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Annual Report 2006-07
Annual Report
2007-08

21st Annual report 2007-08
(PDF) - Size: 4.07 MB

MSSL - Corporate Announcements

Announcement Date Announcement
14-10-2008

The meeting of the Board of Directors of the Company will be held on Tuesday, the 21st day of October, 2008 inter-alia to consider the Unaudited Financial Results for the quarter ended 30th September, 2008.

11-08-2008 The members of the Company at the 21st Annual General Meeting held on Monday, the 11th August, 2008 have declared the payment of final dividend @Rs.1.35 per share (135%)
21-07-2008 Register of Members and Share Transfer Books shall remain closed from 5th August, 2008 to 11th August, 2008 (both day inclusive) for the purpose of payment of Dividend and Annual General Meeting to be held on Monday, 11th August, 2008 at 11.30 A.M. at FICCI Golden Jubilee Auditorium, Tansen Marg, New Delhi for the financial year ended 31.03.2008.
21-07-2008 The meeting of the Board of Directors of the Company will be held on Saturday, the 26th day of July, 2008 inter-alia to consider the Unaudited Financial Results for the quarter ended 30th June, 2008.
05-02-2008 The Company has informed the Stock Exchange(s) under Regulation 7(3) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 and Regulation 13(6) of SEBI (Prohibition of Insider Trading) regulations, 1992 that pursuant to a Scheme of Amalgamation approved by the Hon’ble High Court of Delhi (effective from February 4, 2008) Samvardhana Motherson Finance Ltd. (SMFL) has acquired Equity shares held by Motherson Consultancy Private Ltd. in the Company.
14-01-2008 At the meeting of the Board of Directors held on 14th January, 2008, the Company has made an allotment of 70,000 Equity Shares of face value of Re. 1/- each pursuant to conversion of Zero Coupon Foreign Currency Convertible Bonds (FCCB) of Euro 0.10 Million as per the terms & conditions of FCCB Offering Circular dated 8th July 2005.

The Company is in the process of getting the listing and trading approval from the Stock Exchange(s) for the aforesaid Equity Shares.
22-12-2007 At the meeting of the Board of Directors held on 22nd December, 2007, the Company has made an allotment of 21,00,000 Equity Shares of face value of Re. 1/- each pursuant to conversion of Zero Coupon Foreign Currency Convertible Bonds (FCCB) of Euro 3 Millions as per the terms & conditions of FCCB Offering Circular dated 8th July 2005.

The Company is in the process of getting the listing and trading approval from the Stock Exchange(s) for the aforesaid Equity Shares.
18-10-2007 This is to inform you that a meeting of the Board of Directors of the Company was held today i.e. 18th October 2007. The Board has made allotment of 1,050,000 Equity Shares of Re. 1/- each pursuant to conversion of Zero coupon Foreign Currency Convertible Bonds of Euro 1.50 Millions.

We also wish to inform that the Company is in the process of getting the requisite listing and trading approval(s) from the Stock Exchange(s) for the aforesaid issued Equity Shares.
15-10-2007 This is to inform you that a meeting of the Board of Directors of the Company will be held on October 25, 2007 which shall, among other things, consider and approve the Un-Audited Financial Results for the quarter & half year ended on September 30, 2007 in accordance with Clause 41 of the Listing Agreement.
09-08-2007 Subject : Joint Venture between Calsonic Kansei Corp. and Motherson Sumi Systems Limited

This is to inform that the Company has entered into a joint venture with Calsonic Kansei to meet the growing needs of the automotive manufacturers in India including the new car makers who have announced their plans to set up manufacturing base in India. Calsonic Kansei (www.calsonickansei.co.jp) is a global comprehensive automotive parts manufacturer specializing climate control systems, power train cooling products, exhaust systems, Body Control Modules, Cockpits and interior components, assemblies and modules.

