MIRA
INFORM REPORT
|
Report Date : |
13.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SYNCHOR RESEARCH SERVICES PRIVATE LIMITED |
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Registered Office : |
The Chambers,5th Floor, Sarkhej Gandhinagar Highway
Bodakdev, Ahmedabad Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.05.1998 |
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Com. Reg. No.: |
04-034181 |
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CIN No.: [Company
Identification No.] |
U85110GJI998PTC034181 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMS00859F |
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PAN No.: [Permanent
Account No.] |
AADCS9873P |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
To establish, acquire and maintain analytical and Clinical research and
Development centers, laboratories and facilities for conducting Scientifics
and technical research experiments
and tests. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
The Chambers, 5th Floor, Sarkhej Gandhinagar Highway,
Bodakdev, Ahmedabad 380054 |
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Tel. No.: |
91-79-2685 3419 / 2684 0427 / 2684 0348 |
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Fax No.: |
91-79-2685 3415 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Dr. Rathnam Shivprakash Chinappa |
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Designation : |
Chairman cum Managing Director |
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Address : |
3/A, Vishram Flats, Navrangpura, Ahmedabad:380 009 |
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Date of Birth/Age : |
06.04.1965 |
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Date of Appointment : |
26.05.1998 |
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Name : |
Rathnam Urvashi Shivprakash |
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Designation : |
Director |
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Address : |
3/A, Vishram Flats, Navrangpura, Ahmedabad:380 009 |
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Date of Birth/Age : |
5.08.1961 |
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Date of Appointment : |
7.09.1998 |
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Name : |
C.Govinda Raj S/O C. Danappa |
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Designation : |
Director |
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Address : |
No.87, 4th Block, Koramangala,Bangalore:560 034 |
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Date of Birth/Age : |
-- |
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Date of Appointment : |
12.07.2002 |
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Name : |
Mr. Hemantkumar S/O C.P. Bothra |
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Designation : |
Director |
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Address : |
No.7, 14th Cross, JayBharat Nagar, Bnanaswadi Road, Bangalore:560
033 |
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Date of Birth/Age : |
-- |
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Date of Appointment : |
12.07.2002 |
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Name : |
Mr. Bhavesh Dasandi |
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Designation : |
Director |
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Name : |
Jospeh Antoon Vaon Rickenbech, Foreigner |
KEY EXECUTIVES
|
Name : |
M/s. Shantilal r. Saghavi |
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Designation : |
Company Secretary (C.P.1052) |
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Address : |
204, Sampanna Complex, Opp.Havmor, Behind Navrangpura Bus Stop,
Ahmedabad 380009 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
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No. of Shares |
|
Dr. Shivprakash C. Rathnam |
|
132020 |
|
Urvashi S. Rathnam |
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117980 |
|
Medrich Sterilab Limited |
|
250000 |
Equity share Break-up:
|
Category |
Percentage |
|
Foreign Holding(foreign institutional investor
(s), foreign companies (s), Foreign Financial institution(s), Non-resident
indian(s) or Overseas corporate bodies or other |
19.50 |
|
Bodies corporate (not mentioned above) |
37.50 |
|
Director or relatives of director |
43.000 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To establish, acquire and maintain analytical and Clinical research
and Development centers, laboratories and facilities for conducting
Scientifics and technical research experiments and tests. |
|
|
|
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Products : |
Testing and Research Income |
GENERAL
INFORMATION
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No. of Employees : |
About 30 |
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Bankers : |
Unknown |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Asim Metha and Associates Chartered Accountant |
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Address : |
212, Shreyas Complex, opp. Jain Derashar, Navrangpura,
Ahmedabad:380009, Gujarat |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
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SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
|
5.000 |
5.000 |
|
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
45.141 |
19.485 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
50.141 |
24.485 |
|
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LOAN FUNDS |
|
|
|
|
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1] Secured Loans |
|
21.464 |
17.332 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
21.464 |
17.332 |
|
