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5. UNO MINDA (NK Minda Group) (Minda Industries Ltd.) Business Report FY ended Mar. 2019

UNO MINDA (NK Minda Group) (Minda Industries Ltd.) Business Report FY ended Mar. 2019

-The Group is India’s largest Switch Player diversified across the 2Wheeler (2W) and 4Wheeler (4W) segments, Automotive Horns and Blow Molding Parts.

-It is No. 1 in Horns in India and 2nd largest Horns Player globally (post acquisition of Clarton Horns).

-It is India’s 3rd largest Automotive Lighting Player, post-acquisition of Rinder Group.

-The Group is market Leader in Alloy Wheel in PV segment with 45% market share in India.

-It is India’s 2^nd largest Automotive player in Airbags and Air Filters.

Outlook

-The near-term target is to achieve 25% from overseas business. It is closely reviewing and watching the situations for electric vehicle disruption. It is also mapping all of its existing products vis-à-vis EV vehicles to capitalise on the opportunities. The Group has plan to invest in the contemporary technologies, focus on R&D and work with the best people.

R&D Facilities

-The R&D Centers of Minda Industries Limited are located at Nawada Fatehpur Manesar, Rasoi, Sonepat and Pune which have been approved by Department of Scientific and Industrial Research (DSIR).

-The Group has 215 product patents and 230 design registrations. The Group has focused R&D team of over 200 people across 8 R&D Centres. It has 8 R&D located in India as well as Japan, Taiwan and Spain.

-It also launched flagship centre for advance technologies called CREAT (Centre for Research, Engineering and Advance Technologies) in Pune,India, which Works on embedded electronics products related to connected vehicles, telematics, ADAS, infotainment, EV technologies, controllers and sensors, advance lighting and technologies related to next generation automotive needs.

R&D Activities

-Specific R&D activities that Minda Industries Limited limited focused on in the fiscal year ended March 31, 2019:

• Development of Rear Windscreen Visual Indicator Projection Display and Temper Proof Vehicle Anti-Theft System
• Indigenising the technology by reducing the non-required components in Wireless charger which reduces the cost and all related process.
• Development of AIS 140 Regulated Telematics Control Unit to device safety system for passengers in public transport system
• Development of IRNSS based Telematics Control Units to align the technology with efforts by Indian government to reduce dependability on US based GPS technology.
• Development of Cloud connected Fleet tracking device to improve the commercial transport logistics efficiency.
• Working on the development of Advance Driver Assist System such as Reverse Park Assist System to improve the safety feature of vehicle, passengers and pedestrians.
• Working on the development of Intelligent Transport system for public transport to improve efficiency in safety, information display, routing details, cloud connectivity etc.
• Working on the development of Tire Pressure Management System to improve the passenger and pedestrian safety, energy efficiency by providing system for continuous monitoring the tire pressures.

Technological Alliance

-During the fiscal year ended March 31, 2019, The Group has entered into an agreement for Magnetic Speed & Position Sensors (Cam, Crank & TISS sensor products) India business of Sensata Technologies, i.e. Business Transfer of CAM, Crank & TISS sensors in India. Sensata Technologies will also provide know-how, technical support and engineering support for 5 years.

R&D Center

-The Group has following R&D and design center.

Awards

-Fiscal year ended March 31, 2019 Customer Awards:

Joint Venture, Acquisitions and Partnership

-During the fiscal year ended March 31, 2019, The Group has announced following Joint Venture and partnerships

Acquisition and Merger of Harita Seating Systems Limited
-The Group announced acquisition of Harita Seating Systems Limited which is the leading manufacturer of seating systems in India. The proposed amalgamation will enable the Company to have a new product range which will synergize well with its existing products.

Acquisition of iSYS, RTS, Germany
-The Group acquired 80% of equity share capital of iSYS RTS GmbH (‘iSYS’) a Germany based company. iSYS is a niche player engaged in systems engineering, development of hardware and software with product and services offering in embedded systems, Electronic Control Unit. Marquee customers of iSYS include BMW and Rolls Royce.

Business service agreement & technical tie up with Sensata Technologies
-Uno Minda entered into an agreement for Magnetic Speed & Position Sensors (Cam, Crank & TISS sensor products) India business of Sensata Technologies, i.e. Business Transfer of CAM, Crank & TISS sensors in India. Sensata Technologies will also provide know-how, technical support and engineering support for 5 years.

