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MIRA INFORM REPORT
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Report No. : |
488391 |
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Report Date : |
25.01.2018 |
IDENTIFICATION DETAILS
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Name : |
WIPRO LIMITED (w.e.f 28.04.1984) |
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Formerly Known
As : |
WIPRO PRODUCTS LTD (w.e.f 07.06.1977) WESTERN INDIA VEGETABLE PRODUCTS LIMITED |
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Registered
Office : |
Doddakannelli, Sarjapur Road, Bangalore – 560035,
Karnataka |
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Tel. No.: |
91- 80 28440011 |
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Country : |
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Financials (as
on) : |
31.03.2017 |
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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 : |
INR 4861.000 Million |
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CIN No.: [Company Identification
No.] |
L32102KA1945PLC020800 |
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IEC No.: |
0488006040 |
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GSTIN: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACW0387R |
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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
: |
Provider of IT Services, including Business Process Services (BPS) services, globally and IT Products. [Registered Activity] |
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No. of Employees
: |
137688 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A++ |
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a third largest Indian player in the Global IT Services outsourcing Industry. The company was incorporated in the year 1945 For the financial year 2017, the revenue of the company has increased by 2.14% along with fair profit margin of 17.88%. The robust financial profile of the company is marked by healthy networth base along with strong debt coverage indicators due to low debt balance sheet profile. The company has decent earning per shares (EPS) of INR 33.61 against the face value (FV) of INR 02. The rating takes into consideration the subject’s long track record of business operations along with extensive experience of its promoters. The company has its share price trading at around INR.312 against the face value (FV) of INR 02 on BSE as on 25thJanuary, 2018. Business is active. Payments are reported to be regular. In view of aforesaid, the company can be considered for 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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
Fund Based : AAA |
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Rating Explanation |
Highest degree of safety and carry lowest
credit risk. |
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Date |
31.07.2017 |
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Rating Agency Name |
ICRA |
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Rating |
Non Fund Based : A1+ |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
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Date |
31.07.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 25.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
Management non-cooperative (Tel No.:91-80-28440011)
LOCATIONS
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Registered
Office / Corporate Office 1: |
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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Corporate
Office 2 : |
122, Part 1, EPIP, Bangalore – 560066, Karnataka, India.
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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, Ahmed Plaza, No.38/ 1 & 2, Bertenna Agrahara,
Hosur Main Road, Bangalore - 560 068, Karnataka, India > 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-ll, 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 31.03.2017
|
Name : |
Azim Hasham Premji |
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Designation : |
Managing Director |
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Address : |
75,133,135.1,136.1 Doddakannalli Village, Sarjapur Road, Bangalore -
560035, Karnataka, India |
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Date of Appointment : |
31.07.2007 |
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DIN No.: |
00234280 |
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Name : |
Rishad Azim Premji |
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Designation : |
Whole Time Director |
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Address : |
C-8, Epsilon Villa, Yemlur Marathahalli, Bangalore - 560037,
Karnataka, India |
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Date of Appointment : |
01.05.2015 |
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DIN No.: |
02983899 |
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Name : |
Narayanan Vaghul |
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Designation : |
Director |
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Address : |
New No 63, Old No 32, First Main Road, Raja Annamalaipuram, Chennai -
600028 Tamilnadu, India |
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Date of Appointment : |
18.07.2007 |
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DIN No.: |
00002014 |
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Name : |
Ashok Sekhar Ganguly |
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Designation : |
Director |
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Address : |
N 6 Pemino Altamount Road, Mumbai - 400026, Maharashtra, India |
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Date of Appointment : |
01.01.1999 |
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DIN No.: |
00010812 |
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Name : |
Mahendrakumar Sharma |
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Designation : |
Director |
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Address : |
