MIRA
INFORM REPORT
|
Report Date : |
17.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
WIPRO LIMITED |
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Registered
Office : |
Doddakannelli, Sarjapur Road, Bangalore – 560 035, Karnataka |
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Country : |
India |
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Financials (as
on) : |
31.03.2008 |
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Date of
Incorporation : |
29.12.1945 |
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Com. Reg. No.: |
08-20800 |
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CIN No.: [Company
Identification No.] |
L99999KA1945PLC020800 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRW00415C |
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Legal Form : |
Public Limited
Liability Company. The company’s
shares are listed on the Stock Exchanges. |
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Line of
Business : |
Software exports,
software and services, consumer care, lighting and healthcare. Providing
services of IT and IS consulting for E-business transformation, electronic
commerce, web enabling, data warehousing and customer relation's management. |
RATING &
COMMENTS
|
MIRA’s Rating
: |
Aa |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit
Limit : |
USD 770000000 |
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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 well-established
and reputed company having excellent track.
Available information indicates high financial responsibility of the
company. Financial position is good. Payments are always correct and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions |
LOCATIONS
|
Registered/Corporate
Office : |
Doddakannelli, Sarjapur Road, Bangalore -
560 035, India |
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Tel. No.: |
91-80-28440011 |
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Fax No.: |
91-80-28440054 |
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E-Mail : |
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Website : |
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Software
Technology Parks: |
· Bangalore, Karnataka · Chennai, Tamilnadu · Secunderabad, Andhra Pradesh · Pune, Maharashtra · Gurgaon, Haryana · Hyderabad, Andhra Pradesh · Mumbai, Maharashtra |
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Factory : |
> Sigma Infotech Park, Whitefield, Bangalore, Karnataka, India > S B Towers, 88, M G Road, Bangalore - 560 001, Karnataka, India > 608-610, Carlton Towers, No. 1 Airport Road, Bangalore - 560
001, Karnataka, India > Information Technology Park, Whitefield, Bangalore - 560 066,
Karnataka, India > 271-27 1 A, Sri Ganesh Complex, Hosur Main Road, Bangalore - 560
068, Karnataka, India > 26, Sri Chamundi Complex, Madivala II, Bommanahalli, Hosur Main
Road, Bangalore - 560 068, Karnataka, India > No. l, 2, 3, 4 and 54/1, Survey No. 201/C, Madivala III,
Bangalore - 560 068, Karnataka, India > No. l, 2, 3, 4 and 54/1, Survey No. 201/C, Madivala III (Research
and Development), Bangalore - 560
068, Karnataka, India > No. 1 , 2, 3, 4 and 54/3, Survey No.- 201/C, Madivala IV,
Bangalore – 560 068, Karnataka, India > 3rd Floor, Ahmed Plaza, No.38/land2, Bertenna Agrahara, Hosur
Main Road, Bangalore - 560 068, Karnataka, India > Subramanya Arcade, Bannergatta Main Road, Bangalore,
Karnataka, India > K-3 1 2, Koramangala Industrial Layout, Bangalore - 560 095,
Karnataka, India > V Block, Koramangala, Bangalore - 560 095, Karnataka, India > Electronics City 1 - No. 72, Keonics Electronic City, Hosur
Road, Bangalore - 561 229,
Karnataka, India > Electronics City - II, Tower IV, No. 72, Keonics Electronic City,
Hosur Road, Bangalore - 561 229,
Karnataka, India > No.92, 2nd Main Road, KEONICS Electronic City – SIRI, Bangalore
– 561 229, Karnataka, India > S. No. 70/1, 2, 3, 4(P) and. 84/1, 2, 3, 4(P) Doddathogur
Village, Begur Hobli, ' Bangalore -
561 229, Karnataka, India > Capitale, 552 and. 555, Anna Salai, Teynampet, Chennai, Tamilnadu > 475A, Shollinganallur, Old Mahabalipuram Road (CDC-III), Chennai
– 600 019, Tamilnadu > 111, Mount Road, Guindy, Chennai - 600 032, Tamilnadu > No. 105, Guindy, Mount Road, Chennai - 600 032, Tamilnadu > Infotech Park, SDF Building, 4th Floor, Kusumagiri, Kakkanad,
