MIRA INFORM REPORT

Report Date :

30.12.2011

IDENTIFICATION DETAILS

Name :	ENZAL CHEMICALS (INDIA) LIMITED (w.e.f. 08.06.1999)
Formerly Known As :	ENZAL CHEMICALS (INDIA) PRIVATE LIMITED
Registered Office :	Mittal Industrial Estate, Building No.6, Gala No.159, Sir M.V. Road, Andheri (East), Mumbai – 400 059, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.06.1992
Com. Reg. No.:	11-067485
Capital Investment / Paid-up Capital :	Rs.9.500 millions
CIN No.: [Company Identification No.]	U24110MH1992PLC067485
TAN No.: [Tax Deduction & Collection Account No.]	MUME01819G
PAN No.: [Permanent Account No.]	AAACE1222F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Specialty Drug Intermediates and Bulk Actives.
No. of Employees :	100 (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 329000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered good for normal 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

INFORMATION PARTED BY

Name :	Ms. Renuka
Designation :	Accounts Executive
Contact No.:	91-22-40418010
Date :	26.12.2011

LOCATIONS

Registered Office/ Factory 1 :	Mittal Industrial Estate, Building No.6, Gala No.159, Sir M.V. Road, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-40418010/ 40418000/ 30
Fax No.:	91-22-66926472
E-Mail :	finance@enzal.com account@enzal.com
Website :	http://www.enzal.com
Area :	2500 sq. ft.
Location :	Owned
Factory 2 :	Plot 2803/4, Phase III, GIDC, Panoli, District Bharuch – 394 116, Gujarat, India

DIRECTORS

As on 24.09.2011

Name :

Mr. Arun Guruprasad Gupta

Designation :

Managing Director

Address :

702,Vaishali Apartment, Janki Kutir, Juhu, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

01.10.1963

Date of Appointment :

30.06.1992

DIN No. :

00104564

Other Directorship :

S.No.	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
1	U24240MH1986PTC040920	Florensa Care Products Private Limited	Director	07-09-89	07-09-89	28-08-11	Active	NO
2	U24110MH1992PLC067485	Enzal Chemicals (India) Limited	Managing director	01-10-07	30-06-92	-	Active	NO
3	U65990MH1992PTC068903	Cetyl Pharma Private Limited	Director	07-10-92	07-10-92	-	Active	NO
4	U67120MH1991PTC061567	Vishtosh Investments and Finance Private Limited	Director	09-12-93	09-12-93	-	Amalgamated	NO
5	U67120MH1994PLC077938	Lupin Securities Limited	Director	20-08-01	20-08-01	-	Amalgamated	NO
6	U70102MH1995PLC085279	Lupin Performance Chemicals and Real Estates Limited	Director	09-03-02	09-03-02	-	Active	NO
7	U24230MH1988PTC046481	Novamed Pharmaceuticals Private Limited	Director	24-04-03	24-04-03	-	Not Available for eFiling	NO
8	U65910MH1991PTC061568	Santosh Leasings Private Limited	Director	24-04-03	24-04-03	-	Amalgamated	NO
9	U24232MP1988PTC007551	Novamed Pharmaceuticals Private Limited	Director	24-04-03	24-04-03	-	Active	NO
10	U19120MH2004PTC046000	Zuari Leathers Private Limited	Director	05-01-05	05-01-05	-	Amalgamated	NO
11	U24110MH1995PTC084984	Crop Tech Chemicals (India) Private Limited	Director	02-03-05	02-03-05	-	Active	NO
12	U65920MH1993PTC072965	Timita Leasing and Finance Private Limited	Director	02-03-05	02-03-05	-	Amalgamated	NO
13	U65923MH2004PLC073060	Varija Leasing and Finance Limited	Director	02-03-05	02-03-05	-	Amalgamated	NO
14	U65920MH1993PTC072966	Yogini Leasing and Finance Private Limited	Director	02-03-05	02-03-05	-	Amalgamated	NO
15	U67120MH1994PTC077362	Samiksh Investment Private Limited	Director	30-11-06	30-11-06	-	Amalgamated	NO

