IRIS Accounts Production v24.3.0.553 09969988 Board of Directors 1.4.23 31.3.24 31.3.24 The principal activity of the company is that of a non-trading holding company. true true false true true false false true true true false Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh099699882023-03-31099699882024-03-31099699882023-04-012024-03-31099699882022-03-31099699882022-04-012023-03-31099699882023-03-3109969988ns15:EnglandWales2023-04-012024-03-3109969988ns14:PoundSterling2023-04-012024-03-3109969988ns10:Director12023-04-012024-03-3109969988ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3109969988ns10:FRS1022023-04-012024-03-3109969988ns10:Audited2023-04-012024-03-3109969988ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3109969988ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3109969988ns10:FullAccounts2023-04-012024-03-3109969988ns10:OrdinaryShareClass12023-04-012024-03-3109969988ns10:Director22023-04-012024-03-3109969988ns10:Director32023-04-012024-03-3109969988ns10:RegisteredOffice2023-04-012024-03-3109969988ns5:CurrentFinancialInstruments2024-03-3109969988ns5:CurrentFinancialInstruments2023-03-3109969988ns5:Non-currentFinancialInstruments2024-03-3109969988ns5:Non-currentFinancialInstruments2023-03-3109969988ns5:ShareCapital2024-03-3109969988ns5:ShareCapital2023-03-3109969988ns5:SharePremium2024-03-3109969988ns5:SharePremium2023-03-3109969988ns5:RetainedEarningsAccumulatedLosses2024-03-3109969988ns5:RetainedEarningsAccumulatedLosses2023-03-3109969988ns5:ShareCapital2022-03-3109969988ns5:RetainedEarningsAccumulatedLosses2022-03-3109969988ns5:SharePremium2022-03-3109969988ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3109969988ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-310996998812023-04-012024-03-310996998822023-04-012024-03-310996998822022-04-012023-03-3109969988ns5:Exceptional2023-04-012024-03-3109969988ns5:Exceptional2022-04-012023-03-310996998812023-04-012024-03-310996998812022-04-012023-03-3109969988ns5:CostValuation2023-03-3109969988ns5:ImpairmentReversalProvisionsForImpairmentInvestments2024-03-3109969988ns5:CostValuation2024-03-3109969988ns5:Subsidiary12023-04-012024-03-3109969988ns5:Subsidiary112023-04-012024-03-3109969988ns5:Subsidiary22023-04-012024-03-31099699883ns5:Subsidiary22023-04-012024-03-3109969988ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3109969988ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3109969988ns5:Non-currentFinancialInstruments2023-04-012024-03-3109969988ns10:OrdinaryShareClass12024-03-31
REGISTERED NUMBER: 09969988 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

SUNDRAM INTERNATIONAL LIMITED

SUNDRAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 09969988)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


SUNDRAM INTERNATIONAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: D Bartle
R Dilipkumar
S J Rose





REGISTERED OFFICE: Hygeia Building Rear Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE





REGISTERED NUMBER: 09969988 (England and Wales)





AUDITORS: KNAV Limited
Ground Floor
Hygeia Building
66-68 College Road
Harrow
Middlesex
HA1 1BE

SUNDRAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 09969988)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their strategic report for the year ended 31 March 2024.

FAIR REVIEW OF THE BUSINESS
The Company is an investment holding company, with two subsidiaries, Cramlington Precision Forge Limited (CPFL), a company incorporated in England, and Sundram Fasteners (Zhejiang) Limited (SFZL), a company incorporated in China. The Company does not have any other operations. Therefore, the valuation of Sundram International Limited would comprise the valuation of its investments in CPFL and SFZL and asset value of any other assets in its balance sheet as on the valuation date. As at the year end, valuation of SFZL had increased resulting in reversal of impairment amounting to £7m . Valuation of CPFL had also increased resulting in reversal of impairment of the investment in the subsidiary of £394k. The Company witnessed profit for the year (KPI) of £7.6m as compared to loss of £1m in the previous year and net assets of £30.5m as compared to £22.8m in the previous year mainly due to reversal of impairment.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk of the company is the decline in value of its investments in subsidiaries.

ON BEHALF OF THE BOARD:





D Bartle - Director


18 September 2024

SUNDRAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 09969988)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

D Bartle
R Dilipkumar
S J Rose

OBJECTIVES AND POLICIES
Sundram International Limited was incorporated as part of the global restructuring process undertaken by the Parent entity Sundram Fasteners Limited (SFL). As part of the process, the investments in the overseas operating subsidiaries were transferred to Sundram International Limited with an aim to provide opportunity for arranging financing facilities at competitive interest rates.

Management and Board of Directors of the companies included in Sundram International Limited, Cramlington Precision Forge Limited and Sundram Fasteners (Zhejiang) Limited (the Group) are responsible for assessing the ability of each company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group is responsible for overseeing the financial reporting process of each company.

