MIRA INFORM REPORT

Report Date :

08.11.2013

IDENTIFICATION DETAILS

Name :	AUNDE INDIA LIMITED
Formerly Known As :	AUNDE FAZE THREE AUTOFAB LIMITED AUNDE FAZE THREE LIMITED
Registered Office :	Plot No. 146, Waghdhara Village, Dadra Nagar Haveli 396191
Country :	India
Financials (as on) :	30.06.2012
Date of Incorporation :	03.10.1997
Com. Reg. No.:	54-000196
Capital Investment / Paid-up Capital :	Rs.107.232 millions
CIN No.: [Company Identification No.]	L17120DN1997PLC000196
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Auto fabrics
No. of Employees :	Information declined by the management

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 1300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profit and sales turnover of the company appears to be decent. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered for business dealing 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.

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

25 January, 2013

· CARE has withdrawn the long term rating assigned to the bank facility as the subject has fully repaid its loan obligations and there appear no outstanding facilities.

· Short term ratings are kept on notice of withdrawals as per the subject request.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED

Management Non-Cooperative (91-22-66188777)

LOCATIONS

Registered Office / Factory :	Plot No. 146, Waghdhara Village, Dadra Nagar Haveli 396191, India
Tel. No.:	91-260-2668539
Fax No.:	91-260-2668501
E-Mail :	dadra@aundefaze3.com secretarial@aundefaze3.com
Website :	http://www.aundeindia.com
Corporate Office :	102, Shiv Smriti Chambers, 49-A, Dr Annie Besant Road, Worli, Mumbai - 400 018, Maharashtra, India
Tel. No.:	91-22-6618 8777
Fax No.:	91-22-2493 6811
E-Mail :	info@aundefaze3.com
Branch Office :	Delhi Sales Office: 10C, Big Jo's Towers, Netaji Subhash Place, Pitampura, New Delhi - 110 034, India Ph: 91-11-2735 2449 Fax: 91-11-2735 3635 E-mail: sales@aundefaze3.com Chennai Office Yasin Gardens, Near Queens Land, Chettipedu, Chennai - 602 105, Tamilnadu, India

DIRECTORS

As on 30.06.212

Name :	Mr. Ajay Anand
Designation :	Managing Director
Name :	Mr Rolf Konigs
Designation :	Director
Name :	Mr.R. J. Avadhani
Designation :	Director
Name :	Mr.Kapil Sethi
Designation :	Director

KEY EXECUTIVES

Name :	Jovita Reema Mathias
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1287200	12.00
Bodies Corporate	2124000	19.81
Sub Total	3411200	31.81
(2) Foreign
Bodies Corporate	4591200	42.82
Sub Total	4591200	42.82
Total shareholding of Promoter and Promoter Group (A)	8002400	74.63
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	150	0.00
Financial Institutions / Banks	150	0.00
Sub Total	300	0.00
(2) Non-Institutions
Bodies Corporate	1715984	16.00
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	699302	6.52
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	302732	2.82
Any Others (Specify)	2489	0.02
Clearing Members	2489	0.02
Sub Total	2720507	25.37
Total Public shareholding (B)	2720807	25.37
Total (A)+(B)	10723207	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	10723207	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

Sl.No.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Ajay Anand	5,65,251	5.27	5.27
2	Rashmi Anand	2,13,750	1.99	1.99
3	Ajay Anand (HUF)	4,35,000	4.06	4.06
4	Anadry Investments Private Limited	5,700	0.05	0.05
5	Hemambar Investments Private Limited	3,15,300	2.94	2.94
6	Instyle Investments Private Limited	14,35,500	13.39	13.39
7	Joint Producers Private Limited	3,15,000	2.94	2.94
8	Mamata Finvest Private Limited	52,500	0.49	0.49
9	Rohina Anand	1,249	0.01	0.01
10	Vishnu Anand	1,000	0.01	0.01
11	Sanjay Anand	70,950	0.66	0.66
12	AUNDE Achter and Ebels GMBH	45,91,200	42.82	42.82
	Total	80,02,400	74.63	74.63

