Despite a subdued market demand, Minda Corporation sustained its topline growth at 10.1% y-o-y

Credit Rating upgraded by India Ratings & Research (Fitch)

The Board has declared an interim dividend of Rs. 0.20 per equity share (10% of face value)

New Delhi, India, February 14, 2017 – Minda Corporation Limited (referred to as “Minda Corp” or the “Company”; NSE: MINDACORP, BSE: 538962), a leading automotive component and flagship company of Spark Minda, Ashok Minda Group, announces its Q3 FY2017 results, in accordance with Indian GAAP.

Standalone Performance Highlights: Q3 FY2016-17 vs. Q3 FY2015-16

·            Total Revenue increased by 6.9% Y-o-Y to Rs. 1,919 million

·            EBITDA increased by 15.0% Y-o-Y to Rs. 232 million; Margin at 12.1%

·            Net Profit increased by 57.3% to Rs. 176 million, Margin at 9.2%

Consolidated Performance Highlights: Q3 FY2016-17 vs. Q3 FY2015-16

·            Total revenue increased by 10.1% Y-o-Y to Rs. 7,230 million

·            EBITDA at Rs. 416 million. EBITDA margin at 5.8%

·            Net profit at Rs. 201 million. Margin at 2.8%

·            Total Debt of Rs. 5,985 million (Q2 FY2017: Rs. 5,906 million)

·            Net Debt / Equity ratio of 0.86x (Q2 FY2017: 0.86x)

Commenting on the results, Mr. Ashok Minda, Chairman and Group CEO said:

 “On the backdrop of demonetization which drastically reduced the liquidity in the market, sales volume for the quarter across the automobile sector were down by (4.0)% on a y-o-y basis in comparison to the 19.1% y-o-y growth in the last quarter. Despite a sustained pressure on the overall business demand and a slow global recovery, our topline during Q3 FY2017 was resilient, registering an increase of 10.1% on a y-o-y basis. Besides, the quarter marked continuing addition of new blue chip customers globally and received additional orders worth Rs. 180 crore.

We are optimistic of the various pro-reformative measures of the Government being undertaken and also reflected in the recent fiscal Budget augurs well for the auto component sector as a whole in the long term, and we expect the automobile market to revive over the next two quarters”

Commenting on the results, Mr. D.C. Sharma, Group CFO said:

 “This quarter has been a mixed bag for the Company. During the quarter, our financial performance was temporarily impacted on account of demonetization, high raw material cost, adverse product mix and delay in price actualization of one of the subsidiaries. We are also in the process of incurring pre-operating expenses towards new greenfield plants at Mexico and Pune and setting up of the technical centre. However, I am pleased to inform you that our credit rating has been upgraded to ‘IND A+’ for long term bank facilities by Fitch Ratings, reinforcing the credit worthiness of the Company.

We are also closely watching the developments to the full roll out of the GST and continue to be hopeful of its positive implications for the automotive and automotive component industries.”

Consolidated Financial Overview

Dr (Prof) Sanskruti Rajhans contesting from Ward No 19 at Charkop, Kandivali West.

Dr (Prof) Sanskruti Rajhans

A PhD in Hindi Literature, Dr Rajhans further commented that the city severely lacks in infrastructure and amenities. It is a documentation of the BMC’s failure on issues including roads, garbage, water supply, solid waste management, hospitals and schools. “During the Shiv Sena’s regime, they have spent crores of rupees on various services, but has anything changed in the city? Rather, the situation is deteriorating continuously,” she maintained.

The 39-year-old is contesting the BMC polls from Ward No 19 in Charkop, Kandivali West. “My constituency has been a Shiv Sena bastion for many years, but the scenario has completely changed since the outgoing corporation turned a deaf ear deteriorating on all fronts,” she concluded.

Dr (Prof) Sanskruti Rajhans (born September 11 1976) is an Indian politician and she joined the Congress party in 2012. She is Women’s President – Sahakar Cell of Kandivali Unit of the Congress party. She is representing Ward No 19 for the ensuing Brihanmumbai Municipal Corporation (BMC) elections 2017 on Congress seat.

