MIRA
INFORM REPORT
|
Report Date : |
6TH
June, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
MINDA
INDUSTRIES LIMITED |
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Registered Office : |
B-73, Wazirpur Industrial Area, Delhi-110 052. |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
16.09.1992 |
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Com. Reg. No.: |
55-50333 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM12237B/DELM08257E |
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PAN No.: [Permanent
Account No.] |
AAACM1152C |
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Legal Form : |
Public Limited Liability company The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing
of Ignition Switches, Oil Pressure Switches, Locks and Ignition Locks for
Automobiles, DC horns for 2 wheelers and 3 wheelers, Automobile Bulbs and
Signalling Lights Equipments and Switches. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
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Maximum Credit Limit : |
USD
1250000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well – established company having fine track. Directors are reported as
experienced, respectable and resourceful industrialist. Financial position is
satisfactory. Payments are correct and as per commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
B-73, Wazirpur Industrial Area, Delhi-110 052. |
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Tel.
No.: |
91-11-27374882/27372887 |
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Fax
No.: |
91-11-27372620 |
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E-Mail
: |
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Website: |
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Corporate
Office |
Village-
Nawada,Fatehpur, P.O.-SikanderPur Badda, IMT Manesar, Distt. - Gurgaon.
Haryana. 122004. |
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Tel.
No.: |
91-124-2290427,
2290674, 95124-2290675, 2290693, 2290698 |
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Fax
No.: |
91-124-2290676 |
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E-Mail
: |
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Administrative Office : |
36-A, Rajasthan Udyog Nagar, New Delhi - 110
033 |
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Tel.
No.: |
91-11-27244324/27142820/27432450/27437964 |
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Fax
No.: |
91-11-27212182/27241524 |
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Minda
Industries |
2/3 Wheeler
Switch Division) Minda
TYC Minda
FIAMM Minda
Impco Minda
Rika |
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Factory
1 : |
B-64/1,
Wazirpur Industrial Area, New Delhi - 110 052 Tel. No. 91-11-27240444/27248533 E-mail. admin@mindaswitch.com B-73,
Wazirpur Industrial Area, New Delhi - 110 052 Tel.
No. 91-11-27144882/27224034/27144887 Fax.
No. 91-11-27142620 E-mail.
admin@minohorn.com 34-35,
G. T. Karnal Road, Rasoi (Sonepat), Haryana Tel.
No. 91-1264-270374/270375/270073/270577 Fax.
No. 91-1264-270576 E-mail. mindaiv@del6.vsnl.net.in Village
Nawada, Fatehpur, P. O. Nakhrola, Gurgaon, Haryana - 122001 Tel. No. 91-124-26337317 Fax.
No. 91-124-2633732 E-mail. mrimktg@mantraonline.com 36-A,
Rajaasthan Udyog Nagar, G. T. Karnal Road, Delhi - 110 033 Tel.
No. 91-11-27432450/27437964 E-mail.
admin@mindaweb.com 37,
Rajasthan Udyog Nagar, Delhi -110 033 Village Naherpur Kasan P.O. Nakhrola Distt. Gurgaon (Haryana) B-6, Chakan Industrial Area Village-Mahalunge, Taluk-Khed Distt. Pune, Maharashtra. 20A, SIPCOT Industrial Area, Phase-It, Hosur, Tamilandu-635109 |
DIRECTORS
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Name : |
Mr. S.
L. Minda |
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Designation : |
Chairman |
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Name : |
Mr. Nirmal Kumar Minda |
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Designation : |
Managing Director |
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Date of Birth/Age : |
1958 |
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Qualification : |
Science Graduate |
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Previous
Employment |
Minda
Industries, New Delhi |
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Name : |
Mr.
Ashok Minda |
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Designation : |
Director |
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Name : |
Mr. B.
R. Aggarwal |
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Designation : |
Director |
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Name : |
Mr.
Raju Ram Gupta |
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Designation : |
Director |
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Name : |
Mr.
