MIRA INFORM REPORT

Report Date :

17.02.2012

IDENTIFICATION DETAILS

Name :	SAINT-GOBAIN GLASS INDIA LIMITED
Registered Office :	Plot No. A1, Sipcot Industrial Area, Sriperumbudur, Chennai – 602 105, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.04.1997
Com. Reg. No.:	18-37875
Capital Investment / Paid-up Capital :	Rs.697.350 Millions
CIN No.: [Company Identification No.]	U26109TN1997PLC037875
TAN No.: [Tax Deduction & Collection Account No.]	CHES05530A
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturers, Exporters and Importers of Glass and Glass Products such as Float Glass, Sheet Glass, Laminated and Toughened Wire Glass, Heat Treated Glass, Glass Wares and Mirrors.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 45000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings under 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/ Factory 1 :	Plot No. A1, Sipcot Industrial Area, Sriperumbudur, Chennai – 602 105, Tamilnadu, India
Tel. No.:	91-44-27162832 to 39 / 41-1132834
Fax No.:	91-44-27162840 / 41 / 41-1132841
E-Mail :	venkateswaran.l@saint-gobain.com sgg1@saint.gobain.co.in sriraman.r@saint-gobain.com sathya.narayanan@in.calyon.com mahesh.a@saint-gobain.com infobcci.gnoho@saint-gobain.com geeta.b@saint-gobain.com venkataraman.s@saint-gobain.com
Website :	http://www.saint-gobain.com http://www.saint-gobain-glass.com/in
Area :	100000 sq. ft on About 125 Acres Land
Location :	Owned
Factory 2 :	T-94-95 Bhosari Industrial Estate, Pune – 411 026, Maharashtra, India
Tel. No.:	91-20-27120047/1441/0623
Fax No.:	91-20-27120777
Factory 3 :	Survey No. 616/619, Pune – Nashik Highway Alandi Phata, Kurli Village, Chakan Taluka, Khed, Pune, Maharashtra, India
Tel. No.:	91-952135-252809/255937
Fax No.:	91-952135-252247
E-Mail :	http://www.saint-gobain-sekurit.com
Principal Office :	Saint-Gobain Vitrage, Les Miriors, 18, avenue d’Alsace – 92096 La Defense Cedex, France
Tel No. :	33 (1) 47623000
Branches :	Located at: · Punjab, Haryana · Delhi · Rajasthan · Uttar Pradesh · Bhopal · Calcutta · Assam · Thane · Hyderabad · Bangalore · Pondicherry · Palakaad

DIRECTORS

As on 30.09.2011

Name :	Mr. Anand Y Mahajan
Designation :	Whole-Time Director
Address :	Fiona, 3^rd Street, 176, Juhu Road, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	03.01.1953
Qualification :	M.A (ECON), MBA (USA)
Date of Appointment :	02.04.1997
DIN NO.:	00066320

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	L26593MH1950PLC008163	Grindwell Norton Limited	Managing director	01-04-11	06-12-88	-	Active	NO
2	U23200KA1993PLC044269	Lincoln Helios (India) Limited	Director	20-12-93	20-12-93	24-08-07	Active	NO
3	L26101MH1973PLC018367	Saint-Gobain Sekurit India Limited	Director	09-06-95	09-06-95	-	Active	NO
4	U26109TN1997PLC037875	Saint-Gobain Glass India Limited	Whole-time director	01-01-10	02-04-97	-	Active	NO
5	U26102AP1998FTC030183	OCV Reinforcements Manufacturing Private Limited	Director	17-09-98	17-09-98	01-11-07	Active	NO
6	U31909KA1995PLC017930	Saint-Gobain Crystals and Detectors India Limited	Director	30-04-99	30-04-99	-	Active	NO
7	U28930TN1962PTC004872	L. M. Van Moppes Diamond Tools India Private Limited	Director	27-08-99	27-08-99	-	Active	NO
8	U26922MH2000PLC191391	Sepr Refractories India Limited	Director	08-04-02	08-04-02	-	Active	NO
9	U45400MH2004PLC146280	Saint-Gobain Weber (India) Limited	Director	17-01-05	17-01-05	-	Amalgamated	NO
10	U29256KA2005PLC036090	Saint-Gobain Seva Engineering India Limited	Director	18-04-05	18-04-05	-	Active	NO
11	L99999MH1962PLC012451	Unichem Laboratories Limited	Director	17-10-05	17-10-05	-	Active	NO
12	U91990MH2005NPL157644	Saint Gobain India Foundation	Director	29-11-05	29-11-05	-	Active	NO
13	U67120MH1999PTC167800	BPB Holdings India Private Limited	Director	28-02-06	28-02-06	-	Amalgamated	NO
14	U26945MH1985PLC165329	Saint-Gobain Gyproc India Limited	Director	27-03-06	27-03-06	-	Active	NO
15	U45200MH1978PTC020141	Firoze Estates Private Limited	Director	27-09-10	05-08-10	-	Active	NO

