MIRA INFORM REPORT

Report Date :

16.05.2013

IDENTIFICATION DETAILS

Name :	ASAHI INDIA GLASS LIMITED (w.e.f 26.09.2002)
Formerly Known As :	ASAHI INDIA SAFETY GLASS LIMITED
Registered Office :	Unit No.203 to 208, Tribhuwan Complex, Ishwar Nagar, Mathura Road, New Delhi – 110065
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.12.1984
Com. Reg. No.:	55-019542
Capital Investment / Paid-up Capital :	Rs.159.900 Millions
CIN No.: [Company Identification No.]	L26102DL1984PLC019542
TAN No.: [Tax Deduction & Collection Account No.]	DELA00705F
PAN No.: [Permanent Account No.]	AADCA7706R
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing of Toughened Glasses and Laminated Glasses.
No. of Employees :	3000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 6300000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Even though the company has achieved a better increase in sales turnover during 2011, it has incurred some loss also. 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 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BBB- (Long Term Bank Facilities)
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	09.08.2012

Rating Agency Name	CARE
Rating	A3 (Short Term Bank Facilities)
Rating Explanation	Moderate degree of safety
Date	09.08.2012

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. Pardeep
Designation :	Accounts departments
Contact No.:	91-124-4062212
Date :	14.05.2013

LOCATIONS

Registered Office :	Unit No.203 to 208, Tribhuwan Complex, Ishwar Nagar, Mathura Road, New Delhi – 110065, India
Tel. No.:	91-11-41001690/ 92/49454900
Fax No.:	91-11-41002691/49454999
E-Mail :	gopal.ganatra@aisglass.com
Website :	www.aisgl.com www.asahiindia.com
Location:	Owned
Corporate Office 1 :	12, Basant Lok, Vasant Vihar, New Delhi – 110 057, India
Tel. No.:	91-11-26142288/3536/3537/9403/124-4062212
Fax No.:	91-11-26142324/26148696 / 4062288/ 44
E-Mail :	slabroo@aisgl.com / raman.yadav@aisglass.com
Corporate Office 2 :	5^th Floor, Tower B, Global Business Park, Meharauli, Gurgaon Road, Gurgaon – 122 022, Haryana, India
Tel. No.:	91-124-4062212-19/124-4062212
Fax No.:	91-124-4062244/88
E-Mail :	mukhija@aisgl.com
Sales and Marketing Head Office :	C-203/B, Forture 2000, Bandra - Kurla Commercial Complex, Bandra (East), Mumbai - 400 051, Maharashtra, India
Tel. No.:	91-22-3062 0101/3062 0107
Fax No.:	91-22-3062 0119
Factory :	Works (Auto) / Bawal Office 94.4 Kms. Stone, Delhi - Jaipur Highway, Village Jaliawas, Tehsil Bawal, District Rewari -123 501, Haryana, India Tel: 91-1284-260366/260367/260774 Fax:91-1284-260185 Plot No. T-16, MIDC Industrial Area, Taloja, District Raigad – 410208, Maharashtra, India Tel: 91-22-27410171/74 Fax:91-22-27410090 Plot No. F-76 to 81, SI.PCOT, Industrial Park, Irungattukottai, Sriperumpdur Taluk, District Kancheepuram - 602105, Tamilnadu, India Tel: 91-4111-500442/500443 Fax: 91-4111-500441 Works (Float) /  Taloja Office Plot No. T-7, MIDC Industrial Area, Taloja, District Raigad -410208, Maharashtra, India Tel: 91-22-27410171/74 Fax:91-22-27410090 Village- Latherdeva Hoond, PO: jhabreda Pargana - Mangalaur, Tehsil Roorkee, District Haridwar – 247667, Uttaranchal, India Tel: 91-1-332-224114 Sub Assembly Unit No. 28, Challighata Village Road, Anchepalya, Mysore Road, Bangalore-560074, Karnataka, India Tel No.: 91-80-28437139 Fax No.: 91-80-28437455 1301/B, GIDC, Halol, District- Panchmahal 389350, Gujarat, India Tel No. : 91-2676-225610 Onsite Supplier Park-Building No.5, Toyota Kirloskar Motors Private Limited, Plot No.1, Bidadi Industrial Area Bidadi - 562109, Ramanagar (D), Bangalore, Karnataka, India Tel No.: 91-80-66701100/01/02/03/04/05 Fax No.: 91-80-28437455 Gat No. 123, Kuruli Taluka - Khed, District Pune-410501, Maharashtra, India Tel No. : 91-2135-399399/399407 Integrated Glass Plant Plot –A, AIs Industrial Estate, Village Latherdeva Hoon, Mangular Jhabrera Road, PO: Jhabrera,Tehsil Roorkee, District Haridwar-247667, Uttarakhand, India Tel No.: 91-1332-224010/ 14/ 15/ 16/ 19 Fax No.: 91-1332- 224114
Zonal Office :	North 13, Ground Floor, Tribhuvan Complex, Ishwar Nagar, Mathura Road, New Delhi - 110 065, India Tel.: 91-11- 4928550 Fax: 91-11- 49285512 South No. 2-C, 1st Floor, Ruby Regency Dinrose Estate New No. 69, Chennai - 600 002, Tamilnadu, India Tel.: 91-44-28542491/92/93 Fax: 91-44-28542494 East 86-B/2, Topsia Road, 4th Floor, Room No. 4H, Gajraj Chamber, Kolkata – 700046, West Bengal, India Tel.: 91-33-28853204/22853201/02/03 Mobile No.:91-983105995 Fax: 91-33-22853204
AIS GAS SOLUTIONS
Sales Office:	Gundecha Industrial Estate, 4^th Floor, Office No. 414, Akruti Road (Next To big Bazar), Kandivali (East), Mumbai-400101, Maharashtra, India
Tel. No.:	91-22-32472689/124-4062212
Fax No.:	91-22-67031181
Sales Office	1104, 11^th Floor, Prestige Meridien-I, M G Road, Bangalore-560001, Karnataka, India
Tel. No.:	91-80-41512634/35/124-4062212
Fax No.:	91-80-41512636
Sales Office	No. 145, 1^st Floor, 100 Feet Road, Aalam Centre, Senthil Nagar, Chennai-600094, Tamilnadu, India
Tel. No.:	91-44-23620213/124-4062212
Fax No.:	91-44-23620113
Faridabad-UPVC Unit:	Plot No. 17-F, Indusustrial Area, (NIT), District – Faridabad- 121001 Haryana, India
Tel. No.:	91-129-4315912
Bangalore Office:	Unit-1-A, 14, Wood Street Bangalore – 560025, Karnataka, India
Tel. No.:	91-80-41512634
Fax No.:	41512636
Sales and Marketing Office:	Unit No. 305 to 308 and 312 to 314, rd 3 Floor, Platinum Techno Park, Sector - 30A, Vashi, Tal and District - Thane, Navi Mumbai - 400 705, Maharashtra, India
Tel. No.:	91-22-30620101/07/13
Fax No.:	91-22-30620119
Corporate Project Team:	207, 208, Ground Floor, Tribhuvan Complex, Ishwar Nagar, Mathura Road, New Delhi - 110 065, India
Tel. No.:	91-11-43795400

DIRECTORS

As on: 31.03.2012

Name :

Mr. Brij Mohan Labroo

Designation :

Chairman

Address :

D-1/54, Vasant Vihar, New Delhi -110057, India

Date of Birth/Age :

