MIRA INFORM REPORT

Report Date :

02.07.2013

IDENTIFICATION DETAILS

Name :	MODISON METALS LIMITED
Registered Office :	33, Nariman Bhavan, 227, Nariman Point, Mumbai-400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.04.1983
Com. Reg. No.:	11-029783
Capital Investment / Paid-up Capital :	Rs.32.450 Millions
CIN No.: [Company Identification No.]	L51900MH1983PLC029783
Legal Form :	A Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturing of Electrical Contacts.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 3430000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track record. Financial positions of the company appear to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	A- [Long Term Bank Facilities]
Rating Explanation	Adequate degree of safety. It carry low credit risk.
Date	19.04.2013

Rating Agency Name	CARE
Rating	A2+ [Short Term Bank Facilities]
Rating Explanation	Strong degree of safety. It carry low credit risk.
Date	19.04.2013

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 31-03-2012.

INFORMATION DECLINED

Management non co-operative [91-22-22026437]

LOCATIONS

Registered Office :	33, Nariman Bhavan, 227, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-22026437
Fax No.:	91-22-22048009
E-Mail :	info@modison.com purchase@modison.com
Factory :	Plot No. 85/A, B, D and E, Phase 1, Road E, Vapi-396195, Gujarat, India

DIRECTORS

AS ON 31.03.2012

Name :	Mr. Ranjan Dasgupta
Designation :	Chairman
Name :	Mr. G. L. Modi
Designation :	Managing Director
Name :	Mr. Suresh Modi
Designation :	Director
Name :	Mr. Rajkumar Modi
Designation :	Wholetime Director
Name :	Mr. Shravan Sharma
Designation :	Director
Name :	Mr. Satish Modi
Designation :	Director
Name :	Mr. R. A. Goenka
Designation :	Director
Name :	Mr. Anil Lohia
Designation :	Director
Name :	Mr. B.B. Singh
Designation :	Whole Time Director
Name :	Mr. Kumar Jay Modi
Designation :	Whole Time Director [w.e.f. 01.04.2012]

KEY EXECUTIVES

Name :	Mr. Kothari
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2013

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	16544260	50.98
Bodies Corporate	1000	0.00
Sub Total	16545260	50.99
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	16545260	50.99
(B) Public Shareholding
(1) Institutions
Foreign Institutional Investors	50000	0.15
Sub Total	50000	0.15
(2) Non-Institutions
Bodies Corporate	1654982	5.10
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	4536609	13.98
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	9466255	29.17
Any Others (Specify)	196894	0.61
Non Resident Indians	196894	0.61
Sub Total	15854740	48.66
Total Public shareholding (B)	15904740	49.01
Total (A)+(B)	32450000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	32450000	0.00

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

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total
1	Girdharilal Modi	71,58,370	22.06
2	Modi Rajkumar	66,73,210	20.56
3	Sureshchandra Mody	2,27,240	0.70
4	Girdharilal Modi	4,23,760	1.31
5	Kumar Jay G Modi	17,46,000	5.38
6	Modi Kashi Prasad	1,000	0.00
7	Modi Manju K	1,000	0.00
8	Modi Rashmi R	1,000	0.00
9	Sarla Girdharilal Mod	2,71,670	0.84
10	Paridhi Kumar Jay Mo	41,000	0.13
11	Chandramani Devi Mody	10	0.00
12	Modison Contacts Private Limited	1,000	0.00
	Total	1,65,45,260	50.99

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

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total
1	Blessings Mercantile Private Limited	822199	2.53
2	Prakashchandra Modi	2610358	8.04
3	Nirmala D Mody	625950	1.93
4	Om Prakash Modi	788929	2.43
5	Modi Lalita Devi	549000	1.69
6	Modi Prakash Chandra	2050130	6.32
7	Mahesh Kumar P Modi	331000	1.02
8	Sona Goyal	500000	1.54
9	Vijaykumar Omprakash Modi	403500	1.24
	Total	8681066	26.75

