MIRA
INFORM REPORT
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Report Date : |
04.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
ZYLOG PLASTALLOYS PRIVATE LIMITED |
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Registered Office : |
104-A, Devdarshan Co-operative Housing Society, Mogul Lane,
Mahim [West], Mumbai – 400016, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.06.1984 |
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Com. Reg. No.: |
11-33074 |
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CIN No.: [Company Identification No.] |
U25209MH1984PTC033074 |
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TAN No.: [Tax Deduction & Collection Account No.] |
NSKZ00148B |
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Legal Form : |
Private Limited Liability
Company |
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Line of Business : |
Manufacturer of Thermoplastic
and Elastomer material. |
RATING
& COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 760000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established
company having fine track. 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
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Registered Office : |
104-A, Devdarshan Co-operative Housing Society, Mogul
Lane, Mahim [West], Mumbai – 400016, Maharashtra, India |
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Email: |
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Website : |
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Corporate Office : |
14, Divya Mahal, Gyan Mandir Road, Dadar [West], Mumbai –
400028, Maharashtra, India |
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E-Mail : |
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Website : |
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Factory : |
E-7, MIDC Malegaon, Taluka
Sinnar, Nashik 422103, Maharashtra, India
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Tel. No.: |
91-2551-230898 / 230270 / 230271 |
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Fax No.: |
91-2551-230897 |
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Branch Office : |
31-33, Mikza Street, Lalwanj Building, Mumbai, Maharashtra, India |
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Tel. No.: |
91-22-244356291 |
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Branch
Office : |
2nd Floor, Shantadurga Niwas, Plot No. 7,
Shivaji Co-operative Society, Off. Senapati Bapat Marg, Shivaji Nagar, Pune –
411016, India |
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Tel.
No.: |
91-20-25676822 |
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Fax
No.: |
91-20-25629211 |
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Marketing
Division : |
202, Gera 77 Behind Ramwadi Jakat Naka, Pune Nagar Road,
Kalyaninagar, Pune – 4116, India |
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Tel
No.: |
91-20-26615651/5655 |
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Email
: |
DIRECTORS
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Name : |
Mr. Misisch Ratilal Damani |
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Designation : |
Chairman cum Managing Director |
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Address : |
104-A, Devdarshan Co-operative Housing Society, Mogul Lane,
Mahim [West], Mumbai – 400016, Maharashtra, India |
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Date of Birth/Age : |
29.08.1948 |
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Date of Appointment : |
05.06.1984 |
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Name : |
Mr. Ratilal Amratlal Damani |
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Designation : |
Director |
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Address : |
104-A, Devdarshan Co-operative Housing Society, Mogul
Lane, Mahim [West], Mumbai – 400016, Maharashtra, India |
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Date of Birth/Age : |
06.05.1912 |
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Date of Appointment : |
05.06.1984 |
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Name : |
Mr. Aschak Mitisch Damani |
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Designation : |
Director |
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Address : |
104-A, Devdarshan Co-operative Housing Society, Mogul
Lane, Mahim [West], Mumbai – 400016, Maharashtra, India |
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Date of Birth/Age : |
29.12.1979 |
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Date of Appointment : |
04.09.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No.
of Shares |
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Mr. Misisch Ratilal Damani |
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224970 |
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Mr. Ratilal Amratlal Damani |
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3030 |
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Mr. Aschak Mitisch Damani |
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522000 |
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Total
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750000 |
(As on 31.03.2007)
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Category
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Percentage
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Directors or relatives of directors |
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100.00
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BUSINESS
DETAILS
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Line of Business : |
Manufacturer of Thermoplastic
and Elastomer material. |
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Products : |
Thermoplastic Elastomer Modified Poly Propylene Alloys Blends Compounds |
PRODUCTION STATUS
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Particulars |
Unit |
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Installed Capacity |
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Thermoplastic Elastomer and Modified Poly Propylene |
MT |
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4000 |
GENERAL
INFORMATION
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No. of Employees : |
About 45 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name
: |
P. R. Deshpande Chartered Accountants |
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Address
: |
Sakar Apartment, 1st Floor, Old Pandit Colony,
Nashik – 422002, Maharashtra, India |
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Name
: |
Patel Kalantri and Associates Chartered Accountant |
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Address
: |
Nashik – 422001, Maharashtra, India |
CAPITAL
STRUCTURE
Authorised Capital:
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 millions |
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Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 millions |
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FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.500 |
7.500 |
7.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
145.056 |
126.712 |
103.761 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
152.556 |
134.212 |
111.261 |
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LOAN FUNDS |
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1] Secured Loans |
15.461 |
14.255 |
17.250 |
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2] Unsecured Loans |
58.131 |
36.856 |
38.975 |
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TOTAL
BORROWING |
73.592 |
51.111 |
56.225 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
226.148 |
185.323 |
167.486 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
82.821 |
59.617 |
72.949 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.500 |
0.500 |
0.500 |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
38.092
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18.779
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20.580 |
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Sundry Debtors |
123.189
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69.484
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75.706 |
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Cash & Bank Balances |
9.179
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40.974
|
22.474 |
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Other Current Assets |
1.321
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1.569
|
1.576 |
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Loans & Advances |
8.633
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3.603
|
3.991 |
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Total Current Assets |
180.414
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134.409
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124.327 |
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Less :
CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
37.587
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9.203
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30.290 |
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Total Current Liabilities |
37.587
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9.203
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30.290 |
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Net Current Assets |
142.827
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125.206
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94.037 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
226.148 |
185.323 |
167.486 |
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KEY
RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.73
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0.45
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0.78 |
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Current Ratio (Current Asset/Current
Liability) |
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4.80
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14.60
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4.10 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8: Bankers
Charges Report as per Registry
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Name
of the company |
ZYLOG PLASTALLOYS PRIVATE LIMITED |
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Presented By |
MISISCH RATILAL DAMANI |
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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 |
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2) Amount secured by the
charge/amount owing on the securities of charge |
Rs.6.000
Millions |
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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. |
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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. |
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5) Name and Address and description
of the person entitled to the charge. |
Rupee
Co-Operative Bank Limited 430/H,
Gavkari, Tilak Path, Nasik – 1 |
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6) Date and brief description of instrument
modifying the charge |
Not
Applicable |
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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 |
Fixed Assets:
- Leasehold Land
- Factory Building
- Office Building
- Plant and Machinery
- Computer Printer
- Computer Systems
- Electrical Installations
- Furniture and Fixtures
- Office Equipments
- Scooter
- Vehicles
- DCM Toyota
CMT
REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts, India Prisons
Service, Interpol, etc.
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.43.30 |
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UK Pound |
1 |
Rs.86.13 |
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Euro |
1 |
Rs.68.72 |
SCORE
& RATING EXPLANATIONS
|
SCORE
FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be
exercised |
Credit
not recommended |
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NR |
In view of the lack of information, we have no basis upon
which to recommend credit dealings |
No
Rating |
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