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Actual ResultsActual ResultsFY 2012 - 2013FY 2012 - 2013

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Income Statement – Actual vs. Budget (FY12-13)Income Statement – Actual vs. Budget (FY12-13)  YTD Budget 12/13 YTD Actual 12/13 Var.  Fav(Unfav)

  T-USD % T-USD % T-USD %Sales 53,545   55,595   2,050  Self-manuf. Items capitalized Change inventories 0 -110 -110 Revaluation of invent./adjust. on prod. OPERATING PERFORMANCE 53,545   55,486   1,940  Material costs -13,491 -25.2% -10,360 -18.7% 3,130 161.3%Operating Supplies -1,395 -2.6% -1,785 -3.2% -390 -20.1%Ancillary equipment and tools -3,081 -5.8% -2,766 -5.0% 315 16.2%Outsourcing -4,524 -8.4% -7,034 -12.7% -2,509 -129.3%NET OPERATING PERFORMANCE 31,054 58.0% 33,541 60.4% 2,486 128.1%Wages incl. social insurance -5,360 -10.0% -6,294 -11.3% -934 -48.1%Salaries incl. social insurance -3,406 -6.4% -3,368 -6.1% 38 1.9%Fringe Benefits / Payroll Taxes -2,469 -4.6% -2,607 -4.7% -138 -7.1%Agency labor -2,344 -4.4% -3,711 -6.7% -1,368 -70.5%Total Personnel Expense -13,579 -25.4% -15,980 -28.8% -2,401 -123.8%Special direct selling expenses -390 -0.7% -1,176 -2.1% -786 -40.5%Fuel and Energy -1,526 -2.8% -1,336 -2.4% 190 9.8%Other Operating Costs -3,570 -6.7% -3,313 -6.0% 256 13.2%Maintenance -1,859 -3.5% -3,211 -5.8% -1,353 -69.7%Any rents paid under leases of any type -378 -0.7% -292 -0.5% 87 4.5%Expenses from Group charges allocated -117 -0.2% -116 -0.2% 1 0.0%One time expense 0 0.0% -477 -0.9% -477 -24.6%Usage from the accruals 0 0.0% 0 0.0% 0 0.0%Other operating income/expenses/adjust. -876 -1.6% -324 -0.6% 552 28.5%EBITDA 8,761 16.4% 7,316 13.2% -1,445 -74.5%Depreciation -1,109 -2.1% -972 -1.8% 137 7.1%EBIT   7,651 14.3% 6,344 11.4% -1,307 -67.4%Interest -1,131 -2.1% -824 -1.5% 307 15.8%Exchange rate gain / loss 0 0.0% 212 0.4% 212 10.9%Fire-related proceeds & expenses, net 0 0.0% -1,866 -3.4% -1,866 -96.2%EBT 6,520 12.2% 3,866 7.0% -2,655 -136.8%

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Income Statement – Actual YTD vs. Prior YearIncome Statement – Actual YTD vs. Prior Year  12 mo - Prior FY11/12 12 mo - Current FY12/13 Var.  Fav(Unfav)

  T-USD % T-USD % T-USD %Sales 38,931   55,595   16,664  Self-manuf. Items capitalized Change inventories -246 -110 137 Revaluation of invent./adjust. on prod. OPERATING PERFORMANCE 38,685   55,486   16,801  Material costs -8,764 -22.7% -10,360 -18.7% -1,597 -9.5%Operating Supplies -1,250 -3.2% -1,785 -3.2% -535 -3.2%Ancillary equipment and tools -1,931 -5.0% -2,766 -5.0% -835 -5.0%Outsourcing -3,072 -7.9% -7,034 -12.7% -3,962 -23.6%NET OPERATING PERFORMANCE 23,668 61.2% 33,541 60.4% 9,872 58.8%Wages incl. social insurance -4,790 -12.4% -6,294 -11.3% -1,504 -9.0%Salaries incl. social insurance -2,909 -7.5% -3,368 -6.1% -459 -2.7%Fringe Benefits / Payroll Taxes -2,072 -5.4% -2,607 -4.7% -535 -3.2%Agency labor -2,241 -5.8% -3,711 -6.7% -1,470 -8.8%Total Personnel Expense -12,012 -31.0% -15,980 -28.8% -3,969 -23.6%Special direct selling expenses -691 -1.8% -1,176 -2.1% -485 -2.9%Fuel and Energy -1,286 -3.3% -1,336 -2.4% -50 -0.3%Other Operating Costs -2,424 -6.3% -3,313 -6.0% -889 -5.3%Maintenance -1,975 -5.1% -3,211 -5.8% -1,236 -7.4%Any rents paid under leases of any type -377 -1.0% -292 -0.5% 86 0.5%Expenses from Group charges allocated -127 -0.3% -116 -0.2% 11 0.1%One time expense -518 -1.3% -477 -0.9% 41 0.2% 0.0% 0 0.0% 0 0.0%Other operating income/expenses/adjust. -655 -1.7% -324 -0.6% 332 2.0%EBITDA 3,604 9.3% 7,316 13.2% 3,712 22.1%Depreciation -925 -2.4% -972 -1.8% -47 -0.3%EBIT   2,679 6.9% 6,344 11.4% 3,665 21.8%Interest -201 -0.5% -824 -1.5% -623 -3.7%Exchange rate gain / loss 0 0.0% 212 0.4% 212 1.3%Fire-related proceeds & expenses, net 0 0.0% -1,866 -3.4% -1,866 -11.1%EBT 2,478 6.4% 3,866 7.0% 1,388 8.3%

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Balance SheetBalance Sheet 31-Mar-12 31-Mar-13 

