MIRA INFORM REPORT

Report No. :	302625
Report Date :	12.01.2015

IDENTIFICATION DETAILS

Name :	CLARIS INJECTABLES LIMITED (w.e.f. 03.09.2014)
Formerly Known As :	CLARIS LIFESCIENCES INTERNATIONAL LIMITED (w.e.f. 30.04.2010) CLARIS INTERNATIONAL LIMITED
Registered Office :	Claris Corporate Headquarters, Near Parimal Crossing, Ellisbridge, Ahmedabad – 380 006, Gujarat
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	08.06.2005
Com. Reg. No.:	04-046211
Capital Investment / Paid-up Capital :	Rs.0.501 million
CIN No.: [Company Identification No.]	U24230GJ2005PLC046211
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCC6252B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Injectables, Healthcare Products, Drugs, Medicines, Medical Preparations and Hospital Products.
No. of Employees :	1500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject was incorporated in 2005, whereas has not performed any commercial operations since its inception. Moreover, the parent company has transferred its specialty injectable business for India by way of slump sale (as a going concern) into the subject as on November 02, 2014. However, trade relations are improving. Business is active. Payments are unknown. In view of potential financial effects which will be adjusted into upcoming financials for FYE 14, the company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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. Ankit Modi
Designation :	Finance Head
Contact No.:	91-79-26563331
Date :	09.01.2015

LOCATIONS

Registered Office :	Claris Corporate Headquarters, Near Parimal Crossing, Ellisbridge, Ahmedabad – 380 006, Gujarat
Tel. No. :	91-79-26563331/ 66309339
Fax No. :	91-79-26308053
E-Mail :	secretarial.corp@clarislifesciences.com secretarial.corp@clarisinj.com
Website :	www.clarisinj.com

DIRECTORS

AS ON 17.06.2014

Name :

Mr. Amish Pravinchandra Vyas

Designation :

Director

Address :

89/400, Saraswati Nagar, Near Azad Society, Ambawadi, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

17.09.1970

Date of Appointment :

10.12.2014

DIN No. :

00168292

PAN No.:

AAKPV3987B

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U85110GJ2001PLC039161	HEALTHNEXT LIMITED	Director	15-01-2003	15-01-2003	05-10-2009	Active	NO
2	U24230GJ2005PLC046211	CLARIS INJECTABLES LIMITED	Director	10-12-2014	08-06-2005	-	Active	NO
3	U73100GJ2005PLC047024	XCELRIS LABS LIMITED	Director	07-11-2005	07-11-2005	30-12-2009	Active	NO
4	U66910GJ1995PTC028208	DIALYS HEALTHCARE PRIVATE LIMITED	Director	12-11-2005	12-11-2005	05-10-2009	Strike off	NO
5	U85110GJ1993PLC019685	MEDICAL TECHNOLOGIES LIMITED	Director	12-11-2005	12-11-2005	12-11-2005	Amalgamated	NO
6	L85110GJ1994PLC022543	CLARIS LIFESCIENCES LIMITED	Whole-time director	03-07-2012	10-11-2006	04-12-2012	Active	NO
7	U45202GJ2007PLC050061	CLARIS INFRASTRUCTURE LIMITED	Director	21-02-2007	21-02-2007	-	Active	NO
8	U63020GJ2008PLC053516	ZED SUPPLYCHAIN LIMITED	Director	07-04-2008	07-04-2008	20-09-2008	Active	NO
9	U24230GJ2012PTC072692	CLARIS OTSUKA PRIVATE LIMITED	Director	12-11-2012	12-11-2012	31-07-2013	Active	NO

Name :

Mr. Chandrasingh Shivrambhai Purohit

Designation :

Director

Address :

17, Rajvi Emeralds, Near Gala Gymkhana, Bopal, Ahmedabad – 380 054, Gujarat, India

Date of Birth/Age :

15.09.1973

Date of Appointment :

08.06.2005

DIN No. :

00199651

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24230GJ2005PLC046211	CLARIS INJECTABLES LIMITED	Director	08-06-2005	08-06-2005	-	Active	NO
2	L85110GJ1994PLC022543	CLARIS LIFESCIENCES LIMITED	Whole-time director	03-07-2012	03-07-2009	-	Active	NO
3	U24230GJ2012PTC072692	CLARIS OTSUKA PRIVATE LIMITED	Director	12-11-2012	12-11-2012	31-07-2013	Active	NO

