MIRA INFORM REPORT

Report Date :

19.12.2011

IDENTIFICATION DETAILS

Name :	ASIA MOTORWORKS LIMITED
Formerly Known As :	ASIA OIL ENERGY LIMITED
Registered Office :	AMW, Bhuj Bhachau Road, Bhuj, Kachch - 370020, Gujarat
Country :	India
Financials (as on) :	30.06.2010
Date of Incorporation :	27.08.2002
Com. Reg. No.:	04-041192
Capital Investment / Paid-up Capital :	Rs.38.842 Millions
CIN No.: [Company Identification No.]	U11201GJ2002PLC041192
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Designer and Manufacturer of High Tonnage Vehicles.
No. of Employees :	2500 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 17900000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Asia Motorworks Holdings Limited. It is an established company having moderate track. the company has incurred huge losses in the current year i.e. 2009-10. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal for business dealings with some caution.

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

INFORMATION PARTED BY

Name :	Mr. Sajal Gupta
Designation :	Senior Accountant
Contact No.:	91-22-61926000 / 6030
Date :	17.12.2011

LOCATIONS

Registered Office/ Factory :	AMW, Bhuj Bhachau Road, Bhuj, Kachch - 370020, Gujarat, India
Tel No.:	91-2832-2437000-10 (10 Lines)
Fax No.:	91-2832-243726 / 30 91-22-67101504
E-Mail :	sajalg@amwasia.com ddarji@amwasia.com bsingh@amwasia.com sgiri@essar.com abhuwalka@amwasia.com marun@amwasia.com
Website :	http://www.amwasia.com
Area :	500 Sq.mtr.
Location :	Owned
Head Office :	C 25, Laxmi Towers, A 602, 6th Floor, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051, Maharashtra, India
Tel. No.:	91-22-67101501 / 02
Fax No.:	91-22-67101504
E-Mail :	sales@amwasia.com
Location :	Owned
Corporate Office :	7^th Floor, Tower-1, Equinox Business Park (Peninsula Techno Park), Off Bandra Kurla Complex, L.B.S. Marg, Mumbai – 400070, India
Tel. No.:	91-22-40544545
E-Mail :	sales@amwasia.com

DIRECTORS

AS ON 21.10.2010

Name :

Mr. Anirudh Bhuwalka

Designation :

Managing Director

Address :

Plot No. 5, Panhar Building, Worli Seaface, Mumbai – 400 025, Maharashtra, India

Date of Birth/Age :

23.01.1975

Date of Appointment :

06.10.2003

DIN :

00333042

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U11201GJ2002PLC041192	ASIA MOTORWORKS LIMITED	Managing director	19/06/2008	6/10/2003	-	Active	NO
2	U67190MH2006PLC163842	ASIA MOTORWORKS HOLDINGS LIMITED	Director	18/08/2006	18/08/2006	-	Active	NO
3	U45400MH2007PLC170233	AMW PROPERTIES LIMITED	Director	23/04/2007	23/04/2007	-	Active	NO
4	U27310KA2006PTC040237	AMW - MGM FORGINGS PRIVATE LIMITED	Director	29/07/2009	5/5/2008	28/03/2011	Active	NO
5	U65921MH2008PLC182234	AMW FINANCE LIMITED	Director	15/05/2008	15/05/2008	-	Active	NO
6	U65990WB2008PLC126729	AMW CAPITAL LIMITED	Director	19/06/2008	19/06/2008	-	Active	YES
7	U28991KA1977PTC003128	FORGE TOOLS (MYSORE) PRIVATE LIMITED	Director	28/07/2009	30/06/2008	-	Active	NO
8	U35923GJ2009PLC057269	AMW AUTOCOMPONENT LIMITED	Director	16/06/2009	16/06/2009	-	Active	NO
9	U34105MH2010PLC198698	AMW COMMERCIAL VEHICLE APPLICATIONS LIMITED	Director	8/1/2010	8/1/2010	-	Active	NO
10	L15491WB1895PLC000985	ENGO TEA COMPANY LIMITED	Director	8/3/2010	8/3/2010	1/9/2010	Active	NO
11	U74900MH2010PLC201030	AMW ENGINEERING SERVICES LIMITED	Director	18/03/2010	18/03/2010	-	Active	NO
12	U35204GJ2011PLC067190	AMW MOTORS LIMITED	Director	19/09/2011	19/09/2011	-	Active	NO
13	U35923GJ2011PLC067191	AMW COMPONENTS LIMITED	Director	19/09/2011	19/09/2011	-	Active	NO

Name :

Mr. Venkataraman Venkatesan

Designation :

Additional Director

Address :

F-401, The Atrium, Old No. 49, New No. 22, Kalakshetra Road, Thiruvanmiyur, Chennai – 600 041, Tamil Nadu, India

Date of Birth/Age :

09.10.1939

Date of Appointment :

