MIRA
INFORM REPORT
|
Report Date : |
26.07.2014 |
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) : |
31.03.2014 |
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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.4932.000 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
: |
Permanent Employee=133425, Contract / Non-Core=25575 |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (81) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 1170000000 |
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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 takes into consideration 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
repaired 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a quarter
of a century. The data was below an official estimate of 4.9 % annual growth
and compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based facilities: AAA |
|
Rating Explanation |
Highest degree of safety and lowest credit
risk. |
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Date |
May 2014 |
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Rating Agency Name |
ICRA |
|
Rating |
Fund based facilities: A1+ |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
May 2014 |
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
31-03-2014.
INFORMATION DENIED
Management Non Co-operative (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: |
·
Bangalore,
Karnataka ·
Chennai,
Tamilnadu ·
Secunderabad,
Andhra Pradesh ·
Pune,
Maharashtra ·
Gurgaon,
Haryana ·
Hyderabad,
Andhra Pradesh ·
Mumbai,
Maharashtra |
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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 31.03.2014
|
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. V Ramachandran |
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Designation : |
Company Secretary |
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Name : |
Mr. Suresh C. Senapaty |
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Designation : |
Chief Financial Officer |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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Individuals / Hindu Undivided Family |
95419432 |
3.94 |
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|
11406331 |
0.47 |
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|
1705196701 |
70.48 |
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|
1275482581 |
52.72 |
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|
429714120 |
17.76 |
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|
1812022464 |
74.89 |
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Total shareholding of Promoter and Promoter Group (A) |
1812022464 |
74.89 |
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(B) Public Shareholding |
|
|
|
|
|
|
|
|
51417733 |
2.13 |
|
|
6417905 |
0.27 |
|
|
39706615 |
1.64 |
|
|
231978566 |
9.59 |
|
|
329520819 |
13.62 |
|
|
|
|
|
|
102349545 |
4.23 |
|
|
|
|
|
|
52135669 |
2.15 |
|
|
76597932 |
3.17 |
|
|
46799372 |
1.93 |
|
|
26571957 |
1.10 |
|
|
43378 |
0.00 |
|
|
18752429 |
0.78 |
|
|
331156 |
0.01 |
|
|
1100452 |
0.05 |
|
|
277882518 |
11.49 |
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Total Public shareholding (B) |
607403337 |
25.11 |
|
Total (A)+(B) |
2419425801 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
47809747 |
0.00 |
|
|
47809747 |
0.00 |
|
Total (A)+(B)+(C) |
2467235548 |
0.00 |
(1)
Indian
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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PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed Capacity |
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Vanaspati / Hydrogenated oils |
TPA |
45000 |
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Toilet Soaps |
TPA |
134026 |
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Leather shoe uppers |
TPA |
750 |
|
Fatty acids |
TPA |
78450 |
|
Glycerine |
TPA |
1650 |
|
General lighting systems lamps |
000s |
110305 |
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Fluorescent tube lights |
000s |
27097 |
|
Compact flourescent lamps |
000s |
23355 |
|
Mini computers/microprocessor 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
|
No. of Employees : |
Permanent Employee=133425, Contract / Non-Core=25575 |
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Bankers : |
·
Canara
Bank, Bangalore, Karnataka, India ·
State
Bank of India, Madame Cama Road, Nariman Point, Mumbai – 400021,
