MIRA INFORM REPORT

Report Date :

10.12.2014

IDENTIFICATION DETAILS

Name :	SAINT-GOBAIN INDIA LIMITED (w.e.f. 15.11.2014)
Formerly Known As :	SAINT-GOBAIN GLASS INDIA LIMITED
Registered Office :	Sigapi Achi Building Floor No.7, 18/3, Rukmini Lakshmipathy Road, Egmore, Chennai – 600008, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.04.1997
Com. Reg. No.:	18-037875
Capital Investment / Paid-up Capital :	Rs. 943.640 Millions
CIN No.: [Company Identification No.]	U26109TN1997PLC037875
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCS4338M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Trader of Glass.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 49600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Management of the company has not filed its latest financial i.e.2014 with the government department As per available financial of 2013, there seems sharp dip in the profit of the company. However, general financial position of the company is sound. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	Commercial Paper: “A1+”
Rating Explanation	Very strong degree of safety and carry lowest-credit risk.
Date	05.11.2014

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 31-03-2014.

INFORMATION DECLINED BY

Name :	Mr. Venkatesh
Designation :	Company Secretary
Contact No.:	91-44-45936181
Date :	09.12.2014

LOCATIONS

Registered Office :	Sigapi Achi Building Floor No.7, 18/3, Rukmini Lakshmipathy Road, Egmore, Chennai – 600008, Tamilnadu, India
Tel. No.:	91-44-45936000
Fax No.:	91-44-45936008
E-Mail :	venkateswaran.l@saint-gobain.com
Website :	www.in.saint-gobain-glass.com www.saint-gobain.co.in
Head Office / Plant 1 :	Level 7, Chettinad Sigapi Achi Building, 18/3, Rukmani Lakshmipathi Road, Egmore, Chennai - 600008, Tamilnadu, India
Tel. No.:	91-44-45936000
Fax No.:	91-44-45936008
Plant 2 :	Plot No. A1, Sipcot Industrial Park, District Sriperumpudur - 602106, Tamilnadu, India
Tel. No.:	91-44-27162832
Fax No.:	91-44-27162840/ 41
Plant 3 :	Located at: · Bhiwadi, Rajasthan, India
Plant 4 :	Located at : · Jhagadia, Gujarat, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Anand Yashavant Mahajan

Designation :

Whole-time Director

Address :

Fiona, 3rd Floor, 176, Juhu Tara Road, Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

03.01.1953

Date of Appointment :

01.04.2014

Qualifications :

B. Com

DIN No.:

00066320

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	L26593MH1950PLC008163	GRINDWELL NORTON LIMITED	Managing director	01-04-2011	06-12-1988	-	Active	NO
2	U23200KA1993PLC044269	LINCOLN HELIOS (INDIA) LIMITED	Director	20-12-1993	20-12-1993	24-08-2007	Active	NO
3	L26101MH1973PLC018367	SAINT-GOBAIN SEKURIT INDIA LIMITED	Director	09-06-1995	09-06-1995	-	Active	NO
4	U26109TN1997PLC037875	SAINT-GOBAIN INDIA LIMITED	Managing director	01-04-2014	02-04-1997	-	Active	NO
5	U26102TG1998FTC030183	OWENS CORNING INDUSTRIES (INDIA) PRIVATE LIMITED	Director	17-09-1998	17-09-1998	01-11-2007	Active	NO
6	U31909MH1995PLC254155	SAINT-GOBAIN CRYSTALS & DETECTORS INDIA LIMITED	Director	30-04-1999	30-04-1999	-	Active	NO
7	U28930TN1962PTC004872	L.M.VAN MOPPES DIAMOND TOOLS INDIA PRIVATE LIMITED	Director	27-08-1999	27-08-1999	-	Active	NO
8	U26922MH2000PTC191391	SEPR REFRACTORIES INDIA PRIVATE LIMITED	Director	08-04-2002	08-04-2002	-	Active	NO
9	U45400MH2004PLC146280	SAINT-GOBAIN WEBER (INDIA) LIMITED	Director	17-01-2005	17-01-2005	-	Amalgamated	NO
10	U29256TN2005PLC095876	SAINT-GOBAIN SEVA ENGINEERING INDIA LIMITED	Director	18-04-2005	18-04-2005	-	Amalgamated	NO
11	L99999MH1962PLC012451	UNICHEM LABORATORIES LIMITED	Director	12-07-2014	17-10-2005	-	Active	NO
12	U91990MH2005NPL157644	SAINT GOBAIN INDIA FOUNDATION	Director	29-11-2005	29-11-2005	-	Active	NO
13	U67120MH1999PTC167800	BPB HOLDINGS INDIA PRIVATE LIMITED	Director	28-02-2006	28-02-2006	-	Amalgamated	NO
14	U26945TN1985PLC095752	SAINT-GOBAIN GYPROC INDIA LIMITED	Director	27-03-2006	27-03-2006	10-12-2013	Amalgamated	NO
15	U45200MH1978PTC020141	FIROZE ESTATES PRIVATE LIMITED	Director	27-09-2010	05-08-2010	-	Active	NO
16	U73100TN2012PTC087371	SAINT-GOBAIN RESEARCH INDIA PRIVATE LIMITED	Director	30-09-2013	27-08-2012	-	Active	NO

