MSME (Udyam registered) Ministry of MSME
- Category
- Small (2024-25)
- Udyam number
- UDYAM-MH-20-0007037
_PRIVATE_LTD.webp)
Commercial Explosives (India) Private Ltd - aerospace, maritime and defense in Nagpur, Maharashtra, India. FY 2026 financials & compliance.
Revenue · FY 2023
₹8.38 Cr
▲ 5% YoY
Net profit · FY 2023
₹1.88 Cr
Net margin 22.5%
EBITDA · FY 2023
₹1.58 Cr
EBITDA margin 18.9%
Authorised capital
₹50 Lakh
Registered with MCA
Paid-up capital
₹14.09 Lakh
Issued & subscribed
Open charges
₹45 Lakh
Satisfied ₹2.25 Cr
Company age
59 yrs
Est. 1967
Employees · EPFO
44
Provident fund records
About Commercial Explosives (India) Private Ltd
Data last updated:
Commercial Explosives (India) Private Ltd is a private limited company based in Nagpur, Maharashtra, India. It operates in the defence accessories and components segment of the aerospace, maritime and defence sector. It was incorporated on 19 September 1967 and has been in existence for over 59 years.
Its director Ashok Vithaldas Rathi and family are #1,427 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Nagpur, under CIN U99999MH1967PTC013831. Its GSTIN is 27AAACC6280D1ZW (Maharashtra).
The company has an authorised share capital of ₹50 Lakh and a paid-up capital of ₹14.09 Lakh. It was formerly known as Sanyal Hassonjee Explosives Limited and Commercial Explosives (India) Ltd. It is led by directors including Raghuvir Shankar Paithankar (Whole-Time Director) and Maneesh Rathi.
Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at S.No.421 (New S.No.136) Village Gondkhairy Tah. Kalmeshwar, Landmark – Opposite To Chokar Dhani On 17th Km At Nagpur – Amravati NH – 53, Maharashtra, India – 440023.
As per the financials filed for FY 2023, the company reported a revenue of ₹8.38 Cr, a growth of 5% compared to the previous year. For the same year it recorded a net profit of ₹1.88 Cr (net margin 22.5%) and EBITDA of ₹1.58 Cr (EBITDA margin 18.9%). Revenue has grown at a compounded annual rate (CAGR) of 7% over three years and 5% over five years.
The company has about 44 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Safety Fuse. As per MCA filings, the company has open charges of ₹45 Lakh and satisfied charges of ₹2.25 Cr on record. Court records list 24 cases involving the company, including 22 filed by the company and 2 filed against it; 10 cases are pending.
Commercial Explosives (India) Private Ltd is registered as a small enterprise under the Udyam registration framework (Reg. No. UDYAM-MH-20-0007037). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website safetyfuse.in.
Company details
CIN U99999MH1967PTC013831
Registration Number 013831
Incorporation Date 19 September 1967
ROC Nagpur
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2025
Date of Balance Sheet 31 March 2025
Compliance Status Active Compliant
MSME Classification Small
Udyam Registration UDYAM-MH-20-0007037
Name history
Commercial Explosives (India) has undergone 2 name changes throughout its history. The company was previously known as Sanyal Hassonjee Explosives Limited, and Commercial Explosives (India) Ltd. The current legal name is Commercial Explosives (India) Private Ltd.
| Company Name | Status |
|---|---|
| Commercial Explosives (India) Private Ltd | Current |
| Sanyal Hassonjee Explosives Limited | Previous |
| Commercial Explosives (India) Ltd | Previous |
CIN history
Commercial Explosives (India) has one previous CIN (Corporate Identification Number): U99999MH1967PLC013831. The current CIN is U99999MH1967PTC013831, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U99999MH1967PTC013831 | Current |
| U99999MH1967PLC013831 | Previous |
Key People
Raghuvir Shankar Paithankar Whole-Time Director Maneesh Rathi Director Ashok Vithaldas Rathi Director Recognitions & Rankings of Commercial Explosives (India)
India's Richest People 2026 edition · 1 director · Source: Hurun India
- #1,427 Ashok Vithaldas Rathi & family ₹1,500 Cr
Contact details
Commercial Explosives (India) Private Ltd's registered office is in Nagpur, Maharashtra. Its website is safetyfuse.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered AddressS.No.421 (New S.No.136) Village Gondkhairy Tah. Kalmeshwar, Landmark – Opposite To Chokar Dhani On 17th Km At Nagpur – Amravati NH – 53, Maharashtra, India – 440023
- IndustryAerospace, Maritime and Defense, Defence Accessories & Components
To see the full contact details of Commercial Explosives (India) Private Ltd, buy the company report.
Comprehensive company report
Commercial Explosives (India) Private Ltd - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
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Brands
Commercial Explosives (India) operates one associated brand: Safety Fuse. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Manufacturing of safety fuses and explosive accessories by Safety Fuse in India. | safetyfuse.in |
Financials of Commercial Explosives (India) Private Ltd
FY 2025 filings availableCommercial Explosives (India) Private Ltd reported revenue of ₹8.38 Cr (up 5% YoY) for FY 2023.
