MIRA INFORM REPORT

Report No. :	313984
Report Date :	24.03.2015

IDENTIFICATION DETAILS

Name :	ENZO-CHEM LABORATORIES PRIVATE LIMITED
Registered Office :	Aurangabad Road, Post Box No.28, Yeole, Nasik – 423 401, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.08.1959
Com. Reg. No.:	11-011434
Capital Investment / Paid-up Capital :	Rs.6.516 million
CIN No.: [Company Identification No.]	U24100MH1959PTC011434
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of enzyme products, protein hydrolysate, caseinates, malt extract powder, peptone, extracts, tryatone, casitone, etc.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 136000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management has failed to file its financial with Government Department for the year 2013 and 2014. As per available financial of 2012, general financial position of the company is sound. As per the status in the registrar of companies business appears to be active. Payments are reported to be unknown. The company can be considered for business dealing with some caution.

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 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

NOT AVAILABLE

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mrs. Minal Vikram Warma
Designation :	Director
Contact No.:	91-9822109977
Date :	23.03.2015

LOCATIONS

Registered Office/ Sales Office/ Factory :	Aurangabad Road, Post Box No.28, Yeole, Nasik – 423 401, Maharashtra
Tel. No. :	91-2559-265123/ 265572/ 265072
Mobile No. :	91-9822109977 (Mrs. Minal)
Fax No. :	91-2559-265190
E-Mail :	enzochem@sancharnet.in enzochem@rediuffmail.com
Website :	http://www.enzochem.net

DIRECTORS

AS ON 29.09.2012

Name :	Radhabai Satyanarayan Warma
Designation :	Director
Address :	Pushpam, Vinchur Road, A/P-Yeola, District Nashik – 423 401, Maharashtra, India
Date of Birth/Age :	20.05.1936
Date of Appointment :	30.09.1987
DIN No. :	02519721
Name :	Mr. Vikram Satyanarayan Warma
Designation :	Director
Address :	Kala Maruti Road, Shriram Colony Yeola, District Nashik – 423 401, Maharashtra, India
Date of Birth/Age :	20.11.1964
Date of Appointment :	09.09.2010
DIN No. :	03285127
Name :	Mr. Bharat Satyanarayan Warma
Designation :	Director
Address :	Pushpam Shriram Colony, Taluka Yeola, District Nashik – 423 401, Maharashtra, India
Date of Birth/Age :	31.07.1966
Date of Appointment :	09.09.2010
DIN No. :	03285184
Name :	Mrs. Minal Vikram Warma
Designation :	Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Radhabai Satyanarayan Warma	3300
Vikram Satyanarayan Warma	8740
Bharat Satyanarayan Warma	8740
Purshottam Satyanarayan Warma	100
Shrivallabh Bansitlal Soni	19800
Govind Satishachandra Soni	1800
Sunita Sunil Gujarathi	1800
Gitabai Motilal Lahoti	1800
Chandrakant Chhotalal Mehata	1800
Minal Vikram Warma	8640
Pinal Bharat Warma	8640
Total	65160

AS ON 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of enzyme products, protein hydrolysate, caseinates, malt extract powder, peptone, extracts, tryatone, casitone, etc.
Products :	Enzyme Products Protein Hydrolysate Caseinates Malt Extract Powder Peptone Extracts Tryatone Casitone Meat Tenderizer, etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Not Divulged
Imports :	Not Available
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011):

Particulars	Unit	Actual Production (Qty.)
Papain	KG	113862.250
Protein Hydrolysate	KG	16874.730
Miscellaneous	KG	88326.080

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers, Retailers and Manufacturer

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

No. of Employees :

200 (Approximately)

Bankers :

Banker Name	Bank of Maharashtra
Branch Address	LPG Samaj Building, Mamledar Lane, Yeola – 423 401, 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

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Million)	31.03.2011 (Rs. In Million)
LONG TERM BORROWINGS
Term Loans
- From Banks (Secured against Equitable mortgage of land and building etc. by Bank of Maharashtra)	0.049	0.049
Total	0.049	0.049

Banking Relations :	--
Auditors :
Name :	R.R. Gujrathi and Company Chartered Accountants
Address :	103, Sarda Sankul, M.G. Road, Nashik – 422 001, Maharashtra, India
PAN No.:	AAEFR6708G
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.7.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
65160	Equity Shares	Rs.100/- each	Rs.6.516 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	6.516	6.516
(b) Reserves & Surplus	40.952	19.951
(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)	47.468	26.467
(3) Non-Current Liabilities
(a) Long-term borrowings	0.049	0.049
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	2.454	3.558
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	2.503	3.607
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.000	0.000
(c) Other current liabilities	11.282	6.720
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	11.282	6.720
TOTAL	61.253	36.794
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.184	10.504
(ii) Intangible Assets	0.009	0.009
(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)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	11.193	10.513
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	7.396	5.875
(c) Trade receivables	29.101	13.954
(d) Cash and cash equivalents	14.970	7.181
(e) Short-term loans and advances	(4.061)	(3.368)
(f) Other current assets	2.654	2.639
Total Current Assets	50.060	26.281
TOTAL	61.253	36.794