Subhas Lakhotia |
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Designation : |
Director |
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Name : |
Mr. S
K Arya |
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Designation : |
Director
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MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoters & Associates |
7443512 |
70.86 |
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Public |
3061552 |
29.14 |
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Total |
10505064 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
of Ignition Switches, Oil Pressure Switches, Locks and Ignition Locks for
Automobiles, DC horns for 2 wheelers and 3 wheelers, Automobile Bulbs and
Signalling Lights Equipments and Switches. |
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Products : |
Switches, Head Lamps and Horns for Automobiles |
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Brand Names : |
'MINDA' |
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Exports to : |
UAE,
Sri Lanka, etc |
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Imports from : |
Germany,
Portugal, Japan and Spain |
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Terms : |
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Selling : |
Cash,
Contract or Credit (30/60 days) terms |
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Purchasing : |
Cash,
L/C or Credit (30/60 days) terms |
PRODUCTION
STATUS
|
Particulars |
Unit |
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Installed Capacity |
Actual Production |
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Switches |
Nos |
|
62.000 |
33486857 |
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Horns |
Nos |
|
-- |
2867219 |
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Head
lamp |
Nos |
|
4.500 |
5289900 |
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Oil
pressure switches |
Nos |
|
-- |
145150 |
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Others |
Nos |
|
7.500 |
11225932 |
GENERAL
INFORMATION
|
Customers : |
v
Escorts
Limited, Faridabad, Uttar Pradesh v
Bajaj
Auto Limited v
Maruti
Udhyog Limited v
Hero
Honda Motors Limited v
Rajdoot
(Escorts Limited) v
Yamaha v
Toyota v
Honda v
Piaggio v
Royal
Enfifeld v
John
Deere v
Swaraj
Mazda |
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No. of Employees : |
2000 |
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Bankers : |
v
Canara
Bank, 3-F Kamla Nagar, Delhi – 110 007 v
Standard
Chartered Grindlays Bank, New Delhi |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
R.N. Saraf & Co. Chartered Accountants BRANCH AUDITORS Sancheti Thakkar & Associates Chartered Accountants INTERNAL AUDITORS N.Bahi & Co. Chartered Accountants |
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Associates/Subsidiaries : |
v
Mindarika
Private Limited v
Minda
Wirelinks Private Limited v
Minda
Huf Limited v
Minda
Instruments Limited v
Minda
Finance Limited |
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|
|
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Membership |
v
Confederation
of Indian Industry |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
15,000,000 |
Equity shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
3,000,000 |
Preference share |
Rs. 10/- each |
Rs. 30.000 Millions |
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Total
|
|
Rs. 180.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10505064 |
Equity shares |
Rs. 10/- each |
Rs. 105.050 Millions |
|
3000000 |
Preference share |
Rs. 10/- each |
Rs. 30.000 Millions |
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Total
|
|
Rs. 135.050 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
135.050 |
135.050 |
82.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
186.859 |
116.097 |
121.500 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
321.909 |
251.147 |
204.000 |
|
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LOAN FUNDS |
|
|
|
|
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1] Secured Loans |
391.977 |
285.333 |
286.100 |
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2] Unsecured Loans |
274.689 |
230.226 |
192.600 |
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TOTAL BORROWING |
666.666 |
515.559 |
478.700 |
|
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DEFERRED TAX LIABILITIES |
67.982 |
59.982 |
0.000 |
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TOTAL |
1056.557 |
826.688 |
682.700 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
692.888 |
555.954 |
475.800 |
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Capital work-in-progress |
0.300 |
7.341 |
8.400 |
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INVESTMENT |
