MIRA
INFORM REPORT
|
Report Date : |
19.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
WABCO INDIA LIMITED (w.e.f. 06.09.2011) |
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Formerly Known
As : |
WABCO-TVS (INDIA) LIMITED (w.e.f. 03.05.2007) AUTO ( |
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Registered
Office : |
Plot No.3 (SP), |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
18.11.2004 |
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Com. Reg. No.: |
18-054667 |
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Capital
Investment / Paid-up Capital : |
Rs.94.838
millions |
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|
|
CIN No.: [Company Identification
No.] |
L34103TN2004PLC054667 |
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|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
CHEW03321D |
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PAN No.: [Permanent Account No.] |
AAFCA6421P |
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Legal Form : |
A Public Limited
Liability Company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business
: |
The Company is engaged in the business of manufacture of automotive
components and related services. |
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No. of Employees
: |
1108 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 15469000 |
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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 an
established company having fine track. Financial position of the company
appears to be sound. Trade relations are reported as fair. Business is
active. Payments are reported to be regular and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No.3 (SP), |
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Tel. No.: |
91-44-30902600/ 42242000 |
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Fax No.: |
91-44-26211278/ 30902609/ 42242009 |
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E-Mail : |
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Website : |
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Factory 2 : |
Large Sector,
Adityapur Industrial Area, Gamharia, Seraikella-Kharsawan - 832 108, District
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Tel. No.: |
91-657-6616800 |
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Fax No.: |
91-657-2387997 |
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|
Factory 3 : |
Plot No.AA8,
Central Avenue, Auto Ancillary SEZ, Mahindra World City, Natham Sub-Post,
Chengalpet, Kancheepuram District - 603 002,
Tamilnadu, India |
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Tel. No.: |
91-44-47442000 |
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Fax No.: |
91-44-47490006 |
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Software Design Centres : |
“Ispahani
Centre”, 7th and 5th Floor, |
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Tel. No.: |
91-44-28285000 |
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Fax No.: |
91-44-28332212 |
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Global Headquarters : |
WABCO Chaussée de Wavre, 1789, 1160 Tel: +32 2 663 98 00 Fax: +32 2 675 43 42 WABCO Holdings Inc. Tel: +1 732 369 7450 |
DIRECTORS
As on 31.03.2011
|
Name : |
M. Lakshminarayan |
|
Designation : |
Chairman (from 25th October 2010) |
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Name : |
D.E. Udwadia |
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Designation : |
Director |
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Name : |
Narayan K Seshadri |
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Designation : |
Director |
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Name : |
C.N. Prasad |
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Designation : |
Director (upto 12th May 2011) |
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Name : |
Mr. Nikhil Madhukar Varty |
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Designation : |
Director |
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|
Name : |
Leon Liu |
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Designation : |
Director |
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|
Name : |
Trevor Lucas |
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Designation : |
Director |
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Name : |
Kurt Lehmann |
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Designation : |
Director |
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Name : |
P. Kaniappan |
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Designation : |
Whole-Time Director |
KEY EXECUTIVES
|
Name : |
T.S. Rajagopalan |
|
Designation : |
Chief Financial Officer |
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Name : |
R. Madhavan |
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Designation : |
General Manager - Finance and Secretary |
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Audit Committee
