|
Report Date : |
11.07.2012 |
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, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
01.07.2009 |
|
|
|
|
Com. Reg. No.: |
11-193699 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.3000.000 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 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 11000000 |
|
|
|
|
Status : |
Yet to commence business |
|
|
|
|
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 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 (Name not disclosed)
LOCATIONS
|
Registered Office : |
L and T House, Ballard Estate, N M Marg, Mumbai – 400001, |
|
Tel. No.: |
91-22-67525656/ 67525617 |
|
Fax No.: |
91-22-55525858/ 67525893 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Hazira Manufacturing Complex, Post : Bhatha, District Surat – 394510,
Gujarat, India |
|
Tel. No.: |
91-261-2805000 |
|
Fax No.: |
91-261-2805050 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Madhukar Vinayak Kotwal |
|
Designation : |
Director |
|
Address : |
Flat No. 803, Odyssey – 2, |
|
Date of Birth/Age : |
10.10.1948 |
|
Date of Appointment: |
01.07.2009 |
|
|
|
|
Name : |
Mr. Vijay Chander Bedi |
|
Designation : |
Director |
|
Address : |
402, |
|
Date of Birth/Age : |
27.08.1946 |
|
Date of Appointment: |
01.07.2009 |
|
|
|
|
Name : |
Mr. Partha Sarathi Banerjee |
|
Designation : |
Director |
|
Address : |
A-301, Florentine, |
|
Date of Birth/Age : |
01.02.1954 |
|
Date of Appointment : |
05.01.2010 |
|
|
|
|
Name : |
Mr. Mandayam Kannapan Kannan |
|
Designation : |
Director |
|
Address : |
K-504, |
|
Date of Birth/Age : |
04.11.1950 |
|
Date of Appointment : |
05.01.2010 |
|
|
|
|
Name : |
Mr. Jayant Damodar Patil |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
2702, |
|
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, |
|
Date of Birth/Age : |
02.07.1954 |
|
Date of Appointment : |
05.01.2010 |
|
Pan No.: |
AAEPK5667R |
|
|
|
|
Name : |
Mr. Deepak Sankhla |
|
Designation : |
Company Secretary |
|
Address : |
Flat 1, First Floor, B Building, “Ratna Jyoti” Apartments, Magdalla
Road, Surat-394504, |
|
Date of Birth/Age : |
24.10.1968 |
|
Date of Appointment : |
23.04.2010 |
|
Pan No.: |
AVHPS0479D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Larsen and Toubro Limited, |
222000000 |
|
Nuclear Power Corporation of India Limited, |
78000000 |
|
Total |
300000000 |
AS ON 02.12.2011
|
Names of Allottees |
No. of Shares |
|
Larsen and Toubro Limited, |
111000000 |
|
Nuclear Power Corporation of India Limited, |
39000000 |
|
Total |
150000000 |
AS ON 30.09.2011
|
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. |
||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
|
Bankers : |
·
Bank of Baroda ·
Canara Bank ·
Axis Bank ·
State Bank of Hyderabad |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institute: |
Nuclear Power Corporation of India Limited, 16th Floor,
Centre-1, World Trade Centre, Cuffe Parade, Colaba, Mumbai-400005, |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountant |
|
Address : |
Ravindra Annexe, 194, |
|
Holding Company : |
·
Larsen and Toubro Limited CIN No.:
L99999MH1946PLC004768 |
|
|
|
|
Promoter Company : |
·
Nuclear Power Corporation of India Limited CIN No.: U40104MH1987GOI149458 |
|
|
|
|
Group Company / Fellow Subsidiaries : |
·
L and T Infrastructure Finance Company Limited CIN No.: U67190TN2006PLC059527 ·
L and T-MHI Boilers Private Limited CIN No.: U29119MH2006PTC165102 |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
575000000 |
Equity Shares |
Rs.10/- each |
Rs. 5750.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000000 |
Equity Shares |
Rs.10/- each |
Rs. 4500.000
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000000 |
Equity Shares |
Rs.10/- each |
Rs. 3000.000
Millions |
|
|
|
|
|
Notes:
22,20,00,000
Equity Shares of Rs. 10 each fully paid held by Holding Company - Larsen and
Toubro Limited (Previous Year: 11,10,00,000
Equity Shares of Rs. 10 each)
7,80,00,000 Equity
shares of Rs. 10 each fully paid held by Nuclear Power Corporation of India
Limited (Previous Year: 3,90,00,000
Equity Shares of Rs. 10 each fully paid)
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
3000.000 |
1500.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus (Hedge Reserve) |
|
22.790 |
[9.534] |
|
|
4] (Accumulated Losses) |
|
[94.268] |
[46.548] |
|
|
NETWORTH |
|
2928.522 |
1443.918 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
4591.911 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
4591.911 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
7520.433 |
1443.918 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
38.842 |
11.831 |
|
|
Capital work-in-progress |
