1. Summary Information

		Country	India
Company Name	ZYLOG PLAST ALLOYS PRIVATE LIMITED	Principal Name 1	Mr. Mirisch Ratilal Damani
Status	Satisfactory	Principal Name 2	Mr. Aschak Mirisch Damani
		Registration #	11-033074
Street Address	C/O. Jitendra C Shah, 14 Divya Mahal Gyan Mandir Road, Dadar (West), Mumbai – 400028, Maharashtra
Established Date	05.06.1984	SIC Code	--
Telephone#	Not Available	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	--
Homepage	www.zylogplastalloys.com	Product Name 1	Thermoplastic
# of employees	Around 45 (Approximately)	Product Name 2	Elastomer Material
Paid up capital	Rs.7,500,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors (100%)	Banking	Citi Bank
Public Limited Corp.	No	Business Period	27 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (46)
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	321,421,000	Current Liabilities	74,181,000
Inventories	80,904,000	Long-term Liabilities	205,945,000
Fixed Assets	92,752,000	Other Liabilities	35,411,000
Deferred Assets	4,680,000	Total Liabilities	315,537,000
Invest& other Assets	12,580,000	Retained Earnings	189,300,000
		Net Worth	196,800,000
Total Assets	512,337,000	Total Liab. & Equity	512,337,000
Total Assets (Previous Year)	347,361,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	826,000,000	Net Profit	53,182,000
Sales(Previous yr)	539,158,000	Net Profit(Prev.yr)	36,097,000

MIRA INFORM REPORT

Report Date :

22.10.2011

IDENTIFICATION DETAILS

Name :	ZYLOG PLASTALLOYS PRIVATE LIMITED
Registered Office :	C/O Jitendra C Shah, 14 Divya Mahal Gyan Mandir Road, Dadar (West), Mumbai – 400028, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	05.06.1984
Com. Reg. No.:	11-033074
Capital Investment / Paid-up Capital :	Rs.7.500 Millions
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.
No. of Employees :	About 45 (Approximately)

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. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	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, 14 Divya Mahal Gyan Mandir Road, Dadar (West), Mumbai – 400028, Maharashtra, India
Tel No. :	Not Available
Fax No. :	Not Available
E-Mail :	suranaaj@yahoo.co.in
Website :	www.zylogplastalloys.com
Head Quarters :	E-7, MIDC, Malegaon, Sinnar, Nashik – 422103, Maharashtra, India
Tel No. :	91-2551-230898/230270/230271
Fax No. :	91-2551-230897
Marketing Division :	Sovereign Annexe, Lane No. 4, Kalyani Nagar Main Road, Behind Bank of Baroda, Pune – 411006, Maharashtra, India
Tel No. :	91-20-26650219
Fax No. :	91-20-26650220
Email :	sales@zylogplastalloys.com

DIRECTORS

As on 26.09.2011

Name :

Mr. Mirisch Ratilal Damani

Designation :

Managing Director

Address :

Astha Galundia, 11, Hermes Heaven 10 E, Mangaldas Road, Pune – 411001, Maharashtra, India

Date of Birth/Age :

29.08.1948

Date of Appointment :

05.06.1984

DIN No.:

01991076

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U25209MH1984PTC033074	Zylog Plastalloys Private Limited	Managing director	5/06/1984	5/06/1984	-	Active	NO
U25190PN2011PTC140430	Zylog Composites Private Limited	Director	10/08/2011	10/08/2011	-	Active	NO

Name :

Mr. Aschak Mirisch Damani

Designation :

Director

Address :

Astha Galundia, 11, Hermes Heaven 10 E, Mangaldas Road, Pune – 411001, Maharashtra, India

Date of Birth/Age :

29.12.1979

Date of Appointment :

04.09.2000

DIN No.:

01172241

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U25209MH1984PTC033074	Zylog Plastalloys Private Limited	Director	4/09/2000	4/09/2000	-	Active	NO
U25190PN2011PTC140430	Zylog Composites Private Limited	Director	10/08/2011	10/08/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders	No. of Shares
Mirisch Ratilal Damani	693000
Aschak Mirisch Damani	57000
Total	750000

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Thermoplastic and Elastomer Material.