The proposed name of the Joint Venture company is Calsonic Kansei Motherson Auto Products Ltd. (CKM) in which Calsonic Kansei will have 51% and Motherson Sumi Systems Limited (MSSL) will have 49% share. The production is planned to be started in 2009 starting with manufacturing/sales of automotive air-conditioning units for Japanese car makers in India. The Joint Venture will get advantage of strong synergies as Calsonic Kansei will provide product and manufacturing technology which will be supported by Company’s high performance development/production engineering in the fields of polymer moulding and tool making. The business will be further complimented by the well established manufacturing facilities of the Company at various locations. This is an important event for both the Company and Calsonic Kansei in the growing automotive market of India. This joint venture is in line with Company’s stated policy of bringing the best for its customers by aligning with the global technology leaders. Our Company remains committed to provide solutions and enhanced value to its customers by increasing the content per car.
07-08-2007 The Company has informed stock exchanges that August 31, 2007 has been fixed as the Record Date for the purpose of issue of Bonus Shares in the ratio of one equity share for every two shares.
18-07-2007 This is to inform you that a meeting of the Board of Directors of the company will be held on July 30, 2007 which shall, among other things, consider and approve the UnAudited Financial Results for the quarter ended on June 30, 2007 in accordance with Clause 41 of the Listing Agreement.
02-07-2007 This is to inform that one of the Company's wiring harnesses facilities at Noida caught fire, causing extensive damage to the stocks, equipment and building of the unit. Fortunately, there was no harm to human life. In order to ensure continuity of supplies to the customers, the Company is utilizing additional capacities at other 10 manufacturing locations of the Company as well as support from the supply chain partners. The Company does not expect to have material impact on the overall operations of the Company.
22-05-2007 This is to inform that apart from approval of yearly audited accounts for the year ending 31st March 2007 and declaration of dividend, the Board of Directors of the company will also consider issue of bonus shares to the existing shareholders at their next meeting to be held on 26-5-2007.
15-05-2007 This is to inform you that a meeting of the Board of Directors of the company will be held on May 26, 2007 which shall, among other things, consider and approve:

i) Audited Financial Results for the year ended on March 31, 2007
ii) Recommendation of dividend for the year 2006-2007
15-05-2007 This is to inform that the company through its subsidiaries, Motherson Elastomers Pty Limited and Motherson Investments Pty Limited, has acquired, subject to approval of agreement by Australian Industrial Relations Commission, the business and assets of Empire Rubber ( Bendigo, Victoria, Australia), which had been engaged in rubber mixing and manufacture of rubber extruded components, from Huon Corporation Pty Limited (in Liquidation ), together with transfer of about 100 employees on going concern basis. The acquisition is expected to generate an annual business of approx Aus$ 35 million giving the company an access for supply of these components to automotive OEM 's and Tier 1 suppliers as well as non-automotive customers, including business under the trading name " SilentBloc" in Australia. The acquisition will strengthen the company's Positioning as a full systems supplier to the OEMs
11-01-2007

The Company has informed the Exchange that the meeting of Board of Directors of the Company shall be held on Tuesday the 30th day of January, 2007 to consider among other things the Unaudited financial results for the quarter ended on 31st December, 2006.

18-10-2006 The Company has informed the Exchange that the meeting of Board of Directors of the Company shall be held on Monday the 6th day of November, 2006 to consider among other things the audited financial results for the half year ended on 30th September, 2006.
04-09-2006 The Company informed the Exchange that the amalgamation of Motherson Advance Polymers Limited (a 100% subsidiary of the Company) with the Company has been approved by the Hon'ble High Court of Delhi in the hearing held on 04.09.06
07-08-2006 The company informed the Exchange that it has purchased the business and assets of ASL Systems Limited (in administration) from the Administrator on 4th August 2006 through 100% owned UK subsidiary, MSSL GB Limited. ASL Systems Limited (ASL), based at Gateshead , New Castle , UK was engaged in the manufacture and supply of wiring harnesses and related products. During the calendar year 2005, ASL did turnover of GBP 5.593 millions. Consequent upon purchase of business, the company has now manufacturing facilities of wiring harnesses in UK.
20-05-2006 The Company informed the Exchange that the shareholders of the Company in their meeting convened on 20th May, 2006 have approved the amalgamation of Motherson Advance Polymers Limited (100% subsidiary of the Company) with the Company with a modification that the appointed date be changed to 1-2-2006 from 01.04.05.
18-05-2006 The Company informed the Exchange that the amalgamation of Draexlmaier & Motherson Electrical Systems (I) Limited (100% subsidiary of the Company) with the Company has been approved by the Hon’ble High Court of Delhi and the merger has become effective w.e.f. 16.05.06.
06-05-2006 The Company informed the Exchange that the meeting of Board of Directors of the Company shall be held on Friday the 26th day of May, 2006 to consider among other things the audited financial results for the year ended on 31st March, 2006.
04-03-2006 The Company informed the Exchange about the change of share transfer agent from M/s MCS Limited, W – 40, Okhla Industrial Area Phase - II, New Delhi to M/s Karvy Computershare Private Limited, 46, Avenue 4, Street No. 1, Banjara Hills, Hyderabad-500034 w.e.f. 1st April, 2006.
01-02-2006 The Company has filed Scheme of Amalgamation with the Stock Exchange’s seeking their NOC to the Amalgamation of Motherson Advance Polymers Limited, a 100% subsidiary of the Company with the Company. The Scheme is attached herewith.

