MIRA INFORM REPORT

Report Date :

23.02.2012

IDENTIFICATION DETAILS

Name :	MACRO BARS AND WIRES (INDIA) PRIVATE LIMITED
Registered Office :	304, Bombay Market Building, Tardeo Road, Mumbai- 400034, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.07.1991
Com. Reg. No.:	11- 062752
Capital Investment / Paid-up Capital :	Rs.8.000 Millions
CIN No.: [Company Identification No.]	U27200MH1991PTC062752
TAN No.: [Tax Deduction & Collection Account No.]	MUMM09774C
PAN No.: [Permanent Account No.]	AAACM3526C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Stainless Steel Wires.
No. of Employees :	200 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 1700000
Status :	Good
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are fair. Payments are usually correct and as per commitment, nothing adverse reported. The company can be considered normal for business dealing 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.

INFORMATION PARTED BY

Name :	Mr. Chacko
Designation :	Senior Accountant
Contact No.:	91-9224371393
Date :	20.02.2012

LOCATIONS

Registered Office/ Factory :	304, Bombay Market Building, Tardeo Road, Mumbai- 400034, Maharashtra, India
Tel. No.:	91-22-23523757
Fax No.:	91-22-23524758/66627393
E-Mail :	mbw@mbwindia.com rajivbengali@rediffmail.com
Website :	www.mbwindia.com
Area :	1000 Sq. Ft
Location :	Owned
Factory 2 :	Survey No. 824/2 and 25/3, Devchand Sant Udyog, Village Mahim, Palghar-40044, Maharashtra, India

DIRECTORS

As on 24.09.2011

Name :

Mr. Dhawalchand Chhaganlal Kanugo

Designation :

Director

Address :

102/A, Sanidhya Building, 1^st Floor, Near Sankalp Building, Walkeshwar Road, Mumbai- 400006, Maharashtra, India

Date of Birth/Age :

17.07.1950

Date of Appointment :

31.07.1991

Din No.:

01200655

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27200MH1991PTC062752	MACRO BARS AND WIRES (INDIA) PRIVATE LIMITED	Director	31-07-91	31-07-91	Active	NO
2	U93000MH2008NPL181441	VIMLA VIHAR JINALAYA	Director	23-04-08	23-04-08	Active	NO

Name :

Mr. Jitendra Dhawalchand Kanugo

Designation :

Director

Address :

102/A, Sanidhya Building, 1^st Floor, Near Sankalp Building, Walkeshwar Road, Mumbai- 400006, Maharashtra, India

Qualification :

Post Graduate

Date of Birth/Age :

08.04.1969

Date of Appointment :

10.10.1995

Din No.:

00935049

Name :

Mr. Amritesh Kamalkishore Vaid

Designation :

Director

Address :

21, Bhagwan Mansion, Cinema Road, Dhobi Talao, Mumbai- 400020, Maharashtra, India

Qualification :

Graduate and Technically Educated

Date of Birth/Age :

08.04.1975

Date of Appointment :

31.07.1991

Din No.:

01898429

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27200MH1991PTC062752	MACRO BARS AND WIRES (INDIA) PRIVATE LIMITED	Director	31-07-91	31-07-91	Active	NO
2	U27106MH1981PTC024368	AUSTENITIC STEELS PRIVATE LIMITED	Director	01-09-91	01-09-91	Active	YES
3	U51900MH1973PTC016829	SQUARE DEAL EXPORTS PRIVATE LIMITED	Director	17-04-03	17-04-03	Active	YES

Name :

Mr. Parikshit Kamalkishore Vaid

Designation :

Director

Address :

21, Bhagwan Mansion, Cinema Road, Dhobi Talao, Mumbai- 400020, Maharashtra, India

Qualification :

27.09.1973

Date of Birth/Age :

Post Graduate

Date of Appointment :

10.10.1995

Din No.:

01200554

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27106MH1981PTC024368	AUSTENITIC STEELS PRIVATE LIMITED	Director	01-12-94	01-12-94	Active	YES
2	U27200MH1991PTC062752	MACRO BARS AND WIRES (INDIA) PRIVATE LIMITED	Director	10-10-95	10-10-95	Active	NO
3	U51900MH1973PTC016829	SQUARE DEAL EXPORTS PRIVATE LIMITED	Director	15-11-98	15-11-98	Active	YES
4	U74990MH2009PTC196817	DESPINA TRUSTEESHIP COMPANY PRIVATE LIMITED	Alternate director	12-12-09	12-12-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Chacko
Designation :	Senior Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2011

Names of Shareholders	No. of Shares
Jitendra Dhawalchand Kanugo	200000
Parikshit Kamalkishore Vaid	200000
Dhawalchand Chhaganlal Kanugo	200000
Amritesh Kamalkishore Vaid	200000
Total	800000

As on 24.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Stainless Steel Wires.
Exports :
Products :	Stainless Steel Wires
Countries :	· Germany · France
Imports :
Products :	Raw Materials
Countries :	· France · Germany
Terms :
Selling :	Credit [30 days] [Depends]
Purchasing :	Credit [30 days] [Depends]

PRODUCTION STATUS [AS ON 31.03.2010]

Particulars	Unit	Installed Capacity	Actual Production
S S Steel Wire and Bright Bars	M. Tonnes	5000	3808.657
M S Scrap	M. Tonnes	0.000	17.145
S S Scrap	M. Tonnes	0.000	37.510
Production on job work basis	M. Tonnes	0.000	214.059

