MIRA
INFORM REPORT
|
Report Date : |
13.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MOTHERSON
AUTOMOTIVE TECHNOLOGIES AND ENGINEERING LIMITED – DIVISION OF MOTHERSON SUMI
SYSTEMS LIMITED |
|
|
|
|
Registered Office
: |
3rd
Floor, Bhageria House, 43, Community Centre, New Friends Colony, New Delhi -
110 065 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2008 |
|
|
|
|
Date of
Incorporation : |
19.12.1986 |
|
|
|
|
Com. Reg. No.: |
55-26431 |
|
|
|
|
CIN
No.: [Company
Identification No.] |
L34300DL1986PLC026431 |
|
|
|
|
TAN
No.: [Tax
Deduction & Collection Account No.] |
DELM11353G /
DELM08600E |
|
|
|
|
PAN
No.: [Permanent
Account No.] |
AAACM0405A |
|
|
|
|
Legal Form : |
Subject is a Public
Limited Liability Company. The
company's shares are listed on the Stock Exchanges. |
|
|
|
|
Line of
Business : |
Manufacturers of
Auto Ancillaries, Wiring Harnesses, Components and High Tension Cords. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 20000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established
and reputed company having satisfactory track. Financial position is satisfactory. Trade relations are fair.
Payments are usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
3rd
Floor, Bhageria House, 43, Community Centre, New Friends Colony, New Delhi -
110 065, India |
|
Tel. No.: |
91-11-26822778 /
26838069 / 26842174 |
|
Fax No.: |
91-11-26842174 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Units: |
v Plot No. 31B, JIADB Industrial Area, Phase
–1, Kumbalgodu, Bangalore, Karnataka v Motherson Automotive Technologies and Engineering
(A division of Motherson Sumi Systems Limited) No. 9, GST Road, Oorapakum Kanchipuram, District Chennai, Tamilnadu v B-22, SIDCO Industrial Estate, Hosur,
Tamilnadu v C-6 & 7, 1st and 2nd
Floor, Sector – 1, Noida, Uttar Pradesh v C-14, A & B, Sector -1, Noida –
201301, Uttar Pradesh, India Tel No.: 91-120-2476100 / 2551851 Fax No.: 91-120-2521966 / 2521866 v A-15, Sector 6, Noida, Uttar Pradesh v Mohan Co-operative, Delhi v A-60-61, Sector 6, Noida, Uttar Pradesh v 129/2, Sanghvi Compound, Chinchwad, Pune,
Maharashtra v Plot No. 21, Industrial Estate, Gurgaon,
Haryana v C-6 & 7, Ground Floor, Sector 1,
Noida, Uttar Pradesh v D-3, Sector 11, Noida, Uttar Pradesh v 8, Ayyenchery, Village Oorapakkam
Panchyet, Kancheepuram 603 202, Tamilnadu v
Survey No.
241-1/2, Hinjewadi, Tal Mulshi, District Pune – 411 027, Maharashtra v
96/3-P,
96/4, 96/7-P, A Block Indraprastha Industrial Park, Kumbalgodu Industrial
Area, 2nd Phase, Kumbalgodu, Bangalore, Karnataka v
9, GST Road,
Oorapakkam, Kancheepuram District, Tamilnadu – 603202, India Tel No.: 91-44-27467955 / 27467956 Fax No.: 91-44-27465337 v B – 135 and 206, Phase – II, Noida –
201301, Uttar Pradesh, India Tel No.: 91-120-2568790 / 2562728 Fax No.: 91-120-2562726 |
|
|
|
|
Overseas
Offices: |
Located at :- ·
Austria ·
Hungary ·
Sharjah ·
Singapore ·
U.K. |
DIRECTORS
|
Name : |
Mr. Vivek Chaand
Sehgal |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Toshimi
Shirakawa |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ram Ganapati |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mohinder
Singh Gujral |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Hiroto Murai |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bimal Dhar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Toshihiro
Watanable |
|
Designation : |
Whole Time
Director |
|
|
|
|
Name : |
Maj. Gen. Amarjit
Singh (Retired) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Toshihide Ano |
|
Designation : |
Alternate
Director |
|
|
|
|
Name : |
Mr. Pankaj K.
