|
Report Date : |
11.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
SEMLER RESEARCH CENTER PRIVATE LIMITED |
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Registered
Office : |
No. 75A, 15th Cross, I Phase, J.P. Nagar, Bangalore-560078,
Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
06.02.2006 |
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Com. Reg. No.: |
08-038392 |
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Capital
Investment/ Paid-up Capital: |
Rs.197.311 Millions |
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CIN No.: [Company Identification
No.] |
U85110KA2006PTC038392 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Research Services to Healthcare Industry. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 311000 |
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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 a part of Arnold A Semler Inc., The company can be considered 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/Corporate office
: |
No. 75A, 15th Cross, I Phase, J.P. Nagar, Bangalore-560078,
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Tel. No.: |
91-80-42627200 |
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Fax No.: |
91-80-26640683 |
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E-Mail : |
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Clinical Facility : |
PA Arcade # 21,22,23, |
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Tel. No.: |
91-80-43027100 |
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Fax No.: |
91-80-43027142 |
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US Office : |
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DIRECTORS
As on 28.09.2011
|
Name : |
Mr. Ronald Howard Semler |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
03.07.1943 |
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Date of Appointment : |
07.03.1943 |
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Din No.: |
01276886 |
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Other Directorship:
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Name : |
Mr. Guru Veerappa Betageri |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
05.01.1956 |
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Date of Appointment : |
03.08.2007 |
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Din No.: |
01277019 |
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Other Directorship:
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Name : |
Mr. T. Ravi Achar |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
22.01.1958 |
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Date of Appointment : |
03.08.2007 |
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Din No.: |
01340419 |
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Other Directorship:
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Name : |
Mr. Bopanna Nanaiah Karnanda |
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Designation : |
Director |
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Address : |
301, |
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Date of Birth/Age : |
28.04.1972 |
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Qualification : |
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Experience : |
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Date of Appointment : |
28.09.2010 |
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Din No.: |
01372408 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
M.K. Sreevalsan |
|
473290 |
|
Gopal Muralidharan |
|
926880 |
|
|
|
9933238 |
|
|
|
7274133 |
|
Guru Veerappa Betageri |
|
926780 |
|
Ronald Howard Semler |
|
196862 |
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|
|
|
|
Total |
|
19731183 |
As on 28.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.34 |
|
Directors or relatives of directors |
|
42.56 |
|
Other top fifty shareholders |
|
7.10 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Research Services to Healthcare Industry. |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Lakshmi Vilas Bank Limited, Koramangala Branch, |
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Facilities : |
Rs.
In Millions
Notes: (A) It Include Vehicle loan from kotak mahindra financial services and
Vehicle loan from ICICI Bank Limited (B) It Represent Overdraft from Lakshmi Vilas Bank. - Secured by
hypothecation of book debts along with all machineres/ goods which have
already been fixed or lying loose in the premises at 75A, 15th Cross, I Phase
J.P.Nagar, Bangalore 560 078
(A) It Include From directors and their relatives 604,340 -
10% fully convertible cumulative debentures of Rs. 10 each (Previous year:
604,340) and From holding company 8,723,838 - 10% fully convertible
cumulative debentures of Rs. 10 each (Previous year: 4,665,059) |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
B K Ramadhayani and Company Chartered Accountants |
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Address : |
4B, Chitrapur Bhavan, 8th Main, 15th Cross,
Malleswaram, Bangalore-560055, |
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Tel. No.: |
91-80-23464700/23348964 |
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Fax No.: |
91-80-23348964 |
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E-Mail : |
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PAN No.: |
AABFB1153G |
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Holding company : |
Arnold Semler Inc. |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19731183 |
Equity Shares |
Rs.10/- each |
Rs.197.311 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
197.311 |
197.311 |
197.311 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(119.634) |
(130.700) |
(89.999) |
|
|
NETWORTH |
77.677 |
66.611 |
107.312 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
27.338 |
2.932 |
0.000 |
|
|
2] Unsecured Loans |
93.282 |
57.549 |
28.341 |
|
|
TOTAL BORROWING |
120.620 |
60.481 |
28.341 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.200 |
0.800 |
|
|
|
|
|
|
|
|
TOTAL |
198.297 |
127.292 |
136.453 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
109.923 |
106.402 |
106.709 |
|
|
Capital work-in-progress |
45.650 |
5.500 |
16.797 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.045
|
0.680
|
0.719 |
|
|
Sundry Debtors |
55.225
|
12.143
|
8.138 |
|
|
Cash & Bank Balances |
2.545
|
0.903
|
3.289 |
|
|
Other Current Assets |
19.890
|
4.773
|
0.328 |
|
|
Loans & Advances |
29.834
|
16.292
|
16.168 |
|
Total
Current Assets |
108.539
|
34.791 |
28.642 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
46.501
|
13.089
|
9.747 |
|
|
Other Current Liabilities |
17.564
|
5.495
|
5.165 |
|
|
Provisions |
1.750
|
0.819
|
0.787 |
|
Total
Current Liabilities |
65.815
|
19.403 |
15.699 |
|
|
Net Current Assets |
42.724
|
15.388 |
12.643 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.002 |
0.004 |
|
|
|
|
|
|
|
|
TOTAL |
198.297 |
127.292 |
136.453 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
|
TURNOVER |
190.410 |
35.870 |
32.380 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE/(LOSS) TAX |
11.070 |
(40.700) |
(39.160) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.250 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
11.070 |
(40.700) |
(39.410) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(130.700) |
(89.990) |
(50.590) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(119.630) |
(130.700) |
(89.990) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
98.750 |
27.385 |
10.610 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
NA |
0.198 |
0.059 |
|
|
|
Capital Goods |
NA |
3.613 |
0.426 |
|
|
TOTAL IMPORTS |
NA |
3.811 |
0.485 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.56 |
(2.06) |
(2.00) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.07) |
(28.83)
|
(28.93) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
(0.61)
|
(0.36) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.40 |
1.20
|
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.65 |
1.79
|
1.82 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency Rating,
if available |
No |
OPERATIONS REVIEW:
The company achieved revenues of Rs. 190.41 Millions during this
financial year (Previous year Rs. 35.87 Millions), reflecting a growth of 430%
over the previous year.
