MIRA INFORM REPORT

Report No. :	318252
Report Date :	22.04.2015

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, Gujarat
Tel. No.:	91-79-26563331/ 66309330

Country :	India

Financials (as on) :	31.12.2013

Date of Incorporation :	19.07.1994

Com. Reg. No.:	04-22543

Capital Investment / Paid-up Capital :	Rs.638.178 Million

CIN No.: [Company Identification No.]	L85110GJ1994PLC022543

TAN No.: [Tax Deduction & Collection Account No.]	AHMC00478C

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Manufacturer of Drugs and Pharmaceuticals.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (62)

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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well-established company having fine track record. Sales turnover of the company has declined over previous year but management has able to maintain decent profitability margins by 11% (Approximately) Rating also takes into consideration company’s established track record of business operation in pharmaceutical segment supported by sound financial base and adequate liquidity profile of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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.

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 31-03-2014.

INFORMATION DECLINED BY

Name :	Mr. Kaushal Purohit
Designation :	Accounts Department
Contact No.:	91-79-26563331
Date :	20.04.2015

LOCATIONS

Registered/ Corporate Office/ Global Headquarters :	Claris Corporate Headquarters, Near Parimal Crossing, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26563331/ 66309330
Fax No.:	91-79-26408053/ 26565879/ 26408055
E-Mail :	claris@clarislifesciences.com intl.corp@clarislifesciences.com crcproducts.corp@clarislifessciences.com crf@clarislifesciences.com kirit.kanjaria@clarislifesciences.com secretarial.corp@clarislifesciences.com
Website :	http://www.clarislifesciences.com

Head Office :	Corporate Towers, A-3, “Sangeeta”, Near Parimal Crossing, Ellisbridge, Ahmedabad – 380 006, Gujarat, India
Tel. No.:	91-79-26563331
Fax No.:	91-79-26408053/ 26565879/ 26408055
E-Mail :	claris@clarislifesciences.com intl.corp@clarislifesciences.com crcproducts.corp@clarislifessciences.com crf@clarislifesciences.com kirit.kanjaria@clarislifesciences.com
Website:	http://www.clarislifesciences.com

Factory 1 :	A-3, “Sangeeta”, Near Parimal Crossing, Ellisbridge, Ahmedabad – 380 006, Gujarat

Factory 2 :	Village: Chacharwadi, Vasna, Taluka Sanand, Ahmedabad-382213, Gujarat, India

Overseas Office :
Address:	Claris Lifesciences AG Fal Consulting Seestrasse 5, CH-6030 CHAM, Switzerland
Tel No.:	91-41-41-7808766
Fax No.:	91-41-56-6228257
E-Mail :	falego@cs.com

Address:	16, Malaya Dmitrovka Street, Moscow, Russia
Tel No.:	91-7-095-2996610
Fax No.:	91-7-095-2999695

Address:	Zeus Lifesciences Limited Rua Estados Unidos, 242, CEP 01427-00, Jardim America, Sao Paulo, Brazil
Tel No.:	91-55-11-38847263
Fax No.:	91-55-11-30517888
E-Mail :	zeuslife@uol.com.br

Address:	Claris Lifesciences Kazakhstan Limited Kazakhstan, Almaty, Republican Square, 15
Tel No.:	91-32-72-306363 / 308251
Email:	intl.kazath@clarislifesciences.com

Address:	13 Pushkin Street, Ground Floor, Opposite Central Mosque, Almaty, Republic of Kazakhstan
Tel No.:	91-7-3272-583193/ 583194
Fax No.:	91-7-3272-583195

Regional Office:	Located at:- USA and Canada UK and Europe Latin America China CIS Asia Middle East Africa Australia

DIRECTORS

As on 31.12.2013

Name :	Mr. Surrinder Lal Kapur
Designation :	Chairman and Independent Director

Name :	Mr. Arjun Sushilkumar Handa
Designation :	Managing Director and Chief Executive Officer
Address :	"Sharanya" Judges Bunglow Road. Vastrapur, Bodakdev, Ahmedabad- 380054, Gujarat, India
Date of Birth/Age :	30.09.1979
Date of Appointment :	19.02.2001

