DOCSLIB.ORG

Auto Ancillaries

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Auto Ancillaries S ENKEI CASTALLOYS LTD Conference Call Update (Demerged Entity) Auto Ancillaries OUTLOOK FOR THE COMPANY Enkei Castalloys Limited is a joint venture between Rai and April 27 , 2010 Associates, India and Enkei Corporation of Japan. The Company is well established as manufacturer for Aluminum Die Cast products, Critical Engine Parts and Alloy Wheels for two wheeler and four BOOK PARTIAL PROFITS wheeler industry. The products fall in the category of derived AND HOLD demand. To act in an efficient manner and grab opportunities, Enkei CMP Rs. 120 Castalloys has been demerged in two separate companies. Enkei Target Rs. 150 Castalloys will focus on Foundry business and Enkei Wheels would focus on Wheels, which will be listed soon. We had recommended Investors to BUY the stock of combined entity between levels of SHARE HOLDING (%) Rs 80 and Rs 90. Since then the Company has been demerged. We now recommend investors to book partial profits in Enkei Promoters 37.65 Castalloys at Rs 120 and HOLD the remaining stock for target price FII / NRI 35.95 of Rs 150 for Enkei Castalloys. We expect Enkei Wheels fair value to FI / MF / CB’s 5.08 be close to Rs 69 levels. The price of combined entity comes to Non Promoter 4.29 Rs 179 which represent 100% upside from earlier recommended Public & Others 17.03 price levels between Rs 80 and Rs 90. STOCK DATA INVESTMENT RATIONALE Reuters Code ENKI.BO Bloomberg Code EKC IN • The growth path defined by the Indian Automobile Sector in recent BSE Code 531147 times has enabled Enkei Castalloys Ltd. to become a prominent NSE Symbol ENKEI player in Auto Ancillary sector. Market RS.132.0 mn Capitalization US$29.7 mn • The two and four wheeler sector is growing at 12% and 14% respectively giving strong boost to the Auto Ancillary Industry. 52 Weeks (H/L) RS. 126/14.17 Enkei expects to grow at around 20% in the coming years. • In recent times, many international players have set up their production and assembling units for ancillary parts in India due to availability of cheap labor and supportive environment for investments in the country. • The recent acquisition by the company in European region will help to add on international clients and widen the scope of Castings Export business. Equity Analyst • Constant urge for Research, Development and Innovation has Alok Deora resulted in improved quality of castings and wining new orders [email protected] from existing as well as new customers. Research Associate Shilpi Jain • The Company has now demerged into two units Enkei Castalloys [email protected] Ltd and Enkei Wheels. Enkei Wheels would be listed by end of May. Please refer to important disclosures at the end of the report For private Circulation Only. Sushil Finance Consultants Ltd, SEBI Reg. No. INB010982338. Office: 12, Homji Street, Fort, Mumbai 400 001. Sushil Financial Services Private Limited Member BSE : SEBI Regn.No. INB/F010982338 | NSE : SEBI Regn.No.INB/F230607435. OfficeAssociate: : 12, SushilHomji Street,Stockbroker Fort, Mumbai Private 400Limited, 001. SEBI Reg. No. INB230607435. Phone: +91 22 40936000 Fax: Phone: +91 22 +9122665758 22 40936000 Email : [email protected] Fax: +91 22 22665758. ENKEI CASTALLOYS LTD. KEY FINANCIALS (STANDALONE) Y/E Revenue APAT AEPS AEPS P/E ROCE ROE P/BV P/Sales March. (Rs mn) (Rs mn) (Rs) (% Ch.) (x) (%) (%) (x) (x) FY09 3,007.0 (115.1) (10.5) (281.4) NA 1.7 (19.2) 7.5 1.5 FY10* 2,096.9 134.0 12.2 (216.4) 9.9 9.5 22.2 2.2 0.6 FY11E* 2,516.2 199.2 18.1 48.7 6.6 12.6 24.9 1.6 0.5 *FY 2010 and FY 2011 results exclude results of demerged entity Enkei Wheels. BUSINESS PROFILE Enkei Castalloy Limited is a joint venture between