: |
Mr. Narayan K. Seshadri - Chairman D.E. Udwadia C.N. Prasad (upto 12th May 2011) Trevor Lucas (from 12th May 2011) |
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Investors’
Grievance Committee : |
Mr. Narayan K. Seshadri - Chairman P. Kaniappan C.N. Prasad (upto 12th May 2011) Trevor Lucas (from 12th May 2011) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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14,225,684 |
75.00 |
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|
14,225,684 |
75.00 |
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Total shareholding of Promoter and Promoter Group (A) |
14,225,684 |
75.00 |
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(B) Public Shareholding |
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|
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|
2,075,825 |
10.94 |
|
|
402 |
-- |
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|
207,773 |
1.10 |
|
|
2,284,000 |
12.04 |
|
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|
|
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|
438,151 |
2.31 |
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|
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1,693,206 |
8.93 |
|
|
295,839 |
1.56 |
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|
30,704 |
0.16 |
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|
30,704 |
0.16 |
|
|
2,457,900 |
12.96 |
|
Total Public shareholding (B) |
4,741,900 |
25.00 |
|
Total (A)+(B) |
18,967,584 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
-- |
-- |
|
|
-- |
-- |
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|
-- |
-- |
|
|
-- |
-- |
|
Total (A)+(B)+(C) |
18,967,584 |
-- |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of manufacture of automotive
components and related services. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Production meant for sale Qty. |
|
Manufactured items |
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|
Air assist and full
air actuation system for automotive and non-automotive applications and
elements thereof |
463,785 |
Licensed / installed capacities information is not furnished in view of
the abolition of the Industrial Licensing requirements
GENERAL INFORMATION
|
No. of Employees : |
1108 (Approximately) |
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Bankers : |
State Bank of
India, Corporate Accounts Group Branch, 3rd Floor, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Batliboi and Associates Chartered Accountants |
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Address : |
2nd Floor, TPL House, No.3, |
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Solicitors and Advocates : |
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Name : |
Udwadia and Udeshi Solicitors and Advocates |
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Address : |
Elphinstone
House, 1st Floor, |
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Holding company |
Clayton Dewandre
Holdings Limited, (CDH) |
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Ultimate holding company |
WABCO Holdings Inc., |
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Fellow Subsidiary companies |
v WABCO
Fahrzeugsysteme, v WABCO China
Company Limited, v WABCO v Meritor WABCO
Vehicle Control Systems, v v WABCO ( v WABCO Automotive
v WABCO Automotive
v WABCO Asia
Private Limited, v WABCO Compressor
Manufacturing Company v WABCO Hong Kong
Limited, v WABCO Japan Inc,
v WABCO Korea
Limited, v WABCO Polska
Sp.z o.o. v WABCO
Development v WABCO Logistics v WABCO Australia
Pty Limited, v WABCO Europe
BVBA, v WABCO v WABCO v WABCO do Brasil
Industria e Comercio de v WABCO Brzdy K
Vozidlum spol S.R.O, v WABCO v WABCO Radbremsen
v WABCO Automotive
Italia SRL, v v
WABCO Europe v WABCO v WABCO Automotive
AB, v WABCO (Schweiz) v WABCO Automotive
B.V, v WABCO ARAC
Kontrols Sistemleri Destek VE Pazarlama Limited v WABCO Middle
East and Africa FZCO, v WABCO Centro de
Distribuicao de pecas v WABCO Foundation
Brakes Private Limited, Chennai (Subsidiary of CDH through WABCO Asia Private
Limited) v WABCO IP
Holdings LLC v WABCO Automotive
Products Limited v WABCO Air
Compressor Holdings Inc. v WABCO Automotive
Control Systems Inc. v WABCO Group Inc. v
WABCO Group International Inc. |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs. 5/- each |
Rs.100.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18967584 |
Equity Shares |
Rs. 5/- each |
Rs.94.838
millions |
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|
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|
Notes:
a) Pursuant to the
scheme of demerger of Brakes division in to the company from Sundaram-Clayton
Limited, Chennai, (SCL) the shareholders of SCL were entitled for allotment of
1,89,67,584 equity shares of Rs.5/- each fully paid up for consideration other
than in cash.
b) These shares
are deemed to be issued, subscribed and fully paid up in terms of the scheme of
arrangement. These shares were allotted on 7th May 2008.
