MIRA INFORM REPORT

Report Date :

17.04.2013

IDENTIFICATION DETAILS

Name :	LARSEN AND TOUBRO INFOTECH LIMITED (w.e.f.31.03.2002)
Formerly Known As :	L&T INFORMATION TECHNOLOGY LIMITED
Registered Office :	L and T House, Ballard Estate, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.12.1996
Com. Reg. No.:	11-104693
Capital Investment/ Paid-up Capital:	Rs. 161.250 Millions
CIN No.: [Company Identification No.]	U72900MH1996PLC104693
TAN No.: [Tax Deduction & Collection Account No.]	MUML04432B
PAN No.: [Permanent Account No.]	AAACL1681P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is mainly engaged in the business of Software Development.
No. of Employees:	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (63)

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 44700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of L&T. It is a well established and reputed company having a good track record. The financial for the year 2011-2012 are not available. As per the previous year’s record, the financial position of the company appears to be strong. Performance capability is high. Liquidity position is good. The company gets strong financial support from its group companies. The promoters appear to be experience businessman. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal business dealings at usual trade terms and condition. Note : Due to technical error in the government sites, we hereby provide you the report with available details and we would provide you with a on the same company as soon as we get the additional information.

NOTES:

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

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	AA+ (CRISIL)
Rating Explanation	Having high degree of safety regarding timely servicing of financial obligation it carry very low credit risk.
Date	February 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 DECLINED

MANAGEMENT NON CO-OPERATIVE (91-22-67525656)

LOCATIONS

Registered Office :	L and T House, Ballard Estate, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-67525656 / 67766138
Fax No.:	91-22-67525858 / 67525893 / 67768162
E-Mail :	shekhar.prabhudesai@lntinfotech.com info@Lntinfotech.com angna.arora@lntinfotech.com
Website :	http://www.lntinfotech.com
Technologies Centers :	Located at: · Powai, Mumbai · Mahape Road, Navi Mumbai · Airoli, Navi Mumbai · Pune · Bengaluru · Chennai · Mysore · Hinjewadi, Pune
Technologies Centre :	Locate at: · Vadodara · Mysore
Overseas Office:	Located at: · USA · Canada · Europe · Japan · Korea · Singapore · South Africa · Kuwait · UAE · Saudi Arabia · Qatar · Oman · Australia · New Zealand

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Anilkumar Manibhai Naik
Designation :	Director
Address :	High Trees, 54 Pali Hills, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	09.06.1942
Date of Appointment :	23.12.1996
DIN No.:	00001514
Name :	Mr. Yeshwant Moreshar Deosthalee
Designation :	Director
Address :	Flat No. 1001, Prabhu Kutir, 15, Altamount Road, Mumbai - 400026, Maharashtra, India
Date of Birth/Age :	06.09.1946
Date of Appointment :	23.12.1996
DIN No.:	00001698
Name :	Mr. Ram Nath Mukhija
Designation :	Director
Address :	Varsha, Flat No. 501, Janki Kutir Juhu, Mumbai - 400049, Maharashtra, India
Date of Birth/Age :	05.02.1944
Date of Appointment :	13.08.2004
DIN No.:	00001653
Name :	Mr. Vijay Kumar Magapu
Designation :	Director / Manager
Address :	Flat No. 402/403, Verona, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	12.06.1945
Date of Appointment :	13.08.2004
DIN No.:	00001658
Name :	Mr. Samir Thakorbhai Desai
Designation :	Director
Address :	7050, NW 126, Terrace, Parkland, Florida - 33076, Toronto, USA
Date of Birth/Age :	26.08.1946
Qualification:	MBA, MS in Electrical Engineering, B.S. in Physics and Electrical Engineering
Date of Appointment :	27.01.2007
DIN No.:	01182256
Name :	Mr. Sankaranarayana Rama Iyer
Designation :	Director
Address :	Flat No. 32, Rashmi Swarnakutir, Premises Co-operative Society, Demonte Park Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	19.08.1939
Qualification:	M Tech and Ph.D. from IIT Mumbai
Date of Appointment :	27.01.2007
DIN No.:	00076549

