MIRA
INFORM REPORT
|
Report Date : |
28.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
ZYLOG PLASTALLOYS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
104-A, Devdarshan Co-operative Housing Society, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
05.06.1984 |
|
|
|
|
Com. Reg. No.: |
11-33074 |
|
|
|
|
CIN No.: [Company Identification No.] |
U25209MH1984PTC033074 |
|
|
|
|
TAN No.: [Tax Deduction & Collection Account No.] |
NSKZ00148B |
|
|
|
|
Legal Form : |
Private Limited Liability
Company |
|
|
|
|
Line of Business : |
Manufacturer of Thermoplastic
and Elastomer material. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 530000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established
company having fine track records. Directors are reported as experienced, respectable
and resourceful businessmen. Their trade relations are fair. Financial
position is good. Payments are correct and as per commitments. The company can be considered
good for any normal business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
104-A, Devdarshan Co-operative Housing Society, |
|
Website : |
|
|
|
|
|
Corporate Office : |
14, Divya Mahal, |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
E-7, MIDC |
|
Tel. No.: |
91-2551-230898 / 230270 / 230271 |
|
Fax No.: |
91-2551-230897 |
|
|
|
|
Branch : |
31-33, |
|
Tel. No.: |
91-22-244356291 |
|
|
|
|
Branch
: |
2nd Floor, Shantadurga Niwas, Plot No. 7,
Shivaji Co-operative Society, Off. Senapati Bapat Marg, Shivaji Nagar, Pune –
411016, |
|
Tel.
No.: |
91-20-25676822 |
|
Fax
No.: |
91-20-25629211 |
DIRECTORS
|
Name : |
Mr. Misisch Ratilal Damani |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
104-A, Devdarshan Co-operative Housing Society, |
|
Date of Birth/Age : |
29.08.1948 |
|
Date of Appointment : |
05.06.1984 |
|
|
|
|
Name : |
Mr. Ratilal Amratlal Damani |
|
Designation : |
Director |
|
Address : |
104-A, Devdarshan Co-operative Housing Society, |
|
Date of Birth/Age : |
06.05.1912 |
|
Date of Appointment : |
05.06.1984 |
|
|
|
|
Name : |
Mr. Aschak Mitisch Damani |
|
Designation : |
Director |
|
Address : |
104-A, Devdarshan Co-operative Housing Society, |
|
Date of Birth/Age : |
29.12.1979 |
|
Date of Appointment : |
04.09.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No.
of Shares |
|
Mr. Misisch Ratilal Damani |
|
224970 |
|
Mr. Ratilal Amratlal Damani |
|
3030 |
|
Mr. Aschak Mitisch Damani |
|
522000 |
|
Total
|
|
750000 |
|
|
|
|
|
Category
|
|
Percentage
of Holding |
|
Directors or relatives of directors |
|
100.00
% |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Thermoplastic
and Elastomer material. |
|
|
|
|
Products : |
v Thermoplastic Elastomer v Modified Poly Propylene v Alloys Blends Compounds |
PRODUCTION STATUS
|
Particulars |
Unit |
|
|
Installed Capacity |
|
Thermoplastic Elastomer and Modified Poly Propylene |
MT |
|
|
4000 |
GENERAL INFORMATION
|
No. of Employees : |
About 45 |
|
|
|
|
Bankers : |
Rupee Co-Operative Bank Limited, Nashik Bank of Bank of |
|
|
|
|
Facilities
: |
-- |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name
: |
P. R. Deshpande Chartered Accountants |
|
Address
: |
Sakar Apartment, 1st Floor, Old Pandit Colony,
Nashik – 422002, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs. 10/- |
Rs. 7.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs. 10/- |
Rs. 7.500 millions |
FINANCIAL DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
7.500 |
7.500 |
7.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
126.712 |
103.761 |
74.445 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
134.212 |
111.261 |
81.945 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
14.255 |
17.250 |
0.000 |
|
|
2] Unsecured Loans |
36.856 |
38.975 |
30.660 |
|
|
TOTAL
BORROWING |
51.111 |
56.225 |
30.660 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
185.323 |
167.486 |
112.605 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
59.617 |
72.949 |
22.990 |
|
|
