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MIRA INFORM REPORT
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Report No. : |
497375 |
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Report Date : |
16.03.2018 |
IDENTIFICATION DETAILS
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Name : |
MINDA INDUSTRIES LIMITED |
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Registered
Office : |
B-64/1, Wazirpur Industrial Area, Delhi - 110052 |
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Tel. No.: |
91-11-27374444 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
16.09.1992 |
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Com. Reg. No.: |
55-050333 |
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Capital
Investment / Paid-up Capital : |
INR 158.700 Million |
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CIN No.: [Company Identification
No.] |
L74899DL1992PLC050333 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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TIN No.: |
07940034002 |
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PAN No.: [Permanent Account No.] |
AAACM1152C |
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GST No.: |
07AAACM1152C1Z5 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of Manufacturing of Auto
Components including Auto Electrical Parts and its Accessories. [Registered
Activity] |
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No. of Employees
: |
3258 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 23493000 |
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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 flagship of N.K. Minda Group. The company was incorporated in the year 1992 and has its base in Delhi. It is a well-established company having a decent past record. It is engaged in manufacturing of auto components such as automotive switches and automotive lighting systems, including auto electrical parts and accessories. For the financial year 2017, the revenue of the company has increased by 11.62% along with average profit margin of 5.78%. The healthy financial profile of the company is marked by strong networth base along with negligible debt level. Rating takes into consideration equity infused by its promoters. The company has given an output of INR 11.94 in the EPS section as compared to its original face value of INR 2. Return on equity and Return on assets stands Positive. The company has its share price trading at around INR 1139.75 against the Face Value (FV) of INR 02 on BSE as on 8th March, 2018. As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 4518 million and has reported profit margin of 7.35%. Rating also derives strength from company’s well established track record of business operations. Trade relations are reported as good. Business is active. Payment seems to be regular. In view of long standing record and the financials, the company can be considered normal for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Term Loan = AA |
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Rating Explanation |
High degree of safety and very low credit risk |
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Date |
07.09.2017 |
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Rating Agency Name |
ICRA |
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Rating |
Commercial Paper = A1+ |
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Rating Explanation |
Very Strong degree of safety and carry lowest credit risk |
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Date |
07.09.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 16.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [91-124-2290427/ 28]
LOCATIONS
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Registered Office : |
B-64/1, Wazirpur Industrial Area, Delhi - 110052, India |
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Tel. No.: |
91-11-27374444 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
Village Nawada Fatehpur, P.O. Sikanderpur Badda, District
Gurgaon-122004, Haryana, India |
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Tel. No.: |
91-124-2290693/ 428/ 2290427/ 28 |
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Fax No.: |
91 124-2290676/95 |
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E-Mail : |
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Plants : |
· Village Naharpur Kasan P.O. Nakhrola, District Gurgaon, Haryana, India · Village Nawada Fatehpur, P.O. Sikanderpur Badda, District Gurgaon, Haryana, India · 34-35 K.M. G.T. Karnal Road Village Rasoi, Sonepat, Haryana, India · 37, Rajasthan Udyog Nagar, Delhi -110033, India · Plot No. 5, Sector-10, IIE, Pant Nagar, Udham Singh Nagar, Uttrakhand, India · Survey No. 209, Upparapalli Village, Periya Mathagondapally (Post) Hosur - Thally Road, Denkanikottai(Taluk), Krishanagiri District, Tamilnadu, India · Plot No. B-3, SIPCOT Industrial Park at Pillaipakam Vengadu Taluk, Sriperumpudur, Chennai, India · A-35, MIDC Waluj, Aurangabad, Maharashtra, India · B-1/5, Chakan Industrial Area, Village-Mahalunge, Taluka-Khed, District Pune, Maharashtra, India · B-1/4/2, MIDC, Chakan Industrial Area, Village Nigoje, Taluka Khed, District Pune, Maharashtra, India · B-6, Chakan Industrial Area, Village-Mahalunge, Taluka-Khed, District Pune, Maharashtra, India · C-41, MIDC, Chakan Industrial Area, Village Mahalunge (Ingle), Taluka Khed, Distt. Pune, Maharashtra, India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Anand Kumar Minda |
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Designation : |
Director |
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Address : |
N - 2.31, DLF Phase - II, Gurugram - 122001, Haryana,
India |
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Date of Appointment : |
11.08.2011 |
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DIN No.: |
00007964 |
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Name : |
Mr. Nirmal Kumar Minda |
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Designation : |
Managing Director |
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Address : |
J - I0/33 DLF, Phase-II, Gurugram - 122002 Haryana, India |
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Date of Appointment : |
01.04.2013 |
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DIN No.: |
00014942 |
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Name : |
Mrs. Renu Challu |
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Designation : |
Director |
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Address : |
A - 34/1, AFO/CHS, Sainikpuri, Secunderabad - 500094, Telangana, India |
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Date of Appointment : |
19.12.2014 |
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DIN No.: |
00157204 |
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Name : |
Mr. Satish Sekhri |
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Designation : |
Director |
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Address : |
R-6 Sacred Heart Town Wanowree Pune – 411040, Maharashtra, India |
