MIRA INFORM REPORT
|
Report Date : |
26.12.2006 |
IDENTIFICATION DETAILS
|
Name : |
SHALINA LABORATORIES
PRIVATE LIMITED |
|
|
|
|
Registered Office : |
96, Maker Chamber VI, Nariman
Point, Mumbai – 400 021, Maharashtra, India |
|
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|
|
Country : |
India |
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|
|
|
Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.12.1984 |
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|
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Com. Reg. No.: |
11-34786 |
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|
|
CIN No.: [Company Identification No.] |
U24239MH1984PTC034786 |
|
|
|
|
TAN No.: [Tax Deduction & Collection Account No.] |
MUMS37632A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCC1423M |
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|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business : |
Manufacturing and Exporting
of Pharmaceutical Formulations and Chemicals. |
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 1000000 |
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|
|
|
Status : |
Satisfactory |
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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 satisfactory track. Directors are reported as
experienced, respectable and having satisfactory means of their own.
Financial position is good. Payments are correct and as per commitments. The company can be considered
good for any normal business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
96, Maker Chamber VI,
Nariman Point, Mumbai – 400 021, Maharashtra, India |
|
Tel. No.: |
91-22-2281 5577 / 2287 5058 |
|
Fax No.: |
91-22-2287 5390 |
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E-Mail : |
shalina@vsnl.com, info@shalinalabs.com, theresa.dmello@shalina.com |
|
Website : |
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Factory 1 : |
C/48/3, TTC Industrial
Area, Near Galaxy Research Centre |
|
Tel. No.: |
91-22-2763
5222 |
|
Fax No.: |
91-22-2763
5226 |
DIRECTORS
|
Name : |
Mr. Shiraz M. Virji |
|
Designation : |
Director |
|
Address : |
201,
Samudra Gupta, Green Fields Opposite Juhu Office, Juhu – 400049, Mumbai |
|
Date of Birth : |
09.06.1948 |
|
Date of Appointment : |
12.12.1984 |
|
|
|
|
Name : |
Mrs. Theresa D’Mello |
|
Designation : |
Director
|
|
Address : |
304,
Landmark Matarpada Road, Amboli, Andheri (West), Mumbai – 400058 |
|
Date of Birth : |
29.11.1964 |
|
Date of Appointment : |
03.07.2001 |
|
|
|
|
Name : |
Mr. Leonard D’Costa |
|
Designation : |
Director
|
|
Address : |
874
Central Park, Andheri Kurla Road, Andheri (West), Mumbai |
|
Date of Birth : |
24.01.1951 |
|
Date of Appointment : |
24.09.2004 |
|
Tel. No.: |
91-22-28213471 |
|
E-Mail.: |
|
|
Directorship in other
companies |
Shalina
Trading Company Private Limited CIN.
No.: U51900MH1981PTC024779 |
|
|
|
|
Name : |
Mr.
Pasupathy Puthuseri Veedu |
|
Designation : |
Director
|
|
Address : |
3,
Ashiwini, B Wing, Apnaghar Housing Society, Andheri (West), Mumbai – 400053 |
|
Tel. No.: |
91-22-66965768 |
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Fax. No.: |
91-22-27635226 |
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E-Mail.: |
|
|
Directorship in other companies
|
Shalina
Trading Company Private Limited CIN.
No.: U51900MH1981PTC024779 |
|
|
|
|
Name : |
Ms.
Neelam Virji |
|
Designation : |
Additional
Director |
|
Address : |
20
Waldeck Road, London, UK |
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Tel. No.: |
044
208 9915253 |
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E-Mail.: |
|
|
Directorship in other
companies |
Shalina
Trading Company Private Limited CIN.
