MIRA INFORM REPORT

Report No. :	516627
Report Date :	26.06.2018

IDENTIFICATION DETAILS

Name :	GRINDWELL NORTON LIMITED
Registered Office :	5^th Level, Leela Business Park, Andheri-Kurla Road, Marol, Andheri (East), Mumbai – 400059, Maharashtra
Tel. No.:	91-22-40212121
Country :	India
Financials (as on) :	31.03.2018
Date of Incorporation :	31.07.1950
CIN No.: [Company Identification No.]	L26593MH1950PLC008163
Capital Investment / Paid-up Capital :	INR 553.600 Million
IEC No.: [Import-Export Code No.]	0388115602
PAN No.: [Permanent Account No.]	AAACG8725B
GSTN : [Goods & Service Tax Registration No.]	27AAACG8725B1ZU
TIN No.:	29210058242 27670300134
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufactures and sells abrasives, ceramics and plastic products. (Registered Activity)
No. of Employees (As on 31.03.2017)	1850 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A++

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default

Maximum Credit Limit :	USD 2810000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Grindwell Norton Limited is a manufacturer of abrasives (Bonded, Coated, Non-Woven, Super abrasives and Thin Wheels), Silicon Carbide and high Performance Refractories and Performance Plastics products, the company was incorporated in the year 1950 and is based in Mumbai. It is an established company having excellent track record. For the financial year 2018, the company has marginal decreased in its revenue from operations as compared to previous year and maintained decent profit margin of 10.36%. The rating takes into consideration strong financial risk profile of the company marked by healthy networth base and debt free balance sheet and fair liquidity position. Further, rating also derives strength from its established track records of business operations and improvement in the revenue as well as profitability profile during the year. Share price are quoted high on stock exchange (Share Price of INR 507.00 with face value of INR 05). Trade relations are reported as fair. Payments are seems to be regular. In view of established market position, 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.

ECGC Country Risk Classification List

Country Name	Previous Rating (31.12.2017)	Current Rating (01.04.2018)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 26.06.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

Management non cooperative (91-22-40212121)

LOCATIONS

Registered Office :	5^th Level, Leela Business Park, Andheri-Kurla Road, Marol, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-40212121
Fax No.:	91-22-40212102
E-Mail :	sharecmpt.gno@saint-gobain.com
Website :	www.grindwellnorton.com
Factory :	· Devanahali Road, Off Old Madras Road, Bangalore - 560 049, Karnataka, India · Survey No 54/1/1, 55/2, 56 and 57 Village: Get Muvala, Taluka - Halol, Panchmahal- 389 350, Gujarat, India · Village Bated, Haripur Road, Barotwala, District Solan - 174 103, Himachal Pradesh, India · Mora - NAD- Karanja, Uran, District Raigad, Navi Mumbai - 400 704, Maharashtra, India · G/51, Butibori Industrial Area (MIDC), Village - Tembhari, Wardha Road, Nagpur - 441 122, Maharashtra, India · Cuddappah Road, Renigunta, Tirupati - 517 520, Andhra Pradesh, India
Branches	No. 1609, Shapath-V, 16th Floor, Opposite Karnavati Club, Satellite, Sarkhej - Gandhinagar Highway, Ahmedabad -380 015, Gujarat, India Sai Complex, 4th floor, 114, M G Road, Bangalore - 560 001, Karnataka, India No. 8, Ground Floor, 44th street, Ashok Nagar, Chennai - 600 083, Tamilnadu, India No 10, Lakeview Road, Jamshedpur - 831 001, Jharkhand, India 23, Ganesh Chandra Avenue, Kolkata - 700 013, West Bengal, India Shop No 1-4, Amar Singh Place, Opposite E P F Building, Sham Nagar, Ludhiana - 141 001, Punjab, India A-80, First Floor, Sector-2, District-Gautam Budh Nagar, Noida-201301, Uttar Pradesh, India Shivsagar Co-Operative Housing Society, 161 -A , Modi Baug, Ganesh Khind Road, Pune - 411 016, Maharashtra, India 31, Lepakshi Colony, 2nd Floor, Oppositre West Marredpally Police Station, West Marredlpally, Secunderabad - 500 026, Telangana, India A-203, Vardhaman Chambers, Plot No 84, Sector -17, Vashi, Navi Mumbai - 400 703, Maharashtra, India

DIRECTORS

AS ON 31.03.2018

Name :

Mr. Pradip Panalal Shah

Designation :

Chairman

Address :

72A, Embassy Apartments, 7th Floor, Napean Sea Road, Mumbai-400006, Maharashtra, India

Date of Appointment :

06.03.2006

DIN No.:

00066242

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74999MH2015PTC262940	MEB-INDASIA CORPORATE ADVISORS PRIVATE LIMITED	24/03/2015	-
U40300GJ2012PTC072458	HELIOS GREENTECH PRIVATE LIMITED	26/10/2012	-
U74990MH2010PTC206204	UNIVERSAL TRUSTEES PRIVATE LIMITED	28/07/2011	-
U74900MH2010PTC201683	PANGEA ECONETASSETS PRIVATE LIMITED	05/04/2010	-
U51900MH1999PTC121703	AMBIT HOLDINGS PRIVATE LIMITED	28/08/2014	-
U65923MH1997PTC109992	AMBIT PRIVATE LIMITED	30/08/2016	-
L72200MH1994PLC082110	SONATA SOFTWARE LIMITED	14/07/1998	-
U74120MH1994PTC082219	INDASIA FUND ADVISORS PRIVATE LIMITED	20/10/1994	-
U51909MH1990PLC240460	KANCOR INGREDIENTS LIMITED	25/09/2015	-
L67200MH1937PLC002622	TATA INVESTMENT CORPORATION LIMITED	08/07/2009	-
L29120MH1960PLC011635	K S B PUMPS LIMITED	07/04/2011	-
L24231MH1950PLC008311	PFIZER LIMITED	07/12/1999	-
U28993MH1932PLC001828	GODREJ AND BOYCE MANUFACTURING COMPANY LIMITED	10/08/2004	-
L33112MH1943FLC003972	BASF INDIA LIMITED	31/01/2000	-
L24202MH1920PLC000825	KANSAI NEROLAC PAINTS LIMITED	30/01/2007	-

