MIRA INFORM REPORT

Report Date :

05.04.2013

IDENTIFICATION DETAILS

Name :	AHMEDNAGAR FORGINGS LIMITED
Registered Office :	Gate No. 614, Village Kuruli, Khed, Pune - 410501, Maharashtra
Country :	India
Financials (as on) :	30.06.2012
Date of Incorporation :	21.03.1977
Com. Reg. No.:	11-019569
Capital Investment / Paid-up Capital :	Rs. 367.500 Millions
CIN No.: [Company Identification No.]	L28910MH1977PLC019569
TAN No.: [Tax Deduction & Collection Account No.]	PNEA05185F
PAN No.: [Permanent Account No.]	AACCA3454H
Legal Form :	A public limited liability company. The company’s shares are listed on the Stock Exchanges
Line of Business :	Manufacture and Distribution of High-Precision Closed Die Steel Forgings and Auto Components for the Automotive, Defence and Railway Industries.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 29530000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company fine track record. Financial position of the company appears to be sound. Performance capacity of the company seems to be good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good 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 – 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	AA- (Long Term Bank Facilities)
Rating Explanation	High degree of safety. It carry very low credit risk.
Date	April 2012

Rating Agency Name	CARE
Rating	A1+ (Short Term Facilities)
Rating Explanation	Highest degree of safety. It carry lowest credit risk.
Date	April 2012

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 :	Gate No. 614, Village Kuruli, Khed, Pune - 410501, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	aflimited@yahoo.com
Website :	http://www.amtek.com
Works :	• D 95, MIDC Area, Manmad Road, P.O. Box-2, Ahmednagar-414111, Maharashtra, India • Chakan, District Pune, Maharashtra, India • Kuruli, District Pune, Maharashtra, India • Nalagarh, District Solan, Himachal Pradesh, India

DIRECTORS

AS ON 30.06.2012

Name :	Mr. Arvind Dham
Designation :	Chairman
Name :	Mr. S. Rajagopalan
Designation :	Whole Time Director
Name :	Mr. D. S. Malik
Designation :	Director
Name :	Mr. S. E. Krishnan
Designation :	Director
Name :	Mr. B. Lugani
Designation :	Director
Name :	Mr. Gautam Malhotra
Designation :	Director
Name :	Mr. Vivek Kumar Agarwal
Designation :	Director

KEY EXECUTIVES

Name :	Ms. Swati Ahuja
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2012

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	20196665	54.96
Sub Total	20196665	54.96
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	20196665	54.96
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3183593	8.66
Financial Institutions / Banks	208066	0.57
Foreign Institutional Investors	7563014	20.58
Any Others (Specify)	600	0
Foreign Financial Institutions / Banks	600	0
Sub Total	10955273	29.81
(2) Non-Institutions
Bodies Corporate	1977853	5.38
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2532047	6.89
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	776665	2.11
Any Others (Specify)	311497	0.85
Clearing Members	42001	0.11
Non Resident Indians	49075	0.13
Hindu Undivided Families	219671	0.6
Trusts	750	0
Sub Total	5598062	15.23
Total Public shareholding (B)	16553335	45.04
Total (A)+(B)	36750000	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)	36750000	0

BUSINESS DETAILS

Line of Business :

Manufacture and Distribution of High-Precision Closed Die Steel Forgings and Auto Components for the Automotive, Defence and Railway Industries.

Products :

ITC CODE	PRODUCT
7326	Die Steel Forgings

PRODUCTION STATUS (AS ON : 30.06.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Steel Forgings	MT	225000	225000	112162

GENERAL INFORMATION

Customers :

• Hero Honda
• TATA
• Toyota
• Yamaha
• TVS
• Ashok Leyland
• Swaraj Mazda

No. of Employees :

Not Available

Bankers :

• Andhra Bank
• Karur Vysya Bank Limited
• IDBI Bank Limited

Facilities :

