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RUNNING HEAD: Surin Automotive Pvt. Ltd
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Surin Automotive Pvt. Ltd
Student name
University name
Date
Surin Automotive Pvt. Ltd
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Excusive summary
Surin Automotive Pvt. Ltd is one of the leading manufacturing and engineering company in
India. The organization establishes proficiency in five primary domains and operates twelve
facilities across eight locations. The following departments, each possessing their own set of
expertise, are accountable for the phenomenal development of the organisation:
Distinguish assemblies and components of commercial vehicles
Construction equipment's assemblies and component sections
Components of tractor and agricultural machinery assemblies
Components and assemblies of vehicles
Availability of chairs and configurations of seating
The Indian business environment is significantly impacted by Surin Automotive, as evidenced by
its ranking as the 43rd fastest-growing mid-sized firm by Inc. 500. The ICRA "A" rating of Surin
indicates the organization's dedication to preserving its financial stability. Since its inception,
Surin has consistently sustained a profitable and stable financial position. Strong position in the
industry is evidenced by the firm's status as the foremost provider of painted fuel tanks,
hydraulic tanks, and counterweights for the Construction Equipment (CE) market in India.
Additionally, Surin extends its international presence by supplying painted hydraulic containers
and petrol to clients in Europe and the United Kingdom
(Bajpai & Bharati, 2016). Due to Surin
Automotive's steadfast commitment to trust and dependability in its business operations, a
significant portion of its customer base regards the organization as a comprehensive destination
for all things and components. The ongoing quality leadership of the organization within its
Surin Automotive Pvt. Ltd
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industry further reinforces the confidence that it will maintain its status as a preferred supplier.
Surin has specifically obtained accreditation for all of its production facilities under the ISO
9001:2009 or TS16949 standards. The firm has also been bestowed with the 100PPM
accreditation by Hyundai Motors, which serves as a testament to the organization's dedication to
quality assurance. With its state-of-the-art production infrastructure and exceptionally skilled
design and development personnel, Surin Automotive is capable of providing premium clients
with solutions of the highest caliber.
The Proposed Growth Initiative
At Surin Automotive (B) Ltd increasing the capacity for research and development rhymes with
intelligence as the company's top priority. It hopes for innovation across its five divisions. The
money will be used to develop innovative new products and enhance existing ones, keeping
Surin at the forefront of technological development in its field. In
such as plans to increase its
worldwide presence by penetrating untapped markets and strengthening its current ties to
overseas partners. The firm is in a great position to take on worldwide initiatives because to its
strong financial standing and history of producing high-quality components. By using its
knowledge of Commercial Vehicle Components, Construction Equipment, Tractor and
Agricultural Machinery, Car Components, and Seating Systems, Surin hopes to strengthen its
position as a reliable international supplier
(Bajpai & Bharati, 2016). Similarly, Surin values
environmental sustainability and responsibility. The company is exploring options to enhance its
environmentally friendly operations in order to reduce its carbon footprint and create a more
sustainable, greener future. Not only does this initiative correspond with global environmental
aims, but it also exemplifies Surin's commitment to responsible corporate responsibility.
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An integrated strategy that prioritises innovation, global expansion, and sustainability is at the
heart of Surin Automotive (P) Ltd's future goals. By focusing on these areas of growth, Surin
will be able to further solidify its market dominance and provide even more value to its
stakeholders and customer base. Surin Automotive is committed to meeting the specific needs of
its customers by delivering products that offer value in terms of pricing, quality, and delivery.
Contract craftsmen are among the approximately 2100 employees of the organisation who hold a
variety of engineering, research, production, and auxiliary operations-related positions.