Rai and Associates, India and Enkei Corporation (Japan) which is the second largest manufacturer of alloy wheels in the world. Enkei Castalloy currently leads the Indian market in manufacturing cylinder heads for two wheelers and four wheelers. The Company has the distinction of being a single source supplier of many critical engine parts to some of India’s largest OEMs. The company has in its list of clients all the major OEMs like Hero Honda, Yamaha, Suzuki and Piaggio in two wheeler segment and Eicher, Tata, John Deere and Toyota in four wheeler segments. Recently the company has demerged its two divisions in separate companies:- • Enkei Castalloys Limited which will continue the foundry business of the company. • Enkei Wheels which will act independently under the technical guidance of Enkei Cooperation Limited for manufacturing wheels. It is expected to be listed on the exchange by the end of May. Enkei Castalloys Limited has emerged as a prominent player in the aluminum casting and wheel manufacturing. Dedication towards quality improvement and cost reduction through constant innovation has made the company, vendor’s choice to supply to various OEMs. 22nd October 2007 2 ENKEI CASTALLOYS LTD. CONFERENCE CALL UPDATE We conducted a Conference Call with the Management of Enkei Castalloys Ltd and mentioned below is the snapshot of the Conference Call. SNAPSHOT OF CONFERENCE CALL • The Company has been demerged into two entities namely Enkei Castalloys and Enkei Wheels representing Foundry and Wheels businesses respectively. • Enkei Castalloy is expected to generate revenues of Rs. 2,500 mn during FY 2011. The Company expects to achieve Operating margins of 20-25% going forward. • Enkei Castalloy recently acquired assets of two European companies. The Company expects to generate revenues of approximately Rs.600- Rs.720 mn going forward. • Enkei Castalloy is currently able to match up to the demand with the current capacity in place. However in FY 2011 it expects to incur capex to the tune of Rs.120 mn to increase supply. • Enkei Castalloy repaid Rs.240 mn of debt during FY 2010. Approximately Rs.680 mn of debt is currently on the books of Enkei Castalloy and balance of Rs.920 mn has been transferred to books of Enkei Wheels. Looking at current cash flows, company is on its way to become debt free in next 2-3 years. • FY 2010 excludes results of Wheels business and company would be announcing results on the same soon. The wheels entity would be listed by end of May. • Enkei wheels is expected to generate revenues of Rs. 1,900mn during FY 2011 and end the year with marginal profits. 22nd October 2007 3 ENKEI CASTALLOYS LTD. Outlook for Enkei Wheels Limited Enkei Wheels is going to be a completely separate entity from Enkei Castalloys Limited. The Company would only focus on two wheeler and four wheeler wheel segment. The company is expected to generate revenues of approximately Rs. 1,900 mn for FY2010-11. We expect the Wheel Business to trade at 0.4x times its FY 2011E Sales. Based on this matrix, we expect wheel business fair value to be Rs 69. The Equity Share Capital will stand at Rs.55 mn. Current Competitive Environment • Any slowdown in infrastructure projects in the coming years will hinder the Automobile demand which will indirectly affect the company’s performance. • Larger threat is being imposed by the Chinese counterparts in the Ancillary sector. With a sharp rise in the demand for Passenger vehicles, Indian companies are losing on these bulky projects due to capacity constraints. OUTLOOK & VALUATION Enkei Castalloys Ltd is involved in manufacturer of Aluminum Die Cast products, Critical Engine Parts and Alloy Wheels for the two wheeler and four wheeler industries. It has