MIRA
INFORM REPORT
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Report Date : |
28.06.2007 |
IDENTIFICATION DETAILS
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Name : |
PAM PHARMACEUTICAL AND ALLIED MACHINERY COMPANY PRIVATE LIMITED |
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Registered Office : |
127, Kandivali
Industrial Estate, Mumbai – 400067, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.02.1972 |
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Com. Reg. No.: |
015632 |
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CIN No.: [Company
Identification No.] |
U24239MH1972PTC015632 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP15335F |
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PAN No.: [Permanent
Account No.] |
AAACP4776H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, Marketers and Exporters of Pharmaceutical and Allied Machinery. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 2687472 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track records. Directors are reported as experience and respectable
businessmen. Trade relations are reported as fair. Business is active. Payments
are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/Factory : |
127, Kandivali
Industrial Estate, Mumbai – 400067, |
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Tel. No.: |
91-22-28682650 / 51 / 52 |
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Fax No.: |
91-22-28683091 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Jasjit Daljit Singh |
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Designation : |
Director |
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Address : |
2 - B, Swapnalok, L Jagmohandas Marg, Nepeansea Raod, Mumbai – 400036,
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Date of Birth/Age : |
03.04.1943 |
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Date of Appointment : |
02.12.1972 |
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Name : |
Mr. Ajit Daljit Singh |
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Designation : |
Director |
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Address : |
A – 1, |
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Date of Birth/Age : |
20.01.1941 |
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Date of Appointment : |
01.11.1988 |
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Name : |
Mr. Karan Singh |
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Designation : |
Director |
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Address : |
2 - B, Swapnalok, L Jagmohandas Marg, Nepeansea Raod, Mumbai – 400036,
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Date of Birth/Age : |
23.07.1979 |
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Date of Appointment : |
25.11.2005 |
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Name : |
Mr. Jagmohanlal Chopra |
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Designation : |
Director |
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Address : |
4th Floor, 42 Tower B, Jolly Maker A, 95 96 97 Cuffe Parade
Road, Colaba, Mumbai – 400005, Maharashtra |
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Date of Birth/Age : |
17.11.1933 |
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Date of Appointment : |
29.09.2006 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Ajit Daljit Singh |
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4126 |
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Mr. Jasjit Daljit Singh |
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10600 |
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Mrs. Nandini Jasjit Singh |
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1100 |
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Mr. karan Jasjit Singh |
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1100 |
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Mrs. Priya Jasjit Singh |
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1100 |
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Associated Capsules |
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5402 |
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Category |
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Percentage of
Holding |
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Bodies Corporate |
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21.78 |
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Directors or Relatives of Directors |
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78.22 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Marketers and Exporters of Pharmaceutical and
Allied Machinery. |
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Products : |
Capsule Filling Machines, Blister Packing, Cartonators, Tablet
Tooling, Empty Hard gelatine capsule, barrier films |
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PRODUCTION STATUS
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Particulars |
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Unit |
Installed
Capacity |
Actual
Production |
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Pharmaceutical Machines |
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Nos. |
1,000 (1,000) |
-- |
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Accessories and Spares |
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Tons |
100 (100) |
-- |
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Machines |
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Nos. |
-- |
969 (870) |
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GENERAL INFORMATION
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Customers : |
v Associated Capsules Private Limited v Aries Components Manufacturing Company v Ajas Components Private Limited v Pam Glatt Pharma Technologies Private Limited v Pam Pac Machines Private Limited v Scitech Centre v Custom Capsules Private Limited v Universal Capsules LLC v PT. Universal Capsules v Universal Capsules Private Limited |
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Bankers : |
v
State Bank of v ICICI Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B. K. Khare and Company Chartered Accountants |
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Address : |
706 – 708, Sharda Chambers, New Marine Lines, Mumbai – 4000020, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
24805 |
Equity Shares |
Rs.100/-
each |
Rs.2.480
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.481 |
2.481 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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669.387 |
503.612 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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671.868 |
506.093 |
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LOAN FUNDS |
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1] Secured Loans |
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5.370 |
7.053 |
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2] Unsecured Loans |
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3.023 |
3.023 |