Mital |
|
Designation : |
Alternate
Director |
|
|
|
|
Name : |
Mr. Arjun Puri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Amarjit Singh
|
|
Designation : |
Director |
KEY EXECUTIVE
|
Name : |
Mr. G. N. Gauba |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Ms. S. L. Sehgal |
|
Designation : |
Founder Chairperson [Late] |
|
|
|
|
Name : |
Mr. K. L. Sehgal |
|
Designation : |
Chairman Emeritus [Late] |
SHAREHOLDING
PATTERN
AS ON 30.06.2008
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group 2 |
|
|
|
(1) Indian |
|
|
|
45361921 |
12.76 |
|
|
(B)Bodies Corporate |
76185360 |
21.43 |
|
(2) Foreign |
|
|
|
(b) Bodies
Corporate |
131063670 |
36.86 |
|
(B) Public Shareholding 3 |
|
|
|
(1) Institutions |
|
|
|
(a) Mutual Funds
/ UTI |
16178849 |
4.55 |
|
(b) Financial Institutions / Banks |
12418 |
0.00 |
|
(f) Foreign Institutional
Investors |
21591160 |
6.07 |
|
(2) Non – Institutions |
|
|
|
(a) Bodies
Corporate |
26048259 |
7.33 |
|
(b) Individuals
– i. Individual
shareholders holding nominal share capital up to Rs.0.100 million ii. Individual shareholders
holding nominal share capital excess of Rs.0.100 million |
14698245 23112680 |
4.13 6.50 |
|
© Any Other (specify) |
|
|
|
i. Non Resident
Indians |
192794 |
0.05 |
|
ii. Clearing
Members |
1444 |
0.00 |
|
iii. OCB |
1107000 |
0.31 |
|
Grand Total |
355553800 |
99.99 |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturers of
Auto Ancillaries, Wiring Harnesses, Components and High Tension Cords. |
|
|
|
|
Products with
ITC Code : |
v Integrated wiring harness - 8544.90 v Rubber Components - 40160000 v
Insulated
Wire - 8544.90PVC |
|
|
|
|
Product Range: |
Blow Molded Components Heating, Ventilation
and Air Conditioning Ducts Interior/Exterior Trims
and parts
Modules IP Module Components for White Goods Industry Washing machine
components
Electronics Industry T.V. Cabinets &
Back Cover |
|
|
|
|
Exports : |
|
|
Countries : |
Europe and other
parts of the world |
|
|
|
|
Imports : |
|
|
Countries : |
Japan |
|
|
|
|
Terms : |
|
|
Selling : |
Against Credit
terms |
|
|
|
|
Purchasing : |
Against Credit
terms |
PRODUCTION STATUS
|
Particulars |
|
|
|
Actual
Production |
|
Wiring Harness (Nos.) |
|
|
|
16.270 |
|
High Tension Cords (Nos.) |
|
|
|
0.398 |
|
Plastic Components (M.T.) |
|
|
|
58.134 |
|
Wires (Km’s) |
|
|
|
0.447 |
|
|
|
|
|
|
GENERAL
INFORMATION
|
Suppliers: |
v AGN Electro Coats v Auto test Mechanisms Private Limited v Chamundi Die Cast Private Limited v Aglow Engineers Private Limited v B.R. Auto Connectors and Spares Private Limited v Brass Copper and Alloy (India) Limited v India Wire v Shree Shiva Engineering Works v Hari Har Engineering Works v M.D. Plastics v Om Tulsi Electrical] v D.M. Enterprises v Fire Safety Equipments Private Limited v Kings Pack System v Senna Polymers |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Customers : |
OEM’s |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
5200 |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
v State Bank of India v ICICI Bank Limited v UTI Bank Limited v Bank of Tokyo Mitsubishi Limited v HDFC Bank Limited v Citibank N. A. |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities: |
Secured Loans
referred above are: 1. Secured by
first charge by way of hypothecation of all present and future stocks, book
debts and other specified moveable assets of the company and second charge by
way of hypothecation of all immovable property. 2. Long term
loans due within a year Rs.200.046 millions (Previous year 16.276 millions) 3. Includes loan
of Rs.134.466 millions secured by charge on immovable property, stock in trade
an book debts of the company and Rs.23.800 millions secured by charge on
entire fixed assets both moveable and immovable of the erstwhile Motherson
Advance Polymers Limited since merged with the company. 4. Secured by
first pari – passu charge on entire fixed assets both moveable and immovable
of the company present and future and second pari – passu charge on the
entire current assets of the company. These are also secured by way of
deposit of title deeds of specified properties. 5. i) Tooling
advances received from customers are repayable by way of amortization on
supply of components and hence cannot be distinguished between short term and
long term. ii) Secured by hypothecation of
specific moulds used for production of compone.
