REPORT OF THE BOARD OF DIRECTORS
ATTACHED TO THE BALANCE SHEET OF THE COMPANY AS AT DECEMBER 31, 2012 PURSUANT TO
SECTION 217 OF THE COMPANIES ACT, 1956.
To the Members of GKN Driveline (India) Limited
Your Directors have pleasure in presenting their 28 Report on the audited Accounts of
your Company for the year ended
December 31, 2012.
1. Financial Results:
The summarized financial figures are given below:
|
|
(Rs. in 000) |
|
2012 |
2011 |
| Revenue from Operations (net) |
6,821,908 |
6,414,351 |
| Other Income |
5,303 |
19,145 |
| Profit before Tax and Depreciation |
69,329 |
586,341 |
| Profit before Tax |
(371,115) |
225,432 |
| Tax |
(121,397) |
82,928 |
| Net Profit / (Loss) |
(249,718) |
142,504 |
| Transfer to General Reserve |
Nil |
Nil |
| Profit & Loss account balance carried forward |
2,390,301 |
2,640,020 |
2. Financial performance:
The Companys top-line continued to grow during the year inspite of slowdown. However,
the profit margin was adversely impacted due to currency devaluation and higher operating
costs at Chennai (Oragadam), the latter partially realized as inventory discrepancies and,
resulting in a net inventory adjustment of Rs 123.2 Mn. Further high depreciation due to
precision forging plant investment also affected the bottom line.
Your Directors are satisfied that the accounts represent the trading performance of the
company and give a true and fair view of the state of affairs of the company as at
December 31, 2012 and of the profit or loss of the company for that date.
3. Operations:
Indian passenger vehicle industry was full of challenges and turbulence during the
year. The market sentiment was particularly weak due to softer market demands which are
mainly on account of inflation, high petrol-diesel price and high interest rate.
The passenger vehicle sales grew by 2.15% in fiscal 2012-2013 as compared to a year
before. The passenger car domestic sales had negative growth (-6.70%) while exports had
8.58% growth.
The low demand allowed your Company to stabilize production by focusing on systems.
Performance of Constant velocity joint plant at Chennai (Oragadam) was affected during the
year in terms of productivity, equipment breakdown, quality concerns, quality costs and
deliveries to customers and some inventory discrepancies. Quality performance improved
during the year compared to previous year but warranty still remains a high focus with all
customers. Pune plant was commissioned during the year and is now awaiting customer
approvals for startup. The start of production to meet customer demand would be possible
during second quarter of 2013 after customer approvals.
Your Directors place significant importance on having strong internal controls at every
site. Your Directors acknowledge a breakdown in internal controls over inventory at the
Chennai plant and have commissioned internal and external led investigations into this
matter. As a result of these investigations, your Directors are satisfied that the
inventory discrepancies encountered are the result of this breakdown in internal control
which allowed recording errors to occur and the company has made significant progress in
remediating these weaknesses post year end to ensure this issue will not persist into
2013.
While the year was marked by challenges on several fronts, the company continued to
take significant measures for long term benefits in the areas of expansion, industrial
relation, and management structuring and product development. On the sales side, your
Company won new businesses from customer such as Maruti, Bajaj, Dana Spicer, Mahindra,
Piaggio and Honda and on purchase side some of suppliers have been able to do weight
reduction in forgings.
During the year sales, gross margin and OPBI was lower than expected. Your company
posted growth rate of 7.92% in terms of sales value and 1.41% in terms of number of
vehicle sets produced. Your company has supplied Driveshaft for 1.94Mn. cars during the
year as against 1.91Mn. cars in the previous year. During the year, your company commenced
assembly and supply of driveshafts made from components with in-house precision forgings.
4. Dividend:
In view of ongoing expansion plan to increase its capacity in line with customers
requirement and strengthen financials of the company, your Directors do not recommend any
dividend for the year under review.
5. Outlook:
Though the Indian passenger vehicle industry has reasons and prospects to grow at good
pace in the long run,the journey will not be smooth, as was seen in the year concluded.
