Shriram Transport Finance Company Limited - Karvy

Draft Prospectus
June 6, 2011
Shriram Transport Finance Company Limited
A Public Limited Company Incorporated under the Companies Act, 1956 (Registered as a Non-Banking Financial Company within the meaning of the Reserve Bank of India Act, 1934 (2 of 1934))
Registered Office: Mookambika Complex, 3 rd Floor, No. 4, Lady Desika Road, Myalpore, Chennai, Tamil Nadu- 600004 Corporate Office: Wockhardt Towers, Level – 3, West Wing, C-2, G Block,
Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051 Tel. No.: +91 22 4095 9595 Fax: +91 22 4095 9596/97 Website: www.stfc.in Compliance Officer and Contact Person: Mr. K. Prakash;
E-mail: stfcncd3comp@stfc.in
Public Issue by Shriram Transport Finance Company Limited, (“Company” or “Issuer”) of Secured Non-Convertible Debentures of face value of ` 1,000 each,
(“NCDs”), aggregating upto ` 50,000 lacs with an option to retain over-subscription upto ` 50,000 lacs for issuance of additional NCDs aggregating to a total of upto `
1,00,000 lacs, hereinafter referred to as the “Issue”.
GENERAL RISK
Investors are advised to read the Risk Factors carefully before taking an investment decision in the Issue. For taking an investment decision, the investors must rely on their own examination of the
Issuer and the Issue including the risks involved. Specific attention of the investors is invited to the Risk Factors on pages 14 to 32 of this Draft Prospectus.
ISSUER’S ABSOLUTE RESPONSIBILITY
The Issuer, having made all reasonable inquiries, accepts responsibility for, and confirms that this Draft Prospectus contains all information with regard to the Issuer and the Issue, which is material in
the context of the Issue, that the information contained in this Draft Prospectus is true and correct in all material respects and is not misleading in any material respect, that the opinions and intentions
expressed herein are honestly held and that there are no other facts, the omission of which makes this Draft Prospectus as a whole or any of such information or the expression of any such opinions or
intentions misleading in any material respect.
CREDIT RATING
The NCDs proposed to be issued under this Issue have been rated ‘AA/Stable’ by CRISIL for an amount of upto ` 1,00,000 Lacs vide its letter dated May 30, 2011, and 'CARE AA+' by CARE for an
amount of upto ` 1,00,000 Lacs vide its letter dated June 3, 2011. The rating of the NCDs by CRISIL indicates high degree of safety with regard to timely payment of interest and principal on the
NCDs. The rating of NCDs by CARE indicates high safety for timely servicing of debt obligations. The ratings provided by CRISIL and/or CARE may be suspended, withdrawn or revised at any
time by the assigning rating agency and should be evaluated independently of any other rating. These ratings are not a recommendation to buy, sell or hold securities and investors should take their
own decisions. Please refer to page 41 for the rationale for the above ratings.
PUBLIC COMMENTS
This Draft Prospectus is open for public comments. All comments on this Draft Prospectus are to be forwarded to the attention of Mr. K. Prakash, Compliance Officer at the following address:
Wockhardt Towers, Level-3, West Wing, C–2, G Block, Bandra – Kurla Complex, Bandra (East), Mumbai – 400 051 Tel. No. +91 22 4095 9595 Fax: +91-22 4095 9597/96; E-mail:
stfcncd3comp@stfc.in. All comments MUST be received by the Issuer within 7 working days of hosting this Draft Prospectus on the website of the Designated Stock Exchange. Comments by post,
fax and email shall be accepted, however please note that all comments by post must be received by the Issuer by 5 p.m. on the 7 th working day from the date on which this Draft Prospectus is hosted
on the website of the Designated Stock Exchange
LISTING
The NCDs offered through this Draft Prospectus are proposed to be listed on the National Stock Exchange of India Limited (“NSE”). Our Company has obtained an ‘in-principle’ approval for the
Issue from the NSE vide their letter dated [●]. For the purposes of the Issue, NSE shall be the Designated Stock Exchange.
LEAD MANAGERS TO THE ISSUE CO-LEAD MANAGERS TO THE ISSUE REGISTRAR TO THE ISSUE
JM Financial Consultants Private
Limited
141 Maker Chambers III
Nariman Point
Mumbai – 400 021
Tel : + 91 22 6630 3030
Fax: +91 22 2204 2137
Email: stfcbondissue@jmfinancial.in
Investor Grievance Email:
grievance.ibd@jmfinancial .in
Website: www.jmfinancial.in
Contact Person : Ms. Lakshmi
Lakshmanan
Compliance Officer: Mr. Chintal Sakaria
SEBI Registration No.: INM000010361
ICICI Securities Limited
ICICI Centre, H.T. Parekh Marg,
Churchgate
Mumbai- 400 020
Tel: +91 22 2288 2460
Fax: +91 22 2282 6580
Email:
stfc.debtissue@icicisecurities.com
Investor Grievance Email:
customercare@icicisecurities.com
Website: www.icicisecurities.com
Contact Person: Mr. Mangesh Ghogle
SEBI Registration No:INM000011179
RR Investors Capital Services
(P) Limited
133A, Mittal Tower, A Wing,
Nariman Point,
Mumbai-400 021
Tel: 022 22886627/28
Fax: 022 22851925
Email: stfcncd@rrfcl.com
Investor Greivance
Email:rrinvestors@rrfcl.com
Website: www.rrfcl.com
Contact Person: Mr. Brahmdutta
Singh
Compliance Officer: Mr. Sandeep
Mahajan
SEBI Registration No.
INM000007508
Karvy Investor Services
Limited
Regent Chambers, 2 nd floor
Nariman Point, Mumbai –
400021
Tel : +91 22 2289 5000
Fax: +91 22 3020 4040
Email:
stfcbonds2011@karvy.com
Investor Grievance Email:
cmg@karvy.com
Website: www.karvy.com
Contact Person: Mr. Madhav
Mehta
SEBI Registration No:
INM000008365
Integrated Enterprises (India)
Limited
2 nd Floor,
Kences Towers,
No. 1, Ramakrishna Street,
North Usman Road, T. Nagar,
Chennai - 600 017
Tel: +91 44 2814 0801, +91 44 2814
0802, +91 44 2814 0803
Fax: +91 44 2814 2479
Email: stfcipo@iepindia.com
Investor Grievance Email:
sureshbabu@iepindia.com
Website: www.iepindia.com
Contact Person: Ms. Anusha N and Mr.
Sriram S
SEBI Registration No.: INR000000544
ISSUE PROGRAMME*
ISSUE OPENS ON : [●], 2011 ISSUE CLOSES ON : [●], 2011
* The subscription list for the Issue shall remain open for subscription at the commencement of banking hours and close at the close of banking hours on the dates indicated above or earlier or on
such date as may be decided at the discretion of the duly authorised committee of Directors of our Company subject to necessary approvals. In the event of such early closure of subscription list of
the Issue, our Company shall ensure that notice of such early closure is given one day prior to such early date of closure through advertisement/s in a leading national daily newspaper.
IDBI Trusteeship Services Limited has by its letter dated May 13, 2011 given its consent for its appointment as Debenture Trustee to the Issue and for its name to be included in this Draft
Prospectus and in all the subsequent periodical communications sent to the holders of the Debentures issued pursuant to this Issue.
A copy of the final Prospectus shall be filed with the Registrar of Companies, Chennai, Tamil Nadu, in terms of section 56 and section 60 of the Act, along with the requisite endorsed/certified
copies of all requisite documents. For further details please refer to the section titled “Material Contracts and Documents for Inspection” beginning on page 247 of this Draft Prospectus.

Draft Prospectus
June 6, 2011
TABLE OF CONTENTS
SECTION I : GENERAL ...............................................................................................................................................................................3
Definitions / Abbreviations ...............................................................................................................................................................................3
Forward Looking Statements...........................................................................................................................................................................11
Presentation of Financial and Other Information……………………………………………………………………………………...………ix
SECTION II : RISK FACTORS..................................................................................................................................................................14
SECTION III : INTRODUCTION ..............................................................................................................................................................33
General Information ........................................................................................................................................................................................33
Summary of Business, Strength & Strategy ....................................................................................................................................................43
The Issue .........................................................................................................................................................................................................49
Summary Financial Information......................................................................................................................................................................49
Capital Structure..............................................................................................................................................................................................63
Objects of the Issue .........................................................................................................................................................................................93
Statement of Tax Benefits ...............................................................................................................................................................................94
SECTION IV : ABOUT THE ISSUER COMPANY AND THE INDUSTRY .........................................................................................98
Industry............................................................................................................................................................................................................98
Our Business..................................................................................................................................................................................................105
History, Main Objects and Key Agreements.................................................................................................................................................125
Our Management...........................................................................................................................................................................................131
Our Promoter.................................................................................................................................................................................................143
Our Subsidiaries ............................................................................................................................................................................................146
SECTION V : FINANCIAL INFORMATION.........................................................................................................................................149
Disclosures on Existing Financial Indebtedness............................................................................................................................................150
Material Developments .................................................................................................................................................................................186
SECTION VI : ISSUE RELATED INFORMATION ..............................................................................................................................187
Terms Of The Issue .......................................................................................................................................................................................187
Issue Structure ...............................................................................................................................................................................................190
Issue Procedure..............................................................................................................................................................................................202
SECTION VII : LEGAL AND OTHER INFORMATION .....................................................................................................................214
Pending Proceedings and Statutory Defaults .................................................................................................................................................214
Other Regulatory and Statutory Disclosures .................................................................................................................................................217
Regulations and Policies................................................................................................................................................................................238
Summary of Key Provisions of Articles of Association................................................................................................................................245
Material Contracts and Documents for Inspection ........................................................................................................................................247
Declaration ....................................................................................................................................................................................................249

SECTION I : GENERAL
DEFINITIONS / ABBREVIATIONS
Company related terms
Term
"STFCL", "Issuer", “the Company” and
“our Company”
AOA/Articles / Articles of Association
Board / Board of Directors
CCPS
D&B Research Report
DIN
Description
Shriram Transport Finance Company Limited, a company incorporated
under the Companies Act, 1956, registered as a Non-Banking Financial
Company with the Reserve Bank of India under Section 45-IA of the Reserve
Bank of India Act, 1934, and having its Registered Office at Mookambika
Complex, 3rd Floor, No. 4, Lady Desika Road, Myalpore, Chennai,
Tamil Nadu- 600004
Articles of Association of our Company
The Board of Directors of our Company and includes any Committee thereof
from time to time
0.01% Compulsorily Convertible Preference Shares of face value of ` 100 each
issued by Shriram Equipment Finance Company Limited
The report titled ‘Commercial Vehicle Finance- A Comparitive Study, June
2011’ prepared by Dun and Bradstreet
Director Identification Number
ESOP/ESOS Company’s Employee Stock Option Scheme 2005
Equity Shares
FITCH
ICRA
Loan Assets
MIS
Memorandum / MOA
Net Loan Assets
Newbridge
NAV
NBFC
NPA
Equity shares of face value of ` 10/- each of our Company
Fitch Ratings India Private Limited
ICRA Limited
Assets under financing activities
Management Information System of our Company
Memorandum of Association of our Company
Assets under financing activities net of Provision for non-performing assets
Newbridge India Investments II Limited
Net Asset Value
Non-Banking Financial Company as defined under Section 45-IA of the RBI
Act, 1934
Non Performing Asset
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Term
Promoter
` / Rs./ INR/ Rupees
Reformatted Consolidated Summary
Financial Statements
Reformatted Unconsolidated
Summary Financial Statements
SAIL
SCL
SEFCL
Share Subscription Agreement
SIL
SIL Scheme of Merger
SOFL
SOFL Scheme of Merger
SOT
Description
Shriram Holdings (Madras) Private Limited
The lawful currency of the Republic of India
The statement of reformatted consolidated assets and liabilities of the Group as
at March 31, 2010 and as at March 31, 2011 and the related statement of
reformatted consolidated profit and loss account and the related statement of
reformatted consolidated cash flow for the financial years ended March 31,
2010 and March 31, 2011, extracted from the audited consolidated balance
sheet of our Company, its subsidiaries and associate as at March 31, 2010 and
as at March 31, 2011 and the related consolidated profit and loss account and
consolidated cash flow statement for the financial years ended March 31, 2010
and March 31, 2011 as jointly examined by our Company’s Statutory Auditors,
M/s. S. R. Batliboi & Co. and M/s.G. D. Apte & Co.
The statement of reformatted unconsolidated assets and liabilities of our
Company, and the related statement of reformatted unconsolidated profit and
loss account of our Company and the related statement of reformatted
unconsolidated cash flow of our Company as at and for the years ended March
31, 2007, 2008, 2009, 2010 and 2011, extracted from the audited
unconsolidated financial statements as at and for the years ended March 31,
2007, March 31, 2008, March 31, 2009, March 31, 2010, March 31, 2011 as
jointly examined by our Company’s Statutory Auditors, M/s. S. R. Batliboi &
Co. and M/s.G. D. Apte & Co.
Shriram Automall India Limited
Shriram Capital Limited (Formerly known as Shriram Financial Services
Holdings Private Limited)
Shriram Equipment Finance Company Limited
Share Subscription Agreement dated February 2, 2006, as amended on
September 12, 2008 between Newbridge India Investments II Limited, the
founders (as defined therein), Mr. R. Thyagarajan, Mr. T. Jayaraman, Mr.
AVS Raja and Shriram Financial Services Holding Private Limited (now
known as SCL), Shriram Recon Trucks Limited, Shriram Holdings (Madras)
Private Limited and SOFL
Shriram Investments Limited
The scheme of arrangement and amalgamation of the erstwhile SIL, with our
Company vide order of Hon’ble High Court of Madras passed on November
25, 2005
Shriram Overseas Finance Limited
The scheme of arrangement and amalgamation of the erstwhile SOFL with our
Company vide order of Hon’ble High Court of Madras passed on December
1, 2006
Shriram Ownership Trust
- 4 -

Term
Description
Statutory Auditors Our joint statutory auditors being M/s. S. R. Batliboi & Co. and M/s. G. D.
Apte & Co.
Subsidiaries
“We”, “us” and “our”
Subsidiaries of our Company namely Shriram Equipment Finance Company
Limited and Shriram Automall India Limited
Our Company and/or its Subsidiaries, unless the context otherwise requires
Issue related terms
Term
Allotment / Allotted
Allottee
Application Form
Bankers to the Issue/Escrow Collection
Banks
Base Issue
Basis of Allotment
Call Option
CARE
Co-Lead Managers
CRISIL
CRISIL Report
Debentures / NCDs
Debenture Holder (s)
Debt Listing Agreement
Description
Unless the context otherwise requires, the allotment of the NCDs pursuant to the
Issue to the Allottees
The successful applicant to whom the NCDs are being/have been allotted
The form used by an applicant to apply for NCDs being issued through the
Prospectus
The bank(s) with whom Escrow Accounts will be opened as specified on page
204 of this Draft Prospectus
Public Issue of NCDs by our Company aggregating upto ` 50,000 lacs
The basis on which NCDs will be allotted to applicants under the Issue and
which is described in “Issue Procedure – Basis of Allotment” on page 211 of this
Draft Prospectus.
The right of our Company to redeem Option I NCDs at the expiry of 48 months
from the Deemed Date of Allotment
Credit Analysis and Research Limited
RR Investors Capital Services (P) Limited and Karvy Investor Services Limited
CRISIL Limited
The report on ‘Retail Finance – Auto – Annual Review, January 2010’ prepared
by CRISIL
Secured, Redeemable, Non-Convertible Debentures offered through this Draft
Prospectus aggregating upto ` 50,000 lacs with an option to retain oversubscription
upto ` 50,000 lacs for issuance of additional NCDs aggregating to a
total of upto ` 1,00,000 lacs.
The holders of the NCDs
The listing agreement entered into/to be entered into between our Company and
the relevant stock exchange(s) in connection with the listing of debt securities of
our Company
- 5 -

Term
Debt Regulations
Deemed Date of Allotment
Demographic Details
Depositories Act
Depository(ies)
DP / Depository Participant
Designated Stock Exchange
Draft Prospectus / Draft Offer
Document
Early Redemption (Call) Date
Early Redemption (Call) Period
Early Redemption (Put) Date
Early Redemption (Put) Period
Escrow Agreement
Escrow Account
Institutional Portion
Description
SEBI (Issue and Listing of Debt Securities) Regulations, 2008, issued by SEBI,
effective from June 6, 2008 as amended from time to time
The date of issue of the Allotment Advice / regret.
Details of the investor such as address, bank account details for printing on
refund orders and occupation, which are based on the details provided by
the Applicant in the Application Form.
The Depositories Act, 1996, as amended from time to time
National Securities Depository Limited (NSDL) and /or Central Depository
Services (India) Limited (CDSL)
A depository participant as defined under the Depositories Act
National Stock Exchange of India Limited
This draft prospectus dated June 6, 2011 filed with NSE for receiving public
comments in accordance with the provisions of the Act and the Debt Regulations
The date, 48 months after the expiry of the Deemed Date of Allotment , after
which our Company has the right to exercise its Call Option with respect to
Option I NCDs
The period of 30 days from the Early Redemption (Call) Date within which our
Company has the right to exercise its Call Option with respect to Option I NCDs
The date, 48 months after the expiry of the Deemed Date of Allotment Date,
after which a holder of Option I NCDs has the right to exercise his Put Option
with respect to the Option I NCDs held by him
The period of 30 days from the Early Redemption (Put) Date within which a
holder of Option I NCDs has the right to exercise his Put Option with respect to
the Option I NCDs held by him
Agreement dated [●] entered into amongst our Company, the Registrar, the
Escrow Collection Bank(s), the Lead Managers and the Co-Lead Managers for
collection of the application amounts and for remitting refunds, if any, of the
amounts collected, to the applicants on the terms and conditions contained
therein
Accounts opened in connection with the Issue with the Escrow Collection Banks
and in whose favour the applicant will issue cheques or bank drafts in respect of
the application amount while submitting the application
Portion of applications received from Category I of persons eligible to
apply for the issue which includes Public Financial Institutions, Statutory
Corporations, Commercial Banks, Co-operative Banks and Regional Rural
Banks, which are authorised to invest in the NCDs, Provident Funds, Pension
Funds, Superannuation Funds and Gratuity Funds, which are authorised to
invest in the NCDs, Venture Capital funds registered with SEBI, Insurance
- 6 -

Term
Issue
Description
Companies registered with the IRDA, National Investment Fund; and Mutual
Funds
Public Issue by our Company of NCDs aggregating upto ` 50,000 lacs with an
option to retain over-subscription upto ` 50,000 lacs for issuance of additional
NCDs aggregating to a total of upto ` 1,00,000 lacs.
Issue Opening Date [●], 2011
Issue Closing Date [●], 2011
Lead Brokers
Lead Managers
Market Lot
Non-Institutional Portion
Options
Prospectus / Offer Document
Put Option
Registrar to the Issue
Senior Citizen
[●]
JM Financial Consultants Private Limited and ICICI Securities Limited
One NCD
Category II of persons eligible to apply for the issue which includes
Companies, Bodies Corporate and Societies registered under the applicable laws
in India and authorised to invest in NCDs, Public/Private Charitable/Religious
Trusts which are authorised to invest in the NCDs, Scientific and/or Industrial
Research Organisations, which are authorised to invest in the NCDs, Partnership
Firms in the name of the partners and Limited liability partnerships formed and
registered under the provisions of the Limited Liability Partnership Act, 2008
(No. 6 of 2009)
Options being offered to the applicants as stated in the section titled ‘Issue
Related Information’ beginning on page 187 of this Draft Prospectus
The Prospectus dated [●], 2011 issued and filed/to be filed with the ROC in
accordance with the Debt Regulations containing inter alia the coupon rate for
the NCDs and certain other information
The right of holders of Option I NCDs to seek redemption of such Option I
NCDs held by them at the expiry of 48 months, from the Deemed Date of
Allotment,
Integrated Enterprises (India) Limited
Any person who has completed the age of 60 years as on the date of the
Prospectus
Trustees / Debenture Trustee
Trustees for the Debenture Holders in this case being IDBI Trusteeship Services
Limited
∗ The subscription list shall remain open for a period as indicated herein, with an option for early closure or extension by
such period, as may be decided by the duly authorised committee of Directors of our Company, subject to necessary
approvals. In the event of such early closure of subscription list of the Issue, our Company shall ensure that notice of such
early closure is given one day prior to such early date of closure through advertisement/s in a leading national daily
newspaper.
- 7 -

Technical & Industry Terms
Term
AFC
ALM
ALCO
CAR
CV
FTU(s)
KYC Norms
LC
LCV(s)
Non-Deposit Accepting NBFC
Directions
NBFC-D
NBFC-ND
Prudential Norms
Public Deposit Directions
SME
SRTO(s)
STO(s)
Description
Asset Finance Company
Asset Liability Management
Asset - Liability Committee
Capital Adequacy Ratio computed on the basis of applicable RBI requirements
Commercial Vehicle
First Time Users
Customer identification procedure for opening of accounts and monitoring
transactions of suspicious nature followed by NBFCs for the purpose of
reporting it to appropriate authority
Loan Company
Light Commercial Vehicles
Non-Banking Financial (Non-Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2007
NBFC registered as a deposit accepting NBFC
NBFC registered as a non-deposit accepting NBFC
Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential
Norms (Reserve Bank) Directions, 2007
The Non-Banking Financial Companies Acceptance of Public Deposits
(Reserve Bank) Directions, 1998
Small and Medium Enterprises
Small Road Transport Operators
Small Truck Owners
Conventional / General Terms
Term
AGM
AS
Act
Description
Annual General Meeting
Accounting Standard
The Companies Act, 1956, as amended from time to time
- 8 -

Term
Axis Bank
BSE
CAGR
CDSL
DRR
EGM
EPS
FDI Policy
FEMA
FEMA Regulations
FII/FIIs
Description
Axis Bank Limited (Formerly known as UTI Bank Limited)
Bombay Stock Exchange Limited
Compounded Annual Growth Rate
Central Depository Services (India) Limited
Debenture Redemption Reserve
Extraordinary General Meeting
Earnings Per Share
FDI in an Indian company is governed by the provisions of the FEMA read
with the FEMA Regulations and the Foreign Direct Investment Policy
Foreign Exchange Management Act, 1999, as amended from time to time
Foreign Exchange Management (Transfer or Issue of Security by a Person
Resident Outside India) Regulations, 2000, as amended from time to time
Foreign Institutional Investor(s)
Financial Year / FY Financial Year ending March 31
GDP
GoI
HUF
IFRS
IFSC
Indian GAAP
IRDA
IT Act
MCA
MICR
MSE
NECS
NEFT
Gross Domestic Product
Government of India
Hindu Undivided Family
International Financial Reporting Standards
Indian Financial System Code
Generally Accepted Accounting Principles in India
Insurance Regulatory and Development Authority
The Income Tax Act, 1961, as amended from time to time
Ministry of Corporate Affairs, Government of India
Magnetic Ink Character Recognition
Madras Stock Exchange Limited
National Electronic Clearing Services
National Electronic Funds Transfer
- 9 -

Term
NRI
NSDL
NSE
PAN
RBI
RBI Act
ROC
RTGS
SBI
SCRA
SCRR
SEBI
Description
Non Resident Indian
National Securities Depository Limited
National Stock Exchange of India Limited
Permanent Account Number
The Reserve Bank of India
The Reserve Bank of India Act, 1934 , as amended from time to time
Registrar of Companies
Real Time Gross Settlement
State Bank of India
Securities Contracts (Regulation) Act, 1956, as amended from time to time
The Securities Contracts (Regulation) Rules, 1957, as amended from time to
time
The Securities and Exchange Board of India constituted under the Securities
and Exchange Board of India Act, 1992
SEBI Act
TDS
WDM
The Securities and Exchange Board of India Act, 1992 as amended from time to
time
Tax Deducted at Source
Wholesale Debt Market
- 10 -

FORWARD LOOKING STATEMENTS
Certain statements contained in this Draft Prospectus that are not statements of historical fact constitute “forward-looking
statements.” Investors can generally identify forward-looking statements by terminology such as “aim”, “anticipate”,
“believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “objective”, “plan”, “potential”, “project”, “pursue”,
“shall”, “should”, “will”, “would”, or other words or phrases of similar import. All statements regarding our Company’s
expected financial condition and results of operations and business plans and prospects are forward-looking statements.
These forward-looking statements include statements as to our Company’ business strategy, revenue and profitability,
planned projects and other matters discussed in this Draft Prospectus that are not historical facts. These forward-looking
statements and any other projections contained in this Draft Prospectus (whether made by our Company or any third party)
are predictions and involve known and unknown risks, uncertainties, assumptions and other factors that may cause our
Company’s actual results, performance or achievements to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements or other projections. All forward-looking statements
are subject to risks, uncertainties and assumptions about our Company that could cause actual results to differ materially
from those contemplated by the relevant forward-looking statement. Important factors that could cause actual results to
differ materially from our Company’s expectations include, among others:
• General economic and business conditions in India and globally;
• Our ability to successfully implement our strategy, our growth and expansion plans and technological changes;
• Our ability to compete effectively and access funds at competitive cost;
• Changes in the value of Rupee and other currency changes;
• Unanticipated turbulence in interest rates, equity prices or other rates or prices; the performance of the financial and
capital markets in India and globally;
• Availability of funds and willingness of our lenders to lend;
• Changes in political conditions in India;
• The rate of growth of our loan assets;
• The outcome of any legal or regulatory proceedings we are or may become a party to;
• Changes in Indian and/or foreign laws and regulations, including tax, accounting, banking, securities, insurance and
other regulations; changes in competition and the pricing environment in India; and regional or general changes in
asset valuations;
• Any changes in connection with policies, statutoty provisions, regulations and/or RBI directions in connection with
NBFCs, including laws that impact our lending rates and our ability to enforce our collateral;
• Emergence of new competitors;
• Growth of transportation services in India;
• Performance of the Indian debt and equity markets;
• Occurrence of natural calamities or natural disasters affecting the areas in which our Company has operations; and
- 11 -

• Other factors discussed in this Draft Prospectus, including under the section titled “Risk Factors” beginning on page
14 of this Draft Prospectus.
All forward-looking statements are subject to risks, uncertainties and assumptions about our Company that could cause
actual results and valuations to differ materially from those contemplated by the relevant statement. Additional factors that
could cause actual results, performance or achievements to differ materially include, but are not limited to, those discussed
under the sections titled “Industry” and “Our Business”. The forward-looking statements contained in this Draft Prospectus
are based on the beliefs of management, as well as the assumptions made by and information currently available to
management. Although our Company believes that the expectations reflected in such forward-looking statements are
reasonable at this time, it cannot assure investors that such expectations will prove to be correct or will hold good at all
times. Given these uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements. If
any of these risks and uncertainties materialise, or if any of our Company’s underlying assumptions prove to be incorrect,
our Company’s actual results of operations or financial condition could differ materially from that described herein as
anticipated, believed, estimated or expected. All subsequent forward-looking statements attributable to our Company are
expressly qualified in their entirety by reference to these cautionary statements. Neither our Company, our Directors and
Officers nor any of their respective affiliates have any obligation to update or otherwise revise any statements reflecting
circumstances arising after the date hereof or to reflect the occurrence of underlying events, even if the underlying
assumptions do not come to fruition.
- 12 -

PRESENTATION OF FINANCIAL AND OTHER INFORMATION
General
In this Draft Prospectus, unless the context otherwise indicates or implies, references to “you,” “offeree,” “purchaser,”
“subscriber,” “recipient,” “investors” and “potential investor” are to the prospective investors in this Offering, references to
our “Company”, the “Company” or the “Issuer” are to Shriram Transport Finance Company Limited.
In this Draft Prospectus, references to “US$” is to the legal currency of the United States and references to “Rs.”, “`” and
“Rupees” are to the legal currency of India. All references herein to the “U.S.” or the “United States” are to the United States
of America and its territories and possessions and all references to “India” are to the Republic of India and its territories and
possessions, and the "Government", the "Central Government" or the "State Government" are to the Government of India,
central or state, as applicable.
Unless otherwise stated, references in this Draft Prospectus to a particular year are to the calendar year ended on December
31 and to a particular “fiscal” or “fiscal year” are to the fiscal year ended on March 31.
Unless otherwise stated all figures pertaining to the financial information in connection with our Company are on an
unconsolidated basis.
Presentation of Financial Information
Our Company publishes its financial statements in Rupees. Our Company’s financial statements are prepared in accordance
with Indian GAAP and the Companies Act.
The Reformatted Unconsolidated Summary Financial Statements and the Reformatted Consolidated Summary Financial
Statements are included in this Draft Prospectus and collectively referred to hereinafter as the “Reformatted Summary
Financial Statements”. The examination reports on the Reformatted Summary Financial Statements, as issued by our
Company’s Statutory Auditors, M/s. S. R. Batliboi & Co. and M/s. G. D. Apte & Co., are included in this Draft Prospectus in
the section titled “Financial Information” beginning at page 149.
Any discrepancies in the tables included herein between the amounts listed and the totals thereof are due to rounding off.
Unless stated otherwise, macroeconomic and industry data used throughout this Draft Prospectus has been obtained from
publications prepared by providers of industry information, government sources and multilateral institutions. Such
publications generally state that the information contained therein has been obtained from sources believed to be reliable but
that their accuracy and completeness are not guaranteed and their reliability cannot be assured. Although the Issuer believes
that industry data used in this Draft Prospectus is reliable, it has not been independently verified.
Our Company has obtained and relied upon certain information in relation to its market position on the June 2011 D&B
Research Report and the CRISIL Report. The D&B Research Report and the CRISIL Report are based on a preliminary
study of select leading NBFCs in the commercial vehicle financing sector and is restricted to certain NBFCs selected for the
purposes of the research conducted by Dun and Bradstreet in connection with the D&B Research Report, and by CRISIL for
the CRISIL Report, respectively. The D&B Research Report and the CRISIL Report, are based on financial and non
financial parameters for the fiscal year 2010, and the fiscal year 2009, respectively, and determine the relative positions of
the NBFCs specified therein. The information contained in the D&B Research Report and the CRISIL Report have not been
verified by our Company, the Lead Managers, the Co-Lead Managers or any other independent source. There can be no
assurance that the basis of the data included in the D&B Research Report, the CRISIL Report or the respective findings
thereof are completely accurate or reliable. Accordingly, investors are advised not to place undue reliance on the data
derived from the D&B Research Report and/or the CRISIL Report in their investment decision relating to our Company.
- 13 -

SECTION II : RISK FACTORS
Prospective investors should carefully consider the risks and uncertainties described below, in addition to the other
information contained in this Draft Prospectus before making any investment decision relating to the NCDs. If any of the
following risks or other risks that are not currently known or are now deemed immaterial, actually occur, our business,
financial condition and result of operation could suffer, the trading price of the NCDs could decline and you may lose your
all or part of your interest and / or redemption amounts. Unless otherwise stated in the relevant risk factors set forth below,
we are not in a position to specify or quantify the financial or other implications of any of the risks mentioned herein. The
ordering of the risk factors is intended to facilitate ease of reading and reference and does not in any manner indicate the
importance of one risk factor over another.
This Draft Prospectus contains forward looking statements that involve risk and uncertainties. Our Company’s actual results
could differ materially from those anticipated in these forward looking statements as a result of several factors, including
the considerations described below and elsewhere in this Draft Prospectus.
Investors are advised to read the following risk factors carefully before making an investment in the NCDs offered in this
Issue. You must rely on your own examination of our Company and this Issue, including the risks and uncertainties involved.
INTERNAL RISK FACTORS
Risks relating to our Company and its Business
1. Our financial performance is particularly vulnerable to interest rate volatility.
Our results of operations are substantially dependent upon the level of our Net Interest Margins. Income from our
financing activities is the largest component of our total income, and constituted 80.41% and 64.44% of our total
income in fiscal 2010 and fiscal 2011, respectively. As of March 31, 2011, our assets under financing activities (net
of securitization/assignment) was ` 19,86,561.09 lacs. We borrow funds on both fixed and floating rates. Volatility
in interest rates can materially and adversely affect our financial performance. In a rising interest rate environment,
if the yield on our interest-earning assets does not increase simultaneously with or to the same extent as our cost of
funds, or, in a declining interest rate environment, if our cost of funds does not decline simultaneously or to the
same extent as the yield on our interest-earning assets, our net interest income and net interest margin would be
adversely impacted. Additional risks arising from increasing interest rates, among others, include:
• increases in the rates of interest charged on various loans in our loan portfolio, which could result in the
extension of loan maturities and higher monthly installments due from borrowers which, in turn, could result in
higher rates of default;
• reductions in the volume of commercial vehicle loans as a result of clients' inability to service high interest rate
payments; and
• reduction in the value of fixed income securities held in our investment portfolio.
Accordingly, our operations are susceptible to fluctuations in interest rates. Interest rates are highly sensitive and
fluctuations thereof are dependent upon many factors which are beyond our control, including the monetary policies
of the RBI, de-regulation of the financial services sector in India, domestic and international economic and political
conditions, inflation and other factors. Rise in inflation, and consequent changes in Bank rates, Repo rates and
Reverse Repo rates by the RBI has led to an increase in interest rates on loans provided by banks and financial
institutions, and market interest rates in India have been volatile in recent periods.
2. Our business requires substantial capital, and any disruption in funding sources would have a material adverse
effect on our liquidity and financial condition.
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As an asset finance company, our liquidity and ongoing profitability are, in large part, dependent upon our timely
access to, and the costs associated with, raising capital. Our funding requirements historically have been met from a
combination of term loans from banks and financial institutions, issuance of redeemable non-convertible
debentures, public deposits, the issue of subordinated bonds and commercial paper, as well as through
securitization/assignment of our loan portfolio. Thus, our business depends and will continue to depend on our
ability to access diversified funding sources. Our ability to raise funds on acceptable terms and at competitive rates
continues to depend on various factors including our credit ratings, the regulatory environment and policy
initiatives in India, developments in the international markets affecting the Indian economy, investors' and/or
lenders' perception of demand for debt and equity securities of NBFCs, and our current and future results of
operations and financial condition.
Changes in economic and financial conditions or continuing lack of liquidity in the market could make it difficult
for us to access funds at competitive rates. As an NBFC, we also face certain restrictions on our ability to raise
money from international markets which may further constrain our ability to raise funds at attractive rates.
Such conditions may occur again in the future and may lead to a disruption in our primary funding sources at
competitive costs and would have a material adverse effect on our liquidity and financial condition.
3. Our business is focused on commercial vehicle finance for new and pre-owned commercial vehicles and any
adverse developments in this sector would adversely affect our results of operations.
As we focus on providing financing for pre-owned and new commercial vehicles, our asset and NPA portfolios
have, and will likely continue in the future to have, a high concentration of pre-owned and new commercial vehicle
financing arrangements. Moreover, our customer base has, and will likely continue in the future to have, a high
concentration of FTUs and SRTOs. Our business is, therefore, entirely dependent on various factors that impact this
customer segment, such as the demand for transportation services in India, changes in Indian regulations and
policies affecting pre-owned commercial vehicles, natural disasters and calamities, and macroeconomic
environment in India and globally. Also, individual borrowers and FTUs and SRTOs generally are less financially
resilient than larger corporate borrowers or fleet owners, and, as a result, can be more adversely affected by
declining economic conditions. Such factors may result in a decline in the sales or value of new and pre-owned
commercial vehicles. Correspondingly, the demand for finance for pre-owned and new commercial vehicles may
decline, which in turn may adversely affect our financial condition and the results of our operations. Further, the
ability of commercial vehicle owners and/or operators to perform their obligations under existing financing
agreements may be adversely affected if their businesses suffer as a result of the aforesaid factors.
Accordingly, since our business is not a diversified business, any factor which adversely impacts this segment may
have a disproportionate impact on our operations and profitability.
4. High levels of customer defaults could adversely affect our business, financial condition and results of
operations.
Our primary business involves lending money to commercial vehicle owners and operators in India, and we are
subject to customer default risks including default or delay in repayment of principal or interest on our loans.
Customers may default on their obligations to us as a result of various factors including bankruptcy, lack of
liquidity, lack of business and operational failure. If borrowers fail to repay loans in a timely manner or at all, our
financial condition and results of operations will be adversely impacted.
In addition, our customer portfolio principally consists of SRTOs and FTUs with underdeveloped banking habits,
and individual borrowers generally are less financially resilient than larger corporate borrowers, and, as a result,
they can be more adversely affected by declining economic conditions. In addition, a significant majority of our
client base belongs to the low income group. The owners and/or operators of commercial vehicles financed by us
often do not have any credit history supported by tax returns and other related documents which would enable us to
assess their creditworthiness. In addition, we may not receive updated information regarding any change in the
financial condition of our customers or may receive inaccurate or incomplete information as a result of any
fraudulent misrepresentation on the part of our customers. Furthermore, unlike several developed economies, a
nationwide credit bureau has only recently become operational in India, so there is less financial information
available about the creditworthiness of individuals, particularly our client segment who are mainly from the low
- 15 -

income group and who typically have limited access to other financing sources. It is therefore difficult to carry out
precise credit risk analyses on our clients. Although we follow certain procedures to evaluate the credit profile of
our customers at the time of sanctioning a loan, we generally rely on the referrals from the local trucking
community and value of the commercial vehicle provided as underlying collateral rather than on a stringent analysis
of the credit profile of our customers. Although we believe that our risk management controls are sufficient, we
cannot be certain that they will continue to be sufficient or that additional risk management policies for individual
borrowers will not be required. Failure to continuously monitor the loan contracts, particularly for individual
borrowers, could adversely affect our credit portfolio which could have a material and adverse effect on our results
of operations and financial condition.
5. We may not be able to recover, on a timely basis or at all, the full value of collateral or amounts which are
sufficient to cover the outstanding amounts due under defaulted loans.
As a security interest for the financing facilities provided by us to our customers, the vehicles purchased by our
customers are hypothecated in our favor. The value of the vehicle, however, is subject to depreciation,
deterioration, and/or reduction in value on account of other extraneous reasons, over the course of time.
Consequently, the realizable value of the collateral for the credit facility provided by us, when liquidated, may be
lower than the outstanding loan from such customers. Any default in repayment of the outstanding credit
obligations by our customers may expose us to losses. Furthermore, in the case of a default, we typically repossess
the commercial vehicles financed and sell such vehicles through auctions. The hypothecated vehicles, being
movable property, may be difficult to locate or seize in the event of any default by our customers. There can also be
no assurance that we will be able to sell such vehicles provided as collateral at prices sufficient to cover the
amounts under default. In addition, there may be delays associated with such process. A failure or delay to recover
the expected value from sale of collateral security could expose us to a potential loss. Any such losses could
adversely affect our financial condition and results of operations. Furthermore, enforcing our legal rights by
litigating against defaulting customers is generally a slow and potentially expensive process in India. Accordingly,
it may be difficult for us to recover amounts owed by defaulting customers in a timely manner or at all. The
recovery of monies from defaulting customers may be further compounded by the fact that we do not generally
insist on, or receive post dated cheques as security towards the timely repayment of dues from customers to whom
we have provided loans.
6. The Company is involved in certain legal proceedings for alleged contravention of certain State legislations in
India relating to “money lending” activities. Any unfavorable outcome in such proceedings and the imposition
of any additional restrictive statutory and/or regulatory requirements may adversely affect our goodwill, business
prospects and results of operations.
Certain criminal proceedings have been initiated against our Company and our Managing Director by the State of
Gujarat and the Inspector of Money Lenders, Gujarat in connection with the alleged contravention of the Bombay
Money Lenders Act, 1946, as amended (“BMLA”), before the Metropolitan Magistrate, Ahmadabad, the Chief
Judicial Magistrate, Himmatnagar and the Chief Judicial Palanpur. The complainants have, among other
allegations, asserted that the conduct of our financing business without the requisite license under the BMLA is in
contravention of such legislation. Accordingly, the complainants have sought to prosecute and penalize our
Company and our Managing Director under Section 34 of the BMLA. We filed applications under Section 482 of
the Code of Criminal Procedure, 1973 against the State of Gujarat and the Inspector of Money Lenders, Gujarat
before the Hon’ble High Court of Gujarat at Ahmadabad (“Quashing Application”), seeking to quash such
criminal proceedings, and seeking an order for the stay of such criminal proceedings during the pendency of the
Quashing Application. These proceedings initiated against our Company and our Managing Director, and the
application filed by our Company, are currently pending hearing and final disposition. Under the provisions of the
BMLA, any person who carries out the business of “money lending” (as defined therein) within the states of
Maharashtra and Gujarat without a valid license for such business under the provisions of the BMLA or enters into
any agreement in the course of business of money lending without a valid license, is, on conviction, punishable (i)
for the first offence, with imprisonment up to one year or a fine of up to ` 1,500.00 or both, and (ii) for a second or
subsequent offence, with additional terms of imprisonment of not less than two years, in the case of an individual,
and with additional fine of not less than ` 5,000.00, in the case of a corporate entity.
The Company has also filed an appeal before the Supreme Court of India against an order dated November 18,
2009 passed by the Hon’ble High Court of Kerala in connection with a writ petition filed by our Company
- 16 -

challenging the action of the Commissioner of Commercial Taxes, Kerala, directing our Company to register under
the provisions of the Kerala Money Lenders Act, 1946, as amended (“KMLA”). The Hon’ble High Court of
Kerala, pursuant to the impugned order, had dismissed an appeal in connection with such writ petition, thereby,
among other matters, confirming such impugned order passed by the Commissioner of Commercial Taxes, Kerala.
The Supreme Court has granted a stay of the order passed by the Hon’ble High Court of Kerala until final disposal
of the appeal at the Supreme Court.
There can be no assurance that these proceedings will not be determined adversely to us or that penal or other
action will not be taken against our Company and/or any senior management party to such proceedings. In the event
of an adverse ruling in these proceedings, our Company may be required to register as a money lending entity under
the provisions of the BMLA and/ or the KMLA in order to carry on its financing business, and will be required to
comply with the provisions of such legislation with respect to its business operations within the relevant States.
There can also be no assurance that in the event of such an adverse ruling, similar regulatory authorities in other
States of India where we currently carry on business or propose to carry on business in the future, will not require
us to similarly register as a money lending entity under, and comply with the provisions of, the respective State
legislation. State legislation may specify various terms and conditions that must be complied with in connection
with money lending activities, including the imposition of maximum interest rates that we may charge, and these
maximum interest rates may be significantly lower than the interest rates that we typically charge on our portfolio
against financing activities to our customers. If we are required to comply with such maximum interest rate limits
or any other restrictive provisions specified under such legislation, our interest income and net interest margin may
be adversely impacted. There can also be no assurance that other conditions and restrictions under such legislation,
if applicable to us, will not adversely affect the conduct of our operations.
For further information relating to such proceedings, see “Pending Proceedings and Statutory Defaults”.
7. A large part of our collections are in cash and consequently we face the risk of misappropriation or fraud by our
employees.
A significant portion of our collections from our customers is in cash. Large cash collections expose us to the risk
of fraud, misappropriation or unauthorized transactions by our employees responsible for dealing with such cash
collections. While we have taken insurance policies and coverage for cash in safes and in transit, and undertake
measures to detect and prevent any unauthorized transaction, fraud or misappropriation by our representatives and
officers, this may not be sufficient to prevent or deter such activities in all cases, which may adversely affect our
operations and profitability. Further, we may be subject to regulatory or other proceedings in connection with any
unauthorized transaction, fraud or misappropriation by our representatives and employees, which could adversely
affect our goodwill.
8. Our significant indebtedness and the conditions and restrictions imposed by our financing arrangements could
restrict our ability to conduct our business and operations in the manner we desire.
As of March 31, 2011, we had outstanding secured debt of ` 14,86,937.59 lacs and unsecured debt of ` 5,01,233.71
lacs, and we will continue to incur additional indebtedness in the future. Most of our borrowings are secured by our
immovable and other assets. Our significant indebtedness could have several important consequences, including but
not limited to the following:
• a portion of our cash flow may be used towards repayment of our existing debt, which will reduce the
availability of our cash flow to fund working capital, capital expenditures, acquisitions and other general
corporate requirements;
• our ability to obtain additional financing in the future at reasonable terms may be restricted or our cost of
borrowings may increase due to sudden adverse market conditions, including decreased availability of
credit or fluctuations in interest rates;
• fluctuations in market interest rates may affect the cost of our borrowings, as some of our indebtedness are
at variable interest rates;
• there could be a material adverse effect on our business, financial condition and results of operations if we
- 17 -

are unable to service our indebtedness or otherwise comply with financial and other covenants specified in
the financing agreements; and
• we may be more vulnerable to economic downturns, may be limited in our ability to withstand competitive
pressures and may have reduced flexibility in responding to changing business, regulatory and economic
conditions.
Some of our financing agreements also include various conditions and covenants that require us to obtain lender
consents prior to carrying out certain activities and entering into certain transactions. Failure to meet these
conditions or obtain these consents could have significant consequences on our business and operations.
Specifically, under some of our financing agreements, we require, and may be unable to obtain, consents from the
relevant lenders for, among others, the following matters: entering into any scheme of merger; spinning-off of a
business division; selling or transferring all or a substantial portion of our assets; making any change in ownership
or control or constitution of our Company; making amendments in our Memorandum and Articles of Association;
creating any further security interest on the assets upon which the existing lenders have a prior charge; and raising
funds by way of any fresh capital issue. Our financing agreements also typically contain certain financial covenants
including the requirement to maintain, among others, specified debt-to-equity ratios, debt-to-net worth ratios, or
Tier I to Tier II capital ratios that may be higher than statutory or regulatory requirements. These covenants vary
depending on the requirements of the financial institution extending the loan and the conditions negotiated under
each financing document. Such covenants may restrict or delay certain actions or initiatives that we may propose to
take from time to time.
A failure to observe the covenants under our financing arrangements or to obtain necessary consents required
thereunder may lead to the termination of our credit facilities, acceleration of all amounts due under such facilities
and the enforcement of any security provided. Any acceleration of amounts due under such facilities may also
trigger cross default provisions under our other financing agreements. If the obligations under any of our financing
documents are accelerated, we may have to dedicate a substantial portion of our cash flow from operations to make
payments under such financing documents, thereby reducing the availability of cash for our working capital
requirements and other general corporate purposes. Further, during any period in which we are in default, we may
be unable to raise, or face difficulties raising, further financing. Any of these circumstances could adversely affect
our business, credit rating and financial condition and results of operations. Moreover, any such action initiated by
our lenders could result in the price of our NCDs being adversely affected.
9. We have in the past acquired, and may continue to acquire in the future, portfolios relating to various credit and
financing facilities from banks and other institutions on a non-recourse basis. If the performance of such
portfolios deteriorates, our business, financial condition and results of operations may be adversely affected
We have in the past acquired, and may in the future continue to acquire, portfolios relating to various credit and
financing facilities from various originators including banks and other institutions, in the ordinary course of our
business. If the performance of such portfolios deteriorates, our business, financial condition and results of
operations may be adversely affected
10. We face increasing competition in our business which may result in declining margins if we are unable to
compete effectively.
We primarily provide vehicle finance loans to FTUs and SRTOs. Our primary competition historically has been
private unorganized financiers who principally operate in the local market. However, the significant growth in the
commercial vehicle finance segment in recent periods has resulted in various banks and NBFCs increasing their
focus on this sector, particularly for new commercial vehicle finance. In addition, interest rate deregulation and
other liberalization measures affecting the commercial vehicle finance sector, together with increased demand for
capital by FTUs and SRTOs, have resulted in an increase in competition.
All of these factors have resulted in us facing increased competition from other lenders in the commercial vehicle
finance sector, including commercial banks and other NBFCs. Our ability to compete effectively will depend, to
- 18 -

some extent, on our ability to raise low-cost funding in the future. Furthermore, as a result of increased competition
in the commercial vehicle finance sector, vehicle finance products are becoming increasingly standardized and
variable interest rate and payment terms and lower processing fees are becoming increasingly common in the
commercial vehicle finance sector in India. There can be no assurance that we will be able to react effectively to
these or other market developments or compete effectively with new and existing players in the increasingly
competitive commercial vehicle finance industry. Increasing competition may have an adverse effect on our net
interest margin and other income, and, if we are unable to compete successfully, our market share may decline.
If we are unable to compete effectively with other participants in the commercial vehicle finance or equipment
finance sectors, our business, future financial performance and the trading price of the NCDs may be adversely
affected.
11. We may not be able to successfully sustain our growth strategy.
In recent years, we have experienced substantial growth. Our growth strategy includes growing our loan book and
expanding our customer base. There can be no assurance that we will be able to sustain our growth strategy
successfully or that we will be able to expand further or diversify our product portfolio. If we grow our loan book
too rapidly or fail to make proper assessments of credit risks associated with new borrowers, a higher percentage of
our loans may become non-performing, which would have a negative impact on the quality of our assets and our
financial condition.
We also face a number of operational risks in executing our growth strategy. We have experienced rapid growth in
our commercial vehicle finance business, our branch network has expanded significantly, and we are entering into
new, smaller towns and cities within India as part of our growth strategy. Our rapid growth exposes us to a wide
range of increased risks, including business risks, such as the possibility that a number of our impaired loans may
grow faster than anticipated, as well as operational risks, fraud risks and regulatory and legal risks. Moreover, our
ability to sustain our rate of growth depends significantly upon our ability to manage key issues such as selecting
and retaining key managerial personnel, maintaining effective risk management policies, continuing to offer
products which are relevant to our target base of clients, developing managerial experience to address emerging
challenges and ensuring a high standard of client service. We will need to recruit new employees, who will have to
be trained and integrated into our operations. We will also have to train existing employees to adhere properly to
internal controls and risk management procedures. Failure to train our employees properly may result in an increase
in employee attrition rates, require additional hiring, erode the quality of customer service, divert management
resources, increase our exposure to high-risk credit and impose significant costs on us.
12. We may not be able to successfully diversify our product portfolio.
We have expanded our product portfolio to provide, in addition to pre-owned and new commercial vehicle
financing, financing for passenger commercial vehicles, multi-utility vehicles, three-wheelers and tractors, ancillary
equipment and vehicle parts finance, working capital loans for commercial vehicle operators, and freight bill
discounting. Furthermore, we intend to enter into certain new lines of business as part of our growth strategy.
For example, we intend to further develop our equipment finance business, particularly for construction equipment,
through our wholly-owned subsidiary, Shriram Equipment Finance Company Limited established for this purpose.
We have limited experience in these new lines of business which are partly targeted at a different customer
segment, and may encounter additional risks by entering into such new lines of business. We also intend to continue
focusing on developing pre-owned commercial vehicle and construction equipment hubs across India called
"Automalls", through our wholly-owned subsidiary Shriram Automall India Limited, designed to provide a trading
platform for the sale of pre-owned commercial vehicles as well as commercial vehicles repossessed by financing
companies along with showrooms for branded new and refurbished pre-owned commercial vehicles. We intend to
provide electronic advertising and trading infrastructure in these "Automalls", and to utilize this platform for
marketing of our financial products.
We cannot assure that such diversification or expansion of operations will yield favorable or expected results, as
our overall profitability and success will be subject to various factors, including, among others, our ability to obtain
necessary statutory and/or regulatory approvals and licenses in connection with such proposed business as well as
necessary premises for Automall operations in a timely manner, our ability to effectively recruit, retain and
- 19 -

motivate appropriate managerial talent, our relative inexperience in the equipment finance sector and ability to
compete with banks and other NBFCs that are already well established in this market segment, as well as our ability
to effectively absorb additional infrastructure costs. There can also be no assurance that our proposed "Automalls"
will be successful in creating additional source of business for our financial products.
New businesses will require significant capital investments and commitments of time from our senior management,
there also can be no assurance that our management will be able to develop the skills necessary to successfully
manage these new business areas. Our inability to effectively manage any of these issues could materially and
adversely affect our business and impact our future financial performance.
13. We may experience difficulties in expanding our business into new regions and markets in India.
As part of our growth strategy, we continue to evaluate attractive growth opportunities to expand our business into
new regions and markets in India. Factors such as competition, culture, regulatory regimes, business practices and
customs and customer requirements in these new markets may differ from those in our current markets, and our
experience in our current markets may not be applicable to these new markets. In addition, as we enter new markets
and geographical regions, we are likely to compete not only with other banks and financial institutions but also the
local unorganized or semi-organized private financiers, who are more familiar with local regulations, business
practices and customs, and have stronger relationships with customers.
If we plan to expand our geographical footprint, our business may be exposed to various additional challenges,
including obtaining necessary governmental approvals, identifying and collaborating with local business and
partners with whom we may have no previous working relationship; successfully gauging market conditions in
local markets with which we have no previous familiarity; attracting potential customers in a market in which we
do not have significant experience or visibility; being susceptible to local taxation in additional geographical areas
of India; and adapting our marketing strategy and operations to different regions of India in which different
languages are spoken. Our inability to expand our current operations may adversely affect our business prospects,
financial conditions and results of operations.
14. Any downgrade of our credit ratings would increase borrowing costs and constrain our access to capital and
lending markets and, as a result, would negatively affect our net interest margin and our business.
The cost and availability of capital is also dependent on our short-term and long-term credit ratings. Ratings reflect
a rating agency’s opinion of our financial strength, operating performance, strategic position, and ability to meet
our obligations. In relation to our long-term debt instruments, we currently have long term ratings of CARE AA+
from CARE, AA/Stable from CRISIL and AA (Ind) from FITCH. In relation to our short-term debt instruments, we
have also received short term ratings of F1+ (Ind) from FITCH and P1+ from CRISIL. The NCDs proposed to be
issued under this Issue have been rated ‘AA/Stable’ by CRISIL for an amount of upto ` 1,00,000 Lacs vide its letter
dated May 30, 2011, and 'CARE AA+' by CARE for an amount of upto ` 1,00,000 Lacs vide its letter dated June 3,
2011. The rating of the NCDs by CRISIL indicates high degree of safety with regard to timely payment of interest
and principal on the NCDs. The rating of NCDs by CARE indicates high safety for timely servicing of debt
obligations.
Any downgrade of our credit ratings would increase borrowing costs and constrain our access to capital and debt
markets and, as a result, would negatively affect our net interest margin and our business. In addition, downgrades
of our credit ratings could increase the possibility of additional terms and conditions being added to any additional
financing or refinancing arrangements in the future. Any such adverse development could adversely affect our
business, financial condition and results of operations.
15. If we are unable to successfully expand, maintain or leverage our partnership arrangements with private
financiers involved in commercial vehicle financing, our business prospects, results of operations and financial
conditions may be adversely affected.
Our partnership and co-financing arrangements with private financiers involved in commercial vehicle financing
across India is an integral part of our growth strategy. We enter into strategic partnership agreements with private
financiers ranging from individual financiers and small local private financiers, including other NBFCs, to
capitalize on their local knowledge, infrastructure and personnel base of our partners in order to source new
- 20 -

customers. Our franchising and co-financing arrangements include various revenue-sharing arrangements at predetermined
amounts. For further information on our franchising and co-financing arrangements, see “Our Business
- Our Operations - Customer Origination - Partnership and Co-Financing Arrangements with Private Financiers”.
There can be no assurance that our partners will faithfully comply with the procedural and other conditions
specified by us in connection with our arrangements with them in the context of customer origination, credit
appraisal process, loan administration and monitoring and any loan recovery processes, or that our partners will not
act in any manner that could adversely affect our reputation, brand, customer relationships or business interests. For
example, we have in the past experienced certain instances of fraud by certain of our partners. There can also be no
assurance that we will be able to leverage and benefit from our partnership arrangements to effectively source a
sufficient volume of new customers and business commensurate to the revenue-sharing and other incentives
provided to our partners under our arrangements with them.
In addition, we may not be able to identify suitable private financiers in the future with whom we can successfully
partner through such arrangements, or in joint marketing and customer support activities, and there can be no
assurance that we will be able to ensure any level of success with such partnership arrangements for any sustained
period of time. Furthermore, there can be no assurance that there will not be any dispute with such partners in the
future. If we are unable to successfully expand, maintain or leverage our partnership arrangements and relationship
with our partners, our business prospects, results of operations and financial conditions may be adversely affected.
16. If we are unable to manage the level of NPAs in our loan assets, our financial position and results of operations
may suffer.
Our Gross NPAs as a percentage of Total Loan Assets were 2.66 % and 2.82 % as of March 31, 2011 and March
31, 2010 respectively, while our Net NPAs as a percentage of Net Loan Assets was 0.38 % and 0.71 % as of March
31, 2011 and March 31, 2010, respectively. We cannot be sure that we will be able to improve our collections and
recoveries in relation to our NPAs, or otherwise adequately control our level of NPAs in future. Moreover, as our
loan portfolio matures, we may experience greater defaults in principal and/or interest repayments. Thus, if we are
not able to control or reduce our level of NPAs, the overall quality of our loan portfolio may deteriorate and our
results of operations may be adversely affected. Furthermore, our current provisions may not be adequate when
compared to the loan portfolios of other financial institutions. Moreover, there also can be no assurance that there
will be no further deterioration in our provisioning coverage as a percentage of Gross NPAs or otherwise, or that
the percentage of NPAs that we will be able to recover will be similar to our past experience of recoveries of NPAs.
In the event of any further deterioration in our NPA portfolio, there could be an even greater, adverse impact on our
results of operations.
17. A decline in our capital adequacy ratio could restrict our future business growth.
As per RBI notification dated February 17, 2011, all deposit taking NBFCs have to maintain a minimum capital
ratio, consisting of Tier I and Tier II capital, which shall not be less than 15% of its aggregate risk weighted assets
on balance sheet and risk adjusted value of off-balance sheet items w.e.f. March 31, 2012. Our capital adequacy
ratio computed on the basis of applicable RBI requirements was 24.85% as of March 31, 2011, with Tier I capital
comprising 16.65%. If we continue to grow our loan portfolio and asset base, we will be required to raise additional
Tier I and Tier II capital in order to continue to meet applicable capital adequacy ratios with respect to our business.
There can be no assurance that we will be able to raise adequate additional capital in the future on terms favorable
to us or at all, and this may adversely affect the growth of our business.
18. As part of our business strategy we assign or securitize a substantial portion of our loan assets to banks and
other institutions. Any deterioration in the performance of any pool of receivables assigned or securitized to
banks and other institutions may adversely impact our financial performance.
As part of our means of raising and/or managing our funds, we assign or securitize a substantial portion of the
receivables from our loan portfolio to banks and other institutions. Such assignment or securitization transactions
are conducted on the basis of our internal estimates of our funding requirements, which may vary from time to time.
In fiscal 2007, 2008, 2009, 2010 and 2011 we securitized/assigned assets of a book value of ` 2,85,979.49 lacs, `
2,11,822.17 lacs, ` 3,12,498.40 lacs, ` 8,75,681.04 lacs, and ` 10,20,361.35 lacs respectively. Any change in
statutory and/regulatory requirements in relation to assignments or securitizations by financial institutions,
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including the requirements prescribed by RBI and the Government of India, could have an adverse impact on our
assignment or securitization transactions. Any adverse changes in the policy and/or regulations in connection with
securitization of assets by NBFCs and/or new circulars and/or directions issued by the RBI in this regard, affecting
NBFCs or the purchasers of assets, would affect the securitization market in general and our ability to securitise
and/or assign our assets.
We are also required to provide a credit enhancement for the securitization/assignment transactions by way of either
fixed deposits or corporate guarantees and the aggregate credit enhancement amount outstanding as on March 31,
2011 was ` 3,16,771.32 lacs. In the event a relevant bank or institution does not realize the receivables due under
such loan assets, such bank or institution would have recourse to such credit enhancement, which could have a
material adverse effect on our results of operations and financial condition.
19. System failures or inadequacy and security breaches in computer systems may adversely affect our business.
Our business is increasingly dependent on our ability to process, on a daily basis, a large number of transactions.
Our financial, accounting or other data processing systems may fail to operate adequately or become disabled as a
result of events that are wholly or partially beyond our control, including a disruption of electrical or
communications services.
Our ability to operate and remain competitive will depend in part on our ability to maintain and upgrade our
information technology systems on a timely and cost-effective basis. The information available to and received by
our management through our existing systems may not be timely and sufficient to manage risks or to plan for and
respond to changes in market conditions and other developments in our operations. We may experience difficulties
in upgrading, developing and expanding our systems quickly enough to accommodate our growing customer base
and range of products.
Our operations also rely on the secure processing, storage and transmission of confidential and other information in
our computer systems and networks. Our computer systems, software and networks may be vulnerable to
unauthorized access, computer viruses or other malicious code and other events that could compromise data
integrity and security.
Any failure to effectively maintain or improve or upgrade our management information systems in a timely manner
could materially and adversely affect our competitiveness, financial position and results of operations. Moreover,
if any of these systems do not operate properly or are disabled or if there are other shortcomings or failures in our
internal processes or systems, it could affect our operations or result in financial loss, disruption of our businesses,
regulatory intervention or damage to our reputation. In addition, our ability to conduct business may be adversely
impacted by a disruption in the infrastructure that supports our businesses and the localities in which we are
located.
20. We may not be able to maintain our current levels of profitability due to increased costs or reduced spreads.
Our business strategy involves a relatively high level of ongoing interaction with our customers. We believe that
this involvement is an important part of developing our relationship with our customers, identifying new crossselling
opportunities and monitoring our performance. However, this level of involvement also entails higher levels
of costs and also requires a relatively higher gross spread, or margin, on the finance products we offer in order to
maintain profitability. There can be no assurance that we will be able to maintain our current levels of profitability
if the gross spreads on our finance products were to reduce substantially, which could adversely affect our results of
operations.
21. We face asset-liability mismatches which could affect our liquidity and consequently may adversely affect our
operations and profitability.
We face potential liquidity risks due to varying periods over which our assets and liabilities mature. As is typical
for NBFCs, a portion of our funding requirements is met through short-term funding sources such as bank loans,
working capital demand loans, cash credit, short term loans and commercial papers. However, a large portion of
our loan assets mature over a medium term. Consequently, our inability to obtain additional credit facilities or
renew our existing credit facilities, in a timely and cost-effective manner or at all, may lead to mismatches between
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our assets and liabilities, which in turn may adversely affect our operations and financial performance. Further,
mismatches between our assets and liabilities are compounded in case of pre-payments of the financing facilities we
grant to our customers.
22. Our loan portfolio may no longer continue to be classified as priority sector advances by the RBI.
The RBI currently mandates domestic commercial banks operating in India to maintain an aggregate 40.0% (32.0%
for foreign banks) of their advances or credit equivalent amount of off-balance sheet exposure, whichever is higher
as “priority sector advances”. These include advances to agriculture, small enterprises (including SRTOs, which
constitute the largest proportion of our loan portfolio), exports and similar sectors where the Government seeks to
encourage flow of credit for developmental reasons. Banks in India that have traditionally been constrained or
unable to meet these requirements organically, have relied on specialized institutions like us that are better
positioned to or exclusively focus on originating such assets through on-lending or purchase of assets or
securitized/assigned pools to comply with these targets.
In the event that any part of our loan portfolio is no longer classified as a priority sector advance by the RBI, or if
the laws relating to priority sector lending as applicable to the banks undergo a change, our ability to securitize our
asset pool will be hampered, which may adversely affect our financial condition and results of operations.
23. Any change in control of our Promoter may correspondingly adversely affect our operations and profitability.
As of March 31, 2011, SCL holds 50.17% of the paid up share capital of our Promoter, Shriram Holdings (Madras)
Private Limited, and the remaining shares in Shriram Holdings (Madras) Private Limited were held by certain
strategic investors. Shriram Holdings (Madras) Private Limited holds 41.29% of the paid up share capital of our
Company as on March 31, 2011. If SCL ceases to exercise control over our Promoter as a result of any transfer of
shares or otherwise, our ability to derive any benefit from the brand name “Shriram” and our goodwill as a part of
the Shriram group of companies may be adversely affected, which in turn could adversely affect our business and
results of operations. Any such change of control could also significantly influence our business policies and
operations.
24. The trade mark/service mark and logo in connection with the “Shriram” brand which we use is licensed to us
and consequently, any termination or non-renewal of such license may adversely affect our goodwill, operations
and profitability.
Pursuant to a license agreement dated April 1, 2010 between our Company and Shriram Ownership Trust, (“SOT”)
we are entitled to use the brand name “Shriram” and the associated mark. In this regard, our Company has to pay to
SOT, 0.25% on the gross turnover of our Company for the first year of the License Agreement. Royalty rates for
the subsequent years will be decided mutually on or before April 1 st of the respective financial years. Along with
the royalty, our Company also is required to pay to SOT amounts by way of reimbursement of actual expenses
incurred by SOT in respect of protection and defence of the Copyright. The License Agreement is valid for a period
of three years from the date of execution thereof.
This license agreement is valid until March 31, 2013. In the event such license agreement is terminated or is not
renewed or extended in the future, we may not be entitled to use the brand name “Shriram” and the associated mark
in connection with our business operations. Consequently, we will not be able to derive the goodwill that we have
been enjoying under the “Shriram” brand. Further, if the commercial terms and conditions including the
consideration payable pursuant to the said agreement are revised unfavourably, our Company may be required to
allocate larger portions of its profits and/or revenues towards such consideration, which would adversely affect our
profitability. We operate in a competitive environment, and we believe that our brand recognition is a significant
competitive advantage to us. If the license and user agreement is not renewed or terminated, we may need to
change our name, trade mark/service mark or the logo. Any such change could require us to incur additional costs
and may adversely impact our goodwill, business prospects and results of operations.
Our Company has obtained trademark registration for the brand names ‘NEW LOOK’ and
‘OKHORNPLEASE.COM’ and has made applications for the registration of brand names ‘AUTOMALL’ and
ONE STOP’ under various classes with the Registrar of Trademarks.
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25. We have certain contingent liabilities which may adversely affect our financial condition.
As of March 31, 2011, we had certain contingent liabilities not provided for, including the following: demands in
respect of disputed service tax of ` 330.00 lacs, disputed sales tax demand ` 412.33 lacs and guarantees of `
1,94,058.28 lacs. For further information on such contingent liabilities, see Annexure VI to our Reformatted
Unconsolidated Summary Financial Statements. In the event that any of these contingent liabilities materialize, our
financial condition may be adversely affected.
26. We are involved in various legal and other proceedings that if determined against us could have a material
adverse effect on our financial condition and results of operations.
We are currently involved in a number of legal proceedings arising in the ordinary course of our business. These
proceedings are pending at different levels of adjudication before various courts and tribunals, primarily relating to
civil suits and tax disputes. For further information relating to certain significant legal proceedings that we are
involved in, please refer to the section titled “Pending Proceedings and Statutory Defaults” beginning on page 214
of this Draft Prospectus.
An adverse decision in these proceedings could materially and adversely affect our business, financial condition
and results of operations.
27. We may have to comply with strict regulations and guidelines issued by regulatory authorities in India.
We are regulated principally by and have reporting obligations to the RBI. We are also subject to the corporate,
taxation and other laws in effect in India. The regulatory and legal framework governing us may continue to change
as India’s economy and commercial and financial markets evolve. In recent years, existing rules and regulations
have been modified, new rules and regulations have been enacted and reforms have been implemented which are
intended to provide tighter control and more transparency in India’s asset finance sector. Further, RBI may
increase the minimum capital adequacy requirement for deposit taking NBFCs such as us.
Compliance with many of the regulations applicable to our operations may involve significant costs and otherwise
may impose restrictions on our operations. If the interpretation of the regulators and authorities varies from our
interpretation, we may be subject to penalties and the business of our Company could be adversely affected. There
can be no assurance that changes in these regulations and the enforcement of existing and future rules by
governmental and regulatory authorities will not adversely affect our business and future financial performance.
28. Our ability to assess, monitor and manage risks inherent in our business differs from the standards of some of
our counterparts in India and in some developed countries.
We are exposed to a variety of risks, including liquidity risk, interest rate risk, credit risk, operational risk and legal
risk. The effectiveness of our risk management is limited by the quality and timeliness of available data.
Our hedging strategies and other risk management techniques may not be fully effective in mitigating our risks in
all market environments or against all types of risk, including risks that are unidentified or unanticipated. Some
methods of managing risks are based upon observed historical market behavior. As a result, these methods may not
predict future risk exposures, which could be greater than the historical measures indicated. Other risk management
methods depend upon an evaluation of information regarding markets, customers or other matters. This information
may not in all cases be accurate, complete, current, or properly evaluated. Management of operational, legal or
regulatory risk requires, among other things, policies and procedures to properly record and verify a number of
transactions and events. Although we have established these policies and procedures, they may not be fully
effective. Our future success will depend, in part, on our ability to respond to new technological advances and
evolving NBFC and vehicle finance sector standards and practices on a cost-effective and timely basis. The
development and implementation of such technology entails significant technical and business risks. There can be
no assurance that we will successfully implement new technologies or adapt our transaction-processing systems to
customer requirements or evolving market standards.
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29. Our Promoter has significant control in our Company, which will enable them to influence the outcome of
matters submitted to shareholders for approval, and their interests may differ from those of other holders of
Equity Shares.
As of March 31, 2011, Shriram Holdings (Madras) Private Limited, our Promoter, beneficially owned
approximately 41.29% of our share capital. See “Capital Structure”. Our Promoter has the ability to control our
business including matters relating to any sale of all or substantially all of our assets, the timing and distribution of
dividends and the election or termination of appointment of our officers and directors. This control could delay,
defer or prevent a change in control of our Company, impede a merger, consolidation, takeover or other business
combination involving our Company, or discourage a potential acquirer from making a tender offer or otherwise
attempting to obtain control of our Company even if it is in our Company’s best interest. In addition, for so long as
our Promoter continues to exercise significant control over our Company, it may influence the material policies of
our Company in a manner that could conflict with the interests of our other shareholders. The Promoter group may
have interests that are adverse to the interests of our other shareholders and may take positions with which we or
our other shareholders do not agree.
30. Certain shareholders of our Promoter Shriram Holdings (Madras) Private Limited have rights to nominate
directors on our Board.
Pursuant to the Share Subscription Agreement dated February 2, 2006, as amended on September 12, 2008 (“Share
Subscription Agreement”), between Newbridge India Investments II Limited (“New Bridge”), our Promoter, Mr.
R. Thyagarajan, Mr. T. Jayaraman, Mr. AVS Raja and Shriram Financial Services Holding Private Limited ( now
known as SCL), (collectively, “Founders”), Shriram Recon Trucks Limited, Shriram Holdings (Madras) Private
Limited and SOFL, New Bridge, which currently holds 49.0% of the paid-up share capital of our Promoter Shriram
Holdings (Madras) Private Limited, is entitled to appoint two nominee directors on our Board. Furthermore, in the
event that the size of the Board is increased beyond 12 directors, New Bridge and the Founders will each be entitled
to appoint three directors on the Board. In the event that any shareholder having a right to nominate a director
ceases to have such right, then the resulting vacancy shall be filled by the appointment of independent directors. In
addition, New Bridge, on the one hand, and the Founders, on the other hand, are entitled to nominate an equal
number of nominees on any committee of the Board.
Under the terms of such Share Subscription Agreement, certain reserved matters require the affirmative vote and/or
prior consent of the directors nominated by New Bridge and the Founders on our Board or any committee thereof.
These matters include, among others, any further issuance of any Equity Shares by our Company; acquisition of the
assets of any other business; creation of a joint venture or partnership, or merger, demerger and consolidation or
any other business combination; disinvestment in any subsidiary; appointment, removal and revision of the
compensation of key personnel; capital expenditure in excess of ` 50.00 lacs; any amendment to the memorandum
or articles of association of our Company; any amendment in the annual business plan of our Company;
commencement of a new line of business; any changes to material accounting or tax policies; recommendation of or
declaration of dividend or distribution of any kind; removal of the statutory or internal auditor; any bankruptcy,
dissolution, insolvency, recapitalization, reorganization, assignment to creditors, winding up and/or liquidation; an
increase or reorganization in the issued, subscribed or paid up equity or preference share capital; any connected
person transaction; any amendment, modification or cancellation of the trademark license agreement (license and
user agreement) for the use of the "Shriram" brand and associated logos. In the event that the beneficial ownership
of New Bridge in our Company, indirectly through our Promoter or directly, becomes greater than that of the
Founders, then the number of reserved matters requiring the affirmative vote of the directors nominated by the
Founders would be reduced; moreover, in such event, New Bridge shall also be entitled to appoint and remove the
managing director (whether designated as managing director, CEO, COO or otherwise) and other key employees of
our Company and of our Promoter.
As an exit mechanism, New Bridge may, at any time after expiry of two years from September 12, 2008, require
our Promoter to distribute the shares held by our Promoter in our Company amongst the Founders and New Bridge
in proportion to their respective holdings in our Promoter; in the alternative, New Bridge may require the merger of
our Promoter with our Company in order to effect such distribution. Moreover, after two years from September 12,
2008, New Bridge is entitled to acquire controlling interest in our Promoter from the Founders, subject to the
payment of a call option price plus a control premium. The Company, the Founders and our Promoter Shriram
Holdings (Madras) Private Limited have agreed to jointly and severally indemnify New Bridge in the event of any
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each of the terms of such Share Subscription Agreement. Drag along rights are also provided for in the Share
Subscription Agreement. After March 31, 2011 New Bridge is entitled, at any time to require the founders to sell
all or part of the latter's shares or warrants in our Company or in our Promoter. In the event that New Bridge does
not accept the purchase offer of a proposed purchaser as communicated by the Founders, New Bridge may in turn
present the Founders with the terms of another purchase offer, which shall not provide for a lower purchase price.
New Bridge and the Founders, pursuant to their rights under the Share Subscription Agreement and as shareholders
in our Promoter, may influence policies of our Company in a manner that could conflict with the interests of our
other shareholders. New Bridge and the Founders may have interests that are adverse to the interests of our other
shareholders and may take positions with which our Company or our other shareholders do not agree.
31. We have entered into certain related party transactions.
We have entered into transactions with related parties, within the meaning of AS 18 as notified by the Companies
(Accounting Standards) Rules, 2006. These transactions include royalty paid to Shriram Ownership Trust pursuant
to the License Agreement dated April 1, 2010 between our Company and Shriram Ownership Trust in connection
with the use of the brand name "Shriram" and the associated mark. For further information on our related party
transactions please see the section titled “Financial Information”. Such transactions may give rise to current or
potential conflicts of interest with respect to dealings between us and such related parties. Additionally, there can be
no assurance that any dispute that may arise between us and related parties will be resolved in our favor.
32. Any failure by us to identify, manage, complete and integrate acquisitions, divestitures and other significant
transactions successfully could adversely affect our results of operations, business and prospects.
As part of our business strategy, we may acquire complementary companies or businesses, divest non-core
businesses or assets, enter into strategic alliances and joint ventures and make investments to further our business.
In order to pursue this strategy successfully, we must identify suitable candidates for and successfully complete
such transactions, some of which may be large and complex, and manage the integration of acquired companies or
employees. We may not fully realize all of the anticipated benefits of any such transaction within the anticipated
timeframe or at all. Any increased or unexpected costs, unanticipated delays or failure to achieve contractual
obligations could make such transactions less profitable or unprofitable. Managing business combination and
investment transactions requires varying levels of management resources, which may divert our attention from
other business operations, may result in significant costs and expenses and charges to earnings. The challenges
involved in integration include:
• combining product offerings and entering into new markets in which we are not experienced;
• consolidating and maintaining relationships with customers;
• consolidating and rationalizing transaction processes and corporate and IT infrastructure;
• integrating employees and managing employee issues;
• coordinating and combining administrative and other operations and relationships with third parties in
accordance with applicable laws and other obligations while maintaining adequate standards, controls and
procedures;
• achieving savings from infrastructure integration; and
• managing other business, infrastructure and operational integration issues.
33. The BSE has suspended the trading of our Equity Shares in the past.
Pursuant to an order dated December 18, 1998, issued by the BSE, the trading of our Equity Shares on the BSE was
suspended from December 21, 1998 to January 3, 1999 on account of alleged non-compliance with clauses 15 and
16 of the listing agreement entered into with the BSE in connection with the listing and trading of our Equity
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Shares.
Our failure to comply with the provisions of the listing agreements executed between our Company and the stock
exchanges where our securities are listed, in a timely manner or at all, may expose us to regulatory proceedings
and/or penal action.
34. Our success depends in large part upon our management team and key personnel and our ability to attract, train
and retain such persons.
Our ability to sustain our rate of growth depends significantly upon our ability to manage key issues such as
selecting and retaining key managerial personnel, developing managerial experience to address emerging
challenges and ensuring a high standard of client service. In order to be successful, we must attract, train, motivate
and retain highly skilled employees, especially branch managers and product executives. If we cannot hire
additional qualified personnel or retain them, our ability to expand our business will be impaired and our revenue
could decline. We will need to recruit new employees, who will have to be trained and integrated into our
operations. We will also have to train existing employees to adhere properly to internal controls and risk
management procedures. Failure to train and motivate our employees properly may result in an increase in
employee attrition rates, require additional hiring, erode the quality of customer service, divert management
resources, increase our exposure to high-risk credit and impose significant costs on us. Hiring and retaining
qualified and skilled managers are critical to our future, as our business model depends on our credit-appraisal and
asset valuation mechanism, which are personnel-driven operations. Moreover, competition for experienced
employees in the commercial vehicle finance sector can be intense. While we have an incentive structure and an
Employee Stock Option Scheme designed to encourage employee retention, our inability to attract and retain
talented professionals, or the resignation or loss of key management personnel, may have an adverse impact on our
business and future financial performance.
35. We are exposed to fluctuations in the market values of our investment and other asset portfolio.
Recent turmoil in the financial markets has adversely affected economic activity globally, including in
India. Continued deterioration of the credit and capital markets could result in volatility of our investment earnings
and impairments to our investment and asset portfolio, which could negatively impact our financial condition and
reported income.
36. Our results of operations could be adversely affected by any disputes with our employees.
As of March 31, 2011, we employed 16,919 full-time employees. Currently, none of our employees are members of
any labor union. While we believe that we maintain good relationships with our employees, there can be no
assurance that we will not experience future disruptions to our operations due to disputes or other problems with
our work force, which may adversely affect our business and results of operations.
37. Our inability to obtain, renew or maintain our statutory and regulatory permits and approvals required to
operate our business may have a material adverse effect on our business.
We require certain statutory and/or regulatory permits and approvals for our business. In the future, we will be
required to renew such permits and approvals and obtain new permits and approvals for any proposed operations.
There can be no assurance that the relevant authorities will issue any of such permits or approvals in a timely
manner or at all, and/or on favorable terms and conditions. Failure by us to comply with the terms and conditions to
which such permits or approvals are subject, and/or to renew, maintain or obtain the required permits or approvals
may result in the interruption of our operations and may have a material adverse effect on our business, financial
condition and results of operations.
38. We are subject to supervision and regulation by the RBI as a deposit-taking NBFC, and changes in RBI’s
regulations governing us could adversely affect our business.
We are subject to the RBI’s guidelines on financial regulation of NBFCs, including capital adequacy, exposure and
other prudential norms. The RBI also regulates the credit flow by banks to NBFCs and provides guidelines to
commercial banks with respect to their investment and credit exposure norms for lending to NBFCs. The RBI’s
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egulations of NBFCs could change in the future which may require us to restructure our activities, incur additional
cost or could otherwise adversely affect our business and our financial performance.
The RBI, from time to time, amends the regulatory framework governing NBFCs to address, inter-alia, concerns
arising from certain divergent regulatory requirements for banks and NBFCs. Pursuant to two notifications dated
December 6, 2006, (Notifications No. DNBS. 189 / CGM (PK)-2006 and DNBS.190 / CGM (PK)-2006), the RBI
amended the NBFC Acceptance of Public Deposits (Reserve Bank) Directions, 1998, reclassifying deposit taking
NBFCs, such as us. We are also subject to the requirements of the Non Banking Financial (Deposit Accepting or
Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007, issued by the RBI on February 22, 2007,
as amended.
The laws and regulations governing the banking and financial services industry in India have become increasingly
complex and cover a wide variety of issues, such as interest rates, liquidity, securitization, investments, ethical
issues, money laundering and privacy. In some cases, there are overlapping regulations and enforcement
authorities. Moreover, these laws and regulations can be amended, supplemented or changed at any time such that
we may be required to restructure our activities and incur additional expenses to comply with such laws and
regulations, which could materially and adversely affect our business and our financial performance.
Compliance with many of the regulations applicable to our operations in India and/or outside India, including any
restrictions on investments, lending and other activities currently being carried out by our Company, involves a
number of risks, particularly in areas where applicable regulations may be subject to varying interpretations. If the
interpretation of the regulators and authorities varies from our interpretation, we may be subject to penalties and our
business could be adversely affected. We are also subject to changes in Indian laws, regulations and accounting
principles and practices. There can be no assurance that the laws governing the Indian financial services sector will
not change in the future or that such changes or the interpretation or enforcement of existing and future laws and
rules by governmental and regulatory authorities will not adversely affect our business and future financial
performance.
39. Our insurance coverage may not adequately protect us against losses.
We maintain such insurance coverage that we believe is adequate for our operations. Our insurance policies,
however, may not provide adequate coverage in certain circumstances and are subject to certain deductibles,
exclusions and limits on coverage. We maintain general liability insurance coverage, including coverage for errors
or omissions. We cannot, however, assure you that the terms of our insurance policies will be adequate to cover
any damage or loss suffered by us or that such coverage will continue to be available on reasonable terms or will be
available in sufficient amounts to cover one or more large claims, or that the insurer will not disclaim coverage as
to any future claim.
A successful assertion of one or more large claims against us that exceeds our available insurance coverage or
changes in our insurance policies, including premium increases or the imposition of a larger deductible or coinsurance
requirement, could adversely affect our business, financial condition and results of operations.
Risks Relating to the Utilization of Issue Proceeds
40. The fund requirement and deployment mentioned in the Objects of the Issue have not been appraised by any
bank or financial institution.
We intend to use the proceeds of the Issue, after meeting the expenditures of and related to the Issue, for our
various financing activities including lending and investments, subject to applicable statutory and/or regulatory
requirements, to repay our existing loans and our business operations including for our capital expenditure and
working capital requirements. For further details, please refer to the section titled “Objects of the Issue” beginning
on page 93 of this Draft Prospectus. The fund requirement and deployment is based on internal management
estimates and has not been appraised by any bank or financial institution. The management will have significant
flexibility in applying the proceeds received by us from the Issue. Further, as per the provisions of the Debt
Regulations, we are not required to appoint a monitoring agency and therefore no monitoring agency has been
appointed for this Issue.
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Risks Relating to the NCDs
41. Changes in interest rates may affect the price of our NCDs.
All securities where a fixed rate of interest is offered, such as our NCDs, are subject to price risk. The price of such
securities will vary inversely with changes in prevailing interest rates, i.e. when interest rates rise, prices of fixed
income securities fall and when interest rates drop, the prices increase. The extent of fall or rise in the prices is a
function of the existing coupon, days to maturity and the increase or decrease in the level of prevailing interest
rates. Increased rates of interest, which frequently accompany inflation and/or a growing economy, are likely to
have a negative effect on the price of our NCDs.
42. You may not be able to recover, on a timely basis or at all, the full value of the outstanding amounts and/or the
interest accrued thereon in connection with the NCDs.
Our ability to pay interest accrued on the NCDs and/or the principal amount outstanding from time to time in
connection therewith would be subject to various factors inter-alia including our financial condition, profitability
and the general economic conditions in India and in the global financial markets. We cannot assure you that we
would be able to repay the principal amount outstanding from time to time on the NCDs and/or the interest accrued
thereon in a timely manner or at all. Although our Company will create appropriate security in favour of the
Debenture Trustee for the NCD holders on the assets adequate to ensure 100% asset cover for the NCDs, which shall
be free from any encumbrances, the realizable value of the assets charged as security, when liquidated, may be lower
than the outstanding principal and/or interest accrued thereon in connection with the NCDs. A failure or delay to
recover the expected value from a sale or disposition of the assets charged as security in connection with the NCDs
could expose you to a potential loss.
43. If we do not generate adequate profits, we may not be able to maintain an adequate Debenture Redemption
Reserve, (“DRR”), for the NCDs issued pursuant to this Draft Prospectus.
Section 117C of the Act states that any company that intends to issue debentures must create a DRR to which
adequate amounts shall be credited out of the profits of the company until the debentures are redeemed. The
Ministry of Corporate Affairs has, through its circular dated April 18, 2002, (“Circular”), specified that the
quantum of DRR to be created before the redemption liability actually arises in normal circumstances should be
‘adequate’ to pay the value of the debentures plus accrued interest, (if not already paid), till the debentures are
redeemed and cancelled. The Circular however further specifies that, for NBFCs like our Company, (NBFCs which
are registered with the RBI under Section 45-IA of the RBI Act), the adequacy of the DRR will be 50% of the value
of debentures issued through the public issue. Accordingly our Company is required to create a DRR of 50% of the
value of debentures issued through the public issue. As further clarified by the Circular, the amount to be credited
as DRR will be carved out of the profits of the company only and there is no obligation on the part of the company
to create DRR if there is no profit for the particular year. Accordingly, if we are unable to generate adequate profits,
the DRR created by us may not be adequate to meet the 50% of the value of the NCDs. This may have a bearing on
the timely redemption of the NCDs by our Company.
44. Any downgrading in credit rating of our NCDs may affect the value of NCDs and thus our ability to raise
further debts.
The NCDs proposed to be issued under this Issue have been rated ‘AA/Stable’ by CRISIL for an amount of upto `
1,00,000 Lacs vide its letter dated May 30, 2011, and 'CARE AA+' by CARE for an amount of upto ` 1,00,000
Lacs vide its letter dated June 3, 2011. The rating of the NCDs by CRISIL indicates high degree of safety with
regard to timely payment of interest and principal on the NCDs. The rating of NCDs by CARE indicates high safety
for timely servicing of debt obligations. The ratings provided by CRISIL and/or CARE may be suspended,
withdrawn or revised at any time by the assigning rating agency and should be evaluated independently of any other
rating. These ratings are not a recommendation to buy, sell or hold securities and investors should take their own
decisions. Please refer to page 41 for the rationale for the above ratings.
.
- 29 -

45. There is no active market for the NCDs on the WDM segment of the stock exchanges. As a result the liquidity
and market prices of the NCDs may fail to develop and may accordingly be adversely affected.
There can be no assurance that an active market for the NCDs will develop. If an active market for the NCDs fails
to develop or be sustained, the liquidity and market prices of the NCDs may be adversely affected. The market
price of the NCDs would depend on various factors inter alia including (i) the interest rate on similar securities
available in the market and the general interest rate scenario in the country, (ii) the market price of our Equity
Shares, (iii) the market for listed debt securities, (iv) general economic conditions, and, (v) our financial
performance, growth prospects and results of operations. The aforementioned factors may adversely affect the
liquidity and market price of the NCDs, which may trade at a discount to the price at which you purchase the NCDs
and/or be relatively illiquid.
46. There may be a delay in making refunds to applicants.
We cannot assure you that the monies refundable to you, on account of (a) withdrawal of your applications, (b) our
failure to receive minimum subscription in connection with the Base Issue, (c) withdrawal of the Issue, or (d)
failure to obtain the final approval from the NSE for listing of the NCDs, will be refunded to you in a timely
manner. We however, shall refund such monies, with the interest due and payable thereon as prescribed under
applicable statutory and/or regulatory provisions.
B. EXTERNAL RISK FACTORS
1. Our business is dependent on the automobile and transportation industry in India.
Our business to a large extent depends on the continued growth in the automobile and transportation industry in
India, which is influenced by a number of extraneous factors which are beyond our control, inter-alia including (a)
the macroeconomic environment in India, (b) the demand for transportation services, (c) natural disasters and
calamities, and (d) changes in regulations and policies in connection with motor vehicles. Such factors may result in
a decline in the sales or value of new and pre-owned CVs. Correspondingly, the demand for availing finance for
new and pre-owned commercial vehicles may decline, which in turn may adversely affect our financial condition
and the results of our operations. Further, the ability of CV owners and/or operators to perform their obligations
under existing financing agreements may be adversely affected if their businesses suffer as a result of the aforesaid
factors.
2. Increase in competition from our peer group in the CV finance sector may result in reduction of our market
share, which in turn may adversely affect our profitability.
Our Company provides loans to pre-owned and new CV owners and/or operators in suburban and rural areas in
India. Although, we have been named as the largest asset financing NBFC providing CV finance*, we have been
increasingly facing competition from domestic and foreign banks and NBFCs operating in the CV finance segment
of the industry. Some of our competitors are very aggressive in underwriting credit risk and pricing their products
and may have access to funds at a lower cost, wider networks and greater resources than our Company. Our
financial condition and results of operations are dependent on our ability to obtain and maintain low cost funds and
to provide prompt and quality services to our customers. If our Company is unable to access funds at a cost
comparable to or lower than our competitors, we may not be able to offer loans at competitive interest rates to our
customers.
* The D&B Research Report and the CRISIL Report had named our Company as the largest asset financing NBFC
in terms of their research based on various financial and non financial parameters.
While our Company believes that it has historically been able to offer competitive interest rates on the loans
extended to our customers, there can be no assurance that our Company will be able to continue to do so in the
future. An increase in competition from our peer group may result in a decline in our market share, which may in
turn result in reduced incomes from our operations and may adversely affect our profitability.
- 30 -

3. Our growth depends on the sustained growth of the Indian economy. An economic slowdown in India and
abroad could have a direct impact on our operations and profitability.
Macroeconomic factors that affect the Indian economy and the global economic scenario have an impact on our
business. The quantum of our disbursements is driven by the growth in demand for CVs. Any slow down in the
Indian economy may have a direct impact on our disbursements and a slowdown in the economy as a whole can
increase the level of defaults thereby adversely impacting our Company’s, profitability, the quality of its portfolio
and growth plans.
4. Political instability or changes in the government could delay further liberalization of the Indian economy and
adversely affect economic conditions in India generally, which could impact our business.
Since 1991, the Government has pursued a policy of economic liberalization, including significantly relaxing
restrictions on the private sector. There can be no assurance that these liberalization policies will continue in the
future as well. The rate of economic liberalization could change, and specific laws and policies affecting financial
services companies, foreign investment, currency exchange rates and other matters affecting investments in Indian
companies could change as well. A significant slowdown in India’s economic liberalization and deregulation
policies could disrupt business and economic conditions in India, thus affecting our business. Any political
instability in the country, including any change in the Government, could materially impact our business adversely.
5. Civil unrest, terrorist attacks and war would affect our business.
Terrorist attacks and other acts of violence, war or conflicts, particularly those involving India, as well as the
United States of America, the United Kingdom, Singapore and the European Union, may adversely affect Indian
and global financial markets. Such acts may negatively impact business sentiment, which could adversely affect our
business and profitability. India has from time to time experienced, and continues to experience, social and civil
unrest, terrorist attacks and hostilities with neighbouring countries. Also, some of India’s neighbouring countries
have experienced, or are currently experiencing internal unrest. This, in turn, could have a material adverse effect
on the Indian economy and in turn may adversely affect our operations and profitability and the market for the
NCDs.
6. Our business may be adversely impacted by natural calamities or unfavourable climatic changes.
India, Bangladesh, Pakistan, Indonesia, Japan and other Asian countries have experienced natural calamities such as
earthquakes, floods, droughts and a tsunami in recent years. Some of these countries have also experienced
pandemics, including the outbreak of avian flu. These economies could be affected by the extent and severity of
such natural disasters and pandemics which could, in turn affect the financial services sector of which our Company
is a part. Prolonged spells of abnormal rainfall, draught and other natural calamities could have an adverse impact
on the economy, which could in turn adversely affect our business and the price of our NCDs.
7. Any downgrading of India's sovereign rating by an international rating agency (ies) may affect our business and
our liquidity to a great extent.
Any adverse revision to India's credit rating for domestic and international debt by international rating agencies
may adversely impact our ability to raise additional finances at favourable interest rates and other commercial
terms. This could have an adverse effect on our growth, financial performance and our operations.
PROMINENT NOTES
1. This is a public issue of NCDs by our Company aggregating upto ` 50,000 lacs with an option to retain oversubscription
upto ` 50,000 lacs for issuance of additional NCDs aggregating to a total of ` 1,00,000 lacs.
- 31 -

2. For details on the interest of our Company’s Directors, please refer to the sections titled “Our Management” and
“Capital Structure” beginning on pages 131 and 63 of this Draft Prospectus, respectively.
3. Our Company has entered into certain related party transactions, within the meaning of AS 18 as notified by the
Companies (Accounting Standards) Rules, 2006, as disclosed in the section titled “Financial Information”
beginning on page 149 of this Draft Prospectus.
4. Any clarification or information relating to the Issue shall be made available by the Lead Managers, the Co-Lead
Managers and our Company to the investors at large and no selective or additional information would be available
for a section of investors in any manner whatsoever.
5. Investors may contact the Registrar to the Issue, Compliance Officer, and the Lead Managers, the Co-Lead
Managers for any complaints pertaining to the Issue. In case of any specific queries on allotment/refund, Investor
may contact Registrar to the Issue.
6. In the event of oversubscription to the Issue, allocation of NCDs will be as per the "Basis of Allotment" set out on
page 211 of this Draft Prospectus.
7. Our Equity Shares are listed on the NSE, BSE and MSE.
8. Our Company has made an application dated June 1, 2011 to the Madras Stock Exchange Limited for delisting of
the equity shares of our Company.
9. The non convertible debentures issued pursuant to the two previous public issues in the years 2009 and 2010, vide
the prospectus dated July 16, 2009 and the prospectus dated May 06, 2010, respectively, are listed in NSE and BSE.
10. Some of our privately placed non convertible debentures and other debt instruments are listed in BSE and some in
NSE.
11. As of March 31, 2011, we had certain contingent liabilities not provided for, including the following: demands in
respect of disputed service tax of ` 330.00 lacs, disputed sales tax demand ` 412.33 lacs and guarantees of `
1,94,058.28 lacs. For further information on such contingent liabilities, see Annexure VI to our Reformatted
Unconsolidated Summary Financial Statements.
12. For further information relating to certain significant legal proceedings that we are involved in, see “Pending
Proceedings and Statutory Defaults” beginning on page 214 of this Draft Prospectus.
- 32 -

Shriram Transport Finance Company Limited
SECTION III : INTRODUCTION
GENERAL INFORMATION
Date of Incorporation: June 30, 1979. Our Company was incorporated as a public limited company under the provisions of the
Act.
Registered Office:
Mookambika Complex, 3 rd Floor, No. 4, Lady Desika Road, Mylapore, Chennai, Tamil Nadu – 600004.
Registration:
Corporate Identification Number: L65191TN1979PLC007874 issued by the Registrar of Companies, Tamil Nadu.
Our Company holds a certificate of registration dated September 4, 2000 bearing registration no. A-07-00459 issued by the
RBI to carry on the activities of a NBFC under section 45 IA of the RBI Act, 1934, which has been renewed on April 17, 2007,
(bearing registration no. 07-00459).
Compliance Officer (and Company Secretary):
The details of the person appointed to act as Compliance Officer for the purposes of this Issue is set out below:
Investors may contact the Registrar to the Issue or the Compliance Officer in case of any pre-issue or post Issue related issues
such as non-receipt of Allotment Advice, demat credit, refund orders or interest on application money.
Mr K. Prakash
Vice President (Corporate Affairs) & Company Secretary
Shriram Transport Finance Company Limited
Wockhardt Towers, Level-3, West Wing, C –2, G Block,
Bandra-Kurla Complex, Bandra (East), Mumbai –400 051.
Tel.: +91 22 4095 9595
Fax: +91 22 4095 9596/97
Email: stfcncd3comp@stfc.in
Lead Managers:
JM Financial Consultants Private Limited
141 Maker Chambers III
Nariman Point
Mumbai – 400 021
Tel : + 91 22 6630 3030
Fax: +91 22 2204 2137
Email: stfcbondissue@jmfinancial.in
Investor Grievance Email: grievance.ibd@jmfinancial .in
Website: www.jmfinancial.in
Contact Person : Ms. Lakshmi Lakshmanan
Compliance Officer: Mr. Chintal Sakaria
SEBI Registration No.: INM000010361
- 33 -

ICICI Securities Limited
ICICI Centre, H.T. Parekh Marg,
Churchgate
Mumbai- 400 020
Tel: +91 22 2288 2460
Fax: +91 22 2282 6580
Email: stfc.debtissue@icicisecurities.com
Investor Grievance Email: customercare@icicisecurities.com
Website: www.icicisecurities.com
Contact Person: Mr. Mangesh Ghogle
SEBI Registration No: INM000011179
Co-Lead Managers:
RR Investors Capital Services (P) Limited
133A, Mittal Tower, A Wing,
Nariman Point,
Mumbai-400 021
Tel: 022 22886627/28
Fax: 022 22851925
Email: stfcncd@rrfcl.com
Investor Greivance Email:rrinvestors@rrfcl.com
Website: www.rrfcl.com
Contact Person: Mr. Brahmdutta Singh
Compliance Officer: Mr. Sandeep Mahajan
SEBI Registration No. INM000007508
Karvy Investor Services Limited
Regent Chambers, 2 nd floor
Nariman Point, Mumbai – 400021
Tel : +91 22 2289 5000
Fax: +91 22 3020 4040
Email: stfcbonds2011@karvy.com
Investor Grievance Email:
cmg@karvy.com
Website: www.karvy.com
Contact Person: Mr. Madhav Mehta
SEBI Registration No: INM000008365
Debenture Trustee:
IDBI Trusteeship Services Limited
Asian Building, Ground Floor,
17, R Kamani Marg,
Ballard Estate, Mumbai – 400 001
Tel: +91 22 4080 7000
Fax: + 91 22 6631 1776
Website: www.idbitrustee.co.in
Contact Person: Ms. Brindha V
Email: brindha@idbitrustee.co.in
SEBI Registration No.: IND000000460
IDBI Trusteeship Services Limited has by its letter dated May 13, 2011 given its consent for its appointment as Debenture
Trustee to the Issue and for its name to be included in this Draft Prospectus and in all the subsequent periodical
communications sent to the holders of the Debentures issued pursuant to this Issue.
- 34 -

Registrar
Integrated Enterprises (India) Limited
2nd Floor,
Kences Towers,
No1, Ramakrishna Street,
North Usman Road, T. Nagar,
Chennai - 600 017
Tel: + 91 44 2814 0801, +91 44 2814 0802, +91 44 2814 0803
Fax: +91 44 28142479
Email: stfcipo@iepindia.com
Investor Grievance Email: sureshbabu@iepindia.com
Website: www.iepindia.com
Contact Person: Ms. Anusha N and Mr. Sriram S
SEBI Registration No.: INR000000544
Statutory Auditors:
Our statutory auditors being:
M/s. S. R. Batliboi & Co.
Chartered Accountants
6 th floor, Express Towers
Nariman Point
Mumbai – 400 021
Email: SRBC@in.ey.com
Tel: +91 22 6657 9200
Fax: +91 22 2287 6401
Firm registration number: 301003E
M/s. G. D. Apte & Co.
Chartered Accountants
Dream Presidency, 1202/17E,
Shivajinagar, Off Apte Road,
Pune – 411 004
Tel: +91 20 2553 2114, +91 20 2552 0011, +91 20
2553 2716
Fax: +91 20 2553 4769
Firm registration number: 100515W
Credit Rating Agencies:
CRISIL Limited
CRISIL House, Central Avenue,
Hiranandani Business Park,
Powai,
Mumbai – 400 076
Tel: +91 22 3342 3000
Fax: +91 22 3342 3050
Credit Analysis & Research Limited
4 th Godrej Coliseum,
Somaiya Hospital Road,
Off Eastern Express Highway
Sion (East),
Mumbai – 400 022
Tel: +91 22 6754 3456
Fax: +91 22 6754 3457
Legal Advisor to the Issue:
J Sagar Associates
Vakils House,
18, Sprott Road
Ballard Estate
Mumbai- 400 001
Tel: +91 22 4341 8500
Fax: +91 22 6656 1515
Advisors to the Issuer
VNS Legal
Advocates
5th Floor, Mookambika Complex
- 35 -

4, Lady Desika Road
Mylapore
Chennai - 600 004, India
Email: shiva@vnslegal.in
Tel: + 91 94440 76813, +91 44 2499 7133
Fax: + 91 44 2499 0549
Bankers to the Issue:
[●]
Bankers to our Company
ABU DHABI COMMERCIAL BANK
75 RehmatManzil,
Veer Nariman Road,
Churchgate,
Mumbai – 400 020
Tel: +91 22 3953 4100, +91 22 2285 5658
Fax:+91 22 2287 0686
ALLAHABAD BANK
41, Mount Road,
Chennai – 600 002
Tel: +91 44 2454 6272, +91 44 2454 7497,
Fax: +91 44 2855 5959
ANDHRA BANK
Corporate Finance Branch,
16 th , Earnest House,
NCPA Marg,
Nariman Point,
Mumbai – 400 021
Tel: +91 22 2288 5846
Fax: +91 22 2288 5841
BANK OF AMERICA
16 th Floor, Express Towers,
Nariman Point, Mumbai – 400 021
Tel: +91 22 6632 3352
Fax: +91 22 6632 3114
AXIS BANK
Corporate Banking Branch,
Axis Bank Ltd,
Axis House,
Ground Floor, Bombay Dyeing Mill Compound,
P.B. Marg, Worli, Mumbai-400 025.
022- 2425 3049 (D).
BANK OF BAHRAIN & KUWAIT
Jolly Maker Chambers II, 225,
Nariman Point,
Mumbai – 400 021
Tel: +91 22 2282 3698, +91 22 2282 3699
Fax: +91 22 22044458, +91 22 2284 1416
BANK OF BARODA
Corporate Financial Services Branch,
3, HirachandWalchandMarg, Ballard Pier,
Mumbai – 400 001
Tel: +91 22 4340 7301, +91 22 4340 7302, +91 22 4340
7318
Fax: +91 22 226 55778, +91 22 2261 0413
BANK OF CEYLON
No. 1090, Poonamallee High Road,
Chennai – 600 084
Tel: +91 44 2642 0972, +91 44 2642 0973, +91 44
2642 0974, +91 44 2642 0976
Fax: +91 44 2532 5590
- 36 -

BANK OF INDIA
Bank of India Building
4 th Floor, 70-80
M.G. Road Fort,
Mumbai – 400 023
Tel:+91 22 2262 3656 +91 22 2269 6817
Fax: +91 -22 2267 1718 /2265 6918
BANK OF MAHARASHTRA
1 St Floor, Janmangal
45/47, Mumbai SamacharMarg
Fort ,Mumabi-400023
Tel: +91 22 2265 2595
Fax: +91 22 2265 2912
BARCLAYS BANK PLC
601/603 CeejayHouse,Shivsagar Estate, Dr. Annie Basant
Road,
Worli, Mumbai – 400 018, India
Tel: +91 22 6719 6400
Fax: +91 22 6719 6767
CREDIT AGRICOLE CORPORATE AND
INVESTMENT BANK
Westminster Building, 2 nd Floor,
New No. 70, Dr. RadhakrishnanSalai,
Mylapore, Chennai – 600 004
Tel: +91 44 6635 1000
Fax: +91 44 2847 4619
BANK OF TOKYO – MITSUBISHI UFJ
LIMITED
Floor, Hoechst House, 193,
Vinay K. Shah Marg,
Nariman Point,
Mumbai – 400 021
Tel: +91 22 6669 3000
Fax: +91 22 6669 3010
CANARA BANK
Maker Tower ‘F’ Wing
85 Cuffe Parade
Mumbai – 400 005
Tel: 022 - 22156018
15 th
CENTRAL BANK OF INDIA
Chandremukhi
Nariman Point,
Mumbai – 400 021
Tel: +91 22 4078 5801, 39
Fax: +91 22- 40785840
CHINA TRUST COMMERCIAL BANK
A-1-16,Wenger House, Mazzanine Floor,
Rajiv Chowk, Cannaught Place
New Delhi-110001
Tel: +91 11 2373 1815
CORPORATION BANK
104, BHARAT HOUSE,
BOMBAY SAMACHAR MARG,
FORT,
Mumbai 400023
UBS A.G. BANK
Mumbai Branch,
3F, 2 North Avenue, Maker Maxity,
Bandra (E), Mumbai – 400 051
Tel: +91 22 6155 6619
CITI BANK N. A.
Citi centre,
7th Floor,
Bandra-Kurla
Complex, Bandra (E),
Mumbai – 400 051.
Tel: +91 22 4001 5028,
Fax: +91 22 2653 5872
CITY UNION BANK LIMITED
402, Jains Arcade,
14 th Road Junction, Khar (W),
Mumbai – 400 052
Tel: +91 22 2604 0632, +91 22 2605 5575
Fax: +91 22 2604 3907
- 37 -

DBS BANK LIMITED
3 rd Floor, Fort House,
221, Dr. D. N. Road, Fort,
Mumbai – 400 001
Tel: +91 22 6638 8888
Fax: +91 22 6638 8899
DENA BANK
Sapthgiri Apartment,
83, T. T. K. Road,
Alwarpet,
Chennai – 600 018
Tel: +91 44 2499 4279
Fax: +91 44 2498 8892
DEUTSCHE BANK A. G.
Kodak House
222,Dr. D.N. Road
Fort, Mumbai– 400 001
Tel: +91 22 6670 3056
Fax: +91 22 6670 3065
DHANLAXMI BANK LIMITED
Second Floor, Near Gate no. 4, Kamal Mills
Compound ,
Lower Parel,
Mumbai-400013
Tel: +91 22 6154 1700
Fax: +91 22 2287 1637
FEDERAL BANK LIMITED
Corporate Banking Branch,
1 st Floor, Raj Bahadur mansion
32, Mumbai SamacharMarg
Fort, Mumbai-400001
Tel: +91 22 22680131
Fax: +91 22 22680254
HDFC BANK LIMITED
Process House,
2 nd Floor, Kamala Mills Compound,
Lower Parel,
Mumbai – 400 013
Tel: +91 22 2496 1616, +91 22 2498 8484
Fax: +91 22 2496 3994, +91 22 2496 8135
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED
52/60, Mahatma Gandhi Road, P. O. Box 128,
Mumbai – 400 001
Tel: +91 22 2268 5555
Fax: +91 22 2268 0254
ICICI BANK LIMITED
ICICI Bank Towers,
Bandra-Kurla Complex,
Bandra (E),
Mumbai – 400 051
Tel: +91 22 2653 1414
Fax: +91 22 2653 1206
INDIAN BANK
325, Gitanjali Building,
Nehru Road, Vile Parle (E),
Mumbai – 400 057
Tel: +91 22 26146 662, +91 22 2614 8753
Fax: +91 22 2617 4297
INDIAN OVERSEAS BANK
Merchant Chamber, Ground Floor,
Near SNDT University, New Marine Line,
Mumbai – 400 020
Tel:+91 22 2201 6822, +91 22 2201 2528
Fax: +91 22 2203 5571
INDUSIND BANK
1st Floor Indusind House,
425, Dr. D.B. Marg,
Opera House , Mumbai-400004
Tel: +91 22 4345 7500
Fax: +91 22 4345 7530
IDBI Bank Limited
IDBI Towers,
WTC Complex,
Cuffe Parade,
Mumbai – 400 005
Tel: +91 22 6655 2243
Fax: +91 22 2216 0785
- 38 -

ING VYSYA BANK
Plot C-12, ‘G’ Block, 8 th Floor
BKC, Bandra(E ), Mumbai – 400 051
Tel : 022 3309 5000
JAMMU & KASHMIR BANK
Corporate Branch, Worli
Block’D’, 1 st Floor, North Side
Shiv Sagar Estates, Dr.Annie Besant Road
Worli, Mumbai – 400 018
JP MORGAN CHASE BANK N.A.
J P Morgan Tower
Off CST Road , Kalina
Santa Cruz (E)
Mumbai-400098
Tel: +91 22 6157 3691
Fax: +91 22 6157 3916
KARUR VYSYA BANK LIMITED
P. N. No. 1414, Ground Floor,
Kamanwala Chambers,
Sir P. M. Road, Fort, Mumbai – 400 001
Tel: +91 22 2266 5467,
Fax: +91 22 2261 2761
KARNATAKA BANK LIMITED
294/A, Haroon House,
PerinNariman Street, Fort,
Mumbai – 400 001
Tel: +91 22 2266 2283, +91 22 2266 3256
Fax: + 91 22 2266 1685
KOTAK MAHINDRA BANK LIMITED
13 th Floor, 36-38A, NarimanBhavan,
227 Nariman Point,
Mumbai – 400 021
Tel: +91 22 6759 5500
Fax: +91 22 6759 5964
THE LAKSHMI VILAS BANK LIMITED
No. 64, Dr. V. B. Gandhi Marg,
Kalaghoda, Fort,
Mumbai – 400 001
Tel: +91 22 2267 2247, +91 22 2267 2255
Fax: +91 22 2267 0267
PUNJAB & SIND BANK
165 ThambuChetty Street,
Chennai – 600 001
Tel: +91 44 2234 2562, +91 44 2535 9665
Fax: +91 44 2534 2016
ORIENTAL BANK OF COMMERCE
Shreeji Chambers,
Tata Road No.2,
Opera House,
Mumbai – 400 004
Tel: +91 22 2364 3571, +91 22 2364 3572, +91 22
2364 3573, +91 22 2364 3574
Fax: +91 22 2363 7667
PUNJAB NATIONAL BANK
10, Raja Street, T. Nagar,
Chennai – 600 001
Tel : +91 44 2434 2286
Fax : +91 44-24341050
THE RATNAKAR BANK LIMITED
Unit No. 3 & 4, Ground Floor, 7, Homji Street,
Rohimatullah House,
Horniman Circle, Fort,
Mumbai – 400 001
Tel: +91 22-22703635/22703638
Fax: +91 22-22703635
CITI Corp India N. A.
Citi centre,
7th Floor,
Bandra-Kurla
Complex, Bandra (E),
Mumbai – 400 051.
Tel: +91 22 4001 5028,
Fax: +91 22 2653 5872
- 39 -

SHINHAN BANK
42, Jolly Maker Chambers II,
Nariman Point, Mumbai – 400 021
Tel: +91 22 2282 2200
Fax: +91 22 2288 4277
THE SOUTH INDIAN BANK LIMITED
289, Emca House,
S. B. Singh Road, Fort,
Mumbai – 400 001
Tel: +91 22 22611209, +91 22 2265 8974
Fax: +91 22 2261 4749
STANDARD CHARTERED BANK
CRESCENZO, 6th Floor, C-38/39, G-Block,
Behind MCA Club, BandraKurla Complex,
Bandra (East), Mumbai 400 051
.
STATE BANK OF BIKANER AND JAIPUR
United India Life Building,
Sir P. M. Road, Fort,
Mumbai – 400 023
Tel: +91 22 2266 3189, +91 22 2266 2573
Fax: +91 22 2266 0875
SMALL INDUSTRIES DEVELOPMENT BANK
OF INDIA
OVERSEAS TOWERS, NO. 756L,
Anna Salai (Opp. TVS)
Chennai – 600 002
Tel: +91 44 6663 6028, +91 44 6663 6055
Fax: +91 44 2852 0692
SOCIETE GENERALE CORPORATE &
INVESTMENT BANKING
Maker Chamber IV,
13 th Floor, Nariman Point,
Mumbai 400 021
Tel: +91 22 6630 9500
Fax: +91 22 22045459
STATE BANK OF HYDERABAD
Coporate Finance Branch,
C-11, Mittal Tower, 210,
Nariman Point,
Mumbai – 400 021
Tel: +91 22 22843 3550, +91 22 2284 1043, +91 22
2284 4096
Fax: +91 22 2284 1096
STATE BANK OF INDIA
Industrial Finance Branch, ‘The Arcade’
2 nd Floor, World Trade Centre, Cuffe Parade,
Colaba, Mumbai – 400 005
STATE BANK OF MAURITIUS LIMITED
101, Raheja Centre,
Free Press Journal Road,
Nariman Point, Mumbai – 400 021
Tel: +91 22 4302 8888
Fax: +91 22 2284 2966
STATE BANK OF MYSORE
# 224, CWing, Mittal Court,
Nariman Point, Mumbai – 400 021
Tel: +91 22 2279 0534
Fax: +91 22 2204 4281
STATE BANK OF PATIALA
Commercial Branch,
Atlanta, 1 st Floor, Nariman Point,
Mumbai – 400 021
Tel: + 91 222285 1775, +91 22 2285 1762
Fax: +91 22 6637 5703
STATE BANK OF TRAVANCORE
Commercial Branch,
JeevanAnand,
556, Anna Salai, Teynampet,
Chennai – 600 018
Tel: +91 44 2435 9435, +91 22 2435 9432
Fax: +91 44 2435 1671
- 40 -

UCO BANK
Flagship Corporate Branch,
1 st Floor, Mafatlal Centre,
Nariman Point, Mumbai – 400 021
Tel: +91 22 4054 9191
Fax: +91 22 4054 9122
UNION BANK OF INDIA
Union Bank Bhavan,
239, Vidhan Bhavan Marg,
Nariman Point, Mumbai – 400 021
Tel: +91 22 2289 2150, +91 22 2289 2022
Fax: + 91 22 2285 5037
UNITED BANK OF INDIA
Hotel Oberai Towers Branch,
Hotel Oberai Towers Building,
Nariman Point, Mumbai – 400 021
Tel: +91 22 2204 7121
Fax: +91 22 2202 6366
VIJAYA BANK
29 Clover Apartment,
Cuffe Parade,
Colaba, Mumbai – 400 005
Tel: +91 22 221 86515, +91 22 2216 3590
Fax: +91 22 2218 2546
YES BANK LIMITED
11 th Floor, Nehru Centre,
Discovery of India,
Worli, Mumbai – 400 018
Tel: + 91 22 6669 9000, +91 22 6620 9093
Fax: + 91 22 2490 1128
MIZUHO CORPORATE BANK LIMITED
Maker Chamber III
1 st Floor Jamnalal Bajaj Road
Nariman Point, Mumbai -400021
Tel: + 91 22 2288 6638, +91 22 2288 6639
Fax: +91 22 2288 6640, +91 22 2282 8774
SYNDICATE BANK
82,B Pokar Mansion
N. G. AcharyaMarg,Govandi
Chembur, Mumbai-400071
Tel :+91 22 2521 4476
Fax: +91 22 2522 2015
GE Capital Services Limited
Building No 7A, 6th Floor
DLF Cyber City
DLF Phase-III
Gurgaan – 122002
Impersonation
As a matter of abundant precaution, attention of the investors is specifically drawn to the provisions of sub-section (1) of
section 68A of the Act, relating to punishment for fictitious applications.
Minimum Subscription
If our Company does not receive the minimum subscription of 75 % of the Base Issue, i.e. ` 37,500 lacs, prior to allotment,
the entire subscription shall be refunded to the applicants within 30 days from the date of closure of the Issue. If there is
delay in the refund of subscription by more than 8 days after our Company becomes liable to refund the subscription
amount, our Company will pay interest for the delayed period, at rates prescribed under sub-sections (2) and (2A) of Section
73 of the Companies Act, 1956.
Credit Rating and Rationale
The NCDs proposed to be issued under this Issue have been rated ‘AA/Stable’ by CRISIL for an amount of upto ` 1,00,000
Lacs vide its letter dated May 30, 2011, and 'CARE AA+' by CARE for an amount of upto ` 1,00,000 Lacs vide its letter
dated June 3, 2011. The rating of the NCDs by CRISIL indicates high degree of safety with regard to timely payment of
interest and principal on the NCDs. The rating of NCDs by CARE indicates high safety for timely servicing of debt
obligations. The ratings provided by CRISIL and/or CARE may be suspended, withdrawn or revised at any time by the
assigning rating agency and should be evaluated independently of any other rating. These ratings are not a recommendation
to buy, sell or hold securities and investors should take their own decisions.
The rationale for the aforementioned credit rating issued by CRISIL is as follows:
- 41 -

The ratings reflect STFCL’s strong market position in the pre-owned commercial vehicle (CV) finance segment, healthy
capitalisation, stable asset quality, and healthy earnings profile. These rating strengths are partially offset by STFCL’s
average, though improving, resource profile, and limited diversity in its business profile.
STFCL is a major player in the domestic CV finance segment. STFCL is the leader in the pre-owned CV finance segment.
STFCL has also improved its market position in the new CV finance segment. STFCL lends predominantly to the single-road
transport operator (SRTO) segment, which accounts for over 90 per cent of its outstanding portfolio.
Utilisation of Issue proceeds
Our Board of Directors certifies that:
• all monies received out of the Issue shall be credited/transferred to a separate bank account other than the bank
account referred to in sub-section (3) of Section 73 of the Act;
• details of all monies utilised out of the Issue referred above shall be disclosed under an appropriate separate head in
our balance sheet indicating the purpose for which such monies have been utilised;
• details of all unutilised monies out of the Issue, if any, shall be disclosed under an appropriate head in our balance
sheet indicating the form in which such unutilised monies have been invested; and
• we shall utilize the Issue proceeds only upon creation of security as stated in this Draft Prospectus in the section
titled “Issue Structure” beginning on page 190 of this Draft Prospectus.
• the Issue proceeds shall not be utilized towards full or part consideration for the purchase or any other acquisition,
inter alia by way of a lease, of any property.
Issue Programme
The subscription list for the Issue shall remain open for subscription at the commencement of banking hours and shall close
at the close of banking hours on the dates indicated below or earlier or on such date, as may be decided at the discretion of
the Board of Directors or any committee of the Board of Directors of our Company subject to necessary approvals
ISSUE OPENS ON [●], 2011
ISSUE CLOSES ON [●], 2011
The subscription list for the Issue shall remain open for subscription at the commencement of banking hours and close at the
close of banking hours on the dates indicated above or earlier or on such date as may be decided at the discretion of the
Committee of Directors of our Company subject to necessary approvals. In the event of such early closure of subscription
list of the Issue, our Company shall ensure that notice of such early closure is given one day prior to such early date of
closure through advertisement/s in a leading national daily newspaper.
- 42 -

SUMMARY OF BUSINESS, STRENGTH & STRATEGY
Overview
We are the largest Indian asset financing NBFC *, with a primary focus on financing pre-owned commercial vehicles. The
D&B Research Report and the CRISIL Report had named our Company as the largest asset financing NBFC in terms of
their research based on various financial and non financial parameters. We are among the leading financing institutions in
the organized sector for the commercial vehicle industry in India for FTUs and SRTOs. We also provide financing for
passenger commercial vehicles, multi-utility vehicles, three wheelers, tractors and construction equipment. In addition, we
provide ancillary equipment and vehicle parts finance, such as loans for tyres and engine replacements, and provide working
capital facility for FTUs and SRTOs. We also provide ancillary financial services targeted at commercial vehicle operators
such as freight bill discounting and also market co-branded credit cards targeted at commercial vehicle operators in India,
thereby providing comprehensive financing solutions to the road logistics industry in India.
* Source: The D&B Research Report and the CRISIL Report, in terms of their research based on various financial and non
financial parameters.
We have recently forayed into the business of providing stock yard services, refurbishing pre-owned commercial vehicles
and construction equipment and providing a trading platform for the auctioning and sale of such pre-owned commercial
vehicles and construction equipment, showrooms for refurbished pre-owned commercial vehicles, as well as commercial
vehicles repossessed by financing companies, through our wholly-owned subsidiary, Shriram Automall India Limited, which
was incorporated on February 11, 2010.
We have also forayed into the business of providing equipment finance in connection with both new and pre-owned
construction and other equipment, through our wholly owned subsidiary, Shriram Equipment Finance Company Limited,
which was incorporated on December 15, 2009 and received a certificate of registration dated October 8, 2010, to carry on
the business of a NBFC (without accepting public deposits) from the RBI.
Our current lines of business and organisational structure is as follows:
Our Company was established in 1979 and we have a long track record of over three decades in the commercial vehicle
financing industry in India. The Company has been registered as a deposit-taking NBFC with the RBI since September 4,
2000 under Section 45IA of the Reserve Bank of India Act, 1934. We are a part of the Shriram group of companies which
has a strong presence in financial services in India, including commercial vehicle financing, consumer finance, life and
general insurance, stock broking, chit funds and distribution of financial products such as life and general insurance products
and mutual fund products, as well as a growing presence in other businesses such as property development, engineering
projects and information technology.
Our widespread network of branches across India has been a key driver of our growth over the years. As of March 31, 2011
we had 488 branches across India, including at most of the major commercial vehicle hubs along various road transportation
routes in India. We have also strategically expanded our marketing network and operations by entering into partnership and
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co-financing arrangements with private financiers in the unorganized sector involved in commercial vehicle financing. As of
March 31, 2011 our total employee strength was 16,919.
We have demonstrated consistent growth in our business and in our profitability. Our Assets Under Management include
loan assets in the books of our Company and assets that have been securitized / assigned by us.
Our Assets Under Management has grown by a compounded annual growth rate, or CAGR, of 31.52 % from ` 12,09,284.39
lacs (comprising Assets Under Management in the books of our Company of ` 8,41,591.77 lacs, loan assets
securitized/assigned of ` 3,14,054.92 lacs and portfolio managed by our Company of ` 52,317.00 lacs) as of March 31,
2007 to ` 36,18,263.33 lacs (comprising Assets Under Management in the books of our Company of ` 19,86,561.09 lacs,
and loan assets securitized/assigned of ` 16,31,702.24 lacs as of March 31, 2011. Our capital adequacy ratio as of March 31,
2011 computed on the basis of applicable RBI requirements was 24.85%, compared to the RBI stipulated minimum
requirement of 12.00%. Our Tier I capital as of March 31, 2011 was ` 4,58,183.42 lacs. Our Gross NPAs as a percentage of
Total Loan Assets were 2.66 % as of March 31, 2011. Our Net NPAs as a percentage of Net Loan Assets was 0.38% as of
March 31, 2011.
Our total income increased from ` 1,42,138.60 lacs in fiscal 2007 to ` 5,42,965.40 lacs in fiscal 2011 at a CAGR of 39.80%.
Our net profit after tax increased from ` 19,039.71 lacs in fiscal 2007 to ` 1,22,988.00 lacs in fiscal 2011, at a CAGR of
59.42%. A summary of our assets under management, total income and Net profit after tax for the corresponding periods
specified below are as follows.
` In Lacs
Particulars
As at March
31, 2007
As at March
31, 2008
As at March
31, 2009
As at March
31, 2010
As at March
31, 2011
Assets Under Management 12,09,284.39 19,95,895.52 23,32,122.04 29,15,928.19 36,18,263.33
Net Non performing assets 11,015.70 13,553.78 14,746.53 12,488.76 7,445.92
For the For the For the For the For the
Financial Year Financial Year Financial Financial Year Financial
Ended March Ended March Year Ended ended March year ended
31, 2007 31, 2008 March 31, 31, 2010 March 31,
2009
2011
Total Income 142,138.60 2,50,730.12 3,72,996.69 4,49,588.96 5,42,965.40
Net Profit after Tax 19,039.71 38,982.65 61,240.21 87,311.74 1,22,988.00
Our Strengths
We believe that the following are our key strengths:
The largest asset financing NBFC*
The D&B Research Report and the CRISIL Report had named our Company as the largest asset financing NBFC in terms of
their research based on various financial and non financial parameters.
* Source: The D&B Research Report and the CRISIL Report, in terms of their research based on various financial and non
financial parameters.
We primarily cater to FTUs and SRTOs and we believe we are among the leading financing institutions in the organized
sector in this particular segment. Our widespread network of 488 branches across India as of March 31, 2011 enables us to
access a large customer base including in most major and minor commercial vehicle hubs along various road transportation
routes in India. We believe that our widespread branch network enables us to service and support our existing customers
from proximate locations which provide customers easy access to our services. We have also strategically expanded our
marketing and customer origination network by entering into partnership and co-financing arrangements with private
financiers involved in commercial vehicle financing. We believe our relationship with these partners is a critical factor in
sourcing new customers and enhancing reach and penetration at low upfront capital cost. The relationships we have
developed with our customers provide us with opportunities for repeat business and to cross sell our other products as well
as derive benefit from customer referrals.
- 44 -

Our Assets Under Management as of March 31, 2011, was ` 36,18,263.33 lacs (comprising Assets Under Management in
the books of our Company of ` 19,86,561.09 lacs, loan assets securitized /assigned of ` 16,31,702.24 lacs). This is
supported by a strong capital base, with share capital of ` 22,618.47 lacs and reserves and surplus of ` 4,67,466.28 lacs as
of March 31, 2011. Our capital adequacy ratio as of March 31, 2011 computed on the basis of applicable RBI requirements
was 24.85%, compared to the RBI stipulated minimum requirement of 12.00%. Our Tier I capital as of March 31, 2011 was
` 4,58,183.42 lacs.
Access to a range of cost effective funding sources
We fund our capital requirements through a variety of sources. Our fund requirements are currently predominantly sourced
through term loans from banks, issue of redeemable non-convertible debentures, and cash credit from banks including
working capital loans. We access funds from a number of credit providers, including nationalized banks, private Indian
banks and foreign banks, and our track record of prompt debt servicing has allowed us to establish and maintain strong
relationships with these financial institutions. We also place commercial paper and access inter-corporate deposits, if
required. As a deposit-taking NBFC, we are also able to mobilize retail fixed deposits at competitive rates. We have also
raised subordinated loans eligible for Tier II capital. We undertake securitization/assignment transactions to increase our
capital adequacy ratio, increase the efficiency of our loan portfolio and as a cost effective source of funds.
In relation to our long-term debt instruments, we currently have ratings of CARE AA+ from Credit Analysis and Research
Limited (“CARE”), AA/Stable from CRISIL and AA (Ind) from FITCH. In relation to our short-term debt instruments, we
have also received ratings of F1+ (ind) from FITCH and P1+ from CRISIL. The NCDs proposed to be issued under this
Issue have been rated ‘AA/Stable’ by CRISIL for an amount of upto ` 1,00,000 Lacs vide its letter dated May 30, 2011, and
'CARE AA+' by CARE for an amount of upto ` 1,00,000 Lacs vide its letter dated June 3, 2011. The rating of the NCDs by
CRISIL indicates high degree of safety with regard to timely payment of interest and principal on the NCDs. The rating of
NCDs by CARE indicates high safety for timely servicing of debt obligations. We believe that we have been able to achieve
a relatively stable cost of funds despite the difficult conditions in the global and Indian economy and the resultant reduced
liquidity and an increase in interest rates, primarily due to our improved credit ratings, effective treasury management and
innovative fund raising programs. We believe we are able to borrow from a range of sources at competitive rates.
The RBI currently mandates domestic commercial banks operating in India to maintain an aggregate of 40.00% (32.00% for
foreign banks) of their advances or credit equivalent amount of off-balance sheet exposure, whichever is higher as “priority
sector advances”. These include advances to agriculture, small enterprises (including SRTOs, which constitute the largest
proportion of our loan portfolio), exports and similar sectors where the Government seeks to encourage flow of credit for
developmental reasons. Banks in India that have traditionally been constrained or unable to meet these requirements
organically, have relied on specialized institutions like us that are better positioned to or exclusively focus on originating
such assets through on-lending or purchase of assets or securitized/assigned pools to comply with these targets. Our
securitized/assigned asset pools are particularly attractive to these banks as such transactions provide them with an avenue to
increase their asset base through low cost investments and limited risk. Majority of our loan portfolio being classified as
priority sector lending also enables us to negotiate competitive interest rates with banks, NBFCs and other lenders. In fiscal
2009, 2010 and 2011, the total book value of loan assets securitized/assigned was ` 3,12,498.40 lacs, ` 8,75,681.40 lacs and
` 10,20,361.35 lacs, respectively.
Unique business model and a track record of strong financial performance
We primarily cater to FTUs and SRTOs and we believe we are the only financing institution in the organized sector
providing finance to FTUs and SRTOs in the pre-owned commercial vehicle finance segment. Most of our customers are not
a focus segment for banks or other NBFCs as these customers lack substantial credit history and other financial
documentation on which many of such financial institutions rely to identify and target new customers. As the market for
commercial vehicle financing, especially the pre-owned commercial vehicle financing, is fragmented, we believe our credit
evaluation techniques, relationship based approach, extensive branch network and strong valuation skills make our business
model unique and sustainable as compared to other financiers. In particular, our internally-developed valuation
methodology requires deep knowledge and practical experience developed over a period of time, and we believe this is a key
strength that is difficult to replicate. We provide finance to pre-owned commercial vehicle operators at favourable interest
rates and repayment terms as compared to private financiers in the unorganized sector.
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Our retail focus, stringent credit policies and relationship based model has helped us maintain relatively low NPA levels.
Our Gross NPAs as a percentage of Total Loan Assets were 2.66% as of March 31, 2011. Our Net NPAs as a percentage of
Net Loan Assets was 0.38% as of March 31, 2011.
Strong brand name
We believe that the "Shriram" brand is well established in commercial vehicle financing throughout India. We believe that
we are the only financing company in the organized sector with particular focus on the pre-owned commercial vehicle
financing segment to FTUs and SRTOs in India. Our targeted focus on and the otherwise fragmented nature of this market
segment, our widespread branch network, particularly in commercial vehicle hubs across India, as well as our large customer
base has enabled us to build a strong brand. Our efficient credit approval procedures, credit delivery process and
relationship-based loan administration and monitoring methodology have also aided in increasing customer loyalty and earn
repeat business and customer referrals.
Extensive experience and expertise in credit appraisal and collection processes
We have developed a unique business model that addresses the needs of a specific market segment with increasing demand.
We focus on closely monitoring our assets and borrowers through product executives who develop long-term relationships
with commercial vehicle operators, which enables us to capitalize on local knowledge. We follow stringent credit policies,
including limits on customer exposure, to ensure the asset quality of our loans and the security provided for such loans.
Further, we have nurtured a culture of accountability by making our product executives responsible for loan administration
and monitoring as well as recovery of the loans they originate.
Extensive expertise in asset valuation is a pre-requisite for any NBFC providing loans for pre-owned assets. Over the years,
we have developed expertise in valuing pre-owned vehicles, which enables us to accurately determine a recoverable loan
amount for commercial vehicle purchases. We believe a tested valuation technique for these assets is a crucial entry barrier
for others seeking to enter our market segment. Furthermore, our entire recovery and collection operation is administered inhouse
and we do not outsource loan recovery and collection operations. We believe that our loan recovery procedure is
particularly well-suited to our target market in the commercial vehicle financing industry, as reflected by our high loan
recovery ratios compared to others in the financial services industry, and we believe that this knowledge and relationship
based recovery procedure is difficult to replicate in the short to medium term.
Experienced senior management team
Our Board consists of 10 Directors, including representatives of Newbridge India Investments II Limited (TPG Group), with
extensive experience in the automotive and/or financial services sectors. Our senior and middle management personnel have
significant experience and in-depth industry knowledge and expertise. Most of our senior management team has grown with
our Company and have more than 15 years of experience with us. Our management promotes a result-oriented culture that
rewards our employees on the basis of merit. In order to strengthen our credit appraisal and risk management systems, and to
develop and implement our credit policies, we have hired a number of senior managers who have extensive experience in the
Indian banking and financial services sector and in specialized lending finance firms providing loans to retail customers. We
believe that the in-depth industry knowledge and loyalty of our management and professionals provide us with a distinct
competitive advantage.
Our Strategies
Our key strategic priorities are as follows:
Further expand operations by growing our branch network and increasing partnership and co-financing arrangements
with private financiers
We intend to continue to strategically expand our operations in target markets that are large commercial vehicle hubs by
establishing additional branches. Our marketing and customer origination and servicing efforts strategically focus on
building long term relationships with our customers and address specific issues and local business requirements of potential
customers in a particular region. We also intend to increase our operations in certain regions in India where we historically
had relatively limited operations, such as in eastern and northern parts of India, and to further consolidate our position and
operations in western and southern parts of India.
- 46 -

The pre-owned commercial vehicle financing industry in India is dominated by private financiers in the unorganized sector.
We intend to continue to strategically expand our marketing and customer origination network by entering into partnership
and co-financing arrangements with private financiers across India involved in commercial vehicle financing. In view of the
personnel-intensive requirements of our operations, we continue to focus on growing our business by increasingly relying on
partnership arrangements to effectively leverage the local knowledge, infrastructure and personnel base of our partners.
Continue to develop our “Automall” business through our wholly-owned subsidiary Shriram Automall India Limited
Through our wholly-owned subsidiary Shriram Automall India Limited, we have recently forayed into the business of
developing hubs across India called "Automalls" which are aimed at providing (i) stock yard services for pre-owned and/or
repossessed commercial vehicles, construction and other equipment, (ii) refurbishing pre-owned and/or repossessed
commercial vehicles and construction and other equipment, (iii) providing a trading platform for the auctioning and sale of
such commercial vehicles, construction and other equipment, and (iv) providing showrooms for refurbished pre-owned
commercial vehicles. Our "Automalls" are being developed as a one-stop shop catering to the various needs of commercial
vehicle and equipment users, banks, NBFCs and other lenders who wish to dispose of repossessed assets, automobile and
equipment dealers and manufacturers. We currently have two operational "Automalls" near Chennai and Vadodara, where
we currently are providing stock-yard services, refurbishing of commercial vehicles and equipment, sale of commercial
vehicles and equipment through auctions. We provide electronic touch-screen kiosks at our Companies various branch
offices. We intend to gradually expand our "Automall" business by establishing between 50 and 60 "Automalls" in various
parts of the country in the next 12 to 24 months. We are in the process of identifying and acquiring properties on a leasehold
basis at various locations where we intend to establish our next "Automalls". Further, we propose to also provide online sale
of commercial vehicles and equipment through a website, which is in the process of being developed. We also intend to
provide valuation services and end-to-end "refurbishing" services relating to automobiles and equipment at our "Automalls"
in the near future. We propose to work in close alliance with various banks and financial institutions, vehicle and equipment
users, manufacturers, and dealers to consolidate and develop our "Automalls" business to cater to their specific
requirements.
We believe the following are advantages of our "Automall" business:
• Results in fee-based income;
• Offers loan origination opportunities to our Company as it can finance sales of commercial vehicles sold through
the “Automall” platform/s;
• Eases liquidation of assets repossessed by our Company; and
• Enables us to institutionalize valuation practices and create valuation bench marks.
Consolidate and expand our construction and equipment finance business through our wholly-owned subsidiary,
Shriram Equipment Finance Company Limited
We have also forayed into the business of providing equipment finance in connection with both new and pre-owned
construction and other equipment, through our wholly owned subsidiary, Shriram Equipment Finance Company Limited,
which received a certificate of registration dated October 8, 2010, to carry on the business of a NBFC (without accepting
public deposits) from the RBI. As on March 31, 2011 Shriram Equipment Finance Company Limited had disbursed
equipment finance loans aggregating to ` 65,643.40 lacs. We believe that infrastructure development and construction
businesses are likely to benefit from the significant investment in infrastructure by the Government of India and state
governments and as well as by the private sector. Many of our customers have upgraded themselves and have become a subcontractor
and we believe that the construction equipment business segment will be a logical extension of our product
portfolio for our existing customer base
With the global meltdown many of the existing equipment financiers have stopped funding the construction equipment and
consequently a vacuum has been created in the market. We aim to tap the existing customer base and the new set of
- 47 -

customers. We believe that the construction equipment finance segment provides significant growth opportunity, and intend
to increasingly focus on construction equipment finance as a distinct business segment.
Diversify our product portfolio
We are focused on leveraging our leadership in truck financing to expand our product portfolio, which now also includes
financing for passenger commercial vehicles, multi-utility vehicles, three-wheelers, tractors, and construction equipment.
We expect this will enable us to offer new products to existing customers and expand our customer base. These products
have strong synergies with the truck financing sector which is our primary business line. Further, by offering additional
downstream products, such as vehicle parts and other ancillary loans, credit cards and freight bill discounting, we maintain
contact with the customer throughout the product lifecycle and increase our revenues. The relationships we have developed
with our customers provide us with opportunities for repeat business and to cross sell our other products and products of our
affiliates.
Continue to implement advanced processes and systems
We have invested in our technology systems and processes to create a stronger organization and ensure good management of
customer credit quality. Our information technology strategy is designed to increase our operational and managerial
efficiency. We aim to increasingly use technology in streamlining our credit approval, administration and monitoring
processes to meet customer requirements on a real-time basis. We continue to implement technology led processing systems
to make our appraisal and collection processes more efficient, facilitate rapid delivery of credit to our customers and
augment the benefits of our relationship based approach. We also believe deploying strong technology systems that will
enable us to respond to market opportunities and challenges swiftly, improve the quality of services to our customers, and
improve our risk management capabilities.
- 48 -

THE ISSUE
The following is a summary of the Issue. This summary should be read in conjunction with, and is qualified in its entirety
by, more detailed information in the chapter titled “Terms of the Issue” beginning on page 187 of this Draft Prospectus.
Common Terms of NCDs
Issuer
Issue
Stock Exchanges
proposed for listing of
the NCDs
Issuance and Trading
Trading Lot
Depositories
Security
Rating
Issue Schedule ∗
Pay-in date
Deemed Date of
Allotment
Shriram Transport Finance Company Limited
Public Issue by our Company of NCDs aggregating upto ` 50,000 lacs with an option to
retain over-subscription upto ` 50,000 lacs for issuance of additional NCDs aggregating
to a total of upto ` 1,00,000 lacs.
NSE
Compulsorily in dematerialised form
1 (one) NCD
NSDL and CDSL
Security for the purpose of this Issue will be created in accordance with the terms of
the Debenture Trust Deed. For further details please refer to the section titled “Issue
Structure” beginning on page 190 of this Draft Prospectus.
The NCDs proposed to be issued under this Issue have been rated ‘AA/Stable’ by
CRISIL for an amount of upto ` 1,00,000 Lacs vide its letter dated May 30, 2011, and
'CARE AA+' by CARE for an amount of upto ` 1,00,000 Lacs vide its letter dated June
3, 2011. The rating of the NCDs by CRISIL indicates high degree of safety with
regard to timely payment of interest and principal on the NCDs. The rating of NCDs by
CARE indicates high safety for timely servicing of debt obligations. The ratings
provided by CRISIL and/or CARE may be suspended, withdrawn or revised at any
time by the assigning rating agency and should be evaluated independently of any other
rating. These ratings are not a recommendation to buy, sell or hold securities and
investors should take their own decisions.
The Issue shall be open from [●], 2011to [●], 2011 with an option to close earlier
and/or extend upto a period as may be determined by our Board.
3 (three) Business Days from the date of reciept of application or the date of realisation
of the cheques/demand drafts, whichever is later.
Deemed date of allotment shall be the date of issue of the Allotment Advice / regret.
*The subscription list shall remain open for a period as indicated, with an option for early closure or extension by such period, upto a period of 30 days
from date of opening of the Issue, as may be decided by the Board of Directors of our Company. In the event of such early closure of subscription list of the
Issue, our Company shall ensure that notice of such early closure is given one day prior to such early date of closure through advertisement/s in a leading
national daily newspaper.
The specific terms of each instrument are set out below:
Options I II
Frequency of Interest Payment Annual Annual
Minimum Application
` 10,000/- (10 NCDs) (for all options of NCDs, namely Options I and
Option II either taken individually or collectively)
In Multiples of ` 1,000 (1 NCD) ` 1,000 (1 NCD)
Face Value of NCDs
` 1,000 ` 1,000
(` / NCD)
Issue Price (` / NCD) ` 1,000 ` 1,000
Mode of Interest Payment Through Various options Through Various options available
available
Coupon (%) for NCD Holders in Category I
[●]% per annum
[●]% per annum
and Category II
Coupon (%) for NCD holders in the
Reserved Individual Portion*
[●]% per annum
[●]% per annum
- 49 -

Options I II
Coupon (%) for NCD holders in the
Unreserved Individual Portion
[●]% per annum
Effective Yield (per annum) *
For NCD holders in the
Reserved Individual Portion –
[●]%
For NCD holders in the
Unreserved Individual Portion –
[●]%
For all other NCD holders –
[●]%
Put and call option Exercisable at the end of 48
months from the Deemed Date
of Allotment
Tenor 60 months** 36 months
Redemption Date
60 months from the Deemed
Date of Allotment**
[●]% per annum
For NCD holders in the Reserved
Individual Portion – [●]%
For NCD holders in the Unreserved
Individual Portion – [●]%
For all other NCD holders – [●]%
Nil
36 months from the Deemed Date of
Allotment.
Redemption Amount (`/NCD)
Nature of Indebtedness
Repayment of the Face Value
plus any interest that may have
accrued at the Redemption Date,
or at the date of early
redemption if any Put Option or
Call Option is exercised, as the
case may be**
Pari Passu with other secured
creditors and priority over
unsecured creditors
Credit Rating
Repayment of the Face Value plus
any interest that may have accrued at
the Redemption Date.
Pari Passu with other secured
creditors and priority over unsecured
creditors
CRISIL
CARE
'AA/Stable' for an amount of
upto ` 1,00,000 Lacs
'CARE AA+' for an amount of
upto ` 1,00,000 Lacs
'AA/Stable' for an amount of upto `
1,00,000 Lacs
'CARE AA+' for an amount of upto `
1,00,000 Lacs
* Senior Citizens in the Reserved Individual Portion holding Option I and/or Option II NCDs shall be entitled to an
additional interest rate of [●] % per annum over and above the interest specified in this row. Additional interest to Senior
Citizens in the Reserved Individual Portion, shall be applicable only to the first allottees of such NCDs. If NCDs
allotted to any Senior Citizen are transferred or transmitted, subsequent to the allotment thereof, the subsequent holder
of such NCDs (irrespective of such subsequent holder being a Senior Citizen) shall not be entitled to the aforesaid
additional interest.
** Subject to the exercise of the put and/or call option
- 50 -

SUMMARY FINANCIAL INFORMATION
The following tables present an extract of Reformatted Consolidated Summary Financial Statements and the Reformatted
Unconsolidated Summary Financial Statements. The Reformatted Consolidated Summary Financial Statements and the
Reformatted Unconsolidated Summary Financial Statements should be read in conjunction with the examination report
thereon issued by our Statutory Auditors and statement of significant accounting policies and notes to accounts on the
Reformatted Consolidated Summary Financial Statements and the Reformatted Unconsolidated Summary Financial
Statements contained in the section titled “Financial Information” beginning on page 149 of this Draft Prospectus.
A. SUMMARY INFORMATION OF OUR UNCONSOLIDATED ASSETS AND LIABILITIES
(` in Lacs)
Particulars
As at March 31,
2011 2010 2009 2008 2007
Assets
A. Fixed and Intangible Assets(Net)
(including CWIP)
3,843.49 4,644.51 13,426.57 14,264.44 16,746.53
B Investments 365,069.90 185,601.67 65,476.33 138,512.02 22,457.16
C Deferred Tax Asset (Net) 15,368.69 7,472.13 2,639.48 - -
D Current Assets, Loans & Advances 2,354,863.43 2,256,682.94 2,378,918.54 1,656,217.31 1,023,855.47
E Other Loans & Advances 418,004.12 239,156.32 39,371.34 17,737.12 20,491.18
F Total (A+B+C+D+E) 3,157,149.63 2,693,557.57 2,499,832.26 1,826,730.89 1,083,550.34
Liabilities
G Secured Loans 1,486,937.59 1,517,248.07 1,677,459.31 1,154,494.87 630,015.59
H Unsecured Loans 501,233.71 328,742.89 334,671.85 322,807.83 239,495.26
I Deferred Tax Liability (Net) - - - 3,592.21 8,661.98
J Current Liabilities 557,204.76 382,454.51 204,477.15 128,915.80 73,413.52
K Provisions 125,028.76 84,582.27 51,560.35 35,284.28 23,336.47
- 51 -

(` in Lacs)
Particulars
As at March 31,
2011 2010 2009 2008 2007
L Total (G+H+I+J+K) 2,670,404.82 2,313,027.74 2,268,168.66 1,645,094.99 974,922.82
M Net Worth (F-L) 486,744.81 380,529.83 231,663.60 181,635.90 108,627.52
- 52 -

B. SUMMARY INFORMATION OF OUR UNCONSOLIDATED PROFIT AND LOSS ACCOUNT
(` in Lacs)
Particulars
For the year ended March 31,
2011 2010 2009 2008 2007
A. Income
i Income from Operations 5,23,014.82 4,39,905.59 3,65,802.49 2,45,156.12 1,40,299.54
ii Other Income 19,950.58 9,683.37 7,194.20 5,574.00 1,839.06
Total Income 5,42,965.40 4,49,588.96 3,72,996.69 2,50,730.12 1,42,138.60
B. Expenditure
i Interest & Other Charges 2,27,195.95 2,24,681.22 1,97,767.21 1,29,661.64 73,833.11
ii Raw Material Consumed - - 687.17 258.06 -
iii Personnel Expenses 35,821.25 22,508.15 20,053.60 12,547.76 7,263.39
iv Operating & Other Expenses 37,296.80 27,258.22 27,925.50 19,463.22 13,788.10
v Depreciation and amortisation 1,082.07 1,495.84 3,480.59 3,705.97 1,281.85
vi
Impairment loss/(Reversal) on Fixed
- - 560.87 - (296.72)
assets & stock
vi
Share & Debenture Issue expenses written 1,199.37 498.70 - 13.74 27.44
off
viii Provisions & Write offs (net) 55,477.20 40,687.71 30,458.64 24,496.43 17,319.01
Total Expenditure 3,58,072.64 3,17,129.84 2,80,933.58 1,90,146.82 1,13,216.18
C. Net Profit Before Taxation (A-B) 1,84,892.76 1,32,459.12 92,063.11 60,583.30 28,922.42
D. Provision for taxation
Current tax 69,801.32 49,980.03 34,998.86 26,387.42 14,445.62
Deferred tax (7,896.56) (4,832.65) (4,477.15) (5,069.77) (4,706.87)
Fringe Benefit Tax - - 301.19 283.00 143.96
Total Tax 61,904.76 45,147.38 30,822.90 21,600.65 9,882.71
E. Net Profit after Taxation (C-D) 122,988.00 87,311.74 61,240.21 38,982.65 19,039.71
Balance in Profit & Loss Account brought
forward
93,001.65 58,309.25 27,486.21 12,248.92 5,322.65
F. Balance Available for Appropriations 215,989.65 145,620.99 88,726.42 51,231.57 24,362.36
G. Appropriations
- 53 -

(` in Lacs)
Particulars
For the year ended March 31,
2011 2010 2009 2008 2007
Equity Shares - Interim dividend 5,638.46 4,254.76 2,035.03 2,031.35 1,749.01
Equity Shares - Final dividend - 325.18 10.52 138.85 -
Equity Shares - Proposed final dividend 9,046.43 9,020.71 8,140.46 8,125.42 3,683.17
Tax on dividend 936.45 778.36 347.69 368.83 245.31
Tax on proposed dividend 1,502.50 1,498.25 1,383.47 1,380.91 625.95
Transfer to statutory reserve 24,600.00 17,500.00 12,300.00 7,800.00 3,810.00
Transfer to general reserve 12,300.00 8,800.00 6,200.00 3,900.00 2,000.00
Transfer to debenture redemption reserve 21,381.60 10,442.08 - - -
Total Appropriations 75,405.44 52,619.34 30,417.17 23,745.36 12,113.44
H. Balance carried to Balance Sheet (F-G) 1,40,584.21 93,001.65 58,309.25 27,486.21 12,248.92
- 54 -

