therapetuic groups with focus on antibiotics, antibacterials, anti -
infectives, etc.
The company's range of products in medical devices and
disposables includes blood bags, two piece syringses, needles, I.V. infusion
sets and disposables for heamodialysis.
Medical Equipment
The company has a broad spectrum of Medical Equipment,
including the Protiva 2000 TM - anaesthesia pump, Infulifie SP TM - syringe
pumps, Oxylifie TM - oxygen concentrator and Invocare HD TM - state-of-the-art
dialysis chairs and beds.
The company is an R&D based, international
pharmaceutical company offering products and delivery systems of world-class
quality, to achieve the objective of saving lives worldwide.
The architects of the company are a team comprising of
scientists, pharmaceutical experts and management professionals, who bring to
the company a combination of Vision,
R&D capabilities, Technological knowhow, International exposure and
Manufacturing expertise.
The company's range of products and delivery systems extends
across Critical Care, Enteral and Parenteral Nutrition, Renal Care including
Transplant Therapy and Medical Equipment.
International
Operations
The company has a presence in more than 30 countries
including Latin America, Europe, CIS, Asia Pacific and
Subsidiaries and its own offices in various countries are
involved in grass root marketing of products. Almost 70% of the company's
revenues come from international operations and several major brands.
The company's teams in international markets include sales,
marketing and support people, ably complemented by a strong network of
distribution partners. This level of infrastructure in international markets
helps to meet the demands of company's international customers including
agencies, large corporate hospitals and institutions.
The company’s areas of interest extend across Nutrition,
Blood and Plasma, Anaesthesia, Organ Preservation and Renal Care, comprising of
solutions, medicines and equipments.
C-Cube (Claris Critical Care) and CRC (Claris Renal Care)
therapies whereas CRC’s prime focus in Rental Care.
The company will shortly expand product range to include
various other formulations in the areas of critical care and trauma management.
The core group is the leading manufacturers and exporters of
I.V. Fluids in the world 4th largest company. It was promoted by Mr.
Anil Handa and Mr. Sunil Handa
Fixed Assets:
Ř
Ř Buildings
Ř Improvement in Leasehold Property
Ř Plant and Machinery
Ř Electrical Instrument
Ř Furniture and Fixtures
Ř Other Equipments
Ř Vehicles
Ř Data Processing Equipments
|
Corporation identity number or
foreign company registrations number of the company |
U85110GJ1994PLC022543 |
|
Name of the company |
CLARIS LIFESCIENCES LIMITED |
|
Address |
Claris Corporate Headquarters, Near Parimal Crossing
Ellisbridge, Ahmedabad 380 006, |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Immovable Property |
|
Particular of the charge
holder |
Centurion Bank of Punjab Limited A Silver Brook, Opposite Doctor
House, Ellisbridge, Ahmedabad 380 006, |
|
Nature or description of the
instrument creating charge |
No instrument was executed. Charge
created by way of equitable mortgage by deposit of title deeds. |
|
Date of the instrument creating
charge |
09.07.2007 |
|
Amount Secure by the charge |
Rs. 1235.000 millions |
|
Brief of the principal terms and
conditions and extent and operation of the charge |
a) Extent and operation of the
charge Security to cover the principal
amount together with interest, charges, costs, expenses etc. b) Others security created in respect of
credit facilities sanctioned by the CBOP consortium as per details below: centurion Bank of Punjab (CBOP)
[Lead Bank] Rs. 500.000 millions Allahabad Bank Rs. 110.000
millions Indian Overseas Bank Rs. 400.000
millions Canara Bank Rs. 225.000 millions |
|
Particulars of the Property
charged |
Exclusive equitable mortgage of
the property at 3rd Floor, |
|
Particulars of the present
modification |
Immovable property viz Premises /
Unit Nos 301, 302 and 303 on 3rd Floor admg. About 2130 sq. fts.