Name :

Mr. Anand Yashavant Mahajan

Designation :

Managing Director

Address :

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

Date of Birth/Age :

03.01.1953

Qualification :

M.A. (Economics), MBA (USA)

Experience :

40 Years

Date of Appointment :

06.12.1988

DIN No.:

00066320

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U31909TN1995PLC102005	SAINT-GOBAIN CRYSTALS & DETECTORS INDIA LIMITED	30/04/1999	-
U29256TN2005PLC095876	SAINT-GOBAIN SEVA ENGINEERING INDIA LIMITED	18/04/2005	-
U26922TN2000PTC102120	SEPR REFRACTORIES INDIA PRIVATE LIMITED	08/04/2002	-
L99999MH1962PLC012451	UNICHEM LABORATORIES LIMITED	17/10/2005	-
L26101MH1973PLC018367	SAINT-GOBAIN SEKURIT INDIA LIMITED	09/06/1995	-
U45200MH1978PTC020141	FIROZE ESTATES PRIVATE LIMITED	27/09/2010	-
U28930TN1962PTC004872	L.M.VAN MOPPES DIAMOND TOOLS INDIA PRIVATE LIMITED	27/08/1999	-
U26109TN1997PTC037875	SAINT-GOBAIN INDIA PRIVATE LIMITED	01/04/2014	-
U67120MH1999PTC167800	BPB HOLDINGS INDIA PRIVATE LIMITED	28/02/2006	-
U73100TN2012PTC087371	SAINT-GOBAIN RESEARCH INDIA PRIVATE LIMITED	27/08/2012	-
U45400MH2004PLC146280	SAINT-GOBAIN WEBER (INDIA) LIMITED	17/01/2005	-
U91990MH2005NPL157644	SAINT GOBAIN INDIA FOUNDATION	29/11/2005	-

Name :

Mr. Shivanand Vassudev Salgaocar

Designation :

Director

Address :

Hira Vihar, Airport Road, Chicalim-403711, Goa, India

Date of Appointment :

06.03.2006

DIN No.:

00001402

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U35111GA1965PTC000048	V.M.SALGAOCAR AND BROTHER PRIVATE LIMITED	29/07/1978	-
U70101GA1992PTC001238	NEW ISLAND REAL ESTATE AND CONSTRUCTION PRIVATE LIMITED	28/05/1992	-
U13100KA2004PTC035223	TUMKUR MINERALS PRIVATE LIMITED	13/12/2004	-
U70101GA2008PTC005575	ADISHAKTI REAL ESTATE PRIVATE LIMITED	07/02/2008	-
U70101GA2008PTC005580	VARDHAMAN REAL ESTATE PRIVATE LIMITED	07/02/2008	-
U70101GA2008PTC005576	DEVI SHARVANI REAL ESTATE PRIVATE LIMITED	07/02/2008	-
U70101GA2008PTC005577	VIDYAVILAS PLANTATIONS PRIVATE LIMITED	07/02/2008	-
U70101GA2008PTC005579	SHANTADURGA REAL ESTATE PRIVATE LIMITED	07/02/2008	-
U70101GA2008PTC005583	SRIDEVI REAL ESTATE PRIVATE LIMITED	08/02/2008	-
U70101GA2008PTC005578	NANDAN REAL ESTATE PRIVATE LIMITED	07/02/2008	-
U70101GA2008PTC005573	CHITRABHANU REAL ESTATE PRIVATE LIMITED	07/02/2008	-
U01403GA2008PTC005574	RAVIVILAS PLANTATIONS PRIVATE LIMITED	07/02/2008	-
U01111GA2008PTC005584	LAXMIVILAS PLANTATIONS PRIVATE LIMITED	08/02/2008	-
U01100GA2008PTC005581	DEVIVILAS PLANTATIONS PRIVATE LIMITED	07/02/2008	-
U70200GA2008PTC005648	GANADEV REAL ESTATE PRIVATE LIMITED	08/03/2008	-
U70200GA2008PTC005647	SUDHANVA REAL ESTATE PRIVATE LIMITED	08/03/2008	-
U70200GA2008PTC005646	GANADISH REAL ESTATE PRIVATE LIMITED	07/03/2008	-
U70200GA2008PTC005645	VARADA REAL ESTATE PRIVATE LIMITED	07/03/2008	-
U01403GA2008PTC005654	NANDINI PLANTATIONS PRIVATE LIMITED	08/03/2008	-
U01403GA2008PTC005661	ATUL PLANTATIONS PRIVATE LIMITED	17/03/2008	-
U70200GA2008PTC005665	SHATANANDA REAL ESTATE PRIVATE LIMITED	18/03/2008	-
U65993GA1992PTC001223	WINDERMERE INVESTMENTS PRIVATE LIMITED	09/04/1992	-
U92410GA2008NPL005904	SALGAOCAR SPORTS CLUB	08/09/2015	-
U24222GA1981PTC000468	SHINZAWA CHEMICALS PRIVATE LIMITED	16/04/1990	-
U70100MH2005PTC154620	SAFALTA PROPERTIES PRIVATE LIMITED	30/08/2006	-
U65921GA1994PTC001602	CARLYSLE FINANCE AND LEASING PRIVATE LIMITED	16/03/1999	-
U65993GA1992PTC001305	SHIVRANJANI SECURITIES COMPANY PRIVATE LIMITED	14/05/2001	-
U65993GA1994PTC001616	VASUKI FINANCE AND LEASING PRIVATE LIMITED	16/03/1999	-
U65923GA1993PTC001416	PYRAMID FINANCE PRIVATE LIMITED	24/08/1993	-
U70101GA1993PTC001484	VASSUDEV REAL ESTATE PRIVATE LIMITED	13/12/1993	-
U70101GA1988PTC000816	SALGAOCAR REAL ESTATES AND PROPERTIES PRIVATE LIMITED	16/04/1990	-
U65993GA1994PTC001604	ANGIRA FINANCE AND LEASING PRIVATE LIMITED.	16/03/1999	-
U27108GA1992PTC001259	SALGAOCAR IRON AND STEEL COMPANY PRIVATE LIMITED	17/05/2002	-
U70100GA1993PTC001485	KATYAYANI STRUCTURAL DESIGNS PRIVATE LIMITED	13/12/1993	-
U65993GA1992PTC001224	COSTA RICA INVESTMENTS PRIVATE LIMITED	09/04/1992	-
U65993GA1992PTC001222	SHARVANI INVESTMENTS PRIVATE LIMITED	09/04/1992	-
U65944MH1993PTC072891	CALAMA LEASING AND FINANCE PRIVATE LIMITED	06/05/1994	-
U45201GA1994PTC001510	PYRAMID DEVELOPERS PRIVATE LIMITED	19/01/1994	-
U27101GA1995PTC001823	PYRAMID METALLICS PRIVATE LIMITED	04/04/1995	-
U70101GA1999PTC002766	DHANISTHA REAL ESTATES PRIVATE LIMITED	15/11/1999	-
U70101GA1999PTC002767	REVATI REAL ESTATES PRIVATE LIMITED	15/11/1999	-
U70101GA1999PTC002780	SRINIDHI REAL ESTATES PRIVATE LIMITED	13/12/1999	-
U65993GA1992PTC001239	BHOOMINANDAN INVESTMENTS PRIVATE LIMITED	28/05/1992	-
U70101GA1999PTC002769	VEGA REAL ESTATES PRIVATE LIMITED	15/11/1999	-
U70101GA1990PTC001031	MAHADHAN REAL ESTATES PRIVATE LIMITED	06/03/1990	-
U70101GA1999PTC002760	GANAPAL REAL ESTATES PRIVATE LIMITED	09/11/1999	-
U65921GA1994PTC001597	GREAT LAKE FINANCE AND LEASING PRIVATE LIMITED	16/03/1999	-
U70101GA1999PTC002765	UTTARA REAL ESTATES PRIVATE LIMITED	15/11/1999	-
U29256GA1992PTC001269	SALGAOCAR INDUSTRIAL PROJECTS PRIVATE LIMITED	19/08/1992	-
U11201GA1982PTC000515	GOA MINERALS PRIVATE LIMITED	16/04/1990	-
U45201GA1991PTC001126	SALGAOCAR CONSTRUCTION COMPANY PRIVATE LIMITED	19/04/1991	-
U23109GA2004PTC003506	VIPULAM COKE COMPANY PRIVATE LIMITED	10/01/2018	-
U65993GA1994PTC001624	SAROYAN FINANCE AND LEASING PRIVATE LIMITED	16/03/1999	-
U70200GA1995PTC001801	GREENBACK REAL ESTATE PRIVATE LIMITED	16/03/1995	-

