Elofic Industries Limited Unlisted Shares
(i) Elofic Industries Limited was incorporated in 1973, under the provisions of the Companies Act, 1956. The company along with its subsidiary (collectively referred to as the Group) is engaged in manufacturing and supplying of automobile filters and lubes. The Holding Company has its Registered Office at 14/4, Mathura Road, Faridabad-121003.
(ii) Elofic is one of India’s largest filter manufacturing companies producing a complete range of filters and lubricants. With a legacy spanning over 67 years, a workforce of more than 600 professionals across six state-of-the-art manufacturing facilities in Faridabad (Haryana), Nalagarh (Himachal Pradesh), and Hosur (Tamil Nadu) in India and a global clientele consisting of Fortune 1000 blue-chip corporations, Elofic is a brand that inspires trust. Elofic offers the following filtration and lubrication products: oil filters, air filters, fuel filters, hydraulic filters, coolants and lubricants, and grease.
(iii) Products Catalogue
(iv) Elofic is the trusted name among Indian and Global automobile players. Few prominent names are mentioned in the below table.
| Domestic | International |
| Action Construction Equipment Ltd. | Argo Tractors, Italy |
| Bosch Limited. | Briggs & Stratton, USA |
| Escorts Construction Equipment Ltd. | Generac Power Systems Inc, USA |
| Godrej & Boyce Mfg. Co. Ltd | Kawasaki Motors Manufacturing Corpn., USA |
| JCB India Ltd. | Kohler Engines, USA |
| International Tractors Limited | Wabco, Germany |
| Mahindra & Mahindra | Lombardini, Italy |
| Maruti Suzuki India Limited | |
| Renault Nissan Mitsubishi Alliance, India | |
| VST Tillers & Tractors Ltd. | |
| Volvo Eicher Commercial Vehicles Ltd. | |
| TATA Motors |
(v) Subsidiary:
The company has one subsidiary in the USA with the name Elofic USA, LLC. The company has 100% stakes in the subsidiary.
Elofic Industries Limited Unlisted Shares Details:
| Total Available Shares: | NA |
| Face Value: | ₹ 10 Per Equity Share |
| Lot Size: | 50 Shares |
| Current Unlisted Share Price: | ₹ Best In Industry Per Equity Share |
Promoters And Management:
Shareholding Pattern:
| Name of Promoters/shareholders | No. of Shares | % of Shares |
| Mohan Bir Sahni | 7,13,435 | 28.44% |
| Kanwal Deep Sahni | 7,51,285 | 29.95% |
Financials of Elofic Industries Limited Unlisted Shares:
A) Balance Sheet Statement
| Particulars(in Cr) | Mar-16 | Mar-17 | Mar-18 | Mar-19 | Mar-20 |
| Sources of Funds | |||||
| Share Capital | 2.51 | 2.51 | 2.51 | 2.51 | 2.51 |
| Reserves | 55 | 57 | 68 | 88 | 105 |
| Long- Term Debt | 2.7 | 2.8 | 0.56 | 0.21 | 0.27 |
| Short-Term Debt | 27 | 24 | 24 | 22 | 9.6 |
| Trade payable | 24 | 21 | 26 | 28 | 23 |
| other liability | 8 | 9 | 14 | 11 | 8 |
| Total Liabilities | 120 | 118 | 134 | 151 | 149 |
| Application of Funds | |||||
| Fixed Assets | 55 | 49 | 50 | 50 | 51 |
| CWIP | 0.16 | 0.42 | 0.15 | 0.14 | 0.34 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Trade receivables | 17 | 18 | 26 | 30 | 22 |
| Inventories | 40 | 40 | 43 | 46 | 45 |
| Other Assets | 7 | 8 | 14 | 23 | 29 |
| Total Assets | 120 | 118 | 134 | 151 | 149 |
B) P&L Statement
| Particulars(in Cr.) | Mar-16 | Mar-17 | Mar-18 | Mar-19 | Mar-20 |
| Revenue | 181 | 200 | 217 | 230 | 225 |
| COGS | 90 | 95 | 106 | 106 | 100 |
| Stock in Trade | 19 | 16 | 16 | 17 | 1.8 |
| Excise duty | 11 | 11 | 2.5 | 0 | 0 |
| Changes in Inventory | -1.38 | 0.46 | -1.78 | -1.38 | 5.45 |
| Employee Cost | 25 | 26 | 30 | 35 | 36 |
| Other Expense | 38 | 43 | 46 | 51 | 48 |
| EBITDA | 16 | 21 | 30 | 36 | 33.75 |
| OPM | 9% | 11% | 14% | 16% | 15.00% |
| Other Income | 2 | 0.4 | 0.5 | 2.8 | 2.7 |
| Interest Cost | 3 | 3 | 2 | 2 | 1 |
| Depreciation | 9 | 10 | 9 | 10 | 9 |
| Exceptional Item | 0 | 0.12 | 0.22 | 0 | 0 |
| Profit before tax | 6.68 | 9.33 | 20 | 27 | 24 |
| Tax | 1.67 | 3.33 | 7.64 | 7.19 | 5.55 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 |
| Net Profit | 5 | 6 | 12 | 20 | 18 |
