MIRA
INFORM REPORT
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Report Date : |
03.03.2011 |
IDENTIFICATION DETAILS
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Name : |
PYROTEK INDIA PRIVATE LIMITED |
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Registered
Office : |
Gate No. 1228/1, 1228/2, 1229/1, 1230/4, 1230/5, 1230/6, Village
Sanaswadi, Taluka Shirur, Pune – 411208, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.02.2000 |
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Com. Reg. No.: |
11-020157 |
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CIN No.: [Company Identification
No.] |
U29299PN2000PTC020157 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP211716F |
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PAN No.: [Permanent Account No.] |
AABCP8012H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Trader and Exporter of High Temperature Materials for
Industrial Applications |
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 740000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
to be accumulated losses recorded by the company. However, trade relations
are fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Yogesh |
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Designation : |
Plant Manager |
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Contact No.: |
91-9850743121 |
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Date : |
08.02.2011 |
LOCATIONS
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Registered Office/Branch/Factory : |
Gate No. 1228/1, 1228/2, 1229/1, 1230/4, 1230/5, 1230/6, Village
Sanaswadi, Taluka Shirur, Pune – 411208, |
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Tel. No.: |
91-2137-668020/668000 |
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Mobile No.: |
91-9850743121 (Mr. Yogesh Dhusia) |
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Fax No.: |
91-2137-668050 |
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E-Mail : |
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Website : |
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Area : |
17 acers |
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Location : |
Owned |
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DIRECTORS
As On 10.09.2010
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Name : |
Mr. Michal Streck |
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Designation : |
Director |
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Address : |
Svitavka, V
Domkach, 495, |
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Date of Birth/Age : |
05.10.1976 |
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Date of Appointment : |
19.06.2006 |
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DIN No. : |
00547464 |
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Name : |
Mr. Krian Narayanrao Deshpande |
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Designation : |
Managing Director |
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Address : |
B/1 Prarthana Chs
Prarthana Samaj, Road Vile Parle(E)Mumbai 400057, |
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Date of Birth/Age : |
14.10.1962 |
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Qualification : |
Post Graduate |
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Date of Appointment : |
01.06.2010 |
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DIN No. : |
03058241 |
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Name : |
Mr. Martin Plsek |
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Designation : |
Director |
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Address : |
Hrazka 615/30 |
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Date of Birth/Age : |
28.02.1977 |
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Date of Appointment : |
17.06.2010 |
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DIN No. : |
03100736 |
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Name : |
Mr. Utpal Das |
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Designation : |
Director |
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Address : |
Flat no.A210, Plot
No.150, Al Kifaf, Karama, |
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Date of Birth/Age : |
05.01.1958 |
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Date of Appointment : |
09.02.2000 |
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Date of Ceasing : |
02.06.2010 |
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DIN No. : |
02565536 |
KEY EXECUTIVES
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Name : |
Mr. Uday Keshav Patwardh |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 10.09.2010
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Names of Shareholders |
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No. of Shares |
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Pyrotek Inc. – |
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12181944 |
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Pyroteck FZE – |
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1 |
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Total |
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12181945 |
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Names of Preferences Shareholders |
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No. of Shares |
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Pyrotek Inc – |
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1037653 |
As On 10.09.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader and Exporter of High Temperature Materials for
Industrial Applications |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit: 30 Days |
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Purchasing : |
L/C, Cash, Credit: 30 Days |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
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Unit |
Installed
Capacity |
Actual
Production |
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Ceramic Foam Filter |
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Nos |
50000 |
525 |
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Glass Fiber Fabric Shapes |
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Nos |
10000000 |
738544 |
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Flux Refining Agent |
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Kgs |
4000000 |
-- |
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Flux Refining Agent |
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Nos |
|
1859570 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
150 (approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Lodha and Company Chartered Accountant |
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Address : |
6, Karimchambers, |
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Tel. No.: |
91-22-22691414/1515 |
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Fax No.: |
91-22-22650126 |
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E-Mail : |
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Pan No.: |
AABFL1893K |
