MIRA INFORM REPORT

Report Date :

31.03.2011

Note: The above address was temporary address of the company.

IDENTIFICATION DETAILS

Name :	PRECISION WIRE INDIA LIMITED
Registered Office :	Saiman HSC, 2^nd Floor, 1^st Khed Galli, Prabhadevi, Mumbai – 400025, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	23.11.1989
Com. Reg. No.:	054356
CIN No.: [Company Identification No.]	L31300MH1989PLC054356
TAN No.: [Tax Deduction & Collection Account No.]	MUMP15082E
PAN No.: [Permanent Account No.]	AAACP7555L
Legal Form :	Public Limited Liability Company. Company’s shares are listed on this stock exchange.
Line of Business :	Manufacturer of Enamelled Copper Winding Wires.

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 6300000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Mohan Pai
Designation :	Accounts Manager

LOCATIONS

Registered Office :	Saiman HSC, 2^nd Floor, 1^st Khed Galli, Prabhadevi, Mumbai – 400025, Maharashtra, India
Tel. No.:	91-22-24360089/24376281
Fax No.:	91-22-24362593/24370687
E-Mail :	mumbai@pwil.net
Factory 1 :	Unit I and II : Atlas Wire Plot Survey No.: 125/2, Amli Hanuman (66KVA) Road, Silvassa – 396230
Factory 2 :	Palej Unit : Atlas Wire Plot No.3, GIDC, N H No.8, Palej – 392220, Bharuch, Gujarat

DIRECTORS

As on 31.03.2010

Name :	Mr. Mahendra R Mehta
Designation :	Chairman and Managing Director and CEO
Name :	Mr. Milan M Mehta
Designation :	Vice Chairman and Managing Director
Name :	Mr. Deepak M Mehta
Designation :	Whole Time Director
Name :	Mr. P N Vencatesan
Designation :	Director
Name :	Mr. Vijay M Crishna
Designation :	Director
Name :	Mr. A P Kothari
Designation :	Director
Name :	Mr. P R Merchant
Designation :	Director

KEY EXECUTIVES

Name :	Mr. S G Sathe
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2010

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	5,162,615	44.65
Bodies Corporate	1,734,668	15.00
Sub Total	6,897,283	59.65
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	6,897,283	59.65
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1,100	0.01
Sub Total	1,100	0.01
(2) Non-Institutions
Bodies Corporate	718,851	6.22
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2,320,595	20.07
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1,440,721	12.46
Any Others (Specify)	185,073	1.60
Directors & their Relatives & Friends	1,000	0.01
Non Resident Indians	181,773	1.57
Trusts	2,300	0.02
Sub Total	4,665,240	40.34
Total Public shareholding (B)	4,666,340	40.35
Total (A)+(B)	11,563,623	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	11,563,623	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Enamelled Copper Winding Wires.

Products :

Product Description	Item Code No.
Winding Wires of Enamelled Copper	85441110
Other Winding Wires	85441190

PRODUCTION STATUS AS ON 31.03.2010

(A) Capacities and Production - rounded off to the nearest Metric Ton (MT)

CAPACITY @	Licensed	MTs.	Installed
a) Winding Wires made of Copper, all types	##	@@	29100
b) Wire Enamels / Resins	##		1750**

NOTES:

@ As certified by the Managing Director and accepted by the Auditors.

## Licensed Capacity per annum is not indicated due to the abolition of Industrial licenses as per Notification No.

477 (E) dated July 25, 1991 issued under The Industries (Development and Regulation) Act, 1951

** For Wire Enamels / Resins. Capacity clubbed together.

@@

MTs

Installed Capacity as on 31.3.2009 32820	32820
Less : Capacity Reduced due to closure of Palej Unit .	(3200)
*** Less : Capacity Reduction for Paper Taping Equipment as per explanation below	(1200)
Add : New. Capacity addition during the year 680	680
Installed Capacity as on 31.3.2010 29100	29100
*** During the year, Capacity for certain Paper Taping Equipment installed during 2008-09 reduced by 1200 MT/Year, based on usage in Double Shift instead of Triple Shift.