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Desana Impex Limited	237005	2.21	2.21
2	Foresight Holdings Private Limited	291411	2.72	2.72
3	Greenview Tracom Private Limited	291295	2.72	2.72
4	Rangila Vanijya Private Limited	199100	1.86	1.86
5	Sagun Commercials Private Limited	244000	2.28	2.28
6	Shub Labh India Marketing and Consultants Private Limited	175148	1.63	1.63
	Total	1437959	13.41	13.41

BUSINESS DETAILS

Line of Business :

Manufacturer of Auto fabrics

Products :

Item Code No.	Product description
59039090	Textile fabrics impregnated, coated, laminated
54075300	Woven Fabrics not subject to any process
59031090	PVC Coated Fabrics

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

The Saraswat Co-operative Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan

As on

30.06.2012

As on

30.06.2011

Long Term Borrowings

Term loans from banks

131.156

162.405

Other Loans

(Against hypothecation of vehicles)

0.186

0.549

Short Term Borrowings

Loans repayable on demand from banks

264.463

228.418

Total

395.805

391.372

The term loans from Saraswat Bank are secured by way of hypothecation of specific plant and machineries/ fixed assets to be purchased / installed out of the sanctioned Term Loans amount, pledge of margin money TDRs against LCs (F/I) and collaterally secured by way of EMT of Land and Building at Plot No. 146/145(1), Waghdhara Village Road, Dadra - 396 191, Union Territory of Dadra and Nagar Haveli and further charge on entire plant and machineries installed at Dadra and Vapi units.

* Details of Term Loans from Saraswat Bank

Term Loans	Maturity	Instalments			Rate of
		Periodicity	Numbers	Rs. In Millions	Interest
Term Loan Account Number - 31	May-13	Quarterly	4	2.500	PLR
Term Loan Account Number - 32	Jun-17	Quarterly	19	6.292	PLR
Term Loan Account Number - 33	Mar-17	Quarterly	16	2.095	PLR
Term Loan Account Number - 34	Dec-16	Monthly	54	0.575	PLR

Previous year figures relate to term Loan which were taken from Canara Bank and Bank of India. These Term Loans are taken over by Saraswat Bank w.e.f. November' 2011.

Cash Credit from Saraswat Bank is secured by way of hypothecation of inventories of raw materials, semifinished goods and finished goods of auto fabrics including imported laminated and coated materials and book debts as primary and collaterally secured by way of EMT of land and building at Plot No. 146/145(1), Waghdhara Village Road, Dadra - 396 191, Union Territory of Dadra and Nagar Haveli and hypothecation of plant and machineries installed at Dadra and Vapi Units. Previous year figures relate to Cash Credit Facility which were taken from Canara Bank. This Cash Credit Facility is taken over by Saraswat Bank w.e.f. November'2011.

Banking Relations :	---
Auditors :
Name :	Majibail and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Advocates & Solicitors	Vikram Philip and Associates
Venturer :	Aunde Achter and Ebels GMBH
Associate :	Madhyam Vinimay Private Limited

CAPITAL STRUCTURE

As on 30.06.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs.110.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10723207	Equity Shares	Rs.10/- each	Rs.107.232 millions

a. Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

Particulars	30th June 2012
	Number	Rs. In Millions
Equity Shares of Rs.10/- each Shares outstanding at the beginning
of the year	10,723,207	107.232
Shares Issued during the year	-	-
Shares bought back during the year	-	-
Shares outstanding at the end of the year	10,723,207	107.232

b. Terms/rights attached to Equity Shares

The Company has only one class of Equity Shares having a par value of Rs.10/- per share. All the Equity Shares rank pari passu in all respect.

c. The company has not issued bonus shares and shares for consideration other than cash nor the company has bought back any shares during the period of five years immediately preceeding the reporting date.

d. Details of shareholders holding more than 5% shares in the Company.

