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Notes to Accounts of Shivam Autotech Ltd.

Mar 31, 2015

1. Rights, restrictions and preferences attached to each class of Shares

The Company has only one class of equity shares having par value of Rs.2/- per share. Each shareholder of equity shares is entitled to one vote per share. The Company declares dividends in Indian Rupees. The dividend proposed by the board of Directors is subject to the approval of the shareholders in the ensuing annual general meeting.

Amount of per share dividend recognized as distributions to equity shareholders is Rs. 1.20 (previous year Rs. 0.90).

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 the preferential amount, if any. The distribution will be in proportion to the number of equity shares held by the shareholders.

The Company has not issued any bonus shares during last five years.

(i) Term Loan from IDBI Bank Ltd having outstanding balance of Rs. 198.00 lacs (previous year Rs. NIL) is secured by exclusive charge on the fixed assets created under expansion project of binola plant.

(ii) Term loan from Axis Bank having outstanding balance of Rs. 233.73 lacs (previous year Rs. 724.73 lacs) are secured by exclusive charge on specific movable machineries of Binola Plant.

(iii) Term loan availed from Karnataka Bank having outstanding balance of Rs. 2,000.00 lacs (previous year Rs. 635.79) is secured against Hypothecatin of Machineries located at Binola & Manesar Plant.

(iv) Term loans availed for Haridwar Plant from Punjab National Bank having outstanding balance of Rs. 847.92 lacs (previous year Rs. 1,986.67 lacs) is having pari pasu charge over the entire Fixed assets of Haridwar plant both present and future.

(i) Cash credit from IDBI Bank having outstanding balance of Rs. 1400.00 Lacs (previous year Rs. 40.50 lacs) and Axis Bank having outstanding balance Rs. Nil (PY Rs. 277.95 lacs) at Binola is secured by first Pari Pasu charge on current assets of the Company.

(ii) Cash credit from Karnataka Bank having outstanding balance of Rs. 625.87 Lacs (previous year Rs. 526.55 Lacs) at Binola is secured as first charge on entire current assets of the company (Both Present and future and second charge on the machineries proposed to be purchased out of Term Loan of Rs. 10 Crores for Binola Plant.

(iiI) Cash credit from Punjab National Bank having outstanding balance of Rs. 1491.64 lacs (previous year Rs. 2392.21 lacs) and IDBI Bank Ltd. having an outstanding balance of Rs. 1110.12 Lacs (previous year Rs.174.02 lacs) is secured by first pari passu charge on the current assets of Haridwar Plant along with the other working capital bankers.

(iv) Cash credit from Ing Vysya Bank Limited having outstanding balance or Rs 2075.33 lacs (previous year Rs. 2497.76 lacs) is secured by first pari passu charges on the current asset of binola plant along with the other working capital bankers.

(v) The interest rate for the above cash credit varies from 11.50% to 12.75% (previous year 12% to 14%).

2. Background

SHIVAM AUTOTECH LIMITED (the 'Company') was established in the year 1999, and was initially known as Munjal Auto Components till July, 2005. The Company got converted to a separate Public Limited Company w.e.f. 29th July, 2005. In pursuant to the scheme of Demerger arrangement, the Gurgaon Unit was transferred to Shivam Autotech Limited on 1st August, 2005.The Company has been engaged in the manufacturing of Near-Net- Shaped, auto transmission components mainly for Original Equipment Manufacturers (OEMs). The product range includes various types of transmission gears, transmission shafts, spline shafts, plunger, power train components, and employing cold/warm/hot forging techniques. The Company has two state-of-the-art manufacturing facilities, located at Gurgaon & Haridwar. The Company's new plant in Haridwar was commissioned in April, 2009 and is equipped with modern and state of art facilities. The main advantage of cold/ warm forging technology, which is being used to manufacture near net shaped components, are high production rates, better dimensional accuracies, excellent surface finish, substantial savings in material with minimized machining and having superior mechanical and metallurgical properties. The Company is listed on the National Stock Exchange and Bombay Stock Exchange of India. These financial statements are presented in Indian Rupees (Rs).

