MIRA INFORM REPORT

Report Date :

03.04.2012

IDENTIFICATION DETAILS

Name :	GLASS EQUIPMENT (INDIA) LIMITED
Registered Office :	2, Red Cross Place, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.01.1970
Com. Reg. No.:	21-065595
Capital Investment / Paid-up Capital :	Rs.2.640 Million
CIN No.: [Company Identification No.]	U36900WB1970PLC065595
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Container Glass
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1070000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual 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.

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

LOCATIONS

Registered Office :	2, Red Cross Place, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22482341/4
Fax No.:	91-33-22482367
E-Mail :	kkothari@hngil.com hq@glasseq.com info@glasseq.com
Website :	http://www.glasseq.com
Factory :	P.O Box o. 7, Bahadurgarh, Jhajjar – 124507, Haryana, India
Tel. No.:	91-1276-221400
Fax No.:	91-1276-221555

DIRECTORS

As on 19.08.2011

Name :

Mr. Jagdish Prasad Kasera

Designation :

Director

Address :

17.08.1947

Date of Birth/Age :

HNG Colony, Bahadurgarh, Jhajjar – 124507, Haryana, India

Date of Appointment :

25.06.1998

DIN No.:

00013299

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	25-06-98	25-06-98	-	Active	NO
2	U74899DL1994PLC058547	ACE GLASS CONTAINERS LIMITED	Director	08-01-02	08-01-02	-	Active	YES
3	U25209WB2001PLC111449	SOMANY FOAM LIMITED	Director	29-09-07	22-03-07	-	Active	NO
4	U29290WB1973PLC164597	AMCL MACHINERY LIMITED	Director	19-05-09	10-03-08	-	Active	NO

Name :

Mr. Chandra Kumar Somany

Designation :

Whole-time director

Address :

2, Iron Side Road, Kolkata – 700001, West Bengal, India

Date of Birth/Age :

25.06.1933

Date of Appointment :

01.10.2000

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 & INDUSTRIES LIMITED	Director	01-04-70	01-04-70	-	Active	NO
2	L02101KA1955PLC001936	THE WEST COAST PAPER MILLS LIMITED	Director	30-11-93	30-11-93	-	Active	NO
3	U74140WB1992PLC054901	NIKET ADVISORY & TRADING COMPANY LIMITED	Director	02-04-94	02-04-94	-	Active	NO
4	U30007WB1989PLC047910	HASOW AUTOMATION LIMITED	Director	25-06-95	25-06-95	-	Amalgamated	NO
5	L01131WB1985PLC039054	TOPAZ COMMERCE LTD	Director	10-07-98	10-07-98	-	Amalgamated	NO
6	U70101WB1991PTC051664	NOBLE ENCLAVE & TOWERS PRIVATE LIMITED	Director	18-12-99	18-12-99	-	Amalgamated	NO
7	U36900WB1970PLC065595	GLASS EQUIPMENT (INDIA) LIMITED	Whole-time director	01-10-08	01-10-00	-	Active	NO
8	L65993WB1981PLC034252	SPOTLIGHT VANIJYA LIMITED	Director	25-10-00	25-10-00	-	Active	NO
9	U25209WB2001PLC111449	SOMANY FOAM LIMITED	Director	30-08-01	30-08-01	-	Active	NO
10	U51909WB1994PTC064538	MICROWAVE MERCHANTS PRIVATE LIMITED	Director	15-10-03	15-10-03	-	Active	NO
11	U51909WB1996PTC077149	AMAZON SALES PVT LIMITED	Director	22-08-05	22-08-05	-	Amalgamated	NO
12	U51909WB1971PTC027946	CANS & CLOSURES PRIVATE LIMITED	Director	26-09-05	26-09-05	01-12-08	Active	NO
13	U91110WB1946NPL013477	MCC CHAMBER OF COMMERCE AND INDUSTRY	Director	18-06-06	18-06-06	23-03-11	Active	NO
14	U26101WB2006PLC111182	HNG FLOAT GLASS LIMITED.	Director	29-07-06	29-07-06	-	Active	NO
15	U51909WB1996PTC078731	DHANANJAY TRADELINK PRIVATE LIMITED	Director	15-09-06	15-09-06	-	Amalgamated	NO
16	U29192WB1981PTC033808	KESHAV ENGINEERING CO PRIVATE LIMITED	Director	24-03-08	24-03-08	-	Amalgamated	NO
17	U51909WB1991PTC053568	EXIM SCRIPS SERVICES PRIVATE LIMITED	Director	02-04-08	02-04-08	-	Amalgamated	NO
18	U26941WB2008PLC126398	HNG CEMENT LIMITED	Director	04-06-08	04-06-08	-	Active	NO
19	U40101WB2008PLC128922	HNG POWER LIMITED	Director	29-08-08	29-08-08	-	Active	NO
20	U51109WB1992PTC054375	BRABOURNE COMMERCE PRIVATE LIMITED	Director	27-02-09	27-02-09	-	Active	NO
21	U52190WB1994PTC062654	ABHASHREE MERCHANTTS PRIVATE LIMITED	Additional director	30-06-09	30-06-09	-	Amalgamated	NO
22	U51109WB2006PTC108707	GALAXY VINIMAY PRIVATE LIMITED	Director	30-09-10	19-09-09	-	Amalgamated	NO
23	U74900WB2010PLC152232	MOULD EQUIPMENT LIMITED	Director	13-08-10	13-08-10	-	Active	NO
24	U74994WB2010PLC152582	OMCO HNG ENGINEERING LIMITED	Director	26-08-10	26-08-10	-	Active	NO
25	U26100DL1970NPL005313	ALL INDIA GLASS MFRS'. FEDERATION.	Director	18-09-10	18-09-10	-	Active	NO

