Investor Relations

Annual Reports img
Ref Sub Factor Sub Factor Description Keywords Evidence     Highlights
Management Approach
1 Message from Chair What is the message given by chairperson on sustainability? Board of Directors, Chairman Yes     Ashok Minda (Chairman): Inclusivity and diversity are integral to our ethos and operational strategy. We take pride in our diverse workforce and strong demographic representation. During the last year, we have taken deliberate steps to increase diversity within our organisation, especially focusing on adding more women to our workforce. We prioritise the hiring and skill development of differently abled individuals in our manufacturing plants, striving to make a positive impact on their lives. I would like to mention the e orts made by Spark Minda Foundation. The team reinforced its commitment to corporate social responsibility with numerous impactful initiatives to empower vulnerable communities, enhance skills development, and promote environmental sustainability
2 Message from Executive Director Board of Director Yes     Aakash Minda (Executive Director): Our greeneld projects, including the die-casting and instrument cluster plants, as well as our Vietnam facility, are set to play a significant role in our growth strategy. Moreover, sustainability is integral to our vision of creating a responsible and forward thinking organization. We are committed to advancing ESG and EHS frameworks, aiming to increase our ESG index and achieve long-term sustainability goals
3 Company Overview What is the background of the business? Yes     Company Overview: The US $610 Million Group, with a workforce of more than 16,000 employees, caters to the leading Passenger Vehicle, Commercial Vehicle, Motorcycle & Scooter, Off-road Vehicle & Tier 1 Manufacturers in India with presence in Indonesia, Vietnam, Europe, Japan and Uzbekistan. We also serve the aftermarket segment in India through a strong dealer distributorship of about 650 dealers. Our state-of-the-art R&D facility and partnerships with automotive industry pioneers provide us with a significant technological advantage. Spark Minda embraces cutting-edge technologies through strategic alliances, technical and global business collaborations. These initiatives have empowered Spark Minda with innovative product design and technology, meeting rigorous international quality standards. The Group companies are accredited with QS 9000, ISO-14001, and TS Certification. We are one of the India leading manufacturers of automotive components – Electronic & Mechanical Security Systems, Die Casting, Keyless Solutions, Starter & Alternator Motors, Telematics, ITS & IoT, Wiring Harnesses, Components, Instrument Clusters, Sensors, Interior Plastics and new components in electronics that cater to all major two, three, four-wheeler, commercial, off-road vehicle manufacturers in India & Overseas
4 Company Vision and Mission What is the vision and mission of the company? Yes     Vision: To be a Dynamic, Innovative, and Profitable Global Organisation, emerging as the Preferred Supplier and Employer, to create Value for all Stakeholders; Mission: Our mission is to be an Automotive System Solution provider and Build a Brand recognised by vehicle manufacturers progressively all over the world
Company Overview
1 ESG a Core Pillar of Strategy Has the Company adopted ESG as an integral part of its business strategy? Strategy Yes     At Spark Minda, we have deeply ingrained sustainability into our corporate strategy, viewing it as a vital business imperative. Our ESG roadmap is structured around five core pillars: Ethical Business, Sustainable Operations, Responsible Value Chain, Care for People, and Inclusive Growth. These principles guide us in executing our strategies with precision and commitment, ensuring that we contribute meaningfully to sustainable mobility and uphold the highest standards of corporate governance; Pillars of Sustainability Governance: Ethical Business: We are dedicated to maintaining the highest standards of ethical behaviour and regulatory compliance. Our zero tolerance policy towards corruption underscores our commitment to integrity and transparency, fostering trust and nurturing lasting relationships with our stakeholders; Sustainable Operations: Our operational strategies focus on reducing our environmental footprint through material management, energy management, emission reduction, water management, and waste management. These efforts are aimed at shaping a sustainable future for both present and future generations; Inclusive Growth: We focus on community development through initiatives such as the Saksham Program, which empowers people with disabilities (PwDs) with accessible technology and employment opportunities. Our programs are designed to promote inclusivity and economic empowerment within our communities
2 ESG Reporting Track Record For how long has the Company been reporting its ESG metrics? Affiliations Yes     Information on Environmental, Social and Governance matters are available since 2022; At Spark Minda, we have deeply ingrained sustainability into our corporate strategy, viewing it as a vital business imperative. Our ESG roadmap is structured around five core pillars: Ethical Business; Sustainable Operations; Responsible Value Chain; Care for People; Inclusive Growth
3 ESG Materiality Assessment Is there evidence of a formal ESG materiality assessment review in consultation with stakeholders? Materiality Assessment Yes     MCL has a robust consultation process in place to identify and priorities key environmental and social topics. The materiality assessment for instance has involved internal and external stakeholder perspective to arrive at the issues most important to MCL and its ESG strategy. MCL’s CSR activities also include a Spirit of Giving across its employees of all levels to ensure social welfare and inclusion
4 Dedicated Executive ESG Role Is there a senior leadership position with primary responsibility for ESG? Board of Directors, Board Skills, Strategy Yes     Corporate Social Responsibility & Sustainability Committee: Ms. Pratima Ram (Chairperson), Mr. Avinash Parkash Gandhi and Mr. Ashok Minda
5 Board Skill Depth Are there identified and attributed E, S and G skill sets for Board members? Board of Directors, Board Skills Yes     A chart or a matrix setting out the skills/expertise/competence of the Board of Directors is disclosed in the Annual Report 2024
6 Supply Chain ESG Influence Is the Company exerting influence on suppliers with regards to its ESG policies? Supply Chain Yes     Responsible Value Chain: We strive to ensure that every aspect of our business, from product lifecycle management to local sourcing, is as sustainable as possible. Our goal is to minimize our carbon footprint while uplifting local communities through responsible sourcing practices; In compliance with the Supplier Code of Conduct of MCL, suppliers are audited and monitored on a variety of topics related to statutory compliances and also sustainability. Health and Safety form one of the high priority areas when selecting a supplier
7 Standalone Sustainability / ESG Report Does the Company disclose ESG metrics in a report? Reporting Yes     Business Responsibility & Sustainability Report based on National Guidelines on Responsible Business Conduct (NGRBC) Principles and Core Elements is available in the Annual Report 2024
8 Carbon Disclosure / GHG Report Does the Company disclose carbon / GHG metrics in a report? Climate, Environment GHG, Emissions Reporting Yes     Information on Greenhouse Gas emissions is disclosed in the Business Responsibility & Sustainability Report section available in the Annual Report 2024; As a responsible corporate citizen, Minda Corporation Ltd. understands its role in actively reducing the Greenhouse Gas Emissions. We have considerable portion of electricity coming from renewable sources of energy such as solar as a part of our energy mix. We have rooftop solar installed on all our facilities and we have been carrying out plantation drives across all our manufacturing and non-manufacturing locations
9 Gender Pay, Diversity and Inclusions Report Does the Company disclose gender and diversity related metrics in a report? Diversity and Equality Reporting Yes     Information on Diversity and Inclusions is disclosed in the Business Responsibility and Sustainability Report section available in the Annual Report 2024; 25% Representation of women in the nationwide shop floor workforce, demonstrating our commitment to gender diversity and inclusion
10 Company Website ESG Links Does the Company website have a separate section for ESG related documents? Approach Yes     Spark Minda’s ESG framework adapts to such developments and put our pledges into action. The sustainable operations primarily focus on materials management, energy management, emissions reduction, water and effluents management and waste management. Spark Minda is committed to create value for all stakeholders by offering solutions that contribute to sustainable mobility. The company’s ‘Sustainability Policy’ spells out its philosophy and approach to manage the various pillars- Ethical Business, Sustainable Operations, Responsible Value Chain, Care for People and Inclusive Growth of its sustainability framework. this is helping the company minimise its impact on the environment and maximise the value for its stakeholders. We will continue to strengthen its commitment to pursue sustainability by bringing in additional review mechanisms, assessing emerging challenges in domains like climate induced risks and setting a roadmap on sustainability
11 Company Website Governance Links Does the Company website have separate section for governance related documents? Approach Yes     Spark Minda firmly upholds the values of sound Corporate Governance, fostering a culture of strong and efficient decision-making. Our unwavering commitment to transparency, independence, and accountability is reflected in the meticulous implementation of processes, practices, and policies
Board of Directors
1 Gajanan Vithal Gandhe Yes     Gajanan V. Gandhe (Independent Director): Mr. Gajanan V. Gandhe, an accomplished scholar and professional, holds a Master of Business Administration from Oakland University, Michigan, a Master of Science in Engineering Mechanics from Virginia Tech, and a Bachelor of Science degree in Civil Engineering from the Indian Institute of Technology, Bombay. With over 34 years of combined engineering and management experience in the automotive industry, he has made significant contributions in the United States, India, and China. Currently associated with the DANA group, Mr. Gandhe has an extensive background in leadership roles across prominent organizations. Before joining DANA Corporation, he held numerous leadership positions at International Automotive Components (IAC), Easi Engineering, General Motors, Dow Automotive, and Lear Corporation. Notably, he was instrumental in establishing International Automotive Components Asia in 2007, where he played a pivotal role in expanding business with both global and local customers, including Mercedes, BMW, Volvo, General Motors, SAIC, Geely, BBDC, Volkswagen, and Mahindra among others. His strategic initiatives have significantly bolstered the presence and success of these companies in the competitive automotive market
2 Laxman Ramnarayan Yes     Laxman Ramnarayan (Independent Director): Mr. R. Laxman is a CMA and has done his MBA specializing in Finance from SP Jain Institute of Management and Research (SPJIMR), Mumbai. Mr. Laxman is having specialization in Finance, Strategy and M&A, having led teams across Manufacturing, Private Equity and Investment Banking in a career spanning 30+ years. Presently, he is associated with More Retail Pvt. Ltd. More Retail is a leading player in the retail grocery space in India. The company is ultimately held by funds managed by Samara Capital and Amazon. Prior to this, he was Executive Director and Group CFO at Minda Corporation (4 years). Previously, he has been with Kotak Investment Banking (9 years) and before that Partner at Kotak Private Equity (8 years)
3 Ashok Minda Yes     Ashok Minda (Chairman and Group CEO): Mr. Ashok Minda, our esteemed Chairman and Group CEO, brings over 38 years of extensive experience in the Automotive Component Industry. His profound expertise and strategic foresight have transformed our company into a multifaceted, multi-product organization that enjoys both national acclaim and international recognition. Under his visionary leadership, the Minda Group has expanded globally, showcasing a diverse product portfolio and including multiple companies in India and abroad. Mr. Minda has an impressive record of accomplishment of forming strategic partnerships with leading global auto component companies from the US, Germany, Japan, and France. His proactive leadership has been instrumental in initiating Greeneld projects in key international markets, including Indonesia and Vietnam, as well as various parts of India. Through his guidance and commitment, Mr. Minda continues to drive our group towards new heights, ensuring sustained growth and innovation in the ever-evolving automotive components sector
4 Aakash Minda Yes     Akash Minda (Executive Director): Mr. Aakash Minda, an alumnus of the Cox School of Business in France and the Indian School of Business, graduated with honours and embarked on his career at the Schae er Group as a management trainee. His early responsibilities at Spark Minda included overseeing the newly acquired Minda Autoelektrik Ltd. In June 2020, he was also designated as CEO of Interior Plastic & Electronics Manufacturing Excellence at Minda Corporation Limited, marking the beginning of his significant impact within the company. In September 2020, Mr. Minda was appointed as Executive Director of Minda Corporation Limited, overseeing Strategy and Finance. During scal year 23, he also began directly managing the Group Marketing and Group Technology functions. His leadership extended to serving as Managing Director of the company’s European subsidiary, Minda KTSN Plastic Solutions GmbH & Co KG, where he was instrumental in strengthening the company cash ow and working capital. With over eight years of experience in the automotive space, Mr. Minda continues to play a pivotal role in shaping the strategic direction of the company
5 N K Modi Yes     Naresh Kumar Modi (Executive Director): Mr. Naresh Kumar Modi, a seasoned Chartered Accountant and Company Secretary, brings over 34 years of extensive experience to his role at Spark Minda Group. Before joining our organization, he honed his expertise with eminent rms such as E&Y and the Birla Group. Within Spark Minda, Mr. Modi has dedicated over 25 years, assuming various pivotal roles across strategy, nance, human resources, and operations. His tenure includes serving as the Business Head at Minda Stoneridge Instruments and Group CHRO, as well as CEO of the Information & Connected System vertical. In his capacity as a leader, Mr. Modi was responsible for the development of standard procedures and policies for the material function, alongside managing effective vendor relations, supplier risk management, and strategic sourcing at the group level. Currently, he serves as the CEO for the division of Starter Motors and Alternators, where his profound knowledge and leadership continue to drive significant advancements and strategic growth for the company
6 Ravi Sud Yes     Ravi Sud (Independent Director): Mr. Ravi Sud brings a wealth of expertise and credentials to his role, including being an FCS, a PGDM from IIM Ahmedabad, and holding a B.Com (Hons) degree. His qualifications are further enhanced by certifications from FCS and ICMAI. With over 35 years of experience in the automotive industry, Mr. Sud has held a variety of significant positions such as General Manager, Company Secretary, Senior Vice President, and CFO, showcasing his versatile skill set across multiple domains of business management. Mr. Sud most notable tenure was as the Senior Vice President & CFO of Hero MotoCorp Ltd. (formerly Hero Honda Motors Ltd.), where he played a pivotal role in steering the company through various phases of growth and financial strategy. His broad experience encompasses nance, accounting, secretarial and legal work, internal audits, investor relations, and the evaluation and execution of mergers, acquisitions, joint ventures, and investment opportunities. He has also contributed his expertise as a member of the jury for several prestigious awards including The India CFO Awards, India Risk Management Awards (IRMA), SME Awards, and Emerging Company Awards. Currently, Mr. Sud extends his vast experience to Eto Motors Private Limited, where he serves on the board, continuing to impact the industry with his extensive knowledge and strategic insights
7 Ashok Kumar Jha Yes     Ashok Kumar Jha (Independent Director): Mr. Ashok Kumar Jha, an esteemed IAS officer from the 1969 batch, has dedicated 39 years to the Indian Civil Services, where he held significant roles within both the State and Central Government apparatus. His extensive tenure in public service is marked by his appointment as the Finance Secretary for the Government of India, a role that served as the pinnacle of his distinguished career. Mr. Jha is recognized as a leading authority on policy matters related to key economic ministries of the Government. His deep understanding and expertise in these areas have made him a valued advisor and policymaker. Currently, he brings his wealth of knowledge and experience to the private sector, serving on the boards of Setco Automotive and Xpro India. His presence on these boards ensures that both companies bene t from his profound insights into governance and economic policy
8 Pratima Ram Yes     Pratima Ram (Independent Director): Mrs. Pratima Ram, a distinguished alumna of the University of Virginia, USA, and Bangalore University, has had a notable career in the nancial sector. She previously served as the Chief Executive O cer of the South Africa Operations for the State Bank of India (SBI) and also held the prominent role of Country Head for the U.S.A. Operations at SBI in New York. Furthermore, she led the Mergers & Acquisitions department at SBI Capital Markets, demonstrating her adeptness in navigating complex nancial landscapes. Currently, Mrs. Ram contributes her extensive experience and leadership skills to the boards of several organizations. She serves on the boards of Cadila Pharmaceuticals, Minda Instruments Ltd., Manappuram Home Finance, Manappuram Finance Limited, Subex Account Aggregator Services Private Limited, Bene tsklub Technologies Private Limited, Avaali Solutions Private Limited, and GPS Renewables Private Limited. Her roles across these diverse entities underscore her wide-ranging impact and commitment to fostering strategic growth and innovation in both the financial and technological sectors
Environment
1 Environment Strategy in Place Does the Company have a strategy on aspects related to preserving the environment, reducing emissions and using clean energy? Strategy Yes     At the very core of that vision lies our Sustainability Policy that spells out Company’s philosophy and approach to manage various pillars of our sustainability framework viz. Ethical Business, Sustainable Operations, Responsible Value Chain, Care for People and Inclusive Growth. By incorporating sustainability principles into our day to day operations, we aim to minimize our impact on the environment and maximize value for all our stakeholders; Our operational strategies focus on reducing our environmental footprint through material management, energy management, emission reduction, water management, and waste management. These efforts are aimed at shaping a sustainable future for both present and future generations; We have significantly increased our investment in renewable energy sources, with total energy consumed from renewable sources amounting to 67,045.21 GJ. This move not only reduces our carbon footprint but also supports our long-term sustainability goals
2 Environmental Reporting Does the Company provide an accurate view of the overall environmental impact of the Company’s business? Reporting Yes     Details of total energy consumption (in Joules or multiples) and energy intensity, disclosures related to water, details of air emissions, details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, details related to waste management, break-up of the total energy consumed (in Joules or multiples) from renewable and non-renewable sources are available in the Annual Report 2024
3 Identifying and Assessing Climate and Environment Related Risks How does the Company identify, assess and manage climate related risks? Climate Risk Control Yes     Risk: In order to address the issue of climate change, companies like Minda Corporation have a crucial role to play in spearheading decarbonization initiatives. This entails reducing energy intensity, minimizing dependence on fossil fuels, and investing in renewable energy sources. MCL has been actively working towards achieving a transition to low- carbon practices by implementing efficient energy management strategies and reducing the use of fossil fuel based energy. It is crucial to acknowledge that at a global level, investors and stakeholders are increasingly seeking sustainable collaborations. Neglecting to invest in such measures could potentially expose companies to risks; Mitigation: MCL has made substantial investments in renewable energy, specifically solar power, and remains committed to exploring avenues to decrease reliance on fossil fuels. It is crucial to improve the integration of energy management into our corporate ESG strategy, and we are actively working towards reducing our carbon footprint and encouraging efficient energy usage
4 Environmental Capital Budgeting Does the Company allocate a budget for environment related initiatives? Investing Metrics Yes     Total capital investment on energy conservation equipment: FY2024: Rs. 74.34 lakhs; FY2023: Rs. 499 lakhs; FY2022: Rs. 399 lakhs
5 Maximizing Product Life Does the Company manufacture products with the objective of maximizing the durability? Yes     The Company caters to all major global Original Equipment Manufacturers (OEMs) with an extensive range of products spanning traditional mechanical systems to advanced electronic access control systems. Spark Minda o ers diverse lockset options to enhance vehicle security, featuring conventional, two-track, four track, snake-biting, and smart keys; We specialize in advanced automotive solutions, catering to diverse needs of vehicle manufacturers worldwide. Our product portfolio spans Mechatronics, Electrical Distribution System, Interior Plastic Division, Drivers Information System, Smart Electronics, Advanced Automotive Sensor, Electric Vehicle Mobility, Starter Motor and Alternator, Information and Connected Systems, and Aftermarket solutions. Our relentless focus on innovation drives us to develop cutting-edge technologies in electric vehicles (EVs), connected and autonomous vehicles (CAVs), and Mobility-as-a-Service (MaaS). We deliver products that enhance the driving experience, improve safety, and contribute to sustainable mobility
