### **Overview** Machino Plastics Limited (MPL), incorporated in 1986, is a leading Indian manufacturer of plastic injection-molded automotive components and molds/dies. The company was established as a joint venture between **Maruti Suzuki India Limited (MSIL)** and **Suzuki Motor Corporation (SMC)**, with each holding a 15.35% stake. This strategic alliance has positioned MPL as a key single-source supplier for critical automotive components, particularly for Maruti Suzuki vehicles. MPL is part of the Jindal family’s industrial group, with over three decades of experience in automotive plastic injection molding. The company operates under the leadership of **Mr. Aditya Jindal**, Chairman and Managing Director, who holds a B.S. in Chemical Engineering from the University of Michigan and a 10.97% shareholding in the company. --- ### **Business Segments & Operations** - **Core Business**: Manufacturing of **plastic injection-molded components** and **molds & dies**. - The company operates a **single business segment**, though it is actively pursuing diversification beyond automotive. - **Key Products**: - Large automotive parts: bumpers, instrument panels, radiator grills, trims. - Smaller, intricate functional and aesthetic plastic parts for automotive and non-automotive sectors. - Molds/dies for internal use and external clients including **MSIL, Daikin, VECV, Exide Industries, and Ather Energy**. - **Job Work Services**: Production of industrial products such as **pallets and garbage bins**. --- ### **Manufacturing & Infrastructure** - **Fleet of Machines**: Operates **63 injection molding machines** with clamping forces ranging from **100 to 3,150 tons**, enabling production of components of all sizes across multiple polymer types. - **Material Flexibility**: Machines can process nearly all types of polymers, allowing for rapid retooling and adaptation to diverse customer needs. - **Operational Flexibility**: Capable of switching between automotive and non-automotive production by changing molds. #### **Manufacturing Plants** 1. **Gurugram Plant**: Located at Maruti J.V. Complex, Delhi-Gurugram Road, Haryana. 2. **Manesar Plant**: Plot No. 128-129, Sector-8, IMT Manesar, Gurugram, Haryana – designated as the central hub for growth. 3. **Under Development**: Third manufacturing unit in **IMT Kharkhoda, Haryana**, expected to become operational soon, supporting future capacity expansion. #### **Warehousing** - Two warehouses in **Manesar (Haryana)** and **Pithampur (Madhya Pradesh)**. --- ### **Customer Base & Market Position** - **Primary Customer**: **Maruti Suzuki India Limited (MSIL)**, accounting for approximately **84% of revenues**, posing significant customer concentration risk. - MSIL remains the dominant player in India’s passenger vehicle (PV) market, which supports stable demand for MPL’s products. - MPL holds **single-source supplier status** for certain components, ensuring steady volumes and repeat orders. - **Other Key Customers**: - VE Commercial Vehicles Ltd (VECV) - Daikin Airconditioning India Pvt. Ltd - Lumax Industries Ltd - Valeo Motherson - Exide Industries Ltd - Ather Energy Pvt. Ltd - Suzuki Motorcycle India - Mikuni India Ltd --- ### **Strategic Initiatives & Diversification** - **Diversification Strategy**: Actively expanding product portfolio and targeting new industries beyond automotive, including industrial, HVAC (e.g., Daikin), and electric mobility (e.g., Ather Energy). - **Tooling Business Expansion**: Secured mold-making contracts outside MSIL and is pursuing opportunities in the **replacement market** and **mold refurbishment**. - **Replacement Market Focus**: Increasing focus on spare parts and after-market tooling services. - **Non-Automotive Growth**: Leveraging flexible manufacturing to enter sectors such as industrial goods, consumer durables, and EV components. --- ### **Leadership & Governance** - **Chairman & Managing Director**: **Mr. Aditya Jindal (Age 38)**, leads production, manufacturing, finance, and administration. - Joined the company in 2009. - Instrumental in developing the company’s expertise in mold manufacturing and operational capabilities. - Director in related entities: Machino Plastics Becharaji Limited, Machino Engineering Limited, and Pranna Plastics Ltd. - **Whole-Time Director**: Mr. Sanjiv Jindal (father of Aditya Jindal), representing the promoter family. --- ### **Energy Management & Sustainability** - **Power Sources**: Mix of grid power (UHBVN/DHBVNL/HVPNL), diesel generators, and shared supply from Maruti’s gas-based co-generation plant. - **Solar Power**: Installed **1,350 kW solar capacity** across Gurugram and Manesar plants (up from 813 kW in 2020), generating ~1.5 million units annually. - **Net Metering**: Facilities in place with state utilities to feed surplus solar power back into the grid, reducing energy costs and carbon footprint. - Strategic alignment with government sustainability policies and ESG goals. --- ### **Financial Note (as of May 2025)** - **Segment Liabilities**: ₹28,345.48 million (note: some underlying data may be corrupted or misformatted in reporting). - Working capital cycle is **moderate**, supported by timely payments from creditworthy OEMs and efficient inventory turnover.