14.305 |
12.555 |
36.600 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
102.103
|
89.808 |
85.500 |
|
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Sundry Debtors |
298.082
|
255.246 |
196.200 |
|
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Cash & Bank Balances |
27.635
|
12.929 |
27.900 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
200.041
|
91.907 |
83.200 |
|
Total Current Assets |
627.861
|
449.890 |
392.800 |
|
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
|
|
|
Current Liabilities |
238.687
|
167.606 |
205.600 |
|
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Provisions |
40.720
|
32.779 |
27.200 |
|
Total Current Liabilities |
279.407
|
200.385 |
232.800 |
|
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Net Current Assets |
348.454
|
249.505 |
160.000 |
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MISCELLANEOUS EXPENSES |
0.610 |
1.333 |
1.900 |
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TOTAL |
1056.557 |
826.688 |
682.700 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
1985.653 |
1580.885 |
1464.900 |
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|
|
|
|
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Profit/(Loss)
Before Tax |
155.197 |
105.116 |
86.100 |
|
Provision
for Taxation |
53.043 |
30.859 |
34.300 |
|
Profit/(Loss)
After Tax |
102.154 |
74.257 |
51.800 |
|
|
|
|
|
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Export
Value |
58.190 |
51.823 |
NA |
|
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|
|
|
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Import
Value |
125.046 |
67.688 |
NA |
|
|
|
|
|
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Total
Expenditure |
1738.430 |
1395.152 |
1453.800 |
QUARTERLY
|
PARTICULARS |
30.06.2005 [1ST Quarter] |
30.09.2005 [2nd Quarter] |
31.12.2005 [3rd Quarter] |
|
Sales Turnover |
562.700 |
575.800 |
673.900 |
|
Other Income |
16.700 |
18.800 |
13.100 |
|
Total Income |
579.400 |
594.600 |
687.000 |
|
Total Expenditure |
504.800 |
497.200 |
591.300 |
|
Operating Profit |
74.600 |
97.400 |
95.700 |
|
Interest |
9.700 |
12.300 |
10.800 |
|
Gross Profit |
64.900 |
85.100 |
84.900 |
|
Depreciation |
29.500 |
30.600 |
28.100 |
|
Tax |
8.600 |
15.400 |
21.900 |
|
Reported PAT |
24.800 |
36.800 |
36.000 |
200506
Quarter 1 -
Expenditure Includes (Increase)/Decrease in Stock in Trade Rs 10.862 million Consumption
of Raw Materials Rs 310.426 million Staff Cost Rs 76.652 million Other
Expenditure Rs 106.846 million Tax Includes Provision for Taxation Rs 7.500
million Deferred Tax Rs 2.000 million Fringe Benefit Tax Rs 1.100 million EPS
is Basic & Diluted Status of Investor Complaints for the quarter ended June
30, 2005 Complaints Pending at the beginning of the quarter Nil Complaints
Received during the quarter 05 Complaints disposed off during the quarter 05
Complaints unresolved at the end of the quarter Nil 1. The above results were
reviewed by the Audit Committee at its meeting held on July 20, 2005, approved
and taken on record by the Board of Directors in the meeting held on July 28,
2005. 2. Extra Ordinary item of Income is towards as the profit on sale of
Fixed Assets. 3. The Company is engaged in the manufacturing of Auto Electrical
Parts & there is no separate segment as per Accounting Standards (AS-17) on
Segment Reporting issued by The Institute of Chartered Accountants of India
(ICAI). 4. The figures of the Previous Period / Year have been regrouped and
adjusted wherever necessary
200509
Quarter 2
- Includes (Increase)/Decrease in Stock in Trade Rs (5.985) million
Consumption of Raw Materials Rs 322.869 million Staff Cost Rs 71.414 million
Other Expenditure Rs 108.912 million Tax Includes Provision for Taxation Rs
14.000 million Deferred Tax Rs 2.300 million Fringe Benefit Tax Rs 1.400
million EPS is Basic & Diluted Status of Investor Complaints for the
quarter ended September 30, 2005 Complaints Pending at the beginning of the
quarter Nil Complaints Received during the quarter 24 Complaints disposed off
during the quarter 22 Complaints unresolved at the end of the quarter 02 1. The
above results were reviewed by the Audit Committee at its meeting held on
October 21, 2005, approved and taken on record by the Board of Directors in the
meeting held on October 26, 2005. 2. Extra Ordinary item of Income is towards
as the profit on sale of Fixed Assets. 3. The Company is engaged in the
manufacturing of Auto Electrical Parts & there is no separate segment as
per Accounting Standards (AS-17) on Segment Reporting issued by The Institute
of Chartered Accountants of India (ICAI). 4. The figures of the Period /
Previous Year have been regrouped and adjusted wherever necessary.
