MIRA
INFORM REPORT
|
Report Date : |
09.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
WABCO INDIA LIMITED (w.e.f. 06.09.2011) |
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Formerly Known
As : |
WABCO-TVS (INDIA) LIMITED (w.e.f. 03.05.2007) AUTO ( |
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Registered
Office : |
Plot No.3 (SP), III Main Road, Ambattur Industrial Estate, Chennai –
600058, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.11.2004 |
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Com. Reg. No.: |
18-054667 |
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Capital
Investment / Paid-up Capital : |
Rs.94.838
millions |
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CIN No.: [Company Identification
No.] |
L34103TN2004PLC054667 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEW03321D |
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PAN No.: [Permanent Account No.] |
AAFCA6421P |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacture of air brake actuation systems for commercial vehicles. |
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No. of Employees
: |
1,112 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (76) |
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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 30000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track. The company possesses a healthy financial profile marked by favourable
networth base and sound liquidity coupled with zero net debt position during
FY 14. Management has maintained a decent revenue base whereas, has reported
a slight dip in its net profitability and margins amid slowdown in the medium
and heavy commercial vehicles space in India. However, trade relations are trustworthy. Business is active. Payment
terms are reported as regular and as per commitments. In view of strong presence and receipent of timely support from WABCO
Group, the company can be considered for business dealings at usual trade 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of Investigation
books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
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 |
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Tel. No.: |
91-44-30902600/ 42242000 |
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Fax No.: |
91-44-26211278/ 30902609/ 42242009 |
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E-Mail : |
madhavan.rajagopalan@wabco-auto.com |
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Website : |
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Factory 2 : |
Large Sector,
Adityapur Industrial Area, Gamharia, Seraikella-Kharsawan - 832 108, District
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Tel. No.: |
91-657-6616800 |
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Fax No.: |
91-657-2387997 |
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Factory 3 : |
Plot No.AA8,
Central Avenue, Auto Ancillary SEZ, Mahindra World City, Natham Sub-Post,
Chengalpet, Kancheepuram District - 603 002,
Tamilnadu, India |
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Tel. No.: |
91-44-47442000 |
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Fax No.: |
91-44-47490006 |
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Factory 4: |
Plot No.11, Sector 4, SIDCUL, IIE Pantnagar, Rudrapur Udham Singh Nagar - 263 153, Uttarakhand, India |
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Tel. No.: |
91-5944-250885 |
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Factory 5: |
KH 159-162, 164 Village Dhakauli Nawabganj, Barabanki Dewa Road, Somaiya Nagar, Barabanki Lucknow -225 123, Uttar Pradesh, India |
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Tel. No.: |
91-5248-230065 |
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Software Design Centres : |
“Ispahani
Centre”, 7th and 5th Floor, |
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Tel. No.: |
91-44-28285000 |
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Fax No.: |
91-44-28332212 |
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Global Headquarters : |
WABCO Chaussée de Wavre, 1789, 1160 Tel: +32 2 663 98 00 Fax: +32 2 675 43 42 WABCO Holdings Inc. Tel: +1 732 369 7450 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. M Lakshminarayan |
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Designation : |
Chairman |
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Name : |
Mr. P Kaniappan |
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Designation : |
Whole-time Director |
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Name : |
Mr. Darius Erachshaw Udwadia |
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Designation : |
Director |
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Address : |
“Empress Court” 142 M-Karve Road, Mumbai – 400020, Maharashtra, India |
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Date of Birth/Age : |
27.09.1939 |
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Date of Appointment : |
07.05.2008 |
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DIN No.: |
00009755 |
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Name : |
Mr. Leon Liu |
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Designation : |
Director |
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Address : |
99, Longisland Villa, 3558 Kunyang Road, Shanghai, China 201111 |
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Date of Birth/Age : |
