SETCO AUTOMOTIVE LTD.

SETCO AUTOMOTIVE LTD.

Previous company name
GUJARAT SETCO CLUTCH LTD.
Name change date
12/13/2005
Company Overview
Setco Automotive ltd., formerly known as Gujarat Setco Clutch Ltd., is a publicly quoted company engaged in the manufacture and wholesale trade of clutch products and hydraulics for the truck, automotive and construction equipment industry. It was established in 1982 by the Sheth family and the government of Gujarat. The company is listed on the Bombay Stock Exchange under the stock code 505075 and on the Bombay Stock Exchange Sensitive Index (BSE Sensex) under the trading symbol SETCOAUTO. Its registered headquarters is located in Gujarat, India.
The company provides clutches that are ceramic and organic, pull and push, diaphragm and coil with numerous variations. It also manufactures precision engineering components like complex and deep drawn pressings and forgings and castings that are machine and heat treated. It distributes its products under the brand Lipe domestic and international markets including Australia, China, the Middle East, North America, Russia, United Kingdom and Europe.
The company is the leading manufacturer of clutch products for the automotive and hydraulic products for construction equipment industry. It is also the largest manufacturer of clutches for heavy and medium commercial vehicles in India. It has four manufacturing facilities, two in India and one each in United Kingdom and in the United States.
The company works in partnership with FTE Automotive, a leading international manufacturer of hydraulic brake and clutch systems for passenger cars and commercial vehicles. Its customers include Tata Motors, Ashok Leyland and Eicher Motors.
The company aims to continuously enhance stake holder value by building and maintaining a strong and stable customer base in its chosen field of business, supported by innovation and a relentless focus on high quality products at globally competitive prices.
Business Summary
Activity:
The Company is engaged in the manufacture and sale of clutches.
Description and history
Activity:
The Company is engaged in the manufacture and sale of clutches.
History:
In 1991 – Operations during the period under review was hampered by labour-unrest for six months including a strike closure.
– The Board for Industrial & Financial Reconstruction (BIFR) in October 1990, declared the Company as Sick Industrial Company, in terms of Section 3 (1) (O) of SIC (SP) Act, 1985.
In 1992 – The company has developed clutch components for Export against firm orders.
In 1995 – Shri K.B. Sheth and Suresh M. Mehta, in accordance with Section 256 of the Companies Act, 1956, retire by rotation and being eligible, offer themselves for reappointment.
– Shri J.B. Amin has resigned as Director of your Board w.e.f. 29.11.95.
In 1996 – The Company is a Sick Industrial Undertaking in terms of Section 3(1)(O) of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA, 1985).
– S/Shri Vishnu Varshney and K.B. Sheth in accordance with Section 256 of the Companie Act, 1956, retire by rotation and being eligible, offer themselves for reappointment.
– Shri K.B. Pate has resigned as Director of the Board w.e.f. 30.3.1996.
In 1997 – S/Shri H.T.Chauhan and Suresh Mehta in accordance with Section 256 of the Companies Act, 1956, retire by rotation and being eligible, offer themselves for reappointment.
– Shri G.V.Konkar, Bank’s Nominee Director, has resigned as Director of your Board w.e.f. 29-05-1997.
In 2001 – The Company has entered into a technical collaboration agreement with Lipe of the UK, a division of Dana Inc., US, for manufacture of
heavy-duty clutches for commercial vehicles with Cummins Engine.
In 2005
-Gujarat Setco acquires US’ Lipe Clutch Division of bn
In 2007
Setco Automotive Ltd has informed that the Company’s subsidiary Setco Automotive NA Inc. has acquired an auto component manufacturing
unit of Haldex Corporation, USA, situated at Paris, Tennessee for a total price consideration of US$ 4.9 million on December 28, 2006.
-Setco Automotive Ltd has inducted Mr. Arun F. Arora as Director on Company’s Board w.e.f. March 28, 2007. He is an independent / non
executive director.

Established by the Sheth family and the government of Gujarat

Business Line
Engaged in the manufacture and wholesale trade of clutch products and hydraulics for the truck, automotive and construction equipment industry
Subsidiary
SETCO AUTOMOTIVE (NA), INC.
Advisor
MANESH MEHTA & ASSOCIATES
IPO date
6/15/1984
US SIC Code
5012
Company Address
Godhra Highway, District Panchmahals, Baroda

City province or state postal code
389 330, KALOL
Phone: +91 238811
Fax: +91 235524
Country address: INDIA
Website url: www.setcoclutch.com