MIRA
INFORM REPORT
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Report Date : |
31.05.2011 |
IDENTIFICATION DETAILS
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Name : |
SAINOR LABORATORIES PRIVATE LIMITED |
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Registered Office : |
15/C (Part), S V Co-Operative Industrial Estate, I D A, Jeedimetla, Hyderabad-500055,
Andhra Pradesh |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
02.12.2004 |
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Com. Reg. No.: |
01-44758 |
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Capital
Investment / Paid-up Capital : |
Rs.20.200 Millions |
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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 |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 370000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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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
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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 |
LOCATIONS
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Registered Office/ Factory : |
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, |
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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
As on : 30.09.2010
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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, |
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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 : |
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, |
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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, |
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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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Address : |
Flat No. 508, Srinilaya Estate,. Ameeret, Hyderabad – 500038, Andhra
Pradesh, India |
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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, |
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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 : 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Talupulla Venkateswarz Rao |
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367640 |
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Chandana Aruna Kumari |
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367640 |
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367640 |
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U Naga Udaya Bhaskaram |
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367640 |
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Manikonda Naga Sastry |
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367640 |
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Nadiminti Srinivas |
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60600 |
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Ramana Venkata Geddam |
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60600 |
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Rajeshwari Raja Potturi |
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60600 |
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Total |
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2020000 |
Equity Share Breakup (Percentage of Total Equity)
As on : 30.09.2010
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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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 : |
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GENERAL INFORMATION
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No. of Employees : |
150 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Chartered Accountant |
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Address : |
6-3-788/36 and 37/A, Durga Nagar Colony, Ameerpet, Hyderabad-500016, |
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Memberships : |
Bulk Drugs Manufacturers Association (BDMA) |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2020000 |
Equity Shares |
Rs. 10/-
each |
Rs.20.200
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
20.200 |
19.200 |
13.500 |
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2] Share Application Money |
4.974 |
1.494 |
0.890 |
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3] Reserves & Surplus |
67.082 |
41.828 |
22.088 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
92.256 |
62.522 |
36.478 |
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LOAN FUNDS |
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1] Secured Loans |
58.787 |
91.636 |
42.254 |
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2] Unsecured Loans |
23.935 |
15.809 |
6.463 |
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TOTAL BORROWING |
82.722 |
107.445 |
48.717 |
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DEFERRED TAX LIABILITIES |
2.234 |
2.748 |
2.272 |
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TOTAL |
177.212 |
172.715 |
87.467 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
64.602 |
65.286 |
49.160 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
14.800 |
15.407 |
7.050 |
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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 |
17.285
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25.476 |
18.351 |
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Sundry Debtors |
176.659
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105.360 |
113.943 |
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Cash & Bank Balances |
9.618
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3.243 |
4.715 |
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Other Current Assets |
0.000
|
2.671 |
2.649 |
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Loans & Advances |
20.377
|
33.845 |
14.925 |
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Total
Current Assets |
223.939
|
170.595 |
154.583 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
115.011
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61.821 |
114.822 |
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Provisions |
14.962
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19.672 |
8.755 |
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Total
Current Liabilities |
129.973
|
81.493 |
123.577 |
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Net Current Assets |
93.966
|
89.102 |
31.006 |
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MISCELLANEOUS EXPENSES |
3.844 |
2.920 |
0.251 |
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TOTAL |
177.212 |
172.715 |
87.467 |
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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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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
51.611 |
40.216 |
28.500 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
11.763 |
9.082 |
5.942 |
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PROFIT BEFORE
TAX |
39.848 |
31.134 |
22.558 |
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Less |
TAX |
14.446 |
11.394 |
8.056 |
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PROFIT AFTER TAX
|
25.401 |
19.739 |
14.502 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
15.673 |
15.251 |
NA |
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TOTAL EARNINGS |
15.673 |
15.251 |
NA |
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IMPORTS |
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CIF Value of Import |
0.208 |
0.682 |
NA |
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TOTAL IMPORTS |
0.208 |
0.682 |
NA |
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Earnings Per
Share (Rs.) |
12.57 |
10.28 |
NA
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.81
|
13.19 |
11.07 |
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Return on Investment (ROI) (PBT/Networth) |
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0.43
|
0.49 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.30
|
3.02 |
4.72 |
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Current Ratio (Current Asset/Current Liability) |
|
1.72
|
2.09 |
1.25 |
LOCAL AGENCY FURTHER INFORMATION
FUTURE OUTLOOK :
The directors are confident that the company would do well better in the
coming year.
OPERATIONS :
The company has just established its production capacities under finance
from A.P.S.F.C. and Union Bank of India and Are confident of doing much better
in the coming year.
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,
Form : 8
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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 |
15/C, (PART) S.V. Co-Op Industrial Estate IDA, Jeedimetla, Hyderabad - 500055, Andhra Pradesh, India |
|
This form is for |
Modification of charge |
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Type of charge |
Immovable property Any interest in immovable Property Book Debts |
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Particular of charge holder |
UNION BANK OF INDIA, SSI Finance Branch,
7-1-59/3, 2nd Floor, Bhavya Commercial Complex, Ameerpet, Hyderabad – 500016, Andhra Pradesh, INDIA |
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Nature of instrument creating charge |
Composite Hypothecation Deed Memorandum of Entry DP note |
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Date of instrument Creating the charge |
24/02/2011 |
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Amount secured by the charge |
Rs. 140.700 millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest Adhoc CC : 15.50 % p.a with monthly
rests; CC, TL I and II -Base + 4; ILC
/FLC- Usual. Terms
of repayment No change in the existing terms except
adhoc cc of Rs. 20.000 millions need to be adjusted with in 3 months from
24.02.2011 Margin Cash credit - 25% on stocks and 50% on
book debts Internal and import LC 25% Extent
and operation of the charge Working Capital (Cash Credit) - Rs. 60.000
millions Term Loan 1 - Rs. 2.500 millions Term Loan 2 - Rs.8.200 millions ILC/FLC - Rs. 50.000 millions Adhoc CC -
Rs. 20.000 millions Total of Rs. 140.700 millions. Other
Nil |
|
Short particulars of the property charged
(Including location of the property) |
Apart from existing securities, extension
of equitable mortgage of property
situated at Plot no. 15/C Part, situated at S.V. Co-operative industrial
estate, Jeedimetla Village, Quthbullapur Mandal. |
|
Date of instrument modifying the charge |
28/10/2010 |
|
Particulars of the present modification |
The Limits Were Increased From Rs. 120.785
millions to Rs. 140.700 millions As Follows : Working Capital (Cash Credit) Rs. 60.000
millions Term Loan 1- Rs. 2.500 millions Term Loan 2 -Rs. 8.200 millions ILC/FLC
- Rs. 50.000 millions Adhoc CC - Rs. 20.000 millions |
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. 45.10 |
|
|
1 |
Rs. 74.27 |
|
Euro |
1 |
Rs. 64.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.