Track record information

Name of the issue: Claris Lifesciences Limited
Type of issue
Issue size (Rs. in crore)
Grade of issue alongwith name of the rating agency
Subscription level (number of times)
Overall 1.25 timesNote: The above figure is after technical rejections, cheque returns and spil overSource: Final Post Issue Report dated December 29, 2010 QIB holding (as a % of total outstanding capital)
Particulars
Percentage
(i ) at the end of the 1st Quarter immediately after the listing of the issue* #Source: Basis of Al otment (does not include any pre issue QIB holding and restricted to QIB allotment in the Issue)*Source: Shareholding pattern filed with the stock exchange (sum of 'Institutions' category) Financials of the issuer
(Rs. in Crs)
December 31, 2010 December 31, 2011 December 31, 2012
Parameters
Source: Consolidated annual financial results submitted to the stock exchange Trading status in the scrip of the issuer
The equity shares of the Issuer are listed on the BSE Limited ("BSE")
Particulars
Note: Though, the financial year of the Company ends on December 31 every year, but as per SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011; "financial All the above information is updated till March 31, 2013, unless indicated otherwise Change, if any, in directors of issuer from the disclosures in the Prospectus
Particulars
Name of Director
Appointed/ Resigned/ Retired
During the year ended December 31, 2012 Dr. PP Shah Status of implementation of project/ commencement of commercial production
(i) as disclosed in the Prospectus
(i)(a) Schedule of implementation of new plant comprising of smal volume parenteral line, a PVC bag line, a non PVC bag line and a fat emulsion line
Small Volume Parenteral
Particulars
PVC Bag line
Non PVC Bag line
Fat emulsion line
Expected date of completion
(i)(b) Schedule of implementation for setting up a new manufacturing line for propofol and other fat emulsion products at existing plant, Clarion IV Expected Date of
Particulars
completion
(i)(c) Schedule of implementation for construction of a facility for research and development at Clarion manufacturing facilities Expected Date of
Particulars
completion
(ii) Actual implementation
As informed by the Company, shareholders of the Company, by way of voting through postal bal ot (results of which was declared on September 24, 2011), have approved partial modification in the use of IPO proceeds and Objects of the Issue. Post shareholder's approval for partial modifications in use of IPO proceeds and Objects of the Issue, complete status of actual implementation is not available. As of December 31, 2012, the Company has utilized the entire IPO proceeds.
All the above information is updated till March 31, 2013, unless indicated otherwise (iii) Reasons for delay in implementation, if any
As informed by the Company, post shareholder's approval for partial modifications in use of IPO proceeds and Objects of the Issue, complete status of actual
implementation and reasons for delay in implementation, if any, is not available.
Source: Company
10 Status of utilisation of issue proceeds
(i) As disclosed in the Prospectus
(Rs. in Crs)
Estimated Utilization
Expenditure Items
Fiscal 2010
Fiscal 2011
Fiscal 2012
comprising of a small volume parenterals line, a PVC bag line, a non-PVC bag line, and a fat emulsion line manufacturing line for propofol and other fat emulsion products at existing plant, Clarion IV research and development at Clarion manufacturing facilities (ii) Actual utilisation
As informed by the Company, shareholders of the Company, by way of voting through postal bal ot (results of which was declared on September 24, 2011), have
(Rs. in Crs)
Existing Amount
Proposed
Proposed Amount
Existing Expenditure Items
(Rs. In Crs)*
Expenditure Items
(Rs. in Crs)*
Single line withcapacity equalto two lines;reduced All the above information is updated till March 31, 2013, unless indicated otherwise Change only intechnology fordelivery system Change only intechnology fordelivery system TOTAL CAPEX
* Figures rounded off to the nearest rupee. Reasons for proposed Change
In the original objects the Company had proposed to install one line each in two separate plants, but now as newer line has the potential to delivery the capacities of the two lines and with lower cost, the Company proposes to install one line in its existing Injectable plant. Since the manufacturing overhead is one of the largest contributors to the overall costs of the product; one line in one facility wil help it save significantly on the utility consumption and other fixed over heads which are directly apportioned to product costs. The Company believes that this change wil improve the competitiveness of Propofol manufactured by it with reference to costs and could potentially increase its market share. Additionally since the facility is already approved by most regulatory bodies, it may speed up the commercialization of the products manufactured from this line to all geographies where the products are approved.
