MIRA INFORM REPORT
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Report Date : |
25.08.2011 |
IDENTIFICATION DETAILS
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Name : |
BILCARE INC |
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Registered Office : |
2711 Centerville Road Suite 400, Wilmington, New Castle, DE 19808 |
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Country : |
United States |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
03.05.2005 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Manufacturer of clinical supplies material |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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United States |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
GEOPOLITICS - UNITED STATES
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Federal
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Currency: USD |
IDENTIFICATION
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Ordered as: |
Bilcare Inc |
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Address in the order: |
300 Kimberton Road, Phoenixville, PA 19460 |
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Legal Name: |
Bilcare INC |
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Legal Address |
2711 Centerville Road Suite 400, Wilmington, New Castle, DE 19808, USA
(Registered Agent) |
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Telephone: |
+1 (610) 935-4300 (New phone) |
ID : |
3964014 |
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Fax: |
+1 (610) 935-4321(New fax) |
Legal Form: |
Corporation for Profit |
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Email: |
(New email) |
Registered in: |
Delaware |
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Website: |
(New website) |
Date Created: |
1993 |
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Manager: |
Mohan H Bhandari, Administrator |
Date Incorporated: |
May 3rd 2005 |
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Staff: |
160 |
Stock: |
NA |
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Value: |
NA |
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Activity: |
Manufacturer of clinical supplies material. |
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BANKS
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Name of the Bank |
HSBC Bank |
BUSINESS
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HISTORY |
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The company was founded in 1993 as ProClinical Pharmaceutical Services
and was acquired by India-based Bilcare Ltd. in August 2005. |
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PRINCIPAL ACTIVITY |
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It is a global provider of Clinical Trial Materials (CTM) services. |
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Products/Services description: |
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The company provides a variety of services involved with the
preparation of materials required for clinical trials. Bilcare's offerings
include a wide range of analytical services, package design, formulation
development and manufacturing, packaging and labelling, and storage and
distribution of clinical supplies. Bilcare is a unique research-based organization with a vision to
provide state-of-the-art and comprehensive packaging solutions to the
Pharmaceutical and Healthcare sector. |
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Sales are: |
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Wholesale |
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Clients: |
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Pharmaceutical and Biotechnology industries |
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Operations area: |
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National, International |
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The company imports from India, UK, Singapore |
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The subject employs 160 employee(s) |
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PAYMENTS |
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regular |
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LOCATION |
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Headquarters |
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The company is headquartered at 300 Kimberton Road Phoenixville, PA 19460, USA. |
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Surface area: |
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153,000 sq. ft. facility sprea |
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Comments on location: |
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The company was incorporated in Delaware for tax purposes. |
Shareholders - Manager - Related Companies
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Listed at the stock exchange: |
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NO |
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Shareholders Parent Company(ies): |
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This company is a wholly owned subsidiary of Bilcare LTD. 1028 Shiroli, Rajgurunagar, Pune - 410 505, India. Phone: +91 02135 304200 Fax: +91 02135 224068 Email:gcsquery@bilcare.com |
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Management: |
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Joseph Morris, President Mohan H Bhandari, Administrator |
Financials - COMMERCIAL TRENDS AND FORECAST
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As a private company the subject does not publish any financial
statements. |
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We have contacted Whitney Beatty, Collections Clerk, who refused to
provide us any financial data on grounds of confidentiality. |
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Legal Fillings |
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There
are several UCCs files listed with the Secretary of State of Delaware. There are no legal filings listed with the
District Court. THE COMPANY IS NOT LISTED ON THE OFAC
LIST.* For
information: * The Specially Designated Nationals (SDN)
List is a publication of OFAC which lists individuals and organizations with
whom United States citizens and permanent residents are prohibited from doing
business. ** The Uniform Commercial Code (UCC) is
one of a number of uniform acts that have been promulgated in conjunction
with efforts to harmonize the law of sales and other commercial transactions
in all 50 states within the United States of America. The UCC deals primarily with transactions
involving personal property (movable property), not real property (immovable
property). It allows a creditor to notify other
creditors about a debtor’s assets used as collateral for a secured
transaction by filing a public notice (financing statement) with a particular
filing office. The Uniform Commercial Code Bureau files
and maintains on financial obligations (including IRS liens) incurred by
individuals (in business as a sole proprietor), business entities and
corporations. |
Rating
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Local credit bureau gave a Low credit rate. The company is not in Good Standing. This means that some local and
federal taxes were not paid on due date. |
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Final Opinion |
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The subject is a medium sized US company as it currently has a staff
of 160 employees. It was incorporated for business in 1993.
Therefore, it has more than 17 years of experience. Bilcare Inc is a subsidiary of Bilcare
Ltd, located in India. The company is a leading global provider
of Clinical Trial Materials (CTM) services to the pharmaceutical and
biotechnology industries. Currently the business status is INACTIVE.
We contacted the Delaware Secretary of State and the reason is that they
didn’t pay the taxes and they didn’t fill the annual report. So, since March
1st, 2011 the company was declared Void. There is current payment experience. There were no legal filings found against
the company or its legal representatives. Due to the fact that the company is
INACTIVE in the Delaware Secretary of
State records, we strongly recommend working with GUARANTEES. Also, we suggest a follow up within 6
months to check the company’s evolution. |
SUMMARY
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Profitability |
N.A. |
Public Records |
NO |
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Indebtedness |
N.A. |
Payments |
REGULAR |
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Cash |
NORMAL |
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APPENDIX
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Person Interviewed |
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Whitney Beatty |
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Position |
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Collections Clerk |
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Comments |
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We contacted this person at the company's who provided us with the following
data: Address Phone Website President Shareholder Banks Payments to suppliers Employees |
Financial
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Income
Statement |
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Annual Data | |
All numbers in thousands |
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Currency in INR.
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Quarterly Data |
All numbers in thousands |
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Currency in INR.
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Currency in INR. |
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Australia Patent: Bilcare
Files Application for 'Single piece re-closable unit pack'
Australian
Government: 04 August 2011
[What follows is the full text of the news story.]
Australia, Aug. 4
-- Bilcare Ltd., has filed an application (2009325861) on Oct. 15, 2009, for
'Single piece re-closable unit pack.'
Inventor(s):
Praful Ramachandra Naik, Avinash Shantaram Mandale and Urja Kulkarni Bhooshan
Application
Status: Filed
The original document can be viewed at: http://pericles.ipaustralia.gov.au/ols/auspat/applicationDetails.do?applicationNo=2009325861
For any query with
respect to this article or any other content requirement, please contact Editor
at htsyndication@hindustantimes.com
Sintex Inds, Bajaj Auto, GSPL and NALCO may see
some action today
Accord Fintech (India): 11 July 2011
[What follows is the full text of the news story.]
