MIRA INFORM REPORT

Report Date :

14.05.2011

IDENTIFICATION DETAILS

Name :	GOLD PLUS GLASS INDUSTRY LIMITED
Registered Office :	G 192, Prashant Vihar, New Delhi 110085
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.12.2005
Com. Reg. No.:	143705
Capital Investment / Paid-up Capital :	Rs.431.714 millions
CIN No.: [Company Identification No.]	U26109DL2005PLC143705
TAN No.: [Tax Deduction & Collection Account No.]	DELG09385F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Float Glass
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 4084800
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are fair. Business is active. Payments are reported slow but correct. The company can be considered for business dealings with some cautions.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

LOCATIONS

Registered Office :	G 192, Prashant Vihar, New Delhi 110085, India
Tel. No.:	91-11-47000500 / 27564007 / 27565277 / 27565947
Fax No.:	91-11-47000555
E-Mail :	lalit@goldplusgroup.com info@goldplusgroup.com
Factory :	Gold Plus Estate, Village Thithola, Pargana Maglaur, Tehsil Roorkee, Hardwar, Uttarakhand, India
Tel. No.:	91-1332-257000
Fax No.:	91-1332-257033

DIRECTORS

AS ON 27.09.2010

Name :	Mr. Subhash Tyagi
Designation :	Director
Date of Birth/Age :	01.01.1957
Date of Appointment :	05.09.2006
Name :	Mr. Suresh Tyagi
Designation :	Director
Date of Birth/Age :	01.12.1960
Date of Appointment :	15.12.2005
Name :	Mr. Jimmy Tyagi
Designation :	Director
Date of Birth/Age :	12.11.1983
Date of Appointment :	25.08.2006
Name :	Mr. Suresh Kumar Uniyal
Designation :	Director
Date of Birth/Age :	04.02.1947
Date of Appointment :	04.03.2009
Name :	Mrs. Uma Grover
Designation :	Director
Date of Birth/Age :	08.10.1967
Date of Appointment :	04.03.2009
Name :	Mrs. Sunita Kapoor
Designation :	Director
Date of Birth/Age :	29.09.1966
Date of Appointment :	04.03.2009
Name :	Mr. Vivek Dubey
Designation :	Director
Date of Birth/Age :	25.09.1974
Date of Appointment :	15.07.2009

KEY EXECUTIVES

Name :	Mr. Kapil Kumar Sharma
Designation :	Secretary
Date of Birth/Age :	29.09.1978
Date of Appointment :	27.02.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2010

Names of Shareholders	No. of Shares
Subhash Tyagi	4823975
Gold Plus Glasses India Limited, Delhi	4471500
Gold Plus Himachal Safety Glass Limited, Delhi	10810000
Gold Plus Toughened Glass Limited, Delhi	12676172
Suresh Tyagi	2808580
Jimmy Tyagi, Smt. Praveen Tyagi & Smt. Shashi Tyagi as Joint holders	1921500
Rajnish Tyagi	1037200
Jimmy Tyagi	1425889
Rajnish Tyagi & Smt Neelam Tyagi as Joint holders	529864
Rajeev Tyagi	373000
Anju Tyagi W/o Rajnish Tyagi	147500
Shashi Tyagi	105986
Suresh Tyagi HUF	100500
Zahid Hassan	50000
Praveen Tyagi	79500
Jagdish Tyagi HUF	75500
Vipin Tyagi	86490
Sachin Tygai	75660
Subhash Tyagi HUF	60000
Neelam Tyagi	67830
Sachin Tyagi HUF	54500
Jagdish Tyagi	53500
Sangeeta Tyagi	40800
Sajjan Kumar	55130
Prachi Tyagi	32500
Pradeep Tyagi	10967
Kusum Lata	166000
Neha Tyagi	15500
Sajjan Kumar HUF	10000
Sandeep Tyagi	6614
Hah Kumar Tyagi	13330
Laxmi Narain Singh	33330
Urmila Gaur	66660
Punit Sharma	6660
Sangeeta Roy	13330
Vivek Dubey	26650
Chandra Prabha Khurana	6660
Renu Bala Sharma	73330
Usha Sharma	96660
Gyanendra Tyagi	70990
Anju Tyagi w/o Dinesh Tyagi	13330
Namrata Kumar W/o Abhinav Kumar	20000
Kiranpreet kaur	3330
Sukhsimran Kaur	3330
Pawaneep Kaur	3340
Pammi Tyagi	495000
Poonam Tyagi	20000
Santosh Bhan	33330
Total	43171417

AS ON 27.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		64.76
Directors or relatives of directors		28.37
Other		6.87
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Float Glass