200512 Quarter 3 - EPS is Basic & Diluted Status of Investor Complaints for the quarter ended December 31, 2005 Complaints Pending at the beginning of the quarter 02 Complaints Received during the quarter 29 Complaints disposed off during the quarter 31 Complaints unresolved at the end of the quarter Nil 1. The above results were reviewed by the Audit Committee at its meeting held on January 18, 2006, approved and taken on record by the Board of Directors in the meeting held on January 25, 2006. 2. Extra Ordinary item of Income is towards as the profit on sale of Fixed Assets. 3. The Company is engaged in the manufacturing of Auto Electrical Parts & there is no separate segment as per Accounting Standard (AS-17) on Segment Reporting issued by The Institute of Chartered Accountants of India (ICAI). 4. The figures of the Period / Previous Year have been regrouped and adjusted wherever necessary.
KEY
RATIOS
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Debt Equity Ratio |
2.11 |
2.25 |
2.46 |
|
Long Term Debt Equity Ratio |
1.54 |
1.87 |
2.01 |
|
Current Ratio |
1.16 |
1.27 |
1.22 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
2.36 |
2.29 |
2.54 |
|
Inventory |
23.44 |
20.15 |
18.11 |
|
Debtors |
8.13 |
7.83 |
7.70 |
|
Interest Cover Ratio |
4.11 |
2.59 |
2.62 |
|
Operating Profit Margin (%) |
13.18 |
12.92 |
15.47 |
|
Profit Before Interest and Tax Margin (%) |
9.12 |
8.40 |
9.94 |
|
Cash Profit Margin (%) |
8.60 |
8.16 |
9.24 |
|
Adjusted Net Profit Margin (%) |
4.54 |
3.65 |
3.70 |
|
Return on Capital Employed (%) |
23.57 |
20.72 |
24.94 |
|
Return on Net Worth (%) |
39.81 |
32.36 |
35.26 |
STOCK PRICES
|
Face
Value |
Rs.10/- |
|
High |
Rs.164.50/- |
|
Low |
Rs.164.00/- |
LOCAL AGENCY
FURTHER INFORMATION
History
Minda group of industries is the most
favoured vendor of automotive components with major automobile manufacturers in
India. The name of Mind is fast gaining the reputation of excellence and
quality in Europe, Africa, Middle East and South East Asia also. The company
started in 1958 under the able headship of Sh. S. L. Minda, the group has
accomplished many high points in the Indian Automotive Industry and established
six manufacturing facilities to meet the ever-growing worldwide demand for
quality products. The company's work
force of 2000 persons is directly or indirectly committed for producing world
quality Auto Electrical Switches, Lamps, Horns for 2 wheeler, 4 wheeler
vehicles (car, scooters, motor cycles and tractors)
THE
YEAR IN RETROSPECT
The Automobile Industry performance in the year 2004-05 showed
encouraging results for all segments of industry. The company has also
registered growth both in sales and profitability.
The Sales for the Financial Year under review were Rs.2248.888 Millions
as against Rs.1766.544 Millions for the previous year, registering an increase
of 27.30%. The Profit after tax for the Financial Year under review was Rs.102.154
Millions as against Rs.74.257Millions for the previous year registering an
increase of 37.57%.
DIVIDEND & APPROPRIATIONS
During the year 2004-05, an amount of Rs.25.000 Millions has been
appropriated to General Reserve.