Early life and education

Dr Rajhans is married to Shri Satyanarayan Rajhans, who is a social worker and Founder President of

She received her PhD degree in Hindi literature from Kolhapur University. She was a Hindi professor with Annasaheb Dhange College of Arts in Kolhapur.

Agenda Charkop

Education

I believe the future belongs to the young and a nation’s welfare depends on the decisions of its educated and informed citizens. Thus, great impetus must be put into education and youth development, and I intend to initiate programs centered on youth development and self-empowerment to uplift the socio-economic group.

Infrastructure Development

For bettering the lives of the people of my constituency my major concern is refining infrastructure. My priorities are roads, water supply drainage, sanitation, health care and transport.

Women and Child Welfare

Empowering women and girl child education are concerns close to my heart and I will do everything in my power to strengthen this backbone.

Sports and Recreation

Ironically, a fun thing like sports needs to be taken more seriously. I will initiate measures to improve sporting facilities and make them more accessible to every strata of society. I want children to have the right facilities for play and have I have taken several initiatives to save and ensure as many open spaces.

Peace and Communal Harmony

The fundamentals of my philosophy and efforts to propagate peace and communal harmony will continue not only in my constituency.

Health

Health is a concern close to my heart. My key areas have been Cancer, empowering the Differently Abled, General Health and AIDS awareness.

Employees of AAMBY VALLEY CITY CREATE WORLD RECORD FOR UNDER WATER CYCLING AND EATING FRUITS UNDER WATER

Dr. Narinder Singh, Salil Kulkarni and Tej Pandey from Aamby Valley City give a record breaking performance

MUMBAI, FEBRUARY 2017: It is raining rewards and accolades for Aamby Valley City. In a recently held campaign by the name of “Under Water Cycling for Climate Change”, some of the team members of Aamby Valley City participated and made their way to create a world record. Dr. Narinder Singh, Mr. Salil Kulkarni and Mr. Tej Pandey from Aamby Valley City have set a benchmark in underwater cycling at a depth of 30 feet for 50 + meters in open sea and eating fruits under water. These participants created a record by performing the tasks in a stipulated time frame.

The task was not an easy one to be accomplished. Every night the team had several rounds of discussions on the positives and shortcomings of each team member and focused on improvements next day, which ultimately helped them on gaining the coordination in right place along with confidence in each other. With perfect planning the team accomplished the task in minimum time with precise coordinated efforts. The Chief Instructor was also very impressed with their performance, as he hadn’t come across anyone in history who learnt, planned, coordinated and executed these types of underwater tasks in Open Sea.

Commenting on the occasion, COL. SAJAL KUMAR SINHA (RETD.), Chief General Manager – Golf, HR & Administration, said “A standing ovation to our team members who have created a world record by performing such a dauntingly innovative task. This is a first time ever task in which every team member has put his heart, mind and soul to achieve the goal. It feels great to be associated with a campaign which is for a noble cause. Team Sahara Star and Aamby Valley City salutes the spirit of these winners.”

ICAI elects New Torch-Bearers for the year 2017-18

The Institute of Chartered Accountants of India (ICAI) is a statutory body established by the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountants in India. The affairs of the ICAI are managed by a Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988.  The Council is composed of 40 members of whom 32 are elected by the members and remaining 8 are nominated by the Central Government generally representing the Comptroller and Auditor General of India, Ministry of Corporate Affairs, Ministry of Finance and other stakeholders.

On February 12, 2017, ICAI elected its new torch-bearers CA. Nilesh Shivji Vikamsey as the President and CA. Naveen N.D.Gupta as the Vice-President for year 2017-18.

