MIRA
INFORM REPORT
|
Report Date : |
02.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PAM PAC MACHINES PRIVATE LIMITED |
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Registered Office : |
1001/1002,
Dalamal House, 10th floor, Nariman Point, Mumbai – 400021,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
09.07.1987 |
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Com. Reg. No.: |
11-44041 |
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CIN No.: [Company
Identification No.] |
U27299MH1987PLC044041 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEP00296C |
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PAN No.: [Permanent
Account No.] |
AAACP4134F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Blister
Packing Machines (BQS, BP-102), Cartoning Machines (CP-150, Hi - Cart, VCP
40). |
RATING &
COMMENTS
|
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 : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part
of the well-established group of Associated Capsule Group Worldwide engaged
in manufacturing and marketing of Blister Packing and Cartoning Machines. The
Parent Company Associated Capsules Limited is engaged in manufacturing and
marketing of Hard Gelatine Capsules and its Sister Concern. Pam Pharma and
Allied Machinery is manufacturing Capsule filling machine. All these
businesses are interrelated. Subject Company’s last available financials are
enclosed. Since it is a part of the well-established
Associated Capsule Group, it may be considered for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
1001/1002,
Dalamal House, 10th floor, Nariman Point, Mumbai – 400021, Maharashtra,
India |
|
Tel. No.: |
91-22-22872557 |
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Fax No.: |
91-22-28683091 /
22872560 |
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E-Mail : |
milindcs@vsnl.com |
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Factory : |
·
127, Kandivali
Industrial Estate, Kandivali, Mumbai, Maharashtra, India Tel. No: 91-22-2868250 Fax No.: 91-22-28683091 ·
Talegaon,
Pune, Maharashtra, India Tel. No: 91-2114-237093 Fax No. : 91-2114-237092 Bebadohal, Taluka
– Maval, District – Pune |
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Branches : |
127, Kandivli
Industrial Estate, Kandivali (West),
Mumbai 400067 |
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Tel. No.: |
91-22-28682650/28689109 |
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Fax No.: |
91-22-28683091 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ajit Daljit Singh |
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Designation : |
Director |
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Address : |
A – 1, Brighton Napean Sea Road, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
20th
November 1941 |
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Date of Appointment : |
16th
November 1988 |
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Name : |
Mr. Jasjit Daljit Singh |
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Designation : |
Director |
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Address : |
2 – B, Swapnalok, Napean Sea Road, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
03.04.1943 |
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Date of Appointment : |
09.07.1987 |
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Name : |
Mr. Hans Seydel |
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Designation : |
Director |
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Address : |
IWk Verpackungstech Nik GmbH D – 7513, Postfach Stutense Stutensee,
Germany |
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Date of Birth/Age : |
31.07.1942 |
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Date of Appointment : |
09.07.1987 |
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Name : |
Mr. Roland George Merk |
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Designation : |
Director |
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Address : |
Edith – Stein – Weg3A, D – 76327, Pfinztal, Germany |
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Date of Birth/Age : |
10.05.1938 |
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Date of Appointment : |
17.03.1998 |
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Name : |
Mr. Giri Kishor Lall |
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Designation : |
Director |
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Address : |
130 A, Kandivli Industrial Estate, Kandivli [West], Mumbai – 400067,
Maharashtra, India |
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Date of Birth/Age : |
09.06.1920 |
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Date of Appointment : |
01.03.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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Mr. Jasjit Daljit Singh Mr. Ajit Daljit Singh |
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229 |
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Mr. Ajit Daljit Singh Jasjit Daljit Singh |
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344 |
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Mr. Ajit Daljit Singh |
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229 |
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Mr. Jasjit Daljit Singh Ms. Kavita Jasjit Singh |
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344 |
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Mr. Ajit Daljit Singh Mr. Jasjit Daljit Singh |
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115 |
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Mr. Jasjit Daljit Singh Mr. Ajit Jasjit Singh |
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115 |
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Associated Capsules Private Limited |
|
43541 |
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Universal Capsules Private Limited |
|
43541 |
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Pam Pharmaceuticals & Allied Machinery Company Private Limited |
|
43542 |
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IWK Verpackungstechnick GmbH |
|
88000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of
Blister Packing Machines (BQS, BP-102), Cartoning Machines (CP-150, Hi -
Cart, VCP 40). |
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Products : |
Item Code No. : 842.240.01 Product Description : Blister Packing Machine Cartoning Machines Spares |
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Exports : |
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Countries : |
East Europe,
Middle East, Australia and U.K. |
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Terms : |
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Selling : |
L/C |
GENERAL
INFORMATION
|
Suppliers : |
Accuspirals Irsha Engineers Rahul Engineering Acrypol Products Karveer Engineering Industries Private Limited Rama Enterprises Advance Cooling Systems Private Limited KK Engineering Works Sai Control System Accutec Engineering Krupa Metal Saket Enterprises Alpine Enterprises Laxmi Spring Saurabh Engineers Ambica Engineering Works Machtoners Engineers Private Limited S. Engineering Works Ambica Polyconvertors M. M. Enterprises Sharayu Engineering Associated Engineers MNS Engineers Shree Engineering Works Ayswariya Engineers Mayuresh Enterprises Shree Ganesh Enterprises, Mumbai M M Industries Mrunal Enterprises SM Enterprises Chaitanya Industries National Engineering Company Nutan Chemicals |
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Customers : |
End Users |
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Bankers : |
Bank of India Pune Main Branch, 8/A, Dr. Coyaji Road, Camp, Pune – 411001 State Bank of India, Mumbai |
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Facilities : |
Secured Loans : Bank of India - Cash Credit : Rs. 4.966 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kirtane & Pandit Chartered Accountants |
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Address : |
Sangati, 73/2/2, Bhakti Marg, Off Law College Road, Pune – 411004,
Maharashtra, India |
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Tel. No.: |
91-20-25433104 / 25438764/25421997 |
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Fax No.: |
91-20-25447603 |
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E-Mail : |
kpca@kirtanepandit.com |
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Mumbai Office Address : |
H / 16, Saraswat Colony, Sitaladevi Temple Road, Mahim, Mumbai –
400016, Maharashtra, India |
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Tel. No. : |
91-22-24469713 / 24444119 |
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Fax No. : |
91-22-24441147 |
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Associates : |
Associates Capsules Private Limited 131, Kandivli Industrial
Estate, Kandivli (East), Mumbai – 400 067, Maharashtra Tel.
