MIRA
INFORM REPORT
|
Report Date : |
19.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAI LIFE SCIENCES LIMITED (w.e.f. 28.05.2012) |
|
|
|
|
Formerly Known
As : |
SAI ADVANTIUM PHARMA LIMITED |
|
|
|
|
Registered
Office : |
Luxor Park, 8-2-120/86/9/B, Road No.2, Banjara Hills, Opposite LV
Prasad Eye Institute, Hyderabad- 500033, Andhra Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 (Profit and Loss A/c) |
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|
|
|
Date of
Incorporation : |
25.01.1999 |
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|
|
|
Com. Reg. No.: |
01-030970 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 131.012 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110AP1999PLC030970 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDS03658E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECS6143F |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
The Company carries out Contract Research and Contract Manufacturing related
activities for customers in the Pharmaceutical and Biotechnology Industry. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 a satisfactory track record. The performance of the company appears to be good. The financial
position of the company is sound and healthy. Trade relations are reported as decent. Business is active. Payment
terms are usually correct and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB+ (Long term rating) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
14.12.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A2 (Short term rating) |
|
Rating Explanation |
Strong degree of safety and lowest credit risk. |
|
Date |
14.12.2012 |
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 : |
Luxor Park, 8-2-120/86/9/B, Road No.2, Banjara Hills, Opposite LV
Prasad Eye Institute, Hyderabad- 500033, Andhra Pradesh, India |
|
Tel. No.: |
91-40-66777555 / 23608222 |
|
Fax No.: |
91-40-23542666 / 23555979 |
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E-Mail : |
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|
Website : |
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Branch Office: |
Bulding 1, Plot #2, Chrysalis Enclave, International Biotech Park,
Phase II, Hinjew, Pune-411057, Maharashtra, India |
DIRECTORS
As on 01.08.2012
|
Name : |
Mr. Ranga Raju Kanumuri |
|
Designation : |
Whole-time director |
|
Address : |
8-2-120/A/4, Road No.9, Jubilee Hills, Hyderabad-500034, Andhra
Pradesh, India |
|
Date of Birth/Age : |
05.01.1951 |
|
Qualification : |
Ph D in Pharmacy |
|
Date of Appointment : |
01.08.2012 |
|
DIN No.: |
00043186 |
|
|
|
|
Name : |
Mr. Krishnamraju Kanumuri |
|
Designation : |
Managing director |
|
Address : |
8-2-120/A/4, Road No.9, Jubilee Hills, Hyderabad-500034, Andhra
Pradesh, India |
|
Date of Birth/Age : |
10.02.1971 |
|
Qualification : |
BE in Chemical Engineering, MBA |
|
Date of Appointment : |
01.07.2011 |
|
DIN No.: |
00064614 |
|
|
|
|
Name : |
Mr. Penmasta A. Raju |
|
Designation : |
Director |
|
Address : |
22640 Beaverdam Drive, Ashburn, Virginia-20148, USA |
|
Date of Birth/Age : |
22.09.1952 |
|
Qualification : |
Ph D in Organic Chemistry |
|
Date of Appointment : |
08.03.1999 |
|
DIN No.: |
00897301 |
|
|
|
|
Name : |
Mr. Moriarty Robert Michael |
|
Designation : |
Director |
|
Address : |
3739, Michiana Drive, Michigan City, Indiana-46360, USA |
|
Date of Birth/Age : |
31.05.1965 |
|
Qualification : |
Ph D |
|
Date of Appointment : |
25.08.2007 |
|
DIN No.: |
00897207 |
|
|
|
|
Name : |
Mr. Tatta Raja Gopal Srirama |
|
Designation : |
Director |
|
Address : |
17, Lynwood Way, West Orange, New Jercy-07052, USA |
|
Date of Birth/Age : |
17.05.1951 |
|
Qualification : |
Certified Public Accountant (US), CA and MBA |
|
Date of Appointment : |
25.08.2007 |
|
DIN No.: |
00988348 |
|
|
|
|
Name : |
Mr. William Lamar Greene |
|
Designation : |
Director |
|
Address : |
973, Crestview Dr, San Carlos-97070 , California |
|
Date of Birth/Age : |
02.08.1963 |
|
Qualification : |
BA and MD |
|
Date of Appointment : |
11.09.2008 |
|
DIN No.: |
02164781 |
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|
|
|
Name : |
Mr. Gautam Mago |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
D 202, Lloys Estate, Wadala (East), Mumbai-500037, Maharashtra, India |
|
Date of Birth/Age : |
12.03.1979 |