PRODUCTION

Winding Wires Made of Copper (Finished Goods)	Own Account	Job Work Basis	Total
a) Enamelled Round Wires	13984	4671	18635
b) Other - all types	(11859) 1124 (628)	(4545) 3741 (4439)	(16404) 4865 (5067)

c) Bare Copper Wires / Strips (intermediate Products, used for Capative consumption only)

	MTs 2009-2010	MTs 2008-2009
Jobwork - Inter Unit Unit I Unit II Palej Unit	327 338 --	134 757 18
Total	665	909

d) Bare Wire for Sale	--
e) Waste and Scrap of Copper generated during process on Total Production ol items covered under a and b above. (Includes 16 MT(32 MT) scrap generated from Rejected Finished Goods Returned by Customers)	** 1325 (1220)
**0ut of the above, 100 MT of Waste and Scrap of Copper was despatched for conversion into Copper Rods on Jobwork basis.
f) Wire Enamels / Resins	@ 1280 (1074)
©Includes NIL (23) MT of Wire Enamels and 30 (15) MTs of Resin Consumed Captively

GENERAL INFORMATION

Bankers :

• Bank of Baroda, Palej – 392220, Bharuch, Gujarat
• BNP Paribas, Fort, Mumbai

Facilities :

Particulars	Rs. In millions 31.03.2010
Term Loan - From a Bank - Interest accrued and due to Bank Working Capital borrowings from Banks	177.780 1.063 362.028
Total	540.871
Unsecured Loan
Fixed Deposits	25.000
Total	25.000

Banking Relations :	--
Auditors :
Name :	S R Divatia and Company Chartered Accountant
Address :	Mumbai
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions
3000000	Unclassified Shares	Rs.10/- each	Rs.30.000 Millions
	Total		Rs.150.000 Millions

Issued:

No. of Shares	Type	Value	Amount
11565223	Equity Shares	Rs.10/- each	Rs.115.652 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11563623	Equity Shares	Rs.10/- each	Rs.115.636 Millions
	Forfeiture of 1,600 (1,600) Equity shares (Amount originally paid up)		Rs.0.008 Million
	Total		Rs. 115.644 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		115.644	115.644	115.644
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1469.029	1302.326	1301.532
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1584.673	1417.970	1417.176
LOAN FUNDS
1] Secured Loans		540.871	602.496	733.804
2] Unsecured Loans		25.000	25.000	32.310
TOTAL BORROWING		565.871	627.496	766.114
DEFERRED TAX LIABILITIES		173.937	159.035	151.571
TOTAL		2324.481	2204.501	2334.861
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1274.588	1320.394	1280.490
Capital work-in-progress		45.596	26.542	35.866
INVESTMENT		0.016	1.611	1.610
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	287.195	424.725	543.045
	Sundry Debtors	1374.237	786.563	1154.642
	Cash & Bank Balances	288.797	204.696	329.303
	Other Current Assets	25.510	16.321	38.562
	Loans & Advances	209.176	194.086	138.239
Total Current Assets		2184.915	1626.391	2203.791
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1019.497	693.809	1033.788
	Other Current Liabilities	121.865	55.415	104.374
	Provisions	39.272	21.213	48.735
Total Current Liabilities		1180.634	770.437	1186.896
Net Current Assets		1004.281	855.954	1016.895
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2324.481	2204.501	2334.861