91-22-28682010 Fax.
91-22-28686152/28682514 E-mail. sales.aclk@assocaps.com Line of Business:
Manufacture of Hard Gelatine Capsules Universal Capsules Private Limited Ashagadh, Dahanu
– 401 602, District Thane – 401 602, Maharashtra Tel.
91-2528-30130/31/32 Fax.
91-2528-60173 E-mail. ucl@dahanu.unicaps.com PAM Pharmaceutical and Allied Machinery Company Limited 127, Kandivali
Industrial Estate, Kandivali (East), Mumbai – 400 067, Maharashtra Line of Business:
Capsule Filling Machines PT Universal Capsules Limited ACL Packaging Films Division 131, Kandivli Industrial
Estate, Kandivli (East), Mumbai – 400 067, Maharashtra Tel.
91-22-28682010 Fax.
91-22-28686152/28682514 E-mail.
sales.alcpvc.com INK VERPACKUNGSTECHNIK D-7613,
Stutelsee, Germany Pam Pharmaceutical and Allied Machinery Company Private Limited Mumbai – 400067,
Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
220000 |
Equity Shares |
Rs. 100/- each |
Rs. 22.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
220000 |
Equity Shares |
Rs. 100/- each |
Rs. 22.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
22.000 |
22.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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|
3] Reserves & Surplus |
|
234.628 |
183.527 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
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NETWORTH |
|
256.628 |
205.527 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
4.966 |
9.689 |
|
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
4.966 |
9.689 |
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|
DEFERRED TAX LIABILITIES |
|
5.444 |
4.170 |
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|
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|
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TOTAL |
|
267.038 |
219.386 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
68.161 |
51.616 |
|
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Capital work-in-progress |
|
0.000 |
0.000 |
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|
|
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INVESTMENT |
|
0.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
107.546 |
66.615 |
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Sundry Debtors |
|
159.047 |
134.119 |
|
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Cash & Bank Balances |
|
9.434 |
7.276 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
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Loans & Advances |
|
100.183 |
66.223 |
|
Total
Current Assets |
|
376.210 |
274.233 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
167.498 |
91.903 |
|
|
Provisions |
|
9.835 |
14.560 |
|
Total
Current Liabilities |
|
177.333 |
106.463 |
|
|
Net Current Assets |
|
198.877 |
167.770 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
267.038 |
219.386 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
640.053 |
579.380 |
387.110 |
|
|
Other Income |
22.522 |
9.890 |
8.416 |
|
|
Increase / [Decrease] in stock |
0.000 |
7.589 |
5.284 |
|
|
Total Income |
662.575 |
596.859 |
400.810 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
93.178 |
86.590 |
77.556 |
|
|
Provision for Taxation |
36.245 |
30.974 |
30.408 |
|
|
Profit/(Loss) After Tax |
56.933 |
55.616 |
47.148 |
|
|
|
|
|
|
|
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Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
N.A. |
135.923 |
100.832 |
|
|
Commission Earnings |
N.A. |
0.000 |
0.000 |
|
|
Other Earnings |
N.A. |
0.000 |
0.000 |
|
Total Earnings |
N.A. |
135.923 |
100.832 |
|
|
|
|
|
|
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Imports : |
|
|
|
|
|
|
Raw Materials |
N.A. |
19.094 |
6.908 |
|
|
Stores & Spares |
N.A. |
0.000 |
0.000 |
|
|
Capital Goods |
N.A. |
0.000 |
0.000 |
|
|
Others |
N.A. |
0.000 |
0.000 |
|
Total Imports |
N.A. |
19.094 |
6.908 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
317.457 |
0.000 |
0.000 |
|
|
Increase or decrease in finished goods,
work-in-progress |
7.506 |
0.000 |
0.000 |
|
|
Manufacturing Expenses |
0.000 |
294.520 |
185.714 |
|
|
Salaries, Wages, Bonus, etc. |
73.687 |
51.270 |
36.087 |
|
|
Interest |
3.122 |
2.965 |
1.675 |
|
|
Taxes and Duties on Sales |
0.000 |
72.812 |
41.380 |
|
|
Depreciation & Amortization |
6.841 |
6.148 |
5.582 |
|
|
Insurance Expenses |
1.087 |
0.000 |
0.000 |
|
|
Payment to Auditors |
0.120 |
0.000 |
0.000 |
|
|
Other Expenditure |
159.397 |
82.901 |
52.115 |
|
Total Expenditure |
569.217 |
510.616 |
322.553 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
8.59
|
9.31 |
11.76
|
|
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|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
14.06
|
14.50 |
19.34
|
|
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
N.A.
