|
Report Date : |
22.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
CLARIS OTSUKA LIMITED (w.e.f. 29.12.2012) |
|
|
|
|
Formerly Known
As : |
CLARIS SPECIALITY INJECTABLES LIMITED |
|
|
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|
Registered
Office : |
5th Floor, Claris Corporate Headquarters, Near Parimal
Crossing, Ellisbridge, Ahmedabad – 380006, Gujarat |
|
|
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|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
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|
Date of
Incorporation : |
12.11.2012 |
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|
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|
Com. Reg. No.: |
04-072692 |
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Capital
Investment / Paid-up Capital : |
Rs.0.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24230GJ2012PLC072692 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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Line of Business
: |
Manufacture and Marketing of Drug and Pharmaceutical Products. |
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|
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|
No. of Employees
: |
Information denied by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
- |
NB |
New Business |
- |
|
Maximum Credit Limit : |
USD 1700 |
|
|
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|
Status : |
New Business |
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|
Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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|
Comments : |
Subject is a newly formed joint venture between “Claris Lifescience
Limited, India” and “Otsuka Pharmaceutical Factory, Inc, Japan” and “Mitsui
and Company Limited, Japan”. The Company Formed by Joint Venture was
Incorporated during November 12th, 2012 and is establishing itself
gradually. The company has not yet commenced its business activity and has
incurred a minimal loss during the period ranging from November 13th,
2012 to December 31st 2012 due to pre operative expenses. There
appear no external borrowings recorded in the books during 2012. Management has denied to disclose any further information regarding. However, business is active. Payment terms are unknown. In view of strong and reputed holding companies, the subject can be
considered for business dealings with some caution. |
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|
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
MANAGEMENT NON CORPORATIVE (91-79-26563331)
LOCATIONS
|
Registered Office : |
5th Floor, Claris Corporate Headquarters, Near Parimal
Crossing, Ellisbridge, Ahmedabad – 380006, Gujarat, India |
|
Tel. No.: |
91-79-26563331/ 66309339 |
|
Fax No.: |
91-79-26408053 |
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E-Mail : |
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|
Website : |
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|
Factory : |
Located At :
|
DIRECTORS
As on: 11.07.2013
|
Name : |
Mr. Arjun Sushilkumar Handa |
|
Designation : |
Director |
|
Address : |
Sharanya Judges Bunglows Road, Vastrapur, Bodakdev, Ahmedabad –
380054, Gujarat, India |
|
Date of Birth/Age : |
30.09.1979 |
|
Date of Appointment : |
12.11.2012 |
|
DIN No. : |
00159413 |
|
|
|
|
Name : |
Mr. Amish Pravinchandra Vyas |
|
Designation : |
Director |
|
Address : |
89-400, Saraswati Nagar, Near Azad Society, Ambawadi, Ahemadabad –
380015, Gujarat, India |
|
Date of Birth/Age : |
17.09.1970 |
|
Date of Appointment : |
12.11.2012 |
|
DIN No. : |
00168292 |
|
|
|
|
Name : |
Mr. Chandrasingh Shivrambhai Purohit |
|
Designation : |
Director |
|
Address : |
17, Rajvi Emeralds, Near Gala Gymkhana, Bopal, Ahmedabad – 380054,
Gujarast, India |
|
Date of Birth/Age : |
15.09.1973 |
|
Date of Appointment : |
12.11.2012 |
|
DIN No. : |
00199651 |
|
|
|
|
Name : |
Mr. Ichiro Otsuka |
|
Designation : |
Additional Director |
|
Address : |
3-50, Shinkura-CHO, Tokushima-SHI, Tokushima – 7700855 |
|
Date of Birth/Age : |
15.02.1965 |
|
Date of Appointment : |
31.07.2013 |
