|
Report Date : |
25.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
PYROTEK INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gate No. 1228/1, 1228/2, 1229/1, 1230/4, 1230/5, 1230/6, Village Sanaswadi,
Taluka Shirur, Pune – 411208, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
09.02.2000 |
|
|
|
|
Com. Reg. No.: |
11-020157 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 280.423 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29299PN2000PTC020157 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP211716F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCP8012H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Trader and Exporter of High Temperature Materials for
Industrial Applications |
|
|
|
|
No. of Employees
: |
150 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 842788 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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.
|
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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Yogesh |
|
Designation : |
Plant Manager |
|
Contact No.: |
91-9850743121 |
LOCATIONS
|
Registered Office/Branch/Factory : |
Gate No. 1228/1, 1228/2, 1229/1, 1230/4, 1230/5, 1230/6, Village Sanaswadi,
Taluka Shirur, Pune – 411208, |
|
Tel. No.: |
91-2137-668020/668000 |
|
Mobile No.: |
91-9850743121 (Mr. Yogesh Dhusia) |
|
Fax No.: |
91-2137-668050 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
17 acers |
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Michal Streck |
|
Designation : |
Director |
|
Address : |
Svitavka, V
Domkach, 495, |
|
Date of Birth/Age : |
05.10.1976 |
|
Date of Appointment : |
19.06.2006 |
|
DIN No. : |
00547464 |
|
|
|
|
Name : |
Mr. Krian Narayanrao Deshpande |
|
Designation : |
Managing Director |
|
Address : |
502, 5th Floor,
C Wing Marvel, Vivacity, Kalyani Nagar, Pune 411006, Maharashtra, India |
|
Date of Birth/Age : |
14.10.1962 |
|
Qualification : |
Post Graduate |
|
Date of Appointment : |
01.06.2010 |
|
DIN No. : |
03058241 |
|
|
|
|
Name : |
Mr. Martin Plsek |
|
Designation : |
Director |
|
Address : |
Hrazka 615/30
Brno 62100 Czech Republic. |
|
Date of Birth/Age : |
28.02.1977 |
|
Date of Appointment : |
17.06.2010 |
|
DIN No. : |
03100736 |
KEY EXECUTIVES
|
Name : |
Mr. Uday Keshav Patwardh |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Pyrotek Inc. – USA |
17665818 |
|
Pyroteck FZE – UAE |
1 |
|
Total |
17665819 |
|
Names of Preferences Shareholders |
No. of Shares |
|
Pyrotek Inc – |
1037653 |
LIST OF ALLOTTEE
AS ON 29.02.2012
|
Names of Shareholders |
No. of Shares |
|
Pyrotek Inc. – USA |
4532268 |
|
Total |
4532268 |
AS ON 30.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader and Exporter of High Temperature Materials for
Industrial Applications |
|
|
|
|
Products : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash, Credit: 30 Days |
|
|
|
|
Purchasing : |
L/C, Cash, Credit: 30 Days |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Ceramic Foam Filter |
Nos |
50000 |
525 |
|
Glass Fiber Fabric Shapes |
Nos |
10000000 |
738544 |
|
Flux Refining Agent |
Kgs |
4000000 |
-- |
|
Flux Refining Agent |
Nos |
-- |
1859570 |
GENERAL INFORMATION
|
Customers : |
|
||||||||||||
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|
||||||||||||
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No. of Employees : |
150 (approximately) |
||||||||||||
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Bankers : |
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||||||||||||
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Facilities : |
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|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountant |
|
Address : |
6, Karimchambers, |
|
Tel. No.: |
91-22-22691414/1515 |
|
Fax No.: |
91-22-22650126 |
|
E-Mail : |
|
|
Pan No.: |
AABFL1893K |
|
|
|
|
Name : |
Nagarajan Kasinath Chartered Accountant |
|
Address : |
Barodawala Mansion, B wing, 3rd Floor, 81, Dr. Annie Besant
Road, Worli, Mumbai 400018, Maharashtra, India |
|
|
|
|
Holding Company : |
|
|
|
|
|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22500000 |
Equity Shares |
Rs. 10 each |
Rs.225.000 millions |
|
1250000 |
Preference Shares |
Rs. 100 each |
Rs.125.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17665819 |
Equity Shares |
