MIRA
INFORM REPORT
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Report Date : |
10.05.2007 |
IDENTIFICATION DETAILS
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Name : |
CLININVENT RESEARCH PRIVATE LIMITED |
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Formerly Known As : |
CLININVENT RESEARCH INDIA PRIVATE LIMITED |
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Registered Office : |
Block – BN, Plot – 7, Sector – V, Salt Lake Electronics Complex, P. S.
Bidhan Nagar, Kolkata – 700091, West Bengal |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.07.2003 |
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Com. Reg. No.: |
21-96510 |
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CIN No.: [Company
Identification No.] |
U24232WB2003PTC096510 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALC03709G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Subject offers clinical research services to pharmaceutical,
biotechnology and medical industries. |
RATING & COMMENTS
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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 46000 |
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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 and delayed. The company can be considered normal for small business dealings at
usual trade terms and conditions, with slight caution initially. |
LOCATIONS
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Registered Office : |
Block – BN, Plot – 7, Sector – V, Salt Lake Electronics Complex,
P. S. Bidhan Nagar, Kolkata – 700091, West Bengal, India |
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E-Mail : |
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Website : |
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Head Office : |
A-302, Everest Chambers, Next to Star TV office, Marol
Naka, Andheri-Kurla Road, Andheri (East), Mumbai – 400059, India |
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Tel. No.: |
91-22-28511860 / 28595101 |
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Fax No.: |
91-22-28515482 |
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E-Mail : |
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Corporate Office : |
9 B, Wood Street, 3rd Floor, Kolkata – 700016,
West |
DIRECTORS
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Name : |
Mr. Rakesh Chandulal Pandya |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
15.07.1967 |
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Date of Appointment : |
02.07.2003 |
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Name : |
Ms. Swapan Bhattacharya |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
02.01.1957 |
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Date of Appointment : |
29.01.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Rakesh Chandulal Pandya |
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10 |
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Merlin Resources Private Limited |
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4990 |
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Chembiotek Research India Private Limited |
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4990 |
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Swapan Bhattacharya |
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10 |
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign
Companies, Foreign Financial Institutions, Non-resident Indian or Overseas
corporate bodies or others] |
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99.81 % |
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Bodies corporate |
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0.18 % |
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Directors or relatives of directors |
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0.01 % |
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Total |
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100.00
% |
BUSINESS DETAILS
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Line of Business : |
Subject offers clinical research services to pharmaceutical,
biotechnology and medical industries. |
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GENERAL INFORMATION
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Bankers : |
Indusind Bank Limited 24, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajneesh Agarwal and Company Chartered Accountants |
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Address : |
34 A, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity Shares |
Rs. 10/- each |
Rs. 60.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5502720 |
Equity Shares |
Rs. 10/- each |
Rs. 55.027
Millions |
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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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0.100 |
0.100 |
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2] Share Application Money |
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54.663 |
32.011 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[43.056] |
[21.600] |
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NETWORTH |
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11.707 |
10.511 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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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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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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11.707 |
10.511 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.953 |
9.998 |
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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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0.000 |
0.000 |
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Sundry Debtors |
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4.177 |
1.766 |
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Cash & Bank Balances |
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2.345 |
1.645 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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5.520 |
4.210 |
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Total
Current Assets |
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12.042 |
7.621 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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8.288 |
7.136 |
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Provisions |
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Total
Current Liabilities |
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8.288 |
7.136 |
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Net Current Assets |
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3.754 |
0.485 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.028 |
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TOTAL |
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11.707 |
10.511 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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0.71 |
0.68 |
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Current Ratio (Current Asset/Current Liability) |
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1.45 |
1.07 |
LOCAL AGENCY FURTHER INFORMATION
AS PER WEBSITE
To provide excellent clinical support services to pharmaceutical
inventions by balancing the needs of quality, time and cost.
Vision
Credible
A quality service provider, firm on commitments.
Capable
A global service provider offering, full clinical services,
covering all major therapeutic areas.
Compatible
A flexible organisation, which will complement the sponsor's
processes and systems.
ClinInvent Partners: They are best alone, but better
together.
The power of partnerships can never be underplayed. It makes
us, mould us and helps us grow. Their alliance with their group companies is
much the same. They share resources and infrastructure, work in cooperation and
help each other in accomplishing their individual organisational goals.