13.11.1961 |
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Date of Appointment : |
07.05.2008 |
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DIN No.: |
00771554 |
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Name : |
Mr. Narayan Keelveedhi Seshadri |
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Designation : |
Director |
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Address : |
Flat No.10, 7th Floor, Skylark Co-op Housing Society Limited,
Little Gibbs Road, Malabar Hill, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
13.04.1957 |
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Date of Appointment : |
11.06.2008 |
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DIN No.: |
00053563 |
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Name : |
Mr. Trevor Lucas |
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Designation : |
Director |
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Address : |
Avenue Marcel Thiry 20 B3 (Wolvwe) Brussels, 1200 Belgium |
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Date of Birth/Age : |
03.06.1948 |
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Date of Appointment : |
30.07.2009 |
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DIN No.: |
01627818 |
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Name : |
Mr. Vincent Roland Pickering |
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Designation : |
Director |
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Address : |
Luxor Park 3, Auderghem, Brussels, 1160 Belgium |
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Date of Birth/Age : |
27.09.1968 |
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Date of Appointment : |
23.05.2012 |
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DIN No.: |
05256840 |
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Name : |
Michael Edward Thompson |
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Designation : |
Director |
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Address : |
Drive De Bonne Odeur 7, Watermael Boitsfort 1170 Belgium |
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Date of Birth/Age : |
29.10.1968 |
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Date of Appointment : |
24.07.2013 |
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DIN No.: |
05334715 |
KEY EXECUTIVES
|
Name : |
Mr. N Sivalai Senthil Nathan |
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Designation : |
Company Secretary |
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Address : |
Plot No.5055, T2 – Laxmivel Apartments, 21st Main Road, Anna Nagar West, Chennai – 600042, Tamilnadu, India |
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Date of Birth/Age : |
13.11.1969 |
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Date of Appointment
: |
15.05.2013 |
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PAN No.: |
ALMPS6255Q |
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Name : |
T.S. Rajagopalan |
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Designation : |
Chief Financial Officer |
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Audit Committee : |
· Mr. Narayan K. Seshadri - Chairman · Mr. D.E. Udwadia · Mr. Trevor Lucas |
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Stakeholders
Relationship Committee #: |
· Mr. D E Udwadia $, Chairman · Mr. Narayan K Seshadri @ · Mr. P Kaniappan · Mr. Trevor Lucas |
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Nomination and
Remuneration Committee |
· Mr. Narayan K Seshadri,Chairman · Mr. M Lakshminarayan · Mr. D E Udwadia · Mr. Leon liu · Mr. Vincent Pickering |
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Corporate Social
Responsibility Committee |
· Mr. M Lakshminarayan, Chairman · Mr. Leon Liu · Mr. P Kaniappan · Mr. Trevor Lucas |
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Note: # formerly known as Investors' Grievance Committee $ from 20th May 2014 @up to 20th May 2014 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
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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14225684 |
75.00 |
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|
14225684 |
75.00 |
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Total shareholding of Promoter and Promoter Group (A) |
14225684 |
75.00 |
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(B) Public Shareholding |
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|
1721699 |
9.08 |
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|
1824 |
0.01 |
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|
461088 |
2.43 |
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|
2184611 |
11.52 |
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|
718048 |
3.79 |
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|
1598619 |
8.43 |
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|
209402 |
1.10 |
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|
31220 |
0.16 |
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|
31220 |
0.16 |
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|
2557289 |
13.48 |
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Total Public shareholding (B) |
4741900 |
25.00 |
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Total (A)+(B) |
18967584 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
