MIRA INFORM REPORT

Report Date :

02.11.2011

IDENTIFICATION DETAILS

Name :	HNG FLOAT GLASS LIMITED
Registered Office :	2, Red Cross Place, Kolkata-700001, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.07.2006
Com. Reg. No.:	21-111182
Capital Investment / Paid-up Capital :	Rs.1760.400 millions
CIN No.: [Company Identification No.]	U26101WB2006PLC111182
TAN No.: [Tax Deduction & Collection Account No.]	CALH03017A
PAN No.: [Permanent Account No.]	AABCH7942Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Automatic Glass, Containers, and Float Glass.
No. of Employees :	Approximately 500

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 7000000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Kailash
Designation :	Finance Manager
Contact No.:	91-33-22543100
Date :	25.10.2011

LOCATIONS

Registered Office :	2, Red Cross Place, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-22543100
Fax No.:	91-33-22543130
E-Mail :	kkothari@hngill.com ataparia@hngil.com adutta@hngfloat.com
Website :	www.careerage.com
Western Zone Marketing Office:	4^th Floor, Gunjan Tower, Gorwa Road, Vadodara-390010, Gujarat, India.
Mobile No.:	91-9904304265 (Mr. P.S. Tagar)
E-Mail :	pstaggar@hngfloat.com
Southern Zone Marketing Office :	S-806, South Block, Manipal Centre, Dickenson Road, Bangalore-560042, Karnataka, India.
Mobile No :	91-9008760062 (Mr. Vineet Gupta)
Email :	vgupta@hngfloat.com
Northern and Eastern Zone Marketing Office :	107, 108-1^st Floor, Jaina Tower II, Janakpuri District Centre, Janakpuri, New Delhi-110058, India.
Mobile No:	91-9899966564 (Mr. Srinivas Sapher)
Email :	ssrinivas@hngfloat.com
Marketing Head Office/Processed Glass Sales Office/Exports :	202, 2^nd Floor, Ackruti Centre Point, Central Road, MIDC, Andheri East, Mumbai-400093, Maharashtra, India.
Tel. No. :	91-22-42118800
Mobile No.:	91-9967358136 (Mr. G Nagavarma)
Fax No. :	91-22-42118830
Email :	hgureja@hngfloat.com psmadhavi@hngfloat.com nshirodkar@hngfloat.com
Factory/Plant :	GIDC Phase III, Champaner Road, Halol-389351, District Panchmahal, Gujarat, India.
Tel. No.:	91-2676-225691/94
Fax No.:	91-2676-225695
E-Mail :	afmaster@hngfloat.com

DIRECTORS

(AS ON 19.08.2011)

Name :

Mr. Chandra Kumar Somany

Designation :

Director

Address :

2, Iron Side Road, Kolkata-700019, West Bengal, India

Date of Birth/Age :

25.06.1933

Date of Appointment :

29.07.2006

DIN No :