India, July 11 --
With customers in rural India moving beyond frugality and beginning to demand
safety and performance oriented bikes, Bajaj Auto is gearing up to cash in on
the new trend with products suited to meet requirements of the hinterlands.
Aluminium PSU major NALCO would infuse Rs 1,700 crore as equity in the Kakrapar
nuclear power plant in Gujarat to pick up 49% stake.Reliance Industries may
invest more than Rs 1,00,000 crore in various businesses in next few years, but
concerns still remain about use of cash flow. Even as the officials of the
State Pollution Control Board (SPCB) are steadfast on the closure order served
on four units of the 3000 MW NTPC Kaniha plant, the power major, in a last
ditch attempt to restart operation of the four units, has proposed to lay a
40-km long pipeline for ash disposal.Jindal Steel and Power (JSPL) has drawn up
plans for a critical $250-million (about Rs. 1,125 crore) railway linkage to
connect its $2.1-billion El Mutun mining project to the Bolivian railway
network and a proposed port. Private sector YES Bank sees an opportunity in the
country's education infrastructure space and plans to build a Rs
4,000-5,000-crore sectoral loan portfolio over the next four years. Leading
power trading solutions provider, PTC India, is mulling floating two private
equity funds as part of efforts to strengthen its financing capabilities. ABG
Shipyard is looking to enter the platform building segment for oil exploration
in offshore areas. It is scouting for partners with experience and
expertise.Three hundred fifty two Tata Nano cars have been booked within ten
days of its launch in Nepal. Nepal is the only market abroad after Sri Lanka
where Nano is being sold. State-run Mahanagar Telephone Nigam (MTNL) is about
to overhaul its marketing and customer care operations in Delhi and Mumbai,
following a directive from communication minister asking the management to
achieve a 25% jump in revenues by March 2012. After taking a decision on
outright sale of ailing Scooters India (SIL), the government proposes to follow
a similar model for disinvestment of HMT Bearings and Tyre Corporation of
India-the sick units considered to be beyond revival. The long battle between
ITC and its one-time trading partner, the Chitalias, has shifted to India. ITC
has filed a suit in the Indian courts to recover assets it says the two
brothers have in the country.Tata BP Solar India, a joint venture of Tata Power
and BP Solar, has installed and commissioned a megawatt scale solar power plant
under the Rooftop and Other Small Solar Power Generation Plant scheme
administered by IREDA under the Jawaharlal Nehru National Solar Mission (JNNSM)
for the first time in the country.The Supreme Court has rejected construction
major Gammon India's petition challenging the government decision to impose
custom duty on the machines it imported from Germany.Hinduja group flagship
Ashok Leyland has signed an agreement with Krishnapatnam Port Company (KPCL) to
provide 85 U-trucks for the latter's inter-carting operations at the
port.Travel services provider Thomas Cook India (TCIL) could consider taking
the acquisition route to drive growth, while focusing on deeper penetration in
small cities and towns.Mumbai-based Education Company, Core Projects and
Technologies, is in talks with the leading plastic goods maker Supreme
Industries to buy out the office property developed by the latter in the
Andheri area of Mumbai. The deal could be worth Rs 350 crore in value.The
ferro-alloys plant (FAP) of Tata Steel at Joda, one of the earliest
continuously operating ferro alloy plants in the country, has attained better
environmental norms by installing a standby gas cleaning plant (GCP) for its
ferro alloy furnaces.Ministry of Coal has issued a warning letter to GVK Power
over the inordinate delay in developing Tokisud North coal block in Jharkhand,
which was allotted to the company for captive purpose in 2002.The tower arm of
Bharti Airtel plans an initial public offering to raise at least $500 million
and is expected to file regulatory papers in September or October.Fabindia,
Shoppers Stop and four others have shown interest in a public-private
partnership with Khadi Bhawans to manage 8 outlets.Indian IT major HCL
Technologies has denied allegations that emails belonging to its client News
International, which is at the centre of a string of phone-hacking scandals,
were destroyed at its Chennai office.Power Grid, the country's largest
transmission company, has decided it would require a fresh equity infusion of
Rs 5,000 crore in another two years.Non-banking financial company Muthoot
Capital Services (MCSL) rights issue would open on July 11 to raise Rs 52
crore.Orchid Chemicals & Pharmaceuticals' promoters had pledged 22.35%
stake in the company.Cinemax India, a multiplex chain operator, has launched
four screens multiplex at 'Cinemax Inorbit Mall' at Pune, situated at survey
no. 35, opposite Hotel Park Estique, Vadgoan Sheri, Pune Nagar Road.Granules
India has received an approval for the joint venture (JV) agreement with
Belgium based S. A. Ajinomoto Omnichem N. V.Gujarat State Petronet (GSPL) led
consortium has been awarded the Letters of Authorization (LOA) dated July 07,
2011 by Petroleum and Natural Gas Regulatory Board (PNGRB) for developing three
cross country natural gas transmission pipelines, namely - Mallavaram -
Bhilwara (1585 kms) pipeline, Mehsana - Bhatinda (1670 kms) pipeline and
Bhatinda-Jammu-Srinagar (740 Kms) pipeline.Morepen Laboratories has received US
Food and Drug Administration (USFDA) approval for manufacturing its anti
allergic drug Desloratadine (Clarinex) at Parwanoo (Malsulkhana) plant in
Himachal Pradesh. Desloratadine market is likely to open for generic players in
2012.HCL Technologies (HCL), a leading global IT services provider, has been
selected to provide application management services to IKEA, the world's
leading home furnishing retailer.Companies like CMC, Essar Oil, Kavveri
Telecom, Sintex Industries, Suryachakra Power, Bilcare, Shanthi Gears and Jamna
Auto are going to announce their results today. Published by HT Syndication
with permission from Accord Fintech. For any query with respect to this article
or any other content requirement, please contact Editor at
htsyndication@hindustantimes.com
Board recommends Dividend
Accord Fintech (India): 11 July 2011
[What follows is the full text of the news story.]
India, July 11 --
Bilcare Ltd has informed BSE that the Board of Directors of the Company at its
meeting held on July 11, 2011, inter alia, have recommended a dividend of Rs.
3.00 per share (30%) for the year ended March 31, 2011, subject to approval of
members. Published by HT Syndication with permission from ACCORD FINTECH BSE.
