MIRA INFORM REPORT

Report Date :

29.10.2012

IDENTIFICATION DETAILS

Name :	BALAJI SAFETY GLASS (INDIA) PRIVATE LIMITED [w.e.f. 20.12.2004]
Formerly Known As :	BALAJI SECURE GLASS INDIA PRIVATE LIMITED
Registered Office :	Survey No. 12, Byagadadenahalli, Chandapura-Anekal Road, Anekal Taluka, Bangalore Rupal District, Bangalore-562106, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.05.2003
Com. Reg. No.:	08-031990
Capital Investment / Paid-up Capital :	Rs.40.545 Millions
CIN No.: [Company Identification No.]	U26101KA2003PTC031990
TAN No.: [Tax Deduction & Collection Account No.]	BLRB05452G
PAN No.: [Permanent Account No.]	AACCB4013H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of B-Colour Ceramic Printed Glass, B-Tough-Toughened Glass, B-Safe Security Glass, Laminated and Insulated Glass, etc.
No. of Employees :	Not Available

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 708000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Chandrapa
Designation :	Accounts Manager
Contact No.:	91-80-41302277
Date :	27.10.2012

LOCATIONS

Registered Office / Factory :	Survey No. 12, Byagadadenahalli, Chandapura-Anekal Road, Anekal Taluka, Bangalore Rupal District, Bangalore-562106, Karnataka, India
Tel. No.:	91-80-41302277/27827678/27827679/27827680
Fax No.:	91-80-41156781/27827681
E-Mail :	nagarajugl@yahoo.com balajisafetyglass@yahoo.com
Marketing Office :	3^rd Floor, SRNG Complex, Opposite Sharada Talkies, OTC Road, Nagarthpet, Bangalore-560002, Karnataka, India
Tel No.:	91-80-41302277 [4 Lines]
Fax No.:	91-80-41156781

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Balaji Kondiala

Designation :

Managing Director

Address :

# 18-30, 3^rd Cross, 18^th Main, BTM 2^nd Stage, Bangalore-560076, Karnataka, India

Date of Birth/Age :

04.06.1965

Date of Appointment :

23.04.2004

Din No.:

01667476

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U26101KA2003PTC031990	BALAJI SAFETY GLASS (INDIA) PRIVATE LIMITED	Managing director	23/04/2004	23/04/2004	Active	NO
2	U93000DL2009NPL196090	FEDERATION OF SAFETY GLASS	Director	17/11/2009	17/11/2009	Active	NO
3	U40108KA2011PTC056664	BALAJI RENEWABLE ENERGIES (INDIA) PRIVATE LIMITED	Director	18/01/2011	18/01/2011	Active	NO

Name :

Mr. Prahlada Vinutha

Designation :

Director

Address :

# 18-30, 3^rd Cross, 18^th Main, BTM 2^nd Stage, Bangalore-560076, Karnataka, India

Date of Birth/Age :

26.11.1967

Date of Appointment :

11.04.2005

Din No.:

01667507

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U26101KA2003PTC031990	BALAJI SAFETY GLASS (INDIA) PRIVATE LIMITED	Director	23/04/2007	23/04/2007	Active	NO
2	U40108KA2011PTC056664	BALAJI RENEWABLE ENERGIES (INDIA) PRIVATE LIMITED	Director	18/01/2011	18/01/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Chandrapa
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Balaji Kondiala	2200355
Prahlada Vinutha	914571
Tumati Prahlad Naidu	216556
Muniswamy Santha Kumari	198012
Vishnu Kommini	175000
Varsha Balaji Kondiala	175000
Vandana Balaji Kondiala	175000
TOTAL	4054494

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	76.83
Other top fifty shareholders	23.17
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Supplier of B-Colour Ceramic Printed Glass, B-Tough-Toughened Glass, B-Safe Security Glass, Laminated and Insulated Glass, etc.

PRODUCTION STATUS [AS ON 31.03.2011]

Licensed Capacity	305520 Sq. Mtrs.
Installed Capacity	305520 Sq. Mtrs.
Actual Production	199212 Sq. Mtrs.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India

· State Bank of India

· ICICI Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Bank Overdraft SBI [Is primarily secured by hypothecation of stock in trade and bills receivable of the company with additional collaterally security of all immovable properties and on personal guarantee of directors]	31.848	31.914
SBI Term Loan II – 30180335628 [Is primarily secured by the factory land and factory building of the company and immovable properties of the directors with additional collaterally security of all immovable properties and on personal guarantee of the directors]	8.797	11.211
Yes Bank Term Loan	4.267	0.000
ICICI Bank Vehicles Loan [Secured by hypothecation of vehicles]	2.991	3.850
SBI Vehicle Loan [Secured by hypothecation of vehicles]	0.638	0.000
TOTAL	48.541	46.975

Banking Relations :	--
Auditors :
Name :	C. Venkatesula Chartered Accountants
Address :	# 391, 9^th Cross, 2^nd Block, Jayanagar, Bangalore-560011, Karnataka, India
Tel. No.:	91-80-26568611
Fax No.:	91-80-26568611
E-Mail :	cvenkatesulufca@gmail.com
PAN No:	AAHPV9252E

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4054494	Equity Shares	Rs.10/- each	Rs.40.545 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		40.545	40.545	40.545
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		136.698	133.750	129.633
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		177.243	174.295	170.178
LOAN FUNDS
1] Secured Loans		48.541	46.975	72.134
2] Unsecured Loans		0.000	0.000	0.700
TOTAL BORROWING		48.541	46.975	72.834
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		225.784	221.270	243.012
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		183.465	192.295	192.860
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	5.130
DEFERREX TAX ASSETS		6.127	4.926	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.903	15.225	15.018
	Sundry Debtors	46.436	52.817	57.747
	Cash & Bank Balances	3.818	0.666	0.180
	Other Current Assets	0.000	0.000	1.350
	Loans & Advances	10.998	7.601	10.596
Total Current Assets		83.155	76.309	84.891
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.925	30.933	26.062
	Other Current Liabilities	24.517	17.782	7.627
	Provisions	2.521	3.545	6.206
Total Current Liabilities		46.963	52.260	39.895
Net Current Assets		36.192	24.049	44.996
MISCELLANEOUS EXPENSES		0.000	0.000	0.026
TOTAL		225.784	221.270	243.012

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	200.000 [Approximately]	198.312	221.500
		Other Income	NA	0.119	0.174
		TOTAL (A)	NA	198.431	221.674
Less	EXPENSES
		Manufacturing Expenses		132.828	151.683
		Employees Remuneration and Benefits		17.089	13.835
		Administration and Other Expenses		15.355	14.056
		Miscellaneous Expenses Written Off		0.026	0.026
		Accretion / Decretion Stock (Finished)		(0.195)	(0.353)
		TOTAL (B)	NA	165.103	179.247
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			33.328	42.427
Less	FINANCIAL EXPENSES (D)			9.895	10.950
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			23.433	31.477
Less/ Add	DEPRECIATION/ AMORTISATION (F)			17.965	17.323
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		4.266	5.468	14.154
Less	TAX (H)		NA	1.352	5.313
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		NA	4.116	8.841
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	0.000	0.000
	BALANCE CARRIED TO THE B/S		NA	4.116	8.841
	IMPORTS
		Raw Materials	0.061	10.186	NA
		Capital Goods	2.139	3.821	NA
	TOTAL IMPORTS		2.200	14.007	NA
	Earnings / (Loss) Per Share (Rs.)		NA	1.02	2.18

Particulars	31.03.2012
Sales Turnover [Approximately]	220.000

The above information has been parted by Mr. Chandrapa.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	2.07	3.99
Net Profit Margin (PBT/Sales)	(%)	NA	2.75	6.39
Return on Total Assets (PBT/Total Assets}	(%)	1.60	2.04	5.10
Return on Investment (ROI) (PBT/Networth)		0.02	0.03	0.08
Debt Equity Ratio (Total Liability/Networth)		0.54	0.57	0.66
Current Ratio (Current Asset/Current Liability)		1.77	1.46	2.13

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
10]	Designation of contact person	Yes
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	Yes
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
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FINANCIAL OPERATIONS:

The company has made a net profit of Rs.4.266 Millions after depreciation and before tax.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U26101KA2003PTC031990
Name of the company	BALAJI SAFETY GLASS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No. 12, Byagadadenahalli, Chandapura-Anekal Road, Anekal Taluka, Bangalore Rupal District, Bangalore-562106, Karnataka, India
Type of charge	Movable Property [not being pledge] Others
Particular of charge holder	Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India Email: shareholders@yesbank.in
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation
Date of instrument Creating the charge	12.11.2010
Amount secured by the charge	Rs.30.100 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rates as communicated by the bank from time to time. Terms of Repayment Unless demanded earlier Cash credit (CC): On demand TL: 36 months LC: usance : 180 days LUT for Buyers Credit: 36 months Margin As specified by the bank from time to time Extent and Operation of the charge Exclusive charge by way of hypothecation on company's machineries procured through YBL finance for Rs. 30.100 Millions, both present and future.
Short particulars of the property charged	Exclusive charge by way of hypothecation on company's machineries procured through YBL finance for Rs. 30.100 Millions, both present and future.

FIXED ASSETS:

· Plant and Machinery

· Electrical Equipments

· Furniture and Fixtures

· Tools and Instruments

· Office Equipments

· Land and Building

· Vehicles

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 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 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.53.63
UK Pound	1	Rs.86.17
Euro	1	Rs.69.75

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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.