MIRA
INFORM REPORT
|
Report Date : |
14.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
IGATE CLINICAL RESEARCH INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
Unit No. 101, 1st floor, B.G. House, Orchard Avenue,
Hiranandani Business Park, Pawai, Mumbai – 400 076, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.11.1995 |
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Com. Reg. No.: |
11-94852 |
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CIN No.: [Company
Identification No.] |
U85195MH1995PTC094852 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD05418A |
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PAN No.: [Permanent
Account No.] |
AAACD2920M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To Provide Centralized Diagnostic and Analytical Laboratory, Research,
Development, Testing, Scanning, Pathological Services for Clinical Research
in India or Abroad. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 160000 |
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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 sever 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
|
Registered Office : |
Unit No. 101, 1st floor, B.G. House, Orchard Avenue, Hiranandani
Business Park, Pawai, Mumbai – 400 076, Maharashtra |
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Head Office : |
No. 101- 102, Alpha,
Hiranandani Garden, Pawai,
Mumbai – 400 076, Maharashtra |
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Tel. No.: |
91-22-66971900 |
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Fax No.: |
91-22-66971920 |
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Website :: |
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Corporate Office : |
1000 Commerce Drive Suite 500, Pittsburgh, PA 15275 |
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Tel. No.: |
+1-412-7872100 Toll Free : 1-888-3305497 |
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Fax No.: |
+1-412-4906210 |
DIRECTORS
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Name : |
Mr. Vasudev Ginde (MD) |
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Designation : |
Founder and Managing Director |
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Name : |
Ms. Minisha Ginde (MD) |
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Designation : |
Cofounder and Laboratory Director |
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Name : |
Mr. Ashok Kumar Trivedi |
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Designation : |
Director |
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Address : |
49, Vasant Marg, VAsant Vihar, New Delhi - 110057 |
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Date of Birth/Age : |
20.04.1949 |
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Date of Appointment : |
28.10.2003 |
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Name : |
Mr. Sunil Tekchand Wadhwani |
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Designation : |
Director |
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Address : |
930,Osage Road, Pittasburgh PA 15243, USA |
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Date of Birth/Age : |
21.12.1952 |
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Date of Appointment : |
28.10.2003 |
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Name : |
Mr. Mukund Srinath |
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Designation : |
Director |
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Address : |
No. 8, Rashmi, Lakshmi Road, 1st Cross, Shanthinagar, Bangalore
– 56000027, Karnataka |
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Date of Birth/Age : |
26.11.1960 |
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Date of Appointment : |
17.10.2005 |
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Name : |
Mr. Ramchandran Natesan |
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Designation : |
Director |
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Address : |
602, Shobha Opal, 39th Cross, 18th Main,
Jayanagar, 4th T, Block, Banglore – 560041, Karnataka |
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Date of Birth/Age : |
21.04.1953 |
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Date of Appointment : |
28.10.2003 |
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KEY EXECUTIVES
|
Name : |
Elizabeth l. Cohn (MPH) |
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Designation : |
Senior Vice President, USA |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
|
1. Mr. Vasudev P. Ginde |
12500 |
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2. Igate INC, USA |
237500 |
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Total |
250000 |
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List of Allottee for allotment of Non Cumulative Redeemable Preference
Shares :
|
Sr. No. |
Details |
No. of Share Allotted |
Face Value |
Total Nominal Value |
Allottee |
Address of Allottee |
|
1. |
2.5% non cumulative redeemable preference
shares |
11,12,500 |
10/- |
1,11,25,000 |
IGATE INC |
1000 Commerce drive, Suite 500, Pittsburgh,
PA 15275, USA |
Equity Share Brealup (Percentage of total equity)
|
Category |
Percentage |
|
1. Foreign holding ()Foreign institutional investor
(s), foreign companie(s) Foreign financial institution(s), Non-resident
Indian (s) or Overseas corporate bodies or others |
95 % |
|
2. Other top fifty (50) shareholders (other
than listed above ) |
5 % |
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Total |
100 % |
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BUSINESS DETAILS
|
Line of Business : |
Provide Centralized Diagnostic and Analytical Laboratory, Research,
Development, Testing, Scanning, Pathological Services for Clinical Research
in India or Abroad. |
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GENERAL
INFORMATION
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No. of Employees : |
Around 100 |
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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 : |
P.A. Sudhir Chartered Accountant |
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Address : |
208, Phonix House, A wing, 462,
Senapati Bapat Marg, lower Parel, Mumbai- 400013, Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
3250000 |
Equity Share |
Rs.10/- Each |
Rs.32.500 Millions |
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|