For Details view (PDF)
27-01-2006 Motherson Sumi Systems Limited (MSSL) and Balda AG (Balda) have agreed to set up a joint venture for development of precision moulds , design and manufacture of parts for mobile phones including accessories and appliances for mobile phones at Chennai. With an investment of US 10 millions in the next 12 to 18 months, the plant is scheduled to be ready for production by the end of second quarter of 2006. The joint venture company expects to have sales of US 18 millions in the year 2006-07. The Joint venture will have shareholding in the ratio of 40: 60 for MSSL and Balda respectively. The joint venture would supply parts to Balda’s global customers who have announced to set up facilities for manufacture of mobile hand sets or have already started to do so.

Balda is the world's second largest systems supplier of precision components made from high-performance plastics for the mobile-phone industry. Besides customers in this core market Balda also supplies customers in near-by industries. Its portfolio of goods and services includes not just production, but also the design of new products, the development and manufacture of moulds and production systems, product finishing with all common types of surfaces as well as assembly. The company is based in Bad Oeynhausen in East Westphalia. In addition to the sites in Germany the technology company has production plants in China, Malaysia, Brazil and with this joint venture ,will have now facilities in India.
11-01-2006 The Company informed the Exchange that the Board of Directors of the Company has appointed Mr. Arjun Puri as an Additional Director on 11.01.06. Mr. Arjun Puri is an independent Director.
10-01-2006 The Company informed the Exchange that the meeting of Board of Directors of the Company shall be held on Saturday the 28th day of January, 2006 to consider among other things the unaudited financial results for the quarter ended on 31st December, 2005.
13-12-2005 The Board of Directors of the Company in their Board Meeting held on 13th December, 2005 have approved the following:
  • Setting up of new subsidiary (51%) company in Joint Venture with Sumitomo Wiring Systems Limited, Japan at Sharjah for supply of wiring harnesses to Sumitomo Wiring Systems .

  • Merger of Motherson Advance Polymers Limited with the Company w.e.f. 1-4-2005 subject to such approvals as may be required in this regard : Motherson Advance Polymers Limited (MAP) is engaged in the manufacture of plastic components, mainly supplying to white goods industry. The merger shall be done by making it wholly owned subsidiary by acquiring 100% shares from the existing shareholders of MAP.
21-10-2005 The Company has informed the Exchange that the meeting of the Board of Directors of Motherson Sumi Systems Limited shall be held on Monday the 31st day of October, 2005 to consider among other things the unaudited results for the half year ended on 30th September, 2005.
01-10-2005 Motherson Sumi Systems Ltd. has informed the Exchange that Motherson Consultancy Private Limited have acquired 50790240 shares aggregating to 21.623% of the share capital of Motherson Sumi Systems Limited on September 27, 2005, as under: (1) From Motherson Advanced Systems and solutions Limited - 6,732,495 shares (2.866%). (2) From Motherson Auto Private Limited - 44,057,745 shares (18.757%). The mode of acquisition is through scheme of arrangement for merger of Motherson Advanced Systems and Solutions Limited (MASS) into Motherson Auto Private Limited (MAPL) and Demerger of Investment Division of Motherson Auto Private Limited into Motherson Consultancy Private Limtied (MCPL) duly approved by Hon'ble High court of Delhi. The Shareholding of Motherson Advanced Systems and Solutions Limited and Motherson Auto Private Limited in Motherson Sumi systems Limited acquired by Motherson Consultancy Private Limited. The shareholding of Motherson Consultancy Private Limited after the said acquisition is 50790240 shares of Motherson Sumi Systems Limited aggregating to 21.623% of the share capital of Motherson Sumi Systems Limited.
12-09-2005 Motherson Sumi Systems Ltd. has informed the Exchange that the shareholders of the Company have approved the amalgamation of Draexlmaier & Motherson Electrical Systems India Limited, a 100% subsidiary of the Company with the Company in the meeting convened on September 10, 2005.
08-07-2005

