MIRA
INFORM REPORT
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Report Date : |
06.07.2007 |
IDENTIFICATION DETAILS
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Name : |
BILCARE, INC. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
03/05/2005 |
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Legal Form : |
Corporation –
Private |
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Line of Business : |
The Subject
provides a variety of services involved with the preparation of materials required
for clinical drug trials. The Subject also offers pharmaceutical analytical
services, package design, formulation development and manufacturing,
packaging and labeling, and storage and distribution of clinical supplies. |
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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
IDENTIFICATION &
EXECUTIVE SUMMARY
Company Name: BILCARE,
INC.
Address:
City: PHOENIXVILLE
State/Province:
Zip Code: 19460
Country: UNITED
STATES
Telephone: 610
935-4300
Facsimile: 610
935-4301
Founded
(D/M/Y): / /1993
As of:
Sales / Revenue:
Net Income:
Total Equity:
Number of Employees:
100
Legal Form: Corporation
- Private
Website: www.bilcare.com
Business Activity: The Subject provides a variety of
services involved with the preparation of materials
required for
clinical drug trials.
NOTE TO CLIENT
We spoke with Ms.
Jessica Woodley, Billing Clerk, who provided general information about the
company. For further financial details, she directed us to contact Mr. Jerald
Decker, CFO, who was unavailable at the time.
Please note that we did send a written request to Mr. Jerald Decker,
CFO, via facsimile. An update will be provided accordingly should we receive a
response at a later time.
LEGAL
Legal Form: Corporation -
Private
Since (D/M/Y): 03/05/2005
State/Province of
Incorporation: DE
Status: ACTIVE
Previous Legal Form:
Company is NOT
required to publish an annual financial report.
The Subject is
incorporated in the state of
File Number: 3964014
Incorporation Date /
Formation Date: 05/03/2005
Entity Name:
BILCARE, INC.
Entity Kind: CORPORATION
Entity Type: GENERAL
Residency:
State: DE
REGISTERED AGENT INFORMATION
Name: CORPORATION
SERVICE COMPANY
Address:
City:
County: NEW CASTLE
State: DE
Postal Code: 19808
The Subject is qualified
in the state of
Entity Type: FOREIGN
BUSINESS CORPORATION
Entity Name:
BILCARE, INC.
Entity No: 3319125
Filing Date:
07/06/2005
County: Dauphin
Jurisdiction: DE
Managers/Key
Personnel
Mr. Steven Jacobs President
Mr. Jerald
Decker Chief Financial Officer
AFFILIATED ENTITIES
As far as could be
determined, there are no known affiliates or subsidiaries.
Parent Companies
Parent Company: Bilcare Limited
1028 Shirroli,
Rajgurunagar
Pune 410505
Telephone: +
91-2024456111
Key Financial Data
for Bilcare Ltd. (Fiscal Year End - 12/31/2006)
Sales: $53.5
mil USD
Net Income: $15.5
mil USD
BANKS
Citizens Bank
Rt. 113
Phoenixville PA
19460
Telephone: 412
867-2414
Facsimile:
Account Number:
Account Manager:
Bank requires
account number which could not be obtained from management.