Name :	Mr. Aditya Sushilkumar Handa
Designation :	Director
Address :	"Sharanya" Judges Bunglow Road. Vastrapur, Bodakdev, Ahmedabad- 380054, Gujarat, India
Date of Birth/Age :	14.03.1985
Date of Appointment :	13.06.2006

Name :	Mr. Chetankumar Satyendra Majumdar
Designation :	Director
Address :	B-201, Suryaketu Tower, Near Sambhav Press, Judges Bungalow Road, Bodakdev, Ahmedabad 380 054, Gujarat, India
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, Gujarat, India
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 Coast 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. Kirit Kanjaria
Designation :	VP-Company Secretary and Compliance Officer

Name :	Mr. Modi
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	33281964	60.99
Sub Total	33281964	60.99
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	33281964	60.99
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	2500	0.00
Foreign Institutional Investors	7363116	13.49
Foreign Venture Capital Investors	6159267	11.29
Sub Total	13524883	24.79
(2) Non-Institutions
Bodies Corporate	1841463	3.37
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	3270474	5.99
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	583081	1.07
Qualified Foreign Investor	1623440	2.98
Any Others (Specify)	442460	0.81
Clearing Members	106989	0.20
Non Resident Indians	335471	0.61
Sub Total	7760918	14.22
Total Public shareholding (B)	21285801	39.01
Total (A)+(B)	54567765	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1)	0	0.00
(2)	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	54567765	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

Sl.No.	Name of the Shareholder	Details of Shares held		*Encumbered shares ()**			Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)	No	As a percentage	As a % of grand total (A)+(B)+(C) of sub-clause (I)(a)
1	Athanas Enterprises Private Limited	2,73,53,580	50.13	0	0.00	0.00	50.13
2	Abellon Energy Limited	59,28,384	10.86	5928384	100.00	10.86	10.86
	Total	3,32,81,964	60.99	5928384	17.81	10.86	60.99

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

S. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	First Carlyle Ventures III	6159267	11.29	11.29
2	Privatban Kihng Zurich AG	1302215	2.39	2.39
3	Signet Healthcare Partners QP Partnership III LP	1216982	2.23	2.23
4	Orbimed Partners Masters Mauritius Ltd	1378745	2.53	2.53
5	Orbimed Partners II Mauritius Limited	1065363	1.95	1.95
6	Barclays Capital Mauritius Limited	997284	1.83	1.83
7	Max Life Insurance Company A/c ULIF01425/03/08 LIFEDYNOP PI04- Dynamic Opportunities Fund	836980	1.53	1.53
8	Copthall Mauritius Investment Limited	719433	1.32	1.32
	Total	13676269	25.06	25.06

Shareholding belonging to the category "Public" and holding more than 5% of the Total No. of Shares

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital

1	First Carlyle Ventures III	6159267	11.29	11.29
	Total	6159267	11.29	11.29

BUSINESS DETAILS

Line of Business :

Manufacturer of Drugs and Pharmaceuticals.

Products :

Products Description

Item Code No.

Injectables

300320

Infusions

300320

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Canara Bank
Indian Overseas Bank
Punjab National Bank
Andhra Bank
Allahabad Bank
Central Bank of India
Vijaya Bank
Barclays Bank Plc

Facilities :

(Rs. In Million)

Secured Loan

As on

31.12.2013

As on

31.12.2012

Long Term Borrowings

External Commercial Borrowing-in Foreign Currency (a)

0.000

1917.300

Rupee term loans (a)

1137.997

928.215

Vehicle Loans (c)

0.687

2.238

Loans from others

Rupee term loan from a Finance Company (a)

129.391

141.000

Vehicle Loan from Finance Companies (c)

0.219

0.713

Short Term Borrowings

Cash Credit accounts (b)

830.587

1805.463

Buyers' Credit (b)

224.078

198.304

Total

2322.959

4993.233

Notes :

a. Term Loans are secured by first pari passu charge by hypothecation of specified moveable fixed assets, mortgage over immovable fixed assets and second pari passu charge over stocks, receivables and specified immovable properties in favor of the Banks.