| NPM | 3% | 3% | 6% | 9% | 8% |
| Shares | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| EPS in Rs | 20 | 24 | 48 | 81 | 70 |
C) Key ratios
| Key ratios | Mar-16 | Mar-17 | Mar-18 | Mar-19 | Mar-20 |
| Current Ratio | 1.08 | 1.23 | 1.35 | 1.71 | 2.35 |
| Trade receivables days | 35 | 33 | 43 | 48 | 37 |
| RONW | 9% | 10% | 17% | 22% | 16% |
| CFO/EBITDA | 73% | 74% | 41% | 50% | 90% |
Elofic Industries Limited Unlisted Shares – Company Overview
Elofic Industries Limited is a leading Indian manufacturer and supplier of automotive filters, lubricants, and other related products. The company was founded in 1951 and has its headquarters in Faridabad, India. With over seven decades of experience in the industry, Elofic Industries has established itself as a trusted and reliable brand in India and abroad.
Elofic Industries offers a wide range of products, including oil filters, fuel filters, air filters, cabin filters, lubricants, brake fluids, and coolants. The company’s products are designed for various applications, including automotive, industrial, and agricultural use.
Elofic Industries has a robust distribution network in India and exports its products to over 70 countries worldwide. The company’s commitment to quality has earned it several awards and recognitions over the years. Elofic Industries is ISO 9001:2015 certified, which reflects its adherence to international quality standards.
Apart from its core business of automotive filters and lubricants, Elofic Industries has diversified into other areas such as renewable energy, healthcare, and personal protective equipment (PPE). With its focus on innovation, quality, and customer satisfaction, Elofic Industries is poised to continue its growth trajectory in the years to come.
Elofic Industries Limited Unlisted Share Details as of March 31, 2022
| Elofic Outstanding Shares Including CCPS: | 2,508,370 |
| Face Value of Elofic Unlisted Share: | Rs. 10 Per Equity Share |
| ISIN of Elofic Unlisted Share: | INE02YY01015 |
| Lot Size of Elofic Unlisted Share: | 100 Shares |
| Elofic Current Share Price: | Best in Industry |
| PAN Number of Elofic: | AAACE0425C |
Incorporation Details of Elofic Industries Limited
CIN of Elofic |
U74999HR1973PLC070262 |
Registration Date of Elofic |
02-Jun-73 |
Category/Sub-category of Elofic |
Company Limited by Shares |
Elofic Registered office address and contact details |
14/4, Mathura Road, |
| Faridabad – 121003, | |
| Haryana | |
Elofic Registrar and Transfer Agent address |
Alankit Assignments Limited, |
| Alankit House, 3E/7, Jhandewalan Extn., | |
| New Delhi – 110055 |
Principal Business Activities of Elofic Industries Limited
| Name and Description of main products/services | NIC Code of the product/service | % to the total turnover of the Company |
| Automobile Filters | – | 97.44% |
Board of Directors of Elofic
Mr. Mohan Bir Sahni, Chairman cum Managing Director
Mr. Kanwal Deep Sahni, Vice Chairman cum Joint Managing Director
Mr. Prem Arora, Director
Mr. Mohanjit Singh, Director
Maj. Gen. Jatinder Singh Bedi (Retired), Director
Mr. Subodh Kumar Jain, Non-Executive Independent Director
Particulars of Subsidiary Companies of Elofic
| Name of the Company | % of shares held |
| Elofic USA, LLC, USA | 100% |
Industry Outlook of Automotive Filter
India automotive filter market is projected to grow at a CAGR of more than 10% during 2017 to 2023. Growth in the market is expected to be fueled by growing automobile sales, expanding vehicle fleet size and increasing purchasing power of consumers in the country. Moreover, government support in the form of numerous initiatives such as National Automotive Testing and R&D Infrastructure Project (NATRiP), Focus Market Scheme (FMS), Automotive Mission Plan 2016-2026, National Electric Mobility Mission Plan (NEMMP) 2020 and ‘Make in India’ program are anticipated to have a positive impact on the country’s automotive filter market during forecast period.