Revenue · FY 2023
₹8.38 Cr ▲ 5%
Net profit · FY 2023
₹1.88 Cr margin 22.5%
EBITDA · FY 2023
₹1.58 Cr margin 18.9%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▲ 5%
3 years · compounded
▲ 7%
5 years · compounded
▲ 5%
EBITDA CAGR growth
1 year
▲ 7%
3 years · compounded
▼ 13%
5 years · compounded
▲ 4%
Revenue has grown at a compounded annual rate (CAGR) of 5% over five years, including 5% growth in the latest year. EBITDA rose 7% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary
| Metrics | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | |||||
| Other Income | |||||
| Total Revenue | ₹8.38 Cr | ||||
| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | ₹1.58 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹1.88 Cr | ||||
| Balance Sheet | |||||
| Share Capital | |||||
| Reserves and Surplus | |||||
| Net Worth (Total Equity) | |||||
| Long-term Borrowings | |||||
| Short-term Borrowings | |||||
| Trade Payables | |||||
| Total Liabilities | |||||
| Fixed Assets | |||||
| Investments | |||||
| Inventories | |||||
| Trade Receivables | |||||
| Cash and Bank Balance | |||||
| Total Assets | |||||
Financial Ratios
| Metrics | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 18.9% | ||||
| Net Profit Margin | 22.5% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
| Liquidity and Debt | |||||
| Current Ratio | |||||
| Quick Ratio | |||||
| Debt-to-Equity Ratio | |||||
| Interest Coverage Ratio | |||||
| Efficiency and Growth | |||||
| Asset Turnover | |||||
| Receivable Days | |||||
| Payable Days | |||||
| Inventory Days | |||||
| Revenue Growth | |||||
| Net Profit Growth | |||||
To see the full financial statements and ratios of Commercial Explosives (India) Private Ltd, buy the company report.
Board of directors of Commercial Explosives (India) Private Ltd
Commercial Explosives (India) has 5 current directors and 8 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Maneesh Rathi Also directs: Aarvy Agrochem Private Limited | Director | 31 Jan 2009 | 17 Years 9 Months | Current |
| Ashok Vithaldas Rathi Also directs: Aarvy Real Estate & Builders Private Limited, Aarvy Agrochem Private Limited, Cdet Explosive Industries Private Limited and 1 more | Director | 09 Nov 1989 | 37 Years 0 Months | Current |
| Raghuvir Shankar Paithankar | Whole-Time Director | 01 Sep 2025 | 1 Years 2 Months | Current |
| Saumitra Ashok Rathi Also directs: Aarvy Agrochem Private Limited, Cdet Explosive Industries Private Limited, Raja Explosives Private Limited and 1 more | Nodal Officer | 03 Sep 2019 | 7 Years 2 Months | Current |
| Raghav Ashok Rathi | Director | 29 Aug 2018 | 8 Years 2 Months | Current |
Auditor
Commercial Explosives (India) Private Ltd is audited by S. A INANI & CO for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| S. A INANI & CO | FY 2023 | 131811W |
Shareholding
The shareholding of Commercial Explosives (India) Private Ltd is on record for 5 financial years, the latest being FY 2023, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Commercial Explosives (India) Private Ltd, buy the company report.
Charges & borrowings
Open charges
₹45 Lakh
Satisfied charges
₹2.25 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 26 Aug 2025 | 101159258 | Others | ₹45 Lakh | Open | |
| 18 Mar 2015 | 10557062 | Kotak Mahindra Bank Limited | ₹1.5 Cr | Satisfied | |
| 26 Mar 2013 | 10419542 | Axis Bank Limited | ₹75 Lakh | Satisfied |
To see the full charge records of Commercial Explosives (India) Private Ltd, buy the company report.
Total charge records: 3 View all charges
Legal cases
Commercial Explosives (India) Private Ltd has 24 court cases on record: 22 filed by Commercial Explosives (India), 2 filed against it. 10 cases are pending and 14 are disposed.
Total cases
24
Filed by the company
22
Filed against the company
2
Pending
10
Disposed
14
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 22 | 2 | 10 |
| High courts | 1 | 0 | 0 |
| Supreme Court | 1 | 0 | 0 |
Cases on record (5 of 24)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Nagpur, Maharashtra | Arbitration matter | Filed by the company against Vyankatesh Board Mills Private Limited and 2 others | Pending |
| District court, Nagpur, Maharashtra | Civil suit | Filed by the company against M/S Shakti Press Ltd. | Pending |
| District court, Nagpur, Maharashtra | Arbitration matter | Filed by the company against Vyankatesh Board Mills Private Limited and 2 others | Disposed |
| District court, Nagpur, Maharashtra | Commercial suit | Filed by the company against Vyankatesh Board Mills Pvt. Ltd and 2 others | Disposed |
| District court, Nagpur, Maharashtra | Civil suit | Filed by the company against Vyankatesh Board Mills Pvt. Ltd and Other and 2 others | Disposed |
To see the full case history of Commercial Explosives (India) Private Ltd, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
MSME payment delays
Commercial Explosives (India) Private Ltd has 11 MSME Form 1 returns on record between 2019 and 2023, listing 96 overdue payments to 18 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 18)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| an individual supplier | |||
| an individual supplier | |||
| Enif Paper Products Private Limited | |||
| an individual supplier |
To see the full MSME payment records of Commercial Explosives (India) Private Ltd, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Commercial Explosives (India) has 1 associated company. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
1
Associated companies
Employees & EPFO
Commercial Explosives (India) Private Ltd has a workforce of 44 employees on its EPFO records as of May 2026, across 1 active EPFO establishment.