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Date of Appointment : |
29.07.2010 |
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DIN No.: |
00211478 |
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|
Name : |
Mr. Alok Dutta |
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Designation : |
Director |
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Address : |
4710, DLF City, PH 4, Gurugram - 122002, Haryana, India |
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Date of Appointment : |
29.10.2009 |
|
DIN No.: |
02792147 |
KEY EXECUTIVES
|
Name : |
Mr. Sudhir Jain |
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Designation : |
Chief Financial Officer |
|
Address : |
K-10/03, DLF, Phase-II, Gurugram -122002, Haryana, India |
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Date of Appointment : |
24.05.2014 |
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PAN No.: |
AADPJ6968M |
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|
|
|
Name : |
Mr. Harish Chander Dhamija |
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Designation : |
Company Secretary |
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Address : |
Road No.44, Plot No.37, 2nd Floor,
West Punjabi Bagh, New Delhi- 110026 India |
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Date of Appointment : |
01.09.1994 |
|
PAN No.: |
AECPD2211E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 13.02.2018
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter &
Promoter Group |
61486805 |
70.91 |
|
|
(B) Public |
25223350 |
29.09 |
|
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Grand Total |
86710155 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated
as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
36368730 |
41.94 |
|
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Nirmal Kr Minda |
19489055 |
22.48 |
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Suman Minda |
12470980 |
14.38 |
|
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Savitri Minda |
2301455 |
2.65 |
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Pallak Minda |
1088400 |
1.26 |
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Paridhi Minda
Jindal |
570000 |
0.66 |
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Amit Minda |
430840 |
0.50 |
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Anand Kumar Minda |
18000 |
0.02 |
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Any Other
(specify) |
25118075 |
28.97 |
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Maa Vaishno Devi
Endoment |
108230 |
0.12 |
|
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Minda Investments
Ltd. |
21283380 |
24.55 |
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Singhal Fincap
Ltd. |
2483265 |
2.86 |
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Minda Finance Ltd. |
1243200 |
1.43 |
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Sub Total A1 |
61486805 |
70.91 |
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A=A1+A2 |
61486805 |
70.91 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
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Mutual Funds/ |
5257715 |
6.06 |
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DSP Blackrock
Equity Savings Fund |
2031048 |
2.34 |
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IDFC Premier
Equity Fund |
1988187 |
2.29 |
|
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Foreign Portfolio
Investors |
7904978 |
9.12 |
|
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Matthews Asia
Dividend Fund |
2849938 |
3.29 |
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DSP Blackrock Core
Fund |
945600 |
1.09 |
|
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DB International
Asia Ltd. |
931410 |
1.07 |
|
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Financial Institutions/
Banks |
13694 |
0.02 |
|
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Sub Total B1 |
13176387 |
15.20 |
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B2) Central
Government/ State Government(s)/ President of India |
0.00 |
||
|
Central
Government/ State Government(s)/ President of India |
28000 |
0.03 |
|
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Sub Total B2 |
28000 |
0.03 |
|
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B3)
Non-Institutions |
0.00 |
||
|
Individual share
capital upto INR 0.200 Million |
7000617 |
8.07 |
|
|
Individual share
capital in excess of INR 0.200 Million |
111197 |
0.13 |
|
|
Any Other
(specify) |
4907149 |
5.66 |
|
|
Trusts |
213301 |
0.25 |
|
|
HUF |
230775 |
0.27 |
|
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NRI – Non- Repat |
130715 |
0.15 |
|
|
NRI – Repat |
292811 |
0.34 |
|
|
Clearing Members |
102603 |
0.12 |
|
|
Bodies Corporate |
3936944 |
4.54 |
|
|
Amity Infotech
Pvt. Ltd. |
1335000 |
1.54 |
|
|
Zeal Impex and
Traders Private Ltd. |
1335000 |
1.54 |
|
|
Sub Total B3 |
12018963 |
13.86 |
|
|
B=B1+B2+B3 |
25223350 |
29.09 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Manufacturing of
Auto Components including Auto Electrical Parts and its Accessories. [Registered
Activity] |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: [NOT AVAILABLE]
GENERAL INFORMATION
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Suppliers : |
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Customers : |
· BMW · Ford · Honda · KTM · Toyoto · Yamaha · Nissan · Ashok · Leyland · Bajaj · JCB, etc. |
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No. of Employees : |
3258 (Approximately) |
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Bankers : |
· Canara Bank · State Bank of India · Citibank · Axis Bank · HDFC Bank · Standard Chartered Bank · Kotak Mahindra Bank ·
Banco Bilbao Vizcaya Argentaria S.A |
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Facilities : |
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Auditors : |
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Name : |
B S R and Company LLP Chartered Accountants |
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|
|
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Internal Auditors |
|
|
Name : |
Protiviti Consulting Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries (including step down subsidiaries): |
· Minda Auto Components Limited · Minda Kosei Aluminum Wheel Private Limited · Minda TG Rubber Private Limited (w.e.f. 30 March 2016) · Minda Kyoraku Limited M J Casting Limited (w.e.f. 1 August 2015) · Minda Distribution and Services Limited · PT Minda Asean Automotive (stepdown subsidiary) (w.e.f. 1 July 2015) · PT Minda Trading (Indirect Subsidiary) (w.e.f. 1 July 2015) · SAM Global Pte. Ltd (w.e.f. 1 July 2015) · Minda Industries Vietman Company Limited (stepdown subsidiary) (w.e.f. 1 July 2015) · Global Mazinkert S.L. Clarton Horn, Spain (Indirect subsidiary) · Clarton Horn Maroc SARL (Indirect subsidiary) · Clarton Horn, Signalakustic GmbH (Indirect subsidiary) · Clarton Horn, Mexico S. De R. L. De C.V. (Indirect subsidiary) · Rinder India Private Limited (w.e.f 3 June 2016) · Minda Storage Batteries Private Limited (w.e.f 23 September 2016) ·
Light & Systems Technical Centre S.L.
