MIRA INFORM REPORT

Report Date :

03.02.2014

IDENTIFICATION DETAILS

Name :	ALLIANCE ENZYME PRIVATE LIMITED
Registered Office :	Plot No. 13, Olpad GIDC, Opposite Surbhi Diary, Surat Olpad Road, Surat-394540, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.03.2012
Com. Reg. No.:	04-069502
Capital Investment / Paid-up Capital :	Rs.0.307 Million
CIN No.: [Company Identification No.]	U24230GJ2012PTC069502
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Enzyme.
No. of Employees :	25 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track record. The company has achieved a minimal turnover from its first year of operations however, incurred heavy losses which resulted into erosion of net worth. The borrowings of the company also seems to be huge and increasing. Trade relations are reported to be improving. Business is active. Payment terms are reported to be slow. The company can be considered for business dealings on a secured 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

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 PARTED BY

Name :	Mr. Chandresh
Designation :	Director
Contact No.:	91-9377411888
Name :	Mr. Sanjay
Designation :	Director
Contact No.:	91-9327058106
Date :	17.01.2014

LOCATIONS

Registered Office / Factory :	Plot No. 13, Olpad GIDC, Opposite Surbhi Diary, Surat Olpad Road, Surat-394540, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9377411888 [Mr. Chandresh] 91-9327058106 [Mr. Sanjay]
Fax No.:	Not Available
E-Mail :	chandresh33@gmail.com
Location :	Owned

DIRECTORS

AS ON 19.09.2013

Name :

Mr. Chandresh Madhubhai Vasani

Designation :

Director

Address :

56, Ram Nagar Society, (Gala Type), A.K. Road, Varachha, Surat-395008, Gujarat, India

Date of Birth/Age :

02.11.1987

Date of Appointment :

20.03.2012

Din No.:

05160766

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24230GJ2012PTC069502	ALLIANCE ENZYME PRIVATE LIMITED	Director	20/03/2012	20/03/2012	Active	NO
2	U17120GJ2009PLC058483	ALLIANCE FILAMENTS LIMITED	Director	26/10/2013	26/10/2013	Active	NO

Name :

Mr. Bharatbhai Balubhai Koradia

Designation :

Director

Address :

29, Alkapuri Society, Sumul Dairy Road, Surat-395004, Gujarat, India

Date of Birth/Age :

16.02.1980

Date of Appointment :

20.03.2012

Din No.:

01791732

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U17110GJ1988PTC011327	HIREN TEXTURISERS PRIVATE LIMITED	Director	16/08/1999	16/08/1999	Active	NO
2	U24230GJ2012PTC069502	ALLIANCE ENZYME PRIVATE LIMITED	Director	20/03/2012	20/03/2012	Active	NO

Name :

Mr. Alpesh Dhirubhai Gajera

Designation :

Director

Address :

A-82, Gopinathji Society, Lajamni Chowk, Mota Varachha, Surat-394101, Gujarat, India

Date of Birth/Age :

05.11.1986

Date of Appointment :

20.03.2012

Din No.:

05216319

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24230GJ2012PTC069502	ALLIANCE ENZYME PRIVATE LIMITED	Director	20/03/2012	20/03/2012	Active	NO
2	U24230GJ2013PTC075993	ENZYME BIOSCIENCE PRIVATE LIMITED	Director	11/07/2013	11/07/2013	Active	NO

Name :

Mr. Sanjay Bhikhubhai Satasiya

Designation :

Director

Address :

93-Silk City, Indpark, Bhestan, Surat-395023, Gujrat, India

Date of Birth/Age :

20.04.1986

Date of Appointment :

20.03.2012

Din No.:

05218996

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 19.09.2013

Names of Shareholders	No. of Shares
Bharatbhai Balubhai Koradia	75570
Chandresh Madhubhai Vasani	81040
Sanjay Bhikhubhai Satasiya	7150
Alpesh Dhirubhai Gajera	7150
TOTAL	170910

