MIRA INFORM REPORT

Report Date :

08.02.2012

IDENTIFICATION DETAILS

Name :	L AND T FINANCE LIMITED
Registered Office :	L and T House, Ballard Estate, Mumbai - 400 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.11.1994
Com. Reg. No.:	11-083147
Capital Investment / Paid-up Capital :	Rs. 2309.223 Millions
CIN No.: [Company Identification No.]	U65990MH1994PLC083147
TAN No.: [Tax Deduction & Collection Account No.]	MUMLO4806E
PAN No.: [Permanent Account No.]	AAACL1079R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is a Non Banking Finance Company Providing Leasing and hire purchase services.
No. of Employees :	305 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 69000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company and a part of Larsen and Toubro Group. The company is progressing well. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. Fundamentals are strong and healthy. The company can be considered normal for business dealings at usual trade terms and conditions. The company can be regarded as promising business partner in a medium to long-run.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	L and T House, Ballard Estate, Mumbai - 400001, Maharashtra, India
Tel No. :	91-22-67525656
Fax No. :	91-22-67525893
E-Mail :	krishnakumar@ltfinance.com
Website :	www.larsentoubro.com
Corporate Office :	3B, Laxmi Towers, C-25, 'G' Block, Bandra-Kurla Complex, Bandra (East), Mumbai -400 051, Maharashtra, India
Tel. No.:	91-22-67569800
Fax No.:	91-22-67569898
Account Office :	"H" Wing, 1st Floor, Tex Cetre, Off Saki Vihar Road, Chandivali, Andheri (East), Mumbai - 400 072, Maharashtra, India
Tel. No.:	91-22-2847 4400
Fax No.:	91-22 2847 0404
Back office :	802, Swastik Chambers, 8 th Floor, CST Road, Chembur, Mumbai -400 071, Maharashtra, India
Tel. No.:	91-22- 5575 2700
Fax No.:	91-22-2527 2210
Branch Office :	Located At · Ahmedabad · Ambala · Bangalore · Barbil · Bhopal · Bhubaneshwar · Calicut · Chandigarh · Chennai · Chennai · Coimbatore · Durgapur · Goa · Guwahati · Hazira · Hubli · Hyderabad · Jaipur · Jalandhar · Kansbahal (Rourkela) · Karimnagar · Kochi · Kolkata · Latur · Lucknow · Madurai · Nagpur · Nashik · Nellore · New Delhi · Pune · Raipur · Rajkot · Rourkela · Salem · Sambalpur · Sindhanpur · Surat · Trichy · Trivandrum · Vadodara · Vidisha · Vijayawada · Vishakhapatnam

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Yeshwant Moreshwar Deosrhalee
Designation :	Director
Address :	1001, Prabhu Kutir, 15, Alta Mount Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	06.09.1946
Date of Appointment :	22.11.1994
DIN No.:	00001698

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	U65990MH1994PLC083147	L AND T FINANCE LIMITED	Director	22-11-94	22-11-94	-	Active	NO
2	L99999MH1946PLC004768	LARSEN AND TOUBRO LIMITED	Whole-time director	03-03-10	03-03-95	06-09-11	Active	NO
3	U72900MH1996PLC104693	LARSEN AND TOUBRO INFOTECH LIMITED	Director	23-12-96	23-12-96	-	Active	NO
4	U45205OR1998PLC005448	THE DHAMRA PORT COMPANY LIMITED	Director	12-05-99	12-05-99	-	Active	NO
5	L26940MH2000PLC128420	ULTRATECH CEMENT LIMITED	Director	24-08-00	24-08-00	15-06-09	Active	NO
6	U67190MH2000PLC125653	L AND T CAPITAL COMPANY LIMITED	Director	29-09-00	29-09-00	28-04-10	Active	NO
7	U65993TN2001PLC046691	L AND T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED	Director	14-07-01	14-07-01	-	Active	NO
8	U67190TN2006PLC059527	L AND T INFRASTRUCTURE FINANCE COMPANY LIMITED	Director	18-04-06	18-04-06	-	Active	NO
9	U40101MH2007PLC174071	L AND T POWER DEVELOPMENT LIMITED	Director	12-09-07	12-09-07	11-11-10	Active	NO
10	U31501MH2007PLC176667	L AND T ELECTRICALS AND AUTOMATION LIMITED	Director	12-12-07	12-12-07	05-01-10	Active	NO
11	U66030MH2007PLC177117	L AND T GENERAL INSURANCE COMPANY LIMITED	Director	27-12-07	27-12-07	-	Active	NO
12	U67120MH2008PLC181833	L AND T FINANCE HOLDINGS LIMITED	Managing director	14-09-11	01-05-08	-	Active	NO
13	U65993MH1996PLC211198	L AND T Mutual Fund Trustee Limited	Director	16-08-10	22-03-10	-	Active	NO
14	U45300AP2010PLC070121	L AND T METRO RAIL (HYDERABAD) LIMITED	Director	04-08-11	01-11-10	-	Active	NO
15	U65923MH2011PTC218046	L AND T INFRA INVESTMENT PARTNERS ADVISORY PRIVATE LIMITED	Director	30-05-11	30-05-11	-	Active	NO