Spain (Indirect subsidiary) (w.e.f 26 June 2016) · YA Auto Industries (w.e.f. 8 August 2016) |
|
|
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|
Partnership firm : |
· Auto Component (Firm) · Yogendra Engineering (Firm) |
|
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Associates Company
: |
· Mindarika Private Limited · Minda NexGenTech Limited Kosei · Minda Aluminum Company Private Limited (w.e.f 29 March 2016) |
|
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|
Joint ventures (jointly
controlled entities) : |
· Minda Emer Techonologies Limited · M J Casting Limited (upto 31 July 2015) · Roki Minda Co. Private Limited (w.e.f 1 October 2016) · Rinder Riduco, S.A.S. Columbia (Indirect Joint Venture w.e.f 10 June 2016) |
|
|
·
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Other entities over
which key management personnel and their relatives are able to exercise
significant influence : |
· Minda Investments Limited · Minda International Limited · Minda Corporation Limited · Nirmal K. Minda (HUF) · Minda Industries (Firm) · Minda Spectrum Advisory Limited · Samaira Engineering (Firm) · S.M.Auto Industries (Firm) · Shankar Moulding Limited · Maa Rukmani Devi Auto Limited · MI Torica India Private Limited · Minda F Ten Private Limited Fujitsu Ten · Minda Private Limited · Minda Mindpro Limited · Minda Nabtesco Automotive Private Limited |
CAPITAL STRUCTURE
AFTER: 29.08.2017
Authorised Capital : INR 1201.315 Million
Issued, Subscribed & Paid-up Capital : INR 173.420
Million
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
317500000 |
Equity Shares |
INR 2/- each |
INR 635.000 Million |
|
3000000 |
9% Cumulative redeemable preference shares |
INR 10/- each |
INR 30.000
Million |
|
183500 |
3% Cumulative compulsorily convertible preference shares
(Class 'A') |
INR 2187/- each |
INR 401.300
Million |
|
3500000 |
3% Cumulative redeemable preference shares (Class 'B') |
INR 10/- each |
INR 35.000
Million |
|
10000000 |
1% Non-cumulative fully convertible preference shares
(Class 'C') |
INR 10/- each |
INR 100.000
Million |
|
|
|
|
|
|
|
Total |
|
INR 1201.300 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
79326780 |
Equity Shares |
INR 2/- each |
INR 158.700
Million |
|
|
|
|
|
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
reporting year:
|
|
AS ON: 31.03.2017 |
|
|
Equity shares |
Number |
INR in million |
|
Opening balance |
15865356 |
158.700 |
|
Add: Increase in number of shares on account of stock
split |
63461424 |
0.000 |
|
Closing balance |
79326780 |
158.700 |
|
3% Cumulative redeemable preference shares of ₹10/- each (Class 'C') |
|
|
|
Opening balance |
3500000 |
35.000 |
|
Less: Shares redeemed during the year |
(3500000) |
(35.000) |
|
Closing balance |
0.000 |
0.000 |
Rights, preferences
and restrictions attached to equity shares
The Company has only one class of equity shares having par
value of INR 2/- per share (previous year INR 10/- per share). Each shareholder
is entitled to one vote per share held. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting. In the event of liquidation, the equity shareholders are
eligible to receive the remaining assets of the Company after distribution of
all preferential assets, in proportion to their shareholding. During the year,
the Board, declared an interim dividend of INR 1.2/- per equity share of INR
2/- each i.e. 60% (previous year INR 7/- per equity share of INR 10/- each i.e.
70%). Further, the Board, in its meeting on 16 May 2017, has recommended a
final dividend of INR 1/- per equity share for the financial year ended 31
March 2017. The proposal is subject to the approval of shareholders at the
Annual General Meeting to be held on 29 August 2017 and, if approved, would
result in a cash outflow of approximately INR 104.500 million including
corporate dividend distribution tax.
Rights, preferences
and restrictions attached to preference shares
The Company issued 3% cumulative redeemable preference
shares of class ‘C’ having par value of INR 10/- per share on 17 February 2010.
Each Shareholder had right to receive fixed preferential dividend at a rate of
3% on the paid up capital of the Company. Preference shareholders also had
right to receive all notices of general meetings of the Company but no right to
vote at any meetings of the Company save to the extent and in the manner
provided in the Companies Act, 2013. Preference shareholders neither had right
to participate in any offer or invitation by way of right or otherwise to
subscribe additional shares nor they had right to participate in any issue of
bonus shares or shares issued by way of capitalisation of reserves. The Board,
in its meeting held on 7 February 2017, declared and paid the interim dividend
of INR 0.30/- (previous year INR 0.30/-) per share. The preference shares were
redeemed on 20 February 2017 at par.