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. The term loan is secured by first and exclusive charge over the immovable and movable assets of Solar Plant located at Modasa.

d. Vehicle loans from banks and finance companies are secured by hypothecation of respective vehicles.

e. The terms of repayment of term loans and other loans :

Particulars	Rs. In Million	Principal terms
Rupee term loans	1376.992	Repayable in equated quarterly installments of Rs. 60.151 Million
	2,43.000	Repayable in equated monthly installments of Rs. 8.333 Million
Vehicle Loans	3.164	Repayable in equated monthly installments of Rs. 0.188 Million

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Heritage, 3^rd Floor, Near Gujarat Vidyapeeth, Off. Ashram Road, Ahmedabad – 380014, Gujarat, India

Subsidiary Companies :	Claris Lifesciences Venezuela C. A Claris Produtos Farmaceuticos Do Brasil Limitada PT. Claris Lifesciences Indonesia Claris Lifesciences Colombia Limitada iCubix Infotech Limited Catalys Venture Cap Limited Claris Lifesciences International Limited Claris Lifesciences Philippines Inc Claris Lifesciences De Mexico SA de CV Claris Lifesciences (UK) Limited Claris Lifesciences (Aust) Pty. Limited Claris Lifesciences Inc. Claris Lifesciences & CIA Chile Limitada OGEN Nutrition Limited Claris Infrastructure Limited Claris Pharmaservices Claris SteriOne Claris Otsuka Limited (upto July 31, 2013)

Associate Company	Claris Otsuka Limited (from August 1, 2013)

Companies over which Key Management Personnel and their relatives are able to exercise significant influence	Sarjan Financial Private Limited Medical Technologies Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

120510000	Equity Shares	Rs.10/-each	Rs.1205.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

63817765	Equity Shares	Rs.10/- each	Rs.638.178 Million

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
Athanas Enterprise Private Limited	31580679	49.49%
First Carlyle Ventures III	7111095	11.14%
Abellon Energy Limited	6844532	10.73%

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 during the financial year ended December 31, 2010	17061763

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	638.178	638.178	638.178
(b) Reserves & Surplus	8863.140	8723.913	8128.092
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	9501.318	9362.091	8766.270

(3) Non-Current Liabilities
(a) long-term borrowings	1268.294	2989.466	1817.220
(b) Deferred tax liabilities (Net)	589.685	716.699	602.444
(c) Other long term liabilities	0.000	13.353	34.188
(d) long-term provisions	59.112	88.125	63.632
Total Non-current Liabilities (3)	1917.091	3807.643	2517.484

(4) Current Liabilities
(a) Short term borrowings	1054.665	2003.767	1894.918
(b) Trade payables	1031.721	1004.521	878.642
(c) Other current liabilities	2928.217	1668.410	1383.269
(d) Short-term provisions	900.993	196.579	257.769
Total Current Liabilities (4)	5915.596	4873.277	4414.598

TOTAL	17334.005	18043.011	15698.352

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5031.623	8047.399	6613.488
(ii) Intangible Assets	19.650	0.000	1.919
(iii) Capital work-in-progress	1732.926	1742.679	419.142
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	186.062	166.562	170.572
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	951.019	1990.422	1942.608
(e) Other Non-current assets	0.000	12.600	17.600
Total Non-Current Assets	7921.280	11959.662	9165.329

(2) Current assets
(a) Current investments	6088.199	0.000	0.000
(b) Inventories	392.532	1719.480	1521.076
(c) Trade receivables	1547.909	2479.354	2438.562
(d) Cash and cash equivalents	891.285	1133.439	1511.712
(e) Short-term loans and advances	376.470	734.156	1048.611
(f) Other current assets	116.330	16.920	13.062
Total Current Assets	9412.725	6083.349	6533.023

