MIRA INFORM REPORT

Report Date :

28.05.2013

IDENTIFICATION DETAILS

Name :	KOCHHAR GLASS (INDIA) PRIVATE LIMITED (w.e.f. 19.10.2010)
Formerly Known As :	KOCHHAR GLASS PRIVATE LIMITED
Registered Office :	6-Hamidia Road, Bhopal – 462001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.04.2000
Com. Reg. No.:	10-014171
Capital Investment / Paid-up Capital :	Rs.25.000 Millions
CIN No.: [Company Identification No.]	U26102MP2000PTC014171
TAN No.: [Tax Deduction & Collection Account No.]	BPLK02113G
PAN No.: [Permanent Account No.]	AABCK7027K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Processing of Toughened Laminated and Insulated.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 240000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The external borrowings of the company appears to be increasing. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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	CRISIL
Rating	Long Term Rating: D
Rating Explanation	Default
Date	January 15, 2013

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 :	6-Hamidia Road, Bhopal – 462001, Madhya Pradesh, India
Tel. No.:	91-755-2740833
Fax No.:	91-755-4242233
E-Mail :	sales@kgpl.co.in info@kgpl.co.in
Website :	www.kgpl.co.in
Area :	3000 Sq. ft.
Location :	Owned
Head Office/ Factory 1 :	Plot No.18/19, Sector A, Govindpura, Industrial Area, Bhopal – 462023, Madhya Pradesh, India
Tel. No.:	91-755-4268900/ 01/ 02/ 03
Fax No.:	91-755-4236599
Factory 2 :	Unit 2: Plot No. 6 and 7, Sector-B, Industrial Area, Govindpura, Bhopal - 462023, Madhya Pradesh, India

DIRECTORS

As on: 29.09.2012

Name :	Ms. Jia Lal Kochhar
Designation :	Director
Address :	35, Civil Lines, Bhopal - 462001, Madhya Pradesh, India
Date of Appointment :	13.04.2000
DIN No.:	01819008
Name :	Mr. Sandeep Kochhar
Designation :	Director
Address :	35, Civil Lines, Bhopal - 462001, Madhya Pradesh, India
Date of Appointment :	13.04.2000
DIN No.:	01818973
Name :	Ms. Archana Kochhar
Designation :	Director
Address :	35, Civil Lines, Bhopal - 462001, Madhya Pradesh, India
Date of Appointment :	13.04.2000
DIN No.:	01818992

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Jia Lal Kochhar	90500
Sandeep Kochhar	52775
Archana Kochhar	28922
Manisha Bisariya	16803
Sushila and Pramod Bisarya	16000
Sushila and Sudhanshu Bisariya	11000
Babita Verma	20000
Sudhanshu Bisariya	13500
Sangita Jasuja	500
Total	250000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of directors	77.08
Others	22.92
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Processing of Toughened Laminated and Insulated.

PRODUCTION STATUS

Particulars	Licensed Capacity (IN Sq. Mtrs.)
Unit I
Toughened Glass	1.84 lacs Per annum on 5 mm basis
Unit II
Toughened Glass	6.00 lacs on per mm basis
Insulated Glass	2.00 lacs on per mm basis
Laminated Glass	3.00 lacs on per mm basis

Particulars	Actual Production (Sq. mtr)
Unit I	219573.738
Unit II	56260.480

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Central Bank of India, Shahjahanabad, Bhopal - 462008, Madhya Pradesh, India
• Central Bank of India, 9, Arera Hills, Bhopal - 462011, Madhya Pradesh, India
• Punjab and Sindh, Bank Hamidia Road Branch, 7 Hamidia Road, Bhopal - 462025, Madhya Pradesh, India
• HDFC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
SBI Term Loan FCNB A/c Dewas	0.000	72.362
SBI term Loan A/c no. 32215165258	72.981	0.000
SBI term Loan A/c no. 30986004704	2.557	5.687
CBI Term Loan II (against Plant Machinery and Building)	7.984	9.937
SBI Gar Loan Account (superb)	0.880	1.093
HDFC Car Loan Account (I -10)	0.046	0.167
State Bank of India Cash Credit A/c no. 31601708624 (Hypothecation of Stock and Debtors)	20.264	10.234
Central Bank of India Cash Credit against (Hypothecation of Stock and Debtors)	21.150	12.491
CBI Bill Discount Account	0.000	0.195
SBI Bill Discount Account	0.000	0.025
Total	125.862	112.191
Notes: Terms of Repayment The Term loan from SBI of Rs. 100.000 Millions is to be repaid in 28 quarterly installments with the 1st installment commencing from June '2011 of Rs. 3.575 Millions each upto December 2017 (27 installments) and last installment of Rs. 3.475 Millions on March 2018. The Term loan from Central bank of India of Rs. 25.200 Millions is to be repaid in 24 quarterly installments of Rs. 1.450 Millions (Principal + interest)each commencing from December 2007 (Oct-Dec'07 quarter) upto December' 2013.