LLPIN/FLLPIN	LLP Name	Begin Date	End Date
AAA-6630	SHIVRANJANI FINANCIAL ADVISORS LLP	18/10/2011	-
AAB-2159	MAHADHAN REAL ESTATES LLP	15/11/2012	-
AAA-9200	PYRAMID DEVELOPERS LLP	15/05/2012	-
AAA-8801	SRINIDHI REAL ESTATES LLP	16/04/2012	-
AAB-2987	SALGAOCAR CONSTRUCTION COMPANY LLP	04/01/2013	-
AAB-2823	KATYAYANI STRUCTURAL DESIGNS LLP	26/12/2012	-
AAC-0390	REVATI REAL ESTATES LLP	29/01/2014	-
AAD-4352	SALGAOCAR REAL ESTATES AND PROPERTIES LLP	24/02/2015	-

Name :

Mr. Keki Manchersha Elavia

Designation :

Director

Address :

2A, Anand Bhavan, 36th Road, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Appointment :

26.07.2012

DIN No.:

00003940

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U28993MH1932PLC001828	GODREJ AND BOYCE MANUFACTURING COMPANY LIMITED	27/09/2012	-
L17120MH1879PLC000037	THE BOMBAY DYEING AND MANUFACTURING COMPANY LIMITED	10/08/2017	-
U63013DL2004PLC217305	GO AIRLINES (INDIA) LIMITED	12/09/2014	-
U70100MH2013PTC247696	WONDER CITY BUILDCON PRIVATE LIMITED	24/06/2014	-
U70102MH2013PTC242495	WONDER SPACE PROPERTIES PRIVATE LIMITED	28/06/2013	-
L63010MH2004PLC073508	ALLCARGO LOGISTICS LIMITED	29/09/2006	-
U65990MH1994PLC077090	TATA ASSET MANAGEMENT LIMITED	04/08/2014	-
L24100MH1960PLC011681	DAI-ICHI KARKARIA LIMITED	21/07/2011	-
U67190MH2007PTC168303	PHOENIX ARC PRIVATE LIMITED	05/06/2015	-
L23109GA1967PLC000076	GOA CARBON LIMITED	22/01/2001	-
L15412WB1918PLC002964	BRITANNIA INDUSTRIES LTD	07/08/2017	-
L24241MH1988PLC097781	GODREJ INDUSTRIES LIMITED	10/08/2013	-
U24239MH1992PTC069533	ZEST PHARMACEUTICALS PVT LTD	18/04/2006	-

Name :

Mr. Mikhil Malvinder Narang

Designation :

Director

Address :

Jer Manzil, 3rd Floor 17 Oliver Street, Colaba, Mumbai-400039, Maharashtra, India

Date of Birth

28.10.1978 (38 years)

Qualifications

Graduate Degree in Commerce from Mumbai University and MBA from INSEAD, France

Date of Appointment :

24.02.2010

DIN No.:

02970255

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U14200MH2002PTC217789	IMERYS PERFORMANCE AND FILTRATION MINERALS PRIVATE LIMITED	30/09/2011	-

Name :

Mr. Laurent Sylvain Alain Guillot

Designation :

Director

Address :

24, Rue Danjou, 75008, Paris 0000000, France

Date of Birth/Age :

05.09.1969

Qualification :

Graduate Degree in Engineering from Ecole Polytechnique and Ecole Nationale des Ponts et Chaussees and Master Degree in Macroeconomics from Universite Paris I.