Name :

Sanjay Somany

Designation :

Director

Address :

W-27, Greater Kailash Part – 2, New Delhi – 110048, India

Date of Birth/Age :

28.08.1958

Date of Appointment :

01.10.2000

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	25-02-91	25-02-91	-	Amalgamated	NO
2	L26109WB1946PLC013294	HINDUSTHAN NATIONAL GLASS & INDUSTRIES LIMITED	Managing director	27-03-93	27-03-93	-	Active	NO
3	U74140WB1992PLC054901	NIKET ADVISORY & TRADING COMPANY LIMITED	Director	02-04-94	02-04-94	-	Active	NO
4	L01131WB1985PLC039054	TOPAZ COMMERCE LIMITED	Director	10-07-98	10-07-98	-	Amalgamated	NO
5	U51109WB1995PTC068911	SPOTME TRACON PRIVATE LIMITED	Director	18-12-99	18-12-99	-	Active	NO
6	U36900WB1970PLC065595	GLASS EQUIPMENT (INDIA) LTD	Director	01-10-00	01-10-00	-	Active	NO
7	U70101WB1991PTC051664	NOBLE ENCLAVE & TOWERS PRIVATE LIMITED	Director	17-10-00	17-10-00	-	Amalgamated	NO
8	L65993WB1981PLC034252	SPOTLIGHT VANIJYA LTD	Director	25-10-00	25-10-00	-	Active	NO
9	U25209WB2001PLC111449	SOMANY FOAM LIMITED	Director	30-08-01	30-08-01	-	Active	NO
10	U51909WB1994PTC064538	MICROWAVE MERCHANTS PVT.LTD.	Director	15-10-03	15-10-03	-	Active	NO
11	U51109WB1996PTC079055	KHAZANA MARKETING PRIVATE LIMITED	Director	22-11-04	22-11-04	-	Active	NO
12	U51909WB1996PTC077149	AMAZON SALES PRIVATE LIMITED	Director	22-08-05	22-08-05	-	Amalgamated	NO
13	U26101WB2006PLC111182	HNG FLOAT GLASS LIMITED.	Director	29-07-06	29-07-06	-	Active	NO
14	U51909WB1996PTC078731	DHANANJAY TRADELINK PRIVATE LIMITED	Director	15-09-06	15-09-06	-	Amalgamated	NO
15	U26100DL1970NPL005313	ALL INDIA GLASS MFRS'. FEDERATION.	Director	21-09-07	21-09-07	-	Active	NO
16	U29290WB1973PLC164597	AMCL MACHINERY LIMITED	Director	19-05-09	10-03-08	-	Active	NO
17	U29192WB1981PTC033808	KESHAV ENGINEERING CO PRIVATE LIMITED	Director	24-03-08	24-03-08	-	Amalgamated	NO
18	U51909WB1991PTC053568	EXIM SCRIPS SERVICES PRIVATE LIMITED	Director	02-04-08	02-04-08	-	Amalgamated	NO
19	U26941WB2008PLC126398	HNG CEMENT LIMITED	Director	04-06-08	04-06-08	-	Active	NO
20	U40101WB2008PLC128922	HNG POWER LIMITED	Director	29-08-08	29-08-08	-	Active	NO
21	U51109WB1992PTC054375	BRABOURNE COMMERCE PRIVATE LIMITED	Director	27-02-09	27-02-09	-	Active	NO
22	U52190WB1994PTC062654	ABHASHREE MERCHANTTS PRIVATE LIMITED	Additional director	30-06-09	30-06-09	-	Amalgamated	NO
23	U51109WB2006PTC108707	GALAXY VINIMAY PRIVATE LIMITED	Director	30-09-10	19-09-09	-	Amalgamated	NO
24	U74900WB2010PLC152232	MOULD EQUIPMENT LIMITED	Director	13-08-10	13-08-10	-	Active	NO
25	U74994WB2010PLC152582	OMCO HNG ENGINEERING LIMITED	Director	26-08-10	26-08-10	-	Active	NO
26	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	24-12-10	24-12-10	-	Active	NO

Name :

Mukul Somany

Designation :

Director

Address :

2, Iron Side Road, Kolkata – 700001, West Bengal, India

Date of Birth/Age :

15.10.1965

Date of Appointment :

