MIRA INFORM REPORT

Report Date :

30.04.2011

IDENTIFICATION DETAILS

Name :	SWITZ INTERNATIONAL PRIVATE LIMITED (w.e.f. 23.10.2003)
Formerly Known As :	SWITZ FOODS INTERNATIONAL PRIVATE LIMITED
Registered Office :	C-3, Balarama Co-Operative Society Limited, 6^th Floor, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	03.03.1999
Com. Reg. No.:	11-118604
CIN No.: [Company Identification No.]	U15200MH1999PTC118604
TAN No.: [Tax Deduction & Collection Account No.]	MUMS42197B
PAN No.: [Permanent Account No.]	AADCS8661B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Packaged Samosa Leaves and Spring Roll Leaves.

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 190000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company is under pressure. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

LOCATIONS

Registered Office :	C-3, Balarama Co-Operative Society Limited, 6^th Floor, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India
Tel. No.:	91-22-26592381
E-Mail :	infosipl@switzindia.net
Factory :	52/3-A and 54/6-C, Daman Industrial Estate, Kadaiya, Nani Daman, U.T. – 396 210, India
Tel. No.:	91-260-2221715
Fax No.:	91-260-2221715

DIRECTORS

As on 15.09.2010

Name :	Editha Alba Khorakiwala
Designation :	Chairman cum Managing Director
Date of Birth/Age :	03.06.1956
Date of Appointment :	31.03.2003
DIN No.:	02193607
Name :	Mr. Mukund Venkataraman
Designation :	Director
Date of Appointment :	18.06.2007
DIN No.:	01027462

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.09.2010

Names of Shareholders (Equity Shares)	No. of Shares
Switz Foods International Limited, Mauritius	970775
Tushar Sachade	10
Samir Kanabar	10
Taizoon Khorakiwala	216272
Total	1187067

Names of Shareholders (Preference Shares)	No. of Shares
Switz Foods International Limited, Mauritius	900000
Taizoon Khorakiwala	3659500
Total	4559500

As on 15.09.2010

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	81.78
Directors or relatives of directors	18.22
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Packaged Samosa Leaves and Spring Roll Leaves.

Products :

Item Code No. (ITC Code)	219.04
Product Description	Samosa Patti
Item Code No. (ITC Code)	219.04
Product Description	Spring Roll Patti

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Actual Production
Samosa Leaves	Kgs.	129797
Spring Roll Leaves	Kgs.	40641

GENERAL INFORMATION

Bankers :

The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai – 400 001, Maharashtra, India

Facilities :

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Other Corporate Bodies Switz Foods Private Limited	0.000	0.000
Interest accrued and due to other Corporate Bodies	0.000	0.000
From Switz Foods International Limited, Mauritius, the holding company The Foreign current loan of US$ 200.000 by RBI	9.170	9.170
Interest accrued and due on External Commercial Borrowing	5.100	4.813
Loans from Directors	0.237	0.368
Total	14.507	14.351

Banking Relations :	--
Auditors :
Name :	Vakharia and Company Chartered Accountants
Address :	94, Karachiwala Building, Modi Street, Fort, Mumbai – 400 001, Maharashtra, India
Holding Company :	Switz Foods International Limited, Mauritius

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 millions
6000000	0% Redeemable Preference Shares	Rs.10/- each	Rs.60.000 millions
	Total		Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1187067	Equity Shares (Of the above 970595 shares of Rs.10/- each fully paid up are held by Switz Foods International Limited, Mauritius, the holding company)	Rs.10/- each	Rs.11.871 millions
4559500	0% Redeemable Preference Shares (Of the above 900000 shares of Rs.10/- each fully paid up are held by Switz Foods International Limited, Mauritius, the holding company)	Rs.10/- each	Rs.45.595 millions
	Total		Rs.57.466 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		01.04.2009 to 31.03.2010	01.01.2008 to 31.03.2009	01.01.2007 to 31.12.2007
SHAREHOLDERS FUNDS
1] Share Capital		57.466	57.466	57.466
2] Share Application Money		22.500	12.500	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(32.574)	(28.469)	(26.774)
NETWORTH		47.392	41.497	30.692
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		14.507	14.351	14.751
TOTAL BORROWING		14.507	14.351	14.751
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		61.899	55.848	45.443
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.450	3.429	3.382
Capital work-in-progress		56.963	46.809	41.906
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.072	0.729	0.537
	Sundry Debtors	2.180	1.924	2.295
	Cash & Bank Balances	0.637	2.263	0.225
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.111	5.653	0.375
Total Current Assets		6.000	10.569	3.432
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.961	1.265	1.420
	Other Current Liabilities	3.490	3.631	1.787
	Provisions	0.063	0.063	0.070
Total Current Liabilities		4.514	4.959	3.277
Net Current Assets		1.486	5.610	0.155
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		61.899	55.848	45.443

