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Minda Corporation Ltd.

BSE: 538962 Sector: Auto
NSE: MINDACORP ISIN Code: INE842C01021
BSE 00:00 | 28 Feb 106.75 -3.25
(-2.95%)
OPEN

107.50

HIGH

107.60

LOW

103.70

NSE 00:00 | 28 Feb 106.95 -3.00
(-2.73%)
OPEN

108.25

HIGH

108.25

LOW

103.50

OPEN 107.50
PREVIOUS CLOSE 110.00
VOLUME 14359
52-Week high 156.60
52-Week low 65.50
P/E 18.86
Mkt Cap.(Rs cr) 2,425
Buy Price 105.00
Buy Qty 155.00
Sell Price 107.40
Sell Qty 100.00
OPEN 107.50
CLOSE 110.00
VOLUME 14359
52-Week high 156.60
52-Week low 65.50
P/E 18.86
Mkt Cap.(Rs cr) 2,425
Buy Price 105.00
Buy Qty 155.00
Sell Price 107.40
Sell Qty 100.00

Minda Corporation Ltd. (MINDACORP) - Company History

Minda Corporation Ltd was incorporated in the year March 11th 1985 with the name Minda Switch Auto Private Limited for manufacture of Ignition Switches for Indian Automotive Industry and is the flagship company of Spark Minda Ashok Minda Group which was part of erstwhile Minda Group. The Company has 28 manufacturing facilities located across various parts of India including Maharashtra National Capital Region Tamil Nadu Uttarakhand Karnataka and Madhya Pradesh and 6 global manufacturing facilities in Germany Czech Republic Poland Mexico Indonesia and Vietnam. In addition it has a design office located in Japan.Minda Corporation Ltd is one of the largest suppliers of 2 wheeler 3 wheeler and Off Road vehicles Electronic & Mechanical Security System. The company is a diversified company with a product portfolio encompassing from mechanical & electronic security system door system electronic controllers for electric vehicles plastic interiors and for auto OEM's across the Globe. The company also manufactures Die Casting Parts and high-class Surface Finishing parts for auto and consumer durable industry. They supply their products to Indian OEM's and export about 20% of their products to USA UK Europe & South East Asia and ASEAN countries. The company is headquartered at Noida.The company is the only company in India to have their own- patented Magnetic Shutter for 2- wheeler application. They design & manufacture immobilizers for 2 wheel vehicle applications and also has patent for Immobilizer application for vehicles operating with drained or no battery condition. They are also the first company in India to develop a controller for e- bikes. The company has a state of the art Surface Finishing Division which is capable of plating Nickel Chrome Copper Brass Electrophoretic Lacquering Powder & Wet painting facility to give any type of finish to their products. They have their Die Casting Division which develops Aluminium & Zinc Die Cast parts not only for Captive consumption but also for other Tier 1 & OEM customers in India and abroad. In the year 1996 the company joined hands with Huf Hulsbeck Furst GmbH & Co. KG Germany and became a Joint Venture Company known as Minda Huf Ltd. Initially; they started making Ignition Switches for the service market. During the year 2003-04 the company introduced Electronic Security System to various OEM's and launched their products for Tata Motors Mahindra & Mahindra Hyundai and Hero Honda. They also launched their products in the replacement market. During the year 2006-07 the company terminated the joint venture agreement with Huf Hulsbeck & Furst GmbH & Co. KG Germany with effect from October 28 2006. Accordingly the name of the company was changed from Minda Huf Ltd to Minda Corporation Ltd with effect from March 28 2007.In the year 2007 the company diversified into manufacturing of Door System in order to cater to the Indian OEM's expectation of European technology with technical assistance from Castellon SA of Spain for design & manufacturing of Window Regulators. In April 2 2007 the company hived off their 4-wheeler Security System Business in order to expand the business of the company into new product lines. Also they started commercial production from their new plant at Pantnagar in Uttarakhand. In April 22 2007 the company acquired 100% ownership of KTSN Kunststoffechnik Sachsen GmbH & Co. KG in Germany a limited liability partnership engaged in manufacturing of interior plastic moulded parts and supplying to major OEM's such as Volkswagen Daimler BMW etc. This acquisition has resulted in availability of latest technology in the field of interior system and expanding of customer base in European market. During the year 2007-08 the company entered the business transfer agreement with Minda Sons (Partnership Firm) and acquired the whole undertaking of Minda Sons situated in Pant Nagar Uttarakhand as going concern with effect from February 1 2008. During the year 2008-09 the company acquired the manufacturing units of Minda S.M. Technocast Ltd engaged in the business of die-casting of manufacturing of automotive components located at Pune and Greater Noida and one manufacturing unit of Tuff Surface Finishing Pvt Ltd located at Greater Noida with effect from April 01 2009. During the year 2009-10 the company acquired the die-casting surface finishing and other market business for four wheelers. They started their Plastic Division with the support of their group companies in Europe. Also they established a Design Centre in Tokyo Japan in association with the group companies in order to develop high quality products for Japanese OEM's. The company is planning to introduce new range of products such as Wiper