Auto Ancillary Reports

8/3/2019 Auto Ancillary Reports

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INDIAN AUTO COMPONENT INDUSTRY

Key component segments

Engine components

Engine components fall into three broad categories - core engine components, fuel delivery

system and others. This segment includes products such as pistons, piston rings, engine valves,

carburettors, crank shafts, sump connecting rod etc. These are the most critical components and

require high level of co-ordination between component manufacturer and OEM. This segment,

accounting for 31 per cent of component market (by value), has seen major technical

advancements with improved designs for optimal fuel consumption and lesser emission.

Drive transmission and steering components

This segment, accounting for around 19 per cent of auto component market, includes

components like gears, wheels, steering systems, axles and clutches.

Body and chassis

This segment accounts for 12 per cent of auto component market.

Suspension and braking components

This segment includes components like brakes, brake linings, leaf springs and shock absorbers

and accounts for 12 per cent of the auto component market.

Equipment

This segment, accounting for 10 per cent of the market, includes components like headlights,

dashboard instruments, wiper motors, electric horns etc.

Electrical components

The main products in this segment include starter motors, generators, spark plugs, ignition coil,

flywheel magnet, voltage regulator, electric ignition and distributors. This is one of the major

upcoming segments, forming 9 per cent of the Indian component industry. Digital Twin Spark-

plug Ignition (DTSI) mechanism is the latest concept in the automobile industry.

Others

Sheet metal components and plastic moulded components are two of the major components in

this category. Around 7 per cent of the market is accounted for by other components not

included in the above segments.


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Component-wise market segmentation

ElectricalOthers

Engine7%Components Components9% 31%

Equipments10%

Suspension and DriveTransmissionBrakingand SteeringComponents

Body and components12%

Chassis 19%12%

Source: ACMA

Industry structure and competition

Auto component industry is fragmented and predominantly controlled by the unorganised

sector. Organised segment accounts for only 30-35 per cent of the domestic sales. There are

around 500-600 units in the organised segment, while the unorganised segment has presence of

more than 6,000 units. Despite Indias auto component industry producing US$ 20 billion worth

output, the top-line of hardly 40-45 players exceed US$ 100 million. Some of the major

domestic auto components manufacturing groups in India include TVS, Rane, Amalgamations,Kalyani, Sona, Rico, Minda and Amtek, amongst others. The organised segment faces

competition from counterfeiters as well. According to the industry, counterfeit market is

estimated to be as large as US$ 1 billion.

On account of the relatively larger size, scalability and better financial strength than the

unorganised segment, the OEM market is primarily catered by the units in the organised

segment. The units in the unorganised segment attempt to find their fortunes amidst fierce

competition in replacement market. Many players in the unorganised segment are also involved

in job work and contract manufacturing for the organised sector.

The global key auto makers have brought along the international component suppliers into India.

Major international auto component manufacturers like Lear Corporation, Delphi, Visteon, Mando,

ZF Steering, Bosch, Motherson Sumi, Denso etc have established their strong presence in India. The

entry of global manufacturers enabled introduction of new technologies, new products


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Global players in India

Delphi Steering System and Wiring harness

Bosch Spark plugs, Fuel Injection equipments, Oil FiltersDenso Auto electric components, alternators, fuel pumps and RadiatorsLear Electronic and Auto electrical componentsJohnson Controls Seating Systems and ControlsVisteon Air conditioning, engine cooling systemsT R W Engine valves, steering system, braking system and electric componentsSiemens VDO Automotive dashboard instruments and accessoriesDANA Clutch, Piston rings, axle housing

Importance to the economy

The auto component industry may not seem important to the economy in terms of its directcontribution to the GDP (2-3 per cent) or to the exchequer (approximately 2-3 per cent) or to the

foreign exchange earnings (2 per cent of Indias exports in value). However, this industry is

indirectly very important, as it employs close to 10 million people directly and indirectly, which

makes it significant amongst the Small and Medium Enterprise (SME) sector.

Major Clusters

The component industry, being ancillary to the automobile industry, has been primarily developed

in and around automobile manufacturing clusters. National Capital Region (NCR) in north, Pune

and Aurangabad belt in west and Chennai & Bangalore belt in south are the key automobile

manufacturing hubs in India. There are some OEM plants in Madhya Pradesh, Jharkhand and West

Bengal as well. Tier-I and Tier-II component suppliers generally have their plants located within the

vicinity of the OEMs manufacturing unit. Nevertheless, small component manufacturers especially

in the unorganized segment primarily catering the replacement market are spread across the

country.

