MIRA INFORM REPORT

Report No. :	321490
Report Date :	12.05.2015

IDENTIFICATION DETAILS

Name :	RAJRATAN GLOBAL WIRE LIMITED
Registered Office :	“Rajratan House” 11/2, Meera Path, Dhenu Market, Indore – 452003, Madhya Pradesh
Tel No :	91-731-2546401
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.09.1988
Com. Reg. No.:	10-004778
Capital Investment / Paid-up Capital :	Rs. 43.518 Million
CIN No.: [Company Identification No.]	L27106MP1988PLC004778
IEC No.:	01196000255
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCR4530Q
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges
Line of Business :	The company is engaged in the business of manufacturing and sale of Tyre Bead Wire.
No. of Employees :	350 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 2200000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for normal 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	Long Term Rating = BB+
Rating Explanation	Have Inadequate Credit quality and carries high credit risk
Date	31.03.2015
Rating Agency Name	CARE
Rating	Short Term Rating = A4+
Rating Explanation	Have minimal degree of safety and carry very high credit risk
Date	31.03.2015

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Shubham Jain
Designation :	Company Secretary
Contact No.:	91-731-2546401
Date :	06.05.2015

LOCATIONS

Registered Office :	“Rajratan House” 11/2, Meera Path, 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 :	http://www.rgwl.co.in http://www.rajratan.co.in
Location :	Owned
Factory :	Plot No. 200 –A and B, Sector I, Industrial Area, Pithampur, District Dhar (Madhya Pradesh) India
Tel. No.:	91-7292-253375 / 252904 / 253429 , 253375
Fax No.:	91-7292-253357

DIRECTORS

AS ON: 31.03.2014

Name :	Mr. Sunil Chordia
Designation :	Managing Director
DIN No.:	00144786
Name :	Mr. S.S Mehta
Designation :	Director
Date of Birth/Age :	60 Years
Qualification :	B.E, M.B.A.
Experience :	35 Years
Date of Appointment :	10.07.2003
DIN No.:	00023523
Name :	Mrs. Sangita Chordia
Designation :	Whole time Director
Date of Birth/Age :	47 Years
Qualification :	B.Com
Experience :	17 Years
Date of Appointment :	05.05.2010
DIN No.:	05.05.2010
Name :	Mr. P.D. Nagar
Designation :	Director
Date of Birth/Age :	69 Years
Qualification :	B.Com, FCA, LLB
Experience :	46 Years
Date of Appointment :	10.07.2003
DIN No.:	00151621
Name :	Mr. Abhishek Dalmia
Designation :	Director
Date of Birth/Age :	45 Years
Qualification :	B.Com (Hons), FCA, ACWA
Experience :	22 Years
Date of Appointment :	11.06.2005
DIN No.:	00011958
Name :	Mr. Chandrashekar Bobra
Designation :	Director
Date of Birth/Age :	56 Years
Qualification :	B.Com, M.B.A
Experience :	34 Years
Date of Appointment :	11.06.2005
DIN No.:	00209498
Name :	Mr. Surendra Singh Maru
Designation :	Director
Date of Birth/Age :	67 Years
Qualification :	M.E.
Experience :	42 Years
Date of Appointment :	28.05.2012
DIN No.:	03081191
Name :	Mr. Deepesh Trivedi
Designation :	C.O.O and Executive Director
Date of Birth/Age :	59 Years
Qualification :	B.E. , M.B.A.
Experience :	34 Years
Date of Appointment :	21.01.2008
DIN No.:	02049488

KEY EXECUTIVES

Name :	Mr. Shubham Jain
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2015

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	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
Foreign Institutional Investors	676	0.02
Sub Total	1676	0.04
(2) Non-Institutions
Bodies Corporate	1027609	23.61
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	374668	8.61
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	233479	5.37
Any Others (Specify)	3877	0.09
Non Resident Indians	1493	0.03
Clearing Members	393	0.01
Hindu Undivided Families	1991	0.05
Sub Total	1639633	37.68
Total Public shareholding (B)	1641309	37.72
Total (A)+(B)	4351800	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	4351800	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of manufacturing and sale of Tyre Bead Wire.