6 Innovation and Product Stewardship Does the Company have product innovation strategies and a specific approach for managing environmental impacts of its products? Initiatives Product, Development, Strategy Yes     For FY2024, we have significantly bolstered our efforts in innovation, research, and development (R&D), as well as technology-driven product transformation. Our initiatives are meticulously designed to ensure that Spark Minda remains at the forefront of technological advancement, fostering a culture of continuous improvement and sustainable growth. Our intellectual capital fuels our innovative spirit and market leadership. This year, we have intensified our focus on developing cutting-edge technologies, forging strategic partnerships, and nurturing a culture of continuous innovation; Technological Advancements: Advanced Safety Systems: We are pioneering solutions in Advanced Driver Assistance Systems (ADAS) to enhance automotive safety; Instrument Clusters: Our evolution from analogue to fully digital instrument clusters continues. These digital clusters offer infinite customization options, enabling manufacturers to provide bespoke styles and themes; EV Components: With the global shift towards electric vehicles (EVs), we have developed cutting-edge products such as high-power DC-DC converters, battery chargers, and protection devices. These innovations are crucial as we transition from traditional vehicles to EVs
7 Low Carbon Products Does the Company provide details of products and services that classify as low carbon or that enable a third party to avoid GHG emissions? GHG Emissions, Initiatives Product, Development Yes     EV Components: With the global shift towards electric vehicles (EVs), we have developed cutting-edge products such as high-power DC-DC converters, battery chargers, and protection devices. These innovations are crucial as we transition from traditional vehicles to EVs; We have forged partnerships with top-tier EV charger companies to accelerate the development and deployment of onboard and offboard chargers. This collaboration aims to streamline the time-to-market for these essential components, ensuring that our customers have access to the latest and most efficient charging solutions. By integrating advanced charger technologies into our product portfolio, we address the growing demand for reliable and fast EV charging infrastructure, which is critical for the widespread adoption of electric vehicles
8 Amount of GHG Emissions What are the Company greenhouse gas (GHG) gross emissions in metric tonnes of carbon dioxide equivalent (CO2e)? GHG Emissions, Metrics Yes     Total GHG Emission: FY2024: 45,679 Metric Tonne of CO2 equivalent; FY2023: 57,821.06 Metric Tonne of CO2 equivalent; FY2022: 32,906.44 Metric Tonne of CO2 equivalent; Through collaborative efforts with our value chain partners, we have undertaken extensive carbon emission reduction drives. This has resulted in a reduction of Scope 1 and Scope 2 emissions to 45680 MT CO2
9 GHG Emission Scope Breakdown Has the Company reported its GHG emissions (Scope 1, 2 and 3) breakdown? GHG Emissions, Metrics Yes     FY2024 Total Scope 1 GHG Emission: 8,731 Metric Tonne of CO2 equivalent; Total Scope 2 GHG Emission: 36,948 Metric Tonne of CO2 equivalent; FY2023 Total Scope 1 GHG Emission: 18,243.85 Metric Tonne of CO2 equivalent; Total Scope 2 GHG Emission: 39,577.21 Metric Tonne of CO2 equivalent
10 GHG Intensity What was the GHG intensity (Scope 1,2,3 tonnes/intensity) by the Company? GHG Emissions, Metrics Yes     Total Scope 1 and Scope 2 emissions intensity in FY2024: 1.19*10-6 per rupee of turnover; Total Scope 1 and Scope 2 emissions intensity in FY2023: 1.65*10-6 per rupee of turnover; Total Scope 1 and Scope 2 emissions intensity in FY2022: 1.22*10-6 per rupee of turnover
11 GHG Emission History For how many years has the Company been reporting GHG emission? GHG Emissions, Metrics Yes     Information on GHG Emission is available since FY2022
12 GHG Reduction Initiatives Does the Company have specific initiatives in place to address short (1-5 years), medium (5-10 years) and long term (2050) targets? Climate GHG, Emissions, Initiatives Yes     As a responsible corporate citizen, Minda Corporation Ltd. understands its role in actively reducing the Greenhouse Gas Emissions. We have considerable portion of electricity coming from renewable sources of energy such as solar as a part of our energy mix. We have rooftop solar installed on all our facilities and we have been carrying out plantation drives across all our manufacturing and non-manufacturing locations. We also conduct energy efficiency drives across all our offices and manufacturing plants throughout the year to replace old and high energy consuming equipment with low energy consuming and energy efficient devices. We are also undertaking the right set of targets to achieve GHG reduction through a well-defined strategy; Through collaborative e orts with our value chain partners, we have undertaken extensive carbon emission reduction drives. This has resulted in a reduction of Scope 1 and Scope 2 emissions to 45680 MT CO2; The push towards electrification and exploring alternative powertrains is driven by a growing environmental consciousness and stringent regulatory standards to reduce carbon emissions
13 Material Usage Initiatives What are the Company’s initiatives to ensure that it uses raw materials responsibly including the avoidance of new material? Initiatives Resource, Efficiency Waste, Management Yes     Enhancing materials efficiency presents MCL with a chance to decrease its expenses on various products, leading to cost reduction through effective material reuse. MCL is exploring circularity strategies to recycle and repurpose waste, while also committing to investing in advanced technologies, decreasing hazardous waste usage, and minimizing material wastage
14 Sources of Water Has the Company provided details of sources of water? Water Yes     FY2024 Water withdrawal by source: Groundwater: 1,40,004.35 kiloliters; Third party water: 1,41,038.92 kiloliters; FY2023 Water withdrawal by source: Groundwater: 1,49,482 kiloliters; Third party water: 2,91,660 kiloliters
15 Protecting Land, Natural Resources and Biodiversity What are the biodiversity and nature related dependencies, impacts, risks and opportunities the Company has identified over the short, medium and long term? Biodiversity, Initiatives Risk, Control Yes     We have rooftop solar installed on all our facilities and we have been carrying out plantation drives across all our manufacturing and non-manufacturing locations; Minda corporation has planted over 29,409 trees till FY2023
16 Water Risk Management Processes Does the Company have guidelines to minimize water pollution, water stress and usage? Climate Process, Systems Risk, Control Yes     MCL is in process of conducting a water analysis to identify water conservation measures and implementing stewardship programs
17 Energy Efficiency Initiatives What are the initiatives undertaken by the Company to save energy or reduce consumption? Energy Initiatives Yes     We conduct energy efficiency drives across all our offices and manufacturing plants throughout the year to replace old and high energy consuming equipment with low energy consuming and energy efficient devices. We are also undertaking the right set of targets to achieve GHG reduction through a well-defined strategy; Initiative taken to for energy efficiency: Installation of energy efficient pneumatic guns across the various Plants; Timers Installed in the Admin office AC’s, Shop Floor & Canteen Fans; Motion Sensors Installed at washrooms and admin office gangway lights; Sequential timers installed in heat sealing machines; Sequential timers installed in Exhaust fans in the washrooms; Separate Light switch with single light concept to save the energy
18 Energy Consumption and Savings What was the amount of energy consumed or saved (electricity, natural gas and others) by the Company? Energy Metrics Yes     Energy Consumption: FY2024: 3,97,348.77 GJ; FY2023: 3,16,174.67 GJ; FY2022: 1,89,841 GJ; We conduct energy efficiency drives across all our offices and manufacturing plants throughout the year to replace old and high energy consuming equipment with low energy consuming and energy efficient devices
19 Energy Intensity What was the Energy intensity (annual energy consumption/intensity) by the Company? Energy Metrics Yes     Energy intensity in FY2024: 10.33*10-6 per rupee of turnover; Energy intensity in FY2023: 9.05*10-6 per rupee of turnover; Energy intensity in FY2022: 7.08*10-6 per rupee of turnover
20 Energy Efficiency History For how many years has the Company been reporting energy? Energy Metrics Yes     Information on Energy Consumption is available since FY2022
21 Transition to Renewable Energy What are the initiatives undertaken by the Company to transition to renewable energy from traditional sources? Energy Initiatives Yes     We have significantly increased our investment in renewable energy sources, with total energy consumed from renewable sources amounting to 67,045.21 GJ. This move not only reduces our carbon footprint but also supports our long-term sustainability goals; MCL has made substantial investments in renewable energy, specifically solar power, and remains committed to exploring avenues to decrease reliance on fossil fuels. It is crucial to improve the integration of energy management into our corporate ESG strategy, and we are actively working towards reducing our carbon footprint and encouraging efficient energy usage; We have considerable portion of electricity coming from renewable sources of energy such as solar as a part of our energy mix. We have rooftop solar installed on all our facilities and we have been carrying out plantation drives across all our manufacturing and non-manufacturing locations
22 Renewable Energy Consumption What was the amount of renewable energy consumption (solar, wind and others) by the Company? Energy Metrics Yes     Renewable Energy Consumption: FY2024: 67,045.21 GJ; FY2023: 36,553.87 GJ; FY2022: 21995.56 GJ; MCL has made substantial investments in renewable energy, specifically solar power, and remains committed to exploring avenues to decrease reliance on fossil fuels. It is crucial to improve the integration of energy management into our corporate ESG strategy, and we are actively working towards reducing our carbon footprint and encouraging efficient energy usage
23 Clean Technology Initiatives What are the initiatives undertaken by the Company to adopt clean technology? Climate Initiatives Yes     MCL’s contributions to Capital Expenditure investments have led to significant improvements in environmental and social costs through investments in technologies such as solar power; Roof Top and open access solarization were done in energy intensive factories in 23-24 hence consumption of renewable energy multiplied; We have considerable portion of electricity coming from renewable sources of energy such as solar as a part of our energy mix. We have rooftop solar installed on all our facilities and we have been carrying out plantation drives across all our manufacturing and non-manufacturing locations
24 Protect or Restore Nature and Land Does the Company have policies or guidelines to protect or restore nature and land around project sites? Biodiversity Yes     Number of Trees Planted till FY2023: 29,409; We have rooftop solar installed on all our facilities and we have been carrying out plantation drives across all our manufacturing and non-manufacturing locations
25 Other Circular Economy Initiatives Are there any other circular economy initiatives adopted by the Company? Initiatives Waste, Management Yes     To contribute to the creation of a recycling-oriented society, the entity conducts several 3R initiatives (3R = Reduce, Reuse, Recycle). We monitor both hazardous and non-hazardous waste generated at our plants. All hazardous waste is disposed through State Pollution Control Board authorized waste recycling vendors for plastic and e-waste; MCL must prioritize finding solutions to minimize waste going to land lls and incineration, as these methods are harmful to the environment. MCL is exploring circularity strategies to recycle and repurpose waste, while also committing to investing in advanced technologies, decreasing hazardous waste usage, and minimizing material wastage
26 Amount of Air Pollution What was the amount of air pollution generated by the Company? Yes     FY2024 NOx: 27.69 Mg/Nm3; SOx: 25.39 Mg/Nm3; Particulate Matter (PM): 42.95 Mg/Nm3; FY2023 NOx: 235 Mg/Nm3; SOx: 126 Mg/Nm3; Particulate Matter (PM): 435 Mg/Nm3
27 Air Pollution Reduction Initiatives Does the Company have specific initiatives in place to reduce air pollution? Air Pollution, Initiatives Yes     As per the CTOs obtained by the respective Units most of the facilities are not expected to generate air emissions, therefore no material risks are identified with regard to air quality management. However, in case of Unit 1, the Company shall ensure that adequate green belt is maintained around the facility
28 Air Pollution History For how many years has the Company been reporting air pollution metrics? Air Pollution Metrics Yes     Information on Air Pollution is available since FY2023
29 Amount of Water Usage What was the amount of water used by the Company? Metrics Water Yes     Water Consumption: FY2024: 2,10,867.001 kiloliters; FY2023: 4,63,169 kiloliters; FY2022: 389,074 kiloliters
30 Water Savings Initiatives What are the initiatives undertaken by the Company to save or reuse water? Initiatives Water Yes     MCL is also undertaking water stewardship initiatives and targets to ensure sustainable water practices across major plants of the company. MCL is in process of conducting a water analysis to identify water conservation measures and implementing stewardship programs
31 Amount of Water Withdrawn What was the amount of water withdrawn by the Company? Metrics Water Yes     Total Water Withdrawal: FY2024: 2,84,580.27 kiloliters; FY2023: 4,63,862 kiloliters; FY2022: 389,074 kiloliters
32 Water Usage History For how many years has the Company been reporting water usage metrics? Metrics Water Yes     Information on Water Usage is available since FY2022
33 Waste Water Safe Discharge Does the Company disclose adoption of safe water discharge mechanisms? Initiatives Metrics, Waste Management, Water Yes     FY2024 Total water discharged (in kiloliters): 73,713; Minda Corporation Limited has implemented a Zero Liquid Discharge (ZLD) Policy at most of its locations
34 Amount of Plastic Pollution What was the amount of plastic pollution attributed to the Company? Metrics Waste, Management Yes     Plastic Waste: FY2024: 289.56 metric tons; FY2023: 332.88 metric tons; FY2022: 209.21 metric tons
35 Reduction in Plastic Use What are the initiatives undertaken by the Company to reduce plastic usage? Waste Management Yes     At the end of the lifecycle, plastics are given to the authorized waste vendor where some quantities of the plastics are reused; All hazardous waste is disposed through State Pollution Control Board authorized waste recycling vendors for plastic and e-waste
36 Amount of Waste Generated What was the amount of waste generated by the Company? Metrics Waste, Management Yes     Waste Generated: FY2024: 1,553.19 metric tons; FY2023: 1,051.17 metric tons; FY2022: 9,730.433 metric tons
37 Waste Generation History For how many years has the Company been reporting waste generation metrics? Metrics Waste, Management Yes     Information on Waste Generated is available since FY2022
38 Waste Reduction Initiatives What are the initiatives undertaken by the Company to reduce or recycle waste? Initiatives Waste, Management Yes     At the end of the lifecycle, hazardous waste is given to the authorized waste vendor where the hazardous waste is disposed. At the end of the lifecycle, all other waste is given to the authorized waste vendor and carton boxes are reused while the rest is given to the authorized waste vendor for recycling and reclamation; To contribute to the creation of a recycling-oriented society, the entity conducts several 3R initiatives (3R = Reduce, Reuse, Recycle). We monitor both hazardous and non-hazardous waste generated at our plants. All hazardous waste is disposed through State Pollution Control Board authorized waste recycling vendors for plastic and e-waste
39 Reusing Waste Does the Company reuse waste? Initiatives Waste, Management Yes     Waste Re-used: FY2024: 5.77 metric tonnes; FY2023: 78.06 metric tonnes; FY2022: 62.01 metric tonnes; At the end of the lifecycle, plastics are given to the authorized waste vendor where some quantities of the plastics are reused. At the end of the lifecycle, all other waste is given to the authorized waste vendor and carton boxes are reused while the rest is given to the authorized waste vendor for recycling and reclamation
40 Recycling Waste Does the Company recycle its waste and use it for new production? Initiatives Waste, Management Yes     Waste Recycled: FY2024: 78.22 metric tons; FY2023: 364.9 metric tons; FY2022: 302.01 metric tons; To contribute to the creation of a recycling-oriented society, the entity conducts several 3R initiatives (3R = Reduce, Reuse, Recycle). We monitor both hazardous and non-hazardous waste generated at our plants. All hazardous waste is disposed through State Pollution Control Board authorized waste recycling vendors for plastic and e-waste
41 E-Waste Management Describe the Company efforts to collect and recycle e-waste Initiatives Waste, Management Yes     FY2024 E-waste generated: 0.45 metric tons; FY2023 E-waste generated: 1.04 metric tons; FY2022 E-waste generated: 0.64 metric tons; All hazardous waste is disposed through State Pollution Control Board authorized waste recycling vendors for plastic and e-waste; At the end of the lifecycle, e-waste is given to the authorized waste vendor where the e- waste is disposed
42 Eliminating Landfill Waste Does the Company ensure that waste sent to landfills are reduced? Targets Waste Management Yes     MCL is exploring circularity strategies to recycle and repurpose waste, while also committing to investing in advanced technologies, decreasing hazardous waste usage, and minimizing material wastage
43 Delays on Environmental Regulatory Requirements Where there any delays on environment related regulatory requirements such as permits? Reporting Yes     MCL is in compliance with all laws, regulations and guidelines and no non-compliance has been issued or reported in the FY 2023-24
44 Fuel Costs Does the Company provide the share of fuel costs compared to the total operating costs? Metrics Resource, Efficiency Yes     Fuel Expenses: FY2024: Rs. 857 million; FY2023: Rs. 815 million; FY2022: Rs. 599 million
Social
1 Social Strategy in Place Does the Company have a strategy on aspects related to its workforce, communities, and stakeholders in which it operates? Strategy Yes     People are our most valuable asset. We have a positive and supportive work environment that fosters growth, learning, and collaboration. The employees grow, we grow. Spark Minda empowers the employees with all the tools, resources, and support they need to succeed in their roles; Our commitment to our employees’ well-being and professional growth is paramount. We prioritize health and safety, foster a diverse and inclusive work environment, and offer continuous training and development opportunities to help our employees thrive. We focus on community development through initiatives such as the Saksham Program, which empowers people with disabilities (PwDs) with accessible technology and employment opportunities. Our programs are designed to promote inclusivity and economic empowerment within our communities; MCL recognizes the significance of interacting with stakeholders as a fundamental part of our business activities. We adhere to the principles of openness, attentive listening, and equitable treatment, which encourage a consultative and cooperative approach to engaging with all stakeholders. This is accomplished through efficient and timely communication, nurturing trust, and establishing enduring relationships
2 Communication of Labour Policy Does the Company have a formal labour policy and take necessary steps to apprise its employees about it? Is there evidence of any restructuring programs? Employees Policies Yes     Policies and Values: Our organization is proud of “Living Our Values” - “Passion for Excellence”, “Nurture Talent, competency and willingness”, “Respect and Humility”. These are engrained in every employee and in their every action. We celebrate our essential values through policies and procedures implemented with utmost discipline. POSH - Prevention of Sexual Harassment and Whistle blower Policy are some of our foremost policies. We ensure the safety of our employees as a priority, and are committed towards ensuring a harmonious and productive work environment
3 Supplier Responsibility Initiatives Does the Company ensure that its social strategy or labour policy is also followed by its suppliers? Enagagement Initiatives Supply Chain Yes     MCL has effectively rolled-out its Human Rights Policy requiring all business partners such as suppliers and vendors to comply with the requirements of the Policy; We mandate adherence to ethical standards among our suppliers and conduct routine audits to verify compliance. Active engagement with stakeholders underscores our commitment to transparency and accountability
4 Awareness Programs for Supply Chain Details on awareness programs conducted during the year for value chain partners along with topics Enagagement Initiatives Supply Chain Yes     Awareness programmes conducted for value chain partners Do any of the principles during the financial year: Total number of awareness programmes held: 11; Topics / principles covered under the training: Human Rights, Safety, Inclusive Growth; %age of value chain partners covered under the awareness programmes: 43%
5 Statutory Dues Compliance for Value Chain Partners Describe measures undertaken by the Company to ensure that statutory dues have been deducted and deposited by the value chain partners Supply Chain Yes     The company takes great pride and responsibility in ensuring that all statutory dues are paid not only within the Company but also by its partners in its value chain. It is part of our Code of Conduct for suppliers and forms a part of our supplier assessment while awarding any new contract