Cochin > Infotech Park, 4th Floor, Vismaya Building, Kakkanad, Cochin > 239, Okhla Industrial Estate, Delhi, India > Plot No.27/28, Phase IV, Udyog Vihar, Gurgaon - 122 016 > Plot No. 281,Phase II, Udyog Vihar, Gurgaon - 122 106, Haryana > No. 480-481, Udyog Vihar, Phase-Ill, Gurgoan - 122015, Haryana > S. No. 203/1, Manikonda Jagir Village, Rajendranagar Mandal, RR
District, Hyderabad > Survey Nos. 64, Serilingampali Mandal, Madhapur, Hyderabad - 500033 > Queens Plaza, S P Road, Hyderabad - 500 033, Andhra Pradesh > Plot No. 1, 7, 8 and 9, Block-DM, Sector- V, Saltlake, Kolkata -
700 091, West Bengal > 146/147, Mettagalli Industrial Area, Mettagalli, Mysore > Vashi, Navi Mumbai, Mumbai, Maharashtra, India > Plot No. 2, MIDC, Infotech Park, Hingewadi, Pune - 411 027,
Maharashtra > 1-8-448, Lakshmi Buildings, S P Road, Begumpet, Secunderabad -
500016 |
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Overseas
Offices : |
1300, Crittenden Lane,
# 200, Mountain View, CA 94043, U.S.A. Tel. No. :
91-650-3163555 Fax No. :
91-650-3163467 Mimet House, Sa
Praed Street, London W2 INJ, U.K. Tel. No. : +44
[020] 70873770 Fax No. : +44
[020] 72625360 Yokohama Landmark
Tower, 9F # 911A, 2-2-1-1, Minato – Mirai, Nishi-Ku, Yokohama-shi, Kanagawa,
220-8109, Japan Tel. No. : +81
[45] 650 3950 Fax No. : +81
[45] 650 3951
Wipro Technologies
1995, El Camino
Real, Suite 200, Santa Clara, CA 95050, USA Tel. No.: (408)
249 6345 Fax No.: (408) 6157174
/ 6157178 15455 N. W.,
Greenbrier Parkway, Suite 210, Beaverton, OR 97006, USA Tel. No.: (503)
4390825 Fax No.: (503)
4398426 10655 N. E., 4th
Street, Suite 400, Bellevue, WA 98004, USA Tel. No.: (425)
4553486 Fax No.: (425)
6880973 833, East Arapaho
Road, Suite 202, Richardson, TX 75081, USA Tel. No.: (972)
6716130 Fax No.: (972)
6716134 2432, W. Peoria
Avenue, Suite 1323, Phoenix, AZ 85029, USA Tel. No.: (602)
8705780 Extn.: 101 100, W. 22nd
Street, Suite 106, Lombard, IL 60148, USA Tel. No.: (630)
8899860 Fax No.: (630)
8899187 8901, Lyndale
Avenue, South Suite 106, Bloomington, MN 55420, USA Tel. No.: (952)
9489683 Fax No.: (952)
9489684 12081, Lafayett
Street, Thornton, CO 80241, USA Tel. No.: 303-254
2457 Fax No.: 720-244
4872 33 Woodcock
Avenue, # 23 Haverhill, MA 01832, USA Tel. No.: 978-372
9531 Fax No.: 978-372
9560 345, Buckland
Hills, Dr. Suite 7213, Manchester, CT 06040, USA Tel. No.: 860-644
3657 Fax No.: 860-644
3667 220, Old New
Brunswick Road, Suite 202, Piscataway, NJ 08854, USA Tel. No.: (732)
4650401 Fax No.: (732)
4650420 Top Floor, Kings
Court, 185, Kings Road, Reading RG 14 EX, United Kingdom 2432, W Peoria
Ave, Suite 1323, Phoenix, Arizona, USA AZ 85029 Room no. 1064,
Hatanpaankatu 1 (Kulma-Sarvis), Tampere, Finland Chrysler
Building, 6th Floor, 1 Riverside Drive West, Windsor ONN5A5K4,
Canada Web Campus,
Kaistrasse, 101 Kiel 24114, Germany |
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Branches : |
Wipro Infotech Software and Service
88, M. G. Road, Bangalore – 560
001, Karnataka
Tel. No. 91-80-2558 8422 Fax No. 91-80-2558 6657 Wipro Consumer Care and Lighting Group
Nirmal, 241-242,
Nariman Point, Mumbai – 400 021, Maharashtra Tel. No. 91-22-22029254 Fax No. 91-22-2284 1143 Wipro Fluid Power
9B/10A Peenya Industrial
Area, Bangalore – 560 058, Karnataka Tel. No. 91-80-2839 4982 Fax No. 91-80-2839 6450 Wipro Biomed
903/904 Prakash
Deep, 7, Tolstoy Marg, New Delhi – 110 001 Tel. No. 91-11-2332 5677 Fax No. 91-11-2373 8675 Wipro Lighting
Tulsi Chambers,
Opp. St. Francis D’Sales High School, Jalna Road, Aurangabad – 431 001,
Maharashtra Tel. No. 91-240-2333 351 Fax No. 91-240-2334 001 |
DIRECTORS
|
Name : |
Mr. Azim Hashmi
Premji |
|
Designation : |
Chairman |
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Date of
Appointment : |
01.09.1968 |
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|
|
|
Name : |
Dr. Ashok Ganguly |
|
Designation : |
Chairman, ICICI One Source Limited. Former
Chairman, ICI India Limited |
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Date of
Appointment : |
01.01.1999 |
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|
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|
Name : |
Mr. B. C.