|
Qualification : |
MBA, ICAI |
|
Date of Appointment : |
09.02.2012 |
|
DIN No.: |
03568682 |
KEY EXECUTIVES
|
Name : |
Mrs. Runa Karan |
|
Designation : |
Secretary |
|
Address : |
46, MIGH, Behind Ganesh Temple, Vijaynagar Colony, Hyderabad-500057,
Andhra Pradesh |
|
Date of Birth/Age : |
16.08.1974 |
|
Date of Appointment : |
03.10.2008 |
|
PAN No.: |
AKLPK3369B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 01.08.2012
Note: Major Shareholders detail
file Attached
Equity Share Break up (Percentage of Total Equity)
As on 01.08.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
35.36 |
|
Bodies corporate |
5.82 |
|
Directors or relatives of Directors |
43.14 |
|
Other top fifty shareholders |
15.04 |
|
Others |
0.64 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company carries out Contract Research and Contract Manufacturing
related activities for customers in the Pharmaceutical and Biotechnology
Industry. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Bank of Bahrain and Kuwait, 6-3-550, L.B. Bhawan,
Akashganga, Somajiguda, Hyderabad - 500082, Andhra Pradesh, India ·
State Bank of India, Overseas Branch, Plot
No.241/A, Road No.36, Rajala Towers, 2nd and 3rd Floor,
Jubilee Hills, Hyderabad - 500033, Andhra Pradesh, India |
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Facilities : |
Footnotes (A) Note: Term
loans are secured by way of first charge on the fixed assets and extension of
first charge on present and future current assets. (B) Note: Term loans
are secured by way of first charge on the fixed assets and extension of first
charge on present and future current assets. (C) Includes
Cash credit are secured by way of first charge on present and future current
assets and extension of first charge on fixed assets. (D) Includes
Cash credit are secured by way of first charge on present and future current
assets and extension of first charge on fixed assets. (E) Secured by
hypothecation of vehicles. (F) Secured by hypothecation of vehicles. |
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Banking
Relations : |
-- |
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Auditors : (As on 31.03.2011) |
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|
Name : |
B S R and Associates Chartered Accountants |
|
Address : |
Reliance Humsafar Banjara Hills, Hyderabad, Andhra Pradesh, India |
|
PAN No.: |
AAIFB7355D |
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|
|
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Subsidiaries : (As on
31.03.2011) |
·
Sai Life Sciences Inc, USA |
|
|
|
|
Companies in
which Directors / Directors relatives are interested : (As on
31.03.2011) |
·
Sai Quest Syn Private Limited, India ·
Chemrich Fine Chemicals Private Limited, India ·
MPM Asset Management LLC, USA |
CAPITAL STRUCTURE
As on 01.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21400000 |
Equity Shares |
Rs.10/- each |
Rs.214.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13144200 |
Equity Shares |
Rs.10/- each |
Rs.131.442 Millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21400000 |
Equity Shares |
Rs.10/- each |
Rs.214.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13101200 |
Equity Shares |
Rs.10/- each |
Rs.131.012 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
131.012 |
131.012 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
1312.974 |
1105.214 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1443.986 |
1236.226 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
652.317 |
579.446 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
652.317 |
579.446 |
|
|
DEFERRED TAX LIABILITIES |
|
87.746 |
51.140 |
|
|
|
|
|
|
|
|
TOTAL |
|
2184.049 |
1866.812 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1326.518 |
1246.303 |
|
|
Capital work-in-progress |
|
73.136 |
25.082 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
10.581 |
0.384 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
224.309
|
188.800 |
|
|
Sundry Debtors |
|
461.937
|
306.384 |
|
|
Cash & Bank Balances |
|
185.621
|
200.228 |
|
|
Other Current Assets |
|
27.368
|
10.721 |
|
|
Loans & Advances |
|
287.144
|
188.515 |
|
Total
Current Assets |
|
1186.379
|
894.648 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
326.343
|
246.536 |
|
|
Other Current Liabilities |
|
36.328
|
33.601 |
