MIRA INFORM REPORT

Report Date :

09.06.2014

IDENTIFICATION DETAILS

Name :	THERMOSOL GLASS INDIA PRIVATE LIMITED (w.e.f. 27.09.2012)

Formerly Known As :	GURIND GLASS PRIVATE LIMITED

Registered Office :	Jindal House, 1/9-B, Asaf Ali Road, New Delhi - 110002

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	21.06.2004

Com. Reg. No.:	55-127033

Capital Investment / Paid-up Capital :	Rs.26.725 Millions

CIN No.: [Company Identification No.]	U26101DL2004PTC127033

TAN No.: [Tax Deduction & Collection Account No.]	DELG08390E

PAN No.: [Permanent Account No.]	AACCG2950L

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacture and distribution of glass for infrastructure and automotive industry.

No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. The rating reflects moderate financial risk profile marked by low profit margin and huge borrowings recorded by the company. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES:

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

ECGC Country Risk Classification List – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

India

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.2453.2 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	CRISIL
Rating	Long Term Rating = B+
Rating Explanation	High risk of default
Date	06.09.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4
Rating Explanation	Minimal degree of safety. It carry high credit risk.
Date	06.09.2013

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 DENIED BY

Name :	Ms. Shweta Lal
Designation :	HR Manager
Contact No.:	91-8467002140
Date :	06.06.2014

LOCATIONS

Registered Office/ Head Office :	Jindal House, 1/9-B, Asaf Ali Road, New Delhi – 110002, India
Tel. No.:	91-11-23233022
Mobile No.:	91-8467002140 (Ms. Shweta Lal)
Fax No.:	91-11-23233795
E-Mail :	upreti.m@cargomotors.com cargodelh01@yahoo.com hr@cargomotors.co.in
Website :	http://thermosolglass.com

Marketing Head Quarter :	39, Commercial Complex, Community Center, Zamrudpur, Kailash Colony, Greater Kailash, New Delhi – 110048, India
Tel. No.:	91-11-32934344
Fax No.:	91-11-23237395
E-Mail :	info@thermosolglass.com

Factory 1 :	Trilok Road Mouza Johron, Kala-Amb, Tehsil Nahan, District Sirmour, Himanchal Pradesh, India
Tel. No.:	91-1734-320423 / 325424
Fax No.:	91-1734-238221

Factory 2 :	Village Khanpar Taluka Rapar, Kutch - 370145, Gujarat, India

Branch Office :	Cargo House, Opposite Gandhi Ashram, Ashram Road, Ahmedabad – 380027 Gujarat, India
Tel. No.:	91-79-27556142
Fax No.:	91-79-27556139

DIRECTORS

As on 30.09.2013

Name :

Mr. Jayant Nanda

Designation :

Director

Address :

16 Ring Road, Lajpat Nagar – IV, New Delhi - 110024, India

Date of Birth/Age :

10.12.1956

Date of Appointment :

21.06.2004

DIN No.:

00056740

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	U50101DL1959PTC003124	CARGO MOTORS PRIVATE LIMITED	Director	16/03/1983	16/03/1983	-	Active	NO
2	U74899DL1983PTC015801	CARGO MOTORS PUNJAB PRIVATE LIMITED	Director	25/05/1983	25/05/1983	-	Active	NO
3	U50100DL1985PTC022168	CARGO MOTORS (GUJRAT) PRIVATE LIMITED	Director	28/10/1985	28/10/1985	-	Active	NO
4	U74899DL1955PTC002467	KARRIERS FINANCE PRIVATE LIMITED	Director	12/12/1994	12/12/1994	-	Active	NO
5	U45201DL1997PTC089427	CARGO CONSTRUCTION COMPANY PRIVATE LIMITED	Director	04/09/1997	04/09/1997	-	Active	NO
6	U40108DL2003PTC121617	CARGO-ZANDJ TECHNOLOGIES PRIVATE LIMITED	Director	04/08/2003	04/08/2003	-	Active	NO
7	U00000PB2003PTC026233	THREE SIXTY LIFE STYLE PRIVATE LIMITED	Director	18/03/2004	18/03/2004	-	Active	NO
8	U74899DL1987PTC028060	GURIND SYSTEMS PRIVATE LIMITED	Director	26/04/2004	26/04/2004	04/09/2012	Active	NO
9	U50101DL2004PTC126082	CARGO MOTORS (RAJASTHAN) PRIVATE LIMITED	Director	27/04/2004	27/04/2004	-	Active	NO
10	U26101DL2004PTC127033	THERMOSOL GLASS INDIA PRIVATE LIMITED	Director	21/06/2004	21/06/2004	-	Active	NO
11	U34102DL2005PTC134888	CARGO MOTORS (KUTCH) PRIVATE LIMITED	Director	08/04/2005	08/04/2005	-	Active	NO
12	U27310DL2005PTC136738	CARGO POWER AND INFRASTRUCTURE PRIVATE LIMITED	Director	26/05/2005	26/05/2005	-	Active	NO
13	U60231DL2007PTC163985	CML Logistics Private Limited	Director	25/05/2007	25/05/2007	-	Active	NO
14	U55101DL2007PTC164067	Cargo Hospitality Private Limited	Director	29/05/2007	29/05/2007	-	Active	NO
15	U35122DL2007PTC171428	AUTOVAHAN TYRES PRIVATE LIMITED	Director	13/12/2007	13/12/2007	-	Active	NO
16	U40106DL2010PTC203686	CARGO SOLAR POWER (GUJARAT) PRIVATE LIMITED	Director	05/06/2010	05/06/2010	-	Active	NO
17	U40106DL2010PTC203745	CARGO SOLAR POWER (RAJASTHAN) PRIVATE LIMITED	Director	07/06/2010	07/06/2010	-	Active	NO
18	U40108DL2010PTC204502	CARGO SOLAR POWER PRIVATE LIMITED	Director	23/06/2010	23/06/2010	-	Active	NO
19	U40104DL2010PTC210692	CARGO WIND POWER ( GUJARAT) PRIVATE LIMITED	Director	23/11/2010	23/11/2010	-	Active	NO
20	U26100DL2011PTC215329	THERMOSOL GLASS PRIVATE LIMITED	Director	07/03/2011	07/03/2011	-	Active	NO
21	U61200GJ2012PTC070270	YASH RAJ PORTS PRIVATE LIMITED	Director	10/05/2012	10/05/2012	-	Active	NO
22	U45209GJ2013PTC073895	Nargol Infratech Private Limited	Director	06/03/2013	06/03/2013	-	Active	NO
23	U45200GJ2013PTC073894	Cargo Infratech Private Limited	Director	06/03/2013	06/03/2013	-	Active	NO
24	U45209GJ2013PTC073918	J N Port Private Limited	Director	09/03/2013	09/03/2013	-	Active	NO
25	U45200GJ2013PTC074005	Nargol Infrastructure Private Limited	Director	15/03/2013	15/03/2013	-	Active	NO
26	U60109GJ2013PTC075038	Nargol Rail Links Private Limited	Director	13/05/2013	13/05/2013	-	Active	NO
27	U34102DL2013PTC261544	CARGO MOTORS (DELHI) PRIVATE LIMITED	Director	03/12/2013	03/12/2013	-	Active	NO

Name :

Mrs. Anita Nanda

Designation :

Director

Address :

16 Ring Road, Lajpat Nagar – IV, New Delhi - 110024, India

Date of Birth/Age :

10.12.1956

Date of Appointment :

30.09.2013

DIN No.:

00035231

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	U50101DL1959PTC003124	CARGO MOTORS PRIVATE LIMITED	Director	31/12/1988	31/12/1988	-	Active	NO
2	U65910DL1983PLC015912	DEEKSHA HOLDING LIMITED	Director	02/01/1989	02/01/1989	-	Active	NO
3	U74899DL1955PTC002467	KARRIERS FINANCE PRIVATE LIMITED	Director	06/11/1995	06/11/1995	-	Active	NO
4	U45201DL1997PTC089427	CARGO CONSTRUCTION COMPANY PRIVATE LIMITED	Director	04/09/1997	04/09/1997	-	Active	NO
5	U74899DL1983PTC015801	CARGO MOTORS PUNJAB PRIVATE LIMITED	Director	26/06/2001	26/06/2001	-	Active	NO
6	U40108DL2003PTC121617	CARGO-ZANDJ TECHNOLOGIES PRIVATE LIMITED	Director	04/08/2003	04/08/2003	-	Active	NO
7	U50101DL2004PTC126082	CARGO MOTORS (RAJASTHAN) PRIVATE LIMITED	Director	27/04/2004	27/04/2004	-	Active	NO
8	U34102DL2005PTC134888	CARGO MOTORS (KUTCH) PRIVATE LIMITED	Director	08/04/2005	08/04/2005	-	Active	NO
9	U27310DL2005PTC136738	CARGO POWER AND INFRASTRUCTURE PRIVATE LIMITED	Director	26/05/2005	26/05/2005	-	Active	NO
10	U00000PB2003PTC026233	THREE SIXTY LIFE STYLE PRIVATE LIMITED	Director	29/07/2005	29/07/2005	-	Active	NO
11	U74899DL1987PTC028060	GURIND SYSTEMS PRIVATE LIMITED	Director	16/01/2006	16/01/2006	01/04/2008	Active	NO
12	U60231DL2007PTC163985	CML Logistics Private Limited	Director	25/05/2007	25/05/2007	-	Active	NO
13	U55101DL2007PTC164067	Cargo Hospitality Private Limited	Director	29/05/2007	29/05/2007	-	Active	NO
14	U40106DL2010PTC203686	CARGO SOLAR POWER (GUJARAT) PRIVATE LIMITED	Director	05/06/2010	05/06/2010	-	Active	NO
15	U40106DL2010PTC203745	CARGO SOLAR POWER (RAJASTHAN) PRIVATE LIMITED	Director	07/06/2010	07/06/2010	-	Active	NO
16	U40108DL2010PTC204502	CARGO SOLAR POWER PRIVATE LIMITED	Director	23/06/2010	23/06/2010	-	Active	NO
17	U40104DL2010PTC210692	CARGO WIND POWER (GUJARAT) PRIVATE LIMITED	Director	23/11/2010	23/11/2010	-	Active	NO
18	U26100DL2011PTC215329	THERMOSOL GLASS PRIVATE LIMITED	Director	07/03/2011	07/03/2011	-	Active	NO
19	U61200GJ2012PTC070270	YASH RAJ PORTS PRIVATE LIMITED	Director	10/05/2012	10/05/2012	-	Active	NO
20	U45209GJ2013PTC073895	Nargol Infratech Private Limited	Director	06/03/2013	06/03/2013	-	Active	NO
21	U45200GJ2013PTC073894	Cargo Infratech Private Limited	Director	06/03/2013	06/03/2013	-	Active	NO
22	U45209GJ2013PTC073918	J N Port Private Limited	Director	09/03/2013	09/03/2013	-	Active	NO
23	U45200GJ2013PTC074005	Nargol Infrastructure Private Limited	Director	15/03/2013	15/03/2013	-	Active	NO
24	U60109GJ2013PTC075038	Nargol Rail Links Private Limited	Director	13/05/2013	13/05/2013	-	Active	NO
25	U26101DL2004PTC127033	THERMOSOL GLASS INDIA PRIVATE LIMITED	Director	30/09/2013	05/07/2013	-	Active	NO
26	U34102DL2013PTC261544	CARGO MOTORS (DELHI) PRIVATE LIMITED	Director	03/12/2013	03/12/2013	-	Active	NO

Name :

Mr. Aditya Nanda

Designation :

Director

Address :

16 Ring Road, Lajpat Nagar – IV, New Delhi - 110024, India

Date of Birth/Age :

15.11.1980

Date of Appointment :

16.01.2006

DIN No.:

00035037

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	U45201DL1997PTC089427	CARGO CONSTRUCTION COMPANY PRIVATE LIMITED	Director	16/11/1998	16/11/1998	-	Active	NO
2	U74899DL1983PTC015801	CARGO MOTORS PUNJAB PRIVATE LIMITED	Director	26/06/2001	26/06/2001	-	Active	NO
3	U50101DL1959PTC003124	CARGO MOTORS PRIVATE LIMITED	Whole-time director	01/04/2006	23/07/2001	-	Active	NO
4	U00000PB2003PTC026233	THREE SIXTY LIFE STYLE PRIVATE LIMITED	Director	29/07/2003	29/07/2003	-	Active	NO
5	U50101DL2004PTC126082	CARGO MOTORS (RAJASTHAN) PRIVATE LIMITED	Director	27/04/2004	27/04/2004	-	Active	NO
6	U34102DL2005PTC134888	CARGO MOTORS (KUTCH) PRIVATE LIMITED	Director	16/08/2005	16/08/2005	-	Active	NO
7	U26101DL2004PTC127033	THERMOSOL GLASS INDIA PRIVATE LIMITED	Director	16/01/2006	16/01/2006	-	Active	NO
8	U72900DL2006PTC148126	STAR INFOCOM PRIVATE LIMITED	Director	20/10/2006	20/10/2006	-	Active	NO
9	U55101DL2007PTC164067	Cargo Hospitality Private Limited	Director	05/06/2007	05/06/2007	-	Active	NO
10	U60231DL2007PTC163985	CML Logistics Private Limited	Director	05/06/2007	05/06/2007	-	Active	NO
11	U74899DL1987PTC028060	GURIND SYSTEMS PRIVATE LIMITED	Director	01/04/2008	01/04/2008	04/09/2012	Active	NO
12	U27310DL2005PTC136738	CARGO POWER AND INFRASTRUCTURE PRIVATE LIMITED	Director	30/06/2009	30/06/2009	-	Active	NO
13	U40108DL2003PTC121617	CARGO-ZANDJ TECHNOLOGIES PRIVATE LIMITED	Director	30/06/2009	30/06/2009	-	Active	NO
14	U40106DL2010PTC203686	CARGO SOLAR POWER (GUJARAT) PRIVATE LIMITED	Director	05/06/2010	05/06/2010	-	Active	NO
15	U40106DL2010PTC203745	CARGO SOLAR POWER (RAJASTHAN) PRIVATE LIMITED	Director	07/06/2010	07/06/2010	-	Active	NO
16	U40108DL2010PTC204502	CARGO SOLAR POWER PRIVATE LIMITED	Director	23/06/2010	23/06/2010	-	Active	NO
17	U40104DL2010PTC210692	CARGO WIND POWER (GUJARAT) PRIVATE LIMITED	Director	23/11/2010	23/11/2010	-	Active	NO
18	U26100DL2011PTC215329	THERMOSOL GLASS PRIVATE LIMITED	Director	07/03/2011	07/03/2011	-	Active	NO
19	U35122DL2007PTC171428	AUTOVAHAN TYRES PRIVATE LIMITED	Director	30/08/2011	15/06/2011	-	Active	NO
20	U19200DL2011PTC218090	KLEITOS SHOES PRIVATE LIMITED	Director	02/01/2012	02/01/2012	-	Active	NO
21	U61200GJ2012PTC070270	YASH RAJ PORTS PRIVATE LIMITED	Director	10/05/2012	10/05/2012	-	Active	NO
22	U45209GJ2013PTC073895	Nargol Infratech Private Limited	Director	06/03/2013	06/03/2013	-	Active	NO
23	U45200GJ2013PTC073894	Cargo Infratech Private Limited	Director	06/03/2013	06/03/2013	-	Active	NO
24	U45209GJ2013PTC073918	J N Port Private Limited	Director	09/03/2013	09/03/2013	-	Active	NO
25	U45200GJ2013PTC074005	Nargol Infrastructure Private Limited	Director	15/03/2013	15/03/2013	-	Active	NO
26	U60109GJ2013PTC075038	Nargol Rail Links Private Limited	Director	13/05/2013	13/05/2013	-	Active	NO
27	U34102DL2013PTC261544	CARGO MOTORS (DELHI) PRIVATE LIMITED	Director	03/12/2013	03/12/2013	-	Active	NO

Name :

Mr. Dhruv Batra

Designation :

Director

Address :

W-11, Greater Kailash – II, New Delhi, India

Date of Birth/Age :

26.11.1984

Date of Appointment :

30.09.2010

DIN No.:

02700504

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	U80200DL2007PTC170407	BWI EDUCON VENTURES PRIVATE LIMITED	Director	25/06/2009	25/06/2009	-	Active	NO
2	U27310DL2005PTC136738	CARGO POWER AND INFRASTRUCTURE PRIVATE LIMITED	Director	23/11/2009	23/11/2009	-	Active	NO
3	U50101DL1959PTC003124	CARGO MOTORS PRIVATE LIMITED	Director	28/12/2009	28/12/2009	-	Active	NO
4	U40106DL2010PTC203686	CARGO SOLAR POWER (GUJARAT) PRIVATE LIMITED	Director	05/06/2010	05/06/2010	-	Active	NO
5	U40106DL2010PTC203745	CARGO SOLAR POWER (RAJASTHAN) PRIVATE LIMITED	Director	07/06/2010	07/06/2010	-	Active	NO
6	U40108DL2010PTC204502	CARGO SOLAR POWER PRIVATE LIMITED	Director	23/06/2010	23/06/2010	-	Active	NO
7	U74899DL1987PTC028060	GURIND SYSTEMS PRIVATE LIMITED	Director	30/09/2010	14/07/2010	04/09/2012	Active	NO
8	U26101DL2004PTC127033	THERMOSOL GLASS INDIA PRIVATE LIMITED	Director	30/09/2010	14/07/2010	-	Active	NO
9	U40104DL2010PTC210692	CARGO WIND POWER (GUJARAT) PRIVATE LIMITED	Director	23/11/2010	23/11/2010	-	Active	NO
10	U26100DL2011PTC215329	THERMOSOL GLASS PRIVATE LIMITED	Director	07/03/2011	07/03/2011	-	Active	NO
11	U63090DL2012PTC232538	CARGO AIR SERVICES PRIVATE LIMITED	Director	07/03/2012	07/03/2012	-	Active	NO
12	U61200GJ2012PTC070270	YASH RAJ PORTS PRIVATE LIMITED	Director	10/05/2012	10/05/2012	-	Active	NO
13	U45209GJ2013PTC073895	Nargol Infratech Private Limited	Director	06/03/2013	06/03/2013	-	Active	NO
14	U45200GJ2013PTC073894	Cargo Infratech Private Limited	Director	06/03/2013	06/03/2013	-	Active	NO
15	U45209GJ2013PTC073918	J N Port Private Limited	Director	09/03/2013	09/03/2013	-	Active	NO
16	U45200GJ2013PTC074005	Nargol Infrastructure Private Limited	Director	15/03/2013	15/03/2013	-	Active	NO
17	U60109GJ2013PTC075038	Nargol Rail Links Private Limited	Director	13/05/2013	13/05/2013	-	Active	NO
18	U34102DL2013PTC261544	CARGO MOTORS (DELHI) PRIVATE LIMITED	Director	03/12/2013	03/12/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Gurmeet Singh	26250	0.98
Jayant Nanda	16250	0.61
Aditya Nanda	1197500	44.81
Devki Nanda	1207500	45.18
Cargo Motors Private Limited, India	225000	8.42
Total	2672500	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	8.42
Directors or relatives of Directors	91.58
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture and distribution of glass for infrastructure and automotive industry.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

Corporation Bank, M-41,Connaught Circus, New Delhi - 110001, India
Standard Chartered Bank

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Demand Loan	0.512	8.128
Term Loan	0.000	1.736
Short Term Borrowings
Cash credit limit from Corporation Bank	44.348	44.536
Total	44.860	54.400

Notes:

Long Term Borrowings

Nature of Security

Demand Loan and Term Loan from Corporation Bank is Secured by : -

i) First and exclusive charge over Land, Building and plant and Machinery of the company

ii) Personal Gaurantee of director Mr. Jayant Nanda

Rate of interest

Secured Loans from Corporation Bank has an interest rate of 150lo-160lo linked to Banks Base Rate

Short Term Borrowings

Nature of Security

Cash Credit Limit from Corporation Bank

1. Hypothecation of Stock and book debts of the company:

2. Personal Gaurantee of director Mr. Jayant Nanda

Particulars	Rate of interest
Credit Limit from Corporation Bank	13-16% p.a. based on bank’s base rate


Banking Relations :	--

Auditors :
Name :	Ashok Khandelwal Associates Chartered Accountants
Address :	912-B,Indra Prakash, 21,Barakhamba Road, New Delhi - 110001, India
Tel. No.:	91-11-23319140
Fax No.:	91-11-23730523
E-Mail :	ashok@khandelaassociates.com
PAN No.:	AAHFA8634P

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

2700000	Equity Shares	Rs.10/- each	Rs.27.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2672500	Equity Shares	Rs.10/- each	Rs.26.725 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	26.725	4.925	4.925
(b) Reserves & Surplus	13.599	13.145	12.817
(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)	40.324	18.070	17.742

(3) Non-Current Liabilities
(a) long-term borrowings	121.694	92.152	103.233
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) Provision for income tax	0.000	0.000	0.000
Total Non-current Liabilities (3)	121.694	92.152	103.233

(4) Current Liabilities
(a) Short term borrowings	88.360	91.883	45.211
(b) Trade payables	6.148	5.809	36.938
(c) Other current liabilities	13.693	25.930	63.114
(d) Short-term provisions	0.141	0.102	0.000
Total Current Liabilities (4)	108.342	123.724	145.263

TOTAL	270.360	233.946	266.238

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	117.500	122.891	123.872
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	4.281	0.000	0.000
(iv) Intangible assets under development	1.362	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	2.234	2.518	2.684
(d) Long-term Loan and Advances	5.112	4.523	5.111
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	130.489	129.932	131.667

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	46.795	46.164	63.282
(c) Trade receivables	63.626	51.479	50.801
(d) Cash and cash equivalents	26.972	3.168	9.521
(e) Short-term loans and advances	2.478	3.203	10.967
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	139.871	104.014	134.571

TOTAL	270.360	233.946	266.238

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2013	31.03.2012	31.03.2011

GROSS TURNOVER		136.900	163.100	127.200

PROFIT/(LOSS) AFTER TAX		0.453	0.328	(2.126)

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(7.029)	(7.357)	(5.231)

BALANCE CARRIED TO THE B/S		(6.576)	(7.029)	(7.537)

IMPORTS
	Raw Materials	NA	12.335	7.657
	Capital Goods	NA	0.978	0.184
TOTAL IMPORTS		NA	13.313	7.841

Earnings Per Share (Rs.)		0.17	NA	NA

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	5.21	10.18	8.37

Current Ratio (Current Asset/Current Liability)	1.29	0.84	0.93

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	4.925	4.925	26.725
Reserves & Surplus	12.817	13.145	13.599
Net worth	17.742	18.070	40.324

long-term borrowings	103.233	92.152	121.694
Short term borrowings	45.211	91.883	88.360
Total borrowings	148.444	184.035	210.054
Debt/Equity ratio	8.367	10.185	5.209

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
Gross Turnover	127.200	163.100	136.900
		28.223	-16.064

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Gross Turnover	127.200	163.100	136.900
Profit	(2.126)	0.328	0.453
	(1.67%)	0.20%	0.33%

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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
From directors	0.799	15.350
From shareholders	120.383	66.938
Short Term Borrowings
Overdraft from Standard Chartered Bank	19.402	23.847
Working capital demand loan from Tata Capital Limited	24.610	23.500
Total	165.194	129.635

Notes:

Long Term Borrowings

Condition of Unsecured Loans from Directors, Shareholders and their Relatives

The Company has given undertaking to Corporation Bank Limited that it shall not repay the unsecured loans from its

Directors, Shareholders, Promoters and their relatives during the currency of credit facilities given by them.