Name :	Mr. Sivaraman Narayanaswami
Designation :	Director
Address :	43, Kalpataru Residency Tower A, Near Cine Planet, Sion East, Mumbai – 400022, Maharashtra, India
Date of Birth/Age :	12.04.1958
Date of Appointment :	16.03.2006
DIN No.:	00001747

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	U67190MH2000PLC125653	L AND T CAPITAL COMPANY LIMITED	Director	06-04-00	06-04-00	23-12-10	Active	NO
2	U31101WB1997PLC083434	HPL COGENERATION LIMITED	Director	23-12-00	23-12-00	06-05-08	Amalgamated	NO
3	U40100MH1997PLC108179	INDIA INFRASTRUCTURE DEVELOPERS LIMITED	Director	24-01-01	24-01-01	-	Active	NO
4	U74210KA2004PLC035094	LANDT-VALDEL ENGINEERING LIMITED	Director	05-04-05	05-04-05	29-10-10	Active	NO
5	U51900MH2000PTC126692	PENINSULA CROSSROADS PRIVATE LIMITED	Nominee director	05-09-05	05-09-05	22-03-11	Active	NO
6	U65990MH1994PLC083147	L AND T FINANCE LIMITED	Director	16-03-06	16-03-06	-	Active	NO
7	U67190TN2006PLC059527	L AND T INFRASTRUCTURE FINANCE COMPANY LIMITED	Director	18-04-06	18-04-06	-	Active	NO
8	U31401UR2006PLC032329	L AND T UTTARANCHAL HYDROPOWER LIMITED	Director	13-11-06	13-11-06	28-06-10	Active	NO
9	U65993TN2001PLC046691	L AND T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED	Director	16-04-07	16-04-07	03-12-10	Active	NO
10	U40101MH2007PLC174071	L AND T POWER DEVELOPMENT LIMITED	Director	12-09-07	12-09-07	20-04-10	Active	NO
11	U45203AP1998PLC029154	BSCPL INFRASTRUCTURE LIMITED	Director	27-12-07	24-12-07	-	Active	NO
12	U66030MH2007PLC177117	L AND T GENERAL INSURANCE COMPANY LIMITED	Director	27-12-07	27-12-07	-	Active	NO
13	U74200MH2007PLC176358	L AND T REALTY LIMITED	Director	10-07-08	25-03-08	06-05-10	Active	NO
14	U74899DL1990PTC040630	FEEDBACK INFRASTRUCTURE SERVICES PRIVATE LIMITED	Director	24-07-08	28-03-08	-	Active	NO
15	U67120MH2008PLC181833	L AND T FINANCE HOLDINGS LIMITED	Whole-time director	25-10-10	01-05-08	-	Active	NO
16	U74990MH2009PTC193936	L AND T TRUSTEE COMPANY PRIVATE LIMITED	Director	09-07-09	09-07-09	-	Active	NO
17	U45200AP2003PLC041893	NAC INFRASTRUCTURE EQUIPMENT LIMITED	Director	30-09-09	25-08-09	-	Active	NO
18	U65991TN1996PLC035321	L AND T INVESTMENT MANAGEMENT LIMITED	Director	16-08-10	20-01-10	-	Active	NO
19	U65923MH2011PTC218046	L AND T INFRA INVESTMENT PARTNERS ADVISORY PRIVATE LIMITED	Director	30-05-11	30-05-11	-	Active	NO
20	U65910TN2011PLC081100	L AND T UNNATI FINANCE LIMITED	Director	16-06-11	16-06-11	-	Active	NO

