MIRA INFORM REPORT

Report No. :	356450
Report Date :	29.12.2015

IDENTIFICATION DETAILS

Name :	DKSH INDIA PRIVATE LIMITED (w.e.f. 14.12.2004)
Formerly Known As :	SIBER HEGNER INDIA PRIVATE LIMITED
Registered Office :	Plot No. 369, Sarla Park, Marol Maroshi Road, Andheri (East), Mumbai-400059, Maharashtra
Tel. No.:	91-22-61577000
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	17.04.1996
Com. Reg. No.:	11-098917
Capital Investment / Paid-up Capital :	Rs.48.000 Million
CIN No.: [Company Identification No.]	U51900MH1996PTC098917
IEC No.:	0396012698
TAN No.: [Tax Deduction & Collection Account No.]	MUMD12493F
PAN No.: [Permanent Account No.]	AAACS9103M
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is a specialty chemicals distributor and global provider of Market Expansion Services for performance materials doing business. Subject sources, develops, markets, and distributes a wide range of specialty chemicals and food ingredients to business partners in specialty chemicals, food and beverage, pharmaceutical, and personal care products. (Registered Activity)
No. of Employees :	100 (Approximately)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “DKSH Holding Limited”, Switzerland. It is an established company incorporated in the year 1996 having good track. Turnover and profit of the company has declined during FY 2015. However, the company possesses sound financial risk profile marked by healthy networth base along with fair. Profit margin and favorable gap between trade payables and trade receivables. Further, the rating also takes into consideration debt free balance sheet of the company. The rating also derives from its holding company and its experienced management. Trade relations are reported as fair. Business is active. Payments terms are reported as regular and as per commitment. In view of strong holding support and sound financial base, 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Vinod Rathod
Designation :	Finance Manager
Contact No.:	91-22-61577000
Date :	24.12.2015

LOCATIONS

Registered Office :	Plot No. 369, Sarla Park, Marol Maroshi Road, Andheri (East), Mumbai-400059, Maharashtra, India
Tel. No.:	91-22-61577000/ 01/ 03/ 08
Mobile No.:	91-9920665589 (Mrs. Sarikao)
Fax No.:	91-22-29200210
E-Mail :	vinod.rathod@dksh.com sangeeta.paradkar@dksh.com parag.ashar@dksh.com
Location:	Rented
Locality:	Commercial
Warehouse :	Parasnath Complex, Building No.E-2, Gala No.1 to 4, Valpada Anjur, Mankoli Road, Post-Rahanal, Taluka Bhiwandi, District Thane – 421302, Maharashtra, India
Branch Office :	Located at: Ahmedabad Bangalore Kolkata Chennai Mumbai New Delhi Secunderabad

DIRECTORS

As on 31.03.2015

Name :	Mr. Atul Shreeprakash Nagarkar
Designation :	Managing Director
Address :	34, Shreela, 2^nd Floor, Bhagat Lane, M. Nagarkar Marg, Mahim, Mumbai – 400016, Maharashtra, India
Date of Birth/Age :	17.08.1971
Date of Appointment :	14.06.2011
DIN No.:	03511499
Name :	Mr. Natale Capri
Designation :	Director
Address :	Via Assisi No.6, S.G.p. 4i. 81, Vanzago, Milano, Italy
Date of Birth/Age :	15.05.1970
Date of Appointment :	18.06.2007
DIN No.:	01542093

KEY EXECUTIVES

Name :	Mr. Vinod Rathod
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Names of Shareholders	No. of Shares
DKSH Holding Limited, Switzerland	4799999
DKSH Management Limited, Switzerland	1
Total	4800000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

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
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is a specialty chemicals distributor and global provider of Market Expansion Services for performance materials doing business. Subject sources, develops, markets, and distributes a wide range of specialty chemicals and food ingredients to business partners in specialty chemicals, food and beverage, pharmaceutical, and personal care products. (Registered Activity)
Products/ Services :	Chemicals Food Beverage Pharmaceuticals Products Personal Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Raw Material
Countries :	China United States of America Japan
Terms :
Selling :	Cash Cheque and Credit (30 Days)
Purchasing :	Cash Cheque and Credit (30 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Ashland Inc.
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 :

End Users

Reference :	Britannia Industries Limited
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 :

100 (Approximately)

Bankers :

Bank Name	HSBC Bank Limited
Branch	Fort, Mumbai – 400001, 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 :	SRBC and Company Chartered Accountants
Address :	14^th Floor. The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABSFS4151K
Memberships :	--
Collaborators :	--
Holding Company :	DKSH Holding Limited, Zurich
Fellow Subsidiary Companies:	DKSH (China) Company Limited DKSH Japan K.K. DKSH Korea Limited DKSH Corporate Shared Services Centre Sdn Bhd DKSH GmbH DKSH Italia Srl DKSH Management Limited DKSH Switzerland Limited DKSH Philippines DKSH International Limited DKSH Thailand Limited DKSH Vietnam Company Limited Pt DKSH Indonesia