And 1159 sq. fts. Resp in scheme known as Sangita Complex at A bad (Paldi),
more particularly described in Annexure hereto being charged as security to
facilities sanctioned by CBOP consortium. |
|
Name of the company |
CLARIS LIFESCIENCES
LIMITED |
|
Presented By |
MR. JATIN R JALUNDHWALA – DIRECTOR
|
|
1) Date and description of instrument creating the change |
No document was executed. Equitable mortgage was created
by depositing of title deeds dated 23.02.2003 |
|
2) Amount secured by the charge/amount owing on the
securities of charge |
Rs 80.000 millions |
|
3) Short particular of the property charged. If the
property acquired is subject to charge, date of the acquired of the property
should be given |
First charge on property at Vasana Chacharwadi, Taluka-
Sanand, District Ahmedabad bearing survey nos. 202, 206, 207, 208, 209 and
210 |
|
4) Gist of the terms and conditions and extent and
operation of the charge. |
Collateral security for cash
credit (hypothecation) and book debts of Rs. 40.000 millions Rate of Interest
PLR + 3% i. e. presently 14.00% on
monthly rests and FDBP CUM FUDBP (against LC) Rs. 40.000 millions Rate of
Interest 8.50% Total Rs. 80.000 millions |
|
5) Name and Address and description of the person entitled
to the charge. |
Oriental Bank of Commerce Neelkamal, Opposite sales |
|
6) Date and brief
description of instrument modifying the charge |
Tripartite Agreement dated 25.03.2005 |
|
7) Particulars of modifications specifying the terms and
conditions or the extent of operations of the charge in which modification is
made and the details of the modification. |
Oriental Bank of Commerce cedes a first charge to Exim
Bank and consequently postpone its charge to a second and subsequent charge
over the mortgaged properties as described in schedule IV of the Tripartite Agreement.
Hence by virtue of this agreement Exim Bank will have first charge and
Oriental Bank will have second charge over the entire fixed assets of the
company present and future which includes plant and machineries of the
company also. |
|
Name of the company |
CLARIS LIFESCIENCES
LIMITED |
|
Presented By |
MR. KIRIT KANJARIA HEAD –
SECRETARIAL AND LEGAL |
|
1) Date and description of instrument creating the change |
Loan cum Hypothecation Agreement dated 02.09.2005 |
|
2) Amount secured by the charge/amount owing on the
securities of charge |
Rs. 0.730 millions |
|
3) Short particular of the property charged. If the
property acquired is subject to charge, date of the acquired of the property
should be given |
Tavera General Motors Engine Number 3EE17202 Chassis Number MGAB69765HE16985 |
|
4) Gist of the terms and conditions and extent and
operation of the charge. |
Repayment Period 48 months Rate of Interest 7.50% p.a. monthly reducing |
|
5) Name and Address and description of the person entitled
to the charge. |
Centurion Bank Limited 216, 2nd Floor, Sakar
II, Ellisbridge, Ahmedabad 380 006, |
|
6) Date and brief
description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and
conditions or the extent of operations of the charge in which modification is
made and the details of the modification. |
NA |
|
Name of the company |
CLARIS LIFESCIENCES
LIMITED |
|
Presented By |
MR. JATIN JALUNDHWALA, DIRECTOR |
|
1) Date and description of instrument creating the change |
Agreement for FUDBP / FDBP dated 26.08.2003 |
|
2) Amount secured by the charge/amount owing on the
securities of charge |
Foreign documentary demand / usance bill having maximum
usance of 90 days accompanie by Airway bills / bills of lading and drawn
under irrevocable letter of credit of any reputed foreign Banks only |
|
3) Short particular of the property charged. If the
property acquired is subject to charge, date of the acquired of the property
should be given |
Rate of interest: As per RBI directives / Head Office guidelines issued from
time to time Commission: As per FEDAI guidelines |
|
4) Gist of the terms and conditions and extent and
operation of the charge. |
Oriental Bank of Commerce Neelkamal, Opposite sales |
|
5) Name and Address and description of the person entitled
to the charge. |
Pari passu interse joint agreement
dated 06.02.2006 |
|
6) Date and brief
description of instrument modifying the charge |
Now by the above agreement above limit of Rs. 40.000
millions is secured by pari passu agreement with Centurion Bank of Punjab
Limited. The charge of Oriental Bank of Commerce shall remain unchanged of
Rs. 40.000 millions and Centurion Bank of Punjab Limited of Rs. 175.000
millions |
|
7) Particulars of modifications specifying the terms and
conditions or the extent of operations of the charge in which modification is
made and the details of the modification. |
NA |
AS PER WEB DETAILS
Profile
Subject is an international pharmaceutical company, in the
business of manufacturing and marketing sterile parenteral preparations, life
saving medicines and hospital products, focusing on delivery systems, for
treatment of critical illnesses and diseases.