recently demerged its wheel business which was into incurring losses and thus denting overall profitability. The demerged entity is expected to turn profitable by FY 2011. Enkei Castalloy ltd is expected to witness sharp improvement in its operating performance with the exclusion of its wheel business. At the current market price of Rs.120, Enkei Castalloy Ltd is available at attractive valuation of 6.6x its FY11E EPS of Rs. 18.1 and 1.6x of its FY11E Book Value. It is currently trading at 0.5x its FY11E Sales. We had recommended investors to BUY the stock of combined entity at levels between Rs. 80 and Rs. 90. We now recommend investors to book partial profits at current levels of Rs120 for Enkei Castalloys and HOLD the remaining stock for price target of Rs. 150.We expect Enkei Wheels fair value to be 0.4x of its FY11E Sales. On that basis we expect Enkei wheels fair value to be at Rs. 69. The price of combined entity comes to Rs 179 which represents 100% upside from earlier recommended price levels between Rs 80 and Rs 90. 22nd October 2007 4 ENKEI CASTALLOYS LTD. (Rs.mn) PROFIT & LOSS STATEMENT CASH FLOW STATEMENT (Rs.mn) Y/E March FY09 FY10 FY11E Y/E March FY09 FY10 FY11E PBT (123.7) 164.8 265.7 Net Sales 3007.0 2096.9 2516.2 Depreciation 275.9 125.5 135.3 Operating Costs 2198.6 814.4 981.3 Chg. in WC (7.9) (123.5) 37.3 Administrative Exp. 520.4 943.6 1082.0 Cash Flow from 272.1 136.0 371.9 Operations PBIDT 288.0 338.8 452.9 Chg. In Fixed Assets (523.3) 0.0 (120.0) Interest Cost 167.1 76.6 77.1 Chg. In Investment 0.0 0.0 0.0 Depreciation 269.3 125.5 135.3 Cash Flow from (393.6) 0.0 (120.0) Investing Other Income 24.6 28 25.2 Chg In Debt (5.9) 0.0 0.0 Extraordinary Exp.
Load more

Recommended publications
  • 2013 Wheel Catalog
    World Leader in Street and Race Wheels | 2012 Wheel Catalog ENKEI.COM | facebook.com/EnkeiWheels | twitter.com/EnkeiWheels 2013 Wheel Catalog ENKEI.COM | facebook.com/EnkeiWheels | twitter.com/EnkeiWheels INDEX BY WHEEL STYLE/MODEL 365 NT03+M (Racing)….…....07 447 STR5 (Performance)........18 468 FUJIN (Tuning)................10 379 RPF1(Racing)……….……05 448 GW8 (Performance).........22 469 LUSSO (Luxury Sport).....23 376 RP03 (Racing) …………...07 449 LSF (Luxury Sport)...........24 471 APACHE II (Classic)…....12 409 J10 (Performance)…..…...21 450 RAZR (Luxury Sport)........24 470 ST6 (Truck/SUV)………...28 428 WDM (Performance)........22 451 L-SR (Luxury Sport).........24 472 RSM9 (Racing)………….03 429 GTC01 (Racing)……….…06 452 AKP (Luxury Sport)...........25 473 SR6 (Performance)…..…17 430 FN-18 (Performance)........22 453 GRAB6 (Truck/SUV).........27 474 GP5 (Performance)…..…16 434 FD05 (Performance).........21 456 FALCON (Performance)....17 475 SVX (Truck/SUV)…….…..28 437 LS-5 (Luxury Sport)..........25 457 SESTO (Performance)......17 476 KOJIN (Tuning)…………..09 438 LF-10 (Luxury Sport)........25 458 ALETTA (Performance).....19 477 COMPE (Classic)………..11 441 EDR9 (Performance).......18 460 PF01 (Racing)…..………...07 478 TENJIN (Tuning)………....08 442 EKM3 (Performance)......20 463 RC-G4 (Racing)…………..06 479 RSF5 (Performance)….....14 443 KLAMP (Performance).....19 464 J-SPEED (Classic)............12 480 M52 (Performance)……....13 444 T-FORK (Performance)....20 465 ENKEI92 (Classic)............12 481 BR7 (Performance)……....15 445 G5 (Performance).............18 466 AMMODO (Performance).16 482 M6 (Truck/SUV)…………..27 446 EV5 (Performance)...........19 467 RAIJIN (Tuning)………….10 483 M5 (Truck/SUV) ………....26 World Leader in Street and Race Wheels Custom aftermarket wheels are as much a part of who we ONE STEP FORWARD are as the clothes we wear, the vehicles we drive and of Since its formation in 1950, Enkei’s history has been course the performance that we expect.
