MIRA INFORM REPORT

Report Date :

20.10.2014

IDENTIFICATION DETAILS

Name :	MEERA GLASS INDUSTRIES
Registered Office :	Khasra No. 27, Meera Chauraha, Mouja Dholpura, Nagla Bhau, Firozabad – 283203, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	1986
Capital Investment :	Rs. 24.959 Millions
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer of Glassware items.
No. of Employees :	120 (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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having satisfactory track record. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The concern 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had willfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Mumtazbhai
Designation :	Accountant
Contact No.:	91-9837894184
Date :	15.10.2014

LOCATIONS

Registered Office/ Factory :	Khasra No. 27, Meera Chauraha, Mouja Dholpura, Nagla Bhau, Firozabad – 283203, Uttar Pradesh, India
Tel. No.:	Not Available
Mobile No.:	91-9837894184 (Mr. Mumtazbhai)
Fax No.:	Not Available
E-Mail :	meeraglass.ind@gmail.com
Area :	126000 Sq. ft.
Location :	Owned

PARTNERS

Name :	Mrs. Veena Devi Mittal
Designation :	Partner
Address :	33-39, Ganesh Nagar, Firozabad – 283203, Uttar Pradesh, India
Date of Birth/Age :	10.12.1956
PAN No.:	ABVPM0330P
Voter ID :	YEF2900538
Name :	Mr. Yogesh Mittal
Designation :	Partner
Address :	33-39, Ganesh Nagar, Firozabad – 283203, Uttar Pradesh, India
Date of Birth/Age :	28.11.1976
Qualification :	Graduate
PAN No.:	ABIPM2813L
Name :	Mr. Narendra Prakash Mittal
Designation :	Partner
Address :	33-39, Ganesh Nagar, Firozabad – 283203, Uttar Pradesh, India
Date of Birth/Age :	10.08.1954
PAN No.:	ABIPM2774Q
Name :	Mr. Ritesh Mittal
Designation :	Partner
Address :	33-39, Ganesh Nagar, Firozabad – 283203, Uttar Pradesh, India
Date of Birth/Age :	14.11.1978
Qualification :	Graduate
PAN No.:	ABIPM2815N

KEY EXECUTIVES

Name :	Mr. Mumtazbhai
Designation :	Accountant

BUSINESS DETAILS

Line of Business :	Manufacturer of Glassware items.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :	Nidhi Glass Industry, Faridabad
No. of Employees :	120 (Approximately)
Bankers :	· Oriental Bank of Commerce Faridabad, Haryana, India
Facilities :	v Cash Credit = Rs. 38.000 Millions v Total Limit = Rs. 4.400 Millions v LC = Rs. 24.400 Millions

Banking Relations :	--
Auditors :
Name :	Arti Goyal and Company Chartered Accountants
Associates/Subsidiaries :	· Keshav Madhav Steel Private Limited Address: Shikohabad, Firozabad, Uttar Pradesh, India Activity: Manufacturer of Iron Rods.

CAPITAL STRUCTURE

AS ON 31.03.2014

Capital Investment :
Owned :	Rs. 24.959 Millions
Borrowed :	--
Total :	Rs. 24.959 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2013
Sales Turnover (Approximately)	182.100

The above information has been parted by Mr. Mumtazbhai [Accountant]

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014
SHAREHOLDERS FUNDS
1] Partner’s Capital		24.959
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		24.959
LOAN FUNDS
1] Secured Loans		48.887
2] Unsecured Loans		29.972
TOTAL BORROWING		78.859
DEFERRED TAX LIABILITIES		0.000
TOTAL		103.818
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		36.677
Capital work-in-progress		0.000
INVESTMENT		2.549
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	71.862
	Sundry Debtors	39.712
	Cash & Bank Balances	0.303
	Other Current Assets	0.039
	Loans & Advances	2.360
Total Current Assets		114.276
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	38.117
	Other Current Liabilities	9.143
	Provisions	2.424
Total Current Liabilities		49.684
Net Current Assets		64.592
MISCELLANEOUS EXPENSES		0.000
TOTAL		103.818

