MIRA INFORM REPORT

Report Date :

29.04.2013

IDENTIFICATION DETAILS

Name :	SVIZERA LABS PRIVATE LIMITED (w.e.f. 12.03.2001)
Formerly Known As :	TRIDENT CLEANING AND WAREHOUSING PRIVATE LIMITED
Registered Office :	D/16 1656 T T C Industrial Area Near Turbhe Telephone Exchange, Opposite Balmer Lorrier, New Mumbai – 400703, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.04.1997
Com. Reg. No.:	11-107389
Capital Investment / Paid-up Capital :	Rs.28.000 Millions
CIN No.: [Company Identification No.]	U74999MH1997PTC107389
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and marketing of pharmaceutical formulations
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 1000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The financial position of the company seems to be improving. However, trade relations are reported to be fair. Business is active. Payments are slow but correct. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

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.

LOCATIONS

Registered Office :	D/16 1656 T T C Industrial Area Near Turbhe Telephone Exchange, Opposite Balmer Lorrier, New Mumbai – 400703, Maharashtra, India
Tel. No.:	91-22-25202122
Fax No.:	91-22-25202121
E-Mail :	vinay@maneeshpharma.com
Website :	www.svizera.org
Factory :	Located at Turbhe, Navi Mumbai, Maharashtra, India

DIRECTORS

As on: 27.09.2012

Name :

Mr. Maneesh Ramakant Sapte

Designation :

Director

Address :

51-52, Kalpataru Residency Tower, Opposite Cine Planet, Sion (East), Mumbai - 400022 Maharashtra, India

Date of Birth/Age :

28.06.1971

Date of Appointment :

13.11.2000

DIN No.:

00020450

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U24239MH2000PTC126087	SVIZERA PHARMA PRIVATE LIMITED	Director	24/04/2000	24/04/2000	-	Active	NO
2	U74999MH1997PTC107389	SVIZERA LABS PRIVATE LIMITED	Director	13/11/2000	13/11/2000	-	Active	NO
3	U65990MH2000PTC127603	FAIRJOB GROUP INVESTMENT INDIA PRIVATE LIMITED	Director	29/09/2001	29/09/2001	-	Active	NO
4	U51900MH2000PTC126639	INTELLIGENT TRADING PRIVATE LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
5	U63022MH1982PTC028483	SHANBAG STORAGE AND SERVICES PRIVATE LIMITED	Director	21/05/2002	21/05/2002	-	Amalgamated	NO
6	U24110MH1970PLC014768	MEGHDOOT CHEMICALS LIMITED	Director	19/08/2002	19/08/2002	-	Active	NO
7	U24230MH1985PLC036952	MANEESH PHARMACEUTICALS LIMITED	Director	01/10/2002	01/10/2002	-	Active	NO
8	U24230MH1977PTC019510	BOMBAY BIOSYNTEX CHEMICALS PRIVATE LIMITED	Director	01/06/2003	01/06/2003	-	Amalgamated	NO
9	U15549HP1998PTC021906	HERITAGE LABORATORIES PRIVATE LIMITED	Director	10/02/2005	10/02/2005	-	Amalgamated	NO
10	U30000MH1990PTC056294	MANTECH COUNTING AND SYSTEMS PRIVATE LIMITED	Director	30/09/2005	25/02/2005	-	Active	NO
11	L24239AP1981PLC002915	PHAARMASIA LIMITED	Managing director	01/03/2012	01/03/2006	-	Active	NO
12	U73100MH2006PTC164934	SVIZERA PHARMATECH PRIVATE LIMITED	Additional director	25/02/2008	25/02/2008	-	Strike off	NO
13	U24100MH2009PTC197210	Svizera Health Remedies Private Limited	Director	23/11/2009	23/11/2009	-	Active	NO
14	U24100MH2010PTC201092	NUTRAMED HEALTHCARE PRIVATE LIMITED	Director	20/03/2010	20/03/2010	-	Active	NO
15	U85199PN1988PTC047757	PURE HEALTH PRODUCTS PRIVATE LIMITED	Director	26/09/2012	14/01/2012	-	Active	NO

Name :

Mr. Vinay Ramakant Sapte

Designation :

Director

Address :

