MIRA INFORM REPORT

Report No. :	505865
Report Date :	25.04.2018

IDENTIFICATION DETAILS

Name :	SANDHAR TECHNOLOGIES LIMITED
Formerly Known As :	SANDHAR LOCKING DEVICES LIMITED SANDHAR LOCKING DEVICES PRIVATE LIMITED
Registered Office :	B-6/20, L.S.C. Safdarjung Enclave, New Delhi - 110029
Tel. No.:	91-124-4518900
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	19.10.1987
Com. Reg. No.:	55-029553
Capital Investment / Paid-up Capital :	INR 511.546 Million
CIN No.: [Company Identification No.]	U74999DL1987PLC029553
IEC No.: [Import-Export Code No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACS0512J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Assembling of Automotive Components such as TV Cabinet, lock sets, mirrors, and various sheet metal components for two wheelers and four wheelers industry. [Registered Activity and also Confirmed by Management]
No. of Employees :	Not Divulged

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 8237000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1987. It is a manufacturer of Automobiles TV Cabinet, Lock Sets, and various sheet Metal Components for Two Wheelers and Four Wheelers industry. For the financial year 2017, the company has achieved 6.03% growth in its revenue along with profit margin of 2.46%. The healthy financial profile of the company is marked by strong networth base along with comfortable debt coverage indicators. The rating takes into consideration the subject’s long established track record of business operations along with extensive experience of its promoters. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions. NOTE: Auto component making company Sandhar Technologies had of late concluded its initial public offer (IPO) and is now set to make its stock market debut on April 2, 2018.

NOTES :

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

ECGC Country Risk Classification List

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	INDIA RATING
Rating	Long term loans = A+
Rating Explanation	Adequate degree of safety and low credit risk
Date	26.12.2017
Rating Agency Name	INDIA RATING
Rating	Non-fund based working capital = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	26.12.2017

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 25.04.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DECLINED BY

Name :	Mr. Tushar
Designation :	Not Divulged
Contact No.:	91-7709533111
Date :	24.04.2018

LOCATIONS

Registered Office :	B-6/20, L.S C. Safdarjung Enclave, New Delhi - 110029, India
Tel. No.:	Not Available
Mobile No.:	91-7709533111 (Mr. Tushar)
Fax No.:	Not Available
E-Mail :	info@sandhar.in corporate.legal@sandhar.in
Website :	http://www.sandhargroup.com
Corporate/ Head Office :	13, Sector-44, Gurugram -122002, Haryana, India
Tel. No.:	91-124-4518900/ 901
Fax No.:	91-124-4012845
E-Mail :	enquiries@sandhar.in
Factory 1:	Plot No. 13, Sector-5, Growth Centre Phase II, Bawal - 123501, Haryana, India
Factory 2:	Automach, Vallam Unit Plot No-195/3, Bajanai Koil Street, Village-Vallam, Post-Mathur, Taluk-Sriperumpudur, Kancheepuram - 602105,Tamilnadu, India
Factory 3:	LYSSEN DIVISION Village-Dhumaspur, P.O.-Badshahpur, Sohna-Gurgaon Road, Gurgaon-122101, Haryana, India
Factory 4:	Plot No. SP1-889 RIICO Industrial Area, Village Pathredi, Bhiwadi, District-Alwar - 301019, Rajasthan, India
Factory 5:	CABINS & FABRICATION DIVISION Unit 1, Gat No. 418 Village Ambethan, Taluka Khed, P.O.- Chakan, Pune- 410501, Maharashtra, India
Factory 6:	DISTRIBUTION DIVISION Block - C-48, Ansals Palam Udyog, Sector - 18, Gurgaon - 122015, Haryana, India

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Dharmendar Nath Davar

Designation :

Director

Address :

B5/82 Safdarjung Enclave New Delhi 110029, India

Date of Birth/Age :

08.08.1934

Qualification :

B.com (Hons.), M.A. (Economics) CAIIB, Fellow of the Economic Development Institute of the world Bank

Date of Appointment :

02.07.1994

PAN No.:

AAAPD0015E

DIN No.:

00002008

CIN/FCRN	Company Name	Begin Date	End Date
L17115RJ1960PLC008216	RSWM LIMITED	10/11/2004	-
L17124MP1989PLC008255	MARAL OVERSEAS LIMITED	28/09/2004	-
L23109MP1972PLC008290	HEG LIMITED	10/11/1994	-
L26942TN1949PLC117481	OCL INDIA LIMITED	26/05/1994	-
L27320WB1997PLC084819	TITAGARH WAGONS LIMITED	18/08/2007	-
L45101DL1967PLC004759	ANSAL PROPERTIES AND INFRASTRUCTURE LIMITED	16/08/1995	-
U55101TN1970PLC005815	ADYAR GATE HOTELS LIMITED	04/06/2004	-
U74899DL1991PLC046774	HERO FINCORP LIMITED	30/08/1995	-

Name :

Mr. Arjun Sharma

Designation :

Director

Address :

27 Sunder Nagar, New Delhi-110003, India

Date of Birth/Age :

15.12.1965

Qualification :

B.com (Hons.)