192 Centrum Towers, Barkhat Ali Road, Near Wadala Flyover, Wadala
East, Mumbai - 400037, Maharashtra, India |
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Date of Appointment : |
01.07.2011 |
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DIN No.: |
00327684 |
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Name : |
William Owens |
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Designation : |
Director |
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Address : |
Owens William Arthur 510, Lake St B 302, Kirkland Wa 98033 Us |
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Date of Appointment : |
01.07.2006 |
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DIN No.: |
00422976 |
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Name : |
Ireena Vittal |
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Designation : |
Director |
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Address : |
4 Alhambra Carmichael Road, Mumbai - 400026, Maharashtra, India |
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Date of Appointment : |
01.10.2013 |
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DIN No.: |
05195656 |
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Name : |
Patrick John Ennis |
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Designation : |
Director |
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Address : |
No. 1435, Forester Boulevard Sw North Bend Washington D C 98045 Us |
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Date of Appointment : |
01.04.2016 |
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DIN No.: |
07463299 |
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Name : |
Patrick Lucien Andre Dupuis |
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Designation : |
Director |
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Address : |
88 E San Fernando Street, Unit 1902 San Jose, California 95113 Us |
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Date of Appointment : |
01.04.2016 |
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DIN No.: |
07480046 |
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Name : |
Abidali Zainuddin Neemuchwala |
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Designation : |
Additional Director |
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Address : |
1036 Village Pkwy Coppell Tx 75019 Dallas 75019 Us |
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Date of Appointment : |
01.02.2016 |
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DIN No.: |
02478060 |
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PAN No.: |
ADZPA0207F |
KEY EXECUTIVES
|
Name : |
Sanaulla Mohammed Khan |
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Designation : |
Company Secretary |
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Address : |
Flat No.3015, Prestige Silver Dale, Junnasandra Opposite Wipro
Corporate Office, Sarjapu R Road, Bangalore -560035, Karnataka, India |
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Date of Appointment : |
03.06.2015 |
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PAN No.: |
ACIPM1846L |
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Name : |
Jatin Pravinchandra Dalal |
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Designation : |
Chief Finance Officer |
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Address : |
262, Embasy Meadows , 8 CRS, 1a MN, St Bed Layout Koramangala 4 Blk,
Bangalore - 560034, Karnataka, India |
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Date of Appointment : |
01.04.2015 |
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PAN No.: |
ABBPD6070F |
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Name : |
Abidali Zainuddin Neemuchwala |
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Designation : |
Chief Executive Officer |
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Address : |
1036 Village Pkwy Coppell Tx 75019 Dallas 75019 Us |
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Date of Appointment : |
01.02.2016 |
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PAN No.: |
ADZPA0207F |
SHAREHOLDING PATTERN
AS ON 31.12.2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated as per SCRR,
1957)As a % |
|
|
(A) Promoter & Promoter Group |
3361997805 |
74.33 |
|
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(B) Public |
1137162139 |
25.14 |
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(C2) Shares held by Employee Trust |
24190993 |
0.53 |
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(C) Non Promoter-Non Public |
24190993 |
0.53 |
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Grand Total |
4523350937 |
100.00 |
Statement showing shareholding pattern of the Promoter and
Promoter Group
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated as per SCRR,
1957)As a % |
|
|
A1) Indian |
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||
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Individuals/Hindu undivided Family |
190838864 |
4.22 |
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Azim H Premji |
186810200 |
4.13 |
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Yasmeen A Premji |
2125332 |
0.05 |
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Rishad Azim Premji |
1373332 |
0.03 |
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Tariq Azim Premji |
530000 |
0.01 |
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Any Other (specify) |
3171158941 |
70.11 |
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Mr. Azim Hasham Premji Partner Representing
Hasham Traders |
741912000 |
16.40 |
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Mr. Azim Hasham Premji Partner Representing
Prazim Traders |
890813582 |
19.69 |
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Mr. Azim Hasham Premji Partner Representing
Zash Traders |
903239580 |
19.97 |
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Hasham Investment and Trading Co Pvt Ltd |
1125996 |
0.02 |
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Azim Premji Trust* |
618461626 |
13.67 |
