MIRA
INFORM REPORT
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Report Date : |
13.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SHALINA LABORATORIES PRIVATE LIMITED |
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Registered Office : |
96, Maker Chamber VI, Nariman Point, Mumbai – 400 021, |
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Country : |
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Financials (as
on) : |
31.03.2006 |
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Date of Incorporation : |
13.12.1984 |
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Com. Reg. No.: |
11-34786 |
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CIN No.: [Company
Identification No.] |
U24239MH1984PTC034786 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS37632A |
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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
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MIRA’s Rating : |
Ba |
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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 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 records. 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
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Registered Office : |
96, Maker Chamber VI, Nariman Point, Mumbai – 400 021, |
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Tel. No.: |
91-22-2281 5577 / 2287 5058 |
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Fax No.: |
91-22-2287 5390 |
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E-Mail : |
shalina@vsnl.com, info@shalinalabs.com, theresa.dmello@shalina.com |
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Website : |
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Factory 1 : |
C/48/3, TTC Industrial Area, Near Galaxy Research Centre,
Pawnel, Navi Mumbai 400 705, |
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Tel. No.: |
91-22-2763 5222 |
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Fax No.: |
91-22-2763 5226 |
DIRECTORS
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
201, Samudra
Gupta, Green Fields Opposite Juhu Office, Juhu – 400049, Mumbai |
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Date of Birth : |
09.06.1948 |
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Date of Appointment : |
12.12.1984 |
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Name : |
Mrs. Theresa D’Mello |
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Designation : |
Director |
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Address : |
304, |
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Date of Birth : |
29.11.1964 |
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Date of Appointment : |
03.07.2001 |
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Name : |
Mr. Leonard D’Costa |
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Designation : |
Director |
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Address : |
874 |
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Date of Birth : |
24.01.1951 |
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Date of Appointment : |
24.09.2004 |
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Tel. No.: |
91-22-28213471 |
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E-Mail.: |
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Directorship in other companies |
Shalina Trading
Company Private Limited CIN. No.:
U51900MH1981PTC024779 |
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Name : |
Mr. Pasupathy
Puthuseri Veedu |
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Designation : |
Director |
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Address : |
3, Ashiwini, B
Wing, Apnaghar Housing Society, Andheri (West), Mumbai – 400053 |
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Tel. No.: |
91-22-66965768 |
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Fax. No.: |
91-22-27635226 |
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E-Mail.: |
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Directorship in other
companies |
Shalina Trading
Company Private Limited CIN. No.:
U51900MH1981PTC024779 |
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Name : |
Ms. Neelam Virji |
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Designation : |
Additional
Director |
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Address : |
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Tel. No.: |
044 208 9915253 |
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E-Mail.: |
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Directorship in other companies |
Shalina Trading
Company Private Limited CIN. No.:
U51900MH1981PTC024779 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Neelam S. Virji |
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6,197,664 |
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Neelam S. Virji Theresa D’Mello |
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31 |
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Neelam S. Virji Leonard D’Costa |
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1 |
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Total |
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6,197,696 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Exporting of Pharmaceutical Formulations and Chemicals. |
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Products : |
Item Code No. (ITC Code) Production Description 29411002 Ampicilline Trihydrate 29222914 Paracetamol 29379904 Betamethasone
Dipropionate |
GENERAL INFORMATION
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No. of Employees : |
50 |
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Bankers : |
·
State Bank of ·
Axis
Bank Limited, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jagtiani & Naik Chartered Accountants |
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Address : |
12-13, Esplanade, 3rd Floor, Amrit Keshav Nayak
Marg, Fort, Mumbai – 400 001, |
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Tel. No.: |
91-22-22331785/22076071/22002875 |
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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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
61.977 |
61.977 |
61.976 |
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2] Reserves & Surplus |
240.857 |
212.503 |
181.997 |
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NETWORTH |
302.834 |
274.480 |
243.973 |
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LOAN FUNDS |
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1] Secured Loans |
378.401 |
222.893 |
157.830 |
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2] Unsecured Loans |
0.000 |
50.000 |
4.758 |
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TOTAL BORROWING |
378.401 |
272.893 |
162.588 |
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3] Deferred Tax Liability |
4.454 |
8.266 |
5.116 |
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GRAND TOTAL
|
685.689 |
555.639 |
411.677 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
91.343 |
100.239 |
57.479 |
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Capital work-in-progress |
0.000 |
2.602 |
27.281 |
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INVESTMENTS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS &
ADVANCES |
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Inventories |
131.234 |
166.575 |
115.680 |
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Sundry Debtors |
771.017 |
625.149 |
187.943 |
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Cash & Bank Balances |
57.945 |
11.876 |
148.801 |
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Other Current Assets |
25.361 |
11.489 |
9.578 |
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Loans & Advances |
116.488 |
133.698 |
234.817 |
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Total Current Assets |
1102.045 |
948.787 |
696.819 |
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Less : |
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Current Liabilities |
476.352 |
477.826 |
364.376 |
Provisions
|
31.347 |
18.163 |
5.526 |
Total
Current Liabilities
|
507.699 |
495.989 |
369.902 |
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Net
Current Assets |
594.346 |
452.798 |
326.917 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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GRAND TOTAL
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685.689 |
555.639 |
411.677 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other
income]
|
1467.004 |
1830.545 |
908.542 |
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Profit/(Loss) Before Tax
|
49.605 |
47.509 |
18.933 |
Provision for Taxation
|
0.000 |
0.000 |
(3.000) |
Profit/(Loss) After Tax
|
49.905 |
47.509 |
15.933 |
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Export Value
|
NA |
1767.700 |
858.600 |
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Import Value
|
NA |
202.500 |
65.900 |
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Total Expenditure
|
1417.099 |
13.705 |
889.609 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
3.38 |
2.59 |
1.75
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Net Profit Margin
(PBT/Sales) |
(%) |
3.38 |
2.59 |
2.08
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Return on Total Assets
(PBT/Total Assets} |
(%) |
4.16 |
4.53 |
2.42
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Return on Investment (ROI)
(PBT/Networth) |
|
0.16 |
0.17 |
0.07
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Debt Equity Ratio
(Total Liability/Networth) |
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2.93 |
2.80 |
2.18
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Current Ratio
(Current Asset/Current Liability) |
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2.17 |
1.91 |
1.88
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LOCAL AGENCY FURTHER INFORMATION
|
Name of the
company |
SHALINA LABORATORIES PRIVATE LIMITED |
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Presented By |
UTI Bank Limited,
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Date and Description
of the instrument creating charge |
Agreement for
hypothecation of current assets dated 18.08.2005 |
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Amount Secured by
the charge or amount owing on security of the charge |
Rs. 120.000
Millions |
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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 |
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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 |
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Name, address and
description of the person entitled to charge |
UTI Bank Limited,
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Date and brief of
the description of instrument modifying the charge |
Not Applicable |
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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 (
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
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.
Subject, A GOVERNMENT RECOGNISED EXPORT
HOUSE, is 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 themselves 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.
Subject’s 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, subject 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
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
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 Organization
- Basic
Chemicals Pharmaceuticals & Cosmetics Export Promotion Council
- Indian
Merchants Chamber (Mumbai)
- Indo
African Chamber of Commerce
- Indo
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,
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.40.44 |
|
|
1 |
Rs.82.01 |
|
Euro |
1 |
Rs.56.20 |
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 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. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|