Name :	Mr. Ramamurthi Shankar Raman
Designation :	Director
Address :	Kalpataru Royale, Flat No. 123, 12^th Floor, Near Cine Planet, Sion East, Mumbai – 400022, Maharashtra, India
Date of Birth/Age :	20.12.1958
Date of Appointment :	25.04.2003
DIN No.:	00019798

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	U65990MH1988GAP047081	ASSOCIATION OF LEASING AND FINANCIAL SERVICES COMPANIES	Director	29-09-97	29-09-97	01-03-09	Active	NO
2	U67190MH2000PLC125653	L AND T CAPITAL COMPANY LIMITED	Director	29-09-00	29-09-00	29-03-10	Active	NO
3	U65993TN2001PLC046691	L AND T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED	Director	26-02-01	26-02-01	-	Active	NO
4	U65990MH1994PLC083147	L AND T FINANCE LIMITED	Director	25-04-03	25-04-03	-	Active	NO
5	U66030MH2007PLC177117	L AND T GENERAL INSURANCE COMPANY LIMITED	Director	27-12-07	27-12-07	-	Active	NO
6	U67120MH2008PLC181833	L AND T FINANCE HOLDINGS LIMITED	Director	01-05-08	01-05-08	-	Active	NO
7	U72300MH2009PLC191426	L AND T TECHNOLOGIES LIMITED	Director	02-04-09	02-04-09	06-01-10	Active	NO
8	U72100MH2000PTC128799	L AND T EMSYS PRIVATE LIMITED	Director	17-07-09	08-04-09	-	Strike off	NO
9	U74990MH2009PTC193936	L AND T TRUSTEE COMPANY PRIVATE LIMITED	Director	09-07-09	09-07-09	21-01-10	Active	NO
10	U40101MH2007PLC174071	L AND T POWER DEVELOPMENT LIMITED	Director	12-08-10	22-09-09	-	Active	NO
11	U65991TN1996PLC035321	L AND T INVESTMENT MANAGEMENT LIMITED	Director	16-08-10	20-01-10	-	Active	NO
12	L99999MH1946PLC004768	LARSEN AND TOUBRO LIMITED	Whole-time director	01-10-11	01-10-11	-	Active	NO

Name :	Mr. Raghavan Sadagopan
Designation :	Director
Address :	12/302, Emreld Green Apt, 108, 6^th Main, 8^th Cross, Malleswaran, Bangalore – 560003, Karnataka, India
Date of Birth/Age :	25.03.1946
Date of Appointment :	04.05.2006
DIN No.:	00002647

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	U29240MH1998PTC117183	CASE NEW HOLLAND CONSTRUCTION EQUIPMENT (INDIA) PRIVATE LIMITED	Director	22-03-04	22-03-04	31-03-11	Active	NO
2	U65990MH1994PLC083147	L AND T FINANCE LIMITED	Director	04-05-06	04-05-06	-	Active	NO
3	U29119MH1997PLC109700	LANDT-KOMATSU LIMITED	Director	23-06-06	12-05-06	-	Active	NO
4	U28920MH1952PLC008893	TRACTOR ENGINEERS LIMITED	Director	20-04-07	23-12-06	-	Active	NO
5	U22111WB2000PTC162530	VOITH PAPER TECHNOLOGY (INDIA) PRIVATE LIMITED	Director appointed in casual vacancy	31-07-07	31-07-07	30-09-09	Active	NO
6	U25209MH2000PLC127268	L AND T PLASTICS MACHINERY LIMITED	Director	23-09-09	18-09-07	-	Active	NO
7	U74999MH1961PLC012188	AUDCO INDIA LIMITED	Director	27-05-08	27-05-08	-	Active	NO
8	U74999MH1962PLC012315	EWAC ALLOYS LIMITED	Director	25-04-09	30-08-08	-	Active	NO
9	U29253MH2010PTC210325	L AND T KOBELCO MACHINERY PRIVATE LIMITED	Director	25-11-10	25-11-10	-	Active	NO

