MIRA INFORM REPORT

Report Date :

17.09.2014

IDENTIFICATION DETAILS

Name :	ASAHI INDIA GLASS LIMITED (w.e.f. 26.09.2002)
Formerly Known As :	ASAHI INDIA SAFETY GLASS LIMITED
Registered Office :	Unit No.203 to 208, Tribhuwan Complex, Ishwar Nagar, Mathura Road, New Delhi – 110065
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.12.1984
Com. Reg. No.:	55-019542
Capital Investment / Paid-up Capital :	Rs.243.100 Millions
CIN No.: [Company Identification No.]	L26102DL1984PLC019542
TAN No.: [Tax Deduction & Collection Account No.]	DELA00705F
PAN No.: [Permanent Account No.]	AADCA7706R
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing of Toughened Glasses and Laminated Glasses.
No. of Employees :	Information decline by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 10000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is promoted by the Labroo Family, Asahi Glass Company Limited, Japan and Maruti Suzuki India Limited. It is well established company having satisfactory track record. The company has achieved a better increase in its sales turnover, but has reported some losses for past some years. The rating also take into consideration risks related to foreign exchange fluctuation, high working capital intensity of operations during the year under review. Moreover, the company has received promoter support in the form of equity infusion during H1 FY 14. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of established track record of operations, dominant market position and sustained relationships with original equipment manufacturers, the subject can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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 wilfully 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	14.07.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	14.07.2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED BY

Name :	Mr. Arun Tawar
Designation :	Finance Manager
Contact No.:	91-11-41001690
Date :	13.09.2014

LOCATIONS

Registered Office :	Unit No.203 to 208, Tribhuwan Complex, Ishwar Nagar, Mathura Road, New Delhi – 110065, India
Tel. No.:	91-11-41001690/ 92/49454900
Fax No.:	91-11-41002691/49454999
E-Mail :	gopal.ganatra@aisglass.com
Website :	www.aisgl.com www.asahiindia.com
Location:	Owned
Corporate Office :	5^th Floor, Tower B, Global Business Park, Meharauli, Gurgaon Road, Gurgaon – 122 022, Haryana, India
Tel. No.:	91-124-4062212-19/124-4062212
Fax No.:	91-124-4062244/88
E-Mail :	mukhija@aisgl.com
Location:	Rented
Factory :	Works (Auto) / Bawal Office · 94.4 Kms. Stone, Delhi - Jaipur Highway, Village Jaliawas, Tehsil Bawal, District Rewari -123 501, Haryana, India Tel: 91-1284-260366/260367/260774 Fax:91-1284-260185 · Plot No. T-16, MIDC Industrial Area, Taloja, District Raigad – 410208, Maharashtra, India Tel: 91-22-27410171/74 Fax:91-22-27410090 · Plot No. F-76 to 81, SI.PCOT, Industrial Park, Irungattukottai, Sriperumpdur Taluk, District Kancheepuram - 602105, Tamilnadu, India Tel: 91-4111-500442/500443 Fax: 91-4111-500441 Works (Float) /  Taloja Office · Plot No. T-7, MIDC Industrial Area, Taloja, District Raigad -410208, Maharashtra, India Tel: 91-22-27410171/74 Fax:91-22-27410090 · Village- Latherdeva Hoond, PO: Jhabreda Pargana - Mangalaur, Tehsil Roorkee, District Haridwar – 247667, Uttaranchal, India Tel: 91-1-332-224114 Sub Assembly Unit · No. 28, Challighata Village Road, Anchepalya, Mysore Road, Bangalore-560074, Karnataka, India Tel No.: 91-80-28437139 Fax No.: 91-80-28437455 · 1301/B, GIDC, Halol, District- Panchmahal 389350, Gujarat, India Tel No. : 91-2676-225610 · Onsite Supplier Park-Building No.5, Toyota Kirloskar Motors Private Limited, Plot No.1, Bidadi Industrial Area Bidadi - 562109, Ramanagar (D), Bangalore, Karnataka, India Tel No.: 91-80-66701100/01/02/03/04/05 Fax No.: 91-80-28437455 · Gat No. 123, Kuruli Taluka - Khed, District Pune-410501, Maharashtra, India Tel No. : 91-2135-399399/399407 Integrated Glass Plant · Plot –A, AIs Industrial Estate, Village Latherdeva Hoon, Mangular Jhabrera Road, PO: Jhabrera,Tehsil Roorkee, District Haridwar-247667, Uttarakhand, India Tel No.: 91-1332-224010/14/15/16/19 Fax No.: 91-1332- 224114
Location:	Owned
Zonal Office :	· North 3, Ground Floor, Tribhuvan Complex, Ishwar Nagar, Mathura Road, New Delhi - 110 065, India Tel.: 91-11- 4928550 Fax: 91-11- 49285512 · South No. 2-C, 1st Floor, Ruby Regency Dinrose Estate New No. 69, Chennai - 600 002, Tamilnadu, India Tel.: 91-44-28542491/92/93 Fax: 91-44-28542494 · East 86-B/2, Topsia Road, 4th Floor, Room No. 4H, Gajraj Chamber, Kolkata – 700046, West Bengal, India Tel.: 91-33-28853204/22853201/02/03 Fax: 91-33-22853204
Location:	Rented
AIS GAS SOLUTIONS
Sales Office:	Gundecha Industrial Estate, 4^th Floor, Office No. 414, Akruti Road (Next To big Bazar), Kandivali (East), Mumbai-400101, Maharashtra, India
Tel. No.:	91-22-32472689/124-4062212
Fax No.:	91-22-67031181
Location:	Rented
Sales Office	1104, 11^th Floor, Prestige Meridien-I, M G Road, Bangalore-560001, Karnataka, India
Tel. No.:	91-80-41512634/35/124-4062212
Fax No.:	91-80-41512636
Location:	Rented
Sales Office	No. 145, 1^st Floor, 100 Feet Road, Aalam Centre, Senthil Nagar, Chennai-600094, Tamilnadu, India
Tel. No.:	91-44-23620213/124-4062212
Fax No.:	91-44-23620113
Faridabad-UPVC Unit:	Plot No. 17-F, Indusustrial Area, (NIT), District – Faridabad- 121001 Haryana, India
Tel. No.:	91-129-4315912
Bangalore Office:	Unit-1-A, 14, Wood Street Bangalore – 560025, Karnataka, India
Tel. No.:	91-80-41512634
Fax No.:	41512636
Location:	Rented
Sales and Marketing Office:	Unit No. 305 to 308 and 312 to 314, 3rd Floor, Platinum Techno Park, Sector - 30A, Vashi, Tal and District - Thane, Navi Mumbai - 400 705, Maharashtra, India
Tel. No.:	91-22-30620101/07/13
Fax No.:	91-22-30620119
Location:	Rented
Corporate Project Team:	207, 208, Ground Floor, Tribhuvan Complex, Ishwar Nagar, Mathura Road, New Delhi - 110 065, India
Tel. No.:	91-11-43795400

