MIRA INFORM REPORT

Report No. :	330525
Report Date :	03.07.2015

IDENTIFICATION DETAILS

Name :	SAINT-GOBAIN INDIA PRIVATE LIMITED (w.e.f. 31.12.2014)

Formerly Known As :	SAINT-GOBAIN INDIA LIMITED (w.e.f. 17.10.2014) SAINT-GOBAIN GLASS INDIA LIMITED

Registered Office :	Sigapi Achi Building Floor No.7, 18/3, Rukmini Lakshmipathy Road, Egmore, Chennai – 600008, Tamilnadu
Tel. No.:	91-44-27162832

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	02.04.1997

Com. Reg. No.:	18-037875

Capital Investment / Paid-up Capital :	Rs.943.640 Million

CIN No.: [Company Identification No.]	U26109TN1997PLC037875

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AABCS4338M

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in the business of design, development, manufacturing and supply of Special Purpose Machineries for various construction product manufacturing industries like Glass manufacturing / Processing, Stonewool manufacturing, Gypsum Board manufacturing, etc.

No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 60000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is an established company having good track record. Financial position of the company is sound. Fundamentals of the company are healthy. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. The company can be considered normal 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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	Million Commercial Paper = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	November 5, 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 31-03-2013.

INFORMATION DENIED BY

Name :	Ms. Chandra
Designation :	Accoutant
Contact No.:	91-44-27162832
Date :	02.07.2015

LOCATIONS

Registered Office :	Sigapi Achi Building Floor No.7, 18/3, Rukmini Lakshmipathy Road, Egmore, Chennai – 600008, Tamilnadu, India
Tel. No.:	91-44-45936000 / 27162832
Fax No.:	91-44-45936008
E-Mail :	venkateswaran.l@saint-gobain.com
Website :	www.in.saint-gobain-glass.com www.saint-gobain.co.in
Location :	Owned
Locality :	Commercial

Head Office / Plant 1 :	Level 7, Chettinad Sigapi Achi Building, 18/3, Rukmani Lakshmipathi Road, Egmore, Chennai - 600008, Tamilnadu, India
Tel. No.:	91-44-45936000
Fax No.:	91-44-45936008

Plant 2 :	Plot No. A1, Sipcot Industrial Park, District Sriperumpudur - 602106, Tamilnadu, India
Tel. No.:	91-44-27162832
Fax No.:	91-44-27162840/ 41

Plant 3 :	Located at: · Bhiwadi, Rajasthan, India

Plant 4 :	Located at : · Jhagadia, Gujarat, India

DIRECTORS

As on 30.12.2014

Name :

Mr. Anand Yashavant Mahajan

Designation :

Chairman and Managing Director

Address :

Fiona, 3rd Floor, 176, Juhu Tara Road, Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

03.01.1953

Date of Appointment :

30.12.2014

Qualifications :

B. Com

DIN No.:

00066320

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	L26593MH1950PLC008163	GRINDWELL NORTON LIMITED	Managing director	01/04/2011	06/12/1988	-	Active	NO
2	U23200KA1993PLC044269	LINCOLN HELIOS (INDIA) LIMITED	Director	20/12/1993	20/12/1993	24/08/2007	Active	NO
3	L26101MH1973PLC018367	SAINT-GOBAIN SEKURIT INDIA LIMITED	Director	09/06/1995	09/06/1995	-	Active	NO
4	U26109TN1997PTC037875	SAINT-GOBAIN INDIA Private Limited	Managing director	30/12/2014	02/04/1997	-	Active	NO
5	U26102TG1998FTC030183	OWENS CORNING INDUSTRIES (INDIA) PRIVATE LIMITED	Director	17/09/1998	17/09/1998	01/11/2007	Active	NO
6	U31909MH1995PLC254155	SAINT-GOBAIN CRYSTALS AND DETECTORS INDIA LIMITED	Director	30/04/1999	30/04/1999	-	Active	NO
7	U28930TN1962PTC004872	L.M.VAN MOPPES DIAMOND TOOLS INDIA PRIVATE LIMITED	Director	27/08/1999	27/08/1999	-	Active	NO
8	U26922MH2000PTC191391	SEPR REFRACTORIES INDIA Private Limited	Director	08/04/2002	08/04/2002	-	Active	NO
9	U45400MH2004PLC146280	SAINT-GOBAIN WEBER (INDIA) LIMITED	Director	17/01/2005	17/01/2005	-	Amalgamated	NO
10	U29256TN2005PLC095876	SAINT-GOBAIN SEVA ENGINEERING INDIA LIMITED	Director	18/04/2005	18/04/2005	-	Amalgamated	NO
11	L99999MH1962PLC012451	UNICHEM LABORATORIES LIMITED	Director	12/07/2014	17/10/2005	-	Active	NO
12	U91990MH2005NPL157644	SAINT GOBAIN INDIA FOUNDATION	Director	29/11/2005	29/11/2005	-	Active	NO
13	U67120MH1999PTC167800	BPB HOLDINGS INDIA PRIVATE LIMITED	Director	28/02/2006	28/02/2006	-	Amalgamated	NO
14	U26945TN1985PLC095752	Saint-Gobain Gyproc India Limited	Director	27/03/2006	27/03/2006	10/12/2013	Amalgamated	NO
15	U45200MH1978PTC020141	FIROZE ESTATES PRIVATE LIMITED	Director	27/09/2010	05/08/2010	-	Active	NO
16	U73100TN2012PTC087371	Saint-Gobain Research India Private Limited	Director	30/09/2013	27/08/2012	-	Active	NO

