MIRA INFORM REPORT
|
Report Date : |
13.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
WABCO INDIA LIMITED (w.e.f. 06.09.2011) |
|
|
|
|
Formerly Known
As : |
WABCO-TVS (INDIA) LIMITED (w.e.f. 03.05.2007) AUTO ( |
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|
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Registered
Office : |
Plot No.3 (SP), III Main Road, Ambattur Industrial Estate, Chennai –
600058, Tamilnadu |
|
|
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Country : |
|
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|
|
|
Financials (as on)
: |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
18.11.2004 |
|
|
|
|
Com. Reg. No.: |
18-054667 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.94.838
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L34103TN2004PLC054667 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEW03321D |
|
|
|
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PAN No.: [Permanent Account No.] |
AAFCA6421P |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacture
of Air Brake Actuation Systems for Commercial Vehicles. |
|
|
|
|
No. of Employees
: |
1,211 (Approximately)
|
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (76) |
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. The company has seen slight dip in the turnover and profit of the
company during financial year 2013 however, financial position of the company
is sound and healthy. No borrowings recorded by the company. Fundamentals of
the company’s are strong. Share price are quoted high on stock exchange. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitment. 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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and January
of 2013/14 which has seen some signs of recovery according to a Care Ratings
report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs.7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH India Rating |
|
Rating |
Long Term Issuer Rating: AA+ |
|
Rating Explanation |
High Degree of safety and very low credit
risk. |
|
Date |
15.05.2013 |
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 CO-OPERATIVE
Contact No.: 91-44-30902600
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No.3 (SP), III Main Road, Ambattur Industrial Estate, Chennai –
600058, Tamilnadu, India |
|
Tel. No.: |
91-44-30902600/ 42242000 |
|
Fax No.: |
91-44-26211278/ 30902609/ 42242009 |
|
E-Mail : |
madhavan.rajagopalan@wabco-auto.com |
|
Website : |
|
|
|
|
|
Factory 2 : |
Large Sector,
Adityapur Industrial Area, Gamharia, Seraikella-Kharsawan - 832 108, District
|
|
Tel. No.: |
91-657-6616800 |
|
Fax No.: |
91-657-2387997 |
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|
|
|
Factory 3 : |
Plot No.AA8,
Central Avenue, Auto Ancillary SEZ, Mahindra World City, Natham Sub-Post,
Chengalpet, Kancheepuram District - 603 002,
Tamilnadu, India |
|
Tel. No.: |
91-44-47442000 |
|
Fax No.: |
91-44-47490006 |
|
|
|
|
Software Design Centres : |
“Ispahani
Centre”, 7th and 5th Floor, |
|
Tel. No.: |
91-44-28285000 |
|
Fax No.: |
91-44-28332212 |
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|
|
|
Global Headquarters : |
WABCO Chaussée de Wavre, 1789, 1160 Tel: +32 2 663 98 00 Fax: +32 2 675 43 42 WABCO Holdings Inc. Tel: +1 732 369 7450 |
DIRECTORS
(AS ON 24.07.2013)
|
Name : |
Mr. Darius Erachshaw Udwadia |
|
Designation : |
Director |
|
Address : |
“Empress Court” 142 M-Karve Road, Mumbai – 400020, Maharashtra, India |
|
Date of Birth/Age : |
27.09.1939 |
|
Date of Appointment : |
07.05.2008 |
|
DIN No.: |
00009755 |
|
|
|
|
Name : |
Mr. Leon Liu |
|
Designation : |
Director |
|
Address : |
99, Longisland Villa, 3558 Kunyang Road, Shanghai, China 201111 |
|
Date of Birth/Age : |
13.11.1961 |
|
Date of Appointment : |
07.05.2008 |
|
DIN No.: |
00771554 |
|
|
|
|
Name : |
Mr. Periakaruppa Nadar Kaniappan |
|
Designation : |
Director |
|
Address : |
72, New No.114, Thaiyappa Mudali Street, Chennai – 600001, Tamilnadu,