C. SUMMARY INFORMATION OF OUR UNCONSOLIDATED CASH FLOW STATEMENT
Particulars
For the year ended March 31,
(` in Lacs)
2011 2010 2009 2008 2007
A. Cash flow from operating activities
Profit before tax 184,892.76 132,459.12 92,063.11 60,583.30 28,922.42
Depreciation and amortisation 1,082.07 1,495.84 3,480.59 3,705.97 1,281.85
Issue expenses for equity shares 152.96 25.28 - - -
Public issue expenses for non convertible 1,046.41 473.42 - - -
debentures
Share and debenture issue expenses
- - - 13.74 27.44
written off
(Profit) / loss on sale of fixed assets (net) 36.75 (62.40) 87.77 17.39 231.02
(Profit) / loss on sale of current and long (6,415.09) (1,812.65) (512.61) (717.70) (11.65)
term investments (net)
Interest income on current and long term (10,303.25) (3,180.57) (2,767.69) (2,967.86) (398.96)
investments and interest income on fixed
deposits
Dividend income (2.13) (874.71) (486.91) (519.33) (20.84)
Employees Stock option compensation
116.85 341.30 580.57 653.95 987.16
cost
Provision for impairment of windmill - - 560.87 - (248.28)
Provision for impairment -others - - - - (48.44)
Provision for hedging contracts - - (705.44) 690.42 15.02
Provision for credit loss on securitisation 21,559.32 7,971.84 4,464.01 2,009.30 1,640.19
Provisions for non performing assets and 29,750.36 33,244.87 26,678.62 21,702.80 15,742.63
bad debts written off
Provisions for standard assets 4,881.70 - - - -
Provision for gratuity 291.04 148.71 141.16 148.45 22.92
Provision for leave encashment 507.90 146.44 227.65 120.73 (0.82)
Premium on Government Securities
(Miscellaneous Expenses)
Amortisation of Discount on Government
Securities
Provision for diminution in value of
investments
Operating profit before working
capital changes
Movements in working capital:
(Increase) / decrease in current assets:
3.40
(52.64)
(79.87) 20.34 81.14 60.67 (167.60)
227,468.54 170,396.83 123,892.84 85,501.83 47,974.06
(Increase) / decrease in inventories - 126.81 (60.28) (66.53) -
(Increase) / decrease in assets under (211,235.47) (20,425.01) (294,083.74) (693,516.76) (308,437.27)
financing activities
(Increase) / decrease in sundry debtors - 399.24 (151.13) 100.56 402.91
(Increase) / decrease in lease assets - net
- - - - 0.56
of sales
(Increase) / decrease in other current (374.46) (1,008.93) (835.19) (1,686.67) (476.78)
- 55 -

assets
Particulars
- 56 -
For the year ended March 31,
(` in Lacs)
2011 2010 2009 2008 2007
(Increase) / decrease in other loans and (178,842.49) (200,162.64) (23,628.65) 3,005.63 (3,176.20)
advances
Increase / (decrease) in current liabilities 179,670.47 186,066.62 74,380.18 57,096.43 22,326.43
Cash generated from operations 16,686.59 135,392.92 (120,485.97) (549,565.51) (241,386.29)
Direct taxes paid (net of refunds) (69,162.44) (48,629.16) (35,067.48) (26,899.61) (14,205.81)
Net cash used in operating activities (52,475.85) 86,763.76 (155,553.45) (576,465.12) (255,592.10)
(A)
B. Cash flows from investing activities
Investment in Fixed deposits (net) 9,050.15 (88,988.21) (47,214.27) (33,178.65) (32,445.92)
Purchase of fixed assets and intangibles (345.05) (624.86) (3,369.47) (5,252.92) (1,622.25)
Change in capital work in progress(fixed
- - - 3,986.91 (1,414.06)
and intangible assets)
Proceeds from sale of fixed assets 27.25 7,973.48 78.10 24.70 746.91
Purchase of Investment (7,091,350.39) (2,501,835.74) (64,790.83) (776,661.44) (21,364.74)
Investment in associate company - - - (30.00) (180.00)
Investment in subsidiary company (16,785.00) (220.00) - - (4.99)
Proceeds from sale of investment in
- 5.00 - 4.99 -
subsidiary company
Proceeds from sale of investment in
- - - 112.50 -
associate company
Proceeds from sale of investments 6,935,672.41 2,383,738.05 138,339.14 661,221.69 19.63
Interest received on current and long term 9,911.36 2,898.59 2,825.79 2,548.54 423.01
investments and interest on fixed deposits
Dividend received 2.13 874.71 486.91 519.33 20.84
Net cash used in investing activities
(B)
(153,817.14) (196,178.98) 26,355.37 (146,704.35) (55,821.57)
C. Cash Flows from financing
activities
Proceeds from issue of equity share
219.77 80,799.14 124.09 43,003.42 11,028.07
capital including securities premium &
Share application
Proceeds from issue of share warrants - - - 2,400.00 -
Increase / (decrease) in bank borrowings (54,915.47) (110,368.28) 320,120.96 443,172.48 278,640.26
(net)
Increase / (decrease) in long term
(14,773.99) (68,604.27) (41,471.04) 27,824.90 85,438.50
borrowings from others (net)
Increase / (decrease) in fixed deposits 101,466.73 10,991.06 146.45 (763.73) (342.36)
(net)
Increase / (decrease) in subordinate debts 123,217.50 51,823.24 55,816.44 30,516.38 29,924.71
(net)
Increase / (decrease) in redeemable non (10,299.48) 408.53 169,124.14 119,256.18 2,368.94
convertible debentures (net)
Increase / (decrease) in inter corporate (2,514.95) (50,390.48) 31,091.52 (12,214.36) 34,000.00
deposits and commercial papers (net)
Issue expenses for equity shares paid (11.05) (1,415.53) - - -

Particulars
Public issue expenses for non convertible
debentures paid
Dividend paid
For the year ended March 31,
(` in Lacs)
2011 2010 2009 2008 2007
(1,174.12) (2,690.64) - - -
(14,659.17) (12,720.40) (10,170.96) (5,853.38) (5,320.67)
Tax on dividend (2,434.70) (2,161.83) (1,728.56) (994.78) (746.23)
Net cash from financing activities (C) 124,121.07 (104,329.46) 523,053.04 646,347.11 434,991.22
Net increase / (decrease) in cash and
cash equivalents (A + B + C)
Cash and Cash Equivalents at the
beginning of the year
Cash and Cash Equivalents at the end
of the year
(82,171.92) (213,744.68) 393,854.96 (76,822.36) 123,577.55
247,309.58 461,054.26 67,199.30 144,021.66 20,444.11
165,137.66 247,309.58 461,054.26 67,199.30 144,021.66
- 57 -

D. SUMMARY INFORMATION OF OUR CONSOLIDATED ASSETS AND LIABILITIES
(` in Lacs)
Particulars
As at March 31,
2011
As at March 31,
2010
Assets
A Fixed and Intangible Assets (Net) (including CWIP) 4,557.63 4,649.06
B Investments 348,244.22 185,561.94
C Deferred Tax Asset (Net) 15,416.68 7,472.94
D Current Assets, Loans & Advances 2,432,792.72 2,256,898.80
E Other loans and advances 404,653.52 239,151.30
F Total (A+B+C+D+E) 3,205,664.77 2,693,734.04
Liabilities
G Secured Loans 1,516,937.59 1,517,248.07
H Unsecured Loans 501,233.71 328,742.89
I Current Liabilities 576,443.72 382,457.42
J Provisions 125,408.19 84,582.30
K Total (G+H+I+J) 2,720,023.21 2,313,030.68
L Net Worth (F-K) 485,641.56 380,703.36
- 58 -

E. SUMMARY INFORMATION OF OUR CONSOLIDATED PROFIT AND LOSS ACCOUNT
(` in Lacs)
Particulars
For the year ended
March 31, 2011
For the year ended
March 31, 2010
A
Income
i Income from Operations 531,233.91 439,905.59
ii Other Income 19,964.26 9,688.19
Total Income 551,198.17 449,593.78
B
Expenditure
i Interest & other charges 227,432.16 224,681.22
ii Adjustment due to decrease/(increase) in inventory of
(1,293.61) -
vehicles
iii Raw material consumed - -
iv Purchase of vehicles 6,924.22 -
v Refurbishment expenses 271.54 -
vi Personnel expenses 37,106.86 22,508.15
vii Operating & other expenses 39,038.74 27,258.49
viii Depreciation and amortisation 1,129.04 1,495.84
ix Share & Debenture issue expenses written off 1,199.37 505.63
x Provisions & write offs (net) 55,635.75 40,687.71
Total Expenditure 367,444.07 317,137.04
C. Net Profit Before Taxation (A-B) 183,754.10 132,456.74
D. Provision for taxation
Current tax 69,985.67 49,980.20
Deferred tax (7,943.74) (4,833.46)
Total Tax 62,041.93 45,146.74
E. Net Profit after Taxation (C-D) 121,712.17 87,310.00
Share of Losses of Associate (0.95) (7.44)
F Profit after taxes and Share of (Loss) of Associate 121,711.22 87,302.56
Balance in Profit & Loss Account brought forward 93,175.18 58,309.25
- 59 -

(` in Lacs)
Particulars
For the year ended
March 31, 2011
For the year ended
March 31, 2010
G Balance Available for Appropriations 214,886.40 145,611.81
H
Appropriations
Interim dividend 5,638.46 4,254.76
Final dividend - 325.18
Proposed Final dividend 9,046.43 9,020.71
Tax on dividend 936.45 778.36
Tax on proposed dividend 1,502.50 1,498.25
Transfer to debenture redemption reserve 21,381.60 10,442.08
Transfer to statutory reserve 24,623.15 17,500.00
Transfer to general reserve 12,300.00 8,800.00
Total Appropriations 75,428.59 52,619.34
I Balance carried to Balance Sheet (G-H) 139,457.81 92,992.47
- 60 -

F. SUMMARY INFORMATION OF OUR CONSOLIDATED CASH FLOW STATEMENT
Particulars
For the year
ended March 31,
2011
(` in Lacs)
For the year
ended March 31,
2010
A. Cash flow from operating activities
Profit before tax 183,754.10 132,456.74
Depreciation and amortisation 1,129.04 1,495.84
Issue expenses for equity shares 152.96 25.28
Public issue expenses for non convertible debentures 1,046.41 473.42
(Profit) / loss on sale of fixed assets (net) 36.73 (62.40)
(Profit) / loss on sale of current and long term investments (net) (6,415.09) (1,812.65)
Interest income on current and long term investments and interest income on
(10,321.46) (3,182.24)
fixed deposits
Dividend income (2.13) (874.71)
Employees Stock option compensation cost 116.85 341.30
Provision for credit loss on securitisation 21,559.32 7,971.84
Provisions for non performing assets and bad debts written off 29,750.36 33,244.87
Provisions for Standard assets 5,040.24
Provision for gratuity 301.10 148.71
Provision for leave encashment 528.51 146.44
Premium on Government Securities (Miscellaneous Expenses) 3.40 -
Amortisation of Discount on Government Securities (52.64) -
Provision for diminution in value of investments (79.87) 20.34
Operating profit before working capital changes 226,547.83 170,392.78
Movements in working capital:
(Increase) / decrease in current assets:
(Increase) / decrease in inventories - 126.81
Adjustment due to decrease/(increase) in inventory of vehicles (1,293.61) -
(Increase) / decrease in assets under financing activities (273,949.68) (20,425.01)
(Increase) / decrease in sundry debtors - 399.24
(Increase) / decrease in other current assets (374.46) (1,008.93)
(Increase) / decrease in loans and advances (166,048.40) (200,157.62)
Increase / (decrease) in current liabilities 199,458.02 186,068.53
Cash generated from operations (15,660.30) 135,395.80
Direct taxes paid (net of refunds) (69,164.30) (48,629.30)
Net cash used in operating activities (A) (84,824.60) 86,766.50
B. Cash flows from investing activities
Investment in Fixed deposits (net) 9,050.15 (88,988.21)
Purchase of fixed assets (827.80) (629.41)
Proceeds from sale of fixed assets 27.72 7,973.48
Purchase of Investment (7,091,350.39) (2,501,835.74)
Proceeds from sale of investments 6,935,672.41 2,383,738.05
(Increase) / decrease in Capital W-I-P (274.26) -
Interest received on current and long term investments and interest on fixed
9,921.47 2,900.16
deposits
Dividend received 2.13 874.71
Net cash used in investing activities (B) (137,778.57) (195,966.96)
- 61 -

Particulars
C. Cash Flows from financing activities
Proceeds from issue of equity share capital including securities premium &
Share application
For the year
ended March 31,
2011
(` in Lacs)
For the year
ended March 31,
2010
219.77 80,799.14
Increase / (decrease) in bank borrowings (net) (24,915.47) (110,368.29)
Increase / (decrease) in long term borrowings from others (net) (14,773.99) (68,604.27)
Increase / (decrease) in fixed deposits (net) 101,466.73 10,991.07
Increase / (decrease) in subordinate debts (net) 123,217.50 51,823.24
Increase / (decrease) in redeemable non convertible debentures (net) (10,299.48) 408.53
Increase / (decrease) in inter corporate deposits and commercial papers (net) (2,514.95) (50,390.48)
Issue expenses for equity shares paid (11.05) (1,414.53)
Public issue expenses for non convertible debentures paid (1,174.12) (2,690.64)
Dividend paid (14,659.17) (12,720.40)
Tax on dividend (2,434.70) (2,161.83)
Net cash from financing activities (C) 154,121.07 (104,328.46)
Net increase / (decrease) in cash and cash equivalents (A + B + C) (68,482.10) (213,528.92)
Cash and Cash Equivalents at the beginning of the year 247,525.34 461,054.26
Cash and Cash Equivalents at the end of the year 179,043.24 247,525.34
- 62 -

CAPITAL STRUCTURE
Details of share capital
The share capital of our Company as at date of this Draft Prospectus is set forth below:
Share Capital
Rupees in Lacs
AUTHORISED SHARE CAPITAL
33,50,00,000 Equity Shares of ` 10/- each 33,500
2,00,00,000 Preference Shares of ` 100/- each 20,000
TOTAL 53,500
ISSUED
22,62,38,209 Equity Shares of ` 10 /- each 22,623.82
SUBSCRIBED
22,62,38,209 Equity Shares of ` 10 /- each 22,623.82
PAID-UP SHARE CAPITAL
22,61,84,068 Equity Shares of ` 10/- each 22,618.41
48,000 Equity Shares of ` 10/- each, paid up ` 5/- each 2.40
TOTAL 22,620.81
NOTES:
Of the total Equity shares an aggregate of 7,92,79,236 Equity Shares have been allotted for
consideration other than cash of which:
a. 6,06,33,350 fully paid-up Equity Shares of our Company have been allotted to the
shareholders of SIL, pursuant to a scheme of amalgamation sanctioned by the Hon’ble High
Court of Madras vide its order dated November 25, 2005, in a ratio of 1 fully paid up Equity
Share of our Company, for every 1 fully paid up equity share of the face value of ` 10/- each,
of SIL; and
b. 1,86,45,886 fully paid-up Equity Shares of our Company have been allotted to the
shareholders of SOFL, pursuant to a scheme of amalgamation sanctioned by the Hon’ble High
Court of Madras vide its order dated December 1, 2006, in a ratio of 3 fully paid up Equity
Shares of our Company, for every 5 fully paid up equity shares of the face value of ` 10/-
each, of SOFL
(i) Pursuant to the issuance of 64,95,420 Equity Shares on a rights basis on April 21, 1995,
64,84,910 Equity Shares were allotted, and 10,510 Equity Shares were kept in abeyance and
not allotted, on account of unavailability of certain information in connection with certain
applicants of Equity Shares in the said rights issue. Subsequently, 2,369 Equity Shares and
2,000 Equity Shares of the aforementioned Equity Shares kept in abeyance, were allotted on
November 11, 1995 and December 28, 1995, respectively. Currently, 6,141 Equity Shares are
still kept in abeyance and pending allotment.
(ii)
48,000 equity shares of ` 10/- each of SIL, on which ` 5/- was paid up for each of the said
shares, were forfeited on January 17, 1997, (“Forfeited Shares”). Pursuant to the scheme of
amalgamation sanctioned by the Hon’ble High Court of Madras vide its order dated November
25, 2005, as detailed in para (a) above, the Forfeited Shares have become a part of the share
capital of our Company, by operation of law.
- 63 -

Changes in the authorised capital of our Company as on the date of this Draft Prospectus:
Sr. FY Alteration
No.
1. 1983 The Authorised share capital of our Company was increased from ` 10,00,000 divided into 1,00,000
Equity Shares to ` 50,00,000 divided into 5,00,000 Equity Shares.
2. 1986 The Authorised share capital of our Company was increased from ` 50,00,000 divided into 5,00,000
Equity Shares to ` 1,00,00,000 divided into 10,00,000 Equity Shares.
3. 1989 The Authorised share capital of our Company was increased from ` 1,00,00,000 divided into 10,00,000
Equity Shares to ` 2,00,00,000 divided into 20,00,000 Equity Shares.
4. 1991 The Authorised share capital of our Company was increased from ` 2,00,00,000 divided into 20,00,000
Equity Shares to ` 6,50,00,000 divided into 65,00,000 Equity Shares.
5. 1995 The Authorised share capital of our Company was increased from ` 6,50,00,000 divided into 65,00,000
Equity Shares to ` 40,00,00,000 divided into 3,00,00,000 Equity Shares and 10,00,000 cumulative
redeemable preference shares of ` 100 each.
6. 1997 The Authorised share capital of our Company was increased from ` 40,00,00,000 divided into 300,00,000
Equity Shares and 10,00,000 cumulative redeemable preference shares of ` 100 each to ` 60,00,00,000
divided into 500,00,000 Equity Shares and 10,00,000 cumulative redeemable preference shares of ` 100
each.
7. 1998 The Authorised share capital of our Company was increased from ` 60,00,00,000 divided into 500,00,000
Equity Shares and 10,00,000 cumulative redeemable preference shares of ` 100 each to ` 65,00,00,000
divided into 500,00,000 Equity Shares and 15,00,000 cumulative redeemable preference shares of ` 100
each
8. 2000 The Authorised share capital of our Company was increased from ` 65,00,00,000 divided into 500,00,000
Equity Shares and 15,00,000 cumulative redeemable preference shares of ` 100 each to ` 90,00,00,000
divided into 500,00,000 Equity Shares and 40,00,000 cumulative redeemable preference shares of ` 100
each
9. 2003 The Authorised share capital of our Company was increased from ` 90,00,00,000 divided into 500,00,000
Equity Shares and 40,00,000 cumulative redeemable preference shares of ` 100 each to ` 1,15,00,00,000
divided into 7,50,00,000 Equity Shares each and 40,00,000 cumulative redeemable preference shares of `
100 each
10. 2004 The Authorised share capital of our Company was increased from ` 1,15,00,00,000 divided into
7,50,00,000 Equity Shares and 40,00,000 cumulative redeemable preference shares of ` 100 each to `
1,25,00,00,000 divided into 7,50,00,000 Equity Shares and 50,00,000 cumulative redeemable preference
shares of ` 100 each.
11. 2004 The Authorised share capital of our Company was reorganised from ` 1,25,00,00,000 divided into
7,50,00,000 Equity Shares and 50,00,000 cumulative redeemable preference shares of ` 100 each to
1,25,00,00,000 divided into 7,50,00,000 Equity Shares and 50,00,000 preference shares of ` 100 each.
12. 2006 The Authorised share capital of our Company was increased from ` 1,25,00,00,000 divided into
7,50,00,000 Equity Shares and 50,00,000 preference shares of ` 100 each to ` 3,50,00,00,000 divided into
22,50,00,000 Equity Shares and 1,25,00,000 preference shares of ` 100 each
13. 2006 The Authorised share capital of our Company was reorganised from ` 3,50,00,00,000 divided into
22,50,00,000 Equity Shares and 1,25,00,000 preference shares of ` 100 each to ` 4,80,00,00,000 divided
into 30,00,00,000 Equity Shares and 1,80,00,000 preference shares of ` 100 each*
14. 2006 The Authorised share capital of our Company was reorganised from ` 4,80,00,00,000 divided into
30,00,00,000 Equity Shares and 1,80,00,000 preference shares of ` 100 each to ` 5,35,00,00,000 divided
into 33,50,00,000 Equity Shares and 2,00,00,000 preference shares of ` 100 each**
NOTES:
* The authorised capital of our Company was increased pursuant to a scheme of amalgamation of the erstwhile SIL, with our
Company (“SIL Scheme of Merger”). The appointed date for the SIL Scheme of Merger was April 1, 2005 and the record
date for the purposes of re-organisation and issue of shares was December 21, 2005, as approved by the Hon’ble High Court
of Madras, vide its order dated November 25, 2005.
** The authorised capital of our Company was increased, pursuant to a scheme of amalgamation of the erstwhile SOFL,
with our Company (“SOFL Scheme of Merger”). The appointed date for the SOFL Scheme of Merger was April 1, 2005
- 64 -

Sr. FY Alteration
No.
and the record date for the purposes of re-organisation and issue of shares was February 9, 2007, as approved by the Hon’ble
High Court of Madras, vide its order dated December 1, 2006.
Equity Share Capital History of our Company
Date of Allotment Number of shares
issued and allotted
Cumulative
Paid-up capital
in (`)
Nature of Issue
Issue Price
(`)
Premium (`)
December 30,
50,000 5,00,000 Subscribers to the MOA and 10/- N.A
1979
AOA
April 17, 1984 2,50,000 30,00,000 Public issue 10/- N.A
April 26, 1986
4,50,000
(45,000
debentures of `
100/- each)
75,00,000 Rights issue 10/- N.A
March 31, 1989 5,75,000 1,32,50,000 Rights issue 10/- N.A
November 30,
6,49,54,200 Public cum Rights Issue 10/- N.A
1990
51,70,420
( 3,45,000
debentures of `
150/- each)
April 21, 1995 64,84,910 12,98,03,300 Rights issue 10/- N.A
November 11,
2,369 12,98,26,990 Issue out of shares kept in 10/- N.A
1995
abeyance
December 28,
2,000 12,98,46,990 Issue out of shares kept in 10/- N.A
1995
abeyance
June 26, 1997
35,65,65,490 Public cum Rights Issue 10 /- N.A
2,26,71,850
( 45,34,370
debentures of `
50/- each )
November 28, 62,43,000 41,89,95,490 Preferential Issue 12 /- 2/-
2002
April 26, 2004 46,00,000 46,49,95,490 Preferential Issue 29.81/- 19.81/-
July 23, 2004 54,50,000 51,94,95,490 Preferential Issue 25.50/- 15.50/-
February 16, 1,34,79,000 65,42,85,490 Preferential Issue 35/- 25/-
2005
December 23, 2005 6,06,33,350 1,26,06,18,990 Merger of SIL with our Company For N.A.
consideration
other than
cash
February 2, 2006 2,44,78,681 1,50,54,05,800 Preferential Issue 112/- 102/-
August 7, 2006 57,15,000 1,56,25,55,800 Conversion of warrants issued on 35/- 25/-
February 16, 2005 on preferential
basis
January 23, 2007 59,250 1,56,31,48,300 ESOP $ 35/- 25/-
February 12, 2007 1,86,45,886 1,74,96,07,160 Merger of SOFL with our
Company
For
consideration
other than
cash
N.A.
- 65 -

Date of Allotment Number of shares
issued and allotted
Cumulative
Paid-up capital
in (`)
Nature of Issue
Issue Price
(`)
Premium (`)
March 27, 2007 79,300 1,75,04,00,160 ESOP $ 35/- 25/-
March 30, 2007 91,00,000 1,84,14,00,160 Conversion of warrants issued on 112/- 102/-
February 2, 2006 on preferential
basis
March 30, 2007 18,700 1,84,15,87,160 ESOP $ 35/- 25/-
April 27, 2007 16,000 1,84,17,47,160 ESOP $ 35/- 25/-
June 30, 2007 19,500 1,84,19,42,160 ESOP $ 35/- 25/-
July 31, 2007 69,00,000 1,91,09,42,160 Conversion of warrants issued on 112/- 102/-
February 2, 2006 on preferential
basis
August 10, 2007 7,000 1,91,10,12,160 ESOP $ 35/- 25/-
October 13, 2007 34,200 1,91,13,54,160 ESOP $ 35/- 25/-
December 14, 2007 1,20,00,000 2,03,13,54,160 Preferential Issue 300/- 290/-
June 25, 2008 87,100 2,03,22,25,160 ESOP $ 35/- 25/-
July 14, 2008 81,150 2,03,30,36,660 ESOP $ 35/- 25/-
July 24, 2008 94,850 2,03,39,85,160 ESOP $ 35/- 25/-
September 19, 2008 74,600 2,03,47,31,160 ESOP $ 35/- 25/-
October 27, 2008 29,300 2,03,50,24,160 ESOP $ 35/- 25/-
December 10, 2008 9,200 2,03,51,16,160 ESOP $ 35/- 25/-
May 16, 2009 34,200 2,03,54,58,160 ESOP $ 35/- 25/-
June 12, 2009 80,00,000 2,11,54,58,160 Conversion of warrants issued 300/- 290/-
December 14, 2007 on preferential
basis
July 16, 2009 95,350 2,11,64,11,660 ESOP $ 35/- 25/-
November 10, 2009 10,96,750 2,12,73,79,160 ESOP $ 35/- 25/-
November 24, 2009 36,650 2,12,77,45,660 ESOP $ 35/- 25/-
January 28, 2010 11,658,552 2,24,43,31,180 Qualified Institutional Placement 500.80/- 490.80/-
March 26, 2010 10,84,700 2,25,51,78,180 ESOP $ 35/- 25/-
September 09, 2010 20,400 2,25,53,82,180 ESOP $ 35/- 25/-
December 06, 2010 6,22,450 2,26,16,06,680 ESOP $ 35/- 25/-
May 13, 2011 23,400 2,26,18,40,680 ESOP $ 35/- 25/-
Total 22,61,84,068
$ Equity Shares allotted to the employees of our Company as fully paid up under the Company’s Employees Stock Option
Scheme 2005 on exercise of vested options.
- 66 -

Notes:
1. 45,000 convertible debentures of face value of ` 100/- each were issued on April 26, 1986. 15,000 of the
convertible debentures were converted into 1,50,000 Equity Shares on October 26, 1986, another 15,000 of the
convertible debentures were converted into 1,50,000 Equity Shares on October 26, 1987 and the remaining 15,000
of the convertible debentures were converted into 1,50,000 Equity Shares on October 26, 1988.
2. 3,45,000 convertible debentures of face value of ` 150/- each, were issued on November 30, 1990. Pursuant to the
conversion of the debentures, 17,25,000 Equity Shares have been allotted on June 1, 1991, 17,25,000 Equity
Shares have been allotted on March 1, 1992 and 17,20,420 Equity Shares have been allotted on December 1, 1992.
3. 45,34,370 convertible debentures of face value of ` 50/- each were issued on June 26, 1997. Pursuant to the
conversion of the debentures, 45,34,370 Equity Shares have been allotted on June 26, 1998, 90,68,740 Equity
Shares have been allotted on June 26, 1999 and 90,68,740 Equity Shares have been allotted on June 26, 2000.
4. Pursuant to a scheme of amalgamation sanctioned by the Hon’ble High Court of Madras vide its order dated
November 25, 2005, our Company issued and allotted 6,06,33,350 fully paid-up Equity Shares of our Company to
the shareholders of SIL, whose names appeared in the register of members on record date in connection with the
aforesaid scheme of amalgamation, in a ratio of 1 fully paid up Equity Shares of our Company, for every 1 fully
paid up equity share of the face value of ` 10/- each, of SIL.
5. Pursuant to a scheme of amalgamation sanctioned by the Hon’ble High Court of Madras vide its order dated
December 1, 2006, our Company issued and allotted 1,86,45,886 fully paid-up Equity Shares of our Company to
the shareholders of SOFL, whose names appeared in the register of members on record date in connection with the
aforesaid scheme of amalgamation, in a ratio of 3 fully paid up Equity Shares of our Company, for every 5 fully
paid up equity share of the face value of ` 10/- each, of SOFL.
6. On January 28, 2010, our Company issued and allotted 1,16,58,552 Equity Shares of at a price of ` 500.80 per such
Equity Share, aggregating to ` 58,386.03 lacs to Qualified Institutional Buyers pursuant to the provisions of
Chapter VIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2009, as amended.
7. On May 13, 2011, our Company issued and allotted 23,400 Equity Shares of at a price of ` 35 per such Equity
Share, pursuant to the exercise of the stock options issued under our ESOP Scheme. Our Company has made
separate applications, all dated May 27. 2011 to NSE, BSE and MSE in connection with obtaining their respective
approval, for trading of the aforementioned Equity Shares.
Share holding pattern of our Company as on May 27, 2011:
Sr.
No
Category of
Shareholder
(A) Shareholding of
Promoters and
Promoter Group (A)
(1) Indian (1)
(a) Individuals/Hindu
Undivided Family
(b) Central
Government/State
Government(s)
Number
of
shareholders
Total
number
of Equity
Shares
Number of
shares held in
dematerialized
form
- 67 -
Total shareholding as a
% of total number of
Equity Shares
% of
shares
(A+B)
% of
shares
(A+B+C)
Shares pledged or
otherwise
encumbered
Number of As a %
shares
0 0 0 0.00 0.00 0 0.00
0 0 0 0.00 0.00 0 0.00
(c) Bodies Corporate 1 9,33,71,512 9,33,71,512 41.28 41.28 0 0.00
(d) Financial
0 0 0 0.00 0.00 0 0.00
Institutions/Banks

Sr.
No
Category of
Shareholder
Number
of
shareholders
Total
number
of Equity
Shares
Number of
shares held in
dematerialized
form
- 68 -
Total shareholding as a
% of total number of
Equity Shares
% of
shares
(A+B)
% of
shares
(A+B+C)
Shares pledged or
otherwise
encumbered
Number of As a %
shares
(e) Any Other 0 0 0 0.00 0.00 0 0.00
(2) Foreign
(a) Individuals (Non-
Resident
Individuals/Foreign
Individuals)
0 0 0 0.00 0.00 0 0.00
(b) Bodies Corporate 0 0 0 0.00 0.00 0 0.00
(c) Institutions/FII 0 0 0 0.00 0.00 0 0.00
(d) Any Other 0 0 0 0.00 0.00 0 0.00
Total Shareholding of
Promoters and
Promoter Group
(A)= (A)(1)+(A)(2)
1 9,33,71,512 9,33,71,512 41.28 41.28 0 0.00
(B) Public shareholding
(1) Institutions
(a) Mutual Funds/ UTI 49 4,983,490 49,48,620 2.20 2.20 0 0.00
(b) Financial Institutions /
8 2,05,335 2,05,075 0.09 0.09 0 0.00
Banks
(c) Central
Government/State
Government(s)
0 0 0 0.00 0.00 0 0.00
(d) Venture Capital Fund 0 0 0 0.00 0.00 0 0.00
(e) Insurance Companies 0 0 0 0.00 0.00 0 0.00
(f) Foreign Institutional
271 9,53,57,885 9,53,57,885 42.16 42.16 0 0.00
Investors
(g) Foreign Venture
0 0 0 0.00 0.00 0 0.00
Capital Investor
(h) Any other 0 0 0 0.00 0.00 0 0.00
Sub-Total (B)(1) 328 10,05,46,710 10,05,11,580 44.45 44.45 0 0.00
(2) Non-institutions
(a) Bodies Corporate 653 1,26,67,675 1,26,12,897 5.60 5.60 0 0.00
(b)
(i)
(ii)
(c)
Individuals
Individual
shareholders holding
nominal share capital
up to ` 1 Lac
Individual
shareholders holding
nominal share capital
in excess of ` 1 Lac
Any other
Non Resident Indians
40,988 1,51,06,403 82,55,533 6.68 6.68 0 0.00
114 3245469 3030482
1.43 1.43
0 0.00
NA NA
354 320244 193419 0.14 0.14
Trust
NA NA
3 235511 235511 0.10 0.10
Clearing Members
NA NA
330 690494 690494 0.31 0.31
Overseas Corporate
NA NA
Bodies 1 50 0.00 0.00
Any Other Total 688 1246299 1119424 0.55 0.55 0 0.00
Sub-Total (B) (2) 42,443 3,22,65,846 2,50,18,336 14.27 14.27 0 0.00
Total Public
Shareholding (B) =
(B)(1)+(B)(2) 42,771 13,28,12,556 12,55,29,916 58.72 58.72
0 0.00
TOTAL (A) + (B) 42,772 2,26,184,068 21,89,01,428 100.00 100.00 0.00 0.00

Sr.
No
(C)
C1
Category of
Shareholder
Shares held by
custodians and
against which
Depository receipts
have been issued
Promoter and
Promoter Group
Number
of
shareholders
Total
number
of Equity
Shares
Number of
shares held in
dematerialized
form
Total shareholding as a
% of total number of
Equity Shares
% of
shares
(A+B)
% of
shares
(A+B+C)
Shares pledged or
otherwise
encumbered
Number of As a %
shares
0 0 0 0.00 0.00 0 0.00
C2 Public 0 0 0 0.00 0.00 0 0.00
Total C=C1+C2 0 0 0 0.00 0.00 0 0.00
GRAND TOTAL
(A)+(B)+(C)
4,27,72 22,61,84,068 21,89,01,428 100.00 100.00 NA NA
List of top ten holders of Equity Shares of our Company as on May 27, 2011:
Sr.
No
Name of shareholders
1. Shriram Holdings (Madras)
Private Limited
Address
Mookambika Complex
4 Lady Desika Road, Mylapore, Chennai - 600 004
Total
Number of
Equity
Shares held
Percentage
Holding
(%)
93,371,512 41.29
2. Genesis Indian Investment
Company Limited -General
Sub Fund
3. ICICI Prudential Life
Insurance Company Limited
4. Deutsche Securities
Deutsche Bank AG, DB House, Hazarimal Somani
Marg, Post Box No.1142, Fort, Mumbai - 400 001
Deutsche Bank AG, DB House, Hazarimal Somani
Marg, Post Box No. 1142, Fort, Mumbai - 400 001
Deutsche Bank AG, DB House, Hazarimal Somani
Mauritius Limited
Marg, Post Box No.1142, Fort, Mumbai - 400 001
5. Tiger Global Mauritius Fund Deutsche Bank AG, DB House, Hazarimal Somani
Marg, Post Box No.1142, Fort, Mumbai - 400 001
6. Fid Funds (Mauritius)
Limited
7. Morgan Stanley Mauritius
Company Limited
8. Fidelity Funds Emerging
Markets Fund
9. Wellington Management
Company, LLP A/C Bay
Pond Mb
10. Copthall Mauritius
Investment Limited
Citibank N. A. Custody Services, 3rd Floor, Trent
House, “G” Block, Plot No.60, Bandra Kurla
Complex, Bandra (East), Mumbai - 400 051
HSBC Securities Services,
2nd Floor, "Shiv", Plot No.139-140 B, Western
Express Highway, Sahar Road Junction, Vile Parle
(East), Mumbai - 400 057
Citibank N A, Custody Services, 3rd Floor, Trent
House, G Block, Plot No.60, Bandra Kurla
Complex, Bandra (East), Mumbai- 400 051
HSBC Securities Services, 2nd Floor "Shiv", Plot
No.139-140 B, Western Express Highway, Sahar
Road Junction, Vile Parle (East), Mumbai - 400
057
J.P.Morgan Chase Bank N.A. India Sub Custody,
6 th Floor, Paradigm B Mindspace, Malad (W),
Mumbai - 400 064
15,169,067 6.71
7,971,437 3.52
5,322,312 2.35
4,230,100 1.87
3,230,480 1.43
3,189,538 1.41
2,946,714 1.30
2,762,307 1.22
2,691,154 1.19
- 69 -

List of top ten holders of debt instruments, as on May 27, 2011
1. List of top ten Subordinate Debt instruments holders (issued on private placement basis) face value ` 1000/- as on
May 27, 2011:
Sr.
No.
Name of holder Address Number of
instruments
1. Shriram General
Insurance Company
Limited
2. Shriram Asset
Management Company
Limited
- 70 -
Aggregate
Amount (`. in
lacs)
E-8, EPIP, RIICO, Sitapur, Jaipur, Rajasthan. 115,000 1,150.00
106, Shiv Chambers, Sector-11, CBD-
Belapur, Navi Mumbai, Maharashtra.
3. Urmila Ulhas Ghosalkar Daily Ratnagiri Times, H.No. 1777, Maruti
Lane, Ratnagiri, Maharashtra.
4. Milind P Bhandarkar The Great Eastern, Retreat FP 496-497 A,
Model Colony, Near Lakaki Bungalow, Flat
No 101, Pune, Maharashtra.
5. S Krishnan 31, Khushali,
Plot No 358, Central Avenue Road,
Chembur, Mumbai, Maharashtra.
6. Shriram Life Insurance Regd Office 3-6-478, Anand Estates III
Company Limited. Floor, Liberty Road, Himayath Nagar,
Hyderabad, Andhra Pradesh.
7. Leela Ramachandran Flat F8, III Floor,No.12,
Postal Colony, II Street, West Mambalam,
Chennai, Tamilnadu.
8. Sudha Patel Shanti Bihar Colony, Rajakhedi, Makronia,
Sagar, Madhya Pradesh.
9. Padmavathi P W/O Satyanarayana P, D No 16-111,
R K Colony, Mylavaram Krishna District,
Andhra Pradesh.
10. Shripad Khadilkar A 103 Sai Prasad Apartment, Rajarampuri,
Kolhapur.
41,340 413.40
10,166 101.66
10,100 101.00
8,530 85.30
8,400 84.00
6,840 68.40
6,453 64.53
5,122 51.22
5,090 50.90
2. List of top ten Debenture holders (issued on private placement basis) face value ` 1000/- as on May 27, 2011:
Sr.
No.
Name of debenture
holder
Address
1. V Shankar A-121, Kalpataru Residency, Opposite Cine
Planet, Sion (East ), Mumbai Maharashtra.
2. Shriram Life Insurance Regd. Office 3-6-478, Anand Estates III
Company Limited Floor, Liberty Road, Himayath Nagar,
Hyderabad, Andhra Pradesh.
3. Lalitha Swaminathan Flat 31, 3rd Floor,'Khushali', Plot
358,Central Avenue Road, Chembur,
Mumbai, Maharashtra.
4. Almighty Impex Private 102, Neelkanth House, S-524, School Block,
Limited
Shakarpur, New Delhi.
5. Ail Staff Provident Fund Plot No 25 Phase IV Sector 18, Electronic
Trust
City, Gurgaon, Haryana.
6. Shuneel Kumari Ram N-29C, First Floor, SFS Flats, Saket ,
New Delhi.
Number of
debentures
Aggregate
Amount (`. in
lacs)
350,000 3,500.00
227,050 2,270.50
72,340 723.40
35,000 350.00
30,000 300.00
27,000 270.00
7. Geetoo Kirpalani 20 Saint James Court, Marine Drive, 25,000 250.00

Sr.
No.
Name of debenture
holder
Address
Churchgate, Mumbai, Maharashtra.
8. Tilak Maharashtra
Vidyapeeth
Vidyapeeth Bhavan, Gultekadi,
Pune, Maharashtra.
9. Om Bhoo Vikas & Opposite New Bus Stand, Pachari Para,
Insurance Private Durg, Chhattisgarh.
Limited.
10. Mani Kishan Bhojwani Flat No 10 Sunshine Building, 156 Maharshi
Karve Road, Mumbai, Maharashtra.
Number of
debentures
Aggregate
Amount (`. in
lacs)
24,500 245.00
24,071 240.71
22,600 226.00
3. List of top ten holders of deposits as on May 27, 2011:
Sr.
No.
Name of deposit holder Address Aggregate
Amount (` in
lacs)
1. I C S Technology P No. 141, Phase-3, Kamalapuri Colony, Srinagar Colony,
625.00
Services Private Limited Hyderabad.
2. Shriram General E- 8, EPIP, RIICO Industrial Area, Sitapura, Jaipur,
550.00
Insurance Company Rajasthan.
Limited
3. Express Newspapers Express Estates No 2, Club House Road Mount Road,
417.00
Private Limited Chennai, Tamil Nadu.
4. Rategain IT Solutions Rategain IT Solutions Private Limited,
398.00
Private Limited B-15 Sector-57, Noida, Uttar Pradesh.
5. Raghuram J Chandrani 6/36 Jalaram Nivas, Jalaram Apa,
390.00
Virpur Rajkot, Gujarat.
6. Somak Ghosh F No 5 Sea Side Apartment 18-A,
350.00
Chibai Road Bandra(West)
Mumbai, Maharashtra.
7. Vishalakshi Nanjappa No 7, Rucela Apartments,
320.00
43/2, Promenade Road, Fraser Town, Bangalore, Karnataka
8. Sudershan Nirula A-17, Sector-19 Nodia, Gautam Budh Nagar Nodia, Utter
240.00
Pradesh.
9. Bhansali Trust H No 640/646, Panchratna,
225.00
Mama Parmanand Marg,
Mumbai, Maharashtra
10. Ultramarine & Pigments
Limited
No 556 Vanagaram Road,
Ambattur, Chennai, Tamil Nadu.
225.00
4. List of top ten holders of Secured Non-Convertible Debentures as on May 27, 2011 issued to public - (non convertible
debentures - 2009)- ISIN – INE 721A07952 -Option –I (` 87.25 crores) of face value ` 1,000/- per debenture:
Sr.
No.
Name of debenture
holder
1 LIC MF Floater MIP -
Plan 'A'
2 LIC MF Monthly
Income Plan
Address
Jeevan Bima Sahayog Asset Management,
Industrial Assurance Building, 4th Floor,
Opposite Churchgate Station, Mumbai - 400
020
LIC Mutual Fund Asset Management
Company Limited, Industrial Assurance
Building, 4th Floor, Opposite Churchgate
Station, Mumbai - 400 020
- 71 -
Number of
debentures
Aggregate
Amount (` In
lacs)
158,798 1,587.98
73,831 738.31

Sr.
No.
Name of debenture
holder
3 Bangiya Gramin Vikash
Bank
4 Kotak Mahindra Trustee
Company Limited- A/C
Kotak Monthly Income
Plan
5 LIC MF Unit Linked
Insurance Scheme
6 Kotak Mahindra Trustee
Company Limited A/C
Kotak Flexi Debt
Scheme
Address
BMC House, Chuapur, P. O. Berhampore,
District Murshidabad, West Bangal -742101
Deutsche Bank A.G., D.B. House, Hazarimal
Somani Marg, Post Box No. 1142, Fort,
Mumbai - 400 001
LIC Mutual Fund Asset Management
Company Limited, Industrial Assurance
Building, 4th Floor, Opposite Churchgate
Station, Mumbai - 400 020
Deutsche Bank A.G., D.B. House, Hazarimal
Somani Marg, Post Box No. 1142, Fort,
Mumbai - 400 001
7 LIC MF Childrens Fund Jeevan Bima Sahayog Asset Management,
Industrial Assurance Building, 4 th Floor,
Opposite Churchgate Station, Mumbai - 400
020
8 Pinkhem Investments Bombay Cotton Mills Compound, Dattaram
Company Private Lad Path, Mumbai - 400 033
Limited
9 Trustees Hindustan
Steel Limited
Contributory Provident
Fund, Rourkela
10 Power And Insulators
Private Limited
Sail Rourkela,
Rourkela - 769 001
115, N.S. Road, 3rd Floor,
Kolkata - 700 001
Number of
debentures
Aggregate
Amount (` In
lacs)
50,000 500.00
32,984 329.84
21,246 212.46
14,850 148.50
9,000 90.00
6,265 62.65
4,354 43.54
4,235 42.35
5. List of top ten holders of Secured Non-Convertible Debentures as on May 27, 2011 issued to public - (non convertible
debentures - 2009)- ISIN – INE 721A07960 -Option –II (` 73.75 crores) of face value ` 1,000/- per debenture:
Sr.
No.
Name of debenture
holder
1 IDBI Bank Limited –
TBO
Address
IDBI Limited, IDBI Tower, 17th Floor, World
Trade Centre Complex, Cuffe Parade,
Mumbai - 400 005
2 UCO Bank Treasury Branch, UCO Bank Building,
Mezzanine Floor, 359, Dr. D. N. Road, Fort,
Mumbai - 400 001
3 Vipul Rameshchandra 22/28, Khetwadi, 7 th Lane, Hanuman Niwas,
Shah
Mumbai - 400 004
4 M K Recreation Private B 167 Kalpan Tenament, Opp. Pushpam Cob
Limited
Vatva Road, Isanpur, Ahmedabad – 382 443
5 Rakesh Agrawal Elegant House Raghuvanshi Mills, Compound
Senapati Bapat Marg, Lower Parel, Mumbai -
400 013
6 Elegant Marbles and
Grani Industries Limited
7 Hemant Jaysukhlal
Gandhi
Elegant House, Raghuvanshi Mills Compound,
Senapati Bapat Marg, Lower Parel, Mumbai -
400 013
411 Veena Vihar, Near Shanmukhananda Hall,
Sion, Mumbai - 400 022
Number of
debenture
Aggregate
Amount (` In
lacs)
32,984 329.84
32,984 329.84
5,721 57.21
2,350 23.50
2,089 20.89
2,089 20.89
1,887 18.87
- 72 -

Sr.
No.
Name of debenture
holder
Address
8 Jinender Jain S-21, Greater Kailash-II, Ground Floor,
New Delhi- 110 048
9 Dipti Ketan Gopani 903, Rudraksha, 9th Floor, Nariman Road,
Vile Parle (East),
Mumbai - 400 057
10 Kishore R. Patel 1802, Ramkrupa Building, Parekh Street,
Girgaum, Mumbai - 400 004
Number of
debenture
Aggregate
Amount (` In
lacs)
1,800 18.00
1,500 15.00
1,500 15.00
6. List of top ten holders of Secured Non-Convertible Debentures as on May 27, 2011 issued to public - (non convertible
debentures - 2009)- ISIN – INE 721A07978 - Option –III (` 104.23 crores) of face value ` 1,000/- per debenture:
Sr.
No.
Name of debebnture
holder
Address
1 ECL Finance Limited 14 th Floor, Express Towers,
Nariman Point, Mumbai - 400 021
2 Edelweiss Finance And 14 th Floor Express Towers, Nariman Point,
Investments Limited Mumbai - 400 021
3 UTI-MIS-Advantage UTI AMC Private Limited, UTI Tower,
Plan
GN Block, Bandra Kurla Complex, Bandra
(East), Mumbai - 400 051
4 Haren Textile Private Before Dahisar Toll Naka, Western Express
Limited
Highway, Dahisar (East), Mumbai - 400 068
5 Cheviot Company 24 Park Street, Nagma House,
Limited
9th Floor, Kolkata - 700 016
6 Manish Kishan Gupta 1 Sardar Patel Nagar, Ellisbridge,
Ahmedabad - 380 006
7 Asiatic Oxygen Limited Block No.1, 6th Floor, Stadium House, Veer
Nariman Road, Churchgate,
Mumbai - 400 020
8 Kusum Shroff Nirvan Building, 2nd Floor, Oomer Park, 95/D
Bhulabhai Desai Road, Mumbai - 400 036
9 Kamesh Goyal C/O Chief Executive Officer, Bajaj Allianz
General Insurance Company Limited, GE
Plaza, Airport Road, Yerawada, Pune - 411
006
10 Sanjay Pranlal Muni 32 Shree Building, Juhu Road, Santacruz
West, Mumbai -400 054
Number of
debentures
Aggregate
Amount (` In
lacs)
120,000 1,200.00
80,000 800.00
65,969 659.69
36,651 366.51
20,000 200.00
10,050 100.50
8,490 84.90
8,352 83.52
6,467 64.67
5,393 53.93
7. List of top ten holders of Secured Non-Convertible Debentures as on May 27, 2011 issued to public - (non convertible
debentures - 2009)- ISIN – INE 721A07986 -Option –IV (` 22.74 crores) of face value ` 1,000/- per debenture:
Sr.
No.
Name of debenture
holder
Address
1 ECL Finance Limited 14th Floor, Express Towers,
Nariman Point, Mumbai - 400 021
2 Vishnu Kumar Bangur 199, Chittaranjan Avenue,
Kolkata - 700 006
3 Manish Kishan Gupta 1 Sardar Patel Nagar, Ellisbridge,
Ahmedabad – 380006
Number of
debentures
Aggregate
Amount (` In
lacs)
104,299 1,042.99
2,337 23.37
2,200 22.00
- 73 -

Sr.
No.
Name of debenture
holder
Address
4 Bharati Ajay Sheth 10 Kailas Deep, 2 Floor,
38 Bajaj Road, Vile Parle,
Opposite Vishwakarma Baug,
Mumbai - 400 056
5 PJL Clothing ( India )
Limited
27, Raghuvanshi Estate, Senapati Bapat Marg,
Lower Parel,
Mumbai - 400 013
6 Meena Bangur 199, Chittaranjan Avenue,
Kolkata - 700 006
7 Paru Mayur Shridharani A-707/708, Shree Adinath Tower,Near Nensey
Colony, Borivli (East),
Mumbai - 400 066
8 Baroda Brokers Private
Limited
9 Smt. Sitadevi N. Poddar
Charity Trust
Klassic Chambers, 2nd Floor,
Near Navrangpura Post Office, Navrangpura,
Ahmedabad - 380 009
6/B, Court Chambers, 35 New Marine Lines,
Mumbai - 400 020
10 Bedrock Limited 6 B, Court Chambers, 35 New Marine Lines,
Mumbai - 400 020
Number of
debentures
Aggregate
Amount (` In
lacs)
1,800 18.00
1,486 14.86
1,453 14.53
1,000 10.00
950 9.50
891 8.91
801 8.01
8. List of top ten holders of Secured Non-Convertible Debentures as on May 27, 2011 issued to public - (non convertible
debentures - 2009)- ISIN – INE 721A07994 - Option –V (` 669.89 crores) of face value ` 1,000/- per debenture:
Sr.
No.
Name of debenture
holder
1 Kotak Mahindra
Trustee Company
Limited A/C Kotak
Floater Long Term
Scheme
2 Kotak Mahindra Bank
Limited
Address
Deutsche Bank A.G., D.B. House, Hazarimal
Somani Marg, Post Box No. 1142,
Fort, Mumbai -400 001
KMBL Treasury Account, 2nd Floor,
Bakhtawar, 229, Nariman Point, Mumbai -
400 021
Deutsche Bank A.G., D.B. House, Hazarimal
Somani Marg, P.O.Box No. 1142, Fort,
Mumbai- 400001
3 Kotak Mahindra
Trustee Company
Limited A/C Kotak
Credit Opportunities
Fund
4 Kotak Mahindra Deutsche Bank A.G., D.B. House, Hazarimal
Trustee Company Somani Marg, Post Box No.1142, Fort,
Limited A/C. Kotak Mumbai - 400 001
Mahindra Bond Short
Term Plan
5 HDFC Trustee HDFC Bank Limited, Custody Services, Lodha
Company Limited A/C - I Think Techno Campus, Office Floor-8,
High Interest Fund Next To Kanjurmarg Station,
Short Term Plan Kanjurmarg (East), Mumbai - 400 042
6 BNP Paribas French Bank Building, 62, Homji Street, Fort,
Mumbai - 400 001
7 Radha Madhav 11 A, Mittal Chambers, Nariman Point,
Investments Limited Mumbai - 400 021
Number of
debentures
Aggregate
Amount (` In
lacs)
890,000 8,900.00
765,114 7,651.14
690,000 6,900.00
556,523 5,565.23
270,376 2,703.76
250,000 2,500.00
250,000 2,500.00
- 74 -

Sr.
No.
Name of debenture
holder
Address
8 HDFC Trustee HDFC Bank Limited, Custody Services,
Company Limited Lodha - I Think Techno Campus, Office Floor-
HDFC MF Monthly 8, Next To Kanjurmarg Station, Kanjurmarg
Income Plan Long (East), Mumbai - 400 042
Term Plan
9 ECL Finance Limited 14th Floor, Express Towers,
Nariman Point, Mumbai - 400 021
10 Bajaj Allianz Life Deutsche Bank A.G., D.B. House, Hazarimal
Insurance Company Somani Marg, Post Box No. 1142, Fort,
Limited
Mumbai - 400 001
Number of
debentures
Aggregate
Amount (` In
lacs)
190,969 1,909.69
180,218 1,802.18
169,791 1,697.91
9. List of top ten holders of Secured Non-Convertible Debentures as on May 27, 2011 issued to public (non convertible
debentures - 2010) - ISIN - INE721A07AJ1 - Option –I (other Secured) (` 33.99 crores) of face value ` 1,000/- per
debenture:
Sr.
No.
Name of debenture
holder
Address
1 UTI - Treasury UTI Mutual Fund, UTI Asset Management
Advantage Fund Company Limited, Department of Fund,
Accounts, UTI Tower, GN Block, Bandra
Kurla Complex, Bandra (East), Mumbai-
400051
2 ICICI Securities Primary ICICI Centre, H T Parekh Marg, Churchgate,
Dealership Limited Mumbai-400020
3 Dhruvi Securities No 25/1, Skip House, Museum Road,
Private Limited Bangalore-560025
4 State Bank of India SBI SG Global Security Service Private
Limited, Jeevan Seva Extension Building,
Ground Floor, S.V. Road, Santacruz (West),
Mumbai-400054
5 Deutsche Trustee
Services (India) Private
Limited A/C DWS
Money Plus Advantage
Fund
Standard Chartered Bank, Crescenzo,
Securities Services, 3rd Floor, C-38/39 G-
Block, Bandra Kurla Complex Bandra(East),
Mumbai -400051
6 Vijaya Bank Treasury Management Department, Head
Office, 41/2, M G Road, Trinity Circle,
Bangalore-560001
7 Securities Trading
Corporation of India
Limited
8 Deutsche Trustee
Services (India) Private
Limited A/C DWS Twin
Advantage Fund
9 Alkem Laboratories
Limited
10 Surplus Finvest Private
Limited
HDFC Bank Limited, Custody Services,
Lodha - I Think Techno Campus, Office Floor
8, Next To Kanjurmarg Station, Kanjurmarg
(East) Mumbai-400042
Standard Chartered Bank, Crescenzo,
Securities Services, 3rd Floor, C-38/39 G-
Block, Bandra Kurla Complex Bandra(East),
Mumbai -400051
Alkem House, Devashish, Adjs To Matulya
House, S.B.Marg, Lower Parel, Mumbai-
400013
406, JeevanVihar, 5, ManavMandir Road,
Malabar Hill, Mumbai-400006
Number of
debentures
Aggregate
Amount
(` in lacs)
88,325 883.25
84,569 845.69
42,284 422.84
35,330 353.30
20,000 200.00
17,665 176.65
16,914 169.14
15,330 153.30
8,457 84.57
5,074 50.74
- 75 -

10. List of top ten holders of Secured Non-Convertible Debentures as on May 27, 2011 issued to public (non convertible
debentures - 2010) - ISIN – INE721A07AK9 - Option–I (Unreserved Individual Secured )- (` 104.96 crores) of face
value ` 1,000/- per debenture:
Sr.
No.
Name of debenture
holder
1 Reliance Capital Trustee
Company Limited A/C
Reliance Monthly Income
Plan
Address
Deutsche Bank A. G., D. B. House,
Hazarimal Somani Marg, Post Box No.
1142, Fort, Mumbai-400001
2 United Bank of India The Deputy General Manager, UBI,
Investment Fund Management Department
Head Office, 4th Floor, 16 Old Court House
Street, Kolkata-700001
3 UTI Dynamic Bond Fund UTI Mutual Fund, UTI Asset Management
Company Limited, Department of Fund
Accounts, UTI Tower, GN Block, Bandra
Kurla Complex, Bandra(East), Mumbai-
400051
4 Cholamandalam MS
General Insurance
Company Limited
5 UTI Short Term Income
Fund
HDFC Bank Limited, Custody Services,
Lodha - I Think Techno Campus, Office
Floor 8, Next To Kanjurmarg Station,
Kanjurmarg (East), Mumbai-400042
UTI Mutual Fund, UTI- Asset Management
Company Private Limited, UTI Tower, GN
Block, Bandra Kurla Complex, Bandra
(East), Mumbai-400051
6 Army Group Insurance
Fund
AGI Bhawan Rao Tula Ram Marg, Post
VasantVihar, New Delhi-110057
7 Divya Agrawal Elegant House Raghuvanshi Mills
Compound, Senapati, BapatMarg, Lower
Parel, Mumbai-400013
8 Vatsal Neelakantan 703A, Brich Wood, Hiranandani Gardens,
Powai, Mumbai-400076
9 Kshitij Neelakantan 703 A, Brichwood, Hirnandani Gardens,
Powai, Mumbai-400076
10 Rajesh Ghelubhai Desai Surya, Plot No.7, Karthik, Enclave, Near
Diamond Point, Sikh Road, Secunderabad-
500009
Number of
debentures
Aggregate
Amount
(` in lacs)
251,600 2,516.00
200,000 2,000.00
191,500 1,915.00
150,000 1,500.00
100,000 1,000.00
50,000 500.00
14,209 142.09
9,473 94.73
9,473 94.73
9,473 94.73
11. List of top ten holders of Secured Non-Convertible Debentures as on May 27, 2011 issued to public (non convertible
debentures – 2010) - ISIN – INE721A07AL7- Option –I (Reserved Individual Secured ) (` 18.59 crores) of face value `
1,000/- per debenture:
Sr.
No.
Name of debenture holder Address Number of
debentures
1 ACG Associated Capsules
Private Limited
127, Kandivli Industrial Estate, Kandivli
(West), Mumbai-400067
2 Aegis Logistics Limited 403, Peninsula Chambers, Ganpatrao
Kadam Marg, Lower Parel,
Mumbai-400013
Aggregate
Amount
(` in lacs)
19,514 195.14
10,000 100.00
- 76 -

Sr.
No.
Name of debenture holder Address Number of
debentures
3 NPS Trust- A/C ICICI
Prudential Pension Fund
Scheme C - Tier I
C/O ICICI Prudential Pension Funds,
Management Company Limited,
ICICIPRULIFE Towers, 1089,
Appasaheb Marathe Marg, Prabhadevi,
Mumbai-400025
4 Yogesh Agarwal 4th Floor B- Block, Rohit Bhawan, 4
Sapru Marg, Lucknow-226001
5 Tripta Agarwal 4th Floor, B Block, Rohit Bhawan, 4
Sapru Marg, Lucknow-226001
6 Bedrock Limited 6 B Court Chambers, 35, New Marine
Lines, Mumbai-400020
7 Nalini Ishwarlal Khandwala 1001 Manju Apartment, Narayan
Dabholkar Road, Mumbai-400006
8 Provident Fund of
MRPL, LGF, Mercantile House, 15,
Mangalore Refinery and K.G. Marg, Connaught Place, New
Petrochemicals Limited Delhi-110001
9 Patel Arvind Girdharilal 92, Darya Mahal B, 16 th Floor, 80
Napeansea Road, Mumbai-400006
10 Sarita Kamat F-15, Union House, L-J Cross Road No
2, Mahim, Mumbai-400016
Aggregate
Amount
(` in lacs)
3,300 33.00
1,700 17.00
1,689 16.89
1,547 15.47
1,088 10.88
1,000 10.00
996 9.96
996 9.96
12. List of top ten holders of Secured Non-Convertible Debentures as on May 27, 2011 issued to public (non convertible
debentures - 2010) - ISIN – INE721A07AM5 - Option –II (Other Secured ) (` 8.97 crores) of face value ` 1,000/- per
debenture:
Sr.
No.
Name of debenture holder Address Number of
debentures
1 LIC MF Unit Linked
Insurance Scheme
2 Reliance Life Insurance
Company Limited
3 STCI Primary Dealer
Limited
LIC Mutual Fund Asset Management
Company Limited, Industrial Assurance
Building, 4th Floor, Opposite Churchgate
Station, Mumbai-400020
Deutsche Bank A.G., D. B. House,
Hazarimal Somani Marg, Post Box No.
1142, Fort, Mumbai-400001
HDFC Bank Limited, Custody Services,
Lodha - I Think Techno Campus, Office
Floor 8, Next To Kanjurmarg Station,
Kanjurmarg(East) Mumbai-400042
53/1 Bull Temple Road, Bangalore-
560019
Prasanthi Gram, Anantapur District,
Andhra Pradesh-515134
Aggregate
Amount
(` in lacs)
35,330 353.30
26,498 264.98
25,001 250.01
4 The National Co-operative
Bank Limited
1,767 17.67
5 Sri Sathya Sai Institute of
370 3.70
Higher Medical Sciences PG
Employees Gratuity Fund
Trust
6 Pradip Credit Private Limited 2 G, Jodges Court Road, Kolkata-700027 253 2.53
7 Doyen Commodities Private 1, British Indian Street, 6th Floor, Room
169 1.69
Limited
No - 608, Kolkata-700069
8 Shree Swetamber Jain
127 1.27
SevaSamaj
Udyog Bhavan, Khargate, On
Ghoghawala Dispensary, Bhavnagar-
364001
- 77 -

Sr.
No.
Name of debenture holder Address Number of
debentures
9 Frognal Finance And
Investment Private Limited
10 Sykes & Ray Equities
(Mumbai) Private Limited
- 78 -
Aggregate
Amount
(` in lacs)
85 0.85
85 0.85
13. List of top ten holders of Secured Non-Convertible Debentures as on May 27, 2011 issued to public (non convertible
debentures - 2010) - ISIN - INE721A07AN3 -Option –II (Unreserved Individual Secured ) (` 8.32 crores) of face value
` 1,000/- per debenture:
Sr.
No.
Name of debenture holder Address Number of
debentures
E- 55, Panchsheel Park, New Delhi-
110017
1st Floor, Doulatram Mansion, Kitridge
Road, Colaba, Mumbai-400005
1 Arun Chaturbhuj 2092 93 B Wing, Clover Regench V T
Wadi, Ramji Asar Lane Ghatkopar(East),
Mumbai-400077
2 V. Mathran & Company Vaishno Chambers, 6, Brabourne Road,
Private Limited
5th Floor, Kolkata-700001
3 Sudhir Kumar Somani 10 Ganesh Chandra Avenue, Shanti Niwas
2nd Floor, Room No-12, Kolkata-700013
4 Sukhbir Singh Dhupia HSBC Securities Services, 2nd
Floor"Shiv", Plot No. 139-140 B,
Western Express Highway, Sahar Road
Junction, Vile Parle (East), Mumbai-
400057
5 Madhabi Puri Buch ICICI Bank Apartments, Flat No. 4-A, 2nd
Floor, P Balu Marg, Near Tata Press,
Prabhadevi, Mumbai-400025
6 Jitendra Keshavlal Shah 7th Floor, Marble Arch, 52-Peddar Road,
, Mumbai-400026
7 Subhadra R Shah C/O Shreyas Impex,265 Princess Street,
Above Parsi Dairy, Mumbai-400002
8 Vinod V Shah C/O Shreyas Impex, 265 Princess Street,
Above Parsi Dairy, Mumbai-400002
9 K Sridhar 7, "O" Block, Mayflower Gardens,
Srinivasa Avenue Road, R A Puram,
Chennai-600028
10 Neetha Prakash Fagun Mansion, Ground Floor, 74 (Old
No 26) Ethiraj Salai, Chennai-600105
Aggregate
Amount
(` in lacs)
9,473 94.73
7,278 72.78
5,000 50.00
4,736 47.36
2,842 28.42
2,842 28.42
2,368 23.68
2,368 23.68
1,895 18.95
1,895 18.95
14. List of top ten holders of Secured Non-Convertible Debentures as on May 27, 2011 issued to public (non convertible
debentures - 2010) - ISIN – INE721A07AO1 Option –II (Reserved Individual Secured ) (` 45.25 crores) of face value
` 1,000/- per debenture:
Sr.
No.
Name of debenture holder Address Number of
debentures
1 Bedrock Limited 6 B Court Chambers, 35 New Marine
Lines, Mumbai-400020
2 Nalini T Vassa 17, A/Sweethome Society,Nr, Shreyas
Tekra, Ambawadi, Ahmedabad-380015
3 Smt. Sitadevi N Poddar 6/B, Court Chambers, 35 New Marine
Charity Trust
Lines, Mumbai-400020
Aggregate
Amount
(` in lacs)
14,299 142.99
12,239 122.39
12,141 121.41

Sr.
No.
Name of debenture holder Address Number of
debentures
4 PoddarTyres Limited 5/D Court Chambers, 35 New Marine
Lines, Mumbai-400020
5 Shivganga Distributors 5F, Everest, 46/C, Chowringhee Road,
Private Limited
Kolkata-700071
6 Red Commodities Private 2, S. N. Banerjee Road, Middle Gate,
Limited
Mezz Floor, Kolkata-700013
7 Mind Investments And 11/13, Botawala Building, 2nd Floor,
Consultancy Services Room No.7, Horniman Circle, Mumbai-
Private Limited
400023
8 Ketan P. Shroff Flat No.-202, Wing 2A,Versova Horizon
View Chs,7 Bunglows, Office J. P. Road,
Andheri (West) Mumbai-400061
9 Pravin Gamanlal Shroff 202, Wing 2A, 2nd Floor, Vesova Horizon
View CHS Limited, Office J. P. Road, 7
Bunglows, Andheri(West), Mumbai-
400061
10 Jagdish Bapu Salgaonkar Flat No-111 Belmonte Tower, Condomin
Telephone Colony, Near Magnet Mall
Mogal Lane Mahim, Mumbai-400016
Aggregate
Amount
(` in lacs)
11,827 118.27
10,645 106.45
10,000 100.00
4,546 45.46
2,550 25.50
2,300 23.00
2,000 20.00
15. List of top ten holders of Secured Non-Convertible Debentures as on May 27, 2011 issued to public (non convertible
debentures - 2010) - ISIN – INE721A07AP8 -Option –III (Other Secured ) (` 40.42 crores) of face value ` 1,000/- per
debenture:
Sr.
No.
Name of debenture holder Address Number of
debentures
1 Money Matters Financial
Services Limited
1-B, 35, Court Chambers, Sir Vithaldas
Thakersay Marg, New Marine Lines,
Mumbai-400020
2 ICICI Bank Limited Treasury Middle Office Group, 2nd Floor,
North Tower, (East) Wing, ICICI Bank
Tower, BANDRA KURLA COMPLEX,
Bandra(East), Mumbai-400051
3 Axis Bank Limited A Wing, 3 rd Floor, Bezzola Complex,
Suman Nagar, Sion Trombay Road,
Chembur, Mumbai-400071
4 Sudhir Gensets Limited Sudhir Gensets Limited, Plot No.1, Sector
34 E.H.T.P., Gurgaon, Haryana-122001
5 PoddarTyres Limited 5-D, Court Chambers, 35, New Marine
Lines, Mumbai-400020
6 Surendra M Tulsyan P4/703, Oxford Village, Wanawadi,
SalunkeVihar, Pune-411048
7 Poonam Gupta B 500 Sushantlok 1, Opposite ICICI Bank,
Sushant Lok Branch, Gurgaon-122001
8 Bedrock Limited 6 B Court Chambers, 35 New Marine
Lines, Mumbai-400020
9 Zodiac Trade link Private C/O 817 Bombay Market,8th Floor,
Limited
Tardeo Road, Mumbai-400034
10 Ivan Elvin Saldanha 401 Royale, 2 nd Hasanabad Road,
Santacruz (West), Mumbai-400054
Aggregate
Amount
(` in lacs)
169,137 1,691.37
88,325 883.25
83,325 833.25
42,284 422.84
6,764 67.64
2,000 20.00
2,000 20.00
1,691 16.91
1,691 16.91
1,000 10.00
- 79 -

16. List of top ten holders of Secured Non-Convertible Debentures as on May 27, 2011 issued to public (non convertible
debentures - 2010) - ISIN – INE721A07AQ6 - Option –III (Unreserved Individual Secured ) (` 42.08 crores) of face
value ` 1,000/- per debenture:
Sr.
No.
Name of debenture holder Address Number of
debentures
1 Sudhir Seth 14, Chinar Drive, Palam Marg, DLF
Chhatterpur Farm, New Delhi-110074
2 Bajaj Allianz Life Insurance Deutsche Bank A.G., D.B. House,
Company Limited
Hazarimal Somani Marg, Post Box No.
1142, Fort, Mumbai-400001
3 Urmila Mehrotra Khattri House, Tikait Rai KaTalab,
Lucknow -226004
4 Vinod Kumar Bajaj & 24-B, Rajabahadur Compound, 1st Floor,
Company HUF
Hamam Street, Fort, Mumbai-400023
5 Ramniwas Bajaj & Company 24-B, Rajabahadur Compound, 1st Floor,
HUF
Hamam Street, Fort, Mumbai-400023
6 Farida V Singh Queens Court, Duplex Flat 1, Dr E.
Moses Road, Worli, Mumbai-400018
7 Mehroo Behram Dubash Queens Court, Duplex Flat 1, Dr E.
Moses Road, Worli, Mumbai-400018
8 Mahendra Kumar Gupta 785 Shantam, Alto Betim Porvorim,
Bardez, Goa – 403501
9 V. Mathran & Co Private Vaishno Chambers, 6, Brabourne Road, 5 th
Limited
Floor, Kolkata-700001
10 Mitren N Thakkar 262 ADI Mansion, Dr.Cawasji Hormusji
Street, Dhobi Talao, Mumbai-400002
- 80 -
Aggregate
Amount
(` in lacs)
75,781 757.81
29,630 296.30
18,945 189.45
18,945 189.45
18,945 189.45
14,209 142.09
13,709 137.09
13,262 132.62
12,429 124.29
11,841 118.41
17. List of top ten holders of Secured Non-Convertible Debentures as on May 27, 2011 issued to public (non convertible
debentures - 2010) - ISIN – INE721A07AR4 - Option –III (Reserved Individual Secured ) (` 114.30 crores) of face
value ` 1,000/- per debenture:
Sr.
No.
Name of debenture holder Address Number of
debentures
1 Bajaj Allianz Life Insurance
Company Limited
2 Bajaj Allianz General
Insurance Company Limited
3 Illingworth Commerce
Private Limited
Deutsche Bank A.G., D. B. House,
Hazarimal Somani Marg, Post Box No.
1142, Fort, Mumbai-400001
Standard Chartered Bank, Crescenzo,
Securities Services, 3rd Floor, C-38/39 G-
Block, Bandra Kurla Complex,
Bandra(East), Mumbai -400051
9/12, Lal Bazar Street, Mercantiles
Building, 2nd Floor, 'E' Block, Kolkata-
700001
Aggregate
Amount
(` in lacs)
122,000 1, 220.00
40,000 400.00
12,235 122.35
4 Akshay Kumar Bhatia G-2, Prime Beach, Gandhi Gram Road, 6,000 60.00
Juhu, Mumbai-49, Mumbai-400049
5 Pronab Kumar Saha A 1/7, Karunamoyee Housing Estate, 5,500 55.00
Kolkata-700091
6 Dinesh BapuSalgaonkar B-54 Mandhana Manor, Mogul Lane, 5,000 50.00
Mahim, Mumbai-400016
7 Sanjay Pranlal Muni 32 Shree Building, Juhu Road, Santacruz 4,242 42.42
West, Mumbai-400054
8 Jagdish Bapu Salgaonkar Flat No-111 Belmonte Tower, Condomin 4,202 42.02

Sr.
No.
Name of debenture holder Address Number of
debentures
Telephone Colony, Nr Magnet Mall
Mogal Lane Mahim, Mumbai-400016
9 Anil Poddar 333, Deepali Enclave, Pitam Pura, Delhi-
110034
Aggregate
Amount
(` in lacs)
4,026 40.26
10 Arjun Mittal G-5, Model Town III, Delhi-110009 3,991 39.91
18. List of top ten holders of Unsecured Non-Convertible Debentures as on May 27, 2011 issued to public (non convertible
debentures - 2010) - ISIN – INE721A08968 - Option -IV (Other Double Bond Unsecured ) (` 0.91 crore) of face
value ` 1,000/- per debenture:
Sr.
No.
Name of debenture holder Address Number of
debentures
1 Raheja Stock Brokers Private
Limited
521, Rotunda Stock Exchange Building,
5th Floor, Dalal Street, Fort, Mumbai-
400001
527 Rotunda, Mumbai Samachar Marg,
Fort, Mumbai-400023
Aggregate
Amount
(` in lacs)
5,000 50.00
2 Virendra Navnitlal Stock
Broking Private Limited
2,500 25.00
3 Gladioli Securitries Private E-105, East of Kailash, New Delhi-110065 500 5.00
Limited
4 PeareyLal and Sons Private 42 Janpath, New Delhi-110001 500 5.00
Limited
5 VsnFininvest Private Limited Sco 24 - 25 FF, 1 st Floor, Sector 9-D
500 5.00
Madhya Marg, Chandigarh-160009
6 Subhash Shah and Associates Lunat Mansion, 2 nd Floor, 118/120, Mint
100 1.00
Architects Private Limited Back Road, Fort, Mumbai-400001
19. List of top ten holders of Unsecured Non-Convertible Debentures as on May 27, 2011 issued to public (non convertible
debentures - 2010) - ISIN – INE721A08976 - Option -IV (Unreserved Individual Double Bond Unsecured) (` 16.87
crores) of face value ` 1,000/- per debenture:
Sr.
No.
Name of debenture holder Address Number of
debentures
1 Haren Textile Private Before Dahisar Toll Naka, W E Highway,
Limited
Dahisar(East), Mumbai-400068
2 Nitin Raoji bhai Desai C/O Desai Bros Limited, Desai House
177/2, Dhole Patil Road, Pune-411001
3 Desai Natubhai Haribhai C/O Desai Brothers Limited, Desai House
F P No 177/2,Dhole Patil, Pune-411001
4 Prisha Sanjay Desai 177/2 Desai House, Dhole Patil
Road,Pune-411001
5 Kinna Yogesh Patel C/O Desai Bros Limited, Desai House
177/2, Dhole Patil Road,Pune-411001
6 Meena Nitin Desai C/O Desai Bros. Limited, Desai House
177/2, Dhole Patil Road, Pune-411001
7 Desai Bimalbhai Natubhai C/O Desai Brothers Limited, Desai House
F P No 177/2,Dhole Patil Road, Pune-
411001
Aggregate
Amount
(` in lacs)
30,000 300.00
25,000 250.00
22,500 225.00
17,000 170.00
15,500 155.00
10,000 100.00
10,000 100.00
- 81 -

Sr.
No.
Name of debenture holder Address Number of
debentures
8 Ajay Upadhyaya C/O The Royal Bank Of Scotland N.V.,
Custody Department, 1 st Floor, Brady
House, 14, Veer Nariman Road, Fort,
Mumbai-400001
9 Pathik Gandotra Flat No A - 1901, Chitanya Towers, A -
Wing, AppaSahebMaratheMarg,
Prabhadevi, Mumbai, Maharashtra-
400025
10 Manju Jain EC 256, Salt Lake City, Kolkata, West
Bengal-700064
Aggregate
Amount
(` in lacs)
10,000 100.00
5,000 50.00
4,000 40.00
20. List of top ten holders of Unsecured Non-Convertible Debentures as on May 27, 2011 issued to public (non convertible
debentures - 2010) -- ISIN – INE721A08984- Option -IV (Reserved Individual Double Bond Unsecured) (` 37.46
crores) of face value ` 1,000/- per debenture:
Sr.
No.
Name of debenture holder Address Number of
debentures
1 Kanchan Jain E/9, Common Wealth Building, Opp.
Bund Garden, Pune-411001
2 Gajendra Jain E/9 Common Wealth Building, Opp. Bund
Garden Road, Pune-411001
3 Gujarat Alkalies and GACL, P O Petrochemicals, District,
Chemicals Limited
Vadodara-391346
Employees Provident Fund
Trust
4 Haren Textile Private
Limited
Before Dahisar Toll Naka, Western
Express Highway, Dahisar (East),
Mumbai-400068
5 Sanjay Pranlal Muni 32 Shree Building, Juhu Road, Santacruz
(West), Mumbai-400054
6 Dinesh Aggarwal C/O M/S Gupta Traders, Main Bazar,
Nalagarh District - Solan, Himachal
Pradesh-174101
7 Parag Shamji Ved 1 Shreenath Krupa, 7th Road Rajawadi,
Ghatkopar(East), Mumbai-400077
8 Vandana Jain E/9 Common Wealth Building, Opp. Bund
Garden,Pune-411001
9 Pradip Dinanath Joshi Luminaire Division Central Building,
Crompton Greaves Limited,
Kanjurmarg(East), Mumbai-400042
10 Swapna Mitra Cricinfo India Private Limited, 1/1,
Primrose Road, Bangalore, Next To
CGSL, Bangalore-560025
Aggregate
Amount
(` in lacs)
8,164 81.64
5,305 53.05
4,675 46.75
3,500 35.00
2,648 26.48
2,293 22.93
2,079 20.79
1,811 18.11
1,800 18.00
1,700 17.00
21. List of top ten holders of Unsecured Non-Convertible Debentures as on May 27, 2011 issued to public (non convertible
debentures - 2010) - ISIN – INE721A08AA8 - Option -V (Others Unsecured) (` 1.103 crores) of face value ` 1,000/-
per debenture:
- 82 -

Sr.
No.
Name of debenture holder Address Number of
debentures
1 Sunrise Industrial Traders
Limited
2 Virendra Navnitlal Stock
Broking Private Limited
3 Stanrose Mafatlal Investment
and Finance Limited
Employees Provident Fund
4 Stanrose Mafatlal Investment
and Finance Limited Officers
Provident Fund
5 Stanrose Mafatlal
Investments and Finance
Limited-Officers
Superannuation Scheme
6 Sandeep Holdings Limited
Employees Gratuity Fund
503 Commerce House, 140 Nagindas
Master Road, Fort, Mumbai-400023
527 Rotunda, Mumbai Samachar Marg,
Fort, Mumbai-400023
6 th Floor Popular House, Ashram Road,
Ahmedabad, -380009
6 th Floor, Popular House, Ashram Road,
Ahmedabad-380009
6 th Floor, Popular House, Ashram Road,
Ahmedabad-380009
6 th Floor, Popular House, Ashram Road,
Ahmedabad-380009
Aggregate
Amount
(` in lacs)
5,000 50.00
5,000 50.00
400 4.00
400 4.00
185 1.85
45 0.45
22. List of top ten holders of Unsecured Non-Convertible Debentures as on May 27, 2011 issued to public (non convertible
debentures - 2010) - Option -V (Unreserved Individual Unsecured) - ISIN – INE721A08AB6 (` 2.04 crores) of face
value ` 1,000/- per debenture:
Sr.
No.
Name of debenture holder Address Number of
debentures
1 Gopalakrishnan A Iyer 104 Primrose Glendale, Gladys Alvares
Marg, Office Pokhran Road No 2, Thane
West-400610
2 K G Anantharaman 104 Primrose Glendale, Gladys
AlvaresMarg, Office Pokhran Road No 2,
Thane (West)-400610
3 Hiralal Sitaldas Dalal 2 SitalBhuwan, 64 Walkeshwar Road,
Mumbai - 400006
4 Kamal Ravindra Mehta 10/B JeevanAsha, 60/A Pedder Road,
Mumbai - 400026
5 Pavan Bajaj 4-A, Nidhi Van, Near NandGaon, Girdhar
Nagar, Indore-452018
6 Shilpa Bajaj 4 A, Nidhivan Nr Nandgaon, Dirdhar
Nagar, Indore-452018
7 Bipin S Mehta V P Banglaw, Godrej Colony, Nr Gattu
Vidyalaya, Ankleshwar-393002
Aggregate
Amount
(` in lacs)
5,500 55.00
2,200 22.00
2,000 20.00
1,500 15.00
1,421 14.21
1,201 12.01
1,000 10.00
8 Hutoxi Hodiwalla 56 , Shangrilla, Colaba, Mumbai-400005 1,000 10.00
9 Rahil Kamal Mehta 10/B Jeevan Asha, 60/A Pedder Road,
1,000 10.00
Mumbai, -400026
10 Neetu Gupta 2801 B Tower Beaumonde Appasaheb,
Marathe,Marg,Prabhadevi, Mumbai-
400025
1,000 10.00
23. List of top ten holders of Unsecured Non-Convertible Debentures as on May 27, 2011 issued to public (non convertible
debentures - 2010) - Option -V (Reserved Individual Unsecured) - ISIN – INE721A08AC4 (` 24.72 crores) of face
value ` 1,000/- per debenture:
- 83 -

Sr.
No.
Name of debenture holder Address Number of
debentures
1 Bharti Telesoft International
Private Limited Exe
Provident Fund trust
Okhla Industrial Area, Phase I, New Delhi-
110020
Aggregate
Amount
(` in lacs)
4,000 40.00
2 Arjun Mittal G-5, Model Town III, Delhi-110009 3,333 33.33
3 Crompton Greaves Limited C/O Bajirao Desai/Marathe, Crompton
3,000 30.00
Provident Fund No 1 Greaves Limited, Kanjurmarg (East),
4 Centre For Development of
Telematics Employees
Provident Fund Trust
5 Jagatjit Cotton Textile Mills
Limited Provident Fund
Trust
6 MSW Employee's Provident
Fund Trust
Mumbai-400042
Centre For Development of Telematics,
Employees Provident Fund, Trust, Mandi
Road, Mehrauli, New Delhi-110030
Thapar House, 124 Janpath, New Delhi, -
110001
3,000 30.00
2,500 25.00
P O Mawana, , Meerut-250402 2,000 20.00
7 ST. Pauls School Jalapahar, , Darjeeling-734103 1,500 15.00
8 Mohini Khanna 1/2 Shanti Niketan, New Delhi-110021 1,408 14.08
9 Ashish Malla 2 Silva Point 1 st Floor, Plot No 349-A, 10 th
1,280 12.80
Road Chambur, Mumbai-400071
10 Madanlal Jagganath Dalmia 24b, Rajabahadur Compound, Office No.
111, 2nd Floor, Fort, Mumbai-400023
1,278 12.78
24. List of top ten holders of A-series non convertible debentures (` 100 crore) of face value ` 10 Lacs per debenture, as
on May 27, 2011:
Sr.
No.
Name of debenture
Holder
1. UTI-Unit Linked
Insurance Plan
2. UTI-Unit Scheme For
Charitable And
Religious Trusts And
Registered Societies
3. UTI - Childrens Career
Balanced Plan
4. UTI - Retirement
Benefit Pension Fund
Address Number of
debentures
UTI AMC Private Limited, UTI Tower, GN
Block, Bandra Kurla Complex, Bandra (East),
Mumbai-400051
UTI AMC Private Limited, UTI Tower, GN
Block, Bandra Kurla Complex, Bandra (East),
Mumbai-400051
UTI Mutual Fund, UTI Asset Management
Company Limited, Department of Fund,
Accounts, UTI Tower, GN Block, Bandra-
Kurla Complex, Bandra (East), Mumbai-
400051
UTI Mutual Fund, UTI Asset Management
Company Private Limited, Department of
Fund Accounts, UTI Tower, GN Block,
Bandra Kurla Complex, Bandra (East),
Mumbai-400051
Aggregate
amount (` in
lacs)
350 3,500.00
250 2,500.00
250 2,500.00
150 1,500.00
- 84 -

Sr.
No.
25. List of top ten holders of B-series non convertible debentures (` 270 crore) of face value ` 10 Lacs per
debenture, as on May 27, 2011:
Name of debenture Holder Address Number of
debentures
1. Standard Chartered Bank
(Mauritius) Limited -Debt
2. ICICI Prudential Fixed
Maturity Plan - Series 45 -
Three Years Plan
Standard Chartered Bank, Crescenzo,
Securities Services, 3 rd Floor, C-38/39 G-
Block, Bandra Kurla Complex, Bandra
(East), Mumbai -400051
HSBC Securities Services, 2nd Floor
"Shiv", Plot No 139-140 B, Western
Express Highway, Sahar Road Junction,
Vile Parle (East), Mumbai-400057
3. Take Solutions Limited 80/81, MBC Towers, 6th Floor, TTR
Road, Alwarpet, Chennai, Tamil Nadu-
600017
4. CMNK Consultancy &
Services Private Limited
5. BNP Paribas Money Plus
Fund
6. IDFC Hybrid Portfolio
Fund-Series I
7. BNP Paribas Fixed Term
Fund-Series 18-D
157, G. N Chetty Road , T Nagar ,
Chennai, Tamilnadu -600017
Deutsche Bank A.G., D.B. House,
Hazarimal Somani Marg, Post Box No.
1142, Fort, Mumbai-400001
Deutsche Bank A.G., D.B. House,
Hazarimal Somani Marg, Post Box No.
1142, Fort, Mumbai-400001
Deutsche Bank A.G., D.B. House,
Hazarimal Somani Marg, Post Box No.
1142, Fort, Mumbai-400001
Aggregate
amount (` in
lacs)
1,250 12,500.00
800 8,000.00
260 2,600.00
240 2,400.00
85 850.00
50 500.00
15 150.00
26. List of top ten holders of C-series non convertible debentures (` 610 crore) of face value ` 10 Lacs per debenture, as
on May 27, 2011:
Sr.
No.
Name of debenture Holder Address Number of
debentures
1. Life Insurance Corporation
of India
2. UTI - Childrens Career
Balanced Plan
3. UTI-Unit Linked Insurance
Plan
Investment Department, 6th Floor, West
Wing, Central Office, Yogakshema,
Jeevan Bima Marg, Mumbai-400021
UTI Mutual Fund, UTI Asset
Management, Company Limited,
Department of Fund Accounts, UTI
Tower, GN Block, Bandra Kurla
Complex, Bandra (East), Mumbai-400051
UTI AMC Private LImited, UTI Tower,
GN Block, Bandra Kurla Complex,
Bandra (East), Mumbai-400051
4. United Bank of India The Deputy General Manager, UBI
Investment Fund Management
Department, Head Office, 4th Floor, 16
Old Court House Street, Kolkata-700001
5. Corporation Bank Corporation Bank, General Account,
Investment Division, 15 Mittal Chambers
1st Floor, Nariman Point, Mumbai-
400021
Aggregate
amount (` in
lacs)
3,000 30,000.00
750 7,500.00
500 5,000.00
500 5,000.00
300 3,000.00
- 85 -

Sr.
No.
Name of debenture Holder Address Number of
debentures
6. UTI-Unit Scheme For
Charitable And Religious
Trusts And Registered
Societies
UTI AMC Private Limited, UTI Tower,
GN Block, Bandra Kurla Complex,
Bandra (East), Mumbai-400051
7. UTI-MIS-Advantage Plan UTI AMC Private Limited, UTI
Tower,GN Block, Bandra Kurla Complex,
Bandra (East), Mumbai-400051
8. UTI - Retirement Benefit
Pension Fund
9. Cholamandalam MS
General Insurance Company
Limited
10. UTI - Monthly Income
Scheme
11. General Insurance
Corporation of India
UTI Mutual Fund, UTI Asset Management
Company Private Limited, Department of
Fund Accounts, UTI Tower, GN Block,
Bandra Kurla Complex, Bandra (East),
Mumbai-400051
HDFC Bank Limited, Custody Services,
Lodha - I Think Techno Campus, Off
Floor 8, Next To Kanjurmarg Station,
Kanjurmarg (East), Mumbai- 400042
UTI Mutual Fund, UTI Asset
Management Company Private Limited,
UTI Tower, 'GN' Block, Bandra Kurla
Complex, Bandra (East), Mumbai.-
400051
Suraksha, 1 7 0, J. Tata Road, Church
Gate, Mumbai-400020
Aggregate
amount (` in
lacs)
250 2,500.00
200 2,000.00
200 2,000.00
100 1,000.00
100 1,000.00
100 1,000.00
27. List of top ten Holders of Subordinate Debts, D-series non convertible debentures (` 550.97 crore) of face value ` 1
Lac per debenture, as on May 27, 2011:
Sr.
No.
Name of holder Address Number of
Instrument
1. Securities Trading
Corporation of India
Limited
2. Bajaj Allianz Life
Insurance Company
Limited
HDFC Bank Limited, Custody Services,
Lodha - I Think Techno Campus, Office
Floor-8, Next To Kanjurmarg Station,
Kanjurmarg (East) Mumbai-400042
Deutsche Bank Ag, DB House, Hazarimal
Somani Marg, Post Box No. 1142, Fort,
Mumbai-400001
3. Bank of Maharashtra Treasury And International Banking, 2nd
Floor, 23 Maker Chamber III, Nariman
Point, Mumbai-400021
4. Air- India Employees
Provident Fund
5. Kotak Mahindra Trustee
Company Limited A/C
Kotak Flexi Debt Scheme
6. Chhattisgarh State
Electricity Board (CSEB)
Air India Employees Provident Fund
Account, Old Air Port, Santacruz,
Mumbai-400029
Deutsche Bank Ag, DB House, Hazarimal
Somani Marg, Post Box No. 1142, Fort,
Mumbai-400001
- 86 -
Aggregate
Amount
(` in lacs)
3,920 3,920.00
3,500 3,500.00
3,000 3,000.00
2,400 2,400.00
2,300 2,300.00
Shed No 1, Dangania, Raipur-492013 2,000 2,000.00
Provident Fund Trust
7. Bank of India Treasury Branch,, Head Office,Star
House,7th Floor, C-5,'G'Block,Bandra
Kurla Complex, Bandra(East), Mumbai.-
2,000 2,000.00

Sr.
No.
Name of holder Address Number of
Instrument
Aggregate
Amount
(` in lacs)
400051
24, Whites Road, Chennai -600014 2,000 2,000.00
8. United India Insurance
Company Limited
9. Bank of Baroda Specialized Integrated, Treasury Branch,
Kalpataru Heritage Building, 6th Floor,
Nanik Motwane Marg, mumbai-400023
10. Chhattisgarh State
Electricity Board Gratuity
and Pension Fund Trust
O/F Ed Finance Shed No 7, CSEB
Dangania, Raipur, Chhattisgarh-490001
2,000 2,000.00
1,940 1,940.00
28. List of top ten holders of Subordinate Debts, E-Series non convertible debentures (` 248 crore) of face value ` 1 Lacs
per debentures, as on May 27, 2011:
Sr.
No.
Name of holder Address Number of
Instrument
1. NPS Trust- A/C SBI
Pension Fund Scheme -
Central Government
2. United India Insurance
Company Limited
3. Bank of India Provident
Fund
C/O SBI Pension Funds Private Limited,
No. 32, Maker Chambers - III, Nariman
Point, Mumbai-400021
Aggregate
Amount
(` in lacs)
2,400 2,400.00
24,Whites Road, Chennai-600014 2,000 2,000.00
Terminal Benefits Division, H. R.
Department, 3rd Floor, Star House, C-
5,'G', Block H.O, Bandra Kurla Complex,
Bandra(E), Mumbai-400051
4. Syndicate Bank F I M Department, Maker Towers E, II
Floor, Cuffe Parade Colaba, Mumbai-
400005
5. Bajaj Allianz Life Insurance Deutsche Bank A.G., D.B. House,
Company Limited
Hazarimal Somani Marg, Post Box No.
6. NPS Trust- A/C UTI
Retirement Solutions
Pension Fund Scheme -
Central Government
7. Shriram Life Insurance
Company Limited
8. NPS Trust- A/C LIC
Pension Fund Scheme -
Central Government
9. NPs Trust- A/C UTI
Retirement Solutions
Pension Fund Scheme -
1142, Fort, Mumbai-400001
C/O UTI Retirement Solutions Limited,
UTI Tower, GN Block, Bandra Kurla
Complex, Bandra (East), Mumbai-
400051
HSBC Securities Services, 2nd Floor
"Shiv', Plot No 139-140 B, Western
Express Highway, Sahar Road Junction,
Vile Parle-East, Mumbai-400057
C/O LIC Pension Fund Limited,
Yogakshema, East Wing, 7th Floor,
Jeevan Bima Marg, Mumbai-400021
C/O UTI Retirement Solutions Limited,
UTI Tower, GN Block, Bandra Kurla
Complex, Bandra (East), Mumbai-
State Government
400051
10. Army Group Insurance Fund AGI Bhawan, Rao Tula Ram Marg, Post
Box No. 14, PO Vasant Vihar, New
Delhi-110057
2,000 2,000.00
2,000 2,000.00
1,500 1,500.00
1,500 1,500.00
1,500 1,500.00
1,000 1,000.00
1,000 1,000.00
1,000 1,000.00
29. List of top ten holders of Subordinate Debts, D-Series non convertible debentures (` 50 crore) of face value ` 10 Lacs
per debentures, as on May 27, 2011:
- 87 -

Sr.
No.
Name of holder Address Number of
Instrument
Shakti Bhawan, Sector 6, Panchkula-
134109
Khadya Sadan, 13th Floor, 16-20
Barakhamba Lane, New Delhi-110001
Shakti Bhawan Sector 6, Panchkula -
134109.
Gas Authority of India Limited, 16
Bhikaiji Cama Place, New Delhi-110066
1. HVPNL Employees Pension
Fund Trust
2. Food Corporation of India
CPF Trust
3. HVPNL Employees
Provident Fund Trust
4. Gas Authority of India
Limited Employees
Provident Fund Trust
5. The Jammu and Kashmir
Bank Employees Provident
Fund Trust
6. GAIL Employees
Superannuation Benefit Fund
7. Gujarat Alkalies and
Chemicals Limited
Employees Provident Fund
Trust
8. Everest Industries Limited
Employees Provident Fund
Trust
9. GAIL (India) Limited
Employees Death-Cum-
Superannuation Gratuity
Scheme
10. Provident Fund of Mangalore
Refinery And Petrochemicals
Limited
Jammu And Kashmir Bank, Corporate
Office, M.A. Road, Srinagar-190001
Gas Authority India Limited, 16 Bhikaiji
Cama Place, New Delhi-110066
GACL, P O Petrochemicals, Dist
Vadodara, Gurat-391346
Genesis, A-32, Mohan Co-operative
Industrial Estate, Mathura Road, New
Delhi-110044
GAIL Bhawan 16, Bhikaji Cama Place,
R. K. Puram,, New Delhi-110066
MRPL, LGF, Mercantile House, 15, K.
G. Marg, Connaught Place, New Delhi-
110001
- 88 -
Aggregate
Amount
(` in lacs)
225 2,250.00
100 1,000.00
75 750.00
30 300.00
20 200.00
10 100.00
10 100.00
6 60.00
5 50.00
4 40.00
30. List of Subordinate Debts, C-series non convertible debentures (` 350 Crore) of face value ` 10 Lacs per debenture, as
on May 27, 2011:
Sr.
No.
Name of holder Address Number of
Instrument
1. UTI- Balanced Fund UTI Mutual Fund, UTI Asset
Management Company Private Limited,
UTI Tower, 'GN' Block, Bandra Kurla
Complex, Bandra (E), Mumbai.-400051
2. UTI Dynamic Bond Fund UTI Mutual Fund, UTI Asset
Management Company Limited,
Department of Fund Accounts, UTI
Tower, GN Block, Bandra Kurla
Complex, Bandra (East), Mumbai-
3. UTI-Unit Linked Insurance
Plan
4. UTI - Retirement Benefit
Pension Fund
400051
UTI AMC Private Limited, UTI Tower,
GN Block, Bandra Kurla Complex,
Bandra (East) Mumbai-400051
UTI Mutual Fund, UTI Asset
Management Company Private Limited,
Department of Fund Accounts, UTI
Tower, GN Block, Bandra Kurla
Complex, Bandra (East), Mumbai-
400051
Aggregate
Amount
(` in lacs)
700 7,000.00
650 6,500.00
500 5,000.00
500 5,000.00

Sr.
No.
Name of holder Address Number of
Instrument
5. UTI-MIS-Advantage Plan UTI AMC Private Limited, UTI Tower,
GN Block, Bandra Kurla Complex,
Bandra (East), Mumbai-400051
6. UTI - Childrens Career
Balanced Plan
7. UTI - Treasury Advantage
Fund
UTI Mutual Fund,UTI Asset
Management Company Limited,
Department of Fund, Accounts, UTI
Tower, GN Block, Bandra Kurla
Complex, Bandra (East), Mumbai-
400051
UTI Mutual Fund, UTI Asset
Management Company Limited,
Department of Fund Accounts, UTI
Tower, GN Block, Bandra Kurla
Complex, Bandra (East), Mumbai-
400051
8. UTI-Mahila Unit Scheme UTI AMC Private Limited, UTI Tower,
GN Block, Bandra Kurla Complex,
Bandra (East), Mumbai-400051
9. UTI Short Term Income
Fund
10. UTI-Unit Scheme For
Charitable And Religious
Trusts And Registered
Societies
UTI Mutual Fund, UTI - Asset
Management Company Private Limited,
UTI Tower, GN Block, Bandra Kurla
Complex, Bandra (East), Mumbai-
400051
UTI AMC Private Limited, UTI Tower,
GN Block, Bandra Kurla Complex,
Bandra (East), Mumbai-400051
- 89 -
Aggregate
Amount
(` in lacs)
250 2,500.00
250 2,500.00
250 2,500.00
200 2,000.00
150 1,500.00
50 500.00
31. List of top 10 holders of Subordinate Debts, F-series non convertible debentures (` 400 Crore) of face value ` 10 Lacs
per debenture, as on May 27, 2011:
Sr.
No.
Name of holder Address Number of
Instrument
1. NPS Trust- A/C UTI
Retirement Solutions Pension
Fund Scheme - Central
Government
2. Welspun Corporation
Limited
3. Infrastructure Development
Finance Company Limited
C/O UTI Retirement Solutions Limited,
UTI Tower, GN Block, Bandra Kurla
Complex, Bandra (East), Mumbai-
400051
Welspun City, Tal Anjar, District Kutch-
370110
C/O HDFC Bank Limited - Custody
Services, Lodha- I Think Techno
Campus, Building - Alpha, 8th Floor,
Near Railway Station, Kanjur Marg
(East), Mumbai-400042
Aggregate
Amount
(` in lacs)
768 7,680.00
750 7,500.00
550 5,500.00
4. Tata Capital Limited One Forbes, Dr. V.B.Gandhi Marg, Fort,
250 2,500.00
Mumbai-400001
5. United India Insurance 24, Whites Road, Chennai-600014 250 2,500.00
Company Limited
6. Bank of India (Employees) Terminal Benefits Division., HR
150 1,500.00
Pension Fund
Department, 3rd Floor, H. O. Star
House, C-5, 'G' Block,, Bandra Kurla
Complex, Bandra (East) Mumbai-

Sr.
No.
Name of holder Address Number of
Instrument
400051
7. Board of Trustees For P. F. Account, Old Adm. Building,,
Bokaro Steel Employees SAIL, Bokaro Steel Plant, Bokaro Steel
Provident Fund
City, Bokaro-827001
8. ICICI Bank Limited Treasury Middle Office Group, 2nd
Floor, North Tower, East Wing, ICICI
Bank Tower, Bandra Kurla Complex,
Bandra (East) , Mumbai-400051
9. Trustees Hindustan Steel
Limited Contributory
Provident Fund, Rourkela
10. Union Bank of India
(Employees') Pension Fund
11. HDFC Ergo General
Insurance Company Limited
- 90 -
Aggregate
Amount
(` in lacs)
150 1,500.00
120 1,200.00
SAIL Rourkela, Rourkela-769001 100 1,000.00
Union Bank Bhavan, 8th Floor, 239
Vidhan Bhavan Marg, Nariman Point,
Mumbai-400021
HDFC Bank Limited, Custody Services,
Lodha - I Think Techno Campus, Off
Floor 8, Next To Kanjurmarg Station,
Kanjurmarg (East), Mumbai-400042
12. The Nainital Bank Limited Regional Office, 33, Panchkuin Road,
New Delhi-110001
100 1,000.00
100 1,000.00
100 1,000.00
32. List of top ten holders of Subordinate Debts, K-series non convertible debentures (` 25 Crore) of face value ` 10 Lacs
per debenture, as on May 27, 2011:
Sr.
No.
Name of holder Address Number of
Instrument
1. Chhattisgarh State Electricity
Board Gratuity and Pension
Fund Trust
2. Board of Trustees For
Bokaro Steel Employees
O/F Ed Finance Shed No 7, CSEB
Dangania, Raipur, Chhattisgarh-490001
Administrative Building, Bokaro Steel
Plant,, Bokaro Steel City-827004
Provident Fund
3. Akshay Kumar Bhatia G-2, Prime Beach, Gandhi Gram Road,
Juhu, Mumbai-400049
Aggregate
Amount
(` in lacs)
200 2,000.00
30 300.00
20 200.00
33. List of top ten holders of Subordinate Debts, S-series non convertible debentures (` 150 Crore) of face value ` 10
Lacs per debenture, as on May 27, 2011.
Sr.
No.
Name of holder Address Number of
Instrument
1. BNP Paribas Bond Fund Deutsche Bank A.G., DB House,
Hazarimal Somani Marg, Post Box No.
1142, Fort, Mumbai-400001
2. Bank of India Treasury Branch, Head Office, Star
House, 7th Floor, C-5,'G'Block, Bandra
Kurla Complex, Bandra(East), Mumbai-
3. Reliance Capital Trustee
Company Limited-A/C
Reliance Dual Advantage
Fixed Tenure Fund Plan B
400051
Deutsche Bank A. G., D. B. House,
Hazarimal Somani Marg, P.O.Box No.
1142, Fort, Mumbai -400001
Aggregate
Amount
(` in lacs)
311 3,110.00
300 3,000.00
250 2,500.00

Sr.
No.
Name of holder Address Number of
Instrument
4. UTI - Monthly Income
Scheme
UTI Mutual Fund, UTI Asset
Management Company Private Limited,
UTI Tower, 'GN' Blook, Bandra Kurla,
Complex, Bandra (E), Mumbai-400051
5. Oriental Bank of Commerce Treasury Depatrment, A 30 33,A Block
Ist Floor, Connaught Place, New Delhi-
110001
6. UTI-Unit Linked Insurance
Plan
7. Reliance Capital Trustee
Company Limited A/C
Reliance Monthly Income
Plan
UTI AMC Private Limited, UTI Tower,
GN Block, Bandra Kurla Complex,
Bandra (East), Mumbai-400051
Deutsche Bank A. G., D. B. House,
Hazarimal Somani Marg, Post Box No.
1142, Fort, Mumbai-400001
8. UCO Bank Treasury Branch, UCO Bank Building,
Mezzanine Floor, 359 Dr D N Road
Fort Mumbai-400001
9. BNP Paribas Flexi Debt
Fund
10. BNP Paribas Money Plus
Fund
Deutsche Bank A. G., D. B. House,
Hazarimal Somani Marg, Post Box No.
1142, Fort, Mumbai-400001
Deutsche Bank A.G., D. B. House,
Hazarimal Somani Marg, Post Box No.
1142, Fort, Mumbai-400001
- 91 -
Aggregate
Amount
(` in lacs)
150 1,500.00
100 1,000.00
100 1,000.00
100 1,000.00
100 1,000.00
49 490.00
25 250.00
34. List of top ten holders of Subordinate Debts, J-series non convertible debentures (` 329.20 Crore) of face value ` 10
Lacs per debenture, as on May 27, 2011:
Sr.
No.
Name of holder Address Number of
Instrument
1. Nederlandse Financierings-
Maatschappij Voor
Ontwikkelingslanden N.V.
(FMO)
2. Kotak Mahindra Bank
Limited
Standard Chartered Bank, Crescenzo,
Securities Services, 3rd Floor, C-38/39
G-Block, Bandra Kurla Complex,
Bandra (East), Mumbai India-400051
KMBL Treasury Account
2nd Floor, Bakhtawar, 229,
Nariman Point, Mumbai 400021
Aggregate
Amount
(` in lacs)
2,250 22,500.00
250 2,500.00
3. Indian Overseas Bank Treasury (Domestic), Central Office,
230 2,300.00
763 Anna Salai, Chennai-600002
4. Chhattisgarh State Electricity
Board (CSEB) Provident
Fund Trust
Shed No 1, Dangania, Raipur-492013 180 1,800.00
5. Hooghly District Central Cooperative
Bank Limited
6. Trustees Hindustan Steel
Limited Contributory
Provident Fund, Rourkela
7. A P S R T C Employees
Provident Fund Trust
8. NPS Trust- A/C UTI
Retirement Solutions Pension
Fund Scheme - Central
Netaji Subhas Road, P.O. - Chinsurah,
100 1,000.00
District- Hooghly – 12101
SAIL, Rourkela, Rourkela-769001 60 600.00
C/O Apstrc Employees Provident Fund,
Bus Bhavan (Administrative Building),
Mushirabad, Hyderabad-500020
C/O UTI Retirement Solutions Limited,
UTI Tower, GN Block, Bandra Kurla
Complex, Bandra (East), Mumbai-
50 500.00
45 450.00

Sr.
No.
Name of holder Address Number of
Instrument
Aggregate
Amount
(` in lacs)
Government 400051
9. Indian Mercantile Co 26 Cantonment Road, Lucknow-226001 20 200.00
Operative Bank Limited
10. Deutsche Bank International
Asia - Debt Fund
Deutsche Bank A. G., D. B. House,
20 200.00
Hazarimal Somani Marg, Post Box No.
1142, Fort, Mumbai-400001.
Debt - equity ratio:
The debt-equity ratio prior to this Issue is based on a total outstanding consolidated debt of ` 20,18,171.30 lacs and
consolidated shareholder funds amounting to ` 4,85,641.56 lacs as on March 31, 2011. The debt equity ratio post the Issue,
(assuming subscription of NCDs aggregating to ` 1,00,000 lacs) would be 4.36 times, is based on a total outstanding debt of
` 21,18,171.30 lacs and shareholders fund of ` 4,85,641.56 lacs as on March 31, 2011.
(` in lacs)
Particulars# Prior to the Issue Post the Issue*
Secured loans as on March 31, 2011 15,16,937.59 16,16,937.59
Unsecured loans as on March 31, 2011 5,01,233.71 5,01,233.71
Total Debt 20,18,171.30 21,18,171.30
Share capital as on March 31, 2011 22,618.47 22,618.47
Stock Option outstanding as on March
31, 2011 354.55 354.55
Reserves as on March 31, 2011 4,66,363.03 4,66,363.03
Less: Misc. expenditure (to the extent
not written off or adjusted) as on
March 31, 2011 3,694.49 3,694.49
Total Shareholders Fund 4,85,641.56 4,85,641.56
Debt Equity Ratio (Number of times) 4.16 4.36
# On a consolidated basis.
* The debt-equity ratio post the Issue is indicative and is on account of assumed inflow of ` 1,00,000 lacs from the Issue, as
on March 31, 2011 and does not include contingent and off-balance sheet liabilities. The actual debt-equity ratio post the
Issue would depend upon the actual position of debt and equity on the date of allotment.
For details on the total outstanding debt of our Company, please refer to the section titled “Disclosures on Existing
Financial Indebtedness” beginning on page 150 of this Draft Prospectus.
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OBJECTS OF THE ISSUE
The funds raised through this Issue, after meeting the expenditures of and related to the Issue, will be used for our various
financing activities including lending and investments, subject to applicable statutory and/or regulatory requirements, to
repay our existing loans and our business operations including for our capital expenditure and working capital requirements.
The Main Objects clause of the Memorandum of Association of our Company permits our Company to undertake the
activities for which the funds are being raised through the present Issue and also the activities which our Company has been
carrying on till date.
Further, in accordance with the Debt Regulations, our Company will not utilize the proceeds of the Issue for providing loans
to or acquisitions of shares of any person who is a part of the same group as our Company or who is under the same
management as our Company.
The Issue proceeds shall not be utilized towards full or part consideration for the purchase or any other acquisition, inter alia
by way of a lease, of any property.
Interim Use of Proceeds
The management of our Company, in accordance with the policies formulated by it from time to time, will have flexibility in
deploying the proceeds received from the Issue. Pending utilization of the proceeds out of the Issue for the purposes
described above, our Company intends to temporarily invest funds in high quality interest bearing liquid instruments
including money market mutual funds, deposits with banks or temporarily deploy the funds in investment grade interest
bearing securities as may be approved by the Board. Such investment would be in accordance with the investment policies
approved by the Board or any committee thereof from time to time.
Monitoring of Utilization of Funds
There is no requirement for appointment of a monitoring agency in terms of the SEBI (Issue and Listing of Debt Securities)
Regulations, 2008. Our Board shall monitor the utilization of the proceeds of the Issue. For the relevant Financial Years
commencing from FY 2011, our Company will disclose in our financial statements, the utilization of the net proceeds of the
Issue under a separate head along with details, if any, in relation to all such proceeds of the Issue that have not been utilized
thereby also indicating investments, if any, of such unutilized proceeds of the Issue.
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STATEMENT OF TAX BENEFITS
Under the current tax laws, the following tax benefits interalia, will be available to the Debenture Holders as mentioned
below. The tax benefits are given as per the prevailing tax laws and may vary from time to time in accordance with
amendments to the law or enactments thereto. The Debenture Holder is advised to consider in his own case the tax
implications in respect of subscription to the Debentures after consulting his tax advisor as alternate views are possible. We
are not liable to the Debenture Holder in any manner for placing reliance upon the contents of this statement of tax benefits.
To our Debenture Holder
A. INCOME-TAX
I
To the Resident Debenture Holder
1. Interest on NCD received by Debenture Holders would be subject to tax at the normal rates of tax in accordance with and
subject to the provisions of the I.T. Act. No income tax is deductible at source as per the provisions of section 193 of the
Income Tax Act (IT Act) on interest on debentures in respect of the following:
(a) In case the payment of interest on debentures to resident individual Debenture Holder in the aggregate during the
financial year does not exceed ` 2,500 provided the debentures are listed on a recognized stock exchange in India and the
interest is paid by an account payee cheque.
(b) When the Assessing Officer issues a certificate on an application by a Debenture Holder on satisfaction that the total
income of the Debenture holder justifies no/lower deduction of tax at source as per the provisions of Section 197(1) of the
I.T. Act; and that certificate is filed with our Company BEFORE THE PRESCRIBED DATE OF CLOSURE OF
BOOKS FOR PAYMENT OF DEBENTURE INTEREST.
(c) When the resident Debenture Holder with PAN (not being a company or a firm or a senior citizen) submits a declaration
in the prescribed Form 15G verified in the prescribed manner to the effect that the tax on his estimated total income of the
previous year in which such income is to be included in computing his total income will be nil as per the provisions of
section 197A (1A) of the I.T.Act. HOWEVER under section 197A (1B) of the I.T. Act, Form 15G cannot be submitted nor
considered for exemption from deduction from tax at source if the aggregate of income of the nature referred to in the said
section, viz. dividend, interest, etc as prescribed therein, credited or paid or likely to be credited or paid during the Previous
year in which such income is to be included exceeds the maximum amount which is not chargeable to tax, as may be
prescribed in each year’s Finance Act. To illustrate, as on 01.04.2011,the maximum amount of income not chargeable to
tax in case of individuals (other than women assesses, senior citizens and super senior citizens) and HUFs is ` 1,80,000; in
the case of every individual being a woman resident in India and below the age of 60 years at any time during the previous
year is ` 1,90,000; in the case of every individual being a resident in India, who is of the age of 60 years or more but less
than 80 years at any time during the previous year (Senior Citizen) is ` 2,50,000; and in the case of every individual being a
resident in India, who is of the age of 80 years or more at any time during the previous year (Super Senior Citizen) is `
5,00,000 for Previous Year 2011-12. Senior citizens, who are 65 or more years of age at any time during the financial year,
enjoy the special privilege to submit a self-declaration in the prescribed Form 15H for non deduction of tax at source in
accordance with the provisions of section 197A (1C) of the I.T. Act even if the aggregate income credited or paid or likely to
be credited or paid exceeds the maximum amount not chargeable to tax i.e. ` 2,50,000 for FY 2011-12 provided that the tax
due on total income of the person is NIL. In all other situations, tax would be deducted at source as per prevailing provisions
of the I.T. Act; Form No.15G WITH PAN / 15H WITH PAN / Certificate issued u/s 197(1) has to be filed with our
Company before the prescribed date of closure of books for payment of debenture interest.
(d) On any security issued by a company in a dematerialized form and is listed on recognized stock exchange in India.
(w.e.f. 01.06.2008).
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2. Under section 2(29A) of the I.T. Act, read with section 2(42A) of the I.T. Act, a listed debenture is treated as a long term
capital asset if the same is held for more than 12 months immediately preceding the date of its transfer. Under section 112 of
the I.T. Act, capital gains arising on the transfer of long term capital assets being listed securities are subject to tax at the rate
of 10% of capital gains calculated without indexation of the cost of acquisition. The capital gains will be computed by
deducting cost of acquisition of the debenture and expenditure incurred in connection with such transfer from the full
value of sale consideration.
In case of an individual or HUF, being a resident, where the total income as reduced by such long-term capital gains is below
the maximum amount which is not chargeable to income-tax, then, such long-term capital gains shall be reduced by the
amount by which the total income as so reduced falls short of the maximum amount which is not chargeable to income-tax
and the tax on the balance of such long-term capital gains shall be computed at the rate mentioned above.
3. Short-term capital gains on the transfer of listed debentures, where debentures are held for a period of not more than 12
months would be taxed at the normal rates of tax in accordance with and subject to the provisions of the I.T. Act. The
provisions relating to maximum amount not chargeable to tax, surcharge and education cess described at para 2 above would
also apply to such short term capital gains.
4. In case the debentures are held as stock in trade, the income on transfer of debentures would be taxed as business income
or loss in accordance with and subject to the provisions of the I.T. Act.
5. HOWEVER IN CASE WHERE TAX HAS TO BE DEDUCTED @ SOURCE WHILE PAYING DEBENTURE
INTEREST, THE COMPANY IS NOT REQUIRED TO DEDUCT SURCHARGE, EDUCATION CESS : AND
SECONDARY AND HIGHER EDUCATION CESS.
II To the Non Resident Indians
1. A non resident Indian has an option to be governed by Chapter XII-A of the I.T. Act, subject to the provisions contained
therein which are given in brief as under:
a) Under section 115E of the I.T. Act, interest income from debentures acquired or purchased with or subscribed to in
convertible foreign exchange will be taxable at 20%, whereas, long term capital gains on transfer of such Debentures will be
taxable at 10% of such capital gains without indexation of cost of acquisition. Short-term capital gains will be taxable at the
normal rates of tax in accordance with and subject to the provisions contained therein.
b) Under section 115F of the I.T. Act, subject to the conditions and to the extent specified therein, long term capital gains
arising to a non-resident Indian from transfer of debentures acquired or purchased with or subscribed to in convertible
foreign exchange will be exempt from capital gain tax if the net consideration is invested within six months after the date of
transfer of the debentures in any specified asset or in any saving certificates referred to in clause (4B) of section 10 of the
I.T. Act in accordance with and subject to the provisions contained therein.
c) Under section 115G of the I.T. Act, it shall not be necessary for a non-resident Indian to file a return of
income under section 139(1) of the I.T. Act, if his total income consists only of investment income as defined under section
115C and/or long term capital gains earned on transfer of such investment acquired out of convertible foreign exchange, and
the tax has been deducted at source from such income under the provisions of Chapter XVII-B of the I.T. Act in accordance
with and subject to the provisions contained therein.
d) Under section 115H of the I.T. Act, where a non-resident Indian becomes a resident in India in any subsequent year, he
may furnish to the Assessing Officer a declaration in writing along with return of income under section 139 for the
assessment year for which he is assessable, to the effect that the provisions of Chapter XII-A shall continue to apply to him
in relation to the investment income (other than on shares in an Indian Company) derived from any foreign exchange assets
in accordance with and subject to the provisions contained therein. On doing so, the provisions of Chapter XII-A shall
continue to apply to him in relation to such income for that assessment year and for every subsequent assessment year until
the transfer or conversion (otherwise than by transfer) into money of such assets.
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2. In accordance with and subject to the provisions of section 115I of the I.T. Act, Non-Resident Indian may opt not to be
governed by the provisions of Chapter XII-A of the I.T. Act. In that case, please refer to para A (2, 3 and 4) for the tax
implications arising on transfer of debentures.
3. Under Section 195 of the I.T. Act, the company is required to deduct tax at source at the rate of 20% on investment
income and at the rate of 10% on any long-term capital gains as prescribed in section 115E; at the normal rates for Short
Term Capital Gains if the payee Debenture Holder is a Non Resident Indian. 2% education cess and 1% secondary and
higher education cess on the total income tax is also deductible.
4. As per section 90(2) of the I.T. Act read with the circular no. 728 dated October 30, 1995 issued by the CBDT, in the case
of a remittance to a country with which a Double Tax Avoidance Agreement (DTAA) is in force, the tax should be deducted
at the rate provided in the Finance Act of the relevant year or at the rate provided in the DTAA, whichever is more beneficial
to the assessee.
5. Alternatively, to ensure non deduction or lower deduction of tax at source, as the case may be, the Debenture Holder
should furnish a certificate under section 197(1) of the I.T. Act, from the Assessing Officer before the prescribed date of
closure of books for payment of debenture interest.
III To the FOREIGN INSTITUTIONAL INVESTORS (FIIs):
In accordance with and subject to the provisions of section 115AD of the I.T. Act on transfer of debentures by FIIs, long
term capital gains are taxable at 10% (plus applicable surcharge and education and secondary and higher education cess) and
short-term capital gains are taxable at 30% (plus applicable surcharge and education and secondary and higher education
cess). The cost indexation benefit will not be available.
Further, benefit of provisions of the first proviso of section 48 of the I.T. Act will not apply. Income other than capital gains
arising out of debentures is taxable at 20% in accordance with and subject to the provisions contained therein. In addition to
the aforesaid tax, in case of foreign corporate FIIs where the income exceeds ` 1,00,00,000 a surcharge of 2% of such tax
liability is also payable. A 2% education cess and 1% secondary and higher education cess on the total income tax (including
surcharge) is payable by all categories of FII’s.
In accordance with and subject to the provisions of section 196D(2) of the I.T. Act, no deduction of tax at source is
applicable in respect of capital gains arising on the transfer of debentures by FIIs.
The provisions at para II (4 and 5) above would also apply to FIIs.
IV. To the Other Eligible Institutions:
All mutual funds registered under Securities and Exchange Board of India or set up by public sector banks or public
financial institutions or authorised by the Reserve Bank of India are exempt from tax on all their income, including income
from investment in Debentures under the provisions of Section 10(23D) of the I.T. Act subject to and in accordance with the
provisions contained therein.
B. WEALTH TAX
Wealth-tax is not levied on investment in debentures under section 2(ea) of the Wealth-tax Act, 1957.
C. GIFT TAX
Gift-tax is not levied on gift of debentures in the hands of the donor as well as the donee because the provisions of the Gifttax
Act, 1958 have ceased to apply in respect of gifts made on or after October 1, 1998. HOWEVER, IF ANY
INDIVIDUAL OR HUF, RECEIVES THESE DEBENTURES OF THE AGGREGATE VALUE OVER ` 50,000
FROM ANY PERSON OR PERSONS WITHOUT CONSIDERATION OR RECEIVES THESE DEBENTURES
- 96 -

FOR A CONSIDERATION WHICH IS LESS THAN AGGREGATE FAIR MARKET VALUE OF THE
DEBENTURES BY AN AMOUNT EXCEEDING FIFTY THOUSAND RUPEES, THERE WILL BE LIABILITY
TO INCOME TAX TO THE EXTENT PROVIDED IN SEC.56(2)(VII) OF THE INCOME TAX ACT 1961 TO
SUCH RECEIVER. HOWEVER, THE DEBENTURES RECEIVED AS GIFTS FROM ANY RELATIVE AS
DEFINED IN SEC.56(2)(VII) OF THE INCOME TAX ACT WILL NOT ATTRACT INCOME TAX LIABILITY IN
THE HANDS OF THE RECEIVER.
D. REQUIREMENT TO FURNISH PERMANENT ACCOUNT NUMBER UNDER I.T. ACT
1. Sec.139A(5A):
Subsection (5A) of Sec.139A lays down that every person from whose income tax has been deducted at source under
chapter XVII B of the Income Tax Act shall furnish his Permanent Account Number to the person responsible for
deduction of tax at source.
2. Sec.206AA:
(1) Notwithstanding anything contained in any other provisions of I.T. Act, any person entitled to receive any sum or
income or amount, on which tax is deductible under Chapter XVIIB (hereinafter referred to as deductee) shall furnish his
Permanent Account Number to the person responsible for deducting such tax (hereinafter referred to as deductor), failing
which tax shall be deducted at the higher of the following rates, namely:—
(i) at the rate specified in the relevant provision of this Act; or
(ii) at the rate or rates in force; or
(iii) at the rate of twenty per cent.
(2) No declaration under sub-section (1) or sub-section (1A) or sub-section (1C) of section 197A shall be valid unless the
person furnishes his Permanent Account Number in such declaration.
(3) In case any declaration becomes invalid under sub-section (2), the deductor shall deduct the tax at source in accordance
with the provisions of sub-section (1).
(4) Where the Permanent Account Number provided to the deductor is invalid or does not belong to the deductee, it shall
be deemed that the deductee has not furnished his Permanent Account Number to the deductor and the provisions of subsection
(1) shall apply accordingly.
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SECTION IV : ABOUT THE ISSUER COMPANY AND THE INDUSTRY
INDUSTRY
The information in this section is derived from various government publications and other industry sources. Neither we, nor
any other person connected with the issue has verified this information. Industry sources and publications generally state
that the information contained therein has been obtained from sources generally believed to be reliable, but their accuracy,
completeness and underlying assumptions are not guaranteed and their reliability cannot be assured and accordingly,
investment decisions should not be based on such information.
In connection with the report by CRISIL Research titled "Retail Finance - Auto Annual Review" (January, 2010) and
Commercial Vehicles update – March 2011, CRISIL Limited has used due care and caution in preparing the aforementioned
report. Information has been obtained by CRISIL from sources it considers reliable. However, CRISIL does not guarantee
the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the
results obtained from the use of such information. No part of the aforementioned report may be published / reproduced in
any form without CRISIL’s prior written approval. CRISIL is not liable for any investment decisions which may be based on
the views expressed in the aforementioned report. CRISIL Research operates independently of, and does not have access to
information obtained by CRISIL’s Rating Division, which may, in its regular operations, obtain information of a confidential
nature that is not available to CRISIL Research.
Indian Economy
India is the world’s largest democracy by the population size with an estimated population of approximately 11,900 Lacs
(July 2011 estimate).It is also one of the fastest growing economies in the world with the real growth rate of GDP being
8,3% (2010 estimate). It has grown at an average rate of 7.5% per annum during the last three years. According to CIA
World Factbook, India had an estimated GDP of approximately US$ 4.046 trillion(2010 estimate), which makes it the fourth
largest economy in the world after the United States of America, China and Japan, in purchasing power parity terms. The
following table presents a comparison of India’s real GDP growth rate with the real GDP growth rate of certain other
countries:
Countries* 2007 2008 2009 2010 (est.)
Australia 4.00% 2.40% 0.80% 3.30%
Brazil 6.10% 5.10% 0.10% 7.50%
China 13.00% 9.00% 8.40% 10.3%
Germany 2.50% 1.30% (5.00)% 3.60%
India 9.00% 7.40% 6.10% 8.30%
Japan 2.30% (0.70)% (5.70)% 3.00%
South Korea 5.10% 2.20% (0.80)% 6.10%
Malaysia 6.20% 4.60% (2.80)% 7.20%
Russia 8.10% 5.60% (8.50)% 3.80%
Thailand 4.90% 2.60% (3.50)% 7.60%
United Kingdom 2.60% 0.70% (4.30)% 1.60%
United States 2.10% 0.40% (2.40)% 2.70%
* Represents calendar year growth rates
(Source: CIA World Factbook, website: www.cia.gov/library/publications/the-world-factbook/index.htm, accessed on May
20, 2011)
Structure of India’s Financial Services Industry
The RBI is the central regulatory and supervisory authority for the Indian financial system. SEBI and the IRDA regulate the
capital markets and insurance sector, respectively. A variety of financial intermediaries in the public and private sectors
participate in India’s financial sector, including the following:
• Commercial banks;
• NBFCs ;
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• Specialized financial institutions like the National Bank for Agriculture and Rural Development (NABARD),
Export-Import Bank of India (EXIM Bank), the Small Industries Development Bank of India (SIDBI) and the
Tourism Finance Corporation of India (TFCI);
• Securities brokers;
• Investment banks;
• Insurance companies;
• Mutual funds; and
• Venture capital funds.
Non-Banking Finance Companies (NBFCs)
Non-Banking Finance Companies (NBFCs) are an integral part of the country’s financial system, catering to a large market
of niche customers, and have emerged as one of the major purveyors of retail and SME credit in India. It is a heterogeneous
group of institutions (other than commercial and co-operative banks) performing financial intermediation in a variety of
ways, such as accepting deposits, making loans and advances, providing leasing/hire purchase services, among others. There
are over 12,000 NBFCs in India, (Source: Reserve Bank of India, Annual Report, August 2009) mostly in the private sector.
The RBI defines an NBFC as a company registered under the Companies Act, 1956 and engaged in the business of loans and
advances, acquisition of shares, stock, bonds, debentures, and securities issued by the GoI or local government authorities, or
other securities of like marketable nature, leasing, hire-purchase, insurance business, chit business. However, this excludes
institutions whose principal business is in the agricultural or industrial sector, or in the sale, purchase and construction of
immovable property. A non-banking entity that has as its principal line of business the receipt of deposits, under any scheme
or arrangement, or the extension of loans, in any manner, is also considered an NBFC.
Gradually, NBFCs have become recognized as complementary to the banking sector due to their customer-oriented services,
simplified procedures, attractive rates of return on deposits, flexibility and timeliness in meeting the credit needs of specified
sectors, among other reasons. NBFCs have traditionally extended credit across the country through their widespread
geographical presence, with NBFCs supplying credit in segments such as equipment leasing, hire purchase, and consumer
finance. These are areas which warrant infusion of financing due to the existing demand-supply gap. NBFCs have provided a
more flexible source of financing and have been able to disburse funds to a gamut of clientele, from local individual
customers to a variety of corporate clientele. NBFCs can be divided into deposit taking NBFCs, i.e., those which accept
deposits from the public and non-deposit taking NBFCs being those which do not accept deposits from the public.
The activities carried out by NBFCs in India can be grouped as follows:
NBFC
Fund Based Activities
• Equipment Leasing
• Hire Purchase
• Bill Discounting
• Loans / Investments
• Venture Capital
• Factoring
• Equity Participation
• Short Term Loans
• Inter Corporate
Loans
Fee based Activities
• Investment Banking
• Portfolio
Management
• Wealth Management
• Corporate
Consulting
• Project Consulting
• Loan / Lease
Syndication
• Advisory Services
Even though NBFCs perform functions similar to those of banks, there are a few differences:
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(i)
(ii)
(iii)
NBFCs cannot accept demand deposits;
NBFCs are not a part of the payment and settlement system and as such cannot allow their customers to operate
accounts through the issuance of cheques; and
Deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available for NBFC
depositors.
Initially, the NBFCs registered with the RBI could only operate as equipment leasing companies, hire purchase companies,
loan companies and investment companies. However, effective December 6, 2006, NBFCs registered with the RBI have
been reclassified as (i) asset finance companies (“AFCs”); (ii) investment companies (“IC”); and (iii) loan companies
(“LC”). Further, RBI through a notification dated February 12, 2010, introduced a fourth category of NBFCs namely,
Infrastructure Finance Company (“IFC”), which are engaged predominantly engaged in the business of infrastructure
financing. Efforts have been made to integrate NBFCs into the mainstream financial sector by strengthening the prudential
guidelines relating to income recognition, asset classification and provisioning. A number of measures to enhance the
regulatory and supervisory standards of NBFCs in order to put them on par with commercial banks were undertaken by the
RBI over a period of time including the alignment of interest rates, allowing diversification of businesses e.g. issuance of cobranded
cards and distribution of mutual fund and insurance products, regulation of systemically important NBFCs and
introduction of a fair practices code and corporate governance.
Automotive Industry and Commercial Vehicles Overview
In terms of global scale, the Indian automotive industry is the second largest two-wheeler market in the world, the fourth
largest heavy commercial market in the world, and the eleventh largest passenger vehicle market in the world. As one of the
largest industrial sectors in India, it contributes nearly 17.0% to total indirect taxes. Although the automotive industry
provides direct and indirect employment to over 130 Lac people, the penetration levels for vehicles in India are among the
lowest in the world. [Source: SIAM]
The commercial vehicle industry is segmented into “light commercial vehicles” (for vehicles with gross vehicle weight of
less than 7.5 tons) and “medium and heavy commercial vehicles” (for vehicles weighing more than 7.5 tons). The
performance of the medium and heavy commercial vehicle industry bears a high correlation with industrial growth, and is
driven by economic development, improved road infrastructure (such as the Golden Quadrilateral) for long haulage
transportation, and a favorable regulatory environment (in this regard, demand created in the years 2006-2007 was
attributable to the strict enforcement of overloading restrictions and age norms). In turn, the performance of the light
commercial vehicle industry tends to be less cyclical in nature, and is driven by GDP growth and demand for last mile
distribution. The market share of light commercial vehicles increased rapidly - the introduction of a sub-one ton carrier by
certain players created a new segment typically occupied by three-wheelers and similar forms of intra-city transport,
resulting in significant growth in the commercial vehicle market as a whole.
Total domestic sales in the commercial vehicle industry reached 6,76,048 units in 2010-11. From 2004-05 to 2010-11,
domestic sales had grown at a healthy CAGR of 13.4%, dipping to (21.7)% in 2008-09 from 27.0% in 2010-11. The
reduction in domestic sales was attributed to the slowdown in economic development, credit availability and costs, an
increase in fuel prices, in addition to the base effect due to the one-time demand created in 2006-07 by the strict enforcement
of overloading restrictions. [Source: SIAM]
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Domestic Commercial Vehicle Sales Volumes
CAGR 13.4%
10.2%
Units 351,041
318,430
33.3% 4.9%
490,494
467,765
-21.7%
384,194
38.7%
532,721
27.0%
676,408
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Year
Numbers in italics represent change over previous year
Source: Society of Indian Automobile Manufacturers ("SIAM")
After a stable second quarter in fiscal 2009, the automotive sector in India suffered severe contraction in demand in the third
quarter of fiscal 2009, arising from major financial and other market upheavals. This, along with contraction in freight
movement in many segments of the industry, led to a massive drop in the medium and heavy commercial vehicle segment
demand. High interest rates and peak commodity prices also affected the industry and the supply chain. In the third quarter
of fiscal 2009, industry commercial vehicle sales were down 44.0% and passenger vehicle sales dropped by as much as
16.5% against the comparable quarter of the previous year. The economy grew 5.3% in the December 2008 quarter from a
year earlier, below forecasts of 6.2% and the previous quarter's 7.6% as the global economic crisis cut demand and exports.
As a result, 2008-2009 volumes declined 21.7%. With the Indian economy gaining momentum and rising GDP growth, the
sales of the commercial vehicles increased by 38.7% in 2009-10 and by 27.0% in 2010-11.
Commercial Vehicle Domestic Sales 2004 to 2011
Category 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Commercial
vehicles 318,430 351,041 467,765 490,494 384,194 532,721 676,408
Source: Society of Indian Automobile Manufacturers
Through a series of coordinated and successive measures, the GoI announced an economic stimulus package which included,
inter alia, reductions in interest rates, stepping up of plan expenditure by up to US$50,000 Lacs by March 2009, easing the
flow of credit, among other measures. There have also been announcements directly favoring the automobile industry,
including:
• an across-the-board cut of 4.0% in excise duties, allowing manufacturers to offer price cuts to consumers thereby
stimulating demand. A further 2% cut in excise duties was announced on February 24, 2009;
• accelerated depreciation of 50.0% for commercial vehicles to be purchased on or after January 1, 2009 to March 31,
2009. This was subsequently extended to September, 2009; and
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• assistance to states under the GoI scheme (under the Jawaharlal Nehru National Urban Renewal Mission
(JNNURM) of the Ministry of Urban Development) for the purchase of buses for their urban transport systems as a
one-time measure to June 30, 2009.
The impact of both the monetary and fiscal measures of the GoI has positively impacted volumes and there have been
encouraging signs of revival in demand since January, 2009. The overall commercial vehicle segment registered positive
growth at 5.4% during April-October 2009 as compared to the same period the previous year. (Source: Society of Indian
Automobile Manufacturers)
Over the long term, the commercial vehicle industry and consequently, commercial vehicle financing, is expected to
continue to show growth in light of the following factors:
Modernization of trucking industry. A replacement boom is likely to be triggered by stricter enforcement of regulations
banning trucks beyond 15 years and overloading, as well as the introduction by transport associations of a voluntary
retirement scheme for old trucks with better financing options. An anticipated replacement demand for 11 Lac new as well
as pre-owned trucks will require financing of ` 1,07,80,000 Lacs. (Source: Society of Indian Automobile Manufacturers)
Structural shift to hub-and-spoke model and improving road infrastructure. All commercial vehicle segments are expected
to experience a boost from the fast-evolving hub- and spoke-structure of the freight industry. Long-distance haulage between
hubs is typically serviced by heavy commercial vehicle on highways which continue to benefit from the Golden
Quadrilateral and road development projects, with freight distribution from the hub to the local warehouse at the end of the
spoke requiring medium commercial vehicles and distribution over the last mile requiring small commercial vehicles.
Growing freight capacity. GDP growth rate continues to drive incremental freight capacity, which is estimated to increase at
1.25 times of GDP growth.
Growth of construction industry. The share of the construction industry in GDP has increased from 6.1% in 2002-03 to
6.9% in 2006-07. This increase has been largely propelled by government spending. Because a substantial portion of
construction investment is spent on equipment, this construction boom heralds a similar expansion in the need for
construction vehicles. The Indian construction industry is dominated by small contractors that perform over 90.0% of
projects. These local players often lack adequate access to institutional finance, creating enormous opportunities in the area
of construction equipment financing. (Source: Government of India Planning Commission Eleventh Five Year Plan)
Government investments in the roads and highways sector
Government investments in the roads and highways sector may also be expected to support growth in the commercial
vehicle industry. According to the NHAI, India has the second largest road network in the world, aggregating approximately
33 Lac kilometers. Approximately 65.0% of freight and 80.0% of passenger traffic is carried by the road network. The
national highways, which carry approximately 40.0% of total road traffic, constitute only about 2.0% of the total road
network. Moreover, the number of vehicles has been increasing at an average pace of 10.2% per annum over the last five
years. (Source: NHAI, http://www.nhai.org/roadnetwork.htm)
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The table below sets forth information pertaining to India's road network.
Indian Road Network Approximate Length (in km) Percentage of Total
Expressways 200 0.0%
National highways 70,548 2.1%
State highways 1,31,899 4.0%
Major district roads 4,67,763 14.1%
Village and other roads 26,50,000 79.8%
Total 33,20,410 100.0%
[Source: http://www.nhai.org/roadnetwork.htm, National Highways Authority of India (NHAI); as accessed on May 21,
2011; percentage computations added.]
Moreover, the GoI had in the past announced plans for the proposed launch by NHAI of six significant projects in the roads
and highways sector, estimated at project costs in excess of U.S. $10,000 Lacs each. (Source: http://www.nhai.org, NHAI)
Commercial Vehicles Financing Overview
From 1995 to 1997, the commercial vehicle finance market was highly fragmented, with NBFCs dominating the commercial
vehicle finance market. Steady consolidation took place, with larger players like Sundaram Finance, Ashok Leyland
Finance, Citicorp Finance, GE Capital and others increasing their market position and share. In 2000 to 2001, the new
commercial vehicle finance market was estimated at around ` 5,20,000 Lacs. The market became less fragmented, as weaker
NBFCs exited the market due to increasing pressure on margins. Private banks, capitalizing on market opportunities, made
an aggressive entry into the market. (Source: Report of CRISIL Research –“Retail Finance – Auto – Annual Review”,
January, 2010)
From 2003 to 2006, organized players began focusing on the used vehicle and refinance markets, which had traditionally
been serviced by the unorganized sector. NBFCs, such as Tata Finance, Sundaram Finance, Citicorp Finance, and
Cholamandalam Investment and Finance Company, accounted for about 34% of the market. In turn, banks like ICICI Bank,
HDFC Bank and Kotak Mahindra Bank emerged as strong players in the private bank segment, capturing about 57.0% of the
market. State Bank of India, which expanded its operations in this market in 2003-2004, and other public-sector and
cooperative banks, accounted for the remaining 9%. To increase their market share, players required a sound origination and
distribution network, due to the market distribution across national and state highways. In 2005 to 2006, the total organized
commercial vehicle finance market was estimated at ` 30,30,000 Lacs with new commercial vehicle market contributing
`19,60,000 Lacs and the used commercial vehicle market contributing ` 10,70,000 Lacs. (Source: Report of CRISIL
Research –“Retail Finance – Auto – Annual Review”, January, 2010)
In the year 2007, two major deals between international truck makers and Indian companies were signed including
agreement to manufacture and sell light commercial vehicles between Nissan Motor Co. Limited and Ashok Leyland and
Eicher Motor’s joint venture with AB Volvo. During 2008-09, commercial vehicle was the worst hit segment in automobile
sector on account of reduction in freight availability and unfavourable credit environment. Rising defaults led to
deterioration in asset quality, with players curtailing their exposure to SFOs and FTUs. Government took several initiatives
to increase demand including reduction in excise duty and service tax by 2 percent and special credit line for NBFCs. In
2009-10, our Company acquired ` 1,20,000 Lacs worth of commercial vehicle and construction equipment assets from GE
Capital’s transport finance business. (Source: Report of CRISIL Research –“Retail Finance – Auto – Annual Review”,
January, 2010)
Slowdown in industrial activity, unfavourable credit scenario and strained profitability for transporters had adversely
affected the commercial vehicle market. Lower growth in industrial production led to a reduction in freight availability and
capacity utilization levels which deteriorated transporters’ repayment capability and eventually, asset quality. However, in
2009-10 interest rates for commercial vehicle finance fell by around 150 bps resulting into improved liquidity in the
financial system leading to a fall in cost of funds for the financiers and ultimately benefiting the customers in the form of
lower interest rates. (Source: Report of CRISIL Research –“Retail Finance – Auto – Annual Review”, January, 2010)
Although yield to financiers increased in 2008-09, gross spreads came down, as the cost of funds increased for a larger
extent. However, in 2009-10, yield to financier is estimated to have declined by 150-200 bps, which is more than the
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eduction in cost of funds, due to decline in risk aversion and increase in competition among financiers. (Source: Report of
CRISIL Research –“Retail Finance – Auto – Annual Review”, January, 2010)
The commercial vehicle financing industry is estimated to have recorded a strong growth of 41% in disbursements in 2009-
10. Further, in 2009-10, due to the improvement in economic growth, freight availability increased, leading to a rise in
transporters' earnings. As a result, their repayment capabilities are likely to improve. Risk aversion among financiers is also
likely to reduce with the rise in economic activity (Source: Report of CRISIL Research –“Retail Finance - Auto: Update”-
March 2011)
Apart from our Company, HDFC Bank, Kotak Mahindra Bank and Sundaram Finance are some of the key organized players
in the new vehicle financing segment. Some of the large players in the commercial vehicle financing industry, e.g. Citi
Financial, Centuria Bank of Punjab and GE Money, as also numerous small-sized players, have exited the market, which has
eased competitive intensity for other players like our Company.
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OUR BUSINESS
Overview
We are the largest Indian asset financing NBFC*, with a primary focus on financing pre-owned commercial vehicles. The
D&B Research Report and the CRISIL Report had named our Company as the largest asset financing NBFC in terms of
their research based on various financial and non financial parameters. We are among the leading financing institutions in
the organized sector for the commercial vehicle industry in India for FTUs and SRTOs. We also provide financing for
passenger commercial vehicles, multi-utility vehicles, three wheelers, tractors and construction equipment. In addition, we
provide ancillary equipment and vehicle parts finance, such as loans for tyres and engine replacements, and provide working
capital facility for FTUs and SRTOs. We also provide ancillary financial services targeted at commercial vehicle operators
such as freight bill discounting and also market co-branded credit cards targeted at commercial vehicle operators in India,
thereby providing comprehensive financing solutions to the road logistics industry in India.
* Source: The D&B Research Report and the CRISIL Report, in terms of their research based on various financial and non
financial parameters.
We have recently forayed into the business of providing stock yard services, refurbishing pre-owned commercial vehicles
and construction equipment and providing a trading platform for the auctioning and sale of such pre-owned commercial
vehicles and construction equipment, showrooms for refurbished pre-owned commercial vehicles, as well as commercial
vehicles repossessed by financing companies, through our wholly-owned subsidiary, Shriram Automall India Limited, which
was incorporated on February 11, 2010.
We have also forayed into the business of providing equipment finance in connection with both new and pre-owned
construction and other equipment, through our wholly owned subsidiary, Shriram Equipment Finance Company Limited,
which was incorporated on December 15, 2009 and received a certificate of registration dated October 8, 2010, to carry on
the business of a NBFC (without accepting public deposits) from the RBI.
Our current lines of business and organisational structure is as follows:
Our Company was established in 1979 and we have a long track record of over three decades in the commercial vehicle
financing industry in India. The Company has been registered as a deposit-taking NBFC with the RBI since September 4,
2000 under Section 45IA of the Reserve Bank of India Act, 1934. We are a part of the Shriram group of companies which
has a strong presence in financial services in India, including commercial vehicle financing, consumer finance, life and
general insurance, stock broking, chit funds and distribution of financial products such as life and general insurance products
and mutual fund products, as well as a growing presence in other businesses such as property development, engineering
projects and information technology.
Our widespread network of branches across India has been a key driver of our growth over the years. As of March 31, 2011
we had 488 branches across India, including at most of the major commercial vehicle hubs along various road transportation
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outes in India. We have also strategically expanded our marketing network and operations by entering into partnership and
co-financing arrangements with private financiers in the unorganized sector involved in commercial vehicle financing. As of
March 31, 2011 our total employee strength was 16,919.
We have demonstrated consistent growth in our business and in our profitability. Our Assets Under Management include
loan assets in the books of our Company and assets that have been securitized / assigned by us.
Our Assets Under Management has grown by a compounded annual growth rate, or CAGR, of 31.52 % from ` 12,09,284.39
lacs (comprising Assets Under Management in the books of our Company of ` 8,41,591.77 lacs, loan assets
securitized/assigned of ` 3,14,054.92 lacs and portfolio managed by our Company of ` 52,317.00 lacs) as of March 31,
2007 to ` 36,18,263.33 lacs (comprising Assets Under Management in the books of our Company of ` 19,86,561.09 lacs,
and loan assets securitized/assigned of ` 16,31,702.24 lacs as of March 31, 2011. Our capital adequacy ratio as of March 31,
2011 computed on the basis of applicable RBI requirements was 24.85%, compared to the RBI stipulated minimum
requirement of 12.00%. Our Tier I capital as of March 31, 2011 was ` 4,58,183.42 lacs. Our Gross NPAs as a percentage of
Total Loan Assets were 2.66 % as of March 31, 2011. Our Net NPAs as a percentage of Net Loan Assets was 0.38% as of
March 31, 2011.
Our total income increased from ` 1,42,138.60 lacs in fiscal 2007 to ` 5,42,965.40 lacs in fiscal 2011 at a CAGR of 39.80%.
Our net profit after tax increased from ` 19,039.71 lacs in fiscal 2007 to ` 1,22,988.00 lacs in fiscal 2011, at a CAGR of
59.42%. A summary of our assets under management, total income and Net profit after tax for the corresponding periods
specified below are as follows.
` In Lacs
Particulars
As at March
31, 2007
As at March
31, 2008
As at March
31, 2009
As at March
31, 2010
As at March
31, 2011
Assets Under Management 12,09,284.39 19,95,895.52 23,32,122.04 29,15,928.19 36,18,263.33
Net Non performing assets 11,015.70 13,553.78 14,746.53 12,488.76 7,445.92
For the For the For the For the For the
Financial Year Financial Year Financial Financial Year Financial
Ended March Ended March Year Ended ended March year ended
31, 2007 31, 2008 March 31, 31, 2010 March 31,
2009
2011
Total Income 142,138.60 2,50,730.12 3,72,996.69 4,49,588.96 5,42,965.40
Net Profit after Tax 19,039.71 38,982.65 61,240.21 87,311.74 1,22,988.00
Our Strengths
We believe that the following are our key strengths:
The largest asset financing NBFC in India
The D&B Research Report and the CRISIL Report had named our Company as the largest asset financing NBFC in
terms of their research based on various financial and non financial parameters.
* Source: The D&B Research Report and the CRISIL Report, in terms of their research based on various financial and non
financial parameters.
We primarily cater to FTUs and SRTOs and we believe we are among the leading financing institutions in the organized
sector in this particular segment. Our widespread network of 488 branches across India as of March 31, 2011 enables us to
access a large customer base including in most major and minor commercial vehicle hubs along various road transportation
routes in India. We believe that our widespread branch network enables us to service and support our existing customers
from proximate locations which provide customers easy access to our services. We have also strategically expanded our
marketing and customer origination network by entering into partnership and co-financing arrangements with private
financiers involved in commercial vehicle financing. We believe our relationship with these partners is a critical factor in
sourcing new customers and enhancing reach and penetration at low upfront capital cost. The relationships we have
developed with our customers provide us with opportunities for repeat business and to cross sell our other products as well
as derive benefit from customer referrals.
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Our Assets Under Management as of March 31, 2011, was ` 36,18,263.33 lacs (comprising Assets Under Management in
the books of our Company of ` 19,86,561.09 lacs, loan assets securitized /assigned of ` 16,31,702.24 lacs). This is
supported by a strong capital base, with share capital of ` 22,618.47 lacs and reserves and surplus of ` 4,67,466.28 lacs as
of March 31, 2011. Our capital adequacy ratio as of March 31, 2011 computed on the basis of applicable RBI requirements
was 24.85%, compared to the RBI stipulated minimum requirement of 12.00%. Our Tier I capital as of March 31, 2011 was
` 4,58,183.42 lacs.
Access to a range of cost effective funding sources
We fund our capital requirements through a variety of sources. Our fund requirements are currently predominantly sourced
through term loans from banks, issue of redeemable non-convertible debentures, and cash credit from banks including
working capital loans. We access funds from a number of credit providers, including nationalized banks, private Indian
banks and foreign banks, and our track record of prompt debt servicing has allowed us to establish and maintain strong
relationships with these financial institutions. We also place commercial paper and access inter-corporate deposits, if
required. As a deposit-taking NBFC, we are also able to mobilize retail fixed deposits at competitive rates. We have also
raised subordinated loans eligible for Tier II capital. We undertake securitization/assignment transactions to increase our
capital adequacy ratio, increase the efficiency of our loan portfolio and as a cost effective source of funds.
In relation to our long-term debt instruments, we currently have ratings of CARE AA+ from Credit Analysis and Research
Limited (“CARE”), AA/Stable from Crisil and AA (Ind) from FITCH. In relation to our short-term debt instruments, we
have also received ratings of F1+(ind) from FITCH and P1+ from CRISIL. The NCDs proposed to be issued under this
Issue have been rated ‘AA/Stable’ by CRISIL for an amount of upto ` 1,00,000 Lacs vide its letter dated May 30, 2011, and
'CARE AA+' by CARE for an amount of upto ` 1,00,000 Lacs vide its letter dated June 3, 2011. The rating of the NCDs by
CRISIL indicates high degree of safety with regard to timely payment of interest and principal on the NCDs. The rating of
NCDs by CARE indicates high safety for timely servicing of debt obligations.
We believe that we have been able to achieve a relatively stable cost of funds despite the difficult conditions in the global
and Indian economy and the resultant reduced liquidity and an increase in interest rates, primarily due to our improved credit
ratings, effective treasury management and innovative fund raising programs. We believe we are able to borrow from a
range of sources at competitive rates.
The RBI currently mandates domestic commercial banks operating in India to maintain an aggregate of 40.00% (32.00% for
foreign banks) of their advances or credit equivalent amount of off-balance sheet exposure, whichever is higher as “priority
sector advances”. These include advances to agriculture, small enterprises (including SRTOs, which constitute the largest
proportion of our loan portfolio), exports and similar sectors where the Government seeks to encourage flow of credit for
developmental reasons. Banks in India that have traditionally been constrained or unable to meet these requirements
organically, have relied on specialized institutions like us that are better positioned to or exclusively focus on originating
such assets through on-lending or purchase of assets or securitized/assigned pools to comply with these targets. Our
securitized/assigned asset pools are particularly attractive to these banks as such transactions provide them with an avenue to
increase their asset base through low cost investments and limited risk. Majority of our loan portfolio being classified as
priority sector lending also enables us to negotiate competitive interest rates with banks, NBFCs and other lenders. In fiscal
2009, 2010 and 2011, the total book value of loan assets securitized/assigned was ` 3,12,498.40 lacs, ` 8,75,681.04 lacs and
` 10,20,361.35 lacs, respectively.
Unique business model and a track record of strong financial performance
We primarily cater to FTUs and SRTOs and we believe we are the only financing institution in the organized sector
providing finance to FTUs and SRTOs in the pre-owned commercial vehicle finance segment. Most of our customers are not
a focus segment for banks or other NBFCs as these customers lack substantial credit history and other financial
documentation on which many of such financial institutions rely to identify and target new customers. As the market for
commercial vehicle financing, especially the pre-owned commercial vehicle financing, is fragmented, we believe our credit
evaluation techniques, relationship based approach, extensive branch network and strong valuation skills make our business
model unique and sustainable as compared to other financiers. In particular, our internally-developed valuation
methodology requires deep knowledge and practical experience developed over a period of time, and we believe this is a key
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strength that is difficult to replicate. We provide finance to pre-owned commercial vehicle operators at favourable interest
rates and repayment terms as compared to private financiers in the unorganized sector.
Our retail focus, stringent credit policies and relationship based model has helped us maintain relatively low NPA levels.
Our Gross NPAs as a percentage of Total Loan Assets were 2.66% as of March 31, 2011. Our Net NPAs as a percentage of
Net Loan Assets was 0.38% as of March 31, 2011.
Strong brand name
We believe that the "Shriram" brand is well established in commercial vehicle financing throughout India. We believe that
we are the only financing company in the organized sector with particular focus on the pre-owned commercial vehicle
financing segment to FTUs and SRTOs in India. Our targeted focus on and the otherwise fragmented nature of this market
segment, our widespread branch network, particularly in commercial vehicle hubs across India, as well as our large customer
base has enabled us to build a strong brand. Our efficient credit approval procedures, credit delivery process and
relationship-based loan administration and monitoring methodology have also aided in increasing customer loyalty and earn
repeat business and customer referrals.
Extensive experience and expertise in credit appraisal and collection processes
We have developed a unique business model that addresses the needs of a specific market segment with increasing demand.
We focus on closely monitoring our assets and borrowers through product executives who develop long-term relationships
with commercial vehicle operators, which enables us to capitalize on local knowledge. We follow stringent credit policies,
including limits on customer exposure, to ensure the asset quality of our loans and the security provided for such loans.
Further, we have nurtured a culture of accountability by making our product executives responsible for loan administration
and monitoring as well as recovery of the loans they originate.
Extensive expertise in asset valuation is a pre-requisite for any NBFC providing loans for pre-owned assets. Over the years,
we have developed expertise in valuing pre-owned vehicles, which enables us to accurately determine a recoverable loan
amount for commercial vehicle purchases. We believe a tested valuation technique for these assets is a crucial entry barrier
for others seeking to enter our market segment. Furthermore, our entire recovery and collection operation is administered inhouse
and we do not outsource loan recovery and collection operations. We believe that our loan recovery procedure is
particularly well-suited to our target market in the commercial vehicle financing industry, as reflected by our high loan
recovery ratios compared to others in the financial services industry, and we believe that this knowledge and relationship
based recovery procedure is difficult to replicate in the short to medium term.
Experienced senior management team
Our Board consists of 10 Directors, including representatives of Newbridge India Investments II Limited (TPG Group), with
extensive experience in the automotive and/or financial services sectors. Our senior and middle management personnel have
significant experience and in-depth industry knowledge and expertise. Most of our senior management team has grown with
our Company and have more than 15 years of experience with us. Our management promotes a result-oriented culture that
rewards our employees on the basis of merit. In order to strengthen our credit appraisal and risk management systems, and to
develop and implement our credit policies, we have hired a number of senior managers who have extensive experience in the
Indian banking and financial services sector and in specialized lending finance firms providing loans to retail customers. We
believe that the in-depth industry knowledge and loyalty of our management and professionals provide us with a distinct
competitive advantage.
Our Strategies
Our key strategic priorities are as follows:
Further expand operations by growing our branch network and increasing partnership and co-financing arrangements
with private financiers
We intend to continue to strategically expand our operations in target markets that are large commercial vehicle hubs by
establishing additional branches. Our marketing and customer origination and servicing efforts strategically focus on
building long term relationships with our customers and address specific issues and local business requirements of potential
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customers in a particular region. We also intend to increase our operations in certain regions in India where we historically
had relatively limited operations, such as in eastern and northern parts of India, and to further consolidate our position and
operations in western and southern parts of India.
The pre-owned commercial vehicle financing industry in India is dominated by private financiers in the unorganized sector.
We intend to continue to strategically expand our marketing and customer origination network by entering into partnership
and co-financing arrangements with private financiers across India involved in commercial vehicle financing. In view of the
personnel-intensive requirements of our operations, we continue to focus on growing our business by increasingly relying on
partnership arrangements to effectively leverage the local knowledge, infrastructure and personnel base of our partners.
Continue to develop our “Automall” business through our wholly-owned subsidiary Shriram Automall India Limited
Through our wholly-owned subsidiary Shriram Automall India Limited, we have recently forayed into the business of
developing hubs across India called "Automalls" which are aimed at providing (i) stock yard services for pre-owned and/or
repossessed commercial vehicles, construction and other equipment, (ii) refurbishing pre-owned and/or repossessed
commercial vehicles and construction and other equipment, (iii) providing a trading platform for the auctioning and sale of
such commercial vehicles, construction and other equipment, and (iv) providing showrooms for refurbished pre-owned
commercial vehicles. Our "Automalls" are being developed as a one-stop shop catering to the various needs of commercial
vehicle and equipment users, banks, NBFCs and other lenders who wish to dispose of repossessed assets, automobile and
equipment dealers and manufacturers. We currently have two operational "Automalls" near Chennai and Vadodara, where
we currently are providing stock-yard services, refurbishing of commercial vehicles and equipment, sale of commercial
vehicles and equipment through auctions. We provide electronic touch-screen kiosks at our Companies various branch
offices. We intend to gradually expand our "Automall" business by establishing between 50 and 60 "Automalls" in various
parts of the country in the next 12 to 24 months. We are in the process of identifying and acquiring properties on a leasehold
basis at various locations where we intend to establish our next "Automalls". Further, we propose to also provide online sale
of commercial vehicles and equipment through a website, which is in the process of being developed. We also intend to
provide valuation services and end-to-end "refurbishing" services relating to automobiles and equipment at our "Automalls"
in the near future. We propose to work in close alliance with various banks and financial institutions, vehicle and equipment
users, manufacturers, and dealers to consolidate and develop our "Automall" business to cater to their specific requirements.
We believe the following are advantages of our "Automall" business:
• Results in fee-based income;
• Offers loan origination opportunities to our Company as it can finance sales of commercial vehicles sold through
the “Automall” platform/s;
• Eases liquidation of assets repossessed by our Company; and
• Enables us to institutionalize valuation practices and create valuation bench marks.
Consolidate and expand our construction and equipment finance business through our wholly-owned subsidiary,
Shriram Equipment Finance Company Limited
We have also forayed into the business of providing equipment finance in connection with both new and pre-owned
construction and other equipment, through our wholly owned subsidiary, Shriram Equipment Finance Company Limited,
which received a certificate of registration dated October 8, 2010, to carry on the business of a NBFC (without accepting
public deposits) from the RBI. As on March 31, 2011 Shriram Equipment Finance Company Limited had disbursed
equipment finance loans aggregating to ` 65,643.40 lacs. We believe that infrastructure development and construction
businesses are likely to benefit from the significant investment in infrastructure by the Government of India and state
governments and as well as by the private sector. Many of our customers have upgraded themselves and have become a subcontractor
and we believe that the construction equipment business segment will be a logical extension of our product
portfolio for our existing customer base
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With the global meltdown many of the existing equipment financiers have stopped funding the construction equipment and
consequently a vacuum has been created in the market. We aim to tap the existing customer base and the new set of
customers. We believe that the construction equipment finance segment provides significant growth opportunity, and intend
to increasingly focus on construction equipment finance as a distinct business segment.
Diversify our product portfolio
We are focused on leveraging our leadership in truck financing to expand our product portfolio, which now also includes
financing for passenger commercial vehicles, multi-utility vehicles, three-wheelers, tractors, and construction equipment.
We expect this will enable us to offer new products to existing customers and expand our customer base. These products
have strong synergies with the truck financing sector which is our primary business line. Further, by offering additional
downstream products, such as vehicle parts and other ancillary loans, credit cards and freight bill discounting, we maintain
contact with the customer throughout the product lifecycle and increase our revenues. The relationships we have developed
with our customers provide us with opportunities for repeat business and to cross sell our other products and products of our
affiliates.
Continue to implement advanced processes and systems
We have invested in our technology systems and processes to create a stronger organization and ensure good management of
customer credit quality. Our information technology strategy is designed to increase our operational and managerial
efficiency. We aim to increasingly use technology in streamlining our credit approval, administration and monitoring
processes to meet customer requirements on a real-time basis. We continue to implement technology led processing systems
to make our appraisal and collection processes more efficient, facilitate rapid delivery of credit to our customers and
augment the benefits of our relationship based approach. We also believe deploying strong technology systems that will
enable us to respond to market opportunities and challenges swiftly, improve the quality of services to our customers, and
improve our risk management capabilities.
Our Company’s Financial Products
Commercial Vehicle Finance
We are principally engaged in the business of providing commercial vehicle financing to FTUs and SRTOs. FTUs are
principally former truck drivers who purchase trucks for use in commercial operations and SRTOs are principally small
truck operators owning between one and four used commercial vehicles. Our financing products are principally targeted at
the financing of pre-owned trucks and other commercial vehicles, although we also provide financing for new commercial
vehicles. Pre-owned commercial vehicles financed by us are typically between five and 12 years old. We also provide
financing for other kinds of pre-owned and new commercial vehicles, including passenger vehicles, multi-utility vehicles,
tractors and three wheelers.
Ancillary Equipment and Vehicle Parts Finance and other ancillary activities
Our customers also require financing for the purchase of equipment and vehicle parts in connection with the operation of
their trucks and other commercial vehicles. We also offer financing for the acquisition of new and pre-owned vehicle
equipment and accessories, such as tyres, engines, chassis, and other vehicle parts.
As an extension of our product portfolio, we offer freight bill discounting services to our customers, including the purchase
of trucking invoices of our customers at a discount, thereby providing immediate cash relief to small truck operators. Freight
bill discounting provides our customers with their cash flow requirements without creating any debt, which otherwise may
restrict the ability of our customers from obtaining other necessary loans for vehicle or asset financing. In addition, freight
bill discounting frees truck operators from the need to attend to billing, collection and settlement. With freight bill
discounting, our decision to purchase receivables is based on the creditworthiness of the freight customers and not that of the
truck operators. Our industry experience and access to market intelligence enable us to operate successfully in this business
segment.
We have entered into an agreement with Axis Bank (formerly UTI Bank Limited) to market co-branded Visa credit cards to
commercial vehicle operators for use in India and Nepal. We provide marketing assistance for the sourcing of prospective
customers for such credit cards as well as assist in customer verification procedures. Axis Bank however retains the right to
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approve the application by any such customer. Access to such additional credit enables our customers to meet their short
term financial requirements, including working capital requirements.
Construction Equipment Finance
We provide finance for the purchase of construction equipments that are used in construction projects. Many of our FTU and
SRTO customers are increasingly entering the construction equipment business, and we believe that the construction
equipment business segment will be a logical extension of our product portfolio to our existing customer base. We believe
that this equipment finance segment provides significant growth opportunity and intend to increasingly focus on construction
equipment finance as a distinct business segment through our wholly-owned subsidiary Shriram Equipment Finance
Company Limited. We have recruited senior management and other personnel for this business segment. The majority of
such customers will not be from our existing customer base.
Our Company’s Operations
Customer Origination
Customer Base
Our customer base is predominantly FTUs and SRTOs and other commercial vehicle operators, and smaller construction
equipment operators. We also provide trade finance to commercial vehicle operators. These customers typically have limited
access to bank loans for commercial vehicle financing and limited credit history. Our loans are secured by a hypothecation
of the asset financed.
Branch Network
As of March 31, 2011, we had a wide network of 488 branches across India and 16,919 employees. We have established
branches at most major commercial vehicle hubs along various road transportation routes across India. A typical branch
comprises nine to 10 employees, including the branch manager. As of March 31, 2011, all of our branch offices were
connected to servers at our corporate office to enable real time information with respect to our loan disbursement and
recovery administration. Our customer origination efforts strategically focus on building long term relationships with our
customers, addresses specific issues and local business requirements of potential customers in a specific region.
Partnership and Co-financing Arrangements with Private Financiers
SRTOs and FTUs generally have limited banking habits and credit history and inadequate legal documentation for
verification of credit worthiness. In addition, because of the mobile nature of the hypothecated assets, SRTOs and FTUs
have limited access to bank financing for pre-owned and new commercial vehicle financing. As a result, the pre-owned truck
financing market in India is dominated by private financiers in the unorganized sector. We have strategically expanded our
marketing and customer origination network by entering into partnership and co-financing arrangements with private
financiers across India involved in commercial vehicle financing.
We enter into strategic partnership agreements with private financiers ranging from individual financiers to small local
private financiers, including other NBFCs. We have established a stable relationship with our partners through our extensive
branch network. In view of the personnel-intensive requirements of our business model, we rely on partnership
arrangements to effectively leverage the local knowledge, infrastructure and personnel base of our partners.
Our partners source applications for pre-owned and new commercial vehicle financing based on certain assessment criteria
specified by us, and is generally responsible for ensuring the authenticity of the customer information and documentation.
The decision to approve a loan is, however, at our discretion. In the event that an application is rejected by us, our partners
are permitted to directly arrange financing for such customer or approach another financier in connection with such proposed
financing.
Our partner sourcing a customer is responsible for obtaining all necessary documentation in connection with the loan
proposal. The partner is responsible for collection of installments and penalties for all customers originated through him.
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The partner is also responsible for any repossession of vehicles and equipment in the event of a default of a loan by a
customer sourced by such partner.
A typical co-financing or partnership agreement stipulates the revenue-sharing ratio, amounts payable as quarterly advance
payments to our partner, and details related to the retention of earnest money. Specifically, we typically stipulate a certain
income-sharing arrangement on the interest on the loan, net of our cost of funding. Since the partner's share of income is
only determined upon settlement of the individual loan contracts, we typically release quarterly advance payments to our
partner. These payments are net of the earnest money deposit, which represents a pre-agreed percentage of the partner's
revenue share. We allocate the earnest money towards a loan loss pool, as well as for business expansion purposes. Loan
loss is typically calculated as our loss on principal and reimbursed expenses on loans from customers sourced by the partner,
with interest at the rate of our cost of funds. The loss is shared between the parties in the same proportion as income. The
parties usually stipulate that the amount available as earnest money deposit in excess of a certain percentage of future
receivables and may be withdrawn by the partner.
Other Marketing Initiatives
We continue to develop innovative marketing and customer origination initiatives specifically targeted at FTUs and SRTOs.
For example, we organize "Truck Bazaars" in several major commercial vehicle hubs in India every month. Customarily the
sale and purchase of pre-owned commercial vehicles is made through brokers or intermediaries, with limited transparency
and access to information and suitable opportunities. At our Truck Bazaars, we provide a comprehensive platform for access
to information about pre-owned commercial vehicles available for purchase and sale, a venue for transporters to buy and sell
pre-owned commercial vehicles directly without the intervention of brokers, as well as a facility for providing advisory
services for a fee on such transactions, together with access to our financing products. This initiative enables us to develop
long standing relationships with repeat customers, and provides us with opportunities to generate new business. These
programs provide us a platform to increase our brand awareness and enable us to promote our financing products.
Further, through our wholly-owned subsidiary Shriram Automall India Limited, we have recently forayed into the business
of developing hubs across India called "Automalls". Our "Automalls" are being developed as a one-stop shop catering to the
various needs of commercial vehicle and equipment users, banks and financial institutions who wish to dispose of
repossessed assets, automobile and equipment dealers and manufacturers. We currently have two operational "Automalls"
near Chennai and Vadodara, where we currently are providing stock-yard services, refurbishing of commercial vehicles and
equipment, sale of commercial vehicles and equipment through auctions. We also provide electronic touch-screen kiosks at
our Company’s various branch offices. We intend to gradually expand our "Automall" business by establishing between 50
and 60 "Automalls" in various parts of the country in the next 12 to 24 months. At each "Automall" we have dedicated
counters and sales representatives of our Company, who are stationed to cater to the financing requirements of commercial
vehicle and equipment users who participate in auctions and sales organized at the "Automalls".
At the "Automalls" and our branch offices we have provided electronic advertising and trading infrastructure, such as touchscreen
kiosks, through which customers will be able to access real-time information on pre-owned vehicles available for
sale. These electronic touch-screen kiosk facilities, will eventually replace our physical Truck Bazaar events. We intend to
utilize our "Automall" platform for marketing of our financial products and develop new customers.
Branding/ advertising
We use the brand name “Shriram Transport Finance” for marketing our products pursuant to a license agreement dated April
1, 2010 with Shriram Ownership Trust, which is valid for a period of three years (i.e. till March 31, 2013). Our brand is well
recognized in India given its association with the brand of our promoter Shriram and our own efforts of brand promotion.
We have launched various publicity campaigns through print and other media specifically targeted at our target customer
profile, FTUs and SRTOs, to create awareness of our product features, including our speedy loan approval process with the
intention of creating and enhancing our brand identity. We believe that our emphasis on brand promotion will be a
significant contributor to our results of operations in future.
Customer Evaluation, Credit Appraisal and Disbursement
Due to our customer profile, in addition to a credit evaluation of the borrower, we rely on guarantor arrangements, the
availability of security, referrals from existing relationships and close client relationships in order to manage our asset
quality. All customer origination and evaluation, loan disbursement, loan administration and monitoring as well as loan
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ecovery processes are carried out by our product executives. We do not utilize or engage direct selling or other marketing
and distribution agents or appraisers to carry out these processes. We follow certain procedures for the evaluation of the
creditworthiness of potential borrowers. The typical credit appraisal process is described below:
Initial Evaluation
When a customer is identified and the requisite information for a financing proposal is received, a branch manager or
product executive meets with such customer to assess the loan requirements and creditworthiness of such customer. The
proposal form requires the customer to provide information on the age, address, employment details and annual income of
the customer, as well as information on outstanding loans and the number of commercial vehicles owned. The applicant is
required to provide proof of identification and residence for verification purposes. In connection with the loan application,
the applicant is also required to furnish a guarantor, typically another commercial vehicle owner, preferably an existing or
former customer. Detailed information relating to such guarantor is also required to be provided.
For pre-owned commercial vehicles or equipment, a vehicle inspection and evaluation report is prepared by our executives
to ascertain, among other matters, the registration details of the vehicle, as well as its condition and market value. A field
investigation report is also prepared relating to the place of residence and of various movable and immovable properties of
the applicant and the guarantor. Each application also requires two independent references to be provided.
Credit policies
We follow stringent credit policies to ensure the asset quality of our loans and the security provided for such loans. Any
deviation from such credit policies in connection with a loan application requires prior approval. Our credit policies include
the following:
• Vehicle type. We only finance vehicles that are used for commercial purposes. As these are income-generating
assets, we believe that this asset type reduces our credit risk.
• Guarantor requirement. Loans must be secured by the personal guarantee of the borrower as well as at least one
third party guarantor. The guarantor must be a commercial vehicle owner, preferably our existing or former
customer, and preferably operating in the same locality as the borrower.
• Loan approval guidelines. From time to time, our management lays down loan approval parameters which are
typically linked to the value of the vehicle/s.
• Age limit for used vehicles. We only extend loans to vehicles that are less than 12 years old.
• Period. In case of pre-owned commercial vehicles, the repayment term ranges between 24 and 48 months. For
new commercial vehicles, the repayment term ranges between 36 and 60 months.
• Prepayment charges. The borrower is charged prepayment charges in the event of termination of the loan by
prepayment.
• Release of documents on full repayment. Security received from the borrower, including unutilized post-dated
cheques, if any, is released on repayment of all dues or on collection of the entire outstanding loan amount,
provided no other existing right or lien for any other claim exists against the borrower.
• RTO records. In case of used vehicle financing, Regional Transport Office (“RTO”) records must be inspected for
non-payment of road tax, pending court cases, and other issues, and the records retained as part of the loan
documentation.
• Physical inspection and trade reference. In case of all pre-owned vehicle financing, the branch manager must
physically inspect the vehicle and assess its value. The branch manager’s determination regarding the condition of
the vehicle is recorded in the evaluation report of the vehicle. The branch manager must also conduct contact point
verification as well as a trade reference check of the borrower before an actual disbursement is made, and such
determination is recorded in the proposal evaluation records.
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Approval Process
The branch manager evaluates the loan proposal based on supporting documentation and various other factors. The primary
criterion for approval of a loan proposal is based on the guarantee provided by another commercial vehicle operator,
preferably an existing or previous customer, as well as the valuation of the asset to be secured by the loan. In addition, our
branch managers may also consider other factors in the approval process such as length of residence, past repayment record
and income sources.
The branch manager is authorized to approve a loan if the proposal meets the criterion established for the approval of a loan.
The applicant is intimated of the outcome of the approval process, as well as the amount of loan approved, the terms and
conditions of such financing, including the rate of interest (annualized) and the application of such interest during the tenure
of the loan.
Disbursement
Margin money and other charges are collected prior to loan disbursements. The disbursing officer retains evidence of the
applicant’s acceptance of the terms and conditions of the loan as part of the loan documentation. A chassis print of the
vehicle is also obtained and maintained in the loan file. The relevant RTO endorsement forms are also required to be
executed by the borrower prior to the disbursement of the loan. Prior to the loan disbursement, the loan officer ensures that a
Know Your Customer checklist is completed by the applicant. The loan officer verifies such information provided and
includes such records in the relevant loan file. The loan officer is also required to ensure that the contents of the loan
documents are explained in detail to the borrower either in English or in the local language of the borrower, and a statement
to such effect is included as part of the loan documentation. The borrower is provided with a copy of the loan documents
executed by him. Although our customers have the option of making payments by cash or cheque, we may require the
applicant to submit post-dated cheques covering an initial period prior to any loan disbursement. For used vehicles, an
endorsement of the registration certificate as well as the insurance policy must be executed in our favor.
Loan administration and monitoring
The borrower and the relevant guarantor are required to execute a standard form of Loan cum Hypothecation Agreement
setting out the terms of the loan. A loan repayment schedule is attached as a schedule to the Loan cum Hypothecation
Agreement, which generally sets out monthly repayment terms. The Loan cum Hypothecation Agreement also requires a
promissory note to be executed containing an unconditional promise of payment to be signed by both the borrower and the
relevant guarantor. A power of attorney authorizing, among others, the repossession of the hypothecated vehicle upon loan
payment default, is also required to be executed.
We provide three payment options: cash, cheques or demand drafts. Repayments are made in monthly installments. Loans
disbursed are recovered from the customer in accordance with the loan terms and conditions agreed with the customer. As a
service to our customers our product executives offer to visit the customers on the payment date to collect the installments
due. We track loan repayment schedules of our customers, on a monthly basis, based on the outstanding tenure of the loans,
the number of installments due and defaults committed, if any. This data is analyzed based on the vehicles financed and
location of the customer.
Our MIS department and centralized operating team monitors compliance with the terms and conditions for credit facilities.
We monitor the completeness of documentation, creation of security etc. through regular visits to the branches by our
regional as well as head office executives and internal auditors. All borrower accounts are reviewed at least once a year, with
a higher frequency for the larger exposures and delinquent borrowers. The branch managers review collections regularly,
and personally contact borrowers that have defaulted on their loan payments. Branch managers are assisted by a set of
product executives in the day-to-day operations, who are typically responsible for the collection of installments from 150 to
200 borrowers each, depending on territorial dispersal. Each branch customarily limits its commercial vehicle financing
loans to approximately 1,000 customers, which enables closer monitoring of receivables. A new branch is opened to handle
additional customers beyond such limit to ensure appropriate risk management. Close monitoring of debt servicing
efficiency enables us to maintain high recovery ratios.
Collection and Recovery
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We believe that our loan recovery procedure is particularly well-suited to our target market in the commercial vehicle
financing industry, as reflected by our high loan recovery ratios compared to the average in the financial services industry.
The entire collection operation is administered in-house and we do not outsource loan recovery and collection operations. In
case of default, the reasons for the default are identified by the local product executive and appropriate action is initiated,
such as requiring partial repayment and/or seeking additional guarantees or collateral.
In the event of a default on three loan installments, the branch manager is required to make a personal visit to the borrower
to determine the gravity of the loan recovery problem and in order to exert personal pressure on the borrower.
We may initiate the process for repossession of the vehicle in the event of a default. Branch managers are trained to
repossess vehicles and no external agency is involved in such repossession. Repossessed vehicles are held at designated
secured facilities for eventual sale. The notice to the customer specifies the outstanding amount to be paid within a
specified period, failing which the vehicle may be disposed of through auction. In the event there is a short fall in the
recovery of the outstanding amount from the sale of the vehicle, legal proceedings against the customer may be initiated.
Our loan asset reconstruction department co-ordinates with our legal team and external lawyers to initiate and monitor legal
proceedings wherever appropriate.
The laws governing the registration of motor vehicles in India effectively establish vehicle ownership, as well as the claims
of lenders. As a result, vehicle repossession in the event of default is a relatively uncomplicated procedure, such that the
possibility of repossession provides an effective deterrent against default.
Asset Quality
We maintain our asset quality through the establishment of prudent credit norms, the application of stringent credit
evaluation tools, limiting customer and vehicle exposure, and direct interaction with customers. In addition to our credit
evaluation and recovery mechanism, our asset-backed lending model and adequate asset cover has helped maintain low
gross and net NPA levels. We provide finance to pre-owned commercial vehicle operators at a lower interest rate compared
to that provided by private financiers, making repayment more manageable for FTUs and SRTOs.
Classification of Assets
The Prudential Norms Directions, 2007, read with the NBFC Acceptance of Public Deposits Directions, 1998, as amended,
prescribed by the RBI, among other matters, require us to observe the classification of our asset; treatment of NPAs; and
provisioning against NPAs.
An asset is termed as an NPA if interest or installments of the principal amount remain overdue for a period of 180 days or
more. Each deposit-accepting NBFC is required to classify its lease/hire purchase assets, loans, advances and other forms of
credit into the following classes, namely:
Standard assets. An asset in respect of which no default in repayment of principal or payment of interest is perceived and
which does not disclose any problem nor carry more than normal risk attached to the business.
Sub-standard assets. An asset will be classified as an NPA for a period not exceeding 18 months or where the terms of the
agreement regarding interest and / or principal have been renegotiated or rescheduled after commencement of operations,
until the expiry of one year of satisfactory performance under the renegotiated or rescheduled terms.
Doubtful assets. An asset which remains a sub-standard asset for a period exceeding 18 months.
Loss assets. An asset which has been identified as loss asset by the NBFC or its internal or external auditor or by the RBI
during the inspection of the NBFC, to the extent that it is not written off by the NBFC; and (b) an asset which is adversely
affected by a potential threat of non-recoverability due to either erosion in the value of security or non availability of security
or due to any fraudulent act or omission on the part of the borrower.
For further information on the Prudential Norms Directions, 2007, refer to the section titled “Regulations and Policies”
beginning on page 238 this Draft Prospectus.
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Provisioning and Write-offs
The Company is required, after taking into account the time lag between an account becoming non-performing, and its
recognition as such, the realization of the security, and the erosion of over time in value of the security charged, to make
provisions against sub-standard, doubtful and loss assets as per the directions issued by RBI. We also consider field reports
and collection patterns at regular intervals to anticipate the need of higher provisioning. Set out below is a brief description
of applicable RBI Guidelines on provisioning and write-offs for loans, advances and other credit facilities including bills
purchased and discounted:
Loans, advances and other credit facilities
Sub-standard assets: A general provision of 10.0% of the total outstanding assets is required to be made.
Doubtful assets: 100.0% provision to the extent to which the advance is not covered by the realizable value of the security to
which the NBFC has a valid recourse is required to be made. The realizable value is to be estimated on a realistic basis. In
addition to the foregoing, depending upon the period for which the asset has remained doubtful, provision is required to be
made as follows:
• if the asset has been considered doubtful for up to one year, provision to the extent of 20.0% of the secured portion
is required to be made;
• if the asset has been considered doubtful for one to three years, provision to the extent of 30.0% of the secured
portion is required to be made; and
• if the asset has been considered doubtful for more than three years, provision to the extent of 50.0% of the secured
portion is required to be made.
Loss assets: The entire asset is required to be written off. If the assets are permitted to remain in the books for any reason,
100.0% of the outstanding assets should be provided for.
Lease and hire purchase assets: In respect of hire purchase assets, the total dues (overdue and future installments taken
collectively) as reduced by (i) the finance charges not credited in our profit and loss account and carried forward as
unmatured finance charges, and (ii) the depreciated value of the underlying asset, are required to be provided for.
Provisioning of Standard Assets:
In terms of the requirement of the circular dated January 17, 2011 issued by the RBI, our Company is also required to make
a general provision at 0.25 per cent of the outstanding standard assets. The provisions on standard assets is not reckoned for
arriving at net NPAs. The provisions towards standard assets are not needed to be netted from gross advances but shown
separately as 'Contingent Provisions against Standard Assets' in the balance sheet. In terms of the aforementioned RBI
requirements, our Company is allowed to include the ‘General Provisions on Standard Assets’ in Tier II capital which
together with other ‘general provisions/ loss reserves’ will be admitted as Tier II capital only up to a maximum of 1.25 per
cent of the total risk-weighted assets.
Our Audit Committee has constituted a policy for making provisions in excess of the amounts prescribed by RBI and we
may make further provisions if we determine that it is prudent for a known and identified risk. Based on our policy our
provisions as of March 31, 2011 stood at ` 45,411.86 lacs as compared to the RBI required provision of ` 26,217.56 lacs.
The following table sets forth, as of the dates indicated, data regarding our NPAs:
Period Gross NPA (`
in lacs)
March 31,
2007
March 31,
2008
Net NPA (` in
lacs)
Total Loan
Assets (` in
lacs)
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Net Loan
Assets (1) (` in
lacs)
% of Gross
NPA to Total
Loan Assets
% of Net NPA
to Net Loan
Assets
17,404.19 11,015.70 841,591.77 835,203.28 2.07% 1.32%
23,670.76 13,553.78 1,515,525.36 1,505,408.38 1.56% 0.90%

