MIRA INFORM REPORT

Report Date :

19.11.2011

IDENTIFICATION DETAILS

Name :	BRITE GLASS WORKS PRIVATE LIMITED
Registered Office :	Kailash Chandapur, P O Budhikhamari Mayurbhanj – 757 029, Orissa
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.04.1986
Com. Reg. No.:	15 –001655
Capital Investment / Paid-up Capital :	Rs.5.800 Millions
CIN No.: [Company Identification No.]	U26109OR1986PTC001655
TAN No.: [Tax Deduction & Collection Account No.]	BBNB00733F
PAN No.: [Permanent Account No.]	AAACB7213K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Toughened Glass.
No. of Employees :	70 [In Office 12 + 58 in Factory] Approximately

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 37000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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)

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. S. Pal
Designation :	Accountant
Contact No. :	91-33-22289706
Date :	14.11.2011

LOCATIONS

Registered Office / Factory :	Kailash Chandapur, P O Budhikhamari Mayurbhanj – 757 029, Orissa, India
Tel. No.:	91-33-22289706/22285639
Fax No.:	91-33-2284146
E-Mail :	sushilkumar2006_sharma@rediffmail.com briteglass@gmail.com chowdhury.vimal@rediffmail.com sn.baheti@idbi.co.in info@brite-glass.com
Website :	http://www.briteglassworks.com
Location :	Owned
Head Office :	Block D, 2^nd Floor, 4 Grant Street, Kolkata – 700013, West Bengal, India
Tel. No.:	91-33-22289706/ 22285639
Fax No.:	91-33-22284146
Area :	250 sq.ft
Location :	Owned

DIRECTORS

As On 19.09.2011

Name :	Mr. Jawed Shakil
Designation :	Managing Director
Address :	Kailashchandrapur, Mayurbhanj, Orissa – 757 029, India.
Date of Birth/Age :	26.03.1949
Qualification :	M.Tech
Date of Appointment :	04.04.1986
DIN :	01214827
Name :	Mr. Azizul Haque
Designation :	Director
Address :	Kailashchandrapur, Mayurbhanj, Orissa – 757 029, India.
Date of Birth/Age :	11.05.1947
Qualification :	Under Graduate
Date of Appointment :	04.04.1986
Name :	Mr. Suboohi Aziz
Designation :	Director
Address :	64, Colootola, Kolkata – 700 073, India.
Date of Birth/Age :	11.07.1950
Qualification :	Graduate
Date of Appointment :	01.04.1997
Name :	Ms. Yasmin Shakil
Designation :	Director
Address :	12, Colootola Street, Calcutta – 700 073, India.
Date of Birth/Age :	26.05.1954
Qualification :	Graduate
Date of Appointment :	01.04.1997
DIN :	01264482

KEY EXECUTIVE

Name :	Mr. S. Pal
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 19.09.2011

Names of Shareholders	No. of Shares
Jawed Shakil	13950
Azizul Haque	10450
Mebashirul Haque	875
Shazya Aziz	1125
Noorjahan Shakil	1200
Chedilala Nalsaria	500
Gayatri Devi Khaitan	500
Murarilal Sharma	500
Rathin Chakraborty	500
G P Lohia	500
Yasmin Shakel	3820
Fuad Ahmed	1490
M Rafiq	600
Mudasur Haque	1560
Suboohi Aziz	4500
Fazlur Rahman	500
Rahaman Rakshanda	400
Waqur Ahmed	300
Nadya Aziz	250
Ahmed Q	300
Naitik Commercial Private Limited - India	400
Anis Muzzaffar	700
Anis S	1250
Sohail G	750
Naz Huma	200
Naz Sammi	200
Singh Rajaram	600
Anupam Vinimoy Private Limited, India	1000
Aravali Agencies Private Limited, India	1200
Axis Commodity Private Limited, India	1000
Padmakshi Vyapaar Private Limited, India	400
Sukhsagar Private Limited, India	1000
Daksh Commodity Private Limited, India	1000
Trinity Commodity Private Limited, India	1400
Dayanidhi Commercial Limited, India	2000
Suruchi Dealers Private Limited, India	500
Nadeem Anis Shamsi	580
Total	58000

As On 19.09.2011

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		17.00
Directors or relatives of directors		77.65
Other top fifty shareholders		5.35
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Toughened Glass and Sheets.
Products :	v Insulating Glass v Laminated Glass v Toughened Glass
Exports :
Products :	Glass
Countries :	Bangladesh
Imports :
Products :	Raw material
Countries :	Pakistan
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Suppliers [As on 31.03.2010] :

v Asahi India Glass

v Uday Ceramic Print Well

v Saraf Glass Private Limited

v Ozone Overseas Limited

v Taj Decors Private Limited

v Apex Fabricators and Aunodise

v Basanti Auto Agency

v Bliss Computer

v DTDC Courier

v Hotel Sibapriya

v Shyama Trading

v Sure Safe Glass

Customers [As on 31.03.2010] :