Elofic Industries Limited Balance Sheet (Rs in Lakhs)
|
Particulars |
31-03-2023 |
31-03-2022 |
|
Equity and liabilities |
|
|
|
Shareholders’ Funds |
|
|
|
Share Capital |
250.84 |
250.84 |
|
Reserves and Surplus |
20,670.13 |
16905.30 |
|
Non-current liabilities |
|
|
|
Deferred tax liabilities (Net) |
31.47 |
9.83 |
|
Long term provisions |
0.26 |
0.67 |
|
Current liabilities |
|
|
|
Short term borrowings |
– |
9.60 |
|
Total outstanding dues of micro enterprises and small enterprises |
521.77 |
10.56 |
|
Total outstanding dues of creditors other than micro enterprises and small enterprises |
2639.27 |
3841.54 |
|
Other current liabilities |
514.25 |
595.85 |
|
short term provisions |
307.51 |
316.97 |
|
Total Liabilities |
24935.5 |
21941.16 |
|
Assets |
|
|
|
Non-current assets |
|
|
|
Property, plant and equipment |
5646.17 |
4825.48 |
|
Intangible assets |
17.33 |
24.44 |
|
Capital work-in-progress |
563.29 |
1062.66 |
|
Intangible assets under development |
136.35 |
59.41 |
|
Long-term loans and advances |
278.64 |
222.68 |
|
Other non-current assets |
1100.89 |
88.97 |
|
Current assets |
|
|
|
Current investments |
20.00 |
20.00 |
|
Inventories |
5677.3 |
5910.93 |
|
Trade receivables |
4170.7 |
3811.71 |
|
Cash and bank balances |
5221.85 |
3488.43 |
|
Short-term loans and advances |
1653.2 |
1923.78 |
|
Other current assets |
449.78 |
502.67 |
|
Total Assets |
24935.50 |
21941.16 |
Elofic Industries Limited Profit & Loss Statement (Rs in Lakhs)
|
Particulars |
31-03-2023 |
31-03-2022 |
|
Revenue from operations |
35972.17 |
33001.54 |
|
Other income |
201.67 |
168.67 |
|
Total Income |
36173.84 |
33170.21 |
|
Expenses |
|
|
|
Cost of materials consumed |
17123.8 |
14984.05 |
|
Purchases of stock-in-trade |
583.26 |
581.98 |
|
Changes in inventories of Finished goods, work-in-progress and stock-in-trade |
-328.46 |
-335.47 |
|
Employee benefits expense |
4740.64 |
4261.52 |
|
Finance costs |
34.11 |
25 |
|
Depreciation and amortization expense |
980.11 |
879.36 |
|
Other expenses |
7665.29 |
7106.68 |
|
Total expenses |
30798.75 |
27503.12 |
|
Profit before tax |
5375.09 |
5667.09 |
|
Tax expense |
|
|
|
Current tax |
1597.09 |
1724.8 |
|
Deferred tax |
21.64 |
-10.18 |
|
Net tax expense |
1618.73 |
1714.62 |
|
Profit after tax for the year |
3756.36 |
3952.47 |
|
Earnings per equity share |
|
|
|
Basic |
149.75 |
157.57 |
|
Diluted |
149.75 |
157.57 |
Elofic Industries Limited Consolidated Cash Flow Statement (Rs in Lakhs)
|
Particulars |
31-03-2023 |
31-03-2022 |
|
Cash flow from operating activities |
|
|
|
Net profit before tax |
5375.09 |
5667.09 |
|
Adjustment for |
|
|
|
Depreciation and amortization expense |
980.11 |
879.36 |
|
Finance costs |
34.11 |
25 |
|
Interest income |
-176.51 |
-93.63 |
|
Profit/ loss on sale of property, plant and equipment |
0.82 |
-2.85 |
|
Income of deferred government grant |
-0.65 |
-0.8 |
|
Sundry balances written back |
-4.36 |
-52.04 |
|
Net gain/ loss on foreign currency transaction and translation |
-47.47 |
-93.08 |
|
Balances written off |
5.12 |
26.43 |
|
Operating profit before working capital changes |
6166.26 |
6355.48 |
|
Changes in working capital: |
|
|
|
Adjustments for increase/ decrease in operating assets: |
|
|
|
inventories |
