Case Study: a leading FMCG distribution network achieves IND AS 116 compliance and rental visibility with MYNDLeaseX by MYND

Leading FMCG Distribution Network achieves 100% IND AS accuracy with Mynd

The customer, a leading FMCG distribution network, faced significant challenges in managing its extensive portfolio of leased properties across India. With a hybrid mix of fixed rent and revenue-sharing models across hundreds of locations, the company struggled with manual, error-prone calculations, a lack of centralized data, and the complex requirements of IND AS 116 compliance. To address this, they partnered with vendor Mynd and implemented its MYNDLeaseX platform.

Mynd's solution centralized all lease data and automated the complex rent calculations, including those based on a percentage of sales. The MYNDLeaseX platform also ensured full IND AS 116 compliance by automating the recognition of right-of-use assets and lease liabilities. This transformation provided the customer with 100% compliance accuracy, eliminated calculation errors, reduced the accounting team's workload, and delivered complete visibility into rental expenditures across its entire national network.