Image: Toyota Headquarters in Japan

Analysis of MNC Companies

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Disclaimer
• This analysis is for educational purpose to understand the
MNC universe in India
• The companies discussed in this analysis are not
recommendation of any kind
• Do make your own research well before investing on any of
these companies and do not make any investment decisions
purely based on this video series
What is Covered
• Overview
• Country Analysis
• Sector Analysis
• Company Legacy
• Promoter Holding
o Direct Holding
o Indirect Holding
• Subsidiary and Fellow Subsidiary
• Royalty Payment
• Financial Parameters
@EWFA_
Links to YouTube Video
1. MNC Pack Overview

2. MNC Companies - Country Analysis

3. MNC Companies - Sector Analysis

Most of the contents were shared 4. MNC (Company Legacy)

as videos. You may check these
5. MNC Analysis (Promoter Holding Structure)
videos for some narrations.
6. MNC Companies with Direct Holdings

7. MNC (Indirect holding structure – 1)

8. MNC (Indirect holding structure – 2)

@EWFA_
Purpose / Background of the Study
• Understand the MNC Universe, the stocks, insights
from various data across parameters

• Characterized by….

o Strong Parentage supporting Technology, Innovation

o Asset Light
o Professionally Managed
o Good Corporate Governance MNC has its
o Low Debt / Good Dividend Policies Own Index!

@EWFA_
 Company Name Industry
3M India Ltd. SERVICES
ABB India Ltd. INDUSTRIAL MANUFACTURING
Abbott India Ltd. PHARMA
Ambuja Cements Ltd. CEMENT & CEMENT PRODUCTS
Ashok Leyland Ltd. AUTOMOBILE
Bata India Ltd. CONSUMER GOODS
Bosch Ltd. AUTOMOBILE
Britannia Industries Ltd. CONSUMER GOODS
CRISIL Ltd. FINANCIAL SERVICES
Castrol India Ltd. OIL & GAS
Colgate Palmolive (India) Ltd. CONSUMER GOODS
Cummins India Ltd. INDUSTRIAL MANUFACTURING
Glaxosmithkline Pharmaceuticals Ltd. PHARMA
Hexaware Technologies Ltd. IT
Hindustan Unilever Ltd. CONSUMER GOODS
Honeywell Automation India Ltd. INDUSTRIAL MANUFACTURING
Kansai Nerolac Paints Ltd. CONSUMER GOODS
Maruti Suzuki India Ltd. AUTOMOBILE
MphasiS Ltd. IT
Nestle India Ltd. CONSUMER GOODS
Nippon Life India Asset Management Ltd. FINANCIAL SERVICES
Oracle Financial Services Software Ltd. IT
Pfizer Ltd. PHARMA
Procter & Gamble Hygiene & Health Care Ltd. CONSUMER GOODS

NIFTY MNC INDEX

SKF India Ltd. INDUSTRIAL MANUFACTURING
Sanofi India Ltd. PHARMA
Siemens Ltd. INDUSTRIAL MANUFACTURING
United Spirits Ltd. CONSUMER GOODS
• 30 Listed Companies Vodafone Idea Ltd. TELECOM
Whirlpool of India Ltd. CONSUMER GOODS
What is a MNC / Foreign Shareholding Company
The definition of MNC itself is widely differing.

A multinational corporation (MNC) has facilities and

other assets in at least one country other than its home
country. A multinational company generally has offices
and/or factories in different countries and a centralized
head office where they coordinate global management.

@EWFA_
What is considered for this Study?
Indian listed companies in which the foreign shareholding is
over 50% and / or the management control is vested with a
foreign company/group.

Parameters analysed…
• Country wise analysis • Promoter holding pattern
• Sector wise analysis • Subsidiary / Fellow Subsidiary
• Legacy • Market Cap
• Consumer facing • Royalty • P/E,
• Dividend Yield,
• Promoter Stake holding • Financial Parameters • RoE,
• Debt Equity etc

@EWFA_
Source of Data
The following were the sources of data
used for this analysis

1. www.screener.in
2. Annual reports of Indian Entities
75
Companies
3. Annual reports of Foreign
Promoter Group

@EWFA_
Companies for this Analysis
1. 3M India 11. Black Rose Industries 21. Elantas Beck
2. A B 12. Blue Dart Express 22. Esab India
3. Abbott India 13. Bosch 23. Exide
4. Akzo Nobel 14. Britannia Industries 24. Federal Mogul
5. Ambuja Cements 15. Castrol India Goetze (India) Ltd
6. Ashok Leyland 16. Colgate-Palmoliv 25. GE T&D
7. Astrazeneca Phar 17. CRISIL 26. Gillette India
8. BASF 18. Cummins India 27. GlaxoSmith C H L
9. Bata India 19. DIC India 28. GMM Pfaudler
10. Bayer Crop Science 20. Disa India 29. Godfrey Phillips
@EWFA_
Companies for this Analysis (Contd.)
30. Grindwell Norton 39. ITC 49. Maruti Suzuki
31. Heidelberg Cem. 40. ITD Cem 50. Mphasis
32. Hexaware 41. Johnson Con. Hit 51. Nestle India
Technologies 42. JTEKT India 52. Nippon Life Ind.
33. Hind. Unilever 43. Kansai Nerolac 53. Novartis India
34. Honeywell Auto 44. Kennametal India 54. Oracle Fin. Service
35. Huhtamaki PPL 45. Kingfa Science 55. P & G Health Ltd
36. ICRA 46. Kokuyo Camlin 56. P&G Hygiene &
37. Igarashi Motors 47. Larsen & Toubro Health
38. Ingersoll-Rand 48. Linde India 57. Pfizer
@EWFA_
Companies for this Analysis (Contd.)
58. Saint-Gobain Sekur 67. Tasty Bite Eat.
59. Sanofi India 68. Thomas Cook (I)
60. Schaeffler India 69. Timex Group
61. Schneider Elect. Infra 70. Timken India
62. Siemens India 71. United Spirits
63. Singer India 72. VST Industries
64. SKF India 73. WABCO India
65. Sumitomo Chemicals 74. Whirlpool India
66. Sunflag Iron 75. Xchanging Solutions

@EWFA_
 Country
Analysis

Image: Toyota Headquarters in Japan

 Canada - 1

Europe
United Kingdom – 11
United States - 23 Germany – 8
France – 4 Japan - 7
Switzerland – 4 China - 1
Netherlands – 4
Sweden – 2
Ireland – 2
Cayman Island – 2
Finland – 1
Denmark – 1

Others
Thailand – 1
Mauritius – 1
Singapore – 1

@EWFA_
 1. 3M India
2. Abbott India
United 3. Colgate-Palmoliv

States 4.
5.
CRISIL
Cummins India
6. Esab India
7. Federal Mogul Goetze (India) Ltd
8. GE T&D
9. Gillette India
10. GMM Pfaudler
11. Godfrey Phillips
12. Honeywell Auto

@EWFA_
 13. ICRA
United 14.
15.
Kennametal India
Oracle Financial Services
States 16. P & G Health Ltd
17. P & G Hygiene & Health
18. Pfizer
19. Tasty Bite Eat.
20. Timken India
21. WABCO India
22. Whirlpool India
23. Xchanging Solutions

@EWFA_
 1. Ashok Leyland
2. Britannia Industries
United 3. Castrol India

Kingdom 4.
5.
Exide
GlaxoSmithKline
6. Hind. Unilever
7. ITC
8. Johnson Controls Hitachi Air
Conditioning
9. Sunflag Iron
10. United Spirits
11. VST Industries

@EWFA_
Germany 1.
2.
BASF
Bayer Crop Science
3. Blue Dart Express
4. Bosch
5. Elantas Beck
6. Heidelberg Cement
7. Schaeffler India
8. Siemens India

@EWFA_
Japan 1. Igarashi Motors
2. JTEKT India
3. Kansai Nerolac
4. Kokuyo Camlin
5. Maruti Suzuki
6. Nippon Life Asset Management
Company
7. Sumitomo Chemicals

