1. Background
WABCO- TVS (INDIA) Limited (the Company) was incorporated originally
as Auto (India) Engineering Limited on 18th November 2004. The name of
the company was changed to WABCO-TVS (INDIA) Limited on 3rd May 2007.
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 of WABCO.
On June 3, 2009, Clayton Dewandre Holdings Limited increased its
percentage ownership to 75% by acquiring the shares from the other
joint venture partner, TVS Group. Post acquisition, the Company has
become a subsidiary of Clayton Dewandre Holdings Limited and the
companys ultimate holding company is WABCO Holdings Inc.
(Rupees in lakhs)
As at/ As at/
Year ended Year ended
31.03.2011 31.03.2010
2. Liability not provided for
a) Contingent liabilities
i) On counter guarantee given to bankers 37.92 1.80
ii) On letters of credit opened with bankers 22.08 15.05
iii) On account of future export obligations
(under Export Promotion – 327.43
Capital Goods scheme and Advance Licence)
iv) Bills discounted 8,586.58 7,470.49
3 Previous years figures have been regrouped wherever necessary to
conform to current years classification.
4. Disclosure made in terms of clause 32 and clause 41of the lisiting
agreement with stock exchanges
(Rupees in lakhs)
Amount Maximum Amount
outstanding amount due outstanding
Particulars Name of the as on at any one as on
company 31.03.2011 time 31.03.2010
during
the year
(a) Loans and advances
(i) Loans and advances
in the nature of The company does not have any
of loans made to subsidiary.
subsidiary company
(ii) Loans and advances
in the nature of The company does not have any
loans made to associate company.
associate company
(iii) Loans and advances The company has not given any
in the nature of advance to firms/companies
loans made to firms/ in which directors of the
companies in which company are interested.
directors of the
company are
interested
(b) Investments by the
company
(i) In subsidiary companies The company does not have any
subsidiary.
(ii) In associate companies The company does not have any
associate company.
(iii) In joint venture The company does not have any
joint venture.
( c) Investments by the
holding company On 3rd June 2009, the company
became a subsidiary of Clayton
Dewandre Holdings Limited,
Rotterdam, The Netherlands,
when the latter acquired 35.83%
of share capital and is now
holding 75 % of share capital.
5. Related party disclosure
LIST OF RELATED PARTIES
a) Reporting entity WABCO-TVS (INDIA) Limited
b) Subsidiary companies The reporting entity does not have any
subsidiary company.
c) Associate companies Nil
d) Holding company Clayton Dewandre Holdings Limited, (CDH)
Rotterdam, The Netherlands (became a
subsidiary of this company from
3rd June 2009)
e) Ultimate holding
company WABCO Holdings Inc., USA
f) Fellow Subsidiary
companies 1 WABCO Fahrzeugsysteme,GmbH, Germany
2 WABCO China Co Ltd, China
3 WABCO France SAS, France
4 Meritor WABCO Vehicle Control Systems,
USA
5 Shandong Weiming Automotive Products Co.
Ltd, China
6 WABCO (Shanghai) Management Co Limited,
China
7 WABCO Automotive SouthAfrica
8 WABCO Automotive UK Ltd, United Kingdom
9 WABCO Asia Private Limted, Singapore
(Direct subsidiary of CDH)
10 WABCO Compressor Manufacturing Co. USA
11 WABCO Hong Kong Limited, Hong Kong
12 WABCO Japan Inc, Japan
13 WABCO Korea Ltd, Korea
14 WABCO Polska Sp.z o.o. Poland
15 WABCO Development GmbH, Germany
16 WABCO Logistics GmbH, Germany
17 WABCO Australia Pty Limited, Australia
(Subsidiary of CDH through
WABCO Asia Private Limited)
18 WABCO Europe BVBA, Belgium
19 WABCO Austria GesmbH, Austria
20 WABCO Belgium BVBA/SPRL, Belgium
21 WABCO do Brasil Industria e Comercio
de Freios Ltda, Brazil
22 WABCO Brzdy K Vozidlum spol S.R.O,
Czech Republic
23 WABCO GmbH, Germany
24 WABCO Radbremsen GmbH, Germany
25 WABCO Automotive Italia SRL, Italy
26 WABCO BV, Netherlands
27 WABCO Europe Holdings BV, Netherlands
28 WABCO Espana SLU, Spain
29 WABCO Automotive AB, Sweden
30 WABCO (Schweiz) GmbH, Switzerland
31 WABCO Automotive B.V, Netherlands
32 WABCO ARAC Kontrols Sistemleri Destek
VE Pazarlama Limited Sirketi , Turkey
33 WABCO Middle East and Africa FZCO, Dubai
34 WABCO Centro de Distribuicao de pecas
Automotives Ltda, Brazil
35 WABCO Foundation Brakes Private Limited,
Chennai (Subsidiary of CDH through
WABCO Asia Private Limited)
36 WABCO IP Holdings LLC
37 WABCO Automotive Products Ltd
38 WABCO Air Compressor Holdings Inc.,
39 WABCO Automotive Control Systems Inc.,
40 WABCO Group Inc.,
41 WABCO Group International Inc.,
g) Key management
personnel Mr.P Kaniappan - Whole Time Director
(from 17-06-2009)
Mr C N Prasad - Whole Time Director
(till 17-06-2009)
Notes :
1 The above statement has been prepared in indirect method except in
case of dividend and investments which have been considered on the
basis of actual movement of cash.
2 Cash and cash equivalent include cash and bank balances.
|