00124310

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L26109WB1946PLC013294	Hindusthan National Glass and Industries Limited	Director	1/4/1970	1/4/1970	-	Active	NO
2	L02101KA1955PLC001936	The West Coast Paper Mills Limited	Director	30/11/1993	30/11/1993	-	Active	NO
3	U74140WB1992PLC054901	Niket Advisory and Trading Company Limited	Director	2/4/1994	2/4/1994	-	Active	NO
4	U30007WB1989PLC047910	Hasow Automation Limited	Director	25/06/1995	25/06/1995	-	Amalgamated	NO
5	L01131WB1985PLC039054	Topaz Commerce Limited	Director	10/7/1998	10/7/1998	-	Active	NO
6	U70101WB1991PTC051664	Noble Enclave and Towers Private Limited	Director	18/12/1999	18/12/1999	-	Active	NO
7	U36900WB1970PLC065595	Glass Equipment (India) Limited	Whole-time director	1/10/2008	1/10/2000	-	Active	NO
8	L65993WB1981PLC034252	Spotlight Vanijya Limited	Director	25/10/2000	25/10/2000	-	Active	NO
9	U25209WB2001PLC111449	Somany Foam Limited	Director	30/08/2001	30/08/2001	-	Active	NO
10	U51909WB1994PTC064538	Microwave Merchants Private.Limited.	Director	15/10/2003	15/10/2003	-	Active	NO
11	U51909WB1996PTC077149	Amazon Sales Private Limited	Director	22/08/2005	22/08/2005	-	Amalgamated	NO
12	U51909WB1971PTC027946	Cans and Closures Private Limited	Director	26/09/2005	26/09/2005	1/12/2008	Active	NO
13	U91110WB1946NPL013477	Mcc Chamber Of Commerce And Industry	Director	18/06/2006	18/06/2006	-	Active	NO
14	U26101WB2006PLC111182	HNG Float Glass Limited.	Director	29/07/2006	29/07/2006	-	Active	NO
15	U51909WB1996PTC078731	Dhananjay Tradelink Private Limited	Director	15/09/2006	15/09/2006	-	Amalgamated	NO
16	U29192WB1981PTC033808	Keshav Engineering Co Private Limited	Director	24/03/2008	24/03/2008	-	Amalgamated	NO
17	U51909WB1991PTC053568	Exim Scrips Services Private. Limited.	Director	2/4/2008	2/4/2008	-	Amalgamated	NO
18	U26941WB2008PLC126398	HNG Cement Limited	Director	4/6/2008	4/6/2008	-	Active	NO
19	U40101WB2008PLC128922	HNG Power Limited	Director	29/08/2008	29/08/2008	-	Active	NO
20	U51109WB1992PTC054375	Brabourne Commerce Private Limited	Director	27/02/2009	27/02/2009	-	Active	NO
21	U52190WB1994PTC062654	Abhashree Merchantts Private Limited	Additional director	30/06/2009	30/06/2009	-	Amalgamated	NO
22	U51109WB2006PTC108707	Galaxy Vinimay Private Limited	Director	30/09/2010	19/09/2009	-	Amalgamated	NO
23	U74900WB2010PLC152232	Mould Equipment Limited	Director	13/08/2010	13/08/2010	-	Active	NO
24	U74994WB2010PLC152582	Omco HNG Engineering Limited	Director	26/08/2010	26/08/2010	-	Active	NO
25	U26100DL1970NPL005313	All India Glass Mfrs'. Federation.	Director	18/09/2010	18/09/2010	-	Active	NO

Name :

Mr. Sanjay Somany

Designation :

Director

Address :

W-27, Greater Kailash, Part II, New Delhi – 110048, India

Date of Birth/Age :

28.07.1958

Date of Appointment :

29.07.2006

DIN No :

00124538

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U30007WB1989PLC047910	Hasow Automation Limited	Director	25/02/1991	25/02/1991	-	Amalgamated	NO
2	L26109WB1946PLC013294	Hindusthan National Glass and Industries Limited	Managing director	27/03/1993	27/03/1993	-	Active	NO
3	U74140WB1992PLC054901	Niket Advisory and Trading Company Limited	Director	2/4/1994	2/4/1994	-	Active	NO
4	L01131WB1985PLC039054	Topaz Commerce Limited	Director	10/7/1998	10/7/1998	-	Active	NO
5	U51109WB1995PTC068911	Spotme Tracon Private Limited	Director	18/12/1999	18/12/1999	-	Active	NO
6	U36900WB1970PLC065595	Glass Equipment (India) Limited	Director	1/10/2000	1/10/2000	-	Active	NO
7	U70101WB1991PTC051664	Noble Enclave and Towers Private Limited	Director	17/10/2000	17/10/2000	-	Active	NO
8	L65993WB1981PLC034252	Spotlight Vanijya Limited	Director	25/10/2000	25/10/2000	-	Active	NO
9	U25209WB2001PLC111449	Somany Foam Limited	Director	30/08/2001	30/08/2001	-	Active	NO
10	U51909WB1994PTC064538	Microwave Merchants Private.Limited.	Director	15/10/2003	15/10/2003	-	Active	NO
11	U51109WB1996PTC079055	Khazana Marketing Private Limited	Director	22/11/2004	22/11/2004	-	Active	NO
12	U51909WB1996PTC077149	Amazon Sales Private Limited	Director	22/08/2005	22/08/2005	-	Amalgamated	NO
13	U26101WB2006PLC111182	HNG Float Glass Limited.	Director	29/07/2006	29/07/2006	-	Active	NO
14	U51909WB1996PTC078731	Dhananjay Tradelink Private Limited	Director	15/09/2006	15/09/2006	-	Amalgamated	NO
15	U26100DL1970NPL005313	All India Glass Mfrs'. Federation.	Director	21/09/2007	21/09/2007	-	Active	NO
16	U29290WB1973PLC164597	Amcl Machinery Limited	Director	19/05/2009	10/3/2008	-	Active	NO
17	U29192WB1981PTC033808	Keshav Engineering Co Private Limited	Director	24/03/2008	24/03/2008	-	Amalgamated	NO
18	U51909WB1991PTC053568	Exim Scrips Services Private. Limited.	Director	2/4/2008	2/4/2008	-	Amalgamated	NO
19	U26941WB2008PLC126398	HNG Cement Limited	Director	4/6/2008	4/6/2008	-	Active	NO
20	U40101WB2008PLC128922	HNG Power Limited	Director	29/08/2008	29/08/2008	-	Active	NO
21	U51109WB1992PTC054375	Brabourne Commerce Private Limited	Director	27/02/2009	27/02/2009	-	Active	NO
22	U52190WB1994PTC062654	Abhashree Merchantts Private Limited	Additional director	30/06/2009	30/06/2009	-	Amalgamated	NO
23	U51109WB2006PTC108707	Galaxy Vinimay Private Limited	Director	30/09/2010	19/09/2009	-	Amalgamated	NO
24	U74900WB2010PLC152232	Mould Equipment Limited	Director	13/08/2010	13/08/2010	-	Active	NO
25	U74994WB2010PLC152582	Omco HNG Engineering Limited	Director	26/08/2010	26/08/2010	-	Active	NO
26	U74899DL1951GAP001947	Phd Chamber Of Commerce And Industry	Director	24/12/2010	24/12/2010	-	Active	NO