@EWFA_
 France Switzerland Netherlands
• Grindwell Norton • ABB • Akzo Nobel
• Saint-Gobain Sekur • Ambuja Cements • Bata India
• Sanofi India • Nestle India • Singer India
• Schneider Elect. Infra • Novartis India • Timex Group
Sweden Finland
• Huhtamaki PPL
• Astrazeneca Pharma Canada
• SKF India • Thomas Cook India
Thailand
Ireland • ITD Cement
Singapore
• Ingersoll-Rand • DIC India
• Linde India
Mauritius
• Black Rose Industries
Cayman Islands Denmark
• DISA India
• Hexaware Technologies
China
• Mphasis
• Kingfa Science
 Image: Toshiba Global Headquarters in Minato, Tokyo, Japan

Sector Analysis
 Which Industry or Sectors do these

75 Companies

Belong to…?
 75 companies from 35 Industries…
Travel Agency
Engineering Glass Products Paints Miscellaneous
Cigarettes
Electronic Components Chemicals
Construction Electrodes
Air Conditioners

Plastic Products FMCG Printing and Stationery

Pharma Domestic Appliances
Cement Leather IT - Software

AMC Compressors / Drilling Equipment Bearings

Rating Agency Agro Chemicals
Electric Equipment
Conglomerate Trading
Auto Ancillaries Packaging
Engines

Steel Breweries & Distilleries Abrasives And Grinding Wheels Automobile Logistics
Sectorial Break
1. Britannia Industries
2. Colgate-Palmolive
3. Gillette India
4. GlaxoSmith Consumer Healthcare
5. Hindustan Unilever
6. Nestle India
7. P&G Hygiene & Health
8. Tasty Bite Eatables

ITC Not included in FMCG bundle

@EWFA_
Auto Ancillaries
1. Bosch
2. Exide
3. Federal Mogul Goetze (India) Ltd
4. Igarashi Motors
5. JTEKT India
Chemicals
6. WABCO India
1. BASF
2. Castrol India Pharma
3. DIC India 1. Abbott India
4. Elantas Beck 2. Novartis India
5. Linde India 3. P & G Health Ltd
6. Sumitomo Chemicals 4. Pfizer
5. Sanofi India
6. Astrazeneca Pharma
Engineering IT - Software Electric Equipment
• DISA India • Hexaware Technologies • ABB
• GMM Pfaudler • Mphasis • GE T&D
• Kennametal India • Oracle Financial Services • Schneider Elect. Infra
• Larsen & Toubro • Xchanging Solutions • Siemens India
• Singer India

Cigarettes Bearing Rating Agency

• Godfrey Phillips • Schaeffler India • CRISIL
• ITC • SKF India • ICRA
• VST Industries • Timken India

Automobile Cement Paints

• Ashok Leyland • Ambuja Cements • Akzo Nobel
• Maruti Suzuki • Heidelberg Cements • Kansai Nerolac
Domestic Appliances Printing and Stationery Glass Products

Leather Electrodes Miscellaneous

Plastic Products Electronic Components Steel

Trading
Engines Logistics

@EWFA_
Abrasives And Grinding Wheels Construction
ITD Cementation

AMC
Conglomerate

Packaging

Breweries & Distilleries

Agro Chemicals
Compressors / Drilling Equipment

Air Conditioners Travel Agency

 Image: Volkswagen Headquarters at Germany

How Old are these companies?

How this Analysis is Structured?
Companies that have seen Diamond Jubilee…Completed 100+ Years

Companies that have seen Platinum Jubilee…Completed 75+ Years

Companies that have seen Golden Jubilee…Completed 50+ Years

Companies that have seen Silver Jubilee…Completed 25+ Years

Young Companies in this list… Having <25 Years

@EWFA_
100+ Years Legacy – Companies that saw Diamond Jubilee
Date of Registration: 24 August 1910 ITC is the oldest company in the entire
~110 Years MNC pack!

Date of Registration: 21 March 1918

~102 Years

Date of Registration: 2 September 1920

~100 Years

@EWFA_
75+ Years Legacy – Companies that saw Platinum Jubilee
Abbott India
22 August 1944 ~76 Years
Linde India
24 January 1935 ~85 Years
Larsen & Toubro
07 February 1944 ~76 Years
Hind. Unilever
17 October 1933 ~86 Years
BASF
13 May 1943 ~77 Years
Bata India
23 December 1931 ~88 Years
Colgate-Palmolive
23 September 1937 ~82 Years
VST Industries
10 November 1930 ~89 Years
Godfrey Phillips
03 December 1936 ~83 Years
@EWFA_
50+ Years Legacy – Companies that saw Golden Jubilee
P & G Health Ltd
26 April 1967 ~53 Years
Schaeffler India
27 April 1962 ~58 Years
Kennametal India
21 September 1964 ~55 Years
Cummins India
17 February 1962 ~58 Years
P&G Hygiene & Health
20 July 1964 ~56 Years
SKF India
12 April 1961 ~59 Years
GMM Pfaudler
17 November 1962 ~57 Years
@EWFA_
50+ Years Legacy – Companies that saw Golden Jubilee
Whirlpool India
09 July 1960 ~60 Years
Heidelberg Cement
13 May 1958 ~62 Years
Nestle India
28 March 1959 ~61 Years
Siemens India
02 March 1957 ~63 Years
GlaxoSmith C H L
30 October 1958 ~61 Years
Elantas Beck
15 May 1956 ~64 Years
Bayer Crop Science
09 September 1958 ~62 Years

@EWFA_
50+ Years Legacy – Companies that saw Golden Jubilee
Sanofi India
02 May 1956 ~64 Years
Saint-Gobain Sekur
13 November 1953 ~66 Years
Federal Mogul Goetze (India) Ltd
26 November 1954 ~65 Years
Bosch
12 November 1951 ~68 Years
GE T&D
13 March 1954 ~66 Years
Pfizer
21 November 1950 ~69 Years
Akzo Nobel
12 March 1954 ~66 Years
@EWFA_
50+ Years Legacy – Companies that saw Golden Jubilee
Grindwell Norton
31 July 1950 ~70 Years
DIC India
02 April 1947 ~73 Years
ABB
24 December 1949 ~70 Years
Exide
31 January 1947 ~73 Years
Ashok Leyland
07 September 1948 ~72 Years
Kokuyo Camlin
24 December 1946 ~73 Years
Novartis India
13 December 1947 ~72 Years
@EWFA_
25+ Years Legacy – Companies that saw Silver Jubilee
05 April 1991 ~29 Years
24 February 1995 ~25 Years

16 January 1991 ~29 Years

Hexaware Technologies
20 November 1992 ~27 Years

10 August 1992 ~28 Years

01 January 1990 ~30 Years

10 January 1992 ~28 Years 27 September 1989 ~30 Years

25+ Years Legacy – Companies that saw Silver Jubilee
Timex Group CRISIL
04 October 1988 ~31 Years 29 January 1987 ~33 Years

Esab India Tasty Bites Eatables

10 November 1987 ~32 Years 02 September 1985 ~35 Years

3M India Johnson Controls Hitachi Air Conditioning

04 July 1987 ~33 Years 07 December 1984 ~35 Years

Timken India Sunflag Iron

15 June 1987 ~33 Years 12 September 1984 ~35 Years
@EWFA_
25+ Years Legacy – Companies that saw Silver Jubilee

JTEKT India Honeywell Auto

14 June 1984 ~36 Years 13 January 1984 ~36 Years

DISA India Kingfa Science

25 May 1984 ~36 Years 10 November 1983 ~36 Years

Gillette India Ambuja Cements

09 February 1984 ~36 Years 20 October 1981 ~38 Years

@EWFA_
25+ Years Legacy – Companies that saw Silver Jubilee

Maruti Suzuki Thomas Cook (I)

24 February 1981 ~39 Years 21 October 1978 ~41 Years

Astrazeneca Pharma ITD Cementation

11-07-1979 ~41 Years 24 June 1978 ~42 Years

Castrol India Singer India

31 May 1979 ~41 Years 19 October 1977 ~42 Years

@EWFA_
Youngest companies in the pack…

31 March 1999 ~21 Years

15 February 2000 ~20 Years

01 February 2002 ~18 Years

18 November 2004 ~15 Years

12 March 2011 ~9 Years Schneider Electric Infrastructure

is the youngest company in this
pack
The Odd ones…
No details of registration date in Annual
Could not find the date of Reports or MGT-9, but details in
Website
registration of Ingersoll
Rand company…from the
company Annual Reports
of MGT-9

https://www.huhtamaki.com/en/flexible-packaging/about-us/india/
 Image: Ford headquarters