Name :

Mr. Arjun Sushilkumar Handa

Designation :

Director

Address :

Sharanya, Judges Bunglows Road, Vastrapur, Bodakdev, Ahmedabad – 380 054, Gujarat, India

Date of Appointment :

10.12.2014

DIN No. :

00159413

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L85110GJ1994PLC022543	CLARIS LIFESCIENCES LIMITED	Managing director	26-09-2011	19-02-2001	-	Active	NO
2	U65910GJ1996PTC030641	SARJAN FINANCIAL PRIVATE LIMITED	Director	30-09-2005	26-03-2005	-	Amalgamated	NO
3	U65923GJ1994PTC021125	DARSHNIL FINANCIAL PRIVATE LIMITED	Director	30-09-2006	12-11-2005	13-08-2014	Active	NO
4	U65993GJ2006PLC048993	PI. CAPITAL LIMITED	Director	02-09-2006	02-09-2006	28-02-2008	Strike off	NO
5	U72900GJ2000PLC038445	ACCELARIS TECHNOLOGIES LIMITED	Director	29-09-2012	04-11-2006	-	Active	NO
6	U45201GJ2007PLC050984	ATARAXIA ESTATES LIMITED	Director	29-05-2007	29-05-2007	28-02-2008	Active	NO
7	U72200GJ1995PLC026341	ENTHRILLS INFOTECH LIMITED	Director	07-07-2007	07-07-2007	28-02-2008	Active	NO
8	U24239GJ2008PLC052927	CYGNUS LABORATORIES LIMITED	Director	14-02-2008	14-02-2008	15-04-2009	Active	NO
9	U45201GJ2008PLC054381	AVENTURE INFRASTRUCTURE LIMITED	Director	03-07-2008	03-07-2008	27-05-2009	Active	NO
10	U40100GJ2008PLC054493	ABELLON ENERGY LIMITED	Director	16-07-2008	16-07-2008	01-12-2008	Active	NO
11	U67100GJ1996PTC030640	PRARABDH FINANCIAL PRIVATE LIMITED	Additional director	21-05-2009	21-05-2009	05-01-2010	Active	NO
12	U73100MH1996NPL100174	THE PHARMACEUTICAL FORM-FILL-SEAL ASSOCIATION OF INDIA	Director	29-09-2011	29-09-2011	-	Active	NO
13	U70102GJ2012PTC069220	CLARIS HOLDINGS PRIVATE LIMITED	Director	28-02-2012	28-02-2012	-	Active	NO
14	U24230GJ2012PTC072692	CLARIS OTSUKA PRIVATE LIMITED	Director	12-11-2012	12-11-2012	-	Active	NO
15	U51909GJ2013PTC075961	ATHANAS ENTERPRISE PRIVATE LIMITED	Director	09-07-2013	09-07-2013	-	Active	NO
16	U51397GJ2013PTC076030	BELLISSIMO ENTERPRISE PRIVATE LIMITED	Director	15-07-2013	15-07-2013	-	Active	NO
17	U24230GJ2005PLC046211	CLARIS INJECTABLES LIMITED	Director	10-12-2014	01-08-2014	-	Active	NO
18	AAA-2000	PRARISHODHANA CONSULTANCY LLP	Designated Partner	10-08-2010	10-08-2010	-	Active	NO
19	AAB-0436	AKHILESH VENTURE HOLDINGS LLP	Designated Partner	31-07-2012	31-07-2012	-	Active	NO
20	AAB-1418	ELDORO INFRA-TECH LLP	Designated Partner	28-09-2012	28-09-2012	-	Active	NO
21	AAB-1459	ZENA INFRABUILD AND MANAGEMENT LLP	Designated Partner	03-10-2012	03-10-2012	-	Active	NO
22	AAC-0285	VITALIS INFRATECH LLP	Designated Partner	24-01-2014	24-01-2014	-	Active	NO

Name :

Mr. Chetankumar Satyendra Majmudar

Designation :

Director

Address :