Details of
shareholders holding more than 5% shares in the Company:
|
|
AS ON: 31.03.2017 |
|
|
Particulars |
Number of shares held |
% holding in that class of share |
|
Class of shares / Name of shareholder |
|
|
|
Equity shares with voting rights |
|
|
|
Mr. Nirmal K. Minda |
12009345 |
15.14% |
|
Nirmal K. Minda (HUF) |
7510710 |
9.47% |
|
Mrs. Suman Minda |
12380700 |
15.61% |
|
Minda Investments Limited |
20904650 |
26.35% |
|
India Business Excellence Fund -I |
-- |
-- |
|
3% Cumulative
redeemable preference shares of ₹10 each (Class 'C') |
|
|
|
Mr. Nirmal K. Minda |
-- |
-- |
|
Mrs. Suman Minda |
-- |
-- |
Aggregate number and class
of shares allotted as fully paid up pursuant to contract(s) without payment
being received in cash for the period of five years immediately preceding the
balance sheet date:
Equity shares
includes
(i) 5600820 equity shares of INR 2/- each (previous year 1,120,164 equity shares of INR 10/- each) fully paid up issued during the year 2011-12 for consideration other than cash to the shareholders of Minda Acoustic Limited, pursuant to the scheme of amalgamation.
(ii)
9,175,000 equity shares of INR 2/- each (previous
year 1,835,000 equity shares of INR 10/- each) fully paid up issued during the
year 2011-12 on conversion of 3% cumulative compulsorily convertible preference
shares of INR 2,187/- each (Class ‘B’).
The Company has not allotted any bonus shares or bought back any shares during the current year or for a period of five years immediately preceding the balance sheet date.
Pursuant to the shareholders approval dated 11 August 2016,
the Company has sub-divided its equity shares of ₹ 10/- each into equity shares of INR 2/- each for which 14
September 2016 was fixed as the record date. Accordingly, the basic and diluted
earnings per share and the number of shares disclosed in note 30 have been
computed for the current year and re-computed for the previous year based on
the revised number of shares and face value of INR 2/- per equity shares.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
158.700 |
193.700 |
193.654 |
|
(b) Reserves & Surplus |
5064.100 |
4192.300 |
3533.406 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
3000.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
8222.800 |
4386.000 |
3727.060 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
351.600 |
168.700 |
327.685 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
3.123 |
|
(c)
Other long term liabilities |
0.800 |
1.100 |
0.977 |
|
(d)
long-term provisions |
305.000 |
266.200 |
233.022 |
|
Total
Non-current Liabilities (3) |
657.400 |
436.000 |
564.807 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1393.300 |
818.200 |
694.493 |
|
(b)
Trade payables |
2384.600 |
2011.900 |
1832.063 |
|
(c)
Other current liabilities |
541.400 |
811.500 |
561.022 |
|
(d)
Short-term provisions |
73.800 |
153.300 |
141.673 |
|
Total
Current Liabilities (4) |
4393.100 |
3794.900 |
3229.251 |
|
|
|
|
|
|
TOTAL |
13273.300 |
8616.900 |
7521.118 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2563.500 |
2476.700 |
2728.734 |
|
(ii)
Intangible Assets |
45.200 |
36.600 |
51.752 |
|
(iii)
Capital work-in-progress |
105.600 |
49.300 |
5.664 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
3445.800 |
1946.500 |
822.019 |
|
(c) Deferred tax assets
(net) |
37.800 |
18.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
146.900 |
148.000 |
159.756 |
|
(e)
Other Non-current assets |
34.600 |
71.300 |
113.921 |
|
Total
Non-Current Assets |
6379.400 |
4746.400 |
3881.846 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
876.000 |
891.000 |
900.348 |
|
(c)
Trade receivables |
2443.200 |
2512.900 |
2103.259 |
|
(d)
Cash and cash equivalents |
3190.100 |
168.100 |
207.435 |
|
(e)
Short-term loans and advances |
301.500 |
258.600 |
382.107 |
|
(f)
Other current assets |
83.100 |
39.900 |
46.123 |
|
Total
Current Assets |
6893.900 |
3870.500 |
3639.272 |
|
|
|
|
|
|
TOTAL |
13273.300 |
8616.900 |
7521.118 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
16394.500 |
14687.400 |
13758.482 |
|
|
|
Other Income |
248.100 |
223.800 |
186.756 |
|
|
|
TOTAL |
16642.600 |
14911.200 |
13945.238 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
10537.800 |
9652.600 |
8957.306 |
|
|
|
Purchases of Stock-in-Trade |
2.000 |
29.500 |
413.351 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
17.800 |
(33.500) |
(39.031) |
|
|
|
Employees benefits expense |
2175.300 |
1864.400 |
1625.092 |
|
|
|
Other expenses |
2101.600 |
1779.700 |
1667.622 |
|
|
|
Exceptional items |
0.000 |
0.000 |
(38.705) |
|
|
|
TOTAL |
14834.500 |
13292.700 |
12585.635 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1808.100 |
1618.500 |
1359.603 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
138.700 |
102.200 |
125.576 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1669.400 |
1516.300 |
1234.027 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
479.500 |
527.800 |
537.096 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
1189.900 |
988.500 |
696.931 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
241.700 |
194.700 |
164.925 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
948.200 |
793.800 |
532.006 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
FOB value of
exports |
873.600 |
658.600 |
953.664 |
|
|
|