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TOTAL BORROWING |
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8.393 |
10.076 |
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DEFERRED TAX LIABILITIES |
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6.400 |
0.000 |
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TOTAL |
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686.661 |
516.169 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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170.116 |
113.263 |
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Capital work-in-progress |
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6.755 |
17.639 |
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INVESTMENT |
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30.462 |
20.292 |
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DEFERREX TAX ASSETS |
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0.000 |
2.116 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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128.139 |
147.435 |
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Sundry Debtors |
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373.014 |
337.025 |
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Cash & Bank Balances |
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29.524 |
50.966 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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455.631 |
238.421 |
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Total
Current Assets |
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986.308 |
773.847 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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238.431 |
218.229 |
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Provisions |
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268.549 |
192.759 |
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Total
Current Liabilities |
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506.980 |
410.988 |
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Net Current Assets |
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479.328 |
362.859 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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686.661 |
516.169 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover(including Other Income) |
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1004.625 |
790.063 |
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Profit/(Loss) After Tax |
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258.852 |
150.194 |
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Earnings in Foreign Currency : |
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Export Earnings |
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517.139 |
392.210 |
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Total Expenditure |
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805.773 |
639.869 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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25.77 |
49.64 |
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Net Profit Margin (PBT/Sales) |
(%) |
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25.77 |
49.64 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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21.69 |
42.30 |
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Return on Investment (ROI) (PBT/Networth) |
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0.39 |
0.77 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.78 |
0.81 |
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Current Ratio (Current Asset/Current Liability) |
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1.94 |
1.88 |
LOCAL AGENCY FURTHER INFORMATION
COMPANY DETAILS:
ACG-Worldwide,
previously known as Associated Capsules Group, is one of the few groups in the
world offering end-to-end solution in solid dosage delivery system. The group
comprise of ten companies, including subsidiary companies in
ACG-Worldwide has established an unparalleled value-chain in order to serve its
worldwide customer base with a complete solution to solid dosage form.
ACG-worldwide starts with offering the customers the granulation process (FBE)
subsequently providing empty hard gelatin capsules through Associated capsules
limited. After the formulation is prepared, Pam, the flagship engineering
company of ACG-worldwide provides wide range of encapsulation machine starting
from the manual filling machine to very high speed Automatic filling machines,
for encapsulating the formulation in the empty gelatin capsules. It also offer
high precision inspection machine pass only defect free capsules. Once the
capsule is filled with the formulation it also provides complete solution for
the blister packing . Wide range of PVC/Aluminum foils are offered by
Associated capsules Limited and a wide variety of blister packing machines,
ranging from cost effective to very high end , are offered by Pam-Pac machines.
Once the product is blister packed, Pam-Pac offers wide range of cartooning
solution for the final packing of the product. The considerable synergy with
the other Group companies enables ACG-Worldwide to offer its customers a
comprehensive solution for manufacture to become a true partner for your all
solid dosage delivery system. A highly evolved testing and laboratory facility
and strong research base for product and process innovations enables the
engineering groups to provide customized solutions. The after sales service
network remains the backbone of its commitment to customer satisfaction. With a
highly evolved tradition of Quality Assurance, ACG brings to its customers
quality machines with highly aesthetic designs. High degree of precision and
ergonomics is built into the range of products which makes it a world class and
cGMP compliant products.
ACG-Worldwide operates in 40 countries around the globe and is a market leader
in many countries. Most of the customers are repeat buyers. ACG-Worldwide
partners the success and growth of its customers by giving them the best value
for money and ensuring highest standards of customer support. It gives the
sense of partnership to it's customers and its partners perceive it as not only
as the pharmaceutical machine manufacturer but as a total solution provider to
solid dosage encapsulation.
Pam Pharmaceutical & Allied Machinery Company Pvt Ltd, a member of
ACG Worldwide had recently launched the fastest capsule filler in
.
The Case-packer is a fully automated vertical model with collating system that
has servo operated dividers or stackers. The cases are erected from the
magazine and placed vertically. Once the products are collated a robotic arm
picks up the collated products and lowers them into the case which further
travels ahead for Tuck-In and gluing or taping.
All operations are automatic right from collating, case erection, loading of
the product to the Sealing (Taping/Gluing) of the case and are available in one
single compact machine which has an output of upto 20 cases per minute.