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014
	SALES
		Sales	276.733
		Other Income	1.811
		TOTAL	278.544
Less	EXPENSES
		Cost of Goods sold	229.137
		Reversal	1.013
		Wages	5.570
		Testing Expenses	0.059
		Partners Salary	0.600
		Staff Benefit Expenses	1.403
		Travelling including petrol	0.155
		Rent	0.024
		Telephone Expenses	0.267
		General Expenses	0.048
		Printing and Stationery	0.018
		Packing Expenses	12.301
		Financial Expenses	0.366
		Diwali Expenses	0.016
		Agent Commission	1.505
		Pollution Consent	0.020
		Membership Fee	0.008
		License Fees	0.007
		White Wash Expenses	0.025
		Water Cess	0.029
		Services tax on GTA not claimed	0.096
		Interest	9.351
		Running, Repairs and Maintenance	5.705
		Insurance	0.384
		Excise penalty	0.005
		Excise demand	0.025
		Audit Fees	0.040
		TOTAL	268.177
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		10.367
Less/ Add	DEPRECIATION/ AMORTISATION		6.255
	PROFIT BEFORE TAX		4.112
Less	TAX		0.939
	PROFIT AFTER TAX		3.173

KEY RATIOS

PARTICULARS		31.03.2014
PAT / Total Income	(%)	1.14
Net Profit Margin (PBT/Sales)	(%)	1.49
Return on Total Assets (PBT/Total Assets}	(%)	2.72
Return on Investment (ROI) (PBT/Networth)		0.16
Debt Equity Ratio (Total Debt/Networth)		3.16
Current Ratio (Current Asset/Current Liability)		2.30

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 two years	Yes
12]	Profitability for last one year	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)	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	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

------------------------------------------------------------------------------------------------------------------------------

PERFORMANCE AND FINANCIAL INDICATORS

(RS. IN MILLIONS)

PARTICULARS	2015 Projected	2016 Projected
Domestic Sales (Gross)	350.000	400.000
Export Sales	0.000	0.000
Net Sales	350.000	400.000
% rise/fall (-) in net sales	26.25	14.29
Operating Profit	11.376	12.201
Profit Before tax	11.703	12.586
PBT/ Sales (%)	0.334	0.315
Profit After Tax	8.087	8.697
Cash Accrual	13.923	14.116
Paid Up Capital	0.000	0.000
TNW	26.400	33.500
Adjusted TNW	26.400	33.500
TOL/TNW (times)	4.63	3.58
Adjusted TOL/TNW	4.63	3.58
NWC	31.659	45.578
Current Ratio	1.37	1.56
OTHER RATIOS
Operating Cost/ sales %	96.75	96.95
Net Sales /TTA (times)	2.36	2.61
PBDIT	30.539	31.005
EFFICIENCY RATIOS
Net Sales/ Total Tangible Assets (times)	2.36	2.61
PBT/ Total Tangible Assets (%)	7.88	8.20
Operating Cost to sales (%)	96.75	96.95
Bank Finance/ Current Assets (%)	59.75	55.08
Inventory + Receivables to Net Sales (days)	114.58	108.65

------------------------------------------------------------------------------------------------------------------------------

INVENTORY AND RECEIVABLES HOLDING LEVELS

(RS. IN MILLIONS)

PARTICULARS	2015 Projected	2016 Projected
Raw Material : a) Indigenous	20.000 1.57	22.000 1.53
b) Imported	0.000 --	0.000 --
Stock in Process	15.870 0.59	16.870 0.58
Finished Goods	64.000 2.58	66.000 2.30
Other Spares : a) Indigenous	0.000 --	0.000 --
b) Imported	0.000 --	0.000 --
Receivables : a) Domestic	10.000 0.34	14.200 0.43
b) Export	0.000 --	0.000 --
Receivables	10.000 0.34	14.200 0.43
Sundry Creditors	14.000 1.07	10.000 0.69
Other Creditors	--	--
Other Current Assets	7.289	8.008

------------------------------------------------------------------------------------------------------------------------------

ABF ASSESSMENT

(RS. IN MILLIONS)

PARTICULARS	2015 Projected	2016 Projected
Total Current Assets	117.159	127.078
Other Current Liabilities (Except Bank Borrowing)	15.500	11.500
Working Capital Gap	101.659	115.578
Net Working Capital (Act./Proj)	31.659	45.578
Assessed Bank Finance	70.000	70.000
NWC to TCA (%)	27.02	35.87
Bank Finance to TCA %	59.75	55.08
Sundry Creditors To TCA (%)	11.95	7.87
Other Current Liabilities to TCA (%)	13.23	9.05
Inv. to Net Sales (days)	104.15	95.69
Rec. to gross sales (days)	10.43	12.96
Sundry Creditors to purchases (days)	33.51	21.16
NWC to TCA (%)	27.02	35.87
Bank Finance to TCA %	59.75	55.08
Other Current Liabilities to TCA (%)	25.18	16.92