Royalty/design fee/management fee |
61.500 |
91.300 |
111.773 |
|
|
|
Dividend |
100.800 |
0.000 |
0.000 |
|
|
|
Others |
48.200 |
0.000 |
0.000 |
|
|
|
TOTAL |
1084.100 |
749.900 |
1065.437 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
747.200 |
690.600 |
639.127 |
|
|
|
Stores & Spares |
5.300 |
10.200 |
2.786 |
|
|
|
Capital Goods |
88.600 |
67.300 |
1.821 |
|
|
TOTAL IMPORTS |
841.100 |
768.100 |
643.734 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
|
|
|
|
Basic
|
11.94 |
9.99 |
33.45 |
|
|
|
Diluted |
11.88 |
9.99 |
33.45 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current maturities of long-term borrowings |
100.800 |
112.200 |
126.159 |
|
|
|
|
|
|
Cash generated from operations |
2003.200 |
1419.100 |
1205.984 |
|
|
|
|
|
|
Net Cash flows from operating activities |
1758.500 |
1243.900 |
1072.447 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
54.39 |
62.45 |
55.80 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
6.71 |
5.84 |
6.54 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
82.58 |
75.85 |
71.36 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
2.06 |
1.82 |
1.51 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.67 |
0.63 |
0.49 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.37 |
0.47 |
0.49 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.22 |
0.25 |
0.31 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.53 |
0.87 |
0.87 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.33 |
0.58 |
0.75 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
13.04 |
15.84 |
10.83 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
5.78 |
5.40 |
3.87 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
7.14 |
9.21 |
7.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
11.53 |
18.10 |
14.27 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.57 |
1.02 |
1.13 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.37 |
0.79 |
0.85 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.62 |
0.51 |
0.50 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
11.63 |
5.67 |
5.93 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.57 |
1.02 |
1.13 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
|
|
|
Market Value |
INR 1139.75/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
193.654 |
193.700 |
158.700 |
|
Reserves & Surplus |
3533.406 |
4192.300 |
5064.100 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
3000.000 |
|
Net
worth |
3727.060 |
4386.000 |
8222.800 |
|
|
|
|
|
|
long-term borrowings |
327.685 |
168.700 |
351.600 |
|
Short term borrowings |
694.493 |
818.200 |
1393.300 |
|
Current Maturities of Long
term borrowing |
126.159 |
112.200 |
100.800 |
|
Total
borrowings |
1148.337 |
1099.100 |
1845.700 |
|
Debt/Equity
ratio |
0.308 |
0.251 |
0.224 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR In
Million |
|
Sales |
13758.482 |
14687.400 |
16394.500 |
|
|
|
6.752 |
11.623 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
13758.482 |
14687.400 |
16394.500 |
|
Profit/ (Loss) |
532.006 |
793.800 |
948.200 |
|
|
3.87% |
5.40% |
5.78% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G01771005 |
100020767 |
AXIS BANK LTD. |
21/03/2016 |
- |
- |
500000000.0 |
2ND FLOOR, RED FORT CAPITAL, PARSVNATH TOWERS,GOLE MARKET, BHAI VEER SINGH MARG,NEW DELHIDL110001IN |
|
2 |
C49093024 |
10559106 |
HDFC BANK LIMITED |
19/03/2015 |
- |
- |
60000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
3 |
C04836193 |
10495945 |
HDFC BANK LIMITED |
13/03/2014 |
- |
- |
150000000.0 |
E-13/29, 2ND FLOOR,HARSHA BHAVANMIDDLE CIRCLE, CONNAUGHT PLACENEW DELHIDL110001IN |
|
4 |
B90293309 |
10462097 |
HDFC BANK LIMITED |
04/10/2013 |
- |
- |
282000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
5 |
B85580579 |
10450637 |
STANDARD CHARTERED BANK |
31/07/2013 |
- |
- |
100000000.0 |
CREDIT DOCUMENTATION UNITNARAIN MANZIL, 23 BARAKHAMBA ROADNEW DELHIDL110001IN |
|
6 |
B75788604 |
10427744 |
CITIBANK N.A |
29/03/2013 |
- |
- |
460000000.0 |
JEEVAN BHARTI BUILDING, 4TH FLOOR124 CONNAUGHT CIRCUS, CONNAUGHT PLACENEW DELHIDL110001IN |
|
7 |
B19519107 |
10303960 |
HDFC BANK LIMITED |
07/07/2011 |
- |
- |
200000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
8 |
G05730643 |
10239537 |
HDFC BANK LIMITED |
29/07/2010 |
17/03/2016 |
- |
523100000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARG,LOWER PAREL (WEST)MUMBAIMH400013IN |
|
9 |
A57487266 |
10144276 |
KOTAK MAHINDRA BANK LIMITED |
04/02/2009 |
- |
- |
50000000.0 |
7TH FLOOR, AMBADEEP BUILDINGKASTURBA GANDHI MARGNEW DELHIDL110001IN |
|
10 |
B89943336 |
10092691 |
AXIS BANK LIMITED |
12/03/2008 |
15/10/2013 |
- |
250000000.0 |
2ND FLOOR, STATESMAN HOUSE148, BARAKHAMBA ROADNEW DELHIDL110001IN |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF
YEAR ENDED 31.12.2017
(INR IN MILLION)
|
Particulars |
Quarter Ended 31.12.2017 |
Quarter Ended 30.09.2017 |
Nine Months Ended 31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Income from operations |
|
|
|
|
Revenue from operations |
4518.000 |
4776.700 |
13991.700 |
|
Other Income |
97.400 |
182.400 |
327.800 |
|
Total Income |
4615.400 |
4959.100 |
14319.500 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of Materials Consumed |
2898.900 |
3050.700 |
8653.400 |
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(57.000) |
(11.900) |
(101.500) |
|
Excise Duty |