No.: U51900MH1981PTC024779 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Neelam S. Virji |
6,197,664 |
|
Neelam S. Virji Theresa D’Mello |
31 |
|
Neelam S. Virji Leonard D’Costa |
1 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Exporting
of Pharmaceutical Formulations and Chemicals. |
|
|
|
|
Products : |
Item Code No. (ITC Code) Production Description 29411002 Ampicilline Trihydrate 29222914 Paracetamol 29379904 Betamethasone
Dipropionate |
GENERAL INFORMATION
|
No. of Employees : |
50 |
|
|
|
|
Bankers : |
Ø
State Bank of India,
Overseas Branch, World Trade Centre, Cuffe Parade, Mumbai – 400 005,
Maharashtra, INDIA Ø
UTI Bank Limited, Universal Insurance Building, Ground Floor, P M
Road, Fort, Mumbai - 400001 |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors : |
Jagtiani & Naik Chartered Accountants, 12-13, Esplanade, 3rd
Floor, Amrit Keshav Nayak Marg, Fort, Mumbai – 400 001, Maharashtra, India Tel. No. 91-22-22331785/22076071/22002875 Fax
No. 91-22-22002875 |
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|
|
|
Associates/Subsidiaries
: |
Ø
Shalina Trading
Company Private Limited - Manufacturer,
Exporter, Importers of Gems & Jewellery and Chemicals. Ø
Dynamic Software
Private Limited Ø
Anar Construction
Private Limited Ø
Khopoli Fish Farming
Private Limited Ø
Neelam Land
Development Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6,200,000 |
Equity Shares |
Rs. 10/- each |
Rs. 62.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6,197,696 |
Equity Shares |
Rs. 10/- each |
Rs. 61.976 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF
FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
61.976 |
61.976 |
61.976 |
|
2] Reserves & Surplus |
240.856 |
212.503 |
181.997 |
|
NETWORTH |
302.832 |
274.479 |
243.973 |
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
378.400 |
222.893 |
157.830 |
|
2] Unsecured Loans |
0.000 |
54.543 |
4.758 |
|
TOTAL
BORROWING |
378.400 |
277.436 |
162.588 |
|
3] Deferred Tax Liability |
4.454 |
8.267 |
5.116 |
|
|
|
|
|
GRAND TOTAL
|
685.686 |
560.182 |
411.677 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
91.340 |
100.239 |
57.479 |
|
Capital work-in-progress |
0.000 |
2.601 |
27.281 |
|
|
|
|
|
|
INVESTMENTS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
131.234 |
166.575 |
115.680 |
|
Sundry Debtors |
771.016 |
622.643 |
187.943 |
|
Cash & Bank Balances |
57.945 |
11.876 |
148.801 |
|
Other Current Assets |
25.361 |
11.880 |
9.578 |
|
Loans & Advances |
116.487 |
135.814 |
234.817 |
|
Total
Current Assets |
1102.043 |
948.788 |
696.819 |
|
Less : |
|
|
|
|
Current Liabilities |
476.351 |
474.607 |
364.376 |
Provisions
|
31.346 |
16.839 |
5.526 |
Total Current Liabilities
|
507.697 |
491.446 |
369.902 |
|
Net Current Assets |
594.346 |
457.342 |
326.917
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
GRAND TOTAL
|
685.686 |
560.182 |
411.677 |
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
|
1830.545 |
908.542 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
47.509 |
18.933 |
Provision for Taxation
|
|
(3.800) |
(3.000) |
Profit/(Loss) After Tax
|
|
33.709 |
15.933 |
|
|
|
|
|
Export Value
|
|
1767.700 |
858.600 |
|
|
|
|
|
Import Value
|
|
202.500 |
65.900 |
|
|
|
|
|
Total Expenditure
|
|
1783.035 |
889.609 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
-- |
1.84 |
1.75
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
-- |
2.59 |
2.08
|
|
|
|
|
|
|
Return on Total Assets
(PBT/Total Assets} |
(%) |
-- |
4.52 |
2.42
|
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
-- |
0.17 |
0.07
|
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
2.92 |
2.80 |
2.18
|
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
594.34 |
1.93 |
1.88
|
LOCAL AGENCY FURTHER INFORMATION
|
Name
of the company |
SHALINA LABORATORIES PRIVATE
LIMITED |
|
Presented
By |
UTI
Bank Limited, Universal Insurance Building, Ground Floor, P M Road, Fort,
Mumbai - 400001 |
|
Date
and Description of the instrument creating charge |
Agreement
for hypothecation of current assets dated 18.08.2005 |
|
Amount
Secured by the charge or amount owing on security of the charge |
Rs.
120.000 Millions |
|
Short
particulars of the property charged if property acquired is subject to charge
date of acquisition of property should be given |
Hypothecation
of all present & future stock including raw material, stock in process
cash & other current assets whatsoever being movable properties belonging
to the company or at its disposal stored or to be any other place whatsoever
and whosesoever in company possessions or occupation and outstanding monies
receivable, claims & bills due to company in course or its business |
|
Gist
of the terms and conditions and extent & operation of charge Margin – 25% Rate
of Interst |
CC/EPC/PSC
– Rs. 90.000 Millions Letter
of credit – Rs. 30.000 Millions Total
– Rs. 120.000 Millions |
|
Name,
address and description of the person entitled to charge |
UTI
Bank Limited, Universal Insurance Building, Ground Floor, P M Road, Fort,
Mumbai - 400001 |
|
Date
and brief of the description of instrument modifying the charge |
Not
Applicable |
|
Particulars
of modification the terms, conditions the extent or operation of the charge
in which modification |
Not
Applicable |
It is in trade terms with :
Ø
Angiplast Private
Limited
Ø
Bhavin Containers
Private Limited
Ø
Gopaldas Visram &
Company
Ø
Impress Containers
Company
Ø
Kilitch Drugs (India)
Limited
Ø
K. Laminates
Ø
Lifon Industries
Ø
Neha Metal Industries
Private Limited
Ø
Ronak Mint Products
Private Limited
Ø
Shree Arun Packaging
Private Limited
Ø
Shri Krishna Drugs
Limited
Ø
Veekay Enterprises
Ø
Waxoils Private Limited
The
name board of the company could be sighted.
The visibility of the name board is high. It is easy to locate the office of the company.
