MINDA INDUSTRIES LTD.-$ - 532539 - Statement Of Investor Complaints For The Quarter Ended September 2021
No.of Investor complaints pending at the beginning of the quarter No.of Investor complaints received during the quarter No.of Investor complaints disposed of during the quarter No.of Investor complaints unresolved at the end of the quarter 0990 Name of the Signatory :- Tarun Kumar SrivastavaDesignation :- Company Secretary and Compliance Officer
Minda Industries is increasing its component share in every vehicle
The normally staid auto industry is now witnessing a massive churn- the shift to BS-VI emission norms which led to higher costs, the rise of electric vehicles, and a focus on new technology-driven features like smart lighting, electronic stability systems, and infotainment systems. With the pandemic affecting production and sales in FY21, the shortage of semiconductors is leading to a delay in production for major original equipment manufacturers (OEMs) since the beginning of this year. The effect is felt not only by OEMs but also by auto ancillary makers. Minda Industries is a dominant player in this space - it is India’s largest maker of automotive switches, horns, seats, and car alloy wheels, and the third-largest automotive lighting maker. What differentiates this company from other players is that more than 90% of its products are used in conventional as well as electric vehicles. Quick Takes In a pandemic stricken FY21, the company registered its highest ever annual revenues at Rs 6,240.8 crore Its largest-ever acquisition of a company in Harita Seating announced in February 2019 was completed in Q1FY22 The company has consistently increased its share of components inside vehicles in all categories of two and four-wheelers over the last three years The June 2021 quarter was impacted by the second wave of Covid-19, but the management expects to do better in subsequent quarters Minda Industries is focusing on increasing EV (electric vehicle) components and currently supplies telematics and smart plugs to two two-wheeler EV makers Bouncing back despite a challenging environment The company saw a recovery in FY21 despite the pandemic and registered its highest ever annual revenues at Rs 6,420.8 crore. Although it was on a lower base, the company also posted a 25% YoY net profit growth at Rs 206.6 crore in FY21. On account of the pandemic, FY21 was one of the most challenging years for the company. After recording its lowest ever quarterly revenue in Q1FY21 and also a loss, it posted higher revenues and net profits in every subsequent quarter in FY21. But again, revenues hit a roadblock due to the second wave of Covid-19 in Q1FY22. Minda Industries’ revenues are driven by both two-wheelers and four-wheelers, with the former contributing 47% and the latter the rest. Its customers include all major auto manufacturers including Maruti Suzuki, TVS Motors, Eicher Motors, Tata Motors, and Bajaj Auto. Domestic sales make up 84% of the total revenues of the company. The company supplies sophisticated auto components like reverse parking sensors, lamps, seats etc. The replacement market for these components amounts to 12% of its annual sales. The product portfolio is diversified with switches and lighting systems being the largest revenue contributors. Each product segment is growing due to an increase in the number of products and an increasing customer base. BS6 emission norms have increased the requirement of sensors in powertrain management and emission control systems. Minda has an agreement with Sensata Technologies (USA) for the distribution and manufacturing of sensors. It has acquired magnetic speed and position sensors from Sensata, which has applications in BS6 products. Newer product lines like seating, sensors, controllers, LED lights and alloy wheels are helping the company increase its component share in OEMs across segments. Also, as most of these components are imported from China, it presents Minda Industries with significant opportunities to replace these value-added products with its own. The company is developing critical components for electric two-wheelers like BMS (battery management systems), AC-DC converter chargers, smart plugs, etc. which are being developed by its in-house R&D; team. Charging up for a higher component share in EVs The company currently supplies telematics and smart plugs to OEMs. It is developing a battery management system and AC-DC converter charger for EV two-wheelers. The company supplies its existing products to EV OEMs such as Hero Electric, Ampere, Okinawa, etc. TVS Motors recently launched EV iQube equipped with Minda Industries’ smart plug charging system. Among other products under R&D; for EVs are BCM (body control module), on-board charger, motor controller, and battery management system. With a growing EV market, Minda Industries can ride out this growth and further increase its component per EV. Strong order book and an acquisition in Q1FY22 In Q1FY22, the company won orders worth Rs 75 crore from American and European commercial vehicle (CV) OEMs in the seating segment. In the four-wheeler alloy wheel segment, the company won two orders, one each from a Korean and Japanese OEM. The order wins are expected to bolster revenues in the remaining quarters of FY22. In FY21, revenue contribution from the alloy wheel business stood at Rs 80 crore. Management expects this segment to touch revenues of Rs 250 crore in FY22. In the four-wheeler lighting segment, the company has LED headlamp orders from Indian and Japanese OEMs and in the global horns business, the company won an order from a European OEM for the supply of electromechanical horns. In June 2021, Minda Industries announced that it will acquire a 51% stake in Uzbekistan-based automotive lighting manufacturer, UZ Chasys, for around Rs 58 crore. The Uzbekistan government is moving toward liberalisation of the economy and divesting its stake in some of its state-owned companies. The acquisition will further expand Minda's geographical footprints. The management guided for an overall capex (capital expenditure) of Rs 600 crore for FY22. Out of this, Rs 250 crore is for maintenance and upgrades, while Rs 350 crore will be utilised for growth. The company is in the process of setting up three new plants. One for blow moulding, one in Gujarat for lighting, and