Capital work-in-progress |
|
|
12.344 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.500 |
0.500 |
0.500 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
18.779
|
20.580 |
15.406
|
|
|
Sundry Debtors |
69.484
|
75.706 |
52.974
|
|
|
Cash & Bank Balances |
40.974
|
22.474 |
22.767
|
|
|
Other Current Assets |
1.569
|
1.576 |
0.699
|
|
|
Loans & Advances |
3.603
|
3.991 |
0.882
|
|
Total Current Assets |
134.409
|
124.327 |
92.728 |
|
|
Less :
CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
9.203
|
30.290 |
15.957
|
|
Total Current Liabilities |
9.203
|
30.290 |
15.957
|
|
|
Net Current Assets |
125.206
|
94.037 |
76.771
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
185.323 |
167.486 |
112.605 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Total Income |
386.230 |
361.971 |
263.091 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
-- |
-- |
38.660 |
|
Provision for Taxation |
-- |
-- |
10.491 |
|
Profit/(Loss) After Tax |
44.812 |
37.394 |
28.169 |
|
|
|
|
|
|
Total Imports |
-- |
-- |
13.969 |
|
|
|
|
|
|
Total Expenditure |
341.418 |
324.577 |
220.063 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
11.60
|
10.33 |
10.70
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.60
|
10.33 |
14.69
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.04
|
18.91 |
33.41
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.34 |
0.47
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.45
|
0.78 |
1.57
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current
Liability) |
|
14.60
|
4.10 |
5.81
|
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges Report as per Registry
|
Name of the company |
ZYLOG
PLASTALLOYS PRIVATE LIMITED |
|
Presented By |
MISISCH
RATILAL DAMANI |
|
1) Date and description of instrument
creating the change |
Hypothecation
of Stock an Book Debts below 90 days [to secure Cash Credit Facility]
agreement dated 12.03.1999 |
|
2) Amount secured by the
charge/amount owing on the securities of charge |
Rs.
6.000 Millions |
|
3) Short particular of the
property charged. If the property acquired is subject to charge, date of the
acquired of the property should be given |
All
Stock of Raw Materials, Semi finished goods lika Thermoplastic elastomers
Engg. Polymers alloys etc. also all those several Book debts owing to the
company in connection with its business and all futures company termed as
Book Debts. |
|
4) Gist of the terms and
conditions and extent and operation of the charge. |
Margin
25 % in Bank’s favour Rate of
interest @ 18 % p.a. |
|
5) Name and Address and
description of the person entitled to the charge. |
Rupee
Co-Operative Bank Limited 430/H,
Gavkari, Tilak Path, |
|
6) Date and brief description of instrument
modifying the charge |
Not
Applicable |
|
7) Particulars of modifications
specifying the terms and conditions or the extent of operations of the charge
in which modification is made and the details of the modification. |
Not
Applicable |
The Company’s Fixed Assets of important value includes:
v
v
v
v Plant and Machinery
v Computer Printer
v Computer Systems
v Electrical Installations
v Furniture and Fixtures
v Office Equipments
v Scooter
v Vehicles
v DCM Toyota
AS PER WEBSITE
Zylog Plastalloys is the partner in speciality plastics, providing you
with a full range of ADVANCED POLYOLEFIN COMPOSITIONS involving polypropylene
plastics and polyolefinic elastomers. Incorporated in 1984 in
Innovative Technologies ... Singular Focus
From its inception, Zylog has been in the business of developing,
manufacturing and marketing elastomer modified polypropylene materials; filled
and neat compositions under Hipolyene (TPOs) and Neoplast (TPEs & TPVs)
brand names. Today, Zylog offers perhaps the largest range of tailored
composition in the country based on polyolefin chemistry for a wide variety of
applications in Automotive, Packaging, Building/Construction, Luggage, Poultry,
Moulded Furniture, Telecommunication and Electrical/Electronics market.
