MIRA INFORM REPORT

Report No. :	348380
Report Date :	04.11.2015

IDENTIFICATION DETAILS

Name :	BOROSIL GLASS WORKS LIMITED
Registered Office :	44, Khanna Construction House, Dr. R G Thadani Marg, Worli, Mumbai – 400 018, Maharashtra
Tel. No.:	91-22-24930362
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	14.12.1962
Com. Reg. No.:	11-012538
Capital Investment / Paid-up Capital :	Rs.30.060 Million
CIN No.: [Company Identification No.]	L99999MH1962PLC012538
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMB00740F/ MUMB11821F
PAN No.: [Permanent Account No.]	AAACB5484G
Legal Form :	A Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges
Line of Business :	Manufacturer of Borosilicate Glassware for Scientific and Laboratory Purpose, Industrial Glassware, Consumer Glassware and also trading in consumer Glassware.
No. of Employees :	196 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (78)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject was incorporated in the year 1962 engaged in manufacturing laboratory glassware and microwavable kitchenware. The company offers laboratory glassware, instruments, disposable plastics, liquid handling systems and explosion proof lighting glassware. It caters to microbiology, biotechnology, photo printing, process systems and lighting. For the financial year ended 2015, company has reported 22.12% sales turnover growth as compared to previous sales turnover and it has maintained decent profitability margins at 20.35% during the year under a review. Rating takes into consideration well established track record of business operations marked by its extensive industry experience of promoters and diversified client base of the company. Rating also takes into account of its strong financial profile marked by its strong net worth base along with adequate debt protection indicates, low gearing ratio and favorable liquidity position. Trade relations are reported as fair. Payments are reported to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal 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.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DENIED

MANAGEMENT NON CO-OPERATIVE (91-22-67406300)

LOCATIONS

Registered Office :	44, Khanna Construction House, Dr. R G Thadani Marg, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-24930362
Fax No.:	91-22-24950561
E-Mail :	borosil@borosil.com
Website :	http://www.borosil.com
Head Office / International Division :	410, Kalindas Udyog Bhavan, Near Century bazaar, Prabhadevi, Mumbai – 400 025, Maharashtra, India
Tel. No.:	91-22-24320779 / 24309539 / 24303436
E-Mail :	eximbor@borosil.com
Corporate Office :	1101, Crescenzo, G Block, Opposite MCA Club, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India
Tel No.:	91-22-67406300
Fax No.:	91-22-67406514
Ahmedabad office:	214, Sakar V, B/H Natraj Cinema, Off Ashram Road, Ahmedabad – 390009, Gujarat, India
Factory 1 :	Marol-Maroshi Road, Off Military Road, Andheri, Mumbai 400 059, Maharashtra, India
Tel. No.:	91-22-2850 8990
Fax No.:	91-22-2850 6685
Factory 2 :	A1F, Industrial Complex, Marai Malai Nagar - 603 209, Tamilnadu, India
Zonal Sales Office :	· Western India Block No. 403/404, 4th Floor, Kalindas Udyog Bhavan,Near Century Bazar, Prabhadevi, Mumbai - 400025 Tel. No : 91-22-67406400/ 67406405 / 67406406 / 67406410 Fax. No. 91-22-67406444 Email : bsolabware@borosil.com · North India 19/90, Connaught Circus (Madras Hotel Block), New Delhi- 110001 Tel. No. :91-11-2336 2988 / 2334 3897/ 2374 2136 Fax No. :91-11-2374 6689 Email : delhi@borosil.com · Southern India No.22, Wheat Croft Road, Ist Floor, Nungambakkam, Chennai- 600 034 Tel. No :91-44-28226012/13 Fax No :91-44-28226014 Email : chennai@borosil.com · Eastern India Dabriwala House , 4th Floor, 10 Middleton Row, Kolkatta- 700071 Tel. No :91-33-2229 9166/2249 5574 Fax No :91-33-2226 2045 Email : calcutta@borosil.com/ pralay.guha@borosil.com · 1st floor, New No.20, Old No.9 Brahadammal Road, Nungambakkam, Chennai – 600 034, Tamilnadu, India
US Enquiries :	United Scientific Supplies, Incorporation , 3055 N. Oak Grove Avenue, Waukegan, IL 60087 Phone : 91-847-336 7556 Fax: : 91-847-336 7571 Email : rsoni@unitedsci.com