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Azim Premji Philanthropic Initiatives
Private Limited** |
15606157 |
0.35 |
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Sub Total A1 |
3361997805 |
74.33 |
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A2) Foreign |
0.00 |
||
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A=A1+A2 |
3361997805 |
74.33 |
Statement showing shareholding pattern of the Public
shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957 As a % |
|
|
B1) Institutions |
0.00 |
||
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Mutual Funds/ |
72655650 |
1.61 |
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Foreign Portfolio Investors |
442564082 |
9.78 |
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FIRST STATE INVESTMENTS ICVC- STEWART
INVESTORS ASIA PACIFIC LEADERS FUND |
57847533 |
1.28 |
|
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Financial Institutions/ Banks |
25007611 |
0.55 |
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Insurance Companies |
145386535 |
3.21 |
|
|
LIFE INSURANCE CORPORATION OF INDIA |
141626735 |
3.13 |
|
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Any Other (specify) |
37374979 |
0.83 |
|
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FOREIGN BODIES-DR |
66561 |
0.00 |
|
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OVERSEAS CORPORATE BODIES |
23544 |
0.00 |
|
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FOREIGN NATIONALS |
37284874 |
0.82 |
|
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Sub Total B1 |
722988857 |
15.98 |
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B2) Central Government/ State Government(s)/
President of India |
0.00 |
||
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B3) Non-Institutions |
0.00 |
||
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Individual share capital upto INR 0.200
million |
90163845 |
1.99 |
|
|
Individual share capital in excess of INR
0.200 million |
144357082 |
3.19 |
|
|
NBFCs registered with RBI |
45408 |
0.00 |
|
|
Overseas Depositories (holding DRs)
(balancing figure) |
101045805 |
2.23 |
|
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JP MORGAN CHASE BANK, NA |
101045805 |
2.23 |
|
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Any Other (specify) |
78561142 |
1.74 |
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Sub Total B3 |
414173282 |
9.16 |
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|
B=B1+B2+B3 |
1137162139 |
25.14 |
Statement showing shareholding pattern of the Non Promoter-
Non Public shareholder
|
Category & Name of the Shareholders(I) |
Total no. shares held(VII = IV+V+VI) |
Shareholding % calculated as per SCRR, 1957 As a % |
|
|
C1) Custodian/DR Holder |
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||
|
C2) Employee Benefit Trust |
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||
|
Employee Benefit Trust |
2,41,90,993 |
0.53 |
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Sub Total C2 |
2,41,90,993 |
0.53 |
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|
C= C1+C2 |
2,41,90,993 |
0.53 |
BUSINESS DETAILS
|
Line of Business : |
Provider of IT Services, including Business Process
Services (BPS) services, globally and IT Products. [Registered
Activity] |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
150,000 (Approximately) |
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Bankers : |
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Facilities : |
(1) Current obligation under financial lease amounting to INR 1108.000 million (March 31, 2016 and April 1, 2015: INR 836.000 million and INR 586.000 million respectively) . (2) Current maturities of term loans amounting to INR 342.000 million (March 31, 2016 and April 1, 2015: INR 333.000 million and INR 104.000 million respectively) |
|
Auditors : |
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|
Name : |
BSR and Company LLP Chartered Accountants |
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Address : |
5th Floor, Lodha Excelus, Apollo Millis Compound, N M Joshi
Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
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Tel. No.: |
91-22-43455300 |
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Fax No.: |
91-22-43455399 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries: |
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Entity controlled
by promoters |
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Common Directors |
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Joint venture
between Wipro Enterprises Private Limited and General Electric |
Wipro GE Healthcare Private Limited |
CAPITAL STRUCTURE
After 19.07.2017
Authorised Capital : INR 11265.000 Million
Issued, Subscribed & Paid-up Capital : INR 9733.382
Million
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2917500000 |
Equity Shares |
INR 2/- each |
INR 5835.000 Million |
|
25000000 |
Redeemable Cumulative Preference Shares |
INR 10/- each |
INR 250.000 Million |
|
150000 |
Convertible Cumulative Preference Shares |
INR 100/- each |
INR 15.000
Million |
|
|
Total |
|
INR 6100.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2430900565 |
Equity Shares |
INR 2/- each |
INR 4861.000
Million |
|
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|
|
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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 recognized as distributions to equity
shareholders:
|
Particulars |
31.03.2017 |
|
|
INR In Million |
|
Interim dividend |
2.000 |
|
Final dividend |
|
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 31.03.2017 |
|
|
No. of Shares |
INR in Million |
|
|
Opening number
of equity shares / American Depository Receipts (ADRs) outstanding |
2470713290 |
4941.000 |
|
Equity shares/American Depository Receipts (ADRs) issued pursuance to Employee Stock Option Plan |
187275 |
^ (^ Value is less than INR 1) |
|
Buyback of Equity shares/ American Depository Receipts (ADRs) |
(40000000) |
(80.000) |
|
Closing number of equity shares / ADRs outstanding |
2430900565 |
4861.000 |
Details of
