MIRA
INFORM REPORT
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Report Date : |
29.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
RUBICON RESEARCH PRIVATE LIMITED |
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Registered Office : |
221, Annexe Building, Goregaon- Mulund Link Road, off B.S Marg,
Bhandup (West), Mumbai-400078, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.05.1999 |
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Com. Reg. No.: |
11-119744 |
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CIN No.: [Company
Identification No.] |
U73100MH1999PTC119744 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR09729G |
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PAN No.: [Permanent
Account No.] |
AABCR1422M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To Provide Knowledge process Outsourcing (KPO) Services |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 250000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Mr. B.K. Venkatraman (Finance Manager) denied business and financial
details without the knowledge of original clients. Subject is a well established company having satisfactory track.
Financial position is good. Payments are usually correct. and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION
DECLINED BY
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Name : |
Mr. B.K. Venkatraman |
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Designation : |
Finance Manager |
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Date : |
26.08.2008 |
LOCATIONS
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Registered Office : |
221, Annexe Building, Goregaon- Mulund Link Road, off B.S Marg,
Bhandup (West), Mumbai-400078, Maharashtra, India |
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Tel. No.: |
91-22-25661096/ 25667614/ 25664385 |
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Fax No.: |
91-22-25661097 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Ms. Pratibha Sudhir Pilgaonkar |
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Designation : |
Director |
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Address : |
6/L/801, Neelam Nagar, V.B. Phadke Road, Mulund (East), Mumbai-400081,
Maharashtra, India |
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Date of Birth/Age : |
12.06.1954 |
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Date of Appointment : |
01.06.2000 |
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Name : |
Mr. Sudhir Dhirendra Pilgaonkar |
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Designation : |
Director |
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Address : |
6/L/801, Neelam Nagar, V.B. Phadke Road, Mulund (East), Mumbai-400081,
Maharashtra, India |
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Date of Birth/Age : |
05.05.1952 |
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Date of Appointment : |
06.05.1999 |
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Name : |
Mr. Minoo Rustomjee Acidwala |
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Designation : |
Director |
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Address : |
A/Dhun Building, 2nd Floor, Dr. Dadasaheb Bhadkamkar Marg,
Mumbai-400007, Maharashtra, India |
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Date of Birth/Age : |
21.10.1916 |
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Date of Appointment : |
30.07.2006 |
KEY EXECUTIVES
|
Name : |
Mr. B.K. Venkatraman |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Sudhir Dhirendra Pilgaonkar |
|
49900 |
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Minoo Rustomjee Acidwala |
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5000 |
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Pratibha Sudhir Pilgaonkar |
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50000 |
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Maharukh Tehmasp Rustomjee |
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45000 |
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Sudhir Dhirendra Pilgaonkar |
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100 |
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Total |
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150000 |
Equity Share Breakup (Percentage of total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or relatives or directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
To Provide Knowledge process Outsourcing (KPO) Services |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Dombivli Nagri Sahakari Bank Limited, Main Branch, Keshav Smiti
Manpada Road, Dombivali, Maharashtra, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
N. Shingala and Associates Chartered Accountant |
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Address : |
702/ 703/ 704, 7th Floor, Tardedo A.C. Market, Tradeo,
Mumbai-400034, Maharashtra, India |
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Name : |
H.V Krishnadwala Chartered Accountant |
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Address : |
1B, First Floor, Pushpam, K.D. Road, Vile Parle (West), Mumbai-400056,
Maharashtra, India |
CAPITAL STRUCTURE
As on 28.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21500000 |
Equity Shares |
Rs. 10/- each |
Rs. 215.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1950000 |
Equity Shares |
Rs. 10/-
each |
Rs. 19.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
19.500 |
1.500 |
1.500 |
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2] Share Application Money |
0.450 |
0.000 |
0.000 |
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3] Reserves & Surplus |
30.338 |
29.479 |
18.638 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
50.288 |
30.979 |
20.138 |
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LOAN FUNDS |
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1] Secured Loans |
15.544 |
10.638 |
11.498 |
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2] Unsecured Loans |
10.285 |
2.885 |
3.019 |
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TOTAL BORROWING |
25.829 |
13.523 |
14.517 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
76.117 |
44.502 |
34.655 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
35.624 |
21.112 |
12.551 |
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Capital work-in-progress |
1.569 |
0.000 |
0.000 |
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INVESTMENT |
0.510 |
3.083 |
0.313 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.221
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0.000 |
0.000 |
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Sundry Debtors |
35.134
|
17.911 |
17.974 |
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Cash & Bank Balances |
4.822
|
3.586 |
1.645 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
17.728
|
6.462 |
8.787 |
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Total
Current Assets |
57.905
|
27.959 |
28.406 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.241
|
3.500 |
3.903 |
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Provisions |
8.250
|
4.152 |
2.712 |
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Total
Current Liabilities |
19.491
|
7.652 |
6.615 |
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Net Current Assets |
38.414
|
20.307 |
21.791 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
76.117 |
44.502 |
34.655 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.90
|
0.68 |
1.05 |
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Current Ratio (Current Asset/Current Liability) |
|
2.97
|
3.65 |
4.29 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges Report
as per Registry
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Name of the company |
RUBICON RESEARCH PRIVATE LIMITED |
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Presented By |
Mr. Sanjay Desai
( Manager D.N.S.B) |
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1) Date and description of instrument creating the change |
Deed of Hypothecation
of Tangible Movable Property dated 1sth October 2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 Million |
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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 |
All present and
future stock and book debts. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest @
12.50% or such other rate as may decided by the bank Charge to cover
all outstanding sums, interest, costs and charges payable by the company to
the Bank |
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5) Name and Address and description of the person entitled to the charge. |
Dombivli Nagri Sahakari Bank Limited, Main Branch, Keshav Smiti
Manpada Road, Dombivali, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Hypothecation of
Tangible Movable Property dated 14th January 2005 |
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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. |
By way of first
modification to the charge created on 1st October 2003 registered wide
sr. no. 36, charge wad renewed for 12 months and charge on local contracts
was created as additional security. Margin- 50%, Rate of Interest- 10.50%
Total Charge stands at Rs. 1.000 Million |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U73100MH1999PTC119744 |
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Name of the
company |
RUBICON RESEARCH PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
221, Annexe Building, Goregaon- Mulund Link Road, off B.S Marg,
Bhandup (West), Mumbai-400078, Maharashtra, India |
|
Type of charge |
Movable Property |
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Particular of
charge holder |
Dombivli Nagri Sahakari Bank Limited, Main Branch, Keshav Smiti
Manpada Road, Dombivali, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation of Movables |
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Date of
instrument Creating the charge |
11.07.2007 |
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Amount secured by
the charge |
Rs. 4.000 Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 11.50% or such
other rate as may be decided from time to time. Terms of
Repayment 36 Months Margin 25% Extent and Operation
of the charge Frist charge over
Plant and Machinery, LAB and office equipments, furniture and fixture,
computers electrical installations etc. Others Charge to cover
all outstanding sums, interests, costs, charges payable by the company to the
bank. |
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Short particulars
of the property charged |
Plant and
Machinery, Lab and Office Equipments, Furniture and Fixture, Computers
Electrical installations etc. |
AS PER WEBSITE
Profile:
From innovative ideas to comprehensive product development
Subject was established in 2000, as a contract research services company, to
provide Knowledge Process Outsourcing (KPO) services for formulation development
activities of the drug development process.
In just over 7 years, Rubicon Research has successfully concluded a
significant number of projects for world leaders in pharmaceuticals, and many
more are in progress. Rubicon Research's expertise in formulation and drug
delivery technology is applied to the development of controlled release and
generic plus products in addition to the development of novel products for
innovator and specialty companies.
Rubicon Research is a reputed name not only in the field of contract
research in formulation development, but also as a creator of innovative
technologies in formulation research which yields patentable new products.
Vision Statement
Rubicon Research strives to become a leading global stakeholder in providing
pharmaceutical development services and creation of innovation-based dosage
forms and drug delivery systems by:
• Nurturing and enhancing its knowledge base and intellectual
resources
• Becoming a preferred partner to major multinationals for
pharmaceutical product development
• Bringing on stream further facilities for project development,
including clinical, to become a full service
organization
• Evolving from knowledge process outsourcing to out-licensing of
proprietary products and technologies, to fully
integrated manufacture.
Probing the mindscape
Subject believes that the power of intelligent and analytical minds can
transcend the realm of the currently possible and probable. It is this belief
that has enabled Rubicon Research to set up an entire team and systems to
pursue new and more efficient solutions.
Identifying therapeutic needs and providing solutions
In the present pharmaceutical R and D environment, there is an
increasing need to maximize the value of existing active ingredients (AIs) and
products (chemical entities). In addition, there have been reports of negative
clinical trial outcomes for new AIs attributable poorly optimized formulations.
Specialty pharmaceutical companies are, therefore, keen to avail services for
product reformulations and life cycle management from competent development
partners. Rubicon Research has the insight into this complex, scientific
requirement, and the multidisciplinary skill sets to offer solutions to these
pharmaceutical companies. Rubicon Research also has capability to identify
these needs upfront and provide solutions that result in appropriate value
addition to both the partners.
Designing appropriate delivery systems
Subect has acquired a strong knowledge base by working in diverse environment
and catering to varied needs of their partners (specialty and focused generic
companies). Thus, its optimum size of operation and proven core competency of
designing appropriate, customized delivery systems makes it an effective solution
provider. Currently Rubicon Research’s focus is in the area of oral solid
dosage forms as well as dispersed systems. Rubicon Research has designed and
implemented some of the strategic product innovations that have resulted in to
major value propositions for the clients. Rubicon Research also has capability
of working from first principles into any new technology area of interest to
the customers.
Products:
Specialty Products
Subject has developed specialty products and generic plus products using
various proprietary technologies and can be discussed on request.
OTC Products
Subject
has the potential to develop conventional OTC products as well as incorporating
various novel drug delivery systems in various therapeutic areas with the help of
know-how and technologies developed at Rubicon Research. Some products
available for licensing have been listed below:
Allergy [Loratadine ODT]
Loratadine is a long acting, non-sedative antihistamine available in the market
in different dosage forms for treatment of allergy. Rubicon Research has
developed an elegant and stable tablet formulation of loratadine which
disintegrates in mouth rapidly in less than 30 seconds with extremely good
taste and mouth feel. The product is developed using Rubicon Research’s
proprietary technology, RubiODTTM and can be administered anywhere,
any time, with or without water.
Cough and Cold [Dextromethorphan ODT]
Dextromethorphan hydrobromide is an antitussive drug that is an
ingredient in various OTC cough and cold preparations in the form of lozenge,
syrup, extended release oral suspension etc. Rubicon Research has developed a
taste-masked composition of dextromethorphan which is incorporated into Rubicon
Research’s proprietary technology, RubiODTTM which disintegrates in
mouth rapidly in less than 30 seconds with extremely good taste and mouth feel.
The formulation can be administered anywhere, any time, with or without water.
Vitamins [Vitamin C CR]
Rubicon Research has developed a controlled release Vitamin C formulation as an
OTC product. This facilitates administration of high dose Vitamin C with
optimum utilization in the system. Rubicon Research product is a tablet dosage
form which can be manufactured using conventional technology and is
pharmaceutically equivalent to the international brand products. The range
extension of this product as Vitamin C CR plus (i.e. using zinc is also
available)
Nasal Decongestant [Xylometazoline spray]
Xylometazoline is used for the temporary relief of congestion or stuffness in
the nose caused by hay fever or other allergies, cold or sinus trouble.
Xylometazoline nasal solution is offered in the form of drops, nebulizers,
sprays etc. Rubicon Research has developed a product with mechanical pump
spray, which facilitates fixed dose delivery and is very patient friendly. The
specially designed pump allows for complete ease in administration. Spray
solutions of xylometazoline alone and in combination with menthol and
eucalyptus oil are provided in this specially designed pump.
Acne [Clindamycin Lacquer]
Clindamycin is available as a topical product for various skin ailments caused
due to acne. Rubicon Research has developed a novel lacquer formulation, which
is applied at the target site with the help of an applicator brush. The
formulation ensures localized and precise delivery of the active agent for a
prolonged period of time and avoids excess exposure of normal skin to the
formulation ensuring considerable increase in therapeutic benefit..
Herbal Products
Rubicon Research has access to various standardized natural extracts from
reliable sources. Formulations such as anti-inflammatory topical products,
sunscreen products etc are being developed using phytochemical based
ingredients.
These are a few examples of the products, which are developed and are
ready for offering to the customer. However Rubicon Research can deliver the
products in a variety of different ways after understanding the needs of the
customers and customizing the profile to suit individual requirements.
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.43.73 |
|
UK Pound |
1 |
Rs.80.31 |
|
Euro |
1 |
Rs.64.61 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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. |
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 |
|