6750000 |
Preference |
Rs.10/- Each |
Rs.67.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Share |
Rs.10/- Each |
Rs.2.500
Millions |
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|
3944990 |
Preference |
Rs.10/- Each |
Rs.39.449
Millions |
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 |
|
41.949 |
2.500 |
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2] Share Application Money |
|
0.000 |
39.449 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
41.949 |
41.949 |
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|
LOAN FUNDS |
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1] Secured Loans |
|
0.219 |
0.344 |
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2] Unsecured Loans |
|
7.343 |
7.217 |
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TOTAL BORROWING |
|
7.562 |
7.561 |
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DEFERRED TAX LIABILITIES |
|
0.710 |
0.797 |
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TOTAL |
|
50.223 |
50.307 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
17.711 |
16.256 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
0.000 |
0.000 |
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Sundry Debtors |
|
15.667 |
6.240 |
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Cash & Bank Balances |
|
10.684 |
13.392 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
6.902 |
4.837 |
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Total
Current Assets |
|
33.253 |
24.469 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
|
14.618 |
9.562 |
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Provisions |
|
0.811 |
0.006 |
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Total
Current Liabilities |
|
15.429 |
9.568 |
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Net Current Assets |
|
17.824 |
14.901 |
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|
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MISCELLANEOUS EXPENSES |
|
|
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Profit And Loss Account |
|
14.688 |
19.150 |
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|
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|
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TOTAL |
|
50.223 |
50.307 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
48.845 |
11.188 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
48.845 |
11.188 |
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|
|
|
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Profit/(Loss) Before Tax |
|
5.158 |
(22.597) |
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Provision for Taxation |
|
0.000 |
0.000 |
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|
Profit/(Loss) After Tax |
|
5.158 |
(22.597 |
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Export Value |
|
31.114 |
7.774 |
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Expenditures : |
|
---- |
---- |
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Cost of Goods Sold |
|
--- |
--- |
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Manufacturing Expenses |
|
----- |
----- |
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Administrative Expenses |
|
----- |
----- |
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Raw Material Consumed |
|
----- |
----- |
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Purchases made for re-sale |
|
----- |
------ |
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Consumption of stores and spares parts |
|
----- |
----- |
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|
Increase/(Decrease) in Finished Goods |
|
------ |
------ |
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Salaries, Wages, Bonus, etc. |
|
------ |
------- |
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Managerial Remuneration |
|
------ |
----- |
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Payment to Auditors |
|
---- |
----- |
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|
Interest |
|
3.286 |
4.283 |
|
|
Insurance Expenses |
|
0.000 |
0.000 |
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|
Power & Fuel |
|
0.000 |
0.000 |
|
|
Depreciation |
|
0.554 |
0.338 |
|
|
Other Expenditure |
|
39.846 |
29.164 |
|
Total Expenditure |
|
43.686 |
33.785 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
10.55 |
(201.97) |
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
10.55 |
(201.97) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
10.12 |
(55.48) |
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|
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.12 |
(0.53) |
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|
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|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.54 |
0.54 |
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|
Current Ratio (Current Asset/Current Liability) |
|
|
2.15 |
2.55 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
Name of the company |
Diagno Search
Cetralab Private Limited, Mumbai |
|
Presented By |
M/s Fiat Sunderam
Auto Finance Limited, No. 21, Patullos Road, Chennai – 600 002 |
|
1) Date and description of instrument creating the change |
Loan Agreement
Dated 30.09.2002 Loan Cont, No. IM - 1739 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.600 Millions
|
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
On the security
of 1. No. 2000 model, fiat siena weekend car, bearing E. No. 0378409, Ch. No.
8008959, as mentioned in the 1st Schedule of the enclosed copy of
the loan agreement. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The total loan
amount of Rs.0.810 million is repayable in 60 equal monthly instalments of
Rs.0.013 Million each. The Ist hiremoney falls due on 03.10.2002 |
|
5) Name and Address and description of the person entitled to the charge. |
M/s Fiat Sunderam
Auto Finance Lt No. 21, Patullos Raod, Chennai – 600 002 |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
Web
Details :
Company Profile
The company was one of the first clinical trials
management companies to establish operations in India, beginning as Diagno Search
in 1997. After building a substantial track record in conducting ICH-GCP
compliant clinical research, The company
has become an award-winning CRO and has passed over 35 CQA audits by
North American and European biopharmaceutical companies.