3. Contingent liabilities and commitments outstanding:

I Contingent Liabilities not provided for in respect of:-

As at 31 As at 31 March 2015 March 2014 Description Rs . Lacs Rs . Lacs

a) Letter of credit opened by banks 1370.83 1063.67

b) Disputed Excise Duty and Other demands 8.95 18.12

c) Income tax demands where the cases are pending at various 6.45 7.37 stages of appeal with the authorities

Based on legal opinion taken by the Company, discussions with the solicitors etc, the Company believes that there is a fair chance of decisions in favour of the Company in respect of the items listed above and hence no provision is considered necessary against the same

II Commitments

Estimated amount of contracts remaining to be executed on 4739.15 2052.22

capital account and not provided for (net of advances)

III Other Commitments - -

4. There are no present obligations requiring provision in accordance with the guiding principles as enunciated in Accounting Standard AS 29-"Provisions, Contingent Liabilities and Contingent Assets " as it is not probable that an outflow of resources embodying economic benefits will be required.

5. In the opinion of Board, current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they stated and provision for all known liabilities has been made and considered adequate.

6. Expenditure on insurance includes Rs. 6.31 Lacs (Previous Year Rs. 6.31lacs) being the premium paid under Keyman Insurance Schemes to cover risks on life of Key Management personnel. Benefits to the Company under the said scheme depend on various factors including resignation/survival of the said personnel or premature surrender of the policy. Such benefits will be accounted in the year in which they become due.

7. Employee Benefits in accordance with Accounting Standard (AS-15)

The Company has classified the various benefits provided to employees as under:-

(i) Defined contribution plans

a. Provident fund

(ii) Defined benefits plans

a. Contribution to Gratuity fund

b. Compensated absences - Earned leave

In accordance with Accounting Standard 15, actuarial valuation was done in respect of the aforesaid defined plans based on the following assumptions: -

8.Economic Assumptions

The discount rate and salary increases assumed are key financial assumptions and are considered together; it is the difference or 'gap' between these rates which is more important than the individual rates in isolation.

9.Salary Escalation Rate

The salary escalation rate usually consists of at least three components, viz. Regular increments, price inflation and promotional increases. In addition to this any commitments by the management regarding future salary increases and the Company's philosophy towards employee remuneration are also taken into account. Again a long- term view as to the trend in salary increase rates is taken rather than be guided by the escalation rates experienced in the immediate past, if they have been influenced by unusual factors.

10. Provident Fund and Employees State Insurance

The Company makes contribution to statutory provident fund and Employee State Insurance in accordance with Employees Provident Fund and Miscellaneous Provision Act, 1952 and Employee State Insurance Act, 1948 respectively .This is post-employment benefit and is in the nature of defined contribution plan. Contribution made by the Company during the year is Rs.209.32 Lacs. (Previous year Rs. 187.93 lacs)

11. As the Company's business activity falls within a single primary business segment viz. Motorcycles Parts, the disclosure requirements of Accounting Standard (AS-17) "Segment Reporting" notified by Companies (Accounting Standards) Rules, 2013, (as amended) are not applicable.

12. Related Party Disclosures (**):-

a) Key Managerial Personnel

Mr. Neeraj Munjal, Managing Director Dr. Anil Kumar Gupta, Technical Director Mrs. Charu Munjal, Whole Time Director Mr. Davendra Ujlayan, VP- Finance Ms. Shivani Kakkar, Company Secretary

b) Holding Company

Dayanand Munjal Investments Private Limited

c) Enterprises over which key management personnel and their relatives are able to exercise significant influence

Munjal Showa Limited Pushti Metal Industries LLP Earthly Possessions Semac Consultants Pvt. Ltd.

14. During the year ended March 31,2015, pursuant to the provisions of the Companies Act, 2013 and requirements of notification G.S.R. 627 (E ) dated August 29,2014, , the company has reviewed and reassessed the estimated useful lives and residual value of its fixed assets and adopted useful lives of the assets as per Schedule II to the Companies Act,2013 except for certain items of fixed assets, which is based on the technical evaluation. Accordingly, the unamortized carrying value is being depreciated over the revised remaining useful lives. Consequently, the depreciation charge for the year ended March 31,2015 is lower by Rs. 343.29 lacs. Depreciation of Rs. 51.95 lacs (net of deferred tax of Rs. 21.27 lacs) has been debited to the opening reserves, in accordance with the transitional provision to schedule II of the Companies Act, 2013.