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS (TOGETHER WITH PAC) BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN 5% OF THE TOTAL NUMBER OF SHARES OF THE COMPANY

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total
1	Prakashchandra Modi	2610358	8.04
2	Modi Prakash Chandra	2050130	6.32
	Total	4660488	14.36

BUSINESS DETAILS

Line of Business :

Manufacturing of Electrical Contacts.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO
Silver Alloy Contact, Silver Tungsten Contact, Silver Graphite Contact, Bimetal Contact, Copper Chromium Contact, Copper Tungsten Contact, Electrical Contact etc.	85.38
Pure Silver Wire and Strips, Silver Brazing Alloy, Silver Alloy Wire and Strip, Articles Of Silver (Silver Flatware)	710160, 710170

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity
Electrical Contacts / Contacts for SF6 Circuit Breakers #	MT	450
Silver Flatware #	MT	5

NOTES:

# Licensed Capacity is not applicable as the industry has been de-licensed.

* Installed Capacity is as certified by the management and relied upon by the Auditors.

ACTUAL PRODUCTION:

Particulars	Unit	Actual Production
Electrical contacts / Contacts for SF6 Circuit Breakers	Kgs. Pcs. Kgs. Pcs.	72899142 169998611

NOTES: The Company sells Electrical Contacts / Contacts for SF6 Circuit Breakers in kgs as well as in pcs. The above quantitative information is accordingly bifurcated into units measured in kgs. and in pieces.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

• Bank of India
• Citi Bank N.A

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Term Loans
From Bank
Foreign Currency Loan	0.000	8.477
Rupee Loan	21.495	9.967
Vehicle Loans	1.307	2.747
From Others Vehicle Loans	1.502	0.000
Short Term Borrowings
Other loans and advances Form Bank- Working Capital Loan
Foreign Currency Loan	74.926	19.048
Rupee Loan	70.800	9.295
TOTAL	170.030	49.534

Banking Relations :	--
Auditors :
Name :	M.L. Bhuwania and Company Chartered Accountant
Address :	Dahanukar Building, 5^th Floor, 480, Kalbadevi Road, Mumbai-400002, Maharashtra, India
Other Related Parties :	Modicon Private Limited Modison Copper Private Limited Disha Innovative Solutions Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
32500000	Equity Shares	Re.1/- each	Rs. 32.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
32450000	Equity Shares	Re.1/- each	Rs. 32.450 Millions

NOTES:

Terms/rights attached to equity shares

A) The company has only one class of equity shares having a par value of Re. 1 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

(B) The amount of dividend per share of Re. 1.00 (Previous Year Re. 1.00) has been proposed to be distributed to equity shareholders for the year ended 31/03/2012. The total amount of dividend shall be Rs.37.714 Millions including dividend distribution tax Rs. 5.264 Millions (Previous Year Rs. 37.714 Millions including dividend distribution tax Rs.5.264 Millions).

(C) In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Details of sub-division of shares during the period of five years immediately preceding the reporting date:

In the Financial Year 2007-08, 32,45,000 Equity Shares of Rs.10 each fully paid were sub-divided into 32,450,000 Equity Shares of Re.1 each fully paid up.

The details of shareholders holding more than 5% shares in the company:

Name of Shareholders	As on 31.03.2012
	No. of Shares	% Held as
G.L. Modi	7158370	22.06
Rajkumar Modi	6673210	20.56
Prakashchandra Modi	4660488	14.36
Kumar Jay Modi	1746000	5.38

