MIRA INFORM REPORT

Report Date :

17.01.2014

IDENTIFICATION DETAILS

Name :	AUTOMOTIVES STAMPINGS AND ASSEMBLIES LIMITED
Registered Office :	G 71/2, MIDC Industrial Area, Pune - 411026, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.03.1990
Com. Reg. No.:	11-016314
Capital Investment / Paid-up Capital :	Rs.158.644 Millions
CIN No.: [Company Identification No.]	L28932PN1990PLC016314
TAN No.: [Tax Deduction & Collection Account No.]	PNEA04989F
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the business of manufacturing sheet metal stampings, welded assemblies and modules for the automotive industry.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 2960000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is a subsidiary of Tata Autocomp Systems Limited. It is a well-established company having satisfactory track record. There appears loss incurred by the company from its operation during the financial year 2013. However, the rating reflects the strong business and financial support company receives from its parent. The rating also factor in ASAL’s adequate financial risk profile, marked by a healthy capital structure and adequate debt protection metrics. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. 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.

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

Rating Agency Name	CRISIL
Rating	Long Term Rating = A-
Rating Explanation	Adequate degree of safety and low credit risk
Date	30.10.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A 1
Rating Explanation	Strong degree of safety and lowest credit risk
Date	30.10.2013

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 DENIED BY

Name :	Mr. Dilip Baware
Designation :	Accounts Manager
Contact No.:	91-9552537903
Date :	15.01.2014

LOCATIONS

Registered Office / Factory 1 :	G 71/2, MIDC Industrial Area, Pune -411026, Maharashtra, India
Tel. No.:	91-20-27121500/27121677/66314000/4321/4322
Mobile No.:	91-9552537903 (Mr. Dilip Baware)
Fax No.:	91-20-27123147/66314343
E-Mail :	cs@autostampings.com
Website :	www.autostampings.com
Factory 2 / Head Office :	Gate No.427, Juna Chakan, Medankarwadi, Pune- 410 501, Maharashtra, India
Tel. No.:	91-2135-261181/261150/261100/261179/261180
Fax No.:	91-2135-261151
E-Mail :	corporate@autostampings.com
Factory 3 :	Survey No. 173, Village-Khakharia, Taluka Savli, Near GIDC, Halol -389 350, Gujarat, India.
Tel. No.:	91-2676-222637/2667-288042
Fax No.:	91-2676-222637
Factory 4 :	Plot No. 71, Sector 11, IIE Pant Nagar Industrial Estate, Udham Singh Nagar, Uttrakand – 263153, India.
Tel. No.:	91-9219415663

DIRECTORS

As on 06.05.2013

Name :	Mr. Pradeep Mallick
Designation :	Chairman
Date of Birth and Age :	20.11.1942
Date of Appointment :	27.06.2008
Qualifications :	Degree in Electrical Engineering from IIT, Madras and a Diploma in Business Management from UK. He is also a ‘Chartered Engineer’, Fellow of the Institution of Engineering and Technology (FIET), London.
Name :	Mr. R. A. Savoor
Designation :	Director
Date of Birth and Age :	24.04.1944
Date of Appointment :	30.03.2006
Qualifications :	B. Sc. (Chemistry) and B. Sc (Tech.)
Name :	Mr. L Lakshman
Designation :	Director
Name :	Mr. R.S. Thakur
Designation :	Director
Name :	Mr. Amitabha Mukhopadhyay
Designation :	Director
Name :	Mr. Ajay Tandon
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Nagaraju Srirama
Designation :	Chief Executive Officer
Name :	Mr. Dilip Baware
Designation :	Accounts Manager
Name :	Mr. Shailendra Dindore
Designation :	Company Secretary