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DEFERRED TAX LIABILITIES |
|
4.362 |
3.772 |
|
|
|
|
|
|
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TOTAL |
|
75.967 |
45.589 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
43.233 |
36.217 |
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Capital work-in-progress |
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INVESTMENT |
|
0.100 |
0.100 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
|
1.134 |
0.599 |
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Sundry Debtors |
|
37.388 |
13.003 |
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Cash & Bank Balances |
|
8.383 |
3.455 |
|
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Other Current Assets |
|
1.558 |
0.627 |
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Loans & Advances |
|
8.026 |
4.059 |
|
Total
Current Assets |
|
56.489 |
21.743 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
8.785 |
8.075 |
|
|
Provisions |
|
15.073 |
4.401 |
|
Total
Current Liabilities |
|
23.858 |
12.476 |
|
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Net Current Assets |
|
32.631 |
9.267 |
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MISCELLANEOUS EXPENSES |
|
0.003 |
0.005 |
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TOTAL |
|
75.967 |
45.589 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
0.000 |
0.000 |
|
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Other Income |
|
104.647 |
58.369 |
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Total Income |
|
104.647 |
58.369 |
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Profit/(Loss) Before Tax |
|
47.276 |
14.369 |
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Provision for Taxation |
|
15.967 |
5.478 |
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Profit/(Loss) After Tax |
|
31.309 |
8.891 |
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Earnings in Foreign Currency : |
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Other Earnings |
|
62.008 |
0.000 |
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Total Earnings |
|
62.008 |
0.000 |
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Imports : |
|
|
|
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Others |
|
10.811 |
0.000 |
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Total Imports |
|
10.811 |
0.000 |
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Expenditures : |
|
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Depreciation & Amortization |
|
11.266 |
7.211 |
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Other Expenditure |
|
0.000 |
0.000 |
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Total Expenditure |
|
11.266 |
7.211 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
29.91 |
15.23 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
47.40 |
24.79 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.94 |
0.58 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.47 |
0.50 |
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Current Ratio (Current Asset/Current Liability) |
|
|
2.36 |
1.74 |
LOCAL AGENCY
FURTHER INFORMATION
As Per web Site:
The company contract research organization in India, designed to meet the specific requirements of the clients in the field of clinical registration of new pharmaceutical products and medical devices, from phase I to phase IV, including Bioequivalence, Bioavailability, Pharmacokinetic/Pharmacodynamic studies, Statistical Analysis and Data Management strictly adhering to ICH and GCP guidelines. The company offers competitive and high quality clinical trial services to domestic and international pharmaceutical and Bio-Pharmaceutical companies.
The company was started by a group of pharmaceutical
professionals in 1998. Today The company is a leading Contract Research
Organization in India providing broad range of clinical research services from
phase I to phase IV, including
Bioavailability/bioequivalence
Pharmacokinetic/pharmacodynamic studies
Dermatopharmacokinetics
Phase II-IV studies
Bioanalysis
Statistical analysis and Data Management
Pharmacovigilance
strictly adhering to ICH and GCP guidelines and other applicable guidelines and regulations.
Their Resources
At The company, the sponsor is supported by their highly skilled, full time trained professionals committed to provide the highest Quality Service. The company's personnel have a totally scientific approach, are highly professional and committed with good knowledge and training in GCP/GLP.
To ensure the best Quality Services to their clients, they employ highly
qualified and experienced staff. To maintain their high quality standards they
continuously review their quality systems. The company's training is a
continuous process throughout the tenure of all the staff members.
The company is proud to provide its services to the industry with complete
recognition of the importance of the quality of services and quality of
relationship.
Their Commitments
Their staff is involved in projects from inception to completion. At The
company their clinical trials are strategically planned and carefully
implemented. Once initiated their ongoing system of continuous quality management
is designed to identify issues early, implement corrective action and maintain
oversight throughout the process in order to complete the study on time and
within budget.
The company functions with a set of detailed Standard Operating Procedures (SOP's)
for all Phase I-IV clinical trials and Data management activities. Data
management operations are completely validated as per the regulatory
requirements.
The company provides a complete spectrum of services in clinical research.
