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Minda Industries Ltd.

BSE: 532539 Sector: Auto
NSE: MINDAIND ISIN Code: INE405E01023
BSE 00:00 | 22 Oct 762.60 5.75
(0.76%)
OPEN

752.00

HIGH

769.90

LOW

749.60

NSE 00:00 | 22 Oct 764.70 9.05
(1.20%)
OPEN

747.10

HIGH

770.75

LOW

747.10

OPEN 752.00
PREVIOUS CLOSE 756.85
VOLUME 22460
52-Week high 833.60
52-Week low 315.00
P/E 112.64
Mkt Cap.(Rs cr) 21,780
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 752.00
CLOSE 756.85
VOLUME 22460
52-Week high 833.60
52-Week low 315.00
P/E 112.64
Mkt Cap.(Rs cr) 21,780
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Minda Industries Ltd. (MINDAIND) - Company History

Minda Industries Limited was incorporated on 16 September 1992 as the flagship company of the Minda Group. The company is engaged in the business of manufacturing of auto electrical parts and components including auto electrical parts such as switches lightings batteries and blow moulded products and ancillary services. The company designs develops and manufactures switches for 2/3 wheelers and off-road vehicles. In addition the company manufactures batteries for 2/3/4 wheelers and off-road vehicles. The company enjoys more than 70% market share in the 2/3-wheeler segment in India and is amongst the top few globally. It has established 8 state of the art facilities spread across the length & breadth of India and one in the ASEAN region and employs more than 2800 people. Its products range include Switch 2W/HBA sensors actuators controllers Switch 4W/HVAC mirrors lighting HLL Motors horns compressed natural gas (CNG)/liquid petroleum gas (LPG) kits batteries blow molding components wheel covers seat belts seating and systems and cigar lighter. Its two-wheeler's switches include handle bar system assembly electronic systems brake switch gearshift switch and modular switch. Its off road switches include rotary switches starter switches plunger switches and rocker switches. Its automotive lighting products include tail lamp side indicator lamps headlamps front fog lamp rear fog lamps warning triangles work lamp and interior lamp. MIL has automotive battery brand Vroom. In April 2011 the Company sold Minda Realty & Infrastructure Ltd.During FY 2014-15 the Company's Lighting Division at Manesar Haryana expanded its manufacturing capacity for production of Tail Lamp for K-10 Model for one of its major clients namely Maruti Suzuki India Limited. The said expansion was completed on schedule and commercial production commenced from the month of September 2014.During the year 2014-15 a joint venture agreement (JVA) of the company's Battery Division was signed with Panasonic Corporation Japan. As per the terms of JVA the running business of Battery division will be hived off on or before longstop date of 30 April 2015. In this regard the Board has reviewed and revised the hiving off date from 30 April 2015 to 1 July 2015. In the joint venture the company will be having equity of 40% and the remaining 60% will be held by Panasonic Group. The necessary approval for hiving off Battery Division was obtained from the shareholders through Postal Ballot in the month of December 2014. On 29 March 2016 the Company acquired 30% shareholding in Kosei Minda a manufacturer of Alloy Wheels and other accessories / parts for automobile industry. On 30 March 2016 the Company acquired 51% shareholdings in Minda TG Rubber a manufacturer of brake hose fuel hose and their components accessories and fittings.In June 2016 Minda Industries Limited acquired global lighting business of Spain Based Rinder group (including its facilities in India Spain and Columbia) for Euro ~20 Million. During the year 3500000 3% Cumulative Redeemable Preference shares of Rs10 each were redeemed on 20 February 2017 as per the approved terms.During the year equity share of the company having face value of Rs10 each fully paid-up was sub-divided into 5 Equity shares having face value of Rs2 each fully paid up with effect from 14 September 2016 being the Record Date.On 3 April 2017 the Company allotted 7092125 equity shares of Rs2 each to eligible qualified institutional buyers at issue price of Rs423 per equity share aggregating to Rs999.97 Lacs under QIP.During the year under review the Company has entered into Joint Venture Agreement on April 27 2017 with Tung Thih Electronic Co. Ltd. Taiwan (TTE) to design develop and manufacture of Driving Assistance Products and Systems (DAPS) in the shareholding ratio of 50:50.As on 31 March 2018 the Company has 15 direct subsidiaries 7 step-down subsidiaries and 4 associate including 2 partnership Arms. In addition to this there are 6 joint venture Companies as on 31 March 2018. During the FY2018 the Switch division of the company has received the best delivery