------------------------------------------------------------------------------------------------------------------------------

FINANCIAL POSITION

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2015 Projected	2016 Projected
a)	Paid up Capital :
	- Equity	26.400	33.500
	- Preference Share	0.000	0.000
b)	Tangible Net worth	26.400	33.500
c)	Investment in companies	0.000	0.000
d)	Adjusted TNW	26.400	33.500
e)	Capital Employed	63.000	72.000
f)	Net Block	31.341	26.422
g)	Net Sales: Domestic	350.000	400.000
h)	Other Income	0.327	0.385
i)	PBIDTA	30.539	31.005
j)	Interest	13.000	13.000
k)	Gross Profit/Loss (PBDT)	17.539	18.005
l)	Depreciation	5.836	5.419
m)	Taxes	3.616	3.889
n)	Net Profit (NP)	8.087	8.697
o)	Cash Accruals	13.923	14.116
p)	NP/Capital Employed (%)	12.84	12.08
q)	Current Assets	117.159	127.078
r)	Current Liabilities	85.500	81.500
	RATIOS :
s)	Current Ratio	1.37	1.56
t)	Debt/Equity :
	Total Term Liabilities / TNW	1.39	1.15
	Total Outside Liabilities / TNW	4.63	3.58
t (i)	Quasi DER	1.81	1.29
u)	Profitability%: PAT/NS	2.31	2.17
v)	DSCR a) Company :	2.07	2.09
	b) For specific TL
w)	Interest Coverage	2.07	2.09
x)	Inventory + Receivables / Sales (%)	31.39	29.77

------------------------------------------------------------------------------------------------------------------------------

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO.		PARTICULARS	2015 Projected	2016 Projected
1		GROSS SALES
	i.	Domestic sales	350.000	400.000
	ii.	Export sales
		Add other revenue income	0.000	0.000
		Total	350.000	400.000
2		Less: Excise duty	0.000	0.000
		Deduct other items	--	--
3		Net Sales ( item 1 - item 2 )	350.000	400.000
4		% age rise (+) or fall (-) in net sales compared to previous year (annualised)	26.25	14.29
5		COST OF SALES
	i)	Raw materials (including stores and other items used in the process of manufacture)	152.500	172.500
		(a) Imported	4.357	4.313
		(b) Indigenous	0.000	0.000
	ii)	Other spares	0.000	0.000
		(a) Imported	0.000	0.000
		(b) Indigenous	0.000	0.000
	iii)	Power and fuel	156.000	162.500
	iv)	Direct labour (Factory wages and salary)	6.500	7.000
	v)	Other mfg. Expenses	0.070	0.080
	vi)	Depreciation	5.836	5.419
	vii)	SUB TOTAL (I TO VI)	320.906	347.499
	viii)	Add: Opening stocks-in-Process)	17.401	15.870
		Sub-total	338.307	363.369
	ix)	Deduct : Closing stocks-in-process	15.870	16.870
	x)	Cost of Production	322.437	346.499
	xi)	Add : Opening stock of finished goods	38.687	64.000
		SUB-TOTAL	361.124	410.499
	xii)	Deduct: Closing stock of finished goods	64.000	66.000
	xiii)	SUB-TOTAL (Total cost of Sales)	297.124	344.499
6		Selling general and administrative expenses	28.500	30.300
7		SUB-TOTAL (5+6)	325.624	374.799
8		Operating profit before interest ( 3-7 )	24.376	25.201
9		Interest	13.000	13.000
10		Operating profit after interest (8-9)	11.376	12.201
11	(i)	Add other non-operating income
	(a)	Export Benefits	0.000	0.000
	(b)	Income from Investments	0.327	0.385
	(c)	Profit on sale of F.A.	0.000	0.000
	(d)	Others	0.000	0.000
		Sub-total ( income )	0.327	0.385
	(ii)	Deduct other non-operating expenses	--	--
	(a)	P&P expense including all book entries written off	0.000	0.000
	(b)	Goodwill w/o	0.000	0.000
	(c)	Loss on Assets/R & D Exp.	0.000	0.000
	(d)	Depreciation Short Provided	0.000	0.000
		Sub-total ( expenses )	0.000	0.000
	(iii)	Net of other non-operating income/expenses	0.327	0.385
12		Profit before tax/loss [10+11(iii)]	11.703	12.586
13		Provision for taxes	3.616	3.889
14		Prior Years Adjustment(if any)#	0.000	0.000
15		Net Profit/Loss for the year ( 12-13 )	8.087	8.697
16		(a) Equity dividend paid-amount (Already paid+ B.S. provision)	0.000	0.000
		(b) Dividend Rate	0.000	0.000
17		Retained profit ( 14-15 )	8.087	8.697
18		Retained profit/Net profit (% age)	100.00	100.00