Date of Appointment :

24.05.2016

PAN No.:

ABEPS6767M

DIN No.:

00003306

CIN/FCRN	Company Name	Begin Date	End Date
U45200DL2006PTC154865	SSV INFRASTRUCTURE PRIVATE LIMITED	14/03/2013	-
U45201DL2005PTC140998	INDRAMA BUILDWELL PRIVATE LIMITED	23/09/2006	-
U45201DL2005PTC141007	INDRAMA INFRASTRUCTURE MANAGMENT SERVICES PRIVATE LIMITED	23/09/2006	-
U55101DL1989PTC037891	SELECT HOLIDAY RESORTS PRIVATE LIMITED	06/06/2002	-
U55101DL1993PTC053889	SELECT EQUITY ADVISORY SERVICES PRIVATE LIMITED	23/09/2006	-
U55101DL2008PTC181187	INDRAMA HOTELS PRIVATE LIMITED	22/07/2008	-
U55101DL2010PTC211816	SAMHI HOTELS PRIVATE LIMITED	28/09/2012	-
U55101DL2014PTC273741	VERSATILE FOOD COURTS PRIVATE LIMITED	03/12/2014	-
U63000DL2013PTC250193	T.T. VISA SERVICES INDIA PRIVATE LIMITED	03/04/2013	-
U63040DL2002PTC116826	LE PASSAGE TO INDIA TOURS AND TRAVELS PRIVATE LIMITED	31/10/2005	-

Name :

Mr. Arvind Pande

Designation :

Director

Address :

E-148(Ff), East Of Kailash, New Delhi-110065, India

Date of Birth/Age :

07.09.1942

Qualification :

Independent Director

Date of Appointment :

14.03.2003

PAN No.:

AAAPP0167H

DIN No.:

00007067

Name :

Mr. Gaurav Dalmia

Designation :

Nominee Director

Address :

Dalmia House 20f, Prithvi Raj Road, New Delhi-110011, India

Date of Birth/Age :

26.09.1965

Qualification :

MBA

Date of Appointment :

30.03.2012

PAN No.:

ADYPD0151A

DIN No.:

00009639

CIN/FCRN	Company Name	Begin Date	End Date
L01110RJ2006PLC047173	BAJAJ CORP LIMITED	25/06/2010	-
L13100DL1976PLC188942	LANDMARK PROPERTY DEVELOPMENT COMPANY LIMITED	22/09/2008	-
L26942TN1949PLC117481	OCL INDIA LIMITED	01/04/2015	-
U18109MH2006PLC262077	RAYMOND APPAREL LIMITED	28/07/2011	-
U45201DL2003PTC122238	LANDMARK LAND HOLDINGS PRIVATE LIMITED	05/06/2015	-
U70100DL2011PTC217081	ANSAL LANDMARK (KARNAL) TOWNSHIP PRIVATE LIMITED	19/06/2012	-
U74140MH2006PTC164125	TRUE NORTH CORPORATE PRIVATE LIMITED	21/06/2007	-

Name :

Mr. Arvind Kapur

Designation :

Director

Address :

181-C, Western Avenue Sainik Farms, New Delhi-110062, India

Date of Birth/Age :

05.07.1950

Qualification :

B.SC

Date of Appointment :

01.10.2005

PAN No.:

AERPK9677E

DIN No.:

00096308

CIN/FCRN	Company Name	Begin Date	End Date
L34300HR1983PLC023187	RICO AUTO INDUSTRIES LIMITED	10/03/1983	-
U28113HR2017PTC068073	AAK MANUFACTURING AND CONSULTANCY PRIVATE LIMITED	08/03/2017	-
U28994HR2017PTC067960	MERAKI MANUFACTURING AND FINVEST ADVISORS PRIVATE LIMITED	11/03/2017	-
U29100PB1983PTC005332	KAPSONS ASSOCIATES INVESTMENTS PRIVATE LIMITED	07/03/1983	-
U29110HR2008PTC037708	MAGNA RICO POWERTRAIN PRIVATE LIMITED	29/09/2016	-
U45400HR2007PTC037085	HARIDWAR ESTATES PRIVATE LIMITED	06/08/2007	-
U65923HR2015PLC054211	RICO INVESTMENTS LIMITED	22/09/2016	-
U67120DL2001PTC110707	KDB INVESTMENTS PVT LTD	04/05/2001	-
U70200DL2011PTC220727	ASN PROPERTIES PRIVATE LIMITED	10/06/2011	-
U72200HR2008PTC038145	CONTECH INFOSYSTEMS PRIVATE LIMITED	08/07/2008	-

Name :

Mr. Jayant Davar

Designation :

Managing Director

Address :

50, Sultanpur Farms, Prakrti Marg Mehrauli Gurgaon Road, Delhi-110030, India

Date of Birth/Age :

18.10.1961

Qualification :

B.Tech (Hons) & O.P.M. (Harvard)

Date of Appointment :

24.10.1987

PAN No.:

AAAPD3207A

DIN No.:

00100801

CIN/FCRN	Company Name	Begin Date	End Date
L22219UP1975PLC004147	JAGRAN PRAKASHAN LIMITED	30/09/2014	-
L27100PB2010PLC033930	VARDHMAN SPECIAL STEELS LIMITED	24/09/2014	-
U26960DL2003PLC123094	SANDHAR INTELLI-GLASS SOLUTIONS LIMITED	17/11/2003	-
U28939DL2002PTC114374	SANDHAR TOOLING PRIVATE LIMITED	26/02/2002	-
U45400HR2007PTC037085	HARIDWAR ESTATES PRIVATE LIMITED	06/08/2007	-
U51109DL2007PTC168447	RAASAA RETAIL PRIVATE LIMITED	30/09/2010	-
U67120DL2001PTC110707	KDB INVESTMENTS PVT LTD	04/05/2001	-
U67190DL2013PTC257144	HUDDLETECH SERVICES PRIVATE LIMITED	02/01/2017	-
U72200HR2008PTC038145	CONTECH INFOSYSTEMS PRIVATE LIMITED	08/07/2008	-
U74899DL2000PLC106824	SANDHAR INFOSYSTEMS LIMITED.	17/07/2000	-

Name :

Mrs. Monica Davar

Designation :

Director

Address :

House No. 50, Sultanpur Farm, Prakrti Marg, Mehrauli Gurgaon Road, Hauz Khas, Delhi-110030, India

Date of Birth/Age :

07.09.1965

Qualification :

B.com

Date of Appointment :

24.10.1987

PAN No.:

AAAPD9055F

DIN No.:

00100875

CIN/FCRN	Company Name	Begin Date	End Date
U51100DL1992PTC049768	SUPANAVI TRADING AND FINANCE CONSULTANTS PRIVATE LIMITED	06/10/1997	-
U51109DL2000PTC106728	SANDHAR ESTATES PRIVATE LIMITED	28/05/2015	-

Name :

Mr. Ravinder Nagpal

Designation :

Director

Address :

B-8/14, First Floor, Vasant Vihar New Delhi 110057, India

Date of Birth/Age :

06.04.1956

Qualification :

C.A.

