MIRA
INFORM REPORT
|
Report Date : |
14.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
SYNTHOKEM LABS PRIVATE LIMITED |
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Registered Office : |
P. B.
No. 1911, B-5, Industrial Estate, Sanathnagar, Hyderabad - 500 018 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.12.1994 |
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Com. Reg. No.: |
01-19102 |
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CIN No.: [Company
Identification No.] |
U99999AP1994PTC019102 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS03466B |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturing of Bulk Drugs and Drug Intermediates. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
225000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established and reputed company having satisfactory track.
Directors are reported as experience and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office / Factory
: |
P. B.
No. 1911, B-5, Industrial Estate, Sanathnagar, Hyderabad - 500 018, India |
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Tel. No.: |
91-40-23702660/23702061/23707832 |
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Fax No.: |
91-40-23700621 |
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E-Mail : |
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Website : |
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Area : |
2500 sq. yds. |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Jayant M. Tagore |
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Designation : |
Managing Director |
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Address : |
Plot No. 6-3-1085/1, Alplne
Heights, B Block, Flat No. P-2, Somajiguda, Hyderabad, Andhra Pradesh |
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Date of Birth/Age : |
06.02.1962 |
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Qualification : |
B.Com |
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Date of Appointment : |
04.01.1995 |
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Date of Ceasing : |
03.01.2010 |
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Name : |
Mrs. Shakuntala M. Tagore |
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Designation : |
Managing Director |
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Address : |
Apartment No. 701, Alpine
Towers, Next to Viceroy Hotel, Lower Tank Bund Road, Gandhi Nagar, Hyderabad
- 500 080, Andhra Pradesh |
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Date of Birth/Age : |
01.06.1935 |
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Qualification : |
M.A. |
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Date of Appointment : |
04.01.1995 |
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Date of Ceasing : |
03.01.2006 |
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Name : |
Mr. M. Rabindranath Tagore |
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Designation : |
Director |
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Address : |
Apartment No. 701, Alpine
Towers, Next to Viceroy Hotel, Lower Tank Bund Road, Gandhi Nagar, Hyderabad
- 500 080, Andhra Pradesh |
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Date of Birth/Age : |
07.01.1932 |
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Qualification : |
B.Com, L.L.B. P.C.A., P. G. D. J. |
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Date of Appointment : |
04.01.1995 |
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Date of Ceasing : |
03.01.2010 |
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Name : |
Ms.
Rama Madireddi |
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Designation : |
Director
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Address : |
Plot No. 6-3-1085/1, Alplne
Heights, B Block, Flat No. P-2, Somajiguda, Hyderabad, Andhra Pradesh |
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Date of Birth/Age : |
27.08.1966 |
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Date of Appointment : |
24.08.2001 |
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Date of Ceasing : |
23.08.2006 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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M. B.
Krishna Rao |
|
100000 |
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Ms.
Rama Madireddi |
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20000 |
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Aishwarya
Madireddi |
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340000 |
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Mr. Jayant M. Tagore |
|
600000 |
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Mrs. Shakuntala M. Tagore |
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460000 |
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Mr. M. Rabindranath Tagore |
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540000 |
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Aryaman Madireddi |
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240000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Bulk Drugs and Drug Intermediates. |
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Products : |
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Exports to : |
US, Japan, Canada, France, UK, Spain,
Switzerland, Germany, Belgium, Italy, Brazil, Vietnam, Egypt, Korea, Iran,
Mexico, Columbia, Bangladesh and Pakistan |
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Imports from : |
France, Japan, Italy,
China and Korea |
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Terms : |