Expertise in specific functional area :

Wide experience in various businesses of Saint-Gobain and Corporate Planning.

Date of Appointment :

02.02.2016

DIN No.:

07412302

Name :

Mr. Patrick Millot

Designation :

Nominee Director

Address :

10, Rue Francois Boulin Bailly 78870, France

Date of Birth/Age :

10.09.1963

Qualification :

Graduate Degree in Engineering.

Expertise in specific functional area :

Wide experience in various businesses of Saint-Gobain.

Date of Appointment :

06.03.2006

DIN No.:

00066275

Name :

Ms. Marie Armelle Chupin

Designation :

Nominee Director

Address :

29, Rue De Remusat Paris 75016, France

Date of Appointment :

06.03.2006

DIN No.:

00066499

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L26101MH1973PLC018367	SAINT-GOBAIN SEKURIT INDIA LIMITED	02/11/2017	-

Name :

Mr. Krishna Prasad

Designation :

Wholetime Director

Address :

301, B Wing, Sundevila, S.V.Road, Santacruz (West), Mumbai-400054, Maharashtra, India

Date of Birth/Age :

01.05.1962

Qualification :

B. Tech and Post Graduate Diploma from Indian Institute of Management, Bengaluru

Expertise in specific functional area :

Wide experience in various businesses of Saint-Gobain and Business Development

Date of Appointment :

23.05.2017

DIN No.:

00130438

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U31909TN1995PLC102005	SAINT-GOBAIN CRYSTALS & DETECTORS INDIA LIMITED	20/03/2015	-
U26945TN1985PLC095752	SAINT-GOBAIN GYPROC INDIA LIMITED	10/12/2013	-

KEY EXECUTIVES

Name :	Mr. Deepak Prabhakar Chindarkar
Designation :	Chief Financial Officer (KMP)
Address :	1403, 14^th Floor, Hurrah Building, City of Joy, JSD Road, Mulund West, Mumbai-400080, Maharashtra, India
Date of Appointment :	23.05.2014
PAN No:	AAFPC0259A
Name :	Mr. Krishnaswamy Visweswaran
Designation :	Company Secretary
Address :	103, Manorath Anand Niketan CHSL, Plot No. 54, Sector II, Charkop, Kandivali West, Mumbai-400067, Maharashtra, India
Date of Appointment :	07.06.2006
PAN No:	AAVPV0975E
Management Committee :	Deepak Prabhakar Chindarkar (Finance and IT) Krishna Prasad (Ceramics and Plastics) Samir Bou Obeid (Abrasives) Anupama Vaidya (HR)
Name :	Mr. D’Silva
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: MARCH 2018

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
(A) Promoter & Promoter Group	64613256	58.36
(B) Public	46106744	41.64
Grand Total	110720000	100.00

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
A1) Indian		0.00
Individuals/Hindu undivided Family	7485256	6.76
VERA ANAND MAHAJAN	1889115	1.71
KHURSHEED M NARANG	1703515	1.54
AAKIL ANAND MAHAJAN	897628	0.81
ASHAITA MAHAJAN	857028	0.77
ANAND YASHAVANT MAHAJAN	809904	0.73
DANESH M NARANG	669000	0.60
MIKHIL M NARANG	521066	0.47
MALVINDER C NARANG	138000	0.12
Any Other (specify)	300000	0.27
Saint-Gobain India Private Limited	300000	0.27
Sub Total A1	7785256	7.03
A2) Foreign		0.00
Any Other (specify)	56828000	51.33
Saint-Gobain Abrasives Inc	29635520	26.77
Spafi- Societe De Participations Financieres Et Industrielles	27192480	24.56
Sub Total A2	56828000	51.33
A=A1+A2	64613256	58.36

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

Category & Name of the Shareholders	No. of fully paid up equity shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions	0	0.00
Mutual Funds/	16042046	14.49
SBI MAGNUM BALANCED FUND	4845315	4.38
SUNDARAM MUTUAL FUND A/C SUNDARAM EMERGING SMALL CAP - SERIES I	3588052	3.24
HDFC TRUSTEE COMPANY LTD - A/C HDFC MID - CAP OPPORTUNITIES FUND	2620013	2.37
UTI BLUECHIP FLEXICAP FUND	2573155	2.32
L&T MUTUAL FUND TRUSTEE LIMITED - L&T EMERGING OPPORTUNITIES FUND - SERIES I	1845006	1.67
Foreign Portfolio Investors	4948166	4.47
GOLDMAN SACHS INDIA LIMITED	1692705	1.53
Financial Institutions/ Banks	12174	0.01
Sub Total B1	21002386	18.97
B2) Central Government/ State Government(s)/ President of India	0	0.00
B3) Non-Institutions	0	0.00
Individual share capital upto INR 0.200 Million	7568773	6.84
Individual share capital in excess of INR 0.200 Million	10188995	9.20
NINA G BHARUCHA	1764650	1.59
NBFCs registered with RBI	1700	0.00
Any Other (specify)	7344890	6.63
Non-Resident Indian (NRI)	825513	0.75
Trusts	1309913	1.18
IEPF	108501	0.10
HUF	1888506	1.71
Clearing Members	49612	0.04
Bodies Corporate	3162843	2.86
LLP	2	0.00
Sub Total B3	25104358	22.67
B=B1+B2+B3	46106744	41.64

BUSINESS DETAILS

Line of Business :