|
||||||||||||||||||||||||||||||
|
|
1. Repayable on demand 2. Long Term Loan due within a year Rs. Nil 3. Tooling advances received from customers are repayable by way of
amortization on supply of components and hence cannot be distinguished
between short term and long term. |
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse
& Company Chartered
Accountants |
|
Address : |
Building 8 , 7th
and 8th Floor, DLF Cyber City, Gurgaon – 122002, Haryana, India |
|
|
|
|
Associates: |
·
Sumitomo Wiring
Systems Limited Subject established in 1917, Sumito Wiring Systems (SWS) has the
second highest share in wiring harnesses in Japan and the third highest share
worldwide. Over a period of time, SWS has taken various initiatives to
further expand its share in the global market, climbing from 11% in fiscal
2002 and 12% in fiscal 2003 to an anticipated 15% in fiscal 2004. The company’s current revenues are Japanese Yen 345 billion with 66
overseas affiliates spread over 26 countries. SWS provides technical support to Company in the form of resident
technical advisors, training of engineers and production personnel,
manufacturing methodologies, Japanese manufacturing techniques, quality
circle activities, kaizen, collaborative design and development and global
bench making. SWS is aiming to realize at global level, the best quality at
the most competitive cost and production in optimum locations. To achieve
this goal, SWS conducts bench making of three levels company, plant and
associates. This global bench making has raised radically competitive
environment in MSSL at all levels. v Saks Ancillaries Limited v Motherson Air Travel Agencies Limited v Motherson Advance Strategic Solutions
Limited v Sumi Motherson Innovative Engineering
Limited v Sumi Motherson Integrated Technologies
Limited v Motherson Techno Tools Limited v Motherson Sehgal Cables v Vaaman Auto Industries v Ganapati Auto Industries v Motherson Auto Private Limited v Motherson Sumi Infotech and Designs
Limited v Aqatec Electricals Limited v Million Miles Limited v S. J. Max Golden Company Limited v Motherson Triplex Tools Limited v Motherson Compounds Private Limited v Sri Cables v Motherson Sehgal Cables v Saks Ancillaries Limited |
|
|
|
|
Subsidiaries /
Joint Ventures : |
v
MSSL Mideast (FZE) v
MSSL Ireland Private Limited v
Motherson Electrical Wires v
Wire Lanka Private Limited v
Draexlmaier & Motherson v
Electrical Systems India Limited v
Motherson PUDENZ v
WICKMANN Limited v
MSSL Hag Toolings Limited (FZC) v
Kyungshin Industrial Motherson Limited v
Schefenacker Motherson Limited v
Woco Motherson Limited (FZC) v
Sumi Motherson Innovative Engineering Limited v
Motherson Advance Polymers Limited v
CTM India Limited v
MothersonSumi Infotech & Designs Limited v
Motherson Techno Tools Limited v
Hag Kunststofftechnik GmbH v
ABC Designs Pty Limited v
Anest Iwata Motherson Limited v
Webasto Motherson Sunroofs Limited v
G & S Kunststofftechnik GmbH v
Global Environment Management v
MSSL GB Limited v
MSSL [S] Pte Limited v
MSSL GmbH v
MSSL
Mauritius Holdings Limited v
MSSL Handels
GmbH v Mothersonsumi Reiner GmbH v
Lisa Draexlmaier GmbH, Germany v
Wilhelm Pudenz GmbH, Germany v
Schefenacker International AG & Company v
Kyungshin Industrial Company Korea v
WOCO Franz Josef Wolf Holding GmbH |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
803000000 |
Equity Shares |
Rs.1/- each |
Rs.803.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
355483800 |
Equity shares |
Rs.1/- each |
Rs.355.483 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
355.600 |
234.889 |
234.900 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
3668.900 |
2774.924 |
1987.300 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
4024.500 |
3009.813 |
2222.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1584.600 |
946.392 |
925.700 |
|
|
2] Unsecured
Loans |
3026.000 |
3033.654 |
2801.400 |
|
TOTAL BORROWING
|
4610.600 |
3980.046 |
3727.100 |
|
|
DEFERRED TAX
LIABILITIES |
0.000 |
50.963 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
8635.100 |
7040.822 |
5949.300 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
4123.200 |
3249.495 |
2419.600 |
|
Capital work-in-progress
|
196.600 |
68.162 |
220.400 |
|
|
|
|
|
|
|
INVESTMENT
|
1775.300 |
1300.206 |
332.700 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
1484.900 |
1204.816 |
880.100 |
|
|
Sundry Debtors
|
2046.200 |
1686.153 |
918.100 |
|
|
Cash & Bank Balances
|
326.700 |
365.922 |
1617.400 |
|
|
Other Current Assets
|
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances
|
3155.000 |
1408.888 |
1856.000 |
Total Current Assets
|
7012.800 |
4665.779 |
5271.600 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current
Liabilities |
2270.700 |
1532.770 |