Different Modes of Promoter Holdings

• Unique mode when compared to pure Indian entities

• Direct Holding / Indirect Holding of Indian entities

Mode of • Indirect holding can have complex structures

Holding • Involving one or more subsidiaries of the
parent company
• This brings into picture the entities:
o Ultimate Holding Company
o Intermediate Holding Company
We will see in details about these o Immediate Holding Company
terms in the next few slides
@EWFA_
Different Modes of Holding
Direct Holding Indirect Holding
Overseas Parent Overseas Parent
Company Company
(Ultimate Holding
Company)

Direct holding through stakes

of Indian entity

Intermediate Holding Company

Indirect Subsidiary
Indian listed entity Indian listed entity
Indirect Holding
Multiple Modes… @EWFA_
Ultimate Holding Ultimate Holding
Company Company

Intermediate Holding Company Intermediate Holding Companies

Y% X% Y%
X%

Indian listed entity Indian listed entity

Indirect Holding
A complex Mode @EWFA_

Ultimate Holding
Company
(Overseas)

Intermediate Holding Company Immediate Holding Company

X%

Indian listed entity

Indirect Holding
A bit more complex Mode @EWFA_

Ultimate Holding
Company
(Overseas)

Intermediate Holding Company Immediate Holding Company

Y% X%

Indian listed entity

 It can get much
more
complex…which
we will see when
Multiple intermediate
discussing the holding companies across
holding structure different countries!
of these 75
companies
Academic Definitions
@EWFA_
Intermediate Holding Company
An intermediate holding is a firm that is both a holding company of another
entity and a subsidiary of a larger corporation.

Immediate Holding Company

• An immediate holding company is one that retains voting stock or control
of another company, in spite of the fact that the company itself is already
controlled by another entity.
• Put simply, it’s a type of holding company that is already a subsidiary of
another.
 Direct Holding Indirect Holding
Overseas Parent
Company
21 Overseas Parent
Company
54
53
(Ultimate Holding
Company - UHC)

Direct holding through stakes

of Indian entity

Intermediate Holding Company

Indirect Subsidiary
Indian listed entity Indian listed entity

Source data: Respective company Annual Reports

Companies with Direct Promoter Holding
Parent: Nippon Life Insurance Company Parent: Kansai Paint Company Limited
Country: Japan Country: Japan

Industry: AMC Industry: Paints

Stake: 75% Stake: 75% @EWFA_

Nippon Life Asset Kansai Nerolac

Management Company
Parent: Suzuki Motor Corporation Parent: JTEKT Corporation
Country: Japan Country: Japan

Industry: Automobile Industry: Auto Ancillaries

Stake: 56.21% Stake: 69.36% @EWFA_

Maruti Suzuki JTEKT India

Parent: Kokuyo Company Limited Parent: Sumitomo Chemical Company
Country: Japan Country: Japan

Industry: Printing & Stationery Industry: Chemicals

Stake: 74.44% Stake: 80.30% @EWFA_

Kokuyo Camlin Sumitomo Chemicals

Parent: Wedgewood Holdings Limited Parent: Italian-Thai Development
Public Company Limited
Country: Mauritius
Country: Thailand
Industry: Trading
Industry: Construction

Stake: 56.47% Stake: 46.64% @EWFA_

Black Rose Industries ITD Cementation

Parent: ABB Asea Brown Boveri Limited Parent: Novartis AG
Country: Switzerland Country: Switzerland

Industry: Electric Equipment Industry: Pharma

Stake: 75% Stake: 70.68% @EWFA_

ABB Novartis India

Parent: DIC Asia Pacific Pte Ltd Parent: Kingfa Science & Tech. Co., Ltd.
Country: Singapore Country: China

Industry: Chemicals Industry: Plastic Products

Stake: 71.75% Stake: 75% @EWFA_

DIC India Kingfa Science

Parent: AstraZeneca Pharmaceuticals AB Parent: Retail Holdings (India) B.V.
Country: Sweden Country: Netherlands

Industry: Pharma Industry: Engineering

Stake: 75% Stake: 59%

Astrazeneca Pharma Singer India

Parent: 3M Company Parent: The Timken Company
Country: USA Country: USA

Industry: Conglomerate Industry: Bearings

Stake: 75% Stake: 67.8%

3M India Timken India

Parent: Cummins Inc. Parent: Sunflag Limited
Country: USA Country: United Kingdom

Industry: Engines Industry: Steel

Stake: 51% Stake: 36.21%

Cummins India Sunflag Iron

Parent: Hinduja Automotive Limited Parent: Chloride Eastern Limited
Country: United Kingdom Country: United Kingdom

Industry: Automobile Industry: Auto Ancillaries

Stake: 50.88% Stake: 45.99%

Ashok Leyland Exide

Parent: Robert Bosch GmbH
Country: Germany

Industry: Auto Ancillaries

Stake: 67.76%

Bosch
 Microsoft Office

Companies with Indirect Promoter Holding

Ultimate Holding Company – Abbott Laboratories, USA

Abbott Capital India Limited, Abbott Healthcare Products British Colloids

UK Limited, UK Limited, UK
17.62%

50.45% 6.92%

Abbott India Indian listed entity

Ultimate Holding Company – Akzo Nobel N.V., The Netherlands

Imperial Chemical Industries Akzo Nobel Coatings International BV,

Limited, UK The Netherlands

50.46% 24.30%

Akzo Nobel Indian listed entity

India Limited
Ultimate Holding Company – LafargeHolcim Limited, Switzerland

Holderfin BV, Netherlands Holderind Investments

Limited, Mauritius

63.11%

Ambuja Cement Indian listed entity

Ultimate Holding Company – BASF SE, Germany

20.58%

BASF Schweiz AG,

Switzerland

52.75%

BASF India Limited Indian listed entity

Ultimate Holding Company – Compass Limited, Bata Shoe Organisation, UK

52.96%

BATA (BN) BV,

Netherlands

BATA India Limited Indian listed entity

Ultimate Holding Company – Bayer AG, Germany

Bayer CropScience AG, Bayer Vapi Private Monsanto Company, Monsanto Investments
Germany Bayer SAS, France Limited, India USA India Private Limited, India

17.89%
11.91% 14.73% 3.44% 15.04%

8.43%
Bayer CropScience Limited Indian listed entity
Ultimate Holding Company – Deutsche Post AG, Germany

75%

DHL Express Pte.

Singapore

Bluedart Express Indian listed entity

Limited
 Ultimate Holding Company – The Bombay Burmah Trading Corporation Limited (BBTC)

Subsidiaries of ABIL Holding %

Bannatyne Enterprises Pte Limited, Singapore 1.16
Dowbiggin Enterprises Pte Limited, Singapore 1.16
Nacupa Enterprises Pte Limited, Singapore 1.16
Spargo Enterprises Pte Limited, Singapore 1.16
Valletort Enterprises Pte Limited, Singapore 1.16

Associated Biscuits International

Limited (ABIL), United Kingdom
5.8%

44.86%

BBTC by itself have majority Indian

Holding. Thus leaving a question, if
Britannia should be classified as MNC!
Britannia Industries Indian listed entity
Limited
Ultimate Holding Company – The British Petroleum Company Plc, United Kingdom

Burmah Castrol Plc, UK Castrol Limited, UK

51%

Castrol India Limited Indian listed entity

Ultimate Holding Company – Colgate-Palmolive Company, U.S.A.,

Colgate-Palmolive (Asia) Pte Ltd., Norwood International

Singapore Incorporated, USA

10.94% Negligible%

40.06%

Colgate Palmolive India Indian listed entity

Limited
Ultimate Holding Company – S&P Global Inc., USA

S&P India LLC, USA S&P Global Asian Holdings Standard & Poor’s
Pte Ltd., Singapore International LLC, USA
15.94%