    [Show full text]
  • 2015 Annual Report
    H4 H1 JBIC Annual Report 2015 Annual Report JBIC 2015 Annual Report reen ties. r. H3 Access to JBIC Head O ce and West Japan O ce JBIC 2015 1 Pro le of JBIC 1 JBIC Head O ce West Japan O ce 1. Pro le 2 4-1, Ohtemachi 1-chome, Chiyoda-ku, 3-5, Sonezaki 2-chome, Kita-ku, Osaka city, Japan Bank for 2. Interview with the Governor, CEO 4 Tokyo 100-8144, Japan Osaka 530-0057, Japan International 3. Directors, Managing Executive O cers and 8 1 Cooperation Corporate Auditors Annual Report Hitotsubashi- Nishikicho- 4. JBIC’s Medium-Term Business Plan 10gashi gashi Hitotsubashi- Nishikicho- gashi gashi Umeda sta. (FY2015—2017) Umeda sta. Hitotsubashi Midosuji Line 5. Outline of Operations in FY2014 13 Ramp Hitotsubashi Midosuji Line Ramp Pro le Hankyuof JBIC Department Hankyu KKR JR Osaka sta. Hirakawa- Metropolitan Expressway KKR Store Sonezaki-Higashi Department Marubeni JBIC JR Osaka sta. Store mon Corp. Hirakawa- Marubeni Metropolitan Expressway Hankyu-mae Sonezaki-Higashi 19 mon JBIC Hankyu-mae The Environment Surrounding JBIC and 3b Exit KandabashiCorp. 3b Exit Daimaru 2 Takebashi sta. Kandabashi Sonezaki Police StationDaimaru Japan Hanshin-mae Takebashi sta. Sonezaki Police Station Its Challenges Meteorological Japan Osaka ekimae Hanshin-mae Agency Meteorological Hanshin Umeda sta. Osaka ekimae Hanshin Hanshin Umeda sta. 1. Energy and Natural Resources Finance Group 20 Agency 1. Pro le 2 Chuo-Yubinkyoku-mae Department Store Hanshin Tokyo Regional Department Store Osaka ekimae-Minami (UMESHINChuo-Yubinkyoku-mae DAI-ICHI SEIMEI BUILDING 10F) Tokyo Regional Higashi-Umeda sta. 2. Infrastructure and Environment Finance Group 24 Kishocho- Taxation Bureau Kandabashi Osaka ekimae-Minami (UMESHIN DAI-ICHI SEIMEI BUILDING 10F) Taxation Bureau Higashi-Umeda sta.
    [Show full text]
  • Contents If You Or Any of Your Relatives Have a History of Seizures Or Epilepsy, Consult a Doctor Before Playing
    SRR_360_MNLGUTS.qxp 8/14/07 5:30 PM Page 2 Thank you for purchasing SEGA Rally Revo™. Please note that this software is designed for use with the Xbox 360 computer entertainment system. Be sure to read this software manual thoroughly Before playing this game, read the Xbox 360 Instruction WARNING before you start playing. Manual and any peripheral manuals for important safety and health information. Keep all manuals for future reference. For replacement manuals, see www.xbox.com/support or call Xbox Customer Support. Important Health Warning About Playing Video Games Photosensitive Seizures A very small percentage of people may experience a seizure when exposed to certain visual images, including flashing lights or patterns that may appear in video games. Even people who have no history of seizures or epilepsy may have an undiagnosed condition that can cause these “photosensitive epileptic seizures” while watching video games. These seizures may have a variety of symptoms, including lightheadedness, altered vision, eye or face twitching, jerking or shaking of arms or legs, disorientation, confusion, or momentary loss of awareness. Seizures may also cause loss of consciousness or convulsions that can lead to injury from falling down or striking nearby objects. Immediately stop playing and consult a doctor if you experience any of these symptoms. Parents should watch for or ask their children about the above symptoms—children and teenagers are more likely than adults to experience these seizures. The risk of photosensitive epileptic seizures may be reduced by taking the following precautions: Sit farther from the screen; use a smaller screen; play in a well-lit room; and do not play when you are drowsy or fatigued.
