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5. Rane Group Business Report FY ended Mar. 2018

Rane Group Business Report FY ended Mar. 2018

Financial Overview

FY ended March 31, 2018

-In the fiscal year ended March 31, 2018, the Group's net revenue from operations increased by 17% over the previous year to INR 47.9 billion.

FY ended March 31, 2017
-In the fiscal year ended March 31, 2017, the Group's net revenue from operations increased by 25% over the previous year to INR 30,293.4 million.

FY ended March 31, 2016
-In the fiscal year ended March 31, 2016, the Group's net revenue from operations increased by 10% over the previous year to INR 24,313.0 million.

FY ended March 31, 2015
-In the fiscal year ended March 31, 2015, the Group's net revenue from operations increased by 14.7% over the previous year to INR 22,108.8 million.

FY ended March 31, 2014
-In the fiscal year ended March 31, 2014, the Group's net revenue from operations totaled INR 19,275.3 million, a decrease of 0.5% from the previous year. The growth in exports was offset by decreases in sales for OEMs and the aftermarket.

Restructuring

Investment in Autotech Ventures
-In July 2018, Rane Group announced making a small investment in the Silicon Valley-based ground transportation-focused venture capital fund, Autotech Ventures. This will help the company to stay close to emerging technologies and innovation in the U.S., while assisting its strategic decision-making process.

Investment in Telematics 4u Services
-In August 2017, Rane Holdings Limited announced the acquisition of a 69.41% equity stake in Telematics 4u Services Pvt. Ltd. The acquisition is aligned with the company's aspirations of expanding into new auto businesses.

Wholly owned subsidiary in Germany
-In March 2017, Rane Holdings Limited Board of Directors approved the establishment of a wholly-owned subsidiary in Germany under the name of Rane Holdings Europe GmbH through the acquisition of 100% equity shares of a newly incorporated company for this purpose.

Investment in Precision Die Casting plant in Russellville, Kentucky
-In July, 2017, The company announced to invest USD 5.8 million in its Precision Die Casting plant in Russellville, Kentucky for new equipment, tooling and upgrades.

Kar Mobiles merged into Rane Engine Valve
-In May 2014, the Company announced that its subsidiary, Kar Mobiles Limited, would merge with another of its subsidiaries, Rane Engine Valve Limited, effective April 1, 2014.

Conversion of Rane TRW Steering and Rane NSK Steering
-During the fiscal year ended March 31, 2015, both Rane TRW Steering Systems and Rane NSK Steering Systems were converted from public limited companies to private limited companies.

Rane Diecast was merged into Rane (Madras)
-The Company announced that it merged Rane Diecast Ltd. with Rane (Madras) Ltd., effective April 1, 2013. Rane Diecast Ltd. manufactured precision high pressure aluminum diecast products mainly for overseas markets.

Developments in India and overseas 

Rane NSK Steering Systems Limited
-During the fiscal year ended March 31, 2018, Rane NSK Steering Systems transferred MSC customer lines from the Chennai plant to the Uttarkhand plant based on the proximity to customer locations. It continued to achieve cost savings through localization of EPS products.

-During the fiscal year ended March 31, 2017, Rane NSK Steering Systems Private Limited (RNSS) invested INR 750 million to augment capacity and eliminate bottlenecks to meet the increased demand for EPS. It invested an additional INR 25 million to initiate a capacity enhancement program in Pantnagar to supply product for models of Maruti, Ashok Leyland, Volvo and Eicher.

-Rane NSK Steering Systems developed and launched eight new products during the fiscal year ended March 31, 2015. These new launches generated INR 28 million in revenue during the fiscal year with the potential for additional revenue in the following years.

Rane TRW Steering Systems Limited
-During the fiscal year ended March 31, 2018, Rane TRW Steering Systems (RTSS) ramped up production at its manufacturing plants to meet the increase in demand for steering products in the CV segment. RTSS also announced capacity expansion for ramping up volumes in seat belts and airbags.

-In January 2018, Rane TRW Steering Systems (RTSS) broke ground for their new facility at Siruganur, Trichy. The facility with 31.53 acres of the land will have an initial floor space of 6,000 square meters to enable its continued growth in seat belt, airbag businesses with newer technology products.

-In August 2015, Rane TRW Steering Systems Private limited  inaugurated its new airbag manufacturing plant located adjacent to its seatbelt plant in Singaperumal Koil, Chennai, India. It has an installed capacity to produce around 500,000 airbags.

-In the fiscal year ended March 2014, a new plant in Chennai commenced operations with a capacity of 268,000 units per annum for manufacturing air bags.

-Rane TRW Steering Systems Limited began exporting seat belts and buckles to Brazil in the fiscal year ended March 31, 2013.

Rane (Madras) Limited
-During the fiscal year ended March 31, 2017, Rane Madras Limited (RML) observed higher demand for die-casting products from both international and Indian customers during the last fiscal year. RML has increased production capacity for rack and pinion (R&P) steering gears at its Varanavasi facility.

-During the fiscal year ended March 31, 2017, Rane Madras Limited (RML) established a rack & pinion manufacturing facility at its Varanavasi plant to supply product to both domestic and export customers.

-During the fiscal year ended March 31, 2017, India-based Rane (Madras) Ltd. announced plans to invest USD 5.8 million in its Precision Die Casting plant in Russellville, Kentucky for new equipment, tooling and upgrades.

-During the fiscal year ended March 31, 2013, Rane (Madras) Limited started production of hydro-static steering gears and cylinders for commercial vehicles and farm tractors.

-In the fiscal year ended March 31, 2013, Rane (Madras) Limited began to export its products to Brazil with a focus to penetrate South American markets.

Rane Engine Valve Ltd. (REVL)
-During the fiscal year ended March 31, 2018, Rane Engine Valve Ltd. (REVL) invested INR 200 million to augment capacity and eliminate bottlenecks. It has commissioned a new extra-large valve line at its Tumakuru facility.

Rane Brake Lining Limited
-During the fiscal year ended March 31, 2013, Rane Brake Lining Limited launched multiple new products including:

• Brake linings and disc pads for passenger cars, MUV, and M&HCV applications
• Asbestos-free brake lining for low floor buses
• Asbestos-free disc pads for passenger cars and small commercial vehicles

Major Awards

Contracts

Rane NSK Steering Systems Pvt. Ltd.
-In the fiscal year ended March 31, 2016, Rane NSK Steering Systems Pvt. Ltd. entered SOP for new product development in steering column for TATA LCV, Daimler HDT & ISUZU.

Rane TRW Steering Systems Pvt. Ltd.
-In the fiscal year ended March 31, 2016, Rane TRW Steering Systems Pvt. Ltd. successfully commenced the supply of seatbelts for an export customer and also won orders for airbags from the same customer.
-In the fiscal year ended March 31, 2015, Rane TRW Steering Systems' Inflatable Restraint Systems were nominated for use in multiple Renault platforms.

Rane Engine Valve Limited
-In the fiscal year ended March 31, 2014, Rane Engine Valve Limited acquired a purchase order from Renault for its A-level small car to debut in 2015.

--In the fiscal year ended March 31, 2018, the Company's R&D expenditures were INR 236 million. The Company plans to increase the percentage of R&D expenditures to 2.0% of total revenue by 2020.

R&D Facilities

Rane (Madras) Limited
-During the fiscal year ended March 31, 2015, Rane (Madras) Limited established a new R&D facility in Pondicherry dedicated to steering systems. 

