MIRA INFORM REPORT

Report Date :

06.09.2007

IDENTIFICATION DETAILS

Name :	SCHOTT GLASS INDIA PRIVATE LIMITED
Registered Office :	Dynasty, A-Wing, 303 & 304, 3^rd Floor, Sangam, Theatre, Andheri – Kurla Road, Andheri [East], Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	05.12.1997
Com. Reg. No.:	11-112295
CIN No.: [Company Identification No.]	U26100MH1997PTC112295
TAN No.: [Tax Deduction & Collection Account No.]	BRDS01425E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Processing, Fabrication, Purchaser, Seller, Importer, Exporter, Trader and Dealer in all kinds of Neutral and Other Glass Tubes and Tubings (Clear and Amber) Vials, Ampoules, Containers for Pharmaceutical Packaging, Scientific, Laboratory, Industrial and Pharmaceutical Glass and Glassware including all kinds of Products, Materials, Instruments, etc.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2000000
Status :	Moderate
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a Schott Group company having moderate track records. It’s financial position is moderate. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions with slight caution.

LOCATIONS

Registered Office :	Dynasty, A-Wing, 303 & 304, 3^rd Floor, Sangam, Theatre, Andheri – Kurla Road, Andheri [East], Mumbai – 400059, Maharashtra, India
E-Mail :	pti-baroda@schott.com schott@vsnl.com pti-bombay@schott.com
Website :	http://www.schott.com
Factory 1 :	Village-Ankhi, Taluka-Jambusar, District-Bharuch, Gujarat, India
Tel. No.:	91-2644-220216/220347
Fax No.:	91-2644-220227
E-Mail :	pti-jambus@schott.com
Tubing Division :	2^nd Floor, Sidcup Tower, Race Course, Baroda-390007, Gujarat, India
Tel. No.:	91-265-2334391/2336952
Fax No.:	91-265-2330982
E-Mail :	pti-baroda@schott.com

DIRECTORS

Name :	Mr. Rabindranath Banerjee
Designation :	Wholetime Director
Address :	15-B, Aangan Bunglow, Vasha Road, Baroda-390015, Gujarat, India
Date of Appointment :	26.11.1998
Name :	Mr. Mohan Joshi
Designation :	Director
Address :	No. 1, Amit Nagar, A-101 Yari Road, Versova, Mumbai-400061, Maharashtra, India mohan.joshi@schott.com
Date of Appointment :	19.02.2002
Name :	Mr. Andres Reisse (Foreign)
Designation :	Director
Address :	Lindenstock A1 92637 Weiden, Germany Andreas.reisse@schott.com
Date of Birth/Age :	20.04.1961
Date of Appointment :	19.02.2002
Name :	Mr. Wilfred Kraemer (Foreign)
Designation :	Director
Address :	C/o Schot Glaswerke 10 Hattenberss Trasse D 55122, Germany
Date of Appointment :	27.01.1999
Name :	Mr. Ulrichdr Helmut Ackermann
Designation :	Director
Address :	Buchenweg – 22, D – 55128, Masinz, Germany
Date of Appointment :	06.04.2005
Name :	Mr. Nieraad Heinz Thomas
Designation :	Director
Address :	Erwin – Renth – STR 13, D – 55257, Budenheim, Germany
Date of Appointment :	16.04.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Equity Shareholders	No. of Shares
Schott Glaswerke Beteilignngs GmbH, (Germany) Holdings	48336999
Schott A. G. (Germany)	1
Total	48337000
Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100

BUSINESS DETAILS

Line of Business :	Manufacturer, Processing, Fabrication, Purchaser, Seller, Importer, Exporter, Trader and Dealer in all kinds of Neutral and Other Glass Tubes and Tubings (Clear and Amber) Vials, Ampoules, Containers for Pharmaceutical Packaging, Scientific, Laboratory, Industrial and Pharmaceutical Glass and Glassware including all kinds of Products, Materials, Instruments, etc.
Products :	Glass Tubes of Fused Quartz or Other Fused Silica – Item Code Number 700231 Tubes of other glass having a linear coefficient of expansion not exceeding 5*10^-6per Kelvin within a temperature range of 0^0to 30^0 - Item Code Number 700232 Laboratory Glassware having a Linear Coefficient of expansion not exceeding 5*10^-6per Kelvin within temperature range of 0^0C to 300^0C – Item Code Number 701720

