MIRA
INFORM REPORT
|
Report Date : |
27.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
WIPRO LIMITED |
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Registered
Office : |
Doddakannelli, Sarjapur Road, Bangalore - 560035,
Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
29.12.1945 |
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Com. Reg. No.: |
08-020800 |
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Capital
Investment / Paid-up Capital : |
Rs.4926.000
Millions |
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CIN No.: [Company Identification
No.] |
L32102KA1945PLC020800 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKW00128C/PNEW00325D |
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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
: |
Providing Services of IT and IS consulting for E-business
transformation, electronic commerce, web enabling, data warehousing and
customer relation's management. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (81) |
|
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 |
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Maximum Credit Limit : |
USD 970000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a third
largest Indian player in the global IT services outsourcing industry. It is a
well-established and reputed company having a fine track record. The rating
reflects leading position among Indian players in the global IT services
outsourcing segment supported by established client base and diversified
range of service offerings. Further rating also reflects strong financial
risk profile marked by strong liquidity position and decent profitability
achieved by the company. 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based facilities: AAA |
|
Rating Explanation |
Highest degree of safety and lowest credit
risk. |
|
Date |
March 2013 |
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Rating Agency Name |
ICRA |
|
Rating |
Fund based facilities: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
March 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON – COOPERATIVE (91-80-28440011)
LOCATIONS
|
Registered/
Corporate Office : |
Doddakannelli, Sarjapur Road, Bangalore – 560 035, Karnataka, 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: |
·
·
Chennai, Tamilnadu ·
Secunderabad, Andhra Pradesh ·
Pune, ·
Gurgaon, Haryana ·
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Factory : |
> > S B Towers, 88, M > 608-610, > > 271-27 1 A, Sri Ganesh Complex, > 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), > No. 1 , 2, 3, 4 and 54/3, Survey No.- 201/C, Madivala IV,
Bangalore – 560 068, Karnataka, India > 3rd Floor, > 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 > > > No.92, 2nd > S. No. 70/1, 2, 3, 4(P) and. 84/1, 2, 3, Hobli, ' > Capitale, 552 and. 555, Anna Salai, Teynampet, Chennai, > 475A, Shollinganallur, > 111, Mount Road, Guindy, Chennai - 600 032, > No. 105, Guindy, > > > 239, Okhla Industrial Estate, > Plot No.27/28, Phase IV, Udyog Vihar, Gurgaon - 122 016, > Plot No. 281,Phase II, Udyog Vihar, Gurgaon - 122 106, > No. 480-481, Udyog Vihar, Phase-Ill, Gurgoan - 122015, > S. No. 203/1,
Manikonda Jagir Village, Rajendranagar Mandal, RR District, Hyderabad, India > Survey Nos.
64, Serilingampali Mandal, Madhapur, Hyderabad - 500 033, India > > Plot No. 1, 7, 8 and 9, Block-DM, Sector- V, Saltlake, Kolkata -
700 091, West > 146/147, Mettagalli Industrial Area, Mettagalli, > Vashi, Navi Mumbai, Mumbai, > Plot No. 2, MIDC, > 1-8-448, |
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Overseas
Offices : |
1300, Tel. No. :
91-650-3163555 Fax No. :
91-650-3163467 Mimet House, Tel. No. : +44-
020-70873770 Fax No. : +44
-020-72625360 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.:
91-408-249 6345 Fax No.: 91-408-
6157174 / 6157178 15455 N. W., Tel. No.: 91-503-
4390825 Fax No.: 91-503-
4398426 10655 N. E., 4th
Street, Suite 400, Bellevue, WA 98004, USA Tel. No.: 91-425
-4553486 Fax No.: 91-425
-6880973 833, Tel. No.: 91-972- 6716130 Fax No.: 91-972- 6716134 2432, W. Peoria Avenue, Suite 1323, Phoenix, AZ
85029, USA Tel. No.: 91-602- 8705780 Extn.: 101 100, W. 22nd
Street, Tel. No.: 91-630-
8899860 Fax No.: 91-630
-8899187 8901, Tel. No.:
91-952-9489683 Fax No.: 91-952-
9489684 12081, Tel. No.: 303-254
2457 Fax No.: 720-244
4872 Tel. No.: 978-372
9531 Fax No.: 978-372
9560 345, Buckland
Hills, Dr. Suite 7213, Tel. No.: 860-644
3657 Fax No.: 860-644
3667 220, Tel. No.:
732-4650401 Fax No.:
732-4650420 Top Floor, 2432, W Peoria Ave, Suite 1323, Phoenix, Arizona,
USA AZ 85029 Room no. 1064, Hatanpaankatu 1 (Kulma-Sarvis), Tampere,
Finland Web Campus,
Kaistrasse, 101 |
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Branch Office
: |
Wipro
Infotech Software and Service
88,
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DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Azim Hashmi Premji |
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Designation : |
Chairman |
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Date of Appointment
: |
01.09.1968 |
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Name : |
Mr. T. K. Kurien |
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Designation : |
Executive Director Chief Executive Officer |
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Name : |
Mr. Suresh C. Senapaty |
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Designation : |
Executive Director and Chief Financial Officer |