Prabhakar |
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Designation : |
Practitioner of Law |
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Date of
Appointment : |
20.02.1997 |
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|
Name : |
Mr. Vivek Paul |
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Designation : |
Vice Chairman and Executive Officer |
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Date of
Appointment : |
26/07/1999 |
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|
Name : |
Mr. Narayan
Vaghul |
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Designation : |
Chairman, ICICI Bonk Limited |
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Date of
Appointment : |
09.06.1997 |
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|
Name : |
Professor Eisuke
Sakakibara |
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Designation : |
Professor of Economics, Keio University
Japan |
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Date of
Appointment : |
01/01/2002 |
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|
Name : |
Mr. P. M. Sinha |
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Designation : |
Former Chairman, Pepsi Company India Holdings |
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Date of
Appointment : |
01.01.2002 |
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|
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|
Name : |
Dr. Jagdish N Sheth |
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Designation : |
Professor of Marketing, Emory University,
USA |
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Date of
Appointment : |
01.01.1999 |
KEY EXECUTIVES
|
Name : |
Mr. V. Ramachandran |
|
Designation : |
Company Secretary |
|
Address : |
Doddakannelli, Sarjapur Road, Bangalore -
560 035, India |
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Tel. No. : |
91-80-28440011 (Extension - 6185) |
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Fax No. : |
91-80-28440051 |
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E-Mail : |
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Name : |
Mr. G. Kothandaraman |
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Designation : |
Manager – Secretarial and Compliance |
|
Address : |
Doddakannelli, Sarjapur Road, Bangalore -
560 035, India |
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Tel. No. : |
91-80-28440011 (Extension - 6183) |
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Fax No. : |
91-80-28440051 |
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E-Mail : |
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|
Name : |
Mr. Rajendra Kumar Shreemal |
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Designation : |
Vice President and Corporate Treasurer |
|
Address : |
Doddakannelli, Sarjapur Road, Bangalore -
560 035, India |
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Tel. No. : |
91-80-28440011 (Extension - 6184) |
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Fax No. : |
91-80-28440051 |
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E-Mail : |
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Name : |
Mr. R. Sridhar |
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Designation : |
CFO and Investor Relations, America and Europe |
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Address : |
East Brunswick Tower, 2 New Jersey US |
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Tel. No. : |
+1 650-316-3537 |
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E-Mail : |
sridhar.ramasubbu@wipro.com |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.06.2008
CATEGORY
|
No. of Shares |
Percentage of Holding |
|
Shareholding of Promoter and Promoter Group2 |
|
|
|
Indian |
|
|
|
Individuals/ Hindu Undivided Family |
57457660 |
3.99 |
|
Bodies Corporate |
128137800 |
8.91 |
|
Any Others(Specify) – Partnership Firm |
975520800 |
67.80 |
|
Public shareholding |
|
|
|
Institutions |
|
|
|
Mutual Funds/ UTI |
6529363 |
0.45 |
|
Financial Institutions / Banks |
564052 |
0.04 |
|
Foreign Institutional Investors |
109909470 |
7.64 |
|
Non-institutions |
|
|
|
Bodies Corporate |
36892601 |
2.56 |
|
Individuals |
|
|
|
Individuals -i. Individual shareholders holding nominal
share capital up to Rs 0.100 Million |
42926468 |
