Uno Minda Ltd

Uno Minda Limited (Formerly known as Minda Industries Limited) was incorporated on 16 September 1992 as the flagship company of the Minda Group. The Company is a leading supplier of Proprietary Automotive Solutions to Original Equipment Manufacturers (OEMs). It is engaged in the business of manufacturing of auto electrical parts and components such as switches, lighting, alloywheels, horns, seating systems, seatbelts, sensors, controllers, handle bar assemblies, wheel covers, blow molded products and ancillary services. Through its manufacturing setup in India, Indonesia, Vietnam, Spain, Mexico Colombia, Germany and design centres in Taiwan, Japan & Spain, the Company made significant contributions to the automotive industry supply chain. 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, 35,00,000 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 70,92,125 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 FY2019,the 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 17,43,42,310 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 FY2019,the 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 introduced. 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. During the quarter ended 30 June 2020,the company made following investments:i.Additional 10,200,000 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. The National Company Law Tribunal (NCLT) Delhi Bench has vide its Order dated June 1, 2020 sanctioned Composite Scheme of Merger of Company's Wholly Qwned Subsidiaries i.e. M J Casting Limited, Minda Distribution and Services Limited, Minda Auto Components Limited and Minda Rinder Private Limited (formerly known as Rinder India Private Limited), with the Company. The said Merger filed with Registrar of Companies (ROC) is effective on August 01, 2020. The Company has 11 direct subsidiaries, 13 step down subsidiaries, 8 joint ventures and 2 associates as on March 31, 2021. Besides, the Company has control over a partnership firm and significant influence over 3 partnership firm as on March 31, 2021. During the year 2020-21, the Company acquired 30% stake of Tokai Rika Minda India Private Limited (TRMN) and TRMN became an Associate Company. During the year 2020-21, Minda TG Rubber Private Limited (non-material subsidiary) due to decrease in stake by 1.10% ceased to be subsidiary of the Company, which is now a joint venture Company. During the year 2020-21, Company raised its stake in Minda Onkyo India Private Limited by Rs. 13.54 Crore to maintain the shareholding ratio of 50:50. The Company diluted its stake in Kosei Minda Aluminum Private Limited by renouncing equity shares offered in Right basis to JV partner namely Kosei International Trade and Investment Company Limited, Japan and decreased 11.69% stake in Kosei Minda Aluminum Company Private ,which continue to be a associate with the stake of 18.31% w.e.f. April 2021. During the year 2020-21, one step down subsidiary, namely Minda Korea Limited was introduced. Further Delvis GmBH, merged with Minda Germany GmBH, a step down subsidiary of the Company. In 2021, the Company signed a joint venture agreement with FRIWO AG for 2-wheeler/3-wheeler electric vehicle component. It developed formidable 2-wheeler/3-wheeler electric vehicle component product portfolio. During the year 2022, the Company made investments, in two tranches, in two Special Purpose Vehicles (SPVs) companies namely, CSE Dakshina Solar Private Limited (SPV-I) and Strongsun Renewables Private Limited (SPV-2). In SPV-I, it made a total investment of Rs. 1.70 Crores (approx. in two tranches) and in SPV-II, it made a total investment of Rs. 2.73 Crores (approx. in two tranches). As on 31 March 2022, the Company holds 27.71% equity shares in SPV-I and 28.10% equity shares in SPV-II. Harita Fehrer Limited (HFRL) was a 51:49 joint venture of erstwhile Harita Seating Systems Limited and F.S. Fehrer Automotive GmbH (Fehrer). Upon merger of Harita Seating Systems Limited into Minda Industries Limited (the Company) (effective from 01 April 2021), the Company became the shareholder of HFRL with 51% stake. Post-merger. Accordingly, the Board of Directors of the Company, at its meeting held on 13 June 2021, acquired remaining 49% stake in HFRL by acquiring 98,48,040 equity shares of HFRL from Fehrer. The said acquisition was completed on 24 March 2022 and now the Company holds 100% stake in HFRL. During the year 2022-23, the Company issued and allotted 28,58,76,442 Equity Shares of Rs 2 each as Fully Paid-Up Bonus Shares representing a ratio of 1 Equity Share for every 1 Equity Share outstanding as on the Record Date i.e. 8 July 2022. In 2022-23, Company acquired 22.65% stake of its Joint Venture Company, Minda Kosei Aluminum Wheel Private Limited (MKA) and post-acquisition, MKA became a wholly owned subsidiary of the Company effective February 8, 2023. The Company commissioned Four Wheeler Lighting Gujarat Plant during FY 2022-23. It started commercial production of 30,000 line in Gujarat plant and 60,000 line in Bawal. It launched innovative and advance lighting products like cornering lamps for one of the 2W OEM and connected tail lamp for Japanese four-wheeler OEM.