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Name : |
Dr. Ashok S. Ganguly |
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Designation : |
Independent Directors |
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Name : |
Mr. M. K. Sharma |
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Designation : |
Director |
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Name : |
Mr. B. C. Prabhakar |
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Designation : |
Director |
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Name : |
Dr. Henning Kagermann |
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Designation : |
Director |
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Name : |
Mr. Narayanan Vaghul |
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Designation : |
Director |
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Name : |
Dr. Jagdish N. Sheth |
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Designation : |
Directors |
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Name : |
Priya Mohan Sinha |
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Designation : |
Director |
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Name : |
Mr. Vyomesh Joshi |
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Designation : |
Director |
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Name : |
Mr. William Arthur Owens |
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Designation : |
Director |
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Name : |
Mr. Shyam Saran |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. T. K. Kurien |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. Suresh C. Senapaty |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. V. Ramachadran |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of
Shareholder |
Total No. of
Shares |
Total Shareholding
as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
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|
95419432 |
3.95 |
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|
30847912 |
1.28 |
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|
1685755120 |
69.72 |
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|
1256041000 |
51.95 |
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|
429714120 |
17.77 |
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|
1812022464 |
74.95 |
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Total shareholding of Promoter and Promoter Group (A) |
1812022464 |
74.95 |
|
(B) Public Shareholding |
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|
48697017 |
2.01 |
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|
303014 |
0.01 |
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|
44550677 |
1.84 |
|
|
248712553 |
10.29 |
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|
342263261 |
14.16 |
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|
|
|
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|
91030382 |
3.77 |
|
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|
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|
49510459 |
2.05 |
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|
78050164 |
3.23 |
|
|
107 |
0.00 |
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|
44877001 |
1.86 |
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|
25783397 |
1.07 |
|
|
27593 |
0.00 |
|
|
18309890 |
0.76 |
|
|
236309 |
0.01 |
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|
519812 |
0.02 |
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|
263468113 |
10.90 |
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Total Public shareholding (B) |
605731374 |
25.05 |
|
Total (A)+(B) |
2417753838 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
47759395 |
0.00 |
|
|
47759395 |
0.00 |
|
Total (A)+(B)+(C) |
2465513233 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing services of IT and IS consulting for E-business
transformation, electronic commerce, web enabling, data warehousing and
customer relation's management. |
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Products : |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed Capacity |
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|
Vanaspati / Hydrogenated oils |
TPA |
45000 |
|
Toilet Soaps |
TPA |
134026 |
|
Leather shoe uppers |
TPA |
750 |
|
Fatty acids |
TPA |
78450 |
|
Glycerine |
TPA |
1650 |
|
General lighting systems lamps |
000s |
110305 |
|
Fluorescent tube lights |
000s |
27097 |
|
Compact flourescent lamps |
000s |
23355 |
|
Mini computers / micro processor based
systems and data communication systems |
|
691200 |
|
Hydraulic and Pneumatic tubes |
Nos. in 000s |
831140 |
|
Tipping Gear systems |
NPA |
50000 |
NOTES:
·
@ Installed capacities are as per certificate given
by management on which auditors have relied.
·
TPA indicates tons per annum
·
# NPA indicates nos. per annum
·
** The company is exempt from the licensing
provisions of the Industries (Development Regulation) Act, 1951.
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
KMPG (IFRS) Chartered Accountants |
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Statutory Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Subsidiaries : |
