MIRA
INFORM REPORT
|
Report Date : |
16.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CHEMBIOTEK
RESEARCH INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
9 B,
Wood Street, Kolkata – 700016, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2003 |
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Date of Incorporation : |
03.08.1998 |
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Com. Reg. No.: |
21-87651 |
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CIN No.: [Company
Identification No.] |
U73200WB1998PTC087651 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALC03085F |
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PAN No.: [Permanent
Account No.] |
AABCC0401D |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
To
conduct research, analysis and evaluation on / of all branches of science
including physics, chemistry, biology, biotechnology, medicine etc. and all
related products, processes, equipments and to undertake, provide facilities,
carry on, promote / discover, develop, organise, supervise, co-ordinate,
affiliate, control guide and/ or aid scientific and industrial research in
any manner and to register patents, licences or trade marks, relating to any
designs, inventions or improvements or processes capable of being used by any
industry, trade, service or any other person with a view to make use thereof
upon such terms as may seem expedient and to develop, perfect and test the
value of such inventions, improvements, processes and designs and to
establish, promote, co-operate with, become a member of, act as or appoint
trustees of any associations and other bodies, whether incorporated or not,
whose objects include scientific and industrial research and to assist the
research conducted by them in any manner. |
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 : |
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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 company having moderate track.
Company’s profitability is under severe pressure. It has some accumulated losses. Payments are reported as slow and delayed. The
company can be considered for small business dealings on safe and secured
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
9 B,
Wood Street, Kolkata – 700016, West Bengal, India |
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Tel. No.: |
91-33-22804867
/ 68 |
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E-Mail : |
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Website : |
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Branches
: |
Block BN, Sector V, Salt Lake City, Kolkata
– 700091, West Bengal, India Phone : 91-33-2367 3151/52/53 Fax : 91-33-2367 3058 Email - research@chembiotek.com
|
DIRECTORS
|
Name : |
Mr.
Purnendu Chatterjee |
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Designation : |
Director
|
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Address : |
888,
Seventh Avenue, Kolkata, West Bengal, India |
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Date of Birth/Age : |
09.01.1950 |
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Date of Appointment : |
03.08.1998 |
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|
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Name : |
Mr.
Amalendu Chatterjee |
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Designation : |
Director
|
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Address : |
117/1
A Manohar Pukur Road, Kolkata – 700026, West Bengal, India |
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Date of Birth/Age : |
22.04.1940 |
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Date of Appointment : |
01.03.2000 |
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Name : |
Mr.
Amit Samaddar |
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Designation : |
Director
|
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Address : |
20
Bhabhananda Road, Kolkata – 700026, West Bengal, India |
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Date of Birth/Age : |
29.09.2004 |
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Date of Appointment : |
29.08.2003 |
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Name : |
Mr.
Swapan Bhattacharya |
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Designation : |
Director
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Address : |
9B,
Wood Street, Kolkata, West Bengal, India |
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Date of Birth/Age : |
02.01.1957 |
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Date of Appointment : |
03.08.1998 |
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Name : |
Mr.
Anil Chandra Ghosh |
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Designation : |
Chairman
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Address : |
HB 66,
Sector 11, Salt Lake City, Kolkata – 700091, West Bengal, India |
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Date of Birth/Age : |
01.09.1936 |
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Date of Appointment : |
01.03.2000 |
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Date of Ceasing : |
15.10.2003 |
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Name : |
Mr. Debra J. Sponholtz |
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Designation : |
Director -
Business Development, U.S.A. |
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Qualification : |
PhD |
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Tel. No. : |
978-827-3159 |
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Fax No. : |
978-827-4354 |
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E-mail : |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Swapan Bhattacharya |
|
10 |
|
Mr.