15. In the opinion of the management there is no reduction in the value of any asset, hence no provision is required in term of accountancy standard 28 "Impairment of Asset".

16. Previous year figaures have been regrouped where necessary to confirm to this year's classification.


Mar 31, 2014

1. Background

SHIVAM AUTOTECH LIMITED (the ''Company'') was established in the year 1999, and was initially known as Munjal Auto Components till July, 2005. The Company got converted to a separate Public Limited Company w.e.f. 29th July, 2005. In pursuant to the scheme of Demerger arrangement, the Gurgaon Unit was transferred to Shivam Autotech Limited on 1st August, 2005.The Company has been engaged in the manufacturing of Near-Net- Shaped, auto transmission components mainly for Original Equipment Manufacturers (OEMs). The product range includes various types of transmission gears, transmission shafts, spline shafts, plunger, power train components, and employing cold/warm/hot forging techniques. The Company has two state-of-the-art manufacturing facilities, located at Gurgaon & Haridwar. The Company''s new plant in Haridwar was commissioned in April, 2009 and is equipped with modern and state of art facilities. The main advantage of cold/ warm forging technology, which is being used to manufacture near net shaped components, are high production rates, better dimensional accuracies, excellent surface finish, substantial savings in material with minimized machining and having superior mechanical and metallurgical properties. The Company is listed on the National Stock Exchange and BSE Limited.

2. Details of Securities

(i) Cash credit from IDBI Bank having outstanding balance of Rs. 40.50 Lacs (P Y Rs. 875.73 lacs) and Axis Bank having outstanding balance Rs.277.95 Lacs (P Y Rs. 660.83 lacs) at Binola is secured by first Pari Pasu charge on current assets of the company.

(ii) Cash credit from Karnataka Bank having outstanding balance of Rs. 526.55 Lacs (previous year NIL) at Binola is secured as first charge on entire current assets of the company (Both Present and future and second charge on the machineries proposed to be purchased out of Term Loan of Rs. 10 Crores for Binola Plant.

(iii) Cash credit from Punjab National Bank having outstanding balance of Rs. 2392.21 lacs (P Y Rs. 2422.68 lacs) and IDBI Bank Ltd. having an outstanding balance of Rs. 174.02 Lacs (P Y Rs.154.84 lacs) is secured by first pari passu charge on the current assets of Haridwar Plant along with the other working capital bankers.

(iv) Cash credit from Ing Vysya Bank Limited having outstanding balance or Rs 2497.76 lacs (P Y Rs. 871.15 lacs) is secured by first pari passu charges on the current asset of binola plant along with the other working capital bankers.

(v) The interest rate for the above cash credit varies from 11.5% to 12.75% (P Y 12% to 14%).

3. Contingent liabilities and commitments outstanding:

As on As on 31st March 2014 31st March 2013 Contingent Liabilities Rs. in Lacs Rs. in Lacs not provided for in respect of:-

Description

a) Letter of credit opened 1,063.67 1038.16 by banks

b) Disputed Excise Duty 18.12 111.91 and Other demands

c) Income tax demands 7.37 6.45 where the cases are pending at various stages of appeal with the authorities

Based on legal opinion taken by the Company, discussions with the solicitors etc, the Company believes that there is a fair chance of decisions in favour of the Company in respect of the items listed above and hence no provision is considered necessary against the same.

II Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) 2,052.22 69.34

III Other Commitments - -

4. There are no present obligations requiring provision in accordance with the guiding principles as enunciated in Accounting Standard AS 29-"Provisions, Contingent Liabilities and Contingent Assets " as it is not probable that an outflow of resources embodying economic benefits will be required.

5. In the opinion of Board, current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they stated and provision for all known liabilities has been made and considered adequate.

6. Expenditure on insurance includes Rs. 6.31 Lacs (Previous Year Rs. 6.30 lacs) being the premium paid under Keyman Insurance Schemes to cover risks on life of Key Management personnel. Benefits to the Company under the said scheme depend on various factors including resignation/survival of the said personnel or premature surrender of the policy. Such benefits will be accounted in the year in which they become due.

