MIRA
INFORM REPORT
|
Report Date : |
31.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
WIPRO INFRASTRUCTURE ENGINEERING LIMITED |
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Formerly Known As : |
WIPRO
FLUID POWER LIMITED – till 18-10-2005 NETKRAKER
LIMITED-till 16-04-2002 |
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Registered Office : |
Plot
No. 9B/10A, Phase I, Peenya Industrial Area, Bangalore- 560058, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
31.07.2000 |
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Com. Reg. No.: |
08-27551 |
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CIN No.: [Company
Identification No.] |
U72900KA2000PTC027551 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRW00511A |
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PAN No.: [Permanent
Account No.] |
AABCN1609C |
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Legal Form : |
A closely held
public limited liability company. |
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Line of Business : |
Provider
of Hydraulic & pneumatic tipping systems |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 6400000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part
of world known Wipro Group, Software giant. Available information indicates
high financial responsibility of the company. Financial position is good.
Trade relations are fair. Payments are correct and as per commitments. The company can
be considered good for any normal business dealings at usual trade terms. It
can be regarded as a promising business partner in a medium to long run. |
LOCATIONS
|
Registered Office / Factory
: |
Plot
No. 9B/10A, Phase I, Peenya Industrial Area, Bangalore- 560058, Karnataka,
India |
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Tel. No.: |
91-80-28394982 / 41369100 |
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Fax No.: |
91-80-28396980 / 28396450 |
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Email : |
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Website : |
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Area : |
25000
sq. ft. |
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Location : |
Owned –
Industrial Area |
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Corporate
Office : |
Corporate
Miller, 332/1, Thimmaiah Road, Vasanthnagar Bangalore- 560052, Karnataka,
India |
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Tel. No.: |
91-80-41994076 / 5199 4000 |
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Fax No.: |
91-80-41994080 / 5199 4080 |
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E-Mail : |
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Area : |
25000
sq. ft. |
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Location : |
Rented – City
Area |
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Regional
Office : |
Located at Faridabad, Jamshedpur, Hyderabad, Kolkatta and
Mumbai |
DIRECTORS
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Name : |
Mr.
Azim H Premji |
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Designation : |
Chairman |
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Address : |
Doddakannelli,
Sarjapur Road, Bangalore- 560035 |
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Date of Birth/Age : |
24-07-1945 |
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Date of Appointment : |
19-02-2003 |
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Name : |
Mr.
Anurag Behar |
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Designation : |
Managing
Director |
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Address : |
F-2,
Salarpuria Residency, 158, 4th Main, Defence Cly, HAL II Stage,
Bangalore-560038 |
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Date of Birth/Age : |
09-09-1968 |
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Date of Appointment : |
01-05-2004 |
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Name : |
Mr.
Suresh C Senapathy |
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Designation : |
Director |
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Address : |
301,
Brigade Lavelle, 12/10, Lavelle Road, Bangalore-560001 |
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Date of Birth/Age : |
03-03-1957 |
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Date of Appointment : |
15-04-2002 |
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Name : |
Mr.
Harish Jeevanlal Shah |
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Designation : |
Director |
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Address : |
503
D, Raheja Residency, 7th Cross, III Block, Koramangala,
Bangalore—560034 |
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Date of Birth/Age : |
31-03-1958 |
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Date of Appointment : |
25.01.2006 |
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Name : |
Mr. M
Senapathy |
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Designation : |
Director |
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Address : |
64,
Old Veterinary Hospital Road, Basavangudi, Bangalore- 560004 |
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Date of Birth/Age : |
08-11-1942 |
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Date of Appointment : |
01-03-2002 |
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Name : |
Ms.
Madhu Khatri |
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Designation : |
Director
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Address : |
Apt
601, ITPL, Whitefield, Bangalore |
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Date of Appointment : |
25.01.2006 |
KEY EXECUTIVES
|
Name : |
Mr.
