MIRA INFORM REPORT

Report Date :

03.10.2011

IDENTIFICATION DETAILS

Name :	L&T HOWDEN PRIVATE LIMITED
Registered Office :	L&T House, N. M. Marg, Ballard Estate, Mumbai – 400001, Maharashtra
Country :	India
Date of Incorporation :	17.06.2010
Com. Reg. No.:	204403
Capital Investment / Paid-up Capital :	Rs.300.000 Millions
CIN No.: [Company Identification No.]	U31401MH2010PTC204403
TAN No.: [Tax Deduction & Collection Account No.]	MUML07891C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Air Pre Heaters Parts
No. of Employees :	Not Divulged by the Management

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	New Company
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a joint venture between Larsen and Toubro Limited, India and Howden Hodlings B.V., Netherlands. Subject is a new company and yet to establish itself gradually. Trade relations are reported as fair. Business is active. Payments are unknown. In view of strong promoters, the company can be considered normal 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.

INFORMATION DECLINED BY

Management non Co-operative

LOCATIONS

Registered Office :	L&T House, N. M. Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India
Tel No. :	Not Available
E-Mail :	Naina.Desai@larsentoubro.com
Corporate Office :	12/4 Delhi- Mathura Road, Near Saral Khawaja Chowk, Faridabad- 121003, India
Tel No. :	91-129-4312404/4291000/4291651
Fax No. :	91-129-4291650
Email Id :	purohita@larsentoubro.com/rbu-bd@larsentoubro.com
Website :	www.larsentoubro.com

DIRECTORS

Name :

Mr. Ian Kenneth Smith

Designation :

Alternate Director

Address :

2 Tain Terrace Blantyre, Glasgow G720GD

Date of Birth/Age :

19.01.1968

Date of Appointment :

13.07.2010

DIN No.:

03066156

Name :

Mr. Ian Halliday Brander

Designation :

Alternative Director

Address :

Maybank Jeffreystock, 0402 Kilbirnie Road, Lowchwinnoch PA124DP

Date of Birth/Age :

01.12.1961

Date of Appointment :

13.07.2010

DIN No.:

03079747

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U31401MH2010PTC204403	L&T Howden Private Limited	Director appointed in casual vacancy	1/09/2011	13/07/2010	-	Active	NO

Name :

Mr. Kevin Musgrove

Designation :

Alternative Director

Address :

2 Walker Close, Grenoside, Sheffield S358SA

Date of Birth/Age :

04.03.1949

Date of Appointment :

13.07.2010

DIN No.:

03136881

Name :

Mr. Ravi Uppal

Designation :

Director

Address :

No. 484, 9^th Main, 3^rd Cross, Hal II Stage, Indira Nagar, Bangalore – 560008, Karnataka, India

Date of Birth/Age :

09.05.1952

DIN No.:

00025970

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
L32202KA1949PLC032923	Abb Limited	Director	3/06/2008	1/10/2001	1/01/2009	Active	NO
U72200KA2001PLC032179	Abb Global Industries And Services Limited	Director	26/07/2007	19/10/2001	30/07/2008	Active	NO
U74140KA1996PLC031501	Abb Holdings (South Asia) Limited	Director	31/03/2007	23/10/2001	30/06/2007	Amalgamated	NO
L70109AP1995PLC019116	Transport Corporation Of India Limited	Director	31/10/2001	31/10/2001	12/10/2007	Active	NO
U40101KA1986PLC007404	Bhoruka Power Corporation Limited	Director	24/08/2004	24/08/2004	3/09/2007	Active	NO
U40109TN1993PTC026223	St-Cms Electric Company Private Limited	Director	8/03/2005	8/03/2005	30/06/2007	Active	NO
L18101KA1994PLC016554	Page Industries Limited	Director	27/07/2007	30/10/2006	1/11/2010	Active	NO
U20232KA1978PLC003383	Raman Boards Ltd	Director	26/07/2007	1/03/2007	-	Amalgamated	NO
U40100MH2006PLC160413	L and T Power Limited	Director	18/10/2010	1/01/2009	-	Active	NO
U31101MH2006PTC166541	L And T - Mhi Turbine Generators Private Limited	Director	29/05/2009	17/02/2009	-	Active	NO
U29119MH2006PTC165102	L and T - Mhi Boilers Private Limited	Director	29/05/2009	17/02/2009	-	Active	NO
U74210MH1995PLC088099	L and T-Sargent and Lundy Limited	Director appointed in casual vacancy	10/03/2009	10/03/2009	-	Active	NO
U31401MH2010PTC204403	L and T Howden Private Limited	Director	17/06/2010	17/06/2010	-	Active	NO
L99999MH1946PLC004768	Larsen and Toubro Limited	Whole-time director	1/11/2010	1/11/2010	-	Active	NO