6 Supply Chain Assessment Does the Company conduct regular assessments of its supplier to ensure operating risks are minimised? Supply Chain Yes     In compliance with the Supplier Code of Conduct of MCL, suppliers are audited and monitored on a variety of topics related to statutory compliances and also sustainability. Health and Safety form one of the high priority areas when selecting a supplier
7 Suppliers Code of Conduct Is there a supply chain code of conduct? Policies Supply Chain Yes     In compliance with the Supplier Code of Conduct of MCL, suppliers are audited and monitored on a variety of topics related to statutory compliances and also sustainability. Health and Safety form one of the high priority areas when selecting a supplier
8 Environmental Policy for Suppliers Is there an environmental policy for the supply chain? Policies Supply Chain Yes     The Company commits to collaborate with supply chain partners to actively promote environment stewardship
9 Customer Responsibility Initiatives What are the various initiatives undertaken by the Company for customer? Yes     MCL has worked on establishing ITS system to meet various customer requirements and to meet government regulations. MCL is working on developing platforms to meet a wide range of customer requirements ranging from 2/3-Wheeler, Passenger car and Tractor segment; MCL intends to improve its management systems to ensure product safety, effectively address any non compliance concerns, and ensure the provision of premium products for secure utilization. These investments will not only boost customer confidence; MCL conduct brand building and awareness among customers, awareness of our product portfolio, evolving brand building, etc
10 Customer Grievance Mechanism What are the mechanisms used by the Company to receive and redress the grievances of the customers? Customers Social Yes     The company actively interacts with customers via Email, Phone, Face-to-Face Meetings, and Plant Visits to gather feedback. In addition, regular updates about our products are shared with customers. For example, a CRM Portal and Mobile App are provided for Business Partners to register complaints. A call centre tollfree number is also available for MCL product users from 9 a.m. to 5 p.m. Regional CRM executives handle and resolve complaints for business partners, while an IT helpdesk assists with portal-related issues. MCL ensures customer care email and contact numbers are shared on the Minda Corporation’s website and all product labels for complaints from MCL product users
11 Amount Spend on Promotional Materials What is amount spend on promotional materials by the Company? Customers Metrics Yes     Advertisement Expense: FY2024: 117 million; FY2023: 124 million; FY2022: 65 million
12 Product/Service Safety and Quality Metrics Does the Company undertake safety and quality checks of products? How does it respond in the case of faulty products sold to customers? Health and Safety Product Development Risk Control Yes     MCL is dedicated to upholding the utmost quality and safety standards of its products, aligning with the best practices worldwide. Furthermore, MCL intends to improve its management systems to ensure product safety, effectively address any non compliance concerns, and ensure the provision of premium products for secure utilization
13 Product Recalls Has the company recalled or replaced any products due to defects or safety concerns? Health and Safety Product Development Risk Control Yes     Instances of product recalls on account of safety issues FY2024: Nil
14 Incident Management Reporting Does the Company report business disruptions, past accidents or mishaps and the steps they took to address the situation? Employees Health and Safety Incidents Yes     FY2024 Total recordable work-related injuries: 7; MCL’s facilities adhere to international safety standards and possess ISO 45001 certification. Furthermore, MCL has obtained an Occupational Health and Safety Assessment Series (OHSAS) certification to prioritize the well-being of its employees. All formal agreements encompass health and safety parameters, and incidents and accidents at plant sites are meticulously documented and monitored. To foster a safety-oriented environment, a safety committee operates at each manufacturing plant, with both management and worker representatives actively involved. Additionally, monthly reporting and cross-plant audits are conducted to guarantee ongoing enhancement and compliance with safety protocols across all facilities
15 Policy Breach Action Taken How has the Company reacted in the past to non-compliance of its policies by the Company or its employees? Policies Yes     FY2024 Total Complaints reported under Sexual Harassment on of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH): 1; MCL has implemented the Human Rights Policy in FY 2023-24 entailing details of its stance on discriminatory practices at the workplace. MCL does not tolerate any kind of discrimination based on race, colour, gender, caste, religion, age, national origin, disability or any such attributes as protected by the law. Additionally, the Equal Opportunity Policy elicits the Company’s stance on bulling and harassment and promises to provide a safe, healthy and harmonious work environment for all employees
16 Diversity and Inclusion Does the Company disclose diversity and inclusion such as gender mix, gender pay parity and culture mix across the firm? Diversity and Equality Employees Metrics Yes     Gender diversity and inclusion are central to our ethos at MINDA Corporation. Women make up 25% of our nationwide shop floor workforce, significantly contributing to our operations. At our Noida plant, renowned for manufacturing Smart Keyless systems, women lead the way, representing 36% of the workforce. Our Pink Production line at the Pant Nagar Plant further exemplifies our commitment, being entirely staffed by women. Their exceptional skills, dedication, and ownership consistently result in products of unparalleled quality, exceeding customer expectations and driving our collective success; Diversity and inclusion were prioritized, with a refined policy to enhance female representation in leadership. The HR strategy evolved to attract, engage, and retain top talent, focusing on high performing teams and advanced talent management practices
17 Board of Directors Gender Composition What is the female representation on the board of the Company? Board of Directors Diversity and Equality Metrics Yes     1 out of 9 board members is female
18 Senior Management Gender Composition What is the female representation in the senior management of the Company? Diversity and Equality Metrics Yes     No female members represented in senior management
19 Workforce Gender Composition What is the female representation in the total workforce of the Company? Diversity and Equality Employees Initiatives Targets Yes     FY2024: 5,059 out of 18,612 of the workforce (Employees and Workers) are Females i.e. 27.18%; Employees (Permanent and Other than Permanent): 195 out of 1,846 are female employees i.e. 10%; Workers (Permanent and Other than Permanent): 5,059 out of 16,766 are female workers i.e. 30%
20 Gender and Diversity Targets and Initiatives Does the Company have specific targets and initiatives in place to address gender and diversity imbalances? Compensation and Benefits Diversity and Equality Employees Yes     25% Representation of women in the nationwide shop floor workforce, demonstrating our commitment to gender diversity and inclusion; Gender Diversity and Inclusion: The Company has ongoing efforts to enhance gender diversity in senior management roles. Specific initiatives have been put in place to promote inclusivity and ensure diverse representation at all levels. At Spark Minda, our people are at the heart of everything we do. We are dedicated to creating a diverse and inclusive work environment that fosters both personal and professional growth. Ensuring the health and safety of our employees is our top priority, and we strive to maintain a safe and secure workplace. To support career development, we offer numerous training and learning opportunities, helping our team enhance their skills and stay current with industry trends. As a responsible organization, we are fully committed to protecting human rights and fostering a positive, inclusive, and sustainable workplace for all; Our ‘Saksham’ program for the empowerment of people with disabilities has benefitted over 5000 people with disability individuals, ensuring they have access to necessary aids and employment opportunities. Additionally, our Pink Production Lixne at Pant Nagar Plant, staffed entirely by women, stands as a testament to our commitment to gender diversity and inclusion
21 Pay Performance Gap Management What is ratio of the remuneration of Director to the median remuneration of the employees of the Company? Chief Executive Officer (CEO) Compensation and Benefits Diversity and Equality Metrics Yes     FY2024 Ratio of remuneration of highest paid executive to the median salary: 83; FY2024 Ratio of remuneration of second highest paid executive to the median salary: 80; FY2024 Ratio of remuneration of third highest paid executive to the median salary: 59
22 CEO to Employee Compensation Ratio What is ratio of the remuneration of CEO or Director to the median remuneration of the employees of the Company? Compensation and Benefits Diversity and Equality Employees Yes     FY2024 Ratio of remuneration of CEO to median remuneration of employees: 83; FY2023 Ratio of remuneration of CEO to median remuneration of employees: 94; FY2022 Ratio of remuneration of CEO to median remuneration of employees: 86
23 Median Salary of Employees Details on median salary, or wages paid to employees and workers Compensation and Benefits Diversity and Equality Employees Yes     1. Board of Directors (Bod) -Male: Number: 8; Median remuneration/ salary/ wages of respective category: Rs 20,20,000; Female: Number: 1; Median remuneration/ salary/ wages of respective category: Rs 19,15,000. 2. Key Managerial Personnel: Male: Number: 3; Median remuneration/ salary/ wages of respective category: Rs 1,24,61,388; Female: Number: 0; Median remuneration/ salary/ wages of respective category: NA; 3. Employees other than BoD and KMP: Male: Number: 1,633; Median remuneration/ salary/ wages of respective category: Rs 7,70,784; Female: Number: 188; Median remuneration/ salary/ wages of respective category: Rs 5,85,162; 4. Workers: Male: Number: 1,404; Median remuneration/ salary/ wages of respective category: Rs 2,69,724; Female: Number: 113; Median remuneration/ salary/ wages of respective category: Rs 2,45,796
24 Gross Salary Paid to Female Workforce Details on gross salary paid to females as a percentage of total salary Board of Directors Health and Safety Yes     FY2024 Gross wages paid to females as % of total wages: 28%; FY2023 Gross wages paid to females as % of total wages: 21%
25 Health and Safety Board Oversight Does the Board of the Company oversee the health and safety guidelines, associated critical risks and suggests mitigation steps? External Validation Health and Safety Yes     To foster a safety-oriented environment, a safety committee operates at each manufacturing plant, with both management and worker representatives actively involved. Additionally, monthly reporting and cross-plant audits are conducted to guarantee ongoing enhancement and compliance with safety protocols across all facilities
26 Independent Health and Safety Verification Are the health and safety related metrics independently verified by a third party? Employees Health and Safety Yes     MCL’s facilities adhere to international safety standards and possess ISO 45001 certification. Furthermore, MCL has obtained an Occupational Health and Safety Assessment Series (OHSAS) certification to prioritize the well-being of its employees. All formal agreements encompass health and safety parameters, and incidents and accidents at plant sites are meticulously documented and monitored
27 Emergency Procedure Guidelines Does the Company have guidelines in place to be followed during an emergency related to health and safety? Employees Metrics Yes     Adhering to a “Safety First” motto, Spark Minda prioritizes a zero-injury workplace. Essential training in first aid and firefighting, along with proactive health check-ups, form a core part of the Company’s health and safety governance. Post-COVID, vigilance continues with robust safety committees actively monitoring safety initiatives at all locations. Additionally, three comprehensive medical policies have been implemented at the group level, covering employees, their parents, and dependent family members, ensuring a well-rounded approach to employee welfare
28 Staff Turnover Rate What is the turnover rate of full time employees of the Company? Employees Metrics Yes     FY2024 Employee Turnover (Parment Employees): 26% (Male: 26% and Female: 26%); FY2023 Employee Turnover (Parment Employees): 34% (Male: 35% and Female: 30%); FY2022 Employee Turnover (Parment Employees): 39% (Male: 36% and Female: 41%); FY2024 Employee Turnover (Parment Workers): 15% (Male: 12% and Female: 18%); FY2023 Employee Turnover (Parment Workers): 22% (Male: 27% and Female: 16%); FY2022 Employee Turnover (Parment Workers): 18% (Male: 18% and Female: 18%)
29 Return to Work and Retention Rates for Parental Leave What are the return to work and retention rates for the employees and workers who took parental leaves? Diversity and Equality Metrics Yes     FY2024 Return to Work Rate (Permanent employees): 50% (Male: 0%; Female: 50%); Retention Rate: 50% (Male: 0%; Female: 50%); FY2023 Return to Work Rate (Permanent employees): 50% (Male: 0%; Female: 50%); Retention Rate: 50% (Male: 0%; Female: 50%)
30 Contractors Part of Workforce What is the percentage of contractors of the total workforce? Diversity and Equality Employees Metrics Yes     FY2024: 15,268 out of 18,612 of the workforce (employees and workers) are other than permanent i.e 82.03%; Other than permanent employees: 19; Other than permanent workers: 15,249
31 Differently Abled Workforce What is the proportion of differently abled personnel in the workforce of the Company? Diversity and Equality Employees Metrics Yes     FY2024: 536 out of 18,612 total workforce (permanent and workers) are differently abled i.e 2.87%; Differently abled employees: 1; Differently abled workers: 535
32 Accessibility for Differently Abled Employees Details of initiatives or steps taken by the Company to make premises or offices accessible to differently-abled employees and workers Employees Metrics Training Yes     In accordance with the Equal Opportunity Policy, MCL is committed to fostering an inclusive work environment that is safe, flexible, and respectful for all employees and workers. The company guarantees that necessary facilities and amenities are accessible to differently abled workforce. MCL has appointed HR unit heads to supervise the provision of these essential resources. Moreover, MCL is dedicated to promoting diversity and inclusion in the workplace by implementing supportive work-life policies and cultivating a strong sense of belonging within the organization
33 Number of Trained Staff What is the percentage of trained staff in the Company? Employees Health and Safety Metrics Yes     Employees Trained on Health and Safety in FY2024: 58%; Employees Trained on Skill Upgradation in FY2024: 50%; Employees Trained on Health and Safety in FY2023: 59%; Employees Trained on Skill Upgradation in FY2023: 57%; Employees Trained on Health and Safety in FY2022: 91%; Employees Trained on Skill Upgradation in FY2022: 75%; Workers Trained on Health and Safety in FY2024: 83%; Workers Trained on Skill Upgradation in FY2024: 76%; Workers Trained on Health and Safety in FY2023: 76%; Workers Trained on Skill Upgradation in FY2023: 71%; Workers Trained on Health and Safety in FY2022: 84%; Workers Trained on Skill Upgradation in FY2022: 76%
34 Lost Time Injuries and Lost Time Frequency Rate What were the total work hours lost due to accidents or emergencies and frequency rate for employees and contractors? Employees Health and Safety Metrics Yes     Lost Time Injury Frequency Rate (LTIFR) (per one million-person hours worked): Employees: FY2024: 0.19; Workers: 0.11; FY2023: Employees: 0.81; Workers: 0.081; FY2022: Employees: 0.62; Workers: 0; MCL’s facilities adhere to international safety standards and possess ISO 45001 certification. Furthermore, MCL has obtained an Occupational Health and Safety Assessment Series (OHSAS) certification to prioritize the well-being of its employees
35 Total Recordable Injury Frequency Rate What was the Total Recordable Injury Frequency Rate? Employees Health and Safety Incidents Metrics Yes     Total recordable work-related injuries: FY2024: 7; FY2023: 6; FY2022: 2
36 Fatalities Reporting How many fatalities occurred as the result of the Company operations? Employees Health and Safety Initiatives Training Yes     Number of fatalities: FY2024: Nil; FY2023: Nil; FY2022: Nil
37 Health and Safety Initiatives What are the various health and safety initiatives undertaken by the Company for its employees? Employees Health and Safety Process Systems Yes     MCL conducts regular safety inspections internally and externally, and upholds specialized committees to ensure the welfare and protection of its staff and employees at all its sites. Additionally, MCL possesses the necessary safety certifications such as ISO 45001:2018 that are essential for maintaining a safe working environment; MCL’s facilities adhere to international safety standards and possess ISO 45001 certification. Furthermore, MCL has obtained an Occupational Health and Safety Assessment Series (OHSAS) certification to prioritize the well-being of its employees. All formal agreements encompass health and safety parameters, and incidents and accidents at plant sites are meticulously documented and monitored. To foster a safety-oriented environment, a safety committee operates at each manufacturing plant, with both management and worker representatives actively involved. Additionally, monthly reporting and cross-plant audits are conducted to guarantee ongoing enhancement and compliance with safety protocols across all facilities
38 Health and Safety Systems and Processes How does the Company record and monitor risks, and prioritise action to address them? Employees Health and Safety Process Systems Yes     The MCL Health and Safety Committee identifies hazards consistently through Hazard Identification and Risk Assessments (HIRAs) on a routine and non-routine basis. Basis the hazards identified, if at all, MCL ensures that mitigation actions are undertaken to combat the identi ed risks and hazards. MCL employs software tools such as Near Miss QR Code reporting for real-time reporting of hazards and safety issues. Additionally, safety audits and safety Gemba walks are regularly performed to address potential safety issues in a timely manner
39 Health and Safety Policies Does the Company have health and safety policy which describes a course of action that has been chosen to influence workplace decision-making and guide actions related to workplace health and safety? Employees Health and Safety Metrics Yes     We provide a safe and healthy working environment for all our employees and we comply with all applicable laws and regulations related to occupational health and safety
40 Amount Spend on Safety and Maintenance What is amount spend on industrial safety and maintenance? Employees Initiatives Yes     Amount Spent on Repairs and Maintenance: FY2024: Rs. 495 million; FY2023: Rs. 462 million; FY2022: Rs. 364 million
41 Labour Management Initiatives How are the workforce of the company managed by the Human Resource? Employees Policies Yes     In FY 2023-24, SPARK MINDA GROUP focused on establishing strong HR fundamentals and promoting digital adoption. The talent strategy prioritized developing internal talent over external hiring, resulting in over 100 role elevations. The company enhanced its HRIS with streamlined modules for recruitment, performance management, and compensation, aiming for further advancements in FY 2024-25. Talent acquisition became fully digital, emphasizing e ectiveness and transparency. Internal Job Postings (IJP) fostered internal growth, while digital recruitment processes were rened for better e ciency. The “Young Spark” Campus Hiring Program aimed to onboard over 100 young professionals, enriching the workforce with new perspectives and skills
42 Code of Conduct Training Does the Company organise training for employees on the Code of Conduct? Compensation and Benefits Employees Yes     A robust Code of Conduct and Ethics underscores our expectations of full compliance from employees, reinforced by recurrent training initiatives and a culture of candid reporting
43 Fair Wage, Benefits and Contracts Do the wage and benefits of the employees comply with applicable labour laws? Compensation and Benefits Employees Yes     Wage and Benefits: We ensure that our employees and business partners (associates) are paid fairly and reasonably and that our remuneration structure complies with the statutory obligations of the jurisdictions in which we operate; Short-term employee benefits: All employee benefits payable / available within twelve months of rendering the service are classified as short-term employee benefits. Benefits such as salaries, wages and bonus etc., are recognized in the consolidated statement of profit and loss in the period in which the employee renders the related service on an undiscounted basis; Defined contribution plan: Provident fund: Eligible employees of the Indian entities receive benefits from the provident fund, which is a defined contribution plan. Both the employees and the Indian entity make monthly contributions to the provident fund (with Regional Provident Fund Commissioner) equal to specified percentage of the covered employee’s basic salary; Defined benefit plan: Gratuity: The Indian entities provide for gratuity, a defined bene t retirement Plan (the “Gratuity Plan”) covering eligible employees. The Plan provides payment to vested employees at retirement, death or termination of employment, of an amount based on the respective employee’s salary and the tenure of employment with the Group; Other long-term employee benefit: Compensated absence: Un-availed leaves for the year are accumulated and allowed to carry over to the next year and are within service period of the employees in accordance with the service rules of the Group