Their unique approach to Project Management guarantees an exclusively dedicated
team for each project. This ensures optimum working relationships with their
sponsors and total client satisfaction. This approach has given The company an
unsurpassed record in providing quality data on time and within budget.
The company has young and dynamic professionals from industry and academics who are experts in their own chosen field of research.
Their team of experienced and well qualified staff include physicians, Clinical Pharmacologists, Pharmacists, Pharmacokineticians and Biostatisticians.
-Dr. Shivprakash Rathnam, CEO
M. Pharm from Government College
of Pharmacy, Bangalore and Ph.D from L.M. College of Pharmacy, Ahmedabad.
He has served R&D centers of major pharmaceutical industries and has an
experience in the field of pharmaceutical research for over 10 years with more
than 20 research papers to his credit, published in national and international
journals.
He has conceptualized the idea of setting up The company
Research. 
" Respect for
people they interact including their clients, research subjects, employees and
business associates, integrity in all that they do, commitment to delivering
high quality service and value in the services they provide are the key driving
forces at The company. Their young, energetic and friendly team
is all ready to provide right and intelligent solutions. "
-Mrs. Urvashi Rathnam, Director
M.Pharm from Govt. College of
Pharmacy, Bangalore.
Worked as a scientist in a reputed Pharmaceutical companies for 5 years.
A Director at The company Research.
" At The company, giving straight forward solution to clinical requirements is inbuilt in their attitude. "
- Mr. Bhavesh Dasandi,
Director - Bioanalytical
B.Sc. in Chemistry from Gujarat
University and and M.Sc. in Chemistry from N.G. University in Gujarat.
He has worked as a Q.C. Chemist in Biochem Pharmaceutical Industry for 3 years.
He is working with The company since 5 years and is author of four publications
in Indian and one publication in International Journal. 
" They realise how important is the analytical data for the overall outcome of any project. They have a good team of dedicated analysts who are trained in bio analysis. High quality method development and validation is a continuous process at The company."
- Ms. Monika Verma - Director
Business Development
M.Sc. in Chemistry from University
of Hyderabad.
Has about 5 years of experience with The company in setting up the QA systems.
She is Certified and Registered by IRCA and IATCA as Lead Auditor in ISO 9000.
She is an associate-member of BARQA (British Association of Research Quality
Assurance).
" At The company they have successfully put best quality assurance program in place in everything they do. The best part is they always seek new ways of improving it."
- Dr.Nirav Shah, Principal
Investigator
M.B.B.S. from N.H.L. College of
Medicine, Ahmedabad.
Working in the area of Bioavailability and Bioequivalence Clinical Research for
more than 4 years. Well trained in ICU and ICCU activities.
Having experience of doing more than 125 BA/BE studies as a Principal
Investigator.
" Their motto is to safeguard the well being and rights of all human volunteers. Their clinical team is trained and experienced to provide clinical trials of international standards."
The Strategic alliances has offered them extra capability to provide exhaustive list of Core Research and Development services.
PAREXEL INTERNATIONAL, USA
(for Phase II-IV clinical trials)
PAREXEL International Corporation has entered into a startegic alliance with
The company Research Services Private Limited, pursuant to which it purchased a
majority stake in a newly formed entity called PAREXEL International The
company Private Limited into which The company transferred its clinical trial
business operations located in Bangalore, India. PAREXEL also acquired a
minority equity interest in the clinical pharmacology business of The company
Research in Ahmedabad, India. (www.PAREXEL.com)
Nizam's Institute, Hyderabad, India (for First into man study)
Nizam's Institute of Hyderabad has state of the art 8 bedded clinical unit to carry out First into man study.
6 Bedded Clinical Pharmacology Unit
- Very experienced medical staff
- Availability of all associated facilities
Partner of Choice 2005 awards announced at Global
PharmAlliance 2005
(Pharmabiz.com, October 5, 2005)
PharmAlliance 2005 Awards were announced on the occasion of Global PharmAlliance 2005 conference organised by Frost & Sullivan in Mumbai last week. The Partner of Choice 2005 awards were given to the Custom Research and Manufacturing Service providers (CRAMS) who have shown prominence in their respective categories.