· Wipro LLC (formerly Wipro Inc). · Wipro Gallagher Solutions Inc, USA · Enthink Inc. * USA · Infocrossing Inc. USA · Promax Analytics Solutions Americas LLC USA · Wipro Insurance Solution LLC, USA · Wipro Energy IT Services India Private Limited, India (formerly SAIC India Private Limited) · Wipro Japan KK, Japan · Wipro Shanghai Limited# , China · Wipro Trademarks Holding Limited, India · Wipro Travel Services Limited, India · Wipro Holdings (Mauritius) Limited, Mauritius · Wipro Holdings UK Limited, UK · Wipro Technologies Limited, U.K. · Wipro Holding Austria GmbH(A), Austria · 3D Networks (UK) Limited, UK · Wipro Europe Limited(A) UK (formerly SAIC Europe Limited) · Wipro Cyprus Private Limited, Cyprus · Wipro Technologies S.A DE C. V, Mexico · Wipro BPO Philippines LTD. Inc, Philippines · Wipro Holdings Hungary Korlátolt Felelősségű Társaság Hungary · Wipro Technologies Argentina SA, Argentina · Wipro Information Technology Egypt SAE, Egypt · Wipro Arabia Limited*, Saudi Arabia · Wipro Poland Sp Zoo, Poland · Wipro IT Services Poland Sp. z o. o, Poland · Wipro Outsourcing Services UK Limited U.K. · Wipro Technologies (South Africa) · Proprietary Limited, South Africa · Wipro Technologies Nigeria Limited, Nigeria · Wipro Information Technology Netherlands BV (formerly Retail Box BV) Netherland · Wipro Portugal S.A.(A) (Formerly Enabler Informatica SA) Portugal · Wipro Technologies Limited, Russia · Wipro Technology Chile SPA, Chile · Wipro Technologies Canada Limited, Canada · Wipro Information Technology Kazakhstan LLP, Kazakhstan · Wipro Technologies W.T. Sociedad Anonima · Wipro Outsourcing Services (Ireland) Limited · Wipro Technologies Norway AS · Wipro Technologies SRL Romania · PT WT Indonesia# Indonesia · Wipro Australia Pty Limited# Australia · Wipro Promax Holdings Pty Limited (formerly Promax Holdings Pty Ltd)(A) Australia · Wipro Technocentre (Singapore) Pte Limited# Singapore · Wipro (Thailand) Company Limited# Thailand · Wipro Bahrain Limited WLL# Bahrain · Wipro Gulf LLC (formerly SAIC Gulf LLC) · Wipro Technologies Spain Sultanate of Oman Spain · Wipro Networks Pte Limited (formerly 3D Networks Pte Limited) Singapore · Planet PSG Pte Limited Singapore · Wipro Technologies SDN BHD Malaysia · Wipro Chengdu Limited China · Wipro Technology Services Limited India · Wipro Airport IT Services Limited* India Note: * All the above subsidiaries are 100% held by the Company except that the Company holds 98% of the equity securities of Enthink Inc., 66.67% of the equity securities of Wipro Arabia Limited and 74% of the equity securities of Wipro Airport IT Services Limited. # All the shares in these sutbsidiaries are beneficially owned by a subsidiary of the Company and accordingly these are reported as step subsidiaries. As at March 31, 2013, the shares in the said step subsidiaries are held in trust by a subsidiary of a resulting company as per scheme mentioned under Note 31. The transfer of the shares in these step subsidiaries to a subsidiary of the company will be effected through due process under the relevant law. However, the power to govern the operating and financial policies, the appointment of majority of the board of directors and appointment of key management personnel is with the Company in accordance with the agreement with the Resulting Company. |
CAPITAL STRUCTURE
AFTER 25.07.2013
Authorised Capital : Rs.5550.000
Millions
Issued, Subscribed & Paid-up Capital : Rs. 4931.335
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2650000000 |
Equity Shares |
Rs.2/- each |
Rs.5300.000 Millions |
|
25000000 |
10.25% Redeemable Cumulative Preferences Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
Total |
|
Rs.5550.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2462934730 |
Equity Shares |
Rs.2/- each |
Rs.4926.000
Millions |
Note:
Terms / Rights attached to equity shares
The Company has only one class of equity shares having a par value of ` 2 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to shareholders approval in the ensuing Annual General Meeting.
Following is the
summary of per share dividends recognised as distributions to equity shares:
|
PARTICULAR |
FOR THE YEAR ENDED
MARCH 31 |
|
|
2013 |
|
Interim Dividend |
Rs.2 |
|
Final Dividend |
Rs.5 |
In the event of liquidation of the Company, the equity share holders will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts, if any, in proportion to the number of equity shares held by the shareholders.
Reconciliation of
number of shares
|
PARTICULAR |
As on 31.03.2013 |
|
|
No. of Shares |
Rs. in Millions |
|
|
Opening number of equity shares / American Depository Receipts (ADRs) outstanding |
2,458,756,228 |
4917.000 |
|
Equity shares / ADRs fully allotted as fully paid bonus shares / ADRs by capitalization of Securities Premium account and Capital redemption reserve |
-- |
-- |
|
Equity shares issued pursuant to Employee Stock Option Plan |
4,178,502 |
9.000 |
|
Closing number of equity shares / ADRs outstanding |
2,462,934,730 |
4926.000 |
Details of
shareholders having more than 5% of the total equity shares of the Company
|
PARTICULAR |
As on 31.03.2013 |
|
|
Name of the Shareholder |
No. of Shares |
% held |
|
Azim Hasham Premji Partner representing Hasham Traders |
370,956,000 |
15.06 |
|
Azim Hasham Premji Partner representing Prazim Traders |
480,336,000 |
19.50 |
|
Azim Hasham Premji Partner representing Zash Traders |
479,049,000 |
19.45 |
|
Azim Premji Trust |
490,714,120 |
19.92 |
Other details of Equity
Shares for a period of five years immediately preceding March 31, 2013
|
PARTICULAR |
31.03.2013 |
|
Aggregate number of share allotted as fully paid up pursuant to contract(s) without payment being received in cash (Allotted to the Wipro Inc Trust, the sole beneficiary of which is Wipro Inc., a wholly owned subsidiary of the Company, in consideration of acquisition of inter-company investments) |