18967584 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of air brake actuation systems for commercial
vehicles. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
1,112 (Approximately) |
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Bankers : |
· State Bank of India Corporate
Accounts Group Branch, 64 Greams Road, Chennai – 600006, Tamilnadu, India · BNP Paribas Prince Towers, 3rd Floor, 25/26 College Road, Chennai - 600 006, Tamilnadu, India · Citibank N.A. 3rd Floor, 2 Club House Road, Chennai 600 002, Tamilnadu, India |
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Banking
Relations : |
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Auditors : |
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Name : |
S.R. Batliboi and Associates Chartered Accountants |
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Address : |
Tidel Park, 6th and 7th Floor,
A - Block (Module 601, 701-702), 4, Rajiv Gandhi Salai, Chennai - 600113,
Tamilnadu, India |
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PAN No.: |
AABFS3421N |
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Solicitors and Advocates : |
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Name : |
Udwadia and Udeshi Solicitors and Advocates |
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Address : |
Elphinstone
House, 1st Floor, |
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Holding company: |
· WABCO Asia Private Limited, Singapore (Subsidiary of Clayton Dewandre Holdings Limited, Rotterdam, The Netherlands from 28th June 2013. Till 27th June 2013 subsidiary of Clayton Dewandre Holdings Limited, Rotterdam, The Netherlands.) |
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Ultimate holding company: |
· WABCO Holdings Inc., USA |
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Fellow Subsidiary companies: |
· WABCO Fahrzeugsysteme, GmbH, Germany · WABCO China Company Limited, China · WABCO France SAS, France · Meritor WABCO Vehicle Control Systems, US · Shandong Weiming Automotive Products Company Limited, China · WABCO (Shanghai) Management Company Limited, China · WABCO Automotive South Africa · WABCO Automotive UK Ltd, United Kingdom · WABCO Asia Private Limited, Singapore (Till 27th June 2013) · WABCO Compressor Manufacturing Company. US · WABCO Hong Kong Limited, Hong Kong · WABCO Japan Inc, Japan · WABCO Korea Limited, Korea · WABCO Polska Sp.z o.o. Poland · WABCO Polska Sprzedaz Sp. Z o.o. Poland · WABCO Development Gmbh, Germany · WABCO Logistik GmbH, Germany · WABCO Australia Pty Limited, Australia · WABCO Europe BVBA, Belgium · WABCO Austria GesmbH, Austria · WABCO Belgium BVBA, Belgium · WABCO Financial Services SPRL;Belgium · Tavares NV, Belgium · Transics NV, Belgium · FLC NV · Transics Belux NV, Belgium · Transics Deutschland GmbH, Germany · Transics Italia S.R.L · Delta Industrie Service SARL, France · Transics France SARL, France · Transics Ireland Limited, Ireland · Carrierweb B.V, Netherlands · Transics Nederland B.V · Transics Telemática Espańa · WABCO do Brasil Industria e Comercio de Freios Ltda, Brazil · WABCO Brzdy K Vozidlum spol S.R.O, Czech Republic · WABCO Gmbh, Germany · WABCO Radbremsen Gmbh, Germany · WABCO Automotive Italia SRL, Italy · WABCO BV, Netherlands · WABCO Europe Holdings BV, Netherlands · WABCO Espana SLU, Spain · WABCO Automotive AB, Sweden · WABCO (Schweiz) Gmbh, Switzerland · WABCO Automotive B.V, Netherlands · WABCO ARAC Kontrols Sistemleri Destek VE Pazarlama Limited Sirketi, Turkey · WABCO Middle East and Africa FZCO, Dubai · WABCO IP Holdings LLC, US · WABCO Automotive Products Limited, Cayman · WABCO Air Compressor Holdings Inc.,US · WABCO Automotive Control Systems Inc.,US · WABCO Group Inc.,US · WABCO Group International Inc.,US · WABCO Logistics (Quingdao) Company Limited, China · WABCO North America LLC, US · WABCO Expats Inc. · WABCO (Thailand) Limited · Guang Dong WABCO Fuwa Vehicle Brakes Co Limited · Ephicas BV, Netherlands · WABCO Foundation Brakes Private Limited, Chennai · WABCO International LLC, US · WABCO Europe Holdings LLC, US · Ephicas Patents BVBA; · WABCO France S.A.S. · WABCO Services S.A.S, France · WABCO WURTH Workshop Services GmbH · WABCO Testbahn GmbH, Germany · WABCO Holding GmbH, Germany · WABCO Systeme GmbH, Germany · WABCO Holdings B.V., Netherlands · WABCO Sandown B.V., Netherlands · WABCO CV, Netherlands · WABCO RUS LLC. · WABCO Vostok LLC, Russia · WABCO Centro de Distribuicao de pecas Automotives Ltda, Brazil · Clayton Dewandre Holdings Limited, Rotterdam, The Netherlands (from 28th June 2013) · WABCO Automotive Pensions Trustees Limited, UK ·
WABCO Automotive U.K. Limited, UK |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.5/- each |
Rs.100.000 Millions |
|
|
|
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18967584 |
Equity Shares |
Rs.5/- each |
Rs.94.838
Millions |
|
|
|
|
|
Note:
Total issued, subscribed and fully paid-up share capital
a. There is no movement of the shares outstanding during the financial year.
b. Terms / rights attached to equity shares
The Company has only one class of equity shares having a par value of Rs 5 per share. Each holder of equity shares is entitled to one vote per share. During the year ended 31 March 2014, the amount of per share dividend proposed as distributions to equity shareholders is Rs 5 (31st March 2013: Rs 5) which is subject to approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the assets of the Company, in proportion to the number of equity shares held by the shareholders.
