MIRA INFORM REPORT

Report Date :

29.10.2011

IDENTIFICATION DETAILS

Name :	KAPOOR GLASS (INDIA) PRIVATE LIMITED
Registered Office :	5 Navalka, 24 Abdul Gaffar Khan Road, Worli, Mumbai-400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.05.2000
Com. Reg. No.:	11-126634
Capital Investment / Paid-up Capital :	Rs. 19.370 Millions
CIN No.: [Company Identification No.]	U26100MH2000PTC126634
TAN No.: [Tax Deduction & Collection Account No.]	MUMK08089E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Secondary Glass Containers (ampoules and Tubular vials).
No. of Employees :	Not Divulged by the management.

RATING & COMMENTS

MIRA’s Rating :

Ca (22)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appear huge 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 on a secured trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Name :	Mr. Sanjiv Kapoor
Designation :	Managing Director
Date :	25.10.2011

LOCATIONS

Registered Office :	5 Navalka, 24 Abdul Gaffar Khan Road, Worli, Mumbai-400018, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	kapoor@vsnl.com
Website :	www.kapoorglass.com
Corporate Office :	“Kapoor House”, A-37, Street No. 2, MIDC, Andheri (East), Mumbai-400093, Maharashtra, India
Tel. No.:	91-22-28323475/ 28374651/ 228219804
Fax No.:	91-22-28379403
Factory :	Plot No. 212, J.C. I.E., Kamothe, Panvel, District Raigad-410209, Maharashtra, India
Tel. No.:	91-22-32983024
Fax No.:	91-22-27421992

DIRECTORS

(AS ON 30.09.2010 )

Name :

Mr. Sanjeev Dharmender Kapoor

Designation :

Managing Director

Address :

9-C, Lands End Co-Operative Housing Society Limited, 29-D, Dongarsi Road, Malabar Hill, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

10.11.1957

Date of Appointment :

19.05.2000

DIN No.:

01570617

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	U25200MH1971PTC015471	Kapoor Glass Products Private Limited	Managing director	01/04/1980	01/04/1980	-	Active	NO
2	U74999MH1982PTC026150	Aum Air Products Private Limited	Director	16/01/1982	16/01/1982	-	Active	NO
3	U26109MH1970PTC014723	Dinshi Ampoule Makers Private Limited	Managing director	06/04/1990	06/04/1990	-	Active	NO
4	U26100MH2000PTC126634	Kapoor Glass (India) Private Limited	Managing director	09/09/2000	09/09/2000	-	Active	NO

Name :

Mrs. Savita S Kapoor

Designation :

Director

Address :

9-C, Lands End Co-Operative Housing Society Limited, 29-D, Dongarsi Road, Malabar Hill, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

31.07.1960

Date of Appointment :

01.10.2005

DIN No.:

0131478

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	U99999MH1948PLC007336	The National Steel Works Limited	Director	18/06/1984	18/06/1984	-	Active	NO
2	U65990MH1989PTC053617	Pramod Kumar And Sons Private Limited	Director	25/09/1989	25/09/1989	-	Active	NO
3	U51900MH1989PTC053833	Chitrakala Exports Private Limited	Director	11/10/1989	11/10/1989	-	Under liquidation	NO
4	U29294MH1997PTC112293	Milltech Engineering Private Limited	Director	05/12/1997	05/12/1997	-	Active	NO
5	U24110MH1998PTC114699	Elementto Life Styles Private Limited	Director	30/04/1998	30/04/1998	29/08/2007	Active	NO
6	U24110MH2001PTC132520	Imagico India Private Limited	Director	27/06/2001	27/06/2001	-	Active	NO
7	U67120MH1992PTC066919	Micromill Technologies Private Limited	Director	22/06/2002	22/06/2002	-	Active	NO
8	U24220MH2002PTC134645	Oikos India Private Limited	Director	30/07/2002	30/07/2002	-	Active	NO
9	U24220MH2002PTC138418	Linea Coats Private Limited	Director	26/12/2002	26/12/2002	-	Active	NO
10	U74220MH1986PTC041210	Renaissance Paints Private Limited	Director	29/03/2003	29/03/2003	-	Active	NO
11	U24110MH2004PTC043157	Sanosil Biotech Private Limited	Director	29/09/2004	29/09/2004	-	Active	NO
12	U74994MH2005PTC155985	Aamore Perla Casa Interiors Private Limited	Director	12/09/2005	12/09/2005	-	Active	NO
13	U24220DL2007PTC164080	Ultratech Textures Paints Private Limited	Director	29/05/2007	29/05/2007	26/10/2010	Active	NO
14	U51109UP1990PTC012076	Disco Properties And Enterprises Private Limited	Director	27/09/2008	27/09/2008	22/01/2009	Active	NO
15	U55101DL2008PTC177090	Ac Estate Developers Private Limited	Additional director	21/10/2010	21/10/2010	-	Active	NO
16	U01407MH2009PTC197326	Milos Plant Private Limited	Director	19/08/2011	20/07/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010 )