61, Kalpataru Residency Tower, Opposite Cine Planet, Sion (East), Mumbai - 400022 Maharashtra, India

Date of Birth/Age :

01.06.1955

Date of Appointment :

01.04.2002

DIN No.:

00135085

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U24230MH1977PTC019510	BOMBAY BIOSYNTEX CHEMICALS PRIVATE LIMITED	Director	30/03/1985	30/03/1985	-	Amalgamated	NO
2	U24230MH1985PLC036952	MANEESH PHARMACEUTICALS LIMITED	Managing director	01/04/2011	25/07/1985	-	Active	NO
3	U24239MH2000PTC126087	SVIZERA PHARMA PRIVATE LIMITED	Director	24/04/2000	24/04/2000	-	Active	NO
4	U65990MH2000PTC127603	FAIRJOB GROUP INVESTMENT INDIA PRIVATE LIMITED	Director	29/09/2001	29/09/2001	-	Active	NO
5	U51900MH2000PTC126639	INTELLIGENT TRADING PRIVATE LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
6	U74999MH1997PTC107389	SVIZERA LABS PRIVATE LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
7	U63022MH1982PTC028483	SHANBAG STORAGE AND SERVICES PRIVATE LIMITED	Director	21/05/2002	21/05/2002	-	Amalgamated	NO
8	U24110MH1970PLC014768	MEGHDOOT CHEMICALS LIMITED	Director	12/08/2002	12/08/2002	-	Active	NO
9	U15549HP1998PTC021906	HERITAGE LABORATORIES PRIVATE LIMITED	Director	10/02/2005	10/02/2005	-	Amalgamated	NO
10	U30000MH1990PTC056294	MANTECH COUNTING AND SYSTEMS PRIVATE LIMITED	Director	30/09/2005	25/02/2005	-	Active	NO
11	U85199PN1988PTC047757	PURE HEALTH PRODUCTS PRIVATE LIMITED	Director	29/09/2005	03/08/2005	-	Active	NO
12	U73100MH2006PTC164934	SVIZERA PHARMATECH PRIVATE LIMITED	Director	26/09/2006	26/09/2006	-	Strike off	NO
13	L24239AP1981PLC002915	PHAARMASIA LIMITED	Director	25/09/2009	30/04/2009	-	Active	NO
14	U24100MH2009PTC197210	Svizera Health Remedies Private Limited	Director	23/11/2009	23/11/2009	-	Active	NO
15	U24100MH2010PTC201092	NUTRAMED HEALTHCARE PRIVATE LIMITED	Director	20/03/2010	20/03/2010	-	Active	NO
16	U24232MH2010PTC199429	Fullife Healthcare Private Limited	Additional director	15/05/2010	15/05/2010	15/07/2011	Active	NO

Name :

Mr. Rashmi Vinay Sapte

Designation :

Director

Address :

61, Kalpataru Residency Tower, Opposite Cine Planet, Sion (East), Mumbai - 400022 Maharashtra, India

Date of Birth/Age :

09.02.1962

Date of Appointment :

09.04.1999

DIN No.:

00334247

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH1997PTC107389	SVIZERA LABS PRIVATE LIMITED	Director	09/04/1999	09/04/1999	-	Active	NO
2	U24230MH1985PLC036952	MANEESH PHARMACEUTICALS LIMITED	Director	30/03/2007	30/03/2007	-	Active	NO
3	U24233MH2012PTC228588	Cardex Lifecare Private Limited	Director	22/03/2012	22/03/2012	-	Active	NO
4	U24239MH2012PTC228934	Svizera Healthcare Private Limited	Director	29/03/2012	29/03/2012	-	Active	NO

MAJOR SHAREHOLDERS

As on: 27.09.2012

Names of Shareholders	No. of Shares
Maneesh Ramakant Sapte	2799900
Vinay Ramakant Sapte	100
Total	2800000

Equity Share Break up (Percentage of Total Equity)

As on: 27.09.2012

Category	Percentage
Bodies corporate	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and marketing of pharmaceutical formulations

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Citibank, N. A., Trent House, 2nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (E), Mumbai - 400051, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Short-term borrowings
Cash credit /other loans repayable on demand from Banks	6.355	0.000
Total	6.355	0.000

Banking Relations :	--
Auditors :
Name :	M Nanday and Company Chartered Accountants
Address :	D/13 Samruddhi CHS Ltd, B. Parulekar Road, Dadar, Mumbai – 400028, Maharashtra, India
PAN No.:	AAAPN8681Q
Holding Company :	Maneesh Pharmaceuticals Limited CIN No.: U24230MH1985PLC036952
Associates :	Pharmasia Limited Svizera Europe B.V.