Date of Appointment :

21.11.2001

PAN No.:

AACPN8615J

DIN No.:

00102970

CIN/FCRN	Company Name	Begin Date	End Date
U45200DL2007PTC161249	HANSRAJ BUILDMART PRIVATE LIMITED	30/09/2008	-
U51103DL2016PTC292289	MANRAVI DISTRIBUTORS PRIVATE LIMITED	08/03/2016	-
U51420DL2000PTC106751	MAURITIUS TITANIUM INDIA PRIVATE LIMITED	05/09/2000	-
U51909DL1996PTC079396	J- LAND BUSINESS SOLUTIONS PRIVATE LIMITED	01/05/2002	-
U74899DL1973PLC006634	PREMIER MICROWAVES LTD	20/08/2003	-
U74899DL1994PTC059987	RRR INSURANCE SERVICES PRIVATE LIMITED	09/11/2001	-
U74899DL1994PTC063637	UTSAV BUSINESS SOLUTIONS PRIVATE LIMITED	01/08/2002	-
U74899DL1995PTC074485	NAGRAM CONSULTANCY SERVICES PRIVATE LIMITED	09/11/2002	-
U93000DL2010PTC199554	KARANRAVI CONSULTANCY SERVICES PRIVATE LIMITED	26/02/2010	-

Name :

Mr. Krishan Lal Chugh

Designation :

Director

Address :

N-79, Panchsheel Park, New Delhi-110017, India

Date of Birth/Age :

13.09.1937

Qualification :

B.E. (Mechanical)

Date of Appointment :

14.03.2003

PAN No.:

ADUPC4882B

DIN No.:

00140124

CIN/FCRN	Company Name	Begin Date	End Date
L63011TG1995PLC020121	GATI LIMITED	30/06/1998	-
U40101DL2001PTC113298	FOZAL POWER PRIVATE LIMITED	28/11/2001	-
U40109DL2003PTC123184	COSMOS ELECTRIC SUPPLY PRIVATE LIMITED	21/11/2003	-
U45201DL2004PTC130704	SOLARYAN TECHNOLOGIES PRIVATE LIMITED	30/09/2008	-
U74899DL2001PTC109318	COSMOS BIOTECHNOLOGIES PRIVATE LIMITED	22/01/2001	-
U74999DL2001PTC112838	KULLU VALLEY POWER PRIVATE LIMITED	16/10/2001	-
U74999DL2003PTC122225	COSMOS CARBON CREDITS PRIVATE LIMITED	11/09/2003	-

Name :

Mr. Mohan Lal Bhagat

Designation :

Director

Address :

24/B, New Road Alipore, Kolkatta-700027, West Bengal, India

Date of Birth/Age :

23.06.1935

Qualification :

B.com, MBIM

Date of Appointment :

02.02.1993

PAN No.:

AECPB1102L

DIN No.:

00699750

CIN/FCRN	Company Name	Begin Date	End Date
L29265WB1957PLC023379	WIRES AND FABRIKS (SA) LTD	12/08/2015	-
U67120WB1979PLC031889	OLYMPIC INVESTMENTS LTD.	18/02/1980	-

Name :

Mr. Arvind Joshi

Designation :

Whole-time Director

Address :

G-39, Kirti Nagar 2nd Floor, New Delhi-110015, , India

Date of Birth/Age :

25.09.1966

Qualification :

CA, CS & LLB

Date of Appointment :

01.06.2013

PAN No.:

AEHPJ6998M

DIN No.:

01877905

CIN/FCRN	Company Name	Begin Date	End Date
U28100HR2014PTC067295	SANDHAR HAN SUNG TECHNOLOGIES PRIVATE LIMITED	20/06/2014	-
U28931MP2008PTC034503	INDO TOOLINGS PRIVATE LIMITED	22/02/2008	-
U28994HR2016PTC065726	SANDHAR STRATEGIC SYSTEMS PRIVATE LIMITED	09/09/2016	-
U28999DL1986PTC248633	MAG ENGINEERING PRIVATE LIMITED	02/08/2012	-
U36100DL2017PTC323315	SANDHAR AMKIN INDUSTRIES PRIVATE LIMITED	21/10/2017	-
U36100HR2017PTC069555	SANDHAR DAEWHA AUTOMOTIVE SYSTEMS PRIVATE LIMITED	20/06/2017	-
U36990HR2017PTC068220	JINYOUNG SANDHAR MECHATRONICS PRIVATE LIMITED	20/03/2017	-
U74900DL2013PTC252844	SANDHAR ECCO GREEN ENERGY PRIVATE LIMITED	31/08/2016	-
U74999MP2004NPL020090	PITHAMPUR AUTO CLUSTER	19/07/2017	-

KEY EXECUTIVES

Name :	Mr. Arvind Joshi
Designation :	CFO(KMP)
Address :	G-39, Kirti Nagar 2nd Floor, New Delhi-110015, India
Date of Birth/Age :	25.09.1966
Qualification :	CA, CS & LLB
Date of Appointment :	23.02.2015
PAN No.:	AEHPJ6998M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2017