All the above information is updated till March 31, 2013, unless indicated otherwise The Company has a strong presence in the IV fluids and Anti Infective segments sold in plastic bottles and bags. Delivery systems are very important in the Injectable segment and the Company has a very strong focus on providing multiple delivery systems. EURO head is one of the three most preferred delivery systems and demand of products in this delivery system are increasing in certain semi regulated and emerging markets due to its quality standards. The company intends to increase its geographical reach in such markets where EUROHEAD is the preferred delivery system. This may increase manufacturing capacity of the said products and possibly reduce the cost per unit ensuring a wider geographical reach in emerging markets.
The Company intends to provide a complete range of delivery systems and maintain its India low cost advantage. Currently the Company has a Small Volume Parenteral Line for glass vials and ampoules which supplies mainly to the regulated markets and some emerging markets which demand SVP products in glass container. Plastic is more cost effective than Glass as a container hence it may prove to be economically more viable in certain emerging markets where cost and quality are the two most important pre-requisites for sales. The Company has proposed a change in technology of the delivery system for the SVP line. The Company believes that the proposal to change the delivery system from glass to plastic wil allow the company to grow its presence in the emerging markets on the back of the cost efficiency of products manufactured in plastic containers for SVP product.
The land and building were planned in the original objects with an intention to install certain manufacturing lines of critical care products. The Company is seeing significant demand for various infusion products in the domestic and emerging markets. The Company has not invested in infusions capacity over the past few years, due to its focus on critical care. The management is of the view that giving focus to meet the increasing demand for infusions products wil positively impact the revenues of the Company in the medium term. Further, the Company believes that by modifying some of the equipments, it wil be possible to cater to the demand for the critical care products. This wil also obviate the need to invest immediately in the new land, plant & building including expenses relating to research & development proposed for the same in the prospectus. Due to the rising interest rate environment in the country, the cost of funds have increased substantially in the recent past and are estimated to rise further. Higher interest cost wil adversely affect the profitability and hence the Company proposes to repay a specified term loan from the IPO proceeds. This wil have positive impact on the profitability of the Company.
As reported by the Company, revised amount to be utilised is mentioned hereunder:
(Rs. in Crs)
Amount to be utilised as per Prospectus/Shareholders Approval
Particulars of Fund utilisation for
Year 2010
Year 2011
Year 2012
Setting up of a New Project in existing facility Towards Research and Development activities All the above information is updated till March 31, 2013, unless indicated otherwise The actual utilisation of IPO proceeds is mentioned hereunder:
Amount Utilised
Particulars of Fund utilisation for
Upto 31st Dec 2010 Upto 31st Dec 2011
Upto 31st Dec 2012
Setting up of a New Project in Existing Facility Towards Research and Development activities 63.39 223.27
Source: Stock Exchange filings under Clause 41 of the Listing Agreement (iii) Reasons for deviation, if any
As informed by the Company, for the year 2010, the Company had projected in the prospectus to utilise Rs. 90.06 crores of IPO proceeds. As compared to that Rs. 45.91 crores
Source: Company
11 Comments of monitoring agency, if applicable
(b) Comments on deviation, if any, in the use of proceeds of the issue from the objects stated in the Prospectus (c) Any other reservations expressed by the monitoring agency about the end use of funds 12 Price-related data
228**Anchor Investors were issued shares at Rs. 293 At close of 30th
At close of 90th
As at the end of 31/12/2010
Price parameters
At close of listing day
calendar day from
calendar day from
Closing price as on High (during Low (during
(20/12/2010)
listing day
listing day
31/12/2010
the FY)
the FY)
Sensex (BSE being Designated Stock Exchange) Sectoral Index - BSE Healthcare (as company is in healthcare sector) As at the end of 31/12/2011
As at the end of 31/12/2012
Price parameters
Closing price as on
High (during the
Closing price as on High (during Low (during
2/1/2012
FY)
Low (during the FY)
31/12/2012
the FY)
the FY)
Sensex (BSE being Designated Stock Exchange) Sectoral Index - BSE Healthcare (as company is in healthcare sector Note: Where the 30th day / 90th day / December 31 of a particular year falls on a holiday, the immediately following trading day has been considered All the above information is updated till March 31, 2013, unless indicated otherwise 13 Basis for Issue Price and Comparison with Peer Group & Industry Average
As disclosed in the At the end of 1st FY At the end of At the end of
Accounting ratio
Name of the company
Face Value (in Rs.)
