1. Summary Information
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Country |
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Company Name |
Pinnacle
Hi-Tech Trade Private Limited |
Principal Name 1 |
Mr. Shrikrishna Devidas Choudhary |
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Status |
Moderate |
Principal Name 2 |
Mrs. Nayana Shrikrishna Choudhary |
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|
|
Registration # |
11-153496 |
|
Street Address |
Shop No. 101,
First Floor, Plot No. C-277, Udyog Bharti, Estate, M.I.D.C., Waluj, |
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|
Established Date |
25.05.2005 |
SIC Code |
-- |
|
Telephone# |
91-240-3200445 |
Business Style 1 |
Trading |
|
Fax # |
Not Available |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Engineering goods |
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|
# of employees |
40 (in office)
(Approximately) |
Product Name 2 |
Automatic machines |
|
Paid up capital |
Rs.3,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
Directors or relatives of directors (100%) |
Banking |
Industrial Development
Bank of India Limited |
|
Public Limited Corp. |
NO |
Business Period |
6 Years |
|
IPO |
NO |
International Ins. |
-- |
|
Public |
NO |
Rating |
B
(32) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
10,959,000 |
Current Liabilities |
6,116,000 |
|
Inventories |
9,894,000 |
Long-term Liabilities |
10,148,000 |
|
Fixed Assets |
1,407,000 |
Other Liabilities |
1,002,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
17,266,000 |
|
Invest& other Assets |
358,000 |
Retained Earnings |
2,352,000 |
|
|
|
Net Worth |
5,352,000 |
|
Total Assets |
22,618,000 |
Total Liab. & Equity |
22,618,000 |
|
Total Assets (Previous Year) |
24,118,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales/Total Income |
30,658,000 |
Net Profit |
708,000 |
|
Sales(Previous yr) |
40,202,000 |
Net Profit(Prev.yr) |
826,000 |
MIRA
INFORM REPORT
|
Report Date : |
25.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
PINNACLE HI-TECH TRADE PRIVATE LIMITED |
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Registered
Office : |
Shop No. 101, First Floor, Plot No. C-277, Udyog Bharti, Estate,
M.I.D.C., Waluj, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
25.05.2005 |
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Com. Reg. No.: |
11-153496 |
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Capital
Investment / Paid-up Capital : |
Rs.3.000 millions |
|
|
|
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CIN No.: [Company Identification
No.] |
U51500MH2005PTC153496 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKP03273E |
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PAN No.: [Permanent Account No.] |
AAIFP1929P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Traders of Industrial
Spare Parts and Engineering Goods. |
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No. of Employees
: |
40 (in office) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 21000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for small 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Vinayak Pingle |
|
Designation : |
Accounts Manager |
LOCATIONS
|
Registered Office : |
Shop No. 101, First Floor, Plot No. C-277, Udyog Bharti, Estate,
M.I.D.C., Waluj, |
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Tel. No.: |
91-240-3200445 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory 1 : |
Villa Satara, Beel by pass road, Near Renuka Mata Mandir,
Abad, |
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Tel. No.: |
91-240-3098310 |
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Area: |
2000 sq. ft. |
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Location: |
Rented |
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Factory 2 : |
Plot No. 499, Priya Villa, First Floor, Kodtri Chowle, |
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Tel. No.: |
91-712-3953476 |
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Area: |
1500 sq. ft. |
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Location: |
Rented |
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Branch Office1 : |
Plot No. 499, Priya Villa, First Floor, Ashok Battery, Kabdi Chowk, Mental Hospital Road, Nagpur – 440 009, Maharashtra, India |
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Tel. No.: |
91-712-3953476 |
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Branch Office 2 : |
MH 133, Near Colgate Company, MIDC Waley, |
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Area: |
5000 Sq. ft. |
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Location: |
Rented |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Shrikrishna Devidas Choudhary |
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Designation : |
Director |
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Address : |
Flat No.15, Chandan-A Appartment Rana Nagar, |
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Date of Birth/Age : |
03.10.1964 |
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Qualification : |
B.E. (Production) |
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Date of Appointment : |
25.05.2005 |
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DIN No.: |
00309787 |
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Other Directorship :
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Name : |
Mrs. Nayana Shrikrishna Choudhary |
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Designation : |
Director |
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Address : |
Flat No.15, Chandan-A Appartment Rana Nagar, |
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Date of Birth/Age : |
01.01.1973 |
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Qualification : |
B.Com |
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Date of Appointment : |
25.05.2005 |
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DIN No.: |
01756357 |
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Other Directorship :
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Name : |
Mr. Rajendra Ramdas Thakare |
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Designation : |
Director |
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Address : |
C/O S D Choudhary, Block 15, Chandan Appartment, Rana Nagar, |
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Date of Birth/Age : |
10.01.1978 |
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Date of Appointment : |
12.11.2005 |
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DIN No.: |
02467658 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Shrikrishna Devidas Choudhary |
|
295000 |
|
Nayana Shrikrishna Choudhary |
|
4990 |
|
Rajendra Ramdas Thakare |
|
10 |
|
Total |
|
300000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
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|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Traders of Industrial
Spare Parts and Engineering Goods. |
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Products : |
· Engineering goods ·
Automatic machines |
GENERAL INFORMATION
|
Customers : |
·
Aurangabad Motors Private Limited ·
Sipra Engineering Private Limited ·
Menon Pistons Limited ·
Rockman Industries Limited ·
Cipla Limited |
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No. of Employees : |
40 (in office) (Approximately) |
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Bankers : |
·
Industrial Development Bank of India Limited ·
Oriental
Bank of Commerce · United Western Bank Limited Apulki bulding, ·