7. Employee Benefits in accordance with Accounting Standard (AS-15)

A. Gratuity and Leave Encashment

Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The Scheme is funded with an insurance company in the form of a qualifying insurance policy.

The following tables summaries the components of net benefit expense recognized in the statement of profit and loss and the funded status and amounts recognized in the balance sheet for the respective plans.

8. As the Company''s business activity falls within a single primary business segment viz. Motorcycles Parts, the disclosure requirements of Accounting Standard (AS-17) "Segment Reporting" notified by Companies (Accounting Standards) Rules, 2006, (as amended) are not applicable.


Mar 31, 2013

OVERVIEW:-

SHIVAM AUTOTECH LIMITED (SAL) was established in the year 1999, and was initially known as Munjal Auto Components till July, 2005. The Company got converted to a separate Public Limited Company w.e.f. 29th July, 2005. In pursuant to the scheme of Demerger arrangement, the Gurgaon Unit was transferred to Shivam Autotech Ltd. on 1st August, 2005. The Company has been engaged in the manufacturing of Near-Net- Shaped, auto transmission components mainly for Original Equipments Manufacturers (OEMs). The product range includes various types of transmission gears, transmission shafts, spline shafts, plunger, power train components, employing cold/warm/hot forging techniques.The Company has two state-of-the-art manufacturing facilities, located at Gurgaon & Haridwar. The company''s new plant in Haridwar was commissioned in April, 2009 and is equipped with modern and state of art facilities.The main advantage of cold/ warm forging technology, which is being used to manufacture near net shaped components, are high production rates, better dimensional accuracies, excellent surface finish, substantial savings in material with minimized machining and having superior mechanical and metallurgical properties.It is listed on the National Stock Exchange of India and Bombay Stock Exchange in India.

1 CONTINGENT LIABILITIES AND COMMITMENTS:

I Contingent Liabilities not provided for in respect of:-

(Rs. In lacs) Description Current Year Previous Year 2012-13 2011-12

a) Letter of Credit opened by banks 1,038.16 1,454.88

b) Disputed Excise Duty and Other demands 111.91 106.71

c) Income tax demands where the cases are pending at various stages of appeal with the authorities 6.45 6.45

Based on legal opinion taken by the Company, discussions with the solicitors etc, the Company believes that there is a fair chance of decisions in respect of the items listed above and hence no provision is considered necessary against the same.

II Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) 69.34 768.71

III Other Commitments

2 There are no present obligations requiring provision in accordance with the guiding principles as enunciated in Accounting Standard AS 29-"Provisions, Contingent Liabilities and Contingent Assets " as it is not probable that an outflow of resources embodying economic benefits will be required.

3 In the opinion of Board, Current Assets, Loans and Advances have a value on realisation in the ordinary course oif business at least equal to the amount at which they stated and provision for all known liabilities has been made and considered adequate.

4 Expenditure on insurance includes Rs. 6.30 Lacs (Previous Year Rs. 6.30 lacs) being the premium paid under Keyman Insurance Schemes to cover risks on life of Key Management personnel. Benefits to the Company under the said scheme depend on various factors including resignation/survival of the said personnel or premature surrender of the policy. Such benefits will be accounted in the year in which they become due.

4 Employee Benefits'', in accordance with Accounting Standard (AS-15)

A Gratuity and Leave Encashment Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The Scheme is funded with an insurance company in the form of a qualifying insurance policy. The following tables summaries the components of net benefit expense recognized in the statement of profit and loss and the funded status and amounts recognized in the balance sheet for the respective plans.

B Provident Fund and Employees State Insurance

The Company makes contribution to statutory provident fund and Employee State Insurance in accordance with Employees Provident Fund and Miscellaneous Provision Act, 1952 and Employee State Insurance Act, 1948 respectively This is post employment benefit and is in the nature of defined contribution plan. Contribution made by the Company during the year is Rs.173.55 Lacs. (Previous year Rs. 163.30 lacs)

5 a) Provision for current income tax has been considering various benefits and allowances available to the Company under the provisions of the Income Tax Act, 1961. b) Movement of deferred tax provision /adjustment in accordance with Accounting Standard (AS-22)''Accounting for Taxes on Income'' is as under:

6 As the Company''s business activity falls within a single primary business segment viz. Motorcycles Parts, the disclosure requirements of Accounting Standard (AS-17) "Segment Reporting" notified by Companies (Accounting Standards) Rules, 2006, (as amended) are not applicable.