TOTAL	17334.005	18043.011	15698.352

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2013	31.12.2012	31.12.2011
	SALES
		Income	6381.800	7180.138	6513.843
		Other Income	404.953	121.315	159.230
		TOTAL (A)	6786.753	7301.453	6673.073

Less	EXPENSES
		Cost of Materials Consumed	1509.100	2178.021	2286.555
		Purchases of Stock-in-Trade	937.823	424.288	370.646
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(14.273)	(186.983)	(122.236)
		Employees benefits expense	472.487	492.281	430.450
		Other expenses	1899.505	1959.479	1662.083
		Exceptional Items	(150.598)	4.510	0.000
		TOTAL (B)	4654.044	4871.596	4627.498

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2132.709	2429.857	2045.575

Less	FINANCIAL EXPENSES (D)		521.012	649.124	552.988

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1611.697	1780.733	1492.587

Less/ Add	DEPRECIATION/ AMORTISATION (F)		579.611	717.944	543.414

	PROFIT BEFORE TAX (E-F) (G)		1032.086	1062.789	949.173

Less	TAX (H)		219.901	318.627	251.640

	PROFIT AFTER TAX (G-H) (I)		812.185	744.162	697.533

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4688.557	4149.236	3652.051

Less	APPROPRIATIONS
		Transfer to General Reserve	83.000	56.500	52.500
		Proposed Dividend	574.360	127.635	127.635
		Corporate tax on dividend	97.612	20.706	20.706
		Tax on Dividend of earlier year Reversed	0.986	0.000	(0.493)
	BALANCE CARRIED TO THE B/S		4744.784	4688.557	4149.236

	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	3535.446	3378.760	2765.082
		Operating Income	5.426	0.000	0.000
		Sales of Voluntary Carbon Reduction Units	23.551	21.530	14.782
	TOTAL EARNINGS		3564.423	3400.290	2779.864

	IMPORTS
		Raw Materials	658.806	673.184	457.602
		Purchase of goods traded in	8.413	46.379	81.158
		Packing Material	183.948	168.966	86.042
		Plant and Machinery	178.333	1368.755	70.907
		Stores and spares	3.201	11.538	5.050
	TOTAL IMPORTS		1032.701	2268.822	700.759

	Earnings Per Share (Rs.)		12.73	11.66	10.93

QUARTERLY RESULTS

PARTICULARS	31.03.2014	30.06.2014
Type	1^st Quarter	2^nd Quarter
Net Sales	1287.100	1428.400
Total Expenditure	1094.200	1196.400
PBIDT (Excl OI)	192.900	231.900
Other Income	179.900	138.000
Operating Profit	372.800	369.900
Interest	87.100	90.500
Exceptional Items	0.000	0.000
PBDT	285.700	279.400
Depreciation	82.400	84.300
Profit Before Tax	203.200	195.100
Tax	37.500	59.100
Provisions and contingencies	0.000	0.000
Profit After Tax	165.700	136.0.000
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	165.700	136.000

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
PAT / Total Income	(%)	11.97	10.19	10.45

Net Profit Margin (PBT/Sales)	(%)	16.17	14.80	14.57

Return on Total Assets (PBT/Total Assets}	(%)	6.70	6.59	6.28

Return on Investment (ROI) (PBT/Networth)		0.11	0.11	0.11

Debt Equity Ratio (Total Debt /Networth)		0.24	0.53	0.42

Current Ratio (Current Asset/Current Liability)		1.59	1.25	1.48

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	638.178	638.178	638.178
Reserves & Surplus	8128.092	8723.913	8863.140
Net worth	8766.270	9362.091	9501.318

long-term borrowings	1817.220	2989.466	1268.294
Short term borrowings	1894.918	2003.767	1054.665
Total borrowings	3712.138	4993.233	2322.959
Debt/Equity ratio	0.423	0.533	0.244

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6513.843	7180.138	6381.800
		10.229	(11.119)