Employee count
44
Active EPFO establishments
1
Headcount by financial year
| Financial year | Employees (EPFO) |
|---|---|
| FY 2026-27 | 44 |
| FY 2025-26 | |
| FY 2024-25 | |
| FY 2023-24 | |
| FY 2022-23 | |
| FY 2021-22 | |
| FY 2020-21 | |
| FY 2019-20 | |
| FY 2018-19 | |
| FY 2017-18 | |
| FY 2016-17 |
To see the full employee and EPFO history of Commercial Explosives (India) Private Ltd, buy the company report.
GST
Commercial Explosives (India) has 1 GST registration: 1 active.
Total GSTINs
1
Active
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACC6280D1ZW | Maharashtra | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Commercial Explosives (India) Private Ltd, buy the company report.
Recent activity
Commercial Explosives (India) Private Ltd has 13 board changes on record since 1989: 5 appointments and 8 cessations. The latest: Raghuvir Shankar Paithankar ceased to be Additional Director on 29 Sep 2025.
AGM
Commercial Explosives (India) Private Ltd last Annual general meeting of members was held on 30 Sep 2025 as per latest MCA records.
Ceased
Raghuvir Shankar Paithankar ceased to be Additional Director.
Appointed
Raghuvir Shankar Paithankar was appointed as Whole-Time Director.
Charges
A charge with Others amounted to Rs. 45.00 Lakh with Charge ID 101159258 was registered on 26 Aug 2025.
Filing
Commercial Explosives (India) Private Ltd has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Nagpur.
Ceased
Ashok Vithaldas Rathi ceased to be Managing Director.
Charges
A charge registered on 18 Mar 2015 via Charge ID 10557062 with Kotak Mahindra Bank Limited was fully satisfied on 30 Apr 2020.
Ceased
Jabir Amin Mohasinbhai ceased to be Director.
Appointed
Saumitra Ashok Rathi was appointed as Nodal Officer.
Ceased
Raghav Ashok Rathi ceased to be Additional Director.
Appointed
Raghav Ashok Rathi was appointed as Director.
Charges
A charge with Kotak Mahindra Bank Limited amounted to Rs. 150.00 Lakh with Charge ID 10557062 was registered on 18 Mar 2015.
10 earlier events are in the company report.
Frequently asked questions
Commercial Explosives (India) is an active private limited company based in Nagpur, Maharashtra, India. The company works in defence accessories and components, within the aerospace, maritime and defense industry. It was incorporated on 19 September 1967 (59+ years old) and is registered under CIN U99999MH1967PTC013831.
Commercial Explosives (India) has 5 current directors:
- Raghuvir Shankar Paithankar - Whole-Time Director
- Maneesh Rathi - Director
- Ashok Vithaldas Rathi - Director
- Raghav Ashok Rathi - Director
- Saumitra Ashok Rathi - Nodal Officer
The latest financial statements of Commercial Explosives (India) on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 30 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Commercial Explosives (India) is 27AAACC6280D1ZW, registered in Maharashtra.
The CIN (Corporate Identification Number) of Commercial Explosives (India) is U99999MH1967PTC013831. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Commercial Explosives (India) has 24 court cases on record: 22 filed by the company and 2 filed against it. 10 are pending. Most are in the district courts.
Commercial Explosives (India) was incorporated on 19 September 1967, making it 59+ years old. It is registered with the Registrar of Companies, Nagpur.
Raghuvir Shankar Paithankar ceased to be Additional Director on 29 Sep 2025. Raghuvir Shankar Paithankar was appointed as Whole-Time Director on 01 Sep 2025. Ashok Vithaldas Rathi ceased to be Managing Director on 26 Aug 2024. Commercial Explosives (India) has 13 board changes on record in total.
Yes, Commercial Explosives (India) is registered as a small enterprise under Udyam registration (number: UDYAM-MH-20-0007037).
Commercial Explosives (India) has 11 MSME Form 1 returns on record between 2019 and 2023, listing 96 overdue payments to 18 micro and small suppliers. The latest return was filed on 29 Aug 2023.
Commercial Explosives (India) can be reached through the website safetyfuse.in. Its registered office is in Nagpur, Maharashtra, India.
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