Name :

Mr. Bhuvaragamurthy Srinivasan Rammurthy Santhanam

Designation :

Managing director

Address :

No. 29, Ranjith Road, Kotturpuram, Chennai – 600085, Tamilnadu, India

Date of Appointment :

22.01.2013

Qualifications :

B. Com

DIN No.:

00494806

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	L26101MH1973PLC018367	SAINT-GOBAIN SEKURIT INDIA LIMITED	Director	20/08/1997	20/08/1997	30/01/2009	Active	NO
2	U26109TN1997PTC037875	SAINT-GOBAIN INDIA Private Limited	Managing director	22/01/2013	22/01/1998	-	Active	NO
3	U91110DL1998PLC097217	INDIAN GLASS MANUFACTURERS' ASSOCIATION	Director	17/08/2000	17/08/2000	-	Active	NO
4	U85320TN1999NPL041989	YOUNG PRESIDENTS ORGANISATION (CHENNAI CHAPTER)	Director	04/09/2002	04/09/2002	30/06/2007	Active	NO
5	U73100TN2006NPL059651	IIT MADRAS RESEARCH PARK	Director	27/09/2010	15/12/2009	-	Active	NO
6	U73100TN2012PTC087371	Saint-Gobain Research India Private Limited	Director	30/09/2013	27/08/2012	-	Active	NO
7	L35921TN1960PLC004175	WHEELS INDIA LIMITED	Director	08/09/2014	08/09/2014	-	Active	NO

Name :

Mr. Swaminathan Eisenhower

Designation :

Whole-time director

Address :

Flat No. A-102, Prince Villa, 15, Rajamannar Street, T' Nagar, Chennai - 600017, Tamilnadu, India

Date of Birth/Age :

24.11.1952

Date of Appointment :

05.04.2013

DIN No.:

01521855

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	U26109TN1997PTC037875	SAINT-GOBAIN INDIA Private Limited	Whole-time director	05/04/2013	05/04/2007	-	Active	NO
2	U37102TZ1998GAP008524	Tamil Nadu Electricity Consumers' Association	Director	19/09/2007	19/09/2007	04/10/2013	Active	NO
3	U92412TN2009NPL071459	Madras Boat Club	Additional director	12/02/2014	12/02/2014	30/09/2014	Active	NO

Name :

Mr. Ramakrishnan Subramanian

Designation :

Managing Director

Address :

E-3, Juniper Apartments, TAS Enclave, 10th Main Road Extension, Anna Nagar,

Chennai - 600040, Tamilnadu, India

Date of Birth/Age :

26.01.1966

Date of Appointment :

01.01.2013

Qualifications :

B. Com

DIN No.:

01521968

Name :

Patrick Dupin

Designation :

Director

Address :

51, Avenue De Paris F-78000, Versailes, 78000 France

Date of Appointment :

20.06.2007

DIN No.:

01522067

Name :

Tyagarajan Bhaskaran

Designation :

Whole-time director

Address :

Flat No. B2, Plot No. 587, School Road, Anna Nagar West Extn, Chennai - 600101, Tamilnadu, India

Date of Birth/Age :

20.07.1960

Date of Appointment :

05.04.2013

DIN No.:

02168348

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	U26109TN1997PTC037875	SAINT-GOBAIN INDIA Private Limited	Whole-time director	05/04/2013	05/04/2007	-	Active	NO
2	U91990MH2005NPL157644	SAINT GOBAIN INDIA FOUNDATION	Director	30/09/2013	06/09/2013	-	Active	NO
3	U31909MH1995PLC254155	SAINT-GOBAIN CRYSTALS AND DETECTORS INDIA LIMITED	Alternate director	21/05/2014	21/05/2014	-	Active	NO
4	U29256TN2005PLC095876	SAINT-GOBAIN SEVA ENGINEERING INDIA LIMITED	Alternate director	11/06/2014	11/06/2014	-	Amalgamated	NO
5	U73100TN2012PTC087371	Saint-Gobain Research India Private Limited	Director	25/08/2014	18/06/2014	-	Active	NO
6	U26922MH2000PTC191391	SEPR REFRACTORIES INDIA Private Limited	Director	18/08/2014	18/06/2014	-	Active	NO

Name :

Jean Pierre Floris

Designation :

Director

Address :

3 Bis Avenue Gounod, Croissy Sur Seine 78290, France

Date of Appointment :

30.06.2008

DIN No.:

02504627

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	U26109TN1997PTC037875	SAINT-GOBAIN INDIA Private Limited	Director	30/06/2008	01/09/2007	-	Active	NO
2	L26593MH1950PLC008163	GRINDWELL NORTON LIMITED	Director	28/04/2009	06/03/2009	-	Active	NO

Name :

Mr. Subramanian Venkataraman

Designation :

Managing Director

Address :

F-401, Oberoi Splendor, Jvlr., Opposite Majas Bus Depot, Jogeshwari East, Mumbai – 400060, Maharashtra, India

Date of Appointment :

30.12.2014

PAN No.:

00139543

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	U26102TG1998FTC030183	OWENS CORNING INDUSTRIES (INDIA) PRIVATE LIMITED	Director	16/02/2004	16/02/2004	01/11/2007	Active	NO
2	U26945TN1985PLC095752	Saint-Gobain Gyproc India Limited	Managing director	01/04/2012	01/04/2007	-	Amalgamated	NO
3	U45102MH2008NPL182811	India Wall and Ceiling Association	Director	29/05/2008	29/05/2008	-	Active	NO
4	U73100TN2012PTC087371	Saint-Gobain Research India Private Limited	Director	30/09/2013	25/03/2013	-	Active	NO
5	U26109TN1997PTC037875	SAINT-GOBAIN INDIA Private Limited	Managing director	30/12/2014	12/11/2014	-	Active	NO

Name :

Mr. Houchan Shoeibi

Designation :

Director

Address :

1, Rue, Delambre, Paris - 75014

Date of Appointment :

30.12.2014

PAN No.:

06747897

KEY EXECUTIVES

Name :	L Venkateswaran
Designation :	Secretary
Address :	Flat No. Foe, 4th Floor, Block 2, Jains Kences Retreat,15, Reddy Street, Virugumbakkam, Chennai – 600092, Tamilnadu, India
Date of Birth/Age :	10.02.1958
Date of Appointment :	31.03.2010
PAN No.:	AAMPV0608D

Name :	Ms. Chandra
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 30.12.2014

Names of Shareholders	No. of Shares
Saint-Gobain Glass Deutschland	37753813
Societe de particpations Financeriers et Industrielles	54109767
Grindwell Norton Limited	2499993
BPB India Limited, Coventry	32905756
Saint-Gobain SEVA, France	211700
Hela Holdings Private Limited, Mumbai	3562
Anuj A. Seth, Mumbai	53430
MSPL Limited, Hospet	3562
Grindwell Norton Limited - Anand Yashavant Mahajan	1
Grindwell Norton Limited – B Santhanam	1
Grindwell Norton Limited – J.A.J. Pereria	1
Grindwell Norton Limited – Aju Varghese	1
Grindwell Norton Limited – Puranik A. Mahadev	1
Grindwell Norton Limited – Prakash Sabard	1
Grindwell Norton Limited – Deepak Chindarkar	1
Total	127541590

As on 30.12.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	97.99
Bodies corporate	2.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of design, development, manufacturing & supply of Special Purpose Machineries for various construction product manufacturing industries like Glass manufacturing / Processing, Stonewool manufacturing, Gypsum Board manufacturing, etc.