Partner
of Choice for Drug Discovery in CNS was presented to Suven Life Sciences,
Limited. Partner of Choice for Clinical Research went to iGATE Clinical
Research International, Partner of Choice for BA/BE studies to The company
Research Services Pvt. Limited and Partner of Choice for Corporate
Excellence was given to Orchid Chemicals and Pharmaceuticals Limited. 
"These awards recognize the superior planning and execution of product launches, strategic alliances, distribution strategies, technological innovations, customer service and mergers & acquisitions. A host of other crucial marketing factors such as leadership, strategy, service, innovation, integration and development are also recognized. The companies that are commended as award recipients are those with the diligence, perseverance, and dedication required to develop a successful business plan and excel in the increasingly competitive global marketplace," said Jayashri Kulkarni, Director, Health Care practice, Frost & Sullivan, India.
The company ties-up with Symogen
for Pharmacovigilance services
(Pharmabiz.com, August 27, 2004)
The company Research Pvt Ltd, a leading contract research organization in the country has teamed-up with Symogen a UK-based pharmacovigilance company for effective implementation of Pharmacovigilance activities and set up an independent unit for commencing the services in India for the first time in the country. The company has also entered into a strategic partnership with the US-based Parexel International to monitor clinical trial sites in India, Malaysia, Nepal, Sri Lanka and Pakistan.
The Rs 6-crore Ahmedabad-based The company commenced its operations in Bangalore two years ago. "he facility in Bangalore will conduct phase II to phase IV studies and investment of around Rs 1crore has been made to install the software and hardware including MedDRA and WHO dictionary to speed-up its clinical research and data management studies" said Dr. Shivprakash, managing director, The company Research Services Pvt Ltd.
As a first step on its association with Symogen, The company had organized a one-day seminar on Pharmacovigilance in Bangalore for clinical investigators, pharma companies, regulatory affairs personnel, academicians and pharmacists to apprise on the recent developments.
Symogen team is here in India to train the staff at The company for causality assessment, coding and statistical analysis. Symogen will bring in their strengths of pharmacovigilance services to India through The company, stated Dr. Arun Biswas director, Symogen.
The company in India, offers clinical registration of new pharmaceutical products and medical devices, from phase I to phase IV, including Bioequivalence, Bioavailability, Pharmacokinetic/Pharmacodynamic studies, Statistical Analysis and Data Management strictly adhering to ICH and GCP guidelines. It also provides clinical trial services to domestic and international pharmaceutical and biopharmaceutical companies.
The US-based Parexel plays a key role in clinical development services for pharmaceutical biotechnology and medical device industry to help clients to reduce the time to market development control costs.
PAREXEL EXPANDS GLOBAL PRESENCE, FORMS COLLABORATION WITH THE COMPANY A CLINICAL RESEARCH SERVICES PROVIDER IN INDIA
(Pharmapulse, April 22, 2004)
Boston, MA, - PAREXEL International Corporation (Nasdaq: PRXL) announced its strategic collaboration with The company Research Services Private Limited, a privately held contract research organization headquartered in Ahmedabad, India.
Under the alliance, PAREXEL will leverage The company's capabilities to benefit bio/pharmaceutical clients with enhanced access to geographic coverage and multi-patient recruitment capabilities in India and Bangalore. The alliance also provides The company's customers access to the clinical trial expertise and project management skills of PAREXEL, one of the world's largest bio/pharmaceutical outsourcing providers.
"The collaboration with The company expands their global clinical research services into regions that expedite drug development success for their clients," said Josef H. von Rickenbach, PAREXEL's Chairman and Chief Executive Officer. "Their alliance with an established company headquartered in India underscores PAREXEL's commitment to providing clients with enhanced drug development services in emerging markets."
"Through their alliance with PAREXEL, they can now offer clients an enhanced portfolio of clinical development solutions," stated Dr. Shivprakash, M.Pharm, Ph.D., Chief Executive Officer, The company Research. "Their synergistic approach provides clients with enhanced clinical capabilities and strategies, enabling them to accelerate crucial time to market."
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 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|