PAYMENT HISTORY
BUSINESS
DATE LAST PAYMENT CREDIT BALANCE
CUR 1- 31- 61-
CATEGORY
REPTD
---------- ----- ----- ------- --------
-------- --- --- --- --- --- --------
AIR TRANS
07-04 07-04 0000000 10400
8600 98 2 0 0
0 CUST 2 YR
CHEMICALS
07-05 00-00 CREDIT 1500 100
100 0 0 0 0
FINCL SVCS 07-06 00-00 VARIED 39200
15000 100 0 0
0 0 CUST
2 YR
PACKAGING
07-06 00-00 NET 30 2300 1300
87 13 0
0 0 CUST
2 YR
PRNTG& PUBL 07-03 06-12 CONTRCT 11700 6000
0 0 0
100 0 CUST 1 YR
SAFTY PROD 07-05 00-00 NET 30 0
0 0 0
0 0 0
CUST 1 YR
TRUCK DLR
07-06 00-00 CONTRCT 1400
1400 0 100 0
0 0
AIR TRANS
06-11 00-00 NET 30 0 0
0 0 0
0 0 CUST
1 YR
BUS SERVCS 06-11 06-11 NET 30 0
0 0 0
0 0 0
BUS SERVCS 06-08 00-00 NET 7 600
300 0 0
0 0 100
CHEMICALS
06-04 06-02 NET 30 300 300
0 100 0 0 0
FACTOR
06-09 00-00 NET 30 7200 0
0 0 0
0 0
LEASING
07-06 00-00 NET 30 700 0
0 0 0
0 0 CUST
4 YR
RENTALS
06-10 00-00 NET 10 400 400
21 58 21
0 0
CURRENT QUARTER 66500 32400
75 6 0
19 0
Payment Trends
INDUSTRY BUSINESS BALANCE
CUR 1- 31- 61-
DATE
CUR DBT DBT $ %
30 60 90 91+
--------
--- --- --- -------- --- --- --- --- ---
20070600
0 0 14 34300 78
4 0 18 0
20070500
0 0 14 35500 76
7 0 17 0
20070400
0 0 13 38000 79
5 0 16 0
20070300
0 0 2 33800 90
8 2 0 0
20070200
0 0 2 33800 90
10 0 0 0
20070100
0 0 5 12100 74
23 3 0 0
Payment History - Quarterly Averages
BALANCE CUR 1-
31- 61-
QUARTER
YEAR DBT $ %
30 60 90 91+
-------- ------ --- -------- --- --- --- --- ---
First
2007 6 35200 85 8
1 6 0
Fourth
2006 29 19100 34
24 19 23 0
Third
2006 20 15900 54
17 15 14 0
Second
2006 8 5600 65
29 4 0 2
First
2006 32 1300
41 28 8
1 22
FINANCIAL INFORMATION
The Company's CFO,
Mr. Jerald Decker was forwarded a fax requesting financial information.
Currently we have not received a response.
HISTORY
The Subject was known
formerly as: ProClinical Pharmaceutical Services, before it was acquired by
India-based Bilcare Ltd in August 2005.
CURRENT OPERATIONS
NAICS Code: 325412
Pharmaceutical Preparation
Manufacturing
SIC Code: 2835
Number of
Employees: 100
Business Activity:
The Subject provides
a variety of services involved with the preparation of materials required for
clinical drug trials. The Subject also offers pharmaceutical analytical
services, package design, formulation development and manufacturing, packaging
and labeling, and storage and distribution of clinical supplies.
The Subject's
business activities are divided into research services, clinical services, and
packaging materials. It uses research to
add value to the pharmaceutical industry through packaging that is tailor-made
for every formulation and environment and for patient effectiveness.
Some of the
Subject's 500 global customers include: Abbott Labs, Merck, Novartis, and
Pfizer.
As far can be
determined the heading address is the sole location for the Company's
operations.
TRADE REFERENCES
Name: HANNA
PHARMACEUTICAL SUPPLY COMPANY
Tel: 302-571-8761
Fax: 302-571-1549
Customer since: July
2005
Credit Limit:
Unlimited
Terms: Net 30
Highest credit
utilized: $6000
Outstanding Balance:
$4447.52
Amount Past Due: 0
Average days to pay:
0
Date of last sale:
06/27/2007
History: Excellent
The following
company has also been contacted. An update will be provided accordingly should
we receive a response at a later time.
Name:
Contact: George
Tel: 610-558-2715
Fax: 610-446-2084
PUBLIC RECORD
No derogatory legal
action was filed against the Subject nor were there any Uniform Commercial
Codes that were filed by the Subject.
A search of bankruptcy
courts revealed no record of the Subject filing for bankruptcy.
GENERAL COMMENTS
The Subject
specializes in a variety of services involved with the pharmaceutical industry,
mainly in the packaging of clinical drugs. Legal indicate no litigation taken
against the Subject or any bankruptcy filings, however the payment history is
highly suspect.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)