MIRA INFORM REPORT

Report No. :	314571
Report Date :	30.03.2015

IDENTIFICATION DETAILS

Name :	FORCE MOTORS LIMITED (w.e.f. 12.05.2005)
Formerly Known As :	BAJAJ TEMPO LIMITED
Registered Office :	Mumbai-Pune Road, Akurdi, Pune – 411 035, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.09.1958
Com. Reg. No.:	11-011172
Capital Investment / Paid-up Capital :	Rs.131.790 million
CIN No.: [Company Identification No.]	L34102PN1958PLC011172
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	PNEB00002C
PAN No.: [Permanent Account No.]	AAACB7066L
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Design, development and manufacture of automotive components, aggregates and vehicles.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an old and well-established company having fine track. The company’s products are well received in the market. The rating takes into consideration good networth and liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and condition.

NOTES :

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long-Term Rating: AA-
Rating Explanation	High degree of safety and vary low credit risk.
Date	27.02.2015

Rating Agency Name	CRISIL
Rating	Short-Term Rating: A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	27.02.2015

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 31-03-2014.

INFORMATION DECLINED BY

Name :	Mrs. Aparna G. Lambore
Designation :	Company Secretary
Contact No.:	91-20-27476381
Date :	26.03.2015

LOCATIONS

Registered Office/ Factory 1 :	Mumbai-Pune Road, Akurdi, Pune – 411 035, Maharashtra, India
Tel. No.:	91-20-27476381
Fax No.:	91-20-27404678
E-Mail :	compliance-officer@forcemotors.com
Area :	Owned
Factory 2 :	Pithampur Industrial Area, Pithampur, District Dhar – 454 775, Madhya Pradesh, India
Tel. No.:	91-7292-253004
Fax No.:	91-7292-308180
Factory 3 :	Gat No.345, Urse, Taluka Maval, District Pune – 410 506, Maharashtra, India

DIRECTORS

AS ON 11.08.2014

Name :	Mr. Abhaykumar Firodia
Designation :	Chairman
Qualification:	B. A. (Hons.)
Date of Appointment :	01.07.1987
Name :	Mr. Prasan Firodia
Designation :	Managing Director
Qualification:	B.B.A.
Name :	Mr. Sudhir Mehta
Designation :	Director
Name :	Mr. Pratap Pawar
Designation :	Director
Qualification:	B.E. - BITS PILANI
Name :	Mr. S. Padmanabhan
Designation :	Director
Qualification:	B.G.L., Diploma-Management, M.Sc.(Physics), Diploma-Development Economics, I.A.S.
Name :	Mr. Vinay Kothari
Designation :	Director
Qualification:	B.Com , M.B.A.
Name :	Mr. Nitin Desai
Designation :	Director
Name :	Dr. Indira Parikh
Designation :	Director
Name :	Mr. Arun Prabhudas Sheth
Designation :	Director
Address :	604, Residency 'A', Lokhandwala Complex, Versova, Andheri (West), Mumbai – 400 053, Maharashtra, India
Date of Birth/Age :	24.12.1947
Date of Appointment :	24.09.2011
DIN No.:	00086891
Name :	Mr. R.B. Bhandari
Designation :	Director
Qualification:	B.Com

KEY EXECUTIVES

Name :	Mrs. Aparna G. Lambore
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2014

Category of Shareholders	No. of Shares	Percentage of holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	485114	3.68
Bodies Corporate	7336181	55.68
Sub Total	7821295	59.36
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	7821295	59.36
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	71100	0.54
Financial Institutions / Banks	4490	0.03
Insurance Companies	20055	0.15
Foreign Institutional Investors	713844	5.42
Sub Total	809489	6.14
(2) Non-Institutions
Bodies Corporate	696802	5.29
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	3200254	24.29
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	646206	4.90
Any Others (Specify)	2216	0.02
Foreign Port Folio Investor Corporate	2216	0.02
Sub Total	4545478	34.50
Total Public shareholding (B)	5354967	40.64
Total (A)+(B)	13176262	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)	13176262	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons 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
1	Firodia Abhaykumar N	7,000	0.05	0.05
2	Abhaykumar Navalmal Firodia	1,29,740	0.98	0.98
3	Abhaykumar Navalmal Firodia	7,108	0.05	0.05
4	Abhay Firodia	8,607	0.07	0.07
5	Abhay Firodia	8,300	0.06	0.06
6	Motilal Multanchand Bora	17,300	0.13	0.13
7	Prasannasinh Abhaykumar Firodia	2,03,463	1.54	1.54
8	Jamnabai Navalmal Firodia	303	0.00	0.00
9	Jamnabai Navalmal Firodia	44,468	0.34	0.34
10	Jamnabai N. Firodia	58,825	0.45	0.45
11	Jaya Hind Investments Private Limited	72,68,497	55.16	55.16
12	Jaya Hind Industries Limited	10,909	0.08	0.08
13	Prasanna Holdings Private Limited	48,579	0.37	0.37
14	Ahmednagar Engineering Private Limited	8,196	0.06	0.06
	Total	78,21,295	59.36	59.36

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

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	National Westminster Bank PLC as Trustee of The Jupiter India Fund	477970	3.63	3.63
2	Jupiter South Asia Invst. Co. Limited- A/c Jupiter South Asia Invst. Co. Limited - South Asia Access Fund	223421	1.70	1.70
	Total	701391	5.32	5.32

