MIRA INFORM REPORT

Report Date :

30.09.2011

IDENTIFICATION DETAILS

Name :	L AND T SPECIAL STEELS AND HEAVY FORGINGS PRIVATE LIMITED

Registered Office :	L and T House, Ballard Estate, N M Marg, Mumbai – 400001, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	01.07.2009

Com. Reg. No.:	55- 193699

Capital Investment / Paid-up Capital :	Rs.1500.000 Millions

CIN No.: [Company Identification No.]	U27109MH2009PTC193699

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer, Exporter, Distributor and Supplier of Low Alloy Steel, Stainless Steel, Rod and Sheets.

No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 5700000

Status :	New Company

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is a new joint venture between Larsen and Toubro Limited, Country’s premier industrial house and Nuclear Power Corporation of India Limited, a company owned by Government of India. The company is setting up a factory n Hazira and hence yet to commence commercial operations. Promoters are financially strong. No further details of payment could be made available. In view of strong promoters the company can be considered normal for business dealings.

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 and T House, Ballard Estate, N M Marg, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-67525656/ 67525617
Fax No.:	91-22-55525858/ 67525893
E-Mail :	ss-sec@ith.itindia.com
Website :	www.lntecc.com

Factory :	Hazira Manufacturig Complex, Post : Bhatha, District Surat – 394510, Gujarat, India
Tel. No.:	91-261-2805000
Fax No.:	91-261-2805050

DIRECTORS

As on 31.12.2010

Name :

Mr. Madhukar Vinayak Kotwal

Designation :

Director

Address :

Flat No. 803, Odyssey – 2, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

10.10.1948

Date of Appointment:

01.07.2009

DIN No.:

00001744

Other Directorship:

S. No.	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
1	U74999MH1962PLC012315	EWAC ALLOYS LIMITED	Director	14-07-05	14-07-05	30-08-08	Active	NO
2	L99999MH1946PLC004768	LARSEN AND TOUBRO LIMITED	Whole-time director	27-08-10	27-08-05	-	Active	NO
3	U74900TN2007PLC065356	L AND T SHIPBUILDING LIMITED	Director	13-11-07	13-11-07	25-03-08	Active	NO
4	U27109MH2009PTC193699	L AND T SPECIAL STEELS AND HEAVY FORGINGS PRIVATE LIMITED	Director	01-07-09	01-07-09	-	Active	NO
5	U72300MH2009PLC191426	L AND T TECHNOLOGIES LIMITED	Director	19-08-11	05-10-10	-	Active	NO

Name :

Mr. Vijay Chander Bedi

Designation :

Director

Address :

402, Rivera Tower, Dumas Road, Surat, Gujarat, India

Date of Birth/Age :

27.08.1946

Date of Appointment:

01.07.2009

DIN No.:

02005709

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U91110GJ1993NPL020141	HAZIRA AREA INDUSTRIES ASSOCIATION	Director	07-09-93	07-09-93	Active	NO
2	U31101MH2006PTC166541	L AND T - MHI TURBINE GENERATORS PRIVATE LIMITED	Director	28-04-08	17-01-08	Active	NO
3	U29119MH2006PTC165102	L AND T - MHI BOILERS PRIVATE LIMITED	Director	28-04-08	20-02-08	Active	NO
4	U74900TN2007PLC065356	L AND T SHIPBUILDING LIMITED	Director	10-06-08	25-03-08	Active	NO
5	U27109MH2009PTC193699	L AND T SPECIAL STEELS AND HEAVY FORGINGS PRIVATE LIMITED	Director	01-07-09	01-07-09	Active	NO

Name :

Mr. Partha Sarathi Banerjee

Designation :

Director

Address :

A-301, Florentine, Hiranandani Garden, Powai, Mumbai-400076, Maharashtra, India

Date of Birth/Age :

01.02.1954

Date of Appointment :

05.01.2010

DIN No.:

00009254

Other Directorship:

S. No.	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
1	U74899DL1995PLC070704	BHILAI POWER SUPPLY COMPANY LIMITED	Director	16-08-06	05-09-05	-	Active	NO
2	U13203OR1999PTC005673	RAYKAL ALUMINIUM COMPANY PRIVATE LIMITED	Director	18-08-06	03-12-05	25-02-09	Active	NO
3	U40100MH2006PLC160413	L AND T POWER LIMITED	Director	09-03-06	09-03-06	20-12-10	Active	NO
4	U45203MH2008PTC180029	L AND T SEAWOODS PRIVATE LIMITED	Director	13-03-08	13-03-08	-	Active	NO
5	U45203TN2008PLC067551	L AND T PORT KACHCHIGARH LIMITED	Director	30-04-08	30-04-08	-	Active	NO
6	U27109MH2009PTC193699	L AND T SPECIAL STEELS AND HEAVY FORGINGS PRIVATE LIMITED	Director	05-01-10	05-01-10	-	Active	NO
7	U40109MH2010PLC205058	L AND T SOLAR LIMITED	Director	30-06-10	30-06-10	21-12-10	Active	NO
8	U40103MH2010PLC209313	L AND T POWERGEN LIMITED	Director	22-10-10	22-10-10	-	Active	NO

