MIRA INFORM REPORT

Report No. :	335801
Report Date :	10.08.2015

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
Tel. No.:	91-20-26650219
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.06.1984
Com. Reg. No.:	11-033074
Capital Investment / Paid-up Capital :	Rs.7.500 Million
CIN No.: [Company Identification No.]	U25209MH1984PTC033074
TAN No.: [Tax Deduction & Collection Account No.]	NSKZ00148B
PAN No.: [Permanent Account No.]	AAACZ0342B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged the Production of Polypropylene Compounds.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1200000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The rating reflects company’s healthy operational risk profile marked by decent financial base and adequate liquidity position of the company. Trade relations are reported as fair. Business is active. Payments are reported to be Slow but Correct. The concern 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long-Term Fund Based Limits=BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	September 2015

Rating Agency Name	ICRA
Rating	Short-Term Fund Based Limits=A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	September 2015

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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Yashwant Chandrachand
Designation :	Finance Manager
Contact No.:	91-2551-660500

LOCATIONS

Registered Office :	C/O Jitendra C Shah, 14 Divya Mahal Gyan Mandir Road, Dadar (West), Mumbai – 400028, Maharashtra, India
Tel. No.:	91-20-26650219
Fax No.:	Not Available
E-Mail :	j.dikshit@zylogplastalloys.com
Website :	http://www.zylogplastalloys.com
Head Quarters :	E-7, MIDC, Malegaon, Sinnar, Nashik – 422103, Maharashtra, India
Tel. No.:	91-2552-230898 / 230270 / 230271
Fax No.:	91-2551-230897
Marketing Division :	Sovereign Annexe, Lane No.4, Kalyaninagar Main Road, Behind Bank of Baroda, Pune – 411006, Maharashtra, India
Tel. No.:	91-20-26650219
Fax No.:	91-20-26650220

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Mirisch Ratilal Damani
Designation :	Director
Address :	Flat No. D -8, Ivy Glen, Marigold Complex, S. No. 15, Wadgaon Sheri,, Pune, 411014, Maharashtra, India
Date of Appointment :	05.06.1984
PAN No.:	AAJPD2927Q
DIN No.:	01991076
Name :	Mr. Aschak Mirisch Damani
Designation :	Director
Address :	Flat No. D -8, Ivy Glen, Marigold Complex, S. No. 15, Wadgaon Sheri,, Pune, 411014, Maharashtra, India
Date of Appointment :	04.09.2000
PAN No.:	ACIPD3391B
DIN No.:	01172241

KEY EXECUTIVES

Name :	Mr. Yashwant Chandrachand
Designation :	Finance Manager

MAJOR SHAREHOLDERS

AS ON: 30.09.2014

Names of Shareholders	No. of Shares	Percentage
Mirisch Ratilal Damani	693000	92.40
Aschak Mirisch Damani	57000	7.60
Total	750000	100.00

AS ON: 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged the Production of Polypropylene Compounds.

Products :

ITC Code	Products or Services
39021010	Modified Poly Propylene

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Bank of Maharashtra
Branch	Janmangal, Tilak Path, Nashik – 422001, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Rupee- Co- Op. Bank Limited, Tilak Path, Nasik, Maharashtra, India

Facilities :

SECURED LOAN	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long term borrowings
Rupee term loans from banks	4.409	48.398
Short term borrowings
Loans repayable on demands from banks	277.882	0.000
Working capital loans from banks	0.000	434.481
Total	282.291	482.879

Auditors :

Name :

Shah and Company

Chartered Accountants

Address :

Maker Bhavan, No. 2 3rd Floor, 18, New Marine Lines, Mumbai – 400020, Maharashtra, India

PAN N Income-tax PAN of auditor or auditor's firm :

AABFS2985F

Memberships :

Not Available

Collaborators :

Not Available

Associates/Subsidiaries :

Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7.500	7.500	7.500
(b) Reserves & Surplus	398.516	319.821	276.764
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	406.016	327.321	284.264
(3) Non-Current Liabilities
(a) long-term borrowings	21.270	70.233	90.542
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.210	0.000	0.000
(d) long-term provisions	7.492	6.855	6.093
Total Non-current Liabilities (3)	28.972	77.088	96.635
(4) Current Liabilities
(a) Short term borrowings	324.408	478.131	379.416
(b) Trade payables	93.916	54.059	82.051
(c) Other current liabilities	40.188	82.429	84.716
(d) Short-term provisions	9.616	1.451	0.747
Total Current Liabilities (4)	468.128	616.070	546.930
TOTAL	903.116	1020.479	927.829
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	216.672	212.004	211.028
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.756	0.363	0.421
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.500	0.500	0.500
(c) Deferred tax assets (net)	5.664	5.920	3.543
(d) Long-term Loan and Advances	11.261	7.866	8.146
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	234.853	226.653	223.638
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	150.437	214.719	134.770
(c) Trade receivables	475.341	509.596	483.481
(d) Cash and cash equivalents	23.094	34.809	49.643
(e) Short-term loans and advances	10.094	20.858	28.691
(f) Other current assets	9.297	13.844	7.606
Total Current Assets	668.263	793.826	704.191
TOTAL	903.116	1020.479	927.829

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL INCOME	NA	2089.600	1706.800
	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		NA	175.300	189.200
	PROFIT BEFORE TAX		NA	62.800	80.700
Less	TAX		NA	19.743	31.227
	PROFIT AFTER TAX		NA	43.057	49.473
	Earnings Per Share (Rs.)		NA	57.41	65.96

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	10.973	46.240	44.686
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	18.254	79.407

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	3.01	4.72
Operating Profit Margin (PBIDT/Sales)	(%)	NA	6.20	8.73
Return on Total Assets (PBT/Total Assets}	(%)	NA	0.19	0.28
Return on Investment (ROI) (PBT/Networth)		0.85	1.68	1.65
Debt Equity Ratio (Total Debt /Networth)		0.88	1.17	1.81
Current Ratio (Current Asset/Current Liability)		NA	3.01	4.72

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	7.500	7.500	7.500
Reserves & Surplus	398.516	319.821	276.764
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	406.016	327.321	284.264
long-term borrowings	21.27	70.233	90.542
Short term borrowings	324.408	478.131	379.416
Current Maturities of Long-Term Debts	10.973	46.24	44.686
Total borrowings	356.651	594.604	514.644
Debt/Equity ratio	0.878	1.817	1.810

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two years	No
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long Term Borrowing
Other loans and Advances	16.861	21.835
Short term borrowings
Loans repayable on demand	46.526	0.000
Other loans and advances	0.000	43.650
Total	63.387	65.485

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10291640	10/01/2013 *	70,000,000.00	Citi Bank N.A.	Rushiraj Presidency, Opp Bhosala Military School, Plot No 52&53, D'Souza Colony, College Road, Nashik, Maharashtra - 422005, INDIA	B66433178
2	10204096	02/05/2014 *	370,000,000.00	BANK OF MAHARASHTRA	NASHIK CITY BRANCH, JANMANGAL,TILAK PATH,, NASHIK, ,Maharashtra - 422001, INDIA	C05914486

FIXED ASSETS

· Land and Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer Equipments

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 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.63.80
UK Pound	1	Rs.98.92
Euro	1	Rs.69.65

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	4
--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		50

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.