MIRA INFORM REPORT

Report Date :

17.02.2012

IDENTIFICATION DETAILS

Name :	GLAZETECH INDUSTRIES PRIVATE LIMITED

Formerly Known As :	GLAZETECH ALUPANEL PRIVATE LIMITED

Registered Office :	E-703-A, Sitapura Industrial Area, Jaipur – 302022, Rajasthan

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	25.08.2004

Com. Reg. No.:	17-019644

Capital Investment / Paid-up Capital :	Rs. 56.800 Millions

CIN No.: [Company Identification No.]	U27203RJ2004PTC019644

IEC No.:	1305010647

TIN No.:	08492108966

PAN No.: [Permanent Account No.]	AACCG1902E

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Aluminum Composite Panel

No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 210000

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

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. Sanjay
Designation :	Accountant
Contact No.:	91-7742419900
Date :	11.02.2012

LOCATIONS

Registered Office/ Factory :	E-703-A, Sitapura Industrial Area, Jaipur – 302022, Rajasthan, India
Tel. No.:	91-141-2771818/2771819
Fax No.:	91-141-2771572
E-Mail :	mail@glazetech.in a.ghiya@glaetech.in
Website :	www.glazetech.in
Area :	4000 sq.mt
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Brijesh Chandra Ghiya
Designation :	Director
Address :	3, Sardar Patel Marg, C-Scheme, Jaipur-302001, Rajasthan, India
Date of Appointment :	25.08.2004
DIN No.:	00040264

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	U31300RJ1981PTC002223	UNICAB PRIVATE LIMITED	Director	01-01-97	01-01-97	-	Active	NO
2	U14102RJ1984PTC003015	RUBY GRANITE AND MARBLES PRIVATE LIMITED	Director	01-04-04	01-04-04	-	Active	NO
3	U27203RJ2004PTC019644	GLAZETECH INDUSTRIES PRIVATE LIMITED	Director	25-08-04	25-08-04	-	Active	NO
4	U27203RJ2004PTC019680	GLAZETECH FABRICATION PRIVATE LIMITED	Director	17-03-06	17-03-06	07-07-07	Active	NO
5	U45201RJ2006PTC022645	GLAZETECH INFRASTRUCTURE PRIVATE LIMITED	Director	13-06-06	13-06-06	-	Active	NO
6	U36101RJ1996PTC011547	JUNIOR QUATTRO DESIGNS PRIVATE LIMITED	Additional director	15-09-08	15-09-08	-	Active	NO

Name :	Mr. Akshat Ghiya
Designation :	Director
Address :	3, Sardar Patel Marg, C-Scheme, Jaipur-302001, Rajasthan, India
Date of Appointment :	25.08.2004
DIN No.:	00038300

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	U27203RJ2004PTC019644	GLAZETECH INDUSTRIES PRIVATE LIMITED	Director	25-08-04	25-08-04	-	Active	NO
2	U27203RJ2004PTC019680	GLAZETECH FABRICATION PRIVATE LIMITED	Director	08-09-04	08-09-04	07-07-07	Active	NO
3	U45201RJ2006PTC022645	GLAZETECH INFRASTRUCTURE PRIVATE LIMITED	Director	13-06-06	13-06-06	-	Active	NO
4	U36911RJ1968PTC001254	AABHUSHAN PRIVATE LIMITED	Director	15-11-06	15-11-06	-	Active	NO
5	U37100DL2010PTC205431	KARMA RECYCLING PRIVATE LIMITED	Additional director	16-01-12	16-01-12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay
Designation :	Accountant

Name :	Ms. Lakshika Garg
Designation :	Secretary
Address :	Sector-4, flat No.705, Jawahar Nagar, Jaipur-302004, Rajasthan, India
Date of Appointment :	15.04.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Brijesh Ghiya	4000
Akshat Ghiya	4000
Akshat Ghiya (HUF)	2393750
Shashank Gupta	98250
Namrata Ghiya	3180000
Total	5680000

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Aluminum Composite Panel

Products :

ITC CODE	PRODUCT
76109090	Aluminum Panel Sheet and Aluminum Colour Coating

Imports :

Products :

· Paints

· Aluminum

Countries :

Garmco (Bahrain)

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Aluminum Composit Panel	Sq. Ft.	3600000	3600000	1578764.20
Aluminum Coil / Sheet	Sq. Ft.	--	--	5704