c. Shares held by holding company
Out of equity shares issued by the Company, shares held by its holding company are as below:
(In Millions)
|
In Number of shares |
31st March 2014 |
|
WABCO Asia Private Limited, Singapore 1,42,25,684 (31st March 2013 - 1,42,25,684 shares held by Clayton Dewandre Holdings Limited, Rotterdam, Holding company) Equity shares of Rs 5 each fully paid |
71.128 |
Aggregate number of
bonus shares issued, share issued for consideration other than in cash and shares
bought back during the period of five years immediately preceding the reporting
date:
(In Millions)
|
In Number of shares |
31st March 2014 |
|
Equity shares allotted as fully paid-up pursuant to contracts for consideration other than in cash |
18.968 |
Details of
shareholders holding more than 5% shares in the Company
|
Name of the
shareholder |
As at 31st March 2014 |
|
|
|
In numbers |
Holding in the
class |
|
Equity shares of Rs 5 each fully paid |
|
|
|
WABCO Asia Private Limited, Singapore Clayton Dewandre Holdings Limited, Rotterdam, Holding Company |
1,42,25,684 |
75% |
As per of the company, including its register of members, the above shareholding represents both legal and beneficial ownerships of shares.
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 |
94.838 |
94.838 |
94.838 |
|
(b) Reserves & Surplus |
7456.969 |
6393.147 |
5196.220 |
|
(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) |
7551.807 |
6487.985 |
5291.058 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
161.446 |
117.064 |
109.329 |
|
(c) Other long term
liabilities |
0.400 |
0.400 |
0.600 |
|
(d) long-term provisions |
166.056 |
142.708 |
116.237 |
|
Total
Non-current Liabilities (3) |
327.902 |
260.172 |
226.166 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
1420.270 |
1024.745 |
1080.184 |
|
(c) Other current liabilities |
49.773 |
29.753 |
25.231 |
|
(d) Short-term provisions |
128.095 |
128.560 |
146.918 |
|
Total
Current Liabilities (4) |
1598.138 |
1183.058 |
1252.333 |
|
|
|
|
|
|
TOTAL |
9477.847 |
7931.215 |
6769.557 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3034.477 |
2620.875 |
2297.537 |
|
(ii) Intangible Assets |
30.089 |
14.120 |
4.828 |
|
(iii) Capital work-in-progress |
111.016 |
254.208 |
127.620 |
|
(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 |
236.926 |
156.552 |
182.655 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
3434.532 |
3067.779 |
2634.664 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
480.000 |
232.500 |
210.000 |
|
(b) Inventories |
1124.441 |
1356.247 |
1157.624 |
|
(c) Trade receivables |
2314.738 |
1898.353 |
1574.986 |
|
(d) Cash and cash equivalents |
1554.053 |
991.334 |
809.949 |
|
(e) Short-term loans and
advances |
563.401 |
384.336 |
381.284 |
|
(f) Other current assets |
6.682 |
0.666 |
1.050 |
|
Total
Current Assets |
6043.315 |
4863.436 |
4134.893 |
|
|
|
|
|
|
TOTAL |
9477.847 |
7931.215 |
6769.557 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
11107.009 |
9,659.24 |
10,456.42 |
|
|
Other Income |
272.118 |
126.35 |
120.59 |
|
|
TOTAL
(A) |
11379.127 |
9785.588 |
10577.014 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
6328.763 |
5,108.09 |
5,792.64 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
9.935 |
63.807 |
(69.274) |
|
|
Employees benefits expense |
1252.548 |
1070.10 |
934.106 |
|
|
Other expenses |
1854.256 |
1476.75 |
1599.68 |
|
|
TOTAL
(B) |
9445.502 |
7718.751 |
8257.151 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
1933.625 |
2066.837 |
2319.863 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.446 |
0.176 |
1.188 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1932.179 |
2066.661 |
2318.675 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
321.509 |
217.178 |
156.372 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
1610.670 |
1849.483 |
2162.303 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
435.892 |
541.600 |
628.307 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
1174.778 |
1307.883 |
1533.996 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4021.029 |
3324.102 |
2200.329 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
120.000 |
500.000 |
300.000 |
|
|
Dividend |
94.838 |
94.838 |
94.838 |
|
|
Tax on Dividend |
16.118 |
16.118 |
15.385 |
|
|
Balance
Carried to the B/S |
4964.851 |
4021.029 |
3324.102 |
|
|
|
|
|
|
|
|
Raw Materials |
155.255 |
980.048 |
818.741 |
|
|
Components and Stores parts |
6.784 |
54.087 |
38.812 |
|
|
Capital Goods |
32.233 |
96.194 |
180.207 |
|
|
TOTAL
IMPORTS |
194.272 |
1130.329 |
1037.760 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
61.94 |
68.95 |
80.87 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
10.32 |
13.37 |
14.50 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.50 |
