MIRA INFORM REPORT

Report Date :

25.06.2011

IDENTIFICATION DETAILS

Name :	MURTI UDYOG LIMITED
Registered Office :	10133-36, Model Basti Industrial Area, Near Filmistan Cinema, New Delhi – 10005, Delhi
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	11.01.2008
Com. Reg. No.:	55-172581
Paid-up Capital :	Rs. 20.523 Millions
CIN No.: [Company Identification No.]	U27310DL2008PLC172581
TAN No.: [Tax Deduction & Collection Account No.]	DELM15561A
Legal Form :	A closely held public limited liability company
Line of Business :	Manufacturer and Trader of aluminum wire rod, aluminum wires, stainless wire rods, aluminum ingots
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 122000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	10133-36, Model Basti Industrial Area, Near Filmistan Cinema, New Delhi – 10005, Delhi, India
Tel. No.:	91-11-23874003/23514167
Fax No.:	91-11-23861143
E-Mail :	mul@softronindia.com

DIRECTORS

As On 30.09.2010

Name :	Mr. Ankit Sushil Goel
Designation :	Whole-time director
Address :	C-28, Preet Vihar, New Dehi – 110092, Delhi, India
Date of Birth/Age :	04.06.1989
Date of Appointment :	01.06.2009
DIN No.:	02310314
Name :	Mr. Deepak Om Prakash Gulati
Designation :	Director
Address :	A-74, Inder Puri, New Delhi – 110012, Delhi, India
Date of Birth/Age :	16.04.1961
Date of Appointment :	01.06.2009
DIN No.:	01366604
Name :	Mr. Vinod Kumar Puran Lal Gupta
Designation :	Director
Address :	29, Khanna Building, New Rohtak Road, New Delhi – 110005, Delhi, India
Date of Birth/Age :	27.07.1960
Date of Appointment :	01.06.2009
DIN No.:	01275458
Name :	Mr. Sanjay Bimal Prasad Jain
Designation :	Director
Address :	27-B/7, New Rohtak Road, Delhi – 110005, India
Date of Birth/Age :	01.07.1961
Date of Appointment :	01.06.2009
DIN No.:	00234791
Name :	Mr. Varun Sushil Goel
Designation :	Whole-time director
Address :	C-28 G.F. Preet Vihar,, Delhi - 110092, India
Date of Birth/Age :	08.11.1987
Date of Appointment :	01.06.2009
DIN No.:	01728598
Name :	Mr. Naveen Bishan Dayal Goel
Designation :	Whole-time director
Address :	231, Vivekanand Puri Sarai Rohilla, Delhi – 110015, India
Date of Birth/Age :	12.01.1972
Date of Appointment :	01.06.2009
DIN No.:	00097963
Name :	Mr. Praveen Bishan Dayal Goel
Designation :	Managing Director
Address :	231, Vivekanand Puri Sarai Rohilla, Delhi – 110015, India
Date of Birth/Age :	31.01.1961
Date of Appointment :	01.06.2009
DIN No.:	00784160
Name :	Mrs. Shashi Praveen Goel
Designation :	Director
Address :	231, Vivekanand Puri Sarai Rohilla, Delhi – 110015, India
Date of Birth/Age :	14.06.1966
Date of Appointment :	11.01.2008
DIN No.:	01911843
Name :	Mrs. Murti Bishan Dayal Rani
Designation :	Director
Address :	231, Vivekanand Puri Sarai Rohilla, Delhi – 110015, India
Date of Birth/Age :	20.01.1941
Date of Appointment :	11.01.2008
DIN No.:	01951899

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 30.09.2010

Names of Shareholders	No. of Shares
Praveen Goel	630700
Shashi Goel	18400
Naveen Goel	328400
Murti Rani	10000
Rajiv Kumar Aggarwal	203700
Anshu Goel	18400
Mohnish Goel	15000
Varun Goel	499700
Ankit Goel	300000
Shiv Raj Goel	15000
Rakesh Kumar Aggarwal	13000
Total	2052300

As On 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of aluminum wire rod, aluminum wires, stainless wire rods, aluminum ingots

Products :

Item code no.	Product Description
7601-10-40	Aluminum Wire Rods
7614-10-00	Aluminum Standard Core with Steel Core

PRODUCTION STATUS (As On 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Aluminum Wire Rod	Kgs		5400000	3568797
Aluminum Ingot	Kgs		5400000	100000

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Punjab National Bank – MSME, Barakhamba Road, New Delhi – 110001, Delhi, India

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Term Loan from Punjab National Bank (repayable within one year Rs. 7.770 Millions)	28.996	25.966
Working capital loan – cash credit from Punjab National Bank	43.902	0.000
Total	72.898	25.966

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Softron India Private Limited (company in which directors are interested)	6.000	0.000
Total	6.000	0.000

