MIRA
INFORM REPORT
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Report Date : |
13.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
RESEARCH SUPPORT INTERNATIONAL LIMITED |
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Registered Office : |
Dil Complex Ghodbunder Road, Majiwada, Thane (W) – 400610, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
17.03.2004 |
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Com. Reg. No.: |
11-145141 |
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CIN No.: [Company
Identification No.] |
U74130MH2004PLC145141 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNER06135D |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Subject is engaged in the business of Providing Contract Research and
Custom Synthesis. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
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Maximum Credit Limit : |
USD 32000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Company’s profitability is under severe pressure. It has some accumulated
losses. Payments are reported as slow but correct. The company can be considered normal for small business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Dil Complex Ghodbunder Road, Majiwada, Thane (W) – 400610, Maharashtra |
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Tel. No.: |
91-22-55980888 |
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Fax No.: |
91-22-55980999 |
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E-Mail : |
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Website : |
http://www.rsil.biz |
DIRECTORS
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Name : |
Mr. Satish Varma |
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Designation : |
Director |
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Address : |
Flat No. 704, A/22, Bakers Field, Shastri Nagar, Andheri (W) Mumbai –
400 058, Maharashtra. |
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Date of Birth/Age : |
21.03.1970 |
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Date of Appointment : |
17.03.2004 |
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Name : |
Mr. Irfan Bandukwalla |
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Designation : |
Director |
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Address : |
D/53, Flower Queen, 18, Veera Desai Road, Andheri (W), Mumbai 400 058,
Maharashtra |
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Date of Birth : |
22.08.1971 |
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Tel. No. : |
91-22-67980888 |
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Fax No. : |
91-22-67980999 |
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Mobil No. : |
91-9820063785 |
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Email : |
Irfan.bandukwalla@rsil.biz |
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Date of Appointment : |
17.03.2004 |
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Name : |
Mr. Krishna Datla |
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Designation : |
Additional Director |
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Address : |
42-B, Dhananjay, Presidency CHS., Juhu Scheme, Mumbai – 400 049,
Maharashtra. |
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Date of Birth/Age : |
17.12.1980 |
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Date of Appointment : |
09.05.2005 |
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Name : |
Zdenek Chabr |
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Designation : |
Regional Director, Europe |
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Mobile No.: |
+ 420 736 506 518 |
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Fax No.: |
+ 420 283 853 000 |
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Email : |
zchabr@volny.cz |
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Name : |
Arvind Manian |
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Designation : |
Research Group Head |
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Tel. No. : |
91-22-67980888 |
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Fax No.: |
91-22-67980999 |
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Mobile : |
91-9820011049 |
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Qualification : |
Ph. D |
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Email : |
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Name ; |
Mr. Vasant Kumar Datla |
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Designation : |
Director |
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Address : |
Flat 113, Plot 2 A, Windermere, Off Link Road, Andheri (W), Mumbai –
400 058, Maharashtra |
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Date of Birth: |
24.06.1949 |
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Date of Appointment : |
06.05.2005 |
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Name : |
Albrecht Laufer |
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Designation : |
Director |
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Address : |
Koblenzer Street21, D 30173, Hannover, Germany |
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Date of Birth : |
25.01.1956 |
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Date of Appointment : |
21.04.2005 |
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Name : |
Mr. Satidh Verna Azad Nadimpally |
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Designation : |
Diractor |
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Address : |
Flat No. 1104, Quiscent Heights, Mindspace, Link Road, Malad (West),
Mumbai – 400 064, Maharashtra |
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Date of Birth : |
21.03.1970 |
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Date of Appointment : |
17.03.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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1.Dil Limited |
7,99,994 |
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2. Mr. Vasant kumar Datla |
1 |
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3.Mr. Satish Verma |
1 |
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4. Mr. Irfan Bandukwalla |
1 |
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5. Mr. Kunal Kashyap |
1 |
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6. Mr. G.G. Desai |
1 |
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7. Mr. Prashant Kutty |
1 |
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Total |
800000 |
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Equity Share Breakup
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Sr. No. |
Category |
Percentage |
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1 |
Bodies Corporate |
100.00 |
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Total |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of Providing Contract Research and
Custom Synthesis. |
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Products : |
Ř Synthetic
Services Ř Analytical
Service Ř Biotech Service |
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GENERAL
INFORMATION
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No. of Employees : |
About 25 |
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Bankers : |
N. A. |
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Facilities : |
--- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S.R. Batliboi & Associates Chartered Accountant |
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Address : |
6th floor, Express Towers, Nariman Point, Mumbai- 400021,
Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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800000 |
Equity Share |
Rs.10/- Each |
Rs.8.000 Millions |
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200000 |
Preference |
Rs.10/- Each |
Rs,2.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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800000 |
Equity Share |
Rs.10/- Each |
Rs.8.000 Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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8.000 |
0.500 |
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2] Share Application Money |
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0.000 |
7.500 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.049 |
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NETWORTH |
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8.000 |
8.049 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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39.100 |
2.500 |
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TOTAL BORROWING |
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39.100 |
2.500 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.071 |
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TOTAL |
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47.100 |
10.620 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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55.744 |
1.693 |
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Capital work-in-progress |
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0.063 |
0.788 |
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INVESTMENT |
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4.034 |