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	Anita Amar Chauhan	400	0.00
2	Amrutlal Manekchand Gandhi	70	0.00
3	Anand Vithal Mapuskar	20	0.00
4	Annappa Nagappa Bangi	140	0.00
5	Arvind Keshav Kale	20	0.00
6	Arvind Laxman Balkavade	20	0.00
7	Arvind Ramchandra Bhope	10	0.00
8	Arunkumar Dayaramji Palaskar	30	0.00
9	Arun Narhar Deshpande	200	0.00
10	Ashok Dattatraya Kulkarni	20	0.00
11	Ashok Krishna Mullur	100	0.00
12	Avinash Yashwant Chitnis	50	0.00
13	Avtar Singh Saggu	500	0.00
14	Ashok Ramachandra Bothe	20	0.00
15	Ajit Singh Rehal	100	0.00
16	Ashok Vasant Waghdhare	10	0.00
17	Ashok Govindrao Patole	20	0.00
18	Balwant Shripad Vaidya	200	0.00
19	Basudeo Ganpat Sharma	100	0.00
20	Balwant Pandharinath Kulkarni	70	0.00
21	Bhagwan Yashawant Bhore	20	0.00
22	Bhaskar Vinayak Pandit	20	0.00
23	Balkrishna Deoraj Mundada	20	0.00
24	Champalal Balnath Gugale	40	0.00
25	Chandrakant Tukaram Patange	20	0.00
26	Chintamani Keshav Khedekar	60	0.00
27	Chandrakant Pandit Patil	200	0.00
28	Chetan Leelachand Mathuria	10	0.00
29	Dattatraya Narhar Naravane	20	0.00
30	Dattatraya Ramchandra Khot	20	0.00
31	Dattatraya Sakharam Salvi	600	0.00
32	Dattatraya Sopan Shinde	50	0.00
33	Devendra Madanlal Choudhari	200	0.00
34	Dinkar Mangesh Dhareshwar	20	0.00
35	Dnyaneshwar Baburao Inamke	20	0.00
36	Dilip Madhukar Gadkari	10	0.00
37	Dilawar Dadu Shikalgar	20	0.00
38	Deodatta Vishwanath Jeste	200	0.00
39	Devaji Mukunda Patil	20	0.00
40	Dilip Vasantrao Shirsathe	50	0.00
41	Datta V. Shete	100	0.00
42	Dnyandeo Yadav Kharche	50	0.00
43	Ganesh Vinayak Mhaiskar	20	0.00
44	Govindlal Narayan Mehta	20	0.00
45	Gulab Baburao Kanse	20	0.00
46	Hanmant Laxman Salunkhe	100	0.00
47	Hanumanta Rabhaji Shinde	20	0.00
48	Hari Narayan Salvekar	100	0.00
49	Honnaya Guruvappa Shriyan	100	0.00
50	Iqbal Ahmed Qureshi	400	0.00
51	Jagdish Rameshwar Sharma	60	0.00
52	Jawahar Motilal Kotecha	100	0.00
53	Jagadish Rameshwar Sharma	10	0.00
54	Jayant Shridhar Chinchorkar	20	0.00
55	Kamalakar Raghunath Naik	20	0.00
56	Kantilal Dagdulal Patwa	200	0.00
57	Kantilal Gokuldas Munot	200	0.00
58	Kantilal Indarchand Surana	30	0.00
59	Khajasaheb Suleman Pulujkar	20	0.00
60	Kanakmal Chunilal Changediya	400	0.00
61	Krishna Abaji Kaspate	20	0.00
62	Krishna Ramchandra Mulay	100	0.00
63	Keshavji Virchand Nagda	100	0.00
64	Kushal Chand Sisodia	100	0.00
65	Kautik Waman Talele	100	0.00
66	K.S. Anandaram	20	0.00
67	K.A. Unni	50	0.00
68	Madhav Shriniwas Deshpande	20	0.00
69	Manohar Devikinandan Agarwal	40	0.00
70	Manohar Laxman Phadke	40	0.00
71	Mhemood Ebrahim Patwekar	20	0.00
72	Muddu Onnu Shetty	20	0.00
73	Mahinder Singh Matharu	40	0.00
74	Mariamma Pothen	200	0.00
75	M.M. Gupte	20	0.00
76	Nandkumar Bhimrao Tungikar	20	0.00
77	Narayan Mahadeo Hasabnis	200	0.00
78	Narayan Shahurao Bhalerao	400	0.00
79	Nivrutti Chandru Bhalekar	50	0.00
80	Nandlal Vithaldas Devi	40	0.00
81	Nirmala Ghansham Dandekar	20	0.00
82	Onkar Bishambhar Gupta	40	0.00
83	Pallam Raju Palepu	100	0.00
84	Panachittanam Krishna Damodara Kurup	100	0.00
85	Parasram Naraindas Menghani	100	0.00
86	Prabhakar Harsha Kotian	60	0.00
87	Pramod Ramkrishna Visal	40	0.00
88	Prem C Hiralalji Jain	100	0.00
89	Punamchand Bhikamchand Jain	40	0.00
90	Purvez Keki Tavaria	400	0.00
91	Pandurang Bhikaji Parab	20	0.00
92	Pushpalata Madhusudan Patankar	300	0.00
93	Prakash Ramachandra Mulay	50	0.00
94	Punamchand Mohanlal Jain	80	0.00
95	Pratibha Punamchand Jain	480	0.00
96	Raghavendra Bindo Mokashi	20	0.00
97	Ramanlal Rupchand Bora	250	0.00
98	Ramchandra Narahar Chandekar	20	0.00
99	Ramchandra Purushottam Joshi	20	0.00
100	Ramdas Baburao Bhangare	20	0.00
101	Rameshlal Panalal Luniya	380	0.00
102	Rameshwar Laxminarayan Baheti	50	0.00
103	Ramkrishna Bhimashankar Badgandhi	20	0.00
104	Rangnath Maruti Unkule	20	0.00
105	Ratilal Kesharmal Bhandari	50	0.00
106	Ravindra Shivlal Doshi	40	0.00
107	R Jayapaul	30	0.00
108	Ramesh Chandra Rao	1,000	0.01
109	Ravindra Gopal Sathe	20	0.00
110	Ravindra Gopinath Deshpande	40	0.00
111	Rukmini Gopalkrishna Chitnis	100	0.00
112	Ravindra Anturkar	40	0.00
113	Ramesh Bhattad	50	0.00
114	Ramanlal Bandulal Bhandari	5,000	0.04
115	Sadanand Motiram Sheth	700	0.01
116	Sadashiva Krishnappa Ullal	40	0.00
117	Shankar Dhondiba Pawar	20	0.00
118	Sharad Waman Kamtikar	40	0.00
119	Sivanand Vishwanath Mengane	20	0.00
120	Shrikant Krishnaji Cholkar	30	0.00
121	Sreenivasan Panikker	30	0.00
122	Srinivasan Padmanabhan	20	0.00
123	Sriniwas Vijaya Raghavan	200	0.00
124	Subhash Chandmal Khabiya	200	0.00
125	Subhash Jagannath Tak	20	0.00
126	Subhash Kesharmal Mutha	60	0.00
127	Subhash Mishrimal Khinvasara	60	0.00
128	Surendra Rhudayaniwas Kotkar	100	0.00
129	Suresh Kesharmal Mutha	200	0.00
130	Suresh Vasant Shirhattikar	100	0.00
131	S Venkitachalam	200	0.00
132	Suresh Ramchandra Jadhav	40	0.00
133	Sudhakar Shantwan Sagalgile	20	0.00
134	Sayyad Abdul Saleem	20	0.00
135	Sidram Panchakshari Chitte	20	0.00
136	Suresh Shankar Wani	20	0.00
137	Suresh Pandharinath Khalde	100	0.00
138	Shantilal Bhagchand Dugad	1,000	0.01
139	Satish Amolakchand Gundecha	290	0.00
140	Suhas Madhusudan Dixit	100	0.00
