MIRA
INFORM REPORT
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Report Date : |
28.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
BIOSERVE CLINICAL RESEARCH PRIVATE LIMITED |
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Registered Office : |
07-01-58, Amrutha Business Complex, Ameerpet, Hyderabad-500016, Andhra
Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.12.2004 |
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Com. Reg. No.: |
01-44908 |
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CIN No.: [Company
Identification No.] |
U85110AP2004PTC044908 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDB02172C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Engaged in Clinical Research and Development Activities |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 91000 |
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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 established company having moderate track. Company’s profitability
is under severe pressure. It has some accumulated losses. Payments are
reported as slow but correct. The company can be considered normal for small business dealings at
usual trade terms and conditions with slight caution |
LOCATIONS
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Registered Office : |
07-01-58, Amrutha Business Complex, Ameerpet, Hyderabad-500016, Andhra
Pradesh, India |
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E-Mail : |
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Website : |
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Head Office : |
6-56/ 6 / 1A, Opposite IDPL Factory, Balanagar, Hyderabad-500037,
Andhra Pradesh, India |
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Tel. No.: |
91-40/23770873/ 74 |
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Area : |
DIRECTORS
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Name : |
Mr. K Sunil Chandra |
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Designation : |
Director |
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Address : |
809, Nagarjuna Hills, Punjagutta, Hyderabad-500082, Andhra Pradesh |
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Date of Birth/Age : |
20.07.1975 |
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Date of Appointment : |
20.12.2004 |
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Name : |
Mr. S Surendernath Reddy |
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Designation : |
Director |
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Address : |
809, Nagarjuna Hills, Punjagutta, Hyderabad-500082, Andhra Pradesh |
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Date of Birth/Age : |
29.10.1948 |
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Date of Appointment : |
20.12.2004 |
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Name : |
Mr. Comandur Parthasarthy |
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Designation : |
Director |
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Address : |
Plot No.848, Road No.34, Jubilee Hills, Hyderabad-500033, Andhra
Pradesh, India |
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Date of Birth/Age : |
07.07.1955 |
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Name : |
Mr. S Suneil Reddy |
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Designation : |
Managing Director |
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Qualification : |
Graduate in Biomedical Engineering from Osmania University, Hyderabad
and Graduate in Electronics Engineering |
KEY EXECUTIVES
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Name : |
Mr. V V S Shiv Prasad |
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Designation : |
Vice President (Operations) |
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Qualification : |
Post Graduate Degree in Analytical Chemistry |
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Name : |
Mr. C V Satyendranath |
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Designation : |
Head (Bioanalytical at Bioserve) |
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Qualification : |
M. Sc. (Organic chemistry) |
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Experience : |
17 years |
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Name : |
Mr. P P S Kishore |
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Designation : |
Head (QA) |
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Qualification : |
M.Sc., PG Diploma in TQM, ISO9001, ISO14000, Diploma in ICCE |
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Name : |
Mr. S V Krishna Prasad |
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Designation : |
Head (Project Management and Study Coordination) |
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Address : |
Bachelor of Commerce, diploma in Materials Management and Diploma in
Journalism, Commerical Advertisement and Public Relations. |
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Experience : |
25 years |
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Name : |
Mr. Mohanlal Siva Prasad Sayana |
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Designation : |
Clinical Investigator |
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Qualification : |
MBBS |
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Experience : |
15 years |
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Name : |
Dr. Saikrishna |
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Designation : |
Co-investigator |
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Qualification : |
MBBS, PG Diploma in Geriatric Care |
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Experience : |
10 years |
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Name : |
Dr. Sangeeta Sahu |
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Designation : |
Co-investigator |
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Qualification : |
MBBS, PG Diploma in Clinical Research from institute of Clinical
Research, India |
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Name : |
Dr. Dwarkanath |
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Designation : |
Co-Investigator |
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Qualification : |
MBBS |
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Name : |
Dr. Jayarami Reddy |
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Designation : |
Co-investigator |
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Qualification : |
MBBS and Diploma in Hospital Administration |
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Experience : |
30 years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Directors and their relatives |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Engaged in Clinical Research and Development Activities |
GENERAL
INFORMATION
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No. of Employees : |
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Bankers : |
State Bank of India, Balanagar Branch, Hyderabad-500037, Andhra