PRODUCTION STATUS

Particulars	Unit	Installed Capacity
Neutral Glass Tubes	(MT)	7300

GENERAL INFORMATION

No. of Employees :	300
Bankers :	The Hongkong and Shanghai Bank Corporation Limited 52/60, Mahatma Gandhi Road, Mumbai – 400001 Deutsche Bank, Hariman Jomani Mar, Fort, Mumbai-400001

Banking Relations :	Satisfactory
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	KPMG House, kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
49990000	Equity Shares	Rs. 10/ each	Rs. 499.900 millions
10000	Preference Share	Rs. 10/ each	Rs. 0.100 million
	Total		Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
48337000	Equity Shares	Rs. 10/- each	Rs. 483.370 millions
327	Preference Share	Rs. 10/ each	Rs. 0.003 million
	TOTAL		Rs. 483.373 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		483.373	483.373	483.373
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		200.732	200.629	200.546
4] (Accumulated Losses)		[170.613]	[160.802]	[186.052]
NETWORTH		513.492	523.200	497.867
LOAN FUNDS
1] Secured Loans		28.742	0.003	0.000
2] Unsecured Loans		342.984	240.525	299.764
TOTAL BORROWING		371.726	240.528	299.764
DEFERRED TAX LIABILITIES		71.664	57.141	20.774
TOTAL		956.882	820.869	818.405
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		599.804	655.248	502.024
Capital work-in-progress		372.528	14.363	17.669
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	47.617	36.964	93.561
	Sundry Debtors	112.001	129.912	105.609
	Cash & Bank Balances	5.380	15.789	4.420
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	73.066	28.190	21.371
Total Current Assets		238.064	210.855	224.961
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	237.591	87.491	79.266
	Provisions	15.923	13.897	0.000
Total Current Liabilities		253.514	101.388	79.266
Net Current Assets		[15.450]	109.467	145.695
MISCELLANEOUS EXPENSES		0.000	41.791	153.017
TOTAL		956.882	820.869	818.405

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2004
Sales Turnover		463.534
Other Income
Total Income		463.534
Profit/(Loss) Before Tax		72.850
Provision for Taxation		21.875
Profit/(Loss) After Tax		50.975
Earnings in Foreign Currency :
	Commission on Indenting Business	14.658
	Interest Income	0.020
	Business Development	1.281
Total Earnings		15.959
Imports :
	Raw Materials	18.054
	Stores & Spares	16.368
	Capital Goods	6.926
	Others	0.000
Total Imports		41.348
Expenditures :
	Interest	20.472
	Depreciation	31.269
	Other Expenditures	338.943
Total Expenditure		390.684

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
PAT / Total Income	(%)	NA	NA	11.00
Net Profit Margin (PBT/Sales)	(%)	NA	NA	15.72
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	10.02
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.15
Debt Equity Ratio (Total Liability/Networth)		1.22	0.65	0.76
Current Ratio (Current Asset/Current Liability)		0.94	2.08	2.84

LOCAL AGENCY FURTHER INFORMATION

The Registered office of the company has been shifted from 305, Acme Plaza, Andheri-Kurla Road, Andheri (East), Mumbai-400059, Maharashtra, India to the present address w.e.f. 01.12.2006

Fixed Assets

• Freehold Land
• Guest House (Factory)
• Factory Building
• Plant and Machinery
• Vehicles
• Office Equipments