19.05.2008

DIN :

00004010

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L99999MH1976PLC034721	ESSAR INVESTMENTS LIMITED	Director	13/09/1991	13/09/1991	-	Active	YES
2	L99999TN1984PLC075902	INDIA SECURITIES LIMITED	Director	28/09/1991	28/09/1991	-	Active	NO
3	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Director	30/10/1991	30/10/1991	20/05/2009	Active	NO
4	U27100GJ1976FLC013787	ESSAR STEEL LIMITED	Director	28/11/1991	28/11/1991	-	Active	NO
5	U30006TN1981PLC008616	ESSAR TELEHOLDINGS LIMITED	Director	24/01/1996	24/01/1996	18/09/2009	Active	NO
6	U99999MH1989PLC053280	ESSAR PROJECTS (INDIA) LIMITED	Director	1/3/2001	1/3/2001	-	Active	NO
7	U72200MH1992PLC064816	ESSAR INFORMATION TECHNOLOGY LIMITED	Director	21/06/2001	21/06/2001	-	Active	NO
8	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	30/06/2004	30/06/2004	20/05/2009	Active	NO
9	L65921TN1985PLC049092	LANCOR HOLDINGS LIMITED	Director	30/09/2006	28/12/2005	-	Active	NO
10	U65999MH2005PLC155191	EDELWEISS TRUSTEE SERVICES LIMITED	Director	12/9/2007	1/11/2006	-	Active	NO
11	L29221TN1956PLC000204	BEST AND CROMPTON ENGG. LIMITED	Director	22/09/2007	31/01/2007	-	Active	NO
12	U40106TN2007PLC062252	ESSAR POWER TAMILNADU LIMITED.	Director	5/2/2007	5/2/2007	20/05/2009	Active	NO
13	U11201GJ2002PLC041192	ASIA MOTORWORKS LIMITED	Additional director	19/05/2008	19/05/2008	-	Active	NO
14	U27310KA2006PTC040237	AMW - MGM FORGINGS PRIVATE LIMITED	Director	29/07/2009	19/05/2008	21/04/2011	Active	NO
15	U65923MH2007PLC167381	ESSAR CAPITAL LIMITED	Additional director	17/06/2008	17/06/2008	18/09/2009	Active	NO
16	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	30/07/2009	4/10/2008	-	Active	NO
17	L85110GJ1975PLC054824	ESSAR PORTS LIMITED	Director	31/07/2009	31/10/2008	5/7/2011	Active	NO
18	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	11/8/2010	4/9/2009	-	Active	NO
19	U28920TN1999PLC043385	BEST AND CROMPTON ENGINEERING PROJECTS LIMITED	Additional director	29/03/2010	29/03/2010	-	Active	NO
20	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	19/08/2011	17/08/2010	-	Active	NO
21	U40300GJ2006PLC063146	ESSAR POWER HAZIRA LIMITED	Director	6/8/2011	17/08/2010	-	Active	NO
22	U67190MH2006PLC163842	ASIA MOTORWORKS HOLDINGS LIMITED	Director	8/6/2011	8/6/2011	-	Active	NO

Name :

Mr. Jagannath Ranganathan

Designation :

Director

Address :

Old No. 106a, New No. 151, St. Mary’s Road, Chennai – 600 018, Tamil Nadu, India

Date of Birth/Age :

07.12.1943

Date of Appointment :

19.05.2008

DIN :

00029184

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U64201TN1999PLC041778	ACCUSPEED ENGINEERING SERVICES INDIA LIMITED	Director	12/11/2004	12/11/2004	6/3/2011	Active	NO
2	L34103TN1967PLC005539	RANE ENGINE VALVES LIMITED	Director	26/10/2005	26/10/2005	-	Amalgamated	NO
3	L74999TN1972PLC006127	RANE ENGINE VALVE LIMITED	Director	23/07/2008	6/2/2008	-	Active	NO
4	U27310KA2006PTC040237	AMW - MGM FORGINGS PRIVATE LIMITED	Director	29/07/2009	5/5/2008	-	Active	NO
5	U11201GJ2002PLC041192	ASIA MOTORWORKS LIMITED	Additional director	28/01/2011	19/05/2008	-	Active	NO

Name :

Mr. Ramaswamy Venkatraman Iyer

Designation :

Nominee Director

Address :

F-31, Maker Kundan Garden, Juhu Road, Santacruz West, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

04.06.19655

Date of Appointment :

06.03.2010

DIN :

00561569

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74140RJ1978PLC001779	RAJASTHAN CONSULTANCY ORGANISATION LIMITED	Nominee director	13/10/2003	13/10/2003	-	Active	NO
2	L61100MH1990PLC058680	SKS LOGISTICS LIMITED	Nominee director	31/10/2003	31/10/2003	1/9/2008	Active	NO
3	U11201GJ2002PLC041192	ASIA MOTORWORKS LIMITED	Nominee director	6/3/2010	6/3/2010	-	Active	NO