Unique value proposition
Surin Automotive (P) Ltd.'s values proposition sets it apart in India's competitive engineering
and manufacturing business. Through its five divisions, Surin serves commercial vehicles,
construction equipment, tractors, autos, and seating systems. The "A" rating from ICRA is a
testament to Surin's dedication to quality. Surin has been a reliable partner from its founding due
to its strong finances and steady profitability
(Dangayach & Deshmukh, 2006). Surin, a global
construction equipment company, is the UK and European leader in painted fuel tanks, hydraulic
tanks, and counterweights. Many clients view the company as a single-source or top-tier
provider, supporting its reliable market position. Surin is a trusted vendor and quality leader
because to its dedicated design and development staff, ISO-certified production facilities, and
cutting-edge infrastructure. Surin continually enhances delivery, pricing, and quality. Surin
Automotive's 2,100 highly qualified employees in engineering, research, production, and other
fields demonstrate its commitment to excellence. The diversified and motivated personnel,
substantial infrastructure, and well-established industry contacts of Surin underline its unique
value proposition. This permits Surin to innovate and create new benchmarks in Indian
manufacturing.
Surin Automotive Pvt. Ltd
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Potential Business Size for Organization
Due to its vast reach and lengthy history in Indian manufacturing, Surin Automotive (P) Ltd has
a large potential size. Surin's twelve manufacturers across eight locations and five divisions
position it for expansion. The firm makes parts and assemblies for cars, trucks, construction
equipment, and seating systems, putting it at the centre of India's economy. Profitability,
financial stability, and an ICRA "A" rating enhance Surin's market supremacy. Its exports to the
UK and Europe and position as India's top supplier of painted fuel tanks, hydraulic tanks, and
counterweights to the Construction Equipment (CE) industry boost its development potential
(Karthik, n.d.). Due to its sophisticated manufacturing infrastructure, quality commitment, and
devoted design and development staff, Surin is a market leader with enormous growth potential
in the next years.
Due to its market domination, Surin Automotive (P) Ltd. has significant potential. A leading
supplier of assemblies and components, it has a competitive advantage since it is either the sole
supplier of many of its products or components to its customers or one of the top two suppliers
overall. Hyundai Motors' TS16949 or ISO 9001:2009 certifications for each factory demonstrate
the company's commitment to quality, as does its 100PPM accreditation. With nearly 2,100 full-
time and contract engineers, researchers, producers, and other specialists, Surin can meet clients'
changing needs. The company is well-positioned for domestic and worldwide growth and
constantly improves quality, economy, and timeliness. Diverse activities, financial stability,
quality dedication, and worldwide industry reputation provide Surin Automotive (P) Ltd. an
excellent business outlook and tremendous development possibilities.
Fit with the organization’s overall strategic direction and core competencies
Surin Automotive Pvt. Ltd
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Surin Automotive (P) Ltd. is a famous manufacturing and engineering company in India that is
distinguished by its five primary divisions and comprehensive business strategy. The
manufacturing of apparatus components and assemblies, including seats, seating systems,
automobiles, vehicles, tractors, construction equipment, and agricultural machinery, is their area
of expertise. Ever since its inception, the organisation has sustained consistent profitability and
financial stability, which has earned it a "A" rating from the ICRA. As the foremost provider of
painted petrol tanks, hydraulic tanks, and counterweights for the construction equipment
industry, Surin maintains a substantial market share in India. Furthermore, Surin enhances its
global presence through the provision of these products to customers in Europe and the United
Kingdom. As a result of its leadership position in the industry, the company has established itself
as a preferred vendor, showcasing its commitment to excellence
(Mehta & Rajan, 2017). A robust
research and development group and a contemporary manufacturing infrastructure comprise
Surin. Each facility possesses TS16949 or ISO 9001:2009 accreditation. Surin provides
substantial value to its esteemed clientele through its dedication to enhancing product quality,
reducing expenses, and ensuring punctual delivery. Surin maintains a diverse workforce of
approximately 2100 permanent and contract employees across multiple sectors, encompassing
manufacturing, research, engineering, and related activities.