CA. Nilesh Shivji Vikamsey, President, ICAI

A person of professional vigour, high integrity and technical expertise, CA. Nilesh Shivji Vikamsey has been elected as new President of The Institute of Chartered Accountants of India (ICAI) on February 12, 2017 by its 23rd Council, for the term 2017-18.  A resident of Mumbai, he has been a member of the ICAI since 1985.While serving the ICAI Council as a member since 2010 and then as Vice-President of the Institute in 2016-17, he has proven his strength as a formidable professional. Having gained deep insights into the profession as a fellow member of the ICAI with more than 30 years of impeccable professional standing, he is widely commended and credited for his key role in contributing towards inclusive as well as exclusive growth of Indian Accountancy profession.

CA. Naveen N. D. Gupta , Vice-President, ICAI

A blend of intellect, experience, foresight, technical expertise and professional excellence , CA. Naveen N.D. Gupta has been elected as new Vice-President of The Institute of Chartered Accountants of India (ICAI) on February 12, 2017 by its 23rd Council for the term 2017-18.A Fellow Chartered Accountant with over 20 years of experience in auditing, banking & finance, he is a proficient speaker at national and international forums. He has a vast experience of handling intricate accounting, auditing, corporate governance and finance  issues.An altruistic hard-worker bestowed with exceptional organisational, networking, administrative and leadership skills, he has been serving as a Central Council member since 2010.

"Premay Namah" Let's Respect Love! Releasing on 24th February 2017!

Love is the most celebrated emotion in movies since inception of cinema irrespective of language and era. And in modern cinema too it's still on top in spite of new phenomenal technologies at disposal. This emotion in universal as in, I wrote your name in the sky, but the wind blew it away. I wrote your name in the sand, but the waves washed it away. I wrote your name in my heart, and forever it will stay!
A new marathi film, a love story, is coming our way named Premay Namah which has love as a primary emotion along with sadness, fear, anger, disgust, surprise, happiness. The story also thrusts on strong family values and duties.
Prem (Devendra Chaugule) hails from a wealthy family who is naughty as well as strong believer in family values. His love for his family is his weakness. When he comes across Preeti (Rupali Krishnarao), it's a love at first sight for him. Preeti does not respond to his advances, maybe with a feeling..But I see you stare just a little too long, and it makes me start to wonder,But destiny keeps bringing them face to face in a very playful and humorous manner and as both their families being good friends they too become friends. Unawares the friendship culminates into love. Both Prem and Preeti are madly in love with each other.Do I love you because you are beautiful Or are you beautiful because I love you. Destiny plays spoilsport this time as Prem witnesses some shocking truth during a family function. He is taken aback as It's beyond his imagination. To make thing worse his lady love Preeti gives him few ultimatums making him feel .Be careful who you trust, the devil was once an angel!
His loyalty oscillates between his love for Preeti and family duty. What ultimatum Preeti gives to Prem? What does Prem choose family or Preeti? Does family values outweigh true love? All these questions are answered in the movie Premay Namah! It's a love story with a difference with a tag line Let's respect love!
The film's director (Jagdish Watharkar) has sought novelty in all departments viz. story, screenplay, music, choreography, cinematography, locations etc. so that the end product is not another run of the mill film. It's a matter of pride for the makers that for the first time in the history of Marathi film industry an entire song has been shot Underwater which is it's USP. Premay Namah is presented by Vijay Shinde and Mahesh Joke and produced by Uttam Chorade. Story is by K. Shashikant, lyrics by Chardrashekhar Janawade, and music composed by K. Sandipkumar and Chandrashekhar Janawade. The cast comprises of Devendra chaugule, Rupali Krishnarao, Prachi lalge, Surekha Kudchi, Prakash Dhotre, Bharat Daini, Gauri Makdum and Snehalraj. 

Actors Richa Chadda, Zareen Khan, Chef Maria Goretti and Wrestler Sangram Singh celebrate #FurrentinesDay with Romedy NOW

Mumbai, February 10, 2017:  This year, celebrate Valentine Day with a furry twist on Romedy NOW. The channel known to spread love and laughter, has launched a unique property -- #FurrentinesDay to celebrate Valentine’s with animals - pets and abandoned stray friends. This property has been launched in association with Cat Café Studio & People for Animals with an aim to help animals get a merrier and furrier future.