------------------------------------------------------------------------------------------------------------------------------

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR. NO.		PARTICULARS	2015 Projected	2016 Projected
		CURRENT LIABILITIES
1		Short-term borrowings from banks (including bills purchased, discounted and excess borrowing placed on repayment basis)
		(i) From applicant banks	70.000	70.000
		(ii) From other banks	0.000	0.000
		(iii) Of which BP and BD	0.000	0.000
		SUB TOTAL	70.000	70.000
2		Short term borrowings from others	0.000	0.000
3		Sundry Creditors (Trade)	14.000	10.000
4		Advance payments from customers/deposits from dealers	0.000	0.000
5		Provision for taxes	0.000	0.000
6		Dividend payable	0.000	0.000
7		Other statutory liabilities (due within one year)	0.000	0.000
8		Deposits/installments of term loans/DPGs/Debentures, etc.(due within one year)	0.000	0.000
9		Other current liabilities and provisions (due within 1 Year) (specify major items)
	(i)	Unclaimed deposits	0.000	0.000
	(ii)	Intt. Due on Dep./Sec. Dep.	0.000	0.000
	(iii)	Sundry Creditors (Cap)	0.000	0.000
	(iv)	Unclaimed div + Intt Acc + Other Liabilities	1.500	1.500
		SUB-TOTAL (B)	15.500	11.500
		TOTAL CURRENT LIABILITIES	85.500	81.500
		TERM LIABILITIES
11		Debentures (not maturing within one year)	0.000	0.000
12		Preference shares (redeemable after one year)	0.000	0.000
13		Term loans (excluding installment) payable within one year)	3.600	1.800
14		Deferred Payment Credits (excluding installments due within one year) Sales Tax Loan	0.000	0.000
15		Term deposits (repayable after one year) Unsecured Loans	33.000	36.700
16		Other term liabilities	0.000	0.000
17		TOTAL TERM LIABILITIES	36.600	38.500
18		TOTAL OUTSIDE LIABILITIES	122.100	120.000
		NET WORTH
19		Ordinary Share Capital Share Premium	0.000	0.000
20		General Reserve	0.000	0.000
21		Revaluation reserve	0.000	0.000
22		Other reserve (excluding provisions)	0.000	0.000
23		Surplus (+) or deficit (-) in Profit and Loss Account	0.000	0.000
23a		Others (specify)
	(i)	Debentures Forfeiture A/C	0.000	0.000
	(ii)	Debentures Premium A/C	0.000	0.000
	(iii)	Deferred Tax Liabilities	0.000	0.000
	(iv)	Subsidy	0.000	0.000
24		NET WORTH	26.400	33.500
25		TOTAL LIABILITIES	148.500	153.500
26		Cash and bank balances	0.436	0.670
27		Fixed Deposits with Banks	3.753	4.138
28		(i) Receivables other than deferred and exports (include bills purchased and discounted by Banks)	10.000	14.200
		(ii) Export receivables (include bills purchased and discounted by banks)	0.000	0.000
29		Installments of deferred receivables (due within one year)	0.000	0.000
30		Inventory:	99.870	104.870
		(i) Raw materials(including stores and other items used in the process of manufacture)	20.000	22.000
		(a) Imported	0.000	0.000
		(b) Indigenous	20.000	22.000
		(ii) Stock-In-Process	15.870	16.870
		(iii) Finished goods	64.000	66.000
		(iv) Other Consumable Spares
		(a) Imported	0.000	0.000
		(b) Indigenous	0.000	0.000
31		Advance to suppliers of raw materials and stores and spares	0.000	0.000
32		Advance payment of taxes	0.000	0.000
33		Other Current assets	3.100	3.200
		Interest Receivable	0.000	0.000
		Loans and Advances	3.100	3.200
		Dividend	0.000	0.000
34		TOTAL CURRENT ASSETS	117.159	127.078
35		Gross Block (Land and Building machinery, work-in-process)	37.177	31.841
36		Depreciation to date	5.836	5.419
37		NET BLOCK	31.341	26.422
		OTHER NON-CURRENT ASSETS
38		Investment/ book debts/ advances/ deposits which are not current assets	0.000	0.000
		(i) a) Investment in subsidiary Co./affiliates	0.000	0.000
		b) Other Investments ICDs	0.000	0.000
		(ii) Advances to suppliers of capital goods and contractors	0.000	0.000
		(iii) Deferred receivables (maturity exceeding one year)	0.000	0.000
		(iv) Others (a) Debtors> 6 months	0.000	0.000
		(b) Security Deposits	0.000	0.000
		(c) Others	0.000	0.000
39		Non-consumables stores and spares	--	--
40		Other non-current assets including dues from Directors	0.000	0.000
41		TOTAL OTHER NON-CURRRENT ASSETS	0.000	0.000
42		Intangible assets (patents, goodwill, preliminary expenses, bad/ doubtful expense not provided for etc.)	0.000	0.000
43		TOTAL ASSETS (34+37+41+42)	148.500	153.500

