SUBROS LTD. - Clarifies on News item

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SUBROS LTD. - Clarifies on News item

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06 Jun 2014
With reference to the news item appearing in the news channel titled "Subros got an order from Renault Nissan to supply Air Conditioners", Subros Ltd has Clarified to BSE as under :<br/><br/>"Subros Limited is India's No. 1 Automotive Air Conditioning Company and we are having customers like Maruti Suzuki, Tata, Mahindra, Force Motors, Ashok Leyland, Nissan, Mahindra Navistar, Mahindra Reva and Renault Nissan. As part of diversification of our business we have already set-up a plant in Chennai to cater southern India based vehicle manufacturers. All these details are already part of the our disclosures in the Annual Reports.<br/><br/>As far as business practices are concerned we discuss with the vehicle manufacturers based upon RFQ(Request for Quote) / LOI(Letter of Intent) for development of the new models, in advance in the range from 18 to 20 months before the actual sales from Subros.<br/><br/>We have also received Nomination letter for supply of Compressors from M/s Renault Nissan in May'13 for their upcoming model (Entry level car) with Start of Production(SOP) w.e.f. February 2015. This will be converted into a Rate Contract after Product approval by Customer. This is expected by Oct'14.<br/><br/>The Customer Orders in our business have no firm volume projections and they are in the nature of Rate contracts without fixed volumes. Further, pls note that the volume projections cannot be firmed up by us, as each model sales is based on actual offtake and there can be significant variations in projected volume and actual volume."
View all announcements for SUBROS LTD.	Source: BSE India

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