Secured Loan

Rs. In Millions

30.06.2012

Rs. In Millions

30.06.2011

LONG TERM BORROWINGS

Term Loan

– From Bank/Financial Institutions

3372.922

3927.146

SHORT TERM BORROWINGS

Borrowings

From Banks Financial Institutions

1960.113

901.936

TOTAL

5333.035

4829.082

Unsecured Loan

Rs. In Millions

30.06.2012

Rs. In Millions

30.06.2011

LONG TERM BORROWINGS

External Commercial Borrowings

1112.500

0.000

TOTAL

1112.500

0.000

NOTES

LONG TERM BORROWINGS

Term debts from Financial Institutions/Banks are secured by way of first mortgage of company’s all immovable properties ranking pari passu interest and hypothecation of whole of the company’s movable properties including plant and machinery, machinery spares, tools and accessories save and book debts) present and future, subject to prior charges created/to be created in favour of the company’s bankers on inventories, book debts and other specified movables for securing the borrowing for working capital requirements and loans under EFS/HP/Lease schemes if any securing the borrowing for working capital requirements and loans under EFS/HP/Lease schemes if any are secured by way of charge on the specified assets financed under the scheme.

Maturity Profile of Secured Term Loans classified as Long Term Borrowings is set out below:

Year Amount	Rs. In Millions
2013-14	329.600
2014-15	508.300
2015-16	508.300
2016-17	677.000
2017-18	677.000
2018-19	677.000

Maturity Profile of External Commercial Borrowings is set out below:

Year Amount	Rs. In Millions
2013-14	278.100
2014-15	278.100
2015-16	278.100
2016-17	278.100

Interest Rate of External Commercial Borrowing is LIBOR+3%

SHORT TERM BORROWINGS

Short Term Borrowings are secured by hypothecation of raw material, semi finished goods, stock in process, consumable stores and book debts of the company

Banking Relations :	--
Auditors :
Name :	Manoj Mohan and Associates Chartered Accountant
Holding Company :	Amtek Auto Limited
Joint Venture of Holding Company :	Amtek Tekfor Automotive Limited MPT Amtek Automotive (India) Limited SMI Amtek Crankshafts Private Limited
Subsidiaries :	Amtek Crank Shafts India Limited Amtek Deutshland GmbH Amtek Investment UK Limited Amtek InvestmentInc. US Smith Jones Inc. Amtek Ring Gears Limited Amtek Transportation Systems Limited Alliance Hydro Power Limited Amtek India Limited Amtek Defence Technologies Private Limited

CAPITAL STRUCTURE

AS ON 30.06.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs. 400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
36750000	Equity Shares	Rs.10/- each	Rs. 367.500 Millions

NOTES

SHARES HELD BY HOLDING COMPANY

Particulars	AS AT 30.06.2012
	NO. OF SHARES	%
Amtek Auto Limited	20196665	54.96%

RECONCILIATION OF SHARES

PARTICULARS	AS AT 30.06.2012
	NO. OF SHARES	RS. IN MILLIONS
EQUITY SHARES
Shares outstanding at the beginning of the year	36750000	367.500
Shares outstanding at the end of the year	36750000	367.500

NAME OF SHAREHOLDERS HOLDING MORE THAN 5% OF EQUITY SHARES

Name of Shareholders	AS AT 30.06.2012
	No. of Shares Held	% of Holding
Amtek Auto Limited	20196665	54.96%
Warhol Limited	3456898	9.41%
Asia Investment Corporation Mauritius Limited	2201390	5.99%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.06.2012	30.06.2011	30.06.2010
SHAREHOLDERS FUNDS
1] Share Capital		367.500	367.500	367.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7015.586	5849.569	4853.440
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7383.086	6217.069	5220.940
LOAN FUNDS
1] Secured Loans		5333.035	4829.082	5369.038
2] Unsecured Loans		1112.500	0.000	0.000
TOTAL BORROWING		6445.535	4829.082	5369.038
DEFERRED TAX LIABILITIES		1044.099	972.961	0.000
TOTAL		14872.720	12019.112	10589.978
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9679.180	9323.787	8906.715
Capital work-in-progress		454.289	189.656	0.000
INVESTMENT		9.285	9.285	9.285
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2637.129	2137.784	1753.598
	Sundry Debtors	2826.822	2248.247	987.296
	Cash & Bank Balances	743.724	468.390	470.858
	Other Current Assets	2.529	0.869	2.410
	Loans & Advances	1430.994	184.667	364.472
Total Current Assets		7641.198	5039.957	3578.634
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	959.667	616.180	581.993
	Other Current Liabilities	1821.770	1811.038	1236.956
	Provisions	129.795	116.355	85.707
Total Current Liabilities		2911.232	2543.573	1904.656
Net Current Assets		4729.966	2496.384	1673.978
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		14872.720	12019.112	10589.978