The directors recommend 9% dividend on 3.000 Millions Cumulative
Redeemable Preference Share for the year 2004-05.
The directors are pleased to recommend dividend for the year ended on
March 31, 2005 at the rate of Rs.2.50 per Equity Share (Previous Year Rs.2.00
per Equity Share) on 10505064 Equity Shares. Dividend will be paid to those
shareholders whose names will appear in the Register of Members on July 28,
2005 and to those whose names as beneficial owners are furnished by National
Securities Depository Limited and Central Depository Services (India)
Limited.
FUTURE OUTLOOK
With the globalization of industry, the competition has increased and
demand of good quality product at competitive price has arisen. In the past the
company has fulfilled its commitment and in the future also, it will continue
to satisfy the customers as well as the society, by adopting various techniques
of improvements in quality and of Value Engineering.
With a view to have more focus on export, the company has made an
investment in PT Minda Asean Automotive, Indonesia which will cater to the need
of customers in ASEAN and other Neighbouring Countries.
HORN DIVISION
During the year under review Joint Venture Agreements. (JVA) with
M/s.Fiamm S.p.A.. Italy for manufacturing of Automotive Horns for two wheelers
and four wheelers were entered into. Under the said JVA two companies were
incorporated namely Fiamm Minda Automotive Limited (FMAL) and Minda Fiamm
Acoustic Limited (MFAL).
In terms of the provisions of the said JVA the company has hived off its
manufacturing unit engaged in the manufacturing of automotive horns located at
B-73. Wazirpur Industrial Area, Delhi-110 052 to Minda Fiamm Acoustic Limited
(MFAL) effective from February 01, 2005 as per the resolutions passed by the
shareholders through postal ballot on July 14, 2004 at a value determined by
the Independent Valuer.
The company has facilitated the Joint Venture Company namely Fiamm Minda
Automotive Ltd. as per Joint Venture Facilitation Understanding dated May 22,
2004 and the activities have been done by the company on its behalf for the
period upto December 31, 2004 relating to purchase/ import of fixed and other
assets, purchase/process/packaging/sale of finished goods (on despatch basis),
raw-materials and components and also incurred other expense. The Current
Assets, Loans and Advances, Current Liabilities and Provisions, claims,
contingencies, obligations, licences etc., as at December 31, 2004 belongs to
the said Joint Venture Company and do not form part of Balance Sheet and Profit
and Loss Account of the Company.
HUMAN
RESOURCE
The company continuously encourages its employees to enhance their
efficiency and productivity to meet the global challenges and competition. The
company provides regular training to its employees, reviews and evolves polices
from time to time.
Industry
Structure and development
India's macroeconomic performance turned out to be stronger than
anticipated with real GDP growth at 6.9% in 2004-05. Likewise, the Automobile
Industry performance in the year 2004-05 showed encouraging results for all
segments of the automobile Industry. The industry registered a growth of around
16% in number over the year 2003-04. There are certain key factors behind these
upswings like, sales incentives, introduction of new models as well as variants
coupled with easy availability of comfortable repayment options continued to
drive demand and sales of automobile industry during the year 2004-05.
The overall domestic market, including domestic light passenger vehicles,
commercial vehicles, and two-wheeler market, is expected to grow at a modest
rate of 10 per cent annually over the next decade. India is increasingly
becoming a sourcing base both for international auto majors for exporting
completely built units as well as for outsourcing components.
According to a report by the Associate Chamber of Commerce and Industry
of India (Assocham), the Global auto component industry is likely to grow to
about $1.9 trillion by 2015 and of this, about 40 per cent is likely to be
sourced from the low cost countries (LCCs) such as India.
The performance of the company is directly linked with the growth of the
Automotive sector. The company is having a good opportunity in view of the
present estimates for future development of the industry.
