MIRA
INFORM REPORT
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Report Date : |
17.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
ACG PAM PHARMA TECHNOLOGIES PRIVATE LIMITED |
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Registered
Office : |
127, Kandivali Industrial Estate, Kandivali West, Mumbai - 400067, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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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
: |
Manufacturer of Pharmaceuticals Machinery and their components. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (58) |
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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 4481100 |
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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 a reputed company having fine track.
Financial position of the company appears to be sound. Fundamentals are
strong and healthy. Trade relations are reported as fair. Business is active.
Payments are reported to be regular
and as per commitments. The company can be considered for normal for business dealings at
usual trade terms and conditions. |
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
127, Kandivali Industrial Estate, Kandivali West, Mumbai - 400067, |
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Tel. No.: |
91-22-30780700 |
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Fax No.: |
91-22-30780709 |
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E-Mail : |
DIRECTORS
AS ON 05.08.2010
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Name : |
Mr. Singh Daljit Jasjit |
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Designation : |
Director |
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Address : |
2B Swapnalok L Jagmohandas Marg, |
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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. Singh Daljit Ajit |
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Designation : |
Whole Time Director |
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Address : |
A -1, Brighton No.1, Rungta Lane, Nepeansea Road, Mumbai – 400036,
Maharashtra, India |
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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. Singh Jasjit Karan |
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Designation : |
Director |
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Address : |
2B Swapnalok L Jagmohandas Marg, |
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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. Chopra Jagmohanlal |
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Designation : |
Director |
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Address : |
4th Floor, 42 Tower B Jolly Maker A, Cuffe Parade, Mumbai –
400005, |
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Date of Birth/Age : |
17.11.1933 |
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Date of Appointment : |
29.09.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 05.08.2010
|
Names of Shareholders |
No. of Shares |
|
Singh Daljit Ajit |
4401 |
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Singh Daljit Jasjit |
1102 |
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Singh Jasjit Nandini |
1100 |
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Singh Jasjit Karan |
1100 |
|
Singh Jasjit Priya |
1100 |
|
Jeet Mercantile Private Limited, |
16002 |
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TOTAL |
24805 |
AS ON 05.08.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
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Category |
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Bodies corporate |
|
64.51 |
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Directors or relatives of directors |
|
35.49 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceuticals Machinery and their components. |
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Products : |
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PRODUCTION STATUS AS ON (31.03.2010)
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Pharmaceuticals Machines |
Nos. |
|
2000 |
-- |
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Accessories and Spares |
Tons. |
|
100 |
-- |
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Machines |
Nos. |
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-- |
1138 |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B K Khare and Company Chartered Accountant |
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Address : |
706-708, Sharda Chambers, New Marine Lines, Mumbai – 400020, |
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Companies : |
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Wholly Owned Subsidiary : |
Pam |
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Firms : |
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Foreign Companies : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs. 100each |
Rs.2.500 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
24805 |
Equity Shares |
Rs. 100each |
Rs.2.480
millions |
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NOTE
Of the above, 8000 Equity shares of Rs.100 each were
allotted as fully paid up bonus shares by capitalisation of reserves and 800
Equity shares of Rs.100 each were allotted for consideration other than cash
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
2.480 |
2.480 |
2.480 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1117.803 |
1031.268 |
913.358 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1120.283 |
1033.748 |
915.838 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
9.233 |
144.784 |
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2] Unsecured Loans |
10.323 |
10.323 |
3.023 |
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TOTAL BORROWING |
10.323 |
19.556 |
147.807 |
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DEFERRED TAX LIABILITIES |
1.025 |
2.223 |
6.989 |
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TOTAL |
1131.631 |
1055.527 |
1070.634 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
187.918 |
191.925 |
212.113 |
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Capital work-in-progress |
32.138 |
22.592 |
5.934 |
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INVESTMENT |
273.472 |
272.602 |
211.158 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
185.664
|
261.925 |
361.127 |
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Sundry Debtors |
223.273
|
328.116 |
377.766 |
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Cash & Bank Balances |
42.853
|
20.426 |
