Global auto-ancillary, marred by decline in auto volumes! MSSL is truly a global auto ancillary player with outside India constituting ~88% of its consolidates sales and India comprising the rest at 12% of sales. It has high exposure to Europe with Germany accounting for the large chunk and constituting ~23% of sales. US contribution is also at a healthy 15% of sales. Its major clients include Audi (13% of sales), Mercedes Benz (9%), Volkswagen (9%), Ford (5%), etc. Globally, there has been a downtick in auto sales volume tracking muted economic prospects amid uncertainty...