MIRA
INFORM REPORT
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Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
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Name : |
PINNACLE BIOMED PRIVATE LIMITED |
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Registered Office : |
7/B, "C" Block, Nirmala Niwas, Ground Floor, Aai
Mai Mervanji Street, Parel, Mumbai – 400 012, Maharashtra, India |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.03.2004 |
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Com. Reg. No.: |
11-144999 |
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CIN No.: [Company
Identification No.] |
U24100MH2004PTC144999 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP19380E |
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PAN No.: [Permanent
Account No.] |
AADCP3155D |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Dealers
of surgical products. |
RATING & COMMENTS
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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 14000 |
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Status : |
Satisfactory |
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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 experienced 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 : |
7/B, "C" Block, Nirmala Niwas, Ground Floor, Aai
Mai Mervanji Street, Parel, Mumbai – 400 012, Maharashtra, India |
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Tel. No.: |
91-22-64128453 / 24129960 /
24157048 |
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Fax No.: |
91-22-24129960 |
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Head Office : |
33, Manoj Industrial Estate, 40-A, G D Ambekar Marg,
Wadala (West), |
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Tel. No.: |
91-22-24129960 / 24120075 /
24166192 / 24120075 |
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Fax No.: |
91-22-24186708 |
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E-Mail : |
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Branch 1 : |
Flat No. 1, Ground Floor, Bajaj Bhavan, R. A. Kidwai Road,
Wadala, Mumbai-400031 |
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Tel. No.: |
91-22-24124164 |
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Fax No.: |
91-22-24123203 |
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Branch 2 : |
13, Megaspace, |
DIRECTORS
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Name : |
Mr. Gulshan Bakhtiani |
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Designation : |
Director |
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Address : |
133 A, Kalpataru Residency, Opposite Cine Planet Cinema, Sion, Mumbai
– 400033, |
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Date of Birth/Age : |
10.06.1965 |
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Date of Appointment : |
12.03.2004 |
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Name : |
Ms. Anita Bakhtiani |
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Designation : |
Director |
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Address : |
133 A, Kalpataru Residency, Opposite Cine Planet Cinema, Sion, Mumbai
– 400033, |
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Date of Birth/Age : |
14.12.1967 |
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Date of Appointment : |
12.03.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Gulshan Bakhtiani |
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89950 |
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Anita Bakhtiani |
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5000 |
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Gulshan Bakhtiani Joint With Doulat Adnani |
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10 |
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Gulshan Bakhtiani Joint With Kirti Motwani |
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10 |
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Gulshan Bakhtiani Joint With Namrita Adnani |
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10 |
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Gulshan Bakhtiani Joint With Pamibai Motwani |
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10 |
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Gulshan Bakhtiani Joint With Punit Adnani |
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10 |
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Total |
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95000 |
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Category |
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Percentage of
Holding |
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Directors / Relatives of Directors |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Dealers
of surgical products. |
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Exports : |
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Countries : |
African
Countries |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL INFORMATION
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Customers : |
v
Asian Heart Institute v
Arneja Heart Institute- v
v
v
v
Dr. L H Hiranandani Hospital v
Dr. Balabhai Nanavati Hospital v
v
v
v
JJ Group of Hospital v
v
v
v
v
v
v
v
v
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No. of Employees : |
7 |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
RCS and Associates Chartered Accountants |
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Address : |
1307, Cosmos Tower, Sarovar Vihar Road, Sector – 11, CBD Belapur, Navi
Mumbai – 400614, Maharashtra, India |
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Associates/Subsidiaries : |
The Parel Chemists
Ground Floor, EMS Main Bldg., Tel : 91-22-2416 6339, 2416 5768, 5605 1692 The Parel Chemists Ground Floor, Main Bldg., Tel : 91-22-2541 5347 The Parel Chemists
Shop No. 6 &
7, Lahar Bros. Mansion, Opp. KEM Hospital, Eborges Marg, Tel : 91-22-2411 0411 / 2413 1299 Asian Chemist
Shop No. 1, 214,
Rakhangi Mahal, Nr. Worli Post Office, Worli, Mumbai - 400018 Tel : 91-22-2493 3271 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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95000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.950
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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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0.950 |
0.950 |
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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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2.571 |
0.437 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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3.521 |
1.387 |
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LOAN FUNDS |
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1] Secured Loans |
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5.101 |
2.317 |
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2] Unsecured Loans |
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26.544 |
3.461 |
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TOTAL BORROWING |
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31.645 |
5.778 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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35.166 |
7.165 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.916 |
