MIRA INFORM REPORT
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Report No. : |
308854 |
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Report Date : |
19.02.2015 |
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) : |
31.03.2014 |
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Date of
Incorporation : |
09.02.2000 |
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Com. Reg. No.: |
11-020157 |
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Capital
Investment / Paid-up Capital : |
Rs. 374.049 Millions |
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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 and Exporter of High Temperature Materials for Industrial
Applications. |
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No. of Employees
: |
150 (approximately) |
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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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 record. Profitability of the company is under pressure. There are accumulated
losses recorded by the company. However, trade relations are fair. Business is active. Payment terms
are slow. The company can be considered for business dealing 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Yogesh Dusia |
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Designation : |
Production Manager |
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Contact No.: |
91-9850743121 |
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Date : |
18.02.2015 |
LOCATIONS
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Registered Office/Branch/Factory 1 : |
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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Factory 2 : |
Shed No. 3, Sidco Industrial Estate, Thirumazhisai, Chennai – 600124 |
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Sales Office: |
Kolkata, West Bengal, India |
DIRECTORS
As on 30.09.2013
|
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 : |
502, 5th Floor,
C Wing Marvel, Vivacity, Kalyani Nagar, Pune 411006, |
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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 |
KEY EXECUTIVES
|
Name : |
Mr. Yogesh Dusia |
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Designation : |
Production Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
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Name of Equity Shareholders |
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No. of Shares |
|
Pyrotek Inc. – |
|
27028427 |
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Pyroteck FZE – UAE |
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1 |
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Total |
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27028428 |
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Name of Preference Shareholders |
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No. of Shares |
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Pyrotek Inc. – |
|
1037653 |
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Total |
|
1037653 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Bodies Corporate
(not mentioned above) |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of High Temperature Materials for Industrial
Applications. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Advance Payment |
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Purchasing : |
Cash and Advance Payment |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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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 : |
M. M. Nissim and Company Chartered Accountants |
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Address : |
Barodawala Mansion, B wing, 3rd Floor, 81, Dr. Annie Besant
Road, Worli, Mumbai 400018, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFM5103E |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company: |
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Fellow Subsidiary
company: |
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CAPITAL STRUCTURE
After 30.09.2014
Authorised Capital : Rs. 550.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 434.050
Millions
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32500000 |
Equity Shares |
Rs. 10/- each |
Rs. 325.000 Millions |
|
1250000 |
Preference Shares |
Rs. 100/- each |
Rs. 125.000 Millions |
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Total |
|
Rs. 450.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
27028428 |
Equity Shares |
Rs. 10/- each |
Rs. 270.284 Millions |
|
1037653 |
Preference Shares |
Rs. 100/- each |
Rs. 103.765 Millions |
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Total |
|
Rs. 374.049
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
374.049 |
325.746 |
250.677 |
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(b) Reserves & Surplus |
(121.288) |
(99.622) |
(39.979) |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
252.761 |
226.124 |
210.698 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
316.966 |
151.128 |
0.000 |
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(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total
Non-current Liabilities (3) |
316.966 |
151.128 |
0.000 |
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(4) Current Liabilities |
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(a) Short term borrowings |
82.081 |
59.136 |
12.326 |
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(b) Trade payables |
66.078 |
47.107 |
53.462 |
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(c) Other current liabilities |
35.950 |
7.812 |
9.291 |
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(d) Short-term provisions |
1.435 |
0.882 |
0.688 |
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Total
Current Liabilities (4) |
185.544 |
114.937 |
75.767 |
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TOTAL |
755.271 |
492.189 |
286.465 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
423.521 |
201.378 |
135.963 |
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(ii) Intangible Assets |
10.714 |
14.431 |
0.000 |
|
(iii) Capital work-in-progress |
31.675 |
16.806 |
0.666 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
0.855 |
0.215 |
0.367 |
|
(e) Other Non-current assets |
4.302 |
6.279 |
2.213 |
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Total
Non-Current Assets |
471.067 |
239.109 |
139.209 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
116.789 |
85.096 |
72.062 |
|
(c) Trade receivables |
96.632 |
69.858 |
46.462 |
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(d) Cash and cash equivalents |
1.084 |
31.253 |
0.852 |
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(e) Short-term loans and
advances |
66.240 |
64.771 |
27.738 |
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(f) Other current assets |
3.459 |
2.102 |
0.142 |
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Total
Current Assets |
284.204 |
253.080 |
147.256 |
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TOTAL |
755.271 |
492.189 |
286.465 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
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Other Income |
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TOTAL |
673.579 |
470.191 |
319.169 |
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Less |
EXPENSES |
700.752 |
491.835 |
321.913 |
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PROFIT/
(LOSS) BEFORE TAX |
(27.173) |
(21.644) |
(2.744) |
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Less |
TAX |
0.000 |
0.000 |
0.000 |
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PROFIT/
(LOSS) AFTER TAX |
(27.173) |
(21.644) |
(2.744) |
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Earnings
/ (Loss) Per Share (Rs.) |
(0.97) |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.76) |
(4.55) |
(0.96) |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.11) |
(0.10) |
(0.01) |
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Debt Equity Ratio (Total Debt /Networth) |
|
1.58 |
0.93 |
0.06 |
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Current Ratio (Current Asset/Current Liability) |
|
1.53 |
2.20 |
1.94 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
250.677 |
325.746 |
374.049 |
|
Reserves & Surplus |
(39.979) |
(99.622) |
(121.288) |
|
Net
worth |
210.698 |
226.124 |
252.761 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
151.128 |
316.966 |
|
Short term borrowings |
12.326 |
59.136 |
82.081 |
|
Total
borrowings |
12.326 |
210.264 |
399.047 |
|
Debt/Equity
ratio |
0.059 |
0.930 |
1.579 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
319.169 |
470.191 |
673.579 |
|
|
|
47.317 |
43.256 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
319.169 |
470.191 |
673.579 |
|
Profit |
(2.744) |
(21.644) |
(27.173) |
|
|
(0.86%) |
(4.60%) |
(4.03%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
0.000 |
0.000 |
0.000
|
|
|
|
|
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|
Total |
0.000 |
0.000 |
0.000
|
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Sr. No. |
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 |
No |
|
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NATURE OF OPERATIONS
Subject India incorporated on 9th February 2000, is subsidiary of the Pyrotek-Inc, a privately owned multinational Company, specialized in the development, manufacture and sale of high temperature materials for industrial applications. Pyrotek-inc was found in 1957 in Washington, USA. Pyrotek has gained the international stature by spreading its operations across the globe.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Other external commercial borrowings |
316.966 |
151.128 |
|
|
|
|
|
Total |
316.966 |
151.128 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10065271 |
13/06/2014 * |
200,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
AMAR AVINASH
CORPORATE SECTOR NO. 11, BUND GARDEN, |
C19081389 |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
Intangible assets
- Goodwill
- Computer software
- Know-how
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 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.62.25 |
|
|
1 |
Rs.95.57 |
|
Euro |
1 |
Rs.71.01 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.