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.06.2012	30.06.2011	30.06.2010
	SALES
		Income	12184.314	9372.440	6653.291
		Other Income
		TOTAL (A)	12184.314	9372.440	6653.291
Less	EXPENSES
		Cost of materials consumed	7985.070	5775.137	4890.166
		Employee benefit expense	600.185	536.236
		Other expenses	731.084	647.005
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(107.051)	(61.062)
		TOTAL (B)	9209.288	6897.316	4890.166
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2975.026	2475.124	1763.125
Less	FINANCIAL EXPENSES (D)		648.460	452.303	388.634
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2326.566	2022.821	1374.491
Less/ Add	DEPRECIATION/ AMORTISATION (F)		612.951	499.507	433.204
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1713.615	1523.314	941.287
Less	TAX (H)		504.886	441.761	300.425
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1208.729	1081.553	640.862
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		979.600	483.400	330.415
Less	APPROPRIATIONS
		Transfer to General Reserve	1750.000	500.000	400.000
		Dividend	36.800	73.500	73.500
		Corporate Dividend Tax	6.000	11.900	12.207
		Dividend and Tax of Previous Year	0.000	0.000	2.141
	BALANCE CARRIED TO THE B/S		395.529	979.553	483.429
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	85.439	65.288	12.440
	TOTAL EARNINGS		85.439	65.288	12.440
	IMPORTS
		Components & Spares Parts	1.531	1.148	0.861
	TOTAL IMPORTS		1.531	1.148	0.861
	Earnings Per Share (Rs.)		32.89	29.43	17.76

QUARTERLY RESULTS

PARTICULARS	30.09.2012	31.12.2012
	1^st Quarter	2^nd Quarter
Net Sales	3026.800	2898.800
Total Expenditure	2224.800	2136.300
PBIDT (Excl OI)	802.000	762.500
Other Income	0.000	0.000
Operating Profit	802.000	762.500
Interest	184.400	160.900
Exceptional Items	0.000	0.000
PBDT	617.600	601.600
Depreciation	177.200	177.200
Profit Before Tax	440.400	424.400
Tax	132.100	127.300
Provisions and contingencies	0.000	0.000
Profit After Tax	308.300	297.100
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	308.300	297.100

KEY RATIOS

PARTICULARS		30.06.2012	30.06.2011	30.06.2010
PAT / Total Income	(%)	9.92	11.54	9.63
Return on Total Assets (PBT/Total Assets}	(%)	9.89	10.61	7.54
Return on Investment (ROI) (PBT/Networth)		0.23	0.25	0.18
Debt Equity Ratio (Total Debt /Networth)		0.87	0.78	1.03
Current Ratio (Current Asset/Current Liability)		2.62	1.98	1.88

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	Yes
19]	Payments terms	No
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	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

BUSINESS SNAPSHOT

Ahmednagar Forgings is the second largest Forging Company in India with world class manufacturing facilities. These have significant locational advantages through their proximity to the automotive manufacturer hubs in the North and West regions of India. Ahmednagar Forgings has state-of-the-art facilities with presses, hammers, up setters and ring rolling machines. It has an extensive product portfolio with a range of highly engineered components including camshafts, connecting rods, crankshaft, crown wheel pinion and front axle beam. The Company supplies components for passenger cars, light and heavy commercial vehicles, 2/3 wheelers and tractors. It also manufactures components for non-auto industry such as the railways and specialty vehicles. The Company serves diversified client base. Ahmednagar Forgings is well positioned in the Indian auto component market. The Company is also backed by number of leading investors.

