MIRA INFORM REPORT

Report Date :

21.05.2013

IDENTIFICATION DETAILS

Name :	RAJRATAN GLOBAL WIRE LIMITED
Registered Office :	“Rajratan House” 11/2, Dhenu Market, Indore – 452003 Madhya Pradeseh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.09.1988
Com. Reg. No.:	10-004778
Capital Investment/ Paid-up Capital:	Rs. 43.518 Millions
CIN No.: [Company Identification No.]	L27106MP1988PLC004778
Legal Form :	A Public Limited Liability Company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Carbon Steel Wire.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 2600000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears slight dip in the profitability during 2011-2012. However, general financial position is good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BB+ (Long Term Bank Facilities)
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	February 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.

LOCATIONS

Registered Office :	“Rajratan House” 11/2, Dhenu Market, Indore – 452003 Madhya Pradesh, India
Tel. No.:	91-731-2546401/3928171
Fax No.:	91-731-2542534
E-Mail :	rgwl@rgwl.co.in
Website :	www.rgwl.co.in
Factory :	Plot No. 200 –A and B, Sector I, Industrial Area, Pithampur, District Dhar (Madhya Pradesh) India
Tel. No.:	91-7292-253375/252904
Fax No.:	91-7292-253357

DIRECTORS

AS ON 31.03.2012

Name :	Mr. Sunil Chordia
Designation :	Managing Director
Name :	Mr. S.S Mehta
Designation :	Director
Name :	Mr. P.D. Nagar
Designation :	Director
Name :	Mr. Abhishek Dalmia
Designation :	Director
Name :	Mr. Chandrashekar Bobra
Designation :	Director
Name :	Mrs. Sangita Chordia
Designation :	Director
Date of Appointment :	05.05.2010
Name :	Mr. Deepesh Trivedi
Designation :	C.O.O and Executive Director
Name :	Mr. Mofatraj Munot
Designation :	Director
Name :	Mr. Surendra Singh Maru
Designation :	Director
Name :	Mr. Sunil Chordia
Designation :	Director
Name :	Mr. Ghanshyam Rathi
Designation :	Director
Name :	Mr. Mukesh Kumar Verma
Designation :	Whole Time Director

KEY EXECUTIVES

Name :	Ms. Jaya Gurnani
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2013

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1546190	35.53
Bodies Corporate	1164301	26.75
Sub Total	2710491	62.28
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2710491	62.28
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	1000	0.02
Sub Total	1000	0.02
(2) Non-Institutions
Bodies Corporate	1098605	25.24
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	358001	8.23
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	179703	4.13
Any Others (Specify)	4000	0.09
Non Resident Indians	1378	0.03
Clearing Members	593	0.01
Hindu Undivided Families	1991	0.05
Market Maker	38	0
Sub Total	1640309	37.69
Total Public shareholding (B)	1641309	37.72
Total (A)+(B)	4351800	100
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0
(1) Promoter and Promoter Group	0	0
(2) Public	0	0
Sub Total	0	0
Total (A)+(B)+(C)	4351800	0

BUSINESS DETAILS

Line of Business :

Manufacturer of Carbon Steel Wire.

Products :

ITC Code Number	Product Description
721710	Steel Wire
721710	Tyre bed Wire

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Tyre bed Wire/Steel Wire	MT	NA	30000	29227.642

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Commercial Branch, Indore

· IDBI Bank Limited, Old Palasia, Indore

· ICICI Bank Limited, Singapore Branch, 9, Raffles Place, Singapore

· Bank Of Ayudhya Public Company Limited, 1222 Rama IIT Road, Bang Phongphang, Yan Nawa, bankok-10120, Thailand

· United Overseas Bank (Thai) Public Company Limited, 191, South Sathon Road, Bangkok-10120

Facilities :

Secured Loan

Rs. In Millions

31.03.2012

Rs. In Millions

31.03.2011

Term Loans

From Banks

73.881

82.822

Loans repayable on demand

From Bank

464.438

340.646

TOTAL

538.319

423.468

The Outstanding of Long Term Borrowings are net of installment due within next 12 months aggregating to Rs. 700138 Millions (Previous year Rs. 58.539 Millions) which are classified as Current Liabilities.

