MIRA INFORM REPORT

Report No. :	302992
Report Date :	15.01.2015

IDENTIFICATION DETAILS

Name :	GLASSTECH INDUSTRIES (INDIA) PRIVATE LIMITED
Registered Office :	Plot L-113 MIDC Taloja, Taloja Industrial Area, Taloja District, Raigad – 400703, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.05.1997
Com. Reg. No.:	11-107962
Capital Investment / Paid-up Capital :	Rs.221.744 Millions
CIN No.: [Company Identification No.]	U26100MH1997PTC107962
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMG08682C
PAN No.: [Permanent Account No.]	AAACG3416H
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Architectural Glasses and Mirrors.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management has reported consecutive losses from its operations during FY14. However, trade relations seem to be fair. Business is active. Payment terms are slow. In view of financial support from its promoters, the company can be considered for business dealings with great 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

Rating Agency Name	CRISIL
Rating	Long Term Rating = B+ (Suspended)
Rating Explanation	High risk of default.
Date	February 20, 2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4 (Suspended)
Rating Explanation	Minimal degree of safety and high credit risk.
Date	February 20, 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office/Factory:	Plot L – 113 MIDC Taloja, Taloja Industrial Area, Taloja District, Raigad – 400703, Maharashtra, India
Tel. No.:	91-22-27402693/ 94/ 95/ 96
Mobile No.:	91-9322123281 (Mr. Anoop)
Fax No.:	91-22-27402322
E-Mail :	glasstec@vsnl.com
Website :	www.glasstechindia.com
Office Address:	F-223, 2^nd Floor, Tower No.7, InfoTech Park, Vashi Station Complex, Navi – Mumbai, Maharashtra, India
Tel. No.:	91-22-40322999/27812395/27812396
Fax No.:	91-22-40322950/27812394
E-Mail :	anoop@glasstechindia.com

DIRECTORS

As on 16.08.2014

Name :

Mr. Ponnarambil Govindan Sathiapalan

Designation :

Director

Address :

Flat No. 205 101 4 B Wing, Powai Vihar Lake Palace, Co-op Hsg. Soc. Limited, Powai Vihar Complex, Adi Shankaracharya Marg, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

15.01.1945

Date of Appointment :

12.05.1997

DIN No.:

00404748

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	U26100MH1997PTC107962	GLASSTECH INDUSTRIES (INDIA) PRIVATE LIMITED	Director	12/05/1997	12/05/1997	-	Active	NO
2	U74210MH2009PTC195291	FACADE ENGINEERS PRIVATE LIMITED	Director	26/07/2010	26/07/2010	28/03/2013	Active	NO

Name :

Mr. Sandeep Sathiapalan

Designation :

Director

Address :

Flat No. 205 101 4 B Wing, Powai Vihar Lake Palace, Co-op Hsg. Soc. Limited, Powai Vihar Complex, Adi Shankaracharya Marg, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

03.10.1981

Date of Appointment :

03.01.2003

DIN No.:

03105214

Name :

Ms. Sandhia Sathiapalan Ponnarambi

Designation :

Director

Address :

Flat No. 205 101 4 B Wing, Powai Vihar Lake Palace, Co-op Hsg. Soc. Limited, Powai Vihar Complex, Adi Shankaracharya Marg, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

23.05.1978

Date of Appointment :

12.05.1997

DIN No.:

02335045

Name :

Mr. Lyjulal Pulemppat Madhavan

Designation :

Director

Address :

Flat No. 205 101 4 B Wing, Powai Vihar Lake Palace, Co-op Hsg. Soc. Limited, Powai Vihar Complex, Adi Shankaracharya Marg, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

30.05.1970

Date of Appointment :

15.05.2014

DIN No.:

02807012

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	U74210MH2009PTC195291	FACADE ENGINEERS PRIVATE LIMITED	Director	17/06/2010	17/06/2010	-	Active	NO
2	U74999KL2014PTC036328	CHEMBRA ORGANIC FARM AND TOURISM PRIVATE LIMITED	Director	05/03/2014	05/03/2014	-	Active	NO
3	U26100MH1997PTC107962	GLASSTECH INDUSTRIES (INDIA) PRIVATE LIMITED	Additional director	15/05/2014	15/05/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 16.08.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Mr. Ponnarambil Govindan Sathiapalan	9905837	40.75
Mrs. Usha Sathiapalan Ponnarambil	1677060	6.90
Mrs. Sandhia Sathiapalan Ponnarambil	762524	3.14
Mr. Sandeep Sathiapalan Ponnarambil	762624	3.14
Mr. Ponnarambil Govindan Sathiapalan Jt. Mrs. Usha Sathiapalan Ponnarambil	9189478	37.80
Mr. Sandeep Sathiapalan Ponnarambil Jt. Mr. Ponnarambil Govindan Sathiapalan	988521	4.07
Mrs. Sandhia Sathiapalan Ponnarambil Jt. Mr. Ponnarambil Govindan Sathiapalan	1022427	4.21
Total	24308471	100.00

As on 16.08.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Architectural Glasses and Mirrors.