AS ON 19.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Enzyme.
Exports :
Products :	Finished Goods
Countries :	· Canada · USA
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit / Depend

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

25 [Approximately]

Bankers :

Oriental Bank of Commerce, Jash Textile Market, Ring Road, Surat-395002, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
OBC Bank Term Loan	9.231	0.000
Short Term Borrowings
OBC Bank Cash Credit	8.772	0.000
TOTAL	18.003	0.000

Banking Relations :	--
Auditors :
Name :	D.V. Barfiwala and Company Chartered Accountants
Address :	4/G, Siddhachankra Apartments, Subhash Chowk, Gopipura, Surat-395003, Gujarat, India
PAN No:	AROPS9811Q

CAPITAL STRUCTURE

AS ON 19.09.2013

Authorized Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
170910	Equity Shares	Rs.10/- each	Rs.1.709 Millions

AS ON 31.03.2013

Authorized Capital :

No. of Shares	Type	Value	Amount
60000	Equity Shares	Rs.10/- each	Rs.0.600 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30650	Equity Shares	Rs.10/- each	Rs.0.307 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.307	0.120
(b) Reserves & Surplus	(0.799)	0.480
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(0.492)	0.600
(3) Non-Current Liabilities
(a) long-term borrowings	9.231	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	9.231	0.000
(4) Current Liabilities
(a) Short term borrowings	10.423	0.000
(b) Trade payables	12.867	0.000
(c) Other current liabilities	2.452	0.000
(d) Short-term provisions	0.066	0.000
Total Current Liabilities (4)	25.808	0.000
TOTAL	34.547	0.600
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.188	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.030	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.094	0.013
Total Non-Current Assets	12.312	0.013
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	16.458	0.000
(c) Trade receivables	4.583	0.000
(d) Cash and cash equivalents	0.313	0.587
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	0.881	0.000
Total Current Assets	22.235	0.587
TOTAL	34.547	0.600

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	6.348	0.000
		Other Income	0.000	0.000
		TOTAL (A)	6.348	0.000
Less	EXPENSES
		Materials, Colours and Chemicals Consumed	11.148	0.000
		Manufacturing Expenses	0.436	0.000
		Employee Benefits Expenses	0.714	0.000
		Other Expenses	1.396	0.000
		Changes in Inventories of Finished Goods, Work in Progress and Stock in Trade	(8.839)	0.000
		TOTAL (B)	4.855	0.000
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.493	0.000
Less	FINANCIAL EXPENSES (D)		1.539	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.046)	0.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.972	0.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(2.018)	0.000
Less	TAX (H)		(0.030)	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(1.988)	0.000
	Earnings / (Loss) Per Share (Rs.)		(64.86)	0.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
PAT / Total Income	(%)	(31.32)	0.00
Net Profit Margin (PBT/Sales)	(%)	(31.79)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(5.85)	0.00
Return on Investment (ROI) (PBT/Networth)		4.10	0.00
Debt Equity Ratio (Total Debt/Networth)		(39.95)	0.00
Current Ratio (Current Asset/Current Liability)		0.86	0.00

LOCAL AGENCY FURTHER INFORMATION

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	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 two 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	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	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10364895	30/06/2012	10,500,000.00	ORIENTAL BANK OF COMMERCE	JASH TEXTILE MARKET, RING ROAD, SURAT - 395002, GUJARAT, INDIA	B43366814
2	10364891	30/06/2012	30,000,000.00	ORIENTAL BANK OF COMMERCE	JASH TEXTILE MARKET, RING ROAD, SURAT - 395002, GUJARAT, INDIA	B43366269

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings
From Directors and Shareholders	1.351	0.000
From Others	0.300	0.000
TOTAL	1.651	0.000

FIXED ASSETS:

· Factory Building

· Furniture and Fixtures

· Computer

· Lab Equipment

· Air Conditioner

· Plant and Machinery

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 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.62.48
UK Pound	1	Rs.102.95
Euro	1	Rs.84.60

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		11

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.