Name :

Mr. Nilendra Nigam

Designation :

Director

Address :

503, Versona, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India

Date of Birth/Age :

20.09.1947

Date of Appointment :

05.01.2010

DIN No.:

02908661

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27109MH2009PTC193699	L AND T SPECIAL STEELS AND HEAVY FORGINGS PRIVATE LIMITED	Director	05-01-10	05-01-10	Active	NO
2	U40300MH2011GOI212727	ANUSHAKTI VIDHYUT NIGAM LIMITED	Director	27-01-11	27-01-11	Active	NO
3	U40104MH2011GOI215870	NPCIL - INDIANOIL NUCLEAR ENERGY CORPORATION LIMITED	Director	06-04-11	06-04-11	Active	NO

Name :

Mr. Jagdeep Ghai

Designation :

Director

Address :

5-A, Zerlina, Little Gibbs Road, Malabar Hill, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

16.03.1955

Date of Appointment :

05.01.2010

DIN No.:

00044774

Other Directorship:

S. No.	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
1	U40104MH1987GOI149458	NUCLEAR POWER CORPORATION OF INDIA LIMITED	Director	16-01-06	16-01-06	01-08-11	Active	NO
2	U27109MH2009PTC193699	L AND T SPECIAL STEELS AND HEAVY FORGINGS PRIVATE LIMITED	Director	05-01-10	05-01-10	24-08-11	Active	NO
3	U40300MH2011GOI212727	ANUSHAKTI VIDHYUT NIGAM LIMITED	Director	27-01-11	27-01-11	-	Active	NO

Name :

Mr. Mandayam Kannapan Kannan

Designation :

Director

Address :

K-504, Aster Building, Jal Vayu Vihar, Sector 20, Kharghar, Navi Mumbai-410210, Maharashtra, India

Date of Birth/Age :

04.11.1950

Date of Appointment :

05.01.2010

DIN No.:

02908661

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27109MH2009PTC193699	L AND T SPECIAL STEELS AND HEAVY FORGINGS PRIVATE LIMITED	Director	05-01-10	05-01-10	Active	NO
2	U40300MH2011GOI212727	ANUSHAKTI VIDHYUT NIGAM LIMITED	Director	27-01-11	27-01-11	Active	NO
3	U40104MH2011GOI215870	NPCIL - INDIANOIL NUCLEAR ENERGY CORPORATION LIMITED	Director	06-04-11	06-04-11	Active	NO

Name :

Mr. Jayant Damodar Patil

Designation :

Director appointed in casual vacancy

Address :

2702, Torino Cliff Avenue, Hiranandani Gardens Mumbai-400076, Maharashtra, India

Date of Birth/Age :

16.12.1954

Date of Appointment :

01.12.2010

KEY EXECUTIVES

Name :	Mr. Ram Ganesh Kulkarni
Designation :	Manager
Address :	A 902, Surya Enclave, City Light Road, Surat-395007, Gujarat, India
Date of Birth/Age :	02.07.1954
Date of Appointment :	05.01.2010

Name :	Mr. Deepak Sankhla
Designation :	Company Secretary
Address :	Flat 1, First Floor, B Building, “Ratna Jyoti” Apartments, Magdalla Road, Surat-394504, Gujarat, India
Date of Birth/Age :	24.10.1968
Date of Appointment :	23.04.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2010

Names of Shareholders		No. of Shares
Larsen and Toubro Limited, India		111000000
Nuclear Power Corporation of India Limited, India		39000000

Total		150000000

Equity Share Breakup (Percentage of Total Equity)

As on 31.12.2010

Category	Percentage
Government Companies	26.00
Bodies corporate	74.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter, Distributor and Supplier of Low Alloy Steel, Stainless Steel, Rod and Sheets.

GENERAL INFORMATION

No. of Employees :	Information denied by the management.

Bankers :	Not Available


Banking Relations :	--

Financial Institute:	Nuclear Power Corporation of India Limited, 16^th Floor, Centre-1, World Trade Centre, Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India

Auditors :
Name :	Sharp and Tannan Chartered Accountant
Address:	Ravindra Annexe, 194, Churchgate Reclamation Dinshaw Vachha Road, Mumbai-400020, Maharashtra, India

Related parties over whom Control Exists ands who exercise control:	Nuclear Power Corporation of India Limited, Mumbai, Maharashtra, India

Holding Company :	Larsen and Toubro Limited, Mumbai, Maharashtra, India L99999MH1946PLC004768

Group Company:	· L and T Infrastructure Finance Company Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
575000000	Equity Shares	Rs. 10/- each	Rs.5750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Rs. 10/- each	Rs.1500.000 Millions

Of this:-

111000000 Equity Shares of Rs. 10 each fully paid held by Larsen and Toubro Limited.
39000000 Equity Shares of Rs. 10 each fully paid held by Nuclear Power Corporation of India Limited.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1500.000
2] Share Application Money		0.000
3] Reserves & Surplus (Hedge Reserve)		[9.534]
4] (Accumulated Losses)		[46.548]
NETWORTH		1443.918
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000

