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We are an engineering-led integrated manufacturer of complex and high-quality precision components for the automotive and aerospace sectors, primarily supplying to original equipment manufacturers (“OEMs”) in India and internationally. We manufacture and supply a wide range of precision forged and machined components that are critical for engine, transmission and other systems for the two-wheeler, passenger vehicle and light and heavy commercial vehicle verticals in the automotive sector. We also supply our components to the aerospace sector and for off-road vehicles as well as for other segments including tractors, generator sets, stationary engines and other non-automotive applications.

We are a leading supplier to the two-wheeler and passenger vehicle verticals in India. Specifically, we are one of the leading Indian manufacturers of (i) connecting rods, crankshafts, rocker arms and gear shifter forks for two- wheelers and (ii) connecting rods, rocker arms and gear shifter forks for passenger vehicles (Source: CRISIL Report). We are among the top two and top three manufacturers of two-wheeler and passenger vehicle connecting rods in India, respectively; among the top two manufacturers and the largest manufacturer of two-wheeler and passenger vehicle rocker arms in India, respectively; and among the top three manufacturers of two-wheeler gear shifter forks in India (Source: CRISIL Report). We supply most of our products directly to OEMs and in forged and machined condition, resulting in higher value addition by us.

We have longstanding relationships with several well-known Indian and global OEMs. Specifically, (i) in the two- wheeler vertical we have relationships of over 20 years with Bajaj, over 20 years with Yamaha and over 15 years with HMSI, the fourth, fifth and second largest two-wheeler Indian OEMs in terms of domestic production volume for fiscal 2018, respectively (Source: CRISIL Report); and (ii) in the passenger vehicle vertical we have relationships of over 30 years with Maruti Suzuki, the leading Indian passenger vehicle OEM in terms of domestic production volume for fiscal 2018 (Source: CRISIL Report), and over eight years with FCA, a leading European passenger vehicle OEM. We have regularly been recognised by our customers for the quality of our products and we are the single source supplier in certain product categories for some of our key customers. We added 21 new customers (including customers in the aerospace sector) between fiscals 2014 and 2018. Bajaj, our largest customer, contributed 21.13% and 25.05% of our consolidated and standalone revenues from the Sale Of Products (Net Of Excise Duties), respectively, in fiscal 2018.

As of May 31, 2018, we had 15 manufacturing facilities in close proximity to the production facilities of certain of our OEM customers, enabling faster supply times. 14 of these facilities are situated in India at various locations, namely, Bengaluru, Manesar, Pune, Pantnagar and Tumkur, and one facility is situated at Trollhattan, Sweden, in Europe. Our largest greenfield facility in Bidadi, Karnataka has recently commenced commercial production.

Our manufacturing operations are (i) integrated across the product cycle with the entire manufacturing process (encompassing forging, heat treatment and machining) being carried out in-house and (ii) coordinated through concurrent design and engineering, machine building and automation. This enables us to streamline our production processes, achieve shorter product development and delivery times, exercise greater control over key inputs and processes, reduce inventories and manage capital expenditure.

As of May 31, 2018, a team of over 150 personnel supported our Company’s design, engineering, machine building and automation functions. Our Company’s design and engineering capabilities comprise product, process, machine, tool and fixture design as well as advanced engineering. Our Company has a facility in Bengaluru dedicated to machine building and machine design which employed 45 personnel as of May 31, 2018 and manufactured an average of approximately eight machines per month during fiscal 2018. As of May 31, 2018 we had built over 700 computer numerical control (“CNC”) special purpose machines (“SPMs”) which are deployed across our manufacturing facilities. Our Company’s automation division included a team of 16 personnel as of May 31, 2018 who work concurrently with machine and fixture design and have implemented multiple automation projects intended to increase our productivity and control labour costs.

We were incorporated on December 15, 1981 with our Registered Office and Corporate Office located in Bengaluru. We are promoted by S. Sekhar Vasan, F.R. Singhvi, Unni Rajagopal K and D. Devaraj. We commenced commercial production of passenger vehicle components in 1986 for Maruti Suzuki (formerly known as Maruti Udyog Limited). We then grew our precision components manufacturing business organically in India by commencing supplies to the two-wheeler vertical in 1996, for off road vehicles in 2009 and to the light commercial vehicle vertical in 2011. We set up a manufacturing facility dedicated to high precision aluminium and titanium machined aerospace components in 2013. In April 2017, we acquired a 100% stake in Sansera Sweden AB (“Sansera Sweden”), which has facilitated our entry into the heavy commercial vehicle vertical in the automotive sector, expanded our customer base and improved geographical access to OEMs outside India. For further details, see “History and Certain Corporate Matters –Summary of Key Agreements for our Company” on page 194. In fiscal 2018, our standalone and consolidated business in India accounted for 75.68% and 68.61%, respectively, of our Revenue From Operations (Net Of Excise Duties).

We are an employee driven, professionally managed organisation and none of our Promoters’ family members are involved in any executive capacity with our Company. Our management is led by a professional team comprising of a CEO, head of operations and a CFO. The majority of our management team has been with our Company for more than 10 years and has led the expansion of our product and customer base over the last several years, resulting in business growth and diversification. Our management team has ownership stakes in our Company through ESOP schemes with a view to aligning their interests with our performance.

Over the years, we have established a strong track record of growth and financial performance. This has been driven by an increase in the share of business from our customers for our existing product supplies and consistent track record of new customer and product additions. From fiscal 2014 to fiscal 2018, our revenues from customers in India grew at a compound annual growth rate (“CAGR”) of 16.14% and our revenues from customers in Europe grew at a CAGR of 42.73%.

Our Total Income (Net Of Excise Duties) for fiscal 2018 was ₹13,710.62 million and grew at a CAGR of approximately 20.60% between fiscal 2014 and fiscal 2018. Our Average RoCE and Net Debt to Equity Ratio for fiscal 2018 was 18.90% and 0.84 respectively.

As of July 2018, our long-term bank facilities were domestically rated ICRA AA-/Positive and our short-term bank facilities were domestically rated ICRA A1+. We have enjoyed steadily improving domestic credit ratings, which has helped us to manage our cost of funding more effectively