The on-ground event for this unique initiative took place today at Cat Cafe Studio in Andheri. The event dazzled in the presence of famous celebrities, Gangs of Wasseypur fame actress Richa Chadda, Hate Story 3 fame actress Zareen Khan, culinary chef and well known author Maria Goretti and famous wrestler Sangram Singh.

Commenting on this initiative, Sonal Khanduja, Content Head - VP English Entertainment Cluster at TIMES NETWORK said, “Valentine’s Day is about spreading love and laughter in everyone’s life. At Romedy NOW, we chose to celebrate it with a difference by sharing love with animals-pets and abandoned stray friends. I want to thank those present here to support our initiative and those who supported us virtually, making this campaign a huge success. Team Romedy NOW will continue to spread love and laughter to our viewers throughout the year and not just on Valentine’s.”

The integrated campaign on TV and social media started from February 1, 2017 with a series of videos, celebrity bytes, animal profiles & trivia on social media. The campaign received support and tremendous response on social media with the #FurrentinesDay launch film garnering 1.5 million views on facebook within 48 hours. Additionally, well known faces like John Abraham, Meneka Gandhi, Singer Shaan, Jackky Bhagnani, Ali Fazal, Sunny Leone, Sophie Chaudary, Tara Sharma and many more shared the video to their followers and put out their video bytes in support of the initiative.

Supporting this initiative and an ardent cat lover, actress Richa Chadda said, “It’s great that Romedy NOW has taken this responsibility of spreading awareness about animal welfare because channels like these can reach a wider target audience. I personally love cats and I am happy to be associated with #FurrentinesDay as I feel everyone deserves love on Valentines – humans and animals alike!  One of the aims of the initiative is to find loving homes for these homeless indigenous species of cats.”

Hate Story 3 fame actress Zareen Khan said, “It’s every individual’s responsibility to make sure that no living being is ill-treated, be it humans or animals. I love cats and I feel deeply for them as they can’t ask for what they need and as human I feel we should be sensitive towards them. I’m glad to be here and associating with Romedy NOW for this cause has been really worthwhile. I want to tell everyone that please support this initiative of #Furrentine’sDay and show some love to these animals.”

Food Enthusiast and Chef Maria Goretti said, “Animals are our best companions and it is our responsibility to take care of them. My children love animals and they feel happy around them and therefore I am happy that I could support #FurrentinesDay - a unique initiative by ROMEDY NOW that goes beyond just loving humans. Animals are dependent on us and I want to take this platform to tell people that we need to look beyond our own interests and help these little creatures live a healthy life.”

Wrestler Sangram Singh, who was Brand Ambassador of People For Animals said, “I want to thank Romedy NOW for taking up this initiative. We must care for animals just like we care for our children because they are also like children. They are one of us and we need to treat them well. They are more loyal than humans and give us unconditional love! I come from a small town where we take special care of animals. I would like to take this opportunity to support this initiative and spread awareness.”                 

Viewers & fans, as a part of the digital campaign, can tweet about their love for animals by using the hashtag #FurrentinesDay! For every tweet received, Romedy NOW will make a contribution to Cat Café Studio and People For Animals to help the cause of animal welfare. The campaign has received over 2500 tweets so far and is still counting!

On February 14, 2017, Romedy NOW will go on a Valentine’s Day date with its furry friends at Cat Café Studio. The channel’s facebook page will live stream the V Day party and celebrations from there.

On Television, Romedy NOW has lined up special movies on 12th February to celebrate Valentine’s Day. Films like Marmaduke, 101 Dalmatians, 102 Dalmatians, Cats and Dogs, Beverly Hills Chihuahua & Princess Diary will be aired all day. Additionally, Romedy NOW will pay its ultimate tribute to animals by launching a beautiful #FurrentinesDay film starring singer and actor Meiyang Chang. The film will be launched on 14thFebruary across all Romedy NOW platforms – on air, digital and social media.