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FUND FLOW STATEMENT [DETAILED]

(RS. IN MILLIONS)

SR. NO.		PARTICULARS	2015 Projected	2016 Projected
1		SOURCES
	a.	Net Profit (After Tax)	8.087	8.697
	b.	Depreciation	(0.418)	(0.417)
	c	Increase in Capital	0.000	0.000
	d.	Increase In TL. Including public deposits	1.635	1.900
	e.	Decrease in
		i) Fixed Assets	5.754	5.336
		ii) Other Non-Current Assets	0.187	0.000
	f	Others	0.000	0.000
	g.	Total	15.245	15.516
2		USES
	a.	Net Loss	0.000	0.000
	b.	Decrease in Term Liabilities including Public Deposit	0.000	0.000
	c.	Increase in
		i) Fixed Assets	0.000	0.000
		ii) Other Non-current assets	0.000	0.000
	d.	Dividend Payment	0.000	0.000
	e	Others	6.645	1.597
	f	Total	6.645	1.597
3	I	Long Term Surplus/Deficit	8.600	13.919
4	ii	Increase/decrease in Current Assets	0.522	9.919
5	iii	Increase/decrease in Current Liabilities other than BB	(34.184)	(4.000)
6	iv	Increase/decrease in Working Capital Gap	34.706	13.919
7	v	Net Surplus (+) Deficit (-)	(26.106)	0.000
8	vi	Increase/decrease in Bank Borrowings	26.106	0.000

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NETWORTH STATEMENT

MRS. VEENA DEVI MITTAL

(RS. IN MILLIONS)

BANK

Bank	Present Balance
Oriental Bank of Commerce	Rs. 0.010 Million

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own/ Joint Name	Freehold or Leasehold	Location/ Address	Present Value
Non-Agri. Land				10.000
- Commercial	Joint	Freehold	Lalau [Industrial]	4.000 [1/2] 1.500
- Residential	Joint	--	Nayla Bhau [Agri Land]	5.000 [1/2] 5.000 [1/2]
Flat / House
- Agri Land	Joint	--	Jafar Gari [Agri Land]	2.000
- Others	--	--	--	--
Total				27.500

JEWELLERY

Type	Quantity	Valuation [Approx.]
Gold	100 Gm.	Rs. 0.300 Million

LIABILITIES

AS BORROWER

Borrowed from	Purpose of Loan	Amount of loan	Security	Repayment Term	Outstanding Balance
ICICI	Home Loan	4.620	Equal Property	120.000	3.310
--	--	0.047	--	--	0.031
					3.341

LEGAL HEIRS

Name	Relation	Occupation	Age	Marital Status	Address
Narendra Prakash Mittal	Husband	Business	60 Years	Married	Ganesh Nagar

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NETWORTH STATEMENT

MR. NARENDRA PRAKASH MITTAL

(RS. IN MILLIONS)

BANK

Bank	Branch	Present Balance
Oriental Bank of Commerce	Firozabad	Rs. 0.010 Million

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own/ Joint Name	Freehold or Leasehold	Location/ Address	Present Value
Non-Agri. Land
- Commercial	Joint	Freehold	Lalau	10.000
- Residential	Joint	Freehold	OM Apartment	4.000 [1/4]
Flat / House			Ganesh Nagar	20.000 [1/2]
- Agri Land	--	Freehold	Dholpura	5.000 [1/2]
- Others	--	Freehold	Jafar Gari	5.000 [1/2]

