WABCO-TVS (INDIA) LIMITED INFORMATION MEMORANDUM ...

WABCO-TVS (INDIA) LIMITED INFORMATION MEMORANDUM
Capital Expenditure:
The gross block and net block of assets as on 31.3.2008 is Rs.222.87 crores and
Rs.169.76 crores respectively. The addition during April 2007 to March 2008 is
Rs.67.63 crores. The capital expenditure for 2008-09 is planned at Rs.73 crores,
taking into account the long-term business prospects and export orders.
Foreign Exchange Risk:
The exchange risk is generally mitigated through forward cover on imports and
exports. The Company seeks the views of banks and independent advisors before
taking cover decisions. The Company has imports predominantly from Germany,
France and China. Majority of the exports are to Germany and China. The currencies
handled are Euro and USD.
Cautionary Statement:
Statements in the management discussion and analysis describing the Company’s
objectives, projections, estimates, expectations, may be forward looking statements
within the meaning of applicable securities law and regulations. Actual results could
differ materially from those expressed and implied. Important factors that could
make a difference to the Company’s operations include, among other things,
economic conditions affecting the demand, supply and price conditions in the
domestic and international markets in which the Company operates, changes in
Government regulations, tax laws and other statutes and incidental factors.
XIV. OUTSTANDING LITIGATION AND MATERIAL DEVELOPMENTS:
As per the Scheme, all suits, actions and proceedings of whatever nature by or
against the Company pending on the Appointed Date or instituted at any time
thereafter on or before the Effective Date and relating to the business of the
Demerged Undertaking shall be continued and enforced by or against SCL after the
Effective Date.
Save as stated herein, there is no outstanding or pending material litigation, suit,
criminal or civil prosecution, proceedings initiated for offence (irrespective of whether
specified in paragraph (I) of Part 1 of Schedule XIII of the Act) or litigation for tax
liabilities against the Company, its Directors, the Indian Promoter, or Indian
Promoter group companies and there are no material defaults, non-payment or
overdue of statutory payments, institutional or bank dues or dues towards holders of
debentures, bonds and fixed deposits and arrears of preference shares, other than
unclaimed liabilities of the Company, its Indian Promoters or Indian Promoter group
companies
Except as described below, there is no outstanding or pending litigation, suit,
criminal or civil prosecution, proceeding or tax liabilities against the Company, its
Directors, its Indian Promoters or Indian Promoter group companies that would have
a material adverse effect on the business of the Company and there are no defaults,
non-payment or overdue of statutory dues, institutional/bank dues or dues payable
to holders of debentures, bonds and fixed deposits and arrears of preference shares
(irrespective of whether they are specified under Part I Scheme XIII of the Act), that
would have a material adverse effect on the business of the Company as on date.
The particulars furnished hereunder are extracted from the audited statement of
accounts of the respective companies as on 31 st March 2008.
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