MIRA INFORM REPORT

Report Date :

14.06.2013

IDENTIFICATION DETAILS

Name :	UNI GLASS INDUSTRIES PRIVATE LIMITED
Registered Office :	Survey No.125/IB, 111/IC, 129/1C., Near Ksrtc Depot, Mysore Road, Kengeri, Bangalore – 560060, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.08.1980
Com. Reg. No.:	08-003917
Capital Investment / Paid-up Capital :	Rs. 4.940 Millions
CIN No.: [Company Identification No.]	U26102KA1980PTC003917
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter of FRP Cylinders, Laminated Sheets, Rods, Tubes etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 44000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears continuous losses recorded by the company. The external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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.

LOCATIONS

Registered Office :	Survey No.125/IB, 111/IC, 129/1C., Near Ksrtc Depot, Mysore Road, Kengeri, Bangalore – 560060, Karnataka, India
Tel. No.:	91-80-28483042/ 3/ 4/ 5
Fax No.:	91-80-28483041
E-Mail :	info@uniglassindia.com
Website :	http://www.uniglassindia.com

DIRECTORS

As on: 30.09.2012

Name :

Mr. Krishnan Venkateswaran

Designation :

Whole time director

Address :

No. 7/B, NHCS Layout, Vijayanagar, Bangalore – 560040, Karnataka, India

Date of Birth/Age :

11.12.1948

Date of Appointment :

01.05.2012

DIN No.:

00269914

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U26102KA1980PTC003917	Uni Glass Industries Private Limited	Director	01/05/2012	01/11/1980	-	Active	NO
2	U85110KA1989PLC009756	Bna Technology Consulting Limited	Director	10/05/2006	10/05/2006	-	Active	NO

Name :

Mr. Kittur Gundappa Ramesh

Designation :

Whole time director

Address :

No. 1519, 39th F Cross, 22nd Main, Jayanagar 4th T Block, Bangalore – 560041, Karnataka, India

Date of Birth/Age :

21.02.1949

Date of Appointment :

01.05.2012

DIN No.:

01091805

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U26102KA1980PTC003917	Uni Glass Industries Private Limited	Director	01/05/2012	01/04/1998	-	Active	NO
2	U51109KA1991PTC012407	Yuje Marketing And Manufacturing Private Limited	Whole-time director	30/03/2007	30/03/2007	-	Active	NO

Name :

Mr. Holenarsipur Nanjunda Sastry Aswathanarayana Prasad

Designation :

Whole time director

Address :

No.3, 14th Main, 17th Cross, Malleswaram, Bangalore – 560055, Karnataka, India

Date of Birth/Age :

03.08.1947

Date of Appointment :

01.05.2012

DIN No.:

01092962

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Shareholders details file attached.

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2012

Category	Percentage
Directors or relatives of directors	88.00
Other top fifty shareholders	12.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Exporter of FRP Cylinders, Laminated Sheets, Rods, Tubes etc.

Products :

ITC Code	Production Description
8547	FRP Cylinder
8547	FRP Tubes
7014	FRP Laminates

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, Vijayanagar Branch, Vijayanagar, Bangalore - 560040, Karnataka, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Bank Overdraft	24.844	26.015
Long Term Maturities of Hire Purchase obligation	0.000	0.268
Total	24.844	26.283

Banking Relations :	--
Auditors :
Name :	Mohan and Sridhar Chartered Accountants
Address :	128, II Floor, 11^th Cross, Sampige Road, Malleswaram, Bangalore – 560003, Karnataka, India
PAN No.:	AADFM1149F
Associates :	Yuje Marketing and Manufacturing private Limited

CAPITAL STRUCTURE

As on: 30.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.1000/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4940	Equity Shares	Rs.1000/- each	Rs. 4.940 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.940	4.940
(b) Reserves & Surplus	6.205	11.860
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	41.912	42.795
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.824
(4) Current liabilities
(a) Short term borrowings	24.844	26.015
(b) Trade payables	14.026	10.081
(c) Other current liabilities	3.925	4.054
(d) Short-term provisions	0.000	0.000
TOTAL	95.852	100.569
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	37.169	40.497
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.455	0.455
(c) Deferred tax assets (net)	1.082	0.945
(d) Long-term Loan and Advances	0.791	0.787
(e) Other Non-current assets	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	27.663	26.301
(c) Trade receivables	24.359	26.048
(d) Cash and cash equivalents	0.353	0.179
(e) Short-term loans and advances	3.739	5.081
(f) Other current assets	0.241	0.276
TOTAL	95.852	100.569

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.940
2] Share Application Money		0.000
3] Reserves & Surplus		14.014
4] (Accumulated Losses)		0.000
NETWORTH		18.954
LOAN FUNDS
1] Secured Loans		25.271
2] Unsecured Loans		41.638
TOTAL BORROWING		66.909
DEFERRED TAX LIABILITIES		0.000
TOTAL		85.863
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		41.264
Capital work-in-progress		0.000
INVESTMENT		0.455
DEFERREX TAX ASSETS		0.890
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	22.598
	Sundry Debtors	29.350
	Cash & Bank Balances	0.183
	Other Current Assets	0.000
	Loans & Advances	7.199
Total Current Assets		59.330
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.304
	Other Current Liabilities	3.606
	Provisions	1.212
Total Current Liabilities		16.122
Net Current Assets		43.208
MISCELLANEOUS EXPENSES		0.046
TOTAL		85.863

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	84.117	88.568	97.871
		Other Income	NA	3.332	NA
		TOTAL	NA	91.900	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	80.168	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.881	11.732	15.309
Less/ Add	DEPRECIATION/ AMORTISATION		14.578	13.941	14.145
	PROFIT / (LOSS) BEFORE TAX		(5.697)	(2.209)	1.164
Less	TAX		(0.043)	(0.054)	0.000
	PROFIT / (LOSS) AFTER TAX		(5.654)	(2.155)	1.164
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.867	10.022	9.858
	BALANCE CARRIED TO THE B/S		3.213	8.867	10.022
	Earnings Per Share (Rs.)		(1144.53)	(436.13)	123.28

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	(2.34)	NA
Net Profit Margin (PBT/Sales)	(%)	(6.77)	(2.49)	1.19
Return on Total Assets (PBT/Total Assets}	(%)	(6.04)	(2.22)	1.16
Return on Investment (ROI) (PBT/Networth)		(0.51)	(0.13)	0.06
Debt Equity Ratio (Total Debt/Networth)		5.99	4.10	3.53
Current Ratio (Current Asset/Current Liability)		1.31	1.44	0.27

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	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	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Loan From Directors	6.367	6.092
Loan From Relatives of Directors	25.180	24.780
Inter Corporate Deposits from associate company	1.500	1.500
Loan From Shareholders	8.865	10.155
Total	41.912	42.527

FUTURE PROSPECTS

The Directors are hopeful of an improved performance in the current year by resolving the labour issue.

FIXED ASSETS:

• Land and Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Computer and Books

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. 58.41
UK Pound	1	Rs. 91.62
Euro	1	Rs. 78.12

INFORMATION DETAILS

Report Prepared by :

DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
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	NO
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.