Maharashtra, India ·
Citibank
N.A., Kanak Building, 41, Chowringhee Road, Kolkata – 700071, West Bengal,
India |
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Facilities : |
NOTES: Long Term Borrowings Obligation under
finance lease is secured by underlying fixed assets. These obligations are
repayable in monthly installments up to year ending March 31, 2018. The
interest rate for these obligations ranges from 9.75% to 17.2%. |
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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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Associates : |
·
Wipro GE Healthcare Private Limited [Address:
Plot
No. 4, Kadugodi Industrial Area Sadaramangala, Bangalore – 560067, Karnataka,
India] ·
Wipro Kawasaki Precision Components Pvt Ltd |
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Subsidiaries : |
·
Wipro LLC (formerly Wipro Inc.) ·
Wipro Gallagher Solutions Inc. ·
Infocrossing Inc., USA ·
Wipro Promax Analytics Solutions LLC [Formerly
Promax Analytics Solutions Americas LLC], USA ·
Wipro Insurance Solution LLC ·
Opus Capital Markets ·
Consultants LLC ·
Opus Technology Services LLC ·
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 U.K. ·
Wipro Holding Austria GmbH(A) Austria ·
3D Networks (UK) Limited ·
Wipro Europe Limited (A), U.K. ·
Wipro Cyprus Private Limited, Cyprus ·
Wipro Doha LLC#, Qatar ·
Wipro Technologies S.A DE C. V, Mexico ·
Wipro BPO Philippines LIMITED. 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,
Netherland ·
Wipro Portugal S.A.(A) 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, Norway ·
Wipro Technologies VZ, C.A., Venezuela ·
Wipro Technologies SRL, Romania ·
PT WT Indonesia, Indonesia ·
Wipro Australia Pty Limited, Australia ·
Wipro Promax Holdings Pty Limited (formerly
Promax Holdings Pty Limited) (A), Australia ·
Wipro Technocentre (Singapore) Pte Limited,
Singapore ·
Wipro (Thailand) Co Limited, Thailand ·
Wipro Bahrain Limited WLL, Bahrain ·
Wipro Gulf LLC, Sultanate of Oman ·
Wipro Technologies Spain S.L., 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 Airport IT Services Limited*, India ·
Wipro Holding Austria GmbH ·
Wipro Technologies Austria GmbH ,Austria ·
New Logic Technologies SARL, France ·
Wipro Europe Limited (formerly SAIC Europe
Limited) ·
Wipro UK Limited U.K. ·
Wipro Europe SARL, France ·
Wipro Portugal S.A. ·
SAS Wipro France, France ·
Wipro Retail UK Limited, U.K. ·
Wipro do Brasil Technologia Ltda, Brazil ·
Wipro Technologies Gmbh, Germany ·
Wipro Promax Holdings Pty Limited (formerly
Promax Holdings Pty Limited) ·
Wipro Promax Analytics Solutions Pty Limited
(formerly Promax Applications Group Pty Limited), Australia ·
Wipro Promax IP Pty Limited (formerly PAG IP Pty
Limited), Australia ·
Wipro Promax Analytics Solutions (Europe) Limited
[formerly Promax Analytics Solutions (Europe) Limited], UK NOTE: In addition to
above, the Company controls ‘The Wipro SA Broad Based Ownership Scheme Trust’
and Wipro SA Broad Based Ownership Scheme SPV (RF) (PTY) LIMITED incorporated
in South Africa. * All the above
direct subsidiaries are 100% held by the Company except that the Company
holds 66.67% of the equity securities of Wipro Arabia Limited and 74% of the
equity securities of Wipro Airport IT Services Limited. # 51% of equity
securities of Wipro Doha LLC are held by a local share holder. However, the
beneficial interest in these holdings is with a wholly owned subsidiary of
the company. (A) Step
Subsidiary details of Wipro Holding Austria GmbH, Wipro Portugal S.A, Wipro
Europe Limited and Wipro Promax Holdings Pty Limited are as follows: |
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|
|
|
Entity
controlled by Director : |
·
Wipro Equity Reward Trust Trust Fully controlled
trust, India ·
Wipro Inc Benefit Trust Trust Fully controlled
trust, India ·
Azim Premji Foundation (I) Private Limited ·
Hasham Traders (partnership firm) ·
Prazim Traders (partnership firm) ·
Zash Traders (partnership firm) ·
Regal Investment & Trading Company Private
Limited ·
Vidya Investment & Trading Company private
Limited ·
Napean Trading & Investment Company Private
Limited ·
Azim Premji Trust ·
Wipro Enterprises Limited (formerly known as Azim
Premji Custodial Services Private Limited) ·
Entity controlled by Director ·
Wipro Enterprises Cyprus Limited (formerly
WMNETSERV Limited) ·
Wipro Singapore Pte Limited ·
