MIRA INFORM REPORT

Report No. :	312701
Report Date :	16.03.2015

IDENTIFICATION DETAILS

Name :	HNG FLOAT GLASS LIMITED
Registered Office :	2 Red Cross Place, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.07.2006
Com. Reg. No.:	21-111182
Capital Investment / Paid-up Capital :	Rs. 3.079 Million
CIN No.: [Company Identification No.]	U26101WB2006PLC111182
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CALH03017A
PAN No.: [Permanent Account No.]	AABCH7942Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is primarily engaged in manufacture of float glass and other value added glass.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a flagship company of HNG Group and one of the largest group it covers 60% of market share of Indian market. The promoters are experience and reputed businessmen. It is having satisfactory track. But there appears some accumulated losses recorded by the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. In view of strong holdings 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 – 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

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB+
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation. It carry moderate credit risk.
Date	January 14, 2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3+
Rating Explanation	Moderate degree of safety regarding timely servicing of financial obligations
Date	January 14, 2015

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

Management non-cooperative (Tel No.: 91-33-22543100)

LOCATIONS

Registered/ Corporate Office :	2, Red Cross Place, Kolkata - 700001, West Bengal, India
Tel. No.:	91-33-22543100
Fax No.:	91-33-22543130
E-Mail :	kkothari@hngil.com hngkol@hngil.com ataparia@hngil.com adutta@hngfloat.com
Website :	www.hngfloat.com
Marketing Head Office / Exports/ Sales Office :	202, 2^nd Floor, Ackruti Centre Point, Central Road, MIDC, Andheri (East), Mumbai-400093, Maharashtra, India
Tel. No. :	91-22-42118800
Email :	nshirodkar@hngfloat.com bgandhi@hngfloat.com
Western Zone Marketing Office :	4^th Floor, Gunjan Tower, Gorwa Road, Vadodara – 390010, Gujarat, India
E-Mail :	pstaggar@hngfloat.com
Southern Zone Marketing Office :	S – 806, South Block, Manipal Center, Dickenson Road, Bangalore – 560042, Karnataka, India
Email :	vgupta@hngfoat.com
Northern and Eastern Zone Marketing Office :	3^rdFloor, Vishwa Sadan, District Center, Janak Puri – 110058, Delhi, India
Tel. No. :	91-11-45574933
Email :	SSrinivas@hngfoat.com
Factory:	GIDC Phase III, Champaner Road, Halol-389351, District Panchmahal, Gujarat, India
Tel. No.:	91-2676-226400
Fax No.:	91-2676-226401
E-Mail :	afmaster@hngfloat.com

DIRECTORS

AS ON 10.09.2014

Name :

Sanjay Somany

Designation :

Chairman-cum-Managing Director

Address :

W-27, Greater Kailash Part – II, New Delhi – 110048, India

Date of Birth/Age :

28.07.1958

Date of Appointment :

29.07.2006

DIN No.:

00124538

Voter ID No.:

AIYPS6271P

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	U30007WB1989PLC047910	HASOW AUTOMATION LIMITED	Director	25/02/1991	25/02/1991	-	Amalgamated	NO
2	L26109WB1946PLC013294	HINDUSTHAN NATIONAL GLASS & INDUSTRIES LIMITED	Managing director	01/04/2013	27/03/1993	-	Active	NO
3	U74140WB1992PLC054901	NIKET ADVISORY & TRADING COMPANY LIMITED	Director	02/04/1994	02/04/1994	-	Converted to LLP	NO
4	L01131WB1985PLC039054	TOPAZ COMMERCE LTD	Director	10/07/1998	10/07/1998	-	Amalgamated	NO
5	U51109WB1995PTC068911	SPOTME TRACON PVT LTD	Director	18/12/1999	18/12/1999	-	Active	NO
6	U36900WB1970PLC065595	GLASS EQUIPMENT (INDIA) LTD	Director	01/10/2000	01/10/2000	-	Active	NO
7	U70101WB1991PTC051664	NOBLE ENCLAVE & TOWERS PVT LTD	Director	17/10/2000	17/10/2000	-	Amalgamated	NO
8	L65993WB1981PLC034252	SPOTLIGHT VANIJYA LTD	Director	25/10/2000	25/10/2000	-	Active	NO
9	U25209WB2001PLC111449	SOMANY FOAM LIMITED	Director	30/08/2001	30/08/2001	17/05/2014	Active	NO
10	U51909WB1994PTC064538	MICROWAVE MERCHANTS PVT.LTD.	Director	15/10/2003	15/10/2003	-	Amalgamated	NO
11	U51109WB1996PTC079055	KHAZANA MARKETING PVT LTD	Director	22/11/2004	22/11/2004	-	Active	NO
12	U51909WB1996PTC077149	AMAZON SALES PVT LTD	Director	22/08/2005	22/08/2005	-	Amalgamated	NO
13	U26101WB2006PLC111182	HNG FLOAT GLASS LIMITED.	Director	29/07/2006	29/07/2006	-	Active	NO
14	U51909WB1996PTC078731	DHANANJAY TRADELINK PVT LTD	Director	15/09/2006	15/09/2006	-	Amalgamated	NO
15	U26100DL1970NPL005313	ALL INDIA GLASS MFRS'. FEDERATION.	Director	21/09/2007	21/09/2007	-	Active	NO
16	U29290WB1973PLC164597	AMCL Machinery Limited	Director	19/05/2009	10/03/2008	-	Active	NO
17	U29192WB1981PTC033808	KESHAV ENGINEERING CO PRIVATE LIMITED	Director	24/03/2008	24/03/2008	-	Amalgamated	NO
18	U51909WB1991PTC053568	EXIM SCRIPS SERVICES PVT. LTD.	Director	02/04/2008	02/04/2008	-	Amalgamated	NO
19	U26941WB2008PLC126398	HNG CEMENT LIMITED	Director	04/06/2008	04/06/2008	-	Active	NO
20	U40101WB2008PLC128922	HNG POWER LIMITED	Director	29/08/2008	29/08/2008	-	Active	NO
21	U51109WB1992PTC054375	BRABOURNE COMMERCE PVT LTD	Director	27/02/2009	27/02/2009	-	Active	NO
22	U52190WB1994PTC062654	ABHASHREE MERCHANTTS PVT LTD	Additional director	30/06/2009	30/06/2009	-	Amalgamated	NO
23	U51109WB2006PTC108707	GALAXY VINIMAY PVT LTD	Director	30/09/2010	19/09/2009	-	Amalgamated	NO
24	U74900WB2010PLC152232	MOULD EQUIPMENT LIMITED	Director	13/08/2010	13/08/2010	-	Active	NO
25	U74994WB2010PLC152582	OMCO HNG ENGINEERING LIMITED	Director	26/08/2010	26/08/2010	-	Under Process of Striking off	NO
26	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	24/12/2010	24/12/2010	20/12/2013	Active	NO
27	AAB-2873	NIKET ADVISORY & TRADING COMPANY LLP	Designated Partner	28/12/2012	28/12/2012	-	Active	NO

Name :

Mukul Somany

Designation :

Director

Address :

2 Ironside Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

15.10.1965

Date of Appointment :

29.07.2006

DIN No.:

00124625

Voter ID No.:

AIYPS6267P

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	U36900WB1970PLC065595	GLASS EQUIPMENT (INDIA) LTD	Director	06/12/1991	06/12/1991	-	Active	NO
2	L26109WB1946PLC013294	HINDUSTHAN NATIONAL GLASS & INDUSTRIES LIMITED	Managing director	01/04/2013	23/07/1992	-	Active	NO
3	U51909WB1994PLC061379	HNG INTERNATIONAL LTD.	Director	07/01/1994	07/01/1994	-	Amalgamated	NO
4	U74140WB1992PLC054901	NIKET ADVISORY & TRADING COMPANY LIMITED	Director	02/04/1994	02/04/1994	-	Converted to LLP	NO
5	U51909WB1971PTC027946	CANS & CLOSURES PRIVATE LIMITED	Director	30/12/1995	30/12/1995	01/12/2008	Active	NO
6	L01131WB1985PLC039054	TOPAZ COMMERCE LTD	Director	10/07/1998	10/07/1998	-	Amalgamated	NO
7	U51909WB1993PTC060882	RUNGAMATTEE TREXIM PVT LTD	Director	18/12/1999	18/12/1999	-	Active	NO
8	U70101WB1991PTC051664	NOBLE ENCLAVE & TOWERS PVT LTD	Director	17/10/2000	17/10/2000	-	Amalgamated	NO
9	L65993WB1981PLC034252	SPOTLIGHT VANIJYA LTD	Director	25/10/2000	25/10/2000	-	Active	NO
10	U25209WB2001PLC111449	SOMANY FOAM LIMITED	Director	30/08/2001	30/08/2001	17/05/2014	Active	NO
11	U51909WB1994PTC064538	MICROWAVE MERCHANTS PVT.LTD.	Director	15/10/2003	15/10/2003	-	Amalgamated	NO
12	U70109WB1994PTC061767	SAURAV CONTRACTORS PVT LTD	Director	20/05/2004	20/05/2004	-	Active	NO
13	U51109WB1992PTC054899	WISDOM SALES PVT LTD	Director	09/08/2004	09/08/2004	-	Amalgamated	NO
14	U51909WB1996PTC077149	AMAZON SALES PVT LTD	Director	22/08/2005	22/08/2005	-	Amalgamated	NO
15	U26101WB2006PLC111182	HNG FLOAT GLASS LIMITED.	Director	29/07/2006	29/07/2006	-	Active	NO
16	U51909WB1996PTC078731	DHANANJAY TRADELINK PVT LTD	Director	15/09/2006	15/09/2006	-	Amalgamated	NO
17	U85300WB1929NPL006235	BENGAL ROWING CLUB	Director	25/09/2006	25/09/2006	30/07/2010	Active	NO
18	U26100DL1970NPL005313	ALL INDIA GLASS MFRS'. FEDERATION.	Director	21/09/2007	21/09/2007	-	Active	NO
19	U29290WB1973PLC164597	AMCL Machinery Limited	Director	19/05/2009	10/03/2008	-	Active	NO
20	U29192WB1981PTC033808	KESHAV ENGINEERING CO PRIVATE LIMITED	Director	24/03/2008	24/03/2008	-	Amalgamated	NO
21	U51909WB1991PTC053568	EXIM SCRIPS SERVICES PVT. LTD.	Director	02/04/2008	02/04/2008	-	Amalgamated	NO
22	U26941WB2008PLC126398	HNG CEMENT LIMITED	Director	04/06/2008	04/06/2008	-	Active	NO
23	U85300WB1926GAP005585	INDIAN CHAMBER OF COMMERCE CALCUTTA	Director	02/08/2014	30/06/2008	-	Active	NO
24	U40101WB2008PLC128922	HNG POWER LIMITED	Director	29/08/2008	29/08/2008	-	Active	NO
25	U51109WB1992PTC054375	BRABOURNE COMMERCE PVT LTD	Director	27/02/2009	27/02/2009	-	Active	NO
26	U52190WB1994PTC062654	ABHASHREE MERCHANTTS PVT LTD	Additional director	30/06/2009	30/06/2009	-	Amalgamated	NO
27	U51109WB2006PTC108707	GALAXY VINIMAY PVT LTD	Director	30/09/2010	19/09/2009	-	Amalgamated	NO
28	U67120WB1923PLC004707	THE CALCUTTA STOCK EXCHANGE LIMITED	Director	03/01/2011	19/11/2009	28/09/2013	Active	NO
29	U74900WB2010PLC152232	MOULD EQUIPMENT LIMITED	Director	13/08/2010	13/08/2010	-	Active	NO
30	U74994WB2010PLC152582	OMCO HNG ENGINEERING LIMITED	Director	26/08/2010	26/08/2010	-	Under Process of Striking off	NO
31	AAB-2873	NIKET ADVISORY & TRADING COMPANY LLP	Designated Partner	28/12/2012	28/12/2012	-	Active	NO

Name :

Teoman Yenigun

Designation :

Director

Address :

28/1 Kardelen, SK, Sveket Pasa, Mevkii, Beykoz, Istanbul, Turkey

Date of Birth/Age :

13.06.1952

Date of Appointment :

11.06.2013

PAN No.:

06506043

Name :

Ibrahim Babyigit

Designation :

Director

Address :

146H/10 Block-H, Tibas Sitesi, Acibadem, Mah, Uskudar, Istanbul, Turkey

Date of Birth/Age :