0.000 |
0.000 |
467.200 |
|
Employee
benefits expense |
644.200 |
616.500 |
1865.300 |
|
Finance
Costs |
15.300 |
10.700 |
43.400 |
|
Depreciation
and amortisation expense |
135.00 |
131.000 |
384.800 |
|
Other
expenditure |
546.700 |
623.800 |
1777.100 |
|
Total Expenses |
4183.300 |
4420.800 |
13089.700 |
|
|
|
|
|
|
Profit from ordinary activities after finance costs but before
exceptional Items (5-6) |
432.100 |
538.300 |
1229.800 |
|
Exceptional
Items |
0.000 |
0.000 |
54.900 |
|
Profit from ordinary activities before tax
(7-8) |
432.100 |
538.300 |
1284.700 |
|
Tax
expense |
99.600 |
112.700 |
288.800 |
|
Net profit from ordinary activities after
tax |
332.500 |
425.600 |
995.900 |
|
Total
Other comprehensive income For the period |
(2.300) |
(6.700) |
(6.900) |
|
Total comprehensive income For the period |
330.200 |
418.900 |
989.000 |
|
Paid - up Equity Share Capital (Face value of INR 2/- per share) |
172.800 |
172.800 |
172.800 |
|
Earnings Per Share (EPS) |
|
|
|
|
a) Basic |
3.85 |
4.93 |
11.54 |
|
b) Basic |
3.81 |
4.88 |
11.42 |
NOTES:
1. The above unaudited standalone financial results for the quarter and nine months period ended 31 Dec 2017 have been reviewed on 13 February 2018 by the Audit Committee and approved by the Board of Directors. These results have been subjected to limited review by the statutory auditors of the Company.
2. These results along with the review report of the statutory auditors have been filed with stock exchanges, pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
3.
During the current quarter, the following
investments were made by the Company:
Additional 17,500,000 Equity Shares of Minda Kosei Aluminum Wheel Private
Limited, a subsidiary (face value of INR 10 each) for a total consideration of
INR 175.000 million.
4. Exceptional income for the nine months period ended Dec 31, 2017 includes an amount of INR 54.900 million towards the profit on sale of Business of Battery Division of Minda Industries Limited to its wholly owned subsidiary, Minda Storage Batteries Private Limited.
5. The Company has adopted Indian Accounting Standards ("Ind AS") effective April 1, 2017 (transition date being April 1, 2016) and accordingly, the financial results for the quarter and nine months period ended Dec 30, 2017 have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS 34 "Interim Financial Reporting" prescribed under section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India.
6. Accordingly, the impact of transition has been provided in the opening equity as on April 1, 2016 and figures for the corresponding quarter and nine months period have been prepared to comply with Ind AS.
7. The Company is engaged in the business of manufacturing of auto components including auto electrical parts and its accessories and there is no separate reportable business segment as per Ind AS 108 on Operating Segments.
8. The Company has issued 7,092,125 equity shares INR 2 each to Qualified Institutional Buyers at an issue price of INR 423 per share on April 3, 2017.
9. The Board of Directors in their meeting dated 13 February 2018 have approved and declared the interim dividend for the shareholders of the Company at the rate of INR 1.20 per share i.e. 60% on equity shares (face value of INR 2 each).
10. The statement does not include Ind AS compliant results for the previous year ended March 31, 2017, as the same is not mandatory as per SEBI’s circular dated July 05, 2016.
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
From banks |
306.700 |
0.000 |
|
Less: Current maturities of long term borrowings |
45.800 |
0.000 |
|
Deferred sales tax liability |
65.500 |
66.000 |
|
Less: Current maturities of deferred sales tax liability |
28.200 |
28.200 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
from related parties |
376.200 |
0.000 |
|
from others |
264.800 |
259.600 |
|
|
|
|
|
Total |
939.200 |
297.400 |
CONTINGENT
LIABILITIES: [AS ON: 31.03.2017]
Contingent liabilities relating to other cases INR 7.100 Million (previous year INR 7.400 Million)
Future cash outflows in respect of the above would be determinable on finalisation of judgments /decisions pending with various forums / authorities.
(b) Corporate guarantees given by the Company and outstanding as at 31 March 2017 amounting to INR 592.100 Million (previous year INR 488.200 Million) in respect of loans borrowed by related parties. Further, the Company has also provided ‘letter of comfort’ amounting to INR 1839.100 Million (previous year INR 1557.700 Million) in respect of loans taken by related parties from banks.
(c) Liability of Customs duty towards export obligation undertaken by the Company under “Export Promotion Capital Goods Scheme (EPCG)” amounting to INR 19.500 Million (Previous year INR 13.500 Million). During the current year the Company had imported Capital goods under EPCG and saved duty to the tune of INR 19.500 Million (previous year INR 13.500 Million). As per the EPCG terms and conditions, Company needs to export INR 117.000 Million (previous year INR 80.700 Million) i.e. 6 times of duty saved on import of Capital goods on FOB basis within a period of 6 years. If the Company does not export goods in prescribed time, then the Company may have to pay duty on imported capital goods, including interest and penalty thereon.