Name :

Mr. Tharmapuram Subramaniam Narayanasami

Designation :

Additional Director

Address :

Flat No.7a, The Lords, Mrc Nagar, Lmk, Opp. Rani Meiyammai Towers, Chennai – 600028, Tamil Nadu, India

Date of Birth/Age :

18.05.1949

Date of Appointment :

28.01.2011

DIN :

01786981

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U91110MH1928GAP001391	INDIAN INSTITUTE OF BANKING AND FINANCE	Director	28/06/2005	28/06/2005	9/7/2009	Active	NO
2	U66010MH2007PLC166770	UNIVERSAL SOMPO GENERAL INSURANCE COMPANY LIMITED	Director	5/1/2007	5/1/2007	2/8/2007	Active	NO
3	U65990MH1989GOI053462	BOI SHAREHOLDING LIMITED	Director	4/6/2007	4/6/2007	31/05/2009	Active	NO
4	U99999MH1919GOI000526	THE NEW INDIA ASSURANCE COMPANY LIMITED	Director	12/6/2007	12/6/2007	20/10/2008	Active	NO
5	U67200MH1972GOI016133	GENERAL INSURANCE CORPORATION OF INDIA	Director	20/10/2008	20/10/2008	1/6/2009	Active	NO
6	U65991MH2009PLC189558	AXIS ASSET MANAGEMENT COMPANY LIMITED	Director	23/04/2010	27/06/2009	-	Active	NO
7	U67110MH2008PLC187576	UNITED STOCK EXCHANGE OF INDIA LIMITED	Managing director	1/8/2009	1/8/2009	-	Active	NO
8	U67190MH2006FTC163188	EXPERIAN CREDIT INFORMATION COMPANY OF INDIA PRIVATE LIMITED	Director	21/11/2009	21/11/2009	-	Active	NO
9	L32202KA1950GOI000640	ITI LIMITED	Director	30/09/2010	9/3/2010	-	Active	NO
10	L32101DL1986GOI023501	MAHANAGAR TELEPHONE NIGAM LIMITED	Nominee director	29/03/2010	29/03/2010	-	Active	NO
11	U67120MH1997PLC112443	CENTRAL DEPOSITORY SERVICES (INDIA) LIMITED	Director	16/08/2010	7/7/2010	-	Active	NO
12	U74900TN2010PTC076873	SIDDHIVINAYAKA ADVISORY SERVICES PRIVATE LIMITED	Director	5/8/2010	5/8/2010	-	Active	NO
13	U65900MH2008PLC178883	LICHFL ASSET MANAGEMENT COMPANY LIMITED	Director	11/8/2010	11/8/2010	-	Active	NO
14	L24232DL1988PLC030958	INDRAPRASTHA MEDICAL CORPORATION LIMITED	Director	10/9/2010	10/9/2010	-	Active	NO
15	U17119DN1982PLC000092	KRISHNA KNITWEAR TECHNOLOGY LIMITED	Director	9/7/2011	15/10/2010	-	Active	NO
16	U11201GJ2002PLC041192	ASIA MOTORWORKS LIMITED	Additional director	28/01/2011	28/01/2011	-	Active	NO
17	U55101TN2004PLC054528	EMPEE HOTELS LIMITED	Director	10/2/2011	10/2/2011	-	Active	NO
18	L85110GJ1975PLC054824	ESSAR PORTS LIMITED	Director	9/9/2011	4/7/2011	-	Active	NO

Name :

Mr. Manwant Singh Kulwant Singh Johar

Designation :

Additional Director

Address :

77 Nri Colony, Shreeji Nagar, Madhapar Tal Bhuj, Dist Kutch – 370020, Gujarat

India

Date of Birth/Age :

21.07.1959

Date of Appointment :

28.01.2011

DIN :

03306926

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U35923GJ2009PLC057269	AMW AUTOCOMPONENT LIMITED	Additional director	15/11/2010	15/11/2010	Active	NO
2	U11201GJ2002PLC041192	ASIA MOTORWORKS LIMITED	Whole-time director	28/01/2011	28/01/2011	Active	NO
3	U74920GJ2011PTC066862	KIRTI END TO END SOLUTIONS PRIVATE LIMITED	Director	23/08/2011	23/08/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajesh C Mangal
Designation :	Chief Marketing officer
Name :	Mr. Rahul Shanidya
Designation :	CIO
Name :	Mr. A Ramasubramanian
Designation :	President
Name :	Mr. T M Ragunath
Designation :	Senior Vice President, HR and Admin
Name :	Mr. Anil Singh
Designation :	Executive Vice President, Research and Development
Name :	Mr. Sham Prasad Ponkshe
Designation :	Executive Vice President, Research and Development
Name :	Mr. Sajal Gupta
Designation :	Senior Vice President, Finance and Accounts
Name :	Mr. Sangamnath Digge
Designation :	Head Manufacturing
Name :	Mr. M. Balasubramanian
Designation :	Vice President, After Market
Name :	Mr. Dinesh Jagjivanbhai Darji
Designation :	Secretary
Address :	Highway Park E – 5A – 303, Tahkur Complex, Kandivali East, Mumbai – 400101, Maharashtra, India
Date of Birth/Age :	08.12.1959
Date of Appointment :	22.12.2009
PAN :	AAHPD3105E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 21.10.2010