India |
|
Date of Birth/Age : |
12.03.1960 |
|
Date of Appointment : |
17.06.2009 |
|
DIN No.: |
02696192 |
|
|
|
|
Name : |
Mr. Narayan Keelveedhi Seshadri |
|
Designation : |
Director |
|
Address : |
Flat No.10, 7th Floor, Skylark Co-op Housing Society
Limited, Little Gibbs Road, Malabar Hill, Mumbai – 400006, Maharashtra, India
|
|
Date of Birth/Age : |
13.04.1957 |
|
Date of Appointment : |
11.06.2008 |
|
DIN No.: |
00053563 |
|
|
|
|
Name : |
Mr. Trevor Lucas |
|
Designation : |
Director |
|
Address : |
Avenue Marcel Thiry 20 B3 (Wolvwe) Brussels, 1200 Belgium |
|
Date of Birth/Age : |
03.06.1948 |
|
Date of Appointment : |
30.07.2009 |
|
DIN No.: |
01627818 |
|
|
|
|
Name : |
Mr. Muthuswamy Lakshminarayan |
|
Designation : |
Director |
|
Address : |
No.389 and 390, II Cross, 16th Main, III Block, Koramangala,
Bangalore – 560034, Karnataka, India |
|
Date of Birth/Age : |
07.09.1946 |
|
Date of Appointment : |
25.10.2010 |
|
DIN No.: |
00064750 |
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|
|
|
Name : |
Mr. Vincent Roland Pickering |
|
Designation : |
Director |
|
Address : |
Luxor Park 3, Auderghem, Brussels, 1160 Belgium |
|
Date of Birth/Age : |
27.09.1968 |
|
Date of Appointment : |
23.05.2012 |
|
DIN No.: |
05256840 |
|
|
|
|
Name : |
Michael Edward Thompson |
|
Designation : |
Director |
|
Address : |
Drive De Bonne Odeur 7, Watermael Boitsfort 1170 Belgium |
|
Date of Birth/Age : |
29.10.1968 |
|
Date of Appointment : |
24.07.2013 |
|
DIN No.: |
05334715 |
KEY EXECUTIVES
|
Name : |
Mr. N Sivalai Senthil Nathan |
|
Designation : |
Company Secretary |
|
Address : |
Plot No.5055, T2 – Laxmivel Apartments, 21st Main Road,
Anna Nagar West, Chennai – 600042, Tamilnadu, India |
|
Date of Birth/Age : |
13.11.1969 |
|
Date of Appointment : |
15.05.2013 |
|
PAN No.: |
ALMPS6255Q |
|
|
|
|
Name : |
T.S. Rajagopalan |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Audit Committee
: |
Mr. Narayan K. Seshadri - Chairman D.E. Udwadia C.N. Prasad (upto 12th May 2011) Trevor Lucas (from 12th May 2011) |
|
|
|
|
Investors’
Grievance Committee : |
Mr. Narayan K. Seshadri - Chairman P. Kaniappan C.N. Prasad (upto 12th May 2011) Trevor Lucas (from 12th May 2011) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2014)
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
|
|
|
|
14225684 |
75.00 |
|
|
14225684 |
75.00 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
14225684 |
75.00 |
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1649267 |
8.70 |
|
|
6002 |
0.03 |
|
|
474728 |
2.50 |
|
|
2129997 |
11.23 |
|
|
|
|
|
|
|
|
|
|
733029 |
3.86 |
|
|
|
|
|
|
|
|
|
|
1588727 |
8.38 |
|
|
259143 |
1.37 |
|
|
31004 |
0.16 |
|
|
31004 |
0.16 |
|
|
2611903 |
13.77 |
|
|
|
|
|
Total Public shareholding (B) |
4741900 |
25.00 |
|
|
|
|
|
Total (A)+(B) |
18967584 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
18967584 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture
of Air Brake Actuation Systems for Commercial Vehicles. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
1,211 (Approximately)
|
|
|
|
|
Bankers : |
· State Bank of India Corporate
Accounts Group Branch, 64 Greams Road, Chennai – 600006, Tamilnadu, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
Tidel Park, 6th and 7th
Floor, A - Block (Module 601, 701-702), 4, Rajiv Gandhi Salai, Chennai - 600113,
Tamilnadu, India |
|
PAN No.: |
AABFS3421N |
|
|
|
|
Solicitors and Advocates : |
|
|
Name : |
Udwadia and Udeshi Solicitors and Advocates |
|
Address : |
Elphinstone
House, 1st Floor, |
|
|
|
|
Holding company |
Clayton Dewandre
Holdings Limited, (CDH) |
|
|
|
|
Ultimate holding company |
WABCO Holdings Inc., |
|
|
|
|
Fellow
Subsidiary companies |
v WABCO Fahrzeugsysteme,
v WABCO China
Company Limited, v WABCO v Meritor WABCO
Vehicle Control Systems, v v WABCO ( v WABCO Automotive
v WABCO Automotive
v WABCO Asia
Private Limited, v WABCO Compressor
Manufacturing Company v WABCO Hong Kong
Limited, v WABCO Japan Inc,
v WABCO Korea Limited,