7 Disclosures as required by Accounting Standard (AS–18) ''Related Party Disclosures**:- a) Key Managerial Personnel

Mr. Neeraj Munjal, Managing Director Dr. Anil Kumar Gupta, Director - Technical

b) Holding Company

Dayanand Munjal Investments Private Limited

c) Enterprises over which key management personnel and their relatives are able to exercise significant influence

Munjal Showa Limited

d) The following transactions were carried out with the related parties in the ordinary course of business:


Mar 31, 2011

1 Contingent Liabilities (not provided for) in respect of:-

(Rs. In lacs)

Particulars 2010-11 2009-10

a) Unexpired Letter of Credit 1,095.91 1,938.29

b) Claims against the Company not acknowledged as debts 113.25 102.20

Based on legal opinion taken by the Company, discussions with the solicitors etc, the Company believes that there is a fair chance of decisions in respect of the items listed above and hence no provision is considered necessary against the same.

2 There are no present obligations requiring provision in accordance with the guiding principles as enunciated in Accounting Standard AS 29-"Provisions, Contingent Liabilities and Contingent Assets " as it is not probable that an outflow of resources embodying economic benefits will be required.

3 Company has availed sales tax incentive amounting to Rs. 605.39 lacs (Previous Year Rs. 546.04 lacs) by the end of 31st March, 2011 in the form of deferment, to be converted later into Capital Subsidy, in accordance with the scheme of the Govt. of Haryana for development of Industries. Considering the nature of incentive and legal opinion taken by the Company, the amount is treated as Capital Receipt and disclosed as such in the Balance Sheet.

4 Expenditure on insurance includes Rs.6.30 lacs (Previous Year Rs.6.30 lacs) being the premium paid under Keyman Insurance Schemes to cover risks on life of Key Management personnel. Benefits to the Company under the said scheme depend on various factors including resignation/survival of the said personnel or premature surrender of the policy. Such benefits will be accounted in the year in which they become due.

5 Micro Small & Medium Enterprises Development Act,2006

The Company has so far not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure relating to amounts unpaid as at the year -end together with interest paid /payable under this Act has not been given.

6 AS 15 Employees Benefits

Gratuity and Other Post Employment Benefit Plans

Gratuity

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The Scheme is funded with an insurance company in the form of a qualifying insurance policy.

Provident Fund and Employhees State insurance

The Company makes contribution to statutory provident fund and Employee State Insurance in accordance with Employees Provident Fund and Miscellaneous Provision Act, 1952 and Employee State Insurance Act, 1948 respectively .This is post employment benefit and is in the nature of defined contribution plan. Contribution made by the Company during the year is Rs.140.82 lacs. (Previous year Rs. 111.96 lacs)

7 Deferred Tax Liabilities on taking into account the impact of timing differences between financial statements and estimated taxable income.

A. Deferred Tax Liabilities

Tax Effect of excess Net Block of Fixed assets as per the books of account over written down value as per the income tax computation

B. Deferred Tax Assets

Retirement benefits * Brought forward Losses

Net Deferred Tax Liabilities (A-B)

* Net of deferred tax charge on transitional provision of revised AS-15 on Employee Benefits adjusted in opening reserves.

8 As the Company's business activity falls within a single primary business segment viz. Motorcycles Parts, the disclosure requirements of Accounting Standard (AS-17) "Segment Reporting" notified by Companies (Accounting Standards) Rules, 2006, (as amended) are not applicable.