Name :	Mr. Narayanan Subramaniam
Designation :	Additional Director
Address :	302, “Vasundara”, Janki Kutir, St. Joseph Chuch Road, Juhu, Mumbai-400049, Maharashtra, India
Date of Birth/Age :	24.11.1958
Date of Appointment :	25.09.2010
DIN No.:	00166621

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	U15411TN2000PTC044112	B AND M HOTBREADS PRIVATE LIMITED	Director	07-11-03	07-11-03	23-11-11	Active	NO
2	U72900TN2001PTC048158	MAPLES ESM TECHNOLOGIES PRIVATE LIMITED	Director	09-09-06	29-11-05	26-08-09	Active	NO
3	U72200TN2003PTC051138	SECOVA ESERVICES PRIVATE LIMITED	Director	29-09-06	25-04-06	14-12-07	Active	NO
4	U40101TN2005PTC058237	AURO MIRA ENERGY COMPANY PRIVATE LIMITED	Director	25-09-07	26-06-06	26-08-09	Active	NO
5	U72900TN2006PTC059277	GI TECH GAMING CO INDIA PRIVATE LIMITED	Director	21-09-07	01-08-06	03-06-09	Active	YES
6	U72300PY2000PTC001532	INTEGRA SOFTWARE SERVICES PRIVATE LIMITED	Director	26-10-06	26-10-06	26-08-09	Active	NO
7	U72900MH1995PLC135094	INFRASOFT TECHNOLOGIES LIMITED	Director	28-09-07	06-07-07	09-10-09	Active	NO
8	U72200MH2005PLC154470	INFRASOFTTECH INDIA LIMITED	Director	28-09-07	05-09-07	09-10-09	Active	NO
9	U65990TN2008PTC069844	NS EQUITY ADVISORS PRIVATE LIMITED	Director	12-11-08	12-11-08	-	Active	NO
10	U67190HR2010PTC044941	MCAP FUND ADVISORS PRIVATE LIMITED	Director	18-06-10	26-02-10	-	Active	NO
11	U74999HR2010PTC044999	RSA CORPORATE CONSULTANTS PRIVATE LIMITED	Director	01-04-11	27-08-10	-	Active	NO
12	U65990MH1994PLC083147	L AND T FINANCE LIMITED	Director	30-06-11	25-09-10	-	Active	NO
13	U67120MH2008PLC181833	L AND T FINANCE HOLDINGS LIMITED	Director	25-09-10	25-09-10	-	Active	NO

Name :	Mr. Pradeep Vasudeo Bhide
Designation :	Additional Director
Address :	B-1/8, Vasant Vihar, New Delhi-110057, India
Date of Birth/Age :	08.01.1950
Date of Appointment :	25.10.2010
DIN No.:	03304262

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	U65990MH1994PLC083147	L AND T FINANCE LIMITED	Director	30-06-11	25-10-10	Active	NO
2	L99999MH1961PLC012003	NOCIL LIMITED	Director	27-07-11	26-10-10	Active	NO
3	L35921TN1949PLC002905	TUBE INVESTMENTS OF INDIA LIMITED	Director	01-08-11	28-10-10	Active	NO
4	L24239MH1924PLC001151	GLAXOSMITHKLINE PHARMACEUTICALS LIMITED	Director	28-10-10	28-10-10	Active	NO
5	U67120MH2008PLC181833	L AND T FINANCE HOLDINGS LIMITED	Director	30-06-11	22-03-11	Active	NO
6	U65993AP1989PTC010399	A.P.I.D.C. VENTURE CAPITAL PRIVATE LIMITED	Director	25-03-11	25-03-11	Active	NO
7	L26942HR1958FLC042301	HEIDELBERGCEMENT INDIA LIMITED.	Director	10-06-11	29-04-11	Active	NO