GENERAL INFORMATION

Customers :

Wholesaler and Retailers

ACG Pharma, Pune
ACP Trading Company
Ad Media
Ad World, Jaipur
Deist Industries Private Limited
Ishika Infraservice Private Limited
Sarat Heritage Hotel Private Limited
Sign World, Jaipur
B R Agencies
Bawa Alloys Private Limited, Dehradun
Sign Techno India
Mahaveer Enterprises, Surat

No. of Employees :

156 (Approximately)

Bankers :

State Bank of Bikaner and Jaipur – 2^nd Floor, Tambi Tower, S.C. Road, Jaipur, Rajasthan, India
ICICI Bank Limited – Jaipur, Rajasthan, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
State Bank of Bikaner and Jaipur – Term Loan (Secured by Equitable mortgage of factory Land and Building and hypothecation / charge on other movable fixed and current assets f the company and personal guarantee of all the directors. The above loan is further secured by equitable mortgage of property belonging to a concern in which directors are interested and its corporate guarantee)	6.074	16.000
State Bank of Bikaner and Jaipur – Cash Credit (Secured by Equitable mortgage of factory Land and Building and hypothecation / charge on other movable fixed and current assets f the company and personal guarantee of all the directors. The above loan is further secured by equitable mortgage of property belonging to a concern in which directors are interested and its corporate guarantee)	33.759	27.376
AU Finance (Auto Loan)	0.126	0.193
HDFC Bank (Car Loan)	0.353	0.540
Total	40.312	44.109

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Standard Chartered Bank Limited	15.550	15.405
Brijesh Chand Akshat Kumar Ghiya (HUF)	51.717	50.567
Dev Vrat Arya	1.000	1.000
Joharilal Chetan Prakash Ajmerwala	1.500	1.500
Jugraj Jain	0.500	0.500
Kavita Gattani	0.000	2.500
Khushi Buildtech Limited	0.000	1.500
Madhu Bala Gattani	2.500	2.500
Narhrata Ghiya	2.250	2.250
Rattan Prakash Exports	0.000	1.000
Sanjay Goyal	3.000	2.000
Stain Stones	1.000	1.000
Guide Line Travels Private Limited	1.000	0.000
Kahniya Lal Ghatiwala	2.500	0.000
Manglani Jute Industries	1.500	0.000
S Nandkumar and Company Private Limited	0.500	0.000

Total	84.517	81.722


Banking Relations :	--

Auditors :
Name :	Mathur and Company Chartered Accountant
Address :	112, Navjeevan Complex, Station Road, Jaipur, Rajasthan, India

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

6250000	Equity Shares	Rs.10/- each	Rs. 62.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

5680000	Equity Shares	Rs.10/- each	Rs. 56.800 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		56.800	48.600	48.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(2.536)	(5.149)	(7.934)
NETWORTH		54.264	43.451	40.666
LOAN FUNDS
1] Secured Loans		40.312	44.109	48.780
2] Unsecured Loans		84.517	81.722	55.702
TOTAL BORROWING		124.829	125.831	104.482
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		179.093	169.282	145.148

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		53.220	56.069	57.745
Capital work-in-progress		1.616	1.616	1.606

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		3.155	3.557	4.181

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	97.493	97.551	76.921
	Sundry Debtors	31.512	43.158	29.300
	Cash & Bank Balances	2.380	2.335	2.153
	Other Current Assets	0.000	0.573	0.512
	Loans & Advances	9.044	6.304	5.154
Total Current Assets		140.429	149.921	114.040
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.559	19.536
	Other Current Liabilities	9.486	21.733	32.048
	Provisions	1.282	0.612	0.434
Total Current Liabilities		19.327	41.881	32.482
Net Current Assets		121.102	108.040	81.558

MISCELLANEOUS EXPENSES		0.000	0.000	0.058

TOTAL		179.093	169.282	145.148

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	105.713	131.678	125.391
		Other Income
		TOTAL	105.713	131.678	125.391

Less	EXPENSES
		Office Expenses	102.210	128.269	120.693
		Administrative Expenses
		Advertising Expenses
		TOTAL	102.210	128.269	120.693

	PROFIT BEFORE TAX		3.503	3.409	4.698

Less	TAX		0.890	0.625	1.010

	PROFIT AFTER TAX		2.613	2.784	3.688

	IMPORTS
		Raw Materials Consumables Capital Goods	16.949	28.181	53.041
	TOTAL IMPORTS		16.949	28.181	53.041