For any query with respect to this article or any other content requirement,
please contact Editor at htsyndication@hindustantimes.com
Bilcare soars on its arm bagging order from Beltron
Telecom
Accord Fintech (India): 30 June 2011
[What follows is the full text of the news story.]
India, June 30 --
Bilcare is currently trading at Rs. 400.00, up by 7.75 points or 1.98% from its
previous closing of Rs. 392.25 on the BSE.The scrip opened at Rs. 394.05 and
has touched a high and low of Rs. 402.50 and Rs. 391.20 respectively. So far
7965 shares were traded on the counter.The BSE group 'B' stock of face value
Rs. 10 has touched a 52 week high of Rs. 787.40 on 12-Nov-2010 and a 52 week
low of Rs. 355.50 on 23-Jun-2011.Last one week high and low of the scrip stood
at Rs. 403.95 and Rs. 359.00 respectively. The current market cap of the
company is Rs. 926.86 crore.The promoters holding in the company stood at
34.11% while Institutions and Non-Institutions held 13.83% and 43.10%
respectively.� Bilcare's subsidiary Bilcare Technologies has bagged order
from Beltron Telecom, promoted by Bihar State Electronics Development
Corporation, a government undertaking of Bihar State engaged in providing
public utility & renewable energy products & services in the State of
Bihar.The partnership will allow and address the various requirements of
security, and secured e-governance in state governments and non-governmental
projects undertaken by Beltron Telecom for the states of Bihar, Jharkhand and
the states of north eastern region of the country.According to the said
collaboration, Beltron Telecom will use Bilcare's unique nonClonableID
technology in its initiatives related to secured e-governance and security
projects ensuring utmost security and creating immense value proposition for
its customers. Beltron Telecom eyes significant revenue growth from this
alliance.Bilcare is research and technology leader focused on creating
next-generation anti-counterfeiting, security and brand protection solutions.
Published by HT Syndication with permission from Accord Fintech. For any query
with respect to this article or any other content requirement, please contact
Editor at htsyndication@hindustantimes.com
Bilcare's arm bags order from Beltron Telecom
Accord Fintech (India): 30 June 2011
[What follows is the full text of the news story.]
India, June 30 -- Bilcare's
subsidiary Bilcare Technologies has bagged order from Beltron Telecom, promoted
by Bihar State Electronics Development Corporation, a government undertaking of
Bihar State engaged in providing public utility & renewable energy products
& services in the State of Bihar.The partnership will allow and address the
various requirements of security, and secured e-governance in state governments
and non-governmental projects undertaken by Beltron Telecom for the states of
Bihar, Jharkhand and the states of north eastern region of the
country.According to the said collaboration, Beltron Telecom will use Bilcare's
unique nonClonableID technology in its initiatives related to secured
e-governance and security projects ensuring utmost security and creating immense
value proposition for its customers. Beltron Telecom eyes significant revenue
growth from this alliance.Bilcare is research and technology leader focused on
creating next-generation anti-counterfeiting, security and brand protection
solutions.� Published by HT Syndication with permission from Accord Fintech.
For any query with respect to this article or any other content requirement,
please contact Editor at htsyndication@hindustantimes.com
Beltron Telecom signs Bilcare's nonClonableID
technology driving major revenues from Government & non-government projects
in developing States of...
Accord Fintech (India): 30 June 2011
[What follows is the full text of the news story.]
Beltron Telecom signs
Bilcare's nonClonableID technology driving major revenues from Government &
non-government projects in developing States of East & North-East India
India, June 30 --
Bilcare Ltd has informed BSE regarding a Press Release dated June 29, 2011
titled "Beltron Telecom signs Bilcares nonClonableID technology driving
major revenues from Government & non-government projects in developing
States of East & North-East India" Published by HT Syndication with
permission from ACCORD FINTECH BSE. For any query with respect to this article
or any other content requirement, please contact Editor at htsyndication@hindustantimes.com
Beltron Telecom signs Letter of Intent with Bilcare
India PRwire: 29 June 2011
[What follows is the full text of the news story.]
India, June 29 --
Beltron Telecom, promoted by Bihar State Electronics Development Corporation
Ltd, a Government undertaking of Bihar State engaged in providing public
utility & renewable energy products & services in the State of Bihar
has signed the MoU defining and detailing the Business Letter of Intent (LoI)
with Bilcare Technologies, a business of Bilcare Limited - a research and
technology leader focused on creating next-generation anti-counterfeiting,
security and brand protection solutions.
The collaboration
will enable and address the diverse needs of security, and secured e-governance
in state Governments and non-Governmental projects undertaken by Beltron
Telecom for the States of Bihar, Jharkhand and the States of North Eastern
region of the country.
As per this
alliance Beltron Telecom will use Bilcare's unique nonClonableID(TM) technology
in its initiatives related to secured e-governance and security projects
ensuring utmost security and creating immense value proposition for its
customers. Beltron Telecom eyes significant revenue growth from this alliance.
Mr. Ramesh Kumar,
Managing Director, Beltron Telecom, said, "Bilcare's nonClonableID
technology is a path-breaking invention which has the potential business
landscape of Rs 8,000 to 10,000 Crores in the security and secured e -
governance space. We, at Beltron Telecom are very encouraged about the new
business opportunity arising out of this very crucial strategic collaboration
with Bilcare and we are very confident that this technology will translate into
additional new business revenue of Rs.200-250 Crores in the next 2-3 years for
Beltron Telecom and Bilcare."
He added
"Beltron will now be able to offer revolutionary outcomes in the secured
e-governance and security space by combining Bilcare Technologies'
nonClonableID(TM) solution with Beltron Telecom's own execution expertise and
strength."
The combined
strengths will result in positive impact for initiatives not only in the
government sector but also in the private sector wherein Beltron will make
possible, the fail-safe securitization of people, products and systems, and
help create a safer and secure environment in the states of Bihar and Jharkhand
in particular and subsequently extending it to the North-eastern states.
Bilcare Ltd (BSE:
BI, CODE: 526853) through its key business unit, Bilcare Technologies has
pioneered the only one of its kind nonClonableID(TM) technology which it has developed
over ten years of intensive research and represents the state-of-the-art in
physical security. The technology has been used to successfully secure a wide
range of items from automotive parts to museum artifacts and form
Agro-chemicals to fool-proof ID cards including those used by the Delhi Police
and by the special security force of a large Asian country.
Dr. Praful Naik,
Executive Director of Bilcare said "Bilcare continues to work on
proliferating the effective deployment of its novel nonClonableID(TM)
technology solution in both the government and private sectors by collaborating
with key leading organizations and government enterprises like Beltron Telecom
to ensure that the customers get most advanced and customized relevant
solutions, which are robust, scalable and cost effective."