1,614,671 |
|
Aggregate number of shares allotted as fully paid bonus shares |
979,119,256 |
|
Aggregate number of shares bought back |
-- |
Shares reserved for
issue under option
For details of shares reserved for issue under the employee stock option plan of the Company
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
4926.000 |
4917.000 |
4908.000 |
|
(b) Reserves & Surplus |
237369.000 |
238608.000 |
208294.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
242295.000 |
243525.000 |
213202.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
590.000 |
22022.000 |
19354.000 |
|
(b) Deferred tax liabilities (Net) |
528.000 |
58.000 |
0.000 |
|
(c) Other long term liabilities |
118.000 |
355.000 |
2659.000 |
|
(d) long-term provisions |
2289.000 |
2593.000 |
2737.000 |
|
Total Non-current Liabilities (3) |
3525.000 |
25028.000 |
24750.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
39870.000 |
30410.000 |
27754.000 |
|
(b) Trade payables |
49228.000 |
38922.000 |
36099.000 |
|
(c) Other current
liabilities |
38054.000 |
20507.000 |
12454.000 |
|
(d) Short-term provisions |
34094.000 |
27567.000 |
26939.000 |
|
Total Current Liabilities (4) |
161246.000 |
117406.000 |
103246.000 |
|
|
|
|
|
|
TOTAL |
407066.000 |
385959.000 |
341198.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
35560.000 |
41961.000 |
41045.000 |
|
(ii) Intangible Assets |
3534.000 |
4537.000 |
1325.000 |
|
(iii) Capital
work-in-progress |
3789.000 |
3012.000 |
3964.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
48547.000 |
62943.000 |
60184.000 |
|
(c) Deferred tax assets (net) |
1151.000 |
326.000 |
108.000 |
|
(d) Long-term Loan and Advances |
25168.000 |
25094.000 |
9627.000 |
|
(e) Other Non-current assets |
5469.000 |
9194.000 |
7823.000 |
|
Total Non-Current Assets |
123218.000 |
147067.000 |
124076.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
60495.000 |
40409.000 |
47950.000 |
|
(b) Inventories |
3205.000 |
7851.000 |
7249.000 |
|
(c) Trade receivables |
84994.000 |
79670.000 |
57813.000 |
|
(d) Cash and cash
equivalents |
78004.000 |
62328.000 |
52033.000 |
|
(e) Short-term loans and
advances |
21244.000 |
17521.000 |
24835.000 |
|
(f) Other current assets |
35906.000 |
31113.000 |
27242.000 |
|
Total Current Assets |
283848.000 |
238892.000 |
217122.000 |
|
|
|
|
|
|
TOTAL |
407066.000 |
385959.000 |
341198.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
332265.000 |
316829.000 |
263005.000 |
|
|
|
Other Income |
13253.000 |
12274.000 |
6807.000 |
|
|
|
TOTAL (A) |
345518.000 |
329103.000 |
269812.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales and Services |
3542.000 |
14475.000 |
10857.000 |
|
|
|
Purchases of Stock-In-Trade |
23472.000 |
32086.000 |
26972.000 |
|
|
|
Changes in Inventories of Finished Goods, Work in Progress and
Stock-In-Trade |
(182.000) |
449.000 |
(316.000) |
|
|
|
Employee Benefits Expense |
159042.000 |
133115.000 |
109374.000 |
|
|
|
Amortisation expense |
12.000 |
66.000 |
67.000 |
|
|
|
Other Expenses |
77056.000 |
76274.000 |
58509.000 |
|
|
|
TOTAL (B) |
262942.000 |
256465.000 |
205463.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
82576.000 |
72638.000 |
64349.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3524.000 |
6057.000 |
1360.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
79052.000 |
66581.000 |
62989.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7001.000 |
7395.000 |
5934.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
72051.000 |
59186.000 |
57055.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15549.000 |
12335.000 |
8618.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
56502.000 |
46851.000 |
48437.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
4932.000 |
4917.000 |
4908.000 |
|
|
|
Proposed dividend |
12315.000 |
9835.000 |
9818.000 |
|
|
|
Tax on Dividend |
2892.000 |
2393.000 |
2204.000 |
|
|
|
Amount transfer to general reserve |
5650.000 |
4685.000 |
4844.000 |
|
|
BALANCE CARRIED
TO THE B/S |
78371.000 |
51684.000 |
26663.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on F.O.B. basis |
8179.000 |
8554.000 |
6291.000 |
|
|
|
Services |
272582.000 |
225640.000 |
177192.000 |
|
|
|
Agency Commission |
264.000 |
219.000 |
288.000 |
|
|
TOTAL EARNINGS |
281025.000 |
234413.000 |
183771.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material, Components and Peripherals |
21017.000 |
22982.000 |
27358.000 |
|
|
|
Stores and Spares |
189.000 |
212.000 |
40.000 |
|
|
|
Capital Goods |
0.000 |
394.000 |
231.000 |
|
|
TOTAL IMPORTS |
21206.000 |
23588.000 |
27629.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) (Basic) |
23.03 |
19.13 |
19.88 |
|
|
|
Earnings / (Loss)
Per Share (Rs.) (Diluted) |
22.99 |
19.09 |
19.78 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
|
(1st
Quarter) |
(2nd
Quarter) |
(3rd
Quarter) |
|
Audited /
UnAudited |
UnAudited |
UnAudited |
UnAudited |
|
Net Sales |
87493.000 |
95982.000 |
99904.000 |
|
Total Expenditure |
68760.000 |
74716.000 |
75742.000 |
|
PBIDT (Excl OI) |
18733.000 |
21266.000 |
24162.000 |
|
Other Income |
1212.000 |
3282.000 |
5198.000 |
|
Operating Profit |
19945.000 |
24548.000 |
29360.000 |
|
Interest |
870.000 |
1010.000 |
924.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
19075.000 |
23538.000 |
28436.000 |
|
Depreciation |
1754.000 |
1771.000 |
1873.000 |
|