Acquisition of KPIT Telematics Business
-Uno Minda entered into definitive agreement with KPIT Engineering Ltd. and its subsidiary Impact Automotive Solutions Ltd. for purchase of its telematics business. This includes acquisition of software, know how, customers and relevant employees, related to Telematics hardware products consisting VTS-AIS 140, OBITS (On Bus Integrated Telematics Systems complying to UBS-II specifications), and Telematics product for School Bus.

Joint Venture with Kosei International Trade and Investment Company
-The Company has entered into Joint Venture Agreement with Kosei International Trade and Investment Company Limited, Hong-Kong and formed a new joint venture company namely Kosei Minda Mould Private Limited (JV Company) for manufacturing of moulds for alloywheels. The shareholding of the Company is 49.90% in the said JV Company.

-The Group has following partnership & affiliation:

Plants

Domestic

 
International

Developments in India and overseas (Fiscal year ended on March 31, 2019)

-On April 2018, Nagase & Co., Ltd. (Nagase) announced that it has raised its stake in Minda Kyoraku Ltd. (Minda Kyoraku), a joint venture company between Nagase and Uno Minda Group, an India-based major automotive parts supplier, from 9.7% to 20%. Minda Kyoraku will use the funds to build a new automotive parts plant in Gujarat.

-In April 2018, Its Board of Directors approved the acquisition of 41.67% stake in Toyoda Gosei Minda India Pvt. Ltd.

-In May 2018, the Group has started two new plants in May 2018. Minda Rika (MRPL) has started production of four-wheeler switches with an investment of INR 590 million in Gujarat. Minda Kosei also announced the start of production of alloy wheel plant in Gujarat with an investment of INR 2 billion.

-In July 2018, Minda Industries Limited informed that it has completed the transfer of business and assets of two-wheeler lightning division of the Company at Rasoi, Sonepat to wholly owned subsidiary Rinder India Pvt. Ltd.

-In July 2018, Minda Industries Limitedinformed that its Board has approved to enter into another joint venture (JV) agreement with Kosei Group, Japan. The proposed JV company shall be incorporated with Minda's holding 49.9% and Kosei Group holding 50.1% of the equity. The JV company is proposed to be set up in Bawal, Haryana for manufacturing moulds for alloy wheel.

-In July 2018, the group has approved acquisition of 80% of equity capital for EUR 5 million of iSYS RTS GmbH ('iSYS') based in Germany. Minda also announced EUR 1.5 million as fresh infusion in the equity shares of iSYS RTS GmbH.

-In September 2018, the Group announced that its board approved the investment for setting up a new manufacturing plant of 2-Wheeler alloy wheel in Maharashtra, for supplies to OEMs. The outlay of the project is approved INR 5 billion, which will be completed in two phases. In the first phase, INR 3 billion will be undertaken within two years and thereafter the second phase will be undertaken. The start of production is expected from November, 2019.

-In November 2018, the group planned a new project for controller and telematics for a total outlay INR 800 million over next 12 months. This will be business division of MIL and will operate in tandem with its subsidiary i-SYS to maximize synergies. The project is expected to be commissioned in end of 2019-20.

-In December 2018 , the group acquired magnetic speed & position sensors (cam, crank & TISS sensor products) business from Sensata Technologies, i.e. Business Transfer of CAM, Crank & TISS sensors, sharing of know-how, Technical support and Engineering support for 5 years.

-In January 2019, Minda Industries Ltd.(MIL) entered into a definitive agreement with KPIT Engineering Ltd (KPIT) to purchase its business related to telematics hardware products consisting VTS - AIS 140, OBITS (On Bus Integrated Telematics Systems complying to UBS-II specifications), and telematics products for school buses.

-In February 2019, the Group announced that it will be commissioning few new plants and a few new products during 2019. One of new products is a controller, another one is a sensor. It is setting up a facility to manufacture sensor in Pune, expected to commission in FY 2019-2020. The sensor plant will have INR 1,200 million capex and Minda Group expects that it will generate revenue of INR 4 billion.

-In February 2019, Toyoda Gosei Minda India Pvt. Ltd., held an opening ceremony for a new plant in Gujarat, India. The new plant is the subsidiary's third plant, and will supply airbags, steering wheels, and weatherstrips to Suzuki Motor Corporation’s automobile production subsidiary, Suzuki Motor Gujarat Pvt. Ltd.JPY 3 billion will be invested by the end of March 2022.

-In February 2019, Uno Minda management has approved proposed merger of Harita Seating Systems Ltd. (HSSL) with MIL. The transaction encompasses merger of HSSL into MIL; and its 51% holding in Harita Fehrer Limited (HFRL) which is a joint venture with Fehrer Automotive GmbH. HSSL along with its subsidiary has 12 manufacturing plants at strategic locations across India.