442.15 |
-735.63 |
|
Trade receivables |
-228.48 |
-704.1 |
|
Long-term loans and advances |
0.59 |
0.99 |
|
Short-term loans and advances |
270.92 |
-1080.14 |
|
Other assets |
49.16 |
-129.82 |
|
Adjustments for increase/ decrease in operating liabilities: |
|
|
|
Long-term provisions |
-0.41 |
-0.34 |
|
Trade payables |
-899.44 |
-24.61 |
|
Other current liabilities |
-82.75 |
1.52 |
|
Short term provisions |
18.1 |
10.84 |
|
Cash generated from operations |
5736.1 |
3694.19 |
|
Income taxes paid (Net) |
-1632.42 |
-1714.39 |
|
Net cash generated from / used in operating activities |
4103.68 |
1979.8 |
|
cash flow from investing activities |
|
|
|
Purchase of property, plant and equipment/ intangible assets including capital work-in-progress |
-1425.31 |
-2075.29 |
|
Proceeds from sale of property, plant and equipment |
4.79 |
5.52 |
|
Bank balances not considered as cash and cash equivalents |
-2485.06 |
-63.49 |
|
interest received |
156.77 |
93.71 |
|
Net cash generated from / used in investing activities |
-3748.81 |
-2039.55 |
|
Cash flow from Financing activities |
|
|
|
Repayment of long term borrowings |
– |
-9.6 |
|
Repayment of short term borrowings |
-9.6 |
-8.13 |
|
interest paid |
-33.3 |
-26.05 |
|
Dividend paid |
-75.25 |
-50.17 |
|
Net cash generated from / used in financing activities |
-118.15 |
-93.95 |
|
Net increase/ decrease in cash and cash equivalents |
236.72 |
-153.7 |
|
Cash and cash equivalents at the beginning of the year |
258.92 |
408.49 |
|
Effect of exchange differences on balances with banks in foreign currency |
0.09 |
4.13 |
|
Cash and cash equivalents at the end of the year |
495.73 |
258.92 |
|
Cash and cash equivalents at the end of the year comprises |
|
|
|
Cash on hand |
0.25 |
1.17 |
|
Balance with banks in current accounts |
495.48 |
257.75 |
|
|
495.73 |
258.92 |
Here is the analysis of cash flow statement of 2023 and 2022:
Cash Flow from Operating Activities
Net Profit before Tax:
2023: ₹5375.09 million
2022: ₹5667.09 million
There was a slight decrease in the net profit before tax by ₹292 million in 2023.
Adjustments for Non-Cash and Non-Operating Items:
Depreciation and Amortization Expense:
2023: ₹980.11 million
2022: ₹879.36 million
Increase in depreciation and amortization expense indicates higher allocation of costs to the period, reflecting increased capital investments.
Finance Costs:
2023: ₹34.11 million
2022: ₹25 million
Higher finance costs in 2023 indicate an increase in borrowings or interest rates.
Interest Income:
2023: -₹176.51 million
2022: -₹93.63 million
Higher interest income suggests more interest-earning investments or deposits.
Profit/Loss on Sale of Property, Plant and Equipment:
2023: ₹0.82 million
2022: -₹2.85 million
Gain in 2023 compared to a loss in 2022 implies better disposal of assets.
Income from Deferred Government Grant:
2023: -₹0.65 million
2022: -₹0.8 million
Slight decrease in deferred government grant income.
Sundry Balances Written Back:
2023: -₹4.36 million
2022: -₹52.04 million
Significant reduction in written-back balances.
Net Gain/Loss on Foreign Currency Transactions and Translations:
2023: -₹47.47 million
2022: -₹93.08 million
Lesser foreign currency losses indicate favorable currency movements.