Opportunities and threats
a) Opportunities
The major strength of the Indian auto component industry is skill in
areas such as engineering, education, labour, re-designing manufacturing
process, designing to lower costs. India's advance tooling and machining
industry has enabled localization of capital equipment and reduced capital
costs. The Indian auto component industry has the opportunity to grab the world
global auto component industry with its existing infrastructure at a lower cost
with better quality and lessor delivery time for supplies to the customers. The
company is committed to supply quality products to its customers not only to
compete in the existing Indian market but also looking for destinations across
the world especially in ASEAN and European Countries.
The present policy of the Indian government also encourages the auto
component industry. There are many positives in the current union budget also
for the automotive industry, the reduction of corporate tax, the continuation
of the benefit for R & D, the reduction in duty for electric vehicle
parts.
The Company, PT Minda Automotive Asean was established in Indonesia to
manufacture automotive parts such as switches, lamps and horns. The company has
also subscribed for its equity shares. The commercial production of this unit
will likely to be commenced in November 2005.
b) Threats
There are certain weaknesses that Indian manufacturing industry is
confronting including lack of scale of operation, inadequate and poor quality
of infrastructure, These weaknesses are either directly or indirectly affecting
the performance of the Indian Auto Component Industry. The company may have to
face a stiff competition, cost reduction pressure from customers, price
reduction.
Segment-wise performance
The company is engaged in the manufacturing of automotive parts such as
Switches and Lighting. During the year a unit engaged in the manufacturing of
2W Horns has been hived off. All these products are carrying similar risk and
returns. Hence, there is no separate reportable segment.
The exports sales of the company during the year 2004-05 was Rs.58.190
Millions as against Rs.43.344 Millions during previous year registering a growth
of over 34%. The company is committed to enhance its exports sales and have
already tied-up with some of the major OEMs like Robert Bosch GmbH, Germany,
Piaggio, Italy and PMTC, France etc.
Outlook
Their team at Minda Industries Ltd. is committed to make the company a
world-class company by applying various tools and techniques like 5-S, 5-Whys,
QC Tools, TPM, SMED, Kanban, Poka-Yoke etc.
The company has been awarded as superior performance in Quality and
Delivery in Electrical Category by one of their esteemed customer M/s. Bajaj
Auto Ltd. in a Vendor Convention held in Dubai on May 01, 2005. It is another
landmark, which will improve the image of the company among existing and
prospective customers worldwide.
Risk and Concerns
The company's performance and growth is directly linked with the growth
of the Automobile Industry i.e. Original Equipment Manufacturers to whom the
company is also supplying its products. Presently Automobile industry is under
pressure due to opening up of the Indian economy for automobile manufacturers
and disintegration of Global Barriers. All major automobile manufacturers are
establishing their place of business in India either directly or through joint
venture agreements with Indian Corporate(s).
Consequently, there is a pressure on Indian Automobile Industry from all
corners like sales & margin, stringency in regulation driving technology,
shift in Global markets. This pressure ultimately shifts to the auto component
manufacturers and will face a stiff competition all around.
Fixed Assets
v
Land
v
Building
v
Plant
& Machinery
v
Electric
Fitting
v
Furniture
& Fixture
v
Office
Equipment
v
Vehicles
As
per Website Details
About
Us
Minda
Industries Limited is the flagship company of the Minda Group. It designs,
develops and manufactures switches for 2/3 wheelers and off-road vehicles.
Currently,
Minda Industries is the country’s largest manufacturer of switches in the 2/3
wheeler segment and is amongst the top few globally.
Today,
Minda Industries is a Rs. 1375 million (over US $ 32 million) company and is on
a rapid expansion spree. It is geared to take on global competition and has
already made inroads into the ASEAN market. Minda Industries is on its way to
becoming the favoured vendor for 2/3 wheeler switches globally.
VISION
v
To be a world-class organization by:
v
Business expansion
v
Manufacturing excellence
v
Creating world-class products
v
Cost management
v
People excellence
v
Business support initiatives
MISSION:
To be the global leader (No. 1) in
2/3 wheeler and off-road vehicles' switches by volume and revenue.