DIRECTORS

As on 31.03.2014

Name :

Mr. Mohan Labroo

Designation :

Chairman

Address :

D-1/54, Vasant Vihar, New Delhi -110057, India

Date of Birth/Age :

12.02.1931

Qualification :

M.A. (Political Science) from Punjab University

Date of Appointment :

03.12.1985

DIN No.:

00040433

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L26102DL1984PLC019542	ASAHI INDIA GLASS LIMITED	Director	03/12/1985	03/12/1985	-	Active	NO
2	U64202JK1987PLC000983	SAMIR PAGING SYSTEMS LIMITED	Managing director	02/11/1987	02/11/1987	-	Active	NO
3	U15520PB1981PTC004417	NORTH WEST DISTILLERIES PRIVATE LIMITED	Managing director	30/03/1989	30/03/1989	-	Active	NO
4	U74899DL2000PLC104098	SHIELD AUTOGLASS LIMITED	Director	01/03/2000	01/03/2000	-	Active	NO
5	U74899DL1992PTC049000	ALLIED FINCAP SERVICES PRIVATE LIMITED	Director	25/09/2000	25/09/2000	-	Active	NO
6	L01551KA1999PLC024991	United Spirits Limited	Director	19/04/2001	19/04/2001	04/07/2013	Active	NO
7	U74899DL1991PTC045317	NISHI ELECTRONICS PRIVATE LIMITED	Director	18/08/2003	18/08/2003	-	Active	NO
8	U67120DL2006PTC155170	CLEMENT STOCK TRADING AND INVESTMENTS COMPANY PRIVATE LIMITED	Director	02/11/2006	02/11/2006	-	Strike off	NO
9	U15137PB1968PLC002895	MALTEX MALSTERS LIMITED	Director	09/11/2006	09/11/2006	-	Active	NO

Name :

Mr. Sanjay Mohan Labroo

Designation :

Managing Director and Chief Executive Officer

Address :

6, Green Avenue Lane, Off Green Avenue, Kishanghar, New Delhi – 110070, India

Date of Birth/Age :

05.10.1961

Qualification :

Graduate in Finance and Management from Wharton School of Business and Finance, Pennsylvania, USA

Date of Appointment :

22.08.1989

DIN No.:

00009629

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15137PB1968PLC002895	MALTEX LIMITED	Director	21/02/1987	21/02/1987	-	Active	NO
2	L26102DL1984PLC019542	ASAHI INDIA GLASS LIMITED	Managing director	22/08/1989	22/08/1989	-	Active	NO
3	U74899DL1990PTC040032	ESSEL MARKETING PRIVATE LIMITED	Director	02/05/1990	02/05/1990	-	Active	NO
4	U74899DL1991PTC045317	NISHI ELECTRONICS PRIVATE LIMITED	Director	09/08/1991	09/08/1991	-	Active	NO
5	U74899DL1992PTC049000	ALLIED FINCAP SERVICES PRIVATE LIMITED	Director	01/06/1992	01/06/1992	-	Active	NO
6	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	22/08/1992	22/08/1992	03/09/2009	Active	NO
7	U74899DL1989PTC035656	R S ESTATES PRIVATE LIMITED	Director	15/12/1994	15/12/1994	-	Active	NO
8	U26101HP1996PLC017879	AIS ADHESIVES LIMITED	Director	18/03/1996	18/03/1996	-	Active	NO
9	U34300HR1991PLC032012	KRISHNA MARUTI LIMITED	Director	27/09/1996	27/09/1996	-	Active	NO
10	U64200MH1994PLC083996	MAHINDRA FIRST CHOICE WHEELS LIMITED	Director	14/01/2000	14/01/2000	-	Active	NO
11	U74899DL2000PLC104098	SHIELD AUTOGLASS LIMITED	Director	01/03/2000	01/03/2000	-	Active	NO
12	U26101MP2000PLC014495	ASAHI INDIA MAP AUTO GLASS LIMITED	Director	01/04/2001	01/04/2001	-	Active	NO
13	L21010MH1945PLC010337	BALLARPUR INDUSTRIES LIMITED	Director	27/07/2001	27/07/2001	-	Active	NO
14	U91110DL1998PLC097217	INDIAN GLASS MANUFACTURERS' ASSOCIATION	Director	06/02/2002	06/02/2002	-	Active	NO
15	U74994MH2002PTC136989	TAHILIANI DESIGN PRIVATE LIMITED	Director	27/08/2002	27/08/2002	-	Active	NO
16	L99999MH1937PLC002641	CROMPTON GREAVES LIMITED	Director	28/10/2003	28/10/2003	-	Active	NO
17	U26109DL2004PLC127666	AIS GLASS SOLUTIONS LIMITED	Director	19/07/2004	19/07/2004	-	Active	NO
18	U74130HR1986PLC023655	SKH METALS LIMITED	Director	14/05/2005	14/05/2005	-	Active	NO
19	U70101DL2005PTC142353	LAN ESTATES PRIVATE LIMITED	Director	09/11/2005	09/11/2005	-	Active	NO
20	U26100DL1970NPL005313	ALL INDIA GLASS MFRS'FEDERATION	Director	29/09/2012	19/03/2012	-	Active	NO