KEY EXECUTIVES

Name :	Ms. Angna Arora
Designation :	Company Secretary
Address :	C-703, Sunflower, Valley of Flowers, Gundecha, Thakur Village, Kandivali (East), Mumbai – 400101, Maharashtra, India
Date of Birth/Age :	16.09.1978
Date of Appointment :	03.08.2011
PAN No.:	AIBPA4887E
Name :	Vijay Kumar Magapu
Designation :	Manager
Address :	Flat No 402/403,Verona Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	12.06.1945
Qualification:	B. Tech (Mech), M.Sc (Canada)
Date of Appointment :	22.02.2001
PAN No.:	AABPM4456B
Name:	Mr. Arunachalam Ramanathan
Designation:	Head - Travel and Visa
Qualification:	BE
Date of birth/age :	46 Years
Date of appointment :	01.04.2010
Experience :	24 Years
Name:	Mr. V. Chandrashekhar
Designation:	Executive Vice President, Head of MFG -1 BU
Qualification:	MSc (Tech)
Date of birth/age :	45 Years
Date of appointment :	11.05.2005
Experience :	24 Years
Name:	Mr. Uday Srikrishna Gharpure
Designation:	Head of Global Operations
Qualification:	ME
Date of birth/age :	53 Years
Date of appointment :	19.04.2007
Experience :	30 Years
Name:	Mr. Sudip Banerjee
Designation:	Chief Executive Officer
Qualification:	BA (Economics), Diploma in Management
Date of birth/age :	51 Years
Date of appointment :	01.09.2008
Experience :	27 Years
Name:	Mr. Abhay Kelkar
Designation:	Executive Vice President and Head - BFS
Qualification:	CA
Date of birth/age :	55 Years
Date of appointment :	01.10.2002
Experience :	30 Years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Larsen and Toubro Limited, India	32249988
Anilkumar Manibhai Naik Jointly with Larsen and Toubro Limited, India	2
Yeshwant Moreshwar Deosthalee Jointly with Larsen and Toubro Limited, India	2
Jagdish Pandurang Nayak Jointly with Larsen and Toubro Limited, India	2
Ram Nath Mukhija Jointly with Larsen and Toubro Limited, India	2
Krishnanurthi Venkataramanan Jointly with Larsen and Toubro Limited, India	2
Vijaykumar Magapu Jointly with Larsen and Toubro Limited, India	2
Total	32250000

AS ON 30.09.2011

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is mainly engaged in the business of Software Development.

GENERAL INFORMATION

Customer :

Ø Bharat Petroleum

Ø Chevron

Ø Hitachi

Ø Sundco

Ø Flowserve

Ø Lafarge

No. of Employees :

Information declined by the management

Bankers :

Ø Bank of Baroda, J.P. House, M.V. Road, Saki Naka, Mumbai - 400072, Maharashtra, India

Ø ABN Amro Bank, Amsterdam

Ø ABSA Bank, South Africa

Ø Bank of America, New Jersey

Ø Citibank Australia

Ø Citibank Japan

Ø Citibank, South Korea

Ø Citibank N.A., New Jersey

Ø Citibank N.A., Paris

Ø Citibank N.A., Singapore

Ø Citibank, Philippines

Ø Danske Bank, Denmark

Ø Fokus Bank, Norway

Ø Handelsbanken, Sweden

Ø HSBC, London

Ø Korean Exchange Bank, South Korea

Ø Saudi British Bank, Saudi Arabia

Ø State Bank of India, New York

Ø State Bank of India, Tokyo

Ø Tokyo Mitsubishi Bank, Tokyo

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. in Millions)
Term Loans from Bank	0.000	221.278
Working capital loans from Banks	699.057	224.500
Total	699.057	445.778