Products :

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

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Sri Lanka
• Italy
• South Africa

Imports :

Products :

Raw Martial

Countries :

• Sri Lanka

Terms :

Selling :

Cash, L/C and Credit (30 Days)

Purchasing :

Cash, L/C and Credit (30 Days)

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

350(Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Commercial Branch, Indore
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	0160000520800
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Bank Name	IDBI Bank Limited
Branch	(Specialised Corporate Branch) Old Palasia, Indore
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOAN	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWING
Term Loans
- From Bank	45.000	94.589
- From Others	2.343	0.000
SHORT TERM BORROWING
Loans repayable on demand
- From Bank	430.406	402.104
Total	477.749	496.693

NOTE :

LONG TERM BORROWINGS

The Outstanding of Long Term Borrowings are net of installment due within next 12 months aggregating to Rs.50.827 Million (Previous year Rs.51.950 Million) which are classified as current liabilities.

SECURITY:

Term loans outstanding Rs. 45.000 Million (Previous year Rs. 94.589 Million) 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. Term loans are also secured by personal guarantee of the Managing Director.

Vehicle loan outstanding Rs. 2.343 Million (Previous Year NIL) is secured by hypothecation of Motor Car.

Terms of Repayment of Long Term Borrowings

Particulars	Total Tenor	Frequency of Installment	No. of Installment due as on 31.3.2013	Amount Outstanding	Rate of Interest
State Bank of India	4 Years	Quarterly	12	63.815	14.60%
State Bank of India	5 Years	Monthly	10	32.006	14.60%
Daimler Financial Services India Private Limited	3 Years	Monthly	32	3.581	9.49%

SHORT TERM BORROWINGS

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.

Auditors :
Name :	Fadnis and Gupte Chartered Accountants
Address :	Indore, Madhya Pradesh, India
Memberships :	--
Collaborators :	--
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: 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

Reconciliation of Number of Shares

Particulars	No. of shares
Shares outstanding as at 1st April 2013 / 1st April 2012	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 2014, the amount of per share dividend recognized as distributions to equity shareholders is Rs.1 per Share (Previous Year Rs.1 per Share). The total dividend appropriation for the year ended March 31, 2014 amounts to Rs. 5.091 Million including Corporate Dividend Distribution Tax of Rs.0.739 Million (Previous Year Rs.5.058 Million including Corporate Dividend Distribution Tax Rs. 0.706 Million).

List of shareholders holding more than 5% of the total number of shares issued by the Company

Particulars	As at 31st March-2014
Name of the share holder	No. of Shares	% Holding
Rajratan Investment Limited	782881	17.99
Avalokiteshvar Valinv Limited	625200	14.37
Rajratan Resources Private Limited	381420	8.76
Sangita Chordia	558100	12.82
Sunil Chordia	479390	11.02
Yashovardhan Chordia	268000	6.16

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	43.518	43.518	43.518
(b) Reserves & Surplus	725.484	658.192	595.240
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	769.002	701.710	638.758
(3) Non-Current Liabilities
(a) long-term borrowings	47.343	94.589	73.881
(b) Deferred tax liabilities (Net)	84.259	87.594	89.567
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	131.602	182.183	163.448
(4) Current Liabilities
(a) Short term borrowings	443.058	416.849	479.542
(b) Trade payables	284.373	189.668	105.370
(c) Other current liabilities	62.206	63.402	87.811
(d) Short-term provisions	13.858	11.174	7.049
Total Current Liabilities (4)	803.495	681.093	679.772
TOTAL	1704.099	1564.986	1481.978
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	428.873	443.637	465.330
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.340	2.774	12.216
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	341.562	239.046	239.046
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	32.002	80.280	71.475
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	802.777	765.737	788.067
(2) Current assets
(a) Current investments	0.000	40.000	0.000
(b) Inventories	148.532	111.445	131.059
(c) Trade receivables	656.409	510.619	456.566
(d) Cash and cash equivalents	9.574	62.154	25.642
(e) Short-term loans and advances	86.646	74.223	79.887
(f) Other current assets	0.161	0.808	0.757
Total Current Assets	901.322	799.249	693.911
TOTAL	1704.099	1564.986	1481.978

