MIRA
INFORM REPORT
|
Report Date : |
28th
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
SHAMROCK INTERNATIONAL LIMITED |
|
|
|
|
Registered Office : |
83 E, Hansraj Pragji Building, Off
Dr. E. Moses Road, Worli, Mumbai – 400018, Maharashtra, India |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2004 |
|
|
|
|
Date of Incorporation : |
15.03.1994 |
|
|
|
|
Com. Reg. No.: |
11-77080 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51900MH1994PTC077080 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS23111E |
|
|
|
|
Legal Form : |
A closely held public limited liability company. |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Pharmaceuticals Raw Materials and
Intermediary. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
950000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having satisfactory track. Directors are reported as experienced,
respectable and having satisfactory means of their own. Their trade relations are fair. 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 / Marketing office : |
83 E, Hansraj Pragji Building, Off
Dr. E. Moses Road, Worli, Mumbai – 400018, Maharashtra, India |
|
Tel. No.: |
91-22-224904433 [8 Lines] |
|
Fax No.: |
91-22-224983300/24983344 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
4,500 sq.fts. |
|
Location : |
Leased |
|
|
|
|
Factory
: |
146, Takai Adoshi Road, Village Dheku, Taluka Khalapur, District
Raigad, Khopoli, Maharashtra |
|
|
|
|
Branches
1 : |
1009, Maker Chamber V, 221, Nariman Point, Mumbai – 400 021,
Maharashtra |
|
Tel.
No.: |
91-22-22840346 |
|
Fax
No.: |
91-22-22853553 |
|
Area : |
500 sq.fts. |
|
Location : |
Owned |
|
|
|
|
Branches
2 : |
2nd Floor, Shanbaug Estate, Colaba, Mumbai,
Maharashtra |
|
Area : |
2,200 sq.fts. |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Jitesh R. Khokhani |
|
Designation : |
Managing Director |
|
Address : |
8/9, Jeevan Vihar, Walkeshwar,
Mumbai, Maharashtra, India |
|
Date of Birth/Age : |
26.04.1973 |
|
Date of Appointment : |
01.08.1999 |
|
|
|
|
Name : |
Ms. Sheetal K. Khokhani |
|
Designation : |
Director |
|
Address : |
8/9, Jeevan Vihar, Walkeshwar,
Mumbai, Maharashtra, India |
|
|
|
|
Name : |
Mr. Chandrakant C. Chokshi |
|
Designation : |
Director |
|
Address : |
Uphar, 4th Floor,
Giri Road, Malabar Hill, Mumbai – 400007, Maharashtra, India |
|
Date of Birth/Age : |
06.12.1943 |
|
Date of Appointment : |
01.03.2000 |
|
|
|
|
Name
: |
Mr. Lalit K. Jain |
|
Designation
: |
Company
Secretary |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr. Jitesh R. Khokhani |
|
6,00,000 |
|
Shamrock Texyfab Limited |
|
2,00,000 |
|
Shamrock Pharmaceuticals Private Limited |
|
89,200 |
|
Shamrock Exports Private Limited |
|
110700 |
|
Mr. Clarine H. Bole |
|
80 |
|
Mr. Chandrakant C. Choksi |
|
10 |
|
Ms. Usha J. Sheth |
|
10 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Pharmaceuticals Raw Materials and
Intermediary. |
|
|
|
|
Products : |
> Dyes
Chemicals > Pharmaceuticals
Raw Material |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (30/90 days) |
|
|
|
|
Purchasing : |
Credit (30/60 days) |
PRODUCTION
STATUS
|
Particulars |
Unit |
|
|
Installed Capacity |
|
Pharmaceuticals Raw Materials |
Litres |
|
|
250000 |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
105 |
|
|
|
|
Bankers : |
v
Citibank N. A., Fort, Mumbai – 400 001, Maharashtra (The company do not enjoys banking facility from its’ banker) v
Corporation Bank v
Global Trust Bank Limited v
Hongkong Bank v
ICICI Bank Limited v
Laxmi Vilas Bank Limited v
Oriental Bank of Commerce v
State Bank of India v
Union Bank of India v
Indian Bank, Nariman Point, Mumbai-400021, Maharashtra, India |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors : |
F. G. Pedhiwala and Company Chartered Accountants 53, Bhajipala Lane, 2nd Floor, Mumbai – 400 003, Maharashtra |
|
Tel. No.: |
91-22-23401861 |
|
|
|
|
Associates/Subsidiaries : |
Shamrock Group |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 millions |
|
|
|
|
|
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
100.000 |
100.000 |
100.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
143.070 |
138.986 |
126.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
243.070 |
238.986 |
226.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
113.550 |
117.668 |
14.553 |
|
|
2] Unsecured Loans |
14.150 |
168.132 |
4.530 |
|
|