JEWELLERY

Type	Quantity	Valuation [Approx.]
Gold	20 Gm.	Rs. 0.060 Million

LIABILITIES

AS BORROWER

Borrowed from	Purpose of Loan	Amount of loan	Security	Repayment Term	Outstanding Balance
Oriental Bank of Commerce	Auto Loan	0.840	Hypothecation of Vehicle	--	0.718

LEGAL HEIRS

Name	Relation	Occupation	Age	Marital Status	Address
Veena Devi Mittal	Spouse	Business	58 Years	Married	Ganesh Nagar

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NETWORTH STATEMENT

MR. VED PRAKASH MITTAL

(RS. IN MILLIONS)

BANK

Bank	Branch	Present Balance
Oriental Bank of Commerce	Firozabad	Rs. 0.010 Million

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own/ Joint Name	Freehold or Leasehold	Location/ Address	Present Value
Non-Agri. Land	Joint	Leasehold	Agra Road	1.000 [1/5]
- Commercial	Joint	Freehold	Lalau	20.000 [1/4]
- Residential	Joint	Freehold	Dholpura	2.000 [1/2]
Flat / House	Joint	Freehold	Ganesh Nagar	10.000
- Agri Land	Joint	Freehold	Sultan Ganj [Agra]	9.500
Total				42.500

LIABILITIES

AS BORROWER

Borrowed from	Purpose of Loan	Amount of loan	Security	Repayment Term	Outstanding Balance
ICICI Bank	Business	20.000	Mortgage loan	60 Months	13.000
	Vehicle	0.955	Hypothecation of Vehicle	--	0.534

LEGAL HEIRS

Name	Relation	Occupation	Age	Marital Status	Address
Radha Mittal	Spouse	Business	58 Years	Married	Ganesh Nagar
Ankur Mittal	Son	--	28 Years	--	Ganesh Nagar
Akash Mittal	Son	--	23 Years	--	Ganesh Nagar

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NETWORTH STATEMENT

MRS. RADHA MITTAL

(RS. IN MILLIONS)

BANK

Bank	Branch	Present Balance
Oriental Bank of Commerce	Firozabad	Rs. 0.010 Million

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Freehold or Leasehold	Location/ Address	Present Value
Non-Agri. Land	Freehold	Lalau [Ind. Land]	20.000 [1/4] OBC
- Commercial	Freehold	[Agri Land]	4.000
- Residential	Freehold	Rajaka Taal [Agri Land]	2.000 [1/2] ICICI
Flat / House	Freehold	Ganesh Nagar [Resi. House]	2.500
Total			28.500

LIABILITIES

AS BORROWER

Borrowed from	Purpose of Loan	Amount of loan	Security	Repayment Term	Outstanding Balance
ICICI Bank	Business	0.073	Mortgage loan	--	5.233

LEGAL HEIRS

Name	Relation	Occupation	Age	Marital Status	Address
Ved Prakash Mittal	Spouse	Business	52 Years	Married	Ganesh Nagar
Ankur Mittal	Son	--	28 Years	--	Ganesh Nagar
Akash Mittal	Son	--	23 Years	--	Ganesh Nagar

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NETWORTH STATEMENT

MR. YOGESH MITTAL

(RS. IN MILLIONS)

BANK

Bank	Branch	Present Balance
Oriental Bank of Commerce	Firozabad	Rs. 0.100 Million

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own/ Joint Name	Freehold or Leasehold	Location / Address	Present Value
Non-Agri. Land	Joint	Freehold	Jaurarikala	1.500
- Commercial	Own	Freehold	--	1.500 [100%]
- Residential	Joint	Freehold	Lalau	6.000
Flat / House
- Agri Land	Joint	Freehold	Jafari Gari	4.000 [1/4]
- Others	Joint	Freehold	--	2.500 [1/4]

VEHICLE

Type of Vehicle	Present Value
Vehicle	Rs. 0.850 Million

JEWELLERY

Type	Quantity	Valuation (Approx.)
Gold	30 Gm.	Rs. 0.100 Million

CAPITAL INVESTED IN BUSINESS

Capital

Rs. 8.592 Millions

LIABILITIES

AS BORROWER

Borrowed from	Purpose of Loan	Amount of Loan	Security	Outstanding Balance
Oriental Bank of Commerce	Vehicle	0.950	Hypothecation of Vehicle	0.875
	Property	10.600	--	--

LEGAL HEIRS

Name	Relation	Age	Marital Status	Address
Shweta Mittal	Wife	34 Years	Married	33-39, Ganesh Nagar
Chachal Mittal	Daughter	14 Years	Unmarried	33-39, Ganesh Nagar
Manik Mittal	Daughter	12 Years	Unmarried	33-39, Ganesh Nagar
Pradhav Mittal	Son	8 Years	Unmarried	33-39, Ganesh Nagar