43.16% 8.30%

CRISIL Limited Indian listed entity

Ultimate Holding Company – Norican Global A/S, Denmark

Disa Holding AS, Denmark Disa Holding AG,

Switzerland

20.73% 54.10%

DISA India Indian listed entity

Limited
Ultimate Holding Company – SKion GmbH, Germany

Altana AG Altana Management Elantas GmbH

Services GmbH, Germany

75%

Elantas Beck Indian listed entity

Limited
Ultimate Holding Company – Colfax Corporation, USA

ESAB Holdings Limited, UK Exelvia Group India BV,

Netherlands

37.31% 36.41%

ESAB India Limited Indian listed entity

Ultimate Holding Company – Tennoco Inc. (USA)

Federal Mogul Holdings Federal Mogul

Limited, Mauritius, Vemogensuverwaltungs GMBH

60.05% 14.93%

Federal-Mogul Goetze Indian listed entity

India Limited
Ultimate Holding Company – General Electric Company, USA

GE Grid Alliance BV, Grid Equipments

Netherlands Private Limited, India

6.46% 68.54%

GE T&D Indian listed entity

Ultimate Holding Company – The Procter & Gamble Company, USA

Procter & Gamble Overseas Gillette Diversified Operations

India BV, Netherlands Private Limited, India

40.12% 34.88%

Gillete India Indian listed entity

Limited
Ultimate Holding Company – GlaxoSmithKline Plc, United Kingdom

Horlicks Limited, UK GlaxoSmithKline Pte Ltd,

Singapore

43.16% 29.29%

GlaxoSmithKline Consumer Indian listed entity

Healthcare Limited
Ultimate Holding Company – Pfaudler International s.a.r.l, Luxembourg

50.44%

Patel Family

Pfaudler Inc. USA

24.56%

GMM Pfaudler Indian listed entity

Philip Morris Global Brands Inc, USA

Mixed ownership by Indian entity and foreign promoter. No

concept of “Ultimate Holding Company”.

K K Modi Investment And

Financial Services Pvt Ltd, India

25.10% 29.23%

Godfrey Phillip India Limited Indian listed entity

Ultimate Holding Company – Compagnie de Saint-Gobain (“Saint-Gobain”), France

Saint-Gobain Abrasives Inc. SPAFI - Societe de Participations Saint-Gobain India

USA Financieres, France Private Limited, India
24.50%

26.80% 0.30%

Grindwell Norton Limited Indian listed entity

Ultimate Holding Company – HeidelbergCement AG, Germany

69.39%

Cementrum BV, Netherlands

Heidelberg Cement India Limited Indian listed entity

Ultimate Holding Company – Baring Private Equity Asia GP V. LP, Cayman Island

62.44%

HT Global IT Solutions
Holdings Limited, Mauritius

Hexaware Technologies Limited Indian listed entity

Ultimate Holding Company – Unilever Plc, United Kingdom

Subsidiaries of Unilever Plc

15.72%

51.48%

Hindustan Unilever Limited Indian listed entity

Ultimate Holding Company – Honeywell International Inc., USA

75.00%

HAIL Mauritius Limited,

Mauritius

Honeywell Automation Indian listed entity

India Limited
Ultimate Holding Company – Huhtamaki Oyj., Finland

66.94%

Huhtavefa BV, Netherlands

Huhtamaki PPL Limited Indian listed entity

Ultimate Holding Company – Moody’s Corporation (USA)

Moody’s Investment Company Moody‘s Singapore Pte

India Private Limited, India Limited

31.66% 20.20%

ICRA Limited Indian listed entity

Ultimate Holding Company – Igarashi Electric Works Limited, Japan

Agile Electric Sub Assembly Igarashi Electric Works

Private Limited, India (H.K) Limited, Hong Kong

54.46% 7.94%

12.59%
Igarashi Motors India Limited Indian listed entity
Ultimate Holding Company – Ingersoll-Rand plc, UK

Ingersoll-Rand Industrial Inc.

USA

74%

Ingersoll Rand (India) Ltd. Indian listed entity

 Some aspects of ITC Promoters
British American Tobacco Company plc, UK • No defined promoters in Annual Report
• Tobacco Manufacturers India Limited is the
biggest shareholder of the company which is a
subsidiary of British American Tobacco (BAT)
plc, UK
• No concept of Ultimate Holding Company as
there is not major shareholders
• Screen images from AR of BAT

ANNUAL REPORT OF BRITISH AMERICAN

Tobacco Manufacturers (India) TOBACCO COMPANY
Limited, UK

24.30%

ITC
Ultimate Holding Company – Johnson Controls International, USA

JCHAC India Holdco Limited, Johnson Controls Hitachi Air

UK Conditioning Holding Limited, UK

74.252% 0.003%

Johnson Controls Indian listed entity

Ultimate Holding Company – Kennametal Inc. USA

Meturit, AG, Switzerland

51%

24%
Kennametal India Limited Indian listed entity
Ultimate Holding Company – Linde plc, UK

The BOC Group Limited, UK

75.03%

Linde India Limited Indian listed entity

Ultimate Holding Company – Blackstone Capital Partners (Cayman II) VI L.P., Cayman Islands

Marble II Pte Ltd. Singapore

56.18%

Mphasis Limited Indian listed entity

Ultimate Holding Company – Nestle S.A., Switzerland

MAGGI Enterprises Limited,

Switzerland

28.48%

34.28%
Nestle India Limited Indian listed entity
Ultimate Holding Company – Oracle Corporation, USA

Oracle Global Limited,

Mauritius

73.42%

Oracle Financial Services Indian listed entity

Software Limited
Ultimate Holding Company – The Procter & Gamble Company, USA

Procter & Gamble Overseas India Temple Trees Impex &

B.V., Netherlands Investment Pvt Ltd, India

68.73% 1.91%

Procter & Gamble Hygiene Indian listed entity

and Health Care Limited
Ultimate Holding Company – The Procter & Gamble Company, USA

Procter & Gamble Overseas India

B.V., Netherlands

51.8%

Procter & Gamble Health Indian listed entity

Limited
Ultimate Holding Company – Pfizer Inc. USA

Subsidiaries of Pfizer %-holding

Pfizer East India BV, Netherlands 39.75
Wyeth LLC, USA 12.28
Wyeth Holding Corporation, USA 3.56
Warner Lambert Company, USA 2.60
Parke, Davis & Company LLC, USA 2.09
John Wyeth & Brother Limited 1.93
Pharmacia Corporation 1.71

63.92%

Pfizer India Limited Indian listed entity

Ultimate Holding Company – Compagnie de Saint-Gobain, France

Saint-Gobain Sekurit, France Saint-Gobain India Private

Limited, India

48.26% 26.74%

Saint-Gobain Sekurit India Indian listed entity

Limited
Ultimate Holding Company – Sanofi SA, France

Hoechst GmbH, Germany

60.38%

0.02% Sanofi India Limited Indian listed entity

Ultimate Holding Company – INA Holding Schaeffler GmbH & Co. KG, Germany

Schaeffler Schweinfurt Schaeffler Verwaltungs Industriewerk Schaeffler Schaeffler Bühl

Beteiligungs GmbH holding Sechs GmbH INA-Ingenieurdienst GmbH Verwaltungs GmbH

27.28% 15.08% 11.27% 20.56%

Schaeffler India Limited Indian listed entity

Ultimate Holding Company – Schneider Electric Industries SAS, France

Schneider Electric Singapore Energy Grid Automation Transformers

Pte. Limited, Singapore and Switchgears India Private Limited,

4.43% 70.57%

Schneider Electric Indian listed entity

Infrastructure Limited
Ultimate Holding Company – Siemens AG, Germany

Siemens Metals Technologies

Vermögensverwaltungs GmbH, Austria

3.30%

71.70%
Siemens Limited Indian listed entity
Ultimate Holding Company – AB SKF, Sweden

SKF Limited, UK SKF FORVALTNING AB, Sweden

6.33% 0.40%

45.85%
SKF India Limited Indian listed entity
Ultimate Holding Company – Mars, Incorporated, USA

Effem Holdings Ltd. UK Preferred Brands

International, Inc. USA

Preferred Brands Foods Private

Limited, India

6.33% 0.40%

45.85%
Tasty Bites Eatables Indian listed entity
Ultimate Holding Company – Fairfax Financial Holdings Limited, Canada

