Jamna Auto Industries Ltd

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Company Profile

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Market Capitalization

INR 1000 Cr Approx. (Share Price INR 240/- ~ INR 250/-)

Production Spring Capacity

2013 – 150,000 MT 2014 – 180,000 MT

Alliance Ridewell (USA) – Air Suspension & Lift Axle

Manufacturing Plants 6 Plants in 5 States

Listed in Stock Exchange

BSE – 520051, JAMNAUTO NSE – JAMNAAUTO

Sales

3rd in the World

2

Jamna Auto Industries Ltd

Jamna Auto – INR 1000 Cr

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Jamna Auto Industries Ltd - Share Holding

Promoters

Foreign - OCB

General Public

Other Companies

Foreign - NRI

Foreign Institutions

Others

NBFC and Mutual Funds

Financial Institutions

Category No. of Shares Percentage

Promoters 1,74,09,830 44.04

Foreign - OCB 1,35,01,653 34.15 * General Public 70,73,730 17.88 Other Companies 6,72,890 1.70 Foreign - NRI 3,32,589 0.84 Foreign Institutions 2,59,815 0.66 Others 2,12,350 0.54 NBFC and Mutual Funds 65,482 0.17 Financial Institutions 6,650 0.02 Total 3,95,34,989 100.00

* Foreign - OCB %28

NHK Spring Co, Japan 6 Total 34

Clearwater Capital (Cyprus & Singapore)

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Industry Leader (in India) ~ nearest Competitor 11% Market Share

Manufacturing More Than 400 Parts OEM Market Share 63%, OEM Share in Parabolic s : 95%

Manufacturing more than 350 Parts

Industry Leader (in India) nearest competitor 13 % Market Share

Strategically located all over India

FY 2013 – 14 Sales INR 894 Cr & Installed Capacity 180,000 MT p.a.

JAI’s Strength

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Conventional Leaf spring

Parabolic Leaf Spring Lift Axle

Current Products

Air Suspension

Products

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Locations

Yamuna Nagar

Malanpur

Chennai

Jamshedpur

Pant Nagar

Hosur

Products

Leaf Spring

Parabolic Spring

Lift Axle

Air Suspension

Markets

OE India

AM India

OE – Exports

AM – Exports

6 Locations 4 Products 4 Markets

Assembly Plants

Main Plants

* OE India- Original Equipment Manufacturer

* AM India – After Market India

Presence

Serving more than 20 OEM Customer Locations in India 6/17

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Domestic Customers

New Multinational Domestic Customers

Exports Customers

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Global Spring Manufacturers Global Leaf Market Scale

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Current

1980’s Leaf Spring Manufacturer Base Country CapacityNHK Spring Co. Ltd. Japan 2,00,000Delphi USA 1,00,000Eaton/Oxford Canada 1,00,000Krupp Germany 40,000Hendrickson USA 40,000DSP USA 40,000Rejna Europe 40,000Hoesh Germany 30,000Sarfedern Germany 20,000Johns Woodhead UK 10,000

Indian Market Scenario

Leaf Spring Manufacturer Base Country CapacityRassini Mexico 2,50,000Hendrickson Canada & Mexico 1,90,000Jamna Auto Industries Ltd. India 1,80,000NHK Spring Co. Ltd. Japan & Thiland 1,50,000Ventanna Eurpoe 1,10,000Dong Feng China 1,05,000FAW China 1,00,000MBHA Spain 36,000Olgin Turkey 28,000LPDN Eurpoe 24,000

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1. TATA Motors

1. TATA Motors

Pant Nagar

Bhuj

1. TATA Motors

2. Ashok Leyland

Ropar

Indore

Pune 1. TATA Motors

2. Mahindra Navistar

3. Force Motors

4. Taco Hendrickson

Bangalore 1. VOVLO

2. Ashok Leyland

3. Kamaz Vectra

4. Leyland Nissan

5. Scania –Coming Up in 2015

Chennai 1. Ashok Leyland

2. Bharat Benz (Daimler)

3. Renault Nissan

4. Ford India

5. ISUZU –Coming up in 2014

OEM Plants

JAI &OEMs Presence in India

1. AMW

Lucknow

Jamshedpur

JAI – Chennai

JAI – Jamshedpur

JAI – Pantnagar

JAI – Yamuna Nagar

JAI – Gwalior

JAI – Pune

JAI – Hosur

JAI Existing Plants

1. SML ISUZU

1. VECV

2. Force Motors

3. MTI

JAI Upcoming Plant

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Jamna Auto Industries Ltd

Financial Update 2014-15

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Jamna Auto Industries Ltd Highlights

