MIRA
INFORM REPORT
|
Report Date : |
11.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
PAM-GLATT PHARMA TECHNOLOGIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1001 Dalamal House 10th Floor Nariman Point, Mumbai 400021,
Maharashtra |
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|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
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|
|
Date of
Incorporation : |
17.12.1996 |
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|
Com. Reg. No.: |
104558 |
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Capital
Investment / Paid-up Capital : |
Rs. 27.500 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29251MH1996PTC104558 |
|
|
|
|
Legal Form : |
Private Limited Liability Company
|
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|
|
|
Line of Business
: |
Manufacturer world class FBE Fluid bed processors and tablet-coating
systems |
|
|
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 5995052 |
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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 joint venture between ACG Worldwide and Glatt Gmbh,
Germany. It is a well established company having fine track financial position
of the company appears to be sound trade relations are reported as fair. Business
are reported as fair. Business is active. Payments are reported to be regular
and as per commitment. The company can be considered 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
1001 Dalamal House 10th Floor Nariman Point, Mumbai 400021,
Maharashtra, Indian |
|
Tel. No.: |
91-22-28117778 / 22872557 / 28117770 |
|
Fax No.: |
91-22-28117778 / 22872557 |
|
E-Mail : |
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|
Website : |
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Factory : |
Plot No 1100 Shirwal Taluka Khandala Satara 412801, Maharastra, India |
DIRECTORS
AS ON 30.09.2012
|
Name : |
Mr. Ajit Singh |
|
Designation : |
Director |
|
Date of Birth/Age : |
20.11.1941 |
|
Date of Appointment : |
17.12.1996 |
|
DIN No.: |
00915347 |
|
|
|
|
Name : |
Mr. Jasjit Singh |
|
Designation : |
Director |
|
Date of Birth/Age : |
03.04.1943 |
|
Date of Appointment : |
17.12.1996 |
|
DIN No.: |
00901470 |
|
|
|
|
Name : |
Mr. Jagmohanlal Chopra |
|
Designation : |
Director |
|
Date of Birth/Age : |
17.11.1933 |
|
Date of Appointment : |
20.07.2010 |
|
DIN No.: |
00901556 |
|
|
|
|
Name : |
Groschel Dieter Klaus |
|
Designation : |
Director |
|
Date of Birth/Age : |
15.01.1959 |
|
Date of Appointment : |
04.05.1999 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
|
Names of Shareholders |
No. of Shares |
|
Ajit Singh |
21 |
|
Jasjit Singh |
19 |
|
Pam Indyech Machine Private Limited, Maharashtra, India |
139960 |
|
ACG Arts and Properties Private Limited, Maharashtra, India |
60000 |
|
Glatt Gmbh, Germany |
75000 |
|
Total |
275000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
27.27 |
|
Bodies corporate |
72.71 |
|
Directors or relatives of Directors |
0.02 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer world class FBE Fluid bed processors and tablet-coating
systems |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||
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|
|
||||||||||||
|
Bankers : |
·
State Bank of India, Kandivli Industrial Estate
Branch, Kandivli, Mumbai, Maharashtra, India ·
Axis Bank Limited, Western Zonal Office, Fortune
2000, C Wing, Bandra Kurla Complex, Mumbai 400051, Maharashtra, India ·
Standard Chartered Bank, 90 M G Road, Fort,
Mumbai 400001, Maharashtra, India ·
Axis
Bank Limited Credit Management Centre, Unit No.6, Corporate Park, Sion
Trombay Road, Chembur, Mumbai400071, Maharashtra, India |
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Facilities : |
Rs. In Millions
|
|
|
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
B K Khare and Company Chartered Accountant |
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|
|
|
Holding Company : |
Pam IndTech Machines Private Limited |
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|
|
|
Associates : |
Glatt GmbH, Germany |
CAPITAL STRUCTURE
AS ON 30.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000 |
Equity Shares |
Rs. 100/- each |
Rs. 40.000 millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
275000 |
Equity Shares |
Rs. 100/- each |
Rs. 27.500 millions |
|
|
|
|
|
|
|
Out of the above 139960 equity shares are held by Holding Company, Pam
Indtech Machine Private Limited, Since 26.11.2010 |
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
27.500 |
27.500 |
15.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1471.263 |
1173.600 |
646.168 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1498.763 |
1201.100 |
661.168 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7.366 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
7.366 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
17.580 |
2.929 |
3.596 |
|
|
|
|
|
|
|
|
