Home  »  Company  »  Claris Lifesciences  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Claris Lifesciences Ltd.

Mar 31, 2017

Refer to the statement of changes in equity for movement in Other equity.

Nature and purpose of reserves

Capital Redemption Reserve

The Company has recognized Capital Redemption Reserve, on buyback or redemption of its own equity/preference shares, from its retained earnings. The amount in Capital Redemption Reserve is equal to nominal amount of the shares bought back.

General reserve

General reserve is created from time to time by way of transfer profits from retained earnings for appropriation purposes. General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income.

Security premium

The amount received in excess of face value of the equity shares, in relation to issuance of equity, is recognized in Securities Premium Reserve.

Retained earnings

Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to the shareholders.

Debt instruments through OCI

This represents the cumulative gains and losses arising on the revaluation of debt instruments measured at fair value through other comprehensive income that have been recognized in other comprehensive income, net of amounts reclassified to profit or loss when such assets are disposed off and impairment losses on such instruments.

Notes:

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

b. The term loan as at March 31, 2016 is secured by first and exclusive charge over the immovable and movable assets of Solar Plant located at Modasa.

c. The term loan as at March 31, 2017 is secured by equitable mortgage on the one of the Company''s immovable property.

d. Working Capital loan as at April 1, 2015 is Buyers'' credit which is 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.

e. Rate of interest on the above loans ranges between 10% to 14%. p.a.

Note :

The above information has been determined to the extent such parties could be identified on the basis of information available with the Company.

A. Defined contribution plans:

The Company deposits amount of contribution to government under PF and other schemes operated by government.

Amount of Rs. 33.49 Lacs (P.Y. : Rs. 33.18 Lacs) is recognized as expenses and included in Note 27 "Employee benefit expense"

B. Defined benefit plans:

The Company has following post employment benefits which are in the nature of defined benefit plans:

(a) Gratuity

The Company operates gratuity plan wherein every employee is entitled to the benefit as per scheme of the Company, for each completed year of service. The benefit vests only after five years of continuous service, except in case of death/disability of employee during service. The vested benefit is payable on separation from the Company, on retirement, death or termination.

C. Other Long term employee benefit plans Leave encashment

Salaries, Wages and Bonus include Rs.194.31 Lacs (P.Y.: Rs.71.63 Lacs) towards provision made as per actuarial valuation in respect of accumulated leave encashment/compensated absences.

Related party disclosures, as required by Ind AS 24, " Related Party Disclosures", are given below.

(A) Particulars of related parties and nature of relationships

Name of the related parties Name of the related parties

A. Holding Company D. Companies over which Key Management Personnel and

Athanas Enterprise Private Limited their relatives are able to exercise significant influence

Zivene Design and Development Private Limited

B. Subsidiary Companies (including step-down subsidiaries) Abellon Energy Limited

Claris Lifesciences Venezuela C. A Dorizoe Lifesciences Limited

Claris Produtos Farmaceuticos Do Brasil Limitada Poiesis Education Foundation

PT. Claris Lifesciences Indonesia Redbricks Education Foundation

Claris Lifesciences Colombia Limitada India Renal Foundation iCubix Infotech Limited

Catalys Venture Cap Limited E. Key Management Personnel

Claris injectables Limited (Formerly known as Claris Executive directors

Lifesciences International Limited) Mr. Arjun Handa

Claris Lifesciences Philippines Inc. Mr. Chandrasingh S. Purohit Claris Lifesciences De Mexico SA de CV

Claris Lifesciences (UK) Limited Non Executive directors

Claris Lifesciences (Aust) Pty. Limited Mr. Surrinder Lal Kapur

Claris Lifesciences Inc. Mr. Aditya S. Handa

Claris Lifesciences & CIA Chile Limitada Mr. Chetan S. Majmudar

OGEN Nutrition Limited Mr. T. V. Ananthanarayanan

Claris Infrastructure Limited Mr. Anup P. Shah

Claris Pharmaservices Ms. Milina Bose

Claris SteriOne Mr. Amish Vyas Claris Middle East FZ-LLC

ELDA |nternational DMCC Company Secretary

Claris Capital Limited Mr. Kirit H. Kanjaria

C. Associate Company F. Relatives of Key Management Personnel

Otsuka Pharmaceuticals India Private Limited Mrs. Krishna A. Handa (Formerly known as Claris Otsuka Private Limited)

(B) Related party transactions and balances

Terms and conditions of transactions with related parties

The sales to and purchases from related parties are made on terms equivalent to those that prevail in an arm''s length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash except in case of advances. Outstanding advances are either settled through supply of goods or services. As at March 31, 2017, March 31, 2016 and April 1, 2015, the Company carries an impairment of advances given to related parties amounting to Rs. 33.75 lacs. This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

The Board of Directors of the Company in their meeting held on December 15, 2016 has approved sale and transfer of the ''Injectables Business'' carried on by the Company in India and overseas, through its subsidiary CIL and other identified indirect subsidiaries of the Company, through one or more transactions involving the transfer of ownership of the subsidiary(ies) to the Baxter Group at an aggregate enterprise value of approximately USD 625,000,000 (United States Dollars Six Hundred and Twenty-Five Million Only) for the said transaction relating to the sale of injectables business, subject to agreed adjustments, permitted under applicable law, including for repayment of lenders debt, certain inter-group transactions, and other closing adjustments, which may be substantial.

After signing of the share purchase agreement, the said transaction was approved by the shareholders of the Company on February 17, 2017. Further, Foreign Investment Promotional Board of India has granted its approval on April 17, 2017 for the aforesaid transaction. Accordingly, the Injectables business is considered as Discontinued Operations in terms of Ind-AS 105.

The assets classified as held for sale pertains to investment in equity shares of its subsidiary CIL Rs.5 lacs. There are no associated liabilities that could be classified as held for sale.