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Not Divulged

Purchasing :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	Calyon Bank
Branch Address	West Miniter, 2^nd Floor, 108, Dr. Radhakrishnan Salai, Chennai – 600004, Tamil Nadu, 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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· HDFC Bank Limited, Hdfc Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

· Abnamro Bank N.V., Credit Administration Department, 63 Chulia Street, Singapore – 049514, Singapore

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
Rupee term loans from banks	58.740	869.240
Total	58.740	869.240

Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Address :	8th Floor, Door No 129-140, Prestige Palladium Greams Road, Chennai – 600006, Tamilnadu, India
PAN No. :	AABFL5878L

Memberships :	Not Available

Collaborators :	Not Available

Ultimate Holding Company :	Compagnie de Saint-Gobain, France

Holding company :	Societe De Participations Financieres Et Industrielles, France Saint-Gobain Glass Deutschland Gmbh, Germany

Fellow Subsidiary company :	Grindwell Norton Limited, India Saint-Gobain Seva (France), France Saint-Gobain Sekurit India Limited, India Saint-Gobain Glass France, France Saint-Gobain Exprover, United States Saint Gobain Glass Solar Control, United Kingdom Saint Gobain Sepr, France Saint Gobain Glass Mexico S.A., Mexico Saint Gobain Sekurit Deutschland, Germany Saint Gobain Autover Distribution S.A, Belgium Savoie Refractaires, France Saint Gobain Sekurit France, France Saint-Gobain Glass Benelux S.A., Belgium Sepr Refractories India Private Limited, India Saint Gobain India Foundation, India Saint-Gobain Polska Sp.Zo.O., Poland Saint Gobain Sekurit Hanglas Polska, Poland Vetrotech Saint-Gobain International Ag, Switzerland Saint-Gobain (Sea) Private Limited, Singapore Saint-Gobain Recherche, France Saint-Gobain Conceptions Verrieres, France Saint-Gobain Cristaleria S.A, Spain Vetrotech Saint Gobain France, France Saint - Gobain Do Brasil Produtos, Brazil Cebrace Cristal Plano Limited, Brazil Saint-Gobain Research India Private Limited, India Saint Gobain Glass Egypt, Egypt Saint-Gobain Malaysia SDN BHD, Malaysia Saint-Gobain Hanglas(Japan) K.K, Japan Vetrotech Saint Gobain North America, United States Saint Gobain Construction Products, Russian Federation Saint Gobain Glass Logistics, France Saint Gobain Consulting Information And Organisation, France Sg Hanglas Clfg Qingdao Glass Company, China Quantum Glass International, France Central Glass Company Limited, Japan Placo Trading Llc, Egypt Vidrieria Argentina S.A., Argentina Vidrios Lirquen S.A., Brazil Vasa Del Paraguay S.A, Paraguay Saint Gobain Colombia S.A, Colombia Vetrotech Sg Benelux, Switzerland Saint Gobain Glass Uk Limited, United Kingdom Nanjing New Namwoo Glass Industries, China Saint Gobain Solar Glass NA, United States Hankuk Sekurit Limited, Korea Vidrios Lirquen Peru Sac, Dominica Saint Gobain Gyproc Emirates Industries, United Arab Emirates Hankuk Glass Industries Inc., Korea Saint Gobain Sekurit U.S.A., United States Saint Gobain Glass Company Limited (China), China Saint-Gobain Euroveder (Poland), Poland Saint-Gobain Sekurit Scandinavia Ab (Sweden), Sweden Saint-Gobain Sekurit Thailand Company Limited, Thailand Saint Gobain Glass Portugal, Portugal Saint Gobain Techniver S.A. (Belgium), Belgium Saint Gobain Devisa S.A, Spain Saint Gobain Ecophon Ab, Sweden Saint Gobain Weber Netservices, France Certainteed Gypsum Nc Inc, Canada Placo Do Brasil Limited, Brazil Saint-Gobain Construction Products, Malaysia Thai Gypsum Products Plc, Thailand Sg Placo Sas, Spain Saint Gobain Isover, Switzerland Saint Gobain Pam, France Saint Gobain Rigips Turkey, Turkey Palco Do Brasil, Brazil Saint Gobain (Xuzhou) Pipelines Company Limited, China Saint Gobain Quartz Sas, France Saint Gobain Cio, France Sg Solar Usa, United States Saint-Gobain Seva Engineering India Limited, India