It is with great pleasure they share that the company has made a
turnaround in the business and posted a Profit after Tax (PAT) of Rs.11.07
Millions for the first time in the history of SRC. The directors are very glad
and acknowledge the efforts of the new management team for showing these
remarkable results.
Considering the increasing demand for BABE and clinical trials in the
Indian market, the company has built a state of the art clinical facility with
72 beds capacity in
The company has posted good results which were well supported by all the
business verticals and was able to generate positive cash flow during this
period. The company has introduced the new vertical of clinical development, a
new service segment during the year, thus making SRC an organization with a
unique blend of pharmaceutical and clinical development. This will help a large
number of their customers avail and explore their unique integrated solutions
under one platform.
FUTURE OUTLOOK:
Looking ahead, the demand for pharmaceutical services is set to increase
in the coming years, especially for the Indian market. There will be a great
demand for companies such as yours, which provide a unique blend of
pharmaceutical to clinical development services. Leveraging on this huge
requirement, the company is very keen to enhance pharmaceutical development
through the service model, risk-sharing model and also work on development of
products in-house, to enable them to get intellectual property rights. Their
incremental innovation activities will provide a niche platform to produce a
unique value proposition in the contract research space.
The leadership team has continued to take definitive steps to strengthen
its delivery capabilities through innovative methods under the ambit of
regulatory framework to enhance customer satisfaction. Various communication
exercises, governance model and steering committees have contributed towards
getting repeat businesses.
The company is constantly adopting focused marketing strategies to
improve market share and mindshare to increase their global reach. They have
participated in numerous conferences, seminars, advertisements, thought
leadership and publications.
The company is looking for business alliances in
The company has been recognized by their customers as a single stop to
unite the world of pharmaceutical research. They are keen to be recognized as
the employer of choice and amongst the three leading CROs. They wish each one
of you the very best In the coming years.
FORM 8
|
Corporate
identity number of the company |
U85110KA2006PTC038392 |
|
Name of the
company |
SEMLER
RESEARCH CENTER PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 75A, 15th Cross, I Phase, J.P. Nagar, Bangalore-560078,
Email: palanik@semlerresearch.com
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10267761 |
|
Type of charge |
Book debts Movable property (not being pledge) |
|
Particular of
charge holder |
Lakshmi Vilas Bank Limited, Koramangala Branch, Email: koramangala_bm@lvbank.in
|
|
Nature of
instrument creating charge |
Letter
Of Hypothecation ( For Securing Goods / Book Debts / Existing Machineries) Agreement
Dated 25th November 2011 By Semler Research Center Private Limited, In Favour
Of Lakshmi Vilas Bank Limited |
|
Date of
instrument Creating the charge |
25.11.2011 |
|
Amount secured by
the charge |
Rs. 40.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Base Rate + 5.25 % ( 16.15% P.A) Term
of Payment: One Year – 24.11.2012 Margin 40% Book-Debts,
Cover Period For Book Debts 90 Days Extent and
operation of the charge Exclusive First charge on all assets of the
company including inventories, receivables, movables, both present and
future. |
|
Short particulars
of the property charged (Including location of the property) |
First
charge on all machineries, Instruments located at all the branches of Semler
Research Center A Private Limited, as |
|
Particulars of the present modification |
First
charge on all machineries, Instruments located at all the branches of Semler
Research Center A Private Limited, as |
CONTINGENT
LIABILITIES: 31.03.2011
Bank guarantee outstanding Rs.0.254 Million
Fixed Assets:
WEB SITE DETAILS
NEWS AND EVENTS
RC announced the appointment of Mr Ram Prasanna as the Associate
Director, Business Development to be based at SRC’s
SRC provides a wide range of services, primarily in the areas of
pharmaceutical development, bioavailability and bioequivalence studies, early
and late phase clinical development, GxP business consulting, regulatory
services and medical and scientific writing. SRC’s range of services helps
global pharmaceutical, biotech and device companies significantly enhance their
R and D success from quality, cost and timeline perspectives.
SRC has some of industry's top management and scientific talent, along
with state-of-the-art R and D facilities in
Dr. Krathish Bopanna, President and Executive Director at
Commenting on the occasion, Ravi Achar, Co-Founder and Director at SRC
said, “We are pleased that Ram is joining our
Prior to joining SRC, Ram was working as a Business Development Manager
(Asia Pacific) in SIRO Clinpharm Private Limited Mumbai. Ram has experience in
developing and implementing short and medium term business plans for
international / domestic marketing, clinical research and pharmaceutical
consulting, identifying and developing potential clients, implementing sales
initiatives and achieving desired targets, conducting competitor analysis and
market trends, preparing sales and executing marketing plans, corporate
presentations and has skill sets in proposal writing, structuring and
negotiating deals and branding activities.
Ram’s education includes a Master of Science (MsC) in Biotechnology from
Kuvempu University Karnataka,
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.55.34 |
|
|
1 |
Rs.86.45 |
|
Euro |
1 |
Rs.68.04 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--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 |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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.