c) On 3rd
June 2009, Clayton Dewandre Holdings Limited,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
94.838 |
94.838 |
94.838 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3772.447 |
2608.352 |
1881.752 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
3867.285 |
2703.190 |
1976.590 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
5.690 |
71.923 |
552.044 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
50.000 |
|
|
TOTAL BORROWING |
5.690 |
71.923 |
602.044 |
|
|
DEFERRED TAX LIABILITIES |
81.522 |
32.457 |
39.993 |
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|
|
|
|
|
|
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TOTAL |
3954.497 |
2807.570 |
2618.627 |
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|
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APPLICATION OF FUNDS |
|
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|
|
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FIXED ASSETS [Net Block] |
1803.916 |
1801.603 |
1913.957 |
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Capital work-in-progress |
99.173 |
66.131 |
38.837 |
|
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|
|
|
|
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INVESTMENT |
122.024 |
22.024 |
90.069 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
798.629
|
460.675 |
463.040 |
|
|
Sundry Debtors |
1711.838
|
1193.785 |
702.603 |
|
|
Cash & Bank Balances |
128.597
|
23.828 |
12.791 |
|
|
Other Current Assets |
0.460
|
0.455 |
0.886 |
|
|
Loans & Advances |
420.975
|
196.454 |
109.226 |
|
Total
Current Assets |
3060.499
|
1875.197 |
1288.546 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
860.589
|
743.457 |
535.760 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
270.526
|
213.928 |
177.022 |
|
Total
Current Liabilities |
1131.115
|
957.385 |
712.782 |
|
|
Net Current Assets |
1929.384
|
917.812 |
575.764 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3954.497 |
2807.570 |
2618.627 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8677.973 |
5912.580 |
4259.458 |
|
|
|
Other Income |
314.318 |
182.769 |
198.320 |
|
|
|
TOTAL (A) |
8992.291 |
6095.349 |
4457.778 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials consumed |
4949.588 |
3302.405 |
2461.778 |
|
|
|
Salaries & wages, stores consumed and other expenses |
1983.050 |
1435.568 |
1262.589 |
|
|
|
TOTAL (B) |
6932.638 |
4737.973 |
3724.367 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2059.653 |
1357.376 |
733.411 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
1.692 |
29.608 |
68.542 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2057.961 |
1327.768 |
664.869 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
144.245 |
144.449 |
139.321 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1913.716 |
1183.319 |
525.548 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
639.398 |
401.423 |
170.327 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1274.318 |
781.896 |
355.221 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1163.666 |
515.652 |
251.510 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend |
94.838 |
47.420 |
0.000 |
|
|
|
Dividend Tax payable |
15.385 |
7.876 |
0.000 |
|
|
|
Transfer to general reserve |
127.432 |
78.586 |
35.600 |
|
|
|
Interim dividend paid |
0.000 |
0.000 |
47.420 |
|
|
|
Dividend Tax payable |
0.000 |
0.000 |
8.059 |
|
|
BALANCE CARRIED
TO THE B/S |
2200.329 |
1163.666 |
515.652 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports (on FOB basis) |
1144.186 |
536.731 |
343.318 |
|
|
|
Freight and insurance recovery |
33.711 |
15.817 |
10.044 |
|
|
|
Software service |
138.358 |
99.774 |
104.140 |
|
|
|
R & D Service |
38.461 |
8.743 |
37.340 |
|
|
|
Others |
60.729 |
99.530 |
66.222 |
|
|
TOTAL EARNINGS |
1415.445 |
760.595 |
561.064 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and components |
766.508 |
411.547 |
314.755 |
|
|
|
Stores and tools |
18.670 |
14.976 |
19.388 |
|
|
|
Capital goods |
20.746 |
15.453 |
74.382 |
|
|
TOTAL IMPORTS |
805.924 |
441.976 |
408.525 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
67.18 |
41.22 |
18.73 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
2449.930 |
2644.220 |
2554.470 |
|
Total Expenditure |
1929.680 |
2025.410 |
1984.250 |
|
PBIDT (Excl OI) |
520.250 |
618.810 |
570.220 |
|
Other Income |
9.190 |
12.410 |
19.120 |
|
Operating Profit |
529.440 |
631.230 |
589.340 |
|
Interest |
0.220 |
0.000 |
0.550 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
529.220 |
631.230 |
588.790 |
|
Depreciation |
36.830 |
38.060 |
38.390 |
|
Profit Before Tax |
492.380 |
593.170 |
550.400 |
|
Tax |
150.920 |
167.160 |
173.960 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
341.460 |
426.010 |
376.430 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
341.460 |
426.010 |
376.430 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
14.17
|
12.83 |
7.97 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
22.05
|
20.01 |
12.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
39.34
|
32.18 |
16.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.49
|
0.44 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.29
|
0.38 |
0.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.71
|
1.96 |
1.81 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
No |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
BACKGROUND
WABCO-TVS (INDIA)
Limited was incorporated originally as Auto (
On June 3, 2009,
Clayton Dewandre Holdings Limited increased its percentage ownership to 75% by
acquiring the shares from the other joint venture partner, TVS Group. Post
acquisition, the Company has become a subsidiary of Clayton Dewandre Holdings
Limited and the company's ultimate holding company is WABCO Holdings Inc.