1250.100 |
|
|
Provisions |
2621.900 |
1294.885 |
1800.100 |
Total Current Liabilities
|
4892.600 |
2827.655 |
3050.200 |
|
Net Current Assets
|
2120.200 |
1838.124 |
2221.400 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
419.800 |
584.835 |
755.200 |
|
|
|
|
|
|
|
TOTAL
|
8635.100 |
7040.822 |
5949.300 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
15155.800
|
12384.700
|
8123.000
|
|
|
Other Income |
575.000
|
320.000
|
278.700
|
|
|
Total Income |
15730.800 |
12704.700 |
8401.700 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
1639.500
|
1414.500
|
937.500
|
|
|
Provision for Taxation |
357.600
|
272.800
|
110.800
|
|
|
Profit/(Loss) After Tax |
1281.900
|
1141.700
|
826.700
|
|
|
|
|
|
|
|
Export Value
|
NA |
2039.647 |
1486.939 |
|
|
|
|
|
|
|
Import Value
|
NA |
3357.328 |
2108.673 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Materials |
7800.100
|
6486.500
|
4080.400
|
|
|
Excise Duty |
2124.800
|
1572.500
|
988.700
|
|
|
Power & Fuel Cost |
235.000
|
215.200
|
171.600
|
|
|
Other Manufacturing Expenses |
676.300
|
542.100
|
400.000
|
|
|
Employee Cost |
1186.600
|
853.200
|
656.700
|
|
|
Stock Adjustments |
[157.400]
|
[90.200]
|
[102.200]
|
|
|
Selling and Administration
Expenses |
880.800
|
701.800
|
546.400
|
|
|
Miscellaneous Expenses |
579.800
|
306.200
|
192.000
|
|
|
Interest & Financial Charges
|
264.700
|
255.500
|
173.300
|
|
|
Depreciation |
500.600
|
447.400
|
357.300
|
|
Total Expenditure |
14091.300 |
11290.200 |
7464.200 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2008 |
|
Type |
|
|
1st
Quarter |
|
Sales Turnover |
|
|
3463.800 |
|
Other Income |
|
|
128.400 |
|
Total Income |
|
|
3592.200 |
|
Total Expenditure |
|
|
3246.600 |
|
Operating Profit |
|
|
345.600 |
|
Interest |
|
|
61.200 |
|
Gross Profit |
|
|
284.400 |
|
Depreciation |
|
|
127.700 |
|
Tax |
|
|
46.500 |
|
Reported PAT |
|
|
127.200 |
KEY RATIOS
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Debt-Equity Ratio |
1.23 |
1.48 |
1.13 |
|
Long Term Debt-Equity Ratio |
1.21 |
1.46 |
1.12 |
|
Current Ratio |
1.43 |
1.62 |
1.48 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
2.46 |
2.47 |
2.26 |
|
Inventory |
11.27 |
11.67 |
10.60 |
|
Debtors |
8.12 |
9.24 |
10.77 |
|
Interest Cover Ratio |
6.26 |
6.54 |
6.46 |
|
Operating Profit Margin(%) |
14.23 |
17.10 |
18.25 |
|
Profit Before Interest And Tax
Margin(%) |
10.93 |
13.48 |
13.90 |
|
Cash Profit Margin(%) |
10.50 |
12.83 |
13.94 |
|
Adjusted Net Profit Margin(%) |
7.19 |
9.22 |
9.59 |
|
Return On Capital Employed(%) |
22.72 |
28.60 |
29.25 |
|
Return On Net Worth(%) |
31.17 |
43.49 |
39.17 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Incorporated in Dec.'86, Motherson Sumi Systems (MSSL) was
promoted by Motherson Auto Private Limited (MAPL), K L Sehgal, V C Sehgal &
associates with technical and financial collaboration with Sumitomo Wiring
Systems (SWS) & Nissho Iwai Corporation (NIC), Japan. The business of MAPL
was later transferred to MSSL.
It manufactures integrated wiring harnesses (IWH) for the automotive &
electronic industries and is the market leader in the manufacture of IWH in
the country. Further the company has
its presence Plastic Division ( which manufactures wide range of injection
moulded components & asemblies etc.,) and also in Rubber Components, Heat
Sinks and others. The plants of the company are located at Noida (UP), New
Delhi, Gurgaon (Haryana), Pune (Maharashtra), Bangalore (Karnataka), Chennai
(Tamilnadu) and Pondicherry.
In Mar.'93, it entered the capital market and in Dec.'93 it inaugurated the ISO
9002 certified plant to manufacture wiring harnesses used in providing high
tension cords for Zen and Alto. In 1995, the Unit at Pune, Maharashtra to
manufacture TELCO wiring harnesses started functioning and a new wiring unit
was started in technical collaboration with SWS, Japan.
The Subsidiaries of MSSL are MSSL Mideast (FZE), MSSL Mauritius Holdings Limited,
MSSL Ireland Private Limited, MSSL Handels GmbH, Motherson Electrical Wires
Lanka (Private) Limited, MSSL(s) Pte Limited, MSSL Hag Tolings Limited(FZC),
MSSL GB Limited, MSSL GmbH, Draexlmaier & Motherson Electrical System India
Limited, Motherson Pudenz Wickmann Limited, Woco Motherson Elastomer Limited
and Woco Motherson Advanced Rubber Technologies Limited
The company has floated a few new companies like, BTR Motherson Automotive
Private Limited in joint venture with BTR Plc of UK, Britax Motherson, Kromberg
& Schubert Motherson Sumi Systems in joint venture with Kromberg &
Schubert A.G., Germany, Kyungshin Industrial Motherson Private Limited in joint
venture with kyungshin Industrial Company, Korea, Motherson Elastomers Private
Limited in joint venture with WOCO Franz Joseph & Company, Germany.
