MIRA
INFORM REPORT
|
Report Date : |
23.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CLARIS LIFESCIENCES LIMITED |
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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, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
19.07.1994 |
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Com. Reg. No.: |
04-22543 |
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CIN No.: [Company
Identification No.] |
U85110GJ1994PLC022543 |
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PAN No.: [Permanent
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 |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 9500000 |
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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, Gujarat,
India |
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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 |
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Website : |
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Area : |
5000 sq. ft |
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Location : |
Owned |
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Head Office : |
Corporate Towers, A-3, “Sangeeta”, Near
Parimal Crossing, Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
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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
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, Gujarat |
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Factory 2 : |
Dada Estate, 1/J.
Jalaram Estate, Sanad – Sarkhej Road, Sarkhej, Ahmedabad, Gujarat |
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Area : |
50000 sq. mtrs |
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Location : |
Owned |
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Overseas
Office : |
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Address: |
Claris Lifesciences AG Fal Consulting
Seestrasse 5, CH-6030 CHAM, Switzerland |
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Tel No.: |
91-41-41-7808766 |
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Fax No.: |
91-41-56-6228257 |
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E-Mail : |
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Address: |
16, Malaya
Dmitrovka Street, Moscow, Russia |
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Tel No.: |
91-7-095-2996610 |
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Fax No.: |
91-7-095-2999695 |
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Address: |
Zeus Lifesciences Limited Rua Estados
Unidos, 242, CEP 01427-00, Jardim America, Sao Paulo, Brazil |
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Tel No.: |
91-55-11-38847263 |
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Fax No.: |
91-55-11-30517888 |
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E-Mail : |
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Address: |
Claris Lifesciences Kazakhstan Limited Kazakhstan,
Almaty, Republican Square, 15 |
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Tel No.: |
91-32-72-306363 /
308251 |
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Email: |
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Address: |
13 Pushkin
Street, Ground Floor, Opposite Central Mosque, Almaty, Republic of Kazakhstan |
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Tel No.: |
91-7-3272-583193/583194 |
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Fax No.: |
91-7-3272-583195 |
DIRECTORS
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Name : |
Mr. Sushilkumar
Baldevraj Handa |
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Designation : |
Chairman and Managing Director |
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Address : |
Sharanya, High Court Judges Bunglow, Bodakdev, Ahmedabad – 380 054,
Gujarat |
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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, High Court Judges Bunglow Road, Bodakdev, Ahmedabad – 380
054, Gujarat |
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Date of Birth/Age : |
31.07.1952 |
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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, Opposite NRI Tower, Behind
Judges Bunglow, Bodakdev, Ahmedabad – 380 054, Gujarat |
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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 : |
502, Doli Chambers, 5th Floor, Strand Cinema Road, Colaba,
Mumbai 400 005, Maharashtra, India |
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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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Name : |
Mr. Kaushik
Kantilal Shah |
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Designation : |
Director |
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Address : |
B-44, Management Enclave, Vastrapur, Ahmedabad, Gujarat |
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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, D- 67005, Ludiwigshafer, Germany |
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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, High Court Judges Bunglows Road, Bodakdev, Ahmedabad –
380054, Gujarat, India |
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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 |
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Date of
Birth/Age : |
29.01.1960 |
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Date of
Appointment : |
09.04.2002 |
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Name : |
Mr. Chetankumar Satyendra Majumdar |
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Designation : |
Director |
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Address : |
B-201, Suryaketu Tower, Near Sambhav Press, Judges Bungalow Road,
Bodakdev, Ahmedabad 380 054, Gujarat, India |
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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, Gujarat, India |
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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, Sleater Road, Grant Road (West),
Mumbai 400 007, Maharashtra, India |
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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, Maharashtra, India |
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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, Judges Bunglows Road, Opposite Ruchir Bunglows, Bodakdev,
Ahmedabad 380 054, Gujarat, India |
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Date of
Birth/Age : |
14.03.1985 |
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Date of
Appointment : |
13.06.2006 |
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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, Gujarat, India |
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Date of
Birth/Age : |
17.09.1970 |
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Date of
Appointment : |
10.11.2006 |
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 |
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Date of Appointment : |
18.04.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Equity shares Rs. 10/- each |
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Mrs. Beena S
Handa |
|
7800624 |
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Mr. Arjun S Handa
|
|
1300000 |
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Mr. Aditya S
Handa |
|
1300000 |
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Mr. Jatin R Jalundhwala
|
|
52 |
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Mr. Nayan Rao |
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52 |
|
Sarjan Financial
Private Limited |
|
15853448 |
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Medical
Technologies Limited |
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3102080 |
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First Carlyle
Ventures III |
|
1000 |
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Mr. Pradeepkamal
Chaturvedi |
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10 |
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Mr. Saurabh N.