Profit Before Tax |
17321.000 |
21767.000 |
26563.000 |
|
Tax |
4261.000 |
5603.000 |
6084.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
13060.000 |
16164.000 |
20479.000 |
|
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 |
13060.000 |
16164.000 |
20479.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
16.35
|
14.24 |
17.95 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
21.68
|
18.68 |
21.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.38
|
18.51 |
19.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.24 |
1.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.17
|
0.22 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.76
|
2.03 |
2.10 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
4908.000 |
4917.000 |
4926.000 |
|
Reserves & Surplus |
208294.000 |
238608.000 |
237369.000 |
|
Net
worth |
213,202.000 |
243,525.000 |
242,295.000 |
|
|
|
|
|
|
long-term borrowings |
19354.000 |
22022.000 |
590.000 |
|
Short term borrowings |
27754.000 |
30410.000 |
39870.000 |
|
Total
borrowings |
47,108.000 |
52,432.000 |
40,460.000 |
|
Debt/Equity
ratio |
0.221 |
0.215 |
0.167 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
263005.000 |
316829.000 |
332265.000 |
|
|
|
20.465 |
4.872 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
263005.000 |
316829.000 |
332265.000 |
|
Profit |
48437.000 |
46851.000 |
56502.000 |
|
|
18.42% |
14.79% |
17.01% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
8] |
No. of employees |
No |
|
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 involved in |
Yes |
|
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 |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
CASE PENDING
|
|||||||||||||||||||||||||||||||||||||||||
DETAILS
OF CHARGES
|
ENTITY |
COMPETENT AUTHORITY |
REGULATORY CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
|
Wipro Limited |
CBEC |
DEFAULTED IN PAYMENT OF CUSTOMS / EXCISE DUTIES |
NOTICE ISSUED UNDER SECTION 142 OF CUSTOMS ACT, 1962 28- FEBRUARY-2013 |
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
NOTE ON DEMERGER:
During the financial year 2013, the Company had initiated and completed the demerger of consumer care and lighting, infrastructure engineering businesses and other non IT business of the Company (collectively, the “Diversified Business”). The “Scheme of Arrangement” (“the Scheme”) involved transfer of the Diversified Business to a “Resulting Company” [Wipro Enterprises Limited (formerly known as Azim Premji Custodial Services Private Limited)]. The Scheme became effective on March 31, 2013 with an appointed date of April 01, 2012 with the sanction of the Honorable High Court of Karnataka and filing of the certified copy of the same with the Registrar of Companies. Consequent to the demerger of the Diversified Business of the Company in terms of the Scheme, the financial statements of the Company for the year ended March 31, 2013, do not include the operations of the Diversified Business, and are therefore strictly not comparable with the figures of the previous year ended March 31, 2012. Please see the financial statements sections for further information. Pursuant to the Scheme, all shareholders of Wipro received either securities of the Resulting Company or the equivalent value in additional shares of Wipro Limited.
OUTLOOK
According to NASSCOM Strategic Review 2013, Global technology spend is expected to grow by 6% in 2013. World wide IT Services spending is expected to grow is expected to grow 4.2% in 2013 and 4.6% in 2014. The growth is fuelled both by use of IT to reduce cost structure as well as increased adoption of Cloud, Mobility, Analytics and Social Media. India continues to be the global sourcing leader. Global sourcing accounts for only a little over 10 per cent of global technology spending and this highlights India’s growth potential in the context of the large and untapped market opportunity.
MANAGEMENT DISCUSSION
AND ANALYSIS
Economic Overview
The global economy continues to be poised in a delicate balance. While there continues to be concerns around Europe and deceleration in GDP growth of emerging markets, US is showing signs of improvement. Against this backdrop of mixed macro-economic signals, corporates are increasingly leveraging new technologies to become more agile and also achieve business results. Global corporations are increasingly investing in transformational technology initiatives to improve their competitiveness. They continue to see customers viewing technology as a key enabler to drive their growth strategies. Customers continue to be focused on driving productivity and growing globally. They also see this shift as an opportunity for us to lead this change and help customers differentiate in this fast evolving market.
Business segment
overview
Over the last sixty six years, Wipro has built distinct businesses - the IT Business and the other Diversified Business comprising of Consumer Care and Lighting, Infrastructure Engineering, Medical Diagnostic Equipment - each a leader in its industry segment. The demerger of their non-IT Businesses effective from March 31, 2013 is a strategic move aimed at realizing the growth aspirations of all their businesses. This demerger will enhance value for their stakeholders and provide momentum for growth by giving each of the businesses greater flexibility to meet their specific growth ambitions. Going forward they are confident that being a technology-focused company will provide a fresh momentum for growth.