Fairbridge Capital Limited,

Mauritius

65.6%

Thomas Cook India Limited Indian listed entity

Ultimate Holding Company – Eagleville Group BV, Netherlands

Tanager Group BV, Timex Nederland

Netherlands BV, Netherlands

Timex Group Luxury Watches BV,

Netherlands

74.93%

Timex Group India Limited Indian listed entity

Ultimate Holding Company – Heineken Limited, UK

Scottish & Newcastle India Heineken International BV

Limited, UK

9.28%

34.04%

3.21%
United Breweries Limited Indian listed entity
Ultimate Holding Company – Diageo Plc. UK

Tanqueray Gordon & Company Relay BV, Netherlands

Limited, UK

54.78%

United Spirits Limited Indian listed entity

British American Tobacco Company plc, UK

The Raleigh Investment Tobacco Manufacturers (India) Rothmans International

Company Limited, UK Limited, UK Enterprise Limited, UK

8.28%

24.45% 0.43%

Indian listed entity

VST Industries
ANNUAL REPORT OF BRITISH AMERICAN TOBACCO COMPANY
Ultimate Holding Company – WABCO Holdings, USA

WABCO Asia Private Limited,

Singapore

75%

WABCO India Limited Indian listed entity

Ultimate Holding Company – Whirlpool Corporation, USA

Whirlpool Limited, Mauritius

75%

Whirlpool of India Limited Indian listed entity

Ultimate Holding Company – DXC Technology Company, USA

Xchanging Limited, Mauritius Xchanging Technology Services

India Private Limited

19.16%

52.07%

3.77%
Xchanging Solutions Limited Indian listed entity
Subsidiaries and Fellow Subsidiaries
 Let us Understand Subsidiary & Fellow Subsidiary
Overseas Parent
Company Subsidiary of the overseas Parent Company
and should not be the holding company of
the Indian listed entity.
Direct Subsidiary*

@EWFA_

Fellow Subsidiary

Direct Subsidiary*

Subsidiary of the Indian

Indian listed entity listed entity
*Usually called as only Subsidiary
Let us Understand with a Example
Parent: Cummins Inc.
Cummins Deutschland GmbH, Germany
Country: USA
Industry: Engines (This entity does not hold Cummins India)

Direct Subsidiary

@EWFA_

Fellow Subsidiary

Direct Subsidiary

Cummins Sales & Service

Cummins India Private Limited
What is the Importance of this Info?
• Importance of Subsidiary and Fellow Subsidiary comes for Related Party
Transactions (RPT) i.e. Financial transactions between entities related to
the company (To understand the importance of RPT watch my video on
Management Quality)
• While a high amount of RPT is undoubtedly a concern, but need not be
necessarily fraud. But investors need to deep dive on these transactions.
• More number of Subsidiaries are also a concern as that is the ground for
higher RPT. Again the same heads-up, that it does not necessarily
indicate a fraud.
What is the Importance of this Info? (Contd.)
• Subsidiary is only specific to companies with Indian Promoter/Group, but Fellow
Subsidiary additionally comes for MNC companies listed in India
o This is because the Indian listed entity itself is a subsidiary of the overseas parent
o The overseas parent could have many other listed/non listed entities as their subsidiaries
o These listed/non listed entities of the overseas parent are fellow subsidiaries to the Indian entity
• So the Indian listed entities have doors for RPT with both their direct subsidiaries
and fellow subsidiaries
• Remember the transactions with fellow subsidiaries most likely happen in foreign
currency
• Investors need to focus on RPT with Indian entities having significant number of
direct subsidiaries and/or fellow subsidiaries
• Also remember that a company need not have RPT with every fellow subsidiary
 Let us see the statistics
behind of the subsidiary
and fellow subsidiary in
the universe of 75 mnc
companies
MNC Companies with Maximum Direct Subsidiary
Larsen & Toubro 136
Thomas Cook (I) 58
Ashok Leyland 27
Mphasis 27
Britannia Industries 21 Hexaware Technologies 20
United Spirits 18
ITC 16
Oracle Fin.Serv. 16
Hind. Unilever 11
MNC Companies with No Direct Subsidiary
• ABB • Heidelberg Cem. • Linde India
• Abbott India • Honeywell Auto • Nestle India
• Astrazeneca Pharma • Igarashi Motors • Novartis India
• BASF • Ingersoll-Rand • P & G Health Ltd
• Bayer Crop Sci. • Johnson Controls Hitachi • P&G Hygiene & Health
• Colgate-Palmoliv Air Conditioning • Pfizer
• DIC India • Kingfa Science • Saint-Gob. Sekur @EWFA_
• Elantas Beck • SKF India • Sanofi India
• Esab India • Tasty Bite Eat. • Schaeffler India
• GE T&D • Timex Group • Schneider Elect. Infra
• Gillette India • Timken India • WABCO India
• GlaxoSmith C H L • VST Industries
MNC Companies with Maximum Fellow Subsidiary
Siemens India 237
ABB 180
Honeywell Auto 138
BASF 98
Grindwell Norton 97 Akzo Nobel 90
GE T&D 90 @EWFA_
Nestle India 83
WABCO India 83
Schneider Elect. Infra 81 Cummins India 72
Oracle Fin.Serv. 61
3M India 59
Schaeffler India 53
SKF India 53
MNC Companies with No/Few Fellow Subsidiary
No Fellow Subsidiary Few Fellow Subsidiary
• Hexaware Technologies • Britannia Industries 5
• Igarashi Motors 5
• Sunflag Iron
• Thomas Cook (I) 4
• Black Rose Industries • Exide 4
• ITD Cementatin • Godfrey Phillips 4
• Colgate-Palmoliv • Sumitomo Chemicals 4
• Ingersoll-Rand • Kansai Nerolac 3
@EWFA_ • Nippon Life Asset Management Company 2
• VST Industries
• Heidelberg Cement 2
• Bosch 1
In the above cases, I do not find
mention in Indian Annual Report. So
deeming to have no fellow subsidiary.
But it would be a good idea to check
the AR of the Overseas parent, if they
hold other subsidiaries other than
Indian listed entity
 FB Silicon Valley Office

Royalty Payment @EWFA_

 In the 75* Companies in the mnc
pack…

42 Companies collectively pay INR

7600 Crore ROYALTY TO OVERSEAS
PARENT

33 companies do not pay any

royalty!

* The universe of 75 companies in this mnc analysis @EWFA_

What is it about?
What is Royalty?
• Royalty is the payment made by Indian listed entity to its overseas parent
• This payment may be for use of their brand name, technology, and very rarely
for some shared services
• Example: Maruti would pay Royalty to Suzuki for use of its Technology
@EWFA_
• It may be wrong to think that Indian counterparts don’t have this!
• Indian companies promoted by family group may pay royalty to their Indian
promoter group E.g. Tata, Godrej – But this aspect is not in scope of this study
and hence not analysed. (For articles in Indian context read the article “Royalty
payment: Establishing its legitimacy”, the first reference in Slide 13.)

