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Minda Industries Ltd.

BSE: 532539 Sector: Auto
BSE 00:00 | 16 Aug 416.20 -0.85






NSE 00:00 | 16 Aug 416.25 -1.00






OPEN 424.40
VOLUME 11342
52-Week high 455.00
52-Week low 253.56
P/E 78.23
Mkt Cap.(Rs cr) 10,913
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 424.40
CLOSE 417.05
VOLUME 11342
52-Week high 455.00
52-Week low 253.56
P/E 78.23
Mkt Cap.(Rs cr) 10,913
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Minda Industries Ltd. (MINDAIND) - Director Report

Company director report


To the Members of Minda Industries Limited

The Board of Directors hereby submits the report on business and operation of yourCompany alongwith the audited financial statements for the financial year ended on 31March 2017. The standalone performance of the Company and consolidated with itssubsidiaries joint venture and associate companies is summarised below:

Results of our Operation (H in Crores except per equity share data)




2016-17 2015-16 2016-17 2015-16
Sales / Income from Operations 1639.45 1468.74 3505.03 2527.34
Other Income 24.81 22.38 13.87 13.97
Profit Before Tax 118.99 98.85 222.45 138.70
Tax Expense 24.17 19.47 48.85 27.74
Profit before minority interest and share in net profit of associate 94.82 79.38 173.60 110.96
Share in net profit of associate - - 14.51 11.67
Minority interest - - (20.03) (11.49)
Profit for the year 94.82 79.38 168.08 111.14
Preference shares 0.11 0.11 0.11 0.11
Equity shares
Interim Dividend 9.52 4.76 9.52 4.76
Final Dividend 8.64 6.35 8.64 6.35
Total Dividend 18.16 11.11 18.16 11.11
Dividend Tax 1.94 2.28 1.94 2.28
Earnings per share (EPS)
Basic (in H) 11.94 9.99 21.17 13.99
Diluted (in H) 11.88 9.99 21.08 13.99

Financial - Standalone

Revenue from operations on a standalone basis increased to H1639.45 Crores fromH1468.74 Crores in previous year at a growth rate of 12%. The profit before tax wasH118.99 Crores as against H98.85 Crores in the previous year. Net profit was H94.82 Croresas against H79.38 Crores in the previous year.

Financial - Consolidated

Revenue from operations on a consolidated basis increased to H3505.03 Crores fromH2527.34 Crores in previous year at a growth rate of 39%. The profit before tax wasH222.45 Crores as against H138.70 Crores in the previous year. Net profit was H168.08Crores as against H111.14 Crores in the previous year.


Dividend- Equity Shareholders

The Board in its meeting held on 7 February 2017 declared an interim dividend ofH1.20 per equity share. Further the Board in its Meeting held on 16 May 2017 hasrecommended a final dividend of H1.00 per equity share for the Financial Year ended on 31March 2017 subject to the approval of shareholders at the ensuing Annual General Meetingto be held on 29 August 2017.

The total dividend for 2016-17 aggregates to H2.20 per equity share of the face valueof H2 each as compared to H7 per equity share of the face value of H10 each for 2015-16.

The total dividend declared (excluding dividend tax) for the current year is H18.16Crore as against Crore.

The Register of Members and share Transfer Books will remain closed from Wednesday 23August 2017 to Tuesday 29 August 2017 (inclusive of both days) for the purpose ofpayment of final dividend to the equity shareholders of the company for the year ended on31 March 2017.

The dividend will be paid to members whose names appear in the Register of Members ason 22 August 2017.

Dividend- Preference Shareholders

The dividend of H0.30 was paid to the Preference shares of H10 each on 17 February2017 on 3500000 3% Cumulative Redeemable Preference shares amounting to H0.11 Crore(previous year H0.11 Crore) subject to the approval of shareholders as a final dividend.

Transfer to Reserve

The company has not proposed any amount to be transferred to the General Reserve.

Share Capital

As on 31 March 2017 the paid up equity share capital of the company was H15.87Crores. During the year 3500000 3% Cumulative Redeemable Preference shares of H10 eachwere redeemed on 20 February 2017 as per the approved terms.