SECURITY :

A. Term loans outstanding Rs.73.881 Millions (Previous year Rs.82.682 Millions) are secured by way of an equitable mortgage of immovable properties ranking pari passu amongst the lenders and by a first charge by way of hypothecation of all the company's movable machinery, present and future, subject to prior charges created in favour of Company's Bankers on the stock of raw materials, goods in process, finished and manufactured goods and Book Debts towards security for working capital facilities. T erm loans are also secured by personal guarantee of the Managing Director.

B. Sales T ax Deferment Loan outstanding Nil (Previous year Rs, 6.049 Millions) is secured by way of charge created in favour of Madhya Pradesh State Industrial Development Corporation Limited. Ranking pari-passu on fixed assets with other banks. C. V ehicle Loan outstanding Nil (Previous year Rs.0.139, Million) is secured by hypothecation of vehicle.

Terms of Repayment of Long Term Borrowings:

Particulars	Total Tenor of Loan	Frequency of Installment	No. of Installment due	Amount Outstanding as on 31.3.2012	Rate of Interest
State Bank of India	6 Years	Monthly	15	37886756	14%
State Bank of India	6 Years	Monthly	15	13650682	14%
State Bank of India	5 Years	Monthly	33	53350031	14%
IDBI Bank Limited	4 Years	Monthly	24	31500000	14%
Security: Loans repayable on demand from State Bank of India, Indore and IDBI Bank Limited., Indore are Working Capital Loans and are secured by hypothecation of company’ s stock and book debts, present and future and by a second charge on all the immovable properties of the company and plant and machinery, machinery spares, tools and accessories and other movables both present and future. Such advances are also secured by personal guarantees of the Managing Director.

Banking Relations :	--
Auditors :
Name :	Fadnis and Gupte Chartered Accountants
Address :	Indore, Madhya Pradesh, India
Name :	Mr. Phichat Phruksarojanakum Chartered Accountants
Address :	B1, Auditing Group Company Limited, Thailand, 55/113 Moo.9, Town Plus Kaset-Nawamin, Klong Kum, Beung Kum, Bangkok-10240
Companies /Entitles under the control of Key Management Personnel	· Rajratan Resources Private Limited · Rajratan Investment Limited · Cee Cee Engineering Industries Private Limited
Subsidiary:	· Rajratan Thai Company Limited, Thailand · Swaraj Technocraft Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs. 80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4351800	Equity Shares	Rs.10/- each	Rs. 43.518 Millions

Note:

Par Value Per Share

Rs. 10

Reconciliation of Number of Shares

Shares outstanding as at 1st April 2011 / 1st April 2010	4351800
Shares outstanding at the end of the year	4351800

The company has only one class of shares having a par value of Rs.10/- per share. Each holder of equity share is entitled to one vote per share. The company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval by the shareholders of the company in the ensuing Annual General Meeting. In the event of liquidation of the company , the holders of equity shares will be entitled to receive any of the 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. During the year ended 31st March 2012, the amount of per share dividend recognised as distributions to equity share holders is Rs. 1.2 per Share (Previous Y ear Rs.1.5 per Share). The total dividend appropriation for the year ended March 31, 2012 amounts to Rs. 6.109 Millions including Corporate Dividend Distribution T ax of Rs. 0.887 Millions (Previous Y ear Rs. 7.637 Millions Including Corporate Dividend Distribution Tax Rs. 1.109 Millions)

List of shareholders holding more than 5% of the total number of shares issued by the Company :	As at 31st March-2012
Name of the share holder	No. of Shares
Rajratan Investment Limited	782881
Utkal Investment Limited	625200
Rajratan Resources Private Limited	381420
Mrs. Sangita Chordia	558100
Mr. Sunil Chordia	479390
Mr. Y ashovardhan Chordia	268000

