MIRA
INFORM REPORT
|
Report Date : |
19.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SAINOR LABORATORIES PRIVATE LIMITED |
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Registered Office : |
Plot No. 15/C (Part), S V Co-Operative Industrial Estate, I D A,
Jeedimetla, Hyderabad-500055, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.12.2004 |
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Com. Reg. No.: |
01-44758 |
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CIN No.: [Company
Identification No.] |
U24239AP2004PTC044758 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS12015D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Alkyl,aryl, ithiums, and aryl
magnesium halides |
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 96000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Trade
relations are fair. Financial position is good. Payments are usually correct
and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. It can be regarded as a promising business partner in a member to
long-run. |
LOCATIONS
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Registered Office/ Factory : |
Plot No. 15/C (Part), S V Co-Operative Industrial Estate, I D A, Jeedimetla,
Hyderabad-500055, Andhra Pradesh, India |
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Tel. No.: |
91-40-2319663/ 32930336/ 23801319/ 23197725/ 23197772/4 |
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Mobile No.: |
91-9391016448/ 9848028443/ 9391067080 |
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Fax No.: |
91-40-23801483/ 23196063 |
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E-Mail : |
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Website : |
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Corporate Office : |
Plot No. 31, Phase-V, I.D.A, Jeedimetla, Hyderabad-500038, Andhra
Pradesh, India |
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Tel. No.: |
91-40-23197772/ 23197774 |
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Fax No.: |
91-40-2196062 |
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E-Mail : |
sainorlaboratories@yahoo.co.in
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DIRECTORS
|
Name : |
Mr. Talupula
Venkateshwara Rao |
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Designation : |
Managing Director |
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Address : |
8-3-318/10, Flat No. 502, Gokul Krishna Apartments, Yellareddy Guda,
Hyderabad-500073, Andhra Pradesh, India |
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Date of Birth/Age : |
07.07.1959 |
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Date of Appointment : |
02.12.2004 |
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Name : |
Mr. S P Naidu |
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Designation : |
Director |
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Name : |
Mr. T T Rao |
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Designation : |
Director |
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Name : |
Mrs. Sundara Anjali Devi |
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Designation : |
Director |
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Address : |
Flat No. 101, Rukmini Enclave, D K Road, Ameerpet, Hyderabad-500016,
Andhra Pradesh, India |
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Date of Birth/Age : |
23.09.1965 |
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Date of Appointment : |
02.12.2004 |
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Name : |
Mr. Uddagiri Naga Udaya Bhaskaram |
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Designation : |
Director |
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Address : |
Flat No. 501, Sree Harvthi Hights, S R Nagar, Hyderabad-500038, Andhra
Pradesh, India |
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Date of Birth/Age : |
01.07.1967 |
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Date of Appointment : |
02.12.2004 |
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Name : |
Mr. Chandan Arun Kumari |
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Designation : |
Director |
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Address : |
302, B53, Saraswathi Apratment, Madhura Nagar, Hyderabad-500038,
Anadhra Pradesh, India |
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Date of Birth/Age : |
01.07.1961 |
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Date of Appointment : |
02.12.2004 |
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Name : |
Mr. Manikonda Naga Sastry |
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Designation : |
Director |
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Date of Birth/Age : |
21.07.1961 |
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Date of Appointment : |
31.12.2005 |
KEY EXECUTIVES
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Name : |
P Renuka |
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Designation : |
Company Secretary |
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Address : |
6-3-788/36 and 37A, Durga Nagar Colony, Ameerpet, Hyderabad-500016,
Andhra Pradesh, India |
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Tel. No.: |
91-40-23418079 |
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Mobile No.: |
91-9848069315 |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.12.2005
|
Names of Shareholders |
|
No. of Shares |
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Talupulla Venkateswarz Rao |
|
2500 |
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Chandana Aruna Kumari |
|
2500 |
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S Anjali Devi |
|
2500 |
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U Naga Udaya Bhaskaram |
|
2500 |
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Total |
|
10000 |
As on 29.03.2007
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List of Allottees |
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No. of Shares Allotted |
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Talupulla Venkateswarz Rao |