|
|
Provisions |
|
49.894
|
19.468 |
|
Total
Current Liabilities |
|
412.565
|
299.605 |
|
|
Net Current Assets |
|
773.814
|
595.043 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
2184.049 |
1866.812 |
|
Note: Profit and
Loss for the year 2012 is only available Balance Sheet is not available
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2247.940 |
1844.405 |
1460.668 |
|
|
|
Other Income |
18.853 |
15.119 |
40.128 |
|
|
|
TOTAL (A) |
2266.793 |
1859.524 |
1500.796 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
696.018 |
|
|
|
|
|
Employee benefit expense |
643.748 |
534.851 |
1257.608 |
|
|
|
Other expenses |
511.609 |
389.372 |
|
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
39.545 |
(32.729) |
|
|
|
|
TOTAL (B) |
1890.920 |
1494.118 |
1257.608 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) |
375.873 |
365.406 |
243.188 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
88.394 |
19.667 |
53.052 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
287.479 |
345.739 |
190.136 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
109.794 |
96.901 |
81.722 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
177.685 |
248.838 |
108.414 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
49.891 |
41.078 |
33.415 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
127.794 |
207.760 |
74.999 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods and services |
2231.157 |
1820.577 |
1440.761 |
|
|
TOTAL EARNINGS |
2231.157 |
1820.577 |
1440.761 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
156.097 |
234.273 |
225.861 |
|
|
|
Stores & Spares |
8.064 |
17.043 |
5.555 |
|
|
|
Capital Goods |
54.637 |
95.483 |
46.855 |
|
|
TOTAL IMPORTS |
218.798 |
346.799 |
278.271 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
9.74 |
15.86 |
5.77 |
|
|
|
Diluted |
9.50 |
15.78 |
5.73 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.64
|
11.26
|
5.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.90
|
13.49
|
7.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
9.90
|
5.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.17
|
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
NA
|
0.45
|
0.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA
|
2.88
|
2.99 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
NATURE OF
OPERATION
Subject was
incorporated on 25 January 1999 as a closely held public limited company. The
Company is headquartered in Hyderabad, India and has facilities in the states of
Andhra Pradesh, Karnataka and Maharashtra. The Company carries out contract
research and contract manufacturing related activities for customers in the
pharmaceutical and biotechnology industry.
AMALGAMATION OF
ADVANTIUM PHARMA PRIVATELIMITED
BACKGROUND
Advantium Pharma
Private Limited 'APPL' was incorporated on 29 March 2005. On 3 October 2007
SAPL purchased entire share capital of Subject and effective that date Subject
became a wholly owned subsidiary of SAPL. On 10 June 2009 the Board of Directors
of the Company passed a resolution for the merger of Subject with the Company.
A Scheme of Arrangement 'the Scheme' pursuant to Section 391 read with Section
394 of the Companies Act1956 'the Act' and other applicable provisions was
filed before the Honourable High Court of Andhra Pradesh for the amalgamation
of Subject transferor company and SAPL transferee company.
The Honourable
High Court of Andhra Pradesh sanctioned the Scheme vide its Order dated 1 April
2010; the amalgamation is effective from 1 April 2009. During the previous year
in line with Accounting Standard 4 Contingencies and Events Occurring After the
Balance Sheet Date financial statements for the year ended 31 March 2010 was
prepared after in corporating the financials of Subject with that of the
Company’s results.
SALIENT FEATURES OF THE SCHEME
The salient
features of the scheme of arrangement for the amalgamation are as follows:
The Appointed Date
of the Scheme for the amalgamation is 1 April 2009.
- With effect from
the Appointed Date the entire undertaking of the transferor company including
all its movable and immovable properties in possession or reversion present or
contingent of whatsoever nature and wherever situated be transferred and vest
with transferee company in accordance with and under section 394 of the Act.