Name :	Mr. Joseph Andrew Pereira
Designation :	Alternate Director
Address :	No.8, Coral Reef, 55, Chimbai Road, Bandra, Mumbai – 400050, Maharashtra India
Date of Birth/Age :	24.11.1948
Date of Appointment :	05.04.2007
DIN NO.:	00130239

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	U26102AP1998FTC030183	OCV Reinforcements Manufacturing Private Limited	Alternate director	06-09-03	06-09-03	01-11-07	Active	NO
2	U45400MH2004PLC146280	Saint-Gobain Weber (India) Limited	Director	13-05-04	13-05-04	-	Amalgamated	NO
3	U29256KA2005PLC036090	Saint-Gobain Seva Engineering India Limited	Alternate director	13-09-06	18-04-05	-	Active	NO
4	U91990MH2005NPL157644	Saint Gobain India Foundation	Director	29-11-05	29-11-05	-	Active	NO
5	U31909KA1995PLC017930	Saint-Gobain Crystals and Detectors India Limited	Alternate director	01-12-10	23-12-05	-	Active	NO
6	U23200KA1993PLC044269	Lincoln Helios (India) Limited	Director	28-09-06	07-04-06	24-08-07	Active	NO
7	U26109TN1997PLC037875	Saint-Gobain Glass India Limited	Alternate director	05-04-07	05-04-07	-	Active	NO
8	L26593MH1950PLC008163	Grindwell Norton Limited	Alternate director	24-10-11	25-07-07	-	Active	NO
9	U26922MH2000PLC191391	SEPR Refractories India Limited	Director	21-12-09	26-09-09	-	Active	NO
10	U26945MH1985PLC165329	Saint-Gobain Gyproc India Limited	Director	29-09-10	16-12-09	-	Active	NO

Name :	Mr. Mahadeo Achyut Puranik
Designation :	Alternate Director
Address :	Building No. 73B, Flat No.21, Brindavan Majiwade, Thane - 400603, Maharashtra, India
Date of Birth/Age :	10.12.1955
Date of Appointment :	31.03.2010
DIN NO.:	00130340

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	U55100MH1999PLC122234	Anushree Clubs And Resorts Limited	Director	14-10-99	14-10-99	-	Active	NO
2	U24110MH1998PTC115112	Saint- Gobain Norpro India Private Limited	Director	02-01-03	02-01-03	-	Under liquidation	NO
3	U91990MH2005NPL157644	Saint Gobain India Foundation	Director	29-11-05	29-11-05	-	Active	NO
4	L17120MH1989PLC052645	Sky Industries Limited	Director	30-01-06	30-01-06	09-08-08	Active	NO
5	U26109TN1997PLC037875	Saint-Gobain Glass India Limited	Alternate director	31-03-10	31-03-10	-	Active	NO

