MIRA INFORM REPORT

Report Date :

18.06.2012

IDENTIFICATION DETAILS

Name :	SWISS PAC PRIVATE LIMITED
Registered Office :	Baroda-Padra Highway Road, Ceramic Nagar, Padra-391440, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.10.1992
Com. Reg. No.:	04-018408
Capital Investment / Paid-up Capital :	Rs. 7.000 Millions
CIN No.: [Company Identification No.]	U36998GJ1992PTC018408
TAN No.: [Tax Deduction & Collection Account No.]	BRDS06152G
PAN No.: [Permanent Account No.]	AADCS2724B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Packaging Materials
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 45000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability appears to be low. 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 cautions. Profit and loss account is not available.

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 :	Mr. Ankur Desai
Designation :	Purchase Department
Contact No.:	91-2662-244057
Date :	16.06.2012

LOCATIONS

Registered Office / Factory :	Baroda-Padra Highway Road, Ceramic Nagar, Padra-391440, Gujarat India
Tel. No.:	91-2662-244057
Fax No.:	91-2662-244057
E-Mail :	info@swisspack.co.in
Website :	www.sisspack.co.in
Area :	2000 Sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Prashant Vallabhdas Vachhani
Designation :	Managing Director
Address :	B-101, Mangal Kiran Apartment, Behind Hotel Welcome, R C Dutt Road, Alkapuri, Vadodar-390005, Gujarat, India
Date of Birth/Age :	02.07.1979
Date of Appointment :	30.09.2001
DIN No.:	00378421
Name :	Mr. Shihir Vallabhdas Vachhani
Designation :	Director
Address :	B-101, Mangal Kiran Apartment, Behind Hotel Welcome, R C Dutt Road, Alkapuri, Vadodar-390005, Gujarat, India
Date of Birth/Age :	27.05.1983
Date of Appointment :	30.09.2001
DIN No.:	00601558
Name :	Mr. Rajeshkumar Chhaganlal Vamja
Designation :	Director
Address :	7^th Floor, Nirav Apartment, 1-8, Royal Park, University Road, Rajkot-360005, Gujarat, India
Date of Birth/Age :	25.10.1962
Date of Appointment :	01.11.2007
DIN No.:	00476965

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	U29259GJ1989PTC012239	VAMJA ENGINEERING PRIVATE LIMITED	Director	14-08-89	14-08-89	Active	NO
2	U36998GJ1992PTC018408	SWISS PAC PRIVATE LIMITED	Director	01-11-07	01-11-07	Active	NO
3	U28939GJ2008PTC054129	VAMJA AUTOMATION PRIVATE LIMITED	Director	04-06-08	04-06-08	Active	NO
4	U29220GJ2008PTC054750	KRC INNOVATIVE TOOLS PRIVATE LIMITED	Director	11-08-08	11-08-08	Active	NO
5	U25209GJ2009PTC058370	C.K. ZIPPER PRIVATE LIMITED	Director	15-10-09	15-10-09	Active	NO

Name :	Mr. Ravi Sureshbhai Vamja
Designation :	Director
Address :	7^th Floor, Nirav Apartment, 1-8, Royal Park, University Road, Rajkot-360005, Gujarat, India
Date of Birth/Age :	02.12.1983
Date of Appointment :	03.10.2009
DIN No.:	01899899

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	U29259GJ1989PTC012239	VAMJA ENGINEERING PRIVATE LIMITED	Director	20-12-07	20-12-07	Active	NO
2	U28939GJ2008PTC054129	VAMJA AUTOMATION PRIVATE LIMITED	Director	04-06-08	04-06-08	Active	NO
3	U29220GJ2008PTC054750	KRC INNOVATIVE TOOLS PRIVATE LIMITED	Director	11-08-08	11-08-08	Active	NO
4	U36998GJ1992PTC018408	SWISS PAC PRIVATE LIMITED	Director	03-10-09	03-10-09	Active	NO
5	U25209GJ2009PTC058370	C.K. ZIPPER PRIVATE LIMITED	Director	15-10-09	15-10-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Ankur Desai
Designation :	Purchase Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Dalsukbhai Makadia	175
Bharatkumar Makadia	175
A M Makadia	350
Prashant Vachhani	6650
Shishir Vachhani	6650
TOTAL	14000

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Packaging Materials
Exports :
Products :	Packaging Materials
Countries :	· US · Canada · France
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

40 (Approximately)

Bankers :

· Bank of India, Gotri Road Brach, Green Vila, Near ESI Hospital, Opposite Sapan Flats, Gotri Road, Vadodara-390021, Gujarat, India

· Axis Bank Limited, Vardhman Complex, Opposite G.E.B. Office, Race Course, Vadodara-390007, Gujarat, India

· Kotak Mahendra Bank

· ABN Amro Bank

· HSBC Bank

· ICICI Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Car Loan Bank of India-Gotri Branch	0.600
Car Loan Kotak Mahendra Bank	0.181	1.684
Loan from ABN-Amro	0.718
Total	1.499	1.684
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Induben Vachhani	1.210	1.210
Prashant Vachhani	1.822	0.302
Shishir Vachhani	1.491	0.000
Alpaben Vachhani	1.076	0.000
Sapnaben Vachhani	1.074	0.000
Swiss Chocolate Private Limited	0.072	0.072
Swiss Health Foods Private Limited	0.172	0.172
Western India Ceramics Private Limited	0.294	0.294
Sureshbhai Vanja	0.500	0.500
Vamja Engineering Private Limited	0.700	0.700
Varshaben S Vamja	0.300	0.300
Total	8.711	3.550