|
DIN No. : |
06639158 |
|
|
|
|
Name : |
Shinichi Ogasawara |
|
Designation : |
Additional Director |
|
Address : |
3-27-1, Kitamaegawa-CHO, Tokushima-City, Tokushima |
|
Date of Birth/Age : |
29.01.1953 |
|
Date of Appointment : |
31.07.2013 |
|
DIN No. : |
06633597 |
|
|
|
|
Name : |
Kenji Itoh |
|
Designation : |
Additional Director |
|
Address : |
2-2-14 Fukuecho Sakaide – City, Kagawa Pref |
|
Date of Birth/Age : |
15.07.1955 |
|
Date of Appointment : |
31.07.2013 |
|
DIN No. : |
06639026 |
|
|
|
|
Name : |
Hiromi Yoshikawa |
|
Designation : |
Additional Director |
|
Address : |
1-8-37, Niikura, Wako-SHI, Saitama - 3510115 |
|
Date of Birth/Age : |
13.05.1953 |
|
Date of Appointment : |
31.07.2013 |
|
DIN No. : |
06639148 |
|
|
|
|
Name : |
Kimihide Kondo |
|
Designation : |
Additional Director |
|
Address : |
Tahnea Heights, 301, Nepean Sea Road, Mumbai – 4000006, Maharashtra,
India |
|
Date of Birth/Age : |
14.05.1966 |
|
Date of Appointment : |
31.07.2013 |
|
DIN No. : |
01945259 |
|
|
|
|
Name : |
Bharat Vinodchandra Shah |
|
Designation : |
Additional Director |
|
Address : |
105, Surya Mandir, Judges Bunglow Road, Bodakdeev, Ahmedabad – 380053,
Gujarat, India |
|
Date of Birth/Age : |
11.06.1971 |
|
Date of Appointment : |
31.07.2013 |
|
DIN No. : |
00995574 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 11.07.2013
|
Names of Shareholders |
No. of Shares |
|
Claris Lifesciences Limited |
49940 |
|
Arjun Handa |
10 |
|
Amish Vyas |
10 |
|
Chandrasingh i Purohit |
10 |
|
Chetan S. Majmudar |
10 |
|
Bharat Shah |
10 |
|
Roopesh Madan |
10 |
|
|
|
|
Total |
50000 |
As on: 31.07.2013
|
Names of Shareholders |
No. of Shares |
|
Otsuks Pharmaceutical Factory, Inc, Japan |
5999998 |
|
Mr. Ichiro Otsuka |
1 |
|
Mr. Hiromi Yoshikawa |
1 |
|
Total |
6000000 |
As on: 31.07.2013
|
Names of Shareholders |
No. of Shares |
|
Mitsui and Company Limited |
1999999 |
|
Mitsui and Company India Private Limited |
1 |
|
Total |
2000000 |
As on: 11.07.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
99.88 |
|
Directors or relatives of Directors |
0.06 |
|
Other top fifty shareholders |
0.06 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Marketing of Drug and Pharmaceutical Products. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management
|
|
|
|
|
Bankers : |
Not Available |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shah Gaurav Jaswantlal Chartered Accountant |
|
Address : |
Heritage, 3rd Floor, Near Gujarat, Vidhyapith, Off Ashram
Road, Ahmedabad – 380014, Gujarat, India |
|
PAN No. : |
AABFD7919A |
|
|
|
|
Holding Company : |
Claris Lifesciences Limited CIN No.: L85110GJ1994PLC022543 |
|
|
|
|
Fellow Subsidiary : |
Ř Claris
Lifesciences Venezuela C.A. Ř Claris Produtos
Farmaceuticos Do Brasil Ltda. Ř Pt. Claris
Lifesciences Indonesia Ř Claris
Lifesciences Colombia Ltda Ř Catalys Venture
Cap Limited Ř Claris
Lifesciences International Limited Ř Claris
Lifesciences Philippines Inc Ř Claris
Lifesciences De Mexico SA de CV Ř Claris
Lifesciences (UK) Limited Ř Claris
Lifesciences Inc. Ř Claris
Lifesciences and CIA Chile Limitada Ř OGEN Nutrition
Limited Ř Claris
Lifesciences (Aust) Pty Limited Ř Claris
Infrastructure Limited Ř Claris
Pharmaservices Ř Icubix Infotech
Limited |
CAPITAL STRUCTURE
After: 11.07.2013
Authorised Capital : Rs.100.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.100.000 Millions
As on: 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
12.11.2012 to 31.12.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
0.500 |
|
(b) Reserves & Surplus |
|
|
(0.056) |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
0.444 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term
provisions |
|
|
0.000 |
|
Total Non-current
Liabilities (3) |
|
|
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
|
0.000 |
|
(b) Trade payables |
|
|
0.000 |
|
(c) Other current
liabilities |
|
|
0.056 |
|
(d) Short-term
provisions |
|
|
0.000 |
|
Total Current
Liabilities (4) |
|
|
0.056 |
|
|
|
|
|
|
TOTAL |
|
|
0.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
