|Our Company was originally incorporated as Oracle Laboratories Limited on July 19, 1994 under the
Companies Act, 1956, as a public limited company. We received the certificate for commencement of business
on July 28, 1994. We subsequently changed the name of our Company to Core Laboratories Limited pursuant to
a special resolution passed by the shareholders at a general meeting dated May 28, 1996 as our Company was
acting as the marketing and distribution agent for Core Healthcare Limited at that time and wanted to align its
name accordingly. Pursuant to the change of name, a fresh certificate of incorporation was granted to our
Company by the Registrar of Companies, Gujarat Dadra & Nagar Haveli on June 18, 1996. We changed the
name of our Company again to Claris Lifesciences Limited pursuant to a special resolution passed by our
shareholders at a general meeting dated March 31, 1999 as our management decided to change the name as
above. The new certificate of incorporation was granted to our Company by the Assistant Registrar of
Companies, Gujarat, Dadra and Nagar Haveli on April 1, 1999, at Ahmedabad.
By an order of the High Court of Gujarat dated May 12, 1999 Nova Lifesciences Limited was amalgamated with
our Company, and all assets, liabilities and business of Nova Lifesciences Limited was transferred to our
Company with effect from the appointed date i.e. October 1, 1997. In consideration for the amalgamation, each
shareholder of Nova Lifesciences Limited was issued one (1) Equity Share of our Company for every 1 equity
share held by such shareholder in Nova Lifesciences Limited.
Our Company traded in products manufactured by, as well as had products contract manufactured by, CHL until
2005. Furthermore, our Company took the Rajpur manufacturing unit on lease from CHL until 2005.
Our Company commissioned its first manufacturing plant, Clarion I, in 2002. We have since expanded our
operations to four manufacturing facilities (Clarion I to IV). A fifth manufacturing facility, Clarion V, is
currently under construction and we expect it to be operational by the third quarter of 2011. The total capital
expenditure, including capital work-in-progress, incurred by our Company, a significant portion of which was
spent on the entire Clarion manufacturing facilities, between July 1, 2001 and May 31, 2010, amounted to
approximately Rs. 8,153.82 million. This expenditure has been primarily incurred in the setting-up of new
plants, expansion of capacities, upgradation of technology and other office and plant infrastructure. The other
office and plant infrastructure includes the co-generation power plant at our manufacturing campus, our R&D
facility, our utility plant, our corporate headquarters and systems and processes.
We have financed this expenditure out of internal cash accruals, equity issuance and from debt financing.
From July 1, 2001 to December 31, 2002, we incurred total capital expenditure of Rs. 260.38 million, which
was financed entirely through our internal accruals. In fiscal 2003, we incurred total capital expenditure of Rs.
207.28 million, which was financed entirely through our internal accruals. In fiscal 2004, we incurred total
capital expenditure of Rs. 445.39 million, which was financed by way of debt amounting to Rs. 298.70 million,
equity of Rs. 119.75 million and internal accruals of Rs. 26.94 million. In fiscal 2005, we incurred total capital
expenditure of Rs. 446.43 million, which was financed entirely through our internal accruals. In fiscal 2006, we
incurred capital expenditure amounting to Rs. 1,772.96 million, which was financed by way of debt of Rs.
1,107.25 million, equity of Rs. 107.34 million and internal accruals of Rs. 558.37 million. In fiscal 2007, we
incurred total capital expenditure of Rs. 1,444.70 million, which was financed by way of equity of Rs. 300
million and internal accruals of Rs. 1,144.70 million. In fiscal 2008, we incurred total capital expenditure of Rs.
1,945.29 million, which was financed by way of debt of Rs. 200 million, equity of Rs. 500 million and internal
accruals of Rs. 1,245.29 million. In fiscal 2009, we incurred total capital expenditure of Rs. 1,065.95 million,
which was financed by way of debt amounting to Rs. 762.47 million and internal accruals amounting to Rs.
303.48 million. For the five month period ended May 31, 2010, we incurred total capital expenditure of Rs.
565.44 million, which was financed by way of debt amounting to Rs. 439.08 million and internal accruals
amounting to Rs. 126.36 million.
Pursuant to the share subscription cum shareholders agreement dated March 7, 2006, First Carlyle Ventures III
and certain other individuals, Mauritius invested Rs. 905.06 million in the Company by subscribing to Equity
Shares and convertible preference shares of our Company.
Key events and milestones
1999 Our Companys first international office was inaugurated in Brazil.
2002 Our Company received the WHO GMP certificate for our Clarion I facility. Our Company
reached Rs. 1 billion mark in sales turnover during the year.
2003 Our Companys manufacturing facility was approved by INVIMA, Colombia.
2004 Commercial production started at the Companys infusion manufacturing facility.
2005 Our Companys injectable manufacturing facility was approved by the MHRA, UK. The
Company received its first regulated market order from the Netherlands. Our Company received
its first product registration from MHRA, UK. Our Company filed six ANDAs with the USFDA.
2006 First Carlyle Ventures III and certain other individuals invested Rs. 905.06 million in Equity
Shares and convertible preference shares in our Company.
2007 The USFDA granted approval of our Companys sterile injectable manufacturing facility in
2008 Received approval for four ANDAs in the United States. Commenced our own sales and
marketing activities in the USA. Launch of a range of infusion products in non-PVC bags in
2009 One of our Companys non-resident Subsidiaries entered into a business arrangement with
Pfizer Asia Contract Operations Pte. Ltd. for the marketing and supply of specific sterile
injectables in certain regulated markets.
One of our products, Sodium Bicarbonate was subjected to an import detention in the United
2010 We received a letter from the USFDA in relation to the registration of our aseptic
We and certain of our partners received a number of complaints in relation to certain of our
products pursuant to which we and our partners/distributors recalled some or all of our
products from certain countries. Further, the USFDA has imposed an import alert on us and
our products, which is subsisting. The USFDA also carried out an inspection of our
manufacturing facilities at Ahmedabad, subsequent to which it has issued a warning letter to
us. Further, our Company discontinued the marketing of one of our products, Sodium
Bicarbonate in the United States.
The registration of our Company and its products was suspended by the Drug and Food
Control, Ministry of Health, State of Kuwait from June 8, 2010 till August 22, 2010.