Name :

Mr. Hideaki Nohara

Designation :

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

Address :

1-26-29 Higashioizumi, Narima-KU, Tokyo – 1780063, Japan

Date of Birth/Age :

09.06.1954

Date of Appointment :

12.08.2009

DIN No.:

02752701

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL2000PLC104098	SHIELD AUTOGLASS LIMITED	Director	25/09/2009	12/08/2009	-	Active	NO
2	L26102DL1984PLC019542	ASAHI INDIA GLASS LIMITED	Whole-time director	12/08/2009	12/08/2009	-	Active	NO

Name :

Mr. Kimikazu Ichikawa

Designation :

Director

Name :

Mr. Surinder Kapur

Designation :

Director

Address :

The Grren Farm House No. 11, Rajkri, New Delhi – 110038, India

Date of Birth/Age :

10.10.1943

Qualification :

Doctorate in Mechanical Engineering from Michigan State University, USA

M.S. and a B.S. in Engineering from USA.

Date of Appointment :

24.12.1988

DIN No.:

00062481

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L29113DL1984PLC018415	SONA KOYO STEERING SYSTEMS LIMITED	Whole-time director	28/09/2012	14/06/1984	-	Active	NO
2	L26102DL1984PLC019542	ASAHI INDIA GLASS LIMITED	Director	24/12/1988	24/12/1988	-	Active	NO
3	U74899DL1993PLC054930	SOMIC ZF COMPONENTS LIMITED	Director	25/04/2012	20/08/1993	18/04/2013	Active	NO
4	U30007MH1994PLC081637	MAHINDRA SONA LIMITED	Director	30/09/1994	30/09/1994	-	Active	NO
5	U27300DL1995PLC073456	SONA BLW PRECISION FORGINGS LIMITED	Director	27/10/1995	27/10/1995	-	Active	NO
6	L92114DL1976PLC008355	COSMO FILMS LIMITED	Director	21/10/2000	21/10/2000	-	Active	NO
7	U65993DL2001PTC110205	ZF COMPONENTS INVESTMENT PRIVATE LIMITED	Director	28/03/2001	28/03/2001	14/03/2013	Active	NO
8	L99999MH1922PLC000987	GREAVES COTTON LIMITED	Director	27/10/2003	27/10/2003	18/02/2009	Active	NO
9	U74140DL2005PTC138636	DRSK MANAGEMENT SERVICES PRIVATE LIMITED	Director	13/07/2005	13/07/2005	-	Amalgamated	NO
10	U63040DL2005PLC143195	WHEELS MOBILITY SOLUTIONS LIMITED	Director	31/05/2007	06/10/2006	20/10/2008	Active	NO
11	U74899DL1982PTC013139	SONA AUTOCOMP HOLDING PRIVATE LIMITED	Director	10/07/2007	31/01/2007	-	Active	NO
12	U29268DL2007PLC165741	JTEKT SONA AUTOMOTIVE INDIA LIMITED	Managing director	01/01/2013	11/07/2007	-	Active	NO
13	U35122DL2007PLC166497	KOYO SONA ELECTRONICS LIMITED	Director	29/09/2008	01/08/2007	-	Active	NO
14	U35122DL2007PLC166496	SONA FUJI KIKO AUTOMOTIVE LIMITED	Director	01/08/2007	01/08/2007	-	Active	NO
15	U29130PN2007FTC131036	AAM Pantnagar Axle Private Limited	Director	24/03/2009	11/01/2008	01/09/2009	Active	NO
16	U45201DL2003PLC123512	AKME PROJECTS LIMITED	Director	30/09/2008	05/02/2008	-	Active	NO
17	U67120MH1991PTC060720	SEALAND INVESTMENTS PRIVATE LIMITED	Director	29/09/2009	24/12/2008	-	Amalgamated	NO
18	U67120MH1991PTC061336	RAGHUVANSHI INVESTMENT PRIVATE LIMITED	Director	29/09/2009	24/12/2008	-	Active	NO
19	U74999PN2010PTC147690	Redi India Quality Services Private Limited	Director	01/11/2011	13/05/2010	12/06/2012	Active	NO
20	U80302HR2010PLC040946	SONA SKILL DEVELOPMENT CENTRE LIMITED	Director	23/07/2010	23/07/2010	01/11/2011	Active	NO
21	U35999DL2011PLC226008	MANDIRA MARKETING LIMITED	Director	10/10/2011	10/10/2011	03/02/2012	Active	NO

Name :

Mr. Gurvindendra Singh Talwar

Designation :

Director

Name :

Mr. Masakazu Sakakida

Designation :

Director

Name :

Mr. Gautam Thapar

Designation :

Director

Address :

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

Date of Birth/Age :

07.12.1960

Qualification :

Graduate in Chemical Engineering from Pratt University, USA

Date of Appointment :

22.03.2002

DIN No.:

00012289

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U21019DL1975PLC198598	BILT PAPER HOLDINGS LIMITED	Managing director	01/04/2010	06/08/1993	-	Amalgamated	NO
2	U02001DL1992PLC047666	GLOBAL GREEN COMPANY LIMITED	Director	15/04/1994	15/04/1994	-	Active	NO
3	U74899DL1994PTC061845	VANI AGENCIES PRIVATE LIMITED	Director	29/09/1994	29/09/1994	01/07/2009	Active	NO
4	U51102DL1997PLC112862	SOLARIS CHEMTECH LIMITED	Director	29/12/1997	29/12/1997	-	Amalgamated	NO
5	L21010MH1945PLC010337	BALLARPUR INDUSTRIES LIMITED	Director	01/04/2010	16/04/1999	-	Active	NO
6	U67120MH1978PLC020308	CG CAPITAL AND INVESTMENTS LIMITED	Director	30/03/2001	30/03/2001	-	Amalgamated	NO
7	L26102DL1984PLC019542	ASAHI INDIA GLASS LIMITED	Director	22/03/2002	22/03/2002	-	Active	NO
8	U80101MH2002NPL136300	Pratham Education Foundation	Director	01/10/2002	01/10/2002	18/06/2009	Active	NO
9	U51900MH2000PTC127339	OSIAN'S - CONNOISSEURS OF ART PRIVATE LIMITED	Director	16/12/2002	16/12/2002	24/12/2009	Active	NO
10	U51396DL2004PLC129498	KCT PAPERS LIMITED	Director	28/09/2004	28/09/2004	-	Amalgamated	NO
11	L99999MH1937PLC002641	CROMPTON GREAVES LIMITED	Director	07/08/2005	07/08/2005	-	Active	NO
12	U74140DL2005PLC135984	SALIENT BUSINESS SOLUTIONS LIMITED	Director	07/10/2005	07/10/2005	-	Active	NO
13	U67120DL2003PLC198253	SOLARIS HOLDINGS LIMITED	Director	29/06/2007	22/08/2006	-	Amalgamated	NO
14	L99999MH1922PLC000987	GREAVES COTTON LIMITED	Director	24/09/2006	24/09/2006	16/05/2007	Active	NO
15	U70102DL1981PLC198595	AVANTHA REALTY LIMITED	Director	26/12/2007	02/02/2007	13/12/2011	Active	NO
16	U67120DL1998PLC198627	AVANTHA HOLDINGS LIMITED	Whole-time director	01/04/2013	02/02/2007	-	Active	NO
17	U52110DL1992PLC005844	KARAM CHAND THAPAR AND BROS. LIMITED	Director	28/12/2007	26/02/2007	-	Amalgamated	NO
18	U55101MH2000PLC187834	LAVASA CORPORATION LIMITED	Director	04/06/2007	27/02/2007	-	Active	NO
19	U01214DL2004PTC125167	SOHNA STUD FARM PRIVATE LIMITED	Director	07/09/2007	10/05/2007	-	Active	NO
20	U80903DL2009NPL189043	AVANTHA FOUNDATION	Director	01/04/2009	01/04/2009	-	Active	NO
21	U99999UR1928NPL002455	INDIAN PUBLIC SCHOOLS SOCIETY	Director	21/12/2010	21/12/2010	-	Active	NO
22	U66000HR2013PLC048992	Avantha Ergo Life Insurance Company Limited	Additional director	30/01/2014	30/01/2014	-	Active	NO
23	U36999DL1989PLC034942	BILT TREE TECH LIMITED	Additional director	17/02/2014	17/02/2014	-	Active	NO

Name :

Mr. Rahul Rana

Designation :

Director

Address :

240 E, 90^th ST, PHE, New York – 10128, USA

Date of Birth/Age :

01.07.1963

Qualification :

M.B.A. degree from the University of lllinois at Urbana Champaign, USA and a B.S. in Finance from S.R.C.C, University of Delhi.

Date of Appointment :

30.12.2005

DIN No.:

00476406

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L26102DL1984PLC019542	ASAHI INDIA GLASS LIMITED	Director	30/12/2005	30/12/2005	-	Active	NO
2	U40101DL2005PLC138906	AVANTHA POWER AND INFRASTRUCTURE LIMITED	Director	15/06/2010	22/02/2010	-	Active	NO

Name :

Mr. Kenichi Ayukawa

Designation :

Director

KEY EXECUTIVES

Name :	Mr. Shailesh Agarwal
Designation :	Chief Financial Officer
Name :	Mr. Gopal K. Ganatra
Designation :	Chief Legal Officer and Company Secretary
Address :	Flat No A, First Floor, B-46, Mohan Garden, Pipal Road, New Delhi – 110059, India
Date of Birth/Age :	14.07.1979
Date of Appointment :	09.11.2009
PAN No.:	AGZPG9108J
BOARD COMMITTEES:
Audit Committee:	Mr. Surinder Kapu – Chairman Mr. Gautam Thapar – Member Mr. Rahul Rana - Member
Remuneration Committee:	Mr. Gautam Thapar – Chairman Mr. Surinder Kapur – Member Mr. Hideaki Nohara – Member Mr. B. M. Labroo – Member Mr. Rahul Rana - Member
Shareholders' / Investors' Grievance Committee:	Mr. B. M. Labroo – Chairman Mr. Sanjay Labroo – Member Mr. Hideaki Nohara – Member
Rights Issue Committee :	B. M. Labroo, Member Sanjay Labroo, Member Hideaki Nohara, Member
Name :	Mr. Arun Tawar
Designation :	Finance Manager

SHAREHOLDING PATTERN

As on 31.06.2014

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	43533342	17.91
Bodies Corporate	31312713	12.88
Sub Total	74846055	30.79
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	3512210	1.44
Bodies Corporate	53990400	22.21
Sub Total	57502610	23.65
Total shareholding of Promoter and Promoter Group (A)	132348665	54.44
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	75133	0.03
Financial Institutions / Banks	6968	0.00
Foreign Institutional Investors	420179	0.17
Any Others (Specify)	2024	0.00
Foreign Bank	2024	0.00
Sub Total	504304	0.21
(2) Non-Institutions
Bodies Corporate	26567175	10.93
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	74016014	30.45
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	5858362	2.41
Any Others (Specify)	3795411	1.56
Directors & their Relatives & Friends	338480	0.14
NRIs/OCBs	3455857	1.42
Trusts	1074	0.00
Sub Total	110236962	45.35
Total Public shareholding (B)	110741266	45.56
Total (A)+(B)	243089931	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	243089931	0.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Toughened Glasses and Laminated Glasses.