Anil Chandra Ghosh |
|
10 |
|
Chatterjee
MG Services [Mauritius] |
|
11636160 |
BUSINESS DETAILS
|
Line of Business : |
To
conduct research, analysis and evaluation on / of all branches of science
including physics, chemistry, biology, biotechnology, medicine etc. and all
related products, processes, equipments and to undertake, provide facilities,
carry on, promote / discover, develop, organise, supervise, co-ordinate,
affiliate, control guide and/ or aid scientific and industrial research in
any manner and to register patents, licences or trade marks, relating to any
designs, inventions or improvements or processes capable of being used by any
industry, trade, service or any other person with a view to make use thereof
upon such terms as may seem expedient and to develop, perfect and test the
value of such inventions, improvements, processes and designs and to
establish, promote, co-operate with, become a member of, act as or appoint
trustees of any associations and other bodies, whether incorporated or not,
whose objects include scientific and industrial research and to assist the
research conducted by them in any manner. |
GENERAL
INFORMATION
|
Bankers : |
IndusInd
Bank Park
Street, Kolkata, West Bengal, India Export
Import Bank of India Centre
One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai –
400005, Maharashtra, India E-mail
: eximoif@vsnl.com |
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Banking Relations : |
-- |
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Auditors : |
Rajneesh
Agarwal & Company Chartered
Accountants |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
19000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 190.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10276800 |
Equity
Shares |
Rs. 10/- each |
Rs. 102.768 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2003 |
31.03.2002 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
102.768 |
102.768 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
[23.825] |
[5.470] |
|
|
NETWORTH |
|
78.943 |
97.298 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
118.190 |
39.215 |
|
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2] Unsecured Loans |
|
1.398 |
35.206 |
|
|
TOTAL BORROWING |
|
119.588 |
74.421 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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|
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TOTAL |
|
198.531 |
171.719 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
180.564 |
131.087 |
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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 |
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Sundry Debtors |
|
37.536 |
61.722 |
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Cash & Bank Balances |
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Other Current Assets |
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Loans & Advances |
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|
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Total Current Assets |
|
37.536 |
61.722 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
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|
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|
Provisions |
|
|
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Total Current Liabilities |
|
27.514 |
21.651 |
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Net Current Assets |
|
10.022 |
40.071 |
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MISCELLANEOUS EXPENSES |
|
7.945 |
0.561 |
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|
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TOTAL |
|
198.531 |
171.719 |
|
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2003 |
31.03.2002 |
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.86 |
0.98 |
|
|
|
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|
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Current
Ratio (Current
Asset/Current Liability) |
|
|
1.36 |
2.85 |
LOCAL AGENCY
FURTHER INFORMATION
The
subject’s Registered office was shifted from Block BN, Plot 7, Sector V, Salt
Lake Electronics Complex, Kolkata – 700091, West Bengal, India to the present
address w.e.f. 01.06.2006
Form 8 Particular for creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U73200WB1998PTC087651 |
|
Name of the company |
CHEMBIOTEK
RESEARCH INTERNATIONAL PRIVATE LIMITED |
|
Address |
9 B,
Wood Street, Kolkata – 700016, West Bengal |
|
This Form is for |
Modification
of charge |
|
Type of Charges |
Book Debts, Movable Property, etc. |
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Particular of the charge holder |
Export
Import Bank of India Centre
One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai –
400005, Maharashtra, India E-mail : eximoif@vsnl.com |
|
Nature or description of the instrument creating charge |
Unattested Deed of Hypothecation executed by Chembiotek Research International Private Limited [‘the borrower’] in favour of Export – Import Bank of India [Exim Bank] |
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Date of the instrument creating charge |
21.12.2006 |
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Amount Secure by the charge |
Rs. 200.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
300 bps + LIBOR [12 months] inclusive of withholding tax, payable quarterly Terms of repayment : 10 substantially equal half-yearly instalments, commencing on the expiry of a period of one year from the date of commercial production Margin : Margin is 32.71% of the total project cost Extent and operation of the charge : The charge created by the deed of hypothecation dated 21.12.2006 shall operate as a continuing security by way of a first charge on the borrowers movable fixed assets and second charge over the borrower’s current assets, both present and future for due repayment by the borrower to Exim Bank of the aforesaid Loan |
|
Particulars of the Property charged |
The whole of the borrower’s movable assets, both present and future, briefly described in Schedule III to the Deed of Hypothecation, including its moveable plant and machinery, and current assets, both present and future |
|
Particulars of the present modification |
The loan of USD 4.45 mn which was secured by a charge created by way of mortgage by deposit of title deeds on 16.10.2006, is now secured by hypothecation of all movable assets described in schedule III of Deed of Hypothecation dated 21.12.2006 executed in favour of Exim Bank |
|
Name of the company |
CHEMBIOTEK RESEARCH INTERNATIONAL PRIVATE
LIMITED |
|
Presented By |
Swapan Bhattacharya |
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1) Date and description of instrument creating the change |
Deed of hypothecation dated 11th July, 2005 for Rs. 70.000 millions |
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2) Amount secured by the charge/amount owing on the securities of charge |
Working capital facilities [short term loan, letter of credit and bank guarantee] of INR 70.000 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 |
First pari passu charge on the whole of the current assets of the company’s stocks of raw material, semi-finished and finished goods, stores and spares including relating to plant and machinery [consumable stores and spares], bill receivables and movables, capital and interest subsidy claims from West Bengal Industrial Development Corporation [WBIDC] both present and future whether lying or stored in or about or shall hereinafter from time to time during of the security of these presents be brought into or upon or be stored or be in or about company’s factories, premises and godowns situated anywhere and as the same may be or be held by any party to the order or disposition of the borrower or in the course of transit or on high seas or on order of delivery, howsoever or wheresoever in the possession and / or control of the company and either by way of substitution or addition. Second pari passu charge on the whole of the movable fixed assets of the company including plant and machinery, office equipments, furniture and fittings located at Salt Lake, both present and future or shall hereinafter from time to time during of the security of these presents brought into to the order or disposition of the company or in the course of transit or on high seas or on order or delivery, howsoever or wheresoever in the possession of the company and either by way of substitution or addition. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The loan amount together with interest, thereon at the agreed/stipulated rate with provisions for payment of additional interest, liquidated damages, commitment charges, payable and outstanding from time to time by the borrower as set out in the loan documents and facility letter YBL /MS dated July 7, 2005 The aforesaid amount shall also be secured by a second equitable mortgage of all immovable properties of the company, both present and future, created / to be created by the company |
|
5) Name and Address and description of the person entitled to the charge. |
Yes Bank Limited Nehru Centre, 9th Floor, Discovery of India, Dr. A. B. Road, Worli, Mumbai – 400018 |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
WEBSITE
DETAILS
Chembiotek
Research International is an integrated Research services organization, located
in Kolkata, INDIA, complementing R & D efforts of its pharmaceutical and
biotechnology research partners. They offer services in the area of Chemistry,
Biology and Molecular modeling.