INDUSTRY OVERVIEW
NASSCOM Strategic Review Report 2013 estimates worldwide technology spending to exceed $1.9 trillion in 2012, a growth of 4.8% over 2011. The shift towards global sourcing continues, which grew at 9% growth in 2012 over 2011. They are seeing a continuing trend of global businesses turning to offshore technology service providers to meet their need for variabilization of their cost structures, enhanced cost competitiveness and to increase their efficiency through differentiated solutions.
Over the past two decades, India has risen to become the leading destination for global sourcing of IT, BPO and research and development services. Established Indian IT services companies have a proven track record for providing business and technology solutions, offering a large, high quality and English-speaking talent pool, and a friendly regulatory environment. These factors, coupled with strong existing client relationships have facilitated India’s emergence as a global outsourcing hub.
REVENUE
Their revenue from IT Services increased by 19.03%. In U.S. dollar terms their revenue increased by 5.01% from US$5,921 million to US$6,218 million. Their average US/INR realization increased from Rs.48.02 for the year ended March 31, 2012 to ` 54.43 for the year ended March 31, 2013, an increase of 13%.
The increase of 5.01% was primarily due to a 18.8% increase in revenue from energy, natural resources and utilities industries, a 5.3% increase in revenue from retail, consumer goods, government and transportation companies, a 4.7% increase in revenue manufacturing and Hi-tech companies, a 4.0% increase in revenue from financial services sector and a 3.6% increase in revenue from healthcare and life sciences industries. This was partially offset by a 3.9% decline in revenue from global media and telecom customers. In their IT Services segment, they added 192 new clients during the year ended March 31, 2013.
IT PRODUCTS
INDUSTRY OVERVIEW
According to the NASSCOM Strategic Review Report 2013, the hardware market in India accounted for 40% of the domestic IT industry, with anticipated growth of 1.4% in fiscal 2013. The key components of the hardware industry are servers, desktops and laptops, storage devices, peripherals and networking equipment. Increased use of computing devices in education and consistent demand from enterprises are key factors driving the continued growth of this market. Additionally, the Government of India is promoting initiatives to provide low cost affordable computing, which is expected to also fuel growth.
Increased adoption of virtualization and cloud computing technologies, large-scale digitization and the increased importance of big data or analytics have also contributed to growth in the server and storage markets. Demand for networking equipment is increasing as businesses invest in expanding and upgrading their infrastructure, and as penetration of mobile devices, teleconferencing and voice over internet protocol (“VOIP”) increases.
OUTLOOK
They have followed a practice of providing only revenue guidance for their largest business segment, namely, IT Services. The guidance is provided at the release of every quarterly earnings when detailed Revenue outlook for the succeeding quarter is shared. Over the years, the Company has performed in line with quarterly Revenue guidance.
On April 19, 2013, along with their earnings release for quarter ended March 31, 2013, they provided their most recent quarterly guidance. Revenue from IT Services segment for the quarter ending June 30, 2013 is likely to be ranged between USD 1,575-1,610 million*. * Guidance is based on the following exchange rates: GBP/USD at 1.52, Euro/USD at 1.31, AUD/USD at 1.04, USD/INR at 54.14.
COMPANY OVERVIEW
Subject is a leading India based provider of IT Services, including Business Process Outsourcing (BPO) services, globally and IT Products. During the financial year 2013, the Company had initiated and completed the demerger of other business such as consumer care and lighting, infrastructure engineering business and other non IT business of the Company into Wipro Enterprises Limited (“Resulting Company”), a company incorported under the laws of India. Wipro is headquartered in Bangalore, India.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Term loan: External commercial borrowing |
0.000 |
21728.000 |
|
Interest free loan from State Government |
0.000 |
37.000 |
|
Others |
86.000 |
247.000 |
|
Short-term
borrowings |
|
|
|
Loan repayable on demand from banks |
39870.000 |
30410.000 |
|
Total |
39956.000 |
52422.000 |
|
Note: The Company
entered into an arrangement with a consortium of banks to obtain External
Commercial Borrowings (ECB) during the year ended March 31, 2008. Pursuant to
this arrangement, the Company has availed ECB of approximately 35 billion Yen
repayable in full in April 2013. The ECB carries an average interest rate of
1.94% p.a. The ECB is an unsecured borrowing and the Company is subject to
certain customary restrictions on additional borrowings and quantum of
payments for acquisitions in a financial year. Interest free
loan from State Government is repayable in five equal annual installments of
Rs. 7 starting from financial year 2013-14. The loan has
been transferred to diversified business pursuant to scheme of demerger. Unsecured loans
from others are repayable in monthly installments within the year ending
March 31, 2015. The loan is interest free. (2012: 6.03% to 7.1%) As at March
31, 2013 and 2012, the Company has complied with the covenants under the loan
arrangements. Rate of interest for PCFC loan ranges from 1% - 2% and other than PCFC
loan is 12.2% |
||
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2013 |
|
Disputed demands
for excise duty, customs duty, income tax, sales tax and other matters |
2273.000 |
|
Performance and
financial guarantees given by banks on behalf of the Company |
20618.000 |
|
Guarantees given
by the Company on behalf of subsidiaries |
2597.000 |
FIXED ASSETS:
- Land
- Buildings
- Railway
siding
- Plant and
Machinery
- Furniture,
Fixture and Equipments
- Vehicles
- Technical
Know-how
- Patents,
Trademarks and Rights
PRESS RELEASES
WIPRO WINS 2013 GLOBAL, ASIAN AND INDIAN MAKE AWARDS
Bangalore, India - February 21, 2014: Wipro Limited. (NYSE:WIT) a leading Information Technology, Consulting and Outsourcing company, today announced that it has been recognized as a winner of the Global, Asian and Indian MAKE (Most Admired Knowledge Enterprise) Awards for 2013. The MAKE Awards are administered by Teleos, an independent research firm based in the United Kingdom. A panel of Global Fortune 500 senior executives and leading experts selected the winners, in each category.
