MIRA INFORM REPORT

Report Date :

09.02.2012

IDENTIFICATION DETAILS

Name :	S.K. INTERNATIONAL GLASS PRIVATE LIMITED
Registered Office :	Vimrath Tower, No.59/2, 1^st Floor, Laskar Hosur Road, Adugodi, Bangalore – 560030, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.07.2008
Com. Reg. No.:	047273
Capital Investment / Paid-up Capital :	Rs.0.300 millions
CIN No.: [Company Identification No.]	U26100KA2008PTC047273
TAN No.: [Tax Deduction & Collection Account No.]	BLRS29492B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Glass Droppers, Glass Ampoules, Tubular Vials.
No. of Employees :	50 Approximately

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 15944
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an Established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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 – April 1, 2010

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

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

INFORMATION PARTED BY

Name :	Mr. Prashant
Designation :	General Manager
Contact No.:	91-9978400003
Date :	03.02.2012

LOCATIONS

Registered Office :	Vimrath Tower, No.59/2, 1^st Floor, Laskar Hosur Road, Adugodi, Bangalore – 560030, Karnataka, India
Tel. No.:	91-260-3268222
Fax No.:	91-260-3268222
Mobile No.:	91-9978400003 (Mr. Prashant)
E-Mail :	shilpa999@gmail.com skinternationalglass@yahoo.in
Website :	http://www.skglass.in
Area :	Owned
Location :	4500 Sq.ft.
Factory :	Survey No.168, Plot No.97, Dabhle Industrial Area, Daman – 396210, Daman and Diu, India
Tel. No.:	91-260-3268222
Fax No.:	91-260-3268222
Area :	10000 sq ft
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Ms. Rajni Sharma
Designation :	Director
Address :	Prestige Acropolis, Delphi – II, 605, Hosur Road, Koramangla, Bangalore – 560 029, Karnataka, India
Date of Birth/Age :	48 Years
Qualification :	Post Graduate
Date of Appointment :	24.07.2008
DIN No.:	01304633

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	U14102KA2003PTC032797	International Stones India Private Limited	Director	27/11/2003	27/11/2003	-	Active	NO
2	U34100KA2008PTC046161	S. K. International Motors Private Limited	Director	23/04/2008	23/04/2008	-	Active	NO
3	U26100KA2008PTC047273	S K International Glass Private Limited	Director	24/07/2008	24/07/2008	-	Active	NO

Name :	Ms. Shilpa Sharma
Designation :	Director
Address :	Prestige Acropolis, Delphi – II, 605, Hosur Road, Koramangla, Bangalore – 560 029, Karnataka, India
Date of Birth/Age :	26 Years
Qualification :	MBA
Date of Appointment :	24.07.2008
DIN No.:	02186834

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	U14101DL2005PTC132272	Ele Stones India Private Limited	Director	11/07/2005	11/07/2005	-	Active	YES
2	U26100KA2008PTC047273	S K International Glass Private Limited	Director	24/07/2008	24/07/2008	-	Active	NO
3	U72200KA2009PTC050196	Sk-Access Private Limited	Director	22/06/2009	22/06/2009	-	Active	NO

Name :	Mr. Shashnak Sharma
Designation :	Director
Address :	Prestige Acropolis, Delphi – II, 605, Hosur Road, Koramangla, Bangalore – 560 029, Karnataka, India
Date of Birth/Age :	24 Years
Qualification :	MBA
Date of Appointment :	24.07.2008
DIN No.:	02143594

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	U26100KA2008PTC047273	S K International Glass Private Limited	Director	24/07/2008	24/07/2008	-	Active	NO
2	U72200KA2009PTC050196	Sk-Access Private Limited	Director	22/06/2009	22/06/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Prashant Vijay
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Rajni Sharma	10000
Shashnak Sharma	10000
Shilpa Sharma	10000
Total	30000

AS ON 30.09.2011

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Glass Droppers, Glass Ampoules, Tubular Vials.
Products :	Glass Droppers · Plain Neck Droppers · Ball Neck Droppers · Bend Neck Droppers Glass Ampoules   · One-Point Cut (OPC) Ampoules · Ceramic Printed Ampoules · Flat Based and Constricted Neck Ampoules · Flame Cut Ampoules · Ampoules with colour break and identification bands Tubular Vials      · Plain Neck Vials · Screw Neck Vials · Test Tube Type Vials · Tablet Vials · QC/R and D Vials · Threaded Vials for roll on application · Sampler Vials in various sizes for perfumes/cosmetics, etc.
Exports :
Products :	Glass Droppers Glass Ampoules Tubular Vials
Countries :	Iran UK Colombia Mexico
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Retailers, Wholesaler