KEY EXECUTIVES

Name :	Mr. T Sukumar
Designation :	Secretary
Address :	M-407, Bhoomi Breeze, Raheja Estate, Kulupwadi, Borivali (East), Mumbai-400066, Maharashtra, India
Date of Birth/Age :	04.06.1962
Date of Appointment :	25.10.2010
PAN No.:	AAWPS0065R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
L and T Finance Holdings Limited, India	230922262
A. M. Naik / L and T Finance Holdings Limited, India	1
Y. M. Desothalee / L and T Finance Holdings Limited, India	1
J. P. Nayak / L and T Finance Holdings Limited, India	1
K. Venkataramanan / L and T Finance Holdings Limited, India	1
Ram Nath Mukhija / L and T Finance Holdings Limited, India	1
K. V. Rangaswami / L and T Finance Holdings Limited, India	1
N. Hariharan / L and T Finance Holdings Limited, India	1
Total	230922269

AS ON 27.09.2011

Names of Allottees	No. of Shares
L and T Finance Holdings Limited, India	7500000
Total	7500000

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is a Non Banking Finance company Providing Leasing and hire Purchase Services.
Products :	· Loans · Leasing / Hire Purchase · Bills Discounting

GENERAL INFORMATION

No. of Employees :

305 (Approximately)

Bankers :

· Bank of Baroda, Corporate Financial Services, Branch 1, Walchand Hirachand Marg, Ballard Pier, Mumbai-400001, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Redeemable non convertible debentures	23400.000	24800.000
From Banks
Term loan	51642.500	20135.000
Foreign Currency Loan	1200.000	1765.064
From Financial Institutions	100.000	300.000
Total	76342.500	47000.064
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Redeemable Non Convertible Debentures	750.000	750.000
Short Term Loans and Advances
From Banks	3000.000	3710.000
Commercial Papers	8150.000	12500.000
Others	231.776	222.710
Total	12131.776	17182.710

Banking Relations :	--
Auditors :
Name :	Sharp and Tannan Chartered Accountant
Address :	Ravindra Annexe, 194, Chrurchgate Reclamation, Dinshaw Vachha Road, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22047722 / 23 / 66338343 / 47
Fax No.:	91-22-66338352
E-Mail :	sharp@bom3.vsnl.net.in
Pan No.:	AAAFS2967E
Ultimate Holding Company :	Larsen and Toubro Limited
Holding Company :	L and T Finance Holdings Limited CIN No.:- U67120MH2008PLC181833
Subsidiaries :	L and T Investment Management Limited CIN No.:- U65991TN1996PLC035321 L and T Mutual Fund Trustee Limited CIN No.:- U65993MH1996PLC211198

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs.10/- each	Rs. 2500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
230922269	Equity Shares	Rs.10/- each	Rs. 2309.223 Millions

Notes:

Of the above:

26691500 Equity Shares are allotted as fully paid up for a consideration other than cash consequent on amalgamation

230922269 Equity shares are held by L and T Finance Holdings Limited, the holding company and its nominees Larsen and Toubro Limited, being the ultimate holding company.

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs.10/- each	Rs. 2500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
238422269	Equity Shares	Rs.10/- each	Rs. 2384.223 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		2309.223	2121.723	1866.915
2] Share Application Money		0.000	0.000	250.000
3] Reserves & Surplus		15014.525	9147.582	6337.666
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		17323.748	11269.305	8454.581
LOAN FUNDS
1] Secured Loans		76342.500	47000.064	24835.809
2] Unsecured Loans		12131.776	17182.710	19675.027
TOTAL BORROWING		88474.276	64182.774	44510.836
DEFERRED TAX LIABILITIES		0.000	219.910	308.910
TOTAL		105798.024	75671.989	53274.327
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4310.196	3940.824	2299.196
Capital work-in-progress		163.272	13.701	120.092
INVESTMENT		3087.985	1025.594	70.236
DEFERREX TAX ASSETS		98.990	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	3619.515	2128.577	1790.607
	Cash & Bank Balances	1218.653	1107.448	697.585
	Other Current Assets	913.739	518.840	331.225
	Loans & Advances	2978.154	2629.474	1581.837
Total Current Assets		8730.061	6384.339	4401.254
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3603.731	1549.682	1294.386
	Other Current Liabilities	1647.661	848.214	299.503
	Provisions	1798.923	906.868	423.429
Total Current Liabilities		7050.315	3304.764	2017.318
Net Current Assets		1679.746	3079.575	2383.936
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
Loan and Advances towards Financing Activities		96457.835	67612.295	48400.867
TOTAL		105798.024	75671.989	53274.327