2.98 |
|
ii. Individual shareholders holding nominal share capital in excess of Rs. 0.100
Million |
55493993 |
3.86 |
|
Any Other (specify) |
|
|
|
Non Resident Indians |
16560079 |
1.15 |
|
Trusts |
7966469 |
0.55 |
|
Non Executive Directors, Executive Directors and
Relatives |
276268 |
0.02 |
|
Clearing Members |
502469 |
0.03 |
|
|
|
|
|
TOTAL |
1438737492 |
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Software exports,
software and services, consumer care, lighting and healthcare. Providing
services of IT and IS consulting for E-business transformation, electronic commerce,
web enabling, data warehousing and customer relation's management. |
|
|
|
|
Products : |
i) Item code no (ITC Code) 84713010 Product description Personal Computer ii) Item code no (ITC Code) 85249113 Product description I.T. Software iii) Item code no (ITC Code) 15162011 Product description Vegetable fats and oils (Edible Grade) |
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Exports to : |
USA (75%),
Indonesia, Japan, The Netherlands, Sweden, Taiwan and Thailand. |
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Imports from : |
Germany, Japan,
Singapore, UK and USA |
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
|
Vanaspati/Hydrogenated oils |
TPA |
144000 |
45000 |
|
Toilet soaps |
TPA |
64000 |
47930 |
|
Leather shoe uppers, leather shoes and allied articles |
Pairs / Nos. [1000s] p.a. in millions |
750 |
750 |
|
Fatty acids |
TPA |
20000 |
20000 |
|
Glycerine |
TPA |
2000 |
1800 |
|
GLS lamps |
000s |
50000 |
50000 |
|
TL shells |
000s |
12694 |
12694 |
|
Fluorescent tube lights |
000s |
10694 |
10694 |
|
CFL |
Nos. in 000s |
6658 |
6658 |
|
Mini computers/micro processor based systems and data communication
systems |
NPA |
180000 |
180000 |
GENERAL
INFORMATION
|
Suppliers : |
Ø Atco Controls India Private Limited Ø Arya Filaments Private Limited Ø Bhargava Rotopack Private Limited Ø Bombay Oil Seals Company Ø Capart Industries Private Limited Ø Everlite Corporation Ø Exerlite Industries Ø Fluo-Lite Private Limited Ø Glostar Electricals Private Limited Ø Har-Hal Plastic Engineering Private Limited Ø Infocontral Systems Inc. Ø Karthiks Ø Kay Pee Industries Ø Kasa Luminaties Private Limited Ø Maharashtra Industries Ø Meet Engineering Private Limited Ø Mercury Lamps Private Limited Ø Prachi Industries Ø Prospects Industries Ø Punjab Anand Lamp Industries Ø R C Industries Ø Regal Luminaries Ø Rotam Commercials Ø Sandesh Electricals Ø SOBO Technology Ø South India Auto Engineering Works Ø Starlite Components Limited Ø Sujatha Wood Industries Ø Superstars Ø Triumph Pack Private Limited Ø Ujas Electricals Private Limited Ø Unilux Ø Unique Wires Private Limited Ø Vijay Halo Coils Private Limited Ø Vijay Litetronics Comp Limited Ø Vossloh-Schabe India Private Limited |
|
|
|
|
Customers : |
Ø 3COM Ø ABN Amro Ø Alcatel Ø Allianz Church and General Ø Analog Devices Ø Aristasoft Ø AT and T Ø Baxter Ø BSI Ø BT Ø Cisco Ø Compaq Ø Content Guard Ø Corel Ø Cox andKings Ø Daiwa Ø Energy.com Ø Epson Ø Ericsson Ø JP Morgan Ø KPN Ø Lucent Ø Magneti Marelli Ø Marconi Ø Menlo Logistics Ø Microsoft Ø Mitsubishi Ø Morgan Stanley Ø NCR Ø NEC |
|
|
|
|
No. of
Employees : |
14000 |
|
|
|
|
Bankers : |
Ø Canara Bank, Bangalore, Karnataka Ø State Bank of India, Madame Cama Road, Nariman Point, Mumbai – 400 021 Ø Citibank N.A., Kanak Building, 41, Chowringhee Road, Kolkata – 700 071, West Bengal Ø American Express Banking Corporation, Bangalore, Karnataka |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors : |
Chartered Accountants
Chartered Accountants |
|
|
|
|
Subsidiaries : |
v Wipro Japan KK v Enthink Inc. v Wipro Inc. v Wipro Chandrlka Limited v Wipro Trademarks Holding Limited v Wipro Travel Services Limited v Wipro Fluid Power Limited v Wipro HealthCare IT Limited v Wipro BPO Solutions Limited v Wipro Holdings (Mauritius) Limited v Wipro Holdings UK Limited v Wipro Technologies (UK) Limited v Wipro Shanghai Limited v Wipro Consumer Care Limited v Cygnus Nigri Investments Private Limited v Wipro Infrastructure Engineering Limited v Spectramind Inc v mPower software Services Inc. v mPower Software Services (India) Private Limited v Mpact Technologies Services Private Limited v BVPENTE Beteiligungsverwaltung GMBH v New Logic Technologies AG v New Logic Technologies Inc. v New Logic Technologies SARL v New Logic Technologies S.A. v Wipro Equity Reward Trust v cMango Pte. Limited v Wipro Cyprus Private Limited v Wipro Australia Pty. Limited v 3D Networks Pte. Limited v Planet PSG Pte. Limited v WMNETSERV Limited v