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4800000	Equity Shares	Rs.10/- each	Rs.48.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015 (12 Months)	31.03.2014 (15 Months)	31.12.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	48.000	48.000	48.000
(b) Reserves & Surplus	492.526	439.418	358.471
(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)	540.526	487.418	406.471
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.292	1.637	1.061
Total Non-current Liabilities (3)	4.292	1.637	1.061
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	223.912	269.144	152.602
(c) Other current liabilities	12.335	21.249	109.149
(d) Short-term provisions	9.215	16.615	20.455
Total Current Liabilities (4)	245.462	307.008	282.206
TOTAL	790.280	796.063	689.738
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.581	11.884	14.017
(ii) Intangible Assets	0.221	15.065	38.711
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	28.106	18.716	4.323
(d) Long-term Loan and Advances	11.063	11.388	3.872
(e) Other Non-current assets	0.085	0.085	0.085
Total Non-Current Assets	50.056	57.138	61.008
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	324.876	325.409	262.460
(c) Trade receivables	357.522	374.554	306.616
(d) Cash and cash equivalents	36.155	20.801	39.429
(e) Short-term loans and advances	17.745	18.067	20.225
(f) Other current assets	3.926	0.094	0.000
Total Current Assets	740.224	738.925	628.730
TOTAL	790.280	796.063	689.738

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015 (12 Months)	31.03.2014 (15 Months)	31.12.2012
	SALES
	Income	1942.092	2264.459
	Other Income	0.245	0.391
	TOTAL (A)	1942.337	2264.850	1531.478
Less	EXPENSES
	Purchases of Stock-in-Trade	1593.042	1914.048
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.533	(62.949)
	Employees benefits expense	97.396	105.363
	Other expenses	145.488	165.866
	TOTAL (B)	1836.459	2122.328	1430.968
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	105.878	142.522	100.510
Less	FINANCIAL EXPENSES (D)	3.642	1.113	1.523
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	102.236	141.409	98.987
Less/ Add	DEPRECIATION/ AMORTISATION (F)	20.155	30.427	27.913
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	82.081	110.982	71.074
Less	TAX (H)	28.973	30.035	32.688
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	53.108	80.947	38.386
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	239.066	158.119	119.733
	Balance Carried to the B/S (J+K+L-M)	292.174	239.066	158.119
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	18.085	11.753	5.557
	Service Fees	0.000	4.843	4.299
	Commission	19.878	29.386	38.435
	TOTAL EARNINGS	37.963	45.982	48.291
	Earnings / (Loss) Per Share (Rs.)	11.06	16.86	8.00

Expected Sales (2015-2016) : Rs.2500.000 Million

The above information has been parted by Mr. Vinod Rathod (Finance Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015 (12 Months)	31.03.2014 (15 Months)	31.12.2012
Current Maturities of Long term debt	0.000	0.000	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	66.752	22.258	13.274
Net cash flow from operating activity	23.008	(10.177)	1.966

KEY RATIOS

PARTICULARS		31.03.2015 (12 Months)	31.03.2014 (15 Months)	31.12.2012
Net Profit Margin (PAT / Sales)	(%)	2.73	3.57	2.51
Operating Profit Margin (PBIDT/Sales)	(%)	5.45	6.29	6.56
Return on Total Assets (PBT/Total Assets}	(%)	10.77	14.28	10.37
Return on Investment (ROI) (PBT/Networth)		0.15	0.23	0.17
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.02	2.41	2.23

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2012	31.03.2014 (15 Months)	31.03.2015 (12 Months)
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	48.000	48.000	48.000
Reserves & Surplus	358.471	439.418	492.526
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	406.471	487.418	540.526
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2012	31.03.2014 (15 Months)	31.03.2015 (12 Months)
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	1531.478	2264.850	1942.337
		47.887	(14.240)

NET PROFIT MARGIN

Net Profit Margin	31.12.2012	31.03.2014 (15 Months)	31.03.2015 (12 Months)
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	1531.478	2264.850	1942.337
Profit	38.386	80.947	53.108
	2.51%	3.57%	2.73%

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	Yes
19	Major customers	Yes
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	Profitability for last three financial years	Yes
27	Reasons for variation <> 20%	No
28	Estimation for coming financial year	Yes
29	Profitability for last three financial 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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 1001 and 1002, Alpha, 10^th Floor, Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra, India to the present address w.e.f. 17.02.2013

CORPORATE INFORMATION

The Company is a leading specialty chemicals distributor and global provider of Market Expansion Services for performance materials doing business. DKSH sources, develops, markets, and distributes a wide range of specialty chemicals and food ingredients to business partners in specialty chemicals, food and beverage, pharmaceutical, and personal care industries.

INDEX OF CHARGES

No Charges Exist for Company

FIXED ASSETS

• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Other equipment

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 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.66.13
UK Pound	1	Rs.98.69
Euro	1	Rs.72.55

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	NO
--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.