Name :

Mrs. Alpana Arun Gupta

Designation :

Director

Address :

702, Vaishali Apartment, Janki Kutir, Juhu, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

10.12.1969

Date of Appointment :

03.01.1994

DIN No. :

00104516

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24110MH1992PLC067485	Enzal Chemicals (India) Limited	Director	03-01-94	03-01-94	Active	NO
2	U65990MH1992PTC068903	Cetyl Pharma Private Limited	Director	14-03-94	14-03-94	Active	NO

Name :

Mr. Naveen Koolwal

Designation :

Director

Address :

8/50, Vidyadhar, Jaipur – 302 023, Rajasthan, India

Date of Birth/Age :

12.01.1972

Date of Appointment :

01.12.2006

DIN No. :

01038857

KEY EXECUTIVE

Name :	Ms. Renuka
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2011

Names of Shareholders	No. of Shares
Arun Guruprasad Gupta	449996
Alpana Arun Gupta	100000
Khushi Ram Gupta	1
Novamed Pharmaceuticals Private Limited, India	400000
Vimla Roop Narayan Koolwool	1
Anil Gupta	1
Naveen Koolwool	1
Total	950000

Equity Share Breakup (Percentage of Total Equity)

As on 24.09.2011

Category	Percentage
Bodies Corporate	42.10
Directors or relatives of directors	57.90
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Specialty Drug Intermediates and Bulk Actives.

Products :

• N Methyl Piperazine
• N Ethyl Piperazine
• N Amino Methyl
• Piperazine

Product Description	ITC Code
1-Amino 4 Methyle Piperazine	29335909.10
N-Methyl Piperazine	29335909.90
Diethyl Carbamazine Citrate	2933.90

Exports :

Products :

• N Methyl Piperazine
• N Ethyl Piperazine
• N Amino Methyl
• Piperazine

Countries :

• Europe Countries
• Pakistan

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

L/C, Cash and Credit (30 days)

Purchasing :

L/C, Cash and Credit (30 days)

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Chemicals	Metric Tonnes	500	243.519
Bulk Drugs	Metric Tonnes	205	199.958

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

100 (Approximately)

Bankers :

• Syndicate Bank, Backbay Reclamation, 195, Motimahal, J. Tata Road, Churchgate, Mumbai - 400 020, Maharashtra, India
• Citibank N.A., Citigroup Centre Complex, Bandra Kurla complex, G- Block, Bandra (East), Mumbai - 400 051, Maharashtra, India
• State Bank of India, Sakinaka Branch, 1^st Floor, Saki Vihar Road, Andheri (East), Mumbai – 400 072, Maharashtra, India
• ICICI Bank Limited, Mumbai
• Rajarambapu Sahakari Bank Limited
• HDFC Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loans from HDFC Bank (Secured against vehicle purchased.)	0.373	0.516
Term Loan against windmill from Rajarambapu Sahakari Bank Limited (Secured against Windmill and Personal Guarantee of Directors)	8.969	0.000
Working Capital facilities from Citi Bank (Secured against first charge on all stock and receivables, second charge on plant and machinery, negative lein on land and building in addition to the personal guarantee of some of the Directors)	20.609	27.362
Working Capital facilities from State Bank of India (Secured against charge on leasehold land, building located at Panoli, first hypothecation charge over the movable fixed assets of the Company, movable machineries at factory, hypothecation of all stock, receivable and current assets including personal guarantee of some of the Directors)	15.913	19.945
Total	45.864	47.823

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Banks	0.000	0.169
From Others	0.000	1.697
Total	0.000	1.866

Banking Relations :	--
Auditors :
Name :	Vishnu Kumar Agarwal Chartered Accountant
Address :	145, Dady Seth Agiary Lane, Office No. 8, Shiv Niwas, Mumbai – 400 002, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ABJPA2377E