Spectramind Inc. v
Infocrossing Services West, Inc. USA v
Infocrossing Services v
Southeast, Inc. USA v
Unza Company Pte. Limited v
Wipro Equity Reward Trust v
Wipro GE Healthcare Private Limited v
Azim Premji Foundation v
Hasham Premji (partnership firm) v
Azim Premji v
Rishad Premji v
Unza Indochina Pte. Limited Singapore v
Unza Cathay Limited Hong Kong v
Unza China Limited Hong Kong v
PT Unza Vitalis Indonesia v
Unza Thailand Limited Thailand v
Unza Overseas Limited British virgin v
islands v
Unza Africa Limited Nigeria v
Unza Middle East Limited British virgin v
islands v
Unza International Limited British virgin v
islands v
Positive Equity Sdn Bhd Malaysia v
Unza Nusantara Sdn Bhd |
|
|
|
|
Associates : |
Wipro GE Medical Systems Private Limited WeP Peripherals Limited |
|
|
|
|
Membership : |
Confederation of Indian Industry |
CAPITAL STRUCTURE
As on 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1650000000 |
Equity Shares |
Rs. 2/- each |
Rs. 3300.000
millions |
|
25000000 |
10.25% Redeemable Cumulative Preference Shares |
Rs. 10/- each |
Rs. 250.000
millions |
|
|
Total
|
|
Rs.
3550.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1461453320 |
Equity Shares |
Rs. 2/- each |
Rs. 2923.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF
FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
SHAREHOLDERS FUNDS
|
|
|
|
|
1] Share Capital |
2923.000 |
2918.000 |
2851.510 |
|
2] Share Application Money |
40.000 |
35.000 |
74.860 |
|
3] Share Issuable |
540.000 |
0.000 |
0.000 |
|
3] Reserves & Surplus |
112604.000 |
90251.000 |
61353.010 |
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
NET
WORTH
|
116107.000 |
93204.000 |
64279.380 |
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
40.000 |
232.000 |
450.580 |
|
2] Unsecured Loans |
38184.000 |
2148.000 |
51.030 |
|
TOTAL BORROWING |
38224.000 |
2380.000 |
501.610 |
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
TOTAL
|
154331.000 |
95584.000 |
64780.990 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
Goodwill |
427.000 |
86.000 |
0.000 |
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
22395.000 |
16373.000 |
11182.520 |
|
Capital work-in-progress |
13350.000 |
9895.000 |
6123.580 |
|
|
|
|
|
|
INVESTMENTS |
45001.000 |
43487.000 |
34592.030 |
|
DEFERREX TAX ASSETS |
517.000 |
466.000 |
381.380 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
4481.000 |
2404.000 |
1486.510 |
|
Sundry Debtors |
36466.000 |
25439.000 |
19680.670 |
|
Cash & Bank Balances |
37321.000 |
18492.000 |
8230.020 |
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
Loans & Advances |
41796.000 |
17266.000 |
10988.170 |
|
Total
Current Assets |
120064.000 |
63601.000 |
40385.370 |
|
Less : |
|
|
|
|
CURRENT LIABILITIES AND PROVISIONS |
|
|
|
|
Current Liabilities |
33616.000 |
30672.000 |
17768.340 |
Provisions
|
13807.000 |
7652.000 |
10115.550 |
Total
Current Liabilities
|
47423.000 |
38324.000 |
27883.890 |
|
Net Current Assets |
72641.000 |
25277.000 |
12501.480 |
|
|
|
|
|
|
MISCELLANEOUS EXPENDITURE |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
TOTAL
|
154331.000 |
95584.000 |
64780.990 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
174926.000 |
136839.000
|
102640.900
|
|
|
Other Income |
3269.000 |
2687.000
|
1524.100
|
|
|
Total Income |
178195.000 |
139526.000 |
104165.000 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
34697.000 |
31762.000
|
23396.800
|
|
|
Provision for Taxation |
4064.000 |
3341.000
|
3192.000
|
|
|
Profit/(Loss) After Tax |
30633.000 |
28421.000
|
20204.800
|
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
29523.000 |
18890.000 |
0.000 |
|
|
Manufacturing Expenses |
2998.000 |
1205.000 |
8471.600 |
|
|
Selling Expenses |
5321.000 |
4274.000 |
0.0000 |
|
|
Administrative Expenses |
0.000 |
0.000 |
9972.300
|
|
|
Raw Material Consumed |
0.000 |
0.000 |
13506.900
|
|
|
Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
(242.100) |
|
|
Salaries, Wages, Bonus, etc. |
74079.000 |
57645.000 |
0.000 |
|
|
Managerial Remuneration |
12.000 |
37.000 |
0.000 |
|
|
Auditors Remuneration |