12.02.1931

Qualification :

M.A. (Political Science) from Punjab University

Date of Appointment :

03.12.1985

DIN No.:

00040433

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	L26102DL1984PLC019542	ASAHI INDIA GLASS LIMITED	Director	03/12/1985	03/12/1985	-	Active	NO
2	U64202JK1987PLC000983	SAMIR PAGING SYSTEMS LIMITED	Managing director	02/11/1987	02/11/1987	-	Active	NO
3	U15520PB1981PTC004417	NORTH WEST DISTILLERIES PRIVATE LIMITED	Managing director	30/03/1989	30/03/1989	-	Active	NO
4	U74899DL2000PLC104098	SHIELD AUTOGLASS LIMITED	Director	01/03/2000	01/03/2000	-	Active	NO
5	U74899DL1992PTC049000	ALLIED FINCAP SERVICES PRIVATE LIMITED	Director	25/09/2000	25/09/2000	-	Active	NO
6	L01551KA1999PLC024991	UNITED SPIRITS LIMITED	Director	19/04/2001	19/04/2001	-	Active	NO
7	U74899DL1991PTC045317	NISHI ELECTRONICS PRIVATE LIMITED	Director	18/08/2003	18/08/2003	-	Active	NO
8	U67120DL2006PTC155170	CLEMENT STOCK TRADING AND INVESTMENTS COMPANY PRIVATE LIMITED	Director	02/11/2006	02/11/2006	-	Strike off	NO
9	U15137PB1968PLC002895	MALTEX MALSTERS LIMITED	Director	09/11/2006	09/11/2006	-	Active	NO

Name :

Mr. Sanjay Mohan Labroo

Designation :

Managing Director and Chief Executive Officer

Address :

6, Green Avenue Lane, Off Green Avenue, Kishanghar, New Delhi – 110070, India

Date of Birth/Age :

05.10.1961

Qualification :

Graduate in Finance and Management from Wharton School of Business and Finance, Pennsylvania, USA

Date of Appointment :

22.08.1989

DIN No.:

00009629

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	U15137PB1968PLC002895	MALTEX MALSTERS LIMITED	Director	21/02/1987	21/02/1987	-	Active	NO
2	L26102DL1984PLC019542	ASAHI INDIA GLASS LIMITED	Managing director	22/08/1989	22/08/1989	-	Active	NO
3	U74899DL1990PTC040032	ESSEL MARKETING PRIVATE LIMITED	Director	02/05/1990	02/05/1990	-	Active	NO
4	U74899DL1991PTC045317	NISHI ELECTRONICS PRIVATE LIMITED	Director	09/08/1991	09/08/1991	-	Active	NO
5	U74899DL1992PTC049000	ALLIED FINCAP SERVICES PRIVATE LIMITED	Director	01/06/1992	01/06/1992	-	Active	NO
6	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	22/08/1992	22/08/1992	03/09/2009	Active	NO
7	U74899DL1989PTC035656	R S ESTATES PRIVATE LIMITED	Director	15/12/1994	15/12/1994	-	Active	NO
8	U26101HP1996PLC017879	AIS ADHESIVES LIMITED	Director	18/03/1996	18/03/1996	-	Active	NO
9	U34300HR1991PLC032012	KRISHNA MARUTI LIMITED	Director	27/09/1996	27/09/1996	-	Active	NO
10	U64200MH1994PLC083996	MAHINDRA FIRST CHOICE WHEELS LIMITED	Director	14/01/2000	14/01/2000	-	Active	NO
11	U74899DL2000PLC104098	SHIELD AUTOGLASS LIMITED	Director	01/03/2000	01/03/2000	-	Active	NO
12	U26101MP2000PLC014495	ASAHI INDIA MAP AUTO GLASS LIMITED	Director	01/04/2001	01/04/2001	-	Active	NO
13	L21010MH1945PLC010337	BALLARPUR INDUSTRIES LIMITED	Director	27/07/2001	27/07/2001	-	Active	NO
14	U91110DL1998PLC097217	INDIAN GLASS MANUFACTURERS' ASSOCIATION	Director	06/02/2002	06/02/2002	-	Active	NO
15	U74994MH2002PTC136989	TAHILIANI DESIGN PRIVATE LIMITED	Director	27/08/2002	27/08/2002	-	Active	NO
16	L99999MH1937PLC002641	CROMPTON GREAVES LIMITED	Director	28/10/2003	28/10/2003	-	Active	NO
17	U26109DL2004PLC127666	AIS GLASS SOLUTIONS LIMITED	Director	19/07/2004	19/07/2004	-	Active	NO
18	U74130HR1986PLC023655	SKH METALS LIMITED	Director	14/05/2005	14/05/2005	-	Active	NO
19	U70101DL2005PTC142353	LAN ESTATES PRIVATE LIMITED	Director	09/11/2005	09/11/2005	-	Active	NO
20	U26100DL1970NPL005313	ALL INDIA GLASS MFRS'. FEDERATION.	Additional director	19/03/2012	19/03/2012	-	Active	NO

Name :

Mr. Hideaki Nohara

Designation :

Whole-Time Director

Address :

1-26-29 Higashioizumi, Narima-KU, Tokyo – 1780063, Japan

Date of Birth/Age :

09.06.1954

Date of Appointment :

12.08.2009

DIN No.:

02752701

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	U74899DL2000PLC104098	SHIELD AUTOGLASS LIMITED	Director	25/09/2009	12/08/2009	-	Active	NO
2	L26102DL1984PLC019542	ASAHI INDIA GLASS LIMITED	Whole-time director	12/08/2009	12/08/2009	-	Active	NO

Name :

Mr. Kimikazu Ichikawa

Designation :

Director

Name :

Mr. Surinder Kapur

Designation :

Director

Address :

The Grren Farm House No. 11, Rajkri, New Delhi – 110038, India

Date of Birth/Age :

10.10.1943

Qualification :

Doctorate in Mechanical Engineering from Michigan State University, USA

M.S. and a B.S. in Engineering from USA.

Date of Appointment :

24.12.1988

DIN No.:

00062481

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	L29113DL1984PLC018415	SONA KOYO STEERING SYSTEMS LIMITED	Director	22/10/2008	14/06/1984	-	Active	NO
2	L26102DL1984PLC019542	ASAHI INDIA GLASS LIMITED	Director	24/12/1988	24/12/1988	-	Active	NO
3	U74899DL1993PLC054930	SOMIC ZF COMPONENTS LIMITED	Director	25/04/2012	20/08/1993	-	Active	NO
4	U30007MH1994PLC081637	MAHINDRA SONA LIMITED	Director	30/09/1994	30/09/1994	-	Active	NO
5	U27300DL1995PLC073456	SONA OKEGAWA PRECISION FORGINGS LIMITED	Director	27/10/1995	27/10/1995	-	Active	NO
6	L92114DL1976PLC008355	COSMO FILMS LIMITED	Director	21/10/2000	21/10/2000	-	Active	NO
7	U65993DL2001PTC110205	SONA INVESTMENT PRIVATE LIMITED	Director	28/03/2001	28/03/2001	-	Active	NO
8	L99999MH1922PLC000987	GREAVES COTTON LIMITED	Director	27/10/2003	27/10/2003	18/02/2009	Active	NO
9	U74140DL2005PTC138636	DRSK MANAGEMENT SERVICES PRIVATE LIMITED	Director	13/07/2005	13/07/2005	-	Amalgamated	NO
10	U63040DL2005PLC143195	SONA MOBILITY SERVICES LIMITED	Director	31/05/2007	06/10/2006	20/10/2008	Active	NO
11	U74899DL1982PTC013139	SONA AUTOCOMP HOLDING PRIVATE LIMITED	Director	10/07/2007	31/01/2007	-	Active	NO
12	U29268DL2007PLC165741	JTEKT SONA AUTOMOTIVE INDIA LIMITED	Managing director	01/01/2009	11/07/2007	-	Active	NO
13	U35122DL2007PLC166497	KOYO SONA ELECTRONICS LIMITED	Director	29/09/2008	01/08/2007	-	Active	NO
14	U35122DL2007PLC166496	SONA FUJI KIKO AUTOMOTIVE LIMITED	Director	01/08/2007	01/08/2007	-	Active	NO
15	U29130PN2007FTC131036	AAM PANTNAGAR AXLE PRIVATE LIMITED	Director	24/03/2009	11/01/2008	01/09/2009	Active	NO
16	U45201DL2003PLC123512	AKME PROJECTS LIMITED	Director	30/09/2008	05/02/2008	-	Active	NO
17	U67120MH1991PTC060720	SEALAND INVESTMENTS PRIVATE LIMITED	Director	29/09/2009	24/12/2008	-	Amalgamated	NO
18	U67120MH1991PTC061336	RAGHUVANSHI INVESTMENT PRIVATE LIMITED	Director	29/09/2009	24/12/2008	-	Active	NO
19	U74999HR2010PTC040529	REDI INDIA QUALITY SERVICES PRIVATE LIMITED	Director	01/11/2011	13/05/2010	12/06/2012	Active	NO
20	U80302HR2010PTC040946	CQ WORKSKILLS SERVICES PRIVATE LIMITED	Director	23/07/2010	23/07/2010	01/11/2011	Active	NO
21	U51900DL2011PLC226008	MANDIRA MARKETING LIMITED	Director	10/10/2011	10/10/2011	03/02/2012	Active	NO

Name :

Mr. Shinzo Nakanishi

Designation :

Director

Address :

59-3, Saiwai 2, Hamamatsu, Japan – 4338123

Date of Birth/Age :

14.09.1947

Date of Appointment :

30.07.2008

DIN No.:

00108491

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	L34103DL1981PLC011375	MARUTI SUZUKI INDIA LIMITED	Managing director	19/12/2010	30/05/2002	-	Active	NO
2	U27109DL2002PLC117679	SUZUKI POWERTRAIN INDIA LIMITED	Director	11/07/2008	27/07/2005	-	Active	NO
3	U74899DL1997FTC086871	SUZUKI MOTORCYCLE INDIA PRIVATE LIMITED	Additional director	15/11/2006	15/11/2006	16/05/2008	Active	NO
4	L26102DL1984PLC019542	ASAHI INDIA GLASS LIMITED	Director	30/07/2008	02/01/2008	-	Active	NO
5	U74130HR1986PLC023655	SKH METALS LIMITED	Nominee director	26/07/2008	28/01/2008	-	Active	NO
6	U65921DL1997PLC090046	CITICORP MARUTI FINANCE LIMITED	Director	29/09/2008	31/01/2008	10/01/2012	Active	NO
7	U65910DL1995PTC070200	MARUTI COUNTRYWIDE AUTO FINANCIAL SERVICES PRIVATE LIMITED	Director	11/08/2008	25/03/2008	19/03/2012	Active	NO
8	L74899DL1985PLC020134	SUBROS LIMITED	Nominee director	25/03/2008	25/03/2008	-	Active	NO

Name :

Keiichi Nakagaki

Designation :

Director

Address :

27, Golf Links, New Delhi – 110003, India

Date of Birth/Age :

10.06.1952

Date of Appointment :

30.07.2008

DIN No.:

02165974

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	L26102DL1984PLC019542	ASAHI INDIA GLASS LIMITED	Director	30/07/2008	06/05/2008	-	Active	NO
2	U45201DL1996PTC079069	MITSUBISHI CORPORATION INDIA PRIVATE LIMITED	Managing director	08/05/2008	08/05/2008	-	Active	NO
3	U29200TZ2007PTC014014	MC CRAFTSMAN MACHINERY PRIVATE LIMITED	Director	14/05/2008	14/05/2008	-	Active	NO
4	U15122KA1993PLC048636	SNOWMAN LOGISTICS LIMITED	Director	27/05/2008	27/05/2008	-	Active	NO

Name :

Mr. Rahul Rana

Designation :

Director

Address :

240 E, 90^th ST, PHE, New York – 10128, USA

Date of Birth/Age :

01.07.1963

Qualification :

M.B.A. degree from the University of lllinois at Urbana Champaign, USA and a B.S. in Finance from S.R.C.C, University of Delhi.

Date of Appointment :

30.12.2005

DIN No.:

00476406

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	L26102DL1984PLC019542	ASAHI INDIA GLASS LIMITED	Director	30/12/2005	30/12/2005	-	Active	NO
2	U40101DL2005PLC138906	AVANTHA POWER AND INFRASTRUCTURE LIMITED	Director	15/06/2010	22/02/2010	-	Active	NO

Name :

Mr. Gautam Thapar

Designation :

Director

Address :

07.12.1960

Date of Birth/Age :

E-16, Pushpanjali Farms, Bijwasan, New Delhi – 110061, India

Qualification :

Graduate in Chemical Engineering from Pratt University, USA

Date of Appointment :

22.03.2002

DIN No.:

00012289

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	U21019DL1975PLC198598	BILT PAPER HOLDINGS LIMITED	Managing director	01/04/2010	06/08/1993	-	Amalgamated	NO
2	U02001DL1992PLC047666	GLOBAL GREEN COMPANY LIMITED	Director	15/04/1994	15/04/1994	-	Active	NO
3	U74899DL1994PTC061845	VANI AGENCIES PRIVATE LIMITED	Director	29/09/1994	29/09/1994	01/07/2009	Active	NO
4	U51102DL1997PLC112862	SOLARIS CHEMTECH LIMITED	Director	29/12/1997	29/12/1997	-	Amalgamated	NO
5	L21010MH1945PLC010337	BALLARPUR INDUSTRIES LIMITED	Director	01/04/2010	16/04/1999	-	Active	NO
6	U67120MH1978PLC020308	CG CAPITAL AND INVESTMENTS LIMITED	Director	30/03/2001	30/03/2001	-	Amalgamated	NO
7	L26102DL1984PLC019542	ASAHI INDIA GLASS LIMITED	Director	22/03/2002	22/03/2002	-	Active	NO
8	U80101MH2002NPL136300	PRATHAM EDUCATION FOUNDATION	Director	01/10/2002	01/10/2002	18/06/2009	Active	NO
9	U51900MH2000PTC127339	OSIAN'S - CONNOISSEURS OF ART PRIVATE LIMITED	Director	16/12/2002	16/12/2002	24/12/2009	Active	NO
10	U51396DL2004PLC129498	KCT PAPERS LIMITED	Director	28/09/2004	28/09/2004	-	Amalgamated	NO
11	L99999MH1937PLC002641	CROMPTON GREAVES LIMITED	Director	07/08/2005	07/08/2005	-	Active	NO
12	U74140DL2005PLC135984	SALIENT BUSINESS SOLUTIONS LIMITED	Director	07/10/2005	07/10/2005	-	Active	NO
13	U67120DL2003PLC198253	SOLARIS HOLDINGS LIMITED	Director	29/06/2007	22/08/2006	-	Amalgamated	NO
14	L99999MH1922PLC000987	GREAVES COTTON LIMITED	Director	24/09/2006	24/09/2006	16/05/2007	Active	NO
15	U70102DL1981PLC198595	AVANTHA REALTY LIMITED	Director	26/12/2007	02/02/2007	13/12/2011	Active	NO
16	U67120DL1998PLC198627	AVANTHA HOLDINGS LIMITED	Whole-time director	01/04/2011	02/02/2007	-	Active	NO
17	U52110DL1992PLC005844	KARAM CHAND THAPAR AND BROS. LIMITED	Director	28/12/2007	26/02/2007	-	Amalgamated	NO
18	U55101MH2000PLC187834	LAVASA CORPORATION LIMITED	Director	04/06/2007	27/02/2007	-	Active	NO
19	U01214DL2004PTC125167	SOHNA STUD FARM PRIVATE LIMITED	Director	07/09/2007	10/05/2007	-	Active	NO
20	U80903DL2009NPL189043	AVANTHA FOUNDATION	Director	01/04/2009	01/04/2009	-	Active	NO
21	U99999UR1928NPL002455	INDIAN PUBLIC SCHOOLS SOCIETY	Director	21/12/2010	21/12/2010	-	Active	NO