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		6.516
2] Share Application Money		0.000
3] Reserves & Surplus		18.159
4] (Accumulated Losses)		0.000
NETWORTH		24.675
LOAN FUNDS
1] Secured Loans		4.029
2] Unsecured Loans		0.000
TOTAL BORROWING		4.029
DEFERRED TAX LIABILITIES		0.000
Dividend and Dividend Tax Payable		2.181
TOTAL		30.885
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.445
Capital work-in-progress		0.000
INVESTMENT		0.009
DEFERRED TAX ASSETS		2.217
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.503
	Sundry Debtors	5.306
	Cash & Bank Balances	9.489
	Other Current Assets	0.000
	Loans & Advances	0.772
Total Current Assets		27.070
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.856
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		6.856
Net Current Assets		20.214
MISCELLANEOUS EXPENSES		0.000
TOTAL		30.885

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Sales and Operating Revenue	NA	99.250	39.542
		Other Income	NA	1.255	1.218
		TOTAL	NA	100.505	40.760
Less	EXPENSES
		Increase/ Decrease in Inventories of Finished Goods	NA	6.794	(2.503)
		Raw Materials Consumed	NA	65.848	23.381
		Power and Fuel	NA	3.967	3.076
		Payment to and Provision for Employees	NA	7.482	4.848
		Administration and Other Expenses	NA	11.608	9.149
		TOTAL	NA	95.699	37.951
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		26.520	4.836	2.809
Less/ Add	DEPRECIATION/ AMORTISATION		1.918	1.182	0.892
	PROFIT/ (LOSS) BEFORE TAX		24.602	3.654	1.917
Less	TAX		3.602	1.863	0.877
	PROFIT/ (LOSS) AFTER TAX		21.000	1.791	1.040
	EARNINGS IN FOREIGN CURRENCY		155.900	67.368	13.715
	Earnings / (Loss) Per Share (Rs.)		365.18	27.49	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PAT/Sales)	(%)	NA	1.80	2.63
Return on Total Assets (PBT/Total Assets}	(%)	40.16	9.93	5.40
Return on Investment (ROI) (PBT/Networth)		0.52	0.14	0.08
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.16
Current Ratio (Current Asset/Current Liability)		4.44	3.91	3.95

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(INR in Million)	(INR in Million)
Share Capital	6.516	6.516
Reserves & Surplus	19.951	40.952
Net worth	26.467	47.468
Long Term borrowings	0.049	0.049
Short Term borrowings	0.000	0.000
Total borrowings	0.049	0.049
Debt/Equity ratio	0.002	0.001

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 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	Yes
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	No
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	No
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	10259061	03/12/2010	16,000,000.00	BANK OF MAHARASHTRA	LPG SAMAJ BUILDING, MAMLEDAR LANE, YEOLA, MAHARASHTRA - 423401, INDIA	B02043073
2	90367370	19/01/2002	2,500,000.00	BANK OF MAHARASHTRA	YEOLA BRANCH, NAHSIK, MAHARASHTRA, INDIA	-
3	90367348	01/11/2010 *	16,000,000.00	BANK OF MAHARASHTRA	LPG SAMAJ BUILDING, MAMLEDAR LANE, YEOLA, MAHARASHTRA - 423401, INDIA	A99381337
4	90367078	16/07/1991	1,000,000.00	BANK OF MAHARASHTRA	YEOLA BRANCH, NAHSIK, MAHARASHTRA, INDIA	-
5	90366886	19/02/1986	1,200,000.00	STATE BANK OF INDIA	W.T.O., CUFFE PARADE, BOMBAY, MAHARASHTRA, INDIA	-
6	90366435	15/10/1973	492,375.00	STATE BANK OF INDIA	YEOLA BRANCH, NAHSIK, MAHARASHTRA, INDIA	-

* Date of charge modification

FIXED ASSETS

· Freehold Land

· Building

· Plant and Machinery

· Laboratory Equipments

· Vehicles

· Furniture and Fixtures

· Block Moulds

· Library

· Typewriter

· Weighing and Packing Machine

· Generator and Transformers

· Borewell

· Electric Fitting Equipments

· Diesel Tank Cold Storage

· Vacuum Cleaner

· Telephone/ Mobile

· Water Pollution Control Tank

· Invertor

· Cold Storage

· Intercom

· Franking Machine

· Boiler

· Computer

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.62.29
UK Pound	1	Rs.93.02
Euro	1	Rs.67.36

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
-- PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.