Products :

Float Glass – Clear 7005.10

Float Glass – Tinted 7005.21

Product Description	ITC Code
Toughened (Tempered) Safety Glass	Ch. H. No. 7004-10
a) Laminated Safety Glass
b) Laminated Architectural Safety Glas	Ch. H. No. 7004-20
Float Glass - Clear	Ch. H No. 7004-10
Float Glass- Tinted	Ch. H No. 7004-21

Exports :

Products :

Toughened Glasses and Laminated Glasses

Countries :

· Middle East

· Belgium

Imports :

Products :

Raw Material

Countries :

· South Africa

· Japan

· UAE

· China

· Thailand

· Singapore

Terms :

Selling :

Credit (30 Days and 90 Days)

Purchasing :

Credit (30 Days and 90 Days)

GENERAL INFORMATION

Customers :

• Maruti Suzuki
• Hyundai
• Telco
• Toyoto Kirloskar
• Mahindra and Mahindra
• Ford India
• Honda Siel
• Hindustan Motors
• General Motors
• Fiat India
• Daewoo Motors
• Volvo
• Eicher Motors
• Fiat India
• Swaraj Mazda
• Reva
• UZ-Daewoo (Uzbekistan)
• Fiat India
• Piaggio Greaves

No. of Employees :

Information decline by the management

Bankers :

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

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

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

• Citi Bank N.A.
• Yes Bank Limited

• The Jammu and Kashmir Bank Limited

• State Bank of Mauritius Limited

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Term Loans from Banks
Foreign Currency Loans	1595.100	2388.200
Rupee Term Loans	518.700	891.300
Term Loans from Others
Foreign Currency Loans	50.600	76.400
Rupee Term Loans	94.700	157.800
Long Term Maturities of Finance Lease Obligations
Secured	0.400	0.400
Short Term Borrowings
Loans Repayable on Demand
From Banks *	4534.100	5065.500
From Others **	1736.700	1744.300
Total	8530.300	10323.900

Short Term Borrowings :

* Rs. 2395.000 Millions are secured by first pari-passu charge on current assets of the Company, Rs. 2006.900 Millions are secured by first pari passu charge on current assets of the Company and second pari-passu charge on the fixed assets of the Company, Rs. 98.200 Millions are secured by second pari-passu charge on immovable fixed assets of T-16 Taloja Plant. Balance amount of loan of Rs. 34.000 Millions is secured by first pari-passu charge on movable and immovable fixed assets of Rewari Plant of the Company both present and future.

** Include Rs. 1500.000 Millions secured by subsequent and subservient charge on the entire movable fixed assets of the Company and Rs. 236.700 Millions are secured by first pari-passu charge on current assets of the Company both present and future.

Banking Relations :
Statutory Auditors :
Name :	Jagdish Sapra and Company Chartered Accountants
Address :	23, Prakash Apartments, 5, Ansari Road, Daryaganj, New Delhi, India
Internal Auditors :
Name :	Protiviti Consulting Private Limited
Subsidiaries :	AIS Glass Solutions Limited (CIN:U26109DL2004PLC127666) Integrated Glass Materials Limited (CIN:U14220DL2009PLC188298) GX Glass Sales and Services Limited (CIN:U74140DL2010PLC20237)
Associates :	· AIS Adhesives Limited · Asahi India Map Auto Glass Limited · Vincotte International India Assessment Services (Private) Limited
Enterprises owned or significantly influenced by key management personnel or their relatives :	· Shield Autoglass Limited · Samir Paging Systems Limited · R. S. Estates (Private) Limited · Nishi Electronics (Private) Limited · Maltex Malsters Limited · Essel Marketing (Private) Limited · Allied Fincap Services Limited · Usha Memorial Trust, Krishna Maruti Limited · Krishna Maruti Limited
Other related parties where control exists :	· Asahi Glass Company Limited, Japan and its subsidiaries (except subsidiaries with whom no transactions took place) · AGC Flat Glass Asia Pacific Pte. Limited · AGC Technology Solutions Company Limited · AGC Automotive Europe SA, AGC · Automotive Phillipines Inc. · PT Asahimas Flat Glass Company Tbk. · AGC Automotive Thailand Company Limited · AGC Flat Glass Hellas SA · AGC Flat Glass Coating SA · AGC Glass Europe (Formerly AGC Flat Glass Europe) · AGC Flat Glass Nederland BV · AGC Automotive (Foshan) Company Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000000	Equity Shares	Re.1/- each	Rs.500.000 Millions
600000	Preference Shares	Rs.100/- each	Rs.60.000 Millions
9000000	Preference Shares	Rs.10/- each	Rs.90.000 Millions
	Total		Rs.650.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
243089931	Equity Shares	Re. 1/- each	Rs.243.100 Millions

The Company has only one class of issued shares referred to as equity shares having a par value of Re.1 each. Each holder of Equity Shares is entitled to one vote per share.

The Company declares and pays dividends in Indian Rupees. The Dividend proposed by the Board of Directors is subject to the approval of Shareholders in the ensuing General Meeting except in case of interim dividend.

In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of Equity Shares held by the Shareholders.

The details of Shareholders holding more than 5% Equity Shares are given below

Name of Shareholders	No of Shares	% held
Asahi Glass Company Limited , Japan	53990400	22.21%
Maruti Suzuki India Limited	26995200	11.11%
Mr. B. M. Labroo	13783920	5.67%
Mr. Sanjay Labroo	15088002	6.21%

Reconciliation of the equity shares outstanding

Particulars	No of Shares	Rs. In Millions
Balance at the beginning of the year	159927586	159.900
Changes during the year	83162345	83.200
Balance at the end of the year	243089931	243.100