LG’s #KarSalaam initiative salutes the spirit of the Indian soldiers

Donates 1 crore to CRPF welfare fund

Mumbai, February 9th 2017: The year 2017 marks the 20th Anniversary of the nation’s  consumer durable major, LG Electronics India. The celebrations were kick-started with a gesture which is close to every Indian - selfless contribution of  our soldiers. The #KarSalaam initiave, dedicated to Indian soldiers, was launched prior to Republic day. The campaign invited the whole nation to come forward and send their wishes to the Indian Armed Forces.

Through this initiative, LG salutes the soldiers’ spirit of magnanimous contribution and service towards the nation. This initiative is a commitment to LG’s corporate philosophy of ‘Life’s Good’ and a gesture of their support and solidarity to our nation’s soldiers for playing a great role in assuring that we lead a fearless and good life in this country.

LG rolled out this campaign through radio, digital, outdoor and mall activities to capture the messages and wishes of the citizens of India for our soldiers. The company also engaged the people through social media platforms and encouraged them to share their wishes on the microsite www.karsalaam.in, where more than 1,93,000 wishes written by citizens of the country were collected from all across the country.

Taking this campaign forward on Thursday, 9th February, LG India’s MD Mr. Kim Ki Wan handed over a cheque of INR 1 CRORE to the Honorable Home Minister Shri Rajnath Singh for ‘CRPF welfare fund’, which is dedicated to the soldiers.

Mr. Kim Ki Wan, Managing Director, LG Electronics India said, “LG salutes the spirit of Indian soldiers who courageously give up their lives to protect the country. Therefore, we took this initiative to bring together the citizens of India to express their gratitude to our soldiers. With an aim to connect with the hearts of the entire nation and to pour out messages for these brave hearts, LG goes beyond boundaries to reach out to every citizen and invite them to express their gratitude for our army who selflessly volunteer to serve our nation all day and night.”

Mr. Amit Gujral – Head- Corporate Marketing , LG Electronics India said, “We salute the spirit of our soldiers. We would like to thank people for their overwhelming response. This truly shows the spirit of India towards our armed forces. Taking this forward, we would be claiming a Guiness record for maximum wishes collected offline.”

Shri Rajnath Singh - Home Minister, Govt. of India said, “We welcome LG Electronics’s gesture of showing solidarity to Indian Armed Forces;  this is a very special gesture by a corporate.  Today the entire nation is proud of  its armed forces and response to this initiative in form of collecting good wishes for soldiers is an indication for the same. I would like to thank the people of India for extending  their support to the armed forces.“

Let’s celebrate heroism, patriotism and a good life! #KarSalaam

RBI Monetary Policy - Quote by Govind Sankaranarayanan, Chief Operating Officer – Retail Business & Housing Finance, Tata Capital

“The decision to keep the rates unchanged signals a policy shift by the RBI from an accommodative to a neutral stance. The post demonetization era has already led to an influx of funds which has subsequently resulted in a fall in market interest rates for sectors like housing, auto and white goods and the RBI seems to have adopted a wait-and-watch policy to see if demand picks up in these sectors”.- Mr. Govind Sankaranarayanan, Chief Operating Officer – Retail Business & Housing Finance, Tata Capital

Colonel & Co. celebrates global food cuisine at the Kala Ghoda Arts Festival

Mumbai, 8th February 2017: Colonel & Co., the legendary snacks brand from Fizzy Foodlabs, sponsored the theatrical performances at this year’s Kala Ghoda Art Festival (KGAF) and honored legendary theatre artists and celebrities including Anupam Kher, Neena Gupta, Rakesh Bedi and many more as they adorned the stage with their talent in a play titled ‘Mera Who Matlab Nahi Tha’ that was performed during the weekend. The show also featured some classic and historical performances by renowned stage artists, and performers from rural India. Colonel & Co. is the new age snack brand to leverage disruptive pack format and healthy snack alternatives. The snack forms a part of a global international cuisine that is uniquely packaged in a tray with its authentic condiments and dips instead of just another tag-along.

