MIRA
INFORM REPORT
|
Report Date : |
18.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
ZYLOG PLAST ALLOYS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
C/O, Jitendra C. Shah, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
05.06.1984 |
|
|
|
|
Com. Reg. No.: |
11-33074 |
|
|
|
|
CIN No.: [Company Identification No.] |
U25209MH1984PTC033074 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
NSKZ00148BV |
|
|
|
|
Legal Form : |
Private Limited Liability
Company |
|
|
|
|
Line of Business : |
Manufacturer of Thermoplastic
and Elastomer Material. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 780000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 |
LOCATIONS
|
Registered Office : |
C/O, Jitendra C. Shah, |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office
: |
14, Divya Mahal, |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Quarters : |
E-7, MIDC |
|
Tel. No.: |
91-2552-230898 / 230270 / 230271 |
|
Fax No.: |
91-2552-230897 |
|
|
|
|
Branch Office : |
31-33, |
|
Tel. No.: |
91-22-244356291 |
|
|
|
|
Branch Office : |
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 |
|
|
|
|
Marketing
Division : |
Sovereign Annexe, Lane No. 4,
Kalyaninagar Main Road, Behind Bank of |
|
Tel No.: |
91-20-26650219 |
|
Fax No.: |
91-20-26650220 |
|
Email : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Mirisch Ratilal Damani |
|
Designation : |
Managing Director |
|
Address : |
Astha Galundia, 11, Hermes Heaven 10 Established, |
|
Date of Birth/Age : |
29.08.1948 |
|
Date of Appointment : |
05.06.1984 |
|
|
|
|
Name : |
Mr. Aschak Mitisch Damani |
|
Designation : |
Director |
|
Address : |
Astha Galundia, 11, Hermes Heaven 10 Established, |
|
Date of Birth/Age : |
29.12.1979 |
|
Date of Appointment : |
04.09.2000 |
|
|
|
|
Name : |
Mr. Ratilal Amratlal Damani |
|
Designation : |
Director |
|
Address : |
Astha Galundia, 11, Hermes Heaven 10 Established, |
|
Date of Birth/Age : |
06.05.1912 |
|
Date of Appointment : |
05.06.1984 |
|
Date of Cessation : |
21.012009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mirisch Ratilal Damani |
693000 |
|
Aschak Mitisch Damani |
57000 |
|
|
|
|
Total |
750000 |
Equity Share Breakup (Percentage of Total Equity)
(AS ON 30.09.2010)
|
Category |
Percentage |
|
|
|
|
Directors or relatives of directors |
100.00 |
|
|
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Thermoplastic
and Elastomer Material. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS
|
Particulars |
Unit |
Actual Production |
|
Thermoplastic Elastomer and Modified Poly Propylene |
MT |
|
|
Job Works |
MT |
2185 |
|
Manufacturing |
MT |
9664 |
GENERAL INFORMATION
|
Customers : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
About 45 |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
HN Shah Chartered Accountant |
|
Address : |
30-Maker Bhavan No. 2, 18, New Marine Lines,
Mumbai-400020, |
|
|
|
|
Name : |
Patel Kalantri and Associates Chartered Accountant |
|
Address : |
Sakar Apartment, |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Share |
Rs.10/- Each |
Rs. 7.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Share |
Rs.10/- Each |
Rs. 7.500
Millions |
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
7.500 |
7.500 |
7.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
189.300 |
162.518 |
155.507 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
196.800 |
170.018 |
163.007 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
92.870 |
7.027 |
17.476 |
|
|
2] Unsecured Loans |
113.075 |
91.912 |
58.796 |
|
|
TOTAL BORROWING |
205.945 |
98.938 |
76.272 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
402.745 |
268.957 |
239.279 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
92.752 |
73.118 |
78.941 |
|
|
Capital work-in-progress |
12.080 |
2.027 |
0.229 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.500 |
0.500 |
0.500 |
|
|
DEFERREX TAX ASSETS |
4.680 |
4.282 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
80.904
|
34.492
|
37.667 |
|
|
Sundry Debtors |
251.634
|
180.808
|
148.825 |
|
|
Cash & Bank Balances |
9.569
|
38.471
|
12.883 |
|
|
Other Current Assets |
3.033
|
2.363
|
1.341 |
|
|
Loans & Advances |
57.185
|
11.301
|
5.183 |
|
Total
Current Assets |
402.325
|
267.435
|
205.899 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
57.743
|
33.002
|
11.494 |
|
|
Other Current Liabilities |
16.438
|
10.037
|
6.416 |
|
|
Provisions |
35.411
|
35.365
|
28.380 |
|
Total
Current Liabilities |
109.592
|
78.404
|
46.290 |
|
|
Net Current Assets |
292.733
|
189.031
|
159.609 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
402.745 |
268.957 |
239.279 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
826.000 |
539.158 |
501.413 |
|
|
|
Other Income |
68.581 |
65.953 |
NA |
|
|
|
TOTAL |
894.581 |
605.111 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
812.576 |
552.539 |
NA |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
812.576 |
552.539 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
82.005 |
52.572 |
52.512 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
28.823 |
16.475 |
15.737 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
53.182 |
36.097 |
36.775 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4.083 |
0.195 |
NA |
|
|
TOTAL EARNINGS |
4.083 |
0.195 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
183.006 |
82.899 |
56.929 |
|
|
|
Stores & Spares |
3.596 |
0.119 |
0.022 |
|
|
|
Capital Goods |
0.726 |
2.732 |
0.000 |
|
|
TOTAL IMPORTS |
187.328 |
85.750 |
56.951 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
70.91 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.94 |
5.97 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.93 |
9.75 |
10.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.56 |
15.44 |
18.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.42 |
0.31 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.60 |
1.04 |
0.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.67 |
3.41 |
4.45 |
LOCAL AGENCY FURTHER INFORMATION
Business and
Operations:
The company has produced 11849 M.T. of goods during Financial year ended
31st March 2010 as compared to 7617 M .T. in 2008-09.
