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Notes to Accounts of WABCO India Ltd.

Mar 31, 2013

1. CORPORATE INFORMATION

WABCO 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 INDIA LIMITED on 2nd August 2011. The company is into its present business pursuant to the scheme of demerger of the brakes division of Sundaram-Clayton Limited into the company. The company is primarily engaged in the manufacture of air brake actuation systems for commercial vehicles. The company also provides software development services to the group companies.

On June 3, 2009, Clayton Dewandre Holdings Limited increased its percentage ownership to 75% by acquiring the shares from the other joint venture partner, TVS Group. Post acquisition, the company has become a subsidiary of Clayton Dewandre Holdings Limited and the company''s ultimate holding company is WABCO Holdings Inc.

2. BASIS OF PREPARATION

The financial statements of the company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the Accounting Standards notified by Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention. The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained below.

3. RELATED PARTY DISCLOSURE

A. LIST OF RELATED PARTIES

a) Reporting entity WABCO 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 holding Company 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 Limited, 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 IP Holdings LLC

35 WABCO Automotive Products Ltd, Cayman

36 WABCO Air Compressor Holdings Inc.,

37 WABCO Automotive Control Systems Inc.,

38 WABCO Group Inc.,

39 WABCO Group International Inc.,

40 WABCO Logistic (Quingdao) Co. Ltd

41 WABCO North America LLC

42 WABCO Expats Inc.

43 WABCO (Thailand) Limited

44 Guang Dong WABCO Fuwa Vehicle Brakes Co Limited

45 Ephicas BV

46 WABCO Foundation Brakes Private Limited, Chennai (Subsidiary of CDH through WABCO Asia Private Limited)

47 Ephicas BVBA

48 WABCO International LLC

49 WABCO Europe Holdings LLC

50 Ephicas Patents BVBA;

51 WABCO Financial Services SPRL;

52 WABCO France Logistics S.A.S.;

53 WABCO Services S.A.S

54 WABCO WURTH Workshop Services GmbH

55 WABCO Testbahn GmbH

56 WABCO Holding GmbH

57 WABCO Systeme GmbH

58 WABCO Holdings B.V.

59 WABCO Sandown B.V.

60 WABCO CV.

61 WABCO RUS LLC.

62 WABCO Vostok LLC.

63 WABCO Centro de Distribuicao de pecas Automotives Ltda, Brazil

g) Key management personnel Mr P Kaniappan - Whole Time Director

4. PREVIOUS YEAR FIGURES

Previous year''s figures have been regrouped and reclassified where necessary to conform to this year''s classification.


Mar 31, 2012

1. CORPORATE INFORMATION

WABCO INDIA LIMITED (formerly known as 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 INDIA LIMITED on 2nd August 2011. The company is into its present business pursuant to the scheme of demerger of the brakes division of Sundaram-Clayton Limited into the company. The company is primarily engaged in the manufacture of air brake actuation systems for commercial vehicles. The company also provides software development services to the group companies.

On June 3, 2009, Clayton Dewandre Holdings Limited increased its percentage ownership to 75% by acquiring the shares from the other joint venture partner, TVS Group. Post acquisition, the company has become a subsidiary of Clayton Dewandre Holdings Limited and the company's ultimate holding company is WABCO Holdings Inc.

2. BASIS OF PREPARATION

The financial statements have been prepared to comply in all material respects with the Accounting Standards notified by Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained below

3. CONTINGENT LIABILITIES AND COMMITMENTS

As at As at 31st March 2012 31st March 2011

(A) Liabilities not provided for Rs. lakhs Rs. lakhs

(a) Contingent liabilities

i) Bills discounted 6,075.20 8,586.58

(b) Counter guarantee given to bankers 126.28 37.92

(c) On letters of credit opened with bankers -- 22.08

(d) Claims against the company not acknowledged as debts primarily towards:

i) Denial of Cenvat credit under Excise laws 11.27 11.27

ii) Denial of weighted deduction for Research and Development expenses claimed under Income tax Act for the years 2006-07 and 2007-08 183.30 183.30

iii) Reversal of service tax credit on certain inputs under the Service tax laws 150.45 8.67

iv) Denial of input tax credit under Tamil Nadu Value Added Tax laws for the years 2009-10 and 2010-11 86.05 --

v) Increase of trade license fees by the local authorities 3.04 3.04

vi) Levy of infrastructure and amenities charges by the Tamil Nadu Town and Country Planning Department 49.25 49.25

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.

(B) Commitments not provided for *

(a) Capital 10.53 347.14

(b) Others 1,031.70 530.06 * As certified by management

30. RELATED PARTY DISCLOSURE

A. LIST OF RELATED PARTIES

a) Reporting entity WABCO INDIA LIMITED (formerly 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 holding Company 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 South Africa

8 WABCO Automotive UK Ltd, United Kingdom

9 WABCO Asia Private Limited, 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., Cayman

38 WABCO Air Compressor Holdings Inc.,

39 WABCO Automotive Control Systems Inc.,

40 WABCO Group Inc.,

41 WABCO Group International Inc.,

42 WABCO Logistic (Quingdao) Co. Ltd

43 WABCO Inc.,

44 WABCO North America LLC

45 WABCO Automotive Holdings Inc.,

46 WABCO Expats Inc.

g) Key management personnel Mr P Kaniappan - Whole Time Director

4. PREVIOUS YEAR FIGURES

Previous year's figures have been regrouped and reclassified where necessary to conform to this year's classification.


Mar 31, 2010

Aa) AS - 27 Financial Reporting of Interests in Joint Ventures

The company has no interest in any joint venture.

ab ) AS - 28 Impairment of Assets

During the year 2009-2010, the carrying amount of the assets net of accumulated depreciation as on the balance sheet date is not less than the recoverable amount

(Rupees in lakhs) As at/ As at/ Year ended Year ended 31.03.2010 31.03.2009



ac) AS - 29 Provisions, contingent liabilities and contingent assets

i) Provisions In respect of warranty obligations, provision is made in accordance with terms of sale vide Schedule XIV to Balance Sheet

ii) Contingent liabilities

Amount for which the company is contingently liable is disclosed in note 6.

iii) Contingent assets

Contingent assets which are likely to give rise to possibility of inflow of economic benefits - Nil

iv) Contested liabilities are detailed in note 6.

2. 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 - Sundaram Industries Limited, Madurai

- Southern Roadways Limited, Madurai

- T V Sundram Iyengar & Sons Limited, Madurai

- - Clayton Dewandre Holdings Limited, Rotterdam, The Netherlands

- ceased to be associate companies with effect from 3rd June 2009 consequent to the disposal of 35.83% of the shares held in the reporting entity to Clayton Dewandre Holdings Limited, RotterDam,The Netherlands

- The Reporting entity became a subsidiary of Clayton Dewandre Holdings Limited, (CDH) Rotterdam, The Netherlands with

effect from 3rd June 2009 consequent to the purchase of 35.83% shares.

d) Holding company Clayton Dewandre Holdings Limited, Rotterdam, The Netherlands

(became a holding Company 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 Product Co. Ltd, China

6 WABCO (Shanghai) Management Co Limited, China

7 WABCO Automotive SouthAfrica

8 WABCO Automotive UK Ltd, United Kingdom

9 WABCO Australia Pty Limited, Australia

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 Asia Private Limted, Singapore

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, Czeh 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 Automotivas Ltda, Brazil

g) Key management personnel Mr C N Prasad - Whole Time Director till 17.06.2009

Mr P Kaniappan - Whole Time Director from 17.06.2009

 
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