MIRA INFORM REPORT

Report Date :

20.01.2012

IDENTIFICATION DETAILS

Name :	FUSO GLASS INDIA PRIVATE LIMITED (w.e.f. 10.10.2008)
Formerly Known As :	MAHAVEER SAFETY GLASS COMPANY PRIVATE LIMITED
Registered Office :	Fuso House, 91, Poonamallee High Road, 4^thFloor, Egmore, Chennai - 600 084, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.11.1999
Com. Reg. No.:	18-043549
Capital Investment / Paid-up Capital :	Rs.38.642 Millions
CIN No.: [Company Identification No.]	U26109TN1999PTC043549
TAN No.: [Tax Deduction & Collection Account No.]	CHEM05230B
PAN No.: [Permanent Account No.]	AABCM9798H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading in Glass.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 886000
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 :	Fuso House, 91, Poonamallee High Road, 4^thFloor, Egmore, Chennai - 600 084, Tamilnadu, India
Tel. No.:	91-44-30283848/ 30576731/ 30282800
Fax No.:	91-44-30282800
E-Mail :	accounts@fuso.in sales@fuso.in info@fuso.in
Website :	www.fuso.in

DIRECTORS

As on 30.09.2010

Name :

Mr. Champatlal Babulal Jain

Designation :

Managing Director

Address :

40-20-42, Tikkel Road, Pragati Nagar, Vijayawada – 520 008, Andhra Pradesh, India

Date of Birth/Age :

14.07.1958

Date of Appointment :

29.03.2007

DIN No.:

01832467

Name :

Mr. Ashokkumar Babulal Jain

Designation :

Whole Time Director

Address :

25/3, Flowers Road, Vuputtur Avenue, Kilpauk, Chennai – 600 010, Tamilnadu, India

Date of Birth/Age :

02.01.1966

Date of Appointment :

29.03.2007

DIN No.:

01835487

Name :

Mr. Ramesh Kumar Chauhan

Designation :

Director

Address :

No.22, Ranganathan Avenue, Sylvan Lodge Colony, Kellys, Chennai – 600 010, Tamilnadu, India

Date of Birth/Age :

17.02.1955

Date of Appointment :

29.03.2007

DIN No.:

01831632

Name :

Mr. Madanlal Babulal Chowatia

Designation :

Director

Address :

126, Choolai High Road, Choolai, Chennai – 600 112, Tamilnadu, India

Date of Birth/Age :

09.07.1959

Date of Appointment :

15.03.2010

DIN No.:

01831728

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U26109TN1997PTC038081	Mahaveer Mirror Industries Private Limited	Director	30-04-97	30-04-97	Active	NO
2	U26109TN1999PTC043549	Fuso Glass India Private Limited	Director	15-03-10	15-03-10	Active	NO

KEY EXECUTIVES

Name :	Anchal R. Jain and Associates
Designation :	Practicing Company Secretary
Address :	300, Fountain Plaza, 4^th Floor, Pantheon Road, Egmore, Chennai – 600 008, Tamilnadu, India
Tel. No.:	91-44-28192292
Mobile No.:	91-9940036313
E-Mail :	anchalrjain@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Ashokkumar Babulal Jain	112200
Champatlal Babulal Jain	340000
Madanlal B. Jain	569500
Manjula M. Chowatia	374000
Naina A. Chowatia	100300
Nirmala Bai	459000
Babulal L. Shah	582000
Kanchan Ben	127500
Rekha S. Chowatia	204000
Tarachand L. Shah	362100
Chanden Ben	195500
Rinku A. Chowatia	85000
Babulal L. Shah – Karta for Babulal L. Shah HUF	34000
Uji Bai	34000
Vinitha Kumari	17000
Hitesh Kothari	300834
Total	3896934

As on 26.09.2011

Names of Allottees	No. of Shares
Hitesh Kothari	260000
Total	260000

As on 18.05.2011

Names of Allottees	No. of Shares
Hitesh Kothari	22000
Total	22000

As on 19.05.2011

Names of Allottees	No. of Shares
Hitesh Kothari	62000
Total	62000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	92.28
Other top fifty shareholders	7.72
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading in Glass.