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	243.100	159.900	159.900
(b) Reserves & Surplus	2383.500	387.500	1,318.400
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	500.000	0.000
Total Shareholders’ Funds (1) + (2)	2626.600	1047.400	1478.300
(3) Non-Current Liabilities
(a) long-term borrowings	4098.000	6116.700	7358.400
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	153.000	156.700	154.900
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	4251.000	6273.400	7513.300
(4) Current Liabilities
(a) Short term borrowings	6970.800	7804.800	6205.900
(b) Trade payables	4782.900	5123.800	3683.100
(c) Other current liabilities	4510.200	3021.500	3589.000
(d) Short-term provisions	103.100	113.700	79.200
Total Current Liabilities (4)	16367.000	16063.800	13557.200
TOTAL	23244.600	23384.600	22548.800
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11210.700	11741.300	12521.100
(ii) Intangible Assets	46.600	58.500	56.200
(iii) Capital work-in-progress	13.300	10.500	12.300
(iv) Intangible assets under development	427.200	325.900	211.600
(b) Non-current Investments	162.800	162.800	157.100
(c) Deferred tax assets (net)	1144.800	919.700	441.700
(d) Long-term Loan and Advances	424.600	514.500	526.700
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	13430.000	13733.200	13926.700
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4748.300	4712.400	4754.000
(c) Trade receivables	4041.700	3646.500	3122.600
(d) Cash and cash equivalents	266.400	602.700	166.300
(e) Short-term loans and advances	753.200	681.300	576.500
(f) Other current assets	5.000	8.500	2.700
Total Current Assets	9814.600	9651.400	8622.100
TOTAL	23244.600	23384.600	22548.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	20912.900	18987.100	16328.100
		Other Operating Revenue	137.900	147.300	129.300
		Other Income	55.900	107.600	119.600
		TOTAL (A)	21106.700	19242.000	16577.000
Less	EXPENSES
		Cost of Materials Consumed	6772.100	6489.500	5664.600
		Purchase of Stock in Trade	51.500	112.300	59.900
		Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	108.800	(122.700)	(715.400)
		Employee Benefits Expense	1646.800	1520.100	1311.100
		Other Expenses	10158.000	9461.500	8384.700
		TOTAL (B)	18737.200	17460.700	14704.900
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2369.500	1781.300	1872.100
Less	FINANCIAL EXPENSES (D)		1625.000	1691.500	1474.300
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		744.500	89.800	397.800
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1370.700	1485.700	1265.300
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(626.200)	(1395.900)	(867.500)
Less	TAX (H)		(224.000)	(478.000)	(280.200)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(402.200)	(917.900)	(587.300)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(720.400)	197.500	(784.800)
	BALANCE CARRIED TO THE B/S		(1122.600)	(720.400)	197.500
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. value of Exports (excluding paid samples)	552.700	521.500	456.300
		Interest and Commission / Miscellaneous Income	3.300	18.500	8.300
	TOTAL EARNINGS		556.000	540.000	464.600
	IMPORTS
		Raw Materials	3749.500	3669.100	3362.300
		Stores & Spares	653.300	635.300	616.700
		Capital Goods	104.900	74.500	444.600
		Traded Goods	43.900	83.700	9.500
		Others	0.000	0.000	37.800
	TOTAL IMPORTS		4551.600	4462.600	4470.900
	Earnings Per Share (Rs.)		(1.96)	(5.68)	(3.67)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	(1.91)	(4.77)	(3.54)
Net Profit Margin (PBT/Sales)	(%)	(2.99)	(7.35)	(5.31)
Return on Total Assets (PBT/Total Assets}	(%)	(2.91)	(6.35)	(3.99)
Return on Investment (ROI) (PBT/Networth)		(0.24)	(1.33)	(0.59)
Debt Equity Ratio (Total Debt /Networth)		4.21	13.29	9.18
Current Ratio (Current Asset/Current Liability)		0.60	0.60	0.64

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	159.900	159.900	243.100
Reserves & Surplus	1318.400	387.500	2383.500
Share Application money pending allotment	0.000	500.000	0.000
Net worth	1478.300	1047.400	2626.600
long-term borrowings	7358.400	6116.700	4098.000
Short term borrowings	6205.900	7804.800	6970.800
Total borrowings	13564.300	13921.500	11068.800
Debt/Equity ratio	9.176	13.291	4.214

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	16328.100	18987.100	20912.900
		16.285	10.143

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	16328.100	18987.100	20912.900
Profit	(587.300)	(917.900)	(402.200)
	(3.60%)	(4.83%)	(1.92%)

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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Foreign Currency Loan from a Related Party	1765.000	2591.400
Rupee Term Loans from Others	73.500	--
Long Term Maturities of Finance Lease Obligations
Unsecured	--	11.200
Short Term Borrowings
From Banks	--	505.000
From Others	700.000	490.000
Total	2538.500	3597.600

PERFORMANCE OVERVIEW

The financial year 2013-14 was stressful for AIS in the initial phase due to volatile economic conditions, input costs inflation and depreciation of Rupee. However, the performance of the Company was well on the projected recovery track and Company has reported Profit After Tax in the last quarter.

The Net Sales of the Company increased 10.02% from Rs. 1,91,34.400 Millions in 2012-13 to Rs. 2,10,508 Millions in 2013-14. Operating Profit has increased 33.02% from Rs. 17,813 Millions in the previous year to

Rs. 23,695 Millions in 2013-14. The Company posted the Profit/(Loss) after Tax (PAT) of 4,022 Millions in 2013-14 as against Profit/(Loss) after Tax of (9,179) Millions in the previous year.

OVERVIEW

In a span of three decades since its incorporation, AIS (or ‘the Company’) has grown from being a ‘single-plant single customer’ entity to one of the leading integrated glass manufacturers in India with 10 manufacturing facilities and three warehouse cum sub-assembly units. With its focus in the flat glass space, the Company today is a clear market leader in the automotive glass industry in India and one of the leading companies in architectural glass in the country.

As an integrated glass company, AIS has a presence across different elements of the value chain in both automotive and architectural glass. It focuses on leveraging this position to best harness market demand. There is also continued focus on providing value added products and services that can generate higher profit margins, while growing and maintaining strong market shares across the different product portfolios. This strategic thrust requires AIS to build specialised expertise in various elements of flat glass production, processing and selling while also establishing ‘enterprise-wide’ systems and processes that can best leverage synergies across the different businesses.

In the glass industry, while the Company’s internal efficiencies and operations play an important role in business performance, much of the financial story is driven by external factors which have strong impact on both demand and operating costs.

