Jay Bharat Maruti Ltd.

Home For escalating the business activities through diversification, in 1986, The Group collaborated with Maruti Suzuki India Limited (MSIL, formerly Maruti Udyog Ltd.- MUL) as joint Venture partner to set up Jay Bharat Maurti Limited(JBML), the largest joint venture of MSIL, for manufacturing of sheet metal components, welded assemblies, exhaust systems, Fuel Neck Filler and Axles at Gurgaon and Manesar. The Company is listed in Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) of India. Plant Particulars

3 Plants located in the National Capital Region Established: 1987 Production Capacity: Nearly 70000 parts / day

Operations & Facilities

Stamping & Welding Press Shop - 25T to 1200T Presses Weld shop - TIG & Robotic Welding-SSW, PSW, MIG, TIG & Robotic Others - World class Paint & Plating shops

Major Products

Body in White, Skin Panels Welded assemblies Jigs & Fixtures Exhaust, Axle assemblies, Fuel Neck Fillers

Certifications

ISO 9001, ISO 14001, TS 16949 (2002) IS 18001, OHSAS 18001

Customers

Maruti Suzuki Eicher Motors Mahindra

Location

Jay Bharat Maruti Ltd. (Plant-I)

Plot No. 5, Maruti Joint Venture Complex Gurgaon - 122015, Haryana Ph: +91-9899079935, 9811813804 Fax: +91-124-2341321

Jay Bharat Maruti Ltd. (Plant-II)

Sector - 36, Mohmmadpur Jharsa, Near Khandsa Village, Gurgaon -122001, Haryana Ph: +91-9711169785, 9711169787 Fax: +91-124-2371356

Jay Bharat Maruti Ltd. (Plant-III)

Plot no. 15 & 22, Maruti Supplier Park Sector - 3 A , IMT Manesar, Gurgaon - 122050, Haryana Ph: +91-124-4366205, 4366252-56 Fax: +91-124-4366251
Jay Bharat Maruti Limited Your Directors have pleasure in presenting the 21st Annual Report of your Company together with the Audited Accounts for the financial year ended 31st March 2008.

Financial Results
The Company's performance during the year as compared with that during the previous year is summarized below: (Rs. in million) Particulars 2007-08 2006-07 Sales and other Income (Gross) 7917.78 6249.55 Profit Before Tax 251.98 185.19 Provision for Tax 93.66 65.45 Profit After Tax 158.32 119.74 Balance Brought Forward From Previous Year 371.46 297.05 Profit available for Appropriation 532.50 416.79 Appropriation: Proposed Dividend 27.06 21.65 Dividend Tax 4.60 3.68 Transferred to General Reserve 20.00 20.00 Balance carried to Balance Sheet 480.84 371.46

Business Performance
During the year under review, Maruti Suzuki India Limited (MSIL), the market leader, clocked 13.3 % growth in Volumes and Exports sales volume of 49335 cars registering an increase of 34.9% . The Performance of your company is in line with the growth of the Joint Venture Partner and market leader Maruti Suzuki India Limited with Total Net Income of the Company for the year reached Rs. 6610.14 Million as against Rs. 5225.23 Million in the previous year showing an impressive growth of 26.50 % Further your Company has recorded profit before tax of Rs. 251.98 million (PY: Rs 185.19 million) and

profit after tax of Rs. 158.32 million (PY: Rs. 119.74 million) thereby posting a growth of 36.06% and 32.22% over previous year respectively. The EPS of the company also went up significantly recording an increase of 32.19 % to reach Rs. 7.31 as against Rs. 5.53 recorded last year.

Expansion
Your Company is continuously expanding its facilities to cater the requirements of its main customer Maruti Suzuki India Limited (MSIL).The Company is setting up new plant in MSIL Suppliers Park at Manesar. The Facilities will includes axle manufacturing, welding and painting. Construction at new site of Manesar is under progress. During the year, the Company has enhanced its painting capacity at Plant - 1.