- With effect from
the Appointed Date all debts liabilities duties and obligations of whatsoever
nature shall without any further act or deed be transferred to and taken over
by the transferee company in accordance with and under section 394 of the Act.
- All legal and
other proceedings and actions of whatsoever nature in any Court or Tribunal or
before any authority be continued and prosecuted by or against transferee
company in the same manner and to the same extent as they would have been
continued and prosecuted by or against transferor company if the scheme had not
been given effect to.
- The employees of the transferor company shall become the employees of
the transferee company without interruption in service.
CONSIDERATION
(Rs. in millions)
|
Issued, subscribed and paid up capital |
|
|
Sai Advantium Pharma Limited (791,495 shares of Rs 10 each) |
7.915 |
|
Dr. K. Rangaraju (SAPL nominee) ( 10 shares of Rs 10 each) |
0.000 |
|
Total |
7.915 |
(Rs. in millions)
|
Particulars |
|
|
Sundry debtors |
3.626 |
|
Total assets (A) |
3.626 |
|
Current liabilities and provisions |
0.016 |
|
Total liabilities (B) |
0.016 |
|
Net assets of transferor company as at 1 April 2010 (A-B) |
3.610 |
|
Less: Purchase consideration |
- |
|
Profit/ (loss) on amalgamation |
(3.610) |
|
Less: General reserve taken over from APPL |
(0.695) |
|
Amount taken to profit and loss account |
(4.305) |
As per the Scheme
all theequity shares held by the Company in APPL and its nominees shall be
cancelled.Accordingly there will be no issue and allotment of shares in the Company
tothe shareholders of APPL upon the scheme of amalgamation becomeeffective.
Hence consideration is considered to be ‘Nil’.
Accounting
treatment
The Company has
accounted for the merger in its books as per the Pooling of Interest Method of
Accounting prescribed under the Accounting Standard 14 issued by the Institute
of Chartered Accountants of India such that –
- All the assets
and liabilities recorded in the books of APPL have been transferred to and vested
in the Company pursuant to the Scheme and have been recorded by the Transferee
Company at their book values as appearing in the books of the Transferor
Company;
- On and from the
Appointed Date the reserves and the balance in the Profit and Loss Account of
the Transferor Company have been merged with those of the Transferee Company in
the same form as they appear in the financial statements of the Transferor
Company;
- Difference in
accounting policies between the Transferor Companies and Transferee Company
have been quantified and adjusted in the profit and loss account of the
Transferee Company to ensure that the financial statements of the Transferee
Company reflect the financial position on the basis of consistent accounting
policies.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U24110AP1999PLC030970 |
|
Name of the company |
SAI LIFE SCIENCES LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Luxor Park, 8-2-120/86/9/B, Road No.2, Banjara Hills, Opposite LV
Prasad Eye Institute, Hyderabad- 500033, Andhra Pradesh, India Email: runa.k@saiadvantium.com
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10374871 |
|
Type of charge |
·
Immovable property ·
Book debts ·
Movable property (not being pledge) |
|
Particular of charge holder |
Bank of Bahrain
and Kuwait, 6-3-550, L.B. Bhawan, Akashganga, Somajiguda, Hyderabad - 500082,
Andhra Pradesh, India Email: samba@bbkindia.com |
|
Nature of instrument creating charge |
Memorandum of Entry for creation of mortgage by deposit of title deeds |
|
Date of instrument Creating the charge |
25.10.2012 |
|
Amount secured by the charge |
Rs. 216.806 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest 6 month US LIBOR +500 bps; subject to minimum of 7.5% p.a. LIBOR
re-set at half yearly intervals. Interest to be serviced at monthly rests Terms of Repayment Repayable in monthly installments Extent and Operation of the charge 1. Pari passu 1st charge on the entire fixed assets of the company
along with other member banks 2. Pari passu 2nd charge on the entire current assets of the company
along with other member banks |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Land admeasuring Ac 2.17Gts under survey nos. 296/7/3 and 296/7/4
along with structures thereon located at Bollaram, Jinnarram Mandal, Medak