TOTAL |
1523.709 |
1204.029 |
664.764 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
420.635 |
64.391 |
64.817 |
|
|
Capital work-in-progress |
31.283 |
127.289 |
25.111 |
|
|
|
|
|
|
|
|
INVESTMENT |
458.066 |
484.884 |
180.040 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
148.464
|
77.544 |
62.920 |
|
|
Sundry Debtors |
436.659
|
339.245 |
172.010 |
|
|
Cash & Bank Balances |
26.424
|
86.512 |
49.378 |
|
|
Other Current Assets |
35.796
|
24.413 |
0.000 |
|
|
Loans & Advances |
416.946
|
355.285 |
266.863 |
|
Total
Current Assets |
1064.289
|
882.999 |
551.171 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
205.772
|
124.074 |
72.349 |
|
|
Other Current Liabilities |
222.545
|
214.508 |
71.616 |
|
|
Provisions |
22.247
|
16.952 |
12.410 |
|
Total
Current Liabilities |
450.564
|
355.534 |
156.375 |
|
|
Net Current Assets |
613.725
|
527.465 |
394.796 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1523.709 |
1204.029 |
664.764 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
1323.834 |
1098.791 |
|
|
|
Other Income |
|
100.458 |
64.901 |
|
|
|
TOTAL |
1536.896 |
1424.292 |
1163.692 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
|
NA |
428.642 |
316.594 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
297.663 |
289.931 |
212.725 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
936.100 |
646.168 |
433.442 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1233.763 |
936.100 |
646.168 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
147.184 |
340.349 |
NA |
|
|
|
|
|
|
|
|
|
IMPORTS |
280.104 |
264.278 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
32.37 |
28.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
45.24 |
51.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.35 |
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.31
|
0.29 |
0.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.36
|
2.48 |
3.52 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
No |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
No |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
FORM 8
|
Corporate
identity number of the company |
U29251MH1996PTC104558 |
|
Name of the
company |
PAM-GLATT PHARMA TECHNOLOGIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
1001 Dalamal House 10th Floor Nariman Point, Mumbai 400021,
Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Others |
|
Particular of charge
holder |
Axis Bank Limited Credit Management
Centre, Unit No.6, Corporate Park, Sion Trombay Road, Chembur, Mumbai400071,
Maharashtra, India Email: suyashri@vsnl.com |
|
Nature of
instrument creating charge |
Link Document
(LD) dated 03.09.2010 |
|
Date of
instrument Creating the charge |
03.09.2010 |
|
Amount secured by
the charge |
Rs. 25.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As per Sanction
Letter or as stipulated by bank from time to time. Terms of repayment As per Sanction
Letter or as stipulated by bank from time to time. Margin As per Sanction
Letter or as stipulated by bank from time to time. Extent and operation of the charge Without affecting
the aggregate limit of Rs. 25.000 millions, Bank renewed / enhanced / realigned Credit
facilities to Rs.25.000 millions as specified in LD. The security by pari
passu First Charge on present and future entire current assets of the Co.
viz. Stock, Book debts etc and movable plant, mach. etc lying, situated at
Co's premises or elsewhere, given earlier shall continue to secure the
renewed / enhanced / realigned Credit facilities of Rs.25.000 millions. |
|
Short particulars
of the property charged (Including location of the property) |
Pari passu First
Charge on present and future entire current assets of the Co. viz. Stock of
RM, SIP, FG etc. lying, situated at Co's premises or elsewhere & Book
debts, receivables etc Pari passu First
Charge on present and future movable plant, mach. etc lying, situated at Co's
premises or elsewhere |
|
Particulars of
the present modification |
Now vide this
modi., Without affecting the aggregate limit of Rs. 25.000 millions,
Bank renewed / enhanced / realigned
Credit facilities to Rs. 25.000 millions as specified in LD. The security by
pari passu First Charge on present and future entire current assets of the
Co. viz. Stock, Book debts etc and movable plant, mach. etc lying, situated
at Co's premises or elsewhere, given earlier shall continue to secure the
renewed / enhanced / realigned Credit facilities of Rs. 25.000 millions. |
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 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 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 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.54.40 |
|
|
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.71.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
NO |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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 |
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.