Name :

Mr. Bhuvaragamurthy Srinivasan Rammurthy Santhanam

Designation :

Managing director

Address :

No. 29, Ranjith Road, Kotturpuram, Chennai – 600085, Tamilnadu, India

Date of Appointment :

22.01.2013

Qualifications :

B. Com

DIN No.:

00494806

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	L26101MH1973PLC018367	SAINT-GOBAIN SEKURIT INDIA LIMITED	Director	20-08-1997	20-08-1997	30-01-2009	Active	NO
2	U26109TN1997PLC037875	SAINT-GOBAIN INDIA LIMITED	Managing director	22-01-2013	22-01-1998	-	Active	NO
3	U91110DL1998PLC097217	INDIAN GLASS MANUFACTURERS' ASSOCIATION	Director	17-08-2000	17-08-2000	-	Active	NO
4	U85320TN1999NPL041989	YOUNG PRESIDENTS ORGANISATION (CHENNAI CHAPTER)	Director	04-09-2002	04-09-2002	30-06-2007	Active	NO
5	U73100TN2006NPL059651	IIT MADRAS RESEARCH PARK	Director	27-09-2010	15-12-2009	-	Active	NO
6	U73100TN2012PTC087371	SAINT-GOBAIN RESEARCH INDIA PRIVATE LIMITED	Director	30-09-2013	27-08-2012	-	Active	NO
7	L35921TN1960PLC004175	WHEELS INDIA LIMITED	Director	08-09-2014	08-09-2014	-	Active	NO

Name :

Mr. Swaminathan Eisenhower

Designation :

Whole-time director

Address :

Flat No. A-102, Prince Villa, 15, Rajamannar Street, T' Nagar, Chennai - 600017, Tamilnadu, India

Date of Birth/Age :

24.11.1952

Date of Appointment :

05.04.2013

DIN No.:

01521855

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	U26109TN1997PLC037875	SAINT-GOBAIN INDIA LIMITED	Whole-time director	05-04-2013	05-04-2007	-	Active	NO
2	U37102TZ1998GAP008524	TAMIL NADU ELECTRICITY CONSUMERS' ASSOCIATION	Director	19-09-2007	19-09-2007	04-10-2013	Active	NO
3	U92412TN2009NPL071459	MADRAS BOAT CLUB	Additional director	12-02-2014	12-02-2014	30-09-2014	Active	NO

Name :

Mr. Ramakrishnan Subramanian

Designation :

Managing Director

Address :