MILESTONES
|
1997 |
Implementation of
TQM – PQCDSM – TPS in the group |
|
|
Received ISO 9001
certification |
|
|
Established Joint
Venture company Mindarika Limited |
|
|
Received ISO 9001
certification |
|
2001 |
Start of
production at Pune for 2 & 3 Wheeler Switches at newly set up state of
the art facility |
|
2002-03 |
Entry in ASEAN
region |
|
|
Bi-wheeler switch
manufacturing units at Delhi consolidated at Manesar |
|
|
Set up
manufacturing plants in Waluj and Hosur for Handle Bar Assembly |
|
|
Received
ISO-14001 and OHSAS 18001 certification |
Minda
Industries produces a variety of world-class switches for the 2/3 wheelers and
off road vehicles.
The
various product offerings include:
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v
Grips
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The company also designs different types of switches like Rotary Switch, Handle
Bar Switch, Plunger Type Switch, Rocker Switch, Grip, Lever Holder Assembly,
Panel Switch and Modular Switch.
On
an average, Minda Industries develops 140 distinct products across categories
each year and puts in place 25 new assembly lines to manufacture them.
Facility
Minda
Industries believes in collaborative designing with the vehicle manufacturers.
Minda
Industries has its manufacturing plants in Gurgaon, Pune, Hosur, Delhi &
Aurangabad and has over 1200 employees.
Minda
Industries has the capability to improvise existing products as well as offer
cost-effective solutions for products already available in the market.
All
manufacturing related infrastructure is available in-house. Minda Industries
has the most modern equipment and processes in place, like press parts, plastic
molding, aluminium die cast, paint shops and powder coating.
All
tooling and die casting is also undertaken in-house, and over 300 dies and
tools have been created.
Minda
Industries provides its customers with all the facilities under one roof be it
design and development, prototyping, testing, validation and quality, or
manufacturing the final
MANUFACTURING
Top
of the line equipment like high pressure die-casting machines, vertical and
horizontal injection molding machine, automated powder coating plant, press
shop, CNC are used for the manufacturing process.
Minda
Industries has dedicated assembly lines for each customer. The work environment
is totally dust-free and the company uses Japanese concepts extensively.
TESTING
Minda
Industries has developed in-house testing facilities like:
v
Metal Testing
v
Product Reliability Testing
v
Environmental Testing
v
Calibration Testing
Minda
Industries has advanced product quality planning through FMEA, QFD, MSA, and
Product & Process Validation activities. The company also emphasizes on
statistical process control for minimising defects.
Technology
At
Minda Industries, the USP is to collaborate with the customer right from the
concept stage to black box design and development of new products. The company
has the expertise and the resources to create products and solutions for
specific customer requirements as well as competencies to develop new products.
DESIGN & DEVELOPMENT
Minda
Industries has a design studio with top-of-the-line CAD-CAM software, an
experienced and technically competent team of 67 designers and well-developed
facilities to create the latest, innovative and creative designs for the
customers.
The
company has 50 Workstations of PRO-E Wildfire 2 and is the largest user of the
same among Tier-1 suppliers in India. It also has 13 Workstations of I-DEAS 10
NX.
Some of
the finest design softwares like PRO - Mechanica, I-DEAS Simulation,
Rhinoceros, Adobe Photoshop, Adobe Illustrator and Imageware are used by the
designers to produce the designs best suited to customer requirements. These
are extensively used for 3D styling and to check the surface details, assembly,
mating parts and seamless movements.
Minda Industries has also developed rapid prototyping and tooling processes.
The various methods used are SLA, SLS, FDM, Vacuum Casting, Investment Casting,
Manual Prototyping and CNC Machining.
The
tool design team ensures that seamless integration takes place with Product
Design, maintaining bi-directional associativity.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for making
any prohibited payments or other improper payments to government officials for
engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.93 |
|
UK
Pound |
1 |
Rs.85.32 |
|
Euro |
1 |
Rs.58.75 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |