MIRA INFORM REPORT

Report Date :

13.12.2014

IDENTIFICATION DETAILS

Name :	HOSTMANN-STEINBERG NEW ZEALAND LIMITED
Registered Office :	120-122 Felton Mathew Avenue Glen Innes Auckland
Country :	New Zealand
Financials (as on) :	31.12.2013
Date of Incorporation :	03.08.2007
Com. Reg. No.:	1972567
Legal Form :	Private Limited Liability Company
Line of Business :	Distribution of printing products
No. of Employees :	3,600

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
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)
New Zealand	A1	A1

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

NEW ZEALAND - ECONOMIC OVERVIEW

Over the past 20 years the government has transformed New Zealand from an agrarian economy dependent on concessionary British market access to a more industrialized, free market economy that can compete globally. This dynamic growth has boosted real incomes - but left behind some at the bottom of the ladder - and broadened and deepened the technological capabilities of the industrial sector. Per capita income rose for ten consecutive years until 2007 in purchasing power parity terms, but fell in 2008-09. Debt-driven consumer spending drove robust growth in the first half of the decade, helping fuel a large balance of payments deficit that posed a challenge for economic managers. Inflationary pressures caused the central bank to raise its key rate steadily from January 2004 until it was among the highest in the OECD in 2007-08; international capital inflows attracted to the high rates further strengthened the currency and housing market, however, aggravating the current account deficit. The economy fell into recession before the start of the global financial crisis and contracted for five consecutive quarters in 2008-09. In line with global peers, the central bank cut interest rates aggressively and the government developed fiscal stimulus measures. The economy pulled out of recession late in 2009, and achieved 2-3% per year growth in 2010-13. Nevertheless, key trade sectors remain vulnerable to weak external demand. The government plans to raise productivity growth and develop infrastructure, while reining in government spending

Source : CIA

Company name and address

Verified
Subject name:	HOSTMANN-STEINBERG NEW ZEALAND LIMITED
Address:	120-122 Felton Mathew Avenue Glen Innes
Town:	Auckland
Zip/postal code:	1072
Country:	New Zealand
Telephone:	+64 (9) 5280627
Fax:	+64 (9) 5280642
Email:	sales@hstnz.net
Website:	www.hstnz.co.nz

EXECUTIVE SUMMARY

Date registered:	03-08-2007
Legal form:	Private Limited Liability Company
Paid up capital	NZD 6,800,000
Sales turnover:	NZD 17,356,870 (12 months, 31-12-2013)
Main activities:	Distribution of printing products.
Employees:	3,600 (Group)

REGISTRY DATA

Key Facts
Date registered:	03-08-2007
Legal form:	Private Limited Liability Company
Registration no:	1972567
Registry auth.	Registrar of Companies
Other reg.:	NZ Business Number: 9429033208848
Registry status:	Live/Active

LEGAL FILINGS

Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None

MANAGEMENT & STAFF

Key Managers
Name:	Heiner Klokkers
Job title:	Director
Name:	Raymond James Toal
Job title:	Director
Staff
No of employees	3,600 (Group)

BOARD OF DIRECTORS / OTHER APPOINTMENTS

Appointments
Name:	Heiner Klokkers
Board function:	Director
Address:	Pappelweg 85567 Grafing Germany
Name:	Raymond James Toal
Board function:	Director
Address:	44 Rangeview Road Mount Evelyn, VIC 3796 Australia

SHARE CAPITAL

Composition
Number/type:	6,800,000 shares
Share value:	NZD 1
Issued:	NZD 6,800,000
Paid-up:	NZD 6,800,000

Shareholders/Owners

How Listed	Full List
Composition
Name:	MICRO INKS PRIVATE LIMITED
No. of shares:	6,800,000 shares
% of shares:	100%
Address:	Bilakhia House, Muktanand Marg Chala, Vapi 396191 Gujarat Inida

CORPORATE AFFILIATIONS

Structure
Name:	MHM HOLDING GMBH
Affiliation type:	Ultimate Holding Company
Address:	Feldkirchener Straße 15 85551 Kirchheim bei München Germany
Name:	MICRO INKS PRIVATE LIMITED
Affiliation type:	Parent Company
Address:	Bilakhia House, Muktanand Marg Chala, Vapi 396191 Gujarat Inida
Name:	HOSTMANN-STEINBERG AUSTRALIA PTY LTD
Affiliation type:	Associate
Address:	Australia
Name:	HOSTMANN-STEINBERG GMBH
Affiliation type:	Associate
Address:	Germany
Comments	Other companies of the MHM HOLDING Group should also be considered as affiliates of the Subject.