11.000 |
9.000 |
0.000 |
|
|
Interest |
1168.000 |
72.000 |
31.300
|
|
|
Provision for doubtful debts |
246.000 |
267.000 |
0.000 |
|
|
Power & Fuel |
0.000 |
0.000 |
864.600
|
|
|
Depreciation & Amortization |
4560.000 |
3598.000 |
2922.600 |
|
|
Other Expenditure |
25580.000 |
21767.000 |
45241.000 |
|
Total Expenditure |
143498.000 |
107764.000 |
80768.200 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2008 [1st Quarter] |
|
Sales Turnover |
|
|
47046.000 |
|
Other Income |
|
|
1028.000 |
|
Total Income |
|
|
48074.000 |
|
Total Expenditure |
|
|
39347.000 |
|
Operating Profit |
|
|
8727.000 |
|
Interest |
|
|
672.000 |
|
Gross Profit |
|
|
8055.000 |
|
Depreciation |
|
|
1248.000 |
|
Tax |
|
|
1347.000 |
|
Reported PAT |
|
|
5460.000 |
KEY RATIOS
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Debt-Equity Ratio |
0.19 |
0.02 |
0.01 |
|
Long Term Debt-Equity Ratio |
0.19 |
0.02 |
0.00 |
|
Current Ratio |
2.16 |
1.58 |
1.46 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
8.99 |
6.86 |
4.97 |
|
Inventory |
51.29 |
70.73 |
74.37 |
|
Debtors |
5.67 |
6.05 |
6.12 |
|
Interest Cover Ratio |
30.71 |
442.14 |
748.50 |
|
Operating Profit Margin(%) |
22.89 |
25.75 |
25.67 |
|
Profit Before Interest And Tax Margin(%) |
20.31 |
23.14 |
22.83 |
|
Cash Profit Margin(%) |
19.93 |
23.27 |
22.53 |
|
Adjusted Net Profit Margin(%) |
17.35 |
20.66 |
19.68 |
|
Return On Capital Employed(%) |
28.71 |
39.73 |
41.01 |
|
Return On Net Worth(%) |
29.36 |
36.12 |
35.72 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:
Subject, the successful company crossed six decade of years.
Wipro though started as a edible oil producer way back in 1945 under the name
Western India Vegetable Products, a private limited company has transformed
itself into leading player in Fast Moving Consumer Goods and IT services and
Products business. It was incorporated at Karnataka by Mr. Azim H Premji who is
promoter and chairman of the company. Five of Wipro's manufacturing and
development facilities secured the Indian Standard Organization (ISO) 9001
certification during 1994-95. Company provides the integrated business,
technology and process solution on a global delivery platform to customers
across Americas, Europe, Middle East and Asia Pacific, they offer business
value to clients through process excellence and service delivery innovation
such as Information Technology services, Product Engineering services,
Technology Infrastructure services, Business Process Outsourcing services and
consulting services. 23 subsidiaries running under in Wipro. This company is
listed in BSE, NSE and Newyork .
In February 2001, Wipro became the first software technology and services company in India to be certified for ISO 14001 certification for complying with the international standards for Environmental Management System (EMS) in three major software development and technology centers in Bangalore and also achieved ISO 9000 certification and they are ISO 14000 certificate holder also for good citizenship. Wipro Technologies has won the 'Banker Technology Award' for the year 2004 Instituted by the Financial Times in the 'Risk Management Award' category. During December 2005 the company has signed a definitive agreement to acquire mPower Inc, a US based company with a development center in Chennai and MPACT Technology Services which is also based in Chennai. Wipro received the BEST award from American society for training and development (ASTD) for three consecutive years 2004, 2005 and 2006. Subject is a largest 3rd party Research and Development service provider in the world, Wipro is among the top 3rd Indian BPO service providers by revenue identified by NASSCOM, the IDC India noted among the top 2nd domestic IT services companies in India. Wipro is the world first PCMM level 5 company and it is a winner company of the Dale Carnegie Leadership award in 2007 for people excellence. Wipro is a first company to be assessed at level 5 on CMMi for process excellence as well as its a company to deploy six sigma in IT services at first. Second time Wipro has announced that it has been recognized winner of the 2007 global MAKE award, the 2007 Asian MAKE award fifth time in a row and also received the 2007 Indian MAKE award third time organized by CII (Confederation of Indian Industry) .