Pursuant to resolutions passed by the Board of Directors of the company at the meeting held on 31st March 2005 and shareholders at the meeting held on 10th May 2005, the company has executed a subscription agreement in respect of issue of foreign currency convertible bonds of Euro 50.3 millions on 8-7-2005 with Nomura International (Hong Kong ) Limited and ICICI Securities, Inc acting as joint lead managers for the transaction. The foreign currency convertible bonds, to be issued, will have a maturity of 5 years and will be convertible at a conversion price of Rs 111.45 per share, at a premium of 50% over the closing price of the shares of the company on 7th July 2005. The foreign currency convertible bonds will carry a zero coupon rate with a yield to maturity of 4.8% per annum at the end of the tenure, if not converted into shares during this period. The bonds are expected to be listed on the Singapore Stock Exchange.

07-07-2005 The meeting of Board of Directors of the Company shall be held on Saturday the 23rd day of July, 2005 to consider among other things the unaudited financial results for the quarter ended on 30th June, 2005.
29-06-2005 This is to inform that Mr. Vivek Chaand Sehgal, Chairman of the company has been appointed as an Executive Officer of Sumitomo Wiring Systems, Ltd (SWS), Japan at their BOD held on 28-6-2005.

Mr. Sehgal is the first foreign national (non-Japanese) and the first Joint Venture partner to be appointed as an Executive Officer of SWS. This is re-affirmation of SWS's commitment and importance to its joint ventures in India, which have been in operations for more than 22 years.

17-06-2005 M/s Motherson Sumi Systems Limited (MSSL ) has signed an agreement with Insolvency Administrator to acquire a running plastics injection molding company, G + S Kunststofftechnik GmbH ( G+S ) located near Stuttgart in Germany. Consequent upon acquisition of shares through its wholly owned subsidiary in Germany, MSSL GmbH., G+S would become subsidiary of MSSL.

G+S manufactures and assembles plastic injection molding components for the Tier-1 suppliers catering to major automobile manufacturers in Europe. The company has an existing turnover of approximately Euro 9 million per annum. The company also manufactures special 2k plastic components.

The settlement with the insolvency administrator envisages an investment of Euro 2.0 millions towards equity and payment to its creditors, spread over a period of 3 years.

13-06-2005 SCHEME OF AMALGAMATION OF MOTHERSON SUMI SYSTEMS LIMITED.
(TRANSFEREE COMPANY) WITH DRAEXLMAIER & MOTHERSON ELECTRICAL SYSTEMS INDIA LIMITED (TRANSFEROR COMPANY)

For Details view (PDF)
11-05-2005 This refers to Company's subsidiary "Draexlmaier & Motherson Electrical Systems India Limited" (DMSIL) which is engaged into manufacture of wiring harnesses for Daimler Chrysler India Limited (DCIL).

The Company has entered into a Technical Assistance Agreement wherein Lisa would provide technological improvements and up gradations to DMSIL for meeting customers requirements. The Company has also entered into agreement with Lisa Draexlmaier for purchase of Lisa's shares (26%) in DMSIL, thereby DMSIL will become wholly owned subsidiary of the Company.