v WABCO Polska
Sp.z o.o. v WABCO
Development v WABCO Logistics v WABCO Australia
Pty Limited, v WABCO Europe
BVBA, v WABCO v WABCO v WABCO do Brasil
Industria e Comercio de v WABCO Brzdy K
Vozidlum spol S.R.O, v WABCO v WABCO Radbremsen
v WABCO Automotive
Italia SRL, v v
WABCO Europe v WABCO v WABCO Automotive
AB, v WABCO (Schweiz) v WABCO Automotive
B.V, v WABCO ARAC
Kontrols Sistemleri Destek VE Pazarlama Limited v WABCO Middle East
and Africa FZCO, v WABCO Centro de
Distribuicao de pecas v WABCO Foundation
Brakes Private Limited, Chennai (Subsidiary of CDH through WABCO Asia Private
Limited) v WABCO IP
Holdings LLC v WABCO Automotive
Products Limited v WABCO Air
Compressor Holdings Inc. v WABCO Automotive
Control Systems Inc. v WABCO Group Inc. v
WABCO Group International Inc. |
CAPITAL STRUCTURE
(AS ON 24.07.2013)
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.5/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18967584 |
Equity Shares |
Rs.5/- each |
Rs.94.838
Millions |
|
|
|
|
|
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 |
94.838 |
94.838 |
94.838 |
|
(b) Reserves & Surplus |
6393.147 |
5196.220 |
3772.447 |
|
(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) |
6487.985 |
5291.058 |
3867.285 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
117.064 |
109.329 |
81.522 |
|
(c) Other long term
liabilities |
0.400 |
0.600 |
0.400 |
|
(d) long-term
provisions |
142.708 |
116.237 |
132.545 |
|
Total Non-current
Liabilities (3) |
260.172 |
226.166 |
214.467 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
5.690 |
|
(b) Trade
payables |
1024.745 |
1080.184 |
840.021 |
|
(c) Other
current liabilities |
29.753 |
25.231 |
20.168 |
|
(d) Short-term
provisions |
128.560 |
146.918 |
137.981 |
|
Total Current
Liabilities (4) |
1183.058 |
1252.333 |
1003.860 |
|
|
|
|
|
|
TOTAL |
7931.215 |
6769.557 |
5085.612 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2620.875 |
2297.537 |
1802.955 |
|
(ii)
Intangible Assets |
14.120 |
4.828 |
0.961 |
|
(iii)
Capital work-in-progress |
254.208 |
127.620 |
99.173 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
22.024 |
22.024 |
22.024 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
156.552 |
182.655 |
158.216 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3067.779 |
2634.664 |
2083.329 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
232.500 |
210.000 |
100.000 |
|
(b)
Inventories |
1356.247 |
1157.624 |
798.629 |
|
(c) Trade
receivables |
1898.353 |
1574.986 |
1711.838 |
|
(d) Cash
and cash equivalents |
991.334 |
809.949 |
128.597 |
|
(e)
Short-term loans and advances |
384.336 |
381.284 |
262.759 |
|
(f) Other
current assets |
0.666 |
1.050 |
0.460 |
|
Total
Current Assets |
4863.436 |
4134.893 |
3002.283 |
|
|
|
|
|
|
TOTAL |
7931.215 |
6769.557 |
5085.612 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income/ Revenue from Operations |
9,659.238 |
10,456.424 |
8925.166 |
|
|
|
Other Income |
126.350 |
120.590 |
53.595 |
|
|
|
TOTAL (A) |
9,785.588 |
10,577.014 |
8978.761 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5,108.088 |
5,792.644 |
5081.777 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
63.807 |
(69.274) |
(132.189) |
|
|
|
Employees benefits expense |
1,059.850 |
934.106 |
711.949 |
|
|
|
Other expenses |
1,487.006 |
1,599.675 |
1257.216 |
|
|
|
TOTAL (B) |
7,718.751 |
8,257.151 |
6918.753 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2,066.837 |
2,319.863 |
2060.008 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.176 |
1.188 |
2.047 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2,066.661 |
2,318.675 |
2057.961 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
217.178 |
156.372 |
144.245 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
1,849.483 |
2,162.303 |
1913.716 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
541.600 |
628.307 |
639.398 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
1,307.883 |
1,533.996 |
1274.318 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3324.102 |