Note 1: Segment information

The Company has presented segment information in the consolidated financial statements which are presented in this same annual report. Accordingly, in terms of Ind AS 108 ''Operating segments'', no disclosures relating to segments are presented in these standalone financial statements.

(1) The management assessed that cash and cash equivalents, trade receivables, loans - current, other financial assets, trade payables, working capital loan and other financial liabilities (excluding current maturities of long-term borrowings) approximate their carrying amounts largely due to the short-term maturities of these instruments.

(2) The management assessed that fair values for vehicle loan from bank would approximate their carrying values. This is due to the interest rates for similar instruments (vehicle loans) have not changed significantly as at March 31, 2017, March 31, 2016 and April 1, 2015 compared to the interest rates at which such vehicle loans have been availed.

2 Quantitative disclosures fair value measurement hierarchy for assets

Quantitative disclosures fair value measurement hierarchy for assets as at March 31, 2017 (Valuation date - March 31, 2017)

The Company''s principal financial liabilities comprise of loans and borrowings, trade payables and other financial liabilities. The loans and borrowings are primarily taken to finance and support the Company''s operations. The Company''s principal financial assets include investments, loans, cash and cash equivalents, trade receivables and other financial assets.

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management oversees the management of these risks. The Company''s senior management ensures that financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company''s policies and risk objectives. It is the Company''s policy that no trading in financial instruments for speculative purposes may be undertaken.

1. Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk or Net asset value("NAV") risk in case of investment in mutual funds. Financial instruments affected by market risk include investments, trade receivables, trade payables, loans and borrowings and deposits.

The sensitivity analysis in the following sections relate to the position as at March 31, 2017 and March 31, 2016.

The sensitivity of the relevant profit and loss item is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial liabilities held at March 31, 2017 and March 31, 2016.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the Company''s long-term debt obligations with floating interest rates.

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on loans and borrowings. With all other variables held constant, the Company''s profit before tax is affected through the impact on floating rate borrowings, as follows:

The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable market environment, showing a significantly higher volatility than in prior years.

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company''s exposure to the risk of changes in foreign exchange rates relates primarily to the Company''s operating activities, i.e. when revenue or expense is denominated in a foreign currency.

Given below is the foreign currency exposure arising from the non derivative financial instruments:

Foreign currency sensitivity

The following tables demonstrate the sensitivity to a reasonably possible change in EUR and USD exchange rates, with all other variables held constant. The impact on the Company''s profit before tax is due to changes in the fair value of monetary assets and liabilities. The Company''s exposure to foreign currency changes for all other currencies is not material.

Other market risks

The Company''s investments in varous mutual funds, debentures and bonds are susceptible to market price risk arising from the uncertainty about future values / future NAV values of such mutual funds, debentures, bonds and preference shares. The Company manages such risk through diversification of such investments. Reports on the investment portfolio are submitted to the Company''s senior management on a regular basis that helps the senior management to take investment decisions.

2 Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions and foreign exchange transactions.

Trade receivables

Customer credit risk is managed by the Company''s internal policies, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an credit rating scorecard and credit limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored and any shipments to major customers are generally covered by letters of credit. As at March 31, 2017, there were 8 customers with balances greater than Rs.100 lacs accounting for more than 82% of the total amounts receivables. As at March 31, 2016 and April 1, 2015, there were 8 and 7 customers, respectively, with balances greater than Rs.200 lacs and Rs.500 Lacs, respectively, accounting for more than 77% and 86%, respectively, of the total amounts receivables. These amounts are after considering allowances for expected credit losses.

The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets.

Trade receivables are non-interest bearing and are generally on 14 days to 90 days credit term. Credit limits are established for all customers based on internal rating criteria. The Company has no concentration of credit risk as the customer base is widely distributed both economically and geographically.

Cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company''s treasury department in accordance with the Company''s policy. Investments of surplus funds are made only with approved counterparties who meet the minimum threshold requirements under the counterparty risk assessment process. The Company monitors the ratings, credit spreads and financial strength of its counterparties. Based on its on-going assessment of counterparty risk, the group adjusts its exposure to various counterparties. The Company''s maximum exposure to credit risk for the components of the Balance sheet as of March 31, 2017, March 31, 2016 & April 1, 2015 is the carrying amount as disclosed in Note 9 and

13 except for financial guarantees. The Company''s maximum exposure for financial guarantee is given in Note 38.

3 Liquidity Risk

The Company monitors its risk of shortage of funds through using a liquidity planning process that encompasses an analysis of projected cash inflow and outflow.

The Company''s objective is to maintain a balance between continuity of funding and flexibility largely through cash flow generation from its operating activities and the use of bank loans. The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. The Company has access to a sufficient variety of sources of funding.

The table below summarizes the maturity profile of the Company''s financial liabilities (including future interest payable) based on contractual undiscounted payments.

For the purpose of the Company''s capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholder''s value.

The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes, within net debt, interest bearing loans and borrowings, trade and other payables, less cash and short-term deposits.

In order to achieve this overall objective, the Company''s capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current period.

No changes were made in the objectives, policies or processes for managing capital during the years ended March 31, 2017, March 31, 2016 and April 1, 2015.

In addition to the above, during the year ended March 31, 2015, the Company transferred its injectable business to its wholly owned subsidiary company Claris Injectable Limited (''CIL'') under slump sale arrangement. Capital gains arising pursuant to sale of business was not chargeable to tax by the virtue of provisions of Section 47(iv) of the Income-tax Act, 1961. Therefore, provision for tax of approximately Rs.4,000 Lacs was not made in the books of accounts of the Company. However, as provided in Note 32 pursuant to transfer of ownership of CIL to Baxter Group, CIL shall cease to be the subsidiary company of the Claris Life sciences Limited. Therefore, the Company shall not be entitled for the benefit of capital gains tax exemption considered earlier and the capital gains shall be chargeable to tax for the year ended March 31, 2015. Upon receipt of various approvals and completion of other legal and statutory formalities, the transaction of transfer of investment in subsidiary company shall be completed and necessary provision for capital gains tax liability shall be made in the books of account of the Company.

