Mahindra Automotive Steels Private Limited
	Schedules annexed to and forming part of financial statements as at 31st March, 2006.
		Rupees ( Lakhs )
		2006		2005
	Schedule - 1
	Share Capital
	Authorised Capital
	3,30,00,000 ( PY 4,00,00,000 ) Equity shares of Rs 10/- each.	3,300.00		4,000.00
	1,48,20,206 ( PY Nil ) 4% Non Cumulative	4,594.26		-
	Redeemable convertible Preference shares of Rs. 31 each
		7,894.26		4,000.00
	Issued, Subscribed and Paid-up
	82,21,936 Equity shares ( P Y 10,070) of Rs 10/-each fully	822.19		1.01
	paid up.
	(Of the above, 82,21,926 shares are held by
	Mahindra & Mahindra Ltd., the holding company)	822.19		1.01
	Schedule - 1A
	Share Capital Suspense
	1,48,20,206 Equity shares of Rs 10 each	1,482.00		-
	1,48,20,206 4% Preference shares of Rs 31 each	4,594.26		-
	To be issued to the shareholders of Amforge Industries Ltd
	in pursuance of the Scheme of Arrangement of Demerger
	approved by The High Court of Mumbai. (Refer Note 2 of
	Sch 16)
		6,076.26
	Schedule - 2
	Reserve & Surplus
	Share Premium Account	-
	Additions : During the year	7,178.81		-
	(Rs. 87.42/- per share on 82,11,866 Equity Shares)
		7,178.81		-
	General Reserve
	Add - during the year
	Mahindra Automotive Steels Private Limited
	Schedules annexed to and forming part of financial statements as at 31st March, 2006.
		Rupees ( Lakhs )
		2006		2005
	Schedule - 3
	Secured Loans
	Term Loan from Banks	2,200.96		-
	Term Loans from Financial Institutions	895.14		-
	(amount repayable within one year Rs. 509.82
	PY Nil )
	Working Capital Loan from Banks	1,567.76		-
	(Note 5 of Sch 16 )	4,663.86		-
	Schedule - 4
	Unsecured Loans
	Interest free sales tax loan	1,994.65		-
	Short term Loan from Banks	501.43		-
		2,496.08		-
	Mahindra Automotive Steels Private Limited
	Schedules annexed to and forming part of financial statements as at 31st March, 2006.
		Rupees ( Lakhs )
		2006		2005
	Schedule - 6
	Investments
	Long Term Investments
	(Non Trade, unquoted, valued at cost )
	50 fully paid up shares of Rs 10 each in The	0.01		-
	Saraswat Co-operative Bank Ltd (Previous year Nil)
	Current Investments
	(Non Trade, Unquoted, valued at lower of cost and
	fair value)
	27,26,814 units of face value of Rs.10 each in	275.72		-
	Standard Chartered Mutual Fund (Previous year
	Nil)
		275.73		-
	Market Value of Current Investments Rs.276.11
	(Previous Year Nil)					27611445.88
	Movement of Investments during the year:
	Units purchased        Units Sold
	HSBC Mutual Fund-      11891863       11891863	-
	Grindlays Mutual Fund-14113795       14113795	-
	HDFC Mutual Fund-      10737602       10737602	-
	Kotak Mutual Fund-      11095003       11095003	-
	ICICI Mutual fund-          9017078         9017078	-
	Tata Liquid Fund-               81104             81104	-
	Templeton Mutual fund-    142735          142735	-
	Standard Chartered MF- 9889925         7163111
	Mahindra Automotive Steels Private Limited
	Schedules annexed to and forming part of financial statements as at 31st March, 2006.
		Rupees ( Lakhs )
		2006		2005
	Schedule - 7
	Current Assets
	Inventories  [Refer Note 1(iv) of Sch.16]
	(Valued at Cost or net realisable value
	whichever is lower)
	Raw Material & Components	1,814.29		-
	Work-in-progress	378.39		-
	Stores & Spares	189.11		-
	Die steel blocks	100.72		-
	Scrap	2.94		-
	Finished Goods	528.72		-
	Dies ( at cost less amortisation/write off )	604.93		-
		3,619.10		-
	Sundry Debtors ( Unsecured )
	Outstanding over six months
	Considered Good	229.97		-
	Considered Doubtful	178.05		-
		408.02		-
	Other Debts
	Considered Good	1,539.97		-
	Less - Provision for doubtful debts	178.05		-
		1,769.94		-
	Cash & Bank Balances
	Cash on hand	3.89		0.02
	Balances with Scheduled Banks
	In Current account	128.16		1.09
	In Fixed Deposit account	8,477.96		-
	In Margin money Deposit account	106.79		-
		8,716.80		1.11
		14,105.84		1.11
	Mahindra Automotive Steels Private Limited
	Schedules annexed to and forming part of financial statements as at 31st March, 2006.
		Rupees ( Lakhs )
		2006		2005
	Schedule - 8
	Loans and Advances
	( Unsecured, considered good )
	Advances recoverable in cash or kind or for	263.67		-
	value to be received.