@EWFA_
MNC Companies with Highest Royalty
In Absolute Numbers (Lakhs)
Absolute numbers does not help much, so
• Maruti Suzuki 381,730 below is the list on Royalty% on Revenue
• Hind. Unilever 69,900
• Nestle India 54,720
• Ambuja Cements 53,370
Royalty as %-age of Revenue
• AB 35148 • Maruti Suzuki 6.18
• Colgate-Palmoliv 21,968 • AB 5.79
• Bosch 19,080 • P&G Hygiene & Health 4.98
• P&G Hygiene & Health 15,723 • Colgate-Palmoliv 4.83
• GlaxoSmith C H L 13,815 • Nestle India 4.19
• Larsen & Toubro 11,952 • Akzo Nobel 3.68
• Castrol India 3.65
• WABCO India 3.16
• Johnson Controls Hitachi Air Conditioning 2.92
• Federal Mogul Goetze (India) Ltd 2.86
Revenue values for calculation as taken from screener.in
@EWFA_
MNC Companies with Lowest Royalty
In Absolute Numbers (Lakhs)
Absolute numbers does not help much, so
• Schneider Elect. Infra 17 below is the list on Royalty% on Revenue
• Igarashi Motors 73
• Black Rose Industries 151
Royalty as %-age of Revenue
• Kennametal India 180
• GMM Pfaudler 247 • Schneider Elect. Infra 0.01
• Disa India 249 • Larsen & Toubro 0.09 @EWFA_
• Novartis India 304 • United Spirits 0.12
• Astrazeneca Pharma 381 • Igarashi Motors 0.16
• United Spirits 910 • Ashok Leyland 0.20
• ITD Cem 1044 • Kansai Nerolac 0.27
• Kennametal India 0.29
• Bayer Crop Sci. 0.37
• GMM Pfaudler 0.39
• Exide 0.39

Revenue values for calculation as taken from screener.in

@EWFA_
MNC Companies with No Royalty
The below list of companies do no pay Royalty to their Parent Companies
• Abbott India • Mphasis
• Blue Dart Express • Nippon Life Asset Management Company
• Britannia Inds. • Oracle Fin. Services
• CRISIL • Pfizer
• DIC India • Saint-Gob. Sekur This was a bit tricky aspect. So let
• Esab India • Sanofi India me set the context with a
• GE T&D • Schaeffler India
• Heidelberg Cem. • Siemens India Disclaimer.
• Hexaware Technologies • Singer India
• Honeywell Auto • Sumitomo Chemicals
• Huhtamaki PPL • Sunflag Iron I am not able to find the mention
• ICRA • Tasty Bite Eat. of Royalty Paid to Parent. So I
• Ingersoll-Rand • Thomas Cook (I)
• ITC • Timex Group
deemed/considered that they are
• Kingfa Science • VST Industries not paying royalty to the parents
• Kokuyo Camlin • Xchanging Solutions
• Linde India

@EWFA_
What should Investors Consider?
Royalty could throw some light on management intentions.
• What is the %-age of Royalty with respect to revenue
• Does the Royalty fluctuate year on year?
o Check the trend of royalty for 5 years and relate to Revenue and Profits
o Is the Royalty being paid to Parent, even when the profits of the Indian
@EWFA_
entity is declining (Or in Loss)
• Does the Management indicate in Annual Report of what %-age of revenue
is paid as Royalty
• What is the exact nature of Royalty? Use of Brand Name, Technology etc
• Compare the Royalty pay-out with Peer groups (if possible)

@EWFA_
View of Bharat Shah on High Royalty
Veteran Investor Bharat Shah mentions the below about
Royalty in his book, Of Long Term Value and Wealth Creation

A parent firm of a MNC seeks to charge a royalty, as high as 5% of sales

(Read it right, on sales and not on profits) for selling soap, oil, cement in
perpetuity, on entire current (not just incremental) sales, one does not
need a consultant to figure out this mis-governance.

Business is being built in Indian territory by selling to by selling to Indian

customer and brand building expenses which is again charged in the
local balance sheet and yet, such high and unconscionable royalty is
being charged, it is being permitted and it does not even require
approval of minority shareholders.

@EWFA_
Not only Investors are Concerned…Even Government

@EWFA_
But things could change in Future

@EWFA_
References and Additional Reads
Royalty payment: Establishing its legitimacy
https://www.iiasadvisory.com/single-post/2019/03/28/Royalty-payment-Establishing-its-
legitimacy

https://www.sptulsian.com/f/cf/royalty-payment---everything-is-in-the-name

https://rupe-india.org/56/royalties.html @EWFA_

https://www.livemint.com/companies/news/sebi-s-plan-to-restrict-royalty-payments-to-
2-runs-into-hurdles-1556255544749.html

https://economictimes.indiatimes.com/news/economy/policy/govt-considering-to-
reintroduce-restrictions-on-royalty-payments/articleshow/72095797.cms?from=mdr

@EWFA_
 FB Silicon Valley Office

Financial Parameters @EWFA_

FINANCIAL PARAMETERS ANALYZED

• MARKET CAP VALUATION METRICS

• Sales growth • P/E Ratio
• Profit growth • peg
• P/b ratio
• Debt to equity
• Net profit margin
• RETURN ON EQUITY

All source of data is from screener.in

@EWFA_
 MARKET CAP
Top Ten
• Hind. Unilever 5,02,382
• ITC 2,38,287
• Maruti Suzuki 2,12,537
• Nestle India 1,72,478
• Larsen & Toubro 1,57,614 Bottom Ten
• Britannia Inds. 87,627 • Singer India 184
• Siemens 53,897 • Timex Group 309
• Ambuja Cements 51,835 • DIC India 341
• GlaxoSmith C H L 45,141 • Disa India 581
• Colgate-Palmoliv 41,170 • Saint-Gob. Sekur 589
• United Spirits 39,849 • Kokuyo Camlin 630
• Bosch 37,799 • Kingfa Science 651
• P & G Hygiene 34,148 • Black Rose Indus 660
• Abbott India 32,723 • Xchanging Sol. 944
• Kansai Nerolac 29,207 • ITD Cem 965
• Sunflag Iron 1,009
• Igarashi Motors 1,036
• Novartis India 1,610
• Thomas Cook (I) 1,787
• Kennametal India 1,832

Values in Crores @EWFA_

 MARKET CAP
Honeywell Auto 28,250 CRISIL 14,339 Johnson Con. Hit 6,217
Whirlpool India 27,700 Hexaware Tech. 14,140 GMM Pfaudler 5,576
Ashok Leyland 27,051 Sumitomo Chemi. 14,118 VST Industries 5,548
Oracle Fin.Serv. 26,146 Schaeffler India 12,455 Heidelberg Cem. 4,719
3M India 24,644 Castrol India 12,404 Godfrey Phillips 4,717
Mphasis 24,560 P & G Health Ltd 11,401 Tasty Bite Eat. 2,929
Pfizer 23,352 Astrazeneca Phar 11,347 GE T&D India 2,541
ABB 22,754 WABCO India 10,460 ICRA 2,520
Bayer Crop Sci. 22,681 Akzo Nobel 9,805 Huhtamaki PPL 2,335
Bata India 20,216 Blue Dart Expres 9,481 Esab India 2,229
Sanofi India 19,040 Timken India 9,037 Schneider Elect. 2,170
Gillette India 18,944 Linde India 7,772 Ingersoll-Rand 2,046
Nippon Life Ind. 17,791 SKF India 7,762 Elantas Beck 2,000
Cummins India 16,244 BASF India 7,169 JTEKT India 1,961
Exide Inds. 15,712 Grindwell Norton 6,622 Federal-Mogul Go 1,839

Values in Crores @EWFA_

5 YEARS SALES GROWTH IN %
Top Ten
Low growth does not imply a ‘Buy’.
• Sumitomo Chemi. 29.29
Arrive at a decision only after
• Kingfa Science 27.65
analysing the stock against other
• Ambuja Cements 22.18
fundamental parameters.
• Schaeffler India 21.93
• Tasty Bite Eat. 20.62 Bottom Ten
• Huhtamaki PPL 17.87 • Novartis India -12.82
• Hexaware Tech. 16.68 • Xchanging Sol. -8.68
• Thomas Cook (I) 16.06 • Federal-Mogul Go -7.21
• GMM Pfaudler 13.95 • Bosch -4.02
• Black Rose Indus 13.72 • GE T&D India -3.17
• Whirlpool India 13.02 • Gillette India -2.18
• Abbott India 12.32 • Siemens -1.2
• Timex Group 12.09 • ABB -1.1
• Timken India 11.81 • JTEKT India -0.55
• ITD Cem 11.61 • GlaxoSmith C H L -0.36
• Bayer Crop Sci. -0.28
• ICRA -0.05
• United Spirits 0.15
• Saint-Gob. Sekur 0.32
• Cummins India 1.1