Name :	Mr. Santhanam Bhuvarghamurthy
Designation :	Managing Director
Address :	No. 29 Ranjit Road, Kotturpurm, Chennai – 600085, Tamilnadu, India
Date of Birth/Age :	02.03.1957
Qualification:	B. Tech (Civil) PGD/ MGT
Date of Appointment :	22.01.1998
DIN NO.:	00494806

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	L26101MH1973PLC018367	Saint-Gobain Sekurit India Limited	Director	20-08-97	20-08-97	30-01-09	Active	NO
2	U26109TN1997PLC037875	Saint-Gobain Glass India Limited	Managing director	22-01-08	22-01-98	-	Active	NO
3	U91110DL1998PLC097217	Indian Glass Manufacturers' Association	Director	17-08-00	17-08-00	-	Active	NO
4	U85320TN1999NPL041989	Young Presidents Organisation (Chennai Chapter)	Director	04-09-02	04-09-02	30-06-07	Active	NO
5	U73100TN2006NPL059651	IIT Madras Research Park	Additional director	15-12-09	15-12-09	-	Active	NO

Name :	Mr. Swaminathan Eisenhower
Designation :	Whole-time Director
Address :	Flat No.A-102, Prince Villa No.15, Rajamannar Street, T Nagar, Chennai – 600017, Tamilnadu, India
Date of Birth/Age :	24.11.1952
Qualification:	B. Tech – Chem
Date of Appointment :	26.04.2010
DIN NO.:	01521855

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	U26109TN1997PLC037875	Saint-Gobain Glass India Limited	Whole-time director	26-04-10	05-04-07	-	Active	NO
2	U37102TZ1998GAP008524	Tamilnadu Electricity Consumers Association	Director	19-09-07	19-09-07	-	Active	NO

Name :	Mr. Ramakrishnan Subramanian
Designation :	Whole-time Director
Address :	E-3, Juniper Apartments, Tas Enclave, 10^th Main Road Extension, Anna Nagar, Chennai – 600040, Tamilnadu, India
Date of Birth/Age :	26.01.1966
Qualification:	B. Tech (Electronics), Diploma in (PGDM)
Experience:	17 Years
Date of Appointment :	26.04.2010
DIN NO.:	01521968

Name :	Mr. Patrick Dupin
Designation :	Director
Address :	51, Avenue De Paris, Versailles, France - 078000
Date of Birth/Age :	09.12.1963
Date of Appointment :	20.06.2007
DIN NO.:	01522067

Name :	Mr. Benoit D’Iribarne
Designation :	Director
Address :	5, Reu Bellavoine, Le Peco, France – 078230
Date of Birth/Age :	09.09.1961
Date of Appointment :	09.07.2002
DIN NO.:	01610383

Name :	Mr. Tyagarajan Bhaskaran
Designation :	Whole-time Director
Address :	Flat No.B2, Plot No.587, SBOA School Road, Anna Nagar West Extension, Chennai – 600101, Tamilnadu, India
Date of Birth/Age :	20.07.1960
Qualification:	B.Com, Associate ICWAI
Date of Appointment :	26.04.2010
DIN NO.:	02168348

Name :	Mr. Jean Pierre Floris
Designation :	Director
Address :	3, Bis Avenue Gounod, Croissy, Sur Siene, France – 078290
Date of Birth/Age :	09.07.1948
Date of Appointment:	30.06.2008
DIN NO.:	02504627

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	U26109TN1997PLC037875	Saint-Gobain Glass India Limited	Director	30-06-08	01-09-07	-	Active	NO
2	L26593MH1950PLC008163	Grindwell Norton Limited	Director	28-04-09	06-03-09	-	Active	NO

Name :	Mr. Bousquet Olivier
Designation :	Director
Address :	5, Reu Du Midi, Vincennes, France – 094003
Date of Birth/Age :	11.03.1950
Date of Appointment :	30.06.2008
DIN NO.:	02746320