Manufactures and sells abrasives, ceramics and plastic products. (Registered Activity)

Products :

NIC Code No.	Product Description
23993	Abrasives

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees (As on 31.03.2017):

1850 (Approximately)

Bankers (As on 31.03.2017):

• HDFC Bank
• ICICI Bank
• Deutsche Bank

Auditors :
Name :	Price Waterhouse Chartered Accountants
Address:	Nesco IT Building III, 8^th Floor, Nesco IT Park, Nesco Complex, Gate No.3, Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-61198000
Fax No.:	91-22-61198799
Statutory Auditors (As on 31.03.2017):
Name :	Kalyaniwalla and Mistry Chartered Accountants
Address:	Kalpataru Heritage, 127, Mahatma Gandhi, Road, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-61587200
Fax No.:	91-22-22673964
Memberships :	Not Available
Collaborators :	Not Available
Holding Companies (As on 31.03.2017):	Compagnie de Saint-Gobain
Fellow Subsidiaries Companies (As on 31.03.2017):	Saint-Gobain Abrasives Inc; USA Societe Europeenne des Produits Refractaires, France Societe de Participations Financieres et Industrielles Saint-Gobain Isover GHAG, Germany ABC Superabrasives, USA Saint-Gobain ICASA S.A., Spain Certainteed Corporation, USA Saint-Gobain Industrial Ceramics Pty Limited L.M. Van Moppes Diamond Tools India Private. Limited Saint-Gobain Industrial Ceramics, UK Norton Abrasives Pty. Limited Saint-Gobain IndustrieKeramik Dusseldorf GmbH, Germany PT Saint-Gobain Norton Hamplas, Indonesia Saint-Gobain Materials Ceramicos Limiteda., Brazil PT Saint-Gobain Winter Diamas, Indonesia Saint-Gobain Materials Ceramicos, Venezuela PT Saint-Gobain Abrasives Indonesia Saint-Gobain Materiaux Ceramics, Belgium Placopatre SA, France Saint-Gobain PAM, France Point.P Development, France Saint-Gobain Performance Plastics, USA Saint-Gobain Ceramics and Plastics Inc., USA Saint-Gobain PPL Shanghai, China Saint-Gobain Abrasives, Poland Saint-Gobain PPL Korean Company, Limited, South Korea Saint-Gobain Ceramiques Informatique Et Organisation, France Saint-Gobain Produtos Industriais E Para Construcao Limited Saint-Gobain DSI Groupe Saint-Gobain Sekurit India Limited Saint-Gobain IndustrieKeramik Rodental GmbH, Germany Saint-Gobain Sekurit, Thailand Saint-Gobain Abrasifs, Dubai Saint-Gobain Sekurit, France Saint-Gobain Abrasifs, Morocco Saint-Gobain Tech Fab Hongfa (Changzhou) Limited Saint-Gobain Abrasifs, France Saint-Gobain Technical Fabrics, S.A. Saint-Gobain Abrasifs UAE Saint-Gobain Universal Superabrasives, Inc. Saint-Gobain Abrasive International Trading (Shanghai) Saint-Gobain Vibros S.A. Saint-Gobain Abrasives Pty. Limited, Australia SG Isover, France Saint-Gobain Abrasives (Pty) Limited, South Africa Saint-Gobain Advanced Ceramics (Shanghai) Company Limited Saint-Gobain Abrasives (Sea) Pte. Limited Saint-Gobain Materiaux Ceramiques Benelux SA Saint-Gobain Abrasives (Shanghai) Company Limited, Shanghai Saint-Gobain Performance Plastics - Bristol Saint-Gobain Abrasives (Suzhou) Company Limited Saint-Gobain Performance Plastics Corby, UK Saint-Gobain Abrasives BV., Netherlands Saint-Gobain Performance Plastics KK, Japan Saint-Gobain Abrasives GmbH (CORA) Saint-Gobain Performance Plastics, Les Macon, France Saint-Gobain Abrasives GmbH, Gerolzhofen., Germany Saint-Gobain Performance Plastics Pampus GmbH Saint-Gobain Abrasives International Trading (HK) Limited Saint-Gobain Performance Plastics Verneret, France Saint-Gobain Abrasives Inc, Worcester USA Saint-Gobain Performance Plastics, Chaineux, Belgium Saint-Gobain Abrasives, Korea Saint-Gobain Performance Plastics, Ireland Saint-Gobain Abrasives Limited -Stafford-UK Saint-Gobain Performance Plastics, Kontich, Belgium Saint-Gobain Abrasives Limited, New Zealand Saint-Gobain Performance Plastics, Rencol., UK Saint-Gobain Abrasives Limiteda., Brazil Saint-Gobain Performance Plastics, Taiwan Saint-Gobain Abrasives Limiteda., Portugal Saint-Gobain Performance Plastics, Gembloux, Belgium Saint-Gobain Abrasives Singapore (PTE) Limited Saint-Gobain Research India Limited Saint-Gobain HPM Polska Sp.zo.o, Poland Saint-Gobain Technical Fabrics (Changzhou) Company Limited Saint-Gobain Abrasives; Thailand Saint-Gobain Weber Netservices Saint-Gobain Abrasives, Indonesia Saint-Gobain Zipro Saint-Gobain Abrasives Netherlands B.V. Universal Superabrasives, USA Saint-Gobain Abrasivi S.P.A., Italy SAP Competence Center Verallia Saint-Gobain Abrasivos SA, Argentina Saint-Gobain Centre De Recherches Et Detudes, European Saint-Gobain Achats, France Saint-Gobain Construction Products, Belgium Saint-Gobain Adfors, France SG Distribution Nordic AB, Sweden Saint-Gobain Advanced Ceramics, Niagara Lapeyre, France Saint-Gobain Advanced Materials (M) SDN BHD Saint-Gobain Ceramics Inc, USA Saint-Gobain Advanced Materials (Taiwan) Company Limited Saint-Gobain India Foundation Saint-Gobain Building Distribution Deutschland GmbH, Germany Saint-Gobain Vietnam Limited Saint-Gobain Building Distribution, UK Saint-Gobain Corporation Saint-Gobain Ceramic Materials (Zhengzhou) Company Limited, China Saint-Gobain Tech Services-Central Europe Saint-Gobain Ceramic Materials,Inc, Canada Saint-Gobain Tech Services-France Saint-Gobain Ceramic Materials A/S, Norway Saint-Gobain Technology SC SG, Isover AB, Sweden Saint-Gobain Technology Services - UK Saint-Gobain Construction Products, SA Saint-Gobain Technology-NA Saint-Gobain Ceramics and Plastics,Brazil Saint-Gobain Glass France Saint-Gobain Diamantwerkzeuge GmbH and Company, Germany Dahl Sverige AB Saint-Gobain Distribution Denmark, Denmark Saint-Gobain Colombia S.A.S Saint-Gobain Do Brasil Produtos Ind. E Para Const Limiteda Saint-Gobain Inovatif Malzemeler Thai Gypsum Products Plc, Thailand Savoie Refractaires Saint-Gobain Gelva, BV Saint-Gobain Glass Egypt Saint-Gobain India Private Limited
Subsidiary Companies (As on 31.03.2017):	Saint-Gobain Ceramic Materials Bhutan Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital : NOT AVAILABLE