Balances Written Off:
2023: ₹5.12 million
2022: ₹26.43 million
Reduced balances written off reflect better receivables management.
Operating Profit before Working Capital Changes:
2023: ₹6166.26 million
2022: ₹6355.48 million
The slight decrease shows a consistent operating performance with minor variations.
Changes in Working Capital:
Inventories:
2023: ₹442.15 million increase
2022: -₹735.63 million decrease
Positive change in 2023 reflects better inventory management.
Trade Receivables:
2023: -₹228.48 million
2022: -₹704.1 million
Less increase in trade receivables in 2023, showing improved collection.
Long-Term Loans and Advances:
2023: ₹0.59 million
2022: ₹0.99 million
Minor changes with slight decreases.
Short-Term Loans and Advances:
2023: ₹270.92 million
2022: -₹1080.14 million
Significant improvement in 2023 with recovery of advances.
Other Assets:
2023: ₹49.16 million
2022: -₹129.82 million
Improved asset management in 2023.
Long-Term Provisions:
2023: -₹0.41 million
2022: -₹0.34 million
Minimal changes.
Trade Payables:
2023: -₹899.44 million
2022: -₹24.61 million
Significant reduction in payables in 2023, indicating better payments.
Other Current Liabilities:
2023: -₹82.75 million
2022: ₹1.52 million
Decrease in liabilities in 2023.
Short-Term Provisions:
2023: ₹18.1 million
2022: ₹10.84 million
Slight increase in provisions for 2023.
Cash Generated from Operations:
2023: ₹5736.1 million
2022: ₹3694.19 million
Significant improvement due to better working capital management.
Income Taxes Paid:
2023: -₹1632.42 million
2022: -₹1714.39 million
Slight decrease in tax outflows.
Net Cash Generated from Operating Activities:
2023: ₹4103.68 million
2022: ₹1979.8 million
Major improvement due to operational efficiencies and working capital management.
Cash Flow from Investing Activities
Purchase of Property, Plant, and Equipment/Intangible Assets:
2023: -₹1425.31 million
2022: -₹2075.29 million
Reduced capital expenditures in 2023.
Proceeds from Sale of Property, Plant, and Equipment:
2023: ₹4.79 million
2022: ₹5.52 million
Slight decrease in proceeds.
Bank Balances Not Considered as Cash and Cash Equivalents:
2023: -₹2485.06 million
2022: -₹63.49 million
Major outflow in 2023, possibly due to higher fixed deposits.
Interest Received:
2023: ₹156.77 million
2022: ₹93.71 million
Increase in interest income due to higher interest-bearing investments.
Net Cash Used in Investing Activities:
2023: -₹3748.81 million
2022: -₹2039.55 million
Higher outflow due to significant increase in bank balances.
Cash Flow from Financing Activities
Repayment of Long-Term Borrowings:
2023: ₹0
2022: -₹9.6 million
No repayments in 2023.
Repayment of Short-Term Borrowings:
2023: -₹9.6 million
2022: -₹8.13 million
Slight increase in short-term debt repayment.
Interest Paid:
2023: -₹33.3 million
2022: -₹26.05 million
Increase in interest payments.
Dividend Paid:
2023: -₹75.25 million
2022: -₹50.17 million
Higher dividends paid in 2023.
Net Cash Used in Financing Activities:
2023: -₹118.15 million
2022: -₹93.95 million
Higher outflow due to increased dividend and interest payments.
Net Increase/Decrease in Cash and Cash Equivalents
2023: ₹236.72 million increase
2022: -₹153.7 million decrease
Overall increase in cash position in 2023 due to strong operating cash flow despite higher investment outflows.
Cash and Cash Equivalents
Beginning of the Year:
2023: ₹258.92 million
2022: ₹408.49 million
Decrease at the start of 2023.
Effect of Exchange Differences:
2023: ₹0.09 million
2022: ₹4.13 million
Minor impact due to currency exchange differences.
End of the Year:
2023: ₹495.73 million
2022: ₹258.92 million
Substantial increase by the end of 2023.
Composition of Cash and Cash Equivalents
Cash on Hand:
2023: ₹0.25 million
2022: ₹1.17 million
Reduced cash on hand.
Balance with Banks in Current Accounts:
2023: ₹495.48 million
2022: ₹257.75 million
Significant increase in bank balances in 2023.
