Jtekt India Ltd

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BSE Code: 520057       NSE Code: JTEKTINDIA

Business Profile
Business Profile
Sona Koyo Steering Systems (SONAKOYA), the flagship company of the Sona group, is engaged in the business of manufacturing steering gears. Incorporated in June 1984, the company is a technical and financial joint venture of Koyo Seiko Company, Japan.

The QS 9000 certified company manufactures steering system products like rack and pinion manual steerings, re-circulating ball screw type gear assemblies, rigid and collapsible column assemblies, and universal joints; drive line products including rear axle assemblies, case differential assemblies, and propeller shafts. These products find application in passenger cars, small vans, MUVs, SUVs, and light commercial vehicles. The TS 16949 and ISO 14001 certified plant is located in Chennai with planned capacity increasing from 200,000 to 400,000 manual steering gears and steering columns, and a new plant coming up in Dharuhera.

The company has a joint venture with AAM International Holdings, Inc., USA to manufacture 3/4 ton capacity banjo rear beam axles and 1 ton capacity banjo rear beam axles for Tata Motors; and a Rs 1.5-billion joint venture with JTEKT in Bawal, Haryana to manufacture column type electric power steering systems by 2010. The company is looking at indigenously supporting its forging and die casting requirements by setting up an aluminum die casting and forging unit to expand business to Europe.

Domestic clients of the company include Brake India, Maruti Udyog, Tata Motors and others. The company has incorporated Sona Autocomp Inc. USA to enhance US sales. Fuji Autotec France and Sona Autocomp Europe, joint ventures of the company, would cater to Europe and South America. International clients include Koyo Steering Thailand, Koyo Steering USA, and MANDO Korea among others.

The registered office is at UGF-6, Indraprakash 21, Barakhamba Road, New Delhi-110001.

Financials
Sona Koyo Steering Systems registered a profit of Rs 87.9 million for the quarter ended September 2007.
It recorded a net sales of Rs 1,645.6 million for the quarter.
Total income was Rs 1,653 million for the quarter ended September 2007.
The diluted earnings per share (EPS) of the company stood at Rs 0.91 for the quarter ended September 2007.

Recent Developments
30-OCT-07
On Oct. 27, 2007, the board approved to execute a joint venture (JV) agreement with AAM international Holdings, Inc., USA. The JV is for the purpose of setting up a joint venture company in India to manufacture and supply 3/4 ton capacity banjo rear beam axles and 1 ton capacity banjo rear beam axles to Tata Motors. The capital contribution ratio between the two companies will be such that, AAM International Holdings will hold 70% of the total capital, whereas, Sona Koyo Steering Systems will hold the remaining 30%.

24-AUG-07
Sona Koyo Steering Systems, a part of the Sona Group, along with its joint venture partner JTEKT Corporation is planning to invest Rs 1.5 billion into a greenfield project at Bawal in Haryana. The company plans to manufacture column type electric power steering systems. The necessary application for obtaining the requisite approval to the proposed joint venture has been made to the foreign investment promotion board. The company is expecting the production facility to be operational by early 2010. The company will form a separate subsidiary for the joint venture with JTEKT Corporation.

19-JUL-07
Sona Koyo Steering Systems is planning to establish an aluminum die casting and forging unit, so as to expand its business outlook. The components of these units will be exported to Europe. Currently, the company meets its aluminum forging requirements from external sources and then use it for making components. The company is now looking at indigenously supporting its forging and die casting requirements. The company received approval from the board of directors to raise USD 50 million through external commercial borrowings. The company plans to use the amount to finance its expansion plans over the next two years.

Other Information
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