Name :

Mr. Arvind Kumar Singh

Designation :

Director and Chief Operating Officer (Auto)

Address :

1102 A, Second Floor, Beverly Park II, DLF City Phase II, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

18.06.1964

Qualification :

M.B.A. from International Management Institute, New Delhi

Date of Appointment :

28.06.2000

DIN No.:

00003597

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	L26102DL1984PLC019542	ASAHI INDIA GLASS LIMITED	Director	08/08/2012	28/06/2000	-	Active	NO
2	U74899DL2000PLC104098	SHIELD AUTOGLASS LIMITED	Director	21/08/2000	21/08/2000	01/01/2012	Active	NO
3	U26101MP2000PLC014495	ASAHI INDIA MAP AUTO GLASS LIMITED	Director	01/04/2001	01/04/2001	01/01/2012	Active	NO
4	U26109DL2004PLC127666	AIS GLASS SOLUTIONS LIMITED	Director	19/07/2004	19/07/2004	01/01/2012	Active	NO
5	U14220DL2009PLC188298	INTEGRATED GLASS MATERIALS LIMITED	Director	06/03/2009	06/03/2009	01/01/2012	Active	NO
6	U26101HP1996PLC017879	AIS ADHESIVES LIMITED	Director	30/09/2009	08/04/2009	01/01/2012	Active	NO
7	U91110DL1998PLC097217	INDIAN GLASS MANUFACTURERS' ASSOCIATION	Director	08/09/2010	08/09/2010	-	Active	NO
8	U67120WB1988PLC043869	MANAV INVESTMENT AND TRADING COMPANY LIMITED	Additional director	06/06/2012	06/06/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shailesh Agarwal
Designation :	Chief Financial Officer
Name :	Mr. Gopal K. Ganatra
Designation :	Company Secretary
Address :	Flat No A, First Floor, B-46, Mohan Garden, Pipal Road, New Delhi – 110059, India
Date of Birth/Age :	14.07.1979
Date of Appointment :	09.11.2009
PAN No.:	AGZPG9108J
Board Committees:
Audit Committee:	Mr. Surinder Kapu – Chairman Mr. Gautam Thapar – Member Mr. Rahul Rana - Member
Remuneration Committee:	Mr. Gautam Thapar – Chairman Mr. Surinder Kapur – Member Mr. Hideaki Nohara – Member Mr. B. M. Labroo – Member Mr. Rahul Rana - Member
Shareholders' / Investors' Grievance Committee:	Mr. B. M. Labroo – Chairman Mr. Sanjay Labroo – Member Mr. Hideaki Nohara – Member

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2012

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	30688736	19.19
Bodies Corporate	18409200	11.51
Sub Total	49097936	30.70
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	3596596	2.25
Bodies Corporate	35520000	22.21
Sub Total	39116596	24.46
Total shareholding of Promoter and Promoter Group (A)	88214532	55.16
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	75250	0.05
Financial Institutions / Banks	11313	0.01
Foreign Institutional Investors	680075	0.43
Any Others (Specify)	2024	0.00
Foreign Bank	2024	0.00
Sub Total	768662	0.48
(2) Non-Institutions
Bodies Corporate	21567796	13.49
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	19376715	12.12
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	26467895	16.55
Any Others (Specify)	3531986	2.21
Directors & their Relatives & Friends	225715	0.14
NRIs/OCBs	3305197	2.07
Trusts	1074	0.00
Sub Total	70944392	44.36
Total Public shareholding (B)	71713054	44.84
Total (A)+(B)	159927586	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	159927586	-

BUSINESS DETAILS

Line of Business :

Manufacturing of Toughened Glasses and Laminated Glasses.

Products :

Float Glass – Clear 7005.10

Float Glass – Tinted 7005.21

Product Description	ITC Code
Toughened (Tempered) Safety Glass	Ch. H. No. 7004-10
a) Laminated Safety Glass
b) Laminated Architectural Safety Glas	Ch. H. No. 7004-20
Float Glass - Clear	Ch. H No. 7004-10
Float Glass- Tinted	Ch. H No. 7004-21

Terms :

Selling :

L/C, Cash and credit

Purchasing :

L/C, Cash and credit

PRODUCTION STATUS (As on 31.03.2011):-

Particulars	Unit	Installed Capacity	Actual Production**
Toughened Glass	Sq. Meters	7762000	6000813
Laminated Glass	Nos.	4450000	3535796
Architectural Glass	Sq. Meters	1404000	369371
Float Glass*	Cony. Sq.mts	71890000	60774093
Mirror Glass	Sq.mts	--	1182609
Reflective Glass	Cony. Sq.mts	3650000	1416153

* Installed capacity of Float Glass includes capacity of Reflective Glass also.

** Net of Breakages.

Notes :

1. As per the Industrial Policy no licences are required for the products manufactured by the Company.

2. Installed capacities are on annual basis.

3. Production includes captive consumption

GENERAL INFORMATION

Customers :

• Maruti Suzuki
• Hyundai
• Telco
• Toyoto Kirloskar
• Mahindra and Mahindra
• Ford India
• Honda Siel
• Hindustan Motors
• General Motors
• Fiat India
• Daewoo Motors
• Volvo
• Eicher Motors
• Fiat India
• Swaraj Mazda
• Reva
• UZ-Daewoo (Uzbekistan)
• Fiat India
• Piaggio Greaves

No. of Employees :

3000 (Approximately)

Bankers :

• The Bank of Tokyo-Mitsubishi Limited
• The Jammu and Kashmir Bank Limited
• State Bank of India
• Standard Chartered Bank
• ICICI Bank Limited
• CITI Bank N A
• Punjab National Bank
• HDFC Bank Limited
• Corporation Bank
• Mizuho Corporate Bank Limited
• State Bank of Mysore
• ABN Amro Bank
• Mitsubishi (UFJ) Limited

• The Hongkong and Shanghai Banking Corporation Limited
• State Bank of Hyderabad
• Export – Import Bank of India
• The Royal Bank of Scotland
• The Bank of Rajasthan Limited
• Axis Bank Limited
• Citi Bank N.A.
• Yes Bank Limited
• State Bank of Mauritius Limited
• HSBC Bank Limited