PRODUCTION STATUS (AS ON 31.03.2010)

a) Particulars of Production (As certified by the management on which auditors have placed reliance)

Product	Unit (Sq. Mtr.)	Production (Quantity)
Annealed Glass	37910	51990
Tuff Glass	93747	70838
Laminated Glass	38256	24056
Insulating Glass	103855	60128
Bend Tuff Glass	758	439

The Licensed capacity has not been mentioned as it was not required to obtain.

b) Windmill Generation:-

Actual Production: 2731802 (Kwh)

Captive Consumption: 874743 (Kwh)

GENERAL INFORMATION

No. of Employees :

25 (Approximately)

Bankers :

v Indian Overseas Bank, Pursawalkam Branch, No.15, Hunters Road, Chennai – 600 112, Tamilnadu, India

v Bank of India

v Citi Bank

v State Bank of India

Facilities :

Secured Loans :	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
Sundaram Finance Limited	0.207	0.326
TATA Capital Limited	1.974	2.752
Kotak Mahindra Limited (Against hypothecation of Vehicles)	0.101	0.522
IOB – CC 4383 - OD A/c	148.439	100.838
IOB TL 280700001 – Machinery (Against hypothecation of	1.482	2.746
IOB TL 280700003 – Corporate Off (Against hypothecation of Commercial Complex)	11.169	15.005
IOB TL 280700002 – Electricity Upgr	0.000	2.523
IOB TL 280400001 – Machinery	0.000	3.645
IOB TL 280700006 – New Machinery (Against hypothecation of machinery)	12.637	17.626
IOB TL 280700005 – Shed (Against hypothecation of factory land and building)	29.946	38.352
IOB TL 280600002 – Sipcot Land (Against hypothecation of factory land)	0.316	0.638
IOB TL 280600001 - Windmill -1	13.285	17.193
IOB TL 280600010 - Windmill -2 (Against hypothecation of windmills and related land)	16.683	23.324
IOB TL 280800002 – Hyd Proj L and B	68.286	58.061
IOB TL 280800003 – Hyd Machinery (Against hypothecation of factory land and building and other fixed assets)	33.675	0.001
Packing Credit – IOB (Against hypothecation of Stock and book debts upto 90 days old)	15.000	0.000
Indian Overseas Bank A/c No.320	0.063	0.000
External Commercial borrowings from Banks (Secured by Machinery, book debts and stock)	100.113	73.674
Total	453.376	357.226

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Directors	0.420	15.884
From Directors Relatives	10.084	53.127
Total	10.504	69.011

Banking Relations :	-
Auditors :
Name :	S. Bhandari and Associates Chartered Accountants
Address :	# 824, E.V.R. Periyar Road, Kilpauk, Chennai - 600 010, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AACFS5499M
Related Parties :	v Navakar Impex Private Limited v Mahaveer Mirror India, Vijayawada v Suraj Constructions

CAPITAL STRUCTURE

After 30.09.2010

Authorised Capital : Rs.50.000 Millions

Paid-up Capital : Rs.46.409 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Subscribed Capital :

No. of Shares	Type	Value	Amount
3896934	Equity Shares	Rs.10/- each	Rs.38.969 Millions

Issued & Paid-up Capital :

No. of Shares	Type	Value	Amount
3700834	Equity Shares	Rs.10/- each	Rs.37.008 Millions
	196100 Equity Shares of Rs.10/- each, Rs.8.33 paid up		Rs.1.634 Millions
	Total		Rs.38.642 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		38.642	35.633	35.633
2] Share Application Money		7.996	18.496	18.496
3] Reserves & Surplus		174.934	101.124	91.764
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		221.572	155.253	145.893
LOAN FUNDS
1] Secured Loans		453.376	357.226	180.724
2] Unsecured Loans		10.504	69.011	17.451
TOTAL BORROWING		463.880	426.237	198.175
DEFERRED TAX LIABILITIES		30.198	24.762	22.411
TOTAL		715.650	606.252	366.479
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		354.082	196.792	144.685
Capital work-in-progress		188.321	333.204	84.072
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	112.707	60.140	50.910
	Sundry Debtors	180.909	124.872	123.128
	Cash & Bank Balances	18.868	(1.027)	3.172
	Other Current Assets	18.786	14.476	4.055
	Loans & Advances	34.610	31.595	55.440
Total Current Assets		365.880	230.056	236.705
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	150.273	123.204	57.580
	Other Current Liabilities	39.759	27.871	22.329
	Provisions	2.601	2.725	19.146
Total Current Liabilities		192.633	153.800	99.055
Net Current Assets		173.247	76.256	137.650
MISCELLANEOUS EXPENSES		0.000	0.000	0.072
TOTAL		715.650	606.252	366.479

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales (less Returns and Discounts)	389.913	372.271	440.597
		Income from Windmill	7.922	3.592	12.532
		Income from Logistics Services	84.254	0.000
		Other Income	17.453	21.535
		TOTAL (A)	499.542	397.398	453.129
Less	EXPENSES
		Office Expenses	410.516	339.864	362.262
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	410.516	339.864	362.262
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		89.026	57.534	90.867
Less	FINANCIAL EXPENSES (D)		34.920	23.506	22.513
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		54.106	34.028	68.354
Less/ Add	DEPRECIATION/ AMORTISATION (F)		41.906	19.873	18.058
	PROFIT BEFORE TAX (E-F) (G)		12.200	14.155	50.296
Less	TAX (H)		7.583	4.794	13.667
	PROFIT AFTER TAX (G-H) (I)		4.617	9.361	36.629
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		33.733	24.372	1.912
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	10.000
		Proposed Dividend	0.000	0.000	3.563
		Tax on Dividend	0.000	0.000	0.606
	BALANCE CARRIED TO THE B/S		38.350	33.733	24.372
	Earnings Per Share (Rs.)		1.30	2.63	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.92	2.36	8.08
Net Profit Margin (PBT/Sales)	(%)	3.13	3.80	11.42
Return on Total Assets (PBT/Total Assets}	(%)	1.69	3.32	13.19
Return on Investment (ROI) (PBT/Networth)		0.06	0.09	0.34
Debt Equity Ratio (Total Liability/Networth)		2.96	3.74	2.04
Current Ratio (Current Asset/Current Liability)		1.90	1.50	2.39