With technology innovation at the heart of its business philosophy and a
well laid out production and quality control facility,with a capacity of 6000
MT along with an ISO 9001 / 9002 certifications, Zylog can now serve a wide
range of application needs in plastics with a confidence in quality.
Application Approach
As the partner in Speciality Plastics, Zylog is committed to provide you
with a full range of technical services and tailored compositions engineered
from polyolefin spine using alloys, blends, composites and functionalized polymer
technology.
Over the years Zylog has fostered a strategic business alliance with
several corporate customers like Telco...
Total Commitment
The responsibility of Zylog to its automotive partners extends much
beyond a successful commercialization of a typical Hipolyene or Neoplast
formulation. Technical and Application support staff at Zylog is made up of
experienced personnel with hands on production background.
These dedicated people understand the complete interaction of material,
machine and mould to start off new developmental programme to see through it
running smoothly. As global automotive and auto component industries shift
their production base to the Asian countries, Zylog is emerging as a leading
single source of automotive material supplier here in
|
PLANT 1 |
PLANT 2 |
|
|
LOCATION |
M.I.D.C., Ambad, |
Sinnar, Dist.-Nasik |
|
PLOT AREA |
950 sq. mtr. |
12,014 sq. mtr. |
|
BUILT UP AREA |
6000 sq. ft. |
22,000 sq. ft |
|
PROPOSED ADMINISTRATIVE BLOCK |
|
4000 sq. ft. |
|
ISO CERTIFICATION |
ISO 9002 |
ISO 9001 |
Zylog has requisite infrastructure at both plants to carry out its
manufacturing activities. Zylog employs qualified & trained personnel in
the areas of Production, Quality Assurance, R & D, Technical Services, and
Sales & Marketing.
Zylog has a well established set up for Quality Assurance for its
products. It has a full fledged Laboratory & Qualified / Trained personnel
for inspection of Incoming materials,
through in process Testing & Certification of Finished products using ASTM
& ISO Standards.
Zylog has a well Qualified &
Trained team for its R&D activities. About 8 professionals are involved in
the R&D areas with regards to product & process technologies &
application development. Primary focus in this area is developing formulations
using new materials to meet requirements of existing as well as new customers
in conforming to the global specification & standard. Also reformulating
& modifying existing formulations for cost / performance benefits as
desired by the customers. The R&D facilities include a separate compounding
line.
Mirisch Damani...
is the Managing Director and a major shareholder of Zylog. Prior
to launching Zylog back in 1984; Mr. Damani was a Sr. Consultant with Arthur.
D. Little, INC.
Harish Deshmukh...
is the General Manager (G.M.) at Zylog; holding overall responsibility
for Ambad and Sinnar Plants. He holds a Bachelor of Engineering
(Mechanical) Degree from
Sadanand Vyawahare...
is the Commercial Manager at Zylog; responsible for Commercial
matters related to Ambad and Sinnar plant. He is a Bachelor of Commerce from
Rajendra Shinde...
is the Plant Manager and has over 20 years of experience in the
Indian Navy and Manufacturing Industries. He holds a Degree in Industrial Engineering,
Dip. In Electronic Engineering and also Master in Business Administration. He
is responsible for manufacturing operation of the Sinnar Plant and is also a
Management Representative for implementation of ISO 9001 Systems at Sinnar.
Apart from Management core team; Zylog employs production &
laboratory personnel having plastic diploma / degree qualification and in-plant
training in their specific jobs associated with Zylog’s PP compounding
operation. Sales and Marketing / Tech.
Services staff hold plastic qualification & shop floor experience in the
areas of injection moulding, extrusion etc. and in-plant training to facilitate
their specific job functions; in the field.
Overall; Zylog has over 40 personnel qualified; experienced and trained
in various areas of plastic compounding operation.
In the beginning ...