141	Subhash Bhikamdas Surana	50	0.00
142	Subhash Joshi	110	0.00
143	Sunanda Vasant Ragade	20	0.00
144	Sushila Nemchand Kataria	1,000	0.01
145	S. M. Vishwanath	70	0.00
146	Sobhachand Bhagchand Sancheti	50	0.00
147	Shailaja Mantri	60	0.00
148	Subhash Suganmal Jain	50	0.00
149	Sneh Munot	750	0.01
150	Suman Bhandari	750	0.01
151	Sujata Ranka	750	0.01
152	Sangeeta Sancheti	750	0.01
153	Sushma Suresh Satpute	20	0.00
154	Sunil Lalchand Nahar	10	0.00
155	Subhash Hirachand Jain	60	0.00
156	Saple Sarita Ramkrishna	20	0.00
157	Shashikant Savleram Arote	10	0.00
158	Tukaram Dattatray Alhat	40	0.00
159	Tukaram Keraba Sastare	20	0.00
160	Ujwala Indrakymar Chordiya	20	0.00
161	Uma Shankar Yadav	20	0.00
162	Vasant Balkrishna Godankar	20	0.00
163	Vasant Pemraj Bora	100	0.00
164	Vasudeo Kasturchand Nagar	20	0.00
165	Vazhayil Ravindran Vazhayil	100	0.00
166	Vinay Mohanlal Mundada	400	0.00
167	Vishnu Ramchandra Patwardhan	20	0.00
168	Vithalrao Bapusaheb Patil	20	0.00
169	Vasant Adinath Patil	50	0.00
170	Vijaykumar Udhavrao Joshi	20	0.00
171	Vitthal Chandrabhan Wagh	40	0.00
172	Vidya Gajanan Pathak	150	0.00
173	Vijay Purushottam Mayabhate	100	0.00
174	Vijaykumar Bhagwan Galande	100	0.00
175	W P Menezes	40	0.00
176	Yeshwant Hari Tapre	100	0.00
177	Zankarlal Bansilal Pokharna	10	0.00
178	Manish Dattatray Adhav	20	0.00
179	Pankaj Anant Inamdar	20	0.00
180	Praveen Kantilal Mutha	540	0.00
181	Pravin Annadate	100	0.00
182	Ratnabai Chandrakant Kaduskar	20	0.00
183	Rahul Chunilal Daga	80	0.00
184	Rahul Bardiya	100	0.00
185	Sheela Govind Tendulkar	100	0.00
186	Sandeep Shantilal Bhandari	240	0.00
187	Vinod Harakchand Kasliwal Jain	150	0.00
188	Vijaykumar Mahadeo Mankar	50	0.00
189	Vimal Lakhmichand Katariya	200	0.00
190	Fatima Nazar Kazi	50	0.00
191	Gopale Sadashiv Raoji	100	0.00
192	Kishor Munot	100	0.00
193	Kantilal Munot	200	0.00
194	Neeraj A Munot	4,248	0.03
195	Nandakumar Tapre	1,500	0.01
196	Pradeep Jain	750	0.01
197	Padmini Gopinath	50	0.00
198	Praveen K Mutha	1,500	0.01
199	Praveen Chandrabhan Karnavat	500	0.00
200	Rahul Chunilal Daga	100	0.00
201	Rahul Bardiya	50	0.00
202	Sheela Govind Tendulkar	600	0.00
203	Sunita Varadkar	50	0.00
204	Sanjay Jain	750	0.01
205	Shivaji Vithoba Nagarkar	100	0.00
206	Sunil Shantilal Bhandari	100	0.00
207	Snehal Dilip Pagariya	50	0.00
208	Shobha Gaikwad	300	0.00
209	Anjali Anil Bhagwat	50	0.00
210	Anjali Joshi	200	0.00
211	Anup Khinvasara - Minor	600	0.00
212	Anita Kulkarni	100	0.00
213	Abbasajij Sawkar	50	0.00
214	Arvind Bodhe	50	0.00
215	Anant Dattatraya Sant	50	0.00
216	Arvind Purohit	500	0.00
217	Anupsinh Rajput	50	0.00
218	Anandlal Gandhi	50	0.00
219	Ambadas Jadhav	100	0.00
220	Augustine Mendonca	100	0.00
221	Ashok Bhagat	100	0.00
222	Ajoy Kumar Banerjee	50	0.00
223	Ashok Mullur	500	0.00
224	A.K. Premchandran	50	0.00
225	Ashok K. Yadav	200	0.00
226	Arvind Balkavade	50	0.00
227	Augustine D Mello	50	0.00
228	Ashok Maruti Dongare	50	0.00
229	Ashok Jakhete	100	0.00
230	Arun Kulkarni	50	0.00
231	Arvind Mankikar	100	0.00
232	Abraham Varghese	200	0.00
233	Asha Balsaraf	100	0.00
234	Aruna Bhandari	1,000	0.01
235	Ahilya Harale	100	0.00
236	Anil Ramakant Kshirsagar	150	0.00
237	Aruna Nimbalkar	100	0.00
238	Agnello Fernandes	50	0.00
239	Abdulaziz Sayad	100	0.00
240	Asha Tagare	200	0.00
241	Abhay Mayadeo	50	0.00
242	Anupsinh Ganpatsinh Rajput	50	0.00
243	Kulkarni Anil Raghunath	50	0.00
244	Avtar Singh Saggu	400	0.00
245	Arjun Dagdu Gaikwad	50	0.00
246	Amruta Mahajan	100	0.00
247	Ashok Soniram Yewale	300	0.00
248	Annie Kochitty	250	0.00
249	Bhalchandra Vayachal	50	0.00
250	Bharati Zarkar	100	0.00
251	Bharati Kothari	300	0.00
252	Baban Bhatiya	100	0.00
253	Bhagwan Godse	50	0.00
254	Balawant Kulkarni	200	0.00
255	Balakrishnan Nambiar	50	0.00
256	Bharati Bhole	300	0.00
257	Bhagchand Sukhlal Gugliya	50	0.00
258	Bidadsinh Khanusinh Rajput	50	0.00
259	Balwant Pandharinath Kulkarni	100	0.00
260	Basavraj M Pawargi	100	0.00
261	Basavraj Mallappa Pawargi	50	0.00
262	Chhaya Patil	500	0.00
263	Chintaman Khedekar	250	0.00
264	Chandrakant Madhavrao More	50	0.00
265	Chetan Leelachand Mathuria	50	0.00
266	Deepali Abhay Chandanapurkar	200	0.00
267	Deepavati Mapuskar	300	0.00
268	Dipakkumar Gandhi	150	0.00
269	Dilip Darekar	50	0.00
270	Deepali Deshpande	50	0.00
271	Dattatray Nathuram Jagtap	50	0.00
272	Dilip Jagtap	50	0.00
273	Durgadevi Bhutada	50	0.00
274	Dnyanoba Sonavane	150	0.00
275	Dattatray Kumbhar	100	0.00
276	Dnyaneshwar Shiras	50	0.00
277	Dayaram Pundalik Nerkar	100	0.00
278	Dattatraya Ramchandra Kulkarni	100	0.00
279	Dilip Paithankar	50	0.00
280	Dilip Ravaji Shah	600	0.00
281	Dattatray Lakam	100	0.00
282	Dattatraya Sopan Shinde	200	0.00
283	Dattatrey Trimbak Gosavi	50	0.00
284	Dhanaji Trinbakrao Lipare	100	0.00
285	Deodatta Jeste	600	0.00
286	Dilip Vasantrao Shirsathe	50	0.00
287	Dhananjay Kulkarni	50	0.00
288	D.B. Bhandari	100	0.00
289	Deelip Amolakchand Gundecha	500	0.00
290	Dinkar Dhareshwar	50	0.00
291	George A J	100	0.00
292	Girdhari Bulakidas Ladha	400	0.00
293	Gajanan Salunke	50	0.00
294	Gurunath Sawant	100	0.00
295	Gautam Kankariya	200	0.00
296	Govind Lagad	100	0.00
297	Ganapati Dubal	50	0.00
298	Gopal Bhide	100	0.00
299	Gulab Mutha	500	0.00
300	Gajanan Savant	100	0.00
301	Gulab Kate	50	0.00
302	Geeta Madane	200	0.00
303	Gajanan Jogalekar	150	0.00
304	Gansing Bhila Patil	100	0.00
305	Govind B Muddebihalkar	100	0.00
306	Gavande Khandu Gabaji	100	0.00
307	Harshida Shah	1,000	0.01
308	Hanumantha Talware	50	0.00
309	Harun Gulab Maner	50	0.00
310	Hanumant Satpute	100	0.00
311	Harsha H. Rawal	100	0.00
312	Hariprasad Dayama	50	0.00
313	Hiralal Motilal Changedia	100	0.00
314	Hanumant Jagtap	200	0.00
315	Hemalata Maruti Muktare	200	0.00
316	Haidar Mulani	50	0.00
317	Hari Salvekar	50	0.00
318	Hanmant Pralhad Kale	50	0.00
319	Hemantkumar Gundecha	100	0.00
320	Hemlata Gandhi	1,000	0.01
321	Hemlata Vasudeo Nagar	200	0.00
322	Hemchandra P Khanolkar	100	0.00
323	Hanumant Marutrao Jagtap	200	0.00
324	J. Bhuvaneswari	1,500	0.01
325	Jayant Anagal	700	0.01
326	Jayshree Katke	50	0.00
327	Janabai Shinde	50	0.00
328	Jayashri Kulkarni	50	0.00
329	Jitendra Shah	400	0.00
330	Jayant Shinde	150	0.00
331	Jyoti Visal	500	0.00
332	Jagadish Sharma	50	0.00
333	Jayashri Deshpande	100	0.00
334	Jagannath Nerkar	50	0.00
335	Jeejo Thomas Puthoor	750	0.01
336	Jayant S. Chavare	100	0.00
337	Jagadish Rameshwar Sharma	50	0.00
338	Jyoti K. Sisodia	2,000	0.02
339	Kasturi Bangi	50	0.00
340	Kanayalal Dinga	200	0.00
341	Kanchan Patil	50	0.00
342	Kushalchand B. Sisodia	200	0.00
343	Kanchanmala Gugale	200	0.00
344	Keshar Patange	50	0.00
345	Kiran Patwa	3,800	0.03
346	Kashibhai Manohar Agarwal	100	0.00
347	Kantilal M. Dhoka	300	0.00
348	Kisanlal Pavecha	100	0.00
349	Kanaka Raju Bokka	100	0.00
350	Kamal Gawade	200	0.00
351	K S Jayadev Devadasan	100	0.00
352	Kamal Khinvasara	50	0.00
353	Killukkan Varkey Jose	400	0.00
354	Kautik Talele	300	0.00
355	Kamlesh Kumari Rajput	200	0.00
356	K.A. Unni	100	0.00
357	Laxman Babanrao Chavan	100	0.00
358	Laxman Jare	100	0.00
359	Liladhar Patil	400	0.00
360	Lakshman Patil	100	0.00
361	Latif Khan	300	0.00
362	Lata Wani	350	0.00
363	M.A. Govindan	100	0.00
364	Mumtaz Ahmed Shaik	100	0.00
365	Mariadas Chabukswar	50	0.00
366	Mukund Pore	300	0.00
367	Padmanabhan Nair M B	50	0.00
368	Mohan Deshpande	200	0.00
369	Machhindranath Jadhav	500	0.00
370	Manohar Lomate	200	0.00
371	Murlidhar Bhangale	100	0.00
372	Mahesh Kumar Ozha	100	0.00
373	Mohamadsharif Sange	100	0.00
374	Madhuri Garware	50	0.00
375	Mohandas M.K.	50	0.00
376	Murlidhar Barphe	100	0.00
377	Motilal Mithulal Chordia	100	0.00
378	Megha Manohar Nikam	200	0.00
379	Mrudula Phadke	400	0.00
380	Madhusudan Puna Khachane	50	0.00
381	Muthangaparambil Parameswaran	250	0.00
382	Mathew Poovakulathu Thomas	50	0.00
383	Meera Luniya	1,600	0.01
384	Mangala Dugad	1,050	0.01
385	Meena Godbole	100	0.00
386	Manjiri Shirhattikar	500	0.00
387	Madhavi Saraf	100	0.00
388	Manohar Vyanku Wadekar	50	0.00
389	Madhav Date	100	0.00
390	Madhulika Kumar	1,000	0.01
391	Mohini Mankikar	100	0.00
392	Manorama Jain	1,500	0.01
393	Mangala Bhanuse	100	0.00
394	Margarita P Monterio	100	0.00
395	Mariadas B. Chabukswar	50	0.00
396	Mavila Madhavan Nambiar	100	0.00
397	Mangala Talegaonkar	50	0.00
398	Mohanlal Chopda	3,800	0.03
399	Nilima Chaudhari	300	0.00
400	Noormohammad Shaikh	100	0.00
401	Nandkumar Tungikar	50	0.00
402	Nirmala Ravindran	50	0.00
403	Nishikant Narayan Kale	1,000	0.01
404	Narayan Khevraj Bhujbal	100	0.00
405	Narendrakumar Kasliwal	100	0.00
406	Narayan Merwade	200	0.00
407	Nandlal Gundecha	50	0.00
408	Nimbadas Chaudhari	50	0.00
409	Naseembano Sayed	50	0.00
410	Nisha Shingi	250	0.00
411	Narendra Balkrishna Mankikar	100	0.00
412	Nandlal Vittaldas Devi	100	0.00
413	Narayan Bhalerao	800	0.01
414	Prajakta Deshpande (Minor)	550	0.00
415	Pushpalata Palaskar	50	0.00
416	Pratap Bhisaji Loke	100	0.00
417	Puspalata Inamke	100	0.00
418	Pravinkumar Shah	100	0.00
419	Prakash Dnyaneshwar Upare	100	0.00
420	Prabhakar Gopal Kshatriya	50	0.00
421	P Gopalakrishna Pillai	50	0.00
422	Prashant Hanamsheth	250	0.00
423	Panachithanam Krishna Damodara Kurup	400	0.00
424	Pratibha Mahajani	50	0.00
425	Prakash Vidwat	100	0.00
426	P.N. Gopalakrishna Pillai	50	0.00
427	Pramod Punamchand Bafna	50	0.00
428	Pramod Inamdar	100	0.00
429	Pratima Mohole	50	0.00
430	Pramod Apte	50	0.00
431	Prakash Mulay	100	0.00
432	Parshuram Mashke	50	0.00
433	Pandurang Pawar	200	0.00
434	P R Ravi Iyer	100	0.00
435	Pandurang Sane	50	0.00
436	Padmavathi Shetty	100	0.00
437	P. Sukumaran Menon	50	0.00
438	Parshuram Devkar	50	0.00
439	Prabhakar Sitaram Wani	50	0.00
440	Padma Mali	100	0.00
441	Pushpalata Madhusudan Patankar	100	0.00
442	Punamchand Mohanlal Jain	150	0.00
443	Pramod D.Pathak	100	0.00
444	Pradeep Shantilal Dhadiwal	450	0.00
445	Pramod Dattatraya Pathak	50	0.00
446	Pralhad Deshmukh	200	0.00
447	Pratibha Punamchand Jain	50	0.00
448	Raman Appu Nair	200	0.00
449	Rajkumar Anand	100	0.00
450	Ramesh Adkar	50	0.00
451	Ramesh Bhandari	500	0.00
452	Ramdas Bhangre	50	0.00
453	Ramesh Ramchandra Kulkarni	50	0.00
454	Rameshchandra Rao	3,800	0.03
455	Ramesh Ramdasi	200	0.00
456	Ramkrishna Sharma	200	0.00
457	Ramchandra Aragade	500	0.00
458	Ravindra Deshpande	50	0.00
459	Ramanlal Govindram Ladha	500	0.00
460	Ramdas More	200	0.00
461	Rathia Shriyan	500	0.00
462	Rajendra J. Naidu	100	0.00
463	Raman Gopi	50	0.00
464	Ramdas Mahamuni	300	0.00
465	Rajnee Mehta	500	0.00
466	Ramesh Somani	50	0.00
467	Rangnath Unkule	50	0.00
468	Rajan Prabhakar Limaye	50	0.00
469	Ramchandra Mali	100	0.00
470	R. P. Ramanarayanan	100	0.00
471	Ramanlal Bora	100	0.00
472	Radheshyam Gupta	100	0.00
473	Rama Mokashi	50	0.00
474	Rekha Ravindra Sathe	50	0.00
475	Ranjana Subhash Joshi	500	0.00
476	Rajaram Lokhande	50	0.00
477	Ranjana Surana	200	0.00
478	Rajendra Tarachand Kataria	100	0.00
479	Rajan Varghese	50	0.00
480	Ramdas Valmikrao Jangam	500	0.00
481	Ravindra Mundada	3,800	0.03
482	Ramanlal Bandulal Bhandari	2,500	0.02
483	Rameshwar Laxminarayan Baheti	200	0.00
484	Ramaudh Kamtaprasad Tiwari	50	0.00
485	Rameshchandra Bhattad	300	0.00
486	Rajeshkumar Kalidass Khanna	50	0.00
487	Rajpati Mathuraprasad Tiwari	200	0.00
488	Ramesh Babanrao Hole	100	0.00
489	Ravindra Dattatraya Umrani	1,000	0.01
490	Ramchandra Hiraman Bangar	50	0.00
491	Rakesh Ramesh Panavkar	100	0.00
492	Rajiv Madhav Kanitkar	300	0.00
493	Shobhana Bothe	100	0.00
494	Satish Gundecha	250	0.00
495	Sumati Kale	50	0.00
496	Smita Kulkarni	100	0.00
497	Sneh Munot	800	0.01
498	Sunanda Pabalkar	300	0.00
499	Sunita Pophale	50	0.00
500	Suresh Surpuriya	300	0.00
501	Sushama Shaha	50	0.00
502	Shripati Chopade	50	0.00
503	Saraswati Deshmukh	100	0.00
504	Shankar Baburao Gharge	50	0.00
505	Suresh Navale	100	0.00
506	Sakharam Thorat	50	0.00
507	Shishir Gole	300	0.00
508	Sureshchandra Gujarathi	50	0.00
509	Sridhar Wadpally	50	0.00
510	Sharada Burande	200	0.00
511	Sangeeta Choadhry	1,000	0.01
512	Shankar Katta	100	0.00
513	Satishkumar Changede	100	0.00
514	Suhas Salvekar	50	0.00
515	Satish Krishnarao Gharat	50	0.00
516	Somaya Kulai	600	0.00
517	Somanathan Kandampully	200	0.00
518	Sumatilal Khivraj Khinvasara	200	0.00
519	Subhash Mutha	250	0.00
520	Shobha Shilamkar	500	0.00
521	Shobhana Liladhar Joshi	50	0.00
522	Sharadkumar Gandhi	200	0.00
523	Sanjiv Kotecha	500	0.00
524	Suryakant Vibhute	50	0.00
525	Shantinath Gade	50	0.00
526	Shivling Hanche	50	0.00
527	Sushila Nemchand Kataria	3,400	0.03
528	Shaila Bhondwe	200	0.00
529	Snehalata Jain	1,000	0.01
530	Shriram Mulay	50	0.00
531	Suresh Shah	100	0.00
532	S. Ramanathan	50	0.00
533	Suman Bhandari	1,000	0.01
534	Suvarna Chandekar	100	0.00
535	Sadashiv Gopale	200	0.00
536	Smita Kulkarni	100	0.00
537	Subhash Mali	500	0.00
538	Shaila Rajendraprasad Mantri	500	0.00
539	Subhash R. Mulay	200	0.00
540	Suryanarayan Tiwari	50	0.00
541	Sunita Cholkar	100	0.00
542	Swapna Chatterjee	250	0.00
543	Swapna Dixit	500	0.00
544	Saroj Khabiya	300	0.00
545	Satish Mayadeo	300	0.00
546	Sujata Shankar Powar	500	0.00
547	Sujata Ranka	1,000	0.01
548	Sumitra Shenoy	200	0.00
549	Shailaja Sheth	500	0.00
550	Sushma Dikshit	500	0.00
551	Smita Deshpande	1,700	0.01
552	Sushma Gaikwad	50	0.00
553	Shakuntala Pitale	400	0.00
554	Sharad Pathak	50	0.00
555	Yadav Suvarna	50	0.00
556	Suvarna Jadhav	200	0.00
557	Suwarna Appasaheb Rajmane	700	0.01
558	Sujata Shelke	350	0.00
559	Satish Amolakchand Gundecha	600	0.00
560	Sobhachand Bhagchand Sancheti	100	0.00
561	Shantilal Babulal Shingi	100	0.00
562	Shah Suresh Popatlal	50	0.00
563	S. M. Vishwanath	100	0.00
564	Sanjay B. Chordiya	50	0.00
565	Sadashiv Raoji Gopale	150	0.00
566	S.M.Vishwanath	50	0.00
567	Sudhakar Joshi	200	0.00
568	Sunil Lalchand Nahar	50	0.00
569	Stephen W. Bangera	150	0.00
570	Sandhya Pangaonkar	100	0.00
571	Satish Amrutlal Katariya	500	0.00
572	Shobha Rikkal	100	0.00
573	Savitrabai Rambhau Mandekar	50	0.00
574	Shivbal Athani	250	0.00
575	Sudhakar Ramchandra Thigale	300	0.00
576	Smita Vikram Panaskar	50	0.00
577	Tejashri Kangle	100	0.00
578	Uma Date	500	0.00
579	Ujwal Chavare	300	0.00
580	Usha Mundra	100	0.00
581	Udhdav Nimba Kothawade	100	0.00
582	Uma Shankar Yadav	50	0.00
583	Vaijanath Kulkarni	200	0.00
584	Vanita Naik	100	0.00
585	Vasant Patil	50	0.00
586	Vijay Bhalchandra Joglekar	50	0.00
587	Vasant Tanksale	100	0.00
588	Vandana Ajmere	650	0.00
589	Vithal Wagh	100	0.00
590	Vinod Digambar Deshpande	50	0.00
591	Vithal Gujar	200	0.00
592	Vasant Nemade	50	0.00
593	Vidya Dattatray Salvi	300	0.00
594	Vijay Wadke	100	0.00
595	Vitthal Ahire	50	0.00
596	Vilas Dekhane	50	0.00
597	Vijay Hanumant Atre	100	0.00
598	Vikram Ghorpade	50	0.00
599	Vasant Aloni	1,200	0.01
600	Vasant Kothavade	100	0.00
601	Vivek Dandekar	100	0.00
602	Vilas Kothari	50	0.00
603	Vilas Ajmere	100	0.00
604	Vinaya Dani	100	0.00
605	Vinaya Joshi	100	0.00
606	Vitthal Vaghoji Jadhav	50	0.00
607	Vaishali Patwardhan	350	0.00
608	Vasundhara Kolhe	200	0.00
609	Vijay Lalchand Gandhi	300	0.00
610	Madane Vikas Sudhakar	50	0.00
611	Jain Vijay Kanhaiyalal	50	0.00
612	Mahajan Vikas Govardhan	50	0.00
613	Vasant Vithal Kole	50	0.00
614	Vikas Govardhan Mahajan	100	0.00
615	Varghese Varghese	50	0.00
616	Vithal Sarjerao Kale	50	0.00
617	Vimal Bahirat	100	0.00
618	Vanita Lokhande	100	0.00
619	Zankarlal Pokharna	100	0.00
620	Usha Eknath Patil	100	0.00
621	Urmila Pathade	500	0.00
622	Vijaya Vijay Satpute	50	0.00
	Total	1,43,348	1.09