FINANCIAL PERFORMANCE

During the year, the total income of the Company was Rs. 12184.300 Millions compared to the previous year of Rs. 9372.400 Millions, recording an increase of 30% year on year. The Profit after Tax of the Company for the year was Rs. 1208.700 Millions as compared to the previous year of Rs. 1081.500 Millions, recording an increase of 11.76% year on year. The Company has a strong reserve position of Rs. 7015.600 Millions.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY OVERVIEW

INDIAN ECONOMY

The economic environment in India has deteriorated significantly over the last 12 months. In response, the Government of India has introduced a series of wide ranging reforms to facilitate foreign investment, control the fiscal deficit and improve growth prospects. These have ranged from reducing subsidies on fuel to the opening up of previously protected sectors such as multi brand retailing and insurance to foreign direct investment.

However, whilst these policies are implemented, controlling inflation remains a high priority. For the year ended March 2013, WPI based inflation is expected to be 7.5%. This assumes continued near term staple food price inflation and the impact of the pass-through of market based oil prices into retail fuel prices. The increases in the indirect and services tax rates in the last budget are likely to add to the inflationary pressures.

Inflation is also the key driver for broader fiscal policy. The Reserve Bank of India has been unable to reduce interest rates meaningfully to stimulate consumption led growth. Ongoing volatility in the foreign exchange market and the depreciation of rupee has added additional complexity for policy makers.

As per RBI, India’s GDP growth is estimated to be 6.5% for the year ended March 2012, lower than the 8.4% growth in Year Ending (YE) March 2011 and 10% in YE March 2010. In YE March 2012, Index of Industrial Production (IIP) registered a growth of 2.8% compared to 8.2% in YE March 2011. Except Electricity which grew by 8.2%, the remaining two sectors – Mining and Manufacturing remained under pressure at (2.0)% and 2.9% y-o-y, respectively in YE March 2012. Despite a delayed monsoon season, the agriculture sector is expected to grow by 3.0%.

AUTOMOBILE INDUSTRY

The long term Auto industry dynamics in India are attractive from both end market and manufacturing platform perspectives. Consumer demand has been underpinned by favorable demographic changes, in particular by ongoing urbanization and an increasing middle class. Disposable incomes have also increased and correspondingly raised vehicle ownership levels. Over the last 5 years, relatively high GDP growth and industrial activity increased the demand for commercial vehicles. Current low levels of agricultural mechanization have resulted in strong tractor demand. India is expected to be the third largest automotive market by volumes in 2015 after US and China.

India has also been acknowledged by many global OEMs as one of the most strategically important emerging auto markets in the world. It is not only an attractive destination for OEMs as an end customer market but also an

increasingly critically important manufacturing base. For example, global majors Ford, GM and Renault-Nissan have all announced that they will set up their manufacturing facilities in India. These manufacturing facilities will be used to service both the domestic and export markets.

AUTO INDUSTRY: OUTLOOK

In addition to an overall declining GDP growth environment, near term demand pressures have had a significant impact on the Indian passenger vehicle sector. This has been a consequence of a number of different factors including increased excise duties and fuel prices, relatively high interest rates and generally weaker consumer sentiment. Production volumes are now effectively flat year-on-year at 1.1% for 1Q FY13. This is a significant decline compared to previous two quarters which grew by +9.0% and +10.2% year-on-year.

Industrial activity has also experienced sequential contraction and volatility. The commercial vehicle production has had its second sequential quarter of negative growth in Q1FY13 of (5.2)% and (3.8)% in the previous quarter. This is in context of a 22.9% growth in the last year. Although LCV production volumes have shown marginal growth, MCVs volumes have declined by over 15%. 2/3 Wheeler volumes have deteriorated rapidly during the last quarter from +7.9% to -3.0% in Q1 FY13. Despite these current challenges, there are some favorable dynamics: new product launches to stimulate demand, OEMs have re-balanced inventory levels, replacement market demand is improving and import costs reduced with a depreciating rupee.

Looking ahead more broadly, SIAM expects domestic passenger car sales to grow at 1% to 3% for the year ending March 2013 and commercial vehicles by 3% to 5% for the same period. Longer term the Indian auto component industry is expected to reach over US$ 110 billion by 2021, growing at a CAGR of 11%. For the year ended March 2013, the overall industry is expected to grow 5-7%. Tractor production volumes are expected to reach 710,000 by 2015-16, growing at a CAGR of 2.6%.