Manufacturing Companies

v Eastern Railway (Howrah)

v Aditya Car Automotives Private Limited

v GSRTC – Ahmedabad

v Glass India Limited

v Dafodil Logistics

v Corporate Décor Industries

v Bharat Agencies

v Bhushan Steels

v JKS Fiber Glass Private Limited - Kolkata

v Uma Metal Industries

v Western Railway , Dahod

v Youth India Auto Components Private Limited

v United Builders, Cuttack

v Kohinoor Glass Works

v J K Construction Angul

No. of Employees :

70 [In Office 12 + 58 in Factory] Approximately

Bankers :

v State Bank of India, Baripada Branch, At/ P. O. : BaripadaDist : Mayrubhanj, Bariphaga – 757 029, Orissa, India

v IDBI Bank Limited, SME Group, IDBI House, 44, Shakespeare Sarani, Kolkata-700017, West Bengal, India

v IDBI Bank Limited, IDBI Towerwtc Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

v ABN Amro Bank

v Bank Of India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Cash Credit Loan From IDBI Bank	15.161	13.968
(Against hypothecation of stock of Raw Materials, Power and Fuel, Consumables, Semi Finished Goods, Finished goods , Book Debts and Other Current Assets)
Term Loan from IDBI (Against Machinery)	9.140	11.900
Cholamandalam DBS Finance Limited	0.000	0.147
Total	24.301	26.015

Banking Relations :

-

Auditors :

Name :

Sushil Sharma and company

Chartered Accountants

Address :

16, India Exchange Place, Room No. 11, 2^nd Floor, Kolkata – 700 001, West Bengal, India.

PAN :

AIQPS6905E

Associates/Subsidiaries :

• Defodin Logistic

Address: Kolkata, West Bengal, India

Line of Business: Trader of Glass Sheet

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
90,000	Equity	Rs 100/- each	Rs. 9.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
58,000	Equity	Rs 100/- each	Rs. 5.800 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		5.800	5.800	5.800
2] Share Application Money		0.500	0.500	0.500
3] Reserves & Surplus		3.029	2.643	2.497
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		9.329	8.943	8.797
LOAN FUNDS
1] Secured Loans		24.301	26.015	27.878
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		24.301	26.015	27.878
DEFERRED TAX LIABILITIES		0.395	0.408	0.331
SHARE PREMIUM		7.200	7.200	7.200
TOTAL		41.225	42.566	44.206
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.109	20.493	3.967
Capital work-in-progress		0.000	0.000	17.776
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.122	12.830	8.746
	Sundry Debtors	11.657	10.036	8.524
	Cash & Bank Balances	4.807	4.416	5.933
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.334	4.586	7.697
Total Current Assets		36.920	31.868	30.900
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.525	5.322	2.903
	Other Current Liabilities	3.806	3.908	5.010
	Provisions	0.473	0.565	0.524
Total Current Liabilities		13.804	9.795	8.437
Net Current Assets		23.116	22.073	22.463
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		41.225	42.566	44.206

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	SALES
	Income	45.339	33.982
	Other Income	0.394	0.417
	TOTAL	45.733	34.399	19.452
Less	EXPENSES	42.342	31.061	19.414
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	3.391	3.338	0.038
Less/ Add	DEPRECIATION/ AMORTISATION	2.915	3.075	0.492
	PROFIT / [LOSS] BEFORE TAX	0.476	0.263	(0.454)
Less	TAX	0.090	0.117	0.026
	PROFIT / [LOSS] AFTER TAX	0.386	0.146	(0.480)
	Earnings/[Loss] Per Share (Rs.)	6.65	2.51	[8.27]

Expected Sales (2011-2012): Rs.60.000 Millions

The above information has been parted by Mr. S. Pal [Accountant].

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.84	0.42	[2.47]
Net Profit Margin (PBT/Sales)	(%)	1.05	0.77	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.86	0.50	[1.30]
Return on Investment (ROI) (PBT/Networth)		0.05	0.03	[0.05]
Debt Equity Ratio (Total Liability/Networth)		4.08	4.00	4.13
Current Ratio (Current Asset/Current Liability)		2.67	3.25	3.66

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	No
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

Financial Results : Against the profit of Rs.0.146 millions in the previous year the current year profit is Rs.0.386 millions. It is expected that the company will achieve substantially better results during the year 2011-2012.