SHAREHOLDING PATTERN

As on 31.12.2013

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	11898296	75.00
Sub Total	11898296	75.00
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	11898296	75.00
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	240	0.00
Foreign Institutional Investors	481653	3.04
Sub Total	481893	3.04
(2) Non-Institutions
Bodies Corporate	420534	2.65
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	1847895	11.65
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	1159678	7.31
Any Others (Specify)	56101	0.35
Non Resident Indians	49194	0.31
Clearing Members	6657	0.04
Trusts	250	0.00
Sub Total	3484208	21.96
Total Public shareholding (B)	3966101	25.00
Total (A)+(B)	15864397	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)	15864397	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Names of Shareholders	No. of Shares	Percentage of Holding
Tata AutoComp Systems Limited	11898296	75.00
Total	11898296	75.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Names of Shareholders	No. of Shares	Percentage of Holding
Lotus Global Investments Limited	468777	2.95
Total	468777	2.95

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing sheet metal stampings, welded assemblies and modules for the automotive industry.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

• HDFC Bank Limited
• State Bank of India
• Bank of India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term Loans from Banks	137.296	73.500
Short Term Borrowings
Loans from Banks repayable on demand	132.814	14.627
Total	270.110	88.127

Notes:

Long Term Borrowings

1. Details of repayment of Term Loans

(Rs. In Millions)

Lender	31.03.2013	31.03.2012	Nature of facility	Terms of repayment
Bank of India	0.000	90.000	Term Loan	Repayment ending in March, 2013
Bank of India	0.000	70.000	Term Loan	Repayment ending in December, 2012
State Bank of India	85.000	90.000	Term Loan	Phased repayment with monthly installments and ending in April, 2015
Government of Maharashtra	3.324	4.636	Sales Tax Deferral Loan in terms of Scheme framed by Government	Phased repayment with annual installments and Scheme framed by interest free.
HDFC Bank	91.796	0.000	Buyer’s Credit	Repayment to be effected in October, 2015 and November, 2015.
Total	180.120	254.636

2. Term Loan of Rs.85.000 Millions (Previous year Rs.90.000 Millions) from State Bank of India is secured by way of exclusive hypothecation charge on two specific Presses of Pantnagar Plant of the Company and first charge on fixed assets of Halol Plant of the Company.

Buyer’s Credit of Rs.91.796 Millions (Previous year Rs. Nil) of HDFC Bank is secured by way of first and exclusive charge on the machinery procured under the said facility.

3. Interest rates on the above term loans range between 9.86% to 13.40%.

Short Term Borrowings

1. Loans from Banks repayable on demand are secured by hypothecation of current assets and second charge on the fixed assets of Chakan Plant of the Company.

2. Interest rates on the above loans range between 10.20% to 13.00%.

Banking Relations :	--
Statutory Auditors :	Price Waterhouse Chartered Accountants
Internal Auditors :	B.K. Khare and Company Chartered Accountants
Cost Auditors :	Dhananjay V. Joshi and Associates Cost Accountants
Secretarial Auditors :	S.V. Deulkar and Company Company Secretary
Holding Company :	Tata AutoComp Systems Limited
Ultimate Holding Company :	Tata Sons Limited
Common Control :	· Yazali India Limited (Formerly known as Tata Yazaki Autocomp Limited) (upto January 11, 2013) · Tata Johnson Controls Automotive Limited (upto March 25, 2013) · TACO Hendrickson Suspensions Private Limited
Fellow Subsidiary :	· Tata Toyo Radiator Limited · e-Nxt Financials Limited · Tata Teleservices (Maharashtra) Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions
16000000	Preference Shares	Rs.10/- each	Rs.160.000 Millions
	Total		Rs.360.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15864397	Equity Shares	Rs.10/- each	Rs.158.644 Millions

Rights, preferences and restrictions attached to the shares

Equity Shares: The Company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Reconciliation of the no. of shares outstanding at the beginning and at the end of the year:

Particulars	Number of Shares	Rs. In Millions
No. of shares outstanding at the beginning of the year
- Equity shares	15864397	158.644
- Preference shares	-	-
Add: Additional shares issued during the year
- Equity shares	-	-
- Preference shares	-	-
Less: Shares Redeemed during the year
- Equity shares	-	-
- Preference shares	-	-
No. of shares outstanding at the end of the year
- Equity shares	15864397	158.644
- Preference shares	-	-

Of the above, 11898296 Equity shares are held by Tata AutoComp Systems Limited, the Holding Company.