Names of Shareholders	No. of Shares
Dharminder Kapoor	1304254
Sanjeev D Kapoor	449449
Anjana D Kapoor	84219
Savita Kapoor	8330
Manjula S Seth	9421
Divya S Khanna	71921
Dinshi Ampoule Makers Private Limited, Mumbai, Maharashtra, India	9421
Dhruv Kapoor Jointly with Anjana Kapoor	1
K. L. Chopra Jointly with Anjana Kapoor	1
Kersi H Bhatena Jointly w3ith Anjana Kapoor	1
Mehroo K Bathena Jointly with Anjana Kapoor	1
Pravin Kapoor Jointly with Anjana Kapoor	1
Rajiv Khosla Jointly with Anjana Kapoor	1
Ramesh Kapoor Jointly with Anjana Kapoor	1
Sanjeev Kapoor (HUF)	1
Udit Kapoor Jointly with Anjana Kapoor	1
Rekha J Jonsha Jointly with Anjana Kapoor	1
INSACO Jointly with Anjana Kapoor	1
Monali Traders, Mumbai, Maharashtra, India	1
Sanjay Khanna Jointly with Anjana Kapoor	1
Hina K Lathia Jointly with Anjana Kapoor	1
Ketan V Lathia Jointly with Anjana Kapoor	1
Suresh Gandhi Jointlyw tih Anjana Kapoor	1
Total	1937031

Equity Share Breakup (Percentage of Total Equity)

(AS ON 30.09.2010 )

Category	Percentage
Bodies corporate	0.49
Directors or relatives of directors	95.31
Other top fifty shareholders	4.20
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Secondary Glass Containers (ampoules and Tubular vials).

GENERAL INFORMATION

No. of Employees :

Not Divulged by the management.

Bankers :

Central Bank of India, Andheri East Branch, Shiv Chhaya Compound, Mathurdas Visanji Road, Andheri (East), Mumbai-400069, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
a) Secured loans from Central Bank of India
i) Cash Credit and OD Account (Cash Credit limit with Central Bank of India secured against the hypothecation of stocks and book debts of the company. The entire facilities are personally guaranteed by the directors and are collaterally secured by a charge on the block assets of the company.)	0.000	17.368
ii) Term Loan: Term loan obtained from Central Bank of India Secured against all movable properties of the company and personally guaranteed by the directors)	0.000	16.498
iii) Citibank Account Skoda Car (Secured against car)	0.020	0.120
iv) CitiBank Account Maruti Alto (Secured against car)	0.026	0.026
v) Citibank Account Accent	0.083	0.233
Total	0.129	34.245
Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
i) From Director	7.608	7.423
ii) From Shareholders	76.357	69.104
iii) From Others	1.246	10.606
Total	85.211	87.133

Banking Relations :	--
Auditors :
Name :	S M Kapoor and Company Chartered Accountant
Address :	3^rd Floor, Nanabhai Mansion, Sir P.M. Road, Fort, Mumbai-400001, Maharashtra, India
PAN No.:	AACFS4278E

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Share	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1937031	Equity Share (The above Equity Shares were allotted to the partners of Adarsh Industries on the conversion of the firm into a Private Limited Company)	Rs. 10/- each	Rs. 19.370 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		19.370	19.370	19.370
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		[75.573]	[84.218]	[68.596]
NETWORTH		[56.203]	[64.848]	[49.226]
LOAN FUNDS
1] Secured Loans		0.129	34.245	43.970
2] Unsecured Loans		85.211	87.133	56.561
TOTAL BORROWING		85.340	121.378	100.531
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		29.137	56.530	51.305
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.583	38.914	50.234
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.008	0.008	0.008
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.267	17.424	21.532
	Sundry Debtors	13.785	7.608	8.610
	Cash & Bank Balances	1.458	5.793	2.010
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.517	7.217	9.823
Total Current Assets		31.027	38.042	41.975
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.752	17.221	40.777
	Other Current Liabilities	2.729	3.092	0.000
	Provisions	0.000	0.121	0.135
Total Current Liabilities		15.481	20.434	40.912
Net Current Assets		15.546	17.608	1.063
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		29.137	56.530	51.305

