MIRA INFORM REPORT

Report No. :	308147
Report Date :	16.02.2015

IDENTIFICATION DETAILS

Name :	NIPRO GLASS INDIA PRIVATE LIMITED [w.e.f.12.03.2012]
Formerly Known As :	NIPRO GLASS INDIA LIMITED
Registered Office :	Plot No. 76, Fitkari Village, Meerut-Mawana Road, Meerut – 250401, Uttar Pradesh
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	04.02.2010
Com. Reg. No.:	20-044131
Capital Investment / Paid-up Capital :	Rs. 1085.000 Millions
CIN No.: [Company Identification No.]	U24100UP2010FTC044131
IEC No.:	0509090052
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCN1869Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Neutral Boron Silicate Glass Tubes.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There seems some accumulated loss recorded by the company during December 2013. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 :	Ms. Neha Khanna
Designation :	Finance Head
Contact No.:	91-8888829579
Date :	14.02.2015

LOCATIONS

Registered/ Sale Office/ Factory 1 :	Plot No. 76, Fitkari Village, Meerut-Mawana Road, Meerut – 250401, Uttar Pradesh, India
Tel. No.:	91-121-2887081/ 68
Mobile No.:	91-8888829579 [Ms. Neha Khanna]
Fax No.:	Not Available
E-Mail :	accounts@niproglassindia.com neha@niproglassindia.com
Website :	http://www.niproglass.com
Factory 2 :	No.301 ”H” Wing, 3rd Floor, Tex Centre, Off Saki Vihar Road, Chandivali, Andheri (East), Mumbai - 400072
Tel. No.:	91-22-41562600
Fax No.:	91-22-28576904

DIRECTORS

AS ON 12.06.2014

Name :

Pedakhasim Saheb Shaik

Designation :

Managing director

Address :

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

Date of Birth/Age :

01.08.1977

Date of Appointment :

29.11.2011

DIN No.:

03612708

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24100UP2010FTC044131	NIPRO GLASS INDIA Private Limited	Managing director	29/11/2011	01/09/2011	Active	NO

Name :

Mr. Milind Suresh Pappu

Designation :

Director

Address :

31, Kalpak Artek Apartments, Madhudusan Kalekar Marg Bandra (East), Mumbai - 400051, Maharashtra, India

Date of Birth/Age :

20.05.1960

Date of Appointment :

04.02.2010

DIN No.:

02122285

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51507TN2006PTC070002	NIPRO MEDICAL (INDIA) PRIVATE LIMITED	Additional director	28/03/2008	28/03/2008	Active	NO
2	U24100UP2010FTC044131	NIPRO GLASS INDIA PRIVATE LIMITED	Director	04/02/2010	04/02/2010	Active	NO
3	U33110PN2010FTC143058	NIPRO INDIA CORPORATION PRIVATE LIMITED	Director	15/04/2011	11/02/2010	Active	NO
4	U24100MH2000PTC125507	NIPRO TUBE GLASS PRIVATE LIMITED	Managing director	31/08/2013	28/04/2011	Active	NO
5	AAC-8181	BIOMED ACADEMY LLP	Designated Partner	16/10/2014	16/10/2014	Active	NO

Name :

Hideo Okamoto

Designation :

Director

Address :

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

Date of Birth/Age :

07.08.1944

Date of Appointment :

04.02.2010

DIN No.:

02873872

Name :

Hideyuki Nishisako

Designation :

Whole-time director

Address :

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

Date of Birth/Age :

09.07.1980

Date of Appointment :

06.04.2010

DIN No.:

02874019

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24100UP2010FTC044131	NIPRO GLASS INDIA PRIVATE LIMITED	Whole-time director	06/04/2010	04/02/2010	Active	NO
2	U24100MH2000PTC125507	NIPRO TUBE GLASS PRIVATE LIMITED	Nominee director	28/04/2011	28/04/2011	Active	NO

KEY EXECUTIVES

Name :	Ms. Neha Khanna
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 12.06.2014

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

AS ON 12.06.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Neutral Boron Silicate Glass Tubes.
Brand Names :	“NIPRO“
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	Raw Material
Countries :	· Japan Malaysia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

End Users and OEMs

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

80 (Approximately)

Bankers :

Bank Name:	HDFC Bank Limited
Branch:	Meerut Branch, Uttar Pradesh, India
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

Facilities :