Facilities :

Secured Loans	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Secured Term Loans from Banks
Foreign Currency Loans	3122.000	3048.100
Rupee Term Loans	1472.200	1863.800
Secured Term Loans from Others
Foreign Currency Loans	100.200	100.400
Rupee Term Loans	220.600	170.000
Long Term Maturities of Finance Lease Obligations
Secured	0.900	0.000
Secured loans repayable on demand
From banks *	4460.700	4677.300
From Others **	1745.200	1223.000
Total	11121.800	11082.600
Note: * Rs.688.700 Millions are secured by first pari-passu charge on current assets of the Company, Rs.1557.700 Millions are secured by first pari-passu charge on stock and book debts of the Company, Rs.2001.300 Millions are secured by first pari-passu charge on current assets of the Company and second pari-passu charge on the fixed assets of the Company, Rs.33.300 Millions are secured by second pari-passu charge on all movable fixed assets on Roorkee float plant, Rs.98.600 Millions are secured by second pari-passu charge on T-16 Taloja plant immovable fixed assets and Rs.81.100 Millions are secured by second charge on current assets of the Company. All loans are secured on current assets/fixed assets of the Company both present and future. ** Include Rs.1500.000 Millions secured by subsequent and subservient charge on the entire movable fixed assets of the Company and Rs.245.200 Millions are secured by first pari-passu charge on current assets of the Company both present and future.

Banking Relations :

--

Statutory Auditors :

Name :

Jagdish Sapra and Company

Chartered Accountants

Address :

23, Prakash Apartments, 5, Ansari Road, Daryaganj, New Delhi, India

Internal Auditors :

Name :

Protiviti Consulting Private Limited

Subsidiaries :

• AIS Glass Solutions Limited
• Integrated Glass Materials Limited
• GX Glass Sales and Services Limited

Associates :

• AIS Adhesives Limited
• Asahi India Map Auto Glass Limited
• Vincotte International India Assessment Services (Private) Limited

Enterprises owned or significantly influenced by key management personnel or their relatives :

• Shield Autoglass Limited
• Samir Paging Systems Limited
• R. S. Estates (Private) Limited
• Nishi Electronics (Private) Limited
• Maltex Malsters Limited
• Essel Marketing (Private) Limited
• Allied Fincap Services Limited
• Usha Memorial Trust, Krishna Maruti Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000000	Equity Shares	Re.1/- each	Rs.500.000 millions
600000	Preference Shares	Rs.100/- each	Rs.60.000 millions
9000000	Preference Shares	Rs.10/- each	Rs.90.000 millions
	Total		Rs.650.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
159927586	Equity Shares	Re.1/- each	Rs.159.900 millions

Note:

The Company has only one class of shares referred to as equity shares having a par value of Rs. 1 each. Each holder of Equity Shares is entitled to one vote per share.

The Company declares and pays dividends in Indian Rupees. The Dividend proposed by the Board of Directors is subject to the approval of Shareholders in the ensuing General Meeting except in case of interim dividend.

In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of Equity Shares held by the Shareholders.

The details of Shareholders holding more than 5% Equity Shares are given below

Name of Share Holder	31.03.2012
	No of Shares	% held
Asahi Glass Company Limited , Japan	35520000	22
Maruti Suzuki India Limited	17760000	11
Mr. B. M. Labroo	13783920	9
Mr. Sanjay Labroo	10456237	7

The reconciliation of the number of shares outstanding and amount of share capital at the beginning and at the end of the reporting period is given below

Particulars	31.03.2012
	No of Shares	Rs In Millions
Number of shares at the beginning	159927586	159.900
Changes during the year	--	--
Number of shares at the end	159927586	159.900

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		159.900	159.900	159.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1436.400	2023.700	1872.200
4] Foreign Currency Monetary Item Translation		0.000	0.000	12.600
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1596.300	2183.600	2044.700
LOAN FUNDS
1] Secured Loans		11121.800	11082.600	12281.500
2] Unsecured Loans		2442.500	2129.000	2424.800
TOTAL BORROWING		13564.300	13211.600	14706.300
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		15160.600	15395.200	16751.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12577.300	11199.700	11731.100
Capital work-in-progress		211.600	807.900	527.400
INVESTMENT		157.100	83.900	69.900
DEFERREX TAX ASSETS		441.700	161.500	269.700
Impaired Assets held for disposal		12.300	12.700	12.500
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4754.00	3800.000	3192.000
	Sundry Debtors	3122.600	2388.700	1807.000
	Cash & Bank Balances	166.300	216.800	121.800
	Other Current Assets	2.700	2.100	136.200
	Loans & Advances	1103.200	1739.500	1082.500
Total Current Assets		9148.800	8147.100	6339.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3683.100	2114.200	1654.500
	Other Current Liabilities	3743.900	2844.300	496.200
	Provisions	79.200	59.100	48.400
Total Current Liabilities		7506.200	5017.600	2199.100
Net Current Assets		1642.600	3129.500	4140.400
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
Foreign Currency Monetary Item Translation		118.000	0.000	0.000
TOTAL		15160.600	15395.200	16751.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	16457.400	15182.100	12627.300
		Other Income	119.600	166.700	338.500
		TOTAL (A)	16577.000	15348.800	12965.800
Less	EXPENSES
		Cost of Materials Consumed	5664.600	4620.800	7806.800
		Purchase of Stock in Trade	59.900	194.700	895.600
		Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	(715.400)	(232.700)	1749.700
		Employee Benefits Expense	1311.100	1132.600	(1.000)
		Other Expenses	8384.700	6908.600	9.500
		TOTAL (B)	14704.900	12624.000	10460.600
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1872.100	2724.800	2505.200
Less	FINANCIAL EXPENSES (D)		1474.300	1278.000	1278.300
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		397.800	1446.800	1226.900
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1265.300	1183.700	1244.800
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(867.500)	263.100	(17.900)
Less	TAX (H)		280.200	111.600	(28.200)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(587.300)	151.500	10.300
Add	TAX ADJUSTMENT OF EARLIER YEARS		NA	0.000	2.000
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		784.700	633.300	621.000
	BALANCE CARRIED TO THE B/S		NA	784.800	633.300
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	456.300	(422.500)	940.300
		Interest and Commission	8.300	(24.300)
	TOTAL EARNINGS		464.600	(446.800)	940.300
	IMPORTS
		Raw Materials	3362.300	(2742.600)	1747.600
		Stores & Spares	616.700	(411.300)	373.000
		Capital Goods	444.600	(443.300)	117.300
		Traded Goods	9.500	(24.900)	23.900
		Others	37.800	(156.800)	42.900
	TOTAL IMPORTS		4470.900	(3778.900)	2304.700
	Earnings/(Loss) Per Share (Rs.)		(3.67)	0.95	0.08