06.12.1991

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	06-12-91	06-12-91	-	Active	NO
2	L26109WB1946PLC013294	HINDUSTHAN NATIONAL GLASS & INDUSTRIES LIMITED	Managing director	23-07-92	23-07-92	-	Active	NO
3	U51909WB1994PLC061379	HNG INTERNATIONAL LIMITED	Director	07-01-94	07-01-94	-	Amalgamated	NO
4	U74140WB1992PLC054901	NIKET ADVISORY & TRADING COMPANY LIMITED	Director	02-04-94	02-04-94	-	Active	NO
5	U51909WB1971PTC027946	CANS & CLOSURES PRIVATE LIMITED	Director	30-12-95	30-12-95	01-12-08	Active	NO
6	L01131WB1985PLC039054	TOPAZ COMMERCE LIMITED	Director	10-07-98	10-07-98	-	Amalgamated	NO
7	U51909WB1993PTC060882	RUNGAMATTEE TREXIM PRIVATE LIMITED	Director	18-12-99	18-12-99	-	Active	NO
8	U70101WB1991PTC051664	NOBLE ENCLAVE & TOWERS PRIVATE LIMITED	Director	17-10-00	17-10-00	-	Amalgamated	NO
9	L65993WB1981PLC034252	SPOTLIGHT VANIJYA LIMITED	Director	25-10-00	25-10-00	-	Active	NO
10	U25209WB2001PLC111449	SOMANY FOAM LIMITED	Director	30-08-01	30-08-01	-	Active	NO
11	U51909WB1994PTC064538	MICROWAVE MERCHANTS PRIVATE LIMITED	Director	15-10-03	15-10-03	-	Active	NO
12	U70109WB1994PTC061767	SAURAV CONTRACTORS PRIVATE LIMITED	Director	20-05-04	20-05-04	-	Active	NO
13	U51109WB1992PTC054899	WISDOM SALES PRIVATE LIMITED	Director	09-08-04	09-08-04	-	Amalgamated	NO
14	U51909WB1996PTC077149	AMAZON SALES PRIVATE LIMITED	Director	22-08-05	22-08-05	-	Amalgamated	NO
15	U26101WB2006PLC111182	HNG FLOAT GLASS LIMITED.	Director	29-07-06	29-07-06	-	Active	NO
16	U51909WB1996PTC078731	DHANANJAY TRADELINK PRIVATE LIMITED	Director	15-09-06	15-09-06	-	Amalgamated	NO
17	U85300WB1929NPL006235	BENGAL ROWING CLUB	Director	25-09-06	25-09-06	30-07-10	Active	NO
18	U26100DL1970NPL005313	ALL INDIA GLASS MFRS'. FEDERATION.	Director	21-09-07	21-09-07	-	Active	NO
19	U29290WB1973PLC164597	AMCL MACHINERY LIMITED	Director	19-05-09	10-03-08	-	Active	NO
20	U29192WB1981PTC033808	KESHAV ENGINEERING CO PRIVATE LIMITED	Director	24-03-08	24-03-08	-	Amalgamated	NO