Names of Shareholders	No. of Shares
Dharmendar Nath Davar	839582
GTI Capital Beta Private Limited	8934505
Jayant Davar	31306426
Jubin Finance and Investment Limited	573508
Monica Davar	2622725
Neel Jay Davar	1555995
Poonam Juneja	62265
Sandhar Estates Private Limited	350280
Sandhar Infosystems Limited	793569
Sanjeevni Impex Private Limited	1667727
Santosh Davar	785950
YSG Estates Private Limited	1662032
Total	51154564

AS ON 29.07.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters – Individual/Hindu Undivided Family (Indian)	61.20
Public/ Other than Promoters - Individual/Hindu Undivided Family (Indian)	11.47
Public/ Other than Promoters – Body Corporate	9.87
Public/ Other than Promoters – Others (Investment holding Company)	17.46
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Assembling of Automotive Components such as, TV Cabinet, lock sets, mirrors, and various sheet metal components for two wheelers and four wheelers industry. [Registered Activity and also Confirmed by Management]

Products/ Services :

ITC Code No.	Product/ Service Descriptions
83012000	Locks
70091090	Mirror Assembly
87149290	Wheel Assembly
87141090	Sheet Metal Components
84314930	Cabin
87149990	Handle Bar Assembly
87141090	Others
87089900	Plastic Parts

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS: [NOT AVAILABLE]

GENERAL INFORMATION

Suppliers :

Reference:	Not Available
Name of the Person (Designation):	---
Contact Number:	---
Since how long known:	---
Maximum limit dealt:	---
Experience:	---
Remark	---

Customers :

· Hero

· TVS

· Suzuki

· Yamaha

· Honda

· Royal Enfield

· Tata Motors

· Tata Hitachi

· CAT

· Mahindra Rise, etc.

No. of Employees :

Not Available

Bankers :

· Citibank NA

Jeevan Vihar Building, 3 Sansad Marg, New Delhi - 110001, India

· DBS Bank Limited

· HDFC Bank Limited

· IndusInd Bank Limited

· Yes Bank Limited

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	1050.729	439.059
Foreign currency term loans from banks	0.000	107.601
Rupee term loans from others	194.870	349.584
SHORT TERM BORROWINGS
Rupee term loans from banks	940.116	571.615
Total	2185.715	1467.859

Financial Institution :	· Toyota Financial Services India Limited · Citicorp Finance (India) Limited · TATA Capital Financial Services Limited · GE Money Financial Services Private Limited
Auditors :
Name :	S. R. Batliboi and Company LLP Chartered Accountants
Address :	Golf View, Corporate Tower -B, Sector -42, Gurgaon-122002, Haryana, India
Income-tax PAN of auditor or auditor's firm :	ACHFS9180N
Memberships :	Not Available
Collaborators :	Not Available
Joint venture :	· Sandhar Han Sung Technologies Private Limited, India [U28100DL2014PTC268126] · Sandhar Ecco Green Energy Private Limited, India [U74900DL2013PTC252844] · Indo Toolings Private Limited, India [U28931MP2008PTC034503] · Jinyoung Sandhar Mechatronics Private Limited [U36990HR2017PTC068220]
Subsidiary company :	· Sandhar Tooling Private Limited, India [U28939DL2002PTC114374] · Sandhar Technologies Barcelona SL · Sandhar Strategic Systems Private Limited [U28994HR2016PTC065726] · PT Sandhar Indonesia · Sandhar Euro Holding co. · Sandhar Euro Holdings BV
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Swaran Enterprises · Sandhar Infosystems Limited · Sandhar Intelli-Glass Solutions Limited · Sandhar Estates Private Limited, India [U51109DL2000PTC106728] · Jubin Finance and Investment Limited, India [U65910HR1995PLC032801] · YSG Estates Private Limited, India [U45201DL2001PTC113333] · Haridwar Estates Private Limited, India [U45400HR2007PTC037085]

CAPITAL STRUCTURE

AFTER 29.07.2017

Authorised Capital : INR 700.000 Million

Issued, Subscribed & Paid-up Capital : INR 601.907 Million

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
68000000	Equity Shares	INR 10/- each	INR 680.000 Million
200000	Preference Shares	INR 100/- each	INR 20.000 Million
	Total		INR 700.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
51154564	Equity Shares	INR 10/- each	INR 511.546 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET [STANDALONE]

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	511.546	511.546	102.309
(b) Reserves & Surplus	2371.692	2094.524	2352.969
(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)	2883.238	2606.070	2455.278
(3) Non-Current Liabilities
(a) Long-term borrowings	1738.099	1548.744	1571.464
(b) Deferred tax liabilities (Net)	62.215	62.887	86.740
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1800.314	1611.631	1658.204
(4) Current Liabilities
(a) Short term borrowings	940.116	571.615	695.378
(b) Trade payables	1854.444	1784.892	1801.827
(c) Other current liabilities	858.961	975.180	730.954
(d) Short-term provisions	111.935	120.389	245.109
Total Current Liabilities (4)	3765.456	3452.076	3473.268
TOTAL	8449.008	7669.777	7586.750
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4632.269	4145.619	3889.412
(ii) Intangible Assets	113.069	128.105	149.447
(iii) Capital work-in-progress	215.015	399.310	220.732
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	354.077	398.903	356.962
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	143.096	153.937	155.529
Total Non-Current Assets	5457.526	5225.874	4772.082
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	957.146	889.917	929.072
(c) Trade receivables	1715.290	1346.716	1623.541
(d) Cash and cash equivalents	34.376	18.130	43.936
(e) Short-term loans and advances	155.490	153.920	194.255
(f) Other current assets	129.180	35.220	23.864
Total Current Assets	2991.482	2443.903	2814.668
TOTAL	8449.008	7669.777	7586.750