Name :

Mr. Mukul Somany

Designation :

Director

Address :

2, Iron Side Road, Kolkata-700019, West Bengal, India

Date of Birth/Age :

15.10.1965

Date of Appointment :

29.07.2006

DIN No :

00124625

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U36900WB1970PLC065595	Glass Equipment (India) Limited	Director	6/12/1991	6/12/1991	-	Active	NO
2	L26109WB1946PLC013294	Hindusthan National Glass and Industries Limited	Managing director	23/07/1992	23/07/1992	-	Active	NO
3	U51909WB1994PLC061379	HNG International Limited.	Director	7/1/1994	7/1/1994	-	Amalgamated	NO
4	U74140WB1992PLC054901	Niket Advisory and Trading Company Limited	Director	2/4/1994	2/4/1994	-	Active	NO
5	U51909WB1971PTC027946	Cans and Closures Private Limited	Director	30/12/1995	30/12/1995	1/12/2008	Active	NO
6	L01131WB1985PLC039054	Topaz Commerce Limited	Director	10/7/1998	10/7/1998	-	Active	NO
7	U51909WB1993PTC060882	Rungamattee Trexim Private Limited	Director	18/12/1999	18/12/1999	-	Active	NO
8	U70101WB1991PTC051664	Noble Enclave and Towers Private Limited	Director	17/10/2000	17/10/2000	-	Active	NO
9	L65993WB1981PLC034252	Spotlight Vanijya Limited	Director	25/10/2000	25/10/2000	-	Active	NO
10	U25209WB2001PLC111449	Somany Foam Limited	Director	30/08/2001	30/08/2001	-	Active	NO
11	U51909WB1994PTC064538	Microwave Merchants Private.Limited.	Director	15/10/2003	15/10/2003	-	Active	NO
12	U70109WB1994PTC061767	Saurav Contractors Private Limited	Director	20/05/2004	20/05/2004	-	Active	NO
13	U51109WB1992PTC054899	Wisdom Sales Private Limited	Director	9/8/2004	9/8/2004	-	Amalgamated	NO
14	U51909WB1996PTC077149	Amazon Sales Private Limited	Director	22/08/2005	22/08/2005	-	Amalgamated	NO
15	U26101WB2006PLC111182	HNG Float Glass Limited.	Director	29/07/2006	29/07/2006	-	Active	NO
16	U51909WB1996PTC078731	Dhananjay Tradelink Private Limited	Director	15/09/2006	15/09/2006	-	Amalgamated	NO
17	U85300WB1929NPL006235	Bengal Rowing Club	Director	25/09/2006	25/09/2006	30/07/2010	Active	NO
18	U26100DL1970NPL005313	All India Glass Mfrs'. Federation.	Director	21/09/2007	21/09/2007	-	Active	NO
19	U29290WB1973PLC164597	Amcl Machinery Limited	Director	19/05/2009	10/3/2008	-	Active	NO
20	U29192WB1981PTC033808	Keshav Engineering Co Private Limited	Director	24/03/2008	24/03/2008	-	Amalgamated	NO
21	U51909WB1991PTC053568	Exim Scrips Services Private. Limited.	Director	2/4/2008	2/4/2008	-	Amalgamated	NO
22	U26941WB2008PLC126398	HNG Cement Limited	Director	4/6/2008	4/6/2008	-	Active	NO
23	U85300WB1926GAP005585	Indian Chamber Of Commerce Calcutta	Director	2/7/2010	30/06/2008	-	Active	NO
24	U40101WB2008PLC128922	HNG Power Limited	Director	29/08/2008	29/08/2008	-	Active	NO
25	U51109WB1992PTC054375	Brabourne Commerce Private Limited	Director	27/02/2009	27/02/2009	-	Active	NO
26	U52190WB1994PTC062654	Abhashree Merchantts Private Limited	Additional director	30/06/2009	30/06/2009	-	Amalgamated	NO
27	U51109WB2006PTC108707	Galaxy Vinimay Private Limited	Director	30/09/2010	19/09/2009	-	Amalgamated	NO
28	U67120WB1923PLC004707	The Calcutta Stock Exchange Limited	Director	3/1/2011	19/11/2009	-	Active	NO
29	U74900WB2010PLC152232	Mould Equipment Limited	Director	13/08/2010	13/08/2010	-	Active	NO
30	U74994WB2010PLC152582	Omco HNG Engineering Limited	Director	26/08/2010	26/08/2010	-	Active	NO