Further, the Board of Directors of the Company has recommended a final dividend of Rs.2 per equity share of Rs.10 each for the year ended March 31, 2017 subject to the approval of shareholders at the ensuing annual general meeting.

Note 4 : Expenditure for corporate social responsibility activities

During the year ended March 31, 2017, the company has spent Rs.128.33 lacs towards Corporate Social Responsibility (CSR) under Section 135 of the Companies Act, 2013 and Rules thereon by way of contribution to various Trusts / NGOs / Societies / Agencies.

(i) On May 8, 2017, the Company has entered into a definitive agreement with Otsuka Pharmaceutical Factory, Inc. (Japan) ("Otsuka") to sell its 20% stake in the joint venture, Otsuka Pharmaceutical India Private Limited (formerly known as Claris Otsuka Private Limited), for a total consideration of US$ 20 million. The closure of the transaction is subject to regulatory approvals, including approval from Foreign Investment Promotion Board.

(ii) The Board of Directors of the Company has recommended a final dividend of Rs.2 per equity share of Rs.10 each for the year ended on March 31, 2017, subject to the approval of shareholders at the ensuing annual general meeting.

Note 5 : Other Notes

(i) The search operations under Section 132 of the Income-tax Act, 1961 were carried out at the premises of the Company by the Income-tax Department on August 4, 2015. In order to settle the above matter expeditiously, the Company filed an application with the Income-tax Settlement Commission for earlier years to conclude the final assessments for these years. With a view to avoid protracted and expensive litigation and to buy peace of mind, the Company offered additional income in its application filed with Income-tax Settlement Commission and paid tax and interest thereon. The amount of income tax and interest so paid has been provided for in the financial statements. The Income tax Settlement Commission has admitted the application and the proceeding are under progress.

(iii) The presentation requirements under previous GAAP differs from Ind AS, and hence, previous GAAP information has been regrouped for ease of reconciliation with Ind AS. The regrouped previous GAAP information is derived from the standalone financial statements of the Company prepared in accordance with previous GAAP.


Mar 31, 2016

1. The company has revised the useful life of fixed asset based on schedule II to the Companies Act, 2013 for the purpose of providing depreciation on fixed asset. Accordingly, the carrying amount of the assets as on April 01, 2015 has been depreciated over the remaining revised useful life of the fixed assets. Consequently, the depreciation for the year ended March 31, 2016 is higher and the profit before tax is lower to the extent of Rs. 353.78 lacs Further an amount of Rs. 34.51 lacs(net of deferred tax) representing the carrying amount of the assets with revised useful life as Nil, as at April 01, 2015 adjusted against the opening balance of profit and loss account pursuant to the requirements of the provisions of the Companies Act 2013

2. The search operations under Section 132 of the Income-tax Act, 1961 (''the Act'') were carried out by the income-tax authorities at the premises of the Company in the month of August 2015. The search proceedings have been completed and the Company extended full co-operation to the income-tax authorities. Assessment proceedings are under progress and provision for any tax liability, if required , shall be made on completion of assessment.

3. PT Claris Life sciences Indonesia (CLI), a wholly owned subsidiary of the Company in Indonesia, has been incurring losses which has resulted in complete erosion of the net worth of CLI. The changes in import regulations in Indonesia have given rise to uncertainties with respect to recoverability of the value of the long term investments in foreseeable future. In view of this, considering accounting prudence, an amount of Rs. 45.10 Lacs had been recognized towards diminution in value of the long term investments in the financial statements for the year ended 31st December 2012.

4. Capital Work In Progress includes preoperative expenditure pending allocation to projects under implementation as under:

5. (a)The provision for current tax has been made as per the provisions of the Income Tax Act, 1961. The tax year for the Company being the year ending 31st March, the provision for current tax for the fifteen months period ended 31st March, 2015 is the aggregate of the provision required for the three months ended 31st March 2014 and the provision required for the remaining twelve months ended on 31st March,2015. Further, based on legal opinion obtained from eminent legal counsel, the management of the company is of the opinion that no tax provision is required in respect of capital gain on slump sales of inject able business to its wholly owned subsidiary company named Claris Injectables Ltd. (Formerly known as Claris Life sciences International Limited). b) On the basis of estimates and judgments of the company''s management, the company believes that the differed tax liability as shown in Note-5 reflects a fair and correct position in compliance of the applicable Accounting Standards and principles.

b)Defined Contribution Plans

Rs. 33.18 Lacs (Previous Year Rs. 113.01 Lacs) recognized as an expense and included in the Notes 19 of Statement of Profit and Loss under the head "Contribution to Provident and other funds".

6. Segment Information I) Primary Segment:

In accordance with the requirements of Accounting Standard -17 on Segment Reporting, the Company has determined its business segment as "Drugs and Pharmaceuticals". Since all of the Company''s business is from "Drugs and Pharmaceuticals'', there are no other primary reportable segments. Thus the segment revenue, segment result, total carrying amount of segment liabilities, segment assets, the total amount of charge for depreciation during the year / period are all reflected in the financial statements as of and for the year / period ended 31st March, 2016.

Note: Figures in brackets are in respect of previous period.

7. Related party disclosures as required by Accounting Standard 18, " Related Party Disclosures", issued by the Institute of Chartered Accountants of India are given below.