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations	13686.564	12907.116	12569.287
		Other Income	60.085	30.136	57.922
		TOTAL	13746.649	12937.252	12627.209
Less	EXPENSES
		Cost of Materials Consumed	8826.705	8307.979	8440.534
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(49.077)	(16.807)	(39.465)
		Employees benefits expense	1727.986	1497.746	1293.749
		CSR Expenditure	9.370	4.374	6.316
		Exceptional Items	44.659	102.533	55.000
		Other expense	1915.434	1821.777	1612.095
		TOTAL	12475.077	11717.602	11368.229
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1271.572	1219.650	1258.980
Less	FINANCIAL EXPENSES		355.579	373.444	352.898
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		915.993	846.206	906.082
Less/ Add	DEPRECIATION/ AMORTISATION		491.844	465.749	427.386
	PROFIT BEFORE TAX		424.149	380.457	478.696
Less	TAX		86.877	110.997	130.317
	PROFIT AFTER TAX		337.272	269.460	348.379
	Earnings Per Share (INR)		6.59	5.27	6.97

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	614.891	698.271	572.969
Net cash flows from (used in) operations	431.212	1184.036	877.707
Net cash flows from (used in) operating activities	681.767	1435.294	974.609

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	45.74	38.08	47.15
Account Receivables Turnover (Income / Sundry Debtors)	7.98	9.58	7.74
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	76.68	78.42	77.92
Inventory Turnover (Operating Income / Inventories)	1.33	1.37	1.36
Asset Turnover (Operating Income / Net Fixed Assets)	0.26	0.26	0.30

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.72	0.74	0.74
Debt Equity Ratio (Total Liability / Networth)	1.14	1.08	1.16
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.31	1.32	1.41
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.72	1.79	1.73
Interest Coverage Ratio (PBIT / Financial Charges)	3.58	3.27	3.57

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	2.46	2.09	2.77
Return on Total Assets ((PAT / Total Assets) * 100)	%	3.99	3.51	4.59
Return on Investment (ROI) ((PAT / Networth) * 100)	%	11.70	10.34	14.19

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.79	0.71	0.81
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.54	0.45	0.54
G-Score Ratio Financial (Networth / Total Assets)	0.34	0.34	0.32
G-Score Ratio Debt (Debts / Equity Capital)	6.44	5.51	27.76
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.79	0.71	0.81

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL DATA

[all figures are in INR Million]

DEBT EQUITY RATIO

Particulars	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	102.309	511.546	511.546
Reserves & Surplus	2352.969	2094.524	2371.692
Share Application money pending allotment	0.000	0.000	0.000
Net worth	2455.278	2606.070	2883.238
Long-term borrowings	1571.464	1548.744	1738.099
Short term borrowings	695.378	571.615	940.116
Current Maturities of Long term debt	572.969	698.271	614.891
Total borrowings	2839.811	2818.630	3293.106
Debt/Equity ratio	1.157	1.082	1.142

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	12569.287	12907.116	13686.564
		2.688	6.039

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	12569.287	12907.116	13686.564
Profit	348.379	269.460	337.272
	2.77%	2.09%	2.46%

ABRIDGED BALANCE SHEET [CONSOLIDATED]

SOURCES OF FUNDS	31.03.2017	31.03.2016
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	511.546	511.546
(b) Reserves & Surplus	2501.797	2221.315
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Minority Interest	22.151	19.386
Total Shareholders’ Funds (1) + (2)	3035.494	2752.247
(3) Non-Current Liabilities
(a) Long-term borrowings	2092.476	1945.054
(b) Deferred tax liabilities (Net)	83.189	79.742
(c) Other long term liabilities	50.757	57.193
(d) long-term provisions	8.169	5.781
Total Non-current Liabilities (3)	2234.591	2087.770
(4) Current Liabilities
(a) Short term borrowings	1832.645	1246.828
(b) Trade payables	2362.326	2250.081
(c) Other current liabilities	1138.014	1219.036
(d) Short-term provisions	138.329	126.716
Total Current Liabilities (4)	5471.314	4842.661
TOTAL	10741.399	9682.678
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5838.738	5143.221
(ii) Intangible Assets	119.644	134.529
(iii) Capital work-in-progress	292.491	552.220
(iv) Intangible assets under development	5.261	6.719
(b) Non-current Investments	31.195	31.108
(c) Deferred tax assets (net)	9.944	6.099
(d) Long-term Loan and Advances	157.013	163.096
(e) Other Non-current assets	7.490	0.000
Total Non-Current Assets	6461.776	6036.992
(2) Current assets
(a) Current investments	10.000	10.000
(b) Inventories	1670.637	1598.215
(c) Trade receivables	2093.316	1666.767
(d) Cash and cash equivalents	73.009	60.381
(e) Short-term loans and advances	303.449	274.635
(f) Other current assets	129.212	35.688
Total Current Assets	4279.623	3645.686
TOTAL	10741.399	9682.678

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016
	SALES
		Revenue from Operations	16268.705	15132.191
		Other Income	71.573	51.549
		TOTAL (A)	16340.278	15183.740
Less	EXPENSES
		Cost of Materials Consumed	9602.195	9025.561
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(90.670)	(12.701)
		Employees benefits expense	2353.629	2018.437
		CSR Expenditure	9.370	4.374
		Exceptional Items	34.197	8.282
		Other expenses	2936.038	2683.360
		TOTAL (B)	14844.759	13727.313
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1495.519	1456.427
Less	FINANCIAL EXPENSES (D)		427.400	423.523
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1068.119	1032.904
Less/ Add	DEPRECIATION/ AMORTISATION (F)		602.761	551.520
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		465.358	481.384
Less	TAX (H)		98.921	114.736
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		366.437	366.648
	Profit/(Loss) of Minority Interest		(3.669)	(2.982)
	PROFIT/(LOSS) FOR PERIOD		362.768	363.666
	Earnings/(Loss) Per Share (INR)		7.09	7.11

