MIRA
INFORM REPORT
|
Report Date : |
06.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
L&T – MHI TURBINE GENERATORS PRIVATE LIMITED (w.e.f. 22.11.2007) |
|
|
|
|
Formerly Known
As : |
L&T TURBO GENERATOR PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
L&T House, Ballard Estate, Mumbai-400001, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
27.12.2006 |
|
|
|
|
Com. Reg. No.: |
11-166541 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.2501.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31101MH2006PTC166541 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML06873G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCL2729F |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer of Super Critical Steam Turbine and Generators For Power
Plant. |
|
|
|
|
No. of Employees: |
1200 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5310000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a joint venture between “Larsen and Toubro Limited, India”
and Mitsubishi Heavy Industries Limited, Japan. It is a well established and reputed company having a satisfactory
track record. They appear accumulated losses record by the company. However, capital base of the company appears to be strong. The company
gets good financial support from its holding companies. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitments. In view of experience promoters, the company can be considered for
normal 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A+ [Long Term] |
|
Rating Explanation |
Having adequate degree of safety regarding timely servicing of
financial obligation. It carry low credit risk. |
|
Date |
18.03.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY [GENERAL DETAILS]
|
Name : |
Mr. Venkatesan |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-67525656 |
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 : |
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|
Website : |
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|
|
|
|
Corporate Office / Factory : |
Hazira Manufacturing Complex, Gate No. 8, West Side, Surat Hazira
Road, Post Bhatha, Surat-394510, Gujarat, India |
|
|
|
|
Marketing Office : |
Pankaj Building, Opposite GEB Substation, N.H. 8 Chhani,
Vadodara-391740, Gujarat, India |
|
Tel No.: |
91-265-2451600 |
DIRECTORS
AS ON 27.08.2012
|
Name : |
Mr. Ravi Uppal |
|
Designation : |
Chairman |
|
Address : |
No. 484, 9th Main, 3rd Cross, Hal II, Stage,
Indiranagar, Bangalore-560008, Karnataka, India |
|
Date of Birth/Age : |
09.05.1952 |
|
Date of Appointment : |
17.02.2009 |
|
Din No.: |
00025970 |
|
|
|
|
Name : |
Yozaburo Mabuchi |
|
Designation : |
Director |
|
Address : |
2 33 13, Shiroyamadai, Nagasaki Shi, Nagasaki Ken, Nagasaki, Japan |
|
Date of Birth/Age : |
04.10.1951 |
|
Date of Appointment : |
23.12.2008 |
|
Din No.: |
01585780 |
|
|
|
|
Name : |
Masayuki Kubo |
|
Designation : |
Director |
|
Address : |
3-4-4-501, Kamioooka-Nishi, Konan-Ku, Yokohama-Shi, Kanagawa-Ken,
Japan |
|
Date of Birth/Age : |
15.08.1952 |
|
Date of Appointment : |
01.04.2011 |
|
Din No.: |
01585730 |
|
|
|
|
Name : |
Mr. Sravankumar Venkatasatya Yeleswarapu |
|
Designation : |
Director |
|
Address : |
Flat No. 801, Verona, Hiranandani Gardens, Powai, Mumbai-400076,
Maharashtra, India |
|
Date of Birth/Age : |
24.02.1960 |
|
Date of Appointment : |
26.01.2012 |
|
Din No.: |
01080060 |
|
|
|
|
Name : |
Hideshi Kawamoto |
|
Designation : |
Director |
|
Address : |
Koudagou, 1196-135, Nagayocho, Nishisonokigun, Japan |
|
Date of Birth/Age : |
07.02.1962 |
|
Date of Appointment : |
26.04.2012 |
|
Din No.: |
05256959 |
|
|
|
|
Name : |
Mr. Subrat Kumar Das |
|
Designation : |
Whole Time Director |
|
Address : |
No. 52, Ashirwad Bunglows, Near Rajhans Cinema, Dumas Road,
Surat-395007, Gujarat, India |
|
Date of Birth/Age : |
17.03.1952 |
|
Date of Appointment : |
22.05.2012 |
|
Din No.: |
05283783 |
|
|
|
|
Name : |
Hisashi Fukuda |
|
Designation : |
Whole Time Director |
|
Address : |
1-7-250, Oono-Cho, Kanagawa-Ku, Yokohama, 22100550, Japan |
|
Date of Birth/Age : |
24.01.1959 |
|
Date of Appointment : |
22.05.2012 |
|
Din No.: |
05283782 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Kumar Mehta |
|
Designation : |
Company Secretary |
|
Address : |