BUSINESS DETAILS

Line of Business :

Design, development and manufacture of automotive components, aggregates and vehicles.

Products :

PRODUCT DESCRIPTION	ITC CODE
Traveller Goods, Trax Good	87042190
Minidor	87032120
Traveller Passenger, Citiline	87033199
Traveller Passenger	87021099
Tractors	87019010

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the Management.

Bankers :

Banker Name	ICICI Bank Limited
Branch Address	Landmark Race Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Canara Bank, Pimpri Branch, Near Nashik Phata, Pune – 411 034, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	P.G. Bhagwat Chartered Accountants
Address :	Suite No.102, ‘Orchard’, Dr. Pai Marg, Baner, Pune – 411 045, Maharashtra, India
Tel No.:	91-20-27290771/ 27291772/ 27291773
Fax No.:	91-20-27290774/ 27291775
E-Mail :	pgbhagwat@vsnl.com
PAN No.:	AAAFB0762E
Cost Auditors :
Name :	Joshi Apte and Associates Cost Accountants
Address :	Pune, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Company :	Tempo Finance (West) Private Limited
Other Related Parties :	Jaya Hind Industries Limited Jaya Hind Investments Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 million

Issued Capital :

No. of Shares	Type	Value	Amount
13213802	Equity Shares	Rs.10/- each	Rs.132.138 million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13176262	Equity Shares [of the above 200918 Equity Shares are allotted as fully paid Shares pursuant to a contract without payment being received in cash and 5729934 Equity Shares are allotted as fully paid Bonus Shares by capitalization of reserves] [These allotments were made before earlier financial year and not in the period of five years preceding 31^st March, 2014 or 31^st March, 2013]	Rs.10/- each	Rs.131.762 million
	Add: Amount paid on Forfeited Shares		Rs.0.028 million
	Total		Rs.131.790 million

Note: Offer on Right basis for 17932 Equity Shares of Rs.10 each is kept in abeyance as per provisions of Section

206A of the Companies Act, 1956.

(a) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period Equity Shares of 10 each.

	As on 31.03.2014
PARTICULARS	No. of shares	Amount (Rs. in million)
At the beginning of the period	13176262	131.763
Issued / Reduced during the period	--	--
Outstanding at the end of the period	13176262	131.763

(b) Terms/rights attached to equity shares:

The Company has issued equity shares. All equity shares issued rank pari passu in respect of distribution of dividend and repayment of capital. 13032914 equity shares are quoted equity shares with no restriction on transfer of shares. 27,600 equity shares are 'A' equity shares which are transferrable only to permanent employees of the Company. 115748 equity shares are Second 'A' equity shares which are transferrable to permanent employees, who have put in five years of service with the Company.

(c) The Board of Directors has recommended a dividend of (3) per share on 13176262 equity shares of Rs.10 each fully paid up.

(d) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(e) Shares held by holding/ultimate holding company and/or their subsidiaries/associates

The Company is a subsidiary of Jaya Hind Investments Private Limited, which holds 51.98% (6848497 shares) in the Company w.e.f. 17^th February, 2014.

(f) Details of shareholders holding more than 5% of paid up equity share capital.

	As on 31.03.2014
PARTICULARS	No. of Shares	% of holding
Jaya Hind Investments Private Limited	6848497	51.98
Bajaj Holdings and Investment Limited	2566661	19.48

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	131.790	131.790	131.790
(b) Reserves & Surplus	12128.401	11397.705	11301.164
(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)	12260.191	11529.495	11432.954
(3) Non-Current Liabilities
(a) Long-term borrowings	203.825	419.870	596.905
(b) Deferred tax liabilities (Net)	66.187	219.269	191.480
(c) Other long term liabilities	39.600	39.600	39.600
(d) Long-term provisions	206.615	276.341	335.554
Total Non-current Liabilities (3)	516.227	955.080	1163.539
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	2999.425	2525.612	2436.885
(c) Other current liabilities	1689.038	1845.834	1307.454
(d) Short-term provisions	253.870	222.315	302.836
Total Current Liabilities (4)	4942.333	4593.761	4047.175
TOTAL	17718.751	17078.336	16643.668
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6399.769	6164.294	4456.145
(ii) Intangible Assets	33.167	51.585	51.006
(iii) Capital work-in-progress	2057.740	1889.870	933.744
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	12.303	11.803	9.476
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	762.706	755.485	690.169
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	9265.685	8873.037	6140.540
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3772.516	3816.264	3623.956
(c) Trade receivables	1350.843	1088.046	1564.327
(d) Cash and cash equivalents	2160.907	2251.456	4620.898
(e) Short-term loans and advances	1149.991	1017.868	689.857
(f) Other current assets	18.809	31.665	4.090
Total Current Assets	8453.066	8205.299	10503.128
TOTAL	17718.751	17078.336	16643.668

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations (Net)	20216.267	19727.221	20850.058
		Other Income	599.351	436.516	245.973
		TOTAL	20815.618	20163.737	21096.031
Less	EXPENSES
		Cost of raw materials and components consumed	14140.684	14392.014	14929.841
		Changes in inventories of finished goods and work-in-progress	19.717	(304.442)	(369.274)
		Employee benefit expense	2405.597	2623.232	2588.784
		Other expenses	2847.223	2820.239	2766.577
		Expenditure included in the above items capitalized	(164.082)	(342.637)	(280.888)
		Exceptional items	0.000	0.000	(9607.094)
		TOTAL	19249.139	19188.406	10027.946
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1566.479	975.331	11068.085
Less	FINANCIAL EXPENSES		91.824	82.447	351.530
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1474.655	892.884	10716.555
Less/ Add	DEPRECIATION/ AMORTISATION		848.385	701.567	603.564
	PROFIT/ (LOSS) BEFORE TAX		626.270	191.317	10112.991
Less	TAX		(150.673)	48.529	1869.673
	PROFIT/ (LOSS) AFTER TAX		776.943	142.788	8243.318
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7418.042	7335.780	70.000
Less	APPROPRIATIONS
		Proposed Equity Dividend	39.529	39.529	131.763
		Tax on Proposed Equity Dividend	6.718	6.718	21.375
		Transfer to General Reserve	77.694	14.279	824.400
	BALANCE CARRIED TO THE B/S		8071.044	7418.042	7335.780
	EARNINGS IN FOREIGN CURRENCY
		Exports on FOB basis	491.690	356.786	239.629
		Sale of long-term investments in Man Force Trucks Private Limited	0.000	0.000	10165.065
	TOTAL EARNINGS		491.690	356.786	10404.694
	IMPORTS
		Raw Materials	106.433	148.590	119.286
		Components	3636.630	2271.522	3423.353
		Capital Goods	132.213	1764.550	339.587
		Machinery Spares, Tools & Others	34.792	48.729	47.804
	TOTAL IMPORTS		3910.068	4233.391	3930.030
	Earnings/ (Loss) Per Share (Rs.)		58.97	10.84	625.62