Issued, Subscribed & Paid-up Capital : INR 553.600 Million

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
112000000	Equity Shares	INR 5/- each	INR 560.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
110720000	Equity Shares	INR 5/- each	INR 553.600 Million

Shares held by Subsidiaries of Ultimate Holding Company (Compagnie de Saint-Gobain) are as below:

Name of Shareholder	Number of Shares	% holding
Saint-Gobain Abrasives Inc.	29635520	26.8%
Societe de Participations Financieres et Industrielles	27192480	24.5%
Saint-Gobain India Private Limited (formerly Saint-Gobain Glass India Limited)	300000	0.3%
Total	57128000	51.6%

c) Shares in the company held by each shareholder holding more than 5 percent shares specifying the number of shares held:

Name of Shareholders	31.03.2017
	No. of Shares held	% of Holding
SBI Mutual Fund	5539439	5.0%

Movement in Equity Share Capital:

Authorised Share Capital

Name of Shareholder	Number of Shares	Amount
As at April 1, 2015	56000000	280.000
As at March 31, 2016	56000000	280.000
Increased during the year	56000000	280.000
As at March 31, 2017	112000000	560.000

Issued and paid-up Share Capital

Name of Shareholder	Number of Shares	Amount
As at April 1, 2015	55360000	276.800
As at March 31, 2016	55360000	276.800
Increased during the year	55360000	276.800
As at March 31, 2017	110720000	553.600

Pursuant to the approval of the Shareholders through postal ballot and e-voting on July 7, 2016 the Company on July 22, 2016 issued and allotted 55360000 Ordinary Equity Shares of INR 5/- each as fully paid-up Bonus Shares in the proportion of 1 (One) Bonus Share of INR 5/- each for each Ordinary Equity Share of INR 5/- each held on the Record Date i.e. July 15, 2016. Consequent to the above the Earnings per share (Basic and Diluted) have been adjusted for all the periods presented.

(d) Rights and restrictions attached to the shares

Equity Shares: The Company has only one class of equity shares having a par value of INR 5/- each. Each shareholder is eligible for one vote per share held. The shareholders have rights in proportion to their shareholding for dividend as well as for assets in case of liquidation.

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2018	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	553.600	553.600	276.800
(b) Reserves & Surplus	9274.800	8325.619	6441.968
(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)	9828.400	8879.219	6718.768
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	259.500	279.454	205.618
(c) Other long term liabilities	15.600	19.824	77.269
(d) long-term provisions	200.000	172.813	104.824
Total Non-current Liabilities (3)	475.100	472.091	387.711
(4) Current Liabilities
(a) Short term borrowings	0.000	27.207	29.961
(b) Trade payables	1908.700	754.670	840.343
(c) Other current liabilities	762.800	1703.259	1583.350
(d) Short-term provisions	207.300	56.758	128.870
Total Current Liabilities (4)	2878.800	2541.894	2582.524
TOTAL	13182.300	11893.204	9689.003
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3152.700	3391.170	3138.553
(ii) Intangible Assets	10.000	23.142	24.639
(iii) Capital work-in-progress	234.300	55.599	130.161
(iv) Intangible assets under development	4.900	0.000	0.000
(b) Non-current Investments	1911.400	1658.370	604.916
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	118.600	32.671	242.965
(e) Other Non-current assets	132.700	119.107	0.000
Total Non-Current Assets	5564.600	5280.059	4141.234
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2634.700	2354.424	2349.122
(c) Trade receivables	1732.400	1234.180	1421.759
(d) Cash and cash equivalents	2696.400	2423.444	1206.338
(e) Short-term loans and advances	9.500	10.351	383.642
(f) Other current assets	544.700	590.746	186.908
Total Current Assets	7617.700	6613.145	5547.769
TOTAL	13182.300	11893.204	9689.003

