MIRA INFORM REPORT

Report Date :

09.06.2012

IDENTIFICATION DETAILS

Name :	STRUCTURAL INSULATION AND GLAZING COMPANY PRIVATE LIMITED
Registered Office :	Ground Floor, Shalimar Square, B.N. Road, Lalbagh, Lucknow, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.04.2006
Com. Reg. No.:	20-031633
Capital Investment / Paid-up Capital :	Rs.20.000 Millions
CIN No.: [Company Identification No.]	U25206UP2006PTC031633
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Insulated, Toughened, Bend Toughened Glass, Architectural Glass.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 110000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low however, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 :	Ground Floor, Shalimar Square, B.N. Road, Lalbagh, Lucknow, Uttar Pradesh, India
Tel. No.:	91-522-2202691/92/93/94
Fax No.:	91-522-2627836
E-Mail :	sigtuff@gtuff.com
Factory :	E-3 to E-6, Up SIDC Industrial Area, Deva Road, Chinhat, Lucknow, Uttar Pradesh, India
Tel. No.:	91-522-2818673/2818731/2818732
E-Mail :	sigtuff@gtuff.com

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Mohammed Abdullah Masood
Designation :	Director
Address :	196/4, R.L. Road, Golaganj, Lucknow-226018, Uttar Pradesh, India
Date of Birth/Age :	19.08.1980
Date of Appointment :	01.04.2011
Din No.:	00157623
Name :	Mr. Mohammed Ahmad
Designation :	Director
Address :	S-20/56-G, Canady Road, Mushran Compound, Sikhraul, Varanasi-221001, Uttar Pradesh, India
Date of Birth/Age :	02.05.1967
Date of Appointment :	06.05.2006
Din No.:	00787074
Name :	Mr. Shoeb Ahmad
Designation :	Director
Address :	Cantonment Sikhraul, Varanasi-221001, Uttar Pradesh, India
Date of Birth/Age :	11.06.1962
Date of Appointment :	06.05.2006
Din No.:	00787122
Name :	Mr. Obaid Ahmad
Designation :	Director
Address :	520/56-G, Cantonment Sikhraul, Varanasi-221001, Uttar Pradesh, India
Date of Birth/Age :	19.08.1960
Date of Appointment :	06.05.2006
Din No.:	00787197
Name :	Nooreen Ahmad
Designation :	Director
Address :	S 20/56-G-KHA, Kaneddy Road, Barunapu, Varanasi-221001, Uttar Pradesh, India
Date of Birth/Age :	24.11.1972
Date of Appointment :	09.08.2010
Din No.:	03134062
Name :	Mariam Masood
Designation :	Director
Address :	8-2-624/B/1/1 P41, Road No. 10, Banjara Hills, Hyderabad-500034, Andhra Pradesh, India
Date of Birth/Age :	22.07.1984
Date of Appointment :	09.08.2010
Din No.:	03134091
Name :	Aysha Khalid Masood
Designation :	Director
Address :	196/4, Golaganj, R.L.C. Road, Lucknow-226018, Uttar Pradesh, India
Date of Birth/Age :	21.11.1977
Date of Appointment :	09.08.2010
Din No.:	00238664

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Masood Ahmed	250000
Khalid Masood	227500
Mohammed Abdullah Masood	227500
Aysha Khalid Masood	147500
Mariyam Masood	147500
Obaid Ahmad	262500
Shoeb Ahmad	262500
Mohammed Ahmad	250000
Seema Zaheer	72500
Shaheen Khanam	72500
Noreen Ahmad	80000
Total	2000000

AS ON 30.03.2012

Names of Allottees	No. of Shares
Mohammed Ahmad	100000
Mohammed Abdullah Masood	100000
Total	200000

AS ON 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Insulated, Toughened, Bend Toughened Glass, Architectural Glass.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Allahabad Bank, Main Branch Hazratganj, Lucknow-226001, Uttar Pradesh, India

· Oriental Bank of Commerce, Sadar Bazar Branch, 40, Sadar Bazar, Lucknow-226002, Uttar Pradesh, India

Facilities :

Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Directors	0.627	0.464
From Relatives	3.373	2.213
From Associate Concerns	0.350	0.350
From SVM Impex Private Limited	5.000	5.000
Total	9.350	8.027

Banking Relations :	--
Auditors :
Name :	Sandeep Tandon and Company Chartered Accountant
Address :	Commerce House, 1^st Floor, Habibullah Estate, Hazratganj, Lucknow-226001, Uttar Pradesh, India.
Pan No.:	AAKPT6740L

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2200000	Equity Shares	Rs.10/- each	Rs.22.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2200000	Equity Shares	Rs.10/- each	Rs.22.000 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 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		20.000	15.000	15.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.083	4.744	2.177
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		28.083	19.744	17.177
LOAN FUNDS
1] Secured Loans		87.468	71.868	71.804
2] Unsecured Loans		9.350	8.027	8.027
TOTAL BORROWING		96.818	79.895	79.831
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		124.901	99.639	97.008
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		53.050	41.506	44.700
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	31.725	29.312	31.829
	Sundry Debtors	31.025	27.034	19.376
	Cash & Bank Balances	0.878	0.993	0.448
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	18.632	11.691	5.654
Total Current Assets		82.260	69.030	57.307
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	11.577	9.690	5.219
	Provisions	1.205	1.317	0.000
Total Current Liabilities		12.782	11.007	5.219
Net Current Assets		69.478	58.023	52.088
MISCELLANEOUS EXPENSES		2.373	0.110	0.220
TOTAL		124.901	99.639	97.008

