MIRA INFORM REPORT

Report Date :

02.06.2014

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) :	31.03.2013
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 :

Ba (45)

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

Maximum Credit Limit :	USD 4200000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is promoted by the Labroo Family, Asahi Glass Company Limited, Japan and Maruti Suzuki India Limited. It is well established company having satisfactory track record. The company has achieved a better increase in its sales turnover, but has reported some losses for past some years. The rating also take into consideration risks related to foreign exchange fluctuation, high working capital intensity of operations during the year under review. As per indirect source we found that the company has received promoter support in the form of equity infusion during H1 FY 14. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of established track record of operations, dominant market position and sustained relationships with original equipment manufacturers, the subject can be considered 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BB+
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	19.12.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	19.12.2013

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.

INFORMATION PARTED BY

Name :	Mr. Arun Tawar
Designation :	Finance Manager
Contact No.:	91-124-4062212

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 :	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
Location:	Rented
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
Location:	Owned
Zonal Office :	North 3, 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 Fax: 91-33-22853204
Location:	Rented
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
Location:	Rented
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
Location:	Rented
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
Location:	Rented
Sales and Marketing Office:	Unit No. 305 to 308 and 312 to 314, 3rd 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
Location:	Rented
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 31.03.2013

Name :

Mr. 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	04/07/2013	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 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	Director	29/09/2012	19/03/2012	-	Active	NO

Name :

Mr. Hideaki Nohara

Designation :

Dy. Managing Director and C.T.O. (Auto)

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	Whole-time director	28/09/2012	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	18/04/2013	Active	NO
4	U30007MH1994PLC081637	MAHINDRA SONA LIMITED	Director	30/09/1994	30/09/1994	-	Active	NO
5	U27300DL1995PLC073456	SONA BLW 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	ZF COMPONENTS INVESTMENT PRIVATE LIMITED	Director	28/03/2001	28/03/2001	14/03/2013	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	WHEELS MOBILITY SOLUTIONS 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	01/01/2013	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	U74999PN2010PTC147690	Redi India Quality Services Private Limited	Director	01/11/2011	13/05/2010	12/06/2012	Active	NO
20	U80302HR2010PLC040946	SONA SKILL DEVELOPMENT CENTRE LIMITED	Director	23/07/2010	23/07/2010	01/11/2011	Active	NO
21	U35999DL2011PLC226008	MANDIRA MARKETING LIMITED	Director	10/10/2011	10/10/2011	03/02/2012	Active	NO

Name :

Mr. Gurvindendra Singh Talwar

Designation :

Director

Name :

Mr. Masakazu Sakakida

Designation :

Director

Name :

Mr. Gautam Thapar

Designation :

Director

Address :

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

Date of Birth/Age :

07.12.1960

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	01/04/2013	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
22	U66000HR2013PLC048992	Avantha Ergo Life Insurance Company Limited	Additional director	30/01/2014	30/01/2014	-	Active	NO
23	U36999DL1989PLC034942	BILT TREE TECH LIMITED	Additional director	17/02/2014	17/02/2014	-	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

KEY EXECUTIVES

Name :	Mr. Shailesh Agarwal
Designation :	Chief Financial Officer
Name :	Mr. Gopal K. Ganatra
Designation :	Chief Legal Officer and 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
Name :	Mr. Arun Tawar
Designation :	Finance Manager

SHAREHOLDING PATTERN

As on 31.03.2014

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	43507658	17.90
Bodies Corporate	31312713	12.88
Sub Total	74820371	30.78
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	3549730	1.46
Bodies Corporate	53990400	22.21
Sub Total	57540130	23.67
Total shareholding of Promoter and Promoter Group (A)	132360501	54.45
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	75337	0.03
Financial Institutions / Banks	6968	0.00
Foreign Institutional Investors	513307	0.21
Any Others (Specify)	2024	0.00
Foreign Bank	2024	0.00
Sub Total	597636	0.25
(2) Non-Institutions
Bodies Corporate	27421166	11.28
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	21391483	8.80
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	57418866	23.62
Any Others (Specify)	3900279	1.60
Directors & their Relatives & Friends	338480	0.14
NRIs/OCBs	3560651	1.46
Trusts	1148	0.00
Sub Total	110131794	45.30
Total Public shareholding (B)	110729430	45.55
Total (A)+(B)	243089931	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	243089931	1000.00