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2018	31.03.2017	31.03.2016
	SALES
	Revenue from Operations	14053.800	12364.283	11584.511
	Other Income	290.100	329.436	228.402
	TOTAL	14343.900	12693.719	11812.913
Less	EXPENSES
	Cost of Materials Consumed	5310.300	4732.400	4431.625
	Purchases of Stock-in-Trade	1064.100	996.816	861.719
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	62.700	12.001	(140.961)
	Employees benefits expense	1742.600	1681.713	1505.376
	Power and Fuel	516.300	0.000	0.000
	Other expenses	2994.500	3134.003	3260.061
	TOTAL	11690.500	10556.933	9917.820
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	2653.400	2136.786	1895.093
Less	FINANCIAL EXPENSES	10.500	11.046	6.398
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2642.900	2125.740	1888.695
Less/ Add	DEPRECIATION/ AMORTISATION	421.800	398.292	361.952
	PROFIT/ (LOSS) BEFORE TAX	2221.100	1727.448	1526.743
Less	TAX	749.500	567.350	511.545
	PROFIT/ (LOSS) AFTER TAX	1471.600	1160.098	1015.198
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	3093.791	2000.000	1500.000
Less	Premeasurement of post-employment benefit obligation	NA	5.839	0.000
Less	APPROPRIATIONS
	Transfer to General Reserve	NA	60.468	82.095
	Proposed Dividend	NA	0.000	359.840
	Provision for Tax on Proposed Dividend	NA	0.000	73.263
	Total	NA	60.468	515.198
	Balance Carried to the B/S	NA	3093.791	2000.000
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	NA	1238.144	1307.211
	Freight on Exports	NA	9.847	8.655
	Commission	NA	3.997	1.968
	Export of Services	NA	671.358	504.409
	Other Income	NA	29.559	29.706
	TOTAL EARNINGS		1952.905	1851.949
	IMPORTS
	Raw Materials & Trading Goods	NA	3490.384	3251.409
	Stores & Spare Parts	NA	25.346	29.765
	Capital Goods	NA	52.721	30.505
	Others	NA	27.206	44.382
	TOTAL IMPORTS	NA	3595.657	3356.061
	Earnings / (Loss) Per Share (INR)	13.29	10.48	18.34

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2018	31.03.2017	31.03.2016
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	2088.458	1793.397
Net cash flows from operating activities	NA	1521.403	1312.377

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Average Collection Days (Sundry Debtors / Income * 365 Days)	44.99	36.43	44.80
Account Receivables Turnover (Income / Sundry Debtors)	8.11	10.02	8.15
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	109.29	48.08	57.95
Inventory Turnover (Operating Income / Inventories)	1.01	0.91	0.81
Asset Turnover (Operating Income / Net Fixed Assets)	0.78	0.62	0.58

LEVERAGE RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.22	0.21	0.27
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.29	0.29	0.38
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.35	0.39	0.49
Interest Coverage Ratio (PBIT / Financial Charges)	252.70	193.44	296.20

PROFITABILITY RATIOS

PARTICULARS		31.03.2018	31.03.2017	31.03.2016
Net Profit Margin ((PAT / Sales) * 100)	%	10.47	9.38	8.76
Return on Total Assets ((PAT / Total Assets) * 100)	%	11.16	9.75	10.48
Return on Investment (ROI) ((PAT / Networth) * 100)	%	14.97	13.07	15.11

SOLVENCY RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Current Ratio (Current Assets / Current Liabilities)	2.65	2.60	2.15
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.73	1.68	1.24
G-Score Ratio Financial (Networth / Total Assets)	0.75	0.75	0.69
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.05	0.11
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.65	2.60	2.15

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 5.00/-
Market Value	INR 507.00/-

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Share Capital	276.800	553.600	553.600
Reserves & Surplus	6441.968	8325.619	9274.800
Net worth	6718.768	8879.219	9828.400
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	29.961	27.207	0.000
Total borrowings	29.961	27.207	0.000
Debt/Equity ratio	0.004	0.003	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Sales	11584.511	12364.283	14053.800
		6.731	13.664

NET PROFIT MARGIN

Net Profit Margin	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Sales	11584.511	12364.283	14053.800
Profit/ (Loss)	1015.198	1160.098	1471.600
	8.76%	9.38%	10.47%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2018	31.03.2017
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	553.600	553.600
(b) Reserves & Surplus	9351.600	8376.589
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Minority Interest	123.800	112.370
Total Shareholders’ Funds (1) + (2)	10029.000	9042.559
(4) Non-Current Liabilities
(a) long-term borrowings	0.000	19.230
(b) Deferred tax liabilities (Net)	259.500	229.679
(c) Other long term liabilities	15.600	19.824
(d) long-term provisions	203.500	172.813
Total Non-current Liabilities (3)	478.600	441.546
(5) Current Liabilities
(a) Short term borrowings	0.400	58.371
(b) Trade payables	1948.000	751.470
(c) Other current liabilities	774.500	1748.273
(d) Short-term provisions	207.300	56.758
Total Current Liabilities (4)	2930.200	2614.872
TOTAL	13437.800	12098.977
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3407.100	3658.134
(ii) Intangible Assets	10.000	23.142
(iii) Capital work-in-progress	245.200	62.126
(iv) Intangible assets under development	0.000	0.000
(v) Goodwill Consolidation	4.900	0.000
(b) Non-current Investments	1708.000	1454.934
(c) Deferred tax assets (net)	46.300	0.000
(d) Long-term Loan and Advances	118.600	32.671
(e) Other Non-current assets	133.800	120.252
Total Non-Current Assets	5673.900	5351.259
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2718.900	2455.841
(c) Trade receivables	1770.900	1273.943
(d) Cash and cash equivalents	2722.200	2425.113
(e) Short-term loans and advances	9.500	10.351
(f) Other current assets	542.400	582.470
Total Current Assets	7763.900	6747.718
TOTAL	13437.800	12098.977

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2018	31.03.2017
	SALES
	Revenue from Operations	14309.700	12633.621
	Other Income	269.500	308.511
	TOTAL	14579.200	12942.132
Less	EXPENSES
	Cost of Materials Consumed	5104.500	4520.977
	Purchases of Stock-in-Trade	1064.100	996.816
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	66.800	16.647
	Employees benefits expense	1767.900	1702.109
	Power and Fuel	700.100	0.000
	Other expenses	3137.400	3465.921
	TOTAL	11840.800	10702.470
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	2738.400	2239.662
Less	FINANCIAL EXPENSES	15.300	20.054
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2723.100	2219.608
Less/ Add	DEPRECIATION/ AMORTISATION	448.400	422.454
	PROFIT/ (LOSS) BEFORE TAX	2274.700	1797.154
Less	TAX	765.900	588.258
	PROFIT FOR THE YEAR	1508.800	1208.896
	Earnings / (Loss) Per Share (INR)	13.52	10.92

