MIRA INFORM REPORT

Report Date :

23.06.2014

IDENTIFICATION DETAILS

Name :	NIPRO GLASS INDIA PRIVATE LIMITED
Registered Office :	Plot No. 76, Fitkari Village, Meerut-Mawana Road, Meerut – 250401, Uttar Pradesh
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	04.02.2010
Com. Reg. No.:	20-044131
Capital Investment / Paid-up Capital :	Rs.1085.000 Millions
CIN No.: [Company Identification No.]	U24100UP2010FTC044131
PAN No.: [Permanent Account No.]	AADCN1869Q
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter, trader, supplier and manufacturer of neutral borosilicate glass tubes / pharma glass tubes
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 3422000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred a loss from its operations during 2013. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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

MANAGEMENT NON CO-OPEARTIVE (91-121-2887081)

LOCATIONS

Registered Office / Factory :	Plot No. 76, Fitkari Village, Meerut-Mawana Road, Meerut – 250401, Uttar Pradesh, India
Tel. No. :	91-121-2887081 / 68
Fax No. :	91-121-41562600 / 2887368
E-Mail :	rsjmca@gmail.com info@niproglassindia.com
Website :	www.niproglassindia.com

DIRECTORS

As on 03.06.2013

Name :

Mr. Milind Suresh Pappu

Designation :

Director

Address :

31, Kalpak Artek Apartment, Madhudusan Kalekar Marg, Bandra (East), Mumbai – 400051, Maharashtra, India

Date of Birth/Age :

20.05.1960

Date of Appointment :

04.02.2010

DIN No. :

02122285

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	U51507TN2006PTC070002	NIPRO MEDICAL (INDIA) PRIVATE LIMITED	Additional director	28/03/2008	28/03/2008	-	Active	NO
2	U24100UP2010FTC044131	NIPRO GLASS INDIA Private Limited	Director	04/02/2010	04/02/2010	-	Active	NO
3	U33110PN2010FTC143058	NIPRO INDIA CORPORATION PRIVATE LIMITED	Director	15/04/2011	11/02/2010	-	Active	NO
4	U24100MH2000PTC125507	Nipro Tube Glass Private Limited	Managing director	31/08/2013	28/04/2011	-	Active	NO

Name :

Hideo Okamoto

Designation :

Director

Address :

25-4, Taga-Kurioka Ide-cho, Tsuzuki-gun, Kyoto – 6100301, Japan

Date of Birth/Age :

07.08.1944

Date of Appointment :

04.02.2010

DIN No. :

02873872

Name :

Hideyuki Nishisako

Designation :

Whole-time Director

Address :

5-10, Tondaoka-machi, Takatsuki-shi, Osaka - 5691145, Japan

Date of Birth/Age :

09.07.1980

Date of Appointment :

06.04.2010

DIN No. :

02874019

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	U24100UP2010FTC044131	NIPRO GLASS INDIA Private Limited	Whole-time director	06/04/2010	04/02/2010	-	Active	NO
2	U24100MH2000PTC125507	Nipro Tube Glass Private Limited	Nominee director	28/04/2011	28/04/2011	-	Active	NO

Name :

Mr. Pedakhasim Saheb Shaik

Designation :

Managing Director

Address :

4/87, Rakshapuram, Mawana Road, Meerut – 250001, Uttar Pradesh, India

Date of Birth/Age :

01.08.1977

Date of Appointment :

29.11.2011

DIN No. :

03612708

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	U24100UP2010FTC044131	NIPRO GLASS INDIA Private Limited	Managing director	29/11/2011	01/09/2011	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Komal Gupta
Designation :	Secretary
Address :	809 A, T-9, Gulmohur Greens, Near Hindson Air Base, Mohan Nagar, Ghaziabad – 201007, Uttar Pradesh, India
Date of Birth/Age :	06.09.1981
Date of Appointment :	01.10.2012
PAN No.:	ALPPG5519E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 03.06.2013

Names of Shareholders	No. of Shares
Nipro Corporation	108499996
Hideyuki Nishisako	1
Kimihito Minoura	1
Hideo Okamoto	1
Milind Suresh Pappu	1
Total	108500000

As on 03.06.2013

Equity Share Break up (Percentage of Total Equity)

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

BUSINESS DETAILS

Line of Business :

Exporter, trader, supplier and manufacturer of neutral borosilicate glass tubes / pharma glass tubes

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Not Divulged

Facilities :

SECURED LOANS	31.12.2012 (Rs. In Millions)	31.12.2011 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	132.000	0.000
Total	132.000	0.000

Banking Relations :	--
Auditors :
Name :	Peeyush Kesharwani and Associates Chartered Accountants
Address :	Meerut, Uttar Pradesh, India
PAN No. :	ASDWQ1245C
Associates :	¨ Niprotubes Glass Limited (Agartal) ¨ Nipro Tube Glass Limited (Badlapur) ¨ Nipro Tube Glass Limited (Chiplun) ¨ Nipro Tube Glass Limited (Panvel) ¨ Nipro Glass Americas Corp. ¨ Nipro India Coropation Private Limited
Holding company :	¨ Nipro Corporation, Japan