Period Gross NPA (`
in lacs)
Net NPA (` in
lacs)
Total Loan
Assets (` in
lacs)
March 31,
2009
March 31,
2010
March 31,
2011
Note: The information above excludes securitized/assigned assets.
(1) Net Loan Assets means Total Loan Assets as adjusted for provisions made.
Net Loan
Assets (1) (` in
lacs)
% of Gross
NPA to Total
Loan Assets
% of Net NPA
to Net Loan
Assets
38,295.11 14,746.53 1,796,168.85 1,772,620.27 2.13% 0.83%
50,749.50 12,488.76 1,797,924.87 1,759,664.13 2.82 % 0.71 %
52,857.78 7,445.92 1,986,561.09 1,941,149.23 2.66 % 0.38 %
Our Gross NPAs as a percentage of Total Loan Assets were 2.66% as of March 31, 2011. Our Net NPAs as a percentage of
Net Loan Assets was 0.38% as of March 31, 2011. We believe that our eventual write-offs are relatively low because of our
relationship based customer origination and customer support, prudent loan approval processes, including adequate collateral
being obtained and our ability to repossess and dispose of such collateral in a timely manner.
Funding Sources
We have expanded our sources of funds in order to reduce our funding costs, protect interest margins and maintain a diverse
funding portfolio that will enable us to achieve funding stability and liquidity. Our sources of funding comprise term loans
including term loans from banks and financial institutions, cash credit from banks, redeemable non-convertible debentures,
subordinated bonds, short term commercial paper, public deposits, and inter-corporate deposits.
Borrowings
The following table sets forth the principal components of our secured loans as of the dates indicated:
As of March 31
` In Lacs
SECURED LOANS 2007 2008 2009 2010 2011
Redeemable non-convertible debentures 1,83,799.02 3,12,255.20 4,82,679.34 483,087.87 475,288.39
Term loans:
- Term loans from banks 2,59,825.48 5,05,329.28 8,33,363.58 929,935.14 937,999.97
- Term loans from financial institutions, foreign
institutions and corporates
82,272.73 1,11,263.73 44,792.69 12,188.42 25,414.44
Cash credit from banks including working capital
demand loans
1,04,118.36 2,25,646.66 3,16,623.70 92,036.64 48,234.79
The following table sets forth the principal components of our unsecured loans as of the dates indicated:
As of March 31,
` In Lacs
UNSECURED LOANS 2007 2008 2009 2010 2011
Fixed deposits 1,105.73 342.00 488.44 11,479.51 112,946.23
Inter-corporate deposits 30.00 120.64 4,657.16 16.68 1.73
Subordinated debt 68,443.43 98,959.81 1,54,776.25 206,599.49 329,816.99
Redeemable non-convertible debentures 13,000.00 3,800.00 2,500.00 2,500.00 0.00
Commercial paper 34,000.00 21,695.00 48,250.00 2,500.00 0.00
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As of March 31,
` In Lacs
UNSECURED LOANS 2007 2008 2009 2010 2011
Term loans:
- Term loans from banks 75,750.00 151,890.38 53,000.00 70,647.21 51,468.76
- Term loans from corporates 47,166.10 46,000.00 71,000.00 35,000.00 7,000.00
Increasingly, we have depended on term loans from banks and the issue of redeemable non-convertible debentures as the
primary sources of our funding. We believe that we have developed stable long term relationships with our lenders, and
established a track record of timely servicing of our debts, and have been able to secure fixed rate long term loans of three to
five years tenure to stabilize our cost of borrowings.
In fiscal 2011, net repayment of bank borrowings was ` 54,915.47 lacs. As of March 31, 2011, loans from banks aggregated
` 1,037,703.52 lacs, as compared to ` 1,092,618.99 lacs as of March 31, 2010.
In fiscal 2011, net redemption of redeemable non-convertible debentures was ` 10,299.48 lacs. As of March 31, 2011, the
aggregate outstanding amount of secured redeemable non-convertible debentures was ` 475,288.39 lacs as compared to `
485,587.87 lacs as of March 31, 2010.
Our short term fund requirements are primarily funded by cash credit from banks including working capital loans. Cash
credit from banks including working capital loans outstanding as of March 31, 2011 was ` 48,234.79 lacs.
As of March 31, 2011 our outstanding subordinated debt amounted to ` 329,816.99 lacs, compared to ` 206,599.49 lacs as
of March 31, 2010. The debt is subordinated to our present and future senior indebtedness. Based on the balance term to
maturity, as of March 31, 2011, `229,091.71 lacs of the discounted book value of subordinated debt is considered as Tier II
under the guidelines issued by the RBI for the purpose of capital adequacy computation.
As of March 31, 2011, outstanding commercial paper amounted to Nil as compared to ` 2,500.00 lacs as of March 31, 2010.
We are registered as a deposit-taking NBFC with the RBI under Section 45IA of the Reserve Bank of India Act, 1934, which
authorizes us to accept deposits from the public. We do not, however, depend on deposits as our primary source of funding.
As of March 31, 2011, we had fixed deposits outstanding of ` 112,946.23 lacs, compared to `11,479.51 lacs as of March 31,
2010, respectively.
We also avail inter-corporate deposits from time to time. As of March 31, 2011, outstanding inter-corporate deposits
amounted to ` 1.73 lacs as compared to ` 16.68 lacs as of March 31, 2010.
Securitization/assignment of Portfolio against financing activities
We also undertake securitization/assignment transactions to increase our capital adequacy ratio, increase the efficiency of
our loan portfolio and as a cost effective source of funds. We sell part of our assets under financing activities from time to
time through securitization/assignment transactions as well as direct assignment. Our securitization/assignment transactions
involve provision of additional collateral and deposits or bank/ corporate guarantee. We carried out our first
securitization/assignment transaction of ` 443.12 lacs in February 2000 and since then we have completed 207 more
transactions with an aggregate value of ` 2,847,524.25 lacs. In fiscal 2011, total book value of loan assets
securitized/assigned was ` 1,020,361.35.
We continue to provide administration services for the securitized/assigned portfolio, the expenses for which are provided
for, at the outset of each transaction. The gains arising out of securitization/assignment, which vary according to a number
of factors such as the tenor of the securitized/assigned portfolio, the yield on the portfolio securitized/assigned and the
discounting rate applied, are treated as income over the tenure of agreements as per RBI guidelines on securitization of
standard assets. Loss, if any, is recognized upfront.
The following tables set forth certain information with respect to our securitization/assignment transactions:
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For the Financial Year Ended March 31,

` In Lacs
2007 2008 2009 2010 2011
Total number of loan assets securitized/assigned 68,204 65,020 149,860 380,673 432,100
Total book value of loan assets securitized/assigned 2,85,979.49 2,11,822.17 3,12,498.40 875,681.04 1,020,361.35
Sale consideration received for securitized/assigned 3,11,095.04 2,48,140.60 3,38,334.83 921,631.22 1,023,668.28
assets
Gain on account of securitization/assignment 29,070.05 36,318.39 41,816.19 262,350.21 2,99,330.23
As on March 31
` In Lacs
2007 2008 2009 2010 2011
Outstanding credit enhancement
-Fixed Deposit 31,095.67 56,687.05 97,459.32 173,588.14 154,928.74
-Guarantees given by third parties - - - - 157,749.58
-Guarantees given by our
- -
4,093.00
Company
- -
Outstanding liquidity facility
-Fixed Deposit 2,236.77 7,127.85 17,137.30 23,833.27 15,865.57
Outstanding subordinate
contribution
6,199.80 5,159.40 3,301.71 2,665.30 Nil.
We are required to provide a credit enhancement for the securitization/assignment transactions by way of either fixed
deposits or corporate guarantees and the aggregate credit enhancement amount outstanding as on March 31, 2011 was `
316,771.32 lacs. In the event a relevant bank or institution does not realize the receivables due under such loan assets, such
bank or institution would have recourse to such credit enhancement.
Treasury Operations
Our treasury operations are mainly focused on meeting our funding requirements and managing short term surpluses. Our
fund requirements are currently predominantly sourced through loans and by issue of debentures to banks, financial
institutions and mutual funds. We also place commercial paper and mobilize retail fixed deposits and inter-corporate
deposits. We have also raised subordinated loans eligible for Tier II capital. We believe that through our treasury operations,
we are able to maintain our ability to repay borrowings as they mature and obtain new loans at competitive rates.
Our treasury department undertakes liquidity management by seeking to maintain an optimum level of liquidity and
complying with the RBI requirement of asset liability management. The objective is to ensure the smooth functioning of all
our branches and at the same time avoid the holding of excessive cash. Our treasury maintains a balance between interestearning
liquid assets and cash to optimize earnings.
Our treasury department also manages the collection and disbursement activities from our head office in Mumbai. We
actively manage our cash and funds flow using various cash management services provided by banks. As part of our treasury
activities, we also invest our surplus fund in fixed deposits with banks, liquid debt-based mutual funds and government
securities. Our investments are made in accordance with the investment policy approved by the Board.
Our investments are predominantly in government securities and certificates of deposits with banks.
Capital Adequacy
We are subject to the capital adequacy ratio (“CAR”) requirements prescribed by the RBI. We are currently required to
maintain a minimum CAR of 12.00%, as prescribed under the Prudential Norms Directions, 2007, based on our total capital
to risk-weighted assets. As per RBI notification dated February 17, 2011, all deposit taking NBFCs have to maintain a
minimum capital ratio, consisting of Tier I and Tier II capital, which shall not be less than 15% of its aggregate risk
weighted assets on balance sheet and risk adjusted value of off-balance sheet items w.e.f. March 31, 2012. As a part of our
governance policy, we ordinarily maintain capital adequacy higher than the statutorily prescribed CAR. As of March 31,
2011, our capital adequacy ratio computed on the basis of applicable RBI requirements was 24.85%, compared to the
minimum capital adequacy requirement of 12.00% stipulated by the RBI.
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The following table sets out our capital adequacy ratios computed on the basis of applicable RBI requirements as of the dates
indicated:
As of March 31,
2007 2008 2009 2010 2011
Capital adequacy ratio ................................................................................................ 13.63% 12.71% 16.35% 21.35% 24.85%
Tier 1 capital………………………………………………………………… 10.25% 9.84% 11.13% 16.04% 16.65%
Competition
We believe that we do not face any significant competition from organized players in our principal business line, the preowned
commercial vehicle financing sector. Most of our customers are not a focus segment for banks or large NBFCs, as
these customers lack substantial credit history and other financial documentation on which many of such financial
institutions rely to identify and target new customers. Our experience-based valuation methodology, our expanding product
portfolio, growing customer base and relationship-based approach are key competitive advantages against new market
entrants. Our primary competition is presented by private unorganized financiers that principally operate in the local market.
These private operators have significant local market expertise, but lack brand image and organizational structure. The
small private financiers also have limited access to funds and may not be able to compete with us on interest rates extended
to borrowers, which we are able to maintain at competitive levels because of our access to a variety of comparatively lower
cost of funding sources and operational efficiencies from our scale of operations. However, private operators may attract
certain clients who are unable to otherwise comply with our loan requirements, such as the absence of an acceptable
guarantor or failure of the commercial vehicle to meet our asset valuation benchmarks. For new commercial vehicle
financing, we compete with more conventional lenders, such as banks and other NBFCs.
Given the relatively minimal scale of our present operations in our other business lines, we do not directly compete with
others in these segments. However, as our operations in our other business lines expand, we may face significant
competition in these segments in future.
Credit Rating
The following table sets forth certain information with respect to our credit ratings as of June 3, 2011:
CARE
Credit Rating
Agency
Instruments
Ratings
Limit in ` Lacs
Non Convertible
Debentures AA+ 255,000
CARE Subordinate Debt AA 180,000
CRISIL Fixed Deposit FAA+
-
CRISIL Subordinate Debt AA 70,000
CRISIL
Non Convertible
Debentures AA 50,000
CRISIL Short Term P1+ 200,000
ICRA Fixed Deposit MAA+
-
FITCH
Non Convertible
Debentures AA(Ind) 550,000
FITCH Short Term FI+(Ind) 150,000
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Credit Rating Instruments
Ratings
Agency
Limit in ` Lacs
FITCH Subordinate Debt AA(Ind) 120,000
The NCDs proposed to be issued under this Issue have been rated ‘AA/Stable’ by CRISIL for an amount of upto ` 1,00,000
Lacs vide its letter dated May 30, 2011, and 'CARE AA+' by CARE for an amount of upto ` 1,00,000 Lacs vide its letter
dated June 3, 2011. The rating of the NCDs by CRISIL indicates high degree of safety with regard to timely payment of
interest and principal on the NCDs. The rating of NCDs by CARE indicates high safety for timely servicing of debt
obligations.
Risk Management
We have developed a strong risk-assessment model in order to maintain healthy asset quality. The key risks and riskmitigation
principles we apply to address these risks are summarized below:
Interest Rate Risk
Our results of operations are dependent upon the level of our net interest margins. Net interest income is the difference
between our interest income and interest expense. Since our balance sheet consists of rupee assets and predominantly rupee
liabilities, movements in domestic interest rates constitute the primary source of interest rate risk. We assess and manage the
interest rate risk on our balance sheet through the process of asset liability management. We borrow funds at fixed and
floating rates of interest, while we extend credit at fixed rates. In the absence of proper planning and in a market where
liquidity is limited, our net interest margin may decline, which may impact our revenues and ability to exploit business
opportunities.
We have developed stable long term relationships with our lenders, and established a track record of timely servicing our
debts. This has enabled us to become a preferred customer with most of the major banks and financial institutions with
whom we do business. Moreover, our valuation capabilities enable us to invest in good quality assets with stable, attractive
yields. Significantly, our loans are classified as priority sector assets by the RBI, such that these loans, when securitized,
find a ready market with various financial institutions, including our lenders.
Liquidity Risk
Liquidity risk arises due to non-availability of adequate funds or non-availability of adequate funds at an appropriate cost, or
of appropriate tenure, to meet our business requirements. This risk is minimized through a mix of strategies, including asset
securitization/assignment and temporary asset liability gap.
We monitor liquidity risk through our asset liability management (“ALM”) function with the help of liquidity gap reports.
This involves the categorization of all assets and liabilities into different maturity profiles, and evaluating these items for any
mismatches in any particular maturities, especially in the short-term. The ALM policy has capped the maximum mismatches
in the various maturities in line with RBI guidelines and ALCO guidelines.
To address liquidity risk, we have developed expertise in mobilizing long-term and short-term funds at competitive interest
rates, according to the requirements of the situation. For instance, we structure our indebtedness to adequately cover the
average three-year tenure of loans we extend. As a matter of practice, we generally do not deploy funds raised from short
term borrowing for long term lending.
Credit risk
Credit risk is the risk of loss that may occur from the default by our customers under the loan agreements with us. As
discussed above, borrower defaults and inadequate collateral may lead to higher NPAs.
We minimize credit risk by requiring that each loan must be guaranteed by another commercial vehicle operator in the same
locality as the borrower, preferably by an existing or former borrower. Furthermore, we lend on a relationship-based model,
and our high loan recovery ratios indicates the effectiveness of this approach for our target customer base. We also employ
advanced credit assessment procedures, which include verifying the identity and checking references of the proposed
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customer thoroughly at the lead generation stage. Our extensive local presence also enables us to maintain regular direct
contact with our customers. In this regard, we assign personal responsibility to each member of the lead generation team for
the timely recovery of the loans they originate, closely monitoring their performance against our Company's standards, and
maintain client and truck-wise exposure limits.
Cash management risk
Our branches collect and deposit approximately two-thirds of our customers' payments in cash. Lack of proper cash
management practices could lead to losses. To address cash management risks, we have developed advanced cash
management checks that we employ at every level to track and tally accounts. Moreover, we conduct regular audits to
ensure the highest levels of compliance with our cash management systems.
Employees
As of March 31, 2011 our total employee strength was 16,919.
We have built a highly capable workforce primarily by recruiting and hiring fresh graduates. As our business model does
not require extensive background in banking or the financial services industry, we prefer to hire and train fresh graduates in
the particular operational aspects of our business. Moreover, we prefer to hire our workforce from the locality in which they
will operate, in order to benefit from their knowledge of the local culture, language, preferences and territory. We emphasize
both classroom training and on-the-job skills acquisition. Post recruitment, an employee undergoes induction training to gain
an understanding of our Company and our operations. Our product executives are responsible for customer origination, loan
administration and monitoring as well as loan recovery and this enables them to develop strong relationships with our
customers. We believe our transparent organizational structure ensures efficient communication and feedback and drives our
performance-driven work culture.
In a business where personal relationships are an important driver of growth, product executive attrition may lead to loss of
business. We therefore endeavor to build common values and goals throughout our organization, and strive to ensure a
progressive career path for promising employees and retention of quality intellectual capital in our Company. We provide a
performance-based progressive career path for our employees. For instance, we introduced an employee stock option plan
(“ESOP”) in 2005 for eligible employees at branch manager level and above. We believe our attrition rates are among the
lowest in the industry at managerial levels.
Intellectual Property
Pursuant to a License Agreement dated April 1, 2010 between our Company and Shriram Ownership Trust, (“SOT”), we are
licensed to use the name "Shriram" and the associated mark for which our Company has to pay to SOT, 0.25% on the gross
turnover of our Company for the first year of the License Agreement. Royalty rates for the subsequent years will be decided
mutually on or before April 1 st of the respective financial years. Along with the royalty, our Company also is required to pay
to SOT amounts by way of reimbursement of actual expenses incurred by SOT in respect of protection and defence of the
Copyright. The License Agreement is valid for a period of three years from the date of execution thereof.
Our Company has obtained trademark registration for the brand names ‘NEW LOOK’ and ‘OKHORNPLEASE.COM’ and
has made applications for the registration of brand names ‘AUTOMALL’ and ‘ONE STOP’ under various classes with the
Registrar of Trademarks.
Technology
We use information technology as a strategic tool in our business operations to improve our overall productivity. We believe
that our information systems enable us to manage our nationwide operations network well, as well as to effectively monitor
and control risks.
All our branches are online, connected through VPN (Virtual Private Network) with our Central Server located at Chennai
Data Center and our Disaster Recovery Site located at Mumbai.
Property
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Our registered office is at Mookambika Complex, 3rd Floor, No. 4, Lady Desika Road, Myalpore, Chennai -
600004, Tamil Nadu, India. Our corporate office is at Wockhardt Towers, Level 3, West Wing, C-2, G Block, Bandra -
Kurla Complex, Bandra (East) Mumbai 400 051, India. As of March 31, 2011, we had 488 branches across India. We
typically enter into lease agreements for these strategic business unit and branch locations.
Collaborations
Except as disclosed herein, our Company has not entered into any collaboration, any performance guarantee or assistance in
marketing by any collaborators.
BUSINESSES OF OUR WHOLLY-OWNED SUBSIDIARIES
Automalls
Through our wholly-owned subsidiary Shriram Automall India Limited, we have recently forayed into the business of
developing hubs across India called "Automall" which are aimed to be a one-stop shop for trading in commercial vehicles
and equipment by commercial and other vehicle and equipment users, banks and financial institutions who wish to dispose
of repossessed assets, automobile and equipment dealers and manufacturers.
We currently have two operational "Automalls" near Chennai and Vadodara. We intend to gradually expand our "Automall"
business by establishing between 50 and 60 "Automalls" in various parts of the country in the next 12 to 24 months. We are
in process of identifying and acquiring properties on a leasehold basis at various locations where we intend to establish our
next "Automalls".
The services currently being offered by Shriram Automall India Limited include the following:
(i)
(ii)
(iii)
(iv)
(v)
Stock-yard services: We provide stock-yard services, wherein commercial vehicle and equipment users and/or
banks and financial institutions which have repossessed commercial vehicle and equipment as underlying security
can park such assets for a pre-determined fee. The stock-yard services are aimed at providing secure parking spaces
for commercial vehicles and equipment so as to reduce threats of pilferage and theft.
Refurbishing facility: We have infrastructure at each "Automall" where we refurbish used commercial vehicles and
equipment before the same can be sold and/or auctioned.
Sale through our intranet-facility: At the "Automalls" and our branch offices we have provided electronic
advertising and trading infrastructure, such as touch-screen kiosks, through which customers will be able to access
real-time information on pre-owned vehicles available for sale. Owners of commercial vehicles and/or equipment
who visit our branch offices and "Automalls" and desirous of selling any commercial vehicle and/or equipment can
register information in connection with the vehicle/equipment proposed to be sold for a nominal registration fee.
Similarly, prospective buyers can register on our platform and can transact in vehicles/equipment which are
registered for sale in our databases. These electronic touch-screen kiosk facilities are aimed at eventually replacing
our physical Truck Bazaar events.
Physical sale through Auctions: We from time to time organize and conduct auction sale of commercial vehicles
and equipments at our "Automalls". In this regard we first identify a number of vehicles and equipment proposed to
be auctioned. Once we have identified sufficient number of vehicles and equipment to be put up for sale, we
announce the date of auction, refurbish the vehicles and/or equipment, if required. A separate department of
Shriram Automall India Limited, simultaneously prepares the budget for the vehicles/equipment to be auctioned
and verifies the documentation, title, lien/charges and payment of taxes in connection with such
vehicles/equipment. Thereafter, we advertise and market the proposed auction through pamphlets, brochures,
emails, electronic, and other advertisements. Prior to the action the yards are prepared and catalogues for the items
proposed to be auctioned are printed. Thereafter, bidders are registered, their know your customers details are
verified and security deposits are collected from the prospective bidders.
Shriram New Look: Shriram Automall India Limited has introduced "Shriram New Look", a facility available
within our "Automalls" managed by a dedicated team, which bids for commercial vehicles in auctions, which are
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typically between 4 to 5 years old and upon acquiring the asset, refurbishes the same and sells the asset under its
own brand name.
For the financial year ended March 31, 2011, Shriram Automall India Limited had reported an income from operations of `
6,216.27 Lacs. Being in the initial stages of its operations the company had incurred a loss of ` 1,391.51 Lacs for the
financial year ended March 31, 2011. In the financial year ended March 31, 2011, our Company has invested in Shriram
Automall India Limited by subscribing to 9,950,000 equity shares of ` 10 each issued by Shriram Automall India Limited.
We propose to provide in the near future online sale of commercial vehicles and equipment through website/s, which is in
the process of being developed. We also intend to provide valuation services and end-to-end "refurbishing" services relating
to automobiles and equipment at our "Automalls" in the near future. We propose to work in close alliance with various
banks and financial institutions, vehicle and equipment users, manufacturers, and dealers to consolidate and develop our
"Automall" business to cater to their specific requirements.
Equipment Finance
We have also forayed into the business of providing equipment finance in connection with both new and pre-owned
construction and other equipment, through our wholly owned subsidiary, Shriram Equipment Finance Company Limited,
which received a certificate of registration dated October 8, 2010, to carry on the business of a NBFC (without accepting
public deposits) from the RBI. As on March 31, 2011 Shriram Equipment Finance Company Limited had disbursed
equipment finance loans aggregating to ` 65,643.40 lacs and had earned a net profit of ` 115.70 Lacs for the financial year
ended March 31, 2011. For the financial year ended March 31, 2011, Shriram Equipment Finance Company Limited
reported income from operations of ` 2,002.83 Lacs. As on March 31, 2011, Shriram Equipment Finance Company Limited
had assets under finance of ` 63,416.10 Lacs. In the financial year ended March 31, 2011, our Company has subscribed to
15,000,000 CCPSs of ` 100 each issued by Shriram Equipment Finance Company Limited.
We believe that infrastructure development and construction businesses are likely to benefit from the significant investment
in infrastructure by the Government of India and state governments and as well as by the private sector. Many of our
customers have upgraded themselves and have become a sub-contractor and we believe that the construction equipment
business segment will be a logical extension of our product portfolio for our existing customer base With the global
meltdown many of the existing equipment financiers have stopped funding the construction equipment and consequently, a
vacuum has been created in the market. We aim to tap the existing customer base and the new set of customers. We believe
that the construction equipment finance segment provides significant growth opportunity, and intend to increasingly focus on
construction equipment finance as a distinct business segment.
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HISTORY, MAIN OBJECTS AND KEY AGREEMENTS
Brief background of our Company
Our Company was incorporated as a public limited company under the provisions of the Act, by a certificate of
incorporation dated June 30, 1979, issued by the ROC, Tamil Nadu, Chennai. Our Company commenced its operations,
pursuant to a certificate of commencement of business dated October 9, 1979. Subsequently, our Company has obtained a
certificate of registration dated September 4, 2000 bearing registration no. A-07-00459 issued by the RBI to carry on the
activities of a NBFC under section 45 IA of the RBI Act, 1934, which has been renewed on April 17, 2007, (bearing
registration no. 07-00459). The registered office of our Company is Mookambika Complex, 3 rd Floor, No. 4, Lady Desika
Road, Mylapore, Chennai, Tamil Nadu – 600004.
Amalgamation of Shriram Investments Limited and Shriram Overseas Finance Limited with our Company
The Hon’ble High Court of Madras vide its order dated November 25, 2005, approved the scheme of arrangement and
amalgamation of the erstwhile SIL, with our Company, (“SIL Scheme of Merger”). The appointed date for the SIL Scheme
of Merger was April 1, 2005 and the record date for the purposes of re-organisation and issue of shares was December 21,
2005.
The Hon’ble High Court of Madras vide its order dated December 1, 2006, approved the scheme of arrangement and
amalgamation of the erstwhile SOFL with our Company, (“SOFL Scheme of Merger”). The appointed date for the SOFL
Scheme of Merger was April 1, 2005 and the record date for the purposes of re-organisation and issue of shares was
February 9, 2007.
Change in registered office of our Company
The registered office of our Company was changed from 123, Angappa Naicken St., Chennai, Tamil Nadu - 600001 to
Mookambika Complex, 3 rd Floor, No. 4, Lady Desika Road, Mylapore, Chennai, Tamil Nadu – 600004 with effect from
July 26, 2010.
Main objects of our Company
The main objects of our Company as contained in our Memorandum of Association are:
• To carry on and undertake business as Financiers and Capitalists, to finance operations of all kinds such as
managing, purchasing, selling, hiring, letting on hire and dealing in all kinds of vehicles, motor cars, motor buses,
motor lorries, scooters and all other vehicles;
• To undertake and carry on all operations and transactions in regard to business of any kind in the same way as an
individual capitalist may lawfully undertake and carry out and in particular the financing Hire Purchase Contracts
relating to vehicles of all kinds;
• To carry on and undertake business as Financier and Capitalists to finance operations of all kinds such as managing,
purchasing, selling, hiring, letting on hire and dealing in all kinds of property, movable or immovable goods,
chattels, lands, bullion;
• To undertake and carry on all operations and transactions in regard to business of any kind in the same manner as
an individual capitalist may lawfully undertake and carryout and in particular financing hire purchase contracts
relating to property or assets of any description either immovable or movable such as houses, lands, stocks, shares,
Government Bonds;
• To carry on and become engaged in financial, monetary and other business transactions that are usually and
commonly carried on by Commercial Financing Houses, Shroffs, Credit Corporations, Merchants, Factory, Trade
and General Financiers and Capitalists;
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• To lend, with or without security, deposit or advance money, securities and property to, or with, such persons and
on such terms as may seem expedient;
• To purchase or otherwise acquire all forms of immovable and movable property including Machinery, Equipment,
Motor Vehicles, Building, Cinema Houses, Animals and all consumer and Industrial items and to lease or otherwise
deal with them in any manner whatsoever including resale thereof, regardless of whether the property purchased,
and leased be new and/or used;
• To provide a leasing advisory counselling service to other entities and/or form the leasing arm for other entities;
• The Company shall either singly or in association with other Bodies Corporate act as Asset Management
Company/Manager/Fund Manager in respect of any Scheme of Mutual Fund whether Open-End Scheme or Closedend
Scheme, floated/ to be floated by any Trust/Mutual Fund (whether offshore or on shore)/ Company by
providing management of Mutual Fund for both offshore and onshore Mutual Funds, Financial Services
Consultancy, exchange of research and analysis on commercial basis;
• Constitute any trust and to subscribe and act as, and to undertake and carry on the office or offices and duties of
trustees, custodian trustees, executors, administrators, liquidators, receivers, treasurers, attorneys, nominees and
agents; and to manage the funds of all kinds of trusts and to render periodic advice on investments, finance, taxation
and to invest these funds from time to time in various forms of investments including shares, term loans and
debentures etc.;
• Carry on and undertake the business of portfolio investment and Management, for both individuals as well as large
Corporate Bodies and/or such other bodies as approved by the Government, in Equity Shares, Preference Shares,
Stock, Debentures (both convertible and non-convertible), Company deposits, bonds, units, loans obligations and
securities issued or guaranteed by Indian or Foreign Governments, States, Dominions, Sovereigns, Municipalities
or Public Authorities and/or any other Financial Instruments, and to provide a package of Investment/Merchant
Banking Services by acting as Managers to Public Issue of securities, to act as underwriters, issue house and to
carry on the business of Registrar to Public issue/various investment schemes and to act as Brokers to Public Issue;
• Without prejudice to the generality of the foregoing to acquire any share, stocks, debentures, debenture-stock,
bonds, units of any Mutual Fund Scheme or any other statutory body including Unit Trust of India, obligations or
securities by original subscription, and/or through markets both primary, secondary or otherwise participating in
syndicates, tender, purchase, (through any stock exchange, OTC exchange or privately), exchange or otherwise and
to subscribe for the same whether or not fully paid up, either conditionally or otherwise, to guarantee the
subscription thereof and to exercise and to enforce all rights and powers conferred by or incidental to the ownership
thereof and to advance deposit or lend money against securities and properties to or with any company, body
corporate, firms, person or association or without security and on such terms as may be determined from time to
time;
• To engage in Merchant Banking activities, Venture Capital, acquisitions, amalgamations and all related merchant
banking activities including loan syndication;
• To carry on the business as manufacturers, Exporters, Importers, Contractors, Sub-contractors, Sellers, Buyers,
Lessors or Lessees and Agents for Wind Electric Generators and turbines, Hydro turbines, Thermal Turbines, Solar
modules and components and parts including Rotor blades, Braking systems, Tower, Nacelle, Control unit,
Generators, etc. and to set up Wind Farms for the company and/or for others either singly or jointly and also to
generate, acquire by purchase in bulk, accumulate, sell, distribute and supply electricity and other power (subject to
and in accordance with the laws in force from time to time);
• To carry on business of an investment company or an Investment Trust Company, to undertake and transact trust
and agency investment, financial business, financiers and for that purpose to lend or invest money and negotiate
loans in any form or manner, to draw, accept, endorse, discount, buy, sell and deal in bills of exchange, hundies,
promissory notes and other negotiable instruments and securities and also to issue on commission, to subscribe for,
underwrite, take, acquire and hold, sell and exchange and deal in shares, stocks, bonds or debentures or securities of
any Government or Public Authority or Company, gold and silver and bullion and to form, promote and subsidise
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and assist companies, syndicates and partnership to promote and finance industrial enterprises and also to give any
guarantees for payment of money or performance of any obligation or undertaking, to give advances, loans and
subscribe to the capital of industrial undertakings and to undertake any business transaction or operation commonly
carried on or undertaken by capitalists, promoters, financiers and underwriters;
• To act as investors, guarantors, underwriters and financiers with the object of financing Industrial Enterprises, to
lend or deal with the money either with or without interest or security including in current or deposit account with
any bank or banks, other person or persons upon such terms, conditions and manner as may from time to time be
determined and to receive money on deposit or loan upon such terms and conditions as our Company may approve
provided that our Company shall not do any banking business as defined under the Banking Regulations Act, 1949;
• To carry on in India or elsewhere the business of consultancy services in various fields, such as, general,
administrative, commercial, financial, legal, economic, labour and industrial relations, public relations, statistical,
accountancy, taxation and other allied services, promoting, enhancing propagating the activity of investment in
securities, tendering necessary services related thereto, advising the potential investors on investment activities,
acting as brokers, sub-brokers, Investment Consultant and to act as marketing agents, general agents, sub agents for
individuals/ bodies corporate/Institutions for marketing of shares, securities, stocks, bonds, fully convertible
debentures, partly convertible debentures, Non-convertible debentures, debenture stocks, warrants, certificates,
premium notes, mortgages, obligations, inter corporate deposits, call money deposits, public deposits, commercial
papers, general insurance products, life insurance products and other similar instruments whether issued by
government, semi government, local authorities, public sector undertakings, companies corporations, co-operative
societies, and other similar organizations at national and international levels;
• To carry on the business of buying, selling of trucks and other CVs and reconditioning, repairing, remodelling,
redesigning of the vehicles and also acting as dealer for the said vehicles, for all the second hand commercial and
other vehicles and to carry on the business of buying, selling, importing, exporting, distributing, assembling,
repairing and dealing in all types of vehicles including re-conditioned and re-manufactured automobiles, two and
three wheelers, tractors, trucks and other vehicles and automobile spares, replacement parts, accessories, tools,
implements, tyres and tubes, auto lamps, bulbs, tail light and head light bulbs, assemblies and all other spare parts
and accessories as may be required in the automobile industry.
Key terms of our Material Agreements
(1) Share subscription agreement dated February 2, 2006 & Amendment Agreement dated September 12, 2008
with Newbridge India Investments II Limited (“New Bridge”), our Promoter, Mr. R. Thyagarajan, Mr. T
Jayaraman, Mr. AVS Raja and Shriram Financial Services Holdings Private Limited, (collectively
“Founders”), Shriram Recon Trucks Limited, Shriram Holdings (Madras) Private Limited and SOFL
Pursuant to the aforesaid agreement New Bridge has subscribed to 49.00% of the paid-up share capital of our
Promoter, and our Promoter has subscribed to 2,44,78,681 (two hundred and forty four lac seventy eight thousand
six hundred and eighty one) Equity Shares and 1,60,00,000 (one hundred and sixty lac) warrants of our Company.
The salient features of the aforesaid agreement are as follows:
(i)
Board of Directors: Under the terms of the aforesaid agreement, our Board shall constitute of 12 (twelve) Directors
of which two shall be nominees of New Bridge, two shall be nominees of Founders, two shall be nominees of UNO
Investments and one nominee each of Citicorp and IREDA and the rest shall be independent directors. As on the
date of this Draft Prospectus, UNO Investments, Citicorp and IREDA do not hold any equity shares in the paid up
equity share capital of our Company, and consequently are not entitled to appoint any nominee on the board of
directors of our Company. The Founders shall appoint the Managing Director. New Bridge and the Founders shall
agree on a panel of not more than 10 (ten) independent directors, to be reconstituted every year. The directors
nominated by New Bridge and the Founders shall have equal rights and privileges. Both New Bridge and Founders
shall be entitled to nominate equal number of nominees on each committee of our Board. In the event that the size
of the Board is increased beyond 12 directors, New Bridge and the Founders will each be entitled to appoint three
directors on the Board. In the event that any shareholder having a right to nominate a director ceases to have such
right, then the resulting vacancy shall be filled by the appointment of independent directors. In addition, New
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Bridge, on the one hand, and the Founders, on the other hand, are entitled to nominate an equal number of nominees
on any committee of the Board.
(ii)
(iii)
Quorum: The quorum for any meeting of the committee formed to take decisions on certain reserved matters, which
require the specific consent of the respective nominees of New Bridge and the Founders shall be 2 (two) Directors,
of which, one shall be the nominee of the New Bridge or the Founders, or both, as the case may be.
Fundamental Issues: Certain reserved matters require the affirmative vote and/or prior consent of the directors
nominated by New Bridge and the Founders on our Board or any committee thereof. These matters include, among
others, any further issuance of any Equity Shares by our Company; acquisition of the assets of any other business;
creation of a joint venture or partnership, or merger, demerger and consolidation or any other business combination;
disinvestment in any subsidiary; appointment, removal and revision of the compensation of key personnel; capital
expenditure in excess of ` 50 lacs; any amendment to the memorandum or articles of association of our Company;
any amendment in the annual business plan of our Company; commencement of a new line of business; any
changes to material accounting or tax policies; recommendation of or declaration of dividend or distribution of any
kind; removal of the statutory or internal auditor; any bankruptcy, dissolution, insolvency, recapitalization,
reorganization, assignment to creditors, winding up and/or liquidation; an increase or reorganization in the issued,
subscribed or paid up equity or preference share capital; any connected person transaction; any amendment,
modification or cancellation of the trademark license agreement (license and user agreement) between Shriram
Capital Limited, as licensor, and our Company for the use of the "Shriram" brand and associated logos (which have
subsequently been assigned by Shriram Capital Limited to Shriram Ownership Trust). In the event that the
beneficial ownership of New Bridge in our Company, indirectly through our Promoter or directly, becomes greater
than that of the Founders, then the number of reserved matters requiring the affirmative vote of the directors
nominated by the Founders would be reduced; moreover, in such event, New Bridge shall also be entitled to appoint
and remove the managing director (whether designated as managing director, CEO, COO or otherwise) and other
key employees of our Company and of our Promoter.
(iv) Exit: As an exit mechanism, New Bridge may, at any time after expiry of two years from September 12, 2008,
require our Promoter to distribute the shares held by our Promoter in our Company amongst the Founders and New
Bridge in proportion to their respective holdings in our Promoter; in the alternative, New Bridge may require the
merger of our Promoter with our Company in order to effect such distribution. Moreover, within two years from
September 12, 2008, New Bridge is entitled to acquire controlling interest in our Promoter from the Founders,
subject to the payment of a call option price plus a control premium. The Company, the Founders and our Promoter
Shriram Holdings (Madras) Private Limited have agreed to jointly and severally indemnify New Bridge in the event
of any breach of the terms of such Share Subscription Agreement.
(v)
Drag along rights: Drag along rights are also provided for in the Share Subscription Agreement. New Bridge is
entitled, at any time after March 31, 2011 to require the Founders to sell all or part of the latter's shares or warrants
in our Company or in our Promoter. In the event that New Bridge does not accept the purchase offer of a proposed
purchaser as communicated by the Founders, New Bridge may in turn present the Founders with the terms of
another purchase offer, which shall not provide for a lower purchase price.
Certain rights enjoyed by New Bridge and the Founders under the aforesaid agreement shall extinguish upon sale
and/or transfer, (other than to affiliates), of more than 50% of the fully diluted percentage beneficial ownership held
by New Bridge or the Founders, as the case may be, in our Company.
(2) Share Purchase Agreement dated March 28, 2007, with Ashley Transport Services Limited (“ATSL”), Ashok
Leyland Limited and INDUSIND Bank and Shareholders Agreement dated March 28, 2007 with Ashok
Leyland Limited, Ashley Investments Limited Ashley Holdings Limited (“AL Group”) and Ashley Transport
Services Limited (“ATSL”), (collectively “Joint Venture Agreements”)
.
Pursuant to the Joint Venture Agreements, our Company had acquired 4,00,000 (four lac) equity shares of ` 100/-
each of ATSL (at ` 45 per share), representing 40% (forty per cent) of the paid-up share capital of ATSL from the
Sellers. However current holding of our Company in ATSL has reduced to 15% on account of transfer of shares to
an associate company. The salient features of the Joint Venture Agreements are as follows:
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(i)
(ii)
(iii)
(iv)
Board Composition: The board of directors of ATSL shall have 5 (five) members, of which 2 (two) members shall
be the nominees of our Company and 3 (three) members shall be the nominees of the AL Group. AL Group shall be
entitled to appoint the chairman of the board of directors of ATSL.
Prior Consent of Sellers: The day to day affairs of ATSL shall be exercised by the chief executive officer to be
appointed by AL Group with the consent of the board of directors of ATSL. No decision on certain fundamental
issues relating to ATSL, as contemplated in the Joint Venture Agreements, shall be taken except with the
affirmative vote of at least one nominee of our Company and/or its affiliates and one nominee of the AL group,
respectively, on the board of directors of ATSL. Such fundamental issues inter-alia relate to change of name,
amendment to memorandum and articles of association, changes in the capital structure, declaration of dividend,
appointment of functional heads, any proposal for merger/ consolidation / reconstruction/ liquidation, change of
auditors, change of accounting principles and policies, and approval of employment policies.
Transfer of Rights: For a period of 3 (three) years neither party can transfer or assign its shares held in ATSL to any
person other than an affiliate of such party. Thereafter, the party intending to sell shall give the other parties the
right of first refusal with respect to the shares of ATSL proposed to be transferred.
Non-Compete: Neither our Company nor the AL Group shall compete with the business of ATSL in India, during
the term of the Joint Venture Agreement, and 3 (three) years from the time they cease to be a party thereto.
However, the aforesaid restriction shall not apply to investments upto 24% (twenty four per cent) of the capital of
any company.
(3) Agreement dated September 8, 2006 and Supplemental Agreement dated July 20, 2007 with UTI Bank
Limited, (now known as Axis Bank Limited), (“Axis Bank”), in connection with Co-branded Credit Cards,
(collectively referred to as “Credit Card Agreement”):
Our Company has executed the Credit Card Agreement with Axis Bank, for jointly establishing a co-branded credit
card programme for the issue of co branded credit cards, (“Card”), issued by Axis Bank which would bear
trademarks, service marks and emblems, of (a) Axis Bank, (b) our Company, (c) VISA International, and (d) any
other names, marks and/or logos which the parties may mutually agree upon. The salient features of the Credit Card
Agreement are as follows:
(i)
(ii)
(iii)
Co-branded Card Programme: The Card shall be in an agreed form which will conform to Axis Bank’s card design
standards and the guidelines issued by VISA International from time to time. The design of the Card shall be
subject to the prior approval of Axis Bank and shall conform to guidelines formulated by VISA international.
Issue of the Card: The Cards shall be produced by Axis Bank at its own cost and expenses and shall be issued and
owned by Axis Bank during the pendency of the Credit Card Agreement.
Marketing and distribution: Our Company shall be primarily responsible for implementing the marketing plan and
for sourcing of the new Card. The marketing plan shall be reviewed once in a year by both parties jointly to
consider such improvements as may be necessary. Our Company shall be liable to bear all costs in connection with
marketing of the Card.
(4) Assignment Agreement dated December 22, 2009 between GE Capital Services India and GE Capital
Financial Services (collectively, the “GE Entities”) and our Company; (“Assignment Agreement”)
Pursuant to the terms of an Assignment Agreement our Company has acquired with effect from December 24, 2009
from the GE Entities, on a non-recourse basis, a certain portfolio of receivables in connection with certain loan
facilities relating to commercial vehicle loans and construction equipment loans (the “GE Receivables”), together
with all right, title and interest therein under the relevant underlying loan and security documents relating to the GE
Receivables as of November 28, 2009
(5) License Agreement dated April 1, 2010 between Shriram Ownership Trust, (“ SOT”) and our Company,
(“License Agreement”):
Pursuant to the License Agreement, SOT granted license to use the non exclusive copyright, relating to the existing
artistic work “SHRIRAM” logo, (“Copyright”) assigned in the favour of SOT by Shriram Capital Limited, to our
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Company and to reproduce the said work, in connection with the business activities of our Company in the territory
of India during the term of the Copyright. The salient terms of the License Agreement are as follows:
(i)
(ii)
(iii)
Consideration: A royalty of 0.25% on the gross turnover of our Company for the first year of the License
Agreement will be paid by our Company to SOT. Royalty rates for the subsequent years will be decided mutually
on or before April 1 st of the respective financial years. Royalty will be paid by our Company to SOT with quarterly
rates ending on June 30 th , September 30 th , December 31 st and March 31 st with effect from date of the License
Agreement. Along with the royalty, our Company will also pay to SOT amounts by way of reimbursement of actual
expenses incurred by SOT in respect of protection and defence of the Copyright.
Duration: The License Agreement will remain in force for a period of three years and can be renewed thereafter by
mutual consent. SOT may terminate the agreement if our Company breaches the provisions of the License
Agreement and fails to remedy such breach within 60 days of notice of such breach.
Arbitration: In case of dispute or difference arising between the SOT and our Company shall be referred to an
arbitrator decided on a mutual consent and the decision of the arbitrator is final and binding on both the parties. The
place of arbitration shall be in Chennai.
(6) Agreement dated August 21, 2010 between Shriram Capital Limited, (“SCL”) and our Company,
(“Agreement”)
Our Company has executed the Agreement with SCL in connection with grant of inter corporate loan to SCL or to
any of its associates/ affiliates and the disbursements of loans thereof. The salient terms of the Agreement are:
(i)
(ii)
(iii)
Limit: The grant of loan by our Company to SCL or to any of its associates/ affiliates can be availed in one or more
tranches, subject to total amount of net loan outstanding from SCL and/or its associates/affiliates to our Company,
in aggregate shall not exceed ` 300 crores at any point of time. The aggregate of loan availed by SCL and/or its
associates/affiliates shall not exceed the aggregate of the net worth of SCL as per the latest available audited
balance sheet.
Rate of interest: The rate of interest payable on the loan shall not be lower than the prevailing bank rate, being the
standard rate made public under section 49 of Reserve Bank of India Act, 1934. Subject to the aforesaid conditions,
the rate of interest shall be 11% per annum.
Disbursement: The disbursement of loan shall be subject to availability of liquid funds with our Company at the
relevant point of time.
Pursuant to the terms of the Agreement, the terms and conditions laid down in the Agreement shall apply mutatis
mutandis to the loan given by SCL to our Company.
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OUR MANAGEMENT
Board of Directors
The general superintendence, direction and management of our affairs and business are vested in our Board of Directors. We
have not appointed any ‘manager’ within the meaning thereof under the provisions of the Act. Currently, we have 10 (ten)
Directors on our Board.
Details relating to Directors
Name, Designation,
Age and DIN
Mr. Arun Duggal
Non Executive
Chairman
Age: 64
DIN: 00024262
Mr. R. Sridhar
Managing Director
Age: 52
DIN: 00136697
Mr. S. Venkatakrishnan
Non Executive Director
Age: 81
DIN: 00136608
Nationality
Indian/U.S.
citizen (Dualcitizenship
holder)
Date of
Appointment
September 9,
2005
Indian September 14,
2000
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Address
A-4, 3 rd Floor, West
End Colony, New Delhi
– 110021.
Bungalow No. 33, Atur
Park, VN Purav
Marg, Chembur,
Mumbai – 400071.
Indian July 28, 2000 34, Oliver Road,
Mylapore,
Chennai – 600004, Tamil
Nadu.
Other Directorships
(i) Zuari Industries Limited;
(ii) Patni Computers Systems Limited;
(iii) Ecron Acunova Limited;( Name
change from Manipal Acunova ltd.);
(iv) Info Edge (India) Limited ;
(v) Jubiliant Energy N.V, Canada;
(vi) Shriram Properties Limited;
(vii) Dish TV India Limited;
(viii) Shriram City Union Finance
Limited;
(ix) Mundra Port and Special Economic
Zone Limited;
(x) Shriram EPC Limited;
(xi) Motrice Limited, Singapore;
(xii) FIL Fund Management Private
Limited;
(xiii) Carzonrent (India) Private Limited;
(xiv) The Bellwether Microfinance Fund
Private Limited;
(xv) International Asset Reconstruction
Company Private Limited;
(xvi) Blackstone Investment Company
Private Limited;
(xvii) Tanglewood Financial Advisors
Private Limited;
(xviii) Shriram Capital Limited; and
(xix) Jubiliant Energy N.V, Netherlands
(i) Shriram Chits (Maharashtra)
Limited;
(ii) Ashley Transport Services Limited;
(iii) Shriram Holdings (Madras) Private
Limited; and
(iv) Shriram Equipment Finance
Company Limited
(i) Galada Finance Limited;
(ii) Shriram City Union Finance
Limited;
(iii) Shriram Housing Finance &
Development Company Limited;
(iv) Novochem Laboratories Limited;
(v) Madras Shoe Fabric Company
Limited;
(vi) Shriram Credit Company Limited;
(vii) Shriram Trade Finance Limited;
(viii) Shriram Industrial Holdings Private
Limited;
(ix) Shriram Exports Private Limited;
(x) Ranjani Enterprises Private Limited;
(xi) Charukesi Investments Private

Name, Designation,
Age and DIN
Mr. S. M. Bafna
Non-Executive and
Independent Director
Age: 49
DIN: 00162546
Nationality
Date of
Appointment
Indian September 9,
2005
Address
22, Gobind Mahal,
86– B, Marine Drive,
Mumbai – 400020.
Other Directorships
Limited;
(xii) Road Safety Club Private Limited;
(xiii) Rambal Properties Private Limited;
(xiv) Shriram Investments Holdings
Limited;
(xv) Shriram Overseas Investment
Private Limited (Formerly
Dhanashri Investments Private
Limited);
(xvi) Bilahari Enterprises Private Limited;
(xvii) Celinda Finance and Investment
Company Private Limited; and
(xviii) Alagiri Spinning and Weaving Mills
Private Limited
(i) Sewa Finance Limited;
(ii) Ishuta Electronics (India) Limited;
(iii) Bafna Motors (Mumbai) Private
Limited;
(iv) Bafna Motors (Ratnagiri) Private
Limited;
(v) Bafna Motors Private Limited;
(vi) Kishor Transport Services Private
Limited;
(vii) Rushabh Motors Private Limited;
(viii) Bafna Aviation Private Limited;
(ix) BNB Containers Private Limited;
(x)
(xi)
Urjayant Estate Private Limited;
Bafna Health Care Private Limited;
and
(xii) Toyota Logistic Kishor India Private
Limited
Mr. M. S. Verma
Non-Executive and
Independent Director
Age: 72
DIN: 00115431
Mr. Adit Jain
Non-Executive and
Independent Director
Age: 50
DIN: 00835144
Indian October 26,
2006
Indian October 26,
2006
A – 55, Belvedere Park,
DLF City,
Phase III,
Gurgaon – 122002,
Haryana.
Kachnar House,
F – 63, Radhe Mohan
Drive,
Gadaipur Bund Road,
Chattarpur, Mehrauli,
New Delhi – 110074.
(i) Visa Steel Limited;
(ii) Visa Power Limited;
(iii) T.K. International Private Limited;
(iv) Asian Heart Institute and Research
Centre Private Limited;
(v) International Asset Reconstruction
Company Private Limited;
(vi) Moser Baer Projects Private
Limited; and
(vii) Shriram Equipment Finance
Company Limited
(i) International Market Assessment
India Private Limited;
(ii) IMA Corporate Advisory Services
Private Limited;
(iii) EIU India Private Limited;
(iv) PR Pundit Public Relations Private
Limited;
(v) Mahanagar Telephone Nigam
Limited;
(vi) Indosolar Limited; and
(vii) Engineers India Limited
Mr. M. M. Chitale
Non-Executive and
Independent Director
Indian October 26,
2006
4/46, Vishnu Prasad
Society,
Vile Parle (East),
Mumbai – 400057.
- 132 -
(i)
(ii)
(iii)
(iv)
ASREC (India) Limited;
Larsen & Toubro Limited;
Ram Ratna Wires Limited;
Itz Cash Card Limited;

Name, Designation,
Age and DIN
Age: 61
DIN: 00101004
Nationality
Date of
Appointment
Address
Other Directorships
(v) ONGC Mangalore Petrochemicals
Limited;
(vi) ONGC Petro Additions Limited;
(vii) Essel Propack Limited;
(viii) Foseco India Limited;
(ix) Principal PNB Asset Management
Company Private Limited; and
(x) L&T General Insurance Company
Limited
Mr. Puneet Bhatia
Non-Executive Director
and
Nominee of Newbridge
India Investments II
Limited
Age: 44
Indian October 26,
2006
214 B Aralias
Apartments, DLF PH- V
Old Golf Club, Gurgaon,
Haryana – 122 009.
(i)
(ii)
TPG Capital India Private Limited;
and
Shriram Holdings (Madras) Private
Limited
DIN: 00143973
Mr. S.
Lakshminarayanan
Non-Executive and
Independent Director
Age: 64
DIN: 02808698
Mr. Ranvir Dewan
Non-Executive Director
and
Nominee of Newbridge
India Investments II
Limited
Age: 57
Indian September 22,
2009
Foreign October 26,
2006
33 Paschimi Marg, First
Floor, Vasant Vihar, New
Delhi – 110057
41, Ewe Boon Road,
# 11-41, Crystal Tower,
Singapore-259335.
(i)
(ii)
(iii)
(iv)
(v)
(i)
(ii)
Sun Group Enterprises Private
Limited;
Biopure Healthcare Private Limited;
ELCOM Systems Private Limited;
Shriram Life Insurance Company
Limited; and
Shriram Automall India Limited
PT Bank Tabunean Pensiunan
Nasional (Indonesia); and
Shriram City Union Finance Limited
DIN: 01254350
Profile of Directors
Mr. Arun Duggal - Chairman
Mr. Arun Duggal is the non-executive Chairman of our Board. Mr. Duggal holds a Bachelor’s degree in Mechanical
Engineering from the Indian Institute of Technology, Delhi and a Master’s degree in Business Administration from the
Indian Institute of Management, Ahmedabad. Mr. Duggal is an experienced international banker and has an experience of
approximately 33 years in the banking and finance industry. He has advised companies on financial strategy, mergers and
acquisitions and on various means of capital raising.
He is on the Board of Directors of Jubiliant Energy. Netherlands (Chairman of Audit Committee), Patni Computers
(Chairman of Audit Committee), Fidelity Fund Management, Ecron Acunova, Zuari Industries, Info Edge (Chairman of
Audit Committee), Dish TV, Mundra Port, Motrice Limited (Singapore) (Chairman of Audit Committee), Shriram City
Union Finance Limited, Shriram Capital Limited and others. He is also a member of the Investment Committee of Axis
Private Equity. He had a distinguished career with Bank of America for 26 years in the US, Hong Kong, Japan, Philippines,
etc. He was the Chief Executive of Bank of America in India from 1998 to 2001.
Currently, he is a visiting faculty at the Indian Institute of Management, Ahmedabad and teaching Venture Capital.
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Mr. R. Sridhar – Managing Director
Mr. R. Sridhar is a fellow member of the Institute of Chartered Accountants of India. He joined Shriram in 1985 and was
later promoted as President of the company in 1994. He was co-opted as an Additional Director and appointed as the
Managing Director of the company in September 2000 and was reappointed as the Managing Director in 2005 and 2010. Mr.
Sridhar has over two decades of experience in the financial service sector, especially in commercial vehicle financing. He
also holds the directorships of Shriram Holdings (Madras) Private Limited and Shriram Chits (Maharashtra) Ltd. He is also
the General Secretary of the Western India Hire Purchase Association and Vice President of Federation of Indian Hire
Purchase Association. He is a member of Finance Industry Development Council. Mr. Sridhar participates in social activities
and is actively associated with Shri Shanmukhananda Fine Arts & Sangeetha Sabha, Mumbai and Srikrishna Gana Sabha,
Chennai. He is the recipient of Ernst & Young’s entrepreneur of the year – Manager Award 2011 and Business Achiever
Award from Institute of Chartered Accountants of India (ICAI) for the year 2010-2011.
Mr. Puneet Bhatia
Mr. Puneet Bhatia is Managing Director and Country Head - India for TPG Asia. Prior to joining TPG Asia in April 2002,
Mr. Bhatia was Chief Executive, Private Equity Group for GE Capital India (“GE Capital”), where he was responsible for
conceptualizing and creating its direct and strategic private equity investment group. As Chief Executive, he handled a
portfolio of almost a dozen companies including TCS, Patni Computers, BirlaSoft, Sierra Atlantic, iGate, Indus Software
and Rediff. He was also responsible for consummating some of GE Capital’s joint ventures in India. Prior to this, Mr.
Bhatia was with ICICI Bank Limited from 1990 to 1995 in the Project and Corporate Finance group and thereafter worked
as Senior Analyst with Crosby Securities from 1995 to 1996 covering the automobiles and consumer sectors. Mr. Bhatia is a
native of and is based in India and currently serves as Director on the Board of Shriram Transport Finance. Mr. Bhatia has a
B.Com Honors degree from the Sriram College of Commerce, Delhi and an M.B.A. from the Indian Institute of
Management, Calcutta.
Mr. S. M. Bafna
Mr. S. M. Bafna is a non-executive Director on our Board. Mr. Bafna is a science graduate from Bombay and began his
career in the year 1984. Mr. Bafna has over 25 years of experience in the automobile industry. He thereafter started
independent dealership of Tata Motors at Ratnagiri, Maharastra in the year 1995 and Mumbai dealership in the year 2001.
His company has been one of the leading dealers for Tata Motors Limited. He also holds dealerships of vehicles
manufactured by Honda, Hyundai and Maruti Udyog Limited.
.
Mr. M. S. Verma
Mr. M. S. Verma is a non-executive Director on our Board. A career banker, with over fifty years of experience in banking
and finance, Mr. Verma retired as the Chairman of India’s largest commercial bank, State Bank of India in 1998 and has
since then served as advisor to the RBI, non-executive Chairman, IDBI Bank and Chairman of the Country’s
Telecommunication Regulatory Body, the Telecom Regulatory Authority of India (TRAI). Currently, he is on the Board of
Directors of several public and private limited companies and is a member of governing Board/Council/Committees of
educational and research institutions of national and international importance like the National Council of Applied Economic
Research (NCAER) and Jawaharlal Nehru University (JNU).
Mr. M. M. Chitale
Mr. M. M. Chitale is a non-executive Director on our Board. Mr. Chitale holds a bachelor’s degree in Commerce and is a
qualified chartered accountant and a fellow member of the Institute of Chartered Accountants of India. Mr. Chitale has over
35 years of experience as a practicing chartered accountant. He was the president of the Institute of Chartered Accountants
of India during 1997-98 and a member of “International Auditing Practices Committee” of the International Federation of
Accountants from January 1998 to June 2000. He was nominated by SEBI as a public representative director on the BSE
from October 1998 to July 2000. Currently, Mr. Chitale is a partner in Mukund M. Chitale & Co.
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Mr. S. Venkatakrishnan
Mr. S. Venkatakrishnan is a non-executive Director on our Board. Mr. Venkatakrishnan is a post graduate in Mathematics
from Madras University. Mr. Venkatakrishnan is a member of the Indian Audit and Accounts Service, Government of India,
where he has held senior positions in the Finance, Audit & Accounts department of the Government and other Public
Undertakings. He also functioned as BIFR Director in several companies for a period of five years. He has been an advisor
to our Company for over ten years.
Mr. Ranvir Dewan
Mr. Ranvir Dewan is a Non-Executive Director on our Board. Mr. Dewan holds a B.Com (Hons) degree from Shriram
College of Commerce, Delhi University, India. He is a fellow member of the Institute of Chartered Accountants in England
& Wales (FCA) and a member of the Canadian Institute of Chartered Accountants (CA). Mr. Dewan represents Newbridge
India Investments II Limited on our Board. He has over 30 years of experience in the finance and investment sector. Mr.
Dewan joined TPG-Newbridge Capital in July 2006 and is currently the Head of Financial Institutions Group Operations.
Previously, he was Executive Vice President and Chief Financial Officer of Standard Chartered First Bank in Seoul, Korea.
He has also spent over thirteen years at Citibank in various senior positions in its international businesses. In his previous
assignment, he was Vice President and Regional Financial Controller of Citibank’s Global Consumer Bank with
responsibilities covering 11 countries in the Asia Pacific region. He has also held senior positions with KPMG in Canada
and England where he specialized in the audits of financial institutions.
Mr. Dewan serves on the Boards of Shriram City Union Finance Limited in Chennai, India and PT Bank Tabunean
Pensiunan Nasional Tbp (“BTPN”) in Jakarta, Indonesia and is a member of the Audit and Risk Committees of Bank BTPN.
Mr. Dewan is an advisor of Taishin Financial Holdings.
Mr. Adit Jain
Mr. Adit Jain is the Chairman of IMA India. Previously, Mr. Jain worked with Lazard India, an investment bank as Vice
President and Head of Mergers & Acquisitions. He has advised several multinational corporations towards the development
of their India strategy and has deposed as an expert witness at commercial litigations in the United States and in
Parliamentary proceedings in India and Australia. He provides briefings to boards of major international corporations and is
a frequent speaker at emerging market seminars. Mr. Jain has over the years authored over five hundred articles and papers
in the domain of politics, international affairs, foreign policy, the environment and business practices and is a leading
commentator on the economic role of governments. He is the Editor of IMA’s Quarterly India Update, CFO Connect
magazine and the firm’s principal economic commentator. Mr. Adit Jain chairs IMA India’s CEO Forum which has over 750
corporations on a retainer relationship and Chairman of IMA’s service for senior finance professionals the CFO Forum
which has over 650 member firms. He is a non-executive director is a non-executive Director on the Corporate Board of the
Sanmar Group; Shriram Transport Finance Company Limited; Mahanagar Telephone Nigam Ltd; Engineers India Ltd,
Indosolar Limited, PR Pundit Public Relations Limited and BMR Associates. He is a member of the Board of Trustees of the
Centre for Civil Society and the Adit Jain Foundation. Previously, he worked in the United Kingdom with Wild Barnsley
Engineering and Stag Holdings Plc.
Mr. Jain has a bachelor’s degree in mechanical engineering from the Birla Institute of Technology, India and a master’s
degree in business administration from the Henley Management College, UK.
Mr. S. Lakshminarayanan
Mr. S. Lakshminarayanan is a non-executive Director on our Board. He holds master’s degree in Science in Chemistry and
post graduate diploma from University of Manchester (U.K.) in Advanced Social & Economic Studies. Mr.
Lakshminarayanan is a member of the Indian Administrative Service (IAS-retired) and as such held several senior positions
in the Ministry of Home Affairs, Ministry of Communications and Information Technology, Ministry of Information and
Broadcasting of the Government of India and in the Department of Tourism, Culture and Public Relations, Department of
Mines, Mineral Resources, Revenue and Relief and Rehabilitation of the Government of Madhya Pradesh. He has served as
the Managing Director of the State Apex Cooperative Bank and Cooperative Oilseed Growers Federation Limited and has
served as Director on the Board of Directors of several Public Sector Undertakings in the State of Madhya Pradesh.
Currently, he is on the Board of Sun Group Enterprises Private Limited, Shriram Automall India Limited, Shriram Life
Insurance Company Limited, and others.
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Remuneration of the Directors
The independent directors are paid sitting fees for attending the various meetings of the Board and of the Committees of the
Board as under:
Meeting
Overall limit per Director (`)
Meetings of the Board 20,000/-
Meetings of any committee of the Board 15,000/-
Appointment and Remuneration of the Managing Director
Mr. R. Sridhar, has been re-appointed as the managing director of our Company for a period of 5 (five) years with effect
from September 15, 2010, pursuant to a resolution of the shareholders of our Company passed at their AGM held on June
15, 2010. The current remuneration payable to our managing director, as authorised by an ordinary resolution passed by the
shareholders of our Company at their general meeting held on June 15, 2010, is as follows:
A. Remuneration:
(i) Salary: Subject to the provisions of the Act, our managing director shall be entitled to a salary of ` 2,25,000/-
(Rupees two lac twenty five thousand only) per month, with an annual increase of 10% (ten percent);
(ii)
Commission: Our managing director is entitled to such percentage of commission (in addition to salary and
perquisites) calculated with reference to the net-profits of our Company, in accordance with section 349 and section
350 of the Act for each Financial Year, as may be fixed by our Board of Directors, which together with the salary
and monetary value of the perquisites shall not exceed the ceiling as provided in section 309 of the Act;
B. Perquisites:
(i)
(ii)
(iii)
(iv)
Housing- Rent free accommodation owned/leased/rented by our Company or housing allowance in lieu thereof as
per the rules of our Company.
Payment of water, gas, electricity and furnishing charges for residence, to be valued in accordance with Income Tax
Rules, subject to a maximum of 10% of the salary.
Medical Reimbursement- Reimbursement of medical, surgical and hospitalisation expenses for the Managing
Director and family subject to a maximum of ` 1,00,000/- per annum.
Leave travel concession for the Managing Director and family, subject to a maximum of ` 2,00,000/- per annum.
(v) Personal accident/ Group Insurance- The annual premium not to exceed ` 4,000/-
(vi)
(vii)
Club fees- Subscription limited to a maximum of two clubs. No life membership or admission fees shall be paid by
our Company. All official expense in connection with such membership incurred would be reimbursed by our
Company.
Expenditure on official entertainment would be on our Company’s account.
- 136 -

(viii)
(ix)
(x)
(xi)
(xii)
(xiii)
(xiv)
(xv)
(xvi)
(xvii)
Contribution to Provident Fund, Superannuation Fund or Annuity Fund- As per the rules of our Company. These
will not be considered or included for the computation of ceiling on perquisites to the extent these either singly or
put together are not taxable under the Income Tax Act, 1961.
Gratuity not exceeding half a month’s salary for each completed year of service.
Encashment of leave at the end of the tenure- As per the rules of our Company.
Company’s car with driver for use on Company’s business and maintenance expenses thereon.
Free telephone at residence.
Employees Stock Option- As may be decided by the Remuneration and Compensation Committee/ Board of
Directors from time to time according to the ESOP Scheme of our Company.
Leave as per our Company’s Rules.
Newspaper and periodicals- As per the company’s rules.
Other terms- As per the company’s Rules, and as may be agreed to by the Board from time to time.
Personal long distance calls on telephone and use of car for private purpose shall be charged to the Managing
Director. Those mentioned under viii, ix and x above will not be considered or included for the computation of
ceiling on perquisites.
C. Other Applicable Terms:
1. The Managing Director shall not be paid any sitting fees for attending General Meetings and Meetings of the Board
or Committee thereof.
2. In the event of absence or inadequacy of profits in any financial year, the Managing Director will be paid the above
remuneration (except commission) as minimum remuneration subject to the overall ceilings laid down in Section II
of Part II of Schedule XIII of the Act.
3. The Board may revise the existing or allow any other facilities/perquisites from time to time, within overall ceiling
limits.
4. The Managing Director is not liable to retire by rotation.
For further details refer to the section titled “Material Contracts and Documents for Inspection” beginning on page 247 this
Draft Prospectus.
Borrowing Powers of the Board
Pursuant to resolution passed by the shareholders of our Company at their AGM held on July 24, 2009 and in accordance
with provisions of Section 293 (1)(d) of the Act, the Board has been authorised to borrow sums of money as they may deem
necessary for the purpose of the business of our Company upon such terms and conditions and with or without security as
the Board of Directors may think fit, provided that money or monies to be borrowed together with the monies already
borrowed by our Company (apart from temporary loans (including working capital facilities) obtained from our Company’s
bankers in the ordinary course of business) shall not exceed ` 3,00,00,00,00,000 (Rupees Thirty Thousand Crores only).
- 137 -

The Company has issued a notice dated April 29, 2011 calling its annual general meeting where the aforesaid authorised
borrowing limits, subject to the passing of relevant resolutions by the members of our Company in this regard, are proposed
to be increased to ` 4,00,00,00,00,000, (Rupees Forty Thousand Crores only).
Interest of the Directors
All the directors of our Company, including our independent directors, may be deemed to be interested to the extent of
fees, if any, payable to them for attending meetings of the board or a committee thereof as well as to the extent of other
remuneration and reimbursement of expenses payable to them. All the non-executive independent directors of our
Company are entitled to sitting fees for every meeting of the board or a committee thereof. The managing director of our
Company is interested to the extent of remuneration paid for services rendered as an officer or employee of our Company.
All the directors of our Company, including independent directors, may also be deemed to be interested to the extent of
Equity Shares, if any, held by them or by companies, firms and trusts in which they are interested as directors, partners,
members or trustees and also to the extent of any dividend payable to them and other distributions in respect of the said
Equity Shares.
All our directors may be deemed to be interested in the contracts, agreements/arrangements entered into or to be entered
into by our Company with any company in which they hold directorships or any partnership firm in which they are partners
as declared in their respective declarations. Except as otherwise stated in this Draft Prospectus and statutory registers
maintained by our Company in this regard, our Company has not entered into any contract, agreements or arrangements
during the preceding two years from the date of this Draft Prospectus in which the directors are interested directly or
indirectly and no payments have been made to them in respect of these contracts, agreements or arrangements which are
proposed to be made with them.
Our Company’s directors have not taken any loan from our Company.
Debenture holding of Directors:
Details of the debentures held in our Company by our Directors, as on May 27, 2011 are provided in the table given below:
Name of Director
Number of debentures held
Mr. R. Sridhar 1,705
Mr. S. Venkatakrishnan 50
Changes in the Directors of our Company during the last three years:
The Changes in the Board of Directors of our Company in the three years preceding the date of this Draft Prospectus are as
follows:
Name of the Director Date of Change Reason
Mr. Sanjay Kukreja March 30, 2009 Resigned as a Director
Mr. Ravindra Bahl November 19, 2009 Resigned as Director
Dr. T.S. Sethurathnam November 11, 2009 Resigned as Director
Mr. S Lakshminarayanan September 22, 2009 Appointed as an Additional Director
Shareholding of Directors, including details of qualification shares held by Directors
As per the provisions of our MOA and AOA, Directors are not required to hold any qualification shares.
Details of the shares held in our Company by our Directors, as on May 27, 2011 are provided in the table given below:
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Sr. Name of Director Number of shares held Percentage of the total paid-up capital (%)
No.
1 Mr. R. Sridhar 82,280 0.04
2. Mr. S. M. Bafna 1,200 0.00
3. Mr. S.Venkatakrishnan 4,448 0.00
Corporate Governance
Our Company has been complying with the requirements of the applicable regulations, including the listing agreement with
the Stock Exchanges where our securities are listed and the SEBI Regulations, in respect of corporate governance including
constitution of the Board and Committees thereof. The corporate governance framework is based on an effective
independent Board, separation of the Board’s supervisory role from the executive management team and constitution of the
Board Committees, as required under law.
The Board is constituted in compliance with the Companies Act , the listing agreement with Stock Exchanges where our
securities are listed and in accordance with best practices in corporate governance. The Board functions either as a full Board
or through various committees constituted to oversee specific operational areas. The executive management of our Company
provides the Board detailed reports on its performance periodically.
Details of various committees of the Board
Our Company has constituted the following committees:
A. Audit Committee
The members of the Audit Committee as on March 31, 2011 are:
1. Mr. M. S. Verma - Chairman
2. Mr. Puneet Bhatia
3. Mr. M. M. Chitale
4. Mr. S. M. Bafna
The terms of reference of the Audit Committee, inter alia, include:
• Overseeing the financial reporting process.
• To ensure proper disclosure in the quarterly, half yearly and Annual financial statements.
• To recommend appointment, re-appointment of Auditors and the fixing of their remuneration. Approval of payment
to Statutory Auditors for any other services rendered by them.
• Reviewing, with the management, the financial statements before submission to the Board.
• Reviewing, with the management, performance of Statutory and Internal Auditors, adequacies of the internal
control systems.
• Reviewing the adequacy of internal audit function including the structure of the internal audit department, staffing
and seniority of the official heading the department, reporting structure, coverage and frequency of internal audit.
• Reviewing, with the management, the statement of uses/application of funds raised through an issue (public issue,
rights issue, preferential issue, etc.), the statement of funds utilised for purposes other than those stated in the offer
document/prospectus/notice and the report submitted by the monitoring agency, monitoring the utilisation of
proceeds of a public or rights issue, and making appropriate recommendations to the Board to take up steps in this
matter.
• Discussing with Internal Auditors on any significant findings and follow up there on.
• Reviewing the findings of any internal examinations by the Internal Auditors into matters where there is suspected
fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the
Board.
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• Discussing with Statutory Auditors before the audit commences, about the nature and scope of audit as well as postaudit
discussion to ascertain any area of concern.
• To discuss with management, the senior internal audit executives and the Statutory Auditor/s our Company's major
risk exposures and guidelines and policies to govern the processes by which risk assessment and risk management
is undertaken by our Company, including discussing our Company’s major financial risk exposures and steps taken
by management to monitor and mitigate such exposures and from time to time conferring with another Committee/s
of the Board about risk exposures and policies within the scope of such other Committee’s oversight.
• To look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders
(in case of non payment of declared dividends) and creditors, if any.
• To review the functioning of the Whistle Blower Mechanism.
• Approval of appointment of CFO (i.e. the whole-time Financing Director or any other person heading the finance
function or discharging that function) after assessing the qualifications, experience & background, etc of the
candidate.
• Carrying out any other function as is mentioned in the terms of reference of the Audit Committee.
• To review the financial statements, in particular, the investments made by the unlisted subsidiary company/ies.
B. Remuneration and Compensation Committee
The members of the Remuneration and Compensation Committee as on March 31, 2011 are:
1. Mr. Adit Jain - Chairman
2. Mr. Puneet Bhatia
3. Mr. M. M. Chitale
4. Mr. S. M. Bafna
The terms of reference of the Remuneration and Compensation Committee, inter alia, include:
The Committee is responsible for assisting the Board of Directors in the Board’s overall responsibilities relating to
determination on their behalf and on behalf of the shareholders with agreed terms of reference, our Company’s policy on
specific remuneration packages and any compensation payment for Managing Director, Whole-time Directors and Executive
Directors. The role of the Committee includes:
• To provide independent oversight of and to consult with management regarding our Company’s compensation,
bonus, pension, and other benefit plans, policies and practices applicable to our Company’s executive management.
• To develop guidelines for and annually review and approve (a) the annual basic salary, (b) the annual incentive and
bonus, including the specific goals and amount, and (c) equity compensation for the Managing Director and the
other executive officers of our Company.
• To review and approve (a) employment agreements, severance arrangements and change in control
agreements/provisions, and (b) any other benefits, compensation or arrangements, for the Managing Director and
the other executive officers of our Company.
Further, the Committee is responsible for assisting the Board of Directors in the Board’s overall responsibilities relating to
the ESOP including, administration of our Company’s stock incentive plans, and other similar incentive plans, and interpret
and adopt rules for the operation thereof. The Committee’s responsibility also covers establishment of guidelines for and
approval of the grant of stock options to key employees, officers and directors of our Company, including determination of
the number of shares to be covered by each option, whether the option will be an incentive stock option or otherwise, and the
vesting schedule for such options.
C. Shareholders’ and Investors’ Grievance Committee
The members of the Shareholders’ and Investors’ Grievance Committee as on March 31, 2011 are:
1. Mr. S. Lakshminarayanan - Chairman
2. Mr. R. Sridhar
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The terms of reference of the Shareholders and Investors Grievance Committee, inter alia, include:
The Committee is responsible for assisting the Board of Directors in the Board’s overall responsibilities relating to attending
to and redressal of the grievances of the shareholders and the investors of our Company. The Committee in particular looks
in to:
• The listing of securities on stock exchanges.
• The shareholders' and investors' complaints on matters relating to transfer of shares, non-receipt of annual report,
non-receipt of dividends and matters related thereto.
• The matters that can facilitate better investor services and relations.
• Attending to investors' queries and complaints regarding transfer, dividend, annual reports, etc
• Attending to complaints of investors routed by SEBI/Stock Exchanges/RBI.
• The amounts transferable to Investor Education and Protection Fund.
• The profile of investors.
• Taking decisions in connection with issue of global depository receipts, and
• The secretarial audits.
D. Asset liability Management Committee
The members of the Asset liability Management Committee as on March 31, 2011 are:
1. Mr. R. Sridhar - Chairman
2. Mr. Ranvir Dewan
3. Mr. Parag Sharma
The terms of reference of the Asset Liability Management Committee, inter alia, include:
The committee is responsible for assisting the Board of Directors in Balance Sheet planning from risk return perspective
including the strategic management of interest and liquidity risk. Its functions include:
• Liquidity risk management
• Management of market risk
• Funding and capital planning
• Profit planning and growth projection
• Forecasting and analysing future business environment and preparation of contingency plans
E. Banking and Finance Committee
The members of the Banking and Finance Committee as on March 31, 2011 are:
1. Mr. R. Sridhar - Chairman
2. Mr. V. N. Kelkar
3. Mr. Parag Sharma
- 141 -

The terms of reference of the Banking and Finance Committee, inter alia, include:
The Banking and Finance Committee has been formed to monitor resources mobilisations and to ensure efficient and timely
decisions on the matters relating to banking and finance activities of our Company. The Committee meets regularly to
discharge its functions.
Payment of benefits and profit-share to Employees
Except entitlement to stock options under the ESOP, and payments in accordance with the terms of appointment of our
employees, we have not paid or granted any amounts or benefits to our employees, in the two years preceding the date of this
Draft Prospectus. Our employees are not entitled to any share in the profits of our Company.
- 142 -

OUR PROMOTER
Profile of our Promoter
Our Promoter is Shriram Holdings (Madras) Private Limited.
Shriram Holdings (Madras) Private Limited was incorporated as a private limited company under the Act, with the name
Rambal Holdings Private Limited, vide a certificate of incorporation dated April 19, 1993 issued by the ROC, Tamil Nadu.
Subsequently, the name of our Promoter was changed to Shriram Holdings (Madras) Private Limited and a fresh certificate
of incorporation dated February 11, 1994 was issued by the Registrar of Companies, Tamil Nadu. The registered office of
our Promoter is located at Mookambika Complex, No.4, Lady Desika Road, Mylapore, Chennai 600 004. Our Promoter is
primarily engaged in the business of holding shares and investments in our Company. Our Promoter has not been named or
set out as a promoter of any other company in any offer document, filing with stock exchange(s) or with any regulatory
and/or statutory authorities. Further, besides holding shares of our Company, our Promoter does not directly or indirectly
hold shares in the share capital of any company. There are no common pursuits between our Company and our Promoter.
Interest of Promoter in our Company
Except as stated under the section titled “Financial Information” beginning on page 149 of this Draft Prospectus and to the
extent of their shareholding in our Company, the Promoter does not have any other interest in our Company’s business.
Further, our Promoter has no interest in any property acquired by our Company in the last two years from the date of this
Draft Prospectus, or proposed to be acquired by our Company.
Our Promoter does not propose to subscribe to this Issue.
Other than the payment of dividend on the shares held by our Promoter in the share capital of our Company, and issue of the
following Equity Shares and warrants convertible into Equity Shares, interest paid on Inter-corporate Deposit, we have not
paid or granted any amounts or benefits, in the two years preceding the date of this Draft Prospectus.
Details of Shares allotted to our Promoter during the last three Financial Years
Sr.
No.
Shareholding Pattern of our Promoter as on May 27, 2011:
Sr. Name of Shareholder No. of Shares Percentage Shareholding(%)
No.
1. Shriram Capital Limited 1,86,56,419 50.17
2. Newbridge India Investments II Limited 1,82,22,639 49.00
3. Tanglewood Financial Advisors Private
3,10,000 0.83
Limited
Total 3,71,89,058 100.00
Board of directors of our Promoter as on May 27, 2011
1. Mr. D.V. Ravi
2. Mr. G.V. Raman
Nature of Transaction
Date of
allotment
No. of
Securities
Issue Price (`)
1. Conversion of Warrants issued on December 14, 2007 June 12, 2009 80,00,000 300/-
3. Mr. R. Sridhar
- 143 -

4. Mr. Amol Jain
5. Mr. Daniel A. Carroll
6. Mr. Puneet Bhatia
Changes in the board of directors
There have been no changes in the board of directors of our Promoter in the last three years preceding the date of this Draft
Prospectus.
Financial Performance of our Promoter for the last three financial years
(` in Lacs)
Particulars FY 2008 FY 2009 FY 2010
Balance Sheet
SOURCES OF FUNDS
Shareholder Funds:
Share Capital 3,138.11 3,138.91 3,718.91
Reserves and Surplus 79,266.66 83,754.73 1,00,767.83
Total 82,404.77 86,893.64 1,04,486.73
APPLICATION OF FUNDS
Investments 82,291.21 82,291.21 1,03,891.21
Deferred Tax Asset (Net) 44.40 51.79 18.85
Current Assets
Cash and Bank Balances 159.49 180.44 515.72
Loans & Advances 43.82 4,387.50 93.74
Less: Current Liabilities 134.15 17.30 32.79
Net Current Assets 69.16 4,550.64 576.67
Total 82,404.77 86,893.64 1,04,486.73
Profit and Loss Account
INCOME
Dividend Income 2,561.15 4,355.06 5,602.29
Interest Received 47.36 150.09 96.90
Total 2,608.51 4,505.15 5,699.19
EXPENDITURE
Interest Paid 131.70 1.70 0.00
Administrative Expenses 1.07 31.02 11.24
Audit Fees 0.10 0.17 0.20
Total 132.87 32.89 11.44
Net Profit Before Tax 2,475.64 4,472.26 5,687.75
Add: Provision for Deferred Tax 1.08 7.39 32.94
Less : Provision for -Taxation - 14.77 14.97
Net Profit After Tax 2,476.72 4,464.88 5,639.84
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Particulars FY 2008 FY 2009 FY 2010
Balance brought down from Previous Year 1682.31 4,159.03 8,623.91
Less: Prior Period Tax - - 8.09
Less: Dividend Paid - - 5,438.66
Less: Transferred to General Reserve - - 563.18
Surplus carried over to Balance Sheet 4,159.03 8,623.91 8,253.83
- 145 -

OUR SUBSIDIARIES
As on the date of this Draft Prospectus our Company has the following two subsidiaries:
1. Shriram Equipment Finance Company Limited, (“SEFCL”):
SEFCL was incorporated pursuant to a certificate of incorporation dated December 15, 2009 issued by the Registrar
of Companies, Chennai, Tamil Nadu, and having its registered office situated at Mookambika Complex, 3 rd Floor,
No. 4, Lady Desika Road, Mylapore, Chennai, Tamil Nadu, India - 600004.
Shareholding Pattern:
As on the date of this Draft Prospectus the shareholding pattern of SEFCL is as follows:
Sr.
No.
Name of
Shareholder
1. Shriram
Transport
Finance
Company
Limited
2. Mr. Raymond
Rebello on
behalf and for
the benefit of
our Company
3. Mr. CVT Chari
on behalf and
for the benefit of
our Company
4. Ms. Reena
Mehra on behalf
and for the
benefit of our
Company
5. Ms. Smita
Shetty on behalf
and for the
benefit of our
Company
6. Mr. Anil Kumar
Ramachandran
on behalf and
for the benefit of
our Company
7. Mr. Vikram
Prasad Seth on
behalf and for
the benefit of
our Company
Address No. Of Face Percentage No. Of Face value of
Equity value of of Equity Compulsory Compulsory
Shares Equity
Shares in
(`)
Share
capital (%)
Convertible
Preference
Shares
Convertible
Preference
Shares
Wockhardt
99,99,940 10 99.99 1,50,00,000 100
Towers, Level-3,
West Wing, C-2, G
Block, Bandra
Kurla Complex,
Bandra (East)
B-108, Ankoor 10 10 - - -
Apt, Rambaug
Lane No. 2,
Bhujbalwadi,
Kalyan (West),
Thane - 421301
Flat 1, 3 Floor, B-5 10 10 - - -
Shivam CHS, Ph
Sector 6, Nerul,
Navi Mumbai,
400706
1541/12, Katra 10 10 - - -
Sher Singh, Near
Regent Cinema,
Amritsar Punjab–
143006
B-32, Agastya, 10 10 - - -
Sector V, Shrushti
Complex, Mira
Road, Thane –
401104
B-101, Gangotri 10 10 - - -
Sadan, CHS,
Sector 12, Khanda
colony, New
Panvel, Navi,
Mumbai – 410206
102, Pearl Plot, 10 10 - - -
6/1, Sector 12-A,
Bhonkode Kopar
Khairane, Navi
Mumbai - 400709
- 146 -

Sr.
No.
Name of Address No. Of Face Percentage No. Of
Shareholder
Equity value of of Equity Compulsory
Shares Equity
Shares in
(`)
Share
capital (%)
Convertible
Preference
Shares
Total 1,00,00,000 1,50,00,000
Face value of
Compulsory
Convertible
Preference
Shares
Board of Directors:
The board of directors of SEFCL comprises of the following persons:
1. Mr. M.S. Verma - Chairman;
2. Mr. R. Sridhar;
3. Mr. Amol Jain;
4. Mr. G.S. Sundararajan;
2. Shriram Automall India Limited, (“SAIL”):
SAIL was incorporated pursuant to a certificate of incorporation dated February 11, 2010 issued by the Registrar of
Companies, Chennai, Tamil Nadu and having its registered office situated at Mookambika Complex, 3 rd Floor, No.
4, Lady Desika Road, Mylapore, Chennai, Tamil Nadu, India - 600004.
Shareholding Pattern:
As on the date of this Draft Prospectus, the shareholding pattern of SAIL is as follows:
Sr.
No.
Name of
Shareholder
1. Shriram
Transport
Finance
Company
Limited
2. Mr. C.V.T.
Chari on behalf
and for the
benefit of our
Company
3. Mr. Raymond
Rebello on
behalf and for
the benefit of
our Company
4. Ms. Reena
Mehra on behalf
and for the
benefit of our
Company
5. Ms. Smita
Shetty on behalf
and for the
benefit of our
Company
6. Mr. Anil Kumar
Ramachandran
on behalf and
Address
Wockhardt Towers, Level-3, West Wing, C-2,
G Block, Bandra Kurla Complex, Bandra
(East)
Flat 1, 3 Floor, B-5 Shivam CHS, Ph Sector 6,
Nerul, Navi Mumbai, 400706
B-108, Ankoor Apt, Rambaug Lane No. 2,
Bhujbalwadi, Kalyan (West), Thane - 421301
1541/12, Katra Sher Singh, Near Regent
Cinema, Amritsar Punjab– 143006
B-32, Agastya, Sector V, Shrushti Complex,
Mira Road, Thane – 401104
B-101, Gangotri Sadan, CHS, Sector 12,
Khanda colony, New Panvel, Navi, Mumbai –
410206
- 147 -
No. Of
Equity
Shares
Percentage of
Equity Share
Capital (%)
Face value of
Equity Shares
in (`)
99,99,940 99.99 10
10 - 10
10 - 10
10 - 10
10 - 10
10 - 10

Sr.
No.
Name of
Shareholder
for the benefit of
our Company
7. Mr. Vikram
Prasad Seth on
behalf and for
the benefit of
our Company
Address
102, Pearl Plot, 6/1, Sector 12-A, Bhonkode
Kopar Khairane, Navi Mumbai – 400709
No. Of
Equity
Shares
Total 1,00,00,000
Percentage of
Equity Share
Capital (%)
Face value of
Equity Shares
in (`)
10 - 10
Board of Directors:
The board of directors of SAIL comprises of the following persons:
1. Mr. S. Lakshminarayanan - Chairman;
2. Mr. D.V. Ravi;
3. Mr. Umesh Revankar; and
4. Mr. Gaurav Trehan
- 148 -

SECTION V : FINANCIAL INFORMATION
Sr. No. Particulars Page No.
1. Joint examination report on Reformatted Unconsolidated Summary Financial A1- A3
Statements as at and for the financial years ended March 31, 2007, 2008, 2009, 2010
and 2011 as issued by the Statutory Auditors
2. Reformatted Unconsolidated Summary Financial Statements as at and for the years
ended for the financial years ended March 31, 2007, 2008, 2009, 2010 and 2011
3. Joint examination report on Reformatted Consolidated Summary Financial
Statements as at and for the financial years ended March 31, 2010 and March 31,
2011 as issued by Statutory Auditors
4. Reformatted Consolidated Summary Financial Statements as at and for the financial
years ended March 31, 2010 and 2011.
F1 – F157
A4 – A6
F158 – F252
- 149 -

S.R.BATLIBOI & Co.
G. D. Apte & Co.
Chartered Accountants
Chartered Accountants
6 th Floor, Express Tower Dream Presidency
Nariman Point
1202 / 17E Shivajinagar
Mumbai – 400 021
Off Apte Road
Pune - 411 004
Auditors' report
To
The Board of Directors
Shriram Transport Finance Company Limited
3 rd Floor, West Wing
Wockhardt Tower
Bandra Kurla Complex
Bandra – East
Mumbai – 400051
Dear Sirs,
1. We S.R.Batliboi & Co. (“SRB”) and G.D.Apte & Co. (“GDA”) have jointly examined the attached
Reformatted unconsolidated financial information comprising of Balance Sheet, Profit and Loss Accounts,
Cash Flows and notes therein of Shriram Transport Finance Company Limited (‘Company’) as at and for the
years ended March 31, 2011, 2010, 2009, 2008 and 2007, approved by Debt Issuance Committee which is
authorized by the Board of Directors and prepared by the Company in accordance with the requirements of:
a. paragraph B(1) of Part II of Schedule II to the Companies Act, 1956 ('the Act') and
b. the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008
('the Regulations') issued by the Securities and Exchange Board of India ('SEBI'), as amended from
time to time in pursuance of Section 11 of the Securities and Exchange Board of India Act, 1992 (the
“SEBI Act”).
SRB and GDA are collectively referred to as the "Joint Auditors" and the references to the Joint Auditors as
"we", "us" or "our", in this letter, shall be construed accordingly.
2. We have examined such reformatted unconsolidated financial information taking into consideration:
a. the terms of reference dated April 20, 2011 received from the Company and statement of joint
responsibilities of auditors dated April 20, 2011, requesting us to carry out the assignment, in
connection with the Offer Document (‘OD’) being issued by the Company for its proposed public offer
of non-convertible debentures (‘NCDs’), having a face value and issue price of Rs. 1,000 each
(referred to as the 'Offering') and
b. The Guidance Note on Reports in Company Prospectuses (Revised) issued by the Institute of
Chartered Accountants of India.
Reformatted Unconsolidated Financial information as per audited unconsolidated financial statements:
3. The reformatted unconsolidated financial information of the Company has been extracted by the management
from:
a. the Unconsolidated balance sheet as at March 31, 2011, 2010, 2009, 2008 and 2007 and the related
Unconsolidated profit and loss account and Unconsolidated cash flow statement for the year ended
March 31, 2011, 2010, 2009, 2008 and 2007 (Collectively referred to as the “Audited Unconsolidated
Financial Statements”) jointly audited by us;
These audited unconsolidated financial statements have been approved by the Board of Directors.
A1

Auditors’ Report
Shriram Transport Finance Company Limited Page 2 of 3
4. In accordance with the requirements of Paragraph B of Part II of Schedule II of the Act, the SEBI
Regulations, terms of our engagement agreed with you and statement of joint responsibilities of auditors, we
further report that:
a) The Reformatted Unconsolidated Summary Statement of Assets and Liabilities and the schedules
forming part thereof, Reformatted Unconsolidated Summary Statement of Profit and Loss and the
schedules forming part thereof and the Reformatted Unconsolidated Summary Statement of Cash Flow
(‘Reformatted Unconsolidated Summary Statements’) of the Company, including and as at and for the
years ended March 31, 2011, 2010, 2009, 2008 and 2007, jointly examined by us have been set out in
Annexure I to V to this report. These Reformatted Unconsolidated Summary Statements are after
regrouping as in our opinion are appropriate and more fully described in Significant Accounting
Policies and Notes (Refer Annexure XIII)
b) Based on the above, we state that:
the Reformatted Unconsolidated Summary Statements have to be read in conjunction with the
notes given in Annexure XIII;
the figures of earlier periods have been regrouped (but not restated retrospectively for change in
accounting policy), wherever necessary, to confirm to the classification adopted for the
Reformatted Unconsolidated Summary Statement as at/for the year ended March 31, 2011;
there are no extraordinary items which need to be disclosed separately in the reformatted
unconsolidated summary statements; and
there are modifications in auditors` report in respect of matters specified in Companies
(Auditor’s Report) Order, 2003 (as amended). The said modifications are stated in notes of
reformatted unconsolidated summary statements and do not require any adjustments to the
aforesaid statements. (Refer Annexure XIII - Note 23 of notes to the unconsolidated reformatted
financial statements for financial year ended March 31, 2010, Note 21 of notes to the
unconsolidated reformatted financial statements for financial year ended March 31, 2009 and
Note 24 of notes to the unconsolidated reformatted financial statements for financial year ended
March 31, 2008).
5. We have not jointly or singly audited any unconsolidated financial statements of the Company as of any date
or for any period subsequent to March 31, 2011. Accordingly, we express no opinion on the financial
position, results of operations or cash flows of the Company as of any date or for any period subsequent to
March 31, 2011.
Other unconsolidated Financial Information:
6. At the Company’s request, we have also examined the following unconsolidated financial information
proposed to be included in the OD prepared by the Company and approved by Debt Issuance Committee
which is authorized by the Board of Directors of the Company and annexed to this report, relating to the
Company for the years ended March 31, 2011, 2010, 2009, 2008, 2007:
i. Statement of contingent liabilities, enclosed as Annexure VI
ii. Statement of dividend paid/proposed, enclosed as Annexure VII
iii. Statement of accounting ratios relating to earnings per share, net asset value, return on networth,
enclosed as Annexure VIII
iv. Statement of Secured and Unsecured Loans including terms and conditions, enclosed as Annexure IX
& X
v. Capitalization Statement as at March 31, 2011, enclosed as Annexure XI
vi. Statement of tax shelters, enclosed as Annexure XII
7. In our opinion, the reformatted unconsolidated financial information as disclosed in the annexures to this
report, read with the respective significant accounting policies and notes disclosed in Annexure XIII, and
after making re-groupings as considered appropriate and disclosed, has been prepared in accordance with
Paragraph B(1) of Part II of Schedule II of the Act and the Regulations.
A2

Auditors’ Report
Shriram Transport Finance Company Limited Page 3 of 3
8. This report should not be in any way construed as a reissuance or redating of any of the previous audit reports
issued by us or by other firm of Chartered Accountants, nor should this report be construed as a new opinion
on any of the reformatted unconsolidated financial statements referred to herein.
9. We have no responsibility to update our report for events and circumstances occurring after the date of the
report for the financial position, results of operations or cash flows of the Company as of any date or for any
period subsequent to March 31, 2011.
10. This report is intended solely for your information and for inclusion in the OD in connection with the
Offering of the Company, and is not to be used, referred to or distributed for any other purpose without our
prior written consent.
For S.R.BATLIBOI & Co.
Firm registration number: 301003E
Chartered Accountants
For G.D.Apte & Co.
Firm registration number: 100515W
Chartered Accountants
per Shrawan Jalan
U. S. Abhyankar
Partner
Partner
Membership No.: 102102 Membership No.: 113053
Mumbai, June 02, 2011 Mumbai, June 02, 2011
A3

Shriram Transport Finance Company Limited
Reformatted summary of Assets and Liabilities
Annexure I
(Rs. in Lacs)
Particulars
Schedule
As at March 31,
2011 2010 2009 2008 2007
Assets
A. Fixed and Intangible Assets(Net)
(including CWIP)
1 3,843.49 4,644.51 13,426.57 14,264.44 16,746.53
B Investments 2 365,069.90 185,601.67 65,476.33 138,512.02 22,457.16
C Deferred Tax Asset (Net) 15,368.69 7,472.13 2,639.48 - -
D Current Assets, Loans & Advances 3 2,354,863.43 2,256,682.94 2,378,918.54 1,656,217.31 1,023,855.47
E Other Loans & Advances 4 418,004.12 239,156.32 39,371.34 17,737.12 20,491.18
F Total (A+B+C+D+E) 3,157,149.63 2,693,557.57 2,499,832.26 1,826,730.89 1,083,550.34
Liabilities
G Secured Loans 5 1,486,937.59 1,517,248.07 1,677,459.31 1,154,494.87 630,015.59
H Unsecured Loans 6 501,233.71 328,742.89 334,671.85 322,807.83 239,495.26
I Deferred Tax Liability (Net) - - - 3,592.21 8,661.98
J Current Liabilities 7 557,204.76 382,454.51 204,477.15 128,915.80 73,413.52
K Provisions 8 125,028.76 84,582.27 51,560.35 35,284.28 23,336.47
L Total (G+H+I+J+K) 2,670,404.82 2,313,027.74 2,268,168.66 1,645,094.99 974,922.82
M Net Worth (F-L) 486,744.81 380,529.83 231,663.60 181,635.90 108,627.52
F1

Shriram Transport Finance Company Limited
Reformatted summary of Assets and Liabilities
Particulars
Schedule
Annexure I
(Rs. in Lacs)
As at March 31,
2011 2010 2009 2008 2007
Represented By
(i) Share Capital 9 22,618.47 22,554.18 20,353.56 20,315.94 18,418.27
(ii)
Share application money pending
allotment
- 5.22 13.80 21.37 -
(iii) Stock Option Outstanding 354.55 757.02 2,138.90 1,826.64 1,227.38
(iv) Optionally Convertible warrants - - 2,400.00 2,400.00 772.80
(v) Reserves and Surplus 10 467,466.28 360,922.10 206,757.34 157,071.95 88,222.80
(vi)
Less : Miscellaneous Expenditure
(to the extent not written off or
adjusted)
11 3,694.49 3,708.69 - - 13.73
Total (i+ii+iii+iv+v-vi) 486,744.81 380,529.83 231,663.60 181,635.90 108,627.52
The accompanying statement of Significant Accounting Policies and Notes to Accounts on Summary Financial Statements are
integral part of this statement.
As per our report of even date
For S.R.BATLIBOI & Co. For G. D. Apte & Co. For and on behalf of the Board of Directors of
Firm Registration No. 301003E Firm Registration No.100515W Shriram Transport Finance Company Limited
Chartered Accountants
Chartered Accountants
per Shrawan Jalan U. S. Abhyankar R Sridhar S. Venkatakrishnan
Partner Partner Managing Director Director
Membership No. 102102 Membership No. 113053
Mumbai
K. Prakash
Vice President (Corporate Affairs) & Company Secretary
F2

Shriram Transport Finance Company Limited
Reformatted summary of Profit and Loss Account
Particulars
Schedule
Annexure II
(Rs. in Lacs)
For the year ended March 31,
2011 2010 2009 2008 2007
A. Income
i Income from Operations 12 523,014.82 439,905.59 365,802.49 245,156.12 140,299.54
ii Other Income 13 19,950.58 9,683.37 7,194.20 5,574.00 1,839.06
Total Income 542,965.40 449,588.96 372,996.69 250,730.12 142,138.60
B. Expenditure
i Interest & Other Charges 14 227,195.95 224,681.22 197,767.21 129,661.64 73,833.11
ii Raw Material Consumed 15 - - 687.17 258.06 -
iii Personnel Expenses 16 35,821.25 22,508.15 20,053.60 12,547.76 7,263.39
iv Operating & Other Expenses 17 37,296.80 27,258.22 27,925.50 19,463.22 13,788.10
v Depreciation and amortisation 1,082.07 1,495.84 3,480.59 3,705.97 1,281.85
vi
Impairment loss/(Reversal) on
- - 560.87 - (296.72)
Fixed assets & stock
vi
Share & Debenture Issue expenses 18 1,199.37 498.70 - 13.74 27.44
written off
viii Provisions & Write offs (net) 19 55,477.20 40,687.71 30,458.64 24,496.43 17,319.01
Total Expenditure 358,072.64 317,129.84 280,933.58 190,146.82 113,216.18
C. Net Profit Before Taxation (A-B) 184,892.76 132,459.12 92,063.11 60,583.30 28,922.42
D. Provision for taxation
Current tax 69,801.32 49,980.03 34,998.86 26,387.42 14,445.62
Deferred tax (7,896.56) (4,832.65) (4,477.15) (5,069.77) (4,706.87)
Fringe Benefit Tax - - 301.19 283.00 143.96
Total Tax 61,904.76 45,147.38 30,822.90 21,600.65 9,882.71
E. Net Profit after Taxation (C-D) 122,988.00 87,311.74 61,240.21 38,982.65 19,039.71
Balance in Profit & Loss Account
brought forward
93,001.65 58,309.25 27,486.21 12,248.92 5,322.65
F3

Shriram Transport Finance Company Limited
Reformatted summary of Profit and Loss Account
Particulars
Schedule
Annexure II
(Rs. in Lacs)
For the year ended March 31,
2011 2010 2009 2008 2007
F.
Balance Available for
Appropriations
215,989.65 145,620.99 88,726.42 51,231.57 24,362.36
G. Appropriations
Equity Shares - Interim dividend 5,638.46 4,254.76 2,035.03 2,031.35 1,749.01
Equity Shares - Final dividend - 325.18 10.52 138.85 -
Equity Shares - Proposed final
9,046.43 9,020.71 8,140.46 8,125.42 3,683.17
dividend
Tax on dividend 936.45 778.36 347.69 368.83 245.31
Tax on proposed dividend 1,502.50 1,498.25 1,383.47 1,380.91 625.95
Transfer to statutory reserve 24,600.00 17,500.00 12,300.00 7,800.00 3,810.00
Transfer to general reserve 12,300.00 8,800.00 6,200.00 3,900.00 2,000.00
Transfer to debenture redemption
reserve
21,381.60 10,442.08 - - -
Total Appropriations 75,405.44 52,619.34 30,417.17 23,745.36 12,113.44
H.
Balance carried to Balance Sheet
(F-G)
140,584.21 93,001.65 58,309.25 27,486.21 12,248.92
The accompanying statement of Significant Accounting Policies and Notes to Accounts on Summary Financial Statements are
integral part of this statement.
As per our report of even date
For S.R.BATLIBOI & Co. For G. D. Apte & Co. For and on behalf of the Board of Directors of
Firm Registration No. 301003E Firm Registration No.100515W Shriram Transport Finance Company Limited
Chartered Accountants
Chartered Accountants
per Shrawan Jalan U. S. Abhyankar R Sridhar S. Venkatakrishnan
Partner Partner Managing Director Director
Membership No. 102102 Membership No. 113053
Mumbai
K. Prakash
Vice President (Corporate Affairs) & Company Secretary
F4

Shriram Transport Finance Company Limited
Reformatted Summary of Cash Flow Statement
Particulars
Annexure III
(Rs. in Lacs)
For the year ended March 31,
2011 2010 2009 2008 2007
A. Cash flow from operating activities
Profit before tax 184,892.76 132,459.12 92,063.11 60,583.30 28,922.42
Depreciation and amortisation 1,082.07 1,495.84 3,480.59 3,705.97 1,281.85
Issue expenses for equity shares 152.96 25.28 - - -
Public issue expenses for non convertible debentures 1,046.41 473.42 - - -
Share and debenture issue expenses written off - - - 13.74 27.44
(Profit) / loss on sale of fixed assets (net) 36.75 (62.40) 87.77 17.39 231.02
(Profit) / loss on sale of current and long term
(6,415.09) (1,812.65) (512.61) (717.70) (11.65)
investments (net)
Interest income on current and long term investments and (10,303.25) (3,180.57) (2,767.69) (2,967.86) (398.96)
interest income on fixed deposits
Dividend income (2.13) (874.71) (486.91) (519.33) (20.84)
Employees Stock option compensation cost 116.85 341.30 580.57 653.95 987.16
Provision for impairment of windmill - - 560.87 - (248.28)
Provision for impairment -others - - - - (48.44)
Provision for hedging contracts - - (705.44) 690.42 15.02
Provision for credit loss on securitisation 21,559.32 7,971.84 4,464.01 2,009.30 1,640.19
Provisions for non performing assets and bad debts
29,750.36 33,244.87 26,678.62 21,702.80 15,742.63
written off
Provisions for standard assets 4,881.70 - - - -
Provision for gratuity 291.04 148.71 141.16 148.45 22.92
Provision for leave encashment 507.90 146.44 227.65 120.73 (0.82)
Premium on Government Securities (Miscellaneous
3.40 - - - -
Expenses)
Amortisation of Discount on Government Securities (52.64) - - - -
Provision for diminution in value of investments (79.87) 20.34 81.14 60.67 (167.60)
Operating profit before working capital changes 227,468.54 170,396.83 123,892.84 85,501.83 47,974.06
Movements in working capital:
(Increase) / decrease in current assets:
(Increase) / decrease in inventories - 126.81 (60.28) (66.53) -
(Increase) / decrease in assets under financing activities (211,235.47) (20,425.01) (294,083.74) (693,516.76) (308,437.27)
(Increase) / decrease in sundry debtors - 399.24 (151.13) 100.56 402.91
(Increase) / decrease in lease assets - net of sales - - - - 0.56
(Increase) / decrease in other current assets (374.46) (1,008.93) (835.19) (1,686.67) (476.78)
(Increase) / decrease in other loans and advances (178,842.49) (200,162.64) (23,628.65) 3,005.63 (3,176.20)
Increase / (decrease) in current liabilities 179,670.47 186,066.62 74,380.18 57,096.43 22,326.43
Cash generated from operations 16,686.59 135,392.92 (120,485.97) (549,565.51) (241,386.29)
Direct taxes paid (net of refunds) (69,162.44) (48,629.16) (35,067.48) (26,899.61) (14,205.81)
Net cash used in operating activities (A) (52,475.85) 86,763.76 (155,553.45) (576,465.12) (255,592.10)
F5

Shriram Transport Finance Company Limited
Reformatted Summary of Cash Flow Statement
Particulars
Annexure III
(Rs. in Lacs)
For the year ended March 31,
2011 2010 2009 2008 2007
B. Cash flows from investing activities
Investment in Fixed deposits (net) 9,050.15 (88,988.21) (47,214.27) (33,178.65) (32,445.92)
Purchase of fixed assets and intangibles (345.05) (624.86) (3,369.47) (5,252.92) (1,622.25)
Change in capital work in progress(fixed and intangible
- - - 3,986.91 (1,414.06)
assets)
Proceeds from sale of fixed assets 27.25 7,973.48 78.10 24.70 746.91
Purchase of Investment (7,091,350.39) (2,501,835.74) (64,790.83) (776,661.44) (21,364.74)
Investment in associate company - - - (30.00) (180.00)
Investment in subsidiary company (16,785.00) (220.00) - - (4.99)
Proceeds from sale of investment in subsidiary company - 5.00 - 4.99 -
Proceeds from sale of investment in associate company - - - 112.50 -
Proceeds from sale of investments 6,935,672.41 2,383,738.05 138,339.14 661,221.69 19.63
Interest received on current and long term investments
9,911.36 2,898.59 2,825.79 2,548.54 423.01
and interest on fixed deposits
Dividend received 2.13 874.71 486.91 519.33 20.84
Net cash used in investing activities (B) (153,817.14) (196,178.98) 26,355.37 (146,704.35) (55,821.57)
C. Cash Flows from financing activities
Proceeds from issue of equity share capital including
219.77 80,799.14 124.09 43,003.42 11,028.07
securities premium & Share application
Proceeds from issue of share warrants - - - 2,400.00 -
Increase / (decrease) in bank borrowings (net) (54,915.47) (110,368.28) 320,120.96 443,172.48 278,640.26
Increase / (decrease) in long term borrowings from
(14,773.99) (68,604.27) (41,471.04) 27,824.90 85,438.50
others (net)
Increase / (decrease) in fixed deposits (net) 101,466.73 10,991.06 146.45 (763.73) (342.36)
Increase / (decrease) in subordinate debts (net) 123,217.50 51,823.24 55,816.44 30,516.38 29,924.71
Increase / (decrease) in redeemable non convertible (10,299.48) 408.53 169,124.14 119,256.18 2,368.94
debentures (net)
Increase / (decrease) in inter corporate deposits and
(2,514.95) (50,390.48) 31,091.52 (12,214.36) 34,000.00
commercial papers (net)
Issue expenses for equity shares paid (11.05) (1,415.53) - - -
Public issue expenses for non convertible debentures paid (1,174.12) (2,690.64) - - -
Dividend paid
(14,659.17) (12,720.40) (10,170.96) (5,853.38) (5,320.67)
Tax on dividend (2,434.70) (2,161.83) (1,728.56) (994.78) (746.23)
Net cash from financing activities (C) 124,121.07 (104,329.46) 523,053.04 646,347.11 434,991.22
Net increase / (decrease) in cash and cash equivalents (82,171.92) (213,744.68) 393,854.96 (76,822.36) 123,577.55
(A + B + C)
Cash and Cash Equivalents at the beginning of the 247,309.58 461,054.26 67,199.30 144,021.66 20,444.11
year
Cash and Cash Equivalents at the end of the year 165,137.66 247,309.58 461,054.26 67,199.30 144,021.66
F6

Annexure III
SHRIRAM TRANSPORT FINANCE COMPANY LIMITED
Reformatted Summary of Cash Flow Statement
(Rs in Lacs)
Components of Cash and Cash Equivalents
As at March 31,
2011 2010 2009 2008 2007
Cash on hand 3,119.60 7,818.91 7,062.48 5,639.48 2,281.08
Cheques on hand 2,702.24 2,220.79 1,490.15 856.52 215.76
Remittances in transit - 9.48 10.16 193.69 2,375.05
With Banks - in Current Account 85,121.70 166,008.62 95,601.30 45,275.37 26,253.34
-Balance held in escrow account$ 100.07 0.07 - - -
- in unpaid dividend accounts $ 382.44 274.83 165.70 109.36 160.05
- Deposit accounts
Free of lien 88,832.96 71,444.16 358,787.85 20,555.59 113,140.99
Under lien 182,252.13 205,956.35 115,372.05 64,790.44 36,637.89
Less: Fixed deposits held for more than three months 15,121.35 467.28 2,063.38 5,430.71 404.61
Less: Fixed deposit under lien 182,252.13 205,956.35 115,372.05 64,790.44 36,637.89
165,137.66 247,309.58 461,054.26 67,199.30 144,021.66
$ These balances are not available for use by the Company.
As per our report of even date
For S.R.BATLIBOI & Co. For G. D. Apte & Co. For and on behalf of the Board of Directors of
Firm Registration No. 301003E Firm Registration No.100515W Shriram Transport Finance Company Limited
Chartered Accountants
Chartered Accountants
per Shrawan Jalan U. S. Abhyankar R Sridhar S. Venkatakrishnan
Partner Partner Managing Director Director
Membership No. 102102 Membership No. 113053
Mumbai
K. Prakash
Vice President (Corporate Affairs) & Company Secretary
F7

Shriram Transport Finance Company Limited
Schedules to the Reformatted Statement of Assets and Liabilities
Annexure IV
(Rs. in Lacs)
Schedule 1 - Fixed and Intangible Assets(Net)
As at March 31,
(including CWIP) 2011 2010 2009 2008 2007
ASSETS FOR OWN USE
Tangible Fixed Assets
Building 415.16 392.58 396.91 193.58 197.65
Leasehold Improvements 821.85 1,271.41 1,883.74 1,061.60 -
Furniture & Fixtures 756.32 710.65 705.39 443.95 1,726.49
Vehicles 90.92 73.41 143.78 320.12 374.90
Land - Freehold 10.18 10.18 153.96 153.96 153.96
Land - Leasehold - - - - -
Plant and Machinery 1,500.38 1,879.12 *9,869.96 11,602.71 9,917.46
Intangible Assets
Computer Software 44.26 69.28 28.40 243.53 138.90
Capital Work In Progress (including Capital
- - - - 3,986.91
Advances)
TOTAL (A) 3,639.07 4,406.63 13,182.14 14,019.45 16,496.27
ASSETS GIVEN ON LEASE
Plant and Machinery - - - - 1.71
Land 69.75 69.75 69.75 69.75 69.75
Buildings 134.67 168.13 174.68 175.24 178.80
TOTAL (B) 204.42 237.88 244.43 244.99 250.26
TOTAL (A+B) 3,843.49 4,644.51 13,426.57 14,264.44 16,746.53
*Includes Rs 5,314.67 Lacs towards windmills held for sale for which MOU is executed with a buyer and the same were sold in 2010
after satisfactory completion of the technical due diligence.
F8

Shriram Transport Finance Company Limited
Schedules to the Reformatted Statement of Assets and Liabilities
Annexure IV
(Rs. in Lacs)
Schedule 2 - Investments
As at March 31,
2011 2010 2009 2008 2007
LONG TERM (at cost)
Trade
Shares : Fully paid up
Unquoted - Preference Share - 10.00 10.00 - -
Other Than Trade
Quoted :
Government Securities 16,702.17 3,497.70 283.00 427.44 592.29
Equity Shares (Fully paid up)
- Associates 240.00 - - 240.00 240.00
- Others - - - - 0.71
Unquoted :
Equity Shares (Fully paid up)
- subsidiary 2,000.00 215.00 - - -
- Associates - - - - 180.00
- Others 207.50 207.50 207.50 162.50 74.36
Investment in Pass Through Certificates 7,424.18 4,284.55 2,322.01 750.00 750.00
Investment in NSC - - - - 0.07
Investment in Subordinate Debts 5,000.00 - - - -
Investment in Venture Capital Fund 500.00 - - - -
Preference shares (Fully paid up)
- subsidiary 15,000.00 - - - -
CURRENT INVESTMENTS (at lower of cost and
fair value)
Other Than Trade
Quoted :
Equity Shares (Fully paid up)
- Associates - 240.00 240.00 - -
Investment in Treasury Bills 0.49 - - - -
Unquoted :
Equity Shares (Fully paid up)
- Subsidiary - - - - 4.99
Investment in Units of Mutual Funds - - - - 20,614.74
Investment in Certificate of deposits with Banks 317,995.56 177,146.92 62,413.82 136,932.08 -
Details of investments may be referred from the annual report of the respective years
F9
365,069.90 185,601.67 65,476.33 138,512.02 22,457.16
Book value of Quoted investments 16,352.50 3,737.70 523.00 667.44 833.00
Market value of Quoted investments 16,662.27 4,030.61 535.42 913.90 937.49
Book value of Unquoted investments 348,127.24 181,863.97 64,953.33 137,844.58 21,624.16
The category of investment in associate of Rs. 240.00 lacs was shifted from "Long Term" to Current" during the year 2008-09 and from
"Current" to "Long Term" during the year 2010-11.