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Selling : |
Credit (30 days) terms |
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Purchasing : |
D/A (120 days) terms |
GENERAL
INFORMATION
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No. of Employees : |
45 |
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Bankers : |
State Bank of Hyderabad, Sanathnagar Branch, Sanathnagar,
Hyderabad - 500 018, Andhra Pradesh, India Andhra Pradesh State Financial Corporation, Chirag Ali Lane,
Hyderabad |
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Banking Relations : |
Satisfactory
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Auditors : |
Raju & Mahendra Chartered Accountants 5-8-512/18, Abid Shopping Centre, Chirag Ali Lane, Abids,
Hyderabad - 500001, Andhra Pradesh, India |
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Associates/Subsidiaries : |
Senor Organic Private Limited 7-1-71, Dharam Karan Road, Ameerpet, Hyderabad – 500 016, Andhra
Pradesh, India (Manufacturers of Bulk Intermediates) |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity shares |
Rs. 10/- each |
Rs. 25.000 Millions |
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Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2400000 |
Equity shares |
Rs. 10/- each |
Rs. 24.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
|
24.000 |
24.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
32.431 |
25.278 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
56.431 |
49.278 |
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LOAN FUNDS |
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|
1] Secured Loans |
|
60.648 |
47.306 |
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2] Unsecured Loans |
|
2.252 |
2.054 |
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TOTAL BORROWING |
|
62.900 |
49.360 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
|
119.331 |
108.638 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
65.759 |
30.530 |
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Capital work-in-progress |
|
0.000 |
41.395 |
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INVESTMENT |
|
7.667 |
7.667 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
|
31.861 |
13.984 |
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Sundry Debtors |
|
20.866 |
28.024 |
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Cash & Bank Balances |
|
6.991 |
9.517 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
26.077 |
16.390 |
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Total Current Assets |
|
85.795 |
67.915 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
|
26.596 |
27.682 |
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Provisions |
|
13.347 |
11.247 |
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Total Current Liabilities |
|
39.943 |
38.929 |
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Net Current Assets |
|
45.852 |
28.986 |
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MISCELLANEOUS EXPENSES |
|
0.053 |
0.060 |
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TOTAL |
|
119.331 |
108.638 |
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KEY
RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.82 |
1.79 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
2.15 |
1.74 |
LOCAL AGENCY
FURTHER INFORMATION
Business
It is also engaged in Manufacturing, Producing, Converting,
Exporting, Buying, Selling, Dealing in all Chemicals Whether inorganic or
organic alcohol based chemicals fine and pharmaceutical chemical drugs and drug
intermediates formulations drug extracts, perfumery items, ayurvedic medicines,
enzymes, vaccines, animal husbandry veterinary medicines and feeds soaps,
detergents hospital machinery requirements.
The company has become imperative to address and meet various
quality standards.
Ø
It is an ISO 9002 Certification from DNV.
Ø
A COS for Guaifenesin (Ph.Eur.) by the Council of Europe, European
Directorate for the Quality of Medicines.
Ø
The Company submitted relevant DMFs to USFDA for Certification of
Methocarbamol / Guaifenesin.
The company is in trade terms with:
- Astra Zaneca Pharmaceuticals
Limited
- Glenmark Pharmaceuticals
Limited
- Pfizer
- Borregaard Italia S.P.A.,
Italy
- Via Cargo 73, 24040 Madone
(BG), Italy
- Rhone-Polenc, France
- Rhodia Organique
- 6, Rue Georges Marrane, BP
55, Venissieux Cedex, France
- Samsung Corporation, Korea
- C.P.O. Box No. 1144, Seoul,
Korea
- Nissho Iwai Corporation
- 4-5, Akasaka, 2-Chome,
Minato - Ku, Tokyo - 107, Japan
- Bayer AG, Germany
The company's fixed assets of important value include factory land
& building, plant & machinery, furniture, office vehicles and office
equipments.
The pharmaceutical industry is knowledge driven industry and is
heavily dependent on Research and Development for new products and growth.
However, basic research (discovering new molecules) is a time consuming and
expensive process and is thus, dominated by large global multinationals.
In the global pharmaceutical market, western markets are the
largest and fastest growing due to introduction of newer molecules at high
prices. A well-established reimbursement and insurance system implies that per
capita drug expenditure is abnormally high in Western Countries as compared to
the developing nations.
The Indian pharmaceutical industry is highly fragmented, but has
grown rapidly due to the friendly patent regime and low cost manufacturing
structure. Intense competition, high volumes and low prices characterize the
Indian domestic market. Exports have been rising at around 30% CAGR over last
five years.