shareholders holding more than 5% of the total equity shares of the Company
|
Name of the Shareholder |
As on 31.03.2017 |
|
|
No. of Shares |
% held |
|
|
Azim Hasham Premji Partner representing Hasham Traders |
370956000 |
15.26 |
|
Azim Hasham Premji Partner representing Prazim Traders |
452906791 |
18.63 |
|
Azim Hasham Premji Partner representing Zash Traders |
451619790 |
18.58 |
|
Azim Premji Trust |
399065641 |
17.39 |
Other details of
Equity Shares for a period of five years immediately preceding March 31, 2016
|
Particular |
31.03.2017 |
|
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) |
-- |
|
Aggregate number of shares allotted as fully paid bonus shares |
-- |
|
Aggregate number of shares bought back |
40000000 |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
4861.000 |
4941.000 |
4937.000 |
|
(b) Reserves & Surplus |
462195.000 |
407316.000 |
341279.000 |
|
(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) |
467056.000 |
412257.000 |
346216.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
11463.000 |
11465.000 |
10632.000 |
|
(b) Deferred tax liabilities
(Net) |
1391.000 |
722.000 |
567.000 |
|
(c) Other long term
liabilities |
9527.000 |
3991.000 |
281.000 |
|
(d) long-term provisions |
3733.000 |
8695.000 |
2736.000 |
|
Total
Non-current Liabilities (3) |
26114.000 |
24873.000 |
14216.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
50186.000 |
55495.000 |
49704.000 |
|
(b) Trade payables |
38186.000 |
43623.000 |
57288.000 |
|
(c) Other current liabilities |
43758.000 |
46575.000 |
25511.000 |
|
(d) Short-term provisions |
6269.000 |
6426.000 |
41150.000 |
|
Total
Current Liabilities (4) |
138399.000 |
152119.000 |
173653.000 |
|
|
|
|
|
|
TOTAL |
631569.000 |
589249.000 |
534085.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
37555.000 |
36418.000 |
35700.000 |
|
(ii) Intangible Assets |
6067.000 |
4257.000 |
4684.000 |
|
(iii) Capital work-in-progress |
6941.000 |
3251.000 |
3612.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
59994.000 |
57811.000 |
55797.000 |
|
(c) Deferred tax assets (net) |
2352.000 |
4254.000 |
1659.000 |
|
(d) Long-term Loan and Advances |
0.000 |
1958.000 |
30710.000 |
|
(e) Other Non-current assets |
27391.000 |
27335.000 |
3368.000 |
|
(f) Trade receivables |
3998.000 |
1362.000 |
0.000 |
|
Total
Non-Current Assets |
144298.000 |
136646.000 |
135530.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
291467.000 |
204195.000 |
51888.000 |
|
(b) Inventories |
3559.000 |
5262.000 |
4794.000 |
|
(c) Trade receivables |
81299.000 |
83980.000 |
81442.000 |
|
(d) Cash and cash equivalents |
35166.000 |
84088.000 |
156675.000 |
|
(e) Short-term loans and
advances |
6151.000 |
7658.000 |
52561.000 |
|
(f) Other current assets |
69629.000 |
67420.000 |
51195.000 |
|
Total
Current Assets |
487271.000 |
452603.000 |
398555.000 |
|
|
|
|
|
|
TOTAL |
631569.000 |
589249.000 |
534085.000 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
456396.000 |
446808.000 |
412098.000 |
|
|
Other operating income |
4082.000 |
0.000 |
0.000 |
|
|
Other Income |
25700.000 |
27106.000 |
24990.000 |
|
|
TOTAL
|
486178.000 |
473914.000 |
437088.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
0.000 |
2.000 |
34.000 |
|
|
Purchases of Stock-in-Trade |
21869.000 |
26560.000 |
27964.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
1640.000 |
(531.000) |
(2543.000) |
|
|
Employees benefits expense |
218544.000 |
212671.000 |
197263.000 |
|
|
Other expenses |
122856.000 |
115017.000 |
97387.000 |
|
|
TOTAL |
364909.000 |
353719.000 |
320105.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
121269.000 |
120195.000 |
116983.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3921.000 |
5499.000 |
3629.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
117348.000 |
114696.000 |
113354.000 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
10477.000 |
8754.000 |
7784.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
106871.000 |
105942.000 |
105570.000 |
|
|
|
|
|
|
|
Less |
TAX |
25254.000 |
23937.000 |
23639.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
81617.000 |
82005.000 |
81931.000 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
159947.000 |
121769.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
8193.000 |
|
|
Proposed dividend |
NA |
NA |
17283.000 |
|
|
Tax on Dividend |
NA |
NA |
5924.000 |
|
|
Interim dividend |
NA |
NA |
12353.000 |
|
|
Total
|
NA |
NA |
43753.000 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
NA |
NA |
159947.000 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Income from sale of services
and products |
NA |
NA |
366759.000 |
|
|
Agency commission |
NA |
NA |
269.000 |
|
|
Others |
NA |
NA |
637.000 |
|
|
TOTAL
EARNINGS |
NA |
NA |
367665.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw materials, components and
peripheral |
NA |
NA |
8513.000 |
|
|
Stores parts |
NA |
NA |
160.000 |
|
|
Capital Goods |
NA |
NA |
200.000 |
|
|
TOTAL
IMPORTS |
NA |
NA |
8873.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
|
|
|
|
Basic
|
33.61 |
33.38 |
33.38 |
|
|
Diluted
|
33.51 |
33.31 |
33.28 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
342.000 |
333.000 |
104.000 |
|
Cash generated from operating activities before taxes |
97280.000 |
92266.000 |
100007.000 |
|
Net cash generated from operating activities |
73707.000 |
66867.000 |
77036.000 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
136261.000 |
134234.000 |
136690.000 |
|
Total Expenditure |
109578.000 |
106446.000 |
111820.000 |
|
PBIDT (Excl OI) |
26683.000 |
27788.000 |
24870.000 |
|
Other Income |
6553.000 |
7114.000 |
6259.000 |
|
Operating Profit |
33236.000 |
34902.000 |
31129.000 |
|
Interest |
1474.000 |
1386.000 |
1205.000 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
31762.000 |
33516.000 |
29924.000 |
|
Depreciation |
4941.000 |
5198.000 |
5278.000 |
|
Profit Before Tax |
26821.000 |
28318.000 |
24646.000 |
|
Tax |
5994.000 |
6427.000 |
5355.000 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
20827.000 |
21891.000 |
19291.000 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
20827.000 |
21891.000 |