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NETWORTH STATEMENT

MR. RITESH MITTAL

(RS. IN MILLIONS)

BANK

Bank	Branch	Present Balance
Oriental Bank of Commerce	Firozabad	Rs. 0.100 Million

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own/ Joint Name	Freehold or Leasehold	Location / Address	Present Value
Non-Agri. Land
- Commercial	Joint	Freehold	Jahari Kula	19.900
- Residential	Joint	Freehold	Jahari Kula	2.500
Flat / House
- Agri Land	Joint	Freehold	Lalau	1.000
- Others	Joint	Freehold	Jafari Gari	1.500

JEWELLERY

Type	Quantity	Valuation [Approx.]
Gold	100 Gm	0.300 Million

LIABILITIES

AS BORROWER

Borrowed from	Purpose of Loan	Amount of Loan	Security	Outstanding Balance
Oriental Bank of Commerce	Vehicle Loan	0.500	Hypothecation of Vehicle	0.493

LEGAL HEIRS

Name	Occupation	Relation	Age	Marital Status	Address
Rashi Mittal	Business	Spouse	38 Years	Married	33-39, Ganesh Nagar
Keshav Mittal	--	Son	15 Years	Unmarried	33-39, Ganesh Nagar
Mohni Mittal	--	Daughter	12 Years	Unmarried	33-39, Ganesh Nagar

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VALUATION REPORT

PROPERTY IN NAME OF MRS. VEENA DEVI MITTAL, MR. NARENDRA PRAKASH MITTAL, MR. VED PRAKASH MITTAL AND MRS. RADHA MITTAL LOCATED AT KHASRA NO. 27, MAUZA DHOLPURA, FIROZABAD

(GENERAL DETAILS)

Purpose for which valuation is made

Bank Finance

Date as on which valuation is made

25.09.2014

Name of the Owner

M/s. Meera Glass Industries

It the property is under Joint Ownership/ Co Ownership Share of each such owner are the shares undivided?

Sole Ownership

Brief description of the property

The said property is located about 50 meters on left hand side from Main NH2, Agra – Kanpur Road towards Firozabad about 2 Km before City. It is basically an Industrial area and is surrounded by several industrial units, mainly engaged as Glass Factory. This property comprises of 19981 Sq. Yds. Land area. On the entire land several Industrial structures are erected, but as per use they are largely Housing Furnaces. A Glass Factory shed is typical for its usage. It mainly comprised of the covered area with a significant height and it comprised of MS trusses and GCI Sheets. The land possession is more. It may be noted ever since they lasted inspected the property, the status of property is same except that land rates have escalated.

Dimension of the site

Ø North

Ø South

Ø East

Ø West

As per deed

367’

390’

491’

493’

Boundaries of the property

Ø North

Ø South

Ø East

Ø West

As per deed

Naveen Glass Premise

Other Property Delight Glass

Naveen Glass Premise

Approach Road

Location, Street, Ward No.

Mauza Dholpura, Firozabad

Survey/Plot No. of Land

Khasra No. 27

Is the property situated in the Residential/ Commercial/ Mixed Area/ Industrial Area

Industrial Area

Proximity to civic amenities like School, Hospitals, cinema etc.

All within 2.00 Km of Property

Means and proximity to surface communication by the locality is served

Bituminous

Area of land supported by documentary proof, shape, dimensions and physical features

16707.00 Sq. Mt.

Furnish technical details of the building on a separate sheet [The Annexure to this Form may be used]

As per Technical Details

Is the building owner-occupied/ tenanted/ both?

Owner Occupied

If a lift is installed, who is to bear the cost of maintenance and operation owner or tenant?

No

Is the building insured? If so, give the Policy No. amount for which it is insured and the annual premium

No

Is any dispute between landlord and tenant regarding rent pending in a court of law?

No

Give instances of sales of immovable property in the locality on a separate sheet, indicating the name and address of the property, registration No., sale price and area of land sold

****

**** After availability of LPG in Firozabad in recent past there have been continuous increase in land rates particularly for industrial viable lands. This land has facility of LPG. It is close to the industrial area and has complete developed industrial infrastructure. Ever since they last valued the land there has been increase in land rates which is evident from the revised rate schedule of ADM (F).