AHMEDNAGAR FORGINGS: STRATEGY AND OUTLOOK

Ahmednagar Forgings is the second largest forging axle beam and crankshaft manufacturing company in India with world class manufacturing facilities. The Company has state of the art facilities with presses, hammers, up setters and ring rolling machines. It has an extensive product portfolio with a range of highly engineered components including camshafts, connecting rods, crankshaft, crown wheel pinion and front axle beam.

In the context of a volatile global economy, auto sector demand continues to be dampened as end customers adopt a conservative approach to discretionary spending. Given this ongoing uncertainty, Ahmednagar Forgings is cautious on the near term market but remains optimally positioned to capitalize on its technology and product design capabilities. India is an attractive central hub for OEM global exports and a world class manufacturing base. Continuous investments within India from major OEMs will significantly enhance mid to long term prospects of the domestic auto industry. Over the years, they continue to successfully execute their strategy of expanding the Non-Auto business across the group.

Ahmednagar Forgings is confident of achieving an overall higher growth than the industry norm through its focus on new product introductions, addition of significant new contracts during the past year and continued consolidation in the component industry. Management is focused on achieving operating excellence by reinforcing lean manufacturing and quality improvement programs across all production facilities. This will result in further enhancing utilization levels and productivity improvements. The Company has a long track record of successfully partnering with its high profile customer base, which is essential for managing its business going forward.

SEGMENT WISE PERFORMANCE

The Company deals in only one segment i.e. Automotive Components. Therefore, it is not required to give segment wise performance.

DISCUSSION ON FINANCIAL PERFORMANCE

During the year, the Revenue of the Company was Rs. 12184.300 Millions compared to the previous year of Rs. 9372.400 Millions, recording an increase of 30% year on year. The Gross profit before Interest, Depreciation and Taxation has increased to Rs. 2975.000 Millions as compared to the previous year of Rs. 2475.100 Millions.

Profit after Tax of the Company for the year was Rs. 1208.700 Millions as compared to the previous year of Rs. 1081.500 Millions, recording an increase of 11.76% year on year.

The basic and diluted EPS of the Company for the fiscal year 2011-2012 is Rs 32.89.

For the year 2012, the Board of Directors has recommended a dividend of Rs. 1/- per share i.e 10% of the face value of Equity Share of Rs. 10/- each.

During Financial Year 2011-2012, all the manufacturing facilities units have been operated in accordance to management’s satisfaction.

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Vehicles
• Office Equipments
• Computer

UNAUDITED FINANCIAL RESULTS FOR THE QUARTERED ENDED 31^ST DECEMBER, 2012

(Rs. in millions)

Sr. No.	Particular	Quarter Ended		Year Ended
		31.12.2012 (Unaudited)	30.09.2012 (Unaudited)	31.12.2012 (Unaudited)
1.	Income from Operations
	Net Sales	2809.700	2663.500	5473.200
	Other Operating Income	217.100	235.300	452.400
	Net Sales/Income from Operations	3026.800	2898.800	5925.600
2.	Expenditure
	Cost of Material Consumed	1874.000	1746.200	3620.200
	Change in Inventories of Finished Goods, Work-In-Progress and Stock In Trade	6.000	29.700	35.700
	Employee Benefits Expenses	174.000	176.900	350.900
	Depreciation and Amortization Expenses	177.200	177.200	354.400
	Other Expenses	170.800	183.500	354.300
	f) Total	2402.000	2313.500	4715.500
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	624.800	585.300	1210.100
4.	Other Income	--	--	--
5.	Profit Before Interest and Exceptional Items (3+4)	624.800	585.300	1210.100
6.	Interest	184.400	160.900	345.300
7.	Profit After Interest but before Exceptional Items (5-6)	440.400	424.400	864.800
8.	Exceptional Items	--	--	--
9.	Profit from Ordinary Activities before Tax (7+8)	440.400	424.400	864.800
10.	Tax Expense	132.100	127.300	259.400
11.	Net Profit from Ordinary Activities after Tax (9-10)	308.300	297.100	605.400
12.	Extraordinary Item (net of expense)	--	--	--
13.	Net Profit for the period (11-12)	308.300	297.100	605.400
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	367.500	367.500	367.500
15.	Reserves Excluding Revaluation Reserve	--	--	--
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised
	a) Basic	8.39	8.08	16.47
	b) Diluted	8.39	8.08	16.47
17.	Public Shareholding
	-Number of Shares	16,553,335	--	--
	- Percentage of Shareholding	45.04	--	--
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	--	--	--
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	--	--	--
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	--	--	--
	b) Non Encumbered
	- Number of Shares	20,196,665	--	--
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100.00	--	--
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	54.96	--	--