Banking Relations :	--
Auditors :
Name :	APN and Associates Chartered Accountant
Address :	102, B.D. Chambers, 10/54, D.B.G. Road, Karol Bagh, New Delhi – 110005, Delhi, India
Pan No.:	AADPG2159H
Associates/Subsidiaries :	Praveen and Company Mahalaxmi Sales Corporation Shri Mahalaxmi Copper and Wire Industries Softron India Private Limited

CAPITAL STRUCTURE

As On 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2052300	Equity Shares	Rs. 10/- each	Rs. 20.523 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		20.523	14.020	0.550
2] Share Application Money		0.000	0.000	2.200
3] Reserves & Surplus		10.095	7.136	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.618	21.156	2.750
LOAN FUNDS
1] Secured Loans		72.898	25.966	0.000
2] Unsecured Loans		6.000	0.000	0.123
TOTAL BORROWING		78.898	25.966	0.123
DEFERRED TAX LIABILITIES		1.295	0.464	0.000
TOTAL		110.811	47.586	2.873
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		44.080	32.334	0.000
Capital work-in-progress		1.738	3.324	1.921
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	27.252	15.129	0.000
	Sundry Debtors	14.684	0.491	1.058
	Cash & Bank Balances	0.259	1.006	0.031
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	27.777	12.311	0.039
Total Current Assets		69.972	28.937	1.128
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.222	1.025	0.601
	Other Current Liabilities	2.657	15.883	0.049
	Provisions	0.100	0.101	0.001
Total Current Liabilities		4.979	17.009	0.651
Net Current Assets		64.993	11.928	0.477
MISCELLANEOUS EXPENSES		0.000	0.000	0.475
TOTAL		110.811	47.586	2.873

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	206.936	19.242
		Other Income	0.167	0.012
		TOTAL (A)	207.103	19.254
Less	EXPENSES
		Material consumed	192.265	15.709
		Other manufacturing expenses	12.142	1.132
		Payment and benefits to employees	3.725	0.233
		Administrative, selling and other expenses	2.680	0.723
		Increase in finished goods and work in progress	(9.938)	0.000
		TOTAL (B)	200.874	17.797
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.229	1.457
Less	FINANCIAL EXPENSES (D)		4.234	0.329	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.995	1.128
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.357	0.163
	PROFIT BEFORE TAX (E-F) (G)		0.638	0.965
Less	TAX (I)		(0.930)	0.564
	PROFIT AFTER TAX (G-I) (J)		(0.292)	0.401
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	5.284	0.000
	TOTAL EARNINGS		5.284	0.000
	Earnings Per Share (Rs.)		(0.14)	0.29

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(0.14)	2.08	NA
Net Profit Margin (PBT/Sales)	(%)	0.31	5.02	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.56	1.57	NA
Return on Investment (ROI) (PBT/Networth)		0.02	0.05	NA
Debt Equity Ratio (Total Liability/Networth)		2.74	2.03	0.28
Current Ratio (Current Asset/Current Liability)		14.05	1.70	1.73

LOCAL AGENCY FURTHER INFORMATION

Form 8:

This form is for

Creation of charge

Corporate identity number of the company

U27310DL2008PLC172581

Name of the company

MURTI UDYOG LIMITED

Address of the registered office or of the principal place of business in India of the company

10133-36, Model Basti Industrial Area, Near Filmistan Cinema, New Delhi – 110005, Delhi, India

Type of charge

Immovable Property

Particular of charge holder

Name :	Punjab National Bank
Address :	MSME, Barakhamba Road, New Delhi – 110001, Delhi, India
Email :	dhiman_pnb@yahoo.co.in

Nature of description of the instrument creating or modifying the charge

Hypothecation of Goods and Book Debts to Secure Cash Credit Facility

Master Agreement for Inland Documentary Credit

Date of instrument Creating the charge

31.12.2008

Amount secured by the charge

Rs. 60.000 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest - BPRL + 2% i.e. 14.50 % p.a. for the present (Subject to change from time to time as per Bank/RBI guidelines

Terms of Repayment - Payable as per demand

Margin - CC limit : 25% incase of stock & 40% in case of BD

LC limit : 25%

Extent and Operation of the charge - 100%

Short particulars of the property charged

Hypothecation of all raw materials, stock in process, stock in transit, Finished goods along with book debts, other current assets (present and future) along with Equitable mortgage of Factory land measuring area 5640 Sq. Mtrs plot no. A619-630 Part A RIICO industrial area, Bhiwadi, Distt. Alwar (Rajasthan) and Equitable mortgage of commercial property part of 10133-36, Model Basti, Industrial Area, East Park Road, New Delhi.

Fixed Assets:

• Factory building
• Plant and machinery
• Electrical installations
• Computers
• Office equipments

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	Indian Rupees
US Dollar	1	Rs.44.94
UK Pound	1	Rs.71.89
Euro	1	Rs.64.09

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.