Sub-division of equity Shares

During the year equity share of the company having face value of H10 (Rupees Ten) eachfully paid-up was sub-divided into 5 (Five) Equity shares having face value of H2 (RupeesTwo) each fully paid up w.e.f. 14 September 2016 being the "Record Date".

Qualified Institutional Placement (QIP)

On 3 April 2017 the Company allotted 7092125 equity shares of H2 each to eligiblequalified institutional buyers at issue price of H423 per equity share aggregating toH2999.97 Lacs under QIP.

Employee Stock Option Scheme

In order to motivate incentivise and reward employees your Company has introducedMinda Employee stock Option scheme-2016 ("Esos 2016") to provide equity basedincentives to the employees of the Company including its subsidiary companies.

The above scheme was approved by the shareholders on August 11 2016. The scheme isadministered by the Nomination and Remuneration Committee of the Board of Directors.During the year 986750 options were granted to eligible employees.

Pursuant to the provisions of sEBI (share Based Employee Benefits) Regulations 2014disclosure with respect to the Esos 2016 scheme of the Company as on March 31 2017 isenclosed as Annexure A to this Report and has also been uploaded on the Company's websiteat .

The stock option scheme is in compliance with sEBI (share Based Employee Benefits)Regulations 2014 (‘Employee Benefits Regulations') and there have been no changes tothe plan during the financial year.

A certificate the statutory Auditors with respect to the implementation of theCompany's Esos schemes would be placed before the shareholders at the ensuing AnnualGeneral Meeting. A copy of the same will also be available for inspection at the Company'sregistered office.

During the year under review the Company has not issued any shares with differentialvoting rights nor sweat equity.


The Company has not accepted any fixed deposits under section 73 of the Companies Act2013 during the year and as such no amount of principal or interest was outstanding ason the date of the Balance sheet.


The equity shares of the Company are listed with BsE Limited and National stockExchange of India Limited. There are no arrears on account of payment of listing fees tothe stock Exchanges.

Particulars of Loans Guarantees or Investments

Details of Loans Guarantees and Investments covered under section 186 of the CompaniesAct 2013 forms part of the Notes to the Financial statements provided in this AnnualReport.

Awards and Recognition

During the year the company was facilitated with several awards including theDevelopment Award won by switch Division from HMsI and Quality Award won by Lighting andAcoustic Division from Escorts Ltd. In addition to this switch Division was awarded withthe CII Industrial Innovative Awards as among the "25 most innovative Company".

Corporate Social Responsibility Initiatives

As part of its initiatives under Corporate Social Responsibility (CSR) the CsRCommittee has been entrusted with the prime responsibility of recommending to the Boardabout Corporate social Responsibility Policy which shall indicate the activities to beundertaken by the company as specified in schedule VII of Companies Act 2013 the amountof expenditure to be incurred on CsR activities and monitoring the implementation of theframework of the CsR Policy and recommending the amount to be spent on CsR activities.

The details of the CsR Policy of the Company are available on our The CsR Report is enclosed as Annexure-B to the Board's Report.

Conservation of Energy Technology Absorption and Foreign Exchange Earnings and Outgo

The information on conservation of energy technology absorption and foreign exchangeEarnings and Outgo stipulated under section 134(3)(m) of the Companies Act 2013 read withRule 8 of The Companies (Accounts) Rules 2014 is enclosed as Annexure-C.

Corporate Governance

The report on Corporate Governance together with the Certificate regarding theCompliance of conditions of Corporate Governance as stipulated in Regulation 34(3) readwith schedule V of the sEBI (Listing Obligations and Disclosure Requirements) Regulations2015 is enclosed as Annexure -D.

The Company is committed to maintain the highest standards of Corporate Governance andadhere to the Corporate Governance requirements.

The Certificate issued by M/s. sanjay Grover & Associates Company secretary inPractice regarding the Compliance of conditions of Corporate Governance as stipulated inRegulation 34(3) read with schedule V of the sEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 is enclosed as Annexure-E.

Risk Management Policy

The Company has laid down the procedures to inform Board members about risk assessmentand minimisation procedures. The Board of Directors of the Company has framed RiskManagement Policy which can be assessed on Company's website

The Policy forms part of the internal control and corporate governance process of theCompany. The aim of the policy is not to eliminate risks rather to manage the risksinvolved in the company activities.