Over the years, AIS has created a strong culture of ploughing back its revenues into activities that have a clear

and constructive impact on the communities around the Company’s plants. These Corporate Social Responsibility (CSR) activities are conducted under the Company’s signature ‘Integrated Community Development Programme (ICDP)’. The programmes are focused around education, health, women empowerment and livelihood training. They are primarily organised around the manufacturing facilities at Bawal, near Rewari (Haryana) and Roorkee (Uttarakhand). The Rewari projects are implemented with the support of an NGO – ‘Youthreach’. At Roorkee, Youthreach is also supported by another NGO – Disha Foundation.

MANAGEMENT DISCUSSION AND ANALYSIS

FINANCIAL PERFORMANCE

In this environment of low demand and high input costs, AIS’s operations were under pressure to generate profits. However, despite these adversities, the Company has shown resilience and focused on generating incremental benefits to deliver results that are considerably better than the previous financial year. Highlights of AIS’s performance as a consolidated entity

are:

· Net sales increased by 10.06% from Rs. 1,944.000 Millions in FY13 to Rs. 2,140.000 Millions in FY14.

· With stress on internal efficiencies, operating profit margins or the ratio of earnings before interest, depreciation, tax and amortisation (EBIDTA before forex losses) to total operating income increased from 9.9% in FY13 to 13.4% in FY14. Consequently, EBIDTA before forex losses increased by 48.9% from Rs. 193 crores in 2012-13 to Rs.287 crores in FY14.

· While there has been improvements in operating profits, AIS’s investments and capacities are still in line with much higher scale of operations, and the finance and depreciation costs remain elevated. Thus, the Company generated losses at the profit before tax (PBT) level of Rs.72 crores in FY14. However, this is an improvement over the Rs.147 crores losses in FY13.

· Net loss, after accounting for returns from associates and minority interest, was Rs.47 crores in FY14.

Clearly, AIS has made incremental gains in FY14. However, it is yet to reach the scale of operations warranted by the investments made a few years earlier. Also, the cost of growth driven by debt finance is high and concerted efforts are being made to reduce debt on the Company’s balance sheet

OPERATIONS

One of the major strengths of AIS is its multi-location presence across India with plants and sub-assembly facilities that are close to customers’ plants. Today, the Company has four production facilities. Two of these are located in North India at Bawal (Haryana) and Roorkee (Uttarakhand); the third unit is located in the south at Chennai (Tamil Nadu), and the fourth in the west at Taloja (Maharashtra). It also operates three subassemblies

cum warehouses at Bangalore (Karnataka), Halol (Gujarat) and Pune (Maharashtra).

There are regular efforts at reducing specific energy consumption by using energy efficient motors, efficient

lighting, variable speed drives, reduction through automation and reducing natural gas consumption by using deep analysis and technology from around the world.

Operations at all plants remained smooth and optimal.

AIS continues to work on the capex project of its new laminated line being set up in Bawal, which will add 0.7 million pieces per annum of laminated glass. Besides, maintenance related capital expenditure continued with

toolings etc. The focus is on removing bottlenecks and increasing internal capacities of existing facilities through

improved efficiencies, yields and throughput.