0.717 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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28.794 |
7.446 |
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Sundry Debtors |
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22.720 |
10.203 |
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Cash & Bank Balances |
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0.032 |
0.052 |
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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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6.571 |
0.556 |
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Total
Current Assets |
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58.117 |
18.257 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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22.452 |
11.640 |
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Provisions |
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1.444 |
0.202 |
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Total
Current Liabilities |
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23.896 |
11.842 |
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Net Current Assets |
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34.221 |
6.415 |
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MISCELLANEOUS EXPENSES |
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0.029 |
0.033 |
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TOTAL |
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35.166 |
7.165 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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103.288 |
38.268 |
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Other Income |
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Total Income |
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103.288 |
38.268 |
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Profit/(Loss) Before Tax |
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3.283 |
0.197 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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3.283 |
0.197 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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100.004 |
38.071 |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
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Salaries, Wages, Bonus, etc. |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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2.623 |
0.827 |
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Depreciation & Amortization |
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0.093 |
0.014 |
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Total Expenditure |
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102.72 |
38.912 |
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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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3.17 |
0.51 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.17 |
0.51 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.56 |
1.03 |
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Return on Investment (ROI) (PBT/Networth) |
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0.93 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
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15.77 |
12.70 |
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Current Ratio (Current Asset/Current Liability) |
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2.43 |
1.54 |
LOCAL AGENCY FURTHER INFORMATION
Fixed
Assets
v
Telephone
v
Fax Machine
v
Air Conditioner
v
Computer
v
Furniture
Bankers Charges
Report as per Registry
|
Name of the company |
PINNACLE BIOMED
PRIVATE LIMITED |
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Presented By |
CANARA BANK AND
PINNACLE BIOMED PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
DATED 20.07.2004 Cash Credit
Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.500
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 |
The whole of the
Borrower’s present and future stocks of Raw Materials, Goods in process of
manufacture and all finished and manufactured goods and articles together
with all stores, components and spares which now belong to or may hereafter
from time to time during the continuance of this security belong to the
borrower and which are or shall or may be brought into stored or be in or
upon or about the borrower factory Godown and other premises at or wherever
else and same may be situated stored or lying or being including any such raw
materials, articles or goods, stores, spares and components or other similar
movable property in course or transit or delivery to the borrower. All of the
borrower’s present and future book debts, outstanding monies, receivables,
claims, bills, rights to or immovable property and movable assets which are
not due owing or payable or belonging to the borrower or which may at time hereafter
during the continuance of this security become due, owing, payable or
belonging to the borrower in the course of its business. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The borrower
shall pay interest on the outstanding in the Cash Credit account at 3.50 %
p.a. over and above ongoing PLR rates as may be revised by the Bank from time
to time with a minimum of 14.25 % p.a. compounded quarterly on the daily
debts balance provided the interest payable shall be subject to the changes
in the interest rates made by the Bank from time to time. The borrower
shall at all time maintain a sufficient quality of the said goods and / or
the said debts and assets to provide the necessary margin on security and as
may be required by the Bank from time to time This security
shall be a continuing security for the balance from time to time due to the
Bank. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank 12, G S Lane,
Parel Mumbai - 400012 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
AS PER WEBSITE
Subject is a mission to
conquer pinnacle of “
They have chosen marketing & distribution of world class health care
products as their area of contribution to the cause.
They have dedicated their selves to making significant & admirable
contribution by being the company of total integrity.
To Become
Division
- Cardiology
- Cardiac
Surgery
- Peripheral
Vascular
- Eye Care
- Virology
& Oncology
- Hygiene
Products
- General
& Endo Surgery
At Pinnacle,
they choose their principals
with great care. They believe in partnering with those companies whose values
and thought processes can be a learning force for all of them and whose
policies truly reflect their values.
It is their privilege to be channel partners & distributors of some
of the top healthcare
companies in the world and they are really grateful to them for having faith in them
and in their ability to serve them. Their list of principals includes
distinguished names such as
- Bausch and Lomb
- Johnson Diversey
- Cordis
- Ethicon
- Johnson and Johnson
- Medtronic
- Steril Help International
- Biocon
They endeavour to become the most trusted and dependable supplier for all their
customers and in order to achieve that they remain open 365 days of the year.
As a result of their unstinted commitment to customers they are privileged to
be serving some of the top hospitals in the city of
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.40.53 |
|
|
1 |
Rs.80.41 |
|
Euro |
1 |
Rs.54.52 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|