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Tuesday, July 26, 2011

Claris Lifesciences Ltd:-Buy/sell/,growth prospects and recommendation,news and results,target and analysis,view and outlook,multibagger

Scripscan:Claris Lifesciences Ltd
cmp:150
Code:533288

Story:The Ahmedabad-based Claris Lifesciences ltd is one of the largest Indian sterile injectables pharmaceutical companies with presence in 76 countries worldwide. It offers 128 products across multiple markets and therapeutic areas. All of its products are off-patent products, which range across various therapeutic segments, including anesthesia, critical care, anti-infectives, renal care, infusion therapy, enteral nutrition, parental nutrition and oncology. It offers injectables in various delivery systems, such as glass and plastic bottles, vials, ampoules, pre-filled syringes and non-PVC and PVC bags. Its customer base primarily includes government and private hospitals, aid agencies and nursing homes.It has one of the largest injectables portfolios among the Indian pharmaceutical companies with 98 products formulated from portfolio of approximately 57 molecules.It has manufacturing facilities for large volume parenterals in glass bottles, emulsions and bag manufacturing facilities, which are approved by multiple regulatory authorities in regulated markets.It has established sales, marketing and distribution across 76 countries, with workforce that is well experienced and spanned across all business verticals in the generic injectables industry.Its core competency is its unique R&D capabilities such as developing complex and difficult to develop products propofol, iron sucrose, hydroxyl ethyl starch and glutamine IV.It had filed 280 applications for product registrations in regulated markets, including 36 applications in the United States, out which it had obtained 145 product registrations including 25 in the United States.In March 2009, it entered into business agreement with Pfizer group of companies to market its product portfolio by Pfizer to strengthen its presence in regulated markets.But the concerns are there too like the US FDA inspected manufacturing facilities in Ahmedabad on November 1st, 2010 and issued a warning letter on the back of violations of CGMP regulations for finished pharmaceuticals.The company and its partners received number of complaints in relation to its products ciplofloxacin, metronidazole and ondansetron, which were recalled by them from united sates, Denamrk, Finaland, Canada, Australia and Newzland. The cost of recall for the five months ended May 2010 is Rs 7.45 crore in aggregate (includes cost of product replacement and write-offs of affected inventory). Product recalls not only entail losses, but also affect the credibility of the company in the market. The registration of the company and its products were suspended by the Drug and Food Control, Kuwait, from June 8, 2010 to August 22, 2010. The margins of its major product propofol may decline in future on the back of increased competition.One of the erstwhile promoters and relative of Arjun Handa, Sushil Kumar Handa, had promoted Core Healthcare (which was engaged in similar line of business) and had to be wound up due to loan defaults.Valuation wise its quoting at high double digit PE its expected fy12 earnings.Altogether a risky bet meant for high risk apetite investors.

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