Wipro is a 6-time Global MAKE Winner and 11-time Asian MAKE Winner. Also, this is the ninth time Wipro has been recognized as a leading Indian organization that enhances stakeholder wealth by transforming corporate knowledge into intellectual capital for the enterprise.
Rory Chase, Managing Director of Teleos said: "Wipro Limited consistently ranks in the top tier of global knowledge-driven companies. The firm excels at managing its intellectual capital - especially human capital - and is noted for its intense customer focus. Wipro is using its entire enterprise knowledge to gain the competitive edge."
Acknowledging the recognition, Satishchandra Doreswamy, Chief Business Operations Officer, Wipro Limited, said, "Knowledge Management (KM) at Wipro is a strategic organizational initiative and KM best practices are embedded in our core business processes. Knowledge Management plays a significant role in enhancing our customer experience, improving business metrics and the competency of our workforce. It's a great honor to consistently be recognized by the MAKE awards. It reaffirms that we are in the right direction of our KM journey."
"Wipro adopts various innovative techniques like Gamification, Analytics, and Mobility to cater to the knowledge needs of a multi-generational workforce. The objective is to enable Wipro's customers to benefit from the company's collective knowledge in addition to the knowledge of the team working on the customer account. Winning the Global, Asian and Indian awards in 2013 is a significant recognition and testimony to our KM program," added Dr. Hariprasad Reddy, Head of Knowledge Management, Wipro Limited.
About Wipro Limited.
Wipro Limited. (NYSE:WIT) is a leading Information Technology, Consulting and
Outsourcing company that delivers solutions to enable its clients do business
better. Wipro delivers winning business outcomes through its deep industry
experience and a 360 degree view of "Business through Technology" -
helping clients create successful and adaptive businesses. A company recognized
globally for its comprehensive portfolio of services, a practitioner's approach
to delivering innovation, and an organization wide commitment to
sustainability, Wipro has a workforce of 140,000 serving clients across 61
countries.
WIPRO TO OFFER ADVANCED CONNECTED CAR SERVICES USING AGNIK'S BIG DATA
ANALYTICS PRODUCTS
Bangalore, India and East Brunswick, New Jersey, USA - February 20, 2014: Wipro Limited. (NYSE:WIT), a leading global Information Technology, Consulting and Outsourcing company, today announced it will collaborate with Agnik, a cloud-based vehicle performance Big Data analytics software company to offer advanced connected car information technology services and platforms for the automotive industry. The services will be powered by Agnik's Big Data Analytics products, which analyze vehicle and driver performance information along with context data using a blend of onboard and cloud-based distributed analytics.
Wipro's rich experience of customer engagements in the automotive sector has enabled it to offer advanced telematics services that offer a deep connect for vehicle owners and vehicle-related service providers with the vehicle. Wipro brings extensive expertise in automotive solutions (passenger and commercial) and off highway / heavy vehicles. Wipro offers end-to-end IT solutions in Connected Service Transformation covering remote telemetry, M2M based service transformation, warranty, dealer systems and analytics.
Advanced Big Data solutions for connected car environments help the automotive industry better understand vehicle performance, automotive business, and connect with customers at a deeper level to improve efficiency and brand-loyalty. Wipro will use Agnik's analytics products in order to offer automotive companies a unique solution to enable proactive maintenance of vehicles, encourage safe driving, and present a highly personalized customer experience. Wipro will integrate, and support (IT and BPO) connected vehicle solutions for OEMs and automotive suppliers (ODM/Tier1s)
Agnik's suite of analytics software products provide wide range of powerful yet easy-to-use cloud-based tools that transform data about vehicle performance and user experience into valuable insights, highly coveted by companies in the automotive industry for connecting with car owners at a deeper level. Agnik offers a unique approach to Big Data Analytics for connected car environments which include an industry-leading advanced data stream management, mining software for onboard analytics inside the vehicle and highly scalable cloud-based analytics by mashing telematics data with a wide range of non-telematics data. Agnik's products are designed to mine large scale vehicle and driver performance data in a distributed cloud-environment, providing varieties of use-cases including warranty management, detailed prognosis, failure modeling, geo-spatial analytics, actuarial analysis for insurance, advanced CRM services powered by computational advertisement algorithms among others.