Players like Asahi Glass, Jai Bharat Maruti, Sona Koyo, Omaxe and Bharat Seats are the key

suppliers in the organised segment in north Indian automobile cluster around NCR. North India

has disadvantage of being land locked with large distance from port. However, the Government

has responded well by setting up Inland Container Depot at Tughlakhabad to facilitate exports.

Similarly, the western India automobile cluster in Pune and Aurangabad is supported by Tata

Autocomp, Bharat Forge, Bosch and Lear, amongst others. This region has access to Mumbai

and JNPT port as well as Kandla in Gujarat. Visteon, Delphi and Bosch are some of the

suppliers that support the automobile cluster in southern India. This region finds Chennai,Tuticorin and Kochi ports in its close proximity. With Gujarat emerging as a new centre of


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HIMACHAL PRADESHUTTARAKHAND International Cars and Motors, TVSAtul Auto, Bajaj Auto,M&M, Tata Motors

HARYANAHero Honda, Honda Motorcycle and

PUNJAB Scooters, Maruti Suzuki, SuzukiMotorcycle, India YamahaSwaraj Mazda

UTTAR PRADESHRAJASTHAN Honda Siel, LML, Scooters India,Ashok Leyland Tata Motors, India Yamaha

GUJARATAtul Auto,

Electrotherm,General Motors,

Tata Motors

WEST BENGALHindustan MotorsMAHARASHTRA

Ashok Leyland, Audi, Bajaj Auto,JHARKHAND

Fiat India, Force Motors, M&M,Tata MotorsMahindra Renault, Mahindra Two-

Wheelers, Mercedes Benz, Piaggio,Premier, Skoda, Volkswagen, Tata

MADHYA PRADESHMotors

Eicher Motors, Force Motors,Hindustan Motors

ANDHRA PRADESHM&M

TAMIL NADUAshok Leyland, BMW, Ford,

Hindustan Motors, Hyundai, Nissan,KARNATAKA

Royal Enfield, Tatra Vectra, TVSToyota Kirloskar, TVS, Volvo


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Government PoliciesCustoms Duty

Customs duty rates determine the protection government gives to the domestic industry. Customs

duty on auto components has been reduced over the years. Simultaneously, the customs duty on

inputs has also been reduced wherever the duty was high. The duty on output is higher than that on

inputs (equal in case of catalytic converter), which suggest favorable duty structure. Reduction in

customs duty on auto components comes in line with the increasing indigenization by the OEMs.

Trend in custom duty on auto components and its inputs

Customs (%) FY05 FY06 FY07 FY08 FY09 Stimulus FY10Auto ComponentsEngine & engine parts,

20.4 15.3 7.7 7.7 7.7 7.7 7.7except the below-mentionedSilencer, exhaust pipes &

20.4 15.3 10.3 10.3 10.3 10.3 10.3radiatorsCatalytic converter 5.1 5.1 5.1 5.1 5.1 5.2 5.2Drive transmission, steering,suspension & braking parts, 20.4 15.3 12.8 10.3 10.3 10.3 10.3except the below mentionedCouplings & seals 20.4 15.3 7.7 7.7 7.7 7.7 7.7Electrical parts 20.4 15.3 7.7 7.7 7.7 10.3 10.3InputsSteel and Lead 5.1 5.1 5.1 5.2 5.2 5.2 5.2Aluminium & Copper 15.3 10.2 5.1 5.2 5.2 5.2 5.2Nickel 15.3 5.1 5.1 5.2 5.2 5.2 5.2

Excise Duty

Excise duties on auto components have been drastically reduced in the last year itself, in line

with the overall reduction in the rates of excise duty in order to provide stimulus to the economy

that was reeling under the pressure of global financial crisis. Being a fragmented industry,

almost the entire benefit of the excise duty cut has been passed on to the end-users.

Trend in excise duty on auto components and its inputs

(%) FY05 FY06 FY07 FY08 FY09 Stimulus FY10All Auto Components 16.3 16.3 16.3 16.5 14.4 8.2 8.2InputsSteel 12.2 12.2 16.3 16.5 14.4 8.2 8.2Aluminium, Copper

16.3 16.3 16.3 16.5 14.4 8.2 8.2Nickel & Lead

Value Added Tax (VAT) / Sales Tax

Earlier, the sales tax rates varied from state to state. However in 2005, sales tax was replaced by


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Foreign Direct Investment (FDI) policy

The economic reforms in 1990s brought around radical changes in the Indian business environment.