21	U51909WB1991PTC053568	EXIM SCRIPS SERVICES PRIVATE LIMITED	Director	02-04-08	02-04-08	-	Amalgamated	NO
22	U26941WB2008PLC126398	HNG CEMENT LIMITED	Director	04-06-08	04-06-08	-	Active	NO
23	U85300WB1926GAP005585	INDIAN CHAMBER OF COMMERCE CALCUTTA	Director	30-06-11	30-06-08	-	Active	NO
24	U40101WB2008PLC128922	HNG POWER LIMITED	Director	29-08-08	29-08-08	-	Active	NO
25	U51109WB1992PTC054375	BRABOURNE COMMERCE PRIVATE LIMITED	Director	27-02-09	27-02-09	-	Active	NO
26	U52190WB1994PTC062654	ABHASHREE MERCHANTTS PRIVATE LIMITED	Additional director	30-06-09	30-06-09	-	Amalgamated	NO
27	U51109WB2006PTC108707	GALAXY VINIMAY PRIVATE LIMITED	Director	30-09-10	19-09-09	-	Amalgamated	NO
28	U67120WB1923PLC004707	THE CALCUTTA STOCK EXCHANGE LIMITED	Director	03-01-11	19-11-09	-	Active	NO
29	U74900WB2010PLC152232	MOULD EQUIPMENT LIMITED	Director	13-08-10	13-08-10	-	Active	NO
30	U74994WB2010PLC152582	OMCO HNG ENGINEERING LIMITED	Director	26-08-10	26-08-10	-	Active	NO

Name :

Bharat Somany

Designation :

Whole-time director

Address :

16.11.1985

Date of Birth/Age :

W-27, Greater Kailash Part – 2, New Delhi – 110048, India

Date of Appointment :

13.12.2008

DIN No.:

00124694

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	U51109WB1996PTC079055	KHAZANA MARKETING PRIVATE LIMITED	Director	22-11-04	22-11-04	-	Active	NO
2	U51109WB1995PTC068911	SPOTME TRACON PRIVATE LIMITED	Director	28-01-05	28-01-05	-	Active	NO
3	U51909WB1994PLC061379	HNG INTERNATIONAL LIMITED	Director	28-09-06	04-04-06	-	Amalgamated	NO
4	U36900WB1970PLC065595	GLASS EQUIPMENT (INDIA) LIMITED	Whole-time director	01-06-09	13-12-08	-	Active	NO
5	U74900WB2010PLC152232	MOULD EQUIPMENT LIMITED	Director	13-08-10	13-08-10	-	Active	NO

Name :

Jitendra Singh

Designation :

Director

Address :

2, Nildih Road, Jamshedpur – 831003, Jharkhand, India

Date of Birth/Age :