He added,
"The partnership with Beltron Telecom will see Bilcare's technology being
used in a wide range of crucial projects under Beltron Telecom's leadership and
we are confident that this partnership will help provide the best security
solutions to Beltron Telecom's customers and facilitate accomplishment of
Beltron Telecom's core objective of providing public utility services of
immense value".
Bilcare technology
is fully established to fight the challenge of menace of fakes, spurious &
counterfeits and help enhance security, besides increase in sales and profit
margins.
The technology is
already being used by one of the largest auto component manufacturer in the
world and is in advanced deployment strategy for providing anti-counterfeit and
track-n-trace solutions for pharmaceuticals and consumer goods.
The technical team
of Beltron Telecom did a detailed evaluation of the various technology
solutions and observed that most existing identity-authentication and
anti-counterfeiting technologies had limitations. Being generic in nature, the
counterfeiters are able to figure them out within 9-12 months after deployment
of such technologies. However, Bilcare's nonClonableID(TM) fingerprints are
distinctly exceptional as they cannot be duplicated, not even by Bilcare. The
unique ability of nonClonableID(TM) to enable reliable object and/or subject
authentication on a real-time, anytime-anywhere basis along with comprehensive
securitization of the supply chain, facilitated the decision process at Beltron
Telecom to partner with Bilcare and pursue initiatives in regions under its
focus to create maximum value for our customers. Published by HT Syndication
with permission from India PRwire. For any query with respect to this article
or any other content requirement, please contact Editor at
htsyndication@hindustantimes.com
Board to consider Dividend
Accord Fintech (India): 28 June 2011
[What follows is the full text of the news story.]
India, June 28 --
Bilcare Ltd has informed BSE that a meeting of the Board of Directors of the
Company will be held on July 11, 2011, inter alia :1. To consider and take on
record the Audited Financial Results for the year ended March 31, 2011.2. For
recommendation of dividend, if any. Published by HT Syndication with permission
from ACCORD FINTECH BSE. For any query with respect to this article or any
other content requirement, please contact Editor at htsyndication@hindustantimes.com
Vendor Showcases Kevetrin(TM), Cellceutix's
Anti-Cancer Drug at American Society for Mass Spectrometry Meeting
Market Wire: 06 June 2011
[What follows is the full text of the news story.]
BEVERLY, MA --
(MARKET WIRE) -- 06/06/11 -- Cellceutix Corporation (OTCQB: CTIX) (PINKSHEETS:
CTIX), a biopharmaceutical company focused on discovering and developing small
molecule drugs to treat unmet medical conditions, is pleased to report that its
toxicology vendor, Toxikon Corporation, is currently presenting its poster
"Bioanalytical Method for Kevetrin�" at the American Society for
Mass Spectrometry (ASMS) meeting in Denver, COJune 5th - 9th. The poster was
accepted for presentation by the ASMS and showcases Kevetrin�, the Company's
novel anti-cancer compound.
The poster
explains that Kevetrin� is a unique compound with distinctive chemistry with
hydrophilicity and small molecular size. A novel HPLC-MS/MS method was
successfully developed and validated for the determination of Kevetrin� in
plasma. This method met the high standards for performance requirements needed
to support pre-clinical toxicology studies and IND submission to the FDA.
In Other News:
Cellceutix is
pleased to report that Bilcare Global Clinical Supplies, a business unit of
industry-leader Bilcare Ltd., has been contracted as a vendor for the planned
clinical trials. More information on Bilcare can be found at
http://www.bilcare.com/
Cellceutix Chief
Scientific Officer Dr. Krishna Menon is now attending the annual meeting of the
American Society of Clinical Oncology (ASCO) for meetings with other
pharmaceutical corporations and vendors.
As also announced
in a press release on May 23, 2011, Cellceutix is testing Kevetrin� against
an aggressive form of pancreatic cancer before filing of the Investigational
New Drug application with the FDA. The Company is pleased to report that
testing is near completion.
Leo Ehrlich, CEO
of Cellceutix, commented: "It is a very busy time at Cellceutix. We are
extremely pleased that Toxikon chose to present Kevetrin� at the ASMS meeting
as to what they accomplished, creating the new HPLC-MS/MS method which was
another industry first. It is often difficult to help people understand the
challenges behind developing Kevetrin� as there is nothing else like it; so
even what may be standard for other drugs requires a completely new process to
be established for us. It is this uniqueness that we believe distinguishes
Cellceutix as having one of the most promising anti-cancer compounds."
About Cellceutix
Cellceutix
Corporation is a preclinical cancer, anti-inflammatory and autism drug
developer. Cellceutix owns the rights to eight drug compounds, including
Kevetrin, which it is developing as a treatment for certain cancers, KM-133,
for the treatment of psoriasis, and KM-391, for the treatment of autism. More
information is available on the Cellceutix web site at www.cellceutix.com.
This Press Release
contains forward-looking statements that are based on our current expectations,
beliefs and assumptions about the industry and markets in which Cellceutix
Corporation operates. Such forward-looking statements involve known and unknown
risks, uncertainties, and other factors that may cause Cellceutix's actual
results to be materially different from any future results expressed or implied
by these statements. Actual results may differ materially from what is
expressed in these statements, and no assurance can be given that Cellceutix
can successfully implement its core business strategy and improve future earnings.
The factors that
may cause Cellceutix's actual results to differ from its forward-looking
statements include: Cellceutix's current critical need for additional cash to
sustain existing operations and meet ongoing existing obligations and capital
requirements; Cellceutix's ability to implement its new product development and
commercialization, enter into clinical trials, expand the intellectual property
portfolio, and receive regulatory approvals in a timely and cost-effective
manner. All forward-looking statements are also expressly qualified in their
entirety by the cautionary statements included in Cellceutix'sSEC filings,
including its quarterly reports on Form 10-Q and its annual report on Form
10-K.
Kevetrin, KM-133,
and KM-391 have not been studied in humans at this time. The Company's positive
results in animal studies do not necessarily guarantee success in humans,
though they may form the basis for beginning Phase 1 trials.
Contact:
Cellceutix
Corp.Leo Ehrlich
(978) 236-8717
Email Contact
CARE hikes rating on Bilcare's long-term bank
facilities to A
EquityBites: 16 May 2011
[What follows is the full text of the news story.]
16 May 2011 -
India'sCARE yesterday upgraded the rating on the long-term bank facilities of
Indian pharmaceutical packaging maker Bilcare Ltd (BOM:526853) to A from A-.
