MIRA
INFORM REPORT
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Report Date : |
27.09.2011 |
IDENTIFICATION DETAILS
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Name : |
PINE AND PEAK DEVELOPERS LIMITED |
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Registered
Office : |
702, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
15.02.2007 |
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Com. Reg. No.: |
55.1593.04 |
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Capital
Investment / Paid-up Capital : |
Rs. 50.250 Millions |
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CIN No.: [Company Identification
No.] |
U45200DL2007PLC159304 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELP14770A |
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PAN No.: [Permanent Account No.] |
AAECP1950F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in the Business of Construcation. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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 410000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records. The management
of the company has not filed its latest financial with the government
departments. However, trade relations are reported as fair. Business is
active. Payments are unknown. The company can be considered for business dealings with some caution. |
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, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 : |
702, |
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Tel. No.: |
91-11-43571040-45 |
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Fax No.: |
91-11-43571047 |
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E-Mail : |
DIRECTORS
As on 31.03.2009
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Name : |
Mr. Mukesh Joshi |
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Designation : |
Director |
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Address : |
Flat No. E-01, 18 H No 589, Plot No. E-01, Sec-50, Noida - 201307, |
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Date of Birth/Age : |
17.08.1971 |
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Date of Appointment : |
15.02.2007 |
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DIN No.: |
00204933 |
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Other Directorship :
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Name : |
Mr. Hitesh Joshi |
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Designation : |
Director |
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Address : |
F-137, Sector – 56, Noida– 201301, |
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Date of Birth/Age : |
25.09.1974 |
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Date of Appointment : |
23.06.2009 |
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DIN No.: |
00048941 |
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Other Directorship:
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Name : |
Mr. Sandeep Sahni |
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Designation : |
Director |
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Address : |
34/13, East Patel Nagar, |
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Date of Birth/Age : |
10.07.1966 |
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Date of Appointment : |
15.02.2007 |
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DIN No.: |
00111044 |
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Other Directorship :
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Name : |
Mr. Pramod Jain |
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Designation : |
Director |
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Address : |
H-28, |
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Date of Birth/Age : |
06.01.1965 |
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Date of Appointment : |
15.02.2007 |
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DIN No.: |
00112968 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2009
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Names of Shareholders |
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No. of Shares |
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Sachin Upadhaya |
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630000 |
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Sandip Sahni |
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12500 |
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Mukesh Joshi |
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2255000 |
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Ashok Kumar |
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12500 |
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Pramod Jain |
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10000 |
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Bohlra Joshi |
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2500 |
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Atul Gupta |
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2500 |
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Pranidhi
Estate Private Limited – |
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1225000 |
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Yutika Commercial Private Limited- West |
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875000 |
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TOTAL |
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5025000 |
Equity Share Break up (Percentage of Total Equity)
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Category |
Percentage |
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Bodies corporate |
42.00 |
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Directors or relatives of Directors |
45.00 |
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Other top fifty shareholders |
13.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the Business of Construcation. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Union Bank of |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Agarwal Ramesh K and Company Chartered Accountant |
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Address : |
C-156, Avantika, Rohini , Sector- 1, |
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PAN.: |
AAKFA2360F |
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Associates/Subsidiaries : |
Enterprises owned or Significantly influenced by key Management personnel
or their relatives ( either individually or with others ) ( with whom company
had transactions ) -
Pranidhi Commerce
Private Limited -
Yutika Commercial
Private Limited -
GMS Builders and
Developers Private Limited -
Pranidhi Holdings
Private Limited |
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CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
5025000 |
Equity Shares |
Rs.10/- each |
Rs. 50.250
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
50.250 |
50.250 |
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2] Share Application Money |
|
1.000 |
1.500 |