PERFORMANCE
During the year
2010-11, the sales of medium and heavy commercial vehicles (MHCV) registered a
positive growth of 33% over the previous year 2009-10 and the sale of light commercial
vehicles (LCV) registered a positive growth of 28% during the same period.
Overall, the commercial vehicle (CV) industry ended with a positive growth of
30% over the previous year.
During the year,
the Company achieved a total turnover of Rs.8990.000 millions as against
turnover of Rs.6090.000 millions registered a growth of 47%. The growth in the
turnover is due to improved economy resulted in growth in CV industry as
explained in the above paragraph and also increased sales from aftermarket and
exports.
The Company has
outperformed MHCV market growth in OE through,
a. Increased
content per sale; and
b. Improved market share
CHANGE OF NAME OF
THE COMPANY
In terms of the
scheme of demerger approved by the Hon'ble Madras High Court and consequent to
the acquisition of 35.83% of shares of their Company by Clayton Dewandre
Holdings Limited from Indian promoters, viz., TVS group of Companies on 3rd
June 2009, a Name and Trademark Licence Agreement was entered into with
Sundaram-Clayton Limited (SCL).
Pursuant to this
Agreement, SCL has granted WABCO-TVS (INDIA) Limited a non exclusive licence to
use the Trademark "TVS" in its corporate name and as a Trademark and
logo in connection with the promotion, sales, marketing and distribution of the
Company's products including for the purpose of branding the Company's
products, subject to the terms and conditions stated therein, for a period of 3
years from the agreement date i.e. up to 2nd June 2012.
The Company and
SCL have however mutually agreed in writing to (i) the corporate name being
changed by omitting therefrom SCL's trade mark 'TVS' and (ii) the Company
continuing to use the trade mark 'TVS' on products sold, prior to the change of
name being effective to distributors/ secondary channels upto December 2011.
The change of the Company's corporate name to WABCO INDIA LIMITED requires the
approval of its shareholders and Central Government under the applicable
provisions of the Companies Act, 1956.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
The financial year
2010-11 represents the first full year of operations of the Company after the
raising of ownership position to 75 % by WABCO Holdings Inc.,
The Company
recorded all time high sales of Rs.8990.000 millions during 2010-11 as against
Rs.6090.000 millions in 2009-10, registering a growth of 47%. Profit before tax
also recorded all time high at Rs.1910.000 millions as against Rs.1180.000
millions in the previous year, representing an increase of 62%.
The commercial
vehicle industry registered a significant revival in 2010-11 with a growth of
33% in Medium and Heavy Commercial Vehicles (MHCV) sales volume. This was a
result of heightened industrial activity, government focus on infrastructure
development, rapid urbanization, robust freight demand and improved transporter
profitability.
The development of
road infrastructure is a key factor that influences the growth of the Indian
commercial vehicle industry. With the government paving the way for increased
private investment in the road sector, the total investment is set to more than
double to Rs.6,370 billion over 2010-11 to 2014-15 from Rs.2,595 billion during
the preceding five year period. Since better quality of roads will improve
transporters' turnaround time and fuel efficiency and improve their cash flow
and profitability, demand for commercial vehicles will rise.
Industry Structure
and Development:
Owing to the above
growth drivers and enablers, the production of Medium and Heavy Commercial
Vehicles (MHCV) in 2010-11 compared to 2009-10 has recorded a growth of 38% as
per data given below:
|
Category |
2010-11 |
2009-10 |
growth |
|
Medium and Heavy
Commercial Vehicles Production |
344542 |
250171 |
38% |
Indian companies
are gaining recognition as manufacturers of high quality automotive components in
the international market. Presence of global players like VOLVO, MAN, Navistar
and Daimler will drive technology in their Market.
Business outlook
and overview
In 2011-12, GDP
growth will be propelled by a strong performance by the Industrial sector and
growth in the Agricultural and allied sectors. The services sector too is
expected to do well. The industrial sector is projected to grow by 7.9% mainly
due to growth in manufacturing sector. Agriculture sector is expected to grow
at 2.1% and Services sector is expected to grow at 9.9%.