(A) Particulars of related parties and nature of relationships:

Name of the Related Parties

A. Holding Company

Athanas Enterprise Private Limited

B. Subsidiary Companies

Claris Life sciences Venezuela C. A

Claris Products Pharmaceutics Do Brasil Limited

PT. Claris Life sciences Indonesia

Claris Life sciences Colombia Limitada

iCubix InfoTech Limited

Catalys Venture Cap Limited

Claris injectables Limited (Formerly known as Claris

Life sciences International Limited)

Claris Life sciences Philippines Inc Claris Life sciences De Mexico SA de CV Claris Life sciences (UK) Limited Claris Life sciences (Aust) Pty. Limited Claris Life sciences Inc.

Claris Life sciences & CIA Chile Limited

OGEN Nutrition Limited

Claris Infrastructure Limited

Claris Pharmaservices

Claris Serine

Claris Middle East FZ-LLC

ELDA International DMCC

Claris Capital Limited

Name of the Related Parties

C. Associate Company

Claris Otsuka Private Limited (Formerly known as Claris Otsuka Limited)

D. Companies over which Key Management Personnel and their relatives are able to exercise significant influence

Zivene Design and Development Private Limited Abellon Energy Limited Dorizoe Life sciences Limited Redbricks Education Foundation Poiesis Education Foundation

E. Key Management Personnel Mr. Arjun. Handa

Mr. Chetan S. Majmudar (Upto 31.10.2014)

Mr. Chandrasingh S. Purohit Mr. Kirit H. Kanjaria

F. Relatives of Key Management Personnel

Mr. Aditya Handa Mrs. Krishna A. Handa

8. Discontinuing operations

During the fifteen months period ended 31st March 2015, 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 Injectables Business on Slump Sale basis, the Company has transferred its Injectables Business to its wholly owned subsidiary namely Claris Injectables Limited (formerly known as Claris Life sciences International Limited) on 31st October, 2014. The business transfer involved transfer of relevant assets and liabilities as stated in the Business Transfer Agreement of Injectables Business on slump sale basis" for an agreed cash consideration of Rs. 55,400 lacs. As per the terms of the agreement, the company has transferred Injectables business for Rs. 55,400 lacs as consideration for the net assets of the Injectables Business transferred.

The pre-tax gain on disposal of assets and settlement of liabilities attributable to the sale of Injectables business of Rs. 523.03 lacs has been disclosed in the statement of profit and loss as an exceptional item, being profit on disposal of injectables business under slump sale.

For the period from 1st January,2014 to 31st October,2014

b) The company operates under a single business segment i.e. ''Drugs & Pharmaceuticals'' as per the requirement of Accounting Standard - 17 ''Segment Reporting. The transfer of the Injectable Business involved transfer of assets and liabilities related to the injectable business and as the same identified by the parties to the transaction. For this purpose, the products, employees, tangible and intangible assets, current assets, market territories, long term and short term borrowings, other liabilities etc. have been identified as are related to the Injectable Business and disclosed its income, expenditure, profitability, assets and Liabilities.

In view of common employees, marketing expenses, logistics and distribution arrangements and general corporate overheads, which were not separately identifiable for identified products of the Injectable Business being transferred, the company was unable to determine the income and expenses clearly attributable to the discontinued operations. Under the facts and circumstances, for the period from 1st January, 2014 to 31st October, 2014, the company has disclosed separately the figures for expenditure attributable to discontinuing operations, profit from the continuing and from the discontinuing operations, tax expense of discontinuing operations, profit from discontinuing operations (after tax) and cash flows from operating activities on best estimate basis. The auditors have relied upon and accepted the data submitted by the management.

c) In view of the above stated transfer of injectables business, the figures for the financial period reported in the statement of profit and loss and the cash flow statement do not include the figures of the injectable business for the period from 1st November, 2014 to 31st March 2015 and the figures in the balance sheet as at 31st March 2015 do not include the figures pertaining to the injectables business.

9. Extraordinary Item

Extraordinary item represents expenses of Rs. 3,783.19 lacs, incurred relating to legal, professional, traveling and consultancy etc. on account of various strategic and management initiatives of which expenses of Rs. 3,032.54 lacs are of previous period.

10. Expenditure for Corporate Social Responsibility Activities:

During the year, the company has spent Rs. 305.00 Lacs towards Corporate Social Responsibility (CSR) under Section 135 of the Companies Act, 2013 and Rules thereon by way of contribution to various Trusts / NGOs / Societies / Agencies.

11. Current Assets, Loans and Advances as at 31st March 2016 have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

12. 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 is for 12 months period ended on 31st March, 2016 as against Fifteen months period ending on 31st March, 2015 , hence, not comparable.

13. Previous period''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.

USA continues to drive the revenue for the FY16, over the last year revenues to US grew by 141%, US now accounts for 52% of our SIB sales.

- Other Regulated markets remained flat during the year, and are expected to grow by 15% during FY2017

- Regional Issues in a few important Emerging Markets resulted into a de-grow of 9% over the previous year, we expect EM to remain flat in FY2017.


Mar 31, 2015

1. Contingent Liabilities (Rupees in Lacs)

As at As at 31-03-2015 31-12-2013

a. Claim against the company not acknowledge as debts 908.38 1,909.37

b. Disputed demand under :

(i) Income Tax 391.43 534.98

(ii) Sales Tax 17.85 8.93

(iii)Excise Duty 92.19 85.74

(iv) Regulatory 10,400.00 10,400.00

(v) Customs Duty Draw back 271.71 -

c. Guarantees given by the bankers on behalf of the company - 600.55

d. Bills discounted 4,271.11 3,275.94

e. Gurantees given by the Company 61,454.90 -

f. Letters of credit outstanding - 161.12

2. Commitments & Obligations (Rupees in Lacs)

As at As at 31-03-2015 31-12-2013

a. Estimated amount of contracts remaining to be executed on capital account and not 167.04 17,971.87 provided for; (net of capital advances)

b. Outstanding obligation to export goods worth Rs. 7,076.07Lacs 2041.27 1,860.45 (Previous year Rs. 6,692.54 Lacs) within the stipulated period as per Export Promotional Capital Goods Scheme, failing which additional custom duty payable would amount to

3. PT Claris Lifesciences Indonesia (CLI), a wholly owned subsidiary of the Company in Indonesia, has been incurring losses which has resulted in complete erosion of the networth of CLI. The changes in import regulations in Indonesia have given rise to uncertainties with respect to recoverability of the value of the long term investments in foreseeable future. In view of this, considering accounting prudence, an amount of Rs. 45.10 Lacs had been recognized towards diminution in value of the long term investments in the financial statements for the year ended 31st Dec 2012.