29-04-2005 Motherson Sumi Systems Limited (MSSL) has incorporated a subsidiary company in Germany "MothersonSumi Reiner Gmbh" which has entered into agreement with Reiner Präzision GmbH to take over their business on going concern basis. The company shall manufacture plastic and metal combined components catering to the requirements of Tier 1 suppliers mainly in automotive industry in Europe. The existing turnover of Reiner Präzision GmbH is euro 6 million per annum and the estimated investment by MSSL is Euro 1 million.
31.03.2005

The Board of Directors in their meeting held on 31st March, 2005 have convened an Extra Ordinary General Meeting on 10th May 2005 for seeking shareholders approval for raising funds up to Rs 3000 millions (US $ 75 millions) by way of External commercial borrowings and/or equity and/or foreign currency convertible bonds.

28.03.2005

The meeting of the Board of Directors of the Company shall be held on Thursday the 31st day of March, 2005 to consider among other things seeking authorization from shareholders for raising of funds upto US$ 75 millions by way of issue of equity and/ or external commercial borrowings and/ or Foreign currency convertible bonds.

10-02-2005 Motherson Sumi Systems Ltd. has informed the Exchange that the Company has fixed February 26, 2005 as the Record Date for the purpose of issue of bonus shares in the ratio of one equity share for every two equity shares.
07-01-2005 Motherson Sumi Systems Limited has informed the exchange that the Board of Directors in their meeting held on 7th January, 2005 have proposed an issue of bonus shares in the proportion of one share for every two share held to the equity shareholders of the Company. The same shall be subject to the approval of the shareholders of the Company.
31-12-2004 Motherson Sumi Systems Limited has informed the exchange that the meeting of the Board of Directors of the Company shall be held on Friday the 7th day of January, 2005 to consider among other things the issue of bonus shares, the same shall be subject to the approval of the shareholders in the ensuing General Meeting.
23-11-2004

We would like to inform you that in our Annual Report for the year ended March 31, 2004, under the head "Management Discussions and Analysis" on page 11, the company had already disclosed on the formation of the new Joint Venture with WOCO, the relevant extracts are reproduced below for your ready reference:

" The company has signed a third Joint Venture with WOCO to set up the facilities to manufacture rubber products in special Economic zone (preferable Kandla). This JV will focus on the export market. Share holding of the joint venture will be similar to the one above. WOCO will have an option to increase its stake to 66.67% in the joint venture, at a future date".

The company had accordingly filed an application to the Government of India, Ministry of Finance, FIPB Unit, which has been approved on 8/11/04. The newspaper has carried the details about the same.

In relation to possible acquisition, as published in the news item, as of now, while we are in discussions for a possible acquisition of a European company, we could furnish the details only once the acquisition is confirmed. Accordingly, we would inform the stock exchange with the full details once the acquisition is done.

28-05-2004 Motherson Sumi Systems Ltd. has informed the Exchange that the BoD's at their meeting held on May 28, 2004, have recommended a dividend @ 100% (Rs.1/- per share) for the year ended March 31, 2004 and that the Register of Members and Share transfer books shall remain closed from September 13, 2004 to September 16, 2004 (both days inclusive). Dividend if approved by the members at the forthcoming AGM will be payable to those members who are in the register of members of the company as on September 16, 2004.
16-05-2004 Transfer of Elastomer Division to new Joint Venture Entity :