System for four wheelers and e-Bike Controllers for BLDC motors both for OEM and after-market in India and abroad. They are in the discussion with the prospective foreign collaborators for the technological and financial upgradation of their existing product range introduction of new range of components considering the future demand from automakers in India and abroad.During FY 2014 the Company completed the consolidation of its operations during the year to simplify and strengthen its operations. Certain less profitable operations have also been closed down. Going forward the consolidated business will improve overall profitability. At the end of the year the Company has 100% ownership in its subsidiaries Minda Europe Minda SAI Minda Automotive Solutions Minda Management and Minda KTSN.During the year under review the Company acquired an additional 2% stake in Minda Furukawa Electric Private Limited. Consequently Minda Furukawa Electric Private Limited has become a subsidiary of the Company with effect from 1 October 2014.During the year 2015 the Company set up a new plant in Czech Republic under Minda KTSN Germany. The Plant would manufacture Ashtray Storage Box Cup Holders and other sub-assemblies (air vent). Minda Furukawa Electric Private Limited has setup two new plants one in Noida and second in Chennai.In FY 2015 Minda Management Services Limited a subsidiary of the Company entered into a 50:50 joint venture with the US-based Vehicle Access Systems Technology LLC (VAST) for vehicle access components and systems targeted at auto manufacturers. The joint venture entity Minda VAST Access Systems Private Limited (Minda VAST) will have operations in Pune and Delhi-NCR. VAST a global supplier of security/access control products for the motor vehicle industry will provide support to the JV for the locksets steering column locks latches strikers socket bows handles immobilisers passive entry start systems ignition switches hinges and power access.During the year 2015 the Company added new products such as MCL- Magnetic module lock set (mainly for scooters) Minda VAST- Electric steering column lock identifier Passive entry Door handle Latches and MASL- Control cables CDI Filters Wiper blades Ingnition coil Regulator Rectifier.The Company acquired 100% stake in Panalfa Autoelektrik Limited (PAL) with effect from 4 April 2016 after closure of the financial year under review. PAL caters to the agriculture machinery stationary engine construction equipment and automotive markets globally. PAL has its manufacturing facility located at Bawal Haryana. Its products are supplied to OEMs in India and also exported to European markets. Key customers of PAL include Eicher Escorts Greaves HMT Magneton New Holland Polaris Sonalika and TAFE.During FY2016 the Company launched new advanced product line for 2 wheelers and 4 wheelers. This new line includes high value products such as oil-dipped ready to install clutch plates brake shoe for 2 wheelers and automotive filters.During the year 240000 0.001% Cumulative Redeemable Preference Shares of Rs 800/- each were redeemed for cash at par out of the profit of the Company which would otherwise be available for dividend vide passing a Board resolution dated 13th September 2017.During the year 2018 the Company completed the setting up of its 3rd Die-Casting Plant at Chakan Pune. The commercial production in the new plant started in the 2nd quarter of FY2018. This plant is the Competency Centre for Excellence - Gravity Die Casting & Low Pressure Die Casting with High precision Machining Centre and Powder Coating. It is also well equipped with test lab with added facilities like X-Ray Metallurgy & Mechanical and Environmental test equipments.During the year 2019 the Company had initiated a Scheme of Amalgamation involving merger of five wholly owned subsidiaries i.e Minda Management Services Limited Minda SAI Limited Minda Automotive Solutions Limited Minda Autoelektrik Limited and Minda Telematics and Electric Mobility Solutions Private Limited (Transferor Companies) into the Company. In this regard the Honourable National Company Law Tribunal (NCLT) New Delhi Bench has approved the Scheme vide its order dated July 19 2019. The scheme shall be effective upon filing of the certified copy with the Registrar of Companies Delhi. Amalgamation of the Transferor Companies into and with the Company shall result in consolidation of the businesses. The Amalgamation is expected to be beneficial as it would create greater synergies among the businesses and would enable them to have access to wider financial resources increase the managerial efficiencies lowering of cost structure and higher transparency. All assets and liabilities of the transferor companies shall be transferred to Company at book value as on the designated Appointed Date of April 012018.During the year 2019 the investment of the Company in its joint venture company Furukawa Minda Electric Private Limited (Formerly Known as Minda Furukawa Electric Private Limited) has been reduced and the present shareholding of the Company in the said JV is 25%. The shareholding of Japanese joint venture partner has been increased to 75%.On 21st May 2018 the Company issued and allotted 17910645 equity shares of Rs 2/- each to eligible Qualified Institutional Buyers (QIB) at issue price of Rs 173.47 per equity share aggregating to Rs 310.69 Crore under Qualified Institutional Placement.