Yes after records date it will delisted
An interesting inputs
This refers to Amalgamation of Harita Seating Systems Ltd. with Minda Industries. Limited.
I have received a communication from Minda Industries as follows and they have give 2 options to choose from :
" Pursuant to the Scheme, the Eligible Members shall be entitled to either receive
(i) Equity Shares of Minda Industries Limited (āTransferee Company Equity Sharesā); or - For evey 100 shares of Harita seatings, we will get 152 shares of Minda Industries
(ii) Non-Convertible Redeemable Preference Shares of Minda Industries Limited (āTransferee Company RPS ā) as per Share Entitlement Ratio mentioned in Clause 18.1 of the Scheme. - For evey 100 shares of Harita seatings, we will get 400 Non-Convertible Redeemable Preference Shares of Minda Industries Limited
Your shareholding, as of record date (15th April, 2021), in Harita Seating Systems Limited (Transferor Company) and your entitlement in Minda Industries Limited (Transferee Company) as per the Scheme is given hereunder :-
The Transferee Company RPS are redeemable on the expiry of 36 (thirty six) months from the date of allotment thereof with an option with the Transferee Company to redeem them any time after the expiry of 18 (eighteen) months. In the alternative, the Eligible Member also has an option to approach the Transferee Company not later than 3 (three) months from the date of its allotment for an early redemption of the Transferee Company RPS.
If some could help to understand, I would like to know the difference between both the options and which option would be better to opt for.
Thanks
From Reliance sec report
What We Heard ā Conference Call - Key Takeaways:
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Business Performance: The company reported its highest ever revenue in 4QFY21. It was running at ~80-90% utilization level at all its plants during the quarter. The company took an impairment provisioning of Rs100mn in 4QFY21 (towards Minda Onkyo and Minda TTE DAPS).
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Segment-wise Performance: Switching system revenue stood at Rs5.7bn in 4QFY21 (Rs16.1bn in FY21), while lighting business revenue came in at Rs4.9bn in 4QFY21 (Rs14.1bn in FY21). While casting business revenue stood at Rs3.2bn in 4QFY21 (Rs7.5bn in FY21), acoustic business revenue came in at Rs1.6bn in 4QFY21 (Rs6.1bn in FY21). Other products recorded a revenue of Rs4.4bn in 4QFY21 (including revenue contribution of Rs640mn, Rs340mn, Rs540mn and Rs380mn from sensors, Katolec, blow molding and battery business, respectively) and Rs11.38bn in FY21 (including revenue contribution of Rs1.7bn, Rs1bn, Rs1.58bn and Rs1.2bn from sensors, Katolec, blow molding and battery business, respectively). After-market segment recorded a strong sales performance during the quarter on the back of addition of alloy wheels and seating products to its product portfolio and focus on retail expansion. Delvis recorded a revenue of Rs550mn in 4QFY21 and Rs2.2bn in FY21.
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Kit Value: Kit value for the quarter increased due to addition of 2W alloy wheel and seating products. With the introduction of EVs, the management expects its 2W kit value to rise significantly to Rs33,000/vehicle.
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Outlook: The management indicated that the strong performance of the auto industry, which begun in 3QFY21, continued in 4QFY21 as well. Whilst the quarter started with robust demand led by preference for personal mobility, several challenges were witnessed due to second COVID wave, which started in Marā21. The management expects its sensors and controller business to report a revenue of Rs5-6bn in the next 2-3 years on the back of signif i cant orders (current revenue is Rs750mn). It also expects its 2W alloy wheel business to report >Rs2.5bn revenue in FY22E from the current level of Rs800mn. The company expects HSSL revenue to double in next 2-3 years.
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New Customers: The company acquired new business for 2W switches from a leading global OEM and an order for 4W switches from a Korean OEM for supply to Russian and Indonesian markets. In acoustics business segment, its European subsidiary (Clarton Horn) received new orders from Japanese and American OEMs.
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New Projects: MNDA commissioned its 3rd line of its 2W alloy wheel in FY21. The management indicated the commissioning of 4th line by 2QFY22E, as it foresees promising growth opportunities from this segment, going forward. The management announced its 3 new projects for FY22:
ā¢ Additional capacity for 4W lighting in Gujarat with a capex of Rs900mn. The plant is expected to be operational by 4QFY22.
ā¢ Ongoing expansion of 4W alloy wheel capacity at Bawal (with Rs1.7bn capex) is expected to be operational by 4QFY22.