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6513.843	7180.138	6381.800
Profit	697.533	744.162	812.185
	10.71%	10.36%	12.73%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITY OF LONG TERM BORROWINGS DETAIL:

(Rs. In Million)

Particulars	31.12.2013	31.12.2012	31.12.2011
Current maturities of long-term debt	354.862	427.712	374.288
Total	354.862	427.712	374.288

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	Yes
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	----------------------
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	Yes

RESULTS OF OPERATIONS:

During the financial year the Company’s income from net sales stood at Rs. 6583.755 Million as against Rs. 7627.234 Million in the previous year. As highlighted earlier, the previous year’s figures are not comparable in view of the divestment of Infusion business on July 31, 2013.

Their revenues from international markets stood at Rs. 4382.702 Million as compared to Rs. 4067.123 Million in previous financial year representing 66.57% of the net revenues as compared to 53.32 % of previous financial year.

EBITDA, PBT and PAT reached to Rs.2099.740 Million, Rs.1074.855 Million and Rs.844.097 Million respectively as against Rs.2751.029 Lacs, Rs.1357.812 Million and Rs.1039.112 Million respectively, in the previous year.

As a percentage of net sales, the EBITDA, PBT and PAT margins stood at 31.89%, 16.33% and 12.82% respectively in fiscal year 2013 compared to 36.07%, 17.80% and 13.62% respectively in the previous year.

The Company reported gain of Rs.150.598 Million on sale of it’s infusion business to Claris Otsuka Limited, the erstwhile wholly-owned subsidiary of the company.

Detailed analyses of the financials have been provided in the Management Discussion and Analysis which is a part of this Directors Report.

FURTURE OUTLOOK / GROWTH PLANS:

The Company will focus on its speciality generics injectables business and will target its next phase of growth through new product launches in international market, especially in the key Regulated Markets of US and European Union. The Company will increase its focus on development and launch of niche products targeted for the US and EU, the company intends to build a pipeline of 100 ANDAs for the US over the next three years, some of these products may also be acquired inorganically.

To meet the growing demands of Injectable products in the International Markets the company has commenced projects for capacity expansion to meet the growing demand of its products in the US and EU and to introduce new delivery systems. As part of the expansion process, two projects have been initiated for the year 2014, (i) packaging automation for the flagship plant Clarion 1, this will increase the overall capacities of the plant; and (ii) Installation of two manufacturing lines in Clarion 5, these lines will cater to Aseptic as well as Terminally Sterilised products and also have the capability to manufacture Lyophilised products.

MANAGEMENT DISCUSSION AND ANALYSIS

2014 M&A OUTLOOK

A recent survey by KPMG indicated 41% of the respondents felt that Mergers and Acquisitions would be most active in Healthcare, Pharamaceuticals and Life Sciences, this was second only to the TMT sector where 44% respondents felt would be the most active sector in M&A. Futher, more than 83% respondents felt that the US would be the most popular deal destination as large pharma companies seek out companies to enhance product basket & delivery systems, enter new revenue growth areas, expand customer base or seek cost efficiencies in regions where there is a distinct cost advantage as compared to US.

Larger corporations and PE funds are sitting on investable capital and feel positive about the current deal environment. Interest rates in the US are low and the economy is improving. Despite these positive factors the M&A has not been as active as expected in 2013. However deals are expected to pick up as companies seek to grow inorganically in 2014.

Financial Performance

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 revised Schedule VI of the Companies Act, 1956 has been adopted while preparing these statements, in accordance with the notification from the Ministry of Corporate Affairs.