Names of Shareholders	No. of Shares
Asia Motorworks Holdings Limited, Mumbai, India	38842340
Asia Motorworks Holdings Limited Jointly with Mr. Shishir Agarwal	10
Asia Motorworks Holdings Limited Jointly with Mr. N B Vyas	10
Asia Motorworks Holdings Limited Jointly with Mr. S Shankaranarayanan	10
Asia Motorworks Holdings Limited Jointly with Mr. G K Sathe	10
Asia Motorworks Holdings Limited Jointly with Mr. Madan Mundhra	10
Asia Motorworks Holdings Limited Jointly with Mr. Vijay K Dharia	10
Total	38842400

AS ON 21.10.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Designer and Manufacturer of High Tonnage Vehicles.
Products :	· AMW Trucks · Press Line · Wheel Rims · Road Safety Systems
Exports :
Products :	High Tonnage Vehicles
Countries :	Europe
Imports :
Products :	Raw Materials
Countries :	China Europe
Terms :
Selling :	L/C / Cash (90 days)
Purchasing :	L/C / Cash (90 days)

PRODUCTION STATUS [AS ON 30.06.2010]

Particulars	Unit	Installed Capacity	Actual Production
Heavy Commercial Vehicles	NOS	50000	4881
Steel Fabrication	MT	30000	4957*
Wheel Rim	NOS	15000000	231133**
Press Shop	MT	50000	4432.17#

Note:

The Installed capacity is as certified by management

*excludes Job Work Manufacturing Quantity of 10132.12 MT (Nil MT Previous Year) done for others.

**excludes Job Work Manufacturing Quantity of 590990 Nos. (Nil Nos. Previous Year) done for others.

#excludes Job Work Manufacturing Quantity of 13014.38 MT (Nil MT Previous Year) done for others.

GENERAL INFORMATION

Supplier :

• Commence India
• Meritor Limited
• Wabco TVS
• Asia Motorworks [USA] LLC

Customers :

• Wholesalers
• Retailers

No. of Employees :

2500 (Approximately)

Bankers :

• Federal Bank, 32, Bombay Samachar Marg, Fort, Mumbai-400001, Maharashtra, India
• IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India.
• India Overseas Bank, Cuffe Parade, Mumbai-400005, Maharashtra, India.
• Bank of India, Cuffe Parade, Mumbai-400005, Maharashtra, India.
• Punjab National Bank, Cuffe Parade, Mumbai-400005, Maharashtra, India.

Facilities :

Secured Loan	30.06.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
From Bank
Rupee term loans (against first charge on project asset and second charge on current assets)	6835.080	3039.790
Acceptances of Capex bill of exchange (against first charge on project asset and second chare on current assets )	467.220	2080.200
Vehicle Loans (against hypothecation of vehicles )	1.200	1.460
Working capital loans (against first charge on current assets and second charge on project assets)	1271.730	2720.500
From others - vehicle loans (against hypothecation of vehicles)	0.000	1.350
Total	8575.230	7843.300
Unsecured Loan	30.06.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Inter corporate deposits	2063.720	697.500
Other long term liabilities	0.000	1227.800
Debentures - fully convertible debenture of Rs.100 each	67.670	67.670
Total	2131.390	1992.970

Note: Terms and conditions of Fully Convertible Debenture First Series

1. Each debenture shall automatically and compulsorily get converted into equity shares of Rs.10/- each at such premium as may be agreed between the issuer and the holder at the expiry of seven years from the date of allotment i.e. 1st December, 2004.

2. The holder of the debenture shall have the option to convert into equity shares of Rs.10/- each anytime after 1st December 2005 as may be agreed between the issuer and the holder.

3. The company shall have the power to redeem the debentures at such price as may be agreed with the. Debenture holders holding more than 90% of the total value of the outstanding debenture.