• Upgradation of Credit Ratings by ICRA (Three Notches) - Long Term Rating improved from LBBB- to A- - Short Term Rating improved from A3 to A2+

• Healthy Liquidity Position

INR in Cr

Hundies in Hand (Duly accepted by Customers)

34

Un-utilized Working Capital Limits 34

Balance in Current Accounts 11

Total 79

LT ST

October 12 D D

March 13 BB+ A4+

July 13 BBB- A3

June 14 BBB A2

Sept 14 A- A2+

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Jamna Auto Industries Ltd Highlights - Cont’d • Interest Swaps:

Term Loans from Kotak (INR 15 Cr), HDFC (INR 10 Cr) and SBER (INR 10 Cr) have been converted

into Foreign Currency Loans in order to get interest rate benefit. With this, exports of next 3

years are also hedged without any additional cost. Estimated interest Savings INR 3 Cr.

• WAC for Term Loans considering above ‘Interest Swaps’ : <10% p.a.

• Further possible interest savings of INR 0.74 Cr against unutilized IRS Limit of INR 10 Cr with

ICICI Bank.

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Reduction in Borrowing (At Consolidated Level)

Reduction in Finance Cost

Q-4 (2013-14)

Q-1 (2014-15)

Q-2 (2014-15)

Q-3 (2014-15)

INR 5.7 Cr INR 4.4 Cr INR 4.7 Cr INR 4.5 Cr

93 105 100

82 73

67 64

71

18 15 27

13

0 0

164

123 115

109

86

67

64

-5

15

35

55

75

95

115

135

155

175

Mar 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Jan 15 Feb 15

Long Term

Short Term (WC)

Total Borrowing

INR in Cr

Jamna Auto Industries Ltd Highlights - Cont’d

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Commercial Vehicle Trends & Market Share Jamna Auto Industries Ltd

2013-14 9 Months

2014-15 9 Months

Growth in 9 Months

Growth in 2013-14

M & HCV Production (Nos.) 1,59,142 1,86,221 17% -21%

LCVs (Nos.) 3,61,479 3,17,310 -12% -14%

Vehicle Production (Nos.) 5,20,621 5,03,531 -3% -16%

Spring Demand (MTs) 96,638 1,13,989 18% -21%

JAI 's Business (MTs) – OEM 55,218 71,813 30% -23%

Market Share (%) 57 63 6% -1%

Note: Growth in Market Share is primarily due to increase in TML SOB from 54% to 65% in Q-4 (2013-14) and further increase in SOB to 70% in Q-3 of current year. Estimated TML SOB for Q4: 73%

JAI’s presence

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Jamna Auto Industries Ltd Sales Comparison (In MTs) 9 Months (Actuals) Figures in MT

2013-14 2014-15 2013-14 2014-15 2013-14 2014-15H-1 H1 Q-3 Q-3 9 Months 9 Months

1 OEM 41,283 82.6% 47,186 82.7% 14.3% 13,935 72.3% 24,593 81.5% 55,218 79.7% 71,779 82.3%

2 Replacement 8,700 17.4% 9,902 17.3% 13.8% 5,335 27.7% 5,569 18.5% 14,035 20.3% 15,471 17.7%

Total 49,983 100% 57,088 100% 14.2% 19,270 100% 30,162 100% 69,253 100% 87,250 100%