    [Show full text]
  • Alicon Castalloy Limited Q1 FY21 Earnings Conference Call Transcript July 31, 2020
    Alicon Castalloy Limited Q1 FY21 Earnings Conference Call Transcript July 31, 2020 Moderator Ladies and Gentlemen, Good day and Welcome to the Alicon Castalloy Limited’s Q1 FY21 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing ‘*’ and then ‘0’ on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mayank Vaswani from CDR India. Thank you and over to you, Sir. Mayank Vaswani Thank you. Good Day everyone and thank you for joining us on Alicon Castalloy Limited’s Q1 FY21 Earnings Conference Call. We have with us on the call today Mr. Rajeev Sikand – Group CEO; Mr. Shekhar Dravid – Group COO, and Mr. Vimal Gupta – Group CFO of the Company. Mr. Vimal Gupta will start and cover the financial performance following which Mr. Shekhar Dravid will walk us through operating highlights of the quarter. Mr. Sikand will then cover business developments following which we will have the forum open for a Q&A session. Before we begin, I would like to point out that some of the statements made in today’s call may be forward-looking in nature and a disclaimer to this effect has been included in the earnings presentation shared with all of you earlier. I would now like to hand over the floor to Mr. Vimal Gupta for his opening remarks.
    [Show full text]
  • Formula SAE Japan 2019
    学生Formula_日本大会2019第17回_A4_表_英.ai 2019 Formula SAE Japan Formula SAE® Series 2018 Competition Winner Osaka University 2019 Monozukuri Design Competition Since 2003 Formula SAE Japan 2018 Spirit of Excellence Award for EV Class Nagoya University EV ICV & EV Class 2019 8.27TUE 31SAT Ogasayama Sports Park - ECOPA - Organizer CONTENTS Message of Congratulations/President’s Message Awards ����������������������������������������������� 8 ���������������������������������������������������������������� 1 Organizer/Support/Committee Members ����� 9 About Formula SAE Japan ���� 2 Team Information (Vehicle Specifications) Registered Teams ��������������������� 3 ������������������������������������������������ 10 ～ 19 Schedule of Events ����������������� 4 Team Information (Members and Sponsors) �����������������������������������������������20 ～ 44 Sponsors ������������������������������� 5～6 Notices ���������������������������������������������� 7 OutlineOutline of Events of Events OutlineOutline of Events of Events 1. Purpose of Competition Outline of Events Outline To developof Events human resources that, through the support of government, industry, Aboutand academia, Formula will contribute SAEto the development Japan and promotion of both automobile 1.technology Purpose and of industry Competition by having the students play the main role in planning, designing, and constructing an automobile on their own in a competition of comprehensive To develop human monozukuri resources skills. that, through the support of government, industry, 1.and
    [Show full text]
  • Automobile Assembly Parts Market
    Introduction Throughout the era of high economic growth, the Japanese automobile parts industry grew consistently. However, the collapse of the bubble economy saw the industry enter a downturn, and with competition in the automobile industry intensifying worldwide, it now finds itself confronting a period of great upheaval. The transition engulfing the automobile parts manufacturing industry can be characterized as follows: • Production volumes in the parts manufacturing industry are declining as domestic demand for automobiles decreases. • Demands for price reductions are growing stronger. • As automobile manufacturers expand their overseas manufacturing operations, they demand that parts manufacturers have an overseas presence. • As automobile manufacturers seek to optimize their supply chains, they more readily conduct business with companies that do not belong to their conglomerates. • Environmentally friendly technology is supported. • Modularization is supported. • Competition is intensifying as foreign parts manufacturers enter the Japanese market. In this changing business environment, the differences between Japanese parts manufacturers are being magnified. With companies increasingly willing to do business outside their conglomerates, foreign parts manufacturers are coming in and stirring up the Japanese market, and even eclipsing their Japanese counterparts. At the same time, Japanese parts manufacturers are being forced to take on their foreign competitors, and are increasingly undertaking mergers with a view to forming companies that can supply integral systems. Hence, it is likely that the on-going shake-up in the automobile parts industry will continue. This report does not cover all automobile parts, but specifically focuses on assembly parts for new automobiles. It covers the present structure of the market, relevant laws and regulations, and changes in business practices, as well as discussing prospects for the future.