Name :

Mr. Chandan Bhattacharya

Designation :

Director

Address :

Flat No.72, Sunflower Apartment, G.D. Somani Marg, Mumbai-400005, Maharashtra, India.

Date of Birth/Age :

13.01.1945

Date of Appointment :

25.04.2007

DIN No :

01341570

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L74999MH1994PLC077041	JSW Energy Limited	Director	21/09/2007	6/3/2007	-	Active	NO
2	U26101WB2006PLC111182	HNG Float Glass Limited.	Director	13/09/2007	25/04/2007	-	Active	NO
3	U67190MH2007PTC168303	Phoenix Arc Private Limited	Director	2/9/2008	29/06/2007	-	Active	NO
4	L24110GJ1995PLC024052	Meghmani Organics Limited	Director	30/07/2008	30/07/2007	27/05/2011	Active	NO
5	U15142MH1976PLC019209	Biotor Industries Limited	Director	25/09/2008	11/9/2007	20/12/2008	Active	NO
6	U40100MH2005PLC154613	Jsw Power Trading Company Limited	Director	9/6/2008	18/12/2007	-	Active	NO
7	U40106MH2006PLC162941	Jsw Energy (Ratnagiri) Limited	Director	9/6/2008	18/12/2007	-	Amalgamated	NO
8	U51900MH1993PLC075613	Shirdi Industries Limited	Director	30/09/2008	25/04/2008	30/09/2009	Active	NO
9	L11200MH2005PLC154793	Great Offshore Limited	Director	24/09/2009	2/12/2008	-	Active	NO
10	U25203DL2006PLC153993	Continental India Limited	Director	29/09/2009	20/08/2009	14/03/2011	Active	NO
11	L70200MH2007PLC166818	D B Realty Limited	Director	15/09/2009	14/09/2009	18/02/2011	Active	NO
12	U40300MH2010PTC201493	Chhattisgarh Power Ventures Private Limited	Additional director	14/05/2010	14/05/2010	-	Active	NO
13	U66000MH2010PLC209656	Liberty Videocon General Insurance Company Limited	Additional director	14/12/2010	14/12/2010	-	Active	NO
14	U65991MH2003PTC142972	BNP Paribas Asset Management India Private Limited	Director	29/07/2011	19/07/2011	-	Active	NO

Name :

Mr. Narayanswami Sitaraman

Designation :

Director

Address :

Flat -4A, Alipore Gardens, Kolkata-700027, West Bengal, India

Date of Birth/Age :

08.11.1939

Date of Appointment :

25.04.2007

DIN No :

01114920

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L51109WB1946PLC013641	Martin Burn Limited	Additional director	27/12/2006	27/12/2006	24/09/2007	Active	NO
2	U26101WB2006PLC111182	HNG Float Glass Limited.	Director	13/09/2007	25/04/2007	-	Active	NO

Name :

Mr. Raghuvanshi Lal Kapur

Designation :

Director

Address :

8/10, Alipore Park Road, Kolkata-700027, West Bengal, India

Date of Birth/Age :

02.12.1932

Date of Appointment :

14.07.2008

DIN No :

00002483

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1994PLC058547	Ace Glass Containers Limited	Director	8/1/2002	8/1/2002	-	Active	YES
2	U26101WB2006PLC111182	HNG Float Glass Limited.	Director	14/07/2008	10/6/2008	-	Active	NO
3	U29290WB1973PLC164597	AMCL Machinery Limited	Director	30/09/2011	2/11/2010	-	Active	NO

Name :

Mr. Kamal Kishore Taparia

Designation :

Director

Address :

D-402, Vrindavnam Apartments, 1094, Model Colony, Shivji Nagar, Pune-411016, Maharashtra, India.