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		43.518	43.518	43.518
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		595.239	542.036	469.114
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		638.757	585.554	512.632
LOAN FUNDS
1] Secured Loans		538.319	423.468	415.198
2] Unsecured Loans		15.105	19.473	48.894
TOTAL BORROWING		553.424	442.941	464.092
DEFERRED TAX LIABILITIES		89.567	86.868	83.939
TOTAL		1281.748	1115.363	1060.663
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		465.330	461.180	428.714
Capital work-in-progress		12.216	0.000	10.864
INVESTMENT		239.046	239.046	178.415
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	131.059	115.981	71.972
	Sundry Debtors	456.889	328.820	317.373
	Cash & Bank Balances	25.642	7.046	1.280
	Other Current Assets	0.757	0.030	0.008
	Loans & Advances	151.362	60.273	92.296
Total Current Assets		765.709	512.150	482.929
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	98.872	18.372	12.678
	Other Current Liabilities	94.632	69.478	13.994
	Provisions	7.049	9.163	13.587
Total Current Liabilities		200.553	97.013	40.259
Net Current Assets		565.156	415.137	442.670
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1281.748	1115.363	1060.663

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1825.514	1613.707	1479.217
		Other Income	7.040	2.626	4.707
		TOTAL (A)	1832.554	1616.333	1483.924
Less	EXPENSES
		Cost of materials consumed	1186.181	1029.422
		Purchase of Stock-in-Trade	75.328	60.812
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	3.749	(25.785)
		Employee benefit expenses	84.619	70.601
		Other expenses	282.759	265.606
		TOTAL (B)	1632.636	1400.656	1262.277
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		199.918	215.677	221.647
Less	FINANCIAL EXPENSES (D)		76.917	60.363	50.274
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		123.001	155.314	171.373
Less/ Add	DEPRECIATION/ AMORTISATION (F)		35.770	33.412	31.286
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		87.231	121.902	140.087
Less	TAX (H)		27.919	41.342	49.169
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		59.313	80.560	90.918
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		106.552	43.628	10.347
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	10.000	50.000
		Dividend	5.222	6.527	6.528
		Tax on Dividend	0.887	1.109	1.109
	BALANCE CARRIED TO THE B/S		149.756	106.552	44.628
	EARNINGS IN FOREIGN CURRENCY
	FOB Value of Export		118.918	156.358	98.940
	Interest received from Rajratan Thai Wire Company Limited		0.999	0.000	0.000
	TOTAL		119.917	156.358	98.940
	IMPORTS
		Raw Materials	0.110	8.655	125.813
		Stores & Spares	0.507	0.000	0.082
		Capital Goods	0.989	1.377	1.637
		Trading Goods	39.339	44.376	0.000
	TOTAL IMPORTS		40.945	54.408	127.532
	Earnings Per Share (Rs.)		13.63	18.51	20.89

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	486.500	486.400	468.900
Total Expenditure	424.200	438.200	415.900
PBIDT (Excl OI)	62.200	48.200	53.000
Other Income	3.800	0.500	3.700
Operating Profit	66.100	48.700	56.700
Interest	23.500	23.700	20.900
Exceptional Items	0.000	0.000	0.000
PBDT	42.600	25.000	35.800
Depreciation	9.300	9.300	9.300
Profit Before Tax	33.300	15.700	26.500
Tax	10.900	4.900	8.700
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	22.400	10.800	17.800
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	22.400	10.800	17.800

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.24	4.98	6.13
Net Profit Margin (PBT/Sales)	(%)	4.78	7.55	9.47
Return on Total Assets (PBT/Total Assets}	(%)	11.39	23.80	29.01
Return on Investment (ROI) (PBT/Networth)		0.14	0.21	0.27
Debt Equity Ratio (Total Debt /Networth)		0.87	0.76	0.91
Current Ratio (Current Asset/Current Liability)		3.82	5.28	12.00

LOCAL AGENCY FURTHER INFORMATION

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	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN 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

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Other Loans and Advances Sales T ax Deferment Loan	0.000	6.049
Loans and advances from related parties	5.702	4.086
Other loans and advances	9.403	9.338
Total	15.105	19.473

FINANCIAL HIGHLIGHTS

Financial year 2012 witnessed a turbulent business environment that moderated growth. The year started with optimism, but as it progressed, there were challenges with inflation, decelerating growth and hardening investment climate which adversely affected consumer sentiments. The global economic environment barely a year after recession, witnessed lower economic growth resulting primarily from Euro zone sovereign debt crises and geo-political instability.