Financial Highlights - 2010-11

6 | JAY BHARAT MARUTI LIMITED Particulars 2006-07 2007-08 2008-09 2009-10 2010-11 Gross Sales 6220 7878 7968 8796 11888 Net Sales 5195 6570 6917 8032 10603 Other Income 30 40 29 23 56 Total Income (Net) 5225 6610 6946 8055 10659 Financial Charges 56 81 97 123 143 Depreciation - Fixed Assets 189 203 344 381 351 Depreciation - Lease Assets 27 0 0 0 0 Profit Before Tax 185 252 162 328 566 Tax 65 94 59 118 183 Profit After Tax 120 158 104 210 383 Share Capital 108 108 108 108 108 Reserve & Surplus 433 562 641 813 1145 Net Worth 541 671 749 921 1254 Inventory/Net Turnover (Times) 30.03 34.88 25.61 25.02 20.14 Key Indicators PBT/Net Sales (%) 3.56 3.84 2.35 4.08 5.34 PAT/Net Sales (%) 2.30 2.41 1.50 2.61 3.61 RONW (PAT/Net Worth) (%) 22.13 23.61 13.84 22.82 30.55 Earning Per Share (`) 5.53 7.31 4.79 9.70 17.69 Cash Earning Per Share (`) 14.26 16.67 20.66 27.29 33.90 Dividend Per Share (`) 1.00 1.25 1.00 1.50 2.00

Book Value per Share (`) 24.99 30.97 34.58 42.53 57.90 Price/Earning Ratio (Times) 7.41 7.63 4.80 7.14 4.48 Market Price of Share as on 31st March (`) 40.95 55.80 23.00 69.26 79.25 Market Capitalization 887 1208 498 1500 1716 Dividend 21.65 27.06 21.65 32.48 43.30 Corporate Dividend Tax 3.68 4.60 3.68 5.52 7.02 Dividend Payout Ratio (%) (including Dividend Distribution Tax) 21.15 20.00 24.45 18.08 13.14

BUSINESS OVERVIEW During the year, the business environment had mixed feelings and reactions as consumer sentiments were low, which although did not deteriorate demand for goods and services much. All segments within the Industry adopted the cautious approach and chose to tread the middle path of sustaining at least a minimum average growth in this turbulent time. However, there was a double digit growth in the Automobile Sector during the year 2010-11. As per the fi gures released by Society of Indian Automobile Manufacturers (SIAM), the cumulative sales data for April-March 2011 shows domestic sales growth of 26.17 percent over same period last year. A brief on the sale of automotive Industry is as under: DOMESTIC SALES Passenger Vehicles segment grew at 29.16 percent during April-March 2011 over same period last year. Passenger Cars grew by 29.73 percent, Utility Vehicles grew by 18.87 percent and Multi-Purpose Vehicles grew by 42.10 percent in this period. Medium & Heavy Commercial Vehicles (M&HCVs) registered growth of 31.78 percent and Light Commercial Vehicles grew at 22.88 percent. Three Wheelers sales recorded a growth rate of 19.44 percent in April-March 2011. Goods Carriers registered growth of 9.45 percent. EXPORTS During April-March 2011, overall automobile exports registered a growth rate of 29.64 percent. Passenger Vehicles registered a growth rate of 1.64 percent in this period. Commercial Vehicles, Three Wheelers and Two Wheelers segments recorded growth of

69.51 percent, 55.86 percent and 35.04 percent respectively during April-March 2011.

BUSINESS PERFORMANCE Your Company achieved decent growth in revenue and crossed the milestone of `1000 crore turnover (` Ten Thousand Million) by clocking Net Sales of `10,603 Million as compared to `8,032 Million in the previous year, an increase of 32% YoY. Your Companys esteemed Joint Venture Partner, MSIL, registered notable rise in sales with 12,71,005 vehicles registering a growth of 24.80% and your Company is moving in a perfect sync with it. Increase in Sales coupled with continuous improvement in operational effi ciencies has contributed to better fi nancial parameters

Turnover increased from `8,055 Million to `10,659 Million, an increase of 32.32 % YoY. Profi t After Tax (PAT) increased from `210 Million in the previous year to `383 Million in 2010-2011, an increase of 82.38% (YoY). Earnings per Share (EPS) increased from `9.70/- per share in the previous year to `17.69/- per share in 2010-2011, an increase of 82.37% (YoY). Net worth increased to `1,254 Million as against to `921 Million in the previous year