Shriram Transport Finance Company Limited
Schedules to the Reformatted Statement of Assets and Liabilities
Schedule 3 - Current Assets, Loans & Advances
As at March 31,
Annexure IV
(Rs. in Lacs)
2011 2010 2009 2008 2007
Inventories- Raw Materials (at lower of cost and
net realisable value)
- - 126.81 66.53 -
Assets under financing activities (considered good
unless stated otherwise)
Secured
Stock under Hire Purchase agreement - - - - 5,721.72
Assets given on Financial lease - - - 6,986.61 21,691.52
Hypothecation loans* 1,946,414.11 1,773,363.05 1,791,084.14 1,500,107.34 793,068.46
Other loans 984.49 1,216.58 1,330.35 2,100.27 4,328.29
Unsecured
Unsecured Loans $@ 38,632.40 23,217.03 3,341.55 3,631.29 455.60
Advance - Hypothecation loans/Hire purchase/ Lease 530.09 128.21 412.81 2,699.85 16,326.18
Assets
1,986,561.09 1,797,924.87 1,796,168.85 1,515,525.36 841,591.77
* includes non performing assets 51,967.80 50,740.04 38,295.11 23,670.76 17,404.19
$ includes non performing assets 889.98 9.46 - - -
Sundry Debtors
(Unsecured, considered Good)
Debts outstanding for a period exceeding six months - - - - 262.21
Other debts - - 399.24 248.11 86.46
- - 399.24 248.11 348.67
Cash & Bank Balances
i) Cash on hand 3,119.60 7,818.91 7,062.48 5,639.48 2,281.08
ii) Cheques on hand 2,702.24 2,220.79 1,490.15 856.52 215.76
iii) Remittances in transit - 9.48 10.16 193.69 2,375.05
iv) Balances with scheduled banks in:
Current accounts 85,604.21 166,283.52 95,767.00 45,384.73 26,413.39
Deposit Accounts
-Free of lien 88,832.96 71,444.16 358,787.85 20,555.59 113,140.99
-Under lien # 182,252.13 205,956.35 115,372.05 64,790.44 36,637.89
362,511.14 453,733.21 578,489.69 137,420.45 181,064.16
Other current assets
Interest accrued on investments 731.16 666.89 222.00 255.70 46.26
Interest accrued on fixed deposits and other loans 5,060.04 4,357.97 3,511.95 2,701.16 804.61
and advances
2,354,863.44 2,256,682.94 2,378,918.54 1,656,217.31 1,023,855.47
@ includes deposit pledged as lien against loans
taken
# Includes deposits pledged with Banks as margin for
securitisation
# Includes deposits pledged with Banks as as lien
against loans taken
Nil Nil Nil 55.00 131.85
181,906.69 205,055.01 114,596.63 63,537.58 33,008.45
345.44 901.34 775.42 1,252.86 3,629.44
F10

Annexure IV
Shriram Transport Finance Company Limited
Schedules to the Reformatted Statement of Assets and Liabilities
(Rs. in Lacs)
As at March 31,
Schedule 4 – Other Loans and Advances
2011 2010 2009 2008 2007
Unsecured, Considered Good
Advances recoverable from subsidiaries 13,923.71 5.05 - - -
Advances recoverable in cash or in kind or for
28,700.38 25,437.28 11,210.57 10,533.01 10,693.12
value to be received
Deferred Consideration Receivable 368,676.26 203,804.05 12,810.94 931.72 1,791.61
Service tax credit (input) receivable 141.50 537.34 1,099.54 1,489.39 1,651.74
Advance income tax (net of provisions for tax) - - 377.66 2,372.02 2,120.47
Prepaid expenses 5,728.34 8,649.99 13,086.96 1,589.87 2,776.53
Security deposits** 833.93 722.61 785.67 821.11 1,457.71
418,004.12 239,156.32 39,371.34 17,737.12 20,491.18
** includes deposit pledged as margin on
securitisation
Nil Nil Nil 277.32 323.98
Schedule 5 - Secured Loans
As at March 31,
2011 2010 2009 2008 2007
Redeemable non convertible debentures 475,288.39 483,087.87 482,679.34 312,255.20 183,799.02
refer note 1(a)(i)(ii)(iii)(iv) 1(a)(i)(ii)(iii) 1(a)(i)(ii)(iii) 1(a)(i)(ii)(iii) 1(a)(i)(ii)(iii)
Term loans
i) From Financial institutions / Foreign
25,414.44 12,188.42 44,792.69 111,263.73 82,272.73
institutions / Corporates
refer note 1(b)(i) 1(b)(i)(ii) 1(b)(i)(ii) 1(b)(i)(ii) 1(b)(i)(ii)
ii) From banks 937,999.97 929,935.14 833,363.58 505,329.28 259,825.48
refer note 1(b)(ii) 1(b)(iii) 1(b)(iii) 1(b)(iii) 1(b)(iii)
Cash credit from banks including working
48,234.79 92,036.64 316,623.70 225,646.66 104,118.36
capital demand loan
refer note 1(c ) 1(c ) 1(c ) 1(c ) 1(c )
1,486,937.59 1,517,248.07 1,677,459.31 1,154,494.87 630,015.59
F11

Annexure IV
Shriram Transport Finance Company
Limited
Schedules to the Reformatted Statement of Assets and Liabilities
(Rs. in Lacs)
As at March 31,
Schedule 6 - Unsecured Loans
2011 2010 2009 2008 2007
Fixed deposits 112,946.23 11,479.51 488.44 342.00 1,105.73
Inter corporate deposits 1.73 16.68 4,657.16 120.64 30.00
Subordinated debts 329,816.99 206,599.49 154,776.25 98,959.81 68,443.43
Redeemable non-convertible debentures - 2,500.00 2,500.00 3,800.00 13,000.00
Commercial papers - 2,500.00 48,250.00 21,695.00 34,000.00
Term loan :
i) From banks 51,468.76 70,647.21 53,000.00 151,890.38 75,750.00
ii) From corporates 7,000.00 35,000.00 71,000.00 46,000.00 47,166.10
501,233.71 328,742.89 334,671.85 322,807.83 239,495.26
F12

Annexure IV
Shriram Transport Finance Company Limited
Schedules to the Reformatted Statement of Assets and Liabilities
(Rs. in Lacs)
As at March 31,
Schedule 7 - Current Liabilities
2011 2010 2009 2008 2007
Sundry creditors
-Micro and Small Enterprises 0.43 - - - -
-other than Micro and Small Enterprises 48,257.33 23,288.59 21,876.31 7,129.06 3,028.68
Caution and lease deposits - - - - 10.21
Interest accrued but not due on loans 97,593.86 84,941.79 77,718.04 55,751.58 34,759.79
Unclaimed Redeemable Preference Shares - - - 102.64 149.25
Application money on Redeemable non convertible 856.25 798.77 1,030.19 895.21 1,039.78
debentures
Application money on Subordinated debts 64.19 15.79 2,942.35 437.17 376.37
Investor Education and Protection Fund shall be
credited by the following amounts (as and when due)
- Unclaimed Matured Deposits 278.50 60.65 65.30 52.00 64.36
- Unclaimed Matured Debentures 5,705.69 5,116.68 4,503.36 5,381.81 2,314.19
- Unclaimed Matured Subordinated Debts 966.22 117.13 816.45 - -
- Interest accrued and due on above 2,014.61 1,329.00 1,591.38 1,940.80 537.81
- Unclaimed dividend 382.44 269.67 166.26 126.11 108.81
Temporary credit balance in bank accounts 42,057.60 29,551.21 41,990.51 12,394.79 5,930.09
Securitization deferred income 358,044.60 236,518.83 51,334.24 44,092.11 24,133.29
Other liabilities 983.04 446.40 442.76 612.52 960.89
557,204.76 382,454.51 204,477.15 128,915.80 73,413.52
Schedule 8 - Provisions
As at March 31,
2011 2010 2009 2008 2007
For non-performing assets 45,411.86 38,260.74 23,568.58 10,157.65 6,540.36
For standard assets 4,881.70 - - - -
For credit loss on securitisation 52,012.24 24,986.49 8,940.46 5,830.18 4,098.52
For income tax (net of advance tax) 1,627.20 988.32 - - -
For service tax- contested 8,406.10 8,406.10 8,406.10 8,406.10 8,031.98
For fringe benefit tax (net of advance tax) - - 15.11 22.36 -
For diminution in value of investments 167.50 247.37 227.03 145.89 100.31
For hedging contracts - - - 705.44 15.02
For leave encashment and availment 1,069.56 561.66 415.22 187.57 66.85
For gratuity 903.67 612.63 463.92 322.76 174.31
Proposed dividend 9,046.43 9,020.71 8,140.46 8,125.42 3,683.17
Corporate dividend tax 1,502.50 1,498.25 1,383.47 1,380.91 625.95
125,028.76 84,582.27 51,560.35 35,284.28 23,336.47
F13

Shriram Transport Finance Company Limited
Schedules to the Reformatted Statement of Assets and Liabilities
Annexure IV
(Rs. in Lacs)
Schedule 9 - Share Capital
As at March 31,
2011 2010 2009 2008 2007
Authorised
Equity Share Capital 33,500.00 33,500.00 33,500.00 33,500.00 33,500.00
Preference Share Capital 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
53,500.00 53,500.00 53,500.00 53,500.00 53,500.00
No. of equity Shares of Rs.10/- each 335,000,000 335,000,000 335,000,000 335,000,000 335,000,000
No. of preference Shares of Rs.100/-
each
20,000,000 20,000,000 20,000,000 20,000,000 20,000,000
Issued, Subscribed & Fully Paid up
Equity Shares * 22,616.07 22,551.78 20,351.16 20,313.54 18,415.87
No. of equity shares of Rs. 10/- each 226,160,668 225,517,818 203,511,616 203,135,416 184,158,716
Add : Share Forfeiture 2.40 2.40 2.40 2.40 2.40
22,618.47 22,554.18 20,353.56 20,315.94 18,418.27
*Includes 79,279,236 equity shares of Rs.10/- each allotted for consideration other than cash pursuant to the schemes of
amalgamation.
F14

Annexure IV
Shriram Transport Finance Company Limited
Schedules to the Reformatted Statement of Assets and Liabilities
(Rs. in Lacs)
As at March 31,
Schedule 10 - Reserves and Surplus
2011 2010 2009 2008 2007
Capital Reserve
Balance as per last account 17.03 17.03 17.03 17.03 17.03
Capital Redemption Reserve 5,388.35 5,388.35 5,388.35 5,388.35 5,388.35
Securities Premium Account
Balance as per last account 174,419.57 91,689.29 91,326.94 49,415.08 38,551.73
Add: Amount received during the year 680.02 82,730.28 362.35 41,911.86 10,863.35
175,099.59 174,419.57 91,689.29 91,326.94 49,415.08
Statutory Reserve
Balance as per last account 51,399.79 33,899.79 21,599.79 13,799.79 9,989.79
Add: Transfer from Profit & Loss
24,600.00 17,500.00 12,300.00 7,800.00 3,810.00
Account
75,999.79 51,399.79 33,899.79 21,599.79 13,799.79
Debenture Redemption Reserve
Balance as per last account 10,442.08 - - - 100.00
Add: Transfer from Profit & Loss
21,381.60 10,442.08 - - -
Account
Less: Transfer to General Reserve - - - - 100.00
31,823.68 10,442.08 - - -
General Reserve
Balance as per last account 26,253.63 17,453.63 11,253.63 7,353.63 5,253.63
Add: Transfer from Debenture
- - - - 100.00
Redemption Reserve
Add: Transfer from Profit & Loss
12,300.00 8,800.00 6,200.00 3,900.00 2,000.00
Account
38,553.63 26,253.63 17,453.63 11,253.63 7,353.63
Balance in Profit & Loss Account 140,584. 21 93,001.65 58,309.25 27,486.21 12,248.92
467,466.28 360,922.10 206,757.34 157,071.95 88,222.80
F15

Shriram Transport Finance Company Limited
Schedules to the Reformatted Statement of Assets and Liabilities
Annexure IV
(Rs. in Lacs)
Schedule 11 - Miscellaneous Expenditure (to the extent not
As at March 31,
written off or adjusted) 2011 2010 2009 2008 2007
Issue expenses for equity shares 1,349.56 1,491.47 - - 11.34
Public issue expenses for non convertible debentures 2,344.93 2,217.22 - - 2.39
3,694.49 3,708.69 - - 13.73
F16

Annexure V
Shriram Transport Finance Company Limited
Schedules to the Reformatted Statement of Profit and Loss Account
(Rs. in Lacs)
For the year ended March 31,
Schedule 12 - Income from Operations
2011 2010 2009 2008 2007
Income from financing activities 349,903.57 361,528.77 324,955.15 225,018.03 137,494.44
Fees from reconditioning/exchange of trucks - - - - 141.75
Interest on margin money on securitisation/ assignments 10,846.17 10,367.78 6,951.61 3,553.78 571.84
Income on securitisation and direct assignment 162,265.08 68,009.04 33,895.73 16,584.31 2,091.51
523,014.82 439,905.59 365,802.49 245,156.12 140,299.54
Schedule 13 - Other Income For the year ended March 31,
2011 2010 2009 2008 2007
Buyer-seller facilitation fees 2,703.21 3,053.46 - - -
Interest on deposits with banks 3,763.24 1,696.77 1,749.56 2,436.50 313.68
Income from operating lease 22.14 453.91 31.22 31.74 34.56
Sale of electricity - - 3,265.26 1,290.12 1,130.66
Profit on sale of assets (net) - 62.40 - - -
Income from Long Term Investments (non trade)
- Profit on sale of investments (net) - 66.55 - 1.74 11.65
- Dividend 2.13 0.25 0.25 - 0.42
- Interest on government securities 686.13 100.51 24.20 41.27 60.01
- Interest on Pass Through Certificates 261.36 119.18 146.02 75.21 25.27
- Interest on subordinated debts 270.68 - - - -
- Amortisation of Discount on Government Securities 52.64 - - - -
Income from Current Investments (non trade)
- Profit on sale of investments (net)
Certificate of Deposits 931.57 275.57 366.28 61.21 -
Mutual Funds 5,411.57 1,470.53 31.08 654.75 -
Government Securities 20.00 - - - -
Debentures 12.03 - - - -
Commercial Paper 35.39 - 116.81 - -
Treasury Bills 4.53 - - - -
- Dividend - 874.46 486.66 519.33 20.42
- Interest on government securities 3.46 - - - -
- Interest on Certificate of Deposits 4,950.82 1,068.27 693.09 414.88 -
- Discount on CBLO 243.95 195.84 - - -
- Interest on Commercial Paper 88.84 - 10.49 - -
- Interest on Debentures 38.23 - 144.33 - -
- Interest on Treasury Bills 90.27 - - - -
Commission Received - - - - 191.20
Miscellaneous Income 358.39 245.67 128.95 47.25 51.19
19,950.58 9,683.37 7,194.20 5,574.00 1,839.06
F17

Shriram Transport Finance Company Limited
Schedules to the Reformatted Statement of Profit and Loss Account
Annexure V
(Rs. in Lacs)
Schedule 14 - Interest & Other Charges
For the year ended March 31,
2011 2010 2009 2008 2007
Interest & Other Charges on :
Debentures 59,004.24 65,969.57 50,682.12 34,120.26 26,585.50
Subordinated debts 36,709.70 23,214.26 15,851.15 10,161.50 5,439.59
Fixed deposits 6,206.52 475.98 31.05 101.85 150.73
Loans from banks 102,756.73 105,813.69 93,513.23 56,804.74 26,613.91
Loans from institutions and others 6,514.52 13,457.96 17,706.49 17,848.72 6,623.57
Commercial paper 458.82 2,199.54 4,281.04 2,225.29 1,653.33
Bank charges 2,671.14 2,350.85 1,816.71 735.44 581.99
Professional charges - resource mobilisation 5,694.87 4,895.23 6,897.31 3,575.02 1,440.91
Processing charges on loans/securitization 3,853.77 3,605.42 4,787.16 2,991.00 4,740.42
Discount on sale of second loss credit / liquidity facilities (269.92) 584.00 - - -
Fees / Loss on sale of second loss credit / liquidity facilities 3,595.56 2,114.72 2,200.95 1,097.82 3.16
227,195.95 224,681.22 197,767.21 129,661.64 73,833.11
Schedule 15 - Raw Material Consumed
For the year ended March 31,
2011 2010 2009 2008 2007
Opening Stock - 126.81 66.53 - -
Add : Purchases - - 747.45 324.59 -
Less : Transferred to Lessee - (126.81) - - -
Closing Stock - - 126.81 66.53 -
- - 687.17 258.06 -
Schedule 16 - Personnel Expenses
For the year ended March 31,
2011 2010 2009 2008 2007
Salaries , other allowances & bonus 33,711.32 21,020.66 18,724.57 11,558.30 6,683.63
Gratuity expenses 299.07 197.65 154.91 212.96 42.61
Contribution to provident and other funds 1,433.00 976.89 897.40 523.10 254.66
Staff welfare expenses 377.86 312.95 276.72 253.40 282.49
35,821.25 22,508.15 20,053.60 12,547.76 7,263.39
F18

Shriram Transport Finance Company Limited
Schedules to the Reformatted Statement of Profit and Loss Account
Annexure V
(Rs. in Lacs)
Schedule 17 - Operating and other Expenses
For the year ended March 31,
2011 2010 2009 2008 2007
Rent 4,870.72 3,557.92 2,636.98 1,475.33 987.91
Electricity expenses 537.63 467.29 460.22 303.53 244.13
Repairs & Maintenance
- Plant & machinery - 5.79 168.89 63.69 148.24
- Building 1.09 0.70 0.61 1.58 -
- Others 1,316.85 2,273.27 2,337.15 1,264.83 896.47
Rates & taxes 310.82 230.01 509.04 170.07 175.05
Printing & stationery 1,539.67 1,483.07 1,618.08 1,191.84 1,038.17
Travelling & conveyance 4,154.55 3,436.55 3,199.68 1,939.13 1,390.59
Advertisement 1,328.69 443.50 84.36 93.85 747.04
Brokerage 7,935.21 5,013.69 7,817.05 5,828.89 3,704.62
Business Promotion 445.86 428.34 851.78 699.24 617.50
Data sourcing & collection commission paid to others 85.87 23.96 87.35 57.95 44.61
Royalty 1,497.04 1,240.78 1,036.45 623.54 356.35
Directors' sitting fees 8.90 14.65 15.70 17.80 9.78
Insurance 262.81 148.37 100.70 107.29 54.45
Communication expenses 2,313.17 2,571.12 2,617.80 1,583.40 1,140.46
Payment to auditor
As Auditor:
- Audit fees 30.74 32.30 28.23 37.05 28.17
- Tax audit fees 3.03 2.76 2.21 2.55 2.53
- Limited Review 65.26 40.50 43.13 16.15 16.97
- Out of pocket 3.68 4.82 7.82 4.36 2.86
In any other manner:
- Certification 6.16 3.31 8.49 12.75 5.06
Legal & professional charges 5,475.84 2,827.61 1,194.13 848.69 581.47
Donations 272.06 161.81 106.55 75.26 75.14
Loss on sale of assets (net) 36.75 - 87.77 17.39 231.02
Loss on sale of Long Term Investments (non trade) - - 1.56 - -
Miscellaneous expenses 4,794.40 2,846.10 2,903.77 3,027.06 1,289.51
37,296.80 27,258.22 27,925.50 19,463.22 13,788.10
Schedule 18 - Share & Debenture issue expenses written
For the year ended March 31,
off 2011 2010 2009 2008 2007
Issue expenses for equity shares 152.96 25.28 - 11.35 8.89
Public issue expenses for non convertible debentures 1,046.41 473.42 - 1.37 15.31
Deferred revenue expenses - - - 1.02 3.24
1,199.37 498.70 - 13.74 27.44
F19

Shriram Transport Finance Company Limited
Schedules to the Reformatted Statement of Profit and Loss Account
Annexure V
(Rs. in Lacs)
Schedule 19 - Provisions & Write offs
For the year ended March 31,
2011 2010 2009 2008 2007
Provision for non performing assets 7,151.12 14,575.88 13,238.37 3,617.29 3,142.42
Provision for standard assets 4,881.70 - - - -
Provision for credit loss on securitisation 21,559.32 7,971.84 4,464.01 2,009.30 1,640.19
Provision for diminution in value of investments (79.87) 20.34 82.43 60.67 (167.60)
Bad debts written off 22,599.24 18,668.99 13,440.25 19,583.17 13,270.07
Bad debt recovery (634.31) (549.34) (766.42) (774.00) (566.07)
55,477.20 40,687.71 30,458.64 24,496.43 17,319.01
F20

Shriram Transport Finance Company Limited
Statement of Contingent Liabilities
Particulars
Disputed Income Tax/Interest Tax demand contested in
appeals not provided for
Annexure VI
(Rs in Lacs)
As at March 31,
2011 2010 2009 2008 2007
- 157.26 164.76 3,381.70 5,754.90
Guarantees and Counter Guarantees given 194,058.28 - 901.97 1,991.58 4,101.12
Demand in respect of Service tax 330.00 315.00 299.00 284.00 230.24
Disputed sales tax demand 412.33 412.33 - - -
In respect of Portfolio Management - - - - 356.67
F21

Shriram Transport Finance Company Limited
Statement of Dividend
Statement of Dividend in respect of Equity Shares
Annexure VII
(Rs. in Lacs)
Particulars
For the year ended March 31,
2011 2010 2009 2008 2007
Interim Dividend
Rate of Dividend 25% 20% 10% 10% 10%
Number of Equity Shares on which Interim
225,538,218 212,737,916 203,502,416 203,135,416 174,901,466
Dividend paid
Amount of Interim Dividend 5,638.46 4,254.76 2,035.03 2,031.35 1,749.01
Dividend Distribution Tax 936.45 723.10 345.90 345.23 245.31
Final Dividend for the previous year
Rate of Dividend - 40% 40% 20% -
Number of Equity Shares on which Final Dividend
- 8,129,550 263,100 6,942,500 -
paid
Amount of Final Dividend - 325.18 10.52 138.85 -
Dividend Distribution Tax - 55.26 1.79 23.60 -
Proposed Final Dividend for the current year
Rate of Dividend 40% 40% 40% 40% 20%
Number of Equity Shares on which dividend paid 226,160,668 225,517,818 203,511,616 203,135,416 184,158,716
Amount of Final Dividend 9,046.43 9,020.71 8,140.46 8,125.42 3,683.17
Dividend Distribution Tax 1,502.50 1,498.25 1,383.47 1,380.91 625.95
F22

Annexure-VIII
Shriram Transport Finance Company
Limited
Page 1 of 3
Statement of Accounting Ratios
[Calculation of Earnings Per shares (EPS)]
Earnings per share calculations are done in accordance with Accounting Standard - 20 "Earnings Per Share", notified under Accounting
Standards (‘AS’) under Companies Accounting Standard Rules, 2006, as amended
Particulars
As at March 31,
2011 2010 2009 2008 2007
Net profit after tax (Rs. in Lacs) a 122,988.00 87,311.74 61,240.21 38,982.65 19,039.71
Weighted average number of equity shares
outstanding during the year (for Basic EPS)
(Lacs)
(i) Equity shares arising on conversion of
optionally convertible warrants (Lacs)
(ii) Equity shares for no consideration arising
on grant of stock options under ESOP (Lacs)
b 2,257.27 2,125.01 2,033.80 1,924.01 1,729.59
c - - 80.00 23.83 69.00
d 3.12 8.84 24.49 29.92 13.48
Weighted average number of equity shares
outstanding during the year (for Diluted EPS)
(b+c+d) (Lacs)
e 2,260.39 2,133.85 2,138.29 1,977.76 1,812.07
Earnings per share (Basic) (Rs.) (a/b) 54.49 41.09 30.11 20.26 11.01
Earnings per share (Diluted) (Rs.) (a/e) 54.41 40.92 28.64 19.71 10.51
F23

Shriram Transport Finance Company Limited
Statement of Accounting Ratios
[Calculation of Return on Net Worth (RONW)]
Particulars
Annexure-VIII
Page 2 of 3
(Rs. In Lacs)
As at March 31,
2011 2010 2009 2008 2007
SHAREHOLDERS FUNDS
Share Capital 22,618.47 22,554.18 20,353.56 20,315.94 18,418.27
Share application money pending allotment - 5.22 13.80 21.37 -
Stock Option Outstanding 354.55 757.02 2,138.90 1,826.64 1,227.38
Optionally Convertible warrants - - 2,400.00 2,400.00 772.80
Reserves and Surplus (Refer Annexure IV -
Schedule 10)
467,466.28 360,922.10 206,757.34 157,071.95 88,222.80
Less: Miscellaneous Expenditure 3,694.49 3,708.69 - - 13.73
( not written off)
Net worth as at the end of the year 486,744.81 380,529.83 231,663.60 181,635.90 108,627.52
Net profit after tax 122,988.00 87,311.74 61,240.21 38,982.65 19,039.71
Return on Net Worth (%) 25.27% 22.94% 26.43% 21.46% 17.53%
F24

Shriram Transport Finance Company Limited
Statement of Accounting Ratios
[Calculation of Net Asset Value (NAV) Per Equity Share]
Particulars
Annexure VIII
Page 3 of 3
(Rs. In Lacs)
As at March 31,
2011 2010 2009 2008 2007
SHAREHOLDERS FUNDS
Share Capital 22,618.47 22,554.18 20,353.56 20,315.94 18,418.27
Share application money pending allotment - 5.22 13.80 21.37 -
Stock Option Outstanding 354.55 757.02 2,138.90 1,826.64 1,227.38
Optionally Convertible warrants - - 2,400.00 2,400.00 772.80
Reserves and Surplus (Refer Annexure IV - Schedule
10)
467,466.28 360,922.10 206,757.34 157,071.95 88,222.80
Less: Miscellaneous Expenditure 3,694.49 3,708.69 - - 13.73
( not written off)
Net Asset Value 486,744.81 380,529.83 231,663.60 181,635.90 108,627.52
Number of Equity shares outstanding at the end of
the year
226,160,668 225,517,818 203,511,616 203,135,416 184,158,716
Net Asset Value per Equity Share(Rs.) 215.22 168.74 113.83 89.42 58.99
F25

Shriram Transport Finance Company Limited
Annexure IX
Secured Loans
A Term Loan from banks
Particulars
Date of
disbursem
ent
Disbursed
Amount
As at March
31, 2011
(Rs in Lacs)
Repayment Terms
Allahabad Bank 26-Sep-07 3,000.00 899.90 20 Quarterly Instalments
Andhra Bank 16-Mar-09 10,000.00 5,000.00 16 Quarterly Instalments
Calyon Bank 28-Apr-08 3,000.00 3,000.00 Bullet-27/04/2011
Canara Bank 31-Mar-09 25,000.00 12,500.00 16 Quarterly Instalments
Canara Bank 17-Oct-08 20,000.00 8,750.00 16 Quarterly Instalments
Canara Bank 5-Nov-08 20,000.00 8,750.00 16 Quarterly Instalments
Corporation Bank 26-Mar-09 2,500.00 1,250.00 16 Quarterly Instalments
Dena Bank 23-Sep-08 20,000.00 3,312.56 36 Monthly Instalments
Deutsche Bank 30-May-08 10,000.00 10,000.00 Bullet-30/05/2011
HDFC Bank Limited 25-Jul-08 7,500.00 3,214.29 14 Equal Quarterly Instalments
Industrial Development Bank of India Limited 24-Mar-09 15,000.00 6,428.57 14 Equal Quarterly Instalments
Industrial Development Bank of India Limited 3-Mar-08 7,500.00 1,071.68 14 Equal Quarterly Instalments
Industrial Development Bank of India Limited 24-Oct-08 5,000.00 2,142.86 14 Equal Quarterly Instalments
Industrial Development Bank of India Limited 10-Dec-08 10,000.00 4,285.71 14 Equal Quarterly Instalments
Indian Bank 5-Mar-09 10,000.00 2,719.21 33 Monthly Instalments
ING Vysya Bank Limited 2-Dec-08 3,500.00 875.00 36 Monthly Instalments
Oriental Bank of Commerce 28-Feb-08 20,000.00 4,859.47 48 Equated Monthly Instalments
Punjab & Sind Bank 16-Apr-08 5,000.00 5,000.00 Bullet-15/04/2011
Punjab National Bank 15-Oct-08 20,000.00 3,428.53 35 Monthly Instalments
Ratnakar Bank Limited 20-Dec-07 2,500.00 468.60 48 Monthly Instalments
State Bank of Mysore 22-Jun-07 10,000.00 352.51 48 Monthly Instalments
South Indian Bank Limited 18-Aug-08 5,000.00 1,875.00 16 Quarterly Instalments
South Indian Bank Limited 20-Mar-09 2,500.00 1,250.00 16 Quarterly Instalments
State Bank of Bikaner and Jaipur 31-Mar-09 2,500.00 2,500.00 16 Quarterly Instalments
State Bank of Hyderabad 21-Jan-08 15,000.00 3,709.88 16 Quarterly Instalments
State Bank of Mauritius Limited 19-Jan-09 2,250.00 750.00 12 Quarterly Instalments
State Bank of Mysore 5-Mar-09 10,000.00 5,009.80 48 Monthly Instalments
State Bank of Mysore 26-Nov-07 10,000.00 1,681.28 48 Monthly Instalments
State Bank of Mysore 19-Sep-08 15,000.00 5,619.14 48 Monthly Instalments
State Bank of Patiala 30-Jul-08 20,000.00 8,523.51 14 Quarterly Instalments
State Bank of Travancore 29-Jan-09 7,500.00 2,500.00 12 Quarterly Instalments
United Bank of India 31-Dec-08 10,000.00 4,374.74 16 Quarterly Instalments
United Bank of India 3-Jun-08 5,000.00 1,562.50 16 Quarterly Instalments
United Bank of India 13-Mar-09 15,000.00 7,497.97 16 Quarterly Instalments
Vijaya Bank 28-Feb-08 5,000.00 1,250.00 16 Quarterly Instalments
Hongkong & Shanghai Banking Corporation 18-Sep-09 4,850.00 4,850.00 Bullet-16/09/2011
Limited
Deutsche Bank 22-Sep-09 7,500.00 7,500.00 Bullet 22/09/2011
F26

Shriram Transport Finance Company Limited
Secured Loans
Annexure IX
A Term Loan from banks
Particulars
Date of
disbursement
Disbursed
Amount
As at
March 31,
2011
(Rs in Lacs)
Repayment Terms
Development Bank of Singapore Limited 23-Sep-09 4,830.00 4,830.00 Bullet- 23/09/2011
Industrial Development Bank of India 29-Sep-09 20,000.00 14,285.71 42 Equal Monthly Instalments
Limited
UCO Bank 25-Sep-09 15,000.00 9,375.00 16 Equal Quarterly Instalments
United Bank of India 25-Sep-09 10,000.00 6,871.78 16 Quarterly Instalments
Syndicate Bank 29-Sep-09 15,000.00 9,375.00 48 Monthly Instalments
State Bank of Patiala 29-Sep-09 20,000.00 14,031.17 13 Quarterly Instalments
State Bank of Travancore 29-Sep-09 10,000.00 4,996.00 36 Equal Monthly Instalments
State Bank of Bikaner and Jaipur 9-Apr-09 5,000.00 1,711.25 16 Quarterly Instalments
Hongkong & Shanghai Banking
29-May-09 4,770.00 4,770.00 Bullet-31/05/2011
Corporation Limited
Development Bank of Singapore Limited 22-Jun-09 5,000.00 1,600.00 3 Instalments
Tamilnad Merchantile Bank Limited 22-Jun-09 5,000.00 2,812.50 48 Monthly Instalments
Canara Bank 26-Jun-09 25,000.00 14,062.50 16 Quarterly Instalments
Central Bank of India 30-Jun-09 20,000.00 11,250.00 16 Quarterly Instalments
Indian Bank 30-Jun-09 10,000.00 3,619.79 33 Monthly Instalments
Bank of Rajasthan Limited 30-Jun-09 2,500.00 1,041.67 12 Quarterly Instalments
Punjab National Bank 27-Jul-09 20,000.00 8,235.00 34 Equal Monthly Instalments
Dena Bank 31-Jul-09 20,000.00 12,500.00 16 Equal Quarterly Instalments
Karur Vyasa Bank Limited 31-Jul-09 2,000.00 1,250.00 16 Equal Quarterly Instalments
Societe Generale Bank 14-Aug-09 2,000.00 416.67 24 Monthly Instalments
Oriental Bank of Commerce 24-Aug-09 20,000.00 9,444.44 36 Equated Monthly Instalments
HDFC Bank Limited 3-Oct-09 10,000.00 7,857.14 14 Quarterly Instalments
ING Vysya Bank Limited 30-Oct-09 3,800.00 2,005.56 36 Equal Monthly Instalments
Hongkong & Shanghai Banking
23-Oct-09 9,332.00 2,721.83 24 Equal Monthly Instalments
Corporation Limited
State Bank of Hyderabad 5-Nov-09 25,000.00 17,193.86 16 Quarterly Instalments
China Trust Commercial Bank Limited 18-Nov-09 1,500.00 1,125.00 Bullet 18/11/2011
Punjab & Sind Bank 19-Nov-09 5,000.00 3,055.54 36 Monthly Instalments
Canara Bank 25-Nov-09 50,000.00 34,375.00 16 Equal Quarterly Instalments
Andhra Bank 30-Nov-09 20,000.00 13,750.00 16 Quarterly Instalments
South Indian Bank Limited 17-Dec-09 5,000.00 3,437.50 16 Equal Quarterly Instalments
Societe Generale Bank 24-Dec-09 1,200.00 450.00 24 Equal Monthly Instalments
Union Bank of India 31-Dec-09 30,000.00 20,625.00 16 Equal Quarterly Instalments
Indian Bank 29-Jan-10 20,000.00 14,140.78 48 Monthly Installament
F27

Shriram Transport Finance Company Limited
Secured Loans
Annexure IX
A Term Loan from banks
Particulars
Date of
disbursement
Disbursed
Amount
As at
March 31,
2011
( Rs in Lacs)
Repayment Terms
Standard Chartered Bank 28-Jan-10 30,000.00 20,000.00 5 Instalments
Calyon Bank 29-Jan-10 10,000.00 10,000.00 Bullet 29/01/2012
Shinhan Bank 9-Feb-10 2,800.00 2,800.00 Bullet-01/01/2014
Dhanlaxmi Bank Limited 12-Mar-10 5,000.00 4,001.00 15 Quarterly Instalments
J P Morgan Chase Bank 22-Mar-10 12,000.00 12,000.00 Bullet - 06/04/2011
Hongkong & Shanghai Banking
23-Mar-10 10,000.00 6,666.67 36 Equal Monthly Instalments
Corporation Limited
Corporation Bank 25-Mar-10 10,000.00 8,000.00 20 Quaterly Instalments
Punjab National Bank 26-Mar-10 25,000.00 16,180.00 34 Monthly Instalments
Societe Generale Bank 23-Mar-10 1,200.00 600.00 24 Monthly Instalments
Deutsche Bank 9-Apr-10 10,000.00 10,000.00 Bullet 06/04/2013
Hongkong & Shanghai Banking
12-Apr-10 10,000.00 6,944.44 36 Monthly Instalments
Corporation Limited
State Bank of Mauritius Limited 6-Apr-10 750.00 562.50 12 Quaterly Instalments
HDFC Bank Limited 12-May-10 32.00 26.93 60 Monthly Instalments
HDFC Bank Limited 4-May-10 6,000.00 6,000.00 Bullet-04/05/2011
Hongkong & Shanghai Banking
6-May-10 14,000.00 14,000.00 Bullet-06/05/2011
Corporation Limited
Karnataka Bank Limited 28-May-10 5,000.00 4,038.26 16 Equal Quarterly Instalments
The Bank of Tokyo - Mitsubishi UFJ 13-May-10 7,500.00 7,500.00 Bullet-14/05/2012
Limited
City Union Bank Limited 16-Jun-10 2,500.00 2,206.81 60 Equated Monthly Instalments
Development Bank Of Singapore Limited 15-Jun-10 10,900.00 10,900.00 Bullet 15/06/2012
Axis Bank Limited 5-Jun-10 10.60 9.15 60 Monthly Instalments
Indian Bank 30-Jun-10 20,000.00 16,226.03 48 Monthly Instalments
Citibank N.A. 6-Jul-10 15,000.00 15,000.00 Bullet -06/07/2011
Karur Vysya Bank Limited 20-Jul-10 2,500.00 2,187.50 16 Equal Quarterly Instalments
UBS A.G. Bank 30-Jul-10 10,000.00 10,000.00 Bullet-29/07/2011
Hongkong & Shanghai Banking
18-Aug-10 12,500.00 10,069.45 36 Equal Monthly Instalments
Corporation Limited
Industrial Development Bank of India 31-Aug-10 20,000.00 19,523.81 42 Monthly Instalments
Limited
Vijaya Bank 28-Aug-10 5,000.00 4,270.83 48 Equal Monthly Instalments
Citibank N.A. 16-Sep-10 10,000.00 10,000.00 Bullet 16/09/2011
Jammu & Kashmir Bank Limited 29-Sep-10 30,000.00 30,000.00 14 Equal Quaterly Intalments
ING Vysya Bank Limited 14-Oct-10 9,000.00 7,750.00 36 Equal Monthly Instalments
Mizuho Corporate Bank Limited 22-Dec-10 5,000.00 5,000.00 Bullet 20/06/2011
Axis Bank Limited 23-Dec-10 50,000.00 50,000.00 3 Yearly Instalments
State Bank of Mauritius Limited 30-Dec-10 2,700.00 2,475.00 12 Quarterly Instalments
F28

Shriram Transport Finance Company Limited
Secured Loans
Annexure IX
A Term Loan from banks
Particulars
Date of
disbursement
Disbursed
Amount
As at
March 31,
2011
(Rs in Lacs)
Repayment Terms
Corporation Bank 31-Dec-10 10,000.00 9,500.00 20 Quarterly Instalments
The Laxmi Vilas Bank Limited 31-Dec-10 10,000.00 10,000.00 6 Equal Monthly Instalments
State Bank of Travancore 9-Nov-10 10,000.00 9,333.19 60 Monthly Instalments
Axis Bank Limited 8-Feb-11 50,000.00 50,000.00 3 Equal Yearly Instalmentsl
Abu Dhabi Commercial Bank Limited 1-Mar-11 2,000.00 2,000.00 6 Monthly instalments
Development Bank of Singapore Limited 9-Mar-11 11,000.00 11,000.00 Bullet 07/10/2014
Development Bank of Singapore Limited 23-Mar-11 5,000.00 5,000.00 Bullet 23/10/2014
Federal Bank Limited 31-Mar-11 2,500.00 2,500.00 Bullet 31/03/2014
Hongkong & Shanghai Banking
4-Feb-11 3,600.00 3,500.00 36 Monthly Instalments
Corporation Limited
Hongkong & Shanghai Banking
4-Feb-11 9,000.00 8,750.00 36 Monthly Instalments
Corporation Limited
Indian Overseas Bank 20-Jan-11 20,000.00 20,000.00 16 Equal Quarterly Instalments
J P Morgan Chase Bank 14-Feb-11 10,000.00 10,000.00 Bullet 15/05/2013
Societe Generale Bank 3-Mar-11 3,500.00 3,500.00 24 Monthly Instalments
Standard Chartered Bank 14-Feb-11 30,000.00 30,000.00 3 Equal Yearly Instalments
Standard Chartered Bank 6-Jan-11 15,000.00 15,000.00 Bullet 06/01/2012
The Bank of Tokyo - Mitsubishi UFJ 24-Mar-11 2,000.00 2,000.00 Bullet 24/03/2011
Limited
Calyon Bank 10-Mar-11 5,000.00 5,000.00 Bullet 10/03/2013
Allahabad Bank 28-Jan-11 10,000.00 10,000.00 Bullet -28/01/2015
Total 1,356,524.60 937,999.97
B Term Loan from others
Particulars
Date of
disbursement
Disbursed
Amount
As at
March 31,
2011
( Rs in Lacs)
Repayment Terms
L&T Finance Limited 29-Jun-05 2,500.00 130.52 72 Monthly Instalments
L&T Finance Limited 2-Jan-06 2,500.00 383.92 72 Monthly Instalments
Life Insurance Corporation of India 14-Jun-06 7,500.00 1,500.00 5 Annual Instalments
Small Industries Development Bank of 29-Sep-08 10,000.00 1,900.00 33 Monthly Instalments
India
GE Capital Services India 20-Apr-10 5,000.00 5,000.00 Bullet 23/04/2013
SICOM 25-May-10 6,500.00 6,500.00 Bullet-25/05/2011
Citicorp Finance (India) Limited 20-Sep-10 10,000.00 10,000.00 Bullet-25/09/2011
Total 44,000.00 25,414.44
F29

Shriram Transport Finance Company Limited
Secured Loans
Annexure IX
C Cash Credit from Banks as on 31 st March 2011
Particulars Date of Sanction Amount
Sanctioned
(Rs in Lacs)
As at
March 31,
2011
Federal Bank Limited 16-Mar-11 2,500.00 16.16
Bank of Ceylon 7-Dec-09 600.00 400.07
Punjab National Bank 24-Dec-07 6,000.00 1.71
State Bank of Travancore 4-Oct-10 7,500.00 5,094.20
Dena Bank 26-Aug-10 17,500.00 5,018.37
UCO Bank 1-Sep-09 15,000.00 37.84
Bank of Baroda 10-Jul-10 4,000.00 0.09
Central Bank of India 21-Aug-09 30,000.00 24,873.07
Bank of Maharashtra 15-Jan-11 10,000.00 2.08
State Bank of Mysore 30-Dec-10 10,000.00 2,510.38
State Bank of Bikaner And Jaipur 8-Mar-11 5,000.00 0.96
Andhra Bank 30-Dec-09 15,000.00 9.45
Indian Bank 29-Jan-10 5,000.00 4.45
South Indian Bank Limited 30-Nov-09 5,000.00 100.06
Union Bank of India 31-Mar -11 22,175.00 9.15
State Bank of India 29-Mar-11 47,000.00 1,737.54
State Bank of Patiala 07-Sep-09 5,000.00 2,044.07
Oriental Bank of Commerce 10-Jan-11 20,000.00 5,350.22
Allahabad Bank 22-Dec-10 20,000.00 1,007.93
Vijaya Bank 30-Dec-10 5,000.00 16.99
TOTAL 252,275.00 48,234.79
Cash credit with Banks –Unutilised as at 31 st March 2011
Particulars Date of Sanction Amount
Sanctioned
Bank of India 3-Jun-10 47,500.00
Bank of Bahrain & Kuwait 13-Aug-08 1,000.00
Canara Bank 19-Mar-11 7,500.00
Corporation Bank 10-Dec-10 5,000.00
Dhanlaxmi Bank Limited 28-Feb-11 500.00
Deutsche Bank 07-Aug-09 2,500.00
HDFC Bank Limited 5-Mar-09 12,000.00
Hongkong & Shanghai Banking
2-Feb-11 4,000.00
Corporation Limited
ICICI Bank Limited 15-Mar-11 19,000.00
Industrial Development Bank of India
5-Oct-10 20,000.00
Limited
Indian Overseas Bank 20-Oct-10 30,000.00
Indusind Bank Limited 02-Mar-10 3,250.00
Kotak Mahindra Bank 22-Feb-11 1,500.00
Ratnakar Bank Limited 20-Sep-08 1,000.00
F30

Shriram Transport Finance Company Limited
Secured Loans
Annexure IX
Cash credit with Banks –Unutilised
(Rs in Lacs)
Particulars Date of Sanction Amount
Sanctioned
Standard Chartered Bank 20-Jan-11 4,200.00
Syndicate Bank 4-Mar-10 10,000.00
United Bank of India 10-Jan-11 15,000.00
Axis Bank Limited 20-Sep-10 14,000.00
Citibank N.A. 15-Oct-07 5,000.00
City Union Bank Limited 15-Mar-10 5,000.00
Barclays Bank PLC 24-Mar-09 15,000.00
Bank of America 1-Nov-10 2,350.00
Yes Bank 14-Jan-11 7,500.00
TOTAL 232,800.00
D Privately placed Redeemable Non Convertible Debenture of Rs 1,000,000/- each
Particulars Date of Allotment Disbursed
Amount
As at March 31, 2011
(Rs. in Lacs)
Repayment Terms
Quoted:
Life Insurance Corporation of India 2-May-08 15,000.00 15,000.00 Bullet -02-May-11
UTI -Unit Linked Insurance Plan 20-Jun-08 3,500.00 3,500.00 Bullet-20-Jun-11
UTI -Unit Scheme For Charitable And 20-Jun-08 2,500.00 2,500.00 Bullet-20-Jun-11
Religious Trusts And Registered Societies
UTI - Childrens Career Balanced Plan 20-Jun-08 2,500.00 2,500.00 Bullet-20-Jun-11
UTI - Retirement Benefit Pension Fund 20-Jun-08 1,500.00 1,500.00 Bullet-20-Jun-11
BNP Paribas Money Plus Fund 15-Sep-08 850.00 850.00 Bullet-15-Sep-11
IDFC Hybrid Portfolio Fund-Series I 15-Sep-08 500.00 500.00 Bullet-15-Sep-11
BNP Paribas Fixed Term Fund-Series 18- 15-Sep-08 150.00 150.00 Bullet-15-Sep-11
D
ICICI Prudential Fixed Maturity Plan - 17-Sep-08 8,000.00 8,000.00 Bullet-01-Sep-11
Series45 - Three Years Plan
Life Insurance Corporation of India 3-Nov-08 30,000.00 30,000.00 Bullet-03-Nov-13
General Insurance Corporation of India 26-Nov-08 1,000.00 1,000.00 Bullet-26-Nov-13
United Bank of India 28-Mar-09 5,000.00 5,000.00 Bullet-28-Mar-12
Principal Trustee Company Private
20-Apr-09 2,400.00 2,400.00 Bullet-20-Apr-11
Limited A/C Principal Mutual Fund-
Principal Near - Term Fund - Conservative
Plan
Principal Trustee Company Private
20-Apr-09 100.00 100.00 Bullet-20-Apr-11
Limited -Principal Mutual Fund -
Principal Ultra Short Term Fund
Standard Chartered Bank (Mauritius)
30-Jun-09 25,000.00 12,500.00 2 Equal Annual
Limited -Debt
Instalments
Tata Trustee Company Limited A/C Tata 14-Sep-09 1,500.00 1,500.00 Bullet-05-Apr-11
Mutual Fund A/C Tata Fixed Maturity
Plan - Series 25 Scheme A
F31

Shriram Transport Finance Company Limited
Secured Loans
Privately placed Redeemable Non Convertible Debenture of Rs 1,000,000/- each
Particulars Date of Allotment Disbursed
Amount
As at March 31, 2011
Annexure IX
(Rs in Lacs)
Repayment Terms
Corporation Bank 4-May-10 2,000.00 2,000.00 Bullet-04-May-13
Rural Postal Life Insurance Fund A/C 4-May-10 500.00 500.00 Bullet-04-May-13
UTI AMC
Cholamandalam MS General Insurance 6-May-10 1,000.00 1,000.00 Bullet-06-May-13
Company Limited
Corporation Bank 6-May-10 1,000.00 1,000.00 Bullet-06-May-13
ING Mutual Fund A/C ING Short Term 6-May-10 240.00 240.00 Bullet-06-May-13
Income Fund
ING Mutual Fund A/C ING Income Fund 6-May-10 130.00 130.00 Bullet-06-May-13
ING Mutual Fund A/C ING Balanced 6-May-10 90.00 90.00 Bullet-06-May-13
Fund
ING Mutual Fund A/C ING MIP Fund 6-May-10 40.00 40.00 Bullet-06-May-13
UTI - Childrens Career Balanced Plan 14-May-10 7,500.00 7,500.00 Bullet-14-May-13
UTI-Unit Linked Insurance Plan 14-May-10 5,000.00 5,000.00 Bullet-14-May-13
UTI-Unit Scheme For Charitable And 14-May-10 2,500.00 2,500.00 Bullet-14-May-13
Religious Trusts And Registered
Societies
UTI-MIS-Advantage Plan 14-May-10 2,000.00 2,000.00 Bullet-14-May-13
UTI - Retirement Benefit Pension Fund 14-May-10 2,000.00 2,000.00 Bullet-14-May-13
UTI - Monthly Income Scheme 14-May-10 1,000.00 1,000.00 Bullet-14-May-13
Unquoted:
CMNK Consultancy & Services Private 28-Mar-11 2,400.00 2,400.00 Bullet-28-Mar-12
Limited
Take Solutions Limited 28-Mar-11 2,400.00 2,400.00 Bullet-28-Mar-12
Take Solutions Limited 28-Mar-11 200.00 200.00 Bullet-28-Mar-12
129,500.00 117,000.00
E Privately placed Redeemable Non Convertible Debenture of Rs 1,000/- each
(Rs in Lacs)
Particulars As at March 31, 2011 Repayment Terms
Retail Debentures 220,813.98 Redeemable at par over a period 12 to
160 months
F32

Shriram Transport Finance Company Limited
Secured Loans
F Public issue of Redeemable Non-convertible Debentures of Rs. 1,000/- each (2009)- quoted
Particulars As at March 31, 2011 Repayment Terms
Option -I (40% of Face value) 3,489.95 26.08.2012
Option -I (40% of Face value) 3,489.95 26.08.2013
Option -I (20% of Face value) 1,744.97 26.08.2014
Option -II (40% of Face value) 2,949.84 26.08.2012
Option -II (40% of Face value) 2,949.84 26.08.2013
Option -II (20% of Face value) 1,474.92 26.08.2014
Option -III 10,422.51 26.08.2014
Option -IV 2,274.12 26.08.2014
Option -V 66,988.63 26.08.2012
Total 95,784.73
Annexure IX
(Rs in Lacs)
G Public issue of Redeemable Non-convertible Debentures of Rs. 1,000/- each (2010) - quoted
(Rs in Lacs)
Particulars As at March 31, 2011 Repayment Terms
Option -I 15,754.47 01.06.2015
Option -II 6,254.36 01.06.2017
Option -III (40% of Face value) 7,872.34 01.06.2013
Option -III (40% of Face value) 7,872.34 01.06.2014
Option -III (20% of Face value) 3,936.17 01.06.2015
Total 41,689.68
Total Secured Loans (A+B+C+D+E+F+G) 1,486,937.59
Notes:
1 Security
a. Loans/CC aggregating to Rs. 1,011,613.12 Lacs are secured by specific assets covered under hypothecation loan agreements.
b. Loans aggregating to Rs. 36.08 Lacs are secured by Vehicles.
c. Redeemable Non convertible Debentures aggregating to Rs. 220,813.98 Lacs are secured by equitable mortgage of title deeds of
immovable property, secured by charge on fixed assets and secured by hypothecation loan agreements.
d. Redeemable Non convertible Debentures aggregating to Rs. 137,474.41 Lacs are secured by equitable mortgage of title deeds of
immovable property and secured by specific assets covered under hypothecation loan agreements.
e. Privately Placed Redeemable Non convertible Debentures aggregating to Rs. 117,000.00 Lacs are secured by equitable mortgage of
title deeds of immovable property and specific assets covered under hypothecation loan agreements.
2 Terms as regards Interest/Pre-payment:
a. The Fixed Interest bearing Loans/CC/Non-convertible debentures aggregate to Rs. 769,795.00 Lacs and the floating interest bearing
Loans/CC/Non-convertible debentures aggregate to Rs. 717,142.59 Lacs. Out of fixed interest bearing loans Rs. 28,036.28 Lacs are
hedged.
b. Out of the above, Loans/CC/Non-convertible debentures aggregating to Rs. 254,910.04 Lacs have an interest reset option.
F33

Shriram Transport Finance Company Limited
Secured Loans
Annexure IX
c. Loans/CC/Non-convertible debentures aggregating to Rs. 524,118.64 Lacs have a Pre-payment option upon payment of stipulated
charges.
d. Loans/Non-convertible debentures aggregating to Rs. 47,141.94 Lacs have a Pre-payment option without payment of charges.
3 Redeemable Non convertible Debentures issued under NCD Public Issue 2009 Option III and IV aggregating to Rs. 12,696.63 lacs
have both Call & Put option after 48 months from date of allotment.
4 Redeemable Non convertible Debentures issued under NCD Public Issue 2010 Option I aggregating to Rs. 15,754.47 lacs and Option
II aggreagating to Rs. 6,254.36 lacs have both Call & Put option after 36 months and 60 months respectively after date of allotment.
5 Privately Placed Redeemable Non convertible Debentures aggregating to Rs. 2,500.00 Lacs have Put option.
6 Privately Placed Redeemable Non convertible Debentures - retail aggregating to Rs. 8,161.48 Lacs have Put option and Rs.
220,813.98 Lacs have Call option.
7 Loans aggregating to Rs. 59,375.00 Lacs have Put call option.
8 The bankers have a right to appoint a nominee director in case of loans/CC aggregating to Rs. 92,789.94 Lacs.
9 The bankers have a right to convert debt into equity in case of default by the company for loan aggregating to Rs. 9,333.19 Lacs.
10 The Redeemable Non Convertible Debentures may be bought back subject to applicable statutory and/or regulatory requirements, upon
the terms and conditions as may be decided by the company.
11 The company may grant loan against the security of NCDs upon the terms and conditions as may be decided by the company.
12 Subject to the provisions of The Companies Act, 1956, where the company has fully redeemed or repurchased any Secured NCD(s),
the company shall have the right to keep such Secured NCDs in effect without extinguishment thereof, for the purpose of resale or
reissue.
F34

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Date of
Allotment
Disbursed
Amount
As at March
31, 2011
Annexure X
( Rs in Lacs )
Repayment Terms
Privately Placed Subordinated debts -quoted
Oriental Bank of Commerce 30-Nov-07 1,000.00 1,000.00 Bullet-31-May-13
UTI - Monthly Income Scheme 29-Jan-08 1,500.00 1,500.00 Bullet-29-Jul-13
UTI-Unit Linked Insurance Plan 29-Jan-08 1,000.00 1,000.00 Bullet-29-Jul-13
Bank of India 1-Feb-08 1,500.00 1,500.00 Bullet-01-May-13
Bank of India 17-Mar-08 1,500.00 1,500.00 Bullet-17-Sep-13
Reliance Capital Trustee Company Limited-A/C
Reliance Dual Advantage Fixed Tenure Fund Plan B
24-Mar-08 1,500.00 1,500.00 Bullet-24-Jun-13
BNP Paribas Bond Fund 24-Mar-08 1,350.00 1,350.00 Bullet-24-Jun-13
Reliance Capital Trustee Company Limited A/C 24-Mar-08 1,000.00 1,000.00 Bullet-24-Jun-13
Reliance Monthly Income Plan
BNP Paribas Money Plus Fund 24-Mar-08 1,000.00 1,000.00 Bullet-24-Jun-13
BNP Paribas Monthly Income Plan 24-Mar-08 150.00 150.00 Bullet-24-Jun-13
UCO Bank 27-Mar-08 1,000.00 1,000.00 Bullet-27-Jun-13
Reliance Capital Trustee Company Limited-A/C
Reliance Dual Advantage Fixed Tenure Fund Plan B
2-May-08 1,000.00 1,000.00 Bullet-03-Oct-13
BNP Paribas Bond Fund 2-May-08 810.00 810.00 Bullet-03-Oct-13
BNP Paribas Flexi Debt Fund 2-May-08 490.00 490.00 Bullet-03-Oct-13
BNP Paribas Money Plus Fund 2-May-08 200.00 200.00 Bullet-03-Oct-13
HVPNL Employees Pension Fund Trust 4-Aug-08 2,250.00 2,250.00 Bullet-04-Aug-18
Food Corporation of India CPF Trust 4-Aug-08 1,000.00 1,000.00 Bullet-04-Aug-18
HVPNL Employees Provident Fund Trust 4-Aug-08 750.00 750.00 Bullet-04-Aug-18
Gas Authority of India Limited Employees Provident
Fund Trust
4-Aug-08 300.00 300.00 Bullet-04-Aug-18
The Jammu And Kashmir Bank Employees Provident
Fund Trust
4-Aug-08 200.00 200.00 Bullet-04-Aug-18
GAIL Employees Superannuation Benefit Fund 4-Aug-08 100.00 100.00 Bullet-04-Aug-18
Gujarat Alkalies And Chemicals Limited Employees 4-Aug-08 100.00 100.00 Bullet-04-Aug-18
Provident Fund Trust
Asbestos Cement Limited Employees Provident Fund 4-Aug-08 60.00 60.00 Bullet-04-Aug-18
GAIL (India) Limited Employees Death-Cum-
Superannuation Gratuity Scheme
Provident Fund of Mangalore Refinery And
Petrochemicals Limited
4-Aug-08 50.00 50.00 Bullet-04-Aug-18
4-Aug-08 40.00 40.00 Bullet-04-Aug-18
Mother Dairy Employees Provident Fund Trust 4-Aug-08 30.00 30.00 Bullet-04-Aug-18
GSFC Limited - Fibre Unit Employees P F Trust 4-Aug-08 30.00 30.00 Bullet-04-Aug-18
Trustees Provident Fund of The Employees of The
Ugar Sugar Works Limited
4-Aug-08 30.00 30.00 Bullet-04-Aug-18
British High Commission India Staff Provident Fund 4-Aug-08 20.00 20.00 Bullet-04-Aug-18
L And T Niro Staff Provident Fund 4-Aug-08 10.00 10.00 Bullet-04-Aug-18
Alembic Limited Provident Fund Trust 4-Aug-08 10.00 10.00 Bullet-04-Aug-18
F35

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Date of
Allotment
Disbursed
Amount
As at March
31, 2011
Annexure X
( Rs in Lacs )
Repayment Terms
Privately Placed Subordinated debts -quoted
Atlas Cycle Industries Provident Fund Trust 4-Aug-08 10.00 10.00 Bullet-04-Aug-18
Lubrizol India Limited Employees Provident Fund 4-Aug-08 10.00 10.00 Bullet-04-Aug-18
Chhattisgarh State Electricity Board (CSEB)
Provident Fund Trust
5-Nov-08 2,000.00 2,000.00 Bullet-05-Nov-18
Delhi Development Authority 5-Nov-08 1,000.00 1,000.00 Bullet-05-Nov-18
Chhattisgarh State Electricity Board Gratuity and 7-Nov-08 1,500.00 1,500.00 Bullet-07-Nov-18
Pension Fund Trust
UCO Bank 26-Nov-08 5,000.00 5,000.00 Bullet-26-Feb-14
Jacobs H And G Private Limited Employees
26-Nov-08 10.00 10.00 Bullet-26-Feb-14
Provident Fund
Bank of Maharashtra 11-Dec-08 2,000.00 2,000.00 Bullet-11-Dec-14
Bank of Baroda 11-Dec-08 2,000.00 2,000.00 Bullet-11-Dec-14
The Indian Iron And Steel Co Limited Provident
Institution
11-Dec-08 500.00 500.00 Bullet-11-Dec-14
Durgapur Steel Plant Provident Fund 11-Dec-08 200.00 200.00 Bullet-11-Dec-14
Ashok Leyland Senior Executives Provident Fund 11-Dec-08 100.00 100.00 Bullet-11-Dec-14
Rameshwara Jute Mills Workers Provident Fund
Trust
11-Dec-08 100.00 100.00 Bullet-11-Dec-14
Gujarat Alkalies And Chemicals Limited Employees
Provident Fund Trust
11-Dec-08 50.00 50.00 Bullet-11-Dec-14
Shivani Kumar 11-Dec-08 13.00 13.00 Bullet-11-Dec-14
Russell Reynolds Associates India Employees
11-Dec-08 5.00 5.00 Bullet-11-Dec-14
Provident Fund
Frank Ross Limited Employees' Provident Fund 11-Dec-08 5.00 5.00 Bullet-11-Dec-14
D S Savant And Sons Employees Provident Fund 11-Dec-08 5.00 5.00 Bullet-11-Dec-14
Paushak Limited Provident Fund 11-Dec-08 5.00 5.00 Bullet-11-Dec-14
AFCO Fincon Private Limited 11-Dec-08 4.00 4.00 Bullet-11-Dec-14
Rai And Sons Private Limited Employees Provident
Fund
11-Dec-08 4.00 4.00 Bullet-11-Dec-14
Mehta And Padamsey Private Limited Employees
Provident Fund
Mehta And Padamsey Surveyors Private Limited Staff
Provident Fund
11-Dec-08 2.00 2.00 Bullet-11-Dec-14
11-Dec-08 2.00 2.00 Bullet-11-Dec-14
Hirabai Vithaldas Shubh Trust 11-Dec-08 2.00 2.00 Bullet-11-Dec-14
The Metal Rolling Works Limited Employees
11-Dec-08 1.00 1.00 Bullet-11-Dec-14
Educational Welfare Trust
Sarvodaya Welfare Trust 11-Dec-08 1.00 1.00 Bullet-11-Dec-14
Hakamchand Vakhatram Philanthropic Trust 11-Dec-08 1.00 1.00 Bullet-11-Dec-14
Bangiya Gramin Vikash Bank 15-Dec-08 300.00 300.00 Bullet-15-Mar-14
Life Insurance Corporation of India 23-Dec-08 100.00 100.00 Bullet-23-Mar-14
Karnataka Power Corporation Limited Employee
Contributory Provident Fund Trust
23-Dec-08 100.00 100.00 Bullet-23-Mar-14
F36

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Privately Placed Subordinated debts -quoted
Date of
Allotment
Disbursed
Amount
As at March
31, 2011
Annexure X
( Rs in Lacs )
Repayment Terms
Maihar Cement Employees Provident Fund 29-Dec-08 30.00 30.00 Bullet-29-Dec-18
Century Textiles And Industries Limited (Cement 29-Dec-08 7.00 7.00 Bullet-29-Dec-18
Divisions) Superannuation Fund
Manikgarh Cement Employees Superannuation
Welfare Trust
29-Dec-08 4.00 4.00 Bullet-29-Dec-18
LIC of India - Gratuity Plus 17-Jan-09 500.00 500.00 Bullet-17-Apr-14
Bank of India 2-Apr-09 2,000.00 2,000.00 Bullet-02-Jul-14
Air- India Employees Provident Fund 2-Apr-09 500.00 500.00 Bullet-02-Jul-14
Hero Honda Motors Limited 18-Apr-09 1,300.00 1,300.00 Bullet-18-Jul-14
The Indian Iron And Steel Co Limited Provident
Institution
18-Apr-09 500.00 500.00 Bullet-18-Jul-14
Durgapur Steel Plant Provident Fund 18-Apr-09 200.00 200.00 Bullet-18-Jul-14
RKM Provident Fund 18-Apr-09 179.00 179.00 Bullet-18-Jul-14
Rameshwara Jute Mills Workers Provident Fund
Trust
18-Apr-09 100.00 100.00 Bullet-18-Jul-14
Radha Govind Samiti 18-Apr-09 100.00 100.00 Bullet-18-Jul-14
Megna Jute Mills Provident Fund 18-Apr-09 27.00 27.00 Bullet-18-Jul-14
L And T (Kansbahal) Staff And Workmen Provident
Fund
18-Apr-09 15.00 15.00 Bullet-18-Jul-14
Hakamchand Vakhatram Philanthropic Trust 18-Apr-09 10.00 10.00 Bullet-18-Jul-14
Snehal Baid 18-Apr-09 10.00 10.00 Bullet-18-Jul-14
Bijay Singh Baid 18-Apr-09 10.00 10.00 Bullet-18-Jul-14
Sanjay Kumar Baid 18-Apr-09 10.00 10.00 Bullet-18-Jul-14
Wander Limited Employees Provident Fund 18-Apr-09 7.00 7.00 Bullet-18-Jul-14
Ramprakash Podar Charitable Trust 18-Apr-09 7.00 7.00 Bullet-18-Jul-14
Orient Ceramics Provident Fund Institution 18-Apr-09 7.00 7.00 Bullet-18-Jul-14
Burns Philp India Private Limited Employees
Provident Fund
18-Apr-09 6.00 6.00 Bullet-18-Jul-14
L And T (Kansbahal) Officers And Supervisory Staff
Provident Fund
18-Apr-09 6.00 6.00 Bullet-18-Jul-14
Eskaps (India) Private Limited Employees Provident 18-Apr-09 5.00 5.00 Bullet-18-Jul-14
Fund
Mehta And Padamsey Private Limited Employees 18-Apr-09 1.00 1.00 Bullet-18-Jul-14
Provident Fund
ICICI Bank Limited 15-Jul-09 1,920.00 1,920.00 Bullet-10-Oct-14
Jai Corp Limited 15-Jul-09 1,000.00 1,000.00 Bullet-10-Oct-14
Kotak Mahindra Trustee Co Limited A/C Kotak
Credit Opportunities Fund
Chhattisgarh State Electricity Board Gratuity and
Pension Fund Trust
Kotak Mahindra Trustee Co Limited- A/C Kotak
Monthly Income Plan
15-Jul-09 600.00 600.00 Bullet-10-Oct-14
15-Jul-09 440.00 440.00 Bullet-10-Oct-14
15-Jul-09 300.00 300.00 Bullet-10-Oct-14
F37

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Privately Placed Subordinated debts -quoted
Date of
Allotment
Disbursed
Amount
As at March
31, 2011
Annexure X
( Rs in Lacs )
Repayment Terms
Abn Amro Bank N V Employees' Provident Fund 15-Jul-09 150.00 150.00 Bullet-10-Oct-14
Kotak Mahindra Trustee Company Limited A/C. 15-Jul-09 100.00 100.00 Bullet-10-Oct-14
Kotak Mahindra Bond Short Term Plan
Aradhana Investments Limited 15-Jul-09 100.00 100.00 Bullet-10-Oct-14
Cheviot Agro Industries Limited 15-Jul-09 30.00 30.00 Bullet-10-Oct-14
Pravin Shripad Bhalerao 15-Jul-09 30.00 30.00 Bullet-10-Oct-14
R S R Mohota Spg And Wvg Mills Limited
Employees Provident Fund Trust Hinganghat
15-Jul-09 20.00 20.00 Bullet-10-Oct-14
Sunderdevi Baid 15-Jul-09 20.00 20.00 Bullet-10-Oct-14
Bela Anil Dalal 15-Jul-09 15.00 15.00 Bullet-10-Oct-14
Meenakshi Baid 15-Jul-09 15.00 15.00 Bullet-10-Oct-14
Aditya Share Dealings And Trading Private Limited 15-Jul-09 15.00 15.00 Bullet-10-Oct-14
Cheviot Company Limited Employees Gratuity Trust
Fund
15-Jul-09 10.00 10.00 Bullet-10-Oct-14
Amrish A Dalal 15-Jul-09 10.00 10.00 Bullet-10-Oct-14
Bijay Singh Baid 15-Jul-09 10.00 10.00 Bullet-10-Oct-14
Ganpati Share Cap Private Limited 15-Jul-09 10.00 10.00 Bullet-10-Oct-14
Bajaj Allianz Life Insurance Company Limited 27-Oct-09 3,500.00 3,500.00 Bullet-27-Jan-15
NPS Trust- A/C LIC Pension Fund Scheme - Central
Government
27-Oct-09 1,310.00 1,310.00 Bullet-27-Jan-15
Trustees Hindustan Steel Limited Contributory
Provident Fund, Rourkela
27-Oct-09 1,000.00 1,000.00 Bullet-27-Jan-15
Food Corporation of India CPF Trust 27-Oct-09 1,000.00 1,000.00 Bullet-27-Jan-15
Air- India Employees Provident Fund 27-Oct-09 600.00 600.00 Bullet-27-Jan-15
Best Location Properties Private Limited 27-Oct-09 500.00 500.00 Bullet-27-Jan-15
Allahabad Bank 27-Oct-09 500.00 500.00 Bullet-27-Jan-15
United India Insurance Company Limited Employees 27-Oct-09 500.00 500.00 Bullet-27-Jan-15
Gratuity Fund
NPS Trust- A/C SBI Pension Fund Scheme - State 27-Oct-09 497.00 497.00 Bullet-27-Jan-15
Government
NPS Trust- A/C LIC Pension Fund Scheme - State 27-Oct-09 200.00 200.00 Bullet-27-Jan-15
Government
Gujarat Alkalies And Chemicals Limited Employees 27-Oct-09 160.00 160.00 Bullet-27-Jan-15
Provident Fund Trust
Sprism Investment Services P Limited 27-Oct-09 55.00 55.00 Bullet-27-Jan-15
Sushilkumar N Trivedi 27-Oct-09 50.00 50.00 Bullet-27-Jan-15
Ashok Leyland Employees Hosur Provident Fund 27-Oct-09 30.00 30.00 Bullet-27-Jan-15
Trust
Centre For Development of Telematics Employees 27-Oct-09 30.00 30.00 Bullet-27-Jan-15
Provident Fund Trust
Uma Narayana Moorthy 27-Oct-09 25.00 25.00 Bullet-27-Jan-15
P Anusha 27-Oct-09 15.00 15.00 Bullet-27-Jan-15
F38

Shriram Transport Finance Company Limited
Unsecured Loans
Annexure X
( Rs in Lacs )
A
Particulars
Privately Placed Subordinated debts -quoted
Date of
Allotment
Disbursed
Amount
As at March
31, 2011
Repayment Terms
The Municipal Co-Op Bank Employee Provident
Fund
27-Oct-09 10.00 10.00 Bullet-27-Jan-15
Kala Gopalakrishnan 27-Oct-09 5.00 5.00 Bullet-27-Jan-15
Humphreys And Glasgow Directors Superannuation 27-Oct-09 3.00 3.00 Bullet-27-Jan-15
Fund
NPS Trust- A/C SBI Pension Fund Scheme C - Tier I 27-Oct-09 3.00 3.00 Bullet-27-Jan-15
Orient Ceramics Provident Fund Institution 27-Oct-09 3.00 3.00 Bullet-27-Jan-15
R A Nariman And Co Limited Employees Provident 27-Oct-09 2.00 2.00 Bullet-27-Jan-15
Fund Trust
Abdullah Hakimuddin Poonawala 27-Oct-09 2.00 2.00 Bullet-27-Jan-15
United India Insurance Company Limited 31-Oct-09 2,000.00 2,000.00 Bullet-31-Oct-19
Bank of India Provident Fund 31-Oct-09 500.00 500.00 Bullet-31-Oct-19
Air- India Employees Provident Fund 31-Oct-09 400.00 400.00 Bullet-31-Oct-19
The Kalyan Janata Sahakari Bank Limited 24-Nov-09 500.00 500.00 Bullet-22-Nov-19
The Zoroastrian Co-Operative Bank Limited 24-Nov-09 500.00 500.00 Bullet-22-Nov-19
The Jammu And Kashmir Bank Employee Pension
Fund Trust
24-Nov-09 400.00 400.00 Bullet-22-Nov-19
Engineers India Limited Employees Provident Fund 24-Nov-09 300.00 300.00 Bullet-22-Nov-19
The Jammu And Kashmir Bank Employees Provident
Fund Trust
24-Nov-09 200.00 200.00 Bullet-22-Nov-19
NIIT Limited Employees Provident Fund Trust 24-Nov-09 50.00 50.00 Bullet-22-Nov-19
Pune Zilla Madhyawarti Sahakari Bank Maryadit 24-Nov-09 25.00 25.00 Bullet-22-Nov-19
Provident Fund
GHCL Officers Provident Fund Trust 24-Nov-09 20.00 20.00 Bullet-22-Nov-19
Bharatiya Vidya Bhavan Staff Contributory Provident 24-Nov-09 20.00 20.00 Bullet-22-Nov-19
Fund
Hooghly Docking Works Provident Fund 24-Nov-09 10.00 10.00 Bullet-22-Nov-19
The National Peroxide Limited Employees Gratuity 24-Nov-09 10.00 10.00 Bullet-22-Nov-19
Fund
Intervet India Private Limited Employees Provident 24-Nov-09 10.00 10.00 Bullet-22-Nov-19
Fund Trust
A V George Group Employees Provident Fund ( 24-Nov-09 10.00 10.00 Bullet-22-Nov-19
Trustees )
The Board of Trustees IPIRTIECPF 24-Nov-09 9.00 9.00 Bullet-22-Nov-19
Industrial Jewels Private Limited Provident Fund 24-Nov-09 8.00 8.00 Bullet-22-Nov-19
Darashaw & Company Private Limited 24-Nov-09 8.00 8.00 Bullet-22-Nov-19
Spintex Private Limited 24-Nov-09 5.00 5.00 Bullet-22-Nov-19
Swan Silk Limited Employees Provident Fund Trust 24-Nov-09 5.00 5.00 Bullet-22-Nov-19
F39

Shriram Transport Finance Company Limited
Annexure X
Unsecured Loans
A
Particulars
Privately Placed Subordinated debts -quoted
Date of
Allotment
Disbursed
Amount
As at March
31, 2011
( Rs in Lacs )
Repayment Terms
Empire Industries Limited Garlick Engineering Staff
Provident Fund
24-Nov-09 5.00 5.00 Bullet-22-Nov-19
Aditya Vikram Saria 24-Nov-09 4.00 4.00 Bullet-22-Nov-19
Trustees The Provident Fund of The Board of
Management of The Bombay Properties of The Indian
Institute of Science
24-Nov-09 1.00 1.00 Bullet-22-Nov-19
Nokia India Employees Provident Fund 31-Dec-09 110.00 110.00 Bullet-31-Dec-19
Youth Development Co Op Bank Limited Kolhapur 31-Dec-09 100.00 100.00 Bullet-31-Dec-19
Trustees Hind Lamps Employees Provident Fund (
Exempted Employees )
31-Dec-09 100.00 100.00 Bullet-31-Dec-19
Pawan Agarwal 31-Dec-09 40.00 40.00 Bullet-31-Dec-19
Pankaj Agarwal 31-Dec-09 40.00 40.00 Bullet-31-Dec-19
Central Board of Irrigation And Power Provident
Fund Trust
31-Dec-09 20.00 20.00 Bullet-31-Dec-19
Preeti Agarwal 31-Dec-09 20.00 20.00 Bullet-31-Dec-19
East Commercial Private Limited 31-Dec-09 10.00 10.00 Bullet-31-Dec-19
Guljit Chaudhri 31-Dec-09 10.00 10.00 Bullet-31-Dec-19
S Raja 31-Dec-09 5.00 5.00 Bullet-31-Dec-19
Orient Ceramics Provident Fund Institution 31-Dec-09 4.00 4.00 Bullet-31-Dec-19
Securities Trading Corporation of India Limited 31-Dec-09 3,920.00 3,920.00 Bullet-30-Jun-15
Associated Capsules Private Limited 31-Dec-09 100.00 100.00 Bullet-30-Jun-15
Allbank Finance Limited 31-Dec-09 100.00 100.00 Bullet-30-Jun-15
Keki Minoo Mistry 31-Dec-09 30.00 30.00 Bullet-30-Jun-15
Samar Sharad Chauhan 31-Dec-09 30.00 30.00 Bullet-30-Jun-15
Mathrubhumi Employees Superannuation Fund 31-Dec-09 10.00 10.00 Bullet-30-Jun-15
Virendra Ratilal Sangharajka 31-Dec-09 5.00 5.00 Bullet-30-Jun-15
Ritu Modani 31-Dec-09 3.00 3.00 Bullet-30-Jun-15
Usha Modani 31-Dec-09 2.00 2.00 Bullet-30-Jun-15
Anu Khattar 31-Dec-09 1.00 1.00 Bullet-30-Jun-15
Shriram Life Insurance Company Limited 6-Jan-10 230.00 230.00 Bullet-06-Jul-15
Shriram Life Insurance Co Limited - Preserver 6-Jan-10 70.00 70.00 Bullet-06-Jul-15
Army Group Insurance Fund 18-Jan-10 1,500.00 1,500.00 Bullet-18-Apr-15
Trustees Union Bank of India Employees Provident 18-Jan-10 1,000.00 1,000.00 Bullet-18-Apr-15
Fund
Tamilnad Mercantile Bank Limited , 18-Jan-10 1,000.00 1,000.00 Bullet-18-Apr-15
NPS Trust- A/C SBI Pension Fund Scheme - Central 18-Jan-10 500.00 500.00 Bullet-18-Apr-15
Government
NPS Trust- A/C LIC Pension Fund Scheme - Central 18-Jan-10 500.00 500.00 Bullet-18-Apr-15
Government
Air- India Employees Provident Fund 18-Jan-10 200.00 200.00 Bullet-18-Apr-15
Gujarat Alkalies And Chemicals Limited Employees
Provident Fund Trust
18-Jan-10 70.00 70.00 Bullet-18-Apr-15
F40

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Privately Placed Subordinated debts -quoted
The Lakshmi Vilas Bank Limited Employees
Provident Fund
Date of
Allotment
Disbursed
Amount
As at March
31, 2011
Annexure X
( Rs in Lacs )
Repayment Terms
18-Jan-10 50.00 50.00 Bullet-18-Apr-15
Sheela Ashwin Chiniwalla 18-Jan-10 32.00 32.00 Bullet-18-Apr-15
Asha Sharad Chauhan 18-Jan-10 31.00 31.00 Bullet-18-Apr-15
Sheela Chiniwalla 18-Jan-10 27.00 27.00 Bullet-18-Apr-15
Sharad Pitamber Chauhan 18-Jan-10 25.00 25.00 Bullet-18-Apr-15
NPS Trust- A/C ICICI Prudential Pension Fund
Scheme C - Tier I
18-Jan-10 21.00 21.00 Bullet-18-Apr-15
NPS Trust- A/C ICICI Prudential Pension Fund
Scheme C - Tier II
18-Jan-10 10.00 10.00 Bullet-18-Apr-15
Pranav Bajoria 18-Jan-10 10.00 10.00 Bullet-18-Apr-15
Priyanka S Bajoria 18-Jan-10 10.00 10.00 Bullet-18-Apr-15
Kailash Kumar Gupta 18-Jan-10 10.00 10.00 Bullet-18-Apr-15
Industrial Jewels Private Limited Provident Fund 18-Jan-10 3.00 3.00 Bullet-18-Apr-15
R A Nariman And Company Limited Employees
Provident Fund Trust
18-Jan-10 1.00 1.00 Bullet-18-Apr-15
Bank of Maharashtra 22-Jan-10 1,000.00 1,000.00 Bullet-22-Apr-15
Food Corporation of India CPF Trust 22-Jan-10 200.00 200.00 Bullet-22-Apr-15
NPS Trust- A/C LIC Pension Fund Scheme - Central 22-Jan-10 117.00 117.00 Bullet-22-Apr-15
Government
Gujarat Alkalies And Chemicals Limited Employees 22-Jan-10 90.00 90.00 Bullet-22-Apr-15
Provident Fund Trust
Colgate- Palmolive (India) Limited Provident Fund 22-Jan-10 50.00 50.00 Bullet-22-Apr-15
Ashok Leyland Employees Hosur Provident Fund 22-Jan-10 24.00 24.00 Bullet-22-Apr-15
Trust
Manilal Kasturchand Gandhi And Kanta Gandhi 22-Jan-10 10.00 10.00 Bullet-22-Apr-15
Charitable Trust
Deys Medical Stores Mfg.(UP) Limited Provident 22-Jan-10 5.00 5.00 Bullet-22-Apr-15
Fund
The Municipal Co-Operative Bank Employee
22-Jan-10 4.00 4.00 Bullet-22-Apr-15
Provident Fund
Air- India Employees Provident Fund 29-Jan-10 700.00 700.00 Bullet-29-Jan-20
Shree Vardhaman Sahakari Bank Limited 29-Jan-10 145.00 145.00 Bullet-29-Jan-20
Loknete Dattaji Patil Sahkari Bank Limited
29-Jan-10 50.00 50.00 Bullet-29-Jan-20
,Lasalgaon
Huntsman Advanced Materials ( India ) Pvt
29-Jan-10 3.00 3.00 Bullet-29-Jan-20
Limitedemployees Gratuity Fund
Petro Araldite Private Limited Employees Provident 29-Jan-10 2.00 2.00 Bullet-29-Jan-20
Fund
United India Insurance Company Limited Employees 29-Jan-10 870.00 870.00 Bullet-29-Jul-15
Provident Fund
Bank of India Provident Fund 29-Jan-10 500.00 500.00 Bullet-29-Jul-15
The Kalyan Janata Sahakari Bank Limited 29-Jan-10 250.00 250.00 Bullet-29-Jul-15
Model Co-Operative Bank Limited 29-Jan-10 200.00 200.00 Bullet-29-Jul-15
Provident Fund of Mangalore Refinery And
Petrochemicals Limited
29-Jan-10 80.00 80.00 Bullet-29-Jul-15
F41

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Date of
Allotment
Disbursed
Amount
As at March
31, 2011
Annexure X
( Rs in Lacs )
Repayment Terms
Privately Placed Subordinated debts -quoted
The Jain Sahakari Bank Limited 29-Jan-10 70.00 70.00 Bullet-29-Jul-15
Nandlal Pribhdas Tolani 29-Jan-10 50.00 50.00 Bullet-29-Jul-15
Cutler Hammer Provident Fund Trust 29-Jan-10 25.00 25.00 Bullet-29-Jul-15
ICB Limited Employees Provident Fund 29-Jan-10 10.00 10.00 Bullet-29-Jul-15
Prem Subramaniam 29-Jan-10 10.00 10.00 Bullet-29-Jul-15
Industrial Jewels Private Limited Provident Fund 29-Jan-10 4.00 4.00 Bullet-29-Jul-15
Hema Parameswaran 29-Jan-10 2.00 2.00 Bullet-29-Jul-15
Vijaya R K 29-Jan-10 1.00 1.00 Bullet-29-Jul-15
T P Viswanathan 29-Jan-10 1.00 1.00 Bullet-29-Jul-15
Lotus Beauty Care Products Private Limited 15-Feb-10 100.00 100.00 Bullet-15-Feb-20
Kotak Mahindra Trustee Company Limited A/C
Kotak flexi Debt Scheme
Kotak Mahindra Trustee Co Limited A/C Kotak
Credit Opportunities Fund
Kotak Mahindra Trustee Co Limited- A/C Kotak
Monthly Income Plan
Kotak Mahindra Trustee Company Limited A/C.
Kotak Mahindra Bond Short Term Plan
29-Mar-10 2,100.00 2,100.00 Bullet-29-Sep-15
29-Mar-10 1,300.00 1,300.00 Bullet-29-Sep-15
29-Mar-10 1,100.00 1,100.00 Bullet-29-Sep-15
29-Mar-10 500.00 500.00 Bullet-29-Sep-15
Bajaj Allianz Life Insurance Company Limited 19-Apr-10 1,500.00 1,500.00 Bullet-19-Apr-16
Bajaj Allianz General Insurance Company Limited 19-Apr-10 1,000.00 1,000.00 Bullet-19-Apr-16
Infrastructure Development Finance Company
Limited
19-Apr-10 2,000.00 2,000.00 Bullet-19-Apr-20
NPS Trust- A/C UTI Retirement Solutions Pension
Fund Scheme - Central Government
Board of Trustees For Bokaro Steel Employees
Provident Fund
The Oriental Insurance Company Limited Provident
Fund
19-Apr-10 1,480.00 1,480.00 Bullet-19-Apr-20
19-Apr-10 500.00 500.00 Bullet-19-Apr-20
19-Apr-10 350.00 350.00 Bullet-19-Apr-20
RKM Provident Fund 19-Apr-10 200.00 200.00 Bullet-19-Apr-20
HUDCO Employees C P F Trust 19-Apr-10 100.00 100.00 Bullet-19-Apr-20
Engineers India Limited Employees Provident Fund 19-Apr-10 100.00 100.00 Bullet-19-Apr-20
The Rami Investments Private Limited 19-Apr-10 100.00 100.00 Bullet-19-Apr-20
Power Finance Corporation Limited Employees 19-Apr-10 50.00 50.00 Bullet-19-Apr-20
Provident Fund
The India Cements Employees Provident Fund 19-Apr-10 30.00 30.00 Bullet-19-Apr-20
M R Rajaram 19-Apr-10 30.00 30.00 Bullet-19-Apr-20
Maihar Cement Employees Provident Fund 19-Apr-10 30.00 30.00 Bullet-19-Apr-20
Garodia Traxim Private Limited 19-Apr-10 10.00 10.00 Bullet-19-Apr-20
Vrajlal P Babaria Charitable Trust 19-Apr-10 10.00 10.00 Bullet-19-Apr-20
Hemakshi Mahesh Shah 19-Apr-10 10.00 10.00 Bullet-19-Apr-20
F42

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Privately Placed Subordinated debts -quoted
Date of
Allotment
Disbursed
Amount
As at March
31, 2011
Annexure X
( Rs in Lacs )
Repayment Terms
Trustees Hindustan Steel Limited Contributory
Provident Fund, Rourkela
19-Apr-10 1,000.00 1,000.00 Bullet-19-Apr-20
Rasoi Limited 19-Apr-10 500.00 500.00 Bullet-19-Apr-20
United India Insurance Company Limited 19-Apr-10 500.00 500.00 Bullet-19-Apr-20
Board of Trustees For Bokaro Steel Employees
Provident Fund
19-Apr-10 500.00 500.00 Bullet-19-Apr-20
Welspun Corp Limited 20-Apr-10 7,500.00 7,500.00 Bullet-20-Apr-20
NPS Trust- A/C UTI Retirement Solutions Pension 20-Apr-10 6,200.00 6,200.00 Bullet-20-Apr-20
Fund Scheme - Central Government
Infrastructure Development Finance Company
Limited
20-Apr-10 2,500.00 2,500.00 Bullet-20-Apr-20
ICICI Bank Limited 20-Apr-10 1,700.00 1,700.00 Bullet-20-Apr-20
NPS Trust- A/C LIC Pension Fund Scheme - State 20-Apr-10 600.00 600.00 Bullet-20-Apr-20
Government
Jharkhand Gramin Bank 20-Apr-10 500.00 500.00 Bullet-20-Apr-20
NPS Trust- A/C LIC Pension Fund Scheme - Central 20-Apr-10 400.00 400.00 Bullet-20-Apr-20
Government
British High Commission India Staff Provident Fund 20-Apr-10 300.00 300.00 Bullet-20-Apr-20
NPS Trust- A/C UTI Retirement Solutions Pension 20-Apr-10 300.00 300.00 Bullet-20-Apr-20
Fund Scheme - State Government
NPS Trust- A/C UTI Retirement Solutions Pension
Fund Scheme - Central Government
NPS Trust- A/C SBI Pension Fund Scheme - State
Government
NPS Trust- A/C UTI Retirement Solutions Pension
Fund Scheme - State Government
26-Apr-10 1,000.00 1,000.00 Bullet-26-Jul-15
26-Apr-10 969.00 969.00 Bullet-26-Jul-15
26-Apr-10 500.00 500.00 Bullet-26-Jul-15
NPS Trust- A/C SBI Pension Fund Scheme C - Tier I 26-Apr-10 30.00 30.00 Bullet-26-Jul-15
NPS Trust- A/C SBI Pension Fund Scheme C - Tier II 26-Apr-10 1.00 1.00 Bullet-26-Jul-15
Bank of India Provident Fund 3-May-10 2,000.00 2,000.00 Bullet-03-May-20
Jharkhand Gramin Bank 3-May-10 500.00 500.00 Bullet-03-May-20
Indian Oil Corporation Limited (Assam Oil Division)
Employees Provident Fund
3-May-10 400.00 400.00 Bullet-03-May-20
Nagpur Nagarik Sahakari Bank Limited 3-May-10 300.00 300.00 Bullet-03-May-20
Board of Trustees For Bokaro Steel Employees
3-May-10 200.00 200.00 Bullet-03-May-20
Provident Fund
Sulaimani Co- Operative Bank Limited 3-May-10 100.00 100.00 Bullet-03-May-20
Arvind Sahakari Bank Limited 3-May-10 100.00 100.00 Bullet-03-May-20
Nokia India Employees Provident Fund 3-May-10 100.00 100.00 Bullet-03-May-20
F43

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Privately Placed Subordinated debts -quoted
Date of
Allotment
Disbursed
Amount
As at March
31, 2011
Annexure X
( Rs in Lacs )
Repayment Terms
Madras Fertilizers Limited Employees Contributory
Provident Fund
Punjab State Warehousing Corporation Employee
Provident Fund
Jagatjit Cotton Textile Mills Limited Provident Fund
Trust
NIIT Technologies Limited Employees Provident
Fund Trust
Hindustan Electro Graphites Officers Contributory P
F Trust
Andhra Pradesh State Road Transport Corporation
Employees Deposit Linked Insurance Fund
3-May-10 50.00 50.00 Bullet-03-May-20
3-May-10 50.00 50.00 Bullet-03-May-20
3-May-10 50.00 50.00 Bullet-03-May-20
3-May-10 40.00 40.00 Bullet-03-May-20
3-May-10 37.00 37.00 Bullet-03-May-20
3-May-10 30.00 30.00 Bullet-03-May-20
Preeti Agarwal 3-May-10 30.00 30.00 Bullet-03-May-20
Reena Pawan Agarwal 3-May-10 30.00 30.00 Bullet-03-May-20
Maihar Cement Employees Provident Fund 3-May-10 30.00 30.00 Bullet-03-May-20
Shikha Sawhney 3-May-10 30.00 30.00 Bullet-03-May-20
Nitya Daga 3-May-10 28.00 28.00 Bullet-03-May-20
Taurus Asset Management Company Limited 3-May-10 25.00 25.00 Bullet-03-May-20
MMTC Limited CPF Trust 3-May-10 24.00 24.00 Bullet-03-May-20
Suman Bansi Dhar 3-May-10 20.00 20.00 Bullet-03-May-20
M R Rajaram 3-May-10 20.00 20.00 Bullet-03-May-20
Amar Ujala Publications Limited Employees
Provident Fund Trust
3-May-10 20.00 20.00 Bullet-03-May-20
Escorts Heart Institute And Research Centre
Employees Provident Fund Trust
3-May-10 20.00 20.00 Bullet-03-May-20
Noshir Faramji Tankariwala 3-May-10 15.00 15.00 Bullet-03-May-20
Arya Offshore Services Private .Limited Employees 3-May-10 14.00 14.00 Bullet-03-May-20
Provident Fund
Rajesh Bhikhubhai Shah 3-May-10 12.00 12.00 Bullet-03-May-20
The Champdany Jute Company Limited Gratuity 3-May-10 11.00 11.00 Bullet-03-May-20
Fund
RHC Holding Employees Provident Fund Trust 3-May-10 10.00 10.00 Bullet-03-May-20
Dempo Mining Corporation Private Limited
3-May-10 10.00 10.00 Bullet-03-May-20
Employees Provident Fund
BPCL Employees Provident Fund Trust 3-May-10 10.00 10.00 Bullet-03-May-20
Ashok Leyland Employees Bhandara Provident Fund
Trust
3-May-10 10.00 10.00 Bullet-03-May-20
Paharpur Cooling Towers Officers Provident Fund 3-May-10 10.00 10.00 Bullet-03-May-20
Burns Philp India Private Limited Employees
3-May-10 10.00 10.00 Bullet-03-May-20
Provident Fund
Superhouse Leathers Limited Employees Provident
Fund Trust
3-May-10 10.00 10.00 Bullet-03-May-20
F44

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Date of
Allotment
Disbursed
Amount
As at March
31, 2011
Annexure X
( Rs in Lacs )
Repayment Terms
Privately Placed Subordinated debts -quoted
Ion Exchange (India) Limited's Provident Institution 3-May-10 10.00 10.00 Bullet-03-May-20
Lubrizol India Limited Employees Provident Fund 3-May-10 10.00 10.00 Bullet-03-May-20
Lawrence And Mayo (I) Private Limited Staff
Provident Fund
3-May-10 10.00 10.00 Bullet-03-May-20
Krishna Murari Poddar 3-May-10 10.00 10.00 Bullet-03-May-20
The Ashok Hotel Employees Provident Fund Trust 3-May-10 10.00 10.00 Bullet-03-May-20
Raghuram Iyer 3-May-10 10.00 10.00 Bullet-03-May-20
Mataji Melan Devi Society (Regd.) 3-May-10 10.00 10.00 Bullet-03-May-20
Neelam Jolly 3-May-10 8.00 8.00 Bullet-03-May-20
Sangeeta Pareekh 3-May-10 8.00 8.00 Bullet-03-May-20
Bijni Dooars Employees Gratuity Fund 3-May-10 7.00 7.00 Bullet-03-May-20
Prithvi Raj Khanna 3-May-10 5.00 5.00 Bullet-03-May-20
L And T Niro Staff Provident Fund 3-May-10 5.00 5.00 Bullet-03-May-20
Eastern Dooars Employees Gratuity Fund 3-May-10 5.00 5.00 Bullet-03-May-20
Turner Morrison Officers Provident Fund 3-May-10 5.00 5.00 Bullet-03-May-20
Manilal Kasturchand Gandhi And Kanta Gandhi 3-May-10 5.00 5.00 Bullet-03-May-20
Charitable Trust
Kali Kripa Agro Investments Private Limited 3-May-10 5.00 5.00 Bullet-03-May-20
Shanti Prakash Goyal 3-May-10 5.00 5.00 Bullet-03-May-20
Industrial Jewels Private Limited Provident Fund 3-May-10 3.00 3.00 Bullet-03-May-20
Lily Commercial Private Limited 3-May-10 3.00 3.00 Bullet-03-May-20
Vin Vish Corporation Private Limited Employees
Provident Fund Trust
3-May-10 3.00 3.00 Bullet-03-May-20
The Ganges Manufacturing Company Limited
3-May-10 2.00 2.00 Bullet-03-May-20
Employees Provident Fund (Compulsory) Scheme
Gentech Chemicals Private Limited 3-May-10 2.00 2.00 Bullet-03-May-20
Ratan Griha Nirman Private Limited 3-May-10 2.00 2.00 Bullet-03-May-20
Munish Daga 3-May-10 2.00 2.00 Bullet-03-May-20
Dilipkumar Chandrashankar Trivedi 3-May-10 2.00 2.00 Bullet-03-May-20
Super Wares Private Limited 3-May-10 1.00 1.00 Bullet-03-May-20
Divine Investments Private Limited 3-May-10 1.00 1.00 Bullet-03-May-20
Quick Lithographers Private Limited 3-May-10 1.00 1.00 Bullet-03-May-20
Mcleod And Company Limited's Provident Fund ''A'' 3-May-10 1.00 1.00 Bullet-03-May-20
The Champdany Jute Company Limited
3-May-10 1.00 1.00 Bullet-03-May-20
Superannuation Fund
Peekay Alkalies Private Limited 3-May-10 1.00 1.00 Bullet-03-May-20
Shriram Life Insurance Company Limited 3-May-10 1,500.00 1,500.00 Bullet-03-May-16
United Bank of India 3-May-10 500.00 500.00 Bullet-03-May-16
United India Insurance Company Limited Employees
Provident Fund
3-May-10 200.00 200.00 Bullet-03-May-16
F45

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Date of
Allotment
Disbursed
Amount
As at March
31, 2011
Annexure X
( Rs in Lacs )
Repayment Terms
Privately Placed Subordinated debts -quoted
Wallace Flour Mills Comapny Private Limited 3-May-10 200.00 200.00 Bullet-03-May-16
The Lakshmi Vilas Bank Limited Employees Gratuity
Fund
3-May-10 100.00 100.00 Bullet-03-May-16
Tata Capital Limited 3-May-10 2,500.00 2,500.00 Bullet-03-May-16
Army Group Insurance Fund 10-May-10 500.00 500.00 Bullet-10-May-20
Board of Trustees For Bokaro Steel Employees
Provident Fund
10-May-10 500.00 500.00 Bullet-10-May-20
NPS Trust- A/C UTI Retirement Solutions Pension
Fund Scheme - Central Government
NPS Trust- A/C UTI Retirement Solutions Pension
Fund Scheme - State Government
10-May-10 500.00 500.00 Bullet-10-May-20
10-May-10 500.00 500.00 Bullet-10-May-20
The Mogaveera Co - Operative Bank Limited 10-May-10 200.00 200.00 Bullet-10-May-20
Ranjan Kishor Shroff 10-May-10 33.00 33.00 Bullet-10-May-20
Sherry Dhanju Batliwala 10-May-10 30.00 30.00 Bullet-10-May-20
Sukeshi Sharad Sheth 10-May-10 25.00 25.00 Bullet-10-May-20
Goa Carbon Limited Employees Provident Fund Trust 10-May-10 20.00 20.00 Bullet-10-May-20
K Jagannatha Rao 10-May-10 15.00 15.00 Bullet-10-May-20
Jacobs H And G Private Limited Employees
10-May-10 15.00 15.00 Bullet-10-May-20
Provident Fund
St Pauls School 10-May-10 15.00 15.00 Bullet-10-May-20
ILTI Excluded Employees Provident Fund Trust 10-May-10 10.00 10.00 Bullet-10-May-20
Dharmesh V Adnani 10-May-10 10.00 10.00 Bullet-10-May-20
Arya Offshore Services Private Limited Employees 10-May-10 8.00 8.00 Bullet-10-May-20
Provident Fund
AFCO Fincon Private Limited 10-May-10 8.00 8.00 Bullet-10-May-20
Orient Ceramics Provident Fund Institution 10-May-10 6.00 6.00 Bullet-10-May-20
Dipika Dilip Modi 10-May-10 5.00 5.00 Bullet-10-May-20
Manilal Kasturchand Gandhi And Kanta Gandhi 10-May-10 5.00 5.00 Bullet-10-May-20
Charitable Trust
Ashok Leyland Employees Alwar Provident Fund 10-May-10 5.00 5.00 Bullet-10-May-20
Deys Medical Stores Mfg.(UP) Limited Provident 10-May-10 5.00 5.00 Bullet-10-May-20
Fund
Dilipkumar Chandrashankar Trivedi 10-May-10 5.00 5.00 Bullet-10-May-20
Vithaldas Hakamchand Charitable Trust 10-May-10 4.00 4.00 Bullet-10-May-20
Gill And Co Pvt Limited Employees Provident Fund 10-May-10 4.00 4.00 Bullet-10-May-20
Maharaja Shree Umaid Mills Limited Senior Staff 10-May-10 3.00 3.00 Bullet-10-May-20
Provident Fund
Tribhuvandas Foundation Staff Provident Fund Trust 10-May-10 3.00 3.00 Bullet-10-May-20
Humphreys And Glasgow Directors Superannuation
Fund
10-May-10 3.00 3.00 Bullet-10-May-20
F46

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Privately Placed Subordinated debts -quoted
The Metal Rolling Works Limited Employees
Educational Welfare Trust
Date of
Allotment
Disbursed
Amount
As at March
31, 2011
Annexure X
( Rs in Lacs )
Repayment Terms
10-May-10 3.00 3.00 Bullet-10-May-20
Vrajlal P Babaria Charitable Trust 10-May-10 3.00 3.00 Bullet-10-May-20
Leena Jeewan 10-May-10 3.00 3.00 Bullet-10-May-20
Shri Zalawad Jain Swetamber Murtipujak Mandal
Sion-Matunga-Dadar-Wadala
10-May-10 3.00 3.00 Bullet-10-May-20
Sri Sathya Sai Institute of Higher Medical Sciences
PG Employees Gratuity Fund Trust
10-May-10 2.00 2.00 Bullet-10-May-20
The Metal Rolling Works Limited Employees
10-May-10 2.00 2.00 Bullet-10-May-20
Medical Welfare Trust
D S Savant And Sons Employees Provident Fund 10-May-10 2.00 2.00 Bullet-10-May-20
Narayan Purushottam Gokhale 10-May-10 2.00 2.00 Bullet-10-May-20
Jain Jagruti Centre Central Board Charitable Trust 10-May-10 2.00 2.00 Bullet-10-May-20
Puttur Narayanarao Girish Rao 10-May-10 2.00 2.00 Bullet-10-May-20
Kirti Karmarkar Anand 10-May-10 2.00 2.00 Bullet-10-May-20
Narendra R Patil 10-May-10 1.00 1.00 Bullet-10-May-20
Dipika Jitendrabhai Patel 10-May-10 1.00 1.00 Bullet-10-May-20
Ajay Bangur 10-May-10 1.00 1.00 Bullet-10-May-20
National Refinery Private Limited, Employees
10-May-10 1.00 1.00 Bullet-10-May-20
Gratuity Fund.
Vin Vish Corporation Private Limited Employees
Provident Fund Trust
10-May-10 1.00 1.00 Bullet-10-May-20
National Refinery PrivateLimited , Employees
(Workmen At 87,Tardeo Road) Provident Fund.
10-May-10 1.00 1.00 Bullet-10-May-20
Hakamchand Vakhatram Philanthropic Trust 10-May-10 1.00 1.00 Bullet-10-May-20
Mangubai Gokaldas Charitable Trust 10-May-10 1.00 1.00 Bullet-10-May-20
Hirabai Vithaldas Shubh Trust 10-May-10 1.00 1.00 Bullet-10-May-20
Ashwini Abhijit Khade 10-May-10 1.00 1.00 Bullet-10-May-20
Union Bank of India (Employees') Pension Fund 28-May-10 1,000.00 1,000.00 Bullet-28-May-16
HDFC Ergo General Insurance Company Limited 28-May-10 1,000.00 1,000.00 Bullet-28-May-16
The Lakshmi Vilas Bank Limited 28-May-10 500.00 500.00 Bullet-28-May-16
Bank of India (Employees) Pension Fund 28-May-10 1,500.00 1,500.00 Bullet-28-May-20
United India Insurance Company Limited 28-May-10 1,000.00 1,000.00 Bullet-28-May-20
The Nainital Bank Limited 28-May-10 500.00 500.00 Bullet-28-May-20
Dombivli Nagari Sahakari Bank Limited 28-May-10 500.00 500.00 Bullet-28-May-20
Intrasoft Technologies Limited 28-May-10 500.00 500.00 Bullet-28-May-20
A P S R T C Employees Provident Fund Trust 28-May-10 400.00 400.00 Bullet-28-May-20
The Jalgaon Peoples Coop Bank Limited 28-May-10 300.00 300.00 Bullet-28-May-20
Shriram Life Insurance Company Limited 28-May-10 60.00 60.00 Bullet-28-May-20
F47

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Date of
Allotment
Disbursed
Amount
As at March
31, 2011
Annexure X
( Rs in Lacs )
Repayment Terms
Privately Placed Subordinated debts -quoted
Shriram Life Insurance Company Limited - Balancer 28-May-10 40.00 40.00 Bullet-28-May-20
Jacobs H And G Limited Employees Gratuity Fund 28-May-10 40.00 40.00 Bullet-28-May-20
Shriram Life Insurance Company Limited - Preserver 28-May-10 30.00 30.00 Bullet-28-May-20
Mangalore Refinery And Petrochemicals Limited
Gratuity Fund
Centre For Development of Telematics Employees
Provident Fund Trust
28-May-10 30.00 30.00 Bullet-28-May-20
28-May-10 30.00 30.00 Bullet-28-May-20
Shriram Life Insurance Company Limited 28-May-10 20.00 20.00 Bullet-28-May-20
Industrial Jewels Private Limited Provident Fund 28-May-10 10.00 10.00 Bullet-28-May-20
Wander Limited Employees Provident Fund 28-May-10 10.00 10.00 Bullet-28-May-20
Renu Jain 28-May-10 10.00 10.00 Bullet-28-May-20
Hirojirao Ramrao Patankar 28-May-10 10.00 10.00 Bullet-28-May-20
Issal Superannuation Fund 28-May-10 10.00 10.00 Bullet-28-May-20
United India Insurance Company Limited 4-Jun-10 1,000.00 1,000.00 Bullet-04-Jun-20
Infrastructure Development Finance Company
Limited
4-Jun-10 1,000.00 1,000.00 Bullet-04-Jun-20
Board of Trustees For Bokaro Steel Employees
Provident Fund
4-Jun-10 500.00 500.00 Bullet-04-Jun-20
Syndicate Bank 14-Jun-10 2,000.00 2,000.00 Bullet-14-Sep-15
NPS Trust- A/C SBI Pension Fund Scheme - Central 14-Jun-10 1,000.00 1,000.00 Bullet-14-Sep-15
Government
Nuclear Power Corporation of India Limited
14-Jun-10 500.00 500.00 Bullet-14-Sep-15
Employees Provident Fund
Army Group Insurance Fund 14-Jun-10 500.00 500.00 Bullet-14-Sep-15
United India Insurance Company Limited Employees 14-Jun-10 500.00 500.00 Bullet-14-Sep-15
Provident Fund
Indian Overseas Bank Staff Provident Fund 14-Jun-10 500.00 500.00 Bullet-14-Sep-15
UTI- Balanced Fund 24-Aug-10 7,000.00 7,000.00 Bullet-24-Aug-15
UTI Dynamic Bond Fund 24-Aug-10 6,500.00 6,500.00 Bullet-24-Aug-15
UTI-Unit Linked Insurance Plan 24-Aug-10 5,000.00 5,000.00 Bullet-24-Aug-15
UTI - Retirement Benefit Pension Fund 24-Aug-10 5,000.00 5,000.00 Bullet-24-Aug-15
UTI-Mis-Advantage Plan 24-Aug-10 2,500.00 2,500.00 Bullet-24-Aug-15
UTI - Children Career Balanced Plan 24-Aug-10 2,500.00 2,500.00 Bullet-24-Aug-15
UTI - Treasury Advantage Fund 24-Aug-10 2,500.00 2,500.00 Bullet-24-Aug-15
UTI-Mahila Unit Scheme 24-Aug-10 2,000.00 2,000.00 Bullet-24-Aug-15
UTI Short Term Income Fund 24-Aug-10 1,500.00 1,500.00 Bullet-24-Aug-15
F48

Shriram Transport Finance Company Limited
A
Unsecured Loans
Particulars
Privately Placed Subordinated debts -quoted
Date of
Allotment
Disbursed
Amount
As at March
31, 2011
Annexure X
( Rs in Lacs )
Repayment Terms
UTI-Unit Scheme For Charitable And Religious
Trusts And Registered Societies
Chhattisgarh State Electricity Board (CSEB)
Provident Fund Trust
Trustees Hindustan Steel Limited Contributory
Provident Fund, Rourkela
The Barnagore Jute Factory Company Limited
Employees Provident Fund
24-Aug-10 500.00 500.00 Bullet-24-Aug-15
30-Aug-10 1,800.00 1,800.00 Bullet-30-Aug-25
30-Aug-10 600.00 600.00 Bullet-30-Aug-25
30-Aug-10 70.00 70.00 Bullet-30-Aug-25
British High Commission India Staff Provident Fund 30-Aug-10 50.00 50.00 Bullet-30-Aug-25
Sail Rmd Establishment And Administrative Offices 30-Aug-10 50.00 50.00 Bullet-30-Aug-25
Employees Provident Fund
The Thane District Central Co -Operative Bank Staff 30-Aug-10 50.00 50.00 Bullet-30-Aug-25
Provident Fund
Jagatjit Cotton Textile Mills Limited Provident Fund 30-Aug-10 50.00 50.00 Bullet-30-Aug-25
Trust
The Tribune Employee's Provident Fund Trust 30-Aug-10 40.00 40.00 Bullet-30-Aug-25
The Ashok Hotel Employees Provident Fund Trust 30-Aug-10 40.00 40.00 Bullet-30-Aug-25
Genius Consultants Employees Provident Fund 30-Aug-10 30.00 30.00 Bullet-30-Aug-25
Ujjwal Suri 30-Aug-10 20.00 20.00 Bullet-30-Aug-25
Madhukar P Choksi 30-Aug-10 20.00 20.00 Bullet-30-Aug-25
The Champdany Jute Company Limited Gratuity 30-Aug-10 20.00 20.00 Bullet-30-Aug-25
Fund
Pawan Kumar Roongta 30-Aug-10 20.00 20.00 Bullet-30-Aug-25
Sona Koyo Steering Systems Limited Employees 30-Aug-10 10.00 10.00 Bullet-30-Aug-25
Provident Fund Trust
Mahabir Prasad Roongta 30-Aug-10 10.00 10.00 Bullet-30-Aug-25
The Assam Company India Limited Management 30-Aug-10 10.00 10.00 Bullet-30-Aug-25
Staff Provident Fund
Mount Shivalik Breweries Limited Employees
30-Aug-10 10.00 10.00 Bullet-30-Aug-25
Provident Fund Trust
Henry Arthur Sydney Ledlie 30-Aug-10 10.00 10.00 Bullet-30-Aug-25
Holcim Services South Asia Employees Provident 30-Aug-10 10.00 10.00 Bullet-30-Aug-25
Fund
Hooghly District Central Co-Operative Bank Limited 9-Sep-10 1,000.00 1,000.00 Bullet-09-Sep-25
A P S R T C Employees Provident Fund Trust 9-Sep-10 500.00 500.00 Bullet-09-Sep-25
NPS Trust- A/C UTI Retirement Solutions Pension 9-Sep-10 450.00 450.00 Bullet-09-Sep-25
Fund Scheme - Central Government
Indian Mercantile Co Operative Bank Limited 9-Sep-10 200.00 200.00 Bullet-09-Sep-25
Rajma Projects Priavte Limited 9-Sep-10 100.00 100.00 Bullet-09-Sep-25
Ultratech Cemco Provident Fund 9-Sep-10 100.00 100.00 Bullet-09-Sep-25
NIIT Technologies Limited Employees Provident
Fund Trust
9-Sep-10 80.00 80.00 Bullet-09-Sep-25
F49

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Privately Placed Subordinated debts -quoted
Gujarat Alkalies And Chemicals Limited Employees
Provident Fund Trust
Date of
Allotment
Disbursed
Amount
As at March
31, 2011
Annexure X
( Rs in Lacs )
Repayment Terms
9-Sep-10 60.00 60.00 Bullet-09-Sep-25
Shilpa Taneja 9-Sep-10 10.00 10.00 Bullet-09-Sep-25
Nederlandse Financierings-Maatschappij Voor
13-Sep-10 22,500.00 22,500.00 Bullet-13-Sep-17
Ontwikkelingslanden N.V. (FMO)
Indian Overseas Bank 13-Sep-10 2,300.00 2,300.00 Bullet-13-Sep-17
Deutsche Bank International Asia - Debt Fund 13-Sep-10 200.00 200.00 Bullet-13-Sep-17
Chhattisgarh State Electricity Board Gratuity and
Pension Fund Trust
15-Oct-10 2,000.00 2,000.00 Bullet-15-Oct-28
Board of Trustees For Bokaro Steel Employees
Provident Fund
15-Oct-10 300.00 300.00 Bullet-15-Oct-28
Anil Vipin Dalal HUF 15-Jul-09 10.00 10.00 Bullet-10-Oct-14
Nikhil Anil Dalal 15-Jul-09 15.00 15.00 Bullet-10-Oct-14
Jagdish Rani Basur 15-Jul-09 20.00 20.00 Bullet-10-Oct-14
Balkash Exim Private Limited 15-Jul-09 140.00 140.00 Bullet-10-Oct-14
Desai Amit Sumanlal HUF 15-Jul-09 20.00 20.00 Bullet-10-Oct-14
Manju Pande 31-Dec-09 10.00 10.00 Bullet-31-Dec-19
Avinash Chandra Sangal 29-Jan-10 2.00 2.00 Bullet-29-Jul-15
Jayaramaiah G 29-Jan-10 1.00 1.00 Bullet-29-Jul-15
Jaipur Finance Provident Fund 3-May-10 1.00 1.00 Bullet-03-May-20
Priti Viral Parekh 3-May-10 10.00 10.00 Bullet-03-May-20
Hindustan Composites Limited 3-May-10 280.00 280.00 Bullet-03-May-20
Rajesh Prabhakar Pathare 10-May-10 4.00 4.00 Bullet-10-May-20
Rajesh Prabhakar Pathare 10-May-10 3.00 3.00 Bullet-10-May-20
Amita Ambarbhai Patel 10-May-10 5.00 5.00 Bullet-10-May-20
Hemal Ambar Patel 10-May-10 5.00 5.00 Bullet-10-May-20
Pramod Vamanrao Bhavsar 10-May-10 3.00 3.00 Bullet-10-May-20
National Refinery Private Limited
Employees(Workmen) Provident Fund
10-May-10 3.00 3.00 Bullet-10-May-20
National Refinery Private Limited Employees (Staff)
Provident Fund
10-May-10 4.00 4.00 Bullet-10-May-20
Akshay Kumar Bhatia 15-Oct-10 200.00 200.00 Bullet-15-Oct-28
Kotak Mahindra Bank Limited 31-Mar-11 2,500.00 2,500.00 Bullet-31-Mar-21
TOTAL 210,317.00 210,317.00
F50

Shriram Transport Finance Company Limited
Unsecured Loans
Annexure X
B Term Loan from Banks ( Rs in Lacs )
Particulars
Date of Disbursed As at March Repayment Terms
Allotment Amount 31, 2011
Hongkong & Shanghai Banking Corporation Limited 29-Oct-09 52,647.21 41,468.76 26-Jul-2010 to 26-Jun-
2012
Syndicate Bank 2-Jun-10 10,000.00 10,000.00 Bullet-02-Jun-17
62,647.21 51,468.76
C Term Loan from Institution ( Rs in Lacs )
Particulars
Date of
Allotment
Disbursed
Amount
As at March
31, 2011
Repayment Terms
GE Capital 7-Apr-10 7,000.00 7,000.00 Bullet-19-Mar-12
TOTAL 7,000.00 7,000.00
D Inter corporate Deposits ( Rs in Lacs )
Particulars
Date of Disbursed As at March Repayment Terms
Allotment Amount 31, 2011
Shakti Finance Limited 26-Feb-08 88.97 1.73 16 Quarterly
installments
88.97 1.73
E Fixed Deposits - Retail Investors 112,946.23 Redeemable at par over
a period 12 to 60 months
F Subordinated Debts - Retail Investors 111,189.68 Redeemable at par over
a period 61 to 88 months
G
Public issue of Subordinated debt of Rs. 1,000/- each (2010)-quoted
Particulars
As at March
31, 2011
Repayment Terms
Option -IV 91.00 01.06.2017
Option -IV 1,687.00 01.03.2017
Option -IV 3,746.08 01.12.2016
Option -V 2,786.23 01.06.2017
Total 8,310.31
Total Unsecured Loans(A+B+C+D+E+F+G) 501,233.71
Notes:
1 Terms as regards Interest/Pre-payment:
The Fixed Interest bearing Loans/Commercial Paper/Non-convertible debentures/Subordinated Debt/Fixed Deposit/Inter corporate
a Deposits aggregate to Rs. 442,264.95 Lacs and the floating interest bearing Loans/Subordinated Debts aggregate to Rs. 58,968.76
Lacs.
b Loans aggregating to Rs. 60,000.00 Lacs have an interest reset option.
2 The Public Deposits may be foreclosed subject to applicable statutory and/or regulatory requirements.
3
The company may, subject to applicable statutory and/or regulatory requirements, grant loan against the security of Public Deposits
upon the terms and conditions as may be decided by the company.
F51

Shriram Transport Finance Company Limited
Capitalization Statement
Particulars
Annexure XI
(Rs. In Lacs)
Pre issue as at March
31, 2011 (Audited) As adjusted for issue *
Debt
Short Term Debt 179,494.67 179,494.67
Long Term Debt 1,808,676.63 1,908,676.63
Total 1,988,171.30 2,088,171.30
Share holders Fund
Share Capital 22,618.47 22,618.47
Stock Option Outstanding 354.55 354.55
Reserves & Surplus (Refer Annexure IV -
Schedule 10) 467,466.28 467,466.28
Less: Miscellaneous Expenditure 3,694.49 3,694.49
Total of Share holders Fund 486,744.81 486,744.81
Long Term Debt /Equity Ratio 3.72 3.92
* The debt-equity ratio post the Issue is indicative and is on account of assumed inflow of Rs. 100,000.00
lacs from the Issue, as on March 31, 2011.
F52

Shriram Transport Finance Company Limited
Statement of Tax Shelter
Particulars
For the year ended March 31,
(Rs in Lacs)
2011 2010 2009 2008 2007
Profit as per accounting books 184,892.76 132,459.12 92,063.11 60,583.30 28,922.42
Tax Rate 33.22% 33.99% 33.99% 33.99% 33.66%
Tax on Accounting Profit 61,416.75 45,022.85 31,292.25 20,592.26 9,735.29
Permanent Differences
Donation 136.03 80.90 52.80 49.91 49.84
Exempt Dividend Income (2.13) (874.71) (486.91) (519.33) (20.84)
Disallowance u/s 14A - 322.39 50.00 51.54 -
Capital gains on sale of fixed assets - 5,975.27 - - -
Others 999.15 2,593.79 2,981.77 976.23 (60.50)
Sub Total (A) 1,133.05 8,097.64 2,597.66 558.35 (31.50)
Temporary Differences
Disallowances U/s 43B 507.90 146.44 227.65 120.73 5.66
Depreciation and Lease adjustments 257.22 401.95 7,333.07 13,149.77 10,185.89
Deferred Revenue Expenses (127.71) (2,217.22) - 92.88 98.95
Service tax write off - - 1,303.34 1,777.35 2,721.92
Delinquency Provision for Securitisation 17,795.15 7,981.41 4,464.01 511.64 970.33
Provision for standard assets 4,881.70 - - - -
Others 794.13 174.00 (5,020.77) 838.87 42.61
Sub Total (B) 24,108.39 6,486.58 8,307.30 16,491.24 14,025.36
Net Adjustments (A+B) 25,241.44 14,584.22 10,904.96 17,049.59 13,993.86
Tax Impact on Net Adjustments 8,384.57 4,957.18 3,706.61 5,795.16 4,710.33
Total Taxation 69,801.32 49,980.03 34,998.86 26,387.42 14,445.62
Current Tax Provision for the year 69,801.32 49,980.03 34,998.86 26,387.42 14,445.62
Notes:
1. Profits after tax are often affected by the tax shelters which are available.
2. Some of these are of a relatively permanent nature while others may be limited in point of time.
3. Tax provisions are also affected by timing differences which can be reversed in future.
F53

Schedules forming part of the Reformatted Summary Statement
Significant Accounting Policies
Annexure XIII
(a)
Basis of preparation
The financial statements have been prepared in conformity with generally accepted accounting principles to
comply in all material respects with the notified Accounting Standards (‘AS’) under Companies Accounting
Standard Rules, 2006, as amended, the relevant provisions of the Companies Act, 1956 (‘the Act’) and the
guidelines issued by the Reserve Bank of India (‘RBI’) as applicable to a Non Banking Finance Company
(‘NBFC’). The financial statements have been prepared under the historical cost convention on an accrual basis.
The accounting policies have been consistently applied by the Company and are consistent with those used in the
previous year.
(b)
Use of estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent liabilities at the date of the financial statements and the results of operations during the
reporting year end. Although these estimates are based upon management’s best knowledge of current events
and actions, actual results could differ from these estimates. Any revisions to the accounting estimates are
recognised prospectively in the current and future years.
(c)
Fixed Assets, Depreciation/Amortisation and Impairment of assets
Fixed Assets
Fixed assets are stated at cost less accumulated depreciation/amortisation and impairment losses, if any. Cost
comprises the purchase price and any attributable cost of bringing the asset to its working condition for its
intended use. Borrowing costs relating to acquisition of fixed assets which takes substantial period of time to get
ready for its intended use are also included to the extent they relate to the year till such assets are ready to be put
to use.
Depreciation/Amortisation
Depreciation/Amortisation is provided on Straight Line Method (‘SLM’), which reflect the management’s
estimate of the useful lives of the respective fixed assets and are greater than or equal to the corresponding rates
prescribed in Schedule XIV of the Act. The assets for which rates higher used are as follows :
F54

Particulars Rates (SLM) Schedule XIV rates (SLM)
Windmills 10% 5.28%
Computer Software 33.33% 16.21%
Windmills are amortised over the remaining life of the asset, the life of windmills are estimated to be 10 years
Leasehold improvement is amortised over the lease term subject to a maximum of 60 months.
All fixed assets individually costing Rs. 5,000 or less are fully depreciated in the year of installation.
Depreciation on assets sold during the year is recognised on a pro-rata basis to the profit and loss account till
the date of sale.
Impairment of assets
The carrying amount of assets is reviewed at each balance sheet date if there is any indication of impairment
based on internal/external factors. An impairment loss is recognised wherever the carrying amount of an asset
exceeds its recoverable amount. The recoverable amount is the greater of the assets, net selling price and value
in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a
pre-tax discount rate that reflects current market assessments of the time value of money and risks specific to the
asset.
After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful
life.
A previously recognised impairment loss is increased or reversed depending on changes in circumstances.
However the carrying value after reversal is not increased beyond the carrying value that would have prevailed
by charging usual depreciation if there was no impairment.
Upto the year ended March 31, 2007
Depreciation
Depreciation is provided using the Straight Line Method (‘SLM’) at the rates prescribed under schedule XIV of
the Act, which is management’s estimate of useful lives of the assets.
• On the assets acquired up to December 15, 1993 at the rates applicable to said assets till that date;
• On the assets acquired on or after December 16, 1993 at revised rates prescribed in the said Schedule
XIV;
• Fixed assets having an original cost less than or equal to Rs.5,000 individually are fully depreciated in
the year of purchase or installation;
• The depreciation for the year includes the difference between the book value of the leased assets and the
value realized in respect of the termination of the leased assets during the year. In respect of the leased
assets, lease equalization / adjustment accounts are created for the shortfall in capital recovery and
adjusted in depreciation / fixed assets.
Intangible Assets
Costs relating to acquisition and development of computer software are capitalized in accordance with the AS 26
‘Intangible Assets’ issued by the ICAI and are amortised on a straight line method basis over a period of six
years, which is managements estimate of its useful life.
The carrying value of computer software is reviewed for impairment annually when the asset is not yet in use,
and otherwise when events or changes in circumstances indicate that the carrying value may not be recoverable.
F55

(d)
Investments
Investments intended to be held for not more than a year are classified as current investments. All other
investments are classified as long-term investments. Current investments are carried at lower of cost and fair
value determined on an individual investment basis. Long-term investments are carried at cost. However,
provision for diminution in value is made to recognise a decline, other than temporary, in the value of the
investments.
(e)
Provisioning / Write-off of asset s
Non performing loans are written off / provided for, as per management estimates, subject to the minimum
provision required as per Non- Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms
(Reserve Bank) Directions, 2007. Delinquencies on assets securitised are provided for based on management
estimates of the historical data.
Provision on standard assets is made as per the notification DNBS.PD.CC.No.207/ 03.02.002 /2010-11 issued by
Reserve Bank of India for the year 2010-11.
Upto the year ended March 31, 2007
Loans, hire purchase and lease receivables are written off / provided for, as per management estimates, subject to
the minimum provision required as per Non- Banking Financial Companies Prudential Norms (Reserve Bank)
Directions, 1998. Delinquencies on assets securitized are provided for based on management estimates of the
historical data.
(f)
Hypothecation loans
Hypothecation loans are stated at the amount advanced including finance charges accrued and expenses
recoverable, as reduced by the amounts received up to the balance sheet date and loans securitised.
(g)
Leases
Where the Company is the lessor
Assets given on operating leases are included in fixed assets. Lease income is recognised in the Profit and Loss
Account on a straight-line basis over the lease term. Costs, including depreciation are recognised as an expense
in the Profit and Loss Account. Initial direct costs such as legal costs, brokerage costs, etc. are recognised
immediately in the Profit and Loss Account.
Upto the year ended March 31, 2009
Assets given under a finance lease are recognised as a receivable at an amount equal to the net investment in the
lease. Lease rentals are apportioned between principal and interest on the internal rate of return (‘IRR’). The
principal amount received reduces the net investment in the lease and interest is recognised as revenue. Initial
direct costs are recognised immediately in the Profit and Loss Account.
Where the Company is the lessee
Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased term,
are classified as operating leases. Operating lease payments are recognised as an expense in the Profit and Loss
account on a straight-line basis over the lease term.
F56

(h)
Foreign currency translation
Initial recognition
Transactions in foreign currency entered into during the year are recorded at the exchange rates prevailing on the
date of the transaction.
Conversion
Monetary assets and liabilities denominated in foreign currency are translated in to Rupees at exchange rate
prevailing on the date of the Balance Sheet.
Exchange differences
All exchange differences are dealt with in the profit and loss account.
(i) Inventories (upto the year ended March 31, 2009)
Inventories are valued as follows:
Raw materials, components, stores and spares:
Lower of cost and net realizable value. Cost is determined on a weighted average basis. Net realizable value is
the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated
costs necessary to make the sale.
(j)
(k)
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and
the revenue can be reliably measured.
i. Income from financing activities is recognised on the basis of internal rate of return.
ii. Income recognised and remaining unrealised after installments become overdue for six months or more
in case of secured/unsecured loans and twelve months or more in case of financial lease transactions are
reversed and are accounted as income when these are actually realised.
iii. Additional finance charges / additional interest are treated to accrue only on realisation, due to
uncertainty of realisation and are accounted accordingly.
iv.
Gains arising on securitisation/direct assignment of assets is recognised over the tenure of agreements as
per guideline on securitisation of standard assets issued by RBI, loss, if any is recognised upfront.
v. Income from services is recognised as per the terms of the contract on an accrual basis.
vi. Interest income on fixed deposits/margin money, call money (CBLO), certificate of deposits, pass
through certificates, subordinate debts and treasury bills is recognised on a time proportion basis taking
into account the amount outstanding and the rate applicable.
vii. Dividend is recognised as income when right to receive payment is established by the date of balance
sheet.
viii. Profit/loss on the sale of investments is recognized at the time of actual sale/redemption.
ix.
Income from operating lease is recognized as rentals, as accrued on straight line basis over the period of
the lease.
x. Upto the year ended March 31, 2009
Income from power generation is recognized as per the terms of the Power Purchase Agreements with
State Electricity Boards and on supply of power to the grid.
Employee benefits
Provident Fund
All the employees of the Company are entitled to receive benefits under the Provident Fund, a defined
contribution plan in which both the employee and the Company contribute monthly at a stipulated rate. The
Company has no liability for future Provident Fund benefits other than its annual contribution and recognises
such contributions as an expense in the year it is incurred.
F57

(l)
Gratuity
The Company provides for the gratuity, a defined benefit retirement plan covering all employees. The plan
provides for lump sum payments to employees upon death while in employment or on separation from
employment after serving for the stipulated year mentioned under ‘The Payment of Gratuity Act, 1972’. The
Company accounts for liability of future gratuity benefits based on an external actuarial valuation on projected
unit credit method carried out for assessing liability as at the reporting date.
Leave Encashment
Short term compensated absences are provided for based on estimates. Long term compensated absences are
provided for based on actuarial valuation. The actuarial valuation is done as per projected unit credit method as
at the reporting date.
Actuarial gains/losses are immediately taken to profit and loss account and are not deferred.
Income tax
Tax expense comprises of current tax, deferred tax and fringe benefit tax. Current income tax and fringe benefit
tax is measured at the amount expected to be paid to the tax authorities in accordance with the Indian Income Tax
Act, 1961. Deferred income taxes reflects the impact of current year timing differences between taxable income
and accounting income for the year and reversal of timing differences of earlier years Deferred tax is measured
based on the tax rates and the tax laws enacted or substantively enacted at the balance sheet date. Deferred tax
assets are recognised only to the extent that there is reasonable certainty that sufficient future taxable income will
be available against which such deferred tax assets can be realised. In situations where the Company has
unabsorbed depreciation or carry forward tax losses, all deferred tax assets are recognised only if there is virtual
certainty supported by convincing evidence that they can be realised against future taxable profits.
The un-recognised deferred tax assets are re-assessed by the Company at each balance sheet date and are
recognised to the extent that it has become reasonably certain or virtually certain, as the case may be that
sufficient future taxable income will be available against which such deferred tax assets can be realised.
The carrying cost of the deferred tax assets are reviewed at each balance sheet date. The Company writes down
the carrying amount of a deferred tax asset to the extent that it is no longer reasonably certain or virtually certain,
as the case may be, that sufficient future taxable income will be available against which deferred tax asset can be
realised. Any such write down is reversed to the extent that it becomes reasonably certain or virtually certain, as
the case may be, that sufficient future taxable income will be available.
F58

(m)
Segment reporting policies
Identification of segments:
The Company’s operating businesses are organised and managed separately according to the nature of products
and services provided, with each segment representing a strategic business unit that offers different products and
serves different markets. The analysis of geographical segments is based on the areas in which major operating
divisions of the Company operate.
Unallocated items:
Unallocated items include income and expenses which are not allocated to any reportable business segment.
Segment Policies :
The company prepares its segment information in conformity with the accounting policies adopted for
preparing and presenting the financial statements of the company as a whole.
(n)
Earnings per share
Basic earnings per share is calculated by dividing the net profit or loss for the year attributable to equity
shareholders (after deducting attributable taxes) by the weighted average number of equity shares outstanding
during the year.
For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity
shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects
of all dilutive potential equity shares.
(o)
Provisions
A provision is recognised when the company has a present obligation as a result of past event; it is probable that
outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made.
Provisions are not discounted to its present value and are determined based on best estimate required to settle the
obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the
current best estimates.
(p)
Cash and cash equivalents
Cash and cash equivalents in the cash flow statement comprise cash at bank and in hand, cheques on hand,
remittances in transit and short term investments with an original maturity of three months or less.
(q)
Equity shares and Debentures issue expenses
Issue expenses incurred on issue of equity shares are charged on a straight line basis over a period of 10 years.
Public issue expenses, other than the brokerage, incurred on issue of debentures are charged off on a straight line
basis over the weighted average tenor of underlying debentures. The brokerage incurred on issue of debentures is
treated as expenditure in the year in which it is incurred.
(r)
Ancillary cost of borrowings
Ancillary cost of borrowings are charged to Profit & Loss account in the year in which they are incurred.
Upto the year ended March 31,2007
Expenses on mobilization of deposit/debentures have been charged to profit and loss account in the year in
which they are incurred. However, expenses incurred upto March 31, 2003 have been charged to profit and loss
account on the basis of duration of deposit/debenture.
F59

(s) Derivative instruments (Upto the year ended March 31,2009)
The Company uses derivative financial instruments of interest rate swaps to hedge its risks associated with
fluctuations in the interest rate.
As per the Institute of Chartered Accountants of India (ICAI) Announcement, accounting for derivative
contracts, other than those covered under AS-11, are marked to market and the net loss after considering the
offsetting effect on the underlying hedge item is charged to the income statement. Net gains are ignored.
For the year ended March 31, 2007
Interest rate swap
Swap contracts are initially recognized at fair value on the date on which a derivative contract is entered into and
subsequently remeasured at fair value. Any gain or loss arising from change in fair value is taken directly to net
profit or loss for the year.
(t)
Employee stock compensation costs
Measurement and disclosure of the employee share-based payment plans is done in accordance with SEBI
(Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 and the Guidance
Note on Accounting for Employee Share-based Payments, issued by ICAI. The Company measures
compensation cost relating to employee stock options using the intrinsic value method. Compensation expense is
amortised over the vesting period of the option on a straight line basis.
F60

2. Notes to Accounts
1. Secured Loans
a) (i) Privately placed Redeemable Non-convertible Debentures of Rs.1,000/- each
As at March
31, 2011
As at March 31,
2010
Number 22,081,398 18,870,314
Amount Rs in lacs 220,813.98 188,703.14
Secured by equitable mortgage of title deeds of immovable property. Further secured by charge on plant and machinery,
furniture and other fixed assets of the Company, charge on Company’s hypothecation loans, other loans, advances and
investments of the Company subject to prior charges created or to be created in favour of the Company’s bankers,
financial institutions and others.
Debentures are redeemable at par over a period of 12 months to 160 months from the date of allotment depending on
the terms of the agreement. The earliest date of redemption is 01.04.2011 (March 31, 2010: 01.04.2010)
Debentures may be bought back subject to applicable statutory and/or regulatory requirements, upon the terms and
conditions as may be decided by the Company. The Company may grant loan against the security of NCDs upon the
terms and conditions as may be decided by the Company and subject to applicable statutory and/or regulatory
requirements.
(ii) Privately Placed Redeemable Non-Convertible Debenture of Rs.1,000,000/- each
Amount (Rs. in lacs)
Date of
As at March 31, 2011 As at March 31, 2010
Allotment/renewal
Redeemable at par on
05.07.2007 -
5,000.00 05.07.2010
09.07.2007
11.07.2007
25.07.2007
25.07.2007
10.09.2007
-
-
-
-
-
7,000.00 09.07.2010
1,000.00 09.07.2010
10,000.00 25.07.2010
2,500.00 25.07.2010
2,500.00 10.09.2010
F61

Date of
Allotment/renewal
15.10.2007
Amount (Rs. in lacs)
As at March 31, 2011 As at March 31, 2010
Redeemable at par on
-
2,000.00 15.10.2010
18.10.2007
19.10.2007
-
-
3,900.00 18.10.2010
5,000.00 19.10.2010
02.05.2008 15,000.00 15,000.00 02.05.2011
20.06.2008 10,000.00 10,000.00 20.06.2011
04.09.2008 - 10,000.00 04.09.2010
08.09.2008 - 3,000.00 08.09.2010
15.09.2008 - 1,500.00 # 15.09.2011
15.09.2008 1,500.00 1,500.00 15.09.2011
15.09.2008 - 2,500.00 15.09.2010
15.09.2008 - 1,500.00 30.04.2010
16.09.2008 - 2,500.00 # 16.09.2011
17.09.2008 8,000.00 8,000.00 01.09.2011
24.09.2008 - 2,500.00 24.09.2010
26.09.2008 - 2,500.00 26.09.2010
26.09.2008 - 1,500.00 10.09.2010
08.10.2008 - 1,200.00 06.04.2010
24.10.2008 - 5,000.00 10.12.2010
03.11.2008 30,000.00 30,000.00 03.11.2013
F62

Date of
Allotment/renewal
Amount (Rs. in lacs)
As at March 31, 2011 As at March 31, 2010
Redeemable at par on
26.11.2008 1,000.00 1,000.00 26.11.2013
28.03.2009 5,000.00 5,000.00 28.03.2012
13.04.2009 - 10,000.00 # 13.04.2011
*20.04.2009 2,500.00 2,500.00 20.04.2011
17.06.2009 - 2,500.00 # 17.06.2011
30.06.2009 12,500.00 25,000.00 30.06.2011
14.09.2009 1,500.00 1,500.00 05.04.2011
12.10.2009 - 9,000.00 # 12.04.2011
24.03.2010 - 2,400.00 24.03.2011
25.03.2010 - 2,600.00 25.03.2011
06.05.2010
2,500.00 - 06.05.2013
04.05.2010 2,500.00 - 04.05.2013
14.05.2010 20,000.00 - 14.05.2013
28.03.2011 2,400.00 - 28.03.2012
28.03.2011 2,400.00 - 28.03.2012
28.03.2011 200.00 - 28.03.2012
TOTAL 117,000.00 198,600.00
Secured by specific assets covered under hypothecation loan agreements and by way of exclusive charge and equitable
mortgage of title deeds of immovable property.
*Put option on 20th April 2011
# Redeemed prior to due date as per the terms of the issue
Debentures may be bought back subject to applicable statutory and/or regulatory requirements, upon the terms and
conditions as may be decided by the Company.
F63

(iii) Public issue of Redeemable Non-convertible Debentures of Rs. 1,000/- each - 2009
Date of
Amount (Rs. in lacs)
Option
Detail
Allotment/
renewal
As at March
31, 2011
As at March 31,
2010
Redeemable at
par on
Put and Call
option
Option -I 27.08.2009 3,489.95 3,489.95 26.08.2012 -
Option -I 27.08.2009 3,489.95 3,489.95 26.08.2013 -
Option -I 27.08.2009 1,744.97 1,744.97 26.08.2014 -
Option -II 27.08.2009 2,949.84 2,949.84 26.08.2012 -
Option -II 27.08.2009 2,949.84 2,949.84 26.08.2013 -
Option -II 27.08.2009 1,474.92 1,474.92 26.08.2014 -
Option -III 27.08.2009 10,422.51 10,422.51 26.08.2014 26.08.2013
Option -IV 27.08.2009 2,274.12 2,274.12 26.08.2014 26.08.2013
Option -V 27.08.2009 66,988.63 66,988.63 26.08.2012 -
Total Total 95,784.73 95,784.73
a. Secured by specific assets covered under hypothecation loan agreements and by way of exclusive charge and
equitable mortgage of title deeds of immovable property.
b. The Company has utilised the entire sum of Rs. 99,999.96 lacs raised from public issue (net off expenses)
towards asset financing activities as per the objects stated in the prospectus for the issue.
c. Debentures may be bought back subject to applicable statutory and/or regulatory requirements, upon the terms
and conditions as may be decided by the Company. The Company may grant loan against the security of NCDs
upon the terms and conditions as may be decided by the Company and subject to statutory and/or regulatory
requirements.
(iv) Public issue of Redeemable Non-convertible Debentures of Rs. 1,000/- each - 2010
Date of
Allotment/
renewal
Amount (Rs. in lacs)
As at
March 31,
2010
Option
Detail
As at March
31, 2011
Redeemable at
par on
Put and Call
option
Option -I 02.06.2010 15,754.47 - 01.06.2015 01.06.2013
Option –II 02.06.2010 6,254.36 - 01.06.2017 01.06.2015
Option –III 02.06.2010 7,872.34 - 01.06.2013 -
Option –III 02.06.2010 7,872.34 - 01.06.2014 -
Option –III 02.06.2010 3,936.17 - 01.06.2015 -
Total 41,689.68
a. Secured by specific assets covered under hypothecation loan agreements and by way of exclusive charge and
equitable mortgage of title deeds of immovable property.
b. The Company has utilised the entire sum of Rs. 41,689.68 lacs raised from public issue (net off expenses)
towards asset financing activities as per the objects stated in the prospectus for the issue.
c. Debentures may be bought back subject to applicable statutory and/or regulatory requirements, upon the terms
and conditions as may be decided by the Company. The Company may grant loan against the security of NCDs
upon the terms and conditions as may be decided by the Company and subject to statutory and/or regulatory
requirements.
F64

) Term Loans:
i. From Financial Institutions / Corporates :
As at March 31, 2011
(Rs. in lacs)
As at March 31,
2010
Secured by an exclusive charge by way of
hypothecation of specific movable assets
being fixed/current assets relating to
hypothecation loans
25,414.44 12,188.42
Total 25,414.44 12,188.42
ii. From Banks :
(a)
(b)
Secured by hypothecation of vehicles for
own use
Secured by an exclusive charge by way of
hypothecation of specific movable assets being
fixed / current assets relating to hypothecation
loans #
As at March 31, 2011
(Rs. in lacs)
As at March 31,
2010
36.08 3.19
937,963.89 *929,931.95
Total 937,999.97 929,935.14
*Includes Rs. 20,000.00 lacs, the charge in respect of which has since been created.
#The charge of Rs. 8,000.00 lacs (March 31, 2010: Rs. 47,000.00 lacs) is yet to be created.
c) Cash Credit from Banks (Rs. in lacs)
As at March 31,
As at March 31, 2011
2010
Cash Credit from banks 48,234.79 **92,036.64
Secured by hypothecation of specific assets covered under hypothecation loan agreements.
**Includes Rs. 10,000 lacs, the charge in respect of which has since been created.
2. Subordinated Debt
The Company has issued subordinated debt bonds amounting to Rs. 142,408.94 Lacs (March 31, 2010: Rs.
53,196.13 Lacs) with coupon rate of 7.00% to 13.00% per annum which are redeemable over a period of 60
months to 216 months.
3. Gratuity and other post-employment benefit plans:
The Company has an unfunded defined benefit gratuity plan. Every employee who has completed five years
or more of service is eligible for a gratuity on separation at 15 days basic salary (last drawn salary) for each
completed year of service.
Consequent to the adoption of revised AS 15 ‘Employee Benefits’ issued under Companies Accounting
Standard Rules, 2006, as amended, the following disclosures have been made as required by the standard:
F65

Profit and Loss account
Ne t employee benefit expense (recognized in employee cost)
(Rs. in lacs)
Gratuity
Particulars
March 31, 2011 March 31, 2010
Current service cost 222.17 191.23
Interest cost on benefit obligation 61.63 48.79
Expected return on plan assets NA NA
Net actuarial (gain) / loss recognised in the year 39.79 (42.37)
Past service cost Nil Nil
Net benefit expense 323.59* 197.65
* Net benefit expense includes Rs. 24.52 lacs transferred to subsidiary company.
Balance sheet
Details of Provision for gratuity
Gratuity
(Rs. in lacs)
Particulars March 31, 2011 March 31, 2010
Defined benefit obligation 903.67 612.63
Fair value of plan assets NA NA
903.67 612.63
Less: Unrecognised past service cost Nil Nil
Plan asset / (liability) (903.67) (612.63)
Changes in the present value of the defined benefit obligation are as follows:
Gratuity
(Rs. in lacs)
Particulars March 31, 2011 March 31, 2010
Opening defined benefit obligation 612.63 463.92
Interest cost 61.63 48.79
Current service cost 222.17 191.23
Benefits paid (32.55) (48.93)
Actuarial (gains) / losses on obligation 39.79 (42.38)
Closing defined benefit obligation 903.67 612.63
The Company would not contribute any amount to gratuity in 2011-12 as the scheme is unfunded.
F66

4.
The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:
Gratuity
Particulars March 31, 2011 March 31, 2010
% %
Investments with insurer NA NA
The principal assumptions used in determining gratuity obligations for the Company’s plan are shown below:
Gratuity
Particulars March 31, 2011 March 31, 2010
Discount Rate 8% 7.5%
Increase in compensation cost 5% 5%
Employee Turnover* 5% and 10% 5% and 10%
The estimates of future salary increases, considered in actuarial valuation, are on account of inflation, seniority, promotion
and other relevant factors, such as supply and demand in the employment market.
*5% in case of employees with service period of more than 5 years and 10% for all other employees.
Amounts for the Current and previous three years are as follows:
(Rs. in lacs)
March 31,
March 31, March 31,
Particulars
March 31, 2010
2011
2009
2008
Defined benefit obligation 903.67 612.63 463.92 322.76
Plan assets NA NA NA NA
Surplus / (deficit) (903.67) (612.63) (463.92) (322.76)
Experience adjustments on plan
liabilities
Experience adjustments on plan
assets
74.98 55.56 37.57 101.94
NA NA NA NA
The Company is primarily engaged in financing activities. It operates in a single business and geographical segment. The Company
owned windmills and biomass which generate income from sale of electricity and also earned certain fee based income, the same has
been classified as ‘Unallocated reconciling item’ as per requirements of AS – 17 on ‘Segment Reporting’.
(Rs in lacs)
Year ended March 31, 2011 Year ended March 31, 2010
Particulars
Financing
Activities
Unallocated
reconciling
items
Total
Financing
Activities
Unallocated
reconciling
items
Segment Revenue 539,738.12 3,227.28 542,965.40 445,900.48 3,688.48 449,588.96
Segment Results (Profit
before tax and after interest
on Financing Segment)
Total
181,812.88 3,079.88 184,892.76 129,514.76 3,231.50 132,746.26
Less: Interest on unallocated
- - - -
reconciling items
287.14 287.14
Net profit before tax 181,812.88 3,079.88 184,892.76 129,514.76 2,944.36 132,459.12
Less: Income taxes 61,904.76 45,147.38
Net profit after tax 122,988.00 87,311.74
F67

Other Information:
Particulars
Financing
Activities
Year ended March 31, 2011 Year ended March 31, 2010
Unallocated
Unallocated
Financing
reconciling Total
reconciling
Activities
items
items
Segment assets 3,138,289.00 - 3,138,289.00 2,689,245.90 - 2,689,245.90
Unallocated corporate assets - - 22,555.12 - - 8,020.36
Total Assets 3,138,289.00 - 3,160,844.12 2,689,245.90 - 2,697,266.26
Segment liabilities 2,668,610.12 - 2,668,610.12 2,311,871.92 - 2,311,871.92
Unallocated
liabilities
corporate
Total
- - 1,794.70 1,155.82
Total Liabilities 2,668,610.12 - 2,670,404.82 2,311,871.92 - 2,313,027.74
Capital expenditure 345.05 345.05 624.86 - 624.86
Depreciation 1,082.07 - 1,082.07 1,287.84 208.00 1,495.84
Other non - cash expenses 64,166.33 - 64,166.33 49,753.00 0.94 49,753.94
5. Related Party Disclosure
Related party where control exists
Subsidiaries : Shriram Asset & Equipment Finance Private Limited
(formerly Shriram Equipment Finance Private
Ltd.(SAEFPL))
(from June 04, 2009 upto December 14, 2009)
Shriram Equipment Finance Company Ltd. (SEFCL)
(from December 15, 2009)
Shriram Automall India Limited (SAIL)
(from February 11, 2010)
Other Related Parties
Enterprises having significant influence over
the Company :
Shriram Holdings (Madras) Private Limited
Shriram Capital Limited
Newbridge India Investments II Limited
Shriram Ownership Trust
Associates : Shriram Asset Management Company Limited
Key Managerial Personnel : R Sridhar, Managing Director
Relatives of Key Managerial Personnel : Mrs. Padmapriya Sridhar (spouse)
F68

Payments/Expenses
Enterprises having
significant influence over
the Company
March 31,
2011
March 31,
2010
March 31,
2011
Subsidiaries
March 31,
2010
March
31, 2011
Associates
March
31, 2010
Key Management
Personnel
March
31, 2011
March
31, 2010
Relatives of Key
Management
Personnel
March 31,
2011
March
31, 2010
(Rs. in lacs)
Employee Benefits for key management
personnel
- - - - - - 67.90 72.61 - - 67.90 72.61
Royalty 1,497.04 µ 1,240.78* - - - - - - - - 1,497.04 1,240.78
Data Sourcing Fees 85.87 µ 23.96* - - - - - - - - 85.87 23.96
Service Charges 515.22 µ 143.75* - - - - - - - - 515.22 143.75
Business Promotion 50.00* 66.18* - - - - - - - - 50.00 66.18
Equity Dividend 6,069.15# 5,602.29# - - - 8.55 5.58 2.63 2.43 6,080.33 5,610.30
Interest on Subordinate Debt - - - - 60.76 54.37 1.11 - 0.64 - 62.51 54.37
Interest on Inter Corporate Deposit - 96.66# - - - - - - - - - 96.66
Interest on NCD - - - - - - 0.40 0.27 - 0.01 0.40 0.28
Investment in shares - - 1,785.00 &@ 220.00+@& - - - - - - 1,785.00 220.00
Investment in Preference shares - - 15,000.00 & - - - - - - - 15,000.00 -
Rent paid - 59.56* - - 1.80 - - - - - 1.80 59.56
Inter Corporate Deposit 3,700.00* 4,200.00# - - - - - - - - 3,700.00 4,200.00
Amount paid to SAEFPL - - - 3.54 - - - - - - - 3.54
Amount lent to SEFCL - - 11,165.12 - - - - - - - 11,165.12 -
Amount paid to SEFCL for expenses - - - 2.74 - - - - - - - 2.74
Amount lent to SAIL - - 12,509.75 - - - - - - 12,509.75 -
Amount paid to SAIL for expenses - - 984.31 2.30 - - - - - 984.31 2.30
March 31,
2011
Total
March
31, 2010
Receipts/Income
Rental Deposit Received 49.00* - - - - - - - - - 49.00 -
Sale of Investment in shares - - - 5.00+ - - - - - - - 5.00
Interest on Inter Corporate Deposit 132.69* - - - - - - - - - 132.69 -
Amount recovered from SAEFPL - - - 3.54 - - - - - - - 3.54
Amount recovered from SAIL - - 10,740.51 - - - - - - - 10,740.51 -
Non convertible Debenture - - - - - - - 1.00 - 1.00 - 2.00
On conversion of warrants - 2,400.00# - - - - - - - - - 2,400.00
Rent & Electricity 7.87* - - - 5.40 5.25 - - - - 13.27 5.25
F69

Guarantees Given by the Company to third
parties
- - 31,400.00 @ & - - - - - - - 31,400.00 -
Balance Outstanding at the year end
Enterprises having
significant influence over
the Company
March 31,
2011
March 31,
2010
March 31,
2011
Subsidiaries
March 31,
2010
March
31, 2011
Associates
March
31, 2010
Key Management
Personnel
March
31, 2011
March
31, 2010
Relatives of Key
Management
Personnel
March
31, 2011
March
31, 2010
(Rs. in lacs)
March 31,
2011
Total
March
31, 2010
Share Capital 9,337.15# 9,337.15# - - - - 10.83 13.02 4.05 4.05 9,352.03 9,354.22
Investment in shares - - 2,000.00@& 215.00@& 240.00 240.00 - - - - 2,240.00 455.00
Investment in Preference shares - - 15,000.00& - - - - - - 15,000.00 -
Inter Corporate Deposit 3,700.00* - - - - - - - - - 3,700.00 -
Non convertible Debenture - - - - - - 4.74 - - - 4.74 -
Rent Receivable 0.66* - - - - 0.66 -
Outstanding expenses 772.15µ 185.43* - - - - - - - - 772.15 185.43
Rental Deposit given - 49.00* - - - - - - - - - 49.00
Amount recoverable from SEFCL - - 11,167.86 2.74 - - - - - - 11,167.86 2.74
Amount recoverable from SAIL - - 2,755.85 2.30 - - - - - - 2,755.85 2.30
Subordinated debt - - - - 413.40 413.40 12.31 - 7.00 - 432.71 413.40
Interest payable on subordinated debt - - - - 140.46 85.78 1.11 - 0.64 - 142.21 85.78
Guarantees Given by the Company to third parties - - 31,400.00 @& - - - - - - 31,400.00 -
F70

* Denotes transactions with Shriram Capital Limited
# Denotes transactions with Shriram Holdings (Madras) Private Limited
Denotes transactions with Shriram Asset and Equipment Finance Private Limited (SAEFPL)
+
&
@
µ
Denotes transactions with Shriram Equipment Finance Company Limited
Denotes transactions with Shriram Automall India Limited
Denotes transactions with Shriram Ownership Trust
6. Leases
In case of assets given on lease
The Company has given land and building on operating lease for period of 11 months. During the year
ended 31 st March, 2010 the company had also given its biomass plant on operating lease for the period 1 st
April, 2009 to 30 th September, 2009. The same was sold on October 1, 2009, hence gross carrying cost of
and accumulated depreciation of the asset as on the date of balance sheet is nil.
In case of assets taken on lease
The Company has taken various office premises, furniture and fixtures, computers and plant and machinery
under operating lease. The lease payments recognized in the profit & loss account are Rs. 4,870.72 lacs
(March 31, 2010: Rs. 3,557.92 lacs). Certain agreements provide for cancellation by either party or certain
agreements contains clause for escalation and renewal of agreements. The non-cancellable operating lease
agreements are ranging for a period 12 to 120 months. There are no restrictions imposed by lease
arrangements. There are no sub leases.
The future minimum lease payments in respect of non-cancellable operating lease as at the balance sheet
date are summarized below :
(Rs. in lacs)
As at March 31, 2011 As at March 31, 2010
Minimum Lease Payments:
Not later than one year 823.18 899.73
Later than one year but not later than five years 588.34 324.11
Later than five years 28.20 40.73
7. In accordance with the Reserve Bank of India circular no.RBI/2006-07/ 225 DNBS (PD) C.C No.
87/03.02.004/2006-07 dated January 4, 2007, the Company has created a floating charge on the statutory liquid
assets comprising of investment in Government Securities to the extent of Rs. 16,677.50 lacs (March 31, 2010:
Rs. 3,497. 64 lacs) in favour of trustees representing the public deposit holders of the Company.
F71

8. Earnings per share
Particulars
Year ended
March 31, 2011
Year ended March
31, 2010
Net Profit after tax as per profit and loss account (Rs. in lacs) (A) 122,988.00 87,311.74
Weighted average number of equity shares for calculating Basic EPS (in
lacs) (B)
2,257.27 2,125.01
Weighted average number of equity shares for calculating Diluted EPS
(in lacs) (C) 2,260.39 2,133.85
Basic earnings per equity share (in Rupees) (Face value of Rs. 10/- per
share) (A) / (B)
54.49 41.09
Diluted earnings per equity share (in Rupees) (Face value of Rs. 10/- per
share) (A) / (C) 54.41 40.92
Particulars
Year ended
March 31, 2011
Year ended March
31, 2010
Weighted average number of equity shares for calculating Basic EPS (in
lacs)
2,257.27 2,125.01
Add : Equity shares arising on conversion of optionally convertible
warrants (in lacs)
0.00 0.00
Add : Equity shares for no consideration arising on grant of stock
options under ESOP (in lacs)
3.12 8.84
Weighted average number of equity shares in calculating Diluted EPS
(in lacs) 2,260.39 2,133.85
9. Deferred Tax Liabilities/ (Asset)(Net) (Rs.in lacs)
The breakup of deferred tax asset / liabilities is as under:- As at March 31,
2011
As at March 31,
2010
Deferred Tax Liabilities
Timing difference on account of :
Debenture Issue Expenses 778.94 753.63
Gross Deferred Tax Liabilities (A) 778.94 753.63
Deferred Tax Asset
Timing difference on account of :
Differences in depreciation in block of fixed assets as per
tax books and financial books
317.68 231.78
Expenses disallowed under Income Tax Act, 1961 3,670.63 3,259.93
Provision for securitization 10,537.72 4,734.05
Provision for standard assets 1,621.60 -
Gross Deferred Tax Assets (B) 16,147.63 8,225.76
Deferred Tax Liabilities /(Assets)(Net) (A-B) (15,368.69) (7,472.13)
F72

10. Contingent Liabilities not provided for
a. Disputed income tax demand contested in appeals not
provided for
[Against the above, a sum of Rs. Nil (March 31, 2010: Rs.
29.66 lacs) has been paid under protest]
b. Demands in respect of Service tax
[Amount of Rs. 15.00 lacs (March 31, 2010 : Rs. 15.00 lacs)
has been paid under protest ]
c. Disputed sales tax demand
[Amount of Rs. 63.92 lacs (March 31, 2010: Rs. 63.92
lacs ) has been paid by the Company]
As at March 31,
2011
(Rs in lacs)
As at March 31,
2010
- 157.26
330.00 315.00
412.33 412.33
d. Guarantees and Counter Guarantees 194,058.28 -
Future cash outflows in respect of (a), (b) and (c) above are determinable only on receipt of judgements
/decisions pending with various forums/authorities.
11. As regards the recovery of Service Tax on Lease and hire purchase transactions, the Hon’ble Supreme Court
vide its order dated October 26, 2010 has directed the competent authority under the Finance Act, 1994 to
decide the matter in accordance with the law laid down.
In its replies to the demands of Rs. 7,775 lacs (interest & penalty not quantified) for the years 2003-04 to
2009-10 from the Commissioner of Service Tax, the management has contended that no service tax is leviable
on the interest earned by the company on financing transactions because of the specific exemption granted for
the same under the Finance Act 1994. However, the company shall continue to hold the provision of Rs.
8,406.10 lacs in this respect and contest the demands with the Appellate Authorities.
F73

12. Employee Stock Option Plan
Series I Series II Series III Series IV Series V Series VI
Date of grant October 31,
2005
April 1,
2006
October 9,
2006
August 17,
2007
July
15,2008
May 13,
2009
Date of
May 13,
October 19, February September August 17, July
Board/committee
2009
2005 22, 2006 6, 2006 2007 15,2008
Approval
Date of
Shareholder’s
approval
October 13,
2005
October 13,
2005
October 13,
2005
October 13,
2005
October 13,
2005
October 13,
2005
Number of options
granted 2,962,500 832,500 910,000 109,000 77,000 50,000
Method of
Settlement
(Cash/Equity)
Graded Vesting Period
After 1 year of
grant date
After 2 years of
grant date
After 3 years of
grant date
After 4 years of
grant date
Exercisable period
Vesting
Conditions
Equity Equity Equity Equity Equity Equity
10% of
options
granted
20% of
options
granted
30% of
options
granted
40% of
options
granted
10 years
from vesting
date
10% of
options
granted
20% of
options
granted
30% of
options
granted
40% of
options
granted
10 years
from
vesting date
10% of
options
granted
20% of
options
granted
30% of
options
granted
40% of
options
granted
10 years
from vesting
date
On achievement of predetermined targets.
10% of
options
granted
20% of
options
granted
30% of
options
granted
40% of
options
granted
10 years
from
vesting date
10% of
options
granted
20% of
options
granted
30% of
options
granted
40% of
options
granted
10 years
from
vesting
date
10% of
options
granted
20% of
options
granted
30% of
options
granted
40% of
options
granted
10 years from
vesting date
The details of Series I have been summarized below:
Number of
Shares
As at March 31,2011 As at March 31, 2010
Weighted Number of
Average Exercise Shares
Price(Rs.)
Weighted
Average
Exercise
Price(Rs.)
Outstanding at the beginning of the period 189,550 Rs. 35.00 1,839,800 Rs. 35.00
Add: Granted during the period - - - -
Less: Forfeited during the period - - - -
Less: Exercised during the period 68,700 Rs.35.00 1,640,750 Rs.35.00
Less: Expired during the period 5,750 - 9,500 -
Outstanding at the end of the period 115,100 Rs.35.00 189,550 Rs.35.00
Exercisable at the end of the period 115,100 - 189,550 -
Weighted average remaining contractual life (in years) 7.09 8.09
Weighted average fair value of options granted Rs.59.04 Rs.59.04
F74

The details of Series II have been summarized below:
As at March 31,2011 As at March 31, 2010
Number of Shares Weighted
Average Exercise
Price(Rs.)
Number of
Shares
Weighted
Average
Exercise
Price(Rs.)
Outstanding at the beginning of the period 251,300 Rs.35.00 516,500 Rs.35.00
Add: Granted during the period - - - -
Less: Forfeited during the period - - - -
Less: Exercised during the period 227,300 Rs.35.00 265,200 Rs.35.00
Less: Expired during the period - - - -
Outstanding at the end of the period 24,000 Rs.35.00 251,300 Rs.35.00
Exercisable at the end of the period 24,000 - 24,900 -
Weighted average remaining contractual life (in years) 7.49 8.49
Weighted average fair value of options granted Rs.91.75 Rs.91.75
The details of Series III have been summarized below:
As at March 31,2011 As at March 31, 2010
Number of Shares Weighted
Average Exercise
Price(Rs.)
Number of
Shares
Weighted
Average
Exercise
Price(Rs.)
Outstanding at the beginning of the period 357,900 Rs.35.00 763,600 Rs.35.00
Add: Granted during the period - - - -
Less: Forfeited during the period - - - -
Less: Exercised during the period 294,650 Rs.35.00 4,02,200 Rs.35.00
Less: Expired during the period 8,000 - 3,500 -
Outstanding at the end of the period 55,250 Rs.35.00 357,900 Rs.35.00
Exercisable at the end of the period 55,250 - 38,300 -
Weighted average remaining contractual life (in years) 8.02 9.02
Weighted average fair value of options granted Rs.74.85 Rs.74.85
The details of Series IV have been summarized below:
As at March 31,2011 As at March 31, 2010
Number of Shares Weighted
Average Exercise
Price(Rs.)
Number of
Shares
Weighted
Average
Exercise
Price(Rs.)
Outstanding at the beginning of the period 74,200 Rs.35.00 106,000 Rs.35.00
Add: Granted during the period - - - -
Less: Forfeited during the period - - - -
Less: Exercised during the period 31,800 Rs.35.00 31,800 Rs.35.00
Less: Expired during the period - - - -
Outstanding at the end of the period 42,400 Rs.35.00 74,200 Rs.35.00
Exercisable at the end of the period - - -
Weighted average remaining contractual life (in years) 8.89 9.89
Weighted average fair value of options granted Rs. 136.40 Rs. 136.40
F75