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	32.450	32.450
(b) Reserves & Surplus	825.267	703.915
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	857.717	736.365
(3) Non-Current Liabilities
(a) long-term borrowings	24.304	21.191
(b) Deferred tax liabilities (Net)	64.669	63.003
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	3.702	3.215
Total Non-current Liabilities (3)	92.675	87.409
(4) Current Liabilities
(a) Short term borrowings	145.726	28.343
(b) Trade payables	19.360	16.226
(c) Other current liabilities	169.444	131.632
(d) Short-term provisions	39.237	47.942
Total Current Liabilities (4)	373.767	224.143
TOTAL	1324.159	1047.917
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	528.784	458.408
(ii) Intangible Assets	4.216	1.727
(iii) Capital work-in-progress	14.356	4.907
(iv) Intangible assets under development	0.000	1.338
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	52.955	33.148
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	600.311	499.528
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	497.291	382.855
(c) Trade receivables	161.104	138.805
(d) Cash and cash equivalents	16.821	11.490
(e) Short-term loans and advances	47.643	14.342
(f) Other current assets	0.989	0.897
Total Current Assets	723.848	548.389
TOTAL	1324.159	1047.917

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		32.450
2] Share Application Money		0.000
3] Reserves & Surplus		584.093
4] (Accumulated Losses)		0.000
NETWORTH		616.543
LOAN FUNDS
1] Secured Loans		99.653
2] Unsecured Loans		0.000
TOTAL BORROWING		99.653
DEFERRED TAX LIABILITIES		62.214
TOTAL		778.410
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		439.268
Capital work-in-progress		1.230
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
INTANGIBLE ASSETS UNDER DEVELOPMENT		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	239.249
	Sundry Debtors	114.831
	Cash & Bank Balances	57.795
	Other Current Assets	3.664
	Loans & Advances	195.181
Total Current Assets		610.720
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.308
	Other Current Liabilities	75.091
	Provisions	189.409
Total Current Liabilities		272.808
Net Current Assets		337.912
MISCELLANEOUS EXPENSES		0.000
TOTAL		778.410

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1626.006	1269.148	965.414
		Other Income	6.313	3.047	8.623
		TOTAL (A)	1632.319	1272.195	974.037
Less	EXPENSES
		Cost of material consumed	1193.191	888.703
		Employee benefits expense	67.489	61.845
		Other Expenses	155.451	130.201	746.813
		Changes in inventories of finished goods and work - in - progress	(100.059)	(103.441)
		TOTAL (B)	1316.072	977.308	746.813
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		316.247	294.887	227.224
Less	FINANCIAL EXPENSES (D)		26.935	11.844	10.255
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		289.312	283.043	216.969
Less/ Add	DEPRECIATION/ AMORTISATION (F)		52.631	46.137	39.689
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		236.681	236.906	177.280
Less	TAX (H)		76.837	78.540	59.240
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		159.844	158.366	118.080
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		600.901	496.089	418.389
Less	APPROPRIATIONS
		Transfer to General Reserve	15.985	15.840	12.000
		Proposed Dividend	32.450	32.450	24.338
		Tax on Dividend	5.264	5.264	4.042
	BALANCE CARRIED TO THE B/S		707.046	600.901	496.089
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	264.102	190.225
		Freight	6.305	5.675	117.333
		Insurances	0.174	0.129
	TOTAL EARNINGS		270.581	196.029	117.333
	IMPORTS
		Raw Materials	152.591	98.983	33.322
		Stores & Spares	2.040	2.387	1.098
		Capital Goods	39.663	35.078	54.115
	TOTAL IMPORTS		194.294	136.448	88.535
	Earnings / (Loss) Per Share (Rs.)
	Basic		4.93	4.88	3.64
	Diluted		4.93	4.88	3.64

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012	31.03.2013
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	398.200	404.100	338.400	450.300
Total Expenditure	338.500	356.800	290.400	421.200
PBIDT (Excl OI)	59.800	47.400	48.000	29.100
Other Income	04.300	00.400	05.200	00.800
Operating Profit	64.000	47.800	53.200	29.900
Interest	07.300	07.000	08.800	08.500
PBDT	56.700	40.800	44.400	21.400
Depreciation	14.000	14.600	15.400	16.400
Profit Before Tax	42.700	26.200	29.000	05.000
Tax	14.000	08.600	09.400	05.200
Profit After Tax	28.700	17.600	19.600	(00.200)
Net Profit	28.700	17.600	19.600	(00.200)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	9.79	12.45	12.12
Net Profit Margin (PBT/Sales)	(%)	14.55	18.67	18.37
Return on Total Assets (PBT/Total Assets}	(%)	18.07	22.74	16.88
Return on Investment (ROI) (PBT/Networth)		0.27	0.32	0.29
Debt Equity Ratio (Total Debt/Networth)		0.20	0.07	0.16
Current Ratio (Current Asset/Current Liability)		3.35	2.92	2.23