Date of Birth/Age :

27.06.1951

Date of Appointment :

30.06.2009

DIN No :

01829829

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L85110KA1995PLC018710	Archidply Industries Limited	Additional director	3/9/2007	3/9/2007	-	Active	NO
2	L45201PN1991PLC063340	D S Kulkarni Developers Limited	Additional director	2/1/2008	2/1/2008	-	Active	NO
3	U80221PN2007PTC130024	DSK Global Education And Research Private Limited	Director	24/10/2008	24/10/2008	-	Active	NO
4	U45203PN2007PTC130447	Universal Civil Infracon Private Limited	Director	30/09/2009	6/3/2009	-	Active	NO
5	U26101WB2006PLC111182	HNG Float Glass Limited.	Director	8/9/2009	30/06/2009	-	Active	NO
6	U26941WB2008PLC126398	HNG Cement Limited	Director	30/09/2010	19/05/2010	-	Active	NO
7	U29248PN2005PLC021271	Universal Construction Machinery And Equipment Limited	Managing director	13/10/2010	13/10/2010	-	Active	NO

Name :

Mr. Amritlal Shankardas Kapur

Designation :

Director

Address :

Flat No.2, South Land, Sahid Bhagat Singh Road, Colaba, Mumbai-400005, Maharashtra, India.

Date of Birth/Age :

03.09.1934

Date of Appointment :

18.11.2010

DIN No :

00016516

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L26942GJ1981PLC004717	Ambuja Cements Limited	Managing director	1/5/2009	20/02/1999	1/5/2010	Active	NO
2	L26940MH1936PLC002515	ACC Limited	Director	27/12/1999	27/12/1999	24/07/2008	Active	NO
3	U91990WB1993GAP059030	Ambuja Cement Foundation	Director	11/3/2007	11/3/2007	18/05/2011	Active	NO
4	U72200MH2006PLC161092	Holcim Services (South Asia) Limited	Director	25/04/2008	8/6/2007	19/07/2010	Active	NO
5	U65993DL1999PTC192225	Ambuja Cement India Private Limited	Nominee director	25/06/2007	25/06/2007	-	Active	NO
6	U65999WB1987PTC043556	Sakambari Holdings Private Limited	Director	20/08/2010	20/08/2010	-	Active	NO
7	U26101WB2006PLC111182	HNG Float Glass Limited.	Director	19/08/2011	18/11/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Kailash Chandra Jain
Designation :	Finance Manager
Address :	3S, Narayani Apartment, 8/3, B, Alipore, Park Road, Kolkata-700027, West Bengal, India
Date of Birth/Age :	05.04.1951
Date of Appointment :	10.06.2008
Name :	Mr. Ajay Kumar Jain
Designation :	Secretary
Address :	225, Chittaranjan Avenue, Kolkara-700006, West Bengal, India.
Date of Birth/Age :	30.06.1974
Date of Appointment :	01.04.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 19.08.2011)

Names of Shareholders	No. of Shares
Chandra Kumar Somany	620000
Sanjay Somany	1890000
Mukul Somany	2180000
Bharat Somany	510000
Amita Somany	540000
Sudha Somany	510000
Rashmi Somany	760000
Hindusthan National Glass and Industries Limited, India	115000000
Topaz Commerce Limited, Kolkata, India	18330000
Noble Enclave and Towers Private Limited, India	46490000
Spotlight Vanijya Limited, India	10800000
C K Somany HUF	500000
Sanjay Somany HUF	500000
Mukul Somany HUF	500000
Microwave Merchants Private Limited, Kolkata, India	2945000
Brabourne Commerce Private Limited, Kolkata, India	9800000
International Finance Corporation, United States of America	30000000
DEG-Deutsche Investitions-UND Entwicklungsgesellschaft-MBH, Germany	460000
Niket Advisory Trading Company Limited, India	250000
Total	242585000

Equity Share Breakup

(AS ON 30.09.2011)

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	12.37
Bodies corporate	84.13
Directors or relatives of directors	3.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automatic Glass, Containers, and Float Glass.

Products :

Product Description	Item Code No.
Float Glass	70051090
Insulated Glass	70080090
Toughen Glass	70072190

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Annual Installed Capacity (In Sqm)	Actual Production (in Sqm)
Float Glass Unit #	14600000	1749157
Float Glass (Processing Unit)	480000	76002

Note:

• Licensed capacity is not available as the industry is de-licensed.
• Annual installed capacity has been converted into square meter (Sqm) based on Glass thickness of 6 mm.
• Excluding job work 107 Sqm (1566 Sqm)
• Production figures are without considering cullet generation, which is recycled for use
• Includes production of 329204 Sqm during Trial Run.