04.02.1959

Date of Appointment :

11.06.2013

PAN No.:

06506065

Name :

Gokhan Atikkan

Designation :

Director

Address :

Yenj Mahalle, T. Cam Lojmanlari, Karistiran, Turkey

Date of Birth/Age :

11.08.1963

Date of Appointment :

11.06.2013

DIN No.:

06506079

Name :

Atyac Saniye Mulugger

Designation :

Director

Address :

Oyak Sitesisok Oyak, Sitesi 39 Block (4)/9, Konaklar Mah Besiktas, Istanbul, Turkey

Date of Birth/Age :

06.11.1955

Date of Appointment :

12.03.2014

DIN No.:

06784653

Name :

Reha Akcakaya

Designation :

Director

Address :

Sevenleerstn 023 FP/1, 2258244470, Elysiumsite Sisancaktepe, Istanbul, Turkey

Date of Birth/Age :

03.05.1963

Date of Appointment :

12.03.2014

DIN No.:

06784648

Name :

Jagdish Prasad Kasera

Designation :

Director

Address :

HNG Industries Limited, P.O. Bahadurgarh, Jhajjar – 124507, Haryana, India

Date of Birth/Age :

17.08.1947

Date of Appointment :

11.06.2013

DIN No.:

00013299

Voter ID No.:

AFVPK4454N

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	U36900WB1970PLC065595	GLASS EQUIPMENT (INDIA) LTD	Director	25/06/1998	25/06/1998	-	Active	NO
2	U74899DL1994PLC058547	ACE GLASS CONTAINERS LIMITED	Director	08/01/2002	08/01/2002	-	Amalgamated	NO
3	U25209WB2001PLC111449	SOMANY FOAM LIMITED	Director	29/09/2007	22/03/2007	-	Active	NO
4	U29290WB1973PLC164597	AMCL Machinery Limited	Director	19/05/2009	10/03/2008	-	Active	NO
5	U26101WB2006PLC111182	HNG FLOAT GLASS LIMITED.	Director	11/06/2013	15/02/2013	-	Active	NO

KEY EXECUTIVES

Name :	Kailash Chandra Jain
Designation :	Manager
Address :	Flat No. 701, Cupress Wood, 16^th Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	05.04.1951
Date of Appointment :	07.11.2012
Voter ID No.:	ABPPJ0574J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 10.09.2014

Names of Shareholders	No. of Shares
Chandra Kumar Somany	620000
Sanjay Somany	1890000
Mukul Somany	2180000
Bharat Somany	510000
Amita Somany	540000
Sudha Somany	510000
Rashmi Somany	760000
Hindusthan National Glass and Industries Limited, India	45048005
Spotlight Vanijya Limited, India	79025000
Sanjay Somany HUF	500000
Mukul Somany HUF	500000
Brabourne Commerce Private Limited, India	9800000
Trakya Cam Sanayii A.S	153958005
Niket Advisory Trading Company LLP	250000
C.K. Somany (HUF)	500000
Somany Foam Limited	11325000
Total	307916010

AS ON 10.09.2014

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	50.00
Bodies corporate	47.24
Directors or relatives of Directors	2.76
Total	100.00

BUSINESS DETAILS

Line of Business :	The company is primarily engaged in manufacture of float glass and other value added glass.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	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 :

• Syndicate Bank, Large Corporate Branch, Lic Building, Illaco House, 1, Brabourne Road, Kolkata - 700001, West Bengal, India
• State Bank Of India, Corporate Accounts Group Branch ,2nd Floor, Relia Nce House,34 J.L.Nehru Road, Kolkata - 700071, West Bengal, India
• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West , Mumbai - 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loan from banks	526.586	858.586
Foreign currency term loan from banks	512.932	853.748
Term loan from others	330.304	420.355
Loan taken for fixed assets	0.590	2.817
SHORT TERM BORROWINGS
Rupee term loan from banks	112.383	612.070
Foreign currency term loan from banks	2.932	70.168
Working capital loan from banks	500.000	0.000
Total	1985.727	2187.744