PROFIT & LOSS ACCOUNT

	PARTICULARS		01.04.2009 to 31.03.2010	01.01.2008 to 31.03.2009	01.01.2007 to 31.12.2007
	SALES
		Income	11.548	9.017	9.337
		Other Income	0.088	(0.182)	0.088
		TOTAL (A)	11.636	8.835	9.425
Less	EXPENSES
		Increase/ Decrease in Stock	(0.206)	0.004	0.274
		Material Consumed	5.144	4.147	4.603
		Manufacturing Expenses	1.775	1.302	1.237
		Payment to and Provision for Employees	0.821	0.784	0.610
		Sales and Distribution Expenses	0.750	0.587	0.372
		Establishment Expenses	5.656	2.946	3.527
		TOTAL (B)	13.940	9.770	10.623
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(2.304)	(0.935)	(1.198)
Less	INTEREST (D)		0.288	0.532	0.953
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(2.592)	(1.467)	(2.151)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.690	0.369	0.310
	PROFIT BEFORE TAX (E-F) (G)		(3.282)	(1.836)	(2.461)
Less	TAX (H)		0.000	0.045	0.050
	PROFIT AFTER TAX (G-H) (I)		(3.282)	(1.881)	(2.511)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(28.469)	(26.604)	NA
	Prior Period Adjustment		(0.823)	0.016	NA
	BALANCE CARRIED TO THE B/S		(32.574)	(28.469)	NA
	Earnings Per Share (Rs.)		(0.57)	(0.33)	(0.44)

KEY RATIOS

PARTICULARS		01.04.2009 to 31.03.2010	01.01.2008 to 31.03.2009	01.01.2007 to 31.12.2007
PAT / Total Income	(%)	(28.21)	(21.29)	(26.64)
Net Profit Margin (PBT/Sales)	(%)	(28.42)	(20.36)	(26.36)
Return on Total Assets (PBT/Total Assets}	(%)	(5.76)	(3.92)	(36.12)
Return on Investment (ROI) (PBT/Networth)		(0.07)	(0.04)	(0.08)
Debt Equity Ratio (Total Liability/Networth)		0.40	0.47	0.59
Current Ratio (Current Asset/Current Liability)		1.33	2.13	1.05

LOCAL AGENCY FURTHER INFORMATION

NATURE OF OPERATIONS:

The Company is in the activity of property development in addition to manufacture of packaged Samosa and Spring Roll Leaves. However manufacture of packaged Samosa Leaves and Spring Roll Leaves still continues to be the only revenue generator in the current year.

FINANCIAL RESULTS:

The Company’s performance during the period compared with that during the previous year is summarized. The loss during the period of 12 months is more than the last period of 15 months at Rs.3.282 millions. It may also be noted that the investment into property will earn the profit only when the property is sold.

OPERAITONAL HIGHLIGHTS:

At Daman

Production:	Spring Roll	77.79 MT
	Samosa	143.17 MT
Turnover (Rs. in millions) :	Spring Roll	5.324
	Samosa	6.220

At Hyderabad

During the year there was no progress in the project development. While the matter regarding the Outer Ring Road has been settled, the company has decided to approach HUDA again for approval. The process has started and the matter is expected to be resolved in sometime.

The Director is hopeful to get good price once the issue is resolved.

FORM 8:

Name of the company	SWITZ FOODS INTERNATIONAL PRIVATE LIMITED
Presented By	The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai – 400 001, Maharashtra, India
1) Date and description of instrument creating the change	Agreement for overdraft/ cash credit. Loan against hypothecation of revolving stocks and other moveable assets and also present and future book debts dated 4^th August, 2000.
2) Amount secured by the charge/amount owing on the securities of charge	Rs.4.000 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	All the Company’s stock-in-trade both present and future including stocks of raw materials, work-in-progress, spares and stores and finished goods whether stored in the Company’s factory, godown, or premises or in the godowns or premises of the Company’s Agents or representatives or held in any bonded godown or warehouse at Mumbai or wheresoever in the Republic of India and/or in transit/ awaiting transit by ship, rail or otherwise and all documents, policies of insurance and other documents and/ or instruments relating thereto. And all the Company’s present and future book debts, outstanding monies, receivables, claims due and owing or which may at any time become due and owing to the Company in the course of its business by any person, firm, Company or body corporate or by the Government of India or any State Government or Indian Railways or any Government Department or office or any Municipal or local or Semi - Governmental body or authority or any undertaking or project in the Public Sector.
4) Gist of the terms and conditions and extent and operation of the charge.	In consideration of Overdraft/Working Capital Demand Loan and/or any other banking facilities sanctioned/to be sanctioned by the Bank to the Company, the Company has hypothecated and charged to the Bank by way of first charge as a continuing security, the assets mentioned in Item No. 3 above to secure the repayment of the advances together with interest cost and all other charges. Interest at the rate of 16.50% per annum shall be payable by the Company, subject however that the Bank shall have the right to change the rate of interest after giving notice to the Company. The Company shall maintain such margin of security as may be specified by the Bank from time to time. In case the Company fails to fulfill its obligations under the Agreement, the Bank shall be entitled to take possession of the hypothecated properties and sell them by public auction or private contract and utilise the proceeds in full or part settlement of its claims.
5) Name and Address and description of the person entitled to the charge.	The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai – 400 001, Maharashtra, India
6) Date and brief description of instrument modifying the charge	Not Applicable
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.	Not Applicable

CONTINGENT LIABILITIES:

Particulars	31.03.2010 (Rs. in millions)
The company is contingently liable for the capital expenditure (on account) of take over of Indo-Dutch Proteins Limited) which may amount to Rs.72.000 millions.	72.000

FIXED ASSETS:

· Freehold Land

· Factory Building

· Office Equipment

· Plant and Machinery

· Factory Equipment

· Computer and Accessories

· Furniture and Fixture

· Motor Bike

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.44.38
UK Pound	1	Rs.73.87
Euro	1	Rs.65.83

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	1
--CREDIT LINES	1~10	2
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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.