E-3, Juniper Apartments, TAS Enclave, 10th Main Road Extension, Anna Nagar,

Chennai - 600040, Tamilnadu, India

Date of Birth/Age :

26.01.1966

Date of Appointment :

01.01.2013

Qualifications :

B. Com

DIN No.:

01521968

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U26109TN1997PLC037875	SAINT-GOBAIN INDIA LIMITED	Managing director	01-01-2013	05-04-2007	Active	NO

Name :

Patrick Dupin

Designation :

Director

Address :

51, Avenue De Paris F-78000, Versailes, 78000 France

Date of Appointment :

20.06.2007

DIN No.:

01522067

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U26109TN1997PLC037875	SAINT-GOBAIN INDIA LIMITED	Director	20-06-2007	05-04-2007	Active	NO

Name :

Benoit Marie Bernard Diribarne

Designation :

Director

Address :

5 Rus, Bellavoine Le Pecq 78230, France

Date of Appointment :

09.07.2002

DIN No.:

01610383

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U26109TN1997PLC037875	SAINT-GOBAIN INDIA LIMITED	Director	09-07-2002	09-07-2002	Active	NO
2	L26593MH1950PLC008163	GRINDWELL NORTON LIMITED	Alternate director	22-10-2014	22-10-2014	Active	NO

Name :

Tyagarajan Bhaskaran

Designation :

Whole-time director

Address :

Flat No. B2, Plot No. 587, School Road, Anna Nagar West Extn, Chennai - 600101, Tamilnadu, India

Date of Birth/Age :

20.07.1960

Date of Appointment :

05.04.2013

DIN No.:

02168348

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U26109TN1997PLC037875	SAINT-GOBAIN INDIA LIMITED	Whole-time director	05-04-2013	05-04-2007	Active	NO
2	U91990MH2005NPL157644	SAINT GOBAIN INDIA FOUNDATION	Director	30-09-2013	06-09-2013	Active	NO
3	U31909MH1995PLC254155	SAINT-GOBAIN CRYSTALS & DETECTORS INDIA LIMITED	Alternate director	21-05-2014	21-05-2014	Active	NO
4	U29256TN2005PLC095876	SAINT-GOBAIN SEVA ENGINEERING INDIA LIMITED	Alternate director	11-06-2014	11-06-2014	Amalgamated	NO
5	U73100TN2012PTC087371	Saint-Gobain Research India Private Limited	Director	25-08-2014	18-06-2014	Active	NO
6	U26922MH2000PTC191391	SEPR REFRACTORIES INDIA Private Limited	Director	18-08-2014	18-06-2014	Active	NO

Name :

Jean Pierre Floris

Designation :

Director

Address :

3 Bis Avenue Gounod, Croissy Sur Seine 78290, France

Date of Appointment :

30.06.2008

DIN No.:

02504627

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U26109TN1997PLC037875	SAINT-GOBAIN INDIA LIMITED	Director	30-06-2008	01-09-2007	Active	NO
2	L26593MH1950PLC008163	GRINDWELL NORTON LIMITED	Director	28-04-2009	06-03-2009	Active	NO

KEY EXECUTIVES

Name :	L Venkateswaran
Designation :	Secretary
Address :	Flat No. Foe, 4th Floor, Block 2, Jains Kences Retreat,15, Reddy Street, Virugumbakkam, Chennai – 600092, Tamilnadu, India
Date of Birth/Age :	10.02.1958
Date of Appointment :	31.03.2010
PAN No.:	AAMPV0608D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Saint-Gobain Glass Deutschland	37753813
Societe de particpations Financeriers et Industrielles	54109767
Grindwell Norton Limited	2499993
Grindwell Norton Limited - Anand Yashavant Mahajan	1
Grindwell Norton Limited – B Santhanam	1
Grindwell Norton Limited – J.A.J. Pereria	1
Grindwell Norton Limited – Aju Varghese	1
Grindwell Norton Limited – Puranik A. Mahadev	1
Grindwell Norton Limited – Prakash Sabard	1
Grindwell Norton Limited – Deepak Chindarkar	1
Total	94363580