During the period from Jan 1, 2013 to July 31, 2013, company operated in both Infusion & Specialty business, and subsequent to Joint Venture, it operated in specialty business only, thus current year financials are not comparable to the previous year.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10459609	24/10/2013	150,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B89298145
2	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
3	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 charge modification

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

Unaudited Financial Results for the Quarter and Half Year ended June 30, 2014

(Rs. In Million)

Particular	Quarter Ended		Year ended
Particular	31.12.2014	30.09.2014	31.12.2014
	Unaudited	Unaudited	Unaudited
PART I
1. Income from Operations
a. Net Sales/Income from Operations ( Net of excise duty )	1580.450	1509.089	5714.672
b. Other Operating Income	36.923	39.608	166.817
Total Income from operations ( net )	1617.373	1548.697	5881.489
2. Expenses
a. Cost of materials consumed	85.159	270.440	761.629
b. Purchase of stock-in- trade	1053.128	422.677	2500.890
c. Changes in inventories of finished goods, work-in-progress and stock-in-trade	-26.097	11.916	-42.769
d. Employee benefits expense	95.792	113.208	499.748
e. Depreciation and amortisation expense	34.604	85.742	287.114
f. Other expenses	204.546	356.126	1165.081
Total Expenses	1447.132	1260.109	5171.693
3. Profit / (Loss) from Operations before Other Income, finance costs and exceptional Items (1-2)	170.241	288.588	709.796
4. Other Income	151.570	95.842	572.374
5. Profit / (Loss) from ordinary activities before finance costs and exceptional Items (3+4)	321.811	384.430	1282.170
6. Finance Costs	41.399	85.574	304.591
7. Profit / (Loss) from ordinary activities after finance costs but before exceptional Items (5-6)	280.412	298.856	977.579
8. Exceptional Items [ Income / ( Expense ) ]	52.303	--	52.303
9. Profit / (Loss) from Ordinary Activities before tax (7+8 )	332.715	298.856	1029.882
10. Tax Expense	(504.061)	88.889	(318.571)
11. Net Profit / (Loss) from Ordinary Activities after tax (9-10)	836.776	209.967	1348.453
12. Extraordinary Item	--	--	-
13. Net Profit / (Loss) for the period (11-12)	836.776	209.967	1348.453
14. Share in Profit/(Loss) from Associate	--	--	--
15. Minority interest	--	--	--
16 Net Profit / (Loss) after taxes, minority interest and share of profit / (loss) of associates (13+14+15)	836.776	209.967	1348.453
17. Paid-up equity share capital (Face Value - Rs. 10/- Per Share)	545.678	545.678	545.678
18. Reserve excluding Revaluation Reserves (As per Balance Sheet of previous accounting year)	--	--	--
19. Basic and Diluted Earnings Per Share (EPS) (before & after extraordinary items ) ( of Rs. 10/- each ) (Not Annualised)	15.33	3.85	23.04

Particulars	Quarter Ended ( Unaudited)		Nine Months Ended ( Unaudited)
	31.12.2014	30.09.2014	31.12.2014
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	21285801	21285801	21285801
- Percentage of shareholding	39.01	39.01	39.01
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	5928384	5928384	5928384
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	17.81	17.81	17.81
Percentage of shares (as a % of total share capital of the company)	10.86	10.86	10.86

b) Non Encumbered
Number of shares	27353580	27353580	27353580
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	82.19	82.19	82.19

Percentage of shares (as a % of total share capital of the company)	50.13	50.13	50.13

B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	2
Disposed of during the quarter	2
Remaining unreserved at the end of the quarter	Nil

1. The above results, have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 12th February, 2015

2. The Company has only one reportable business segment, namely, Drugs & Pharmaceuticals.

3. Consequent to the applicability of the Companies Act, 2013 and rules framed there under with effect from 1st April 2014, the management has reassessed the remaining useful life of assets based on internal and external technical evolutions and accordingly depreciation provision has been made.

4. On receipt of necessary approvals from Board of Directors and Shareholders of the Company at their meetings held on July 4, 2014 and September 3, 2014 respectively in respect of transfer of its Injectable Business on Slump Sale basis, the Company has transferred its Injectable Business to its wholly owned subsidiary namely Claris Injectables Limited (formerly known as Claris Lifesciences International Limited) on October 31, 2014. The business transfer involved transfer of relevant assets and liabilities as stated in the Business Transfer Agreement of Injectable Business on a "slump sale basis" for an agreed cash consideration of Rs. 55,400 lacs. The Company has registered a profit of Rs 523.03 lacs on account of slump sale of Injectable Business.