44 Employee Life Insurance and Compensation Provide details on life insurance or any compensatory package in the event of death provided by the Company to employees and workers Compensation and Benefits Employees Yes     The entity extend life insurance package in the event of the death of Employees and Workers
45 Family Rehabilitation and Employment Placements Details of the number of employees or workers affected by work-related injury, ill-health, or fatalities who have been rehabilitated and placed in suitable employment, or whose family members have been placed in suitable employment. Compensation and Benefits Employees Yes     Not applicable as no Rehabilitation and Resettlement programs/ projects were required to be undertaken
46 Minimum Wages Paid Details of the number of employees who have been paid in accordance with the minimum wages Diversity and Equality Employees Metrics Yes     Details of minimum wages paid to employees and workers is disclosed in the Integrated Annual Report 2024
47 Location Based Wages Paid for Job Creation Details of the wages paid to persons employed as a percentage of total wage cost (including employees or workers employed on a permanent or non-permanent / on contract basis) in the rural, semi-urban, urban and metropolitan locations Diversity and Equality Employees Metrics Yes     Wages paid to persons employed (including employees or workers employed on a permanent or non-permanent / on contract basis) in the following locations, as % of total wage cost: FY2024: Rural: 20.42%; Semi-Urban: 11.98%; Urban: 35.53%; Metropolitan: 32.07%; FY2023: Rural: 30.07%; Semi-Urban: 12.66%; Urban: 31.30%; Metropolitan: 25.97%
48 Talent Attraction and Retention Does the Company have programs in place to ensure the most talented people are hired and retained in the firm? Diversity and Equality Employees Metrics Yes     Talent Attraction and Retention: Spark Minda recognizes its human capital as pivotal to its success. The Company is committed to attracting and retaining top industry talent by providing a supportive and empowering work environment that encourages employees to explore new opportunities throughout their careers; Young Spark Campus Program: The introduction of the Young Spark campus program aims to attract young engineers, trainees, and professionals to the automotive component industry. This year, plans are in place to onboard young talent, enhancing the Company’s innovative capabilities; In FY 2023-24, SPARK MINDA GROUP focused on establishing strong HR fundamentals and promoting digital adoption. The talent strategy prioritized developing internal talent over external hiring, resulting in over 100 role elevations. The company enhanced its HRIS with streamlined modules for recruitment, performance management, and compensation, aiming for further advancements in FY 2024-25; Talent acquisition became fully digital, emphasizing effectiveness and transparency. Internal Job Postings (IJP) fostered internal growth, while digital recruitment processes were redefined for better efficiency. The “Young Spark” Campus Hiring Program aimed to onboard over 100 young professionals, enriching the workforce with new perspectives and skills; Talent Management: Digitalized TM Module amalgamated the procedure of Performance Management process, Talent Review, IDP’s /PIP’s, Succession planning, Job Rotation, Employee engagement, Rewards and Recognition which propel us towards Excellence for People and Leadership acumen. Every procedure is being interlinked to each other and the output of one will be the input of other that come across and accelerate the future leaders
49 Positions Filled by Internal Candidates Does the Company disclose percentage of open positions filled by internal candidates? Employees Yes     In FY 2023-24, SPARK MINDA GROUP focused on establishing strong HR fundamentals and promoting digital adoption. The talent strategy prioritized developing internal talent over external hiring, resulting in over 100 role elevations. The company enhanced its HRIS with streamlined modules for recruitment, performance management, and compensation, aiming for further advancements in FY 2024-25; Our hiring process is now fully digital, ensuring effectiveness and transparency from requisition to selection. “Nurturing Talent” remains our guiding principle, providing ample growth opportunities through our Internal Job Postings (IJP). This promotes a culture of internal advancement and talent development offering every employee the chance to grow and succeed within
50 Fair Working and Living Conditions Does the Company have policies in place to ensure proper working and living conditions? Employees Health and Safety Yes     MCL is committed to fostering an inclusive work environment that is safe, flexible, and respectful for all employees and workers. The company guarantees that necessary facilities and amenities are accessible to differently abled workforce. MCL has appointed HR unit heads to supervise the provision of these essential resources. Moreover, MCL is dedicated to promoting diversity and inclusion in the workplace by implementing supportive work-life policies and cultivating a strong sense of belonging within the organization; MCL possesses the necessary safety certifications such as ISO 45001:2018 that are essential for maintaining a safe working environment
51 Employee Well Being Programs Does the Company actively provide access to mental and physical well being programs? Employees Health and Safety Metrics Yes     Adhering to a “Safety First” motto, Spark Minda prioritizes a zero-injury workplace. Essential training in first aid and firefighting, along with proactive health check-ups, form a core part of the Company’s health and safety governance. Post-COVID, vigilance continues with robust safety committees actively monitoring safety initiatives at all locations. Additionally, three comprehensive medical policies have been implemented at the group level, covering employees, their parents, and dependent family members, ensuring a well-rounded approach to employee welfare
52 Amount Spend on Employees Well-being What is the amount spent towards initiatives aimed at enhancing the well-being of the employees (Cost incurred on well-being measures as a percentage of the total revenue of the Company)? Employees Initiatives Yes     Cost incurred on well-being measures as a % of total revenue of the company: FY2024: 0.10; FY2023: 0.10
53 Employee Engagement Initiatives Does the Company engage with employees and solicit their views on various aspects of working life by surveys? Compensation and Benefits Employees Yes     Employee engagement is approached through a bottom-up strategy, aligning personal goals with organizational objectives. This alignment is reviewed at the annual SMC meeting, which this year adopted the theme ‘Disrupt Innovate & Lead.’ The Company’s talent management strategy integrates performance management, succession planning, employee engagement, and rewards into a single calendar, where the output of one element feeds into another. This holistic approach has led to employee promotion and job rotation, reflecting the success of these initiatives
54 Employee Performance Appraisal Does the Company disclose the type of individual performance appraisals used for individual performance related compensation? Employees Metrics Yes     Performance Management: SPARK MINDA embrace the culture of “Pay for Performance and orchestrating to develop the HiPo’s “within” through Talent Review discussions and quarterly review of Individual Development Plan’s and other course of actions. SMART Goal setting with proper periodical Check-In’s lays the foundation of entire Talent Management cycle; Talent Review: Spark Minda pronounced a delicate balance between Talent Champions and Talent Damagers (managers) to concrete the Talent Review discussions. Talent Review consummate with a Talent Card that support us to drive the Individual Development Plan for HiPo’s and Performance Improvement Plan for low performers. The company organizes an annual discussion (notably on HiPo’s) with all Executive committee members to intensify the Future Leadership
55 Employee Performance Reviews Details on the number of employees who received a regular performance and career development review Compensation and Benefits Employees Yes     Performance and career development reviews of employees in FY2024: 100%; Performance and career development reviews of employees in FY2023: 99%; Performance and career development reviews of employees in FY2022: 98%; Performance and career development reviews of workers in FY2024: 12%; Performance and career development reviews of workers in FY2023: 11%; Performance and career development reviews of workers in FY2022: 24%
56 Long-term Incentive Program for Senior Management Does the Company offer long-term incentives for employees at the senior management level? Employees Training Yes     Remuneration of the Senior Management including key managerial personnel of the Company maintaining a balance between fixed and incentive pay reflecting short and long term performance objectives appropriate to the working of the Company
57 Workforce Training What are the initiatives undertaken by Company for workforce training? Employees Human Rights Yes     The Company focuses on continuous development and competency mapping through its Learning Management System (LMS) named Gurukul. This system supports the realization of organizational business plans and includes comprehensive training programs, such as the Associate Learning Development Plan and the Supervisor Skill Development Program, spanning 2-3 months. These initiatives are integral to enhancing employee relations, fostering skill development, and promoting learning within the plant; Spark Minda Gurukul - the virtual platform offers diversified short duration courses to the existing employees on digital skills, organization specific, managerial development, leadership skills where they can attain knowledge and skills at their own pace. Mandatory courses like Prevention of Harassments at the Workplace, Vision Mission Values and Code of Conduct at Spark Minda, Whistle Blower Module, Cybersecurity Awareness - Phishing and Basic Hygeine-5S are ensured to be completed on Spark Minda Gurukul portal during the induction period of every new joiner in the organization. This helps to inculcate the Minda values in every employee; Our Company’s vision of ‘Preferred Employer’ is accomplished by creating Talent Champions within the organization. Training programs like E ective Stores & Inventory Management, PMG Capability Building Training Program, Finance for Non-Finance Workshop, Japanese Language Training ensured that our Talent Champions retain the best of knowledge and skills
58 Respecting Employee Rights What are the various employee human rights initiatives undertaken by the Company? Employees Human Rights Risk Control Yes     To respect and promote human rights: The Company shall integrate respect human rights in management systems, in particular through assessing and managing human rights impacts of operations and all impacted by the business have access to grievance mechanisms
59 Human Rights and Modern Slavery Risk Management Does the Company identify, assess and manage human rights and modern slavery risks? Employees Initiatives Training Yes     MCL has an extensive human rights policy in place throughout its o ces and facilities to guarantee prompt documentation and resolution of human rights concerns. The policy ensures the CAG creates timely and e ective recourse for all complainants. All internal and external stakeholders of MCL may report any violations
60 Broader Education Initiatives What are the other non-work related educational initiatives undertaken by the Company such as awareness sessions or workshops? Risk Control Supply Chain Yes     Adhering to a “Safety First” motto, Spark Minda prioritizes a zero-injury workplace. Essential training in first aid and firefighting, along with proactive health check-ups, form a core part of the Company’s health and safety governance. Post-COVID, vigilance continues with robust safety committees actively monitoring safety initiatives at all locations; Compliance Training: Conducted 100% Compliance on training; Our Company’s vision of ‘Preferred Employer’ is accomplished by creating Talent Champions within the organization. Training programs like E ective Stores & Inventory Management, PMG Capability Building Training Program, Finance for Non-Finance Workshop, Japanese Language Training ensured that our Talent Champions retain the best of knowledge and skills
61 Supply Chain Audit Procedures Does the Company conduct internal and external audits of supply chains including modern slavery risks? Human Rights Supply Chain Yes     In compliance with the Supplier Code of Conduct of MCL, suppliers are audited and monitored on a variety of topics related to statutory compliances and also sustainability. Health and Safety form one of the high priority areas when selecting a supplier; MCL is presently enhancing agile and robust supply chain management systems to ensure uninterrupted business operations despite potential disruptions in the supply chain. This involves identifying key suppliers at Tier 1, 2, and Tier 3 levels to understand the origins of our raw materials and the overall value chain of our products. Inadequate supply chain management could lead to financial setbacks and reduced profits. Additionally, we plan to conduct a vulnerability assessment to con rm that our supply chain is adequately equipped to sustain business activities during unforeseen disruptions
62 Health and Safety Parameter in Supply Chain Does the Company have health and safety criteria during the procurement process? Employees Human Rights Yes     In compliance with the Supplier Code of Conduct of MCL, suppliers are audited and monitored on a variety of topics related to statutory compliances and also sustainability. Health and Safety form one of the high priority areas when selecting a supplier
63 Preventing Child Labour Does the Company undertake appropriate steps to prevent the use of child labour across its firm? Employees Human Rights Yes     Child Labour: We will not use or support the use of child labour in any of our operations or supply chains. We will comply with all laws and regulations related to child labour
64 Preventing Forced and Bonded Labour Does the Company undertake appropriate steps to prevent the use of forced and bonded labour? Employees Human Rights Yes     Forced Labour: We do not use or support the use of forced labour in any of our operations or supply chains. We comply with all laws and regulations related to forced labour
65 Collective Bargaining Allowed Does the Company allow collective bargaining to ensure fair representation of employees pertaining to wages and working conditions? Employees Human Rights Yes     We recognize and respect the rights of our employees to freedom of association and collective bargaining. Spark Minda always aims to maintain collaborative and constructive approach with representative bodies of employees to address and protect the interests of the employees
66 Freedom of Association Allowed Does the Company allow its employees to freely organize and to form and participate in groups, either formally or informally? Diversity and Equality Employees Metrics Yes     We recognize and respect the rights of our employees to freedom of association and collective bargaining. Spark Minda always aims to maintain collaborative and constructive approach with representative bodies of employees to address and protect the interests of the employees
67 Anti Harassment Workplace Does the Company undertake appropriate steps to prevent harassment of employees in any form? Employees Human Rights Yes     Policy against Prevention of Sexual and Workplace Harassment: The Company values the dignity of individuals and is committed to provide an environment, which is free of discrimination, intimidation and abuse. The Company has put in place a policy on redressal of Sexual Harassment and a Policy on redressal of Workplace Harassment as per the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (“Sexual Harassment Act”). As per the policy, any employee may report his / her complaint to the Redressal Committee formed for this purpose or their Manager or HR personnel. We a rm that adequate access was provided to any complainant who wished to register a complaint under the policy, during the year Details of the Complaint as follows: Number of complaints filed during the year: 1; Number of complaints disposed of during the financial year: 1
68 Anti Discrimination Workplace Does the Company undertake appropriate steps to prevent discrimination of employees? Employees Human Rights Metrics Yes     Non-Discrimination: We will not tolerate discrimination of any kind, including based on race, colour, gender, sexual orientation, gender identity, religion, age, national origin, disability, or any other characteristic protected by law; MCL has implemented the Human Rights Policy in FY 2023-24 entailing details of its stance on discriminatory practices at the workplace. MCL does not tolerate any kind of discrimination based on race, colour, gender, caste, religion, age, national origin, disability or any such attributes as protected by the law. Additionally, the Equal Opportunity Policy elicits the Company’s stance on bulling and harassment and promises to provide a safe, healthy and harmonious work environment for all employees. MCL has established a mechanism by creating appropriate channels to report any issues, grievances or violations on discrimination and harassment. All violations can be on discrimination can be reported to the Head Corporate Audit & Governance (CAG) and Group Chief Human Resource Officer (GCHRO)
69 Complaints on Sexual Harassment on Workplace Details on total complaints reported under Sexual Harassment at Workplace Diversity and Equality Yes     Total Complaints reported under Sexual Harassment on of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH): FY2024: 1; FY2023: 1; Complaints on POSH as a % of female employees / workers: FY2024: 0.00019%; FY2023: 0.00021%; Complaints on POSH upheld: FY2024: 1; FY2023: 1
70 Supporting Protected Classes What are the initiatives undertaken by the Company to support and empower minorities, LGBT and other protected class? Employees Policies Yes     Aakarshan Skill Development Programme: In FY2024, we trained over 2500+ youth under this program, achieving a remarkable employment rate of 70%. This initiative aims to equip young individuals with essential skills, thereby enhancing their employability and contributing to economic growth; World on Wheels Digital Education Programme: Partnering with HP India, we have deployed one mobile digital inclusion and learning labs in rural areas. This lab, equipped with solar panels, serve as Common Service Centres, promoting digital literacy and e-education among rural communities. The program has bene ted over 129 students across various rural regions; Menstrual Hygiene Management: We conducted awareness and accessibility programs on menstrual hygiene management, reaching out to over 1000 women in prisons across Uttarakhand. This initiative aims to promote health and hygiene among marginalized women; Support for People with Disabilities: Our ‘Saksham’ program for the empowerment of people with disabilities has benefitted over 5000 people with disability individuals, ensuring they have access to necessary aids and employment opportunities. Additionally, our Pink Production Line at Pant Nagar Plant, staffed entirely by women, stands as a testament to our commitment to gender diversity and inclusion
71 Effective Grievance Mechanisms Does the Company undertake appropriate mechanisms to address the grievances of its employees? Customers Engagement Yes     Vigil Mechanism and Whistle Blower Policy: The Company is committed to develop a culture of highest standards of ethical, moral and legal business conduct wherein it is open for communication regarding the Company’s business practices, avenues for employees to raise concerns about any poor or unacceptable practice and to protect employees from unlawful victimization, retaliation or discrimination for their having disclosed or reported fraud, unethical behavior, violation of Code of Conduct, questionable accounting practices, grave misconduct etc. To enforce the above, the Board of Directors has laid down and revised the Whistle Blower Policy for Directors and employees of the Company, to report concerns about unethical behavior, actual or suspected fraud or violation of the company’s code of conduct or ethics policy. Further, the Company a rms that no personnel have been denied access to Audit Committee on any issue related thereto. A complaint under the policy may be made to the designated officials and to the Audit Committee in terms of the Policy. During the year, no employee of the Company has been denied access to the Audit Committee
72 Customer Satisfaction Survey Does the Company perform customer satisfaction surveys and share % of customer satisfaction achieved? Community Initiatives Yes     Customer Satisfaction Surveys are utilized to monitor internal complaints received through the customer relationship management (CRM) portal. The company actively interacts with customers via Email, Phone, Face-to-Face Meetings, and Plant Visits to gather feedback
73 Community Support Initiatives What are the initiatives undertaken by the Company to support the local community? Community Policies Yes     Community Welfare and Healthcare: World on Wheels Digital Education Programme: Partnering with HP India, we have deployed one mobile digital inclusion and learning labs in rural areas. This lab, equipped with solar panels, serve as Common Service Centres, promoting digital literacy and e-education among rural communities. The program has bene ted over 129 students across various rural regions; Menstrual Hygiene Management: We conducted awareness and accessibility programs on menstrual hygiene management, reaching out to over 1000 women in prisons across Uttarakhand. This initiative aims to promote health and hygiene among marginalized women; Support for People with Disabilities: Our ‘Saksham’ program for the empowerment of people with disabilities has benefitted over 5000 people with disability individuals, ensuring they have access to necessary aids and employment opportunities. Additionally, our Pink Production Line at Pant Nagar Plant, staffed entirely by women, stands as a testament to our commitment to gender diversity and inclusion; Grievance Redressal Mechanism: We have established a robust grievance redressal system across all our CSR centers, categorized into different levels for efficient handling of community grievances. This includes suggestion boxes, local email IDs, an official CSR email ID, and a dedicated Grievance Redressal Email ID for comprehensive and prompt resolution of issues raised by the community