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

200 [Approximately]

Bankers :

• ABN Amro Bank N.V, Sakhar Bhavan, 7^th Floor, Nariman Point, Mumbai- 400021, Maharashtra, India

· ICICI Bank Limited, Landmark Race Course Circle, Alkapuri, Baroda-390015, Gujarat, India

· The Royal Bank of Scotland N.V., 7^th Floor, Sakhar Bhavan, Nariman Point, Mumbai-400021, Maharashtra, India

· State Bank of India, Fort, Mumbai, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Bills Discounted with Scheduled Banks	37.091	39.063
Total	37.091	39.063
Unsecured Loan
From Scheduled Bank Temporary Overdrawn Balance
The Royal Bank of Scotland	3.534	0.000
State Bank of India	23.973	9.861
Total	27.507	9.861

Banking Relations :	--
Auditors :
Name :	M.C. Doshi and Associates Chartered Accountants
Address :	307, Vaishali Apartments, 30/31, Parekh Street, Prathana Samaj, Mumbai-400004, Maharashtra, India
Tel. No.:	91-22-67437416 / 17
Fax No.:	91-22-23824232
E-Mail :	mcdoshi@vsnl.com
Pan No.:	AACPD4437A

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.10/- each	Rs.8.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		8.000	8.000	8.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		425.063	384.475	363.921
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		433.063	392.475	371.921
LOAN FUNDS
1] Secured Loans		37.091	39.063	0.000
2] Unsecured Loans		27.507	9.861	0.000
TOTAL BORROWING		64.598	48.924	0.000
DEFERRED TAX LIABILITIES		8.833	9.133	9.185
TOTAL		506.494	450.532	381.106
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		70.276	70.482	71.546
Capital work-in-progress		0.000	0.000	0.000
Advance against capital		0.530	0.200	17.500
INVESTMENT		0.019	0.635	83.924
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	161.829	170.402	77.115
	Sundry Debtors	142.098	101.198	61.609
	Cash & Bank Balances	2.650	19.950	71.685
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	196.911	157.611	45.067
Total Current Assets		503.488	449.161	255.476
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	43.968	56.147	33.554
	Other Current Liabilities	23.127	13.778	8.049
	Provisions	0.724	0.021	5.737
Total Current Liabilities		67.819	69.946	47.340
Net Current Assets		435.669	379.215	208.136
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		506.494	450.532	381.106

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	875.229	601.900	831.827
Less	EXPENSES
		Office Expenses
		Administrative Expenses	814.058	572.746	768.032
		Advertising Expenses
		TOTAL	814.058	572.746	768.032
	PROFIT BEFORE TAX		61.171	29.154	63.795
Less	TAX		20.583	8.601	21.841
	PROFIT AFTER TAX		40.588	20.553	41.954
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	752.061	466.778	731.438
	IMPORTS
		Raw Materials		31.068	22.029
		Stores & Spares	NA	1.568	2.470
		Machinery		1.332	0.943
	TOTAL IMPORTS		NA	33.968	25.442
	Earnings Per Share (Rs.)		50.74	25.69	52.44

Expected Sales (2011-12) : Rs.900.000 Millions

The above information has been parted by Mr. Chacko.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.64	3.41	5.04
Return on Total Assets (PBT/Total Assets}	(%)	10.66	5.61	19.51
Return on Investment (ROI) (PBT/Networth)		0.14	0.07	0.17
Debt Equity Ratio (Total Liability/Networth)		0.31	0.30	0.13
Current Ratio (Current Asset/Current Liability)		7.42	6.42	5.40

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
Dues to Micro, Small and Medium Enterprises	0.000	0.000	0.027
Others	43.968	56.147	33.527
Total	43.968	56.147	33.554

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last one year	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	90365567
Corporate identity number of the company	U27200MH1991PTC062752
Name of the company	MACRO BARS AND WIRES (INDIA) PVT LTD
Address of the registered office or of the principal place of business in India of the company	304, Bombay Market Building, Tardeo Road, Mumbai- 400034, Maharashtra, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge
Particular of charge holder	The Royal Bank of Scotland N.V., 7^th Floor, Sakhar Bhavan, Nariman Point, Mumbai-400021, Maharashtra, India
Email	reenabang@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Supplementary Deed of Hypothecation of Movable Assets
Date of instrument Creating the charge	27.06.2011
Amount secured by the charge	Rs.65.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As agreed by and with the Bank from time to time. Terms of Repayment As agreed by and with the Bank from time to time. Margin As applicable, if any. Extent and Operation of the charge The Bank is having exclusive charge on current assets (stocks and book debts), both present and future.
Short particulars of the property charged	Hypothecation by way exclusive charge on all the book debts of the borrower, stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing And other merchandise.
Date of latest modification prior to the present modification	09.06.2007
Particulars of the present modification	The Charge amount is enhanced from Rs.45.000 Millions to Rs.65.000 Millions against the security of hypothecation by way exclusive charge on all the book debts of the borrower, stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise.

FIXED ASSETS:

• Freehold Land
• Factory Building
• Office Building
• Residential Premises
• Plant and Machinery
• L.P.G Supply Systems
• Furniture and Fixture
• Electrical Installation
• Factory Equipments
• Motor Cars
• Computer and Printer

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.49.25
UK Pound	1	Rs.76.75
Euro	1	Rs.65.16

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

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.