There were challenges in terms of adverse macroeconomics, demand slowdown, petro-diesel
price distortion and adverse foreign exchange rates. Growth prospects are fundamentally
positive in India, but challenges like these and business cycles will continue to have
their impact on the overall financials of the company.
According to economic survey Indias economy expected to grow between 6.1 percent to
6.7 percent in 2013-14. The industry is hopeful of a better 2013-14, with the Society of
Indian Automobile Manufacturers (Siam), forecasting a modest growth of 3-5 per cent on
expectations of an improvement in overall macro-economic conditions. Petrol prices and
interest rates are expected to decline which will reduce cost of ownership and boost
demand. Your company is expected to grow by 7-8 percent during 2013. The company is faced
with many challenges for the coming year such as to stabilize organization in Chennai
plant, focus on systems, achieve operational performance targets, ramp up its precision
forging plant, success in transfer of production from Dharuhera Plant to Pune Plant and
increased export volumes to Asia Pacific Region in parts such as tulips & tripods.
The company expects to derive higher benefits from precision forging plant by
localizingAAR Tulip forgings, localization of precision forging steel and by supporting
precision forgings to other parts of the region. Localization of long stem tulip is also
poised to bring benefits in year to come.
6. Human Resources:
The company always provides a positive and high performance work culture. Over the
years the system has evolved from the experience and expectation of its people. The
company relies on fairness, equal opportunity, participation & involvement and team
work. Further, emphasis is laid on mutual communication, job excitement and training for
career development. During the year, a new organization was set up and implemented in
order to make the plants responsible for their resources and their profit & loss, with
the support from functional teams at corporate level. Steering teams were reinforced with
new top level employees who are set to bring their experience to move forward in the
recovery plan and create a culture of continuous improvement. The practice of kaizen
scheme of the company involves every employee looking for small and continuous improvement
in his/her work area, this adds up to total benefits in cost reduction, waste elimination,
productivity and quality improvement. The company continued to enjoy cordial industrial
relation during the year.
7. Auditors and Auditors Report:
M/s. Price Waterhouse, Chartered Accountants, Gurgaon, the Auditors of the Company hold
office until the conclusion of this Annual General Meeting and being eligible, offer
themselves for re-appointment for the year 2013.The Company has also received a
certificate required under the Proviso to Sub-Section (1) of Section 224 of the Companies
Act, 1956 from M/s.Price Waterhouse, Chartered Accountants, Gurgaon certifying that their
appointment, if made, will be within the limit prescribed under Sub-Section (1-B) of the
said Section. The Notes on Accounts referred to in the Auditors Report is explanatory and
do not call for any further comments. Your Directors reply on the Auditors qualification
regarding inventory is as under:
During the current year, the Company performed physical verification of inventory.
Discrepancies between book inventory and physical inventory were identified at the
Oragadam plant for which the cumulative net shortage of Rs. 123,201,729 has been adjusted
in the books of accounts by writing down the respective inventories of raw materials, work
in progress and finished goods resulting in a corresponding adjustment to cost of
materials consumed.
Management has conducted a detailed exercise to understand the root causes of the
discrepancies. This work has identified various weaknesses in internal control over the
movement and recording of inventory at the Oragadam plant which have resulted in errors in
updating inventory records. The key reasons for the variance appear to be these control
weaknesses resulting in short booking of scrap, production reporting errors, use of
alternate bill of materials, and incorrect recording of receipt and dispatch of goods. In
light of the weaknesses in internal control and record keeping identified by Management,
the Company has subsequently engaged the assistance of external professionals in order to
perform an assessment of the impact of the identified weaknesses and also assess the
current control environment and provide recommendations for improvement. This work has
been able to apportion approximately half of the net shortage to four specific control
weaknesses and the apportionment of the remainder across all other identified control
weaknesses is not certain. During the extensive scope of work performed, neither
management nor our external advisors have identified any evidence of misappropriation,
wrongdoing or fraud on or by the Company.
