|Omax Auto Ltd. was incorporated in 1983. It is a member of Munjal group companies in the auto ancillary industry. It has a very broad customer base and supplies products to Maruti Udyog, Hero Honda, Escorts Bharat seats and other leading manufacturers of automobile industry. The company has also started supplying to SRF, Nippon Denro, Carrier Aircon and Eisher Mitsubishi on regular basis.
The company has plans to set engine valve project costing Rs. 3 crore for the manufacture and supply of valves to automobile manufacturers in the country and for the export market.
-Assigned a rating of A1+ for its commercial paper programme by ICRA
-Approves to raise the capital of the company by way of public issue of Equity shares upto Rs 600 million (inclusive of premium) to meet the capital expenditure incurred / to be incurred and short fall in working capital.
Considered and approved the Amalgamation of M/s Indital Tintoria Ltd with the Company including the scheme of amalgamation, valuation Report & Fixation of Exchange Ratio
- Underwriters Laboratories Inc USA has recommended ISOTS 16949 certificate for two units of the company. The company has also signed an agreement with Delphi Automotive Systems for exports of auto components.
-Considered and approved the following matters:
1.Setting up of a new unit of the Company at Bangalore
2. Resignation of Mr Brijmohan Lal Munjal, Chairman & Director of the Company.
Omax Autos Limited has informed regarding the following:
1) The company has got LOI from Tenneco Automotive USA for supplying of auto parts.
2) The Gurgaon plant & IMT Manesar plant have got ISO/TS 16949:2002 certificate from M/s. Underwriters Laboratories Inc. USA.
3) The company has got approval for convening the AGM till October 31, 2003 from Registrar of Companies, New Delhi.
-Intimated of the intention of the promoters of the company to divest approximately 18% being 20,00,000 shares from their collective holding of 57.45% of the paid up equity capital of the company in the open market.
-Received intimation from CITI Bank, N.A. that their client - Grantham A/c GMO Emerging
Markets Fund has acquired 14,30,920 (7.39%) equity shares, of Rs.10/- each, of the Company.
-Omax Autos Ltd has entered into a Memorandum of Understanding (MOU) with PSP Co., IRAN to set up two J.V. Companies one in India and the other in Iran for exploring the possibilities to expand the Business of manufacturing Auto Parts.