KEY EXECUTIVES

Name :	Mr. L. Venkateswaran
Designation :	Secretary
Address :	Flat No. FOE, 4^th Floor, Block 2, Jains Kences, Retreat 15 Reddy Street, Virugambakkam, Chennai – 600092, Tamilnadu, India
Date of Birth/Age :	10.02.1958
Date of Appointment :	31.03.2010
PAN No. :	AAMPV0608D
Name :	Mr. Padmakumar P
Designation :	Team Leader – Human Resources
Name :	Mr. Sreeram Srinivasan
Designation :	Business Head – Automobile Glass

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Foreign Promoters
Saint Gobain Glass Deutschland GMBH, Germany	37753813
Societe de Participations Financieries et Industrielles	54109767
Indian Body Corporate
Grindwell Norton Limited, India (A Subsidiary of Compagnie de Saint-Gobain (Saint-Gobain)	2499993
	94363573
Individuals (Jointly with Grindwell Norton Limited)
Grindwell Norton Limited Anand Y Mahajan, India	1
Grindwell Norton Limited B Santhanam, India	1
Grindwell Norton Limited and Mr. J. A. J. Pereira, India	1
Grindwell Norton Limited Aju Verghese, India, India	1
Grindwell Norton Limited Puranik A Mahadev, India	1
Grindwell Norton Limited Praksh Sabarad, India	1
Grindwell Norton Limited Deepak Chindarkar, India	1
Total	94363580

As on 30.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	96.42
Bodies corporate	3.58
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers, Exporters and Importers of Glass and Glass Products such as Float Glass, Sheet Glass, Laminated and Toughened Wire Glass, Heat Treated Glass, Glass Wares and Mirrors.

Products :

ITC Code No	Product Description
7005.10	Float Glass

PRODUCTION STATUS

As on 31.03.2011

Licensed Capacity: Not Available*

Installed Capacity:

Particulars	Unit	31.03.2011
Glass #	Tons	475000
Laminated Glass #	Pcs	1300000
Tempered (S/L) Glass #	Pcs	6000000
Tempered (B/L) Glass #	Pcs	1200000

Actual Production:

Particulars	Unit	31.03.2011
Glass (**)	Tons	420106
Laminated Glass (**)	Pcs	751762
Tempered Glass (**)	Pcs	4918705

Notes:

* Under the liberalized policy of the Government, Company’s products are exempted from licensing provision under the Industries (Development and Regulation) Act, 1951.

# installed capacity is as certified by the management and relied upon by the auditors, being a technical matter.

(**) Net of breakages / unusable glass.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

· ABN Amro Bank N. V.,

Credit Administration Department, 63, Chulia Street, Singapore – 049514, Singapore

· Indian Overseas Bank,

Irungattukottai Branch, Chennai, Tamilnadu, India

· Calyon Bank

27^th Floor, Two Pacific Place, 88, Queensway, Hong Kong

· Hong Kong and Shanghai Banking Corporation

· Standard Chartered Bank,

New London Bridge House, 25 New London Bridge Street, London SE19TB

· State Bank of India,

Corporate Accounts Group Branch, 149, Greams Road, Chennai 600006, Tamilnadu, India

· HSBC Bank

· Standard Chartered Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee Term Loan Secured	0.000	250.000
Total	0.000	250.000
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee Term Loan bank Unsecured	1589.399	1638.909
Other Debt Unsecured	2.112	25.486
Total	1591.511	1664.395