DIRECTORS

As on 31.03.2015

Name :	Mr. B. L. Kheruka
Designation :	Executive Chairman
Name :	Mr. P. K. Kheruka
Designation :	Vice Chairman and Managing Director
Name :	Mr S. Bagai
Designation :	Non-Executive Director
Date of Birth/Age :	07.03.1956
Experience :	Advocate with rich Experience
Date of Appointment :	29.06.2002
Name :	Mr. Naveen Kumar Kshatriya
Designation :	Non-Executive Director
Name :	Mr. V Ramaswami
Designation :	Whole Time Director
Name :	Mr. U K Mukhopadhyay
Designation :	Non-Executive Director
Name :	Mr. Shreevar Kheruka
Designation :	Managing Director and CEO
Name :	Dhanendra Kumar
Designation :	(Additional Director 10th May, 2014)
Name :	Anupa R. Sahney (Mrs.)
Designation :	Non-Executive Director

KEY EXECUTIVES

Name :	Rajesh Chaudhary
Designation :	Chief Financial Officer
Name :	Lovelina Faroz
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	312679	10.40
Bodies Corporate	374855	12.47
Any Others (Specify)	1433939	47.70
Limited Liability Partnership	1433939	47.70
Sub Total	2121473	70.57
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	108405	3.61
Sub Total	108405	3.61
Total shareholding of Promoter and Promoter Group (A)	2229878	74.18
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	550	0.02
Financial Institutions / Banks	362	0.01
Insurance Companies	100	0.00
Sub Total	1012	0.03
(2) Non-Institutions
Bodies Corporate	214836	7.15
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	441788	14.70
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	17212	0.57
Any Others (Specify)	101274	3.37
Clearing Members	9610	0.32
NRIs/Foreign Individuals	975	0.03
Non Resident Indians	90689	3.02
Sub Total	775110	25.79
Total Public shareholding (B)	776122	25.82
Total (A)+(B)	3006000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1)	0	0.00
(2)	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	3006000	100.00

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PROMOTER AND PROMOTER GROUP”

No.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Gujarat Fusion Glass LLP	14,28,956	47.54	47.54
2	Croton Trading Private Limited	2,50,798	8.34	8.34
3	Fennel Investment & Finance Private Limited	1,24,057	4.13	4.13
4	Bajrang Lal Kheruka	1,08,405	3.61	3.61
5	Pradeep Kumar Kheruka	1,08,405	3.61	3.61
6	Shreevar Kheruka	1,02,137	3.40	3.40
7	Kiran Kheruka	77,087	2.56	2.56
8	Rekha Kheruka	25,050	0.83	0.83
9	Sonargaon Properties LLP	4,983	0.17	0.17
	Total	22,29,878	74.18	74.18

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN 1% OF THE TOTAL NUMBER OF SHARES

No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Chotila Silica Private Limited	46513	1.55	1.55
2	Hindustan Composites Limited	135000	4.49	4.49
3	Prakash Kumar Pranlal Doshi	57947	1.93	1.93
	Total	239460	7.97	7.97

BUSINESS DETAILS

Line of Business :

Manufacturer of Borosilicate Glassware for Scientific and Laboratory Purpose, Industrial Glassware, Consumer Glassware and also trading in consumer Glassware.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO.
Laboratory and Industrial Glassware	7017
Table Kitchen Glassware	7013
Glass Rods and Tubes	7002

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

196 (Approximately)

Bankers :

• The Zoroastrian Co-operative Bank Limited
• Induslnd Bank Limited
• HDFC Bank Limited
• State Bank of India

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
Buyers Credit from a bank	21.726	0.000
Total	21.726	0.000

Note: Buyers’ credit from a bank is secured by way of lien on 11060600 units of JPMorgan India Active Bond Fund Institutional Growth and carries Interest @ EURIBOR plus 0.65% to 0.85%.