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110059 |
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Chandana Aruna Kumari |
|
155914 |
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S Anjali Devi |
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155914 |
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U Naga Udaya Bhaskaram |
|
155914 |
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Manikonda Naga Sastry |
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110057 |
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Nandiminti Srinivas |
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27514 |
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Geddam Venkata Ramana |
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27514 |
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Potturi Raja Rajeswari |
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27514 |
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Total |
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770400 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Alkyl,aryl, ithiums, and aryl
magnesium halides |
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Products : |
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Exports : |
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Countries : |
South Africa and Many other countries across the globe |
GENERAL
INFORMATION
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No. of Employees : |
150 |
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Bankers : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
S Sriram Gopal Chartered Accountant |
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Address : |
6-3-788/36 and 37/A, Durga Nagar Colony, Ameerpet, Hyderabad-500016,
Andhra Pradesh, India |
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Memberships : |
Bulk Drugs Manufacturers Association (BDMA) |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1400000 |
Equity Shares |
Rs. 10/- each |
Rs. 14.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1350000 |
Equity Shares |
Rs. 10/-
each |
Rs. 13.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
13.500 |
5.796 |
0.100 |
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2] Share Application Money |
0.144 |
2.275 |
4.596 |
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3] Reserves & Surplus |
5.586 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
[0.660] |
0.000 |
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NETWORTH |
19.230 |
7.411 |
4.696 |
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LOAN FUNDS |
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1] Secured Loans |
23.274 |
15.316 |
0.000 |
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2] Unsecured Loans |
0.000 |
3.948 |
0.000 |
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TOTAL BORROWING |
23.274 |
19.264 |
0.000 |
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DEFERRED TAX LIABILITIES |
1.621 |
0.000 |
0.000 |
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TOTAL |
44.125 |
26.675 |
4.696 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
40.356 |
18.496 |
4.212 |
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Capital work-in-progress |
0.000 |
5.978 |
0.515 |
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INVESTMENT |
0.300 |
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 |
19.126
|
3.794 |
0.000 |
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Sundry Debtors |
21.260
|
6.331 |
0.000 |
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Cash & Bank Balances |
0.927
|
0.254 |
0.043 |
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Other Current Assets |
5.764
|
1.838 |
0.000 |
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Loans & Advances |
4.119
|
0.147 |
0.000 |
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Total
Current Assets |
51.196
|
12.364 |
0.043 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
46.585
|
10.331 |
0.102 |
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Provisions |
1.350
|
0.000 |
0.000 |
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Total
Current Liabilities |
47.935
|
10.331 |
0.102 |
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Net Current Assets |
3.261
|
2.033 |
[0.059] |
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MISCELLANEOUS EXPENSES |
0.208 |
0.168 |
0.028 |
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TOTAL |
44.125 |
26.675 |
4.696 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
121.098 |
8.908 |
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Other Income |
|
2.735 |
0.000 |
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Total Income |
|
123.833 |
8.908 |
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Profit/(Loss) Before Tax |
|
9.217 |
[0.652] |
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Provision for Taxation |
|
2.971 |
0.008 |
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Profit/(Loss) After Tax |
|
6.246 |
[0.660] |
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Expenditures : |
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Financial Charges |
|
4.016 |
0.455 |
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Increase/(Decrease) in Finished Goods |
|
3.744 |
[3.794] |
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Depreciation & Amortization |
|
1.417 |
0.658 |
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Other Expenditure |
|
105.439 |
12.241 |
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Total Expenditure |
|
114.616 |
9.560 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
5.04
|
[7.41] |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
7.61
|
[7.32] |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.06
|
[2.11] |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.48
|
[0.09] |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.70
|
3.99 |
0.02 |
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Current Ratio (Current Asset/Current Liability) |
|
1.07
|
1.12 |
0.42 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Address of the company has been shifted from H No.
