MIRA INFORM REPORT

Report Date :

17.10.2013

IDENTIFICATION DETAILS

Name :	AVTEC LIMITED
Registered Office :	Pithampur Industrial Area, Sector–III, PO Sagore, District Dhar - 454774, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	08.02.2005
Com. Reg. No.:	10-017319
Capital Investment / Paid-up Capital :	Rs. 250.000 Millions
CIN No.: [Company Identification No.]	u34103mp2005plc017319
TAN No.: [Tax Deduction & Collection Account No.]	BPLA02935C
PAN No.: [Permanent Account No.]	AAFCA1313C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Selling of Powertrains and parts thereof.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 10980000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears a slight dip in the profitability of the company due to slowdown in the economy and lackluster demand for both passengers cars and mining equipment. However, the networth of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term rating : A
Rating Explanation	Adequate degree of safety and carry low credit risk.
Date	September 2013

Rating Agency Name	CARE
Rating	Short term rating : A1
Rating Explanation	Strong degree of safety and carry lowest credit risk.
Date	September 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE [91-7292-411502]

LOCATIONS

Registered Office/ Factory 1 :	Pithampur Industrial Area, Sector–III, PO Sagore, District Dhar - 454774, Madhya Pradesh, India
Tel. No.:	91-7292-411502-04
Fax No.:	91-7292-256134/ 400268
E-Mail :	marketing.pup@avtec.in tapsi.mahajan@avtec.in
Website :	http://www.avtec.in
Corporate Office :	Birla Tower, 7th Floor, 25, Barakhamba Road, New Delhi – 110001, India
Tel. No.:	91-11-42092100
Fax No.:	91-11-42092199
E-Mail :	corporate@avtec.in
Regional Office :	Birla Building, 9/1 R N Mukherjee Road, 13th Floor, Kolkata - 700001, West Bengal, India
Tel. No.:	91-33-30573700/ Extn. 2364
Factory 2 :	Poonapalli Village, Mathagondapalli Post, Hosur – 635114, Tamilnadu, India
Tel. No.:	91-4344-405200
Fax No.:	91-4344-405333
Factory 3 :	A25, A28, Phase 1, Kadaperi Village MEPZ-SEZ, Tambaram. Chennai – 600045 Tamilnadu, India
Tel. No.:	91-44-42267101/ 42267103
Fax No.:	91-44-42267109
Factory 4 :	Kharagpur Industrial Growth Centre, Plot No. – 1 and 2, Sector-B , Nimpura, PO – Rakhajungle, West Midnapur – 721301, West Bengal, India
Tel. No.:	91-3222-234335
Overseas Operation :	ASSAG Switzerland Antriebstechnik – Hauptstrasse 50 CH – 3186 Düdingen
Tel. No.:	41 26 492 99 11
Fax No.:	41 26 492 99 10
E-Mail :	info@assag.ch

DIRECTORS

AS ON 12.06.2013

Name :

Mr. Chandrakant Birla

Designation :

Nominee director

Address :

Birla House, 24, Aurangzaeb Road, New Delhi – 110011, India

Date of Birth/Age :

09.01.1955

Qualification :

Graduation

Date of Appointment :

28.06.2005

Voter ID No.:

DL/01/002/228412

DIN No.:

00118473

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L21011OR1936PLC000117	ORIENT PAPER AND INDUSTRIES LIMITED	Director	29/09/1978	29/09/1978	-	Active	NO
2	L29130WB1946PLC013643	NATIONAL ENGG.INDUSTRIES LIMITED	Director	23/02/1979	23/02/1979	-	Active	NO
3	L74999AP1955PLC000656	HIL LIMITED	Director	04/02/1980	04/02/1980	-	Active	NO
4	L34103WB1942PLC018967	HINDUSTAN MOTORS LIMITED	Director	13/01/1982	13/01/1982	-	Active	NO
5	U74899DL1995PLC064560	BIRLASOFT (INDIA) LIMITED	Director	20/01/1995	20/01/1995	-	Active	NO
6	U74999MH1932PLC001910	NEOSYM INDUSTRY LIMITED	Director	31/10/2000	31/10/2000	-	Active	NO
7	U34103MP2005PLC017319	AVTEC LIMITED	Nominee director	28/06/2005	28/06/2005	-	Active	NO
8	L24231DL2003PLC119441	FRESENIUS KABI ONCOLOGY LIMITED	Director	27/01/2006	27/01/2006	29/08/2007	Active	NO
9	U51109WB1918PTC003010	BIRLA BROTHERS PRIVATE LIMITED	Director	29/12/2008	29/12/2008	-	Active	NO
10	U26940OR2011PLC013933	ORIENT CEMENT LIMITED	Director	13/08/2012	23/07/2011	-	Active	NO

Name :

Haigreve Khaitan

Designation :

Nominee director

Address :

1104, Sterling Sea Face, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

13.07.1970

Qualification :

LL.B

Date of Appointment :

28.06.2005

DIN No.:

00005290

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29192WB1972PTC028222	VINAR SYSTEMS PRIVATE LIMITED	Director	01/08/1994	01/08/1994	-	Active	NO
2	L01119KL1978PLC002947	HARRISONS MALAYALAM LIMITED	Director	14/03/1995	14/03/1995	-	Active	NO
3	L29130WB1946PLC013643	NATIONAL ENGG.INDUSTRIES LIMITED	Director	05/02/1998	05/02/1998	-	Active	NO
4	L25100MH1958PLC011041	CEAT LIMITED	Director	29/07/1999	29/07/1999	-	Active	NO
5	L25209WB1997PLC085972	XPRO INDIA LIMITED	Director	13/10/1999	13/10/1999	-	Active	NO
6	U13202TZ1960PLC000372	THE MADRAS ALUMINIUM COMPANY LIMITED	Director	28/08/2000	28/08/2000	20/07/2011	Amalgamated	NO
7	U74140DL1970PLC005314	KHAITAN CONSULTANTS LIMITED	Director	08/02/2001	08/02/2001	-	Not Available for eFiling	NO
8	L26100GJ1988PLC011663	GUJARAT BOROSIL LIMITED	Director	30/01/2002	30/01/2002	15/01/2009	Active	NO
9	L31300DN2000PLC000340	STERLITE TECHNOLOGIES LIMITED	Director	30/07/2003	30/07/2003	-	Active	NO
10	L15492WB1916PLC002697	DHUNSERI PETROCHEM AND TEA LIMITED	Director	23/09/2003	23/09/2003	03/07/2010	Active	NO
11	L21010GJ1991PLC019432	SHREE RAMA NEWSPRINT LIMITED	Director	19/09/2008	09/01/2004	05/04/2012	Active	NO
12	U65999MH2002PTC134398	BTS INVESTMENT ADVISORS PRIVATE LIMITED	Director	03/02/2004	03/02/2004	15/11/2011	Active	NO
13	U72900WB2004PTC098938	NEOWORTH PRIVATE LIMITED	Director	27/07/2004	27/07/2004	31/07/2007	Amalgamated	NO
14	U72200WB2004PTC100314	LEGAL OUTSOURCING PRIVATE LIMITED	Director	28/12/2004	28/12/2004	20/12/2011	Active	NO
15	U51909WB2004PTC100164	HIGH GROWTH DISTRIBUTORS PRIVATE LIMITED	Director	28/12/2004	28/12/2004	20/12/2011	Active	NO
16	U51909WB2004PTC100166	HITECH DEALERS PRIVATE LIMITED	Director	28/12/2004	28/12/2004	20/12/2011	Active	NO
17	U51102WB1996PTC081772	SARVASIDDHI COMMERCIALS PRIVATE LIMITED	Director	28/01/2005	28/01/2005	20/12/2011	Active	NO
18	L21300WB1973PLC028854	INTERNATIONAL CONVEYORS LIMITED	Director	23/04/2005	23/04/2005	29/10/2007	Active	NO
19	U34103MP2005PLC017319	AVTEC LIMITED	Nominee director	28/06/2005	28/06/2005	-	Active	NO
20	U72300DL1999PTC100368	TECTURA INFOTECH PRIVATE LIMITED	Director	12/12/2005	12/12/2005	22/03/2007	Active	NO
21	L15432UP1932PLC025186	THE OUDH SUGAR MILLS LIMITED	Director	17/01/2006	17/01/2006	30/11/2012	Active	NO
22	U48985WB1992PLC095301	GREAT EASTERN ENERGY CORPORATION LIMITED	Director	06/02/2006	06/02/2006	-	Active	NO
23	L17120MH1946PLC005227	NRC LIMITED	Director	24/07/2006	24/07/2006	30/07/2007	Active	NO
24	U51900WB2006PTC109716	CHARAIVETI VYAPAAR PRIVATE LIMITED	Director	09/08/2006	09/08/2006	17/12/2008	Amalgamated	NO
25	L29120MH1964PLC012955	HINDUSTAN COMPOSITES LIMITED	Alternate director	29/10/2009	04/09/2006	07/09/2010	Active	NO
26	L22210MH1987PLC044505	TCPL PACKAGING LIMITED	Additional director	29/06/2007	29/06/2007	27/05/2010	Active	NO
27	U22120MH1913PLC000391	BENNETT COLEMAN AND COMPANY LIMITED	Director	27/07/2010	14/09/2007	12/08/2011	Active	NO
28	L92199GJ1999PLC044045	INOX LEISURE LIMITED	Director	19/09/2008	22/10/2007	-	Active	NO
29	U72200MH1997PTC248097	ATOS WORLDLINE INDIA PRIVATE LIMITED	Alternate director	16/01/2008	16/01/2008	10/04/2008	Active	NO
30	U99999MH2000PTC128067	TIARA COMTRADE PRIVATE LIMITED	Director	17/09/2008	31/03/2008	20/12/2011	Active	NO
31	U51100MH2000PTC129530	XANTI COMMERCIAL PRIVATE LIMITED	Director	22/09/2008	31/03/2008	20/12/2011	Active	NO
32	U33100MH1986PTC221693	MILLIPORE (INDIA) PRIVATE LIMITED	Director	18/05/2009	09/09/2008	20/11/2009	Active	NO
33	L27105HR1979PLC009913	JINDAL STEEL AND POWER LIMITED	Director	29/09/2009	14/01/2009	-	Active	NO
34	L01110MH2006PLC161345	BAJAJ CORP LIMITED	Director	25/06/2010	04/02/2010	-	Active	NO
35	L27106MH1984PLC238266	JSW ISPAT STEEL LIMITED	Director	21/12/2011	13/01/2011	-	Amalgamated	NO
36	U26940OR2011PLC013933	ORIENT CEMENT LIMITED	Additional director	23/07/2011	23/07/2011	25/06/2012	Active	NO
37	L24230GJ1972PLC002126	TORRENT PHARMACEUTICALS LIMITED	Director	23/07/2012	23/01/2012	-	Active	NO
38	L02101KA1955PLC001936	THE WEST COAST PAPER MILLS LIMITED	Director	31/07/2012	29/05/2012	-	Active	NO
39	L26942GJ1981PLC004717	AMBUJA CEMENTS LIMITED	Director	04/04/2013	27/07/2012	-	Active	NO
40	L64202MH2001PLC134147	FIRSTSOURCE SOLUTIONS LIMITED	Director	06/08/2013	05/12/2012	-	Active	NO
41	U85110KA1961PLC001433	BHARAT FRITZ WERNER LIMITED	Additional director	06/08/2013	06/08/2013	-	Active	NO