Internal Financial Control and its adequacy

The Board has adopted policies and procedures for ensuring the orderly and efficientconduct of its business including adherence

safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation of reliablefinancial and its disclosures.

The internal control and governance process are duly reviewed for the adequacy andeffectiveness through regular testing of key controls by management and independentinternal auditors.

Human Resource Management

The management firmly believes that employees' motivation development and engagementare key aspects of good human resource management. several forum and communicationchannels are provided to our employees to share their views and give their feedback.Leadership Development Competency Assessment Talent Management Capability Enhancementand Employee Empowerment continues to be key areas.

Particulars of Employees

The ratio of remuneration of each director to the median of employees' remuneration asper section 197(12) of the Companies Act 2013 read with Rule 5(1) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 is enclosed as Annexure- F.

In accordance with the provisions of section 197(12) of the Act and Rule 5(2) of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 the namesand other particulars of employees are available with the Company. In terms of provisionsof section 136(1) of the Act this report is being sent to the members without thisannexure. shareholders interested in obtaining a copy of the annexure may write to theCompany secretary.

Vigil Mechanism

Your Company is committed to highest standards of ethical moral and legal businessconduct. Accordingly the Board of Directors have formulated Whistle Blower Policy whichis in compliance with the provisions of section 177(10) of the Companies Act 2013 andRegulation 22 of the sEBI (Listing Obligations and Disclosure Requirements) Regulations2015. The reportable matters are to be disclosed to Audit Committee. No personnel has beendenied access to the Audit Committee.

Directors and Key Managerial Personnel

As on 31 March 2017 there were five (5) Directors on the Board of your companyconsisting of three (3) Independent Directors one (1) Non-Executive Director and aChairman & Managing Director (CMD). Mr. Nirmal K Minda is on the Board of the Companysince 16 september 1992 and was appointed as Chairman and Managing Director on 25 May2010.

On the recommendation made by the board at its meeting held on 30 March 2016 theshareholders at its meeting held on 11 August 2016 approved the re-appointment of Mr.Nirmal K Minda as Chairman and Managing Director of the Company for a period of two yearsfrom 1 April 2016 to 31 March 2018.

In compliance with section 149 of the Act Mr. satish sekhri Mr. Alok Dutta and Ms.Renu Challu are the Independent Directors of the Company. They have submitted thedeclaration(s) that each of them meets the criteria of independence as provided in section149(7) of the Act and there has been no change in the circumstances which may affect theirstatus as independent director during the year. Ms. Renu Challu is Independent womanDirector of your Company.

Mr. Nirmal K Minda Chairman & Managing Director; Mr. sudhir Jain Group CFO andMr. H. C. Dhamija Vice President-Group Accounts Legal secretarial Indirect Taxation& Company secretary of the Company are the Key Managerial Personnel as per theprovisions of the Companies Act 2013.

None of the Key Managerial Personnel have resigned or appointed during the year exceptreappointment of Mr. Nirmal K Minda Chairman and Managing Director of the Company.

Appointments / Resignations from the Board of Directors

The tenure of appointment of Ms. Renu Challu as an Independent Director on the Boardof the Company was upto 18 December 2016. The shareholders at their meeting held on 11August 2016 approved the re-appointment of Ms. Renu Challu for a further period of 2years

Ms. Renu Challu has given a declaration to the Board that she meets the criteria ofindependence as provided under section 149(7) of the Act. In the opinion of the Board shefulfils the conditions specified in the Act and the Rules for such an appointment.

Directors retiring by rotation

In accordance with the provisions of the Companies Act 2013 and in terms of Articlesof Association of the Company Mr. Nirmal K Minda retires by rotation and is eligible forre-appointment.

Board Evaluation

Pursuant to the corporate governance requirements as prescribed in the Companies Act2013 and the securities and Exchange Board of India (Listing Obligations and DisclosureRequirements) Regulations 2015 ("sEBI Listing Regulations") the Board ofDirectors has carried out an annual evaluation of its own performance Board Committeesand of individual directors.

In a separate meeting of independent directors performance of nonindependentdirectors performance of the Board as a whole and performance of the chairman wasevaluated taking into account

the views of other directors. Performance evaluation of independent directors was doneby the entire board excluding the Independent Director being evaluated.