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2320.566	1968.355	1825.514
		Other Income	10.632	10.941	7.040
		TOTAL	2331.198	1979.296	1832.554
Less	EXPENSES
		Cost of Materials Consumed	1242.506	1222.044	1186.181
		Purchases of Stock-in-Trade	404.948	123.499	75.328
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1.012)	10.959	3.749
		Employees benefits expense	99.272	91.612	84.619
		Other expenses	354.330	309.970	282.759
		TOTAL	2100.044	1758.084	1632.636
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		231.154	221.212	199.918
Less	FINANCIAL EXPENSES		88.816	85.350	76.917
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		142.338	135.862	123.001
Less/ Add	DEPRECIATION/ AMORTISATION		38.559	37.309	35.770
	PROFIT BEFORE TAX		103.779	98.553	87.231
Less	TAX		31.396	30.543	27.918
	PROFIT AFTER TAX		72.383	68.010	59.313
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		210.707	149.754	NA
Less	APPROPRIATIONS
	Transfer to General Reserve		2.000	2.000	NA
	Dividend		4.352	4.352	NA
	Tax on Dividend		0.740	0.706	NA
	BALANCE CARRIED TO THE B/S		275.999	210.707	149.754
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	84.930	85.052	118.918
		Interest received from Rajratan Thai Wire Company Limited	0.968	3.408	0.999
	TOTAL EARNINGS		85.898	88.460	119.917
	IMPORTS
		Raw Materials	84.066	159.234	0.110
		Components Stores & Spares	0.230	0.397	0.507
		Capital Goods	0.178	0.000	0.989
		Trading Goods	358.631	112.142	39.339
	TOTAL IMPORTS		443.105	271.773	40.945
	Earnings Per Share (Rs.)		16.63	15.63	13.63

QUARTERLY / SUMMARISED RESULTS

Particulars	30.06.2014	30.09.2014	31.12.2014
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	6379.600	5434.900	5846.900
Total Expenditure	5790.600	4978.300	5419.300
PBIDT (Excl OI)	589.000	456.600	427.600
Other Income	03.200	34.800	30.100
Operating Profit	592.200	491.400	457.700
Interest	206.700	207.400	253.700
Exceptional Items	0.000	0.000	0.000
PBDT	385.500	284.000	204.000
Depreciation	99.900	101.300	101.500
Profit Before Tax	285.600	182.700	102.500
Tax	92.700	60.300	24.400
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	192.900	122.400	78.100
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	192.900	122.400	78.100

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.12	3.46	3.25
Operating Profit Margin (PBDIT / Sales)	(%)	9.96	11.24	10.95
Return on Total Assets (PBT/Total Assets}	(%)	7.62	7.45	7.09
Return on Investment (ROI) (PBT/Networth)		0.13	0.14	0.14
Debt Equity Ratio (Total Debt /Networth)		0.64	0.73	0.87
Current Ratio (Current Asset/Current Liability)		1.12	1.17	1.02

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	43.518	43.518	43.518
Reserves & Surplus	595.240	658.192	725.484
Share Application money pending allotment	0.000	0.000	0.000
Net worth	638.758	701.710	769.002
long-term borrowings	73.881	94.589	47.343
Short term borrowings	479.542	416.849	443.058
Total borrowings	553.423	511.438	490.401
Debt/Equity ratio	0.866	0.729	0.638

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1825.514	1968.355	2320.566
		7.825	17.894

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1825.514	1968.355	2320.566
Profit	59.313	68.010	72.383
	3.25%	3.46%	3.12%

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	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	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	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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
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

CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

Contingent liabilities :

(a) Claims against the company not acknowledged as debt

Nil

Nil

(b) Guarantees

(i) Bank Guarantee

11.000

11.000

(ii) Corporate Guarantee for the credit facilities availed by M/s. Rajratan Thai Wire Company Limited, Thailand the Wholly Owned subsidiary of the company.

US$17.500

US$17.500

(c) 5,400,000 equity shares of M/s. Rajratan Thai Wire Company Limited (RTWL), Thailand have been pledged each with State Bank of India and ICICI Bank Ltd, against loans sanctioned by them to RTWL

-----

-----

(d) Other money for which the company is contingently liable Income Tax & Excise appeals for which no provision is considered required as the company is hopeful of successful outcome in the appeals

-----

-----

Particulars	Financial year	Amount in Million	Forum where dispute is pending
Income Tax	2009-10	0.253	CIT (A)-II, Indore
Income Tax	2010-11	0.488	CIT (A)-II, Indore
Income Tax	2003-04	0.154	ITAT, Indore
Service Tax	2005-06	0.584	Customs, Central Excise & Service Tax Appellate, Tribunal, New Delhi
Central Sales Tax	2005-06	0.091	Add. Commissioner (Appeals), Indore
NOTE: Income tax appeals pending before CIT (Appeals) for F.Y. 2009-10 & 2010-11 pertain to an issue which has been decided by the Hon'ble Income Tax Appellate Tribunal, Indore in favour of the Company for earlier years.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWING
Loans and Advances from related Parties	9.586	9.359
Other Loans and Advances	3.066	5.386
Total	12.652	14.745
NOTE: Loans and advances from related parties and other loans and advances are unsecured.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10243835	11/03/2011 *	45,000,000.00	IDBI BANK LTD.	SPECIALISED CORPORATE BRANCH, UPPER GROUND FLOOR,  CAPTAIN C.S. NAYUDU ARCADE, 10/2, OLD PALASIA, IN  DORE, Madhya Pradesh - 452001, INDIA	B09767625
2	10075655	22/10/2014 *	665,400,000.00	State Bank of India	COMMERCIAL BRANCH, A.B. ROAD, INDORE, Madhya Prad  esh - 452001, INDIA	C50135656
3	90205945	06/02/2015 *	600,000,000.00	IDBI Bank Limited	SPECIALISED CORPORATE BRANCH, UPPER GROUND FLOOR,  CAPTAIN C.S. NAYUDU ARCADE, 10/2, OLD PALASIA, IN  DORE, Madhya Pradesh - 452001, INDIA	C48292247