Pradesh, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Charles Prabhakar & Company Chartered Accountants |
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Address : |
Flat # 113, Satya Sai Apartment, Srinivasa Nagar East, S R Nagar,
Hyderabad-500038, Andhra Pradesh, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.100/- each |
Rs.25.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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207500 |
Equity Shares |
Rs.100/-
each |
Rs.20.750
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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22.870 |
4.083 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.500 |
0.000 |
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4] (Accumulated Losses) |
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(1.673) |
(1.996) |
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NETWORTH |
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21.697 |
2.087 |
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LOAN FUNDS |
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1] Secured Loans |
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31.042 |
2.173 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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31.042 |
2.173 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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52.739 |
4.260 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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42.303 |
2.973 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.580 |
0.000 |
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Sundry Debtors |
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4.112 |
0.000 |
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Cash & Bank Balances |
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1.027 |
1.258 |
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Other Current Assets |
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2.703 |
0.005 |
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Loans & Advances |
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2.171 |
0.591 |
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Total
Current Assets |
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12.593 |
1.854 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.316 |
0.567 |
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Provisions |
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0.233 |
0.000 |
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Total
Current Liabilities |
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2.549 |
0.567 |
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Net Current Assets |
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10.044 |
1.287 |
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MISCELLANEOUS EXPENSES |
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0.392 |
0.000 |
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TOTAL |
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52.739 |
4.260 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.55 |
1.31 |
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Current Ratio (Current Asset/Current Liability) |
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4.94 |
3.27 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
Bioserve Clinical
Research Private Limited |
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Presented By |
Mr. Suneil Chandra, Director |
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1) Date and description of instrument creating the change |
18.06.2005 Agreement of loan for overall limits |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
Hypothecationof stock and receivabnels Fisrt charge on the building/equipment aquired/ to be acquired with Bank Finance Extension ofequitable mortgage of Ac.1.50 Gts. Of Factory land and building nbelonging to S S Reddy and K Suneil Chandra leased to Mr. Rama Sesha Salraw and builed Rice Mill Extension of equitable mortgage of 919 Sq. Yards. Of vacant sits bnelonging to Mr. K Suneil Chandra leased to Mr. Ram Sesha Sairaw and builed Rice Mill Personal Guarantee of S S Reddy and S S Sunil Chandra Corporate Guarantee of Vijaya Diagnostic Center Private Limited |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term Loan of Rs.26 millions repayable in 20 quarterly installments from June 2006 ROI 8.75% Cash Credit Limit is Rs.3.000 millions ROI 8.75% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Balanagar Branch Hyderabad-500037 |
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6) Date and brief description of instrument modifying the charge |
Dated 10.02.2006 supplememntalagreement of loan for increase in theoverall limit in fvavour of State Bank of Idnia for grating additional limit as under (Rs. In millions)
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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. |
Corporate Guaratee of Vijaya Diagnostic Center Private Limited increased from the Existin guarantee of Rs.29 millions to Rs.31.800 millions |
Website Details :
Bioserve has highly experienced professionals in the field
of clinical research. Our professional team seeks to provide a quality
experience for all of our clients-both sponsor and volunteer alike and pride
itself on meeting the challenges of research by providing solutions along with
the flexibility and professionalism. Bioserve stands for quality that meets all
of the requirements of its customers in a professional manner that is free of
ethical, regulatory and scientific deficiencies.
Team
At Bioserve, we have the best of the brains working together
to make a significant difference. These professionals with immense experience are
committed to take clinical research to new heights of excellence. With strong
and committed support from our highly charged team, we join hands with our
clients and work as an extended arm, understanding our customers’ requirements
thoroughly and contributing to the development of new and innovative products
while adhering to the norms of ethical and regulatory compliance.
GENERAL MANAGEMENT
Mr.S.Suneil Reddy
Mr. S. Suneil Reddy is a qualified Electronics Engineering
graduate from Florida State University, USA. He is also a graduate in
Biomedical Engineering from Osmania University, Hyderabad, India and has been
involved in the Healthcare industry for over 10 years as part of the management
of, Vijaya Diagnostic Center (VDC), the pioneers in diagnostic medicare, in AP
since 1981. VDC are an accredited clinical laboratory offering a complete range
of services and also support the clinical trial needs of numerous large pharma
sponsors. He has also been one of the promoters of an IT products company specializing
in telecom product solutions. He is instrumental in promoting and in
establishing Bioserve as a CRO offering services of the highest quality in
compliance to the highest ethical standards and regulatory requirements.