9 Related parties disclosure:

a) Key Managerial Personnel

Mr. Neeraj Munjal, Managing Director

b) Enterprises which are able to exercise significant influence over the company Dayanand Munjal Investments Pvt Ltd Hero Cycles Limited (Till 31.03.2010)

c) Enterprises over which key management personnel and their relatives are able to exercise significant influence

Hero Honda Motors Limited

Hero Corporate Services Limited

Munjal Showa Limited

Arow Infrastructure Limited

Rockman Industries Limited (Till 31.03.2010)

Puja Investments Private Limited (Till 31.03.2010)

Anadi Investments Private Limited (Till 31.03.2010)

Hero Investments Private Limited (Till 31.03.2010)

Munjal Auto Industries Ltd. (Till 31.03.2010)

Satyam Auto Components Limited (Till 31.03.2010)

Highway Industries Limited (Till 31.03.2010)

Dayanand Munjal Investments Limited (Till 31.03.2010)

Bahadur Chand Investments Private Limited (Till 31.03.2010)

Thakurdevi Investments Private Limited (Till 31.03.2010)

Bhagyoday Investments Private Limited (Till 31.03.2010)

Munjal Investments Private Limited (Till 31.03.2010)

Highway Industries Limited (Till 31.03.2010)

Munjal Acme Packaging Systems Ltd. (Till 31.03.2010)

Sunbeam Auto Ltd. (Till 31.03.2010)

10 In the opinion of the Board and to the best of their knowledge and belief, the value on realisation of loans, advances and current assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

11 Previous year figures have been regrouped/ rearranged wherever considered necessary to facilitate comparison with current year figures

III. ADDITIONAL INFORMATION PURSUANT TO THE PROVISIONS OF 3, 4C and 4D OF PART II OF SCHEDULE VI OF THE COMPANIES ACT,1956

(i) The installed capacity is on annualised basis and is as certified by the management and relied upon by the auditors being a technical matter . The installed capacity is calculated on triple shift basis.

(ii) Actual production of Forging Components and Gear blanks Machining depends on exact specification of the product. The quantities are indicative of production ,with specifications, which are considered representative of estimated average product mix.


Mar 31, 2010

1 Details ofContingent Liabilties

(Rs. In lacs)

2009-10 2008-09

a) Unexpired Letter of Credit 1,938.29 516.96

b) Claims notacknowledgedasdebtsbythe company 102.20 93.03



2 Estimated amount of contracts remaining to be executed on Capital Account and not provided for (Net of advances) - Rs. 412.31 lacs (Previous Year Rs. 883.38 lacs)

3 There are nopresent obligations requiring provisionin accordance with the guiding principles as enunciated in Accounting Standard "AS 29" as itis not probable that anoutflowof resources embodying economic benefits willbe required.

4 Company has availed sales tax incentive amounting to Rs. 546.04 Lacs (Previous Year 501.05 lacs) by the end of 31st March, 2010in the formof deferment, inaccordance with the scheme of the Govt.ofHaryana for development ofIndustries. Considering the nature of incentive and legal opinion taken by the company, the amount is treated as Capital Receipt and disclosed as such in theBalance Sheet.

5 Expenditure on insurance includes Rs.6.30 Lacs (Previous Year Rs.6.30 lacs) being the premium paid under Keyman Insurance Schemes to cover risks on life of Key Management personnel. Benefits to the Company under the said scheme depend on various factors including resignation/survival of the said personnel or premature surrender of the policy. Such benefits will be accountedinthe yearinwhich they becomedue.

6 As the Companys business activity falls withina single primary business segment viz. Motorcycles Parts, the disclosure requirements of Accounting Standard (AS-17) "Segment Reporting" issued by the Institute of Chartered Accountants of India, are not applicable.

7 Related parties disclosure:

a) Key Managerial Personnel

Mr. Neeraj Munjal, Managing Director

b) Enterprises which are able to exercise significant influence over the company

Hero Cycles Limited

c) Enterprisesoverwhichkeymanagementpersonneland

their relatives are abletoexercise significant influence

Hero Honda Motors Limited Rockman Industries Limited

Puja Investments Private Limited

Anadi Investments Private Limited

Hero Investments Private Limited

Hero Corporate Services Limited

Munjal Auto Industries Ltd.

Satyam Auto Components Limited

Highway Industries Limited

Dayanand Munjal Investments Limited

Bahadur Chand Investments Private Limited

Thakurdevi Investments Pivate Limitred

Bhagyoday Investments Private Limited

Munjal Investments Private Limited

Highway Industries Limited

Munjal Acme Packaging Systems Ltd.

Arrow Infrastructure Ltd.

Sunbeam Auto Ltd.

8 Previous year figures have been regrouped/ rearranged wherever applicable, to facilitate comparsion.

 
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