25.01.1947

Date of Appointment :

10.02.2010

DIN No.:

03017723

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.08.2011

Names of Shareholders	No. of Shares
HNG and Indus Limited, India	26200
Somany Chandra	20
Mukul Somany	20
Sanjay Somany	20
Bharat Somany	20
Mandhana N L	20
Taparia Alok	20
Vivek Khator	20
Ajay Choudhary	20
Bishnu Kumar Kedia	20

Equity Share Break up (Percentage of Total Equity)

As on 19.08.2011

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Container Glass

Products :

Product Description	Item Code No.
Glass forming machine, overhauling & services	84751000
Spares & accessories	84759000

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Glass Manufacturing Machine	Nos.	10	7	--
Feeder, Accessories & Spares	Nos.	15	7	--
Glass Ceramic Decorating Machines, Accessories & Spare Parts	Nos.	12	12	--
Fully Automatic Tile Press	Nos.	10	10	--
Tile Loading Equipment	Nos.	10	10	--
Tile Sorting & Packing Equipment	Nos.	15	15	--
I.S. Machine Conversion	Nos.	10	10	6
Bottle Inspection & Packing Machine	Nos.	10	10	--
Conveyor, Single Liners, Ware Transfer, Accessories & Spares	Nos.	10	10	27
Annealing / Decorating Lehr	Nos.	5	5	--
Motor Driven Press & Fire Finishing Machine	Nos.	5	5	--

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Union Bank of India, Industrial Finance Branch, C-39, Connught Circus, New Delhi – 110001, India
• The Hong Kong Sanghai Corporation Limited, 31, B B D Bagh Branch, Kolkata, West Bengal, India
• HDFC bank Limited, HDFC House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working capital loans banks secured	9.818	9.210
Total	9.818	9.210
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Other debt unsecured	5.500	5.500
Total	5.500	5.500

Banking Relations :	--
Auditors :
Name :	Krishan Somani and Associates Chartered Accountant
Address :	417, Laxmi Tower, Commercial Complex, Azadpur, Delhi – 110033, India
PAN.:	AKVPS6032K
Holding Company :	Hindusthan National Glass and Industries Limited
Fellow Subsidiary :	Quality Minerals Limited
Entities over which Directors and their relatives have influence :	Brabourne Commerce Private Limited Rungamattee Trexim Private Limited Mould Equipment Limited Somany Foam Limited HNG Float Glass Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
26400	Equity Shares	Rs.100/- each	Rs.2.640 Millions

Footnotes

• Held by the holding company, Hindusthan National Glass and Industries Limited and its nominees, (of the above, 1500 Equity Shares of Rs.100/- each have been issued for consideration other than cash)

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		2.640	2.640	2.640
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		265.040	254.051	208.954
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		267.680	256.691	211.594
LOAN FUNDS
1] Secured Loans		9.818	9.210	28.042
2] Unsecured Loans		5.500	5.500	6.500
TOTAL BORROWING		15.318	14.710	34.542
DEFERRED TAX LIABILITIES		0.000	2.927	3.017
TOTAL		282.998	274.328	249.153
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		55.923	67.656	75.099
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.028	0.027
DEFERREX TAX ASSETS		0.806	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	290.906	131.335	128.037
	Sundry Debtors	0.000	92.086	78.278
	Cash & Bank Balances	2.507	4.655	1.425
	Other Current Assets	0.000	0.000	0.005
	Loans & Advances	39.587	60.778	53.530
Total Current Assets		333.000	288.854	261.275
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	72.343	9.090	25.292
	Other Current Liabilities	12.829	10.613	9.108
	Provisions	21.559	62.507	52.848
Total Current Liabilities		106.731	82.210	87.248
Net Current Assets		226.269	206.644	174.027
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		282.998	274.328	249.153