PRODUCTION STATUS

AS ON 31.03.2010

Particulars	Unit	Installed / Licensed Capacity	Actual Production
Float Glass	MT	167900	158476

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of Baroda, Civil Lines, Roorkee 247667, Uttarakhand, India
• Indian Bank (Lead Bank), New Delhi Main Branch, G 41, Cannaught Circus, New Delhi 110001, India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2010	31.03.2009
Term loans from banks (including interest accrued and due Rs,26.780 millions previous year Rs.26.210 millions)	2592.969	2401.885
Cash Credit from banks	902.117	391.151
Other Loans (for vehicles and loading equipments)
-from Banks	9.343	8.903
-from others	1.527	2.100
TOTAL	3505.956	2804.039
UNSECURED LOAN
From Director	0.000	17.605
Form Others	35.735	61.685
TOTAL	35.735	79.290

Banking Relations :	--
Auditors :
Name :	K G Sharma and Company Chartered Accountant
Address :	201, Anupam Bhawan Commercial Complex, Azadpur, Delhi 110033, India
Name :	Price Waterhouse and Company Chartered Accountant
Address :	Building 8, 7^th and 8^th Floor, Tower B, DLF Cyber City, Gurgaon 122002, Haryana, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 27.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
43500000	Equity Shares	Rs. 10 each	Rs.435.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
43171417	Equity Shares	Rs. 10 each	Rs.431.714 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		431.714	430.000	345.000
2] Share Application Money		193.321	123.205	267.293
3] Reserves & Surplus		618.094	564.098	0.000
4] (Accumulated Losses)		(221.909)	(37.967)	0.000
NETWORTH		1021.220	1079.336	612.293
LOAN FUNDS
1] Secured Loans		3505.956	2804.039	1109.788
2] Unsecured Loans		35.735	79.290	64.653
TOTAL BORROWING		3541.691	2883.329	1174.441
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4562.911	3962.665	1786.734
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4138.035	4144.106	194.305
Capital work-in-progress		0.000	0.000	1448.395
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	759.470	274.633	0.000
	Sundry Debtors	447.361	115.495	0.000
	Cash & Bank Balances	24.264	14.134	48.063
	Other Current Assets	0.839	0.394	0.000
	Loans & Advances	44.159	41.050	32.715
Total Current Assets		1276.093	445.706	80.778
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	366.446	386.844	17.541
	Other Current Liabilities	479.112	237.592	77.807
	Provisions	5.659	2.711	0.882
Total Current Liabilities		851.217	627.147	96.230
Net Current Assets		424.876	(181.441)	(15.452)
MISCELLANEOUS EXPENSES		0.000	0.000	159.486
TOTAL		4562.911	3962.665	1786.734

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Sales	2080.637	224.684
		Other Income	12.437	1.955
		TOTAL	2093.074	226.639
Less	EXPENSES
		Cost of Materials	1359.838	222.708
		Increase/(Decrease) in Finished Goods	(486.234)	(144.855)
		Personal Expenses	66.415	10.892
		Other Expenses	736.484	48.205
		TOTAL	1676.503	136.950
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		416.571	89.689
Less	FINANCIAL EXPENSES		413.800	70.553
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.771	19.136
Less/ Add	DEPRECIATION/ AMORTISATION		184.699	39.785
Less	(LOSS) BEFORE PRIOR PERIOD EXPENSES
	Preliminary and Pre Operative Expenses		0.000	16.420
	Prior Period Expenses		2.243	0.000
	PROFIT BEFORE TAX		(183.942)	(37.069)
Less	TAX		0.000	0.898
	PROFIT AFTER TAX		(183.942)	(37.967)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	25.504	0.000
	IMPORTS
		Raw Materials	32.989	37.242
		Stores & Spares	6.324	1.207
		Capital Goods	26.292	630.469
	TOTAL IMPORTS		65.605	668.918
	Earnings Per Share (Rs.)		(4.28)	(0.89)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(8.78)	(16.75)	NA
Net Profit Margin (PBT/Sales)	(%)	(8.84)	(16.49)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(3.39)	(0.80)	NA
Return on Investment (ROI) (PBT/Networth)		(0.18)	(0.03)	NA
Debt Equity Ratio (Total Liability/Networth)		4.30	3.25	2.07
Current Ratio (Current Asset/Current Liability)		1.50	0.71	0.83

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

The Board of Directors are pleased to inform that the year under report was the first full year of commercial operations and the sales turnover of the company has been recorded at Rs 2080.600 millions. The company has reported a loss of Rs 183.9 millions though it has achieved a Cash Profit of Rs 7 millions in the year under consideration. In addition to the clear float glass. the company is also manufacturing value added glasses like mirror, reflective glasses, toughened glasses, frosted glasses, insulating glasses etc. The Mirror line consists of total investment of Rs 371.4 millions in which Rs 278.6 millions has been arranged through Term Loan from consortium bankers.