The details of Series V have been summarized below:
As at March 31,2011 As at March 31, 2010
Number of Shares Weighted
Average Exercise
Price(Rs.)
Number of
Shares
Weighted
Average
Exercise
Price(Rs.)
Outstanding at the beginning of the period 69,300 Rs.35.00 77,000 Rs.35.00
Add: Granted during the period - - - -
Less: Forfeited during the period - - - -
Less: Exercised during the period 15,400 Rs.35.00 7,700 Rs.35.00
Less: Expired during the period - - - -
Outstanding at the end of the period 53,900 Rs.35.00 69,300 Rs.35.00
Exercisable at the end of the period - - - -
Weighted average remaining contractual life (in years) 9.78 10.78
Weighted average fair value of options granted Rs. 253.90 Rs. 253.90
The details of Series VI have been summarized below:
Number of
Shares
As at March 31,2011 As at March 31, 2010
Weighted Average Number of
Exercise Price(Rs.) Shares
Weighted
Average
Exercise
Price(Rs.)
Outstanding at the beginning of the period 50,000 Rs.35.00 -
Add: Granted during the period - - 50,000 Rs.35.00
Less: Forfeited during the period - - - -
Less: Exercised during the period 5,000 - - -
Less: Expired during the period - - - -
Outstanding at the end of the period 45,000 Rs.35.00 50,000 Rs.35.00
Exercisable at the end of the period - - - -
Weighted average remaining contractual life (in years) 10.61 11.61
Weighted average fair value of options granted Rs. 201.45 Rs. 201.45
The weighted average share price for the period over which stock options were exercised was Rs. 717.18 (March 31, 2010:
Rs.358.00)
The details of exercise price for stock options outstanding at the end of the period are:
March 31, 2011
Series
Range of
exercise prices
Number of
options
outstanding
Weighted average
remaining contractual
life of options (in years)
Weighted average
exercise price
Series I Rs.35/- 115,100 7.09 Rs.35/-
Series II Rs.35/- 24,000 7.49 Rs.35/-
Series III Rs.35/- 55,250 8.02 Rs.35/-
Series IV Rs.35/- 42,400 8.89 Rs.35/-
Series V Rs.35/- 53,900 9.78 Rs.35/-
Series VI Rs.35/- 45,000 10.61 Rs.35/-
F76

The details of exercise price for stock options outstanding at the end of the year are:
March 31, 2010
Series
Range of
exercise prices
Number of
options
outstanding
Weighted average
remaining contractual
life of options (in years)
Weighted average
exercise price
Series I Rs.35/- 189,550 8.09 Rs.35/-
Series II Rs.35/- 251,300 8.49 Rs.35/-
Series III Rs.35/- 357,900 9.01 Rs.35/-
Series IV Rs.35/- 74,200 9.88 Rs.35/-
Series V Rs.35/- 69,300 10.78 Rs.35/-
Series VI Rs.35/- 50,000 11.61 Rs.35/-
Stock Options granted
Series I:
The weighted average fair value of stock options granted was Rs.59.04. The Black Scholes model has been used for computing the
weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Weighted average share price (Rs.) 93.30 93.30 93.30 93.30
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 38.44 38.44 38.44 38.44
Historical Volatility NA NA NA NA
Life of the options granted (Vesting and exercise period) in
1.50 2.50 3.50 4.50
years
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 5.98 6.33 6.54 6.73
Expected dividend rate (%) 2.31 2.31 2.31 2.31
Series II :
The weighted average fair value of stock options granted was Rs.91.75. The Black Scholes model has been used for computing the
weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Weighted average share price (Rs.) 130.10 130.10 130.10 130.10
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 19.89 19.89 19.89 19.89
Historical Volatility NA NA NA NA
Life of the options granted (Vesting and exercise period) in
1.50 2.50 3.50 4.50
years
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 6.64 6.83 6.93 7.26
Expected dividend rate (%) 2.52 2.52 2.52 2.52
Series III :
The weighted average fair value of stock options granted was Rs.74.85. The Black Scholes model has been used for computing the
weighted average fair value of options considering the following inputs:
F77

Yr 1 Yr 2 Yr 3 Yr 4
Weighted average share price (Rs.) 111.25 111.25 111.25 111.25
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 31.85 31.85 31.85 31.85
Historical Volatility (%) NA NA NA NA
Life of the options granted (Vesting and exercise period) in
1.50 2.50 3.50 4.50
years
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 6.96 7.10 7.26 7.40
Expected dividend rate (%) 2.52 2.52 2.52 2.52
Series IV :
The weighted average fair value of stock options granted was Rs. 136.40. The Black Scholes model has been used for computing the
weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Weighted average share price (Rs.) 168.05 168.05 168.05 168.05
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 41.51 41.51 41.51 41.51
Historical Volatility (%) NA NA NA NA
Life of the options granted (Vesting and exercise period) in
1.50 2.50 3.50 4.50
years
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 7.68 7.76 7.82 7.87
Expected dividend rate (%) 0.89 0.89 0.89 0.89
Series V :
The weighted average fair value of stock options granted was Rs. 253.90. The Black Scholes model has been used for computing the
weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Weighted average share price (Rs.) 294.50 294.50 294.50 294.50
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 69.22 69.22 69.22 69.22
Historical Volatility (%) NA NA NA NA
Life of the options granted (Vesting and exercise period) in
1.50 2.50 3.50 4.50
years
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 9.41 9.36 9.34 9.36
Expected dividend rate (%) 1.63 1.63 1.63 1.63
Series VI :
The weighted average fair value of stock options granted was Rs. 201.45. The Black Scholes model has been used for computing the
weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Weighted average share price (Rs.) 245.25 245.25 245.25 245.25
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 64.80 64.80 64.80 64.80
Historical Volatility (%) NA NA NA NA
Life of the options granted (Vesting and exercise period) in 1.50 2.50 3.50 4.50
F78

years
Expected dividends per annum (Rs.) 5.00 5.00 5.00 5.00
Average risk-free interest rate (%) 4.03 4.68 5.20 5.64
Expected dividend rate (%) 1.96 1.96 1.96 1.96
The expected volatility was determined based on historical volatility data equal to the NSE volatility rate of Bank Nifty which is
considered as a comparable peer group of the Company. To allow for the effects of early exercise, it was assumed that the
employees will exercise the options within six months from the date of vesting in view of the exercise price being significantly lower
than the market price.
Effect of the employee share-based payment plans on the profit and loss account and on its financial position:
(Rs. in lacs)
As at March 31, 2011 As at March 31,
2010
Total compensation cost pertaining to employee share-based payment
116.85 341.30
plan (entirely equity settled)
Liability for employee stock options outstanding as at year end 426.74 955.97
Deferred compensation cost 72.19 198.95
Since the enterprise used the intrinsic value methodthe impact on the reported net profit and earnings per share by applying
the fair value based method is as follows:
In March 2005, ICAI has issued a guidance note on “Accounting for Employees Share Based Payments” applicable to employee
based share plan the grant date in respect of which falls on or after April 1, 2005. The said guidance note requires that the proforma
disclosures of the impact of the fair value method of accounting of employee stock compensation accounting in the financial
statements. Applying the fair value based method defined in the said guidance note, the impact on the reported net profit and earnings
per share would be as follows:
Year ended March 31,
2011
Year ended March
31, 2010
Profit as reported (Rs. in lacs) 122,988.00 87,311.74
Add: Employee stock compensation under intrinsic value method
(Rs. in lacs)
116.85 341.30
Less: Employee stock compensation under fair value method (Rs. in
lacs)
116.64 340.91
Proforma profit (Rs. in lacs) 122,988.21 87,312.13
Earnings per share
Basic (Rs.)
- As reported 54.49 41.09
- Proforma 54.49 41.09
Diluted (Rs.)
- As reported 54.41 40.92
- Proforma 54.41 40.92
Nominal Value Rs 10.00 Rs. 10.00
13. Securitisation/ Direct assignment
The Company sells loans through securitisation and direct assignment. The information on securitisation / direct
assignment activity of the Company as an originator is given below:
Year ended March
31, 2011
Year ended March 31,
2010
Total number of loan assets securitized/directly assigned 432,100 380,673
Total book value of loan assets securitized/directly assigned
(Rs. in lacs)
Sale consideration received for the securitised assets/directly
assigned (Rs. in lacs)
Gain on account of securitization/direct assignment* (Rs. in
lacs)
F79
1,020,361.35
1,023,668.28
299,330.23
875,681.04
921,631.22
262,350.21

* Gain on securitization / direct assignment deals is amortised over the period of the loan.
The information on securitisation / direct assignment activity of the Company as an originator as on March 31, 2011 and March
31, 2010 is given in the table below :
(Rs.in lacs)
As at March 31, 2011 As at March 31, 2010
Outstanding credit enhancement
-Fixed Deposit 154,928.74 173,588.14
-Guarantees given by third parties 157,749.58 -
-Guarantees given by the Company 4,093.00 -
Outstanding liquidity facility
-Fixed Deposit 15,865.57 23,833.27
Outstanding subordinate contribution - 2,665.30
14. Supplementary Statutory Information
I
Managing Director’s Remuneration
(Rs.in lacs)
Year ended March 31, Year ended March 31,
2011
2010
Salaries 47.00 45.46
Perquisites 7.11 7.19
Contribution to Provident fund 0.09 0.09
Employee stock option scheme 13.70 19.87
67.90 72.61
Note: - As the liabilities for gratuity and leave encashment are provided on an actuarial basis for the Company as
a whole, the amounts pertaining to the Managing Director is not included above
II
The computation of profits under section 349 of the Act has not been given as no commission is payable to the
Managing Director.
(Rs. in lacs)
Expenditure in foreign currency (On cash basis)
Year ended March 31, Year ended March 31,
2011
2010
Travelling 0.76 4.23
Others 0.00 2.62
0.76 6.85
15. Based on the intimation received by the Company, some of the suppliers have confirmed to be registered under “The
Micro, Small and Medium Enterprises Development (‘MSMED’) Act, 2006”. Accordingly, the disclosures relating
to amounts unpaid as at the year ended together with interest paid /payable are furnished below:
(Rs. in lacs)
Particulars As at March 31, As at March
The principal amount remaining unpaid to supplier as at the end of the
year
The interest due thereon remaining unpaid to supplier as as the end of
the year
The amount of interest paid in terms of Section 16, along with the
amount of payment made to the supplier beyond the appointment day
during the year
The amount of interest due and payable for the year of delay in making
payment (which have been paid but beyond the appointed day during
F80
2011
31, 2010
0.43 -
- -
- -
- -

the year) but without adding the interest specified under this Act
The amount of interest accrued during the year and remaining unpaid
- -
at the end of the year
The amount of further interest remaining due and payable even in the
- -
succeeding years, until such date when the interest dues as above are
actually paid to the small enterprise for the purpose of disallowance as
a deductible expenditure under section 23 of the Micro Small and
Medium Enterprise Development Act, 2006
16. In addition to the auditors remuneration shown in operating and other expenses, the Company has also incurred
auditors remuneration in connection with other services provided by auditors in connection with public issue of non
convertible debentures of Rs. 39.85 lacs (including out of pocket expenses of Rs. 0.14 lacs) have been amortised as
per note 1(p) and shown under miscellaneous expenditure.
17. Previous year Comparatives
The figures for the previous year have been regrouped and reclassified, wherever necessary to conform to current
year’s classification.
F81

Notes to Accounts for the year 2009 – 2010
1. Secured Loans
a) (i) Privately placed Redeemable Non-convertible Debentures of Rs.1,000/- each
As at March 31, 2010 As at March 31, 2009
Number 1,88,70,314 19,697,934
Amount Rs in lacs 1,88,703.14 196,979.34
Secured by equitable mortgage of title deeds of immovable property. Further secure by charge on plant and machinery, furniture
and other fixed assets of the Company, charge on Company’s hypothecation loans, other loans, advances and investments of the
Company subject to prior charges created or to be created in favour of the Company’s bankers, financial institutions and others.
Debentures are redeemable at par over a period of 12 months to 160 months from the date of allotment depending on the terms of
the agreement. The earliest date of redemption is 01.04.2010 (March 31, 2009: 01.04.2009)
Debentures may be bought back subject to applicable statutory and/or regulatory requirements, upon the terms and conditions as
may be decided by the Company. The Company may grant loan against the security of NCDs upon the terms and conditions as may
be decided by the Company.
(ii) Privately Placed Redeemable Non-Convertible Debenture of Rs.1,000,000/- each
Amount (Rs. in lacs)
Date of
Redeemable at par on
Allotment/renewal As at March 31, 2010 As at March 31, 2009
04.07.2007 - 5,000.00 04.07.2009
05.07.2007 5,000.00 5,000.00 05.07.2010
09.07.2007 - 10,000.00 ***05.07.2010
09.07.2007 7,000.00 7,000.00 09.07.2010
11.07.2007 1,000.00 1,000.00 09.07.2010
17.07.2007 - 10,000.00 17.07.2009
25.07.2007 10,000.00 12,500.00 25.07.2010
25.07.2007 2,500.00 2,500.00 25.07.2010
30.07.2007 - 2,500.00 30.07.2009
28.08.2007 - 2,500.00 28.04.2009
07.09.2007 - 4,000.00 04.09.2009
F82

Date of
Allotment/renewal
Amount (Rs. in lacs)
Redeemable at par on
As at March 31, 2010 As at March 31, 2009
10.09.2007 2,500.00 2,500.00 10.09.2010
13.09.2007 - 1,000.00 13.09.2009
21.09.2007 - 2,500.00 ***21.09.2010
05.10.2007 - 2,000.00 05.10.2009
05.10.2007 - 1,500.00 ***05.10.2010
09.10.2007 - 2,500.00 09.10.2009
12.10.2007 - 2,500.00 28.09.2009
15.10.2007 2,000.00 2,000.00 15.10.2010
18.10.2007 3,900.00 12,000.00 18.10.2010
19.10.2007 5,000.00 5,000.00 19.10.2010
19.10.2007 - 8,000.00 18.10.2009
22.10.2007 - 2,500.00 22.10.2009
30.10.2007 - 5,000.00 30.10.2009
02.05.2008 15,000.00 15,000.00 02.05.2011
20.06.2008 10,000.00 10,000.00 20.06.2011
18.08.2008 - 29,000.00 06.03.2010
04.09.2008 - 3,500.00 ***04.04.2010
04.09.2008 - 1,500.00 20.02.2010
04.09.2008 10,000.00 10,000.00 04.09.2010
05.09.2008 - 7,500.00 10.09.2009
08.09.2008 3,000.00 3,000.00 08.09.2010
F83

Date of
Allotment/renewal
Amount (Rs. in lacs)
Redeemable at par on
As at March 31, 2010 As at March 31, 2009
15.09.2008 1,500.00 1,500.00 15.09.2011
15.09.2008 1,500.00 1,500.00 15.09.2010
15.09.2008 - 2,500.00 15.03.2010
15.09.2008 2,500.00 2,500.00 15.09.2010
15.09.2008 - 2,500.00 15.03.2010
15.09.2008 1,500.00 1,500.00 30.04.2010
16.09.2008 2,500.00 2,500.00 16.09.2011
17.09.2008 8,000.00 8,000.00 01.09.2011
24.09.2008 2,500.00 2,500.00 24.09.2010
26.09.2008 2,500.00 2,500.00 26.09.2010
26.09.2008 1,500.00 1,500.00 10.09.2010
08.10.2008 1,200.00 1,200.00 06.04.2010
24.10.2008 5,000.00 5,000.00 10.12.2010
03.11.2008 30,000.00 30,000.00 03.11.2013
26.11.2008 1,000.00 1,000.00 26.11.2013
17.12.2008 - 19,000.00 17.12.2009
24.03.2009 - 2,400.00 24.03.2010
25.03.2009 - 2,600.00 25.03.2010
28.03.2009 5,000.00 5,000.00 28.03.2012
*13.04.2009 10,000.00 - 13.04.2011
**20.04.2009 2,500.00 - 20.04.2011
F84

Date of
Allotment/renewal
Amount (Rs. in lacs)
Redeemable at par on
As at March 31, 2010 As at March 31, 2009
17.06.2009 2,500.00 - 17.06.2011
30.06.2009 25,000.00 - 30.06.2011
14.09.2009 1,500.00 - 05.04.2011
12.10.2009 9,000.00 - 12.04.2011
24.03.2010 2,400.00 - 24.03.2011
25.03.2010 2,600.00 - 25.03.2011
TOTAL 198,600.00 285,700.00
Secured by specific assets covered under hypothecation loan agreements and by way of exclusive charge and equitable mortgage of
title deeds of immovable property.
*Put/call option on April 13, 2010
**Put/call option on April 20, 2010
*** Early redemption
Debentures may be bought back subject to applicable statutory and/or regulatory requirements, upon the terms and conditions as
may be decided by the Company.
(iii) Public issue of Redeemable Non-convertible Debentures of Rs.1,000/- each
Amount (Rs. in lacs)
Date of
Allotment/renewal As at March 31, 2010
As at March 31,
2009 Redeemable at par on
Put and Call
option
Option -I 3,489.95 - 26.08.2012 -
Option -I 3,489.95 - 26.08.2013 -
Option -I 1,744.97 - 26.08.2014 -
Option -II 2,949.84 - 26.08.2012 -
Option -II 2,949.84 - 26.08.2013 -
Option -II 1,474.92 - 26.08.2014 -
Option -III 10,422.51 - 26.08.2014 26.08.2013
Option -IV 2,274.12 - 26.08.2014 26.08.2013
Option -V 66,988.63 - 26.08.2012 -
Total 95,784.73 -
a. Secured by specific assets covered under hypothecation loan agreements and by way of exclusive charge and equitable mortgage
of title deeds of immovable property.
b. The proceeds of public issue of Non convertible debentures have been utilised for financing activities.
c. Debentures may be bought back subject to applicable statutory and/or regulatory requirements, upon the
F85

terms and conditions as may be decided by the Company. The Company may grant loan against the security of NCDs upon the
terms and conditions as may be decided by the Company.
b) Term Loans :
i. From Financial Institutions / Corporates :
As at March 31,
2010
(Rs. in lacs)
As at March 31,
2009
(a)
(b)
(c)
Secured by an exclusive charge by way of
hypothecation of specific movable assets being
fixed/current assets relating to hypothecation loans
Secured by an exclusive charge by way of
hypothecation of specific immovable/ movable assets
pertaining to the wind farm
Secured by an exclusive charge by way of
hypothecation of specific immovable/ movable assets
pertaining to the wind farm and guaranteed by a
former Director.
12,188.42 41,893.90
-
1,420.12
-
754.40
ii.
From Foreign Institution:
Secured by an exclusive charge by way of hypothecation of
specific hypothecation loan agreements and all amounts owing to
and received by the Company pursuant to the above Agreements
-
724.27
Total 12,188.42 44,792.69
(Rs. in lacs)
As at March 31,
2010
As at March 31,
2009
iii. From Banks :
(a) Secured by hypothecation of vehicles 3.19 6.36
(b)
(c)
Secured by an exclusive charge by way of
hypothecation of specific movable assets being
fixed / current assets relating to hypothecation
loans*
Secured by an exclusive charge by way of
hypothecation of specific immovable/ movable
assets pertaining to the wind farm
Secured by an exclusive charge by way of
hypothecation of specific immovable/ movable
assets pertaining to the bio mass plant.
929,931.95 830,676.33
- 969.99
- 1,710.90
Total 929,935.14 833,363.58
*includes Rs. 20,000.00 lacs (March 31, 2009 : Rs 7,500.00 lacs) the charge in respect of which has since been created and
Rs.47,000 lacs (March 31, 2009 : Rs Nil lacs) on which charge is yet to be created.
F86

c) Cash Credit from Banks
(Rs. in lacs)
As at March 31,
2010
As at March 31,
2009
Cash Credit from banks * 92,036.64 316,623.70
Secured by hypothecation of specific assets covered under hypothecation loan agreements.
*Includes Rs. 10,000.00 lacs (March 31, 2009: Nil) the charge in respect of which has since been created.
2. Subordinated Debt
The Company has issued subordinated debt bonds amounting to Rs. 53,196.13 Lacs (March 31, 2009: Rs.
60,553.56 Lacs) with coupon rate of 9.5% to 13% per annum which are redeemable over a period of 62
months to 122 months.
3.
Final dividend (including tax on dividend) includes an amount of Rs. 380.45 lacs in respect of dividend paid
by the Company for the year ended March 31, 2009 on 81,29,550 equity shares as these have been allotted
before the record date for declaration of dividend for the year ended March 31, 2009, and they rank paripassu
with the existing equity shares for dividend.
4. Gratuity and other post-employment benefit plans:
The Company has an unfunded defined benefit gratuity plan. Every employee who has completed five years or
more of service is eligible for a gratuity on separation at 15 days salary (last drawn salary) for each completed
year of service.
Consequent to the adoption of revised AS 15 ‘Employee Benefits’ issued under Companies Accounting
Standard Rules, 2006, as amended, the following disclosures have been made as required by the standard:
Profit and Loss account
Net employee benefit expense (recognized in employee cost)
Particulars
Gratuity
(Rs. in lacs)
March 31, 2010 March 31, 2009
Current service cost 191.23 99.69
Interest cost on benefit obligation 48.79 33.23
Expected return on plan assets NA NA
Net actuarial (gain) / loss recognised in the year (42.37) 22.48
Past service cost Nil Nil
Net benefit expense 197.65 155.40
Balance sheet
Details of Provision for gratuity
Gratuity
(Rs. in lacs)
Particulars March 31, 2010 March 31, 2009
Defined benefit obligation 612.63 463.92
Fair value of plan assets NA NA
612.63 463.92
Less: Unrecognised past service cost Nil Nil
Plan asset / (liability) (612.63) (463.92)
F87

Changes in the present value of the defined benefit obligation are as follows:
Gratuity
(Rs. in lacs)
Particulars March 31, 2010 March 31, 2009
Opening defined benefit obligation 463.92 322.76
Interest cost 48.79 33.23
Current service cost 191.23 99.69
Benefits paid (48.93) (14.24)
Actuarial (gains) / losses on obligation (42.38) 22.48
Closing defined benefit obligation 612.63 463.92
The Company would not contribute any amount to gratuity in 2010-11 as the scheme is unfunded.
The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:
Gratuity
Particulars March 31, 2010 March 31, 2009
% %
Investments with insurer NA NA
The principal assumptions used in determining gratuity obligations for the Company’s plan are shown below:
Gratuity
Particulars March 31, 2010 March 31, 2009
Discount Rate 7.5% 7.75%
Increase in compensation cost 5% 5%
Employee Turnover* 5% and 10% 5% and 10%
The estimates of future salary increases, considered in actuarial valuation, are on account of inflation, seniority, promotion and
other relevant factors, such as supply and demand in the employment market.
*5% in case of employees with service period of more than 5 years and 10% for all other employees.
Amounts for the year are as follows:
(Rs. in lacs)
Particulars March 31, 2010 March 31, 2009 March 31, 2008
Defined benefit obligation 612.63 463.92 322.76
Plan assets NA NA NA
Surplus / (deficit) (612.63) (463.92) (322.76)
Experience adjustments on plan liabilities 55.56 37.57 101.94
Experience adjustments on plan assets NA NA NA
F88

5. The Company is primarily engaged in financing activities. It operates in a single business and geographical
segment. The Company owned windmills and biomass which generate income from sale of electricity and also
earned certain fee based income, these income have the same has been classified as ‘Unallocated reconciling
item’ as per requirements of AS – 17 on ‘Segment Reporting’.
Particulars
Financing
Activities
Year ended March 31, 2010 Year ended March 31, 2009
Unallocated
reconciling
items
Total
Financing
Activities
Unallocated
reconciling
items
(Rs in lacs)
Segment Revenue 445,900.73 3,688.23 449,588.96 369,672.15 3,324.54 372,996.69
Segment Results
(Profit before tax
and after interest
on Financing
Segment) 129,278.06 3,468.20 132,746.26 92,782.88 (124.33) 92,658.55
Less: Interest on
unallocated
reconciling items - 287.14 287.14 NA 595.44 595.44
Net profit before
tax 129,278.06 3,181.06 132,459.12 92,782.88 (719.77) 92,063.11
Less: Income
taxes 45,147.38 NA NA 30,822.90
Net profit after tax
87,311.74 NA NA 61,240.21
Other Information:
Particulars
Financing
Activities
Year ended March 31, 2010 Year ended March 31, 2009
Unallocated
Unallocated
Financing
reconciling Total
reconciling
Activities
items
items
Segment assets 2,689,794.13 - 2,689,794.13 2,487,141.81 9,673.31 2,496,815.12
Unallocated
corporate assets - - 7,472.13 3,017.14
Total Assets 2,689,794.13 - 2,697,266.26 2,487,141.81 9,673.31 2,499,832.26
Segment liabilities 2,312,039.43 - 2,312,039.43 2,262,801.14 5,352.41 2,268,153.55
Unallocated
corporate
liabilities - - 988.31 15.11
Total Liabilities 2,312,039.43 - 2,313,027.74 2,262,801.14 5,352.41 2,268,168.66
Capital
expenditure 624.86 - 624.86 3,369.47 Nil 3,369.47
Depreciation 1,287.84 208.00 1,495.84 1,645.69 1,834.90 3,480.59
Other non - cash
expenses 49,753.00 0.94 49,753.94 33,145.16 590.85 33,736.01
Total
Total
F89

6. Related Party Disclosure
Related party where control exists
Subsidiaries : Shriram Asset & Equipment Finance Private Limited
(formerly Shriram Equipment Finance Private
Ltd.(SAEFPL))
(from June 04, 2009 upto December 14, 2009)
Other Related Parties
Shriram Equipment Finance Company Ltd. (SEFCL)
(from December 15, 2009)
Shriram Automall India Limited (SAIL)
(from February 11, 2010)
Enterprises having significant influence over
the Company :
Shriram Holdings (Madras) Private Limited
Shriram Capital Limited
Newbridge India Investments II Limited
Associates : Shriram Asset Management Company Limited
Key Managerial Personnel : R Sridhar, Managing Director
Relatives of Key Managerial Personnel : Mrs. Padmapriya Sridhar (spouse)
F90

Enterprises having
significant influence
over the Company Subsidiaries Associates
March 31,
2010
March
31, 2009
March 31,
2010
March
31, 2009
March
31, 2010
F91
March
31, 2009
Key Management
Personnel
March March
31, 2010 31, 2009
Relatives of Key
Management
Personnel
March
31, 2010
March
31, 2009
(Rs. in lacs)
Total
March 31,
2010
Payments/Expenses
Employee benefits for key management
- - - - - - 72.61 62.99
- 72.61 62.99
personnel
-
Royalty 1,240.78* 1,036.45* - - - - - -
- 1,240.78 1,036.45
-
Data Sourcing fees 23.96* 87.35* - - - - - -
- 23.96 87.35
-
Service Charges 143.75* 524.10* - - - - - -
- 143.75 524.10
-
Reimbursement of business promotion expenses 66.18* - - - - - - - - - 66.18 -
Equity dividend 5,602.29# 4,268.58# - - - - 5.58 4.29 2.43 2.03 5,610.30 4,274.90
Interest on subordinate debt - - - - 54.37 51.19 - -
- 54.37 51.19
-
Interest on Inter Corporate Deposit 96.66# 149.52# - - - - - -
- 96.66 149.52
-
Interest on Non Convertible Debentures - - - - - -
-
- 0.28 -
0.27
0.01
Investments in shares - - 220.00 +@& - - - - -
- 220.00 -
-
Rent paid 59.56* 57.60* - - - - - -
- 59.56 57.60
-
Inter Corporate Deposits 4,200.00# - - - - - - -
- 4,200.00 -
-
Amount paid to SAEFPL - - 3.54 - - - - - - - 3.54 -
Amount recoverable from SEFCL - - 2.74 - - - - -
- 2.74 -
-
Amount recoverable from SAIL - - 2.30 - - - - -
- 2.30 -
-
Receipts/Income
Inter Corporate Deposit - 4,200.00# - - - - - - - - - 4,200.00
Sale of investment in shares - - 5.00+ - - - - -
- 5.00 -
-
Amount recovered from SAEFPL - - 3.54 - - - - - - - 3.54 -
Non Convertible Debenture - - - - - - 1.00 - 1.00 - 2.00 -
Issue of equity shares on conversion of warrants 2,400.00# - - - - - - - - - 2,400.00 -
Rent & electricity reimbursed - - - - 5.25 5.40 - - - - 5.25 5.40
March
31, 2009

Enterprises having
significant influence
over the Company Subsidiaries Associates
March 31,
2010
March
31, 2009
March 31,
2010
March
31, 2009
March
31, 2010
March
31, 2009
Key Management
Personnel
March March
31, 2010 31, 2009
Relatives of Key
Management
Personnel
March
31, 2010
March
31, 2009
Total
March 31,
2010
Balance Outstanding at the year end
Share capital 9,337.15# 8,537.15# - - - - 13.02 8.58 4.05 4.05 9,354.22 8,549.78
Share warrants - 2,400.00# - - - - - -
- - 2,400.00
-
Non Convertible Debenture - - - - - - - -
- - -
-
Investments in shares - - 215.00@& - 240.00 240.00 - -
- 455.00 240.00
-
Outstanding expenses 185.43* 67.17* - - - - - -
- 185.43 67.17
-
Inter Corporate Deposits - 4,200.00# - - - - - -
- - 4,200.00
-
Rent Deposit given 49.00* 49.00* - - - - - -
- 49.00 49.00
-
Amount recoverable from SEFCL - - 2.74 - - - - -
- 2.74 -
-
Amount recoverable from SAIL - - 2.30 - - - - -
- 2.30 -
-
Interest payable on ICD - 149.52# - - - - - -
- - 149.52
-
Subordinated debts - - - - 413.40 413.40 - -
- 413.40 413.40
-
Interest payable on subordinate debt - - - - 85.78 29.36 - -
- 85.78 29.36
-
March
31, 2009
F92

* Denotes transactions with Shriram Capital Limited
# Denotes transactions with Shriram Holdings (Madras) Private Limited
+ Denotes transactions with Shriram Asset and Equipment Finance Private Limited (SAEFPL)
& Denotes transactions with Shriram Equipment Finance Company Limited
@ Denotes transactions with Shriram Automall India Limited
7. Leases
In case of assets given on lease
The Company has given land and building on operating lease for period ranging 11 months to 60 months.
During the year, the company had also given its biomass plant on operating lease for the period 1 st April,
2009 to 30 th September, 2009. The same was sold on October 1, 2009, hence gross carrying cost of and
accumulated depreciation of the asset as on the date of balance sheet is nil.
In case of assets taken on lease
The Company has taken various office premises, furniture and fixtures, computers and plant and
machinery under operating lease. The lease payments recognized in the profit & loss account are Rs.
3,557.92 lacs (March 31, 2009: Rs. 2,636.98 lacs). Certain agreements provide for cancellation by either
party and certain agreements contains clause for escalation and renewal of agreements. The noncancellable
operating lease agreements are ranging for a period 22 to 122 months. There are no
restrictions imposed by lease arrangements. There are no sub leases.
The future minimum lease payments in respect of non-cancellable operating lease as at the balance sheet
date are summarized below :
As at March 31,
2010
(Rs. in lacs)
As at March 31,
2009
Minimum Lease Payments:
Not later than one year 899.73 408.16
Later than one year but not later than five years 324.11 149.80
Later than five years 40.73 Nil
8. In accordance with the Reserve Bank of India circular no.RBI/2006-07/ 225 DNBS (PD) C.C No.
87/03.02.004/2006-07 dated January 4, 2007, the Company has created a floating charge on the statutory
liquid assets comprising of investment in Government Securities to the extent of Rs. 3,497.70 lacs (March
31, 2009: Rs.283.00 lacs) in favour of trustees representing the public deposit holders of the Company.
F93

9. Earnings per share
Particulars
Year ended
March 31, 2010
Year ended March
31, 2009
Net Profit after tax as per profit and loss account (Rs. in lacs) (A) 87,311.74 61,240.21
Weighted average number of equity shares for calculating Basic EPS (in
lacs) (B)
2125.01 2,033.80
Weighted average number of equity shares for calculating Diluted EPS
(in lacs) (C)
2133.85 2,138.29
Basic earnings per equity share (in Rupees) (Face value of Rs. 10/- per
share) (A) / (B)
41.09 30.11
Diluted earnings per equity share (in Rupees) (Face value of Rs. 10/- per
share) (A) / (C) 40.92 28.64
Particulars
Year ended Year ended March
March 31, 2010 31, 2009
Weighted average number of equity shares for calculating EPS (in lacs) 2,125.01 2,033.80
Add : Equity shares arising on conversion of optionally convertible
warrants (in lacs)
0.00 80.00
Add : Equity shares for no consideration arising on grant of stock
options under ESOP (in lacs)
8.84 24.49
Weighted average number of equity shares in calculation diluted EPS (in
lacs) 2,133.85 2,138.29
F94

10. Deferred Tax Liabilities/(Asset)(Net)
(Rs.in lacs)
The break up of deferred tax asset / liabilities is as under:- As at March 31,
2010
Deferred Tax Liabilities
As at March 31,
2009
Timing difference on account of :
Differences in depreciation in block of fixed assets as per tax
books and financial books
Nil 2,482.17
Debenture Issue Expenses 753.63 Nil
Gross Deferred Tax Liabilities (A) 753.63 2,482.17
Deferred Tax Asset
Timing difference on account of :
Differences in depreciation in block of fixed assets as per tax
books and financial books
231.78 Nil
Expenses disallowed under Income Tax Act, 1961 3,259.93 3,100.49
Provision for securitization 4,734.05 2,021.16
Gross Deferred Tax Assets (B) 8,225.76 5,121.65
Deferred Tax Liabilities /(Assets)(Net) (A-B) (7,472.13) (2,639.48)
11. Contingent Liabilities not provided for
a. Disputed income tax/interest tax demand contested in appeals
not provided for
[Against the above, a sum of Rs. 29.66 lacs (March 31, 2009:
Rs. 29.66 lacs) has been paid under protest]
b. Demands in respect of Service tax
[Amount of Rs.15.00 lacs (March 31, 2009 : Rs. 15.00 lacs) has
been paid under protest ]
c. Disputed sales tax demand
[Amount of Rs. 63.92 lacs (March 31, 2009: Rs. Nil) has been
paid by the Company]
As at March 31,
2010
(Rs in lacs)
As at March 31,
2009
157.26 164.76
315.00 299.00
412.33 -
d. Guarantees issued by the Company & outstanding - 901.97
Future cash outflows in respect of (a), (b) and (c) above are determinable only on receipt of judgements
/decisions pending with various forums/authorities.
F95

12. Recovery of Service tax on lease and hire purchase transactions is kept in abeyance in view of the petition
pending before the Supreme Court of India. If any liability arises it will be recovered from the concerned
parties. However, on contracts that have been terminated, pending the decision from the Supreme Court of
India, equivalent service tax is written off. The company has recognized the deferred tax asset on the amounts
so written off, as in either case service tax liability will be charged off or reversed as income.
13. Employee Stock Option Plan
Series I Series II Series III Series IV Series V Series VI
Date of grant October 31,
October 9, August 17, July 15, May 13, 2009
April 1, 2006
2005
2006 2007 2008
Date of
May 13, 2009
October 19, February 22, September 6, August 17, July 15,
Board/committee
2005 2006
2006 2007 2008
Approval
Date of
Shareholder’s
approval
Number of options
granted
Method of
Settlement
(Cash/Equity)
October 13,
2005
Graded Vesting Period
After 1 year of 10% of
grant date options
After 2 years of
grant date
After 3 years of
grant date
After 4 years of
grant date
Exercisable period
October 13,
2005
October 13,
2005
October 13,
2005
October 13,
2005
October 13,
2005
2,962,500 832,500 910,000 109,000 77,000 50,000
Equity Equity Equity Equity Equity Equity
granted
20% of
options
granted
30% of
options
granted
40% of
options
granted
10 years
from vesting
date
10% of
options
granted
20% of
options
granted
30% of
options
granted
40% of
options
granted
10 years
from
vesting date
10% of
options
granted
20% of
options
granted
30% of
options
granted
40% of
options
granted
10 years
from vesting
date
10% of
options
granted
20% of
options
granted
30% of
options
granted
40% of
options
granted
10 years
from
vesting date
10% of
options
granted
20% of
options
granted
30% of
options
granted
40% of
options
granted
10 years
from
vesting date
10% of options
granted
20% of options
granted
30% of options
granted
40% of options
granted
10 years from
vesting date
Vesting
Conditions
On achievement of predetermined targets.
F96

The details of Series I have been summarized below:
As at March 31,2010 As at March 31, 2009
Weighted Number of Weighted
Average Shares Average
Exercise
Exercise
Price(Rs.)
Price(Rs.)
Number of
Shares
Outstanding at the beginning of the year 1,839,800 Rs. 35.00 2,177,000 Rs. 35.00
Add: Granted during the year - - - -
Less: Forfeited during the year - - - -
Less: Exercised during the year 16,40,750 Rs.35.00 304,500 Rs.35.00
Less: Expired during the year 9,500 - 32,700 -
Outstanding at the end of the year 1,89,550 Rs.35.00 1,839,800 Rs.35.00
Exercisable at the end of the year 1,89,550 860,540
Weighted average remaining contractual life (in
8.09 9.09
years)
Weighted average fair value of options granted Rs.59.04 Rs.59.04
The details of Series II have been summarized below:
As at March 31,2010 As at March 31, 2009
Weighted Number of Weighted
Average Shares Average
Exercise
Exercise
Price(Rs.)
Price(Rs.)
Number of
Shares
Outstanding at the beginning of the year 516,500 Rs.35.00 554,100 Rs.35.00
Add: Granted during the year - - - -
Less: Forfeited during the year - - - -
Less: Exercised during the year 265,200 Rs.35.00 31,300 Rs.35.00
Less: Expired during the year 6,300
Outstanding at the end of the year 251,300 Rs.35.00 516,500 Rs.35.00
Exercisable at the end of the year 24,900 116,520
Weighted average remaining contractual life (in
8.49 9.49
years)
Weighted average fair value of options granted Rs.91.75 Rs.91.75
The details of Series III have been summarized below:
As at March 31,2010 As at March 31, 2009
Weighted Number of Weighted
Average Shares Average
Exercise
Exercise
Price(Rs.)
Price(Rs.)
Number of
Shares
Outstanding at the beginning of the year 7,63,600 Rs.35.00 811,000 Rs.35.00
Add: Granted during the year - - - -
Less: Forfeited during the year - - - -
Less: Exercised during the year 4,02,200 Rs.35.00 40,400 Rs.35.00
Less: Expired during the year 3,500 7,000
Outstanding at the end of the year 3,57,900 Rs.35.00 763,600 Rs.35.00
Exercisable at the end of the year 38,300 202,600
Weighted average remaining contractual life (in
9.01 10.01
years)
Weighted average fair value of options granted Rs.74.85 Rs.74.85
F97

The details of Series IV have been summarized below:
As at March 31,2010 As at March 31, 2009
Weighted Number of Weighted
Average Shares Average
Exercise
Exercise
Price(Rs.)
Price(Rs.)
Number of
Shares
Outstanding at the beginning of the year 106,000 Rs.35.00 109,000 Rs.35.00
Add: Granted during the year - - - -
Less: Forfeited during the year - - - -
Less: Exercised during the year 31,800 Rs.35.00 - -
Less: Expired during the year - 3,000
Outstanding at the end of the year 74,200 Rs.35.00 106,000 Rs.35.00
Exercisable at the end of the year 10,600
Weighted average remaining contractual life (in
9.88 10.88
years)
Weighted average fair value of options granted Rs.136.40 Rs.136.40
The details of Series V have been summarized below:
As at March 31,2010 As at March 31, 2009
Weighted Number of Weighted
Average Shares Average
Exercise
Exercise
Price(Rs.)
Price(Rs.)
Number of
Shares
Outstanding at the beginning of the year 77,000 Rs.35.00 - -
Add: Granted during the year - - 77,000 Rs.35.00
Less: Forfeited during the year - - - -
Less: Exercised during the year 7,700 Rs.35.00 - -
Less: Expired during the year - - - -
Outstanding at the end of the year 69,300 Rs.35.00 77,000 Rs.35.00
Exercisable at the end of the year - - - -
Weighted average remaining contractual life (in
10.78 11.78
years)
Weighted average fair value of options granted Rs.253.90 Rs.253.90
The details of Series VI have been summarized below:
As at March 31,2010 As at March 31, 2009
Weighted Number of Weighted
Average Shares Average
Exercise
Exercise
Price(Rs.)
Price(Rs.)
Number of
Shares
Outstanding at the beginning of the year - - -
Add: Granted during the year 50,000 Rs.35.00 - -
Less: Forfeited during the year - - - -
Less: Exercised during the year - - - -
Less: Expired during the year - - - -
Outstanding at the end of the year 50,000 Rs.35.00 - -
Exercisable at the end of the year - - - -
Weighted average remaining contractual life (in
11.61 - -
years)
Weighted average fair value of options granted Rs.201.45 - -
The weighted average share price for the period over which stock options were exercised was Rs.358.00
(March 31, 2009: Rs.242.00)
The details of exercise price for stock options outstanding at the end of the year are:
March 31, 2010
F98

Series
Range of
exercise prices
Number of
options
outstanding
Weighted average remaining
contractual life of options (in
years)
Weighted
average
exercise price
Series I Rs.35/- 189,550 8.09 Rs.35/-
Series II Rs.35/- 251,300 8.49 Rs.35/-
Series III Rs.35/- 357,900 9.01 Rs.35/-
Series IV Rs.35/- 74,200 9.88 Rs.35/-
Series V Rs.35/- 69,300 10.78 Rs.35/-
Series VI Rs.35/- 50,000 11.61 Rs.35/-
The details of exercise price for stock options outstanding at the end of the year are:
March 31, 2009
Series
Range of
exercise prices
Number of
options
outstanding
Weighted average remaining
contractual life of options (in
years)
Weighted
average
exercise price
Series I Rs.35/- 1,839,800 9.09 Rs.35/-
Series II Rs.35/- 516,500 9.49 Rs.35/-
Series III Rs.35/- 763,600 10.01 Rs.35/-
Series IV Rs.35/- 106,000 10.88 Rs.35/-
Series V Rs.35/- 77,000 11.78 Rs.35/-
Stock Options granted
Series I:
The weighted average fair value of stock options granted was Rs.59.04. The Black Scholes model has been used for
computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 38.44 38.44 38.44 38.44
Historical Volatility NA NA NA NA
Life of the options granted (Vesting and exercise period) in years 1.50 2.50 3.50 4.50
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 5.98 6.33 6.54 6.73
Expected dividend rate (%) 2.31 2.31 2.31 2.31
Series II :
The weighted average fair value of stock options granted was Rs.91.75. The Black Scholes model has been used for
computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 19.89 19.89 19.89 19.89
Historical Volatility NA NA NA NA
Life of the options granted (Vesting and exercise period) in years 1.50 2.50 3.50 4.50
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 6.64 6.83 6.93 7.26
Expected dividend rate (%) 2.52 2.52 2.52 2.52
Series III :
The weighted average fair value of stock options granted was Rs.74.85. The Black Scholes model has been used for
computing the weighted average fair value of options considering the following inputs:
F99

Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 31.85 31.85 31.85 31.85
Historical Volatility (%) NA NA NA NA
Life of the options granted (Vesting and exercise period) in years 1.50 2.50 3.50 4.50
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 6.96 7.10 7.26 7.40
Expected dividend rate (%) 2.52 2.52 2.52 2.52
Series IV :
The weighted average fair value of stock options granted was Rs. 136.40. The Black Scholes model has been used
for computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 41.51 41.51 41.51 41.51
Historical Volatility (%) NA NA NA NA
Life of the options granted (Vesting and exercise period) in years 1.50 2.50 3.50 4.50
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 7.68 7.76 7.82 7.87
Expected dividend rate (%) 0.89 0.89 0.89 0.89
Series V :
The weighted average fair value of stock options granted was Rs. 253.90. The Black Scholes model has been used
for computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 69.22 69.22 69.22 69.22
Historical Volatility (%) NA NA NA NA
Life of the options granted (Vesting and exercise period) in years 1.50 2.50 3.50 4.50
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 9.41 9.36 9.34 9.36
Expected dividend rate (%) 1.63 1.63 1.63 1.63
Series VI :
The weighted average fair value of stock options granted was Rs. 201.45. The Black Scholes model has been used
for computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 64.80 64.80 64.80 64.80
Historical Volatility (%) NA NA NA NA
Life of the options granted (Vesting and exercise period) in years 1.50 2.50 3.50 4.50
Expected dividends per annum (Rs.) 5.00 5.00 5.00 5.00
Average risk-free interest rate (%) 4.03 4.68 5.20 5.64
Expected dividend rate (%) 1.96 1.96 1.96 1.96
The expected volatility was determined based on historical volatility data equal to the NSE volatility rate of Bank
Nifty which is considered as a comparable peer group of the Company. To allow for the effects of early exercise, it
was assumed that the employees will exercise the options within six months from the date of vesting in view of the
exercise price being significantly lower than the market price.
F100

Effect of the employee share-based payment plans on the profit and loss account and on its financial position:
(Rs.in lacs)
As at March 31,
2010
As at March 31,
2009
Total compensation cost pertaining to employee share-based payment plan
341.30 580.57
(entirely equity settled)
Liability for employee stock options outstanding as at year end 955.97 2584.88
Deferred compensation cost 198.95 445.98
Since the enterprise used the intrinsic value method the impact on the reported net profit and earnings per
share by applying the fair value based method is as follows:
In March 2005, ICAI has issued a guidance note on “Accounting for Employees Share Based Payments” applicable
to employee based share plan the grant date in respect of which falls on or after April 1, 2005. The said guidance
note requires that the proforma disclosures of the impact of the fair value method of accounting of employee stock
compensation accounting in the financial statements. Applying the fair value based method defined in the said
guidance note, the impact on the reported net profit and earnings per share would be as follows:
Year ended March
31, 2010
Year ended March
31, 2009
Profit as reported (Rs. in lacs) 87,311.74 61,240.21
Add: Employee stock compensation under intrinsic value method (Rs.
in lacs)
341.30 580.57
Less: Employee stock compensation under fair value method (Rs. in
340.91
lacs)
553.44
Proforma profit (Rs. in lacs) 87,312.13 61267.34
Earnings per share
Basic (Rs.)
- As reported 41.09 30.11
- Proforma 41.09 30.12
Diluted (Rs.)
- As reported 40.92 28.64
- Proforma 40.92 28.65
Nominal Value Rs 10.00 Rs. 10.00
14. During the year, the Company allotted 11,658,552 equity shares of Rs.10/- each at a premium of Rs. 490.80 per
share to Qualified Institutional Buyers (QIBs) in terms of Chapter VIII of SEBI (ICDR) Regulations, 2009. The
Company also converted 8,000,000 warrants which were issued by way of preferential allotment to Shriram
Holdings (Madras) Private Limited into equity shares of Rs.10/- each at a premium of Rs. 290/-per share. The
amount received has enhanced the networth and was utilized for the purpose of business operations.
15. Securitisation/ Direct assignment
The Company sells loans through securitisation and direct assignment. The information on securitisation / direct
assignment activity of the Company as an originator is given below:
Year ended March
31, 2010
Year ended March 31,
2009
Total number of loan assets securitized/directly assigned 380,673 1,49,860
Total book value of loan assets securitized/directly assigned (Rs. in
lacs)
875,681.04 3,12,498.40
Sale consideration received for the securitised assets/directly
assigned (Rs. in lacs)
921,631.22 338,334.83
Gain on account of securitization/direct assignment* (Rs. in lacs) 262,350.21 41,816.19
F101

* Gain on securitization / direct assignment deals done after February 1, 2006 is amortised over the period of the
loan.
The information on securitisation / direct assignment activity of the Company as an originator as on March 31, 2010
and March 31, 2009 is given in the table below :
(Rs.in lacs)
As at March 31, 2010 As at March 31, 2009
Outstanding credit enhancement
-Fixed Deposit 173,588.14 97,459.32
Outstanding liquidity facility
-Fixed Deposit 23,833.27 17,137.30
Outstanding subordinate contribution 2,665.30 3,301.71
16. Supplementary Statutory Information
(Rs. in lacs)
I Managing Director’s Remuneration Year ended March 31,
2010
Year ended March 31,
2009
Salaries 45.46 40.00
Perquisites 7.19 8.13
Contribution to Provident fund 0.09 0.09
Employee stock option scheme 19.87 14.77
72.61 62.99
Note: - As the liabilities for gratuity and leave encashment are provided on an actuarial basis for the Company as a whole,
the amounts pertaining to the Managing Director is not included above
The computation of profits under section 349 of the Act has not been given as no commission is payable to the Managing
Director.
(Rs.in lacs)
II Expenditure in foreign currency (On cash basis)
Year ended March 31,
2010
Year ended March 31,
2009
Travelling 4.23 236.38
Others 2.62 3,320.21
6.85 3556.59
Net dividend remitted in foreign exchange
Year ended March 31,
Year ended March 31, 2010
2009
Period to which it relates Interim 2009-
10
Final 2008-
09
Interim
2008-09
Final 2007-
08
Number of non-resident shareholders - - 6 6
Number of equity shares held on which dividend - - 42,403,023 42,403,023
was due
Amount remitted (state the foreign currency)
American Dollar - - 840,330 3,966,606
Amount in Rs.(Lacs) 424.03 1696.12
17. Additional information pursuant to the provisions of paragraphs 3, 4C and 4D of Part II of schedule VI to
the Act
I
Licensed Capacity, Installed capacity, Actual production and Sales
Class of
Goods
Units
Licensed
Capacity as at
March 31,
Installed
Capacity as at
March 31,
(in KW)
Actual Production and
Sales for the year ended
March 31,
(in units)
Sales Value
(Rs. in lacs)
F102

Electricity-
Windmill
Electricity-
Biomass
2010 2009 2010 2009 2010 2009 2010 2009
44 NA NA - 22,430 34,546,664 - 2,251.19*
1 NA - 7,500 - 32,192,600 - 1,014.07
*Includes compensation charges received towards generation loss.
II
Consumption of raw materials – indigenous
Raw material Units Quantity for the year ended
March 31,
Value for the year ended
March 31, (Rs in lacs)
2010 2009 2010 2009
Biomass Raw material Tons - 69,354 - 687.17
18. Based on the intimation received by the Company, none of the suppliers have confirmed to be registered under “The
Micro, Small and Medium Enterprises Development (‘MSMED’) Act, 2006”. Accordingly, no disclosures relating
to amounts unpaid as at the year ended together with interest paid /payable are required to be furnished.
19. During the year, the Company sold its entire investment in the wholly owned subsidiary, Shriram Asset and
Equipment Finance Private Limited (SAEFPL), which was incorporated on June 04, 2009. Further, the Company
incorporated a wholly owned subsidiary, Shriram Equipment Finance Company Limited (SEFCL) and Shriram
Automall India Limited (SAIL). Both the companies have not commenced operations till March 31, 2010.
20. In addition to the auditors remuneration shown in operating and other expenses, the Company has also incurred
auditors remuneration in connection with other services provided by auditors in connection with public issue of
non convertible debentures and issue expenses of equity shares of Rs. 40.07 lacs (including out of pocket
expenses of Rs. 0.36 lacs) and Rs. 58.96 lacs (including out of pocket expenses of Rs. 0.51 lacs) respectively
and have been amortised as per note 1(q) and shown under miscellaneous expenditure.
21. Since the company has not given any loans and advances in the nature of loans to its subsidiaries and associate and
the subsidiaries /associates have not acquired any shares of the company, no disclosures under clause 32 of
the Listing Agreeement are required. The receivables on current accounts consequent to expenditure incurred on
behalf of the subsidiaries and the associate are not treated as loans and advances in the nature of loans.
22. During the year company sold windmills to Nupower Renewables Ltd. for a consideration of Rs. 4,882.92 lacs out
of which a sum of Rs. 324.71 lacs have been kept in escrow account pending completion of certain formalities.
23. The auditors’ report dated April 29, 2010 on financial statements as of and for year ended March 31, 2010 included,
as on Annexure, a statement on certain matters specified in the Companies (Auditors Report) Order, 2003, which
was modified to indicate that there was an instance of fraud on the Company by its employee.
24. Previous year Comparatives
The figures for the previous year have been regrouped and reclassified, wherever necessary to conform to current
year’s classification.
F103

Notes to Accounts for the year 2008 – 2009
1. Secured Loans
a) (i) Privately placed Redeemable Non-convertible Debentures of Rs.1,000/- each
As at March 31,
2009
As at March 31,
2008
Number 19,697,934 15,165,476
Amount Rs in Lacs 196,979.34 151,654.76
Secured by equitable mortgage of title deeds of immovable property. Further secured by charge on plant and
machinery, furniture and other fixed assets of the Company, charge on Company’s book debts, leased assets, loans,
advances and other investments of the Company subject to prior charges created
or to be created in favour of the Company’s bankers, financial institutions and others.
Debentures are redeemable at par over a period of 12 months to 160 months from
depending on the terms of the agreement.
the date of allotment
(ii) Privately Placed Redeemable Non-Convertible Debenture of Rs.1,000,000/- each
Amount (Rs. in lacs)
Date of
Allotment/renewal As at March 31, 2009 As at March 31, 2008
Redeemable at par
on
14.12.2006 - 5,000.00 18.04.2008
18.01.2007 - 11,000.00 18.07.2008
21.06.2007 - 2,500.00 19.12.2008
27.06.2007 - 2,500.00 27.02.2009
27.06.2007 - 2,500.00 26.12.2008
04.07.2007 5,000.00 5,000.00
04.07.2009
5000
05.07.2007 15,000.00 15,000.00 05.07.2010
09.07.2007 7,000.00 7,000.00 09.07.2010
11.07.2007 1,000.00 1,000.00 09.07.2010
17.07.2007 10,000.00 15,000.00 17.07.2009
25.07.2007 15,000.00 15,000.00 25.07.2010
30.07.2007 2,500.00 2,500.00 30.07.2009
28.08.2007 2,500.00 2,500.00 28.04.2009
07.09.2007 4,000.00 4,000.00 04.09.2009
10.09.2007 2,500.00 2,500.00 10.09.2010
13.09.2007 1,000.00 1,000.00 13.09.2009
13.09.2007 - 3,400.00 19.09.2008
17.09.2007 - 3,800.00 17.09.2010
21.09.2007 2,500.00 2,500.00 21.09.2010
05.10.2007 2,000.00 2,000.00 05.10.2009
*05.10.2007 1,500.00 1,500.00 05.10.2010
09.10.2007 2,500.00 2,500.00 09.10.2009
12.10.2007 2,500.00 2,500.00 28.09.2009
F104

Date of
Allotment/renewal
Amount (Rs. in lacs)
As at March 31, 2009 As at March 31, 2008
Redeemable at par
on
15.10.2007 2,000.00 2,000.00 15.10.2010
18.10.2007 12,000.00 12,000.00 18.10.2010
19.10.2007 5,000.00 5,000.00 19.10.2010
19.10.2007 8,000.00 8,000.00 18.10.2009
22.10.2007 2,500.00 2,500.00 22.10.2009
30.10.2007 5,000.00 5,000.00 30.10.2009
02.05.2008 15,000.00 - 02.05.2011
20.06.2008 10,000.00 - 20.06.2011
18.08.2008 29,000.00 - 06.03.2010
04.09.2008 3,500.00 - 04.04.2010
04.09.2008 1,500.00 - 20.02.2010
04.09.2008 10,000.00 - 04.09.2010
05.09.2008 7,500.00 - 10.09.2010
08.09.2008 3,000.00 - 08.09.2010
15.09.2008 1,500.00 - 15.09.2011
15.09.2008 1,500.00 - 15.09.2010
15.09.2008 2,500.00 - 15.03.2010
15.09.2008 2,500.00 - 15.09.2010
15.09.2008 2,500.00 - 15.03.2010
15.09.2008 1,500.00 - 30.04.2010
16.09.2008 2,500.00 - 16.09.2011
17.09.2008 8,000.00 - 01.09.2011
24.09.2008 2,500.00 - 24.09.2010
26.09.2008 2,500.00 - 26.09.2010
26.09.2008 1,500.00 - 10.09.2010
08.10.2008 1,200.00
- 06.04.2010
00
24.10.2008 5,000.00 - 10.12.2010
27.10.2008 30,000.00 - 27.10.2013
26.11.2008 1,000.00 - 26.11.2013
17.12.2008 19,000.00 - 17.12.2009
24.03.2009 2,400.00 - 24.03.2010
25.03.2009 2,600.00 - 25.03.2010
28.03.2009 5,000.00 - 28.03.2012
TOTAL 2,85,700.00 146,700.00
Secured by hypothecation of specific assets covered under loan agreements and equitable mortgage of title deeds of
immovable property.
*Put/call option on April 3, 2009
F105

(iii) Privately Placed Redeemable Non-Convertible Debenture of Rs.1,000/- each
Amount (Rs. in lacs)
Date of
Allotment/renewal As at March 31, 2009 As at March 31, 2008
Redeemable at par
on
18.01.2007 - 0.44 18.01.2009
07.06.2007 - 2,500.00 06.05.2008
20.06.2007 - 500.00 18.06.2008
22.06.2007 - 2,500.00 23.06.2008
07.08.2007 - 5,000.00 30.07.2009
21.09.2007 - 3,400.00 19.09.2008
TOTAL - 13,900.44
Secured by equitable mortgage of title deeds of immovable property. Further secured by charge on plant and
machinery, furniture and other fixed assets of the Company, charge on Company’s book debts, leased assets, loans,
advances and other investments of the Company subject to prior charges created or to be created in favour of the
Company’s bankers, financial institutions and others.
b) Term Loans :
i. From Financial Institutions / Corporates :
(a)
(b)
(c)
Secured by an exclusive charge by way of
hypothecation of specific movable assets being
fixed/current assets relating to hypothecation loans
Secured by an exclusive charge by way of
hypothecation of specific immovable/ movable
assets pertaining to the wind farm
Secured by an exclusive charge by way of
hypothecation of specific immovable/ movable
assets pertaining to the wind farm and guaranteed by
a former Director.
(Rs. in lacs)
As at March 31, 2009 As at March 31,
2008
41,893.90 106,342.57
1,420.12 1,785.36
754.40 963.00
ii.
From Foreign Institution:
Secured by an exclusive charge by way of Hypothecation of
specific Loan agreements and all amounts owing to and received
by the Company pursuant to the above Agreements
724.27 2,172.80
Total 44,792.69 111,263.73
F106

(Rs. in lacs)
As at March 31,
2009
As at March 31,
2008
iii. From Banks :
(a) Secured by hypothecation of vehicles 6.36 10.07
(b)
(c)
Secured by an exclusive charge by way of
hypothecation of specific movable assets being
fixed / current assets relating to lease,
hypothecation loans
Secured by an exclusive charge by way of
hypothecation of specific immovable/ movable
assets pertaining to the wind farm
*830,676.33 *502,000.38
969.99 1,202.27
Secured by an exclusive charge by way of
hypothecation of specific immovable/ movable
assets pertaining to the bio mass plant.
1,710.90 2,116.56
Total 833,363.58 505,329.28
*includes Rs.7,500.00 lacs (March 31, 2008 : Rs 17,065.00 lacs) the charge in respect of which has since been
created.
c) Cash Credit from Banks
As at March 31,
2009
(Rs. in lacs)
As at March 31,
2008
Cash Credit from Banks *316,623.70 *225,646.66
Secured by hypothecation of specific assets covered under Loan Agreements and Book debts.
* includes Nil (March 31, 2008 : Rs 31,500.00 lacs) the charge in respect of which has since been created.
2. Subordinated Debt
The Company has raised Tier II capital by issue of subordinated debt bonds amounting to Rs. 60,553.56
lacs (March 31, 2008: Rs. 30,516.38 lacs) with coupon rate of 11.50% to 13% per annum which are
redeemable over a period of 62 months to 121 months.
3. Cash & Cash Equivalents
Particulars Year ended March 31,
2009
(Rs. in lacs)
Year ended March
31, 2008
Cash & Bank balance 578,489.69 137,420.45
Less : Fixed deposits having original maturity
greater than 3 months or pledged with banks or lien marked
deposits
Balance considered as cash & cash equivalents for cash
flow statement
117,435.43 70,221.15
461,054.26 67,199.30
4. Gratuity and other post-employment benefit plans:
The Company has an unfunded defined benefit gratuity plan. Every employee who has completed five years
or more of service is eligible for a gratuity on separation at 15 days salary (last drawn salary) for each
completed year of service.
Consequent to the adoption of revised AS 15 ‘Employee Benefits’ issued under Companies (Accounting
Standards) Amendment Rules, 2008, the following disclosures have been made as required by the standard:
F107

Profit and Loss account
Net employee benefit expense (recognized in employee cost)
(Rs. in lacs)
Gratuity
Particulars March 31, 2009 March 31, 2008
Current service cost 99.69 53.25
Interest cost on benefit obligation 33.23 17.24
Expected return on plan assets NA NA
Net actuarial (gain) / loss recognised in the year 22.48 101.94
Past service cost Nil Nil
Net benefit expense 155.40 172.43
Actual return on plan assets NA NA
Balance sheet
Details of Provision for gratuity
(Rs. in lacs)
Gratuity
Particulars March 31, 2009 March 31, 2008
Defined benefit obligation 463.92 322.76
Fair value of plan assets NA NA
463.92 322.76
Less: Unrecognised past service cost Nil Nil
Plan asset / (liability) (463.92) (322.76)
Changes in the present value of the defined benefit obligation are as follows:
Gratuity
(Rs. in lacs)
Particulars March 31, 2009 March 31, 2008
Opening defined benefit obligation 322.76 174.31
Interest cost 33.23 17.24
Current service cost 99.69 53.25
Benefits paid (14.24) (23.98)
Actuarial (gains) / losses on obligation 22.48 101.94
Closing defined benefit obligation 463.92 322.76
The Company would not contribute any amount to gratuity in 2009-10 as the scheme is unfunded.
The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:
F108

Gratuity
Particulars March 31, 2009 March 31, 2008
% %
Investments with insurer NA NA
The principal assumptions used in determining gratuity obligations for the Company’s plan are shown below :
Gratuity
Particulars March 31, 2009 March 31, 2008
Discount Rate 7.75% 8%
Increase in compensation cost 5% 5%
Employee Turnover* 5% and 10% 5% and 10%
The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority,
promotion and other relevant factors, such as supply and demand in the employment market.
*5% in case of employees with service period of more than 5 years and 10% for all other employees.
Amounts for the current period are as follows:
(Rs. in lacs)
Particulars March 31, 2009 March 31, 2008
Defined benefit obligation 463.92 322.76
Plan assets NA NA
Surplus / (deficit) (463.92) (322.76)
Experience adjustments on plan liabilities 37.57 101.94
Experience adjustments on plan assets NA NA
5.
The Company is a primarily engaged in financing activities. It operates in a single business and geographical segment.
The Company also owns windmills and biomass which generate income from sale of electricity and the same has been
classified as ‘Unallocated reconciling item’ as per requirements of AS – 17 on ‘Segment Reporting’ issued by ICAI.
(Rs. in lacs)
Year ended March 31, 2009 Year ended March 31, 2008
Unallocated
Unallocated
Particulars Financing
Financing
reconciling Total
reconciling
Activities
Activities
items
items
Total
Segment Revenue 369,731.43 3,265.26 372,996.69 249,440.00 1,290.12 250,730.12
Segment Results
(Profit before tax and
after interest on
Financing Segment)
92,842.16 (183.61) 92,658.55 62,225.82 (956.50) 61,269.32
Less: Interest on
unallocated
N.A. 595.44 595.44 N.A. 686.02 686.02
reconciling items
Net profit before tax 92,842.16 (779.05) 92,063.11 62,225.82 (1,642.52) 60,583.30
Less: Income taxes N.A. N.A. 30,822.90 N.A. N.A. 21,600.65
Net profit N.A. N.A. 61,240.21 N.A. N.A. 38,982.65
F109

Particulars Year ended March 31, 2009 Year ended March 31, 2008
Unallocated
Unallocated
Financing
Financing
reconciling Total
reconciling
Activities
Activities
items
items
Total
Other Information:
Segment assets 2,486,166.50 9,673.31 2,495,839.81 1,813,531.17 10,785.10 1,824,316.27
Unallocated corporate
assets
3,017.14 2,372.02
Total Assets 2,486,166.50 9,673.31 2,498,856.95 1,813,531.17 10,785.10 1,826,688.29
Segment liabilities 2,261,825.83 5,352.41 2,267,178.24 1,635,348.12 6,089.70 1,641,437.82
Unallocated corporate
15.11 3,614.57
liabilities
Total Liabilities 2,261,825.83 5,352.41 2,267,193.35 1,635,348.12 6,089.70 1,645,052.39
Capital expenditure 3,369.47 Nil 3,369.47 1,266.01 Nil 1,266.01
Depreciation 1,645.69 1,834.90 3,480.59 1,884.86 1,821.11 3,705.97
Other non - cash
expenses
33,145.16 590.85 33,736.01 29,713.13 13.73 29,726.86
6. Related Party Disclosures
Related party where control exists
Subsidiaries : Shriram Powergen Limited (upto March 27, 2008)
Other Related Parties
Enterprises having significant influence over
the Company :
Shriram Holdings (Madras) Private Limited
Shriram Capital Limited
Newbridge India Investments II Limited
Associates : Shriram Asset Management Company Limited
Ashley Transport Services Limited (upto July 3, 2007)
Key Managerial Personnel : R Sridhar, Managing Director
Relatives of Key Managerial Personnel : Mrs. Padmapriya Sridhar (spouse)
F110

Enterprises having
significant influence
over the Company
Subsidiaries
Associates
Key Management
Personnel
Relatives of Key
Management
Personnel
(Rs. In Lacs)
2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008
Payments/Expenses
Employee benefits for key
management personnel
- - - - - - 62.99 66.53 - - 62.99 66.53
Royalty 1,036.45* 623.54* - - - - - - - - 1,036.45 623.54
Data Sourcing fees 87.35* 57.95* - - - - - - - - 87.35 57.95
Service Charges 524.10* 347.70* - - - - - - - - 524.10 347.70
Equity dividend 4,268.58# 2,561.15# - - - - 4.29 2.52 2.03 1.22 4,274.90 2,564.89
Interest on subordinate debt - - - - 51.19^ 101.94^ - - - - 51.19 101.94
Interest on Inter Corporate Deposit 149.52# - - - - - - - - - 149.52 -
Investments in shares - - - - 30.00@ - - - - - 30.00
Rent paid 57.60* 58.80* - - - - - - - - 57.60 58.80
Receipts/Income
Sale of investments - - - 4.99 - 112.50@ - - - - - 117.49
Subscription of equity shares - 6,955.20# - - - - - - - - - 6,955.20
Subscription to optionally
convertible warrants
- 2,400.00# - - - - - - - - - 2,400.00
Inter Corporate Deposit 4,200# - - - - - - - - - 4,200.00 -
Rent & electricity - - - - 5.40^ 5.40^ - - - - 5.40 5.40
Balance outstanding at the year end
Share capital 8,537.15# 8,537.15# - - - - 8.58 8.40 4.05 4.05 8,549.78 8,549.60
Share warrants 2,400.00# 2,400.00# - - - - - - - - 2,400.00 2,400.00
Investments in shares - - - - 240.00^ 240.00^ - - - - 240.00 240.00
Outstanding expenses 67.17* 62.18* - - - - - 30.00 - - 67.17 92.18
Inter Corporate Deposits 4,200.00# - - - - - - - - 4,200.00 -
Rent Deposit given 49.00* 49.00* - - - - - - - - 49.00 49.00
Interest payable on ICD 149.52# - - - - - - - - 149.52 -
Interest payable on subordinate debt - - - - 29.36^ 233.22^ - - - - 29.36 233.22
Total
F111

*
Denotes transactions with Shriram Capital Limited
# Denotes transactions with Shriram Holdings (Madras) Private Limited
^
@
7. Leases
Denotes transactions with Shriram Asset Management Company Limited
Denotes transactions with Ashley Transport Services Limited
In case of assets given on operating lease
The Company has given land and building on operating lease for period ranging 11 months to 60 months.
In case of assets given on financial lease
The Company has given vehicles on finance lease. The lease term is for 3 to 5 years. There is no escalation
clause in the lease agreement. There are no restrictions imposed by lease arrangements.
(Rs. in lacs)
As at March 31, As at March 31, 2008
2009
Total gross investment in the lease - 6,539.13
Less : Unearned finance income - 800.06
Less: Unguaranteed residual value - -
Present value of minimum lease payments - 5,739.07
Gross investment in the lease for the period :
Not later than one year [Present value of minimum lease
- 6,164.18
payments receivable Rs. Nil as on March 31, 2009 (March
31, 2008: Rs.5,388.35 lacs)]
Later than one year but not later than five years [Present
- 374.95
value of minimum lease payments Rs. Nil as on March 31,
2009 (March 31, 2008 : Rs. 350.72 lacs)]
Later than five years [Present value of minimum lease
payments Nil as on March 31, 2009 (March 31, 2008:
Nil)]
- -
In case of assets taken on lease
The Company has taken various office premises, furniture and fixtures, computers and plant and machinery
under operating lease. The lease payments recognized in the profit & loss account are Rs.2,636.98 lacs (March
31, 2008: Rs.1,475.33 lacs). Certain agreements provide for cancellation by either party and certain
agreements contains clause for escalation and renewal of agreements. There are no sub leases.
The future minimum lease payments in respect of non-cancellable operating lease as at the balance sheet date
are summarized below :
(Rs. in lacs)
Year ended March 31,
2009
Year ended March
31, 2008
Minimum Lease Payments:
Not later than one year 408.16 334.18
Later than one year but not later than five years 149.80 468.61
Later than five years Nil Nil
8. In accordance with the Reserve Bank of India circular no.RBI/2006-07/ 225 DNBS (PD) C.C No. 87/03.02.004/2006-
07 dated January 4, 2007, the Company has created a floating charge on the statutory liquid assets comprising of
investment in Government Securities to the extent of Rs.283.00 lacs (March 31, 2008: Rs. 427.44 lacs) in favour of
trustees representing the public deposit holders of the Company.
F112

9. Earnings per share
Particulars
Net Profit after tax as per profit and loss account (Rs. in lacs)
(A)
Weighted average number of equity shares for calculating Basic
EPS (in lacs) (B)
Weighted average number of equity shares for calculating
Diluted EPS (in lacs) (C)
Basic earnings per equity share (in Rupees) (Face value of Rs.
10/- per share) (A) / (B)
Diluted earnings per equity share (in Rupees) (Face value of Rs.
10/- per share) (A) / (C)
Year ended March 31,
2009
Year ended March
31, 2008
61,240.21 38,982.65
2,033.80 1,924.01
2,138.29 1,977.76
30.11 20.26
28.64 19.71
Particulars
Year ended March
31, 2009
Year ended March
31, 2008
Weighted average number of equity shares for calculating EPS (in
lacs)
Add : Equity shares arising on conversion of optionally
convertible warrants (in lacs)
Add : Equity shares for no consideration arising on grant of stock
options under ESOP (in lacs)
Weighted average number of equity shares in calculation diluted
EPS (in lacs)
2,033.80 1,924.01
80.00 23.83
24.49 29.92
2,138.29 1,977.76
10. Deferred Tax Liabilities/(Assets) (Net) (Rs in Lacs)
The break up of deferred tax asset / liabilities is as under:- As at March 31,
2009
As at March 31,
2008
Deferred Tax Liabilities
Timing difference on account of :
Differences in depreciation in block of fixed assets as per tax
books and financial books
2,482.17 2,755.33
Effect of lease accounting Nil 1,753.86
Gross Deferred Tax Liabilities (A) 2,482.17 4,509.19
Deferred Tax Asset
Timing difference on account of :
Expenses disallowed under Income Tax Act, 1961 3,100.49 173.47
Provision for securitization 2,021.16 503.73
Provision for hedging contracts Nil 239.78
Gross Deferred Tax Assets (B) 5,121.65 916.98
Deferred Tax Liabilities /(Assets)(Net) (A-B) (2,639.48) 3,592.21
(Rs. in lacs)
F113

11. Capital Commitments
Estimated amount of contracts remaining to be executed on
capital account and not provided for (net of advances)
12. Contingent Liabilities not provided for
a. Disputed income tax/interest tax demand contested in appeals
not provided for
[Against the above, a sum of Rs. 29.66 lacs (March 31, 2008:
Rs. 318.11 lacs) has been paid under protest]
b. Demands in respect of Service tax
[Amount of Rs.15 lacs (March 31, 2008 : Rs. 15 lacs) has been
paid under protest ]
As at March 31,
2009
As at March 31,
2009
As at March 31,
2008
Nil 100.00
(Rs. in lacs)
As at March 31,
2008
164.76 3,381.70
299.00 284.00
c. Guarantees issued by the Company and outstanding 901.97 1,991.58
Future cash outflows in respect of (a) and (b) above are determinable only on receipt of judgements /decisions
pending with various forums/authorities.
13. Recovery of service tax on lease and hire purchase transactions is kept in abeyance in view of the stay granted
by Honourable Madras High Court. If any liability arises it will be recovered from the concerned parties.
However, on contracts that are terminated, pending decision from the Honourable Madras High Court,
equivalent service tax is written off. The company has recognized the deferred tax asset on the amounts so
written off, as in either case service tax liability will be paid off or reversed as income.
14. Employee Stock Option Plan
Series I Series II Series III Series IV Series V
Date of grant October 31, 2005 April 1, 2006 October 9, 2006 August 17, 2007 July 15,2008
Date of Board
/Committee
Approval
Date of
Shareholder’s
approval
October 19, 2005
February 22,
2006
September 6,
2006
August 17, 2007 July 15,2008
October 13, 2005 October 13, 2005 October 13, 2005 October 13, 2005 October 13, 2005
Number of
options granted 2,962,500 832,500 910,000 109,000 77,000
Method of
Settlement
Equity Equity Equity Equity Equity
(Cash/Equity)
Graded Vesting Period
After 1 year of
grant date
10% of options
granted
10% of options
granted
10% of options
granted
10% of options
granted
10% of options
granted
After 2 years of
grant date
20% of options
granted
20% of options
granted
20% of options
granted
20% of options
granted
20% of options
granted
After 3 years of
grant date
30% of options
granted
30% of options
granted
30% of options
granted
30% of options
granted
30% of options
granted
After 4 years of 40% of options 40% of options 40% of options 40% of options 40% of options
grant date
Exercisable
period
Vesting
Conditions
granted
granted
granted
10 years from 10 years from 10 years from
vesting date vesting date vesting date
On achievement of pre-determined targets
granted
10 years from
vesting date
granted
10 years from
vesting date
F114

The details of Series I have been summarized below:
As at March 31, 2009 As at March 31, 2008
Weighted Number of Weighted
Average Shares Average
Exercise
Exercise
Price(Rs.)
Price(Rs.)
Number of
Shares
Outstanding at the beginning of the year 2,177,000 Rs. 35.00 2,492,750 Rs. 35.00
Add: Granted during the year - - - -
Less: Forfeited during the year - - - -
Less: Exercised during the year 304,500 Rs.35.00 57,800 Rs. 35.00
Less: Expired during the year 32,700 - 257,950 -
Outstanding at the end of the year 1,839,800 Rs.35.00 2,177,000 Rs. 35.00
Exercisable at the end of the year 860,540 528,260 -
Weighted average remaining contractual life (in years) 9.09 10.09
Weighted average fair value of options granted Rs.59.04 Rs. 59.04
The details of Series II have been summarized below:
As at March 31, 2009 As at March 31, 2008
Weighted Number Weighted
Average of Shares Average
Exercise
Exercise
Price(Rs.)
Price(Rs.)
Number of
Shares
Outstanding at the beginning of the year 554,100 Rs.35.00 744,000 Rs.35.00
Add: Granted during the year - - - -
Less: Forfeited during the year - - - -
Less: Exercised during the year 31,300 Rs.35.00 18,900 Rs.35.00
Less: Expired during the year 6,300 171,000 -
Outstanding at the end of the year 516,500 Rs.35.00 554,100 Rs.35.00
Exercisable at the end of the year 116,520 38,400
Weighted average remaining contractual life (in years) 9.49 10.49
Weighted average fair value of options granted Rs.91.75 Rs. 91.75
The details of Series III have been summarized below:
As at March 31, 2009 As at March 31, 2008
Weighted Number Weighted
Average of Shares Average
Exercise
Exercise
Price(Rs.)
Price(Rs.)
Number of
Shares
Outstanding at the beginning of the year 811,000 Rs.35.00 885,000 Rs.35.00
Add: Granted during the year - - - -
Less: Forfeited during the year - - - -
Less: Exercised during the year 40,400 Rs.35.00 - -
Less: Expired during the year 7,000 - 74,000 -
Outstanding at the end of the year 763,600 - 811,000 Rs.35.00
Exercisable at the end of the year 202,600 - 81,100 -
Weighted average remaining contractual life (in years) - 10.01 - 11.01
Weighted average fair value of options granted - Rs.74.85 - Rs.74.85
F115

The details of Series IV have been summarized below:
As at March 31, 2009 As at March 31, 2008
Weighted Number Weighted
Average of Shares Average
Exercise
Exercise
Price(Rs.)
Price(Rs.)
Number of
Shares
Outstanding at the beginning of the year 109,000 Rs.35.00 - -
Add: Granted during the year - 109,000 Rs.35.00
Less: Forfeited during the year - - -
Less: Exercised during the year - - -
Less: Expired during the year 3,000 - -
Outstanding at the end of the year 106,000 Rs.35.00 109,000 Rs.35.00
Exercisable at the end of the year 106,000 Nil -
Weighted average remaining contractual life (in years) 10.88 11.88
Weighted average fair value of options granted Rs.136.40 Rs.136.40
The details of Series V have been summarized below:
As at March 31, 2009 As at March 31, 2008
Weighted Number Weighted
Average of Shares Average
Exercise
Exercise
Price(Rs.)
Price(Rs.)
Number of
Shares
Outstanding at the beginning of the year - - - -
Add: Granted during the year 77,000 Rs.35.00 - -
Less: Forfeited during the year - - - -
Less: Exercised during the year - - - -
Less: Expired during the year - - - -
Outstanding at the end of the year 77,000 Rs.35.00 - -
Exercisable at the end of the year - - - -
Weighted average remaining contractual life (in years) 11.78 - -
Weighted average fair value of options granted Rs.253.90 -
The weighted average share price for the period over which stock options were exercised was Rs.242.00 (March 31,
2008: Rs. 270.76)
The details of exercise price for stock options outstanding at the end of the year are:
March 31, 2009
Series
Range of
exercise prices
Number of
options
outstanding
Weighted average
remaining contractual
life of options (in years)
Weighted average
exercise price
Series I Rs.35/- 1,839,800 9.09 Rs.35/-
Series II Rs.35/- 516,500 9.49 Rs.35/-
Series III Rs.35/- 763,600 10.01 Rs.35/-
Series IV Rs.35/- 106,000 10.88 Rs.35/-
Series V Rs.35/- 77,000 11.78 Rs.35/-
March 31, 2008
Series
Range of
exercise prices
Number of
options
outstanding
Weighted average
remaining contractual
life of options (in
years)
Weighted average
exercise price
Series I Rs.35/- 2,177,000 10.09 Rs.35/-
Series II Rs.35/- 554,100 10.49 Rs.35/-
Series III Rs.35/- 811,000 11.01 Rs.35/-
Series IV Rs.35/- 109,000 11.88 Rs.35/-
F116

Stock Options granted
Series I:
The weighted average fair value of stock options granted was Rs.59.04. The Black Scholes model has been used for
computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 38.44 38.44 38.44 38.44
Historical Volatility NA NA NA NA
Life of the options granted (Vesting and exercise 1.50 2.50 3.50 4.50
period) in years
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 5.98 6.33 6.54 6.73
Expected dividend rate (%) 2.31 2.31 2.31 2.31
Series II :
The weighted average fair value of stock options granted was Rs.91.75. The Black Scholes model has been used for
computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 19.89 19.89 19.89 19.89
Historical Volatility NA NA NA NA
Life of the options granted (Vesting and exercise 1.50 2.50 3.50 4.50
period) in years
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 6.64 6.83 6.93 7.26
Expected dividend rate (%) 2.52 2.52 2.52 2.52
Series III :
The weighted average fair value of stock options granted was Rs.74.85. The Black Scholes model has been used for
computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 31.85 31.85 31.85 31.85
Historical Volatility (%) NA NA NA NA
Life of the options granted (Vesting and exercise 1.50 2.50 3.50 4.50
period) in years
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 6.96 7.10 7.26 7.40
Expected dividend rate (%) 2.52 2.52 2.52 2.52
Series IV :
The weighted average fair value of stock options granted was Rs. 136.40. The Black Scholes model has been used
for computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 41.51 41.51 41.51 41.51
Historical Volatility (%) NA NA NA NA
Life of the options granted (Vesting and exercise 1.50 2.50 3.50 4.50
period) in years
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 7.68 7.76 7.82 7.87
Expected dividend rate (%) 0.89 0.89 0.89 0.89
F117

Series V :
The weighted average fair value of stock options granted was Rs. 253.90. The Black Scholes model has been used
for computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 69.22 69.22 69.22 69.22
Historical Volatility (%) NA NA NA NA
Life of the options granted (Vesting and exercise 1.50 2.50 3.50 4.50
period) in years
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 9.41 9.36 9.34 9.36
Expected dividend rate (%) 1.63 1.63 1.63 1.63
The expected volatility was determined based on historical volatility data equal to the NSE volatility rate of Bank
Nifty which is considered as a comparable peer group of the Company. To allow for the effects of early exercise, it
was assumed that the employees will exercise the options within six months from the date of vesting in view of the
exercise price being significantly lower than the market price.
Effect of the employee share-based payment plans on the profit and loss account and on its financial position:
(Rs. in lacs)
As at March
31, 2009
As at March
31, 2008
Total compensation cost pertaining to employee share-based 580.57 653.95
payment plan (entirely equity settled)
Liability for employee stock options outstanding as at year end 2,584.88 2,689.69
Deferred compensation cost 445.98 863.05
Since the enterprise used the intrinsic value method the impact on the reported net profit and earnings per
share by applying the fair value based method is as follows:
In March 2005, ICAI has issued a guidance note on “Accounting for Employees Share Based Payments” applicable
to employee based share plan the grant date in respect of which falls on or after April 1, 2005. The said guidance
note requires that the proforma disclosures of the impact of the fair value method of accounting of employee stock
compensation accounting in the financial statements. Applying the fair value based method defined in the said
guidance note, the impact on the reported net profit and earnings per share would be as follows:
Year ended
March 31, 2009
Year ended
March 31, 2008
Profit as reported (Rs. in lacs) 61,240.21 38,982.65
Add: Employee stock compensation under intrinsic value
method (Rs. in lacs)
580.57 653.95
Less: Employee stock compensation under fair value method
(Rs. in lacs)
553.44 615.95
Proforma profit (Rs. in lacs) 61,267.34 39,020.65
Earnings per share
Basic (Rs.)
- As reported 30.11 20.26
- Proforma 30.12 20.28
Diluted (Rs.)
- As reported 28.64 19.71
- Proforma 28.65 19.73
Nominal value 10.00 10.00
F118

15. Securitisation/ Direct assignment
The Company sells loans through securitisation and direct assignment. The information on securitisation / direct
assignment activity of the Company as an originator for the year March 31, 2009 and March 31, 2008 is given
below:
Year ended March
31, 2009
Year ended March
31, 2008
Total number of loan assets securitized/directly assigned 1,49,860 65,020
Total book value of loan assets securitized/directly assigned (Rs.
in lacs)
3,12,498.40 211,822.17
Sale consideration received for the securitized/directly assigned
assets (Rs. in lacs)
3,38,334.83 248,140.60
Gain on account of securitization/direct assignment* (Rs. in lacs) 41,816.19 36,318.39
* Gain on securitization / direct assignment deals done after February 1, 2006 is amortised over the period of the
loan.
The information on securitisation & direct assignment activity of the Company as an originator as on March 31,
2009 and March 31, 2008 is given in the table below :
(Rs. in Lacs)
As at March 31,
2009
As at March 31,
2008
Outstanding credit enhancement 97,459.32 56,687.05
Outstanding liquidity facility 17,137.30 7,127.85
Outstanding subordinate contribution 3,301.71 5,159.40
16. Derivative Instruments:
The Notional principal amount of derivative transactions outstanding as on March 31, 2009 for principal
swaps are Rs. Nil (March 31, 2008 – Rs. Nil ) and for interest rate swaps Rs. Nil (March 31, 2008 – Rs
95,000 lacs). The interest rate swaps is to hedge against exposure to variable interest outflow on loans. The
broad term of the instruments are to receive fixed rate of interest/variable rate equal to INBMK and to pay
a variable rate equal to INBMK/MIBOR.
17. Supplementary Statutory Information
I
Managing Director’s Remuneration
(Rs. in lacs)
Year ended March
31, 2009
Year ended March
31, 2008
Salaries 40.00 46.96
Perquisites 8.13 9.78
Contribution to Provident fund 0.09 0.09
Employee stock option scheme 14.77 9.70
62.99 66.53
Note: - As the future liability for gratuity and leave encashment is provided on an actuarial basis for the Company
as a whole, the amount pertaining to the directors is not ascertainable and, therefore, not included above.
The computation of profits under section 349 of the Act has not been given as no commission is payable to the
Directors / Managing Director.
II
(Rs. in lacs)
Expenditure in foreign currency (On cash basis)
Year ended March Year ended March
31, 2009
31, 2008
Travelling 236.38 13.81
Others 3,320.21 Nil
3,556.59 13.81
F119

III Net dividend remitted in foreign Year ended March 31,
exchange
2009
Year ended March 31, 2008
Period to which it relates Interim Final Interim Final
2008-09 2007-08 2007-08 2006-07
Number of non-resident shareholders 6 6 6 2
Number of equity shares held on which 42,403,023 42,403,023 45,863,023 35,125,801
dividend was due
Amount remitted (state the foreign
currency)
Euro
American Dollar
-
840,330
-
3,966,606
-
1,154,077
2,234
1,683,294
18. Additional information pursuant to the provisions of paragraphs 3, 4C and 4D of Part II of schedule
VI to the Act
i
ii
Licensed Capacity, Installed capacity, Actual production and Sales
Class of
Goods
Electricity
-Windmill
Electricity
-Biomass
Units
Licensed
Capacity as
at March
31,
Installed
Capacity as at
March 31, (in
KW)
Actual Production and
Sales for the year ended
March 31, (in units)
Sales Value
(Rs. in lacs)
2009 2008 2009 2008 2009 2008 2009 2008
44 NA NA 22,430 22,430 34,546,664 30,200,617 2,251.19* 966.44
1 NA NA 7,500 7,500 32,192,600 10,275,400 1,014.07 323.68
*Includes compensation charges received towards generation loss.
Consumption of raw materials - indigenous
Raw material Units Quantity for the year
ended March 31,
Value for the year ended March
31, (Rs in lacs)
2009 2008 2009 2008
Biomass Fuel Tons 69,354 25,332 687.17 258.06
19. Based on the intimation received by the Company, none of the suppliers have confirmed to be registered
under “The Micro, Small and Medium Enterprises Development (‘MSMED’) Act, 2006”. Accordingly,
no disclosures relating to amounts unpaid as at the year end together with interest paid /payable are
required to be furnished.
20. Final dividend (including tax on dividend) includes an amount of Rs 12.31 lacs in respect of dividend
paid by the Company for the previous year on 263,100 equity shares allotted before the date of book
closure as they rank pari-passu with the existing equity shares for dividend.
21. The auditors’ report dated May 13, 2009 on financial statements as of and for year ended March 31,
2009 included, as an Annexure, a statement on certain matters specified in the Companies (Auditors
Report) Order, 2003, which was modified to indicate that there was an instance of fraud on the Company
by its franchisee.
22. Previous Year Comparatives
The figures for the previous year have been regrouped and reclassified, wherever necessary to conform to
current year’s classification.
F120

Notes to Accounts for the year 2007-2008
1. Secured Loans
a) (i) Privately placed Redeemable Non-convertible Debentures of Rs.1,000/- each
(Rs. in lacs)
As at March 31,
2008
As at March 31,
2007
Number 15,165,476 12,379,858
Amount 151,654.76 123,798.58
Secured by exclusive mortgage of office premises. Further secured by charge on Plant and Machinery, Furniture and
other fixed assets of the Company, charge on Company’s book debts, leased assets, loans, advances and other
investments of the Company subject to prior charges created or to be created in favour of the Company’s bankers,
financial institutions and others.
Debentures are redeemable over a period of 12 months to 160 months from the date of allotment depending on the
terms of the agreement.
(ii) Privately Placed Redeemable Non-Convertible Debenture of Rs.1,000,000/- each
Date of
Amount (Rs. in lacs)
Allotment/renewal As at March 31, 2008 As at March 31, 2007
Redemption date
05.05.2006 Nil 5,000.00 04.05.2007
23.10.2006 Nil 10,000.00 24.10.2007
12.12.2006 Nil 5,000.00 17.12.2007
14.12.2006 5,000.00 5,000.00 18.04.2008
18.01.2007 11,000.00 11,000.00 18.07.2008
21.06.2007 2,500.00 0.00 19.12.2008
27.06.2007 2,500.00 0.00 27.02.2009
27.06.2007 2,500.00 0.00 26.12.2008
04.07.2007 5,000.00
0.00 04.07.2009
05.07.2007
5000
15,000.00 0.00 05.07.2010
09.07.2007 7,000.00 0.00 09.07.2010
11.07.2007 1,000.00 0.00 09.07.2010
17.07.2007 15,000.00 0.00 17.07.2009
25.07.2007 15,000.00 0.00 25.07.2010
30.07.2007 2,500.00 0.00 30.07.2009
28.08.2007 2,500.00 0.00 28.04.2009
07.09.2007 4,000.00 0.00 04.09.2009
10.09.2007 2,500.00 0.00 10.09.2010
13.09.2007 1,000.00 0.00 13.09.2009
13.09.2007 3,400.00 0.00 19.09.2008
17.09.2007 3,800.00 0.00 17.09.2010
F121

Date of
Allotment/renewal
Amount (Rs. in lacs)
Redemption date
As at March 31, 2008 As at March 31, 2007
Redemption date
21.09.2007 2,500.00 0.00 21.09.2010
05.10.2007 2,000.00 0.00 05.10.2009
05.10.2007 1,500.00 0.00 05.10.2010
09.10.2007 2,500.00 0.00 09.10.2009
12.10.2007 2,500.00 0.00 28.09.2009
15.10.2007 2,000.00 0.00 15.10.2010
18.10.2007 12,000.00 0.00 18.10.2010
19.10.2007 5,000.00 0.00 19.10.2010
19.10.2007 8,000.00 0.00 18.10.2009
22.10.2007 2,500.00 0.00 22.10.2009
30.10.2007 5,000.00 0.00 30.10.2009
TOTAL 146,700.00 36,000.00
Secured by exclusive charge by way of hypothecation of loan agreements.
(iii) Privately Placed Redeemable Non-Convertible Debenture of Rs.1,000/- each
Amount (Rs. in lacs)
Date of
Allotment/renewal As at March 31, 2008 As at March 31, 2007
Redemption date
18.07.2006 Nil 10,000.00 18.07.2007
29.08.2006 Nil 1,500.00 29.11.2007
31.08.2006 Nil 10,000.00 29.08.2007
26.09.2006 Nil 1,000.00 24.12.2007
26.09.2006 Nil 1,000.00 25.09.2007
27.09.2006 Nil 500.00 26.09.2007
18.01.2007 0.44 0.44 18.01.2009
07.06.2007 2,500.00 0.00 06.05.2008
20.06.2007 500.00 0.00 18.06.2008
22.06.2007 2,500.00 0.00 23.06.2008
07.08.2007 5,000.00 0.00 30.07.2009
21.09.2007 3,400.00 0.00 19.09.2008
TOTAL 13,900.44 24,000.44
Secured by exclusive charge by way of hypothecation of loan agreements.
F122

) Term Loans :
i. From Financial Institutions / Corporates :
ii.
(a)
(b)
(c)
Secured by an exclusive charge by way of
hypothecation of specific movable assets being
fixed/current assets relating to hypothecation loans
Secured by an exclusive charge by way of
hypothecation of specific immovable/ movable
assets pertaining to the wind farm
Secured by an exclusive charge by way of
hypothecation of specific immovable/ movable
assets pertaining to the wind farm and guaranteed by
a former Director.
From Foreign Institution:
Secured by an exclusive charge by way of Hypothecation of
specific Loan agreements and all amounts owing to and received
by the Company pursuant to the above Agreements
As at March 31,
2008
(Rs. in lacs)
As at March 31,
2007
106,342.57 75,471.30
1,785.36 2,053.72
963.00 1,126.38
2,172.80 3,621.33
Total 111,263.73 82,272.73
(Rs. in lacs)
As at March 31,
2008
As at March 31,
2007
iii. From Banks :
(a) Secured by hypothecation of vehicles 10.07 13.47
(b)
(c)
Secured by an exclusive charge by way of
hypothecation of specific movable assets being
fixed / current assets relating to lease,
hypothecation loans
Secured by an exclusive charge by way of
hypothecation of specific immovable/ movable
assets pertaining to the wind farm
502,000.38 256,001.64
1,202.27 1,431.99
(d)
Secured by an exclusive charge by way of
hypothecation of specific immovable/ movable
assets pertaining to the bio mass plant.
2,116.56 2,378.38
Total 505,329.28 259,825.48
F123

c) Cash Credit from Banks
(Rs. in lacs)
As at March 31,
2008
As at March 31,
2007
Cash Credit from Banks 225,646.66 104,118.36
Secured by hypothecation of specific assets covered under Loan Agreements, Book debts, equitable mortgage of title
deeds of immovable property.
2. Subordinated Debt
The Company has raised Tier II capital by issue of subordinated debt bonds amounting to Rs. 30,516.38 lacs
(March 31, 2007: Rs. 29,924.71 lacs) with coupon rate of 10 % to 12% per annum which are redeemable over
a period of 62 months to 80 months.
3. Cash & Cash Equivalents
(Rs. in lacs)
Particulars
Year ended March
31, 2008
Year ended
March 31, 2007
Cash & Bank balance 137,420.45 181,064.16
Less : Fixed deposits having original maturity greater than 3 months or
pledged with banks or lien marked deposits
70,221.15 37,042.50
Balance considered as cash & cash equivalents for cash flow statement 67,199.30 144,021.66
4. Gratuity and other post-employment benefit plans:
The Company has an unfunded defined benefit gratuity plan. Every employee who has completed five years or
more of service gets a gratuity on separation at 15 days salary (last drawn salary) for each completed year of
service.
Till March 31, 2007, the Company was providing for leave benefits based on actuarial valuation. In the current
year, the Company has adopted the AS 15 (Revised) which is mandatory from accounting periods commencing
on or after December 7, 2006. Accordingly the Company has changed method of providing short term leave
benefits from actuarial valuation to estimate basis. Further, in accordance with the transitional provision in the
revised AS, no amount has been adjusted to the General Reserve as the amount is not material. This change is
not having material impact on the profit for the current year.
Consequent to the adoption of revised AS 15 ‘Employee Benefits’ issued by the ICAI, the following
disclosures have been made as required by the standard:
Profit and Loss account
Net employee benefit expense (recognized in Employee Cost)
(Rs. in lacs)
Gratuity
Particulars March 31, 2008
Current service cost 53.25
Interest cost on benefit obligation 17.24
Expected return on plan assets
Net actuarial (gain) / loss recognised in the year 101.94
Past service cost
Net benefit expense 172.43
Actual return on plan assets
NA
Nil
NA
Balance sheet
Details of Provision for gratuity
(Rs. in lacs)
F124

Gratuity
Particulars March 31, 2008
Defined benefit obligation 322.76
Fair value of plan assets
NA
322.76
Less: Unrecognised past service cost
Nil
Plan asset / (liability) (322.76)
Changes in the present value of the defined benefit obligation are as follows:
(Rs. in lacs)
Gratuity
Particulars March 31, 2008
Opening defined benefit obligation 174.31
Interest cost 17.24
Current service cost 53.25
Benefits paid (23.98)
Actuarial (gains) / losses on obligation 101.94
Closing defined benefit obligation 322.76
The Company would not contribute any amount to gratuity in 2008-09 as the scheme is unfunded.
The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:
Gratuity
Particulars March 31, 2008
Investments with insurer
%
NA
The principal assumptions used in determining gratuity obligations for the company’s plan are shown below :
Gratuity
Particulars March 31, 2008
Discount Rate 8%
Increase in compensation cost 5%
Employee Turnover 5% and 10%
The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority,
promotion and other relevant factors, such as supply and demand in the employment market.
F125

Amounts for the current period are as follows:
(Rs. in lacs)
Particulars March 31, 2008
Defined benefit obligation 322.76
Plan assets
Surplus / (deficit) (322.76)
Experience adjustments on plan liabilities 101.94
Experience adjustments on plan assets
The current year being the first year of adoption of AS 15 (revised) by the Company, the previous year comparative
information has not been furnished.
NA
NA
5.
The Company is a primarily engaged in financing activities. It operates in a single business and
geographical segment. The Company also owns windmills and biomass which generate income from sale of
electricity and the same has been classified as ‘Unallocated reconciling item’ as per requirements of AS –
17 on ‘Segment Reporting’ issued by ICAI.
(Rs. in lacs)
Year ended March 31, 2008 Year ended March 31, 2007
Unallocated
Unallocated
Particulars Financing
Financing
reconciling Total
reconciling Total
Activities
Activities
items
items
Segment Revenue 249,440.00 1,290.12 250,730.12 141,007.94 1,130.66 142,138.60
Segment Results
(Profit before tax and
after interest on 62,225.82 (956.50) 61,269.32 28,993.09 390.13 29,383.22
Financing Segment)
Less: Interest on
unallocated
N.A. 686.02 686.02 N.A. 460.80 460.80
reconciling items
Net profit before tax 62,225.82 (1,642.52) 60,583.30 28,993.09 (70.67) 28,922.42
Less: Income taxes N.A. N.A. 21,600.65 N.A. N.A. 9,882.71
Net profit N.A. N.A. 38,982.65 N.A. N.A. 19,039.71
Other Information:
Segment assets 1,813,531.17 10,785.10 1,824,316.27 1,069,157.13 12,257.85 1081,414.98
Unallocated corporate
assets
2,372.02 2,120.47
Total Assets 1,813,531.17 10,785.10 1,826,688.29 1,069,157.13 12,257.85 1,083,535.45
Segment liabilities 1,635,348.12 6,089.70 1,641,437.82 959,257.03 6,988.92 966,245.95
Unallocated corporate
liabilities
3,614.57 8,661.98
Total Liabilities 1,635,348.12 6,089.70 1,645,052.39 959,257.03 6,988.92 974,907.93
Capital expenditure 1,266.01 Nil 1,266.01 1,851.87 1,184.44 3,036.31
Depreciation 1,884.86 1,821.11 3,705.97 414.81 570.32 985.13
Other non - cash
expenses
29,713.13 13.73 29,726.86 18,991.11 Nil 18,991.11
F126

6. Related Party Disclosures
Subsidiaries : Shriram Powergen Limited (upto March 27, 2008)
Associates : Shriram Asset Management Company Limited
Ashley Transport Services Limited (upto July 3, 2007)
Enterprises having significant influence over
the Company :
Shriram Holdings (Madras) Private Limited
Shriram Capital Limited (formerly known as Shriram
Financial Services Holding Private Limited)
Newbridge India Investments II Limited
Key Managerial Personnel : R Sridhar, Managing Director
Relatives of Key Managerial Personnel : Mrs. Padmapriya Sridhar (spouse)
F127

Payments/Expenses
(Rs. In Lacs)
Enterprises having
Relatives of Key
Key Management
significant influence Subsidiaries Associates
Management
Total
Personnel
over the Company
Personnel
2008 2007 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007
Employee benefits for key
management personnel
- - - - - - 66.53 20.32 - - 66.53 20.32
Royalty 623.54* 356.35* - - - - - - - - 623.54 356.35
Data Sourcing fees 57.95* 44.61* - - - - - - - - 57.95 44.61
Service Charges 347.70* 266.28* - - - - - - - 347.70 266.28
Equity dividend 2,561.15# 2,263.15# - - - - 2.52 2.37 1.22 1.22 2,564.89 2,266.74
Interest on subordinate debt - - - - 101.94^ 46.50^ - - - - 101.94 46.50
Investments in shares - - - 4.99 30.00@ 180.00@ - - - - 30.00 184.99
Rent paid 58.80* 45.80* - - - - - - - - 58.80 45.80
Rental Deposit - 49.00* - - - - - - - - - 49.00
Receipts/Income
Sale of investments - - 4.99 - 112.50@ - - - - - 117.49 -
Subscription of equity shares 6,955.20# 9,282.00# - - - - - 1.75 - - 6,955.20 9,283.75
Subscription to optionally
convertible warrants
2,400.00# - - - - - - - - - 2,400.00 -
Rent & electricity - - - - 5.40^ 5.40^ - - - - 5.40 5.40
Balance outstanding at the year end
Share capital 8,537.15# 7,847.15# - - - - 8.40 8.12 4.05 4.05 8,549.60 7,859.32
Share warrants 2,400.00# 772.80# - - - - - - - - 2,400.00 772.80
Investments in shares - - - 4.99 240.00+ 420.00+ - - - - 240.00 424.99
Outstanding expenses 62.18* 147.04* - - - - 30.00 - - - 92.18 147.04
Rent Deposit given 49.00* 49.00* - - - - - - - - 49.00 49.00
Interest payable on subordinate debt - - - - 233.22^ 131.28^ - - - - 233.22 131.28
F128

*
Denotes transactions with Shriram Capital Limited (formerly known as Shriram Financial Services Holding
Private Limited)
# Denotes transactions with Shriram Holdings (Madras) Private Limited
^
Denotes transactions with Shriram Asset Management Company Limited
@
+
Denotes transactions with Ashley Transport Services Limited
Investments in shares as on March 31, 2008 includes Rs. 240.00 Lacs (March 31, 2007: Rs. 240.00 lacs)
invested in Shriram Asset Management Company Limited and Rs. Nil (March 31, 2007: Rs. 180.00 lacs) in
Ashley Transport Services Limited
7. Leases
In case of assets given on operating lease
The Company has given land and building on operating lease for period ranging 11 months to 60
months.
In case of assets given on Financial lease including hire purchase
The Company has given vehicles on finance lease. The lease term is for 3 to 5 years. There is no escalation
clause in the lease agreement. There are no restrictions imposed by lease arrangements.
(Rs. in lacs)
As at March 31, As at March 31, 2007
2008
Total gross investment in the lease 6,539.13 22,654.39
Less : Unearned finance income 800.06 5,088.49
Less: Unguaranteed residual value Nil Nil
Present value of minimum lease payments 5,739.07 17,565.90
Gross investment in the lease for the period :
Not later than one year [Present value of minimum lease
payments receivable Rs. 5,388.35 lacs as on March 31,
2008 (March 31, 2007: Rs.11,693.34 lacs)]
Later than one year but not later than five years [Present
value of minimum lease payments Rs.350.72 lacs as on
March 31, 2008 (March 31, 2007 : Rs. 5,872.56 lacs)]
Later than five years [Present value of minimum lease
payments Nil as on March 31, 2008 (March 31, 2007:
Nil)]
6,164.18 15,373.89
374.95 7,280.50
Nil
Nil
In case of assets taken on lease
The Company has taken various office premises, furniture and fixtures, IT equipments and plant and
machinery under operating lease. The lease payments recognized in the profit & loss account are Rs.1,475.33
lacs (March 31, 2007: Rs.987.91 lacs). Certain agreements provide for cancellation by either party and certain
agreements contains clause for escalation and renewal of agreements. There are no sub leases.
The future minimum lease payments in respect of non-cancellable operating lease as at the balance sheet date
are summarized below :
F129

Year ended March 31,
2008
(Rs. in lacs)
Year ended March
31, 2007
Minimum Lease Payments:
Not later than one year 334.18 173.99
Later than one year but not later than five years 468.61 167.75
Later than five years Nil Nil
In accordance with the Reserve Bank of India circular no.RBI/2006-07/ 225 DNBS (PD) C.C No.
8.
87/03.02.004/2006-07 dated January 4, 2007, the Company has created a floating charge on the statutory
liquid assets comprising of investment in Government Securities to the extent of Rs.427.44 lacs in favour of
trustees representing the public deposit holders of the Company.
9. Earnings per share
Particulars
Net Profit after tax as per profit and loss account (Rs. in lacs)
(A)
Weighted average number of equity shares for calculating Basic
EPS (in lacs) (B)
Weighted average number of equity shares for calculating
Diluted EPS (in lacs) (C)
Basic earnings per equity share (in Rupees) (Face value of Rs.
10/- per share) (A) / (B)
Diluted earnings per equity share (in Rupees) (Face value of Rs.
10/- per share) (A) / (C)
Year ended March 31,
2008
Year ended March
31, 2007
38,982.65 19,039.71
1,924.01 1,729.59
1,977.76 1,812.07
20.26 11.01
19.71 10.51
Particulars
Year ended March
31, 2008
Year ended March
31, 2007
Weighted average number of equity shares for calculating EPS (in
lacs)
Add : Equity shares arising on conversion of optionally
convertible warrants (in lacs)
Add : Equity shares for no consideration arising on grant of stock
options under ESOP (in lacs)
Weighted average number of equity shares in calculation diluted
EPS (in lacs)
1,924.01 1,729.59
23.83 69.00
29.92 13.48
1,977.76 1,812.07
F130

10. Deferred Tax Liabilities (Net)
(Rs. in lacs)
The break up of deferred tax asset / liabilities is as under:- As at March 31,
2008
As at March 31,
2007
Deferred Tax Liabilities
Timing difference on account of :
Differences due to accelerated amortisation of intangibles under
Income Tax Act Nil 31.26
Differences in depreciation in block of fixed assets as per tax
books and financial books
2,755.33 3,191.73
Effect of lease accounting 1,753.86 5,705.17
Others Nil 141.60
Gross Deferred Tax Liabilities (A) 4,509.19 9,069.76
Deferred Tax Asset
Timing difference on account of :
Expenses disallowed under Income Tax Act, 1961 173.47 81.17
Provision for securitization 503.73 326.61
Provision for hedging contracts 239.78 Nil
Gross Deferred Tax Assets (B) 916.98 407.78
Deferred Tax Liabilities (Net) (A-B) 3,592.21 8,661.98
11. Capital Commitments
Estimated amount of contracts remaining to be executed on
capital account and not provided for (net of advances)
As at March 31,
2008
(Rs. in lacs)
As at March 31,
2007
100.00 375.56
F131

12. Contingent Liabilities not provided for
Disputed income tax/interest tax demand contested in appeals
not provided for
[Against the above, a sum of Rs. 318.11 lacs (March 31, 2007:
Rs. 318.11 lacs) has been paid under protest]
Demands in respect of Service tax
[Amount of Rs.15 lacs (March 31, 2007 : Rs. 15 lacs) has been
paid under protest ]
As at March 31,
2008
(Rs. in lacs)
As at March 31,
2007
3,381.70 5,754.90
284.00 230.24
Guarantees issued by the Company and outstanding 1,991.58 4,101.12
In respect of portfolio management Nil 356.67
13. The Company has converted 6,900,000 warrants issued to Shriram Holdings (Madras) Private Limited into
equity shares at a premium of Rs.102/- during the year. The amount of Rs. 36,000 lacs (including securities
premium of Rs. 34,800 lacs) received from preferential allotment of shares was utilized for the purpose of
increasing the networth and working capital of the Company. The Company has further issued 8,000,000
warrants to Shriram Holdings (Madras) Private Limited on a preferential basis with an option to convert
into equity shares of Rs 300/- each (including securities premium of Rs 290/-) within 18 months from the
date of issue i.e. December 14, 2007.
14. Recovery of service tax on lease and hire purchase transactions is kept in abeyance in view of the stay
granted by Honourable Madras High Court. If any liability arises it will be recovered from the concerned
parties. However, on contracts that are terminated, pending decision from the Honourable Madras High
Court, equivalent service tax is written off.
15.
Borrowing costs aggregating to NIL (March 31, 2007: Rs. 381.05 lacs) being interest on specific term loan
from a bank for Bio Mass Plant have been capitalized during the year.
F132

16. Employee Stock Option Plan
Series I Series II Series III Series IV
Date of grant October 31, 2005 April 1, 2006 October 9, 2006 August 17, 2007
Date of Board
Approval
October 19, 2005 February 22, 2006 September 6, 2006 August 17, 2007
Date of
Shareholder’s October 13, 2005 October 13, 2005 October 13, 2005 October 13, 2005
approval
Number of
options granted 2,962,500 832,500 910,000 109,000
Method of
Settlement
Equity Equity Equity Equity
(Cash/Equity)
Graded Vesting Period
After 1 year of
grant date
10% of options
granted
10% of options
granted
10% of options
granted
10% of options
granted
After 2 years of
grant date
20% of options
granted
20% of options
granted
20% of options
granted
20% of options
granted
After 3 years of 30% of options 30% of options 30% of options 30% of options
grant date
After 4 years of
grant date
granted
40% of options
granted
granted
40% of options
granted
granted
40% of options
granted
granted
40% of options
granted
Exercisable period
Vesting
Conditions
10 years from vesting 10 years from
date
vesting date
On achievement of pre-determined targets
10 years from
vesting date
10 years from vesting
date
The details of Series I have been summarized below:
As at March 31, 2008 As at March 31, 2007
Weighted Number of Weighted
Average Shares Average
Exercise
Exercise
Price(Rs.)
Price(Rs.)
Number of
Shares
Outstanding at the beginning of the year 2,492,750 Rs. 35.00 2,962,500 Rs. 35.00
Add: Granted during the year Nil - Nil -
Less: Forfeited during the year Nil - Nil -
Less: Exercised during the year 57,800 Rs. 35.00 157,250 Rs.35.00
Less: Expired during the year 257,950 - 312,500 -
Outstanding at the end of the year 2,177,000 Rs. 35.00 2,492,750 Rs.35.00
Exercisable at the end of the year 528,260 - 110,450
Weighted average remaining contractual life (in
10.09 11.09
years)
Weighted average fair value of options granted Rs. 59.04 Rs.59.04
F133

The details of Series II have been summarized below:
As at March 31, 2008 As at March 31, 2007
Weighted Number Weighted
Average of Shares Average
Exercise
Exercise
Price(Rs.)
Price(Rs.)
Number of
Shares
Outstanding at the beginning of the year 744,000 Rs.35.00 Nil -
Add: Granted during the year Nil - 832,500 Rs.35.00
Less: Forfeited during the year Nil - Nil -
Less: Exercised during the year 18,900 Rs.35.00 Nil -
Less: Expired during the year 171,000 - 88,500 -
Outstanding at the end of the year 554,100 Rs.35.00 744,000 Rs.35.00
Exercisable at the end of the year 38,400 Nil
Weighted average remaining contractual life (in
10.49 11.49
years)
Weighted average fair value of options granted Rs. 91.75 Rs. 91.75
The details of Series III have been summarized below:
As at March 31, 2008 As at March 31, 2007
Number of
Shares
Weighted
Average
Exercise
Price(Rs.)
Number
of Shares
Weighted
Average
Exercise
Price(Rs.)
Outstanding at the beginning of the year 885,000 Rs.35.00 Nil -
Add: Granted during the year Nil - 910,000 Rs.35.00
Less: Forfeited during the year Nil - Nil -
Less: Exercised during the year Nil - Nil -
Less: Expired during the year 74,000 - 25,000 -
Outstanding at the end of the year 811,000 Rs.35.00 885,000 Rs.35.00
Exercisable at the end of the year 81,100 - Nil -
Weighted average remaining contractual life (in
11.01 12.01
years)
Weighted average fair value of options granted Rs.74.85 Rs.74.85
The details of Series IV have been summarized below:
As at March 31, 2008 As at March 31, 2007
Weighted Number Weighted
Average of Shares Average
Exercise
Exercise
Price(Rs.)
Price(Rs.)
Number of
Shares
Outstanding at the beginning of the year Nil - - -
Add: Granted during the year 109,000 Rs.35.00 - -
Less: Forfeited during the year Nil - - -
Less: Exercised during the year Nil - - -
Less: Expired during the year Nil - - -
Outstanding at the end of the year 109,000 Rs.35.00 - -
Exercisable at the end of the year Nil - - -
Weighted average remaining contractual life (in
11.88 - -
years)
Weighted average fair value of options granted Rs.136.40 - -
The weighted average share price for the period over which stock options were exercised was Rs.270.76 (March 31,
2007: Rs. 135.53)
F134

The details of exercise price for stock options outstanding at the end of the year are:
March 31, 2008
Series
Range of
exercise prices
Number of
options
outstanding
Weighted average
remaining contractual
life of options (in years)
Weighted average
exercise price
Series I Rs.35/- 2,177,000 10.09 Rs.35/-
Series II Rs.35/- 554,100 10.49 Rs.35/-
Series III Rs.35/- 811,000 11.01 Rs.35/-
Series IV Rs.35/- 109,000 11.88 Rs.35/-
March 31, 2007
Series
Range of
exercise prices
Number of
options
outstanding
Weighted average
remaining contractual
life of options (in
years)
Weighted average
exercise price
Series I Rs.35/- 2,492,750 11.09 Rs.35/-
Series II Rs.35/- 744,000 11.49 Rs.35/-
Series III Rs.35/- 885,000 12.01 Rs.35/-
Stock Options granted
Series I:
The weighted average fair value of stock options granted was Rs.59.04. The Black Scholes model has been used for
computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 38.44 38.44 38.44 38.44
Historical Volatility NA NA NA NA
Life of the options granted (Vesting and exercise 1.50 2.50 3.50 4.50
period) in years
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 5.98 6.33 6.54 6.73
Expected dividend rate (%) 2.31 2.31 2.31 2.31
Series II :
The weighted average fair value of stock options granted was Rs.91.75. The Black Scholes model has been used for
computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 19.89 19.89 19.89 19.89
Historical Volatility NA NA NA NA
Life of the options granted (Vesting and exercise 1.50 2.50 3.50 4.50
period) in years
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 6.64 6.83 6.93 7.26
Expected dividend rate (%) 2.52 2.52 2.52 2.52
F135

Series III :
The weighted average fair value of stock options granted was Rs.74.85. The Black Scholes model has been used for
computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 31.85 31.85 31.85 31.85
Historical Volatility (%) NA NA NA NA
Life of the options granted (Vesting and exercise 1.50 2.50 3.50 4.50
period) in years
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 6.96 7.10 7.26 7.40
Expected dividend rate (%) 2.52 2.52 2.52 2.52
Series IV :
The weighted average fair value of stock options granted was Rs. 136.40. The Black Scholes model has been used
for computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 41.51 41.51 41.51 41.51
Historical Volatility (%) NA NA NA NA
Life of the options granted (Vesting and exercise 1.50 2.50 3.50 4.50
period) in years
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 7.68 7.76 7.82 7.87
Expected dividend rate (%) 0.89 0.89 0.89 0.89
The expected volatility was determined based on historical volatility data equal to the NSE volatility rate of Bank
Nifty which is considered as a comparable peer group of the Company. To allow for the effects of early exercise, it
was assumed that the employees will exercise the options within six months from the date of vesting in view of the
exercise price being significantly lower than the market price.
Effect of the employee share-based payment plans on the profit and loss account and on its financial position:
(Rs. in lacs)
As at March
31, 2008
As at March
31, 2007
Total compensation cost pertaining to employee share-based 653.95 987.16
payment plan (entirely equity settled)
Liability for employee stock options outstanding as at year end 2,689.69 2,961.28
Deferred compensation cost 863.05 1,733.90
Since the enterprise used the intrinsic value method the impact on the reported net profit and earnings per
share by applying the fair value based method is as follows:
In March 2005, ICAI has issued a guidance note on “Accounting for Employees Share Based Payments” applicable
to employee based share plan the grant date in respect of which falls on or after April 1, 2005. The said guidance
note requires that the proforma disclosures of the impact of the fair value method of accounting of employee stock
compensation accounting in the financial statements. Applying the fair value based method defined in the said
guidance note, the impact on the reported net profit and earnings per share would be as follows
F136

Year ended
March 31, 2008
Year ended
March 31, 2007
Profit as reported (Rs. in lacs) 38,982.65 19,039.71
Add: Employee stock compensation under intrinsic value
method (Rs. in lacs)
653.95 987.16
Less: Employee stock compensation under fair value method
(Rs. in lacs)
615.95 936.26
Proforma profit (Rs. in lacs) 39,020.65 19,090.61
Earnings per share
Basic (Rs.)
- As reported 20.26 11.01
- Proforma 20.28 11.04
Diluted (Rs.)
- As reported 19.71 10.51
- Proforma 19.73 10.54
Nominal value 10.00 10.00
17. Securitisation/ Direct assignment
The Company sells loans through securitisation and direct assignment. The information on securitisation and direct
assignment activity of the Company as an originator for the year March 31, 2008 and March 31, 2007 is given
below:
Year ended March
31, 2008
Year ended March
31, 2007
Total number of loan assets securitized/directly assigned 65,020 68,204
Total book value of loan assets securitized/directly assigned (Rs.
in lacs)
211,822.17 285,979.49
Sale consideration received for the securitized/directly assigned
assets (Rs. in lacs)
248,140.60 311,095.04
Gain on account of securitization/direct assignment* (Rs. in lacs) 36,318.39 29,070.05
* Gain on securitisation / direct assignment deals done after February 1, 2006 is amortised over the period of the
loan.
The information on securitisation & direct assignment activity of the Company as an originator as on March 31,
2008 and March 31, 2007 is given in the table below :
(Rs. in Lacs)
As at March 31,
2008
As at March 31,
2007
Outstanding credit enhancement 56,687.05 31,095.67
Outstanding liquidity facility 7,127.85 2,236.77
Outstanding subordinate contribution 5,159.40 6,199.80
18. Derivative Instruments:
The Notional principal amount of derivative transactions outstanding as on March 31, 2008 for principal
swaps are Rs. Nil (March 31, 2007 – Rs.60,000 lacs) and for interest rate swaps Rs. 95,000 lacs (March 31,
2007 – Nil). The interest rate swaps is to hedge against exposure to variable interest outflow on loans. The
broad term of the instruments are to receive fixed rate of interest/variable rate equal to INBMK and to pay
a variable rate equal to INBMK/MIBOR.
F137

19. During the year ended March 31, 2008, the Company has reassessed the balance useful life of its Computer
Software, Windmills and Leasehold improvement (Furniture & fixtures and Electrical equipments /
fittings). Based on such reassessment, the estimated balance useful life has reduced from 5 years to 3 years,
6 years to 3 years and 16-21 years to 5 years respectively. Accordingly, the Company has provided
additional depreciation amounting to Rs. 1,492.74 lacs in respect of these assets during the year.
I
20. Supplementary Statutory Information
Managing Director’s Remuneration
(Rs. in lacs)
Year ended March
31, 2008
Year ended March
31, 2007
Salaries 46.96 6.10
Perquisites 9.78 1.30
Contribution to Provident fund 0.09 0.09
Employee stock option scheme 9.70 12.83
66.53 20.32
Note: - As the future liability for gratuity and leave encashment is provided on an actuarial basis for the Company
as a whole, the amount pertaining to the directors is not ascertainable and, therefore, not included above.
The computation of profits under section 349 of the Act has not been given as no commission is payable to the
Directors / Managing Director.
II
(Rs. in lacs)
Expenditure in foreign currency (On cash basis)
Year ended March Year ended March
31, 2008
31, 2007
Travelling 13.81 3.40
Others Nil Nil
13.81 3.40
III Net dividend remitted in foreign Year ended March 31,
exchange
2008
Year ended March 31, 2007
Period to which it relates Interim Final Interim Final
2007-08 2006-07 2006-07 2005-06
Number of non-resident shareholders 6 2 3 2
Number of equity shares held on which 45,863,023 35,125,801 28,617,378 37,313,169
dividend was due
Amount remitted (state the foreign currency)
Euro
American Dollar
Yuan
-
1,154,077
-
2,234
1,683,294
-
38,388
990,400
13,652
75,501
1,118,940
-
21. Additional information pursuant to the provisions of paragraphs 3, 4C and 4D of Part II of schedule VI
to the Act
i
Licensed Capacity, Installed capacity, Actual production and Sales
Class of
Goods
Units
Licensed
Capacity as
at March 31,
Installed
Capacity as at
March 31, (in
KW)
Actual Production and
Sales for the year ended
March 31, (in units)
Sales Value
(Rs. in lacs)
2008 2007 2008 2007 2008 2007 2008 2007
Windmill 44 NA NA 22,430 22,430 30,200,617 36,013,398 966.44 1130.66
Biomass 1 NA NA 7,500 NIL 10,275,400 NIL 323.68 NIL
F138

ii
Consumption of raw materials - indigenous
Raw material Units Quantity for the year
ended March 31,
Value for the year ended March
31, (Rs in lacs)
2008 2007 2008 2007
Biomass Fuel Tons 25,332 NIL 258.06 NIL
22. The Company has initiated the process of identification of ‘suppliers’ registered under the “The Micro,
Small and Medium Enterprises Development (‘MSMED’) Act, 2006” by obtaining confirmations from
suppliers. Based on the intimation received by the Company, none of the suppliers have confirmed to be
registered under MSMED Act, 2006. Accordingly, no disclosures relating to amounts unpaid as at the
year end together with interest paid /payable are required to be furnished.
23. Final dividend (including tax on dividend) includes an amount of Rs 162.45 lacs in respect of dividend
paid by the Company for the previous year on 6,942,500 equity shares allotted before the date of book
closure as they rank pari-passu with the existing equity shares for dividend.
24. The auditors’ report dated May 26, 2008 on the financial statements as of and for year ended March 31,
2008 included, as an Annexure, a statement on certain matters specified in the Companies (Auditors
Report) Order, 2003, which was modified to indicate that there was undisputed statutory dues remaining
unpaid for more than six months.
25. Previous Year Comparatives
The figures for the previous year have been regrouped and reclassified, wherever necessary to conform to
current year’s classification.
F139

Notes to Accounts for the year 2006-2007
1. SECURED LOANS
a) (i) Privately placed Redeemable Non-convertible Debentures:
(Rs. in lacs)
Secured by mortgage of office premises, charge on Plant and Machinery, Furniture and other fixed assets of the
Company, charge on Company’s book debts, leased assets, lease rentals including future receivables, loans,
advances and other investments of the Company subject to prior charges created or to be created in favor of the
Company’s bankers, financial institutions and others.
Debentures are redeemable over a period of 6 months to 160 months from the date of allotment depending on the
terms of the agreement.
(ii) Redeemable Non-Convertible Debenture of Rs.1,000,000/- each
Date of Allotment/renewal
Amount (Rs. in lacs)
31.03.2007
Redemption date
26.09.2005 Nil 24.01.2007
05.05.2006 5,000.00 04.05.2007
23.10.2006 10,000.00 24.10.2007
12.12.2006 5,000.00 17.12.2007
14.12.2006 5,000.00 18.04.2008
18.01.2007 11,000.00 18.07.2008
TOTAL 36,000.00
Secured by hypothecation of specific assets covered under agreements by way of an exclusive charge.
(iii) Redeemable Non-Convertible Debenture of Rs.1,000/- each
As at March 31, 2007
Redeemable Non-Convertible Debentures of Rs.1,000/-each
Number 12,379,858
Amount 123,798.58
Date of
Amount (Rs. in lacs)
Allotment/renewal 31.03.2007
Redemption date
18.07.2006 10,000.00 18.07.2007
29.08.2006 1,500.00 29.11.2007
31.08.2006 10,000.00 29.08.2007
26.09.2006 1,000.00 24.12.2007
26.09.2006 1,000.00 25.09.2007
27.09.2006 500.00 26.09.2007
18.01.2007 0.44 30.05.2007
TOTAL 24,000.44
Secured by hypothecation of specific assets covered under agreements by way of an exclusive charge.
F140

) Term Loans :
(Rs. in lacs)
i. From Financial Institutions / Corporate :
(a)
(b)
(c)
As at March 31, 2007
Secured by an exclusive charge by way of hypothecation of
specific movable assets being fixed/current assets relating to lease
75,471.30
and hire purchase agreements and hypothecation loans
Secured by an exclusive charge by way of hypothecation of
specific immovable/ movable assets pertaining to the wind farm 2,053.72
Secured by an exclusive charge by way of hypothecation of
specific immovable/ movable assets pertaining to the wind farm 1,126.38
ii.
From Foreign Institution:
Secured by an exclusive charge by way of Hypothecation of specific Hire
Purchase agreements and all amounts owing to and received by the Company
pursuant to the above Hire Purchase Agreements 3,621.33
Total 82,272.73
iii. From Banks :
(a) Secured by hypothecation of vehicle 13.47
(b)
(c)
Secured by an exclusive charge by way of hypothecation of
specific movable assets being fixed / current assets relating to
lease, hypothecation loans and hire-purchase agreements / loan
agreements
Secured by an exclusive charge by way of hypothecation of
specific immovable/ movable assets pertaining to the windfarm
256,001.64
1,431.99
Secured by an exclusive charge by way of
hypothecation of specific immovable/ movable assets pertaining
to the bio mass plant.
2,378.38
Total 259,825.48
c) Cash Credit from Banks
(Rs. in lacs)
As at March 31, 2007
Cash Credit from Banks 104,118.36
Secured by hypothecation of specific assets covered under Hire-Purchase/Lease/Loan Agreements, Book debts,
equitable mortgage of title deeds of the immovable property.
d) HP Refinance Loan
(Rs. in lacs)
As at March 31, 2007
HP refinance loan (From institutions / corporates)
Nil
Secured by hypothecation of vehicles by hirers guaranteed by associate concerns and also by a
former Director of the Company.
F141

2. Subordinated Debt
The Company has raised Tier II capital by issue of subordinated debt bonds amounting to Rs. 29,924.71
lacs with coupon rate of 8 % to 11.50% per annum which are redeemable over a period of 61 months to
80 months.
3.
The Company operates in a single business and geographical segment; hence no disclosure is given as per
requirements of AS – 17 on Segment Reporting issued by ICAI.
4. Related Party Disclosure
Subsidiaries : Shriram Powergen Limited
Associates : Shriram Asset Management Limited
Ashley Transport Services Limited
Enterprises having significant influence over
the Company
: Shriram Holdings (Madras) Private Limited
Shriram Financial Services Holding Private Limited
Newbridge India Investments II Limited
Key Managerial Personnel : R Sridhar, Managing Director
F142

(Rs. In Lacs)
Enterprises having
significant
influence over the
Company
Subsidiaries
Associates
Key Management Personnel
(Managing Director, Whole
time director, manager and
other managerial personnel)
Total
Payments/Expenses
2007 2007 2007 2007 2007
Employee benefits for key management
personnel
- - - 20.32 20.32
Royalty 356.35 - - - 356.35
Data sourcing fees 44.61 - - - 44.61
Service charges 266.28 - - - 266.28
Equity dividend 2,263.15 - - 2.37 2,265.52
Preference dividend - - - - -
Interest on subordinate debt - - 46.50 - 46.50
Redemption of preference share capital - - - - -
Investments in shares - 4.99 180.00 - 184.99
Rent Paid 45.80 - - - 45.80
Rental Deposit 49.00 - - - 49.00
Receipts/Income - - - - -
Sale of assets - - - - -
Subscription of equity shares 9,282.00 - - 1.75 9,283.75
Subscription to optionally convertible
warrants
- - - - -
Rent & electricity - - 5.40 - 5.40
Balance outstanding at the year end
Share capital 7,847.15 - - 8.12 7,855.27
Share warrants 772.80 - - - 772.80
Investments in shares - 4.99 420.00 - 424.99
Outstanding expenses 147.04 - - - 147.04
Proposed dividend 1,569.43 - - 1.62 1,571.05
Rent Deposit given 49.00 49.00
Interest payable on subordinate debt - - 131.28 - 131.28
F143

5. Leases
In case of assets given on operating lease
The Company has given land and building on operating lease for period ranging 11 months to 60 months.
In case of assets given on Financial lease including hire purchase
The Company has leased out vehicles on finance lease. The lease term is for 3 to 5 years after which the legal
title is passed to the lessee. There is no escalation clause in the lease agreement. There are no restrictions
imposed by lease arrangements.
Finance Lease
(Rs. in lacs)
2007
Total gross investment in the lease 22,654.39
Less : Unearned finance income 5,088.49
Less: Unguarantee residual value
Nil
Present value of minimum lease payments 17,565.90
Gross investment in the lease for the period :
Not later than one year [Present value of minimum lease payments receivable
15,373.89
Rs. 11,693.34 lacs as on March 31, 2007)]
Later than one year but not later than five years [Present value of minimum
7,280.50
lease payments Rs. 5,872.56 lacs as on March 31, 2007]
Later than five years [Present value of minimum lease payments Rs. Nil as on
Nil
March 31, 2007]
In case of assets taken on lease
The Company has taken various office premises under operating lease. The lease payments recognized in the
profit & loss account are Rs. 987.91 lacs. Certain agreements provide for cancellation by either party and
certain agreements contains clause for escalation and renewal of agreements. There are no sub leases.
The future minimum lease payments in respect of non-cancellable operating lease as at the balance sheet date
are summarized below :
(Rs. in lacs)
For the year ended March
31, 2007
Minimum Lease Payments:
Not later than one year 173.99
Later than one year but not later than five years 167.75
Later than five years
Nil
6. In accordance with the Reserve Bank of India circular no. RBI/2006-07/ 225 DNBS (PD) C.C No.
87/03.02.004/2006-07 dated Januray 4, 2007, the Company has, during the year, created a floating charge on the
statutory liquid assets comprising of investment in Government Securities to the extent of Rs.592.29 lacs in favour
of trustees representing the public deposit holders of the Company.
F144

7. Cash & Cash Equivalents
Particulars
(Rs. in Lacs)
For the year ended
March 31, 2007
Cash & Bank balance 181,064.16
Less : Fixed deposits having original maturity greater than 3 months 37,042.50
Balance considered as cash & cash equivalents for cash flow statement 144,021.66
8. Earnings per share
Particulars
For the year ended
March 31, 2007
Net Profit after tax as per profit and loss account (Rs. in lacs) 19,039.71
Less: Preference dividend and tax thereon (Rs. in lacs)
Net Profit for calculation of EPS (Rs. in lacs) (A) 19,039.71
Weighted average number of equity shares for calculating Basic EPS (in lacs) (B) 1,729.59
Weighted average number of equity shares for calculating Diluted EPS (in lacs) (C) 1,812.07
Basic earnings per equity share (in Rupees) (Face value of Rs. 10/- per share) (A) / (B) 11.01
Diluted earnings per equity share (in Rupees) (Face value of Rs. 10/- per share) (A) /
(C)
10.51
Nil
Particulars
For the year ended
March 31, 2007
Weighted average number of equity shares for calculating EPS (in lacs) 1,729.59
Add : Equity shares arising on conversion of optionally convertible warrants (in lacs) 69.00
Add : Equity shares for no consideration arising on grant of stock options under ESOP
(in lacs)
13.48
Weighted average number of equity shares in calculation diluted EPS (in lacs) 1,812.07
F145

9. Deferred Tax Liabilities (Net)
The break up of deferred tax asset / liability is as under:-
(Rs. in lacs)
As at March 31, 2007
Deferred Tax Liabilities
Timing difference on account of :
Differences due to accelerated amortisation of intangibles under Income Tax
Act 31.26
Differences in depreciation in block of fixed assets as per tax books and
financial books 3,191.73
Effect of lease accounting 5,705.17
Others 141.60
Gross Deferred Tax Liabilities (A) 9,069.76
Deferred Tax Asset
Timing difference on account of :
Expenses disallowed under Income Tax Act, 1961 81.17
Provision for securitization 326.61
Gross Deferred Tax Assets (B) 407.78
Deferred Tax Liabilities (Net) (A-B) 8,661.98
10. Capital Commitments
Estimated amount of contracts remaining to be executed on capital account and not
provided for (net of advances)
(Rs. in lacs)
As at March 31, 2007
375.56
F146

11. Contingent Liabilities not provided for
Disputed income tax/interest tax demand contested in appeals not provided for
[Against the above, a sum of Rs. 318.11 lacs has been paid under protest which
appears under advances recoverable in cash or in kind.]
(Rs. in lacs)
As at March 31, 2007
5,754.90
Demands in respect of Service tax
[Amount of Rs.15 lacs has been paid under]
230.24
Guarantees issued by the Company to banks & others
14,557.54
Out of which amount outstanding
4,101.12
In respect of portfolio management 356.67
12. The Company has converted 5,715,000 warrants issued to UNO Investments into equity share at a
premium of Rs.25/- and 9,100,000 warrant issued to Shriram Holding (Madras) Private Limited at a
premium of Rs.102/- during the year. The amount of Rs. 10,973.03 lacs (including securities premium of
Rs. 9,491.53 lacs) received from preferential allotment of shares was utilized for the purpose of increasing
the networth and working capital of the Company.
13. In view of the circular number 9/2002 dated April 18, 2002 issued by the
Department of Company Affairs, no debenture redemption reserve is required
to be created in case of privately placed debentures, accordingly, the debenture redemption reserve of
Rs.100 lacs created during the year 2000-2001 is transferred to the General Reserve.
14. Recovery of service tax on lease and hire purchase transactions is kept in abeyance in view of the stay
granted by Honourable Madras High Court. If any liability arises it will be recovered from the concerned
parties. However, on contracts that are terminated, pending decision from the Madras High Court,
equivalent service tax is written off.
15. Borrowing costs aggregating to Rs. 381.05 lacs being interest on specific term loan from a bank for Bio
Mass Plant under construction have been capitalized during the year and are included in ‘Capital Work in
Progress’
F147

16. Employee Stock Option Plan
Series I Series II Series III
Date of grant October 31, 2005 April 1, 2006 October 9, 2006
Date of Board Approval October 19, 2005 February 22, 2006 September 6, 2006
Date of Shareholder’s
approval
October 13, 2005 October 13, 2005 October 13, 2005
Number of options granted 2,962,500 832,500 910,000
Method of Settlement
(Cash/Equity)
Equity Equity Equity
Graded Vesting Period
After 1 year of grant date 10% of options granted 10% of options 10% of options granted
granted
After 2 years of grant date 20% of options granted 20% of options 20% of options granted
granted
After 3 years of grant date 30% of options granted 30% of options 30% of options granted
granted
After 4 years of grant date 40% of options granted 40% of options
granted
40% of options granted
Exercisable period
Vesting Conditions
10 years from vesting 10 years from vesting
date
date
On achievement of pre-determined targets
10 years from vesting date
The details of Series I have been summarized below:
The details of Series II have been summarized below:
March 31, 2007
Number of Shares
March 31, 2007
Number of Shares
Weighted Average
Exercise Price(Rs.)
Outstanding at the beginning of the year 2,962,500 Rs. 35.00
Add: Granted during the year Nil -
Less: Forfeited during the year Nil -
Less: Exercised during the year 157,250 Rs.35.00
Less: Expired during the year 312,500 -
Outstanding at the end of the year 2,492,750 Rs.35.00
Exercisable at the end of the year 110,450
Weighted average remaining contractual life (in years)
Weighted average fair value of options granted
Weighted Average
Exercise Price(Rs.)
11.09 yrs
Rs.59.04
Outstanding at the beginning of the year Nil -
Add: Granted during the year 832,500 Rs.35.00
Less: Forfeited during the year Nil -
Less: Exercised during the year Nil -
Less: Expired during the year 88,500 -
Outstanding at the end of the year 744,000 Rs.35.00
Exercisable at the end of the year
Nil
Weighted average remaining contractual life (in years)
11.49 yrs
Weighted average fair value of options granted Rs. 91.75
The details of Series III have been summarized below:
March 31, 2007
Number of Shares Weighted Average
Exercise Price(Rs.)
Outstanding at the beginning of the year Nil -
F148

Add: Granted during the year 910,000 Rs.35.00
Less: Forfeited during the year Nil -
Less: Exercised during the year Nil -
Less: Expired during the year 25,000 -
Outstanding at the end of the year 885,000 Rs.35.00
Exercisable at the end of the year Nil -
Weighted average remaining contractual life (in years)
12.01 yrs
Weighted average fair value of options granted
Rs.74.85
The weighted average share price for the period over which stock options were exercised was Rs.135.53.
The details of exercise price for stock options outstanding at the end of the year are:
March 31, 2007
Series
Range of
exercise prices
Number of
options
outstanding
Weighted average
remaining contractual
life of options (in years)
Weighted average
exercise price
Series I Rs.35/- 2,492,750 11.09 years Rs.35/-
Series II Rs.35/- 744,000 11.49 years Rs.35/-
Series III Rs.35/- 885,000 12.01 years Rs.35/-
Stock Options granted
Series I:
The weighted average fair value of stock options granted was Rs.59.04. The Black Scholes model has been used for
computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility 38.44% 38.44% 38.44% 38.44%
Historical Volatility NA NA NA NA
Life of the options granted (Vesting and exercise 1.50 2.50 3.50 4.50
period) in years
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate 5.98% 6.33% 6.54% 6.73%
Expected dividend rate 2.31% 2.31% 2.31% 2.31%
Series II :
The weighted average fair value of stock options granted was Rs.91.75. The Black Scholes model has been used for
computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility 19.89% 19.89% 19.89% 19.89%
Historical Volatility NA NA NA NA
Life of the options granted (Vesting and exercise 1.50 2.50 3.50 4.50
period) in years
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate 6.64% 6.83% 6.93% 7.26%
Expected dividend rate 2.52% 2.52% 2.52% 2.52%
Series III :
The weighted average fair value of stock options granted was Rs.74.85. The Black Scholes model has been used for
computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
F149

Expected Volatility 31.85% 31.85% 31.85% 31.85%
Historical Volatility NA NA NA NA
Life of the options granted (Vesting and exercise 1.50 2.50 3.50 4.50
period) in years
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate 6.96% 7.10% 7.26% 7.40%
Expected dividend rate 2.52% 2.52% 2.52% 2.52%
The expected volatility was determined based on historical volatility data equal to the NSE volatility rate of Bank
Nifty which is considered as a comparable peer group of the Company. To allow for the effects of early exercise, it
was assumed that the employees will exercise the options within six months from the date of vesting in view of the
exercise price being significantly lower than the market price.
Effect of the employee share-based payment plans on the profit and loss account and on its financial position:
(Rs. in lacs)
2007
Total compensation cost pertaining to employee share-based payment plan (entirely equity
987.16
settled)
Liability for employee stock options outstanding as at year end 2,961.28
Deferred compensation cost 1,733.90
Since the enterprise used the intrinsic value method the impact on the reported net profit and earnings per
share by applying the fair value based method is as follows :
In March 2005, ICAI has issued a guidance note on “Accounting for Employees Share Based Payments” applicable
to employee based share plan the grant date in respect of which falls on or after April 1, 2005. The said guidance
note requires that the proforma disclosures of the impact of the fair value method of accounting of employee stock
compensation accounting in the financial statements. Applying the fair value based method defined in the said
guidance note, the impact on the reported net profit and earnings per share would be as follows:
(Rs. in lacs)
For the year ended
March 31, 2007
Profit as reported (net off preference dividend and tax thereon) 19,039.71
Add: Employee stock compensation under intrinsic value method 987.16
Less: Employee stock compensation under fair value method 936.26
Proforma profit (net off preference dividend and tax thereon) 19,090.61
Earnings per share
Basic
- As reported 11.01
- Pro forma 11.04
Diluted
- As reported 10.51
- Pro forma 10.54
Nominal value 10.00
17. Securitisation/ Direct assignment
The Company sells loans through securitisation and direct assignment. The information on securitisation & direct
assignment activity of the Company as an originator for the year March 31, 2007 is given below:
For the year ended March
31, 2007
Total number of loan assets securitized/directly assigned 68,204
Total book value of loan assets securitized/directly assigned (Rs. in lacs) 285,979.49
Sale consideration received for the securitized/directly assigned assets (Rs. in lacs) 311,095.04
Gain on account of securitization/direct assignment* (Rs. in lacs) 29,070.05
F150

The information on securitisation & direct assignment activity of the Company as an originator as on March 31,
2007 and March 31, 2006 is given in the table below :
As at March 31, 2007
Outstanding credit enhancement 31,095.67
Outstanding liquidity facility 2,236.77
Outstanding subordinate contribution 6,199.80
* Gain on securtisation deals done after February 1, 2006 is amortised over the period of the loan
18. Derivative Instruments :
The Notional principal amount of derivative transactions outstanding as on March 31, 2007 for principal
swaps are Rs. 60,000 lacs.
19. Accounting for assignment of loan portfolio
Till March 31, 2006, the Company assigned various loan portfolios (on recourse basis) to banks. The
Company, while accounting for such assignment, had transferred out from the books of account all
individual loan accounts assigned and had also accounted for profit / loss on assignment in the year the
portfolio was assigned. However, during the current year, the Company has reinstated all loan balances in
the books of account and has also accounted for the amounts payable to the banks as Secured Loans
including for loans assigned during the prior years. The Company has also reversed the proportionate profit
so accounted at the time of loan assignment. This has resulted in an increase in hypothecation loans by Rs.
5,855.72 lacs, increase in Secured loans by Rs. 6,233.49 lacs, reversal of proportionate profit by Rs.
1,131.29 lacs, accounting for interest income on such loan portfolio by Rs. 1,872.11 lacs and accounting
for interest expense on secured loans by Rs. 1,030.62 lacs. As all amounts payable to the banks have been
accounted in the books of account, there is no contingent liability on account of loan portfolio assigned to
the banks as at March 31, 2007.
20. Supplementary Statutory Information
20.1 Managing Director’s Remuneration
(Rs. in lacs)
2007
Salaries 6.10
Perquisites 1.30
Contribution to Provident fund 0.09
Employee stock option scheme 12.83
20.32
Note: - As the future liability for gratuity and leave encashment is provided on an actuarial basis for the Company
as a whole, the amount pertaining to the directors is not ascertainable
and, therefore, not included above.
The computation of profits under section 349 of the Act has not been given as no commission is payable to the
Directors / Managing Director
* Includes remuneration paid to Managing Directors of merged Companies.
(Rs. in lacs)
20.2 Expenditure in foreign currency (On cash basis)
2007
Travelling 3.40
F151

Others
Nil
3.40
20.3 Net dividend remitted in foreign exchange
Period to which it relates 1.4.2006 to 31.3.2007
Number of non-resident shareholders 3
Number of equity shares held on which dividend was due 65,930,547
Amount remitted (state the foreign currency)
Euro
American Dollar
Yuan
21. The Company is engaged in generating power out of windmills. The details are as under:
113,889
2,109,340
13,652
For the year ended March 31, 2007
Licensed Capacity
Not Applicable
Installed Capacity (kwh) 22,430
Units Generated(net of Captive consumption) 36,013,398
Units Sold 36,013,398
Sale Value (Rs. in lacs) 1,130.66
22. Additional information with regard to other matters specified in paragraph 4A & 4D of Part II of Schedule VI of the
Act are not applicable
23. Based on the information and records available with the Company, there are no amount outstanding as payable for
more than 30 days to any small scale industrial undertakings.
24. During the year the Company incorporated a 100% subsidiary by name Shriram Powergen Limited to exclusively deal
with the windmill and the bio-mass projects of the company. The certificate of incorporation of the subsidiary was
obtained on 08.02.2007 and the certificate of commencement of business has been applied for.Consequently, its
accounts were not prepared and audited as at 31.03.2007. Hence, the consolidated accounts were not presented.
25. Previous Year Comparatives
Previous year’s figures have been regrouped and reclassified, wherever necessary to conform to current year’s
classification.
As per our report of even date
For S.R.BATLIBOI & Co. For G. D. Apte & Co. For and on behalf of the Board of Directors of
Firm Registration No.301003E Firm Registration No.100515W Shriram Transport Finance Company Limited
Chartered Accountants
Chartered Accountants
per Shrawan Jalan U. S. Abhyankar R Sridhar S. Venkatakrishnan
Partner Partner Managing Director Director
Membership No. 102102 Membership No.113053
Mumbai
K. Prakash
Vice President (Corporate Affairs) &
Company Secretary
F152

Schedules annexed to and forming part of the accounts
As required in terms of Paragraph 13 of Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007
(Rs. In Lacs)
Particulars As on 31.03.2011 As on 31.03.2010 As on 31.03.2009 As on 31.03.2008 As on 31.03.2007
Liabilities side :
1 Loans and advances availed by the
NBFCs inclusive of interest accrued
thereon but not paid:
Amount
outstanding
Amount
Overdue
Amount
outstanding
Amount
Overdue
Amount
outstanding
Amount
Overdue
Amount
outstanding
Amount
Overdue
Amount
outstanding
Amount
Overdue
(a) Debenture :
Secured 521,274.84 7134.64# 532,889.57 6,391.77# 536,055.62 6,073.49# 353,719.95 7,305.65# 213,834.11 2,835.23#
Unsecured (other than falling within
the meaning of public deposits*)
- - 2,604.10 - 2,631.34 - 4,053.71 - 13,184.44 -
(b) Deferred Credits - - - - - - - - - -
(c) Term Loans 1,026,081.21 - 1,019,523.94 - 939,062.12 - 777,522.88 - 421,006.01 -
(d) Inter-corporate loans and
borrowing
1.73 - 16.75 - 4,811.04 - 124.11 - 30.00 -
(e) Commercial Paper - - 2,500.00 - 48,250.00 - 21,695.00 - 34,000.00 -
(f) Public Deposits* 116,270.30 312.18# 11,782.22 81.64# 613.10 85.95# 472.36 68.95 # 1,315.55 81.13#
(g) Other Loans - Subordinate Debts 376,652.25 1,518.20# 241,998.07 150.06# 177,778.76 817.05# 112,526.59 - 73,948.59 -
- Cash Credit 48,370.30 - 92,056.13 - 316,623.70 - 225,646.66 - 104,118.36 -
- Corporate Loan 7,000.00 - 35,000.00 - 71,000.00 - 46,000.00 - 47,166.10 -
*Please see Note 1 below
Particulars As on 31.03.2011 As on 31.03.2010 As on 31.03.2009 As on 31.03.2008 As on 31.03.2007
2 Break-up of (1)(f) above
(Outstanding public deposits
inclusive of interest accrued thereon
but not paid):
(a) In the form of Unsecured
debentures
(b) In the form of partly secured
debentures i.e. debentures where there
is a shortfall in the value of security
Amount
outstanding
Amount
Overdue
Amount
outstanding
Amount
Overdue
Amount
outstanding
Amount
Overdue
Amount
outstanding
Amount
Overdue
Amount
outstanding
Amount
Overdue
- - - - - - - - - -
- - - - - - - - - -
(c) Other public deposits 116,270.30 312.18# 11,782.22 81.64# 613.10 85.95# 472.36 68.95 # 1,315.55 81.13#
*Please see Note 1 below
# Represent amounts unclaimed
F153

Assets side :
3 Break-up of Loans and Advances including bills
receivables (other than those included in (4) below ):
Amount outstanding Amount outstanding Amount outstanding Amount outstanding Amount outstanding
(a) Secured
990.07 1,224.47 1,336.80 2,178.12 4,343.55
(b) Unsecured
- - - - -
Particulars As on 31.03.2011 As on 31.03.2010 As on 31.03.2009 As on 31.03.2008 As on 31.03.2007
4 Break up of Leased Assets and stock on hire counting
towards AFC activities Amount outstanding Amount outstanding Amount outstanding Amount outstanding Amount outstanding
(i) Lease assets
including lease rentals under sundry debtors :
(a) Financial lease - - - 6,986.61 22,040.19
(b) Operating lease - - - - -
(ii) Stock on Hire including hire charges under sundry
debtors :
(a) Assets on hire - - - - 5,665.49
(b) Repossessed Assets - - - - -
(iii) Other loans counting towards AFC Activities :
(a) Loans where assets have been repossessed - - - - 56.23
(b) Loans other than (a) above 1,985,046.51 1,794,773.31 1,793,491.03 1,502,053.57 793,068.46
5 Break-up of Investments : Amount outstanding Amount outstanding Amount outstanding Amount outstanding Amount outstanding
Current Investments :
1. Quoted :
(i) Shares :
(a) Equity - 240.00 240.00 - -
(b) Preference - - - - -
(ii) Debenture and Bonds - - - - -
(iii) Units of mutual funds - - - - -
(iv) Government Securities - - - - -
(v) Others - - - - -
- Treasury Bills 0.49 - - - -
F154