R&D Activities

Rane (Madras) Limited

Specific R&D activities that Rane (Madras) limited focused on in the fiscal year ended March 31, 2018:

• Expanded range of hydro static steering unit with new features
• Design and development of anti-shock valve hydrostatic steering gear unit for farm tractors
• Designed and developed new cylinders in various capacities and sizes
• Performance enhanced 2 and 3-piece tie rods for farm tractors (power steering version tractors)
• Developed new technologies in noise attenuation in steering gears
• Designed and developed new technology linkage products enhancing life
• Low end lift ball joint for enhanced durability lifespan

Rane Engine Valve Limited
Specific R&D activities that Rane Engine Valve Limited focused on in the fiscal year ended March 31, 2018:

• New materials and process technology for valves to meet emerging industry trends – high power and low emissions
• Focus on light weighting, friction and wear reduction

Rane Brake Lining Limited

Specific R&D activities that Rane Brake Lining Limited focused on in the fiscal year ended March 31, 2018:

• New manufacturing technologies for disc pads and brake linings
• New CV dyno installed with higher technology and capacity
• Formulation library expansion to serve the needs of the Bus, Truck and Tipper segment
• Continuing focus on the development of Green materials

Technological Alliance

Rane Brake Lining Limited
-As of March 2014, the Company receives technical service and knowledge relating to design and manufacture of disc pads and brake linings from Nisshinbo Brake Inc.

Capital Expenditure

-The Company's capital expenditure for the fiscal year ended March 31, 2018 totaled INR 1.7 billion. The capital expenditure was utilized to add capacity for steering and linkage products in RML, some balancing equipment and the localization of electric power steering in Rane NSK and occupant safety and steering gear product in Rane TRW.

-The Company's capital expenditure for the fiscal year ended March 31, 2016 totaled INR 2.9 billion. The Company plans to invest INR 2 billion in capital expenditures for the fiscal year ending March 31, 2018.

-The Company's capital expenditure for the fiscal year ended March 31, 2015 totaled INR 1,520 million. The Company plans to invest INR 2,070 million in capital expenditures for the fiscal year ending March 31, 2016.

Investment in India

Rane (Madras) Limited
-In the fiscal year ended March 2017, Rane (Madras) Limited commenced the production of rack & pinion gears at the Varanavasi plant. RML’s newly commissioned Die casting plant in Hyderabad has ramped up production volumes and has continued to expand its die casting business.

-In the fiscal year ended March 2016, Rane (Madras) Limited successfully commissioned its second die casting plant in Hyderabad. Products earmarked for customers in the U.S. and European regions have started.

-In the fiscal year ended March 2015, Rane (Madras) Limited constructed a new die casting plant in Telangana and a new hydraulic steering system facility in Mysore. Rane (Madras) Limited also acquired a plot of land that will be used for a second die casting plant at Sadashivpet.

-In the fiscal year ended March 2014, Rane (Madras) Limited implemented the following investment activities:

• Rane (Madras) expanded manufacturing capacity for recirculating ball joint steering gears, along with productivity improvement projects. Such initiatives undertaken during the fiscal year resulted in an enhancement of capacity by nearly 10% with no additional machine procurement.
• In the die-casting division, a fully automated 850 ton high-pressure die casting machine was installed to improve volume and productivity.

-During the fiscal year ended March 31, 2013, Rane (Madras) Limited invested INR 120 million to improve production capacity of hydrostatic steering gears and cylinders.

Rane TRW Steering Systems Limited
-During the fiscal year ended March 31, 2018, Rane TRW Steering Systems (RTSS) ramped up production at its manufacturing plants to meet the increase in demand for steering products in the CV segment. RTSS also announced capacity expansion for ramping up volumes in seat belts and airbags.

-In January 2018, Rane TRW Steering Systems (RTSS) broke ground for their new facility at Siruganur, Trichy. The facility, on 31.53 acres of land, will have an initial floor space of 6,000 square meters to enable the company to continue to grow in its seat belt and airbag businesses with newer technology.

-In the fiscal year ended March 2017, Rane TRW Steering Systems Limited enhanced CV Gear capacity from 18k to 21k gears per month. It also expanded capacity for new technology seat belts.

-In the fiscal year ended March 31, 2016, Rane TRW Steering Systems inaugurated an airbag plant in August 2015, upgraded its airbag test lab and commissioned a new line for seat belts.