This year company has achieved a turnover of Rs. 826.000 Millions for
the year ended 31st March 2010 as compared to turnover of Rs. 539.158 Millions in 2008-09 an
increase of 53% over last year and pre tax profit of Rs. 82.000 Millions for
the year ended 31st March 2010 as compared to pre tax profit of Rs.
52.500 Millions in 2008-09, an increase of over 56%.
Future Outlook:
In view of growing economic climate, Auto Sector has shown double digit growth
in recent past and expects to maintain the momentum over the next several
years. Zylog has embarked on substantial growth and expansion to keep pace with
the market. Company is setting up a new compounding plant at Chennai at Cater
to the growsting business in southern region, primaril, with NISSAN, RENAULT,
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 like Thermoplastic Elastomer
Engineering 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 % per annum |
|
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 |
|
Corporate
identity number of the company |
U25209MH1984PTC033074 |
|
Name of the
company |
ZYLOG PLAST ALLOYS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
C/O, Jitendra C. Shah, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
|
|
Particular of
charge holder |
Bank of Maharashtra, Janamangal, Nashik– 422002, |
|
Nature of
instrument creating charge |
|
|
Date of
instrument Creating the charge |
26.08.2010 |
|
Amount secured by
the charge |
Rs. 199.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Base Rate + 3% i.e.
11.25% p.a. with monthly rests. Terms of
Repayment Entire loan is
repayable in 60 months. To be repaid in monthly installments @ Rs. 3.317
Millions after completion of moratorium period i.e. 6 months from the date of
1st Disbursement. Margin Term Loan- 25% Extent and
Operation of the charge First chare in
the favour of bank of |
|
Short particulars
of the property charged |
Hypothecation
over the borrower’s present and future movable plants, machineries, goods, stocks of raw materials, items,
inventories, stock in process, semi finished and finished goods, stores and
spares (consumable stores and spares), stock in trade, goods in process,
movable in transit and present and future tangible and intangible assets,
vehicles, goodwill, trademark, copyright, patent and all the right title
interest and benefit of the borrower in upon or over all contracts and
agreements and amounts and right to collect receive and recover the same
together with all movables, situated or located at anyplace and now lying,
being, affixed or installed at any place at any time and all outstanding
monies, claims, bills, receivables,
book debts due or to become due to the borrower/s at any time or from time to
time, an all the borrowers rights, titles or interest therein. |
FIXED ASSETS:
- Building-Factory
- Building-Office
- Plant and Machinery
- Computer
- Electrical Installations
- Furniture and Fixtures
- Office Equipments
- Vehicles
AS PER WEB DETAILS
Profile
With a business charter to develop, manufacture and market Thermoplastic Polyolefins (TPOs), Thermoplastic Elastomers (TPEs), PP Compounds and engineering plastics blends and alloy materials, Zylog, for over 2 decades, has been servicing the global automotive OEM market for its broad range of applications.
They are a privately held corporate entity, promoted in 1984 in India, by Mirisch ‘Mac’ Damani … a former senior consultant with Arthur D Little, Incorporation, Mass. USA, who has over 25 years of rich industrial and academic experience in the areas of plastics, elastomers and polymers. With a modest beginning in 80s, Subject has carved out a niche in the specialty automotive material field with uncanny reputation for its quality products and service par excellence.
Combining and building on vast knowledge, skill and information acquired over the last two decades; Subject has become a dynamic, synergy rich and highly focused company, well placed to be one of the long term leaders in the industry in which it operates.
With an average annual growth rate of around 30%, over the past several years, Subject is now focused on building value through strategic growth initiatives via joint ventures, forward integration, acquisitions and business alliances in the form of technical and service collaborations, product and application development, as well as market development.
Milestone
Subject, a privately held corporate entity, registered in
1984 / 1985:
• Incorporated in
1987 / 1988:
• Commercialization of Neoplast ... TPVs, for wire and cable, poultry and luggage applications.
1988 / 1989:
• Commercialization of Hipolyene ... TPOs / PP Compound, for single piece dashboard for Tata Motors
• Enhanced production capacity to 700 MT p.a.
1993 / 1994:
• Expanded market base to cover GM, HM, Fiat etc and capacity enhanced to 3000 MT p.a.
1997 / 1998:
• Strategic partnership with Mytex (Mitsibushi Company) for
supply to
• Awarded entire business of Tata Indica, for supply of Neoplast and Hipolyene products.
1999 / 2000:
• Setup new manufacturing facility at Sinnar (Plant II) with initial production capacity of 5000 MT p.a.
2003 / 2004:
• Consolidation and expansion of total production capacity to reach 11000 MT p.a.
2006 / 2007:
• Expanded market base to cover Bajaj, Mahindra, Hyundai, Ford, Maruti Suzuki etc.
2007 / 2008:
• Expanded total production capacity to reach 15000 MT p.a.
• Won the prestigious SPEICON Award for highest consumption of plastics in a vehicle.
2008 / 2009:
• Commenced construction of Plant III at Chennai.
• Awarded several new businesses with Nissan Renault,
Future Outlook
With an average annual growth rate of almost 30%, over the past several years, Subject is focused on building value through strategic growth initiatives in automotive chain. Projects turnover of Rs. 5000.000 Millions, by 2012, is expected to be achieved via joint ventures, forward integration, acquisitions, mergers and business alliances in the areas of products and services.
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. 45.59 |
|
|
1 |
Rs. 72.31 |
|
Euro |
1 |
Rs. 60.73 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
46 |
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.