19291.000 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
65.02 |
68.60 |
72.13 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.61 |
5.32 |
5.06 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
637.34 |
599.44 |
746.84 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
34.07 |
22.84 |
24.40 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
2.40 |
2.74 |
2.66 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.24 |
0.28 |
0.35 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.13 |
0.16 |
0.17 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.30 |
0.37 |
0.50 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.11 |
0.11 |
0.13 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
30.93 |
21.86 |
32.24 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
17.88 |
18.35 |
19.88 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
12.92 |
13.92 |
15.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
17.47 |
19.89 |
23.66 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
3.52 |
2.98 |
2.30 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
3.50 |
2.94 |
2.27 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.74 |
0.70 |
0.65 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
12.75 |
13.62 |
12.24 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets
/ Total Current Liabilities) |
3.52 |
2.98 |
2.30 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 2.00 |
|
Market Value |
INR 312.00 |
FINANCIAL ANALYSIS
[all figures are in
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
4937.000 |
4941.000 |
4861.000 |
|
Reserves & Surplus |
341279.000 |
407316.000 |
462195.000 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
346216.000 |
412257.000 |
467056.000 |
|
|
|
|
|
|
long-term borrowings |
10632.000 |
11465.000 |
11463.000 |
|
Short term borrowings |
49704.000 |
55495.000 |
50186.000 |
|
Current maturities of
long-term debts |
104.000 |
333.000 |
342.000 |
|
Total
borrowings |
60440.000 |
67293.000 |
61991.000 |
|
Debt/Equity
ratio |
0.175 |
0.163 |
0.133 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
412098.000 |
446808.000 |
456396.000 |
|
|
|
8.423 |
2.146 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
412098.000 |
446808.000 |
456396.000 |
|
Profit/ (Loss) |
81931.000 |
82005.000 |
81617.000 |
|
|
19.88% |
18.35% |
17.88% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
4861.000 |
4941.000 |
|
(b) Reserves & Surplus |
|
511841.000 |
456507.000 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
(3) Non-controlling
interest |
|
2391.000 |
2212.000 |
|
Total
Shareholders’ Funds |
|
519093.000 |
463660.000 |
|
|
|
|
|
|
(4) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
19611.000 |
17361.000 |
|
(b) Deferred tax liabilities
(Net) |
|
6578.000 |
5071.000 |
|
(c) Other long term
liabilities |
|
10812.000 |
10957.000 |
|
(d) long-term provisions |
|
4241.000 |
4632.000 |
|
Total
Non-current Liabilities |
|
41242.000 |
38021.000 |
|
|
|
|
|
|
(5) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
116741.000 |
102648.000 |
|
(b) Trade payables |
|
48673.000 |
49021.000 |
|
(c) Other current liabilities |
|
56528.000 |
59731.000 |
|
(d) Short-term provisions |
|
7543.000 |
7111.000 |
|
Total
Current Liabilities |
|
229485.000 |
218511.000 |
|
|
|
|
|
|
TOTAL |
|
789820.000 |
720192.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
60667.000 |
58556.000 |
|
(ii) Intangible Assets |
|
138198.000 |
114235.000 |
|
(iii) Capital work-in-progress |
|
7377.000 |
3806.000 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
7103.000 |
4907.000 |
|
(c) Deferred tax assets (net) |
|
4785.000 |
5188.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
28794.000 |
29313.000 |
|
(f) Trade receivables |
|
3998.000 |
1362.000 |
|
Total
Non-Current Assets |
|
250922.000 |
217367.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
292030.000 |
204244.000 |
|
(b) Inventories |
|
3915.000 |
5390.000 |
|
(c) Trade receivables |
|
94846.000 |
99614.000 |
|
(d) Cash and cash equivalents |
|
52710.000 |
99049.000 |
|
(e) Short-term loans and
advances |
|
0.000 |
0.000 |
|
(f) Other current assets |
|
95397.000 |
94528.000 |
|
Total
Current Assets |
|
538898.000 |
502825.000 |
|
|
|
|
|
|
TOTAL |
|
789820.000 |
720192.000 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2018 |
|
|
SALES |
|
|
|
|
|
Income |
|
550402.000 |
512440.000 |
|
|
Other operating income |
|
4082.000 |
0.000 |
|
|
Other Income |
|
25467.000 |
27522.000 |
|
|
TOTAL
|
|
579951.000 |
539962.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
0.000 |
2.000 |
|
|
Purchases of Stock-in-Trade |
|
25560.000 |
30552.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
1411.000 |
(605.000) |
|
|
Employees benefits expense |
|
268081.000 |
245534.000 |
|
|
Other expenses |
|
146223.000 |
128999.000 |
|
|
TOTAL |
|
441275.000 |
404482.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
138676.000 |
135480.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
5183.000 |
5582.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
133493.000 |
129898.000 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
23100.000 |
14961.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
110393.000 |
114937.000 |
|
|
|
|
|
|
|
Less |
TAX |
|
25214.000 |
25366.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
85179.000 |
89571.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
|
|
|
|
Basic
|
|
34.97 |
36.26 |
|
|
Diluted
|
|
34.87 |
36.19 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter involved
in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
COMPANY
OVERVIEW
Subject
is a leading India based provider of IT Services, including Business Process
Services (BPS) services, globally and IT Products.
Wipro
is a public limited company incorporated and domiciled in India. The address of
its registered office is Wipro Limited, Doddakannelli, Sarjapur Road, Bangalore
- 560 035, Karnataka, India. Wipro has its primary listing with Bombay Stock
Exchange and National Stock Exchange in India. The Company’s American
Depository Shares representing equity shares are also listed on the New York
Stock Exchange.
