Ind Ra affirms Minda Corporation's rating at 'AA-/Stable' -; its CP at 'A1+'

29 Mar 2022 , 12:11 PM

India Ratings and Research (Ind-Ra) has affirmed Minda Corporation Limited’s (MCL) Long-Term Issuer Rating at ‘IND AA-’. The Outlook is Stable. Also, the commercial papers ratings has been also affirmed at IND A1+.

The rationg rationale report stated that Ind-Ra continues to take a consolidated view of MCL and its wholly-owned subsidiaries, Almighty International PTE (Singapore) and Minda Europe BV, as they have similar business profiles and operate in the same industry.

Ind-Ra has treated MCL’s joint ventures (JVs) and associates — Minda Stoneridge Instruments Ltd (100% in November 2021 from 51% earlier; line-by-line consolidation from 4QFY22), Minda VAST Access Systems Ltd (50%) and Furukawa Minda Electric Pvt Ltd (25%) as per Ind-AS.

At around 12:13 PM, Minda Corporation was trading at Rs198.70 apiece down by Rs4.1 or 2.02% from its previous closing of Rs202.80 apiece on the BSE.