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	97.35
Bodies corporate	2.65
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Glass.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Customers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

No. of Employees :

Not Divulged

Bankers :

Bank Name:	NOT DIVULGED
Branch:
Name of the Person (with Designation):
Contact Number:
Name of Account Holder:
Account Number:
Account Since (Date/ Year of A/c Opening):
Average Balance Maintained (Optional):
Credit Facilities Enjoyed (CC/OD/Term Loan):
Account Operation:
Remarks:

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	0.000	781.250
SHORT TERM BORROWINGS
Rupee term loans from banks	869.240	501.310
Total	869.240	1282.560

Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Address :	8th Floor, Door No 129-140, Prestige Palladium Greams Road, Chennai – 600006, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AABFL5878L
Ultimate Holding Company :	Compagnie De Saint-Gobain, France*
Companies having substantial interest :	· Societe De Participations Financieres Et Industrielles * · Saint-Gobain Glass Deutschland, Germany *
Fellow Subsidiaries :	· Saint-Gobain Promotions et Participations Internationales France · Grindwell Norton India Limited * · Saint-Gobain Seva , France * · Hankuk Glass Industries, Korea · Saint-Gobain Glass Italia, Italy · Saint-Gobain Cristellaria Spain · Saint-Gobain Sekurit India · Limited, India* Saint-Gobain · Vetrotex India Limited · Saint-Gobain Isover France · Saint-Gobain Glass Portugal · Saint Gobain K&K Japan · Saint Gobain Oberland · Saint-Gobain Glass, France * · Saint-Gobain Exprover * · Saint-Gobain Glass UK · Saint Gobain Glass Solar Control * · Saint Gobain SEPR, France * · Saint Gobain Hankuk Japan · Saint Gobain Nanjing · Saint Gobain Sekurit Korea · Saint Gobain Glass Mexico* · Saint Gobain Sekurit Deutschland, GmBH* · Saint Gobain Hanglass, Japan * · Saint Gobain Vitrage Odessa · Saint Gobain Direction Technique* · Saint Gobain Gyproc (Formerly known as India Gypsum)* · Saint Gobain Autover Distribution S.A * · Savoie SEPR · SEPR Italia · Verrerie Aurys · Hankuk Sekurit Limited * · Saint Gobain Hanglas CIFG Qingdao · SG Vertax · Shanghai Saint Jungle · Saint Gobain Sekurit – France * · SG Glass Polska * · Saint-Gobain Glass Benelux S.A. * · SG Sekurit Thailande Co Limited · Cesa Construction · Najing New Nawnoo Glass Industries * · SG Glass Italia SpA · SG Glass Romania, SRL · Saint Gobain India Delegation* · Saint Gobain Crystal and Detectors India Limited · SEPR Refractories India Limited * · Saint Gobain India Foundation* · Saint-Gobain Techniver S.A* · Saint-Gobain Cristaleria S.A · Vetrotech Saint-Gobain Hong Kong · Vetrotech Saint-Gobain International AG * · Verrerie de Saint-Just · Saint-Gobain Glass UK Limited · Saint-Gobain Hanglas Sekurit (Shanghai) Co., Limited · Saint-Gobain (Singapore) Pte Limited · Saint-Gobain Autover International BV * · Savoie Réfractaires · Saint-Gobain Recherche * · Direction technique internationale * · Saint-Gobain Conceptions Verrieres * · Saint-Gobain Photovoltaic Glass · Saint-Gobain Cristaleria S.A · Vetrotech Saint Gobain FR * · Saint Gobain Vidros S/A · Eckelt Glas GMBH* · Crisa-Norte, Spain · Saint – Gobain do Brasil Produtos* · Cebrace crystal Plano * · Saint – Gobain K.K. , Tokyo* · Saint-Gobain Sekurit CR spol. s r.o, Czech Republic · Saint Gobain Glass Egypt*

NOTE:

* Represents related parties with whom the Company had transactions during the year.