|
19.48 |
23.80
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
N.A.
|
0.33 |
0.37
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
N.A.
|
0.71 |
0.56
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
N.A.
|
2.12 |
2.57
|
LOCAL AGENCY
FURTHER INFORMATION
Contingent Liabilities :
|
|
2004-2005
[Rs. In Millions] |
2003-2004
[Rs. In Millions] |
|
Bank Guarantees |
22.771 |
13.790 |
|
Disputed Central Excise Demand |
1.476 |
1.779 |
|
Disputed Sales Tax Demand |
0.196 |
0.196 |
|
Disputed Income Tax Demand |
2.551 |
1.860 |
Fixed Assets :
Land, Buildings, Plant & Machinery, Tools & Accessories,
Patterns & Moulds, Technical Know-How Fee, Furniture & Fixtures, Office
Equipments, Computers and Vehicles.
Profile:
Subject is a joint
venture between ACG Worldwide and IWKA, Germany, manufactures highly efficient
and cost-effective blister packing and cartoning machines and packaging
solutions for a variety of industries.
The company’s
machines are manufactured at Talegaon, near Pune, and have the best combination
of features, prices, levels of automation and flexibility to provide good value
for money, Blister Packing Machine are easily upgradable to enhance output and
level of automation. High speed, versatile machines for PVC and Alu/Alu
blisters also form a part of the range of blister packing machines.
A range of
semi-automatic and fully automatic cartoning machines, some with continuous
motion are suitable for a wide range of products including non-rigid products,
small batch quantities, multi-line packaging, products that are difficult to
pack and unit packs.
Subject is a part
of Associated Capsules Group, which has been serving the pharmaceutical
industry for four decades. They are one of the largest manufacturers of hard
gelatine capsules in the world. Comprising of ten group companies including
subsidiaries in USA and Indonesia, ACG has manpower strength of over 1200.
ACG's world-class technology provides the complete package of solutions, from
empty capsules to granulation and coating, to capsule filling, packaging films,
blister packing and carton packing. The company’s products are exported to over
40 countries and we have installed over 12,000 machines worldwide. It set high
standards of quality, with most of our group companies acquiring major
international quality certifications.
ACG is committed to Research and Development for continuous delivery of
innovative solutions. The company’s research teams continuously strive to
develop innovative technology to give our customers the competitive edge.
SciTech Centre, the group's 50,000 sq. ft. R & D Centre in the heart of
Mumbai, is a government recognised research institution. Over the last 25
years, it has been actively engaged in research in the areas of dosage form
development including controlled release, pharmaceutical engineering, veterinary
and agricultural research, particularly delivery systems.
|
Name of the company |
PAM PAC MACHINES
PRIVATE LIMITED |
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Presented By |
BANK OF INDIA,
PUNE MAIN BRANCH, PUNE |
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1) Date and description of instrument creating the change |
29.09.2000 Equitable Mortgage created by oral assent |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 72.500 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 that piece & parcel of Non-Agricultural Land and all immovable
property situated at Gat No. 446, Hissa No. 2 of Village Bebadhole, Tal.
Maval, Dist. Pune admeasuring 1 H. 78.1 R [12000 sq. mtrs.] together with
building & other structures, fixed machinery & plant, fixtures &
fittings |
||||||||||||||||||||||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
The company has
created on Equitable Mortgage by way of oral assent to secure various facilities
to the tune of Rs. 61 millions [fund based] and Rs. 11.5000 millions
[Non-Fund Based] |
||||||||||||||||||||||||||||||||||||
|
5) Name and Address and description of the person entitled to the
charge. |
Bank of India Pune Main
Branch, 8/A, Dr. Coyaji Road, Camp, Pune – 411001 |
||||||||||||||||||||||||||||||||||||
|
6) Date and brief description
of instrument modifying the charge |
On 23.08.2004 the charge is modified.
The reduced aggregate limit of charge is Rs. 42.500 millions secured
by equitable mortgage |
||||||||||||||||||||||||||||||||||||
|
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 modified limits are as under :-
|
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 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.44.56 |
|
UK Pound |
1 |
Rs.85.79 |
|
Euro |
1 |
Rs.58.40 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
|
|
--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 |
|
51 |
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 |
|