MIRA INFORM REPORT

Report Date :

16.05.2013

IDENTIFICATION DETAILS

Name :	GLASSTECH INDUSTRIES (INDIA) PRIVATE LIMITED
Registered Office :	Plot L – 113, MIDC Taloja, Taloja Industrial Area, Taloja District, Raigad – 400703, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.05.1997
Com. Reg. No.:	11-107962
Capital Investment / Paid-up Capital :	Rs.179.851 Millions
CIN No.: [Company Identification No.]	U26100MH1997PTC107962
TAN No.: [Tax Deduction & Collection Account No.]	MUMG08682C
PAN No.: [Permanent Account No.]	AAACG3416H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Architectural Glasses and Mirrors.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 810000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There incurred some loss during 2012. The reserves of the company seems to be deteriorating. However, trade relations are reported as fair. Business is active. Payments terms are slow but correct. The company can be considered for business dealings with some caution. Profit and Loss of the company is not available.

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	CRISIL
Rating	B+ (Cash Credit)
Rating Explanation	Crisil has suspended due to lack of information.
Date	February, 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.

LOCATIONS

Registered Office/Factory:	Plot L – 113 MIDC Taloja, Taloja Industrial Area, Taloja District, Raigad – 400703, Maharashtra, India
Tel. No.:	91-22-27402693/ 94/ 95/ 96
Fax No.:	91-22-27402322
E-Mail :	glasstec@vsnl.com
Website :	www.glasstechindia.com
Office Address:	F-223, 2^nd Floor, Tower No.7, InfoTech Park, Vashi Station Complex, Navi – Mumbai, Maharashtra, India
Tel. No.:	91-22-40322999/27812395/27812396
Fax No.:	91-22-40322950/27812394
E-Mail :	anoop@glasstechindia.com

DIRECTORS

As on: 22.09.2012

Name :

Sathiapalan Govindan Ponnarambil

Designation :

Director

Address :

B 205, Powai Vihar Lake C.H.S., Powai-Vihar, Powai, Mumbai- 400076, Maharashtra, India

Date of Birth/Age :

15.01.1945

Date of Appointment :

12.05.1997

DIN No.:

00404748

PAN No.:

AAFPP6773J

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	U26100MH1997PTC107962	GLASSTECH INDUSTRIES (INDIA) PRIVATE LIMITED	Director	12/05/1997	12/05/1997	-	Active	NO
2	U74210MH2009PTC195291	FACADE ENGINEERS PRIVATE LIMITED	Director	26/07/2010	26/07/2010	28/03/2013	Active	NO

Name :

Sandhia Sathiapalan

Designation :

Director

Address :

Ponnarambil House, P.O. Kandanassery, Thrissur District, Trichur, - 680102, Kerala, India

Date of Birth/Age :

23.05.1978

Date of Appointment :

12.05.1997

DIN No.:

02335045

PAN No.:

BUEPS8450F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 22.09.2012

Names of Shareholders	No. of Shares
Ponnarambil Govindan Sathiapalan	4722605
Usha Sathiapalan	1677060
Sandhia Sathiapalan	762524
Sandeep Sathiapalan Ponnarambil	762624
Ponnarambil G. Sathiapalan Jointly Usha Sathiapalan	8049355
Sandeep Sathiapalan Ponnarambil Jointly Ponnarambil G. Sathiapalan	988521
Sandhia Sathiapalan Jointly Ponnarambil G. Sathiapalan	1022427
Total	17985116

Equity Share Break up (Percentage of Total Equity)

As on: 22.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Architectural Glasses and Mirrors.

PRODUCTION STATUS (AS ON 31.03.2011)

Class of Goods:	Glass
Licensed Capacity:	N.A.
Installed Capacity:	N.A.