@EWFA_
5 YEARS SALES GROWTH IN %
Astrazeneca Phar 9.98 Grindwell Norton 6.83 Pfizer 3.04 Screener.in did not have
BASF India 9.92 Igarashi Motors 6.77 Elantas Beck 2.91 the details for 3M India
Larsen & Toubro 9.61 CRISIL 6.68 Castrol India 2.71 and Singer India.
P & G Health Ltd 9.34 Honeywell Auto 6.48 Colgate-Palmoliv 2.59
Sanofi India 9.2 P & G Hygiene 5.16 Bata India 2.55
Exide Inds. 8.85 ITC 4.93 Kennametal India 2.38
Mphasis 8.82 Esab India 4.81 Godfrey Phillips 2.15
Kansai Nerolac 8.54 Nestle India 4.65 DIC India 1.84
Maruti Suzuki 8.29 Nippon Life Ind. 4.62 Akzo Nobel 1.74
VST Industries 8.19 Oracle Fin.Serv. 4.48 Ingersoll-Rand 1.48
Britannia Inds. 8.1 Hind. Unilever 4.47 Sunflag Iron 1.4
WABCO India 7.45 Disa India 4 Heidelberg Cem. 1.2
Ashok Leyland 6.92 Linde India 3.39 Schneider Elec 1.1
Blue Dart Expres 6.92 SKF India 3.32
Johnson Con. Hit 6.92 Kokuyo Camlin 3.11

@EWFA_
5 YEARS PROFIT GROWTH IN %
Top Ten
Low growth does not imply a ‘Buy’.
• Linde India 184.67
Arrive at a decision only after
• Black Rose Indus 105.46
analysing the stock against other
• Kingfa Science 58.39
fundamental parameters.
• Heidelberg Cem. 51.15
• Sumitomo Chemi. 45.49 Bottom Ten
• P & G Health Ltd 42.74 • Blue Dart Express -58.72
• Astrazeneca Phar 40.4 • Thomas Cook (I) -47.13
• Pfizer 38.52 • Novartis India -33.04
• DIC India 32.35 • JTEKT India -9.61
• GMM Pfaudler 30.88 • Igarashi Motors -9.39
• Tasty Bite Eat. 30.65 • Federal-Mogul Go -5
• Sunflag Iron 29.98 • Kokuyo Camlin -3.91
• Honeywell Auto 29.19 • Bosch -2.59
• Xchanging Sol. 27.08 • Maruti Suzuki -0.39
• ITD Cem 26.56 • Cummins India 0.26
• Schneider Elect. 0.83
• Johnson Con. Hit 1.87
• WABCO India 2.97
• Nippon Life Ind. 3.18
• Oracle Fin.Serv. 4.15

@EWFA_
5 YEARS PROFIT GROWTH IN %
Timken India 24.95 Godfrey Phillips 13.61 Bayer Crop Sci. 8.31
Huhtamaki PPL 22.28 Kansai Nerolac 13.38 Ingersoll-Rand 8.29
Abbott India 21.1 Hind. Unilever 13.28 Colgate-Palmoliv 7.86
United Spirits 20.86 Timex Group 13.19 GlaxoSmith C H L 7.8
Britannia Inds. 20.13 Mphasis 12.58 Saint-Gob. Sekur 7.75
BASF India 19.94 ICRA 11.86 Gillette India 5.58
Larsen & Toubro 19.64 Castrol India 11.74 SKF India 5.35
Ashok Leyland 19.43 Grindwell Norton 11.07 CRISIL 5.25
Schaeffler India 19.08 Elantas Beck 10.79 Exide Inds. 5.06
Sanofi India 18.09 Nestle India 10.7 Siemens 4.51
Esab India 17.94 ITC 10.47 Kennametal India 4.32
Whirlpool India 17.69 Akzo Nobel 10.19 P & G Hygiene 4.21
VST Industries 15.87 Disa India 9.81
Hexaware Tech. 15.05 Bata India 9.41 Screener.in did not have the details for GE
Ambuja Cements 14.34 ABB 8.42 T&D, 3M India and Singer India.

@EWFA_
DEBT EQUITY RATIO
Top Ten
• Timex Group 5.82
• Blue Dart Expres 2.66
• Ashok Leyland 2.3
• Larsen & Toubro 2.06
• Britannia Inds. 0.92 Bottom Ten
• GE T&D India 0.57 • Linde India 0.01
• WABCO India 0.55 • Kingfa Science 0.01
• Kokuyo Camlin 0.47 • Exide Inds. 0.01
• Elantas Beck 0.41 • Schaeffler India 0.01
• Tasty Bite Eat. 0.4 • Grindwell Norton 0.01
• BASF India 0.36 • Disa India 0.01
• Black Rose Indus 0.32 • Sanofi India 0.01
• Ambuja Cements 0.31 • Novartis India 0.01
• Johnson Con. Hit 0.28 • Esab India 0.01
• United Spirits 0.28 • JTEKT India 0.02
• Schneider Elect. 0.02
• Saint-Gob. Sekur 0.02
• ABB 0.02
• Timken India 0.02
• 3M India 0.02

@EWFA_
DEBT EQUITY RATIO
Hexaware Tech. 0.27 Abbott India 0.07 No Debt (Debt / Equity = 0)
Huhtamaki PPL 0.27 Kansai Nerolac 0.06
• Federal-Mogul Go
Heidelberg Cem. 0.23 Colgate-Palmoliv 0.06 • Maruti Suzuki
Siemens 0.2 DIC India 0.05 • ITD Cem
Xchanging Sol. 0.19 Akzo Nobel 0.05 • Singer India
GMM Pfaudler 0.16 SKF India 0.04 • Thomas Cook (I)
• ICRA
Sunflag Iron 0.14 Astrazeneca Phar 0.03 • Pfizer
Godfrey Phillips 0.14 Sumitomo Chemi. 0.03 • Nippon Life Ind.
Cummins India 0.12 Honeywell Auto 0.03 • Whirlpool India
Bata India 0.12 JTEKT India 0.02 • P & G Health Ltd
• Bayer Crop Sci.
Mphasis 0.1 Schneider Elect. 0.02
• ITC
Ingersoll-Rand 0.09 Saint-Gob. Sekur 0.02 • GlaxoSmith C H L
Kennametal India 0.09 ABB 0.02 • Gillette India
Nestle India 0.08 Timken India 0.02 • CRISIL
• VST Industries
Bosch 0.07
• P & G Hygiene
• Castrol India
• Hind. Unilever

@EWFA_
RETURN ON EQUITY (%)
Top Ten
• Hind. Unilever 85.72
• Nestle India 70.27
• Castrol India 65.37
• Colgate-Palmoliv 53.7
• P & G Hygiene 42.09 Bottom Ten
• VST Industries 41.89 • Schneider Elect. -26.05
• Black Rose Indus 37.3 • GE T&D India -20.06
• Britannia Inds. 32.49 • Timex Group -8.34
• CRISIL 29.19 • Thomas Cook (I) 0.09
• Tasty Bite Eat. 27.84 • Blue Dart Express 0.29
• Gillette India 27.31 • Novartis India 1.36
• Abbott India 26.73 • Kokuyo Camlin 1.62
• GlaxoSmith C H L 25.92 • BASF India 3.3
• Huhtamaki PPL 25.81 • Federal-Mogul Go 4.94
• Oracle Fin.Serv. 25.42 • Ashok Leyland 5.8
• JTEKT India 5.92
• DIC India 6.39
• Kennametal India 6.74
• Maruti Suzuki 6.76
• Linde India 6.85

@EWFA_
RETURN ON EQUITY (%)
Hexaware Tech. 25.4 Sanofi India 19.4 Johnson Con. Hit 13.1
ITC 25.29 Disa India 19.03 Schaeffler India 12.98
Honeywell Auto 25.05 Bata India 18.21 Singer India 12.96
Bayer Crop Sci. 23.77 Timken India 16.87 Exide Inds. 12.29
GMM Pfaudler 23.51 Larsen & Toubro 16.63 Bosch 12
Esab India 23.48 United Spirits 16.36 Ambuja Cements 11.97
Sumitomo Chemi. 22.41 Cummins India 16.11 Xchanging Sol. 11.77
Astrazeneca Phar 21.66 Nippon Life Ind. 16.09 ABB 9.19
Heidelberg Cem. 21.57 Pfizer 15.92 Siemens 8.29
Mphasis 21.37 Grindwell Norton 15.09 Saint-Gob. Sekur 7.93
P & G Health Ltd 20.96 Godfrey Phillips 15.08 Sunflag Iron 7.92
Novartis India 20.84 SKF India 14.6 WABCO India 7.46
Whirlpool India 20.27 ICRA 14.51 Kingfa Science 7.32
3M India 20.24 Kansai Nerolac 14.19 ITD Cem 7.21
Akzo Nobel 20.01 Elantas Beck 13.68 Igarashi Motors 7.02