Soparkar |
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10 |
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Mr. Raveev
Balasubrahmanyam |
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10 |
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Mr. Sudhir Kumar
Guru |
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10 |
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Mr. Nimish B.
Shah |
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10 |
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Kinara Financial
Private Limited |
|
10 |
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Stumbh Financial
Private Limited |
|
10 |
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Total |
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29357326 |
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Preference shares Rs. 1000/- each |
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First Carlyle
Ventures III |
|
600000 |
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Mr. Madhava Menon
Shankar Narayan |
|
3000 |
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Mr. Mahesh
Parasuraman |
|
120 |
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Mr. Nikhil Mohta |
|
120 |
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Mr. Manish Gaur |
|
120 |
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Total |
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603360 |
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Category |
|
Percentage |
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Foreign Holdings
FIIs, FCs, FFIs, NRIs, or OCB or Others |
|
2.00 |
|
Bodies Corporate |
|
63.27 |
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Director or relatives
directors |
|
34.72 |
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Others |
|
0.01 |
|
Total |
|
100.00 |
BUSINESS DETAILS
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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 : |
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Countries: |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Purchasing : |
L/C terms |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Large Volume
Parenterals |
Nos. |
92.650 |
131.443 |
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Small Volume
Parenterals |
Nos. |
71.400 |
3.478 |
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Others |
Nos. |
5.195 |
6.096 |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
150 |
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Bankers : |
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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, Patullos
Road, Chennai, Tamilnadu, India |
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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 : |
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Name 1: |
Shah and Shah Associates Chartered
Accountants |
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Address : |
702, Aniket, Near
Municipal Market, Navrangpura, Ahmedabad 380 009, Gujarat, India |
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|
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Name 2: |
Deloitte Haskins and Sells Chartered Accountants |
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Address: |
Heritage, 3rd Floor, Near Gujarat Vidyapeeth, Off. Ashram
Road, Ahmedabad – 380014, Gujarat |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60174000 |
Equity shares |
Rs.10/-each |
Rs.601.740 Millions |
|
603360 |
Preference shares |
Rs.1000/- each |
Rs.603.360 Millions |
|
|
|
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Total |
|
Rs.1205.100
Millions |
Issued, Subscribed & Paid-up Capital :
|
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 |
|
|
|
|
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Total |
|
Rs.896.932 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
896.933 |
291.142 |
291.142 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1487.274 |
768.331 |
526.352 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
2384.207 |
1059.473 |
817.494 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1431.114 |
515.566 |
348.758 |
|
|
2] Unsecured Loans |
282.983 |
307.492 |
26.720 |
|
|
TOTAL BORROWING |
1714.097 |
823.058 |
375.478 |
|
|
DEFERRED TAX LIABILITIES |
226.143 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
4324.447 |
1882.531 |
1192.972 |
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APPLICATION OF FUNDS |
|
|
|
|
|