GENERAL INFORMATION

Customers :

· End Users

No. of Employees :

Approximately 500

Bankers :

· State Bank of India, Corporate Accounts Group Branch, 2^nd Floor, Reliance House, 34 Jawaharlal Nehru Road, Kolkata-700071, West Bengal, India.

· HDFC Bank Limited, Central, Plaza Branch, 2/6, Sarat Bose Road, Kolkata-700020, West Bengal, India

· Punjab National Bank, 7, Bhikaiji Cama Place, New Delhi-110066, India

Facilities :

(Rs. In millions)

Secured Loan	As on 31.03.2010	As on 31.03.2009
Term Loan
From Scheduled Banks
In Rupees	1100.000	700.000
In Foreign Currency	1604.528	1063.588
From Others
In Foreign Currency	696.260	900.375
Working Capital Facilities from Scheduled Banks	292.756	14.130
Interest Accrued and Due	10.405	6.988
Total	3703.949	2685.081

Note:

1. Term loans are secured by a first charge on the entire fixed assets (movable and immovable), both present and future and a second charge on all current assets of the company.
2. Working capital facilities are secured by hypothecation of the company entire current assets, both present and future, comprising of raw materials, work in progress, stock in transit, stores and consumables, sundry debtors etc and by a second and subsequent charge on the entire fixed assets, both present and future of the company.
3. All the charges created in favour of the Landers for term and working capital facilities rank pari passu inter se.

4. Term loan repayable within one year Rs. 104.732 millions

Banking Relations :	--
Financial Institution :	DEG-Deutsche Investitions and Entwicklungsgesellschaft-mbH, Kaemmergasse 22, 50676, Cologne-50933, Germany International Finance Corporation, 2121 Pennsylvania Avenue, N.W. Washington, D.C. Washington-20433, United States of America
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountant
Address :	22, Camac Street, Block C, 3^rd Floor, Kolkata-700016, West Bengal, India
Tel. No.:	91-33-66153400
Fax No.:	91-33-22817750
Income-tax PAN of auditor or auditor’s firm :	AALFS0506L
Associates :	Duras National Glass Limited
Enterprises over which Key Management Personnel / Share Holders / Relatives have significant influence :	Hindustan National Glass and Industries Limited Spotme Tracon Private Limited Pickup Finvest and Consultants Private Limited Khazana Marketing Private Limited Saurav Contactors Private Limited AMCL Machinery Limited Spotlight Vanijya Limited Noble Enclave and Towers Private Limited Braboume Commerce Private Limited Microwave Merchants Private Limited Dhananjay Tradelink Private Limited Rungamatte Trexim Private Limited Glass Equipment India Limited

CAPITAL STRUCTURE

(AS ON 19.08.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
260500000	Equity Share	Rs.10/- each	Rs.2605.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
242585000	Equity Share	Rs.10/- each	Rs.2425.850 millions

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
260500000	Equity Share	Rs.10/- each	Rs.2605.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
176040000	Equity Share	Rs.10/- each	Rs.1760.400 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		1760.400	1016.400	866.400
2] Share Application Money		465.450	544.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(257.041)	(40.582)	0.000
NETWORTH		1968.809	1519.818	866.400
LOAN FUNDS
1] Secured Loans		3703.949	2685.081	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		3703.949	2685.081	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		5672.758	4204.899	866.400
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5162.305	233.417	48.118
Capital work-in-progress		141.355	3716.849	433.065
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	320.623	23.305	3.322
	Sundry Debtors	153.033	3.285	0.000
	Cash & Bank Balances	112.840	390.879	301.334
	Other Current Assets	2.946	1.989	0.000
	Loans & Advances	448.860	269.968	65.392
Total Current Assets		1038.302	689.426	370.048
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	611.898	424.267	25.157
	Other Current Liabilities	53.417	8.863	1.819
	Provisions	3.889	1.663	0.294
Total Current Liabilities		669.204	434.793	27.269
Net Current Assets		369.098	254.633	342.779
MISCELLANEOUS EXPENSES		0.000	0.000	42.438
TOTAL		5672.758	4204.899	866.400