2006-07 was the year for acquisition to Wipro, during the year company acquired
six companies namely Quntech Global Services, Saraware Oy, Enabler Informatica
S A, 3D Networks Pte Limited, Hydrauto Engineering AB and Northwest Switchgear.
Wipro partnered with Motorola to form a joint venture namely WMNETSERV, At the
same time company invested Rs.16,684 million on fixed assets during the year.
Wipro has set up an overseas design center as Odyssey 21 for undertaking
projects and product developments in advanced technologies for overseas
clients.
Wipro has been a pioneer in fostering a culture of Innovation. This
culture manifested in small and big acts of Innovation of wiproites everyday.
In the year 2000 itself Wipro launched Innovation Initiative for business
development and right now they engaged across 55 CoE's and 30 innovation
projects with over 500 peoples. Its not a edge, the companies future
enhancement also to continued focus on Innovation has caught the attention of
stakeholders and industry. Wipro wants to make a geographical footprint in
Germany, Canada, Japan and Middle East that is likely to become the next growth
engines and wants to frame a end-to-end solutions for business needs of
customer. Wipro plans to set up a Global IT Services Center in Sydney.
Date of
Incorporation and Name of the company
The Company was incorporated on December 29, 1945 under the name Western
India Vegetable Products Limited. Subsequently, the name of the Company was
changed to Wipro Products Limited in the year 1977 and then to Subject in the
year 1984.
GOVEERNANCE BY THE
BOARD OF DIRECTORS
Azim H. Premji has been Chairman of the Board and Managing Director
since September 1968. Mr. Premji holds a Bachelor of Science in Electrical
Engineering from Stanford University, U.S.A.
Dr Ashok Ganguly has
served as a Director on their Board since 1999. He is currently the Chairman of
Firstsource Solutions Limited and ABP Private Limited (Ananda Bazar Patrika
Group) and has been a Director on the Central Board of Reserve Bank of India,
since November 2000. Dr Ganguly also currently serves as a non-executive director
of Mahindra and Mahindra, ICICI Knowledge Park and Tata AIG Life Insurance Co
Limited and a Director on the Advisory Board of Microsoft Corporation (India)
Private Limited and Hemogenomics Private Limited. He is a member of the Prime
Minister"s Council on Trade and Industry as well as the Investment
Commission and the India-USA CEO Council, set up by the Prime Minister of India
and the President of the U.S.. He is also a member of the National Knowledge
Commission to the Prime Minister of India. He is a former member of the Board
of British Airways Plc (1996-2005) and Unilever Plc/NV (1990-1997).
B.C. Prabhakar has
served as a Director on their Board since February 1997. He is a practicing
lawyer since April 1970. Mr. Prabhakar holds a B.A. in Political Science and
Sociology and an LL.B. from Mysore University, India. Mr. B C Prabhakar serves
as a non-executive Director of Automotive Axles Limited and 3M India Limited.
Dr. Jagdish N. Sheth has
served as a Director on their Board since January 1999. He is a professor at
Emory University since July 1991. Dr Sheth is also on the Boards of Innovolt
Inc., Adayana Inc, Shasun Chemicals and Drugs Limited and Shasun Pharma
Solutions Limited (UK). Dr. Sheth holds a B. Com (Honors) from Madras
University, India, a M.B.A. and a Ph.D in Behavioral Sciences from the
University of Pittsburgh, U.S.A.
Narayanan Vaghul has served as a Director on their Board since June 1997. He was the Chairman of the Board of ICICI Limited since September 1985 and after its merger with ICICI Bank Limited continues to be the Chairman of the merged entity. Mr. Vaghul is also on the Boards of Mahindra and Mahindra Limited., Mahindra World City Developers Limited, Nicholas Piramal India, Limited., National Aviation Company of India Limited, IAL Airport Services Limited, Air India Air Transport Services Limited, Air India Engineering Services Limited, Apollo Hospitals Enterprise Limited, Himatsingka Seide Limited, Hemogenomics Private Limited, Asset Reconstruction Company India Limited, Arcelor Mittal Luxembourg, Arcelor Mittal Europe and Azim Premji Foundation,. Mr. Vaghul is also the Chairman of the Compensation Committee of Mahindra and Mahindra Limited, Apollo Hospitals, Nicholas Piramal India Limited. and Chairman of the Board Governance and Remuneration Committee of ICICI Bank Limited. Mr. N Vaghul is also a member of the Audit Committee in Nicholas Piramal India Limited and Mahindra World City Developers Limited. Mr N. Vaghul is the lead independent Director of their Company. Mr. Vaghul holds Bachelor (Honors) degree in Commerce from Madras University, India.