With emphasis on Research, Technology and Quality, subject offers a range of
unique products and delivery systems in bottles, vials, ampoules, pre-filled
syringes, non-PVC/PVC bags and oral dosage forms. The company's strength lies
in its know-how and expertise in manufacturing and marketing injectable
products.
Driven by a team of scientists, pharmaceutical experts and management
professionals, subject is powered by a combination of Vision, R&D capabilities,
Technological know how, International standards and Manufacturing
expertise.
The company's range of products and delivery systems extends across Enteral and
Parenteral Nutrition, Anaesthesia, Blood Products and Plasma Volume Expanders,
Anti-infectives, Dialysis and Transplant, Cardiac Care, Infusion Therapy as
well as Medical Disposables and Equipment.
Subject enjoys Market Leadership in
Management Message
Since its inception, subject has chosen to build on a
vision to become a key player in the global pharmaceutical market. Working
towards this vision, subject has, in the span of five years, notched up an
impressive presence in 59 countries of the world, with 247 product
registrations at close of year 2004, a vast marketing and distribution network,
and a work force capable of and equipped for international marketing
challenges.
Their unique strengths including:
Ř Manufacturing and regulatory
capabilities
Ř Focus on Technology and Quality
Ř Proprietary products
Give them a distinct edge in the
global pharmaceutical marketplace, since there are few companies in the world,
which share this combination of capabilities.
Having laid the groundwork for
growth, the company looks forward to picking up greater growth momentum from
year 2005 onwards, a time that all of them look forward to with excitement and
anticipation.
Company Overview
Subject is their endeavor to help
preserve earth’s most precious resource
Human lives
Vision
To be a global healthcare company offering sterile
parenteral preparations, life saving medicines and hospital products, with
focus on delivery systems, for treatment of critical illnesses and diseases to
achieve the objective of Saving Lives Worldwide . . .
Overview
Ř Unique Business Model
Ř Disease Focus
Ř Intellectual property & proprietary
know-how based product basket
Ř
Ř World-class Manufacturing facilities
Ř International quality standards and
certifications
Ř Large scale manufacturing capacities
Ř Enjoying significant cost advantage
Ř Product development and regulatory
capabilities
Ř Global Brands
Ř Market Leadership
Ř Extensive Sales & Distribution
network
Ř Highly respected among medical
fraternity
Milestones
Ř Certified by international
regulatory authorities including MHRA(
Ř “IDMA” Quality Excellence Award for
2nd Consecutive year
Ř Certified for ISO 9001:2000
Businesses
Ř Clinical Nutrition
Ř Anesthesia
Ř Plasma Volume Expanders
Ř Blood Products
Ř Advanced Anti-infectives
Ř Cardiac Care
Ř Dialysis & Transplant
Ř Infusion therapy
Ř Disposables & Equipment
Ř Pharmaceutical Generics
Market Presence
Ř Presence in 59 countries across
Latin America, Europe, Gulf, Africa, CIS,
Ř Subsidiary companies, laboratories,
office infrastructure
Ř Grass root marketing & brand
building
Ř Supplier to aid agencies
Competitive Edge
1st to introduce several products in
No single Indian company having
similar product focus
Few International players
Extensive S&D network
Manufacturing
Ř World class facilities designed to
produce aqueous and oil based products.
Ř Contract Manufacturing Capabilities
Ř Bags
PVC/Non-PVC
Multi-chamber bags
Double bag systems
Ř Glass containers
Bottles
Vials
Ampoules
Ř Aseptic manufacturing
Liquid form
Oral Form
Ř Lyophilization
Ř Prefilled syringes
Glass
Plastic
Ř Liposomal technology
Ř Soft gelatin capsules
Ř Blow-Fill-Seal Blow-Fill-Seal
Quality
“Would they use it to treat their dearest ones?”
If the answer is an unhesitant “Yes,”
The product has passed their final quality test.
They call this “Emotional
Pharmacopoeia.”
Capabilities
Regulatory
Ř Trained and committed manpower for
regulated/non-regulated markets, IPR and Clinical trial studies.
Ř Sound and complete understanding of
International Regulatory Requirements
Ř Successfully attained key international regulatory approvals
including MHRA(UK), TGA (Australia),GCC (Gulf Co-operation Council), ANVISA
(Agencia Nacional de Vigilancia Sanitaria),INVIMA (Instituto Nacional de
Vigilancia de Medicamentos Y Alimentos)
Ř Submitted over 1000 dosiers.