TOTAL BORROWING |
127.700 |
285.800 |
19.083 |
|
|
DEFERRED TAX LIABILITIES |
5.270 |
5.272 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
376.040 |
530.058 |
245.083 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
158.170 |
167.813 |
43.962 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.100 |
28.784 |
71.613 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
49.940 |
39.230 |
21.423 |
|
|
Sundry Debtors |
44.770 |
399.320 |
130.957 |
|
|
Cash & Bank Balances |
81.690 |
121.411 |
56.952 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
215.750 |
305.237 |
338.097 |
|
Total Current Assets |
392.150
|
865.198 |
547.429 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
224.280 |
582.981 |
469.433 |
|
|
Provisions |
1.880 |
0.800 |
0.800 |
|
Total Current Liabilities |
226.160
|
583.781 |
470.233 |
|
|
Net Current Assets |
165.990 |
281.417 |
77.196 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
51.780 |
52.044 |
52.312 |
|
|
|
|
|
|
|
|
TOTAL |
376.040 |
530.058 |
245.083 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
Sales Turnover [including other income] |
868.160 |
2099.089 |
1125.654 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
5.170 |
19.321 |
51.697 |
|
Provision
for Taxation |
1.080 |
-- |
-- |
|
Profit/(Loss)
After Tax |
4.090 |
19.321 |
51.697 |
|
|
|
|
|
|
Export
Value |
NA |
1963.923 |
993.141 |
|
|
|
|
|
|
Import
Value |
NA |
341.433 |
16.441 |
|
|
|
|
|
|
Total
Expenditure |
NA |
2079.768 |
1073.957 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
PAT / Total Income |
(%) |
0.47
|
0.92 |
4.59 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
0.60
|
0.92 |
4.59 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
0.94
|
1.87 |
8.74 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.08 |
0.23 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
1.46
|
3.64 |
2.17 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
1.73
|
1.48 |
1.16 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
Subject is engaged in the business as Manufacturer and Exporter of
Pharmaceuticals Raw Materials and Intermediary.
It is also engaged into carry on the business as buyers, sellers,
dealers and exporters of all types of commodities, crops, minerals, raw
materials, semi and manufactured products, goods and ware, plant, machinery,
tools and equipments, all types of fabrics made from natural and artificial
fibres or a blend of natural and artificial fibres, garments, foods and
beverages, etc.
It exports Pharmaceuticals Raw Material and Intermediary.
The company is in trade terms with:-
·
Acuatic Remedies Private Limited
218/219, Kailash Plaza, Ghatkopar (East), Mumbai,
Maharashtra
Tel.
91-22-55958111
·
Kapex Chemicals Private Limited
Plot No. 1, MIDC, Taloja, District– 410 200, Maharashtra
Profile
:
Shamrock Industrial Company Limited {SICL} is the
manufacturing division of Shamrock Group of companies, who had been primarily
involved in the field of Pharmaceuticals Raw Material, Intermediates and Fine
Chemicals since the past 23 years. 4
manufacturing facilities strategically located at Taloja, Chennai and Baroda in
India, where they are producing high quality products an exporting them to more
than 35 countries worldwide. In fact,
100% of its sales.
The company at Shamrock favour a ‘Partnership’ approach with
all its customers particularly for Contract Manufacturing and work closely with
its ‘Partners’ to ensure smooth transactions, transparency in business and above
all commitments to build a long-term relationship for the future.
The commitment involved in this ‘Partnership’ approach has
paid rich dividends and today the company is a 100% export oriented company
with several satisfied and esteemed customers which include some of the leading
API Manufacturers, Multinational Companies, Leading Laboratories and
Pharmaceutical Companies in more than 40 countries worldwide.
The company has received ISO 9000 and ISO 14000 certification.
Fixed assets
v
Computer
v
Furniture and fixtures
v
Motorcar – Opel
v
Motorcar – Safari
v
Office equipment
v
Electrical fittings.
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. 46.34 |
|
UK
Pound |
1 |
Rs. 84.21 |
|
Euro |
1 |
Rs. 58.14 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
|
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 |
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 |