Name :

Mr. Sunil Pande

Designation :

Director

Address :

703, Sovereign Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

13.08.1950

DIN No.:

03060968

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U31401MH2010PTC204403	L&T Howden Private Limited	Director	17/06/2010	17/06/2010	-	Active	NO
U74210MH1995PLC088099	L&T-Sargent and Lundy Limited	Director appointed in casual vacancy	21/10/2010	21/10/2010	-	Active	NO

Name :

Mr. Ravindra Nath Mishra

Designation :

Director

Address :

A-101, Vicenza Enamour, Near Haveli Mandir, 23-Laxmi Colony Akota, Baroda- 390020, Gujarat, India

Date of Birth/Age :

01.07.1948

DIN No.:

03063326

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U31401MH2010PTC204403	L&T Howden Private Limited	Director	17/06/2010	17/06/2010	-	Active	NO

Name :

Mr. Robert Cleland

Designation :

Director

Address :

The Mews, 17 Lynedoch Crescent, Glasgow G36EQ

Date of Birth/Age :

25.02.1947

DIN No.:

03042665

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U31401MH2010PTC204403	L&T Howden Private Limited	Director	17/06/2010	17/06/2010	1/09/2011	Active	NO

Name :

Mr. Siddharth Shrivastav

Designation :

Director

Address :

74/1, Aster-1B, Vatika City, Sohna Road, Sector – 49, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

01.07.1969

DIN No :

03048067

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U31401MH2010PTC204403	L&T Howden Private Limited	Director	17/06/2010	17/06/2010	-	Active	NO
U11202HR2007FTC041948	Howden Air and Gas India Private Limited	Managing director	17/06/2010	17/06/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Gopal Subramanyam
Designation :	Manager
Address :	Flat # 404, Vijay Mansion, 1^st Main Road, 9^th Cross, Vijayanagar 2^nd Stage, Banagalore – 560040, Karanataka, India
Date of Birth/Age :	02.11.1955
Date of Appointment :	08.12.2010
PAN No. :	ABPPG1406L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Number of Shareholders	No. of Shares
Larsen and Turbo Limited	5010
Howden Holdings B. V.	4990
Total	10000

As on 11.05.2011

Names of Allottee	No. of Equity Shares allotted
Larsen & Toubro Limited	100200000
Howden Holdings B.V.	99800000
Total	200000000

BUSINESS DETAILS

Line of Business :

Manufacturer of Air Pre Heaters Parts

GENERAL INFORMATION

No. of Employees :	Not Divulged by the Management
Bankers :	Not Divulged
Facilities :	Not Divulged

Banking Relations :	--
Auditors :
Name :	Not Divulged

CAPITAL STRUCTURE

Authorised Capital : Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.300.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

New Company

LOCAL AGENCY FURTHER INFORMATION

NIL

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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	Indian Rupees
US Dollar	1	Rs.48.92
UK Pound	1	Rs.76.51
Euro	1	Rs.66.64

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.