LUMAX AUTOMOTIVE SYS--INTIMATION ABOUT FILINGOF APPLICATION WITH BIFR

 

INTIMATION ABOUT FILINGOF APPLICATION WITH  BIFR
Lumax Automotive Systems Ltd has informed BSE that as per the audited annual accounts of the Company for the year ended March 31, 2015, adopted on September 28, 2015 shows that the entire net worth of the Company has eroded and hence as required under the provisions of SICA a reference under section 15(1) shall be made by the Company within 60 days from the date of adoption of audited accounts at the AGM, to BIFR for determination of the measures which shall be adopted with respect to the Company. In furtherance to the above the Board of Directors of the Company have filed the reference application with the Board for Industrial and Financial Reconstruction (BIFR) under the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985 on November 23, 2015. Being the leading manufacturer of Rear View Mirrors and Side View Mirrors in India, we are the largest OEM supplier of these products, catering to nearly all the major vehicle manufactures in the country. Lumax is the first OEM supplier of automotive mirrors to Telco, over forty years ago. Since then we are growing at a rapid pace and manufacturing our products for nearly all the major manufacturers of automobiles in India. Especially for premium cars segment.

Our dedicated mirror plants in India at Sector 6 Faridabad, Aurangabad, D-2 Block, Pune and Manesar are fully equipped with major in-house processes right from moulding, mirror forming up to assembly for ensuring finest quality control. All our mirrors are homologated as per AIS 001 norms specified by Central Motor Vehicle Rules (CMVR) of India. Most of our mirrors are ECE approved complying with European norms.