NOTES

1. The above results duly reviewed by the Audit Committee have been approved by the Board of Directors at its meeting held on 14^th February, 2013.

2. The limited review as required under clause 41 of the listing agreement has been completed by the Auditors of the company and related report is being submitted to the concerned stock exchanges.

3. Segment reporting as defined in Accounting Standard (AS)-17 is not applicable, since the entire operation of the Company related to only one segment i.e. Automotive Components.

4. Previous year’s figures have been regrouped and reclassified, to the extent necessary, to confirm to the current year’s figures.

5. The inapplicable items in the format of the above results as per Annexure I to Clause 41 of the Listing Agreement have not been disclosed.

STATEMENT OF ASSETS AND LIABILITIES AS AT 31^ST DECEMBER, 2012

PARTICULARS	31.12.2012 UNAUDITED
Equity and liabilities
Shareholders' fund
Share capital	367.500
Reserve & surplus	7621.000
Sub-total - Shareholders' funds	7988.500
Non - current liabilities
Long term borrowings	14764.400
Deferred tax liability (net)	1132.800
Long term provisions	31.800
Other long term liabilities	116.800
Sub-total - Non-current liabilities	16045.800
Current liabilities
Short term borrowings	1843.100
Trade payables	693.100
Other current liabilities	2228.900
Short term provisions	42.700
Sub-total - Current liabilities	4807.800
Total - Equity & Liabilities	28842.100
Assets
Non-current assets
Fixed assets
Tangible assets	9957.700
Capital work in progress	1462.800
Non-current investment	9.300
Long term loans & advances	2711.500
Sub-total - Non-current Assets	14141.200
Current assets
Inventories	2982.400
Trade receivables	3340.400
Cash & bank balances	7876.300
Short term loans & advances	499.500
Other current assets	2.300
Sub-total - Current Assets	14700.900
Total – Assets	28842.100

WEBSITE DETAILS

NEWS

AMTEK AUTO BUYS 18 LAKH SHARES OF AHMEDNAGAR FORGINGS

March 20, 2013

On March 19, 2013 Amtek Auto Limited bought 1,800,000 shares of Ahmednagar Forgings  at Rs 119 on the BSE.

However, Asia Investment Corporation (Mauritius) Limited sold 1,800,000 shares at Rs 119.

In the previous trading session, the share closed at Rs 117.85, up Rs 3.25, or 2.84%. It has touched an intraday high of Rs 123 and an intraday low of Rs 115.35.

The share touched its 52-week high Rs 197.50 and 52-week low Rs 107.50 on 19 April, 2012 and 26 February, 2013, respectively.

Currently, it is trading 40.33% below its 52-week high and 9.63% above its 52-week low. Market capitalization stands at Rs 4331.000 Millions.

AHMEDNAGAR FORGINGS RISES 7% AFTER BIG BLOCK DEAL ON BSE

Mar 19, 2013

Ahmednagar Forgings  jumped more than 7 percent to touch an intraday high of Rs 123 on Tuesday after big block deal.

In a single block deal, 18 lakh shares (nearly 5 percent equity) of the company changed hands at Rs 119.90 a share on Bombay Stock Exchange in early trade. The deal was worth Rs 215.800 Millions.

Shares gained 3.4 percent at Rs 118.50 at 11:30 am.

Trading volume was of 18,07,399 equity shares as against five-day average of 2,315 shares.

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. 54.64
UK Pound	1	Rs. 82.41
Euro	1	Rs. 70.07

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		63

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.