MIRA INFORM REPORT
|
Report Date : |
01.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
CLARIS LIFESCIENCES LIMITED (w.e.f. 31.03.1999) |
|
|
|
|
Formerly Known
As : |
ORACLE
LABORATORIES LIMITED |
|
|
|
|
Registered
Office : |
Claris Corporate
Headquarters, Near Parimal Crossing, Ellisbridge, Ahmedabad – 380006, |
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Country : |
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|
Financials (as
on) : |
31.12.2012 |
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|
|
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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.638.178
Millions |
|
|
|
|
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
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of
Drugs and Pharmaceuticals. |
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|
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|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 37000000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well established and a reputed company having
fine track record. 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.
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
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took
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
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
Long term rating: A- |
|
Rating Explanation |
The default risk is low. The capacity for
payment of financial commitments is considered strong. |
|
Date |
April 2013 |
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 BY
|
Name : |
Mr. Ankti Mode |
|
Designation : |
Account Manager |
|
Contact No.: |
91-79-26563331 |
|
Date : |
27.09.2013 |
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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|
|
|
|
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 |
|
E-Mail : |
intl.corp@clarislifesciences.com
|
|
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 : |
|
|
Address: |
Claris Lifesciences AG Fal Consulting
Seestrasse 5, CH-6030 CHAM, |
|
Tel No.: |
91-41-41-7808766 |
|
Fax No.: |
91-41-56-6228257 |
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E-Mail : |
|
|
|
|
|
Address: |
16, |
|
Tel No.: |
91-7-095-2996610 |
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Fax No.: |
91-7-095-2999695 |
|
|
|
|
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: |
|
|
Tel No.: |
91-7-3272-583193/
583194 |
|
Fax No.: |
91-7-3272-583195 |
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|
|
Regional Office: |
Located at:- ·
·
·
·
·
CIS ·
·
·
·
|
DIRECTORS
As on 31.12.2012
|
Name : |
Mr. Surrinder Lal
Kapur |
|
Designation : |
Chairman and Independent
Director |
|
|
|
|
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 |
|
|
|
|
Name : |
Mr. Aditya Sushilkumar Handa |
|
Designation : |
Director |
|
Address : |
"Sharanya" |
|
Date of Birth/Age
: |
14.03.1985 |
|
Date of
Appointment : |
13.06.2006 |
|
|
|
|
Name : |
Mr. Chetankumar Satyendra Majumdar |
|
Designation : |
Director |
|
Address : |
B-201, |
|
Date of
Birth/Age : |
16.06.1952 |
|
Date of
Appointment : |
02.10.2003 |
|
|
|
|
Name : |
Mr. Chandrasingh Purohit |
|
Designation : |
Whole Time 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. T V Ananthnarayanan |
|
Designation : |
Director |
|
Address: |
1/183, Kankam, East Cost Road,
Koltivakka, Chennai-600041, Tamilnadu, India |
|
Date of Birth/Age: |
28.03.1950 |
|
Date of Appointment: |
28.01.2008 |
|
|
|
|
Name : |
Mr. Anup P Shah |
|
Designation : |
Additional Independent
Director |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Kumar Modi |
|
Designation : |
General Manager – Compliance and Company Secretary |
|
|
|
|
Name : |
Mr. Ankti Mode |
|
Designation : |
Account Manager |
SHAREHOLDING PATTERN
As on 30.06.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9991919 |
15.66 |
|
|
28433292 |
44.55 |
|
|
38425211 |
60.21 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
38425211 |
60.21 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
177371 |
0.28 |
|
|
34713 |
0.05 |
|
|
9414608 |
14.75 |
|
|
7111095 |
11.14 |
|
|
16737787 |
26.23 |
|
|
|
|
|
|
2989291 |
4.68 |
|
|
|
|
|
|
2482552 |
3.89 |
|
|
810561 |
1.27 |
|
|
1700000 |
2.66 |
|
|
672363 |
1.05 |
|
|
273862 |
0.43 |
|
|
398501 |
0.62 |
|
|
8654767 |
13.56 |
|
Total
Public shareholding (B) |
25392554 |
39.79 |
|
Total
(A)+(B) |
63817765 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
63817765 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Drugs and Pharmaceuticals. |