Auditors :
Name :	S.R. Batliboi and Company LLP Chartered Accountants
Address :	22, Camac Street, Block C 3^rd Floor, Kolkata – 700016, West Bengal, India
PAN No.:	AALFS0506L
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Hindusthan National Glass and Industries Limited Spotlight Vanijya Limited Rungamattee Trexim Private Limited Khazana Marketing Private Limited Brabourne Commerce Private Limited Saurav Contractors Private Limited AMCL Machinery Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
330000000	Equity Shares	Rs. 10/- each	Rs. 3300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
307916010	Equity Shares	Rs. 10/- each	Rs. 3079.160 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	3079.160	2425.850	2425.850
(b) Reserves & Surplus	(894.776)	(1380.069)	(1208.255)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	380.000
Total Shareholders’ Funds (1) + (2)	2184.384	1045.781	1597.595
(3) Non-Current Liabilities
(a) long-term borrowings	1370.412	2135.506	2868.885
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	73.401	68.251	62.201
(d) long-term provisions	8.133	6.646	6.459
Total Non-current Liabilities (3)	1451.946	2210.403	2937.545
(4) Current Liabilities
(a) Short term borrowings	830.315	798.738	598.104
(b) Trade payables	592.830	868.232	409.312
(c) Other current liabilities	1271.862	1907.158	1066.663
(d) Short-term provisions	0.977	0.873	0.557
Total Current Liabilities (4)	2695.984	3575.001	2074.636
TOTAL	6332.314	6831.185	6609.776
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4782.856	4963.643	5085.176
(ii) Intangible Assets	0.154	0.999	2.950
(iii) Capital work-in-progress	51.066	33.759	15.291
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	129.547	132.233	117.269
(e) Other Non-current assets	5.798	8.587	10.167
Total Non-Current Assets	4969.421	5139.221	5230.853
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	711.504	977.322	672.105
(c) Trade receivables	557.086	601.888	515.657
(d) Cash and cash equivalents	54.596	69.956	102.050
(e) Short-term loans and advances	28.920	36.660	82.141
(f) Other current assets	10.787	6.138	6.970
Total Current Assets	1362.893	1691.964	1378.923
TOTAL	6332.314	6831.185	6609.776

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	4529.633	3784.848	3424.763
		Other Income	23.057	23.514	7.678
		TOTAL (A)	4552.690	3808.362	3432.441
Less	EXPENSES
		Cost of Materials Consumed	1306.038	1291.730	1186.350
		Purchases of Stock-in-Trade	1.185	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	223.725	(277.813)	(58.250)
		Employees benefits expense	138.311	143.526	132.490
		Other expenses	2520.846	2181.489	1895.897
		TOTAL (B)	4190.105	3338.932	3156.487
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		362.585	469.430	275.954
Less	FINANCIAL EXPENSES (D)		311.836	244.891	488.499
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		50.749	224.539	-212.545
Less/ Add	DEPRECIATION/ AMORTISATION (F)		412.146	396.353	352.253
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(361.397)	(171.814)	(564.798)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(361.397)	(171.814)	(564.798)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	362.777	99.818	58.925
	TOTAL EARNINGS		362.777	99.818	58.925
	IMPORTS
		Raw Materials	169.085	208.503	251.700
		Stores & Spares	15.895	24.094	22.160
		Capital Goods	14.300	23.246	27.128
	TOTAL IMPORTS		199.280	255.843	300.988
	Earnings / (Loss) Per Share (Rs.)		(1.22)	(0.71)	(0.23)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	(7.98)	(4.54)	(16.49)
Operating Profit Margin (PBDIT/Sales)	(%)	8.00	12.40	8.06
Return on Total Assets (PBT/Total Assets}	(%)	(5.75)	(2.53)	(8.56)
Return on Investment (ROI) (PBT/Networth)		(0.17)	(0.16)	(0.35)
Debt Equity Ratio (Total Debts/Networth)		1.01	2.81	2.17
Current Ratio (Current Asset/Current Liability)		0.51	0.47	0.66

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2425.850	2425.850	3079.160
Reserves & Surplus	(1208.255)	(1380.069)	(894.776)
Share Application money pending allotment	380.000	0.000	0.000
Net worth	1597.595	1045.781	2184.384
long-term borrowings	2868.885	2135.506	1370.412
Short term borrowings	598.104	798.738	830.315
Total borrowings	3466.989	2934.244	2200.727
Debt/Equity ratio	2.170	2.806	1.007