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
950000	Equity Shares	Rs.10/- each	Rs.9.500 millions
300000	Unclassified Shares	Rs.10/- each	Rs.3.000 millions
	Total		Rs.12.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
950000	Equity Shares	Rs.10/- each	Rs.9.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		9.500	9.500	9.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		72.861	57.932	52.085
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		82.361	67.432	61.585
LOAN FUNDS
1] Secured Loans		45.864	47.823	42.888
2] Unsecured Loans		0.000	1.866	10.028
TOTAL BORROWING		45.864	49.689	52.916
DEFERRED TAX LIABILITIES		6.018	2.265	2.072
TOTAL		134.243	119.386	116.573
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		48.116	39.455	42.941
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.099	1.099	0.697
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	67.196	50.266	56.695
	Sundry Debtors	42.729	42.081	32.303
	Cash & Bank Balances	10.437	9.418	9.549
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	38.422	30.759	23.376
Total Current Assets		158.784	132.524	121.923
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	57.838	40.687	38.369
	Other Current Liabilities	9.883	3.061	3.430
	Provisions	6.035	9.944	7.189
Total Current Liabilities		73.756	53.692	48.988
Net Current Assets		85.028	78.832	72.935
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		134.243	119.386	116.573

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	306.876	265.400	257.681
		Other Income	11.023	9.508	1.574
		TOTAL (A)	317.899	274.908	259.255
Less	EXPENSES
		Cost of Material	210.703	194.476	240.508
		Employees Emoluments	26.878	12.767
		Manufacturing Expenses	21.919	26.516
		Administrative and Other Expenses	23.845	19.408
		TOTAL (B)	283.345	253.167	240.508
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		34.554	21.741	18.747
Less	INTEREST (D)		3.470	4.206	4.733
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		31.084	17.535	14.014
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.456	6.251	6.783
	PROFIT BEFORE TAX (E-F) (G)		24.628	11.284	7.231
Less	TAX (H)		8.591	4.881	2.030
	PROFIT AFTER TAX (G-H) (I)		16.037	6.403	5.201
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		45.782	40.585	36.440
Less	APPROPRIATIONS
		Transfer to General Reserve	0.900	0.650	0.500
		Proposed Dividend	0.950	0.475	0.475
		Tax on Dividend	0.158	0.081	0.081
	BALANCE CARRIED TO THE B/S		59.811	45.782	40.585
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	100.900	76.840	76.103
		Insurance & Freight	2.344	4.167	1.103
	TOTAL EARNINGS		103.244	81.007	77.206
	C.I.F. VALUE OF IMPORTS		118.905	75.636	69.605
	Basic/ diluted Earnings Per Share (Rs.)		16.88	6.74	5.47

Expected Sales (2011-2012): Rs.400.000 millions

The above information has been parted by Ms. Renuka (Accounts Executive).

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.04	2.33	2.01
Net Profit Margin (PBT/Sales)	(%)	8.03	4.25	2.81
Return on Total Assets (PBT/Total Assets}	(%)	11.90	6.56	4.39
Return on Investment (ROI) (PBT/Networth)		0.30	0.17	0.12
Debt Equity Ratio (Total Liability/Networth)		1.45	1.53	1.65
Current Ratio (Current Asset/Current Liability)		2.15	2.47	2.49

LOCAL AGENCY FURTHER INFORMATION

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	--
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

OPERATION:

The gross turnover of the company increased from Rs.275.285 millions to Rs.333.877 millions showing a increase of around 21% and the profits of the company before depreciation and tax increased from Rs.17.535 millions to Rs.31.085 millions showing increase around 77.27% in comparison to that of the earlier year, due to increase in sale price in local as well as export market. During the year, the company has provided for income tax of Rs.4.927 millions and also recalculated the provision for deferred income tax assets and accordingly provided Rs.3.753 millions. During the year, the company has transferred Rs.0.900 million to the General Reserve, Rs.1.108 millions towards dividend and corporate dividend tax. Balance profit of Rs.59.811 millions is carried to the Balance Sheet.

INSURANCE:

All the assets and properties of the company are fully insured. At midnight of 6^th June, 2010, fire occurred at the factory situated at Panoli on the Production floor. The total loss of WIP is estimated at Rs.9.712 millions. The company has lodged a claim with the Insurance Company and is awaiting for the final report from surveyor.