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

Exports :

Products :

Toughened Glasses and Laminated Glasses

Countries :

• Middle East
• Belgium

Imports :

Products :

Raw Material

Countries :

• South Africa
• Japan
• UAE
• China
• Thailand
• Singapore

Terms :

Selling :

Credit (30 Days and 90 Days)

Purchasing :

Credit (30 Days and 90 Days)

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 :

• HDFC Bank Limited
• State Bank of India
• Standard Chartered Bank
• State Bank of Mysore

• State Bank of Hyderabad
• Export – Import Bank of India

• ICICI Bank Limited
• Mizuho Corporate Bank Limited
• The Bank of Tokyo-Mitsubishi Limited

• Citi Bank N.A.
• Yes Bank Limited

• The Jammu and Kashmir Bank Limited

• State Bank of Mauritius Limited

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term Loans from Banks
Foreign Currency Loans	2388.200	3122.000
Rupee Term Loans	891.300	1472.200
Term Loans from Others
Foreign Currency Loans	76.400	100.200
Rupee Term Loans	157.800	220.600
Long Term Maturities of Finance Lease Obligations
Secured	0.400	0.900
Short Term Borrowings
Loans Repayable on Demand
From Banks *	5065.500	4460.700
From Others **	1744.300	1745.200
Total	10323.900	11121.800

Short Term Borrowings :

* Rs.2626.500 Millions are secured by first pari-passu charge on current assets of the Company, Rs.2011.100 Millions are secured by first pari-passu charge on current asset of the Company and second pari-passu charge on the fixed assets of the Company, Rs.195.000 Millions are secured by first pari-passu charge on all movable and immovable fixed assets of Chennai Plant, Rs. 96.700 Millions are secured by second pari-passu charge on Immovable fixed assets of T-16 Taloja Plant and Rs.78.100 Millions are secured by second charge on current assets of the Company. Balance amount of loan of Rs.75.000 Millions is secured by first pari-passu charge on Rewari Plant Movable and Immovable 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. 244.300 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 Krishna Maruti Limited
Other related parties where control exists :	Asahi Glass Company Limited, Japan and its subsidiaries (except subsidiaries with whom no transactions took place) AGC Flat Glass Asia Pacific Pte. Limited AGC Technology Solutions Company Limited AGC Automotive Europe SA, AGC Automotive Phillipines Inc. PT Asahimas Flat Glass Company Tbk. AGC Automotive Thailand Company Limited AGC Flat Glass Hellas SA AGC Flat Glass Coating SA AGC Glass Europe (Formerly AGC Flat Glass Europe) AGC Flat Glass Nederland BV AGC Automotive (Foshan) Company Limited

CAPITAL STRUCTURE

After 31.03.2013

Authorised Capital : Rs.650.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.243.090 Millions

As on 31.03.2013

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

The Company has only one class of issued shares referred to as equity shares having a par value of Re.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 Shareholders	No of Shares	% held
Asahi Glass Company Limited , Japan	35520000	22.21%
Maruti Suzuki India Limited	17760000	11.11%
Mr. B. M. Labroo	13783920	8.62%
Mr. Sanjay Labroo	10525237	6.58%

Reconciliation of the equity shares outstanding

Particulars	No of Shares	Rs. In Millions
Balance at the beginning of the year	159927586	159.900
Changes during the year	--	--
Balance at the end of the year	159927586	159.900

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	159.900	159.900	159.900
(b) Reserves & Surplus	387.500	1318.400	2023.700
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	500.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1047.400	1478.300	2183.600
(3) Non-Current Liabilities
(a) long-term borrowings	6116.700	7358.400	7311.300
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	156.700	154.900	136.300
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	6273.400	7513.300	7447.600
(4) Current Liabilities
(a) Short term borrowings	7804.800	6205.900	5900.300
(b) Trade payables	5123.800	3683.100	2114.200
(c) Other current liabilities	3021.500	3589.000	2708.000
(d) Short-term provisions	113.000	79.200	59.100
Total Current Liabilities (4)	16063.100	13557.200	10781.600
TOTAL	23383.900	22548.800	20412.800
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11741.300	12521.100	11171.000
(ii) Intangible Assets	58.500	56.200	28.700
(iii) Impaired Assets Held for Disposal	10.500	12.300	12.700
(iv) Capital work-in-progress	325.900	211.600	807.900
(b) Non-current Investments	162.800	157.100	83.900
(c) Deferred tax assets (net)	919.700	441.700	161.500
(d) Long-term Loan and Advances	514.500	526.700	1012.500
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	13733.200	13926.700	13278.200
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4712.400	4754.000	3800.000
(c) Trade receivables	3646.500	3122.600	2388.700
(d) Cash and cash equivalents	602.700	166.300	216.800
(e) Short-term loans and advances	680.600	576.500	727.000
(f) Other current assets	8.500	2.700	2.100
Total Current Assets	9650.700	8622.100	7134.600
TOTAL	23383.900	22548.800	20412.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	18987.100	16328.100	15182.100
		Other Operating Revenue	147.300	129.300	0.000
		Other Income	107.600	119.600	166.700
		TOTAL (A)	19242.000	16577.000	15348.800
Less	EXPENSES
		Cost of Materials Consumed	6489.500	5664.600	4620.800
		Purchase of Stock in Trade	112.300	59.900	194.700
		Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	(122.700)	(715.400)	(232.700)
		Employee Benefits Expense	1520.100	1311.100	1132.600
		Other Expenses	9461.500	8384.700	6908.600
		TOTAL (B)	17460.700	14704.900	12624.000
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1781.300	1872.100	2724.800
Less	FINANCIAL EXPENSES (D)		1691.500	1474.300	1278.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		89.800	397.800	1446.800
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1485.700	1265.300	1183.700
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(1395.900)	(867.500)	263.100
Less	TAX (H)		478.000	280.200	111.600
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(917.900)	(587.300)	151.500
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		197.500	(784.800)	633.300
	BALANCE CARRIED TO THE B/S		(720.400)	197.500	784.800
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. value of Exports (excluding paid samples)	521.500	456.300	422.500
		Interest and Commission / Miscellaneous Income	18.500	8.300	24.300
	TOTAL EARNINGS		540.000	464.600	446.800
	IMPORTS
		Raw Materials	3669.100	3362.300	2742.600
		Stores & Spares	635.300	616.700	411.300
		Capital Goods	74.500	444.600	443.300
		Traded Goods	83.700	9.500	24.900
		Others	0.000	37.800	156.800
	TOTAL IMPORTS		4462.600	4470.900	3778.900
	Earnings Per Share (Rs.)		(5.74)	(3.67)	0.95

Expected sales (2013-2014): Rs.22000.000 Millions

Above information has been parted by Mr. Arun Tawar, Finance Manager

QUARTERLY RESULTS

PARTICULARS	30.06.2013 (Unaudited)	30.09.2013 (Unaudited)	31.12.2013 (Unaudited)	31.03.2014 (Unaudited)
	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net sales	4969.900	534.700	5283.800	5457.000
Total Expenditure	4673.100	4840.100	4585.800	4739.500
Profit before interest, depreciation and tax (Excluding Other Income)	296.800	507.700	698.000	717.500
Other income	12.200	11.900	43.000	82.400
Operating Profit	309.000	519.600	741.000	799.900
Interest	397.500	413.500	402.500	411.500
Exceptional Items	0.000	0.000	0.000	0.000
Profit before depreciation and tax	(88.500)	106.100	338.500	388.400
Depreciation	351.100	363.700	348.500	307.400
Profit before tax	(439.600)	(257.600)	(10.000)	81.000
Tax	(142.600)	(83.500	(03.300)	5.400
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	(297.000)	(174.100)	(6.700)	75.600
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	(297.000)	(174.100)	(6.700)	75.600

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(4.77)	(3.54)	0.99
Net Profit Margin (PBT/Sales)	(%)	(7.35)	(5.31)	1.73
Return on Total Assets (PBT/Total Assets}	(%)	(13.73)	(9.48)	3.23
Return on Investment (ROI) (PBT/Networth)		(1.33)	(0.59)	0.12
Debt Equity Ratio (Total Debt /Networth)		13.29	9.18	6.05
Current Ratio (Current Asset/Current Liability)		0.60	0.63	0.66

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	159.900	159.900	159.900
Reserves & Surplus	2023.700	1318.400	387.500
Net worth	2183.600	1478.300	547.400
long-term borrowings	7311.300	7358.400	6116.700
Short term borrowings	5900.300	6205.900	7804.800
Total borrowings	13211.600	13564.300	13921.500
Debt/Equity ratio	6.050	9.176	25.432

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	15,182.100	16,328.100	18,987.100
		7.548	16.285

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	15,182.100	16,328.100	18,987.100
Profit	151.500	(587.300)	(917.900)
	1.00%	(3.60%)	(4.83%)

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	Yes
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	Yes
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)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Foreign Currency Loan from a Related Party	2591.400	2428.700
Long Term Maturities of Finance Lease Obligations
Unsecured	11.200	13.800
Short Term Borrowings
From Banks	505.000	0.000
From Others	490.000	0.000
Total	3597.600	2442.500

PERFORMANCE OVERVIEW

The financial year 2012-13 was extremely 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.

The Net Sales of the Company increased 16.26% from Rs. 16457.400 Millions in 2011-12 to Rs. 19134.400 Millions in 2012-13. Operating Profit has decreased 4.85% from Rs. 1872.100 Millions in the previous year to Rs. 1781.300 Millions in 2012-13. The Company posted the Profit/(Loss) after Tax (PAT) of (917.900) Millions in 2012-13 as against Profit/ (Loss) after Tax of Rs. (587.300) 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.

MANAGEMENT DISCUSSION AND ANALYSIS

FINANCIAL PERFORMANCE

AIS’s financial performance in 2012-13 reflects the difficult conditions under which it operated. On the one hand, demand conditions were subdued. On the other, several cost elements over which the Company had almost no control, continued to increase. As a result, profits got squeezed. Despite AIS registering a healthy double-digit growth in net sales, losses increased in 2012-13.

The salient points of the Company’s performance as a consolidated entity are:

• Net sales increased by 15.7% from Rs. 16650.000 Millions in 2011-12 to Rs. 19270.000 Millions in 2012-2013
• Given the cost pressures, operating margins or the ratio of earnings before interest, depreciation, tax and amortisation (EBIDTA) to total operating income reduced from 11.1% in 2011-12 to 9.2% in 2012-13. Consequently, EBIDTA reduced by 4.5% from Rs. 1800.000 Millions in 2011-12 to Rs. 1770.000 Millions in 2012-13
• The drop in operating income and the high levels of finance and depreciation costs translated into losses at the profit before tax (PBT) level of Rs. 1470.000 Millions in 2012-13 compared to Rs. 950.000 Millions in 2011-12.
• Net loss, after accounting for returns from associates and minority interest was Rs. 990.000 Millions.

Clearly, the Company has put major efforts in growing sales and controlling a large proportion of internal costs, but external pressures not only added to costs but also prevented it from passing these cost increases to customers as increased prices and generate positive returns. Subsequent sections detail the developments and performance of different business segments in AIS’s portfolio.

PERFORMANCE

The highlights of the AIS Auto Glass SBU are:

• Revenues increased by 13.7% from Rs. 9270.000 Millions n 2011-12 to Rs. 10540.000 Millions in 2012-2013.
• Segment profits before interest and unallocable items reduced marginally from Rs. 727.000 Millions in 2011-12 to Rs. 722.000 Millions in 2012-13.

AIS continue to produce a wide range of auto glass fitments. The basic products are laminated (front) windscreens, tempered window glasses (sidelites) and the back glass (backlite). To maintain its dominant position and penetrate further into markets, the Company regularly supports customers with product development, including design development that meets the requirements of new models. Table 1 gives the new models launched in 2012-13, where AIS has developed new products.

In addition to these, the Company developed some specific new varieties of glass. These included solar glass that is going to be supplied in the aftermarket through Windshield Experts; and a model of acoustics glass for the export markets.

During 2012-13, AIS Auto Glass SBU received the Gold Trophy from Maruti Suzuki for Overall Performance Excellence. The Company also took some specific steps on the business development front to penetrate into newer markets. It has successfully entered the bus market with tempered glass and windshields, initiated entry into the earth moving, tractors and railway segments, and also developed specific products related to auto glass that go into electrical appliances.

OPERATIONS

Over the years, AIS Auto Glass has expanded from a single location manufacturing company into Company with multiple production and assembling facilities across different regions of India. Much of this widespread growth was necessitated by newer customer relationships, where it was imperative for AIS to be close to the customers manufacturing facilities in order to provide seamless service and effective delivery. Today, the Company has four production facilities. Two of which are located in North India at Bawal (Haryana) and Roorkee (Uttarakhand); the third unit is located in the south at Chennai (Tamil Nadu), and the fourth in the west at Taloja (Maharashtra). It also operates three sub assemblies cum warehouses at Bangalore (Karnataka), Halol (Gujarat) and Pune (Maharashtra).

Apart from the new laminated line being set up in Bawal, which will add 0.7 million pieces per annum of laminated glass, no major capacity expansion is planned except for maintenance related capital expenditure. AIS continue to focus on removing bottlenecks and increasing internal capacities of existing facilities through improved efficiencies, yields and throughput.

OUTLOOK

Industry estimates do not suggest a major pick-up in demand in the automobile sector in 2013-14. In fact, the Society for Indian Automobile Manufacturers (SIAM) estimates suggests a mere 1.4% growth in passenger cars and a 1.5% drop in commercial vehicle sales in 2013-14. Consequently, AIS’s focus in the next financial year is on further optimising costs and squeezing out inefficiencies across its supply chain. It is also diversifying into new market segments. The Company will continue to focus on maintaining high levels of quality and delivery for its customers to improve on share of business.

UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 31^ST MARCH 2014

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)		Year Ended ( Unaudited)
	31.03.2014	31.12.2013	31.03.2014
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	5455.800	5279.600	21050.800
b) Other operating income	1.200	4.200	7.700
Total income from Operations(net)	5457.000	5283.800	21058.500
2.Expenditure
a) Cost of material consumed	1752.900	1699.300	6772.100
b) Purchases of stock in trade	15.600	9.900	51.500
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	24.400	23.900	108.800
d) Employees benefit expenses	442.400	403.600	1646.800
e) Depreciation and amortization expenses	307.400	348.500	1370.700
f) Power and Fuel	1202.500	1253.100	4681.400
g) foreign currency exchange loss / gain	(69.600)	(31.700)	536.000
h) Other expenditure	1300.700	1196.000	4941.600
Total expenses	4977.300	4902.600	20107.900
3. Profit from operations before other income and financial costs	479.700	381.200	950.600
4. Other income	12.800	11.300	2904.500
5. Profit from ordinary activities before finance costs	482.500	392.500	48.200
6. Finance costs	411.500	42.500	998.800
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	81.000	(10.000)	1625.000
8. Exceptional item	0.000	0.000	(626.200)
9. Profit from ordinary activities before tax Expense:	81.000	(10.000)	0.000
10.Tax expenses	(5.400)	3.300	(626.200)
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	75.600	(6.700)	224.000
12.Extraordinary Items (net of tax expense)	000	0.000	(402.200)
13.Net Profit / (Loss) for the period (11 -12)	75.600	(6.700)	0.000
14.Paid-up equity share capital (Nominal value Re.1/- each)	234.100	243.100	(402.200)
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16.i) Earnings per share (before extraordinary items) Re.1/- each share) (not annualised):
(a) Basic and diluted	0.37	(0.02)	(1.96)
ii) Earnings per share (after extraordinary items)
(a) Basic and diluted	0.37	(0.02)	(1.96)

Particulars	Quarter Ended ( Unaudited)		Year Ended ( Unaudited)
	31.03.2014	31.12.2013	31.03.2014
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	110729430	108886930	110729430
- Percentage of shareholding	45.55%	44.79%	45.55%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	22863000	22263000	22863000
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	17.27	16.59%	17.27
Percentage of shares (as a % of total share capital of the company)	9.14%	9.16%	9.14%
b) Non Encumbered
Number of shares	109497501	111940001	109497501
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	82.73%	83.41%	82.73%
Percentage of shares (as a % of total share capital of the company)	45.04%	46.05%	45.04%
B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	1
Disposed of during the quarter	1
Remaining unreserved at the end of the quarter	Nil

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)		Year Ended ( Unaudited)
	31.03.2014	31.12.2013	31.03.2014
a. Information about Primary Business Segments
1. Segment Revenue
Automotive Glass	2767.900	2538.900	10767.400
Float Glass	2641.000	2718.900	10238.100
Others	122.400	112.900	450.100
Total	5531.300	5370.700	21455.600
Less : Inter Segment Revenue	61.500	75.600	348.900
Net Sales	5469.800	5295.100	21106.700
2. Segment Result
Automotive Glass	340.300	224.200	766.500
Float Glass	172.000	188.600	311.500
Others	(19.800)	(20.300)	(79.200)
Total	492.500	392.500	998.800
Less : Interest	411.500	402.500	1625.000
Total	81.000	(10.000)	(626.200)
3. Capital Employed (Segment Assets-Segment Liabilities)
Automotive Glass	5205.400	5893.200	5205.400
Float Glass	9203.600	9178.100	9203.600
Others	(11782.400)	(12591.000)	(11782.400)
Total	2626.600	2480.300	2626.600
b. Information about Secondary Business Segments
Revenue by Geographical Market
India	5278.100	1589.200	20626.900
Outside India	253.200	181.500	828.700
Total	5531.300	1770.700	21455.600
Less : Inter-segment revenue (net of excise duty)	61.500	75.600	348.900
Total	5469.500	5295.100	21106.700

1. The above financial results, duly reviewed by the Audit Committee, have been approved by the Board of Directors at its meeting held on 22nd May, 2014.

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. The Board of Directors has approved the resignation of Mr. Hideaki Nohara, Whole-time Director w.e.f. 17th July, 2014 and appointment of Mr. Masaru Omae as Whole-time Director of the Company and member of Remuneration Committee w.e.f. 18th July, 2014.

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

6. The figures of the last quarter are the balancing figures between the audited figures in respect of the full financial year and the year to date figures up to the third quarter of the financial year.

SOURCES OF FUNDS	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	243.100
(b) Reserves & Surplus	2,383.500
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	2,626.600
(3) Non-Current Liabilities
(a) long-term borrowings	4,098.000
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	153.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	4,251.000
(4) Current Liabilities
(a) Short term borrowings	6,970.800
(b) Trade payables	4,782.900
(c) Other current liabilities	4,510.200
(d) Short-term provisions	103.100
Total Current Liabilities (4)	16,367.000
TOTAL	23,244.600
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	11,697.800
(b) Non-current Investments	162.800
(c) Deferred tax assets (net)	1,144.800
(d) Long-term Loan and Advances	424.600
(e) Other Non-current assets	0.000
Total Non-Current Assets	13,430.000
(2) Current assets
(a) Current investments	4,748.300
(b) Inventories	4,041.700
(c) Trade receivables	266.400
(d) Cash and cash equivalents	753.200
(e) Short-term loans and advances	5.000
(f) Other current assets	0.000
Total Current Assets	9,814.600
TOTAL	23,244.600

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10427757	26/06/2013 *	400,000,000.00	YES BANK LIMITED	9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India	B78102167
2	10427753	20/05/2013	150,000,000.00	YES BANK LIMITED	9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India	B75790550
3	10427769	20/05/2013	450,000,000.00	YES BANK LIMITED	9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India	B75794412
4	10387646	10/11/2012	500,000,000.00	IL and FS TRUST COMPANY LIMITED	Il And Fs Financial Centreplot No C22 G Block Bandra, Kurla Complex Bandra East, Mumbai, Maharashtra - 400051, India	B62423637
5	10365862	16/07/2012	300,000,000.00	ICICI BANK LIMITED	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	B43761287
6	10359422	03/07/2013 *	1,500,000,000.00	EXPORT-IMPORT BANK OF INDIA	Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India	B80268642
7	10359089	31/05/2012	500,000,000.00	STANDARD CHARTERED BANK	Credit Documentation Unit, Narain Manzil, 23 Bara Khamba Road, New Delhi, Delhi - 110001, India	B40966236
8	10344509	29/03/2012	400,000,000.00	YES BANK LIMITED	9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India	B35878164
9	10344513	29/03/2012	450,000,000.00	YES BANK LIMITED	9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India	B35878339
10	10336671	03/02/2012	300,000,000.00	ICICI BANK LIMITED	Landmark Race Course Circle, Alkapuri, Baroda, Gujarat - 390015, India	B32593261
11	10335537	24/01/2012	173,000,000.00	CITIBANK N.A	Jeevan Bharti Building, Parliament Street, New De Lhi, Delhi - 110001, India	B32114662
12	10300514	27/07/2011	300,000,000.00	ICICI BANK LIMITED	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	B18175455
13	10290086	10/06/2011	1,500,000,000.00	Export-Import Bank of India	Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA	B14245369
14	10293352	11/05/2011	200,000,000.00	YES BANK LIMITED	9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India	B15408131
15	10257420	28/03/2012 *	850,000,000.00	ICICI BANK LIMITED	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	B37114451
16	10258715	29/11/2010	250,000,000.00	YES BANK LIMITED	9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India	B01973973
17	10247497	28/03/2012 *	370,000,000.00	Export-Import Bank of India	Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA	B35877745
18	10247491	01/09/2010	600,000,000.00	MIZUHO CORPORATE BANK LIMITED	4th Floor, East Tower, Sood Tower, 25th Barakham Ba Road, New Delhi, New Delhi, Delhi - 110001, India	A96773635
19	10233271	16/08/2013 *	250,000,000.00	EXPORT-IMPORT BANK OF INDIA	Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400 005, India	B84089168
20	10230669	20/07/2010	1,000,000,000.00	Export-Import Bank of India	Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA	A89614291
21	10229159	01/06/2010	80,000,000.00	YES BANK LIMITED	9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India	A89242309
22	10210413	23/07/2010 *	750,000,000.00	STANDARD CHARTERED BANK	Credit Risk Control, Narain Manzil, 23 Barakhamba Road, New Delhi, Delhi - 110001, India	A91316364
23	10216548	09/03/2010	150,000,000.00	YES BANK LIMITED	9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India	A83478776
24	10199253	29/01/2010	100,000,000.00	STATE BANK OF MYSORE	Industrial Finance Branch, 23/1, Regal Building, Connaught Place, New Delhi, Delhi - 110001, India	A77829489
25	10199241	29/01/2010	150,000,000.00	STATE BANK OF MYSORE	Industrial Finance Branch, 23/1, Regal Building,Connaught Place, New Delhi, Delhi - 110001, India	A77829570
26	10193953	29/01/2011 *	180,000,000.00	STATE BANK OF MAURITIUS	Price Arcade, 4th Floor, 22a, Cathedral Road, Chennai, Tamil Nadu - 600086, India	B06973135
27	10230594	13/11/2009	100,000,000.00	STATE BANK OF MYSORE	Industrial Finance Branch, 23/1, Regal Building,Connaught Place, New Delhi, Delhi - 110001, India	A81223646
28	10185737	25/09/2009	750,000,000.00	State Bank of Hyderabad	Overseas Branch,1204, Ashok Mahal, Tulloch Road, Colaba, Mumbai, Maharashtra - 400039, India	A73166167
29	10174528	13/11/2009 *	500,000,000.00	Standard Chartered Bank	Credit Risk Control, Narain Manzil, 23, Barakhamba Road, New Delhi, Delhi - 110001, India	A73245219
30	10177303	07/08/2009	250,000,000.00	YES BANK LIMITED	9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India	A70338538
31	10166463	13/11/2009 *	300,000,000.00	THE BANK OF RAJASTHAN LIMITED	Clock Tower, Udaipur, Rajasthan - 313001, India	A74078940
32	10092678	12/03/2008	750,000,000.00	The Hongkong and Shanghai Banking Corporation Limited	Birla House, 25 Barakhamba Road, New Delhi, Delhi - 110001, INDIA	A34507913
33	10049249	11/04/2007	250,000,000.00	HDFC BANK LIMITED	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	A14580237
34	10053342	10/07/2009 *	457,600,000.00	ICICI BANK LIMITED	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	A66494915
35	10039593	20/06/2008 *	649,200,000.00	ICICI BANK LIMITED	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	A40994519
36	10032142	20/12/2006	1,125,000,000.00	IL and FS TRUST COMPANY LIMITED	IL&FS FINANCIAL CENTRE, PLOT #C22, BLOCK G, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA	A08840621
37	10026691	29/11/2006	450,000,000.00	Standard Chartered Bank	Narain Manzil, 23, Barakhambha Road, New Delhi, Delhi - 110001, INDIA	A06718480
38	10028736	22/02/2012 *	850,000,000.00	STATE BANK OF MYSORE	Industrial Finance Branch, 15-17, Shaheed Bhagat Singh Marg, New Gole Market, New Delhi, Delhi - 110001, India	B35060409
39	80016343	10/10/2005 *	350,000,000.00	HDFC BANK LIMITED	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	-
40	10003904	10/10/2005	300,000,000.00	HDFC BANK LIMITED	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	A00146480
41	80003390	12/05/2006 *	450,000,000.00	IL and FS TRUST COMPANY LIMITED	IL And FS Financial Centreplot No C22 G Block Bandra, Kurla Complex Bandra East, Mumbai, Maharashtra - 400051, India	-
42	90044510	06/11/2009 *	1,350,000,000.00	STATE BANK OF INDIA	CAG Branch, Jawahar Vyapar Bhawan, 11th And 12th Floor, Tolstoy Marg, New Delhi, Delhi - 110001, India	A74664319
43	80016135	31/05/2012 *	550,000,000.00	STANDARD CHARTERED BANK	Credit Documentation Unit, Narain Manzil, 23 Bara Khamba Road, New Delhi, Delhi - 110001, India	B40967465
44	90058638	14/08/2004	50,000,000.00	HDFC BANK LIMITED	B-6/3; Safdarjung Enclave, Dda Commercial Complex; Opp. Deer Park, New Delhi, Delhi - 110029, India	-
45	90043677	30/08/2011 *	250,000,000.00	The Jammu And Kashmir Bank Limited	G-40 Connaught Place, New Delhi, Delhi - 110001, India	B22652945
46	90042780	10/05/2000	1,489,070.00	Ford India Limited	Mahindra Towers; Worli Road No 13, Worli, Mumbai, Maharashtra - 400018, India	-
47	90057023	05/04/1999	53,487,000.00	The Bank Of Tokyo-Mitsubishi Limited	3; Parliament Street, New Delhi, Delhi, India	-
48	90056908	03/08/1998	591,995,000.00	Industries Centre	Rewari, Rewari, Haryana, India	-
49	90042042	02/12/2006 *	500,000,000.00	The Bank Of Tokyo - Mitsubishi UFJ Limited	Jeevan Vihar Building, 3, Parliament Street, New Delhi, Delhi - 110001, India	-
50	80004624	10/11/2007 *	720,000,000.00	Mizuho Corporate Bank Limited	Maker Chamber Iii, First Floor, Nariman Point, Mumbai, Maharashtra - 400021, India	A28625192
51	90056330	03/06/1993	5,000,000.00	Punjab National Bank	Rewari, Rewari, Haryana, India	-

* Date of modification charge

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

NEWS:

ASAHI INDIA ALLOTS 83.100 MILLIONS EQUITY SHARES ON RIGHTS BASIS

The Rights Issue Committee of Asahi India Glass at its meeting held on September 17, 2013 issued and allotted 83162345 Equity Shares of the Face Value of Re 1 each for cash at a premium of Rs 29 per equity share in the ratio of 13 equity shares for every 25 fully paid equity shares on rights basis as finalized by the Company.

Asahi India Glass Limited has informed BSE that the Rights Issue Committee of the Board of Directors of the Company at its meeting held on September 17, 2013 issued and allotted 83162345 Equity Shares of the Face Value of Re. 1/- each for cash at a premium of Rs.29/- per equity share to the eligible equity shareholders of the Company in the ratio of 13 equity shares for every 25 fully paid equity shares held by the equity shareholders as on the book closure date, that is July 30, 2013, in accordance with the Basis of Allotment of the equity shares on rights basis as finalized by the Company, the Lead Managers and Registrar to the Issue, in consultation with the BSE Limited (the Designated Stock Exchange) on September 16, 2013.Consequent to the aforesaid allotment the paid up equity share capital of the Company stands increased from the present 159927586 fully paid up equity shares of the face value of Re. 1/- each to 243089931 fully paid equity shares of the face value of Re. 1/- each

GAGANDEEP CREDIT SELLS 6.123 MILLIONS SHARES OF ASAHI INDIA

On February 12, 2014 Gagandeep Credit Capital Private Limited sold 20,35,000 shares of Asahi India Glass at Rs 42.15 on the BSE and 40,88,040 shares at Rs 42.07 on the NSE.

However, Gagandeep Credit Capital Private Limited sold 20, 35,000 shares at Rs 42.15 on the BSE and 40, 88,040 shares at Rs 42.07 on the NSE.

In the previous trading session, the share closed at Rs 44.55, up Rs 1.95, or 4.58 percent.

The share touched its 52-week high Rs 52.75 and 52-week low Rs 27.10 on 31 December, 2013 and 19 August, 2013, respectively.

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.59.03
UK Pound	1	Rs.98.9
Euro	1	Rs.80.33

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.