CAPITAL STRUCTURE

As on 30.12.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

170664000	Equity Shares	Rs.10/-each	Rs.1706.640 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

127541590	Equity Shares	Rs.10/-each	Rs.1275.415 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

170664000	Equity Shares	Rs.10/-each	Rs.1706.640 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

94363580	Equity Shares	Rs.10/-each	Rs.943.640 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	943.640	943.640	943.640
(b) Reserves & Surplus	16628.650	16407.390	16198.210
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	6917.620	0.000	0.000
Total Shareholders’ Funds (1) + (2)	24489.910	17351.030	17141.850

(3) Non-Current Liabilities
(a) long-term borrowings	4991.340	4382.660	4461.590
(b) Deferred tax liabilities (Net)	2424.450	1641.200	1567.500
(c) Other long term liabilities	225.940	172.790	182.760
(d) long-term provisions	67.630	41.000	36.020
Total Non-current Liabilities (3)	7709.360	6237.650	6247.870

(4) Current Liabilities
(a) Short term borrowings	1458.160	2392.970	1876.680
(b) Trade payables	4807.450	3715.480	2839.810
(c) Other current liabilities	2705.650	1794.120	2085.720
(d) Short-term provisions	196.850	98.820	34.230
Total Current Liabilities (4)	9168.110	8001.390	6836.440

TOTAL	41367.380	31590.070	30226.160

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	26837.910	15450.040	16185.050
(ii) Intangible Assets	2231.450	280.520	351.760
(iii) Capital work-in-progress	113.820	7373.360	5146.620
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	240.390	289.160	244.230
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	970.880	690.400	685.060
(e) Other Non-current assets	598.980	104.630	0.000
Total Non-Current Assets	30993.430	24188.110	22612.720

(2) Current assets
(a) Current investments	305.900	0.000	0.110
(b) Inventories	5509.790	3771.360	3871.110
(c) Trade receivables	3242.720	2647.380	2396.510
(d) Cash and cash equivalents	359.140	141.930	351.030
(e) Short-term loans and advances	666.360	680.890	863.330
(f) Other current assets	290.040	160.400	131.350
Total Current Assets	10373.950	7401.960	7613.440

TOTAL	41367.380	31590.070	30226.160

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	26940.000	18070.320	15861.420
	Other Income	178.000	87.090	88.220
	TOTAL	27118.000	18157.410	15949.640

Less	EXPENSES
	Cost of Materials Consumed		4863.730	4198.060
	Purchases of Stock-in-Trade		278.250	881.290
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		41.720	(1045.540)
	Employees benefits expense		951.300	840.730
	Other expenses		9862.400	8224.160
	TOTAL	26516.000	15997.400	13098.700

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(Including Financial and Depreciation Expenses)	2160.010	2850.940

Less	FINANCIAL EXPENSES		201.520	255.810

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1958.490	2595.130

Less/ Add	DEPRECIATION/ AMORTISATION		1631.970	1489.380

	PROFIT/ (LOSS) BEFORE TAX	602.000	326.520	1105.750

Less	TAX	381.000	117.340	355.360

	PROFIT/ (LOSS) AFTER TAX	221.000	209.180	750.390

	Earnings / (Loss) Per Share (Rs.)	2.34	2.22	7.95

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

1178.360

695.660

588.740

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012

Net Profit Margin PAT / Sales	(%)	0.82	1.15	4.73

Operating Profit Margin (PBDIT/Sales)	(%)	2.83	11.95	17.97

Return on Total Assets (PBT/Total Assets}	(%)	1.47	1.36	4.45

Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.06

Debt Equity Ratio (Total Debts/Networth)		0.31	0.43	0.40

Current Ratio (Current Asset/Current Liability)		1.13	0.93	1.11

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	943.640	943.640	943.640
Reserves & Surplus	16198.210	16407.390	16628.650
Share Application money pending allotment	0.000	0.000	6917.620
Net worth	17141.850	17351.030	24489.910

long-term borrowings	4461.590	4382.660	4991.340
Short term borrowings	1876.680	2392.970	1458.160
Current Maturities of Long Term Debt	588.740	695.660	1178.360
Total borrowings	6927.010	7471.290	7627.860
Debt/Equity ratio	0.404	0.431	0.311

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	15861.420	18070.320	26940.000
		13.926	49.084

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	15861.420	18070.320	26940.000
Profit	750.390	209.180	221.000
	4.73%	1.16%	0.82%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----------------------
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	----------------------
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	----------------------
33	Market information	----------------------
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

AMALGAMATION

The Board have approved, at the meeting held on 24 th March 2013, a scheme of amalgamation of Saint-Gobain Gyproc India Limited and Saint-Gobain Seva Engineering India Limited with the Company pursuant to sections 391 to 394 of the Companies Act, 1956 with the appointed date as April 1, 2013. The scheme was duly approved by the shareholders of respective companies. The scheme was given effect to in the books of accounts as on the appointed date pursuant to the order passed by Honble High court, Judicature at Madras on 24th September 2014. Pursuant to the merger the erstwhile shareholders of Saint-Gobain Gyproc India Limited and Saint-Gobain Seva Engineering India Limited were allotted 33,178,010 equity shares of 10 each fully paid as per the court approved scheme.