FINANCIAL
PERFORMANCE
On a standalone basis, their sales increased to INR. 456,396 million for the current year as against INR.446,808 million in the previous year, recording a growth of 2.15%. Our net profits declined to INR 81,617 million for the current year as against INR 82,005 million in the previous year, recording a decline of 0.47%.
Profit for the standalone results is after considering a profit of INR 210 million (2016: Loss of INR 563 million) relating to changes in fair value of forward contracts designated as hedges of net investment in nonintegral 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 Financial Statements, these are considered as hedges of net investment in non-integral foreign operations.
OUTLOOK
According to Strategic Review 2017 of the National Association of Software and Service (“NASSCOM”), in FY17, IT export revenues from India grew by 7.6%, to an estimated $117 billion. NASSCOM projects the Indian Technology & Services industry to reach $200 billion to $225 billion in revenues by 2020 and over $350 billion by 2025, from a base of $154 billion in 2017.
MANAGEMENT DISCUSSION AND ANALYSIS
IT
SERVICES
Over the past
two decades, with the emergence of the internet and inexpensive connectivity,
the global delivery model of service delivery has risen to become the preferred
model in sourcing of IT services, business process services and research and
development services. In this period, service providers have gained
technological expertise, domain competency and delivery capability by either
developing organically or by acquiring companies with these competencies.
Fast-evolving technology landscapes, dynamic economic environments and the
emergence of digital business has created a need for enterprises to look for a
partner to advise, design and execute their technology transformation and
support programs. Large multinational enterprises are engaging global IT
Services companies to deliver high quality service on a global scale and at
competitive costs. They believe the IT Services industry has significant growth
potential.
Global IT service
providers offer a range of end to end software development, digital services,
IT business solutions, research and development services, technology
infrastructure services, business process services, consulting and related
support functions. According to the Strategic Review 2017 of NASSCOM (the
“NASSCOM Report”) in FY17, IT export revenues, from India grew by 7.6%, to an
estimated $117 billion. In the last few years, enterprises around the world are
embracing the reality that digital transforms every aspect of business.
Experiences, consumers, entire industries, business models and ways of working
are all rapidly and fundamentally changing. Recognition of these trends,
combined with the realization that enterprises may not be able keep up with
this pace of change, has a profound impact on their clients. This requires new
business models, new ways of working and integrated capability across strategy,
design and technology. NASSCOM Report projects the Indian technology and
services industry to reach $200 billion to $225 billion in revenues by 2020 and
over $350 billion by 2025, from a base of $154 billion in 2017.
IT PRODUCTS
The key
components of the hardware industry are servers, desktops, notebooks and tablet
computers, storage devices, peripherals, printers and networking equipment.
According to the NASSCOM Report, the hardware segment of the IT-Business
Process Management exports from India is estimated to be $14 billion in fiscal
year 2017. The domestic market in India is also estimated at $14 billion in
fiscal year 2017. Emergence of cloud computing technologies is negatively
affecting demand for IT products such as servers.
BUSINESS OVERVIEW
They are one
of the leading providers of IT services globally. They combine the business
knowledge and industry expertise of Their domain specialists and the technical
knowledge and implementation skills of Their delivery team leveraging Their
products, platforms, partnerships and solutions in Their development centers
located around the world.
They develop
and integrate innovative solutions that enable their clients to leverage IT to
achieve their business objectives at competitive costs. They use their quality
processes and global talent pool to deliver “time to development” advantages,
cost savings and productivity improvements.
Their IT
Services business provides a range of IT and IT-enabled services which include
digital strategy advisory, customer centric design, technology consulting, IT
consulting, custom application design, development, re-engineering and
maintenance, systems integration, package implementation, global infrastructure
services, analytics services, business process services, research and
development and hardware and software design to leading enterprises worldwide.
The markets
they serve are undergoing rapid changes due to the pace of developments in
technology, innovation in business models and changes in the sourcing
strategies of clients. Pressures on cost-competitiveness, an uncertain economic
environment and immigration restrictions are causing clients to develop newer
business models. On the technology front, digital business has changed the
nature of demand for IT services. Development of advanced technologies such as
cloud based offerings, big data analytics, mobile applications and the
emergence of social media are shifting the point of decision-making on IT
sourcing within clients’ organization from the traditional Chief Information
Officer to newer stakeholders such as Chief Marketing Officer, Chief Digital
Officer and Chief Risk Officer. These trends on newer business models, emerging
technologies and sourcing patterns provide us with significant growth
opportunities.
Their IT
Products segment provides a range of third-party IT products, which allows us
to offer comprehensive IT system integration services. These products include
computing, platforms and storage, networking solutions, enterprise information
security and software products, including databases and operating systems. They
have a diverse range of clients, primarily in India and Middle East markets
from small and medium enterprises to large enterprises in all major industries.
They continue to focus on being a system integrator of choice where They
provide IT products as a complement to Their IT services offerings rather than
sell standalone IT products.