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	3424.763	3784.848	4529.633
		10.514	19.678

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	3424.763	3784.848	4529.633
Profit	(564.798)	(171.814)	(361.397)
	(16.49%)	(4.54%)	(7.98%)

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	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	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	Yes
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	10550481	27/01/2015	100,000,000.00	SYNDICATE BANK	LARGE CORPORATE BRANCH, LIC BUILDING, ILLACO HOUSE, 1, BRABOURNE ROAD, KOLKATA, West Bengal - 700001, INDIA	C44290450
2	10536396	03/12/2014	500,000,000.00	SYNDICATE BANK	LARGE CORPORATE BRANCH, LIC BUILDING, ILLACO HOUSE  , 1, BRABOURNE ROAD, KOLKATA, West Bengal - 700001, INDIA	C36840833
3	10521666	16/09/2014	750,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH ,2ND FLOOR, RELIA  NCE HOUSE,34 J.L.NEHRU ROAD, kolkata, West Bengal - 700071, INDIA	C22125595
4	10313993	28/03/2012 *	500,000,000.00	STATE BANK OF INDIA	CAG BRANCH, RELIANCE HOUSE, 2ND FLOOR, 34, JAWAHA  R LAL NEHRU ROAD, KOLKATA, West Bengal - 700071, INDIA	B36888121
5	10238517	22/07/2010	2,752,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	A94291960
6	10238520	22/07/2010	6,880,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	A94292240
7	10179735	02/11/2010 *	500,000,000.00	Punjab National Bank	7, Bhikaiji Cama Place, New Delhi, Delhi - 110066,  INDIA	B01978741
8	10161701	02/11/2010 *	500,000,000.00	BANK OF BARODA	4, INDIA EXCHANGE PLACE, KOLKATA, West Bengal - 700001, INDIA	B02045888
9	10147359	03/03/2014 *	1,590,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNT GROUP BRANCH, 2ND FLOOR, RELIAN  CE HOUSE, 34, JAWAHARLAL NEHRU RD, KOLKATA, West Bengal - 700071, INDIA	C00648246
10	10147355	25/02/2009	1,227,216,948.00	STATE BANK OF INDIA (CORPORATE ACCOUNTS GROUP BRAN  CH)	RELIANCE HOUSE, 2ND FLOOR, 34JAWAHARLAL NEHRU ROAD  , KOLKATA, West Bengal - 700071, INDIA	A57701849

* Date of charge modification

OPERATIONS:

In the face of adverse economic scenario, the company recorded an increased sales volume of 20%. In the current financial year sales and production were 2.12 Lacs MT and 1.99 Lacs MT respectively, as against 1.77 lacs MT and 1.95 Lacs MT in the immediate preceeding financial year. Export also increased from 6070 MT to 21048 MT and inventory held at year end reduced from 30,728 MT to 16,801 MT. However, increased operational expenses arising out of increased power and fuel cost resulted in lower margin for the company. The various reason that have contributed in the slowdown are stagnated demand, increase in raw material cost, coupled with intense competition. Though the company saved substantial electrical cost by purchasing power through Energy Exchanges but increase in fuel prices has severely affected the operating profit margin of the Company. Heavy import had an adverse impact on the supply from the Domestic manufacturers.

REVIEW

During the financial year, the Company’s gross turnover was Rs. 5044.718 Million as compared to Rs. 4239.557 Million in the previous year representing a growth of 19%.Operational Profit and Net Loss for the financial year 2013-14 stood at Rs 362.585 Million and Rs 361.397 Million respectively.

FUTURE OUTLOOK

The demand for Float Glass will continue to flourish and it is expected to increase by 12% during the current year as against a flattish demand of previous year. Further it is expected that anti-dumping will be implemented to the industry in the coming year. To ensure future growth , the Company is contemplating to infuse latest technologies to enhance its product range with assistance from its JVA partner. The Company will also give major thrust on cost effectiveness, rationalization of expenditure and improving operational efficiencies. The company will continue to export products to various countries in order to keep a balance between domestic supply and demand.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
Loans and advances from others	65.000	106.500
Other loans and advances	150.000	10.000
Total	215.000	116.500

FIXED ASSETS

• Land
• Buildings
• Plant and Equipments
• Furniture and Fittings
• Vehicles
• Office Equipments
• Computer

PRESS RELEASE

TURKISH GLASS MAKER CHECKS INTO HNG FLOAT GLASS ARM

Turkish Glass maker - Trakya Cam Snayii AS ― has bought 45% stake in Somany family promoted HNG Float Glass (HNGFL) through a joint venture agreement today.