The Directors are of the view that the amalgamation offers opportunities to the merged entity to Vigorously pursue growth and expansion opportunities, Derive synergy benefit due to complete solutions being offered by the combined entity and larger customer base. Have access to new market avenues in building and construction segment. The annual accounts for the financial year 2013-14 is for the consolidated entity.

Increase in Authorized capital

The Authorised Share Capital of the Company has been revised to Rs. 1706.640 Million after the merger.

Name Change

The Company has changed the name to Saint-Gobain India Limited to represent the multiple businesses of the merged entity.

OPERATIONS

Flat Glass business:

Bhiwadi float was commissioned in March 2014 and the start-up has been good.

Steep increases in raw material and energy costs, a depreciating currency and continued imports of glass at very low prices from Middle East and Pakistan led to an erosion of margins in the float glass business.

The company is awaiting necessary orders from the Government in respect of an application for Antidumping duty on import of glass.

The Sekurit business was impacted by negative growth in the auto sector.

Outlook for the next year is expected to improve with the new Government taking decisive steps to improve demand and investment.

Construction Business:

During the year, the Construction business saw several challenges including stiff competition from low priced imports, higher energy cost and a volatile currency. However, the Company managed to achieve some improvement in the margins through continued focus on improving efficiencies, productivity improvements, cost reduction initiatives in various operational and other areas and product mix and price management.

The outlook for construction business is expected to improve with continued efforts in developing/penetrating new market segment and the new Governments efforts to improve the investment climate in India.

Investment in Saint-Gobain Research India Private Limited.

The transversal Research and Development Center set up by Saint-Gobain has commenced its activities. During the year, the Company invested Rs. 49.34 Million in the equity capital of Saint-Gobain Research India Private Limited.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10169226	22/06/2009	250,000,000.00	Corporation Bank	Mumbai - IFB, Bharath House, Ground Floor, 104 Bombay Samachar Marg, Mumbai - 400001, Maharashtra, INDIA	A66925926
2	10086613	07/02/2008	450,000,000.00	Standard Chartered Bank	1, Aldermanbury Square, London, - EC2V75B, UNITED KINGDOM	A31955982
3	10018974	28/09/2007 *	1,014,201,233.00	BNP PARIBAS	20, COLLYER QUAY #01-01, TUNG CENTRE, SINGAPORE, - 049319, SINGAPORE	A26005900
4	90048540	27/06/2001	103,000,000.00	STATE BANK OF HYDERABAD	SURYAKIRAN BUILDING, KGM, NEW DELHI, Delhi - 110049, INDIA	-
5	90059972	15/12/1990	3,000,000.00	STATE BANK OF HYDERABAD	K. G. MARG, NEW DELHI, Delhi, INDIA	-
6	90059959	23/11/1990	50,000.00	GOVERNOR OF HARYANA	HARYANA, HARYANA, Haryana, INDIA	-
7	90059640	29/04/1992 *	5,000,000.00	STATE BANK OF HYDERABAD	SURYA KIRAN BUILDING, KASTURBA GANDHI MARG, NEW DELHI, Delhi - 110001, INDIA	-
8	90059585	24/06/1991 *	15,000,000.00	STATE BANK OF HYDERABAD	SURYA KIRAN BUILDING, 19; K. G. MARG, NEW DELHI, Delhi - 110001, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loans and advances from others	4954.700	4382.660
Other loans and advances	36.640	0.000
SHORT TERM BORROWINGS
Term loans from banks	1399.420	1523.730
Total	6390.760	5906.390

FIXED ASSETS

Buildings
Plant and Machinery
Furniture and Fixtures
Office Equipments
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 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.63.57
UK Pound	1	Rs.99.20
Euro	1	Rs.70.35

INFORMATION DETAILS

Information Gathered by :	KMN

Analysis Done by :	DIV

Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		63

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.

MIRA INFORM REPORT

0.82

2.83

Unit