4. The debenture shall not carry any interest.

5. The debenture shall not be listed on any stock exchange.

Banking Relations :	--
Financial Institution :	IDBI Trusteeship Services Limited, Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate,, Mumbai – 400001, Maharashtra, India CIN : U65991MH2001GOI131154
Auditors :
Name :	A P Rajagopalan and Company Chartered Accountants
Address :	No. 8, 1^st Floor, Neelkanth Shopping Arcade, Mumbai – 400 071, Maharashtra, India
PAN :	AAAFA3952B
Holding Company :	Asia Motorworks Holdings Limited CIN : U34102MH2006PLC163842
Subsidiaries :	AMW Commercial Vehicle Applications Limited CIN : U34105MH2010PLC198698 Asia Motorworks FZE Sharjah UAE Asia Motorworks (USA) LLC
Other Related Party :	AMW- MGM Forgings Private Limited

CAPITAL STRUCTURE

AS ON 30.06.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Share	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
38,842,400	Equity Share	Rs.10/- each	Rs.388.424 Millions

Note : 100% of the above is held by Asia Motor Works Holdings Limited, the Holding Company in current year.

AS ON 21.10.2010

Authorised Capital : Rs.750.000 millions

Issued, Subscribed & Paid-up Capital : Rs.580.516 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.06.2010 [15 months ]	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		388.420	263.420	263.420
2] Share Application Money		1140.020	1231.000	449.900
3] Reserves & Surplus		2964.410	2367.560	2351.510
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4492.850	3861.980	3064.830
LOAN FUNDS
1] Secured Loans		8575.230	7843.300	3643.320
2] Unsecured Loans		2131.390	1992.970	584.650
TOTAL BORROWING		10706.620	9836.270	4227.970
DEFERRED TAX LIABILITIES		0.000	0.010	8.350
TOTAL		15199.470	13698.260	7301.150
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13058.800	8022.430	2212.460
Capital work-in-progress		414.680	3536.150	2186.640
INVESTMENT		2.510	2.010	0.000
DEFERREX TAX ASSETS		65.710	1.940	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2219.590	1473.810	1725.770
	Sundry Debtors	1404.500	951.590	938.440
	Cash & Bank Balances	738.100	884.490	1070.360
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1663.500	1068.120	1056.820
Total Current Assets		6025.690	4378.010	4791.390
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3656.070	2070.050	1668.460
	Other Current Liabilities	190.060	32.000	83.390
	Provisions	521.790	140.230	137.490
Total Current Liabilities		4367.920	2242.280	1889.340
Net Current Assets		1657.770	2135.730	2902.050
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		15199.470	13698.260	7301.150

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.06.2010 [15 months ]	31.03.2009	31.03.2008
	SALES
		Income	10787.570	5384.720	4794.630
		Job Work Income	0.000	0.000	2.090
		Other Income	261.630	254.740	65.280
		TOTAL (A)	11049.200	5639.460	4862.000
Less	EXPENSES
		Material Consumed	8596.800	3449.480	4117.410
		Increase / Decrease in Semi Finished / Finished Goods	[399.440]	403.800	(311.790)
		Excise Duty on Finished Goods	54.280	12.550	62.920
		Personnel Expenses	788.210	512.720	284.750
		Administrative and other Expenses	585.220	366.930	276.670
		Selling and Distribution Expenses	527.360	350.860	197.940
		TOTAL (B)	10152.430	5096.340	4627.900
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		896.770	543.120	234.100
Less	FINANCIAL EXPENSES (D)		868.680	415.260	100.880
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		28.090	127.860	133.220
Less/ Add	DEPRECIATION/ AMORTISATION (F)		614.210	123.370	95.710
	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		[586.120]	4.490	37.510
Less	TAX (H)		[57.970]	[11.570]	26.160
	PROFIT / [LOSS] AFTER TAX (G-H) (I)		[528.150]	16.060	11.350
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.240	[14.810]	[26.160]
	BALANCE CARRIED TO THE B/S		[526.910]	1.240	[14.810]
	EARNINGS IN FOREIGN CURRENCY		196.120	118.680	14.900
	Earnings Per Share (Rs.)		[16.26]	0.17	1.88

Particulars	31.03.2011 [9 months]
Sales Turnover [Approximately]	2950.000

Expected Sales (2011-12): Rs.20000.000 Millions

The above information has been parted by Mr. Sajal Gupta [Senior Accountant]

KEY RATIOS

PARTICULARS		30.06.2010 [15 months ]	31.03.2009	31.03.2008
PAT / Total Income	(%)	[4.78]	0.28	0.23
Net Profit Margin (PBT/Sales)	(%)	[5.43]	0.08	0.78
Return on Total Assets (PBT/Total Assets}	(%)	[3.07]	0.04	0.53
Return on Investment (ROI) (PBT/Networth)		[0.13]	0.00	0.01
Debt Equity Ratio (Total Liability/Networth)		3.35	3.13	1.99
Current Ratio (Current Asset/Current Liability)		1.38	1.95	2.54

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. in Millions)

Particulars	30.06.2010 [15 months ]	31.03.2009	31.03.2008
Sundry Creditors
Total outstanding due of creditors	3656.070	2070.050	1668.460

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

Note: The Registered Office of the company has been shifted from 34 KM Milestone, Bhuj Bhachau Road, Village Kanaiyabe, Bhuj, Kachch - 370020, Gujarat, India to the present address w.e.f. 01.08.2011.