QUARTERLY RESULTS

PARTICULARS	30.06.2012 (1^st Quarter)	30.09.2012 (2^nd Quarter)	31.12.2012 (3^rd Quarter)
Net Sales	4844.400	4287.300	5083.900
Total Expenditure	4445.900	4012.000	4676.200
PBIDT (Excl OI)	398.500	275.300	407.700
Other Income	5.100	154.400	17.100
Operating Profit	403.600	429.7000	424.800
Interest	417.400	433.300	411.900
Exceptional Items	0.000	0.000	0.000
PBDT	(13.800)	(3.600)	12.900
Depreciation	355.900	376.300	373.900
Profit Before Tax	(369.700)	(379.900)	(361.000)
Tax	(119.900)	(116.700)	(123.700)
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	(249.800)	(263.200)	(237.300)
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	(249.800)	(263.200)	(237.300)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(3.54)	0.99	0.08
Net Profit Margin (PBT/Sales)	(%)	(5.27)	1.73	(0.14)
Return on Total Assets (PBT/Total Assets}	(%)	(3.99)	1.36	(0.10)
Return on Investment (ROI) (PBT/Networth)		(0.54)	0.12	(0.01)
Debt Equity Ratio (Total Debt/Networth)		8.50	6.05	7.19
Current Ratio (Current Asset/Current Liability)		1.22	1.62	2.88

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	Yes
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Unsecured Loans from a Related Party
Foreign Currency Loan	2428.700	2129.000
Long Term Maturities of Finance Lease Obligations
Unsecured	13.800	0.000
Total	2442.500	2129.000

Performance Overview

The current financial year was unusually stressful for AIS due to volatile economic conditions, input costs inflation and depreciation of Rupee which had an adverse impact on the performance of AIS. Costs grew rapidly than sales. As a result of the above, the Net Sales of the Company increased 8.40% from Rs. 15182.100 Millions in 2010-11 to Rs. 16457.400 Millions in 2011- 12. Operating Profit has decreased 31.29% from Rs. 2724.800 Millions in the previous year to Rs. 1872.100 Millions in 2011-12. The Company posted the Profit/(Loss) after Tax of Rs. (5,873) in 2011-12 as against Profit after Tax of Rs. 151.500 Millions in the previous year.

A detailed analysis of Company’s operations in terms of performance in markets, manufacturing activities, business outlook, risks and concerns forms part of the Management Discussion and Analysis, a separate section of this Annual Report.

Subsidiaries

The three subsidiaries of the Company – AIS Glass Solutions Limited (“GS”), Integrated Glass Materials Limited (“IGML”) and GX Glass Sales and Services Limited (GX) carried on smooth operations during the year.

In terms of the general exemption granted by the Ministry of Corporate Affairs, Government of India, under Section 212(8), of the Companies Act, 1956, copies of the Balance Sheet, Profit and Loss Account, Reports of the Board of Directors and Auditors of subsidiaries of the Company - AIS Glass Solutions Limited (“GS”), Integrated Glass Materials Limited (“IGML”) and GX Glass Sales and Services Limited (“GX”), have not been attached with the Balance Sheet of AIS. Further, pursuant to Accounting Standards (AS-21) Consolidated Financial Statement presented by the Company includes the financial results of GS, IGML and GX duly audited by the statutory auditors. These consolidated financial statements have been prepared in strict compliance with the applicable accounting standards and listing agreement. However, the particulars of all the subsidiary companies, as directed by the Ministry of Corporate Affairs, Government of India in its above exemption, is attached along with statement as required under section 212 of the Companies Act, 1956.

The sole purpose of not attaching the annual accounts and other statements of subsidiary companies is on account of savings on substantial printing and dispatch costs of this Annual Report. The Company hereby assures that the annual accounts of the subsidiary companies and related detailed information shall be made available to those investors seeking such information at any point in time. The annual accounts of the subsidiary companies are kept open for inspection by investors at the Corporate Office of AIS as well as the registered offices of the subsidiary companies during working hours.

The Company shall dispatch a hard copy of the details of accounts of the subsidiary companies to any shareholder on demand. Further, the Company regularly files such data to the various regulatory and government authorities as required.

MANAGEMENT DISCUSSION AND ANALYSIS

Macroeconomic Scenario

The global economy witnessed widespread challenges across the advanced and emerging economies through 2011-12. From the catastrophic Tsunami in Japan to civil unrest in some oil producing countries in Middle East Asia to sovereign debt crisis in some European countries to rampant unemployment in the US, the year was marked with various regional challenges across key economies. Adding to the woes were higher cost of all major commodities including crude oil in global markets, shrinking exports to the advanced countries from the emerging ones and reverse flow of foreign capital from growth centers in emerging economies.

All these factors influenced a widespread slowdown in the growth momentum of economies across the globe in 2011. International Monetary Fund’s World Economic Outlook released in April 2012 estimated the Global GDP growth to have come down to 3.9% in 2011 from 5.3% in 2010. It has estimated the GDP growth of advanced economies to have slipped to 1.6% in 2011, from 3.2% in 2010 and that of emerging economies also have come down to 6.2% in 2011 from 7.5% recorded in 2010.

Indian Economy

The much talked out insulation of Indian economy from global factors stood exposed in the fiscal year 2011-12 with the national GDP growth coming down to 6.5%, its lowest recorded in the last 9 years. In a year marked with inflationary pressures all along, country’s efforts to check it with tightening of liquidity and increasing the cost of borrowing with a series of co-ordinated initiatives yielded very little. Instead, it adversely impacted consumer demand as well as business and investor sentiments. Sharp and unprecedented depreciation of Indian Rupee versus US Dollar came as double whammy and made imports of commodities including crude oil even costlier.

Government’s inability to introduce much awaited reforms in sectors such as multi-brand retail, pension and insurance together with its inability to check fiscal deficit within manageable levels did result into rating downgrade for India by the global rating agencies. In the light of multitude of these challenges, even a 6.5% growth in GDP appeared creditable and the same could rightly be attributed to the enterprising spirit of India Inc. and ever growing resilience of Indian demography.

State of Growth Drivers

Automobile Sector

In FY 12, passenger vehicles segment recorded a moderate growth of 4.66%. Passenger Cars grew by 2.19%, Utility Vehicles grew by 16.47% and Vans by 10.01% respectively. The growth was much better in the exports segment, where the passenger vehicles registered growth at 14.18% in FY 12, albeit at a low base rate.

Society of Indian Automobile Manufacturers (SIAM) estimates the four-wheelers market to grow at a compounded annual growth rate of 13-14% over the next three-five years in India. Being directly linked with the prevailing interest rates, automobile sales are likely to pick up momentum once interest rates begin to soften in coming times.

Automotive Glass segment contributes over 52% to Company’s total revenue. In doing so, Auto Glass segment enables AIS to cater to an impressive 72% market-share in Original Equipment Manufacturers (OEMs) segment for passenger and commercial vehicles markets.

Construction Sector

Amidst the tough macroeconomic situation prevalent through the fiscal year 2011-12, the growth of the construction sector slowed down to 5.3%, as against 8.1% recorded in FY 11. The same affected the demand for Architectural Glass.

AIS’s Architectural Glass segment is dependent on the growth of buildings construction sector as it finds itsmaximum usage in the retail and commercial asset classes while gaining popularity in the residential buildings also. These buildings use a range of AIS glasses from reflective to tinted to clear glass. The growing popularity of light and energy efficient buildings with extensive usage of high-quality value-added glass in the country is likely to augment the growth of float glass over the coming years.

As compared with global average, India is still at a nascent stage of adopting glass-led buildings.

Solar Glass Segment

AIS has recently started focusing on Solar Glass segment through a newly formed SBU ‘Solar Glass’. The tropical weather conditions with 250-300 sunny days a year make India a country rich with tremendous potential in solar energy. With a National Solar Mission (NSM) in place and the Ministry of New and Renewable Energy (MNRE) pushing for widespread adoption of solar power plants by incentivizing private investments, solar energy segment is bound to grow at an accelerated pace in coming years. Several states, including Rajasthan and Gujarat, have announced plans to pursue solar power and there is a strong pipeline of projects.