TRADE REFERENCES:

• MSRTC

Bankers Charges Report as per Registry

Name of the company	Brite Glass Works Private Limited
Presented By	Jawed Shakil – Managing Director
1) Date and description of instrument creating the change	Deed of hypothecation dated 01.12.1988 for Rs. 0.555 millions executed by company in favour of state bank of india
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 0.555 million
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of raw materials, goods in process, finished goods, at company’s factory premises at Budhi khamari, Via. K.C. pur, Dt. Mayurbhanj and elsewhere in India Hypothecation of the book debts and receivables and other current assets of the company.
4) Gist of the terms and conditions and extent and operation of the charge.	Hypothecation of assets described in column-3 and such assets of the nature mentioned in colum-3 as are or, may at anytime in possession of the company to secure the demand cash credit limit of Rs. 5.750 millions with interest as may be imposed by bank from time to time. The loan is repable on demand. Margin on CC (Mundy) – 25% Margin on CC (Book Debts) – 40% Margin on LC – 25% Margin on BG – 25%
5) Name and Address and description of the person entitled to the charge.	State Bank of India Balasore Industrial Estate Branch, Balasore.
6) Date and brief description of instrument modifying the charge	Tripartite agreement dated 25.11.1998 extending second charge over fixed assets of the company to secure cash credit limit of Rs. 5.750 millions Details of previous charges Rs. 0.555 millions modified to Rs. 1.300 millions on 14.07.99 Rs. 1.300 millions modified to Rs. 3.000 millions on 29.03.1996 Rs. 3.000 millions modified to Rs. 5.750 millions on 26.10.1998
7) 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.	Present Modification – The second charge is created over fixed assets to secure the cash credit loan of Rs. 5.750 millions.

This form is for	Modification of charge
Charge Identification (ID) number of the charge to be modified	80031294
Corporation identity number (CIN) or foreign company registrations number of the company	U26109OR1986PTC001655
Name of the company	BRITE GLASS WORKS PRIVATE LIMITED
Address	Kailashchandrapur, P O Budhikhamari Mayurbhanj - 757 029, Orissa, India
Type of Charges	Immovable property
Particular of the charge holder	IDBI Bank Limited, SME Group, IDBI House, 44, Shakespeare Sarani, Kolkata-700017, West Bengal, India e-mail ID : surva.banerjee@idbi.co.in
Nature or description of the instrument creating or modifying the charge	Sanction Letter dated 09.05.2008 Declaration Letter dated 09.04.2009
Date of the instrument creating charge	09.04.2009
Whether charge created or modified outside India	No
Amount Secure by the charge	Rs. 32.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest BPLR + 0.50% p.a. payable monthly Present BPLR being 14.25% Terms of repayment The proposed Term Loan would be repayable in 20 Quarterly installments commencing form 01.07.2009 Cash credit: repayable on demand Margin 25% against all components of inventory 40% of Book debts upto 90 days Extent and operation of the charge Charges operates on first basis on entire fixed assets and immovable properties of the company both present and future to secure the financial assistance of Rs. 32.000 Millions together with interest cost and other charges Others The borrower shall not do or allow anything which may prejudice the security and shall comply with the terms and conditions of the agreement
Short particulars of the Property charged	All that piece and parcel of land measuring about 2.32 acres comprised in Dag No. 167 in Mouza Kailash Chandrapur, Sub Registration Betnoti, District Mayurbhanj, Orissa, together with all building and structures thereon and all plant and machinery attached to the earth or permanently fastened to anything attached to the earth. Original Registered Deed of conveyance deated 19.04.1986 duly registered with the office of Betonati and recorded in volume no. 17 pages 232 to 243, being no. 751 of 1986
Particulars of the present modification	By this present modification , the following working Capital facilities amounting to Rs. 32.000 Millions granted by the Bank to the Borrower is now further secured by joint mortgage by deposit of title deeds Facilities: Rupee Term Loan : Rs. 14.000 Millions Cash Credit : Rs. 15.000 Millions Letter of Credit : Rs. 3.000 Millions Bank Guarantee : (Interchangeable with BG/LG) Overall Limit: Rs. 32.000 Millions

 Fixed Assets:

· Land And Building Development

· Building

· Plant and Machinery

· Furniture and Fixture

· Computer

· Electric Installation

· R.C.C Tank

· DUG Well

· Tube Well

· Generator

· Die

· Fax Machine

· EPBX Machine

· Other Assets

· Scooter

· Santro Euro – II

· Motor Car

· Delivery Van

· Maruti Zen

· Hondar Euro

· Vehicle

· Scorpio Car

· Voltage Stablisher

· Vaccum Cleaner

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 :

The 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.

The 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.50.72
UK Pound	1	Rs.79.88
Euro	1	Rs.68.46

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.