Bankers Charges Report as per Registry

Name of the company	SCHOTT GLASS INDIA PRIVATE LIMITED
Presented By	The Hongkong and Shanghai Bank Corporation Limited, 52/60, Mahatma Gandhi Road, Mumbai – 400001
Date and description of instrument creating the change	Deed of hypothecation dated 29.09.1998
Amount secured by the charge/amount owing on the securities of charge	Rs. 500.000 Millions
Gist of the terms and conditions and extent and operation of the charge.	In consideration of Loan and / or any other banking facilities sanctioned / to be sanctioned by the bank to the company, the company has hypothecated and charged to the bank by way of first charge as a continuing security the assets to secure the repayment of the advances together with interest cost and all other charges. Interest at the rate of 15.50 % p.a. shall be payable by the company. Subject however that the bank shall have the right to change the rate of interest after giving notice to the company. The company shall maintain such margin of security as may be specified by the bank from time to time. In case the company fails to fulfill / its obligations under the agreement, the bank shall be entitled to take possession of the hypothecated properties and sell them by public auction or private contract and utilize the proceeds in full or part settlemtn of its claims.
Name and Address and description of the person entitled to the charge.	The Hongkong and Shanghai Bank Corporation Limited 52/60, Mahatma Gandhi Road, Mumbai - 400001
Date and brief description of instrument modifying the charge	NA
Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

AS PER WEBSITE

Profile & Structure

SCHOTT in brief

Subject is an international technology group that views achieving a lasting improvement in people’s living and working conditions to be its main objective. For nearly 125 years, they have been developing, manufacturing and supplying specialized materials, components and systems to achieve that end.

Their main markets are the household appliances industry, together with the optics, electronics, pharmaceuticals, automotive and solar energy sectors. With their products and services, they aim to contribute towards their customers’ success.

Subject maintains a close relationship with its customers in all major markets with its high-performance manufacturing and sales units.

The technological and economic expertise of the Group goes hand in hand with its social and ecological responsibilities.

The parent company of the SCHOTT Group is SCHOTT AG, whose sole shareholder is Carl-Zeiss-Stiftung.

	2005 / 2006	2004 / 2005	Change %
in Euro millions unless otherwise stated
Sales	2,233	1,873	19
Domestic	578	419	38
Foreign	1,655	1,454	14
EBITDA	396	342	16
as a percentage of sales	18	18
EBIT	193	145	34
as a percentage of sales	9	8
Earnings from continuing operations before income taxes	155	92	69
Group net profit for the year	105	5	>100
Cash flow from current business activities	354	253	40
Capital expenditure on property, plant and equipment	313	245	28
Total assets	2487	2386	4
Equity	723	640	13
Equity ratio (%)	29	27
Long-term funds available	1738	1733	<1
as a percentage of total assets	70	73
Net financial assets	-104	-16	>100
Expenditure on research and development	101	86	17
as a percentage of sales	5	5
Employees as of balance sheet date (number)	16,839	16,613	1

For computational reasons, rounding-off differences of +/– one unit (Euro millions, %) may occur in the table.

As of September 30, 2006, reporting is in accordance with International Financial Reporting Standards (IFRS) for the first time. To improve comparability, the corresponding key figures for the prior year are stated retrospectively according to IFRS. For this reason, the prior year’s figures may differ from those printed in the previous Annual Report.

¹⁾ Equity, long-term provisions and long-term financial liabilities

²⁾ Cash, cash equivalents and funds, less financial liabilities

Consolidated Balance Sheet as of September 30, 2006

	30.09.2006
	In Euro
Marketable securities and liquid assets	73,273
Tax refund entitlements	9,626
Other assets	52,079
Trade receivables	330,678
Inventories	392,836
Current assets	858,492
Other assets	19,852
Intangible assets	147,861
Property, plant and equipment	1,058,543
Associated companies measured at equity	19,071
Other non-current financial assets	211,265
Deferred taxation	159,048
Non – current assets	1,615,640
Assets held for sale	13,267
Total assets	2,487,399

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 records 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.40.85
UK Pound	1	Rs.82.54
Euro	1	Rs.55.76

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		38

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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