another for expansion of the Bawal plant. The company is augmenting the capacity of its four-wheeler wheel plant at Bawal by 60k units at an investment of Rs 167 crore. The project is expected to be completed by Q4FY22. The additions of product lines and upgraded facilities and acquisition will be contributing factors for revenue growth over the next three years. PLI scheme for auto industry a boost for the company In September 2021, the Union Cabinet approved Rs 26,058 crore of production-linked incentives (PLI) to encourage domestic production of automobiles, drones, and their components to enhance India’s manufacturing capabilities. The PLI scheme for the auto sector will incentivize high-value advanced automotive technology vehicles and products. It will also help in faster adoption of the latest and superior technologies along with more efficient and green automotive manufacturing. A total of 22 components have been covered under the scheme including flex-fuel kits, hydrogen fuel cells, hybrid energy storage systems, and electric vehicle parts such as charging ports, drive trains, electric vacuum pumps, and electric compressors. Sunroofs and electronic stability controls have also been added to the scheme coverage. Minda Industries, with its growing EV components portfolio, is in a position to avail benefits under this scheme. The PLI scheme for the auto sector will be applicable from FY23 for five years, and the base year for eligibility criteria would be 2019-20. The scheme is open to existing automotive companies, as well as new investors who are currently not in the automobile or auto component manufacturing business. For auto component manufacturers, the government will provide incentives in the range of 8%-13% with an additional 5% incentive for manufacturers of battery cell and hydrogen fuel cell components. With an increase in the number of components per vehicle and focus on enhancing EV components, Minda looks set to capitalise on future trends of the auto industry, and increase its global footprint. For investors eyeing the auto ancillary industry, with a focus on the EV theme, Minda Industries is a company to keep on your radar. MINDA INDUSTRIES LTD.-$ - 532539 - Intimation Of Early Redemption Of 0.01% Non-Convertible Redeemable Preference (Unlisted)
Dear Sir, In reference to our earlier intimation made on April 9, 2021, April 27, 2021, August 2, 2021 and August 14, 2021, Harita Merger Executive Committee of the Board at its meeting held today i.e. September 30, 2021, approved the early redemption of 5 Nos. of 0.01% Non- Convertible Redeemable Preference (NCRPS) who had applied for early redemption till September 20, 2021 in terms of the Election Notice and as per the Scheme of Amalgamation of Harita Ltd (Transferor Company 1), Harita Venu Private Limited (Transferor Company 2), Harita Cheema Private Limited (Transferor Company 3), Harita Financial Services Ltd (Transferor Company 4) and Harita Seating Systems Limited (Transferor Company 5) with Minda Industries Ltd (Transferee Company). It may be noted that NCRPS are unlisted. It is for your information and record please. MINDA INDUSTRIES LTD.-$ - 532539 - Closure of Trading Window
It is informed that the ''Trading Window' for dealing in the Securities of the Company shall remain closed for all Directors/ Officers/ designated persons of the Company from 1st October, 2021 till 48 hours, after the un-Audited Financial Results of the Company for the quarter and half year ended on 30 September, 2021 are made available to the Public. The date of the Board Meeting inter-alia to consider, approve and to declare the aforesaid period financial results will be intimated separately in due course. Minda Industries Ltd - 532539 - Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Nirmal Kr. Minda MINDA INDUSTRIES LTD.-$ - 532539 - Disclosures under Reg. 10(6) of SEBI (SAST) Regulations, 2011
The Exchange has received the disclosure under Regulation 10(6) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Paridhi Minda MINDA INDUSTRIES LTD.-$ - 532539 - Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011
The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Paridhi Minda & PACs MINDA INDUSTRIES LTD.-$ - 532539 - Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Paridhi Minda & PACs Minda Industries Ltd - 532539 - Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Pursuant to Regulation 39(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that the following share certificate(s) of the Company have been reported as lost/misplaced and the shareholder(s) of such lost share certificates(s) have requested the Company for issue of duplicate share certificate(s) in lieu thereof. The Company will issue the duplicate share certificates after compliance of the required formalities. Minda Industries Ltd - 532539 - Format of Initial Disclosure to be made by an entity identified as a Large Corporate
Format of Initial Disclosure to be made by an entity identified as a Large Corporate. Sr. No. Particulars Details 1Name of CompayMINDA INDUSTRIES LTD.- 2CINL74899DL1992PLC050333 3 Outstanding borrowing of company as on 31st March / 31st December, as applicable (in Rs cr) 674.71 4Highest Credit Rating during the previous FY AA 4aName of the Credit Rating Agency issuing the Credit Rating mentioned in (4)ICRA LIMITED 5Name of Stock Exchange# in which the fine shall be paid, in case of shortfall in the required borrowing under the frameworkBSE We confirm that we are a Large Corporate as per the applicability criteria given under the SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018. YES Name of the Company Secretary: Tarun Kumar Srivastava Designation: Company Secretary and Compliance Officer EmailId: tksrivastava@mindagroup.com Name of the Chief Financial Officer: Sunil Bohra Designation: Group CFO EmailId: investor@mindagroup.com Date: 03/09/2021 Note: In terms para of 3.2(ii) of the circular, beginning F.Y 2022, in the event of shortfall in the mandatory borrowing through debt securities, a fine of 0.2% of the shortfall shall be levied by Stock Exchanges at the end of the two-year block period. Therefore, an entity identified as LC shall provide, in its initial disclosure for a financial year, the name of Stock Exchange to which it would pay the fine in case of shortfall in the mandatory borrowing through debt markets.