|
6952.801 |
948.661 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
1032.882 |
541.916 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
|
41.632 |
28.592 |
|
|
Other Current Assets |
|
46.448 |
1.600 |
|
|
Loans & Advances |
|
352.874 |
30.746 |
|
Total
Current Assets |
|
440.954 |
60.938 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
851.491 |
115.210 |
|
|
Other Current Liabilities |
|
90.867 |
3.636 |
|
|
Provisions |
|
2.688 |
0.582 |
|
Total
Current Liabilities |
|
945.046 |
119.428 |
|
|
Net Current Assets |
|
[504.092] |
[58.490] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
7520.433 |
1443.918 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
0.000 |
1.824 |
|
|
|
Other Income |
|
4.552 |
7.084 |
|
|
|
TOTAL (A) |
|
4.552 |
8.908 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Staff Expenses |
|
9.349 |
0.000 |
|
|
|
Pre-Operative Expenses |
|
39.951 |
27.719 |
|
|
|
Preliminary Expenses |
|
0.000 |
26.514 |
|
|
|
TOTAL
(B) |
|
49.300 |
54.233 |
|
|
|
|
|
|
|
|
Less |
PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
|
[44.748] |
[45.325] |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
0.140 |
0.081 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
[44.888] |
[45.406] |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
2.832 |
0.559 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
|
[47.720] |
[45.965] |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
0.000 |
0.582 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
|
[47.720] |
[46.547] |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
[47.720] |
[46.547] |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (Rs.) |
|
(0.30) |
(0.99) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
[1048.33] |
[522.53] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.00 |
[2520.01] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
[9.95] |
[63.17] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
[0.02] |
[0.03] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.89 |
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.47 |
0.51 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
in Millions)
|
Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sundry Creditors for Capital Goods |
|
|
|
|
Larsen and Toubro Group Companies |
|
170.004 |
92.323 |
|
Others Sundry Creditors |
|
681.487 |
22.887 |
|
Total |
|
851.491 |
115.210 |
FINANCIAL RESULTS
The Company has
not yet commenced its commercial operations. As per the extant accounting policy,
Preliminary Expenses and Pre-operative Expenditure (including staff cost)
incurred up to March 31, 2011 of Rs. Nil Millions and (Previous year Rs. 26.514 Millions) Rs. 49.300 Millions (Previous
year Rs. 27.719 Millions) respectively
has been charged to the Profit and Loss Account for period ended March 31,
2011.
CAPITAL EXPENDITURE
The Board has
approved a total capital expenditure of Rs.17250.000 Millions for the setting
up of the manufacturing facility at Hazira.
During the period,
the Company has achieved good progress in construction of its factory at
Hazira. Cumulative Expenditure incurred up to March 31, 2011 (including other
operational capital expenditure) is Rs. 6995.014 Millions (Previous year Rs. 961.051 Millions).
SHARE CAPITAL AND
FINANCE
During the year,
the Company has allotted 1,500 lakhs shares of Rs. 10 each aggregating Rs.
1500.000 Millions.
During the year
the Company has taken a secured loan of Rs. 3000.000 Millions from Nuclear
Power Corporation of India Limited and Rs. 1500.000 Millions from various
Banks.
FORM 8
|
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 |
L and T House, Ballard Estate, N M Marg, Mumbai – 400001, |
|
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 under a copyright |
|
Particular of
charge holder |
Nuclear Power Corporation of India Limited, 16th Floor,
Centre-1, World Trade Centre, Cuffe Parade, Colaba, Mumbai-400005, |
|
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 10th
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 11th year from the date of last drawdown. Simple
interest to be paid on remaining unpaid principal annually after 10th
year. |
|
Short particulars
of the property charged |
a) all moveable and tangible assets in
relation to the project b) all the intangible assets of the
Borrower
|
FIXED ASSETS:
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last two years |
Yes |
|
12) Profitability for last two years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
no |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 55.80 |
|
|
1 |
Rs. 86.53 |
|
Euro |
1 |
Rs. 68.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
PRL |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.