Particulars As on 31.03.2011 As on 31.03.2010 As on 31.03.2009 As on 31.03.2008 As on 31.03.2007
2. Unquoted :
(i) Shares:
(a) Equity - - - - 4.99
(b) Preference - - - - -
(ii) Debentures and Bonds - - - - -
(iii) Units of mutual funds - - - - 20,614.74
(iv) Government Securities - - - - -
(v) Others
- Investment in Certificate of Deposits 317,995.57 177,146.92 62,413.82 136,932.08 -
Long Term investments :
1. Quoted :
(i) Shares : - - - - -
(a) Equity 240.00 - - 240.00 240.71
(b) Preference - - - - -
(ii) Debentures and Bonds - - - - -
(iii) Units of mutual funds - - - - -
(iv) Government Securities 16,702.17 3,497.70 283.00 427.44 529.29
(v) Others (Please specify) - - - - -
2. Unquoted :
(i) Shares:
(a) Equity 2,207.50 422.50 207.50 162.50 254.36
(b) Preference 15,000.00 10.00 10.00 - -
(ii) Debentures and Bonds - - - - -
(iii) Units of mutual funds - - - - -
(iv) Government Securities - - - - -
(v) Others - - - - -
- National Saving Certificate - - - - 0.07
- Investment in SOT and Bharat Securatisation Trust -PTC - 4,284.55 2,322.01 750.00 750.00
- Venture Capital Fund 500.00 - - - -
- Investment in PTC 7,424.18 - - - -
- Investment in Subordinated Debts 5,000.00 - - - -
F155

6 Borrower group-wise classification of
assets, financed as in (3) and (4) above :
Please see Note 2 below
As on 31.03.2011 As on 31.03.2010 As on 31.03.2009 As on 31.03.2008 As on 31.03.2007
Category Amount (Net of Provisions) Amount (Net of Provisions)
1. Related Parties **
Amount (Net of
Provisions)
Amount (Net of Provisions)
Amount (Net of
Provisions)
Secured Unsecured Secured Unsecured Secured Unsecured Secured Unsecured Secured Unsecured
(a) Subsidiaries - - - - - - - - - -
(b) Companies in the same group - - - - - - - - - -
(c) Other related parties - - - - - - - - - -
2. Other than related parties 1,902,879.63 37,742.41 1,736,336.24 21,400.80 1,768,865.91 2,406.89 1,499,077.24 1,946.23 818,421.50 -
7 Investor group-wise classification of all
investments (current and long term) in
shares and securities (both quoted and
unquoted): Please see note 3 below
Category
Market
Value /
Break up or
fair value or
NAV*
As on 31.03.2011 As on 31.03.2010 As on 31.03.2009 As on 31.03.2008 As on 31.03.2007
Book Value
(Net of
Provisions)
Market
Value /
Break up or
fair value
or NAV*
Book Value
(Net of
Provisions)
Market
Value /
Break up or
fair value
or NAV*
Book Value
(Net of
Provisions)
Market
Value /
Break up or
fair value or
NAV*
Book Value
(Net of
Provisions)
Market
Value /
Break up or
fair value
or NAV*
Book Value
(Net of
Provisions)
1. Related Parties **
(a) Subsidiaries 15,722.45 17,000.00 213.26 215.00 - - - - - 4.99
(b) Companies in the same group - - - - - - - - - -
( c) Other related parties 729.60 240.00 597.60 240.00 270.00 240.00 504.00 240.00 360.00 420.00
2. Other than related parties 346,904.15 347,662.40 184,915.88 184,899.29 65,051.52 65,009.31 138,151.39 138,126.13 21,192.24 21,931.86
* Disclosure is made in respect of available information
** As per Accounting Standard of ICAI (Please see Note 3)
8 Other information As on 31.03.2011 As on 31.03.2010 As on 31.03.2009 As on 31.03.2008 As on 31.03.2007
Particulars Amount Amount Amount Amount Amount
i Gross Non-Performing Assets
(a) Related parties - - - - -
(b) Other than related parties 52,857.78 50,749.50 38,315.11 23,670.76 17,404.19
ii Net Non-Performing Assets
(a) Related parties - - - - -
(b) Other than related parties 7,445.92 12,488.76 14,746.53 13,553.78 11,015.70
iii Assets acquired in satisfaction of debt - - - - -
F156

Notes :
1. As defined in Paragraph 2(1)(xii) of the Non- Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.
2. Provisioning norms shall be applicable as prescribed in the Non- Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.
3. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for calculation of investments and other assets as also assets acquired in satisfaction of debt. However, market value
in respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (5) above.
Upto the year ended March 31, 2007
1. As defined in Paragraph 2(1)(xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.
2. Provisioning norms shall be applicable as prescribed in the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998.
3. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for calculation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in
respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (5) above.
F157

S.R.BATLIBOI & Co.
G. D. Apte & Co.
Chartered Accountants
Chartered Accountants
6 th Floor, Express Tower Dream Presidency
Nariman Point
1202 / 17E Shivajinagar
Mumbai – 400 021
Off Apte Road
Pune - 411 004
Auditors' report
To
The Board of Directors
Shriram Transport Finance Company Limited
3 rd Floor, West Wing
Wockhardt Tower
Bandra Kurla Complex
Bandra – East
Mumbai – 400051
Dear Sirs,
1. We S.R.Batliboi & Co. (“SRB”) and G.D.Apte & Co. (“GDA”) have jointly examined the attached
Reformatted Consolidated financial information comprising of Consoldiated Balance Sheet, Consolidated
Profit and Loss Accounts, Consolidated Cash Flows and Consolidated notes therein of Shriram Transport
Finance Company Limited (‘Company’), its subsidiaries and associate (Collectively referred to as “Group”)
as at and for the years ended March 31, 2011and 2010 approved by Debt Issuance Committee which is
authorized by the Board of Directors and prepared by the Company in accordance with the requirements of:
a. paragraph B(1) of Part II of Schedule II to the Companies Act, 1956 ('the Act') and
b. the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008
('the Regulations') issued by the Securities and Exchange Board of India ('SEBI'), as amended from
time to time in pursuance of Section 11 of the Securities and Exchange Board of India Act, 1992 (the
“SEBI Act”).
SRB and GDA are collectively referred to as the "Joint Auditors" and the references to the Joint Auditors as
"we", "us" or "our", in this letter, shall be construed accordingly.
2. We have examined such Reformatted Consolidated financial information taking into consideration:
a. the terms of reference dated April 20, 2011 received from the Company and statement of joint
responsibilities of auditors dated April 20, 2011, requesting us to carry out the assignment, in
connection with the Offer Document (‘OD’) being issued by the Company for its proposed public offer
of non-convertible debentures (‘NCDs’), having a face value and issue price of Rs. 1,000 each
(referred to as the 'Offering') and
b. The Guidance Note on Reports in Company Prospectuses (Revised) issued by the Institute of
Chartered Accountants of India.
Reformatted Consolidated financial information as per audited Consolidated financial statements:
3. The Reformatted Consolidated financial information of the Group has been extracted by the management
from the Consolidated balance sheet of the Group as at March 31, 2011 and 2010, and the related
Consolidated profit and loss account and Consolidated cash flow statement for the year ended March 31,
2011 and 2010, (Collectively referred to as the “Audited Consolidated Financial Statements”) jointly audited
by us. As indicated in paragraph 3 of Auditors` report on Consolidated Financial Statement of the Company,
we did not audit the financial statements of the associate company, Shriram Asset Management Company
Limited whose financial statements reflect net loss after tax of Rs.2.39 lacs for the year ended March 31,
2011 and Rs.18.59 lacs for the year ended March 31, 2010. These financial statements and other financial
information have been audited by other auditors whose reports have been furnished to us, and our opinion is
A4

Auditors’ Report
Shriram Transport Finance Company Limited Page 5 of 3
based solely on the report of other auditors. As indicated in paragraph 4 of Auditors` report on Consolidated
Financial Statement of the Company, we did not jointly audit the financial statements of Subsidiaries, whose
financial statements reflect total assets of Rs. 80,057.18 lacs as at March 31, 2011, the total revenue of Rs.
8,232.80 lacs and net cash inflows amounting to Rs. 13,689.82 lacs for the year then ended. The financial
statements of the subsidiaries, Shriram Equipment Finance Company Limited and Shriram Automall India
Limited have been audited by other auditors whose reports have been furnished to us, and our opinion is
based solely on the report of other auditors. We did not jointly audit the financial statements of a Subsidiary,
whose financial statements reflect total assets of Rs. 5.01 lacs as at March 31, 2010, the total revenue of Rs.
nil and net cash inflows amounting to Rs.4.97 lacs for the year then ended. The financial statements of
subsidiary, Shriram Automall India Limited have been audited by other auditors whose reports have been
furnished to us, and our opinion is based solely on the report of other auditors.
4. In accordance with the requirements of Paragraph B of Part II of Schedule II of the Act, the SEBI
Regulations, terms of our engagement agreed with you and statement of joint responsibilities of auditors, we
further report that:
a) The Reformatted Consolidated Summary Statement of Assets and Liabilities and the schedules
forming part thereof, Reformatted Consolidated Summary Statement of Profit and Loss and the
schedules forming part thereof and the Reformatted Consolidated Summary Statement of Cash Flow
(‘Reformatted Consolidated Summary Statements’) of the Group, as at March 31, 2011 and 2010
jointly examined by us, have been set out in Annexure I to V to this report. These Reformatted
Consolidated Summary Statements are after regrouping as in our opinion are appropriate and more
fully described in Significant Accounting Policies and Notes (Refer Annexure XIII)
b) Based on the above we state that:
the Reformatted Consolidated Summary Statements have to be read in conjunction with the notes
given in Annexure XIII;
the figures of earlier periods have been regrouped (but not restated retrospectively for change in
accounting policy), wherever necessary, to confirm to the classification adopted for the
Reformatted Consolidated Summary Statement as at/for the year ended March 31, 2011;
there are no extraordinary items which need to be disclosed separately in the reformatted
consolidated summary statements; and
there are no qualifications in the auditors’ reports, which require any adjustments to the
reformatted consolidated summary statements.
5. We have not jointly or singly audited any consolidated financial statements of the Group as of any date or for
any period subsequent to March 31, 2011. Accordingly, we express no opinion on the financial position,
results of operations or cash flows of the Group as of any date or for any period subsequent to March 31,
2011.
Other consolidated Financial Information:
6. At the Company’s request, we have also examined the following consolidated financial information proposed
to be included in the OD prepared by the management and approved by Debt Issuance Committee which is
authorized by the Board of Directors of the Company and annexed to this report relating to the Group for the
year ended March 31, 2011 and 2010:
i. Statement of contingent liabilities, enclosed as Annexure VI
ii. Statement of dividend paid/proposed, enclosed as Annexure VII
iii. Statement of accounting ratios relating to earnings per share, net asset value, return on networth,
enclosed as Annexure VIII
iv. Statement of Secured and Unsecured Loans including terms and conditions, enclosed as Annexure IX
& X
v. Capitalization Statement as at March 31, 2011, enclosed as Annexure XI
vi. Statement of tax shelters, enclosed as Annexure XII
A5

Auditors’ Report
Shriram Transport Finance Company Limited Page 6 of 3
7. In our opinion, the Reformatted consolidated financial information as disclosed in the annexures to this
report, read with the respective significant accounting policies and notes disclosed in Annexure XIII, as
considered appropriate and disclosed, has been prepared in accordance with Paragraph B(1) of Part II of
Schedule II of the Act and the Regulations.
8. This report should not be in any way construed as a reissuance or redating of any of the previous audit reports
issued by us or by other firm of Chartered Accountants, nor should this report be construed as a new opinion
on any of the Reformatted consolidated financial statements referred to herein.
9. We have no responsibility to update our report for events and circumstances occurring after the date of the
report for the financial position, results of operations or cash flows of the Group as of any date or for any
period subsequent to March 31, 2011.
10. This report is intended solely for your information and for inclusion in the OD in connection with the
Offering of the Company, and is not to be used, referred to or distributed for any other purpose without our
prior written consent.
For S.R.BATLIBOI & Co.
Firm registration number: 301003E
Chartered Accountants
For G.D.Apte & Co.
Firm registration number: 100515W
Chartered Accountants
per Shrawan Jalan
U. S. Abhyankar
Partner
Partner
Membership No.: 102102 Membership No.: 113053
Mumbai, June 02, 2011 Mumbai, June 02, 2011
A6

Shriram Transport Finance Company Limited
Reformatted Consolidated Summary of Assets and Liabilities
Annexure I
(Rs. in Lacs)
Particulars
Schedule
As at March 31,
2011
As at March 31,
2010
Assets
A Fixed and Intangible Assets (Net) (including CWIP) 1 4,557.63 4,649.06
B Investments 2 348,244.22 185,561.94
C Deferred Tax Asset (Net) 15,416.68 7,472.94
D Current Assets, Loans & Advances 3 2,432,792.72 2,256,898.80
E Other loans and advances 4 404,653.52 239,151.30
F Total (A+B+C+D+E) 3,205,664.77 2,693,734.04
Liabilities
G Secured Loans 5 1,516,937.59 1,517,248.07
H Unsecured Loans 6 501,233.71 328,742.89
I Current Liabilities 7 576,443.72 382,457.42
J Provisions 8 125,408.19 84,582.30
K Total (G+H+I+J) 2,720,023.21 2,313,030.68
L Net Worth (F-K) 485,641.56 380,703.36
Represented By
(i) Share Capital 9 22,618.47 22,554.18
(ii) Share application money pending allotment - 5.22
(iii) Stock Option Outstanding 354.55 757.02
(iv) Reserves and Surplus 10 466,363.03 361,095.63
(v) Less : Miscellaneous Expenditure (to the extent not written off or 11 3,694.49 3,708.69
adjusted)
Total (i+ii+iii+iv-v) 485,641.56 380,703.36
F158

The accompanying statement of Significant Accounting Policies and Notes to Accounts on Summary Financial Statements are
integral part of this statement.
As per our report of even date
For S.R.BATLIBOI & Co. For G. D. Apte & Co. For and on behalf of the Board of Directors of
Firm Registration No. 301003E Firm Registration No.100515W Shriram Transport Finance Company Limited
Chartered Accountants
Chartered Accountants
per Shrawan Jalan U. S. Abhyankar R Sridhar S. Venkatakrishnan
Partner Partner Managing Director Director
Membership No. 102102 Membership No. 113053
Mumbai
K. Prakash
Vice President (Corporate Affairs) & Company Secretary
F159

Shriram Transport Finance Company Limited
Reformatted Consolidated Summary of Profit and Loss Account
(Rs. in Lacs)
Annexure II
Particulars
Schedule
For the year
ended March 31,
2011
For the year
ended March 31,
2010
A
Income
i Income from Operations 12 531,233.91 439,905.59
ii Other Income 13 19,964.26 9,688.19
Total Income 551,198.17 449,593.78
B
Expenditure
i Interest & other charges 14 227,432.16 224,681.22
ii Adjustment due to decrease/(increase) in inventory of vehicles 15 (1,293.61) -
iii Raw material consumed 16 - -
iv Purchase of vehicles 6,924.22 -
v Refurbishment expenses 271.54 -
vi Personnel expenses 17 37,106.86 22,508.15
vii Operating & other expenses 18 39,038.74 27,258.49
viii Depreciation and amortisation 1,129.04 1,495.84
ix Share & Debenture issue expenses written off 19 1,199.37 505.63
x Provisions & write offs (net) 20 55,635.75 40,687.71
Total Expenditure 367,444.07 317,137.04
C. Net Profit Before Taxation (A-B) 183,754.10 132,456.74
D. Provision for taxation
Current tax 69,985.67 49,980.20
Deferred tax (7,943.74) (4,833.46)
Total Tax 62,041.93 45,146.74
E. Net Profit after Taxation (C-D) 121,712.17 87,310.00
Share of Losses of Associate (0.95) (7.44)
F Profit after taxes and Share of (Loss) of Associate 121,711.22 87,302.56
F160

Annexure II
Shriram Transport Finance Company Limited
Reformatted Consolidated Summary of Profit and Loss Account
(Rs. in Lacs)
Particulars
Schedule
For the year
ended March 31,
2011
For the year
ended March 31,
2010
Balance in Profit & Loss Account brought forward 93,175.18 58,309.25
G Balance Available for Appropriations 214,886.40 145,611.81
H
Appropriations
Interim dividend 5,638.46 4,254.76
Final dividend - 325.18
Proposed Final dividend 9,046.43 9,020.71
Tax on dividend 936.45 778.36
Tax on proposed dividend 1,502.50 1,498.25
Transfer to debenture redemption reserve 21,381.60 10,442.08
Transfer to statutory reserve 24,623.15 17,500.00
Transfer to general reserve 12,300.00 8,800.00
Total Appropriations 75,428.59 52,619.34
I Balance carried to Balance Sheet (G-H) 139,457.81 92,992.47
The accompanying statement of Significant Accounting Policies and Notes to Accounts on Summary Financial Statements are
integral part of this statement.
As per our report of even date
For S.R.BATLIBOI & Co. For G. D. Apte & Co. For and on behalf of the Board of Directors of
Firm Registration No. 301003E Firm Registration No.100515W Shriram Transport Finance Company Limited
Chartered Accountants
Chartered Accountants
per Shrawan Jalan U. S. Abhyankar R Sridhar S. Venkatakrishnan
Partner Partner Managing Director Director
Membership No. 102102 Membership No. 113053
Mumbai
K. Prakash
Vice President (Corporate Affairs) & Company Secretary
F161

SHRIRAM TRANSPORT FINANCE COMPANY LIMITED
Reformatted Consolidated Cash Flow Statement
Particulars
For the year ended
March 31, 2011
Annexure III
(Rs in Lacs)
For the year ended
March 31, 2010
A. Cash flow from operating activities
Profit before tax 183,754.10 132,456.74
Depreciation and amortisation 1,129.04 1,495.84
Issue expenses for equity shares 152.96 25.28
Public issue expenses for non convertible debentures 1,046.41 473.42
(Profit) / loss on sale of fixed assets (net) 36.73 (62.40)
(Profit) / loss on sale of current and long term investments (net) (6,415.09) (1,812.65)
Interest income on current and long term investments and interest income on fixed
(10,321.46) (3,182.24)
deposits
Dividend income (2.13) (874.71)
Employees Stock option compensation cost 116.85 341.30
Provision for credit loss on securitisation 21,559.32 7,971.84
Provisions for non performing assets and bad debts written off 29,750.36 33,244.87
Provisions for Standard assets 5,040.24 -
Provision for gratuity 301.10 148.71
Provision for leave encashment 528.51 146.44
Premium on Government Securities (Miscellaneous Expenses) 3.40 -
Amortisation of Discount on Government Securities (52.64) -
Provision for diminution in value of investments (79.87) 20.34
Operating profit before working capital changes 226,547.83 170,392.78
Movements in working capital:
(Increase) / decrease in current assets:
(Increase) / decrease in inventories - 126.81
Adjustment due to decrease/(increase) in inventory of vehicles (1,293.61) -
(Increase) / decrease in assets under financing activities (273,949.68) (20,425.01)
(Increase) / decrease in sundry debtors - 399.24
(Increase) / decrease in other current assets (374.46) (1,008.93)
(Increase) / decrease in loans and advances (166,048.40) (200,157.62)
Increase / (decrease) in current liabilities 199,458.02 186,068.53
Cash generated from operations (15,660.30) 135,395.80
Direct taxes paid (net of refunds) (69,164.30) (48,629.30)
Net cash used in operating activities (A) (84,824.60) 86,766.50
B. Cash flows from investing activities
Investment in Fixed deposits (net) 9,050.15 (88,988.21)
Purchase of fixed assets (827.80) (629.41)
Proceeds from sale of fixed assets 27.72 7,973.48
Purchase of Investment (7,091,350.39) (2,501,835.74)
Proceeds from sale of investments 6,935,672.41 2,383,738.05
(Increase) / decrease in Capital W-I-P (274.26) -
Interest received on current and long term investments and interest on fixed deposits 9,921.47 2,900.16
Dividend received 2.13 874.71
Net cash used in investing activities (B) (137,778.57) (195,966.96)
F162

SHRIRAM TRANSPORT FINANCE COMPANY LIMITED
Reformatted Consolidated Cash Flow Statement
Particulars
C. Cash Flows from financing activities
Proceeds from issue of equity share capital including securities premium & Share
application
For the year ended
March 31, 2011
Annexure III
(Rs in Lacs)
For the year ended
March 31, 2010
219.77 80,799.14
Increase / (decrease) in bank borrowings (net) (24,915.47) (110,368.29)
Increase / (decrease) in long term borrowings from others (net) (14,773.99) (68,604.27)
Increase / (decrease) in fixed deposits (net) 101,466.73 10,991.07
Increase / (decrease) in subordinate debts (net) 123,217.50 51,823.24
Increase / (decrease) in redeemable non convertible debentures (net) (10,299.48) 408.53
Increase / (decrease) in inter corporate deposits and commercial papers (net) (2,514.95) (50,390.48)
Issue expenses for equity shares paid (11.05) (1,414.53)
Public issue expenses for non convertible debentures paid (1,174.12) (2,690.64)
Dividend paid (14,659.17) (12,720.40)
Tax on dividend (2,434.70) (2,161.83)
Net cash from financing activities (C) 154,121.07 (104,328.46)
Net increase / (decrease) in cash and cash equivalents (A + B + C) (68,482.10) (213,528.92)
Cash and Cash Equivalents at the beginning of the year 247,525.34 461,054.26
Cash and Cash Equivalents at the end of the year 179,043.24 247,525.34
Components of Cash and Cash Equivalents
As at March 31,
2011
(Rs in Lacs)
As at March 31,
2010
Cash on hand 3,123.51 7,818.91
Cheques on hand 2,884.97 2,220.79
Remittances in transit - 9.48
With Banks - in Current Account 93,840.14 166,023.27
-Balance held in escrow account $ 100.07 0.07
- in unpaid dividend accounts $ 382.44 274.83
- Deposit accounts
Free of lien 93,833.46 71,645.27
Under lien 182,252.13 205,956.35
Less: Fixed deposits held for more than three months 15,121.35 467.28
Less: Fixed deposit under lien 182,252.13 205,956.35
179,043.24 247,525.34
$ These balances are not available for use by the Company.
As per our report of even date
For S.R.BATLIBOI & Co. For G. D. Apte & Co. For and on behalf of the Board of Directors of
Firm Registration No. 301003E Firm Registration No.100515W Shriram Transport Finance Company Limited
Chartered Accountants
Chartered Accountants
per Shrawan Jalan U. S. Abhyankar R Sridhar S. Venkatakrishnan
Partner Partner Managing Director Director
Membership No. 102102 Membership No. 113053
Mumbai
F163
K. Prakash
Vice President (Corporate Affairs) & Company Secretary

Shriram Transport Finance Company Limited
Schedules to the Reformatted Consolidated Statement of Assets and Liabilities
Annexure IV
(Rs. in Lacs)
Schedule 1 - Fixed and Intangibles Asset (Net) (including CWIP)
As at March 31,
2011
As at March 31,
2010
ASSETS FOR OWN USE
Tangible Fixed Assets
Building 415.16 392.58
Leasehold Improvements 1,082.94 1,271.41
Furniture & Fixtures 759.40 710.65
Vehicles 92.75 73.41
Land - Freehold 10.18 10.18
Plant and Machinery 1,570.04 1,879.12
Intangible Assets
Trademark 4.37 -
Computer Software 139.56 69.28
TOTAL (A) 4,074.40 4,406.63
ASSETS GIVEN ON LEASE
Land 69.75 69.75
Buildings 134.67 168.13
TOTAL (B) 204.42 237.88
Capital WIP (C ) 278.81 4.55
TOTAL (A+B+C) 4,557.63 4,649.06
F164

Shriram Transport Finance Company Limited
Schedules to the Reformatted Consolidated Statement of Assets and Liabilities
Schedule 2 - Investments
As at March 31,
2011
Annexure IV
(Rs. in Lacs)
As at March 31,
2010
LONG TERM (at cost)
Trade
Shares : Fully paid up
Unquoted - Preference Share - 10.00
Other than trade
Quoted :
Government Securities 16,702.17 3,497.70
Equity Shares (Fully paid up)
-Associates
Cost of investment 240.00 240.00
(including Rs. Nil of Goodwill / Capital Reserve arising on
consolidation)
Add: - Share of post acquisition profit 174.32 175.27
414.32 415.27
Unquoted :
Equity Shares (Fully paid up)
- Others 207.50 207.50
Investment in Pass Through Certificates 7,424.18 4,284.55
Investment in Venture Capital Fund 500.00 -
Investment in Subordinate Debts 5,000.00 -
CURRENT INVESTMENTS (at lower of cost and fair value)
Other than trade
Unquoted :
Investment in Certificate of deposits with Banks 317,995.56 177,146.92
Quoted :
Treasury Bills 0.49 -
348,244.22 185,561.94
Book value of Quoted investments 16,352.50 3,737.70
Market value of Quoted investments 16,662.27 4,030.61
Book value of Unquoted investments 331,127.24 181,648.97
F165

Shriram Transport Finance Company Limited
Schedules to the Reformatted Consolidated Statement of Assets and Liabilities
Annexure IV
(Rs. in Lacs)
Schedule 3 - Current Assets, Loans & Advances
As at March 31,
2011
As at March 31,
2010
Inventories- Raw Materials (at lower of cost and net realisable value) 1,293.61 -
Assets under financing activities (considered good unless stated otherwise)*
Secured
Hypothecation loans* 2,009,830.22 1,773,363.05
Other loans 984.49 1,216.58
Unsecured
Unsecured Loans $ 37,938.19 23,217.03
Advance - Hypothecation loans 530.09 128.21
2,049,282.99 1,797,924.87
* includes non performing assets 51,967.80 50,740.04
$ includes non performing assets 889.98 9.46
Cash & Bank Balances
i) Cash on hand 3,123.51 7,818.91
ii) Cheques on hand 2,884.97 2,220.79
iii) Remittances in transit - 9.48
iv) Balances with scheduled banks in:
Current accounts 94,322.65 166,298.17
Deposit Accounts
-Free of lien 93,833.46 71,645.27
-Under lien # 182,252.13 205,956.35
376,416.72 453,948.97
Other current assets
Interest accrued on investments 731.16 666.89
Interest accrued on fixed deposits and other loans and advances 5,068.24 4,358.07
2,432,792.72 2,256,898.80
# Includes deposits pledged with Banks as margin for securitisation 181,906.69 205,055.01
# Includes deposits pledged with Banks as lien against loans taken 345.44 901.34
F166

Shriram Transport Finance Company Limited
Schedules to the Reformatted Consolidated Statement of Assets and Liabilities
Schedule 4 - Other Loans and Advances
As at March 31,
2011
Annexure IV
(Rs. in Lacs)
As at March 31,
2010
Unsecured, Considered Good
Advances recoverable in cash or in kind or for value to be received 28,813.81 25,437.31
Securitization Deferred Consideration Receivable 368,676.26 203,804.05
Service tax credit (input) receivable 141.50 537.34
Prepaid expenses 5,732.20 8,649.99
Security deposits 1,289.75 722.61
404,653.52 239,151.30
Schedule 5 - Secured Loans
As at March 31,
2011
As at March 31,
2010
Redeemable non convertible debentures 475,288.39 483,087.87
refer note 1(a)(i)(ii)(iii)(iv) 1(a)(i)(ii)(iii)
Term loans
i) From Financial institutions / Corporates 25,414.44 12,188.42
refer note 1(b)(i) 1(b)(i)
ii) From banks 967,999.97 929,935.14
refer note 1(b)(ii) 1(b)(ii)
Cash credit from banks including working capital demand loan 48,234.79 92,036.64
refer note 1(c ) 1(c )
1,516,937.59 1,517,248.07
Schedule 6 - Unsecured Loans
As at March 31,
2011
As at March 31,
2010
Fixed deposits 112,946.23 11,479.51
Inter corporate deposits 1.73 16.68
Subordinated debts 329,816.99 206,599.49
Redeemable non-convertible debentures - 2,500.00
Commercial papers - 2,500.00
Term loan :
i) From banks 51,468.76 70,647.21
ii) From corporates 7,000.00 35,000.00
501,233.71 328,742.89
F167

Shriram Transport Finance Company Limited
Schedules to the Reformatted Consolidated Statement of Assets and Liabilities
Annexure IV
(Rs. in Lacs)
Schedule 7 - Current Liabilities
As at March 31,
2011
As at March 31,
2010
Sundry creditors
-Micro and Small Enterprises 0.43 -
-Other than Micro and Small Enterprises 62,700.29 23,291.23
Advance from Customers 114.25 -
Interest accrued but not due on loans 97,626.73 84,941.79
Application money on Redeemable non convertible debentures 856.25 798.77
Application money on Subordinated debts 64.19 15.79
Investor Education and Protection Fund shall be credited by the following amounts
(as and when due)
- Unclaimed Matured Deposits 278.50 60.65
- Unclaimed Matured Debentures 5,705.69 5,116.68
- Unclaimed Matured Subordinated Debts 966.22 117.13
- Interest accrued and due on above 2,014.61 1,329.00
- Unclaimed dividend 382.44 269.67
Temporary credit balance in bank accounts 46,629.09 29,551.21
Securitization deferred income 358,044.60 236,518.83
Other liabilities 1,060.43 446.67
576,443.72 382,457.42
Schedule 8 - Provisions
As at March 31,
2011
As at March 31,
2010
For non-performing assets 45,419.55 38,260.74
For standard assets 5,040.24 -
For credit loss on securitisation 52,012.24 24,986.49
For income tax (net of advance tax) 1,809.72 988.35
For provision for service tax- contested 8,406.10 8,406.10
For diminution in value of investments 167.50 247.37
For leave encashment and availement 1,090.18 561.66
For gratuity 913.73 612.63
Proposed dividend 9,046.43 9,020.71
Corporate dividend tax 1,502.50 1,498.25
125,408.19 84,582.30
F168

Shriram Transport Finance Company Limited
Schedules to the Reformatted Consolidated Statement of Assets and Liabilities
Annexure IV
(Rs. in Lacs)
Schedule 9 - Share Capital As at March 31, 2011
As at March 31,
2010
Authorised
Equity Share Capital 33,500.00 33,500.00
Preference Share Capital 20,000.00 20,000.00
53,500.00 53,500.00
No. of equity Shares of Rs.10/- each 335,000,000 335,000,000
No. of preference Shares of Rs.100/- each 20,000,000 20,000,000
Issued, Subscribed & Fully Paid up
Equity Shares* 22,616.07 22,551.78
No. of equity shares of Rs. 10/- each 226,160,668 225,517,818
Add : Share Forfeiture 2.40 2.40
22,618.47 22,554.18
*Includes 79,279,236 equity shares of Rs.10/- each allotted for consideration other than cash pursuant to the schemes of
amalgamation.
F169

Shriram Transport Finance Company Limited
Schedules to the Reformatted Consolidated Statement of Assets and Liabilities
Annexure IV
(Rs. in Lacs)
Schedule 10 - Reserves and Surplus
As at March 31,
2011
As at March 31,
2010
Capital Reserve
Balance as per last account 17.03 17.03
Capital Redemption Reserve 5,388.35 5,388.35
Securities Premium Account
Balance as per last account 174,419.57 91,689.29
Add: Amount received during the year 680.02 82,730.28
175,099.59 174,419.57
Statutory Reserve
Balance as per last account 51,399.79 33,899.79
Add: Transfer from Profit & Loss Account 24,623.15 17,500.00
76,022.94 51,399.79
Debenture Redemption Reserve
Balance as per last account 10,442.08 -
Add: Transfer from Profit & Loss Account 21,381.60 10,442.08
31,823.68 10,442.08
General Reserve
Balance as per last account 26,253.63 17,453.63
Add: Transfer from Profit & Loss Account 12,300.00 8,800.00
38,553.63 26,253.63
Balance in Profit & Loss Account 139,457.81 92,992.47
Add: Share of profit in Associate upto March 31, 2009 - 182.71
139,457.81 93,175.18
466,363.03 361,095.63
Schedule 11 - Miscellaneous Expenditure (to the extent not written off or
adjusted)
As at March 31,
2011
As at March 31,
2010
Public issue expenses for non convertible debentures 2,344.93 2,217.22
Issue expenses for equity shares 1,349.56 1,491.47
3,694.49 3,708.69
F170

Shriram Transport Finance Company Limited
Schedules to the Reformatted Consolidated Statement of Profits and Losses
Schedule 12 - Income from Operations
For the year ended
March 31, 2011
Annexure V
(Rs. in Lacs)
For the year ended
March 31, 2010
Income from financing activities 351,906.40 361,528.77
Interest on margin money on securitisation/ assignments 10,846.17 10,367.78
Income on securitisation and direct assignment 162,265.08 68,009.04
Sales of Vehicles 6,153.33 -
Less: Value added taxes on sale of Vehicles (20.45) -
Net sale of vehicles 6,132.88 -
Facilitation Fees 83.38 -
531,233.91 439,905.59
Schedule 13 - Other Income
For the year ended
March 31, 2011
For the year ended
March 31, 2010
Buyer-seller facilitation fees 2,703.21 3,053.46
Interest on deposits with banks 3,776.92 1,698.44
Income from operating lease 22.14 453.91
Profit on sale of assets (net) - 62.40
Income from Long Term Investments (non trade)
- Profit on sale of investments (net) - 66.55
- Profit on disposal of subsidiary - 3.15
- Dividend 2.13 0.25
- Interest on government securities 686.13 100.51
- Interest on Pass Through Certificates 261.36 119.18
- Interest on subordinated debts 270.68 -
- Amortisation of Discount on Government Securities 52.64 -
Income from Current Investments (non trade)
- Profit on sale of investments
Certificate of Deposits 931.57 275.57
Mutual Funds 5,411.57 1,470.53
Government Securities 20.00 -
Debentures 12.03 -
Commercial Paper 35.39 -
Treasury Bills 4.53 -
- Dividend - 874.46
- Interest on government securities 3.46 -
- Interest on Certificate of Deposits 4,950.82 1,068.27
- Discount on CBLO 243.95 195.84
- Interest on Commercial Paper 88.84 -
- Interest on Debentures 38.23 -
- Interest on Treasury Bills 90.27 -
Miscellaneous Income 358.39 245.67
19,964.26 9,688.19
F171

Shriram Transport Finance Company Limited
Schedules to the Reformatted Consolidated Statement of Profits and Losses
Annexure V
(Rs. in Lacs)
Schedule 14 - Interest & Other Charges
For the year ended
March 31, 2011
For the year ended
March 31, 2010
Interest & Other Charges on :
Debentures 59,004.24 65,969.57
Subordinated debts 36,709.70 23,214.26
Fixed deposits 6,206.52 475.98
Loans from banks 102,790.33 105,813.69
Loans from institutions and others 6,514.52 13,457.96
Commercial paper 458.82 2,199.54
Bank charges 2,680.22 2,350.85
Professional charges - resource mobilisation 5,694.87 4,895.23
Processing charges on loans/securitization 4,047.30 3,605.42
Discount on sale of second loss credit / liquidity facilities (269.92) 584.00
Fees / Loss on sale of second loss credit / liquidity facilities 3,595.56 2,114.72
227,432.16 224,681.22
Schedule 15 - Adjustment due to decrease/(increase) in inventory of vehicles
For the Year ended
March 31, 2011
For the year ended
March 31, 2010
Opening stock (A) - -
Less: Closing stock (B) 1,293.61 -
Movement in opening and closing stock (A-B) (1,293.61) -
Schedule 16 - Raw Material Consumed
For the year ended
March 31, 2011
For the year ended
March 31, 2010
Opening Stock - 126.81
Add : Purchases - -
Less : Transferred to Lessee - (126.81)
Closing Stock - -
- -
F172

Shriram Transport Finance Company Limited
Schedules to the Reformatted Consolidated Statement of Profits and Losses
Schedule 17 - Personnel Expenses
For the year ended
March 31, 2011
Annexure V
(Rs. in Lacs)
For the year ended
March 31, 2010
Salaries, other allowances and bonus 34,938.59 21,020.66
Gratuity expenses 327.19 197.65
Contribution to Provident and other funds 1,459.56 976.89
Staff welfare expenses 381.52 312.95
37,106.86 22,508.15
Schedule 18 - Operating and other Expenses
For the year ended
March 31, 2011
For the year ended
March 31, 2010
Rent 5,284.47 3,557.92
Electricity expenses 543.03 467.29
Repairs & Maintenance
- Plant & machinery - 5.79
- Building 1.09 0.70
- Others 1,395.72 2,273.27
Rates & taxes 340.98 230.01
Printing & stationery 1,569.70 1,483.07
Travelling & conveyance 4,301.68 3,436.55
Advertisement 1,931.06 443.50
Brokerage 7,941.79 5,013.69
Business Promotion 487.37 428.34
Sourcing fees 85.87 23.96
Royalty 1,497.04 1,240.78
Directors' sitting fees 8.90 14.65
Insurance 262.81 148.37
Communication expenses 2,335.35 2,571.12
Payment to auditor
As Auditor:
- Audit fees 42.87 32.47
- Tax audit fees 6.35 2.76
- Limited Review 65.26 40.50
- Out of pocket 3.68 4.82
In any other manner:
- Certification 6.16 3.31
Legal & professional charges 5,481.06 2,827.61
Donations 272.06 161.81
Loss on sale of assets (net) 36.73 -
Miscellaneous expenses 5,137.71 2,846.20
39,038.74 27,258.49
F173

Shriram Transport Finance Company Limited
Schedules to the Reformatted Consolidated Statement of Profits and Losses
Annexure V
(Rs. in Lacs)
Schedule 19 - Share & Debenture issue expenses written off
For the year ended
March 31, 2011
For the year ended
March 31, 2010
Issue expenses for equity shares 152.96 25.28
Public issue expenses for non convertible debentures 1,046.41 473.42
Preliminary Expenses - 6.93
1,199.37 505.63
Schedule 20 - Provisions & Write offs
For the year ended
March 31, 2011
For the year ended
March 31, 2010
Provision for non performing assets 7,158.81 14,575.88
Provision for standard assets 5,040.24 -
Provision for credit loss on securitisation 21,559.32 7,971.84
Provision for diminution in value of investments (79.87) 20.34
Bad debts written off 22,591.55 18,668.99
Bad debt recovery (634.30) (549.34)
55,635.75 40,687.71
F174

Shriram Transport Finance Company Limited
Statement of Contingent Liabilities
Annexure VI
(Rs in Lacs)
Particulars
As at March 31,
2011
As at March 31,
2010
Disputed Income Tax demand contested in appeals not provided for - 157.26
Guarantees and Counter Guarantees given 194,058.28 -
Demand in respect of Service tax 330.00 315.00
Disputed Sales Tax Demand 412.33 412.33
Estimated amount of contracts on capital account not provided for 100.00 -
F175

Shriram Transport Finance Company Limited
Statement of Dividend
Statement of Dividend in respect of Equity Shares
Annexure VII
(Rs. in Lacs)
Particulars
Year ended 31st
March, 2011
Year ended 31st
March, 2010
Interim Dividend
Rate of Dividend 25% 20%
Number of Equity Shares on which Interim Dividend paid 225,538,218 212,737,916
Amount of Interim Dividend 5,638.46 4,254.76
Dividend Distribution Tax 936.45 723.10
Final Dividend for the previous year
Rate of Dividend - 40%
Number of Equity Shares on which Final Dividend paid - 8,129,550
Amount of Final Dividend - 325.18
Dividend Distribution Tax - 55.26
Proposed Final Dividend for the current year
Rate of Dividend 40% 40%
Number of Equity Shares on which dividend paid 226,160,668 225,517,818
Amount of Final Dividend 9,046.43 9,020.71
Dividend Distribution Tax 1,502.50 1,498.25
F176

Shriram Transport Finance Company Limited
Statement of Accounting Ratios
[Calculation of Earnings Per shares (EPS)]
Earnings per share calculations are done in accordance with Accounting Standard - 20 "Earnings Per Share",
notified under Accounting Standards (‘AS’) under Companies Accounting Standard Rules, 2006, as amended
Annexure-VIII
Page 1 of 3
Particulars As at March 31,
2011
As at March 31,
2010
Profit after taxes and Share of (Loss) of Associate (Rs. in lacs) a 121,711.22 87,302.56
Weighted average number of equity shares outstanding b 2,257.27 2,125.01
during the year (for Basic EPS )(Lacs)
(i) Equity shares arising on conversion of optionally c - -
convertible warrants (Lacs)
(ii) Equity shares for no consideration arising on grant d 3.12 8.84
of stock options under ESOP (Lacs)
Weighted average number of equity shares outstanding e 2,260.39 2,133.85
during the year (for Diluted EPS ) (b+c+d) (Lacs)
Earnings per share (Basic) (Rs.) (a/b) 53.92 41.08
Earnings per share (Diluted) (Rs.) (a/e) 53.85 40.91
F177

Shriram Transport Finance Company Limited
Statement of Accounting Ratios
[Calculation of Return on Net Worth (RONW)]
SHAREHOLDERS FUNDS
Particulars
As at March 31,
2011
Annexure-VIII
Page 2 of 3
(Rs. in Lacs)
As at March 31,
2010
Share Capital 22,618.47 22,554.18
Share application money pending allotment - 5.22
Stock Option Outstanding 354.55 757.02
Reserves and Surplus (Refer Annexure IV - Schedule 10) 466,363.03 361,095.63
Less: Miscellaneous Expenditure 3,694.49 3,708.69
( not written off)
485,641.56 380,703.36
Net worth as at the end of the year
Profit after taxes and Share of (Loss) of Associate 121,711.22 87,302.56
Return on Net Worth (%) 25.06% 22.93%
F178

Shriram Transport Finance Company Limited
Statement of Accounting Ratios
[Calculation of Net Asset Value (NAV) Per Equity Share]
Annexure VIII
Page 3 of 3
(Rs. in Lacs)
SHAREHOLDERS FUNDS
Particulars
As at March 31,
2011
As at March 31,
2010
Share Capital 22,618.47 22,554.18
Share application money pending allotment - 5.22
Stock Option Outstanding 354.55 757.02
Reserves and Surplus (Refer Annexure IV - Schedule 10) 466,363.03 361,095.63
Less: Miscellaneous Expenditure 3,694.49 3,708.69
( not written off)
Net Asset Value 485,641.56 380,703.36
Number of Equity shares outstanding at the end of the year 226,160,668 225,517,818
Net Asset Value per Equity Share(Rs.) 214.73 168.81
F179

Shriram Transport Finance Company Limited
Secured Loans
Annexure IX
A Term Loan from banks (Rs in Lacs)
Particulars
Date of
disbursement
Disbursed
Amount
As at March
31, 2011
Repayment Terms
Allahabad Bank 26-Sep-07 3,000.00 899.90 20 Quarterly Instalments
Andhra Bank 16-Mar-09 10,000.00 5,000.00 16 Quarterly Instalments
Calyon Bank 28-Apr-08 3,000.00 3,000.00 Bullet-27/04/2011
Canara Bank 31-Mar-09 25,000.00 12,500.00 16 Quarterly Instalments
Canara Bank 17-Oct-08 20,000.00 8,750.00 16 Quarterly Instalments
Canara Bank 5-Nov-08 20,000.00 8,750.00 16 Quarterly Instalments
Corporation Bank 26-Mar-09 2,500.00 1,250.00 16 Quarterly Instalments
Dena Bank 23-Sep-08 20,000.00 3,312.56 36 Monthly Instalments
Deutsche Bank 30-May-08 10,000.00 10,000.00 Bullet-30/05/2011
HDFC Bank Limited 25-Jul-08 7,500.00 3,214.29 14 Equal Quarterly Instalments
Industrial Development Bank of India 24-Mar-09 15,000.00 6,428.57 14 Equal Quarterly Instalments
Limited
Industrial Development Bank of India 3-Mar-08 7,500.00 1,071.68 14 Equal Quarterly Instalments
Limited
Industrial Development Bank of India 24-Oct-08 5,000.00 2,142.86 14 Equal Quarterly Instalments
Limited
Industrial Development Bank of India 10-Dec-08 10,000.00 4,285.71 14 Equal Quarterly Instalments
Limited
Indian Bank 5-Mar-09 10,000.00 2,719.21 33 Monthly Instalments
ING Vysya Bank Limited 2-Dec-08 3,500.00 875.00 36 Monthly Instalments
Oriental Bank of Commerce 28-Feb-08 20,000.00 4,859.47 48 Equated Monthly Instalments
Punjab & Sind Bank 16-Apr-08 5,000.00 5,000.00 Bullet-15/04/2011
Punjab National Bank 15-Oct-08 20,000.00 3,428.53 35 Monthly Instalments
Ratnakar Bank Limited 20-Dec-07 2,500.00 468.60 48 Monthly Instalments
State Bank of Mysore 22-Jun-07 10,000.00 352.51 48 Monthly Instalments
South Indian Bank Limited 18-Aug-08 5,000.00 1,875.00 16 Quarterly Instalments
South Indian Bank Limited 20-Mar-09 2,500.00 1,250.00 16 Quarterly Instalments
State Bank of Bikaner & Jaipur 31-Mar-09 2,500.00 2,500.00 16 Quarterly Instalments
State Bank of Hyderabad 21-Jan-08 15,000.00 3,709.88 16 Quarterly Instalments
State Bank of Mauritius Limited 19-Jan-09 2,250.00 750.00 12 Quarterly Instalments
State Bank of Mysore 5-Mar-09 10,000.00 5,009.80 48 Monthly Instalments
State Bank of Mysore 26-Nov-07 10,000.00 1,681.28 48 Monthly Instalments
State Bank of Mysore 19-Sep-08 15,000.00 5,619.14 48 Monthly Instalments
State Bank of Patiala 30-Jul-08 20,000.00 8,523.51 14 Quarterly Instalments
State Bank of Travancore 29-Jan-09 7,500.00 2,500.00 12 Quarterly Instalments
United Bank of India 31-Dec-08 10,000.00 4,374.74 16 Quarterly Instalments
United Bank of India 3-Jun-08 5,000.00 1,562.50 16 Quarterly Instalments
United Bank of India 13-Mar-09 15,000.00 7,497.97 16 Quarterly Instalments
Vijaya Bank 28-Feb-08 5,000.00 1,250.00 16 Quarterly Instalments
Hongkong & Shanghai Banking
18-Sep-09 4,850.00 4,850.00 Bullet-16/09/2011
Corporation Limited
Deutsche Bank 22-Sep-09 7,500.00 7,500.00 Bullet 22/09/2011
Development Bank of Singapore
Limited
23-Sep-09 4,830.00 4,830.00 Bullet- 23/09/2011
F180

Shriram Transport Finance Company Limited
Secured Loans
Annexure IX
A Term Loan from banks ( Rs in Lacs)
Particulars
Date of Disbursed As at March Repayment Terms
disbursement Amount 31, 2011
Industrial Development Bank of
29-Sep-09 20,000.00 14,285.71 42 Equal Monthly Instalments
India Limited
UCO Bank 25-Sep-09 15,000.00 9,375.00 16 Equal Quarterly Instalments
United Bank of India 25-Sep-09 10,000.00 6,871.78 16 Quarterly Instalments
Syndicate Bank 29-Sep-09 15,000.00 9,375.00 48 Monthly Instalments
State Bank of Patiala 29-Sep-09 20,000.00 14,031.17 13 Quarterly Instalments
State Bank of Travancore 29-Sep-09 10,000.00 4,996.00 36 Equal Monthly Instalments
State Bank of Bikaner & Jaipur 9-Apr-09 5,000.00 1,711.25 16 Quarterly Instalments
Hongkong & Shanghai Banking
29-May-09 4,770.00 4,770.00 Bullet-31/05/2011
Corporation Limited
Development Bank of Singapore 22-Jun-09 5,000.00 1,600.00 3 Instalments
Limited
Tamilnad Merchantile Bank Limited 22-Jun-09 5,000.00 2,812.50 48 Monthly Instalments
Canara Bank 26-Jun-09 25,000.00 14,062.50 16 Quarterly Instalments
Central Bank of India 30-Jun-09 20,000.00 11,250.00 16 Quarterly Instalments
Indian Bank 30-Jun-09 10,000.00 3,619.79 33 Monthly Instalments
Bank of Rajasthan Limited 30-Jun-09 2,500.00 1,041.67 12 Quarterly Instalments
Punjab National Bank 27-Jul-09 20,000.00 8,235.00 34 Equal Monthly Instalments
Dena Bank 31-Jul-09 20,000.00 12,500.00 16 Equal Quarterly Instalments
Karur Vyasa Bank Limited 31-Jul-09 2,000.00 1,250.00 16 Equal Quarterly Instalments
Societe Generale Bank 14-Aug-09 2,000.00 416.67 24 Monthly Instalments
Oriental Bank of Commerce 24-Aug-09 20,000.00 9,444.44 36 Equated Monthly Instalments
HDFC Bank Limited 3-Oct-09 10,000.00 7,857.14 14 Quarterly Instalments
ING Vysya Bank Limited 30-Oct-09 3,800.00 2,005.56 36 Equal Monthly Instalments
Hongkong & Shanghai Banking
23-Oct-09 9,332.00 2,721.83 24 Equal Monthly Instalments
Corporation Limited
State Bank of Hyderabad 5-Nov-09 25,000.00 17,193.86 16 Quarterly Instalments
China Trust Commercial Bank
18-Nov-09 1,500.00 1,125.00 Bullet 18/11/2011
Limited
Punjab & Sind Bank 19-Nov-09 5,000.00 3,055.54 36 Monthly Instalments
Canara Bank 25-Nov-09 50,000.00 34,375.00 16 Equal Quarterly Instalments
Andhra Bank 30-Nov-09 20,000.00 13,750.00 16 Quarterly Instalments
South Indian Bank Limited 17-Dec-09 5,000.00 3,437.50 16 Equal Quarterly Instalments
Societe Generale Bank 24-Dec-09 1,200.00 450.00 24 Equal Monthly Instalments
Union Bank of India 31-Dec-09 30,000.00 20,625.00 16 Equal Quarterly Instalments
Indian Bank 29-Jan-10 20,000.00 14,140.78 48 Monthly Installament
Standard Chartered Bank 28-Jan-10 30,000.00 20,000.00 5 Instalments
Calyon Bank 29-Jan-10 10,000.00 10,000.00 Bullet 29/01/2012
Shinhan Bank 9-Feb-10 2,800.00 2,800.00 Bullet-01/01/2014
Dhanlaxmi Bank Limited 12-Mar-10 5,000.00 4,001.00 15 Quarterly Instalments
J P Morgan Chase Bank 22-Mar-10 12,000.00 12,000.00 Bullet - 06/04/2011
Hongkong & Shanghai Banking
23-Mar-10 10,000.00 6,666.67 36 Equal Monthly Instalments
Corporation Limited
Corporation Bank 25-Mar-10 10,000.00 8,000.00 20 Quaterly Instalments
Punjab National Bank 26-Mar-10 25,000.00 16,180.00 34 Monthly Instalments
F181

Shriram Transport Finance Company Limited
Secured Loans
Annexure IX
A Term Loan from banks ( Rs in Lacs)
Particulars
Date of
disbursement
Disbursed
Amount
As at March
31, 2011
Repayment Terms
Societe Generale Bank 23-Mar-10 1,200.00 600.00 24 Monthly Instalments
Deutsche Bank 9-Apr-10 10,000.00 10,000.00 Bullet 06/04/2013
Hongkong & Shanghai Banking
12-Apr-10 10,000.00 6,944.44 36 Monthly Instalments
Corporation Limited
State Bank of Mauritius Limited 6-Apr-10 750.00 562.50 12 Quaterly Instalments
HDFC Bank Limited 12-May-10 32.00 26.93 60 Monthly Instalments
HDFC Bank Limited 4-May-10 6,000.00 6,000.00 Bullet-04/05/2011
Hongkong & Shanghai Banking
6-May-10 14,000.00 14,000.00 Bullet-06/05/2011
Corporation Limited
Karnataka Bank Limited 28-May-10 5,000.00 4,038.26 16 Equal Quarterly Instalments
Bank of Tokyo - Mitsubishi UFJ
13-May-10 7,500.00 7,500.00 Bullet-14/05/2012
Limited
City Union Bank Limited 16-Jun-10 2,500.00 2,206.81 60 Equated Monthly Instalments
Development Bank of Singapore
15-Jun-10 10,900.00 10,900.00 Bullet 15/06/2012
Limited
Axis Bank Limited 5-Jun-10 10.60 9.15 60 Monthly Instalments
Indian Bank 30-Jun-10 20,000.00 16,226.03 48 Monthly Instalments
Citibank N.A. 6-Jul-10 15,000.00 15,000.00 Bullet --06/07/2011
Karur Vyasa Bank Limited 20-Jul-10 2,500.00 2,187.50 16 Equal Quarterly Instalments
UBS A.G. Bank 30-Jul-10 10,000.00 10,000.00 Bullet-29/07/2011
Hongkong & Shanghai Banking
18-Aug-10 12,500.00 10,069.45 36 Equal Monthly Instalments
Corporation Limited
Industrial Development Bank of India 31-Aug-10 20,000.00 19,523.81 42 Monthly Instalments
Limited
Vijaya Bank 28-Aug-10 5,000.00 4,270.83 48 Equal Monthly Instalments
Citibank N.A. 16-Sep-10 10,000.00 10,000.00 Bullet 16/09/2011
Jammu & Kashmir Bank Limited 29-Sep-10 30,000.00 30,000.00 14 Equal Quaterly Instalments
ING Vysya Bank Limited 14-Oct-10 9,000.00 7,750.00 36 Equl Monthly Instalments
Mizuho Corporate Bank Limited 22-Dec-10 5,000.00 5,000.00 Bullet 20/06/2011
Axis Bank Limited 23-Dec-10 50,000.00 50,000.00 3 Yearly Instalments
State Bank Of Mauritius Limited 30-Dec-10 2,700.00 2,475.00 12 Quarterly Instalments
Corporation Bank 31-Dec-10 10,000.00 9,500.00 20 Quarterly Instalments
The Laxmi Vilas Bank Limited 31-Dec-10 10,000.00 10,000.00 6 Equal Monthly Instalments
State Bank of Travancore 9-Nov-10 10,000.00 9,333.19 60 Monthly Instalments
Axis Bank Limited 8-Feb-11 50,000.00 50,000.00 3 Equal Yearly Instalments
Abu Dhabi Commercial Bank Limited 1-Mar-11 2,000.00 2,000.00 6 Monthly instalments
Development Bank of Singapore
9-Mar-11 11,000.00 11,000.00 Bullet 07/10/2014
Limited
Development Bank of Singapore
23-Mar-11 5,000.00 5,000.00 Bullet 23/10/2014
Limited
Federal Bank Limited 31-Mar-11 2,500.00 2,500.00 Bullet 31/03/2014
Hongkong & Shanghai Banking
4-Feb-11 3,600.00 3,500.00 36 Monthly Instalments
Corporation Limited
Hongkong & Shanghai Banking
Corporation Limited
4-Feb-11 9,000.00 8,750.00 36 Monthly Instalments
F182

Shriram Transport Finance Company Limited
Secured Loans
Annexure IX
A Term Loan from banks (Rs in Lacs)
Particulars
Date of Disbursed As at Repayment Terms
disbursement Amount March 31,
2011
Indian Overseas Bank 20-Jan-11 20,000.00 20,000.00 16 Equal Quarterly Instalments
J P Morgan Chase Bank 14-Feb-11 10,000.00 10,000.00 Bullet 15/05/2013
Societe Generale Bank 3-Mar-11 3,500.00 3,500.00 24 Monthly Instalments
Standard Chartered Bank 14-Feb-11 30,000.00 30,000.00 3 Equal Yearly Instalments
Standard Chartered Bank 6-Jan-11 15,000.00 15,000.00 Bullet 06/01/2012
The Bank of Tokyo - Mitsubishi UFJ 24-Mar-11 2,000.00 2,000.00 Bullet 24/03/2011
Limited
Calyon Bank 10-Mar-11 5,000.00 5,000.00 Bullet 10/03/2013
Allahabad Bank 28-Jan-11 10,000.00 10,000.00 Bullet 28/01/2015
Bank Of Maharashtra 17-Mar-11 15,000.00 15,000.00 16 Equal Quarterly Instalments
Canara Bank 31-Mar-11 15,000.00 15,000.00 3 Equal Yearly Instalments
Total 1,386,524.60 967,999.97
B Term Loan from others ( Rs in Lacs)
Particulars Date of disbursement Disbursed As at Repayment Terms
Amount March 31,
2011
L&T Finance Limited 29-Jun-05 2,500.00 130.52 72 Monthly Instalments
L&T Finance Limited 2-Jan-06 2,500.00 383.92 72 Monthly Instalments
Life Insurance Corporation
14-Jun-06 7,500.00 1,500.00 5 Annual Instalments
of India
Small Industries
29-Sep-08 10,000.00 1,900.00 33 Monthly Instalments
Development Bank of India
GE Capital Services India 20-Apr-10 5,000.00 5,000.00 Bullet 23/04/2013
SICOM 25-May-10 6,500.00 6,500.00 Bullet 25/05/2011
Citicorp Finance (India)
20-Sep-10 10,000.00 10,000.00 Bullet 25/09/2011
Limited
Total 44,000.00 25,414.44
F183

Shriram Transport Finance Company Limited
Secured Loans
Annexure IX
C Cash Credit from Banks as at March 31, 2011 (Rs in Lacs)
Particulars Date of Sanction Amount As at March 31, 2011
Sanctioned
Federal Bank Limited 16-Mar-11 2,500.00 16.16
Bank of Ceylon 7-Dec-09 600.00 400.07
Punjab National Bank 24-Dec-07 6,000.00 1.71
State Bank of Travancore 4-Oct-10 7,500.00 5,094.20
Dena Bank 26-Aug-10 17,500.00 5,018.37
UCO Bank 1-Sep-09 15,000.00 37.84
Bank of Baroda 10-Jul-10 4,000.00 0.09
Central Bank of India 21-Aug-09 30,000.00 24,873.07
Bank of Maharashtra 15-Jan-11 10,000.00 2.08
State Bank of Mysore 30-Dec-10 10,000.00 2,510.38
State Bank of Bikaner and Jaipur 8-Mar-11 5,000.00 0.96
Andhra Bank 30-Dec-09 15,000.00 9.45
Indian Bank 29-Jan-10 5,000.00 4.45
South Indian Bank Limited 30-Nov-09 5,000.00 100.06
Union Bank of India 31-Mar-11 22,175.00 9.15
State Bank of India 29-Mar-11 47,000.00 1,737.54
State Bank of Patiala 7-Sep-09 5,000.00 2,044.07
Oriental Bank of Commerce 10-Jan-11 20,000.00 5,350.22
Allahabad Bank 22-Dec-10 20,000.00 1,007.93
Vijaya Bank 30-Dec-10 5,000.00 16.99
TOTAL 252,275.00 48,234.79
F184

Shriram Transport Finance Company Limited
Secured Loans
Cash credit with Banks –Unutilised as at March 31, 2011
Annexure IX
(Rs in Lacs)
Particulars Date of Sanction Amount Sanctioned
Bank of India 3-Jun-10 47,500.00
Bank of Bahrain & Kuwait 13-Aug-08 1,000.00
Canara Bank 19-Mar-11 7,500.00
Corporation Bank 17-Apr-07 5,000.00
Dhanlaxmi Bank Limited 28-Feb-11 500.00
Deutsche Bank 24-Aug-09 2,500.00
HDFC Bank Limited 5-Mar-09 12,000.00
Hongkong & Shanghai Banking Corporation Limited 20-Jul-06 4,000.00
ICICI Bank Limited 15-Mar-11 19,000.00
Industrial Development Bank of India Limited 5-Oct-10 20,000.00
Indian Overseas Bank 20-Oct-10 30,000.00
Indusind Bank Limited 2-Mar-10 3,250.00
Kotak Mahindra Bank 22-Feb-11 1,500.00
Ratnakar Bank Limited 20-Sep-08 1,000.00
Standard Chartered Bank 20-Jan-11 4,200.00
Syndicate Bank 4-Mar-10 10,000.00
United Bank of India 10-Jan-11 15,000.00
Axis Bank Limited 20-Sep-10 15,000.00
Citibank N.A. 15-Oct-07 5,000.00
City Union Bank Limited 15-Mar-10 5,000.00
Yes Bank 14-Jan-11 7,500.00
Axis Bank Limited 15-Nov-10 10,000.00
ICICI Bank Limited 15-Dec-10 5,000.00
Barclays Bank PLC 24-Mar-09 15,000.00
Bank of America 1-Nov-10 2,350.00
TOTAL 248,800.00
F185

D
Shriram Transport Finance Company Limited
Secured Loans
Privately placed Redeemable Non Convertible Debenture of Rs 1,000,000/- each
Quoted:
Particulars
Date of
Allotment
Disbursed
Amount
As at March
31, 2011
Annexure IX
(Rs in Lacs )
Repayment
Terms
Life Insurance Corporation Of India 2-May-08 15,000.00 15,000.00 Bullet 2-May-11
UTI -Unit Linked Insurance Plan 20-Jun-08 3,500.00 3,500.00 Bullet 20-Jun-11
UTI -Unit Scheme For Charitable And Religious 20-Jun-08 2,500.00 2,500.00 Bullet 20-Jun-11
Trusts And Registered Societies
UTI - Children Career Balanced Plan 20-Jun-08 2,500.00 2,500.00 Bullet 20-Jun-11
UTI - Retirement Benefit Pension Fund 20-Jun-08 1,500.00 1,500.00 Bullet 20-Jun-11
BNP Paribas Money Plus Fund 15-Sep-08 850.00 850.00 Bullet 15-Sep-11
IDFC Hybrid Portfolio Fund-Series I 15-Sep-08 500.00 500.00 Bullet 15-Sep-11
BNP Paribas Fixed Term Fund-Series 18-D 15-Sep-08 150.00 150.00 Bullet 15-Sep-11
ICICI Prudential Fixed Maturity Plan - Series45 - 17-Sep-08 8,000.00 8,000.00 Bullet 1-Sep-11
Three Years Plan
Life Insurance Corporation of India 3-Nov-08 30,000.00 30,000.00 Bullet 03-Nov-13
General Insurance Corporation of India 26-Nov-08 1,000.00 1,000.00 Bullet 26-Nov-13
United Bank of India 28-Mar-09 5,000.00 5,000.00 Bullet 28-Mar-12
Principal Trustee Company Private Limited A/C 20-Apr-09 2,400.00 2,400.00 Bullet 20-Apr-11
Principal Mutual Fund-Principal Near - Term
Fund - Conservative Plan
Principal Trustee Company Private Limited- 20-Apr-09 100.00 100.00 Bullet 20-Apr-11
Principal Mutual Fund - Principal Ultra Short
Term Fund
Standard Chartered Bank (Mauritius) Limited -
Debt
30-Jun-09 25,000.00 12,500.00 2 Equal Annual
Instalments
Trustee Company Limited A/C Tata Mutual Fund 14-Sep-09 1,500.00 1,500.00 Bullet 5-Apr-11
A/C Tata Fixed Maturity Plan - Series 25 Scheme
A
Corporation Bank 4-May-10 2,000.00 2,000.00 Bullet 4-May-13
Rural Postal Life Insurance Fund A/C UTI AMC 4-May-10 500.00 500.00 Bullet 4-May-13
Cholamandalam MS General Insurance Company 6-May-10 1,000.00 1,000.00 Bullet 6-May-13
Limited
Corporation Bank 6-May-10 1,000.00 1,000.00 Bullet 6-May-13
ING Mutual Fund A/C ING Short Term Income 6-May-10 240.00 240.00 Bullet 6-May-13
Fund
ING Mutual Fund A/C ING Income Fund 6-May-10 130.00 130.00 Bullet 6-May-13
ING Mutual Fund A/C ING Balanced Fund 6-May-10 90.00 90.00 Bullet 6-May-13
ING Mutual Fund A/C ING MIP Fund 6-May-10 40.00 40.00 Bullet 6-May-13
UTI - Childrens Career Balanced Plan 14-May-10 7,500.00 7,500.00 Bullet 14-May-13
UTI-Unit Linked Insurance Plan 14-May-10 5,000.00 5,000.00 Bullet 14-May-13
UTI-Unit Scheme For Charitable And Religious 14-May-10 2,500.00 2,500.00 Bullet 14-May-13
Trusts And Registered Societies
UTI-MIS-Advantage Plan 14-May-10 2,000.00 2,000.00 Bullet 14-May-13
UTI - Retirement Benefit Pension Fund 14-May-10 2,000.00 2,000.00 Bullet 14-May-13
UTI - Monthly Income Scheme 14-May-10 1,000.00 1,000.00 Bullet 14-May-13
Unquoted:
CMNK Consultancy & Services Private Limited 28-Mar-11 2,400.00 2,400.00 Bullet 28-Mar-12
Take Solutions Limited 28-Mar-11 2,400.00 2,400.00 Bullet 28-Mar-12
Take Solutions Limited 28-Mar-11 200.00 200.00 Bullet 28-Mar-12
129,500.00 117,000.00
F186

Shriram Transport Finance Company Limited
Secured Loans
Annexure IX
E
Privately placed Redeemable Non Convertible Debenture of Rs 1,000/- each
Particulars As at March 31, 2011 Repayment Terms
(Rs in Lacs)
Retail Debentures 220,813.98
Redeemable at par over a period 12 to 160
months
F
Public issue of Redeemable Non-convertible Debentures of Rs. 1,000/- each (2009)- quoted
(Rs in Lacs)
Particulars As at March 31, 2011 Repayment Terms
Option -I (40% of Face value) 3,489.95 26.08.2012
Option -I (40% of Face value) 3,489.95 26.08.2013
Option -I (20% of Face value) 1,744.97 26.08.2014
Option -II (40% of Face value) 2,949.84 26.08.2012
Option -II (40% of Face value) 2,949.84 26.08.2013
Option -II (20% of Face value) 1,474.92 26.08.2014
Option -III 10,422.51 26.08.2014
Option -IV 2,274.12 26.08.2014
Option -V 66,988.63 26.08.2012
Total 95,784.73
G Public issue of Redeemable Non-convertible Debentures of Rs. 1,000/- each (2010) - quoted
(Rs in Lacs)
Particulars As at March 31, 2011 Repayment Terms
Option -I 15,754.47 01.06.2015
Option -II 6,254.36 01.06.2017
Option -III (40% of Face value) 7,872.34 01.06.2013
Option -III (40% of Face value) 7,872.34 01.06.2014
Option -III (20% of Face value) 3,936.17 01.06.2015
Total 41,689.68
Total Secured Loans (A+B+C+D+E+F+G) 1,516,937.59
Notes:
1 Security
a. Loans/CC aggregating to Rs. 1,041,613.12 Lacs are secured by specific assets covered under hypothecation loan
agreements.
b. Loans aggregating to Rs. 36.08 Lacs are secured by Vehicles.
c. Redeemable Non convertible Debentures aggregating to Rs. 220,813.98 Lacs are secured by equitable mortgage of title
deeds of immovable property, secured by charge on fixed assets and hypothecation loan agreements.
F187

Shriram Transport Finance Company Limited
Annexure IX
Secured Loans
d. Redeemable Non convertible Debentures aggregating to Rs. 137,474.41 Lacs are secured by equitable mortgage of title
deeds of immovable property and secured by specific assets covered under hypothecation loan agreements.
e. Privately Placed Redeemable Non convertible Debentures aggregating to Rs. 117,000.00 Lacs are secured by equitable
mortgage of title deeds of immovable property and specific assets covered under hypothecation loan agreements.
2 Terms as regards Interest/Pre-payment:
a. The Fixed Interest bearing Loans/CC/Non-convertible debentures aggregate to Rs. 769,795.00 Lacs and the floating interest
bearing Loans/CC/Non-convertible debentures aggregate to Rs. 747,142.59 Lacs. Out of fixed interest bearing loans Rs.
28,036.28 Lacs are hedged.
b. Out of the above, Loans/CC/Non-convertible debentures aggregating to Rs. 269,910.04 Lacs have an interest reset option.
c. Loans/CC/Non-convertible debentures aggregating to Rs. 554,118.64 Lacs have a Pre-payment option upon payment of
stipulated charges.
d. Loans/Non-convertible debentures aggregating to Rs. 47,141.94 Lacs have a Pre-payment option without payment of charges.
3 Redeemable Non convertible Debentures issued under NCD Public Issue 2009 Option III and IV aggregating to Rs. 12,696.63
lacs have both Call & Put option after 48 months from date of allotment.
4 Redeemable Non convertible Debentures issued under NCD Public Issue 2010 Option I aggregating to Rs. 15,754.47 lacs and
Option II aggregating to Rs. 6,254.36 lacs have both Call & Put option after 36 months and 60 months respectively after date
of allotment.
5 Privately Placed Redeemable Non convertible Debentures aggregating to Rs. 2,500.00 Lacs have Put option.
6 Privately Placed Redeemable Non convertible Debentures - retail aggregating to Rs. 8,161.48 Lacs have Put option and Rs.
220,813.98 Lacs have Call option.
7 Loans aggregating to Rs. 59,375.00 Lacs have Put call option.
8 The bankers have a right to appoint a nominee director in case of loans/CC aggregating to Rs. 92,789.94 Lacs.
9 The bankers have a right to convert debt into equity in case of default by the company for loan aggregating to Rs. 9,333.19
Lacs.
10 The Redeemable Non Convertible Debentures may be bought back subject to applicable statutory and/or regulatory
requirements, upon the terms and conditions as may be decided by the company.
11 The company may grant loan against the security of NCDs upon the terms and conditions as may be decided by the
company.
12 Subject to the provisions of The Companies Act, 1956, where the company has fully redeemed or repurchased any Secured
NCD(s), the company shall have the right to keep such Secured NCDs in effect without extinguishment thereof, for the
purpose of resale or reissue.
F188

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Date of
Allotment
Disbursed
Amount
As at
March 31,
2011
Annexure X
( Rs in Lacs )
Repayment Terms
Privately Placed Subordinated debts -quoted
Oriental Bank of Commerce 30-Nov-07 1,000.00 1,000.00 Bullet 31-May-13
UTI - Monthly Income Scheme 29-Jan-08 1,500.00 1,500.00 Bullet 29-Jul-13
UTI-Unit Linked Insurance Plan 29-Jan-08 1,000.00 1,000.00 Bullet 29-Jul-13
Bank of India 1-Feb-08 1,500.00 1,500.00 Bullet 01-May-13
Bank of India 17-Mar-08 1,500.00 1,500.00 Bullet 17-Sep-13
Reliance Capital Trustee Company Limited-A/C
Reliance Dual Advantage Fixed Tenure Fund Plan B
24-Mar-08 1,500.00 1,500.00 Bullet 24-Jun-13
BNP Paribas Bond Fund 24-Mar-08 1,350.00 1,350.00 Bullet 24-Jun-13
Reliance Capital Trustee Company Limited A/C 24-Mar-08 1,000.00 1,000.00 Bullet 24-Jun-13
Reliance Monthly Income Plan
BNP Paribas Money Plus Fund 24-Mar-08 1,000.00 1,000.00 Bullet 24-Jun-13
BNP Paribas Monthly Income Plan 24-Mar-08 150.00 150.00 Bullet 24-Jun-13
UCO Bank 27-Mar-08 1,000.00 1,000.00 Bullet 27-Jun-13
Reliance Capital Trustee Company Limited-A/C
Reliance Dual Advantage Fixed Tenure Fund Plan B
2-May-08 1,000.00 1,000.00 Bullet 03-Oct-13
BNP Paribas Bond Fund 2-May-08 810.00 810.00 Bullet 03-Oct-13
BNP Paribas Flexi Debt Fund 2-May-08 490.00 490.00 Bullet 03-Oct-13
BNP Paribas Money Plus Fund 2-May-08 200.00 200.00 Bullet 03-Oct-13
HVPNL Employees Pension Fund Trust 4-Aug-08 2,250.00 2,250.00 Bullet 04-Aug-18
Food Corporation of India CPF Trust 4-Aug-08 1,000.00 1,000.00 Bullet 04-Aug-18
HVPNL Employees Provident Fund Trust 4-Aug-08 750.00 750.00 Bullet 04-Aug-18
Gas Authority of India Limited Employees Provident 4-Aug-08 300.00 300.00 Bullet 04-Aug-18
Fund Trust
The Jammu And Kashmir Bank Employees
Provident Fund Trust
4-Aug-08 200.00 200.00 Bullet 04-Aug-18
GAIL Employees Superannuation Benefit Fund 4-Aug-08 100.00 100.00 Bullet 04-Aug-18
Gujarat Alkalies And Chemicals Limited Employees 4-Aug-08 100.00 100.00 Bullet 04-Aug-18
Provident Fund Trust
Asbestos Cement Limited Employees Provident
Fund
GAIL (India) Limited Employees Death-Cum-
Superannuation Gratuity Scheme
Provident Fund of Mangalore Refinery And
Petrochemicals Limited
4-Aug-08 60.00 60.00 Bullet 04-Aug-18
4-Aug-08 50.00 50.00 Bullet 04-Aug-18
4-Aug-08 40.00 40.00 Bullet 04-Aug-18
Mother Dairy Employees Provident Fund Trust 4-Aug-08 30.00 30.00 Bullet 04-Aug-18
GSFC Limited - Fibre Unit Employees Provident 4-Aug-08 30.00 30.00 Bullet 04-Aug-18
fund Trust
F189

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Privately Placed Subordinated debts -quoted
Trustees Provident Fund of The Employees of The
Ugar Sugar Works Limited
Date of
Allotment
Disbursed
Amount
As at
March 31,
2011
Annexure X
( Rs in Lacs )
Repayment Terms
4-Aug-08 30.00 30.00 Bullet 04-Aug-18
British High Commission India Staff Provident fund 4-Aug-08 20.00 20.00 Bullet 04-Aug-18
L And T Niro Staff Provident Fund 4-Aug-08 10.00 10.00 Bullet 04-Aug-18
Alembic Limited Provident Fund Trust 4-Aug-08 10.00 10.00 Bullet 04-Aug-18
Atlas Cycle Industries Provident Fund Trust 4-Aug-08 10.00 10.00 Bullet 04-Aug-18
Lubrizol India Limited Employees Provident Fund 4-Aug-08 10.00 10.00 Bullet 04-Aug-18
Chhattisgarh State Electricity Board (CSEB)
5-Nov-08 2,000.00 2,000.00 Bullet 05-Nov-18
Provident Fund Trust
Delhi Development Authority 5-Nov-08 1,000.00 1,000.00 Bullet 05-Nov-18
Chhattisgarh State Electricity Board Gratuity and 7-Nov-08 1,500.00 1,500.00 Bullet 07-Nov-18
Pension Fund Trust
UCO Bank 26-Nov-08 5,000.00 5,000.00 Bullet 26-Feb-14
Jacobs H And G Private Limited Employees
26-Nov-08 10.00 10.00 Bullet 26-Feb-14
Provident Fund
Bank of Maharashtra 11-Dec-08 2,000.00 2,000.00 Bullet 11-Dec-14
Bank of Baroda 11-Dec-08 2,000.00 2,000.00 Bullet 11-Dec-14
The Indian Iron And Steel Co Limited Provident 11-Dec-08 500.00 500.00 Bullet 11-Dec-14
Institution
Durgapur Steel Plant Provident Fund 11-Dec-08 200.00 200.00 Bullet 11-Dec-14
Ashok Leyland Senior Executives Provident Fund 11-Dec-08 100.00 100.00 Bullet 11-Dec-14
Rameshwara Jute Mills Workers Provident Fund 11-Dec-08 100.00 100.00 Bullet 11-Dec-14
Trust
Gujarat Alkalies And Chemicals Limited Employees
Provident Fund Trust
11-Dec-08 50.00 50.00 Bullet 11-Dec-14
Shivani Kumar 11-Dec-08 13.00 13.00 Bullet 11-Dec-14
Russell Reynolds Associates India Employees 11-Dec-08 5.00 5.00 Bullet 11-Dec-14
Provident Fund
Frank Ross Limited Employees' Provident Fund 11-Dec-08 5.00 5.00 Bullet 11-Dec-14
D S Savant And Sons Employees Provident Fund 11-Dec-08 5.00 5.00 Bullet 11-Dec-14
Paushak Limited Provident Fund 11-Dec-08 5.00 5.00 Bullet 11-Dec-14
AFCO Fincon Private Limited 11-Dec-08 4.00 4.00 Bullet 11-Dec-14
Rai And Sons Private Limited Employees Provident 11-Dec-08 4.00 4.00 Bullet 11-Dec-14
Fund
Mehta And Padamsey Private Limited Employees
Provident Fund
11-Dec-08 2.00 2.00 Bullet 11-Dec-14
Mehta And Padamsey Surveyors Private Limited
Staff Provident Fund
11-Dec-08 2.00 2.00 Bullet 11-Dec-14
Hirabai Vithaldas Shubh Trust 11-Dec-08 2.00 2.00 Bullet 11-Dec-14
The Metal Rolling Works Limited Employees 11-Dec-08 1.00 1.00 Bullet 11-Dec-14
Educational Welfare Trust
Sarvodaya Welfare Trust 11-Dec-08 1.00 1.00 Bullet 11-Dec-14
Hakamchand Vakhatram Philanthropic Trust 11-Dec-08 1.00 1.00 Bullet 11-Dec-14
Bangiya Gramin Vikash Bank 15-Dec-08 300.00 300.00 Bullet 15-Mar-14
Life Insurance Corporation of India 23-Dec-08 100.00 100.00 Bullet 23-Mar-14
Karnataka Power Corporation Limited Employee 23-Dec-08 100.00 100.00 Bullet 23-Mar-14
Contributory Provident Fund Trust
F190

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Date of
Allotment
Disbursed
Amount
As at
March 31,
2011
Annexure X
( Rs in Lacs )
Repayment Terms
Privately Placed Subordinated debts -quoted
Maihar Cement Employees Provident Fund 29-Dec-08 30.00 30.00 Bullet 29-Dec-18
Century Textiles And Industries Limited (Cement 29-Dec-08 7.00 7.00 Bullet 29-Dec-18
Divisions) Superannuation Fund
Manikgarh Cement Employees Superannuation
Welfare Trust
29-Dec-08 4.00 4.00 Bullet 29-Dec-18
LIC of India - Gratuity Plus 17-Jan-09 500.00 500.00 Bullet 17-Apr-14
Bank of India 2-Apr-09 2,000.00 2,000.00 Bullet 02-Jul-14
Air- India Employees Provident Fund 2-Apr-09 500.00 500.00 Bullet 02-Jul-14
Hero Honda Motors Limited 18-Apr-09 1,300.00 1,300.00 Bullet 18-Jul-14
The Indian Iron And Steel Co Limited Provident 18-Apr-09 500.00 500.00 Bullet 18-Jul-14
Institution
Durgapur Steel Plant Provident Fund 18-Apr-09 200.00 200.00 Bullet 18-Jul-14
RKM Provident Fund 18-Apr-09 179.00 179.00 Bullet 18-Jul-14
Rameshwara Jute Mills Workers Provident Fund 18-Apr-09 100.00 100.00 Bullet 18-Jul-14
Trust
Radha Govind Samiti 18-Apr-09 100.00 100.00 Bullet 18-Jul-14
Megna Jute Mills Provident Fund 18-Apr-09 27.00 27.00 Bullet 18-Jul-14
L And T (Kansbahal) Staff And Workmen Provident 18-Apr-09 15.00 15.00 Bullet 18-Jul-14
Fund
Hakamchand Vakhatram Philanthropic Trust 18-Apr-09 10.00 10.00 Bullet 18-Jul-14
Snehal Baid 18-Apr-09 10.00 10.00 Bullet 18-Jul-14
Bijay Singh Baid 18-Apr-09 10.00 10.00 Bullet 18-Jul-14
Sanjay Kumar Baid 18-Apr-09 10.00 10.00 Bullet 18-Jul-14
Wander Limited Employees Provident Fund 18-Apr-09 7.00 7.00 Bullet 18-Jul-14
Ramprakash Podar Charitable Trust 18-Apr-09 7.00 7.00 Bullet 18-Jul-14
Orient Ceramics Provident Fund Institution 18-Apr-09 7.00 7.00 Bullet 18-Jul-14
Burns Philp India Private Limited Employees
18-Apr-09 6.00 6.00 Bullet 18-Jul-14
Provident Fund
L And T (Kansbahal) Officers And Supervisory Staff 18-Apr-09 6.00 6.00 Bullet 18-Jul-14
Provident Fund
Eskaps (India) Private Limited Employees Providend
Fund
18-Apr-09 5.00 5.00 Bullet 18-Jul-14
Mehta And Padamsey Private Limited Employees 18-Apr-09 1.00 1.00 Bullet 18-Jul-14
Provident Fund
ICICI Bank Limited 15-Jul-09 1,920.00 1,920.00 Bullet 10-Oct-14
Jai Corp Limited 15-Jul-09 1,000.00 1,000.00 Bullet 10-Oct-14
Kotak Mahindra Trustee Co Limited A/C Kotak
Credit Opportunities Fund
Chhattisgarh State Electricity Board Gratuity and
Pension Fund Trust
Kotak Mahindra Trustee Co Limited- A/C Kotak
Monthly Income Plan
15-Jul-09 600.00 600.00 Bullet 10-Oct-14
15-Jul-09 440.00 440.00 Bullet 10-Oct-14
15-Jul-09 300.00 300.00 Bullet 10-Oct-14
F191

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Date of
Allotment
Disbursed
Amount
As at
March 31,
2011
Annexure X
( Rs in Lacs )
Repayment Terms
Privately Placed Subordinated debts -quoted
Abn Amro Bank N V Employees' Provident Fund 15-Jul-09 150.00 150.00 Bullet 10-Oct-14
Kotak Mahindra Trustee Company Limited A/C. 15-Jul-09 100.00 100.00 Bullet 10-Oct-14
Kotak Mahindra Bond Short Term Plan
Aradhana Investments Limited 15-Jul-09 100.00 100.00 Bullet 10-Oct-14
Cheviot Agro Industries Limited 15-Jul-09 30.00 30.00 Bullet 10-Oct-14
Pravin Shripad Bhalerao 15-Jul-09 30.00 30.00 Bullet 10-Oct-14
R S R Mohota Spg And Wvg Mills Limited
15-Jul-09 20.00 20.00 Bullet 10-Oct-14
Employees Provident Fund Trust Hinganghat
Sunderdevi Baid 15-Jul-09 20.00 20.00 Bullet 10-Oct-14
Bela Anil Dalal 15-Jul-09 15.00 15.00 Bullet 10-Oct-14
Meenakshi Baid 15-Jul-09 15.00 15.00 Bullet 10-Oct-14
Aditya Share Dealings And Trading Private Limited 15-Jul-09 15.00 15.00 Bullet 10-Oct-14
Cheviot Company Limited Employees Gratuity Trust
Fund
15-Jul-09 10.00 10.00 Bullet 10-Oct-14
Amrish A Dalal 15-Jul-09 10.00 10.00 Bullet 10-Oct-14
Bijay Singh Baid 15-Jul-09 10.00 10.00 Bullet 10-Oct-14
Ganpati Share Cap Private Limited 15-Jul-09 10.00 10.00 Bullet 10-Oct-14
Bajaj Allianz Life Insurance Company Limited 27-Oct-09 3,500.00 3,500.00 Bullet 27-Jan-15
NPS Trust- A/C LIC Pension Fund Scheme - Central 27-Oct-09 1,310.00 1,310.00 Bullet 27-Jan-15
Government
Trustees Hindustan Steel Limited Contributory
Provident Fund, Rourkela
27-Oct-09 1,000.00 1,000.00 Bullet 27-Jan-15
Food Corporation of India CPF Trust 27-Oct-09 1,000.00 1,000.00 Bullet 27-Jan-15
Air- India Employees Provident Fund 27-Oct-09 600.00 600.00 Bullet 27-Jan-15
Best Location Properties Private Limited 27-Oct-09 500.00 500.00 Bullet 27-Jan-15
Allahabad Bank 27-Oct-09 500.00 500.00 Bullet 27-Jan-15
United India Insurance Company Limited Employees 27-Oct-09 500.00 500.00 Bullet 27-Jan-15
Gratuity Fund
NPS Trust- A/C SBI Pension Fund Scheme - State 27-Oct-09 497.00 497.00 Bullet 27-Jan-15
Government
NPS Trust- A/C LIC Pension Fund Scheme - State 27-Oct-09 200.00 200.00 Bullet 27-Jan-15
Government
Gujarat Alkalies And Chemicals Limited Employees 27-Oct-09 160.00 160.00 Bullet 27-Jan-15
Provident Fund Trust
Sprism Investment Services P Limited 27-Oct-09 55.00 55.00 Bullet 27-Jan-15
Sushilkumar N Trivedi 27-Oct-09 50.00 50.00 Bullet 27-Jan-15
Ashok Leyland Employees Hosur Provident Fund 27-Oct-09 30.00 30.00 Bullet 27-Jan-15
Trust
Centre For Development of Telematics Employees 27-Oct-09 30.00 30.00 Bullet 27-Jan-15
Provident Fund Trust
Uma Narayana Moorthy 27-Oct-09 25.00 25.00 Bullet 27-Jan-15
P Anusha 27-Oct-09 15.00 15.00 Bullet 27-Jan-15
F192

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Privately Placed Subordinated debts -quoted
The Municipal Co-Op Bank Employee Provident
Fund
Date of
Allotment
Disbursed
Amount
As at
March 31,
2011
Annexure X
( Rs in Lacs )
Repayment Terms
27-Oct-09 10.00 10.00 Bullet 27-Jan-15
Kala Gopalakrishnan 27-Oct-09 5.00 5.00 Bullet 27-Jan-15
Humphreys And Glasgow Directors Superannuation 27-Oct-09 3.00 3.00 Bullet 27-Jan-15
Fund
NPS Trust- A/C SBI Pension Fund Scheme C - Tier I 27-Oct-09 3.00 3.00 Bullet 27-Jan-15
Orient Ceramics Provident Fund Institution 27-Oct-09 3.00 3.00 Bullet 27-Jan-15
R A Nariman And Co Limited Employees Provident 27-Oct-09 2.00 2.00 Bullet 27-Jan-15
Fund Trust
Abdullah Hakimuddin Poonawala 27-Oct-09 2.00 2.00 Bullet 27-Jan-15
United India Insurance Company Limited 31-Oct-09 2,000.00 2,000.00 Bullet 31-Oct-19
Bank of India Provident Fund 31-Oct-09 500.00 500.00 Bullet 31-Oct-19
Air- India Employees Provident Fund 31-Oct-09 400.00 400.00 Bullet 31-Oct-19
The Kalyan Janata Sahakari Bank Limited 24-Nov-09 500.00 500.00 Bullet 22-Nov-19
The Zoroastrian Co-Operative Bank Limited 24-Nov-09 500.00 500.00 Bullet 22-Nov-19
The Jammu And Kashmir Bank Employee Pension 24-Nov-09 400.00 400.00 Bullet 22-Nov-19
Fund Trust
Engineers India Limited Employees Provident Fund 24-Nov-09 300.00 300.00 Bullet 22-Nov-19
The Jammu And Kashmir Bank Employees
Provident Fund Trust
24-Nov-09 200.00 200.00 Bullet 22-Nov-19
NIIT Limited Employees Provident Fund Trust 24-Nov-09 50.00 50.00 Bullet 22-Nov-19
Pune Zilla Madhyawarti Sahakari Bank Maryadit 24-Nov-09 25.00 25.00 Bullet 22-Nov-19
Provident Fund
GHCL Officers Provident Fund Trust 24-Nov-09 20.00 20.00 Bullet 22-Nov-19
Bharatiya Vidya Bhavan Staff Contributory
24-Nov-09 20.00 20.00 Bullet 22-Nov-19
Provident Fund
Hooghly Docking Works Provident Fund 24-Nov-09 10.00 10.00 Bullet 22-Nov-19
The National Peroxide Limited Employees Gratuity 24-Nov-09 10.00 10.00 Bullet 22-Nov-19
Fund
Intervet India Private Limited Employees Provident 24-Nov-09 10.00 10.00 Bullet 22-Nov-19
Fund Trust
A V George Group Employees Provident Fund ( 24-Nov-09 10.00 10.00 Bullet 22-Nov-19
Trustees )
The Board of Trustees IPIRTIECPF 24-Nov-09 9.00 9.00 Bullet 22-Nov-19
Industrial Jewels Private Limited Provident Fund 24-Nov-09 8.00 8.00 Bullet 22-Nov-19
Darashaw & Company Private Limited 24-Nov-09 8.00 8.00 Bullet 22-Nov-19
Spintex Private Limited 24-Nov-09 5.00 5.00 Bullet 22-Nov-19
Swan Silk Limited Employees Provident Fund Trust 24-Nov-09 5.00 5.00 Bullet 22-Nov-19
F193

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Privately Placed Subordinated debts -quoted
Empire Industries Limited Garlick Engineering Staff
Provident Fund
Date of
Allotment
Disbursed
Amount
As at
March 31,
2011
Annexure X
( Rs in Lacs )
Repayment Terms
24-Nov-09 5.00 5.00 Bullet 22-Nov-19
Aditya Vikram Saria 24-Nov-09 4.00 4.00 Bullet 22-Nov-19
Trustees The Provident Fund of The Board of 24-Nov-09 1.00 1.00 Bullet 22-Nov-19
Management of The Bombay Properties of The
Indian Institute of Science
Nokia India Employees Provident Fund 31-Dec-09 110.00 110.00 Bullet 31-Dec-19
Youth Development Co Op Bank Limited Kolhapur 31-Dec-09 100.00 100.00 Bullet 31-Dec-19
Trustees Hind Lamps Employees Provident Fund ( 31-Dec-09 100.00 100.00 Bullet 31-Dec-19
Exempted Employees )
Pawan Agarwal 31-Dec-09 40.00 40.00 Bullet 31-Dec-19
Pankaj Agarwal 31-Dec-09 40.00 40.00 Bullet 31-Dec-19
Central Board of Irrigation And Power Provident 31-Dec-09 20.00 20.00 Bullet 31-Dec-19
Fund Trust
Preeti Agarwal 31-Dec-09 20.00 20.00 Bullet 31-Dec-19
East Commercial Private. Limited 31-Dec-09 10.00 10.00 Bullet 31-Dec-19
Guljit Chaudhri 31-Dec-09 10.00 10.00 Bullet 31-Dec-19
S Raja 31-Dec-09 5.00 5.00 Bullet 31-Dec-19
Orient Ceramics Provident Fund Institution 31-Dec-09 4.00 4.00 Bullet 31-Dec-19
Securities Trading Corporation of India Limited 31-Dec-09 3,920.00 3,920.00 Bullet 30-Jun-15
Associated Capsules Private Limited 31-Dec-09 100.00 100.00 Bullet 30-Jun-15
Allbank Finance Limited 31-Dec-09 100.00 100.00 Bullet 30-Jun-15
Keki Minoo Mistry 31-Dec-09 30.00 30.00 Bullet 30-Jun-15
Samar Sharad Chauhan 31-Dec-09 30.00 30.00 Bullet 30-Jun-15
Mathrubhumi Employees Superannuation Fund 31-Dec-09 10.00 10.00 Bullet 30-Jun-15
Virendra Ratilal Sangharajka 31-Dec-09 5.00 5.00 Bullet 30-Jun-15
Ritu Modani 31-Dec-09 3.00 3.00 Bullet 30-Jun-15
Usha Modani 31-Dec-09 2.00 2.00 Bullet 30-Jun-15
Anu Khattar 31-Dec-09 1.00 1.00 Bullet 30-Jun-15
Shriram Life Insurance Company Limited 6-Jan-10 230.00 230.00 Bullet 06-Jul-15
Shriram Life Insurance Co Limited - Preserver 6-Jan-10 70.00 70.00 Bullet 06-Jul-15
Army Group Insurance Fund 18-Jan-10 1,500.00 1,500.00 Bullet 18-Apr-15
Trustees Union Bank of India Employees Provident 18-Jan-10 1,000.00 1,000.00 Bullet 18-Apr-15
Fund
Tamilnad Mercantile Bank Limited 18-Jan-10 1,000.00 1,000.00 Bullet 18-Apr-15
NPS Trust- A/C SBI Pension Fund Scheme - Central 18-Jan-10 500.00 500.00 Bullet 18-Apr-15
Government
NPS Trust- A/C LIC Pension Fund Scheme - Central 18-Jan-10 500.00 500.00 Bullet 18-Apr-15
Government
Air- India Employees Provident Fund 18-Jan-10 200.00 200.00 Bullet 18-Apr-15
Gujarat Alkalies And Chemicals Limited Employees
Provident Fund Trust
18-Jan-10 70.00 70.00 Bullet 18-Apr-15
F194

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Privately Placed Subordinated debts -quoted
The Lakshmi Vilas Bank Limited Employees
Provident Fund
Date of
Allotment
Disbursed
Amount
As at
March 31,
2011
Annexure X
( Rs in Lacs )
Repayment Terms
18-Jan-10 50.00 50.00 Bullet 18-Apr-15
Sheela Ashwin Chiniwalla 18-Jan-10 32.00 32.00 Bullet 18-Apr-15
Asha Sharad Chauhan 18-Jan-10 31.00 31.00 Bullet 18-Apr-15
Sheela Chiniwalla 18-Jan-10 27.00 27.00 Bullet 18-Apr-15
Sharad Pitamber Chauhan 18-Jan-10 25.00 25.00 Bullet 18-Apr-15
NPS Trust- A/C ICICI Prudential Pension Fund
Scheme C - Tier I
NPS Trust- A/C ICICI Prudential Pension Fund
Scheme C - Tier II
18-Jan-10 21.00 21.00 Bullet 18-Apr-15
18-Jan-10 10.00 10.00 Bullet 18-Apr-15
Pranav Bajoria 18-Jan-10 10.00 10.00 Bullet 18-Apr-15
Priyanka S Bajoria 18-Jan-10 10.00 10.00 Bullet 18-Apr-15
Kailash Kumar Gupta 18-Jan-10 10.00 10.00 Bullet 18-Apr-15
Industrial Jewels Private Limited Provident Fund 18-Jan-10 3.00 3.00 Bullet 18-Apr-15
R A Nariman And Company Limited Employees 18-Jan-10 1.00 1.00 Bullet 18-Apr-15
Provident Fund Trust
Bank of Maharashtra 22-Jan-10 1,000.00 1,000.00 Bullet 22-Apr-15
Food Corporation of India CPF Trust 22-Jan-10 200.00 200.00 Bullet 22-Apr-15
NPS Trust- A/C LIC Pension Fund Scheme - Central 22-Jan-10 117.00 117.00 Bullet 22-Apr-15
Government
Gujarat Alkalies And Chemicals Limited Employees 22-Jan-10 90.00 90.00 Bullet 22-Apr-15
Provident Fund Trust
Colgate- Palmolive (India) Limited Provident Fund 22-Jan-10 50.00 50.00 Bullet 22-Apr-15
Ashok Leyland Employees Hosur Provident Fund 22-Jan-10 24.00 24.00 Bullet 22-Apr-15
Trust
Manilal Kasturchand Gandhi And Kanta Gandhi 22-Jan-10 10.00 10.00 Bullet 22-Apr-15
Charitable Trust
Deys Medical Stores Mfg.(UP) Limited Provident 22-Jan-10 5.00 5.00 Bullet 22-Apr-15
Fund
The Municipal Co-Operative Bank Employee
22-Jan-10 4.00 4.00 Bullet 22-Apr-15
Provident Fund
Air- India Employees Provident Fund 29-Jan-10 700.00 700.00 Bullet 29-Jan-20
Shree Vardhaman Sahakari Bank Limited 29-Jan-10 145.00 145.00 Bullet 29-Jan-20
Loknete Dattaji Patil Sahkari Bank Limited 29-Jan-10 50.00 50.00 Bullet 29-Jan-20
Lasalgaon
Huntsman Advanced Materials ( India ) Private 29-Jan-10 3.00 3.00 Bullet 29-Jan-20
Limited employees Gratuity Fund
Petro Araldite Private Limited Employees Provident 29-Jan-10 2.00 2.00 Bullet 29-Jan-20
Fund
United India Insurance Company Limited Employees 29-Jan-10 870.00 870.00 Bullet 29-Jul-15
Provident Fund
Bank of India Provident Fund 29-Jan-10 500.00 500.00 Bullet 29-Jul-15
The Kalyan Janata Sahakari Bank Limited 29-Jan-10 250.00 250.00 Bullet 29-Jul-15
Model Co-Operative Bank Limited 29-Jan-10 200.00 200.00 Bullet 29-Jul-15
Provident Fund of Mangalore Refinery And
Petrochemicals Limited
29-Jan-10 80.00 80.00 Bullet 29-Jul-15
F195

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Date of
Allotment
Disbursed
Amount
As at
March 31,
2011
Annexure X
( Rs in Lacs )
Repayment Terms
Privately Placed Subordinated debts -quoted
The Jain Sahakari Bank Limited 29-Jan-10 70.00 70.00 Bullet 29-Jul-15
Nandlal Pribhdas Tolani 29-Jan-10 50.00 50.00 Bullet 29-Jul-15
Cutler Hammer Provident Fund Trust 29-Jan-10 25.00 25.00 Bullet 29-Jul-15
ICB Limited Employees Provident Fund 29-Jan-10 10.00 10.00 Bullet 29-Jul-15
Prem Subramaniam 29-Jan-10 10.00 10.00 Bullet 29-Jul-15
Industrial Jewels Private Limited Provident Fund 29-Jan-10 4.00 4.00 Bullet 29-Jul-15
Hema Parameswaran 29-Jan-10 2.00 2.00 Bullet 29-Jul-15
Vijaya R K 29-Jan-10 1.00 1.00 Bullet 29-Jul-15
T P Viswanathan 29-Jan-10 1.00 1.00 Bullet 29-Jul-15
Lotus Beauty Care Products Private Limited 15-Feb-10 100.00 100.00 Bullet 15-Feb-20
Kotak Mahindra Trustee Company Limited A/C
Kotak flexi Debt Scheme
Kotak Mahindra Trustee Co Limited A/C Kotak
Credit Opportunities Fund
Kotak Mahindra Trustee Co Limited- A/C Kotak
Monthly Income Plan
Kotak Mahindra Trustee Company Limited A/C.
Kotak Mahindra Bond Short Term Plan
29-Mar-10 2,100.00 2,100.00 Bullet 29-Sep-15
29-Mar-10 1,300.00 1,300.00 Bullet 29-Sep-15
29-Mar-10 1,100.00 1,100.00 Bullet 29-Sep-15
29-Mar-10 500.00 500.00 Bullet 29-Sep-15
Bajaj Allianz Life Insurance Company Limited 19-Apr-10 1,500.00 1,500.00 Bullet 19-Apr-16
Bajaj Allianz General Insurance Company Limited 19-Apr-10 1,000.00 1,000.00 Bullet 19-Apr-16
Infrastructure Development Finance Company 19-Apr-10 2,000.00 2,000.00 Bullet 19-Apr-20
Limited
NPS Trust- A/C UTI Retirement Solutions Pension 19-Apr-10 1,480.00 1,480.00 Bullet 19-Apr-20
Fund Scheme - Central Government
Board of Trustees For Bokaro Steel Employees
Provident Fund
19-Apr-10 500.00 500.00 Bullet 19-Apr-20
The Oriental Insurance Company Limited Provident
Fund
19-Apr-10 350.00 350.00 Bullet 19-Apr-20
RKM Provident Fund 19-Apr-10 200.00 200.00 Bullet 19-Apr-20
HUDCO Employees C P F Trust 19-Apr-10 100.00 100.00 Bullet 19-Apr-20
Engineers India Limited Employees Provident Fund 19-Apr-10 100.00 100.00 Bullet 19-Apr-20
The Rami Investments Private Limited 19-Apr-10 100.00 100.00 Bullet 19-Apr-20
Power Finance Corporation Limited Employees 19-Apr-10 50.00 50.00 Bullet 19-Apr-20
Provident Fund
The India Cements Employees Provident Fund 19-Apr-10 30.00 30.00 Bullet 19-Apr-20
M R Rajaram 19-Apr-10 30.00 30.00 Bullet 19-Apr-20
Maihar Cement Employees Provident Fund 19-Apr-10 30.00 30.00 Bullet 19-Apr-20
Garodia Traxim Private Limited 19-Apr-10 10.00 10.00 Bullet 19-Apr-20
Vrajlal P Babaria Charitable Trust 19-Apr-10 10.00 10.00 Bullet 19-Apr-20
Hemakshi Mahesh Shah 19-Apr-10 10.00 10.00 Bullet 19-Apr-20
F196

Shriram Transport Finance Company Limited
A
Unsecured Loans
Particulars
Privately Placed Subordinated debts -quoted
Trustees Hindustan Steel Limited Contributory
Provident Fund, Rourkela
Date of
Allotment
Disbursed
Amount
As at
March 31,
2011
Annexure X
( Rs in Lacs )
Repayment Terms
19-Apr-10 1,000.00 1,000.00 Bullet 19-Apr-20
Rasoi Limited 19-Apr-10 500.00 500.00 Bullet 19-Apr-20
United India Insurance Company Limited 19-Apr-10 500.00 500.00 Bullet 19-Apr-20
Board of Trustees For Bokaro Steel Employees 19-Apr-10 500.00 500.00 Bullet 19-Apr-20
Provident Fund
Welspun Corp Limited 20-Apr-10 7,500.00 7,500.00 Bullet 20-Apr-20
NPS Trust- A/C UTI Retirement Solutions Pension 20-Apr-10 6,200.00 6,200.00 Bullet 20-Apr-20
Fund Scheme - Central Government
Infrastructure Development Finance Company
Limited
20-Apr-10 2,500.00 2,500.00 Bullet 20-Apr-20
ICICI Bank Limited 20-Apr-10 1,700.00 1,700.00 Bullet 20-Apr-20
NPS Trust- A/C LIC Pension Fund Scheme - State 20-Apr-10 600.00 600.00 Bullet 20-Apr-20
Government
Jharkhand Gramin Bank 20-Apr-10 500.00 500.00 Bullet 20-Apr-20
NPS Trust- A/C LIC Pension Fund Scheme - Central 20-Apr-10 400.00 400.00 Bullet 20-Apr-20
Government
British High Commission India Staff Provident fund 20-Apr-10 300.00 300.00 Bullet 20-Apr-20
NPS Trust- A/C UTI Retirement Solutions Pension
Fund Scheme - State Government
NPS Trust- A/C UTI Retirement Solutions Pension
Fund Scheme - Central Government
NPS Trust- A/C SBI Pension Fund Scheme - State
Government
NPS Trust- A/C UTI Retirement Solutions Pension
Fund Scheme - State Government
20-Apr-10 300.00 300.00 Bullet 20-Apr-20
26-Apr-10 1,000.00 1,000.00 Bullet 26-Jul-15
26-Apr-10 969.00 969.00 Bullet 26-Jul-15
26-Apr-10 500.00 500.00 Bullet 26-Jul-15
NPS Trust- A/C SBI Pension Fund Scheme C - Tier I 26-Apr-10 30.00 30.00 Bullet 26-Jul-15
NPS Trust- A/C SBI Pension Fund Scheme C - Tier
II
26-Apr-10 1.00 1.00 Bullet 26-Jul-15
Bank of India Provident Fund 3-May-10 2,000.00 2,000.00 Bullet 03-May-20
Jharkhand Gramin Bank 3-May-10 500.00 500.00 Bullet 03-May-20
Indian Oil Corporation Limited (Assam Oil Division) 3-May-10 400.00 400.00 Bullet 03-May-20
Employees Provident Fund
Nagpur Nagarik Sahakari Bank Limited 3-May-10 300.00 300.00 Bullet 03-May-20
Board of Trustees For Bokaro Steel Employees 3-May-10 200.00 200.00 Bullet 03-May-20
Provident Fund
Sulaimani Co- Operative Bank Limited 3-May-10 100.00 100.00 Bullet 03-May-20
Arvind Sahakari Bank Limited 3-May-10 100.00 100.00 Bullet 03-May-20
Nokia India Employees Provident Fund 3-May-10 100.00 100.00 Bullet 03-May-20
F197

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Privately Placed Subordinated debts -quoted
Madras Fertilizers Limited Employees Contributory
Provident Fund
Punjab State Warehousing Corporation Employee
Provident Fund
Jagatjit Cotton Textile Mills Limited Provident Fund
Trust
NIIT Technologies Limited Employees Provident
Fund Trust
Hindustan Electro Graphites Officers Contributory
Provident Fund Trust
Andhra Pradesh State Road Transport Corporation
Employees Deposit Linked Insurance Fund
Date of
Allotment
Disbursed
Amount
As at
March 31,
2011
Annexure X
( Rs in Lacs )
Repayment Terms
3-May-10 50.00 50.00 Bullet 03-May-20
3-May-10 50.00 50.00 Bullet 03-May-20
3-May-10 50.00 50.00 Bullet 03-May-20
3-May-10 40.00 40.00 Bullet 03-May-20
3-May-10 37.00 37.00 Bullet 03-May-20
3-May-10 30.00 30.00 Bullet 03-May-20
Preeti Agarwal 3-May-10 30.00 30.00 Bullet 03-May-20
Reena Pawan Agarwal 3-May-10 30.00 30.00 Bullet 03-May-20
Maihar Cement Employees Provident Fund 3-May-10 30.00 30.00 Bullet 03-May-20
Shikha Sawhney 3-May-10 30.00 30.00 Bullet 03-May-20
Nitya Daga 3-May-10 28.00 28.00 Bullet 03-May-20
Taurus Asset Management Company Limited 3-May-10 25.00 25.00 Bullet 03-May-20
MMTC Limited CPF Trust 3-May-10 24.00 24.00 Bullet 03-May-20
Suman Bansi Dhar 3-May-10 20.00 20.00 Bullet 03-May-20
M R Rajaram 3-May-10 20.00 20.00 Bullet 03-May-20
Amar Ujala Publications Limited Employees
3-May-10 20.00 20.00 Bullet 03-May-20
Provident Fund Trust
Escorts Heart Institute And Research Centre
Employees Provident Fund Trust
3-May-10 20.00 20.00 Bullet 03-May-20
Noshir Faramji Tankariwala 3-May-10 15.00 15.00 Bullet 03-May-20
Arya Offshore Services Private Limited Employees 3-May-10 14.00 14.00 Bullet 03-May-20
Provident Fund
Rajesh Bhikhubhai Shah 3-May-10 12.00 12.00 Bullet 03-May-20
The Champdany Jute Company Limited Gratuity 3-May-10 11.00 11.00 Bullet 03-May-20
Fund
RHC Holding Employees Provident Fund Trust 3-May-10 10.00 10.00 Bullet 03-May-20
Dempo Mining Corporation Private Limited
3-May-10 10.00 10.00 Bullet 03-May-20
Employees Provident Fund
BPCL Employees Provident Fund Trust 3-May-10 10.00 10.00 Bullet 03-May-20
Ashok Leyland Employees Bhandara Provident Fund 3-May-10 10.00 10.00 Bullet 03-May-20
Trust
Paharpur Cooling Towers Officers Provident Fund 3-May-10 10.00 10.00 Bullet 03-May-20
Burns Philp India Private Limited Employees
Provident Fund
Superhouse Leathers Limited Employees Provident
Fund Trust
3-May-10 10.00 10.00 Bullet 03-May-20
3-May-10 10.00 10.00 Bullet 03-May-20
F198

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Date of
Allotment
Disbursed
Amount
As at
March 31,
2011
Annexure X
( Rs in Lacs )
Repayment Terms
Privately Placed Subordinated debts -quoted
Ion Exchange (India) Limited's Provident Institution 3-May-10 10.00 10.00 Bullet 03-May-20
Lubrizol India Limited Employees Provident Fund 3-May-10 10.00 10.00 Bullet 03-May-20
Lawrence And Mayo (I) Private Limited Staff
3-May-10 10.00 10.00 Bullet 03-May-20
Provident Fund
Krishna Murari Poddar 3-May-10 10.00 10.00 Bullet 03-May-20
The Ashok Hotel Employees Provident Fund Trust 3-May-10 10.00 10.00 Bullet 03-May-20
Raghuram Iyer 3-May-10 10.00 10.00 Bullet 03-May-20
Mataji Melan Devi Society (Regd.) 3-May-10 10.00 10.00 Bullet 03-May-20
Neelam Jolly 3-May-10 8.00 8.00 Bullet 03-May-20
Sangeeta Pareekh 3-May-10 8.00 8.00 Bullet 03-May-20
Bijni Dooars Employees Gratuity Fund 3-May-10 7.00 7.00 Bullet 03-May-20
Prithvi Raj Khanna 3-May-10 5.00 5.00 Bullet 03-May-20
L And T Niro Staff Provident Fund 3-May-10 5.00 5.00 Bullet 03-May-20
Eastern Dooars Employees Gratuity Fund 3-May-10 5.00 5.00 Bullet 03-May-20
Turner Morrison Officers Provident Fund 3-May-10 5.00 5.00 Bullet 03-May-20
Manilal Kasturchand Gandhi And Kanta Gandhi 3-May-10 5.00 5.00 Bullet 03-May-20
Charitable Trust
Kali Kripa Agro Investments Private Limited 3-May-10 5.00 5.00 Bullet 03-May-20
Shanti Prakash Goyal 3-May-10 5.00 5.00 Bullet 03-May-20
Industrial Jewels Private Limited Provident Fund 3-May-10 3.00 3.00 Bullet 03-May-20
Lily Commercial Private Limited 3-May-10 3.00 3.00 Bullet 03-May-20
Vin Vish Corporation Private Limited Employees 3-May-10 3.00 3.00 Bullet 03-May-20
Provident Fund Trust
The Ganges Manufacturing Company Limited
Employees Provident Fund (Compulsory) Scheme
3-May-10 2.00 2.00 Bullet 03-May-20
Gentech Chemicals Private Limited 3-May-10 2.00 2.00 Bullet 03-May-20
Ratan Griha Nirman Private Limited 3-May-10 2.00 2.00 Bullet 03-May-20
Munish Daga 3-May-10 2.00 2.00 Bullet 03-May-20
Dilipkumar Chandrashankar Trivedi 3-May-10 2.00 2.00 Bullet 03-May-20
Super Wares Private Limited 3-May-10 1.00 1.00 Bullet 03-May-20
Divine Investments Private Limited 3-May-10 1.00 1.00 Bullet 03-May-20
Quick Lithographers Private Limited 3-May-10 1.00 1.00 Bullet 03-May-20
Mcleod And Company Limited's Provident Fund ''A'' 3-May-10 1.00 1.00 Bullet 03-May-20
The Champdany Jute Company Limited
3-May-10 1.00 1.00 Bullet 03-May-20
Superannuation Fund
Peekay Alkalies Private Limited 3-May-10 1.00 1.00 Bullet 03-May-20
Shriram Life Insurance Company Limited 3-May-10 1,500.00 1,500.00 Bullet 03-May-16
United Bank of India 3-May-10 500.00 500.00 Bullet 03-May-16
United India Insurance Company Limited Employees
Provident Fund
3-May-10 200.00 200.00 Bullet 03-May-16
F199

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Date of
Allotment
Disbursed
Amount
As at
March 31,
2011
Annexure X
( Rs in Lacs )
Repayment Terms
Privately Placed Subordinated debts -quoted
Wallace Flour Mills Company Private Limited 3-May-10 200.00 200.00 Bullet 03-May-16
The Lakshmi Vilas Bank Limited Employees
3-May-10 100.00 100.00 Bullet 03-May-16
Gratuity Fund
Tata Capital Limited 3-May-10 2,500.00 2,500.00 Bullet 03-May-16
Army Group Insurance Fund 10-May-10 500.00 500.00 Bullet 10-May-20
Board of Trustees For Bokaro Steel Employees 10-May-10 500.00 500.00 Bullet 10-May-20
Provident Fund
NPS Trust- A/C UTI Retirement Solutions Pension
Fund Scheme - Central Government
10-May-10 500.00 500.00 Bullet 10-May-20
NPS Trust- A/C UTI Retirement Solutions Pension
Fund Scheme - State Government
10-May-10 500.00 500.00 Bullet 10-May-20
The Mogaveera Co - Operative Bank Limited 10-May-10 200.00 200.00 Bullet 10-May-20
Ranjan Kishor Shroff 10-May-10 33.00 33.00 Bullet 10-May-20
Sherry Dhanju Batliwala 10-May-10 30.00 30.00 Bullet 10-May-20
Sukeshi Sharad Sheth 10-May-10 25.00 25.00 Bullet 10-May-20
Goa Carbon Limited Employees Provident Fund 10-May-10 20.00 20.00 Bullet 10-May-20
Trust
K Jagannatha Rao 10-May-10 15.00 15.00 Bullet 10-May-20
Jacobs H And G Private Limited Employees
10-May-10 15.00 15.00 Bullet 10-May-20
Provident Fund
St Pauls School 10-May-10 15.00 15.00 Bullet 10-May-20
ILTI Excluded Employees Provident Fund Trust 10-May-10 10.00 10.00 Bullet 10-May-20
Dharmesh V Adnani 10-May-10 10.00 10.00 Bullet 10-May-20
Arya Offshore Services Private Limited Employees 10-May-10 8.00 8.00 Bullet 10-May-20
Provident Fund
AFCO Fincon Private Limited 10-May-10 8.00 8.00 Bullet 10-May-20
Orient Ceramics Provident Fund Institution 10-May-10 6.00 6.00 Bullet 10-May-20
Dipika Dilip Modi 10-May-10 5.00 5.00 Bullet 10-May-20
Manilal Kasturchand Gandhi And Kanta Gandhi 10-May-10 5.00 5.00 Bullet 10-May-20
Charitable Trust
Ashok Leyland Employees Alwar Provident Fund 10-May-10 5.00 5.00 Bullet 10-May-20
Deys Medical Stores Mfg.(UP) Limited Provident 10-May-10 5.00 5.00 Bullet 10-May-20
Fund
Dilipkumar Chandrashankar Trivedi 10-May-10 5.00 5.00 Bullet 10-May-20
Vithaldas Hakamchand Charitable Trust 10-May-10 4.00 4.00 Bullet 10-May-20
Gill and Co Private Limited Employees Provident 10-May-10 4.00 4.00 Bullet 10-May-20
Fund
Maharaja Shree Umaid Mills Limited Senior Staff 10-May-10 3.00 3.00 Bullet 10-May-20
Provident Fund
Tribhuvandas Foundation Staff Provident Fund Trust 10-May-10 3.00 3.00 Bullet 10-May-20
Humphreys And Glasgow Directors Superannuation
Fund
10-May-10 3.00 3.00 Bullet 10-May-20
F200

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Privately Placed Subordinated debts -quoted
The Metal Rolling Works Limited Employees
Educational Welfare Trust
Date of
Allotment
Disbursed
Amount
As at
March 31,
2011
Annexure X
( Rs in Lacs )
Repayment Terms
10-May-10 3.00 3.00 Bullet 10-May-20
Vrajlal P Babaria Charitable Trust 10-May-10 3.00 3.00 Bullet 10-May-20
Leena Jeewan 10-May-10 3.00 3.00 Bullet 10-May-20
Shri Zalawad Jain Swetamber Murtipujak Mandal 10-May-10 3.00 3.00 Bullet 10-May-20
Sion-Matunga-Dadar-Wadala
Sri Sathya Sai Institute of Higher Medical Sciences
PG Employees Gratuity Fund Trust
10-May-10 2.00 2.00 Bullet 10-May-20
The Metal Rolling Works Limited Employees
Medical Welfare Trust
10-May-10 2.00 2.00 Bullet 10-May-20
D S Savant And Sons Employees Provident Fund 10-May-10 2.00 2.00 Bullet 10-May-20
Narayan Purushottam Gokhale 10-May-10 2.00 2.00 Bullet 10-May-20
Jain Jagruti Centre Central Board Charitable Trust 10-May-10 2.00 2.00 Bullet 10-May-20
Puttur Narayanarao Girish Rao 10-May-10 2.00 2.00 Bullet 10-May-20
Kirti Karmarkar Anand 10-May-10 2.00 2.00 Bullet 10-May-20
Narendra R Patil 10-May-10 1.00 1.00 Bullet 10-May-20
Dipika Jitendrabhai Patel 10-May-10 1.00 1.00 Bullet 10-May-20
Ajay Bangur 10-May-10 1.00 1.00 Bullet 10-May-20
National Refinery Private Limited Employees 10-May-10 1.00 1.00 Bullet 10-May-20
Gratuity Fund.
Vin Vish Corporation Private Limited Employees
Provident Fund Trust
10-May-10 1.00 1.00 Bullet 10-May-20
National Refinery Private.Limited Employees
(Workmen At 87,Tardeo Road) Provident Fund.
10-May-10 1.00 1.00 Bullet 10-May-20
Hakamchand Vakhatram Philanthropic Trust 10-May-10 1.00 1.00 Bullet 10-May-20
Mangubai Gokaldas Charitable Trust 10-May-10 1.00 1.00 Bullet 10-May-20
Hirabai Vithaldas Shubh Trust 10-May-10 1.00 1.00 Bullet 10-May-20
Ashwini Abhijit Khade 10-May-10 1.00 1.00 Bullet 10-May-20
Union Bank of India (Employees') Pension Fund 28-May-10 1,000.00 1,000.00 Bullet 28-May-16
HDFC Ergo General Insurance Company Limited 28-May-10 1,000.00 1,000.00 Bullet 28-May-16
The Lakshmi Vilas Bank Limited 28-May-10 500.00 500.00 Bullet 28-May-16
Bank of India (Employees) Pension Fund 28-May-10 1,500.00 1,500.00 Bullet 28-May-20
United India Insurance Company Limited 28-May-10 1,000.00 1,000.00 Bullet 28-May-20
The Nainital Bank Limited 28-May-10 500.00 500.00 Bullet 28-May-20
Dombivli Nagari Sahakari Bank Limited 28-May-10 500.00 500.00 Bullet 28-May-20
Intrasoft Technologies Limited 28-May-10 500.00 500.00 Bullet 28-May-20
A P S R T C Employees Provident Fund Trust 28-May-10 400.00 400.00 Bullet 28-May-20
The Jalgaon Peoples Coop Bank Limited 28-May-10 300.00 300.00 Bullet 28-May-20
Shriram Life Insurance Company Limited 28-May-10 60.00 60.00 Bullet 28-May-20
F201

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Date of
Allotment
Disbursed
Amount
As at
March 31,
2011
Annexure X
( Rs in Lacs )
Repayment Terms
Privately Placed Subordinated debts -quoted
Shriram Life Insurance Company Limited - Balancer 28-May-10 40.00 40.00 Bullet 28-May-20
Jacobs H And G Limited Employees Gratuity Fund 28-May-10 40.00 40.00 Bullet 28-May-20
Shriram Life Insurance Company Limited - Preserver 28-May-10 30.00 30.00 Bullet 28-May-20
Mangalore Refinery And Petrochemicals Limited
Gratuity Fund
Centre For Development of Telematics Employees
Provident Fund Trust
28-May-10 30.00 30.00 Bullet 28-May-20
28-May-10 30.00 30.00 Bullet 28-May-20
Shriram Life Insurance Company Limited 28-May-10 20.00 20.00 Bullet 28-May-20
Industrial Jewels Private Limited Provident Fund 28-May-10 10.00 10.00 Bullet 28-May-20
Wander Limited Employees Provident Fund 28-May-10 10.00 10.00 Bullet 28-May-20
Renu Jain 28-May-10 10.00 10.00 Bullet 28-May-20
Hirojirao Ramrao Patankar 28-May-10 10.00 10.00 Bullet 28-May-20
Issal Superannuation Fund 28-May-10 10.00 10.00 Bullet 28-May-20
United India Insurance Company Limited 4-Jun-10 1,000.00 1,000.00 Bullet 04-Jun-20
Infrastructure Development Finance Company
4-Jun-10 1,000.00 1,000.00 Bullet 04-Jun-20
Limited
Board of Trustees For Bokaro Steel Employees
Provident Fund
4-Jun-10 500.00 500.00 Bullet 04-Jun-20
Syndicate Bank 14-Jun-10 2,000.00 2,000.00 Bullet 14-Sep-15
NPS Trust- A/C SBI Pension Fund Scheme - Central 14-Jun-10 1,000.00 1,000.00 Bullet 14-Sep-15
Government
Nuclear Power Corporation of India Limited
Employees Provident Fund
14-Jun-10 500.00 500.00 Bullet 14-Sep-15
Army Group Insurance Fund 14-Jun-10 500.00 500.00 Bullet 14-Sep-15
United India Insurance Company Limited Employees 14-Jun-10 500.00 500.00 Bullet 14-Sep-15
Provident Fund
Indian Overseas Bank Staff Provident Fund 14-Jun-10 500.00 500.00 Bullet 14-Sep-15
UTI- Balanced Fund 24-Aug-10 7,000.00 7,000.00 Bullet 24-Aug-15
UTI Dynamic Bond Fund 24-Aug-10 6,500.00 6,500.00 Bullet 24-Aug-15
UTI-Unit Linked Insurance Plan 24-Aug-10 5,000.00 5,000.00 Bullet 24-Aug-15
UTI - Retirement Benefit Pension Fund 24-Aug-10 5,000.00 5,000.00 Bullet 24-Aug-15
UTI-MIS-Advantage Plan 24-Aug-10 2,500.00 2,500.00 Bullet 24-Aug-15
UTI - Childrens Career Balanced Plan 24-Aug-10 2,500.00 2,500.00 Bullet 24-Aug-15
UTI - Treasury Advantage Fund 24-Aug-10 2,500.00 2,500.00 Bullet 24-Aug-15
UTI-Mahila Unit Scheme 24-Aug-10 2,000.00 2,000.00 Bullet 24-Aug-15
UTI Short Term Income Fund 24-Aug-10 1,500.00 1,500.00 Bullet 24-Aug-15
F202

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Privately Placed Subordinated debts -quoted
UTI-Unit Scheme For Charitable And Religious
Trusts And Registered Societies
Chhattisgarh State Electricity Board (CSEB)
Provident Fund Trust
Trustees Hindustan Steel Limited Contributory
Provident Fund, Rourkela
The Barnagore Jute Factory Company Limited
Employees Provident Fund
Date of
Allotment
Disbursed
Amount
As at
March 31,
2011
Annexure X
( Rs in Lacs )
Repayment Terms
24-Aug-10 500.00 500.00 Bullet 24-Aug-15
30-Aug-10 1,800.00 1,800.00 Bullet 30-Aug-25
30-Aug-10 600.00 600.00 Bullet 30-Aug-25
30-Aug-10 70.00 70.00 Bullet 30-Aug-25
British High Commission India Staff Provident fund 30-Aug-10 50.00 50.00 Bullet 30-Aug-25
Sail RMD Establishment And Administrative
Offices Employees Provident Fund
The Thane District Central Co -Operative Bank Staff
Provident Fund
Jagatjit Cotton Textile Mills Limited Provident Fund
Trust
30-Aug-10 50.00 50.00 Bullet 30-Aug-25
30-Aug-10 50.00 50.00 Bullet 30-Aug-25
30-Aug-10 50.00 50.00 Bullet 30-Aug-25
The Tribune Employee's Provident Fund Trust 30-Aug-10 40.00 40.00 Bullet 30-Aug-25
The Ashok Hotel Employees Provident Fund Trust 30-Aug-10 40.00 40.00 Bullet 30-Aug-25
Genius Consultants Employees Provident Fund 30-Aug-10 30.00 30.00 Bullet 30-Aug-25
Ujjwal Suri 30-Aug-10 20.00 20.00 Bullet 30-Aug-25
Madhukar P Choksi 30-Aug-10 20.00 20.00 Bullet 30-Aug-25
The Champdany Jute Company Limited Gratuity 30-Aug-10 20.00 20.00 Bullet 30-Aug-25
Fund
Pawan Kumar Roongta 30-Aug-10 20.00 20.00 Bullet 30-Aug-25
Sona Koyo Steering Systems Limited Employees 30-Aug-10 10.00 10.00 Bullet 30-Aug-25
Provident Fund Trust
Mahabir Prasad Roongta 30-Aug-10 10.00 10.00 Bullet 30-Aug-25
The Assam Company India Limited Management 30-Aug-10 10.00 10.00 Bullet 30-Aug-25
Staff Provident Fund
Mount Shivalik Breweries Limited Employees 30-Aug-10 10.00 10.00 Bullet 30-Aug-25
Provident Fund Trust
Henry Arthur Sydney Ledlie 30-Aug-10 10.00 10.00 Bullet 30-Aug-25
Holcim Services South Asia Employees Provident 30-Aug-10 10.00 10.00 Bullet 30-Aug-25
Fund
Hooghly District Central Co-Operative Bank
9-Sep-10 1,000.00 1,000.00 Bullet 09-Sep-25
Limited
A P S R T C Employees Provident Fund Trust 9-Sep-10 500.00 500.00 Bullet 09-Sep-25
NPS Trust- A/C UTI Retirement Solutions Pension 9-Sep-10 450.00 450.00 Bullet 09-Sep-25
Fund Scheme - Central Government
Indian Mercantile Co Operative Bank Limited 9-Sep-10 200.00 200.00 Bullet 09-Sep-25
Rajma Projects Private Limited 9-Sep-10 100.00 100.00 Bullet 09-Sep-25
Ultratech Cemco Provident Fund 9-Sep-10 100.00 100.00 Bullet 09-Sep-25
NIIT Technologies Limited Employees Provident
Fund Trust
9-Sep-10 80.00 80.00 Bullet 09-Sep-25
F203

A
Shriram Transport Finance Company Limited
Unsecured Loans
Particulars
Privately Placed Subordinated debts -quoted
Gujarat Alkalies And Chemicals Limited Employees
Provident Fund Trust
Date of
Allotment
Disbursed
Amount
As at
March 31,
2011
Annexure X
( Rs in Lacs )
Repayment Terms
9-Sep-10 60.00 60.00 Bullet 09-Sep-25
Shilpa Taneja 9-Sep-10 10.00 10.00 Bullet 09-Sep-25
Nederlandse Financierings-Maatschappij Voor 13-Sep-10 22,500.00 22,500.00 Bullet 13-Sep-17
Ontwikkelingslanden N.V. (FMO)
Indian Overseas Bank 13-Sep-10 2,300.00 2,300.00 Bullet 13-Sep-17
Deutsche Bank International Asia - Debt Fund 13-Sep-10 200.00 200.00 Bullet 13-Sep-17
Chhattisgarh State Electricity Board Gratuity and 15-Oct-10 2,000.00 2,000.00 Bullet 15-Oct-28
Pension Fund Trust
Board of Trustees For Bokaro Steel Employees
Provident Fund
15-Oct-10 300.00 300.00 Bullet 15-Oct-28
Anil Vipin Dalal HUF 15-Jul-09 10.00 10.00 Bullet 10-Oct-14
Nikhil Anil Dalal 15-Jul-09 15.00 15.00 Bullet 10-Oct-14
Jagdish Rani Basur 15-Jul-09 20.00 20.00 Bullet 10-Oct-14
Balkash Exim Private Limited 15-Jul-09 140.00 140.00 Bullet 10-Oct-14
Desai Amit Sumanlal HUF 15-Jul-09 20.00 20.00 Bullet 10-Oct-14
Manju Pande 31-Dec-09 10.00 10.00 Bullet 31-Dec-19
Avinash Chandra Sangal 29-Jan-10 2.00 2.00 Bullet 29-Jul-15
Jayaramaiah G 29-Jan-10 1.00 1.00 Bullet 29-Jul-15
Jaipur Finance Provident Fund 3-May-10 1.00 1.00 Bullet 03-May-20
Priti Viral Parekh 3-May-10 10.00 10.00 Bullet 03-May-20
Hindustan Composites Limited 3-May-10 280.00 280.00 Bullet 03-May-20
Rajesh Prabhakar Pathare 10-May-10 4.00 4.00 Bullet 10-May-20
Rajesh Prabhakar Pathare 10-May-10 3.00 3.00 Bullet 10-May-20
Amita Ambarbhai Patel 10-May-10 5.00 5.00 Bullet 10-May-20
Hemal Ambar Patel 10-May-10 5.00 5.00 Bullet 10-May-20
Pramod Vamanrao Bhavsar 10-May-10 3.00 3.00 Bullet 10-May-20
National Refinery Private Limited
10-May-10 3.00 3.00 Bullet 10-May-20
Employees(Workmen) Provident Fund
National Refinery Private Limited Employees (Staff)
Provident Fund
10-May-10 4.00 4.00 Bullet 10-May-20
Akshay Kumar Bhatia 15-Oct-10 200.00 200.00 Bullet 15-Oct-28
Kotak Mahindra Bank Limited 31-Mar-11 2,500.00 2,500.00 Bullet 31-Mar-21
TOTAL 210,317.00 210,317.00
F204

Shriram Transport Finance Company Limited
Unsecured Loans
Annexure X
B Term Loan from Banks ( Rs in Lacs)
Particulars
Date of Disbursed As at Repayment Terms
Allotment Amount March 31,
2011
Hongkong & Shanghai Banking Corporation
Limited
29-Oct-09 52,647.21 41,468.76 26-Jul-2010 to 26-Jun-
2012
Syndicate Bank 2-Jun-10 10,000.00 10,000.00
Bullet 02-Jun-17
62,647.21 51,468.76
C Term Loan from Institution ( Rs in Lacs )
Particulars
Date of Disbursed As at Repayment Terms
Allotment Amount March 31,
2011
GE Capital
7-Apr-10 7,000.00 7,000.00
Bullet 19-Mar-12
TOTAL 7,000.00 7,000.00
D Inter corporate Deposits ( Rs in Lacs)
Particulars
Date of Disbursed As at Repayment Terms
Allotment Amount March 31,
2011
Shakti Finance Limited 26-Feb-08 88.97 1.73 16 Quarterly
instalments
88.97 1.73
E Fixed Deposits - Retail Investors 112,946.23 Redeemable at par over
a period 12 to 60
months
F Subordinated Debts - Retail Investors 111,189.68 Redeemable at par over
a period 61 to 88
months
G Public issue of Subordinated debt of Rs. 1,000/- each (2010)-quoted ( Rs in Lacs)
Particulars
As at Repayment Terms
March 31,
2011
Option -IV 91.00 01.06.2017
Option -IV 1,687.00 01.03.2017
Option –IV 3,746.08 01.12.2016
Option -V 2,786.23 01.06.2017
Total 8,310.31
Total Unsecured Loans(A+B+C+D+E+F+G) 501,233.71
F205

Shriram Transport Finance Company Limited
Unsecured Loans
Annexure X
Notes:
1 Terms as regards Interest/Pre-payment:
a The Fixed Interest bearing Loans/Commercial Paper/Non-convertible debentures/Subordinated Debt/Fixed Deposit/Inter
corporate Deposits aggregate to Rs. 442,264.95 Lacs and the floating interest bearing Loans/Subordinated Debts aggregate to Rs.
58,968.76 Lacs.
b Loans aggregating to Rs. 60,000.00 Lacs have an interest reset option.
2 The Public Deposits may be foreclosed subject to applicable statutory and/or regulatory requirements.
3 The company may, subject to applicable statutory and/or regulatory requirements, grant loan against the security of Public
Deposits upon the terms and conditions as may be decided by the company.
F206

Shriram Transport Finance Company Limited
Annexure XI
Consolidated Capitalization Statement
Debt
Particulars
Pre issue as at
March 31, 2011
(Audited)
( Rs in Lacs )
As adjusted for
issue *
Short Term Debt 179,494.67 179,494.67
Long Term Debt 1,838,676.63 1,938,676.63
Total 2,018,171.30 2,118,171.30
Share holders Fund
Share Capital 22,618.47 22,618.47
Stock Option Outstanding 354.55 354.55
Reserves & Surplus (Refer Annexure IV - Schedule 10) 466,363.03 466,363.03
Less: Miscellaneous Expenditure 3,694.49 3,694.49
Total of Share holders Fund 485,641.56 485,641.56
Long Term Debt /Equity Ratio 3.79 3.99
* The debt-equity ratio post the Issue is indicative and is on account of assumed inflow of Rs. 100,000 lacs
from the Issue, as on March 31, 2011.
F207

Annexure XII
Shriram Transport Finance Company Limited
Consolidated Statement of Tax Shelter
For the Year ended
31st March, 2011
( Rs in Lacs )
For the Year ended
March 31, 2010
Particulars
Profit as per accounting books 183,754.10 132,456.74
Tax Rate 33.22% 33.99%
Tax on Accounting Profit 61,038.52 45,022.05
Permanent Differences
Donation 136.03 80.90
Exempt Dividend Income (2.13) (874.71)
Disallowance u/s 14A - 322.40
Capital gains on sale of fixed assets - 5,975.27
Others
1,151.12 2,584.02
Sub Total (A) 1,285.02 8,087.88
Temporary Differences
Disallowances U/s 43B 519.60 146.44
Depreciation and Lease adjustments 235.32 401.95
Deferred Revenue Expenses (127.71) (2,217.22)
Delinquency Provision for Securitisation 17,795.15 7,981.41
Provision for standard assets 5,040.24 -
Others 2,187.44 186.64
Sub Total (B) 25,650.04 6,499.22
Net Adjustments (A+B) 26,935.06 14,587.10
Tax Impact on Net Adjustments 8,947.15 4,958.15
Total Taxation 69,985.67 49,980.20
Current Tax Provision for the year 69,985.67 49,980.20
Notes:
1. Profits after tax are often affected by the tax shelters which are available.
2. Some of these are of a relatively permanent nature while others may be limited in point of time.
3. Tax provisions are also affected by timing differences which can be reversed in future.
F208

Schedules forming part of Consolidated Summary Financial Statements
Significant Accounting Policies
Annexure XIII
(a)
Basis of preparation
(b)
(i)
The Consolidated financial statements relates to M/s. Shriram Transport Finance Company Limited (the Company),
its subsidiary companies and associate. The Company, its subsidiary companies and associate constitute the Group.
The financial statements have been prepared in conformity with generally accepted accounting principles to comply
in all material respects with the notified Accounting Standards (‘AS’) under Companies Accounting Standard
Rules, 2006, as amended, the relevant provisions of the Companies Act, 1956 (‘the Act’) and the guidelines issued
by the Reserve Bank of India (‘RBI’) as applicable to a Non Banking Finance Company (‘NBFC’). The financial
statements have been prepared under the historical cost convention on an accrual basis.
Basis of consolidation
The financial statements of the subsidiary companies and associate used in the consolidation are drawn up to the
same reporting date as of the Company and are prepared based on the accounting policies consistent with those used
by the Company.
(ii) The financial statements of the Group have been prepared in accordance with the Accounting Standard 21-
‘Consolidated Financial Statements’ and Accounting Standard 23 – ‘Accounting for investments in Associates in
Consolidated Financial Statements, notified under the Companies (Accounting Standards) Rules, 2006, as amended
and other generally accepted accounting principles in India.
(iii) The consolidated financial statements have been prepared on the following basis :
1. The financial statements of the company and its subsidiary companies have been combined on a line-by-line basis
by adding together like items of assets, liabilities, income and expenses. The intra-group balances and intra-group
transactions and unrealised profits or losses have been fully eliminated.
2. The consolidated financial statements include the share of profit / loss of the associate company which has been
accounted as per the ‘Equity method’, and accordingly, the share of profit / loss of the associate company (the loss
being restricted to the cost of investment) has been added to / deducted from the cost of investments. An
Associate is an enterprise in which the investor has significant influence and which is neither a Subsidiary nor a
Joint Venture of the Investor.
3. The excess of cost to the Company of its investments in the subsidiary companies over its share of equity of the
subsidiary companies, at the dates on which the investments in the subsidiary companies are made, is recognised as
‘Goodwill’ being an asset in the consolidated financial statements. Alternatively, where the share of equity in the
subsidiary companies as on the date of investment is in excess of cost of investment of the Company, it is
recognised as ‘Capital Reserve’ and shown under the head ‘Reserves and Surplus’, in the consolidated financial
statements.
4. Minority interest, if any, in the net assets of consolidated subsidiaries consists of the amount of equity attributable to
the minority shareholders at the dates on which investments are made by the Company in the subsidiary companies
and further movements in their share in the equity, subsequent to the dates of investments as stated above.
F209

(iv)
The following subsidiary companies are considered in the consolidated financial statements:
Sr.
No.
Name of the Subsidiary Company
Country of
incorporation
Share of ownership
interest as at
March 31, 2011
Share of ownership
interest as at
March 31, 2010
1. Shriram Asset and Equipment Finance Private
Limited (From June 04, 2009 to December 14,
2009)
2. Shriram Equipment Finance Company Limited
(w.e.f. December 15, 2009)
3. Shriram Automall India Limited (w.e.f.
February 11, 2010)
(v ) The details of associate company are as follows :
Sr.
No.
Name of the Associate Company Country of
incorporation
1. Shriram Asset Management Company Limited
India - -
India 100% 100%
India 100% 100%
Share of ownership
interest as at
March 31, 2011
Share of ownership
interest as at
March 31, 2010
India 40.00% 40.00%
(c)
Use of estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent liabilities at the date of the financial statements and the results of operations during the
reporting year end. Although these estimates are based upon management’s best knowledge of current events and
actions, actual results could differ from these estimates. Any revisions to the accounting estimates are recognised
prospectively in the current and future years.
(d)
Fixed Assets, Depreciation/Amortisation and Impairment of assets
Fixed Assets
Fixed assets include the assets given on operating lease. Fixed assets are stated at cost less accumulated
depreciation/amortisation and impairment losses, if any. Cost comprises the purchase price and any attributable cost
of bringing the asset to its working condition for its intended use. Borrowing costs relating to acquisition of fixed
assets which takes substantial period of time to get ready for its intended use are also included to the extent they
relate to the period till such assets are ready to be put to use.
Depreciation/Amortisation
Depreciation/Amortisation is provided on Straight Line Method (‘SLM’), which reflect the management’s estimate
of the useful lives of the respective fixed assets and are greater than or equal to the corresponding rates prescribed in
Schedule XIV of the Act. The assets for which rates higher used are as follows :
F210

Particulars Rates (SLM) Schedule XIV rates (SLM)
Windmills 10% 5.28%
Computer Software 33.33% 16.21%
Windmills are amortised over the remaining life of the asset, the life of windmills are estimated to be 10 years.
Leasehold improvement is amortised over the lease term subject to a maximum of 60 months.
Cost relating to`Trademarks’ are capitalized and amortised on a straight line basis over a period of 10 years.
All fixed assets individually costing Rs. 5,000 or less are fully depreciated in the year of installation.
Depreciation on assets sold during the year is recognised on a pro-rata basis to the profit and loss account till the
date of sale.
Impairment of assets
The carrying amount of assets is reviewed at each balance sheet date if there is any indication of impairment based
on internal/external factors. An impairment loss is recognised wherever the carrying amount of an asset exceeds its
recoverable amount. The recoverable amount is the greater of the assets, net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and risks specific to the asset.
After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.
A previously recognised impairment loss is increased or reversed depending on changes in circumstances. However
the carrying value after reversal is not increased beyond the carrying value that would have prevailed by charging
usual depreciation if there was no impairment.
(e)
(f)
Investments
Investments intended to be held for not more than a year are classified as current investments. All other investments
are classified as long-term investments. Current investments are carried at lower of cost and fair value determined
on an individual investment basis. Long-term investments are carried at cost. However, provision for diminution in
value is made to recognise a decline, other than temporary, in the value of the investments.
Provisioning / Write-off of assets
Non performing loans are written off / provided for, as per management estimates, subject to the minimum
provision required as per Non- Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms
(Reserve Bank) Directions, 2007. Delinquencies on assets securitised are provided for based on management
estimates of the historical data.
Provision on standard assets is made as per the notification DNBS.PD.CC.No.207/ 03.02.002 /2010-11 issued by
Reserve Bank of India for the year 2010-11.
(g)
Hypothecation loans
Hypothecation loans are stated at the amount advanced including finance charges accrued and expenses recoverable,
as reduced by the amounts received up to the balance sheet date and loans securitised.
F211

(h)
Leases
Where the Group is the lessor
Assets given on operating leases are included in fixed assets. Lease income is recognised in the Profit and Loss
Account on a straight-line basis over the lease term. Costs, including depreciation are recognised as an
expense in the Profit and Loss Account. Initial direct costs such as legal costs, brokerage costs, etc. are
recognised immediately in the Profit and Loss Account.
Where the Group is the lesseex
Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased term,
are classified as operating leases. Operating lease payments are recognised as an expense in the Profit and Loss
account on a straight-line basis over the lease term.
(i)
Foreign currency translation
Initial recognition
Transactions in foreign currency entered into during the year are recorded at the exchange rates prevailing on the
date of the transaction.
Conversion
Monetary assets and liabilities denominated in foreign currency are translated in to Rupees at exchange rate
prevailing on the date of the Balance Sheet.
Exchange differences
All exchange differences are dealt with in the profit and loss account.
(j)
(k)
Inventories
Inventories of vehicles are valued at cost or net realisable whichever is less after providing for obsolescence if any.
Cost comprises of cost of purchase, refurbishment costs and allocated overheads incurred in bringing the inventory
to their present location and condition. Cost of purchase and refurbishment is determined on specific identification
basis, while the overheads are allocated as per the estimate based on expected normal activity. Net realisable value
is the estimated selling price in the ordinary course of business, less estimated cost of completion and estimated
costs necessary to make the sale.
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the
revenue can be reliably measured.
i. Income from financing activities is recognised on the basis of internal rate of return.
ii. Income recognised and remaining unrealised after installments become overdue for six months or more in case of
secured/unsecured loans and twelve months or more in case of financial lease transactions are reversed and are
accounted as income when these are actually realised.
iii. Additional finance charges / additional interest are treated to accrue only on realisation, due to uncertainty of
realisation and are accounted accordingly.
iv. Gains’ arising on securitisation/direct assignment of assets is recognised over the tenure of agreements as per
guideline on securitisation of standard assets issued by RBI, loss, if any is recognised upfront.
v. Income from services is recognised as per the terms of the contract on an accrual basis.
vi. Interest income on fixed deposits/margin money, call money (CBLO), certificate of deposits, pass through
certificates, subordinate debts and treasury bills is recognised on a time proportion basis taking into account the
amount outstanding and the rate applicable.
vii. Dividend is recognised as income when right to receive payment is established by the date of balance sheet.
viii. Profit/loss on the sale of investments is recognised at the time of actual sale/redemption.
ix.
Income from operating lease is recognised as rentals, as accrued on straight line basis over the period of the lease.
x. The revenue from sale of the commercial vehicles is recognized after execution of the contract to sale and delivery
of the vehicle to the buyer.
xi.
xii.
Income on Subvention is recognized as per the terms of contracts on accrual basis.
Pre-mature Dealer payment discount is recognized as income on realisation.
F212

(l)
Employee benefits
Provident Fund
All the employees of the Group are entitled to receive benefits under the Provident Fund, a defined contribution
plan in which both the employee and the Group contribute monthly at a stipulated rate. The Group has no liability
for future Provident Fund benefits other than its annual contribution and recognises such contributions as an
expense in the year it is incurred.
Gratuity
The Group provides for the gratuity, a defined benefit retirement plan covering all employees. The plan provides for
lump sum payments to employees upon death while in employment or on separation from employment after serving
for the stipulated period mentioned under ‘The Payment of Gratuity Act, 1972’ The Group accounts for liability of
future gratuity benefits based on an external actuarial valuation on projected unit credit method carried out annually
for assessing liability as at the reporting date.
Leave Encashment
Short term compensated absences are provided for based on estimates. Long term compensated absences are
provided for based on actuarial valuation. The actuarial valuation is done as per projected unit credit method as at
the reporting date.
Actuarial gains/losses are immediately taken to profit and loss account and are not deferred.
(m)
Income tax
Tax expense comprises of current tax and deferred tax. Current income tax is measured at the amount expected to
be paid to the tax authorities in accordance with the Indian Income Tax Act, 1961. Deferred income taxes reflects
the impact of current year timing differences between taxable income and accounting income for the year and
reversal of timing differences of earlier years.
Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the balance
sheet date. Deferred tax assets are recognised only to the extent that there is reasonable certainty that sufficient
future taxable income will be available against which such deferred tax assets can be realised. In situations where
the Group has unabsorbed depreciation or carry forward tax losses, all deferred tax assets are recognised only if
there is virtual certainty supported by convincing evidence that they can be realised against future taxable profits.
The un-recognised deferred tax assets are re-assessed by the Group at each balance sheet date and are recognised to
the extent that it has become reasonably certain or virtually certain, as the case may be that sufficient future taxable
income will be available against which such deferred tax assets can be realised.
The carrying cost of the deferred tax assets are reviewed at each balance sheet date. The Group writes down the
carrying amount of a deferred tax asset to the extent that it is no longer reasonably certain or virtually certain, as the
case may be, that sufficient future taxable income will be available against which deferred tax asset can be realised.
Any such write down is reversed to the extent that it becomes reasonably certain or virtually certain, as the case may
be, that sufficient future taxable income will be available.
F213

(n)
Segment reporting policies
Identification of segments:
The Group’s operating businesses are organised and managed separately according to the nature of products and
services provided, with each segment representing a strategic business unit that offers different products and serves
different markets. The analysis of geographical segments is based on the areas in which major operating divisions
of the Group operate.
Unallocated items:
Unallocated items include income and expenses which are not allocated to any reportable business segment.
Segment Policies :
The Group prepares its segment information in conformity with the accounting policies adopted for preparing
and presenting the financial statements of the Group as a whole.
(o)
Earnings per share
Basic earnings per share is calculated by dividing the net profit or loss for the year attributable to equity
shareholders (after deducting attributable taxes) by the weighted average number of equity shares outstanding
during the year.
For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity
shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of
all dilutive potential equity shares.
(p)
Provisions
A provision is recognised when the Group has a present obligation as a result of past event; it is probable that
outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made.
Provisions are not discounted to its present value and are determined based on best estimate required to settle the
obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current
best estimates.
(q)
Cash and cash equivalents
Cash and cash equivalents in the cash flow statement comprise cash at bank and in hand, cheques on hand,
remittances in transit and short term investments with an original maturity of three months or less.
(r)
Equity shares and Debentures issue expenses
Issue expenses incurred on issue of equity shares are charged on a straight line basis over a period of 10 years.
Public issue expenses other than the brokerage incurred on issue of debentures are charged off on a straight line
basis over the weighted average tenor of underlying debentures. The brokerage incurred on issue of debenture is
treated as expenditure in the year in which it is incurred.
(s)
Ancillary cost of borrowings
Ancillary cost of borrowings are charged to Profit & Loss account in the year in which they are incurred.
(t)
Employee stock compensation costs
Measurement and disclosure of the employee share-based payment plans is done in accordance with SEBI
(Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 and the Guidance Note
on Accounting for Employee Share-based Payments, issued by ICAI. The Company measures compensation cost
relating to employee stock options using the intrinsic value method. Compensation expense is amortised over the
vesting period of the option on a straight line basis.
F214

2. Notes to Accounts
1. Secured Loans
a) (i) Privately placed Redeemable Non-convertible Debentures of Rs. 1,000/- each
As at March
31, 2011
As at March 31,
2010
Number 22,081,398 18,870,314
Amount Rs in lacs 220,813.98 188,703.14
Secured by equitable mortgage of title deeds of immovable property. Further secured by charge on plant and machinery,
furniture and other fixed assets of the Company, charge on Company’s hypothecation loans, other loans, advances and
investments of the Company subject to prior charges created or to be created in favour of the Company’s bankers, financial
institutions and others.
Debentures are redeemable at par over a period of 12 months to 160 months from the date of allotment depending on the
terms of the agreement. The earliest date of redemption is 01.04.2011 (March 31, 2010: 01.04.2010)
Debentures may be bought back subject to applicable statutory and/or regulatory requirements, upon the terms and conditions
as may be decided by the Company. The Company may grant loan against the security of NCDs upon the terms and
conditions as may be decided by the Company and subject to applicable statutory and/or regulatory requirements.
(ii) Privately Placed Redeemable Non-Convertible Debenture of Rs. 1,000,000/- each
Amount (Rs. in lacs)
Date of
As at March 31, 2011 As at March 31, 2010
Allotment/renewal
Redeemable at par on
05.07.2007 - 5,000.00 05.07.2010
09.07.2007 - 7,000.00 09.07.2010
11.07.2007 - 1,000.00 09.07.2010
25.07.2007 - 10,000.00 25.07.2010
25.07.2007 - 2,500.00 25.07.2010
10.09.2007 - 2,500.00 10.09.2010
15.10.2007 - 2,000.00 15.10.2010
18.10.2007 - 3,900.00 18.10.2010
19.10.2007 - 5,000.00 19.10.2010
02.05.2008 15,000.00 15,000.00 02.05.2011
20.06.2008 10,000.00 10,000.00 20.06.2011
04.09.2008 - 10,000.00 04.09.2010
08.09.2008 - 3,000.00 08.09.2010
15.09.2008 - 1,500.00 # 15.09.2011
F215

Amount (Rs. in lacs)
Date of
As at March 31, 2011 As at March 31, 2010
Allotment/renewal
Redeemable at par on
15.09.2008 1,500.00 1,500.00 15.09.2011
15.09.2008 - 2,500.00 15.09.2010
15.09.2008 - 1,500.00 30.04.2010
16.09.2008 - 2,500.00 # 16.09.2011
17.09.2008 8,000.00 8,000.00 01.09.2011
24.09.2008 - 2,500.00 24.09.2010
26.09.2008 - 2,500.00 26.09.2010
26.09.2008 - 1,500.00 10.09.2010
08.10.2008 - 1,200.00 06.04.2010
24.10.2008 - 5,000.00 10.12.2010
03.11.2008 30,000.00 30,000.00 03.11.2013
26.11.2008 1,000.00 1,000.00 26.11.2013
28.03.2009 5,000.00 5,000.00 28.03.2012
13.04.2009 - 10,000.00 # 13.04.2011
*20.04.2009 2,500.00 2,500.00 20.04.2011
17.06.2009 - 2,500.00 # 17.06.2011
30.06.2009 12,500.00 25,000.00 30.06.2011
14.09.2009 1,500.00 1,500.00 05.04.2011
12.10.2009 - 9,000.00 # 12.04.2011
24.03.2010 - 2,400.00 24.03.2011
25.03.2010 - 2,600.00 25.03.2011
06.05.2010 2,500.00 - 06.05.2013
04.05.2010 2,500.00 - 04.05.2013
14.05.2010 20,000.00 - 14.05.2013
28.03.2011 2,400.00 - 28.03.2012
28.03.2011 2,400.00 - 28.03.2012
28.03.2011 200.00 - 28.03.2012
TOTAL 117,000.00 198,600.00
Secured by specific assets covered under hypothecation loan agreements and by way of exclusive charge and equitable
mortgage of title deeds of immovable property.
*Put option on 20th April, 2011
# Redeemed prior to due date as per the terms of the issue
Debentures may be bought back subject to applicable statutory and/or regulatory requirements, upon the terms and conditions
as may be decided by the Company.
F216