Bioserve is committed to ‘validating innovation’ and to enable our customers to
bring innovative products to market in a timely manner.
Mr Reddy is the Managing Director of Bioserve
Mr. V. V. S. Shiv Prasad
Mr. V. V. S. Shiv Prasad is a qualified pharmaceutical
industry veteran. Mr Prasad has a post graduate degree in Analytical Chemistry
and has wide experience in the pharmaceutical industry in Quality Assurance
& Quality Control and has been a part of the team for over 30 regulatory
audits from MHRA-UK, USFDA, ANVISA-BRAZIL, MCC-SOUTH AFRICA,TGA-AUSTRALIA etc.
He has worked with leading players in the Indian pharmaceutical space. His
interests include Total Quality Management (TQM), Six Sigma, Process Analytics
and other quality systems.
He is overseeing the overall operations of the CRO.
Mr.Shiv Prasad is the Vice President-Operations at Bioserve
BIO ANALYTICAL
Mr.C.V.Satyendranath
Mr.Sathyendranath is a M.Sc (Organic chemistry). He has over
17 years experience in the pharmaceutical industry in establishing and managing
GLP compliant analytical laboratory environments. He has worked with leading
players in the Indian Pharmaceutical sector. He has the regulatory experience
of having faced numerous regulatory audits by USFDA, UKMHRA, TGA, ISO9000,
ISO14000.
Mr.Sathyendranath is the Prinicipal Investigator at Bioserve
QUALITY ASSURANCE
Mr. P. P. S. Kishore
Mr. P. P. S. Kishore is a M. Sc., PG Diploma in TQM,
ISO9001, ISO14000, Diploma in ICCE. Participation in more than 10 regulatory
audits such as USFDA, KFDA, EDQM, MCC, WHO, ISO9000 and other customer audits.
He has vast experience in pharmaceutical industry in the areas of QC, QA &
RA. overlooking audit review and report archival system in areas of CU, BA, and
Pharmacokinetic & Statistics and in QMS. He has worked for reputed Indian
Pharmaceutical organizations.
Mr. Kishore is Head-QA at Bioserve
PROJECT MANAGEMENT& STUDY COORDINATION
Mr. S. V. Krishna Prasad
Mr. S. V. Krishna Prasad is a Bachelor of Commerce, with a diploma
in Materials Management and Diploma in Journalism, Commercial Advertisement
& Public Relations. He has over 25 years experience in the project
management related works in reputed pharmaceutical organizations He has also
been a key team member for over 30 audits of ISO9000, ISO14000,USFDA, TGA, WHO,
KFDA in these organizations. At NPIL's VFCD, Thane facility he was among the
select few for the Managerial Grid Seminar, Grid International, USA.
Mr. Krishna Prasad is the Head-Project Management and Study Co-ordination at
Bioserve.
CLINICAL TEAM
Dr.Saikrishna
Dr. S. Saikrishna is an MBBS, PG Diploma in Geriatric Care.
He has over 10 years experience in the medical field. He had worked in the
department of Health and Family Welfare in the State Government of Orissa. He
has served in NIMS and in Indo-American Cancer hospital, Hyderabad where he has
conducted multiple Phase III clinical trials in the therapeutic area of
Oncology. Has completed the Clinical Research Professional Development Program
on Clinical Trial Monitoring & Research Site Coordination, The ICH and GCP
Guidelines from Kriger Research Center, Toronto, Canada.
Dr. Saikrishna is the Clinical Investigator at Bioserve.
Mr.Raghunatha Reddy
Mr. Raghunatha Reddy a M.Sc (Analytical chemistry). He has
over 13 years experience in the pharmaceutical industry in establishing and
managing GLP compliant analytical laboratory environments. He has worked with
leading players in the Indian Pharmaceutical sector. He has the regulatory
experience of having faced numerous regulatory audits by USFDA, TGA, ISO 9000.
Mr. Raghunath Reddy is the Manager-Bioanalytical at Bioserve
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.43.47 |
|
UK Pound |
1 |
Rs.83.36 |
|
Euro |
1 |
Rs.57.89 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
|