Prospectus
2nd FY (3)
3rd FY(4)
Peer Group**
Sun Pharma Inds (1)
Pharmaceuticals - Indian - Bulk Drugs and Formln
Industry Avg
Pharmaceuticals - Indian - Bulk Drugs
Industry Avg
Peer Group#
Sun Pharma Inds (1)
Pharmaceuticals - Indian - Bulk Drugs and Formln
Industry Avg**
Pharmaceuticals - Indian - Bulk Drugs
Industry Avg**
Peer Group**
Sun Pharma Inds (1)
Pharmaceuticals - Indian - Bulk Drugs and Formln
Industry Avg
Pharmaceuticals - Indian - Bulk Drugs
Industry Avg
All the above information is updated till March 31, 2013, unless indicated otherwise Peer Group**
Sun Pharma Inds (1)
Pharmaceuticals - Indian - Bulk Drugs and Formln
Industry Avg
Pharmaceuticals - Indian - Bulk Drugs
Industry Avg
* Source: Respective year's Annual Report (Standalone financial statements) ** Source: Capital Market Vol. XXVI/09 - Jun 27 - Jul 10, 2011 for 1st FY ; Capital Market Vol. XXVII/12 - Aug06-19, 2012 for 2nd FY; Capital Market Vol. XXVIII/13 - Aug 19-Sept 01, 2013 for 3rd FY # PE (except as disclosed in the Prospectus) has been computed based on closing price on BSE as of end of Financial Year divided by EPS of respective Financial Year of the company (1) November 26, 2010 was the record date for Stock Split from Rs. 5/- to Re. 1/-.
(2) Financial Year of Claris Lifesciences Limited is December 31, 2010 whereas Financial Year of peer group companies is March 31, 2011
(3) Financial Year of Claris Lifesciences Limited is December 31, 2011 whereas Financial Year of peer group companies is March 31, 2012
(4) Financial Year of Claris Lifesciences Limited is December 31, 2012 whereas Financial Year of peer group companies is March 31, 2013
^^ Piramal Healthcare name changed to Piramal Enterprises with effect from July 31, 2012
Notes for Claris Lifesciences:
EPS - Basic EPS as reported in Annual Report for FY 2010 , FY2011 and FY 2012
RoNW has been computed as Net profit after tax at the end of the year divided by Net worth at the end of the year
NAV per share has been computed as Net Assets at the end of the year divided by Number of equity shares outstanding at the end of the year
14 Any other material information
Particulars
Claris Lifesciences Ltd has informed that the Board of Directors of the Company at its meeting held on May 13, 2011, inter alia, has approved the appointment of Mr. Rajesh Kumar Modi as Company Secretary and Compliance Officer of the Company in place of Mr. Pradyotsen Shukla. Company receives 2 more anti infectives product approvals from Ministry of health, Russia namely Fluconzole IV 100ml & Levofloxacin IV 100ml Company receives in-principle approval for Propofol in EU. This wil allow the company to process the registration across 25 countries in EU Claris announced that their plant has been approved by the Medicines and Healthcare Product Regulatory Agency,UK. With this approval, it can re-launch its bag products in EUFitch Ratings reaffirms the Company's National Long-Term rating at Fitch A- (ind) 1 with a stable outlook. The affirmed ratings reflect Claris' comfortable credit metricsClaris Lifesciences Ltd has informed BSE regarding a Press Release dated August 16, 2012 titled "Claris Lifesciences - Close Out Letter from the US FDA" which has been placed on the USFDA website.
Claris Lifesciences received close out letter from US FDA Claris Lifesciences announced its strategy to sell in US on its own post US FDA approval All the above information is updated till March 31, 2013, unless indicated otherwise Claris Lifesciences Ltd has informed BSE regarding a Press Release dated December 07, 2012 titled "Claris Lifesciences Ltd., enters into a joint venture with Otsuka Pharmaceutical Factory, Inc. (Japan) and Mitsui & Co. Ltd. (Japan) for its Infusions business in India and Emerging Markets".
Claris has further elaborated the Press Release dated December 07, 2012:- 1. The entire cash of Rs. 1050 Crore wil 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.
2. Out of the proceeds of Rs. 1,050 Crore the company expects to receive net of taxes and expenses proceeds of Rs. 900 Crores and plans to utilize the net proceeds towards the following:a. Rs. 300 Crore for the; organic and inorganic; growth of the Specialty Injectables Business.
b. Rs. 300 Crore towards a special interim dividend or buyback of shares.
c. Rs. 300 Crore 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 Source: BSE Filings - For further updates and information, please refer stock exchange website i.e. www.bseindia.com The merchant banking business of Enam Securities Private Limited has vested with Axis Capital Limited which has been granted SEBI registration under the SEBI (Merchant Bankers) Regulations, 1992, as amended, in lieu of the earlier registration Note: Claris Lifesciences Limited’s shares were listed on the BSE on December 20, 2010. The above track record has been updated upto March 31, 2013 - since three financial
years have elapsed from the date of listing.
All the above information is updated till March 31, 2013, unless indicated otherwise

Source: http://www.axiscapital.co.in/TrackRecordofPublicIssues/CLARIS.pdf