UNSECURED LOAN:
|
PARTICULARS |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
LONG TERM BORROWINGS |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
External commercial borrowing |
9728.000 |
9938.000 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Others |
574.000 |
326.000 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
SHORT TERM BORROWINGS |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Borrowings from banks |
48642.000 |
54838.000 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Cash credit |
1544.000 |
657.000 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total |
60488.000 |
65759.000 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Note:
Short-term loans
and borrowings The principal source of Short-term borrowings from banks as of March 31, 2017 primarily consists of lines of credit of approximately INR 204 (2016: INR 10,399, 2015: INR 2,700), U.S. Dollar (U.S. $) 1,386 Million (2016: U.S. $ 1,184 Million, 2015: U.S. $ 1,069 Million), United Kingdom Pound sterling (GBP) 20 million, Australian Dollar (AUD) 13 million, Canadian Dollar (CAD) 4 million and EUR 1 million from bankers for working capital requirements and other short term needs. As of March 31, 2017, the Company has unutilized lines of credit aggregating U.S.$ 632 Million (2016: 353, 2015: U.S. $ 279 Million), United Kingdom Pound sterling (GBP) 5 million, Australian Dollar (AUD) 13 million, Canadian Dollar (CAD) 4 million and EUR 1 million. To utilize these unused lines of credit, the Company requires consent of the lender and compliance with certain financial covenants. Significant portion of these lines of credit are revolving credit facilities and floating rate foreign currency loans, renewable on a periodic basis. Significant portion of these facilities bear floating rates of interest, referenced to LIBOR and a spread, determined based on market conditions. The Company has non-fund based revolving credit facilities in INR and U.S. $ equivalent to INR 44,136, INR 36,523 and INR 34,880 as of March 31, 2017, March 31, 2016 and April 1, 2015 respectively, towards operational requirements that can be used for the issuance of letters of credit and bank guarantees. As of March 31, 2017, March 31, 2016 and April 1, 2015, an amount of INR 26,761, INR 15,449 and INR 16,796 respectively, was unutilized out of these non-fund based facilities. Long-term loans and
borrowings A summary of
long-term loans and borrowings is as follows:
The contracts governing the Company’s unsecured external commercial borrowing contain certain covenants that limit future borrowings and payments towards acquisitions in a financial year. The terms of the loans and borrowings also contain certain restrictive covenants primarily requiring the Company to maintain certain financial ratios. As of March 31, 2017, March 31, 2016 and April 1, 2015 the Company has met all the covenants under these arrangements. The interest expense was INR 769 and INR 906 for the year ended March 31, 2017 and 2016, respectively. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE THREE AND NINE MONTHS ENDED
31.12.2017
(INR In Million)
|
PARTICULARS |
Standalone |
||
|
Three Months Ended |
Nine months |
||
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
Income From
Operations |
|
|
|
|
a. Revenue from operations |
110727.000 |
110505.000 |
332760.000 |
|
b. Other operating income |
0.000 |
0.000 |
0.000 |
|
c. Other Income |
6395.000 |
7141.000 |
19794.000 |
|
Total Income from
Operations (Net) |
117122.000 |
117646.000 |
352554.000 |
|
Expenditure |
|
|
|
|
Purchase of Stock-in trade |
2891.000 |
2067.000 |
10197.000 |
|
Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
509.000 |
257.000 |
1286.000 |
|
Employees Benefit Expenses |
53997.000 |
53770.000 |
161381.000 |
|
Finance Cost |
468.000 |
1040.000 |
2407.000 |
|
Depreciation and Amortization Expenses |
2625.000 |
2593.000 |
7730.000 |
|
Sub-contracting/technical fees/ third party application |
19478.000 |
20340.000 |
58266.000 |
|
Other expenses |
12670.000 |
9978.000 |
33127.000 |
|
Total Expenses |
92638.000 |
90045.000 |
274394.000 |
|
|
|
|
|
|
Profit / (Loss)
before tax |
24484.000 |
27601.000 |
78160.000 |
|
Tax Expense |
|
|
|
|
- Current Tax |
7659.00 |
6220.000 |
18675.000 |
|
- Deferred Tax |
(1220.000) |
38.000 |
(171.000) |
|
- Total |
6439.000 |
6258.000 |
18504.000 |
|
Net Profit After
Tax |
18045.000 |
21343.000 |
59656.000 |
|
|
|
|
|
|
Total Other comprehensive income for the
period |
73.000 |
(2836.000) |
(4120.000) |
|
|
|
|
|
|
Total comprehensive income for the period |
18118.000 |
18507.000 |
55536.000 |
|
|
|
|
|
|
Paid- up
Equity Share Capital (share – INR 2) |
9047.000 |
9733.000 |
9047.000 |
|
Other Equity (as per balance sheet of the previous
accounting year) |
|
|
|
|
Earnings Per Share
(of INR 2 each) (not annualized) |
|
|
|
|
Basic |
3.76 |
4.40 |
12.35 |
|
Diluted |
3.75 |
4.40 |
12.33 |
Notes :
1. The audited standalone financial results for the three and nine months ended December 31, 2017 have been approved by the Board of Directors of the Company at its meeting held on January 19, 2018. The Company confirms that its statutory auditors, Deloitte Haskins & Sells LLP have issued audit report with unmodified opinion on the interim standalone financial results for the three and nine months ended December 31, 2017. Amounts for the three and nine months ended December 31, 2016 and year ended March 31, 2017 were audited by B S R & Co. LLP.
