MIRA INFORM REPORT

Report Date :

11.09.2013

IDENTIFICATION DETAILS

Name :	SIEGWERK INDIA PRIVATE LIMITED (w.e.f. 04.12.2007)
Formerly Known As :	PIBU INK (INDIA) PRIVATE LIMITED (w.e.f. 28.01.1998) GORFIL OVERSEAS PRIVATE LIMITED
Registered Office :	904A-904B, Vijaya Building, 17, Barakhamba Road, New Delhi – 110001
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.10.1997
Com. Reg. No.:	55-084706
Capital Investment / Paid-up Capital :	Rs.66.025 Millions
CIN No.: [Company Identification No.]	U74999DL1997PTC084706
TAN No.: [Tax Deduction & Collection Account No.]	DELP11827E
PAN No.: [Permanent Account No.]	AAACG4845N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Selling of Printing Ink.
No. of Employees :	370 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 6340000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of well known Siegwerk, Germany. Available information indicates high financial responsibility of the company. Trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitments. The company is faring well. It can be considered good for any normal 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^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 :	904A-904B, Vijaya Building, 17, Barakhamba Road, New Delhi – 110001, India
Tel. No.:	91-11-30489201
Fax No.:	91-11-30489210
E-Mail :	ho.india@siegwerk.com bm.suneja@siegwerk.com
Website :	http://www.siegwerk.com
Location :	Owned
Factory:	7-8 KM Stone, Bhiwadi-Alwar Road, P. O. Khijuriwas, District Alwar – 301108,, Rajasthan, India
Tel. No.:	91-1493-243081/ 84/ 86/ 298372
Fax No.:	91-1493-243171/ 230917
Branches :	Located at: · Chennai · Ahmedabad · Noida · Bangalore · Hyderabad · Ludhiana · Kolkata · Mumbai · Okhla (New Delhi) · Baddi (Himachal Pradesh)

DIRECTORS

As on 30.11.2012

Name :

Mr. Herbert Georg Forker

Designation :

Director

Address :

Buchenalle 9, Bergisch, Gladbach, Germany – 51427

Date of Birth/Age :

30.04.1957

Date of Appointment :

22.11.2007

DIN No.:

01894783

Name :

Mr. Oliver Wittmann

Designation :

Director

Address :

AM Sudpark 33, Koln, Germany - 50968

Date of Birth/Age :

01.03.1962

Date of Appointment :

22.11.2007

DIN No.:

01452434

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	U74999MH2007PTC167183	Modern Inks Manufacturing Company Private Limited	Additional director	12/05/2007	12/05/2007	Strike off	NO
2	U74999DL1997PTC084706	Siegwerk India Private Limited	Director	22/11/2007	15/10/2007	Active	NO

Name :

Mr. Ralf Wolfgang Hildenbrand

Designation :

Additional Director

Address :

Zum Muhlenberg 9, Siegberg 53721

Date of Birth/Age :

10.05.1963

Date of Appointment :

26.09.2009

DIN No.:

02679951

KEY EXECUTIVES

Name :	Mr. Vijay Kumar Gupta
Designation :	Manager
Address :	U-2, Green Park, New Delhi – 110016, Delhi, India
Date of Birth/Age :	02.05.1951
Date of Appointment :	01.05.2006
PAN No.:	AESPG1287P
Name :	Ms. Neelam Rustagi
Designation :	Secretary
Address :	1589, Sector – B, Pocket – 1, Vasant Kunj, New Delhi – 110070, Delhi, India
Date of Birth/Age :	16.02.1958
Date of Appointment :	01.01.2007
PAN No.:	AARPR0417M
Name :	Mr. B M Suneja
Designation :	Finance Department

MAJOR SHAREHOLDERS

As on 30.11.2012

Names of Shareholders	No. of Shares
Siegwerk Alpha GMBH, Germany	75000
Siegwerk Druckfarben AG and Company KGAA, Germany	65950000
Total	66025000

Equity Share Break up (Percentage of Total Equity)

As on 30.11.2012

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
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Printing Ink.

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Printing Ink	MT	10,000	8,218

* Licensed capacity is not applicable.