74 Community Grievances Mechanism What are the mechanisms used by the Company to receive and redress grievances of the community? Community Initiatives Yes     MCL’s Corporate Social Responsibility initiatives involve regular engagement with stakeholders from the communities we work with and key individuals to gain insights into the needs of the communities affected by the organization. These interactions help in identifying and implementing appropriate community development programs and mitigate any negative impact which may be caused or perceived to be caused in future. Additionally, our representatives actively address and resolve any grievances raised by the local communities. To facilitate this process, we have established complaint registration systems at all our CSR Centers, categorized into different levels. Level 1 comprises suggestion boxes, Level 2 includes local email IDs, Level 3 involves the use of the official CSR email ID, and Level 4 utilizes MCL’s official Grievance Redressal Email ID. The mechanism is easily implemented and monitored to ensure our communities are well heard and have smooth access to welfare
75 Youth Unemployment Initiatives What are the initiatives undertaken by the Company to support the unemployed youth? Employees Yes     Aakarshan Skill Development Programme: In FY2024, we trained over 2500+ youth under this program, achieving a remarkable employment rate of 70%. This initiative aims to equip young individuals with essential skills, thereby enhancing their employability and contributing to economic growth
76 People Analytics for Strategic Workforce Planning Does the Company human resource department analyze data related to talent attraction and retention of the employees to make better decisions? Community Supply Chain Yes     HR strategy for Future Readiness: Our HR strategy evolves to further embed an integrated approach that not only attracts, motivates, engages, and retains top talent but also empowers our People Managers to excel. This year, we are enhancing our focus on creating high-performing teams and driving a strong performance culture by leveraging advanced tools and processes. We are committed to nurturing internal talent and ensuring our workforce is agile, future-ready, and aligned with our strategic objectives. Our redened strategy is designed to maintain our competitive edge through continuous improvement and innovation in our talent management practices
77 Local Employment and Sourcing Does the Company ensure that it prioritizes local employment and sourcing? Community Yes     Local Sourcing and MSMEs Support: We have sourced 30% of our input materials directly from MSMEs and small producers within India. This practice supports local businesses and contributes to the upliftment of local communities, reinforcing our commitment to responsible sourcing and economic equity
78 Community Investment Policy What are the initiatives undertaken by the Company in terms of investment for the local community where it operates? Engagement Yes     CSR amount spent: FY2024: Rs. 50 million; FY2023: Rs. 46.79 million; FY2022: Rs. 38.62 million
79 Wider Stakeholder Initiatives What are the initiatives undertaken by the Company for stakeholders such as investors, suppliers, communities and government? Community Employees Engagement Yes     Key CSR Initiatives and Achievements: Skill Development and Employment Programs: Aakarshan Skill Development Programme: In FY2024, we trained over 2500+ youth under this program, achieving a remarkable employment rate of 70%. This initiative aims to equip young individuals with essential skills, thereby enhancing their employability and contributing to economic growth; Business Integrated Prison Project: This unique initiative focuses on providing inmates with technical skills and economic opportunities. Currently, over 200 inmates are engaged in automotive manufacturing within prison grounds, enabling them to earn a livelihood and support their families while serving their sentences; Gender Diversity and Inclusion at MINDA Corporation: Gender diversity and inclusion are central to our ethos at MINDA Corporation. Women make up 25% of our nationwide shop floor workforce, significantly contributing to our operations. At our Noida plant, renowned for manufacturing Smart Keyless systems, women lead the way, representing 36% of the workforce. Our Pink Production line at the Pant Nagar Plant further exempli es our commitment, being entirely staffed by women. Their exceptional skills, dedication, and ownership consistently result in products of unparalleled quality, exceeding customer expectations and driving our collective success
80 Employee Engagement With Community Does the Company involve their employee in engaging with communities along with a number of employees involved for community contribution? Community Metrics Yes     MCL’s Corporate Social Responsibility initiatives involve regular engagement with stakeholders from the communities we work with and key individuals to gain insights into the needs of the communities a ected by the organization. These interactions help in identifying and implementing appropriate community development programs and mitigate any negative impact which may be caused or perceived to be caused in future
81 Total Donations Made and Philanthropy What were the total donations made by the Company? Does the Company contribute to corporate citizenship? Employees Policies Yes     CSR amount spent: FY2024: Rs. 50 million; FY2023: Rs. 46.79 million; FY2022: Rs. 38.62 million
82 People Policy Does the Company have a people policy that covers equal opportunity, wellbeing, anti-harassment and compensation for any affected employee? Yes     Equal Opportunity Policy: Spark Minda is committed to being an equal opportunity employer by providing a safe, flexible and respectful environment for its staff and clients free from all forms of discrimination, intimidation, exploitation and harassment. We recruit competent and motivated people who respect our values, provide equal opportunities for their development and advancement, protect their privacy and do not tolerate any form of harassment or discrimination. Therefore, employees must not discriminate on the basis of origin, nationality, religion, race, gender, age or sexual orientation, or engage in any kind of verbal or physical harassment based on any of the above or any other reason
Governance
1 Corporate Governance Policies Does the Company have corporate policies and believes in transparency with stakeholders? Policies Stakeholders Yes     Minda Corporation Limited (“MCL”) is fully committed to good Corporate Governance. Corporate Governance is the art of directing and controlling the organization by balancing the needs of the various stakeholders. This often involves resolving conflicts of interest between the various stakeholders and ensuring that the organization is managed well, meaning that the processes, procedures and policies are implemented according to the principles of transparency, independence and accountability
2 Governance Oversight Framework Does the Board of the Company oversee various committees and senior management such as business and risk strategy, organization, financial soundness and regulatory compliance? Board of Directors Yes     The Board of Directors is the apex body constituted by shareholders and is vested with the powers of governance, control, direction and management of affairs of the Company. The Board provides strategic direction and guidance to the Company and has been steering the Company towards achieving its business objectives. Driven on the principles of ethics and accountability, the Board strives to work in best interest of the Company and its stakeholders. The Board is committed to ensuring in compliance with the highest standards of corporate governance
3 Allocation of Duties and Responsibilities Has the Company allocated duties and responsibilities to board members and its executives? Board of Directors Yes     The Board Committees play a crucial role in the governance structure of the Company and have been constituted to deal with specific areas/activities which concern the Company and need a closer review. The Board Committees are set up under the formal approval of the Board, to carry out clearly defined roles which are considered to be performed by Members of the Board, as a part of good governance practice. The Board supervises the execution of its responsibilities by the Committees and is responsible for their action; The Board currently has 7 (seven) Committees: Audit Committee, Nomination and Remuneration Committee, Stakeholder Relationship Committee, Corporate Social Responsibility & Sustainability Committee, Risk Management Committee, Executive Committee and Investment Committee
4 Corporate Culture Management Does the Company have any policy or guidelines to ensure fairness across different background of employees? Employees Yes     Our Culture is an important part of our existence – We encourage innovation, experience sharing, confronting fearlessly, challenging status quo and taking ownership. We trust our people and we believe that the demonstration & investment in trust is the ultimate expression of care. Emphasis and Evaluation is being considered for setting an agile structure and development to balance all around sustainability; Our steadfast commitment to transparency, accountability, fairness, and continual improvement propels sustainable value creation for stakeholders and society at large. We take immense pride in our resolute dedication to governance excellence. Furthermore, at Minda Corporation Limited, we embrace sound corporate practices rooted in conscience, transparency, fairness, professionalism, and accountability. Governance practices are seamlessly integrated into our business strategy, fostering long-term value creation and safeguarding stakeholder interests
5 Behaviour and Business Ethics Does the Company have stated principles for ethical behaviour which includes honesty, fairness, equality, dignity, diversity and individual rights? Employees Yes     At Spark Minda, we are dedicated to maintaining the highest standards of ethical behaviour and regulatory compliance. We strive to earn and uphold the trust of our stakeholders by conducting business ethically and adhering to our Company’s code of conduct. With a zero-tolerance policy towards corruption at all levels, we recognize that our success relies on the trust our stakeholders have in our vision and capabilities. By acting with integrity and transparency, we nurture lasting relationships that help us achieve our goals
6 ESG Guideline Compliance Does the Company maps ESG information in line with ESG Frameworks such as GRI, SDGs, UNGC, SASB or TCFD? Framework Yes     As per SEBI Circular dated May 10, 2021, a Business Responsibility and Sustainability Report a per NGRBC principle is available in the Annual Report 2024
7 ESG Listing Disclosure Compliance Does the Company disclose ESG information in line with regulatory requirements? Reporting Yes     As per SEBI Circular dated May 10, 2021, a Business Responsibility and Sustainability Report is attached and forming part of the Annual Report 2024
8 Implementation of Codes of Conduct Does the Company have process in place to assure effective implementation of the code of conduct? Policies Yes     A robust Code of Conduct and Ethics underscores our expectations of full compliance from employees, reinforced by recurrent training initiatives and a culture of candid reporting. Our commitment to governance transcends internal confines; we mandate adherence to ethical standards among our suppliers and conduct routine audits to verify compliance. Active engagement with stakeholders underscores our commitment to transparency and accountability
9 Scope of Policies and Practices Do the policies and practices of the Company apply to all related entities and operations? Policies Yes     Scope of each policy is disclosed under respective policy documents available on the Company website
10 Dedicated Person for Risk Management Does the Company provide details of people, departments and committees that are responsible and accountable for risk management? Board of Directors Risk Control Yes     Composition of the Risk Management Committee: Pratima Ram (Chairperson); Ashok Kumar Jha and Ashok Minda (Members)
11 Expertise and Training for Risk Management Functions Does the Company specify the expertise and training applicable to board members for risk managers? Board of Directors Risk Control Yes     The Company’s board of directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. The board of directors have authorised senior management to establish the processes, who ensures that executive management controls risks through the mechanism of properly defined framework. The Company’s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risks limits and controls, to monitor risks and adherence to limits. Risk management policies are reviewed regularly to reflect changes in market conditions and the Company’s activities. The Company, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations
12 Independence of Risk Management Does the Company have a risk management function structurally independent of the business? Risk Control Supply Chain Yes     Minda Corporation maintains a robust risk management framework for safeguarding stakeholder interests by effectively identifying, evaluating, and mitigating potential business risks. This comprehensive framework employs multiple strategies, including conducting risk identification surveys, analysing the business environment, and gathering insights from both internal and external stakeholders. The Company’s risk management strategy aims to ensure that potential risks are promptly recognised and managed, allowing the Company to remain agile and responsive to evolving business conditions
13 Fraud Risk Control Policies Does the Company have process for identifying, understanding, and responding to fraud risks in an organization? Policies Risk Control Yes     Internal financial control means the policies and procedures adopted by the Company for ensuring the orderly and efficient conduct of its business, including adherence to Company’s policies, the safeguarding of its assets, timely prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information. The Company has put in place well defined procedures, covering financial and operating functions. Delegation of authority and segregation of duties are also addressed to ensure that the financial transactions are properly authorized. Further the Company has an integrated ERP system connecting head office, plant and other locations to enable timely processing and proper recording of transactions. Physical verification of fixed assets is carried out on a periodical basis. The Internal audit department reviews the effectiveness of the internal control systems and key observations are reviewed by the Audit Committee. These, in the view of the Board, are designed to collectively provide an adequate system of internal financial control with reference to the financial statements commensurate with the size and nature of business of the Company
14 Anti Corruption Policy Has the Company outlined any guidelines against bribery and corruption? Policies Risk Control Yes     Anti Fraud & Anti Corruption Policy: Minda Corporation Limited has a comprehensive anti-fraud and anti-corruption policy. It aims to establish a robust system for preventing and detecting fraudulent activities, including corruption. It emphasizes ethical behavior and zero tolerance towards fraud. The policy applies to all individuals and entities associated with the company, including employees, contractors, vendors, and outside agencies. It outlines guidelines for reporting suspected fraud, handling fraud-related concerns, and approving expenses related to entertainment, gifts, and travel. The policy underscores the importance of adhering to legal and ethical standards in all business interactions and emphasizes the need to avoid even the appearance of improper conduct, especially with government officials and commercial parties
15 Anti Corruption Policy for Suppliers Does the Company have an anti corruption policy or guidelines for suppliers? Policies Risk Control Supply Chain Yes     All Bidders/Service Providers/Vendors/Consultants etc. will be required to certify that they will adhere to SMG Anti-Fraud Anti-Corruption Policy and will not engage in or allow others to engage in fraudulent activities, and that they will immediately notify CAG of any fraud/suspected fraud. Similar clauses requiring clients to follow SMG Anti-Fraud Anti-Corruption Policy will be Included in sales agreements and other service agreements. Legal department would update the agreements and ensure that the relevant AFAC clause is incorporated. However, HODs would be responsible to ensure that all their agreements are updated and vetted by the legal department
16 Related Party Transactions Does the Company provide appropriate disclosures on related party transactions? Metrics Reporting Yes     Related party disclosures are available in the Annual Report 2024
17 Anti Competitive Practices Controls Does the Company follow guidelines to avoid Anti Competitive Practices? Policies Risk Control Yes     No case on any issues related to anti-competitive conduct by the entity, based on adverse orders from regulatory authorities
18 Whistle Blower Policy Does the Company have a whistle blower policy and mechanism to safeguard the whistle blower? Board of Directors Employees Policies Risk Control Yes     At Minda Corporation, we are steadfastly committed to upholding the utmost standards of ethical, moral, and legal conduct in all our business endeavours. In line with this commitment, we have established a Vigil Mechanism / Whistle-blower Policy. This policy serves as a platform for all stakeholders, including employees, directors, customers, and vendors, to voice genuine concerns and grievances. The primary objective of this policy is to cultivate a culture characterized by robust governance, transparency, and trust within the organization. It aims to foster internal disclosure of information without fear of reprisal or victimization, thereby facilitating responsible whistleblowing by stakeholders. Our policy is aligned with the relevant provisions of the Act and the Listing Regulations. Stakeholders have direct access to the designated Whistle-blower ombudsman and the Chairperson of the Audit Committee through various channels such as email, post, and telephone for reporting any matter of concern
19 Dividend Distribution Policy Does the Company have a dividend distribution policy? Policies Yes     In line with Regulation 43A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), the Company has formulated a Dividend Distribution Policy
20 Penalty Disclosures Has the Company disclosed penalties imposed by regulatory bodies, if any? Metrics Reporting Yes     There were no penalties or strictures have been imposed on the Company by the Stock Exchanges or SEBI or any Statutory Authority on any matter related to capital markets for non-compliance by the Company during the last three years on any matter related to capital market
21 Environmental, Social or Ethical Violations Has the Company been prosecuted for environmental, social or ethical violations in the past five years? Incidents Metrics Yes     No Environmental, Social or Ethical Violations during FY2024
22 Environmental, Social or Ethical Litigation Claims Does the Company disclose litigious claims? Incidents Yes     No Environmental, Social or Ethical Litigation Claims during FY2024
23 Non Compliant Staff Actions Has the Company taken any action against employees in case of non-compliance of corporate policies? Employees Incidents Yes     As per the requirement of “The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 (‘Act’)” and Rules made there-under, your Company has constituted Internal Complaint Committees (ICC). The Company has zero tolerance for sexual harassment at workplace. While maintaining the highest governance norms, the Company has also appointed external independent persons, who have requisite experience in handling such matters. During the year, the Company has received 1 (One) complaint of sexual harassment, which has been resolved
24 Strikes and Lockouts Does the Company provide details of strikes, lockouts and other similar labor disruptions during the year? Yes     No Strikes and Lockouts during the year FY2024
25 Accounts Payables Days What is the number of days of accounts payables ((Accounts payable*365) / Cost of goods/services procured)? Financial Performance Metrics Yes     Number of days of accounts payables FY2024: 72; FY2023: 79
26 Concentration of Purchases and Sales Details on Concentration of purchases and sales with trading houses, dealers, and related parties along with loans and advances & investments Financial Performance Metrics Yes     Details of concentration of purchases and sales with trading houses, dealers, and related parties along- with loans and advances & investments, with related parties related parties are available in the Annual Report 2024
27 Tax Transparency Disclosures Has the Company disclosed tax incidents and payment? Metrics Reporting Yes     Income Tax expense FY2024: Rs. 832 million; FY2023: Rs. 41 million; FY2022: Rs. 240 million
28 Material Controversies Identified Has the Company reported any controversies that can have a material impact on the business? Incidents Yes     No Material Controversies were identified during the year
29 Public Policy and Advocacy Details of public policy positions advocated by the Company and policy related to it Board of Directors Policies Yes     Minda Corporation is affiliated with several Industry and Trade Associations that support a range of Business, Environmental, Social, and Governance initiatives, including subsidies for electric vehicles (EVs), manufacturing incentives for EVs, and Production Linked Incentives
30 Concerns Identified in Audit Report Have auditors raised specific opinion in the auditor’s report? Reporting Risk Control Yes     There is no observation or qualification or adverse remarks in the report
31 Auditor and Fee Disclosure Does the Company disclose the amount paid to auditors as fees? Metrics Risk Control Yes     Statutory Auditor: S.R. Batliboi & Co. LLP; Total Fees Paid to Statutory Auditors FY2024: Rs. 12 million; FY2023: Rs. 10 million; FY2022: Rs. 8 million
32 CEO / Chairperson Separation Is the chairman of board and CEO/MD different personnel? Board of Directors Chairman Chief Executive Officer (CEO) Yes     Chairman & Group CEO: Ashok Minda