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Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Large Volume
Parenterals |
Nos. |
1952.65 |
1750.09 |
|
Small Volume
Parenterals |
Nos. |
1134.68 |
358.30 |
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.1353.66
Lacs (Previous Year Nos.1357.47 Lacs) 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. |
3103.75 |
|
Small Volume
Parenterals |
Nos. |
358.30 |
|
Others (Bulk
Drugs, Chemicals, Dossiers and Marketing rights etc.) |
-- |
-- |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
·
Canara Bank ·
Indian
Overseas Bank ·
Punjab
National Bank ·
Andhra Bank ·
Allahabad Bank ·
Central Bank of India ·
United Bank of India ·
Barclays Bank Plc |
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Facilities : |
Notes : a)
Term loans in foreign currency and domestic
currency are secured by first pari passu charge by hypothecation of specified
movable fixed assets, mortgage over immovable fixed assets and second pari
passu charge over stocks, receivables and specified immovable properties in
favor of the lenders. The formalities
of creating charges over
specified securities in
respect of loans
aggregating to Rs.
1430.210 Millions are in
process. b)
Cash credit accounts and buyers' credit are
secured by first pari passu charge by hypothecation of all current assets of
the company (present and future);
second pari passu charge by hypothecation of
movable fixed assets
(present and future), by
mortgage on specified immovable fixed
assets of the Company (present
and future) and
by first pari passu charge through equitable mortgage on
specified immovable property of the Company c)
Vehicle loans from banks and finance companies
are secured by hypothecation of respective vehicles. d)
The terms of repayment of term loans and other
loans. (Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Heritage, 3rd Floor, Near |
|
|
|
|
Subsidiary Companies: |
|
|
|
|
|
Companies over which Key Management Personnel and their relatives are able to exercise significant influence: |
|
CAPITAL STRUCTURE
As on 31.03.2012
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.638.178
Millions |
- Reconciliation of number of equity
shares outstanding at the beginning and at the end of the reporting year :
|
Names of Shareholders |
No. of Shares |
|
As at beginning of the year |
63817765 |
|
Add: Issued during the year |
- |
|
Outstanding at the end of the year |
63817765 |
- Rights, Preferences and Restrictions
attached to equity shares
The Company has one
class of equity shares having a par value of Rs.10 per share. Each shareholder
is eligible for one vote per share held. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting. In the event of liquidation, the equity shareholders are
eligible to receive the remaining assets of the company after distribution of
all preferential amounts in proportion to their shareholding
- Shareholders holding more than 5% of
total equity shares
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Sarjan Financial Private Limited |
23780172 |
37.26% |
|
Arjun S. Handa |
7800507 |
12.22% |
|
First Carlyle Ventures III |
7111095 |
11.14% |
|
Medical Technologies Limited |
4653120 |
7.29% |
|
Aditya S. Handa |
3371532 |
5.28% |
- Details of bonus shares issued during
last five years
|
Names of Shareholders |
No. of Shares |
|
|
|
|
Equity shares allotted as fully paid-up shares
of Rs.10 each for a consideration other than cash pursuant to capitalization
of securities premium account |
17061763 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
638.178 |
638.178 |
|
(b) Reserves & Surplus |
|
8723.913 |
8128.092 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
9362.091 |
8766.270 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
2989.466 |
1817.220 |
|
(b) Deferred tax liabilities (Net) |
|
716.699 |
602.444 |
|
(c) Other long term
liabilities |
|
13.353 |
34.188 |
|
(d) long-term
provisions |
|
88.125 |
63.632 |
|
Total Non-current
Liabilities (3) |
|
3807.643 |
2517.484 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
2003.767 |
1894.918 |
|
(b) Trade
payables |
|
1125.796 |
878.642 |
|
(c) Other
current liabilities |
|
1547.135 |
1383.269 |
|
(d) Short-term
provisions |
|
196.579 |
257.769 |
|
Total Current
Liabilities (4) |
|
4873.277 |
4414.598 |
|
|
|
|
|
|
TOTAL |
|
18043.011 |
15698.352 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
8047.399 |
6613.488 |
|
(ii)
Intangible Assets |
|
0.000 |
1.919 |
|
(iii)
Capital work-in-progress |
|
1742.679 |
419.142 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