Growth 14% Growth 57% Growth 26%

Outlook Q-4 & FY15

2013-14 2014-15 2013-14 2014-15Q-4 Q-4 FY FY

1 OEM 22,940 79.5% 32,671 83.9% 42.4% 78,158 79.7% 1,04,450 82.8%2 Replacement 5,913 20.5% 6,255 16.1% 5.8% 19,948 20.3% 21,726 17.2%

Total 28,853 100% 38,926 100% 34.9% 98,106 100% 1,26,176 100%

Growth 35% Growth 29%

%% Growth% % % %

% % Growth % %

S No Product

S No Product

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Jamna Auto Industries Ltd Financial Results (Standalone) 9 Months Q3

INR in Cr INR in Cr2013-14 2013-14 2014-15 Growth 2013-14 2014-15 2014-15 Growth

FY 9M 9M in % Q-3 Q-2 Q-3 in %

Net Sales 716.4 500.6 677.3 35% Net Sales 146.0 233.0 234.2 60%

Export Sales 7.9 5.3 8.5 60% Export Sales 0.9 1.9 2.2 158%

EBITDA (Normalised) 41.3 25.5 50.0 96% EBITDA 1.0 13.7 20.2 1960%

Operating Margin 16.4 7.4 30.9 317% Operating Margin (5.4) 7.7 13.4 350%

PBT (Operational) (4.3) (7.4) 18.2 347% PBT (Operational) (10.0) 3.3 9.2 192%

PAT * 14.3 11.4 13.7 20% PAT (7.4) 3.4 5.1 168%

Cash Accruals 39.1 29.5 32.8 11% Cash Acctuals (1.1) 9.5 11.9 1183%

EBITDA Margin (%) 5.8% 5.1% 7.4% 45% EBITDA Margin (%) 0.7% 5.9% 8.6% 1185%

Operating Margin (%) 2.3% 1.5% 4.6% 208% Operating Margin (%) -3.7% 3.3% 5.7% 256%

PBT (%) -0.6% -1.5% 2.7% 282% PBT (%) -6.8% 1.4% 3.9% 158%

PAT (%) * 2.0% 2.3% 2.0% -12% PAT (%) -5.1% 1.5% 2.2% 143%

Cash Accruals (%) 5.5% 5.9% 4.8% -18% Cash Accruals -0.8% 4.1% 5.1% 775%

* PAT (FY14) includes Exceptional items of INR 17.6 Cr16/17

Jamna Auto Industries Ltd Financial Results (Consolidated) 9 Months Q3

INR in Cr INR in Cr2013-14 2013-14 2014-15 Growth 2013-14 2014-15 2014-15 Growth

FY 9M 9M in % Q-3 Q-2 Q-3 in %

Net Sales 833.8 587.9 753.0 28% Net Sales 169.9 255.9 262.1 54%

Export Sales 7.9 5.3 8.5 60% Export Sales 0.9 1.9 2.2 158%

EBITDA (Normalised) 49.1 31.3 56.7 81% EBITDA 2.7 15.4 22.3 736%

Operating Margin 23.2 12.7 36.1 185% Operating Margin (3.9) 9.0 15.2 492%

PBT (Operational) (0.8) (4.8) 22.5 569% PBT (Operational) (9.5) 4.3 10.7 212%

PAT * 13.8 10.9 13.5 23% PAT (8.3) 3.2 4.8 158%

Cash Accruals 39.8 29.6 34.0 15% Cash Accruals (1.8) 9.6 12.0 786%

EBITDA Margin (%) 5.9% 5.3% 7.5% 41% EBITDA Margin (%) 1.6% 6.0% 8.5% 442%

Operating Margin (%) 2.8% 2.2% 4.8% 123% Operating Margin (%) -2.3% 3.5% 5.8% 354%

PBT (%) -0.1% -0.8% 3.0% 466% PBT (%) -5.6% 1.7% 4.1% 173%

PAT (%) * 1.7% 1.9% 1.8% -4% PAT (%) -4.9% 1.2% 1.8% 138%

Cash Accruals (%) 4.8% 5.0% 4.5% -10% Cash Accruals (%) -1.0% 3.7% 4.6% 545%

* PAT (FY14) includes Exceptional items of INR 17.6 Cr17/17

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