Zylog Plastalloys was conceived & founded by its Chief Promoter and
current Managing Director Mirisch ‘ MAC’ Damani, a 30 years industry veteran
and a former Sr. consultant with Arthur D-Little Inc. Cambridge, mass
Zylog with its charter to develop, manufacture and market Speciality
Plastic & Elastomer material, was registered in
In the `80s, plastics in automobiles was still in its primitive stage in
Zylog ... The Present Day
Today, Zylog offers complete range of tailored composition in the
country involving Polypropylene & Elastomers specifically suited to a wide
variety of automotive applications, be it a Dashboard or a Bumper Fascia, a
Radiator fan or body side moulding, a control cable or a windows seal, Zylog
has a ready grade to suit these applications.
The Commitment ...
Zylog is committed to the Indian automobile and transportation industry
to foster the growth of plastic in Indian automobiles. Two wheelers, three
wheelers, passenger cars, utility vehicles, LCVs, HCVs and such vehicle
producers and their component suppliers have utilized products and services of
Zylog in the past for their evolving plastic material requirements.
Now with globalization of automotive industry; Zylog has embarked on an
extensive programme to service the future needs of an automotive industry.
A design engineer, vendor developer, purchase executive, R&D
chemist, auto stylist, material specifier and other professionals, dealing with
the Indian transportation industry, are now seeking plastic materials that are
cost/performance competitive and of international standards. Zylog is ready to
serve their needs by providing a total package of tailored products &
services to put these auto-professionals on the right track quickly.
The Future
Zylog has laid out a very focused growth
strategy, through its core competency. Using technology innovation and customer
service par excellence as its corporate philosophy, Zylog has identified
Electrical / Electronics, appliances and consumer durables. in addition to its
automotive market base, as specific arenas to deploy its strength and resources
for the future growth in the domestic market.
Zylog strongly believes in globalization for
its growth strategy. Zylog envisages setting up manufacturing base in the third
world countries for its Neoplast and Hipolyene product lines utilizing
its highly competitive product / process technologies.
From its inception, Zylog has been in the
business of developing, manufacturing and marketing elastomer modified
polypropylene materials; filled and neat compositions under Hipolyene (TPOs)
and Neoplast (TPEs & TPVs) brand names Hipolyene and Neoplast comprise of
formulated material compositions based on Polypropylene Plastic and
Polyolefinic Elastomer
Cost / Performance analysis and research
laboratories studies have confirmed the superiority of Hipolyene and Neoplast
vis a vis commodity plastics and rubbers like PP, PS, PVC, SBR, EPDM, Neoprene
etc, as well as engineering thermoplastics like Nylon, ABS, Polycarbonates,
PPO, Polyacetal, etc. materials for many auto components as well as plastic
products covered under electric / electronic appliances, poultry, packaging and
so on. Concentrating on these versatile thermoplastics, over the years,
Zylog has developed and commercialized over 100 different formulations
encompassing soft, flexible, rubbery materials for boots bellows, seals, coated
fabrics through semi rigid materials for dashboards, bumpers and control cable
applications. Hipolyene and Neoplast involve state of the art reactive and
functionalized polymer technology exploiting the cost-effective molecular
backbone of polypropylene.
Zylog has its base in
Zylog is headquartered in
Zylog has offices in
Future Global Business Opportunities
With an aim to increase and sustain corporate value through growth and
innovation, they at Zylog are looking for strategic business partners who could
utilize their strength and resources in the areas of Production, Technology,
Applications and Marketing in the field of Polypropylene and Polyolefin
Elastomer compounding.
Future Business Opportunities could be in the form of:
- Toll
Compounding
- Manufacture
and Supply of Selected fabricated products based on PP/EPDM compounds
- Direct Export
of their Neoplast and Hipolyene products
- Supply of
manufacturing and Application Technology under license
- Setting up production units in the growth regions around the world.
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.41.01 |
|
|
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.55.04 |
SCORE & RATING EXPLANATIONS
|
SCORE
FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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 |
Unfavourable & favourable factors carry similar weight
in credit consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon
which to recommend credit dealings |
No
Rating |
|