Banking Relations :	--
Financial Institution:	Calyon Bank- 27^th Floor, Two Pacific Place, 88, Queensway, Hong Kong
Auditors :
Name :	A J Shaikh Chartered Accountant
Address :	32, Khader Nawaz Khan Road, Nungambakkam, Chennai - 600034, Tamilnadu, India
PAN No. :	AAEFP5579P
Holding Company :	· Saint Gobain Glass Deutschland GMBH, Germany · Societe De Participations Financieres Et Industriellers (SPAFI), France · Saint Gobain Promotion et Participations Internationales, France
Ultimate Holding Company:	Compagnie-De-Saint-Gobain * Vintage Less Miroirs, 18 Alsace, 92096 LA, Cedex, France Tel. No. 33 (1) 476 230 00
Fellow Subsidiary :	· Saint-Gobain Promotions et Participations Internationales, France · Saint-Gobain Deutschland, Germany · Grindwell Norton India Limited * · Saint-Gobain Seva , France * · Hankuk Glass Industries , Korea* · Saint-Gobain Glass Italia, Italy* · Saint-Gobain Cristellaria Spain · Saint-Gobain Sekurit India Limited, India* · Saint-Gobain Vetrotex India Limited · Saint-Gobain Isover France · Saint-Gobain Glass Portugal · Saint Gobain K and K Japan · Saint Gobain Oberland · Saint-Gobain Glass, France * · Saint-Gobain Exprover * · Saint-Gobain Glass UK · Saint Gobain Glass Solar Control * · Saint Gobain SEPR, France · Saint Gobain Hankuk Japan · Saint Gobain Nanjing · Saint Gobain Sekurit Korea · Saint Gobain Glass Mexico* · Saint Gobain Sekurit Deutschland, GmBH* · Saint Gobain Hanglass, Japan * · Saint Gobain Vitrage Odessa · Saint Gobain Direction Technique* · Saint Gobain Gyproc (Formerly known as India Gypsum)* · Saint Gobain Autover Distribution S.A * · Savoie SEPR · SEPR Italia · Verrerie Aurys · Hankuk Sekurit Limited * · Saint Gobain Hanglas CIFG Qingdao · SG Vertax · Shanghai Saint Jungle · Saint Gobain Sekurit – France * · SG Glass Polska * · Saint-Gobain Glass Benelux S.A. · SG Sekurit Thailande Co Limited * · Cesa Construction · Najing New Nawnoo Glass Industries * · SG Glass Italia SpA · SG Glass Romania, SRL · Saint Gobain India Delegation* · Saint Gobain Crystal and Detectors India Limited · SEPR Refractories India Limited · Saint Gobain India Foundation · Saint-Gobain Techniver S.A* · Saint-Gobain Cristaleria S.A · Vetrotech Saint -Gobain Hong Kong * · Vetrotech Saint-Gobain International AG · Verrerie de Saint-Just · Saint-Gobain Glass UK Limited · Saint-Gobain Hanglas Sekurit (Shanghai) Co., Limited · Saint-Gobain (Singapore) Pte Limited * · Saint-Gobain Autover International BV * · Savoie Réfractaires * · Saint-Gobain Recherche * · Direction technique internationale * · Saint-Gobain Conceptions Verrieres * · Saint-Gobain Glass Benelux SA * · Saint-Gobain Glass Deutschland GmbH * · Saint-Gobain Photovoltaic Glass · Saint-Gobain Cristaleria S.A · Vetrotech Saint Gobain FR * · Saint Gobain Vidros S/A · Eckelt Glas GMBH* · Crisa-Norte, Spain* · Saint - Gobain do Brasil Produtos* · Cebrace crystal Plano * · Saint - Gobain K.K. , Tokyo* · Saint-Gobain Sekurit CR spol.s r.o, Czech Republic* · Saint Gobain Glass Egypt*

* Represents related parties with whom the Company had transactions during the year.

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
94364000	Equity shares	Rs.10/- Each	Rs.943.640 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
94363580	Equity Shares	Rs.10/- Each	Rs.943.636 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity shares	Rs.10/- Each	Rs.750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
69735009	Equity Shares	Rs.10/- Each	Rs.697.350 Millions