Familiarisation programme for Board Members

Your Company has in place a structured induction and familiarisation programme for allits Directors including the Independent Directors. Your Company through such programmesfamiliarises not only the Independent Directors but any new appointee on the Board with abrief background of your Company their roles rights responsibilities nature of theindustry in which it operates business model operations ongoing events. They are updatedon all business related issues and new initiatives. They are also informed of theimportant policies of your Company including the ‘Code of Conduct for Directors andsenior Management Personnel' and the ‘Code of Conduct for Prevention of InsiderTrading.'

Policy on Directors' appointment and remuneration

The Policy is to have an appropriate mix of executive and independent directors tomaintain the independence of the board and separate its functions of governance andmanagement. On 31 March 2017 the Board consists of five members out of which one isexecutive director one is non-executive director and remaining three are independentdirectors. The policy of the company on directors' appointment and remuneration includingcriteria for determining qualifications positive attributes independence of a directorand other matters as required under sub-section (3) of section 178 of the Companies Act2013 is available on our website . There has been no change in thepolicy since the last financial year.

Meetings of Board and Audit Committee

During the year seven (7) Board Meetings and seven (7) Audit Committee meetings wereconvened and held. The details of which are given in the Corporate Governance Report. Theintervening gap between the meetings was within the period prescribed under the CompaniesAct 2013.

Committees of the Board

The Company has the following committees which have been established as a part of thecorporate governance practices and are in compliance with the requirements of the relevantprovisions of applicable laws and statutes.

• Audit Committee

• Nomination and Remuneration Committee

• stakeholders Relationship Committee

• Corporate social Responsibility Committee

The details with respect to the compositions powers roles terms of reference andnumber of meetings held during the year of relevant committees are given in detail in theCorporate Governance Report of the Company which forms part of this Board's Report.

Directors' Responsibility Statement

To the best of their knowledge and belief and according to the information andexplanations obtained by them your Directors make the following statements in terms ofsection 134 (5) of the Companies Act 2013:

a) that in the preparation of the annual financial statements for the year ended 31March 2017 the applicable accounting standards have been followed;

b) that accounting policies have been selected and applied consistently and judgmentand estimates have been made that are reasonable and prudent so as to give a true and fairview of the state of affairs of the Company as at 31 March 2017 and of the profit of theCompany for the year ended on that date;

c) that proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;

d) that the annual financial statements have been prepared on a going concern basis;

e) that proper internal financial controls were in place and that the financialcontrols were adequate and were operating effectively.

f) that systems to ensure compliance with the provisions of all applicable laws were inplace and were adequate and operating effectively.

Code ofConduct

The Company has in place a comprehensive Code of Conduct (the Code) applicable toDirectors Independent Directors and senior Management Personnel. The Code gives guidancefor ethical conduct of business and compliance of law. The Code reflects the values of theCompany. A copy of the Code has been put on the Company's website . TheCode has been circulated to Directors and Senior Management Personnel and its complianceis affirmed by them annually.

Prevention of Insider Trading

The Board has formulated the Code of Practice for Fair Disclosure of Un-published Pricesensitive Information and the Code of Conduct for regulating monitoring and reporting ofTrading of shares by Insiders.

The above code lays down guidelines procedures to be followed and disclosures to bemade while dealing with shares of the Company and cautioning them on consequences ofnon-compliances. The copy of the same is available on the website of the Company.

Transfer of Battery Division

The shareholders of the Company approved the transfer of Battery Division situated atPant Nagar Uttrakhand to its subsidiary namely Minda storage Batteries Private Limited.

The above stated unit has been transferred to Minda storage Batteries Private Limitedon 1 April 2017.

Joint Venture Agreement(s)

During the year the company has entered into Joint Venture Agreement with OnkyoCorporation Japan to design develop and manufacture of speaker and speaker system(s)wherein the shareholding has been agreed at 50:50. The project will be set up at BawalHaryana.

The company has also entered into Joint Venture Agreement with Katolec CorporationJapan to manufacture Printed Circuit Boards (PCB) and Box Build Assemblies wherein theshareholding has been agreed at 51:49 i.e. 51% shareholding by Minda Industries Limitedand 49% shareholding by Katolec Corporation Japan. The project will be set up at PuneMaharashtra.