Products :

Item Code No. (ITC Code)	Product Description
70071900	Processing of Square Meters

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

Banker Name	State Bank of India
Branch Address	Diamond Garden (Chembur) Branch, Plot No.1, Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	7.332	70.264
SHORT TERM BORROWINGS
Working capital loans from banks	81.240	89.881
Total	88.572	160.145

Auditors :
Name :	Sheth and Associates Chartered Accountants
Address :	107, Golf View, Sopariwala Estate, Tardeo, Mumbai – 400034, Maharashtra, India
PAN No.:	AAVPS8912N
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 16.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/-each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24308471	Equity Shares	Rs.10/-each	Rs.243.084 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/-each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22174471	Equity Shares	Rs.10/-each	Rs.221.744 Millions

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	221.745	189.851	179.851
(b) Reserves & Surplus	130.781	5.441	23.822
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	11.700	82.869	0.000
Total Shareholders’ Funds (1) + (2)	364.226	278.161	203.673
(3) Non-Current Liabilities
(a) long-term borrowings	167.653	141.357	318.083
(b) Deferred tax liabilities (Net)	0.000	15.926	39.485
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	167.653	157.283	357.568
(4) Current Liabilities
(a) Short term borrowings	81.240	89.881	92.136
(b) Trade payables	43.097	82.940	73.107
(c) Other current liabilities	71.177	148.927	48.485
(d) Short-term provisions	11.500	11.500	11.500
Total Current Liabilities (4)	207.014	333.248	225.228
TOTAL	738.893	768.692	786.469
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	523.722	547.605	576.235
(ii) Intangible Assets	0.637	0.786	0.000
(iii) Capital work-in-progress	0.104	0.000	0.000
(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)	12.666	0.000	0.000
(d) Long-term Loan and Advances	4.339	5.513	4.993
(e) Other Non-current assets	0.075	0.196	0.460
Total Non-Current Assets	541.543	554.100	581.688
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	104.560	120.611	100.118
(c) Trade receivables	57.307	53.276	75.122
(d) Cash and cash equivalents	5.226	12.060	2.675
(e) Short-term loans and advances	30.257	28.645	26.866
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	197.350	214.592	204.781
TOTAL	738.893	768.692	786.469

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
PROFIT/ (LOSS) FOR THE YEAR	(4.785)	(63.383)	(59.250)

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Liability/Networth)	0.68	0.83	2.01
Current Ratio (Current Asset/Current Liability)	0.95	0.64	0.91

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	179.851	189.851	221.745
Reserves & Surplus	23.822	5.441	130.781
Net worth	203.673	195.292	352.526
long-term borrowings	318.083	141.357	167.653
Short term borrowings	92.136	89.881	81.240
Total borrowings	410.219	231.238	248.893
Debt/Equity ratio	2.014	1.184	0.706

LOCAL AGENCY FURTHER INFORMATION

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

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90145690	18/06/2010 *	300,000,000.00	STATE BANK OF INDIA	DIAMOND GARDEN (CHEMBUR) BRANCH, PLOT NO.1,, SION  TROMBAY ROAD, CHEMBUR, MUMBAI, Maharashtra - 400071, INDIA	B56873771
2	90243810	11/08/2005 *	84,500,000.00	STATE BANK OF INDIA	CHEMBUR BRANCH, MUMBAI, Maharashtra - 400071, INDIA	-
3	90240840	11/01/2002	5,000,000.00	STATE BANK OF INDIA	CHEMBUR BRANCH, MUMBAI, Maharashtra, INDIA	-
4	90244309	31/10/2001	5,000,000.00	STATE BANK OF INDIA	CHEMBUR BRANCH, MUMBAI, Maharashtra, INDIA	-

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from related parties	160.321	71.093
Total	160.321	71.093

FIXED ASSETS

• Computer & Peripheral
• Electrical Equipments
• Factory Building
• Furniture & Fixtures
• Land
• Office Equipments
• Office Premises
• Plant & Machinery
• Vehicles

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.62.15
UK Pound	1	Rs.94.24
Euro	1	Rs.73.29

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.