Name of Shareholder	30th June 2012
	No. of Shares held	% of Holding in the class
Equity Shares of Rs. 10/- each fully paid
- Aunde Achter and Ebels Gmbh	4591200	42.82
- Ajay Anand	1745251	16.28
- Instyle Investments Private Limited	1435500	13.39

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	30.06.2012	30.06.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	107.232	107.232
(b) Reserves & Surplus	238.282	203.291
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	345.514	310.523
(3) Non-Current Liabilities
(a) long-term borrowings	258.860	290.472
(b) Deferred tax liabilities (Net)	52.176	49.760
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	311.036	340.232
(4) Current Liabilities
(a) Short term borrowings	264.463	228.418
(b) Trade payables	88.292	61.876
(c) Other current liabilities	101.245	124.596
(d) Short-term provisions	0.900	2.997
Total Current Liabilities (4)	454.900	417.887
TOTAL	1111.450	1068.642
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	557.510	538.767
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.204	5.762
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	557.714	544.529
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	247.189	255.000
(c) Trade receivables	261.352	184.249
(d) Cash and cash equivalents	14.484	7.296
(e) Short-term loans and advances	21.271	49.228
(f) Other current assets	9.440	28.340
Total Current Assets	553.736	524.113
TOTAL	1111.450	1068.642

SOURCES OF FUNDS		30.06.2010
SHAREHOLDERS FUNDS
1] Share Capital		107.232
2] Share Application Money		0.000
3] Reserves & Surplus		171.073
4] (Accumulated Losses)		0.000
NETWORTH		278.305
LOAN FUNDS
1] Secured Loans		422.057
2] Unsecured Loans		127.518
TOTAL BORROWING		549.575
DEFERRED TAX LIABILITIES		49.760
TOTAL		877.640
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		510.188
Capital work-in-progress		11.173
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	270.326
	Sundry Debtors	150.469
	Cash & Bank Balances	3.209
	Other Current Assets	0.000
	Loans & Advances	34.379
Total Current Assets		458.383
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	47.881
	Other Current Liabilities	54.223
	Provisions	0.000
Total Current Liabilities		102.104
Net Current Assets		356.279
MISCELLANEOUS EXPENSES		0.000
TOTAL		877.640

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.06.2012	30.06.2011	30.06.2010
	SALES
		Income	918.243	771.028	561.969
		Less: Excise duty on domestic sales	(90.662)	(71.611)	0.000
		Other Income	1.613	1.442	0.734
		TOTAL (A)	829.194	700.859	562.703
Less	EXPENSES
		Cost of materials consumed	388.879	344.351
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade [ (Increase) / decrease ]	(15.678)	21.101	475.265
		Employee benefits expense	42.852	33.907
		Other expenses	257.503	172.731
		TOTAL (B)	673.556	572.090	475.265
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		155.638	128.769	87.438
Less	FINANCIAL EXPENSES (D)		69.331	54.594	34.035
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		86.307	74.175	53.403
Less/ Add	DEPRECIATION/ AMORTISATION (F)		39.188	33.848	31.558
	PROFIT BEFORE TAX (E-F) (G)		47.119	40.327	21.845
Less	TAX (H)		12.128	8.110	7.143
	PROFIT AFTER TAX (G-H) (I)		34.991	32.217	14.702
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		34.097	16.880	14.677
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	15.000	12.500
	BALANCE CARRIED TO THE B/S		69.088	34.097	16.879
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	16.942	0.400	0.457
	TOTAL EARNINGS		16.942	0.400	0.457
	IMPORTS
		Raw Materials	68.899	77.397	47.979
		Stores & Spares	5.670	3.295	2.701
		Capital Goods	36.445	25.409	0.000
	TOTAL IMPORTS		111.014	106.101	50.680
	Earnings Per Share (Rs.)
			3.26	3.00	1.37
			3.26	3.00	1.37