Based on all of the work performed, it is the opinion of Management that the identified
control weaknesses at the Oragadam plant have given rise to delays, errors and omissions
in inventory recording during the year and the inventory discrepancy represents
operational issues at the plant in the current year which were not captured timely, and
does not represent a separate event. The company is fully committed to actioning the
recommendations from external consultants and strengthening the controls relating to
inventory in order to avoid a recurrence of this issue and notes that significant progress
has been made to date in implementing new processes and controls to address these
weaknesses. With respect to Auditors comment in their report as on balance sheet date
regarding "continuing failure" in Inventory control, management has already
initiated the necessary steps. And the board has noted that these steps have started
yielding positive results in the recent months. Management is committed to continue
monitoring the results on ongoing basis.
In light of all the above and as described in Note 46 to the financial statements, your
Directors are of the opinion that the root cause of the book to physical inventory
discrepancy is weakness in controls over inventory at the Oragadam plant for which the
Company is taking adequate steps to strengthen to ensure no variances between physical and
book inventory occur in future. The December 2012physical inventory count attended by
Price Waterhouse has quantified the impact of these issues for the year ended 31 December
2012 for which an adjustment of Rs. 123,201,729 has been made, such that your Directors
are satisfied that the financial statements may contain misclassification in cost of sale
of up to this amount but do not contain any other misstatement. Further, there is no
evidence of fraud on or by the Company. The Directors are therefore satisfied that the
accounts represent the trading performance of the company and give a true and fair view of
the state of affairs of the company as at 31 December 2012 and of the profit or loss of
the company for that date.
8. Subsidiary Company:
The accounts of the subsidiary company, M/s. Drivetech Accessories Ltd. are attached
pursuant to Section 212 (1) of the Companies Act,1956. A statement pursuant to Section 212
(1) (e) of the Companies Act, 1956is also attached as Annexure 1 to this report.
9. Particulars of Employees:
Pursuant to Section 217(2A) of the Companies Act, 1956, a statement containing the
required particulars of an employee of the Company employed during the year ended December
31, 2012 is attached as Annexure 2 to this report.
10. Conservation of Energy:
During the year 2012, Company initiated various steps for conserving Electricity such
as optimization of Voltage level not more than 410 volt by providing AYR at 11 KV, removal
of 15 Nosof voltage stabilizer from individual machines, replacement of LED lights in
place of conventional, and installation of 5 star Air conditioners in place of old ones,
augmentation of pumps. Components cleaning carried out at room temperature to isolate
electric heaters. Faridabad plant of the Company this year also got energy conservation
award from Government of India (BEE) for above various measures taken to save electricity.
To save cost the company started procuring power from Power Trading Corporation.
11. Technology Absorption:
Detail of the efforts made by the Company in the area of technology absorption given in
the prescribed Form B is attached as Annexure 3 to this report.
12. Responsibility Statement:
Pursuant to requirement under Section 217 (2AA) of the Companies Act, 1956, with
respect to Directors Responsibility Statement, it is hereby confirmed that: a. in the
preparation of the annual accounts for the year ended December 31, 2012, the applicable
accounting standards had been followed along with proper explanation relating to material
departures; b. the directors had selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the company as at December 31,
2012and of the profit or loss of the company for that date; c. the directors had taken
proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities; d. the directors have
prepared the annual accounts on a going concern basis.
13. Health, Safety and Environment:
Expressing commitment to workplace safety, the Company underwent the Occupational
Health and Safety Assessment Sequence (OHSAS 18001 certification since 2004). The Company
is maintaining ISO 14001certification since 2002 and TS 16949 since 2003.