The Chatterjee Group Life Sciences (TCGLS) is an integrated drug discovery
research and development services entity with capabilities encompassing major
segments of the pharmaceutical sciences domain. The business activities of
TCGLS focus on leveraging the scientific knowledge available in
Chembiotek is an
integrated contract research services organisation with expertise in library
synthesis, offering services in the area of chemistry, biology and
computational sciences.
Silicogene offers a
wide range of software solutions in the areas of pattern recognition,
management of multivariate datasets used in chemistry, and provides informatics
products/services across the drug discovery domain.
TCGA is a public-private partnership in
collaboration with CSIR and DST, Government of India, offering services in the
domains of genomics and proteomics research.
Other Chatterjee Group Company
Lab Vantage is a leading provider of Laboratory
Information Management Systems (LIMS) that serves multiple industries in a
variety of testing and research environments.
ClinInvent Services: Synchronised to their sponsor's
objectives.
The Clinical Trial Management team is the lifeblood and the
primary focus area for ClinInvent. With team members having extensive
experience in managing multi-centric global clinical trial projects, in a
number of therapeutic areas, the driving force for this team is their sponsors.
Their Clinical Trial Management team maintains a
professional and friendly atmosphere with a great deal of emphasis on teamwork
and mutual support. The team consists of dedicated, qualified and experienced
managers and Clinical Research Associates (CRAs) with excellent
scientific/medical background, possessing a thorough understanding of local
clinical trial regulations and ICH GCP guidelines.
They commit their selves unreservedly to the success of each sponsor program,
with an unshakable dedication to quality service, integrity and innovation. Every
effort is made from the outset to ensure an implicit understanding of the
sponsor's goals as well as the specific requirements of the project concerned.
The projects are managed with as much attention to delivery dates as to
deliverables. This is made possible because each and every member of their team
strives to maintain high quality standards through systems reviews, ensuring
clean and accurate documentation, prompt follow-up and proactive reporting.
The scope of activities for the Clinical Trial Management
team covers:
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Total project management
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Site feasibility
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Investigator selection
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Regulatory and Ethics committee
submission
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Site contract and budget negotiations
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Management of Clinical Trial Supplies
& Investigational products
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Investigators meeting
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Site initiation visits
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Monitoring
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Site close out visits
PRESS RELEASE
ClinInvent partners with Afferenz
News Bureau – Mumbai
Afferenz, a strategic business unit of Megasoft, which
addresses the data and information management needs of lifesciences companies,
announced a strategic partnership with ClinInvent Research.
They will jointly address the market needs for clinical
trial data management services and biostatistics. Afferenz's portfolio of
software based clinical trials solutions together with the data management
practices of ClinInvent Research promises to bring in a comprehensive offering
to customers in the area of data management services.
"With the increasing growth of outsourced clinical
trials from overseas into
ClinInvent, a part of TCG Lifesciences, is a full fledged
contract research organisation, which provides comprehensive clinical services
in clinical trial management, data management, bio-statistics, medical writing,
pharmacovigilance, quality assurance and GCP training. "ClinInvent's data
management expertise is enhanced by the addition of Acceliant. And the
strategic partnership with Afferenz provides us with an opportunity to move
fast into global EDC arena," said Dr Arun Bhatt, President, ClinInvent.
ClinInvent inks deal with MDS Pharma
5/4/2005 3:17:16 PM IST
ClinInvent Research, a Mumbai-based Contract Research
Oorganization (CRO), has entered into a tie-up with MDS Pharma Services, a leading
North American CRO, to be a preferred partner for the Indian subcontinent.
The tie-up gives ClinInvent an international presence which
will enable it to secure more global projects. For MDS it ensures a presence in
the fast growing Indian market to offer drug development services to support
the domestic and international biopharmaceutical industry.
ClinInvent Research is part of the New York-based The
Chatterjee Group. Headquartered in Mumbai it is a leading CRO providing full
clinical trial and data management services.
Dr Arun Bhatt, President, ClinInvent Research, said,
"ClinInvent sees this as a significant development and we hope to bring
our extensive knowledge of
Reacting to the tie-up, Dr Greg Voinov, GM, MDS Pharma
Services Central & Eastern Europe, and Asia Pacific said, "MDS is
committed to expanding into emerging markets such as
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.91 |
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1 |
Rs.81.46 |
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Euro |
1 |
Rs.55.42 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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23 |
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
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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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