(iii) Public issue of Redeemable Non-convertible Debentures of Rs. 1,000/- each (2009)
Date of
Amount (Rs. in lacs)
Option
Detail
Allotment/
renewal
As at March
31, 2011
As at March
31, 2010
Redeemable
at par on
Put and Call
option
Option -I 27.08.2009 3,489.95 3,489.95 26.08.2012 -
Option -I 27.08.2009 3,489.95 3,489.95 26.08.2013 -
Option -I 27.08.2009 1,744.97 1,744.97 26.08.2014 -
Option -II 27.08.2009 2,949.84 2,949.84 26.08.2012 -
Option -II 27.08.2009 2,949.84 2,949.84 26.08.2013 -
Option -II 27.08.2009 1,474.92 1,474.92 26.08.2014 -
Option -III 27.08.2009 10,422.51 10,422.51 26.08.2014 26.08.2013
Option -IV 27.08.2009 2,274.12 2,274.12 26.08.2014 26.08.2013
Option -V 27.08.2009 66,988.63 66,988.63 26.08.2012 -
Total Total 95,784.73 95,784.73
a. Secured by specific assets covered under hypothecation loan agreements and by way of exclusive charge and equitable
mortgage of title deeds of immovable property.
b. The Company has utilised the entire sum of Rs. 99,999.96 lacs raised from public issue (net off expenses) towards asset
financing activities as per the objects stated in the prospectus for the issue.
c. Debentures may be bought back subject to applicable statutory and/or regulatory requirements, upon the terms and
conditions as may be decided by the Company. The Company may grant loan against the security of NCDs upon the
terms and conditions as may be decided by the Company and subject to statutory and/or regulatory requirements.
(iv) Public issue of Redeemable Non-convertible Debentures of Rs. 1,000/- each (2010)
Amount (Rs. in lacs)
Date of
As at
Option Allotment/
As at March March 31, Redeemable at Put and Call
Detail renewal
31, 2011
2010
par on
option
Option -I 02.06.2010 15,754.47 - 01.06.2015 01.06.2013
Option –II 02.06.2010 6,254.36 -
01.06.2017
01.06.2015
Option –III 02.06.2010 7,872.34 - 01.06.2013 -
Option –III 02.06.2010 7,872.34 - 01.06.2014 -
Option –III 02.06.2010 3,936.17 - 01.06.2015 -
Total 41,689.68
a. Secured by specific assets covered under hypothecation loan agreements and by way of exclusive charge and equitable
mortgage of title deeds of immovable property.
b. The Company has utilised the entire sum of Rs. 41,689.68 lacs raised from public issue (net off expenses) towards asset
financing activities as per the objects stated in the prospectus for the issue.
c. Debentures may be bought back subject to applicable statutory and/or regulatory requirements, upon the terms and
conditions as may be decided by the Company. The Company may grant loan against the security of NCDs upon the
terms and conditions as may be decided by the Company and subject to statutory and/or regulatory requirements.
F217

) Term Loans :
i. From Financial Institutions / Corporates :
As at March 31, 2011
(Rs. in lacs)
As at March 31,
2010
Secured by an exclusive charge by way of
hypothecation of specific movable assets
being fixed/current assets relating to
hypothecation loans
25,414.44 12,188.42
Total 25,414.44 12,188.42
(Rs. in lacs)
As at March 31, 2011
As at March 31,
2010
ii. From Banks :
(a)
(b)
Secured by hypothecation of vehicles for
own use
Secured by an exclusive charge by way of
hypothecation of specific movable assets
being fixed / current assets relating to
hypothecation loans #
36.08 3.19
967,963.89 *929,931.95
Total 967,999.97 929,935.14
*Includes Rs. 20,000.00 lacs, the charge in respect of which has since been created.
#The charge of Rs. 8,000.00 lacs (March 31, 2010: Rs. 47,000.00 lacs) is yet to be created.
c) Cash Credit from Banks
(Rs. in lacs)
As at March 31,
As at March 31, 2011
2010
Cash Credit from banks 48,234.79 **92,036.64
Secured by hypothecation of specific assets covered under hypothecation loan agreements.
**Includes Rs. 10,000 lacs, the charge in respect of which has since been created.
2. Subordinated Debt
The Company has issued subordinated debt bonds amounting to Rs. 142,408.94 Lacs (March 31, 2010: Rs.
53,196.13 Lacs) with coupon rate of 7.00% to 13.00% per annum which are redeemable over a period of 60
months to 216 months.
3. Gratuity and other post-employment benefit plans:
The Group has an unfunded defined benefit gratuity plan. Every employee who has completed five years or
more of service is eligible for a gratuity on separation at 15 days basic salary (last drawn salary) for each
completed year of service.
Consequent to the adoption of revised AS 15 ‘Employee Benefits’ issued under Companies Accounting
Standard Rules, 2006, as amended, the following disclosures have been made as required by the standard:
F218

Profit and Loss account
Net employee benefit expense (recognised in employee cost)
Gratuity
(Rs. in lacs)
Particulars
March 31, 2011 March 31, 2010
Current service cost 232.23 191.23
Interest cost on benefit obligation 61.63 48.79
Expected return on plan assets NA NA
Net actuarial (gain) / loss recognised in the year 33.33 (42.37)
Past service cost Nil Nil
Net benefit expense 327.19 197.65
Balance sheet
Details of Provision for gratuity
(Rs. in lacs)
Gratuity
Particulars March 31, 2011 March 31, 2010
Defined benefit obligation 913.73 612.63
Fair value of plan assets NA NA
913.73 612.63
Less: Unrecognised past service cost Nil Nil
Plan asset / (liability) (913.73) (612.63)
Gratuity
(Rs. in lacs)
Particulars March 31, 2011 March 31, 2010
Opening defined benefit obligation 612.63 463.92
Interest cost 61.63 48.79
Current service cost 232.23 191.23
Benefits paid (26.09) (48.93)
Actuarial (gains) / losses on obligation 33.33 (42.38)
Closing defined benefit obligation 913.73 612.63
The Group would not contribute any amount to gratuity in 2011-12 as the scheme is unfunded.
F219

The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:
Gratuity
Particulars March 31, 2011 March 31, 2010
% %
Investments with insurer NA NA
The principal assumptions used in determining gratuity obligations for the Group’s plan are shown below:
Gratuity
Particulars March 31, 2011 March 31, 2010
Discount Rate 8% and 8.25% 7.5%
Increase in compensation cost 5% 5%
Employee Turnover* 5% and 10% 5% and 10%
The estimates of future salary increases, considered in actuarial valuation, are on account of inflation, seniority,
promotion and other relevant factors, such as supply and demand in the employment market.
*5% in case of employees with service period of more than 5 years and 10% for all other employees.
Amounts for the Current and previous year are as follows:
(Rs. in lacs)
Particulars March 31, 2011 March 31, 2010
Defined benefit obligation 913.73 612.63
Plan assets NA NA
Surplus / (deficit) (913.73) (612.63)
Experience adjustments on plan liabilities 74.98 55.56
Experience adjustments on plan assets NA NA
F220

4. The Group is primarily engaged in financing activities. It operates in a single geographical segment. The Group
owned windmills and biomass which generate income from sale of electricity and also earned certain fee based
income, the same has been classified as ‘Unallocated reconciling item’ as per requirements of AS – 17 on ‘Segment
Reporting’.
(Rs in lacs)
Particulars
Financing
activities
Trading
Activities
Year ended on March 31, 2011
Fee based
Activities
Unallocated
reconcilating
items
Segment Revenue 541,754.60 6,132.91 83.38 3,227.28 551,198.17
Segment results (Profit
before tax and after
interest on Financing
182,061.75 (899.27) (474.00) 3,065.65 183,754.14
Segment)
Less: Interest on
unallocated reconciling
- 0.04 - - 0.04
items
Net profit before tax 182,061.75 (899.31) (474.00) 3,065.65 183,754.10
Less: Income Taxes 62,041.93
Net profit after tax 121,712.17
Less: Share of Losses of
(0.95)
Associate
Net profit after taxes
and Share of Loss of
121,711.22
Associate
Total
Other information:
Segment assets 3,184,536.10 2,153.46 866.10 26.17 3,187,581.83
Unallocated corporate
assets
- - - - 21,777.43
Total assets 3,184,536.10 2,153.46 866.10 26.17 3,209,359.26
Segment Liabilities 2,717,368.04 553.17 117.63 7.15 2,718,045.99
Unallocated corporate
liabilities
- - - - 1,977.22
Total Liabilities 2,717,368.04 553.17 117.63 7.15 2,720,023.21
Capital expenditure 498.69 39.23 568.69 - 1,106.61
Depreciation 1,110.47 10.65 7.92 - 1,129.04
Other non cash
expenditure
64,363.42 7.88 11.16 4.96 64,387.42
F221

Financing
activities
Year ended on March 31, 2010
Trading Fee based Unallocated
Activities Activities reconcilating items
(Rs in Lacs)
Particulars
Segment Revenue 445,905.30 - - 3,688.48 449,593.78
Segment results (Profit
before tax and after
interest on Financing
Segment)
Less: Interest on
unallocated reconciling
items
Total
129,512.39 - - 3,231.50 132,743.88
- - - 287.14 287.14
Net profit before tax 129,512.39 - - 2,944.36 132,456.74
Less: Income Taxes 45,146.74
Net profit after tax 87,310.00
Less: Share of Losses
of Associate (7.44)
Net profit after taxes
and Share of (Loss) of
Associate 87,302.56
Other information:
Segment assets 2,689,251.29 - - - 2,689,251.29
Unallocated corporate
assets
- - - 8,191.44
Total assets 2,689,251.29 - - - 2,697,442.73
- -
Segment Liabilities 2,311,874.83 - - - 2,311,874.83
Unallocated corporate
liabilities
- - - - 1,155.85
Total Liabilities 2,311,874.83 - - - 2,313,030.68
Capital expenditure 629.41 - - - 629.41
Depreciation 1,287.84 - - 208.00 1,495.84
Other non cash
expenditure
49,753.00 - - 0.94 49,753.94
F222

5. Related Party Disclosure
Related party where control exists
Other Related Parties
Enterprises having significant influence over
the Group :
Shriram Holdings (Madras) Private Limited
Shriram Capital Limited
Newbridge India Investments II Limited
Shriram Ownership Trust
Associates : Shriram Asset Management Company Limited
Key Managerial Personnel : R Sridhar, Managing Director
Relatives of Key Managerial Personnel : Mrs. Padmapriya Sridhar (spouse)
F223

Payments/Expenses
Employee Benefits for key management
personnel
Enterprises having
significant influence over the
March 31,
2011
Company Associates Key Management Personnel
March 31, March March 31, March 31, March 31,
2010 31, 2011 2010 2011 2010
(Rs. in lacs)
Relatives of Key Management
Personnel
March 31, March 31,
2011
2010
Total
March 31, 2011 March 31, 2010
- - - - 67.90 72.61 - - 67.90 72.61
Royalty 1,497.04 µ 1,240.78* - - - - - - 1,497.04 1,240.78
Data Sourcing Fees 85.87 µ 23.96* - - - - - - 85.87 23.96
Service Charges 515.22 µ 143.75* - - - - - - 515.22 143.75
Business Promotion 50.00* 66.18* - - - - - - 50.00 66.18
Equity Dividend 6,069.15# 5,602.29# - - 8.55 5.58 2.63 2.43 6,080.33 5,610.30
Interest on Subordinate Debt - - 60.76 54.37 1.11 - 0.64 - 62.51 54.37
Interest on Inter Corporate Deposit - 96.66# - - - - - - - 96.66
Interest on NCD - - - - 0.40 0.27 - 0.01 0.40 0.28
Rent paid - 59.56* 1.80 - - - - - 1.80 59.56
Inter Corporate Deposit 3,700.00* 4,200.00# - - - - - - 3,700.00 4,200.00
Receipts/Income
Rental Deposit Received 49.00* - - - - - - - 49.00 -
Interest on Inter Corporate Deposit 132.69* - - - - - - - 132.69 -
Non convertible Debenture - - - - - 1.00 - 1.00 - 2.00
On conversion of warrants - 2,400.00# - - - - - - 2,400.00
Rent & Electricity 7.87* - 5.40 5.25 - - - - 13.27 5.25
Balance Outstanding at the year end
-
Share Capital 9,337.15# 9,337.15# - - 10.83 13.02 4.05 4.05 9,352.03 9,354.22
Investment in shares - - 240.00 240.00 - - - - 240.00 240.00
Inter Corporate Deposit 3,700.00* - - - - - - - 3,700.00 -
Non convertible Debenture - - - - 4.74 - - - 4.74 -
Rent Receivable 0.66* - - - 0.66 -
Outstanding expenses 772.15 µ 185.43* - - - - - - 772.15 185.43
Rental Deposit given - 49.00* - - - - - - - 49.00
Subordinated debt - - 413.40 413.40 12.31 - 7.00 - 432.71 413.40
Interest payable on subordinated debt - - 140.46 85.78 1.11 - 0.64 - 142.21 85.78
Guarantees given by the Company to third
parties on behalf of Subsidiaries 31,400.00 -
F224

* Denotes transactions with Shriram Capital Limited
# Denotes transactions with Shriram Holdings (Madras) Private Limited
µ
Denotes transactions with Shriram Ownership Trust
6. Leases
In case of assets given on lease
The Company has given land and building on operating lease for period of 11 months. During the year ended 31 st
March, 2010 the company had also given its biomass plant on operating lease for the period 1 st April, 2009 to 30 th
September, 2009. The same was sold on October 1, 2009, hence gross carrying cost of and accumulated
depreciation of the asset as on the date of balance sheet is nil.
In case of assets taken on lease
The Group has taken various office premises, furniture and fixtures, computers and plant and machinery under
operating lease. The lease payments recognised in the profit & loss account are Rs. 4,902.58 lacs (March 31,
2010: Rs. 3,557.92 lacs). Certain agreements provide for cancellation by either party and certain agreements
contains clause for escalation and renewal of agreements. The non-cancellable operating lease agreements are
ranging for a period 12 to 120 months. There are no restrictions imposed by lease arrangements. There are no sub
leases.
The future minimum lease payments in respect of non-cancellable operating lease as at the balance sheet date are
summarised below :
(Rs. in lacs)
As at March 31, 2011 As at March 31, 2010
Minimum Lease Payments:
Not later than one year 858.02 899.73
Later than one year but not later than five years 731.88 324.11
Later than five years 28.20 40.73
F225

7. In accordance with the Reserve Bank of India circular no.RBI/2006-07/ 225 DNBS (PD) C.C No.
87/03.02.004/2006-07 dated January 4, 2007, the Company has created a floating charge on the statutory liquid
assets comprising of investment in Government Securities to the extent of Rs. 16,677.50 lacs (March 31, 2010: Rs.
3,497.64 lacs) in favour of trustees representing the public deposit holders of the Company.
8. Earnings per share
Particulars
Net Profit after tax and Share of loss of Associates as per profit and
loss account (Rs. in lacs) (A)
Year ended
March 31, 2011
Year ended March
31, 2010
121,711.22 87,302.56
Weighted average number of equity shares for calculating Basic EPS (in
lacs) (B)
2,257.27 2,125.01
Weighted average number of equity shares for calculating Diluted EPS
(in lacs) (C) 2,260.39 2,133.85
Basic earnings per equity share (in Rupees) (Face value of Rs. 10/- per
share) (A) / (B)
53.92 41.08
Diluted earnings per equity share (in Rupees) (Face value of Rs. 10/- per
share) (A) / (C) 53.85 40.91
Particulars
Year ended
March 31, 2011
Year ended March
31, 2010
Weighted average number of equity shares for calculating Basic EPS (in
lacs)
2,257.27 2,125.01
Add : Equity shares arising on conversion of optionally convertible
warrants (in lacs)
- -
Add : Equity shares for no consideration arising on grant of stock
options under ESOP (in lacs)
3.12 8.84
Weighted average number of equity shares in calculating Diluted EPS
(in lacs) 2,260.39 2,133.85
F226

9. Deferred Tax Liabilities/ (Asset)(Net) (Rs.in lacs)
The breakup of deferred tax asset / liabilities is as under:- As at March 31,
2011
As at March 31,
2010
Deferred Tax Liabilities
Timing difference on account of :
Debenture Issue Expenses 778.94 753.63
Gross Deferred Tax Liabilities (A) 778.94 753.63
Deferred Tax Asset
Timing difference on account of :
Differences in depreciation in block of fixed assets as per
tax books and financial books
305.96 231.78
Expenses disallowed under Income Tax Act, 1961 3,677.68 3,260.74
Provision for securitization 10,537.72 4,734.05
Provision for standard assets 1,674.26 -
Gross Deferred Tax Assets (B) 16,195.62 8,226.57
Deferred Tax Liabilities /(Assets)(Net) (A-B) (15,416.68) (7,472.94)
(Rs. in lacs)
10. Contingent Liabilities not provided for
a. Disputed income tax demand contested in appeals not
provided for
[Against the above, a sum of Rs. Nil (March 31, 2010: Rs.
29.66 lacs) has been paid under protest]
b. Demands in respect of Service tax
[Amount of Rs. 15.00 lacs (March 31, 2010 : Rs. 15.00 lacs)
has been paid under protest ]
As at March 31,
2011
As at March 31,
2010
- 157.26
330.00 315.00
c. Disputed sales tax demand
[Amount of Rs. 63.92 lacs (March 31, 2010: Rs. 63.92
lacs ) has been paid by the Company]
412.33 412.33
d. Guarantees and Counter Guarantees given 194,058.28 -
e. Estimated amount of contracts on capital account not
provided for
100.00 -
F227

Future cash outflows in respect of above are determinable only on receipt of judgments /decisions pending with
various forums/authorities.
11.
As regards the recovery of Service Tax on Lease and hire purchase transactions, the Hon’ble Supreme Court
vide its order dated October 26, 2010 has directed the competent authority under the Finance Act, 1994 to
decide the matter in accordance with the law laid down.
In its replies to the demands of Rs. 7,775 lacs (interest & penalty not quantified) for the years 2003-04 to
2009-10 from the Commissioner of Service Tax, the management has contended that no service tax is
leviable on the interest earned by the company on financing transactions because of the specific exemption
granted for the same under the Finance Act 1994. However, the company shall continue to hold the provision
of Rs. 8,406.10 lacs in this respect and contest the demands with the Appellate Authorities.
12. Employee Stock Option Plan
Series I Series II Series III Series IV Series V Series VI
Date of grant October 31,
2005
April 1,
2006
October 9,
2006
August 17,
2007
July
15,2008
May 13,
2009
Date of
May 13,
October 19, February September August 17, July
Board/committee
2009
2005 22, 2006 6, 2006 2007 15,2008
Approval
Date of
Shareholder’s
approval
Number of options
granted
Method of
Settlement
(Cash/Equity)
Graded Vesting Period
After 1 year of
grant date
After 2 years of
grant date
After 3 years of
grant date
After 4 years of
grant date
Exercisable period
Vesting
Conditions
October 13,
2005
October 13,
2005
October 13,
2005
2,962,500 832,500 910,000
October 13,
2005
109,000
October 13,
2005
Equity Equity Equity Equity Equity
10% of
options
granted
20% of
options
granted
30% of
options
granted
40% of
options
granted
10 years
from
vesting date
10% of
options
granted
20% of
options
granted
30% of
options
granted
40% of
options
granted
10 years
from
vesting date
10% of
options
granted
20% of
options
granted
30% of
options
granted
40% of
options
granted
10 years
from vesting
date
On achievement of predetermined targets.
10% of
options
granted
20% of
options
granted
30% of
options
granted
40% of
options
granted
10 years
from
vesting
date
10% of
options
granted
20% of
options
granted
30% of
options
granted
40% of
options
granted
10 years
from
vesting
date
October 13,
2005
77,000 50,000
Equity
10% of
options
granted
20% of
options
granted
30% of
options
granted
40% of
options
granted
10 years from
vesting date
F228

The details of Series I have been summarized below:
As at March 31,2011 As at March 31, 2010
Weighted Number of Weighted
Average Shares Average
Exercise
Exercise
Price(Rs.)
Price(Rs.)
Number of
Shares
Outstanding at the beginning of the year 189,550 Rs. 35.00 1,839,800 Rs. 35.00
Add: Granted during the year - - - -
Less: Forfeited during the year - - - -
Less: Exercised during the year 68,700 Rs.35.00 1,640,750 Rs.35.00
Less: Expired during the year 5,750 - 9,500 -
Outstanding at the end of the year 115,100 Rs.35.00 189,550 Rs.35.00
Exercisable at the end of the year 115,100 189,550
Weighted average remaining contractual life
7.09 8.09
(in years)
Weighted average fair value of options granted Rs.59.04 Rs.59.04
The details of Series II have been summarized below:
As at March 31,2011 As at March 31, 2010
Weighted Number of Weighted
Average Shares Average
Exercise
Exercise
Price(Rs.)
Price(Rs.)
Number of
Shares
Outstanding at the beginning of the year 251,300 Rs.35.00 516,500 Rs.35.00
Add: Granted during the year - - - -
Less: Forfeited during the year - - - -
Less: Exercised during the year 227,300 Rs.35.00 265,200 Rs.35.00
Less: Expired during the year - -
Outstanding at the end of the year 24,000 Rs.35.00 251,300 Rs.35.00
Exercisable at the end of the year 24,000 24,900
Weighted average remaining contractual life
7.49 8.49
(in years)
Weighted average fair value of options granted Rs.91.75 Rs.91.75
The details of Series III have been summarized below:
As at March 31,2011 As at March 31, 2010
Weighted Number of Weighted
Average Shares Average
Exercise
Exercise
Price(Rs.)
Price(Rs.)
Number of
Shares
Outstanding at the beginning of the year 357,900 Rs.35.00 763,600 Rs.35.00
Add: Granted during the year - - - -
Less: Forfeited during the year - - - -
Less: Exercised during the year 294,650 Rs.35.00 4,02,200 Rs.35.00
Less: Expired during the year 8,000 3,500
Outstanding at the end of the year 55,250 Rs.35.00 357,900 Rs.35.00
Exercisable at the end of the year 55,250 38,300
Weighted average remaining contractual life
8.02 9.02
(in years)
Weighted average fair value of options granted Rs.74.85 Rs.74.85
F229

The details of Series IV have been summarized below:
Number of
Shares
As at March 31,2011 As at March 31, 2010
Weighted Number of Weighted
Average Shares Average
Exercise
Exercise
Price(Rs.)
Price(Rs.)
Outstanding at the beginning of the year 74,200 Rs.35.00 106,000 Rs.35.00
Add: Granted during the year - - - -
Less: Forfeited during the year - - - -
Less: Exercised during the year 31,800 Rs.35.00 31,800 Rs.35.00
Less: Expired during the year - -
Outstanding at the end of the year 42,400 Rs.35.00 74,200 Rs.35.00
Exercisable at the end of the year - -
Weighted average remaining contractual life (in
years)
8.89 9.89
Weighted average fair value of options granted Rs. 136.40 Rs. 136.40
The details of Series V have been summarized below:
As at March 31,2011 As at March 31, 2010
Number of
Shares
Weighted
Average
Exercise
Price(Rs.)
Number of
Shares
Weighted
Average
Exercise
Price(Rs.)
Outstanding at the beginning of the year 69,300 Rs.35.00 77,000 Rs.35.00
Add: Granted during the year - - - -
Less: Forfeited during the year - - - -
Less: Exercised during the year 15,400 Rs.35.00 7,700 Rs.35.00
Less: Expired during the year - - -
Outstanding at the end of the year 53,900 Rs.35.00 69,300 Rs.35.00
Exercisable at the end of the year - -
Weighted average remaining contractual life (in
9.78 10.78
years)
Weighted average fair value of options granted Rs. 253.90 Rs. 253.90
The details of Series VI have been summarized below:
Number of
Shares
As at March 31,2011 As at March 31, 2010
Weighted Number of
Average Exercise Shares
Price(Rs.)
Weighted
Average
Exercise
Price(Rs.)
Outstanding at the beginning of the year 50,000 Rs.35.00 -
Add: Granted during the year - - 50,000 Rs.35.00
Less: Forfeited during the year - - -
Less: Exercised during the year 5,000 -
Less: Expired during the year - - -
Outstanding at the end of the year 45,000 Rs.35.00 50,000 Rs.35.00
Exercisable at the end of the year -
Weighted average remaining contractual life (in
years)
10.61 11.61
Weighted average fair value of options granted Rs. 201.45 Rs. 201.45
The weighted average share price for the year over which stock options were exercised was Rs. 717.18 (March 31, 2010:
Rs.358.00)
F230

The details of exercise price for stock options outstanding at the end of the year are: March 31, 2011
Series
Range of
exercise prices
Number of
options
outstanding
Weighted average
remaining contractual
life of options (in years)
Weighted average
exercise price
Series I Rs.35/- 115,100 7.09 Rs.35/-
Series II Rs.35/- 24,000 7.49 Rs.35/-
Series III Rs.35/- 55,250 8.02 Rs.35/-
Series IV Rs.35/- 42,400 8.89 Rs.35/-
Series V Rs.35/- 53,900 9.78 Rs.35/-
Series VI Rs.35/- 45,000 10.61 Rs.35/-
The details of exercise price for stock options outstanding at the end of the year are: March 31, 2010
Series
Range of
exercise prices
Number of
options
outstanding
Weighted average
remaining contractual
life of options (in years)
Weighted average
exercise price
Series I Rs.35/- 189,550 8.09 Rs.35/-
Series II Rs.35/- 251,300 8.49 Rs.35/-
Series III Rs.35/- 357,900 9.01 Rs.35/-
Series IV Rs.35/- 74,200 9.88 Rs.35/-
Series V Rs.35/- 69,300 10.78 Rs.35/-
Series VI Rs.35/- 50,000 11.61 Rs.35/-
Stock Options granted
Series I:
The weighted average fair value of stock options granted was Rs.59.04. The Black Scholes model has been used
for computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Weighted average share price (Rs.) 93.30 93.30 93.30 93.30
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 38.44 38.44 38.44 38.44
Historical Volatility NA NA NA NA
Life of the options granted (Vesting and exercise year) in years 1.50 2.50 3.50 4.50
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 5.98 6.33 6.54 6.73
Expected dividend rate (%) 2.31 2.31 2.31 2.31
Series II :
The weighted average fair value of stock options granted was Rs.91.75. The Black Scholes model has been used for
computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Weighted average share price (Rs.) 130.10 130.10 130.10 130.10
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 19.89 19.89 19.89 19.89
Historical Volatility NA NA NA NA
Life of the options granted (Vesting and exercise year) in years 1.50 2.50 3.50 4.50
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 6.64 6.83 6.93 7.26
Expected dividend rate (%) 2.52 2.52 2.52 2.52
F231

Series III :
The weighted average fair value of stock options granted was Rs.74.85. The Black Scholes model has been used
for computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Weighted average share price (Rs.) 111.25 111.25 111.25 111.25
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 31.85 31.85 31.85 31.85
Historical Volatility (%) NA NA NA NA
Life of the options granted (Vesting and exercise year) in years 1.50 2.50 3.50 4.50
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 6.96 7.10 7.26 7.40
Expected dividend rate (%) 2.52 2.52 2.52 2.52
Series IV :
The weighted average fair value of stock options granted was Rs. 136.40. The Black Scholes model has been used
for computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Weighted average share price (Rs.) 168.05 168.05 168.05 168.05
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 41.51 41.51 41.51 41.51
Historical Volatility (%) NA NA NA NA
Life of the options granted (Vesting and exercise year) in years 1.50 2.50 3.50 4.50
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 7.68 7.76 7.82 7.87
Expected dividend rate (%) 0.89 0.89 0.89 0.89
Series V :
The weighted average fair value of stock options granted was Rs. 253.90. The Black Scholes model has been used for
computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Weighted average share price (Rs.) 294.50 294.50 294.50 294.50
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 69.22 69.22 69.22 69.22
Historical Volatility (%) NA NA NA NA
Life of the options granted (Vesting and exercise year) in years 1.50 2.50 3.50 4.50
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 9.41 9.36 9.34 9.36
Expected dividend rate (%) 1.63 1.63 1.63 1.63
Series VI :
The weighted average fair value of stock options granted was Rs. 201.45. The Black Scholes model has been used
for computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Weighted average share price (Rs.) 245.25 245.25 245.25 245.25
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 64.80 64.80 64.80 64.80
Historical Volatility (%) NA NA NA NA
Life of the options granted (Vesting and exercise year) in years 1.50 2.50 3.50 4.50
Expected dividends per annum (Rs.) 5.00 5.00 5.00 5.00
Average risk-free interest rate (%) 4.03 4.68 5.20 5.64
Expected dividend rate (%) 1.96 1.96 1.96 1.96
F232

The expected volatility was determined based on historical volatility data equal to the NSE volatility rate of Bank
Nifty which is considered as a comparable peer group of the Company. To allow for the effects of early exercise,
it was assumed that the employees will exercise the options within six months from the date of vesting in view of
the exercise price being significantly lower than the market price.
Effect of the employee share-based payment plans on the profit and loss account and on its financial position:
Total compensation cost pertaining to employee sharebased
payment plan (entirely equity settled)
As at March 31, 2011 As at March 31, 2010
116.85 341.30
Liability for employee stock options outstanding as at year
426.74 955.97
end
Deferred compensation cost 72.19 198.95
Since the enterprise used the intrinsic value method the impact on the reported net profit and earnings per share by
applying the fair value based method is as follows:
In March 2005, ICAI has issued a guidance note on “Accounting for Employees Share Based Payments” applicable to
employee based share plan the grant date in respect of which falls on or after April 1, 2005. The said guidance note requires
that the proforma disclosures of the impact of the fair value method of accounting of employee stock compensation
accounting in the financial statements. Applying the fair value based method defined in the said guidance note, the impact on
the reported net profit and earnings per share would be as follows:
Year ended March 31,
2011
Year ended March
31, 2010
Profit as reported (Rs. in lacs) 121,711.22 87,302.56
Add: Employee stock compensation under intrinsic value method
(Rs. in lacs)
116.85 341.30
340.91
Less: Employee stock compensation under fair value method (Rs. in
116.64
lacs)
Proforma profit (Rs. in lacs) 121,711.43 87,302.95
Earnings per share
Basic (Rs.) -
- As reported 53.92 41.08
- Proforma 53.92 41.08
Diluted (Rs.)
- As reported 53.85 40.91
- Proforma 53.85 40.91
Nominal Value Rs 10.00 Rs 10.00
13. Securitisation/ Direct assignment
The Company sells loans through securitisation and direct assignment. The information on securitisation / direct
assignment activity of the Company as an originator is given below:
Year ended March Year ended March 31,
31, 2011
2010
Total number of loan assets securitized/directly assigned 432,100 380,673
Total book value of loan assets securitized/directly assigned (Rs.
in lacs)
1,020,361.35 875,681.04
Sale consideration received for the securitised assets/directly
assigned (Rs. in lacs)
1,023,668.28 921,631.22
Gain on account of securitization/direct assignment* (Rs. in lacs) 299,330.23 262,350.21
F233

* Gain on securitisation / direct assignment is amortised over the year of the loan.
The information on securitisation / direct assignment activity of the Company as an originator as on March 31, 2011 and
March 31, 2010 is given in the table below:
As at March 31, 2011 As at March 31, 2010
Outstanding credit enhancement
-Fixed Deposit 154,928.74 1,73,588.14
-Guarantees given by third parties 157,749.58
-Guarantees given by the Company 4,093.00
Outstanding liquidity facility
-Fixed Deposit 15,865.57 23,833.27
Outstanding subordinate contribution - 2,665.30
14. Supplementary Statutory Information
Managing Director’s Remuneration
I Year ended March 31,
2011
Year ended March 31,
2010
Salaries 47.00 45.46
Perquisites 7.11 7.19
Contribution to Provident fund 0.09 0.09
Employee stock option scheme 13.70 19.87
67.90 72.61
Note: - As the liabilities for gratuity and leave encashment are provided on an actuarial basis for the Company as
a whole, the amounts pertaining to the Managing Director is not included above
The computation of profits under section 349 of the Act has not been given as no commission is payable to the
Managing Director.
II
Expenditure in foreign currency (On cash basis)
Year ended March 31,
2011
Year ended March 31,
2010
Travelling 0.76 4.23
Others 0.00 2.62
0.76 6.85
F234

15. Based on the intimation received by the Group, some of the suppliers have confirmed to be registered under “The
Micro, Small and Medium Enterprises Development (‘MSMED’) Act, 2006”. Accordingly, the disclosures relating
to amounts unpaid as at the year ended together with interest paid /payable are furnished below:
(Rs. in lacs)
Particulars As at March 31,
2011
As at March 31,
2010
The principal amount remaining unpaid to supplier as at the end of
the year
0.43 -
The interest due thereon remaining unpaid to supplier as as the end
- -
of the year
The amount of interest paid in terms of Section 16, along with the
- -
amount of payment made to the supplier beyond the appointment
day during the year
The amount of interest due and payable for the year of delay in
- -
making payment (which have been paid but beyond the appointed
day during the year) but without adding the interest specified under
this Act
The amount of interest accrued during the year and remaining
- -
unpaid at the end of the year
The amount of further interest remaining due and payable even in
- -
the succeeding years, until such date when the interest dues as
above are actually paid to the small enterprise for the purpose of
disallowance as a deductible expenditure under section 23 of the
Micro Small and Medium Enterprise Development Act, 2006
16. In addition to the auditors remuneration shown in operating and other expenses, the Company has also incurred
auditors remuneration in connection with other services provided by auditors in connection with public issue of
non convertible debentures of Rs. 39.85 lacs (including out of pocket expenses of Rs. 0.14 lacs) have been
amortised as per note 1(r) and shown under miscellaneous expenditure.
17. Details of Stock and Sales of Commercial Vehicles:
Opening Stock Purchases Closing Stock Gross Sales
Quantity
(Nos)
Value
(Rs)
Quantity
(Nos)
Quantity
(Nos)
Value (Rs) Quantity
(Nos)
Value (Rs)
- - 2,248 354 129,360,689.75 1,894 615,333,001.00
18. The Subsidiary Companies are under the process of appointing Managing Director / Manager & Company
Secretary as required by the Companies Act, 1956.
19. Previous year Comparatives
The figures for the previous year have been regrouped and reclassified, wherever necessary to conform to current
year’s classification.
F235

Notes to Accounts for the year 2009-2010
1 Secured Loans
a) (i) Privately placed Redeemable Non-convertible Debentures of Rs.1,000/- each
As at March 31, 2010
Number 1,88,70,314
Amount Rs in lacs 1,88,703.14
Secured by equitable mortgage of title deeds of immovable property. Further secured by charge on plant and machinery,
furniture and other fixed assets of the Company, charge on Company’s hypothecation loans, other loans, advances and
investments of the Company subject to prior charges created or to be created in favour of the Company’s bankers,
financial institutions and others.
Debentures are redeemable at par over a period of 12 months to 160 months from
the terms of the agreement. The earliest date of redemption is 01.04.2010
the date of allotment depending on
Debentures may be bought back subject to applicable statutory and/or regulatory requirements, upon the terms and
conditions as may be decided by the Company. The Company may grant loan against the security of NCDs upon the terms
and conditions as may be decided by the Company
(ii) Privately Placed Redeemable Non-Convertible Debenture of Rs.1,000,000/- each
Amount (Rs. in lacs)
Redeemable at par on
Date of
Allotment/renewal As at March 31, 2010
05.07.2007 5,000.00 05.07.2010
09.07.2007 7,000.00 09.07.2010
11.07.2007 1,000.00 09.07.2010
25.07.2007 10,000.00 25.07.2010
25.07.2007 2,500.00 25.07.2010
10.09.2007 2,500.00 10.09.2010
15.10.2007 2,000.00 15.10.2010
18.10.2007 3,900.00 18.10.2010
19.10.2007 5,000.00 19.10.2010
02.05.2008 15,000.00 02.05.2011
20.06.2008 10,000.00 20.06.2011
04.09.2008 10,000.00 04.09.2010
08.09.2008 3,000.00 08.09.2010
15.09.2008 1,500.00 15.09.2011
15.09.2008 1,500.00 15.09.2010
15.09.2008 2,500.00 15.09.2010
15.09.2008 1,500.00 30.04.2010
16.09.2008 2,500.00 16.09.2011
F236

Amount (Rs. in lacs)
Redeemable at par on
Date of
Allotment/renewal
As at March 31, 2010
17.09.2008 8,000.00 01.09.2011
24.09.2008 2,500.00 24.09.2010
26.09.2008 2,500.00 26.09.2010
26.09.2008 1,500.00 10.09.2010
08.10.2008 1,200.00 06.04.2010
24.10.2008 5,000.00 10.12.2010
03.11.2008 30,000.00 03.11.2013
26.11.2008 1,000.00 26.11.2013
28.03.2009 5,000.00 28.03.2012
*13.04.2009 10,000.00 13.04.2011
**20.04.2009 2,500.00 20.04.2011
17.06.2009 2,500.00 17.06.2011
30.06.2009 25,000.00 30.06.2011
14.09.2009 1,500.00 05.04.2011
12.10.2009 9,000.00 12.04.2011
24.03.2010 2,400.00 24.03.2011
25.03.2010 2,600.00 25.03.2011
TOTAL 198,600.00
Secured by specific assets covered under hypothecation loan agreements and by way of exclusive charge and equitable
mortgage of title deeds of immovable property.
*Put/call option on April 13, 2010
**Put/call option on April 20, 2010
Debentures may be bought back subject to applicable statutory and/or regulatory requirements, upon the terms and
conditions as may be decided by the Company.
F237

(iii) Public issue of Redeemable Non-convertible Debentures of Rs.1,000/- each
Redeemable at par
Amount (Rs. in lacs)
on
Put and Calloption
Date of
Allotment/renewal As at March 31, 2010
Option -I 3,489.95 26.08.2012 -
Option -I 3,489.95 26.08.2013 -
Option -I 1,744.97 26.08.2014 -
Option -II 2,949.84 26.08.2012 -
Option -II 2,949.84 26.08.2013 -
Option -II 1,474.92 26.08.2014 -
Option -III 10,422.51 26.08.2014 26.08.2013
Option -IV 2,274.12 26.08.2014 26.08.2013
Option -V 66,988.63 26.08.2012 -
Total 95,784.73
a. Secured by specific assets covered under hypothecation loan agreements and by way of exclusive charge and
equitable mortgage of title deeds of immovable property.
b. The proceeds of public issue of Non convertible debentures have been utilised for financing activities.
c. Debentures may be bought back subject to applicable statutory and/or regulatory requirements, upon the terms and
conditions as may be decided by the Company. The Company may grant loan against the security of NCDs upon the
terms and conditions as may be decided by the Company
b) Term Loans :
i. From Financial Institutions / Corporates :
As at March 31, 2010
(Rs. in lacs)
(a)
Secured by an exclusive charge by way of hypothecation
of specific movable assets being fixed/current assets
relating to hypothecation loans
12,188.42
Total 12,188.42
(Rs. in lacs)
ii. From Banks : As at March 31, 2010
(a) Secured by hypothecation of vehicles 3.19
(b)
Secured by an exclusive charge by way of hypothecation of
specific movable assets being fixed / current assets relating
to hypothecation loans*
929,931.95
Total 929,935.14
*includes Rs.20,000.00 lacs the charge in respect of which has since been created and Rs.47,000 lacs on which
charges are yet to be created.
F238

c) Cash Credit from Banks
As at March 31, 2010
(Rs. in lacs)
Cash Credit from banks * 92,036.64
Secured by hypothecation of specific assets covered under hypothecation loan agreements.
*Includes Rs.10,000.00 lacs the charge in respect of which has since been created.
2. Subordinated Debt
The Company has raised capital by issue of subordinated debt bonds amounting to Rs. 53,196.13 Lacs with
coupon rate of 9.5% to 13% per annum which are redeemable over a period of 62 months to 122 months.
3.
Final dividend (including tax on dividend) includes an amount of Rs 380.45 lacs in respect of dividend paid by
the Company for the year ended March 31, 2009 on 81,29,550 equity shares as these have been allotted before
the record date for declaration of dividend for the year ended March 31, 2009, and they rank pari-passu with the
existing equity shares for dividend.
4. Gratuity and other post-employment benefit plans:
The Company has an unfunded defined benefit gratuity plan. Every employee who has completed five years or
more of service is eligible for a gratuity on sespartion at 15 days salary (last drawn salary) for each completed
year of service.
Consequent to the adoption of revised AS 15 ‘Employee Benefits’ issued under Companies Accounting Standard
Rules, 2006, as amended, the following disclosures have been made as required by the standard:
Profit and Loss account
Net employee benefit expense (recognized in employee cost)
Particulars
Current service cost
(Rs. in lacs)
Gratuity
March 31, 2010
191.23
Interest cost on benefit obligation 48.79
Expected return on plan assets
NA
Net actuarial (gain) / loss recognised in the year (42.37)
Past service cost
Nil
Net benefit expense 197.65
Balance sheet
Details of Provision for gratuity
(Rs. in lacs)
Gratuity
Particulars March 31, 2010
Defined benefit obligation 612.63
Fair value of plan assets
NA
612.63
Less: Unrecognised past service cost
Nil
Plan asset / (liability) (612.63)
F239

Changes in the present value of the defined benefit obligation are as follows:
(Rs. in lacs)
Gratuity
Particulars March 31, 2010
Opening defined benefit obligation 463.92
Interest cost 48.79
Current service cost 191.23
Benefits paid (48.93)
Actuarial (gains) / losses on obligation (42.38)
Closing defined benefit obligation 612.63
The Company would not contribute any amount to gratuity in 2010-11 as the scheme is unfunded.
The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:
Gratuity
Particulars March 31, 2010
%
Investments with insurer
NA
The principal assumptions used in determining gratuity obligations for the Company’s plan are shown below:
Gratuity
Particulars March 31, 2010
Discount Rate 7.5%
Increase in compensation cost 5%
Employee Turnover* 5% and 10%
The estimates of future salary increases, considered in actuarial valuation, are on account of inflation, seniority,
promotion and other relevant factors, such as supply and demand in the employment market.
*5% in case of employees with service period of more than 5 years and 10% for all other employees.
Amounts for the current year are as follows:
(Rs. in lacs)
Particulars March 31, 2010
Defined benefit obligation 612.63
Plan assets
NA
Surplus / (deficit) (612.63)
Experience adjustments on plan liabilities 55.56
Experience adjustments on plan assets
NA
F240

5.
The Company is primarily engaged in financing activities. It operates in a single business and geographical segment.
The Company owned windmills and biomass which generate income from sale of electricity and also earned certain
fee based income, these income have been classified as ‘Unallocated reconciling item’ as per requirements of AS – 17
on ‘Segment Reporting’.
(Rs in lacs)
Year ended March 31, 2010
Particulars
Unallocated reconciling
Financing Activities
items
Total
Segment Revenue 446,280.41 3,688.23 449,968.64
Segment Results (Profit before
tax and after interest on
Financing Segment)
129,275.68 3,468.20 132,743.88
Less: Interest on unallocated
reconciling items - 287.14 287.14
Net profit before tax 129,275.68 3,181.06 132,456.74
Less: Income taxes 45,146.74
Net profit after tax 87,310.00
Other Information:
Year ended March 31, 2010
Particulars
Unallocated reconciling
Financing Activities
items
Total
Segment assets 2,690,346.95 - 2,690,346.95
Unallocated corporate assets - - 7,472.94
Total Assets 2,690,346.95 - 2,697,819.89
Segment liabilities 2,312,419.48 - 2,312,419.48
Unallocated corporate
liabilities - - 988.35
Total Liabilities 2,312,419.48 - 2,313,407.83
Capital expenditure 629.41 - 629.41
Depreciation 1,287.84 208.00 1,495.84
Other non - cash expenses 49,753.00 0.94 49,753.94
F241

6. Related Party Disclosure
Related party where control exists
Other Related Parties
Enterprises having significant influence over
the Company :
Shriram Holdings (Madras) Private Limited
Shriram Capital Limited
Newbridge India Investments II Limited
Associates : Shriram Asset Management Company Limited
Key Managerial Personnel : R Sridhar, Managing Director
Relatives of Key Managerial Personnel : Mrs. Padmapriya Sridhar (spouse)
F242

(Rs. in lacs)
Enterprises having
significant influence
over the Company Associates
Key Management
Personnel
Relatives of Key
Management
Personnel
Total
March 31, 2010 March 31, 2010 March 31, 2010 March 31, 2010 March 31, 2010
Payments/Expenses
Employee benefits for key management
- - 72.61 - 72.61
personnel
Royalty 1,240.78* - - - 1,240.78
Data Sourcing fees 23.96* - - - 23.96
Service Charges 143.75* - - - 143.75
Reimbursement of business promotion
66.18* - - - 66.18
expenses
Equity dividend 5,602.29# - 5.58 2.43 5,610.30
Interest on subordinate debt - 54.37 - - 54.37
Interest on Inter Corporate Deposit 96.66# - - - 96.66
Interest on Non Convertible Debentures - - 0.27 0.01 0.28
Rent paid 59.56* - - - 59.56
Inter Corporate Deposits 4,200# - - - 4,200.00
Receipts/Income
Non Convertible Debenture - - 1.00 1.00 2.00
Issue of equity shares on conversion of
2,400.00# - - - 2,400.00
warrants
Rent & electricity reimbursed - 5.25 - - 5.25
Balance Outstanding at the year end
Share capital 9,337.15# - 13.02 4.05 9,354.22
Investment in shares - 240.00 - - 240.00
Outstanding expenses 185.43 * - - - 185.43
Rent Deposit given 49.00* - - - 49.00
Subordinated debts - 413.40 - - 413.40
Interest payable on subordinate debt - 85.78 - - 85.78
*
#
Denotes transactions with Shriram Capital Limited
Denotes transactions with Shriram Holdings (Madras) Private Limited
F243

7. Leases
In case of assets given on lease
The Company has given land and building on operating lease for period ranging 11 months to 60 months.
During the year , the company had also given its biomass plant on operating lease for the period 1 st April,
2009 to 30 th September, 2009. The same was sold on October 1, 2009, hence gross carrying cost of and
accumulated depreciation of the asset as on the date of balance sheet is nil.
In case of assets taken on lease
The Company has taken various office premises, furniture and fixtures, computers and plant and machinery
under operating lease. The lease payments recognized in the profit & loss account are Rs.3,557.92 lacs .
Certain agreements provide for cancellation by either party and certain agreements contains clause for
escalation and renewal of agreements. The non-cancellable operating lease agreements are ranging for a
period 22 to 122 months. There are no restrictions imposed by lease arrangements. There are no sub leases.
The future minimum lease payments in respect of non-cancellable operating lease as at the balance sheet date
are summarized below :
(Rs. in lacs)
As at March 31, 2010
Minimum Lease Payments:
Not later than one year 899.73
Later than one year but not later than five years 324.11
Later than five years 40.73
8. In accordance with the Reserve Bank of India circular no.RBI/2006-07/ 225 DNBS (PD) C.C No.
87/03.02.004/2006-07 dated January 4, 2007, the Company has created a floating charge on the statutory
liquid assets comprising of investment in Government Securities to the extent of Rs.3,497.70 lacs in favour of
trustees representing the public deposit holders of the Company.
9. Earnings per share
Particulars Year ended March 31,
2010
Net Profit after tax, Minority interest and Share of loss of Associates as per
profit and loss account (Rs. in lacs) (A)
87,302.56
Weighted average number of equity shares for calculating Basic EPS (in lacs)
(B)
2125.01
Weighted average number of equity shares for calculating Diluted EPS (in
lacs) (C)
2133.85
Basic earnings per equity share (in Rupees) (Face value of Rs. 10/- per share)
(A) / (B)
41.08
Diluted earnings per equity share (in Rupees) (Face value of Rs. 10/- per share)
(A) / (C) 40.91
F244

Particulars
Year ended March 31,
2010
Weighted average number of equity shares for calculating EPS (in lacs) 2,125.01
Add : Equity shares arising on conversion of optionally convertible warrants
(in lacs)
0.00
Add : Equity shares for no consideration arising on grant of stock options
under ESOP (in lacs)
8.84
Weighted average number of equity shares in calculation diluted EPS (in lacs)
2,133.85
10. Deferred Tax Liabilities/(Asset)(Net) (Rs. in lacs)
The break up of deferred tax asset / liabilities is as under:- As at March 31, 2010
Deferred Tax Liabilities
Timing difference on account of :
Differences in depreciation in block of fixed assets as per tax
books and financial books
Debenture Issue Expenses 753.63
Gross Deferred Tax Liabilities (A) 753.63
Deferred Tax Asset
Timing difference on account of :
Differences in depreciation in block of fixed assets as per tax
books and financial books
Nil
231.78
Expenses disallowed under Income Tax Act, 1961 3,260.74
Provision for securitization 4,734.05
Gross Deferred Tax Assets (B) 8,226.57
Deferred Tax Liabilities /(Assets)(Net) (A-B) (7,472.94)
(Rs in lacs)
11. Contingent Liabilities not provided for As at March 31, 2010
a. Disputed income tax/interest tax demand contested in appeals not
provided for
[Against the above, a sum of Rs. 29.66 lacs has been paid under
protest]
157.26
b. Demands in respect of Service tax
[Amount of Rs.15.00 lacs has been paid under protest ]
c. Disputed sales tax demand
[Amount of Rs. 63.92 lacs has been paid by the Company]
315.00
412.33
F245

Future cash outflows in respect of above are determinable only on receipt of judgements /decisions pending
with various forums/authorities.
12. Recovery of Service tax on lease and hire purchase transactions is kept in abeyance in view of the petition
pending before the Supreme Court of India. If any liability arises it will be recovered from the concerned
parties. However, on contracts that have been terminated, pending the decision from the Supreme Court of
India, equivalent service tax is written off. The company has recognized the deferred tax asset on the amounts
so written off, as in either case service tax liability will be charged off or reversed as income.
13. Employee Stock Option Plan
Series I Series II Series III Series IV Series V Series VI
Date of grant October 31,
2005
April 1,
2006
October 9,
2006
August 17,
2007
July
15,2008
May 13,
2009
Date of
May 13,
October 19, February September August 17, July
Board/committee
2009
2005 22, 2006 6, 2006 2007 15,2008
Approval
Date of
Shareholder’s
approval
Number of options
granted
Method of
Settlement
(Cash/Equity)
October 13,
2005
Graded Vesting Period
After 1 year of 10% of
grant date options
After 2 years of
grant date
After 3 years of
grant date
After 4 years of
grant date
Exercisable period
Vesting
Conditions
October 13,
2005
October 13,
2005
October 13,
2005
October 13,
2005
October 13,
2005
2,962,500 832,500 910,000 109,000 77,000 50,000
Equity Equity Equity Equity Equity Equity
granted
20% of
options
granted
30% of
options
granted
40% of
options
granted
10 years
from
vesting date
10% of
options
granted
20% of
options
granted
30% of
options
granted
40% of
options
granted
10 years
from
vesting date
10% of
options
granted
20% of
options
granted
30% of
options
granted
40% of
options
granted
10 years
from vesting
date
On achievement of predetermined targets.
10% of
options
granted
20% of
options
granted
30% of
options
granted
40% of
options
granted
10 years
from
vesting
date
10% of
options
granted
20% of
options
granted
30% of
options
granted
40% of
options
granted
10 years
from
vesting
date
10% of
options
granted
20% of
options
granted
30% of
options
granted
40% of
options
granted
10 years from
vesting date
F246

The details of Series I have been summarized below:
As at March 31,2010
Number of Shares
Weighted Average
Exercise Price(Rs.)
Outstanding at the beginning of the year 1,839,800 Rs. 35.00
Add: Granted during the year - -
Less: Forfeited during the year - -
Less: Exercised during the year 16,40,750 Rs.35.00
Less: Expired during the year 9,500 -
Outstanding at the end of the year 1,89,550 Rs.35.00
Exercisable at the end of the year 1,89,550
Weighted average remaining contractual life (in years) 8.09
Weighted average fair value of options granted
Rs.59.04
The details of Series II have been summarized below:
As at March 31,2010
Number of Shares
Weighted Average
Exercise Price(Rs.)
Outstanding at the beginning of the year 516,500 Rs.35.00
Add: Granted during the year - -
Less: Forfeited during the year - -
Less: Exercised during the year 265,200 Rs.35.00
Less: Expired during the year
Outstanding at the end of the year 251,300 Rs.35.00
Exercisable at the end of the year 24,900
Weighted average remaining contractual life (in years) 8.49
Weighted average fair value of options granted
Rs.91.75
The details of Series III have been summarized below:
As at March 31,2010
Number of Shares
Weighted Average
Exercise Price(Rs.)
Outstanding at the beginning of the year 7,63,600 Rs.35.00
Add: Granted during the year - -
Less: Forfeited during the year - -
Less: Exercised during the year 4,02,200 Rs.35.00
Less: Expired during the year 3,500
Outstanding at the end of the year 3,57,900 Rs.35.00
Exercisable at the end of the year 38,300
Weighted average remaining contractual life (in years) 9.01
Weighted average fair value of options granted
Rs.74.85
The details of Series IV have been summarized below:
As at March 31,2010
Number of Shares
Weighted Average
Exercise Price(Rs.)
Outstanding at the beginning of the year 106,000 Rs.35.00
Add: Granted during the year - -
Less: Forfeited during the year - -
Less: Exercised during the year 31,800 Rs.35.00
Less: Expired during the year -
Outstanding at the end of the year 74,200 Rs.35.00
Exercisable at the end of the year -
Weighted average remaining contractual life (in years) 9.88
Weighted average fair value of options granted
Rs.136.40
F247

The details of Series V have been summarized below:
As at March 31,2010
Number of Shares
Weighted Average
Exercise Price(Rs.)
Outstanding at the beginning of the year 77,000 Rs.35.00
Add: Granted during the year - -
Less: Forfeited during the year - -
Less: Exercised during the year 7,700 Rs.35.00
Less: Expired during the year - -
Outstanding at the end of the year 69,300 Rs.35.00
Exercisable at the end of the year - -
Weighted average remaining contractual life (in years) 10.78
Weighted average fair value of options granted
Rs.253.90
The details of Series VI have been summarized below:
As at March 31,2010
Number of Shares
F248
Weighted Average
Exercise Price(Rs.)
Outstanding at the beginning of the year -
Add: Granted during the year 50,000 Rs.35.00
Less: Forfeited during the year - -
Less: Exercised during the year - -
Less: Expired during the year - -
Outstanding at the end of the year 50,000 Rs.35.00
Exercisable at the end of the year - -
Weighted average remaining contractual life (in years) 11.61
Weighted average fair value of options granted
Rs.201.45
The weighted average share price for the period over which stock options were exercised was Rs.358.00.
The details of exercise price for stock options outstanding at the end of the year are:
March 31, 2010
Series
Range of
exercise prices
Number of
options
outstanding
Weighted average remaining
contractual life of options (in
years)
Weighted average
exercise price
Series I Rs.35/- 189,550 8.09 Rs.35/-
Series II Rs.35/- 251,300 8.49 Rs.35/-
Series III Rs.35/- 357,900 9.01 Rs.35/-
Series IV Rs.35/- 74,200 9.88 Rs.35/-
Series V Rs.35/- 69,300 10.78 Rs.35/-
Series VI Rs.35/- 50,000 11.61 Rs.35/-
Stock Options granted
Series I:
The weighted average fair value of stock options granted was Rs.59.04. The Black Scholes model has been used for
computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 38.44 38.44 38.44 38.44
Historical Volatility NA NA NA NA
Life of the options granted (Vesting and exercise period) in years 1.50 2.50 3.50 4.50
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 5.98 6.33 6.54 6.73
Expected dividend rate (%) 2.31 2.31 2.31 2.31

Series II :
The weighted average fair value of stock options granted was Rs.91.75. The Black Scholes model has been used for
computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 19.89 19.89 19.89 19.89
Historical Volatility NA NA NA NA
Life of the options granted (Vesting and exercise period) in years 1.50 2.50 3.50 4.50
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 6.64 6.83 6.93 7.26
Expected dividend rate (%) 2.52 2.52 2.52 2.52
Series III :
The weighted average fair value of stock options granted was Rs.74.85. The Black Scholes model has been used for
computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 31.85 31.85 31.85 31.85
Historical Volatility (%) NA NA NA NA
Life of the options granted (Vesting and exercise period) in years 1.50 2.50 3.50 4.50
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 6.96 7.10 7.26 7.40
Expected dividend rate (%) 2.52 2.52 2.52 2.52
Series IV :
The weighted average fair value of stock options granted was Rs. 136.40. The Black Scholes model has been used for
computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 41.51 41.51 41.51 41.51
Historical Volatility (%) NA NA NA NA
Life of the options granted (Vesting and exercise period) in years 1.50 2.50 3.50 4.50
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 7.68 7.76 7.82 7.87
Expected dividend rate (%) 0.89 0.89 0.89 0.89
Series V :
The weighted average fair value of stock options granted was Rs. 253.90. The Black Scholes model has been used for
computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 69.22 69.22 69.22 69.22
Historical Volatility (%) NA NA NA NA
Life of the options granted (Vesting and exercise period) in years 1.50 2.50 3.50 4.50
Expected dividends per annum (Rs.) 3.00 3.00 3.00 3.00
Average risk-free interest rate (%) 9.41 9.36 9.34 9.36
Expected dividend rate (%) 1.63 1.63 1.63 1.63
F249

Series VI :
The weighted average fair value of stock options granted was Rs. 201.45. The Black Scholes model has been used for
computing the weighted average fair value of options considering the following inputs:
Yr 1 Yr 2 Yr 3 Yr 4
Exercise Price (Rs.) 35.00 35.00 35.00 35.00
Expected Volatility (%) 64.80 64.80 64.80 64.80
Historical Volatility (%) NA NA NA NA
Life of the options granted (Vesting and exercise period) in years 1.50 2.50 3.50 4.50
Expected dividends per annum (Rs.) 5.00 5.00 5.00 5.00
Average risk-free interest rate (%) 4.03 4.68 5.20 5.64
Expected dividend rate (%) 1.96 1.96 1.96 1.96
The expected volatility was determined based on historical volatility data equal to the NSE volatility rate of Bank Nifty
which is considered as a comparable peer group of the Company. To allow for the effects of early exercise, it was
assumed that the employees will exercise the options within six months from the date of vesting in view of the exercise
price being significantly lower than the market price.
Effect of the employee share-based payment plans on the profit and loss account and on its financial position:
(Rs. in lacs)
As at March 31, 2010
Total compensation cost pertaining to employee share-based payment plan (entirely
341.30
equity settled)
Liability for employee stock options outstanding as at year end 955.97
Deferred compensation cost 198.95
Since the enterprise used the intrinsic value method the impact on the reported net profit and earnings per share
by applying the fair value based method is as follows:
In March 2005, ICAI has issued a guidance note on “Accounting for Employees Share Based Payments” applicable to
employee based share plan the grant date in respect of which falls on or after April 1, 2005. The said guidance note
requires that the proforma disclosures of the impact of the fair value method of accounting of employee stock
compensation accounting in the financial statements. Applying the fair value based method defined in the said guidance
note, the impact on the reported net profit and earnings per share would be as follows:
Year ended March 31, 2010
Profit as reported (Rs. in lacs) 87,302.56
Add: Employee stock compensation under intrinsic value method (Rs. in lacs) 341.30
340.91
Less: Employee stock compensation under fair value method (Rs. in lacs)
Proforma profit (Rs. in lacs) 87,302.95
Earnings per share
Basic (Rs.)
- As reported 41.08
- Proforma 41.08
Diluted (Rs.)
- As reported 40.91
- Proforma 40.91
Nominal Value Rs 10.00
F250

14. During the year, the Company allotted 11,658,552 equity shares of Rs.10/- each at a premium of Rs.490.80
per share to Qualified Institutional Buyers (QIBs) in terms of Chapter VIII of SEBI (ICDR) Regulations,
2009. The Company also converted 8,000,000 warrants which were issued by way of preferential allotment
to Shriram Holdings (Madras) Private Limited into equity shares of Rs.10/- each at a premium of Rs. 290/-
per share. The amount received has enhanced the networth and was utilized for the purpose of business
operations.
15. Securitisation/ Direct assignment
The Company sells loans through securitisation and direct assignment. The information on securitisation /
direct assignment activity of the Company as an originator is given below:
Year ended March 31,
2010
Total number of loan assets securitized/directly assigned 380,673
Total book value of loan assets securitized/directly assigned (Rs. in lacs) 875,681.04
Sale consideration received for the securitised assets/directly assigned (Rs. in
lacs)
9,21,631.22
Gain on account of securitization/direct assignment* (Rs. in lacs) 2,62,350.21
* Gain on securitization / direct assignment deals done after February 1, 2006 is amortised over the period of the
loan.
The information on securitisation / direct assignment activity of the Company as an originator as on March 31, 2010
is given in the table below :
(Rs.in lacs)
As at March 31, 2010
Outstanding credit enhancement
-Fixed Deposit 1,73,588.14
Outstanding liquidity facility
-Fixed Deposit 23,833.27
Outstanding subordinate contribution 2,665.30
16. Supplementary Statutory Information
(Rs. in lacs)
I Managing Director’s Remuneration Year ended March 31,
2010
Salaries 45.46
Perquisites 7.19
Contribution to Provident fund 0.09
Employee stock option scheme 19.87
72.61
Note: - As the liabilities for gratuity and leave encashment are provided on an actuarial basis for the
Company as a whole, the amounts pertaining to the Managing Director is not included above
The computation of profits under section 349 of the Act has not been given as no commission is payable to
the Directors / Managing Director.
F251

II
(Rs. in lacs)
Expenditure in foreign currency (On cash basis)
Year ended March 31,
2010
Travelling 4.23
Others 2.62
6.85
17. Based on the intimation received by the Company, none of the suppliers have confirmed to be registered
under “The Micro, Small and Medium Enterprises Development (‘MSMED’) Act, 2006”. Accordingly, no
disclosures relating to amounts unpaid as at the year ended together with interest paid /payable are required to
be furnished.
18. During the period, the Company sold its entire investment in the wholly owned subsidiary, Shriram Asset and
Equipment Finance Private Limited (SAEFPL), which was incorporated on June 04, 2009. Further, the
Company incorporated wholly owned subsidiaries, Shriram Equipment Finance Company Limited (SEFCL)
and Shriram Automall India Limited (SAIL). Both the companies have not commenced operations till March
31, 2010.
19. The Company has accounted for its share of reserves and surplus including capital redemption reserve of the
associate company on proportionate basis for the purpose of consolidation.
20. In addition to the auditors remuneration shown in operating and other expenses, the Company has also
incurred auditors remuneration in connection with other services provided by auditors in connection
with public issue of non convertible debentures and issue expenses of equity shares of Rs. 40.07 lacs
(including out of pocket expenses of Rs. 0.36 lacs) and Rs. 58.96 lacs (including out of pocket
expenses of Rs. 0.51 lacs) respectively and have been amortised as per note 1(q) and shown under
miscellaneous expenditure.
21. Since the company has not given any loans and advances in the nature of loans to its subsidiaries and
associate and the subsidiaries /associates have not acquired any shares of the company, no disclosures under
clause 32 of the Listing Agreeement are required. The receivables on current accounts consequent to
expenditure incurred on behalf of the subsidiaries and the associate are not treated as loans and advances in
the nature of loans.
22. During the year company sold windmills to Nupower Renewables Ltd. for a consideration of Rs. 4,882.92 lacs
out of which a sum of Rs. 324.71 lacs have been kept in escrow account pending completion of certain
formalities.
23. This being the first occasion of consolidation, comparative figures for the previous period are not presented.
As per our report of even date
For S.R.BATLIBOI & Co. For G. D. Apte & Co. For and on behalf of the Board of Directors of
Firm Registration No.301003E Firm Registration No.100515W Shriram Transport Finance Company Limited
Chartered Accountants Chartered Accountants
per Shrawan Jalan U. S. Abhyankar R Sridhar S. Venkatakrishnan
Partner Partner Managing Director Director
Membership No. 102102 Membership No.113053
Mumbai
K. Prakash
Vice President (Corporate Affairs) &
Company Secretary
F252

DISCLOSURES ON EXISTING FINANCIAL INDEBTEDNESS
A. Details of Secured Borrowings:
Our Company’s secured borrowings as on March 31, 2011 amount to ` 14,86,937.59 lacs. The details of the
individual borrowings are set out below:
1. Term Loans from Banks:
Sr.
No.
Particulars Date of disbursement Amount
outstanding as on
March 31, 2011
(` in Lacs)
Maturity date
1. Allahabad Bank September 26, 2007 899.90 September26,
2012
2. Andhra Bank March 16, 2009 5,000.00 March 16, 2013
3. Calyon Bank April 28, 2008 3,000.00 April 27, 2011
4. Canara Bank March 31, 2009 12,500.00 March 31, 2013
5. Canara Bank October 17, 2008 8,750.00 October 17, 2012
6. Canara Bank November 5, 2008 8,750.00 November 5,
2012
7. Corporation Bank March 26, 2009 1,250.00 March 26, 2013
8. Dena Bank September 23, 2008 3,312.56 September 23,
2011
9. Deutsche Bank May 30, 2008 10,000.00 May 30, 2011
10. HDFC Bank Limited July 25, 2008 3,214.29 July 25, 2012
11. Industrial Development Bank of
India Limited
March 24, 2009 6,428.57 September 24,
2012
12. Industrial Development Bank of March 3, 2008 1,071.68 July 1, 2011
India Limited
13. Industrial Development Bank of October 24, 2008 2,142.86 July 1, 2012
India Limited
14. Industrial Development Bank of December 10, 2008 4,285.71 July 1, 2012
India Limited
15. Indian Bank March 5, 2009 2,719.21 December 5, 2011
16. ING Vysya Bank Limited December 2, 2008 875.00 December 28,
2011
17. Oriental Bank of Commerce February 28, 2008 4,859.47 February 28, 2012
18. Punjab & Sind Bank April 16, 2008 5,000.00 April 15, 2011
19. Punjab National Bank October 15, 2008 3,428.53 September 15,
2011
20. Ratnakar Bank Limited December 20, 2007 468.60 December 20,
2011
21. State Bank of Mysore June 22, 2007 352.51 June 22, 2011
- 150 -

Sr.
No.
Particulars Date of disbursement Amount
outstanding as on
March 31, 2011
Maturity date
22. South Indian Bank August 18, 2008 1,875.00 August 18, 2012
23. South Indian Bank March 20, 2009 1,250.00 March 20, 2013
24. State Bank of Bikaner & Jaipur March 31, 2009 2,500.00 March 31, 2013
25. State Bank of Hyderabad January 21, 2008 3,709.88 January 21, 2012
26. State Bank of Mauritius January 19, 2009 750.00 January 19, 2012
27. State Bank of Mysore March 5, 2009 5,009.80 March 5, 2013
28. State Bank of Mysore November 26, 2007 1,681.28 November 26,
2011
29. State Bank of Mysore September 19, 2008 5,619.14 October 1, 2012
30. State Bank of Patiala July 30, 2008 8,523.51 July 30, 2012
31. State Bank of Travancore January 29, 2009 2,500.00 January 29, 2012
32. United Bank of India December 31, 2008 4,374.74 January 1, 2013
33. United Bank of India June 3, 2008 1,562.50 June 1, 2012
34. United Bank of India March 13, 2009 7,497.97 April 1, 2013
35. Vijaya Bank February 28, 2008 1,250.00 February 28, 2012
36. Hongkong And Shanghai Banking
Corporation Limited
September 18, 2009 4,850.00 September 16,
2011
37. Deutsche Bank September 22, 2009 7,500.00 September 22,
2011
38. Development Bank of Singapore
Limited
September 23, 2009 4,830.00 September 23,
2011
39. Industrial Development Bank of
India Limited
September 29, 2009 14,285.71 September 1,
2013
40. UCO Bank September 25, 2009 9,375.00 September 25,
2013
41. United Bank of India September 25, 2009 6,871.78 September 25,
2013
42. Syndicate Bank September 29, 2009 9,375.00 September 29,
2013
43. State Bank of Patiala September 29, 2009 14,031.17 September 29,
2013
44. State Bank of Travancore September 29, 2009 4,996.00 September 29,
2012
45. State Bank of Bikaner & Jaipur April 9, 2009 1,711.25 March 31, 2013
46. Hongkong And Shanghai Banking
Corporation Limited
47. Development Bank of Singapore
Limited
May 29, 2009 4,770.00 May 31, 2011
June 22, 2009 1,600.00 June 22, 2011
- 151 -

Sr.
No.
Particulars Date of disbursement Amount
outstanding as on
March 31, 2011
Maturity date
48. Tamilnadu Mercantile Bank June 22, 2009 2,812.50 June 22, 2013
49. Canara Bank June 26, 2009 14,062.50 June 26 , 2013
50. Central Bank of India June 30, 2009 11,250.00 June 30, 2013
51. Indian Bank June 30, 2009 3,619.79 March 30, 3012
52. Bank of Rajasthan June 30, 2009 1,041.67 June 30, 2012
53. Punjab National Bank July 27, 2009 8,235.00 May 27, 2012
54. Dena Bank July 31, 2009 12,500.00 July 31, 2013
55. Karur Vysya Bank Limited July 31, 2009 1,250.00 July 31, 2013
56. Societe Generale Bank August 14, 2009 416.67 August 14, 2011
57. Oriental Bank of Commerce August 24, 2009 9,444.44 August 24, 2012
58. HDFC Bank Limited October 3, 2009 7,857.14 October 3, 2013
59. ING Vysya Bank Limited October 30, 2009 2,005.56 October 30, 2012
60. Hongkong And Shanghai Banking October 23, 2009 2,721.83 October 21, 2011
Corporation Limited
61. State Bank of Hyderabad November 5, 2009 17,193.86 November 5,
2013
62. China Trust Commercial Bank
Limited
November 18, 2009 1,125.00 November 18,
2011
63. Punjab & Sind Bank November 19, 2009 3,055.54 February 19, 2013
64. Canara Bank November 25, 2009 34,375.00 November 25,
2013
65. Andhra Bank November 30, 2009 13,750.00 November 30,
2013
66. South Indian Bank Limited December 17, 2009 3,437.50 December 17,
2013
67. Societe Generale Bank December 24. 2009 450.00 December 24,
2011
68. Union Bank of India December 31, 2009 20,625.00 December 31,
2013
69. Indian Bank January 29, 2010 14,140.78 January 29, 2014
70. Standard Chartered Bank January 28, 2010 20,000.00 January 28, 2013
71. Calyon Bank January 29, 2010 10,000.00 January 29, 2012
72. Shinhan Bank February 9, 2010 2,800.00 January 1, 2014
73. Dhanlaxmi Bank March 12, 2010 4,001.00 March 12, 2014
- 152 -

Sr.
No.
Particulars Date of disbursement Amount
outstanding as on
March 31, 2011
Maturity date
74. J P Morgan Chase Bank March 22, 2010 12,000.00 April 6, 2011
75. Hongkong and Shanghai Banking March 23, 2010 6,666.67 April 23, 2011
Corporation Limited
76. Corporation Bank March 25, 2010 8,000.00 March 25, 2015
77. Punjab National Bank March 26, 2010 16,180.00 January 29, 2013
78. Societe Generale Bank March 23, 2010 600.00 March 23, 2012
79. Deutsche Bank April 9, 2010 10,000.00 April 6, 2013
80. Hongkong And Shanghai Banking April 12, 2010 6,944.44 April 12, 2013
Corporation Limited
81. State Bank of Mauritius Limited April 6, 2010 562.50 April 6, 2013
82. HDFC Bank Limited May 12, 2010 26.93 May 5, 2015
83. HDFC Bank Limited May 4, 2010 6,000.00 May 4, 2011
84. Hongkong And Shanghai Banking May 6, 2010 14,000.00 May 6, 2011
Corporation Limited
85. Karnataka Bank Limited May 28, 2010 4,038.26 May 28, 2014
86. The Bank of Tokyo – Mitsubhishi May 13, 2010 7,500.00 May 14, 2012
UFJ Limited
87. City Union Bank Limited June 16, 2010 2,206.81 June 16, 2015
88. Development Bank of Singapore June 15, 2010 10,900.00 June 15, 2012
Limited
89. Axis Bank Limited June 5, 2010 9.15 May 5, 2015
90. Indian Bank June 30, 2010 16,226.03 June 30, 2014
91. Citi Bank N.A. July 6, 2010 15,000.00 July 6, 2011
92. Karur Vysya Bank Limited July 20, 2010 2,187.50 July 20, 2014
93. UBS A.G. Bank July 30, 2010 10,000.00 July 29, 2011
94. Hongkong And Shanghai Banking August 18, 2010 10,069.45 August 18, 2013
Corporation Limited
95. Industrial Development Bank of August 31, 2010 19,523.81 March 1, 2014
India Limited
96. Vijaya Bank August 28, 2010 4,270.83 August 28, 2014
97. CITI Bank N.A. September 16, 2010 10,000.00 September 16,
2011
98. Jammu & Kashmir Bank Limited September 29, 2010 30,000.00 September 29,
2014
99. ING Vysya Bank Limited October 14, 2010 7,750.00 September 30,
2013
- 153 -

Sr.
No.
Particulars Date of disbursement Amount
outstanding as on
March 31, 2011
Maturity date
100. Mizuho Corporate Bank Limited December 22, 2010 5,000.00 June 20, 2011
101. Axis Bank Limited December 23, 2010 50,000.00 December 23,
2013
102. State Bank of Mauritius Limited December 30, 2010 2,475.00 December 30,
2013
103. Corporation Bank December 31, 2010 9,500.00 December 31,
2015
104. The Laxmi Vilas Bank December 31, 2010 10,000.00 December 31,
2012
105. State Bank of Travancore November 9, 2010 9,333.19 November 9,
2015
106. Axis Bank Limited February 8, 2011 50,000.00 February 8, 2014
107. Abu Dhabhi Commercial Bank March 1, 2011 2,000.00 March 1, 2014
Limited
108. Development Bank of Singapore March 9, 2011 11,000.00 October 7, 2014
Limited
109. Development Bank of Singapore March 23, 2011 5,000.00 October 23, 2014
Limited
110. Federal Bank Limited March 31, 2011 2,500.00 March 31, 2014
111. Hongkong And Shanghai Banking February 4, 2011 3,500.00 February 4, 2014
Corporation Limited
112. Hongkong And Shanghai Banking February 4, 2011 8,750.00 February 4, 2014
Corporation Limited
113. Indian Overseas Bank January 20, 2011 20,000.00 January 20, 2015
114. J P Morgan Chase Bank February 14, 2011 10,000.00 May 15, 2013
115. Societe Generale Bank March 3, 2011 3,500.00 March 3, 2013
116. Standard Chartered Bank February 14, 2011 30,000.00 February 14, 2014
117. Standard Chartered Bank January 6, 2011 15,000.00 January 6, 2012
118. The Bank of Tokyo –Mitsubhishi March 24, 2011 2,000.00 March 24, 2011
UFJ Limited
119. Calyon Bank March 10, 2011 5,000.00 March 10, 2013
120. Allahabad Bank January 28, 2011 10,000.00 January 28, 2015
Total 9,37,999.97
2. Term Loans from Others:
Sr.
No.
Particulars Date of disbursement Amount
outstanding on
March 31, 2011
- 154 -
(` in Lacs)
Maturity date
1. L&T Finance Limited June 29, 2005 130.52 June 30, 2011

Sr.
No.
Particulars Date of disbursement Amount
outstanding on
March 31, 2011
Maturity date
2. L&T Finance Limited January 2, 2006 383.92 January 2, 2012
3. Life Insurance Corporation of
1,500.00 May 31, 2011
June 14, 2006
India
4. Small Industries Development
1,900.00 September 10,
September 29, 2008
Bank of India
2011
5. GE Capital services Limited April 20, 2010 5,000.00 April 20, 2013
6. SICOM Limited May 25, 2010 6,500.00 May 25, 2011
7. Citicorp Finance India Limited
10,000.00 September 20,
September 20, 2010
2011
Total 25,414.44
3. Cash Credit from Banks
Sr.
No.
(` in Lacs)
Particulars Date of sanction Amount Outstanding as on March
31,2011
1. Federal Bank Limited March 16, 2011 16.16
2. Bank of Ceylon December 7, 2009 400.07
3. Punjab National Bank December 24, 2007 1.71
4. State Bank of Travancore October 4, 2010 5,094.20
5. Dena Bank August 26, 2010 5,018.37
6. UCO Bank September 1, 2009 37.84
7. Bank of Baroda July 10, 2010 0.09
8. Central Bank of India August 21, 2009 24,873.07
9. Bank of Maharashtra January 15, 2011 2.08
10. State Bank of Mysore December 30, 2010 2,510.38
11. State Bank of Bikaner And Jaipur March 8, 2011 0.96
12. Andhra Bank December 30, 2009 9.45
13. Indian Bank January 29, 2010 4.45
14. South Indian Bank Limited November 30, 2009 100.06
15. Union Bank of India March 31, 2011 9.15
16. State Bank of India March 29, 2011 1,737.54
17. State Bank of Patiala September 7, 2009 2,044.07
18. Oriental Bank of Commerce January 10, 2011 5,350.22
19. Allahabad Bank December 22, 2010 1,007.93
20. Vijaya Bank December 30, 2010 16.99
TOTAL 48,234.79
- 155 -

4. Our Company has issued secured redeemable non convertible debenture of face value of `10,00,000 each
on a private placement basis of which ` 117,000 lacs is outstanding as on March 31, 2011, the details of
which are set forth below:
Sr.
No.
Description Date of Allotment Amount
outstanding as on
March 31, 2011
1. Life Insurance Corporation of
India
- 156 -
(`.in Lacs)
Maturity Date
May 2, 2008 15,000.00 May 2, 2011
2. UTI-Unit Linked Insurance Plan June 20, 2008 3,500.00 June 20, 2011
3. UTI-Unit Scheme For Charitable June 20, 2008 2,500.00 June 20, 2011
And Religious Trusts And
Registered Societies
4. UTI - Childrens Career Balanced June 20, 2008 2,500.00 June 20, 2011
Plan
5. UTI - Retirement Benefit Pension June 20, 2008 1,500.00 June 20, 2011
Fund
6. BNP Paribas Money Plus Fund September 15, 2008 850.00 September 15,
2011
7. IDFC Hybrid Portfolio Fund-
Series I
September 15, 2008 500.00 September 15,
2011
8. BNP Paribas Fixed Term Fund-
Series 18-D
September 15, 2008 150.00 September 15,
2011
9. ICICI Prudential Fixed Maturity September 17, 2008 8,000.00 September 1, 2011
Plan - Series45 - Three Years Plan
10. Life Insurance Corporation of November 3, 2008 30,000.00 November 3, 2013
India
11. General Insurance Corporation of
India
November 26, 2008 1,000.00 November 26,
2013
12. United Bank of India March 28, 2009 5,000.00 March 28, 2012
13. Principal Trustee Co Private April 20, 2009 2,400.00 April 20, 2011
Limited A/C Principal Mutual
Fund-Principal Near - Term Fund -
Conservative Plan
14. Principal Trustee Company April 20, 2009 100.00 April 20, 2011
Private Limited.-Principal Mutual
Fund - Principal Ultra Short Term
Fund
15. Standard Chartered Bank June 30, 2009 12,500.00 June 30, 2011
(Mauritius) Limited -Debt
16. Tata Trustee Company Limited September 14, 2009 1,500.00 April 5, 2011
A/C Tata Mutual Fund A/C Tata
Fixed Maturity Plan - Series 25
Scheme A
17. Corporation Bank May 4, 2010 2,000.00 May 4, 2013
18. Rural Postal Life Insurance Fund May 4, 2010 500.00 May 4, 2013
A/C UTI AMC
19. Cholamandalam MS General May 6, 2010 1,000.00 May 6, 2013
Insurance Company Limited
20. Corporation Bank May 6, 2010 1,000.00 May 6, 2013
21. ING Mutual Fund A/C ING Short May 6, 2010 240.00 May 6, 2013

Sr.
No.
Description Date of Allotment Amount
outstanding as on
March 31, 2011
Term Income Fund
(`.in Lacs)
Maturity Date
22. ING Mutual Fund A/C ING May 6, 2010 130.00 May 6, 2013
Income Fund
23. ING Mutual Fund A/C ING May 6, 2010 90.00 May 6, 2013
Balanced Fund
24. ING Mutual Fund A/C ING MIP May 6, 2010 40.00 May 6, 2013
Fund
25. UTI - Childrens Career Balanced May 14, 2010 7,500.00 May 14, 2013
Plan
26. UTI-Unit Linked Insurance Plan May 14, 2010 5,000.00 May 14, 2013
27. UTI-Unit Scheme For Charitable May 14, 2010 2,500.00 May 14, 2013
And Religious Trusts And
Registered Societies
28. UTI-MIS-Advantage Plan May 14, 2010 2,000.00 May 14, 2013
29. UTI - Retirement Benefit Pension May 14, 2010 2,000.00 May 14, 2013
Fund
30. UTI - Monthly Income Scheme May 14, 2010 1,000.00 May 14, 2013
31. CMNK Consultancy & Services March 28, 2011 2,400.00 March 28, 2012
Private Limited
32. Take Solutions Limited March 28, 2011 2,400.00 March 28, 2012
33. Take Solutions Limited March 28, 2011 200.00 March 28, 2012
Total 1,17,000.00
5. The Company has issued secured redeemable non convertible debentures of face value of ` 1,000/- each
through public issue (2009) of which ` 95,784.73 lacs is outstanding as on March 31, 2011, the details of
which are set forth below:
Sr.
No.
Description
Number of Non
Convertible Debenture
Holders
Amount
outstanding as on
March 31, 2011
(` in Lacs)
Redemption
Month
1. Option -I 8,585 8,724.87 August 2012 –
August 2014
2. Option -II 10,835 7,374.60 August 2012 –
August 2014
3. Option -III 10,563 10,422.51 August 2014
4. Option -IV 1,828 2,274.12 August 2014
5. Option -V 3,437 66,988.63 August 2012
Total 35,248 95,784.73
6. Our Company has issued secured redeemable non convertible debentures of face value of ` 1,000/- each
through public issue (2010) of which ` 41,689.68 lacs is outstanding as on March 31, 2011, the details of
which are set forth below:
- 157 -

Sr.
No.
Description
Number of Non
Convertible Debenture
Holders
Amount
outstanding as on
March 31, 2011
(` in Lacs)
Redemption
Month
1. Option -I 1,000 15,754.47 June 1, 2015
2. Option -II 2,224 6,254.36 June 1, 2017
3. Option -III 4,434 19,680.85 June 1, 2013 –
June 1, 2015
Total 7,658 41,689.68
7. Our Company has issued secured redeemable non convertible debentures of face value of ` 1,000/- each on
a private placement basis of which ` 220,813.98 lacs is outstanding as on March 31, 2011, the details of
which are set forth below:
Description
Secured Redeemable Non Convertible
Debentures to Retail debenture holders
(` in Lacs)
Number of
debenture Holders
Outstanding amount
as at March 31, 2011
Redemption
Month
3,62,826 2,20,813.98 April 2011-
November 2017
3,62,826 2,20,813.98
B. Details of Unsecured Borrowings:
Our Company’s Unsecured Borrowings as on March 31, 2011 amount to ` 5,01,233.71 lacs. The details of the
individual Borrowings are set forth below:
1. Subordinated Debts:
Sr.
No.
Particulars Date of disbursement Amount Outstanding
- 158 -
as on March 31, 2011
(`.In Lacs)
Maturity Date
1. Oriental Bank of Commerce November 30, 2007 1,000.00 May 31, 2013
2. UTI - Monthly Income Scheme January 29, 2008 1,500.00 July 29, 2013
3. UTI-Unit Linked Insurance Plan January 29, 2008 1,000.00 July 29, 2013
4. Bank of India February 1, 2008 1,500.00 May 1, 2013
5. Bank of India March 17, 2008 1,500.00 September 17, 2013
6. Reliance Capital Trustee Company
Limited-A/C Reliance Dual
Advantage Fixed Tenure Fund
Plan B
March 24, 2008 1,500.00 June 24, 2013
7. BNP Paribas Bond Fund March 24, 2008 1,350.00 June 24, 2013
8. Reliance Capital Trustee Company
Limited A/C Reliance Monthly
Income Plan
March 24, 2008 1,000.00 June 24, 2013
9. BNP Paribas Money Plus Fund March 24, 2008 1,000.00 June 24, 2013
10. BNP Paribas Monthly Income Plan March 24, 2008 150.00 June 24, 2013

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
11. UCO Bank March 24, 2008 1,000.00 June 24, 2013
12. Reliance Capital Trustee Company May 2, 20078 1,000.00 October 3, 2013
Limited-A/C Reliance Dual
Advantage Fixed Tenure Fund
Plan B
13. BNP Paribas Bond Fund May 2, 2008 810.00 October 3, 2013
14. BNP Paribas Flexi Debt Fund May 2, 2008 490.00 October 3, 2013
15. BNP Paribas Money Plus Fund May 2, 2008 200.00 October 3, 2013
16. HVPNL Employees Pension Fund August 4, 2008 2,250.00 August 4, 2018
Trust
17. Food Corporation of India CPF August 4, 2008 1,000.00 August 4, 2018
Trust
18. HVPNL Employees Provident August 4, 2008 750.00 August 4, 2018
Fund Trust
19. Gas Authority of India Limited August 4, 2008 300.00 August 4, 2018
Employees Provident Fund Trust
20. The Jammu And Kashmir Bank August 4, 2008 200.00 August 4, 2018
Employees Provident Fund Trust
21. GAIL Employees Superannuation August 4, 2008 100.00 August 4, 2018
Benefit Fund
22. Gujarat Alkalies And Chemicals August 4, 2008 100.00 August 4, 2018
Limited Employees Provident
Fund Trust
23. Asbestos Cement Limited August 4, 2008 60.00 August 4, 2018
Employees Provident Fund
24. GAIL (India) Limited Employees August 4, 2008 50.00 August 4, 2018
Death-Cum-Superannuation
Gratuity Scheme
25. Provident Fund of Mangalore August 4, 2008 40.00 August 4, 2018
Refinery And Petrochemicals
Limited
26. Mother Dairy Employees August 4, 2008 30.00 August 4, 2018
Provident Fund Trust
27. GSFC Limited - Fibre Unit August 4, 2008 30.00 August 4, 2018
Employees P F Trust
- 159 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
28. Trustees Provident Fund of The August 4, 2008 30.00 August 4, 2018
Employees of The Ugar Sugar
Works Limited
29. British High Commission India August 4, 2008 20.00 August 4, 2018
Staff Provident Fund
30. L And T Niro Staff Provident Fund August 4, 2008 10.00 August 4, 2018
31. Alembic Limited Provident Fund August 4, 2008 10.00 August 4, 2018
Trust
32. Atlas Cycle Industries Provident August 4, 2008 10.00 August 4, 2018
Fund Trust
33. Lubrizol India Limited Employees August 4, 2008 10.00 August 4, 2018
Provident Fund
34. Chhattisgarh State Electricity November 5, 2008 2,000.00 November 5, 2018
Board (CSEB) Provident Fund
Trust
35. Delhi Development Authority November 5, 2008 1,000.00 November 5, 2018
36. Chhattisgarh State Electricity November 7, 2008 1,500.00 November 7, 2018
Board Gratuity and Pension Fund
Trust
37. UCO Bank November 26, 2008 5,000.00 February 26, 2014
38. Jacobs H And G Private Limited November 26, 2008 10.00 February 26, 2014
Employees Provident Fund
39. Bank of Maharashtra December 11, 2008 2,000.00 December 11, 2014
40. Bank of Baroda December 11, 2008 2,000.00 December 11, 2014
41. The Indian Iron And Steel December 11, 2008 500.00 December 11, 2014
Company Limited Provident
Institution
42. Durgapur Steel Plant Provident December 11, 2008 200.00 December 11, 2014
Fund
43. Ashok Leyland Senior Executives December 11, 2008 100.00 December 11, 2014
Provident Fund
44. Rameshwara Jute Mills Workers December 11, 2008 100.00 December 11, 2014
Provident Fund Trust
45. Gujarat Alkalies And Chemicals December 11, 2008 50.00 December 11, 2014
Limited Employees Provident
- 160 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
Fund Trust
46. Shivani Kumar December 11, 2008 13.00 December 11, 2014
47. Russell Reynolds Associates India December 11, 2008 5.00 December 11, 2014
Employees Provident Fund
48. Frank Ross Limited Employees' December 11, 2008 5.00 December 11, 2014
Provident Fund
49. D S Savant And Sons Employees December 11, 2008 5.00 December 11, 2014
Provident Fund
50. Paushak Limited Provident Fund December 11, 2008 5.00 December 11, 2014
51. AFCO Fincon Private Limited. December 11, 2008 4.00 December 11, 2014
52. Rai And Sons Private Limited December 11, 2008 4.00 December 11, 2014
Employees Provident Fund
53. Mehta And Padamsey Private December 11, 2008 2.00 December 11, 2014
Limited Employees Provident
Fund
54. Mehta And Padamsey Surveyors December 11, 2008 2.00 December 11, 2014
Private Limited Staff Provident
Fund
55. Hirabai Vithaldas Shubh Trust December 11, 2008 2.00 December 11, 2014
56. The Metal Rolling Works Limited December 11, 2008 1.00 December 11, 2014
Employees Educational Welfare
Trust
57. Sarvodaya Welfare Trust December 11, 2008 1.00 December 11, 2014
58. Hakamchand Vakhatram December 11, 2008 1.00 December 11, 2014
Philanthropic Trust
59. Bangiya Gramin Vikash Bank December 15, 2008 300.00 March 15, 2014
60. Life Insurance Corporation of December 23, 2008 100.00 March 23, 2014
India
61. Karnataka Power Corporation December 23, 2008 100.00 March 23, 2014
Limited Employee Contributory
Provident Fund Trust
62. Maihar Cement Employees December 29, 2008 30.00 December 29, 2018
Provident Fund
63. Century Textiles And Industries December 29, 2008 7.00 December 29, 2018
Limited (Cement Divisions)
- 161 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
Superannuation Fund
64. Manikgarh Cement Employees December 29, 2008 4.00 December 29, 2018
Superannuation Welfare Trust
65. LIC of India - Gratuity Plus January 17, 2009 500.00 April 17, 2014
66. Bank of India April 2, 2009 2,000.00 July 2, 2014
67. Air- India Employees Provident April 2, 2009 500.00 July 2, 2014
Fund
68. Hero Honda Motors Limited April 18, 2009 1,300.00 July 18, 2014
69. The Indian Iron And Steel April 18, 2009 500.00 July 18, 2014
Company Limited Provident
Institution
70. Durgapur Steel Plant Provident April 18, 2009 200.00 July 18, 2014
Fund
71. RKM Provident Fund April 18, 2009 179.00 July 18, 2014
72. Rameshwara Jute Mills Workers April 18, 2009 100.00 July 18, 2014
Provident Fund Trust
73. Snehal Baid April 18, 2009 10.00 July 18, 2014
74. Bijay Singh Baid April 18, 2009 10.00 July 18, 2014
75. Sanjay Kumar Baid April 18, 2009 10.00 July 18, 2014
76. Wander Limited Employees April 18, 2009 7.00 July 18, 2014
Provident Fund
77. Ramprakash Podar Charitable April 18, 2009 7.00 July 18, 2014
Trust
78. Orient Ceramics Provident Fund April 18, 2009 7.00 July 18, 2014
Institution
79. Burns Philp India Private Limited April 18, 2009 6.00 July 18, 2014
Employees Provident Fund
80. L And T (Kansbahal) Officers And April 18, 2009 6.00 July 18, 2014
Supervisory Staff Provident Fund
81. Eskaps (India) Private Limited April 18, 2009 5.00 July 18, 2014
Employees Providend Fund
82. Mehta And Padamsey Private April 18, 2009 1.00 July 18, 2014
Limited Employees Provident
Fund
83. ICICI Bank Limited July 15, 2009 1,920.00 October 10, 2014
- 162 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
84. Jai Corp Limited July 15, 2009 1,000.00 October 10, 2014
85. Kotak Mahindra Trustee Company July 15, 2009 600.00 October 10, 2014
Limited A/C Kotak Credit
Opportunities Fund
86. Chhattisgarh State Electricity July 15, 2009 440.00 October 10, 2014
Board Gratuity and Pension Fund
Trust
87. Kotak Mahindra Trustee Company July 15, 2009 300.00 October 10, 2014
Limited- A/C Kotak Monthly
Income Plan
88. Abn Amro Bank N V Employees' July 15, 2009 150.00 October 10, 2014
Provident Fund
89. Kotak Mahindra Trustee Company July 15, 2009 100.00 October 10, 2014
Limited A/C. Kotak Mahindra
Bond Short Term Plan
90. Aradhana Investments Limited July 15, 2009 100.00 October 10, 2014
91. Cheviot Agro Industries Limited July 15, 2009 30.00 October 10, 2014
92. Pravin Shripad Bhalerao July 15, 2009 30.00 October 10, 2014
93. R S R Mohota Spg And Wvg Mills July 15, 2009 20.00 October 10, 2014
Limited Employees Provident
Fund Trust Hinganghat
94. Sunderdevi Baid July 15, 2009 20.00 October 10, 2014
95. Bela Anil Dalal July 15, 2009 15.00 October 10, 2014
96. Meenakshi Baid July 15, 2009 15.00 October 10, 2014
97. Aditya Share Dealings And July 15, 2009 15.00 October 10, 2014
Trading Private Limited
98. Cheviot Company Limited July 15, 2009 10.00 October 10, 2014
Employees Gratuity Trust Fund
99. Amrish A Dalal July 15, 2009 10.00 October 10, 2014
100. Bijay Singh Baid July 15, 2009 10.00 October 10, 2014
101. Ganpati Share Cap Private Limited July 15, 2009 10.00 October 10, 2014
102. Bajaj Allianz Life Insurance October 27, 2009 3,500.00 January 27, 2015
Company Limited.
103. NPS Trust- A/C LIC Pension Fund
Scheme - Central Government
October 27, 2009 1,310.00 January 27, 2015
- 163 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
104. Trustees Hindustan Steel Limited October 27, 2009 1,000.00 January 27, 2015
Contributory Provident Fund,
Rourkela
105. Food Corporation of India CPF October 27, 2009 1,000.00 January 27, 2015
Trust
106. Air- India Employees Provident October 27, 2009 600.00 January 27, 2015
Fund
107. Radha Govind Samiti April 18, 2009 100.00 July 18, 2014
108. Megna Jute Mills Provident Fund April 18, 2009 27.00 July 18, 2014
109. Kotak Mahindra Bank Limited March 31, 2011 2,500.00 March 31, 2021
110. Best Location Properties Private October 27, 2009 500.00 January 27, 2015
Limited
111. Allahabad Bank October 27, 2009 500.00 January 27, 2015
112. United India Insurance Company October 27, 2009 500.00 January 27, 2015
Limited Employees Gratuity Fund
113. NPS Trust- A/C SBI Pension Fund October 27, 2009 497.00 January 27, 2015
Scheme - State Government
114. NPS Trust- A/C LIC Pension Fund October 27, 2009 200.00 January 27, 2015
Scheme - State Government
115. Gujarat Alkalies And Chemicals October 27, 2009 160.00 January 27, 2015
Limited Employees Provident
Fund Trust
116. Sprism Investment Services October 27, 2009 55.00 January 27, 2015
Private Limited
117. Sushilkumar N Trivedi October 27, 2009 50.00 January 27, 2015
118. Ashok Leyland Employees Hosur October 27, 2009 30.00 January 27, 2015
Provident Fund Trust
119. Centre For Development of October 27, 2009 30.00 January 27, 2015
Telematics Employees Provident
Fund Trust
120. Uma Narayana Moorthy October 27, 2009 25.00 January 27, 2015
121. P Anusha October 27, 2009 15.00 January 27, 2015
122. The Municipal Co-Op Bank October 27, 2009 10.00 January 27, 2015
Employee Provident Fund
123. Kala Gopalakrishnan October 27, 2009 5.00 January 27, 2015
- 164 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
124. Humphreys And Glasgow October 27, 2009 3.00 January 27, 2015
Directors Superannuation Fund
125. NPS Trust- A/C SBI Pension Fund October 27, 2009 3.00 January 27, 2015
Scheme C - Tier I
126. Orient Ceramics Provident Fund October 27, 2009 3.00 January 27, 2015
Institution
127. R A Nariman And Company October 27, 2009 2.00 January 27, 2015
Limited Employees Provident
Fund Trust
128. Abdullah Hakimuddin Poonawala October 27, 2009 2.00 January 27, 2015
129. United India Insurance Company October 31, 2009 2,000.00 October 31, 2019
Limited
130. Bank of India Provident Fund October 31, 2009 500.00 October 31, 2019
131. Air- India Employees Provident October 31, 2009 400.00 October 31, 2019
Fund
132. The Kalyan Janata Sahakari Bank November 24, 2009 500.00 November 22, 2019
Limited
133. The Zoroastrian Co-Operative November 24, 2009 500.00 November 22, 2019
Bank Limited
134. The Jammu And Kashmir Bank November 24, 2009 400.00 November 22, 2019
Employee Pension Fund Trust
135. Engineers India Limited
November 24, 2009 300.00 November 22, 2019
Employees Provident Fund
136. The Jammu And Kashmir Bank November 24, 2009 200.00 November 22, 2019
Employees Provident Fund Trust
137. NIIT Limited Employees
November 24, 2009 50.00 November 22, 2019
Provident Fund Trust
138. Pune Zilla Madhyawarti Sahakari November 24, 2009 25.00 November 22, 2019
Bank Maryadit Provident Fund
139. GHCL Officers Provident Fund November 24, 2009 20.00 November 22, 2019
Trust
140. Bharatiya Vidya Bhavan Staff November 24, 2009 20.00 November 22, 2019
Contributory Provident Fund
141. Hooghly Docking Works
Provident Fund
November 24, 2009 10.00 November 22, 2019
- 165 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
142. The National Peroxide Limited November 24, 2009 10.00 November 22, 2019
Employees Gratuity Fund
143. Intervet India Private Limited November 24, 2009 10.00 November 22, 2019
Employees Provident Fund Trust
144. A V George Group Employees November 24, 2009 10.00 November 22, 2019
Provident Fund ( Trustees )
145. The Board of Trustees
November 24, 2009 9.00 November 22, 2019
IPIRTIECPF
146. Industrial Jewels Private Limited November 24, 2009 8.00 November 22, 2019
Provident Fund
147. Darashaw & Company Private November 24, 2009 8.00 November 22, 2019
Limited
148. Spintex Private Limited November 24, 2009 5.00 November 22, 2019
149. Swan Silk Limited Employees November 24, 2009 5.00 November 22, 2019
Provident Fund Trust
150. Empire Industries Limited Garlick November 24, 2009 5.00 November 22, 2019
Engineering Staff Provident Fund
151. Aditya Vikram Saria November 24, 2009 4.00 November 22, 2019
152. Trustees The Provident Fund of November 24, 2009 1.00 November 22, 2019
The Board of Management of The
Bombay Properties of The Indian
Institute of Science
153. Nokia India Employees Provident December 31, 2009 110.00 December 31, 2019
Fund
154. Youth Development Co Op Bank December 31, 2009 100.00 December 31, 2019
Limited Kolhapur
155. Trustees Hind Lamps Employees December 31, 2009 100.00 December 31, 2019
Provident Fund ( Exempted
Employees )
156. Pawan Agarwal December 31, 2009 40.00 December 31, 2019
157. Pankaj Agarwal December 31, 2009 40.00 December 31, 2019
158. Central Board of Irrigation And December 31, 2009 20.00 December 31, 2019
Power Provident Fund Trust
159. Preeti Agarwal December 31, 2009 20.00 December 31, 2019
160. East Commercial Private December 31, 2009 10.00 December 31, 2019
- 166 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
Limited.
161. Guljit Chaudhri December 31, 2009 10.00 December 31, 2019
162. S Raja December 31, 2009 5.00 December 31, 2019
163. Orient Ceramics Provident Fund December 31, 2009 4.00 December 31, 2019
Institution
164. Securities Trading Corporation of December 31, 2009 3,920.00 December 31, 2019
India Limited
165. Associated Capsules Private December 31, 2009 100.00 December 31, 2019
Limited
166. Allbank Finance Limited December 31, 2009 100.00 December 31, 2019
167. Keki Minoo Mistry December 31, 2009 30.00 December 31, 2019
168. Samar Sharad Chauhan December 31, 2009 30.00 December 31, 2019
169. Mathrubhumi Employees
December 31, 2009 10.00 December 31, 2019
Superannuation Fund
170. Virendra Ratilal Sangharajka December 31, 2009 5.00 December 31, 2019
171. Ritu Modani December 31, 2009 3.00 December 31, 2019
172. Usha Modani December 31, 2009 2.00 December 31, 2019
173. Anu Khattar December 31, 2009 1.00 December 31, 2019
174. Shriram Life Insurance Company January 6, 2010 230.00 July 6, 2015
Limited
175. Shriram Life Insurance Company January 6, 2010 70.00 July 6, 2015
Limited – Preserver
176. Army Group Insurance Fund January 18, 2010 1,500.00 April 18, 2015
177. Trustees Union Bank of India January 18, 2010 1,000.00 April 18, 2015
Employees Provident Fund
178. Tamilnad Mercantile Bank January 18, 2010 1,000.00 April 18, 2015
Limited,
179. NPS Trust- A/C SBI Pension Fund January 18, 2010 500.00 April 18, 2015
Scheme - Central Government
180. NPS Trust- A/C LIC Pension Fund January 18, 2010 500.00 April 18, 2015
Scheme - Central Government
181. Air- India Employees Provident January 18, 2010 200.00 April 18, 2015
Fund
182. Gujarat Alkalies And Chemicals
Limited Employees Provident
January 18, 2010 70.00 April 18, 2015
- 167 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
Fund Trust
183. The Lakshmi Vilas Bank Limited January 18, 2010 50.00 April 18, 2015
Employees Provident Fund
184. Sheela Ashwin Chiniwalla January 18, 2010 32.00 April 18, 2015
185. Asha Sharad Chauhan January 18, 2010 31.00 April 18, 2015
186. Sheela Chiniwalla January 18, 2010 27.00 April 18, 2015
187. Sharad Pitamber Chauhan January 18, 2010 25.00 April 18, 2015
188. NPS Trust- A/C ICICI Prudential January 18, 2010 21.00 April 18, 2015
Pension Fund Scheme C - Tier I
189. NPS Trust- A/C ICICI Prudential January 18, 2010 10.00 April 18, 2015
Pension Fund Scheme C - Tier II
190. Pranav Bajoria January 18, 2010 10.00 April 18, 2015
191. Priyanka S Bajoria January 18, 2010 10.00 April 18, 2015
192. Kailash Kumar Gupta January 18, 2010 10.00 April 18, 2015
193. Industrial Jewels Private Limited January 18, 2010 3.00 April 18, 2015
Provident Fund
194. R A Nariman And Company January 18, 2010 1.00 April 18, 2015
Limited Employees Provident
Fund Trust
195. Bank of Maharashtra January 22, 2010 1,000.00 April 22, 2015
196. Food Corporation of India CPF January 22, 2010 200.00 April 22, 2015
Trust
197. NPS Trust- A/C LIC Pension Fund January 22, 2010 117.00 April 22, 2015
Scheme - Central Government
198. Gujarat Alkalies And Chemicals January 22, 2010 90.00 April 22, 2015
Limited Employees Provident
Fund Trust
199. Colgate- Palmolive (India) Limited January 22, 2010 50.00 April 22, 2015
Provident Fund
200. Ashok Leyland Employees Hosur January 22, 2010 24.00 April 22, 2015
Provident Fund Trust
201. Manilal Kasturchand Gandhi And January 22, 2010 10.00 April 22, 2015
Kanta Gandhi Charitable Trust
202. Deys Medical Stores Mfg.(UP)
Limited Provident Fund
January 22, 2010 5.00 April 22, 2015
- 168 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
203. The Municipal Co-Operative Bank January 22, 2010 4.00 April 22, 2015
Employee Provident Fund
204. Air- India Employees Provident January 29, 2010 700.00 January 29, 2020
Fund
205. Shree Vardhaman Sahakari Bank January 29, 2010 145.00 January 29, 2020
Limited
206. Loknete Dattaji Patil Sahkari January 29, 2010 50.00 January 29, 2020
Bank Limited, Lasalgaon
207. Huntsman Advanced Materials ( January 29, 2010 3.00 January 29, 2020
India ) Private Limited Employees
Gratuity Fund
208. Petro Araldite Private Limited January 29, 2010 2.00 January 29, 2020
Employees Provident Fund
209. United India Insurance Company January 29, 2010 870.00 July 29, 2015
Limited Employees Provident
Fund
210. Bank of India Provident Fund January 29, 2010 500.00 July 29, 2015
211. The Kalyan Janata Sahakari Bank January 29, 2010 250.00 July 29, 2015
Limited
212. Model Co-Operative Bank Limited January 29, 2010 200.00 July 29, 2015
213. Provident Fund of Mangalore January 29, 2010 80.00 July 29, 2015
Refinery And Petrochemicals
Limited
214. The Jain Sahakari Bank Limited January 29, 2010 70.00 July 29, 2015
215. Nandlal Pribhdas Tolani January 29, 2010 50.00 July 29, 2015
216. Cutler Hammer Provident Fund January 29, 2010 25.00 July 29, 2015
Trust
217. ICB Limited Employees Provident January 29, 2010 10.00 July 29, 2015
Fund
218. Prem Subramaniam January 29, 2010 10.00 July 29, 2015
219. Industrial Jewels Private Limited January 29, 2010 4.00 July 29, 2015
Provident Fund
220. Hema Parameswaran January 29, 2010 2.00 July 29, 2015
221. Vijaya R K January 29, 2010 1.00 July 29, 2015
222. T P Viswanathan January 29, 2010 1.00 July 29, 2015
- 169 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
223. Lotus Beauty Care Products February 15, 2010 100.00 February 15, 2020
Private Limited
224. Kotak Mahindra Trustee Company March 29, 2010 2,100.00 September 29, 2015
Limited A/C Kotakflexi Debt
Scheme
225. Kotak Mahindra Trustee Company March 29, 2010 1,300.00 September 29, 2015
Limited A/C Kotak Credit
Opportunities Fund
226. Kotak Mahindra Trustee Company March 29, 2010 1,100.00 September 29, 2015
Limited- A/C Kotak Monthly
Income Plan
227. Kotak Mahindra Trustee Company March 29, 2010 500.00 September 29, 2015
Limited A/C. Kotak Mahindra
Bond Short Term Plan
228. Bajaj Allianz Life Insurance April 19, 2010 1,500.00 April 19, 2016
Company Limited.
229. Bajaj Allianz General Insurance April 19, 2010 1,000.00 April 19, 2016
Company Limited
230. Infrastructure Development April 19, 2010 2,000.00 April 19, 2020
Finance Company Limited.
231. NPS Trust- A/C UTI Retirement April 19, 2010 1,480.00 April 19, 2020
Solutions Pension Fund Scheme -
Central Government
232. Board of Trustees For Bokaro April 19, 2010 500.00 April 19, 2020
Steel Employees Provident Fund
233. The Oriental Insurance Company April 19, 2010 350.00 April 19, 2020
Limited Provident Fund
234. RKM Provident Fund April 19, 2010 200.00 April 19, 2020
235. HUDCO Employees C P F Trust April 19, 2010 100.00 April 19, 2020
236. Engineers India Limited
April 19, 2010 100.00 April 19, 2020
Employees Provident Fund
237. The Rami Investments Private April 19, 2010 100.00 April 19, 2020
Limited
238. Power Finance Corporation
Limited Employees Provident
April 19, 2010 50.00 April 19, 2020
- 170 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
Fund
239. The India Cements Employees April 19, 2010 30.00 April 19, 2020
Provident Fund
240. M R Rajaram April 19, 2010 30.00 April 19, 2020
241. Maihar Cement Employees April 19, 2010 30.00 April 19, 2020
Provident Fund
242. Garodia Traxim Private Limited April 19, 2010 10.00 April 19, 2020
243. Vrajlal P Babaria Charitable Trust April 19, 2010 10.00 April 19, 2020
244. Hemakshi Mahesh Shah April 19, 2010 10.00 April 19, 2020
245. Trustees Hindustan Steel Limited April 19, 2010 1,000.00 April 19, 2020
Contributory Provident Fund,
Rourkela
246. Rasoi Limited April 19, 2010 500.00 April 19, 2020
247. United India Insurance Company April 19, 2010 500.00 April 19, 2020
Limited
248. Board of Trustees For Bokaro April 19, 2010 500.00 April 19, 2020
Steel Employees Provident Fund
249. Welspun Corp Limited April 20, 2010 7,500.00 April 20, 2020
250. NPS Trust- A/C UTI Retirement April 20, 2010 6,200.00 April 20, 2020
Solutions Pension Fund Scheme -
Central Government
251. Infrastructure Development April 20, 2010 2,500.00 April 20, 2020
Finance Company Limited.
252. ICICI Bank Limited April 20, 2010 1,700.00 April 20, 2020
253. NPS Trust- A/C LIC Pension Fund April 20, 2010 600.00 April 20, 2020
Scheme - State Government
254. Jharkhand Gramin Bank April 20, 2010 500.00 April 20, 2020
255. NPS Trust- A/C LIC Pension Fund April 20, 2010 400.00 April 20, 2020
Scheme - Central Government
256. British High Commission India April 20, 2010 300.00 April 20, 2020
Staff Provident Fund
257. NPS Trust- A/C UTI Retirement April 20, 2010 300.00 April 20, 2020
Solutions Pension Fund Scheme -
State Government
258. NPS Trust- A/C UTI Retirement April 26, 2010 1,000.00 July 26, 2015
- 171 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
Solutions Pension Fund Scheme -
Central Government
259. NPS Trust- A/C SBI Pension Fund April 26, 2010 969.00 July 26, 2015
Scheme - State Government
260. NPS Trust- A/C UTI Retirement April 26, 2010 500.00 July 26, 2015
Solutions Pension Fund Scheme -
State Government
261. NPS Trust- A/C SBI Pension Fund April 26, 2010 30.00 July 26, 2015
Scheme C - Tier I
262. NPS Trust- A/C SBI Pension Fund April 26, 2010 1.00 July 26, 2015
Scheme C - Tier II
263. Bank of India Provident Fund May 3, 2010 2,000.00 May 3, 2020
264. Jharkhand Gramin Bank May 3, 2010 500.00 May 3, 2020
265. Indian Oil Corporation Limited May 3, 2010 400.00 May 3, 2020
(Assam Oil Division) Employees
Provident Fund
266. Nagpur Nagarik Sahakari Bank May 3, 2010 300.00 May 3, 2020
Limited
267. Board of Trustees For Bokaro May 3, 2010 200.00 May 3, 2020
Steel Employees Provident Fund
268. Sulaimani Co- Operative Bank May 3, 2010 100.00 May 3, 2020
Limited
269. Arvind Sahakari Bank Limited May 3, 2010 100.00 May 3, 2020
270. Nokia India Employees Provident May 3, 2010 100.00 May 3, 2020
Fund
271. Madras Fertilizers Limited May 3, 2010 50.00 May 3, 2020
Employees Contributory Provident
Fund
272. Punjab State Warehousing May 3, 2010 50.00 May 3, 2020
Corporation Employee Provident
Fund
273. Jagatjit Cotton Textile Mills May 3, 2010 50.00 May 3, 2020
Limited Provident Fund Trust
274. Niit Technologies Limited
Employees Provident Fund Trust
May 3, 2010 40.00 May 3, 2020
- 172 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
275. Hindustan Electro Graphites May 3, 2010 37.00 May 3, 2020
Officers Contributory P F Trust
276. Andhra Pradesh State Road May 3, 2010 30.00 May 3, 2020
Transport Corporation Employees
Deposit Linked Insurance Fund
277. Preeti Agarwal May 3, 2010 30.00 May 3, 2020
278. Reena Pawan Agarwal May 3, 2010 30.00 May 3, 2020
279. Maihar Cement Employees May 3, 2010 30.00 May 3, 2020
Provident Fund
280. Shikha Sawhney May 3, 2010 30.00 May 3, 2020
281. Nitya Daga May 3, 2010 28.00 May 3, 2020
282. Taurus Asset Management May 3, 2010 25.00 May 3, 2020
Company Limited
283. MMTC Limited CPF Trust May 3, 2010 24.00 May 3, 2020
284. Suman Bansi Dhar May 3, 2010 20.00 May 3, 2020
285. M R Rajaram May 3, 2010 20.00 May 3, 2020
286. Amar Ujala Publications Limited May 3, 2010 20.00 May 3, 2020
Employees Provident Fund Trust
287. Escorts Heart Institute And May 3, 2010 20.00 May 3, 2020
Research Centre Employees
Provident Fund Trust
288. Noshir Faramji Tankariwala May 3, 2010 15.00 May 3, 2020
289. Arya Offshore Services Private May 3, 2010 14.00 May 3, 2020
Limited Employees Provident
Fund
290. Rajesh Bhikhubhai Shah May 3, 2010 12.00 May 3, 2020
291. The Champdany Jute Company May 3, 2010 11.00 May 3, 2020
Limited Gratuity Fund
292. RHC Holding Employees
May 3, 2010 10.00 May 3, 2020
Provident Fund Trust
293. Dempo Mining Corporation May 3, 2010 10.00 May 3, 2020
Private Limited Employees
Provident Fund
294. BPCL Employees Provident Fund
Trust
May 3, 2010 10.00 May 3, 2020
- 173 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
295. Ashok Leyland Employees May 3, 2010 10.00 May 3, 2020
Bhandara Provident Fund Trust
296. Paharpur Cooling Towers Officers May 3, 2010 10.00 May 3, 2020
Provident Fund
297. Burns Philp India Private Limited May 3, 2010 10.00 May 3, 2020
Employees Provident Fund
298. Superhouse Leathers Limited May 3, 2010 10.00 May 3, 2020
Employees Provident Fund Trust
299. Lawrence And Mayo (I) Private May 3, 2010 10.00 May 3, 2020
Limited Staff Provident Fund
300. Krishna Murari Poddar May 3, 2010 10.00 May 3, 2020
301. The Ashok Hotel Employees May 3, 2010 10.00 May 3, 2020
Provident Fund Trust
302. Raghuram Iyer May 3, 2010 10.00 May 3, 2020
303. Mataji Melan Devi Society (Regd.) May 3, 2010 10.00 May 3, 2020
304. Neelam Jolly May 3, 2010 8.00 May 3, 2020
305. Sangeeta Pareekh May 3, 2010 8.00 May 3, 2020
306. Bijni Dooars Employees Gratuity May 3, 2010 7.00 May 3, 2020
Fund
307. Prithvi Raj Khanna May 3, 2010 5.00 May 3, 2020
308. L and T Niro Staff Provident Fund May 3, 2010 5.00 May 3, 2020
309. Eastern Dooars Employees May 3, 2010 5.00 May 3, 2020
Gratuity Fund
310. Turner Morrison Officers
May 3, 2010 5.00 May 3, 2020
Provident Fund
311. Manilal Kasturchand Gandhi And May 3, 2010 5.00 May 3, 2020
Kanta Gandhi Charitable Trust
312. Kali Kripa Agro Investments May 3, 2010 5.00 May 3, 2020
Private Limited
313. Ion Exchange (India) Limited's May 3, 2010 10.00 May 3, 2020
Provident Institution
314. Lubrizol India Limited Employees May 3, 2010 10.00 May 3, 2020
Provident Fund
315. Shanti Prakash Goyal May 3, 2010 5.00 May 3, 2020
316. Industrial Jewels Private Limited May 3, 2010 3.00 May 3, 2020
- 174 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
Provident Fund
317. Lily Commercial Private Limited. May 3, 2010 3.00 May 3, 2020
318. Vin Vish Corporation Private May 3, 2010 3.00 May 3, 2020
Limited Employees Provident
Fund Trust
319. The Ganges Manufacturing May 3, 2010 2.00 May 3, 2020
Company Limited Employees
Provident Fund (Compulsory)
Scheme
320. Gentech Chemicals Private May 3, 2010 2.00 May 3, 2020
Limited.
321. Ratan Griha Nirman Private May 3, 2010 2.00 May 3, 2020
Limited
322. Munish Daga May 3, 2010 2.00 May 3, 2020
323. Dilipkumar Chandrashankar May 3, 2010 2.00 May 3, 2020
Trivedi
324. Super Wares Private Limited. May 3, 2010 1.00 May 3, 2020
325. Divine Investments Private May 3, 2010 1.00 May 3, 2020
Limited.
326. Quick Lithographers Private May 3, 2010 1.00 May 3, 2020
Limited.
327. Mcleod And Company Limited's May 3, 2010 1.00 May 3, 2020
Provident Fund ''A''
328. The Champdany Jute Company May 3, 2010 1.00 May 3, 2020
Limited Superannuation Fund
329. Peekay Alkalies Private Limited. May 3, 2010 1.00 May 3, 2020
330. Shriram Life Insurance Company May 3, 2010 1,500.00 May 3, 2016
Limited
331. United Bank of India May 3, 2010 500.00 May 3, 2016
332. United India Insurance Company May 3, 2010 200.00 May 3, 2016
Limited Employees Provident
Fund
333. Wallace Flour Mills Company May 3, 2010 200.00 May 3, 2016
Private Limited
334. The Lakshmi Vilas Bank Limited May 3, 2010 100.00 May 3, 2016
- 175 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
Employees Gratuity Fund
335. Tata Capital Limited May 3, 2010 2,500.00 May 3, 2016
336. Army Group Insurance Fund May 10, 2010 500.00 May 10, 2020
337. NPS Trust- A/C UTI Retirement May 10, 2010 500.00 May 10, 2020
Solutions Pension Fund Scheme -
State Government
338. The Mogaveera Co - Operative May 10, 2010 200.00 May 10, 2020
Bank Limited
339. Ranjan Kishor Shroff May 10, 2010 33.00 May 10, 2020
340. Sherry Dhanju Batliwala May 10, 2010 30.00 May 10, 2020
341. Sukeshi Sharad Sheth May 10, 2010 25.00 May 10, 2020
342. Goa Carbon Limited Employees May 10, 2010 20.00 May 10, 2020
Provident Fund Trust
343. K Jagannatha Rao May 10, 2010 15.00 May 10, 2020
344. Jacobs H And G Private Limited May 10, 2010 15.00 May 10, 2020
Employees Provident Fund
345. St Pauls School May 10, 2010 15.00 May 10, 2020
346. ILTI Excluded Employees May 10, 2010 10.00 May 10, 2020
Provident Fund Trust
347. Dharmesh V Adnani May 10, 2010 10.00 May 10, 2020
348. Arya Offshore Services Private May 10, 2010 8.00 May 10, 2020
Limited Employees Provident
Fund
349. AFCO Fincon Private Limited May 10, 2010 8.00 May 10, 2020
350. Orient Ceramics Provident Fund May 10, 2010 6.00 May 10, 2020
Institution
351. Dipika Dilip Modi May 10, 2010 5.00 May 10, 2020
352. Board of Trustees For Bokaro May 10, 2010 500.00 May 10, 2020
Steel Employees Provident Fund
353. NPS Trust- A/C UTI Retirement May 10, 2010 500.00 May 10, 2020
Solutions Pension Fund Scheme -
Central Government
354. Manilal Kasturchand Gandhi And May 10, 2010 5.00 May 10, 2020
Kanta Gandhi Charitable Trust
355. Ashok Leyland Employees Alwar May 10, 2010 5.00 May 10, 2020
- 176 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
Provident Fund
356. Deys Medical Stores Mfg.(UP) May 10, 2010 5.00 May 10, 2020
Limited Provident Fund
357. Dilipkumar Chandrashankar May 10, 2010 5.00 May 10, 2020
Trivedi
358. Vithaldas Hakamchand Charitable May 10, 2010 4.00 May 10, 2020
Trust
359. Gill And Company Private Limited May 10, 2010 4.00 May 10, 2020
Employees Provident Fund
360. Maharaja Shree Umaid Mills May 10, 2010 3.00 May 10, 2020
Limited Senior Staff Provident
Fund
361. Tribhuvandas Foundation Staff May 10, 2010 3.00 May 10, 2020
Provident Fund Trust
362. Humphreys And Glasgow May 10, 2010 3.00 May 10, 2020
Directors Superannuation Fund
363. The Metal Rolling Works Limited May 10, 2010 3.00 May 10, 2020
Employees Educational Welfare
Trust
364. Vrajlal P Babaria Charitable Trust May 10, 2010 3.00 May 10, 2020
365. Leena Jeewan May 10, 2010 3.00 May 10, 2020
366. Shri Zalawad Jain Swetamber May 10, 2010 3.00 May 10, 2020
Murtipujak Mandal Sion-Matunga-
Dadar-Wadala
367. Sri Sathya Sai Institute of Higher May 10, 2010 2.00 May 10, 2020
Medical Sciences PG Employees
Gratuity Fund Trust
368. The Metal Rolling Works Limited May 10, 2010 2.00 May 10, 2020
Employees Medical Welfare Trust
369. D S Savant And Sons Employees May 10, 2010 2.00 May 10, 2020
Provident Fund
370. Narayan Purushottam Gokhale May 10, 2010 2.00 May 10, 2020
371. Jain Jagruti Centre Central Board May 10, 2010 2.00 May 10, 2020
Charitable Trust
372. Puttur Narayanarao Girish Rao May 10, 2010 2.00 May 10, 2020
- 177 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
373. Kirti Karmarkar Anand May 10, 2010 2.00 May 10, 2020
374. Ajay Bangur May 10, 2010 1.00 May 10, 2020
375. National Refinery Private Limited, May 10, 2010 1.00 May 10, 2020
Employees Gratuity Fund.
376. Vin Vish Corporation Private May 10, 2010 1.00 May 10, 2020
Limited Employees Provident
Fund Trust
377. National Refinery Private Limited May 10, 2010 1.00 May 10, 2020
Employees (Workmen At
87,Tardeo Road) Provident Fund.
378. Hakamchand Vakhatram
May 10, 2010 1.00 May 10, 2020
Philanthropic Trust
379. Mangubai Gokaldas Charitable May 10, 2010 1.00 May 10, 2020
Trust
380. Hirabai Vithaldas Shubh Trust May 10, 2010 1.00 May 10, 2020
381. Ashwini Abhijit Khade May 10, 2010 1.00 May 10, 2020
382. Union Bank of India (Employees') May 28, 2010 1,000.00 May 28, 2016
Pension Fund
383. HDFC Ergo General Insurance May 28, 2010 1,000.00 May 28, 2016
Company Limited
384. The Lakshmi Vilas Bank Limited May 28, 2010 500.00 May 28, 2016
385. Bank of India (Employees) May 28, 2010 1,500.00 May 28, 2020
Pension Fund
386. United India Insurance Company May 28, 2010 1,000.00 May 28, 2020
Limited
387. The Nainital Bank Limited May 28, 2010 500.00 May 28, 2020
388. Dombivli Nagari Sahakari Bank May 28, 2010 500.00 May 28, 2020
Limited
389. Intrasoft Technologies Limited May 28, 2010 500.00 May 28, 2020
390. A P S R T C Employees Provident May 28, 2010 400.00 May 28, 2020
Fund Trust
391. The Jalgaon Peoples Coop Bank May 28, 2010 300.00 May 28, 2020
Limited
392. Narendra R Patil May 10, 2010 1.00 May 10, 2020
393. Dipika Jitendrabhai Patel May 10, 2010 1.00 May 10, 2020
- 178 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
394. Shriram Life Insurance Company May 28, 2010 60.00 May 28, 2020
Limited
395. Shriram Life Insurance Company May 28, 2010 40.00 May 28, 2020
Limited – Balancer
396. Jacobs H And G Limited
May 28, 2010 40.00 May 28, 2020
Employees Gratuity Fund
397. Shriram Life Insurance Company May 28, 2010 30.00 May 28, 2020
Limited – Preserver
398. Mangalore Refinery And
May 28, 2010 30.00 May 28, 2020
Petrochemicals Limited Gratuity
Fund
399. Centre For Development of May 28, 2010 30.00 May 28, 2020
Telematics Employees Provident
Fund Trust
400. Shriram Life Insurance Company May 28, 2010 20.00 May 28, 2020
Limited
401. Industrial Jewels Private Limited May 28, 2010 10.00 May 28, 2020
Provident Fund
402. Wander Limited Employees May 28, 2010 10.00 May 28, 2020
Provident Fund
403. Renu Jain May 28, 2010 10.00 May 28, 2020
404. Hirojirao Ramrao Patankar May 28, 2010 10.00 May 28, 2020
405. Issal Superannuation Fund May 28, 2010 10.00 May 28, 2020
406. United India Insurance Company June 4, 2010 1,000.00 June 4, 2020
Limited
407. Infrastructure Development June 4, 2010 1,000.00 June 4, 2020
Finance Company Limited.
408. Board of Trustees For Bokaro June 4, 2010 500.00 June 4, 2020
Steel Employees Provident Fund
409. Syndicate Bank June 14, 2010 2,000.00 September 14, 2015
410. NPS Trust- A/C SBI Pension Fund June 14, 2010 1,000.00 September 14, 2015
Scheme - Central Government
411. Nuclear Power Corporation of
India Limited Employees
Provident Fund
June 14, 2010 500.00 September 14, 2015
- 179 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
412. Army Group Insurance Fund June 14, 2010 500.00 September 14, 2015
413. United India Insurance Company June 14, 2010 500.00 September 14, 2015
Limited Employees Provident
Fund
414. Indian Overseas Bank Staff June 14, 2010 500.00 September 14, 2015
Provident Fund
415. UTI- Balanced Fund August 24, 2010 7,000.00 August 24, 2015
416. UTI Dynamic Bond Fund August 24, 2010 6,500.00 August 24, 2015
417. UTI-Unit Linked Insurance Plan August 24, 2010 5,000.00 August 24, 2015
418. UTI - Retirement Benefit Pension August 24, 2010 5,000.00 August 24, 2015
Fund
419. UTI-Mis-Advantage Plan August 24, 2010 2,500.00 August 24, 2015
420. UTI - Childrens Career Balanced August 24, 2010 2,500.00 August 24, 2015
Plan
421. UTI - Treasury Advantage Fund August 24, 2010 2,500.00 August 24, 2015
422. UTI-Mahila Unit Scheme August 24, 2010 2,000.00 August 24, 2015
423. UTI Short Term Income Fund August 24, 2010 1,500.00 August 24, 2015
424. UTI-Unit Scheme For Charitable August 24, 2010 500.00 August 24, 2015
And Religious Trusts And
Registered Societies
425. Chhattisgarh State Electricity August 30, 2010 1,800.00 August 30, 2025
Board (CSEB) Provident Fund
Trust
426. Trustees Hindustan Steel Limited August 30, 2010 600.00 August 30, 2025
Contributory Provident Fund,
Rourkela
427. The Barnagore Jute Factory August 30, 2010 70.00 August 30, 2025
Company Limited Employees
Provident Fund
428. British High Commission India August 30, 2010 50.00 August 30, 2025
Staff Providentfund
429. Sail Rmd Establishment And August 30, 2010 50.00 August 30, 2025
Administrative Offices Employees
Provident Fund
430. The Thane District Central Co - August 30, 2010 50.00 August 30, 2025
- 180 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
Operative Bank Staff Provident
Fund
431. Jagatjit Cotton Textile Mills August 30, 2010 50.00 August 30, 2025
Limited Provident Fund Trust
432. The Tribune Employee's Provident August 30, 2010 40.00 August 30, 2025
Fund Trust
433. The Ashok Hotel Employees August 30, 2010 40.00 August 30, 2025
Provident Fund Trust
434. Genius Consultants Employees August 30, 2010 30.00 August 30, 2025
Provident Fund
435. Ujjwal Suri August 30, 2010 20.00 August 30, 2025
436. Madhukar P Choksi August 30, 2010 20.00 August 30, 2025
437. The Champdany Jute Company August 30, 2010 20.00 August 30, 2025
Limited Gratuity Fund
438. Pawan Kumar Roongta August 30, 2010 20.00 August 30, 2025
439. Sona Koyo Steering Systems August 30, 2010 10.00 August 30, 2025
Limited Employees Provident
Fund Trust
440. Mahabir Prasad Roongta August 30, 2010 10.00 August 30, 2025
441. The Assam Company India August 30, 2010 10.00 August 30, 2025
Limited Management Staff
Provident Fund
442. Mount Shivalik Breweries Limited August 30, 2010 10.00 August 30, 2025
Employees Provident Fund Trust
443. Henry Arthur Sydney Ledlie August 30, 2010 10.00 August 30, 2025
444. Holcim Services South Asia August 30, 2010 10.00 August 30, 2025
Employees Provident Fund
445. Hooghly District Central Co- September 9, 2010 1,000.00 September 9, 2025
Operative Bank Limited
446. A P S R T C Employees Provident September 9, 2010 500.00 September 9, 2025
Fund Trust
447. NPS Trust- A/C UTI Retirement September 9, 2010 450.00 September 9, 2025
Solutions Pension Fund Scheme -
Central Government
448. Indian Mercantile Co Operative September 9, 2010 200.00 September 9, 2025
- 181 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
Bank Limited
449. Rajma Projects Private Limited September 9, 2010 100.00 September 9, 2025
450. Ultratech Cemco Provident Fund September 9, 2010 100.00 September 9, 2025
451. NIIT Technologies Limited September 9, 2010 80.00 September 9, 2025
Employees Provident Fund Trust
452. Gujarat Alkalies And Chemicals September 9, 2010 60.00 September 9, 2025
Limited Employees Provident
Fund Trust
453. Shilpa Taneja September 9, 2010 10.00 September 9, 2025
454. Nederlandse Financierings- September 13, 2010 22,500.00 September 13,
Maatschappij Voor
2017
Ontwikkelingslanden N.V. (FMO)
455. Indian Overseas Bank September 13, 2010 2,300.00 September 13,
2017
456. Deutsche Bank International Asia September 13, 2010 200.00 September 13,
– Debt Fund
2017
457. Chhattisgarh State Electricity October 15, 2010 2,000.00 October 15, 2028
Board Gratuity and Pension Fund
Trust
458. Board of Trustees For Bokaro October 15, 2010 300.00 October 15, 2028
Steel Employees Provident Fund
459. Anil Vipin Dalal HUF July 15, 2009 10.00 October 10, 2014
460. Nikhil Anil Dalal July 15, 2009 15.00 October 10, 2014
461. Jagdish Rani Basur July 15, 2009 20.00 October 10, 2014
462. Balkash Exim Private Limited July 15, 2009 140.00 October 10, 2014
463. Desai Amit Sumanlal HUF July 15, 2009 20.00 October 10, 2014
464. Manju Pande December 31, 2009 10.00 December 31, 2019
465. Avinash Chandra Sangal January 29, 2010 2.00 July 29, 2015
466. Jayaramaiah G January 29, 2010 1.00 July 29, 2015
467. Jaipur Finance Provident Fund May 3, 2010 1.00 May 3, 2020
468. Priti Viral Parekh May 10, 2010 10.00 May 3, 2020
469. Hindustan Composites Limited May 10, 2010 280.00 May 3, 2020
470. Rajesh Prabhakar Pathare May 10, 2010 4.00 May 10, 2020
471. Rajesh Prabhakar Pathare May 10, 2010 3.00 May 10, 2020
472. Amita Ambarbhai Patel May 10, 2010 5.00 May 10, 2020
- 182 -

Sr.
Particulars Date of disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
473. Hemal Ambar Patel May 10, 2010 5.00 May 10, 2020
474. Pramod Vamanrao Bhavsar May 10, 2010 3.00 May 10, 2020
475. National Refinery Private Limited May 10, 2010 3.00 May 10, 2020
Employees(Workmen) Provident
Fund
476. National Refinery Private Limited May 10, 2010 4.00 May 10, 2020
Employees (Staff) Provident Fund
477. Akshay Kumar Bhatia October 15, 2010 200.00 October 15, 2028
478. L and T (Kansbahal) Staff And April 18, 2009 15.00 July 18, 2014
Workmen Provident Fund
479. Hakamchand Vakhatram
April 18, 2009 10.00 July 18, 2014
Philanthropic Trust
Total 2,10,317.00
2. Term Loans from Banks
(` in lacs)
Sr.
Particulars Date of Disbursement Amount Outstanding Maturity Date
No.
as on March 31, 2011
1. Hong Kong and Shanghai Banking
Corporation Limited
October 29, 2009 41,468.76 July 26, 2010 to
July 26, 2012
2. Syndicate Bank June 2, 2010 10,000.00 June 2, 2017
Total 51,468.76
3. Term Loans from Institutions:
(` in lacs)
Particulars
Date of Amount Outstanding Maturity Date
Disbursement as on March 31, 2011
GE Capital April 7, 2010 7,000.00 March 19, 2012
Total 7,000.00
4. Intercorporate Deposits:
(` in lacs)
Particulars
Date of Amount Outstanding Maturity Date
Disbursement as on March 31, 2011
Shakti Finance February 26, 2008 1.73 February 26, 2012
1.73
- 183 -

5. Fixed Deposits:
(` in lacs)
Particulars Amount Outstanding as on March 31, 2011 Maturity Date
Fixed deposits 1,12,946.23 April 2011 - March
1,12,946.23
2016
6. Unsecured Loans – Subordinated Debts
The Company has issued Subordinated debts of face value of ` 1,000/- each on a private placement basis of which `.
1,11,189.68 lacs is outstanding as on March 31, 2011, the details of which are set forth below:
Description
Number of
Subordinated Debt
Holders
- 184 -
Amount Outstanding
as on March 31, 2011
(` in lacs)
Redemption
Month
Subordinated debts 2,71,254 1,11,189.68 April 2011 - June
2018
Total 2,71,254 1,11,189.68
The Company has issued subordinated debts of face value of ` 1,000/- each through public issue (2010) of which `
8,310.31 lacs is outstanding as on March 31, 2011, the details of which are set out below:
Particulars
Number of
Subordinated Debt
Holders
Amount Outstanding
as on March 31, 2011
(` in lacs)
Repayment Terms
Option –IV 6 91.00 June 1, 2017
Option –IV 45 1,687.00 March 1, 2017
Option –IV 2,470 3,746.08 December 1, 2016
Option –V 1,907 2,786.23 June 1, 2017
Total 4,428 8,310.31
A portion of our funding requirements is met through short-term funding sources, being, bank loans, working capital
demand loans, cash credit, short term loans and commercial papers. Further, a large portion of our loan assets mature over a
medium term, while comparatively some of our liabilities in connection with the credit facilities obtained by us are for a
relatively shorter periods of time. Consequently, our inability to obtain additional credit facilities or renew our existing credit
facilities, in a timely manner or at all, may lead to mismatches between our assets and liabilities.
Based on the structural liquidity position of our Company as on March 31, 2011 as per the RBI norms, our Company has
positive asset liability mismatch of ` 791,558 lacs over a period of six months till September 30, 2011 based on our
submission dated April 29, 2011 to RBI.
Restrictive Covenants under our Financing Arrangements:
Some of the corporate actions for which our Company requires the prior written consent of lenders include the following:
1. to declare and/ or pay dividend to any of its shareholders whether equity or preference, during any financial year
unless our Company has paid to the lender the dues payable by our Company in that year;
2. to undertake or permit any merger, amalgamation or compromise with its shareholders, creditors or effect any
scheme of amalgamation or reconstruction;

3. to create or permit any charges or lien on any mortgaged properties;
4. to amend its MOA and AOA or alter its capital structure; and
5. to make any major investments by way of deposits, loans, share capital, etc. in any manner.
Servicing behaviour on existing debt securities, payment of due interest on due dates on term loans and debt securities.
As on the date of this Draft Prospectus, there has been no default in payment of principal or interest on any existing term
loan and debt security issued by the Issuer in the past.
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MATERIAL DEVELOPMENTS
Save as disclosed hereinafter, there have been no developments since March 31, 2011 which effect the operations, or
financial condition of our Company:
• On May 13, 2011, our Company issued and allotted 23,400 Equity Shares at a price of ` 35 per such Equity Share,
pursuant to the exercise of the stock options issued under our ESOP Scheme. Our Company has made separate
applications; all dated May 27, 2011 to NSE, BSE and MSE in connection with obtaining their respective approvals
for trading of the aforementioned Equity Shares.
• Our Company has made an application dated June 1, 2011 to the Madras Stock Exchange Limited for delisting of
the equity shares of our Company.
- 186 -

SECTION VI : ISSUE RELATED INFORMATION
TERMS OF THE ISSUE
The NCDs being offered as part of the Issue are subject to the provisions of the Debt Regulations, the Act, the
Memorandum and Articles of Association of our Company, the terms of this Draft Prospectus, the Prospectus,
the Application Forms, the terms and conditions of the Debenture Trust Agreement and the Debenture Trust
Deed, other applicable statutory and/or regulatory requirements including those issued from time to time by
SEBI/the Government of India/NSE, RBI, and/or other statutory/regulatory authorities relating to the offer, issue
and listing of securities and any other documents that may be executed in connection with the NCDs.
Ranking of NCDs
The NCDs would constitute direct and secured obligations of ours and shall rank pari passu inter se, and subject to any
obligations under applicable statutory and/or regulatory requirements, shall also, with regard to the amount
invested, be secured by way of first and exclusive charge on the identified immovable property and the specified future
loan receivables of the company. The claims of the NCD holders shall be superior to the claims of any unsecured
creditors, subject to applicable statutory and/or regulatory requirements.
Debenture Redemption Reserve
Section 117C of the Act states that any company that intends to issue debentures must create a DRR to which adequate
amounts shall be credited out of the profits of the company until the redemption of the debentures. The Ministry of
Corporate Affairs has, through its circular dated April 18, 2002, (“Circular”), specified that the quantum of DRR to be
created before the redemption liability actually arises in normal circumstances should be ‘adequate’ to pay the value of the
debentures plus accrued interest, (if not already paid), till the debentures are redeemed and cancelled. The Circular however
further specifies that, for NBFCs like our Company, (NBFCs which are registered with the RBI under Section 45-IA of the
RBI Act), the adequacy of the DRR will be 50% of the value of debentures issued through the public issue. Accordingly our
Company is required to create a DRR of 50% of the value of debentures issued through the public issue. As further clarified
by the Circular, the amount to be credited as DRR will be carved out of the profits of the company only if there is profit for
the particular year and there is no obligation on the part of the company to create DRR if there is no profit for the particular
year. Our Company shall credit adequate amounts to DRR, from its profits every year until such NCDs are redeemed. The
amounts credited to DRR shall not be utilized by the company except for the redemption of the NCDs.
Face Value
The face value of each NCD shall be ` 1,000.
NCD holder not a Shareholder
The NCD holders will not be entitled to any of the rights and privileges available to the equity and/or preference
shareholders of our Company.
Rights of NCD holders
Some of the significant rights available to the NCD holders are as follows:
1. The NCDs shall not, except as provided in the Act, confer upon the holders thereof any rights or privileges
available to our members including the right to receive notices or annual reports of, or to attend and/or vote, at
our general meeting. However, if any resolution affecting the rights attached to the NCDs is to be placed
before the members, the said resolution will first be placed before the concerned registered NCD holders for their
consideration. In terms of Section 219(2) of the Act, holders of NCDs shall be entitled to a copy of the balance
sheet and copy of trust deed on a specific request made to us.
2. Subject to applicable statutory/regulatory requirements, including requirements of the RBI, the rights, privileges and
conditions attached to the NCDs may be varied, modified and/or abrogated with the consent in writing of the
- 187 -

holders of at least three-fourths of the outstanding amount of the NCDs or with the sanction of a special
resolution passed at a meeting of the concerned NCD holders, provided that nothing in such consent or resolution
shall be operative against us, where such consent or resolution modifies or varies the terms and conditions
governing the NCDs, if the same are not acceptable to us.
3. The registered NCD holder or in case of joint-holders, the one whose name stands first in the register of debenture
holders shall be entitled to vote in respect of such NCDs, either in person or by proxy, at any meeting of
the concerned NCD holders and every such holder shall be entitled to one vote on a show of hands and on a poll,
his/her voting rights on every resolution placed before such meeting of the NCD holders shall be in proportion to
the outstanding nominal value of NCDs held by him/her.
4. The NCDs are subject to the provisions of the Debt Regulations, the Act, the Memorandum and Articles of Association of
our Company, the terms of this Draft Prospectus, the Application Forms, the terms and conditions of the Debenture Trust
Deed, requirements of the RBI, other applicable statutory and/or regulatory requirements relating to the issue and listing, of
securities and any other documents that may be executed in connection with the NCDs.
5. A register of NCD holders will be maintained in accordance with Section 152 of the Act and all interest and
principal sums becoming due and payable in respect of the NCDs will be paid to the registered holder thereof
for the time being or in the case of joint-holders, to the person whose name stands first in the Register of NCD
holders as on the record date.
6. Subject to compliance with RBI requirements, NCDs can be rolled over only with the consent of the holders of at
least 75% of the outstanding amount of the NCDs after providing at least 21 days prior notice for such roll over
and in accordance with the Debt Regulations. The Company shall redeem the debt securities of all the debt
securities holders, who have not given their positive consent to the roll-over.
The aforementioned rights of the NCD holders are merely indicative. The final rights of the NCD holders will be as
per the terms of the Prospectus and the Debenture Trust Deed to be executed between our Company and the
Debenture Trustee.
Minimum Subscription
If our Company does not receive the minimum subscription of 75 % of the Base Issue, i.e. ` 37,500 lacs, prior to allotment,
the entire subscription shall be refunded to the applicants within 30 days from the date of closure of the Issue. If there is
delay in the refund of subscription by more than 8 days after our Company becomes liable to refund the subscription
amount, our Company will pay interest for the delayed period, at rates prescribed under sub-sections (2) and (2A) of Section
73 of the Companies Act, 1956.
Market Lot & Trading Lot
Under Section 68B of the Act, the NCDs shall be allotted only in dematerialized form. As per the Debt Regulations, the
trading of the NCDs shall be in dematerialised form only. Since trading of the NCDs is in dematerialised form, the
tradable lot is one NCD.
Allotment in the Issue will be in electronic form in multiples of one NCD. For details of allotment refer to chapter titled
“Issue Procedure” under section titled “Issue Related Information” beginning on page 202 of this Draft Prospectus.
Nomination facility to NCD holder
In accordance with Section 109A of the Act, the sole NCD holder or first NCD holder, along with other joint NCD
holders (being individual(s)) may nominate any one person (being an individual) who, in the event of death of the sole
holder or all the joint-holders, as the case may be, shall become entitled to the NCD. A person, being a nominee,
becoming entitled to the NCD by reason of the death of the NCD holder(s), shall be entitled to the same rights to
which he would be entitled if he were the registered holder of the NCD. Where the nominee is a minor, the NCD
holder(s) may make a nomination to appoint, in the prescribed manner, any person to become entitled to the
NCD(s), in the event of his death, during the minority. A nomination shall stand rescinded upon sale of a NCD by
the person nominating. A buyer will be entitled to make a fresh nomination in the manner prescribed. When the
- 188 -

NCD is held by two or more persons, the nominee shall become entitled to receive the amount only on the demise of
all the holders. Fresh nominations can be made only in the prescribed form available on request at our Registered/
Corporate Office or at such other addresses as may be notified by us.
NCD holder(s) are advised to provide the specimen signature of the nominee to us to expedite the transmission of the
NCD(s) to the nominee in the event of demise of the NCD holder(s). The signature can be provided in the
Application Form or subsequently at the time of making fresh nominations. This facility of providing the specimen
signature of the nominee is purely optional.
In accordance with Section 109B of the Act, any person who becomes a nominee by virtue of the provisions of
Section 109A of the Act, shall upon the production of such evidence as may be required by our Board, elect either:
(a)
(b)
to register himself or herself as the holder of the NCDs; or
to make such transfer of the NCDs, as the deceased holder could have made.
Further, our Board may at any time give notice requiring any nominee to choose either to be registered himself or herself or to
transfer the NCDs, and if the notice is not complied with, within a period of 90 days, our Board may thereafter withhold payment of
all interests or other monies payable in respect of the NCDs, until the requirements of the notice have been complied with.
Notwithstanding anything stated above, since the allotment of NCDs in this Issue will be made only in dematerialised mode, there is
no need to make a separate nomination with our Company. Nominations registered with the respective Depository Participant of the
applicant would prevail. If the investors require changing their nomination, they are requested to inform their respective Depository
Participant.
Jurisdiction
Exclusive jurisdiction for the purpose of the Issue is with the competent courts of jurisdiction in Mumbai, India.
Application in the Issue
NCDs being issued through this Draft Prospectus can be applied for in the dematerialised form only through a valid
Application Form filled in by the applicant along with attachment, as applicable.
Period of Subscription
The subscription list shall remain open for a period as indicated below, with an option for early closure or extension by such
period, as may be decided by the duly authorised committee of Directors of our Company, subject to necessary approvals. In
the event of such early closure of subscription list of the Issue, our Company shall ensure that notice of such early closure is
given one day prior to such early date of closure through advertisement/s in a leading national daily newspaper.
Issue Opens on
Closing Date
[●]
[●]
Restriction on transfer of NCDs
There are no restrictions on transfers and transmission of NCDs and on their consolidation/ splitting except as may be
required under RBI requirements and as provided in our Articles of Association. Please refer to the section titled “Summary
of the Key Provisions of the Articles of Association” beginning on page 245 of this Draft Prospectus.
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ISSUE STRUCTURE
Public Issue of NCDs aggregating upto ` 50,000 lacs with an option to retain over-subscription upto ` 50,000 lacs for
issuance of additional NCDs, aggregating to a total of up to ` 1,00,000 lacs.
The key common terms and conditions of the NCDs are as follows:
Particulars
Terms and Conditions
Minimum Application Size
Mode of allotment
Terms of Payment
Trading Lot
Who can Apply
The minimum number of NCDs per application form will be calculated on
the basis of the total number of NCDs applied for under each such
Application Form and not on the basis of any specific option
Compulsorily in dematerialised form
Full amount on application
1 (one) NCD
Category I
• Public Financial Institutions, Statutory Corporations, Commercial Banks,
Co-operative Banks and Regional Rural Banks, which are authorised to
invest in the NCDs;
• Provident Funds, Pension Funds, Superannuation Funds and Gratuity
Fund, which are authorised to invest in the NCDs;
• Venture Capital funds registered with SEBI;
• Insurance Companies registered with the IRDA;
• National Investment Fund;
• Mutual Funds;
Category II
• Companies; bodies corporate and societies registered under the applicable
laws in India and authorised to invest in the NCDs;
• Public/private charitable/religious trusts which are authorised to invest in
the NCDs;
• Scientific and/or industrial research organisations, which are authorised to
invest in the NCDs;
• Partnership firms in the name of the partners; and
• Limited liability partnerships formed and registered under the
provisions of the Limited Liability Partnership Act, 2008 (No. 6 of
2009)
Category III*
The following persons/entities
• Resident Indian individuals; and
• Hindu Undivided Families through the Karta.
*With respect to applications received from Category III applicants, applications by applicants who apply for NCDs
aggregating to a value not more than ` 5 Lacs, across all series of NCDs, (Option I and/or Option II), shall be grouped
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together, (“Reserved Individual Portion”) while applications by applicants who apply for NCDs aggregating to a value
exceeding ` 5 Lacs, across all series of NCDs, (Option I and/or Option II), shall be separately grouped together,
(“Unreserved Individual Portion”).
Participation by any of the above-mentioned investor classes in this Issue will be subject to applicable statutory and/or
regulatory requirements. Applicants are advised to ensure that applications made by them do not exceed the investment
limits or maximum number of NCDs that can be held by them under applicable statutory and/or regulatory provisions.
In case of Application Form being submitted in joint names, the applicants should ensure that the de-mat account is also held in
the same joint names, and the names are in the same sequence in which they appear in the Application Form.
Applicants are advised to ensure that they have obtained the necessary statutory and/or regulatory
permissions/consents/approvals in connection with applying for, subscribing to, or seeking allotment of NCDs pursuant to
the Issue.
For further details, please see “Issue Procedure” on page 202.
Principal Terms and Conditions of the Issue
TERMS AND CONDITIONS IN CONNECTION WITH THE NCDs
Nature of the NCDs
We are offering NCDs which shall have a fixed rate of interest. The NCDs will be issued at a face value of ` 1,000/- per
NCD. Interest on the NCDs shall be payable on an annual basis, as set out hereinafter. The terms of the NCDs offered
pursuant to the Issue are as follows:
Options I II
Frequency of Interest Payment Annual Annual
Minimum Application
` 10,000/- (10 NCDs) (for all options of NCDs, namely Options I and Option
II either taken individually or collectively)
In Multiples of ` 1,000 (1 NCD) ` 1,000 (1 NCD)
Face Value of NCDs
` 1,000 ` 1,000
(` / NCD)
Issue Price (` / NCD) ` 1,000 ` 1,000
Mode of Interest Payment Through Various options available Through Various options available
Coupon (%) for NCD Holders in
[●]% per annum
[●]% per annum
Category I and Category II
Coupon (%) for NCD holders in the
[●]% per annum
[●]% per annum
Reserved Individual Portion*
Coupon (%) for NCD holders in the
[●]% per annum
[●]% per annum
Unreserved Individual Portion
Effective Yield (per annum)*
For NCD holders in the Reserved
Individual Portion – [●]%
For NCD holders in the Unreserved
Individual Portion – [●]%
For all other NCD holders – [●]%
For NCD holders in the Reserved
Individual Portion – [●]%
For NCD holders in the Unreserved
Individual Portion – [●]%
For all other NCD holders – [●]%
Put and call option
Exercisable at the end of 48 months
from the Deemed Date of Allotment
Nil
Tenor 60 months** 36 months
Redemption Date
60 months from the Deemed Date of
Allotment**
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36 months from the Deemed Date of
Allotment.
Redemption Amount (`/NCD) Repayment of the Face Value plus any Repayment of the Face Value plus