166.562 |
170.572 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1990.422 |
1942.608 |
|
(e) Other
Non-current assets |
|
12.600 |
17.600 |
|
Total Non-Current
Assets |
|
11959.662 |
9165.329 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1719.480 |
1521.076 |
|
(c) Trade
receivables |
|
2479.354 |
2438.562 |
|
(d) Cash
and cash equivalents |
|
1133.439 |
1511.712 |
|
(e)
Short-term loans and advances |
|
734.156 |
1048.611 |
|
(f) Other
current assets |
|
16.920 |
13.062 |
|
Total
Current Assets |
|
6083.349 |
6533.023 |
|
|
|
|
|
|
TOTAL |
|
18043.011 |
15698.352 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
638.178 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
8128.092 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
8766.270 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
3712.138 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
3712.138 |
|
|
DEFERRED TAX LIABILITIES |
|
|
602.444 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
13080.852 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
6615.407 |
|
|
Capital work-in-progress |
|
|
419.142 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
170.572 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1521.076 |
|
|
Sundry Debtors |
|
|
2438.562 |
|
|
Cash & Bank Balances |
|
|
1511.712 |
|
|
Other Current Assets |
|
|
30.662 |
|
|
Loans & Advances |
|
|
2991.219 |
|
Total
Current Assets |
|
|
8493.231 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
878.642 |
|
|
Other Current Liabilities |
|
|
1417.457 |
|
|
Provisions |
|
|
321.401 |
|
Total
Current Liabilities |
|
|
2617.500 |
|
|
Net Current Assets |
|
|
5875.731 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
13080.852 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7180.138 |
6513.843 |
6255.923 |
|
|
|
Other Income |
121.315 |
159.230 |
149.460 |
|
|
|
TOTAL (A) |
7301.453 |
6673.073 |
6405.383 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2178.021 |
2286.555 |
|
|
|
|
Purchase of Stock in trade |
424.288 |
370.646 |
|
|
|
|
Changes in inventories of finished goods and work-in-progress |
(186.983) |
(122.236) |
|
|
|
|
Employee benefits expense |
492.281 |
430.450 |
|
|
|
|
Other expenses |
1959.479 |
1662.083 |
|
|
|
|
Exceptional Items |
4.510 |
0.000 |
|
|
|
|
TOTAL (B) |
4871.596 |
4627.498 |
4602.385 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2429.857 |
2045.575 |
1802.998 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
649.124 |
552.988 |
361.940 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1780.733 |
1492.587 |
1441.058 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
717.944 |
543.414 |
463.779 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
1062.789 |
949.173 |
977.279 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
318.627 |
251.640 |
187.036 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
744.162 |
697.533 |
790.243 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4149.236 |
3652.051 |
3073.142 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
127.635 |
127.635 |
127.635 |
|
|
|
Corporate tax on dividend |
20.706 |
20.706 |
21.199 |
|
|
|
Tax on Dividend of earlier year Reversed |
0.000 |
(0.493) |
0.000 |
|
|
|
Transfer to General Reserve |
56.500 |
52.500 |
62.500 |
|
|
BALANCE CARRIED
TO THE B/S |
4688.557 |
4149.236 |
3652.051 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
3378.760 |
2765.082 |
2991.914 |
|
|
|
Sales of Voluntary Carbon Reduction Units |
21.530 |
14.782 |
0.000 |
|
|
TOTAL EARNINGS |
3400.290 |
2779.864 |
2991.914 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
673.184 |
457.602 |
355.496 |
|
|
|
Purchase of goods traded in |
46.379 |
81.158 |
107.750 |
|
|
|
Packing Material |
168.966 |
86.042 |
178.393 |
|
|
|
Plant and Machinery |
1368.755 |
70.907 |
110.239 |
|
|
|
Stores and spares |
11.538 |
5.050 |
15.706 |
|
|
TOTAL IMPORTS |
2268.822 |
700.759 |
767.584 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.66 |
10.93 |
15.27 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
10.19
|
10.45 |
12.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.80
|
14.57 |
15.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.14
|
11.18 |
12.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.11 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.53
|
0.42 |
0.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25
|
1.48 |
3.24 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
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 |
CASE DETAILS:
|
HIGH COURT OF GUJARAT TAX APPEALNo.