Industry analysis
In India's cutthroat engineering and manufacturing industry, Surin Automotive Pvt. Ltd. The firm
has achieved success in the market because to its proficiency in five important areas: seating
systems, tractors, cars, commercial vehicles, and construction equipment. Surin's reputation has
been boosted by the fact that the organisation is ranked by Inc. 500 as the 43rd fastest-growing
mid-sized business in India. Since its foundation, the organisation has been able to sustain its
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financial success because to its dedication to fiscal responsibility, as shown by the "A" rating it
received from the Insurance Credit Rating Association (ICRA). In the Indian Construction
Equipment (CE) industry, Surin Automotive is unrivalled as the go-to supplier of painted petrol
tanks, hydraulic tanks and counterweights
(Ninja, n.d.). The company's global dominance is
demonstrated by its provision of these vital components to customers in Europe and the United
Kingdom. Surin's commitment to quality is shown in its several certifications, including ISO
9001:2009 and TS16949, as well as the company's prestigious 100PPM accreditation from
Hyundai Motors. Surin Automotive's cutting-edge facilities, highly trained engineers, and
rigorous quality control measures make it the go-to manufacturer for the wealthy.
Surin's integrated growth strategy prioritizes innovation and international expansion above
environmental sustainability. The firm places a premium on R&D since it wants to be at the
forefront of technical growth in its sector. Surin has the resources and track record as a
manufacturer of high-quality components to take on global initiatives and explore unexplored
markets. The company's dedication to environmental sustainability is an example of its corporate
social responsibility because it is in line with global environmental goals. Surin's diversified
approach puts it in a strong position to maintain its market leadership and improve the value it
offers to stakeholders and customers. With approximately 2100 hardworking people across a
wide variety of areas, Surin Automotive is in a strong position to maintain its excellent
reputation.
Key Competitor
Bharat Forge :
Bharat Forge is a well-known company in India's engineering and
manufacturing sectors. Component manufacturing for the automotive, oil & gas, and industrial
markets is its bread and butter
(www.ambitionbox.com, 2023). The firm is a formidable
Surin Automotive Pvt. Ltd
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adversary of Surin Automotive on account of Surin Automotive's own wide product line and
well-established market position.
Motherson Sumi Systems Ltd:
Motherson Sumi Systems is an internationally acclaimed
producer of high-quality vehicle parts. Mirrors, wire harnesses, and polymer items are the
company's bread and butter. Surin Automotive is a powerful rival due to the breadth and depth of
their product offerings and global footprint.
Sundram Fasteners :
Sundram Fasteners is a leader in the production of fasteners and other
automotive components. The company produces precision components such as radiators,
compressors, and fasteners. Due to Sundram Fasteners' well-established reputation for quality
and dependability, Surin Automotive confronts direct rivalry from the company in numerous
important areas.
The existence of several industry rivals and others makes for a dynamic and competitive
environment in which Surin Automotive (P) Ltd. must operate. These businesses each have
unique strengths and expertise that encourage growth and improvement within their respective
sectors.
Analysis of Key Assumptions & Risks Involved
a major Indian engineering and manufacturing company. Its ISO 9001:2009 and TS16949
accreditations, financial stability, and market leadership in certain product areas demonstrate its
quality control. Due to its innovative expansion, progress, and environmental responsibility
initiatives, the organization is globally recognized
(Gupta & Dangayach, 2018). Surin
Automotive (P) Ltd. may face several risks. Sundram Fasteners, Motherson Sumi Systems Ltd.,
and Bharat Forge are major engineering and manufacturing competitors. Competition is fierce in
Surin Automotive Pvt. Ltd
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these markets. These companies contest Surin's market domination with their major advantages.
While the company's expansion goals are promising, they also carry hazards. Exploring new
markets and improving R&D demand big expenditures. Without success, these efforts might
threaten the organization's finances. However, growing worldwide requires adapting to new legal
systems, geopolitical factors, and cultural differences that may affect corporate operations
abroad. While prioritizing environmental protection is admirable, it may increase green
technology upgrades and maintenance expenses. Regulations and consumer preferences may
reduce the effect and acceptance of these ecologically sustainable programs.
Suran Automotive (P) Ltd. has a solid structure and clear strategy. However, to succeed in the
highly competitive engineering and manufacturing market, the company must carefully identify
and manage its expansion, global, and sustainability risks.
SWOT analysis
Strengths
: Strong market presence has helped Surin Automotive (P) Ltd. get to the number 43
spot on India's list of fastest-growing mid-sized businesses. The company gets an ICRA "A"
grade because of its unwavering commitment to fiscal responsibility. Surin is an essential
supplier to the Indian Construction Equipment (CE) sector, including items such as painted fuel
tanks, hydraulic tanks, and counterweights
(Gupta & Dangayach, 2018). The firm has become a
trusted provider and a leader in its industry because to its unwavering dedication to quality and
the confidence its customers have in its operations.