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Holding Company : |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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12500000 |
Equity Shares |
Rs. 10/- each |
Rs. 125.000 Millions |
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1250000 |
6% Non Convertible Non Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 125.000 Millions |
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Total |
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Rs. 250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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12181945 |
Equity Shares |
Rs. 10/- each |
Rs. 121.819
Millions |
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1037653 |
6% Non Convertible Non Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 103.765
Millions |
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Total |
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Rs. 225.585 Millions |
Note:
1. Of the above
12181944 Equity shares and 1037653 Preference Shares are held by Pyrotek Inc, USA,
the holding Company and 1 Equity Share is held by Pyrotek FZE, Dubai a
Fellow Subsidiary
2. 6% Non
Convertible Non Cumulative Redeemable Preference Shares are redeemable at par
on or before completion of 10 yean from the date of Issue
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
225.585 |
225.585 |
166.159 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(39.141) |
(42.369) |
(46.367) |
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NETWORTH |
186.444 |
183.216 |
119.792 |
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LOAN FUNDS |
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1] Secured Loans |
27.000 |
62.000 |
62.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
27.000 |
62.000 |
62.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
213.444 |
245.216 |
181.792 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
134.017 |
142.060 |
88.698 |
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Capital work-in-progress |
3.316 |
0.000 |
22.333 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
53.556
|
58.296 |
37.369 |
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Sundry Debtors |
28.647
|
27.039 |
25.961 |
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Cash & Bank Balances |
8.340
|
26.670 |
13.379 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
37.150
|
32.356 |
22.924 |
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Total
Current Assets |
127.693
|
144.361 |
99.633 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
45.595
|
25.771 |
26.092 |
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Other Current Liabilities |
5.455
|
14.428 |
2.362 |
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Provisions |
0.532
|
1.006 |
0.418 |
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Total
Current Liabilities |
51.582
|
41.205 |
28.872 |
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Net Current Assets |
76.111
|
103.156 |
70.761 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
213.444 |
245.216 |
181.792 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Income |
213.977 |
197.871 |
130.937 |
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Other Income |
0.889 |
7.124 |
0.000 |
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Increase/Decrease in stock |
(4.401) |
8.233 |
0.000 |
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Expenditure |
200.638 |
208.545 |
137.972 |
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PROFIT BEFORE
TAX |
3.506 |
4.682 |
(7.035) |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
135.987 |
112.327 |
57.621 |
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TOTAL EARNINGS |
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IMPORTS |
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Raw Materials |
18.986 |
38.016 |
44.7610 |
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Traded Goods |
48.991 |
57.757 |
42.042 |
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Capital Equipments and Spares |
1.096 |
0.000 |
0.000 |
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TOTAL IMPORTS |
69.073 |
95.773 |
86.803 |
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Expected Sales (2010-2011) : Rs. 350.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.42
|
0.56 |
0.76 |
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Current Ratio (Current Asset/Current Liability) |
|
2.48
|
3.50 |
3.45 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
- Hindalco
- Alco
- Nalco
- Salco
- Balco
- Malco
Form 8:
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U29299PN2000PTC020157 |
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Name of the
company |
PYROTEK INDIA PRIVATE
LIMITED |
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Address of the
registered office or of the principal place of business in |
Gate No 1228/1,
1228/2, 1229/1, 1230/4,1230/5, 1230/6 Village
Sanaswadi Tluka Shirur, Pune - 411208, |
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Type of charge |
Book Debts Movable Property Stocks Any Interest in
immovable property |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
1. Deed of Hypothecation
of revolving stocks and other movable assets and also present and future book
debts 2. Deed of
Hypothecation of Machinery. 3. Memorandum of
recording of Mortgage by Deposit of Title Deeds. to secure overall
banking facilities. (All documents
constitute a single charge.) |
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Date of
instrument Creating the charge |
13.07.2007 |
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Amount secured by
the charge |
Rs. 65.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- As per terms of sanction. Terms of
Repayment – Repayable on Demand. Extent and
Operation of the charge - To secure the overall banking facilities granted by
the charge holder to the Company to be availed of in various forms to the
extent of Rs.65.000 Millions (Rupees Sixty Five Million Only) together with
interests costs, charges etc. payable as per the terms and conditions of the
banking facilities. |
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Short particulars
of the property charged |
1. Movable
properties of the Company including movable plant and machinery, machinery
spares, tools and other accessories and other movables both present and
future whether installed or not. 2. Stock of raw
material, work in progress and finished goods, spares and stores in the company's
factory, go-down or in transit. All book debts of the company present and
future. 3. Immoveable
properties by way of mortgage by deposit of deposit of title deeds, as listed
in the memorandum of title deeds. |
Fixed Assets:
- Freehold land
- Buildings
- Plant and machinery
- Furniture and fixtures
- Motor vehicles
- Computers
- Computer software
- Office equipments
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.12 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.62.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--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.