Banking Relations :	--
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, India CIN No.: L99999MH1946PLC004768
Wholly Owned Subsidiaries:	Larsen and Toubro Infotech GmbH- Germany Larsen and Toubro Infotech Canada Limited, Canada GDA Technologies Inc.- USA GDA Technologies Limited, India CIN No.: U72200TZ1997PLC008145 Larsen and Toubro Infotech LLC, United States L and T Infotech Financial Services Technologies Inc., Canada
Fellow Subsidiaries :	L and T MHI Turbine Generators Private Limited L and T Urban Infrastructure Limited L and T Seawoods Private Limited L and T Power Development Limited L and T - Valdel Engineering Limited L and T General Insurance Company Limited Larsen and Toubro Saudi Arabia LLC L and T Infrastructure Development Projects Limited L and T Sapura Offshore Private Limited L and T Sapura Shipping Private Limited L and T Sargent and Lundy Limited Larsen and Toubro Kuwait Contruction General Contracting Company, WLL Larsen and Toubro Electromech LLC L and T Heavy Engineering LLC Narmada Infrastructure Construction Enterprise Limited L and T MHI Boilers Private Limited TAMCO Switchgear (Malaysia) SDN. BHD

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
32750000	Equity Share	Rs.5/- each	Rs. 163.750 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
32250000	Equity Share	Rs.5/- each	Rs. 161.250 Millions

Note:

(All the above Equity shares are held by Larsen and Toubro Limited, the holding company.)

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		161.250	161.250	158.437
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		11014.959	9672.860	5738.208
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11176.209	9834.110	5896.645
LOAN FUNDS
1] Secured Loans		699.057	445.778	1221.801
2] Unsecured Loans		1679.413	0.000	0.654
TOTAL BORROWING		2378.470	445.778	1222.455
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
Deferred purchase considerable payable		0.000	0.000	342.360
TOTAL		13554.679	10279.888	7461.460
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1916.601	1618.472	1647.753
Capital work-in-progress		200.961	231.093	67.228
INVESTMENT		5108.416	2811.224	2229.275
DEFERREX TAX ASSETS		57.477	11.160	7.404
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	4661.990	3607.287	4161.961
	Cash & Bank Balances	1312.749	1539.713	1115.417
	Other Current Assets	1142.061	810.329	624.513
	Loans & Advances	4558.639	3900.344	3181.887
Total Current Assets		11675.439	9857.673	9083.778
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	3584.493	2956.822	4396.985
	Other Current Liabilities	625.331	159.482	294.156
	Provisions	1194.391	1133.430	882.837
Total Current Liabilities		5404.215	4249.734	5573.978
Net Current Assets		6271.224	5607.939	3509.800
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		13554.679	10279.888	7461.460

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	23318.122	17767.648	19508.381
		Other Income	230.920	349.721	245.245
		TOTAL (A)	23549.042	18117.369	19753.626
Less	EXPENSES
		Manufacturing service costs	1919.847	1417.154
		Employee related expenses	12963.172	9554.204	16322.966
		Administrative selling other expenses	4321.654	3488.589
		TOTAL (B)	19204.673	14459.947	16322.966
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4344.369	3657.422	3430.660
Less	FINANCIAL EXPENSES (D)		62.894	27.512	82.806
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4281.475	3629.910	3347.854
Less/ Add	DEPRECIATION/ AMORTISATION (F)		594.997	482.374	453.590
	PROFIT BEFORE TAX (E-F) (G)		3686.478	3147.536	2894.264
Less	TAX (H)		557.325	336.163	246.046
	PROFIT AFTER TAX (G-H) (I)		3129.153	2811.373	2648.218
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6744.172	5170.101	2995.992
Less	APPROPRIATIONS
		Transfer to General Reserve	400.000	300.000	289.225
		Interim Dividend	151.575	801.147	158.027
		Proposed Dividend	0.000	0.000	0.000
		Tax on Dividend	251.763	136.155	26.857
	BALANCE CARRIED TO THE B/S		7705.812	6744.172	5170.101
	EARNINGS IN FOREIGN CURRENCY
		Software exports	21817.396	16828.143	18701.079
		Other Income	2.484	123.157	110.373
		TOTAL	21819.880	16951.300	18811.452
	IMPORTS
		Capital Goods	35.310	136.283	95.129
		Others	39.558	21.311	39.829
	TOTAL IMPORTS		74.868	157.594	134.958
	Earnings Per Share (Rs.)
	Basic		97.03	87.73	83.79
	Diluted		95.91	86.79	82.82