    [Show full text]
  • Leading Aluminium Alloy Wheels Manufacturers in India with a Long Term Successful Track Record and Long-Standing Customer Relationships
    9th Annual Report 2017-18 ENKEI WHEELS (INDIA) LIMITED An IATF 16949 :2016 ISO 14001 :2015 ISO 18001 : 2007 Company CONTENT Company Overview 01-08 Knowing Enkei Wheels India Limited 02 Chairman’s message 06 Corporate Information 08 Statutory Report 09-33 Notice 09 Director’s Report 13 Management Discussion & Analysis 30 Corporate Governance Report 33 Financials 42-60 Auditors’ Report 42 Balance Sheet 48 Statement of Profit & Loss 50 Cash Flow Statement 51 Notes to Accounts 60 Forward looking statements In this annual report, we have disclosed forward looking information to enable investors comprehend our prospects and take informed investment decisions. This report and other statements – written and oral – that we periodically produce/publish, may contain forward- looking statements that set out anticipated results based on the management’s plans and assumptions. We have tried wherever possible to identify such statements by using words such as ‘anticipates’, ‘estimates’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’ and words of similar substance in connection with any discussion of future performance. We cannot guarantee that these forward-looking statements would be fully realised, although we believe we have been prudent in our assumptions. The achievement of results is subject to risks, uncertainties and even inaccurate assumptions. If known or unknown risks or uncertainties materialise, or if underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. The most relevant is a Company which has time and again demonstrated a proactive approach in responding to every challenge that came in its way.
    [Show full text]
  • Enkei Wheels (India) Ltd 533477
    Quarterly Update | Page 1 of 1 Enkei Wheels (India) Ltd Sector Industry 533477 Consumer Cyclical Auto Parts Company Profile Stock Price Price in Rs. Enkei Wheels (India) Limited is a part of the Japanese multinational A Last Close Price 54.40 52 Wk High/Low 62.95/39.15 company, Enkei Corporation, located at Shirur village in Pune, Maharashtra. (12/11/2012) The company is involved in the manufacturing and sales of alloy casting Market Cap (Cr.) 62.70 Avg. Volume 1167.63 (1 Mo) wheels used for the various vehicles like motorcycles, cars and others. (31/10/2012) (Rescaled to 100 for ease of comparison) The company was originally merged with Enkei Castalloy Limited. As per the new provisions, with the approval from the Bombay High Court, a new company with the present name was formed in the year 2010. During this time, the company was demerged from the parent company and the automobile wheels business was transferred to it. The Managing Director of the company is Mr. Masakatsu Uchiyama and Chief Financial Officer (CFO) of Enkei Wheels is Mr. Chaganti Srinivas Kameswar Rao. Mr. Masakatsu Uchiyama has an experience of 27 years in the auto industry with special expertise in machining, production control, quality and management. A A Financials Values in Rs. Crores Business Overview 2008 2009 2010 2011 2012 Enkei Wheels (India) Limited manufactures and sells alloy casting wheels Revenue - - 166.70 238.92 279.21 for different types of automobiles like motorcycles, cars, and other Gross Margin % - - 19.06 18.62 42.23 vehicles. The company also specializes in providing wheels for the racing Operating Income - - -2.46 5.99 -0.60 cars like Formula One cars, WRC Rally cars, and other popular races.