Financial Ratios of Elofic Industries Limited
|
Ratios |
2023 |
2022 |
|
Current ratio |
4.32 |
3.28 |
|
Debt equity ratio |
– |
0.001 |
|
Debt coverage ratio |
3118.03 |
453.91 |
|
Return on equity ratio |
0.18 |
0.23 |
|
Inventory turnover ratio |
3.99 |
3.68 |
|
Trade receivables turnover ratio |
8.69 |
9.26 |
|
Trade payables turnover ratio |
4.87 |
4.17 |
|
Net capital turnover ratio |
2.62 |
2.9 |
|
Net profit ratio |
0.11 |
0.13 |
|
Return on capital employed |
0.26 |
0.33 |
Here is the summary of financial and operational metrics for Elofic Industries Limited for year 2023 & 2022:
Liquidity Ratios
Current Ratio:
2023: 4.32
2022: 3.28
Analysis: The current ratio improved significantly in 2023, indicating a stronger liquidity position and an enhanced ability to cover short-term liabilities with short-term assets.
Solvency Ratios
Debt Equity Ratio:
2023: Not available (NA)
2022: 0.001
Analysis: The debt equity ratio is extremely low in 2022, showing minimal reliance on debt financing. The absence of this ratio in 2023 suggests either negligible or no debt, indicating a strong equity base or reduced borrowings.
Debt Coverage Ratio:
2023: 3118.03
2022: 453.91
Analysis: The debt coverage ratio has increased dramatically in 2023, suggesting an exceptionally high ability to cover debt obligations from operating income. This implies improved financial stability and reduced debt burden.
Profitability Ratios
Return on Equity (ROE) Ratio:
2023: 0.18 (or 18%)
2022: 0.23 (or 23%)
Analysis: ROE has declined, indicating a lower return generated on shareholders ‘ equity. This suggests a slight decrease in profitability or efficiency in generating profits from equity.
Net Profit Ratio:
2023: 0.11 (or 11%)
2022: 0.13 (or 13%)
Analysis: The net profit ratio has decreased, showing a reduction in the percentage of profit earned per unit of revenue. This could indicate higher costs or lower margins.
Efficiency Ratios
Inventory Turnover Ratio:
2023: 3.99
2022: 3.68
Analysis: The inventory turnover ratio has improved, indicating faster movement of inventory and better inventory management in 2023.
Trade Receivables Turnover Ratio:
2023: 8.69
2022: 9.26
Analysis: There is a slight decline in the trade receivables turnover ratio, implying slower collection of receivables in 2023 compared to 2022.
Trade Payables Turnover Ratio:
2023: 4.87
2022: 4.17
Analysis: The trade payables turnover ratio has increased, indicating that the company is paying off its suppliers faster in 2023 than in 2022.
Net Capital Turnover Ratio:
2023: 2.62
2022: 2.9
Analysis: The net capital turnover ratio has decreased, showing that the company is generating slightly less revenue per unit of net working capital in 2023 compared to 2022.
Dividend History
|
Particulars |
2023 |
2022 |
|
Dividend per share (in Rs.) |
3 |
3 |
Elofic Industries Limited Recent Financial Performance:
Dividend per Share: The specific dividend per share figure for March 2023 is Rs. 3 and 2022 is also Rs. 3, Dividend per share represents the portion of a company ‘s earnings that is distributed to shareholders in the form of dividends. A higher dividend per share may indicate that the company is sharing more of its profits with shareholders.
To provide a more comprehensive analysis, it would be necessary to consider additional financial metrics such as revenue, net profit, assets, liabilities, and cash flows. Additionally, an analysis of trends over multiple years and a comparison to industry benchmarks and competitors would help in assessing the company ‘s financial health and performance.
Industry overview
The automotive components industry registered a CAGR of 6%, reaching $49.3 billion in FY20. Exports grew at a CAGR of 7.6% during 2016-2020, to reach $14.5 billion during the same financial year. It was found that this industry accounted for 2.3% of India’s Gross Domestic Product (GDP) by 2020. According to the Automobile Component Manufacturers Association (ACMA), automobile component export from India is expected to reach $80 billion by 2026. Thus, we can see that this industry is vital not just for automobile manufacturers but also for the overall economic development of our country.