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|
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|
|
|
FIXED ASSETS [Net Block] |
2219.030 |
1357.165 |
993.777 |
|
|
Capital work-in-progress |
718.540 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
123.824 |
88.520 |
55.694 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
584.498
|
446.088 |
244.084 |
|
|
Sundry Debtors |
1179.572
|
387.963 |
276.324 |
|
|
Cash & Bank Balances |
764.289
|
108.830 |
20.815 |
|
|
Other Current Assets |
2.984
|
2.389 |
5.126 |
|
|
Loans & Advances |
373.436
|
230.287 |
157.791 |
|
Total
Current Assets |
2904.779
|
1175.557 |
704.140 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1508.212
|
626.318 |
400.931 |
|
|
Provisions |
133.514
|
112.933 |
160.428 |
|
Total
Current Liabilities |
1641.726
|
739.251 |
561.359 |
|
|
Net Current Assets |
1263.053
|
436.306 |
142.781 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.540 |
0.720 |
|
|
|
|
|
|
|
|
TOTAL |
4324.447 |
1882.531 |
1192.972 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
|
Sales Turnover |
2184.518 |
2780.351 |
1939.779 |
|
|
Other Income |
104.199 |
20.691 |
20.565 |
|
|
Total Income |
2288.717 |
2801.042 |
1960.344 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
804.464 |
278.353 |
238.498 |
|
|
Provision for Taxation |
184.440 |
65.958 |
79.712 |
|
|
Profit/(Loss) After Tax |
620.024 |
212.395 |
158.786 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
1557.719 |
N.A. |
N.A. |
|
|
Other Earnings |
0.000 |
N.A. |
N.A. |
|
Total Earnings |
1557.719 |
N.A. |
N.A. |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
1339.813 |
1096.445 |
936.724 |
|
|
Purchases made for re-sale |
28.220 |
0.000 |
0.000 |
|
|
Consumption of stores and spare parts |
67.795 |
0.000 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
303.285 |
186.871 |
126.668 |
|
|
Managerial Remuneration |
2.588 |
1.973 |
1.691 |
|
|
Payment to Auditors |
2.358 |
0.933 |
0.662 |
|
|
Interest |
48.590 |
56.462 |
25.878 |
|
|
Insurance Expenses |
11.720 |
7.486 |
2.677 |
|
|
Power & Fuel |
132.612 |
75.357 |
43.132 |
|
|
Other Expenditure |
942.262 |
1097.162 |
584.414 |
|
|
Depreciation |
162.729 |
0.000 |
0.000 |
|
Total Expenditure |
3041.972 |
2522.689 |
1721.846 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
PAT / Total Income |
(%) |
27.09
|
7.58 |
8.09 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
36.83
|
10.01 |
12.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.70
|
10.99 |
14.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.26 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.41
|
1.47 |
1.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.77
|
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(UK) and
MOH Indonesia.
• 247 product registrations world
wide
• Inauguration of infusion project
and enteral nutrition manufacturing facility
• First international approval for
infusion plant from MOH, Yemen
• 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 Mexico
• Inauguration of office in Bogota, Colombia
• First order received from the U.S.A.
• 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 and Head, Dept. of Radiology, KEM, Mumbai
• 2nd Claris International Critical Care International
Achievement Award given to Dr. Balavenkatesh, Brisbane, Australia
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
India
Having established its presence in India in 1999, subject
continues to grow from strength to strength with every passing year.
Subject enjoys market leadership across several products and
categories in India including propopfol, parenteral nutrition and IV fluids. The
company continuously endeavours to support upgrade of medical care in the
country with the introduction of breakthrough new products and technologies. It
has several firsts to its credit including
• 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 India includes institutions, large
corporate hospitals and nursing homes, translating into a user base of 25000+
individual doctors.
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 Africa through its
own sales force and local teams in various countries.
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 Middle East, as one
of its major drivers for growth in the coming years.
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 USA, the company has
established its own subsidiaries subject (U.K.) and Claris Lifesciences Inc.,
USA. To cater to the high potential Chinese market, the company also
established a representative office in China.