The Company has subsequent to the year end on May 16, 2004 entered into a Joint Venture Agreement with WOCO Franz Josef Wolf Holding GmbH & WOCO Industrieteknik GmbH to establish a new Joint venture entity and transfer its existing Elastomer business as a going concern comprising of all fixed assets (excluding Land & Building), inventories, other current assets, accruals and liabilities having a book value as at March 31, 2004 of Rs. 270,090 thousands at the transfer date of June 1, 2004 at an agreed purchase price. Pursuant to the above agreement, a company, Woco Motherson Elastomer Ltd. was incorporated on March 16, 2004 in which the company has subscribed to 50,000 equity shares of Rs 10/- each on April 12, 2004.
Consequent to the above agreement the Company has agreed to terminate the existing collaboration agreement for Elastomer business at the transfer date. Accordingly, the deprecation charge on technical know-how fees and business & commercial rights has been revised to depreciate it over the remaining revised tenure of the agreement till the transfer date resulting in an additional charge of depreciation during the year amounting to Rs 3,757 thousand.
25-02-2004 Motherson Sumi Systems Ltd. has informed the Exchange that the Record Date for the purpose of sub-division of equity shares of the Company from Rs.5/- each to Rs.1/- each is March 23, 2004.
28-01-2004 Motherson Sumi Systems Ltd. has informed the Exchange that the EGM of the members of the Company will be held on February 23, 2004 to transact the following business: 1) The equity shares of the company having a nominal face value of Rs.5/- per share, be subdivided into equity shares having a nominal face value of Rs.1/- per share and the relevant capital clauses in the Memorandum and Articles of Association of the company be accordingly altered. 2) Resolved that on the resolution for subdivision of the nominal face value of equity shares being duly passed and becoming effective at the General Meeting, Clause V of the MoA of the Company be deleted and in place thereof the following new Clause V be submitted: The Authorised Share Capital of the Company is Rs.20,00,00,000/- comprising of 20,00,00,000 equity shares of Rs.1/- each. 3) The Company also proposes to approve the reappointment of Mr. A Yamauchi, Whole time Director.
16-01-2004 Motherson Sumi Systems Ltd. has informed the Exchange that at its meeting held on January 16, 2004 the BOD have approved the following: 1) The Board has approved the Sub-division of equity shares of the company from face value of Rs.5/- each to Rs.1/- each subject to the approval of the shareholders in the ensuing General Meeting. 2) Mr. K S Jaiprakash has resigned as Director of the Company and the Board has accepted the resignation. 3) Mr. Bimal Dhar has been appointed as additional director of the company. 4) Mr. Pankaj Mital has been appointed as Alternate Director to Mr. Bimal Dhar.
19-09-2003 Motherson Sumi Systems Ltd. has informed the Exchange that Sumitomo Wiring Systems, Japan has nominated Mr. Toshimi Shirakawa as a Director of the Company in place of Mr. Y. Nishioka. The above change(s) in the Directors of the Company has been approved by the Board of Directors in their meeting held on September 17, 2003.
12-08-2003 Motherson Sumi Systems Ltd. has informed the Exchange that the auditors have conducted the limited review of the unaudited financial results for the quarter ended on June 30, 2003 and found the same to be in order.
29-05-2003 Motherson Sumi Systems Ltd. has informed the Exchange that at its meeting held on May 29, 2003 the BOD have recommended a dividend @75% (Rs. 3.75 per share) for the year ended March 31, 2003.
08-05-2003 Motherson Sumi Systems Ltd. has informed the Exchange about a news item appearing in the Economic times dated May 8, 2003 titled " Motherson bags $125-m order from Ford UK". The Company would like to clarify their positions as follows:- "1. Being an OEM supplier, we are always exploring the possibility of supply of various components to local and global customers. 2. On receipt of query from the Economic Times correspondent, we had informed her that since we are at an advanced stage of discussion with various customers for many projects, we cannot confirm or negate information which she has. We had further advised her not to publish any premature information to the markets. 3. However, we find that the paper has still carried the report and we would like to confirm that we have no order as mentioned in the newspaper as of now in our hand. 4. We assure the stock exchange that when ever we have any development which has a significant impact on the company we will inform the Stock Exchange first."
21-06-2001 Motherson Sumi to restructure business of subsidiaries :

Motherson Sumi Systems Ltd at the Board Meeting held on June 20, 2001 has taken the following decisions:

1. Motherson Automotive Technologies & Engineering Ltd (MATE), a 100% subsidiary of the Company which is engaged in the manufacture of blow molded and injection molded plastic components shall be merged into the Company w.e.f April 1, 2001 subject to necessary approvals.

2. Motherson Sumi Electric Wires Ltd. (MSEW) a subsidiary of the Company which is engaged in the manufacture of auto wires shall be converted into 100% subsidiary by purchasing the balance shares from other share holders.

  Group Mission
Ensure customer delight
Involve employees as partners in progress
Enhance shareholder value
Set new standards in good corporate citizenship
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To be a Globally Preferred Solutions Provider
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