1249 of2010 Status: PENDING ( Converted from : ST/1309/2010 ) CCIN No: 001092201001249 Last Listing
Date : 14/06/2011 Coram HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Presented On : 20/04/2010 Registered On : 20/04/2010 Bench Category : DIVISION BENCH District
: AHMEDABAD Case Originated
From : THROUGH ADVOCATE Listed : 2 times Stage Name : FOR ADMISSION ON SPECIAL
BOARD Classification : DB - BANKING MATTERS
- BAKING REGULATION ACT, 1949 - RELATING TO RESERVE BANK O INDIA AND OTHER
BANKS UNDER THE BANKING REGULATIONS ACT AND OTHER BANKING LAWS Act : INCOME-TAX ACT, 1961 OFFICE DETAILS
COURT PROCEEDINGS
AVAILABLE ORDERS
Certified Copy
|
CURRENT MATURITY
OF LONG TERM BORROWINGS DETAIL:
(Rs.
In Millions)
|
Particulars |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
Current Maturity
of Long Term Borrowings |
427.712 |
374.288 |
NA |
|
Total |
427.712 |
374.288 |
NA |
INDEX OF CHARGE:
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10168330
|
31/07/2013
* |
3,354,100,000.00
|
Canara
Bank |
Prime Corporate Branch, 104,
Jyoti Commercial Comp, Near Shyamal cross road, Satellite, Vejalpur,
Ahmedabad, Gujarat - 380015, INDIA |
B80627615
|
|
2 |
10129270
|
31/07/2013
* |
3,354,100,000.00
|
Canara
Bank |
Prime Corporate Branch, 104,
Jyoti Commercial Comp, Near Shyamal cross road, Satellite, Vejalpur,
Ahmedabad, Gujarat - 380015, INDIA |
B80629934
|
* Date of modification charge
RESULTS OF
OPERATIONS:
During the financial year the company’s income from net sales stood at
Rs. 7627.234 Millions as against Rs 7387.657
Millions in the previous year which increased by 3.24% compared to
previous year. Their revenues from international markets stood at Rs.4067.123
Millions as compared to Rs. 3927.283 Millions in previous financial year
representing 53.32% of the net revenues as compared to 53.16% of previous
financial year.
EBITDA, PBT and PAT reached to Rs. 2751.029 Millions, Rs.1357.812
Millions and Rs.1039.112 Millions respectively as against Rs. 2615.657
Millions, Rs.1514.564 Millions and Rs. 1262.554 Millions respectively, in the previous year. As a percentage of net
sales, the EBITDA, PBT and PAT margins stood at 36.07%, 17.80% and 13.62%
respectively in fiscal year 2012 compared to 35.41%, 20.50% and 17.09%
respectively in the previous year.
Detailed analyses of
the financials have
been provided in the
Management Discussion and Analysis which is a part of this Directors Report.
MANAGEMENT
DISCUSSION AND ANALYSIS
GLOBAL M AND A
OUTLOOK
M and A activity has picked up recently in comparison to earlier years,
which were particularly weak then. Pharma companies are growing bothorganically
and inorganically. Inorganic growth is happening through licensing and
partnerships as high valuation of assets is making acquisitions difficult.
Further, companies are organically improving their operations and productivity
by increasing field force sizes, penetrating in Tier II and III cities and by
expanding their product portfolios.
