MIRA
INFORM REPORT
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Report Date : |
07.01.2011 |
IDENTIFICATION DETAILS
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Name : |
ASIATIC CLINICAL RESEARCH PRIVATE LIMITED |
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Registered
Office : |
No.169/53, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.01.2005 |
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Com. Reg. No.: |
08-35360 |
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CIN No.: [Company Identification
No.] |
U85110KA2005PTC035360 |
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Legal Form : |
Private limited liability company. |
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Line of Business
: |
Providing Clinical Trial Research and Development Centre. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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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 : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company is under severe pressure. These appears huge accumulated
losses recorded by the company. However trade relations are reported as fair,
business is active. Payments are reported to be slow. The company can be considered normal for business dealings with some
caution. |
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 DECLINED BY
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Name : |
Mr. Ravi |
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Designation : |
Account Executive |
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Contact No.: |
91-80-41681122 |
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Date : |
06.01.2011 |
LOCATIONS
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Registered Office : |
No.169/53, |
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Tel. No.: |
91-80-41681122/33/44 |
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Fax No.: |
91-80-41213841 |
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E-Mail : |
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Website : |
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Overseas offices: |
Located At: ·
·
·
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DIRECTORS
AS ON 20.08.2010
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Name : |
Mr. Aravapalli Bindhu |
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Designation : |
Director |
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Address : |
No. 43, 39th Cross, 8th Block, Jayanagar,
Bangalore-560 082, |
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Date of Birth/Age : |
13.12.1956 |
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Date of Appointment : |
03.01.2005 |
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Name : |
Mrs. Mithravinda Bindu |
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Designation : |
Director |
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Address : |
No. 43, 39th Cross, 8th Block, Jayanagar,
Bangalore-560 082, |
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Date of Birth/Age : |
10.03.1962 |
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Date of Appointment : |
03.01.2005 |
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Name : |
Mr. Prasad Tagat |
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Designation : |
Director |
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Address : |
51/17, Believe, |
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Date of Birth/Age : |
30.05.1962 |
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Date of Appointment : |
20.05.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.08.2010
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Names of Shareholders |
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No. of Shares |
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Aravapalli Bindhu |
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666667 |
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Mithravinda Bindu |
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333333 |
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Total |
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1000000 |
As on 20.08.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Clinical Trial Research and Development Centre. |
GENERAL INFORMATION
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Suppliers : |
·
·
A. P. Courier Service ·
Graphik Media ·
Tata Indicom ·
Tata Photon Plus Internet ·
Techno Copier Systems ·
Vignesh Enterprises ·
Sapthagiri Stationery ·
Trans Trades ·
Parth Office Solutions |
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Customers : |
·
Biocell ·
Institute De Research ·
Pierre Fabre Dermo-Cosmetique ·
Ichthyol Gesellschaft |
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No. of Employees : |
Information denied by the management |
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Bankers : |
Not Divulged |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
M Srinivasan and Associates Chartered Accountants |
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Address : |
105 A Block Colosseo Ventures S No 118/119, Behind IOC Bunk Off |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 20.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.5/- Each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.5/- Each |
Rs.5.000 millions |
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 |
5.000 |
5.000 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
4.986 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(6.753) |
(1.911) |
(2.430) |
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NETWORTH |
(1.753) |
3.089 |
2.656 |
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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 |
7.443 |
3.759 |
0.745 |
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TOTAL BORROWING |
7.443 |
3.759 |
0.745 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.690 |
6.848 |
3.401 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.800 |
4.336 |
1.790 |
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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 |
0.000 |
0.000 |
0.000 |
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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 |
2.967
|
1.760 |
2.600 |
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Cash & Bank Balances |
0.730
|
1.509 |
0.191 |
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Other Current Assets |
0.277
|
0.277 |
0.114 |
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Loans & Advances |
0.497
|
0.249 |
0.085 |
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Total
Current Assets |
4.471
|
3.795 |
2.990 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1.562
|
0.511 |
0.819 |
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Other Current Liabilities |
0.892
|
0.670 |
0.593 |
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Provisions |
0.152
|
0.155 |
0.046 |
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Total
Current Liabilities |
2.606
|
1.336 |
1.458 |
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Net Current Assets |
1.865
|
2.459 |
1.532 |
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MISCELLANEOUS EXPENSES |
0.025 |
0.053 |
0.079 |
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TOTAL |
5.690 |
6.848 |
3.401 |
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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 |
11.825 |
10.257 |
6.760 |
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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Less |
EXPENSES |
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TOTAL |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
5.511 |
1.222 |
1.601 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.684 |
0.702 |
0.756 |
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PROFIT BEFORE
TAX |
4.827 |
0.520 |
0.845 |
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EARNINGS IN
FOREIGN CURRENCY |
5.417 |
11.199 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Net Profit Margin (PBT/Sales) |
(%) |
40.82
|
5.07 |
12.50 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
58.6
|
6.40 |
17.68 |
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Return on Investment (ROI) (PBT/Networth) |
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(2.76)
|
0.17 |
0.32 |
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Debt Equity Ratio (Total Liability/Networth) |
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(5.73)
|
1.65 |
0.83 |
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Current Ratio (Current Asset/Current Liability) |
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1.72
|
2.84 |
2.05 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
1.562
|
0.511 |
0.819 |
Details of Sundry Creditors: (Partial
Details)
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
IRL Research (Private) Limited |
0.033
|
0.024 |
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Airtel Bills Payable |
0.029
|
0.011 |
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A.P.Courier Service |
0.010
|
0.008 |
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Bescom |
0.013
|
0.003 |
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Bsnl |
0.002
|
0.001 |
|
D. S. Muktha – rent payable |
0.060
|
0.019 |
|
Elite Detectives Private Limited |
0.078
|
0.000 |
|
Graphic Media |
0.026
|
0.000 |
|
MS Clinical Research |
0141
|
0.000 |
|
Dr. DN Balraj |
0.060
|
0.000 |
|
Dr. Ravindra Babu P |
0.041
|
0.000 |
Note:
Registered office of the company has been shifted from
No.277/A, Sunil Nivas, 7th Block, 6th Cross Jayanagar,
Bangalore-560 011,
Review of
Operations:
The operations
during the year resulted in a turnover of Rs.11.825 millions (Previous Year
Rs.10.257 millions) and a Net Loss of Rs.4.827 millions (Previous Year Profit –
Rs.0.520 millions) after providing for Depreciation of Rs.0.684 millions
(Previous Year Rs.0.702 millions).
The Company
expects that the market situation will further improve in the areas of clinical
Research, Trials and development of new Diagnosis methods and the results would
improve in the coming years.
Fixed Assets:
·
Plant And Machinery
·
Clinical Equipments
·
Computers
·
Computer Software
·
Furniture and Fixtures
·
Electrical Fittings
·
Office Equipments
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.45.31 |
|
|
1 |
Rs.70.26 |
|
Euro |
1 |
Rs.59.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
26 |
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.