1.Company Information

Senores Pharmaceuticals primarily focuses on the development and manufacture of generic pharmaceutical products for Regulated Markets, such as the US, Canada, and the United Kingdom. In addition to this, they operate in Emerging Markets and also have a Critical Care Injectables business that supplies hospitals in India. They manufacture APIs for both the domestic and SAARC markets and plan to expand their API business into Regulated and semi-regulated markets. The company currently has several manufacturing sites in operation. Their US FDA-approved OSD formulation manufacturing facility is in the US. They also have two facilities in India; a WHO-GMP approved facility in Chhatral (Ahmedabad), Gujarat, for products sold in Emerging Markets, and a facility in Naroda for manufacturing critical care injectables. They are currently in the process of setting up a new greenfield API manufacturing unit in Chhatral and plan to invest in a subsidiary, Havix, to set up a new manufacturing facility for sterile injections at their Atlanta facility. Senores Pharmaceuticals has a good track record of financial performance. They have a strategy of identifying, developing, and commercializing specialty and complex niche products in the mid-market range. This focus on more niche and complex products has led to higher margins. The majority of the company's revenue is generated from sales to their top 10 customers, most of which are based in the US and Canada. While this is a potential risk for investors, Senores Pharmaceuticals are looking to expand into new markets. They have not paid any dividends in the last three fiscal years and they do not guarantee that they will pay dividends in the future.

2. Strenghts

Senores Pharmaceuticals Limited has identified several key strengths that contribute to its competitive advantage in the global pharmaceutical market. The top five strengths are:
1. Access to Regulated Markets: Senores Pharmaceuticals has a US FDA-approved manufacturing facility in the US, enabling them to directly cater to the lucrative markets of the US, Canada, and the United Kingdom. This facility is also DEA approved, making them eligible to manufacture formulations containing controlled substances for the US market. It also complies with the Trade Agreements Act and the Buy American Act, a prerequisite for government supplies in the US.
2. Niche Product Portfolio: The company has built a distinct portfolio of niche and complex generic products for the Regulated Markets of the US, Canada, and the United Kingdom. This strategy of focusing on specialty and complex products with limited competition insulates them from pricing pressures and allows for higher profit margins.
3. Long-Term Marketing Arrangements: Senores Pharmaceuticals benefits from long-term marketing arrangements with pharmaceutical companies in the Regulated Markets of the US, Canada, and the United Kingdom. These established relationships provide a stable revenue stream and contribute to their rapid business growth.
4. Strong Presence in Emerging Markets: Senores Pharmaceuticals has a significant presence in the Emerging Markets with a diversified product portfolio, including specialty and complex products3. They are present in 43 countries and are strategically expanding into new markets to further diversify their revenue streams.
5. Robust R&D Capabilities: Senores Pharmaceuticals has invested in research and development capabilities, which drive its differentiated portfolio of products. With dedicated R&D facilities in India and the US, they are well-positioned to continue developing new products and expanding into new therapeutic areas.

3. Objects of the Issue

The Company proposes to utilise the Net Proceeds towards funding the following objects:
- Investment in one of the Subsidiaries, Havix Group, Inc. d/b/aAavis Pharmaceuticals(“Havix”), to fund capital expenditure requirements for setting up a manufacturing - facility for the production of sterile injections in the Atlanta Facility;
- Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company;
- Investment in the Subsidiary, namely, Havix, for re-payment/pre-payment in whole or part of certain borrowings availed by such Subsidiary;
- Funding the working capital requirements of the Company;
- Investment in the Subsidiaries, namely, Senores Pharmaceuticals Inc. (“SPI”)and Ratnatris Pharmaceutical Private Limited (“Ratnatris”), to fund their working capital requirements.
- Funding inorganic growth through acquisition and other strategic initiatives and general corporate purposes.

4.Senores Pharmaceuticals Limited IPO Registrar

Link Intime India Private Ltd

Phone: +91-22-4918 6270

Email: senorespharma.ipo@linkintime.co.in

Website:  https://linkintime.co.in/Initial_Offer/public-issues.html