During the year, the Company reported a top-line growth on standalone basis of about 13% over the previous year. This growth was driven on multiple platforms including network relationship, product innovation and quality. This year Company has also put in place a daily work management system under project "Lakshya" which has resulted in improved operational results.

During the year, the Net revenue from standalone operations of the company was Rs. 1832.554 Millions as compared to Rs. 1616.333 Millions in the previous year. The operating Profit before tax was Rs. 87.231 Millions as against Rs. 121.902 Millions in the previous year. The main reason for decrease in current year's profits was increase in prices of wire rod, the burden of which could not passed on to customers completely along with increased finance cost.

During the year, the Net revenue from consolidated operations of the company was Rs. 2523.590 Millions as compared to Rs. 2198.723 Millions in the previous year. The consolidated operating Profit before tax was Rs. 60.998 Millions as against Rs. 111.062 Millions in the previous year.

PROSPECTS AND OUTLOOK:

The Company enjoys the status of being number one supplier in terms of both quality and quantity of Bead Wire to Auto Tyre manufacturers in India, this includes the supplies from Thailand to Indian customers.

Because of strong foot hold in the Indian market which is expected to grow by 8 to 10% in the current year, the company is expected to further grow in the current year, in spite of global gloomy picture and continuous rising cost of Material, Man Power and Finance etc.

SUBSIDIARY COMPANIES

a) Rajratan Thai Wire Company Limited, Thailand (RTWL) recorded growth of 6% in sales volume i.e. 13,548 MT as compared to 12,752 MT previous year. During the year, RTWL reported a top-line growth about 25% over the previous year. Net Sales stood at Rs. 740.000 Millions as compared to Rs. 590.000 Millions in previous year. However, global competition and delays in getting approvals from prime customers and flood in Thailand in October 11, has adversely affected the margins. Net loss stood at Rs. 29.100 Millions as compared to Rs. 15.500 Millions previous year.

RTWL is working hard to get approvals of the major tyre companies that will significantly improve the performance and company is targeting a growth of 50% in F.Y. 2012-13. The major Tyre giants in world like Bridgestone, Yokohama and Sumitomo had technically approved the Company's products. The Company is supplying regularly to Sumitomo and has received trial orders from Bridgestone and Yokohama.

b) Swaraj Technocrafts Private Limited, Indore (STPL) recorded the revenue of Rs. 43.353 Millions as compared to Rs. 60.618 Millions in previous year. The operating Profit before tax was reduce to 0.184 Million only as against Rs. 2.215 Millions in the previous year mainly due to increase cost of raw materials and reduction in turnover.

CONTINGENT LIABILITY:

PARTICULARS	31.03.2012
(a) Claims against the company not acknowledged as debt;	Nil
(b) Guarantees;
(i) Bank Guarantee	8455099
(ii) Corporate Guarantee for the credit facilities availed by M/s, Rajratan Thai wire company limited. Thailand the Wholly Owned subsidiary of the company.	US4 17.50 Millions
(c) Other money for which the company is contingently liable Income Tax and Excise appeals for which no provision is considered required as the company is hopeful of successful outcome in the appeals	584233

UNAUDITED FINANCIAL RESULT FOR QUARTER AND NINE MONTHS ENEDED ON 31.12.2012

(Rs. In Millions)