The Board of Director would like to inform that the Company has filed a Scheme of amalgamation being the company petition no 308of 2010 (connected with company application (M) no 127 of 2010 before the Hon'ble High Court of Delhi under Section 391, 392 and 394 of the companies Act 1956 for sanctioning a scheme of amalgamation of M/s Glod Plus Himachal Safety Glass Limited, M/s Gold Plus Toughened Glass Limited and M/S. Gold Plus Glasses India Limited into the Company the first motion by Hon'ble High Court has been passed and the next date of hearing has been scheduled in the month of December 2010. the directors are of the view that the merger of the sister companies with the company will optimize scale of operation and enhance shareholder value.

FUTURE OUTLOOK

The demand for Float Glass in the country is growing at healthy pace. The Company is continuing its focus on customer service and improving operational efficiencies. With its strong distribution network and brand image, the Company is well positioned to meet present and future competition.

BACKGROUND

Subject was incorporated in December 2005 as Public Limited Company under the Companies Act 1956. The Company started its Commercial Operations in January'2009. In order to achieve the optimum product mix, Company has set-up Mirror Production Plant during the Current Financial Year.

FIXED ASSETS:

• Freehold Land
• Building
• Plant and Machinery
• Electrical Installations
• Furniture and Fixtures
• Computers
• Vehicles

FORM 8

Corporate identity number of the company	U26109DL2005PLC143705
Name of the company	GOLD PLUS GLASS INDUSTRY LIMITED
Address of the registered office or of the principal place of business in India of the company	G 192, Prashant Vihar, New Delhi 110085, India
This form is for	Modification of charge
Type of charge	Immovable property Any interest in immovable property Book debts Movable property (not being pledge) Floating charge Others
Particular of charge holder	Indian Bank (Lead Bank), New Delhi Main Branch, G 41, Cannaught Circus, New Delhi 110001, India Email: ibnewdelhimain@vsnl.net
Nature of instrument creating charge	(1) Agreement for hypothecation of movable properties of the company (2) Common Loan Agreement (3) Lenders deed of accession (4) Novation notice
Date of instrument Creating the charge	01.01.2011
Amount secured by the charge	Rs. 278.600 millions
Brief of the principal terms an conditions and extent and operation of the charge	Margin As Per Respective Sanctions Of The Banks Extent and operation of the charge A continuing charge by way of hypo. of all mov. Assets, p and m and second charge on current asset of the company, also first charge on pari passu basis by way of emt of 275 bighas of freehold land and 200 bighas of leasehold land situated at village thitola, paragna mangalaur, tehsil roorkee, distt. Haridwar owned by the company, in favour of the lenders for the due repayment of Rs. 278.600 millions. Together with other money payable by the company as per agreements executed with the lenders.
Short particulars of the property charged (Including location of the property)	Equitable Mortgage Of 275 Bighas Of Freehold Land And 200 Bighas Of Leasehold Land Situated At Village Thitola, Paragna Mangalaur, Tehsil Roorkee, Distt. Haridwar. Whole Of The Borrower's Movable Assets Lying,Stored,Installed Or Situated In Godown Or Premises Of The Borrwer At Village Thitola, Paragna Mangalaur, Tehsil Roorkee, Distt. Haridwar. Whole Of The Borrower's Stock,Finished And Semi Finished Goods Lying,Stored Or Situated In Godown Or Premises Of The Borrwer At Village Thitola, Paragna Mangalaur, Tehsil Roorkee, Distt. Haridwar. Whole Of The Borrower's Vehicles,Furnitures Fixtures,Plant And Machinary Lying, Stored Or Installed In Godown Or Premises At Village Hitola, Paragna Mangalaur, Tehsil Roorkee, Distt. Haridwar. Whole Of The Borrower's Any Other Structures Lying, Stored,Constructed Or Installed In Godown Or Premises At Village Hitola, Paragna Mangalaur, Tehsil Roorkee, Distt. Haridwar. Whole Of The Borrower's Movable Assets,Plant And Machinary, Finished Or Semi Finished Goods,Stock Situated Any Where. Pledge Of 100 % Shares Of Prmoters In The Company
Particulars of the present modification	Earlier There Was Only One Lender I. E. Indian Bank (New Delhi Main, G-41 Connaught Circus) After Modification Nunber Of Lenders Has Been Increased To Five, Consequently Nature Of Loan Has Been Changed From Individual Finance To Consortium Finance. Other Terms And Conditions Being The Same.

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.44.91
UK Pound	1	Rs.73.06
Euro	1	Rs.64.03

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.