(d) The Company has availed sales tax incentives for its unit at Pune, Maharashtra, from the Government of Maharashtra amounting to INR 3.400 Million (previous year INR 33.500 Million). In accordance with Scheme of Government of Maharashtra for Development of Industries, the amount may be refundable to the Government, if specified conditions are not fulfilled, within the prescribed time.
COMPANY OVERVIEW
Subject is a public company domiciled and headquartered in India. It was incorporated on 16 September 1992 under the Companies Act, 1956 and its shares are listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE)
Company is engaged in the business of manufacturing of auto
components including auto electrical parts and its accessories. The Company
caters to both domestic and international markets.
FINANCIAL –
STANDALONE
Revenue from operations on a standalone basis increased to INR 16394.500 Million from INR 14687.400 Million in previous year, at a growth rate of 12%. The profit before tax was INR 1189.900 Million as against INR 988.500 Million in the previous year. Net profit was INR 948.200 Million as against INR 793.800 Million in the previous year.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
GLOBAL ECONOMIC
OVERVIEW
According to the International Monetary Fund (IMF), global growth for 2017 is estimated at 3.5% (3.1% in 2016) a long-awaited cyclical recovery in investment, manufacturing and trade. The projected growth for 2018 is 3.6%.
Some factors which support the improved outlook are stronger economic activity, expectations of more robust global demand, reduced deflationary pressures and optimistic financial markets. Yet, structural impediments to a stronger recovery (viz crude prices) and an unfavourable balance of risks including low commodity prices, contribute to the downside, especially in the medium term.
THE INDIAN AUTOMOTIVE
INDUSTRY
The Indian Auto Industry in among the largest in the world, contribution to more than 7% of Indian’s GDP. This sector is allow a prominent exporter.
OUTLOOK BY SEGMENT
COMMERCIAL VEHICLES
The CV segment is expected to grow at a moderate 2-4% with decline in Medium and Heavy Commercial Vehicles (MHCVs) sub-segment offsetting growth projections of 5-7% for Light Commercial Vehicles (LCVs) subsegment and 7-9% for buses sub-segment. Sale of MHCVs to decline 2-4% in 2018 as the replacement demand from large fleet operators continue to fall. In contrast, sale of LCVs is expected to grow over a high base. Improved private consumption expenditure-a key driver for LCVs, which are used to carry redistribution freight-will aid this growth, implying opportunity for component makers catering to this segment.
PASSENGER VEHICLES
(PVS)
Cars and Utility Vehicle (UVs) segment is expected to grow 7-9% in 2018 with rising disposable incomes aided by higher GDP growth. 70% of the PV segment is still constituted by small cars, which is extremely price sensitive market segment. Consumer preference continues to shift towards compact SUVs, Sedan components suppliers have relatively better bargaining power.
Two-wheelers (2W)
Sale of two-wheelers is expected to grow 8-10% in 2018 with motorcycles clocking and estimated 6-8% growth, assuming normal monsoon, and sale of scooters growing between 12-14%.
Tractors
Tractor sales are projected to grow 8-10% in 2018 over a high base, assuming normal monsoon. Suppliers of tractor components are likely to see improved returns from this year after two consecutive years of declining volumes in 2015 and 2016. Source: CRISIL Report
BUSINESS OPERATION
REVIEW
Switch & Handle
Bar Systems Division
Besides being the largest Indian manufacturer of switching
systems and handle bar solutions for two/three-wheelers serving almost all
major OEMs globally, MINDA Industries Limited (MIL) also develops switching
solutions for off-road vehicle segments. About 60% of the company’s standalone
revenue is generated by the Switch Systems Division. Its marquee customers
include Honda Motorcycles, Hero Motocorp, Royal Enfield, Yamaha Motors, and
Piaggio. Complementing the five switch system plants of MIL in India and PTMA
with its manufacturing facility in Indonesia and MIVCL in Vietnam. In addition,
a state-of-the-art design office in Japan to ensures design and development in
sync with latest switching solutions in the world. In its endeavour to be a
global leader and most preferred supplier of switch systems to two-wheelers and
offroad vehicles worldwide, the Switch Systems Division of MIL is focusing on
the development of innovative, cost-effective and quality solutions
Sensors Actuators and
Controllers Division
The Sensors Actuators and Controllers (SAC) Division was set
up in 2005 and rapidly grew into a leading supplier of electronic components to
OEMs in India such as General Motors, Mahindra, Volvo Eicher, Royal Enfield,
Tata, and Bajaj. The products include start-stop sensors, contact and
non-contact type speed sensors, HID ballast, tyre pressure monitoring systems,
electronic accelerator pedal modules, DC-AC converters, head lamp levelling
motors, etc. The ultramodern state-of-the-art production facility in Pune,
India routinely manufactures products that fully meet customer requirements and
exceed expectations.