Name :

Amal Ganguli

Designation :

Director

Address :

J-6/7, DLF Phase II, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

17.10.1939

Qualification :

Chartered Accountant

Date of Appointment :

27.07.2005

Voter ID No.:

TER0132944

DIN No.:

00013808

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1993PTC051811	M L INFOMAP PRIVATE LIMITED	Director	20/01/1993	20/01/1993	-	Active	NO
2	U72200DL1991PLC046909	FLEXTRONICS SOFTWARE SYSTEMS LIMITED	Director	08/01/2001	08/01/2001	-	Amalgamated	NO
3	L74140DL1991PLC046369	HCL TECHNOLOGIES LIMITED	Director	08/05/2003	08/05/2003	-	Active	NO
4	L35921TN1949PLC002905	TUBE INVESTMENTS OF INDIA LIMITED	Director	02/06/2003	02/06/2003	29/07/2010	Active	NO
5	L51909DL1986PLC024222	SAMTEL COLOR LIMITED	Director	10/10/2003	10/10/2003	02/02/2007	Active	NO
6	L92111DL1988PLC033099	NEW DELHI TELEVISION LIMITED	Director	14/05/2004	14/05/2004	-	Active	NO
7	L17120MH1897PLC000163	CENTURY TEXTILE AND INDUSTRIES LIMITED	Director	31/07/2004	31/07/2004	-	Active	NO
8	U34103MP2005PLC017319	AVTEC LIMITED	Director	27/07/2005	27/07/2005	-	Active	NO
9	L74999DL1991PLC042749	ICRA LIMITED	Director	12/06/2006	30/03/2006	-	Active	NO
10	U64202DL1992PLC048053	HUGHES COMMUNICATIONS INDIA LIMITED	Director	30/09/2006	20/04/2006	-	Active	NO
11	L34103DL1981PLC011375	MARUTI SUZUKI INDIA LIMITED	Director	05/09/2006	05/09/2006	-	Active	NO
12	L64200MH1986PLC039266	TATA COMMUNICATIONS LIMITED	Director	13/09/2006	13/09/2006	-	Active	NO
13	U93090MH2006PTC165286	PINEBRIDGE INVESTMENTS TRUSTEE COMPANY (INDIA) PRIVATE LIMITED	Director	15/12/2006	15/12/2006	05/10/2012	Active	NO
14	U65993DL2006PLC149728	ARICENT TECHNOLOGIES (HOLDINGS) LIMITED	Director	11/09/2009	06/08/2007	-	Active	NO
15	U24239AP2005PTC047518	LAURUS LABS PRIVATE LIMITED	Director	13/06/2013	30/08/2007	-	Active	NO
16	L15421UP1932PLC022174	TRIVENI ENGINEERING AND INDUSTRIES LIMITED	Director	29/12/2009	19/01/2009	10/05/2011	Active	NO
17	L64200MH1995PLC086354	TATA TELESERVICES (MAHARASHTRA) LIMITED	Director	13/08/2009	24/03/2009	-	Active	NO
18	L29110UP1995PLC041834	TRIVENI TURBINE LIMITED	Director	06/09/2011	10/05/2011	-	Active	NO
19	L26943RJ1976PLC001705	MANGALAM CEMENT LIMITED	Director	29/07/2013	11/02/2013	-	Active	NO

Name :

Mr. Naresh Chandra

Designation :

Nominee director

Address :

C4-4053, Vasant Kunj, New Delhi – 110070, India

Date of Birth/Age :

01.08.1934

Qualification :

M. Sc; I.A.S (Retired)

Date of Appointment :

27.07.2005

Voter ID No.:

CPJ0848416

DIN No.:

00015833

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L34103WB1942PLC018967	HINDUSTAN MOTORS LTD	Director	24/07/2002	24/07/2002	-	Active	NO
2	L35911PN1945PLC004656	BAJAJ HOLDINGS AND INVESTMENT LIMITED.	Director	16/07/2009	15/01/2003	-	Active	NO
3	L15421WB1975PLC030118	BALRAMPUR CHINI MILLS LTD	Director	25/11/2009	12/05/2003	-	Active	NO
4	U64203DL1987PTC029740	LINDE ENGINEERING INDIA PRIVATE LIMITED	Director	12/02/2004	12/02/2004	23/09/2010	Active	NO
5	L26940MH1936PLC002515	ACC Limited	Director	05/05/2004	05/05/2004	05/04/2013	Active	NO
6	L27310OR1955PLC000310	ELECTRO STEEL CASTINGS LTD	Director	11/05/2004	11/05/2004	-	Active	NO
7	L22210MH1995PLC084781	TATA CONSULTANCY SERVICES LIMITED	Director	19/08/2004	19/08/2004	30/06/2009	Active	NO
8	U34103MP2005PLC017319	AVTEC LIMITED	Nominee director	27/07/2005	27/07/2005	-	Active	NO
9	U72293DL2006PTC148795	VIS LEGIS CONSULT PRIVATE LIMITED.	Director	08/07/2006	08/07/2006	-	Active	NO
10	L11101MH2006PLC163934	CAIRN INDIA LIMITED	Director	20/09/2007	21/09/2006	-	Active	NO
11	U67120DL1996PTC080556	G4S CORPORATE SERVICES (INDIA) PRIVATE LIMITED	Director	29/09/2006	29/09/2006	-	Active	NO
12	L11200MH2005PLC154793	GOL OFFSHORE LIMITED	Additional director	16/10/2006	16/10/2006	18/11/2008	Active	NO
13	U62200KA2007PTC041691	TRANSINDIA AVIATION PRIVATE LIMITED	Director	10/02/2007	10/02/2007	15/10/2007	Active	YES
14	U74140DL2007PTC165494	SUPREME ADVISORS PRIVATE LIMITED	Director	03/07/2007	03/07/2007	30/03/2008	Strike off	NO
15	L45203MH2001PLC131728	GAMMON INFRASTRUCTURE PROJECTS LIMITED	Director	20/09/2013	15/10/2007	-	Active	NO
16	L65993PN2007PLC130076	BAJAJ AUTO LIMITED	Director	10/07/2008	30/01/2008	-	Active	NO
17	L26942GJ1981PLC004717	AMBUJA CEMENTS LIMITED	Director	06/04/2009	25/07/2008	05/04/2013	Active	NO
18	L65923PN2007PLC130075	BAJAJ FINSERV LIMITED	Director	15/07/2009	11/09/2008	-	Active	NO
19	U73100HR1999PTC037386	EMERGENT VENTURES INDIA PRIVATE LIMITED	Director	07/09/2009	23/12/2008	-	Active	NO
20	L99999MH1994PLC080502	EROS INTERNATIONAL MEDIA LIMITED	Director	27/05/2010	28/09/2009	-	Active	NO
21	U40300DL2010PTC198011	EROS ENERGY PRIVATE LIMITED	Director	15/01/2010	15/01/2010	15/12/2011	Active	NO

Name :

Mr. Prabhakar Sitaraman Kadapa

Designation :

Director

Address :

C-83, Sarita Vihar, Mathura Road, New Delhi – 110078, India

Date of Birth/Age :

03.07.1958

Qualification :

B. Tech (Mech. Engg.); Post Graduate in Tool Engg.

Experience :

31 Years

Date of Appointment :

16.07.2009

PAN No.:

ADAPK8517H

Voter ID No.:

NWD1226604

DIN No.:

00059374

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U31109AP1997PTC035316	TECUMSEH PRODUCTS INDIA PRIVATE LIMITED	Managing director	28/07/2006	28/07/2006	30/12/2008	Active	NO
2	U34103MP2005PLC017319	AVTEC LIMITED	Director	16/07/2009	12/01/2009	-	Active	NO

Name :

Mr. Ananthanarayanan Sankara Narayanan

Designation :

Nominee director

Address :

12, First Avenue, Harrington Road, Chennai – 600031, Tamilnadu, India

Date of Birth/Age :

29.07.1942

Qualification :

B.E (Hons.) Mech; Diploma in Industrial Engineering, Germany; International Senior Management Program Harvard Graduate

Date of Appointment :

28.06.2005

Voter ID No.:

BDZ5274220

DIN No.:

00385632

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1995PLC064560	BIRLASOFT (INDIA) LIMITED	Director	16/05/2000	16/05/2000	-	Active	NO
2	U74140WB1991PTC094523	ACCORD GROUP (INDIA) PRIVATE LIMITED	Director	01/04/2002	01/04/2002	27/03/2008	Active	NO
3	L34103WB1942PLC018967	HINDUSTAN MOTORS LTD	Director	24/05/2004	24/05/2004	-	Active	NO
4	U74999MH1932PLC001910	NEOSYM INDUSTRY LIMITED	Director	06/07/2004	06/07/2004	-	Active	NO
5	U34103MP2005PLC017319	AVTEC LIMITED	Nominee director	28/06/2005	28/06/2005	-	Active	NO
6	U65110WB1973PTC028870	A B C CONSULTANTS PRIVATE LIMITED	Director	02/05/2012	02/05/2012	-	Active	NO

Name :

Mr. Niten Malhan

Designation :

Director

Address :

Flat No. 2705, 27^th Floor, North Tower, The Imperial Building, MP Mill Compound, Tardeo, Mumbai – 400034, Maharashtra, India

Date of Birth/Age :

02.08.1971

Date of Appointment :

12.06.2013

DIN No.:

00614624

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1992PLC049022	LEMON TREE HOTELS LIMITED	Director	29/09/2006	26/07/2006	-	Active	NO
2	U55101DL2002PTC118179	CITRUS HOTELS PRIVATE LIMITED	Director	29/09/2006	26/07/2006	28/08/2009	Active	NO
3	U55101DL2005PTC138835	SPANK HOTELS PRIVATE LIMITED	Director	29/09/2006	26/07/2006	-	Amalgamated	NO
4	L17110GJ1931PLC000454	SINTEX INDUSTRIES LIMITED	Director	30/11/2006	30/11/2006	30/11/2007	Active	NO
5	U10102DL1997PLC085837	ACB (INDIA) LIMITED	Nominee director	30/11/2006	30/11/2006	-	Active	NO
6	U29199DL2003PTC122193	ARYAN CLEAN COAL TECHNOLOGIES PRIVATE LIMITED.	Nominee director	30/11/2006	30/11/2006	10/05/2011	Active	NO
7	U10200DL2002PTC115155	KARTIKAY COAL WASHERIES PRIVATE LIMITED	Nominee director	30/11/2006	30/11/2006	10/05/2011	Active	NO
8	U40102DL2001PTC134230	ARYAN ENERGY PRIVATE LIMITED	Nominee director	30/11/2006	30/11/2006	10/05/2011	Active	NO
9	U27102CT2003PTC015761	ARYAN ISPAT AND POWER PRIVATE LIMITED	Nominee director	30/11/2006	30/11/2006	10/05/2011	Active	NO
10	U22210GJ1981PTC047207	WRITERS AND PUBLISHERS PRIVATE LIMITED	Nominee director	06/12/2006	06/12/2006	29/11/2007	Active	NO
11	L22210GJ1995PLC047208	D.B. CORP LIMITED	Additional director	28/09/2011	12/12/2006	17/08/2012	Active	NO
12	U74140MH2004PTC145467	WARBURG PINCUS INDIA PRIVATE LIMITED	Managing director	01/01/2007	01/01/2007	-	Active	NO
13	U55101DL2006PTC144533	MERINGUE HOTELS PRIVATE LIMITED	Director	26/09/2007	26/03/2007	28/08/2009	Active	NO
14	U10100DL1996PLC251093	SPECTRUM COAL AND POWER LIMITED	Nominee director	13/04/2007	13/04/2007	10/05/2011	Active	NO
15	U25111MH2007PTC172456	ATC TIRES PRIVATE LIMITED	Director	29/08/2007	29/08/2007	26/06/2013	Active	NO
16	L74899DL1988PLC033314	PUNJ-LLOYD LIMITED	Director	28/07/2008	31/10/2007	07/03/2013	Active	NO
17	L31900DL1983PLC016304	HAVELLS INDIA LIMITED	Director	11/07/2008	26/11/2007	05/07/2013	Active	NO
18	U40102DL2008PTC177940	ARYAN M.P.POWER GENERATION PRIVATE LIMITED	Director	09/05/2008	09/05/2008	10/05/2011	Active	NO
19	U40102DL2008PTC177939	ARYAN CHHATTISGARH POWER GENERATION PRIVATE LIMITED	Director	09/05/2008	09/05/2008	10/05/2011	Active	NO
20	U73100MH2000PLC192798	METROPOLIS HEALTHCARE LIMITED	Nominee director	28/09/2010	02/07/2010	-	Active	NO
21	U40101DL2010PLC206025	ACB (INDIA) POWER LIMITED	Director	20/07/2010	20/07/2010	10/05/2011	Active	NO
22	U40109MP2006PLC019008	D B POWER LIMITED	Nominee director	26/04/2011	26/04/2011	-	Active	NO
23	U40100MP2008PLC020903	DB POWER (MADHYA PRADESH) LIMITED	Nominee director	26/04/2011	26/04/2011	-	Active	NO
24	U40100MP2010PTC023554	DILIIGENT POWER PRIVATE LIMITED	Nominee director	26/04/2011	26/04/2011	-	Active	NO
25	U55101DL2003PTC207912	FLEUR HOTELS PRIVATE LIMITED	Director	19/07/2012	09/05/2012	-	Active	NO
26	U34103MP2005PLC017319	AVTEC LIMITED	Director	12/06/2013	04/04/2013	-	Active	NO
27	AAB-4951	NNA CRE PROPERTIES LLP	Designated Partner	01/05/2013	01/05/2013	-	Active	NO

Name :

Mr. Viraj Sawhney

Designation :

Director

Address :

Flat No. 11A, Jolly Makeri Premises Co-operative Society Limited, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

16.01.1977

Date of Appointment :

12.06.2013

DIN No.:

02227110

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U40106DL2005PLC143431	MOSER BAER PHOTO VOLTAIC LIMITED	Alternate director	09/06/2008	09/06/2008	30/07/2008	Active	NO
2	L51909DL1983PLC015418	MOSER BAER INDIA LIMITED	Nominee director	08/09/2009	19/03/2009	28/09/2011	Active	NO
3	U34103MP2005PLC017319	AVTEC LIMITED	Director	12/06/2013	04/04/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Ruchika Gupta
Designation :	Secretary
Address :	B-3/93, Paschim Vihar, New Delhi – 110063, India
Date of Birth/Age :	06.08.1974
Date of Appointment :	15.02.2012
PAN No.:	AHBPG5420E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 12.06.2013

Names of Shareholders	No. of Shares
Hindustan Motors Limited, India	10000
Highdell Investment Limited, India	7500000
National Bearing Company (Jaipur) Limited, India	1094000
Central India Industries Limited, India	2649000
Universal Trading Company Limited, India	380000
Gwalior Finance Corporation Limited, India	1198500
Rajasthan Industries Limited, India	815000
HM Export Limited, India	4800000
Nirmala Birla	102500
Chandrakant Birla	192000
Avani Birla	33500
Amita Birla	27000
Avanti Birla	96000
National Engineering Industries Limited, India	3067000
Amer Investments (Delhi) Limited, India	1712000
Hitaishi Investments Limited, India	255500
Bengal Rubber Company Limited, India	727000
India Silica Magnesiteworks Limited, India	204500
Soorya Vanijya and Investment Limited, India	136500
Total	25000000

AS ON 12.06.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	30.00
Bodies corporate	68.20
Directors or relatives of directors	1.80
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Powertrains and parts thereof.

Products/ Services :

ITC Code No.	Product Descriptions
84082020	Engines / Power Unit

GENERAL INFORMATION

Customers :

· Ford

GM

Godrej

OEPL

Sauer Danfoss

Amac

Ashok Leyland

Axletech International

Caterpillar

Daimler

Telcon

Tata

Magna

Mahindra

Eicher

L&T

TIL

Tata Motors

No. of Employees :

Not Divulged

Bankers :

· Barclays Bank PLC, Eros Corporate Towers, Nehru Place, New Delhi-19, New Delhi - 110019, India

Standard Chartered Bank, (Acting as an Security Agent) C D U, Narain Manzil, 23 Barakhamba Road, New Delhi - 110001, India

Citi Bank N.A., Citibank, 3, Jeevan Bharti Building, Parliament Street, New Delhi - 110001, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	20.834	112.500
Foreign currency term loans from banks	363.504	378.094
Term loans from others Repayment Term of Foreign currency Loan from GE Capital Services is 16 quarterly installments of Rs. 12.500 Millions and Rs. 18.750 Millions respectively for each tranche.	331.250	456.250
SHORT TERM BORROWINGS
Working capital loans from banks The loans are repayable on demand. Interest on cash credit facilities/working capital loans varied from 10% to 12.50% during the year.	513.269	458.573
Loans repayable on demand from banks The loans are repayable on demand. Interest on packing credit in foreign currency varied from 2% to 5.27% during the year.	124.913	254.938
Total	1353.770	1660.355
Notes: LONG-TERM BORROWINGS (i) The loan together with interest and other charges thereon are secured by first pari passu charge by way of hypothecation of all Company's Stock in trade and Book Debts, both present and future. This facility is further secured by second pari passu charge by way of hypothecation of all Company's moveable properties, both present and future situated at Power Unit Plant, Pithampur (PUP), Power Products Division, Hosur (PPD) and Madras Processing Zone, Chennai (MEPZ) and by way equitable mortgage on all immovable properties situated at PUP (except properties of the value of Rs. 1.719 Millions) and PPD. (ii) The loan together with interest and other charges thereon are secured by first pari passu charge by way of hypothecation of moveable Plant and Machinery of the Company situated at the Power Unit Plant at Pithampur, Indore and Power Products Division at Hosur, Tamil Nadu. This facility is further secured by first pari passu charge by way of equitable mortgage of all immovable properties situated at PUP (except properties of the value of Rs. 1.719 Millions) and PPD. (iii) The loan together with interest and other charges thereon are secured by first pari passu charge by way of hypothecation of all moveable fixed assets of the Company, both present and future, situated at Kharagpur, West Bengal. This facility is further secured by first pari passu charge by way of equitable mortgage of all immovable properties of the Company situated at the said plant. (iv) The loans together with interest and other charges thereon are secured by first pari passu charge by way of hypothecation of moveable Plant and Machinery of the Company situated at the PUP, PPD and MEPZ. This facility is further secured by first pari passu charge by way of equitable mortgage of all immovable properties situated at PUP (except properties of the value of Rs. 1.719 Millions) and PPD. This facility is further secured by second pari passu charge by way of hypothecation of Company's Current Assets, both present and future. SHORT TERM BORROWINGS The secured borrowings from banks together with interest and other charges are secured by first pari passu charge by way of hypothecation of all Company's Stock in trade and Book Debts, both present and future. These facilities are further secured by second pari passu charge by way of hypothecation of all Company's moveable properties, both present and future situated at PUP, PPD and MEPZ and by second pari passu charge by way of equitable mortgage on all immovable properties situated at PUP, Pithampur (except properties of the value of Rs. 1.719 Millions) and PPD. The loans are repayable on demand. Interest on cash credit facilities/working capital loans varied from 10% to 12.50% during the year. Interest on packing credit in foreign currency varied from 2% to 5.27% during the year.

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company LLP Chartered Accountants
Address :	6th Floor, Hindustan Times Building, 18-20, K. G. Marg, New Delhi – 110001, India
Income-tax PAN of auditor or auditor's firm :	AALFS0560L
Other parties which significantly influence /are influenced by the Company (either individually or with others) :	· Actis Powertrain Investments Limited HM Export Limited [U31901WB1961PLC025330]
Subsidiary company :	· ASS AG, Switzerland ASS CGP, Switzerland ASS Evolvere, Switzerland ASS Norma, Switzerland AVTEC (Europe) Powertrain AG
Associate :	Hindustan Motors Limited [L34103WB1942PLC018967]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000,000	Equity Shares	Rs. 10/- each	Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25,000,000	Equity Shares	Rs. 10/- each	Rs. 250.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	250.000	250.000	250.000
(b) Reserves & Surplus	2496.084	2405.251	2162.220
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2746.084	2655.251	2412.220
(3) Non-Current Liabilities
(a) long-term borrowings	715.588	946.844	614.246
(b) Deferred tax liabilities (Net)	121.838	118.932	109.236
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	17.313	12.120	27.271
Total Non-current Liabilities (3)	854.739	1077.896	750.753
(4) Current Liabilities
(a) Short term borrowings	720.821	713.511	624.102
(b) Trade payables	1188.653	1115.141	879.701
(c) Other current liabilities	509.263	457.708	623.276
(d) Short-term provisions	91.046	88.734	56.471
Total Current Liabilities (4)	2509.783	2375.094	2183.550
TOTAL	6110.606	6108.241	5346.523
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2615.963	2824.391	2459.870
(ii) Intangible Assets	14.399	47.976	86.353
(iii) Capital work-in-progress	412.548	105.077	273.871
(iv) Intangible assets under development	164.849	158.433	110.236
(b) Non-current Investments	225.762	5.382	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	43.178	41.405	28.981
(e) Other Non-current assets	0.218	1.301	0.110
Total Non-Current Assets	3476.917	3183.965	2959.421
(2) Current assets
(a) Current investments	0.000	10.006	0.000
(b) Inventories	639.581	740.234	702.585
(c) Trade receivables	1734.253	1733.339	1329.319
(d) Cash and cash equivalents	66.253	263.908	152.216
(e) Short-term loans and advances	184.796	169.354	188.332
(f) Other current assets	8.806	7.435	14.650
Total Current Assets	2633.689	2924.276	2387.102
TOTAL	6110.606	6108.241	5346.523

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	6295.370	6502.219	5384.357
		Other Income	9.839	27.902	47.587
		TOTAL (A)	6305.209	6530.121	5431.944
Less	EXPENSES
		Cost of materials consumed	3700.716	3794.832	2948.514
		Purchases of stock-in-trade	148.860	386.902	272.405
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	72.281	(77.506)	36.035
		Employee benefit expense	734.616	634.625	570.926
		Other expenses	841.694	758.712	657.705
		TOTAL (B)	5498.167	5497.565	4485.585
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		807.042	1032.556	946.359
Less	FINANCIAL EXPENSES (D)		206.306	193.593	153.370
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		600.736	838.963	792.989
Less/ Add	DEPRECIATION/ AMORTISATION (F)		371.209	404.294	433.838
	PROFIT BEFORE TAX (E-F) (G)		229.527	434.669	359.151
Less	TAX (H)		80.196	133.527	85.393
	PROFIT AFTER TAX (G-H) (I)		149.331	301.142	273.758
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	507.549	592.508	540.704
		Professional and Consultation Fees	147.040	0.000	0.000
		Other Earnings	4.099	23.588	0.000
	TOTAL EARNINGS		658.688	616.096	540.704
	IMPORTS
		Raw Materials	318.706	360.126	322.334
		Stores & Spares	4.999	7.257	10.536
		Capital Goods	161.228	281.331	32.500
	TOTAL IMPORTS		484.933	648.714	365.370
	Earnings Per Share (Rs.)		5.97	12.05	10.95

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.37	4.61	5.04
Net Profit Margin (PBT/Sales)	(%)	3.65	6.68	6.67
Return on Total Assets (PBT/Total Assets}	(%)	4.32	7.44	7.24
Return on Investment (ROI) (PBT/Networth)		0.08	0.16	0.15
Debt Equity Ratio (Total Debt/Networth)		0.52	0.63	0.51
Current Ratio (Current Asset/Current Liability)		1.05	1.23	1.09

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	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)	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	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10423550	25/04/2013	385,000,000.00	STANDARD CHARTERED BANK	(ACTING AS AN SECURITY AGENT) C D U, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B74352030
2	10379176	01/10/2012	80,000,000.00	KOTAK MAHINDRA BANK LIMITED	AMBADEEP BUILDING, 14, K. G. MARG, NEW DELHI - 110001, INDIA	B59159699
3	10326761	25/10/2012 *	300,000,000.00	DBS BANK LIMITED	UPPER GROUND FLOOR, BIRLA TOWER, 25, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B62197736
4	10308649	25/10/2012 *	350,000,000.00	STANDARD CHARTERED BANK	(ACTING AS AN SECURITY AGENT) C D U, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B62269378
5	10300143	21/12/2011 *	500,000,000.00	GE CAPITAL SERVICES INDIA	AIFCS BUILDING,IST FLOOR, 1, RAFI MARG, NEW DELHI - 110001, INDIA	B30104251
6	10284994	13/09/2011 *	300,000,000.00	DBS BANK LIMITED	UPPER GROUND FLOOR, BIRLA TOWER, 25, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B22686125
7	10287088	29/04/2011	100,000,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B13011408
8	10247978	13/09/2011 *	250,000,000.00	STANDARD CHARTERED BANK (ACTING AS AN SECURITY AGE NT)	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B22673818
9	10192248	24/05/2011 *	100,000,000.00	INDUSIND BANK LIMITED	DR.GOPALDAS BHAWAN, 28, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B14804868
10	10115023	28/01/2009 *	301,000,000.00	STANDARD CHARTERED BANK	(ACTING AS AN SECURITY AGENT) C D U, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	A56141575
11	10059943	22/11/2011 *	350,000,000.00	STANDARD CHARTERED BANK	CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B27347293
12	10062011	18/07/2007	300,000,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	A20264123

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Working capital loans from banks The loans are repayable on demand. Interest on working capital loans varied from 10% to 12.50% during the year.	82.639	0.000
Total	82.639	0.000

NATURE OF OPERATIONS

Subject was incorporated on February 8, 2005 and is engaged in the manufacturing and selling of Powertrains and parts thereof.

GROWTH INITIATIVES

Acquisition of ASSAG

The integration and closing activities to acquire ASSAG, Switzerland (through the Company's wholly owned subsidiary AVTEC (Europe) Powertrain Limited) were completed during the year 2012-13. ASSAG is a pioneer in the face gear technology with several patents, designs and copyrights to its credit and a solution provider in gear trains of high precision and high quality systems/subsystems.

Major Customer wins

The Company has won business from a major European automobile manufacturer to supply engines and transmissions.

The Company is also working closely with new / existing customers to obtain new orders.

MANAGEMENT DISCUSSION and ANALYSIS REPORT

OVERVIEW OF THE ECONOMY

India's economic growth slowed down to approximately 5 per cent in the year 2012-13 and in year 2013-14 it is estimated to be 6.4 per cent. This expectation is based on better macro-economic management of budget and current account deficits, several policy measures and consequent revival of demand, together with a higher level of economic activity and business confidence.

On the global front, uncertainly remains due to the problems continuing to be faced by several Eurozone countries. The US continues to recover very slowly with economic growth no more than 2.2 per cent in 2012.

AUTOMOTIVE INDUSTRY OVERVIEW

A combination of slow economic growth, high interest rates and spiralling cost of fuel has resulted in sluggish demand for automotive vehicles. The highlights of the Indian Automotive Industry's performance in segments relevant to the Company are as follows:

· Production 2012-13 (excluding 2 and 3 wheelers):

Total vehicles - 4.1 mn, a decrease of 0.2 per cent over last year

Passenger vehicles - 3.2 mn, an increase of 2.8 per cent over last year

Medium and Heavy commercial vehicles - 0.3 mn, a decrease of 27.6 per cent over last year

Light commercial vehicles - 0.6 mn, an increase of 1.6 per cent over last year

Domestic Sales 2012-13 (excluding 2 and 3 wheelers):

Total vehicles - 3.5 mn, an increase of 1.2 per cent over last year

Passenger vehicles - 2.7 mn, an increase of 2.2 per cent over last year

Medium and Heavy commercial vehicles - 0.3 mn, a decrease of 23.2 per cent over last year

Light commercial vehicles - 0.5 mn, an increase of 14.0 per cent over last year

Export Sales 2012-13 (excluding 2 and 3 wheelers):

Total vehicles - 0.6 mn, an increase of 5.6 per cent over last year

Going forward, 2013-14 projections for automotive segments relevant to the company are as follows:

Passenger vehicles - 5-7 per cent

Medium and Heavy commercial vehicles - 1-3 per cent

Light commercial vehicles - 10-12 per cent

BUSINESS OUTLOOK

In line with the projections for different automotive segments, the Company has a presence in the potentially niche areas of high growth utility vehicles and light commercial vehicles.

To cater to the growing demand for utility vehicles, Ford India plans to introduce its SUV 'Ecosport' this year in India.

The light commercial vehicle 'Dost', introduced by Nissan Ashok Leyland has been well received by customers in the southern and western regions. The manufacturer plans to introduce the vehicle in other regions of India.

Daimler India introduced a range of medium and heavy commercial vehicles, Rs. Bharat Benz', in India during the year. This vehicle class, having been accepted by customers, Daimler now plans to increase penetration through introduction of more variants.

The above programs provide measured volume growth to the Company in 2013-14.

The Company expects new business opportunities by way of higher sales to existing customers and also from new customers.

The Company acquired ASSAG, a Switzerland based design to prototype company through its subsidiary AVTEC (Europe) Powertrain Limited, and through successful integration achieved profitable growth in the year 2012-13. This is a creditable feat to achieve in first year of integration. The integration of ASSAG will help the Company to take advantage of synergies across the value chain.

As the global automotive manufacturers increase their presence in India, intense competition among original equipment manufacturers will lead to cost pressures on the suppliers. Cognizant of this fact and as a continuous endeavour, the Company practices lean manufacturing and constantly strives to reduce costs.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Contingent liabilities (not provided for) in respect of :*
(a) Demands raised by Income tax department for the assessment years 2007-2008 to 2011-2012 being disputed by the Company**	36.482	7.400
(b) Show cause notices issued by the Central excise/custom authority, but disputed by the Company (excluding excise duties and penalties with respect to certain transactions with customers, which are under litigation before CESTAT. The consequences of the litigation on the Company are protected by an indemnity from the said customers)**	18.781	15.074
(c) Sales tax**	5.769	0.631
(d) Corporate Guarantee given on behalf of a subsidiary towards loan taken from DBS Bank Singapore.	629.288	0.000
(e) Other claims against the Company not acknowledged as debts	9.030	4.836
Total	699.350	27.941
Note: *(a) to (e) excludes liabilities pertaining to period prior to purchase of business from Hindustan Motors Limited (HML), since the same are borne by HML. ** Based on the discussions with its solicitor, the management believes that the Company has strong chance of success and hence no provision against these is considered necessary.

FIXED ASSETS:

· Land

Buildings

Plant and equipment

Furniture and fixtures

Vehicles

Office equipment

Other equipments

Brands and trade marks

Brands

Computer software

Know-how

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. 61.69
UK Pound	1	Rs. 98.59
Euro	1	Rs. 83.67

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.