MIRA INFORM REPORT

Report No. :	335517
Report Date :	06.08.2015

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
Tel. No.:	91-11-30489201
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.10.1997
Com. Reg. No.:	55-084706
Capital Investment / Paid-up Capital :	Rs.66.025 Million
CIN No.: [Company Identification No.]	U74999DL1997PTC084706
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELP11827E
PAN No.: [Permanent Account No.]	AAACG4845N
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Manufacturing and Selling of Printing Ink.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum credit limit :	USD 6700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “SIEGWERK DRUCK – FARBAN AG”, (GERMANY). It is an established company having fine track record. The company possesses a strong financial profile marked by adequate networth and comfortable capital structure characterized by zero debt. Moreover, the healthy cash accruals from its operations and favorable gap between trade receivable and payables further strengthens the liquidity profile. Management has reported a decent growth in its sales volume as well as net profitability along with a healthy profile margin during FY 2014. Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments. In view of vast promoter experience and support from its holding company, the subject can be considered 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

NOT AVAILABLE

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 DENIED BY

Name :	Mr. Hitesh Rustogi
Designation :	Assistant Manager Finance
Contact No.:	91-1493-523600

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
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
Branch Office :	B-40, Ground Floor, Sector 57, Noida – 201301, Uttar Pradesh, India Also Located At: · Chennai · Ahmedabad · Bangalore · Hyderabad · Ludhiana · Kolkata · Mumbai · Okhla (New Delhi) · Baddi (Himachal Pradesh)

DIRECTORS

As on 30.09.2014

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	Date of cessation	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

Name :

Mr. Vijay Kumar Gupta

Designation :

Whole-Time Director

Address :

U-2, Ground Floor, Green Park Main, New Delhi - 110016, India

Date of Birth/Age :

02.05.1951

Date of Appointment :

30.09.2014

DIN No.:

01852295

KEY EXECUTIVES

Name :	Mr. Abhay Prakash Shringi
Designation :	Secretary
Address :	S 129 First Floor, Uppals Southend, Sohna Road, Sector 49, Gurgaon - 122028, Haryana, India
Date of Birth/Age :	13.09.1963
Date of Appointment :	16.05.2014
PAN No.:	AEVPS5984A

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Siegwerk Alpha GMBH, Germany	75000	0.11
Siegwerk Druckfarben AG and Company KGAA, Germany	65950000	99.89
Total	66025000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

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 :	Subject is engaged in the business of Manufacturing and Selling of Printing Ink.
Products :	Printing Ink
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	HDFC Bank House senapati Bapat Marg, Lower Parel West, Mumbai – Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	S R B C and Company LLP Chartered Accountants
Address :	Golf View, Corporate Tower B, Sector 42, Sector Road, Gurgaon – 122002, Haryana, India
PAN No.:	AALFS6921Q
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	Siegwerk Druckfarban AG, Germany
Fellow Subsidiaries :	· Siegwerk Switzerland AG · Siegwerk (Malaysia) SDN BHD · Siegwerk Benelux N.V. · Siegwerk Backnang GmbH · PT Siegwerk Indonesia · Siegwerk Thailand Limited · Siegwerk Singapore Pte Limited · Siegwerk Shanghai Limited · Siegwerk (Asia Pacific) Pte Limited · Siegwerk CHILE S.A · Siegwerk UK Limited · Siegwerk India International GmbH · Siegwerk Spain · Siegwerk Argentina · Siegwerk Columbia · Siegwerk USA Co. · Siegwerk Vietnam Company Limited · Siegwerk France S.A.S

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

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

Issued, Subscribed & Paid-up Capital:

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

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	66.025	66.025	66.025
(b) Reserves & Surplus	2295.883	1876.333	1518.298
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2361.908	1942.358	1584.323
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	39.669	27.064	18.234
(c) Other long term liabilities	69.496	55.478	44.183
(d) long-term provisions	18.353	17.155	8.772
Total Non-current Liabilities (3)	127.518	99.697	71.189
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.116
(b) Trade payables	704.506	806.496	660.841
(c) Other current liabilities	65.544	50.057	63.051
(d) Short-term provisions	16.909	15.227	15.331
Total Current Liabilities (4)	786.959	871.780	739.339
TOTAL	3276.385	2913.835	2394.851
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	553.343	502.635	369.929
(ii) Intangible Assets	85.226	90.079	110.136
(iii) Capital work-in-progress	10.903	1.933	10.464
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.658	1.658	1.657
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	95.677	388.724	383.138
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	746.807	985.029	875.324
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	690.081	495.481	477.562
(c) Trade receivables	1133.305	841.399	712.407
(d) Cash and cash equivalents	603.111	463.262	245.463
(e) Short-term loans and advances	103.081	128.364	75.245
(f) Other current assets	0.000	0.300	8.850
Total Current Assets	2529.578	1928.806	1519.527
TOTAL	3276.385	2913.835	2394.851

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	4113.900	3364.048	2792.347
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
	EXPENSES	NA	NA	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	700.752	588.581	380.939
Less	FINANCIAL EXPENSES	13.659	12.518	8.602
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	687.093	576.063	372.337
Less/ Add	DEPRECIATION/ AMORTISATION	57.446	48.306	34.596
	PROFIT/ (LOSS) BEFORE TAX	629.647	527.757	337.741
Less	TAX	210.098	169.721	109.355
	PROFIT/ (LOSS) AFTER TAX	419.549	358.036	228.386
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	411.260	200.087	NA
	TOTAL EARNINGS	411.260	200.087	NA
	IMPORTS
	Raw Materials	1167.102	768.637	NA
	Components and Stores parts	3.909	1.396	NA
	Capital Goods	39.129	39.824	NA
	TOTAL IMPORTS	1210.140	809.857	NA
	Earnings / (Loss) Per Share (Rs.)	6.35	5.42	3.45

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	425.479	523.392	302.961

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	10.20	10.64	8.18
Operating Profit Margin (PBDIT / Sales)	(%)	17.03	17.50	13.64
Return on Total Assets (PBT/Total Assets}	(%)	19.29	18.13	14.17
Return on Investment (ROI) (PBT/Networth)		0.27	0.27	0.21
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.21	2.21	2.06

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	66.025	66.025	66.025
Reserves & Surplus	1518.298	1876.333	2295.883
Net worth	1584.323	1942.358	2361.908
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.116	0.000	0.000
Total borrowings	0.116	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2792.347	3364.048	4113.900
		20.474	22.290

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2792.347	3364.048	4113.900
Profit	228.386	358.036	419.549
	8.18%	10.64%	10.20%

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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
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 three years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	----------------------
33	Market information	----------------------
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S. 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 HOUSESENAPATI BAPAT MARG, LOWER PAREL West, MUMBAI - 400013, Maharashtra, INDIA	A00577742

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Leasehold improvements

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.63.81
UK Pound	1	Rs.99.15
Euro	1	Rs.69.31

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KIN
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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		54

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.