5.019 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.618 |
0.225 |
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Sundry Debtors |
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1.967 |
2.405 |
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Cash & Bank Balances |
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8.438 |
2.546 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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4.140 |
0.932 |
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Total
Current Assets |
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15.163 |
6.108 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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31.276 |
3.129 |
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Provisions |
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0.610 |
0.000 |
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Total
Current Liabilities |
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31.886 |
3.129 |
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Net Current Assets |
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(-16.723) |
2.979 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.141 |
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Profit And Loss Account |
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3.982 |
0.000 |
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TOTAL |
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47.100 |
10.620 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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46.280 |
7.521 |
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Other Income |
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0.057 |
0.018 |
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Total Income |
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46.337 |
7.539 |
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Profit/(Loss) Before Tax |
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(-3.840) |
0.120 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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(-3.840) |
0.120 |
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Expenditures : |
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0.000 |
0.000 |
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Cost of Goods Sold |
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0.000 |
0.000 |
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Manufacturing Expenses |
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0.000 |
0.000 |
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Administrative Expenses |
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0.000 |
0.000 |
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Raw Material Consumed |
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5.708 |
1.714 |
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Purchases made for re-sale |
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0.000 |
0.000 |
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Consumption of stores and spares parts |
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0.731 |
0.066 |
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Increase/(Decrease) in Finished Goods |
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0.000 |
0.000 |
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Salaries, Wages, Bonus, etc. |
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17.040 |
3.459 |
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Managerial Remuneration |
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0.000 |
0.000 |
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Payment to Auditors |
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0.165 |
0.050 |
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Interest |
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0.663 |
0.000 |
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Insurance Expenses |
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0.229 |
0.000 |
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Power & Fuel |
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1.355 |
0.000 |
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Depreciation & Amortization |
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3.482 |
0.022 |
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Other Expenditure |
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20.804 |
2.108 |
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Total Expenditure |
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50.177 |
7.419 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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(8.28) |
1.59 |
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Net Profit Margin (PBT/Sales) |
(%) |
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(8.29) |
1.59 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(5.41) |
1.53 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.48) |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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8.87 |
0.69 |
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Current Ratio (Current Asset/Current Liability) |
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0.47 |
1.95 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Asset :
Ř
Plant And Machinery
Ř
Furniture And Fixtures
Ř
Vehicles
EOU
APPLICATION
Pursuant to the approval of the members at the Extra
Ordinary General Meeting held on January 15, 2005, the Objects clause of the
Memorandum of Association of the Company was altered to enable the Company to
concentrate and carry on its Research and Development activities only and
matters incidental and / or ancillary thereto. Subsequently, the Company has
made an application to the Development Commissioner, SEEPZ for registration as
a 100% Export Oriented Unit.
FUTURE OUTLOOK:
With the introduction of new Patents Laws in India, major
pharmaceutical companies are keen to seek newer modes of research
collaborations. In this context, India is designated as a preferred destination
to enhance research activities vis a vis profitability. What marks Indian
Contract Research Services is the quality, credibility, competitive cost
structure, backed by rich trained scientists. India now combines a low cost
research support, high quality pool of scientists, backed by amended Patent
Laws, all of which have contributed to put India becoming a preferred
outsourcing niche for contract research activities.
Accordingly, the Indian pharmaceutical industry sees substantial business
opportunities which will result India being a hub for collaborative and
outsourced contract research and developments, among others. The Company is
attractively positioned to leverage its infrastructure and pool of highly
trained scientists to capitalize the significant growth opportunities.
Website Details :
Company
Profile :
Incorporated in 2004, Research Support International Limited
('RSIL') is a 100% subsidiary of DIL Ltd. (formerly Duphar-Interfran Ltd.)
providing Contract Research & Custom Synthesis services.
RSIL is a young and vibrant organization committed to provide a
strong & reliable fundamental research platform to enable its customers to
accelerate their drug discovery programs efficiently and cost effectively.
The company mission is to provide Exclusive Intellectual
Service in Synthetic Organic Chemistry.
RSIL is located within a lush green campus at Thane, a suburb of
Mumbai (45 minutes drive from the International Airport), occupying
45,000 sq. ft. of lab space with modern infrastructure and equipments. It’s
labs have facilities for synthesis of virtually all types of organic compounds
from milligram to kilogram scale.
All their 118 scientists have a minimum Masters Degrees
in Science from reputed Universities with a wide range of experience in organic
synthesis. It’s team also includes 18 PhD's from premier institutes of India
followed by post doctoral studies in the US and/or Europe.
The Company synthesis capabilities
include preparation of small libraries, cores, scaffolds and building blocks.
The Company also provide synthesis support in the preparation of advanced
intermediates, reference compounds and impurities.
Key
reaction capabilities
Acylation Heck
reaction
Alkylation Hydrogenation
Amidation Leukart
reaction
Aminoacid esterification Mannich reaction
Buchwald reaction Mitsunobu
reaction
Claisen reaction Oxidations
/ reductions
Curtius rearrangement Reductive amination
Cyanation Reformatsky
reaction
Darzens reaction Suzuki
coupling
Friedel Crafts alkylation /
acylation
Fries migration Ullman
reaction
Grignard reaction Williamson
synthesis
Halogenation Wittig
reaction
Special
expertise offered in areas like
Synthesis of chiral building
blocks and intermediates
Small size aromatic &
aliphatic compounds
Heterocyclic chemistry
Protection of amino acids at
amino and carboxyl functionalities
Asymmetric synthesis
Bridged piperazines
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 records 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 records 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.42.86 |
|
UK Pound |
1 |
Rs.84.75 |
|
Euro |
1 |
Rs.57.71 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|