33 CEO/Senior Management Succession Planning Are CEO and/or senior executive succession plans in place for current executives? Board of Directors Chief Executive Officer (CEO) Policies Yes     The Nomination and Remuneration Committee believes that sound succession plans for the senior leadership are very important for creating a robust future for the Company. The Committee works along with the Human Resource team of the Company for a proper leadership succession plan. The Risk Management Committee of your Company also reviews the succession planning across all Business Verticals in each meeting
34 Regular Self-Assessment of Board Performance Does the Company have regular self assessment of the board performance? Board of Director Yes     The Board of Directors has made a formal annual evaluation of its own performance and that of its committees pursuant to the provisions of the Act and Listing Regulations. The evaluation was done based on the evaluation criteria formulated by Nomination and Remuneration Committee which includes criteria such as fulfilment of specific functions prescribed by the regulatory framework, adequacy of meetings, attendance and effectiveness of the deliberations etc. The Board also carried out an evaluation of the performance of the individual Directors (excluding the Director who was evaluated) based on their attendance, participation in deliberations, understanding the Company’s business and that of the industry and in guiding the Company in decisions affecting the business and additionally in case of Independent Directors based on the roles and responsibilities as specified in Schedule IV of the Act and fulfilment of independence criteria and independence from management. The actions emerging from the Board evaluation process were collated and presented before the Chairman of Nomination and Remuneration Committee as well as the Board. Suggestions/feedback concerning strategic, governance and operational matters are actioned upon by the team
35 CEO and Board Compensation Does the Company provide comprehensive disclosure on the remuneration of CEO and Board of Directors? Board of Directors Chief Executive Officer (CEO) Compensation and Benefits Yes     Details of remuneration paid to Executive Directors and Non-Executive Directors is disclosed in the Annual Report 2024
36 Board Composition What is the Board composition of the Company? Board of Directors Yes     The Composition of Board of Directors of the Company is in conformity with the requirement of Companies Act 2013 and Regulation 17 (1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board has an optimum combination of Executive, NonExecutive and Independent Directors including Woman Director as on March 31, 2024. The Board represents an optimal mix of professionalism, knowledge and experience; The Company’s Board comprised of 9 Directors, of which 3 are Executive Director, 6 are Non-Executive Independent Directors
37 Board Overview Does the Company provide details/brief profile of the Board of Directors? Board of Directors Yes     Brief profile of each Board member is disclosed in the Annual Report 2024
38 Management Overview Does the Company provide details/brief profile of the senior management? Executive Management Yes     Brief profile of each member of the Management Team is available on the Company website
39 Disclosure of Board Age Ranges What is the spread in age of the board of directors? Board of Directors Yes     Date of birth of each Director is disclosed in the Q1 FY2025 Corporate Governance Report
40 Board Diversity Policy Does the Company have a board diversity policy that clearly requires diversity factors such as gender, race, ethnicity, country of origin, nationality or cultural background in the board nomination process? Board of Directors Diversity and Inclusion Policies Yes     In terms of the requirements of Schedule II Part D (A3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors of Minda Corporation Limited (“the Company”) decided to consider and formulate a policy on diversity of the composition of the Board by the name of Board Diversity Policy (‘the Policy’). The Policy sets out the approach to have diversity on the Boards of Directors (“Board”) of the Company in terms of thought, experience, knowledge, perspective and gender in the Board; The basic essence of policy of diversity is to provide a framework that should enable qualified people to be seen as potential directors when they might have otherwise been overlooked. They also encourage boards to recognize that ‘differences’ can be leveraged as assets. The ultimate objective is to have a board that offers a broad range of perspectives that are directly relevant to the business and organizational needs
41 Board Skill Map Matrix Has the Company identified various skills of the board members? Board of Directors Board Skills Yes     A chart or a matrix setting out the skills/expertise/ competence of the board of directors is disclosed in the Annual Report 2024
42 Non Executive Board of Directors What is the composition of non-executives directors in the Company? Board of Directors Metrics Yes     5 out of 8 Board members are Non-Executive Directors
43 Independent Board of Directors What is the composition of independent directors in the Company? Board of Directors Metrics Yes     5 out of 8 Board members are Independent Directors
44 Board Independence Statement Does the Company have an independence statement for the Board of Directors in place? Board of Director Yes     The Company has received declarations of independence from all the Independent Directors confirming that they meet the criteria of independence as prescribed under section 149(6) of the Companies Act, 2013 and SEBI Listing Regulations
45 Board Independence Criteria Does the Company have an independence criteria for the Board of Directors in place? Board of Directors Metrics Yes     Criteria of Independence is disclosed in the Nomination Remuneration and Board Diversity Policy
46 Target Number of Independent Directors Does the Company have a policy on the target share (proportion) of independent directors on the Board? Yes     The Composition of Board of Directors of the Company is in conformity with the requirement of Companies Act 2013 and Regulation 17 (1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board has an optimum combination of Executive, NonExecutive and Independent Directors including Woman Director as on March 31, 2024. The Board represents an optimal mix of professionalism, knowledge and experience
47 Entrenched Board of Directors Does the Company have board members who have been associated for over 10 years? Board of Directors Metrics Yes     No Board member is serving more than 10 Years
48 Average Tenure of Board Members Does the Company disclose the average tenure of the Board of Directors? Board of Directors Metrics Yes     Tenure of each Board of Director is disclosed in the Q1 FY2025 Corporate Governance Report
49 Founders Represented on Board Are any of the founding members on the board of the Company? Board of Directors Metrics Yes     No founder represented on the Board
50 Audit Committee Composition What is the composition of independent / non-executive directors in the audit committee of the Company? Board of Directors Metrics Yes     Audit Committee comprises of 3 members, all of whom are Non-Executive Independent Director; The role of the Audit Committee is as follows: Oversight of the listed entity’s financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible; Recommendation for appointment, remuneration and terms of appointment of auditors of the listed entity; Approval of payment to statutory auditors for any other services rendered by the statutory auditors; Reviewing and monitoring the auditor’s independence and performance, and effectiveness of audit process; Approval or any subsequent modification of transactions of the listed entity with related parties
51 Audit Committee Gender Composition What is the female representation in the Audit Committee of the Company? Board of Directors Diversity and Inclusion Policies Yes     1 out of 3 members in audit committee is female
52 Remuneration Committee Composition What is the composition of independent / non-executive directors in the remuneration committee of the Company? Board of Directors Metrics Yes     Nomination and Remuneration committee comprises of 3 members, all of whom are Non-Executive Independent Director; The Nomination and Remuneration Committee has been entrusted with the following responsibilities: Formulation of the criteria for determining qualifications, positive attributes and independence of a director and recommend to the board of directors a policy relating to, the remuneration of the directors, key managerial personnel and other employees; For every appointment of an independent director, the Nomination and Remuneration Committee shall evaluate the balance of skills, knowledge and experience on the Board and on the basis of such evaluation, prepare a description of the role and capabilities required of an independent director. The person recommended to the Board for appointment as an independent director shall have the capabilities identified in such description; Formulation of criteria for evaluation of performance of independent directors and the board of directors; Devising a policy on diversity of board of directors
53 Remuneration Committee Gender Composition What is the female representation in the Remuneration Committee of the Company? Board of Directors Diversity and Inclusion Metrics Yes     No female members represented in Nomination and Remuneration committee
54 Nomination Committee Composition What is the composition of independent / non-executive directors in the nomination committee of the Company? Board of Directors Metrics Yes     Nomination and Remuneration committee comprises of 3 members, all of whom are Non-Executive Independent Director; The Nomination and Remuneration Committee has been entrusted with the following responsibilities: Formulation of the criteria for determining qualifications, positive attributes and independence of a director and recommend to the board of directors a policy relating to, the remuneration of the directors, key managerial personnel and other employees; For every appointment of an independent director, the Nomination and Remuneration Committee shall evaluate the balance of skills, knowledge and experience on the Board and on the basis of such evaluation, prepare a description of the role and capabilities required of an independent director. The person recommended to the Board for appointment as an independent director shall have the capabilities identified in such description; Formulation of criteria for evaluation of performance of independent directors and the board of directors; Devising a policy on diversity of board of directors
55 Nomination Committee Gender Composition What is the female representation in the Nomination Committee of the Company? Board of Directors Diversity and Inclusion Metrics Yes     No female members represented in Nomination and Remuneration committee
56 Risk Committee Gender Composition What is the female representation in the Risk Committee of the Company? Board of Directors Committees Metrics Risk Control Yes     No female members represented in Risk Management committee
57 Risk Committee Composition What is the composition of independent / non-executive directors in the risk management committee of the Company? Board of Directors Diversity and Inclusion Metrics Yes     Risk Management Committee comprises of 3 members out of which, 2 are Independent Non-Executive Directors and 1 is Executive Director; The role of the Risk Management Committee, inter alia, includes the following: To formulate a detailed risk management policy which shall include: (a) A framework for identification of internal and external risks specifically faced by the Company, including financial, operational, sectoral, sustainability (particularly, ESG related risks), information, cyber security risks or any other risk as may be determined by the Committee. (b) Measures for risk mitigation including systems and processes for internal control of identified risks. (c) Business continuity plan; To ensure that appropriate methodology, processes and systems are in place to monitor and evaluate risks associated with the business of the Company; To monitor and oversee implementation of the risk management policy, including evaluating the adequacy of risk management systems
58 Sustainability Committee Composition What is the composition of independent / non-executive directors in the sustainability committee of the Company? Board of Directors Committees Metrics Yes     Corporate Social Responsibility & Sustainability Committee comprises of 3 members, out of which 2 are Non-Executive Independent Directors and 1 is Executive Director; The role of the Corporate Social Responsibility & Sustainability Committee is as follows: Formulate and recommend to the Board, the Corporate Social Responsibility Policy and the activities to be undertaken by the Company in areas or subject, specified in Schedule VII; recommend the amount of expenditure to be incurred on the activities referred to in clause one; Monitor the Corporate Social Responsibility Policy from time to time; Discharge such duties and functions as indicated in the section 135 of the Companies Act, 2013 and Rules made thereunder from time to time and such other functions as may be delegated to the Committee by the Board from time to time
59 Sustainability Committee Gender Composition What is the female representation in the Sustainability Committee of the Company? Board of Directors Diversity and Inclusion Metrics Yes     1 out of 3 members of the Corporate Social Responsibility & Sustainability Committee is female
60 CSR Committee Gender Composition What is the female representation in the CSR Committee of the Company? Board of Directors Diversity and Inclusion Metrics Yes     1 out of 3 members of the Corporate Social Responsibility & Sustainability Committee is female
61 CSR Committee Composition What is the composition of independent / non-executive directors in the CSR committee of the Company? Board of Directors Committees Metrics Yes     Corporate Social Responsibility & Sustainability Committee comprises of 3 members, out of which 2 are Non-Executive Independent Directors and 1 is Executive Director; The role of the Corporate Social Responsibility & Sustainability Committee is as follows: Formulate and recommend to the Board, the Corporate Social Responsibility Policy and the activities to be undertaken by the Company in areas or subject, specified in Schedule VII; recommend the amount of expenditure to be incurred on the activities referred to in clause one; Monitor the Corporate Social Responsibility Policy from time to time; Discharge such duties and functions as indicated in the section 135 of the Companies Act, 2013 and Rules made thereunder from time to time and such other functions as may be delegated to the Committee by the Board from time to time
62 Board Member Alternative Commitments Are significant professional commitments including other executive, regulatory or other board commitments disclosed for individual board members? Board of Directors Yes     The details relating to Directorships held by the Board members in other listed entity (Category of Directorship) is disclosed in the Annual Report 2024
63 Financial Expertise on Audit Committee Does the Company have any finance professional or expert on the audit committee? Board of Directors Yes     All the members of the Committee possess necessary financial and accounting knowledge
64 Conflicts of Interest Details on conflicts of interest and actions taken against it Board of Directors Policies Yes     Minda Corporation Limited implements a strategy to prevent or manage conflicts of interest among Board members, as detailed in our Code of Conduct. We carefully review all activities for potential conflicts and guarantee that any actual, potential, or perceived conflicts are disclosed and resolved before commencing any task or project. Additionally, the Board of Directors approves the Code of Conduct annually and secures an affirmation declaration from the Board of Directors. Moreover, the Board verifies that there were no significant related party transactions with the Promoters, Directors, or Key Managerial Personnel that could pose a conflict of interest with the company as a whole
65 Government Controlling Stake Does the Company provide details of any government controlling financial interest and rights? Shareholders Yes     No Central Government or State Government controlling stake in the company
66 Shareholder over 20% Ownership Is there any single shareholder who owns more than 20% of the equity in the Company? Shareholders Yes     Shareholding of Ashok Minda: 34.2%
67 Directors’ Shareholder Ownership Does the Company disclose shareholding ownership of the Board of Directors? Board of Directors Shareholders Yes     Directors’ Shareholding is disclosed in the Annual Report 2024, Shareholding Pattern and BSE
68 Family Ownership Does the founding family members have possession of shares in company? Shareholders Yes     Ashok Minda hold 34.1 %; Sarika Minda: 13.97 % of total Shareholding
69 Executive Shareholder Ownership Does the Company disclose shareholding ownership of the executives? Board of Directors Executive Management Shareholders Yes     Executive Directors’ Shareholding is disclosed in the Annual Report 2024, Shareholding Pattern and BSE
70 Material Executive Share Trading Does the Company disclose material share trading by any executive? Risk Control Shareholders Yes     The Board has formulated the Code of Practice for Fair Disclosure of Un-Published Price Sensitive Information and the Code of Conduct for regulating, monitoring and reporting of Trading of Shares by Insiders in terms of the SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended from time to time (“Regulation”). The Board has also formulated and adopted a Policy on Determination of Legitimate Purpose as per the provisions of the Regulation. The above code lays down guidelines, procedures to be followed and disclosures to be made while dealing with shares of the Company and cautioning them on consequences of non-compliances
71 Executive Pay Disclosures Does the Company provide comprehensive disclosure on remuneration of executives? Board of Directors Compensation and Benefits Executive Management Yes     Details of remuneration paid to Executive Directors and Non-Executive Directors is disclosed in the Annual Report 2024
72 Executive Pay Performance Alignment Policies Does the Company provide comprehensive disclosures on aligning performance and variable pay of executives? Compensation and Benefits Executive Management Policies Yes     Remuneration to Whole-time / Executive / Managing Director, KMP and Senior Management Personnel: a) Fixed pay: The Whole-time/ Executive/ Managing Director, KMP and Senior Management Personnel shall be eligible for a monthly remuneration as may be approved by the Board on the recommendation of the Committee. The breakup of the pay scale and quantum of perquisites including, employer’s contribution to P.F, pension scheme, medical expenses, club fees etc. shall be decided and approved by the Board/ the Person authorized by the Board on the recommendation of the Committee and approved by the shareholders and Central Government, wherever required. b) Minimum Remuneration: If, in any financial year, the Company has no profits or its profits are inadequate, the Company shall pay remuneration to its Whole-time Director in accordance with the provisions of Schedule V and other applicable provisions
73 Median Remuneration of Board of Directors Details on median remuneration paid to the Board of Directors Board of Directors Compensation and Benefits Diversity and Eqaulity Metrics Yes     Median remuneration / wages of Board of Directors (BoD) - Male: Rs. 20,20,000; Female: Rs. 19,15,000; Number of Board of Directors (BoD) - Male: 8; Female: 1
74 Governmental Institutions with More than 5% of Voting Rights Do governmental institutions have more than 5% of the voting rights in the Company? Shareholders Yes     No governmental institutions with more than 5% voting rights
75 Shareholding Details Does the Company provide the latest shareholding structure? Shareholders Yes     Details of shareholding as on March 31, 2024 are disclosed in the Annual Report 2024, Shareholding Pattern and BSE
76 Voting Rights Does the Company provide details of voting rights of all types of shareholders? Shareholders Yes     Information on Voting Rights is disclosed in the Q1 FY2025 Shareholding Pattern and BSE
77 Voting Results Transparency Does the Company disclose voting results of various resolutions? Shareholders Yes     39th AGM Voting Results are available on company website
78 Disclosure of Board and Subcommittee Attendance How often do board members attend main board and subcommittee meetings? Shareholders Yes     The details of the Board meetings held during the financial year 2023-24 and subcommittee meeting attendance are disclosed in the Annual Report 2024
79 Failure to Secure Voting Approval Does the Company clearly segregate votes cast against resolutions? Board of Directors Shareholders Yes     The vote casted by the members of Company in favour of the resolutions is more than the requisite majority and therefore, the resolutions are deemed to be passed
80 Shareholder Rights and Relations Policy Does the Company have any policy on shareholder rights? Policies Shareholders Yes     Role of the Stakeholders Relationship Committee shall inter-alia include the following: Resolving the grievances of the security holders of the listed entity including complaints related to transfer/transmission of shares, non-receipt of annual report, non-receipt of declared dividends, issue of new/duplicate certificates, general meetings etc. (2) Review of measures taken for effective exercise of voting rights by shareholders. (3) Review of adherence to the service standards adopted by the listed entity in respect of various services being rendered by the Registrar & Share Transfer Agent. (4) Review of the various measures and initiatives taken by the listed entity for reducing the quantum of unclaimed dividends and ensuring timely receipt of dividend warrants/annual reports/statutory notices by the shareholders of the company
81 Shareholder Right to Vote on Compensation Does the Company allow shareholders to vote on executive compensation? Board of Directors Shareholders Yes     The remuneration / compensation / commission etc. to the Whole-time Director, KMP and Senior Management Personnel will be determined by the Committee and recommended to the Board for approval. The remuneration / compensation / commission etc. shall be subject to the prior/ post approval of the shareholders of the Company and Central Government, wherever required