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	13.29	15.52	13.41
Net Profit Margin (PBT/Sales)	(%)	15.81	17.71	14.84
Return on Total Assets (PBT/Total Assets}	(%)	27.12	27.43	26.97
Return on Investment (ROI) (PBT/Networth)		0.33	0.32	0.49
Debt Equity Ratio (Total Debt/Networth)		0.21	0.05	0.21
Current Ratio (Current Asset/Current Liability)		2.16	2.32	1.63

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. in Millions)
Sundry Creditors	3584.493	2956.822	4396.985

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. in Millions)
Term Loans from Bank	455.953	0.000
Other Loans from Banks	1223.460	0.000
Total	1679.413	0.000

PERFORMANCE OF THE COMPANY

The year 2010-11 has been the year of recovery post the global economic recession, with varied economic environment in the developed and emerging markets. Inspite of an increase in discretionary spending and demand, there is cautious optimism for sustained growth with clients seeking transformational deals. The industry focused on emerging verticals, markets, new customer segments while driving customer innovation led transformation in client organizations and internal operations. This year also saw wide ranging contract restructuring exercises and deal size reductions as the industry accepted new business models and budgetary constraints.

While cost and talent still remain the essential considerations, savvy customers are constantly demanding higher levels of flexibility and innovation. New customer acquisitions which required initial onsite presence have led to an increase in local hiring and onsite subcontractors. Onsite revenue as percentage of total revenue increased from 49% to 53%. This coupled with increased offshore wage costs and recruitment of trainees impacting billability has led to pressure on margins. The revenue contribution from North America increased marginally from 66% to 67%, with Europe maintaining at 15% and Japan/ South East Asia at 7%.

SUBSIDIARY COMPANIES

As on March 31, 2011, the company had wholly owned subsidiaries namely, Larsen and Toubro Infotech GmbH, Larsen and Toubro Infotech Canada Limited, Larsen and Toubro Infotech LLC, GDA Technologies Inc. including GDA Technologies Limited, a step down subsidiary and L and T Infotech Financial Services Technologies Inc.

During the year, the services business of GDA Technologies Inc. (GDA) has been transferred to the company, with GDA continuing the business in IP / CDMS areas.

PRESS RELEASE:

US COURT UPHOLDS CLASS ACTION SUIT AGAINST L AND T INFOTECH

Press Trust of India / New York Mar 01, 2012, 00:45 IST

A US court has upheld a class claim of sex discrimination filed against Larsen and Toubro Infotech, a subsidiary of Indian conglomerate L and T, by its former employee, who has alleged she was fired from her job after she informed the company she was pregnant.

The lawsuit has been brought by New York attorney Krishnan Chittur on behalf of Deepa Shanbhag and 1,500 past and present women employees.

In the lawsuit, which seeks $20 million (Rs 980.000 millions) in damages, Shanbhag had alleged that L and T Infotech discriminated against its female employees on the basis of sex with respect to job assignment, compensation and created a "hostile and abusive climate" for them.

It alleges that L and T Infotech "discriminated against her and other employees on grounds of sex and pregnancy". It added that the company "unlawfully or discriminatorily terminated employment of pregnant employees on "false pretenses."

Magistrate Judge Patty Shwartz of the District Court in New Jersey allowed the individual claim of intentional sex discrimination, individual and class claims of sex discrimination under New Jersey Law and a class claim of pregnancy discrimination against L and T.

The court also allowed Shanbhag's motion to add Larsen and Toubro Limited as a party to the lawsuit. Shanbhag, a New Jersey resident, has demanded a jury trial in the case.

Chittur said L and T would now have to "answer before a jury for its maltreatment of women, and pay these women compensation for what these women had to suffer."