9, Navratan Baug, Indore-452001, Madhya Pradesh, India |
|
Date of Birth/Age : |
07.09.1964 |
|
Date of Appointment : |
01.03.2011 |
|
Pan No.: |
ABAPM8233E |
|
|
|
|
Name : |
Mr. Venkatesan |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Mitsubishi Heavy Industries Limited, Tokyo |
|
97539000 |
|
Mitsubishi Electric Corporation, Tokyo |
|
25010000 |
|
Larsen and Toubro Limited, India |
|
127551000 |
|
|
|
|
|
TOTAL
|
|
250100000 |
AS ON 27.08.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
49.00 |
|
Bodies
corporate |
|
51.00 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Super Critical Steam Turbine and Generators For Power
Plant. |
GENERAL INFORMATION
|
No. of Employees : |
1200 [Approximately] |
|||||||||
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|
|||||||||
|
Bankers : |
ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri,
Baroda-390015, Gujarat, India |
|||||||||
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|||||||||
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Facilities : |
|
|
|
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|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Ravindra Annexe, 194, Churchgate Reclamation, Dinshaw Vachha Road,
Mumbai-400020, Maharashtra, India |
|
PAN No: |
AAAFS2967E |
|
|
|
|
Holding Company: |
Larsen and Toubro Limited
[L99999MH1946PLC004768] |
|
|
|
|
Fellow Subsidiaries : |
·
L and T-Valdel Engineering Limited
[U74210KA2004PLC035094] ·
L and T-MHI Boilers Private Limited
[U29119MH2006PTC165102] ·
Larsen and Toubro Infotech Limited
[U72900MH1996PLC104693] ·
L and T-Sargent and Lundy Limited ·
L and T Power Limited ·
EWAC Alloys Limited [U74999MH1962PLC012315] ·
L and T Special Steels and Heavy Forgings Private
Limited |
|
|
|
|
Joint Venture : |
·
Mitsubishi Heavy Industries Limited ·
Mitsubishi Electric Corporation |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
390000000 |
Equity Shares |
Rs.10/- each |
Rs.3900.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250100000 |
Equity Shares |
Rs.10/- each
|
Rs.2501.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2501.000 |
2501.000 |
1501.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(1172.005) |
(955.990) |
(760.384) |
|
|
NETWORTH |
1328.995 |
1545.010 |
740.616 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1635.627 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
8707.284 |
5268.407 |
1386.626 |
|
|
TOTAL BORROWING |
10342.911 |
5268.407 |
1386.626 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11671.906 |
6813.417 |
2127.242 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7038.323 |
5126.961 |
309.111 |
|
|
Capital work-in-progress |
1341.910 |
1620.489 |
2515.056 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
312.159 |
1120.355 |
|
|
DEFERREX TAX ASSETS |
577.999 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
247.956
|
51.207 |
12.858 |
|
|
Sundry Debtors |
5910.980
|
1528.362 |
0.000 |
|
|
Cash & Bank Balances |
(16.825)
|
129.056 |
130.921 |
|
|
Other Current Assets |
11210.697
|
8438.829 |
3359.183 |
|
|
Loans & Advances |
2687.955
|
4692.995 |
2102.517 |
|
Total
Current Assets |
20040.763
|
14840.449 |
5605.479 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
12351.682
|
9615.340 |
3846.109 |
|
|
Other Current Liabilities |
4609.462
|
4938.441 |
3570.192 |
|
|
Provisions |
365.945
|
532.860 |
6.458 |
|
Total
Current Liabilities |
17327.089
|
15086.641 |
7422.759 |
|
|
Net Current Assets |
2713.674
|
(246.192) |
(1817.280) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11671.906 |
6813.417 |
2127.242 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12323.845 |
11352.367 |
|
|
|
|
Other Income |
NA |
58.517 |
|
|
|
|
TOTAL (A) |
NA |
11410.884 |
4276.023 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
NA |
11562.322 |
[Including
Financial Expenses] |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
395.676 |
(151.438) |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
732.666 |
39.639 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(336.993) |
(191.077) |
(637.429) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
412.355 |
94.119 |
11.534 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(749.348) |
(285.196) |
(648.963) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.048 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(749.348) |