'Fixed Assets   6,447 9,610 'Deferred Tax Asset   3,462 3,462Non-current assets   9,910 13,072Inventories   2,295 2,912Trade accounts receivable   6,244 8,364Receivables from affiliated companies   0 124Other assets   843 2,157Cash and cash equivalents   5,199 7,217Current Assets   14,582 20,774

       

ASSETS   24,491 33,846

     Stockholders' equity   -1,042 2,824Deferred Tax Liability   1,262 1,262Payable to affiliated company (ICICI Loan)   11,444 11,178Payable to affiliated company (other)   5,640 5,640Payable to Bank (non-current)   240 0Payable to Bank - PNC (non-current)   0 440Lease Payable (non-current)   516 453Non-current liabilities   19,103 18,974Other provisions   603 1,871Trade accounts payable   3,738 5,978Payable to affiliated company (other)   15 762Accruals   484 439Misc.other liabilities   1,589 2,999Current liabilities   6,431 12,049

       STOCKHOLDERS' EQUITY AND LIABILITIES   24,491 33,846

 

   Net Working Capital 

Inventories 2,295 2,912Trade accounts receivable 6,244 8,364Trade accounts payable -3,738 -5,978NWC 4,801 5,299

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Cash Flow StatementCash Flow Statement YTD FY2012/13

SONA BLW - Selma (T-USD)

Net Income 3,866

Depreciation & Amortization 972Fixed Asset Retirements 123Exchange rate gain -217

= CASH FLOW GROSS 4,743

CHANGE IN WORKING CAPITAL: Inventories -618 Accounts Receivable from Customers -2,120 Other Assets -1,437 Accounts Payable to Vendors 2,240 Accounts Payable to Affiliates 746 Other Accrued Liabilities 1,893 705

= CASH PROVIDED BY OPERATING ACTIVITIES 5,447

CASH FLOWS FROM INVESTING ACTIVITIESInvestments in Property & Equipment -4,261

CASH FLOWS FROM FINANCING ACTIVITIESBorrowing - PNC (term loan) 1,218Borrowing - PNC (revolver) 1,000Borrowing - ICICI (USD revolver) 4,048Capital Lease Addition 248Payment on ICICI Euro revolver (3m Euro) -4,097Payments on State Bank of India loan -960Payments on PNC term loan -373Payments on capital leases -252 832

= NET INCREASE (DECREASE) IN CASH 2,018

CASH AT BEGINNING OF MONTH 5,199

CASH AT END OF MONTH 7,217

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Accounts Receivable by Customer – March 2013Accounts Receivable by Customer – March 2013CUSTOMER TOTAL A/R CURR PAST DUE PAST DUE PAST DUE PAST DUE TERMS

      1-30 DAYS 31-60 DAYS 61-90 DAYS > 90 DAYS           

AAC 238,301 201,631 33,090 0 0 3,580 prox25Past due >90 is 4 disputed AAC debit memos for expediting.

               ALLIANT MISSILE 218,008 218,008 0 0 0 0 30               DANA US        

Ft Wayne 484,161 431,485 36,562 9,191 0 6,924 62 Past due >90 is net of 5 invoices where Dana switched prices between 2 PN's . Bal of past due is primarily from partial payments rec'd.

Albion, IN 8,521 5,498 606 0 242 2,176 62 Past due is unpaid surcharges ($2.7k pd in Apr)Fredericktown, OH 18,250 18,250 0 0 0 0 62

Autom System 6,093 6,093 0 0 0 0 62               DANA EUROPE (GB) 6,727 0 5,719 0 0 1,008 30 This customer is normally very slow pay.               DAIMLER-BENZ KASSEL 38,184 0 0 0 0 38,184 prox33 Disputed chargeback (reserved) / no longer a customer.              

DANA GLOBAL 49,078 48,518 0 0 560 0 62              

DETROIT DIESEL 66,479 24,433 42,005 0 0 41 prox25               FORD MOTOR 339,809 339,809 0 0 0 0 45               

GKN 2,591,705 2,339,097 271,191 758 0 -19,341 30$271k 1-30 da is 5 da slow pay; bal of past due is price differences

             LINAMAR-LPP Mfg 2,308,746 1,733,493 575,253 0 0 0 60 $515k of past due pd Apr 2nd.

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Accounts Receivable by Customer – March 2013 Accounts Receivable by Customer – March 2013 (cont.)(cont.)

CUSTOMER TOTAL A/R CURR PAST DUE PAST DUE PAST DUE PAST DUE TERMS      1-30 DAYS 31-60 DAYS 61-90 DAYS > 90 DAYS  LINAMAR-Vehcom

2,008,726 1,164,612 476,640 165,507 21,687 180,279 60 $2.6 for disputed chargeback. $156k past due 31-60 is 4 unpaid invoices, 3 of which pd Apr 16th. The bal past due is from price dispute concerning changes in steel pricing. Email from Vehcom Accounting Manager agreed to reimburse $207k (Jan-Dec12 portion). Expect Jan-Mar 13 short pays to also be settled.

               McLAREN 10,500 10,500 0 0 0 0 60               MERCEDES-BENZ DOO B 7,652 0 7,652 0 0 0 prox25 Slow pay due to in-transit time to Brazil.                PGS INCORPORATED 31,500 0 0 0 0 31,500 30 New customer / samples               RMR 39,669 39,550 0 -1 119 0 30 Sale of scrap               ROC SPICER LTD 6,650 6,650 0 0 0 0 62               TREMEC 23,589 15,102 8,487 0 0 0 prox30 Past due is a billing for advance payment.                            

8,502,347 6,602,729 1,457,204 175,455 22,608 244,349100.0% 77.7% 17.1% 2.1% 0.3% 2.9%