MIRA
INFORM REPORT
|
Report Date : |
22.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
CLARIS LIFESCIENCES LIMITED |
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|
|
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Formerly Known As : |
ORACLE
LABORATORIES LIMITED |
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Registered
Office : |
Claris Corporate Headquarters,
Near Parimal Crossing, Ellisbridge, Ahmedabad – 380006, |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
19.07.1994 |
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Com. Reg. No.: |
04-22543 |
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Capital Investment
/ Paid-up Capital : |
Rs. 638.180
Millions |
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|
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CIN No.: [Company Identification
No.] |
L85110GJ1994PLC022543 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMC00478C |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are listed on
Stock Exchange. |
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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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No. of Employees
: |
1614
Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 |
|
Maximum Credit Limit : |
USD 32000000 |
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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 a well established and a reputed company having
fine track. Financial position of the company appears to be sound. Directors are
reported to be experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Himanshu Shah |
|
Designation : |
General Manager |
LOCATIONS
|
Registered/ Corporate Office/ Global Headquarters : |
Claris Corporate
Headquarters, Near Parimal Crossing, Ellisbridge, Ahmedabad – 380006, |
|
Tel. No.: |
91-79-26563331/
66309330 |
|
Fax No.: |
91-79-26408053/
26565879/ 26408055 |
|
E-Mail : |
intl.corp@clarislifesciences.com crcproducts.corp@clarislifessciences.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
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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 : |
Village:
Chacharwadi, Vasna, Taluka Sanand, Ahmedabad-382213, Gujarat, India |
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Overseas
Office : |
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|
Address: |
Claris Lifesciences AG Fal Consulting
Seestrasse 5, CH-6030 CHAM, |
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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, |
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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 |
|
Tel No.: |
91-55-11-38847263 |
|
Fax No.: |
91-55-11-30517888 |
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E-Mail : |
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|
Address: |
Claris Lifesciences Kazakhstan Limited |
|
Tel No.: |
91-32-72-306363 /
308251 |
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Email: |
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|
Address: |
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|
Tel No.: |
91-7-3272-583193/583194 |
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Fax No.: |
91-7-3272-583195 |
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Regional Office: |
Located at:- ·
·
·
·
·
CIS ·
·
·
·
|
DIRECTORS
(AS ON 31.03.2010)
|
Name : |
Dr. Pravin Pranlal
Shah |
|
Designation : |
Chairman and
Independent Director |
|
Address : |
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Date of
Birth/Age : |
11.11.1944 |
|
Date of
Appointment : |
27.04.1999 |
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|
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|
Name : |
Mr. Arjun Sushilkumar
Handa |
|
Designation : |
Managing Director
and Chief Executive Officer |
|
Address : |
"Sharanya" |
|
Date of
Birth/Age : |
30.09.1979 |
|
Date of
Appointment : |
19.02.2001 |
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|
Name : |
Mr. Aditya Sushilkumar Handa |
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Designation : |
Director |
|
Address : |
"Sharanya" |
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Date of
Birth/Age : |
14.03.1985 |
|
Date of
Appointment : |
13.06.2006 |
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|
|
|
Name : |
Mr. Chetankumar Satyendra Majumdar |
|
Designation : |
Director |
|
Address : |
B-201, |
|
Date of
Birth/Age : |
16.06.1952 |
|
Date of
Appointment : |
02.10.2003 |
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|
|
|
Name : |
Mr. Chandrasingh Purohit |
|
Designation : |
Additional Director |
|
Address : |
17. Rajvi Emeralds, Nr. Gala Gymkhana, Bopal, Ahmedabad –
380054, |
|
Date of Birth/Age : |
15.09.1973 |
|
Date of Appointment : |
03.07.2009 |
|
|
|
|
Name : |
Mr. Amish Pravinchandra Vyas |
|
Designation : |
Additional Director |
|
Address : |
89 – 400, Saraswati Nagar, Near Azad Society, Ambawadi, Ahmedabad 380
015, |
|
Date of
Birth/Age : |
17.09.1970 |
|
Date of
Appointment : |
03.07.2009 |
|
|
|
|
Name : |
Mr. T V Ananthnarayanan |
|
Designation : |
Director |
|
Address: |
1/183, Kankam, |
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Date of Birth/Age: |
28.03.1950 |
|
Date of Appointment: |
28.01.2008 |
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|
|
|
Name : |
Mr. Surrinder Lal Kapur |
|
Designation : |
Additional Director |
|
Address : |
161, A/1, |
|
Date of Birth/Age : |
07.03.1937 |
|
Date of Appointment : |
26.09.2008 |
|
|
|
|
Name : |
Mr. Nikhil Mohta |
|
Designation : |
Nominee Director |
|
Address : |
11 Mohan Apartments, |
|
Date of Birth/Age : |
26.12.1977 |
|
Date of Appointment : |
03.07.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Himanshu Shah |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. Pradyosten Shukla |
|
Designation : |
Company Secretary |
|
Address : |
A/86, “Uday”, Kolyark Nagar Society, Wadi, Shashri Baug,
Baroda-390017, Gujarat, India |
|
Date of Birth/Age : |
23.01.1973 |
|
Date of Appointment : |
03.07.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
No.
of Shares |
Percentage |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
15,601,014 |
24.45 |
|
|
28,433,292 |
44.55 |
|
|
44,034,306 |
69.00 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group
(A) |
44,034,306 |
69.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
217,072 |
0.34 |
|
|
319,697 |
0.50 |
|
|
5,766,370 |
9.04 |
|
|
7,111,095 |
11.14 |
|
|
13,414,234 |
21.02 |
|
|
|
|
|
|
1,951,986 |
3.06 |
|
|
|
|
|
|
2,403,355 |
3.77 |
|
|
436,960 |
0.68 |
|
|
1,576,924 |
2.47 |
|
|
1,392,580 |
2.18 |
|
|
184,344 |
0.29 |
|
|
6,369,225 |
9.98 |
|
Total Public shareholding (B) |
19,783,459 |
31.00 |
|
Total (A)+(B) |
63,817,765 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
63,817,765 |
- |
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
and Plasma, Anaesthesia, Organ Preservation And Renal Care, Comprising of
Solutions, Medicines and Equipments.
|
PRODUCTION STATUS (AS ON 31.12.2010)
|
Particulars |
Unit |
Installed Capacity |
Actual
Production |
|
|
|
|
|
|
Large Volume
Parenterals |
Nos. |
198.83 |
147.26 |
|
Small Volume
Parenterals |
Nos. |
77.88 |
27.91 |
|
|
|
|
|
Notes:
i. Installed capacities
stated above are based on the product-mix and are as certified by the plant
manager, but not verified by the auditors, being a technical matter.
ii. Actual production
includes quantities produced in the factories and excludes quantities of LVP
Nos.135.750 Millions (Previous Year Nos. 40.120 Millins) produced in the
factories of third parties on loan and license basis.
iii. Licensed capacity is
not indicated as the Company’s products are exempt from licensing requirement.
|
Particulars |
Unit |
|
Actual
Production |
|
|
|
|
|
|
Large Volume
Parenterals |
Nos. |
|
283.00 |
|
Small Volume
Parenterals |
Nos. |
|
27.91 |
|
Others (Bulk
Drugs, Chemicals, Dossiers and Marketing rights etc.) |
Nos. |
|
6.28 |
GENERAL INFORMATION
|
Suppliers : |
As on 31.12.2009 ·
Aurra
Enterprises ·
Choksi
Vijay Print ·
Divesh
Salt Supplier ·
Mass
Transfer ·
Monaal
Enterprises ·
Navkar
Enterprises ·
Pruthvi
Enterprises ·
Rajdeep
Packaging ·
Sahyog
Plastic ·
Shailesh
Surgical ·
Shree
Kamlesh ·
Transgeniks
·
Veepack
Industries ·
Image
Maker ·
Panchsheel
( ·
Monaal
Marketing ·
R K
Label ·
Sanmati
Enterprises ·
Insight
Care ·
Micro
Playback ·
Shreeji
Plastic ·
Jalvi
Enterprises ·
Murlidhar
Plast Chem. ·
Mother
Polymer ·
KSB
Plastomech ·
Shree
Padma Print ·
Oriental
Tin Manufacturer ·
Vijay
Industrial Adhesive ·
V M
Chemicals |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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|
Customers : |
As on 31.12.2009 ·
World
Health Organisation ·
International
Red Cross ·
UNHCR
·
USAID
·
British
Aid |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
1614
Approximately |
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|
Bankers : |
· Corporation Bank, IF Branch,
Ahmedabad, · Centurion Bank Silver Brook, Opp. Doctor House, Near Parimal Garden, C. G. Road, Ahmedabad – 380 006, Gujarat, India · Global Trust Bank Limited, G-2, Samedh, · Axis Bank Limited Sakar, Opposite
Nehru Bridge, · The United Mercantile Co-operative Bank Limited Nadiad Branch,
Nadiad, Ahmedabad, ·
Oriental
Bank of Commerce ·
Canara
Bank Bhadra Branch Ahmedabad –
380001, ·
Punjab
National Bank Large Corporate
Branch, A Wing, ·
Allahabad
Bank S. P. Nagar, · The Lakshmi Vilas Bank Limited 1st Floor, Blue Star Complex, Near Old High Court Rly Crossing, Navrangpura, Ahmedabad – 380009, Gujarat, India · Indian Overseas Bank · Andhra Bank · Central Bank of India · United Bank of India · Barclays Bank PLC |
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Facilities : |
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Banking
Relations : |
-- |
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|
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|
Financial
Institution : |
· Sundaran Finance Limited No. 21, |
|
|
|
|
Auditors : |
|
|
Name 2: |
Deloitte Haskins and Sells Chartered Accountants |
|
Address: |
Heritage, 3rd Floor, Near |
|
|
|
|
Holding Company : |
Sarjan Financial Private Limited U65910GJ1996PTC030641 |
|
|
|
|
Companies over which key Management Personnel or their relatives are
able to exercise significant influence: |
·
Sarjan Financial
Private Limited (Since 4th September, 2009) ·
Cygnus
Laboratories Limited ·
Medical
Technologies Limited ·
Abellon
Agrisciences Limited (Formerly known as Olive Agrisciences Limited) ·
Levana Financial
Services Limited ·
Darshnil Financial
Private Limited ·
Red Bricks Junior
Education Limited ·
Prarabdh Financial
Private Limited ·
Xcelris Labs
Limited ·
Accelaries
Technologies Limited. |
|
|
|
|
Subsidiary Companies : |
·
Claris
Lifesciences Venezuela C. A CIN No. U24230GJ2005PLC046211 ·
Claris Produtos
Farmaceuticos Do Brasil Limitada ·
Pt. Claris
Lifesciences Indonesia ·
Claris
Lifesciences Colombia Limitada ·
iCubix Infotech
Limited CIN No. U93090GJ2000PLC038446 ·
Catalys Venture
Cap Limited ·
Claris
Lifesciences International Limited (Formerly known as Claris International
Limited) ·
Claris
Lifesciences Philippines INC ·
Claris
Lifesciences De Mexico SA de CV ·
Claris
Lifesciences (UK) Limited ·
Claris
Lifesciences Inc. ·
Claris
Lifesciences and CIA Chile Limitada ·
Claris
Lifesciences (Aust) Pty Limited ·
Claris
Infrastructure Limited CIN No.: U45202GJ2007PLC050061 ·
Claris Biosciences
Limited ·
Claris SteriOne ·
Claris
Pharmaservices |
CAPITAL STRUCTURE
(AS ON 31.12.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120510000 |
Equity shares |
Rs.10/-each |
Rs. 1205.100 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
63817765 |
Equity shares |
Rs.10/- each |
Rs. 638.180
Millions |
|
|
|
|
|
NOTE:
Of the above Equity Shares
:
(i) 39,978,319 (Previous year
22,916,556) Equity Shares of Rs. 10 each were allotted as fully paid-up bonus
shares by capitalisation of Share Premium Account Rs. 170.62 Millions (Previous
year Rs. NIL) and Surplus in Profit and Loss Account Rs. 229.17 Millions
(Previous year Rs. 229.17 Millions).
(ii) 23,780,172 (Previous
year 15,853,448 )Equity Shares are held by Sarjan Financial Private Limited,
which company was the holding company of the Company till September 2009.
(iii) NIL (Previous year
1,000 )Equity Shares of Rs. 10 each issued to First Carlyle Ventures – III
carried differential rights as regards voting and right of dividend.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
638.180 |
341.235 |
896.930 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
7578.400 |
4443.585 |
3029.310 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8216.580 |
4784.820 |
3926.240 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3606.300 |
2968.810 |
3125.580 |
|
|
2] Unsecured Loans |
0.000 |
171.260 |
181.500 |
|
|
TOTAL BORROWING |
3606.300 |
3140.070 |
3307.080 |
|
|
DEFERRED TAX LIABILITIES |
522.430 |
518.490 |
524.290 |
|
|
|
|
|
|
|
|
TOTAL |
12345.310 |
8443.380 |
7757.610 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5286.490 |
4897.600 |
4901.050 |
|
|
Capital work-in-progress |
1857.150 |
1232.290 |
735.350 |
|
|
|
|
|
|
|
|
INVESTMENT |
170.570 |
170.570 |
164.150 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1366.000
|
1216.360
|
1047.660
|
|
|
Sundry Debtors |
2533.430
|
2413.600
|
2621.000
|
|
|
Cash & Bank Balances |
2906.430
|
435.330
|
166.650
|
|
|
Other Current Assets |
3.270
|
0.990
|
1.480
|
|
|
Loans & Advances |
1082.690
|
1200.400
|
659.270
|
|
Total
Current Assets |
7891.820
|
5266.680
|
4496.060 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
1528.030 |
1382.830 |
1176.630 |
|
|
Other Current Liabilities |
967.310
|
1447.010
|
829.840
|
|
|
Provisions |
365.380
|
293.920
|
532.530
|
|
Total
Current Liabilities |
2860.720
|
3123.760
|
2539.000 |
|
|
Net Current Assets |
5031.100
|
2142.920
|
1957.060 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12345.310 |
8443.380 |
7757.610 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6255.920 |
6247.380 |
6868.130 |
|
|
|
Other Income |
149.470 |
210.660 |
89.560 |
|
|
|
TOTAL (A) |
6405.390 |
6458.040 |
6957.690 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/ Decrease in stock |
(132.310) |
(71.960) |
[489.710] |
|
|
|
Material Cost |
2447.000 |
2239.270 |
2872.610 |
|
|
|
Employees Cost |
476.630 |
386.470 |
432.180 |
|
|
|
Operating and Other Expenses |
1811.070 |
2029.70 |
2123.260 |
|
|
|
TOTAL (B) |
4602.390 |
4583.480 |
4938.340 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1803.000 |
1874.560 |
2019.350 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
361.940 |
407.290 |
316.580 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1441.060 |
1467.270 |
1702.770 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
463.780 |
444.600 |
362.380 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
977.280 |
1022.670 |
1340.390 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
187.040 |
132.040 |
316.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
790.240 |
890.630 |
1023.690 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3073.150 |
2304.580 |
1505.660 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
62.500 |
90.000 |
105.000 |
|
|
|
Proposed Dividend |
127.640 |
102.370 |
102.370 |
|
|
|
Tax on Dividend |
21.200 |
17.400 |
17.400 |
|
|
|
Tax on Dividend |
-- |
-- |
-- |
|
|
|
Reversal of Dividend no longer payable |
-- |
(75.090) |
-- |
|
|
|
Reversal of Tax on Dividend no Longer
Payable |
-- |
(12.620) |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
3652.050 |
3073.150 |
2304.580 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
2991.910 |
2947.570 |
2447.320 |
|
|
|
Product Development Charges |
0.000 |
21.440 |
20.190 |
|
|
|
Commission Received |
0.000 |
0.000 |
9.310 |
|
|
TOTAL EARNINGS |
2991.910 |
2969.010 |
2476.820 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
355.500 |
180.780 |
276.470 |
|
|
|
Purchase of goods traded in |
107.750 |
90.120 |
44.960 |
|
|
|
Packing Material |
178.400 |
289.800 |
58.140 |
|
|
|
Plant and Machinery |
110.240 |
95.190 |
419.030 |
|
|
|
Stores and spares |
15.710 |
7.900 |
3.260 |
|
|
TOTAL IMPORTS |
767.600 |
663.790 |
801.860 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
15.27 |
18.33 |
21.69 |
|
|
|
- Diluted |
15.27 |
17.40 |
20.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
12.34
|
13.79
|
14.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.62
|
16.37
|
19.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.42
|
10.06
|
14.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.21
|
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.79
|
1.31
|
1.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.76
|
1.69
|
1.77 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered Office of the company has been shifted from Corporate
Towernr Parimal Crossing Ellisbrige, Ahmedabad – 380006,
RESULTS OF
OPERATIONS:
During
the current financial year, the company took various strategic initiatives to
improve its volumes and profitability, which helped the Company to post an
impressive performance for the year inspite of product recall from the US and
the import alert. The income from net sales stood at Rs. 7,523.350 Millions (Rs
7,435.250 Millions in the previous year) which increased marginally by 1.18%
compared to previous year. The income from net sales in the international
markets stood at Rs. 4,372.530 Millions compared to Rs. 4,068.190 Millions in
previous fiscal year which is increased by 7.48 % equivalent to Rs. 304.340
Millions. During the year, the exports revenue, which as a percentage of net
sales, stood at 58.12% compared to 54.71% of previous fiscal year.
EBITDA,
PBT and PAT reached to Rs. 2,433.820 Millions, Rs. 1,604.700 Millions and Rs.
1,414.420 Millions respectively (Rs. 2,294.710 Millions, Rs. 1,437.060 Millions
and Rs. 1,303.650 Millions respectively, in the previous year) registering
6.06% , 11.67% and 8.50% growth over the previous fiscal year.
As
a percentage of net sales, the EBITDA margin increased to 32.35% in fiscal year
2010 compared to 30.86% of previous fiscal year. As a percentage of net sales,
the PBT margin increased to 21.33% in fiscal year 2010 compared to 19.33% of
previous fiscal year. As a percentage of net sales, the PAT increased to 18.80%
in the fiscal year 2010 compared to 17.53% in previous fiscal year.
Out
of the issue proceeds of Rs. 3,000 Millions, the company utilized the issue proceeds
for repayment of an identified term loan of Rs. 459.140 Millions and Rs.
174.770 Millions towards the issue expenses. The remaining proceeds will be
utilized for growth capex.
MANAGEMENT
DISCUSSION and ANALYSIS
After
an year of fragile and uneven recovery in the last half of 2009 and the first
half of 2010, global economic growth started to decelerate at a global level in
mid-2010.
Weaknesses
in major developed economies continued to drag the global recovery. The
unprecedented scale of the policy measures taken by Governments during the
early stage of the crisis had no doubt helped to stabilize financial markets
and jump-start a recovery. However, overcoming the structural problems that led
to the crisis is proving much more challenging and it seems that it will be a
lengthy process.
Even
in such adverse circumstances during 2010, the Company continued registering an
year on year increase in bottom line margin. Also, one of the greatest
landmarks in the history of the Company was achieved in 2010 when the Company
got listed on Bombay Stock Exchange Limited.
Following
are the key highlights of the business of the Company and financial front in
the year 2010:
•
The Company went public on 20th December, 2010 and successfully raised Rs.
3,000 Millions from the capital markets primarily for capacity expansion and
prepayment of certain debt.
•
The Company entered into Russia by obtaining the first registration in this
territory in 2010.
•
The product registrations increased to 1166 and there were 331 product
registrations under pipeline as on 31st December, 2010.
•
The Company obtained registrations for 21 more ANDAs in the United States
during 2010.
•
The long term credit rating was upgraded by Fitch Ratings India Private Limited
from BBB+ (ind) to A- (ind) indicating sustainable and strong financial
fundamentals along with robust business growth prospects.
•
The Company received the “Best Place to Work For” award from the Economic Times
and was rated the #1 Company to Work For in the Healthcare Sector.
Global
Pharmaceutical Industry 2011 and onwards
The
levels of innovation at “Big Pharma” companies are slowing, as players in
Europe and the US are increasingly turning their attention to complex products and
are even entering the generics market to supplement their growth. Looking at
the next five years, investment in long-term opportunities like niche generics
is critical; this should support growth as opportunities in plain-vanilla
generics recede.
The
manufacturers of generic drugs will continue to be a strong players for the
year 2011 and beyond, largely due to the following reasons:
1.
Important drug patents of top-selling brands are expiring in the US and EU over
2011-15, offering significant growth opportunities for Indian companies. It is
estimated that USD 18 Bn incremental opportunity in the US will arise over this
period, of which Indian companies could take approximately 20% market share;
the EU opportunity is additional upside.
2.
India’s pharmaceutical market continues to expand at a robust pace due to
favorable demographics and economic growth – a sales forecast at CAGR of 16%
over FY10-FY13 is estimated.
3.
Sales in emerging markets are growing strongly as well. Companies that are well
positioned in some of the larger and faster-growing markets like Russia, South
Africa, Brazil and Mexico have a huge opportunity at hand.
India
Market
Over
the last five years, the Indian domestic formulations market has expanded from
USD5 Bn in 2005 to over USD 9.5 Bn (a CAGR of 14%). Most therapeutic areas are
growing in double digits on the back of new launches, line extensions and
increasing penetration of existing brands in semiurban and rural areas.
McKinsey and company estimates suggest that the market will be more than double
to USD20bn in 2015 and move into the top
10
pharmaceutical markets globally, implying a CAGR of 12.3%.
India
is fast becoming awash with lifestyle-related illnesses. Demographic change and
unhealthy nutrition and habits are giving rise to new killer diseases. This
will provide Indian pharma companies sustainable golden opportunities in
specific segments. Firms that are well placed in this space will realize better
growth, profitability and returns on capital employed. According to IMS Health,
the Indian pharma industry grew 17% YoY to reach USD 9.8 Bn in 2009. Chronic
therapies, with their superior growth profiles, are likely to comprise more
than 50% of the market by 2020 from the current 31%, and will push up overall
growth. With increasing affordability and improving healthcare access, it is
also expected that volume growth will rise,especially as domestic firms enhance
penetration in tier-I and tier-II cities, while pricing remains a marginal
contributor.
Emerging
Market
Emerging
markets will present a meaningful opportunity for generic drug sales,
especially in countries that have so far seen low generic penetration and have
loose price controls. Indian generics that have been successful in the domestic
market are likely to use their skills in marketing and branding in some of the
similar markets. The focus will be to grab increasing share in these markets
and not worry about the competitive scenario that may eventually emerge. On an
average, emerging market growth should be in the 15-20% range over the next
five years. With a strong track record and sound strategy, Indian companies
should be able to achieve 20% growth in this area, especially as they already
have a strong presence in some of the key markets like Russia, CIS, Africa and
Mexico. Indian generics are replicating their domestic success in these markets
Emerging
Markets such as the BRIC countries, South Africa, Mexico, Turkey, Poland,
Indonesia and Romania, are growing faster than developed markets. According to
IMS, a well-known industry research firm, emerging markets like Russia, Brazil
and Mexico will increase their share in global pharma from 16% in 2009 to 25%
in 2014-15.
Over
the past decade, as the Indian industry has diversified into formulation exports,
non-US/EU markets have contributed to a quarter of incremental sales: as much
as the domestic market. For the Indian companies to maintain their 20% YoY
sales growth trajectories and the stocks to justify their 18-20x Forward P/E
multiples, success in Emerging Markets will be critical. These are fast growing
markets,
Regulated
Market
The
global generic pharmaceuticals market recorded revenues of around USD 80 Bn in
2009, about 10% of the total prescription pharmaceutical market globally (USD
800 Bn). However, generics growth over the last five years has outpaced
prescription pharma growth. The global generics sales CAGR was just above 10%
over 2005-09, against 6% for branded pharma. According to industry estimates,
sales of generic drugs are expected to grow to over USD 130 Bn by 2015 due to
an increase in the number of products (including blockbusters likes Lipitor,
Plavix, Nexium and Advair) going off patent and increasing penetration of
existing generics in regulated as well as unregulated markets. Generics
represent close to 73% of global pharmaceutical volume and this is expected to
increase given wide acceptance in big markets like the US and EU. The
governments of developed markets with publicly funded healthcare plans want to
increase the use of generics in order to cut healthcare costs. In the US alone,
72% of prescriptions are written for generics. However, in the US, in sales
terms generic drugs account for just 17%, despite the fact that generics sales
have risen three-fold since 2000. (Source: HSBC Global Research Healthcare
Indian Pharmaceuticals January 2011) Injectables
within Pharmaceutical Industry Generics Investment in drug delivery
systems has so far not had a big impact on growth levels, largely because the
segment represents a minority share of global pharma sales. However, with
blockbuster expiries in oral formulations in regulated markets, increasing
emphasis on injectables, they believe this gap in some companies could prove
costly for future sustainable growth in generics. Some 70% of generics sales in
2009 were oral products while injectables added another 20%. The remaining 10%
came from delivery formulations like nasal, topical, ophthalmic and
inhalational.
The
dominance of oral and injectables is here to stay. Injectables account for 20%
of generics. The overall market in injectables as of 2009 is USD 200 Bn, with
about 40% of this coming from the US. The market has registered a CAGR of +20%
over the last five years. The generic market in injectables is smaller at USD
15 Bn (20% share) but this should increase going forward.
The
growth in injectables is expected to outpace that in oral preparations as a
result of:
•
Increasing emphasis on shift towards specialty segments like oncology, hormones
and blood-related disorders.
•
Growth in segments like biologics, therapeutic proteins and vaccines, all of
which are injectables.
•
Limited pricing pressure in injectable generics as against plain-vanilla orals.
•
Injectable oncology patents to start expiring post 2015, just when the
opportunity in orals may register a huge decline.
The
US and EU together account for 90% of the regulated markets in injectables and
the US represents nearly half the share in non-biologics injectables. In the
non-biological segment, therapy areas like anti infective, anesthetics and
cardiovascular are important categories.
Opportunities
and Threats
While
healthcare service providers and insurance companies abroad continue to drive
prices down, injectable products, because of their higher regulatory standards
and the complexity of development or manufacturing process, tend to command
higher margins and price stability as compared to oral products. It is
therefore expected that this market will continue to attract pharma and biotech
companies which will focus on new product
innovation
as well as cost-cutting to improve their overall profit margins. With
modernization and new hospitals, the number of quality conscious customers who
prefer to buy dependable Parenteral products for their modern healthcare setup
is steadily rising and will continue to rise for the next few years.
Accordingly, the parenteral segment will enjoy excellent growth in the coming
years. The key challenge, to emerge successful in this segment, is to provide
consistent quality. These trends indicate that over a period of time more
players will emerge in this segment either as independent entities or
collaboration that will bring new high-end products.
FINANCIAL
HIGHLIGHTS
Overview
The
financial statements have been prepared in compliance with the requirements of
the Companies Act, 1956, and Generally Accepted Accounting Principles (GAAP) in
India.
The
total revenues increased marginally by Rs. 83.650 Millions or 1.10% from Rs.
7,594.010 Millions in fiscal 2009 to Rs. 7,677.660 Millions in 2010. Income
from net sales also increased marginally by Rs. 88.100 Millions, or 1.18% in
fiscal 2010 compared to that in fiscal 2009. This increase was due to increase
in export sales. The income from net sales in Domestic market has decreased by
Rs. 216.240 Millions, or 6.42% in the fiscal 2010 compared to that of 2009.
This decrease is primarily on account of the continuing reduction in sales
efforts for certain of the low margin products. However, niche/specialty
injectables portfolio, continued to accelerate on the back of introduction of
new products and increasing market share. Post the FDA issue, the company has
shifted the business strategy to concentrate on the base business (hospital
care) as well taking into account the robust growth of hospital beds in India.
Going forward, both the base business and the specialty injectables business
would be important growth drivers for them.
The
incomes from net sales in international market increased significantly by Rs
304.340 Millions, or 7.48% in fiscal 2010 compared to fiscal 2009. The export
revenue, as a percentage of net sales stood at 54.71% in fiscal 2009 which
increased to 58.12% in 2010. Even though the Company faced with an import alert
and warning letter imposed by the USFDA, the Company overcame the adversities
by increasing its sales to countries other than the
United
States, thus ensuring achievement of growth targets in the exports market.
FIXED
ASSETS:
·
·
Buildings
·
Improvement in Leasehold Property
·
Plant and Machinery
·
Electrical Instrument
·
Furniture and Fixtures
·
Other Equipments
·
Vehicles
·
Data Processing Equipments
·
Computer Software
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER AND HALF YEAR ENDED JUNE 30, 2011
(Rs. In Millions)
|
Particulars |
For the Current Quarter
Ended 30.06.2011 |
Year to Date Figures for the
Current Period Ended 30.06.2011 |
|
1. a) Net Sales/
Income from Operations |
2863.924 |
6255.923 |
|
b) Other
Operating Income |
7.375 |
10.961 |
|
Total Income |
2871.299 |
6266.884 |
|
|
|
|
|
2. Expenditure |
|
|
|
a. Increase in
Stock in trade and work in progress |
[114.320] |
[132.308] |
|
b. Consumption of
raw materials/ Packing materials |
954.418 |
2131.365 |
|
c. Purchase of
traded goods |
201.556 |
315.629 |
|
d. Product
developments expenses |
178.356 |
6.085 |
|
e. Employee cost |
222.356 |
476.626 |
|
f. Depreciation |
258.321 |
463.780 |
|
g. Other
Expenditure |
828.776 |
1804.988 |
|
Total Expenditure |
2529.464 |
5066.165 |
|
|
|
|
|
3. Profit/ Loss
from operations before other Income, Interest and Exceptional Item (1-2) |
341.835 |
1200.719 |
|
4. Other Income |
14.859 |
138.499 |
|
5. Profit/ Loss
before Interest and Exceptional Item (3+4) |
356.694 |
1339.219 |
|
6. Interest (Net) |
130.729 |
361.940 |
|
7. Profit/ Loss
after Interest but before Exceptional Item (5-6) |
225.965 |
977.279 |
|
8. Exceptional
Items |
-- |
-- |
|
9. Profit/ Loss
from ordinary Activities before tax (7+8) |
225.965 |
977.279 |
|
10. Tax Expenses |
|
|
|
a. Current Tax |
88.000 |
200.000 |
|
b. MAT Credit
Entitlement |
[50.589] |
-- |
|
c. Deferred Tax |
[27.293] |
36.569 |
|
d. Short/ Excess
Provision of Tax in Earlier period |
75.000 |
[49.533] |
|
Total Tax
Expenses |
85.118 |
187.036 |
|
11. Net Profit/ Loss
from ordinary activities after tax (9-10) |
140.848 |
790.243 |
|
12. Extraordinary
Item |
-- |
-- |
|
13. Net Profit/
Loss for the period (11-12) |
140.848 |
790.243 |
|
14. Paid-up
Equity Share Capital (Face Value – Rs. 10/- per share) |
638.178 |
638.178 |
|
15. Reserve
excluding Revaluation Reserve |
-- |
7578.405 |
|
16. Basic and
Diluted Earning per Share (EPS) (Not Annulised) |
2.21 |
15.27 |
|
17. Public
Shareholding |
|
|
|
- No. of Shares |
19783459 |
19783459 |
|
- Percentage of
Shareholding |
31.00% |
31.00% |
|
18. Promoters and
Promoters Group Shareholding |
|
|
|
a) Pledged/
Encumbered |
|
|
|
- Number of
Shares |
Nil |
Nil |
|
- Percentage of
Shares (as a % of total shareholding of promoter and promoter group) |
Nil |
Nil |
|
- Percentage of
Shares (as a % of the total share capital of the company) |
Nil |
Nil |
|
b) Non
–Encumbered |
|
|
|
- Number of
Shares |
44034306 |
44034306 |
|
- Percentage of
Shares (as a % of total shareholding of promoter and promoter group) |
100% |
100.00% |
|
- Percentage of
Shares (as a % of the total share capital of the company) |
69.00% |
69.00% |
Note:
1.
The
Company was listed on Bombay Stock Exchange on 20th December,
2010 Consequently, the Figures for the
corresponding period i.e. the quarter ended and the half year ended 30th
June, 2010 have not been given.
2.
The
above results have been reviewed by the Audit Committee and approved by the
Board of Directors at their respective meetings held on 5th August
2011. The Statutory auditors have carried out a Limited review of the unaudited
financial result for the quarter ended and half year ended on 30th
June, 2011.
3.
The
initial public offer proceeds have been utilized as per objects of issue as
stated in the prospectus s under.
A)
The
Utilised of issue proceeds from IPO is as follows:
(Rs. In Millions)
|
Particulars of Fund utilized for |
Amount utilized till 30th June 2011 |
|
Setting up of a
new plant |
176.705 |
|
Setting up of new
manufacturing line in clarion IV |
110.642 |
|
Construction of
manufacturing R and D Facilities |
-- |
|
Prepayment of
Loan |
459.140 |
|
General Corporate
Purpose |
97.125 |
|
Issue Expenses |
257.380 |
|
Total |
1100.992 |
|
B) The Utilised
proceeds are |
|
|
Held in fixed
deposit account |
1727.643 |
|
Held in Escrow
Account |
-- |
|
Held in Current
Account |
-- |
|
Investment in
Mutual Fund |
100.000 |
|
Used towards
paying down working capital/ short term credit limit/ in current account |
71.365 |
|
Total |
3000.000 |
For the year 2010,
the company had projected in the prospectus to utilize Rs. 900.570 Millions of
IPO proceeds as compared to that it has utilized Rs. 459.140 Millions. The main
reason for the shortfall in the utilization was the delay in the IPO by 4 months
4.
Staus
of investor completing during he quarter pursuant to Clause 41 of the Listing
Agreement: Opening (Nil), Received (27), Disposed off (27), Closing (Nil)
5.
The
company has only one reportable business segment, namely, drugs and
pharmaceuticals
6.
Summarised
balance sheet as at 30th June 2011
(Rs. In Millions)
|
Particulars |
Standalone As at 30.06.2011 (Unaudited) |
|
Shareholder’s
Fund |
|
|
a) Capital |
638.178 |
|
b) Reserve and
Surplus |
7719.747 |
|
Loan Funds |
3702.579 |
|
Deferred Tax
Liability (Net) |
495.136 |
|
Total |
12555.640 |
|
|
|
|
Fixed Assets |
7874.083 |
|
Investments |
270.572 |
|
Goodwill (On
Consolidation) |
-- |
|
|
|
|
Current Assets, Loans
and Advances |
|
|
a) Inventories |
1468.685 |
|
b) Sundry Debtors |
2280.120 |
|
c) Cash and Bank
Balances |
2127.902 |
|
d) Other Current
Assets |
57.766 |
|
e) Loans and
Advances |
907.784 |
|
|
6842.257 |
|
|
|
|
Less: Current Liabilities
and provisions |
|
|
a) Liabilities |
2187.384 |
|
b) Provisions |
243.888 |
|
|
|
|
Total |
12555.640 |
BUSINESS DESCRIPTION
Subject is an
India-based sterile injectables pharmaceutical company. The Company has presence
in 76 countries worldwide. The Company’s products offering consist of 113
products across multiple markets and therapeutic areas. All of its products are
off-patent products, a majority of which are capable of being directly injected
into the body and are predominantly used in the treatment of critical
illnesses. The Company’s products range across various therapeutic segments,
including anaesthesia, critical care, anti-infectives, renal care, infusion
therapy, enteral nutrition, parenteral nutrition and oncology. It offers
injectables in various delivery systems, such as glass and plastic bottles,
vials, ampules, pre-filled syringes and non-polyvinyl chloride (PVC) and PVC
bags. The Company’s customer base primarily includes government and private
hospitals, aid agencies and nursing homes. Its manufacturing facilities are
located in Ahmedabad, India. For the fiscal year ended 31 December 2010, Claris
Lifesciences Limited's revenues increased 1% to RS7.68B. Net income increased
to 8% to RS 1.41B. Revenue reflects increase in net sales/income from
operations and higher other income. Net income reflects a significant decrease
in purchase of traded goods, lower other expenditure and a fall in interest
expenses. The company is one of the largest Indian sterile injectables
pharmaceutical company
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, RandD
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
COMPANY
EVOLUTION
1999
·
Inauguration of first international
office in
·
Clarion I, the first manufacturing
facility with 3 production line
2002
·
Received the WHO GMP certificate for
the Clarion I manufacturing facility
·
Reached Rs.1 billion mark in sales
turnover
2003
·
Manufacturing facility approved by
INVIMA,
2004
·
Commercial production started at
Clarion II manufacturing facility
2005
·
Clarion I manufacturing facility
approved by the MHRA,
·
Received first product registration
from
·
The Company received its first
regulated market order from the
·
Filed 6 ANDAs with the USFDA.
2006
·
First Carlyle Ventures III invested
Rs.905.04 million in Equity Shares and convertible preference shares in the
Company.
2007
·
The USFDA granted approval of their Company’s
sterile injectable manufacturing facility in Clarion I.
·
Received Gold Award in
·
Received
2008
·
Received approval for 4 ANDAs in the
·
Commenced own sales and marketing
activities in the
·
Launch of a range of infusion products
in non-PVC bags in
·
Received Gold Award in
·
Received Indian Drug Manufacturers'
Association Quality Excellence Award
2009
·
One of the Company’s non-resident
Subsidiaries entered into a business arrangement with Pfizer Asia Contract
Operations Pte. Limited for the marketing and supply of specific sterile
injectables in certain regulated markets.
·
Received Gold Award in
·
Received Indian Drug Manufacturers'
Association Quality Excellence Award
2010
·
Received a letter from the USFDA in
relation to the registration of the aseptic manufacturing line.
·
Claris Firms up IPO Plan
BOARD OF DIRECTORS' PROFILE
Dr. Pravin P. Shah, Non-Executive Chairman
and Independent Director
Dr.
Pravin P. Shah is the Non-Executive Chairman of the Board and is an Independent
Director of their Company. He was appointed as a Director on April 27, 1999. He
holds a bachelor degree in commerce and doctorate in finance from
Mr. Arjun S. Handa, Promoter, Managing
Director and CEO
Mr.
Arjun S. Handa is a Post Graduate in Management from
Mr. Aditya S. Handa, Non-Executive and
Non-Independent Director
Mr.
Aditya S. Handa holds a Bachelor of Commerce degree from the
Mr. Nikhil Mohta, Non-Executive
Non-Independent Director, Nominee of Carlyle
Mr.
Nikhil Mohta is a nominee director of First Carlyle Ventures III. He holds a
post graduate diploma in management from Indian Institute of Management,
Ahmedabad. He received his B.Com (Hons) from the
Mr. Chandrasingh Purohit, Executive Director
(President – Finance)
Mr.
Chandrasingh Purohit holds a Master of Commerce degree from
Mr. Amish Vyas, Executive Director
(President – International Business and Strategy)
Mr.
Amish Vyas, holds a Bachelor of Electronics and Communication degree from
Mr. Chetan S. Majmudar, Executive Director
(President – Technology and CQA)
Mr.
Chetan S. Majmudar oversees the technical aspects of the Company. He holds a
Bachelor of Science degree from
Mr. T. V. Ananthanarayanan, Independent
Director
Mr.
Ananthanarayanan holds a Master of Science degree in Biomedical engineering
from the Indian Institute of Technology, Chennai, and is a graduate in
mechanical engineering from the Indian Institute of Technology, Chennai. He has
completed professional internship in applied behavioral sciences from the
Indian Society for Individual and Social Development (ISISD), and has been
accepted as a Professional member of the Society. He has 35 years of experience
consisting of seven years (1972-79) in managing manufacturing processes and
operations, six years (1979-85) in long term projects focusing primarily on
manufacturing turnarounds and ten years (1985-95) of independent consulting. He
has been associated (as visiting faculty) with the Indian Institute of Management,
Ahmedabad and Bangalore, the National Institute of Design, Ahmedabad, Institute
of Rural Management, and has various publications to his credit including a
book titled "Totally Aligned Organisation", published in 2000.
Mr. Arvind Bansal, Independent Director
Mr.
Bansal holds a post graduate diploma in business management from the Indian
Institute of Management, Ahmedabad, and is a graduate in engineering from the
Indian Institute of Technology,
Mr. Surrinder Lal Kapur, Independent
Director
Mr.
Kapur holds a post graduate degree in Mathematics and is a graduate in Law from
Mr.
Shyam Sharma, President – HRM and Corporate Communication
Mr. Shyam Sharma holds a Bachelor of Arts degree from the
Mr.
Bharat Shah, President –
Mr. Bharat Shah holds a Bachelor of Commerce degree from the
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.
Overview
·
Unique Business Model
·
Disease Focus
·
Intellectual property and proprietary know-how
based product basket
·
·
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
Business
Therapies
·
Anesthesia
·
Plasma Volume Expanders and Blood
Products
·
Clinical Nutrition
·
Renal and Transplant
·
Oncology
·
Anti infectives
·
Infusion therapy
Market
Presence
·
Presence in 76 countries across Latin
America, Europe, Gulf, Africa, CIS,
·
Subsidiary companies, laboratories,
office infrastructure
·
Grass root marketing and brand building
·
Supplier to aid agencies
Competitive
Edge
·
1st to introduce several products in
·
No single Indian company having similar
product focus
·
Few International competitors
·
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
Certifications/Recognitions
·
Accepted by international regulatory
authorities including USFDA, MHRA (UK), TGA (Australia), NAM (National Agency
for Medicine) Finland, GCC (Gulf Co-operation Council), ANVISA (Agencia Nacional
de Vigilancia Sanitaria) Brazil, INVIMA (Instituto Nacional de Vigilancia de
Medicamentos Y Alimentos) Colombia, to name a few.
·
India Manufacturing Excellence Awards
from The Economic Times and Frost and Sullivan for 3 consecutive years viz.
2007, 2008 and 2009.
·
IDMA Quality Excellence Award for 4
years.
·
Certified for ISO 9001:2000
PRESS
RELEASE:
Claris Lifesciences Limited Gets UK Regulator's Clearance For India
Plant-DJ
Aug 01, 2011
Dow Jones reported that the U.K.'s Medicines and Healthcare products Regulatory
Agency, or MHRA, has given regulatory clearance to Claris Lifesciences
Limited's factory in Ahmedabad in western India. The approval will allow Claris
to again start selling in the European Union some of its drugs that are packaged
in bags, the Indian company informed the stock exchanges. The MHRA clearance
for the factory and the products made there could pave the way for an approval
from the U.S. Food and Drug Administration as well, and is a 'big step' in
resolving the whole issue. The U.S. FDA had last November banned Claris's
products after finding violations of manufacturing standards at the company's
factory in Ahmedabad.
Claris Lifesciences Limited Receives Two More Product Approvals In
Russia
May 26, 2011
Claris Lifesciences Limited announced that it has received approval from
Ministry of Health (MoH), to market two more anti-infectives viz. Flucanazole
IV 100ml and Levofloxacin IV 100ml. Fluconazole is a triazole anti-fungal drug
used in the treatment and prevention of superficial and systernic fungal
infections; whereas Levofloxacin is a synthetic anti-bacterial agent of the
fluroquinolone class that is used to treat a broad range of infections.
Claris Lifesciences Limited Cts IPO Price Band, Extends Issue
Close-Reuters
Nov 26, 2010
Reuters reported that Claris Lifesciences Limited has cut price band and
extended the closing date for its INR3 billion initial public offering. The
Company has set a new price band of INR228-INR235 and the closing date now stands
at December 2, 2010. The earlier price band was INR278-INR293 and the issue was
suppose to close on November 26, 2010. Enam Securities, Edelweiss Capital , JM
Financial Consultants and ICICI Securities are the arrangers to the issue.
Claris Lifesciences Limited Aims To Raise INR3 Billion Via IPO-DJ
Nov 22, 2010
Dow Jones reported that Claris Lifesciences Limited sets a price band of
INR278-INR293 for its initial share sale, which is scheduled to open November
24 and close November 26. The Company plans to use about INR2.50 billion from
the IPO proceeds on expansion, including setting up manufacturing facilities,
utility infrastructure and building a research and development unit. The
Company will use INR500 million for repaying debt. Enam Securities Private
Limited, Edelweiss Capital Limited, JM Financial Consultants Private Limited
and ICICI Securities Limited are the book running lead managers to the issue.
Accord Fintech
(India)
02 August 2011
[What follows is the full text of the news
story.]
India, Aug. 02 --
Indian equity indices drifted lower and are trading with a negative bias in
absence of any significant upside triggers with investors lacking conviction to
hold on to their positions amid the growing uncertainty over global economic
growth prospects especially at a time when major industrialized economies are
indicating decline in manufacturing activity. Market participants were seen
selling up the positions in Realty, Bankex and Metal sector. Stocks like
Gujarat Auto, Surana Industries, Indraprastha Gas, Wabco TVS India, Nicco Parks
and Rainbow Papers hit new high while stocks like FCS Software, Ramsarup
Industries, Ackruti City, Cambridge Technology, SEL Manufacturing, Indiabulls
Securities, Onmobile Global, Thinksoft, Claris Lifesciences, Punjab and Sind
Bank and Sanghvi Forgings hit new low. Also RIL was seen under pressure after
Oil Ministry informed Parliament about RIL's KG-D6 gas field output at 48.60
mmscmd in Q1 against projected 70.39 mmscmd. Heavy activity was been noticed in
cement companies like Ambuja Cement, ACC, UltraTech Cement and JP Associates.
Ambuja Cements shipments in July rose 14 percent from a year ago to 1.7 million
tonnes. The company, in which Swiss cement maker Holcim holds about 46 percent
saw production in July rising to 1.67 million tonnes from 1.41 million tonnes a
year earlier. ACC shipments in July rose 28 percent from a year earlier to 2
million tonnes. The company, in which Swiss cement maker Holcim holds about 46
percent saw production in July rose to 2.03 million tonnes from 1.55 million
tonnes a year ago. UltraTech Cement's production for the month of July 2011 has
rose by 7.3% at 30.98 lakh million tonnes and dispatches jumped by 7.4% at
31.33 lakh million tonnes over July 2010 while Jaiprakash Associates,
infrastructure major registered cement sales at 14.47 lakh tonne in July
against 12.21 lakh tonne in the same month last year recording a growth of 18%.
On the global front, Asian markets are trading in red while the European
markets too were trading in red on pessimistic note. Back home, the NSE Nifty
and BSE Sensex were trading below their psychological 5,500 and 18,100 levels,
respectively. The market breadth on the BSE was negative in the ratio of
669:2063 while, 111 scrips remained unchanged.Moreover, shares of telecom
companies like Bharti Airtel, Reliance Communication, Idea Cellular and MTNL
were seen under pressure after the Telecom Commission, the apex decision-making
body of the Department of Telecom, has given its nod to imposing a uniform
license fee of 8.5 percent on all telecom operators. Operators currently pay
between 6 percent and 10 percent of their annual revenues as license fee.
Though the Telecom Regulatory Authority of India had recommended bringing down
the license fee to a uniform 6 percent, a panel set up by the DoT pegged this
at 8.5 percent in order to protect Government income while Fertilizer shares
including Rashtriya Chemicals and Fertilizers, National Fertilizers, Chambal
Fertilizers and Nagarjuna Fertilizers and Chemicals rallied after reports
emerged that the Committee of Secretaries (CoS) are expected to meet Finance
Minister (FM) on urea deregulation on August 5.The BSE Sensex is currently
trading at 18,062.96 down by 251.37 points or 1.37% after trading as high as
18,283.55 and as low as 18,037.87. There were 4 stocks advancing against 26
declines on the index.The broader indices were trading on weak note; the BSE
Mid cap index plunged 1.75% and Small cap sank 1.66% respectively.ďż˝ On the
BSE sectoral space, there were no gainers while Realty down 2.46%, Bankex down
1.90%, Metal down 1.76%, FMCG down 1.68 and TECk down 1.61% were the major
losers on the index.The top gainers on the Sensex were NTPC up by 1.50%, Cipla
up by 1.13%, ONGC up 0.26% and HUL up 0.08%.On the flip side, JP Associates
down by 5.15%, RCOM down 3.90%, SBI down 2.87%, ITC down 2.73% and Sterlite
Industries down 2.47% were the major losers on the index.Meanwhile, due to
stubbornly high inflation and Reserve Bank of India's (RBI) continues rate
hikes, the Indian manufacturing sector fell for the third month in row in July
and reached to 20 month low level. As per the HSBC Markit Business Activity
Index based on the survey of 500 companies declined to 53.6 in July, from 55.3
in June, this moderation is due to uncertainty in global demand weighed on
orders and production growth. However, the HSBC Markit Business Activity Index
remained above the 50 mark which separates growth from contraction for the 28th
successive month. The HSBC Markit Business Activity Index for the month of July
showed the weakest growth since late 2009 and indicated the dampening of demand
from key markets like US and Eurozone, which are suffering from their own
respective debt crises.��� The growth of Indian economy is coming under
pressure partly because of uncertainty in global economic condition, but mainly
due to RBI's nonstop hike in its key policy rates to check stubbornly high
inflation. Last month RBI increased its short tern lending and borrowing rates
by 50 basis points. However, government expects that this is not an end of
policy tightening cycle, as headline inflation is still hovering near by the
double digit figures. The other indicators such as, Index of Industrial
production (IIP) and eight core industries are showing signs of moderation in
the Asia's third largest economy. IIP growth for the month of May stood at 5.6%
which is slowest in nine month and the Index of Eight core industries having a
combined weight of 37.90% in the IIP, for the month of June stood at 5.2%. The
Indian economy registered a five quarter slowest growth in the last quarter of
2010-11 it grew by 7.8%.ďż˝ The HSBC Markit Business Activity Index showed that
the input prices increased sharply in July, on account of higher raw material
cost, making manufacturing charging more for their product. The sub-index for
the input and output prices remained at elevated levels.ďż˝ On the other hand,
it also indicated the first increase in Indian manufacturing sector employment
for nine months. Labour shortages have restricted firms' ability to fill vacant
positions in recent survey periods. The increase in staffing levels suggested
that the lack of suitable workers had alleviated to an extent, but the rate of
job creation was modest, with the majority of respondents indicating no change
in employment at their units since June.By commenting on the India's
Manufacturing PMI survey Leif Eskesen, Chief Economist for India and ASEAN at
HSBC said, "The momentum in the manufacturing sector eased further in July
as sequential growth in output and new orders slowed, although employment
picked up. In turn, backlogs of work grew less fast and supplier delivery times
shortened". On the inflation front, input costs and output prices
accelerated. These numbers confirm that inflation pressures remain firmly in
place despite the ongoing moderation in growth. The RBI will, therefore, have
to maintain its tightening bias for a while still to anchor inflation
expectations, Leif Eskesen added.The SandP CNX Nifty is currently trading at
5,442.35, lower by 74.45 points or 1.35% after trading as high as 5,496.30 and
as low as 5,433.65. There were 10 stocks advancing against 38 declines while 2
stocks remained unchanged on the index.The top gainers of the Nifty were NTPC
up by 1.47%, Cipla up by 1.08%, Kotak Bank up 0.95%, Ranbaxy up 0.69% and ONGC
up 0.62%. On the flip side, JP Associates down 5.09%, RCOM down 3.95%, IDFC
down 3.03%, SBI down 2.89% and ITC down 2.80% were the major losers on the
index.Asian markets traded with significant losses, Shanghai Composite slipped
0.91%, Hang Seng declined 1.07%, Jakarta Composite shed 0.74%, KLSE Composite
fell 0.20%, Nikkei 225 plunged 1.21%, Straits Times sank 1.24%, Seoul Composite
got clobbered by 2.35% and Taiwan Weighted plummeted 1.34%.The European markets
were trading in red, with France's CAC 40 eased 0.48%, Germany's DAX shed 0.61%
and London'sFTSE slipped 0.34%. Published by HT Syndication with permission
from Accord Fintech.
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.50.06 |
|
|
1 |
Rs.79.16 |
|
Euro |
1 |
Rs.69.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
64 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.