In addition to above on 27 April 2017 the Company has entered into Joint VentureAgreement with Tung Thih Electronic Co. Ltd. Taiwan (TTE) to design develop andmanufacture of Driving Assistance Products and systems (DAPs) wherein the shareholdinghas been agreed at 50:50.

Related Party Transactions

The related party transactions during the financial year were in the ordinary course ofbusiness and on arm's length basis.

Transactions with related parties are disclosed in Notes to the Financial statementsprovided in this Annual Report. since all the Related Party Transactions that were enteredinto during the financial year were on arm's length basis and were in the ordinary courseof business no details are required to be provided in Form AOC-2 prescribed under clause(h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts)Rules 2014.

The Related Party Transactions are placed before the Audit Committee and also beforethe Board for approval. Prior omnibus approval of the Audit Committee is obtained on ayearly basis for the transactions which are of a foreseen and repetitive nature.

The transactions entered into pursuant to the omnibus approval so granted are reviewedand a statement giving details of all related party transactions is placed before theAudit Committee and the Board of Directors for their approval.

In accordance with the requirements of sEBI (Listing Obligations & DisclosureRequirement) Regulations 2015 the Company has also adopted the Policy on Related PartyTransactions and the same has been uploaded on the website of the company.

Subsidiaries Joint Ventures and Associates

At the beginning of the year your Company has 9 direct subsidiaries 6 step downsubsidiaries 1 joint venture and 5 associates including 2 partnership firms. During theyear under review 3 subsidiaries 1 step down subsidiary and 2 Joint Ventures were added.As on 31 March 2017 your Company has 12 direct subsidiaries 7 step down subsidiaries and5 associates including 2 partnership firms. In addition to this there are 3 joint ventureCompanies as on 31 March 2017.

During the year the following investments/ additional investments were made in thefollowing Companies:


Name of the Company Number of shares Face value per share Amount of Investment J in Crore)
Minda Kosei Aluminum Wheel Private Limited 32732000 H10 32.73
Minda TG Rubber Private Limited 5927730 H10 5.93
Global Mazinkert s.L. 2100000 Euro 1 15.98
Rinder India Private Limited 84996 H100 39.68
Minda storage Batteries Private Limited 188600000 H10 9.05

Joint Venture

Name of the Company Number of shares Face value per share Amount of Investment J in Crore)
Roki Minda Co. Private Limited 40924800 H10 43.08
Name of the Company Number of shares Face value per share Amount of Investment J in Crore)
Kosei Minda Aluminum Company Private Limited 4178571 H10 4.18

Shareholding % in Subsidiaries Joint Ventures and Associates as on 31 March 2017

Entity % age of shareholding
Minda Distribution and services Ltd. 100.00
Minda Auto Components Ltd. 100.00
Rinder India Pvt. Ltd. 100.00
Minda storage Batteries Pvt. Ltd. 100.00
Global Mazinkert s.L. 100.00
MJ Castings Ltd. 98.00
Minda Kyoraku Ltd. 71.66
Minda Kosei Aluminum Wheel Pvt. Ltd. 69.99
Minda TG Rubber Ltd. 51.00
sAM Global Pte Ltd. 51.00
YA Auto (Partnership Firm) 51.00
PT Minda Asean Automotive 50.68
Step Down Subsidiaries
Clarton Horn spain 100.00
Clarton Horn Morocco sARL 100.00
CH signalakustic GmbH 100.00
Clarton Horn Mexico 100.00
PT Minda Trading 100.00
Minda Industries Vietnam Co. Ltd. 100.00
Light & systems Technical Center s.L. spain 100.00
Joint Ventures
Rinder Riduco s.A.s. Columbia 50.00
Minda EMER Technologies Limited 49.10
Roki Minda Co. Pvt. Ltd. 49.00
Yogendra Engineering (Partnership Firm) 48.90
Auto Components (Partnership Firm) 48.90
Kosei Minda Aluminum Co. Pvt. Ltd. 30.00
Mindarika Pvt. Ltd. 27.08
Minda NexGenTech Ltd. 26.00

During the year the Board of Directors (‘the Board') reviewed the affairs of thesubsidiaries. In accordance with section 129(3) of the Companies Act 2013 theconsolidated financial statements of the Company have been prepared which forms part ofthis Annual Report. Further a statement containing the salient features of the financialstatements of our subsidiaries in the prescribed format AOC- 1 forms part of AnnualReport. The statement also provides the details of performance and financial position ofeach of the subsidiaries Joint Venture Companies and associates and their contribution tothe overall performance of the company.