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	13763.387	9600.506	8265.278
		Other Income	211.963	56.795	37.489
		TOTAL (A)	13975.350	9657.301	8302.767
Less	EXPENSES
		Personal Expenses	659.889	477.725	318.902
		Administrative and Other Expenses	1833.344	1339.966	824.156
		Provisions and Contingencies	1036.314	695.010	0.000
		TOTAL (B)	3529.547	2512.701	1143.058
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10445.803	7144.600	7159.709
Less	FINANCIAL EXPENSES (D)		6412.877	4310.758	5137.036
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4032.926	2833.842	2022.673
Less/ Add	DEPRECIATION/ AMORTISATION (F)		534.384	470.617	569.063
	PROFIT BEFORE TAX (E-F) (G)		3498.542	2363.225	1453.610
Less	TAX (H)		1194.100	798.500	465.310
	PROFIT AFTER TAX (G-H) (I)		2304.442	1564.725	988.300
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2141.545	1889.820	1099.220
Less	APPROPRIATIONS
		Transfer to General Reserve	461.000	313.000	197.700
		Transfer to Debenture Redemption Reserve	1500.000	1000.000	0.000
	BALANCE CARRIED TO THE B/S		2484.987	2141.545	1889.820
	Earnings Per Share (Rs.)		10.85	7.79	5.29

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	16.49	16.20	11.90
Net Profit Margin (PBT/Sales)	(%)	25.42	24.62	17.59
Return on Total Assets (PBT/Total Assets}	(%)	26.63	22.89	21.69
Return on Investment (ROI) (PBT/Networth)		0.20	0.21	0.17
Debt Equity Ratio (Total Liability/Networth)		5.51	6.01	5.54
Current Ratio (Current Asset/Current Liability)		1.24	1.93	2.18

LOCAL AGENCY FURTHER INFORMATION

APPROPRIATIONS

The Company proposes to transfer Rs. 460.900 Millions (Previous Year: Rs. 313.000 Millions) to Special Reserve Created U/S 45-IC of Reserve Bank of India Act, 1934 and Rs. 1500.000 Millions (Previous Year Rs. 1000.000 Millions) to Debenture Redemption Reserve and retain Rs. 2485.320 Millions (Previous Year Rs. 2141.545 Millions) in the Profit and Loss Account of the Company.

PERFORMANCE OF THE COMPANY

The Company has achieved significantly higher performance during the year, in comparison to the year ended March 31, 2010, the highlights of which are as below:

· 44% growth in Gross Portfolio Assets from Rs. 70490.525 Millions as at March 31, 2010 to Rs. 101567.281 Millions as at March 31, 2011.

· 45 % growth in Total Income from Rs. 9657.300 Millions in 2009-10 to Rs. 13975.350 Millions in 2010-11.

· 48 % growth in Profit Before Tax (PBT) from Rs. 2363.224 Millions in 2009-10 to Rs. 3498.542 Millions in 2010-11.

· 47 % growth in Profit After Tax (PAT) from Rs. 1564.724 Millions in 2009-10 to Rs. 2304.675 Millions in 2010-11.

· Capital Adequacy Ratio as at March 31, 2011 was 16.34% against the statutory requirement of 15 %.

The higher performance was facilitated by higher credit off take across sectors catered to by the Company, aided by the growth in India’s economy, continued investment in infrastructure and remunerative agricultural prices. While inflation and consequent monetary tightening resulted in a more challenging environment for raising resources, the Company was able to offset the higher costs through higher operating efficiencies and continued focus on maintaining the quality of assets.

The Company has a small presence in Microfinance Sector in 7 states and is primarily engaged in lending on joint liability basis. The legislation enacted in Andhra Pradesh to regulate microfinance institutions has led to difficulties in collections in that state and also uncertainty as regards other states. Currently, the Company is following a cautious approach to Microfinance. The Company is awaiting the final contours of regulatory / legislative changes for re-shaping its business model in microfinance and in the meanwhile, has taken measures to offset the risks involved in the microfinance business.

