(i) Sunjay Kapur, is the Chairman and Non-Executive Director of the Company. He holds a bachelor's degree in science (business studies) from the University of Buckingham. He has over 21years of experience in the automotive industry. He also served as a director on the board of directors of various companies and was the managing director of Sona Koyo Steering Systems Limited (now JTKET India Limited). He holds membership in various autonomous bodies, such as automotive Component Manufacturers (ii) Vivek Vikram Singh, is the Managing Director and Group Chief Executive Officer of the Company. He holds a bachelor's degree in technology (computer science and engineering) from HBTI, Kanpur, and a post-graduate diploma in management from the Indian Institute of Management, Ahmedabad. He has over 15years of experience, including six years of experience in the automotive industry. Heis inter alga is responsible for overseeing the production of auto components and systems platform electric vehicles and hybrids, capital allocation decisions, external shareholder management at the Company. (iii) Amit Dixit, is a Nominee Director of the Company. He holds a bachelor's degree of technology in civil engineering from the Indian Institute of Technology, Bombay, (where he was awarded the institute silver medal) a master’s degree in science in civil engineering from the Leland Stanford Junior University, and a master’s degree in business administration from Harvard University. He has significant experience in various investments and investment opportunities in India and South Asia. (iv) Ganesh Mani, is a Nominee Director of the Company. He holds a bachelor's degree in technology in mechanical engineering from the Indian Institute of Technology, Bombay. He is currently managing director with the private equity business group of the Blackstone Group in India. Since joining Blackstone in 2011, he has been involved in the execution of several investments at BlackstoneAdvisors India Private Limited and in the evaluation of investment opportunities across sectors in South Asia

Particulars (in Cr.)	9MFY21	Mar-20	Mar-19	Mar-18
Sales	1,026	1,220	1427	1224
Cost of Material Consumed	470	511	561	505
Change in Inventories	-56	2.22	16	-33
Employee Benefits Expense	101	122	123	112
Other Expenses	211	258	313	293
Operating Profit	300	327	414	347
OPM %	29.24%	26.79%	29.01%	28.35%
Other Income	2.6	7.5	5.7	9.1
Interest	2.3	2.68	1.97	2.14
Depreciation	68	78	72	61
Profit before tax	210	227	325	271
Total Tax Exps	55	6.1	113	100
Net Profit	155	221	212	171
NPM %	15.11%	18.11%	14.86%	13.97%
No. of shares	57.2	57.2	57.2	57.2
EPS in Rs	2.7	3.9	3.7	3.0

Name of the company	3-year Revenue Growth	3-year PAT Growth	EBITDA Margin (FY21)	ROE  (FY21)	Debt to Equity	P/E	3 Years Stock Return
Sona BLW  (3 Years)	-1%	14%	30%	16%	0.16	73	-
Motherson Sumi	6%	-15.00%	8%	8.48%	0.8	76	12%
Varroc	4%	-95%	4%	NA	0.81	NA	-40%
Bosch Ltd	-5.00%	-22%	12%	5.00%	0.01	97	-15%
Bharat Forge Ltd	-2.00%	-32%	13%	NA	0.9	NA	6%
Mahindra CIE	-13%	-53.00%	9%	1.00%	0.34	157	-12%
Endurance Technologies	4.36%	20%	16%	15.00%	0.12	40	-2%
Minda Industries Ltd	10%	-30%	11%	4.00%	0.53	200	18%
Sundram Fasteners Ltd	-2.00%	-9%	18%	15.00%	0.27	48	12%

Review and Recommendation of Sona BLW IPO by IZ team is 4/10 1. The sector in which company is operating is struggling from the last 3 years. 2. All the peers have generated no growth or given almost negligible returns to the investors. 3. Issue size is very big. Plus, asking P/E is almost 72, which has left nothing in the hands of investors to earn. 4. Companies that are typically coming to give exit to the investors at high valuation wont give much return to investors.

Sona Enclave Village, Begumpur Khatola, Sector 35, Gurugram, Haryana–122004, India