B-201, Suryaketu Tower, Near Sambhav Press, Bodakdev, Vastrapur, Ahmedabad – 380 015, Gujarat, India

Date of Appointment :

10.12.2014

DIN No. :

00166936

PAN No. :

ACVPM0491L

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L85110GJ1994PLC022543	CLARIS LIFESCIENCES LIMITED	Whole-time director	01-07-2014	02-10-2003	-	Active	NO
2	U85110GJ1993PLC019685	MEDICAL TECHNOLOGIES LIMITED	Director	19-03-2004	19-03-2004	05-01-2010	Amalgamated	NO
3	U24230GJ2004PLC045046	OGEN NUTRITION LIMITED	Director	23-11-2004	23-11-2004	-	Active	NO
4	U24230GJ2004PLC045045	AVER LABORATORIES LIMITED	Director	23-11-2004	23-11-2004	05-10-2009	Strike off	NO
5	U73100GJ2005PLC047024	XCELRIS LABS LIMITED	Director	07-11-2005	07-11-2005	30-12-2009	Active	NO
6	U72900GJ2000PLC038445	ACCELARIS TECHNOLOGIES LIMITED	Director	26-11-2005	26-11-2005	28-02-2008	Active	NO
7	U72200GJ1995PLC026341	ENTHRILLS INFOTECH LIMITED	Additional director	07-07-2007	07-07-2007	28-02-2008	Active	NO
8	U63020GJ2008PLC053516	ZED SUPPLYCHAIN LIMITED	Director	07-04-2008	07-04-2008	20-09-2008	Active	NO
9	U45202GJ2007PLC050061	CLARIS INFRASTRUCTURE LIMITED	Director	05-06-2010	27-03-2010	-	Active	NO
10	U24230GJ2005PLC046211	CLARIS INJECTABLES LIMITED	Director	10-12-2014	01-08-2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 17.06.2014

Names of Shareholders	No. of Shares
Claris Lifesciences Limited, India	50000
Chandrasingh Shivrambhai Purohit	10
Amish Pravinchandra Vyas	10
Nirav Mehta	10
Chetankumar Satyendra Majmudar	10
Kirit Shah	10
Roopesh Madan	10
Total	50060

AS ON 17.06.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
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 :	Manufacturer of Injectables, Healthcare Products, Drugs, Medicines, Medical Preparations and Hospital Products.
Products :	Injectables Healthcare Products Drugs Medicines Medical Preparations Hospital Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	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 :

1500 (Approximately)

Bankers :

Banker Name	Canara Bank
Branch Address	Prime Corporate Branch, 104, Jyoti Commercial Comp, Near Shyamal Cross Road, Satellite, Vejalpur, Ahmedabad – 380 015, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	'Heritage', 3^rd Floor, Gujarat Vidyapith, Off Ashram Road, Ahmedabad – 380 014, Gujarat, India
PAN No.:	AABFD7919A
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Claris Lifesciences Limited
Fellow Subsidiaries :	Claris Lifesciences Venezuela C. A. Claris Produtos Farmaceuticos Do Brasil Ltda. Pt. Claris Lifesciences Indonesia Claris Lifesciences Colombia Ltda Catalys Venture Cap Limited Icubix Infotech Limited Claris Lifesciences Philippines Inc. Claris Lifesciences De Mexico SA de CV Claris Lifesciences (UK) Limited Claris Lifesciences Inc. Claris Lifesciences and CIA Chile Limitada Claris Lifesciences (Aust) Pty Limited OGEN Nutrition Limited Claris SteriOne Claris Pharmaservices Claris Infrastructure Limited Claris Otsuka Limited (Associate Company 20% holding of Claris Lifesciences Limited (upto 31.07.2013 it was wholly owned subsidiary)
Enterprise over which KMP are able to exercise Significant :	Accelaris Technologies Limited

CAPITAL STRUCTURE

AS ON 17.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50060	Equity Shares	Rs.10/- each	Rs.0.501 million

FINANCIAL DATA

[all figures are in Rupees Millions]