Weakness
: Surin Automotive (P) Ltd. has a lot going for it, but it could make a mistake to focus
too heavily on the construction equipment market. Because of its concentration in a single
industry, the company may be vulnerable to market volatility and economic downturns. In
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Surin Automotive Pvt. Ltd
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addition, the firm may have difficulties in growing its product range and entering uncharted
areas, which might restrict its growth.
Opportunity :
Surin Automotive offers several possibilities for expansion, especially in terms of
becoming global and developing new technologies. Exploring unexplored terrain, improving
current products, and doing R&D are all within its means. Surin has the potential to become a
leading global supplier by capitalizing on its experience with commercial vehicle components,
tractors, autos, seating systems, and construction machines. With its focus on environmental
sustainability, the firm is well-positioned to take advantage of rising demand for eco-friendly
products and services, which is in line with current worldwide trends.
Threat
: Sundram Fasteners, Motherson Sumi Systems Ltd., Bharat Forge, and other companies
in the same market might pose a threat to Surin Automotive (P) Ltd. Each of these companies is
in a special niche and has a distinct advantage over its rivals. The organization's growth goals
and financial stability might be jeopardised by supply chain interruptions, new government laws,
or an economic downturn. Another possible threat is market saturation, which occurs when there
are too many of a product on the market.
Go-To-Market Strategy
Surin Automotive Pvt. Ltd. may use its extensive experience and long-held leadership in these
five main automotive industry sectors. Sustainability, international expansion, and innovation
underpin our go-to-market strategy. The substantial R&D funding is intended to promote
creativity across the board. This money will help Surin to innovate and improve its products,
solidifying its automotive technological leadership. It also explore new markets and strengthen
international ties. Due to its solid financial position and history of providing excellent
Surin Automotive Pvt. Ltd
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components, Surin can compete globally
(Gupta & Dangayach, 2018). Environmental
sustainability is crucial. Our firm promotes sustainability and pollution reduction. Surin's support
of worldwide environmental protection and excellent business ethics is shown by this move.
Surin Automotive prioritizes innovation, global expansion, and environmental responsibility to
lead the market. Our almost 2,100 employees across different divisions support this objective and
Surin's standing as India's top manufacturer.
Implementation plans
Surin Automotive (P) Ltd., thanks to its careful execution plan, is in a strong position to rise to
the top of India's manufacturing and engineering sectors. Systematically analysing present
practises, the strategy seeks to improve and optimise operations across the board, from R&D to
supply chain management. This strategic approach requires a comprehensive review of
manufacturing and procurement processes, a targeted upgrade of the IT infrastructure, and a
strong change management plan to achieve alignment among stakeholders. Plans for pricing
products and services, as well as promotional activities, will be adjusted to better represent the
company's distinctive selling strategy. Surin, reiterating its commitment to quality and innovation
in the face of a changing market, is well-positioned to proactively overcome any impediments by
anticipating the responses of its competitors.
Strategically aligned with the company's core capabilities and overall vision, Surin Automotive
(P) Ltd.'s growth strategy prioritises environmental sustainability, worldwide expansion, and
innovation. The company's competence in essential industries including cars, trucks, construction
equipment, commercial vehicles, and seating systems is put to use in this long-term strategy. Its
solid financial standing, as evidenced by an ICRA "A" rating, also sets the company up well for
Surin Automotive Pvt. Ltd
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foreign pursuits. Surin will be able to grow both domestically and internationally because to its
dedication to high-quality standards, cutting-edge infrastructure, and skilled personnel. When it
comes to creating value for its customers, Surin is as committed as ever, and their
implementation method is proof positive.
Long-Term Opportunities for the organization
Plausible & Possible
Long-term growth and success are priorities for Surin Automotive Pvt. Ltd. The firm has a strong
market position in key automotive industries and a comprehensive product range, making it well
positioned for growth both domestically and abroad. The ICRA "A" rating reflects the firm's
dedication to quality and inspires confidence among its constituents
(Bajpai & Bharati, 2016).