Unsecured Loans from Directors, Promoters and their Relatives are interest free loan except Karriers Finance private Limited

Short Term Borrowings

Nature of Security

Credit Limit from Standard Chartered Bank

Personal Gaurantee of director Mr. Jayant Nanda
Corporate Gaurantee of Cargo Motors private Limited

Credit Limit from Tata Capital Limited

Personal Gaurantee of director Mr. Jayant Nanda
Corporate Gaurantee of Cargo Motors private Limited

Particulars	Rate of interest
Credit Limit from Standard Chartered Bank	12%-14% p.a.
Credit Limit from Tata Capital Limited	12%-16.50% p.a.

MANAGEMENTS DISCUSSION AND ANALYSIS

The Company was a joint venture between Gurind Group represented by Mr. Gurmeet Singh and Cargo Group represented by Mr Jayant Nanda. In order to smooth the operations of the Company, the present shareholders and management was taken over by Cargo Group pursuant to the MOU entered between them. The name of the Company has also been changed from Gurind Glass Private Limited to Thermosol Glass India Private Limited.

The Company is progressing towards being the leader in Northern part of India within a short span of time and also planning further development to create more market share with other parts of the country of India in the current financials near future.

The Company is having a challenge to develop various glass products like Acoustic Laminated Glass, Fabric Laminated Glass, Decorative Laminated Glass, Colour Laminated Glass, Ceramic Fritted Glass, Shower Enclosures, Sky Light Glass, High Performance Glass, Bend Glass, Bullet Resistant Glass, Automotive Glass etc. apart from its normal Tempered Glass, Laminated Glass & Insulated Glass. The company is also planning to be pioneer to produce & Supply Automotive Glass to entire automotive replacement market in Northern Market by next financials.

Apart from above said developments, company is in process to develop JV / technology transfer / All India distributorship etc.

With the growing real estate business, the company is in process for strengthening its team to lead the market with complete infrastructure and moving towards success. To lead to the architectural and automotive segment with a commitment of on time delivery with better quality and volume we are planning to install few latest advance machineries machinery and equipment. And after progressive results soon we are also planning to expand our capacity in terms of volumes by investing fuither machineries, equipments, infrastructure and resources. The company has ambitious plan to enter in to Global Market for supply and procurement. The concept of the Company wills "The Leader of Glass with One Stop Shop"

PERFORMANCE

During the year, the net profit of the company after deducting Interest, Depreciation tax has increased 27.6% to Rs.0.453 Million as against loss of Rs.0.328 Million in the previous year. The gross turnover of Rs.136.900 Millions 19.14% lower from Rs.163.100 Millions in the previous year. The Company is expecting betters results in the coming years for which the Directors are taking all necessary measures to achieve the same.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10293919	06/06/2011	20,000,000.00	Corporation Bank	M-41,Connaught Circus, Delhi - 110001, India	B15676984
2	10245002	12/10/2010	50,000,000.00	Corporation Bank	M-41,Connaught Circus, Delhi - 110001, India	A96602354
3	10141934	13/02/2009	3,000,000.00	Director of Industries of Himachal Pradesh	Through District Industry Center HP, Distt Sirmour, Nahan, Himachal Pradesh - 173001, India	A56440563
4	10059164	22/06/2007	32,000,000.00	Corporation Bank	Connaught Circus Branch, Delhi - 110001, India	A18827071
5	10059158	22/06/2007	302,000,000.00	Corporation Bank	Connaught Circus Branch, Delhi - 110001, India	A18825539
6	80032477	13/09/2010 *	115,800,000.00	Corporation Bank	Connaught Circus Branch, Delhi - 110001, India	A96605761
7	80032277	06/06/2011 *	180,800,000.00	Corporation Bank	Connaught Circus Branch, Delhi - 110001, India	B15675820

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.59.20
UK Pound	1	Rs.99.52
Euro	1	Rs.80.34

INFORMATION DETAILS

Information Gathered by :	PDT

Analysis Done by :	DIV

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO

TOTAL		27

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.