Auditors :
Name :	Chaturvedi and Shah Chartered Accountants
Memberships :	-
Collaborators :	-
Subsidiary Company :	Borosil Afrasia FZE
Associates :	Fennel Investment and Finance Private Limited Gujarat Borosil Limited Gujarat Fusion Glass Limited
Enterprises over which persons described in (c) & (d) above are able to exercise significant influence (Other Related Parties) with whom transactions have taken place:-	Vyline Glass Works Limited Sonargaon Properties LLP Croton Trading Private Limited Kheruka Charity Trust

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3006000	Equity Shares	Rs.10/- each	Rs.30.060 Million

NOTES:

Reconciliation of number of Equity Shares outstanding at the beginning and at the end of the year:

Particulars	AS ON 31.03.2015
	NO. OF SHARES	Rs. In Million
Shares outstanding at the beginning of the year	3,006,000	30.060
Less : Buy back and Extinguishment of Equity Shares
Shares outstanding at the end of the year	3,006,000	30.060

TERMS/RIGHTS ATTACHED TO EQUITY SHARES:

The Company has only one class of shares referred to as equity shares having a par value of Rs.10/- per share. Holders of equity shares are entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

DETAILS OF SHAREHOLDER HOLDING MORE THAN 5% OF EQUITY SHARE CAPITAL:

NAME OF SHAREHOLDERS	AS ON 31.03.2015
	NO. OF SHARES	% OF HOLDING
Gujarat Fusion Glass Limited	1492936	49.67
Croton Trading Limited	250798	8.34
Mavi Investment Fund Limited	*	*

* Holding is less than 5%.

957,928 (Previous Year 957,928) Equity shares were bought back and extinguished in the last five years.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	30.060	30.060	30.060
(b) Reserves & Surplus	6944.502	6543.377	6242.258
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	6974.562	6573.437	6272.318
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	6.859	0.000
(b) Deferred tax liabilities (Net)	129.314	33.912	13.280
(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)	129.314	40.771	13.280
(4) Current Liabilities
(a) Short term borrowings	21.726	0.000	17.882
(b) Trade payables	86.647	56.163	94.485
(c) Other current liabilities	169.751	156.761	125.297
(d) Short-term provisions	115.191	82.821	65.454
Total Current Liabilities (4)	393.315	295.745	303.118
TOTAL	7497.191	6909.953	6588.716
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1559.214	1717.664	790.697
(ii) Intangible Assets	5.128	9.616	12.771
(iii) Capital work-in-progress	56.096	60.414	141.487
(iv) Intangible assets under development	0.000	0.000	0.990
(b) Non-current Investments	2864.075	2637.533	1840.047
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	451.147	387.381	405.670
(e) Other Non-current assets	9.819	8.211	5.477
Total Non-Current Assets	4945.479	4820.819	3197.139
(2) Current assets
(a) Current investments	1583.986	1164.862	2250.865
(b) Inventories	362.389	303.648	299.595
(c) Trade receivables	316.331	291.021	286.598
(d) Cash and cash equivalents	53.293	49.823	75.074
(e) Short-term loans and advances	196.975	217.771	442.173
(f) Other current assets	38.738	62.009	37.272
Total Current Assets	2551.712	2089.134	3391.577
TOTAL	7497.191	6909.953	6588.716