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	6301.933	5362.208	5739.941
		Other Income	29.967	7.183	9.789
		TOTAL (A)	6331.900	5369.391	5749.730
Less	EXPENSES
		Operating Expenses	5858.330	5205.687	5348.587
		TOTAL (B)	5858.330	5205.687	5348.587
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		473.570	163.704	401.143
Less	FINANCIAL EXPENSES (D)		44.755	39.841	46.319
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		428.815	123.863	354.824
Less/ Add	DEPRECIATION/ AMORTISATION (F)		108.782	103.222	90.025
Add	EXTRAORDINARY ITEMS (PROFIT ON SALE OF FIXED ASSETS (Building))		14.059	0.000	0.000
	PROFIT BEFORE TAX (E-F) (G)		334.092	20.641	264.799
Less	TAX (I)		107.863	9.024	92.322
	PROFIT AFTER TAX (G-I) (J)		226.229	11.617	172.477
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		39.263	38.969	35.195
Less	APPROPRIATIONS
		Transfer to General Reserve	170.000	0.500	120.000
		Interim Dividend	27.753	0.000	0.000
		Final Dividend	23.127	9.251	41.629
		Provision for Corporate Tax on On Interim Dividend On Final Dividend	4.716 3.930	0.000 1.572	0.000 7.074
	BALANCE CARRIED TO THE B/S		35.966	39.263	38.969
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	232.749	188.655	83.960
	TOTAL EARNINGS		232.749	188.655	83.960
	IMPORTS
		Raw Materials	523.332	651.150	1115.775
		Consumable Stores and Spares and Repairs to Plant	10.431	27.884	5.370
		Capital Goods	30.665	53.001	38.747
	TOTAL IMPORTS		564.428	732.035	1159.892
	Earnings Per Share (Rs.)		18.76	1.00	--

QUARTERLY RESULTS

PARTICULARS	30.06.2010	30.09.2010	31.12.2010
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	2031.670	1971.630	2036.140
Total Expenditure	1890.440	1808.360	1876.980
PBIDT (Excl OI)	141.230	163.270	159.160
Other Income	2.620	0.610	0.990
Operating Profit	143.850	163.870	160.150
Interest	9.950	10.860	8.780
Exceptional Items	0.000	0.000	[3.840]
PBDT	133.900	153.020	147.530
Depreciation	28.140	28.320	29.380
Profit Before Tax	105.7600	124.690	118.150
Tax	35.930	44.1100	37.140
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	69.830	80.580	81.010
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.0000	0.000	0.000
Other Adjustments	0.000	0.0000	0.000
Net Profit	69.830	80.580	81.010

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.57	0.21	2.99
Net Profit Margin (PBT/Sales)	(%)	5.30	0.38	4.61
Return on Total Assets (PBT/Total Assets}	(%)	9.65	0.70	7.59
Return on Investment (ROI) (PBT/Networth)		0.21	0.01	0.18
Debt Equity Ratio (Total Liability/Networth)		1.10	0.98	1.37
Current Ratio (Current Asset/Current Liability)		1.85	2.11	1.85

LOCAL AGENCY FURTHER INFORMATION

Operations

Due to the fiscal and monetary measures taken by the Government during 2008 and 2009, the overall economic climate improved during the year and this has resulted improvement in the economy and industrial growth.

During the year:

[a] the total production of finished goods was about 23500 MT, an increase of approx. 9.40%.

[b] Sales Income Gross and Net of Taxes was Rs.6970.634 millions and Rs.6301.934 millions respectively. Sales Income is higher during the year due to higher production on own account and lower job work business.

[c] Copper prices remained volatile but in general showed an upward trend during the year. The Company was able to satisfactorily resolve the residual Copper pricing mis-match related issues which had adversely affected the Company's performance in the previous year.

[d] Based on the experience of extremely high adverse price movements of input, which affected working of the company during last year, the copper procurement policy for customers' orders of finished products was modified.

To protect the interest of the Company against Copper price volatility, the Company enters into hedging transactions of Copper. The net loss on Copper Hedging Transactions squared up during the year is

Rs.48.800 millions (16.300 millions) (rounded off) and the same is included in the Cost of Material Consumed (Schedule 11- B to the Profit and Loss Account for the year).