82 Sensitivity Analysis and Stress Testing Does the Company perform sensitivity analysis and stress testing (financial, operational, market, strategic, business and compliance risk) at a group level? Risk Control Yes     A reasonably possible strengthening (weakening) of the Indian Rupee against below currencies at 31 March 2024 (previous year ended as on 31 March 2023) would have affected the measurement of financial instruments denominated in foreign currency and affected equity and profit or loss by the amounts shown below. This analysis is performed on foreign currency denominated monetary financial assets and financial liabilities outstanding as at the year end. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchase; Details of Sensitivity analysis are disclosed in the Annual Report 2024
83 Stakeholder Inclusiveness Does the Company identifies its stakeholders and respond to their expectations and interests? Engagement Yes     MCL recognizes the significance of interacting with stakeholders as a fundamental part of our business activities. We adhere to the principles of openness, attentive listening, and equitable treatment, which encourage a consultative and cooperative approach to engaging with all stakeholders. This is accomplished through efficient and timely communication, nurturing trust, and establishing enduring relationships. At MCL, we cultivate a climate of continual engagement with every stakeholder group, proactively seeking their input by: Clearly defining the purpose and frequency of engagement and utilizing appropriate methods; Encouraging stakeholders to share feedback and actively engage in our business endeavors; Evaluating potential risks linked to stakeholder engagement and formulating strategies to mitigate them; Addressing stakeholder concerns in a just, impartial, and prompt manner; List stakeholder groups identified as key for the entity and the frequency of engagement with each stakeholder group is disclosed in the Annual Report 2024
84 Data Privacy Policy Does the Company have data privacy policy and taken steps to comply with General Data Protection Regulation (GDPR) rules? Data Protection and Cyber Security Policies Yes     Privacy Policy: MCL is committed to provide the highest level of protection regarding the processing of their employees’, vendors’ and clients’/ customers’/ user’s Personal Data based on applicable data protection laws and regulations and has implemented reasonable security practices and procedures, in compliance with the applicable laws
85 Board Oversight of Data Protection and Cybersecurity Does the Board of the Company oversee data and cybersecurity? Board of Directors Data Protection and Cyber Security Risk Control Yes     To review risk management plan(s) which shall include: A framework for identification of internal and external risks specifically faced by the listed entity, in particular including financial, operational, sectoral, sustainability (particularly, ESG related risks), information, cyber security risks
86 Number of Data Breach Incidents What are the numbers of data breach incidents? Data Protection and Cyber Security Incidents Metrics Yes     No Data Breach Incidents during the year
87 Data Protection Programs for Stakeholders Does the Company include business partners, suppliers, employees, vendors, etc for data protection and privacy programs? Data Protection and Cyber Security Risk Control Yes     Mandatory courses like Cybersecurity Awareness – Phishing are ensured to be completed on Spark Minda Gurukul portal during the induction period of every new joiner in the organization
Resilience
1 Managing Move to a Low Emissions, Climate Resilient Future State How will the company will position itself as the global and domestic economy transitions towards a low emissions, climate resilient future state? Climate Risk Control Targets Yes     As a responsible corporate citizen, Minda Corporation Ltd. understands its role in actively reducing the Greenhouse Gas Emissions. We have considerable portion of electricity coming from renewable sources of energy such as solar as a part of our energy mix. We have rooftop solar installed on all our facilities and we have been carrying out plantation drives across all our manufacturing and non-manufacturing locations. We also conduct energy efficiency drives across all our offices and manufacturing plants throughout the year to replace old and high energy consuming equipment with low energy consuming and energy efficient devices. We are also undertaking the right set of targets to achieve GHG reduction through a well-defined strategy; We are proud to report that 30% of our new order business now comes from the EV sector, highlighting our leadership and innovation in this rapidly evolving market. Our EV product portfolio, including smart keys, DCDC converters, battery chargers, and more, is gaining significant traction and establishing us as a key player in the industry. The expanding die-casting product portfolio has also played a crucial role in this growth
2 Data Privacy, Cybersecurity and Systems Protection Does the Company disclose data breaches and cybersecurity incidents and have policies in place to mitigate breaches? Data Protection and Cyber Security Risk Control Yes     Minda Corporation Limited has a framework on cyber security and data privacy. No such cases or issues pertaining to advertising, delivery of essential services, cyber security and data privacy among others arose in the reporting period; The Company enhances data and information security protocols, including third-party risk management
3 IT Security, Cybersecurity Process and Infrastructure Does the Company have appropriate security for IT infrastructure? Data Protection and Cyber Security Risk Control Yes     The Company enhances data and information security protocols, including third-party risk management; Minda Corporation Limited has a framework on cyber security and data privacy. No cases or issues pertaining to advertising, delivery of essential services, cyber security and data privacy among others arose in the reporting period
4 Digital and Technology Transitioning Is the Company ensuring the pace and investment in digital and technology transitioning is adequate? Data Protection and Cyber Security Initiatives Process Systems Yes     Our strategic initiatives towards digital transformation and AI are helping us maintain a competitive edge. We are evolving from a data-driven organisation to one that leverages data analytics for informed decision-making, guided by our comprehensive digitisation roadmaps. Committed to continuous system and process upgrades, we are harnessing digital technologies to drive efficiency, foster innovation, and stay ahead of industry trends, meeting our ambitious growth targets; Our evolution from analogue to fully digital instrument clusters continues. These digital clusters offer infinite customization options, enabling manufacturers to provide bespoke styles and themes. They are now essential components of modern cockpit domain controllers; MCL’s contributions to Capital Expenditure investments have led to significant improvements in environmental and social costs through investments in technologies such as solar power, wastewater management, and energy efficiency measures
Materiality Assessment
1 Materiality Assessment Year Yes     2024
2 Material Topics Yes     Material Topic: 7
3 Materiality Disclosure Method How does the company disclose materiality issues? Materiality Stakeholders Yes     Materiality Disclosure is in tabular format
4 Recognised ESG Frameworks Links Are recognized ESG frameworks linked or referenced to disclosed materiality issues? ESG Frameworks Materiality Yes     The ESG disclosures in the Report are aligned with Sustainable Development Goals
5 Energy Management Material Topic Yes     MCL has made substantial investments in renewable energy, specifically solar power, and remains committed to exploring avenues to decrease reliance on fossil fuels. It is crucial to improve the integration of energy management into our corporate ESG strategy, and we are actively working towards reducing our carbon footprint and encouraging efficient energy usage
6 Materials Efficiency Material Topic Yes     The international community is increasingly focused on finding ways to minimize material consumption by promoting circularity and reuse. MCL looks to seize this chance and strive for enhanced materials efficiency. It is fundamental, in the current global landscape, to participate in sustainable sourcing and assess the ecological and societal impacts of goods and materials. Enhancing materials efficiency presents MCL with a chance to decrease its expenses on various products, leading to cost reduction through effective material reuse
7 Waste Management Material Topic Yes     MCL’s operations generate waste that must be converted for reuse and recovery to support circularity. Poor waste management practices, like ine ective disposal methods, lead to air and water pollution, as well as land degradation. This, in turn, pollutes groundwater levels and facilitates the spread of diseases. MCL presently entrusts the management of both hazardous and nonhazardous waste to an approved waste vendor. MCL must prioritize finding solutions to minimize waste going to land lls and incineration, as these methods are harmful to the environment. MCL is exploring circularity strategies to recycle and repurpose waste, while also committing to investing in advanced technologies, decreasing hazardous waste usage, and minimizing material wastage
8 Product Quality & Safety Material Topic Yes     Ensuring the quality and safety of our products is of utmost importance to manufacturing enterprises like MCL. We understand that failing to meet these standards can have detrimental effects, such as diminished customer satisfaction, disrupted supply and value chains, and potential legal repercussions or fines, ultimately resulting in substantial financial losses for the company. MCL is dedicated to upholding the utmost quality and safety standards of its products, aligning with the best practices worldwide. Furthermore, MCL intends to improve its management systems to ensure product safety, effectively address any non compliance concerns, and ensure the provision of premium products for secure utilization. These investments will not only boost customer confidence but also strengthen the overall value chain
9 Occupational Health & Safety Material Topic Yes     MCL recognizes the immense value of our employees and workers. We prioritize their wellbeing and safety above all else, which is why we have implemented a strong occupational health and safety system. This system ensures that risks are promptly identified, mitigated, and guarantees a secure working environment for everyone. As a result, our organization has achieved remarkable employee retention rates across all our plants. MCL conducts regular safety inspections internally and externally, and upholds specialized committees to ensure the welfare and protection of its staff and employees at all its sites. Additionally, MCL possesses the necessary safety certifications such as ISO 45001:2018 that are essential for maintaining a safe working environment
10 Business Ethics Material Topic Yes     Business ethics are of utmost importance in creating a transparent and sustainable corporate governance framework. At MCL, we have successfully implemented a strong business ethics environment across all our facilities. We place great emphasis on policies and actions that promote good governance, recognizing the significance of a comprehensive and top-down approach to Environmental, Social, and Governance (ESG) practices. Our ESG strategies are seamlessly integrated into our governance and policy frameworks, allowing us to establish a well-structured governance system that upholds business ethics. We consistently monitor the changing regulatory landscape in the country to ensure compliance with all relevant laws and regulations, both at the union and federal levels. This enables us to effectively navigate and implement good governance measures. MCL prides itself on having a robust and comprehensive internal governance structure. By implementing initiatives such as the Whistleblower Policy, Prevention of Insider Trading, Related Party Transactions, and Grievance Redressal for all stakeholders, MCL ensures a workplace culture that is grounded in ethical principles. The MCL Code of Conduct for employees and board members upholds transparency and ethical standards in all business dealings
11 Supply Chain Management Social Material Topic Yes     Supply chain management plays a crucial role in influencing different aspects such as the quality of products and services, delivery efficiency, costs, customer satisfaction, and ultimately, the profitability of a business. In today’s interconnected world, supply chains not only form the backbone of manufacturing rms like ours but are also vulnerable to various disruptions. These disruptions can stem from a range of factors, including the ongoing pandemic, geopolitical conflicts such as the Russia-Ukraine conflict, and the constantly evolving regulatory environment with initiatives like CBAM. Consequently, trade and supply chains face continuous interruptions. Moreover, the tangible risks linked to climate change are impacting the sourcing of raw materials in a negative manner. To ensure uninterrupted business operations, MCL is dedicated to establishing a resilient and efficient supply chain management system capable of withstanding these challenges and averting any detrimental effects on our activities. MCL is presently enhancing agile and robust supply chain management systems to ensure uninterrupted business operations despite potential disruptions in the supply chain. This involves identifying key suppliers at Tier 1, 2, and Tier 3 levels to understand the origins of our raw materials and the overall value chain of our products. Inadequate supply chain management could lead to financial setbacks and reduced profits. Additionally, we plan to conduct a vulnerability assessment to confirm that our supply chain is adequately equipped to sustain business activities during unforeseen disruptions
Awards and Recognitions
1 Governance Awards Awards received in recognition of best governance practices implemented across the Company Awards Yes     (a) TPM Strong Commitment award Awarded by CII TPM Club; (b) Platinum Award by CII to MCL Pantnagar; (c) 5th CII Kaizen Competition Gold Award in Design Quality; (d) Gold Awards by QCFI in CCQC-2022 Pune Chapter
2 Social Awards Awards received in recognition of the Company social initiatives or business practices which have positively impacted employees and society overall Awards Yes     (a) CSR Summit awards 2022-23; (b) Dalmia Bharat - CSRBOX CSR Impact Awards 2023; (c) Mahatma Award 2023; (d) 9th National CSR Times Awards 2022; (e) Awarded with Leaders for Social Change at India Impact Summit by SocioStory
3 Employer Recognition Awards Has the Company received any external recognition as an employer of choice? Awards Yes     ASSOCHAM Diversity & Inclusion Excellence Awards for the Best Employer for PwDs in Large Category in FY2021
Verification and Assurances
1 SDG Reconciliations The Sustainable Development Goals are a collection of 17 global goals designed to be a and blueprint to achieve a better and more sustainable future for all Reporting Yes     The United Nations (UN) Sustainable Development Goals (SDGs) provide us with appropriate guidelines to work towards the betterment of rural communities; The Company CSR Programmes are aligned with 12 SDGs
Ratings and Indices
1 CRISIL ESG Rating Is the institution reviewed by submission through independent score carder CRISIL for ESG? External Validation Yes     March 2023 ESG Score: 53 (Adequate). Environment Score: 32; Social Score: 55; Governance Score: 69
2 CRISIL Credit Rating Is the institution reviewed by submission through independent score carder CRISIL? Ratings Yes     CRISIL Credit Rating: Long Term Category: CRISIL AA- as of March 05, 2024; Short Term Category: CRISIL A1+
3 Sustainalytics Ratings Is the institution reviewed by submission through independent score carder Sustainalytics? External Validation Yes     ESG Risk Rating: 12.7 (Low Risk) as of April 27, 2024
4 CSR Hub Rating Is the institution reviewed by CSR Hub? External Validation Yes     ESG Ranking: 43% as of May 2024
5 ESGRisk.ai External Validation Yes     ESG Score: 52.2 (Adequate). Environment Score: 20.2; Social Score: 16; Governance Score: 16.3
ISO and Certifications
1 ISO 9001 - Quality Management System Principles including a strong customer focus, the motivation and implication of top management, the process approach and continual improvement External Validation Yes     Minda Corporation Limited has implemented a Quality Management System in accordance with ISO 9001:2015
2 ISO 14000 - Environmental Management System The primary objective of the ISO 14000 series of standards is to promote effective environmental management systems in organizations External Validation Yes     Minda Corporation Limited’s environment management system is ISO 14001:1996 certified
3 ISO/TS 16949 - Automotive Quality Management Systems Requirements of QMS for automotive organizations External Validation Yes     We have an effective quality management in place and we are ISO/TS 16949:2002 certified
4 ISO 45001 - Occupational Health and Safety Management Systems Builds on the success of earlier ISOs in area such as ILO-OSH Guidelines. BS OHSAS 18001 has been replaced by ISO 45001 the new international standard for occupational health and safety External Validation Yes     MCL’s facilities adhere to international safety standards and possess ISO 45001 certification. Furthermore, MCL has obtained an Occupational Health and Safety Assessment Series (OHSAS) certification to prioritize the well-being of its employees
5 ISO 50001 - Energy Management This ISO standard provides a practical way to improve energy use, through the development of an energy management system (EnMS) External Validation Yes     Minda Corporation has implemented Energy Management System in accordance with ISO 50001:2018
6 IATF 16949 - Automotive Quality Management System The development of a process oriented quality management system that provides for continual improvement, defect prevention and reduction of variation and waste in the supply chain External Validation Yes     American Systems Registrar issues this certificate and applicable appendices to Minda Corporation Limited (Interior Plastic Division) after assessing their quality system and find it in compliance with the first edition of IATF 16949:2016
Memberships
1 ESG Policy Activism Does the company have various memberships which helps it to develop sustainability? Affiliations Yes     In FY24, Minda Corporation, through the Spark Minda Foundation, reinforced its commitment to corporate social responsibility with numerous impactful initiatives to empower vulnerable communities, enhance skills development, and promote environmental sustainability. Our comprehensive CSR activities, detailed in the dedicated section of this Annual Report, highlight our e orts in skilling and livelihood promotion, empowerment of people with disabilities, healthcare initiatives, and prison reform. These programs underscore our dedication to societal well-being and align with our business ethos of sustainable and inclusive growth
2 Confederation of Indian Industry (CII) CII is a non-government, not-for-profit, industry led and industry managed organisation, playing a proactive role in India’s development process. The Confederation of Indian Industry (CII) works to create and sustain an environment conducive to the growth Affiliations Yes     The Company is a member of Confederation of Indian Industry (CII)
3 Society of Indian Automobile Manufacturers (SIAM) SIAM works towards supporting sustainable development of the Indian Automobile Industry with the vision that India emerges as the destination of choice in the world for design and manufacture of automobiles. It works towards facilitating enhancement of th Affiliations Yes     The Company is a member of Society of Indian Automobile Manufacturers (SIAM)
4 Affiliations with Trade and Industry Chambers Details of trade and industry chambers/ associations the Company is a member of/ affiliated to. Affiliations Yes     The Company is a member of Automotive Component Manufacturing Association (ACMA)
Partnerships
1 Collaboration with Industry Partners Yes     Strategic Alignment: To stay ahead in the competitive landscape, we are not just focusing on compliance but also on innovation. Our partnerships with companies like LocoNav for AI powered telematics and Daesung for ADAS solutions reflect our commitment to integrating advanced technologies into our product offerings. These collaborations enhance our capabilities in-vehicle connectivity and advanced safety technologies, positioning us as a future-ready provider of comprehensive automotive solutions
2 Collaboration with NGOs & Publications Yes     By forging strategic partnerships with governmental bodies, non-profit organizations, trade associations, and kindred CSR groups, the scope of impact expands, paving the way for a substantial improvement in the lives of PwDs. This approach not only adheres to the ideals set forth by the SDGs but also amplifies their positive influence on the lives of those with disabilities; In FY24, Minda Corporation, through the Spark Minda Foundation, reinforced its commitment to corporate social responsibility with numerous impactful initiatives to empower vulnerable communities, enhance skills development, and promote environmental sustainability. Our comprehensive CSR activities, detailed in the dedicated section of this Annual Report, highlight our efforts in skilling and livelihood promotion, empowerment of people with disabilities, healthcare initiatives, and prison reform. These programs underscore our dedication to societal well-being and align with our business ethos of sustainable and inclusive growth
Corporate Information
1 Sustainability Website Yes     Community Development has always been a value-driven concept at Spark Minda Group, which Late Shri S.L. Minda “Babuji” started; The main aim of SMF is to work for community development by catering to Education, Livelihood Promotion, Women Empowerment, the Facilitation of Healthcare, the Upliftment of People with disabilities and sustaining the Environment. In keeping with this aim, the Foundation runs projects and programmes for the communities in the rural areas of 5 states of India, namely, Uttarakhand, Uttar Pradesh, Haryana, Maharashtra and Tamil Nadu.