CONTINGENT LIABILITIES (AS ON 31.03.2011)

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
Income tax liability in respect of matter in appeal	254.134	248.147
Sales tax liability in respect of matters in appeal	53.934	49.586
Liability in respect of legal matters	2.725	1.000

FORM 8

Corporate identity number of the company	U65990MH1994PLC083147
Name of the company	L AND T FINANCE LIMITED
Address of the registered office or of the principal place of business in India of the company	L and T House, Ballard Estate, Mumbai - 400 001, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book Debts Other – Specific receivable
Particular of charge holder	BNP Paribas, 1^st Floor, Sood Towers (East Towers), 25, Barakhamba Road, New Delhi – 110001, India
Nature of instrument creating charge	Facility cum Security Agreement dated 23.12.2009
Date of instrument Creating the charge	23.12.2009
Amount secured by the charge	Rs. 1000.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Tranche I interest @ 5.75% p.a. payable monthly for a period of first 12 months Tranche II interest @ 6.25% p.a. payable monthly for a period of first 12 months Terms of Repayment The borrower shall repay the said loans for an aggregate amount of Rs. 1000.000 Millions at the end of the 28 months from the date of draw. Margin Nil Extent and Operation of the charge Exclusive first charge on specific micro and small enterprises receivables of the borrower, with an asset cover of 100% of the outstanding amount as identified from time to time to the satisfaction of the bank and communicated by exchange of letters.
Short particulars of the property charged	Specific micro and small enterprises receivables of the borrower, with an asset cover of 100% of the outstanding amount as identified from time to time to the satisfaction of the bank and communicated by exchange of letters.

FIXED ASSETS:

• Building
• Plant and Machinery
• Furniture and Fixture
• Motor Car
• Vehicles
• Computers
• Specialized Software

WEBSITE DETAILS

OVERVIEW

Subject is a subsidiary of Larsen and Toubro. It was incorporated as a Non Banking Finance Company in November 1994. Through Subject, L and T aims at making a strong foray in the ever-expanding financial services sector.

As a business philosophy, they fund income generating assets/activities while maintaining a clear focus on returns.

Subject offers a spectrum of financial products and services for trade, industry and agriculture. The company's focus segments are corporate products, construction equipment, CVs and tractors. Despite the turbulence in the financial services markets over the past few years, Subject has adapted well to the changing market dynamics to remain consistently profitable.

Like the rest of the companies in L and T group, Subject is also professionally managed. Subject shares the professional values and ethos of its parent company, and has acquired and maintained a reputation for reliability, transparency of operations and absolute integrity. A steady growth rate validates the trust that industry has reposed in the company.

MANAGEMENT

CHIEF EXECUTIVE

Mr. Dinanath Dubhashi holds a B.E. (Mechanical) and has completed his PGDM from IIM, Bangalore. He has been with L and T finance from April 2007. Prior to taking over as Chief Executive he occupied various senior level positions in the organization and has been responsible in leading L and T Finance’s foray in Retail Finance including Microfinance. He comes with almost 20 years of experience in various fields of financial services like Retail Financial Services, Corporate Banking, Cash Management and Trade, Credit Rating and Project Finance from various reputed Indian and International organizations. Immediately prior to joining L and T Finance, he worked with BNP Paribas for 10 years in India and abroad heading various important verticals like Cash Management, Trade Services and Corporate Banking Products. His assignments previous to this were with Birla Sunlife, Care Ratings and SBI Capital Markets.

 BOARD OF DIRECTORS

Y. M. DEOSTHALEE, WHOLE-TIME DIRECTOR AND CFO, LARSEN AND TOUBRO LIMITED

Mr. Deosthalee, aged 64, is the chief financial officer and member of the board of L and T. He is a chartered accountant by profession. He has a degree in law. He is also a member on the board of several subsidiary and associate companies of the L and T group. He has been with L and T for the past 36 years. In addition to the finance function, he is also responsible for personnel and human resource functions, risk management, mergers and acquisitions, concessions business, shared services centre, providing strategic inputs and helps in business-building of L and T Infotech, amongst other things. He has been instrumental in promoting the Financial Services business of L and T group.