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G74740796	100149657	YES BANK LIMITED	28/12/2017	-	-	400000000.0	NEHRU CENTER, 9TH FLOOR, DISCOVERY OF INDIADR. ANNIE BEASANT ROAD, WORLIMUMBAIMH400018IN
2	G58303512	100129479	CITICORP FINANCE (INDIA) LIMITED	28/09/2017	-	-	500000000.0	3 LOCAL SHOPPING COMPLEX (LSC), NEAR MADANGIRI,PUSHP VIHAR NEAR BIRLA VIDHYA NIKETANNEW DELHIDL110062IN
3	G55686729	100126577	HDFC BANK LIMITED	29/07/2017	-	-	5363264.0	SENAPATI BAPAT MARGLOWER PARELWEST MUMBAIMH400013IN
4	G41855875	100092155	TOYOTA FINANCIAL SERVICES INDIA LIMITED	30/03/2017	-	-	1750000.0	NO. 21, CENTROPOLIS, FIRST FLOOR, 5TH CROSS,LANGFORD ROAD, SHANTI NAGARBANGALOREKA560025IN
5	G41287616	100090471	HDFC BANK LIMITED	21/03/2017	-	-	600000000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PARELMUMBAIMH400013IN
6	G49735905	100086379	HDFC BANK LIMITED	21/03/2017	17/07/2017	-	250000000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PARELMUMBAIMH400013IN
7	G38918108	100084837	INDUSIND BANK LIMITED	15/03/2017	-	-	162800000.0	DR. GOPAL DAS BUILDING,28, BARAKHAMBA ROADNEW DELHIDL110001IN
8	G36167815	100077868	RBL BANK LIMITED	24/01/2017	-	-	200000000.0	SHAHUPURI,KOLHAPUR,KOLHAPURMH416001IN
9	G36169662	100077874	HDFC BANK LIMITED	28/11/2016	-	-	250000000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PARELMUMBAIMH400013IN
10	G36168904	100049714	YES BANK LIMITED	26/08/2016	31/01/2017	-	150000000.0	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIADR. ANNIE BESANT ROAD, WORLI, MUMBAIMUMBAIMH400018IN
11	G05223847	100031392	HDFC BANK LIMITED	30/05/2016	-	-	10462000.0	HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PAREL (WEST)MUMBAIMH400013IN
12	G36905578	100032954	DBS BANK LTD	28/05/2016	31/01/2017	-	300000000.0	DLF CAPITOL POINT, BABA KHARAK SINGH MARG,CONNAUGHT PLACEDELHIDL110001IN
13	G36906170	100021247	RBL BANK LIMITED	11/02/2016	31/01/2017	-	240000000.0	SHAHUPURI,KOLHAPUR,KOLHAPURMA416001IN
14	G08147746	10584303	HDFC BANK LIMITED	13/07/2015	25/05/2016	-	250000000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PARELMUMBAIMH400013IN
15	C80564891	10551667	HDFC BANK LIMITED	31/01/2015	04/02/2016	-	500000000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PARELMUMBAIMH400013IN
16	G79855698	10545999	YES BANK LIMITED	12/12/2014	19/02/2018	-	680000000.0	NEHRU CENTER, 9TH FLOOR, DISCOVERY OF INDIADR. ANNIE BEASANT ROAD, WORLIMUMBAIMH400018IN
17	C79767844	10523821	INDUSIND BANK LIMITED	29/09/2014	04/02/2016	-	250000000.0	DR. GOPAL DAS BHAWAN,28, BARAKHAMBA ROADNEW DELHIDL110001IN
18	C79652772	10529499	YES BANK LIMITED	06/09/2014	04/02/2016	-	85000000.0	NEHRU CENTER, 9TH FLOOR, DISCOVERY OF INDIA,DR. ANNIE BEASANT ROAD, WORLIMUMBAIMH400018IN
19	G51000107	10475546	TATA CAPITAL FINANCIAL SERVICES LIMITED	10/01/2014	25/07/2017	-	450000000.0	ONE FORBES,DR. V. B. GANDHI MARG, FORTMUMBAIMH400001IN
20	C79765830	10468081	INDUSIND BANK LIMITED	26/12/2013	04/02/2016	-	80000000.0	DR. GOPAL DAS BHAWAN,28, BARAKHAMBA ROADNEW DELHIDL110001IN
21	C79651824	10459425	YES BANK LIMITED	07/11/2013	04/02/2016	-	150000000.0	NEHRU CENTER, 9TH FLOOR, DISCOVERY OF INDIA,DR. ANNIE BEASANT ROAD, WORLIMUMBAIMH400018IN
22	C80228711	10450875	ICICI BANK LIMITED	26/09/2013	04/02/2016	-	150000000.0	LANDMARK RACE COURSE CIRCLE,ALKAPURIBARODAGJ390015IN
23	G06745772	10450872	ICICI BANK LIMITED	26/09/2013	25/05/2016	-	100000000.0	ICICI BANK LIMITEDALKAPURIBARODAGJ390015IN
24	C79781811	10344554	INDUSIND BANK LIMITED	29/03/2012	04/02/2016	-	316000000.0	DR. GOPAL DAS BHAWAN,28, BARAKHAMBA ROADNEW DELHIDL110001IN
25	C78651973	10287334	STATE BANK OF INDIA	30/04/2011	04/02/2016	-	202000000.0	OVERSEAS BRANCH, JAWAHAR VYAPAR BHAWAN, 1,TOLSTOY MARGNEW DELHIDL110001IN
26	C79770996	10257302	INDUSIND BANK LIMITED	18/11/2010	04/02/2016	-	5865300.0	DR. GOPAL DAS BHAWAN,28, BARAKHAMBA ROADNEW DELHIDL110001IN
27	A68621325	10172726	STATE BANK OF INDIA	18/08/2009	-	-	260000000.0	OVERSEAS BRANCHJAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARGNEW DELHIDL110001IN
28	G60496270	90057848	CITI BANK N.A.	26/08/2002	10/10/2017	-	560500000.0	JEEVAN BHARTI BUILDING,4TH FLOOR124 CONNAUGHT CIRCUS, CONNAUGHT PLACENEW DELHIDL110001IN
29	G45874781	10360168	DBS BANK LTD	01/06/2012	04/02/2016	19/05/2017	224000000.0	CAPITOL POINT, BABA KHARAK SINGH MARG,CONNAUGHT PLACENEW DELHIDL110001IN
30	G42738740	10314129	INDUSIND BANK LIMITED	10/09/2011	04/02/2016	17/04/2017	56250000.0	DR. GOPAL DAS BHAWAN,28, BARAKHAMBA ROADNEW DELHIDL110001IN