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	0.501	0.501	0.501
(b) Reserves & Surplus	(0.854)	(0.808)	(0.749)
(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)	(0.353)	(0.307)	(0.248)
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.719	0.657	0.604
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.719	0.657	0.604
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.056	0.010	0.010
(c) Other current liabilities	0.006	0.068	0.062
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	0.062	0.078	0.072
TOTAL	0.428	0.428	0.428
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.427	0.427	0.427
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.427	0.427	0.427
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.001	0.001	0.001
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	0.001	0.001	0.001
TOTAL	0.428	0.428	0.428

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2013	31.12.2012	31.12.2011
	SALES
		Revenue from Operations	0.000	0.000	0.000
		Other Income	0.017	0.000	0.000
		TOTAL	0.017	0.000	0.000
Less	EXPENSES
		Other Expenses	0.063	0.059	0.063
		TOTAL	0.063	0.059	0.063
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(0.046)	(0.059)	(0.063)
Less	FINANCIAL EXPENSES		0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(0.046)	(0.059)	(0.063)
Less/ Add	DEPRECIATION/ AMORTISATION		0.000	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX		(0.046)	(0.059)	(0.063)
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(0.046)	(0.059)	(0.063)
	Earnings / (Loss) Per Share (Rs.)		(0.93)	(1.17)	(1.27)

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
Net Profit Margin (PAT/Sales)	(%)	0.00	0.00	0.00
Operating Profit Margin (PBDIT/ Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(4600.00)	(5900.00)	(6300.00)
Return on Investment (ROI) (PBT/Networth)		0.13	0.19	0.25
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.02	0.01	0.01

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	0.501	0.501	0.501
Reserves & Surplus	(0.749)	(0.808)	(0.854)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(0.248)	(0.307)	(0.353)
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	0.000	0.000	0.000

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	0.000	0.000	0.000
Profit	(0.063)	(0.059)	(0.046)

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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS:

During the year Company has made a loss of Rs.0.046 million due to non full fledge operation of Company. The Directors hope for better performance and for better progress of company in coming years.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10528638	31/10/2014	5,394,400,000.00	CANARA BANK	PRIME CORPORATE BRANCH, 104, JYOTI COMMERCIAL COMP, NEAR SHYAMAL CROSS ROAD, SATELLITE, VEJALPUR, AHMEDABAD, GUJARAT - 380015, INDIA	C31958564
2	10528664	31/10/2014	5,394,400,000.00	CANARA BANK	PRIME CORPORATE BRANCH, 104, JYOTI COMMERCIAL COMP, NEAR SHYAMAL CROSS ROAD, SATELLITE, VEJALPUR, AHMEDABAD, GUJARAT - 380015, INDIA	C31971633

WEBSITE DETAILS:

PRESS RELEASES/ ARTICLES:

CLARIS LIFESCIENCES COMPLETES TRANSFER OF SPECIALITY INJECTABLE BUSINESS

November 2, 2014

NEW DELHI: Sterile injectable manufacturer Claris Lifesciences today said it has completed transfer of itsSpeciality Injectable Business by way of slump sale to its wholly-owned subsidiary Claris Injectables Limited.

In a BSE filing, Claris Lifesciences said: "It has completed transfer of its Speciality Injectable Business by way of slump sale (as a going concern) to its wholly-owned subsidiary Claris Injectables Limited."

The company said its Board of Directors on July 4, 2014 had approved the transfer of its Speciality Injectable Business subject to approval of shareholders.

On September 3, shareholders of the company approved the transfer along with all employees, assets and liabilities at a consideration not less than its book value.

"The management team being retained in the company will concentrate on the strategic - business and financial growth and development of all the businesses in the group," the company said.

Claris Lifesciences added that it "will continue to handhold and support the Joint Venture with Otsuka Pharmaceutical Factory and Mitsui and Co Limited."

In 2012, the Ahmedabad-based drugmaker entered into a JV agreement with two Japanese firms -- Otsuka Pharmaceutical and Mitsui and Co Limited - for its injectable business in India and Emerging Markets.

As per the deal, the company transferred common solutions, anti-infective, plasma volume expanders and parenteral nutrition therapies business for India and Emerging Markets to the new JV- Claris-Otsuka.

The Indian company received Rs.10500.000 millions as a part of the transaction from Claris-Otsuka. The joint venture is valued at Rs.13130.000 millions.

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.62.39
UK Pound	1	Rs.94.17
Euro	1	Rs.73.61

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
-- PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.