2200.329 |
1163.666 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
500.000 |
300.000 |
127.432 |
|
|
|
Dividend |
94.838 |
94.838 |
94.838 |
|
|
|
Tax on Dividend |
16.118 |
15.385 |
15.385 |
|
|
BALANCE CARRIED
TO THE B/S |
4021.029 |
3324.102 |
2200.329 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1943.312 |
1431.712 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
980.048 |
818.741 |
NA |
|
|
|
Stores & Spares |
54.087 |
38.812 |
NA |
|
|
|
Capital Goods |
96.194 |
180.207 |
NA |
|
|
TOTAL IMPORTS |
1130.329 |
1037.760 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
68.95 |
80.87 |
67.18 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
13.37 |
14.50 |
14.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.15 |
20.68 |
21.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.16 |
32.66 |
38.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29 |
0.41 |
0.49 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.11 |
3.30 |
2.99 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
94.838 |
94.838 |
94.838 |
|
Reserves & Surplus |
3772.447 |
5196.220 |
6393.147 |
|
Net worth |
3867.285 |
5291.058 |
6487.985 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
5.690 |
0.000 |
0.000 |
|
Total borrowings |
5.690 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.001 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations
|
8,925.166 |
10,456.424 |
9,659.238 |
|
|
|
17.157 |
(7.624) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
8,925.166 |
10,456.424 |
9,659.238 |
|
Profit |
1,274.318 |
1,533.996 |
1,307.883 |
|
|
14.28% |
14.67% |
13.54% |
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 |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
NOTE:
The Registered office of the company has been shifted
from 29(8), Haddows Road, Chennai – 600006, Tamilnadu, India, to the present
address w.e.f. 01.04.2010.
CORPORATE INFORMATION
The company was
incorporated originally as Auto (India) Engineering Limited on 18th November
2004. The name of the company was changed to Wabco India Limited on 2nd August
2011. The company is into its present business pursuant to the scheme of
demerger of the brakes division of Sundaram-Clayton Limited into the company.
The company is primarily engaged in the manufacture of air brake actuation
systems for commercial vehicles. The company also provides software development
services to the group companies. On June 3, 2009, Clayton Dewandre Holdings
Limited increased its percentage ownership to 75% by acquiring the shares from
the other joint venture partner, TVS Group. Post acquisition, the company has
become a subsidiary of Clayton Dewandre Holdings Limited and the company's
ultimate holding company is WABCO Holdings Inc.
PERFORMANCE
During the year 2012-13,
sales of medium and heavy commercial vehicles (MHCV), dropped by 24% over the
previous year. The Company achieved a total revenue from operations and other
income of Rs.9780.000 Millions as
against turnover of Rs.1,0570.000 Millions in the previous year, a reduction of
7.5%. However, aftermarket sales segment registered a growth of 16.5% over the
previous year and exports segment registered a growth of 34.2% over the
previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENT:
India's Gross Domestic
Product (GDP) at factor cost (constant prices) started showing a declining
trend from 5.5% in the first quarter to 4.5% in the third quarter of financial
year 2012-13 and the financial year 2012-13 is likely to end at 5.0%. The
slowdown in manufacturing and ban in mining sectors in Goa, Karnataka and
Odisha coupled with supply side constraints contributed to low industrial
growth. The agriculture sector was hugely affected owing to poor monsoon,
recording a deficit of 13% throughout the country. Overall moderation in the
economy is due to weak external demand, structural bottlenecks, increasing
interest rates & twin deficits, high inflation and declining business
confidence.