* Date of charge modification

FINANCIAL HIGHLIGHTS:

Operating in a volatile and sluggish economic environment the company has performed well during the year. The company has improved in all the financial parameters on standalone basis. These improvements are the results of various initiatives taken by management to improve quality, productivity, waste elimination, superior product mix, and cost control and people engagement.

• The Net revenue from standalone activity of company during the year increased by 17.8% to 2331.198 Million from 1979.296 Million in the previous year.

• PBDIT from standalone activity of company during the year increased by 4.5% to 231.155 Million from 221.211 Million in the previous year

• The Profit before tax is 103.779 Million as against 98.553 Million in the previous year.

• Cash profit increased by 4.8% to 142.339 Million from 135.862 Million in the previous year

The consolidated Revenue of company during the year increased by 12% to 2834.702 Million as compared to 2538.740 Million in the previous year.

However, due to considerable losses in subsidiary company at Thailand, consolidated Profit before tax stood at to 12.834 Million as against 8.913 Million in the previous year.

PROSPECTS AND OUTLOOK:

They are glad to inform that the Company enjoys the status of preferred bead wire supplier to Indian Tyre Companies and hold highest market share in domestic market because of the superior quality and services. As Indian market is expected to grow further and radial tyre production is going to increase in coming years; it is expected that the Company will be in a stronger position to further increase its market share

It is expected that the economy in general will improve in FY15, albeit gradually on the premise that a strong government will reduce uncertainty in business environment and will focus on reviving growth. Also based on the prognosis of both the IMF and World Bank, the world economy is to improve with the impetus coming from the developed economies. Future outlook will also depend upon following;

• The infrastructure sector is likely to witness an uptrend and along with manufacturing would lead India’s industrial sector. Overall income growth would be higher than that last year, thus allowing space for growth in consumption and savings.

• Although, capital inflows into emerging economies is likely to moderate with the tapering of the US stimulus and economic growth gaining momentum, inflows into India is likely to persist. India, despite witnessing a marked slowdown in its economy is widely regarded as a stable economy among emerging markets with untapped potential. The recent surge in FII inflows in the run up to the elections bears testimony to this.

• There is growing optimism that exports will improve in FY15, with expectations of improvement in global economic prospects and increase in consumption demand in advanced economies.

• Significant upside risk of inflation in FY15 has emerged on account of the expectation of below normal monsoon.

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY:

The Company’s internal control system is commensurate with its scale of operations. Roles and responsibilities are clearly defined and assigned. Standard operating procedures are in place and have been designed to provide a reasonable assurance. Internal audits and checks from time to time ensure that responsibilities are executed effectively.

The Audit Committee reviews the adequacy and effectiveness of internal control systems and suggests ways of further strengthening them, from time to time. The Company has robust Management Information System which is an integral part of the internal control. The observations and good practices suggested are thoroughly reviewed by the Management and the Audit Committee and appropriately implemented for strengthening the controls of various business processes.

LISTING:

The shares of the Company are listed on The Bombay Stock Exchange Limited, and the Company is regular in payment of the listing fees. There was no suspension of trading during the year.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENTS

While the economic activity in the year 2013-14 was subdued which largely affected the automotive and in turn the bead wire industry, the outlook for the current year looks to be optimistic in the expectation of higher economic growth. Government’s recent initiatives to encourage investment in various segments of the economy will bring back capital expenditure. On the back of improved demand scenario, automotive and tyre manufacturers are focusing on expansion projects. As a result, demand for bead wire is expected to grow in the years ahead.