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	1754.194	1559.500	1344.716
		Other Income	660.037	407.632	251.304
		TOTAL (A)	2414.231	1967.132	1596.020
Less	EXPENSES
		Cost of Material Consumed	0.000	0.000	11.210
		Purchases of Stock in Trade	1064.338	905.868	807.903
		Employee Benefits Expenses	202.445	174.183	146.624
		Other Expenses	464.791	388.137	418.084
		Exceptional Items	42.171	43.500	0.000
		Changes in Inventories of Work in Progress and Stock in Trade	(52.112)	(3.373)	(71.358)
		TOTAL (B)	1721.633	1508.315	1312.463
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		692.598	458.817	283.557
Less	FINANCIAL EXPENSES (D)		2.541	4.975	2.664
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		690.057	453.842	280.893
Less	DEPRECIATION/ AMORTISATION (F)		54.822	37.212	20.467
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		635.235	416.630	260.426
Less	TAX (H)		143.661	45.174	62.059
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		491.574	371.456	198.367
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6430.700	6169.600	6043.900
	APPROPRIATIONS
		Transfer to General Reserve	50.000	40.000	20.000
		Dividend on Equity Shares	75.100	60.100	45.100
		Tax on above Dividend	15.300	10.200	7.700
		Proposed Dividend & Tax thereon of earlier year written back	0.000	0.000	(0.100)
	BALANCE CARRIED TO THE B/S		6922.274	6430.700	6169.600
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	98.069	74.937	46.608
		Ocean Freight	4.781	3.795	0.000
		Others	1.671	1.115	0.000
	TOTAL EARNINGS		104.521	79.847	46.608
	IMPORTS
		Raw Materials	0.000	0.000	6.549
		Capital Goods	0.000	0.000	4.578
		Art Work	0.000	0.000	2.358
		Traded Goods	213.974	204.925	160.094
	TOTAL IMPORTS		213.974	204.925	173.579
	Earnings / (Loss) Per Share (Rs.)		163.53	123.57	64.81

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	110.025	1.714	--
Cash generated from operations	109.900	62.256	16.279
Net cash flows from operating activities	35.063	7.950	(14.701)

QUARTERLY RESULT

PARTICULARS	1 Quarter 30.06.2015
Unaudited
Net Sales	402.300
Total Expenditure	(387.500)
PBIDT (Excl OI)	NA
Other Income	179.500
Operating Profit	NA
Interest	(0.600)
Exceptional Items	NA
PBDT	193.700
Depreciation	(12.700)
Profit Before Tax	181.000
Tax	(35.300)
Provisions and contingencies	NA
Profit After Tax	145.700

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	28.02	23.82	14.75
Operating Profit Margin (PBIDT/Sales)	(%)	39.48	29.42	21.09
Return on Total Assets (PBT/Total Assets}	(%)	13.88	9.89	5.65
Return on Investment (ROI) (PBT/Networth)		0.09	0.06	0.04
Debt Equity Ratio (Total Debt /Networth)		0.02	0.00	0.00
Current Ratio (Current Asset/Current Liability)		6.49	7.06	11.19

STOCK PRICES

Face Value	Rs.10.00
Market Value	Rs.2371.00

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	30.060	30.060	30.060
Reserves & Surplus	6242.258	6543.377	6944.502
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	6272.318	6573.437	6974.562
long-term borrowings	0.000	6.859	0.000
Short term borrowings	17.882	0.000	21.726
Current Maturities of Long-Term Debts	0.000	1.714	110.025
Total borrowings	17.882	8.573	131.751
Debt/Equity ratio	0.003	0.001	0.019

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1344.716	1559.500	1754.194
		15.972	12.484

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1344.716	1559.500	1754.194
Profit	198.367	371.456	491.574
	14.75%	23.82%	28.02%

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	No
8	Designation of contact person	No
9	Promoter’s background	No
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	Yes
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
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	No
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%	No
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	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION

CASE DETAILS

BENCH: BOMBAY

LODGING NO.: NMAL/2628/2015 FILING DATE: 22.09.2015

REG. NO.: NMA/1630/2015 REG. DATE: 30.09.2015

Lodging No.: APPL/358/2015

PETITIONER : TATA MOTOR LIMITED	RESPONDENT : BOROSIL GLASS WORKS LIMITED, MUMBAI
PENT. ADV.: MDP AND PARTNER (0)	Resp. Adv.:- 0 (0)
DISTRICT: MUMBAI
BENCH: DIVISION
STATUS: PRE-ADMISSION	CATEGORY: NOTICE OF MOTION (APPEAL)
LAST DATE: 12.10.2015	STAGE: NOTICE OF MOTION FOR HEARING (ORIGINAL SIDE MATTERS)
LAST CORAM: ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST

Act: Arbitration and Conciliation Act 1996

PERFORMANCE:

The Company has generated a business profit of Rs. 677.500 Million, (including profit of Rs. 269.100 Million from sale of fixed assets – net of expenses) (before tax and exceptional items) during the year. Hence, its business profit for the year is Rs. 408.400 Million as compared to Rs. 460.100 Million (before tax and exceptional items) in the previous year.

During the course of the year, the Company’s operating profit grew from Rs. 134.300 Million to Rs. 178.000 Million.

The Company’s efforts for organic as well as inorganic expansion both in India and abroad continues.

The Company has invested its investible funds of around Rs. 4540.000 Million as on March 31, 2015 as compared to Rs, 4090.000 Million in the previous year in a mixture of Debt markets, Equity/Equity Linked Instruments, Bonds/Debentures, Convertible Preference Shares, Non-Convertible Redeemable Preference Shares, Real Estate, Opportunity based Funds, Real Estate Funds and Mutual Funds.

Exports

The overall exports of the Company during the year were Rs. 98.100 Million as compared to Rs. 74.900 Million during the previous year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

INDUSTRY STRUCTURE AND DEVELOPMENTS:

The Company has traditionally been engaged in the business of low expansion borosilicate glassware including a wide variety of scientific, industrial and pharmaceutical glass items sourced both from international and domestic markets. The Company in the previous year introduced HPLC vials and Liquid Handling Systems as additional product categories. There is a vast market for the said vials and Liquid Handling Systems and the Company is trying to carve a niche for itself.

The Consumer market has been depressed owing to a market disruption caused by the large e-commerce players. High discounts given by these companies have meant that customers are shopping from the comfort of their homes and spending less time in malls. Taking cognizance of this trend, the Company has listed its products in all the major e-tailors sites and has also started its own e-commerce site under www.myborosil.com. The long term effects of this disruption in sales channel is yet to be ascertained.

The entire Pharmaceutical industry, Research and Development, Education and Health segments of the market are major users of Scientific and Industrial Products, whereas Consumer ware items cater to the need of the household sector.

OUTLOOK

SCIENTIFIC AND INDUSTRIAL PRODUCTS:

The demand for traditional scientific ware from the industry especially pharmaceutical industry is expected to remain steady. This division will also be laying special emphasis on educational sector targeting top 200 schools in India for product promotions.

The vision of SIP Division would be fundamentally based on the following:

1. New product introduction

2. Steady growth in existing product range

3. Tap the world potential for lab glassware

The Company has expanded its exports to total 35 countries for the FY 2013-14. It expects to add 10 more countries to its list in the year 2015-16.

CONSUMERWARE PRODUCTS

There is a large market in consumer ware sector, which the Company would be looking to tap by adopting various products such as Soda Lime Tumblers.

In appliances, the Company plans to introduce Oven Toaster Griller (OTG) and other variants in Mixer Grinders.

The Company plans to introduce more variants of printed glass tumblers and Soda Lime bowls.

The Company is focusing on utility based products like serving tray in steel and glass and glass platters for dining table.

In Melamine range of products, the Company plans to introduce more designs and colored accessories like bowls, trays etc.

INVESTMENTS

While the investments in debt based instruments are likely to yield steady returns, the return from equity component is dependent on the stock market scenario.

