MIRA
INFORM REPORT
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Report Date : |
30.05.2012 |
IDENTIFICATION DETAILS
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Name : |
ZYLOG PLASTALLOYS PRIVATE LIMITED |
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Registered
Office : |
C/O Jitendra C Shah, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
05.06.1984 |
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Com. Reg. No.: |
11-033074 |
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Capital Investment
/ Paid-up Capital : |
Rs.7.500 Millions |
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CIN No.: [Company Identification
No.] |
U25209MH1984PTC033074 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKZ00148BV |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Thermoplastic and Elastomer Material. |
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No. of Employees
: |
About 45 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (53) |
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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 939000 |
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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 an established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular 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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
C/O., Jitendra C Shah, 14 Divya Mahal Gyan Mandir Road, Dadar (West), Mumbai
– 400028, Maharashtra, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Quarters : |
E-7, MIDC, |
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Tel No. : |
91-2552-230898/230270/230271 |
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Fax No. : |
91-2552-230897 |
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Marketing Division : |
Sovereign Annexe, Lane No. 4, Kalyani Nagar Main Road, Behind Bank of |
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Tel No. : |
91-20-26650219 |
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Fax No. : |
91-20-26650220 |
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Email : |
DIRECTORS
AS ON 26.09.2011
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Name : |
Mr. Mirisch Ratilal Damani |
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Designation : |
Managing Director |
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Address : |
Astha Galundia, 11, Hermes Heaven 10 E, |
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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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DIN No.: |
01991076 |
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Other Directorship :
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Name : |
Mr. Aschak Mirisch Damani |
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Designation : |
Director |
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Address : |
Astha Galundia, 11, Hermes Heaven 10 E, |
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Date of Birth/Age : |
29.12.1979 |
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Date of Appointment : |
04.09.2000 |
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DIN No.: |
01172241 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2011
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Names of Shareholders |
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No. of Shares |
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Mirisch Ratilal Damani |
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693000 |
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Aschak Mirisch Damani |
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57000 |
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TOTAL |
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750000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 26.09.2011
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Thermoplastic
and Elastomer Material. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
About 45 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shah and Company Chartered Accountants |
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Address : |
30- Maker Bhavan No.2, 18, New Marine Lines, Mumbai – 400020, |
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PAN.: |
AABFS2985F |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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 (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 |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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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 |
227.291 |
189.300 |
162.518 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
234.791 |
196.800 |
170.018 |
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LOAN FUNDS |
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1] Secured Loans |
309.923 |
92.870 |
7.027 |
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2] Unsecured Loans |
131.562 |
113.075 |
91.912 |
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TOTAL BORROWING |
441.485 |
205.945 |
98.938 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
676.276 |
402.745 |
268.957 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
203.877 |
92.752 |
73.118 |
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Capital work-in-progress |
2.258 |
12.080 |
2.027 |
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INVESTMENT |
0.500 |
0.500 |
0.500 |
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DEFERREX TAX ASSETS |
2.248 |
4.680 |
4.282 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
157.804
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80.904
|
34.492
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Sundry Debtors |
396.166
|
251.634
|
180.808
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Cash & Bank Balances |
8.865
|
9.569
|
38.471
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Other Current Assets |
6.731
|
3.033
|
2.363
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Loans & Advances |
56.017
|
57.185
|
11.301
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Total
Current Assets |
625.583
|
402.325 |
267.435 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
84.129
|
57.743
|
33.002
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Other Current Liabilities |
38.357
|
16.438
|
10.037
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Provisions |
35.704
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35.411
|
35.365
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Total
Current Liabilities |
158.190
|
109.592 |
78.404 |
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Net Current Assets |
467.393
|
292.733
|
189.031
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
676.276 |
402.745 |
268.957 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
1325.600 |
826.000 |
539.158 |
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Other Income |
NA |
68.581 |
65.953 |
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TOTAL |
NA |
894.581 |
605.111 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
NA |
812.576 |
552.539 |
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PROFIT BEFORE
TAX |
96.800 |
82.005 |
52.572 |
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Less |
TAX |
|
28.823 |
16.475 |
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PROFIT AFTER TAX |
|
53.182 |
36.097 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
NA |
4.083 |
0.195 |
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TOTAL EARNINGS |
|
4.083 |
0.195 |
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IMPORTS |
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Raw Materials |
|
183.006 |
82.899 |
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Stores & Spares |
|
3.596 |
0.119 |
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Capital Goods |
|
0.726 |
2.732 |
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TOTAL IMPORTS |
|
187.328 |
85.75 |
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Earnings Per
Share (Rs.) |
|
70.91 |
48.12 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
5.94 |
5.97 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
9.93 |
9.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.67
|
16.56 |
15.44 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.42 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.55
|
1.60 |
1.04 |
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Current Ratio (Current Asset/Current Liability) |
|
3.95
|
3.67 |
3.41 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in Report
(Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter's background |
Yes |
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8) No. of employees |
Yes |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
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20) Export / Import details (if
applicable) |
-- |
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21) Market information |
-- |
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22) Litigations that the firm / promoter
involved in |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
FINANCIAL RESULT
The company has produced 16812 M.T. of goods during Financial Year ended 31st March 2011 as compared to 11849 M.T. in 2009:10, thus showing an increase of 42%. This year company has achieved a turnover of Rs.1325.600 millions for the year ended 31st March 2011 as compared to turnover of Rs.826.000 millions in 2009-10 an increase of 60% over last year and pre tax profit of Rs.96.800 millions for the year ended 31st March 2011 as compared to pre tax profit of Rs.82.000 millions in 2009:10, an increase of over 18%. Marginal increase in profitability compared to sales revenue was primarily on account of increase in petrochemical products accordingly prices of our Plastic and Rubber Raw material increased substantially and also due to increase in Interest due to higher borrowings.
FORM 8
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Corporate identity number of the company |
U25209MH1984PTC033074 |
|
Name of the company |
ZYLOG PLASTALLOYS PRIVATE LIMITED |
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Address of the registered office or of the
principal place of business in |
C/O. Jitendra C. Shah, 14 Divya Mahal, Email Id : suranaaj@yahoo.co.in |
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This form is for |
Creation of charge |
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Type of charge |
Book debts Movable property (not being pledge) Floating charge |
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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 |
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Nature of instrument creating charge |
Goods Security Agreement |
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Date of instrument Creating the charge |
12.05.2011 |
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Amount secured by the charge |
Rs.23.000 Millions |
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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,
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.55.58 |
|
|
1 |
Rs.87.14 |
|
Euro |
1 |
Rs.69.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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.