@EWFA_
 PE RATIO
Top Ten
• Bata India 1762.52 Low PE does not imply a ‘Buy’. It could be low for a good reason! Arrive at a
• United Spirits 183.71 decision only after analysing the stock against other fundamental parameters
• 3M India 149.77
• WABCO India 141.45
• Astrazeneca Phar 139.66 Bottom Ten
• ABB 117.6 • Larsen & Toubro 10.18
• BASF India 91.95 • Sunflag Iron 12.48
• Whirlpool India 90.6 • Huhtamaki PPL 14.68
• Tasty Bite Eat. 85.65 • Godfrey Phillips 15.16
• Nestle India 83.25 • Oracle Fin.Serv. 16.36
• Saint-Gob. Sekur 81.08 • Xchanging Sol. 16.37
• Kansai Nerolac 77.11 • ITC 16.95
• Gillette India 71.84 • VST Industries 17.54
• GMM Pfaudler 70.85 • Ambuja Cements 18.12
• Siemens 70.12 • Castrol India 18.61
• Heidelberg Cem. 19.48
• Mphasis 20.11
• Hexaware Tech. 21.5
• Singer India 23
• Exide Inds. 25.73

Values in Crores @EWFA_

 PE RATIO
Hind. Unilever 68.99 Britannia Inds. 49.21 Disa India 28.11
Kennametal India 67.05 Colgate-Palmoliv 47.02 DIC India 27.98
Linde India 65.57 Pfizer 46.9 ICRA 27.06 Screener.in did not have
Kingfa Science 63.14 Timken India 45.43 Cummins India 26.59 PE ratio listed for the
P & G Hygiene 62.08 CRISIL 42.17 Exide Inds. 25.73
below companies
Honeywell Auto 61.15 SKF India 40.58
Ashok Leyland
Novartis India 60.93 Elantas Beck 40.2
Blue Dart Expres
Igarashi Motors 60.93 Nippon Life Ind. 39.13
Johnson Con. Hit
P & G Health Ltd 59.14 GlaxoSmith C H L 39.06
GE T&D India
Bosch 57.14 Sanofi India 38.65
Schneider Elect.
Sumitomo Chemi. 54.3 Black Rose Indus 36.92
JTEKT India
Akzo Nobel 54.28 Esab India 36.73
Federal-Mogul Go
Schaeffler India 53.25 Grindwell Norton 36.47
Thomas Cook (I)
Maruti Suzuki 52.34 Bayer Crop Sci. 33.7
ITD Cem
Abbott India 49.68 Ingersoll-Rand 29.55
Kokuyo Camlin
Timex Group

Values in Crores @EWFA_

 PEG
Top Ten
• Bata India 187.3 Low PEG does not imply a ‘Buy’. It could be low for a good reason! Arrive at a
• Cummins India 102.27 decision only after analysing the stock against other fundamental parameters
• WABCO India 47.63
• Siemens 15.55
• JTEKT India 15.52 Bottom Ten
• P & G Hygiene 14.75 • Maruti Suzuki -134.21
• ABB 13.97 • Bosch -22.06
• Gillette India 12.87 • Schneider Elect. -6.49
• Nippon Life Ind. 12.31 • Ingersoll-Rand -1.84
• Saint-Gob. Sekur 10.46 • Black Rose Indus 0.35
• United Spirits 8.81 • Linde India 0.36
• CRISIL 8.03 • Heidelberg Cem. 0.38
• Nestle India 7.78 • Sunflag Iron 0.42
• SKF India 7.59 • Larsen & Toubro 0.52
• Colgate-Palmoliv 5.98 • Xchanging Sol. 0.6
• Huhtamaki PPL 0.66
• DIC India 0.86
• Kingfa Science 1.08
• Godfrey Phillips 1.11
• VST Industries 1.11

Values in Crores @EWFA_

 PEG
Kansai Nerolac 5.76 Britannia Inds. 2.44 Screener.in did not have
Akzo Nobel 5.33 Abbott India 2.35 PEG ratio listed for the
Hind. Unilever 5.2 GMM Pfaudler 2.29
below companies
Whirlpool India 5.12 ICRA 2.28 ITD Cem
Exide Inds. 5.08 Sanofi India 2.14 Elantas Beck
GlaxoSmith C H L 5.01 Honeywell Auto 2.09 Federal-Mogul Go
BASF India 4.61 Esab India 2.05 GE T&D India
Bayer Crop Sci. 4.06 Timken India 1.82 Kokuyo Camlin
Oracle Fin.Serv. 3.94 ITC 1.62 Singer India
Thomas Cook (I) 3.73 Mphasis 1.6 Kennametal India
Novartis India 3.56 Castrol India 1.59 Ashok Leyland
Astrazeneca Phar 3.46 Hexaware Tech. 1.43 Johnson Con. Hit
Grindwell Norton 3.29 P & G Health Ltd 1.38 3M India
Disa India 2.87 Ambuja Cements 1.26 Blue Dart Expres
Schaeffler India 2.79 Pfizer 1.22 Timex Group
Tasty Bite Eat. 2.79 Sumitomo Chemi. 1.19 Igarashi Motors

Values in Crores @EWFA_

 PB RATIO
Top Ten
• Nestle India 75.69 Low PB does not imply a ‘Buy’. It could be low for a good reason! Arrive at a
• Timex Group 66.57 decision only after analysing the stock against other fundamental parameters
• Britannia Inds. 32.76
• P & G Hygiene 29.49
• Astrazeneca Phar 28.02 Bottom Ten
• Colgate-Palmoliv 25.21 • Sunflag Iron 0.72
• Blue Dart Expres 23.27 • DIC India 0.92
• Gillette India 20.79 • ITD Cem 0.98
• Tasty Bite Eat. 16.24 • Elantas Beck 1.21
• GMM Pfaudler 14.59 • Xchanging Sol. 1.79
• Abbott India 14.46 • Kingfa Science 1.86
• 3M India 13.83 • Godfrey Phillips 2.02
• P & G Health Ltd 12.58 • Ambuja Cements 2.09
• Honeywell Auto 12.16 • Larsen & Toubro 2.18
• Bata India 11.9 • Ingersoll-Rand 2.27
• Exide Inds. 2.31
• Federal-Mogul Go 2.33
• GE T&D India 2.45
• Schneider Elect. 2.45
• Kokuyo Camlin 2.69

Values in Crores @EWFA_

 PB RATIO
CRISIL 11.59 Sanofi India 7.14 Bosch 4.28
United Spirits 11.02 VST Industries 6.99 Mphasis 4.21
Pfizer 10.9 ABB 6.35 BASF India 4.09
GlaxoSmith C H L 10.86 Nippon Life Ind. 6.34 ITC 4.03
Hind. Unilever 10.73 SKF India 5.85 Ashok Leyland 3.71
Whirlpool India 10.52 Siemens 5.68 Heidelberg Cem. 3.66
Sumitomo Chemi. 9.97 Grindwell Norton 5.58 Cummins India 3.66
Castrol India 9.81 WABCO India 5.52 ICRA 3.54
Johnson Con. Hit 9.62 Novartis India 5.01 Disa India 3.54
Bayer Crop Sci. 8.96 Thomas Cook (I) 4.98 Linde India 3.54
Esab India 8.75 Hexaware Tech. 4.73 Kennametal India 3.52
Black Rose Indus 8.74 Saint-Gob. Sekur 4.56 JTEKT India 3.33
Akzo Nobel 8.06 Oracle Fin.Serv. 4.41 Huhtamaki PPL 3.21
Kansai Nerolac 7.7 Maruti Suzuki 4.34 Singer India 2.86
Timken India 7.21 Schaeffler India 4.31
Screener.in did not have PB ratio listed for
the Igarashi Motors.

Values in Crores @EWFA_

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