Their
team of dedicated and skilled scientists and state-of-the-art infrastructure
has enabled them to list several reputed pharmaceutical majors as their
customers.
They
have earned reputation in the challenging field of outsourced research with the
strength of their commitment to confidentiality, timely and accuracy of
services and seamless communication with their customers.
Key
People
John W. Scott is a consultant to world class
pharmaceuticals and fine chemicals industry.
He has
been Vice President, Research and Development Roche Vitamins Inc. and Executive
Director, Process Research and Development Pharmaceutical Research Institute,
Bristol-Myers Squibb.
John is
a B.S., from Massachusetts Institute of Technology (Chemistry) Ph.D., from
Stanford University, (Organic Chemistry) and has done his post doctorate from
National Institutes of Health, Columbia University.
John has
been the member of American Chemical society, Baekeland Award Jury, and acting
member of Petroleum Research Fund Advisory Board.
Mr. Swapan Bhattacharya, The
Director - is
an IIT alumni with MS from Virgina Polytechnic Institute, USA and MBA in
Finance and Economics from Kellogg Graduate School of Business, Northwestern
University. He has brought the experience of Paine Webber Inc in Chatterjee
Group where he has worked on wide range of corporate finance project including
merger and acquisition, restructuring and privatization. He has managed Paine
Webber’s activities in India including raising retail funds, securing corporate
finance assignments and evaluating Joint venture opportunities for Paine Webber
in India.
Infrastructure
The
company’s adequately equipped research facility is spread over a sophisticated
and state-of-the-art environment across a five-acre complex in Kolkata, India,
and an upcoming facility at Pune (Maharashtra). Their advanced research
facility is benchmarked with the demanding requirements of their multi-national
clients and it matches their facilities in sophistication and functionality.
Sponsors
Chembiotek Research International (“Chembiotek”) has been sponsored by
The Chatterjee Group. The Chatterjee Group is a US based investment entity set
up by Dr. Purnendu Chatterjee in 1986. Chatterjee Group specializes in
investing in new businesses in emerging technology domains and geographies that
offer strategic advantages. It also invests in undervalued assets and brings to
bear its strategic and managerial expertise to create and enhance value. The
investments of the group are concentrated in USA and India.
Chatterjee Group has made significant investments in the biotechnology
sector in USA. Chatterjee Group has been early stage investor in some of the
most successful biotechnology companies in USA. For the past 5 years,
Chatterjee Group is in the process of capitalizing on experience and knowledge
in several industry segments, by setting up greenfield ventures in select
sectors. Chatterjee Group’s India initiatives include Haldia Petrochemicals
Limited, a Rs. 51700 millions integrated petrochemicals facility; CA TCG
Software (CATS) a joint venture with Computer Associates Inc.; Skytech
Solutions, an IT joint venture with United Airlines; Lab Vantage, a boutique IT
solutions provider focused on pharmaceutical and research industry and several
other investments in infrastructure, hydrocarbons and technology sectors.
Biotechnology
investments in India include Chembiotek Research International, ClinInvent
Research - a clinical trials company and SilicoGene Informatics – a
cheminformatics and bioinformatics company.
Clients
Chembiotek
has worked with five of the top ten pharmaceutical companies of the world
besides a number of other small and medium pharma and biotech companies. It recognizes that it is
their knowledge and service-oriented culture, not just their data or technology
that have made them indispensable allies. Chembiotek follows responsible
safeguards that make their projects safe from legal, ethical and environmental
perspective at all times.
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.44.09 |
|
UK
Pound |
1 |
Rs.86.59 |
|
Euro |
1 |
Rs.57.92 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
|