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	275.336	15.929
		Other Income	23.933	0.000
		TOTAL (A)	299.269	15.929	NA
Less	EXPENSES
		Raw material consumed	154.422	12.496
		Consumption of stores and spare parts	16.089	3.210
		Salaries, wages and bonus	31.294	7.568
		Managerial remuneration	0.150	0.128
		Payments of auditors	1.012	0.800	NA
		Insurances expenses	0.000	0.318
		Power and fuel	178.213	1.675
		Others expenditures	109.689	14.803
		Prior period expenses	0.000	6.203
		Increase/ decrease in finished goods, work in progress	(88.151)	0.000
		TOTAL (B)	402.718	47.201	NA
Less	PROFIT / LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(103.449)	(31.272)	NA
Less	FINANCIAL EXPENSES (D)		53.751	2.159	NA
	PROFIT / LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(157.200)	(33.431)	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		59.151	6.371	NA
	PROFIT / LOSS BEFORE TAX (E-F) (G)		(216.351)	(39.802)	NA
Less	TAX (I)		0.107	0.781	NA
	PROFIT / LOSS AFTER TAX (G-I) (J)		(216.458)	(40.583)	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(40.583)	0.000	NA
	BALANCE CARRIED TO THE B/S		(257.041)	(40.583)	NA
	IMPORTS
		Raw Materials	72.414	13.521	0.000
		Stores & Spares	1.475	2.777	0.567
		Capital Goods	411.986	1950.676	106.714
	TOTAL IMPORTS		485.875	1966.974	107.281
	Earnings Per Share (Rs.)		(1.32)	(0.40)	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(72.33)	(254.77)	NA
Net Profit Margin (PBT/Sales)	(%)	(78.58)	(249.87)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(3.49)	(4.31)	NA
Return on Investment (ROI) (PBT/Networth)		(0.11)	(0.03)	NA
Debt Equity Ratio (Total Liability/Networth)		2.22	2.05	0.03
Current Ratio (Current Asset/Current Liability)		1.55	1.58	13.57

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in reports
1) Year of Establishment	Yes
2) Locality of the Firm	Yes
3) Constitution of the Firm	Yes
4) Premises Details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s Background	---------
8) No. of Employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm of last three years	Yes
12) Profitability for last three years	---------
13) Reasons for variations <> 20%	---------
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of Sister concern	Yes
17) Major Suppliers	No
18) Major Customers	Yes
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market Information	---------
22) Litigation that the firm / promoter involved	---------
23) Banking Details	Yes
24) Banking facility Details	No
25) Conduct of the banking account	---------
26) Buyer visit details	---------
27) Financials, if provided	No
28) Incorporation details, if applicable	----------
29) Last account field at ROC	----------
30) Major Shareholders, if available	----------

OPERATION:

The Company has commenced its commercial production on 1^st February, 2010. The market response to the product is very good and the Company is registering impressive sales.

REVIEW:

During the year the company’s gross turnover was Rs. 301.800 millions as compared to Rs.18.000 millions in the previous year.

FUTURE OUTLOOK:

Demand for float glass in India grew at approx 12% in last 3 years. However, the business is still at a nascent stage in India with a per capita consumption of 0.75 kg as against China where it is 10.12 kg, ASEAN 8.4-11 kg, Europe-12.5 kg and U.S 12 kg.

As a result of a healthy green building construction environment, demand in the dominant construction segment will register gains of 6.1 percent per year. 85% of float glass demand is derived from high rises and green buildings; the growing number of such buildings and the growing use of float glass is driving offtake, partially replacing the use of cement. The segment is expected to witness a five year CAGR of 20% plus as against the international growth of 4%. In addition, the market for architectural glass will benefit from the greater use of value added glazing products, both in new structures and during major renovation and refurbishment activities.

The Indian economy is expected to grow at 8.5% in the next fiscal year and the float glass industry in India is likely to grow at an accelerated rate over the next few years. With the growing demand of float glass in Real Estate Sector and Automobile industry, the directors are confident that the Company will continue to grow and prosper with the opportunities associated with the expanding market. The Company is also exploring increasing the product mix of the Company.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

Particular	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Un-expired bank guarantees and letters of credit	86.726	543.103
Custom duty for import of capital goods under EPCG scheme	353.961	344.275
Claim against the company not acknowledged as debts	3.839	0.000
Total	444.526	887.378

FORM 8:

Corporate identity number of the company	U26101WB2006PLC111182
Name of the company	HNG FLOAT GLASS LIMITED
Address of the registered office or of the principal place of business in India of the company	2, Red Cross Place, Kolkata-700001, West Bengal, India. Email Id: kkothari@hngil.com
This form is for	Modification of charge
Charge identification number of the charge to be modified	10147359
Type of charge	· Immovable property · Any interest in immovable property · Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	State Bank of India, Corporate Accounts Group Branch, 2^nd Floor, Reliance House, 34, Jawaharlal Nehru Road, Kolkata-700001, West Bengal, India. Email Id: uttam.chowdhyury@sbi.co.in
Nature of instrument creating charge	Supplementary agreement of Loan and Hypothecation for modification dated 17.06.2011 executed by HNG Float Glass Limited (the borrower) over its entire movable fixed assets and current assets in favour of State Bank of India.
Date of instrument Creating the charge	17.06.2011
Amount secured by the charge	Rs.1629.100 millions
Brief of the principal terms an conditions and extent and operation of the charge	a) Rate of Interest: For Cash Credit WCDL 4.25% above Base Rate per annum with monthly rest, present effective 13.75%p.a. b) Terms of repayment The borrowing are repayable on demand c) Margin 25% of raw materials 25% of Stock-in-progress 25% of Stores and Spares 25% of Book Debts/ Receivables (Covered period of Receivables-90 days) 5% of Letter of Credit/Bank Guarantee (With Bank’s discretion to demand/recover up to the full extent i.e. 100%) d) Extent and operation of the charge 2^nd Charge on Fixed assets and 1^st Charge on all present and future entire current assets of the Company.
Short Particulars of the property charged	i. Entire movable fixed assets of the Borrower namely plant and machinery and stores and spares of plant and machineries, office equipments, furniture and all other movable fixed assets. ii. Entire current assets of the Borrower namely stock of Raw materials, Stock in progress, Semi Finished and Finished Goods, Stores and spares not related to Plant and Machinery (consumable Stores and spares) iii. Bills Receivables and Boom Debts and al other current assets of the Borrower, including documents of title to the goods, outstanding money, receivables including receivables by way of iv. Cash assistance and or cash incentives under the cash incentive scheme or any other scheme claims including claims by way of refund of customs and excise duties under the Duty Drawback Credit Scheme v. Any other scheme, bills, invoices, documents, contracts, insurance policies, guarantees, engagements, securities, investments and rights both present and future which are now lying or stored in or vi. About or shall hereinafter from time to time during the continuance if the security of these presents be brought into or upon or to be in or about of the Borrower’s factories premises and vii. Godowns or wherever else situated at plot no.1 Phase III at Halol Industrial Area within the village limits of Kanjaria Taluka Halol District PAnchmahal, Gujarat.
Date of instrument modifying the charge	02.11.2010
Particulars of the present modification	1^st charge on entire current assets and 2^nd charge on entire movable fixed assets of the Company to secure working capital credit facility granted by SBI for Rs.1629.100

FIXED ASSETS:

Tangible Assets

· Leasehold Land and Improvements

· Freehold Land

· Building

· Palnt and Machinery

· Furniture and Fixtures

· Office Equipments

· Computers

· Vehicles

Intangible Assets

· Softwares

As per website details:

History:

Subject is promoted by Hindusthan National Glass and Industries Limited (www.hngindia.com). The promoters have more than 57 years of expertise in making container glass. Subject commands 60% market share of Indian Market with an annual turnover of around Rs. 15000.000 Millions. Subject has 6 manufacturing locations with 2800 TPD capacity. Apart from Rishra (Near Kolkata) and Bahadurgarh (near Delhi) which are greenfield sites, the remaining 4 at Rishikesh, Puducherry, Nashik and Neemrana (in Rajasthan) have been taken over from Owens Illinois (USA), L and T and Haryana Sheet Glass. Subject is the flagship company of Subject Group.

Group Companies:

Glass Equipment (India) Limited – GEIL:

Incorporated in 1974, Glass Equipment (India) Limited is a reputed Indian container glass engineering company which accounts for the manufacture of sophisticated equipment for glass plants. It is also an expert in manufacturing critical spares for Glass container manufacturing industries and provides solutions in setting up glass plants on a turnkey basis. GEIL not only provides the equipments for the glass industries; it provides expert guidance in the entire process of glass container manufacture.

Glass Equipment (India) Limited is located in New Delhi (on National Highway No. 10) at a proximity to the HNGIL’s Bahadurgarh Plant.

AMCL Machinery Limited:

AMCL Machinery Limited is set up in Butibori (Nagpur) on a prolific area of 5000 square meters. It is one of the few companies in India that deals with the design and production of machineries for the Rubber & Tyre Industry, Transit Mixers, Cement Industry and Bulk Handling System. It also accounts for the supply and installation of mechanical equipments in the given industries. The company is certified with ISO 9001:2000 and is looking forward to technical collaborations with Japanese manufacturers.

Somany Foam Limited:

Somany Foam Limited was set up at BHEL Industrial Area, Haridwar with a capital outlay of 360 million INR. It is one of the fastest growing companies in India that specializes in the manufacturing of different types of foam, especially Polyurethane Foam.

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.49.25
UK Pound	1	Rs.78.73
Euro	1	Rs.67.64

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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
TOTAL		26

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.