PRICE RISK, CREDIT RISK, LIQUIDITY RISK AND CASH FLOW RISK
Risks:
The Company's board of directors has overall responsibility for the establishment and oversight of the Company's risk Management framework. The board of directors along with the top management are responsible for developing and monitoring the Company's risk management policies. The senior management of the respective companies in the group advises on financial risks and the appropriate financial risk governance framework for the Company and the group as a whole.

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's debt obligations with floating interest rates and is very minimal.

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at reasonable price. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of credit facilities to meet obligations when due. The respective companies' senior management is responsible for liquidity, funding as well as settlement management. Management monitors the Company's liquidity position through rolling forecasts on the basis of expected cash flows.

GOING CONCERN
The company has net current assets of £957k (2023: £737k) and net assets of £30.5m (2023: £22.9m) at the balance sheet date. The company is funded by group dividends and as such, the Directors consider the company will be able to continue in business for the foreseeable future, therefore the Directors have continued to adopt the going concern basis of accounting in preparing these financial statements.


SUNDRAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 09969988)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DISCLOSURE OF INFORMATION TO THE AUDITORS
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

AUDITORS
The auditors KNAV Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





D Bartle - Director


18 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SUNDRAM INTERNATIONAL LIMITED


Opinion
We have audited the financial statements of Sundram International Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SUNDRAM INTERNATIONAL LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SUNDRAM INTERNATIONAL LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We design our procedures so as to obtain sufficient appropriate audit evidence that the financial statements are not materially misstated due to non-compliance with laws and regulations or due to fraud or error.

We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations - this responsibility lies with management with the oversight of the Directors.

Based on our understanding of the Company and industry, discussions with management, we identified Companies Act 2006, Financial Reporting Standard 102, and UK taxation legislation as having a direct effect on the amounts and disclosures in the financial statements.

As part of the engagement team discussion about how and where the Company's financial statements may be materially misstated due to fraud, we did not identify any areas with an increased risk of fraud.

Our audit procedures included:
- enquiry of management about the Company's policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance;
- examining supporting documents for all material balances, transactions and disclosures;
- evaluation of the selection and application of accounting policies related to subjective measurements and complex transactions;
- review of the Board of Directors minutes;
- analytical procedures to identify any unusual or unexpected relationships;
- testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements; and
- review of accounting estimates for biases.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organized schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SUNDRAM INTERNATIONAL LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Amanjit Singh FCA (Senior Statutory Auditor)
for and on behalf of KNAV Limited
Ground Floor
Hygeia Building
66-68 College Road
Harrow
Middlesex
HA1 1BE

20 September 2024

SUNDRAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 09969988)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   

TURNOVER - -

Administrative expenses 12,717 12,404
(12,717 ) (12,404 )

Other operating income 3 - (3 )
OPERATING LOSS (12,717 ) (12,407 )

Income from shares in group undertakings 246,552 -
Interest receivable and similar income 6 21,793 21,733
268,345 21,733
255,628 9,326
Amounts written off investments 7 (7,395,460 ) 999,538
7,651,088 (990,212 )

Interest payable and similar expenses 8 22,534 22,473
PROFIT/(LOSS) BEFORE TAXATION 7,628,554 (1,012,685 )

Tax on profit/(loss) 10 12,612 -
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

7,615,942

(1,012,685

)

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

7,615,942

(1,012,685

)

SUNDRAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 09969988)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investments 11 30,316,577 22,921,117

CURRENT ASSETS
Debtors 12 1,048,816 827,024
Cash at bank 24,210 5,089
1,073,026 832,113
CREDITORS
Amounts falling due within one year 13 115,787 95,356
NET CURRENT ASSETS 957,239 736,757
TOTAL ASSETS LESS CURRENT
LIABILITIES

31,273,816

23,657,874

CREDITORS
Amounts falling due after more than one year 14 775,000 775,000
NET ASSETS 30,498,816 22,882,874

CAPITAL AND RESERVES
Called up share capital 15 3,500 3,500
Share premium 26,188,078 26,188,078
Retained earnings 4,307,238 (3,308,704 )
SHAREHOLDERS' FUNDS 30,498,816 22,882,874

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





D Bartle - Director


SUNDRAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 09969988)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 April 2022 3,500 (2,296,019 ) 26,188,078 23,895,559

Changes in equity
Total comprehensive income - (1,012,685 ) - (1,012,685 )
Balance at 31 March 2023 3,500 (3,308,704 ) 26,188,078 22,882,874

Changes in equity
Total comprehensive income - 7,615,942 - 7,615,942
Balance at 31 March 2024 3,500 4,307,238 26,188,078 30,498,816

SUNDRAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 09969988)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:

Hygeia Building
Rear Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE
United Kingdom

2. ACCOUNTING POLICIES

Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparing the financial statements
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in British Pound Sterling (£), which is the functional currency of the company.

Monetary amounts in these financial statements are rounded to the nearest £.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Sundram International Limited as an individual company and do not contain consolidated financial information as the parent of a group. The Company is exempt under Section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Sundram Fasteners Limited, whose registered office address is 98A, VII Floor, Dr Radhakrishnan Salai, Mylapore, Chennai, 600 004, India.

Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

SUNDRAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 09969988)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

On considering the potential impairment of the company's investment in its subsidiaries, the company has considered cash flow forecast for subsequent periods. Management judgment was applied in deciding the key inputs into the model.

Financial instruments
Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


SUNDRAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 09969988)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to the statement of comprehensive income, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right lo set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

SUNDRAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 09969988)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

SUNDRAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 09969988)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. OTHER OPERATING INCOME
31.3.24 31.3.23
£    £   
Miscellaneous other operating income - (3 )

4. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 March 2024 nor for the year ended 31 March 2023.

The average number of employees during the year was as follows:
31.3.24 31.3.23

Administration and support 3 3

31.3.24 31.3.23
£    £   
Directors' remuneration - -

One of the directors of the Company receives remuneration from Cramlington Precision Forge Limited. The other directors hold roles in the wider Sundram Fastners group outside of the UK and these directors are remunerated by Sundram Fastners Limited. The directors believe that remuneration applicable towards the efforts for this company is negligible.

5. EXCEPTIONAL ITEMS
31.3.24 31.3.23
£    £   
Witholding tax (12,612 ) -

6. INTEREST RECEIVABLE AND SIMILAR INCOME
31.3.24 31.3.23
£    £   
Interest receivable from group companies 21,793 21,733

7. AMOUNTS WRITTEN OFF INVESTMENTS
31.3.24 31.3.23
£    £   
(Gain)/loss on revaluation of
investments (7,395,460 ) 999,538

8. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Interest payable to group undertakings 22,534 22,473

SUNDRAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 09969988)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. AUDITORS' REMUNERATION
31.3.24 31.3.23
£    £   
Fees payable to the company's auditors for the audit of the company's financial
statements

9,050

8,800
Other non- audit services 3,500 3,500

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Exceptional tax:
Witholding tax 12,612 -
Tax on profit/(loss) 12,612 -

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.24 31.3.23
£    £   
Profit/(loss) before tax 7,628,554 (1,012,685 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

1,907,139

(192,410

)

Effects of:
Expenses not deductible for tax purposes 211 189,912
Income not taxable for tax purposes (1,907,350 ) -
Utilisation of tax losses - 2,498
Witholding tax paid on dividends 12,612 -
Total tax charge 12,612 -

SUNDRAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 09969988)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023 32,278,377
Reversal of impairments 7,395,460
At 31 March 2024 39,673,837
PROVISIONS
At 1 April 2023
and 31 March 2024 9,357,260
NET BOOK VALUE
At 31 March 2024 30,316,577
At 31 March 2023 22,921,117

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Cramlington Precision Forge Limited
Registered office: United Kingdom
Nature of business: Manufacturing of precision forgings
%
Class of shares: holding
Ordinary Shares 100.00

Sundram Fasteners (Zhejiang) Limited
Registered office: China
Nature of business: Manufacturing of high tensile fasteners
%
Class of shares: holding
Ordinary Shares 100.00

During the year, the Company has reversed the impairment of £394,184 and £7,001,276 for the investment in Cramlington Precision Forge Limited and Sundram Fasteners (Zhejiang) Limited respectively.

12. DEBTORS
31.3.24 31.3.23
£    £   
Amounts falling due within one year:
Amounts owed by group undertakings 200,000 750,000
Other debtors 98,816 77,024
298,816 827,024

SUNDRAM INTERNATIONAL LIMITED (REGISTERED NUMBER: 09969988)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


12. DEBTORS - continued
31.3.24 31.3.23
£    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings 750,000 -

Aggregate amounts 1,048,816 827,024

Details of non-current trade and other debtors
£750,000 (2023:£750,000) of the amounts owed by group undertakings is classified as non current. The balance due from group undertakings represents an unsecured loan extended to the company's subsidiary undertaking. Out of the total amount due of £950,000, £600,000 is repayable in full by 15 December 2026 on which interest is charged at 2.92% per annum and balance of £150,000 is repayable in full by 7 September 2026 with an interest rate of 2.61% per annum. The remaining balance of £200,000 is unsecured and repayable on demand.

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Accrued expenses 115,787 95,356

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Amounts owed to group undertakings 775,000 775,000

The balance due to group undertakings of £775,000 (2023: £775,000) represents an unsecured debenture issued to the company's parent undertaking and is repayable in full by 11 September 2026 on which interest is charged at 2.61% per annum.

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
3,500 Ordinary shares 1 3,500 3,500

16. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption available in accordance with FRS 102 not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

17. ULTIMATE CONTROLLING UNDERTAKING

Sundram Fasteners Limited, a company incorporated in India, is the immediate and ultimate parent undertaking, and is the smallest and largest group for which consolidated accounts including Sundram International Limited are prepared. The consolidated accounts are available from its registered office, 98A, VII Floor, Dr Radhakrishnan Salai, Mylapore, Chennai, 600 004, India.