Velerian John Fernandas |
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Designation : |
Company
Secretary |
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Address : |
10 A,
Nishmitha Ramanu Jappa Lay Out, Doora Vani Nagar, Bangalore – 560016,
Karnataka, India |
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Date of Birth/Age : |
29.12.1965 |
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Date of Appointment : |
13.10.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2004
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Names of Equity Shareholders |
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No. of Shares |
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WIPRO
LIMITED |
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9,047,595 |
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ICICI
Trusteeship Services Limited |
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188,550 |
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Total |
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9,236,145 |
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Names of Preference Shareholders |
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No. of Shares |
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Wipro
Limited |
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36,000,000 |
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provider
of Hydraulic & pneumatic tipping systems |
PRODUCTION STATUS
|
Particulars |
Unit |
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Installed
Capacity |
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Hydraulic & pneumatic
equip. |
Nos |
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120000 |
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Tipping Gear Systems |
Nos |
|
10000 |
GENERAL
INFORMATION
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No. of Employees : |
125 |
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Customers : |
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Bankers : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
BSR
and Company Chartered
Accountants |
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Address : |
11-12/1, Maruti Info Centre, II Floor, Koramangala, Bangalore –
580071, Karnataka, India |
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Associates/Subsidiaries : |
Wipro
Group of companies |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9430000 |
Equity Shares |
Rs. 10/- each |
Rs. 94.300 millions |
|
36000000 |
1%
Redeemable preference Shares |
Rs. 10/- each |
Rs. 360.000 millions |
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570000 |
Fully
Convertible preference Shares |
Rs. 10/- each |
Rs. 5.700 millions |
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Total |
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Rs. 460.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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9236100 |
Equity Shares |
Rs. 10/- each |
Rs. 92.361 millions |
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36000000 |
1%
Redeemable preference Shares |
Rs. 10/- each |
Rs. 360.000 millions |
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Total |
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Rs. 452.361 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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452.361 |
452.361 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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1145.502 |
765.452 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1597.863 |
1217.813 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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23.942 |
9.745 |
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TOTAL |
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1621.805 |
1227.558 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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555.804 |
321.553 |
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Capital work-in-progress |
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215.479 |
130.606 |
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INVESTMENT |
|
148.685 |
107.761 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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864.731 |
619.066 |
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Sundry Debtors |
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621.274 |
460.769 |
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Cash & Bank Balances |
|
38.354 |
55.377 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
111.359 |
87.254 |
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Total
Current Assets |
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1635.718 |
1222.466 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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877.153 |
511.817 |
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Provisions |
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56.728 |
43.011 |
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Total
Current Liabilities |
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933.881 |
554.828 |
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Net Current Assets |
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701.837 |
667.638 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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1621.805 |
1227.558 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.58 |
0.46 |
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Current Ratio (Current Asset/Current Liability) |
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1.75 |
2.20 |
LOCAL AGENCY
FURTHER INFORMATION
Ř Land
Ř Building
Ř Plant and Machinery
Ř Furniture and Fixture
Ř Computers
Ř Vehicles
The
company is professionally managed.
The
company incorporated as a private limited company with the name – Netcraker
Private Limited and converted as public limited company w e f 10th
August 2000.
The
name has been changed as – Wipro Fluid Power Limited w e f 16th
April 2002 and again the name has been changed as – WIPRO INFRASTRUCTURE
ENGINEERING LIMITED, w e f 19th Oct 2005.
TRADE
REFERENCES
Ř
Rollon
Bearings Private Limited
Ř
Rubwood
Packers Private Limited
Ř
Surya
Gears limited
Ř
Shamtan
Seals
Ř
Pushpagiri
Forgings Private Limited
Ř
Karnataka
electrical
Ř Fluorokraft Private Limited
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U72900KA2000PTC027551 |
|
Name of the
company |
WIPRO INFRASTRUCTURE ENGINEERING LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot
No. 9B/10A, Phase I, Peenya Industrial Area, Bangalore- 560058, Karnataka,
India |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
HDFC
Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel [West] ,
Mumbai – 400013, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Letter of
hypothecation of stocks and book debts |
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Date of
instrument Creating the chargers. |
30.03.2007 |
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Amount secured by
the charge |
Rs. 350.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cc – 11.5 % PER
Annuam with periodical rests or at such rate and at such periodical rests as
may be specified by the bank Terms of
Repayment As stipulated
from bank from time to time Margin 25 % on bill
discounting / stocks Extent and
Operation of the charge First pari passu
charge on stock and book debts of the company both present and future |
|
Short particulars
of the property charged |
First pari passu
charge on Stocks and Book debts of the company both present and future |
AS PER WEBSITE
Wipro Infrastructure Engineering
Wipro Infrastructure Engineering (formerly
Wipro Fluid Power) provides solutions ranging from Precision Engineered
Products to value added Services for customers in industries that serve the
core infrastructure sector - ranging from Construction, Mining, Agriculture and
Power to Steel Plants and Ports.
The product and service offerings include
high precision hydraulic cylinders, valves, PTO's, complete tipping solutions
and system solutions for a wide range of applications.
They are the largest Indian provider of
precision engineered hydraulic components and solutions.
Global presence
With the Deep commitment to Quality and
Customer service they offer value, which has made them the preferred sthece for
hydraulic components. The expertise is built on over 2 Decades of experience of
serving a wide range of customers.
Globally, the customers base spans from
Japan to Europe.
Complete Solutions
They have partnerships with high Quality
global players for offering complete solutions to the customers in India. The
following are the partners
Kawasaki Precision Machinery, Japan -
Pumps, Motors & Valves for a range of applications
Nabtesco Corporation, Japan - Motors &
Valves for a range of applications
Sun Hydraulics, USA - Screw-in cartridge
valves & manifolds
About
Wipro Infrastructure Engineering
A
Dominant force in engineering components for the Infrastructure industry
·
They are the Indian provider of precision engineered hydraulic
components and solutions.
·
Some of the applications are listed below
·
Backhoe loaders Mini Excavators & Excavators Wheel loaders
·
Dumpers Dozers Motor Graders Vibratory Compactors & Rollers
·
Tipping trucks Tractors Combine harvesters Forklift trucks
·
Cranes Blast hole rigs Side discharge loaders Load haul dumpers
·
Underground mining Ports Airport equipment Dam gates Injection
moulding machines
·
Defence Windmills
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.10 |
|
UK Pound |
1 |
Rs.80.40 |
|
Euro |
1 |
Rs.63.31 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
8 |
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--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|