Lighting Division
The Lighting Division of MIL specialises in designing, R&D, manufacturing and delivering end-to-end lighting solutions at competitive costs to OEMs. With a strong presence in the aftermarkets business, MIL produces premium lights for two-, three-, four-wheelers, as well as off-road vehicles. MIL is among the leading manufacturers of automobile lamps and signalling devices in India. Apart from its in-house engineering wing, MIL has a technical license with AMS Co. Ltd, Korea. The division operates across its plants at Pantnagar, Sonepat, Manesar and Pune. The client base includes the biggest OEM brands of the world like Maruti, Renault Nissan, M&M, Royal Enfield, Yamaha, Tata, Suzuki, Swaraj Mazda, and New Holland. In June 2016, MIL acquired the global lighting business of the Rinder Group based out of Spain (including its facilities in India, Spain and Columbia). The acquisition will enable MIL to further expand its presence in cutting edge lighting technology supported by Rinder’s extensive R&D centre in Spain.
Auto Gas Division
The Auto Gas Division manufactures LPG/CNG kits and
components for OEMs as well as for aftermarkets.
Acoustic Division
With MIL’s Acoustic Division accounting for 50% share in the offtake automotive horns in India, the company has emerged as a leading supplier to two/four-wheeler, off-road and commercial vehicle brands like Maruti Suzuki, Renault Nissan, Hyundai, Tata Motors, Bajaj Auto Ltd, Honda Motorcycles and Scooters, Royal Enfield etc. The manufacturing units at Manesar and Pantnagar are supported by a dedicated R&D team in the design, development, and production of highly durable, quality automotive horns that deliver optimum sound performance. In April 2013, MIL acquired Clarton Horns S.A.U., a leading manufacturer of automotive horns, trumpet horns and disc horns based out of Spain. With this acquisition, MIL came to be recognised as one of the top two players in automotive acoustics globally and gained access to leading European and American OEMs. The operations of Clarton Horn extended in Mexico in 2015, in order to cater to the American and Mexican market.
Battery Division
The Battery Division had two products in its portfolio-Ultimo which was a valve-regulated and Power Plus which was a flooded lead acid battery-both for two-wheelers. Currently focused on the aftermarket segment, battery business has been hived off to Minda Storage Batteries Limited, with effect from 1 April, 2017.
Fuel Cap Division
The market for fuel tank caps for four-wheelers has
historically been highly skewed in favour of imported products. This is
changing gradually with more OEMs opting to localise this component and substituting
imported caps with Indian makes, in particular, MINDA caps. The Fuel Cap
Division is therefore likely to see improved sales and margins in the
foreseeable future.
OUTLOOK
The Indian auto component industry is among the few sectors that have a distinct global competitive advantage in terms of cost and quality. UNO MINDA focuses on end-to-end product solutions for the OEMs, from product development to manufacturing with the promise of reliability and technological contemporaneity. The company also provides aftermarket services at competitive prices both in India and abroad. UNO MINDA is clearly positioned as a technology leader across product lines, backed by strong R&D and strategic JVs with leading technology partners across segments. Innovation and constant up gradation of products with enhanced features has been a key business strategy
While on the one hand, the Indian Automotive market is witnessing the increased participation of global players, the shortened product life cycles, on the other, are opening up bigger opportunities for Indian OEMs to become global players in the true sense. It is also an opportunity for India to become a global hub for automotive components
The Indian auto component market is likely to see regulatory changes in the near future with an emphasis on mandatory vehicular safety features such as air bags and reverse parking sensor systems. Many products considered premium features today will become part of the standard kit in coming years. At MIL, we continuously evaluate our product portfolio and its technology readiness for the future, in the face of challenges posed by both emerging and disruptive technologies. The company has a long standing relationship with all OEMs that could only be built on the years of remarkable responsiveness that MIL displayed to their ever-changing needs.
As always, UNO MINDA intends to seize every emerging
opportunity by investing in technology, processes and people to achieve its
goal of becoming a leading auto component manufacturer globally
FIXED ASSETS:
Tangible
· Land
·
Buildings
·
Plant and machinery
·
Furniture and fixtures
·
Vehicles
·
Office equipment
· Computers
Intangible
·
Goodwill
·
Technical knowhow
·
Computer software
PRESS RELEASE:
MINDA INDUSTRIES TO ACQUIRE STAKE IN MI
TORICA INDIA
30.08.2017
The shares of Minda
Industries soared by nearly 4% intraday during Wednesday’s trading session
after the company reported that its board approved the acquisition of 60% stake
in MI Torica
The shares of Minda Industries soared by nearly 4% intraday during Wednesday’s trading session after the company reported that its board approved the acquisition of 60% stake in MI Torica.
The board of director provide the approval to acquire 60% stake of MT Torica India, comprising of 54,00,000 equity shares of the face value of INR 10 each from the shareholders including related parties at INR 16.29 per share, for a total consideration up to INR 88.000 million, the company informed in a filing to the bourses on Tuesday post market hours.
Post the acquisition, MI Torica will become a subsidiary of the company. MI Torica is a joint venture company, in which NK Minda Group is holding 60% equity, while 40% equity is held by Tokal Rika Create Corporation (TRCC), Japan.
Minda Industries offers a range of products across various verticals of auto components, such as switching systems, acoustic systems and alloy wheels, among others.
Meanwhile, the stock was trading higher by 3.43% at INR 831 per share on BSE at 1030 hours. It opened at INR 820 per share. The stock witnessed a spurt in volume by more than 1.19 times. It attracted a total traded volume of 67,744 shares and traded value of INR 56.138 million on NSE at 1028 hours.
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
|
INR |
|
US Dollar |
1 |
INR 64.94 |
|
UK Pound |
1 |
INR 90.72 |
|
Euro |
1 |
INR 80.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.