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Rupee term loans from others	492.500	652.500
Total	492.500	652.500

OPERATIONS – FINANCIALS

The auto sector of which auto components is an integral part, witnessed headwinds on account of macro-economic factors such as demonetization as well as structural changes in consumer preference. Demonetization had stalled the recovery in the auto sector, primarily impacting the 2W segment due to its higher exposure to the rural market and lower financing penetration. The structural trend of customers preferring scooters in 2Ws and SUVs in 4Ws continued in FY17.

The trend of premiumization continued in both 2Ws and 4Ws, with customers upgrading to relatively premium products. Category leaders further strengthened their dominance in FY17, despite intensifying competition. The increase in commodities prices and overall inflationary pressure arising out of increased labour and power cost, did have a salutary effect on the margins, exceptions apart.

In the case of the Company, the Gross Revenue & Other Income from operations remained steady at INR 15090.700 million vis-a-vis INR 14214.300 million in the previous year, following continuing rigorous efforts at business promotion and controls aimed at cost economies, as much of refurbishment of products / components with un-mitigating thrust on penetration of market, resulting from effective managerial inputs. Turning the whole part into a meaningful reality, besides the turnover level as aforesaid, EBITDA also remained steady at the previous year’s level, along with other operating parameters.

While the Profit before Depreciation, Exceptional Items and Tax was marginally higher at INR 960.700 million in the fiscal year, as against INR 948.700 million in the last fiscal year; the Profit after tax was much higher at 337.300 million as against INR 269.500 million in the previous fiscal, following lower exceptional items and finance costs.

The consolidated revenue from operations of the Company including its subsidiaries and joint ventures, for the year ended March 31st, 2017 stood at INR 17716.200 million as against INR 16483.500 million in the previous financial year ended the 31st March, 2016.

However, the crucial aspect of cash flow has been managed, observing due diligence, combined with conservation strategies, which kept the Company on its feet throughout the year. Looking ahead, the challenges are one of business growth and that too with reasonable margins: the overall outlook for real march forward in the current year appears quite optimistic, with predictably better monsoons and early roll-out of Goods & Services Tax which seeks to keep the tax rates lower to end consumer thereby creating the pull in the economy, so too, the cash flow management are perceived areas of care and diligent management. All possible steps are afoot to meet ‘on the ground’ challenges with focus on Research & Development, holding over deferrable capital expenditure, cutting down on operational expenses without sacrificing effectiveness and deliverable capability and, of all, ensuring efficacious management of cash flow. In short, corporate strategies are planned to focus on creating value on the one hand and managing risk and shaping up enterprise performance on the other, hoping, at the same time, that the turnaround for the Sector is not far too distant.

FINANCE

Cash and Cash Equivalents as at 31st March, 2017 was INR 34.400 million. The Company has been making use of need based credit from its bankers and is sparing no effort towards optimizing self-generated resources, making sure that all commitments to the bankers’ / financing agencies are met regularly.

Financial resources to meet requirements as they emerge will continue to be raised in the current year through appropriate strategies and instruments at cost effective rates. A part of resources, as in the past, would consist of the self-generated surplus ploughed back for productive purposes.

FUTURE OUTLOOK AND PROSPECTS

The persisting somber uncertainties, in US, parts of Asia and Europe and also economic scene of uneven inflationary cost pressures accompanied with tough growth conditions, so too of the automobile industry and, in tandem, the auto component sector, the situation in India continues to cause some anxiety. Two wheeler segment with whom your Company is intimately associated since inception, despite the said background, has witnessed reasonably satisfactory increase in volume of sales and accompanying bottom-line parameters. The trend, might be expected to continue, hoping that policy and perception, so too events, would turn better during the year. Remission in inflationary pressures and softening of availability of finance at affordable cost, could further turn a shade better the pervading cost – price and market environment, the forecast of good monsoon this year might give a spurt to faster growth in general and rural growth in particular, rise in disposable incomes and demographics to a reasonably satisfactory long term outlook for the auto sector in the aggregate, with two wheeler sub-sector as much holding its own.

INFORMATION TECHNOLOGY

The Company continues to take full advantage of Information Technology, leveraging it as a source of competitive advantage. As in earlier years, the enterprise wide Oracle ERP platform forms the backbone of IT and encompasses all core business processes in the Company and also provides a comprehensive data warehouse with analytics capability that helps in better and speedier decisions. The Company continues to lay stress on IT infrastructure to support business applications and has made use of India’s expanded telecom footprint to provide high bandwidth terrestrial links to all operating units.

The Company also uses software as a service to provide agile, cost effective IT capabilities in select areas. As the IT systems and related processes get embedded into the ways of working of the organization, there is a continuous focus on IT security and reliable disaster recovery management processes to ensure all critical systems are always available. These are periodically reviewed and tested for efficacy and adequacy.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

PRESS RELEASES

SANDHAR TECHNOLOGIES SET TO MAKE IPO DEBUT TODAY

 Apr 2, 2018

Auto component making company Sandhar Technologies had of late concluded its initial public offer (IPO) and is now set to make its stock market debut on April 2, 2018 i.e. today.