4. Capital Work In Progress includes preoperative expenditure pending allocation to projects under implementation, the breakup of which is as under:

5. (a)The provision for current tax has been made as per the provisions of the Income Tax Act, 1961. The tax year for the Company being the year ending 31st March, the provision for current tax for the period is the aggregate of the provision required for the three months ended 31st March 2014 and the provision required for the remaining twelve months ended on 31st March,2015. Further, based on legal opinion obtained from eminent legal counsel, the management of the company is of the opinion that no tax provision is required in respect of capital gain on slump sales of injectable business to its wholly owned subsidiary company named Claris Injectables Ltd. (Formerly known as Claris Lifesciences International Limited). b) On the basis of estimates and judgments of the company''s management, the company believes that the differed tax liability as shown in Note-5 of Rs. 272.57 lacs as at 31st March, 2015 reflects a fair and correct position in compliance of the applicable Accounting Standards and principles.

6. Pursuant to notification dated 29th December, 2011 issued by Central Government under Companies (Accounting Standard) Amendment Rules, 2009; with effect from April 1, 2011, the Company exercised the option whereby, the exchange differences arising on settlement or on translation of long-term foreign currency monetary items, so far as they relate to the acquisition of a depreciable capital asset, are added to or deducted from the cost of the asset and are depreciated over the balance life of the asset.

7. Segment Information

I) Primary Segment:

In accordance with the requirements of Accounting Standard –17 on Segment Reporting, the Company has determined its business segment as "Drugs & Pharmaceuticals". Since all of the Company''s business is from "Drugs and Pharmaceuticals'', there are no other primary reportable segments. Thus the segment revenue, segment result, total carrying amount of segment liabilities, total cost incurred to acquire segment assets, the total amount of charge for depreciation during the year are all reflected in the financial statements as of and for the period ended 31st March, 2015.

8. Disclosure for operating leases under Accounting Standard 19 – "Accounting for Leases"

The Company has entered into agreements for taking on leave and license basis residential / office premises including furniture and fittings therein, as applicable, for a period ranging from 11 to 60 months. The specified disclosure in respect of these agreements is given below:

9. Discontinuing operations

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 Injectables Business (previous year Infusion Business) on Slump Sale basis, the Company has transferred its Injectables Business to its wholly owned subsidiary namely Claris Injectables Limited (formerly known as Claris Lifesciences International Limited) on October 31st, 2014 (previous year Infusion Business to Claris Otsuka Limited on July 31st,2013). The business transfer involved transfer of relevant assets and liabilities as stated in the Business Transfer Agreement of Injectables Business (previous year Infusion Business) on slump sale basis" for an agreed cash consideration of Rs. 55,400 lacs (previous year Rs,1,03,182.42 lacs for Infusion Business). As per the terms of the agreement, the company have transferred business for Rs. 55,400 lacs (previous year Rs,1,03,182.42 lacs for Infusion Business) as consideration for the net assets of the Injectables Business (previous year Infusion Business) transferred.

The pre-tax gain on disposal of assets and settlement of liabilities attributable to the sale of Injectables business of Rs. 523.03 lacs (previous year Rs.1505.98 lacs) has been disclosed in the statement of profit and loss as an exceptional item, being profit on disposal of injectables business under slump sale.

b) The company operates under a single business segment i.e. ''Drugs & Pharmaceuticals'' as per the requirement of Accounting Standard – 17 ''Segment Reporting''. The transfer of the Injectable Business (previous year Infusion business) involved transfer of assets and liabilities related to the injectable business (previous year Infusion business)and as the same identified by the parties to the transaction. For this purpose, the products, employees, tangible and intangible assets, current assets, market territories, long term and short term borrowings, other liabilities etc. have been identified as are related to the Injectable Business (previous year Infusion business)and disclosed its income, expenditure, profitability, assets and liabilities.

In view of common employees, marketing expenses, logistics and distribution arrangements and general corporate overheads, which were not separately identifiable for identified products of the Injectable Business (previous year Infusion Business) being transferred, the company was unable to determine the income and expenses clearly attributable to the discontinued operations. Under the facts and circumstances, for the period from 1st January,2014 to 31st October,2014 (previous year for the period from 1st January 2013 to 31st July, 2013), the company has disclosed separately the figures for expenditure attributable to discontinuing operations, profit from the continuing and from the discontinuing operations, tax expense of discontinuing operations, profit from discontinuing operations (after tax) and cash flows from operating activities on best estimate basis. The auditors are relied upon and accepted the data submitted by the management.

c) In view of the above stated transfer of injectable business, the figures for the financial period reported in the statement of profit and loss and the cash flow statement do not include the figures of the injectable business for the period from 1st November, 2014 to 31st March 2015 (previous year Infusion business for 1st August,2013 to December 31st 2013) and the figures in the balance sheet as at 31st March 2015 (previous year 31st December,2013) do not include the figures pertaining to the injectable business (previous year Infusion business).

10. Current Assets, Loans and Advances as at 31st March 2015 have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

11. 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 is for Fifteen months period ending on 3st March, 2015 as against 12 months period ended on 31st December, 2013, hence, not comparable.

12. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Dec 31, 2012

(i) 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 shareholder are eligible to receive the remaining assets of the company after distribution of all preferential amounts. in proportion to their shareholding

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. 14302.10 Lacs are in process.

b. Cash credit accounts & 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 & other loans.

1. Contingent Liabilities (Rupees in Lacs)

As at As at 31-12-2012 31-12-2011

a. Claims against the Company not acknowledged as debts 1,626.64 312.31

b. Disputed demand under:

(I) Income tax 392.27 381.26

(ii) Sales Tax 8.93 8.93

(iii) Excise Duty 87.78 68.59

(iv) Regulatory 10,400.00 -

c. Guarantees given by the bankers on behalf of the Company 509.59 132.09

d. Bills discounted 3,905.61 2,686.34

e. Letters of credit outstanding 851.10 9,332.56

* The Shareholders on 24th September, 2011 approved a Special Resolution under section 61 of the Companies Act, 1956 for partial modification in the "Objects of the Issue" as mentioned in the prospectus dated 4th December, 2010.

2. PT Claris Lifesciences Indonesia (CLI), a wholly owned subsidiary of the Company in Indonesia, has incurred loss during the year. This and past accumulated losses have resulted in complete erosion of networth of CLI.The changes in import regulations in Indonesia have given rise to uncertainties with respect to recoverability of the value of the long term investments in foreseeable future. In view of this, considering accounting prudence, an amount of Rs. 45.10 Lacs is recognized towards diminution in value of the long term investment.

3. Excise duty shown as deduction from Sales represents the amount of excise duty collected on sales. Excise duty expenses under Note No 22, "Operating and Other Expense", represents the difference between excise duty element in the amounts of closing stocks and opening stocks and excise duty paid on materials manufactured for captive consumption.

4.The provision for current tax has been made as per the provisions of the Income Tax Act, 1961. The tax year for the Company being the year ending 31st March, the provision for current tax for the year is the aggregate of the provision required for the three months ended 31st March 2012 and the provision required for the remaining nine months up to 31st December 2012, the ultimate tax liability of which has been estimated on the basis of the actual / projected figures for the period from 1st April 2012 to 31st March 2013.

5. Disclosures regarding Derivative Instruments:

a. The Company uses forward exchange contracts to hedge its exposure in foreign currency. There are no contracts entered into for the purpose of speculation.

b. The information on derivative instruments as on 31st December 2012 is as follows:

6. Pursuant to notification dated 29th December, 2011 issued by Central Government under Companies (Accounting Standard) Amendment Rules, 2009; with effect from April 1, 2011, the Company has exercised the option whereby, the exchange differences arising on settlement or on translation of long-term foreign currency monetary items, so far as they relate to the acquisition of a depreciable capital asset, are added to or deducted from the cost of the asset and are depreciated over the balance life of the asset.

b) Defined Contribution Plans

Rs. 134.33 Lacs (Previous Year Rs. 113.38 Lacs) recognized as an expense and included in the Note no 20 of Profit and Loss Account under the head "Contribution to Provident and other funds".

7. Segment Information i) Primary Segment:

In accordance with the requirements of Accounting Standard -17 on Segment Reporting, the Company has determined its business segment as "Drugs & Pharmaceuticals". Since all of the Company''s business is from "Drugs and Pharmaceuticals'', there are no other primary reportable segments. Thus the segment revenue, segment result, total carrying amount of segment liabilities, total cost incurred to acquire segment assets, the total amount of charge for depreciation during the year are all reflected in the financial statements as of and for the year ended 31st December, 2012.

8.Discontinuing operations

On December 7, 2012,the management of the Company has entered in to a set of agreements with Otsuka Pharmaceutical Factory, Inc., Japan (Otsuka) and Mitsui & Co. Ltd., Japan (Mitsui) for transfer of its Infusion Business to Claris Otsuka Limited, a wholly owned subsidiary of the Company on ''slump sale'' basis. The said infusion business includes identified products of Common Solutions, Anti Infective, Plasma Volume Expanders and Parenteral Nutrition in India and in Emerging markets (herein after referred to as ''the infusion business''). The transfer of the infusion business is subject to all necessary and applicable approvals of the regulatory authorities and subject to other closing formalities to be completed as may be agreed between the parties. Subject to such approvals and formalities, the Board of Directors of the Company, in its meeting held on December 7, 2012, has passed necessary resolutions approving the transfer of the infusion business to Claris Otsuka Limited. On 18th February, 2013 the shareholders of the Company, through postal ballot, have approved necessary resolutions for the said transfer of infusion business . It is expected that completion of the transaction will take place in financial year 2013, upon getting necessary approvals from regulatory authorities.

As per the terms of the agreements, the infusion business is valued at Rs. 131,300 Lacs and the Company is to receive Rs. 105,000 Lacs in cash over multiple agreements for the portion to be transferred in favor of Otsuka & Mitsui,who will subscribe Rs. 105,000 Lacs towards equity share capital and towards securities premium of Claris Otsuka Limited, pursuant to which Otsuka, Mitsui and the Company will respectively hold 60 %, 20% and 20% of the equity share capital of Claris Otsuka Limited..

a) Necessary disclosures of the details pertaining to the discontinuing operations in respect of the infusion business and the reorganization of the business, as required under the Accounting Standard - 24 ''Discontinuing Operations'' (AS-24) as notified by the Government of india under Section 211(3C) of the Companies Act, 1956, are as under:-

b) The Company operates under a single business segment i.e. ''Drugs & Pharmaceuticals'' as per the requirements of Accounting Standard - 17 ''Segment Reporting. The transfer of the infusion business would involve transfer of assets and liabilities as are related to the infusion business and as the same are identified by the parties to the transaction. For this purpose, the products, employees, tangible and intangible assets, current assets, market territories, long term and short term borrowings, other liabilities etc. are being identified as are related to the infusion business. 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 being transferred, the Company is unable to determine the income, expenses, assets and liabilities clearly attributable to the discontinued operations. As per the practice followed by the Company for preparation of its financial statements for financial reporting purposes, its present system of maintenance of books of account and other relevant records do not provide clearly identifiable details of income and expenditure as are related to the infusion business. Under the circumstances, the Company is unable to disclose the above stated details as are pertaining to the discontinuing operations. Under the facts and circumstances the Company is unable to disclose separately the profit from the continuing and from discontinuing operations, tax expense of discontinuing operations and profit from discontinuing operations (after tax).

