Ready to Grasp Market Demand in 2021- Mohindra Fasteners Limited (MFL)
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Certified to ISO 9001, IATF 16949, CQI 9 (for heat treatment operations) and ISO 17025 (for laboratory), the brand MFL is registered with U.S. Patents Office, and the products including cold/hot forged industrial and automotive fasteners are sold worldwide to the Americas, Europe, Asia, Africa and Australia. Mohindra Fasteners employs 600 people generating an annual capacity of 15,000MT and serving the best Tier 1/Tier 2 suppliers.
Breakthrough out of Unprecedented Global Challenges
The last 2 years have been a hair-raising roller coaster ride for almost all industries and that’s no exception for this company with 2/3rd of revenues from export. There was a slowdown in the Indian automotive segment since 2018 followed by slower American and European markets since 2019. Backed by wide product categories, the company took proactive steps in exploring new overseas markets and ventured into new products and customers with satisfying results, witnessing one of its best sales and profits in the financial year ending March 2019. Then came the pandemic that stripped 25% off from its revenues by March 2020.
However, the company could keep its bottom line intact, which shows its strategic decisions had started yielding good results. It invested in upgrade of existing infrastructure and identifying equipment for proposed expansion. Contrasting to 25% contraction in the Indian economy and a 9% annual financial decline due to the lockdown, the company expects to deliver a growth around 10% ending March 2021, which is a breakthrough from a mutual challenge faced by mankind. Even now, SOPs for safety, social distancing, sanitization, frequent viral tests and home working are enforced by MFL patrol teams. Furthermore, it already had a new manufacturing plant planned out for next year.
4th Manufacturing Plant to Emerge from MFL Empire
The pandemic put a halt to the new plant this February, but as the company is rising above the coronavirus, it intends to take up the activity again from January 2021. While vaccines and international travel reboot are some of the key factors that will affect the implementation, the company hopes the worst of the pandemic is over. The new plant in Rohtak (Haryana) is expected to spread 12,000m2, with new secondary operation machines (for drawn/customized parts), cold forging machines, multi-station machines with matching thread rolling, heat treatment and surface finish capacities installed to increase 30% production. Mohindra Fasteners has been concentrating on value added parts (with higher unit prices) which are partially successful for the company.
Eyeing the World with Bright Prospect
With inherent strengths of a stable economy, democracy, large consumption, strong political leadership and the world’s consensus that India could be a more reliable trading partner, Mohindra Fasteners believes the coming years will be a great moment for India. As for Taiwan, the company thinks it is a fair and reliable partner offering initial costs that might be higher but is cost effective with stable quality in the long run. Eyeing global and Taiwanese customers, Mohindra will expand its facilities in time to take advantage of the world market en route to defeating the pandemic.
Contact: Ms. Sapna Garg Assistant Manager-HR