QUARTERLY RESULTS

PARTICULARS	30.06.2014	30.09.2014	31.12.2014
Unaudited	1^stQuarter	2^nd Quarter	3^rd Quarter
Net Sales	5450.100	5988.500	5169.200
Total Expenditure	5084.600	5628.900	5020.300
PBIDT (Excl OI)	365.600	359.600	148.900
Other Income	119.900	188.600	132.400
Operating Profit	485.400	548.200	281.300
Interest	19.300	17.000	13.100
Exceptional Items	0.000	0.000	0.000
PBDT	466.100	531.200	268.200
Depreciation	216.500	200.200	191.100
Profit Before Tax	249.600	331.000	77.100
Tax	55.600	74.000	(22.800)
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	194.000	256.900	99.900
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	194.000	256.900	99.900

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.84	0.72	39.54
Operating Profit Margin (PBDIT/ Sales)	(%)	7.75	4.94	53.08
Return on Total Assets (PBT/Total Assets}	(%)	4.00	1.26	64.41
Return on Investment (ROI) (PBT/Networth)		0.05	0.02	0.88
Debt Equity Ratio (Total Debt/Networth)		0.02	0.04	0.05
Current Ratio (Current Asset/Current Liability)		1.71	1.79	2.60

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	131.790	131.790	131.790
Reserves & Surplus	11301.164	11397.705	12128.401
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	11432.954	11529.495	12260.191
Long Term borrowings	596.905	419.870	203.825
Short Term borrowings	0.000	0.000	0.000
Total borrowings	596.905	419.870	203.825
Debt/Equity ratio	0.052	0.036	0.017

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from Operations (Net)	20850.058	19727.221	20216.267
		(5.385)	2.479

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from Operations (Net)	20850.058	19727.221	20216.267
Profit	8,243.318	142.788	776.943
	39.54%	0.72%	3.84%

LOCAL AGENCY FURTHER INFORMATION

Note:

DETAILS OF CURRENT MATURITIES OF LONG TERM DEBTS – NOT AVAILABLE

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

Bench:-Bombay

Stamp No.:- WPST/3344/2014 Filling Date: 04.02.2014 Reg. No.:- WP/1581/2014 Reg. Date:- 10.02.2014

Petitioner:- Dilip Vilasrao Bhosale Respondent:- FORCE MOTORS LIMITED

Petn. Adv.:- Gayatri J. Singh and Mani Prakash Resp. Adv.:- Sanjay Udeshi and Company (598)

District:- Pune

Bench:- SINGLE

Status:- Admission (Unready)

Last Date:- 12.08.2014 Stage:- For Direction (Civil Side Matters)

Last Coram:- Hon’ble Shri Justice N.M. Jamdar

Act :- Industrial Dispute Act, 1947

FINANCIAL RESULTS

In view of acquisition of 6,31,139 equity shares of Rs.10 each by Jaya Hind Investments Private Limited on 17^th February 2014, the Company has become a subsidiary Company of Jaya Hind Investments Private Limited, the promoter of the Company, within the meaning of Regulation 2 of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The holding company, as of the date of report, holds 7268497 equity shares (55.16% of the paid up capital) of the Company.

NAME CHANGE

As reported earlier, petition challenging the decision of the Hon'ble High Court of Judicature at Bombay, in respect of change in the name of the Company has been admitted by the Hon'ble Supreme Court of India. The operation of the order of the Hon'ble High Court has been stayed. The matter is still under consideration of the Hon'ble Supreme Court of India.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRYSTRUCTURE AND DEVELOPMENTS

The overall demand situation during the year remained weak. Particularly the market for commercial vehicles and passenger transport vehicles has not been buoyant during the year. With the changes, occurring in the expectations of society, particularly in regard to health services and education - a market may be emerging for specialized products like ambulances, school buses and inner city minibuses. While this segment will be relevant for the Company, it is nevertheless a niche in the entire market for automobiles.

PERFORMANCE OF THE COMPANY

The number of vehicles sold during the year was 27537 compared to 29502 vehicles sold in the year 2012-13. During the year, the Company achieved a topline of Rs.23011.400 million. The sales turnover stood at Rs.22755.000 million compared to the previous year’s turnover of Rs.22205.300 million.

The sale of tractors made by the Company has shown an improvement on account of the focused effort in select markets, and the significantly improved customer support that has been established. This trend is continuing. On the background of firm demand in the tractor market, the tractor activity is expected to register good growth.

The 26-seater Traveller, the T2 platform - which is the wide wheel track new vehicle platform for Traveller - has been well accepted in the market. This has enabled the Company to enter the attractive segment of 26-seater buses. The regular 26-seater buses and also specialized school buses on this platform, have met with good success – offering to the customer exceptional fuel economy, reliability and excellent ride comfort.

The sale of small commercial vehicles featuring the Trump series, has undergone significant slow-down in the market. Thus, the number of tostal vehicles the Company has sold significantly reduced. However as the Traveller sales, particularly the T2 version has urban areas as also tours and travels, a friendly regime registered growth, the value of total vehicles sold by the Company has not been compromised.

On the MPV project, for which the Company obtained technology and tooling from Daimler AG, Germany, significant changes in the market have occurred - as a result of the entry of several new players. Also the customer expectations and changing price points have impacted the market. The Company appointed M/s. Roland Berger Strategy Consultants, to examine the product portfolio of the Company.

FINANCIALPERFORMANCE

As stated above, the Company sold 27,537 numbers of vehicles during the Financial Year 2013-14 compared to 29,502 vehicles in the previous year 2012-13. The proportion of Light Commercial Vehicles and Utility Vehicles, in the product mix of the Company, has increased in relation to the Small Commercial Vehicles.

The Profit, before Finance Costs and Taxes, from operations for the year was Rs.718.100 million compared to operating profit for the previous year 2012-13 amounting to Rs.273.800 million.

The Net Profit of the Company after Finance Costs, Depreciation and Taxes items was Rs.776.900 million for the year 2013-14.

Considering the above, the Board of Directors of the Company has recommended a dividend of Rs.3 per share on 13176262 equity shares of Rs.10 each for the consideration of the Members.