	Balance with Excise/Custom/Sales tax autorities	493.25		-
	Deposits	204.33		0.27
	Advance taxes ( Net of Provision)	84.67		-
		1,045.92		0.27
	Schedule - 9
	Current Liabilities & Provisions
	Current Liabilities
	Sundry Creditors (Note 21 of Sch 16)	5,115.39		-
	Interest accrued but not due on loans	31.36		-
	Other Liabilities	559.62		21.28
		5,706.37		21.28
	Provisions
	Gratuity	64.96		-
	Leave Encashment	22.02		-
	Contingencies	919.23		-
		1,006.21		-
		6,712.58		21.28
	Schedule - 10
	Miscellaneous Expenditure
	Preliminary Expenses	-		0.28
	Pre-operative expenses	-		20.63
		-		20.91
	Schedule - 11
	Other Income
	Interest on deposits [ TDS Rs. 84.67 Lakhs  (P Y Rs. Nil) ]	377.93
	Profit on sale of Short Term Investments	116.77
	Miscellaneous Income	39.37
		534.07
	Mahindra Automotive Steels Private Limited
	Schedules annexed to and forming part of financial statements as at 31st March, 2006.
		Rupees ( Lakhs )
		2006		2005
	Schedule - 12
	Material Consumption
	Raw Material and Components Consumed	12,237.21		-
	Increase/ (Decrease) in Stocks
	Opening stock - Work in Progress	573.50		-
	Scrap	14.43		-
	Finished Goods	646.67		-
		1,234.60		-
	Closing stock  - Work in Progress	378.39		-
	Scrap	2.94		-
	Finished Goods	528.72		-
		910.05		-
	(Increase)/ Decrease in Stocks	324.55		-		324.55
						-
		12,561.76		-
	Schedule - 13
	Personnel Expenses
	Salaries, Wages, Bonus etc	708.64		-
	Contribution to Provident & other funds	37.06		-
	Staff Welfare expenses	82.41		-
		828.11		-
	Schedule - 14
	Other Expenses
i)	Manufacturing Expenses
	Processing Charges	351.34		-
	Excise Duty	114.50		-		Duty on RM sales
	Power, Fuel & Oil	1,923.17		-
	Dies Consumed / Amortised	1,322.89		-
	Stores and Spares consumed	268.36		-
	Other Manufacturing Expenses	105.42		-
	Repairs & Maintenance
	- Plant & Machinery                             498.71
	- Buildings                                              7.02
	- Others                                                19.93	525.66		-
	Total Manufacturing Expenses	4,611.34		-
	Mahindra Automotive Steels Private Limited
	Schedules annexed to and forming part of financial statements as at 31st March, 2006.
		Rupees ( Lakhs )
		2006		2005
ii)	Administrative & Selling expenses
	Rent, Rates & Taxes	15.87		-
	Insurance	15.04		-
	Freight & Packing	250.00		-
	Printing & Stationery	10.24		-
	Telephone Expenses	10.01		-
	Travelling & Conveyance	35.68		-
	Cash Discounts	30.74		-
	Corporate Expenses reimbursed	180.00		-
	Demerger expenses	198.25		-
	Bad Debts Written Off	142.38		-
	Old Balances Written Off	66.24		-
	Provision for Doubtful debts	178.05		-
	Preliminary / Pre-operative Expenses Written Off	20.91		-
	Other Administrative & Selling Expenses	158.44		-
	Total Administrative & Selling Expenses	1,311.85		-
	Total Other Expenses	5,923.19		-
	Schedule - 15
	Interest & Finance Cost
	On Fixed period loans	475.76		-
	On Others	365.73		-
		841.49		-
																Mahindra Automotive Steels Private Limited
																Schedule - 5	Fixed Assets						Rupees ( Lakhs )
																Description	Gross Block			Depreciation			Net Block
																	As at *	Addition	As at	As at	Addition	As at	As at	As at
																	1/4/2005	During the year	31/03/2006	1/4/2005	During the year	31/03/2006	31/03/2006	1/4/2005
																Goodwill	8,692.64		8,692.64	-	-	-	8,692.64	8,692.64
																Freehold Land	51.74	-	51.74	-	-	-	51.74	51.74
																Leasehold Land	-	-	-			-	-	-
																Building	883.65	76.46	960.11	158.95	27.26	186.21	773.90	724.70
																Plant & Machinery **	4,742.04	337.68	5,079.72	2,373.54	496.69	2,870.23	2,209.49	2,368.50
																Furniture & Fittings	92.17	13.20	105.37	23.90	7.70	31.60	73.77	68.27
																Vehicles	11.62	46.44	58.06	3.16	3.03	6.19	51.87	8.46
																Grand Total	14,473.86	473.78	14,947.64	2,559.55	534.68	3,094.23	11,853.41	11,914.31
																Previous Year	0	0	0	0	0	0	0	0
																CAPITAL WORK-IN-PROGRESS
																Plant & Machinery							3,696.64
																Building							312.53
																Capital Advance							298.18
																Finance Cost							16.80
																Total CWIP							4,324.15	-
																Total Fixed Assets							16,177.56	11,914.31
																*  Opening balances of demerged undertaking at Chakan Unit of Amforge Industries Ltd. taken over by the Company as per Scheme of Arrangement
																approved by the Honourable High Court, Mumbai.
																** Include assets for Rs.64.32 acquired under hire purchase arrangement.