Top global pharmaceutical companies expect to see increased levels of
consolidation in 2013 and going forward. The need for new product pipelines,
new product acquisition, patent expiries, cost containment, and credit
availability are identified as the key drivers for increase in M and A
activities in the global pharmaceutical industry. Larger companies have cash
piled in their accounts books, while their product line is limited to few
market leading products. These companies find it as an opportunity to acquire
and leverage on promising portfolios from smaller organizations. There are
several major deal drivers which are fueling the increase in M and A activities
globally.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED JUNE 30, 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Year to Date ( Unaudited) |
|
|
|
30.06.2013 |
31.03.2013 |
30.06.2013 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
1984.776 |
1556.267 |
3541.043 |
|
b) Other operating income |
14.791 |
6.883 |
21.674 |
|
Total
income from Operations(net) |
1999.567 |
1563.150 |
3562.717 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
541.065 |
426.815 |
967.880 |
|
b) Purchases of stock in trade |
120.689 |
76.505 |
197.194 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(15.318) |
49.289 |
33.971 |
|
d) Employees benefit expenses |
127.275 |
133.042 |
260.317 |
|
e) Depreciation and amortization expenses |
198.330 |
198.544 |
396.874 |
|
f) Other expenditure |
534.666 |
559.821 |
1094.487 |
|
Total expenses |
1506.707 |
1444.016 |
2950.723 |
|
3. Profit from operations before other income and
financial costs |
492.860 |
119.134 |
611.994 |
|
4. Other income |
29.287 |
64.671 |
93.958 |
|
5. Profit from ordinary activities before finance costs |
522.147 |
183.805 |
705.952 |
|
6. Finance costs |
160.476 |
153.917 |
314.393 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
361.671 |
29.888 |
391.559 |
|
8. Exceptional item |
0.000 |
0.00 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
361.671 |
29.8880 |
391.559 |
|
10.Tax expenses |
126.528 |
15.985 |
142.513 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
235.143 |
13.903 |
249.046 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
235.143 |
13.903 |
249.046 |
|
14.Paid-up equity share capital (Nominal value Rs.
10/- per share |
638.178 |
638.178 |
638.178 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16. Basic and Diluted Earnings Per Share (EPS)
(before and after extraordinary items ) ( of Rs. 10/- each ) (Not Annualised) |
3.68 |
0.22 |
3.90 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED JUNE 30, 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Year to Date ( Unaudited) |
|
|
|
30.06.2013 |
31.03.2013 |
30.06.2013 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
25392554 |
24212434 |
25392554 |
|
- Percentage of shareholding |
39.79% |
37.94% |
39.79% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
6834000 |
7724000 |
6834000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
17.79% |
19.50% |
17.79% |
|
Percentage of shares (as a % of total share capital of the
company) |
10.71% |
12.10% |
10.71% |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
31591211 |
31881331 |
31591211 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
82.21% |
80.50% |
82.21% |
|
Percentage of shares (as a % of total share capital of the
company) |
49.50% |
49.96% |
49.50% |
|
|
|
|
|
|
B.
Investor Complaints |
|
||
|
Pending at the beginning of the quarter |
- |
||
|
Receiving during the quarter |
- |
||
|
Disposed of during the quarter |
- |
||
|
Remaining unreserved at the end of the quarter |
- |
||
1. The above results have been
reviewed by the Audit Committee and approved by the Board of Directors at their
respective meetings held on 10th August, 2013
2.
The Company has only one reportable business
segment, namely, Drugs and Pharmaceuticals.
3.
On December 7, 2012, the management of the Company
had entered into certain agreements with Otsuka Pharmaceutical Factory, Inc.,
Japan Otsuka and Mitsui and Company Limited, Japan sui) for transfer of its
Infusion Business to Claris Otsuka Limited on a slump sale basis. The Company
has received necessary approvals from its shareholders and regulatory
authorities and transfer was completed on July 31, 2013. Post transfer, the
Company holds 20% of equity share capital of Claris Otsuka Limited. The Company
operates under a single business segment, and in view of common employees,
marketing expenses, logistics and distribution arrangements and general
corporate overheads, which are not separately identifiable for identified
products of the infusion business which has been transferred; the Company is
unable to determine the income and expenses clearly attributable to the
discontinuing operation. Under the facts and circumstances, the Company is
unable to disclose separately the profit from the continuing and discontinuing operations,
tax expense of discontinuing operations and profit from discontinuing
operations after tax.