9.Provision for loss due to product recall:

The Company had initiated a voluntary recall of certain products as a precautionary measure against possible contamination due to the packaging integrity of such recalled products. The provision for loss due to products recalled was based on estimates made by the management by applying principles laid down in Accounting Standard - 29 "Provisions, Contingent Liabilities and Contingent Assets". The company has reviewed the status as at the balance sheet date and considering no requirement of incurring such expenses, it has reversed the provision during the year, the movement in the provision during the year is as under: -

10.The Revised Schedule VI has become effective from the current financial year for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Dec 31, 2011

1. Contingent Liabilities (Rupees in Lacs)

As at As at Particulars

31-12-2011 31-12-2010

a. Claims against the Company not acknowledged as debts in respect of

(i) Sales Tax 8.93 20.94

(ii) Excise Duty 68.59 34.29

(iii) Other Matters 312.31 79.23

b. Disputed demand under Income tax 381.26 152.22

c. Guarantees given by the bankers on behalf of the Company 132.09 1,248.88

d. Bills discounted 2,686.34 2,514.00

e. Letters of credit outstanding 9,332.56 4,375.28

2. Initial Public Offering (IPO):

During December 2010, the Company completed its Initial Public Offering (IPO) comprising of 12,632,477 Equity Shares of Rs.10 each, of which 1,843,003 Equity Shares were issued at a price of Rs.293 and 10,789,474 Equity Shares were issued at a price of Rs.228, aggregating to Rs. 30,000 Lacs. The Securities Premium amounting to Rs. 28,736.76 Lacs has been credited to Securities Premium Account. The expenses in connection with Issue of Equity Shares amounting to Rs. 2,096.31 (Net of Tax of Rs. 326.29) have been adjusted to Securities Premium Account.

* The Shareholders on 24th September, 2011 have approved by a Special Resolution under section 61 of the Companies Act, 1956 for partial modification in the "Objects of the Issue" as mentioned in the prospectus dated 4th December, 2010.

3. Secured Loans as stated in Schedule-3 are secured by below stated nature of securities:

a. Term Loans in Foreign Currency and Domestic Currency 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 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.

4. Excise duty shown as deduction from Sales represents the amount of excise duty collected on sales. Excise duty expenses under Schedule-15, "Operating and Other Expense", represents the difference between excise duty element in the amounts of closing stocks and opening stocks and excise duty paid on materials manufactured for captive consumption.

5. The provision for current tax has been made as per the provisions of the Income Tax Act, 1961. The tax year for the Company being the year ending 31st March, the provision for current tax for the year is the aggregate of the provision required for the three months ended 31st March 2011 and the provision required for the remaining nine months up to 31st December 2011, the ultimate tax liability of which has been estimated on the basis of the actual / projected figures for the period from 1st April 2011 to 31st March 2012.

Expenditure on account of Premium on forward exchange contracts to be recognized in Profit & Loss Account of subsequent accounting period aggregates to Rs. 7.86 Lacs (Previous Year Rs. Nil).

6.Change in accounting policy :

Pursuant to notification dated 29th December, 2011 issued by Central Government under Companies (Accounting Standard) Amendment Rules, 2009; with effect from April 1, 2011, the Company has exercised the option whereby, the exchange differences arising on settlement or on translation of long-term foreign currency monetary items, so far as they relate to the acquisition of a depreciable capital asset, are added to or deducted from the cost of the asset and are depreciated over the balance life of the asset. Accordingly, for the year ended 31st December, 2011, foreign currency translation loss of Rs. 485.13 Lacs has been added to the cost of depreciable capital assets. Out of the said amount, the amount remaining to be depreciated as at 31st December, 2011 is Rs. 485.13 Lacs.

This has resulted in change in accounting policy adopted by the Company with respect to the exchange differences arising on settlement or on translation of long-term foreign currency monetary items. Consequently, for the year ended 31st December 2011, the net foreign exchange rate difference loss is lower and the net profit is higher by Rs. 485.13 Lacs.

7. Disclosures regarding Derivative Instruments:

a. The Company uses forward exchange contracts to hedge its exposure in foreign currency. There are no contracts entered into for the purpose of speculation. B. The information on derivative instruments as on 31st December 2011 is as follows:

b Defined Contribution Plans

Rs. 136.29 Lacs (Previous Year Rs. 165.72 Lacs) recognized as an expense and included in the Schedule 14 Profit and Loss Account under the head "Contribution to Provident and other funds".

8. Segment Information

i. Primary Segment:

In accordance with the requirements of Accounting Standard –17 on Segment Reporting, the Company has determined its business segment as "Drugs & Pharmaceuticals". Since all of the Company's business is from "Drugs and Pharmaceuticals', there are no other primary reportable segments. Thus the segment revenue, segment result, total carrying amount of segment liabilities, total cost incurred to acquire segment assets, the total amount of charge for depreciation during the year are all reflected in the financial statements as of and for the year ended 31st December, 2011.