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	167.832	158.743	88.105
		Other Income	2.803	1.197	0.391
		TOTAL	170.635	159.940	88.496
Less	EXPENSES
		Cost of Goods Sold	94.836	90.904	48.537
		Wages	12.109	11.386	14.625
		Salaries	7.741	6.292	4.224
		Repair and Maintenance Expenses	1.025	0.857	2.055
		Other Expenses	45.512	41.145	10.783
		TOTAL	161.223	150.584	80.224
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		9.412	9.356	8.272
Less/ Add	DEPRECIATION/ AMORTISATION		4.868	5.444	6.108
	PROFIT / (LOSS) BEFORE TAX		4.544	3.912	2.164
Less	TAX		1.205	1.345	0.342
	PROFIT / (LOSS) AFTER TAX		3.339	2.567	1.822
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.744	2.177	0.355
	BALANCE CARRIED TO THE B/S		8.083	4.744	2.177
	Earnings / (Loss) Per Share (Rs.)		1.67	1.71	1.27

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.96	1.60	2.06
Net Profit Margin (PBT/Sales)	(%)	2.71	2.46	2.46
Return on Total Assets (PBT/Total Assets}	(%)	3.36	3.54	2.12
Return on Investment (ROI) (PBT/Networth)		0.16	0.20	0.13
Debt Equity Ratio (Total Liability/Networth)		3.90	4.60	4.95
Current Ratio (Current Asset/Current Liability)		6.43	6.27	10.98

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) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10114002
Corporate identity number of the company	U25206UP2006PTC031633
Name of the company	STRUCTURAL INSULATION AND GLAZING COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Ground Floor, Shalimar Square, B.N. Road, Lalbagh, Lucknow, Uttar Pradesh, India
Type of charge	Book Debts Movable Property Floating Charge Immovable Property Others
Particular of charge holder	Oriental Bank of Commerce, Sadar Bazar Branch, 40, Sadar Bazar, Lucknow-226002, Uttar Pradesh, India
Email	bm1004@obc.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental agreement to secure loan/credit facilities(loan doc 13)
Date of instrument Creating the charge	24.12.2010
Amount secured by the charge	Rs.124.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base rate + 4%(present base rate is 9% i.e. 13% p.a.(exclusive of any tax)with monthly rests subject to change in base rate /spread announced by the bank and subject OT change by RBI from time to time Terms of Repayment Term of sanction is one year Term loan to be paid in equal 72 monthly installments as and when due starting from 01-01-2012 for Rs. 0.655 Million Margin 25% in case of cash credit (h) 33% in case of term loan (fresh) Extent and Operation of the charge hypothecation of stock of toughned glass and receivables and other current assets, hypothecation of p and m purchased out of proposed term loan, extension of equitable mortgage over factory land and building at e-3 to e-6, UPSIDC, Industrial Area , Dewa Road , Chinhat, District Lucknow belonging to company. collateral security: first charge on entire fixed assets of the company and CDR of Rs. 1.500 millions and ext of eq mort of prop at Village Semara, district Lucknow owned by A Square Capital Consultancy Services Private Limited. Others Cash credit (hypothecation) Rs. 41.000 millions. Term loan facility Rs. 83.000 millions Total Amount Rs. 124.000 millions. penal interest over and above the normal rate 1. @ 2% on over drawing / excess drawing beyond sanctioned limits 2. @ 2% non-compliances of terms of sanction 3. @1% non -submission of requisites data for revise within the date of last sanction/ review.
Short particulars of the property charged	Extension of equitable mortgage over factory land and building at e-3 to e-6, UPSIDC, industrial area , Dewa Road , Chinhat, District Lucknow belonging to company Hypothecation of plant and machinery purchased out of proposed term loan Hypothecation of stock of toughned glass and receivables and other current assets Extension of equitable mortgage of landed property at Village Semara, District Lucknow Uttar Pradesh owned by m/s a square capital consultancy services private limited First charge on entire fixed assets (present and future ) of the company Cdr of Rs. 1.500 millions to be pledged as collateral security Corporate guarantee of Benaras Glasses (Private) Limited Corporate guarantee of A Square Capital Consultancy Services (Private) Limited. Personal guarantee of 1. Mohd. Ahmad (Director) 2. Shoeb Ahmad (Director) 3. Obaid Ahmad (Director) 4. Abdullah Masood (Director) 5. Khalid Masood (Director) 6.abdulla Masood (Guarantor) 7. Khalid Masood (Guarantor) 8. Masood Ahmed (Guarantor)
Particulars of the present modification	The amount of charge enhanced from 67.600 millions to 124.000 millions ( cash credit limit from 30.000 millions to 41.000 millions and term loan from 35.800 millions to 83.000 millions)

FIXED ASSETS:

• Plant and Machinery
• Computer
• Buildings
• Land
• Air Conditioners
• Electrical Fittings
• Furniture and Fixtures
• Mobile
• Motor Cycle
• Car Indica
• Car Innova

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.55.36
UK Pound	1	Rs.85.64
Euro	1	Rs.69.21

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--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	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		28

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.