Change in Financial Year

During the period , it was decided to demerge the auto components business of the Company to a separate company in order to have better focus on both businesses, as well as to invite participation in the Company by Private Equity investors. In order to facilitate such separation through a slump sale, the Board of Directors at its meeting held on 6th March, 2010 approved a change in financial period from a 12-moth period to a 15-month period. Thus, the current financial period comprises a 15 month period from 1st April, 2009 to 30th June, 2010. Accordingly the attached financial statement has been prepared for such 15 months period and is therefore not comparable with the previous financial year 2008-09.

Operations

a. Heavy Commercial Vehicles

The period had a couple of very important milestones for the Company. The plant for increasing the capacity of trucks to 50,000 p.a was successfully completed by December, 2010. The plant was inaugurated by Shri Narendra Modi, Chief Minister of Gujarat, in January, 2010. During his visit, the Chief Minister complimented the Company for setting up state of the art facilities, while also ensuring a very congenial operating environment. He expressed his admiration for the level of activity in the plant and its employment generation potential. The Management wishes to place on record its sincere appreciation of each and everyone associated with the project for their dedication and hard work in bringing the plant to a successful frutition.

The second milestone was the award to the Company of : CV INNOVATION OF THE YEAR 2010. This is a prestigious award conferred by the jury of Nextgen Publications – CV magazine and Zee Business. As a young and growing Company in the CV space, this award is very precious to us and represents the untiring efforts of our research scientists in creating vehicles of international quality at an affordable price.

In terms of its business, the Company went through a turbulent phase during this period. The economic recession was prevalent for most part of the period . Though the country started coming out of the recession in the last quarter of 2009, the CV industry, which is closely linked to economic development started its upward movement only towards the end of the first quarter of 2010.

The Company’s vehicles sales started picking up only in the first quarter of 2010. Accordingly, the Company made a total sales of 4,518 vehicles during this period (previous year 2,377 vehicles) , resulting in a turnover of Rs 11049.200 million (previous year Rs 5639.450 million). The Company has started making inroads into the tipper segment in a significant way and is expected to further improve its share in this segment during the following year.

b. Auto Components : Wheel rims, Press Shop, Crash Barriers

During the period , the Company achieved sales of 273,688 (316,748) wheel rims, earning revenue of Rs. 140.430 Millions (Rs. 151.430 Millions). In addition to this, the Company has manufactured 590,990 (Nil) wheels on job work arrangement. The Company’s expansion of capacity from 2 Millions wheel rims (for passenger cars/truck/tractor) to 15 Millions wheel rims was completed during period. The Company is on the approved list of suppliers of leading international as well as domestic OEMs of cars and commercial vehicles and tractors.

Bankers Charges Report as per Registry

Corporate identity number of the company	U11201GJ2002PLC041192
Name of the company	ASIA MOTORWORKS LIMITED
Address of the registered office or of the principal place of business in India of the company	AMW, Bhuj-Bhachau Road, Bhuj – 370020, Gujarat, India 370020
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10133816
Type of charge	Book Debts Movable Property Immovable Property
Particular of charge holder	IDBI Trusteeship Services Limited, Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate,, Mumbai – 400001, Maharashtra, India Email : itsl@idbitrustee.co.in CIN : U65991MH2001GOI131154
Nature of instrument creating charge	Indenture of Mortgage date 25.8.2011 and Supplementary Deed of Hypothecation dated 24.8.2011
Date of instrument Creating the charge	25.08.2011
Amount secured by the charge	Rs.15734.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest – For Rs. 5100.000 millions Term Loan: 12.5% pa, linked to Base rate/BPLR, For Rs. 1350.000 millions Term Loan: BPLR, For Rs. 9284.000 millions Working capital facilities: BPLR. Terms of Repayment – Consortium 1: by 16 quarterly installments (Rs. 1350.000 millions) Consortium 2: by 20 quarterly installments (Rs. 5100.000 millions) Margin – 40% of the Project Cost (including Working Capital margin) for Rs. 5100.000 millions Term loan, 46% of the Project Cost (including Working Capital margin) for Rs. 1350.000 millions Term loan. Extent and Operation of the charge - As per Indenture of Mortgage date 25.8.2011 and Deed of Hypothecation date 24.8.2011
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Indenture of Mortgage date 25.8.2011 for mortgage of additional land of 54.95 acres in addition to mortgage already created on 424.82 acres of land in favour of the Security Trustees for Term loan of Rs. 6450.000 millions and extension of second pari passu charge on land already mortgaged and to be mortgaged, on enhanced working capital limits of Rs. 9284.000 millions, sanctioned by banks Company's movable assets including its movable plant and machinery, machinery spares, tools and accessories and movables both present and future vide Supplementary Deed of Hypothecation date. 24.8.2011; Current assets including Company's cash, raw materials, finished and semi-finished goods, book-debts, revenues and receivables existing or in future.
Date of instrument modifying the charge	24.08.2011
Particulars of the present modification	The Charge created vide Charge ID No. 10133816 now stands modified with securities created vide Indenture of Mortgage date 25.8.2011 and Supplementary Deed of Hypothecation date. 24.8.2011, on the Company's immovable properties, movable properties and current assets to Rs. 15734.000 millions.