During the year/some consignments of the finished goods sold on own account and on job work account did not reach the plants of the OEM Consumers due to loss en-route. Police complaints have been filed. The goods were insured. The insurance company has disputed the liability in respect of loss of such goods processed on jobwork basis and dispatched to the customers. On such goods sold on own account but lost during transit, pending settlement of insurance claims, an amount of Rs.10.143 millions (rounded off) is accounted under loans and advances (Current Assets).

Out of a consignment of copper rods (E C Grade) imported by them from Australia, during December 2007, a total quantity of 33,404 Kgs was lost in transit from Port to the factory. Out of the above, about 29,400 kgs of material was recovered by the Police earlier. As per the Hon. Jurisdictional Court's permission received during the year, the same has been reprocessed and consumed Insurance claim is pending.

Due to the slow-down / melt-down of economy in the previous year, the Company deferred plans for expansion. However, equipments ordered earlier are being received during current year and expansion of capacity will materialize during 2010-11. Company is considering investment in alternate energy generation (wind power) in Gujarat. Plans are afoot for further augmenting capacity in fiscal 2011-12.

The Company is the Market Leader in the field of winding wires made of Copper in India and continues to explore new export markets. The long term prospects of the Electrical Equipment Manufacturing Industry in general continue to be bright.

The Company has discharged all financial obligations on time.

During the year, competition continued to be intense, there was significant inflationary pressure. On the whole, the Company has managed to perform well and recorded a major turn-around in financial performance despite challenging conditions.

Listing / Dematerialisation of the Company's Equity Shares

The Equity Shares of the Company continue to be listed at the Bombay Stock Exchange limited; (BSE) and National Stock Exchange of India Limited (NSE) and required Annual Listing Fees have been paid.

The Equity Shares of the Company are compulsorily traded in dematerialized form as prescribed by SEBI. The same are registered with both National Securities Depository Limited, Trade World, 4lh Floor, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013, and Central Depository Services (India) Limited, Phiroze Jeejeebhoy Towers, 28"1 Floor, Dalai Street, Mumbai - 400 023, under ISIN No. INE372C01011

MANGEMENT DISCUSSION AND ANALSIS

Industry Structure and Development:

The Company produces Winding Wires made of Copper which are used in the manufacture of both rotating and static electrical equipments. There are a number of players in the industry, many in the SSI sector. Capacities continue to remain fragmented in the country. The capacity utilisation of the Industry has marginally improved. As compared to the previous year, the overall total production of the Company has increased by about 10%. The Company is in the process of expanding capacity further during 2010-11 and 2011 -12. The Company is also engaged in the continuous development of insulating varnish for captive consumption.

Areas of Threats:

High volatility in the rates of Refined Copper, the primary input, both in international as well as domestic markets, remains an important concern during the year and is likely to remain so for the foreseeable future until the rates of

Copper in the international market stablise.

Considering the trend in global commodity prices and domestic prices of food products, inflation is expected to remain high which will put pressure on the costs. Interest rates are likely to harden. Infrastructural growth, including the power sector, needs to be substantially accelerated. Problems of tariff distortions, reform in the Industrial Dispute Act, infrastructural constraints, comparatively higher rates of interest and law and order situation need to be addressed at macro level.

Import of Winding Wires made of Copper at a preferential tariff should cease as value addition is low and cost of input is high. Such goods should be excluded from the list of items eligible for import under FTAs.

Segment-wise or Product-wise performance:

The Company's core activity is production and sale of only one product i.e. Winding Wires made of Copper. The overall production has increased by about 10%. Company's product is well received in domestic and export markets. Though the winding wire division of the Palej Unit remained closed during the year, the overall production and performance of the Company is not affected. There is a marginal increase in production of

insulating varnishes / resins for captive use.

Outlook:

Fiscal and monetary stimulus measures taken by the Government during 2008 and 2009 have restored normalcy in the Indian economy. Being an Electric-Power- Deficit country, massive investments in the growth of this sector is on a priority agenda of the Government. Their Winding Wires made of Copper are used by the Electrical Equipment manufacturing sector and faster growth of the Electrical-Power sector shall also stimulate the growth of the Industry. While at present there is still recession in some Western economies, massive fiscal and monetary measures adopted by the Western world have helped for ' the present stabilization of overall global economic scenario. In this backdrop, barring unforeseen circumstances, the Indian economy should show reasonably healthy growth during 2010-11.