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2800000	Equity Shares	Rs.10/- each	Rs.28.000 Millions

Reconciliation of the number of shares at the beginning and at the end of the reporting period

Equity shares with equal voting rights

(Rs. in Millions)

Particulars	As at 31 March, 2012
28,00,000 Equity shares of Rs.10/- each with equal voting rights	28.000
Note: There is no change in number of equity shares at the beginning and at the close of the year

The company has only one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share. In the event of liquidation, the shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amount, in proportion of their shareholding.

Details of shares held by the holding company, the ultimate holding company, their subsidiaries and associates:

(Rs. in Millions)

Out of the shares issued by the Company shares held by its holding company are as follows	As at 31 March, 2012
Maneesh Pharmaceuticals Limited, the holding company 27,99,999 Equity shares of Rs. 10/- each with equal voting rights	27.999

Aggregate number and class of shares allotted as fully paid up pursuant to contract(s) without payment being received in cash, bonus shares and shares bought back for the period of 5 years immediately preceding the Balance Sheet date: NIL

Details of shares held by each shareholder holding more than 5% shares:

(Rs. in Millions)

Class of shares / Name of shareholder	As at 31 March, 2012
Equity shares with voting rights Maneesh Pharmaceuticals Limited	2,79,99,000
Percentage	99.99%

Shares reserved for issue under options:

Company has not reserved any equity shares for issue under the employees stock option (ESOP) plan of the company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		28.000	28.000	28.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		227.832	221.679	243.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		255.832	249.679	271.000
LOAN FUNDS
1] Secured Loans		6.355	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		6.355	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.902
TOTAL		262.187	249.679	271.902
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.818	19.778	23.176
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		20.601	20.601	20.601
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	50.487	45.651	0.000
	Sundry Debtors	197.301	92.280	18.817
	Cash & Bank Balances	10.259	0.154	0.619
	Other Current Assets	4.616	5.415	0.000
	Loans & Advances	175.167	195.207	193.918
Total Current Assets		437.830	338.707	213.354
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	211.300	127.776	9.607
	Other Current Liabilities	0.517	0.296	0.171
	Provisions	2.245	1.335	0.596
Total Current Liabilities		214.062	129.407	10.374
Net Current Assets		223.768	209.300	202.980
MISCELLANEOUS EXPENSES		0.000	0.000	25.145
TOTAL		262.187	249.679	271.902

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	308.538	116.622	40.218
		Other Income
		TOTAL (A)	308.538	116.622	40.218
Less	EXPENSES
		Office Expenses	298.688	112.961	42.632
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	298.688	112.961	42.632
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.850	6.749	1.287
Less	FINANCIAL EXPENSES (D)		0.110	0.000	0.001
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.740	6.749	1.286
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.677	3.088	3.700
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		7.063	3.661	(2.414)
Less	TAX (H)		0.910	0.163	0.233
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		6.153	3.824	(2.181)
	EARNINGS IN FOREIGN CURRENCY		94.910	0.000	0.000
	IMPORTS
		Raw Materials	16.457	2.097	0.000
	TOTAL IMPORTS		16.457	2.097	0.000
	Earnings/ (Loss) Per Share (Rs.)		2.20	1.37	(0.78)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.29	3.28	(5.42)
Return on Total Assets (PBT/Total Assets}	(%)	1.55	1.02	(0.67)
Return on Investment (ROI) (PBT/Networth)		0.03	0.01	(0.01)
Debt Equity Ratio (Total Debt /Networth)		0.02	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.05	2.62	20.57

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three 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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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	Yes
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

FIXED ASSETS:

• Factory Building
• Plant and Equipment
• Electric and Fittings
• Furniture and Fixtures
• Office Equipments

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.54.29
UK Pound	1	Rs.83.88
Euro	1	Rs.70.68

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.