WINDMILL:

The Company has installed Windmill of 250kw at Kalyanpur, District: Jamnagar (Gujarat) during the year and it has started generating electricity from 29.09.2010 for the purpose of commissioning of windfarm. The output of windmill in shape of generation of electricity will be adjusted against electricity charges of Panoli factory.

CONTINGENT LIABILITIES: (As on 31.03.2011)

i) Estimated amount of contracts to be executed on capital account and not provided for (net of advances) Rs. NIL

ii) Disputed Demands in Income Tax Rs.1.057 millions.

iii) Guarantees given to customs authorities is Rs.2.115 millions.

iv) Letter of Credits outstanding Rs.34.089 millions.

v) Disputed Demands in Sales Tax Rs.0.757 million. The Company has paid the said amount under protest and hence there will not be any additional liability.

vi) Disputed Demand with Excise Department Rs.2.967 millions.

FORM 8:

Corporate identity number of the company	U24110MH1992PLC067485
Name of the company	ENZAL CHEMICALS (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	Mittal Industrial Estate, Building No.6, Gala No.159, Sir M.V. Road, Andheri (East), Mumbai – 400 059, Maharashtra, India E-Mail: account@enzal.com
This form is for	Modification of charge
Charge identification number of the modified	10200588
Type of charge	Book Debts Movable Property Others (Plant and Machinery, Furniture and Fixtures.)
Particular of charge holder	State Bank of India, Sakinaka Branch, 1^st Floor, Saki Vihar Road, Andheri (East), Mumbai – 400 072, Maharashtra, India E-Mail: balkrishna.deodhar@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental Agreement of loan cum hypothecation.
Date of instrument Creating the charge	13.04.2011
Amount secured by the charge	Rs.47.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: WC - Interest at the rate of 6.50% margin above the BR which in presently 8.25% p.a. Present effective rate 14.75% p.a. Terms of Repayment: Repayment of demand. Margin: RM Imported - 25%, RM Indigenous - 25%, SFG - 33%, FG - 25%, Domestic Receivable - 30%, Letters of Credit - 10%. Extent and Operation of the charge: Security to cover principal amount together with interest, costs, charges and expenses etc. Others: DCC - Rs.17.500 millions, LC - Rs.30.000 millions, Total - Rs.47.500 millions. All other terms and conditions as per the sanctioned letter and loan agreement.
Short particulars of the property charged	Hypothecation on pari passu basis with Citi Bank on RM, SIP, FG and Book Debts.
Date of latest modification prior to the present modification	15.01.2010
Particulars of the present modification	Now by this and present modification by which the overall limit of Rs.47.500 millions.

Corporate identity number of the company	U24110MH1992PLC067485
Name of the company	ENZAL CHEMICALS (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	Mittal Industrial Estate, Building No.6, Gala No.159. Sir M.V. Road, Andheri (East), Mumbai - 400 059, Maharashtra, India
This form is for	Creation of Charge
Type of charge	Book Debts Movable Property
Particular of charge holder	State Bank of India, Saki Naka Branch, Lakhraj Bhavan, Saki Vihar Road, Andheri (East), Mumbai-400 072, Maharashtra, India
Nature of instrument creating charge	Agreement of Loan-Cum- Hypothecation
Date of instrument Creating the charge	15.01.2010
Amount secured by the charge	Rs.85.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 2% above SBAR (SBAR = 11.75% w.e.f. 29.06.2009) with a minimum of 13.75% p.a. Terms of Repayment As per the sanction terms Margin Raw Materials: Imported 25% Raw Materials: Indigenous 25% Semi- Finished Goods 33% Finished Goods 25% Domestic Receivables 30% Export Packaging Credit 10% Letter of Credit 10% Bank Guarantee 10% Extent and Operation of the charge Demand cash credit Rs. 55.000 Millions EPC (within CC) Rs. (30.000 Millions) Letter of Credit Rs. 30.000 Millions BG- (Within Limit) Rs. (15.000 Millions)
Short particulars of the property charged	Hypothecation of Stocks and Raw Materials, Stock in process, Finished goods and Receivables. Hypothecation of Stocks of raw materials and bills negotiated by the banks. Hypothecation charge over the movables machinery and the company located at Plot No. 2803/2804, Phase III, GIDC Estate, Panoli-394116 (Gujarat)