QUARTERLY RESULTS

PARTICULARS	30.09.2012	31.12.2012	31.03.2013	30.06.2013
	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	275.000	304.500	229.900	321.800
Total Expenditure	234.700	271.300	193.400	283.700
PBIDT (Excl OI)	40.400	33.200	36.500	38.100
Other Income	0.000	0.200	4.600	06.300
Operating Profit	40.400	33.400	41.000	44.400
Interest	17.000	16.900	14.700	20.300
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	23.300	16.500	26.300	24.100
Depreciation	9.500	11.500	10.700	10.500
Profit Before Tax	13.900	5.000	15.600	13.700
Tax	0.000	0.000	6.900	04.200
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	13.900	5.000	8.700	09.400
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	13.900	5.000	8.700	09.400

KEY RATIOS

PARTICULARS		30.06.2012	30.06.2011	30.06.2010
PAT / Total Income	(%)	4.22	4.60	2.61
Net Profit Margin (PBT/Sales)	(%)	5.13	5.23	3.88
Return on Total Assets (PBT/Total Assets}	(%)	4.24	3.79	2.25
Return on Investment (ROI) (PBT/Networth)		0.14	0.13	0.07
Debt Equity Ratio (Total Debt /Networth)		1.51	1.67	1.97
Current Ratio (Current Asset/Current Liability)		1.22	1.25	4.48

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT

Rs. In Millions

Particular	30.06.2012	30.06.2011	30.06.2010
Current maturities of Term Loan	50.448	43.536	NA
Current maturities of Other loan	0.362	0.404	NA

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

UNSECURED LOAN

Rs. in Millions

Particular	As on 30.06.2012	As on 30.06.2011
Long Term Borrowings
Unsecured Loans	127.518	127.518
Total	127.518	127.518

CORPORATE INFORMATION

Subject is a public limited company domiciled in India and incorporated under the provisions of Indian Companies Act, 1956. The company’s equity shares are listed for trading on the Bombay Stock Exchange. The company is engaged in manufacturing of Automotive Fabrics.

OPERATING RESULTS AND PROFITS

The Company witnessed a growth of 19% during the year, as the automotive industry showed moderate growth of 7.2% in FY2012. The Company's domestic sales grew by 16% to Rs. 901.003 Millions and exports grew by 3% to Rs. 17.230 Millions. The Company has earned a Profit before tax, depreciation and amortization, finance cost and exceptional items of Rs.155.639 Millions as compared to Rs. 128.769 Millions in the previous year. The Company earned net profit of Rs.34.991 Millions as compared to net profit of Rs. 32.217 Millions during the previous year.

The auto sector reported a robust growth rate of 26 percent in the last two years (2010-2012). However, the sector has shown a sluggish growth of 7.2% percent in 2012. The trend is likely to stay in FY 2013, citing a high ownership costs and slow rural income growth, with easing of interest rates expected in the last quarter of the current fiscal the demand is expected to get a fillip. However, the rising incomes, improved affordability and untapped markets present promising opportunities for automobile manufacturers in India. The sale of passenger vehicles is expected to double in the next four years and growth anticipated is higher than the growth achieved in the past 10 years.

The sluggish growth of automobile sector has affected the overall growth of the company in terms of sales and profits. However, the company has achieved a turnover of Rs. 918.243 Millions recording a growth of 19% during the year and export turnover of Rs. 17.230 Millions during the year which is significant in terms of sales growth.

BUSINESS OVERVIEW

The Indian economy, which recorded a growth rate of 8.6% during FY 2010-11, started showing softening indicators in second half of FY 2010-11. This was mainly due to inflationary pressures and continued anti-inflationary monetary steps taken by Reserve Bank of India (RBI) coupled with the rising fiscal deficit of the Government. In the current year, the inflation continued to remain at higher levels. On the foreign exchange front, higher crude oil prices, lower net capital inflows and lower export growth in the last six months of the year due to worsening global economic scenario, adversely affected the Indian currency.