    [Show full text]
  • 9Th Annual Report ENKEI WHEELS (INDIA)
    9th Annual Report 2017-18 ENKEI WHEELS (INDIA) LIMITED An IATF 16949 :2016 ISO 14001 :2015 ISO 18001 : 2007 Company CONTENT Company Overview 01-08 Knowing Enkei Wheels India Limited 02 Chairman’s message 06 Corporate Information 08 Statutory Report 09-33 Notice 09 Director’s Report 13 Management Discussion & Analysis 30 Corporate Governance Report 33 Financials 42-60 Auditors’ Report 42 Balance Sheet 48 Statement of Profit & Loss 50 Cash Flow Statement 51 Notes to Accounts 60 Forward looking statements In this annual report, we have disclosed forward looking information to enable investors comprehend our prospects and take informed investment decisions. This report and other statements – written and oral – that we periodically produce/publish, may contain forward- looking statements that set out anticipated results based on the management’s plans and assumptions. We have tried wherever possible to identify such statements by using words such as ‘anticipates’, ‘estimates’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’ and words of similar substance in connection with any discussion of future performance. We cannot guarantee that these forward-looking statements would be fully realised, although we believe we have been prudent in our assumptions. The achievement of results is subject to risks, uncertainties and even inaccurate assumptions. If known or unknown risks or uncertainties materialise, or if underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. The most relevant is a Company which has time and again demonstrated a proactive approach in responding to every challenge that came in its way.
    [Show full text]
  • Figure 2 Flowchart Approach to Industrial Cluster Policy In
    The Asian Model of the Industrial Cluster Policy For the Global Value Chain October 10, 2015 Akifumi Kuchiki Nihon University 1 Only 300 hectares in Iran for Industrial agglomeration! Iran will start its growth from 300 hectares! (3 Km2) Objective: In Iran, we will create China’s Shenzhen ！！！ Industrial agglomeration in Asia: Kaohsiung in Taiwan in the 1960s. Penang in Malaysia and Eastern Seaboard in Thailand in the 1980s. Shenzen in China in the 1990s Industrial Cluster Policy in Iran! Questions: 1. What kinds of the segments of an industrial cluster are built? 2. Is it an efficient sequence of forming the segments? 3. Who is a leader? Key words: segment, sequence, leader In other words, •The segments = The investment environment •Sequence = Prioritization •Leader = Human resource 5 Bases 1. Segments of industrial cluster Capacity Segment Infrastructure Roads Railways Airports Ports Communication Water supply Electricity Industrial zones Labor Unskilled labor Engineers Managers Institutions Liberalization Land ownership Foreign currency exchange Living environment Schools Hospitals Entertainment Shopping 6 Conclusions: The Asian model: Flowchart Approach: •1. Segments •2. The economies of sequence in forming the segments. •3. We must find a leader as an initial value of a sequence. industrial cluster (a bunch of grapes) 7 1. Industrial cluster A bunch of grapes 6 Kuchiki’s Definition: industrial cluster of the industry consists of two stages: Stage 1 is the stage of Agglomeration, Stage 2 is the stage of Innovation. 9 Sequence a b c d Belly 腹 Breast 胸 Heart心臓 Head 頭 Anchor Water Industrial firms Port supply zone 2. The economies of sequence 10 Today’s topics: Industrial clusters in Asia: 1.