Ř Marketing Authorisation applications
filed in several regulated markets.
R & D
Ř New Products
Formulation Development
Outsourcing components
Alliances
Ř New concepts development ( eg. PNA™)
Ř New Drug Delivery Systems
Two Platforms
Lipid based D D S
Liposomal D D S
Ř Development of API with DMF source
Ř Contract Research
Ř Team of experienced scientists.
Ř Full fledged center with advanced
equipment
Ř Drug Delivery Systems
Ř Active Pharmaceutical Ingredients
(APIs)
Major Platforms
Ř
Fat
Emulsion Technology
Ř
Liposomes
Ř
Biotechnology
Corporate Governance
Subject is committed to providing the best standards of
Corporate Governance in all the stakeholders. The Corporate Governance process
in subject is focused on key business objectives; and includes
The Code of Corporate Governance has been designed, keeping
in view the fact that management must have operational freedom to pursue
Business Goals within a definitive framework of accountability. The practice of
Corporate Governance, therefore, is based on these principles:
Ř Creating Value
Ř Improving Quality of work and
Products
Ř Maximizing returns to the investors
/ Stakeholders
Ř Discipline and Rules are best when
self – imposed. With this philosophy, the company believes in establishing
internal control systems for better Corporate Governance.
Ř A strong internal control mechanism
is necessary to facilitate disclosure of adequate and right information.
Ř Create a culture of transparency
that instills investors confidence
Ř Communicate and create trust
Ř Have a simple, customer driven
system for Corporate Governance
Board Of Directors
The Company
is managed by the Board of Directors, which formulates strategies/ policies and
reviews its performance periodically. The Directors manage the business of the
Company under the overall supervision and guidance of the Board.
The Board
has 7 members, comprising of 2 Functional Directors, 4 Non-Executive /
Independent Directors and 1 nominee director of Exim Bank. The Board of
Directors, thus, has an adequate combination of Executive and Non-Executive
Directors.
|
Sr. No. |
Name of the Director |
Position |
|
1. |
Mr. Chetan S. Majmudar |
Vice President-Technical |
|
2. |
Dr. Pravin P. Shah |
Independent |
|
3. |
Dr. Herbert Rebmann |
Independent |
|
4. |
Mr. Jatin R. Jalundhwala |
Vice President-Finance |
|
5. |
Mr. Arjun S. Handa |
Independent |
|
6. |
Mr. Nirmal Gupta |
Independent |
|
7. |
Mr. Prabhakar R. Dalal |
Nominee of EXIM bank |
Partners
Distribution/marketing partners
Subject is
in search for the right kind of distributor/marketing partner for various
countries across the world. If you are one of the companies who is interested
to explore possibilities of working with subject, please contact them at claris@clarislifesciences.com
In Licensing
subject has
its presence in more than 50 countries across the world which will expand to
another 20 countries in next 2 years time, with an established team and
distribution network in all these countries, subject is well placed to maximize
you products sales potential in numerous markets across the world. subject
offers companies an opportunity to multiply its sales in a short time by
leveraging subject' worldwide sales and distribution network.
Contract Manufacturing &
Development
subject'
manufacturing facility has been approved by leading regulation agencies in the
world, giving them the capability to formulate, develop and manufacture any of the
existing products for these markets through Contract manufacturing &
related services. The company has capabilities to manufacture new products
right from API sourcing till dossier development for regulated and semi regulated
markets.
Out Licensing & Development
subject
seeks partnership for numerous products developed/registered/ready to be
registered for companies across the world. subject is interested in working
with potential partners across the world to market these products in respective
countries. The company is developing a range of products, currently at
different stages of development. Do contact them for further information on
such opportunities.
Emotional
Pharmacopoeia
A total commitment to quality, coupled with international
exposure to technology, aids them in their efforts to help save human lives
worldwide. At the core of their Quality Philosophy is the commitment to achieve
a level of perfection that matches the highest international pharmacopoeial
standards. Their final test for Quality is a very simple question that they ask
ourselves without fail.
“Would
they use it to treat their dearest ones?”
If the answer is an
unhesitant “Yes,”
The product has passed their
final quality test.
They call this
“Emotional Pharmacopoeia.”
The company's focus on quality
begins with the use of world class Clean Rooms to house the central laboratory
facilities.
The state-of-the-art laboratory set up is equipped with facilities for chemical
and instrumental analysis. Capable of undertaking the most comprehensive tests,
the laboratory has equipment sourced from internationally renowned suppliers.