The Drug Pricing Control Order (DPCO) has severely restricted
profitability and hence innovation. However, the government has been relaxing
controls in a slow but progressive manner. The span of control of DPCO has come
down from 90% in 1980s to 50% in 1995 and is likely to be further reduced as
per the latest proposed changes.
In the domestic market, old and mature categories like anti-
infectives, vitamins, analgesics are degrowing or stagnating while new
lifestyle categories like cardiovascular, CNS, anti diabetic are growing at
double-digit rates. The growth of a company in the domestic market is thus
critically dependent on its therapeutic presence.
As Per Website
SYNTHOKEM LABS PRIVATE LIMITED is a manufacturer of
Active Pharmaceutical Ingredients and drug intermediates, located in Hyderabad,
INDIA.
Their commitment lies in providing the required
quality API's and Intermediates to their exacting customers worldwide. They
cater to a cross section of clients in Asia, Europe, North and South America.
Their inherent strength lies in producing
cutting edge intermediates, for new as well as off patent API's within the
requisite time frame stipulated by their customers. Fifty percent of their
business has evolved from custom synthesis projects, which start from gram
level and rise to multi ton supplies.
Beginning:
SYNTHOKEM was promoted by Mr. M. RABINDRANATH TAGORE in the year 1978 as
a private limited company to be in the business of research, developing,
manufacturing and marketing of pharmaceutical substances and intermediates for
Indian and International markets.
First success:
In the first year of operations it achieved a
sales figure of Rs.1.5 millions and the company's first product was GUAIFENESIN
which is an anti expectorant drug. Since then the company has introduced many
API's into the market.
To day:
SYNTHOKEM LABS which began its operation as a
single unit with 10 employees, today has 2 manufacturing facilities and
employees around 250 people.
Milestones of SYNTHOKEM LABS:
1978 : Incorporated - 1978 for manufacture of
API's.
1979 : First full year in Operations - 1978 - 1979
sales Rs.1.5 millions.
1993 : They have also submitted relevant DMF's to
USFDA for Certification of METHOCARBAMOL & GUAIFENESIN
2000 : SYNTHOKEM has obtained an ISO-9001:2000 Certification
from DNV (Det Norske Veritas).
2000 : Acquired 50% equity in Senor Organics in
the year 2000.
2001 : A CoS for GUAIFENESIN (Ph.Eur.) by the
Council of Europe, European Directorate for
the Quality of Medicines.
2002 : SYNTHOKEM has obtained WHO-GMP
Certificate.
2004 : SYNTHOKEM acquired second manufacturing
site at Pashamylaram, Hyderabad.
2005 : SYNTHOKEM's Unit-I has been inspected in
Jan. 2005 by the USFDA for Methocarbamol and has been approved in March
2005"
At SYNTHOKEM quality is a way of life, made
possible by sustained effort and total dedication. Progressive and proactive,
dynamic and innovative, SYNTHOKEM is a corporation well on its way into a
future full of both promise and fulfillment.
SYNTHOKEM LABS is committed to meet the customer
requirements through manufacturing of high quality pharmaceutical ingredients
and marketing at agreed delivery schedules, implementing Current Good
Manufacturing Practices and continually improving the effectiveness of the
Quality Management System.
The secret of their success is complete customer
satisfaction. Customers are their lifeline and guideline!
People
Teamwork is paramount at SYNTHOKEM:
They strongly believe that if you can combine
youthful ambition with a strong goal oriented work culture, the sky is the
limit in reaching the milestones that are set.
SYNTHOKEM has over 250 employees spread across various
administrative and technical functions. They have a strong team of R&D,
Manufacturing, Quality Control and Quality Assurance chemists with very
pertinent skills in process development, manufacture and testing of their
product range. The team comprises of Doctorates, Post Graduates, Graduates and
Chemical Engineers from some of the premier institutes in India.
Needless to say, it takes quality
efforts to meet the stringent standards of the international markets and ensure
total customer satisfaction. Their experienced and reliable teams of
administrative, technical and skilled personnel, who have pledged themselves to
their vision and mission, are the main forces behind their continuing efforts
to create nothing but the best. SYNTHOKEM makes chemistry work for you, always.
Their API's and Intermediates encompass a broad spectrum, and have wide areas
of application.