Priya Mohan Sinha became a Director of their company on January 1, 2002. He has served as the Chairman of PepsiCo India Holdings Limited and President of Pepsi Foods Limited since July 1992. From October 1981 to November 1992, he was on the Executive Board of Directors of Hindustan Lever Limited. From 1981 to 1985 he also served as Sales Director of Hindustan Lever. Currently, he is also on the Boards of ICICI Bank Limited, Bata India Limited, Indian Oil Corporation Limited, Lafarge India Private Limited and Azim Premji Foundation. Mr. Sinha holds a Bachelor of Arts from Patna University and he has also attended Advanced Management Program in the Sloan School of Management, Massachusetts Institute of Technology, U.S.A. Mr Sinha is also the Chairman of the Nomination, Governance and Compensation Committee of Bata India Limited.
Mr. Bill Owens has served as a director on their board since July, 2006. He has held senior leadership positions at large multinational corporations. From April 2004 to November 2005, Mr. Owens served as Chief Executive Officer and Vice Chairman of the Board of Directors of Nortel Networks Corporation, a networking communications company. From August 1998 to April 2004, Mr. Owens served as Chairman of the Board of Directors and Chief Executive Officer of Teledesic LLC, a satellite communications company. From June 1996 to August 1998, Mr. Owens served as President, Chief Operating Officer and Vice Chairman of the Board of Directors of Science Applications International Corporation (SAIC), a research and engineering firm. Presently, Mr. Owens serves as a member of the Board of Directors of Polycom Inc., a media communications company; Daimler Chrysler AG, an automotive company; Embarq, Intelius and Force 10. Mr. Owens holds a M.B.A. (Honors) degree from George Washington University, a B.S. in Mathematics from the U.S. Naval Academy and a B.A. and M.A. in Politics, Philosophy and Economics from Oxford University. Mr Owens has been a director of their company since July 1, 2006.
In September 2007,
the Company through its subsidiaries acquired 100% equity of Infocrossing, Inc.
(Infocrossing), a US-based provider of IT infrastructure management, enterprise
application and business process outsourcing services for a purchase
consideration of USD 436 Million. This acquisition of Infocrossing broadens the
data center and mainframe capabilities to uniquely position the Company in the
remote infrastructure management space.
NOTES TO ABRIDGED
ACCOUNTS:
In August 2007,
the Company through its subsidiaries acquired 100 % equity of Unza Holdings.
(Unza), a Singapore-based FMCG for purchase consideration of USD 246 Million.
Unza is one of South East Asia’s, largest independent manufacturer and marketer
of personal care products, and has operations in over 40 countries. This
acquisition would significantly increase the Company’s market size and provide
significant synergy in terms of access of common vendors, formulation and
brands.
Pursuant to the
scheme of amalgamation approved by the Honourable High Courts of Karnataka and
Andhra Pradesh, Wipro Infrastructure Engineering Limited (‘WIN’), Quantech
Global Services Limited (‘Quantech’) and Wipro Healthcare IT Limited (‘WHCIT’),
wholly owned subsidiaries of the Company, have been merged with the Company
with retrospective effect from April 1, 2007, the Appointed Date. In accordance
with the scheme of amalgamation approved by the courts, the excess of net
assets acquired over carrying value of investments in WIN of Rs.1,134 Million
has been credited to capital reserves of Subject. The excess of the investment
carrying value over net asset acquired for WHCIT and Quantech of Rs.259 Million
has been debited to general reserve of Subject.
Had the scheme,
not prescribed this treatment, an amount of Rs.281 Million would have been
credited to securities premium account and Rs.853 Million to General reserve as
required by the method prescribed by Accounting Standard 14 on Accounting for
Amalgamation issued by the Institute of Chartered Accountants of India.
Pursuant to the
scheme of amalgamation approved by the Honourable High Court of Karnataka and
High Court of Judicature at Bombay, the Company has merged mPower Software
Services India Private Limited (‘mPower’), mPact Technology Service Private
Limited (‘mPact’) and cMango India Private Limited (‘cMango’) with the Company
retrospectively from April 1, 2007, the Appointed Date. mPower, mPact and
cMango were fully held by Wipro Inc., which in turn is a wholly owned
subsidiary of the Company. Pursuant to the scheme of amalgamation, the Company
will issue 968,803 fully-paid equity shares with a market value as on April 1,
2007 of Rs.540 Million as consideration to a controlled trust for the benefit
of Wipro Inc. The excess of net assets acquired over consideration paid
amounting to Rs.91 Million has been recognised in general reserve of Subject.
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 records 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] 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.48.86 |
|
UK Pound |
1 |
Rs.84.22 |
|
Euro |
1 |
Rs.65.51 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
81 |
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/normal. |
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 |
|