14. Foreign Exchange earnings and outgo:
Details of the earnings and expenditure in foreign currencies during the year ended
December 31, 2012 are as under:
|
|
|
(Rs. in 000) |
|
|
2012 |
201 |
| a. |
Earnings |
|
|
|
FOB value of exports |
50,105 |
89,364 |
| b. |
C.I.F. Value of Imports |
|
|
|
Capital Goods |
518,58 3 |
573,09 7 |
|
Raw Material, Components and Spares |
1,992,845 |
1,571,724 |
| c. |
Other Expenditure |
|
|
|
Royalty and Trademark Fee |
66,498 |
122,606 |
|
Travelling |
4,75 2 |
4,662 |
|
T I System Support Charges |
15,876 |
14,556 |
|
Management Consultancy and Business Auxiliary services |
282,388 |
378.803 |
|
Tooling and Maintenance |
|
965 |
|
Training Charges |
2,35 3 |
765 |
|
Others |
19,40 5 |
7,655 |
15. Directors & Manager:
Mr. D.P.Mehta and Mr. Marc Louis Gustave Vuarchex, Directors of the Company retire by
rotation in the ensuing Annual General Meeting. Being eligible, Marc Vuarchex offers
himself for re-appointment. However, Mr. D.P. Mehta, despite being eligible has not
offered himself for reappointment. The board records deep appreciation for the valuable
contribution made by him as a Director to the growth of the company right from inception
of the company.
Mr. Christophe Jean Philippe Jollivel was appointed as Director and Whole-time
Director, designated as Director -Operations of the Company with effect from December 13,
2012 for a period of two years. Mr. Bharat Dev Singh Kanwar was appointed as Director and
Managing Director of the Company with effect from March 14, 2013for three years subject to
the approval of shareholder in the ensuing Annual General Meeting.
Mr. Rajeev Dogra, Manager of the Company relinquished the statutory position of Manager
of the Company with effect from March 14, 2013.
16. Postal Ballot:
During the year the company passed pursuant to Section 192Aand other applicable
provisions of the Companies Act, 1956 and rules therein, resolutions through Postal Ballot
for approval of the members of the Company for appointment of Mr. Christophe Philippe
Jollivel as Whole-time Director, approval of remuneration of Mr. Ravindra Ojha,
Ex-Managing Director, appointment approval of Mr. Rajeev Dogra, Manager of the Company and
conferment of power to the Board of Directors to borrow in excess of paid up share capital
and free reserves of the Company.
17. Cost Compliance andAudit:
The Ministry of Corporate Affairs has inserted a new provision numbered as G.S.R.429
(E) dated 3rd June 2011in
Companies (Cost Accounting Records) Rules 2011for Cost Compliance which is applicable
to your Company with effect from the financial year ended December, 2012. As per
Guidelines, Cost compliance certificate to be issued for the Company as a whole however
the unit/location wise cost records to be maintained by the Company & verified by the
cost auditors. __ _
Further, the Ministry of Corporate Affairs vide cost audit order number F. No.
52/26/CAB-2010, dated 24th January, 2012 mandated that companies having turnover of Rs.
100 cores or above shall get its cost accounting records, in respect of each of its
financial year commencing on or after the 1st day of April, 2012, audited by a cost
auditor who shall be, either a cost accountant or a firm of cost accountants. Therefore,
cost audit is applicable to your Company for the financial year 2013 and onwards.
The Board appointed M/s Rakesh Singh & Co., Cost Accountants, to certify/verify
Cost Compliance of your Company for the financial year 2012 and also to conduct audit of
cost records/accounts of the Company, maintained u/s 209(1)
(d) of the Companies Act, 1956, in respect of the companys units situated at
Faridabad, Dharuhera, Oragadam, for the financial year 2013.
18. Acknowledgement:
The Directors wish to thank the Customers for their support and patronage.
The Directors record their appreciation for the valuable support and understanding
extended by GKN Group during the year under review. The Directors also record their
appreciation for the support extended by Companys shareholders, Government authorities,
Banks, Dealers, Suppliers and above all the employees at all levels for the efficient and
dedicated services.