Banking Relations :	--
Auditors :
Name :	S. L. Chhajed and Company Chartered Accountants
Address :	R-12, Mahrana Pratap Nagar, Zone I, Bhopal - 462011, Madhya Pradesh, India
Tel. No.:	91-755-2553507/ 2554474/ 2553960
Fax No.:	91-755-2552766
E-mail :	chhajed_abhay@hotmail.com
Website :	www.slchhajedco.com
PAN No.:	ADKPS6913R

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.100/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.100/- each	Rs.25.000 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		25.000	20.800	10.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		35.613	21.507	15.086
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		60.613	42.307	25.586
LOAN FUNDS
1] Secured Loans		125.862	112.191	53.993
2] Unsecured Loans		6.700	0.300	7.557
TOTAL BORROWING		132.562	112.491	61.550
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		193.175	154.798	87.136
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		122.467	137.306	53.936
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	35.327	21.732	13.318
	Sundry Debtors	156.670	96.653	64.686
	Cash & Bank Balances	3.647	6.928	8.868
	Other Current Assets	0.000	0.000	3.370
	Loans & Advances	11.403	16.883	7.781
Total Current Assets		207.047	142.196	98.023
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	56.190	24.078	20.763
	Other Current Liabilities	80.149	100.626	37.468
	Provisions	0.000	0.000	6.618
Total Current Liabilities		136.339	124.704	64.849
Net Current Assets		70.708	17.492	33.174
MISCELLANEOUS EXPENSES		0.000	0.000	0.026
TOTAL		193.175	154.798	87.136

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
SALES
	Income
	Other Income
	TOTAL	381.614	338.786	244.807
EXPENSES
	Office Expenses
	Administrative Expenses
	Advertising Expenses
	TOTAL	371.631	332.103	233.791
PROFIT BEFORE TAX		9.983	7.427	11.016
TAX		NA	1.006	3.860
PROFIT AFTER TAX		NA	6.421	7.156
Earnings Per Share (Rs.)		NA	32.10	68.15

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	1.90	2.92
Return on Total Assets (PBT/Total Assets}	(%)	3.03	2.66	7.25
Return on Investment (ROI) (PBT/Networth)		0.16	0.18	0.43
Debt Equity Ratio (Total Debt/Networth)		2.19	2.66	2.41
Current Ratio (Current Asset/Current Liability)		1.52	1.14	1.51

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

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Ramender Singh	4.000	0.000
Rohan Builders	2.000	0.000
Sudhanshu Bisariya	0.400	0.000
Rashi Bahel	0.300	0.300
Total	6.700	0.300

FINANCIAL RESULTS

The performance of the Company for the financial year ended 2011-12.

• The Total Income (including other income) of the Company for the year was Rs. 381.614 Millions
• The Company has earned a Net profit (before tax) during the year of Rs. 9.983 Millions

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U26102MP2000PTC014171
Name of the company	KOCHHAR GLASS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	6-Hamidia Road, Bhopal – 462001, Madhya Pradesh, India E-mail: sales@kgpl.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10023806
Type of charge	Immovable property Book debts Others (Hypothecation of stocks, raw materials, etc)
Particular of charge holder	Central Bank of India, 9, Arera Hills, Bhopal - 462011, Madhya Pradesh, India E-mail: bmbhop2363@centralbank.co.in
Nature of instrument creating charge	1. Sanction letter 2. D.P. Note 3. Letter of Waiver. 4. Letter of Continuity. 5. Letter of Undertaking. 6. Letter of Gurantee. 7. Letter of Hypothecation- Book Debts- Loans. 8. Hypothecation Deed.
Date of instrument Creating the charge	26.03.2013
Amount secured by the charge	Rs.40.226 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC: 13% (BR+ 2.75%) Term Loan: 13.75% (BR+ 2.75% + 0.75%) Terms of Repayment 1. Repayment should be done in 8 quarterly installments of Rs.1.500 Millions 1st quarterly installments will be due on 31.03.2013. Margin 1. CC-H : N.A. 2. Bills rediscounting with interchangeability with CC-H: N.A. 3. CC: 25%. 4. Term Loan: N.A. Extent and Operation of the charge 1. CC/ODBD: Hypothecation of stocks of RM,FG/SFG consumables etc and book debts. 2. TL: Hypothecation of Plant and Machinery. E/M of factory land and building. 3. Primary Security: Factory land and building Plot No. 18 and 19, Sector A, Govindpura Industrial Area, Bhopal and Hypothecation Plant and Machinery, Net Block value 267.20 lacs as per audited balance sheet as on 31.03.2012. 4. Collateral Security: Open residential plot 6977 sq. ft. at Tilak Housing Society, Part of Khasra No. 93, Village Singar Choli, Airport Road, Bpl in the name of Archana Kochar Others 1.Guarantors: Personal Guarantee of: (i) Sandeep Kochhar- 426.77, (ii) J.J. Kochhar- 700.50, (iii) Amt. Archana Kochhar - 393.92 2. 2% penal interest should charged on overdue amount.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	CC/ODBD: Hypothecation of stocks of RM,FG/SFG consumables etc and book debts. Term Loan: Hypothecation of Plant and Machinery. E/M of factory land and building. Primary Security: Factory land and building Plot No. 18 and 19, Sector A, Govindpura Industrial Area, Bhopal and Hypothecation Plant and Machinery, Net Block value 26.720 Millions as per audited balance sheet as on 31.03.2012. Collateral Security: Open residential plot 6977 sq. ft. at Tilak Housing Society, Part of Khasra No. 93, Village Singar Choli, Airport Road, Bhopal in the name of Smt. Archana Kochar (Director) valued Rs.6.977 Millions as per valuation report dated 29.03.2008.
Date of instrument modifying the charge	16.08.2010
Particulars of the present modification	Issue of Fresh Limit of CC/ODBD of Rs. 30.000 Millions, Term Loan Limit has been reduced from Rs.13.144 Millions to Rs. 10.226 Millions. Hence, Total limit has been enhanced from Rs. 33.144 Millions to Rs. 40.226 Millions.

FIXED ASSETS:

• Land
• Building and Shed
• Furniture and Fixture
• Car
• Computers
• Electrical Installation
• Plants and Machinery

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.55.62
UK Pound	1	Rs.84.18
Euro	1	Rs.71.96

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.