The Delhi High Court has approved the amalgamation of Motherson Auto Components
Engineering Limited (MACE) and Motherson Sumi Electric Wires (MSEW) 100%
subsidiaries with the company. During September 2005 the company has decided
merge Draexlmaier & Motherson Electrical Systems India Limited, a 100%
subsidiary of the company with the company.
In December 2005 the company has decided to merge Motherson Advance Polymers
Limited with itself with effect from 1st April 2005 and this scheme of merger
is subject to approvals. During 2004-05 the company has transferred its
Elastomer Division into Woco Motherson Elastomer Limited, a subisidiary company
with effect from 1st June 2004.
In May 2005 the company has incorporated a new subsidiary 'Motherson Sumi
Reiner Gmbh', in Germany, which is an agreement between the company and Reiner
Prazision Gmbh to take over their business on going concern basis. Further the
company has decided to set up a new subsidiary in joint venture with Sumitomo
Wiring Systems Limited, Japan at Sharjah for supply of wiring harnesses to
Sumitomo Wiring Systems.
During March 2004 the company sub-divided its equity share face value from
Rs.5/-per share to Re.1/- per share and further in February 2005 the company
issued bonus equity shares to its shareholders in the ratio of 1:2.
During 2004-05 the company has expanded its facilities a Nodia with a new
dedicated unit for exports of Wiring Harness. Further the company has started a
new unit for Plastics at Chennai to cater to the requirements of Hyundai Motors
and for exports GM Holden, Australia which will commence in the year 2005-06.
Motherson Automotive Technologies & Engineering, the plastic division of
the company has decided to expand its Plastics facilities at Chennai to build
capacity for catering to increasing requirement of Ford India Limited and also
for export of components to Ford Europe. The Plastic Division which is being
set up at Manesar will become operational during 2005-06.
The company is in trade terms with :-
Ø Bajaj Auto Limited
Ø Bharat Earth Movers Limited
Ø Daewoo Motors India Limited
Ø Eicher Limited
Ø Ford India Limited
Ø Fiat Auto India Limited
Ø Escorts Construction Equipments Limited
Ø International Tractors
Ø Hyundai Motors
Ø Mercedes Benz India Limited
Ø Mahindra & Mahindra Limited
Ø Kinetic Engineering Limited
Ø Honda Siel Cars
Ø Philips India Limited
Ø WKH India Limited
Ø Wipro GE Medical Systems Limited
Ø Panasonic
Ø WOCO Franz Josef Wolf & Company, Germany
Ø Sumitomo Wiring Systems Limited
Ø Hag Handles
Ø Kautex-Textron
Ø Kikert AG
Ø Piaggio
Ø Taylor Dyne
Ø Trodat
Ø Wilhelm Pundenz
Ø Roche Diagnostics
Ø Endress +
Hauser
Ø Hewlett Packard
Ø Alok Leasing Private Limited
Ø Celloplast Industries
Ø Hytech Engineers
Ø Halonix Industries Private Limited
Ø Mega Rubber Technical Private Limited
Ø Paragon Autotech Products Private Limited
Ø Plastometal Engineering (India) Private
Limited
Ø SSI Rubbers
Ø Super Screws Private Limited
Ø United Industries
Ø Vidya Rubber
Ø Sujo Plast
Ø V. M. Enterprises
Ø Tubeflex
Ø Vankusha Rubber Products
Ø Vinay Traders
Ø Numeritech Engineers (India) Private Limited
Ø Electro Flash
Ø Sankhala Industries
Ø Priya Plastics
Ø S. C. J. Plastics
Ø Bafna Packaging Private Limited
Ø Paper Pack Industries
Ø Concept Engineering (India) Private Limited
Ø Kund Kund Polymers
Ø Interface Microsystems
Ø Aglow Engineers
Ø Agrahan Engineers
Ø Ashok Insulation
Ø Bharti Wood Works
Ø Cello Plast Industries
Ø Concept Engineering India (Private) Limited
Ø Excel Glass Fibre India (Private) Limited
Ø Grand Industries
Ø Hytech Engineers
Ø National Electronics Corporation
Ø Numeritech Engineers (India) Private Limited
Ø Paragon Auto Industries
Ø Pranay Insulations
Ø Sakshi Polytubes Private Limited
Ø SGR Elastomers (India) Private Limited
Ø Alfa Industries
Ø Shriram Engineering
Ø Sree Raja Ganapathy Industries
Ø Sakthi Springs Forms (Private) Limited
Ø Tritech Engineering
Fixed Assets:
Ø
Leasehold land
Ø
Building
Ø
Plant and
Machinery
Ø
Furniture
Ø
Fixtures
Ø
Office
Equipment
Ø
Computers
Ø
Vehicles
WEBSITE DETAILS
Overview
Motherson Sumi Systems Limited (MSSL) is the flagship
company of Sumi Motherson Group. The wiring harness division of MSSL is the
largest manufacturer of wiring harnesses in India. Serving the entire
cross-section of the automotive industry. MSSL also supplies wiring harnesses
to Material Handling, Earth Moving and Farm Equipment, White Goods &
Electronics, Elevators, Office Automation and Medical Equipment industries.