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 India.
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 and 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
and 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 Africa through its own
sales force and local teams in various countries. This presence is slated to go
up to 70 countries and plans for the U.S.A., Australia and U.K., are in place.
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:
- Freehold Land
- Buildings
- Improvement in Leasehold Property
- Plant and Machinery
- Electrical Instrument
- Furniture and Fixtures
- Other Equipments
- Vehicles
- Data Processing Equipments
Form 8:
|
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, Gujarat, India |
|
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,
Gujarat, India |
|
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,
Corporate Towers, Ellisbridge, Ahmedabad standing in the name of Claris
Lifesciences Limited |
|
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. 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,
Gujarat, India |
|
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 |
|
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, Gujarat, India |
|
This Form is for |
Creation of charge |
|
Type of Charges |
Hypothecation of vehicle |
|
Particular of the charge holder
|
Centurion Bank of Punjab Limited A Silver Brook, Opposite Doctor House, Ellisbridge, Ahmedabad 380 006,
Gujarat, India |
|
Nature or description of the instrument creating charge |
Loan Cum Hypothecation Agreement |
|
Date of the instrument creating charge |
31.05.2006 |
|
Amount Secure by the charge |
Rs. 1.337 Millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
|
|
Short Particulars of the Property charged |
ALPSV 4/51, 222 Wheel Base Viking Hino. Bs II, Diesel Engine Chasis No. JDE 569228 Engine No. KDH 345091 |
|
Particulars of the present modification |
N.A. |
|
Name of the company |
CLARIS
LIFESCIENCES LIMITED |
|
Presented By |
Kirit Kanjaria, Head – Secretarial and
Legal |
|
1) Date and description of instrument creating the change |
Hypothecation Agreement dated 16th July, 2005 |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs.0.943 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 |
Skoda – Octovia Engine Number : ALHE04537 Chassis Numaber : 1025A030058 |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
|
|
5) Name and Address and description of the person entitled to the
charge. |
Chenturion Bank Limited 216, 2nd Floor, Sakar – II,
Ellisbridge, Ahmedabad – 380006. |
|
6) Date and brief description
of instrument modifying the charge |
N.A. |
|
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. |
N.A. |
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 India. Globally, the company operates in
more than 60 countries, through its subsidiaries, offices and
marketing/distribution network, and a diverse customer profile covering
institutions, major corporate hospitals and international aid agencies.
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:
- Manufacturing
and regulatory capabilities
- Focus
on Technology and Quality
- 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.
Overview
- Unique
Business Model
- Disease
Focus
- Intellectual
property and proprietary know-how based product basket
- Range
of Specialty Products – one of few manufacturers worldwide
- World-class
Manufacturing facilities
- International
quality standards and certifications
- Large
scale manufacturing capacities
- Enjoying
significant cost advantage
- Product
development and regulatory capabilities
- Global
Brands
- Market
Leadership
- Extensive
Sales and Distribution network
- Highly respected among medical fraternity
Milestones
- Certified
by international regulatory authorities 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)
- “IDMA”
Quality Excellence Award for 2nd Consecutive year
- Certified
for ISO 9001:2000
Businesses
·
Clinical
Nutrition
·
Anesthesia
·
Plasma Volume
Expanders
·
Blood Products
·
Advanced
Anti-infectives
·
Cardiac Care
·
Dialysis &
Transplant
·
Infusion therapy
·
Disposables
and Equipment
·
Pharmaceutical
Generics
Market Presence
- Presence in 59
countries across Latin America, Europe, Gulf, Africa, CIS, Central Asia
and Asia- Pacific
- Subsidiary
companies, laboratories, office infrastructure
- Grass root
marketing and brand building
- Supplier to
aid agencies
Competitive Edge
1st to introduce several products in India
No single Indian company having similar product focus
Few International players
Extensive S and D network
Manufacturing
·
World class
facilities designed to produce aqueous and oil based products.