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3] Reserves & Surplus |
|
53.244 |
49.750 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
104.494 |
101.50 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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10.856 |
0.176 |
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TOTAL BORROWING |
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10.856 |
0.176 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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115.350 |
101.676 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.675 |
0.000 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
1.634 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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13.215
|
0.000 |
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Sundry Debtors |
|
21.454
|
0.000 |
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Cash & Bank Balances |
|
29.187
|
0.380 |
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Other Current Assets |
|
0.000
|
0.000 |
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Loans & Advances |
|
126.904
|
100.500 |
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Total
Current Assets |
|
190.760
|
100.880 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
67.148
|
0.019 |
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Sundry Creditors |
|
6.497
|
0.000 |
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Other Current Liabilities |
|
4.074
|
0.000 |
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Provisions |
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Total
Current Liabilities |
|
77.719
|
0.019 |
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Net Current Assets |
|
113.041 |
100.861 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.815 |
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TOTAL |
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115.350 |
101.676 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
|
249.047 |
-- |
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- |
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Other Income |
|
2.836 |
-- |
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TOTAL |
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251.883 |
-- |
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Less |
EXPENSES |
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Project Expenses |
|
245.736 |
-- |
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Administrative Expenses |
|
10.850 |
-- |
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Increse/ Decrease Stock |
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(13.215) |
-- |
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TOTAL |
|
243.371 |
-- |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
8.512 |
-- |
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Less |
FINANCIAL
EXPENSES |
|
2.601 |
-- |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
5.911 |
-- |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.091 |
-- |
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PROFIT BEFORE
TAX |
|
5.819 |
-- |
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Less |
TAX |
|
2.324 |
-- |
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PROFIT AFTER TAX
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|
3.495 |
-- |
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BALANCE CARRIED
TO THE B/S |
|
3.495 |
-- |
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|
Earnings Per
Share (Rs.) |
|
0.70 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
|
1.39 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
|
2.34 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.04 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.06 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.85 |
0.00 |
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Current Ratio (Current Asset/Current Liability) |
|
|
2.45 |
5309.47 |
LOCAL AGENCY FURTHER INFORMATION
Notes:
The Company changed its registered office from
W-5, Green Park Extension, New Delhi – 110016, Delhi , India To L-7, 1st
Floor, Green Park Extension, New Delhi – 110016, Delhi, India w.ef 07.07.2008 .
The Registered office has again shifted from L-7, 1st Floor, Green
Park Extension, New Delhi – 110016, Delhi, India to 702, Arunachal Building ,
Barakhamba road, New Delhi – 110001, Delhi, India w.e.f 18.01.2011
BACKGROUND / NATURE OF OPERATIONS:
Pine and Peak Developers limited (PPDL or the
“Company”), a public limited closely held company, is engaged primarily in the
business of construction.
CONTIGENT LIABILITIES:
Rs.
in Millions
|
Sr. No |
Particulars |
As at 31.03.2009 |
As at 31.03.2008 |
|
a. |
Letters of Credit |
9.600 |
-- |
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b. |
Securities / Performance Guarantee provided to government authorities |
50.500 |
-- |
FORM 8:
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Corporate
identity number of the company |
U45200DL2007PLC159304 |
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Name of the
company |
PINE AND PEAK
DEVELOPERS LIMITED |
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Address of the registered
office or of the principal place of
business in |
L-7, 1ST
Floor, |
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This form is for |
Modification
of Charge |
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Particular of
charge holder |
Union Bank of India,
B-231, SSI Branch, Okhla Phase – 1, New Delhi- 110020, Delhi, India Email Id:
sanjuprofessional@gmail.com |
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Nature of
instrument creating charge |
SD- 03 Counter
Indemnity for letter of Guarantee |
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Date of
instrument Creating the charge |
11.09.2008 |
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Amount secured by
the charge |
Rs. 100.800
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
: As applicable
from time to time Terms of
Repayment: As applicable from
time to time OR as per section. Extent and
operation of the charge: 100% Others: The Above is to
secure BG limit Rs. 100.08 Millions. |
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Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
This agreement
shall operate as a continuing security for the balances due to the bank and
all other monies due by the borrower. The Bank
guarantee limit of Rs. 100.800
Millions granted to the company. |
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Particulars of
the present modification |
BG Limit Enhanced
to Rs. 100.800 Millions |
FIXED ASSETS:
-
Air Conditioner
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Computer and Software
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Furniture and Fixture
-
Plant and Machinery
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] 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.49.61 |
|
|
1 |
Rs.76.68 |
|
Euro |
1 |
Rs.66.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
27 |
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.