District - Unit III Land admeasuring 7974 sq. mts. at Plot No, 80-B under survey nos
13& 14 along with structures thereon located at Nizampur village, Kolhar
Industrial Area, Bidar, Karnataka - Unit IV Land admeasuring 8044 Sq. Mts. along with structures thereon located
at Plot No.80(A), Sy. No. 11&12, Nizampur Village, Kolhar Industrial
Area, Bidar, Karnataka - Unit IV Land admeasuring Ac. 5.942 in plot nos 103 to 114 under survey no.250, 283, 285, 286 &298 at
Pashmylaram village, Sangareddy Taluk, Medak Dist E.M. of lease hold rights of land in favour of the Company (lease period:
33 years) Ac 10.85 cents bearing plot no. 87 & 88, located in Ramky
Pharma City (India) Limited - SEZ, Visakhapatnam EM of lease hold rights of 5.00 Ac of land situated at Plot No. DS-7
in ICICI knowledge Park, Turkapally Village, Shameerpet, RR Dist (Lease
period- 51 years commencing from 21.03.2006) Land admeasuring Ac 3.25 gts in survey No. 310/E and 315 situated at
Muthangi village, Patancheru Mandal, Medak Dist. Land admeasuring 8124.50 Sq. Mts. along with structures thereon
located at Plot No.81(A), situated in Sy. No. 20 and 21/2/1 of Backchowdi
village in Kolhar Industrial Area, Bidar, Karnataka - Unit IV Land admeasuring 8166.17 Sq. Mts. located at Plot No.82, situated in
Sy. No. 14 of Nizampur village in Kolhar Industrial Area, Bidar, Karnataka -
Unit IV Pari passu 1st charge on the entire fixed assets of the company at
various locations along with other member banks Pari passu 2nd charge on the entire current assets of the company at
various location |
|
Date of
instrument modifying the charge |
29.03.2012 |
|
Particulars of the present modification |
Memorandum of entry for creation of mortgage by deposit of title deeds
in favour of SBI, SBH, Bank of Bahrain and Kuwait and ICICI Bank |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2011 |
|
Bank guarantees |
32.517 |
|
Letters of credit outstanding |
16.697 |
|
Estimated amount of contracts remaining to be executed on capital
account and not provided for net of advances |
66.528 |
|
Claims against the Company not acknowledged as debts in respect of |
|
|
A Income tax matters |
8.129 |
|
B Service tax matters |
6.923 |
WEB DETAILS
PRESS RELEASE
SUCCESS AT CPHI MADRID 2012
OCTOBER 15, 2012
Krishna Kanumuri CEO of SAI Life Sciences Ltd. confirmed that the recent CPhI at Madrid had been a tremendous success. Emphasis was on delivering a quality feel to the presentation of the stand and emphasizing the company’s credentials as a growing supplier to large western pharma.
‘The show is a good meeting place in terms of getting all the key players in one location. Obvious ostentation has to be tempered, but you also don’t want to show a few molecules on charts or lists of chemical compounds you can make, this can down play the importance of human relationships’.
SAI with its new Octahedron logo focuses on the quality of its people and the partnerships it builds over time.
We like to think differently to others and this inspired our event on the Wednesday 10th October at the world renowned Thyssen Museum Madrid. Over 50 guests were treated to a preview of the newly opened Gauguin exhibition which centres on this famous artist travelling abroad and discovering how the natural world is changing rapidly under the pressure of human encroachment.
The museum reflects the world class event we liked to be connected with. Our home is in India but we have a world view and a world perspective.
So the exhibition was a natural moment to reflect on why we are all together gathered at the CPhI. We are concerned about humanity and making it better for people and this requires sometimes the plus 1 thinking we employ at the company. Every person at SAI is important and can make a contribution to our on-going success. PLUS 1 is a simple way of also saying that we add to our relationships in lots of ways.
There is work to do now to respond to the challenges we face and the opportunities our customers have outlined. This is a good thing for SAI, because we have never shirked hard work to help grow the organisation and deliver the goods.
Krishna Kanumuri CEO SAI Life Sciences Limited
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 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 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.54.29 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.