SECURED LOANS	31.12.2013 (Rs. In Millions)	31.12.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	152.009	132.000
SHORT TERM BORROWINGS
Working capital loans from banks	0.000	33.000
Intercorporate borrowings	513.944	0.000
Other loans and advances	0.422	0.997
Total	666.375	165.997

Banking Relations :	--
Auditors :
Name :	Peeyush Kesharwani and Associates Chartered Accountants
Address :	Meerut, Uttar Pradesh, India
Income-tax PAN of auditor or auditor's firm :	ASDWQ1245C
Holding company :	Nipro Corporation, Japan
Group Companies :	· Nipro Tube Glass Limited Nipro Glass Americas Corp. Nipro Glass France Nipro Medical Corporation

CAPITAL STRUCTURE

AS ON 31.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
109,000,000	Equity Shares	Rs. 10/- each	Rs. 1090.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
108,500,000	Equity Shares	Rs. 10/- each	Rs. 1085.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1085.000	1085.000	785.000
(b) Reserves & Surplus	(409.766)	(229.534)	(140.005)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	300.000
Total Shareholders’ Funds (1) + (2)	675.234	855.466	944.995
(3) Non-Current Liabilities
(a) Long-term borrowings	152.009	132.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	4.441	3.344	11.224
(d) long-term provisions	0.130	0.112	0.078
Total Non-current Liabilities (3)	156.580	135.456	11.302
(4) Current Liabilities
(a) Short term borrowings	514.366	33.997	0.000
(b) Trade payables	71.062	78.999	35.121
(c) Other current liabilities	21.583	16.860	2.061
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	607.011	129.856	37.182
TOTAL	1438.825	1120.778	993.479
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	484.130	507.900	80.265
(ii) Intangible Assets	33.022	59.439	85.856
(iii) Capital work-in-progress	267.348	66.197	251.561
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	121.832	53.535	25.798
(d) Long-term Loan and Advances	238.597	115.727	266.705
(e) Other Non-current assets	3.406	5.231	5.506
Total Non-Current Assets	1148.335	808.029	715.691
(2) Current assets
(a) Current investments	0.001	0.000	0.000
(b) Inventories	189.860	179.959	38.465
(c) Trade receivables	94.490	132.951	45.224
(d) Cash and cash equivalents	6.138	(0.161)	194.099
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.001	0.000	0.000
Total Current Assets	290.490	312.749	277.788
TOTAL	1438.825	1120.778	993.479

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2013	31.12.2012	31.12.2011
	SALES
		TOTAL	294.607	325.801	151.359
Less	EXPENSES
		TOTAL	543.136	443.066	280.653
	PROFIT/ (LOSS) BEFORE TAX		(248.529)	(117.265)	(129.294)
Less	TAX		(68.297)	(27.737)	(13.416)
	PROFIT/ (LOSS) AFTER TAX		(180.232)	(89.528)	(115.878)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	4.967	NA
	Earnings/ (Loss) Per Share (Rs.)		(1.66)	(0.83)	(1.48)

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
Return on Total Assets (PBT/Total Assets}	(%)	(23.68)	(11.71)	(18.05)
Return on Investment (ROI) (PBT/Networth)		(0.37)	(0.14)	(0.14)
Debt Equity Ratio (Total Debt/Networth)		0.99	0.19	0.00
Current Ratio (Current Asset/Current Liability)		0.48	2.41	7.47

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	785.000	1085.000	1085.000
Reserves & Surplus	(140.005)	(229.534)	(409.766)
Share Application money pending allotment	300.000	0.000	0.000
Net worth	944.995	855.466	675.234
Long-term borrowings	0.000	132.000	152.009
Short term borrowings	0.000	33.997	514.366
Total borrowings	0.000	165.997	666.375
Debt/Equity ratio	0.000	0.194	0.987

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	151.359	325.801	294.607
		115.250	(9.575)

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	151.359	325.801	294.607
Profit/ (Loss)	(115.878)	(89.528)	(180.232)
	(76.56%)	(27.48%)	(61.18%)

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Land

Buildings

Factory building

Other building

Plant and equipment

Furniture and fixtures

Vehicles

Motor vehicles

Computer equipments

Office equipment

Other equipments

Goodwill

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. 62.14
UK Pound	1	Rs. 95.78
Euro	1	Rs. 71.05

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	RAS
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.