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Auditors'' Comments The Auditors have made certain observations in their annexure to their report, concerning the accounts of the Company.

The Management puts forth its explanations as below : With regard to Auditor''s observation on the utilization of short term borrowings for long term purposes, the Management is taking necessary remedial actions.

Looking ahead, revenue is expected to improve, if Company is able to pursue its strategies.

The Company is employing the best practices to proactively map the impact of its activities on its performance and profitability from economic environment and social perspectives.(c) Segment wise or product wise performance We operate mainly in two segments i.e. The Company has a balanced approach to the OEM''s and Motorparts, which helps us in capitalizing on our strengths in both segments and to respond to market fluctuations and customer strategies.(d) Outlook It has always been wafer thin margin rates and it could not get any thicker until the first half, with increased competition, weak sales and heavy discounts doled out by manufacturers to attract buyers.

Indian auto components industry treads a difficult path through an uncertain near term future.

DIVIDENDIn view of requirement of funds for the operations of the Company, no dividend is recommended for the financial year ended 31st March, 2015.

MANAGEMENT DISCUSSION AND ANALYSIS:(a) Industry structures and developments Indian auto component makers faced the heat of a global auto slowdown during first half of 2014.

3,135.54 lacs as against the net profit after tax of Rs. During the period from January 1,2014 to March 31, 2015, the automobile component industry recovered in terms of business growth as compared to previous year.

During first half of2014, the automotive industry has provided mixed signals, as Light Vehicles and Commercial vehicles had a negative growth, however, strong growth was seen in the two wheeler and three wheeler market segments.

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The second half of the financial year 2015-16 may hold the key to success for many auto component manufacturers in India, with new launchescoming up.

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