	Earnings Per Share (Rs.)		0.46	0.57	0.76

Expected Sales (2011-2012) : Rs. 100.000 Millions

The above information has been parted by Mr. Sanjay

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.47	2.11	2.94

Return on Total Assets (PBT/Total Assets}	(%)	1.78	1.63	2.67

Return on Investment (ROI) (PBT/Networth)		0.06	0.08	0.12

Debt Equity Ratio (Total Liability/Networth)		2.66	3.86	3.37

Current Ratio (Current Asset/Current Liability)		7.27	3.58	3.51

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions 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	No
13. Reasons for variation <> 20%	Yes
14. Estimation for coming financial year	Yes
15. Capital in the business	No
16. Details of sister concerns	No
17. Major suppliers	No
18. Major customers	No
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	-------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	Yes
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	------

BUSINESS PERFORMANCE

The Company has earned profit before tax Rs. 3.503 Millions during current financial year. The expenditure is overall in control. The company has made provision of income tax liability. The Year was marked by several successes for the operational divisions of the company, despite overwhelming difficulties faced by the company.

FORM 8

Corporate identity number of the company

U27203RJ2004PTC019644

Name of the company

GLAZETECH INDUSTRIES PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

103, Ridhi Sidhi Building, Ahinsa Circle, C-Scheme, Jaipur, Rajasthan, India

This form is for

Modification of charge

Type of charge

Book Debts

Movable Property

Immovable Property

Particular of charge holder

Name :	State Bank of Bikaner and Jaipur
Address :	Industrial Finance Branch, 2^nd Floor, Tambi Tower, S.C. Road, Jaipur – 302003, Rajasthan, India
Email :	surendrajain@sbbj.co.in

Nature of instrument creating charge

Supplemental agreement of loan for increase in overall limit
Supplemental agreement of hypothecation of goods and assets for increase in the overall limit
Letter regarding the grant of individual limits within the overall limit
Sanction letter duly acknowledged by borrower and guarantor
Letter regarding confirmation of deposit of title deed to create equitable mortgage
Resolution of the company

Date of instrument Creating the charge

10.04.2010

Amount secured by the charge

Rs. 63.500 millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest – 0.50% below BPLR ie. 11.75% for working capital limit as against applicable rate of 2.75% above BPLR i.e 15.00% for SB-8 (new model) rated C and I borrower

Terms of Repayment – Repayable on demand

Margin – Raw material – 25%

SIP – 30%

FG – 30%

Book Debts – 50%

Extent and Operation of the charge – The charge will operates as first charge on company’s entire current and fixed assets (existing and future) to cover the working capital limits to the extent of Rs. 63.500 millions

Particulars of the property charged

First charge by way of hypothecation over company entire current assets such as R.M., SIP, stores and spare, finished goods, semi-finished goods, receivables and other current assets, present and future.

Exclusive first charge over entire fixed assets of the company including equitable mortgage on company’s land and building at E-703A, RIICO 2A Industrial Area, Sitapura Extension, Jaipur EM of commercial premises situated at ground floor (G-3) and basement (B-3) of multi-storied complex Ridhi-Sidhi, Ahinsa Circle, C-Scheme Jaipur registered in the name of Unicab Private Limited

Personal guarantee of the directors of the company Shri Brijesh Chandra Ghiya, Sh. Asshat Ghiya and Smt. Namrata Ghiya Corporate guarantee of M/s Unicab Private Limited

Particulars of the present modification

By this modification, the W.C. limits of the company stand enhanced as under:

Rs. In Millions

Cash credit (Hypothecation) 27.500 37.500

Book Debts (within CC) (13.500) (12.000)

IBP Clean (within CC) (2.500) (2.500)

LC (Foreign+Inland) 15.000 15.000

BG 3.500 11.000

One time BG 7.500 ------

Total 53.500 63.500

All other terms and conditions same

FIXED ASSETS

· Land

· Factory Equipment

· Computer

· Plant and Machinery

· Electrical Installation

· Furniture and Fixture

· Motor Car

· Bicycle

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. 77.45
Euro	1	Rs. 64.89

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--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	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.

MIRA INFORM REPORT

97.493

31.512

2.380

0.000

9.044

140.429

8.559

9.486

1.282

19.327

121.102

2.47

1.78

0.06

2.66

7.27

Unit