    [Show full text]
  • 2018 Catalog
    World Leader in Street and Race Wheels Custom aftermarket wheels are as much a part of who we ONE STEP FORWARD are as the clothes we wear, the vehicles we drive and of Since its formation in 1950, Enkei’s history has been course the performance that we expect. ENKEI custom continuous challenges and adventures to deliver the most wheels deliver the latest in wheel designs, composite alloy innovative and the highest quality wheels to top racers and technology such as, casting/forged processes, rigid testing car enthusiasts. Today, Enkei has grown to be the number that must pass stringent JGTC Standards and unsurpassed one aluminum wheel manufacturer to satisfy demand from manufacturing facilities. Enkei is dedicated to perfection and leading automakers and aftermarket wheel users around the delivers the best in aftermarket wheels. world. One step forward. With its courage to take the next step ahead of others, Enkei continues to strive to exceed the Today, the Enkei group is commercially active throughout expectations of the most demanding drivers. Asia, North America, Latin America and Europe, supplying all the largest Japanese car manufacturers and General Motors ENKEI WORLD COMPANIES in the OEM market, as well as countless consumers in the ENKEI AMERICA (Indiana, Florida, U.S.) automotive aftermarket. Enkei also produces sophisticated ENKEI AMERICA MOLDINGS (Indiana, U.S.) ENKEI INTERNATIONAL (Texas, U.S.) high-tech race wheels for a variety of motorsport, including ENKEI THAI rallying, drift, sportscar racing and single-seater racing – ENKEI THAI MOLDINGS including supplying lightweight magnesium Formula 1 race ENKEI MALAYSIA wheels to McLaren Honda.
    [Show full text]
  • Executive Summary
    www.alicongroup.co.in Casting The Future TS 16949 | ISO 9001 | ISO 14001 | OHSAS 18001 certified. Alicon – Executive Summary 2018 www.alicongroup.co.in Together We Make It Happen 2 Casting The Future Guiding Philosophy – Alicon North Star TS 16949 | ISO 9001 | ISO 14001 | OHSAS 18001 certified. BUSINESS PHILOSOPHY ALIGNMENT WITH NORTH STAR North Star Encompasses Our Roles in the Family, Organization & Society. 2018 www.alicongroup.co.in Together We Make It Happen Casting The Future Shareholding Pattern TS 16949 | ISO 9001 | ISO 14001 | OHSAS 18001 certified. RAI & ASSOCIATES ENKEI CORPORATION PUBLIC Other 100% owned INDIA JAPAN Entities of Rai and Associates 65.1 % 14.7% 20.2 % INDIA INDIA 100 % ALICON HOLDING GmbH AUSTRIA 100 % INDIA SLOVAKIA Illichmann Castalloy s.r.o 100 % ENGINEERING SERVICES LIMITED AUSTRIA Illichmann Castalloy GmbH 2018 www.alicongroup.co.in Together We Make It Happen 4 Casting The Future ALICON GROUP TS 16949 | ISO 9001 | ISO 14001 | OHSAS 18001 certified. ALICON – 1969 (49 years) of casting the future in Aluminium. India’s pioneer in LPDC. (3698 Employees) ESTABLISHMENT ILLICHMANN – 1929 (89 years) of proven global track record in Aluminium Castings. (147 Employees) 4 Manufacturing Facilities Located at - Pune (2)– Shikrapur & Chinchwad - Binola & - Slovakia (Europe) 13 Distinct Plants within these Facilities FACILITIES Technology centre Globally competent Tool manufacturing facility Quality & Testing Laboratories at each location Full Fledged Machine Shop (including sub-assembly facility) GDC (Stationary, Tilting & Durville) (1.0 Kg – 42 Kg) CASTING LPDC (Conventional) (1.0 Kg – 50 Kg) PROCESSES Sand Casting (1.0 Kg – 50 Kg) 2018 www.alicongroup.co.in Together We Make It Happen 5 Casting The Future ALICON GROUP GEOGRAPHIC PRESENCE TS 16949 | ISO 9001 | ISO 14001 | OHSAS 18001 certified.
    [Show full text]