·
Contract Manufacturing
Capabilities
·
Bags
PVC/Non-PVC
Multi-chamber bags
Double bag systems
·
Glass
containers
Bottles
Vials
Ampoules
·
Aseptic
manufacturing
Liquid form
Oral Form
·
Lyophilization
·
Prefilled
syringes
Glass
Plastic
·
Liposomal
technology
·
Soft gelatin
capsules
·
Blow-Fill-Seal
Blow-Fill-Seal
Capabilities
Regulatory
- Trained and committed manpower for regulated/non-regulated markets,
IPR and Clinical trial studies.
- Sound and complete understanding of International Regulatory
Requirements
- 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)
- Submitted over 1000 dosiers.
- Marketing Authorisation applications filed in several regulated
markets.
R & D
·
New Products
Formulation Development
Outsourcing components
Alliances
·
New concepts
development ( eg. PNA™)
·
New Drug
Delivery Systems
Two
Platforms
Lipid based D D S
Liposomal D D S
·
Development of
API with DMF source
·
Contract
Research
·
Team of
experienced scientists.
·
Full fledged
center with advanced equipment
·
Drug Delivery
Systems
·
Active
Pharmaceutical Ingredients (APIs)
Major Platforms
- Fat Emulsion Technology
- Liposomes
- 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:
- Creating Value
·Improving Quality of work and Products
·Maximizing returns to the investors / Stakeholders
·
Discipline and
Rules are best when self – imposed. With this philosophy, the company believes
in establishing internal control systems for better Corporate Governance.
·
A strong
internal control mechanism is necessary to facilitate disclosure of adequate
and right information.
·
Create a
culture of transparency that instills investors confidence
·
Communicate
and create trust
·
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 and 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.
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 India and abroad for
international markets on contract manufacturing.
International regulatory authorities including MHRA (UK), TGA (Australia), GCC
(Gulf Co-operation Council including Saudi Arabia, U.A.E. and other Middle East
countries), ANVISA (Brazil) and INVIMA (Colombia) have approved the sterile
parenteral preparation manufacturing facilities. The facilities are also fully
geared up for USFDA.
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 and accessories
Liposomal technology API
Soft gelatin capsules Medical equipment
Blow-Fill-Seal Blow-Fill-Seal Plastic films, components and accessories
Certification
|
MHRA (UK) |
GCC |
|
Medicines and Healthcare products Regulatory Agency. The regulatory authorities of the United Kingdom. MHRA Approval is
essential to sell pharmacheutical products in the U.K. as well as European
markets. |
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
(Australia) |
ANVISA
(Brazil) |
|
Therapeutic Goods
Administration This is the food and
drugs control authority of Australia. Approval from TGA opens up the market
of Australia and New Zealand. |
Agencia Nacional de Vigilancia Sanitaria This is the
national authority for food and drugs control in Brazil. Brazil is the second biggest market in Latin America. With this
approval subject products are now marketed in Brazil. |
|
INVIMA
(Colombia) |
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 Colombia.
|
World Health Organisation Good Manufacturing
Practice. WHO is Geneva
based. Many countries follow the guidelines provide by WHO. Food and Drugs
Control Authority India follows WHO guidelines. WHO GMP certification is a requirement and well accepted in most of
the countries across Asia, Africa, CIS and Latin America.
|
|
ISO |
IDMA (India) |
|
International Organisation for Standardization This certification is known world wide for system-based approval, and
is issued by international BVQI UK is one of the leading certification
authorities. It has accreditation from UKAS and ANAB. UKAS is known across
Europe and Asia, while ANAB is well known in USA and Latin America. |
Indian Drugs Manufacturers Association. This is a private certification for Quality Excellence. Every year
IDMA announces Quality Excellence award for the pharmaceutical manufacturer
in India. |
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 U.K., USA, Netherlands, France, Australia, New Zealand, Canada,
and South Africa.