CAPITAL STRUCTURE

As on 31.12.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
109000000	Equity Shares	Rs.10/- each	Rs.1090.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
108500000	Equity Shares	Rs.10/- each	Rs.1085.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1085.000	785.000
(b) Reserves & Surplus	(229.534)	(140.005)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	300.000
Total Shareholders’ Funds (1) + (2)	855.466	944.995
(3) Non-Current Liabilities
(a) long-term borrowings	132.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	19.551	11.224
(d) long-term provisions	0.112	0.078
Total Non-current Liabilities (3)	151.663	11.302
(4) Current Liabilities
(a) Short term borrowings	33.000	0.000
(b) Trade payables	78.999	35.121
(c) Other current liabilities	1.650	2.061
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	113.649	37.182
TOTAL	1120.778	993.479
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	507.900	80.265
(ii) Intangible Assets	59.439	85.856
(iii) Capital work-in-progress	66.197	251.561
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	53.535	25.798
(d) Long-term Loan and Advances	115.727	266.705
(e) Other Non-current assets	5.231	5.506
Total Non-Current Assets	808.029	715.691
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	179.959	38.465
(c) Trade receivables	132.951	45.225
(d) Cash and cash equivalents	(0.161)	194.098
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	0.000	0.000
Total Current Assets	312.749	277.788
TOTAL	1120.778	993.479

SOURCES OF FUNDS		31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		305.000
2] Share Application Money		480.000
3] Reserves & Surplus		(22.907)
4] (Accumulated Losses)		0.000
NETWORTH		762.093
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		762.093
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		208.485
Capital work-in-progress		17.163
INVESTMENT		0.000
DEFERRED TAX ASSETS		12.382
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.650
	Sundry Debtors	23.509
	Cash & Bank Balances	461.058
	Other Current Assets	4.735
	Loans & Advances	18.709
Total Current Assets		540.661
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.314
	Other Current Liabilities	10.207
	Provisions	0.077
Total Current Liabilities		16.598
Net Current Assets		524.063
MISCELLANEOUS EXPENSES		0.000
TOTAL		762.093

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2012	31.12.2011	31.12.2010
	SALES
		Income			83.083
		Other Income			0.633
		TOTAL	325.801	151.359	83.716
Less	EXPENSES
		Cost of Materials Consumed			36.111
		Changes in inventories of finished goods			(10.065)
		Other expenses			88.499
		TOTAL	443.066	280.653	114.545
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(Including Financial and Depreciation Expenses)		(30.829)
Less	FINANCIAL EXPENSES				0.060
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION				(30.889)
Less/ Add	DEPRECIATION/ AMORTISATION				5.621
	PROFIT/ (LOSS) BEFORE TAX		(117.265)	(129.294)	(36.510)
Less	TAX		(27.737)	(13.416)	(12.382)
	PROFIT/ (LOSS) AFTER TAX		(89.528)	(115.878)	(24.128)
	Earnings / (Loss) Per Share (Rs.)		(0.82)	(1.07)	(0.22)

KEY RATIOS

PARTICULARS		31.12.2012	31.12.2011	31.12.2010
PAT / Total Income	(%)	(27.48)	(76.56)	(28.82)
Net Profit Margin (PBT/Sales)	(%)	NA	NA	(43.94)
Return on Total Assets (PBT/Total Assets}	(%)	(11.71)	(18.05)	(4.87)
Return on Investment (ROI) (PBT/Networth)		(0.14)	(0.14)	(0.05)
Debt Equity Ratio (Total Debt/Networth)		0.19	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.75	7.47	32.57

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	785.000	1085.000
Reserves & Surplus	(140.005)	(229.534)
Share Application money pending allotment	300.000	0.000
Net worth	944.995	855.466
long-term borrowings	0.000	132.000
Short term borrowings	0.000	33.000
Total borrowings	0.000	165.000
Debt/Equity ratio	0.000	0.193

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2010	31.12.2011	31.12.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	83.716	151.359	325.801
		80.801	115.250

NET PROFIT MARGIN

Net Profit Margin	31.12.2010	31.12.2011	31.12.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	83.716	151.359	325.801
Profit	(24.128)	(115.878)	(89.528)
	(28.82%)	(76.56%)	(27.48%)

LOCAL AGENCY FURTHER INFORMATION

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

NOTE:

The registered address of the company has been shifted from D 28, South Extension Part 1, New Delhi – 110049, India to the present address w.e.f 26.10.2010

UNSECURED LOANS

PARTICULAR	31.12.2012 (Rs. In Millions)	31.12.2011 (Rs. In Millions)
SHORT TERM BORROWINGS
Working capital loans from banks	33.000	0.000
Total	33.000	0.000

INDEX OF CHARGES

No Charges Exist for Company

FIXED ASSETS

œ Land

œ Buildings

œ Plant and Equipment

œ Furniture and Fixtures

œ Vehicles

œ Office Equipment

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.60.28
UK Pound	1	Rs.102.77
Euro	1	Rs.82.12

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	RAS
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.