Wipro Unza Holdings Limited ·
Wipro Infrastructure Engineering AB |
CAPITAL STRUCTURE
AS ON 31.03.2014
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 |
|
|
|
|
|
|
2466317273 |
Equity Shares |
Rs.2/- each |
Rs.4932.635 Millions |
|
|
|
|
|
Subsequent to
March 31, 2014, the authorised equity and preference share capital of the
Company has been increased to 2,917,500,000 and 25,150,000, respectively,
pursuant to the approval of the scheme of amalgamation for merger of Wipro
Technology Services Limited and Wipro Energy IT Services India Private Limited
with the Company
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
shareholders:
|
Particular |
For the year ended march 31, 2014 |
|
Interim Dividend |
Rs.3 |
|
Final Dividend |
Rs.5 |
In the event of liquidation
of the Company, the equity shareholders 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 31.03.2014 |
|
|
No. of Shares |
Rs. in Millions |
|
|
Opening number
of equity shares / American Depository Receipts (ADRs) outstanding |
2462934730 |
4926.000 |
|
Equity shares / American
Depository Receipts (ADRs) issued pursuance to Employee Stock Option Plan |
3382543 |
6.000 |
|
Closing number of equity shares / ADRs outstanding |
2466317273 |
4932.000 |
Details of shareholders
having more than 5% of the total equity shares of the Company
|
Name of the Shareholder |
As on 31.03.2014 |
|
|
No. of Shares |
% held |
|
|
Azim Hasham Premji Partner representing Hasham Traders |
370956000 |
15.04 |
|
Azim Hasham Premji Partner representing Prazim Traders |
452906791 |
18.36 |
|
Azim Hasham Premji Partner representing Zash Traders |
451619790 |
18.31 |
|
Azim Premji Trust |
429714120 |
17.42 |
Other details of Equity
Shares for a period of five years immediately preceding March 31, 2014
|
Particular |
31.03.2014 |
|
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 LLC, a wholly owned subsidiary of the Company, in consideration of acquisition of
inter-company investments) |
841585 |
|
Aggregate number of shares allotted as fully paid bonus shares |
979119256 |
|
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 |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
4932.000 |
4926.000 |
4917.000 |
|
(b) Reserves & Surplus |
288627.000 |
237369.000 |
238608.000 |
|
(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) |
293559.000 |
242295.000 |
243525.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
10061.000 |
590.000 |
22022.000 |
|
(b) Deferred tax liabilities (Net) |
1379.000 |
528.000 |
58.000 |
|
(c) Other long term liabilities |
629.000 |
118.000 |
355.000 |
|
(d) long-term provisions |
2585.000 |
2289.000 |
2593.000 |
|
Total Non-current Liabilities (3) |
14654.000 |
3525.000 |
25028.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
35042.000 |
39870.000 |
30410.000 |
|
(b) Trade payables |
53905.000 |
49228.000 |
38922.000 |
|
(c) Other current
liabilities |
24013.000 |
38054.000 |
20507.000 |
|
(d) Short-term provisions |
36196.000 |
34094.000 |
27567.000 |
|
Total Current Liabilities (4) |
149156.000 |
161246.000 |
117406.000 |
|
|
|
|
|
|
TOTAL |
457369.000 |
407066.000 |
385959.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
36215.000 |
35560.000 |
41961.000 |
|
(ii) Intangible Assets |
3535.000 |
3534.000 |
4537.000 |
|
(iii) Capital
work-in-progress |
2751.000 |
3789.000 |
3012.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
51968.000 |
48547.000 |
62943.000 |
|
(c) Deferred tax assets (net) |
1487.000 |
1151.000 |
326.000 |
|
(d) Long-term Loan and Advances |
29981.000 |
25168.000 |
25094.000 |
|
(e) Other Non-current assets |
5390.000 |
5469.000 |
9194.000 |
|
Total Non-Current Assets |
131327.000 |
123218.000 |
147067.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
58392.000 |
60495.000 |
40409.000 |
|
(b) Inventories |
2283.000 |
3205.000 |
7851.000 |
|
(c) Trade receivables |
85509.000 |
84994.000 |
79670.000 |
|
(d) Cash and cash
equivalents |
105549.000 |
78004.000 |
62328.000 |
|
(e) Short-term loans and
advances |
29293.000 |
21244.000 |
17521.000 |
|
(f) Other current assets |
45016.000 |
35906.000 |
31113.000 |
|
Total Current Assets |
326042.000 |
283848.000 |
238892.000 |
|
|
|
|
|
|
TOTAL |
457369.000 |
407066.000 |
385959.000 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
387572.000 |
332265.000 |
316829.000 |
|
|
|
Other Income |
16112.000 |
13253.000 |
12274.000 |
|
|
|
TOTAL (A) |
403684.000 |