ACTIVE PHARMACEUTICAL INGREDIENTS/BULK DRUGS
|
S.No. |
Product |
Therapeutic Category |
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1. |
Antifungal / Cosmetics |
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2. |
Muscle relaxant (Skeletal) |
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3. |
Antispasmodic |
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4. |
Expectorant |
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5. |
Antiepileptic / Anticonvulsant |
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6. |
Antispasmodic |
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7. |
Muscle relaxant (Skeletal) |
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8. |
Muscle relaxant (Skeletal) |
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9. |
Expectorant |
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10. |
Antihypertensive |
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11. |
Antiviral |
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12. |
Muscle Antiparkinsonian |
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13. |
Muscle Antihypertensive |
INTERMEDIATES/FINE CHEMICALS
|
S.No. |
Product |
Use |
|
1. |
Zolpidem |
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|
2. |
Lamotrigine |
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3. |
Drotaverine |
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4. |
Drotaverine |
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5. |
Drotaverine |
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6. |
Drug Intermediate |
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7. |
Intermediate |
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8. |
Prazosin |
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9. |
Tamsulosin |
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10. |
Perfumery & Drug |
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11. |
Intermediate |
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12. |
Alfuzosin & Terazosin |
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13. |
Terazosin |
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14. |
Drug Intermediate |
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15. |
Capsaicin |
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16. |
Drug Intermediate |
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17. |
Drug Intermediate |
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18. |
Verapamil |
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19. |
Verapamil |
SYNTHOKEM has two
manufacturing sites where they produce different products
Bulk
activities and Intermediates:
SYNTHOKEM
has built up a large infrastructure to undertake, manufacturing in bulk
activities and intermediates. With a combined capacity of 200 KL, from
stainless steel and glass lined reactors, these facilities are well equipped
with modern line up of instrumentation, utilities, clean rooms and environment
management systems required to produce finished products of a very high
quality. An efficient Quality Assurance system ensures compliance with the
current quality norms prevalent.
This
infrastructure has enabled SYNTHOKEM emerge very strong, in areas of custom
synthesis and process chemistry. SYNTHOKEM has significant expertise in :
Substituted Phenoxy Glyceryls
Carbomate
Cynations
Alkylations
Arylations
Friedel
Crafts reactions
Grignard
reactions
Chloromethylation
Reductive
Aminations
Oxidations
Darzens
Glycidic Ester Condensation
Precious
metal handling (Ru, Pd & Pt)
Resolutions
Nitrations
Indole
Chemistry
Brominations
Chlorinations
Piperazine
Chemistry
Furans
Chemistry
Quality
Division:
At
SYNTHOKEM, they have always advocated total quality. They also uphold the same
in all their tools, techniques and processes. All this is to make doubly sure
that only the produce of the best quality reaches their valued customers. Their
qualified, trained and experienced personnel spare no effort in the quest of
that coveted quality. Their Quality Assurance and Quality Control departments
determine and enforce product property and purity, deploying state-of-the-art
tools and methodologies.
Constant
review and improvement of quality control procedures is in practice at
SYNTHOKEM. SYNTHOKEM bases APIs and intermediates production of USP, BP, EP,
FP, JP, IP and BPC pharmacopoeial standards. Their Quality Control Laboratory
is part of SYNTHOKEM's total built-up area of 50,000 Sq.ft.
They at
SYNTHOKEM, are not satisfied with past and present laurels. They strive,
innovate and inject the latest into their efforts to expressly ensure sustained
quality management and total customer satisfaction. At SYNTHOKEM quality is not
a by product but the end result in itself! It is what they have resolved to
achieve and sustain.
SYNTHOKEM established in 1978 to primarily focus on the
export market. SYNTHOKEM currently exports more than 75% of its world class
products to the US, Japan, Canada, France, UK, Spain, Switzerland, Germany,
Belgium, Italy, Brazil, Vietnam, Egypt, Korea, Iran, Mexico, Columbia,
Bangladesh and Pakistan. In short, SYNTHOKEM has made its presence felt
worldwide.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.09 |
|
UK
Pound |
1 |
Rs.86.59 |
|
Euro |
1 |
Rs.57.92 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|