Shanbhag was hired by the New Jersey-headquartered company as an independent contractor in October 2010 for three months. The lawsuit said L and T, pleased with Shanbhag's performance, had offered her a full-time position. Shanbhag joined the company as a full-time employee in January 2011.

However, Shanbhag informed the company in March that she was pregnant.

A day later and only 38 days after Shanbhag joined as a full-time employee, L and T terminated her employment.

During her employment, Shanbhag alleged in the lawsuit, she was repeatedly subjected to an "unrelenting barrage of sexual harassment" and criticism of other female employees. In one instance, Shanbhag's immediate supervisor had told her she was replacing "a dreadful woman who did not know how to dress."

The court however dismissed Shanbagh's class claims for pregnancy, sex and hostile work environment and claims for breach of contract.

The court has given L and T time till March 15 to respond.

The lawsuit states Shanbhag suffered economic loss, was denied employment benefits and suffered "mental anguish, humiliation and emotional distress" due to the company's discriminatory practices. It says the company should reinstate all those women employees who wish to rejoin and in future should restrain from engaging in any discriminatory practices and customs.

L AND T RESTRUCTURES INFOTECH AND ENGINEERING SERVICES BUSINESSES

Inducts Three Directors on L and T Infotech Board

Mumbai, September 14, 2012: L and T has restructured its IT and L and T Integrated Engineering Services businesses with a view to accelerate growth in the technology space. L and T Infotech has been reorganized around two business clusters, “Industrial” and “Services” and the current L and T Integrated Engineering Services (IES) will be rebranded as L and T Technology Services. As a part of this strategy, it has inducted three US-based professionals – Dr. Keshab Panda, Dr. Mukesh Aghi and Mr. Vivek Chopra on the L and T Infotech Board.

The L and T Technology Services (IES) will offer customized engineering services and will also include embedded systems deployed in product and plant electronics and custom firmware for the telecom equipment industry. Dr. Keshab Panda, currently the Chief Executive of L and T Integrated Engineering Services, will be the Chief Executive of L and T Technology Services and will also be on the board of L and T Infotech for maximizing synergies.

Dr. Keshab Panda has over 27 years of global industry experience in conceptualizing, creating, operationalizing and turning around complex IT and engineering services businesses. Before joining L and T, he had served as President, Americas and Head of Europe Operations, Satyam Computer Services Limited.

Under L and T Infotech’s new structure, the ‘Services’ cluster will include banking, financial services, insurance and areas like travel and logistics, media and entertainment and healthcare. This group will house horizontals of testing, mobility, infrastructure management system and business intelligence / data warehouse. Dr. Mukesh Aghi will be the Chief Executive of “Services” cluster and the Whole-time Director of L and T Infotech.

Dr. Mukesh Aghi has over 25 years of experience in the global IT industry. Prior to joining L and T Infotech, he was CEO-Asia Pacific and Global Executive Sales Director with Steria Inc-India, a global IT services firm.

The ‘Industrials’ cluster will leverage the Company’s existing strengths and heritage to address manufacturing plants, establishments including wholesale, retail sale of products and establishments dealing with energy and utilities. This group will house horizontals of SAP, enterprise integration, Oracle as well as manufacturing execution systems. Mr. Vivek Chopra will be the Chief Executive of “Industrial” cluster and the Whole-time Director of L and T Infotech.

Mr. Vivek Chopra has over 30 years of professional IT experience. He has held senior positions spread across the Americas, Europe, Middle-East, Africa and Asia Pacific. Prior to joining L and T Infotech, Mr. Chopra was Group President, CSC and instrumental in driving strategy, delivery and top-line growth for their global applications business.

L and T believes this restructure will help the company in growing these businesses.

Background:

Larsen & Toubro is a USD 12.8 billion technology, engineering, construction, manufacturing and financial services conglomerate, with global operations. It 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&T to attain and sustain leadership in its major lines of business over seven decades.

FIXED ASSETS:

Ø Leasehold Land

Ø Building

Ø Plant and Machinery

Ø Computers

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. 54.33
UK Pound	1	Rs. 83.17
Euro	1	Rs. 71.05

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		63

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.