CAPITAL STRUCTURE

After 30.09.2013

Authorised Capital : Rs. 1706.640 Millions

Issued, Subscribed & Paid-up Capital : Rs. 943.636 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
94,364,000	Equity Shares	Rs. 10/- each	Rs. 943.640 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
94,364,000	Equity Shares	Rs. 10/- each	Rs. 943.640 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	943.640	943.640	697.350
(b) Reserves & Surplus	16407.390	16198.210	10522.100
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	17351.030	17141.850	11219.450
(3) Non-Current Liabilities
(a) long-term borrowings	4382.660	4461.590	772.070
(b) Deferred tax liabilities (Net)	1641.200	1567.500	1290.000
(c) Other long term liabilities	172.790	182.760	107.480
(d) long-term provisions	41.000	36.020	25.720
Total Non-current Liabilities (3)	6237.650	6247.870	2195.270
(4) Current Liabilities
(a) Short term borrowings	2780.760	1876.680	817.330
(b) Trade payables	3325.710	2839.810	2092.430
(c) Other current liabilities	1734.180	2085.720	849.880
(d) Short-term provisions	41.840	34.230	72.390
Total Current Liabilities (4)	7882.490	6836.440	3832.030
TOTAL	31471.170	30226.160	17246.750
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15450.040	16185.050	10326.140
(ii) Intangible Assets	280.520	351.760	12.800
(iii) Capital work-in-progress	7373.360	5146.620	672.240
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	289.160	244.230	244.230
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	415.790	685.060	1332.420
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	23808.870	22612.720	12587.830
(2) Current assets
(a) Current investments	0.000	0.110	0.000
(b) Inventories	3771.360	3871.110	2194.250
(c) Trade receivables	2590.400	2396.510	1790.840
(d) Cash and cash equivalents	145.260	351.030	248.630
(e) Short-term loans and advances	1043.220	863.330	422.450
(f) Other current assets	112.060	131.350	2.750
Total Current Assets	7662.300	7613.440	4658.920
TOTAL	31471.170	30226.160	17246.750

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	18070.320	15861.420	13315.160
		Other Income	87.090	88.220	107.330
		TOTAL (A)	18157.410	15949.640	13422.490
Less	EXPENSES
		Cost of Materials Consumed	4863.730	4198.060	3203.960
		Purchases of Stock-in-Trade	278.250	881.290	388.910
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	41.720	(1045.540)	(71.550)
		Employees benefits expense	951.300	840.730	760.110
		Other expenses	9862.400	8224.160	5923.640
		TOTAL (B)	15997.400	13098.700	10205.070
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2160.010	2850.940	3217.420
Less	FINANCIAL EXPENSES (D)		201.520	255.810	85.600
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1958.490	2595.130	3131.820
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1631.970	1489.380	1058.130
	PROFIT BEFORE TAX (E-F) (G)		326.520	1105.750	2073.690
Less	TAX (H)		117.340	355.360	687.720
	PROFIT AFTER TAX (G-H) (I)		209.180	750.390	1385.970
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1845.070	1100.370	1061.818
	Earnings Per Share (Rs.)		2.22	8.48	20.18

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	1.16	4.73	10.41
Operating Profit Margin (PBIDT/Sales)	(%)	11.95	17.97	24.16
Return on Total Assets (PBT/Total Assets}	(%)	1.37	4.45	12.70
Return on Investment (ROI) (PBT/Networth)		0.02	0.06	0.18
Debt Equity Ratio (Total Debt/Networth)		0.41	0.37	0.14
Current Ratio (Current Asset/Current Liability)		0.97	1.11	1.22