MSSL as a supply partner provides complete solutions to its
customers right from product design to mass supplies. MSSL has expertise in
project management.
Started in 1995, MATE specialises in blow molding, large
size injection molding, compression molding and vacuum forming, consumer
durables, white goods and electronics which are supported by post moulding
operations. MATE manufactures a wide range of plastic components and is a
leading module supplier to the Indian automotive industry.
The manufacturing facilities include injection molding upto
3200 Ton, blowmolding, robotic trimming operations, fabric upholstery,
painting, product decoration, assembly operations, higher level assemblies,
complete post-processing facilities including paint shop and printing
facilities.
Manufacturing Capabilities 
v Injection
Molding machines from 40 ton to 3200 ton capacity
v State-of-the-art
Blow Molding machines
v Compression
Molding facility
v Product
Finishing with Fabric Upholstery and Vinyl Lamination
v Ultrasonic
Welding
v Robotic
Trimming Operations
v Painting
of plastic parts
v Gas
Injection Molding facility
v Gas
Injection Molding facility
v Post
Molding Operations
v Silk screen
printing Auto screen printing Hot plate welding Pad printing In House tool
maintenance
History
|
1975 |
v
Motherson was founded |
|
1977 |
v
First Cable factory started |
|
1983 |
v
Technical agreement with Tokai Electric
Co. (Now Sumitomo Wiring Systems - Japan) for
Wiring Harness |
|
1986 |
v
JV with Sumitomo Wiring Systems Japan |
|
1989 |
v
Injection Molding |
|
1992 |
v
Cutting Tool Manufacturing |
|
1994 |
v
Tool Room for small and Medium
sized Molds (upto 650 Tons) |
|
1995 |
v
Cockpit Assemblies v
Automotive Mirrors |
|
1997 |
v
Blow Molding |
|
1998 |
v
Rubber Injection Molding |
|
1999 |
v
First Overseas office
established (Austria) |
|
2000 |
v
IT and Design Company v
Singapore Office Established |
|
2001 |
v
Liquid Silicon Rubber Injection
molding v
Machined Metal Components |
|
2002 |
v
Wiring Harness manufacturing at Sharjah v
Design Centre at Ireland |
|
2003 |
v
Offices in USA & UK
established v
Tool Room at Sharjah v
Automotive Sunroofs |
|
2004 |
v
European Headquaters at Germany v
Sheet Metal Die Design |
|
2005 |
v
Injection Molding & metal
Machining in Germany v
JVs for v
Environment Management Systems v
Industrial Robots v
Automotive Manufacturing
Engineering v
Plastic Molding & Metal
Machining at Germany v
PVC Tube Manufacturing |
|
2006 |
v
Wiring Harness Manufacturing in UK v
Bus Airconditioning Systems |
|
2007 |
v
Rubber parts Manufacturing in Australia v
JVs for v
HVAC Systems, Meterclusters,
Body Control Modules & Compressors v
Lighting Systems, Pedal Box
Assembly & Air Intake manifolds v
Bimetal BandSaws v
Transport & Stationary
Refrigeration Systems v
Thin Film coating metals |
The Sumi Motherson Group is a focused, dynamic and progressive group
providing customers with value added products, services and full system
solutions.
They are
joint venture specialists, providing customized integrated solutions combining
multiple technologies supported by their global partners.
Key Facts
Established in 1975
Sales over $USD 350 Million (FY 2004-05)
Diversified manufacturer
Benchmark for high Quality products
Strategic integration for Quality / Cost & Delivery
Joint ventures in key Technology areas
Driven by over 13,500 qualified professionals
Their accomplishments
include being the first in India to manufacture integrated Wiring Harnesses and
Woodstock Door Trims.
They are
the largest manufacturer of Automotive Wiring Harnesses, Automotive Wires and
one of the largest plastic components supplier to the automotive and consumer
electronics industries.
They
continue to set higher targets for their selves in their pursuit to become a globally preferred solutions provider.