LEGAL CASES

Case Details

Bench:-Bombay

Presentation Date:- 09/03/2017

Lodging No.:-

ITXAL/704/2017

Filing Date:-

09/03/2017

Reg. No.:-

ITXA/848/2017

Reg. Date:-

01/06/2017

Petitioner:-

THE COMMISSIONER OF INCOME TAX -9-

Respondent:-

M/S. GRINDWELL NORTON LTD

Petn.Adv.:-

TEJVEER SINGH MASTAN SINGH (I3678)

District

MUMBAI

Bench:

DIVISION

Status:-

Pre-Admission

Category:-

TAX APPEALS

Next Date :-

12/06/2017

Stage:-

Coram:

ACCORDING TO SITTING LIST

ACCORDING TO SITTING LIST

Act :-

Income Tax Act, 1961

Under Section:-

260A

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	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	--
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	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION (As on 31.03.2017)

Subject the Company is a limited Company incorporated on July 31, 1950 and domiciled in India. Its shares are publicly traded and has its registered office at 5th Level, Leela Business Park, Andheri Kurla Road, Marol, Andheri (East), Mumbai – 400059. The Company is one of the subsidiary of Compagnie de Saint-Gobain (“Saint-Gobain ”), a transnational group with its headquarters in Paris. The Company’s businesses are part of the High Performance Materials sector. In the Company, the businesses are divided into two major segments:

a. Abrasives

b. Ceramics and Plastics.

The financial statements of the Company for the year ended March 31, 2017 were authorised for issue in accordance with a resolution of the Board of Directors on May 23, 2017.

UNSECURED LOAN

(INR In Million)

Particulars	As on 31.03.2018	As on 31.03.2017
SHORT TERM BORROWING
Loan Repayable on Demand
From Deustche Bank	NA	27.207
Overdraft from Deustche Bank (At an interest rate of 9.15% per annum)	NA	0.000
Total	NA	27.207

INDEX OF CAHREGS:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	Y10328189	90225398	THE SECRETARY TO THE GOVERNMENT OF MAHARASHTRA	30/07/1968	-	-	49275.0	SACHIVALYABOMBAYMHIN
2	G02128650	90225893	Industrial Development Bank of India	03/03/1993	03/03/1993	21/04/2016	10000000.0	IDBI TOWERCuffe Parade, ColabaBOMBAYMH400005IN
3	C15606270	90223712	IFCI LIMITED	29/04/1981	-	24/07/2014	2500000.0	BANK OF BARODA BUILDINGS16; PARLIAMENT STREETNEW DELHIDLIN
4	C16360380	90223725	AMRICAN EXPRESS INTERNATIONAL BANKING	21/12/1981	-	23/07/2014	5200000.0	ORIENTAL BUILDINGS364; D.N. ROADBOMBAYMHIN
5	C16358806	90223729	AMRICAN EXPRESS	25/05/1982	-	23/07/2014	8000000.0	INTERNATIONAL BANKING BRANCHORIENTAL BUILDINGS; DR. D.N. ROADBOMBAYMHIN
6	C00239384	90225448	State Bank of India	28/03/1980	10/04/2000	10/03/2014	508100000.0	COMMERCIAL BRANCHVADYA MARGBOMBAYMHIN
7	B94358108	90223747	Citi Bank N.A.	04/04/1983	-	03/01/2014	12000000.0	239; DADABHAI NAORAJIBOMBAYMHIN
8	B93488435	90225452	Citi Bank N.A.	27/05/1980	-	03/01/2014	2200000.0	239; DR. D.N. ROADBOMBAYMHIN
9	B86796729	90226292	THE CENTRAL BANK OF INDIA LIMITED	10/04/2000	-	26/09/2013	100000000.0	JAHANGIR WADAI BUILDINGS51; M.G. ROADBOMBAYMHIN
10	B86798154	90225581	CENTRAL BANK OF INDIA	08/04/1987	29/09/1989	26/09/2013	24000000.0	M.G. ROADFORTBOMBAYMHIN

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2018	31.03.2017
Excise and Custom Duty demands / show cause notices pending with the appropriate authorities and disputed by the Company	NA	63.309
Sales Tax demands pending with the Commissionerate / High Court and disputed by the Company	NA	0.000
Claims against the Company under the Labour Laws for disputed cases	NA	10.149
Guarantees given by Banks, of which INR 74.873 Million (Previous year - INR 66.173 Million ) are counter guaranteed by the Company	NA	72.355
Guarantees given on behalf of Subsidiary against loan taken by Subsidiary	NA	73.457
Non-Agricultural Land Cess	NA	3.779
Other claims against the Company not acknowledged as debts	NA	17.933
19.186Demand raised by A.P Transco on increase in power cost, disputed by the Company and subjudice in Honourable Supreme Court	NA	322.237
Demand raised by A.P Transco on surplus units allocated, disputed by the Company and subjudice in High Court (Net)	NA	101.545
Demand raised by A.P Transco for fuel surcharge adjustment for Financial years 2008-09 and 2009-10 disputed by the Company and subjudice in Honourable Supreme Court	NA	26.400
Income tax liability on account of disputed disallowances	NA	16.532

FIXED ASSETS (As on 31.03.2017)

Tangible Assets

• Land - Freehold
• Land - Leasehold
• Buildings
• Leasehold Improvements
• Plant and Machinery
• Electrical Installations Equipment’s
• Laboratory Equipment’s
• Computers
• Furniture and Fixtures
• Office Equipment’s
• Vehicles

Intangible Assets

• Computer Software
• Goodwill
• Technical Know How
• Trade Marks
• Non-Compete Fees and Marketing Network

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 records 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	INR
US Dollar	1	INR 68.15
UK Pound	1	INR 90.27
Euro	1	INR 79.35

INFORMATION DETAILS

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

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.