BANKING & FINANCING

Bankers
Bank name:	ANZ BANK
Address:	New Zealand
Charges & Mortgages	Time of Registration: 04-Sep-2013 10:40 Debtor Name: HOSTMANN-STEINBERG NEW ZEALAND LIMITED Financing Statement Registration No: F23DJ9144DJ8Z437 Incorporation No: 1972567 City/Town: Auckland Collateral Type: Goods - Motor Vehicles Time of Registration: 27-Aug-2013 13:00 Debtor Name: HOSTMANN-STEINBERG NEW ZEALAND LIMITED Financing Statement Registration No: FP05TN9858X44J33 Incorporation No: 1972567 City/Town: Auckland Collateral Type: All present and after acquired personal property; goods - other Time of Registration: 03-Jul-2013 18:31 Debtor Name: HOSTMANN-STEINBERG NEW ZEALAND LIMITED Financing Statement Registration No: F97SY89R9P05892G/C0001 Incorporation No: 1972567 City/Town: Auckland Collateral Type: Goods - Motor Vehicles; Intangibles Time of Registration: 05-Jun-2013 19:23 Debtor Name: HOSTMANN-STEINBERG NEW ZEALAND LIMITED Financing Statement Registration No: FC8283FZ60XF4957/C0001 Incorporation No: 1972567 City/Town: Auckland Collateral Type: Goods - Motor Vehicles; Intangibles Time of Registration: 24-May-2013 23:11 Debtor Name: HOSTMANN-STEINBERG NEW ZEALAND LIMITED Financing Statement Registration No: F204D3T39MZ7B829/C0001 Incorporation No: 1972567 City/Town: Auckland Collateral Type: Goods - Motor Vehicles Time of Registration: 24-Sep-2012 23:03 Debtor Name: HOSTMANN-STEINBERG NEW ZEALAND LIMITED Financing Statement Registration No: FX7N542958G703EP/C0001 Incorporation No: 1972567 City/Town: Auckland Collateral Type: Goods - Motor Vehicles Time of Registration: 22-May-2012 13:42 Debtor Name: HOSTMANN-STEINBERG NEW ZEALAND LIMITED Financing Statement Registration No: FE9C9B554291MJ42 Incorporation No: 1972567 City/Town: Auckland Collateral Type: Goods - Other Time of Registration: 20-Mar-2012 11:34 Debtor Name: HOSTMANN-STEINBERG NEW ZEALAND LIMITED Financing Statement Registration No: FY1RP5249550RP19 Incorporation No: 1972567 City/Town: Auckland Collateral Type: Goods - Other
Comments	It is generally not the policy of local banks to provide credit status information to non-bona fide applications, and interested parties would be advised to consult first with the Subject if banker's references are required.
FINANCIAL ACCOUNTS
Description
Required to file:	Yes
Source:	Commercial Registry Filings
Presentation:	Attached to this report / Summarised below
Date of accounts:	31-12-2013
Type of accounts:	Full audited
Currency:	New Zealand Dollar (NZD)
Exchange rate:	USD 1 = NZD 1.29 as of 05-12-2014
Summarised
	31-12-2013		31-12-2012
Period:	12 months		12 months
Sales turnover:	17,356,870		17,039,581
Gross profit:	6,445,080		5,858,120
Profit before tax:	2,079,147		1,670,334
Profit after tax:	1,488,542		1,198,840
Non-current assets:	6,373,867		4,502,996
Current assets:	7,993,317		7,866,804
Inventories:	2,879,729		2,501,951
Total assets:	14,367,184		12,369,800
Current liabilities:	2,857,827		2,348,984
Total liabilities:	2,857,827		2,348,984
Shareholders' equity:	11,509,357		10,020,816
OPERATIONS & HISTORY
Activities
Full description:	The Subject is engaged in distributing printing varnishes, coatings, dampening solutions, additives and printing auxiliaries. Subject is a member of HUBER Group, largest manufacturers of printing inks and related products.
Purchases
Import:	Worldwide
Sales
Export:	Worldwide
PROPERTY & ASSETS
Premises	The Subject principally operates from premises located at the heading address, consisting of administrative offices.
Branches	96 Coleridge Street, Sydenham Christchurch 8023 New Zealand Unit 1, 6 Aglionby Street Melling Lower Hutt Wellington 5010 New Zealand
PAYMENTS
Purchase Terms
Local:	Cash Credits 14-30 days
Imports:	L/Cs Credits 30 days net
Sales Terms
Local:	Cash Credits 14-30 days
Exports:	L/Cs Credits 30 days net
Debt Collections / Judgements	No negative information was found.
Payment Experience
Payment behaviour:	As trade references were not supplied, the Subject's payment track record history CANNOT BE ACCURATELY DETERMINED, but payments are believed to be PROMPT.
INVESTIGATIVE NOTES
Sources:		Interviews and material provided by the Subject Other official and local business sources
ATTACHMENTS
Attachments:		Financial statements Financial ratios

Financial Ratios
	31-12-2013	31-12-2012	Trend
PROFITABILITY [%]
Gross Margin	37.13%	34.38%	8%
Gross Profit / Sales Turnover * 100
Operating Margin	N/A	N/A	N/A
Operating Profit / Sales Turnover * 100
Net Profit Margin	8.58%	7.04%	21.88%
Profit After Tax / Sales Turnover * 100
Return On Equity (ROE)	12.93%	11.96%	8.11%
Profit After Tax / Equity * 100
Return On Assets (ROA)	10.36%	9.69%	6.91%
Profit After Tax / Total Assets * 100
Return On Investment (ROI)	18.06%	16.67%	8.34%
Profit Before Tax / Equity * 100
EFFICIENCY [%]
Asset Turnover	120.81%	137.75%	-12.3%
Sales Turnover / Total Assets * 100
Inventory Turnover	602.73%	681.05%	-11.5%
Sales Turnover / Inventory * 100
LIQUIDITY [%]
Current Ratio (CR)	279.7%	334.9%	-16.48%
Current Assets / Current Liabilities * 100
Quick Ratio (QR)	178.93%	228.39%	-21.66%
(Current Assets – Inventory) / Current Liabilities * 100
DEBT [%]
Debt Ratio	19.89%	18.99%	4.74%
Total Liabilities / Total Assets * 100
Long-Term Debt Ratio	0%	0%	0%
Long-Term Liabilities / Equity * 100

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs.77.38

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIS

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%)

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.