GENERAL INFORMATION

No. of Employees :	370 (Approximately)
Bankers :	· UCO Bank, No. 23, Eastern Avenue, TNHB Colony · HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	S V Ghatalia and Associates Chartered Accountants
Address :	Golf View Corporate Tower B, Sector 42 Sector Road, Gurgaon - 122002, Haryana, India
Tel. No.:	91-124-4644000
Fax No.:	91-124-4644050
PAN No.:	AALFS6921Q
Holding Company :	· Siegwerk Druckfarban AG, Germany
Fellow Subsidiary Company:	· Siegwerk Switzerland AG, Switzerland · Siegwerk (Malaysia) SDN BHD, Malaysia · Siegwerk SA France, France · SDN BHD Siegwerk Shanghai Limited, China · Siegwerk Benelux N.V., Belgium · Siegwerk Backnang GmbH, Germany · PT Siegwerk Indonesia, Indonesia · Siegwerk Thailand Limited, Thailand · Siegwerk Singapore Pte Limited, Singapore · Siegwerk Shanghai Limited, China · Siegwerk (Asia Pacific) Pte Limited, Singapore · Siegwerk CHILE S.A, China · Siegwerk UK Limited, United Kingdom · Siegwerk India International Gmbh, Germany · Siegwerk Spain S.A.U, Spain · Siegwerk Argentina, Argentina · Siegwerk Columbia, Colombia

CAPITAL STRUCTURE

As on 30.11.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
135500000	Equity Shares	Re.1/- each	Rs.135.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
66025000	Equity Shares	Re.1/- each	Rs.66.025 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	66.025	66.025
(b) Reserves & Surplus	1518.298	1289.911
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1)+(2)	1584.323	1355.936
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	18.233	17.964
(c) Other long term liabilities	44.183	38.486
(d) long-term provisions	8.773	4.762
Total Non-current Liabilities (3)	71.189	61.212
(4) Current Liabilities
(a) Short term borrowings	0.116	0.116
(b) Trade payables	660.841	437.755
(c) Other current liabilities	62.816	39.327
(d) Short-term provisions	15.331	14.199
Total Current Liabilities (4)	739.104	491.397
TOTAL	2394.616	1908.545
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	369.929	285.469
(ii) Intangible Assets	110.136	0.000
(iii) Capital work-in-progress	10.463	6.935
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.658	1.658
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	106.692	33.839
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	598.878	327.901
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	477.563	354.499
(c) Trade receivables	712.407	561.640
(d) Cash and cash equivalents	245.463	353.223
(e) Short-term loans and advances	351.455	307.288
(f) Other current assets	8.850	3.994
Total Current Assets	1795.738	1580.644
TOTAL	2394.616	1908.545

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		66.025
2] Share Application Money		0.000
3] Reserves & Surplus		1017.198
4] (Accumulated Losses)		0.000
NETWORTH		1083.223
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		14.460
TOTAL BORROWING		14.460
DEFERRED TAX LIABILITIES		16.796
TOTAL		1114.479
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		226.751
Capital work-in-progress		13.632
INVESTMENT		1.658
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	254.170
	Sundry Debtors	388.172
	Cash & Bank Balances	242.396
	Other Current Assets	0.884
	Loans & Advances	299.838
Total Current Assets		1185.460
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	241.079
	Other Current Liabilities	52.398
	Provisions	19.552
Total Current Liabilities		313.029
Net Current Assets		872.431
MISCELLANEOUS EXPENSES		0.007
TOTAL		1114.479

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	GROSS TURNOVER		2810.634	2310.612	1823.584
	EXPENSES		NA	NA	NA
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		380.939	440.041	NA
Less	FINANCIAL EXPENSES		8.367	5.492	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		372.572	434.549	387.559
Less/ Add	DEPRECIATION/ AMORTISATION		34.596	30.991	21.432
	PROFIT BEFORE TAX		337.976	403.558	366.127
Less	TAX		109.590	130.845	124.027
	PROFIT AFTER TAX		228.386	272.713	242.100
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1051.435	778.722	536.622
	BALANCE CARRIED TO THE B/S		1279.821	1051.435	778.722
	EARNINGS IN FOREIGN CURRENCY
		Fob Value of Export	200.087	118.721	93.670
	TOTAL EARNINGS		200.087	118.721	93.670
	IMPORTS
		Raw Materials	701.408	501.537	460.801
		Stores & Spares	4.609	3.662	1.576
		Capital Goods	29.735	43.584	21.921
	TOTAL IMPORTS		735.752	548.783	484.298
	Earnings Per Share (Rs.)		3.46	4.13	3.67

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	14.19	21.24	25.93
Return on Investment (ROI) (PBT/Networth)		0.21	0.30	0.34
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.01
Current Ratio (Current Asset/Current Liability)		2.43	3.22	3.79

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	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	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	Yes
20]	Export / Import details (if applicable)	Yes
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

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
Deferred Sales tax loan	0.116	0.116
Total	0.116	0.116

Notes:-

The Registered Office of the company has been shifted from 308-312, Merchantice House, Kasturba Gandhi Marg, New Delhi – 110 001, Delhi, India to the present address w.e.f. 18.09.2006.

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10002590	17/04/2006	60,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A00577742

FIXED ASSETS:

· Land

· Building

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· 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 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 pyments 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. 64.22
UK Pound	1	Rs. 100.83
Euro	1	Rs. 85.21

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		63

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.