Rs. 10 each |
Rs.176.658 millions |
|
1037653 |
Preference Shares |
Rs. 100 each |
Rs.103.765 millions |
|
|
|
|
Rs. 280.423
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
250.676 |
225.585 |
225.585 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1.631 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(41.610) |
(39.141) |
(42.369) |
|
|
NETWORTH |
210.697 |
186.444 |
183.216 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
12.326 |
27.000 |
62.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
12.326 |
27.000 |
62.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
223.023 |
213.444 |
245.216 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
135.962 |
134.017 |
142.060 |
|
|
Capital work-in-progress |
0.665 |
3.316 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
72.062
|
53.556
|
58.296 |
|
|
Sundry Debtors |
46.462
|
28.647
|
27.039 |
|
|
Cash & Bank Balances |
0.851
|
8.340
|
26.670 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
30.460
|
37.150
|
32.356 |
|
Total
Current Assets |
149.835
|
127.693
|
144.361 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
53.497
|
45.595
|
25.771 |
|
|
Other Current Liabilities |
9.255
|
5.455
|
14.428 |
|
|
Provisions |
0.687
|
0.532
|
1.006 |
|
Total
Current Liabilities |
63.439
|
51.582
|
41.205 |
|
|
Net Current Assets |
86.396
|
76.111
|
103.156 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
223.023 |
213.444 |
245.216 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
INCOME |
307.345 |
213.977 |
197.871 |
|
|
|
|
|
|
|
|
|
|
OTHER INCOME |
NA |
0.889 |
7.124 |
|
|
|
|
|
|
|
|
|
|
INCREASE/DECREASE
IN STOCK |
NA |
(4.401) |
8.233 |
|
|
|
|
|
|
|
|
|
|
EXPENDITURE |
NA |
200.638 |
208.545 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
3.506 |
4.682 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
135.987 |
112.327 |
|
|
TOTAL EARNINGS |
|
|
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
18.986 |
38.016 |
|
|
|
Traded Goods |
NA |
48.991 |
57.757 |
|
|
|
Capital Equipments and Spares |
NA |
1.096 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
69.073 |
95.773 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.36
|
0.42
|
0.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.36
|
2.48
|
3.50 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
|
Corporate
identity number of the company |
U29299PN2000PTC020157 |
|
Name of the
company |
PYROTEK INDIA PRIVATE LIMITED |
|
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,
Taluka Shirur, Pune – 411208, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Others |
|
Particular of
charge holder |
The Hongkong and Email: pareshmehta@hsbc.co.in
|
|
Nature of
instrument creating charge |
Supplemental
Hypothecation Agreement for Stocks and Receivables and Plant and Machinery
dated 12/07/2011. |
|
Date of
instrument Creating the charge |
12.07.2011 |
|
Amount secured by
the charge |
Rs. 90.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest As may be
mutually agreed between the bank and the borrower from time to time. Terms of repayment Repayable on
demand Margin As may be
mutually agreed between the bank and the borrower from time to time. Extent and operation of the charge Exclusive charge
on tangible movable assets including stocks and book debts. |
|
Short particulars
of the property charged (Including location of the property) |
The Entire plant
and machinery,machinery spares,tools and accessories, both present and future at premises and godowns
at Sanaswadi, Pune. The present and
future stocks of raw materials,stock-in-progress,stores, semi-finished and
finished goods and tools at premises and godowns at Sanaswadi, Pune and
anywhere in India. the present and
future book-debts, outstanding monies, receivables and claims due to the
Company from any one incl state and central government organisations. |
|
Date of
instrument modifying the charge |
12.07.2011 |
|
Particulars of
the present modification |
The present loan
and overdraft facility of Rs.65 milli8ons is increased to Rs. 90 millions. |
Fixed Assets:
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
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.56.28 |
|
|
1 |
Rs.88.26 |
|
Euro |
1 |
Rs.70.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--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.