19.15 |
20.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.24 |
24.16 |
32.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.29 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.78 |
4.11 |
3.30 |
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 |
94.838 |
94.838 |
94.838 |
|
Reserves & Surplus |
5196.220 |
6393.147 |
7456.969 |
|
Net
worth |
5291.058 |
6487.985 |
7551.807 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
10456.424 |
9659.238 |
11107.009 |
|
|
|
(7.624) |
14.988 |
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 |
10456.424 |
9659.238 |
11107.009 |
|
Profit |
1533.996 |
1307.883 |
1174.778 |
|
|
14.67% |
13.54% |
10.58% |
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 |
-- |
|
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 |
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
PERFORMANCE
During the year 2013-14, sales of medium and heavy commercial vehicles (M and HCV), dropped by 21% over the previous year. The Company achieved a total revenue from operations and other income of Rs.11380.000 Millions as against turnover of Rs.9780.000 Millions in the previous year, an increase of 16%. After market sales segment registered a growth of 7% over the previous year and exports segment registered a growth of 110% over the previous year.
BUSINESS OUTLOOK AND
OVERVIEW
India's economic performance remains muted for the time being, restrained by a high cost of financing and a difficult business environment that reflects heavy bureaucracy and weak infrastructure, particularly in terms of transport, energy and information technology. Growth: The economic growth outlook for the year 2014-15 is to be in the range of 5.0%~6.5% as estimated by various rating agencies and Government bodies, on the back of a recuperating export sector contributed by global recovery, and a pick-up in investment that reflects authorities' efforts to clear structural bottlenecks delaying large industrial projects. The mining sector, which has been plagued by policy issues since July 2011, is also forecast to expand for the first time in three years. Consumer spending growth will likely remain modest relative to historical standards due to weak confidence and high inflation that is eroding households' real incomes.
Inflation and Monetary Context: For more than a year now, inflation continues to remain untamed. Meanwhile, leakages in the food and petroleum sectors the two key drivers of inflation persist. And critical road and rail infrastructure projects are progressing only slowly, preventing Indian businesses from exploiting the shortest possible routes to efficiently transport food, raw materials and petroleum products. The Reserve Bank of India (RBI) aims to guide consumer price inflation to below 8% by January 2015 - and gradually to 4% over a three year horizon as part of its process to move toward an inflation-targeting monetary policy framework. As a favourable monsoon last year is limiting food cost gains, consumer price inflation has dropped in the past few months. The RBI noted that conditional on enduring disinflation; further monetary tightening is not anticipated in the near term.
CORPORATE INFORMATION
Subject 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, WABCO Holdings Inc., executed its step acquisition in WABCO and
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 WABCO Holdings Inc. On June 28, 2013, M/s. Clayton
Dewandre Holdings Limited, Rotterdam holding 75% of the equity shares of the
company transferred the entire holding to M/s. WABCO Asia Private Limited,
Singapore, a subsidiary of M/s. Clayton Dewandre Holdings Limited, Rotterdam.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2014 |
|
|
|
|
Denial of Cenvat credit under Excise laws |
0.016 |
|
Reopening of assessment under Section 147 of Income tax Act for the 2006-07 |
101.059 |
|
Reversal of service tax credit on certain inputs under the Service tax laws |
10.251 |
|
Levy of infrastructure and amenities charges by the Tamilnadu Town and Country Planning Department |
4.925 |
|
Property tax levied by Anjur Village Panchayat |
9.168 |
|
In respect all the above, based on legal advice obtained, the management is of the view that the above claims are not tenable and the same can be successfully contested and hence no provision has been made in the accounts. |
|
FIXED ASSETS
· Land
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Office and Other Equipment
· Vehicles
· Computer Software and licences
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
|
|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.77.65 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
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.