OUTLOOK

Industry estimates suggest a very gradual improvement in demand in the automobile sector in FY15. In fact, the Society for Indian Automobile Manufacturers (SIAM) estimates a 2.7% growth in passenger cars and a 0.5% drop in commercial vehicle sales in FY14. Consequently, AIS’s focus in the next financial year is on further streamlining its supply chain. It will continue to diversify into new market segments in terms of products and customer segments. The Company will continue to focus on maintaining high levels of quality and delivery for its customers to further improve its share of business.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10514329	30/07/2014	180,000,000.00	STATE BANK OF MAURITIUS	PRINCE ARCADE, 22 - A, CATHEDRAL ROAD, CHENNAI, T  AMIL NADU - 600086, INDIA	C15681265
2	10486462	20/08/2014 *	600,000,000.00	STATE BANK OF MAURITIUS	PRINCE ARCADE, 22 - A, CATHEDRAL ROAD,, CHENNAI,  TAMIL NADU - 600086, INDIA	C19271709
3	10427757	26/06/2013 *	400,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA -  400018, INDIA	B78102167
4	10427753	20/05/2013	150,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA - 4  00018, INDIA	B75790550
5	10427769	20/05/2013	450,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA - 4  00018, INDIA	B75794412
6	10387646	10/11/2012	500,000,000.00	IL & FS TRUST COMPANY LIMITED	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA  , KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA  - 400051, INDIA	B62423637
7	10365862	16/07/2012	300,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ  ARAT - 390015, INDIA	B43761287
8	10359422	03/07/2013 *	1,500,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTR  E COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400  005, INDIA	B80268642
9	10359089	31/05/2012	500,000,000.00	STANDARD CHARTERED BANK	CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARA  KHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B40966236
10	10344509	29/03/2012	400,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA -  400018, INDIA	B35878164
11	10344513	29/03/2012	450,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA -  400018, INDIA	B35878339
12	10336671	03/02/2012	300,000,000.00	ICICI BANK LIMITED	LANDMARK RACECOURSE CIRCLE, ALKAPURI, BARODA, GUJ  ARAT - 390015, INDIA	B32593261
13	10300514	27/07/2011	300,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ  ARAT - 390015, INDIA	B18175455
14	10290086	10/06/2011	1,500,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE  COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 4000  05, INDIA	B14245369
15	10293352	11/05/2011	200,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA -  400018, INDIA	B15408131
16	10257420	28/03/2012 *	850,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ  ARAT - 390015, INDIA	B37114451
17	10258715	29/11/2010	250,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA -  400018, INDIA	B01973973
18	10247497	28/03/2012 *	370,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE  COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 4000  05, INDIA	B35877745
19	10247491	01/09/2010	600,000,000.00	MIZUHO CORPORATE BANK LTD.	4TH FLOOR, EAST TOWER, SOOD TOWER,, 25TH BARAKHAM  BA ROAD, NEW DELHI, NEW DELHI, DELHI - 110001, IND  IA	A96773635
20	10233271	16/08/2013 *	250,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTR  E COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400  005, INDIA	B84089168
21	10230669	20/07/2010	1,000,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE  COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 4000  05, INDIA	A89614291
22	10229159	01/06/2010	80,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA -  400018, INDIA	A89242309
23	10210413	23/07/2010 *	750,000,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA  ROAD, NEW DELHI, DELHI - 110001, INDIA	A91316364
24	10216548	09/03/2010	150,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA -  400018, INDIA	A83478776
25	10193953	29/01/2011 *	180,000,000.00	STATE BANK OF MAURITIUS	PRICE ARCADE, 4TH FLOOR,, 22A, CATHEDRAL ROAD,, C  HENNAI, TAMIL NADU - 600086, INDIA	B06973135
26	10230594	13/11/2009	100,000,000.00	STATE BANK OF MYSORE	INDUSTRIAL FINANCE BRANCH,, 23/1, REGAL BUILDING,  CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	A81223646
27	10185737	25/09/2009	750,000,000.00	STATE BANK OF HYDERABAD	OVERSEAS BRANCH,1204, ASHOK MAHAL, TULLOCH ROAD,  COLABA, MUMBAI, MAHARASHTRA - 400039, INDIA	A73166167
28	10174528	13/11/2009 *	500,000,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23, BARAKHAMB  A ROAD,, NEW DELHI, DELHI - 110001, INDIA	A73245219
29	10177303	07/08/2009	250,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA -  400018, INDIA	A70338538
30	10092678	12/03/2008	750,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI  TED	BIRLA HOUSE, 25 BARAKHAMBA ROAD, NEW DELHI, DELHI  - 110001, INDIA	A34507913
31	10049249	11/04/2007	250,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	A14580237
32	10053342	10/07/2009 *	457,600,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ  ARAT - 390015, INDIA	A66494915
33	10039593	20/06/2008 *	649,200,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ  ARAT - 390015, INDIA	A40994519
34	10032142	20/12/2006	1,125,000,000.00	IL&FS TRUST COMPANY LIMITED	IL&FS FINANCIAL CENTRE, PLOT#C22,BLOCK G,BANDRA K  URLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 40  0051, INDIA	A08840621
35	10026691	29/11/2006	450,000,000.00	STANDARD CHARTERED BANK	NARAIN MANZIL, 23, BARAKHAMBHA ROAD, NEW DELHI, D  ELHI - 110001, INDIA	A06718480
36	10028736	22/02/2012 *	850,000,000.00	STATE BANK OF MYSORE	INDUSTRIAL FINANCE BRANCH,, 15-17, SHAHEED BHAGAT  SINGH MARG, NEW GOLE MARKET,, NEW DELHI, DELHI -  110001, INDIA	B35060409
37	80016343	10/10/2005 *	350,000,000.00	HDFC BANK	HDFC BANK HOUSE, SENAPATI BAPAT MARG,LOWER PAREL  WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	-
38	10003904	10/10/2005	300,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	A00146480
39	80003390	12/05/2006 *	450,000,000.00	IL & FS TRUST COMPANY LIMITED	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA  , KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA  - 400051, INDIA	-
40	90044510	06/11/2009 *	1,350,000,000.00	STATE BANK OF INDIA	CAG BRANCH, JAWAHAR VYAPAR BHAWAN,, 11TH & 12TH F  LOOR, TOLSTOY MARG,, NEW DELHI, DELHI - 110001, IN  DIA	A74664319
41	80016135	31/05/2012 *	550,000,000.00	STANDARD CHARTERED BANK	CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARA  KHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B40967465
42	90058638	14/08/2004	50,000,000.00	HDFC BANK LIMITED	B-6/3; SAFDARJUNG ENCLAVE, DDA COMMERCIAL COMPLEX  ; OPP. DEER PARK, NEW DELHI, DELHI - 110029, INDIA	-
43	90043677	30/08/2011 *	250,000,000.00	THE JAMMU AND KASHMIR BANK LIMITED	G-40 CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, I  NDIA	B22652945
44	90042780	10/05/2000	1,489,070.00	FORD INDIA LTD	MAHINDRA TOWERS; WORLI ROAD NO 13, WORLI, MUMBAI,  MAHARASHTRA - 400018, INDIA	-
45	90056908	03/08/1998	591,995,000.00	INDUSTRIES CENTRE	REWARI, REWARI, HARYANA, INDIA	-
46	90042042	02/12/2006 *	500,000,000.00	THE BANK OF TOKYO - MITSUBISHI UFJ LTD.	JEEVAN VIHAR BUILDING,, 3, PARLIAMENT STREET,, NE  W DELHI, DELHI - 110001, INDIA	-
47	80004624	10/11/2007 *	720,000,000.00	MIZUHO CORPORATE BANK LTD.	MAKER CHAMBER III, FIRST FLOOR,, NARIMAN POINT, M  UMBAI, MAHARASHTRA - 400021, INDIA	A28625192
48	90056330	03/06/1993	5,000,000.00	PUNJAB NATIONAL BANK	REWARI, REWARI, HARYANA, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
a) Claims against the Company not acknowledged as Debts
i) Excise, Custom duty and Service Tax (including excise duty liability of Rs. 31.100 Millions (Rs. 31.100 Millions) settled by Settlement Commission deleted by Delhi High Court against which SLP of Excise Department has been accepted by Supreme Court of India)	156.900	150.900
ii) Disputed Income Tax	1.300	38.000
iii) Disputed Sales Tax Demand	123.200	106.200
b) Guarantees
i) Bank Guarantees and Letters of Credit outstanding	517.900	618.400
ii) Corporate Guarantees (including Rs. 74.300 Millions (Rs. 72.800 Millions) for subsidiaries) to the extent of Limits	243.800	246.500
c) Other Money for which the Company is contingently liable
Channel Financing from Bank	147.600	68.700

FIXED ASSETS:

• Freehold Land
• Leasehold Land
• Building
• Plant and Machinery
• Electrical Installation and Fittings
• Furniture and Fixtures
• Miscellaneous Assets
• Vehicles
• Computer Software
• License Fee
• E Mark Changes

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.10
UK Pound	1	Rs. 99.04
Euro	1	Rs. 79.03

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUB
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.