management award from HMSI.During the FY2019the Company issued Bonus shares to the shareholders of the Company in the ratio of 2:1 i.e. 2 (two) Bonus Equity Shares of Rs 2 each fully paid up for every 1(one) existing equity share of Rs 2 each fully paid up. The Company allotted 174342310 bonus shares.The Company has 16 direct subsidiaries 8 step down subsidiaries 8 joint ventures and 2 associates as on 31 March 2019. During the year 2018-19 2 subsidiaries 1 step down subsidiary and 2 Joint Ventures were added.During the FY2019the company received The `Most Promising Company of this Year' award by CNBC TV18 at the Indian Business Leader Awards. The company also bagged The National Intellectual Property Award for the year 2019 in the category of Top Indian Company Organization for Designs. The Company has 16 direct subsidiaries 12 step down subsidiaries 8 joint ventures and 2 associates as on 31 March 2020. During the year under review 4 step down subsidiary were added.The WHO declared COVID-19 outbreak as a pandemic which continues to spread across the country. On March 23 2020 the Government of India also declared this pandemic a health emergency and ordered temporary closure of all non-essential business imposed restrictions on movement of goods/ materials travel etc. Accordingly production was suspended at most of the locations.Pursuant to the Scheme of Amalgamation (`Scheme') under the provisions of Section 230 to 232 of the Companies Act 2013 for amalgamation of wholly owned subsidiaries i.e. MJ Casting Limited Minda Distribution and Services Limited Minda Auto Components Limited and Minda Rinder Private Limited (together referred to as transferor companies) with Minda Industries Limited (Transferee Company or the Parent Company) as approved by the Hon'ble National Company Law Tribunal vide its order dated 01 June 2020 with the appointed date of 1 April 2019 all the assets liabilities reserves and surplus of the transferor companies have been transferred to and vested in the Company with effect from this date at their carrying values.During the quarter ended 30 June 2020the company made following investments:i.Additional 10200000 equity shares of Minda Katolec Electronics Services Private Limited a subsidiary for total consideration of Rs. 10.20 Crore.ii.Incorporated a Company in South Korea namely Minda Korea Co. Ltd. through its subsidiary which invested an amount of Rs. 0.63 Crore.On 11 August 2020 the Board of Directors of the Company approved issue of 9711739 fully paid equity shares of face value of Rs. 2 each (the Rights Equity Shares) at a price of Rs. 250 per Rights Equity Share (including premium of Rs. 248 per Rights Equity Share) in the ratio of 1 Rights Equity Shares for every 27 existing fully-paid shares held by the eligible equity shareholders as on 17 August 2020 the Record date.During the quarter ended 30 September 2020the company made investment of 13543031 nos. of additional equity shares having face value of Rs. 10/- each of Minda Onkyo India Private Limited (Joint Venture Company) for a total consideration of Rs. 13.54 Crore representing 50% shareholding. Also made investment of 33460000 nos. of additional equity shares having face value of Rs. 10/- each of Toyoda Gosei Minda India Private Limited (Joint Venture Company) for a total consideration of Rs. 33.46 Crore representing 47.80% shareholding. The Board of directors of the Company in its meeting held on 10 November 2020 accorded its consent for the following: i. Sale of 555753 equity shares (1.10%) in Minda TG Rubber India Private Limited (Subsidiary Company) held by the Company to Toyoda Gosei Co. Limited.ii. Scheme of merger between Minda TG Rubber India Private Limited (Transferor Company) with Toyoda Gosei Minda India Private Limited (Transferee Company) subject to necessary approval(s) of shareholders Creditors and other approvals and sanctions by the National Company Law Tribunal (NCLT). Appropriate accounting treatment of the Scheme will be done post receipt of NCLT approval.iii. Investment in Tokai Rika Minda India Private Limited by acquisition of 12.86% equity shares from Minda Finance Limited. On 15 September 2020 the Rights Issue Committee of the Board of Directors approved the allotment of Rights Equity Shares in relation to the said Rights Issue and consequently Rights issue shares were issued during the quarter ended 30 September 2020.During the quarter ended 31 December 2020 the Company has acquired 22500000 equity shares having face value of Rs. 10/- each in Tokai Rika Minda Private Limited (TRMIN) for a total consideration of Rs. 22.59 Crores representing 12.86% shareholding. It is accounted as an Associate Company considering Company's significant influence over TRMIN.

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