Minda Corporation Ltd Company Summary

Minda Corporation Ltd Summary

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 34 plants and offices in India and overseas. 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 offers a diverse range of products including Mechatronics, Information and Connected Systems, Plasticsand Interiors, Aftermarket, Electronics Manufacturing Excellence and Spark Minda Green Mobility.The company manufactures Die Casting Parts and high-class Surface Finishing parts for auto and consumer durable industry. They supply their products to Indian OEMs 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 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 OEMs 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 OEMs 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, which resulted in availability of latest technology in the field of interior system and expanding customer base in the 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 OEMs. 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 consolidated its operations during the year to simplify and strengthen its operations. Certain less profitable operations have also been closed down. 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. During FY 2016, the Company launched new advanced product line for 2 wheelers and 4 wheelers, which includes high value products such as oil-dipped ready to install clutch plates, brake shoe for 2 wheelers and automotive filters.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. 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%.During the year 2020-21, Company has incorporated a Wholly Owned Subsidiary i.e. Spark Minda Green Mobility Systems Private Limited effective from February 22, 2021. 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. The Honorable NCLT, New Delhi Bench, approved the Scheme vide its Order dated July 19, 2019. The Scheme was operative from April 1, 2018 being the Appointed Date and became effective from September 01, 2019 i.e. upon filing of the certified Copy of the said Order of Honble NCLT with the Registrar of Companies, Delhi. During the year 2021-22, Company acquired balance equity stake of 49% in Minda Instruments Limited (MIL). Therefore, MIL became wholly owned subsidiary of the Company w.e.f. January 1, 2022.During the year 2021-22, Company through its wholly owned subsidiary, Spark Minda Green Mobility Systems Private Limited, acquired 26% equity stake and accordingly it become step associate of the Company.In 2023, the Company o launched 1500 fiber parts that is Plastic-molded, painted components for two-wheelers to meet the growing demand of 2W riders across the country.