The Financial Statements of the subsidiary companies are not being attached with theBalance sheet of the Company. However in accordance with section 136 of the CompaniesAct 2013 the audited financial statements including the consolidated financialstatements and related information of the company and audited accounts of each of itssubsidiaries are available on our website . These documents will also beavailable for inspection during business hours at our registered office.

Auditors and Auditors' Report Statutory Auditors

M/s. B s R & Co. LLP Chartered Accountants were appointed as statutory Auditors ofthe Company at the Annual General Meeting (AGM) held on 11 August 2016 to hold officeuntil the conclusion of third consecutive Annual General Meeting subject to theratification by the shareholders at next annual general meeting(s). They have confirmedtheir eligibility to the effect that their re-appointment if made would be within theprescribed limits under the Act and that they are not disqualified for re-appointment.Therefore ratification of appointment of statutory Auditors is being sought from themembers of the company at the ensuing AGM.

The Auditors' Report does not contain any qualification reservation or adverse remark.The Auditors' Report is enclosed with the financial statements in the Annual Report.

During the year the Auditors have not reported any matter under section 143 (12) ofthe Act therefore no detail is required to be disclosed under section 134 (3)(ca) of theAct.

Cost Auditors

The Board of Directors on the recommendation of the Audit Committee has appointed M/s.Jitender Navneet & Co. Cost Accountants as a Cost Auditors for the Financial Year2017-18.

Secretarial Auditors

The Board has appointed M/s. sanjay Grover & Associates Practising Companysecretaries to conduct secretarial audit for the financial year 2016-17. The secretarialAudit Report for the financial year ended 31 March 2017 is enclosed as Annexure-G. Thesecretarial audit report does not contain any qualification reservation or adverseremarks.

Consolidated Financial Statements

The Consolidated Financial statements of the Company prepared in accordance withrelevant Accounting standards (As) viz. As 21 As 23 and As 27 as prescribed under theAct form part of this Annual Report.

Disclosure under the Sexual Harassment of Women at Workplace (Prevention Prohibitionand Redressal) Act 2013

Your Company has always believed in providing a safe workplace to every individualworking in Company's premises through various interventions and practices. The Companyalways endeavours to

create and provide an environment that is free from discrimination and harassmentincluding sexual harassment. The Company has in place a robust policy on prevention ofsexual harassment at workplace. The policy aims at prevention of harassment of employeesas well as contractors and lays down the guidelines for identification reporting andprevention of sexual harassment. There is an Internal Complaints Committee (ICC) which isresponsible for redressal of complaints related to sexual harassment and follows theguidelines provided in the policy. During the year no complaints were received.

Significant and Material Orders

No significant or material orders were passed by the Regulators or Courts or Tribunalswhich impact the going concern status and Company's operations in future.

Extract of Annual Return

The details forming part of the extract of the Annual Return in form MGT 9 is enclosedas Annexure-H.

Management Discussion & Analysis Report

Pursuant to sEBI (Listing Obligations and Disclosure Requirements) Regulations 2015Management Discussion & Analysis is enclosed as Annexure -I.

Business Responsibility Report

A detailed Business Responsibility Report in terms of the provisions of Regulation 34of the Listing Regulations is available as a separate section in this Annual Report.


Your Directors thank the various Central and state Government Departmentsorganisations and agencies for the continued help and co-operation extended by them.

Your Directors also gratefully acknowledge all stakeholders of the Company viz.shareholders customers dealers vendors banks and other business partners for theexcellent support received from them during the year. The Directors place on record theirsincere appreciation to all employees of the Company for their unstinted commitment andcontinued contribution to the Company.

For and on behalf of the Board of Directors
For Minda Industries Ltd.
Nirmal K Minda
Place: Gurgaon (Haryana) Chairman & Managing Director
Date : 16 May 2017 DIN:00014942