MIRA INFORM REPORT

Report No. :	328643
Report Date :	25.06.2015

IDENTIFICATION DETAILS

Name :	SWISS SINGAPORE INDIA PRIVATE LIMITED
Registered Office :	A-1, Aditya Birla Centre, S. K. Ahire Marg, Worli, Mumbai – 400030, Maharashtra
Tel No.:	91-22-66525000 / 22-24995000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.04.2013
Com. Reg. No.:	11-242646
Capital Investment / Paid-up Capital :	Rs.1.342 Million
CIN No.: [Company Identification No.]	U51101MH2013FTC242646
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AATCS0544F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of international trading of bulk commodities.
No. of Employees :	75 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Swiss Singapore Overseas Enterprises Pte Limited. It is a relatively new company having satisfactory track record. The company has achieved a sizeable turnover and profit from its first year of operation. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. In view of strong holding support, the company can be considered normal for business dealings at usual trade terms and conditions.

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

Rating Agency Name	CRISIL
Rating	Long term rating=A
Rating Explanation	Adequate degree of safety and carry low credit risk.
Date	08.01.2015

Rating Agency Name	CRISIL
Rating	Short term rating=A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	08.01.2015

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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Devendra Bhandari
Designation :	Senior Manager
Contact No.:	91-22-66525000
Date :	19.03.2015

LOCATIONS

Registered Office :	A-1, Aditya Birla Centre, S. K. Ahire Marg, Worli, Mumbai – 400030, Maharashtra, India
Tel. No.:	91-22-66525000 / 22-24995000
Fax No.:	91-22-66525831 / 22-24995831
E-Mail :	bl.ajmera@adityabirla.com ssoe.india@adityabirla.com
Website :	www.adityabirla.com
Factory :	Located at : Gandhidham Gujarat Andra Pradesh
Branch Office 1 :	701, Bhikaji Cama Bhawan, Bhikaji Cama Place, New Delhi – 110066, India
Tel. No.:	91-11-43114000
Fax No.:	91-11-43114040
Branch Office :	Located at : Gandhidham Kolkata

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Bhanwer Lal Ajmera
Designation :	Director
Address :	B-106 Regency Building, Datta Mandir Road, Malad East, Mumbai - 400097, Maharashtra, India
Date of Appointment :	30.04.2013
DIN No.:	00406115
Name :	Mr. Shriram Jagetiya
Designation :	Director
Address :	302, Prathmesh Pooja, TPS R, Near Shimpoli Ganpati Temple, Borivali W,, Mumbai, 400092, Maharashtra, India
Date of Appointment :	30.04.2013
DIN No.:	01638250

KEY EXECUTIVES

Name :	Mr. Devendra Bhandari
Designation :	Senior Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Swiss Singapore Overseas Enterprises Pte Limited, Singapore	134174
Bhanwer Lal Ajmera	1
Total	134175

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Foreign holdings [Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others]	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of international trading of bulk commodities.
Products :	Tea Iron ore Mill Scale Coal Iron oxide Pellets Petro Products
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Product :	Finished Goods
Country :	Russian Countries China
Imports :
Product :	Finished Good
Country :	Indonesia South Africa Myanmar
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

75 (Approximately)

Bankers :

Banker Name :	HDFC Bank Limited
Branch :	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai – 400013, Maharashtra, India
Person Name :	Not Divulged
Contact Number :	Not Divulged
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million
Short Term Borrowings
Loans repayable on demand	47.485
Total	47.485

Auditors :
Name :	Khimji Kunverji and Company Chartered Accountants
Address :	Sunshine Tower Level 19, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013, Maharashtra, India
PAN No.:	AAAFK1142M
Membership :	--
Holding Company :	· Swiss Singapore Overseas Enterprises Pte Limited, Singapore
Fellow Subsidiary :	· Myanmar Swiss Singapore Company Limited · Swiss Singapore Overseas Enterprises Pte Limited CI · Swiss Singapore Canada Pte Limited · PT Swiss Niaga International · Swiss Singapore (Shanghai) Trading Co. Limited · Swiss Benin SARL · Swiss Singapore Middle East FZE · SSOE (Kenya) Limited · Swiss Vietnam International Company Limited · SS Overseas Ent. Nigeria Limited · Swiss Singapore (Bangladesh) Limited · Swiss Singapore Overseas Ent (Ghana) Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
134175	Equity Shares	Rs.10/- each	Rs.1.342 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.342
(b) Reserves & Surplus	54.005
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	55.347
(3) Non-Current Liabilities
(a) long-term borrowings	599.924
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	16.397
Total Non-current Liabilities (3)	616.321
(4) Current Liabilities
(a) Short term borrowings	47.485
(b) Trade payables	1677.910
(c) Other current liabilities	128.585
(d) Short-term provisions	5.663
Total Current Liabilities (4)	1859.643
TOTAL	2531.311
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18.496
(ii) Intangible Assets	0.346
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	3.193
(d) Long-term Loan and Advances	30.410
(e) Other Non-current assets	0.327
Total Non-Current Assets	52.772
(2) Current assets
(a) Current investments	80.000
(b) Inventories	1160.875
(c) Trade receivables	1033.565
(d) Cash and cash equivalents	59.983
(e) Short-term loans and advances	137.085
(f) Other current assets	7.031
Total Current Assets	2478.539
TOTAL	2531.311

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014
	TOTAL INCOME	4911.010
Less	EXPENSES	4862.175
	PROFIT/(LOSS) BEFORE TAX	48.835
Less	TAX	13.490
	PROFIT/(LOSS) AFTER TAX	35.345
	Export of goods calculated on F.O.B. Basis	499.205
	Earnings Per Share (Rs.)	284.40

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014
Current Maturities of Long term debt	NA
Cash generated from operations	NA

KEY RATIOS

PARTICULARS		31.03.2014
Return on Total Assets (PBT/Total Assets)	(%)	1.93
Return on Investment (ROI) (PBT/Networth)		0.88
Debt Equity Ratio (Total Debt /Networth)		11.70
Current Ratio (Current Asset/Current Liability)		1.33

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last one years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last one years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

GENERAL INFORMATION

Subject is a wholly owned subsidiary of Swiss Singapore Overseas Pte Ltd., subject incorporated the laws of Singapore. Subject is engaged in the business of international trading of bulk commodities. Subject sources commodities like Tea, Iron ore, Mill Scale from India for exporting them to customers across various parts of the globe and Imports commodities like Coal, Iron oxide Pellets, Petro Products like Naphtha, Furnace oil, Gas Oil etc. for sales to customers in India.

BUSINESS OPERATIONS

During the period the Profit after Tax stood at Rs.35.345 Million. The Directors are hopeful of better performance by the company in the forthcoming years.

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million
Long Term Borrowings
Bonds / Debenture	599.924
Total	599.924

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10482822	14/02/2014	500,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B98582927

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· Vehicles

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.63.66
UK Pound	1	Rs.100.50
Euro	1	Rs.71.31

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		48

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.