Following the re-alignment of SBUs, AIS has started focusing on this potential growth driver in solar panel glass. The SBU is currently exploring the Indian Solar Glass market and has made humble beginnings in the form of an agency.

Financial Performance

Amidst challenging macroeconomic environment witnessed in FY 12 with growth slowing down in automobile as well as construction sectors, the Company did well in achieving a revenue growth of 7.9% to take it to Rs.16800.000 Millions, from Rs.15577.300 Millions recorded in the previous year. A sharp rise in cost of key raw materials clubbed with unprecedented depreciation of Indian Rupee against US Dollar provided a double blow on the cost front. Consequently, there was a steep rise of 22.22% in the raw material costs. Apart from rise in cost of raw material, a sharp rise in the cost of power and energy and some other overheads in FY 12 also led to a sharp contraction in Company’s operating profit to Rs.2040.000 Millions in FY 12, from Rs.2720.000 Millions in FY 11.

Segment Performance

AIS Auto Glass

AIS Auto Glass maintains its leadership as the premium supplier of Auto Glass to Indian automobile makers.

Serving the Indian automobile industry with world class glass products for well over 25 years, AIS Auto Glass continues to be the flagship SBU of AIS. Deploying bestin- class technology, processes and inputs, it has built

strategic relationships with its customers besides expanding its manufacturing and sub-assembly footprints to cater to various automobile manufacturing hubs in India.

AIS Auto Glass continues to improve its design capabilities, faster new model development and flexible manufacturing to OEM customers consistently. AIS Auto Glass caters to around 72% of the passenger vehicles segment in India through the OEM route, and has remained a market leader in the segment. AIS Auto Glass caters to all automobile segments except the two-wheelers.

Industry Structure and Developments

Indian automobile industry’s three and four wheeler vehicle segment recorded a moderate growth of 9.0% in FY 12 compared to healthy 26.1% and 30.1% in FY 11 and FY 10 respectively. During the year, passenger vehicle segment recorded a near flat growth of 2.8% wherein Cars grew at 1.8% and Multi Utility Vehicles (MUVs) took the lead and recorded 9.3% growth. Commercial vehicles however, given high interest rates, recorded an impressive 21.0% growth. FY 12 saw a somewhat flat levels of production over 1st, 2nd and 3rd quarter of the year at 7,47,000, 7,06,000 and 7,01,000 cars respectively, however 4th quarter saw 27.5% rise over previous quarter at 8,95,000 cars.

During the year, AIS partnered with leading automobile players who launched a number of new models in Indian market.

Favourable demographics and cost-effective production environment has been fuelling aspirations of more and

more global players to enter India and India is fast becoming the global manufacturing hub for several OEMs. With its past foot prints and impeccable legacy along with the further improvement activities, AIS auto stands to gain the most from this global development.

Performance

The revenues of AIS Auto Glass recorded a steady growth of 10.1% in FY 11-12 over FY 10-11, even in a period when the primary business line of passenger vehicles started showing signs of slackening in domestic market, due to high interest regime, except utility vehicles, which grew steadily at 16.47%. Revenues of 9277.400 Millions recorded by AIS Auto Glass constituted close to 52.35% of Company’s revenues, as against 51% in FY 10-11.

The segment’s profits before interest and unallocated expenses in AIS Auto Glass slipped in FY 11-12 to 733.500 Millions, from 931.500 Millions in FY 10-11, due to higher raw material and power costs.

On the product front, AIS Auto Glass continues to focus on laminated front windscreens, tempered window glasses, glass for sidelites and backlites for passenger cars through the OEMs. It is also well placed in the replacement market. In FY 11-12 also AIS continued to leverage from it’s strength of partnering with Automobile Manufactures at OEM level to develop and deliver products for newer models on the highest quality standards.

Operations

The Company operates four Auto Glass manufacturing facilities at Bawal, Roorkee, Chennai and Taloja and three sub-assembly facilities at Bengaluru, Halol and Pune in Maharastra. With all these units operating at full capacities, AIS Auto Glass has recently taken fresh initiatives to remove some bottlenecks and raise its capacity. The same is aimed at bringing down the overhead and freight costs. The ensuing expansion involves enhancement of direct production and supporting equipment. Total project outlay, is estimated to be around Rs.1250.000 Millions.

AIS Architectural Glass

Last year was the long awaited management merger of their architectural facilities with the Float Glass SBU. This is a natural synergy towards the 4G solutions offered by AIS in the projects segment.

With 41% revenue contribution, AIS Float Glass is another key SBU of AIS. Offering quality products like Clear Glass, Tinted Glass, Reflective Glass, etc., AIS Float Glass commands 25% share in the Float Glass market with the products finding application in construction and automotive industries. The Company has two float glass manufacturing plants, located at Roorkee in Uttarakhand and Taloja in Maharastra.

Industry Developments

Float Glass is slowly emerging as the preferred Flat Glass product. It accounts for over 80% of total glass consumption with the demand growth of 12% CAGR. The usage of glass in housing as well as commercial buildings is a rising trend owing to the time-saved during construction and aesthetic elegance of the building structure. The demand for Float Glass segment continues to be primarily driven by the construction sector, in the residential and commercial/ retail segment of real estate. There is significant potential for value-added float glass. But, this is a difficult market in terms of requirement of technology, prediction and quick adaptation of changing consumer preferences.

Performance

The performance of AIS Float Glass division suffered a reversal in FY 11-12, despite managing a flat growth on

the turnover side. The financial highlights are summarised below:

• The sales turnover of the Float Glass division of AIS improved marginally to 7392.100 Millions in FY 11-12, from 7271.000 Millions in FY 10-11, recording a marginal growth of 1.66%.

• The Float Glass division revenues constituted almost 41.7% of the Company’s annual sales turnover for FY 11-12, as against 44% clocked in the FY 10-11.

• The Float Glass division slipped into losses before allocation of interest and other common overheads, of 80.300 Millions in FY 11-12, as against profits of 625.300 Millions in FY 10-11.

• The erosion in profitability in Float Glass division was mainly caused by the surge in the raw material costs and hike in power and fuel costs.

During FY 11-12, the Company’s Float Glass division could not aggressively push the new value added products with high margins, towards which it has been targeting. The Company continued to put its efforts and RandD towards promoting new products made of Float Glass, which could be used in green buildings, or solar panels, which are taking some time to take off. However, these initial efforts are likely to shape up well to position the Company in a leadership position in the reflective and Tinted Glass segments in due course.

The lack of growth in construction was also partly responsible for the non-acceptance of such advanced products in construction sector. Increasing cost of energy and other key inputs translated into tremendous cost pressure during the year. At AIS, managing these costs is a continuous process. While the Company’s Taloja unit had already switched over to natural gas from Furnace Oil, initiatives are underway to convert Roorkee’s operations to natural gas as well.

Outlook

The growth in Float Glass segment is expected to pick up once the interest rates start softening leading to increasing demand for real estate. It is estimated that in the urban areas itself, the shortage of dwelling units at th the close of 11 five year plan in 2011 may have grown to 26.53 million units, according to estimates of the Planning Commission.

AIS has already geared itself with innovative solutions to meet these challenges and grow the Float Glass business significantly in the coming years.

AIS Glass Solutions

The processing segment of the Architectural SBU – AIS Glass Solutions has expanded capacity in line with the increased requirement of the projects segments. It has the ability to cater to custom processing and supply of glass to large construction projects. The SBU is well aligned with long-term strategy of the Company to pushup sales of high margin high value added products.