A sum of Rs.77.694 million is transferred to the General Reserve Account. The Reserves and Surplus of the Company as on 31^st March 2014 stood at Rs.12128.400 million.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Deposits (Deposits accepted by the Company are for a period ranging between 1 to 3 years from the date of acceptance of each deposits.)	203.825	419.870
Total	203.825	419.870

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80063315	16/11/2011 *	1,900,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP, NEVILLE HOUSE, J N HERADIA MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B27285436
2	90084482	08/07/1996	50,000,000.00	BANQUE NATIONALE DE PARIS	OG-3; KONARK ESTATES, 9; CONNAUGHT ROAD, PUNE, MAHARASHTRA - 411001, INDIA	-
3	90084408	09/03/1996	6,800,000.00	ANZ GRINDLAYS BANK PLC	90, M.G. ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA	-
4	90087953	09/03/1996	100,000,000.00	BANK OF AMERICA NISA	EXPRESS TOWER, NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA	-
5	90087940	07/01/1996	6,500,000.00	CITIBANK N.A.	SAKHAR BHAWAN, NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA	-
6	90084368	17/12/1995	50,000,000.00	BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION	EXPRESS TOWER, NARIMAN POINT, BOMBAY, MAHARASHTRA  - 400021, INDIA	-
7	90084363	07/12/1995	50,000,000.00	STANDARD CHARTERED BANK	23-25, M.G. ROAD, BOMBAY, MAHARASHTRA - 400021, INDIA	-
8	90089841	16/05/1993	41,500,000.00	STANDARD CHARTERED BANK	23-25, MAHATMA GANDHI ROAD; FORD, BOMBAY, MAHARASHTRA - 400001, INDIA	-
9	90083871	01/06/1992	75,000,000.00	CITY BANK NA	D.M. ROAD BRANCH, BOMBAY, MAHARASHTRA, INDIA	-
10	90089720	20/02/1992	7,500,000.00	BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION	EXPRESS TOWER, NARIMAN POINT, BOMBAY, MAHARASHTRA  - 400023, INDIA	-
11	90089714	13/02/1992	4,000,000.00	ANZ GRINDLAYS BANK PLC	90, MAHATMA GANDHI ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA	-
12	90083664	22/03/1990	7,500,000.00	BANK OF AMERICA NATIONAL TRUST SAVING ASSOCIATION	EXPRESS TOWER, NARIMAN POINT, BOMBAY, MAHARASHTRA  - 400021, INDIA	-
13	90083593	18/12/1995 *	25,000,000.00	ANZ GRINDLAYS BANK PLC	90, M.G. ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
(i) Taxes & Duties	296.646	239.754
(ii) Others (Court cases pending)	291.919	260.724

UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 31^ST DECEMBER, 2014

(Rs. in Million)

Sr. No.	Particulars	3 months ended		Year to date figures for current period
		31.03.2014	30.09.2014	31.12.2014
		(Unaudited)
1.	Net Sales/Income from Operations (Net of Excise Duty)	5119.224	5923.720	16427.147
	Other Operating Income	49.989	64.773	180.684
	Total Income From Operations (Net)	5169.213	5988.493	16607.831
2.	Expenditure
	Cost of materials consumed	4031.129	4397.753	12042.247
	Changes in inventories of finished goods, work in progress and stock in trade	(437.196)	(280.955)	(461.863)
	Employee benefits expenses	705.343	741.156	2046.747
	Depreciation and amortization expenses	191.097	200.207	607.830
	Other expenses	721.007	770.917	2106.597
	Total Expenses	5211.380	5829.078	16341.558
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	(42.167)	159.415	266.273
4.	Other Income	132.354	188.558	440.763
5.	Profit Before Interest and Exceptional Items (3+4)	90.187	347.973	707.036
6.	Interest	13.101	17.008	49.390
7.	Profit After Interest but before Exceptional Items (5-6)	77.086	330.965	657.646
8.	Exceptional Items	0.000	0.000	0.000
9.	Profit from Ordinary Activities before Tax (7+8)	77.086	330.965	657.646
10.	Tax Expense
	a) Current tax	16.157	69.080	138.157
	b) Deferred tax	(22.823)	74.035	106.852
	c) MAT Credit Entitlement	(16.157)	(69.080)	(138.157)
	d) Tax adjustment for earlier year (net)	0.000	0.000	0.000
11.	Net Profit from Ordinary Activities after Tax (9-10)	99.909	256.930	550.794
12.	Extraordinary Item (net of expense)	0.000	0.000	0.000
13.	Net Profit for the period (11+12)	99.909	256.930	550.794
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- each)	131.790	131.790	131.790
15.	Reserves Excluding Revaluation Reserve	0.000	0.000	0.000
16.	Basic and diluted EPS after extraordinary items	7.58	19.50	41.80
17.	Public Shareholding
	-Number of Shares	5354967	5354967	5354967
	- Percentage of Shareholding	40.64	40.64	40.64
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	Nil	Nil	Nil
	b) Non Encumbered
	- Number of Shares	7821295	7821295	7821295
	- 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)	59.36	59.36	59.36

Particulars	3 months ended 31.12.2014
Pending at the beginning of the quarter	Nil
Received during the quarter	09
Disposed of during the quarter	09
Remaining unresolved at the end of the quarter	Nil

Notes:

1. During the quarter ended 31^st December, 2014, the Industrial Investment Promotional assistance receivable from the Government of Madhya Pradesh, as per the Industrial Promotional Policy of that Government, amounting to Rs.43.334 million, is recognized as "Other Income".

2. The amount of depreciation, indicated against Item No.2 (d) above, is calculated as per the provisions of Section 123 and other applicable provisions of the Companies Act, 2013 read with Schedule II to that Act. The Company has considered the useful life of each type of asset (other than intangible asset) as indicated in Part C of said Schedule II and based on the carrying cost of each asset, the depreciation has been worked out in respect of each of the assets considering the balance useful life available as on 1^st April, 2014 or date of acquisition of an asset if acquired after that date.

The depreciation has been charged on pro-rata basis for the assets acquired during the relevant period of the Financial Year 2014-15. If any asset is used on double shift basis then the depreciation has been charged 1½ times of the amount of depreciation calculated as stated above, and in case of assets which are used on three shifts basis (but other than the non-eligible assets), the amount of depreciation charged is double the amount of depreciation calculated as stated above.

In respect of assets where the balance life of an asset owned and used by the Company is reduced due to the provisions of the Schedule II to the Act, the entire carrying cost of these types of assets has been charged to the opening balance of retained earnings of the Company.

As a result, the charge for depreciation is lower by Rs.46.184 million for the period ended 31^st December, 2014.

3. The Company is operating in a Single Segment.

4. Previous year/period's figures are re-arranged wherever necessary.

5. The Unaudited Financial Results (Provisional) for the quarter ended 31^st December, 2014 have been subjected to limited review by the Auditors.

6. The above results are reviewed and recommended by the Audit Committee and taken on record and approved by the Board of Directors in its meeting held on 16^th January, 2015.

FIXED ASSETS

Tangible Assets

· Leasehold Land

· Freehold Land

· Buildings

· Plant, Machinery and Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Aircraft

Intangible Assets

· Software

· Technical 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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] 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.62.61
UK Pound	1	Rs.92.95
Euro	1	Rs.68.15

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
-- PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		60

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.