"Wipro is excited to work with Agnik and bring an innovative connected car solution to the automotive industry and aftermarket businesses," said Srinivas Rao, Vice President and Head of Service Transformation Group within Wipro's Manufacturing and Hi-tech business unit. "Our deep investment and expertise in the machine-to-machine (M2M) space and particularly in connected car environments along with world-wide engagement with automotive companies will be further enhanced by this new cutting-edge solution from Agnik which is based on decade long research. We believe advanced personalized analytics will have a deep game-changing impact in the connected car applications for the automotive industry."
"Agnik is pleased to support Wipro's platform and services offerings in the automotive-related markets with our niche products," said Dr. Hillol Kargupta, Co-Founder and President, Agnik. "Agnik offers a comprehensive set of telematics products powered by our patented, onboard data-stream mining technology and wide range of cloud-based analytics for consumer and commercial connected car environments."
Wipro is a member of the Car Connectivity Consortium (CCC), a body dedicated to developing cross-industry collaboration global standards and solutions for smartphone and in-vehicle connectivity.
About Wipro Limited.
Wipro Limited. (NYSE:WIT) is a leading Information Technology, Consulting and
Outsourcing company that delivers solutions to enable its clients do business
better. Wipro delivers winning business outcomes through its deep industry
experience and a 360 degree view of "Business through Technology" -
helping clients create successful and adaptive businesses. A company recognized
globally for its comprehensive portfolio of services, a practitioner's approach
to delivering innovation, and an organization wide commitment to
sustainability, Wipro has a workforce of 140,000 serving clients across 61
countries.
About Agnik
Agnik is a cloud-based vehicle performance Big Data analytics software company
with wide range of telematics products and platforms for the consumer, fleet,
insurance, vehicle-repair-services and automotive OEM markets. Agnik’s onboard
data stream mining software manages many in-vehicle devices. Agnik’s technology
powers many products in the consumer and commercial fleet market. Agnik powered
products received the 2013 Frost and Sullivan North American Automotive Usage
Based Insurance Customer Value Enhancement Award and 2010 Frost and Sullivan
North American Enabling Technology of the Year Award in Commercial Vehicle
Telematics. Agnik also received the Top-10 Data Mining Case Study Award by IEEE
for demonstrating its success in solving real-world challenges using its
advanced vehicle performance data mining products.
WIPRO EXPANDS SOUTH AFRICA INTERNSHIP PROGRAMME
Johannesburg, South Africa and Bangalore, India - February 17, 2014: Wipro Limited. (NYSE:WIT), a leading global Information Technology, Consulting and Outsourcing company, has announced plans to expand the intake of graduates for its successful internship programme in South Africa. Now in its second year, Wipro's local internship programme in South Africa had enrolled 70 graduates in 2013 and this will be increased to 150 in 2014.
"The internship programme is becoming a crucial enabler of Wipro's growth in Africa. For us, the programme is about nurturing talent for local leadership and ensuring that we have the right people on board – people who understand local culture, local markets and local customers across the African continent. We look for people that fit the entrepreneurial spirit of Wipro – those who have a willingness to learn and a creative and innovative bent of mind," said Saurabh Govil, Senior Vice President, Human Resources, Wipro Limited.
Internship applicants (B.SC students with a specialization in Mathematics and Science) from disadvantaged backgrounds are put through a process of entrance exams and interviews with local Wipro leadership to test attitudes to learning in addition to technical aptitude.
Post completion of the initial three months of theoretical training, the interns are interviewed for an apprentice role on a number of live projects. Once placed, the interns will receive supervised on-the-job training and mentorship for a further three months. The performance will be reviewed and qualifying interns will be absorbed into Wipro's operations in South Africa.
Govil added, "The programme gives the interns a chance to work on ‘live' client projects, to gain in-depth experience in everything from software development and project management, to client relationships, and crisis management. The programme offers a very high chance of being absorbed into the company - the first batch of 30 interns from 2013 is now employed full-time at Wipro. This program literally opens up a world of opportunities to work on projects wherever Wipro operates."
Interns are assigned mentors, and receive weekly feedback and undergo periodic assessments on their performance. The overall curriculum has been designed to bridge the gap between campuses and the industry, and covers both technical and behavioural aspects.
In addition to South Africa, Wipro has an ‘India Gateway' internship programme for the United Kingdom wherein Wipro gives the interns an opportunity to spend 9 months in India to gain hands-on industry experience. The local internship programme is also being expanded to Germany and the Nordic Region, which are important markets for Wipro.
About Wipro Limited.
Wipro Limited. (NYSE:WIT) is a leading Information Technology, Consulting and
Outsourcing company that delivers solutions to enable its clients do business
better. Wipro delivers winning business outcomes through its deep industry
experience and a 360 degree view of "Business through Technology" -
helping clients create successful and adaptive businesses. A company recognized
globally for its comprehensive portfolio of services, a practitioner's approach
to delivering innovation, and an organization wide commitment to
sustainability, Wipro has a workforce of 140,000 serving clients across 61
countries.
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 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.61.94 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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 |
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.