345518.000 |
329103.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales and Services |
2053.000 |
3542.000 |
14475.000 |
|
|
|
Purchases of Stock-In-Trade |
22858.000 |
23472.000 |
32086.000 |
|
|
|
Changes in Inventories of Finished Goods, Work in Progress and
Stock-In-Trade |
9.000 |
(182.000) |
449.000 |
|
|
|
Employee Benefits Expense |
183375.000 |
159042.000 |
133115.000 |
|
|
|
Amortization expense |
0.000 |
0.000 |
66.000 |
|
|
|
Other Expenses |
88193.000 |
77056.000 |
76274.000 |
|
|
|
TOTAL (B) |
296488.000 |
262930.000 |
256465.000 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
107196.000 |
82588.000 |
72638.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3747.000 |
3524.000 |
6057.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
103449.000 |
79064.000 |
66581.000 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
7367.000 |
7013.000 |
7395.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
96082.000 |
72051.000 |
59186.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
22208.000 |
15549.000 |
12335.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
73874.000 |
56502.000 |
46851.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
78371.000 |
51684.000 |
26663.000 |
|
|
|
|
|
|
|
|
|
|
ADJUST
ON ACCOUNT OF DEMERGER |
0.000 |
(4026.000) |
0.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
7404.000 |
4932.000 |
4917.000 |
|
|
|
Proposed dividend |
12332.000 |
12315.000 |
9835.000 |
|
|
|
Tax on Dividend |
3353.000 |
2892.000 |
2393.000 |
|
|
|
Amount transfer to general reserve |
7387.000 |
5650.000 |
4685.000 |
|
|
BALANCE CARRIED
TO THE B/S |
121769.000 |
78371.000 |
51684.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on F.O.B. basis |
7654.000 |
8179.000 |
8554.000 |
|
|
|
Services |
336754.000 |
272582.000 |
225640.000 |
|
|
|
Agency Commission |
280.000 |
264.000 |
219.000 |
|
|
TOTAL EARNINGS |
344688.000 |
281025.000 |
234413.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material, Components & Peripherals |
15242.000 |
21017.000 |
22982.000 |
|
|
|
Stores and Spares |
147.000 |
189.000 |
212.000 |
|
|
|
Capital Goods |
1.000 |
0.000 |
394.000 |
|
|
TOTAL IMPORTS |
15390.000 |
21206.000 |
23588.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) (Basic) |
30.09 |
23.03 |
19.13 |
|
|
|
Earnings / (Loss)
Per Share (Rs.) (Diluted) |
30.01 |
22.99 |
19.09 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
18.30 |
16.35 |
14.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
24.79 |
21.68 |
18.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.95 |
20.38 |
18.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33 |
0.30 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.15 |
0.17 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.19 |
1.76 |
2.03 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
4917.000 |
4926.000 |
4932.000 |
|
Reserves & Surplus |
238608.000 |
237369.000 |
288627.000 |
|
Net
worth |
243525.000 |
242295.000 |
293559.000 |
|
|
|
|
|
|
long-term borrowings |
22022.000 |
590.000 |
10061.000 |
|
Short term borrowings |
30410.000 |
39870.000 |
35042.000 |
|
Total
borrowings |
52432.000 |
40460.000 |
45103.000 |
|
Debt/Equity
ratio |
0.215 |
0.167 |
0.154 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
316,829.000 |
332,265.000 |
387,572.000 |
|
|
|
4.872 |
16.645 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
316,829.000 |
332,265.000 |
387,572.000 |
|
Profit |
46,851.000 |
56,502.000 |
73,874.000 |
|
|
14.79% |
17.01% |
19.06% |
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 |
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 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
|
|||||||||||||||||||||||||||||||||||||||||
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Term Loan |
|
|
|
External
Commercial Borrowings |
8985.000 |
0.000 |
|
Others |
16.000 |
86.000 |
|
|
|
|
|
Short Term Borrowings |
|
|
|
Loans repayable
on demand from banks |
35042.000 |
39870.000 |
|
|
|
|
|
Total |
44043.000 |
39956.000 |
NOTE:
Long Term Borrowings
·
The Company entered into an arrangement with a
consortium of banks to obtain External Commercial Borrowings (ECB) during the
year ended March 31, 2014. Pursuant to this arrangement, the Company has
availed ECB of 150 million dollar repayable in full in June 2018. The ECB
carries an average interest rate of 2.46% p.a. (2013: 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.