ICICI Bank ·
The Akola Janta Commercial Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institutions : |
SBI Factors and Commercials Private Limited |
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Auditors : |
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Name : |
B. P. Singh and Company Chartered Accountants |
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Address : |
414, Labh Chambers, |
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PAN No.: |
ARMPS8125P |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
3.000 |
3.000 |
3.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.352 |
1.643 |
0.828 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.352 |
4.643 |
3.828 |
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LOAN FUNDS |
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1] Secured Loans |
7.079 |
8.435 |
5.233 |
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2] Unsecured Loans |
3.069 |
2.463 |
2.795 |
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TOTAL BORROWING |
10.148 |
10.898 |
8.028 |
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DEFERRED TAX LIABILITIES |
0.010 |
0.028 |
0.000 |
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TOTAL |
15.510 |
15.569 |
11.856 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.407 |
1.795 |
1.696 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.337 |
0.318 |
0.293 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.005 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
9.894
|
8.829 |
6.382 |
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Sundry Debtors |
10.444
|
12.466 |
11.288 |
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Cash & Bank Balances |
0.353
|
0.223 |
0.031 |
|
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Other Current Assets |
0.105
|
0.080 |
0.060 |
|
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Loans & Advances |
0.057
|
0.383 |
0.104 |
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Total
Current Assets |
20.853
|
21.981 |
17.865 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
4.665
|
6.516 |
5.131 |
|
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Other Current Liabilities |
1.451
|
0.000 |
0.005 |
|
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Provisions |
0.992
|
2.033 |
2.895 |
|
Total
Current Liabilities |
7.108
|
8.549 |
8.031 |
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Net Current Assets |
13.745
|
13.432 |
9.834 |
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MISCELLANEOUS EXPENSES |
0.021 |
0.024 |
0.028 |
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TOTAL |
15.510 |
15.569 |
11.856 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales |
|
40.202 |
32.641 |
|
|
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Other Income |
|
0.268 |
|
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|
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TOTAL |
30.658 |
40.470 |
32.641 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
29.130 |
38.645 |
31.186 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.528 |
1.825 |
1.455 |
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.440 |
0.465 |
0.444 |
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PROFIT BEFORE
TAX |
1.088 |
1.360 |
1.011 |
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Less |
TAX |
0.380 |
0.534 |
0.353 |
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PROFIT AFTER TAX
|
0.708 |
0.826 |
0.658 |
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Earnings Per
Share (Rs.) |
2.36 |
2.75 |
2.19 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.31
|
2.04 |
2.02 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
3.38 |
NA |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.89
|
5.72 |
5.17 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.29 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.22
|
4.19 |
4.20 |
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Current Ratio (Current Asset/Current Liability) |
|
2.93
|
2.57 |
2.22 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
The Registered Office of the company has been shifted from Chandan A,
Rana Nagar, Jalna Road, Aurangabad – 440 012, Maharashtra, India to the present
address w.e.f. 20.07.2011.
PERFORMANCE
The Company during its fourth year of
operation has achieved turnover of 30.658 millions. The Company expects further
growth in the coming financial year, as there is good demand in industrial
spare parts.
FORM 8
|
Corporate identity number of the company |
U51500MH2005PTC153496 |
|
Name of the company |
PINNACLE HI-TECH TRADE PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
Chandan A, Rana Nagar, |
|
This form is for |
Creation of charge |
|
Type of charge |
·
Book debts ·
Movable property (not being pledge) ·
Floating charge ·
Others o
Stock |
|
Particular of charge holder |
SBI Factors and Commercials Private Limited |
|
Nature of instrument creating charge |
Agreement of Hypothecation executed 13th June, 2008 for the limits of
7.500 millions and 2.500 millions respectively to create a single charge on
the current assets of the borrower company. |
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Date of instrument Creating the charge |
13.06.2008 |
|
Amount secured by the charge |
Rs.10.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest The finance charge would be"FPLR+1.00% i.e. effective rate would
be 13.50%.Penal interest would be @3%would be due in case payment is not
received on due date. Commitment charges would be 0.25% on unutilized portion
if the average utilization remain less than 60%annually. Handling charges
would be 15paise per hundred of the invoice value subject to minimum Rs.50per
invoice + service tax applicable for the overall facility availment. Terms of Repayment As factoring is based on turnover concept, all credit invoices raised
on the approved customers, be routed through SBI Factors and Commercials
Private Limited PBF post dated cheques for the PP limit be submitted along
with the accepted Hundi while factoring invoices under PBF facility. Prepayment
under RFF to be used to liquidate dues. Margin For Receivables Factoring Facility (RFF): 30% For Purchase Bill Factoring Facility(PBF): NIL Extent and Operation of the charge Entire Single charge on the present and future stock and book debts
for the factoring facility with due instrument drawn by the borrower company
for the approved customers, for the assignment of debts in favour of SBI
Factors and Commercial Private Limited. The Company will create 30% cash
collateral in the form of TDR out of which 10% amount should up front and
remaining amount will be built in 3 month. The Directors will extend personal
guarantee whose reference is given as in terms and conditions. Others Processing fee@ Rs.500/- per millions i.e. Rs.0.038 +Service Tax applicable. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Entire single charge on the Present and Future book debts, current
assets and stock recorded about the mutually agreed debtors, and for which
the records are being maintained at the registered office of the Company,
Flat No.10, Chandan "C" Apartment, Rana Nagar, Jalna Road,
Aurnagabad for the availment of factoring facility. |
FIXED ASSETS
·
Air Conditioners
·
Computer and Software
·
Furniture and Fixture
·
Office Equipments
·
UPS – 1500V
·
X-Ray Scan Machine
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.52.25 |
|
|
1 |
Rs.81.23 |
|
Euro |
1 |
Rs.69.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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.