Sr. No.	Particular	Quarter Ended (Unaudited)		Nine Months Ended (Unaudited)
		31.12.2012	30.09.2012	31.12.2012
1	Income from Operations
	a) Net Sales / Income from Operations (Net of Excise Duty)	468.184	485.786	1439.344
	b) Other Operating Income	0.714	0.632	2.441
	Total Income from Operations (Net)	468.898	486.418	1441.785
2	Expenses
	a) Cost of materials consumed (including direct project cost)	286.094	293.314	900.972
	b) Purchase of Stock in trade	34.991	48.081	83.072
	c) Changes in Inventories of Finished Goods, Work-in-progress and Stock-in-Trade	(6.078)	(1.037)	(2.286)
	d) Employee Benefits Expense	22.898	23.114	68.697
	e) Depreciation and Amortisation Expense	9.289	9.297	27.862
	f) Other Expenses	78.033	74.725	227.910
	Total Expenses	425.227	447.494	1306.227
3	Profit / (Loss) from Operations before Other Income, Finance Cost and Exceptional Items (1-2)	43.671	38.924	135.558
4	Other Income	3.707	0.499	8.021
5	Profit / (Loss) before Finance Cost and Exceptional Items (3+4)	47.378	39.423	143.579
6	Finance Costs	20.877	23.721	68.075
7	Profit / (Loss) after Finance cost but before Exceptional Items (5-6)	26.501	15.702	75.504
8	Exceptional Items	0.000	0.000	0.000
9	Profit / (Loss) before Tax (7+8)	26.501	15.702	75.504
10	Tax Expense	8.734	4.906	24.498
11	Net Profit / (Loss) after Tax (9-10)	17.767	10.796	51.006
12	Extraordinary Items (net of tax expense)	0.000	0.000	0.000
13	Net Profit / (Loss) for the Period (11-12)	17.767	10.796	51.006
14	Paid Up Equity Share Capital (Face Value of the share – Rs. 2/- each)	43.518	43.518	43.518
15	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year	--	--	--
16	Earnings Per Share (EPS) (in Rs.)
	a) Basic	4.08	2.48	11.72
	b) Diluted	4.08	2.48	11.72

Sr. No.	Particular	Quarter Ended (Unaudited)		Nine Months Ended (Unaudited)
		31.12.2012	30.09.2012	31.12.2012
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	- Number of Shares	1641309	1641309	1641309
	- Percentage of Shareholding	37.72%	37.72%	37.72%
2	Promoters and Promoter Group Shareholding
	a) Pledged / Encumbered
	- Number of Shares	577500	577500	577500
	- Percentage of Shares (as a % of total shareholding of promoter and promoter group)	21.31%	21.31%	21.31%
	- Percentage of Shares (as a % of total share Capital of the Company)
	b) Non-Encumbered
	- Number of Shares	2132991	2132991	2132991
	- Percentage of Shares (as a % of total shareholding of promoter and promoter group)	78.69%	78.69%	78.69%
	- Percentage of Shares (as a % of total share Capital of the Company)	49.01%	49.01%	49.01%

INVESTOR COMPLAINTS

PARTICULARS	QUARTER ENDED 31.12.2012
Pending at the beginning of the quarter	Nil
Received during the quarter	2
disposed off during the quarter	2
Remaining unresolved at the end of the quarter	Nil

Notes:

The above result have been reviewed by the Audit Committee and taken en record by Board of Directors in Its meeting held on 21st January 2013

The Statutory Auditors have carried cu: a "Limited Review" of the results for the quarter ended on 31st December, 2012

Result of wholly owned subsidiary "Rajralan Thai Wire Company Limited.", Thai land and Results of another subsidiary M/s Swaraj Technocrats Private Limited. Indore have not been Included in the above results.

Windmill” is not a rep enable segment as per AS-17 "segment Reporting: As the power generated by windmill is exclusively used for captive consumption in bead wire, the financial result of' Windmill' segment have been Included In 'Bead wire" segment.

Out of 5,77,500 equity shares of promoters are pledged/encumbered, 4,50,000 equity shares are pledged/encumbered, for raising leans for the Company

Previous period figures have been "regrouped, reworked, wherever necessary

FIXED ASSETS:

· Free hold Land

· Lease hold Land

· Site Development

· Factory Building and Shed

· Plant and Machinery

· E.T.P and Machinery

· Electrical Installation

· Office Equipment

· Furniture and Fixtures

· Vehicles

· Computer Peripherals

· ERP Software

· Capital Work in Progress

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.55.03
UK Pound	1	Rs.83.60
Euro	1	Rs.70.68

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.