MIRA INFORM REPORT

Report Date :

07.06.2013

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) :	31.03.2012
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
PAN No.: [Permanent Account No.]	AAACZ0342B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automobile Raw Material.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
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.

INFORMATION DECLIEND BY

Name :	Ms. Geeta
Designation :	Account Department
Contact No.:	91-20-26650219
Date :	07.06.2013

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	LONG TERM FUND BASED LIMIT : ICRA BBB
Rating Explanation	The moderate credit quality it carry higher credit risk
Date	25.10.2012

Rating Agency Name	ICRA
Rating	SHORT TERM NON-FUND BASED LIMIT : ICRA A2
Rating Explanation	The above average credit quality it carry higher credit risk
Date	25.10.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

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 j.dikshit@zylogplastalloys.ocm
Website :	www.zylogplastalloys.com
Head Quarters :	E-7, MIDC, Malegaon, Sinnar, Nashik – 422103, Maharashtra, India
Tel No. :	91-2552-230898/230270/230271
Fax No. :	91-2552-230897
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 27.09.2012

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
PAN No.:	AAJPD2927Q
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
PAN No.:	ACIPD3391B

KEY EXECUTIVES

Name :	Ms. Geeta
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2012

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 27.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automobile Raw Material.

Products :

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

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of Maharashtra, Janamangal, Tilak Road, Nashik – 422001, Maharashtra, India
• Citi Bank N. A, Rushiraj Presidency, Opposite Bhosala Military School, Plot No. 52 and 53, D’Souza Colony, College Road, Nashik – 422005, Maharashtra, India
• Bank of India, Gandhi Nagar Branch, Near Patnagar Yojna Bhavan, Sector 16, Gandhi Nagar – 382016, Gujarat, India
• Rupee-Co-Operative Bank Limited, Tilak path, Nashik, Maharashtra, India

Facilities :

SECURED LOAN	AS ON 31.03.2012 (RS. IN MILLIONS)	AS ON 31.03.2011 (RS. IN MILLIONS)
Term Loan from Banks (Hypothecation of existing plant and machinery and equitable mortgage of land and building situated at Malegaon-Sinnar, Nashik, Maharashtra, India)	64.494	95.629
Term Loan from Banks (Secured against Hypothecation of Stock and Book-Debts.)	241.615	196.166
Total	306.109	291.795

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 31.03.2012

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	Rs.10/- each	Rs.7.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		7.500	7.500	7.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		276.764	227.291	189.300
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		284.264	234.791	196.800
LOAN FUNDS
1] Secured Loans		306.109	291.795	92.870
2] Unsecured Loans		163.850	104.372	113.075
TOTAL BORROWING		469.959	396.167	205.945
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		754.223	630.958	402.745
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		211.449	206.136	92.752
Capital work-in-progress		0.000	0.000	12.080
INVESTMENT		0.500	0.500	0.500
DEFERREX TAX ASSETS		3.543	2.248	4.680
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	134.770	157.804	80.904
	Sundry Debtors	483.481	396.166	251.634
	Cash & Bank Balances	49.643	8.865	9.569
	Other Current Assets	7.947	6.731	3.033
	Loans & Advances	32.513	55.873	57.185
Total Current Assets		708.354	625.439	402.325
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	82.051	84.129	57.743
	Other Current Liabilities	69.514	63.664	16.438
	Provisions	18.058	55.572	35.411
Total Current Liabilities		169.623	203.365	109.592
Net Current Assets		538.731	422.074	292.733
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		754.223	630.958	402.745

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1706.800	1325.600	826.000
		Other Income	NA	NA	68.581
		TOTAL	NA	NA	894.581
Less	EXPENSES
		Office Expenses	NA	NA	812.576
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	812.576
	PROFIT BEFORE TAX		80.700	96.800	82.005
Less	TAX		31.227	32.571	28.823
	PROFIT AFTER TAX		49.473	64.229	53.182
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	NA	4.083
	TOTAL EARNINGS				4.083
	IMPORTS
		Raw Materials	NA	NA	183.006
		Stores & Spares	NA	NA	3.596
		Capital Goods	NA	NA	0.726
	TOTAL IMPORTS		NA	NA	187.328
	Earnings Per Share (Rs.)		65.96	NA	70.91

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	5.94
Net Profit Margin (PBT/Sales)	(%)	4.73	7.30	9.93
Return on Total Assets (PBT/Total Assets}	(%)	8.77	11.67	16.56
Return on Investment (ROI) (PBT/Networth)		0.28	0.41	0.42
Debt Equity Ratio (Total Debt /Networth)		1.65	1.88	1.05
Current Ratio (Current Asset/Current Liability)		4.18	3.95	3.67

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditors	82.051	84.129	57.743
Total	82.051	84.129	57.743

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	--
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FINANCIAL RESULT

The Company has produced 19535 MT of goods during Financial Year ended 31st March 2012 as compared to 16812 MT in 2010-11, thus showing an increase of 16%. This year Company has achieved a turnover of Rs. 1706.800 Millions for the year ended 31st March 2012 as compared to turnover of Rs. 1325.600 Millions in 2010-11 an increase of 29% over last year. EBIDTA is Rs. 189.200 Millions for the year ended 31st March 2012 as against Rs. 138.900 Millions in 2010-11 an increase of 36% over last year. Pre-tax profit of Rs. 80.700 Millions for the year ended 31st March 2012 as compared to pre tax profit of Rs. 96.800 Millions in year 2010-11, a decrease of over 17%. Decrease in pretax profit was promarily on account of increase in interest and depreciation due to term loan taken for expansion of existing facility at Chennai and sinner, Nashik and loss on exchange rate fluxion.

UNSECURED LOAN

PARTICULARS	AS ON 31.03.2012 (RS. INMILLIONS)	AS ON 31.03.2011 (RS. INMILLIONS)
Borrowings from Government and Semi-Government Bodies	26.049	29.653
Term Loan from Banks	62.909	10.722
Loans and advances from related parties	74.892	63.997
Total	163.850	104.372

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicle

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] 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.56.87
UK Pound	1	Rs.87.65
Euro	1	Rs.74.53

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.