Number of shares held by each shareholder holding more than 5% shares in the Company are as follows:

Name of Shareholder	Number of Shares
Tata AutoComp Systems Limited	11898296

Dividend proposed to be distributed to Equity Shareholders Rs. Nil per share (Previous year: Rs.1.50 per share).

Dividend of Rs.1.20 per share was paid to Preference Shareholders for the period from April 01, 2011 to August 16, 2011 at the time of redemption of Preference shares on August 17, 2011.

There were no Bonus shares issued during the last five years.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	158.644	158.644	191.985
(b) Reserves & Surplus	582.602	626.864	370.665
(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)	741.246	785.508	562.650
(3) Non-Current Liabilities
(a) long-term borrowings	139.251	76.767	164.636
(b) Deferred tax liabilities (Net)	59.598	78.498	66.798
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	23.708	14.936	18.202
Total Non-current Liabilities (3)	222.557	170.201	249.636
(4) Current Liabilities
(a) Short term borrowings	347.814	64.627	255.174
(b) Trade payables	493.030	431.491	404.920
(c) Other current liabilities	147.649	383.485	313.754
(d) Short-term provisions	7.492	39.387	40.079
Total Current Liabilities (4)	995.985	918.990	1013.927
TOTAL	1959.788	1874.699	1826.213
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1096.010	1168.586	987.802
(ii) Intangible Assets	9.462	10.956	4.681
(iii) Capital work-in-progress	195.980	62.910	162.606
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	58.655	40.732	44.062
(e) Other Non-current assets	0.236	0.230	0.238
Total Non-Current Assets	1360.343	1283.414	1199.389
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	285.448	358.209	360.204
(c) Trade receivables	212.682	151.642	237.530
(d) Cash and cash equivalents	0.754	2.567	1.481
(e) Short-term loans and advances	100.561	78.867	27.609
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	599.445	591.285	626.824
TOTAL	1959.788	1874.699	1826.213

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	4633.073	5704.374	5300.286
		Other Operating Revenue	17.860	11.825	14.166
		Other Income	0.843	1.147	4.552
		TOTAL (A)	4651.776	5717.346	5319.004
Less	EXPENSES
		Cost of materials consumed	3741.469	4506.815	4194.642
		Changes in inventories of finished goods, work - in - progress and Stock - in - Trade	(24.165)	18.558	(41.418)
		Employee benefit expense	432.801	428.753	372.182
		Other expenses	365.049	470.122	454.751
		TOTAL (B)	4515.154	5424.248	4980.157
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		136.622	293.098	338.847
Less	FINANCIAL EXPENSES (D)		47.421	54.587	58.629
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		89.201	238.511	280.218
Less/ Add	DEPRECIATION/ AMORTISATION (F)		152.363	149.677	129.680
	PROFIT BEFORE TAX (E-F) (G)		(63.162)	88.834	150.538
Less	TAX (H)		(18.900)	29.100	48.815
	PROFIT AFTER TAX (G-H) (I)		(44.262)	59.734	101.723
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		128.724	106.391	50.926
Less	APPROPRIATIONS
		Proposed Dividend on Preference Shares	0.000	0.000	10.800
		Proposed Dividend on Equity Shares	0.000	23.797	20.397
		Dividend on Preference Shares Redeemed	0.000	4.083	0.000
		Tax on Dividend	0.000	4.521	5.061
		Transfer to General Reserve	0.000	5.000	10.000
	BALANCE CARRIED TO THE B/S		84.462	128.724	106.391
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of exports	0.000	0.000	13.390
	TOTAL EARNINGS		0.000	0.000	13.390
	IMPORTS
		Raw Materials	0.538	0.806	21.957
		Capital Goods	96.492	2.087	0.000
		Spears	0.000	0.395	0.000
	TOTAL IMPORTS		97.030	3.288	21.957
	Earnings Per Share (Rs.)
	Basic		(2.79)	3.89	8.74
	Diluted		(2.79)	3.78	7.74

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(0.95)	1.04	1.91
Net Profit Margin (PBT/Sales)	(%)	(1.36)	1.56	2.84
Return on Total Assets (PBT/Total Assets}	(%)	(3.58)	4.90	9.05
Return on Investment (ROI) (PBT/Networth)		(0.09)	0.11	0.27
Debt Equity Ratio (Total Debt /Networth)		0.66	0.18	0.75
Current Ratio (Current Asset/Current Liability)		0.60	0.64	0.62

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Rs. In Millions

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Current maturities of long term debt	40.869	177.869	185.001
Total	40.869	177.869	185.001

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS:

CASE DETAILS

Lodging No.:-

ITXAL/979/2011

Filing Date:-

20/07/2011

Reg. No.:-

ITXA/2326/2011

Reg. Date:-

14/10/2011

Petitioner :	THE COMMISSIONER OF INCOME TAX – V PUNE	Respondent:-	AUTOMOTIVES STAMPINGS AND ASSEMBLIES LIMITED
Petn. Adv.:	N.N. SINGH (0)	Resp. Adv.:-	ATUL K. JASANI (0)

District:- PUNE

Bench:- DIVISION

Status:- Admitted(Unready) Category:- TAX APPEALS

Last Date:- 08/11/2011 Stage:- FOR DIRECTION

Last Coram:- HON'BLE SHRI JUSTICE J.P. DEVADHAR

HON'BLE SHRI JUSTICE J.P. DEVADHAR

Act :- Income Tax Act, 1961 Under Section:- 260A

UNSECURED LOAN:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Interest Free Sales Tax Loan	1.955	3.267
Short Term Borrowings
Loans from Holding Company	115.000	0.0000
Inter Corporate Deposits from Holding Company	100.000	50.000
Total	216.955	53.267

GENERAL INFORMATION

The Company is engaged in the business of manufacturing sheet metal stampings, welded assemblies and modules for the automotive industry. The Company has four plants in India and sells primarily in India. The Company is a public limited company and listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

OPERATIONS

The year was a difficult one for the business environment. Revenue was impacted due to drop in volumes resulting from the economic downturn and also because of strike / stoppage of work at our Pune plants. To mitigate the adverse impact, the Management took steps to improve operational efficiencies and control costs. Inflationary conditions, however, continued to drive up input costs. The reduced revenue, together with higher input costs brought margins under pressure throughout the year. The Company therefore incurred a loss in the year under review as against a profit in the previous year.

FUTURE OUTLOOK

Medium Term

The financial year 2012-13 was one of the toughest for the Indian passenger vehicle industry in a long time. The market showed no signs of growth despite the high discounts, while rising fuel prices and high interest rates also stunted demand. The year also showed a shift in consumer preference to utility vehicles that posted its highest ever tally in the financial year 2012-13.

Long Term

The long term prospects of the Indian Automotive Sector appears bright. India is expected to be one of the world’s largest automobile markets. This confidence is based on strong sector fundamentals which include low incidence of vehicle penetration in the country, projected high rate of GDP growth for the Indian economy, huge investments being made by the Government in infrastructure along with a very large upwardly mobile middle class population with aspirations for better living standards.

UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 30^TH SEPTEMBER 2013

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)		Half Year Ended ( Unaudited)
	30.09.2013	30.06.2013	30.09.2013
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	961.832	913.587	1875.419
b) Other operating income	3.505	7.918	11.423
Total income from Operations(net)	965.337	921.505	1886.842
2.Expenditure
a) Cost of material consumed	732.193	686.106	1418.299
b) Changes in inventories of finished goods, work-in-progress and stock-in-trade	4.259	11.878	16.137
c) Employees benefit expenses	101.333	118.118	219.451
e) Depreciation and amortization expenses	38.776	35.567	74.343
f) Other expenditure	83.920	82.158	166.078
Total expenses	960.481	933.827	1894.308
3. Profit from operations before other income and financial costs	4.856	(12.322)	(7.466)
4. Other income	1.292	0.384	1.676
5. Profit from ordinary activities before finance costs	6.148	(11.938)	(5.790)
6. Finance costs	17.105	14.800	31.905
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	(10.957)	(26.738)	(37.695)
8. Exceptional item	0.000	0.000	0.000
9. Profit from ordinary activities before tax Expense:	(10.957)	(26.738)	(37.695)
10.Tax expenses	(2.450)	(8.250)	(10.700)
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	(8.507)	(18.488)	(26.995)
12.Extraordinary Items (net of tax expense)	0.000	0.000	0.000
13.Net Profit / (Loss) for the period (11 -12)	(8.507)	(18.488)	(26.995)
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	158.644	158.644	158.644
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
Basic	(0.53)	(1.17)	(1.70)
Diluted	(0.53)	(1.17)	(1.70)

Particulars	Quarter Ended ( Unaudited)		Half Year Ended ( Unaudited)
	30.09.2013	30.06.2013	30.09.2013
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	3966101	3966101	3966101
- Percentage of shareholding	25.00	25.00	25.00
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	-	-	-
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	-	-	-
Percentage of shares (as a % of total share capital of the company)	-	-	-
b) Non Encumbered
Number of shares	11898296	11898296	11898296
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00	100.00	100.00
	75.00	75.00	75.00
Percentage of shares (as a % of total share capital of the company)
B. Investor Complaints
Pending at the beginning of the quarter	-
Receiving during the quarter	-
Disposed of during the quarter	-
Remaining unreserved at the end of the quarter	-

Notes:

1. The above results have been reviewed by the Audit Committee and have been approved by the Board of Directors of the Company at their meetings held on October 18, 2013.

2. The Company operates only in the Automobile Component Segment.

3. Statements of Assets and Liabilities as per clause 41(V) of the Listing Agreement is as follows: Statement of Assets & Liabilities

STANDALONE STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2013

Rs. In Millions

SOURCES OF FUNDS	30.09.2013 Unaudited
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	158.644
(b) Reserves & Surplus	555.607
(c) Pending Call Money	0.000
Sub-total Shareholders’	714.251
(2) Share Application money pending allotment	0.000
(3) Non-current liabilities
(a) long-term borrowings	144.841
(b) Deferred tax liability	48.898
(c) long term provision	20.544
Sub-total of Non-Current liabilities	214.283
(4) Current liabilities
(a) Short term borrowings	351.905
(b) Trade payables	390.522
(c) Other current liabilities	180.426
(d) Short-term provisions	7.296
Sub-total of Current liabilities	930.149
TOTAL	1858.683
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	1284.734
(b) Long term loans and advances	67.637
(c) Other non-current assets	0.236
Sub-total of Non-Current Assets	1352.607
(2) Current assets
(a) Inventories	264.216
(b) Trade receivables	171.154
(c) Cash and cash equivalents	0.948
(d) Short-term loans and advances	69.758
Sub-total of Current Assets	506.076
TOTAL	1858.683

4. Previous period's figures are regrouped / rearranged wherever necessary.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10404182	24/01/2013	91,796,342.00	HDFC Bank Limited	HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	B68559228
2	10292383	15/02/2012 *	100,000,000.00	State Bank of India	INDUSTRIAL FINANCE BRANCH, TARA CHAMBERS, MUMBAI - PUNE ROAD, PUNE, Maharashtra - 411003, INDIA	B33369901
3	90086061	03/05/2010 *	170,000,000.00	HDFC Bank Limited	HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	A85800357
4	90091520	30/10/2010 *	100,000,000.00	State Bank of India	Industrial Finance Branch, Tara Chambers, Mumbai - Pune Road, Pune, Maharashtra - 411003, India	A98860810

* Date of charge modification

FIXED ASSETS:

· Land - Freehold

· Land - Leasehold

· Factory Building

· Office Building

· Plant and Equipment

· Tools, Jigs and Fixtures

· Furniture and Fixtures

· Office Equipment

· Vehicles

· Computer Software

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.61.53
UK Pound	1	Rs.100.73
Euro	1	Rs.83.84

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.