The revision was
triggered by the improvement in the financial risk profile of the firm, the
agency said adding that the rating also mirrors the company's experienced promoters,
established global presence, reputed clientele and diversification into niche
segments.
The agency said it
had removed the credit watch on the rating after the firm successfully acquired
Ineos Films.
((Comments on this
story may be sent to info@m2.com))
Bilcare Limited Files Patent Application for a
Package-Companion-User Interactive System
Indian Patent News
21 July 2011
[What follows is the full text of the article.]
New Delhi, July 21
-- India based Bilcare Limited filed patent application for a
package-companion-user interactive system. The inventors are Praful Ramachandra
Naik, Mohan Harakachand, Bhandari and Jyoti Gopalkrishna Baliga.
Bilcare Limited
filed the patent application on Feb. 6, 2006. The patent application number is
171/MUM/2006 A. The international classification numbers are G06F 17/00, G06F
17/40, G08B 7/00, G06F 17/30 and G06F 17/60.
According to the
Controller General of Patents, Designs & Trade Marks, "The present
invention relates to a package-companion-user interactive system providing a
comprehensive means of product authentication, registration for effective
compliance, with user real-time feedback. The system comprises of a product
package provided with a smart data processor and companion device comprising a
housing with package holding provision; an array of signal generating means and
signal sensing means provided in the said device to receive and reflect signals
generated by the said signal generating means; user interactive means; powered
time tracking means; data decoding means, data processing, data storage means,
optionally equipped with audio visual display means, data transfer and
connectivity means so configured to register user with the said device;
authenticate product package, register product package, and optionally carrying
out transient data collection and/or user feedback; when the said product
package is placed in the said housing; wherein the product package is without
any severable conductor."
About the Company
Bilcare Limited
(Public, BOM:526853) is an India-based company engaged in pharma packaging
research solutions. The Company is a solutions provider that partners with the
global pharmaceutical and healthcare industry to improve patient healthcare
outcomes. The Company has manufacturing, and research and development plants
located across United States, Europe, India and Singapore. Its operations
spread over four continents with more than 500 pharma customers globally. The
Company operates in three defined business areas: Pharma Packaging Innovations,
Global Clinical Supplies, and Bilcare Technologies for brand authentication and
security. The Company's packaging solutions include Bilcare Ultra R , Bilcare
Ultra TX, Bilcare Protect R and Bilcare Secure.
Related Topics
Legal
Related Geographies
Asia
India
City firm has tech to freeze fakes; Bilcare
Research's nonClonableID can test product's authenticity
DNA (Daily News & Analysis)
06 July 2011
By DNA Correspondent
[What follows is the full text of the article.]
A nonClonableID technology
that can be used to test the authentication of practically any product has been
developed by Pune-based Bilcare Research. This technology will now be used by
Beltron Telecommunications Pvt Ltd, which is promoted by Bihar State
Electronics Development Corporation Ltd.
Bilcare
Technologies is a business unit of Bilcare Research, an international
integrated innovation-led solutions provider to varied industrial segments,
including the global pharmaceutical industry and the government sector in various
countries.
With a
breakthrough in research and development in micro and nanotechnology, Bilcare
Technologies has developed nonClonableID. The solution enables products to be
authenticated as they move through the supply chain to the end consumer.
Beltron is engaged
in providing public utility and renewable energy products and services in Bihar
and has signed an MoU with Bilcare Technologies.
According to
executive director of Bilcare, Dr Praful Naik, "The collaboration will
enable and address the diverse needs of security and secured e-governance in
state governments and non-governmental projects undertaken by Beltron Telecom
in Bihar, Jharkhand and other areas.''
Bilcare
Technologies has pioneered nonClonableID technology which it has developed after
10 years of research.
The technology has
been used to successfully secure a wide range of items, from automotive parts
to museum artefacts and from agrochemicals to foolproof ID cards, including
those used by the Delhi police.
Naik said,
"Bilcare continues to work on proliferating the effective deployment of
its novel nonClonableID technology solution in both the government and private
sectors by collaborating with key leading organisations and government
enterprises to ensure that the customers get most advanced and customised
relevant solutions, which are robust, scalable and cost effective.''
Related Geographies
· Asia
· India
Bilcare Limited Files Patent Application for
Packaging Material
Indian Patent News
25 May 2011
[What follows is the full text of the article.]
New Delhi, May 25
-- India based Bilcare Limited filed patent application for packaging material.
The inventor is Jyoti Baliga.
Bilcare Limited
filed the patent application on April 10, 2006. The patent application number
is 566/MUM/2006 A. The international classification numbers are B32B33/00 and
27/00.
According to the
Controller General of Patents, Designs & Trade Marks, "A multilayer
laminate comprising: i) at least one paper layer in the range of about 30 to 60
GSM; ii) at least one soft tempered metal foil of thickness about 6 to 10
microns; and iii) at least one adhesive layer in the range of 1 to 4 GSM,
joining the paper layer and the metal foil; to form a laminate adapted to be a
dead fold laminate. A process for making the dead fold laminate is also
disclosed."
About the Company
Bilcare Limited
(Public, BOM:526853) is an India-based company engaged in pharma packaging
research solutions. The Company is a solutions provider that partners with the
global pharmaceutical and healthcare industry to improve patient healthcare
outcomes. The Company has manufacturing, and research and development plants
located across United States, Europe, India and Singapore. Its operations
spread over four continents with more than 500 pharma customers globally. The
Company operates in three defined business areas: Pharma Packaging Innovations,
Global Clinical Supplies, and Bilcare Technologies for brand authentication and
security. The Company's packaging solutions include Bilcare Ultra R , Bilcare
Ultra TX, Bilcare Protect R and Bilcare Secure.
Related Topics
Legal
Related Geographies
Asia
India
'Smart' cards for Bryan Adams' show; The tickets,
developed by Pune-based firm Bilcare, cannot be duplicated or forged
DNA (Daily News & Analysis)
01 February 2011
By Arun Jayan
[What follows is the full text of the article.]
When thousands of
fans applaud at the Bryan Adams show in Pune on February 11, there will be
something for Pune company, Bilcare, to cheer for.
For the first time
in the country, unique smart card tickets will be issued using non-clonable ID
technology, for which the company has got a patent.
Tickets of similar
kind may foray into the forthcoming Indian Premiere League (IPL) matches also,
as the company is finalising the deal with the organisers.
Speaking to DNA,
Mohan Bhandari, chairman and managing director, Bilcare Limited, said the
unique feature of the new smart card ticket is that it cannot be duplicated or
forged even by the manufacturer.