The commercial vehicle (CV)
industry is considered to be the key barometer of economic activity. The
industry entered a cyclical phase in 2012-13, after witnessing volume growth of
over 30% in 2009-10 and 2010-11. The industrial growth measured by Index of
industrial production witnessed a flat growth of 0.9% during the period April
2012 to February 2013. The mining output dropped by (2.5%), manufacturing
output which contributes to 75% of total industrial production witnessed only a
growth of 1.0% and electricity generation expanded by 4.0% during the period
April 2012 to February 2013. Weak industrial growth has resulted in lower
utilization rates of trucks. Low freight availability has affected
transporters' profitability and the delinquencies in CV loans is also showing
an increasing trend to as high as 95% owing to limited credit availability
The development of road
infrastructure is a key factor that influences the growth of the Indian
commercial vehicle industry. The newly set up Cabinet Committee on Investment
(CCI) in January 2013 to provide faster clearance and approval of major
infrastructure projects, has cleared Rs.740000.000 Millions worth projects
during January and February 2013. However, the government's action of speeding
up the reforms in terms of land acquisition, regulatory clearance, power
distribution and fuel linkage will result in increased investments and
participation from the private players.
Owing to the above growth
enablers and constraints, the commercial vehicle industry registered a
declining performance in 2012-13 with 24% drop in Medium and Heavy Commercial
Vehicles (M&HCV) sales volume to 287,282 units in 2012-13 from 377,711
units in 2011-12.
BUSINESS OUTLOOK
AND OVERVIEW
The economic growth outlook
for the year 2013-14 to be in the range of 6 - 6.5% as estimated by various rating
agencies and Government bodies. Prime Minister's Economic Advisory Council
(PMEAC) has also indicated the economy to have bottomed out end of March 2013
and is likely to recover in 2013-14 on the back of external demand and recent
policy measures by government. The growth for 2013-14 is likely to be driven by
gradual recovery in industrial production, normal monsoon for the agricultural
activity and steady growth in services sector. The government has started
addressing the supply-side constraints that would activate the flow of shelved
investments into the economic cycle. The industry is expected to perform better
than last year as the leading industry indicators suggest a turnaround in IIP
(Index for Industrial Production) growth owing to low base effects. Overall the
domestic growth outlook for 2013-14 looks a little better than in 2012-13. The
Society of Indian Automobile Manufactures (SIAM) has projected a marginal
recovery of 1 - 3% in the M&HCV goods category for the period 2013-14. With
the increasing acceptance of hub-and-spoke model of transportation, the Light
Commercial Vehicle (LCV) goods carrier sales is expected to increase in the
range of 10 - 12% in FY ‘14.
OPERATIONS REVIEW
MANUFACTURING
During the year as part of
expansion and to set up a plant near the major customers, the company completed
the construction of its plant near Lucknow in the State of Uttar Pradesh. The
company commenced trial production during March 2013 and the commercial
production is expected to be started in June 2013.
The Company's manufacturing
facilities follow the best practices such as Total Quality Management (TQM),
Total Productive Maintenance (TPM) and Lean Manufacturing and has best-in-class
practices for safety, work environment, water and energy conservation. These
initiatives are deployed companywide to achieve significant improvement in
productivity and reduction in manufacturing cost. Continuous improvement
actions are implemented to improve manufacturing quality and productivity in
all the manufacturing locations.
During the year, the
company obtained the national award for excellence in cost management from the
Institute of Cost Accountants of India for the second time in a row. Other
awards won by the company include "Best efforts in value engineering and
cost reduction in 2011-12" award from MAN, "Long association
award" from AMW, "Outstanding contribution to new product development
award" from VECV, "Best kaizen" award from Ashok Leyland. The
company also received certificate of appreciation for "Best Poka
Yoke" from Mahindra and Mahindra and for safety practices from Government
of Tamil Nadu.
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
FIXED ASSETS
v
Land
v
v
Buildings
v
Plant and Machinery, Dies and Jigs
v
Furniture, Fixtures and Equipments
v
Vehicles
v Others Fixed
Assets (Intangibles)
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, fund 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.59.26 |
|
|
1 |
Rs.99.63 |
|
Euro |
1 |
Rs.80.59 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
76 |
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.