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 Sale in the USA
subject became
possibly the first Indian company to ship an aqueous injection product to final
customers in the US. The product has been further distributed to various
wholesalers and distributors from the warehouse of their business associate,
and they have, in turn, started shipping to hospitals.
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 - Lebanon
The 14th Annual
Conference and 8th French-Lebanese Symposium in Anesthesia, Reanimation &
Pain Management was held in Beirut, Lebanon on 12th and 13th November 2005.
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 – Philippines
The Philippine
Society of Aneasthesiologists (PSA) organised the 38th Annual Convention on the
6th and 7th November, 2005 at Hotel Crown Plaza, EDSA Philippines. The theme of
the convention was Anesthesiology: Redefining the Speciality.
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 Philippines
2nd Annual
Convention of PhilSPEN (The Philippines Society for Parenteral and Enteral
Nutrition Convention) was held at Philippines from the 26th and 27th of October
at EDSA Shangrila.
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 Philippines showed great interest and appreciated their
products. They were named as the best debutants in Philippines.The President,
PhilSPEN was very much impressed with their full-fledged participation with lot
of glamour and activities by their people.
Publication
- Never underestimate
the power of a DREAM... Commit yourself to it....and no power on earth can
stop it from becoming reality...
- subject
launches ... Envital ... Vital Enteral Nutrition
- Happy Independence Day
- Training at Latin America ...
- subject
achieved revenues of Rs.2080.000 millions the upto 30th Sept.
2005
- Integrated
Hospital + Critical Care division recorded significant growth during Q3
2005 ...
- The
latest addition to the enteral nutrition product range was
"Envital" ...
- "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.
- 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.
- First Abbreviated New Drug Application (ANDA)
filed for Fluconazole in the USA.
- Eight dossier submissions sent to
regulated markets including UK and several European countries.
- 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.
- First order of propofol supplied to
Australia.
- Product orders received from several
regulated markets.
Contacts
|
India |
USA
and Canada |
|
Corporate Office & Global Business H.Q. Claris Lifesciences Limited Corporate Towers, Ellisbridge, Ahmedabad - 380 006, India. Tel : + 91-79-26563331 |
Regional
Business H.Q. - North America Claris
Lifesciences Inc. 542
Industrial Way West, Eastontown,
NJ 07724, USA. Tel : +1
732 713 0978 |
|
UK
and Europe |
Latin
America |
|
Regional Business H.Q. – Europe Claris Lifesciences (UK) Limited Crewe Hall, Crewe, Cheshire. U.K. - CW1 64L Tel : +44-0-1270582255 |
Regional Business H.Q. - Latin America Claris Produtos Farmaceutica Brazil Ltda Rua Estados Unidos 242, CEP 01427-000, Jardim America, Sao Paulo, Brasil. Tel :+55-11-38847263 Offices in : Colombia, Mexico |
|
China |
CIS |
|
Regional
Business H.Q. – China Claris
Lifesciences Limited, Beijing Representative
Office. No. 19,
South Dongsanhuan Road, Chaoyang
District, Beijing, China |
Regional Business H.Q. - Central Asia Claris Lifesciences Limited Corporate Towers, Ellisbridge, Ahmedabad - 380 006, India. Offices in: Kazakhstan, Uzbekistan & Ukraine |
|
Asia
/ Middle East / Africa |
|
|
Regional
Business H.Q. - Asia/Middle East/Africa Claris
Lifesciences Limited Corporate
Towers, Ellisbridge, Ahmedabad
380 006, India Tel :
+91-79-26563331 Offices in:
Indonesia, Vietnam & Yemen |
|
The reincarnation
Subject, the recreated world-class
pharma company, is growing at a blistering
pace
Business India, 17 June 2007
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 and
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, India Prisons Service, Interpol,
etc.
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.43.15 |
|
UK Pound |
1 |
Rs.85.08 |
|
Euro |
1 |
Rs.68.10 |
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. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|