5.301 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
514.088
|
257.463 |
582.107 |
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Total
Current Assets |
965.878
|
867.930 |
1326.301 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
136.311
|
112.656 |
172.614 |
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Other Current Liabilities |
138.799
|
152.190 |
121.340 |
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Provisions |
52.665
|
34.676 |
390.918 |
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Total
Current Liabilities |
327.775
|
299.522 |
684.872 |
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Net Current Assets |
638.103
|
568.408 |
641.429 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1131.631 |
1055.527 |
1070.634 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
1252.784 |
1108.325 |
931.756 |
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Other Income |
|
54.124 |
59.024 |
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TOTAL (A) |
1252.784 |
1162.449 |
990.780 |
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Less |
EXPENSES |
|
|
|
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|
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|
Manufacturing Expenses |
|
386.224 |
564.676 |
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Employee’s Remuneration and Welfare Expenses |
NA |
204.949 |
158.212 |
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|
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Other Expenses |
|
271.790 |
229.847 |
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|
Increase / (Decrease) In Stock |
|
87.097 |
(101.683) |
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TOTAL (B) |
NA |
950.060 |
851.052 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
212.389 |
139.728 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
10.357 |
7.543 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
202.032 |
132.185 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
20.073 |
18.529 |
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PROFIT BEFORE
TAX (E-F) (G) |
183.283 |
181.959 |
113.656 |
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Less |
TAX (H) |
101.426 |
64.049 |
40.072 |
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PROFIT AFTER TAX
(G-H) (I) |
81.857 |
117.910 |
73.584 |
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Add |
Earlier year’s adjustment |
4.678 |
0.000 |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
43.351 |
25.441 |
21.856 |
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Less |
APPROPRIATIONS |
|
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Transfer to General Reserve |
80.000 |
100.000 |
70.000 |
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BALANCE CARRIED
TO THE B/S |
49.886 |
43.351 |
25.440 |
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IMPORTS |
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Raw Materials |
26.189 |
40.189 |
47.590 |
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Capital Goods |
0.000 |
0.000 |
10.109 |
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Consumable Goods |
0.000 |
0.000 |
0.207 |
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TOTAL IMPORTS |
26.189 |
40.189 |
57.906 |
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Earnings Per
Share (Rs.) |
0.003 |
0.004 |
0.002 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.53
|
10.14 |
7.42 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
--
|
16.41 |
12.19 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.88
|
17.16 |
7.38 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.17 |
0.53 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.30
|
0.30 |
0.90 |
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Current Ratio (Current Asset/Current Liability) |
|
2.94
|
2.89 |
1.93 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
PERFORMANCE
During the year the company made further strides on the export front. The Company's thrust on exports will continue with a view to ensure sustained growth
FORM 8
|
This form is for |
Creation of charge |
|
Corporate
identity number of the company |
U24239MH1972PTC015632 |
|
Name of the
company |
PAM
PHARMACEUTICAL AND ALLIED MACHINERY COMPANY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
127, Kandivali Industrial Estate, Kandivali West, Mumbai - 400067, |
|
Type of charge |
Book Debts Others |
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Particular of
charge holder |
The Hong Kong and Shanghai Banking Corporation Limited, 52/60, |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation dated 25 March 2010 for
Stocks & Book Debts, both present and future |
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Date of
instrument Creating the charge |
25.03.2010 |
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Amount secured by
the charge |
Rs.100.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest shall be
payable by the Company. on the banking facilities as per banks tariff,
subject however that the bank shall have the right to change the rate of
interest after giving notice to the Company Terms of
Repayment In consideration
of banking facilities sanctioned/to be sanctioned by the Bank to the Company,
the Company has hypothecated and charged to the bank by way of First Pari
Passu Charge as a continuing security, the assets mentioned in the Agreement
to secure the repayments of the advances together with interest cost and all
other charges Margin The Company shall
maintain such margin as may be specified by the bank from time to time Extent and
Operation of the charge Charge over
present and future current assets of the company as mentioned in the PART I
and II of the Deed of Hypothecation
dated 25 March 2010,to the extent of Rs. 100 Million with interest
cost and any other charges. In case the company fails to fulfill its
obligation under the agreement, the bank shall be entitled to take possession
of the hypothecated properties and sell them by public auction or private
contract and utilize the proceeds in full or part settlement of its claims |
|
Short particulars
of the property charged |
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FIXED ASSETS
In Tangible Assets
- Goodwill
- SAP Software
License
Tangible Assets
- Buildings
- Plant and Machinery
- Computers
- Furniture and Fixture
- Office Equipments
- Vehicles
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.45.30 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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 |
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 report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.