Mindteck (India) Ltd: Debt Free MNC Company
(NSE Code: MINDTECK, BSE Code: 517344) (CMP: Rs.83)
ABOUT THE COMPANY
Mindteck (India) Ltd. is a Bengaluru based IT company headed by Mr Yusuf Lanewala who has vast experience of over 35 years in the IT industry.
The company is mainly into Product Engineering and IT services. Product Engineering refers to the process of designing and developing a device/assembly or system while in IT Services the company offers services such as Cloud Computing, App Management & Support, Data Analytics, Business Intelligence, Enterprise Information Portals for back-end, Mobility, SAP Services & Software Testing, All their IT Services including Data Bank have a 24/7 Helpdesk.
Mindteck has four state-of-the-art global delivery centers in the US, India and Singapore and sixteen offices worldwide. The Company is publicly listed on the Bombay Stock Exchange, India. Recently company was appraised with version 1.3 of CMMI Dev level 5
SERVICES
Mindteck India is a bangalore based IT co. having their presence in embedded sytems too. So there is a small coverage of hardware sector too.
The co. has been exposed to following sectors:
· BFSI
· Life sciences
· Energy
· Semiconductor
· Public sector
Now coming to the IT Services, Stuff like cloud computing have huge prospects and have already been covered in all leading business dailies, There is something specific with MindTeck which should not be missed. The company since 1999 has experience of working with US Govt. and State Govts helping them implement some key policies and projects in the field of health, education, constituency policies and public safety etc. in states of Pennsylvania, Texas, Michigan, Massachusetts, Oregon, Columbia, Wisconsin, California, West Virginia, New York, New Hampshire & Florida.
SMART CITY SOLUTIONS
This company is an interesting play in IT especially with an eye on E-Governance & Smart Cities, As MODI's plan of 100 new smart cities & e-governance require more IT Services, These small company like Mindteck do tend to gain a lot from it.
- Mindteck provides three different types of smart parking solutions - ZigBee Sensor-based, Ultrasonic senor-based and Wi-Fi camera-based catering to street side parking, indoor parking and multi-level parking.
- Their recently unveiled Car Parking Occupancy Detection and Management solution uses field mounted Wi-Fi-based cameras, and is a robust, reliable and cost-effective end-to-end solution. The solution comprises Wi-Fi-based outdoor HD cameras, Wi-Fi routers and Wi-Fi range extenders to provide the required Wi-Fi coverage and high-end server infrastructure.
SMART UTILITIES
SMART METERING
SMART HEALTHCARE SOLUTIONS
Mindteck recently collaborated on receiving FDA approval on a patient monitoring innovation for a medical device manufacturer based in Europe. They developed the complete software for their portable telemedicine remote diagnostic equipment. The device, primarily will be used to monitor different vital signs of human body and transmit all medical data in real time to the doctor's remote destination.
SMART GOVERNANCE
Mindteck, in tandem with two other consortium partners, is working on implementing statewide implementation of eNagarpalika in India. This will provide the urban development department with powerful data analytical capabilities for organized information management and enhanced citizen participation.
The project will enable the delivery of government services integrated with various Zila Parishads under one platform. It will benefit citizens by enabling easy access to services, such as birth and death certificates, building approval permissions, property tax and other government-related documents and services. This also has the capability to provide advanced analytics.
SMART LIGHTING
In 2010, they developed an Intelligent Lighting Solution for a UK-based utility company that has announced record reductions in energy consumption and CO2 emissions. Mindteck developed the complete hardware and software for the system. Prior to installation of energy efficient lanterns, the street lighting was consuming around 50m kWh of energy a year. This will be successfully reduced to 34m kWh this year.
TRIGGERS
- Has presence in all the emerging smart technologies
- Book Value 70.17
- Price/Book only 1.18 of a MNC company is very attractive
- Virtually Debt Free Company
- Promotors hold 63.69% stake in the company while 22% is cornered by Institutional Investors, HNI's
- Regular Dividend Paying Company
- A debt free MNC Company available at 1.18 price / book, and has presence in all the emerging areas where maximum growth will take place in coming times
- Big Beneficiary of the mission of Smart Cities by Govt. Of India
FINANCIAL SNAPSHOT
After digging deep into its holding company etc. It has come to our radar as we are analysing the business and not the stock (Remember Mr Buffet saying "If a business does well, the stock eventually follows"
Mindteck (India) has equity capital of just Rs.25.38 crore supported by reserves of around Rs.152.84 crore. It is a Debt free company. The stock is currently trading around Rs 83 with a market cap of about 210 crores.
The promoters hold 63.69% of the equity capital, First Asian investments hold about 5.47% stake in the company from another stake holder Banco Efisa S A hold around 3.16% stake.
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