Banking Relations :	--
Auditors :
Name :	Parikh Mehta and Associates Chartered Accountant
Address :	Happy Home Apartment No.2, 10, Sampatrao coloney, R C Dutt Road, Vadodara-390007, Gujarat, India
Tel. No.:	91-265-2343615 / 6581665
E-Mail :	sachin1023@sify.com
Pan No.:	AADFP2347L

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs.500/- each	Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14000	Equity Shares	Rs.500/- each	Rs. 7.000 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		7.000	7.000	7.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.362	0.531	5.237
4] (Accumulated Losses)		0.000	0.000	(1.984)
NETWORTH		11.362	7.531	10.253
LOAN FUNDS
1] Secured Loans		1.499	1.684	0.000
2] Unsecured Loans		8.711	3.550	3.550
TOTAL BORROWING		10.210	5.234	3.550
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
OTHERS		5.037	5.037	0.000
TOTAL		26.609	17.802	13.803
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.301	19.031	7.979
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.305	6.361	8.386
	Sundry Debtors	2.189	4.866	4.655
	Cash & Bank Balances	1.603	1.480	0.215
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.256	2.112	1.770
Total Current Assets		25.353	14.819	15.026
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.940	20.964	9.695
	Other Current Liabilities	(6.882)	(4.900)	(0.810)
	Provisions	0.000	0.000	0.317
Total Current Liabilities		22.058	16.064	9.202
Net Current Assets		3.295	(1.245)	5.824
MISCELLANEOUS EXPENSES		0.013	0.016	0.000
TOTAL		26.609	17.802	13.803

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
EARNINGS IN FOREIGN CURRENCY
	Export Earnings	20.830	20.830	NA
TOTAL EARNINGS		20.830	20.830	NA
IMPORTS
	Raw Materials	0.920	0.920	0.029
TOTAL IMPORTS		0.920	0.920	0.029

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	3.28	3.50	1.24
Current Ratio (Current Asset/Current Liability)	1.15	0.92	1.63

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. Constructions of the firm	Yes
4. Premises details	Yes
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 three years	Yes
12. Profitability for last three years	No
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	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
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

FORM 8

Corporate identity number of the company	U36998GJ1992PTC018408
Name of the company	SWISS PAC PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Baroda-Padra Highway road, Ceramic Nagar, Padra-391440, Gujarat India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Axis Bank Limited, Vardhman Complex, Opposite G.E.B. Office, Race Course, Vadodara-390007, Gujarat, India
Nature of instrument creating charge	Composite Hypothecation Deed ( Current Assets, Movable, Plant and Machinery)
Date of instrument Creating the charge	13.01.2012
Amount secured by the charge	Rs. 50.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest CASH CREDIT-- Base Rate- + 3.00% i.e. 13.00% p.a.; FBP/FBD/PSCFC-- Base Rate- + 2.50% i.e. 12.50% p.a. with Monthly Rests. Term Loan-- Base Rate- +3.75% i.e.13.75% Terms of repayment Cash Credit Facility - On Demand Margin 25% On Stock, 40% On Book Debt, 10% On Export Bill and Bill Order 26.83% On Term Loan Extent and operation of the charge All stocks of raw materials , stock in process, finished goods as pouch and plastic bags, packing materials, consumable stores and spares, cash, other current assets, moveable assets, plant, machinery spare parts, tools and accessories, vehicles, fixtures implements equipment, fittings and other installations, furniture, computers, and articles, equipments, movable fixed assets, book debts, outstanding monies, receivable claims bills, contracts, both present and future, whether lying loose or at site or in transit.
Short particulars of the property charged (Including location of the property)	All Stocks Of Raw Materials , Stock In Process, Finished Goods As Pouch and Plastic Bags, Packing Materials, Consumable Stores and Spares Cash, Other Current Assets Moveable Assets, Plant ,Machinery Spare Parts, Tools And Accessories, Vehicles, Fixtures, Implements Equipment, Fittings And Other Installations, Furniture, Computers and Articles, Equipments, Movable Fixed As Book Debts, Outstanding Monies, Receivable Claims Bills Contracts Both Present And Future,, Engagements And Securities Are Now Due, Both Present and Future, Whether Lying Loose Or At Site Or In Transit.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture

· Vehicle

· Computer

· Dead Stock

· Borewell

· Cylinders

· Telephone Equipments

WEBSITE DETAILS

PROFILE

Subject is a leading producer and innovator in flexible packaging having its manufacturing facility in India. Swiss Pack manufactures products for a wide range of industries including food, pet food, cosmetic, pharmaceutical, diagnostic, agriculture, pesticides, hygiene and detergents, Retort Pouches and packaging.

Subject offers a full range of packaging solutions for almost all types of industries.

Subject is certified under ISO 9001/2000, and is in the process of certifying for ISO 14000 and ISO 18000, placing it in the highest standards of quality in the industry. In addition, Subject research and development facilities are at the industry vanguard

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. 55.76
UK Pound	1	Rs. 86.69
Euro	1	Rs. 70.44

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPT

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
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.