"Usually
organisers of such large events are worried that duplicate tickets might be
sold in the black market. But with non-clonable ID technology, even the
manufacturer will not be able to duplicate it," he said.
In an event like a
cricket match, tickets are issued six hours earlier for fear of duplication.
Use of such tickets will allow organisers to issue tickets in advance, which
means there won't be huge rush at the ticket counters.
Bilcare won the
patent for this technology three years back. "The company claims that the
technology is much cheaper, user-friendly and reliable.
"We came up
with this technology for preventing counterfeiting of medicines, which is the
focus area of Bilcare. Once the smart card (ticket) is swiped in the card
reader, it is transmitted to the cellphone, laptop or any application using
Bluetooth from which it is transmitted to the server, where the authentication
of the card is checked. All this takes place within a fraction of a
second," he said.
For past three
months, the 77,000-strong Delhi Police force has been using this technology in
place of laminated paper-based identity cards.
Related Topics
Legal
Related Geographies
Asia
India
Bilcare Limited Files Patent Application for Single
Piece Re-Closable Unit Pack
Indian Patent News
22 December 2010
[What follows is the full text of the article.]
New Delhi, Dec. 22
-- India based Bilcare Limited filed patent application for single piece
re-closable unit pack. The inventors are Praful Ramachandra Naik, Avinash Shantaram
Mandale and Uraj Bhooshan Kulkarni.
Bilcare Limited
filed the patent application on June 9, 2009. The patent application number is
1389/MUM/2009 A. The international classification numbers are B65D75/32,
B65D75/36 and B65D75/28.
According to the
Controller General of Patents, Designs & Trade Marks, "A single piece
re-closable unit pack comprising a first layered structure wherein one or
plurality of containment(s) are formed to contain product(s) wherein the said
containment(s) up stand from first surface of the said first layered structure
thereby creating one or plurality of corresponding opening/s on the second
surface of the said first layered structure, a second layered structure affixed
to the unformed region of the second surface of the first layered structure
wherein portion of the second layered structure corresponding to the opening of
the containment(s) is ruptured to remove the product, at least one portion
comprising the containment(s) wherein the region between the said portions is foldable;
optionally one or plurality of unformed portion/s; engaging and corresponding
receiving provision disposed on the said portion/s such that the said portions
are held together when folded."
Bilcare Limited
(Public, BOM:526853) is an India-based company engaged in pharma packaging
research solutions. The Company is a solutions provider that partners with the
global pharmaceutical and healthcare industry to improve patient healthcare
outcomes. The Company has manufacturing, and research and development plants
located across United States, Europe, India and Singapore. Its operations
spread over four continents with more than 500 pharma customers globally. The
Company operates in three defined business areas: Pharma Packaging Innovations,
Global Clinical Supplies, and Bilcare Technologies for brand authentication and
security. The Company's packaging solutions include Bilcare Ultra R , Bilcare
Ultra TX, Bilcare Protect R and Bilcare Secure.
Related Topics
Legal
Related Geographies
Asia
India
Bilcare's nonClonable technology in use for Delhi
Police's security systems
Express Computers
13 December 2010
[What follows is the full text of the article.]
Delhi Police to
also use Bilcare's nonClonableID technology for planning duty roster
Bilcare Technology
and the Delhi police have entered into a partnership to provide safety and
security solutions in the city of Delhi. As part of their security measures
Delhi police is using a nonClonableID system developed by Bilcare Technologies,
a division of Bilcare, a Pune-based company.
Further, the Delhi
police is planning to use Bilcare's nonClonableID technology for planning the
duty roster for their 77.000 police personnel. This was announced by Mr.
Karnail Singh, Jt. Commissioner of Police, northern region, Delhi. "This
new technology from Bilcare that we're using will, not only create foolproof
security systems with these identity cards, but they will also help to
centralize the duty planning rooster which is currently manual and limited to
different police stations." He added that this would ensure foolproof
security and transparency.
Previously Delhi
police force had been using laminated paper based identity cards which were
prone to duplicity and security breaches. To counteract such tribulations, nonClonable
Identity Cards have been issued to the entire force of Delhi Police based on
Bilcare's technology. These cards are highly protected, compact and cannot be
duplicated by anybody, including the manufacturers. Authentication of these
cards can be done at any place, using Bilcare's portable electronic reader.
Around 20 such electronic readers are being used at multiple checkpoints in the
city. Over 77,000 Delhi police personnel have been issued these smart ID cards.
Also, the Delhi
police is using Bilcare's BATS Authentication system. This duty planning
application enables a check and ensures efficiency of Police Personnel. Such
real time verification and authentication of police personnel anytime anywhere
helps in keeping order and is also very convenient as it helps in reducing
fraudulent behavior.
Speaking about
these technologies, Manoj Arora, global CIO, Bilcare Research said, "This
nanotechnology based system is a development in security systems and our aim is
to provide comprehensive anti-counterfeiting solutions."
The technology
works on the intrinsic nature of nano and micro-structured composites together
with their magnetic and optical properties to provide a foolproof security
system. The technology consists of a nonClonableID fingerprint that can be
integrated into any supply chain system, providing secure and real-time product
identification and authentication. It also provides a reliable means for
effective track-n-trace and e-pedigree of products across the supply chain,
from manufacturer to consumer.
Some of the
leading companies in pharmaceutical, fashion, liquor industry are keen on this
technology as they feel that this technology would not only help them in
addressing counterfeit issues - a major challenge for any pharmaceutical company
but also provide them the facility to track-n-trace the object in question.
Similarly some of
the security forces both in India and abroad have liked this technology and
have expressed their desire to adopt this technology. Bureau of Police Research
& Development (BPR&D) officials have opined that this technology would
be very useful for real-time authentication, field reporting etc.
Related Geographies
Asia
India
Related Industries
7382 Security systems services
Security Systems & Services [profile]
74870 Other business activities not elsewhere classified
7864 Security and Investigative Services (Except Police)
Recent acquisition
strengthens Bilcare performance
Express Pharma
16 November 2010
[What follows is
the full text of the article.]
Bilcare Limited
posted its results for the quarter ended September 30, 2010. The India
standalone net sales for the second quarter ended September 30, 2010 stood at
Rs.160.62 crores as against Rs.135.32 crores in the same quarter of the
previous year, showing a growth of 19percent. This resulted in higher EBITDA of
Rs.48.38 crores from Rs.39.06 crores in the corresponding quarter of the
previous year, showing a growth of 24 percent.