Contingent Liabilities and Comitments

(Rs in Millions)

Contingent Liabilities	31.03.2012
a) Claims against the Company not acknowledged as debts (excluding interest and penalty which may be payable on such claims)
i) Excise and Custom duty	132.800
ii) Disputed Income Tax	38.700
iii) Disputed Sales Tax Demand	109.100
b) Guarantees
i) Bank Guarantees and Letter of Credit Outstanding	305.100
ii) Corporate Guarantees [including Rs. 656.800 Millions (Rs. 465.200 Millions) for subsidiaries]	820.100
c) Other money for which the Company is contingently liable
Channel Financing from Bank	94.700
Commitments Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 20.800 Millions (Rs. 307.200 Millions).

UNAUDITED FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED 31^TH DECEMBER, 2012

(Rs. In Millions)

Particulars	Quarter Ended		Half Year Ended
PART I	31.12.2012	30.09.2012	31.12.2012
	(Audited)
Income from operations
a. Net Sales / Income from operations (Net of Excise Duty)	5083.100	4302.000	14214.600
b. Other Operating Income (Net)	8.000	(14.700)	10.000
Total Income from operations (Net) (a+b)	5083.900	4287.300	14215.600
Expenses
a. Cost of Raw Materials consumed	1659.200	1577.900	4940.800
b. Purchase of stock - in -trade	23.800	13.400	89.500
c. Change in inventories of finished goods, work-in-progress and stock in trade	160.900	(167.500)	(200.100)
d. Employee benefits Expenses	367.500	361.300	1080.100
e. Depreciation & amortisation expense	373.900	376.300	1106.100
f. Power & Fuel	1090.300	1094.700	3311.000
g. Foreign Currency exchange loss / (gain)	148.500	(127.900)	227.200
h. Other Expenses	1226.000	1132.200	3557.700
Total Expenses ( a to h )	5050.100	42603.400	14112.300
Profit / (Loss) from Operations before Other Income, finance cost, & exceptional items (1) - (2)	33.800	26.900	103.300
Profit from operation before depreciation, finance cost & foreign currency loss / (gain)	573.300	301.800	1485.300
Other Income	17.100	26.500	48.700
Profit / (Loss) from ordinary activities before finance cost, & exceptional Items (3) + (4)	50.900	53.400	152.000
Finance Cost	411.900	433.300	1262.600
Profit / (Loss) from ordinary activities after finance cost but before & exceptional Items (5) - (6)	(361.000)	(379.900)	(1110.600)
Exceptional items	-	--	-
Profit / (Loss) from ordinary activities before tax (7) - (8)	(361.000)	(379.900)	(1110.600)
Tax Expense
a. Current Tax	-	--	-
b. Deferred Tax ( Liability )/ Asset	123.700	116.700	360.300
c. MAT Credit Entiltlement	-	--	-
Total ( a to c )	123.700	116.700	360.300
Net Profit / (Loss) from ordinary activities after Tax (9-10)	(237.300)	(263.200)	(750.300)
Extraordinary items (net of tax expense)	-	--	-
Net Profit / (Loss) for the period (11-12)	(237.300)	(263.200)	(750.300)
Share of Profit of the Associates	-	--	-
(Add) / Less : Minority Interest	-	--	-
Net Profit / (Loss) after taxes, minority interest & share of profit / (loss) of associates ( 13+14+15)	(237.300)	(263.200)	(750.300)
Paid up Equity Share Capital (Face value of Re. 1/- each)	159.900	159.900	159.900
Reserves Excluding revaluation reserves as per Balance	-	--	-
Sheet of previous accounting year
Earning Per Share (before extraordinary items) of Re. 1/-each (not annualised)
(a) Basic	(1.48)	(1.65)	(4.69)
(b) Diluted	(1.48)	(1.65)	(4.69)
Earning Per Share (after extraordinary items) of Re. 1/-each (not annualised)
(a) Basic	(1.48)	(1.65)	(4.69)
(b) Diluted	(1.48)	(1.65)	(4.69)
PART II
PARTICULARS OF SHARE HOLDING
Public Shareholding
- Number of Shares (Face value of each)	71714254	71527694	71714254
- Percentage of Shareholding	44.84	44.73	44.84
Promoters and promoter group Shareholding a) Pledged / Encumbered
- Number of Shares	18875000		18875000
- Percentage of shares (as a % of the Total	21.40	19530000	21.40
shareholding of promoter and promoter group)		22.09
- Percentage of shares (as a % of the total share capital of the company)	11.80	12.21	11.80
b) Non - encumbered
- Number of shares	69338332	68870092	69338332
- Percentage of shares (as a % of the Total shareholding of promoter and promoter group)	78.60	77.90	78.60
- Percentage of shares (as a % of the total share capital of the company)	43.36	43.06	43.36

SEGMENT- WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. in millions)

Particulars	Quarter Ended		Half Year Ended
	31.12.2012	30.09.2012	31.12.2012
	(Audited)
a. Information about Primary Business Segments
1. Segment Revenue
Automotive Glass	2742.400	2341.400	7789.800
Float Glass	2353.800	1968.100	6455.900
Others	129.900	98.600	326.000
	5226.100	4408.100	14571.700
Less : Inter-segment revenue (net of excise duty)	125.100	94.300	307.400
Total	5101.000	4313.800	14264.300
2. Segment Result
Automotive Glass	203.700	181.300	517.400
Float Glass	(136.500)	(93.000)	(297.300)
Others	(16.300)	(34.900)	(68.100)
	50.900	53.400	152.000
Less : Interest	411.900	433.300	1262.600
Total	(361.000)	(379.900)	(1110.600)
3. Capital Employed (Segment Assets-Segment Liabilities)
Automotive Glass	5283.500	5780.900	5283.500
Float Glass	9370.700	9652.800	9370.700
Others	(13970.700)	(14488.500)	(13970.700)
Total	683.500	945.200	683.500
b. Information about Secondary Business Segments
Revenue by Geographical Market
India	5089.800	4271.000	14177.400
Outside India	136.300	137.100	394.300
	5226.100	4408.100	14571.700
Less : Inter-segment revenue (net of excise duty)	125.100	94.300	307.400
Total	5101.000	4313.800	14264.300

Notes:

1. The above financial results, duly reviewed by the Audit Committee, have been approved by the Board of Directors at its meeting held on 11th February, 2013.

2. The consolidated results have been prepared in accordance with the Accounting Standards AS-21 "Consolidated Financial Statements" and AS-23 "Accounting for Investments in Associates in Consolidated Financial Statements" issued by the Institute of Chartered Accountant of India.

3. Provision for deferred tax for the quarter has been made in accordance with Accounting Standard AS-22, "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

4. During the quarter, Mr. Gurvirendra Singh Talwar has been appointed as Independent Director on the Board of Directors of the Company w.e.f. 20th December, 2012 through resolution by circulation passed and ratified by Board of Directors.

5. Previous period figures have been regrouped, wherever necessary, in order to make them comparable.

Fixed Assets:

• Freehold Land
• Leasehold Land
• Building
• Plant and Machinery
• Electrical Installation and Fittings
• Furniture and Fixtures
• Miscellaneous Assets
• Vehicles
• Computer Software
• License Fee
• E Mark Changes

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. 54.72
UK Pound	1	Rs. 83.38
Euro	1	Rs. 71.71

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.