This improved
outlook of the economy is expected to have positive impact in the automotive
sector, which will see a growth in 2011-12. The increased infrastructure
development projects in the domestic market and increase in agricultural output
will result in improved freight availability, and hence the MHCV industry is
likely to register a positive growth of 10 ~ 12% in the year 2011-12.
Operations review
Manufacturing
As part of
expansion and to set up a plant near the major customers, the company has
purchased land near
The Company's
manufacturing facilities follow the best practices such as Total Quality
Management (TQM), Total Productive Maintenance (TPM) and Lean Manufacturing and
has best-inclass practices for safety, work environment, water and energy
conservation. These initiatives are deployed company wide to achieve
significant improvement in productivity and reduction in manufacturing cost.
Continuous
improvement actions are implemented to improve manufacturing quality and
productivity in all the manufacturing locations.
During the year,
the Company obtained "Super Platinum" award, for its manufacturing
excellence from Frost and Sullivan.
CONTINGENT
LIABILITIES:
|
Particulars
|
31.03.2011 (Rs.
in millions) |
|
i) On counter guarantee
given to bankers |
3.792 |
|
ii) On letters of credit
opened with bankers |
2.208 |
|
iii) On account of future
export obligations (under Export Promotion Capital Goods scheme and Advance
Licence) |
-- |
|
iv) Bills discounted |
858.658 |
FIXED ASSETS
v
Land
v
v
Buildings
v
Plant and Machinery, Dies and Jigs
v
Furniture, Fixtures and Equipments
v
Vehicles
v Others Fixed
Assets (Intangibles)
WEBSITE
DETAILS:
PROFILE:
Subject, a
majority owned subsidiary of WABCO Holdings Inc, has pioneered the manufacture of
air-assisted and air brake systems for commercial vehicles in
WABCO Vehicle
Control Systems (NYSE: WBC) is a leading supplier of safety and control systems
for commercial vehicles. For over 140 years, WABCO has pioneered breakthrough
electronic, mechanical and mechatronic technologies for braking, stability, and
transmission automation systems supplied to the world’s leading commercial
truck, trailer, and bus manufacturers. With sales of $2.2 billion in 2010,
WABCO is headquartered in
WABCO
2009 WABCO takes majority ownership
2008 SCL Brakes division de-merged into WABCO-TVS (
2008 Commenced production in the new plant in
2007 Commenced production in the new plant in
2004 Commenced production in the new plant in Ambattur, Chennai
2003 ACMA Gold Trophy for Manufacturing Excellence
2002 Second company outside
2001 ISO 14001 Certification
2001 ACMA Gold Medal for technology development
2000 QS 9000 Certification
2000 Launching of ABS
2000 Commissioning of proving ground
1999 TPM kick off
1998 First Indian Company to win Deming Prize
1987 Launching of TQM
1987 Manufacture of Vacuum Products
1982 Commenced production of dual brake systems
1962 Established as a Joint Venture with Clayton Devandre
WABCO
2010 Launched localized Clutch Servo, Automatic Slack Adjusters, Air Processing and Distribution Unit (APDA)
2004 Products meeting global standards
2002 Launched locally developed Anti-Lock Braking System (ABS)
1999 Launched Air Dryers, Automatic brake adjustemt and load sensing valves
1994 Introduced products for Defence applications
1990 High Pressure Compressors
BUSINESS DESCRIPTION
Subject, formerly WABCO TVS (INDIA) Limited, is an India-based company.
The Company is engaged in the manufacturing of automotive components. The
Company provides air assist and full air actuation systems for automotive and
non-automotive applications and elements thereof. The Company caters to the
requirements of commercial vehicle segment of the automotive industry. It
supplies original equipment fitments for vehicles manufactured by Ashok
Leyland, TATA Motors, Vehicle Factory (
BOARD OF DIRECTORS
M. Lakshminarayan
Chairman
Mr. M. Lakshminarayan is Independent Chairman of the Board of Wabco Tvs India
Limited Mr. M Lakshminarayan holds Masters Degree in Technology from the Indian
Institute of Technology, Mumbai. He has over 37 years experience in
distinguished companies such as Tata Motors and Bosch Limited (formerly MICO).
He has also headed a product group in
P. Kaniappan
President,
Whole-time Director
Mr. P. Kaniappan is President, Whole-time Director of Wabco Tvs India
Limited He is a graduate in mechanical engineering from
Kurt Lehmann
Non-Executive Non
- Independent Director
Mr. Kurt Lehmann is Non-Executive Non - Independent Director of Wabco
Tvs India Limited Mr. Lehmann is a graduate in mechanical engineering from
Trevor Lucas
Non-Executive
Non-independent director
Mr. Trevor Lucas is Non-Executive Non-independent director of WABCO TVS INDIA
Limited Mr. Lucas is a Bachelor of Business Studies (Honours),
Narayan K.
Seshadri
Non-Executive
Independent Director
Mr. Narayan K. Seshadri is Non-Executive Independent Director of Wabco
Tvs India Limited He is a graduate of Science from the
PRESS RELEASES:
WABCO INDIA Joins
Auto Expo 2012 in New Delhi; Shows Technology Innovations for Vehicle Safety and
Environmental Sustainability
CHENNAI and NEW DELHI, India, January 5, 2012 – WABCO INDIA, the leading
supplier in the commercial vehicle industry in India, today announced its
participation at Auto Expo 2012 in New Delhi, one of Asia’s largest automotive
shows. WABCO will showcase a suite of technology and product innovations from
its global engineering network that address increasingly stringent requirements
for vehicle safety and efficiency as well as environmental sustainability.
For decades, WABCO has pioneered the engineering and manufacture of
air-assisted and air brake systems for commercial vehicles in India, and the
company continues to expand its technology portfolio offered to manufacturers
of trucks, buses and trailers. During Auto Expo 2012, WABCO will present its
range of breakthrough technologies and systems, including its award-winning
OptiDrive™ transmission automation system; anti-lock braking systems (ABS);
electronic braking systems (EBS); integrated driveline pedal module, and other
leading products that address advanced vehicle safety and efficiency,
environmental sustainability, and driver effectiveness.
“India is the world’s fourth largest market for commercial vehicles and
one of the world’s fastest growing,” said Leon Liu, WABCO President, Asia.
“With its expected record number of exhibitors and visitors, Auto Expo 2012 is
an industry crossroads of global trends and local perspectives. We look forward
to meeting with customers, partners and other industry participants as we demonstrate
WABCO’s passion for innovation and for serving customers locally and around the
world.”
“We leverage WABCO’s powerful global technology portfolio and capitalize
on our world-class development and manufacturing capabilities in India to
maximize value for manufacturers of trucks, buses and trailers. In addition,
our leading aftermarket network, with more than 7,000 WABCO outlets, provides
customers nationally with broad access to our product support,” said Mr. P.
Kaniappan, Whole Time Director, WABCO INDIA. “At Auto Expo 2012, we will
showcase how technology leadership differentiates WABCO, serving local and
global customers alike to make cleaner, greener, safer vehicles.”
WABCO INDIA at
Auto Expo 2012 in Hall 1-B at Booth 35
Where: Pragati Maidan, New Delhi, India
Media Days: January 5 and 6
Public Days: January 7 to 11
About Auto Expo
2012
Auto Expo 2012 is one of Asia’s largest automotive shows. It is jointly
organized by Automotive Components Manufacturers Association of India (ACMA), Confederation
of Indian Industry (CII) and Society of Indian Automobile Manufacturers (SIAM).
Auto Expo 2012 also has special focus on technological innovations in the areas
of safety, environment and fuel efficiency. To know more, log on to
www.autoexpo.in
About WABCO INDIA
LIMITED
WABCO INDIA, the leading supplier in the commercial vehicle industry in
India, has a major share of the original equipment manufacturer market as well
as the domestic aftermarket, which it serves through a strong and very wide
distribution network. WABCO INDIA has over 1,100 employees and reported sales
of Rs. 899 Crs in 2010-11. With its outstanding engineering and manufacturing
capabilities and local sourcing network, WABCO INDIA designs, manufactures and
markets conventional braking products, advanced braking systems and other
related air-assisted technologies, systems and products. It serves customers
locally and through WABCO internationally.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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] 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.54.39 |
|
|
1 |
Rs.86.56 |
|
Euro |
1 |
Rs.69.30 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.