For and on behalf of the Board of Directors
Sd/-
Dr. D.V. Kapur
Faridabad, June 4, 2013 Chairma n
Annexure 1 to the Boards Report
STATEMENT PURSUANTTO SECTION 212 OF THE COMPANIESACT,1956, RELATING TO SUBSIDIARY
COMPANY
| 1. |
Name of the Subsidiary Company |
: |
Drivetech Accessories Ltd. |
| 2. |
(a) No. of Equity Shares held by GKN Driveline (India) Ltd. in the Subsidiary as on
December 31, 2012. |
: |
50,125 Equity Shares of |
|
|
|
Rs . 10/-each fully paid up. |
|
(b) Extent of interest of GKN Driveline (India) Ltd.in the Share Capital of the
subsidiary. Net aggregate amount of profits / losses of The |
: |
100% |
| 3. |
subsidiary so far as it concerns the Members of GKN Driveline (India) Ltd. i s not
dealt with in the Accounts of |
|
|
|
GKN Driveline (India) Ltd. |
|
|
|
(a) Profits / (Loss) of the Subsidiary for the Accounting year ended on December 31,
2012 |
: |
Rs. 489,3147- |
|
(b) Profits / (Loss) of the previous Accounting years of the subsidiary since it
become subsidiary of GKN Driveline (India) Ltd. |
: |
(Rs . 342.021/-) |
| 4. |
Net aggregate amount of profits / losses of subsidiary so far as is dealt with or
provisions made for those in the accounts of GKN Driveline (India) Ltd. |
|
|
|
(a) Profit of the Subsidiary for the accounting year ended on December 31, 2012 |
: |
Nil |
|
(b) Profit for the previous Accounting years of the subsidiary since it became
subsidiary of GKN Driveline (India) Ltd. |
: |
Nil |
| 5. |
Changes in interest of GKN Driveline (India) Ltd. between the end of previous
financial year i.e. December 31, 2011 and end of the year under review i.e.December 31,
2012. |
: |
Nil |
Particulars of Employees as per Section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules 1975 forming part of the Boards Report
attached to the Balance Sheet as at December 31, 2012.
Employed throughout the financial year, where in receipt of remuneration of Rs.
6,000,0007- or employed for a part of the year under report and were in receipt of
remuneration at a rate which, in the aggregate, was not less than Rs. 500,0001- per
month
| Sr. No. |
Name of Employee |
Designation |
Nature of Duties |
Qualification |
Date of Commencement |
Age (Yrs.) |
Experience |
Remuneration (Rs ) |
Particulars of last Employment |
| (1) |
(2) |
(3) |
(4) |
(5) |
_ (6) |
(7) |
(8) |
(9) |
(10) _ |
| 1. |
Ravindra Ojha# |
Managing Director |
Management |
B.Tech (Mech) M. Engg (Industrial Engineering & Management) |
01.04.2011 |
53 |
30 |
5,077,106* |
Deputy General Manager, Eicher Tractors Ltd. |
| 2. |
Christophe Jean PhilippeJollivel# |
Whole-time Director |
Management |
Mechanical Engineer -UpperDigre e |
01.09.2012 |
44 |
19 |
12,386,139 |
Plant Director, GKN DrivelineArnage, France |
| 3. |
DeogwooJung# |
CRM/PLM |
Management |
BA-Material |
01.07.2010 |
39 |
15 |
3,389,144 |
Quality Manager, GKN |
|
|
Manager |
|
Engineering |
|
|
|
|
Driveline, CHE, Korea |
| 4. |
Martin Reynolds* |
Maintenance Manager |
Technical |
HND-Electrionic & Electrica l Engg |
01.07.2010 |
55 |
32 |
11,146,369 |
Works Engineer, GKN Driveline , Hamstead, UK |
| 5. |
Rituraj Singh Kalra |
Director - Customer |
Management |
B.Engg. Hons. - Mech. |
01.08.2011 |
4 0 |
1 7 |
15,617,214 |
RegionalCommercial Manager GKN Driveline, Singapore |
| 6. |
Thorsten Hahn # |
Manager-ME |
Management |
Diploma Engineer (FH) |
01.10.2012 |
40 |
15 |
6,604,190 |
Production Engineer GKN Driveline Germany |
| 7. |
Sang Youb Kirn # |
CRM Manger |
Management |
Business Development & Management |
06.08.2012 |
33 |
9 |
3,061,560 |
Overseas Business Manager,Trellebrog, Korea |
* It includes salary, perquisites, bonus and gratuity etc. till the date of full and
final settlement i.e.May 5, 2012.
** Date of appointment as Director Operations. Mr. Christophe Jean Philippe Jollivel
has been appointed as Whole-time Director with effect from December 13, 2012.
*** Employed part of the year.
Notes:
1. Remuneration shown above includes salary, allowances, ex-gratia, expenditure
incurred by the Company on residential accomodation, leave travel assistance and other
facilities. 4
2. None of the employee is relative of any Director of the Company. ^S
3. The Company did not have an employee either in the whole or part of the year under
review who held by himself or alongwith his spouse and dependent children, two percent
equity Shares of the Company. H
4. Employment of Mr. Ravindra Ojha, Mr. Christophe Jean Philippe Jollivel, Mr. Deogwoo
Jung, Mr. Martin Renolds, Mr. Rituraj Singh Kalra, Mr.Thorsten Hahn and Mr.Sang Youb Kim
are contractual. k
The Companies (Disclosure of Particulars in the Report of Board of Directors) Rules,
1988.
FORM B(See Rule 2) Form for disclosure of particulars with respect to technology
absorption.
RESEARCHAND DEVELOPMENT (R&D)
1. Specific areas in which R&D carried out by the Company.
- Expansion and training of application engineering team to support all wheel Drive
(AWD), Transaxle and e-drives
- Expanding Test Capability for Testing of CVJ boots ( HOT / COLD condition).
- Establishing Mfg Capability of Long Stem Tulip Manufacturing in Oragadam plant.
- Productionization of Precision Forging in Oragadam plant.
- Manufacturing capability commission in Pune Plant for Driveshaft.
- Establishing Manufacturing facility to Localize VL joints in Pune plant.
- Ne w Driveshaft developed for:
| Tata Motors |
Indica & Indigo TA65* |
| Maruti Suzuki |
YL1-3 variants |
| Volkswagen |
Transfer of VW POLO and Vento to PUNE with Localized parts |
| Mahindra-e |
Verito,(T103) |
| Dana Spicer |
Xenon Reduced Scrub, W105, Force One |
| Bajaj |
RE 445 x, RE 205 x, RE 445L, RE 900CNG |
| Piaggio |
Quargo, Ape Truck |
| Ford |
B515 - 4 variants |
| Honda |
2CW (BRIO)-AT/MT |
| Hyundai |
BA1.1 LMT, BA1.25LMT |
| GM |
M200 & M300 from Pune Plant |
2. Benefits derived as a result of the above R&D activities.
2.1 New business won for
- Marut i Suzuki - L1 business with design supported from GDI.
- Bajaj - E 445x, RE 205x, RE445L, RE900CNG
- Piaggio - uargo, Ape Truck-
- Dan a Spicer - Xenon Reduced Scrub, W105, Force One
- Mahindr a - T103 (E-verito)
- Honda-Fit 14
3. Future plan of action
3.1 New Driveshaft development for:
| Maruti Suzuki |
Business enquiry for Y5J & YAD |
| Honda |
2WF Jazz (Export), Brio Indonesia 1.5L MT (diesel)/Petrol under discussion |
| TATA |
Vista FL/Vista CS C549 Diesel, TA78, Manza 100PS MPFI/CNG- TA65*, Vista FL / Vist a CS
1.4 Fire 75 & 90PS - P , total 5 new business under discussion with customer |
| Bajaj Auto |
Drive shafts for their small car project and Goods Carrier project. |
| Mahindra |
P60 1 under discussion |
| RNTBCI |
Business enquiries for H79- JXQ/TL4 DUSTER DECIA, X11M under discussion, A - Entry 5
Seater (Technical Lot 1) |
| Ford |
B562 (Unequal Bar shaft), |
| Hyundai |
Business enquiry for HA Kappa |
| TVS |
Business enquiry for 3W King |
| Eicher |
Business enquiry for ECHO |
Work closely with MSIL & TATA to show case GKN Technology for future models.
Development of Long Stem Tulip production from Oragadam plant.
Training on use of Tubular shafts and NVH to GDI team Expansion of Application team to
support quicker to customer.
3.2 Expected potential development for: Driveshafts with Local Long stem tulips
3.3 Development of new product to 3 wheeler applications is under discussion
3.4 New test equipments are planned to support new projects.
Samples, on validation can be offered to specific customer applications under VA VE,
will result in additional business for the Company and will give edge over competition.
| 4. Expenditure on R&D |
|
|
| (a) Capital |
30.05 |
|
| (b) Recurring 21.4 |
|
2 |
| (c) Total 51.4 |
|
7 |
| (d) Total R & D expenditure as a percentage of total turnover |
0.6 |
8 |
TECHNOLOGYABSORPTION,ADAPTATION AND INNOVATION
1. Efforts, in brief, made towards technology absorption, adaptation and innovation.
1.1 VL joints Localized and testing is under progress.
1.2 Training of Test engineers at GDI for New Boot test rig.
1.3 Development of new product for 3 wheelers, and electric drives for Electric
vehicles. •
1.4 Training of Application Engineer for e-drive in UK, and for Propeller shaft at
China.
1.5 Diaphragm Boot for Gl 3 11 is under design validation
1.6 Technology absorption Welded Tubular Shafts.
1.7 NVH Equipment and Test equipments to support Road Load Data Acquisition activities
under development for BAJAJ & Penguin vehicles
1.8 Four Square Endurance Testing machine ordered to support for Test request.
1.9 Long stem Tulip Technology absorption at ORA location.
2.0 AAR Tulip developed in-house through PF plant.
2. Benefits derived as a result of the above efforts, e.g., Product Development, Import
Substitution, etc.
2.1 Eicher JV with Polaris USA has requested for sample submission for their new
platform vehicle.
2.2 AAR Tulips developed and passed the test , protecting business from the effect of
Foreign exchange, low manufacturing cost and improved the profitability of business.
2.3 Increase business opportunity for Indian market and we have localized VL joints.
2.4 Application Engineering Support to Indian car manufacturers have made GKN to work
hand in hand with Tata Motors , MSIL, Nissan Defiance, RNTBCI and RSMB for their up coming
projects.
2.5 Enquiries for Propshaft, Hollow shafts (MTS), PTU, Differential locks from TATA
Motors.
2.6 Increased engineering enquiry for new projects from MSIL to show their confidence
in GDI capabilities.
2.7 Discussion inprogress with Mahindra Reva for electric vehicles.
3. In case of imported technology (imported during the last 25 years reckoned
from the beginning of the financial year), following information may be furnished:
| (a) Technology imported |
|
Manufacture of Front Axle Assemblies Including Constant Velocity Joint |
|
|
(AC, ACi UFi, UF-3RF, DOJ,Gl, Gli, GI-3 Series, AARi & VL). |
| (b) Year of Import |
i) |
1987 for AC, RF & DOJ |
|
ii) |
1997 for Gl joints |
|
iii) |
2003 for ACi and Gli joints |
|
iv) |
2008 UFi, UF-3series |
|
v) |
2008 AARi and GI-3Series. |
|
vi) |
2009 VL - Plunging Joints |
|
vii) |
2011 PF Plant |
|
ix) |
2012 UF-3 26 |
| (c) Has technology been fully absorbed? |
Yes |
|
| (d) If not fully absorbed, areas where this has not taken place, reasons therefore
and future plans of action. |
N.A. |
|
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