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	244.832	365.871	258.193
		Other Income	1.862	2.377	1.939
		TOTAL (A)	246.694	368.248	260.132
Less	EXPENSES
		Consumption materials changes inventories	134.308	213.180	206.885
		Manufacturing other operating expenses	70.201	56.778
		TOTAL (B)	204.509	269.958	206.885
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		42.185	98.290	53.247
Less	FINANCIAL EXPENSES (D)		1.479	1.249	3.150
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		40.706	97.041	50.097
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.207	11.951	7.511
	PROFIT BEFORE TAX (E-F) (G)		28.499	85.090	42.586
Less	TAX (H)		10.524	29.507	14.632
	PROFIT AFTER TAX (G-H) (I)		17.975	55.583	27.954
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		52.780	9.354	4.489
Less	APPROPRIATIONS
		Transfer to General Reserve	39.000	6.000	20.000
		Proposed Dividend	2.640	5.280	2.640
		Tax on Dividend	0.428	0.877	0.449
	BALANCE CARRIED TO THE B/S		28.687	52.780	9.354
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	0.231	0.000	1.689
	IMPORTS
		Spares / Components	103.668	18.540	0.622
	Earnings Per Share (Rs.)		681.00	2105.00	1059.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.29	15.09	10.75
Net Profit Margin (PBT/Sales)	(%)	11.64	23.26	16.49
Return on Total Assets (PBT/Total Assets}	(%)	7.33	23.87	12.66
Return on Investment (ROI) (PBT/Networth)		0.11	0.33	0.20
Debt Equity Ratio (Total Liability/Networth)		0.46	0.38	0.58
Current Ratio (Current Asset/Current Liability)		3.12	3.51	2.99

LOCAL AGENCY FURTHER INFORMATION

WORKING REVIEW

The Net Sales of the Company during the year was Rs.244.832 millions against Rs.365.871 millions in the previous year.

CONTINGENT LIABILITIES NOT PROVIDED FOR

Particulars	31.03.2011	31.03.2010
	Rs. in Millions
a) Income Tax demand against which company has preferred an appeal	NIL	NIL
b) Surety given to sales tax department on behalf of :	5.000	5.000
Holding Company, Hindusthan National Glass and Industries Limited
c) Bonds executed in favour of Central Excise Department	0.001	0.001
d) Corporate Guarantee given on behalf of Somany Foam Limited	1.148	323.500
TOTAL	6.149	328.501

FORM 8

Corporate identity number of the company	U36900WB1970PLC065595
Name of the company	GLASS EQUIPMENT (INDIA) LTD
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: kkothari@hngil.com
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	HDFC bank Limited, HDFC House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India Email: cpu-retailassetoperations.rocefiling@hdfcbank.com
Nature of instrument creating charge	Agreement for Loan and Guarantee.
Date of instrument Creating the charge	30.11.2011
Amount secured by the charge	Rs.655.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @ 10.81 % p.a. Terms of Repayment The Loan is repayable in 59 EMIs of Rs.14360/- starting from 15th December, 2011 ending on 15th October, 2016. Margin As may be stipulated by bank from time to time. Extent and Operation of the charge The Company hypothecates to and charges in favour of the Bank by way of first and exclusive charge of the Vehicle/ equipment described in Item No. 15 as security for the repayment/payment by the company of the loan granted or to be granted to the company by the Bank together with all fees, interest, costs and expenses incurred/to be incurred by the Bank and all other monies payable or to become payable by the company to the Bank. Others The Bank shall be absolutely entitled and have full power and authority to sell, assign or transfer in any manner, in whole or in part, and in such manner and on such terms as the Bank may decide, including reserving a right to the Bank to retain its power to proceed against the company on behalf of the purchaser, assignee or transferee, any or all outstanding dues of the company, to any third party of the Bank's choice without reference to or without written intimation to the company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Vehicles namely : TATA 407 (Year Of Manufacture: 2011)

FIXED ASSETS

• Plant and Machinery
• Office and Other Equipment
• Fixture and Fitting
• Vehicle
• Computer Software
• Technical Know

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.51.16
UK Pound	1	Rs.81.80
Euro	1	Rs.68.34

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.