Though the pace of reforms was slow, de-licensing and relaxation in many other areas made the

atmosphere increasingly conducive for business. In 2002, after the framing of the new auto policy,

government threw the sector open to 100 per cent Foreign Direct Investment (FDI) under the

automatic route. Liberalisation has brought major international OEMs like Hyundai, General

Motors, Ford, Toyota, Daimler Chrysler, Mitsubishi, Daewoo, Mercedes Benz, etc into India. This

attracted international auto component majors like Lear Corporation, Delphi, Visteon, Mando, ZF

Steering and Denso as well into our country. The entry of multi-national OEMs has also boosted the

growth of indigenous auto component manufacturers, as these OEMs not only sourced major

portion of the components for their Indian operations but also for their overseas operations from

Indian suppliers. Besides expanding the size of the sector, entry of foreign firms has led to

significant knowledge spill-over on Indian auto component firms.

Barriers to entry: Medium

The Automobile component industry is moderately capital intensive in nature. Replacement

market, the bigger segment, is cost-conscious and not brand-conscious. These factors make the

entry into the business easier. However, the industry is dependent on technology to some extent

in relation to the product design and its technical know-how as intellectual properties, especially

in engine-related components. The component manufacturers work closely with the OEM in

designing the components. Players in the organised sector have an upper hand to be the

preferred suppliers to OEMs. Thus, it is difficult for a new or a smaller player to make through

the OEM segment.

The 100 per cent FDI being allowed in the sector, corroborated with easy availability of low-

cost labour and inputs like steel, aluminium and copper makes the entry easy for internationalplayers into the Indian market, primarily in the OEM segment where there is presence of

international OEMs as well. But penetrating the replacement market is difficult for them, as this

market requires large distribution network.

Competition: Medium to High

The industry is fragmented in nature and predominantly controlled by the unorganised sector.

The organised segment accounts for only 30-35 per cent of the domestic sales. There are around

600 units in the organised segment, while the unorganised segment has the presence of more

than 6,000 units. Despite Indias auto component industry producing close to US$ 20 billion

h h li f h dl 50 dd l d US 100 illi


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The range of products manufactured, with each broad product segment having a different market

structure and technology has negated any possible concentration of the market in a few hands. The

market is so large and diverse that a large number of players can be absorbed to accommodate buyer

needs. However, there are a select few large companies that have integrated their operations across

the value chain. The key to competing in this industry is through specialisation by product-type and

integrating operations across the related area of specialization.Threat from substitutes: LowThere are no alternates or substitutes for the auto components. However, the industry faces

competition from counterfeits and cheap Chinese imports, especially in cost-conscious replacement

market. As per the industry, counterfeits account for around US$1 billion worth sales.

The indirect threat to the industry can come from the probable increase in cargo and/or passenger

movement by alternate modes like airlines or railways, which may impact demand for automobiles

and thus the components. Furthermore, improvement in road infrastructure would also lead to lesser

wear and tear and thus lower demand for components in the replacement segment.

Bargaining power of buyers: High

On account of fragmentation, the bargaining power of the component manufacturers is very

low. The OEM segment on the other hand is consolidated, with top two players in each sub-

segment accounting for at least more than 2/3rd

of the production in each segment. Thus, the

OEMs have an upper-hand over the component suppliers.

Market share of top two players in various segments of Indian automobile industry

PV LCV MHCV 2 Wheelers 3 WheelersLargest player Maruti Suzuki Tata Motors Tata Motors Hero Honda Bajaj AutoShare in production (%) 44 59 61 40 572

nlargest player Hyundai M & M Ashok Leyland Bajaj Auto Piaggio

Share in production (%) 24 29 25 25 28Cumulative Production

67 88 86 65 85Share (%)

In the replacement market, no single buyer dominates the industry and sales in this segment areakin to retail sales. However, this segment is very cost-conscious and thus, the bargaining

power of the fragmented component industry is very weak. The export market is also very price

sensitive, as India faces competition from other low-cost manufacturing centres like China,

Thailand, Philippines, Malaysia, Hong Kong etc.

Bargaining power of suppliers: High

Ferrous and non-ferrous metals, crude oil derivatives and other commodities form inputs of auto

component manufacturers. The auto component industry is not a very significant consumer of these

commodities. Thus, the component manufacturers, either individually or collectively, do not

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prices are based on their global demand-supply balance and macro-economic cycles.