The company’s fixed assets of important value include Leasehold Land, Residential Flat, Plant & Machinery, Plant & Machinery (fabrication), Electrical Installation, Moulds & dies, Computers, Office Equipments, Furniture & Fixtures and Vehicles.
AS PER WEBSITE
Welcome
to the website of Shalina Laboratories Private. Limited. They are leading
manufacturers and exporters of pharmaceuticals, beauty/ personal care products
and nutritional supplements.
They aim to break new grounds each year to increase their growth and success.
They are on a mission to develop and market innovative quality products at
affordable prices that extend and enhance human life. A mission called
"SHALINA" for Stimulating, Hard-working, Adventurous, Loyal,
Inspiring, Novel and Accomplished.
With over 10 years experience in the pharmaceutical industry, Shalina's
products are well established and accepted by medical professionals and end
users alike in the African Continent.
Following are the awards that recognise Shalina Laboratories Private. Limited
for its excellence:
Since 1985, Shalina Laboratories Private. Limited has been
accorded the status of Government
Recognised Export House by the Director General of Foreign Trade by the
Government of India.
Certificate of Merit from CHEMEXCIL in 1994 - 95
Export Award excellent performance by CHEMEXCIL in 1995-96
The National Export Award for
Outstanding Performance by
The Government of India, Ministry of Commerce and Industry in 1998-99
The Trishul Award for Best Performance from CHEMEXCIL in 1998-99
ABOUT COMPANY
SHALINA LABORATORIES Private.LIMITED, A GOVERNMENT
RECOGNISED EXPORT HOUSE, is a leading
world-wide health and personal care company whose principal business is the supply
of pharmaceuticals; beauty care; personal care products; nutritional
supplements; medical devices and chemicals.
Shalina successfully develop and market innovative products that improve,
enhance and extend human life; and they pride ourselves on delivering total
quality products at an affordable price.
Their products are well established and accepted by medical professionals and
end users alike in the African Continent. Shalina's dosage forms include:
Capsules
Tablets
Injections
Vitamins
Oral liquids
Topical and opthalmic preparations.
These dosage forms cover a number of therapeutic categories like Analgesics;
Antipyretics; Anti-inflammatories; Antacids; Antirheumatics; Antihistamines;
Expectorants; Diuretics; Cardiac and Vascular disorders; Vitamins; and
Nutritional supplements.
Their leading branded products include Ampi, Diproson, Hemoforce, Tonic
Shalina, Sulfatrim, Shalcip, Betasol, Wormex, Super Apeti, Ibucap, Zanzicap,
Amidol, Malarquine, Shalvit, Shaltoux and Zamoxyl. This is further strengthened
by a wide range of generic drug formulations.
The Company's efforts were boosted after receiving the status of Government
Recognised Export House from the Director General of Foreign Trade, Government
of India, since 1995. In addition, Shalina has been honoured with the following
prestigious awards -
Since 1985, Shalina Laboratories Private. Limited has been
accorded the status of Government
Recognised Export House by the Director General of Foreign Trade by the
Government of India.
Certificate of Merit from CHEMEXCIL in 1994 - 95
Export Award excellent performance by CHEMEXCIL in 1995-96
The National Export Award for
Outstanding Performance by
The Government of India, Ministry of Commerce and Industry in 1998-99
The Trishul Award for Best Performance from CHEMEXCIL in 1998-99
Today, under the dynamic and outstanding leadership of Mr. Shiraz Virji, Managing Director, they are one of the fastest
growing pharmaceutical companies in India.
None of this tremendous growth would have been possible without the immense
contribution of their dedicated employees. As individuals and as a company
Shalina strongly believes in the values of fair treatment; ethical practices;
standards of excellence; safety and reliability and total quality management.
They are a full member of the following
professional bodies:
- Indian Drug
Manufacturers Association
- Federation of Indian
Exports Organisation
- Basic Chemicals
Pharmaceuticals & Cosmetics Export Promotion Council
- Indian Merchants
Chamber (Mumbai)
- Indo African Chamber
of Commerce
- Indo China Chamber of
Commerce
PRODUCTS
Please browse their Therapeutic
Index below or choose from the Product
List. Alternatively, use the Search
option to find a product using a keyword of the choice.
- Anaesthetics
- Analgesic,
Antipyretic and Anti-inflammatory
- Anthelmintic
- Anti
Hypertensive/ Cardiac Vascular
- Antiasthmatics
- Antibiotics
and Antibacterial
- Antidiarrhoeal
- Antifungal
- Antihistamine
- Antimalarial
- Antituberculosis
- Antiulcerant
and Antiflatulent
- Corticosteriod
- Cough Syrup
& Expectorant
- Diuretic
- Erectile
Disfunction
- Hormones
- Oral
Rehydration Salt
- Surgicals
- Topical
- Tranquilizer
- Vitamins
& Minerals
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.44.23 |
|
UK
Pound |
1 |
Rs.86.91 |
|
Euro |
1 |
Rs.58.26 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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
|
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 |