Particulars	Quarter Ended ( Unaudited)		Nine Months Ended ( Unaudited)
	31.12.2014	30.09.2014	31.12.2014
Revenue	345.643	967.832	3525.424
Expenditure	275.822	784.065	2959.140
PBT	69.821	183.767	566.284
PAT	47.514	133.226	401.053

The Company Operates in single segment and in the view of the common expenditure , employee , marketing expenses, logistic & distribution arrangements and general corporate overheads which are not separately identifiable for the identified products, such figure for the previous corresponding years / periods are not identifiable. However, the figures of Profit Before Tax and Profit After Tax for the period 1st January, 2014 to 31st December, 2014 have been apportioned and calculated on best estimated basis. Since the Business have been transferred to wholly owned subsidiary, so there is no impact on consolidated financial results of the Company due to transfer of Injectable Business (i.e. Discontinued Operation).

5. The exceptional item stated in Standalone results for the fourth quarter and twelve months period ended December 31, 2014 of Rs. 523.03 lacs pertains to profit on transfer of Injectable Business to Claris Injectables Limited on a slump sale basis as stated in note 4 above and the figures for the period ended December 31, 2013 of Rs. 1,505.98 lacs pertains to profit on transfer of Infusion business to Claris Otsuka Private Limited (Formerly known as Claris Otsuka Limited) on Slump Sale basis.

6. Deferred Tax Liability amounting to Rs. 5179.11 Lacs reversed and charged back to Profit & Loss account due to Slump sale of Injectable Business of the Company.

7. Pursuant to the resolution passed in the board meeting held on 8th November, 2014, the financial year of the Company has been changed from 31st December to 31st March. Accordingly the financial statements for the current period will be for fifteen months period ending on 31st March 2015.

8. On 23rd November 2014, a step down subsidiary of the company, M/s Eida International DMCC, UAE was incorporated as a wholly owned subsidiary of M/s Claris Middle East FZ LLC, UAE which is wholly owned subsidiary of the company

9. During the second quarter, the Company has bought-back 92.50,000 number of equity shares of the Company of Rs 10/-each fully paid up at the rate of Rs 250/- per equity shares after complying with the provisions of the Companies Act, 2013 and rules framed there under in this regards through "Tender Offer" route as prescribed under the Securities and Exchange Board of India (Buy- back of securities) Regulations. 1998 On account of above buy-back, the paid up share capital of the company is reduced by Rs 925 00 lacs and securities premium is reduced by Rs 22.200 00 lacs.

SOURCES OF FUNDS	As on 31.12.2014 (Unaudited)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	545.678
(b) Reserves & Surplus	7991.594
Sub-total - Shareholders' funds	8537.272
(2) Minority Interest	--

(3) Non-Current Liabilities
(a) long-term borrowings	151.931
(b) Deferred tax liabilities (Net)	35.524
(c) Other long term liabilities	0.000
(d) long-term provisions	36.963
Sub-total - Non-current liabilities	224.418
(4) Current Liabilities
(a) Short term borrowings	229.255
(b) Trade payables	1125.490
(c) Other current liabilities	2228.180
(d) Short-term provisions	91.275
Sub-total - Current liabilities	3674.200

TOTAL	12435.890

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(b)Goodwill on Consolidation	394.709
(c) Non-current Investments	0.000
(d) Deferred tax assets (net)	192.776
(e) Long-term Loan and Advances	620.138
(f) Other Non-current assets	0.000
Sub-total - Non-current assets	1207.623
(2) Current assets
(a) Current investments	2234.742
(b) Inventories	0.000
(c) Trade receivables	1467.946
(d) Cash and cash equivalents	1204.256
(e) Short-term loans and advances	6230.137
(f) Other current assets	91.186
Sub-total - Current assets	11228.267

TOTAL	12435.890

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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.62.92
UK Pound	1	Rs.93.57
Euro	1	Rs.67.34

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	KAR

Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
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	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	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		62

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	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

Unit