	Rate Earlier	Rate now in 2013
Lands on Highway in Agricultural Status	Rs. 7.500 Millions	Rs. 8.500 Millions	13%
Commercial lands on Highway	Rs. 12000/- per Sq. Mt.	Rs. 20000/- per Sq. Mt.	60%
Residential lands on Dholpura	Rs. 3500/- per Sq. Mt.	Rs. 4700/- per Sq. Mt.	34%

Overall they have observed that in guideline rate the rate increase average is 25%. The market enquires reveal that the industrial lands which have largely transacted in the year, but on other side of the highway the rate of lands in 2^nd zone is Rs. 12000/- per Sq. Mt. Accordingly the land in rear i.e. in third zone the rate are Rs. 6000/- per Sq. Mt. Thus on analysis they can consider the average rate to be Rs. 9000/- per Sq. Mt. This land being large a discount of 30% as applicable for roads etc. and largeness of the land’s. Thus the fair market rate should be Rs. 6000/- per Sq. Mt. This escalated market rate is in the line with the escalation in ADM (F) circle rate. Accordingly the land is valued below.

As regards structure, they have considered the total shed area to be the same value, except for an addition recently. The basis has been depreciated by 55% because in glass industry the shed suffers major depreciation due to large heat usage. Accordingly the property is valued below.

Dimensions of the plot

As above

Total area of the plot

19981 Sq. Yds. or 16707.00 Sq. Mt.

Prevailing market rate

As above

Guideline rate obtained from the Register Office

As above

Assessed adopted rate of valuation

Rs. 6000/- per Sq. Mt.

Estimated value of the land

16707 Sq. Mt. @ Rs. 5850/- Sq. Mt. = Rs. 100.242 Millions

Year of commencement of construction and year of completion

Continuous

TECHNICAL DETAILS

No of floors and height of each floor

Single Storied

Plinth area –floor wise

As per schedule given later

Year of Construction

Continuous

Estimated future life

As per Norms

Type of construction –load bearing walls/ RCC frame steel frame

Load bearing

Type of foundations

Spreading Foot

Walls

9” Thick Brick wall

Partitions

9” Thick Brick wall

Door and Windows etc. (Floor-Wise)

Industrial

Flooring (Floor-wise)

P.C.C. and Mud

Finishing (Floor Wise)

Good

Roofing and Terracing

AC / GCI Sheds and Trussed

Special Architectural or decorative features, if any

Industrial

Internal Wiring – Surface or Conduit

Industrial

Class of fittings: Superior

Average

Compound Wall

Average

VALUATION OF STRUCTURES

They are load bearing structure with roof of MS trusses, and Generally GCI Sheets. The walls are 9”/13½ “ thick in Concert Mortar. The floors are PCC/BOE/ Mud. A similar structure is to be ranked as first class shed type construction. It will have a plinth area rate as discussed below.

Plinth area rate as per circular No.	Rs. 3350.00 Sq. Mt.
492/76LBZ/2000 as per CE UP PWD for similar construction
Less for leaner specs	Rs. 1000.00 Sq. Mt.
Net P.A. Rate	Rs. 2350.00 Sq. Mt.
Add: Escalation over the period	Rs. 1290.00 Sq. Mt.
Almost 55%
Total PA for new similar shed	Rs. 3640.00 Sq. Mt.
Less: Usage 60% and gen.	Rs. 2185.00 Sq. Mt.
Total PA for new similar shed or Say Rs. 135/- per Sq. ft.	Rs. 1455.00 Sq. Mt.

The total Constructed Area as verified is given in the list below

TOTAL AREA = 68309
Hence Value of Shed structure 68309 Sq. ft. @ Rs. 135/- Sq. ft.	9.222
New furnace shed = 38114 Sq. ft. @ Rs. 200/- Sq. ft.	8.385
Covered area new and old 3766 Sq. ft. @ Rs. 500/- Sq. ft.	1.883
Add for values of B/wall Gate L.S	0.300
Adding the two values, and Civil Work	19.790

SUMMARY OF VALUATION

Part I Land	Rs. 100.242 Millions
Part II Building	Rs. 19.790 Millions
Part III Proposed Construction	--
Total	Rs. 120.032 Millions

The overall fair market value of the property is Rs. 120.000 Millions.

The Realizable / Distress sale value of property may reduce to Rs. 100.000 Millions.

The Guide Line rate value of the Property is Rs. 75.000 Millions.

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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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.62
UK Pound	1	Rs. 99.12
Euro	1	Rs. 78.89

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUM
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--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.