Additionally, Surin will be able to create new products and stay on the cutting edge of
technology thanks to its strong research and development skills and attitude of innovation. Surin
might become a world-leading supplier if it fully exploited its strengths in the areas of
construction machinery, tractors, commercial vehicle components, automotive seating systems,
and tractor parts. The firm is well positioned in a market where environmentally sensitive
solutions are increasing relevance, and the focus it places on environmental sustainability is in
harmony with global trends.
Drivers of Opportunities
Surin Automotive's dedication to innovation, worldwide expansion, and environmental
sustainability is the engine that drives the company's long-term promise. By investing heavily in
R&D, Surin hopes to encourage steady iteration on its products and secure its position as an
industry frontrunner. This funding not only improves existing products, but also opens the door
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Surin Automotive Pvt. Ltd
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for innovative solutions in developing economies
(Bajpai & Bharati, 2016). Having a solid
financial base allows Surin to broaden its worldwide footprint and strengthen its current
international connections, opening the door to the discovery of new frontiers. The company's
commitment to environmental stewardship also conforms to the tenets of good corporate
citizenship and international ecological duties. This smart move by Surin ensures the company's
continued dominance in the market and opens up promising new avenues for expansion.
Conclusion
Surin Automotive Pvt. Ltd. is a formidable force in India's engineering and manufacturing
sectors due to its firm reputation and dedication to quality and innovation. An "A" rating from
ICRA and remarkable growth attest to the organization's commitment to sound financial
management. Surin's strategic focus on research and development, proficiency in pivotal
automotive domains, and extensive range of products establish the organisation for sustained
prosperity in both domestic and international markets. Surin's dedication to environmental
sustainability positions it as a frontrunner in the development of eco-friendly solutions, in line
with prevailing global trends. By maintaining a commitment to innovation, global expansion,
and environmental responsibility, the organization will establish a strong foundation to surmount
obstacles and seize enduring opportunities within the fiercely competitive manufacturing and
engineering industry
(Mehta & Rajan, 2017). Surin's dependable supplier status and market
leadership are the result of a strategic approach that emphasizes the company's core
competencies, a solid financial standing, and a workforce comprised of exceptionally qualified
professionals. Surin Automotive Pvt. Ltd. exhibits considerable potential for growth, client
satisfaction, and industry innovation, all of which contribute to its optimistic outlook for the
future.
Surin Automotive Pvt. Ltd
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Surin Automotive Pvt. Ltd
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References :
Bajpai, S., & Bharati, P. K. (2016). Manufacturing Engineering Education in India. Management
and Production Engineering Review, 7(1), 40–44.
https://doi.org/10.1515/mper-2016-
0005
Dangayach, G. S., & Deshmukh, S. G. (2006). An exploratory study of manufacturing strategy
practices of machinery manufacturing companies in India. Omega, 34(3), 254–273.
https://doi.org/10.1016/j.omega.2004.10.009
Gupta, S., & Dangayach, G. S. (2018). Process improvement in an Indian automotive part
manufacturing company: a case study. International Journal of Productivity and Quality
Management, 23(4), 524.
https://doi.org/10.1504/ijpqm.2018.090263
Karthik. (n.d.). Welcome to Surin Automotive Pvt. Ltd. Www.surinauto.com. Retrieved October
26, 2023, from
https://www.surinauto.com/
Mehta, Y., & Rajan, A. J. (2017). Manufacturing Sectors in India: Outlook and Challenges.
Procedia
Engineering,
174,
90–104.
sciencedirect.
https://doi.org/10.1016/j.proeng.2017.01.173
Surin Automotive Private Limited: Ratings reaffirmed; outlook revised to Stable Summary of
rating action. (2021).
https://www.icra.in/Rationale/ShowRationaleReport?Id=108469
www.ambitionbox.com. (2023). Surin Automotive Company Profile & Overview | AmbitionBox.
AmbitionBox; AmbitionBox.
https://www.ambitionbox.com/overview/surin-automotive-
overview
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