Item – 1	Production/Consumption
Glass	424936.84
Total Quantity	424936.84

Note: Production/consumption includes samples and wastages and does not include inter-division transfers

GENERAL INFORMATION

Customers :

· Reliance Industries Limited, Mumbai

· Marathon Group, Mumbai

· Glasswall System, Mumbai

· S.P. Fabricators, Mumbai/Bangalore

· Alufit India Private Limited, Bangalore

· Alupro Building System, Bangalore

· Technoskill, Kerala

· Ashok Leyland, Chennai

· Wipro Technologies, Cochin

· IBS Software Services, Kerala

· Shobha Developers, Bangalore

· Ascendas Mahindra, Chennai

· Naman Developers Limited, Mumbai

· Walia Builders and Developers, Mumbai

· Bhari Metal Fabricators Private Limited, Chennai

No. of Employees :

Not Available

Bankers :

State Bank of India, Sunbeam, 18^th Road, Chembur – 400071, Mumbai, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Foreign currency term loans from banks	146.139	176.761
Total	146.139	176.761

Banking Relations :	--
Auditors :
Name :	Sheth and Associates Chartered Accountants
Address :	107, Golf View, Sopariwala Estate, Tradeo, Mumbai – 400034, Maharashtra, India
PAN No.:	AAVPS9812N

CAPITAL STRUCTURE

After: 22.09.2012

Authorised Capital : Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.189.851 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17985116	Equity Shares	Rs.10/- each	Rs.179.851 Millions

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		179.851	173.398	173.398
2] Share Application Money		0.000	25.812	0.000
3] Reserves & Surplus		23.822	63.713	45.500
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		203.673	262.923	218.898
LOAN FUNDS
1] Secured Loans		146.139	176.761	303.372
2] Unsecured Loans		264.080	230.709	122.404
TOTAL BORROWING		410.219	407.470	425.776
DEFERRED TAX LIABILITIES		39.485	34.126	35.026
TOTAL		653.377	704.519	679.700
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		576.236	568.205	461.864
Capital work-in-progress		0.000	0.000	67.742
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	100.118	119.866	130.326
	Sundry Debtors	75.122	78.340	88.084
	Cash & Bank Balances	2.674	4.996	2.052
	Other Current Assets	0.460	0.698	0.255
	Loans & Advances	31.859	46.175	50.675
Total Current Assets		210.233	250.075	271.392
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	73.107	84.746	109.630
	Other Current Liabilities	48.485	17.515	5.180
	Provisions	11.500	11.500	7.000
Total Current Liabilities		133.092	113.761	121.810
Net Current Assets		77.141	136.314	149.582
MISCELLANEOUS EXPENSES		0.000	0.000	0.512
TOTAL		653.377	704.518	679.700

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Debt Equity Ratio (Total Debt /Networth)	2.01	1.55	1.95
Current Ratio (Current Asset/Current Liability)	1.58	2.20	2.23

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	No
12]	Profitability for last three years	No
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
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 Loan

(Rs in Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Loans and advances from related parties	171.944	124.887
SHORT TERM BORROWINGS
Working capital loans from banks	92.136	86.474
Rupee term loans from banks	0.000	19.348
Total	264.080	230.709

CONTINGENT LIABILITIES NOT PROVIDED FOR AS ON 31.03.2012

(Rs. in Millions)

PARTICULARS	As At 31.03.2012
Navi Mumbai Cess payable for the accounting years 2005-06 to 2010-11,which amounts are being assessed and will be accounted for on completion of assessments	To be ascertained on assessment
The Company had imported capital goods by availing of the scheme as per EPCG, against which the Company has an export obligation which has to be fulfilled within eight years from date of permission becoming effective	12.565
Export obligations against Advance Licences taken	44.854
Fluctuations in the LIBOR rate of interest on payments due to suppliers of machinery on deferred credit and fluctuations in the rate of exchange on the same.	US $ 1029159
Fluctuations in the LIBOR rate of interest on payments due to suppliers of machinery on deferred credit and fluctuations in the rate of exchange on the same.	Euro 7,87,500
Fluctuation in the exchange rate on FCNR Term Loan from State Bank of India	US$ 2953386

FIXED ASSETS:

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• 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.54.78
UK Pound	1	Rs.83.38
Euro	1	Rs.70.72

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.