ā¢ Commissioning a blow molding plant at Bangalore with a capex of Rs570mn. -
Capex & Debt: The company spent a total capex of Rs2.8bn in FY21, while it invested Rs1.1bn in subsidiaries and JVs. Gross debt stood at Rs10.5bn as of Marā21 compared to Rs12bn as of Marā20. Net debt reduced to Rs7.9bn as of Marā21 from Rs8.6bn as of Marā20, with which its D/E ratio stood at 0.3x in FY21 compared to 0.4x in FY20. The company plans to spend a total capex of Rs6bn including Rs3.5bn for new projects in addition to Rs2.5bn towards regular maintenance and brownfirld expansion.
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Subsidiaries Update:
ā¢ Harita Seating Systems Ltd. (HSSL): Pursuant to completion of merger of HSSL with MNDA effective date being April 01, 2019, the fi nancials of previous years have also been restated. ā¢ Harita Fehrer Ltd. (HFR): The board has approved the proposal to buy 49% stake in HFR (comprising of 9.84mn equity shares of face value of Rs10 each) from F.S. Fehrer Automotive GmBH for Rs1.2bn. Post-acquisition, HFR will become wholly owned subsidiary of MNDA. The deal is expected to close by the end of Novā21.
3 Likes
Minda Ind. is going for QIP. Floor price approved as Rs. 734.84. Fund raising amount is not disclosed.
Minda Industries Q2 Concall Highlights
New product launch :
Added two more products in EV 2W/3W namely Residual current cable is normally known as RCD cable and Acoustic Vehicle Alert System and 3 products which were 'Under Developmentā has now moved to Under Production.
The company has now 5 E.V products which are in the production stage now. With BMS (Battery Management System), On-Board charger, and Body Control Module moving to production, company Kit value increased from Rs 4,500 to Rs 16,500.
During the quarter company has reported growth in all the businesses except the
Acoustic business in Spain.
ROCE in Q2FY22 stood at 18.1%.
New order profile :
In Switch System company has received a new order from Korean OEMs customer
in PV segment and also received export orders from Italian 2W including EV vehicle
OEM In Japan.
In the lighting segment company Won the first-ever LED Multifaceted Reflector
(MFR) Headlamp order from Japanese OEM for PV with SOP extracting in early 2024.
In the lighting system business company has also received Orders from leading
Indian PV OEM for LED tail lamps and DRL for SUV/Compact SUV.
In the casting Business Company has completed a trial run of LPDC with 15000
capacity.
The company is going to start the trial Run of the 4th line in 2W at the Supa Alloy
Wheel plant and commercial production is expected to start in Q4FY22.
In seating business the company has received the order for Suspended seats from
off-road customers.
The company is focusing on strengthening their aftermarket business by
introducing more products lines going forward. The company has also planned to
increase investment in aftermarket branding and marketing.
New Business model :
The company has planned the restructuring of European entities and will create two
separate entities one for engineering business and another for Product business.
The merger of Minda i-connect is expected to get completed in the next 6 months.
The company has recently won large Camera business whose annual peak value is
more than Rs100 Cr.
In the lighting segment putting all the new orders together company expects
revenue of Rs 300 Cr by FY24.
Management expects aftermarket to grow in double digits on a full-year basis in
FY22.
Management expects some improvement in margins in seating business in FY22.
The company has added 1 more customer in the seating business and will continue
to add more customers going forward.
EBIDTA margin is expected to be in the range of 12-14% in FY22.
In Q3FY22 company is not expecting any significant rise in volumes.
The company has currently 3-4 large 2Wheller E.V customers in the domestic
market.
In sensor Business Company target the revenue of Rs 500-600 in next 4-5 year.
Capex plan for FY22 stood at Rs 600 crores.
4 Likes
Hiā¦Read the full thread. Respected members, who are holding from long time,How has been your experience? Currently i want to add some company from Auto segment and i came across this Uno Minda. Do you think, it can be part of consistent compounder? as if I invest in it, it will be for long period like 8-10 years. Do you think,so many subsidiaries and joint ventures , make it complex to understand and it can be used as financial shenanigans? All views are welcome.
Holding for 6 yrs from lower levels. Participated in all company re-structural events. Absolutely no question on management. Now donāt look at price movement much,only quarterly reviews. But in my opinion not a good time to enter,share price at 52wk high level.
3 Likes
Few things observed :
- So many subsidiaries and joint ventures and associates , making a very complex corporate structure
- Its actually sandwitched between two types of Sharks. From supply side, where they procure their raw materials they have to deal with big players like TATA etc. On demand side, they have to sell their products to big players like Maruti. Bajaj etc. So on both sides they cant be in a drivers seatā¦and have to accept what these sharks decideā¦No control over margins.
Despite these challenges in last 10 years , it has become 55 baggersā¦If invested 10 lakhs in 2013, it would have become more than 55 lakhsā¦Its so awesomeā¦Many business challenges, which otherwise would have stopped any intelligent investor in investing in this company has made 55 times money. This clearly shows that sometimes ignoring the obvious problems can be so rewarding.