MIRA INFORM REPORT

 

 

Report Date :

14.10.2014

 

IDENTIFICATION DETAILS

 

Name :

SHELYS PHARMACEUTICALS LTD.

 

 

Registered Office :

Plot 696 Block No. 32 New Bagamoyo Rd Mwemge, Dar Es Salaam, P.O Box 3016, Dar Es Salaam

 

 

Country :

Tanzania

 

 

Date of Incorporation :

05.09.1997

 

 

Com. Reg. No.:

5914

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Manufacturers and Distributors of Pharmaceutical and Medicinal Products

 

 

No. of Employees :

100 employees.

 

 

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

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Tanzania

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

TANZANIA - ECONOMIC OVERVIEW

 

Tanzania is one of the world's poorest economies in terms of per capita income, however, it has achieved high overall growth rates based on gold production and tourism. Tanzania has largely completed its transition to a liberalized market economy, though the government retains a presence in sectors such as telecommunications, banking, energy, and mining. The economy depends on agriculture, which accounts for more than one-quarter of GDP, provides 85% of exports, and employs about 80% of the work force. The World Bank, the IMF, and bilateral donors have provided funds to rehabilitate Tanzania's aging economic infrastructure, including rail and port infrastructure that are important trade links for inland countries. Recent banking reforms have helped increase private-sector growth and investment, and the government has increased spending on agriculture to 7% of its budget. The financial sector in Tanzania has expanded in recent years and foreign-owned banks account for about 48% of the banking industry's total assets. Competition among foreign commercial banks has resulted in significant improvements in the efficiency and quality of financial services, though interest rates are still relatively high, reflecting high fraud risk. All land in Tanzania is owned by the government, which can lease land for up to 99 years. Proposed reforms to allow for land ownership, particularly foreign land ownership, remain unpopular. Continued donor assistance and solid macroeconomic policies supported a positive growth rate, despite the world recession. In 2008, Tanzania received the world's largest Millennium Challenge Compact grant, worth $698 million, and in December 2012 the Millennium Challenge Corporation selected Tanzania for a second Compact. Dar es Salaam used fiscal stimulus and loosened monetary policy to ease the impact of the global recession. GDP growth in 2009-13 was a respectable 6-7% per year due to high gold prices and increased production.

 

Source : CIA

 

 

 

 

SUBJECT'S NAME

 

Registered Name:

SHELYS PHARMACEUTICALS LTD.

Requested Name:

SHELYS PHARMACEUTICALS LTD.

Trade Names:

SHELYS PHARMACEUTICALS

 

 

ADDRESS AND TELECOMMUNICATION

 

Registered Address:

Plot 696 Block No. 32 New Bagamoyo Rd Mwemge, Dar Es Salaam,

Postal Address:

P.o Box 3016,

 

Dar Es Salaam

Country:

Tanzania

Phone:

255-22-2844045/ 1/ 2842525/ 2843382/ 2842528

Fax:

255-22-2843382

Email:

shelys@sumariagroup.com/

info@tz.betashelys.com

Website:

www.sumariagroup.com

 

 

LEGAL

 

Legal Form:

Limited Corporation 

Date Incorporated:

5-Sept-1997

Reg. Number:

5914

Nominal Capital

TZS. 8,000,000,000

Subscribed Capital

TZS. 6,723,843,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Jayesh G. Shah

MD/CEO

 

Mr. Gulabchand P. Shah

Director

 

Mr. Samir Shah

Director

 

Mr. Kamal Z. Shah

Director

 

Mr. Dipen M. Shah       

Director

 

Mr. Akshay Somchand Shah

Director

 

Mr. Ankush Shah

Director

 

Mr. Akshay S. Shah

Director

 

P.K. Development Holdings Ltd

Shareholder

40%

Sumaria Holdings Limited

Holding Co.

60%

 

 

RELATED COMPANIES

 

Sumaria Holdings Limited

Parent company.

None

Subsidiary company.

DPI  SIMBA LIMITED,

NYANZA BOTTLING COMPANY LTD,

S & C GINNING COMPANY LTD,

SABUNI DETERGENTS LTD,

SIMBA PLASTICS COMPANY LTD,

SOMAGRO LTD,

BETA HEALTHCARE INTERNATIONAL LIMITED,

SOCIEDADE SABOEIRA DE NACALA LIMITED,

SUMARIA INDUSTRIES LIMITED,

G S HOLDING LIMITED,

INNOVAXIS,

SIMGAS BV.

Affiliated company.

None

Shareholder of subject firm.

1 branch in Tanzania

Branches of the firm

 

 

OPERATIONS

 

Registered to operate as manufacturers and distributors of pharmaceutical and medicinal products etc

Imports:

Italy, China, India and South Africa

Exports:

Uganda and Tanzania (10%)

Trademarks:

None

Terms of sale:

Cash (40%) and 30 days (60%), invoices.

 

 

Main Customers:

Hospitals , dispensaries, pharmaceuticals companies

Employees:

100 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Tanzania

Location:

Rented premises, 5.000 square feet,

 

AUDITORS AND INSURANCE

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

                                                                    

FINANCE 

 

Currency Reported:

Tanzanian Shillings (TZS.)

Approx. Ex. Rate:

1 US Dollar = 1400 Tanzanian Shillings

Fiscal Year End:

December 31, 2013

Inflation:

According to information given by independent sources, the inflation at December 31st, 2013 was of 13%.

 

Financial Information not Submitted

 

 

 

Profit and Loss (expressed in TZS.)

 

 

2013

Sales

 

35,150,000,000

 

 

BANK

 

Bank Name:

STANDARD CHARTERED BANK,

Branch:

International House, Dar Es Salaam, Tanzania.

 

 

Other banks

CRDB BANK LTD

 

 

TRADE REFERENCES

 

Experiences:

Good

 

 

NOTARIAL BONDS

 

None

 

 

COMMENTS / ADDITIONAL INFORMATION

 

This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

 

Subject underwent a capital increase.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.25

UK Pound

1

Rs.98.68

Euro

1

Rs.77.60

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

               

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 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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.