This facility is validated as per international regulatory
authorities' expectations. A full-fledged dedicated validation team worked
continuously at the time of inception, to achieve the levels of validation
required, and ensures the same on a regular basis. To build quality through
every step of production there is a separate team for in-process quality
assurance (QA) and finished products' testing (QC) at the end. Separate
managers head both these functions.
Subject' sterile parenteral preparations manufacturing
facility has won the prestigious IDMA Quality Excellence Award two years in a
row, in recognition of its Quality practices.
Quality Policy
They shall strive to fulfill their objective of saving lives
worldwide by dedicating ourselves to manufacturing and marketing products of
International Quality by achieving excellence in all aspects of work.
They shall achieve this by building Quality into their products and services
through Research, Technology, Systems, Policies and Practices, People and
benchmarking against internationally accepted norms of excellence.
It will be their endeavour to bring
delight to their internal and external customers through excellence and
continuous improvement.
Manufacturing Facilities
Subject’ manufacturing
facilities are designed to produce aqueous and oil-based products in glass/PE
containers and bags. The facilities practice cGMP and are ISO 9001:2000
certified. Apart from manufacturing for subject, these facilities also cater to
the needs of companies in
International regulatory authorities including MHRA (UK), TGA (
Technology/Manufacturing Capabilities
The company has capabilities in
bringing laboratory batches to full production scale successfully, through its
process engineering competence. This technological excellence also goes beyond
process and it has executed several projects with its technology platforms
including:
Manufacturing Technologies Product Platforms
Bags
• PVC/Non-PVC
• Multi-chamber bags
• Double bag systems
Parenteral Fat Emulsion
technology
Glass containers
• Bottles
• Vials
• Ampoules
Micro-emulsion
technology
Aseptic manufacturing
• Liquid form
• Oral form
Cytotoxic manufacturing
Lyophilization Cephalosporins
Prefilled syringes
• Glass
• Plastic
Dialysis bags &
accessories
Liposomal technology API
Soft gelatin capsules Medical equipment
Blow-Fill-Seal Blow-Fill-Seal Plastic films, components and
accessories
Certification
|
MHRA ( |
GCC |
|
Medicines and Healthcare products
Regulatory Agency. The regulatory authorities of the
|
Gulf Co-operation Council for
drug registration. Executive board of the health Ministry Council for GCC
states including Saudi Arabia, United Arab Emirates, Oman, Qatar, Bahrain
andKuwait, are the member countries of GCC. |
|
TGA ( |
ANVISA ( |
|
Therapeutic Goods Administration This is the food and drugs control authority of |
Agencia Nacional de Vigilancia
Sanitaria This is the national authority for food and drugs control
in |
|
INVIMA ( |
WHO GMP |
|
Instituto Nacional de Vigilancia
de Medicamentos Y Alimentos The National Institute for the Surveillance of Drugs and
Food – INVIMA is designated by the Colombian Ministry of the Social
Protection. Approval of manufacturing facilities
by INVIMA is necessary to market products in
|
World
Health Organisation Good Manufacturing Practice. WHO is WHO GMP certification is a
requirement and well accepted in most of the countries across Asia, Africa,
CIS and
|
|
ISO |
IDMA ( |
|
International Organisation for
Standardization This certification is known world
wide for system-based approval, and is issued by international BVQI |
Indian Drugs Manufacturers Association.
This is a private certification
for Quality Excellence. Every year IDMA announces Quality Excellence award
for the pharmaceutical manufacturer in |
Regulatory
The company's regulatory team has a sound and complete
understanding of international regulatory requirements, and has several key
regulatory approvals to its credit.
The team has submitted over 1000
dossiers to various countries in record time. Marketing Authorization
Applications have been filed in regulated markets including the
The team develops formulations for
generic products in accordance with the most stringent regulatory requirements.
Formulation studies, method development and validation, study on container
closure systems and stability studies are conducted in line with international
guidelines.
The strength of the regulatory team
lies in trained and committed manpower for different aspects including
Regulated and non-Regulated markets, IPR, and Clinical Trial Studies.
The clinical trial team's capabilities include preparation
of protocols in line with ICH guidelines, identification, education and
selection of study centers, regulatory procedures and approvals from government
bodies, monitoring and recording data during study, as well as final report
writing and statistical analysis of data. The team carries out both clinical
trials as well as bio-equivalence studies.