Bharat Rubber Works (P) (I)

No. of Employees :

50 Approximately

Bankers :

State Bank of India, Somanath Branch Daman

Facilities :

Rs. In Millions

UNSECURED LOAN	31.03.2011	31.03.2010
LOANS FROM DIRECTORS
Non-Interest Bearing
Rajani Sharma	4.856	4.856
Total	4.856	4.856

Banking Relations :	--
Auditors :
Name :	Cuddapah Ramesh and Company Chartered Accountant
Address :	No. 23, Anand, 2^nd Floor, Hare Krishna Road, Near Shivananda Circle, Bangalore 560001, Karnataka, India

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Share	Rs.10/- Each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Share	Rs.10/- Each	Rs.0.300 millions
	Share Application Money		Rs.2.310 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		0.300	0.300	2.610
2] Share Application Money		2.310	2.310	0.000
3] Reserves & Surplus		1.376	0.016	0.000
4] (Accumulated Losses)		0.000	0.000	(0.851)
NETWORTH		3.986	2.626	1.759
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		4.856	4.856	5.300
TOTAL BORROWING		4.856	4.856	5.300
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		8.842	7.482	7.059
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.602	3.539	3.032
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.048	0.054	0.060
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.257	2.650	2.405
	Sundry Debtors	4.225	0.614	0.850
	Cash & Bank Balances	0.336	1.166	0.304
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.293	0.433	0.541
Total Current Assets		7.111	4.863	4.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.117	0.472	0.311
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	2.054	0.622	(0.018)
Total Current Liabilities		2.171	1.094	0.293
Net Current Assets		4.940	3.769	3.807
MISCELLANEOUS EXPENSES		0.080	0.120	0.160
DUTIES AND TAXES		0.172	0.000	0.000
TOTAL		8.842	7.482	7.059

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	15.028	8.690	1.602
		Other Income	0.000	0.000	0.000
		TOTAL	15.028	8.690	1.602
Less	EXPENSES
		Material Consumed			0.382
		Manufacturing Expenses	12.913	7.033	0.046
		Operating and Administrative Expenses			1.535
		TOTAL	12.913	7.033	1.963
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.115	1.657	(0.361)
Less/ Add	DEPRECIATION/ AMORTISATION		NA	NA	0.534
	PROFIT BEFORE TAX		2.115	NA	(0.895)
Less	TAX		0.755	NA	(0.044)
	PROFIT AFTER TAX		1.360	0.868	(0.851)
	Earnings Per Share (Rs.)		--	--	--

Expected Sales (2011-12): Rs.30.000 millions

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.04	NA	(53.12)
Net Profit Margin (PBT/Sales)	(%)	14.07	9.98	(55.87)
Return on Total Assets (PBT/Total Assets}	(%)	19.74	NA	(12.55)
Return on Investment (ROI) (PBT/Networth)		0.53	NA	(0.51)
Debt Equity Ratio (Total Liability/Networth)		1.76	2.26	3.18
Current Ratio (Current Asset/Current Liability)		3.27	4.44	13.99

LOCAL AGENCY FURTHER INFORMATION

BACKGROUND:

The Company was started as a Private Limited Company on 24.07.2008 with Certificate of Incorporation issued by ROC in Karnataka State (CIN NO: U26100KA2008PTC047273). The main objects of the company are manufacture of Glass and allied products.

WORKING RESULTS:

The Company was incorporated on 24/07/2008 with ROC no: U26100KA2008PTC047273.The operating profit for the year is Rs. 2.724 millions. The Management of their company hopes to improve the profitability in the coming years.

FIXED ASSETS:

· Plant and Machinery

· Furniture and Fixture

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions 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 for last three years	Yes
12) Profitability for last three years	--
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

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.49.07
UK Pound	1	Rs.78.09
Euro	1	Rs.65.15

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--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	NO
--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		29

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

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.