Offering a complete range
of Phase II to IV clinical trials support services The Company is the only CRO
in India with a research-dedicated central laboratory fully accredited by the
College of American Pathologists. Over the past nine years, The Company has managed
over 65 clinical trials for global sponsors in a broad range of therapeutic
areas.
With the infrastructure and
financial support of a $300 million dollar NASDAQ-listed parent company, the
vision of The Company is to extend the unique advantages of India to the
clinical development services market. More and more global clients rely on The
Company every day because of the high quality of service, responsiveness and
cost-effectiveness.
The Company was formed by
the acquisition of two companies in Pittsburgh and Mumbai.
The Pittsburgh-based
company, Pittsburgh Clinical Research Network (PCRN), was a research site
services provider established in 1997 and wholly owned by the University of
Pittsburgh Medical Center. PCRN provided a business-friendly interface allowing
biopharmaceutical companies to effectively utilize the resources of a complex
academic medical center. Among the services offered were efficient investigator
selection and training, clinical staffing, contracting, IRB and regulatory
coordination, subject recruitment, and quality assurance. PCRN also developed
and managed a network of community-based physician investigators. From 1998 to
2003, PCRN managed one or more clinical sites participating in approximately
150 phase I-IV clinical trials.
In India, the Mumbai-based
company, Diagno Search, began as a central laboratory in 1997 and quickly
expanded to become a full-service contract research organization focusing
exclusively on ICH-GCP clinical trials. As such, it was one of the first Indian
CROs to participate in global clinical trials. Diagno Search offered clinical
trials management—including clinical monitoring, clinical data management, and
central laboratory services. For study conduct, Diagno Search developed and
maintained relationships with leading physician investigators throughout India.
In the period 1997 to 2003, the company conducted several clinical trials,
several of which contributed to US and European data submissions.
In 2003 PCRN and
DiagnoSearch were acquired by The Company Corporation to anchor its life
sciences division. As a leader in business process outsourcing services and
information technology solutions, The Company vision was to extend the unique
advantages of India, in addition to other ascending regions, to the clinical
research and development market. More and more global clients rely on The
Company Clinical Research every day because of the high quality of service,
responsiveness and cost-effectiveness
It’s team is their most
valuable capital. Their commitment to quality, innovation and client
satisfaction and their eagerness to continually set high performance standards
have made The Company the leader in ICH-GCP clinical trials in India. It’s
employee attrition rate over the last 9 years has been less than 7%, enabling
their clients to work with competent and experienced teams project after
project.
All of their clinical
research associates, data managers and project managers hold a masters degree
in life sciences. It’s project teams
bring multidisciplinary expertise with specialist skills as required. It’s
teams focus on providing continuous evaluation and understanding of clients’
needs, developing customized solutions and contributing to high customer
satisfaction and repeat business.
Services And Products
Innovation, Customization and Value-Added Services.
The Company has an innovative
approach to every managed project with a total customer focus. The company aim
to understand every specified and implied need for each project and provide
high levels of customization to the last detail. It’s services are based on
state-of-the-science technologies and best-science-of-the-day processes for
complete satisfaction of their clients, project after project. It’s proprietary
processes are aimed at process efficiency and added value in the hands of the
customer.
Their dedicated project management teams work closely with the sponsor
teams from planning through completion. The company adopt a professional
project management approach for every study and stand accountable for timelines
and budgets.
Comprehensive Service Offering
Comprehensive services include:
- Clinical
operations and monitoring
- Project
management
- Data
management
- Bio-statistical
services
- Medical
report writing
- Quality
assurance
- Regulatory
affairs
- India specific
consultancy services
Central Pharmacy and Drug Distribution
The Company offers a central pharmacy and drug distribution service to sponsors who do not have operations
in India.
Services offered:
- Import of
drug, including regulatory support
- Facilities
and infrastructure support for drug storage during the trial
- Packaging and
distribution of drugs to sites under controlled and specified conditions
- Monitoring
and documentation as per regulatory and audit requirements
Key Assets and competencies
Proven track record:
- Over 65
multi-center GCP trials for global sponsors since 1997
- Over 9 years
in business
- Only CRO in
India with research-dedicated CAP-accredited clinical laboratory
- Over 35
successful CQA audits including 5 of top 20 pharma companies
- Infrastructure
and financial support of $300 million-dollar NASDAQ-listed parent company
- US office for
contracting and communication
- Team of
experienced clinical research professionals
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.41.64 |
|
UK Pound |
1 |
Rs.83.11 |
|
Euro |
1 |
Rs.56.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
25 |
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 |
|