TOTAL		1443.918

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		11.831
Capital work-in-progress		948.661

INVESTMENT		541.916
DEFERREX TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	28.592
	Other Current Assets	0.000
	Loans & Advances	32.346
Total Current Assets		60.938
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	118.846
	Provisions	0.582
Total Current Liabilities		119.428
Net Current Assets		[58.490]

MISCELLANEOUS EXPENSES		0.000

TOTAL		1443.918

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	SALES
		Income	8.907
		Other Income
		TOTAL	8.907

Less	EXPENSES
		Office Expenses
		Administrative Expenses	54.873
		Advertising Expenses
		TOTAL	54.873

	PROFIT / LOSS BEFORE TAX		[45.966]

Less	TAX		0.582

	PROFIT / LOSS AFTER TAX		[46.548]

	Earnings Per Share (Rs.)		[0.99]

KEY RATIOS

PARTICULARS		31.03.2010
PAT / Total Income	(%)	[522.60]

Return on Total Assets (PBT/Total Assets}	(%)	[63.17]

Return on Investment (ROI) (PBT/Networth)		[0.03]

Debt Equity Ratio (Total Liability/Networth)		0.08

Current Ratio (Current Asset/Current Liability)		0.51

LOCAL AGENCY FURTHER INFORMATION

Note: Details of sundry creditors are not available.

FINANCIAL RESULTS:

The Company has not yet commenced its commercial operations. As per the extant accounting policy, Preliminary Expenses and Pre-operative Expenditure incurred up to March 31, 2010 of Rs. 26.514 Millions and Rs. 27.719 Millions respectively has been charged to the Profit and Loss Account for period ended March 31, 2010.

L and T Special Steels and Heavy Forgings

World - Class Engineers for World-class Steel Facility

Larsen and Toubro and NPCIL are setting up a world-class steel melting and heavy forge facility at Hazira (Surat). Using electric arc furnace route, the plant will produce high-end steel ingots from 50 MT to 600 MT sizes, which be used for manufacturing of critical forging for nuclear power plant, process plants, ship-building, etc. The project offers exciting career opportunities at various positions for top-notch engineers looking for challenge.

Bankers Charges Report as per Registry

Corporate identity number of the company	U27109MH2009PTC193699
Name of the company	L AND T SPECIAL STEELS AND HEAVY FORGINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	L and T House, Ballard Estate, N M Marg, Mumbai – 400001, Maharashtra, India
This form is for	Creation of Charge
Type of charge	· Uncalled Share Capital · Immovable Property · Any Interest in Immovable Property · Book Debts · Movable Property · Floating Charge · Others · Calls Made but not paid · Goodwill · Patent, License under a patent · Trademark · Copyright or license udner a copyright
Particular of charge holder	Nuclear Power Corporation of India Limited, 16^th Floor, Centre-1, World Trade Centre, Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India
Nature of instrument creating charge	Indenture of Mortgage
Date of instrument Creating the charge	23.12.2010
Amount secured by the charge	Rs. 3500.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 7% p.a. compounded annually Terms of Repayment Principal is to be paid in five equal installments beginning form end of the 10^th year after from the date of last drawdown. Interest to be accrued for 10 years and total accrued interest to be paid in 5 equal installments beginning end of the 11^th year from the date of last drawdown. Simple interest to be paid on remaining unpaid principal annually after 10^th year.
Short particulars of the property charged	First Mortgaged Properties - 3 BHK Flat No 1005/1006 located at 10th Floor of B Wing Building No-9 "Whispering Palms XX clusives" CHS LIMITED Lokhandwala Complex, Akurli Road ,Kandivali (E) , Mumbai-101 Second Mortgaged Properties - All other immovable properties including all buildings ,erections etc of every description present and to be erected in and future, erected or standing on Borrower's land Third Mortgaged Properties – a) all moveable and tangible assets in relation to the project b) all the intangible assets of the Borrower Fourth Mortgaged Properties - all rights, title, interest, benefits,claims and demands in respect of a) Project documents b) Clearances c) any letter of credit , Guarantee and Performance Bond Fifth Mortgaged Properties - all rights, title, interest, benefits,claims and demands in respect of Insurance Contracts relating to the Project Sixth Mortgaged Properties - all rights, title, interest, benefits,claims and demands in respect of bank accounts including Trust and Retention Accounts other than Debt Service Reserve Account Seventh Mortgaged Properties - all rights, title, interest, benefits,claims and demands in respect of Debt Service Reserve Account Eighth Mortgaged Properties- all rights, title, interest, benefits,claims and demands in respect of ( excluding book debts) all receivables, revenues, receipts in relation to the Project All the Current Assets of the Borrower other than specifically mortgaged properties both present and future

Fixed Assets:

Air Conditioner Refrigerator
Office Equipments
Computers
Furniture and Fixtures
Vehicles
Computer Software

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 records 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.76.52
Euro	1	Rs.66.65

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	-
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	-
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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.

MIRA INFORM REPORT

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