(285.196) |
(649.011) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1150.185) |
(978.837) |
(693.641) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4.819 |
0.000 |
0.836 |
|
|
|
Saved/Deemed Exports |
4987.054 |
5697.202 |
0.000 |
|
|
TOTAL EARNINGS |
4991.873 |
5697.202 |
0.836 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(3.00) |
(1.80) |
(4.88) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
(2.50) |
(15.17) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(6.08)
|
(2.51) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.77)
|
(1.43) |
(10.97) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.56)
|
(0.18) |
(0.88) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
7.78
|
3.41 |
11.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15
|
0.98 |
0.75 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three 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 |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
|
Unsecured Loan |
As
on 31.03.2012 [Rs.
in Millions] |
As
on 31.03.2011 [Rs.
in Millions] |
|
Term loans from others |
8707.284 |
5268.407 |
|
TOTAL
|
8707.284 |
5268.407 |
FINANCIALS AND
PERFORMANCE OF THE COMPANY:
During the year,
the Company has made a good progress in completion of customer projects. The
revenue has increased by 8.5% to Rs. 12323.845 Millions as against Rs.
11352.367 Millions in the previous year. The Company was not able to secure any
major orders during the year because of current market scenario, however due to
sustained effort from the Management to remain competitive in the market has
resulted in improvements in the manufacturing processes, supply chain
initiatives and able to achieve a reasonable Operating Margin during the year.
However, a mark-to-marketloss (MTM) on term loans has resulted in bringing down
the margin significantly.
The Company has
fully completed the phase I of the manufacturing facility establishment and
made good progress in the phase II program during the year at Hazira, Surat.
The Company has received ISO 14001:2004 certification for Environmental
Management Systems and OHSAS 18001:2007 certification for Occupational Health and
Safety Management Systems. Further, the Company has increased the talent pool
and trained the employees to absorb the manufacturing technology at a faster
pace. The Company is exploring the possibilities of Export and Renovation and
Modernization business and is confident of improving the performance in the
coming years.
FIXED ASSETS:
·
Plant and Machinery
·
Furniture and Fixtures
·
Motor Vehicles
·
Electric Equipments
·
Air Conditioners
·
Tools, Jigs and Fixtures
·
Office Equipments
·
Computer
PRESS RELEASES:
L AND T CONSTRUCTION WINS ORDERS VALUED RS.20040.000 MILLIONS
Mumbai, April 5, 2013: L and T Construction has secured new orders
valued over Rs.20040.000 Millions across various business segments in
March 2013.
The Building and Factories Business has
bagged new orders worth Rs.10700.000 Millions for the construction of
residential apartments in the southern part of the country.
The Power Transmission and Distribution
Business has won new orders worth Rs.3890.000 Millions for the
construction of 400 kV and 200 kV transmission lines at various locations
across India.
The Company also received orders worth Rs.3470.000
Millions for its Water and Renewable Energy Business for the
construction of water supply, waste water and sewerage schemes across the country.
L and T Construction have also bagged additional orders worth Rs.1980.000
Millions from various ongoing projects across various other Business Units.
BACKGROUND:
Larsen and Toubro is a USD 13.5 billion technology, engineering,
construction, manufacturing and financial services conglomerate, with global
operations. It is ranked 4th in the global list of Green Companies in the
industrial sector by the reputed international magazine Newsweek, and ranked the world’s 9th Most Innovative Company by Forbes International. L and T is one
of the largest and most respected companies in India’s private sector. A
strong, customer–focused approach and the constant quest for top-class quality
have enabled L and T to attain and sustain leadership in its major lines of
business over seven decades.