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U11201GJ2002PLC041192
Name of the company	ASIA MOTORWORKS LIMITED
Address of the registered office or of the principal place of business in India of the company	34 KM Milestone, Bhuj Bhachau Road, Village Kanaiyabe, Kachch-370020, Gujarat, India
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India.
Email	r.venkatachalam@idbi.co.in
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation dated January 15, 2010 for creating charge for adhoc working capital limit of Rs.40,00,00,000/-
Date of instrument Creating the charge	15.01.2010
Amount secured by the charge	Rs.400.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per the terms and conditions stipulated vide sanction letter dated January 1, 2010 and Facility Agreement dated January 15, 2010. Terms of Repayment As per the terms of sanction vide letter of intent dated January 1, 2010 and Facility Agreement dated January 15, 2010 entered into with IDBI Bank Limited Margin As per the sanction letter dated January 1, 2010 and as amended from time to time. Extent and Operation of the charge Pari passu first charge on the current assets and book debts of the company and pari passu second charge on the fixed assets of the company as per Deed of Hypothecation dated January 15, 2010.
Short particulars of the property charged	I) The Borrower's entire stock of raw materials, semi finished goods consumable stores and spare parts and such movables including book debts, bills whether documentary or clean II) outstanding monies receivable both present and future, situated at 34 KM Milestone, Bhuj Bhachau Road, Village Kanaiyabe, Kachh, Gujarat- 370020 (Details as per schedule to the III) Deed of Hypothecation dated January 15, 2010).

Fixed Assets

• Land
• Building
• Plant and Machinery
• Electrical Equipments
• Furniture and Fittings
• Office Equipment
• Vehicles
• Computers
• Software
• Technical Know-how

Trade References:

• Commence India
• Meritor Limited
• Wabco TVS
• Asia Motorworks [USA] LLC

AS PER WEBSITE

Asia Motors Works at a Glance

Asia Motor Works is a company driven by energy, enthusiasm and positive attitude. They are in the business of transport solutions for a new competitive age in India's fast growing industrial sector.

Innovation and customer satisfaction are at the core of everything they do at AMW. Behind their Global Truck, is relentless passion for engineering, technological proficiency and people who are committed to delivering value. From heavy trucks to specialized application vehicles, AMW has constantly delivered products that increase productivity and profits for its customers.

Their trucks offer dependability, low cost of operation, unsurpassed handling, panoramic visibility, high driver comfort and ease of maintenance. And much more. They aim to enhance the overall efficiency and profitability of their patron’s business.

At their sprawling complex in Bhuj, in Gujarat, Western India, they also manufacture components for the automotive and general engineering industries. They are the largest single location plant for wheel rims in Asia and supply pressed metal components to some of the world’s most renowned automobile companies.

Building the future of the transportation industry

Asia Motor Works is a company where excellence and innovation aren't just buzzwords, they are the core of their existence. Since they started rolling out trucks in 2005, their 49-tonners have quickly captured the heavy haul market segment.

This is possible because they put the customers and his needs first. That demands excellence in manufacturing through the use of contemporary technologies, management and processes, which they implement at their sprawling 515-acre plant in Bhuj, Gujarat. For this AMW has formed collaborations with world-renowned engineering suppliers to obtain the best in components and technology. They have also set up a dedicated research and development facility to constantly deliver performance-enhancing innovations.

Press Release

AMW launches new 1618 TP Tipper at EXCON, Bangalore

November 24, 2011

Bangalore- Asia Motor Works (AMW) launched its new 1618 TP Tipper model at the EXCON exhibition in Bangalore on November 24. This important new model marks AMW’s entry into the competitive 16 ton segment of the Indian commercial vehicle market.

The 1618 TP is a single axle (4*2) tipper powered by a 178bhp diesel engine, mated to a 6-speed gearbox. The model offer superior driver comfort thanks to its air-conditioned cabin which has class leading aesthetics. With the launch of the 1618 TP, AMW now offers truck models ranging from 16 tons to 49 tons for various applications in the construction and mining sectors.

According to Mr. Anirudh Bhuwalka, Managing Director and CEO, AMW, “AMW is an Associate Sponsor at EXCON 2011, which is one of the biggest exhibitions for the fast growing construction sector in India. With a strong focus on infrastructure development by the government, we are sure there would be increased participation from international players, as also from most Indian companies in this domain.”