The two-wheeler locking systems company’s INR 5120.000 million IPO was open from March 19-21 and was subscribed at 6.2 times. The public offer had an all-new issue of shares of INR 3000.000 million and an offer for sale of up to 64 lakh shares, which included the anchor portion of 46,30,842 shares.

The price band was fixed at INR 327-332. Capital market companies, such as ICICI Securities and Axis Capital were the lead managers to the offer. The scrip will be listed on India’s leading stock exchanges – Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Started in 1987, Sandhar Technologies Limited is based in New Delhi and is involved in designing and manufacturing of various kinds of automotive components and systems, largely around on safety and security systems of vehicles.

The company is a market-leader in two-wheeler locking systems market and the commercial vehicle rear view market all over India. Moreover, it is one of the two largest companies in the sector of commercial vehicle locking systems market. It is also one of the two largest manufacturers of operator cabins, along with being the largest player in the excavator cabins market.

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SANDHAR TECHNOLOGIES IPO SUBSCRIBED 6.18 TIMES 

Mar 22, 2018

The initial public offer of auto component maker Sandhar Technologies was subscribed 6.18 times on the final day of bidding today. 

The INR 512-million IPO received bids for 67140270 shares against the total issue size of 1,08,72,661 shares, data available with the NSE till 2000 hrs showed. 

Qualified institutional buyers (QIBs) category was subscribed 14.5 times, non institutional investors 6.39 times and retail investors 1.31 times, merchant banking sources said. 

The public offer consists of fresh issue of shares worth INR 3000.000 million and an offer for sale of up to 64 lakh shares (including anchor portion of 46,30,842 shares). 

The price band for the offer is INR 327-332. 

Till yesterday, the offer was subscribed 40 per cent. 

Sandhar Technologies on Friday raised INR 1540.000

from anchor investors. 

The company plans to use a portion of the net proceeds towards repayment of certain loan facilities and for other general corporate purposes. 

The shares are proposed to be listed on BSE and NSE. 

AUTO COMPONENT MAKER SANDHAR TECHNOLOGIES PLANS INR 4000.000 MILLION IPO

NOV 13, 2017 

The Gurugram-based company has appointed Axis Capital and ICICI Securities as merchant bankers to advise it on its plans to list on the stock exchanges

Auto component manufacturer Sandhar Technologies plans to float an initial public offering this financial year to raise INR 4000.000 Million, according to a source familiar with the development. The Gurugram-based company has appointed Axis Capital and ICICI Securities as merchant bankers to advise it on its plans to list on the stock exchanges though it could not be independently confirmed.

The IPO will mostly comprise issue of fresh shares with Gaurav Dalmia-promoted GTI Capital, which is a minority shareholder in the company, likely to use the opportunity for an exit. Dalmia is a director on the board of the company.

Sandhar makes door handles for cars, wheel rims, locking systems, vision systems, clutch assemblies, brake panels and many other products auto products. The company, promoted by Chairman DN Davar and his family, counts Honda Cars as one of its biggest customers. The list includes Suzuki, Yamaha, Bosch, Korea’s Doosan and Hyundai Construction Equipment with TVS, Hero Group and BEML figuring among the local clients.

Started 30 years ago as a supplier of sheet metal products to Hero Honda (now Hero MotoCorp), the company today has 33 manufacturing plants in India and across the globe with an employee base exceeding 6,500 people. The company has several plants in Gurugram itself, and then in Haridwar, Bengaluru, Alwar, Chennai, Hosur, Indore, Mysore and Pune besides manufacturing units in Spain, Poland and Mexico.

According to data available on the stock exchanges, 19 companies have raised a little over INR 260000.000 million via IPOs during the first six months of the current financial year (April-March).

This April-September IPO collections have already been topped with just four issues -- those of Reliance Nippon Lifer Asset Management, HDFC Standard Life Insurance Company, General Insurance Corporation of India and The New India Assurance Company -- having raised nearly as much in the period since October 1.

SANDHAR TECHNOLOGIES TIES UP WITH MALAYSIA'S MCE HOLDINGS TO SELL AUTO ANCILLARY PRODUCTS

JANUARY 3, 2017

Malaysian startup Multi-Code Electronics Industries, a subsidiary of MCE Holdings Berhad, on Tuesday, January 3, signed a memorandum of understanding (MoU) with Gurugram-based Sandhar Technologies for the production, marketing and supply of its existing range of products for automobile manufacturers located in India.

Domestic car, two wheeler sales in December likely to be weak, say analysts

Sandhar Technologies commenced operations in 1987 as a supplier to Hero MotoCorp (formerly Hero Honda Motors Limited) for sheet metal components. The company later expanded into manufacturing mirror plates, zinc die casting, plastic injection moulding and body coloured paint shops.

Earlier, Sandhar Technologies had entered into technical collaborations with South Korea's JEM Techno for manufacturing relays and with Taiwan's Lyssen Enterprises for manufacturing instrument clusters, gauges and senders.

The MoU, which will initially remain effective for one year and will then automatically be extended for subsequent periods of one year each, would also pave the way for the consultation and exchange of information and technology between the companies as MCE Holdings expects to further penetrate the India market. The agreement -- if both the parties consider -- would be further extended to other electronic and mechatronic parts and systems.

"This MOU will enable MCE to further penetrate the India market, consistent with its strategy to increase its presence in the Asia region. MCE and Sandhar will be able to rationalise the cost effectiveness in the manufacture and supply of products and improve on overall competitiveness for the India market," MCE Holdings said, the Star Online reported.

Multi-Code Electronics offers parking sensors, functional switches, ignition key sets, and other anti-theft alarming devices.

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	INR
US Dollar	1	INR 66.36
UK Pound	1	INR 92.51
Euro	1	INR 81.05

INFORMATION DETAILS

Information Gathered by :	SHY
Analysis Done by :	VAR
Report Prepared by :	ARC

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.