Products :

Product Description	Item Code
Modified Poly Propylene	39021010
Thermoplastic Elastomer	39021010
Alloys Blends Compounds	39021010

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Actual Production
Job Works	MTs	2185
Manufacturing	MTs	9664

GENERAL INFORMATION

No. of Employees :

About 45 (Approximately)

Bankers :

Citi Bank N. A, Rushiraj Presidency, Opposite Bhosala Military School, Plot No. 52 and 53, D’Souza Colony, College Road, Nashik – 422005, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. In Millions)	As on 31.03.2009 (Rs. In Millions)
Cash Credit	18.251	7.027
Buyers Credit	59.573	0.000
Short Term Loan	15.000	0.000
Interest Accrued and Due	0.046	0.000
Total	92.870	7.027
From bank of Maharashtra against hypothecation of stocks and Receivables and equitable mortgage of Sinnar Land and Building.
Unsecured Loans	As on 31.03.2010 (Rs. In Millions)	As on 31.03.2009 (Rs. In Millions)
From WMDC Sales Tax Deferred Loan	33.399	33.856
From Directors	73.176	58.056
Interest Accrued and due	6.500	0.000
Total	113.075	91.912

Banking Relations :	--
Auditors :
Name :	Shah and Company Chartered Accountants
Address :	30- Maker Bhavan No.2, 18, New Marine Lines, Mumbai – 400020, Maharashtra, India
PAN.:	AABFS2985F

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares (out of the above 500000 equity shares were allotted as fully paid up bonus shares by capitalization of General Reserve.)	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
		Office 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	48.12	49.03

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 31^st 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 31^st 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 31^st 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 to Cater to the growing business in southern region, primarily, with NISSAN, RENAULT, TOYOTA, ASHOK LEYLAND, DAMLIER etc. Company is also expanding capacity at Nashik and Sinnar areas to cater to the growing requirements of existing customers and also projected demand from new customers like VOLKSWAGON and GENERAL MOTORS. Company will have total capacity close to 32000 tons, by the end of financial year 2010-11.

FORM 8

Corporate identity number of the company	U25209MH1984PTC033074
Name of the company	ZYLOG PLASTALLOYS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C/O. Jitendra C. Shah, 14 Divya Mahal, Gyan Mandir Road, Dadar (West), Mumbai – 400028, Maharashtra, India Email Id : suranaaj@yahoo.co.in
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Citi Bank N. A, Rushiraj Presidency, Opposite Bhosala Military School, Plot No. 52 and 53, D’Souza Colony, College Road, Nashik – 422005, Maharashtra, India Email Id : vlaxman@vsnl.com
Nature of instrument creating charge	Goods Security Agreement
Date of instrument Creating the charge	12.05.2011
Amount secured by the charge	Rs.23.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest on principal amount of the aforesaid fund based facilities advanced and outstanding from time to time rate of 11% p. a (as announced from time to time exclusive of applicable interest tax). Terms of repayment On demand Margin 20% against stocks, book debts Extent and operation of the charge Hypothecation by way of First pari passu charge on assets of the company, shall remain as security to the Bank for the due repayment of Rs.23.000 Millions to the Bank together with interest, costs, charges and expenses and other monies payable by the company and also for due payment and discharge of all indebtedness/liability of the company to the Bank Others The Company expressly recognises and accepts that the Bank shall be absolutely entitled and have full power/ authority to sell, assign or transfer in any manner and on such terms as the Bank may decide any or all outstanding dues of the Company to any third party of the Bank’s choice without any further reference or intimation to the company. The charge of Citibank NA on Assets shall rank first pari passu with the charge of Bank of Maharashtra
Short particulars of the property or asset(s) charged (including complete address and location of the property)	(i) The whole of the Company’s present and future, stocks of raw materials, goods in process of manufacture, semi-finished goods and all finished and manufactured goods (ii) All of the Company’s present and future book debts, outstanding Monies, receivables, claims, bills, investments, securities, rights to or on moveable properties and assets

FIXED ASSETS

· Land (Lease hold)

· Building – Factory

· Building – Others

· Plant and Machinery

· Computers

· Electrical Installation

· Furniture and Fixtures

· Office Equipments

· Vehicle

WEBSITE 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.

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.50.07
UK Pound	1	Rs.79.15
Euro	1	Rs.69.03

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.