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	697.350	943.640	943.640
Reserves & Surplus	10522.100	16198.210	16407.390
Net worth	11219.450	17141.850	17351.030
long-term borrowings	772.070	4461.590	4382.660
Short term borrowings	817.330	1876.680	2780.760
Total borrowings	1589.400	6338.270	7163.420
Debt/Equity ratio	0.142	0.370	0.413

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	13315.160	15861.420	18070.320
		19.123	13.926

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	13315.160	15861.420	18070.320
Profit	1385.970	750.390	209.180
	10.41%	4.73%	1.16%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10169226	22/06/2009	250,000,000.00	CORPORATION BANK	MUMBAI - IFB, BHARATH HOUSE, GROUND FLOOR, 104 BOMBAY SAMACHAR MARG, MUMBAI, MAHARASHTRA - 400001, INDIA	A66925926
2	10086613	07/02/2008	450,000,000.00	STANDARD CHARTERED BANK	1, ALDERMANBURY SQUARE, LONDON, - EC2V75B, UNITED KINGDOM	A31955982
3	10018974	28/09/2007 *	1,014,201,233.00	BNP PARIBAS	20, COLLYER QUAY #01-01,, TUNG CENTRE, SINGAPORE, - 049319, SINGAPORE	A26005900
4	90048540	27/06/2001	103,000,000.00	STATE BANK OF HYDERABAD	SURYAKIRAN BUILDING, KGM, NEW DELHI, DELHI - 1100 49, INDIA	-
5	90045794	01/06/2001 *	3,600,000.00	STATE BANK OF INDIA	SOUTH EXTENSION PART I, NEW DELHI, DELHI - 110049, INDIA	-
6	90059972	15/12/1990	3,000,000.00	STATE BANK OF HYDERABAD	K. G. MARG, NEW DELHI, DELHI, INDIA	-
7	90059959	23/11/1990	50,000.00	GOVERNOR OF HARYANA	HARYANA, HARYANA, HARYANA, INDIA	-
8	90059640	29/04/1992 *	5,000,000.00	STATE BANK OF HYDERABAD	SURYA KIRAN BUILDING, KASTURBA GANDHI MARG, NEW D ELHI, DELHI - 110001, INDIA	-
9	90059585	24/06/1991 *	15,000,000.00	STATE BANK OF HYDERABAD	SURYA KIRAN BUILDING, 19; K. G. MARG, NEW DELHI, DELHI - 110001, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Other loans and advances	4382.660	3680.340
SHORT-TERM BORROWINGS
Term loans from banks	1911.520	1375.370
Total	6294.180	5055.710

GENERAL INFORMATION

Subject is engaged primarily in the business of glass. The company has manufacturing plants at Sriperumbattur, Tamilnadu and Jhagadia, Gujarat. The company is a public limited company and its shares are not listed on any of the stock exchanges in India or abroad.

OPERATIONS

The sales during the financial year 2012-13 grew by 19%. There were significant increases in the cost of raw materials, energy, packing and transportation. The depreciation of Indian Rupee against US $ also had a significant impact on the cost. The automobile market also had slow growth in most part of the year. The global economy had negative growth. The Indian Economy grew at a lower rate. The Company is operating in a market which is highly competitive. There were significant increases in dumped imports from Middle East countries and Pakistan at low prices due to which the company was not able to get adequate price increases. The Profit before Tax for 2012-13 was lower by 72% over the previous year.

FUTURE PROSPECTS

The Company is likely to face challenging situation in the next financial year also. The recent steep depreciation in Indian Rupee adds further to the Company’s challenges. The Indian Economy is also projected to grow at a lower rate and the global economy also faces similar situation. The Company is taking various measures to reduce cost.

The plant construction work at Bhiwadi, Rajasthan, where the Company is setting up a new facility, is nearing completion.

FIXED ASSETS:

· Land

· Buildings

· Office building

· Plant and equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Computer software

· Copyrights, patents and other operating rights

· Other intellectual property rights

· Know-how

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.61.88
UK Pound	1	Rs.96.90
Euro	1	Rs.76.29

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.