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Autocomps India Ltd.

BSE: 522056 Sector: Auto
NSE: N.A. ISIN Code: INE337D01012
BSE 05:30 | 01 Jan Autocomps India Ltd
NSE 05:30 | 01 Jan Autocomps India Ltd

Autocomps India Ltd. (AUTOCOMPSINDIA) - Company History

Set up in 1985 to manufacture 1.2 mln shock absorbers pa in technical collaboration with Sudburg, Germany, Sirmour Sudburg Auto (SSAL) manufactures shock absorbers for all types of automobiles (two-and four-wheelers), including the Railways, using flapper disc technology instead of the generic valve gauge technology. SSAL is primarily an original equipment (OE) supplier, holding 15% of the market. Its clientele includes Bajaj Auto, LML, Hindustan Motors, TELCO, etc. SSAL is a sick unit and a rehabilitation package approved by BIFR was implemented. During 1996, SSAL had an expansion-cum-modernisation, financed by internal accruals, which is to enhance the capacity (by 1.2 mln shock absorbers) and upgrade the range. During the year 1996-97, the company issued 38 lacs shares at Rs 45/- premium to Mannesmann Sachs AG and the other promoters as per the sanctioned rehabilitation scheme approved the BIFR. The BIFR, 1998-99 reviewed hearing orders which consists of re-structuring of the capital of the company, by issue and allotment of 10 lacs further equity shares at a premium of Rs.180/- on preferential basis to Mannesmann Sachs AG. With the above change in its equity holding, the name has been changed to Sachs India Ltd. Later on during the year 1999-2000, the name was changed to Autocomps India Ltd.