Mr. Bhuwalka added, “On display at EXCON is our latest offering, the 1618 TP. This single axle 16 tonner marks our foray into the competitive 16 tonne segment and we are confident that this product will perform extremely well in the demanding and arduous construction and mining segment, in which AMW enjoys a number 2 position in the country.”

AMW is the Fastest Growing Truck Brand in India

AMW, which began full scale production in 2008, currently sells its trucks through 87 touch points across the country. The company has seen its sales volumes grow by over 100% during the current year, compared to the same period last year, making AMW the fastest growing truck brand in India.

It also reaffirms the growing acceptance of AMW models among truck buyers in India. AMW trucks are known for their reliability, increased productivity and overall value proposition. In fact, the company rolled out its 20,000th truck from its manufacturing plant in Bhuj, Gujarat during September 2011.

Displaced Ashok Leyland in 25 ton Tipper segment

AMW has also emerged as the number 2 player in the 25 ton and above Tipper segment of the Indian commercial vehicle market, displacing Ashok Leyland. AMW’s share of this segment is currently at 26% and the company plans to launch several new application specific models aimed at growing its overall volumes and share in the future.

Exciting new products to debut at Auto Expo

AMW also plans to showcase an exciting range of new products at the upcoming Auto Expo 2012, which commences from January 5, 2012 in New Delhi. These world class vehicles will showcase the increasing expertise of AMW, offering superb aesthetics and powerful performance at a value price tag, which is the hallmark of AMW. We firmly believe that these new products will take AMW to the next level in the Indian market.

AMW has also introduced the 3118 SWB model in June 2011, which is aimed at the mining and construction markets. This 31 ton model is the first 12-wheel Tipper from AMW. It has a payload which is one of the highest in its segment and the initial response to this model has been encouraging. Setting service standards in Indian trucking AMW is setting new service standards in the Indian trucking industry with its 24*7 Helpline called ‘Seva’ which is accessible through a toll free number. The company also supports its customers through the use of mobile service vans and container workshops in remote locations across India.

The total addressable market of HCVs in 2010-11 was 220,000 commercial vehicles per annum, which is currently growing at about 9% per annum. During the current fiscal year, AMW has successfully entered into all segments of the HCV market and is poised to grow strongly thanks to its increasing penetration in the construction and mining segment of the commercial vehicle market.

AMW Profile

Asia MotorWorks (AMW) manufactures commercial vehicle and components and has achieved a unique position in India’s transportation sector through innovative engineering and high customer orientation. Rolling out the first truck in 2008, AMW has increased its presence in an increasingly competitive market place through its products and service network spread across the country. AMW has also become an intrinsic part of India’s largest infrastructure and construction projects including the Yamuna Expressway and Golden Quadrilateral.

Wide product range

AMW’s product portfolio includes its best seller, the 49 Tonner - India’s first vehicle in this segment, 4018 Tractor, 2523 Rock and Box body Tipper, 2518 Tipper, Transit Mixer and Haulage vehicles. The company is also expanding its product lineup with the launch of the 1618 TP which would allow it to access the entire HCV market in India.

Its 4923 was declared “Truck of the Year” by NDTV in January 2008. AMW has won the coveted award from Next Gen Publication of “CV innovation of the year 2009-10 for its flagship 3123. AMW CV Applications also won the ‘Truck Application Builder of the Year- 2010’ award from Next Gen Publications for its Tranztar brand of fully built vehicles. The mining and construction segments will remain AMW’s strength areas, as the company expands its product range into other parts of the market. AMW Tippers and other Fully Built vehicles have quickly gained acceptance in the most difficult and arduous mining conditions. In fact, AMW tippers have now aggressively grown in number as well as in market share. The Company sources world class aggregates from leading suppliers like Cummins, ZF, Eaton and Meritor to manufacture its trucks.

State of the art plant at Bhuj

The fully integrated manufacturing facility of AMW is located in Bhuj, Gujarat, in the western region of India. The planned capacity of commercial vehicles is at 50,000 annually with the facility being set up at a cost of Rs. 15000 millions. It currently employs about 2,000 people and uses state of the art production processes to build world class trucks for the Indian market.

In addition the Company has installed capacity for 24,000 tipper bodies, 100,000 tonnes of fabricated components, 45,000 tonnes of pressed metal and 30,000 tonnes of frames for chassis production. The company recently acquired a forging unit in Mysore in southern India, which produces axles and other forged components.

AMW also manufactures components for the automotive and general engineering industries. AMW’s capacity of 15 million wheel rims makes it the largest single location plant in Asia and the company supplies pressed metal components to some of the world’s most renowned auto and white goods manufacturers.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] 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.52.81
UK Pound	1	Rs.82.00
Euro	1	Rs.68.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		31

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.