0.000 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital
work-in-progress |
|
|
0.000 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
0.000 |
|
(e) Other
Non-current assets |
|
|
0.000 |
|
Total Non-Current
Assets |
|
|
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
0.000 |
|
(c) Trade receivables |
|
|
0.000 |
|
(d) Cash and cash
equivalents |
|
|
0.500 |
|
(e) Short-term loans
and advances |
|
|
0.000 |
|
(f) Other current
assets |
|
|
0.000 |
|
Total Current Assets |
|
|
0.500 |
|
|
|
|
|
|
TOTAL |
|
|
0.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
12.11.2012 to 31.12.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
0.000 |
|
|
|
Other Income |
|
|
0.000 |
|
|
|
TOTAL |
|
|
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Other Expenses |
|
|
0.056 |
|
|
|
TOTAL |
|
|
0.056 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
|
(0.056) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
(0.056) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
(0.056) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
|
|
(0.056) |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
|
|
(1.12) |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
12.11.2012 to 31.12.2012 |
|
PAT / Total Income |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
|
|
(11.20) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
(0.13) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
8.93 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
Current maturities
of long term debt is not available
|
Sr. No. |
Check
List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year
of Establishment |
Yes |
|
2] |
Locality
of the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type
of Business |
Yes |
|
6] |
Line
of Business |
Yes |
|
7] |
Promoter's
background |
Yes |
|
8] |
No.
of employees |
No |
|
9] |
Name
of person contacted |
No |
|
10] |
Designation
of contact person |
No |
|
11] |
Turnover
of firm for last one month |
Yes |
|
12] |
Profitability
for last one month |
Yes |
|
13] |
Reasons
for variation <> 20% |
---------------------- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital
in the business |
Yes |
|
16] |
Details
of sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export
/ Import details (if applicable) |
No |
|
21] |
Market
information |
---------------------- |
|
22] |
Litigations
that the firm / promoter involved in |
---------------------- |
|
23] |
Banking
Details |
No |
|
24] |
Banking
facility details |
No |
|
25] |
Conduct
of the banking account |
---------------------- |
|
26] |
Buyer
visit details |
---------------------- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last
accounts filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN
of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
Purchase of Infusions Business From Claris Lifescience Limited And
Investment By Otsuka Pharmaceautical factory, Inc. And Mitsui And Company
Limited:
The company entered into various agreements,
including a Business Transfer Agreement dated December 7, 2012, Share
Subscription Agreement dated December 7, 2012 (the share subscription
agreement), entered into between the company, Claris Lifesciences Limited
(Claris), Otsuka Pharmaceautical factory, Inc. (Otsuka) and Mitsui And Company
Limited (Mitsui), in accordance with the terms of which the company will
acquire the infusions business of Claris on a slump sale basis for India and
Certain overseas markets, and it will also receive investments from Claris,
Otsuka ans Mitsui towards fresh equity shares to be issued by the Company
PRESS RELEASE:
CLARIS
LIFESCIENCES LIMITED, COMPLETES THE TRANSFER OF ITS INFUSION BUSINESS IN INDIA
AND EMERGING MARKETS; TO THE JOINT VENTURE WITH OTSUKA PHARMACEUTICAL FACTORY,
INC. AND MITSUI AND COMPANY LIMITED
JULY
31ST 2013
Ahmedabad,
India Claris Lifesciences Limited, India (Claris) announced today, that it has
completed the transfer of its Infusion business for India and Emerging Markets
to the Joint Venture (Claris-Otsuka) with Otsuka Pharmaceutical Factory, Inc.,
Japan (OPF) and Mitsui and Company Limited Japan (Mitsui).