PARTNERS
1. Wiring
Harness
Wiring Harness
Sumitomo Wiring
Systems Limited, Japan
Kyungshin
Industrial Company, S. Korea
Lisa Draexlmaier,
Germany
Wires
Sumitomo Wiring Systems Limited, Japan
2. Engineering
Design & Software Development
Sumitomo Wiring
Systems Limited, Japan
Miyazu Seisakusho
Company Limited, Japan
3. Polymer &
Tooling
Injection Molding
Sumitomo Wiring
Systems Limited, Japan
Rubber & Liquid Silicon Rubber Components
WOCO
Industrietechnik GmbH, Germany
Injection Molding Tools
Sumitomo Wiring
Systems Limited, Japan
Centre Tooling Mold
Makers Pty. Limited, Australia
4. Strategic
Business Ventures
Fuses
Wilhelm Pudenz
GmbH, Germany
Wickmann Werke GmbH, Germany (Partner with Littelfuse Inc. USA)
Rear Vision Systems
Schefenacker AG,
Germany
Sunroofs
Webasto AG, Germany
Air Compressors
Anest Iwata
Corporation, Japan
Cutting Tools
Sumitomo Electric
Industries, Japan
Precision Machining
Reiner Präzision
GmbH, Germany
Industrial Robots
Yaskawa Electric
Corporation, Japan
Automotive Manufacturing Engineering
Automotive
Engineering Services, Japan
Environment Systems
E Compost,
Australia
SUMI MOTHERSON
GROUP - Group Companies
A Basic Concepts Designs Pty. Limited
A Basic Concepts and Design Pty. Limited (ABCD) is a Sumi Motherson
Group company based in Melbourne (Australia) specialising in product and tool design
using state of the art design software.
AES (India) Engineering Limited
AES (India)
Engineering Limited is a joint venture between Automotive Engineering Services
Company Limited (Japan) (AES) and the Motherson Group
AES is a global
player in the automotive engineering field, providing services to major
automotive manufacturers worldwide.
ANEST IWATA Motherson Limited
Anest Iwata Motherson Limited (AIM) is a joint venture between Anest
Iwata Corporation (Japan) and the Motherson group. AIM manufactures Lubricated
and Oil-Free Reciprocating Compressors.
CTM India Private Limited
CTM India Private Limited (CTMIL) is a commercial tool room with
capabilities to manufacture injection moulding and blow molding tools. Checking
fixtures and Gauges. CTMIL is a joint venture between CENTRE TOOLING
(Australia) and Motherson Sumi Systems Limited. CTMIL currently runs one plant
in South India and will soon be supported with a new plant in North India.
G&S Kunststofftechnik GmbH
G&S
Kunststofftechnik is a subsidiary of Motherson Sumi Systems Limited located at
Schwäbisch Gmünd (Germany).
G&S specializes
in plastic injection molding and two component resin injection molding which
are supported by post molding processes.
Global Environment Management (FZC)
Global Environment
Management (GEM) is a joint venture between MSSL Mauritius Pte Limited, a Sumi
Motherson Group Company and ECompost Pty Limited, an Australian based
specialist developer of ecologically sustainable initiatives, products and
services. GEM has been formed for the marketing of commercially viable,
environmental improving products.
Kyungshin Industrial Motherson Limited
Kyungshin Industrial Motherson Limited (KIML) is a joint venture between
Kyungshin Industrial Company Limited (South Korea) and Motherson Sumi Systems
Limited.
Kyungshin
Industrial Company Limited is a leading manufacturer of integrated wiring
harnesses in Korea. KIML specialises in manufacturing wiring harnesses that are
made to customer specifications. Located at Chennai in India, KIML caters to
the entire wiring harness requirements of its customers in the region. The
customers has rated KIML as its best vendor in terms of quality, delivery and
service, year after year.
Miyazu Motherson Engineering Design Limited
Miyazu Motherson
Engineering Design Limited (MMED) is a joint venture between Miyazu Seisakusho
Company Limited (Japan), Sojitz Corporation (Japan) and Motherson Group. MMED
is engaged in press die design and CNC code generation.
Located in NOIDA,
the company provides design back to MIYAZU, Japan – based on which they produce
Press Dies for world wide customers.
Motherson Advance Polymers Limited
Motherson Advance Polymers Limited (MAP) is
a commercial molding facility equipped with state-of-the-art japanese machines,
located in North India. The company specialises in manufacture of large size
injection molded components for consumer durables, white goods, electronics and
automotive applications.
Motherson Automotive Technologies & Engineering
(A Division of MSSL)
Started in 1995, MATE specialises in blow molding, large size injection
molding, compression molding and vacuum forming supported by state-of-the-art
paint shops. MATE has 6 facilities in South India and 2 in North India. The
company provides a complete turn key solution supplying parts such as
Instrument panel assemblies, Door trims, Under bonnet parts, other Interior and
exterior parts.
Motherson PUDENZ Wickmann Limited
Motherson PUDENZ Wickmann Limited (MPWL) is a joint venture between
Wilhelm Pudenz GmbH (Germany) and Wickmann Werke GmbH (Germany) (a partner of
Littelfuse Inc. USA) and Motherson Sumi Systems Limited for supply of
protection products for applications in automotive, electrical and electronics
industries.
Motherson Sumi Electric Wires (A Division of
MSSL)
Motherson Sumi
Electric Wires (MSEW) is a division of Motherson Sumi Systems Limited,
manufacturing wires with technology from Sumitomo Wiring Systems Limited
(Japan).
MSEW is the largest
manufacturer of automotive wires in India, with facilities in North and South
India.