Regulatory intervention: Low

There is minimum regulatory intervention in the auto component industry. There are no special

regulations or statutes framed for the industry. The overall business environment has been

liberalised and made conducive for business over the years. The automobile sector holistically

being an important sector to the economy is looked upon favourably by the Government,

especially during the economic downturn. Stringent labour laws, though having a social

importance, do not go well for this labour-intensive industry.

Barriers to exit: Medium to low

The barrier to exit for the sector is primarily in terms of labour. The process of retiring the

existing labour force is a tedious process and involves high cots and legal compliances for terms

like Voluntary Retirement Scheme (VRS), separation compensation, gratuity etc. However,

there is no regulatory interference to exit. Since the industry is fragmented, the probability of

assets or the entire business of the exiting firm being bought out is high.


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BUSINESS RISKS

This chapter deals with important and unique business risks, on which the companies involved

in the automotive component manufacturing and selling can be assessed and compared:

Scale of operations

The Indian auto component industry is fragmented in nature with more than 6,500 units

producing around US$ 19 billion worth output. In this light, the scale of operation becomes very

critical. The Original Equipment Manufacturers (OEM) prefer associating themselves with

larger players for supply of components for vehicles they manufacture. Furthermore, the

component manufacturer should also be able to scale up its operations in line with the growth of

the OEM it is associated with. Larger scale of operations is also advantageous for the players in

the highly-competitive replacement and export market. The scale of operations can be gauged

by the market share of the player in the component(s) it manufactures and market it operates.

Diversification

Well-diversified market and customer mix is imperative for component manufacturer for

minimizing risk of volatile sales and profits. The sales should be well diversified amongst OEM,

replacement and export segments. Furthermore, the sales in OEM segment should be well

diversified across various vehicle manufacturers and that in the export segment across geographies.

Dependency on one/limited OEMs can ensure business, but also exposes the component

manufacturer to the risk of its fortunes being linked to the performance and success of those OEMs.

Thus, balance between sales in various segments like OEM, replacement and exports, wider

customer base and diversification across geographies in case of exports is desirable.

Performance of the OEM

If the component manufacturer is more dependent on one or two OEMs, the market position of

those OEMs and the potential threat to their market position needs to be considered. The future

performance of such component manufacturers would largely depend on the performance of

those OEMs. Furthermore, the expansion plans of the OEMs also need to be taken into account

that help to understand the increase in potential orders.

Parentage

The component manufacturer being a part of an OEM group is viewed positively, as it provides

ready access to parents business, technological skills and experience. Similarly, being a part of


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Value addition and significance in value chain

The business risk of component manufacturers can also be judged on the basis of value addition.

Generally, the business with low value addition is not very capital and technology intensive andthus attract many smaller players leading to fragmentation and thus stiff competition. Higher the

value addition, difficult it becomes for entering the business and consequently, less fragmented is

the industry. Furthermore, position of the component manufacturer in the value chain is important to

understand its significance in the value chain. Higher value addition and significant position in the

value chain gives the company more bargaining power.

Product complexityThe degree of complexity of the product determines the importance of the component

manufacturer in the supply chain and thus impacts its bargaining power. The complexity can be

measured by the extent of research and development efforts and expenses, precision involved,

product validation etc. More complex the product, limited is the downside risk of price and

profitability and difficult it is to enter the business.

Technology and manufacturing processThe component manufacturers with strong in-house research and component development teams or

faster access to technology through collaboration or tie-ups would be in a better position to secure

orders from OEMs. Access to technology is the important criteria for vendor selection by the

OEMs. The OEM also checks the quality management practices that are adopted by the auto

ancillary units. Moreover, the OEM also ascertains as to whether the practices like six sigma, Just-

in-time etc are practiced or do they have quality improvement methodologies such as Total

Productivity Management (TPM), Total Quality Management (TQM), Zero Defects etc.


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DOMESTIC MARKET

The domestic auto component market can be segmented into Original Equipment Manufacturer(OEM) segment and the replacement segment or the after-market. The auto components are not

only used by the OEMs for rolling out new automobiles, but also by the existing automobile

population for replacing the used and worn-out ones.