“The KGAF defines fusion of art, beauty, people and culture. Similarly, Colonel & Co products are a unique blend of different flavors that are fresh, tasty and healthy. The festival served as platform for us to engage with all the art and food lovers who are always excited to try new things. We offered them a unique experience of chip n dip nachos & salsa which is the perfect on the go snack that can be enjoyed while watching every theatre, music or a dance performance,” said Varun Jhawar, Director and CMO Fizzy Foodlabs.

Colonel & Co offered world’s favorite snack nachos and salsa in a convenient packaged tray for all on the go explorers who were a part of the heritage bus tour that happens every year at the Kala Ghoda Festival.  A Colonel’s bunker was also installed to capture some legendary moments which also bought the essence of army and war time tales alive through the installation.

Colonel and Co. can be located at stall number 36 in Cross Maidan.

‘Building Creative Imagination’ Seminar

The Rhode Island School of Design, is known to push the boundaries of excellence as it nurtures its students to innovate, create, and imagine a ‘world that doesn’t yet exist', by constantly challenging assumptions. 

For the first time ever, the Rhode Island School of Design, Alumni of India came together to exhibit their work from 6th February to 8th February, honoured by the visit of Rosanne Somerson, President of RISD.

In addition to the group exhibition, the alumni hosted an interesting panel discussion 'Building Creative Imagination' yesterday, 7th February 2017 at G5A where Rosanne Somerson, President, RISD along with six inspiring creative minds: Anavila Mirsa, Fashion Designer; Kunal Anand, Designer, Illustrator and Co-Founder of KultureShop; Prajakta Potnis, Contemporary Artist, Zoya Akhtar, Director and Screenwriter, and Vaibhav Chabbra, Founder of Maker's Asylum shared their thoughts on how creativity is fuelled, by sharing examples and experiences from their own practice. Rosanne also interacted with prospective students and spoke about the work of the RISD alumni.

SONU SOOD GIVES A BIG SHOUTOUT TO THE SKECHERS GOFLEX WALK RANGE

Mumbai, 8th February, 2017: Skechers, the second largest sports & lifestyle footwear brand in the US, known for its comfortable and high-performance shoes, today presented an exhilarating range - Skechers® GO FLEX Walk™. These shoes are a true amalgamation of comfort and flex technology for ultra-flexibility to move with you. The Goga Matt® insole in this range provides high rebound & additional bounce for all day comfort. This exclusive collection for men and women was introduced by the dashing Sonu Sood who recently starred in action-packed movie Kung Fu Yoga, at the Skechers Flagship store in Phoenix Mills, Lower Parel, Mumbai.

Dressed in smart casuals and looking super chic in his Skechers shoes Sonu was seen at his candid best at the event. Amazed by the new Go Flex Walk shoes, Sonu compared the flexibility of the shoes to Jackie Chan, his co-star from the recent hit film.

Sonu Sood who is a fan of the brand said, “I’m thrilled to be a part of this event. World over, Skechers is known for its running, walking and high impact training shoes. They are a must have for all fashion and fitness lovers as it easily fits in the various spheres of your daily routine ranging from athletic walking to yoga, pilates, low impact gym fitness and even daily causal wear. My personal favourite from their range is the Go Flex Walk.”

The Skechers® GO FLEX Walk™ offers flexible and fashionable shoes that provide great comfort. It’s specially designed sole provides anatomically correct ultra-flexibility wherein each segment of the flexible sole is designed to move independently with your foot.  The Super Sock, a soft unified fabric upper, helps the shoe confirm to the foot and fit its contour seamlessly and the foot-bed has a Goga Matt® Technology insole that provides high-rebound cushioning and comfort all day long. The Agion® insole aids in microbial protection and protects the foot from bad odor. The insole also comes with a unique moisture wicking technique so as to avoid foot slippage against the footbed.  All of these features come together to make sure your feet are loved like never before.

Stay comfortable wherever you go with the Skechers® GO FLEX Walk™ shoes.

 Price: Rs.5499/- onwards

Availability: All Exclusive brand stores and partner outlets