MIRA
INFORM REPORT
|
Report Date : |
06.01.2011 |
Note: Given address Could not be confirmed.
IDENTIFICATION DETAILS
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Name : |
PAREXEL INTERNATIONAL SYNCHRON PRIVATE LIMITED |
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Registered
Office : |
3rd Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.04.2006 |
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Com. Reg. No.: |
039077 |
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CIN No.: [Company Identification
No.] |
U74220KA2006PTC039077 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Clinical Research Services. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 229324 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 |
INFORMATION DENIED BY
|
Name : |
Mr. Arvind |
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Designation : |
Accounts Manager |
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Date : |
04.01.2011 |
LOCATIONS
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Registered Office : |
3rd Floor, Mfar Silverline Tech Park, Plot 180, EPIP II
Phase, Whitefield, Bangalore-560066, Karnataka, India |
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Tel. No.: |
91-80-25430095 |
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Fax No.: |
91-80-25430096 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. James Francis Winschel Jr. |
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Designation : |
Director |
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Address : |
11 Cudworth Lane, Sudbury, US |
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Date of Birth/Age : |
27.06.1949 |
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Date of Appointment : |
15.06.2006 |
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Name : |
Mr. Josef Hieronymus Rickenbach |
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Designation : |
Director |
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Address : |
28 Brent Road, Lexington, US |
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Date of Birth/Age : |
10.11.1954 |
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Date of Appointment : |
15.06.2006 |
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Name : |
Mr. Parvathareddy Suresh Kumar Reddy |
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Designation : |
Additional Director |
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Address : |
Flat 304, Block IV, Rajapushpa Silicon Ridge Attapur,
Hyderabad-500036, Andhra Pradesh, India |
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Date of Birth/Age : |
10.07.1974 |
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Date of Appointment : |
24.11.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Arvind |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Parexel International Holding BV, Netherlands |
|
39999 |
|
Parexel International (India) Private Limited, India |
|
1 |
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Total |
|
40000 |
As On 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
99.99 |
|
Bodies corporate |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Clinical Research Services. |
GENERAL INFORMATION
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No. of Employees : |
Denied by Management |
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S V Ghatalia And Associates Chartered Accountant |
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Address : |
12th Floor, Canberra Block, UB City, Vittal Mallya Road,
Bangalore-560001, Karnataka, India |
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Tel. No.: |
91-80-40275000 |
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Fax No.: |
91-80-22106000 |
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Holding Company : |
Parexel International Holdings BV,
Netherlands |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000 |
Equity Shares |
Rs.10/- each |
Rs.0.400
Million |
Note: Of the above 30000 shares are held by Parexel
International Holdings BV, Netherlands, the Holding Company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.400 |
0.400 |
0.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
56.931 |
27.592 |
12.502 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
57.331 |
27.992 |
12.902 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.301 |
0.000 |
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TOTAL |
57.331 |
28.293 |
12.902 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.648 |
11.796 |
3.634 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
1.666 |
0.000 |
0.692 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
41.261
|
12.007 |
0.000 |
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Cash & Bank Balances |
90.075
|
15.296 |
34.288 |
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Other Current Assets |
2.056
|
3.339 |
0.000 |
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Loans & Advances |
10.764
|
11.628 |
3.939 |
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Total
Current Assets |
144.156
|
42.270 |
38.227 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
6.168
|
4.960 |
10.043 |
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Other Current Liabilities |
88.023
|
20.723 |
17.972 |
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Provisions |
2.948
|
0.090 |
1.636 |
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Total
Current Liabilities |
97.139
|
25.773 |
29.651 |
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Net Current Assets |
47.017
|
16.497 |
8.576 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
57.331 |
28.293 |
12.902 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income from services |
320.286 |
193.838 |
85.864 |
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Other Income |
0.000 |
0.000 |
0.000 |
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TOTAL (A) |
320.286 |
193.838 |
85.864 |
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Less |
EXPENSES |
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|
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Clinical Research Costs |
213.558 |
133.761 |
55.457 |
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Personnel Expenses |
23.168 |
14.839 |
6.299 |
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Operating And Other Expenses |
33.742 |
15.814 |
8.120 |
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TOTAL (B) |
270.468 |
164.414 |
69.876 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
49.818 |
29.424 |
15.988 |
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Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
49.818 |
29.424 |
15.988 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.445 |
3.141 |
2.228 |
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PROFIT BEFORE
TAX (E-F) (G) |
45.373 |
26.283 |
13.760 |
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Less |
TAX (I) |
16.034 |
11.193 |
6.446 |
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PROFIT AFTER TAX
(G-I) (J) |
29.339 |
15.090 |
7.314 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
23.892 |
8.802 |
1.355 |
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|
Add |
Adjustment for
Transistional provision under AS 15 |
0.000 |
0.000 |
0.133 |
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BALANCE CARRIED
TO THE B/S |
53.231 |
23.892 |
8.802 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
320.286 |
193.838 |
85.864 |
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TOTAL EARNINGS |
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Earnings Per
Share (Rs.) |
733.00 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.16
|
7.78 |
8.51 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
14.16
|
13.55 |
16.02 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
29.69
|
48.61 |
32.87 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.79
|
0.93 |
1.06 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.69
|
0.92 |
2.29 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.48
|
1.64 |
1.28 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office address has been shifted from 2nd
Floor, No 4M 413 III, Block, Hennur BAnaswadi Road, Bangalore-560043,
Karnataka, India to present w.e.f. 01.01.2009.
Sundry Creditors
Details:
(Rs. In Millions)
|
Particulars |
31.03.2010
|
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
6.168
|
4.960 |
10.043 |
Fixed Assets:
- Lease Hold Improvements
- Computers
- Furniture And Fittings
- Office Equipment
- Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.20 |
|
|
1 |
Rs.70.27 |
|
Euro |
1 |
Rs.59.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
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 report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.