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Turnover	56.396	35.775	65.750
	PROFIT/ LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION		15.014	[4.302]	[9.687]
Less/ Add	DEPRECIATION/ AMORTISATION		6.369	11.320	11.385
	PROFIT/ LOSS BEFORE TAX		8.645	[15.622]	[21.072]

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	19.38	[20.30]	[22.85]
Return on Investment (ROI) (PBT/Networth)		[0.15]	[0.24]	[0.43]
Debt Equity Ratio (Total Liability/Networth)		[1.79]	[21.87]	[2.87]
Current Ratio (Current Asset/Current Liability)		2.00	1.86	1.03

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
a) Sundry Creditors
i) For Goods	9.079	9.762	29.763
ii) For Expenses (Provision)	2.302	4.628	7.105
iii) For Others (Duties and Taxes)	1.371	2.831	3.909
Total	12.752	17.221	40.777

Financial Results:

During the year, company has achieved the turnover of Rs. 56.396 Millions and has gain a profit of Rs. 8.645 Millions after providing provisions for depreciation of Rs. 6.369 Millions.

Contingent Liabilities:

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009
a) Auditors Remuneration
Audit Fees	4000.000	4000.000
Tax Audit Fees	3000.000	3000.000
Other Maters	2000.000	2000.000
Service Tax	927.000	927.000

Bankers Charges Report as per Registry

Corporate identity number of the company	U26100MH2000PTC126634
Name of the company	KAPOOR GLASS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	5 Navalka, 24 Abdul Gaffar Khan Road, Worli, Mumbai-400018, Maharashtra, India
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	90149519
Type of charge	· Immovable Property · Book Debts · Movable Property · Others
Particular of charge holder	Central Bank of India, Andheri East Branch, Shiv Chhaya Compound, Mathurdas Visanji Road, Andheri (East), Mumbai-400069, Maharashtra, India Email: agmmumn0595@centralbank.co.in
Nature of instrument creating charge	1. Letter of Hypothecation 2. Letter of Hypothecation – Book Debts- Loans 3. Agreement of Book Debts to secure Demand overdraft against receivables 4. Agreement of hypothecation of goods to secure- Demand letter of credit against goods.
Date of instrument Creating the charge	22.06.2011
Amount secured by the charge	Rs. 20.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC Cum PC – Rs. 7.000 Millions – BR + 5.25% (Sub Limit in CC/ PC – upto 90 Days- Rs. 3.000 Millions – BR + 6.25%), Term Loan = Rs. 7.500 Millions and for LC/ LG – as may be determined by bank from time to time. Terms of Repayment On Demand and for term loan as per the principal agreement. Margin Cash Credit cum packaging credit- 25% (Sublimit in CC/PC –upto 90 Days – Rs. 3.000 Millions – 50%) Term Loan – 25% Letter of Credit- 25% Extent and Operation of the charge As per Agreement
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Borrowers’ present and future book debts, outstandings, moneys, receivables, claims, bills, contracts, securities, investments, rights and assets. All tangible movable property like stock in trade and goods, whether finished or raw or under process whether bought/ stores at Panvel, MIDC- Andheri or anywhere in India all movable machinery and spare parts and Land and Building situated on Plot No. 212, Admeasuring 608 sq.mt. Jawahar Cooperative Industrial Estate, Kamothe, Taluka-Panvel District Raigad -410209
Date of instrument modifying the charge	29.07.2010
Particulars of the present modification	By this modification the revised limits stand as under: Cash Credit cum packing credit limit stands at Rs. 7.000 Millions (sub limit in CC/ PC- ODBD (upto 90 Days) – Rs. 3.000 Millions), Term Loan stands at Rs. 7.500 Millions which is revalidated for further 3 months only and letter of credit cum letter of guarantee (Incl/ Imp DA/ DP up to 180 Days usance) – Rs. 6.000 Millions

Fixed Assets:

· Leasehold Land and Building

· Plant and Machinery

· Electrical Installation

· Oxygen Generator

· Furniture and Fixture

· Motor Car

· Office Equipments

· Data Processing Equipment

· Tube Well

· Fire Fighting Equipments

· Franking Machine.

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.48.82
UK Pound	1	Rs.78.57
Euro	1	Rs.69.29

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--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		22

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.