Discussion on Financial Performance with respect to Operational performance

During the year, Net Sale Income was higher at Rs.6301.900 millions (Rs.5362.200 millions) due to increase in production and lower quantity of Job work. Outflow for Power and Fuel increased to Rs.159.000 millions (Rs.145.100 millions) due to higher production on the own account, increase in power tariff and higher consumption of fuel used for captive power generation. Salaries and wages were higher at Rs.103.000 millions (Rs.79.000 millions) due to payment of dues to the employees of Palej Unit, revision in the wage agreement of Silvassa Units and higher remuneration to the Executive Directors. Insurance expense is higher at Rs.6.600 millions (Rs.4.400 millions) due to increase in tariff by Insurer. Foreign Exchange Gain is Rs.7.500 millions (Loss Rs.17.800 millions) oh account of exchange rate variations.

Reserves and Surplus is Rs.14690.000 millions (Rs.1302.300 millions) as at 31^st March, 2010, and Outstanding Term Loan was Rs.178.800 millions (Rs.265.200 millions) Capex Rs.69.600 millions (Rs.145.400 millions) and Capital Work in progress Rs.45.600 millions (Rs.26.500 millions).

Inventory has decreased to Rs. 287.200 millions (424.700 millions). Debtors have increased to Rs.1374.200 millions (Rs.786.600 millions) due to higher sale on own account and decrease in jobwork activity. Current Assets comprising Cash and Bank Balances, Loans •and Advances and other current assets are Rs.523.400 millions (Rs.415.100 millions). Total Current assets increased to Rs.2184.900 millions (Rs.162.400 millions) and Current Liabilities to Rs.1141.300 millions (Rs.749.200 millions). Rates of Copper, the principal input, continued to be volatile. To protect the interest of the Company, the Company entered into hedging transactions of copper while following all statutory regulations. Net Loss on squared off Copper Hedging Transactions during the year is Rs. 48.800 millions (Rs.16.300 millions) and the same is included in the cost of Material Consumed (Please refer foot note to Schedule 11 B to the Profit and Loss Account for the year).

The Company continues to be market leader in the field of winding wires made of copper in India.

The Company has discharged all financial obligations in time on due dates, without any default or delay.

AS PER WEBSITE

Profile:

• Subject was set up in 1989 for the manufacture of Enamelled Copper Winding Wires. It was promoted by erstwhile Atlas Wires Limited (AWL), Mr. Mahendra Mehta, Mr. Deepak Mehta and Mr. Milan Mehta.
• Subject has been listed on the Bombay Stock Exchange (523529) and National Stock Exchange (PRECWIRE) since inception.
• AWL's first manufacturing facility was set up in 1981 in the western Indian state of Gujarat. Two decades later, in 2001, AWL was amalgamated with PWIL.
• Headquartered in Mumbai, India, PWIL is the largest manufacturer of Copper Winding Wires in the country and uses a combination of Indian skill and foreign technology to ensure the best possible end-product quality.
• The current installed capacity is about 30,000 metric tonnes/annum. This capacity is further being increased with several expansion projects in the pipeline across various product lines. PWIL has three manufacturing facilities located at Silvassa, Dadra Nagar Haveli and Palej, Gujarat.
• At PWIL, they produce winding wires as per various technical specifications including IEC, IS, BS, NEMA and JIS as well as per specific requirements the customers may have.
• Subject’s customers include many large and medium electrical and electronic equipment manufacturers both in India and abroad. The wires are widely used in equipment such as:

• Rotating machines (manufacturer and repairer)
• Alternators
• Hermetic motors (for refrigeration and air conditioning equipment)
• Power and Distribution Transformers
• Control and Power supply Transformers
• Ballasts
• Auto Electricals
• Electric hand Tools
• House hold appliances
• Fans
• Switchgear, relay and magnet coils

Instruments and audio coils and many others

In recent years, PWIL has been increasingly targeting overseas markets. In the last fiscal year, exports accounted for over 15% of he sales volume.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER, 2010

(Rs. in Millions)

Particulars	Quarter Ended 31.12.2010 (Unaudited)	Nine Months Ended 31.12.2010 (Unaudited)
1. (a) Net Sales / Income from operations	2035.580	6037.946
(b) Other Operating Income	0.560	2.089
Total Income	2036.140	6039.435
2. Expenditure
(a) (Increase)/Decrease in Stock in trade and work in progress	[3.326]	[114.053]
(b) Consumption of raw materials	1728.745	3244.699
(c) Staff Costs	27.575	79.911
(d) Depreciation	29.379	85.839
(e) Power & Fuel	34.058	106.912
(f) Other Expenditure	89.937	258.332
Total Expenditure	1806.368	5661.640
3. Profit from Operations before Other Income, Interest & Exceptional Items	129.772	377.795
4. Other Income	0.988	4.212
5. Profit before Interest & Exceptional Items	130.760	382.007
6. Interest	8.779	29.579
7. Profit After Interest but before Exceptional Items	121.981	352.428
8. Less: Exceptional (Expense) / Income	[3.838]	[3.838]
9. Profit (+)/Loss (-) before Tax	118.145	348.592
10. Tax expense
Corporate Tax (including Deffered Tax / Excluding Tax on Dividend)	[37.137]	[117.177]
11. Net Profit (+) /Loss (-) after tax	81.000	231.415
12. Interim Dividend @ Rs.2.40 (Rs.2,40 F.Y. 2009-10) per Equity Shares for the year	--	27.753
13. Final Dividend @ Rs.2.00 per Equity Share	--	--
14. Corporate Tax on Interim Dividend	--	4.809
15. Corporate Tax on Final Dividend	--	--
16. Paid-up equity share capital (Face value of share Rs. 10/- each)	115.636	115.636
17. Reserves excluding revaluation reserve (as per balance sheet)
18. Earnings Per Share (EPS) (Not Annualised)
(a) Basic and Diluted EPS before Extraordinary items for the year to date and for the previous year (not to be annulized)	7.01	20.01
(b) Basic and Diluted EPS after Extraordinary items for the year to date and for the previous year (not to be annulized)	7.01	20.01
19. Public Shareholding
- Number of Shares	4666340	466340
- % of shareholding	40.35	40.35
20. 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	6897283	6897283
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100.00	100.00
- Percentage of shares (as a % of the total share capital of the company)	58.65	58.65

Notes:

1 Previous year's figures have been regrouped/reworked wherever necessary to make them comparable with the Current Year.

2 An amount of Rs. 3.836 Millions being provision for impairment for certain Plant and Machinery retired from use in accordance with AS 28 - Impairment of Fixed Assets is reported as Exceptional Expense.

3 The above results have been reviewed by the Audit Committee of the Board and have been approved by the Board of Directors in their meeting held on 27th January, 2011.

4 The Limited Review for the Quarter ended 31st December, 2010 as required under Clause 41 of the Listing Agreement with the Stock Exchanges has been carried out by the Statutory Auditors.

5 The Company is primarily engaged in a single Segment i.e. Business of manufacture of Winding Wires. Therefore, Segment reporting as defined in Accounting Standard AS-17 is not applicable.

6 Details of Investor Complaints received and resolved during the quarter:

Complaints pending at the beginning of quarter	Received during the quarter	Disposed off during the quarter	Lying unresolved at the end of the quarter
NIL	NIL	NIL	NIL

CMT REPORT (Corruption, Money Laundering and 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.44.77
UK Pound	1	Rs.71.69
Euro	1	Rs.63.02

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.