The automotive industry was affected by the overall macro economic factors discussed above. In particular, the demand was impacted due to higher interest rates and slowing economy. Further, sharp increases in petrol prices adversely impacted the demand for petrol vehicles.

The company which is reliant on the automotive industry expects that the positive inflow of investment by foreign automakers and favorable government support to the upcoming projects will boost sales of auto industry and in turn company's sales will have significant growth in the next year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

ECONOMY AND BUSINESS OVERVIEW

India is emerging as a strong automotive R and D hub with foreign players like Hyundai, Suzuki, General Motors setting up their base in India. The foreign automakers are looking to set up their units rather than having JV's with Indian Automakers. With growth in operations, overseas manufacturers are severing local partnerships and infusing billions of dollars into wholly-owned Indian units. This move is further enhanced by Government's support towards setting up centres for development and innovation. The Indian market has taken advantage of the opportunities of growth available in alternative segments like electric cars, vehicles run on natural gas, etc.

On one side we are looking at the growth prospective of auto industry and on the other hand the high interest cost and petrol price hike has put auto industry under pressure. The auto industry has reacted strongly because this will likely drive down demand for petrol-driven vehicles in the current year. As per SIAM the cumulative production data for April-September 2012 shows production growth of only 2.44 percent. The overall growth in domestic sales during April-September 2012 was 3.62 percent, showing a declining trend. During April-September 2012 overall automobile exports registered negative growth. The automotive industry body expressed deep concern about the impact of the steep increase in petrol prices as it will affect the middle class income group as many will put their purchasing plans on hold.

The technical textile market in India has grown to Rs 570000.000 Millions in 2011-12 from Rs 420000.000 Millions in 200708, and is expected to touch Rs 1.58 lakh crore by 2016-17. The ministry has set up Centre's of Excellence to promote technical and industrial textiles like non-woven, composite, mobiltech and products like conveyor belts which have tremendous potential not only in India, but also at the global level.

COMPANY OVERVIEW AND OUTLOOK

AUNDE India has successfully installed technologically advanced equipments like lamination, embossing machines and in house washing range facilities. The company has already entered the international market through GM global programme and exporting fabrics to Uzbekistan, Egypt etc. The Company is now focusing on expanding its export base to other countries. To compete in global market, AUNDE India has to be self sufficient with advanced technological manufacturing facilities to meet the fabric requirements and quality standards set by the OEM's.

The Company, is in addition to the existing customers like Maruti, Hyundai, Tata, Mahindra, Fiat, has stated supplying fabrics to Nissan, Honda and Volkswagen. AUNDE India is in talks with Toyota India for its upcoming launches.

The company has already started exporting fabrics to GM, Renault etc during the year. The company is taking every effort to increase its market base at global level through technology development, design development and fabric supply agreements with other Group Members like AUNDE Spain, AUNDE Brazil and AUNDE Italy etc.

The overall negative impact of auto market is going to affect the turnover of the company in the next year. The increased cost of raw materials, labour and cost of production has driven down the profits in the current year. The company hopes that prospects of Indian Automobile market to attract foreign investments in India and potential projects set up by foreign auto makers are likely to create opportunities in auto textile markets, and AUNDE India is ready to seize every opportunity and look beyond its existing customers to achieve higher sales and profits in coming years.

CONTINGENT LIABILITIES

Rs. In Millions

Particulars	30th June 2012	30th June 2011
Guarantees and Letter of Credit	13.005	14.524
Total	13.005	14.524