Name of the company	ENZAL CHEMICALS (INDIA) LIMITED
Presented By	Mr. Arun Gupta
1) Date and description of instrument creating the change	Term Loan Agreement Dated 10.03.2005 executed by Enzal Chemical (India) Limited (hereinafter referred to as “the company”) in favour of Citibank N.A. (therein and hereinafter referred to as “the lender”)
2) Amount secured by the charge/amount owing on the securities of charge	Term Loan Facilities aggregating to Rs. 20.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	The whole of movable and immovable fixed assets, including movable and immovable plant and machinery, both present and future, located at Plot No. 2803/2804, GIDC Phase III, Village Sanjali, District Bharuch-394116 which are now due owing or payable or belonging to or pertaining to The Borrower or which may at any time hereafter during the continuance of this security become due owing payable or belonging to or pertaining to The borrower in the course of its business and TOGETHER WITH all benefits, advantages and legal incidence thereof.
4) Gist of the terms and conditions and extent and operation of the charge.	In consideration of the lender having agreed to lend/ advance to the company, credit facilities under the said loan agreement the company do hereby, inter alia/ declares as follows: 1) Covenant by the company to repay the facility at (2) and pay interest all other monies in the manner set out in the Loan Agreement between the company and the lender and toe comply with the term and conditions of the said Loan Agreement. 2) The said Assets hypothecated/ mortgage, to the Lender as and by way of First charge as security for and be charged with the repayment of the loan with all interest, liquidated, damages, premia on prepayment of on redemption, costs, chares, and other expenses payable by the company to the lender in respect thereof. 3) The companies to keep the said goods/ property in marketable and good condition and also insured as provided therein. 4) Power of entry, power to take charge and / or possession of, seize, recover, receive, appoint and sell, contract, dispatch for realization or otherwise dispose of or deal with all or any part of the said goods, etc. as provided therein.
5) Name and Address and description of the person entitled to the charge.	Citibank N A Citigroup centre complex, Bandra Kurla complex, G- Block, Bandra (East), Mumbai- 400051, Maharashtra, India
6) Date and brief description of instrument modifying the charge	Loan Agreement for Property mortgage dated Memorandum of Entry Dated 21.12.2005
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	All other Terms and conditions remaining unchanged the Term Loan facilities of Rs. 20.000 Millions if further secured by equitable mortgage on property including land and building situated at Plot No. 2803/2804, GIDC Phase III, Village Sanjali, District Bharuch-394116

FIXED ASSETS

v Leasehold Land

v Factory Building

v Plant and Machinery

v Electric Installations

v Laboratory Equipments

v Furniture and Fixtures

v Computers and Printers

v Office Equipments

v Vehicles

v Windmill

WEBSITE DETAILS

PROFILE

Subject was founded in 1992 and now employs over 200 people in plant and head office. Shri. Arun Gupta - Chairman and Managing Director (Chemical Engineer from the premier institution IIT Delhi) leads the Enzal team. Enzal is a manufacturer of specialty drug intermediates and bulk actives for the pharma industry at the state of the art plant at Panoli, Gujarat, India.

The core business is the production of piperazine-based intermediates, steroid salts and custom synthesis for several years. And currently, they are the largest producers of piperazine based specialty molecules in India (30 mt/month).

MANUFACTURING

They have the distinction of being the only manufacturer in India for many of the products.

Their Production Capacity: -
The company's Panoli Plant (producing more than 950 mt/year) also offers client oriented custom manufacturing facilities based on their long-lasting technological expertise.

Product Applications: -
The piperazine compounds produced by Enzal have a wide variety of applications in industry where they form the basis for such products as quinolones, anti-bacterials, anti-filarial, anthelmintics, anti-fungal, anti-hypertensive, psychotic etc.

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.53.35
UK Pound	1	Rs.82.50
Euro	1	Rs.68.99

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	YES
--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.