Necessary disclosures
pertaining to the discontinuing operations and reorganization of the business
are as under: -
|
Particulars |
Quarter Ended ( Unaudited) |
Year to Date ( Unaudited) |
|
|
|
30.06.2013 |
31.03.2013 |
30.06.2013 |
|
Revenue |
1195.321 |
823.500 |
2018.821 |
|
Particulars |
Quarter Ended( Unaudited) |
|
|
|
30.06.2013 |
31.03.2013 |
|
Total Assets |
7531.546 |
7363.010 |
|
Total Liabilities |
185.758 |
584.503 |
- STATEMENT OF ASSETS AND LIABILITIES
( Rs. In Millions)
|
Particulars |
30.06.2013 |
|
|
|
|
A. EQUITY AND LIABILITIES |
|
|
1. Shareholders' Funds: |
|
|
Share Capital |
638.178 |
|
Reserves and Surplus |
8971.972 |
|
Sub-total - Shareholders' funds |
9610.150 |
|
2. Minority Interest |
0.000 |
|
3. Non - current liabilities |
|
|
Long-term borrowings |
3436.997 |
|
Deferred tax liabilities (net) |
770.779 |
|
Other long-term liabilities |
0.000 |
|
Long-term provisions |
90.014 |
|
Sub-total - Non-current liabilities |
4297.790 |
|
4. Current liabilities |
|
|
Short-term borrowings |
2052.420 |
|
Trade payables |
1237.606 |
|
Other current liabilities |
1709.444 |
|
Short-term provisions |
64.815 |
|
Sub-total - Current liabilities |
5064.285 |
|
|
|
|
TOTAL - EQUITY AND LIABILITIES |
18972.225 |
|
|
|
|
B. ASSETS |
|
|
1. Non - current assets |
|
|
Goodwill on Consolidation |
0.000 |
|
Fixed assets |
10489.881 |
|
Non - current investments |
166.562 |
|
Long-term loans and advances |
1805.999 |
|
Other non-current assets |
7.600 |
|
Sub-total - Non-current assets |
12470.042 |
|
2. Current assets |
|
|
Inventories |
1661.253 |
|
Trade receivables |
2753.706 |
|
Cash and cash equivalents |
1103.227 |
|
Short -term loans and advances |
943.275 |
|
Other current assets |
40.722 |
|
Sub-total - Current assets |
6502.183 |
|
|
|
|
TOTAL - ASSETS |
18972.225 |
5.
The figures for the previous year / period have been
regrouped / rearranged wherever necessary.
FIXED ASSETS:
·
Freehold Land
·
Buildings
·
Improvement in Leasehold Property
·
Plant and Machinery
·
Electrical Instrument
·
Furniture and Fixtures
·
Other Equipments
·
Vehicles
·
Data Processing Equipments
·
Computer Software
PRESS RELEASES
UN-AUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED
Ahmedabad,
India, 10th August
2013:
Claris
Lifesciences Limited today announced its un-audited financial results for the
quarter and half year ended 30th June
2013 at its board meeting
held at its registered office in Ahmedabad.
Key
Financial Highlights:
1. Consolidated revenues for the
quarter stood at Rs. 2022.000 Millions and for the half year stood at
Rs. 3844.000
Millions
compared to Rs. 1949.000 Millions and Rs. 37520.000 Millions in the same period respectively;
for the previous year. The breakup of the revenue between domestic and
international sales stood at 46% and 54% respectively for the half year.
2.
Consolidated Earnings before interest, depreciation.
Taxes and amortization stood at Rs. 685.000 Millions for the quarter and Rs. 1226.000 Millions for the half year. EBITDA
margins were at 32% to
Net Sales for the half year.
3.
Consolidated Profit after Tax for Q2CY13 and H1CY13 stood at Rs. 182.000 Millions and Rs. 336.000 Millions respectively. There was pressure
on margins on account of Forex adjustments and Higher Depreciation.