Footnotes

Of the above Issued, Subscribed and Paid-up capital of the company 37,753,813 shares are held by Saint-Gobain Glass Deutschland Germany, 29,481,196 shares are held by Societe De Participations Et Industrielles and 2,500,000 by Grindwell Norton Limited)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011 (12 Months)	31.03.2010 (12 Months)	31.03.2009 (15 Months)
SHAREHOLDERS FUNDS
1] Share Capital		697.350	569.696	569.696
2] Share Application Money		0.000	1914.813	0.000
3] Reserves & Surplus		10522.099	7299.696	6230.783
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11219.449	9784.205	6800.479
LOAN FUNDS
1] Secured Loans		0.000	250.000	3027.563
2] Unsecured Loans		1591.511	1664.394	2676.455
TOTAL BORROWING		1591.511	1914.394	5704.018
DEFERRED TAX LIABILITIES		1290.000	1409.800	1053.900
TOTAL		14100.960	13108.399	13558.397
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10338.945	9773.419	9694.609
Capital work-in-progress		1828.278	1101.148	1796.035
INVESTMENT		244.227	469.404	357.384
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2194.249	1902.830	2319.087
	Sundry Debtors	2119.005	2013.821	1935.693
	Cash & Bank Balances	248.635	206.233	380.336
	Other Current Assets	2.745	13.519	0.000
	Loans & Advances	598.835	679.929	885.377
Total Current Assets		5163.469	4816.332	5520.493
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2939.901	2653.539	3177.230
	Other Current Liabilities	435.949	338.457	605.925
	Provisions	98.109	59.908	26.969
Total Current Liabilities		3473.959	3051.904	3810.124
Net Current Assets		1689.510	1764.428	1710.369
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		14100.960	13108.399	13558.397

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011 (12 Months)	31.03.2010 (12 Months)	31.03.2009 (15 Months)
	SALES
		Income	12984.349	11828.934	13841.323
		Other Income	430.844	448.959	178.773
		TOTAL (A)	13415.193	12277.893	14020.096
Less	EXPENSES
		Consumption materials changes inventories	4030.510	4190.371	10969.839
		Manufacturing service costs	2362.220	1863.467
		Employee related expenses	783.855	590.337
		Administrative selling other expenses	3028.479	2647.364
		TOTAL (B)	10205.064	9291.539	10969.839
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3210.129	2986.354	3050.257
Less	FINANCIAL EXPENSES (D)		78.295	304.588	703.912
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3131.834	2681.766	2346.345
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1058.126	1028.043	1185.659
	PROFIT BEFORE TAX (E-F) (G)		2073.708	1653.723	1160.686
Less	TAX (H)		687.718	584.810	396.595
	PROFIT AFTER TAX (G-H) (I)		1385.990	1068.913	764.091
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2080.923	1012.010	247.919
	BALANCE CARRIED TO THE B/S		3466.913	2080.923	1012.010
	EARNINGS IN FOREIGN CURRENCY
		Export on FOB Basis	1061.818	1074.773	1532.187
	TOTAL EARNINGS		1061.818	1074.773	1532.187
	IMPORTS
		Raw Materials		1199.621	2145.226
		Stores & Spares		310.668	274.597
		Packing Material	NA	4.234	2.899
		Capital Goods		92.612	437.188
		Traded Goods		62.505	104.202
	TOTAL IMPORTS		NA	1669.640	2964.112
	Earnings Per Share (Rs.) Basic Diluted		20.18 20.18	18.76 18.28	13.41 --

KEY RATIOS

PARTICULARS		31.03.2011 (12 Months)	31.03.2010 (12 Months)	31.03.2009 (15 Months)
PAT / Total Income	(%)	10.33	8.71	5.45
Net Profit Margin (PBT/Sales)	(%)	15.97	13.98	8.39
Return on Total Assets (PBT/Total Assets}	(%)	13.38	11.33	7.63
Return on Investment (ROI) (PBT/Networth)		0.18	0.17	0.17
Debt Equity Ratio (Total Liability/Networth)		0.45	0.51	1.40
Current Ratio (Current Asset/Current Liability)		1.49	1.58	1.45

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

The sales during the financial year 2010-11 have grown by 9.8%. Effective funds management along with reduction in debts has resulted in sizeable reduction in interest cost. The Company has also initiated many cost reduction projects. These efforts have helped in improving the Operating Income during 2010-11 by 16.78%.