9.Provision for loss due to product recall:

The Company had initiated a voluntary recall of certain products as a precautionary measure against possible contamination due to the packaging integrity of such recalled products. The provision for loss due to products recalled is based on estimates made by the management by applying principles laid down in Accounting Standard – 29 "Provisions, Contingent Liabilities and Contingent Assets". Further it is not possible to estimate the timing / uncertainty relating to the outflow. The movement in the provision during the period is as under: -

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. 1,353.66 Lacs (Previous Year Nos. 1,357.47

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.

Note:

i. Sales includes foreign exchange rate difference gain of Rs.1,406.49 Lacs (Previous year foreign exchange rate difference loss of Rs. (30.54) Lacs). Ii. Figures in brackets are in respect of previous year.

10. Debtors & Loans and advances include:

a. Amount due from directors or other officers of the company Rs. 17.02 Lacs (Previous Year Dec-2010 is 23.67 Lacs.).Maximum amount Outstanding at any time during the year Rs .35.21 Lacs (Previous Year Dec-2010 16.17 Lacs)


Dec 31, 2010

1. Contingent Liabilities (Rupees in Mn)

As at As at Particulars 31-12-2010 31-12-2009

Claims against the Company not acknowledged as debts in respect of sales tax and other matters 13.45 7.27

Guarantees given by the bankers on behalf of the Company 124.89 6.30

Disputed demand under Income tax 15.22 8.35

Bills discounted 251.40 117.28

Letters of credit outstanding 437.53 674.59

2. In March 2006, the Company and its founders entered into a Share Subscription and Shareholders Agreement ("the Agreement") with First Carlyle Ventures III, Mauritius and other Co-investors (collectively "Investors"). As per the terms of the Agreement, in March 2006, the Company issued 1,000 equity shares Rs. 10 each at par ("Investor equity shares") and 603,360 Cumulative Preference Shares of the face value of Rs. 1,000 each at a premium of Rs. 500 each (‘the Securities") to the Investors.

In accordance with the terms and conditions of the Agreement, in September 2009, the aforesaid 603,360 Cumulative Preference Shares of the face value of Rs. 1,000 each were converted into 4,766,269 Equity Shares of the face value of Rs. 10 each resulting into share premium of Rs. 555.70 Mn. As per the terms and conditions of the Agreement, the Investor Equity Shares and the Securities, till their conversion into Equity Shares as stated above, carried differential rights as regards voting and right of dividend.

3. Secured Loans as stated in Schedule-3 are secured by below stated nature of securities:

a. Term Loans in Foreign Currency and Domestic Currency 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. The formalities of creating mortgage over specified immoveable fixed assets in respect of loan of Rs. 1,432.80 Mn are in process.

b. Cash Credit Accounts 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.

4. Excise duty shown as deduction from Sales represents the amount of excise duty collected on sales. Excise duty expenses under Schedule-16, "Operating and Other Expense", represents the difference between excise duty element in the amounts of closing stocks and opening stocks and excise duty paid on materials manufactured for captive consumption.

5. The provision for current tax has been made as per the provisions of Section 115 JB under the Income Tax Act, 1961. The tax year for the Company being the year ending 31st March, the provision for current tax for the year is the aggregate of the provision required for the three months ended 31st March, 2010 and the provision required for the remaining nine months up to 31st December, 2010, the ultimate tax liability of which has been estimated on the basis of the actual / projected figures for the period from 1st April, 2010 to 31st March, 2011

6)Disclosures regarding Derivative Instruments:

a. The company uses forward exchange contracts to hedge its exposure in foreign currency. There are no contracts entered into for the purpose of speculation.

7. Segment Information i. Primary Segment:

In accordance with the requirements of Accounting Standard –17 on Segment Reporting, the Company has determined its business segment as "Drugs & Pharmaceuticals". Since all of the Companys business is from "Drugs and Pharmaceuticals, there are no other primary reportable segments. Thus the segment revenue, segment result, total carrying amount of segment liabilities, total cost incurred to acquire segment assets, the total amount of charge for depreciation during the year are all reflected in the financial statements as of and for the year ended 31st December, 2010.

8. Related party disclosures as required by Accounting Standard 18, " Related Party Disclosures", issued by the Institute of Chartered Accountants of India are given below.

(A)Particulars of related parties and nature of relationships:

Name of the Related Parties

A. Holding Company

- Sarjan Financial Private Limited (Upto 3rd September, 2009)

B. 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 (Formerly known as Claris International Limited)

- Claris Lifesciences Philippines INC

- Claris Lifesciences De Mexico SA de CV

- Claris Lifesciences (UK) Limited

- Claris Lifesciences Inc.

- Claris Lifesciences & CIA Chile Limitada

- Claris Lifesciences (Aust) Pty Limited

- Claris Infrastructure Limited

- Claris Biosciences Limited

- Claris SteriOne

- Claris Pharmaservices

C. Key Management Personnel

- Mr. Arjun S. Handa

- Mr. Chetan S. Majmudar

- Mr. Amish Vyas

- Mr. Chandrasingh Purohit

D. Relatives of Key Management Personnel

- Mr. Sushilkumar Handa

- Mrs. Beena S. Handa

- Mr. Aditya S. Handa

E. Companies over which Key Management Personnel or their relatives are able to exercise significant influence

- Sarjan Financial Private Limited (Since 4th September, 2009)

- Cygnus Laboratories Limited

- Medical Technologies Limited

- Abellon Agrisciences Limited (Formerly known as Olive Agrisciences Limited)

- Levana Financial Services Limited

- Darshnil Financial Private Limited

- Red Bricks Junior Education Limited

- Prarabdh Financial Private Limited

- Xcelris Labs Limited

- Accelaries Technologies Limited.

9) Current Asset, Loans and Advances as at 31st December, 2010 have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

10) Figures of the previous year have been regrouped, whenever necessary, so as to make them comparable.

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X