2 Year of Incorporation Yes     1985
3 Corporate Address Yes     D6-11, Sector 59, Noida 201301, Uttar Pradesh, India
4 E-mail Yes     investor@mindacorporation.com
5 Financial Reporting Currency Yes     Indian Rupee (INR)
6 Telephone Yes     +911204723300
7 Instagram Yes     The Company has a Instagram handle
8 Facebook Yes     The Company has a Facebook handle
9 LinkedIn Yes     The Company has a LinkedIn handle
10 Website Yes     https://sparkminda.com/
11 Last Financial Year Yes     1st April 2023 to 31st March 2024
12 Listing Stock Exchange Yes     Bombay Stock Exchange (BSE) and National Stock Exchange of India Ltd. (NSE)
13 Paid-up Capital Yes     Paid-up Capital: INR 47,81,58,856
14 Number of Employees How many employees working with the company? Yes     Number of employees: 18,612
15 Reporting Boundary Are the disclosures made on a standalone basis (i.e. only for the Company) or on a consolidated basis (i.e. for the Company and all the entities which form a part of its consolidated financial statements, taken together)? Yes     Standalone
16 Business Activities Details of business activities. Yes     (a) Description of Main Activity: Manufacturing; (b) Description of Business Activity: Automotive Components; (c) % Of Turnover of the entity: 100%
17 Holdings, Subsidiaries and Associate Companies  Details on names of holding / subsidiary / associate companies / joint ventures. Yes     Names of holding/subsidiary/associate companies/joint ventures are available in tabular format in Annual Report 2024
18 GHG Report Does the Company have a GHG report? Yes     Information on Greenhouse Gas emissions is disclosed in the Business Responsibility & Sustainability Report section available in the Annual Report 2024
Profile Sources
1 Website - Governance Does the Company website have web page for governance related documents? Yes     Corporate Governance Policies section is available on the Company website
2 Website - Sustainability Does the Company website have dedicated and informative pages on sustainability? Yes     The global rise of sustainability awareness in businesses indicates a flourishing organizational landscape. Spark Minda prioritizes sustainable operations, placing particular emphasis on the efficient management of materials, energy, emissions, water, effluents, and waste. By conscientiously addressing these areas, we exemplify our dedication to environmental responsibility and contribute to the ongoing trend of sustainability in the business world
3 Website – Press Releases Does the Company website have a webpage on press releases? Yes     Press Releases section is available on the Company website
4 Annual Report Does the Company have an annual report? Yes     Annual Report 2024 is available on Company Website
5 Annual Presentation Does the Company have annual corporate presentation? Yes     Q1 FY2025 Earnings Presentation is available on the Company website
6 Interim Results Presentation Does the Company disclose interim results presentation? Yes     Q2 FY2024 Earnings Presentation is available on the Company website
7 Sustainability Report Does the Company have sustainability reports? Yes     Business Responsibility & Sustainability Report is available on Company Website
8 Sustainability Policy Does the Company have Sustainability policy? Yes     Sustainability Policy: At the very core of that vision lies our Sustainability Policy that spells out Company’s philosophy and approach to manage various pillars of our sustainability framework viz. Ethical Business, Sustainable Operations, Responsible Value Chain, Care for People and Inclusive Growth. By incorporating sustainability principles into our day to day operations, we aim to minimize our impact on the environment and maximize value for all our stakeholders
9 Corporate Governance Report Does the Company have a corporate governance report? Yes     Q1 FY2025 Corporate Governance Report is available on the Company website
10 Inclusion & Diversity Report Does the company have Diversity and inclusion report? Yes     Information on Diversity and Inclusions is disclosed in the Business Responsibility & Sustainability Report section available in the Annual Report 2024
11 Corporate Social Responsibility Policy Does the Company have CSR policy? Yes     Corporate Social Responsibility Policy: Corporate Social Responsibility is part of the way Spark Minda, Ashok Minda Group do business with commitment to the community, for a green environment, safe workplace and good health, for a sustainable future. CSR is of utmost concern at the Group, while our Group Companies undertakes several CSR initiatives at local level, the Group also undertake CSR initiatives through Moga Devi Minda Charitable Trust (MDMCT) that was established in 1987 by Late Shri SL Minda, erstwhile founder of Minda Group
12 Board Membership and Remuneration Framework Does the Company have board membership and remuneration framework? Yes     Nomination, Remuneration and Board Diversity Policy: This Policy sets out the guiding principles for the Nomination and Remuneration Committee for identifying persons who are qualified to become Directors and to determine the independence of Directors, in case of their appointment as independent directors of the Company
13 Composition of Committees Does the Company disclose the composition of committees? Yes     Composition of Committees is available in the Q1 FY2025 Corporate Governance Report
14 Independent Director Program Does the Company have an independent director program? Yes     Familiarisation Programme For Independent Directors is available on the Company website
15 Board Skills Matrix Does the company have a Board Skills Matrix document? Yes     Board Skills Matrix is available in the Annual Report 2024
16 Appointment of Independent Directors The terms and conditions of appointment shall be disclosed on the website of the Company Yes     Appointment Letter of Independent Director is available on company website
17 Material Subsidiary Policy Does the company have Material Subsidiary Policy? Yes     Policy for determining Material Non Listed Subsidiaries: The objective of this policy is to regulate the investments of Company in material subsidiaries and to provide a governance framework for such subsidiaries and to oversee the functioning of such subsidiaries based on the laws and regulations applicable on the Company
18 Related Party Transactions Policy Does the company have Related Party Transactions Policy? Yes     Related Party Transactions Policy: The Board of Directors (the “Board”) of Minda Corporation Limited (the “Company” or “MCL”), has adopted the policy and procedures with regard to Related Party Transactions as mentioned in this document. The purpose of this policy is to define the procedure to be followed along with its reporting and disclosure requirements for transactions between the Company and its Related Parties based on the applicable laws and regulations
19 Whistle Blower Policy Does the Company have a whistle blower policy and mechanism to safeguard the whistle blower? Yes     Whistle Blower Policy: The policy provides a platform to employees & directors to build and strengthen a culture of strong governance, transparency and trust within the organization by disclosing information internally without fear of reprisal or victimization. Also, safeguard the Spark Minda Group (SMG) against such practice which may lead to any adverse or negative impact on the group. The policy is consistent with the relevant provisions of the Companies Act, 2013 and the Listing Agreement with the Stock Exchanges in India
20 Determination of Materiality Policy Does the company have Determination of Materiality Policy? Yes     Policy On Determination And Disclosure Of Materiality Of Events: The purpose of this Policy is to ascertain the requirement of disclosure of events or information to stock exchange(s) and defining criteria for determining materiality of events and information specified under clause (i) of sub-regulation (4) of Regulation 30 of the Listing Regulations. The Policy is intended to ensure compliance with the applicable Listing Regulations
21 Dividend Distribution Policy Does the Company have a dividend distribution policy? Yes     Dividend Distribution Policy: The objective is to follow ‘Consistent Growth Dividend Policy’ to distribute appropriate level of the Profit with the Shareholders in the form of Dividend
22 Unpublished Price Sensitive Information Policy Does the Company have a unpublished price sensitive information policy? Yes     Code Of Practices Procedures For Fair Disclosure Of Unpublished Price Sensitive Information: The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, (hereinafter referred to as the Regulations) mandates the listed Companies to frame a Code of Practices and Procedures for fair and timely dissemination of Unpublished Price Sensitive Information (“UPSI”). Accordingly, Code of Practices & Procedures for Fair Disclosure of UPSI has been implemented. The Code is subject to review by the Board of Directors and can be amended as and when deemed necessary
23 Key Managerial Personnel Has the Company disclosed details of key managerial personnel? Yes     Information on Key Managerial Personnel is available in the Annual Report 2024
24 Archival Policy Does the Company have an archival policy? Yes     Maintenance and Preservation of Documents And Archival Policy: The purpose of this Policy is to ensure that the all the necessary documents and records of the Company are adequately protected and preserved as per the statutory requirements and to ensure that the records of the Company which are no longer needed or are of no value are discarded after following the due process for discarding the same. This Policy is also for the purpose of aiding employees of the Company in understanding their obligations in retaining and preserving the documents and records which are required to be maintained as per the applicable statutory and regulatory requirements
25 Business Responsibility Policy Does the Company have Business Responsibility Policy? Yes     Business Responsibility Policy: This Business Responsibility Policy (Policy) is based on principles enunciated in the National Voluntary Guidelines on Social, Environmental and Economic responsibilities of a Business released by the Ministry of Corporate Affairs, towards conducting business by a Company. The key objective of this Policy is to ensure a unified and common approach to the dimensions of Business Responsibility across the Company and act as a strategic driver that will help the Company respond to the complexities and challenges that keep emerging and be abreast with changes in regulations. The Policy is applicable to all Directors and Employees of the Company
26 Human Rights Policy Does the Company have a human rights policy? Yes     Human Rights Policy: We at Spark Minda ("Company") are committed to upholding and respecting human rights in all our operations and activities. We recognize that human rights are universal and inalienable. We are committed to promoting and protecting these rights within our sphere of influence
27 Annual Meeting Presentations Does the company have Annual Meeting Presentations? Yes     39th AGM Presentation is available on the Company website
28 Annual Meeting Transcript Does the Company have an annual meeting transcript? Yes     Recording and Proceedings of 39th AGM is available on the Company website
29 Annual Meeting Results Does the company have Annual Meeting Results? Yes     Proceedings of 39th AGM is available on the Company website
30 Risk Management Policy Does the Company have an risk management policy? Yes     Risk Management Policy: The Policy is formulated in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“the Listing Regulations”) and provisions of the Companies Act, 2013 (“the Act”), which requires the Company to lay down procedures about risk assessment and risk minimization. The main objective of this policy is to develop organizational wide capabilities in Risk Management to ensure sustainable business growth with consistent, efficient and effective assessment and management of risk in the achievement of the organization’s objectives
31 Stakeholders Relationship Committee Charter Does the company have Stakeholders Relationship Committee Charter or Terms of Reference for Stakeholders Relationship Committee? Yes     Terms of Reference of Stakeholders Relationship Committee (SRC): Role of the committee shall inter-alia include the following: Resolving the grievances of the security holders of the listed entity including complaints related to transfer/ transmission of shares, non-receipt of annual report, non-receipt of declared dividends, issue of new/ duplicate certificates, general meetings etc; Review of measures taken for effective exercise of voting rights by shareholders; Review of adherence to the service standards adopted by the listed entity in respect of various services being rendered by the Registrar & Share Transfer Agent; Review of the various measures and initiatives taken by the listed entity for reducing the quantum of unclaimed dividends and ensuring timely receipt of dividend warrants/annual reports/statutory notices by the shareholders of the company
32 Independent Director’s Qualifications Does the Company disclose qualifications of independent directors? Yes     Qualifications of Independent directors is disclosed in Annual Report 2024
33 Code of Conduct Governance Yes     Code of Conduct is available on the Company website
34 Code of Conduct for Non-Executive Directors Does the company have Code of Conduct for Non-Executive Directors? Yes     Code of Conduct for Board Members and Senior Management: The Code of Conduct (hereinafter referred to as "the Code") has been framed and adopted by Minda Corporation Limited (hereinafter referred to as "the Company") in compliance with the provisions of Regulation 17 (5) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 entered into by the Company with the Stock Exchanges
35 Investor Grievance Redressal Policy Does the company have Investor Grievance Redressal Policy? Yes     Investor Grievance Redressal Policy: This Policy is formulated to provide efficient services to the investors and to effectively address and redress the grievances of the investors in a timely manner
36 Company Constitution Does the company have a Company Constitution? Yes     Memorandum and Articles of Association is available on company website
37 Vision and Values Document Does the Company have a Vision and Values Document? Yes     Vision: To be a Dynamic, Innovative and Profitable Global Automotive Organization for emerging as the Preferred Supplier and Employer, to Create Value for all Stakeholders; Values: Commitment to Stakeholders, Passion for Excellence, Open Communication, Integrity & Fairness, Nurture Talent, Competency & Willingness, Respect & Humility; Philosophy of the Vision Statement and values are available on company website
38 Privacy Policy Does the company have Privacy Policy? Yes     Privacy Policy: MCL is committed to provide the highest level of protection regarding the processing of their employees, vendors and clients/ customers/ users Personal Data based on applicable data protection laws and regulations and has implemented reasonable security practices and procedures, in compliance with the applicable laws
39 Anti-Corruption Policy Does the Company have Anti-Corruption policy? Yes     Anti Fraud & Anti Corruption Policy: The purpose of this Policy is to prevent and detect the fraud and corruption across Spark Minda Group. The Policys objective is to encourage consistent legal and ethical organizational behavior by allocating responsibilities for the establishment of controls and giving instructions for reporting and conducting investigations of suspected fraudulent or corrupt or other activities involving the element of fraud. Spark Minda has a zero-tolerance Policy with respect to fraud and corruption
40 Stakeholder Relations Policy Does the company Stakeholder Relations Policy? Yes     Stakeholder Engagement Policy: Spark Minda recognizes that stakeholder engagement is an integral part of our business operations. As it is essential for the Groups strong business performance on a sustainable basis as well as to achieving and maintaining public trust and confidence in the Group. This policy is founded on the principles of transparency, active listening, and equitable treatment that favours a consultative and collaborative engagement with all of its Stakeholders by means of effective and responsive communication that makes it possible to forge relations based on trust on an ongoing basis
41 Data Privacy Policy Does the Company have data privacy policy and taken steps to comply with General Data Protection Regulation (GDPR) rules? Yes     Privacy Policy: MCL is committed to provide the highest level of protection regarding the processing of their employees, vendors and clients/ customers/ user Personal Data based on applicable data protection laws and regulations and has implemented reasonable security practices and procedures, in compliance with the applicable laws
42 Anti Fraud Policy Does the company have Anti Fraud Policy? Yes     Anti Fraud & Anti Corruption Policy: The purpose of this Policy is to prevent and detect the fraud and corruption across Spark Minda Group. The Policy objective is to encourage consistent legal and ethical organizational behavior by allocating responsibilities for the establishment of controls and giving instructions for reporting and conducting investigations of suspected fraudulent or corrupt or other activities involving the element of fraud. Spark Minda has a zero-tolerance Policy with respect to fraud and corruption
43 Interim Reports Does the company have Interim Reports? Yes     Q1 2025 Consolidated Financial Results are available on Company Website
44 Remuneration Policy Does the Company have a Remuneration policy? Yes     Nomination, Remuneration and Board Diversity Policy: This Policy sets out the guiding principles for the Nomination and Remuneration Committee for identifying persons who are qualified to become Directors and to determine the independence of Directors, in case of their appointment as independent directors of the Company
45 Stakeholders Grievance Policy Does the Company have a Stakeholders Grievance Policy? Yes     Grievance Redressal Policy: Spark Minda is committed to providing a productive and conducive work environment where grievances are dealt with fairly and promptly. The grievance process, outlined in the document, provides an avenue for all stakeholders to voice their concerns and gives transparency on how grievances will be managed internally, which aims to reduce conflict and strengthen relationships between external/internal stakeholders. The objectives of the Grievance Redressal Policy will be: To facilitate a work culture where no grievances exist and help in improving performance and productivity of the concerned employees of the Company; To provide employees with a framework for settlement of individual grievances; To settle grievances of the employees in shortest possible time
46 Equal Opportunity Policy Does the Company have a Equal Opportunity Policy? Yes     Equal Opportunity Policy: Spark Minda is committed to being an equal opportunity employer by providing a safe, flexible and respectful environment for its staff and clients free from all forms of discrimination, intimidation, exploitation and harassment. We recruit competent and motivated people who respect our values, provide equal opportunities for their development and advancement, protect their privacy and do not tolerate any form of harassment or discrimination. Therefore, employees must not discriminate on the basis of origin, nationality, religion, race, gender, age or sexual orientation, or engage in any kind of verbal or physical harassment based on any of the above or any other reason

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Minda Corporation Limited