Rs in Cr. Key Ratios Mar 2011 Mar 2010 Mar 2009 Mar 2008 Mar 2007 Debt-Equity Ratio 0.77 0.83 1.09 1.26 1.34 Long Term Debt-Equity Ratio 0.53 0.65 0.84 0.97 1.06 Current Ratio 0.62 0.62 0.64 0.70 0.73 Turnover Ratios Fixed Assets Inventory Debtors Interest Cover Ratio PBIDTM (%) PBITM (%) PBDTM (%) CPM (%) APATM (%) 2.53 28.05 24.13 4.96 8.92 5.97 7.72 6.17 3.22 2.07 29.76 19.86 3.67 9.46 5.13 8.06 6.72 2.39 2.11 34.76 20.09 2.68 7.56 3.25 6.35 5.61 1.30 2.45 43.61 19.99 4.09 6.80 4.23 5.77 4.58 2.01 2.24 37.30 19.48 4.31 7.35 3.88 6.46 5.40 1.92

ROCE (%) RONW (%)

36.94 35.23

29.54 25.17

17.45 14.60

24.34 26.13

20.83 24.24

Rs in Cr. Rs. in Cr. SOURCES OF FUNDS : Share Capital Reserves and Surplus Total Shareholders Funds Secured Loans Unsecured Loans Total Debt Total Liabilities APPLICATION OF FUNDS : Gross Block Less: Accum. Depreciation Net Block Capital Work in Progress Investments

Mar 2011 Mar 2010 Mar 2009 Mar 2008 Mar 2007 10.83 114.53 125.36 107.83 0.00 107.83 233.19 502.43 258.21 244.22 28.98 2.39 10.83 81.26 92.09 51.63 7.17 58.80 150.89 436.38 235.09 201.29 0.99 2.39 32.11 46.54 1.13 24.69 153.14 5.11 -53.78 0.00 150.89 35.24 10.83 64.05 74.88 64.05 15.41 79.46 154.34 411.59 228.52 183.07 8.75 2.39 27.01 42.04 0.52 25.45 132.26 2.63 -39.87 0.00 154.34 25.42 10.83 56.22 67.05 44.87 30.50 75.37 142.42 344.77 194.97 149.80 6.23 2.33 18.83 37.26 1.37 11.60 81.21 3.79 -15.94 0.00 142.42 3.18 10.83 43.28 54.11 55.64 21.66 77.30 131.41 298.66 174.93 123.73 15.53 2.35 17.30 41.55 1.27 15.68 83.45 2.55 -10.20 0.00 131.41 3.52

Current Assets, Loans and Advances Inventories 52.65 Sundry Debtors 51.99 Cash and Bank Balance 0.63 Loans and Advances 33.12 Less: Current Liab. and Prov. Current Liabilities 173.16 Provisions 7.63 Net Current Assets Miscellaneous Expenses not w/o Total Assets Contingent Liabilities -42.40 0.00 233.19 48.07

FOR THE YEAR ENDED 31ST MARCH, 2012 S. no. Particulars For the year Ended Audited 121,384.12 14,552.68 106,831.44

Gross sales/income from operations Less:- Excuse duty Recovered 1. 2. Net Sales/Income from operations Expenditure a) b) c) d) e) f) (increase) Decrease in Stock in Trade & Work in progress Consumption of Raw Material Purchases of traded goods Employees Cost Depreciation Other Expenditure

(135.16) 85,911.77 5,690.13 3,801.78 6,742.83

3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16.

17. 18.

Total Profit from Operations before Other Income, Interest & Exceptional Items (1-2) Other Income Profit before Interest & Exceptional Items (3+4) Financial Changes Profit after Interest but before Exceptional Items (5-6) Exceptional Items Profit before tax from ordinary activities (7+8) Tax Expense Net Profit after tax from ordinary Activities (9-10) Extraordinary Items Net Profit for the period (11+12) Paid up Equity Share Capital (Face value of Share Rs. 5/- each) Reserves Excluding revaluation reserves Earning per Share (EPS) a) Basic and diluted EPS before extra-ordinary items (not annualized) b) Basic and diluted EPS after extra-ordinary items (not annualized) PUBLIC SHAREHOLIDING Number of Shares Percentage of shareholding PROMOTERS AND PROMOTER GROUP SHAREHOLDING a) Pledged/Encumbered Number of Shares Percentage of shares (as a % of the total shareholding of promoter & promoter group ) Percentage of shares (as a % of the total share capital of the company)

102,011.53 4,819.91 223.03 5,042.94 2,150.56 2,892.38 2,892.38 929.48 1,962.90 1,962.90 1,082.50 13,038.71 9.07 9.07 8,969.800 41.43%

NIL NIL NIL

b) Non- Encumbered Number of Shares Percentage of shares (as a % of the total shareholding of promoter & promoter group ) Percentage of shares (as a % of the total share capital of the company)

12,680,200 100.00% 58.57%