The Palletizer system is also based on the latest Robotic Pick & Place
technology. The machine is composed of three main modules, Pallet stocks with
automatic change, Pallets feeding and filling station, Filled pallet exit. This
system can handle pallets of 1200 x 1000 mm size pallets with a cycle time of 7
cycles per minute and with additional gripper station the output can go upto 14
cycles per minute.
It is in trade terms with:
v Advance Industrial Engineers
v Apex Engineers and Fabricators
v Associated Engineering Works
v Micro Module
v Seiko Polymers
v Smith Industries
v Subhash Enterprises
v Vitas Enterprises
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Name of the company |
PAM PHARMACEUTICAL AND ALLIED MACHINERY COMPANY PRIVATE LIMITED |
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Presented By |
State Bank of |
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1) Date and description of instrument creating the change |
Agreement of
hypothecation of goods and as dated 19.06.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.13.000
millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All present and
future goods, book debts and other movable assets of the company including documents
of title to the goods, outstanding moneys, receivable including receivables
by cash / incentive scheme or any other scheme customs / excises duties under
the duty drawb credit scheme or any other scheme or any other scheme, bill
invoices, documents, contracts, insurance policies, guarantees, engagement,
securities investments and right and the present machinery and all future
machinery belonging or in the possession or under the control the company
wherever lying stored and kept whether in the possession of the company or
the bank or of any third party, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1) Individual
facilities within the aggregate amount secured to be decided between the bank
and the company from time to time. 2) Interest t be
charged at such rates as may be determined by the bank from time to time. 3) Margin to be
maintained as stipulated by the bank from time to time. 4) Security
created by way of first charge a to cover principal amount together with a
interest, discount, commission, charges, costs, expenses etc |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Kandivli
Industrial Estate Branch, Kandivli (West), Mumbai |
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6) Date and brief description of instrument modifying the charge |
Supplemental
Agreement of hypothecation of goods and assets for increase in the overall
limits.(Form C.2 – A) Letter regarding
the grant of individual limits within the overall limit. (Form C.S.). Both
the above agmts are dated 17.12.2005 and executed for the creation on a
single month. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original
charge was created on 19.06.2001 for Rs.13.000 millions. Now by the present
modification dated – 17.12.2003 the credit facilities increased from
Rs.13.000 millions to Rs.75.000 millions. The limit is as follows:
ROI : DCC : 1.10%
above SBAR (10.50%) p.a. 2.65% below SBSTAR Margin: Raw
Material : 25% Stock in process : 40% Finished Goods : 33.33% Receivables : 10% (Cover 120 days) |
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Corporate
identity number (CIN) Foreign company registration number |
U24239MH1972PTC015632 |
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Name of the
Company |
PAM PHARMACEUTICAL AND ALLIED MACHINERY COMPANY PRIVATE LIMITED |
|
Address |
127, Kandivli
industrial Estate, Kandivali (West), Mumbai – 400067, Maharshtra |
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This form is for |
Creation Charges |
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Type of Charge |
Hypothecation |
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Particulars of
the charge holder |
Standard
Chartered Bank 90, |
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Amount secured by
the charge |
Rs.90.000
millions |
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Brief of the
principal terms and conditions |
OD: Rs.50.000 millions
(Within OD limits, WCDL Rs.25.000 millions, Pre-Shipment Finance Rs.25.000
millions) (multi Currency); Post – Shipment Finance Rs.25.000 millions)
(multi Currency): Interest: At the rate as negotiated with and agreed by the
Bank. LC: Rs.40.000 millions
(Within LC Limits, BG Rs.40.000 millions): Commission: At the rate as
negotiated with and agreed by the bank Total Limit is
Rs.90.000 millions |
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Description of
the property charged indicating |
Stock in trade,
Book Debts Book Debts: All present
and future book debts, outstanding moneys receivable, claims and bills which
are now due and owing or which may at any time during the continuance of this
security become due and owing to the borrower in the course of its business. Stocks: All present
and future stock in trade consisting of raw materials, finished goods, goods
in process of manufacturing and other merchandise. More described in
attached unattested memorandum of hypothecation |
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.41.01 |
|
|
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.55.04 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
|
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--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 |
|
60 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|