Size of the domestic market

The domestic auto component market is estimated at Rs.1,060 billion in 2009-10. The sales to the

OEM segment are estimated at Rs.700 billion, whereas the sales in the after-market are estimated at

Rs.360 billion. While the indigenous manufacturers catered Rs.740 billion worth domestic market,

Rs.320 billion worth components were imported.

Trend in domestic market size

The domestic market for auto components increased from Rs.170 billion in 1999-00 to Rs.410

billion in 2004-05 and further to Rs.1,060 billion in 2009-10. This implies a 5-year Compounded

Annual Growth Rate (CAGR) of 20.9 per cent and 10-year CAGR of 20.1 per cent.

Trend in the size of domestic auto component market

1,200

billion) 900

600

(Rs.

300

0

00

02

06

FY

Y

F Y

F Y

OEM Replacement Imports

Source: Intec Capital

Limited


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EXPORTS

India exports a vast range of auto components, totalling Rs.220 billion in 2009-10. Export

market is becoming increasingly important for the Indian auto component manufacturers. The

share of exports in total production by value has increased to around 24 per cent in 2009-10

from 12 per cent in 1999-2000.

Trend in exports

Indias auto component exports increased at Compounded Annual Growth Rate (CAGR) of

27.2 per cent from Rs.20 billion in 1999-2000 to Rs.220 billion in 2009-10. The major

component categories that have witnessed healthy growth rate include transmission shaft and

cranks, drive axles, starter motors, generators and bumpers.

Auto component exports galloping at healthy rate

billio

n) 240 30%

production

200 25%

160 20%

120 15%

proporti

on

r t s80 10%

40 5%s

0 0%

00

0

0 3 0 4 0 5 0 6 0 7 0 8 0 9

10

E

FY

F Y F Y F Y F Y F Y F Y F Y F Y F Y

Exports As proportion of production (in value)

Source: The Automotive Component Manufacturers Association of India (ACMA) and Intec Capital

Limited

On account of Indias low cost advantage, many international automobile manufacturers are

either sourcing components from India or have set up their subsidiaries in India to produce

components for their global operations. Higher exports by Indian subsidiaries of global Original

Equipment Manufacturers (OEMs) and Tier-I component manufacturers has been driving

component exports from India. International players like Delphi, Visteon, FAG Bearings, and

Timken India etc have increased their export revenues from Indian operations.

Key marketsIndia exports auto components to more than 100 countries. Europe is the biggest destination for


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cent of exports in 2008-09.

Importance of Europe and America increasing in export market

100%10% 8%

South Africa3%8%

13%11%

7%

80%Thailand4%

15% UAE 3%

16% 18%Korea and China

2% each

60%26%

USA22%27%

31%

40% Italy8%;Germany7%

44%U.K. 5%

20%36%

30%

0%

FY 00 FY 05 FY 10

Europe America Asia Africa Others

Source: Intec Capital Limited

In 1999-00, nearly 45-50 per cent of the exports catered the OEMs or the Tier I suppliers, while

50-55 per cent of the exports catered the replacement market. Today, around 80 per cent of

Indias component exports cater the OEMs or the Tier I suppliers, which demonstrates long-

term relationships and repeat orders from these customers.

Key products exported

India primarily exports engine components (that include products such as pistons, piston rings,

engine valves, carburetors, etc.) and drive transmission and steering components (that include

products like gears, transmission shafts and cranks, steering systems, axles, clutches etc.). These

two categories currently account for around 34 per cent and 19 per cent of component exports from

India by value. Body and chassis, Suspension and braking components and Equipment each account

for 11-12 per cent of component exports from India by value. Electric parts form around 8 per cent


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fuel pump nozzles, fuel injection parts, filter and filter elements, radiators, gears, leaf springs, brake

assemblies and bearings, clutch facings, head lamps, auto bulbs and spark plugs.

Component-wise exports by value

Electrical OthersEngineComponents 5%

Components8%33%Equipments

11%

Suspension andDriveBraking

Transmission andComponentsSteering

12%components

Body and Chassis 19%12%


Some of the products that have witnessed healthy export growth include starter motors, axles,

transmission cranks, shafts, generators and bumpers. The engine components are technology as

well as capital intensive and thus are dominated by large players. Similarly in drive

transmission and steering components, the steering systems are technology as well as capital

intensive, which act as entry barrier for smaller unorganised players.


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IMPORTS

India imports nearly one-third of the auto components it consumes in value terms. The share of

imported consumption has drastically increased in the last decade. China has been aggressively

exporting components to India.