Options I II
interest that may have accrued at the
Redemption Date, or at the date of
early redemption if any Put Option or
Call Option is exercised, as the case
may be**
Nature of Indebtedness
Pari Passu with other secured creditors
and priority over unsecured creditors
Credit Rating
any interest that may have accrued
at the Redemption Date.
Pari Passu with other secured
creditors and priority over
unsecured creditors
CRISIL
'AA/Stable' for an amount of upto `
1,00,000 Lacs
'AA/Stable' for an amount of upto `
1,00,000 Lacs
CARE
'CARE AA+' for an amount of upto `
1,00,000 Lacs
'CARE AA+' for an amount of upto
` 1,00,000 Lacs
Deemed Date of Allotment
Deemed date of allotment shall be
the date of issue of the Allotment
Advice / regret.
Deemed date of allotment shall be
the date of issue of the Allotment
Advice / regret.
* Senior Citizens in the Reserved Individual Portion holding Option I and/or Option II NCDs shall be entitled to an
additional interest rate of [●] % per annum over and above the interest specified in this row. Additional interest to Senior
Citizens in the Reserved Individual Portion, shall be applicable only to the first allottees of such NCDs. If NCDs
allotted to any Senior Citizen are transferred or transmitted, subsequent to the allotment thereof, the subsequent holder
of such NCDs (irrespective of such subsequent holder being a Senior Citizen) shall not be entitled to the aforesaid
additional interest.
** Subject to the exercise of the put and/or call option
Interest and Payment of Interest
A. Interest
In case of Option I NCDs, interest would be paid annually at the following rates of interest in connection
with the relevant categories of NCD holders, on the amount outstanding from time to time, commencing
from the Deemed Date of Allotment of each Option I NCD:
Category of NCD Holder Rate of Interest per annum (%)
Category I and Category II
Reserved Individual Portion (Non Senior
Citizens)
Reserved Individual Portion (Senior
Citizens) *
Unreserved Individual Portion
[●]
[●]
[●]
[●]
Option I NCDs shall be redeemed at the Face Value thereof along with the interest accrued thereon, if any, at the
end of 60 months from the deemed date of allotment, or on the date of early redemption in case of the exercise of
any put/call option.
In case of Option II NCDs, interest would be paid annually at the following rates of interest in connection
with the relevant categories of NCD holders, on the amount outstanding from time to time, commencing
from the Deemed Date of Allotment of each Option II NCD:
Category of NCD Holder Rate of Interest per annum (%)
Category I and Category II
Reserved Individual Portion (Non Senior
Citizens)
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[●]
[●]

Category of NCD Holder Rate of Interest per annum (%)
Reserved Individual Portion (Senior
Citizens) *
Unreserved Individual Portion
[●]
[●]
Option II NCDs shall be redeemed at the Face Value thereof along with the interest accrued thereon, if any, at the
end of 36 months from the deemed date of allotment.
If the date of interest payment falls on a Saturday, Sunday or a public holiday in Mumbai or any other
payment centre notified in terms of the Negotiable Instruments Act, 1881, then interest would be paid on the
next working day. Payment of interest would be subject to the deduction as prescribed in the I.T. Act or any
statutory modification or re-enactment thereof for the time being in force.
Please note that in case the NCDs are transferred and/or transmitted in accordance with the provisions of
this Draft Prospectus read with the provisions of the Articles of Association of our Company, the transferee
of such NCDs or the deceased holder of NCDs, as the case may be, shall be entitled to any interest which
may have accrued on the NCDs.
As per clause (ix) of Section 193 of the I.T. Act, no tax is required to be withheld on any interest payable on any
security issued by a company, where such security is in dematerialized form and is listed on a recognized stock
exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and the rules
made thereunder. Accordingly, no tax will be deducted at source from the interest on listed NCDs held in the
dematerialised form.
However in case of NCDs held in physical form, as per the current provisions of the IT Act, tax will not be
deducted at source from interest payable on such NCDs held by the investor (in case of resident individual
NCD holders), if such interest does not exceed ` 2,500 in any financial year. If interest exceeds the
prescribed limit of ` 2,500 on account of interest on the NCDs, then the tax will be deducted at applicable
rate. However in case of NCD holders claiming non-deduction or lower deduction of tax at source, as the
case may be, the NCD holder should furnish either (a) a declaration (in duplicate) in the prescribed form i.e.
(i) Form 15H which can be given by individuals who are of the age of 65 years or more (ii) Form 15G which
can be given by all applicants (other than companies, and firms ), or (b) a certificate, from the Assessing
Officer which can be obtained by all applicants (including companies and firms) by making an application in
the prescribed form i.e. Form No.13. The aforesaid documents, as may be applicable, should be submitted to
our Company quoting the name of the sole/ first NCD holder, NCD folio number and the distinctive
number(s) of the NCD held, prior to the record date to ensure non-deduction/lower deduction of tax at source
from interest on the NCD. The investors need to submit Form 15H/ 15G/certificate in original from
Assessing Officer for each financial year during the currency of the NCD to ensure non-deduction or lower
deduction of tax at source from interest on the NCD.
* Additional interest to Senior Citizens in the Reserved Individual Portion, shall be applicable only to the first
allottees of such NCDs. If NCDs allotted to any Senior Citizen are transferred or transmitted, subsequent to the
allotment thereof, the subsequent holder of such NCDs (irrespective of such subsequent holder being a Senior
Citizen) shall not be entitled to the aforesaid additional interest.
B. Payment of Interest
Annual Payment of Interest
For NCDs subscribed under Option I and Option II, the relevant interest will be paid on the first day of April
every year for the amount outstanding. The first interest payment will be made on April 1, 2012 for the period
commencing from the Deemed Date of Allotment till March 31, 2012. The last interest payment will be
made at the time of redemption of the NCD on a pro rata basis.
C. Payment of Interest to NCD Holders
Payment of Interest will be made to those NCD holders whose names appear in the register of NCD holders
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(or to first holder in case of joint-holders) as on record date.
We may enter into an arrangement with one or more banks in one or more cities for direct credit of interest to
the account of the investors. In such cases, interest, on the interest payment date, would be directly credited to
the account of those investors who have given their bank mandate.
We may offer the facility of NECS, NEFT, RTGS, Direct Credit and any other method permitted by RBI and
SEBI from time to time to help NCD holders. The terms of this facility (including towns where this facility
would be available) would be as prescribed by RBI. Refer to the paragraph on “Manner of Payment of
Interest/Refund/Redemption” at page 195 in this Draft Prospectus.
Tax exemption certificate/document, if any, must be lodged at the office of the Registrar at least 7(seven) days
prior to the record date or as specifically required, failing which tax applicable on interest will be deducted at
source on accrual thereof in our Company’s books and/or on payment thereof, in accordance with the
provisions of the IT Act and/or any other statutory modification, enactment or notification as the case may be.
A tax deduction certificate will be issued for the amount of tax so deducted.
Maturity and Redemption
The NCDs issued pursuant to this Draft Prospectus have a fixed maturity date. The date of maturity for NCDs
subscribed under Option I and Option II is 60 months and 36 months, respectively, from the Deemed Date of
Allotment. The redemption of NCDs is subject to the exercise of any put / call option with respect to Option I NCDs
which can be exercised by any NCD holder/ Company.
Options If put / call option is exercised At the end of maturity period
I 48 months from the Deemed date of 60 months from the Deemed Date of Allotment
Allotment
II Not Applicable 36 months from the Deemed Date of Allotment
Deemed Date of Allotment
Deemed date of allotment shall be the date of issue of the Allotment Advice / regret.
Application Size
Each application should be for a minimum of 10 NCDs and multiples of 1 NCD thereof. The minimum application size for
each application for NCDs would be ` 10,000/- (for all options of NCDs namely, Option I and Option II NCDs either taken
individually or collectively) and in multiples of ` 1,000/- thereafter.
Applicants can apply for any or all options of NCDs offered hereunder (any/all options) using the same Application
Form.
Applicants are advised to ensure that applications made by them do not exceed the investment limits or maximum
number of NCDs that can be held by them under applicable statutory and or regulatory provisions.
Terms of Payment
The entire issue price of ` 1,000 per NCD is payable on application itself. In case of allotment of lesser number of
NCDs than the number of NCDs applied for, our Company shall refund the excess amount paid on application to the
applicant in accordance with the terms of this Draft Prospectus. For further details please refer to the paragraph on
“Interest on Application Money” beginning on page 200 of this Draft Prospectus.
Record Date
The record date for payment of interest in connection with the NCDs or repayment of principal in connection therewith
shall be 15 (fifteen) days prior to the date on which interest is due and payable, or the date of redemption or early
redemption or as prescribed by the relevant stock exchange(s).
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Manner of Payment of Interest / Refund / Redemption
The manner of payment of interest / refund / redemption in connection with the NCDs is set out below:
For NCDs applied / held in electronic form:
The bank details will be obtained from the Depositories for payment of Interest / refund / redemption as the case
may be. Applicants who have applied for or are holding the NCDs in electronic form, are advised to immediately
update their bank account details as appearing on the records of the depository participant. Please note that failure to
do so could result in delays in credit of refunds to the applicant at the applicant’s sole risk, and the Lead Managers,
the Co-Lead Managers, our Company nor the Registrar to the Issue shall have any responsibility and undertake any
liability for the same.
For NCDs held in physical form:
The bank details will be obtained from the Registrar to the Issue for payment of interest / refund / redemption as the
case may be.
The mode of interest / refund / redemption payments shall be undertaken in the following order of preference:
1. Direct Credit
Investors having their bank account with the Refund Banks, shall be eligible to receive refunds, if any, through direct
credit. The refund amount, if any, would be credited directly to their bank account with the Refund Banker.
2. NECS
Payment of interest / refund / redemption shall be undertaken through NECS for applicants having an account at the
centers mentioned in NECS MICR list.
This mode of payment of refunds would be subject to availability of complete bank account details including the MICR
code, IFSC code, bank account number, bank name and branch name as appearing on a cheque leaf, from the
Depositories. One of the methods for payment of interest / refund / redemption is through NECS for applicants having a
bank account at any of the abovementioned centers.
3. RTGS
Applicants having a bank account with a participating bank and whose interest payment / refund / redemption
amount exceeds ` 2 lacs, or such amount as may be fixed by RBI from time to time, have the option to receive
refund through RTGS. Such eligible applicants who indicate their preference to receive interest payment / refund /
redemption through RTGS are required to provide the IFSC code in the Application Form or intimate our Company
and the Registrars to the Issue at least 7 (seven) days before the record date. Charges, if any, levied by the applicant’s
bank receiving the credit would be borne by the applicant. In the event the same is not provided, interest payment /
refund / redemption shall be made through NECS subject to availability of complete bank account details for the same
as stated above.
3. NEFT
Payment of interest / refund / redemption shall be undertaken through NEFT wherever the applicants’ bank has been
assigned the Indian Financial System Code (“IFSC”), which can be linked to a Magnetic Ink Character Recognition
(“MICR”), if any, available to that particular bank branch. IFSC Code will be obtained from the website of RBI as on
a date immediately prior to the date of payment of refund, duly mapped with MICR numbers. Wherever the
applicants have registered their nine digit MICR number and their bank account number while opening and operating
the de-mat account, the same will be duly mapped with the IFSC Code of that particular bank branch and the payment
of interest/refund/redemption will be made to the applicants through this method.
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4. Registered Post/Speed Post
For all other applicants, including those who have not updated their bank particulars with the MICR code, the interest
payment / refund / redemption orders shall be dispatched under certificate of posting for value up to ` 1,500/- and
through Speed Post/ Registered Post for refund orders /interest payment/redemption orders of ` 1,500/- and above.
Please note that applicants are eligible to receive payments through the modes detailed in (1), (2) (3), and (4) herein above
provided they provide necessary information for the above modes and where such payment facilities are allowed /
available.
Please note that our Company shall not be responsible to the holder of NCD, for any delay in receiving credit of interest /
refund / redemption so long as our Company has initiated the process of such request in time.
Printing of Bank Particulars on Interest Warrants
As a matter of precaution against possible fraudulent encashment of refund orders and interest/redemption warrants due
to loss or misplacement, the particulars of the applicant’s bank account are mandatorily required to be given for
printing on the orders/ warrants. In relation to NCDs applied and held in dematerialized form, these particulars would
be taken directly from the depositories. In case of NCDs held in physical form either on account of rematerialisation or
transfer, the investors are advised to submit their bank account details with our Company / Registrar at least 7 (seven)
days prior to the record date failing which the orders / warrants will be dispatched to the postal address of the holder of
the NCD as available in the records of our Company.
Bank account particulars will be printed on the orders/ warrants which can then be deposited only in the account
specified.
Loan against NCDs
Our Company, at its sole discretion, subject to applicable statutory and/or regulatory requirements, may consider
granting of a loan facility to the holders of NCDs against the security of such NCDs. Such loans shall be subject to
the terms and conditions as may be decided by our Company from time to time.
Buy Back of NCDs
Our Company may, at its sole discretion, from time to time, consider, subject to applicable statutory and/or regulatory
requirements, buyback of NCDs, upon such terms and conditions as may be decided by our Company.
Form and Denomination
In case of NCDs held in physical form, a single certificate will be issued to the NCD holder for the aggregate amount
(“Consolidated Certificate”) for each type of NCDs. The applicant can also request for the issue of NCD certificates
in denomination of one NCD (“Market Lot”).
In respect of Consolidated Certificates, we will, only upon receipt of a request from the NCD holder, split such
Consolidated Certificates into smaller denominations subject to the minimum of Market Lot. No fees would be
charged for splitting of NCD certificates in Market Lots, but stamp duty payable, if any, would be borne by the
NCD holder. The request for splitting should be accompanied by the original NCD certificate which would then
be treated as cancelled by us.
Procedure for Redemption by NCD holders
Subject to the exercise of the put option by the NCD holder / call option by our Company, the procedure for
redemption is set out below:
NCDs held in physical form:
No action would ordinarily be required on the part of the NCD holder at the time of redemption and the
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edemption proceeds would be paid to those NCD holders whose names stand in the register of NCD holders
maintained by us on the record date fixed for the purpose of Redemption. However, our Company may require that
the NCD certificate(s), duly discharged by the sole holder/all the joint-holders (signed on the reverse of the NCD
certificate(s)) be surrendered for redemption on maturity and should be sent by the NCD holder(s) by Registered Post
with acknowledgment due or by hand delivery to our office or to such persons at such addresses as may be notified
by us from time to time. NCD holder(s) may be requested to surrender the NCD certificate(s) in the manner as stated
above, not more than three months and not less than one month prior to the redemption date so as to facilitate timely
payment.
We may at our discretion redeem the NCDs without the requirement of surrendering of the NCD certificates by the
holder(s) thereof. In case we decide to do so, the holders of NCDs need not submit the NCD certificates to us and the
redemption proceeds would be paid to those NCD holders whose names stand in the register of NCD holders maintained
by us on the record date fixed for the purpose of redemption of NCDs. In such case, the NCD certificates would be
deemed to have been cancelled. Also see the para “Payment on Redemption” given below.
NCDs held in electronic form:
No action is required on the part of NCD holder(s) at the time of redemption of NCDs.
Payment on Redemption
The manner of payment of redemption is set out below:
NCDs held in physical form:
The payment on redemption of the NCDs will be made by way of cheque/pay order/ electronic modes. However, if
our Company so requires, the aforementioned payment would only be made on the surrender of NCD certificate(s),
duly discharged by the sole holder / all the joint-holders (signed on the reverse of the NCD certificate(s)). Despatch
of cheques/pay order, etc. in respect of such payment will be made on the Redemption Date or (if so requested by our
Company in this regard) within a period of 30 days from the date of receipt of the duly discharged NCD certificate.
In case we decide to do so, the redemption proceeds in the manner stated above would be paid on the Redemption
Date to those NCD holders whose names stand in the register of NCD holders maintained by us on the record date fixed
for the purpose of Redemption. Hence the transferees, if any, should ensure lodgement of the transfer documents with
us at least 7 (seven) days prior to the record date. In case the transfer documents are not lodged with us at least 7
(seven) days prior to the record date and we dispatch the redemption proceeds to the transferor, claims in respect of
the redemption proceeds should be settled amongst the parties inter se and no claim or action shall lie against us or
the Registrars.
Our liability to holder(s) towards his/their rights including for payment or otherwise shall stand extinguished from the
date of early redemption (in case of an exercise of the put/call option)/ redemption in all events and when we dispatch
the redemption amounts to the NCD holder(s).
Further, we will not be liable to pay any interest, income or compensation of any kind from the date of redemption of
the NCD(s).
NCDs held in electronic form:
On the redemption date, or the date of early redemption (in case of an exercise of the put/call option), redemption
proceeds would be paid by cheque /pay order / electronic mode to those NCD holders whose names appear on the list
of beneficial owners given by the Depositories to us. These names would be as per the Depositories’ records on the
record date fixed for the purpose of redemption. These NCDs will be simultaneously extinguished to the extent of the
amount redeemed through appropriate debit corporate action upon redemption of the corresponding value of the
NCDs. It may be noted that in the entire process mentioned above, no action is required on the part of NCD holders.
Our liability to NCD holder(s) towards his/their rights including for payment or otherwise shall stand extinguished
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from the date of early redemption (in case of an exercise of the put/call option)/ redemption in all events and when we
dispatch the redemption amounts to the NCD holder(s).
Further, we will not be liable to pay any interest, income or compensation of any kind from the date of redemption of
the NCD(s).
Redemption Date
Option I NCDs will be redeemed at the expiry of 60 months from the Deemed Date of Allotment, subject to the exercise of
any put option by the Option I NCD holders / call option by our Company, as the case may be.
Option II NCDs will be redeemed at the expiry of 36 months from the Deemed Date of Allotment.
Put / Call Option
With respect to Option I NCDs, the holders thereof shall at the expiry of 48 months, from the Deemed Date of Allotment, have
the right to seek redemption of such Option I NCDs held by them, (“Put Option”). A NCD holder of Option I NCDs, may at
his discretion, redeem any number of Option I NCDs held by him, while exercising such Put Option.
With respect to Option I NCDs, our Company shall at the expiry of 48 months have the right to redeem such outstanding
Option I NCDs, (“Call Option”).
The holders of Option II NCDs shall not be entitled to exercise any Put Option in connection with such Option II NCDs held by
them. Our Company shall not be entitled to exercise any Call Option in connection with any Option II NCDs.
Procedure for Exercise of Put Option
At the expiry of 48 months with respect to Option I NCDs from the Deemed Date of Allotment, (“Early Redemption (Put)
Date”), a holder of Option I NCDs has the right to exercise his Put Option with respect to the Option I NCDs held by him
within 30 days from the Early Redemption (Put) Date (“Early Redemption (Put) Period”).
During the Early Redemption (Put) Period, an Option I NCD holder seeking to exercise his Put Option can approach our
Company in writing of his intention to redeem any or all of the Option I NCDs held by him.
The Option I NCDs with respect to which an NCD holder exercises his Put Option will be redeemed within 30 (thirty) days
from the expiry of the Early Redemption (Put) period.
Procedure for Exercise of Call Option
At the expiry of 48 months with respect to Option I NCDs from the Deemed Date of Allotment, (“Early Redemption (Call)
Date”), our Company has the right to exercise its Call Option with respect to Option I NCDs within 30 days from the Early
Redemption (Call) Date (“Early Redemption (Call) Period”).
During the Early Redemption (Call) Period, our Company can send a notice in writing to the holder of any Option I NCDs, (as
on record on the Early Redemption (Call) Date), calling for redemption of all Option I NCDs that are outstanding. The Call can
be exercised for all outstanding Option I NCDs.
The Option I NCDs with respect to which our Company exercises its Call Option will be redeemed within 30 (thirty) days from
the expiry of the Early Redemption (Call) Period.
Method for calculation for Early Redemption
On exercise of the Put Option by the holders of Option I NCDs and/or the Call Option by our Company, in connection with
Option I NCDs, as the case may be, the NCDs will be redeemed at their respective face value along with interest accrued
thereon, if any.
Right to Reissue NCD(s)
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Subject to the provisions of the Act, where we have fully redeemed or repurchased any NCD(s), we shall have and shall
be deemed always to have had the right to keep such NCDs in effect without extinguishment thereof, for the purpose of
resale or reissue and in exercising such right, we shall have and be deemed always to have had the power to resell or
reissue such NCDs either by reselling or reissuing the same NCDs or by issuing other NCDs in their place. The
aforementioned right includes the right to reissue original NCDs.
Transfer/Transmission of NCD (s)
The NCDs shall be transferred or transmitted freely in accordance with the applicable provisions of the Act. The
provisions relating to transfer and transmission and other related matters in respect of our shares contained in the
Articles and the Act shall apply, mutatis mutandis (to the extent applicable to debentures) to the NCD(s) as well. In
respect of the NCDs held in physical form, a suitable instrument of transfer as may be prescribed by the Issuer may
be used for the same. The NCDs held in dematerialised form shall be transferred subject to and in accordance with
the rules/procedures as prescribed by NSDL/CDSL and the relevant DPs of the transfer or transferee and any other
applicable laws and rules notified in respect thereof. The transferee(s) should ensure that the transfer formalities are
completed prior to the record date. In the absence of the same, interest will be paid/redemption will be made to the
person, whose name appears in the register of debenture holders maintained by the Depositories. In such cases,
claims, if any, by the transferees would need to be settled with the transferor(s) and not with the Issuer or Registrar.
For NCDs held in electronic form:
The normal procedure followed for transfer of securities held in dematerialised form shall be followed for transfer of
the NCDs held in electronic form. The seller should give delivery instructions containing details of the buyer’s DP
account to his depository participant.
In case the transferee does not have a DP account, the seller can re-materialise the NCDs and thereby convert his
dematerialised holding into physical holding. Thereafter the NCDs can be transferred in the manner as stated above.
In case the buyer of the NCDs in physical form wants to hold the NCDs in dematerialised form, he can choose to
dematerialise the securities through his DP.
Joint-holders
Where two or more persons are holders of any NCD(s), they shall be deemed to hold the same as joint holders with
benefits of survivorship subject to other provisions contained in the Articles.
Sharing of Information
We may, at our option, use on our own, as well as exchange, share or part with any financial or other information
about the NCD holders available with us, with our subsidiaries, if any and affiliates and other banks, financial
institutions, credit bureaus, agencies, statutory bodies, as may be required and neither we or our affiliates nor their
agents shall be liable for use of the aforesaid information.
Notices
All notices to the NCD holder(s) required to be given by us or the Debenture Trustee will be sent by post/ courier or
through email or other electronic media to the Registered Holders of the NCD(s) from time to time.
Issue of Duplicate NCD Certificate(s)
If any NCD certificate(s) is/are mutilated or defaced or the cages for recording transfers of NCDs are fully utilised,
the same may be replaced by us against the surrender of such certificate(s). Provided, where the NCD certificate(s)
are mutilated or defaced, the same will be replaced as aforesaid only if the certificate numbers and the distinctive
numbers are legible.
If any NCD certificate is destroyed, stolen or lost then upon production of proof thereof to our satisfaction and upon
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furnishing such indemnity/security and/or documents as we may deem adequate, duplicate NCD certificate(s) shall be
issued. Upon issuance of a duplicate NCD certificate, the original NCD certificate shall stand cancelled.
Security
The principal amount of the NCDs to be issued in terms of this Draft Prospectus together with all interest due on the NCDs,
as well as all costs, charges, all fees, remuneration of Debenture Trustee and expenses payable in respect thereof shall be
secured by way of first charge in favour of the Debenture Trustee on an identified immovable property and specified future
receivables of our Company as may be decided mutually by our Company and the Debenture Trustee.
Our Company will create appropriate security in favour of the Debenture Trustee for the NCD holders on the assets adequate
to ensure 100% asset cover for the NCDs, which shall be free from any encumbrances.
Our Company intends to enter into an agreement with the Debenture Trustee, (‘Debenture Trust Deed’), the terms
of which will govern the appointment of the Debenture Trustee. Our Company proposes to complete the execution
of the Debenture Trust Deed during the subscription period after the minimum subscription for the Issue has been
achieved and utilize the funds after the stipulated security has been created.
Under the terms of the Debenture Trust Deed, our Company will covenant with the Debenture Trustee that it will
pay the NCD holders the principal amount on the NCDs on the relevant redemption date and also that it will pay
the interest due on NCDs on the rate specified in this Draft Prospectus and in the Debenture Trust Deed
The Debenture Trust Deed will also provide that our Company may withdraw any portion of the security and replace with
another asset of the same or a higher value.
Trustees for the NCD holders
We have appointed IDBI Trusteeship Services Limited to act as the Debenture Trustees for the NCD holders. We
and the Debenture Trustee will execute a Debenture Trust Deed, inter alia, specifying the powers, authorities and
obligations of the Debenture Trustee and us. The NCD holder(s) shall, without further act or deed, be deemed to have
irrevocably given their consent to the Debenture Trustee or any of its agents or authorised officials to do all such acts,
deeds, matters and things in respect of or relating to the NCDs as the Debenture Trustee may in its absolute discretion
deem necessary or require to be done in the interest of the NCD holder(s). Any payment made by us to the Debenture
Trustee on behalf of the NCD holder(s) shall discharge us pro tanto to the NCD holder(s).
The Debenture Trustee will protect the interest of the NCD holders in the event of default by us in regard to timely
payment of interest and repayment of principal and they will take necessary action at our cost.
Future Borrowings
We will be entitled to borrow/raise loans or avail of financial assistance in whatever form as also to issue debentures/
NCDs/other securities in any manner having such ranking in priority, pari passu or otherwise, subject to applicable
consents, approvals or permissions that may be required under any statutory/regulatory/contractual requirement, and
change the capital structure including the issue of shares of any class, on such terms and conditions as we may think
appropriate, without the consent of, or intimation to, the NCD holders or the Debenture Trustee in this connection.
Interest on Application Money
Interest on application monies received which are used towards allotment of NCDs
Our Company shall pay interest on application money on the amount allotted, subject to deduction of income tax under the
provisions of the Income Tax Act, 1961, as amended, as applicable, to any applicants to whom NCDs are allotted
pursuant to the Issue from the date of realization of the cheque(s)/demand draft(s) or 3 (three) days from the date of
receipt of the application (being the date of presentation of each application as acknowledged by the Bankers to the
Issue) whichever is later upto one day prior to the Deemed Date of Allotment, at the rate of [●]% per annum.
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Our Company has a right to withdraw the Issue at anytime 2 (two) days prior to Issue closing date for receiving subscription in
the Issue. Our Company shall in the event of such withdrawal, subject to receipt of a minimum subscription of 75 % of the Base
Issue, i.e. ` 37,500 lacs, allot NCDs to all applicants who have applied for NCDs upto one day prior to the date by which
Company gives notice for withdrawal of Issue. Further our Company shall pay interest on application money on the
amount allotted, subject to deduction of income tax under the provisions of the Income Tax Act, 1961, as amended, as
applicable, to any applicants to whom NCDs are allotted pursuant to the Issue from the date of realization of the
cheque(s)/demand draft(s) or 3 (three) days from the date of receipt of the application (being the date of presentation
of each application as acknowledged by the Bankers to the Issue) whichever is later upto one day prior to the Deemed
Date of Allotment, at the rate of [●]% per annum. However, it is clarified that in the event that our Company does not
receive a minimum subscription of 75 % of the Base Issue, i.e. ` 37,500 lacs our Company will not allot any NCDs to
applicants.
Our Company may enter into an arrangement with one or more banks in one or more cities for direct credit of interest to
the account of the applicants. Alternatively, the interest warrant will be dispatched along with the Letter(s) of
Allotment at the sole risk of the applicant, to the sole/first applicant.
Interest on application monies received which are liable to be refunded
Our Company shall pay interest on application money which is liable to be refunded to the applicants in accordance
with the provisions of the Debt Regulations and/or the Companies Act, or other applicable statutory and/or regulatory
requirements, subject to deduction of income tax under the provisions of the Income Tax Act, 1961, as amended, as
applicable, from the date of realization of the cheque(s)/demand draft(s) or 3 (three) days from the date of receipt of the
application (being the date of presentation of each application as acknowledged by the Bankers to the Issue) whichever
is later upto one day prior to the Deemed Date of Allotment, at the rate of [●]% per annum. Such interest shall be paid
along with the monies liable to be refunded. Interest warrant will be dispatched / credited (in case of electronic payment)
along with the Letter(s) of Refund at the sole risk of the applicant, to the sole/first applicant.
In the event our Company does not receive a minimum subscription of 75 % of the Base Issue, i.e. ` 37,500 lacs on the date
of closure of the Issue, our Company shall pay interest on application money which is liable to be refunded to the
applicants in accordance with the provisions of the Debt Regulations and/or the Companies Act, or other applicable
statutory and/or regulatory requirements, subject to deduction of income tax under the provisions of the Income Tax Act,
1961, as amended, as applicable, from the date of realization of the cheque(s)/demand draft(s) or 3 (three) days from the
date of receipt of the application (being the date of presentation of each application to the Bankers to the Issue as
acknowledged) whichever is later upto one day prior to the date of closure of the Issue or one day prior to the date on
which Company gives notice for withdrawal of Issue, as the case may beat the rate of [●]% per annum. Such interest
shall be paid along with the monies liable to be refunded.
Provided that, notwithstanding anything contained hereinabove, our Company shall not be liable to pay any interest on
monies liable to be refunded in case of (a) invalid applications or applications liable to be rejected, and/or (b) applications
which are withdrawn by the applicant. Please refer to “Rejection of Application” at page 209 of this Draft Prospectus.
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ISSUE PROCEDURE
1. How to Apply?
i. Availability of Prospectus and Application Forms
The abridged Prospectus containing the salient features of the Prospectus together with Application Forms and copies of the
Prospectus may be obtained from our Registered Office, Lead Manager(s) to the Issue, the Co-Lead Manager(s) to the
Issue, the Registrar to the Issue and at branches/collection centres of the Bankers to the Issue, as mentioned on the
Application Form.
In addition, Application Forms would also be made available to the stock exchanges where listing of the NCDs are sought and
to brokers, on their request.
We may provide Application Forms for being filled and downloaded at such websites as we may deem fit.
ii.
Who can Apply
The following categories of persons are eligible to apply in the Issue:
Category I
• Public Financial Institutions, Statutory Corporations, Commercial Banks, Co-operative Banks and Regional Rural
Banks, which are authorised to invest in the NCDs;
• Provident Funds, Pension Funds, Superannuation Funds and Gratuity Funds, which are authorised to invest in the
NCDs
• Venture Capital funds registered with SEBI;
• Insurance Companies registered with the IRDA
• National Investment Fund; and
• Mutual Funds.
Category II
• Companies, Bodies Corporate and Societies registered under the applicable laws in India and authorised to invest in
NCDs;
• Public/Private Charitable/Religious Trusts which are authorised to invest in the NCDs;
• Scientific and/or Industrial Research Organisations, which are authorised to invest in the NCDs;
• Partnership Firms in the name of the partner; and
• Limited liability partnerships formed and registered under the provisions of the Limited Liability Partnership Act,
2008 (No. 6 of 2009)
Category III*
• Resident Indian individuals; and
• Hindu Undivided Families through the Karta.
* With respect to applications received from Category III applicants, applications by applicants who apply for NCDs
aggregating to a value not more than ` 5 Lacs, across all series of NCDs, (Option I and/or Option II), shall be grouped
together, (“Reserved Individual Portion”) while applications by applicants who apply for NCDs aggregating to a value
exceeding ` 5 Lacs, across all series of NCDs, (Option I and/or Option II), shall be separately grouped together,
(“Unreserved Individual Portion”).
Note: Participation of any of the aforementioned categories of persons or entities is subject to the applicable statutory and/or
regulatory requirements in connection with the subscription to Indian securities by such categories of persons or entities.
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Applicants are advised to ensure that applications made by them do not exceed the investment limits or maximum
number of NCDs that can be held by them under applicable statutory and or regulatory provisions.
Applicants are advised to ensure that they have obtained the necessary statutory and/or regulatory
permissions/consents/approvals in connection with applying for, subscribing to, or seeking allotment of NCDs pursuant to
the Issue.
The Lead Managers, the Co-Lead Managers and their respective associates and affiliates are permitted to subscribe in the
Issue.
The information below is given for the benefit of the investors. Our Company, the Lead Managers, and/or the Co-Lead
Managers are not liable for any amendment or modification or changes in applicable laws or regulations, which may occur
after the date of this Draft Prospectus. Investors are advised to ensure that the aggregate number of NCDs applied for does not
exceed the investment limits or maximum number of NCDs that can be held by them under applicable law.
Grouping of Applications and Allocation Ratio
For the purposes of the basis of allotment:
i) Applications received from Category I applicants: Applications received from Category I, shall be grouped
together, (“Institutional Portion”);
ii)
iii)
Applications received from Category II applicants: Applications received from Category II, shall be grouped
together, (“Non-Institutional Portion”);
Applications received from Category III applicants: Further with respect to applications received from
Category III applicants, applications by applicants who apply for NCDs aggregating to a value not more than ` 5
Lacs, across all series of NCDs (Option I and/or Option II), shall be grouped together, (“Reserved Individual
Portion”) while applications by applicants who apply for NCDs aggregating to a value exceeding ` 5 Lacs (Option
I and/or Option II,), shall be separately grouped together, (“Unreserved Individual Portion”). For further details
please refer to “Additional Applications” beginning on page 208 of this Draft Prospectus.
For removal of doubt, “Institutional Portion”, Non-Institutional Portion” “Reserved Individual Portion” and
“Unreserved Individual Portion” are individually referred to as “Portion” and collectively referred to as “Portions”
Applications by Mutual Funds
No mutual fund scheme shall invest more than 15% of its NAV in debt instruments issued by a single Company which are
rated not below investment grade by a credit rating agency authorised to carry out such activity. Such investment limit may
be extended to 20% of the NAV of the scheme with the prior approval of the Board of Trustees and the Board of Asset
Management Company
A separate application can be made in respect of each scheme of an Indian mutual fund registered with SEBI and such
applications shall not be treated as multiple applications. Applications made by the AMCs or custodians of a Mutual Fund
shall clearly indicate the name of the concerned scheme for which application is being made. In case of Applications made
by Mutual Fund registered with SEBI, a certified copy of their SEBI registration certificate must be submitted with the
Application Form. The applications must be also accompanied by certified true copies of (i) SEBI Registration Certificate
and trust deed (ii) resolution authorising investment and containing operating instructions and (iii) specimen signatures of
authorized signatories. Failing this, our Company reserves the right to accept or reject any Application in whole or in
part, in either case, without assigning any reason therefor.
Application by Scheduled Banks, Co-operative Banks and Regional Rural Banks
Scheduled Banks, Co-operative banks and Regional Rural Banks can apply in this public issue based upon their own
investment limits and approvals. The application must be accompanied by certified true copies of (i) Board Resolution
authorising investments; (ii) Letter of Authorisation. Failing this, our Company reserves the right to accept or reject any
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Application in whole or in part, in either case, without assigning any reason therefor.
Application by Insurance Companies
In case of Applications made by insurance companies registered with the Insurance Regulatory and Development
Authority, a certified copy of certificate of registration issued by Insurance Regulatory and Development Authority
must be lodged along with Application Form. The applications must be accompanied by certified copies of (i)
Memorandum and Articles of Association (ii) Power of Attorney (iii) Resolution authorising investment and
containing operating instructions (iv) Specimen signatures of authorized signatories. Failing this, our Company
reserves the right to accept or reject any Application in whole or in part, in either case, without assigning any reason
therefor.
Applications by Trusts
In case of Applications made by trusts, settled under the Indian Trusts Act, 1882, as amended, or any other statutory
and/or regulatory provision governing the settlement of trusts in India, must submit a (i) certified copy of the
registered instrument for creation of such trust, (ii) Power of Attorney, if any, in favour of one or more trustees thereof,
(iii) such other documents evidencing registration thereof under applicable statutory/regulatory requirements. Further,
any trusts applying for NCDs pursuant to the Issue must ensure that (a) they are authorised under applicable
statutory/regulatory requirements and their constitution instrument to hold and invest in debentures, (b) they have
obtained all necessary approvals, consents or other authorisations, which may be required under applicable statutory
and/or regulatory requirements to invest in debentures, and (c) applications made by them do not exceed the
investment limits or maximum number of NCDs that can be held by them under applicable statutory and or regulatory
provisions. Failing this, our Company reserves the right to accept or reject any Applications in whole or in part, in
either case, without assigning any reason therefor.
iii. Applications cannot be made by:
a) Minors without a guardian name;
b) Foreign nationals;
c) Persons resident outside India;
d) Foreign Institutional Investors;
e) Non Resident Indians; and
f) Overseas Corporate Bodies
2. Escrow Mechanism
We shall open Escrow Accounts with one or more Escrow Collection Bank(s) in whose favour the applicants shall make out
the cheque or demand draft in respect of their application. Cheques or demand drafts for the application amount received from
applicants would be deposited in the respective Escrow Account.
Upon creation of security as disclosed in this Draft Prospectus, the Escrow Collection Bank(s) shall transfer the monies from
the Escrow Accounts to a separate bank account as per the terms of the Escrow Agreement, (“Public Issue Account”).
Payments of refund to the applicants shall also be made from the Escrow Accounts/refund account(s) as per the terms of the
Escrow Agreement and this Draft Prospectus.
The Escrow Collection Bank(s) will act in terms of this Draft Prospectus, the Prospectus and the Escrow Agreement. The
Escrow Collection Bank(s) shall not exercise any lien whatsoever over the monies deposited therein. In terms of Debt
Regulations, it is mandatory for our Company to keep the proceeds of the Issue in an escrow account until the documents for
creation of security as stated in this Draft Prospectus are executed.
3. Filing of the Prospectus with ROC
A copy of the Prospectus shall be filed with the Registrar of Companies, Chennai, Tamil Nadu, in terms of section 56 and
section 60 of the Act.
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4. Pre-Issue Advertisement
Our Company will issue a statutory advertisement on or before the Issue Opening Date. This advertisement will contain the
information as prescribed under Debt Regulations. Material updates, if any, between the date of filing of the Prospectus with
ROC and the date of release of this statutory advertisement will be included in the statutory advertisement.
5. General Instructions
Do’s
Check if you are eligible to apply;
Read all the instructions carefully and complete the Application Form;
Ensure that the details about Depository Participant and Beneficiary Account are correct as allotment of NCDs
will be in the dematerialized form only;
Ensure that you mention your PAN allotted under the IT Act
Ensure that the Demographic Details (as defined herein below) are updated, true and correct in all respects.
Ensure that you have obtained all necessary approvals from the relevant statutory and/or regulatory authorities
to apply for, subscribe to and/or seek allotment of NCDs pursuant to the Issue.
Don’ts:
Do not apply for lower than the minimum application size;
Do not pay the application amount in cash;
Do not fill up the Application Form such that the NCDs applied for exceeds the issue size and/or investment
limit or maximum number of NCDs that can be held under the applicable laws or regulations or maximum
amount permissible under the applicable regulations;
Do not submit application accompanied with Stockinvest.
6. Instructions for completing the Application Form
A. Submission of Application Form
Applications to be made in prescribed form only
The forms to be completed in block letters in English
Applications should be in single or joint names and should be applied by Karta in case of HUF
Thumb impressions and signatures other than in English/Hindi/Gujarati/Marathi or any other languages
specified in the 8th Schedule of the Constitution needs to be attested by a Magistrate or Notary Public or a
Special Executive Magistrate under his/her seal.
All Application Forms duly completed together with cheque/bank draft for the amount payable on application
must be delivered before the closing of the subscription list to any of the Bankers to the Public Issue or
collection centre(s)/ agent(s) as may be specified before the closure of the Issue. Applicants at centres not
covered by the branches of collecting banks can send their forms together with a cheque/draft drawn on/payable
at a local bank in Chennai to the Registrar to the Issue by registered post.
No receipt will be issued for the application money. However, Bankers to the Issue and/or their branches
receiving the applications will acknowledge the same.
Every applicant should hold valid Permanent Account Number (PAN) and mention the same in the Application
Form.
All applicants are required to tick the relevant column of “Category of Investor” in the Application Form.
ALL APPLICATIONS BY CATEGORY I APPLICANTS SHALL BE RECEIVED ONLY BY THE
LEAD MANAGERS AND THE CO-LEAD MANAGERS AND THEIR RESPECTIVE AFFILIATES.
All applicants should apply for one or more type of NCDs and/or one or more option of NCDs in a single Application
Form only.
Our Company would allot Option I NCDs to all valid applications, wherein the applicants have not indicated their
choice of NCDs.
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B. Applicant’s Bank Account Details
It is mandatory for all the applicants to have their NCDs allotted in dematerialised form. The Registrars to the Issue
will obtain the applicant’s bank account details from the Depository. The applicant should note that on the basis of
the name of the applicant, Depository Participant’s (DP) name, Depository Participants identification number and
beneficiary account number provided by them in the Application Form, the Registrar to the Issue will obtain from
the applicant’s DP account, the applicant’s bank account details. The investors are advised to ensure that bank
account details are updated in their respective DP A/cs as these bank account details would be printed on the refund
order(s), if any. Please note that failure to do so could result in delays in credit of refunds to applicants at the
applicant’s sole risk and neither the Lead Managers, the Co-Lead Managers, our Company, the Refund Banker, nor
the Registrar to the Issue shall have any responsibility and undertake any liability for the same.
C. Applicant’s Depository Account Details
IT IS MANDATORY FOR ALL THE APPLICANTS TO HAVE THEIR NCDs IN DEMATERIALISED
FORM. ALL APPLICANTS SHOULD MENTION THEIR DEPOSITORY PARTICIPANT’S NAME,
DEPOSITORY PARTICIPANT IDENTIFICATION NUMBER AND BENEFICIARY ACCOUNT
NUMBER IN THE APPLICATION FORM. INVESTORS MUST ENSURE THAT THE NAME GIVEN IN
THE APPLICATION FORM IS EXACTLY THE SAME AS THE NAME IN WHICH THE DEPOSITORY
ACCOUNT IS HELD. IN CASE THE APPLICATION FORM IS SUBMITTED IN JOINT NAMES, IT
SHOULD BE ENSURED THAT THE DEPOSITORY ACCOUNT IS ALSO HELD IN THE SAME JOINT
NAMES AND ARE IN THE SAME SEQUENCE IN WHICH THEY APPEAR IN THE APPLICATION
FORM.
Applicant should note that on the basis of name of the applicant, Depository Participant’s name, Depository
Participant-Identification number and Beneficiary Account Number provided by them in the Application Form, the
Registrar to the Issue will obtain from the Depository, demographic details of the investor such as address, bank
account details for printing on refund orders and occupation (“Demographic Details”). Hence, applicants should
carefully fill in their Depository Account details in the Application Form.
These Demographic Details would be used for all correspondence with the applicants including mailing of the
refund orders/ Allotment Advice and printing of bank particulars on the refund/interest order and the Demographic
Details given by applicant in the Application Form would not be used for these purposes by the Registrar.
Hence, applicants are advised to update their Demographic Details as provided to their Depository Participants and
ensure that they are true and correct.
By signing the Application Form, the applicant would have deemed to have authorised the depositories to provide,
upon request, to the Registrar to the Issue, the required Demographic Details as available on its records. Refund
Orders/Allotment Advice would be mailed at the address of the applicant as per the Demographic Details received
from the Depositories. Applicant may note that delivery of Refund Orders/Allotment Advice may get delayed if the
same once sent to the address obtained from the Depositories are returned undelivered. In such an event, the address
and other details given by the applicant in the Application Form would be used only to ensure dispatch of refund
orders. Please note that any such delay shall be at the applicant’s sole risk and neither we nor the Lead Managers,
the Co-Lead Managers, or the Registrars shall be liable to compensate the applicant for any losses caused to the
applicant due to any such delay or liable to pay any interest for such delay.
However in case of applications made under power of attorney, our Company in its absolute discretion, reserves
the right to permit the holder of Power of Attorney to request the Registrar that for the purpose of printing
particulars on the refund order and mailing of Refund Orders /Allotment Advice, the demographic details obtained
from the Depository of the applicant shall be used.
In case no corresponding record is available with the Depositories that matches all three parameters, namely, names
of the applicants (including the order of names of joint holders), the Depository Participant’s identity (DP ID) and
the beneficiary’s identity, then such applications are liable to be rejected.
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D. Applications under Power of Attorney by limited companies, corporate bodies, registered societies etc.
In case of Applications made pursuant to a power of attorney or by limited companies, corporate bodies, registered
societies etc, a certified copy of the power of attorney or the relevant resolution or authority, as the case may be,
along with a certified copy of the Memorandum of Association and Articles of Association and/or bye laws must
be lodged along with the Application Form, failing this, our Company reserves the right to accept or reject any
Application in whole or in part, in either case, without assigning any reason therefor.
E. Permanent Account Number
The applicant or in the case of applications made in joint names, each of the applicant, should mention his or
her Permanent Account Number (PAN) allotted under the IT Act. In accordance with Circular No.
MRD/DOP/Cir-05/2007 dated April 27, 2007 issued by SEBI, the PAN would be the sole identification
number for the participants transacting in the securities market, irrespective of the amount of transaction.
Any Application Form, without the PAN is liable to be rejected, irrespective of the amount of transaction. It
is to be specifically noted that the applicants should not submit the GIR number instead of the PAN as the
Application is liable to be rejected on this ground.
F. Terms of Payment
The entire issue price for the NCDs is payable on application only. In case of allotment of lesser number of NCDs
than the number applied, our Company shall refund the excess amount paid on application to the applicant.
G. Payment Instructions for Applicants
In pursuance of Debt Regulations, we shall open Escrow Account with the Escrow Collection Banks(s)
for the collection of the application amount payable upon submission of the Application Form.
Payment may be made by way of cheque/bank draft drawn on any bank, including a co-operative bank which
is situated at and is member or sub-member of the Bankers’ clearing-house located at the place where the
Application Form is submitted, i.e. at designated collection centres. Outstation cheques /bank drafts drawn
on banks not participating in the clearing process will not be accepted and applications accompanied by
such cheques or bank drafts are liable to be rejected. Payment though stockinvest would also not be
allowed as the same has been discontinued by the RBI vide notification No. DBOD.NO.FSC.BC.
42/24.47.001/2003-04 dated November 5, 2003. Cash/Stockinvest/Money Orders/Postal Orders will not be
accepted. In case payment is effected in contravention of conditions mentioned herein, the application is
liable to be rejected and application money will be refunded and no interest will be paid thereon. A
separate cheque / bank draft must accompany each Application Form.
All Application Forms received with outstation cheques, post dated cheques, cheques / bank drafts drawn on
banks not participating in the clearing process, Money orders/postal orders, cash, stockinvest shall be
rejected and the collecting bank shall not be responsible for such rejections.
All cheques / bank drafts accompanying the application should be crossed “A/c Payee only” and (a) all
cheques / bank drafts accompanying the applications made by eligible applicants must be made payable to
“Escrow Account STFC NCD Public Issue”.
The Escrow Collection Bank(s) shall transfer the funds from the Escrow Account, as per the terms of the
Escrow Agreement, into a public issue account after the creation of security as disclosed in this Draft
Prospectus.
8. Submission of Completed Application Forms
All applications duly completed and accompanied by account payee cheques / drafts shall be submitted at the
branches of the Bankers to the Issue (listed in the Application Form) or our Collection Centre(s)/ agent(s) as
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may be specified by us before the closure of the Issue. Our collection centre/ agent however, will not accept
payments made in cash. However, Application Forms duly completed together with cheque/bank draft drawn
on/payable at a local bank in Chennai for the amount payable on application may also be sent by Registered Post
to the Registrar to the Issue, so as to reach the Registrar prior to closure of the Issue. Applicants at centres not
covered by the branches of collecting banks can send their Application Forms together with cheque / draft
drawn on / payable at a local bank in Chennai to the Registrar to the Issue by registered post.
No separate receipts shall be issued for the application money. However, Bankers to the Issue at their designated
branches/our Collection Centre(s)/ agent(s) receiving the duly completed Application Forms will acknowledge
the receipt of the applications by stamping and returning the acknowledgment slip to the applicant.
Applications shall be deemed to have been received by us only when submitted to Bankers to the Issue at their
designated branches or at our Collection Centre/ agent or on receipt by the Registrar as detailed above and not
otherwise.
All applications by persons or entities belonging to Category I should be made in the form prescribed for
Category I applicants and shall be received only by the Lead Managers, the Co-Lead Managers and their
respective affiliates.
9. On-line Applications
We may decide to offer online application facility for NCDs, as and when it is permitted by law subject to terms
and conditions as may be prescribed.
10. Other Instructions
A. Joint Applications
Applications may be made in single or joint names (not exceeding three). In the case of joint applications, all
payments will be made out in favour of the first applicant. All communications will be addressed to the first
named applicant whose name appears in the Application Form and at the address mentioned therein.
B. Additional Applications
An applicant is allowed to make one or more applications for the NCDs for the same or other series of NCDs,
subject to a minimum application size of ` 10,000/- and in multiples of ` 1,000/- thereafter, for each application.
Any application for an amount below the aforesaid minimum application size will be deemed as an invalid application
and shall be rejected. However, multiple applications by the same applicant belonging to Category III aggregating
to a value exceeding ` 5 Lacs shall be grouped in the Unreserved Individual Portion, for the purpose of determining the
basis of allotment to such applicant. However, any application made by any person in his individual capacity and an
application made by such person in his capacity as a karta of a Hindu Undivided family and/or as joint applicant, shall not
be deemed to be a multiple application.
For the purposes of allotment of NCDs under the Issue, applications shall be grouped based on the PAN, i.e. applications
under the same PAN shall be grouped together and treated as one application. Two or more applications will be deemed
to be multiple applications if the sole or first applicant is one and the same. For the sake of clarity, two or more
applications shall be deemed to be a multiple application for the aforesaid purpose if the PAN number of the sole or the
first applicant is one and the same.
C. Depository Arrangements
As per the provisions of Section 68B of the Act, the allotment of NCDs of our Company can be made in a
dematerialised form, (i.e. not in the form of physical certificates but be fungible and be represented by the
Statement issued through electronic mode).
We have made depository arrangements with NSDL and CDSL for issue and holding of the NCDs in
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dematerialised form. Please note that tripartite agreements have been executed between our Company, the
Registrar and both the depositories.
As per the provisions of the Depositories Act, 1996, the NCDs issued by us can be held in a dematerialized form.
In this context:
i Tripartite Agreement dated March 29, 2000 and April 30, 1999 between us, the Registrar to the Issue and CDSL
and NSDL, respectively for offering depository option to the investors.
ii. An applicant who wishes to apply for NCDs in the electronic form must have at least one beneficiary account
with any of the Depository Participants (DPs) of NSDL or CDSL prior to making the application.
iii. The applicant seeking allotment of NCDs in the Electronic Form must necessarily fill in the details (including
the beneficiary account number and DP’s ID) appearing in the Application Form under the heading ‘Request for
NCDs in Electronic Form’.
iv. NCDs allotted to an applicant in the Electronic Account Form will be credited directly to the applicant’s
respective beneficiary account(s) with the DP.
v. For subscription in electronic form, names in the Application Form should be identical to those appearing in the
account details in the depository. In case of joint holders, the names should necessarily be in the same sequence
as they appear in the account details in the depository.
vi. Non-transferable Allotment Advice/refund orders will be directly sent to the applicant by the Registrars to this
Issue.
vii. If incomplete/incorrect details are given under the heading ‘Request for NCDs in electronic form’ in the
Application Form, it will be deemed to be an application for NCDs in physical form and thus will be rejected.
viii. For allotment of NCDs in electronic form, the address, nomination details and other details of the applicant as
registered with his/her DP shall be used for all correspondence with the applicant. The applicant is therefore
responsible for the correctness of his/her demographic details given in the Application Form vis-à-vis those with
his/her DP. In case the information is incorrect or insufficient, our Company would not be liable for losses, if
any.
ix. It may be noted that NCDs in electronic form can be traded only on the Stock Exchanges having electronic
connectivity with NSDL or CDSL. NSE has connectivity with NSDL and CDSL.
x. Interest or other benefits with respect to the NCDs held in dematerialised form would be paid to those NCD
holders whose names appear on the list of beneficial owners given by the Depositories to us as on record date.
In case of those NCDs for which the beneficial owner is not identified by the Depository as on the record date/
book closure date, we would keep in abeyance the payment of interest or other benefits, till such time that the
beneficial owner is identified by the Depository and conveyed to us, whereupon the interest or benefits
will be paid to the beneficiaries, as identified, within a period of 30 days.
xi. The trading of the NCDs shall be in dematerialized form only.
D. Communications
• All future Communications in connection with Applications made in the Issue should be addressed to the Registrar to
the Issue quoting all relevant details as regards the applicant and its application.
• Applicants can contact the Compliance Officer of our Company/Lead Managers/ the Co-Lead Managers or the
Registrar to the Issue in case of any Pre-Issue related problems. In case of Post-Issue related problems such as nonreceipt
of Allotment Advice / credit of NCDs in depository’s beneficiary account / refund orders, etc., applicants may
contact the Compliance Officer of our Company/Lead Manager or Registrar to the Issue.
11. Rejection of Application
The Board of Directors and/or any committee of our Company reserves its full, unqualified and absolute right to accept or
reject any application in whole or in part and in either case without assigning any reason thereof.
Application may be rejected on one or more technical grounds, including but not restricted to:
Applications not duly signed by the sole/joint applicants (in the same sequence as they appear in the records of the
depository);
Amount paid doesn’t tally with the amount payable for the NCDs applied for;
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Age of First applicant not given;
Application by persons not competent to contract under the Indian Contract Act, 1872 including minors (without the
name of guardian) and insane persons;
PAN not mentioned in the Application Form;
GIR number furnished instead of PAN;
Applications for amounts greater than the maximum permissible amounts prescribed by applicable regulations;
Applications by persons/entities who have been debarred from accessing the capital markets by SEBI;
Applications by any persons outside India;
Any application for an amount below the minimum application size;
Application for number of NCDs, which are not in multiples of one;
Category not ticked;
Application under power of attorney or by limited companies, corporate, trust etc., where relevant documents are not
submitted;
Application Form does not have applicant’s depository account details;
Applications accompanied by Stockinvest/money order/postal order;
Signature of sole and/ or joint applicant(s) missing;
Application Forms not delivered by the applicant within the time prescribed as per the Application Form and the
Prospectus and as per the instructions in the Prospectus and the Application Form; or
In case the subscription amount is paid in cash.
In case no corresponding record is available with the Depositories that matches three parameters namely, names of
the applicant, the Depository Participant’s Identity and the beneficiary’s account number.
Application Form accompanied with more than one cheque.
Institutional Investor Applications not procured by the Lead Managers or their respective affiliates.
For further instructions regarding application for the NCDs, investors are requested to read the Application Form
12. Allotment Advice / Refund Orders
The unutilised portion of the application money will be refunded to the applicant by an A/c Payee cheque/demand draft.
In case the at par facility is not available, our Company reserves the right to adopt any other suitable mode of payment.
The Company shall credit the allotted NCDs to the respective beneficiary accounts/despatch the Letter(s) of Allotment or
Letter(s) of Regret/Refund Orders in excess of ` 1,500/-, as the case may be, by Registered Post/Speed Post at the
applicant’s sole risk, within 30 days from the date of closure of the Issue. Refund Orders up to ` 1,500/- will be sent
under certificate of posting. We may enter into an arrangement with one or more banks in one or more cities for refund to
the account of the applicants through Direct Credit/RTGS/NEFT.
Further,
a) Allotment of NCDs offered to the public shall be made within a time period of 30 days from the date of
closure of the Issue;
b) Credit to de-mat account will be given within 2 working days from the date of allotment
c) Interest at a rate of 15 per cent per annum will be paid if the allotment has not been made and/or the Refund
Orders have not been dispatched to the applicants within 30 days from the date of the closure of the Issue, for
the delay beyond 30 days.
The Company will provide adequate funds to the Registrars to the Issue, for this purpose.
13. Retention of oversubscription
The Company is making a public Issue of NCDs aggregating upto ` 50,000 lacs with an option to retain
oversubscription of NCDs up to ` 50,000 lacs.
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14. Basis of Allotment
Grouping of Applications and Allocation Ratio: Applications received from various applicants shall be grouped
together on the following basis:
i) Applications received from Category I applicants: Applications received from Category I, shall be grouped
together, (“Institutional Portion”);
ii)
iii)
Applications received from Category II applicants: Applications received from Category II, shall be grouped
together, (“Non-Institutional Portion”);
Applications received from Category III applicants: Further with respect to applications received from
Category III applicants, applications by applicants who apply for NCDs aggregating to a value not more than ` 5
Lacs, across all series of NCDs, (Option I and/or Option II), shall be grouped together, (“Reserved Individual
Portion”) while applications by applicants who apply for NCDs aggregating to a value exceeding ` 5 Lacs, across
all series of NCDs, (Option I and/or Option II), shall be separately grouped together, (“Unreserved Individual
Portion”). For further details please refer to “Additional Applications” beginning on page 208 of this Draft
Prospectus.
For removal of doubt, “Institutional Portion”, Non-Institutional Portion” “Reserved Individual Portion” and
“Unreserved Individual Portion” are individually referred to as “Portion” and collectively referred to as
“Portions”
For the purposes of determining the number of NCDs available for allocation to each of the abovementioned Portions,
our Company shall have the discretion of determining the number of NCDs to be allotted over and above the Base
Issue Size, in case our Company opts to retain any oversubscription in the Issue upto ` 1,00,000 Lacs. The aggregate
value of NCDs decided to be allotted over and above the Base Issue Size, (in case our Company opts to retain any
oversubscription in the Issue), and/or the aggregate value of NCDs upto the Base Issue Size shall be collectively
termed as the “Overall Issue Size”.
Basis of Allotment for NCDs
(a)
Allotments in the first instance:
(i)
(ii)
(iii)
(iv)
Applicants belonging to the Institutional Portion, in the first instance, will be allocated NCDs upto
10% of Overall Issue Size on first come first serve basis (determined on the basis of date of receipt
of each application duly acknowledged by the Bankers to the Issue);
Applicants belonging to the Non-Institutional Portion, in the first instance, will be allocated NCDs
upto 10% of Overall Issue Size on first come first serve basis (determined on the basis of date of
receipt of each application duly acknowledged by the Bankers to the Issue);
Applicants belonging to the Reserved Individual Portion, in the first instance, will be allocated
NCDs upto 40% of Overall Issue Size on first come first serve basis (determined on the basis of date
of receipt of each application duly acknowledged by the Bankers to the Issue);
Applicants belonging to the Unreserved Individual Portion, in the first instance, will be allocated
NCDs upto 40% of Overall Issue Size on first come first serve basis (determined on the basis of date
of receipt of each application duly acknowledged by the Bankers to the Issue);
Allotments, in consultation with the Designated Stock Exchange, shall be made on a first-come first-serve
basis, based on the date of presentation of each application to the Bankers to the Issue, in each Portion
subject to the Allocation Ratio.
(b)
Under Subscription: Under subscription, if any, in Reserved Individual Portion or Unreserved Individual
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Portion shall first be met by inter-se adjustment between these two sub-categories. Thereafter, if there is any
under subscription in any Portion, priority in allotments will be given to the Category III, with preference in
allotments to Reserved Individual Portion applicants, and balance, if any, shall be first made to applicants of
the Non-Institutional Portion (Category II), and thereafter to Institutional Portion (Category I) on a first come
first serve basis, on proportionate basis.
(c)
(d)
For each Portion, all applications received on the same day by the Bankers to the Issue would be treated at
par with each other. Allotment within a day would be on proportionate basis, where NCDs applied for
exceeds NCDs to be allotted for each Portion respectively.
Minimum allotments of 1NCD and in multiples of 1 NCD thereafter would be made in case of each valid
application.
(e)
(f)
(g)
Allotments in case of oversubscription: In case of an oversubscription, allotments to the maximum extent, as
possible, will be made on a first-come first-serve basis and thereafter on proportionate basis, i.e. full
allotment of NCDs to the applicants on a first come first basis up to the date falling 1 (one) day prior to the
date of oversubscription and proportionate allotment of NCDs to the applicants on the date of
oversubscription (based on the date of presentation of each application to the Bankers to the Issue, in each
Portion).
Proportionate Allotments: For each Portion, on the date of oversubscription:
i) Allotments to the applicants shall be made in proportion to their respective application size, rounded off
to the nearest integer.
ii) If the process of rounding off to the nearest integer results in the actual allocation of NCDs being higher
than the Issue size, not all applicants will be allotted the number of NCDs arrived at after such rounding
off. Rather, each applicant whose allotment size, prior to rounding off, had the highest decimal point
would be given preference.
iii) In the event, there are more than one applicant whose entitlement remain equal after the manner of
distribution referred to above, our Company will ensure that the basis of allotment is finalised by draw of
lots in a fair and equitable manner.
Applicant applying for more than one series of NCDs: If an applicant has applied for more than one series of
NCDs, (Option I and Option II, individually referred to as “Series”), and in case such applicant is entitled to
allocation of only a part of the aggregate number of NCDs applied for, the Series-wise allocation of NCDs to
such applicants shall be in proportion to the number of NCDs with respect to each Series, applied for by such
applicant, subject to rounding off to the nearest integer, as appropriate in consultation with Lead Managers
and Designated Stock Exchange.
All decisions pertaining to the basis of allotment of NCDs pursuant to the Issue shall be taken by our Company in
consultation with the Lead Managers and the Designated Stock Exchange and in compliance with the
aforementioned provisions of this Draft Prospectus.
Our Company would allot Option I NCDs to all valid applications, wherein the applicants have not indicated their
choice of the relevant Series of NCDs (Option I, or Option II).
15. Investor Withdrawals and Pre-closure
Investor Withdrawal: Applicants are allowed to withdraw their applications at any time prior to the closure of the Issue.
Pre-closure: Our Company, in consultation with the Lead Managers reserve the right to close the Issue at any time prior
to the Closing Date, subject to receipt of minimum subscription for NCDs aggregating to 75% of the Base Issue. Our
Company shall allot NCDs with respect to the applications received at the time of such pre-closure in accordance with
the Basis of Allotment as described hereinabove and subject to applicable statutory and/or regulatory requirements.
16. Utilisation of Application Money
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The sum received in respect of the Issue will be kept in separate bank accounts and we will have access to such funds
as per applicable provisions of law(s), regulations and approvals.
17. Utilisation of Issue Proceeds
a) All monies received pursuant to the Issue of NCDs to public shall be transferred to a separate bank account
other than the bank account referred to in sub-section (3) of section 73 of the Act.
b) Details of all monies utilised out of Issue referred to in sub-item (a) shall be disclosed under an
appropriate separate head in our Balance Sheet indicating the purpose for which such monies had been
utilised; and
c) Details of all unutilised monies out of issue of NCDs, if any, referred to in sub-item (a) shall be
disclosed under an appropriate separate head in our Balance Sheet indicating the form in which such
unutilised monies have been invested.
d) We shall utilize the Issue proceeds only upon creation of security as stated in this Draft Prospectus and on receipt
of the minimum subscription of 75% of the Base Issue.
e) The Issue proceeds shall not be utilized towards full or part consideration for the purchase or any other acquisition,
inter alia by way of a lease, of any property.
Listing
Application has been made to the NSE for permission to deal in and for an official quotation of our NCDs. NSE has been
appointed as the Designated Stock Exchange.
If permissions to deal in and for an official quotation of our NCDs are not granted by NSE, our Company will forthwith
repay, without interest, all moneys received from the applicants in pursuance of this Draft Prospectus.
Our Company shall ensure that all steps for the completion of the necessary formalities for listing and commencement of
trading at NSE are taken within 7 working days from the date of allotment.
For the avoidance of doubt, it is hereby clarified that in the event of non subscription to any one or more of the Options, such
NCDs with Option(s) shall not be listed.
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SECTION VII : LEGAL AND OTHER INFORMATION
PENDING PROCEEDINGS AND STATUTORY DEFAULTS
As on the date of this Draft Prospectus, there are no defaults in meeting statutory dues, institutional dues, and towards
holders of instrument like debentures, fixed deposits and arrears on cumulative preference shares, etc, by our Company or by
public companies promoted by the same promoter and listed on stock exchange.
Save as disclosed hereinbelow, there are no pending proceedings pertaining to:
a. matters likely to affect operation and finances of our Company including disputed tax liabilities of any nature; and
b. criminal prosecution launched against our Company and the Directors for alleged offences under the enactments
specified in Paragraph 1 of Part I of Schedule XIII to the Act.
1. The State of Gujarat and the Inspector of Money Lenders, Gujarat have initiated criminal proceedings against our
Company and our Managing Director, Mr. R. Sridhar, in connection with alleged contraventions of the Bombay
Money Lenders Act, 1946, (“Money Lenders Act”), (Criminal Case No. 289 of 2008), before the Metropolitan
Magistrate, Ahmedabad. The complainants have inter alia alleged in their pleadings that we have conducted the
business of money lending without obtaining a license under the Money Lenders Act, and have allegedly violated
other related provisions thereof. Accordingly, the complainants have sought to prosecute and penalize our Company
and our managing director under Section 34 of the Money Lenders Act.
We filed an application under Section 482 of the Code of Criminal Procedure, 1973 against the State of Gujarat and
the Inspector of Money Lenders, Gujarat, before the Hon’ble High Court of Gujarat at Ahmedabad, (“Quashing
Application”), seeking to quash the Criminal Proceedings, and to stay the Criminal Proceedings during the
pendency of the Quashing Application.
These proceedings initiated against our Company and our Managing Director, and the application filed by our
Company are pending hearing and final disposal.
2. Our Company has filed an appeal before the Hon’ble Supreme Court of India (Special Leave Petition (Civil) 35142
of 2009) against an order dated November 18, 2009 passed by the Hon’ble High Court of Kerala in connection with
a writ petiton filed by our Company challenging the action of Commissioner of Commercial Taxes, Kerela
directing our Company to register under the provisions of the Kerala Money Lenders Act, 1946, (“KMLA”). The
Hon’ble High Court of Kerela, pursuant to the impugned order, had dismissed an appeal in connection with the
aforesaid writ petition, thereby inter-alia confirming the aforesaid impugned order passed by the Commissioner of
Commercial Taxes, Kerela. The Hon’ble Supreme Court of India has admitted the aforesaid appeal and pursuant to
an order dated December 16, 2009 stayed the operation of the impugned order. The aforesaid proceedings is
pending hearing and final disposal.
3. Our Company has filed a writ petition before the Hon’ble High Court of Andhra Pradesh against the orders dated
March 20, 2009 passed by the Commercial Tax Officer, Tirupati, wherein it has been alleged that our Company is
liable to be assessed to tax under the Andhra Pradesh Value Added Tax Act, 2005 and the Andhra Pradesh General
Sales Tax Act, 1957. Pursuant to the writ petition our Company has also challenged the notices dated March 21,
2009 issued by the Commercial Tax Officer, Andhra Pradesh proposing to levy interest and penalty. The Hon’ble
High Court of Andhra Pradesh has vide an order dated April 15, 2009 stayed the operation of the orders passed by
the Commercial Tax Officer, Tirupati subject to our Company depositing 1/3rd of the disputed tax amount within 4
weeks from the date of aforesaid order, which our Company has deposited with the Hon’ble High Court. The
aforesaid petiton is pending hearing and final disposal.
4. Our Company has filed a writ petition vide writ petition no. 7450 of 2010 before the Hon’ble High Court of Madras
dated April 5, 2010 against Union of India represented by its secretary and the Chairman of Central Board of Direct
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Taxes seeking an order for the stay on the operation of the section 206AA of the Income Tax Act, 1961 (‘IT Act’)
introduced by the Finance Act 02/2009 which inter alia provides that any person entitled to receive any sum or
income or amount, on which income tax is deductible under Chapter XVIIB of the IT Act shall furnish his
permanent account number to the person responsible for deducting such tax with effect from April 01, 2010 till the
disposal of the aforesaid writ petition. Since our Company is a non banking financial institution, most of its
constituents are depositors or debenture holders of small amounts and hence may not be assessable to income tax.
The consequence and effect of the aforesaid provision is that even persons who hitherto are not subjected to the
difficulties of securing the permanent account number when they do not have any assessable income are now
compelled to obtain a permanent account number and produce the same before tax deductors which may cause
inconvenience to the depositors or debenture holders of small amounts and in turn affects the business of our
Company.
5. The State of Gujarat and the Inspector of Money Lenders, Gujarat have initiated criminal proceedings against our
Company, in connection with alleged contraventions of the Bombay Money Lenders Act, 1946, (“Money Lenders
Act”), (Criminal Case No. 2805 of 2009), before the Chief Judicial Magistrate, Himmatnagar. The complainants
have inter alia alleged in their pleadings that we have conducted the business of money lending without obtaining a
license under the Money Lenders Act, and have allegedly violated other related provisions thereof. Accordingly, the
complainants have sought to prosecute and penalize our Company under Section 34 of the Money Lenders Act.
We filed an application under Section 482 of the Code of Criminal Procedure, 1973 against the State of Gujarat and
the Inspector of Money Lenders, Gujarat, before the Hon’ble High Court of Gujarat at Ahmedabad, (“Quashing
Application”), seeking to quash the Criminal Proceedings, and to stay the Criminal Proceedings during the
pendency of the Quashing Application.
These proceedings initiated against our Company, and the application filed by our Company are pending hearing
and final disposal.
6. The State of Gujarat and the Inspector of Money Lenders, Gujarat have initiated criminal proceedings against our
Company, in connection with alleged contraventions of the Bombay Money Lenders Act, 1946, (“Money Lenders
Act”), (Criminal Case No. 8966 of 2009), before the Chief Judicial Magistrate Court, Palanpur. The complainants
have inter alia alleged in their pleadings that we have conducted the business of money lending without obtaining a
license under the Money Lenders Act, and have allegedly violated other related provisions thereof. Accordingly, the
complainants have sought to prosecute and penalize our Company under Section 34 of the Money Lenders Act.
We filed an application under Section 482 of the Code of Criminal Procedure, 1973 against the State of Gujarat and
the Inspector of Money Lenders, Gujarat, before the Hon’ble High Court of Gujarat at Ahmedabad, (“Quashing
Application”), seeking to quash the Criminal Proceedings, and to stay the Criminal Proceedings during the
pendency of the Quashing Application.
These proceedings initiated against our Company, and the application filed by our Company are pending hearing
and final disposal.
7. The Assistant Commissioner of Income Tax (Company Circle-VI-2), Chennai, (“Assessing Officer”) raised a
demand amounting to ` 77,46,67,304 by order dated December 31, 2010 for the assessment year 2008-09
(“Assessment Order”) on the alleged grounds that our Company may have concealed income within the meaning
of section 271 (1) (c) of the Income Tax Act, 1961. Our Company filed an appeal dated January 13, 2011 before the
Commissioner of Income Tax (Appeals), (“CIT Appeal”) against the Assessment Order on the grounds that
additions and disallowances made by the Assessing Officer are erroneous. The matter is pending hearing and final
disposal.
8. The Office of the Commmissioner of Central Excise, Madurai has issued a show cause notice dated May 2, 2006
calling upon our Company to show cause as to why service tax amounting to ` 1,15,12,240 under section 73 of (1)
(a) of the Finance Act, 1994, (“Finance Act”) should not be demanded and recovered from Company, along with
interest and penalties under sections 75, 76, 77 and 78 of the Finance Act. Our Company has filed a reply against
the said show cause notice.
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9. The Office of the Commisioner of Service Tax, Mumbai has issued a notice (Show Cause Notice No.
V/ST/DN.I/G.R.II /Audit/STFL/2008/3207) dated October 6, 2009 calling upon our Company to show cause as to
why service tax amounting to ` 53,74,000 under section 73 of the Finance Act, 1994, (Finance Act) should not be
demanded and recovered from Company, along with interest and penalties under sections 75, 76, 77 and 78 of the
Finance Act. Our Company has filed a reply dated November 2, 2009 against the said show cause notice stating that
no part in respect of hire purchase finance is eligible to service tax and in case of lease finance, principal and
interest components of equated monthly installments are not subject to service tax
10. The Assistant Commissioner of Income Tax (Company Circle-VI-2), Chennai, (“Assessing Officer”) raised a
demand amounting to ` 48,31,211 by order dated December 3, 2010 for the assessment year 2003-04 (“Assessment
Order”) on the alleged grounds that our Company has not offered interest income accrued on non performing asset
on the basis of merchantile system of accounts . Our Company filed an appeal dated January 13, 2011 before the
Commissioner of Income Tax (Appeals), (“CIT Appeals”) against the Assessment Order, challenging the legal
validity of the claim that our Company has not admitted any income from non performing assets. The matter is
pending hearing and final disposal.
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OTHER REGULATORY AND STATUTORY DISCLOSURES
Authority for the Issue
At the meeting of the Board of Directors of our Company, held on April 29, 2011 the Directors approved the issue of NCDs
to the public upto an amount not exceeding ` 2,00,000 lacs.
Prohibition by SEBI
Our Company, persons in control of our Company and/or our Promoter have not been restrained, prohibited or debarred by
SEBI from accessing the securities market or dealing in securities and no such order or direction is in force. Further, no
member of our promoter group has been prohibited or debarred by SEBI from accessing the securities market or dealing in
securities due to fraud.
Disclaimer Clause of the NSE
AS REQUIRED, A COPY OF THIS OFFER DOCUMENT HAS BEEN SUBMITTED TO
NATIONAL STOCK EXCHANGE OF INDIA LIMITED (HEREINAFTER REFERRED TO AS
NSE). NSE HAS GIVEN VIDE ITS LETTER REF.:[●] DATED [●] PERMISSION TO THE
ISSUER TO USE THE EXCHANGE’S NAME IN THIS OFFER DOCUMENT AS ONE OF
THE STOCK EXCHANGES ON WHICH THIS ISSUER’S SECURITIES ARE PROPOSED TO
BE LISTED. THE EXCHANGE HAS SCRUTINIZED THIS DRAFT OFFER DOCUMENT
FOR ITS LIMITED INTERNAL PURPOSE OF DECIDING ON THE MATTER OF
GRANTING THE AFORESAID PERMISSION TO THIS ISSUER. IT IS TO BE DISTINCTLY
UNDERSTOOD THAT THE AFORESAID PERMISSION GIVEN BY NSE SHOULD NOT IN
ANY WAY BE DEEMED OR CONSTRUED THAT THE OFFER DOCUMENT HAS BEEN
CLEARED OR APPROVED BY NSE; NOR DOES IT IN ANY MANNER WARRANT,
CERTIFY OR ENDORSE THE CORRECTNESS OR COMPLETENESS OF ANY OF THE
CONTENTS OF THIS OFFER DOCUMENT; NOR DOES IT WARRANT THAT THIS
ISSUER’S SECURITIES WILL BE LISTED OR WILL CONTINUE TO BE LISTED ON THE
EXCHANGE; NOR DOES IT TAKE ANY RESPONSIBILITY FOR THE FINANCIAL OR
OTHER SOUNDNESS OF THIS ISSUER, ITS PROMOTERS, ITS MANAGEMENT OR ANY
SCHEME OF PROJECT OF THIS ISSUER.
EVERY PERSON WHO DESIRES TO APPLY FOR OR OTHERWISE ACQUIRE ANY
SECURITIES OF THIS ISSUER MAY DO SO PURSUANT TO INDEPENDENT INQUIRY,
INVESTIGATION AND ANALYSIS AND SHALL NOT HAVE ANY CLAIM AGAINST THE
EXCHANGE WHATSOEVER BY REASON OF ANY LOSS WHICH MAY BE SUFFERED BY
SUCH PERSON CONSEQUENT TO OR IN CONNECTION WITH SUCH SUBSCRIPTION/
ACQUISITION WHETHER BY REASON OF ANYTHING STATED OR OMITTED TO BE
STATED HEREIN OR ANY OTHER REASON WHATSOEVER.”
Disclaimer Clause of the RBI
THE COMPANY IS HAVING A VALID CERTIFICATE OF REGISTRATION DATED APRIL 17, 2007 ISSUED
BY THE RESERVE BANK OF INDIA UNDER SECTION 45 IA OF THE RESERVE BANK OF INDIA ACT, 1934.
HOWEVER, THE RBI DOES NOT ACCEPT ANY RESPONSIBILITY OR GUARANTEE ABOUT THE
PRESENT POSITION AS TO THE FINANCIAL SOUNDNESS OF THE COMPANY OR FOR THE
CORRECTNESS OF ANY OF THE STATEMENTS OR REPRESENTATIONS MADE OR OPINIONS
EXPRESSED BY THE COMPANY AND FOR REPAYMENT OF DEPOSITS/ DISCHARGE OF LIABILITY BY
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THE COMPANY.
Listing
An application has been made to the NSE for permission to deal in and for an official quotation of our NCDs. NSE has been
appointed as the Designated Stock Exchange.
If permissions to deal in and for an official quotation of our NCDs are not granted by NSE, our Company will forthwith
repay, without interest, all moneys received from the applicants in pursuance of this Draft Prospectus.
Our Company shall ensure that all steps for the completion of the necessary formalities for listing and commencement of
trading at all the Stock Exchanges mentioned above are taken within 7 working days from the date of allotment.
For the avoidance of doubt, it is hereby clarified that in the event of non subscription to any one or more of the Options, such
NCDs with Option(s) shall not be listed.
Consents
Consents in writing of: (a) the Directors, (b) our Company Secretary and Compliance Officer (c) Bankers to our Company
and Bankers to the Issue; (d) Lead Managers and the Co-Lead Managers, (e) the Registrar to the Issue, (f) Lead Brokers to
the Issue, (g) Legal Advisors to the Issue, (h) Credit Rating Agencies, (i) the Debenture Trustee, and (j) the Lead Brokers to
act in their respective capacities, have been obtained and the same will be filed along with a copy of the Prospectus with the
ROC.
The joint consents of the Statutory Auditors of our Company, namely S. R. Batliboi & Co. and G. D. Apte & Co. for (a)
inclusion of their names as the Statutory Auditors, (b) examination reports on Reformatted Consolidated Summary Financial
Statements and the Reformatted Unconsolidated Summary Financial Statements in the form and context in which they
appear in this Draft Prospectus, have been obtained and the same will be filed along with a copy of this Draft Prospectus
with the Designated Stock Exchange.
Expert Opinion
Except the reports issued by CRISIL dated May 30, 2011, in respect of the credit ratings issued thereby for this Issue which
furnishes the rationale for its rating, our Company has not obtained any expert opinions.
Common form of Transfer
The Issuer undertakes that there shall be a common form of transfer for the NCDs and the provisions of the Companies Act,
1956 and all applicable laws shall be duly complied with in respect of all transfer of debentures and registration thereof.
Minimum Subscription
If our Company does not receive the minimum subscription of 75% of the Base Issue, i.e. ` 37,500 lacs, the entire subscription
shall be refunded to the applicants within 30 days from the date of closure of the Issue. If there is delay in the refund of
subscription by more than 8 days after our Company becomes liable to refund the subscription amount, our Company will pay
interest for the delayed period, at rates prescribed under sub-sections (2) and (2A) of Section 73 of the Companies Act, 1956.
Filing of the Draft Prospectus
The Draft Prospectus has been filed with NSE on [●], 2011 in terms of Regulation 7 of the Debt Regulations for
dissemination on their website(s).
Debenture Redemption Reserve
Section 117C of the Act states that any company that intends to issue debentures must create a DRR to which adequate
amounts shall be credited out of the profits of the company until the redemption of the debentures. The Ministry of
- 218 -

Corporate Affairs has, through its circular dated April 18, 2002, (“Circular”), specified that the quantum of DRR to be
created before the redemption liability actually arises in normal circumstances should be ‘adequate’ to pay the value of the
debentures plus accrued interest, (if not already paid), till the debentures are redeemed and cancelled. The Circular however
further specifies that, for NBFCs like our Company, (NBFCs which are registered with the RBI under Section 45-IA of the
RBI Act), the adequacy of the DRR will be 50% of the value of debentures issued through the public issue. Accordingly, our
Company is required to create a DRR of 50% of the value of debentures issued through the public issue. As further clarified
by the Circular, the amount to be credited as DRR will be carved out of the profits of the company only and there is no
obligation on the part of the company to create DRR if there is no profit for the particular year. Our Company shall credit
adequate amounts of DRR, from its profits every year until such NCDs are redeemed. The amounts credited to DRR shall
not be utilized by the company except for the redemption of the NCDs.
Issue Related Expenses
The expenses of this Issue include, among others, Fees for the Lead Managers and the Co-Lead Managers, printing and
distribution expenses, legal fees, advertisement expenses and listing fees. The estimated Issue expenses to be incurred for the
Issue size of upto ` 1,00,000 lacs (assuming the full subscription including the retention of over subscription of upto `
50,000 lacs) are as follows:
(` in lacs)
Activity
Expenses
Lead Management Fee/ Underwriting Commission
[●]
Advertising and Marketing Expenses
[●]
Printing and Stationery
[●]
Fees payable legal advisors to the Issue
[●]
Fess payable to the Registrars to the Issue
[●]
Fees payable to the Debenture Trustee
[●]
Others (Brokerage, Credit Rating Fee, Etc.)
[●]
Total
[●]
The above expenses are indicative and are subject to change depending on the actual level of subscription to the Issue and
the number of Allottees, market conditions and other relevant factors.
Underwriting
The Issue has not been underwritten.
Details regarding the public issue during the last three years by our Company and other listed companies under the
same management within the meaning of section 370(1B):
Our Company has not made any public or rights or composite issue of capital during the last three years. There are no listed
companies under the same management within the meaning of Section 370(1) (B) of the Companies Act, 1956.
Public / Rights Issues
Our Company has not made any public or rights issuances in the last five years.
Previous Issue
Pursuant to a prospectus dated July 16, 2009 our Company made a public issue of 99,99,996 secured non convertible
debentures of face value ` 1,000.00 each and pursuant to a prospectus dated May 6, 2010 our Company made a public issue
of 41,68,968 secured non convertible debentures and 8,31,031 unsecured non convertible debentures of face value of `
1,000 each.
- 219 -

Other than as specifically disclosed in this Draft Prospectus, our Company has not issued any securities for consideration
other than cash.
Commissions and Brokerage on previous issue
` 1,237.49 lacs was incurred towards commission and brokerage in connection with the public issue of 9,999,996 secured
non convertible debentures of face value ` 1,000.00 each pursuant to the prospectus dated July 16, 2009 and ` 532.77 lacs
was incurred towards commission and brokerage in connection with the public issue of 41,68,968 secured non convertible
debentures and 8,31,031 unsecured non convertible debentures of face value ` 1,000.00 each pursuant to the prospectus
dated May 6, 2010.
Stock Market Data
A. Our Equity Shares
Our Equity Shares are listed on the NSE, BSE and MSE. However our Equity Shares have not been traded on the MSE since
February 2000. Our Company has made an application dated June 1, 2011 to the Madras Stock Exchange Limited for
delisting of the equity shares of our Company.
The high, low and average market prices of the Equity Shares of our Company during the preceding three years:
BSE
Year Date of High High
(`)
Volume on date
of High
(No. of Shares)
Date of
Low
2008 January 16, 408.45 23,018 December
2008
12, 2008
2009 December 484.90 72,914 March 12,
31, 2009
2009
2010 November 894.20 11766 February
04, 2010
25, 2010
(Source: www.bseindia.com)
Low
(`)
Volume on
Date of low
(No. of Shares)
Average (`)
190.25 27,142 299.35
181.80 1,233 333.35
430.95 34,801 662.58
NSE
Year
Date of
High
High
(`)
Volume on date
of High
(No. of Shares)
Date of
Low
2008 January 16,
2008
408.05 52,132 December
12, 2008
2009 December 487.90 2,45,151 April 06,
31, 2009
2009
2010 November 893.35 1,49,590 February
04, 2010
25, 2010
(Source: www.nseindia.com)
Low
(`)
Volume on
Date of low
(No. of Shares)
Average (`)
189.70 1,37,507 298.88
182.85 1,02,272 335.38
431.00 2,43,753 662.18
Notes
• High, low and average prices are of the daily closing prices.
• In case of two days with the same closing price, the date with higher volume has been considered.
Monthly high and low prices and trading volumes on the Stock Exchanges for the six months preceding the date of filing of
this Draft Prospectus:
BSE
- 220 -

Month
Date
High Volume (No.
Low Volume (No. Average
Date
(`) of Shares)
(`) of Shares) (`)
May 2011 May 24, 2011 747.50 1,36,813 May 05, 2011 610.05 2,35,115 678.78
April 2011 April 20, 2011 823.20 4,795 April 29, 2011 774.65 30,421 798.93
March 2011 March 04, 798.85 91,905 March 16, 2011 720.75 20,929 759.80
2011
February 2011 February 21, 760.60 6,089 February 02, 662.90 14,381 711.75
2011
2011
January 2011 January 03, 782.15 8,100 January 31, 683.75 44,150 732.95
2011
2011
December 2010 December 03, 859.15 47,069 December 09, 718.65 63,661 788.90
2010
2010
(Source: www.bseindia.com)
NSE
Month
Date
High Volume (No. of
Low Volume (No. of Average
Date
(`) Shares)
(`) Shares) (`)
May 2011 May 24, 2011 746.90 1,386,386 May 05, 2011 608.60 22,99,268 677.75
April 2011 April 20, 2011 825.45 71,969 April 29, 2011 774.90 6,30,303 800.18
March 2011 March 04,2011 800.35 9,01,843 March 16, 2011 719.90 7,62,546 760.13
February 2011 February 21, 764.35 4,44,337 February 02, 661.55 2,15,782 712.95
2011
2011
January 2011 January 03, 783.10 52,234 January 31, 2011 686.75 3,72,409 734.93
2011
December 2010 December 03,
2010
(Source: www.nseindia.com)
855.70 5,11,005 December 10,
2010
717.50 15,64,448 786.60
Notes
• High, low and average prices are of the daily closing prices.
• In case of two days with the same closing price, the date with higher volume has been considered.
Details of the volume of business transacted during the last six months on the Stock Exchanges where our securities are
listed:
(` lacs)
Period BSE NSE
May 2011 22,324,54 2,46,427.77
April 2011 4,537.08 48,197.20
March 2011 5,440.72 58,128.97
February 2011 6,354.73 53,341.10
January 2011 3,507.37 41,584.61
December 2010 5,847.26 78,114.93
(Source: www.bseindia.com, www.nseindia.com)
B. Trading of Debentures
The following privately placed debentures issued by our Company have been traded on the WDM segment of NSE in the
last 3 years preceding the date of this Draft Prospectus:
ISIN No. Date of Trade Last Trade
Price(` in
lacs)
Last Trade
Value(` in
lacs)
Total Trade
Value(` in
lacs)
Last Trade
Yield (%)
per annum
Weighted
Average Price
(` in lacs)
INE721A07242 July 21, 2009 103.6359 2,500 5,000 7.2111 103.6126
INE721A07242 January 12, 2010 102.2919 5,000 5,000 6.0665 102.2919
- 221 -

ISIN No. Date of Trade Last Trade
Price(` in
lacs)
Last Trade
Value(` in
lacs)
Total Trade
Value(` in
lacs)
Last Trade
Yield (%)
per annum
Weighted
Average Price
(` in lacs)
INE721A07259 April 9, 2009 101.9489 1,500 1,500 9.6806 101.9489
INE721A07259 July 21, 2009 103.8162 1,500 1,500 7.2584 103.8162
INE721A07259 October 6, 2009 102.2086 200 200 8.2500 102.2086
INE721A07259 March 10, 2010 101.5183 1,000 1,000 6.434 101.5183
INE721A07283 April 29, 2010 101.1368 1,000 1,000 4.7903 101.1368
INE721A07309 January 12, 2010 102.4161 2,500 2,500 6.0843 102.4161
INE721A07309 April 12, 2010 101.2991 2,500 2,500 6.0254 101.2991
INE721A07309 July 2, 2010 100.2057 2,500 2,500 7.2341 100.2057
INE721A07317 August 7, 2009 101.3000 1,000 1,000 0.0000 101.3000
INE721A07333 April 20, 2009 100.6438 2,500 2,500 8.2545 100.6438
INE721A07333 May 13, 2009 100.8642 1,500 1,500 7.1704 100.8642
INE721A07424 October 8, 2009 102.4877 2,500 2,500 7.4103 102.4877
INE721A07424 October 29, 2009 102.8835 2,500 2,500 6.7715 102.8835
INE721A07424 November 3, 2009 102.8486 2,500 2,500 6.7688 102.8486
INE721A07531 October 23, 2009 102.8302 2,061 2,061 7.2318 102.8302
INE721A07531 July 28, 2010 100.5854 2,000 2,000 7.1952 100.5854
INE721A07549 April 2, 2009 98.7184 2,500 2,500 11.1000 98.7184
INE721A07549 April 8, 2009 98.7289 1,500 1,500 11.1000 98.7289
INE721A07549 April 24, 2009 98.7476 1,500 1,500 11.1127 98.7476
INE721A07549 September 1, 2009 101.7763 4,000 4,000 8.4852 101.7763
INE721A07549 September 2, 2009 101.7573 4,000 4,000 8.5000 101.7573
INE721A07549 September 8, 2009 102.1541 2,500 2,500 8.1000 102.1541
INE721A07549 September 16, 2009 102.4794 2,500 2,500 7.7500 102.4794
INE721A07549 October 23, 2009 102.1060 2,044 2,044 7.9392 102.1060
INE721A07549 November 3, 2009 103.1823 3,000 3,000 6.6802 103.1823
INE721A07549 February 26, 2010 101.7726 2,000 2,000 7.1898 101.7726
INE721A07598 April 21, 2009 96.3000 500 500 14.1740 96.3000
INE721A07598 April 23, 2009 96.3100 500 500 14.1630 96.3100
INE721A07655 April 21, 2009 92.1479 2,500 2,500 0.0000 92.1479
INE721A07663 August 26, 2009 100.3213 5,613 5,613 3.4500 100.3213
INE721A07689 October 6, 2009 103.1998 700 700 8.7175 103.1998
INE721A07929 November 18, 2009 102.5428 2,667 2,667 7.4024 102.5428
Note: The security INE721A07AB8 having face value ` 90 crores having a redemption date of April 12, 2011, has been bought back on March 25, 2011
The following debentures issued by our Company have been traded on the WDM segment of NSE and BSE in the last 6
months preceding the date of this Draft Prospectus:
- 222 -

NSE
Month
May 2011
April 2011
March 2011
February
2011
January 2011
December
2010
Date of
High
May 30,
2011
April 11,
2011
March 14,
20111
February
23, 2011
January 3,
2011
December
31, 2010
High (`)
SCRIP CODE: N 1
ISIN -INE721A07952
Volume on
date of High
(No. of
Debentures)
1,038.00 2
1,040.00 168
1,059.98 189
1,052.19 15
1,066.75 232
1,052.20 185 December
10, 2010
SCRIP CODE: N 2
ISIN –INE721A07960
Date of Low Low (`) Volume on
date of Low
(No. of
Debentures)
May 24,
2011
April 4,
2011
March 15,
2011
February 1,
2011
January 17,
2011
Average
(`)
1,020.00 338 1,029.00
1,022.00 273 1,031.00
1,005.00 560 1,032.49
1,044.05 233 1,048.12
1,029.25 191 1,048.00
1,019.00 1 1,035.60
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
Date of
Low
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
May 2011 May 27, 2011 1,037.00 47 May 4, 2011 1,013.01 70 1,025.01
April
2011
March
2011
February
2011
January
2011
December
2010
April 7, 2011
March 8, 2011
February 21,
2011
January 21,
2011
December 28,
2010
1,050.00 92
1,115.98 100
1,102.00 910
1,092.25 284
1,098.00 230
SCRIP CODE: N 3
April 1,
2011
March 23,
2011
February 9,
2011
January 5,
2011
December 2,
2010
ISIN –INE721A07978
1,029.80 97 1,039.90
1,010.01 300 1,063.00
1,084.05 469 1,093.03
1,055.00 2 1,073.63
1,065.00 335 1,081.50
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
May 2011 May 10, 2011 1,187.00 150
April
2011
March
2011
April 25, 2011 1,195.90 339
March 30,
2011
1,175.10 503
Date of Low Low (`) Volume on
date of Low
(No. of
Debentures)
May 23,
2011
April 1,
2011
March 8,
2011
Average
(`)
1,170.41 50 1,178.71
1,174.16 146 1,185.03
1,140.05 100 1,157.58
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SCRIP CODE: N 3
ISIN –INE721A07978
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
February February 23,
2011
2011
1,149.00 182
January January 4,
1,155.12 2083
2011
December
2010
2011
December 28,
2010
1,155.00 380
Date of Low Low (`) Volume on
date of Low
(No. of
Debentures)
February 11,
2011
January 6,
2011
December 7,
2010
Average
(`)
1,132.04 291 1,140.52
1,125.52 229 1,140.32
1,132.00 100 1,143.50
SCRIP CODE: N 4
ISIN – INE721A07986
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
May 2011 May 20, 2011 1,060.00 5
April
2011
March
2011
February
2011
January
2011
December
2010
April 18, 2011 1,032.00 55
March 14,
2011
February 16,
2011
January 4,
2011
December 31,
2010
1,105.00 535
1,100.00 85
1,088.99 50
1060.00 5
Date of
Low
May 6,
2011
April 6,
2011
March 17,
2011
February 9,
2011
January 25,
2011
December
16, 2010
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
1,014.08 51 1,037.04
1,009.01 10 1,020.51
986.04 40 1,045.52
1,066.00 100 1,083.00
1,070.00 195 1,079.50
1,037.50 1 1,048.75
SCRIP CODE: N 5
ISIN- INE721A07994
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
May 2011 May 25, 2011 1,015.10 50
April
2011
March
2011
February
2011
January
2011
December
2010
April 1, 2011 1,015.00 99
March 3, 2011 1,120.00 100
February 23,
2011
January 11,
2011
December 27,
2010
1,104.89 44
1,100.00 116
1,139.97 5
Date of
Low
May 2,
2011
April 6,
2011
March 29,
2011
February 9,
2011
January 21,
2011
December
16, 2011
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
1,000.16 2 1,007.63
995.34 220 1,005.17
992.07 160 1,056.04
1,052.31 28 1,078.60
1,050.07 100 1,075.04
1,025.55 1 1,082.76
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SCRIP CODE: N 6
ISIN- INE721A07AL7
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
May 2011 May 2, 2011 980.00 254
April
2011
March
2011
February
2011
January
2011
December
2010
April 18,2 011 980.00 10
March 3, 2011 1,005.01 109
February 23,
2011
January 13,
2011
December 21,
2010
1,015.00 26
1,040.00 295
1,021.90 1
Date of
Low
May 23,
2011
April 27,
2011
March 28,
2011
February 2,
2011
January 12,
2011
December
20, 2010
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
958.78 25 969.39
970.00 195 975.00
990.00 5 997.51
965.00 1 990.00
1,005.00 155 1,022.50
1,000.31 175 1,011.11
SCRIP CODE: N 7
ISIN- INE721A07AK9
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
- 225 -
Date of
Low
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
May 2011 - - - - - - -
April
2011
- - - - - - -
March
2011
- - - - - - -
February February 3,
February 3,
1,030.00 15
2011
2011
2011
1,030.00 15 1,030.00
January
2011
- - - - - - -
December
2010
- - - - - - -
SCRIP CODE: N 8
ISIN- INE721A07AJ1
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
Date of
Low
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
May 2011 - - - - - - -
April
2011
March
2011
February
2011
- - - - - - -
- - - - - - -
- - - - - - -

SCRIP CODE: N 8
ISIN- INE721A07AJ1
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
January
2011
December
2010
January 13,
2011
1,035.00 254
Date of
Low
January 13,
2011
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
1,035.00 254 1,035.00
- - - - - - -
SCRIP CODE: N 9
ISIN- INE721A07AO1
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
May 2011 May 2, 2 011 995.00 133
April
2011
March
2011
February
2011
January
2011
December
2010
April 13, 2011 1,008.50 5
March 8, 2011 1,045.99 51
February 22,
2011
January 31,
2011
December 29,
2010
1,047.50 595
1,027.99 334
1,025.00 40
Date of
Low
May 25,
2011
April 29,
2011
March 17,
2011
February 1,
2011
January 7,
2011
December
10, 2010
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
977.00 106 986.00
990.51 439 999.51
981.10 920 1,013.55
1,028.50 2,044 1,038.00
1,016.33 240 1,022.16
1,016.72 112 1,020.86
SCRIP CODE: N A
ISIN- INE721A07AN3
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
Date of
Low
May 2011 May 20, 2011 1,000.00 900
May 20,
2011
April April 29, 2011 999.90 1000 April 29,
2011
2011
March March 7, 2011 1,020.00 200 March 24,
2011
2011
February February 1, 1,013.00 300 February
2011
2011
22, 2011
January January 24, 1,018.00 100 January 13,
2011
2011
2011
December December 3, 1,009.00 125 December
2010
2010
2, 2010
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
1,000.00 900 1,000.00
999.90 1000 999.90
985.00 3400 1,002.50
1,010.00 200 1,011.50
1,000.00 15 1,009.00
1,005.00 75 1,007.00
- 226 -

SCRIP CODE: N C
ISIN- INE721A07AR4
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
May 2011 May 30, 2011 1000.00 15
April
2011
March
2011
February
2011
January
2011
December
2010
April 27, 2011 999.35 50
March 9, 2011 1,064.62 206
February 7,
2011
January 18,2
011
December 31,
2010
1,053.89 390
1,056.00 900
1,054.89 500
Date of
Low
May 12,
2011
April 4,
2011
March 23,
2011
February
17, 2011
January 20,
2011
December
8, 2010
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
981.05 21 990.53
989.36 1130 994.36
984.72 4461 1,024.67
1,043.06 1147 1,048.48
1,049.83 770 1,052.92
1,034.00 328 1,044.45
SCRIP CODE: N D
ISIN- INE721A07AQ6
Month Date of High High (`) Volume on
date of High
Date of
Low
Low (`) Volume on
date of Low
Average
(`)
(No. of
Debentures)
(No. of
Debentures)
May 2011 - - - - - - -
April
April 4, 2011 990.00 10
April 5,
978.01 358 984.01
2011
March
2011
February
2011
January
2011
December
2010
March 14,
2011
January 25,
2011
1,085.50 1000
2011
March 23,
2011
970.00 2822 1,027.75
- - - - - - -
1,050.00 100
January 5,
2011
1,044.25 2750 1,047.13
- - - - - - -
SCRIP CODE: N E
ISIN- INE721A07AP8
Month Date of High High (`) Volume on
date of High
Date of
Low
Low (`) Volume on
date of Low
Average
(`)
(No. of
Debentures)
(No. of
Debentures)
May 2011 - - - - - - -
April
2011
- - - - - - -
March - - - - - - -
- 227 -

SCRIP CODE: N E
ISIN- INE721A07AP8
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
2011
February
2011
January
2011
December
2010
January 13,
2011
Date of
Low
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
- - - - - - -
1,040.00 169
January 13,
2011
1,040.00 169 1,040.00
- - - - - - -
SCRIP CODE: N F
ISIN- INE721A08984
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
Date of
Low
May 2011 May 25, 2011 1,050.00 22
May 05,
2011
April April 15, 2011 1,029.68 105 April 01,
2011
2011
March March 23, 1,008.50 200 March 17,
2011
2011
2011
February February 1, 1,002.00 21 February
2011
2011
16, 2011
January January 6, 1,000.00 325 January 20,
2011
2011
2011
December December 24, 999.75 16 December
2010
2010
8, 2010
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
1,021.50 371 1,035.75
1,005.00 510 1,017.34
996.23 72 1,002.37
975.00 260 988.50
989.00 129 994.50
991.30 750 995.53
SCRIP CODE: N I
ISIN- INE721A08AC4
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
May 2011 May 19, 2011 1,014.90 4
April
2011
March
2011
February
2011
January
2011
December
2010
April 11, 2011 1,015.99 227
March 4, 2011 1,071.22 153
February 16,
2011
January 25,
2011
December 24,
2010
1,071.11 490
1,066.15 1137
1,054.30 100
- 228 -
Date of
Low
May 10,
2011
April 1,
2011
March 18,
2011
February
24, 2011
January 31,
2011
December
10, 2010
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
995.00 240 1,004.95
1,000.00 441 1,008.00
985.00 287 1,028.11
1,057.55 390 1,064.33
1,040.00 2 1,053.08
1,025.00 42 1,039.65

(Source: www.nseindia.com)
- 229 -

BSE
SCRIP CODE-934785
ISIN: INE721A07952
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
May 2011 May 3, 2011 1,049.20 10
April
2011
March
2011
February
2011
January
2011
December
2010
April 13, 2011 1,043.97 47
March 3, 2011 1,060.10 12
February 16,
2011
January 5,
2011
December 31,
2010
1,052.00 40
1053.99 96
1,072.00 3
Date of
Low
May 12,
2011
April 4,
2011
March 24,
2011
February 2,
2011
January 31,
2010
December
7, 2010
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
1,025.02 3 1,037.11
1,018.00 10 1,030.99
987.56 10 1,023.83
1,035.00 50 1,043.50
1,025.01 10 1,039.50
1,016.02 15 1,044.01
SCRIP CODE-934786
ISIN: INE721A07960
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
May 2011
May 27,
2011
1,040.00 4
April 2011
April 15,
2011
1,049.19 20
March
March 9,
2011
2011
1,106.00 172
February February 22,
2011
2011
1,101.90 11
January January 10,
1097.87 56
2011
December
2010
2011
December
29, 2010
1,090.00 100
Date of
Low
May 20,
2011
April 4,
2011
March 18,
2011
February
24, 2011
January 20,
2011
December
8, 2010
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
1,022.07 201 1,031.35
1,015.01 104 1,032.10
1,020.00 83 1,063.00
1,080.03 30 1,090.97
1,080.00 130 1,088.94
1,067.65 210 1,078.83
SCRIP CODE-934787
ISIN: INE721A07978
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
- 230 -
Date of
Low
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
May 27,
May 2011 May 4, 2011 1,184.00 23
1,169.12 105 1,176.56
2011
April 26,
April 5,
April 2011
1,190.00 115
1,166.00 425 1,178.00
2011
2011
March March 30,
March 11,
1,170.00 305
1,131.01 15 1,150.51
2011
2011
2011
February February 22, 1,155.00 60 February 8, 1,127.00 30 1,141.00

SCRIP CODE-934787
ISIN: INE721A07978
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
Date of
Low
2011 2011 2011
January
2011
December
2010
January 20,
2011
December 3,
2010
1,174.50 75
1,140.00 189
January 21,
2011
December
9, 2010
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
1,125.56 41 1,150.03
1,120.00 235 1,130.00
SCRIP CODE-934788
ISIN: INE721A07986
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
May 2011
May 13,
2011
1,030.00 30
April 2011
April 13,
2011
1,049.20 15
March
March 4,
2011
2011
1,095.00 90
February February 3,
2011
2011
1,095.00 6
January January 17,
1,100.00 10
2011
December
2010
2011
December
31, 2010
1,075.00 10
Date of
Low
May 3,
2011
April 6,
2011
March 28,
2011
February
14, 2011
January 10,
2011
December
7, 2010
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
1,027.02 70 1,028.51
1,010.00 50 1,029.60
1,010.00 25 1,052.50
1,051.00 180 1,073.00
1,085.00 50 1,092.50
1,060.50 2 1,067.75
SCRIP CODE-934789
ISIN: INE721A07994
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
May 2011
May 19,
2011
1,022.20 25
April 2011
April 11,
2011
1,029.19 70
March March 14,
2011
2011
1,100.00 61
February February 3,
2011
2011
1,070.15 80
January January 18,
1,095.00 32
2011
December
2010
2011
December
31, 2010
1,065.05 2
Date of
Low
May 4,
2011
April 4,
2011
March 29,
2011
February
15, 2011
January 17,
2011
December
2, 2010
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
1,000.17 35 1,011.19
1,004.99 66 1,017.09
990.25 141 1,045.13
1,055.55 100 1,062.85
1,062.15 60 1,078.58
1,030.01 40 1,047.53
- 231 -

SCRIP CODE-934793
ISIN: INE721A07AL7
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
May 2011
May 12,
2011
1,000.00 10
April 2011 April 5, 2011 1,010.00 1
March
2011
February
2011
January
2011
December
2010
March 10,
2011
February 8,
2011
January 4,
2011
December 7,
2010
1,017.00 20
1,017.00 5
1,015.00 140
1,005.00 6
Date of
Low
May 6,
2011
April 13,
2011
March 24,
2011
February 1,
2011
January 10,
2011
December
27, 2010
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
961.71 4 980.86
1,005.00 5 1,007.50
928.10 19 972.55
1,012.00 26 1,014.50
1,013.00 10 1,014.00
1,001.00 20 1,003.00
SCRIP CODE-934797
ISIN: INE721A07AN3
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
Date of
Low
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
May 2011 - - - - - - -
April 2011 - - - - - - -
March March 28,
March 28,
973.10 10
2011
2011
2011
973.10 10 973.10
February
2011
- - - - - - -
January
2011
- - - - - - -
December
2010
- - - - - - -
SCRIP CODE-934796
ISIN: INE721A07AO1
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
May 2011 May 3, 2011 997.99 40
April 2011 April 4, 2011 1,009.98 10
March
2011
February
2011
January
2011
March 16,
2011
February 16,
2011
January 28,
2011
1,020.00 498
1,040.00 250
1,042.99 10
- 232 -
Date of
Low
May 9,
2011
April 21,
2011
March 22,
2011
February 3,
2011
January 6,
2011
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
950.00 50 974.00
1,000.57 40 1,005.28
952.31 510 986.16
1,035.00 144 1,037.50
1,015.00 15 1,029.00

SCRIP CODE-934796
ISIN: INE721A07AO1
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
December
2010
December
30, 2010
1,034.00 500
Date of
Low
December
28, 2010
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
1,024.87 235 1,029.44
SCRIP CODE-934801
ISIN: INE721A07AP8
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
- 233 -
Date of
Low
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
May 2011 - - - - - - -
April 2011 - - - - - - -
March March 11,
March 11,
1,048.50 400
2011
2011
2011
1,048.50 400 1,048.50
February
2011
- - - - - - -
January January 12,
January 11,
1,049.00 400
2011
2011
2011
1,045.00 800 1,047.00
December December
December
1,036.50 1000
2010
20, 2010
21, 2010
945.00 1000 990.75
SCRIP CODE-934800
ISIN: INE721A07AQ6
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
Date of
Low
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
May 2011 - - - - - - -
April 13,
April 7,
April 2011
985.20 440
978.51 101 981.86
2011
2011
March March 17,
March 17,
1,000.00 500
1,000.00 500 1,000.00
2011
2011
2011
February
- - - - - - -
2011
January January 12,
January 12,
1,045.00 1000
1,044.50 1000 1,044.75
2011
2011
2011
December
- - - - - - -
2010
SCRIP CODE-934799
ISIN: INE721A07AR4
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
Date of
Low
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
May 2011 May 12, 1,044.00 4 May 5, 980.00 40 1,012.00

SCRIP CODE-934799
ISIN: INE721A07AR4
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
April 2011
March
2011
February
2011
January
2011
December
2010
Date of
Low
2011 2011
April 19,
April 5,
999.90 51
2011
2011
March 14,
March 28,
1,055.00 1000
2011
2011
February 14,
February
1,049.00 249
2011
18, 2011
January 19,
January 28,
1,056.00 300
2011
2011
December 1,
December
1,074.00 100
2010
8, 2010
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
990.00 1271 994.95
986.00 477 1,020.50
1,037.00 100 1,043.00
1,033.00 10 1,044.50
1,035.00 486 1,054.50
SCRIP CODE-934804
ISIN: INE721A08968
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
- 234 -
Date of
Low
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
May 2011 - - - - - - -
April 2011 - - - - - - -
March March 23,
March 23,
1,001.00 5000
2011
2011
2011
1,001.00 5000 1,001.00
February
2011
- - - - - - -
January
2011
- - - - - - -
December
2010
- - - - - - -
SCRIP CODE-934803
ISIN: INE721A08976
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
Date of
Low
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
May 2011 - - - - - - -
April 2011 - - - - - - -
March March 11,
March 11,
1,036.50 300
2011
2011
2011
1,036.50 300 1,036.50
February
2011
- - - - - - -
January
2011
- - - - - - -
December
2010
- - - - - - -

SCRIP CODE-934802
ISIN: INE721A08984
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
May 2011
May 30,
2011
1,045.05 120
April 2011
April 18,
2011
1,029.99 70
March March 29,
2011
2011
1,005.00 20
February February 2,
2011
2011
997.90 10
January January 6,
1,007.99 45
2011
December
2010
2011
December 2,
2010
1,003.00 20
Date of
Low
May 19,
2011
April 4,
2011
March 28,
2011
February
11, 2011
January 27,
2011
December
22, 2010
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
1,020.00 300 1,032.53
1,001.00 315 1,015.50
990.00 200 997.50
971.00 87 984.45
980.00 350 994.00
981.03 5 992.02
SCRIP CODE-934805
ISIN: INE721A08AC4
Month Date of High High (`) Volume on
date of High
(No. of
Debentures)
May 2011
May 13,
2011
1,018.00 12
April 2011
April 28,
2011
1,011.95 100
March
March 4,
2011
2011
1,058.00 23
February February 28,
2011
2011
1,088.00 100
January January 31,
1,068.99 51
2011
December
2010
2011
December
30, 2010
1,027.00 83
Date of
Low
May 31,
2011
April 1,
2011
March 22,
2011
February 2,
2011
January 12,
2011
December
8, 2010
Low (`)
Volume on
date of Low
(No. of
Debentures)
Average
(`)
995.00 45 1,006.50
991.05 1 1,001.50
965.00 150 1,011.50
1,039.50 40 1,063.75
1035.00 10 1,052.00
1,019.00 12 1,023.00
Save as disclosed hereinabove, other privately placed debentures issued by our Company which are listed on the WDM
segment of NSE and BSE have not been traded in the last three years.
Debentures or bonds and redeemable preference shares and other instruments issued by our Company and
outstanding
As on March 31, 2011 our Company has listed rated/ unrated, secured/ unsecured, non-convertible redeemable debentures
and listed subordinated debt aggregating to an outstanding amount of ` 4,68,101.72 lacs. Apart from the above, there are no
outstanding debenture bonds, redeemable preference shares or other instruments issued by our Company that are
outstanding. Redeemable non-convertible debentures for an aggregate of ` 99,999.96 lacs publically issued and allotted by
our Company in July 2009 are listed on NSE and BSE and redeemable non-convertible debentures for an aggregate of `
49,999.99 lacs publically issued and allotted by our Company in May 2010 are listed on NSE and BSE.
- 235 -

Dividend
Our Company has no stated dividend policy. The declaration and payment of dividends on our shares will be recommended
by our Board of Directors and approved by our shareholders, at their discretion, and will depend on a number of factors,
including but not limited to our profits, capital requirements and overall financial condition.
The Board of Directors, at the meeting held on April 29, 2011 has recommended a final dividend of ` 4/- per Equity Share at
the rate of 40 % for the Financial Year 2010-2011, subject to the shareholders approval. The following table details the
dividend declared/recommended by our Company on the Equity Shares for the Financial Years ended March 31, 2007, 2008
,2009, 2010 and 2011
Particulars
Year ended As at 31st March ` In Lacs
2011 2010 2009 2008 2007
Interim Dividend
Rate of Dividend 25% 20% 10% 10% 10%
Number of Equity Shares on
which Interim Dividend paid 22,55,38,218 21,27,37,916 20,35,02,416 20,31,35,416 17,49,01,466
Amount of Interim Dividend 5,638.46 4,254.76 2,035.03 2,031.35 1,749.01
Dividend Distribution Tax 936.45 723.10 345.90 345.23 245.30
Final Dividend for the
previous year
Rate of Dividend - 40% 40% 20% -
Number of Equity Shares on
which Final Dividend paid - 81,29,550 2,63,100 69,42,500 -
Amount of Final Dividend - 325.18 10.52 138.85 -
Dividend Distribution Tax - 55.26 1.79 23.60 -
Proposed Final Dividend for
the current year
Rate of Dividend 40% 40% 40% 40% 20%
Number of Equity Shares on
which dividend paid 22,61,60,668 22,55,17,818 20,35,11,616 20,31,35,416 18,41,58,716
Amount of Final Dividend 9,046.43 9,020.71 8,140.46 8,125.42 3,683.17
Dividend Distribution Tax 1,502.50 1,498.25 1,383.47 1,380.91 625.95
Pursuant to a resolution passed by our Board of Directors at their meeting held on April 29, 2011, our Board of Directors
recommended a final dividend at a rate of ` 4/- per Equity Share for payment to the shareholders of our Company for the
financial year ended March 31, 2011 aggregating to an amount of ` 9,046.43 lacs. The aforesaid final dividend is subject to
the approval of the shareholders of our Company.
Our Company has not declared any dividend on the preference shares of our Company for the Financial Years ended March
31, 2007, 2008, 2009, 2010 and 2011.
Revaluation of assets
- 236 -

The Company has not revalued its assets in the last five years.
Mechanism for redressal of investor grievances
The MoU between the Registrar to the Issue and our Company will provide for retention of records with the Registrar to the
Issue for a period of at least three years from the last date of despatch of the Allotment Advice, demat credit and refund
orders to enable the investors to approach the Registrar to the Issue for redressal of their grievances.
All grievances relating to the Issue may be addressed to the Registrar to the Issue, giving full details such as name, address
of the applicant, number of NCDs applied for, amount paid on application and the bank branch or collection centre where the
application was submitted. The contact details of Registrar to the Issue are as follows:
Integrated Enterprises (India) Limited
2nd Floor,
Kences Towers,
No1, Ramakrishna Street,
North Usman Road, T. Nagar,
Chennai - 600 017
Tel: + 91 44 2814 0801, +91 44 2814 0802, +91 44 2814 0803
Fax: +91 44 2814 2479
Email: stfcipo@iepindia.com
Investor Grievance Email: sureshbabu@iepindia.com
Website: www.iepindia.com
Contact Person: Ms. Anusha N and Mr. Sriram S
SEBI Registration No.: INR000000544
We estimate that the average time required by us or the Registrar to the Issue for the redressal of routine investor grievances
will be 7 (seven) business days from the date of receipt of the complaint. In case of non-routine complaints and complaints
where external agencies are involved, we will seek to redress these complaints as expeditiously as possible.
Mr. K. Prakash has been appointed as the Compliance Officer of our Company for this issue.
The contact details of Compliance officer of our Company are as follows:
Mr. K. Prakash,
Wockhardt Towers, Level-3
West Wing, C–2, G Block, Bandra – Kurla Complex
Bandra (East)
Mumbai – 400 051
Tel. No. +91 22 4095 9595
Fax No.: +91 22 4095 9596/97
Email: stfcncd3comp@stfc.in
Change in Auditors of our Company during the last three years
There has been no change(s) in the Statutory Auditors of our Company in the last 3 (three) financial years preceding the date
of this Draft Prospectus.
- 237 -

REGULATIONS AND POLICIES
The regulations summarised below are not exhaustive and are only intended to provide general information to Investors and
is neither designed nor intended to be a substitute for any professional legal advice. Taxation statutes such as the IT Act,
Central Sales Tax Act, 1956 and applicable local sales tax statutes, labour regulations such as the Employees State
Insurance Act, 1948 and the Employees Provident Fund and Miscellaneous Act, 1952, and other miscellaneous regulations
such as the Trade and Merchandise Marks Act, 1958 and applicable Shops and Establishments statutes apply to us as they
do to any other Indian company and therefore have not been detailed below. The following information is based on the
current provisions of applicable Indian law, which are subject to change or modification by subsequent legislative,
regulatory, administrative or judicial decisions.
As per the RBI Act, a financial institution has been defined as a company which includes a non-banking institution carrying
on as its business or part of its business the financing activities, whether by way of making loans or advances or otherwise,
of any activity, other than its own and it is engaged in the activities of loans and advances, acquisition of
shares/stock/bonds/debentures/securities issued by the Government of India or other local authorities or other marketable
securities of like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose
principal business is that of carrying out any agricultural or industrial activities or the sale/purchase/construction of
immovable property.
Any company which carries on the business of a non-banking financial institution as its principal business is to be treated as
an NBFC. Since the term 'principal business' has not been defined in law, the RBI has clarified through a press release (Ref.
No. 1998-99/ 1269) in 1999, that in order to identify a particular company as an NBFC, it will consider both the assets and
the income pattern as evidenced from the last audited balance sheet of the company to decide its principal business. The
company will be treated as an NBFC if its financial assets are more than 50 per cent of its total assets (netted off by
intangible assets) and income from financial assets should be more than 50 per cent of the gross income. Both these tests are
required to be satisfied as the determinant factor for principal business of a company.
With effect from 1997, NBFCs were not permitted to commence or carry on the business of a non banking financial
institution without obtaining a Certificate of Registration (CoR). Further, with a view to imparting greater financial
soundness and achieving the economies of scale in terms of efficiency of operations and higher managerial skills, the RBI
has raised the requirement of minimum net owned fund from ` 25 Lacs to ` 200 Lacs for the NBFC which commences
business on or after April 21, 1999. Further, every NBFC is required to submit to the RBI a certificate, from its statutory
auditor within one month from the date of finalization of the balance sheet and in any case not later than December 30th of
that year, stating that it is engaged in the business of non-banking financial institution requiring it to hold a CoR.
1. Regulation of NBFCs registered with the RBI
NBFCs are primarily governed by the RBI Act, 1934 (“RBI Act”), the Non-Banking Financial (Deposit Accepting
or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007, (“Prudential Norms”), the Non-
Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998, (“Public Deposit
Directions”), the Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms
(Reserve Bank) Directions, 2007 (“Non- Deposit Accepting NBFC Directions”), and the provisions of the Non-
Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998. In addition to these regulations,
NBFCs are also governed by various circulars, notifications, guidelines and directions issued by the RBI from time
to time.
2. Types of Activities that NBFCs are permitted to carry out
Although by definition, NBFCs are permitted to operate in similar sphere of activities as banks, there are a few
important, key differences. The most important distinctions are:
(i)
(ii)
an NBFC cannot accept deposits repayable on demand – in other words, NBFCs can only accept fixed
term deposits. Thus, NBFCs are not permitted to issue negotiable instruments, such as cheques which are
payable on demand; and
NBFCs are not allowed to deal in foreign exchange, even if they specifically apply to the RBI for approval
- 238 -

in this regard.
3. Types of NBFCs:
Section 45-IA of the RBI Act makes it mandatory for every NBFC to get itself registered with the Reserve Bank in
order to be able to commence any of the aforementioned activities.
Further, an NBFC may be registered as a deposit accepting NBFC (“NBFC-D”) or as a non-deposit accepting
NBFC (“NBFC-ND”).
NBFCs registered with RBI are further classified as:
(i)
(ii)
(iii)
(iv)
asset finance companies;
investment companies; and/or
loan companies and/or
infrastructure finance companies
Our Company has been classified as an NBFC-D and is further classified as an “asset finance company”. An asset
finance company is an NBFC whose principal business is to finance physical assets supporting productive /
economic activity, such as automobiles, tractors, lathe machines, generator sets, earth moving and material handling
equipments, moving on own power and general purpose industrial machines.
4. Regulatory Requirements of an NBFC under the RBI Act
Net Owned Fund
Section 45-IA of the RBI Act provides that to carry on the business of a NBFC, an entity would have to register as
an NBFC with the RBI and would be required to have a minimum net owned fund of ` 2,00,00,000 (Rupees two
crore only). For this purpose, the RBI Act has defined “net owned fund” to mean:
(a)
(b)
the aggregate of the paid-up equity capital and free reserves as disclosed in the latest balance sheet of the company,
after deducting (i) accumulated balance of losses, (ii) deferred revenue expenditure, and (iii) other intangible assets;
and
further reduced by the amounts representing,
(1) investment by such companies in shares of (i) its subsidiaries, (ii) companies in the same group, (iii) other
NBFCs, and
(2) the book value of debentures, bonds, outstanding loans and advances (including hire purchase and lease
finance) made to, and deposits with (i) subsidiaries of such companies; and (ii) companies in the same
group,
to the extent such amount exceeds 10% of (a) above.
Reserve Fund
In addition to the above, Section 45-IC of the RBI Act requires NBFCs to create a reserve fund and transfer therein
a sum of not less than 20% of its net profits earned annually before declaration of dividend. Such sum cannot be
appropriated by the NBFC except for the purpose as may be specified by the RBI from time to time and every such
appropriation is required to be reported to the RBI within 21 days from the date of such withdrawal.
Maintenance of liquid assets
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The RBI through notification dated January 31, 1998, as amended has prescribed that every NBFC shall invest
and continue to invest in unencumbered approved securities valued at a price not exceeding the current market
price of such securities an amount which shall, at the close of business on any day be not less than 10% in
approved securities and the remaining in unencumbered term deposits in any scheduled commercial bank; the
aggregate of which shall not be less than 15% of the public deposit outstanding at the last working day of the
second preceding quarter.
5. Obligations of NBFC-D under the Public Deposit Directions
The RBI’s Public Deposit Directions governs the manner in which NBFCs may accept and/or hold public deposits.
The Public Deposit Directions places the following restrictions on NBFCs in connection with accepting public
deposits:
1. Prohibition from accepting any demand deposits: NBFCs are prohibited from accepting any public deposit which is
repayable on demand.
2. Ceiling on quantum of deposits: A NBFC which is classified as an asset finance company, (a) having net owned
funds of ` 25,00,000/- (Rupees twenty five lac only) or more, and, (b) having complied with all prudential norms
relating to the capital adequacy ratio of not less than fifteen percent as per last audited balance-sheet, may, accept or
renew public deposits not exceeding one and one-half times of its net owned funds or public deposit up to `
10,00,00,000/- (Rupees ten crore), whichever is less. Further, an asset finance company, (a) having net owned funds
` 25,00,000/- (Rupees twenty five lac only) or more, (b) having complied with all the prudential norms, and (c)
having obtained minimum investment grade credit rating from a notified credit rating agency, may, accept or renew
public deposits not exceeding four times of its net owned funds.
3. Downgrading of credit-rating: In the event that the credit rating issued by a credit rating agency recognised by RBI,
for an asset finance company is downgraded below the minimum specified investment grade, with respect to the
relevant credit rating agency, the NBFC must (a) forthwith stop accepting public deposit, (b) report the position of
the credit rating within fifteen working days to the RBI, and, (c) reduce, within three years from the date of such
downgrading of credit rating, the amount of excess public deposit to nil or the appropriate extent as permitted under
the Public Deposit Directions, by repayment as and when such deposit falls due or otherwise.
4. Ceiling on rate of interest: An NBFC cannot invite or accept or renew public deposit at a rate of interest exceeding
twelve and half per cent per annum. Such interest may be paid or compounded at rests which shall not be shorter
than monthly rests.
5. Minimum lock-in period: An NBFC is prohibited from granting any loan against a public deposit or make
premature repayment of a public deposit within a period of three months from the date of acceptance of such public
deposit.
6. Obligations of NBFC-D under the Prudential Norms
NBFC-Ds are required to comply with prescribed capital adequacy ratios, single and group exposure norms, and
other specified prudential requirements prescribed under the Prudential Norms. Some of the important obligations
are as follows:
i) Income Recognition: NBFC-Ds are required to follow recognised accounting principles in connection with
recognition of income. Income including interest/discount or any other charges on NPA is recognised only
when it is actually realised. Any such income recognised before the asset became non-performing and
remaining unrealised must be reversed. With respect to hire purchase assets, where instalments are
overdue for more than 12 months, income shall be recognised only when hire charges are actually
received. Any such income taken to the credit of profit and loss account before the asset became nonperforming
and remaining unrealised, must be reversed.
ii) Asset Classification and provisioning of assets: Every NBFC-D is required to, after taking into account the
degree of well defined credit weaknesses and extent of dependence on collateral security for realisation,
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classify its lease/hire purchase assets, loans and advances and any other forms of credit into the following
classes, namely:
• Standard assets;
• Sub-standard assets;
• Doubtful assets; and
• Loss assets.
Further, an NBFC-D must, after taking into account the time lag between an account becoming nonperforming,
its recognition as such, the realisation of the security and the erosion over time in the value of
security charged, make provision against sub-standard assets, doubtful assets and loss assets in the manner
prescribed by RBI.
iii) Provisioning of Standard Assets: In terms of the requirement of the circular dated January 17, 2011 issued
by the RBI, NBFCs are required to make a general provision at 0.25 per cent of the outstanding standard
assets. The provisions on standard assets are not reckoned for arriving at net NPAs. The provisions
towards standard assets are not needed to be netted from gross advances but shown separately as
'Contingent Provisions against Standard Assets' in the balance sheet. NBFCs are allowed to include the
‘General Provisions on Standard Assets’ in Tier II capital which together with other ‘general provisions/
loss reserves’ will be admitted as Tier II capital only up to a maximum of 1.25 per cent of the total riskweighted
assets.
iv) Loans against NBFC’s own shares prohibited: No NBFC-D can lend against its own shares, as of July 1,
2008. Any outstanding loan granted by a NBFC-D against its own shares on the date of commencement of
these Directions shall be recovered by the NBFC as per the repayment schedule.
v) NBFC failing to repay public deposit prohibited from making loans and investments: A NBFC-D which
has failed to repay any public deposit or part thereof in accordance with the terms and conditions of such
deposit, cannot grant any loan or other credit facility by whatever name called or make any investment or
create any other asset as long as such default exists.
vi) Exposure to capital-markets: Every NBFC-D with total assets of ` 100 crore and above according to the
previous audited balance sheet, must submit a monthly return within a period of 7 days of the expiry of the
month to which it pertains in the prescribed form to the Regional Office of the Department of Non-
Banking Supervision of the RBI.
vii) Capital Adequacy: Every NBFC-D shall maintain a minimum CAR consisting of Tier I and Tier II capital
which must not be less than twelve per cent of its aggregate risk weighted assets on balance sheet and of
risk adjusted value of off-balance sheet items. The total of Tier II capital of any NBFC-D, at any point of
time, must not exceed one hundred per cent of Tier I capital. As per RBI notification dated February 17,
2011, all deposit taking NBFCs have to maintain a minimum capital ratio, consisting of Tier I and Tier II
capital, which shall not be less than 15% of its aggregate risk weighted assets on balance sheet and risk
adjusted value of off-balance sheet items w.e.f. March 31, 2012.
viii) Disclosure Requirements: Every NBFC-D is required to separately disclose in its balance sheet the
provisions made in accordance with the applicable prudential norms prescribed by the RBI without netting
them from the income or against the value of assets. Further, the provisions must be distinctly indicated
under separate heads of account as under:
• provisions for bad and doubtful debts; and
• provisions for depreciation in investments.
Such provisions shall not be appropriated from the general provisions and loss reserves held, if any, by the
NBFC-D and for each year shall be debited to the profit and loss account. The excess of provisions, if any,
held under the heads general provisions and loss reserves may be written back without making adjustment
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against them.
ix) Monthly Return: Every NBFC with total assets of ` 100 crore and above according to the previous 21 days
audited balance sheet, is required to submit a monthly return within a period of 7 days of the expiry of the
month to which it pertains in the prescribed format to the Regional Office of the Department of Non-
Banking Supervision of the RBI.
x) Fair Practices Code: The RBI has framed the fair practice guidelines, to promote good and fair practices by
setting minimum standards to be adhered to by NBFCs in dealing with customers. These guidelines require
NBFCs to ensure that they meet the commitments and standards specified therein for the products and
services they offer and in the procedures and practices their staff follows, their products and services meet
relevant laws and regulations in letter and spirit, and their dealings with customers rest on ethical
principles of integrity and transparency. Further, the said guidelines prescribe the requirements in
connection with information to be provided and disclosures to be made by NBFCs to their customers.
Accordingly, the guidelines require NBFCs to provide information on interest rates, common fees and
charges, provide clear information explaining the key features of their services and products that
customers are interested in, provide information on any type of product and service offered, that may suit
the customer’s needs, tell the customers about the various means through which products and services are
offered, and provide more information on the key features of the products, including applicable interest
rates / fees and charges.
xi) KYC Guidelines: NBFCs have been advised to follow certain customer identification procedure for
opening of accounts and monitoring transactions of suspicious nature for the purpose of reporting it to
appropriate authority, (“KYC Norms”). Accordingly, NBFCs have been advised to ensure that a proper
policy framework on ‘know your customer’ and anti-money laundering measures is formulated and put in
place with the approval of the RBI. The KYC Norms also require that while preparing operational
guidelines NBFCs may keep in mind to treat the information collected from the customer for the purpose
of opening of account as confidential and not divulge any details thereof for cross selling or any other
purposes. NBFCs may, therefore, ensure that information sought from the customer is relevant to the
perceived risk, is not intrusive, and is in conformity with the guidelines issued in this regard. Any other
information from the customer should be sought separately with his /her consent and after opening the
account.
Rating of Financial Product
As per RBI Circular dated February 4, 2009 all NBFCs with assets size of ` 10,000 lacs and above is required to furnish at
the regional office of the RBI under whose jurisdiction the registered office of the NBFC is functioning, information relating
to the downgrading and upgrading of assigned rating of any financial products issued by them within 15 days of such
change.
Norms for excessive interest rates
RBI through its circular dated May 24, 2007 directed all NBFCs to put in place appropriate internal principles and
procedures in determining interest rates and processing and other charges. In addition to the aforesaid instruction RBI has
issued a circular dated January 2, 2009 and a master circular on Fair Practices Code dated July 1, 2009 for regulating the
excessive rates of interest charged by the NBFCs. The aforementioned circular and the master circular stipulate that the
board of each NBFC shall adopt an interest rate model taking into account the various relevant factors such as cost of funds,
margin and risk premium etc. The rate of interest and the approach for gradation of risk and the rationale for charging
different rates of interest for different categories of borrowers shall be required to be disclosed to the borrowers in the
application form and communicated explicitly in the sanction letter. Further, the same is also required to be made available
on the company’s website or be published in the relevant newspapers and is required to be updated in the event of any
change therein. Further, the rate of interest would have to be annualized rates so that that the borrower is aware of the exact
rates that would be charged to the account.
7. Corporate Governance
Pursuant to RBI circular (DNBS.PD/CC 94/03.10.042/2006-07) dated May 8, 2007, the RBI has proposed certain
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corporate governance guidelines for the consideration of all NBFC–D with an asset size of ` 20 crore or more. The
guidelines recommend that such NBFCs constitute an Audit Committee, a Nomination Committee (to ensure that fit
and proper persons are nominated as directors on their respective boards) and a Risk Management Committee to
institute risk management systems. The guidelines have also issued instructions relating to credit facilities to
directors, loans and advances to relatives of the directors of the said NBFCs or to the directors of other companies
and their relatives and other entities, timeframe for recovery of such loans, etc. Such NBFCs are also required to
frame internal corporate governance guidelines based on the guidelines issued by the RBI on May 8, 2007.
8. Accounting Standards & Accounting policies
Subject to the changes in Indian Accounting Standards and regulatory environment applicable to a NBFC we may
change our accounting policies in the future and it might not always be possible to determine the effect on the Profit
and Loss account of these changes in each of the accounting years preceding the change.
In such cases our profit/ loss for the preceding years might not be strictly comparable with the profit/ loss for the
period for which such accounting policy changes are being made.
9. Reporting by Statutory Auditor
The statutory auditor of the NBFC-D is required to submit to the Board of Directors of the company a report interalia
certifying that such company has complied with the prudential norms relating to income recognition,
accounting standards, asset classification and provisioning for bad and doubtful debts and standard assets as
applicable to it. In the event of non-compliance, the statutory auditors are required to directly report the same to the
RBI.
10. Other Regulations
Applicable Foreign Investment Regime
FEMA Regulations
Foreign investment in India is governed primarily by the provisions of the FEMA which relates to regulation primarily by
the RBI and the rules, regulations and notifications thereunder, and the policy prescribed by the Department of Industrial
Policy and Promotion (DIPP), GoI which is regulated by the FIPB.
The RBI, in exercise of its power under the FEMA, has notified the Foreign Exchange Management (Transfer or Issue of
Security by a Person Resident Outside India) Regulations, 2000 (“FEMA Regulations”) to prohibit, restrict or regulate,
transfer by or issue of security to a person resident outside India. As laid down by the FEMA Regulations, no prior consent
and approval is required from the RBI, for FDI under the “automatic route” within the specified sectoral caps. In respect of
all industries not specified as FDI under the automatic route, and in respect of investment in excess of the specified sectoral
limits under the automatic route, approval may be required from the FIPB and/or the RBI.
Foreign Direct Investment
FDI in an Indian company is governed by the provisions of the FEMA read with the FEMA Regulations and the Foreign
Direct Investment Policy (“FDI Policy”) by the DIPP. FDI is permitted (except in the prohibited sectors) in Indian
companies either through the automatic route or the approval route, depending upon the sector in which FDI is sought to be
made. Under the automatic route, no prior Government approval is required for the issue of securities by Indian companies/
acquisition of securities of Indian companies, subject to the sectoral caps and other prescribed conditions. Investors are
required to file the required documentation with the RBI within 30 days of such issue/ acquisition of securities.
Under the approval route, prior approval from the FIPB or RBI is required. FDI for the items/ activities that cannot be
brought in under the automatic route (other than in prohibited sectors) may be brought in through the approval route.
Further:
(a)
As per the sector specific guidelines of the Government of India, 100% FDI/ NRI investments are allowed under
the automatic route in certain NBFC activities subject to compliance with guidelines of the RBI in this regard.
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(b)
Minimum Capitalisation Norms for fund based NBFCs:
(i)
(ii)
(iii)
For FDI up to 51% - US$ 5 Lacs to be brought upfront
For FDI above 51% and up to 75% - US $ 50 Lacs to be brought upfront
For FDI above 75% and up to 100% - US $ 500 Lacs out of which US $ 75 Lacs to be brought upfront and
the balance in 24 months
(c)
(d)
(e)
Minimum capitalization norm of US $5 Lacs is applicable in respect of all permitted non fund based NBFCs with
foreign investment
Foreign investors can set up 100% operating subsidiaries without the condition to disinvest a minimum of 25% of
its equity to Indian entities, subject to bringing in US$ 500 Lacs as at (b) (iii) above(without any restriction on
number of operating subsidiaries without bringing in additional capital)
Joint ventures operating NBFC’s that have 75% or less than 75% foreign investment will also be allowed to set up
subsidiaries for undertaking other NBFC activities, subject to the subsidiaries also complying with the applicable
minimum capital inflow i.e. (b) (i) and (b)(ii) above.
Where FDI is allowed on an automatic basis without FIPB approval, the RBI would continue to be the primary agency for
the purposes of monitoring and regulating foreign investment. In cases where FIPB approval is obtained, no approval of the
RBI is required except with respect to fixing the issuance price, although a declaration in the prescribed form, detailing the
foreign investment, must be filed with the RBI once the foreign investment is made in the Indian company. The foregoing
description applies only to an issuance of shares by, and not to a transfer of shares of, Indian companies. Every Indian
company issuing shares or convertible debentures in accordance with the RBI regulations is required to submit a report to
the RBI within 30 days of receipt of the consideration and another report within 30 days from the date of issue of the shares
to the non resident purchaser.
Laws relating to Employment
Shops and Establishments legislations in various states
The provisions of various Shops and Establishments legislations, as applicable, regulate the conditions of work and
employment in shops and commercial establishments and generally prescribe obligations in respect of inter alia registration,
opening and closing hours, daily and weekly working hours, holidays, leave, health and safety measures and wages for
overtime work.
Labour Laws
The Company is required to comply with various labour laws, including the Minimum Wages Act, 1948, the Payment of
Bonus Act, 1965, the Payment of Wages Act, 1936, the Payment of Gratuity Act, 1972 and the Employees’ Provident Funds
and Miscellaneous Provisions Act, 1952.
Laws relating to Intellectual Property
The Trade Marks Act, 1999 and the Indian Copyright Act, 1957 inter alia govern the law in relation to intellectual property,
including brand names, trade names and service marks and research works.
In addition to the above, our Company is required to comply with the provisions of the Companies Act, 1956, the Foreign
Exchange Management Act, 1999, various tax related legislations and other applicable statutes.
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SUMMARY OF KEY PROVISIONS OF ARTICLES OF ASSOCIATION
Pursuant to Schedule II of the Act the main provisions of the AOA relating to the issue and allotment of debentures and
matters incidental thereto. Please note that the each provision herein below is numbered as per the corresponding article
number in the AOA. All defined terms used in this section have the meaning given to them in the AOA. Any reference to the
term “Article” hereunder means the corresponding article contained in the AoA.
Clause (ii) of Article 8 A provides that the Company shall within three months after the allotment or within one month after
the application for registration of the transfer of any Share or Debenture is completed and have ready for delivery the
certificates of all the Shares and Debentures so allotted or transferred unless the conditions of issue of the said Shares
otherwise provide.
Article 8 B provides that if a certificate be worn out, defaced or if there is no further space on the back thereof for
endorsement of transfer, it shall, if required, be replaced by a new certificate free of charge provided/however that such new
certificate shall not be issued except upon delivery of the said worn out or defaced or used up certificate for the purpose of
cancellation. Further, if a certificate is lost or destroyed the Company may, upon such evidence and proof of such loss or
destruction and such Indemnity as the Board may require and on payment of such a fee not exceeding Rupee one issue a
renewed certificate. Any renewed certificate shall be marked as such.
Clause A of Article 9 provides that the Board of Directors may, if they think fit, receive from any member willing to
advance the same, all or any part of the money uncalled and unpaid upon any Share/Debenture held by him and upon all or
any part of the money so advanced may (until the same would but for such advance become presently payable) pay interest
at such rate not exceeding, without sanction of the Company in General Meeting, 14% (fourteen percent per annum) or such
other percentage as may be fixed in this regard as the maximum percentage as may be agreed upon between the member
paying the sum in advance and the Board of Directors, provided that the amount of advance calls so received shall not be
entitled to rank for dividend or participate in the profits of the Company.
Clause (g) of Article 10 provides that notwithstanding anything contained in these Articles, the Board of Directors of the
Company may in their absolute discretion refuse splitting of any Share certificate or Debenture certificate into
denominations less than Marketable lots i.e. the minimum number of Shares or Debentures as required for the purpose of
trading on the stock exchange in which the Company’s Shares and/or Debentures are/will be listed, except where subdivision
is required to be made to comply with a statutory provision or order of a competent Authority of law.
Article 30 provides that in furtherance of and without prejudice to the general powers conferred on the Board of Directors
by or implied in Articles 29 and the other powers conferred by these articles and subject to the provision of Sec.292 of the
Act, it is hereby expressly declared that it shall be lawful, for the Directors to carry out all or any of the objects set forth in
the Memorandum of Association and to do the following things:
…
…
Clause (3) of Article 30 At their discretion to pay for any property rights, or privileges acquired by, or services
rendered to the Company, either wholly or partially in cash or in Shares, bonds, Debentures or other securities of
the company and any such Shares may be issued either as fully paid-up or with such amount credited as paid up
thereon as may be agreed upon and any such bonds, Debentures, or other securities may be either specifically
charged upon all or any of the property of the company and its uncalled Shares, or not so charged.
Clause (4) of Article 30 To secure the fulfilment of any contracts or agreement entered into by the Company by
mortgage or charge of all or any of the properties of the Company and its uncalled capital for the time being or in
such other manner as they think fit.
Clause (16) of Article 30 To borrow on mortgage of the whole or any part of the property of the Company or on the
Bonds, Debentures either unsecured or secured by a charge or mortgage or other securities of the Company, or otherwise
as they may deem expedient, such sums as they may think necessary for the purpose of the Company, subject to
provisions contained in Sec.292 and Sec.293 of the Act. Provided that Debentures with the rights to allotment or
conversion into Shares shall not be issued except with the sanction of the Company in General Meeting.
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Article 32 provides that he Board of Directors may from time to time but with such consent of the Company in general
meetings as may be required under Sec.293 of the Act, raise any money or any moneys or sum of money for the purpose of
the Company, provided that the moneys to be borrowed together with moneys already borrowed by the company apart from
temporary loans obtained from the Company’s bankers in the ordinary course of business shall not without the sanction of
the Company at a General Meeting exceed the aggregate of the paid-up capital of the company and its free reserves that is to
say reserves not set apart for any specific purpose and in particular but subject to the provision of Section 292 of the Act, the
Board may from time to time at their discretion may raise or borrow or secure the payment of any such sum or sums of
money for the purpose of the Company, by the issue of Debentures to members, raised or received, to mortgage, pledge or
change, the whole or any part of the property, assets, or revenue of the Company, present or future, including its uncalled
capital by special assignment or otherwise or to transfer or convey the same absolutely or in trust and to give the lenders
powers of sale and others as may be expedient and to purchase, redeem or pay off any such securities. “Debentures,
Debenture Stocks, Bonds or other securities with a right to allotment of or conversion into Shares shall not be issued except
with the sanction of the Company in General Meeting”.
Article 43 provides that
Clause (1) of Article 43 Every shareholder or debenture holder or depositor of the Company, may at any time, nominate a
person to whom his shares or debentures or deposits shall vest in the event of his death in such manner as may be prescribed
under the Act.
Clause (2) of Article 43 Where the shares or debentures or deposits of the Company are held by more than one person
jointly, joint holders may together nominate a person to whom all the rights in the shares or debentures or deposits, as the
case may be shall vest in the event of death of all the joint holders in such manner as may be prescribed under the Act.
Clause (3) of Article 43 Notwithstanding anything contained in any other law for the time being in force or in any
disposition, whether testamentary or otherwise, where a nomination made in the manner aforesaid purports to confer on any
person the right to vest the shares of debentures or deposits, the nominee shall, on the death of the shareholder or debenture
holder or depositor or, as the case may be on the death of the joint holders become entitled to all the rights in such shares or
debentures or deposits or, as the case may be, all the joint holders, in relation to such shares or debentures or deposits, to the
exclusion of all other person, unless the nomination is varied or cancelled in the manner as may be prescribed under the Act.
Article 45 provides that the Company shall be entitled to dematerialise its existing shares, debentures and other securities,
rematerialise its shares, debentures and other securities held in the Depositories and/or offer its fresh shares and debentures
and other securities in a dematerialised form pursuant to the Depositories Act, and the Rules framed thereunder, if any.
Every person subscribing to or holding securities offered by the Company shall have the option to receive security
certificates or to hold the securities with a Depository. Such a person who is the beneficial owner of the securities can at any
time opt out of a depository, if permitted by law, in respect of any security in the manner provided by the Depositories Act,
and the Company shall, in the manner and within the time prescribed, issue to the beneficial owner the required Certificates
of Securities. If a person opts to hold his security with a Depository, the Company shall intimate such Depository the details
of allotment of the security, and on receipt of the information, the Depository shall enter in its record the name of the allottee
as the beneficial owner of the security. The Company shall cause to be kept a Register and Index of Members and a Register
and Index of Debenture holders in accordance with all applicable provisions of the Companies Act, 1956 and the
Depositories Act, with details of shares and Debentures held in material and dematerial forms in any media as may be
permitted by law, including in any form of electronic media. The Register and Index of Beneficial Owners maintained by
Depository under the Depositories Act, shall be deemed to be Register and Index of Members and Security holders for the
purposes of these Articles. The Company shall be entitled to keep in any State or Country outside India a Branch Register of
Members Resident in that State or Country.
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MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION
The following contracts which are or may be deemed material have been entered or are to be entered into by the Company.
These contracts and also the documents for inspection referred to hereunder, may be inspected at the Registered Office of the
Company situated at Mookambika Complex, 3 rd Floor, No. 4, Lady Desika Road, Mylapore, Chennai, Tamil Nadu – 600004
from 10.00 AM to 5 P.M on any business days from the date of this Draft Prospectus until the date of closure of the Issue.
A. Material Contracts
1. Engagement Letter dated June 4, 2011 received from the Company appointing the Lead Managers and the
Co-Lead Managers.
2. Issue Agreement dated June 4, 2011 between the Company, the Lead Managers and the Co-Lead
Managers.
3. Memorandum of Understanding dated May 19, 2011 with the Registrar to the Issue
4. Debenture Trust Agreement dated May 20, 2011 executed between the Company and the Debenture
Trustee
5. The agreed form of the Debenture Trust Deed to be executed between the Company and the Debenture
Trustee.
6. Escrow agreement dated [●], 2011 executed by the Company, the Registrar, the Escrow Collection
Bank(s), the Lead Managers and the Co-Lead Managers.
B. Material Documents
1. Certificate of Incorporation of the Company dated June 30, 1979, issued by Registrar of Companies, Tamil
Nadu, Chennai
2. Memorandum and Articles of Association of the Company.
3. The certificate of registration No. 07-00459 dated April 17, 2007 issued by Reserve Bank of India u/s 45
IA of the Reserve Bank of India, 1934.
4. Credit rating letter dated May 30, 2011 from CRISIL and credit rating letter dated June 3, 2011 from
CARE, granting credit ratings to the NCDs.
5. Copy of the Board Resolution dated April 29, 2011 approving the Issue.
6. Resolution passed by the shareholders of the Company at the Annual General Meeting held on
July 24, 2009 approving the overall borrowing limit of Company.
7. Consents of the Directors, Lead Managers and the Co-Lead Managers to the Issue, Debenture Trustee,
Lead Brokers, credit rating agencies for the Issue, Legal Advisor to the Issue, Bankers to the Issue,
Bankers to the Company and the Registrar to the Issue, to include their names in this Draft Prospectus.
8. The joint consents of the Statutory Auditors of our Company, namely S. R. Batliboi & Co. and G. D. Apte
& Co. for (a) inclusion of their names as the Statutory Auditors, (b) examination reports on Reformatted
Consolidated Summary Financial Statements and the Reformatted Unconsolidated Summary Financial
Statements in the form and context in which they appear in this Draft Prospectus.
9. The joint examination report of the Statutory Auditors dated June 2, 2011 in relation to the Reformatted
Consolidated Summary Financial Statements included herein.
10. The joint examination report of the Statutory Auditors dated June 2, 2011 in relation to the Reformatted
Unconsolidated Summary Financial Statements included herein.
11. Annual Reports of the Company for the last five Financial Years 2004 – 05 to 2009 – 10.
12. Due Diligence certificates all dated [●], 2011 filed by the Lead Managers, Co-Lead Managers and the
Debenture Trustee respectively.
13. Tripartite agreement between the Company, Registrar to the Issue and CDSL and the Company, Registrar
to the issue and NSDL dated March 29, 2000 and April 30, 1999, respectively.
14. Copy of the shareholders’ resolution re-appointing the Managing Director of the Company dated June 15,
2010.
15. Share Subscription Agreement dated February 2, 2006 and Amendment Agreement dated September 12,
2008 with Newbridge India Investments II Limited, Mr. R. Thyagarajan, Mr. T Jayaraman, Mr. AVS Raja,
Shriram Holdings (Madras) Private Limited, Shriram Financial Services Holdings Private Limited,
Shriram Recon Trucks Limited and SOFL.
16. Share Purchase Agreement dated March 28, 2007, with Ashley Transport Services Limited, Ashok
Leyland Limited and IndusInd Bank Limited.
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17. Agreement dated September 8, 2006 and Supplemental Agreement dated July 20, 2007 with Axis Bank
Limited, (formerly UTI Bank Limited), in connection with co-branded Credit Cards.
18. Assignment Agreement dated December 22, 2009 with GE Capital Services India and GE Capital
Financial Services.
19. License Agreement dated April 1, 2010 with Shriram Ownership Trust.
20. Agreement dated August 21, 2010 with Shriram Capital Limited.
21. Employee Stock Option Scheme of 2005 of the Company.
22. In-principle approval, dated [●], 2011 for the Issue issued by NSE.
23. Application dated June 1, 2011 to the Madras Stock Exchange Limited for delisting of the equity shares of
the Company.
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DECLARATION
We, the Directors of the Shriram Transport Finance Company Limited, certify that all the relevant provisions of the
Companies Act, 1956 and the guidelines issued by the Government of India or the guidelines issued by the Securities and
Exchange Board of India established under Section 3 of the Securities and Exchange Board of India Act, 1992, as the case
may be, have been complied with and no statement made in this Draft Prospectus is contrary to the provisions of the
Companies Act, 1956, the Securities and Exchange Board of India Act, 1992 or the rules made or guidelines issued
thereunder, as the case may be.
Yours faithfully
On behalf of the Board of Directors of SHRIRAM TRANSPORT FINANCE COMPANY LIMITED:
_________________________
MR. ARUN DUGGAL
____________________________
MR. R SRIDHAR
_______________________
MR. M S VERMA
_________________________
MR. S M BAFNA
_______________________
MR. M M CHITALE
____________________
MR. ADIT JAIN
________________________
MR. PUNEET BHATIA
______________________
MR. RANVIR DEWAN
_________________________________
MR. S VENKATAKRISHNAN
_________________________________
MR. S. LAKSHMINARAYANAN
Place: MUMBAI
Date: June 6, 2011
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