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Motherson Sumi Target 203
Motherson Sumi Systems Limited (MSSL) is the flagship company of the Samvardhana Motherson Group (SMG). It was
incorporated in 1986 as a JV between Sumitomo Wiring Systems (SWS), Sojitz Corporation (both of Japan) and SMG
(promoted by the Sehgal family). Currently, it is managed by Mr V. C. Sehgal (first generation promoter) and SWS, along
with a strong management team of professionals.
It has a well diversified product portfolio with presence in wiring harness, polymer products, rear view mirrors and
rubber/metal components. It is a preferred supplier to almost all the OEMs in India for wiring harness and rear view mirrors. It
is one of the largest players in polymer products for the domestic automotive market.
MSSL meets ~65% and ~48% of the domestic passenger vehicle demand for wiring harnesses and rearview mirrors. It
meets ~25% of the global passenger vehicle demand for rear view mirrors. Being a supplier of choice, it has adequate pricing
power (similar to Bharat Forge/Bosch) to protect its profitability.
MSSL's busniess model has seamlessly grown from single product, single location and select customers to diversified
products , multi locations (presence in 20 countries) and multiple customers (largest customer accounts for ~17% of the
revenue).
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Motherson Sumi Target 203
Motherson Sumi Systems Limited (MSSL) is the flagship company of the Samvardhana Motherson Group (SMG). It was
incorporated in 1986 as a JV between Sumitomo Wiring Systems (SWS), Sojitz Corporation (both of Japan) and SMG
(promoted by the Sehgal family). Currently, it is managed by Mr V. C. Sehgal (first generation promoter) and SWS, along
with a strong management team of professionals.
It has a well diversified product portfolio with presence in wiring harness, polymer products, rear view mirrors and
rubber/metal components. It is a preferred supplier to almost all the OEMs in India for wiring harness and rear view mirrors. It
is one of the largest players in polymer products for the domestic automotive market.
MSSL meets ~65% and ~48% of the domestic passenger vehicle demand for wiring harnesses and rearview mirrors. It
meets ~25% of the global passenger vehicle demand for rear view mirrors. Being a supplier of choice, it has adequate pricing
power (similar to Bharat Forge/Bosch) to protect its profitability.
MSSL's busniess model has seamlessly grown from single product, single location and select customers to diversified
products , multi locations (presence in 20 countries) and multiple customers (largest customer accounts for ~17% of the
revenue).
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