Size of imports

India is estimated to have imported Rs.320 billion (US$ 7 billion) worth auto components in

2009-10, as against domestic component consumption worth Rs.1,060 billion (US$ 22 billion).

Thus, imports form around 30 per cent of the domestic component consumption in value terms.

Trend in importsIndias auto component imports increased at a CAGR of 32.4 per cent from Rs.19 billion (US $

0.4 billion) in 1999-00 to Rs.320 billion (US$ 7 billion) in 2009-10. The major components

imported into India include piston rings, brake assembly, bimetal bearings, transmission shafts,

wheel rims, motor cycle parts etc

Auto component imports soaring at a fast rate

300 32%

n

billion)

25024%

200. s

150 16% .(in

f

Imports

1008%

n

50

0 0%00

s

F

Y

F Y F Y

F

F

F

F

F

F

Imports As proportion of production (in value)

Source: ACMA and Intec Capital

Limited


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Indian Auto Component Industry

Key sources of imports

India imports auto-component mainly from the European Union (EU), US, Japan, South Korea

and China. EU is the key exporter of auto components to India, with 37 per cent of the

components imported by India being sourced from that region. China, though accounting for a

smaller share of 9 per cent, is emerging to be a bigger threat. Component imports from China

increased at perturbing CAGR of 63.5 per cent from Rs.2 billion (US $ 47 million) in 2003-04 to

Rs.25 billion (US$ 545 million) in 2008-09. Thus, Chinas share in Indian auto component

imports increased to current level of 9 per cent from 3 per cent during the said period.

Regional share of auto component imports into India

Others19%

US EU37%3%

Japan5%

China9%

Thailand S. Korea

10% 17%


According to the industry, the share of imports to domestic consumption is likely to increase further

on account of reduction of customs duty on several auto parts under Free Trade Agreements (FTAs)

with the Association of South East Asian Nations (ASEAN) and South Korea. Custom duty on auto

parts like pistons, rings, bumpers, gear boxes and radiators would be brought down to zero by 2013

under the Indo-ASEAN FTA. Similarly, custom duty on motorcycle and engine parts would alsocome down under the India-South Korea FTA. Under the FTA with Thailand, there is already zero

duty on certain components imported from that country, which include engine parts, lighting

equipment, ball bearings, gear boxes/transmissions, pumps and helical springs. India is also

negotiating market opening pacts with the European Union and Japan.


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COST AND PROFITABILITY

This chapter deals with the cost structure and profitability of the auto-component industry.

Cost Structure

Raw material cost is the key cost head for the auto component industry, followed by employee

costs, power & fuel costs and selling & distribution costs. Each of the cost head is elaborately

analysed below:

Typical Operating Cost Structure

Selling andOther operating

costsdistribution costs8.5%3.9%

Power and fuel cost

5.3%

Employee cost Raw material cost8.8% 73.5%


Prospects :

In the long term, the growth of this sector will depend partly on pace of indigenisationlevels across all segments. The prospects look bright as most companies are increasing

the indigenous components, in an effort to reduce their currency losses and remain

competitive. Also, the fact that auto manufacturers like Ford, Hyundai and Maruti are

exporting cars, make the prospects look encouraging.


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Our Client :

Customer Name

Sterling Auto Super auto Castings Pvt Ltd

Amco Polymers Sarthak Enterprises

Rani Polymers Yashdeep Automotive Industries

Kiran Udyog Pvt Ltd Windals Auto Pvt Ltd

Adinath Forgings Pvt Ltd Radheya Machining

T P Tools Jain Engineering Works

Siris Engineering SD Auto Components

Satara Industries A P FORGINGS PVT LTD

The Moulds Amco Polymers

J Maa Products E.P Electro Pressing Pvt Ltd

ASP Engg Products Pvt Ltd Innoventive Industries Limited

Srinisons Wiring Systems Pvt Ltd Innoventive Industries Limited

United Precison Engineering Company Kalyani Engineering Works

Kafila Forge Ltd Kalyani Engineering Works

Radhey Machining Ltd Seinumero Nirman Pvt Ltd

SUPER ALLOY Windals Auto Pvt Ltd

S K Fabricators Pvt Ltd Windals Auto Pvt Ltd

Radhey Machining Ltd Shravani Computers

E P Electro Pressing Pvt Ltd Polo Machinery Pvt Ltd

Forgewell Limited Prolifique Rolls Pvt Ltd


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Documents

Auto Ancillary Reports