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2012 [Rs. in millions]	31.03.2011 [Rs. in millions]	31.03.2010 [Rs. in millions]
Sundry Creditors	19.360	16.226	8.308

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONS:

During the year, the company has achieved the turnover of Rs. 1632.319 Millions as compared to Rs. 1272.196 Millions during previous year. Turnover grew by 28.31% i.e. by Rs.360.123 Millions, Profit before tax slightly reduced by Rs.0.225 Millions, however Net Profit after taxation grew by Rs.1.477 Millions.

Earnings per share for the year 2011-12 increased to Rs. 4.93 from Rs. 4.88 in the previous year. Book value now stands at Rs. 26.28 per Equity Share of Re.1/- each.

EXPORTS:

The Exports during the year amounts to Rs. 264.102 Millions as against Rs.190.226 Millions achieved in the previous year. The Company is focusing to improve its exports performance.

MANAGEMENT ANALYSIS AND DISCUSSION REPORT:

INDUSTRY STRUCTURE and DEVELOPMENTS:

The company specializes in making precision components forming the main active elements of Electrical Switchgear, which actually makes / breaks Currents at all Voltage levels in AC and DC systems. The core strength being in house processing right from silver refining to producing all the contact materials and Semis of Precious Metal and Copper Alloy Contact Material and finally making fully finished world class electrical contact parts. This can only be attributable to the highly skilled and experienced manpower, state of the art manufacturing facilities employed, complimented by engineering skills. These have added to the productivity and thus a competitive edge in the global market.

PRODUCT WISE PERFORMANCE AND FINANCIAL PERFORMANCE:

The company is manufacturing Electrical Contacts for Low, Medium and High Voltage Switchgear. During the F.Y. 2011-12 Revenue of the Company rose to Rs. 1632.319 Millions as compared to Rs.1272.196 Millions, achieved during the previous F.Y. of 2010-11. However Profit before Tax reduced to Rs. 236.681 Millions in the Year under report from Rs. 236.906 Millions achieved during the previous F.Y. Export sales during the current F.Y. amounted to Rs. 264.102 Millions as against Rs. 190.226 Millions achieved in the previous F.Y.

FUTURE OUTLOOK:

In spite of the thrust on Power Sector, one can expect hurdles in implementation owing to the political scenario in the country. The focus on non-conventional Energy initiative also is a long drawn process while being an expensive one. Therefore, one cannot expect any major breakthrough immediately and the Company is expecting only a nominal but steady growth in the times to come.

FIXED ASSETS:

• Leasehold Land
• Office Premises
• Factory Building
• Residential Building
• Plant and Machinery
• Furniture and Fixtures
• Vehicles
• Office Equipments
• Intangible Assets

AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31, MARCH 2013

Rs. in Millions

Sr. No.	Particular	3 Months Ended		Year to Date Figures for Current
		31.03.2013	31.12.2012	31.03.2013
		Unaudited	Unaudited	Audited
1.	Net Sales/Income from Operations	449.755	337.598	1588.799
	Other Operating Income	0.550	0.806	2.279
	Total Income From Operations (Net)	450.305	338.404	1591.078
2.	Expenditure
	Cost of materials consumed	311.810	319.812	1171.249
	Changes in inventories of finished goods, work in progress and stock in trade	40.529	(87.797)	(6.886)
	Employee benefits expenses	21.321	22.595	83.082
	Depreciation and amortization expenses	16.416	15.433	60.458
	Other expenses	47.567	35.802	155.507
	Total Expenses	437.643	305.845	1463.409
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	12.663	32.559	127.669
4.	Other Income	0.791	5.217	6.716
5.	Profit Before Interest and Exceptional Items (3+4)	13.454	37.776	134.385
6.	Interest	8.491	8.797	31.570
7.	Profit After Interest but before Exceptional Items (5-6)	4.963	28.979	102.816
8.	Exceptional Items	0.000	0.000	0.000
9.	Profit from Ordinary Activities before Tax (7+8)	4.963	28.979	102.816
10.	Tax Expense	5.187	9.397	37.215
11.	Net Profit from Ordinary Activities after Tax (9-10)	(0.224)	19.582	65.600
12.	Extraordinary Item (net of expense)	0.000	0.000	0.000
13.	Net Profit for the period (11-12)	(0.224)	19.582	65.600
14.	Paid-up Equity Share Capital (Face Value of Re.1/- Each)	32.450	32.450	32.450
15.	Reserves Excluding Revaluation Reserve	--	--	847.938
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	(0.01)	0.60	2.02
	b) Basic and diluted EPS after extraordinary items	(0.01)	0.60	2.02
17.	Public Shareholding
	-Number of Shares	15904740	15904740	15904740
	- Percentage of Shareholding	49.01	49.01	49.01
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	Nil	Nil	Nil
	b) Non Encumbered
	- Number of Shares	16545260	16545260	16545260
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100.00	100.00	100.00
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	50.99	50.99	50.99

Particulars	3 Months ended on 31.03.2013
Pending at the beginning of the quarter	Nil
Received during the quarter	Nil
Disposed of during the quarter	Nil
Remaining unresolved at the end of the quarter	Nil

NOTES:

1. The above audited results were reviewed by the audit committee and taken on record by the board of directors at its meeting held on 23^rd May, 2013.

2. The board has recommended a dividend of Re.1.00 (100%) per equity share of Re.1/- for the F.Y. 2012-13.

3. Figures for the quarter ended 31^st March, 2013 and 31^st March, 2012 are the balancing figures between audited figures in respect of full financial year and published unaudited year to date figures upto third quarter of the relevant financial year.

4. As the company’s business activity falls with a single primary segment viz. “Manufacturing of Electrical Contracts” the disclosure requirement of Accounting Standard (AS-17)”. Segment Reporting is not applicable.

5. During the year, Silver prices experienced wide fluctuation across global markets. Since March 2013, there has been a significant decrease in silver prices, which continued even after the year end. Accordingly, inventory including work-in-progress has been valued after considering the net realization value (NRV) in the ordinary course of business. This resulted in reduction of Rs.19.194 Millions in the valuation of inventory for the year ended 31^st March 2013.

6. Figures of previous period/year have been regrouped wherever considered necessary.

STATEMENT OF ASSETS AND LIABILITIES

Rs. in Millions

PARTICULARS	31.03.2013 Audited
Equity and liabilities
Shareholders' fund
Share capital	32.450
Reserve & surplus	852.231
Sub-total - Shareholders' funds	884.681
Non - current liabilities
Long term borrowings	29.626
Deferred tax liability (net)	76.850
Long term provisions	4.151
Sub-total - Non-current liabilities	110.627
Current liabilities
Short term borrowings	178.340
Trade payables	30.070
Other current liabilities	192.420
Short term provisions	40.389
Sub-total - Current liabilities	441.219
Total - Equity & Liabilities	1436.527
Assets
Non-current assets
Fixed assets
Tangible assets	603.512
Intangible assets	4.658
Capital work in progress	12.699
Non-current investment	0.000
Long term loans & advances	48.635
Sub-total - Non-current Assets	669.504
Current assets
Inventories	463.438
Trade receivables	197.738
Cash & bank balances	87.258
Short term loans & advances	16.627
Other current assets	1.962
Sub-total - Current Assets	767.023
Total – Assets	1436.527

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.15
UK Pound	1	Rs.90.05
Euro	1	Rs.77.07

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.