Key
Business Highlights
·
During the quarter the company has received
approvals for 42 product
registrations and has applied for 31 product registrations; out of the
42 approvals 8 have been received in the
Regulated Markets, which includes 2 in the US.
·
During the quarter the company has also
commercialized 58 product
registrations across 24 countries in international markets.
·
The company has finalized and commenced a product
development plan for 31 products out of which 20 have been targeted for the regions
of US and EU.
CADUCEUS CAPITAL BUYS 1.065 MILLIONS SHARES OF CLARIS LIFE
APRIL 12, 2013
On April 12, 2013 Caduceus Capital 2 Mauritius Limited bought 1,065,262 shares of Claris Lifesciences at Rs 199.99 on the BSE.
However, Aditya Sushilkumar Handa sold 1,180,120 shares at Rs 200 on the
BSE.
In the previous trading session, the share closed at Rs 190.75, down Rs
6.55, or 3.32 percent. It has touched an intraday high of Rs 200 and an
intraday low of Rs 188.90.
The share touched its 52-week high Rs 292.20 and 52-week low Rs 156 on
05 December, 2012 and 18 May, 2012, respectively. Currently, it is trading
34.72 percent below its 52-week high and 22.28 percent above its 52-week low.
Market capitalisation stands at Rs 121.732 Millions.
CLARIS LIFESCIENCES RECEIVED ANDA
APPROVAL FOR METOPROLOL TARTRATE INJECTION IN THE UNITED STATES
AHMEDABAD,
INDIA, MAY 01, 2013
Claris Lifesciences Limited (Claris)
announced today that it has received an Abbreviated New Drug Application (ANDA)
approval for Metoprolol Tartrate Injection; having strength of lmg / ml in 5 ml glass vials; in the United States of America (US)
Metoprolol
Tartrate Injection is used to treat angina (chest pain) and hypertension (high
blood pressure).It is also used to treat or prevent heart attack. According to
the American Heart Association, an estimated 1.4 million people annually will
suffer a heart attack or AMI. IMS data indicates 2009 sales of Metoprolol at
approximately $13 million.
Claris
is also one of the few injectables companies in India to have its own front end
in the US, the company markets its products through its wholly owned subsidiary
Claris Lifesciences Inc. The Company now has 10 ANDAs approved in its name
across 6 molecules. The Company has a total filing of 32 ANDAs across 21
molecules.
About
Claris Lifesciences Limited
Claris
Lifesciences Limited is one of the largest sterile injectables pharmaceutical
companies in India with a market presence across 98 countries. The company manufactures
and markets products across various therapeutic segments including Anesthesia,
Plasma Volume Expanders, Blood Products, Parenteral and Enteral Nutrition,
Infusion therapy, Anti-Infectives 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.
With
emphasis on Quality, Technology and Innovation, Claris offers a range of niche
technology-driven injectable products across delivery systems such as glass and
plastic 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 and Sullivan and IDMA.
Ahmedabad, India
December 13th 2012;
Claris Lifesciences Limited, India (Claris) has
further elaborated that, with reference to its press release issued on the
December 7th, 2012 on the Joint Venture with Otsuka and Mitsui.
The entire cash of Rs. 10500.000 Millions will be received upfront on closing of the transaction, which is estimated
to be around April-May 2013; subject to regulatory, and government approvals
and other customary conditions.
Out of the proceeds of Rs. 10500.000 Millions the company expects to receive net of taxes and expenses proceeds of
Rs. 9000.000 Millions and plans to
utilize the net proceeds towards the following:
Rs.3000.000 Millions for the; organic and inorganic; growth of the Specialty Injectables
Business
Rs. 3000.000 Millions towards a special interim dividend or buyback of shares.
Rs. 3000.000 Millions towards pre-paying some of the company's debt.
The above are subject to regulatory and
government approvals, including the Board and Shareholders approvals where
applicable.
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.62.78 |
|
|
1 |
Rs. 101.42 |
|
Euro |
1 |
Rs. 84.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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.