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10449311	30/08/2013	40,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	SMALL AND MEDIUM ENTERPRISES BRANCH, POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,, MUMBAI, MAHARASHTRA - 400028, INDIA	B85119337
2	10449318	26/08/2013	34,530,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	SMALL AND MEDIUM ENTERPRISES BRANCH, POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,, MUMBAI, MAHARASHTRA - 400028, INDIA	B85120467
3	10445966	14/08/2013	5,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	SMALL AND MEDIUM ENTERPRISES BRANCH, POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,, MUMBAI, MAHARASHTRA - 400028, INDIA	B83518894
4	10445103	14/08/2013 *	37,500,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	SMALL AND MEDIUM ENTERPRISES BRANCH, POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,, MUMBAI, MAHARASHTRA - 400028, INDIA	B83518100
5	10436767	02/07/2013	8,900,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	SMALL AND MEDIUM ENTERPRISES BRANCH, POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,, MUMBAI, MAHARASHTRA - 400028, INDIA	B79580478
6	10429229	06/05/2013	1,850,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	SMALL AND MEDIUM ENTERPRISES BRANCH, POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,, MUMBAI, MAHARASHTRA - 400028, INDIA	B76364983
7	10420100	28/03/2013	3,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	SMALL AND MEDIUM ENTERPRISES BRANCH, POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,, MUMBAI, MAHARASHTRA - 400028, INDIA	B73301624
8	10404892	24/01/2013	5,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	SMALL AND MEDIUM ENTERPRISES BRANCH, POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,, MUMBAI, MAHARASHTRA - 400028, INDIA	B68688175
9	10400392	21/01/2013	1,850,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	SMALL AND MEDIUM ENTERPRISES BRANCH, POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,, MUMBAI, MAHARASHTRA - 400028, INDIA	B67048520
10	10396693	24/12/2012	2,042,534.00	THE SARASWAT CO-OPERATIVE BANK LIMITED.	RASEC DADAR BRANCH, LAXMAN ZULLA, 1ST FLOOR, 50, RANADE ROAD, DADAR, MUMBAI, MAHARASHTRA - 400028, INDIA	B65783946
11	10374557	10/12/2012 *	50,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	SMALL AND MEDIUM ENTERPRISES BRANCH, POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,, MUMBAI, MAHARASHTRA - 400028, INDIA	B65490443
12	10325371	06/03/2013 *	18,450,000.00	THE SARASWAT CO-OP. BANK LIMITED	SMALL AND MEDIUM ENTERPRISES BRANCH, POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,, MUMBAI, MAHARASHTRA - 400028, INDIA	B73302267
13	10321087	10/12/2012 *	22,500,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	SMALL AND MEDIUM ENTERPRISES BRANCH, POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,, MUMBAI, MAHARASHTRA - 400028, INDIA	B65489676
14	10321090	10/12/2012 *	44,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	SMALL AND MEDIUM ENTERPRISES BRANCH, POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,, MUMBAI, MAHARASHTRA - 400028, INDIA	B65490146
15	10321080	10/12/2012 *	145,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	SMALL AND MEDIUM ENTERPRISES BRANCH, POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,, MUMBAI, MAHARASHTRA - 400028, INDIA	B65489387
16	10321094	10/12/2012 *	300,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	SMALL AND MEDIUM ENTERPRISES BRANCH, POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,, MUMBAI, MAHARASHTRA - 400028, INDIA	B65488686
17	10321093	30/08/2013 *	395,500,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	SMALL AND MEDIUM ENTERPRISES BRANCH, POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR,, MUMBAI, MAHARASHTRA - 400028, INDIA	B85119956
18	10321084	15/11/2011	115,000,000.00	THE SARASWAT C0-OPERATIVE BANK LIMITED	SME BRANCH, POPATLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR(WEST),, MUMBAI, MAHARASHTRA - 400028, INDIA	B26815407