L AND T CONSTRUCTION SECURES AED 943.11 MN ABU
DHABI AIRPORT ORDER
Mumbai, April 03, 2013: The Transportation Infrastructure Business of
L and T Construction has won an order worth AED 943.11 Mn for the development
of the prestigious Midfield Terminal Complex - an airside construction project
for Abu Dhabi Airports Company PJSC, UAE.
Work on the Midfield Terminal Complex (MTC)
is part of the major expansion programme of Abu Dhabi International Airport. It
consists of a Midfield Terminal Building (MTB) and related airside and landside
work. The MTB will serve as the new gateway to Abu Dhabi.
L and T will build concrete hardstands for aircraft parking around the
new Midfield Terminal Building, including contact and remote stands. The
airside works also include taxi lanes along the apron parking stands and link
taxiway connections to the existing airside infrastructure with a tunnel on the
airside. The major item of works for the airside include earthwork, concrete
pavement, asphalt pavement with markings, drainage, general utilities, airfield
ground lighting, gate services such as flood lighting, visual dock guidance
system and structural works/systems for airside tunnel. The project also
includes Aircraft fuel hydrant system, storm and portable water distribute
online, chilled water distribution system, medium voltage distribution
Sub-Stations, communication network and fire main distribution system on the
major utility segments.
The Project will commence in April 2013 with a construction period of28
months. The Airport Terminal Complex is expected to be commissioned by 2017.
BACKGROUND:
Larsen and Toubro is a USD 13.5 billion technology, engineering,
construction, manufacturing and financial services conglomerate, with global
operations. It is ranked 4th in the global list of Green Companies in the
industrial sector by the reputed international magazine Newsweek, and ranked the world’s 9th Most Innovative Company by Forbes International. L and T is one
of the largest and most respected companies in India’s private sector. A
strong, customer–focused approach and the constant quest for top-class quality
have enabled L and T to attain and sustain leadership in its major lines of
business over seven decades.
L AND T CONSTRUCTION WINS ORDERS VALUED RS.
37000.000 MILLIONS
Mumbai, April 2, 2013: L and T Construction has secured new orders
valued over Rs.37000.000 Millions across various business segments in
March 2013.
The Building and Factories Business has
bagged new orders worth Rs.19860.000 Millions for the construction of
residential towers and commercial development across India.
The Power Transmission and Distribution Business has secured new
orders worth Rs.10970.000 Millions. A major order was secured from
Punjab State Power Corporation Limited for the execution of R-APDRP (Part B)
Project on turnkey basis at Amritsar, Jalandhar and Ludhiana city. The scope
includes construction of 66/11kV and 33/11kV grid substations, 11kV
distribution lines, distribution transformer centers, underground cabling,
package substations, installation of ring main units and static energy meters.
Another order was received from Power Grid
Corporation of India Limited for the construction of a 400 kV pooling station
at Tuticorin, Tamil Nadu.
The Solar Business Unit, the largest
EPC player in solar power projects sector in India, has won new EPC orders
worth Rs.3730.000 Millions for the construction of Solar PV Plants in
Rajasthan and Tuticorin, Tamil Nadu.
Additional orders worth Rs.244 Millions have been bagged from
various ongoing jobs in the Infrastructure and Metallurgical and Material
Handling Business.
BACKGROUND:
Larsen and Toubro is a USD 13.5 billion technology, engineering,
construction, manufacturing and financial services conglomerate, with global
operations. It is ranked 4th in the global list of Green Companies in the
industrial sector by the reputed international magazine Newsweek, and ranked the world’s 9th Most Innovative Company by Forbes International. L and T is one
of the largest and most respected companies in India’s private sector. A
strong, customer–focused approach and the constant quest for top-class quality
have enabled L and T to attain and sustain leadership in its major lines of
business over seven decades.
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 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 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.54.88 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.