The strength of the regulatory team
lies in trained and committed manpower for different aspects including
Regulated and non-Regulated markets, Intellectual Property Rights (IPR), and
Clinical Trial Studies.
News
First
subject became possibly the first Indian company to ship an
aqueous injection product to final customers in the
This is a big emotional milestone,
since it is the first time in the company's history that a product will reach
hospitals in a regulated market. Their Congratulations to everyone who worked
to achieve this.
Conferences
14th Annual Conference -
The 14th Annual Conference and 8th French-Lebanese Symposium
in Anesthesia, Reanimation & Pain Management was held in
Response of the conference was very good and more than 300
delegates attended the conference. Many foreign speakers presented their papers
in the conference.
Their stall was at a premium
location - in front of the entrance of the exhibition hall. They displayed
Corporate Stands and Provive Panels along with product display. subject was the
only company to participate as Propofol manufacturing company in the
exhibition. This gave them advantage against other competitors. Also, as their
Provive is available in vial, almost all the doctors were interested to see the
product. They highlighted subject as multinational; technology based Indian
pharmaceutical company manufacturing critical care products and life saving
medicines. They gave Corporate Brochures and Provive Literatures to all the
doctors. Also, distributed Think Critical Care Book to some doctors.
PSA 38th Annual Convention –
The Philippine Society of Aneasthesiologists (PSA) organised
the 38th Annual Convention on the 6th and 7th November, 2005 at
800 delegates attended the
convention and most of them visited their stall. Most of the Doctors showed
great interest in their products. They were impressed with Propofol and highly
appreaciated their products. Doctors were excited to know that they have a
complete range of anaesthetic products. Their participation was highly
interactive as they spent quality time with most of the doctors.
PhilSPEN Convention - 2005
2nd Annual Convention of PhilSPEN (The Philippines Society
for Parenteral and Enteral Nutrition Convention) was held at
They participated in the convention
through a stall. Their stall was recognized as the best booth in the entire
convention. It was a huge success and they created a wonderful impact on all
the Delegates. Majority of the delegates visited their stall and appreciated their
nutrition range of products especially Glutammune and Nourish. Key Opinion
Leaders of one of the biggest private hospitals in
Publication
Ř subject
launches ... Envital ... Vital Enteral Nutrition
Ř Training at
Latin America ...
Ř subject
achieved revenues of Rs.2080.000 millions the upto 30th Sept. 2005
Ř Integrated
Hospital + Critical Care division recorded significant growth during Q3 2005
...
Ř The latest
addition to the enteral nutrition product range was "Envital" ...
Ř "Lakshaya
Grand Meet" at Hotel Taj, Goa to celebrate successful conclusion of H I
2005
Company Update2005
Subject achieved revenues of Rs. 2080.000 millions the up to
30th September, 2005 - crossing within a nine month period, the total 2004
revenues of Rs. 20276.000 millions the.
Ř Exports for the nine month period
also crossed total annual export sales of 2004. The company recorded 49% growth
in exports during Q3 2005 as compared with Q3 2004.
Ř First Abbreviated New Drug
Application (ANDA) filed for Fluconazole in the
Ř Eight dossier submissions sent to
regulated markets including
Ř First-ever direct purchase order
received from a prestigious international aid agency which is a regional office
of WHO. subject will henceforth be registered as an approved with the supplies
agency.
Ř First order of propofol supplied to
Ř Product orders received from several
regulated markets.
Contacts
|
|
|
|
Corporate Office & Global
Business H.Q. Claris Lifesciences Limited Corporate Towers, Ellisbridge, Ahmedabad - 380 006, Tel : + 91-79-26563331 |
Regional
Business H.Q. - Claris
Lifesciences Inc. Tel : +1
732 713 0978 |
|
|
|
|
Regional
Business H.Q. – Claris
Lifesciences ( Crewe
Hall, Crewe, Tel :
+44-0-1270582255 |
Regional Business H.Q. - Claris Produtos Farmaceutica Rua Estados Unidos 242, CEP 01427-000, Jardim Tel :+55-11-38847263 Offices in : |
|
|
CIS |
|
Regional
Business H.Q. – Claris
Lifesciences Limited, Beijing
Representative Office. No. 19, Chaoyang
District, |
Regional Business H.Q. - Claris
Lifesciences Limited Corporate
Towers, Ellisbridge, Ahmedabad
- 380 006,
Offices in: |
|
Asia / Middle East / |
|
|
Regional
Business H.Q. - Asia/Middle East/ Claris
Lifesciences Limited Corporate
Towers, Ellisbridge, Ahmedabad
380 006, Tel :
+91-79-26563331 Offices
in: |
|
The reincarnation
Subject, the recreated
world-class
pharma company, is
growing at a blistering pace
Business
When the foundation stone of a new pharma factory was laid
in April 2003 in a small village Chacharwadi, Vasna, near Ahmedabad, it was the
beginning of a new life for founder-promoter Sushil Handa (54). His earlier
empire comprising Core Group of companies had submerged under a sea of debt.