According to the JV,  Hindustan National Glass and Industries (HNGIL) and promoter of HNGIL i.e. Somany family which promoted HNG Float glass will dilute its stake and  will become equal share holder at 45%. Currently, HNGIL and Somany Family holds around 47.4% and 40.2% stake and remaining 12% is held by IFC Washington. Post JV, Shareholding Company and the promoter of HNGFL will reduce from approx.87.6% to 45% and  Trakya Cam Snayii AS.  will become an equal shareholder by about 45% stake in HNGFL, for an undisclosed amount. 

IFC Washington will continue to hold 10% stake (about 10% of the increased paid up capital).

The share holding of HNGIL will stand diluted from present 47.4% to 15% stake in HNGFL. When contacted, HNGIL chairman C K Somany refused to comment on the value that was paid by the Turkish glass maker for this JV. 

HNGIL is one of the leading glass manufacturer with a total production capacity of  4300 tonnes per day, had promoted HNGFL in 2006. 

Trakya Cam Sanayii A.Ş., which was founded by Şişecam in 1978, is the leading company of the flat glass market in Turkey and the pioneer in the region. The company has reached the level of $751 million net sales with its 2.768 employees in FY 2011. In the past, Trakya Cam Sanayii A S  had taken a strategic step in 2009, with the decision to jointly develop its flat glass activities with Saint-Gobain, which is one of the biggest companies of the industry, in Egypt and Russia. 

HNGFL is engaged in the business of manufacturing float glass and related value added float glass products.

The company’s plant is located in Halol, Gujarat with current capacity of furnace is 600 tonnes per day.

HNG SAYS SAINT GOBAIN UNDERCUT PRODUCT PRICES; CCI SEES FAIR TRADE

HNG Float Glass, maker of toughened and insulated glasses for automobile and construction industry, had found competition too hot to handle soon after it started operations in 2010 due to a crowded marketplace and competition from market leader Saint Gobain.

Its predicament has been revealed during a detail investigation by Competition Commission of India (CCI).

While CCI hasn’t found truth in HNG Float’s allegations of “anti-competitive and abusive market strategies by the dominant player Saint Gobain Glass India”, the inquiry has brought into light the functioning of the float glass market.

HNG Float hasn’t been making losses but alleged that its revenues and profits were lower than they would have been in the absence of Saint Gobain’s “unreasonable pricing”.

HNG Float was set up with a plant at Halol in Gujarat in 2010 by listed entity, Hindusthan National Glass and Industries.

Shortly after starting production, HNG Float complained that Saint Gobain was allegedly charging unreasonably low prices in the clear float glass segment, bringing down the market prices by 13% from October 2010 to April 2011. “While prices started increasing after April 2011, in June 2011 they were still below the levels that prevailed in October 2010,” HNG said.

“While the variable cost has been increasing, the prices of clear float glass have been decreasing which is in contradiction to what one would expect,” it said.

HNG also complained of other steps to kill competition by Saint Gobain like resorting to bundled sales and arm-twisting of dealers, moves which allegedly helped the market leader gobble up competitor Sezal’s float glass assets in March 2011 after which its market share jumped from 25% to about 40% overnight.

CCI then in October 2011 asked its Director General to investigate the allegations, following which a report was filed this February.

When the DG’s report didn’t find substance in HNG Float’s allegations, the company claimed that the investigation wasn’t done in a comprehensive way and asked CCI to re-examine.

CCI has now come out with its final order, which, while agreeing with most of the findings, fundamentally differed from DG’s view that Saint Gobain was in a dominant position. “The trend of change in market shares indicate a competitive industry…the industry saw entry of three new firms, namely Gold Plus, HNG and Sezal in a very short span of time, which points to the ease of entry in the market,” CCI has said.

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. 62.82
UK Pound	1	Rs. 92.83
Euro	1	Rs. 66.17

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.