Pursuant to a
definitive agreement dated August 2, 2010, Bilcare AG, a wholly owned step down
subsidiary of the Company has acquired the INEOS Films business, through a
merger process in Germany, with operations spread across Germany, Italy, US and
India for a consideration of EUR 96 million against the networth of the acquired
business of EUR 98 million. Accordingly, INEOS Films business has become a part
of the Company with effect from September 1, 2010.
The overseas
business of the company continued to show robust growth achieving net sales of
Rs.305.37 crores (which includes Rs.144 crores from the INEOS Films business
for the month of September 2010) in the second quarter of the current year from
Rs.127.96 crores in corresponding quarter of the previous year, resulting a
growth of 139percent. The EBITDA from overseas business grew by 123percent from
Rs.23.33 crores in Q2FY2010 to Rs.52.05 crores in Q2FY2011.
The consolidated
net sales for the quarter ended September 30, 2010, thus stood at Rs.465.99
crores, showing a growth of 77percent over the corresponding quarter of the previous
year; with the consolidated EBITDA increasing to Rs.100.43 crores from Rs.62.39
crores of the corresponding quarter of the previous year, a growth of
61percent. Net profit for the said quarter stood at Rs.46.53 crores as against
Rs.27.85 crores in the corresponding quarter of the previous year, showing a
growth of 67percent.
The consolidated
net sales for the half year ended September 30, 2010 stood at Rs.774.53 crores
as against Rs.501.75 crores in the same period of the previous year. This
resulted in the EBIDTA of Rs.176.88 crores in H1FY2011 up from Rs.118.16 crores
of H1FY2010, a growth of 50percent. Net profit for the period ended September
30, 2010 stood at Rs.77.20 crores as against Rs.50.69 crores in the same period
of the previous year, resulting in a growth of 52percent.
Related Companies
Ineos Group Ltd
[profile]
Related Topics
Mergers and
Acquisitions
Related Geographies
Germany
Bilcare Limited
Files Patent Application for a System for Seamless Flexographic Printing and
Process Thereof
Indian Patent News
19 October 2010
[What follows is
the full text of the article.]
New Delhi, Oct. 19 -- India based Bilcare Limited filed patent
application for a system for seamless flexographic printing and process thereof.
The inventors are Sharad Shrikant Kulkarni, Sameer Suresh Apte, Manish Anil
Mudkavi and Vishnu Vinayak Pundle.
Bilcare Limited
filed the patent application on Feb. 18, 2009. The patent application number is
351/MUM/2009 A. The international classification numbers are B41C1/05; B41C1/18
and B41N1/22.
According to the
Controller General of Patents, Designs & Trade Marks, "The present
invention relates to flexographic printing without the use of seamless cylinders
to achieve continuous printing of line(s) /band(s) / pattern(s) without breaks
or discontinuities in the printed matter. The challenges associated with high
costs of continuous flexographic printing especially in developing countries
relate to obviating the use of artwork specific continuous sleeves that are
non- usable for other artworks add to the inventory. The synergistic assembly
of the ring/s mounted on the sleeve along with the use of the photo-polymer
printing plate on the same cylinder thereby segregating the seamless means (to
print continuous matter/ graphics/ bands), that is ring and means for printing
discontinuous matter results in obviating problems associated with the
conventional continuous sleeve enabling flexibility of using the same cylinder
for diverse patterns resulting in substantial reduction in the printing
cost."
Bilcare Limited
provides pharmaceutical packaging solutions in India and internationally. It
offers research services that include Bilcare Optima, a scientific packaging
development and sensitivity profiling method; packaging analytical services
that facilitate packaging engineers and quality professionals to understand
protection effectiveness and application suitability; and packaging audit
services, which provide insights into the current status of packaging
operations and solutions to meet global standards and streamline operations.
The company also provides Brandpak solutions to enable product differentiation
and marketing by providing a unique brand identity to products; and packaging
films and materials for blister packing. In addition, Bilcare provides clinical
trial materials and project management services to pharmaceutical and
bio-pharmaceutical industries; and technological solutions in the nonclonable
authentication, brand protection, and security solutions space. The company was
founded in 1995 and is based in Pune, India.
Related Topics
Legal
Related Geographies
Asia
India
Related Industries
2759 Commercial
printing, nec Printing Services [profile]
22220 Printing not
elsewhere classified
2412 Printing
Bilcare Limited Files Patent Application for a
Personalized Healthcare Management System
Indian Patent News
09 October 2010
[What follows is the full text of the article.]
New Delhi, Oct. 9
-- India based Bilcare Limited filed patent application for a personalized
healthcare management system. The inventors are Praful Ramachandra Naik and
Mohan Harakchand Bhandari.
Bilcare Limited
filed the patent application on Feb. 21, 2007. The patent application number is
350/MUM/2007 A. The international classification number is A61B5/00.
According to the
Controller General of Patents, Designs & Trade Marks, "The present
invention provides a personalized integrated healthcare anticounterfeit management
method and a system capable of pack authentication, user feedback and
compliance, documentation of the dosage uptake by the users, maintenance of
user related date and displaying compliance and feedback information, liaising
with various healthcare agencies, user's nominated persons / medical
practitioner, providing real-time and authentic data in raw and analyzed form
to diverse agencies in the healthcare chain. An integrated healthcare
management system relating to a patient which is interactive between a first
healthcare agency and at least one other healthcare agency is provided. The
system comprises of patient medication system comprising a package comprising a
product for dispensing, information relating to the identity of the package and
the patient medication system being communicably linked to the remote
system."
Bilcare Limited
provides pharmaceutical packaging solutions in India and internationally. It
offers research services that include Bilcare Optima, a scientific packaging
development and sensitivity profiling method; packaging analytical services
that facilitate packaging engineers and quality professionals to understand
protection effectiveness and application suitability; and packaging audit
services, which provide insights into the current status of packaging
operations and solutions to meet global standards and streamline operations.
The company also provides Brandpak solutions to enable product differentiation
and marketing by providing a unique brand identity to products; and packaging
films and materials for blister packing. In addition, Bilcare provides clinical
trial materials and project management services to pharmaceutical and
bio-pharmaceutical industries; and technological solutions in the nonclonable
authentication, brand protection, and security solutions space. The company was
founded in 1995 and is based in Pune, India.
Related Topics
Legal
Related
Geographies
Asia
India
Bilcare Limited
Files Patent Application for Multi-Layer Laminates
Indian Patent News
06 September 2010
[What follows is
the full text of the article.]
New Delhi, Sept. 6 -- India based Bilcare Limited filed patent
application for multi-layer laminates. The inventors are Naik Praful Ramchandra
and Tilak Ammanabrolu Balgangadhar.
Bilcare Limited
filed the patent application on Dec. 11, 2006. The patent application number is
2019/MUM/2006 A. The international classification number is B32B7/00.
According to the
Controller General of Patents, Designs & Trade Marks, "Novel
multi-layer laminate comprising at lease one nylon layer characterized in that
at least one layer is capable of retaining applied print or color, even during
a cold-forming process without damage to the print definition and quality, and
a method for their preparation is disclosed. Advantageously, the laminates
according to present invention have high abrasion resistance also can withstand
cold-forming processes without any damage to the laminate and the print
quality. These multi-layer laminates are particularly useful in the packaging
of food and pharmaceutical products."
Bilcare Limited
provides pharmaceutical packaging solutions in India and internationally. It
offers research services that include Bilcare Optima, a scientific packaging
development and sensitivity profiling method; packaging analytical services
that facilitate packaging engineers and quality professionals to understand
protection effectiveness and application suitability; and packaging audit
services, which provide insights into the current status of packaging operations
and solutions to meet global standards and streamline operations. The company
also provides Brandpak solutions to enable product differentiation and
marketing by providing a unique brand identity to products; and packaging films
and materials for blister packing. In addition, Bilcare provides clinical trial
materials and project management services to pharmaceutical and
bio-pharmaceutical industries; and technological solutions in the nonclonable
authentication, brand protection, and security solutions space. The company was
founded in 1995 and is based in Pune, India.
Related Topics
Legal
Related Geographies
Asia
India
Standard
& Poor’s
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks, Rising
Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have lowered our long-term
sovereign credit rating on the United States of America to 'AA+' from 'AAA' and
affirmed the 'A-1+' short-term rating.
·
We have also removed both the short- and long-term ratings
from CreditWatch negative.
·
The downgrade reflects our opinion
that the fiscal consolidation plan that Congress and the Administration
recently agreed to falls short of what, in our view, would be necessary to
stabilize the government's medium-term debt dynamics.
·
More broadly, the downgrade
reflects our view that the effectiveness, stability, and predictability of
American policymaking and political institutions have weakened at a time of
ongoing fiscal and economic challenges to a degree more than we envisioned when
we assigned a negative outlook to the rating on April 18, 2011.
·
Since then, we have changed our
view of the difficulties in bridging the gulf between the political parties
over fiscal policy, which makes us pessimistic about the capacity of Congress
and the Administration to be able to leverage their agreement this week into a
broader fiscal consolidation plan that stabilizes the government's debt
dynamics any time soon.
·
The outlook on the long-term rating
is negative. We could lower the long-term rating to 'AA' within the next two
years if we see that less reduction in spending than agreed to, higher interest
rates, or new fiscal pressures during the period result in a higher general government
debt trajectory than we currently assume in our base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America to
'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard & Poor's affirmed
its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's
removed both ratings from CreditWatch, where they were placed on July 14, 2011,
with negative implications.
The transfer and
convertibility (T&C) assessment of the U.S.--our assessment of the
likelihood of official interference in the ability of U.S.-based public- and
private-sector issuers to secure foreign exchange for
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating Methodology and
Assumptions ," June 30, 2011,
especially Paragraphs 36-41). Nevertheless, we view the U.S. federal
government's other economic, external, and monetary credit attributes, which
form the basis for the sovereign rating, as broadly unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The political
brinksmanship of recent months highlights what we see as America's governance
and policymaking becoming less stable, less effective, and less predictable
than what we previously believed. The statutory debt ceiling and the threat of
default have become political bargaining chips in the debate over fiscal
policy. Despite this year's wide-ranging debate, in our view, the differences
between political parties have proven to be extraordinarily difficult to
bridge, and, as we see it, the resulting agreement fell well short of the
comprehensive fiscal consolidation program that some proponents had envisaged
until quite recently. Republicans and Democrats have only been able to agree to
relatively modest savings on discretionary spending while delegating to the
Select Committee decisions on more comprehensive measures. It appears that for
now, new revenues have dropped down on the menu of policy options. In addition,
the plan envisions only minor policy changes on Medicare and little change in
other entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and
Assumptions," June 30, 2011,
especially Paragraphs 36-41). In our view, the difficulty in framing a
consensus on fiscal policy weakens the government's ability to manage public
finances and diverts attention from the debate over how to achieve more
balanced and dynamic economic growth in an era of fiscal stringency and
private-sector deleveraging (ibid). A new political consensus might (or might
not) emerge after the 2012 elections, but we believe that by then, the
government debt burden will likely be higher, the needed medium-term fiscal
adjustment potentially greater, and the inflection point on the U.S.
population's demographics and other age-related spending drivers closer at hand
(see "Global Aging 2011: In The U.S., Going Gray Will Likely
Cost Even More Green, Now,"
June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the U.S.'s
finances on a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and
Medicare. We understand that this fall-back mechanism is designed to encourage
Congress to embrace a more balanced mix of expenditure savings, as the
committee might recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the next
10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is
finally agreed to until the end of 2011, and Congress and the Administration
could modify any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are implemented, we
maintain our view that the U.S. net general government debt burden (all levels
of government combined, excluding liquid financial assets) will likely continue
to grow. Under our revised base case fiscal scenario--which we consider to be
consistent with a 'AA+' long-term rating and a negative outlook--we now project
that net general government debt would rise from an estimated 74% of GDP by the
end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer credits and, as
noted, would continue to rise under the act's revised policy settings.
Compared with previous projections,
our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due
to expire by the end of 2012, remain in place. We have changed our assumption
on this because the majority of Republicans in Congress continue to resist any
measure that would raise revenues, a position we believe Congress reinforced by
passing the act. Key macroeconomic assumptions in the base case scenario
include trend real GDP growth of 3% and consumer price inflation near 2%
annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our perspective,
the effect of these revisions underscores two related points when evaluating
the likely debt trajectory of the U.S. government. First, the revisions show
that the recent recession was deeper than previously assumed, so the GDP this
year is lower than previously thought in both nominal and real terms.
Consequently, the debt burden is slightly higher. Second, the revised data
highlight the sub-par path of the current economic recovery when compared with
rebounds following previous post-war recessions. We believe the sluggish pace
of the current economic recovery could be consistent with the experiences of
countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
On Monday, we will
issue separate releases concerning affected ratings in the funds,
government-related entities, financial institutions, insurance, public finance,
and structured finance sectors.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.77 |
|
UK Pound |
1 |
Rs.75.58 |
|
Euro |
1 |
Rs.65.97 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.