* Date of charge modification

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Electrical Installation

· Vehicles

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 31^ST DECEMBER 2012

Rs. In Millions

	Particulars	Quarter ended on		Half Year ended on
		31.12.2012	30.09.2012	31.12.2012
		Unaudited	Unaudited	Unaudited
1	Income from operations
	a) Gross sales / income from operations	338.283	301.766	638.049
	Less. Excise Duty	31.792	26.738	58.531
	b) Other operating income	--	--	--
	Total income from operations (net)	306.491	275.028	579.519
2	Expenses
	(a) (Increase)/ Decrease in Stock in Trade and work-in-progress	5.067	9.170	14.237
	(b) Cost of materials consumed	141.291	131.382	273.174
	(c) Purchases of stock-in-trade	12.341	10.221	22.563
	(d) Employee benefits expense	11.543	9.450	20.993
	(e) Depreciation and amortisation expense	112.595	83.400	195.995
	(f) Other expenses	282.838	244.124	526.962
	Total expenses
3	Profit from operations before other income, finance costs and exceptional items (1-2)	21.653	30.904	52.557
4	Other income	0.192	--	0.192
5	Profit from ordinary activities before finance costs and exceptional items (3+4)	21.845	30.904	52.749
6	Finance costs (net)	16.882	17.034	33.916
7	Profit from ordinary activities after finance costs but before exceptional items (5-6)	4.963	13.870	18.833
8	Exceptional items	--	--	--
9	Profit from ordinary activities before tax (7-8)	4.963	13.870	18.833
10	Tax expense	--	--	--
11	Net Profit from ordinary activities after tax (9-10)	4.963	13.870	18.833
12	Extraordinary items (net of tax expense)	--	--	--
13	Net Profit for the period/year (11-12)	4.963	13.870	18.833
14	Paid-up equity share capital (Face value of the share Rs. 10 each)	107.232	107.232	107.232
15	Paid-up Debt Capital	--	--	--
16	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year	--	--	--
17	Earnings Per Share of Rs.10 each (not annualised)
	- Basic	0.46	1.29	1.76
	- Diluted	0.46	1.29	1.76
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	Number of shares	1,540,807	1,540,807	1,540,807
	Percentage of shareholding	14.37%	14.37%	14.37%
2	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	9,182,400	9,182,400	9,182,400
	Percentage of shares (as a % of the total shareholding of Promoter and Promoter Group)	100.00%	100.00%	100.00%
	Percentage of shares (as a % of the total share capital of the Company)	85.83%	85.83%	85.83%
B	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

STATEMENT OF ASSETS AND LIABILITIES AS AT 31ST DECEMBER 2012

Rs. In Millions

Sr No.	Particulars	31.12.2012
		Un audited
	EQUITY AND LIABILITIES Shareholders' funds
	Share capital	107.232
	Reserves and surplus	257.115
	Sub-Total- Shareholders' funds	364.347
	Non-current Liabilities
	Long-term borrowings	243.134
	Deterred lax liabilities (Net)	52.176
	Long-term provisions	--
	Sub-Total- Non-current liabilities	295.310
	Current liabilities
	Short-term borrowings	321.904
	Trade payables	118.924
	Oilier current Liabilities	84.836
	Short-term provisions	0.090
	Sub-Total- Total current liabilities	525.753
	Total Equity and Liabilities
	ASSETS
	Non-current assets
	Fixed assets	-
	(1) Tangible assets	551.833
	Non-current investments	--
	Long-term loans and advances	--
	Sub-Total- Non-Current Assets	551.833
	Current assets
	Inventories	232.430
	Trade receivables	304.276
	Cash and cash equivalents	17.989
	Short-term loans and advances	71.381
	Other current assets	7.503
	Sub-Total - Current Assets	633.579
	Total Assets	1185.411

Notes:

1. The above results were reviewed by the Audit Committee and were taken on record by the Board of Director at then respective meeting held on 15th February 2QI3 and Statutory Auditors of the Company have Limited Review of above result.

2. The Accounting Standard No.17. Relating to segment-wise reporting is not applicable as the company operates in only one segment viz. technical fabric.

3. Income tax for the current period would be considered in the audited accounts at the end of the year.

4. The previous quarter / Year Figures have been re-grouped/reclassified 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 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.62.57
UK Pound	1	Rs.100.63
Euro	1	Rs.84.62

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

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
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	NO
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 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.