In 2008, he was appointed as a member on the Advisory Committee for liquidity management set up by the Finance Ministry. In 2009, he was appointed as a member of the Takeover Regulations Advisory Committee which has been constituted by SEBI to examine the regulations and suggest amendments. He is the Co-Chairman of FICCI's Corporate Finance Committee, member of the National Council on Infrastructure of the Confederation of Indian Industry and a member of the National Council on Corporate Governance of the Confederation of Indian Industry. He has also won several awards including the-Best CFO of the Year and also Best CFO in the Capital Goods Sector at the CNBC TV18 Business Leaders Awards in 2009. He has over 40 years of work experience.

N. SIVARAMAN,   SENIOR VICE PRESIDENT, FINANCIAL SERVICES, LARSEN TOUBRO LIMITED

Mr. Sivaraman, aged 52, is the president and whole-time director of their Company. He has a bachelor’s degree in commerce from Madras University. He is a chartered accountant by profession and is a fellow member of the Institute of Chartered Accountants of India. He has an overall experience of approximately 28 years with L and T. He has varied experience in all aspects of finance and accounts, mergers and acquisition and investor relations. Currently, he is heading the financial services business of L and T. As the head of financial services business he is responsible for and oversees the following entities – L and T Finance Limited, L and T Infrastructure Finance Company Limited, L and T Investment Management Limited and L and T General Insurance Company Limited. During his career at L and T, Mr. Sivaraman played a key role in structuring the demerger of the cement business of L and T and inducting private equity investors in L and T Infrastructure Development Projects Limited.

R. SHANKAR RAMAN, SENIOR VICE PRESIDENT, FINANCE AND LEGAL, LARSEN AND TOUBRO LIMITED

Mr. R. Shankar Raman, aged 52, is the senior vice president (finance and legal) at L and T. He is a nonexecutive director on the board of their Company and L and T Finance. Mr. Shankar Raman has a bachelor’s degree in commerce from Madras University. He is a Chartered and Cost Accountant by profession. He has approximately 27 years of experience in the field of finance. He has experience in other varied areas such as audit, accounts, treasury, capital markets, corporate finance, project finance and general management. He joined L and T group in 1994 for setting up L and T Finance. After six successful years with Land T Finance, he moved to Land T to oversee the Finance and Accounting functions. He is on the board of several companies including international subsidiaries within the L and T group. Mr. Shankar Raman is a member of Western India Regional Council of Confederation of Indian Industries. Mr. Shankar Raman has participated and presented papers in several conventions / seminars including international conferences.

MR. SUBRAMANIAM N., INDEPENDENT DIRECTOR, FINANCE AND LEGAL, LARSEN AND TOUBRO LIMITED

Mr. Subramaniam N., aged 49, is an independent director on the board of their Company. Mr. Subramaniam N. has a degree in management and business administration from the Indian Institute of Management, Ahmedabad. He is a fellow of the Institute of Chartered Accountants of India, an FCS and ICWA. He has over two decades of experience in the areas of private equity, investment management, banking, finance, accounts, risk management, system implementation and corporate governance, MIS and human resource management. He is the founder and managing partner of MCAP Fund Advisors. He is also a teacher at top tier business schools and professional institutes.

MR. P. V. BHIDE, INDEPENDENT DIRECTOR, FINANCE AND LEGAL, LARSEN AND TOUBRO LIMITED

Mr. P. V. Bhide, aged 61, is an independent director on the Board of their Company. Mr. Bhide is a retired IAS Officer and holds degrees in MBA, L.L.B and B.Sc. During his career spanning about four decades he held various positions, including the Secretary, Department of Revenue, Ministry of Finance, Government of India, Secretary and Joint Secretary, Department of Disinvestment, Ministry of Finance, Government of India, Additional Secretary/Spl. Secretary, Ministry of Home Affairs, Government of India, Deputy Secretary/Director in the Department of Economic Affairs, Ministry of Finance, Government of India, Director Fund-Bank Division of the Department and Advisor to India’s Executive Director to the International Board for Reconstruction and Development, Washington D.C, Secretary, Department of Finance, Government of Andhra Pradesh, Secretary, Department of Energy, Government of Andhra Pradesh and Managing Director, Godavari Fertilisers and Chemicals Limited.

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. 48.91
UK Pound	1	Rs. 77.30
Euro	1	Rs. 64.11

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		64

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.