MIRA INFORM REPORT
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Report Date : |
03.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
ZYLOG PLASTALLOYS PRIVATE LIMITED |
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Registered
Office : |
C/O Jitendra C Shah, |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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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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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACZ0342B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged the Production of Polypropylene Compounds. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term fund based limits: “BBB” |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
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Date |
September 2013 |
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Rating Agency Name |
ICRA |
|
Rating |
Short term non fund based limits: “A2” |
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Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
September 2013 |
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.
INFORMATION DENIED BY
|
Name : |
Mr. Yashwant Chandrachand |
|
Designation : |
Finance Manager |
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Contact No.: |
91-2551-660500 |
|
Date : |
02.01.2015 |
LOCATIONS
|
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.: |
91-20-26650219 |
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Fax No.: |
Not Available |
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E-Mail : |
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Head Quarters : |
E-7, MIDC, Malegaon, Sinnar, Nashik – 422103, Maharashtra, India |
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Tel. No.: |
91-2552-230898 / 230270 / 230271 |
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Fax No.: |
91-2551-230897 |
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Marketing Division : |
Sovereign Annexe, Lane No.4, Kalyaninagar Main Road, Behind Bank of
Baroda, Pune – 411006, Maharashtra, India |
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Tel. No.: |
91-20-26650219 |
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Fax No.: |
91-20-26650220 |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Mirisch Ratilal Damani |
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Designation : |
Director |
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Address : |
Flat No. D -8, Ivy Glen, Marigold Complex, S. No. 15, Wadgaon Sheri,, Pune, 411014, Maharashtra, India |
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Date of Appointment : |
05.06.1984 |
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PAN No.: |
AAJPD2927Q |
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DIN No.: |
01991076 |
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Name : |
Mr. Aschak Mirisch Damani |
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Designation : |
Director |
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Address : |
Flat No. D -8, Ivy Glen, Marigold Complex, S. No. 15, Wadgaon Sheri,, Pune, 411014, Maharashtra, India |
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Date of Appointment : |
04.09.2000 |
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PAN No.: |
ACIPD3391B |
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DIN No.: |
01172241 |
KEY EXECUTIVES
|
Name : |
Mr. Yashwant Chandrachand |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage |
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|
Mirisch Ratilal Damani |
693000 |
92.40 |
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Aschak Mirisch Damani |
57000 |
7.60 |
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Total |
750000 |
100.00 |
AS ON: 30.09.2014
Equity Share Break up (Percentage of Total Equity)
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged the Production of Polypropylene Compounds. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management. |
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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 : |
Maker Bhavan, No. 2 3rd Floor, 18, New Marine Lines, Mumbai – 400020, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AABFS2985F |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
750000 |
Equity Shares |
Rs.10/- each |
Rs. 7.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
750000 |
Equity Shares |
Rs.10/- each |
Rs. 7.500 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
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 |
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|
|
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(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds (1) + (2) |
406.016 |
327.321 |
284.264 |
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|
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(3) Non-Current
Liabilities |
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|
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|
(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 |
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Total Non-current Liabilities
(3) |
28.972 |
77.088 |
96.635 |
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(4) Current Liabilities |
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(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 |
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|
|
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TOTAL |
903.116 |
1020.479 |
927.829 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
216.672 |
212.004 |
211.028 |
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(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 |
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Total Non-Current
Assets |
234.853 |
226.653 |
223.638 |
|
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|
|
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(2) Current assets |
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|
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(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 |
|
|
|
|
|
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TOTAL |
903.116 |
1020.479 |
927.829 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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SALES |
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Turnover |
NA |
2089.600 |
1706.800 |
|
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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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 |
NA |
NA |
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PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
NA |
175.300 |
189.200 |
|
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PROFIT BEFORE
TAX |
NA |
62.800 |
80.700 |
|
|
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Less |
TAX |
NA |
19.743 |
31.227 |
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PROFIT AFTER TAX
|
NA |
43.057 |
49.473 |
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|
Earnings Per
Share (Rs.) |
NA |
57.41 |
65.96 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
NA |
3.01 |
4.72 |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
6.20 |
8.73 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA |
0.19 |
0.28 |
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|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.85
|
1.68 |
1.65 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.43
|
1.29 |
1.29 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
7.500 |
7.500 |
7.500 |
|
Reserves & Surplus |
276.764 |
319.821 |
398.516 |
|
Net
worth |
284.264 |
327.321 |
406.016 |
|
|
|
|
|
|
long-term borrowings |
21.270 |
70.233 |
90.542 |
|
Short term borrowings |
324.408 |
478.131 |
379.416 |
|
Total
borrowings |
345.678 |
548.364 |
469.958 |
|
Debt/Equity
ratio |
1.216 |
1.675 |
1.157 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
10.972 |
46.240 |
44.686 |
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|
|
|
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Total |
10.972 |
46.240 |
44.686
|
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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) |
No |
|
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 |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Short term
borrowings |
|
|
|
Loans repayable on demand |
26.476 |
0.000 |
|
Other loans and advances |
16.861 |
21.835 |
|
Loans and Advances from others |
20.050 |
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, |
B66433178 |
|
2 |
10204096 |
02/05/2014 * |
370,000,000.00 |
BANK OF MAHARASHTRA |
NASHIK CITY BRANCH, JANMANGAL,TILAK PATH,,
NASHIK |
C05914486 |
* Date of charge modification
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,
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.63.29 |
|
|
1 |
Rs.98.39 |
|
Euro |
1 |
Rs.76.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SDA |
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.