The Infusion business includes Common Solutions,
Anti-Infective, Plasma Volume Expanders and Parenteral Nutrition therapies for
India and Emerging Markets. Claris has transferred two of its existing plants
to the Joint Venture. Claris will continue to hold a 20% stake in the Joint
Venture while Otsuka and Mitsui will hold 60% and 20% respectively Claris has
received a total cash consideration of Rs. 10500.000 millions as a part of the
transaction from Claris-Otsuka. Claris-Otsuka is valued at Rs. 13130.000
millions
Fund
Utilisation Plans
1.
The company has used the part of
the cash consideration towards debt prepayment of around Rs. 3600.000 millions
2.
Subject to regulatory approvals;
the Company intends to reward shareholders via buyback of shares. The Company
has allocated Rs. 3000.000 millions for the buyback of shares.
3.
The remaining funds net of taxes
and deal related expenses will be used to fund the future growth of the company
Claris Growth Plans
Claris recently resumed its supply to the United
States and is one of the few injectables companies in India to have its own
front end in the US, where the Company markets its products through its wholly
owned subsidiary Claris Lifesciences Inc. The Company now has 11 ANDAs approved
in its name across 7 molecules with a total filing of 31 ANDAs across 22
molecules and a pipeline of 20 ANDA to be filed The funds albcated for future
growth will be invested keeping in mind the following business decisions:
b.
Company shall intensify its growth
in all international markets, especially the regulated markets (including the
US) through new product launches.
c. Company to continue to increase its focus on bag
products and other niche 'difficult to manufacture' products.
About Claris
Lifesciences Limited
Claris Lifesciences Limited (BSE Code: 533288) is one of the largest sterile
injectables pharmaceutical companies in India. The company manufactures and
markets products across various therapeutic segments including Anesthesia,
Plasma Volume Expanders, Blood Products, Parenteral and Enteral Nutrition,
Infusion therapy, Anti-infective and Renal Care. A significant majority of
these products are generic drugs that are capable of being directly injected
into the human body and are predominantly used in the treatment of critical
illnesses.
The company has 3 manufacturing plants; at its campus on the out skirts
of Ahmedabad. With emphasis on Quality, Technology and Innovation, Claris
offers a range of niche technology-driven injectable products across delivery
systems such as glass bottles, glass vials and ampoules, and non-PVC/PVC bags.
Claris' sterile injectables facilities have been approved by regulatory
authorities including USFDA, MHRA (UK), TGA (Australia), and GCC FDCA. The
company's manufacturing capabilities have several times received awards from
prestigious institutions like Frost & Sullivan and
IDMA
About Otsuka Pharmaceutical Factory
Otsuka Pharmaceutical Factory, Inc. (OPF), based in Japan, is a
pharmaceutical company that specializes in the manufacturing and marketing of
intravenous solutions and clinical nutrition products. Established inl921, OPF
is the originating company of the Otsuka Group, a diversified healthcare group
of companies, with 1.2 billion USD annual sales and business extending over 80
subsidiaries in over 20 countries.
Since its inception, OPF has made significant contribution to the
advancement of intravenous solution therapy, such as development of new
parenteral nutrition products, including the development of innovative
containers and packaging systems. As the market leader and front runner in the
field of intravenous clinical nutrition, OPF is committed to being the best
partner of patients and healthcare professionals around the world. OPF is
headquartered in Naruto-shi, Tokushima, Japan and has over 2500 employees
nationwide.
About Mitsui and Company Limited
Mitsui and Company Limited ("Mitsui")
is one of the most diversified and comprehensive trading, investment and
service enterprises in the world, with 152 offices in 67 counties as of
November, 2012. Utilizing the global operating locations, network and
information resources, Mitsui is multilaterally pursuing business that ranges
from product sales, worldwide logistics and financing, through to the
development of major international infrastructure and other projects in the
following fieids, Iron and Steel Products, Mineral and Metal Resources,
Infrastructure Projects, Motor Vehicles, Marine and Aerospace, Chemicals,
Energy, Food Resources, Food Products and Services, Consumer Services, IT,
Financial and New Business and Transportation Logistics. Mitsui is actively
taking on challenges for global business innovation around the world.
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 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 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.65.42 |
|
|
1 |
Rs.102.09 |
|
Euro |
1 |
Rs.87.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
ANK |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.