8-3-318/1D Plot No. 502. Gokul Krishna Apartments, Yellareddy Guda,
Hyderabad-500073, Andhra Pradesh, India to present address w.e.f 07.12.2006
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
10016972 |
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Corporate
identity number of the company |
U24239AP2004PTC044758 |
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Name of the
company |
SAINOR LABORATORIES PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Plot No. 15/C (Part), S V Co-Operative Industrial Estate, I D A,
Jeedimetla, Hyderabad-500055, Andhra Pradesh, India |
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Type of charge |
Others |
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Particular of charge
holder |
Union Bank of India, SSI Finance Branch, Ameerpet, Hyderabad-500016,
Andhara Pradesh, India |
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Nature of
description of the instrument creating or modifying the charge |
No Objection
Letter from APSFC to Create II Charge on Fixed Assets. |
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Date of
instrument Creating the charge |
14.03.2008 |
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Amount secured by
the charge |
Rs. 57.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest NA Terms of
Repayment NA Margin NA Extent and
Operation of the charge NA Others Apart from the
existing securities the union bank of India will have the II charge on the
fixed Assets of the Company |
|
Short particulars
of the property charged |
II Charge on the Fixed
Assets of the Company – NOC from APSFC Enclosed. |
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Date of latest
modification prior to the present modification |
28.06.2007 |
|
Particulars of
the present modification |
Apart from the
existing securities, the banker will have a second charge on the fixed assets
of the company. |
AS PER WEBSITE
Profile:
As a wholly owned subsidiary of subject was established in 2005. The
construction of a butyllithium manufacturing facility, the Second in INDIA
. The plant is located in I.D.A Jeedimetla, Hyderabad, ANDRAPREDESH. The
facility is a dedicated unit for the manufacture of butyllithium. Its
production capacity will 50 MTS . The company is in a position to supply
butyllithium in all quantities and packaging, from small amounts for pilot
plants, up to large quantities packed in Cylinders. Concentrations of
n-butyllithium are available - from diluted product in the range of 10 % up to
the concentrate (30 %).
Sainor Labs, based in Hyderabad, India, produces and markets Fine Chemicals and
Intermediates for Indian and Global Markets. It is a quality-focussed company
that recognizes that quality is the result of a combination of the right
resources - technocrats, technologies and trained teams and the right values -
dedication, discipline and determination.
The Vision:
To be an innovative and integrated partner to the global pharmaceutical
industry. To create a profitable enterprise with due respect to stakeholders
interest, corporate governance and social responsibilities
Pharma Industry
A wide range of lithium products are used for the synthesis of
pharmaceuticals, agrochemicals. Compounds containing a carbon-Li bond serve as
strong, nucleophilic bases to generate carbanions by proton abstraction and
lithium-halide exchange. The most commonly used reagents are butyllithium and
hexyllithium which are available on a large industrial scale. Special
organolithium compounds like methyllithium, phenyllithium can be used for
the introduction of the corresponding organic group. Organolithium amides like
lithium diisopropylamide (LDA) or lithium-bis(trimethylsilyl)amide (LHMDS ) are
also strong bases.
They supply a broad variety of Grignard reagents for the introduction of the
corresponding alkyl as or aryl group well as special alkali metal alkoxides.
Lithium metal, dissolved in liquid ammonia, is a versatile reducing agent for
the partial reduction of aromatics especially in the preparation of steroids
and vitamins. Furthermore, . Lithium amide is used as a base for condensation
and alkylation reactions,s. The most important product of this category is
lithium carbonate.
Research ands
Development:
R and D plays a crucial role in Sainor's current and future growth
plans. Process development and re-engineering is one area where R and D's
contribution has been vital to the company's operations.Sainor has a
state-of-the-science R and D Lab which is headed by a team of researchers whose
combined experience spans several decades of chequered laboratory performance.
Quality Assurance:
Quality is the competetive edge that Sainor's products inherently
possess. There are three elements to Sainor's Quality ethic: good materials,
good methods and good manpower. In other words, Quality-focussed individuals
and teams who understand completely that Quality encompasses every aspect of
operations - right from vendor development to waste management lead the Quality
effort at Sainor.
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.46.71 |
|
UK Pound |
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.66.98 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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. |
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 |
|