INTERNAL CONTROL SYSTEM

The Company has a comprehensive system of internal control to safeguard the Company’s assets against the loss from unauthorized use and ensure proper authorization of financial transactions. The Company has internal control systems commensurate with the size and nature of the business and has experienced personnel positioned adequately in the organization to ensure internal control process and compliances. The Company takes abundant care in designing, reviewing and monitoring regularly the working of internal control systems and internal control compliances for all important financial internal control processes. The Audit findings are reported on quarterly basis to the Audit Committee of the Board headed by a Non-executive Independent Director.

The Company maintains a system of internal controls designed to provide a high degree of assurance regarding the effectiveness and efficiency of operations, the reliability of financial controls and compliance with laws and regulations.

OVERVIEW

Rajratan Global Wire Company Limited ('the Company') along with its wholly owned subsidiary, M/s. Rajratan Thai Wire Company Limited is engaged in the business of manufacturing and sale of Tyre Bead Wire. In addition, the Company has a Wind Mill located in India for generation of electricity.

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

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON 31ST DECEMBER, 2014

(RS. IN MILLION)

STANDALONE STATEMENT OF PROFIT AND LOSS

Particulars	3 Months ended		9 Months ended
	31.12.2014	31.09.2014	31.12.2014
	Unaudited	Unaudited	Unaudited
Income From Operations
a. Net Sales/ Income from Operations (Net of Excise Duty)	584.408	543.367	1764.736
b. Other Operating Income	0.284	0.122	0.729
Total Income from Operations (Net)	584.692	543.489	1765.465
Expenditure
a. Cost of material Consumed	302.380	312.612	941.759
b. Purchase of Stock-in trade	155.890	68.201	373.126
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade	(33.830)	2.753	(46.436)
d. Employees Benefit Expenses	24.777	25.542	76.741
e. Depreciation and Amortization Expenses	10.152	10.133	30.277
f. Other expenses	92.705	88.714	273.620
Total Expenses	552.074	507.955	1649.087
Profit / Loss from Operations before Other Income, Interest and Exceptional Items	32.618	35.534	116.378
Other Income	3.005	3.477	7.479
Profit / Loss from ordinary activities before finance cost & exceptional items	35.623	39.011	123.857
Finance Costs	25.373	20.742	66.780
Profit / Loss from ordinary activities after finance costs & exceptional items	10.250	18.269	57.077
Exceptional items	0.000	0.000	0.000
Profit / Loss from ordinary activities before tax	10.250	18.269	57.077
Tax Expense	2.440	6.025	17.731
Net Profit / Loss from ordinary activity after tax	7.810	12.244	39.346
Paid-up equity share capital (face value of Rs.10 per share)	43.518	43.518	43.518
Earnings Per Share (of Rs.10 each) (not annualized) Basic EPS And Diluted EPS	1.79	2.81	9.04
PARTICULARS OF SHAREHOLDING
Public Shareholding
- No. of shares	1641309	1641309	1641309
- Percentage of shareholding	37.72%	37.72%	37.72%
Promoter & Promoter Group Shareholding
a) Pledged/Encumbered
- No. of shares	450000	450000	450000
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	16.60%	16.60%	16.60%
- Percentage of shareholding (as a % of the total share capital of the company)	10.34%	10.34%	10.34%
b) Non-encumbered
- No. of shares	2260491	2260491	2260491
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	83.40%	83.40%	83.40%
- Percentage of shareholding (as a % of the total share capital of the company)	51.94%	51.94%	51.94%

Particulars	3 Months ended 31.12.2014
Investor Complaints
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

NOTE:

1. The above results have been reviewed by the Audit Committee and taken on record by Board of Directors in its meeting held on January 30, 2015.

2. The Statutory Auditors have carried out a “Limited Review” of the results for the quarter ended on 31st December, 2014.

3. Results of wholly owned subsidiary "Rajratan Thai Wire Company Limited" Thailand and Results of another subsidiary M/s. Swami Technocrafts Private Limited, Indore have not been included in the above results.

4. The Company operates in only one reportable segments i.e. "Tyre Bead Wire".

5. 4,50,000 equity shares of Promoters are Pledged/encumbered for raising loan for the company.

6. As per provision of the Companies Act 2013, the company has applied new rates of depreciation based upon the useful life assets specified in Schedule II of the Companies Act, 2013. An amount of Rs 2.670 Million being written down value of assets whose useful life has been exhausted will be adjusted in the opening balance of retained earnings at the end of the year.

7. Previous period figures have been regrouped, reworked, wherever necessary.

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.63.85
UK Pound	1	Rs.98.47
Euro	1	Rs.71.51

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	RSM
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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 unfavorable 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.