The assets, taken over by the Asset Reconstruction Company of India Limited
(ARCIL), were in the process of finding a buyer. For Handa, a first generation
entrepreneur, this was the second innings.
Subject, the new company, had begun its life as a trading
company in 1999, importing medicines and also getting some manufactured by
Indian companies. The capital for the new enterprise came from internal
accruals from the trading ventures, a loan of $7 million provided by the Exim
Bank and loans from family members and friends. This was augmented by small
contributions from a loyal team of 20 people, who had stood by him through
thick and thin.
Even as the ceremonies were under way, a vehicle carrying a
small load of around 400 assorted bricks arrived on the site, bearing
vermillion marks indicating that sacred rites were performed on them. The
distributors and stockists were saying: 'They are with you in the new
endeavour'. "With so many
blessings of relatives, friends and distributors coming their way, I knew they
were bound to succeed the second time around," says Handa,
recounting this experience.
Eight years since inception, Subject has today become a Rs 4000.000
millions company, with a staff strength of 3,100 people, carving
out a niche in sterile injectibiles, lifesaving medicines and hospital
products. At an expected 40 per cent year-on-year growth, the company is
targeting a turnover of Rs 7000.000 millions for 2007 and Rs l0000.000 millions
in a couple of years, with exports contributing to 50 per cent of the turnover.
Claris's four manufacturing facilities on the outskirts of
Ahmedabad have built a unique mix of products and delivery systems. Two events
early this year have proved to be turning points in the course of Sushil
Handa's own career.
• In March, the Ahmedabad high court accorded its seal of
approval to the scheme put forth by Claris and ARCIL, by which the Nirma Group
of Ahmedabad would take over the entire IV manufacturing assets (the largest IV
fluid manufacturing plant at a single location, along with the medical devices
and the disposables manufacturing plant) spread over 600 acres of land. In
turn, it agreed to take over the liabilities, scaled down by ACRTL.
• In April, the United States Food & Drug Administration
(USFDA) gave its acceptance to the sterile injectible manufacturing facility.
CMT
REPORT [Corruption,
Money laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED PARTY
No
records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that
subject is or was the subject of any formal or informal allegations,
prosecutions or other official proceeding for making any prohibited payments or
other improper payments to government officials for engaging in prohibited
transactions or with designated parties.
3] Asset Declaration :
No
records exist to suggest that the property or assets of the subject are derived
from criminal conduct or a prohibited transaction.
4] Record on Financial Crime :
Charges or
conviction registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with Government :
No record exists to
suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report
:
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments
on Corporate Governance to identify management and governance. These factors
often have been predictive and in some cases have created vulnerabilities to
credit deterioration.
Our Governance Assessment focuses principally on the
interactions between a company’s management, its Board of Directors, Shareholders
and other financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local
laws, regulations or policies that prohibit, restrict or otherwise affect the
terms and conditions that could be included in the agreement with the subject.
FOREIGN
EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.56 |
|
|
1 |
Rs.80.30 |
|
Euro |
1 |
Rs.55.76 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT
LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT
POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT
POINTS |
|
|
|
--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
This
score serves as a reference to assess SC’s credit risk and to set the amount of
credit to be extended. It is calculated from a composite of weighted scores
obtained from each of the major sections of this report. The assessed factors
and their relative weights (as indicated through %) are as follows:
Financial condition (40%) Ownership background (20%) Payment record (10%)
Credit history (10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound
financial base with the strongest capability for timely payment of interest
and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working
capital. No caution needed for credit transaction. It has above average
(strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base
are regarded healthy. General unfavourable factors will not cause fatal
effect. Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent.
Repayment of interest and principal sums in default or expected to be in
default upon maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists.
Caution needed to be exercised |
Credit not recommended |