FUTURE PROSPECTS

The Indian Economy is expected to have sustained growth in 2011-12. However, the industrial growth may be moderate. The rise in input costs and inflation are main concerns.

The Indian Glass Market is expected to have slow growth during 2011-12. The Company will take efforts to sustain the growth. The Company will continue to focus on the Cost Reduction and Efficiency Improvement projects to improve the Operating Profit margin.

The plant construction work had commenced in Bhiwadi, Rajasthan, where The Company is setting up a new facility.

CONTINGENT LIABILITY

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
Claims against the Company not acknowledged as debts in respect of various cases relating to taxation	174.351	74.287
Channel Financing	100.133	86.578
The company has availed customs duty exemption for imports under export promotion capital goods scheme. The company is in the process of meeting obligation under the scheme	195.237	244.199

FORM 8

This form is for	Creation of charge
Corporate identity number of the company	U26109TN1997PLC037875
Name of the company	SAINT-GOBAIN GLASS INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. A1, Sipcot Industrial Area, Sriperumbudur, Chennai – 602 105, Tamilnadu, India E-Mail : Venkateswaran.L@Saint-Gobain.com
Type of charge	Movable property (not being pledge)
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India E-mail : pattabhi.srinivasan@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum relating to hypothecation of machinery
Date of instrument Creating the charge	30.05.2011
Amount secured by the charge	Rs.3000.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest As per Bank rate of interest Terms of repayment Repayable in 8 equated quarterly installments from the end of the first year. Margin As per the Bank norms Extent and operation of the charge First charge on pari passu basis by way of hypothecation on movable plant and machinery located in Sriperumbudur. Others Nil
Short particulars of the property charged	First charge by way of hypothecation on pari passu basis over the movable plant and machinery of the company situated at Sriperumbudur.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Data Processing Equipments

· Furniture, Fixture and office equipments

· Vehicles

AS PER WEBSITE

Profile

Subject established its presence in India by acquiring a majority stake in Grindwell Norton in 1996, and thereafter went on to consolidate and strengthen its presence within the country. The Group has adopted a systematic focus in launching its individual businesses in India and currently operates in three business sectors: Flat Glass and High Performance Materials (collectively known as Innovative Materials) and Construction Products.

Within these sectors, a variety of products are manufactured by eight different companies:

FLAT GLASS

Subject, which manufactures and markets float glass and mirrors from its plant near Chennai

Saint-Gobain Sekurit India Limited (SGSI), which offers a range of automotive glass products.

HIGH PERFORMANCE MATERIALS

Grindwell Norton Limited (GNO), which manufactures and markets abrasives, silicon carbide, high performance refractories and performance plastics from its six manufacturing locations.

Saint-Gobain Crystals and Detectors India Limited (SGCD), which manufactures and markets radiation detection and measurement products, and SEPR Refractories India Limited (SEPR), which manufactures and markets electrofused refractories.

CONSTRUCTION PRODUCTS

Saint-Gobain Weber (SGW), which offers facade and tiling solutions and technical mortars

Saint-Gobain SEVA Engineering India Limited (SGSEIL), which manufactures top rolls, tempering furnaces and toolings for the automotive sector, moulds for containers and some building hardware products, and

Saint-Gobain Gyproc India (formerly India Gypsum), which manufactures an extensive range of Gypsum boards and plasters systems and solutions for partitions, wall panels, ceilings and internal wall linings.

In order to further its business growth in the Indian sub-continent, Subject also established the General Delegation for India, Sri Lanka and Bangladesh in 1996. The Delegation facilitates the establishment of new businesses in India, ensures synergy and co-ordination between the businesses and companies in India and functions as a link between the Compagnie and the businesses in India.

Subject places great emphasis on developing its businesses and strengthening its presence in the Indian market. This combined with its investment in manufacturing activities to fuel growth, makes it possible to bring in advanced technological competency in providing state–of–the-art products to the customers.

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	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		64

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.