MIRA INFORM REPORT

Report Date :

23.12.2014

IDENTIFICATION DETAILS

Name :	CWC TEXTIL AG

Registered Office :	Hotzestrasse 29 Postfach 8042 Zürich/ZH

Country :	Switzerland

Date of Incorporation :	30.08.1973

Com. Reg. No.:	020.3.906.151-6 / 41343

Legal Form :	Company limited by shares

Line of Business :	Subject includes the sales of industrial yarns (Cotton yarns, organic yarns, synthetic yarns as well as wool and special yarns.

No. of Employee :	8

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate

Payment Behaviour :	No complaints

Litigation :	Clear

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, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Switzerland

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

SWITZERLAND ECONOMIC OVERVIEW

Switzerland is a peaceful, prosperous, and modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. Switzerland's economy benefits from a highly developed service sector, led by financial services, and a manufacturing industry that specializes in high-technology, knowledge-based production. Its economic and political stability, transparent legal system, exceptional infrastructure, efficient capital markets, and low corporate tax rates also make Switzerland one of the world's most competitive economies. The Swiss have brought their economic practices largely into conformity with the EU's to enhance their international competitiveness, but some trade protectionism remains, particularly for its small agricultural sector. The fate of the Swiss economy is tightly linked to that of its neighbors in the euro zone, which purchases half of all Swiss exports. The global financial crisis of 2008 and resulting economic downturn in 2009 stalled export demand and put Switzerland in a recession. The Swiss National Bank (SNB) during this period effectively implemented a zero-interest rate policy to boost the economy as well as prevent appreciation of the franc, and Switzerland's economy began to recover in 2010. The sovereign debt crises currently unfolding in neighboring euro-zone countries pose a significant risk to Switzerland's financial stability and are driving up demand for the Swiss franc by investors seeking a safe-haven currency. The independent SNB has upheld its zero-interest rate policy and conducted major market interventions to prevent further appreciation of the Swiss franc, but parliamentarians have urged it to do more to weaken the currency. The franc's strength has made Swiss exports less competitive and weakened the country's growth outlook; GDP growth fell below 2% per year during 2011-13. Switzerland has also come under increasing pressure from individual neighboring countries, the EU, the US, and international institutions to reform its banking secrecy laws. Consequently, the government agreed to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The government has renegotiated its double taxation agreements with numerous countries, including the US, to incorporate the OECD standard, and is considering the possibility of imposing taxes on bank deposits held by foreigners. These steps will have a lasting impact on Switzerland's long history of bank secrecy.

Source : CIA

Company name and address

CWC TEXTIL AG

Operating address:

Hotzestrasse 29

Postfach

8042 Zürich/ZH

Switzerland/CH

Telephone: 044 3687080

Fax: 044 3687081

Web site: http://www.cwc.ch

E-mail: cwc@cwc.ch

WIN Worldbox No.: CH0000022144

VAT-No.: CHE101259239

Profile

Established: 1871

History: 1973: Limited company

1871: Established from Johann Jakob Frey

Line of Business: Consumer goods wholesale, Financial services

Industry Division: Wholesale trade, Services

Industry-code (NACE): 4641 Wholesale of textiles

6420 Activities of holding companies

Import/Export: Export

Export sales: 85,0%

Banks: CS Credit Suisse

UBS Ltd

Operational Figures

Coverage: Company

Figures: estimated

Financial year: 2014

Employees: 8

Sales: CHF 10-20 Mio

Activity

The business activities includes the sales of industrial yarns (Cotton yarns, organic yarns, synthetic yarns as well as wool and special yarns).

Real Estate

Information on property ownership was not available.

Company Register

Company No: 020.3.906.151-6 / 41343

Legal form: Company limited by shares

Registration: 30.08.1973

Legal status: active

Responsible Register: Handelsregister des Kantons Zürich

History: Date of Statutes: 06.11.1981

Date of Statutes: 04.07.2014

Date of Statutes: 03.12.1996

Entry Deleted Name

active CWC Textil AG

Entry Deleted Legal domicile

active Zürich, Switzerland

Entry Deleted Address

active Hotzestrasse 29, 8006 Zürich, Switzerland/CH

Entry Deleted Capital

active Share Capital CHF 1,000,000, paidup CHF 1,000,000

Entry Deleted Capital Structure

14.07.2014 908 Registered shares of CHF 1,000.--

14.07.2014 920 Registered shares (voting shares) of CHF 100.--

12.12.1996 14.07.2014 5,000 Registered shares of CHF 100.--

12.12.1996 14.07.2014 500 Registered shares of CHF 1,000.--

Official Administration

Title Name

President Carl Illi

Citizen: Zürich, Switzerland

Residential address: Uetikon am See, Switzerland

joint signature of two

Director Christian Hautle

Citizen: Appenzell, Switzerland

Residential address: Adliswil, Switzerland

joint signature of two

Management

Title Name

Member with procuration Werner Fritz

Citizen: Baden, Switzerland

Residential address: Hägglingen, Switzerland

joint power of attorney of two

Member with procuration Beatrice Müller

Citizen: Appenzell, Switzerland

Residential address: Safenwil, Switzerland

joint power of attorney of two

Registered since: 17.11.2008

External Positions

Title Name

Auditor NOVISA Wirtschaftsprüfung AG

Residential address: Zürich, Switzerland

Id: CHE-107.958.063

Registered since: 12.12.1996

Executive board

Title Name

Chief Sales Officer Werner Fritz

Chief Sales Officer Carl Illi

Chief Purchase Officer Christian Hautle (christian.hautle@cwc.ch)

Ultimate Parent Company

Name: I & H Partner Holding AG

City/Country: Zug/ZG, Switzerland/CH

Owner/-s

Owner: The company is domestic owned.

Class: 50-100%

Type: direct, Group-Level 1

Name: I & H Partner Holding AG

City/Country: Zug/ZG, Switzerland/CH

Interest: 90,80% voting right, 50,10% capital interest

Investments

Class: 50-100%

Name: Gardinenfabrik AG, Oberuzwil

City/Country: Oberuzwil/SG, Switzerland/CH

Class: 50-100%

Name: swisstulle AG

City/Country: St. Margarethen TG/TG, Switzerland/CH

Class: 50-100%

Name: swisstulle (Qingdao) Co Ltd

City/Country: Qingdao, China/CN

Class: 50-100%

Name: swisstulle UK Limited

City/Country: Nottingham, United Kingdom/GB

Legal Actions

Control date Year No. Amount CHF Status

28.08.2012 2012 0

31.12.2011 2011 0

31.12.2010 2010 0

16.02.2009 2009 0

31.12.2008 2008 0

31.12.2007 2007 0

31.12.2006 2006 0

An updated legal action check is only available against proof of interest. e.g. a copy of an enquiry letter, and order or invoice relating to the subject company.

Credit Information

Financial Statements: The company does not disclose any financial statements. Third parties are not permitted any insight into the financial affairs. It is therefore difficult to make a proper assessment of the actual situation.

Financial Situation: The financial situation is difficult to assess.

Payment experiences: There are no objections regarding the payment of financial obligations.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.17
UK Pound	1	Rs.98.85
Euro	1	Rs.77.42

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	ANK

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	--

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.