2. The above standalone financial results have been prepared from the interim
condensed standalone financial statements, which are prepared in accordance
with Indian Accounting Standards (Ind AS), the provisions of the Companies Act,
2013 ("the Act"), as applicable and guidelines issued by the
Securities and Exchange Board of India (“SEBI”). The Ind AS are prescribed
under Section 133 of the Act read with Rule 3 of the Companies (Indian
Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards)
Amendment Rules, 2016.
3. The Company publishes this standalone financial result along with the
consolidated financial results. In accordance with Ind AS 108, Operating
Segments, the Company has disclosed the segment information in the condensed
consolidated interim financial statements and is incorporated in the
consolidated financial results.
4. In December 2017, National Grid filed a legal claim against the Company in
U.S. District Court of the Eastern District of New York seeking damages
amounting to $140 million (INR 8936.000 million) plus additional costs related
to an ERP implementation project that was completed in 2014. The Company
expects to defend itself against the claim and believes that the claim will not
sustain.
5. Issue of Bonus shares The bonus issue in the proportion of 1:1 i.e.1 (One)
bonus equity share of INR 2 each for every 1 (one) fully paid-up equity share
held (including ADS holders) had been approved by the shareholders of the
Company on June 03, 2017 through Postal Ballot/ e-voting. For this purpose,
June 14, 2017, was fixed as the record date. Consequently, 2433074327 shares
have been issued and INR 4,866 (representing par value of INR 2 per share) had
been transferred from retained earnings to share capital. Consequently,
earnings per share for the comparative periods has been proportionately
adjusted.
6. Buyback of equity shares
During the current period, the Company has concluded the buyback of 343.750
million equity shares as approved by the Board of Directors on July 20, 2017.
This has resulted in a total cash outflow of INR 110000.000 million. In line
with the requirement of the Companies Act 2013, an amount of INR 1656and INR
108344 has been utilized from the share premium account and retained earnings
respectively. Further, capital redemption reserves of
INR 687 (representing the nominal value of the shares bought back) has been
created as an apportionment from retained earnings. Consequent to such buy
back, share capital has reduced by INR 687.
7. Consequent to insolvency of a customer post balance sheet date, the Company
has recorded a provision of INR 2395 for impairment of receivables and deferred
contract cost.
8. Events after the reporting period On January 19, 2018, the Board of
Directors of the Company declared an interim dividend of INR 1.00 ($ 0.02) per
equity share and ADR (50% on an equity share of par value of INR 2).
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
A52608940 |
80039538 |
25/09/2002 |
10/11/2007 |
20/11/2008 |
310000000.0 |
7 MAHATMA GANDHI ROADBANGALORE - 560 001BANGALOREKA560001IN |
|
2 |
A45282167 |
10050906 |
30/03/2007 |
06/02/2008 |
22/08/2008 |
600000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
3 |
A14441240 |
90262515 |
25/08/2004 |
- |
26/04/2007 |
66471.0 |
ICICI TOWERSBANDRA KURLA COMPLEXMUMBAIMH400051IN |
|
4 |
A14441711 |
90262478 |
14/06/2004 |
- |
26/04/2007 |
533232.0 |
ICICI TOWERSBANDRA KURLA COMPLEXMUMBAIMH400051IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
|
|
|
Disputed demands for excise duty, customs duty, sales tax and other matters |
2585.000 |
2654.000 |
|
Performance and financial guarantees given by the banks on behalf of the company |
17375.000 |
21074.000 |
|
Guarantees given by the Company on behalf of subsidiaries |
6237.000 |
10014.000 |
FIXED ASSETS:
Tangible assets
- Land
- Buildings
- Plant and machinery
- Furniture and fixtures
- Office equipment
- Vehicles
Intangible assets
- Goodwill
- Technical Know-how
- Patents, trademarks and others
WEBSITE DETAILS
News/ Press Release
DATE:
23.12.2017
Wipro invests USD 2.05 million in Imanis Data
NEW DELHI: IT
firm Wipro today said it has invested USD 2.05 million in Imanis
Data(formerly Talena).
Wipro has made a strategic investment of USD 2.05 million in this tranche,
taking total investment to USD 4.05 million, it said in a BSE
filing.
The transaction has been done through cash and note conversation, it added.
Wipro said it has acquired minority stake of less than 20 per cent on
a fully diluted basis.
Imanis was founded in 2013 and is headquartered in Delaware, US.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 63.77 |
|
|
1 |
INR 89.20 |
|
Euro |
1 |
INR 78.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
RKI / JYTK |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.