Motherson Sumi INfotech & Designs
Limited
MIND is an IT services company, in collaboration with Sumitomo Wiring
Systems (Japan), specialising in Engineering Design & Software
Development
Software
Development Group
The Software
Development division of MIND is certified for SEI CMM Level 5 and ISO
9001:2000.
It primarily
provides:
Enterprise IT
Solutions
Solutions for
Software Companies
Engineering &
Design Services
The Engineering
& Design Services division of MIND is certified for ISO 9001:2000.
It specialises in
Body Styling, Product Engineering, Prototyping, Mold Design, Industrial Design
and related services.
Mothersonsumi Reiner GmbH
Mothersonsumi Reiner GmbH (MSR) is a Joint Venture between Reiner
Präzision GmbH (Germany) & MSSL GmbH. The facility is located in
Donaueschingen (Germany), MSR specialises in Metal Turning & Plastic-Metal
Combined Parts.
Motherson Techno Tools Limited
Motherson Techno
Tools Limited (MTTL) is a joint venture with Sumitomo Electric Industries
(Japan) (SEI), for the manufacture and sales of Cubic Boron Nitride (CBN) and
Polycrystalline Diamonds (PCD) Cutting Tools.
Sumitomo Electric
Industries is the world leader in the field of CBN (Cubic Boron Nitride) &
PCD (Polycrystalline Diamond) Cutting Tools.
Motherson Toolings Limited ( FZC )
Motherson Toolings Limited (FZC) (MTL) is a
subsidiary of Motherson Sumi Systems Limited. Located in Sharjah (UAE). MTL
specialises in manufacturing of injection molding tools for injection molding
machines upto the range of 400 tonnes.
Motoman Motherson Robotics Limited
Motoman Motherson
Robotics Limited (MMRL) is a joint venture between Yaskawa Electric Corporation
(Japan), Sojitz Corporation (Japan) and the Motherson Group.
The company provides sales and service for the Motoman range of robots
in India.
MSSL Ireland Private Limited
MSSL Ireland
Private Limited is a 100% subsidiary of Motherson Sumi Systems Limited. MSSL Ireland
specialises in Design & Development of Wiring Harnesses. The design
facilities include designing on Unigraphics, Capital - H & Pro E. The
company also has complete Proto Building Facilities.
Being located in Europe, MSSL Ireland is able to provide prompt design
and engineering support to customers in the region.
MSSL Mideast (FZE)
MSSL Mideast FZE is
a 100% subsidiary of Motherson Sumi Systems Limited. Located in SAIF Zone,
Sharjah, the company specialises in manufacturing of wiring harnesses for
material handling equipment and off-road vehicles.
Sumi Motherson Innovative Engineering
Limited
Component Division
A joint venture between Sumitomo Wiring Systems (Japan) and the Motherson
group, Sumi Motherson Innovative Engineering (Component Division) specialises
in manufacturing of small & medium sized injection molded plastic
components and small press stamped parts for an extensive range of products
catering to automotive, electric and electronics industry. The division also
has competency in manufacturing of press stamped small sheet metal parts.
Tooling Division
A joint venture between Sumitomo Wiring Systems (Japan) and the Motherson
group, Sumi Motherson Innovative Engineering (Tooling Division) is a commercial
tool room specialising in high precision tooling. The company designs and
manufactures plastic injection molding tools for a wide range of industry
applications for machines upto 350 Tonnes.
Schefenacker Motherson Limited
A joint venture between Schefenacker AG (Germany) and Motherson Sumi
Systems Limited. Schefenacker Motherson is a black box designer and
manufacturer of Rear-Vision Systems for the Automotive Industry. The company
provides complete services from designing to clay modeling through aerodynamic
compliance testing to commercial production of rear vision systems.
Webasto Motherson Sunroofs Limited
Webasto Motherson Sunroofs Limited (WMSL) is a joint venture between
Webasto AG (Germany) and the Motherson Group. Webasto is the world's largest
manufacturer of Sunroofs.
WOCO Motherson Limited (FZC)
WOCO Motherson Limited (FZC) is a joint venture between WOCO
Industrietechnik GmbH (Germany) and the Motherson group for the manufacturing
of high precision liquid silicon rubber parts.
WOCO Motherson Elastomer Limited
WOCO Motherson Elastomer Limited (WMEL) is a joint venture between WOCO
Industrietechnik GmbH, Germany and the Motherson group. The company
manufactures Injection Moulded Rubber Parts, Rubber to Metal Bonded Parts and
Rubber to Plastic Bonded Parts mainly for the Automotive Industry. WMEL also
produces parts for White Goods Industry. WMEL is a 100% E.O.U. and exports to
Germany. The product range includes Cable Grommets, Fire Wall Grommets, Water
Drain Grommets, Non Braided Injection Moulded Hoses, Spring Pads for Suspension
Assemblies etc.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.40 |
|
UK Pound |
1 |
Rs.80.54 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
70 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|