UNSECURED LOAN

Unsecured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Deferred Payment Liability	0.000	6.859
Total	0.000	6.859

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015
Claims against the Company not acknowledged as debts Disputed Liabilities in Appeal
(No Cash outflow is expected in the near future)
Sales Tax	4.488
Income Tax	0.135
Others	0.568
Guarantees
Bank Guarantees	4.522
Others
Investments Pledged with a Bank against Credit facility availed by related parties	32.037
Letter of Credits- Foreign	10.484
Total	52.234

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10570704	02/05/2015	150,000,000.00	Indusind Bank Limited	2401 Gen Thimmayya Road, Contonment, Pune - 411001, Maharashtra, India	C54279245

FIXED ASSETS

• Land (freehold and leasehold)
• Buildings
• Plant, Machinery and Equipment
• Furniture, Fixture and Office Equipments
• Vehicles
• Intangible Assets

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE

MONTHS ENDED 30^TH JUNE 2015

Rs. In Million

Sr. No.	Particular	Quarter Ended
		30.06.2015
		Unaudited
1.	Net Sales/Income from Operations	401.700
	Other Operating Income	0.600
	Total Income From Operations (Net)	402.300
2.	Expenditure
	Purchase of stock in trade	204.700
	Employee benefits expenses	55.500
	Depreciation and amortization expenses	12.700
	Other expenses	105.600
	Changes in inventories of finished goods, work in progress and stock in trade	16.200
	Loss/provision (reversal) for diminution in the value of current investments	0.000
	Total Expenses	400.200
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	2.100
4.	Other Income	179.500
5.	Profit Before Interest and Exceptional Items (3+4)	181.600
6.	Interest	0.600
7.	Profit After Interest but before Exceptional Items (5-6)	181.000
8.	Exceptional Items	0.000
9.	Profit from Ordinary Activities before Tax (7+8)	181.000
10.	Tax Expense	35.300
11.	Net Profit from Ordinary Activities after Tax (9-10)	145.700
12.	Extraordinary Item (net of expense)	0.000
13.	Net Profit for the period (11-12)	145.700
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	30.100
15.	Reserves Excluding Revaluation Reserve	--
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualized	48.48
	a) Basic and diluted EPS before extraordinary items
	b) Basic and diluted EPS after extraordinary items	48.48
17.	Public Shareholding
	-Number of Shares	776122
	- Percentage of Shareholding	25.82
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	-
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	-
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	-
	b) Non Encumbered
	- Number of Shares	22299878
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100.00
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	74.18

Particulars	3 Months Ended 30.06.2015
Pending at the beginning of the quarter	Nil
Received during the quarter	Nil
Disposed of during the quarter	Nil
Remaining unresolved at the end of the quarter	Nil

REPORTING OF SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

Rs. In Million

Sl. No.	Particulars	3 Months Ended
		30.06.2015
		Unaudited
1	SEGMENT REVENUE
	Scientific Ware	211.800
	Consumer Ware	187.500
	Others	3.000
	TOTAL	402.300
	Less : Inter Segment Revenue (Net of Excise)	--
	NET SALES / INCOME FROM OPERATION	402.300
2	SEGMENT RESULTS
	Scientific Ware	49.500
	Consumer Ware	26.900
	Others	1.200
	TOTAL	77.600
	Less :Interest	0.600
	Less : Other Unallocable Expenses and Extra Ordinary Items	75.500
	Net of Unallocable Income	(179.500)
	NET PROFIT (+) / LOSS(-) BEFORE TAX	181.000
3	CAPITAL EMPLOYED
	Scientific Ware	266.500
	Consumer Ware	278.700
	Others	4.500
	Unallocated	6570.600
	TOTAL	7120.300

NOTE:

Segments have been identified and reported after taking into account the different risks and returns, the organization structure and the internal reporting systems. These are organized into the following:

Scientific ware: Comprising of items used in Laboratories and Scientific ware.

Consumer ware: Comprising of items for Domestic use.

Others: Comprising of items for industrial use, Miscellaneous Trading items and solar water heating system.

Unallocated: Consists of Income including income from Investments, expenses, assets and liabilities which cannot be directly identified to any of the above segments.

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.65.45
UK Pound	1	Rs.100.96
Euro	1	Rs.72.08

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	9
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		78

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.