LOCAL AGENCY FURTHER INFORMATION

CHANGE OF REGISTERED OFFICE OF THE COMPANY:

The Registered Office of the company has been changed from 9D, 9^th Floor, Ega Trade Centre, 809, Poonamallee High Road, Chennai – 600 010 to FUSO House, 4^th Floor, 91, Poonamallee High Road, Egmore, Chennai – 600 084 w.e.f. 12.11.2008 to facilitate operational convenience.

FINANCIAL PERFORMANCE AND STATE OF AFFAIRS OF THE COMPANY:

During the year the company has earned a net profit of Rs.4.617 millions as against a profit of Rs.9.361 millions during the previous year. The performance of the Company is expected to improve during the coming years due to consistent efforts being made in the direction of increasing efficiency in the working of the company.

CAPITAL:

The Paid up Equity Share Capital of the Company has been increased from Rs.35.633 millions divided into 34,00,000 fully paid equity shares of Rs.10/- each and 196,100 partly paid equity shares of Rs.10/- each, Rs.8.33 paid up, to Rs.38.642 millions divided into 3,700,834 fully paid equity shares of Rs.10/- each and 196,100 partly paid equity shares of Rs. 10/- each, Rs.8.33 paid up, due to allotment of 300,834 Fully paid equity shares of Rs.10/- each at a premium of Rs.230/- per share on 31^st March, 2010. There is no change in the Authorised Share Capital of the Company during the year.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN THE BOOKS: (As on 31.03.2010)

a) Letter of Credit – Rs.55.176 millions

b) EPCG – Rs.3.571 millions

c) Sales Tax Demand (Against ‘C’ Form) – Rs.5.221 millions

Bankers Charges Report as per Registry

Corporate identity number of the company	U26109TN1999PTC043549
Name of the company	FUSO GLASS INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Fuso House, 91, Poonamallee High Road, 4^thFloor, Egmore, Chennai - 600 084, Tamilnadu, India
This form is for	Modification of charge
Charge identification number of the modified	90285670
Type of charge	Book Debts Movable Property Any interest in immovable property Immovable Property
Particular of charge holder	Indian Overseas Bank, Pursawalkam Branch, 15 Hunters Road, Chennai – 600 112, Tamilnadu, India
Nature of description of the instrument creating or modifying the charge	1. Letter of Hypothecation (for securing machineries/vehicles/goods/book debts) 2. NO INSTRUMENT. Deposit of title deeds ledger extracts.
Date of instrument Creating the charge	22.06.2010
Amount secured by the charge	Rs.832.754 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Existing rate for the existing limits to continue. ROI= LIBOR + 5.50% for the fresh WCDL in foreign currency and Foreign Currency TL. Terms of Repayment Working capital limits repayable on demand. Fresh and old TLs to be repaid as per the sanction terms and conditions and documents executed. Margin As per the documents executed by the company for various limits Extent and Operation of the charge First and exclusive charge by way of Hypothecation of Stocks, book debts, machinery, documents of title to goods/accepted hundies, Counter guarantee, Project assets at Hyderabad and Mumbai and Extension of EM by constructive delivery of documents of immovable properties. The charge operates as security for the repayment of the dues by the company to the bank along with interest, charges etc. Others All other Terms and conditions are as per the sanction letters and documents obtained by the bank.
Short particulars of the property charged	First and exclusive charge by way of Hypothecation of Stocks, book debts, machinery, documents of title to goods/accepted hundies, Counter guarantee, Project assets at Hyderabad and Mumbai and Extension of Equitable Mortgage by constructive delivery of documents of immovable properties.
Date of latest modification prior to the present modification	16.06.2010
Particulars of the present modification	The limits sanctioned to the company have been modified and the total limits sanctioned to company has been enhanced from existing Rs.730.100 millions to Rs.832.754 millions and hence this modification. Details of limits and securities.

FIXED ASSETS:

v Windmill

v Land

v Factory Building

v Plant and Machinery

v Vehicles

v Furniture and Fittings

v Computer and Printers

v Office Equipments

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.50.67
UK Pound	1	Rs.77.72
Euro	1	Rs.64.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.