-In the fiscal year ended March 31, 2015, Rane TRW Steering Systems installed new production lines for driver air bags and passenger air bags for an application with Ford. 

-In April 2014, TRW Automotive Holdings Corp. announced that its joint venture 'Rane TRW Steering Systems Limited' (RTSSL) with the Company in India has expanded its production capabilities to manufacture airbags and the latest generation of seat belt systems. RTSSL is applying TRW's global manufacturing standards to produce driver and passenger airbags and seat belts at the facility and will initially manufacture approximately 320,000 units per annum. An increase in manufacturing capacity to approximately 810,000 units is expected to occur between 2017 and 2019. (From a press release on April 28, 2014)

-In the fiscal year ended March 2014, the Company announced that Rane TRW Steering Systems will invest INR 350 million for manufacturing seatbelt and airbags during the period between 2013 and 2018.

Rane Brake Lining Limited
-During the fiscal year ended March 31, 2015, Rane Brake Lining Limited increased the production capacity of disc pads at its production facility in Puducherry.

-From the fiscal year ended March 2014, Rane Brake Lining plans to increase production capacity of disc pads for the passenger car, heavy-duty commercial vehicle and two-wheeler market segments over the next three years.

Rane NSK Steering Systems Limited
-In the fiscal year ended March 2018, Rane NSK Steering Systems Limited started Select Manual Steering Column (MSC) customer lines transferred from the Chennai plant to the Uttarkhand plant to be in closer proximity to customer locations.

-In the fiscal year ended March 2017, Rane NSK Steering Systems Limited invested INR 750 million to augment capacity and eliminate bottlenecks to meet the increased demand for EPS. It invested INR 25 million to initiate a capacity enhancement program in Pantnagar to supply product for models of Maruti, Ashok Leyland, Volvo and Eicher.

-In the fiscal year ended March 2016, Rane NSK Steering Systems Limited successfully developed several new technology features through co-development with customers for future business applications. Successfully put into operation additional processes and increased localization in the EPS business.

-During the fiscal year ended March 31, 2015, Rane NSK Steering Systems expanded the production area within its existing facility in Bawal to support additional in-sourcing and localization projects.

-In the fiscal year ending in March 31, 2016, Rane NSK Steering Systems expects to fund capital expenditures of INR 558 million primarily for machinery involved in new product launches.

-In the fiscal year ended March 31, 2013, Rane NSK Steering Systems Limited achieved an increase of 24% in annual production capacity of electric power steering worm lines by improving cycle time.

Rane Engine Valve Limited
-In the fiscal year ended March 2018, the Company invested INR 200 million to augment capacity to improve business shares with key customers by commissioning exclusive new lines, commissioning new machines for line balancing to increase capacity, and to meet the peak supply requirements for certain customers.

-In the fiscal year ended March 2017,  Rane Engine Valve Limited invested in upgrading its R&D operations to enhance product development capability to meet customer requirements. It launched four new technology initiatives that support customers transition to superior emission norms and better fuel efficiency.

-In the fiscal year ended March 2016, Rane Engine Valve Limited consolidated the Peenya plant (Bengaluru) with the Hirehalli plant (Tumakuru). REVL ramped up supplies of engine valves to major European OEM during the year.

-In the fiscal year ended March 31, 2015 Rane Engine Valve Limited established a new manufacturing facility at Tumkur to expand its large engine valve portfolio. 

-During the fiscal year ended March 31, 2015, Rane Engine Valve Limited expanded its plant in Ponneri to increase the facility's production capacity by 36,000 engine valves per day.

-Rane Engine Valve Limited expanded its production capacity at its plant in Trichy by 10% by commissioning a new line in March 2013.

-The former entity Kar Mobiles Limited commissioned two new production lines at its facility in Tumkur during the fiscal year ended March 31, 2013, leading to an increase in valve production to 1.8 million units per year.