·
Unsecured loans from others are repayable in
monthly installments within the year ending March 31, 2016. The interest rates
for these loans range from 0% to 12% (2013: 0%).
As at March 31, 2014 and 2013, the Company has complied with all the
covenants under the loan arrangements.
Short Term
Borrowings
Rate of Interest for PCFC loan ranges from 1% - 2% and other than PCFC
loan is 12.2%.
NOTE: NO CHARGES EXIST FOR COMPANY.
FINANCIAL
PERFORMANCE
Profit for the
standalone results is after considering loss of Rs.2,607 million [2013: Rs.
(1,107)] relating to changes in fair value of forward contracts designated as
hedges of net investment in non-integral foreign operations, translation of
foreign currency borrowings and changes in fair value of related cross currency
swaps together designated as hedges of net investment in non-integral foreign
operations. In the Consolidated Accounts, these are considered as hedges of net
investment in nonintegral foreign operations and are recognized directly in
shareholder’s fund.
OUTLOOK
According to
Nasscom Strategic Review 2014, IT- BPM exports are estimated to cross USD 86
billion in FY 2014, growing at 13 per cent. The ability of the industry to
suggest solutions that customers need, in addition to offer what they want has
been a crucial factor in the rise. While US continues to be the largest
geographic market for India, accounting for 62 percent, the highlight for the
year was revival in demand from Europe, which grew at 14 per cent in FY 2014.
BFSI continues to be the largest vertical segment accounting 41 per cent of
industry exports; however emerging verticals such as Retail, Healthcare and
Utilities are estimated to grow faster.
IT Services is
expected to grow at 14.3 per cent in FY 2014, ER & D exports are estimated
to grow by an estimated 11.1 per cent in FY 2014 driven by domain – specific
solutions focusing on convergence customization, efficiencies and localization.
BPM services
growth could be at 11.9 per cent in FY 2014 boosted by demand from selected
customers reverting to Outsourcing Business Process, especially from the BFSI,
Automotive and Retail sectors. Software Products growth of 9.5 per cent due to
increased demand for vertical- specific and SMAC- based solutions. With the
advent of Cloud, the next big opportunity in India’s 47 million SMBs – who are
able to rapidly bridging the technology adoption gap as they seek to accelerate
growth, and increase competitiveness that customers need, in addition to offer
what they want has been a crucial factor in the rise. While US continues to be
the largest geographic market for India, accounting for 62 percent, the
highlight for the year was revival in demand from Europe, which grew at 14 per
cent in FY 2014. BFSI continues to be the largest vertical segment accounting
41 per cent of industry exports; however emerging verticals such as Retail,
Healthcare and Utilities are estimated to grow faster.
IT Services is
expected to grow at 14.3 per cent in FY 2014, ER & D exports are estimated
to grow by an estimated 11.1 per cent in FY 2014 driven by domain – specific
solutions focusing on convergence customization, efficiencies and localization.
BPM services growth
could be at 11.9 per cent in FY 2014 boosted by demand from selected customers
reverting to Outsourcing Business Process, especially from the BFSI, Automotive
and Retail sectors. Software Products growth of 9.5 per cent due to increased
demand for vertical- specific and SMAC- based solutions. With the advent of
Cloud, the next big opportunity in India’s 47 million SMBs – who are able to
rapidly bridging the technology adoption gap as they seek to accelerate growth,
and increase competitiveness.
MERGER
Pursuant to
Sections 391 to 394 of the Companies Act, 1956, and approval by the Honorable
High Court of Karnataka of the Scheme of Arrangement, Wipro Energy IT Services
India Private Limited and Wipro Technology Services Limited, the two subsidiary
companies merged with Wipro Limited and the merger is effective on April 9,
2014 with effect from Appointed date of April 1, 2013.
FIXED ASSETS:
·
Land
·
Buildings
·
Railway siding
·
Plant and Machinery
·
Furniture, Fixture and Equipments
·
Vehicles
·
Technical Know-how
·
Patents, Trademarks and Rights
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 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.60.14 |
|
|
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.81.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NKT |
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.