MIRA
INFORM REPORT
|
Report Date : |
17.04.2013 |
IDENTIFICATION DETAILS
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Name : |
LARSEN AND TOUBRO LIMITED |
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Registered
Office : |
L and T House, Ballard
Estate, Mumbai – 400001, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
07.02.1946 |
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Com. Reg. No.: |
11-004768 |
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Capital
Investment / Paid-up Capital : |
Rs.1224.800 Millions |
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CIN No.: [Company Identification
No.] |
L99999MH1946PLC004768 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RTKL00699G |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturers and Sellers of Earthmoving Machinery including
Bulldozers, Dumpers, Scrappers, Loaders, Shovels, Vibratory Compactors and
Drag Lines. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (71) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1008900000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well
established, diversified and a highly reputed company having an excellent
track record. Financial position of the company is good. Fundamentals are strong
and healthy. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitments. The company can
be considered excellent for any 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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
AAA (Long Term Rating) |
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Rating Explanation |
Highest degree of safety and lowest credit
risk. |
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Date |
16.08 2012 |
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.
LOCATIONS
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Registered Office : |
L and T House,
Ballard Estate, |
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Tel. No.: |
91-22-22618181 / 22618182
/ 22685656 / 67525656 |
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Fax No.: |
91-22-22620223 /
22617480 / 22685893 / 67525858 / 67525893/ 55525858 |
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E-Mail : |
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Website : |
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Corporate Office
1: |
C Block, Gate No. 1, L and T Powai Campus, |
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Tel. No.: |
91-22-67052589 / 67052930 |
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Fax No.: |
91-22-67051832 |
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Corporate Office
2: |
Kiadb Industrial Area, Hebbal Hootagalli, |
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Tel No.: |
91-821-2405331 |
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Corporate Office
3: |
Off |
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Headquarter/ Holck-Larsen and Engineering
Design and Research Centre- Chennai : |
Mount |
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Tel No.: |
91-44-2232 6348 / 22526000 / 22528000 / 22528080 |
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Fax No.: |
91-44-2234 2317/ 22493317 / 22526065 / 22493888 |
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E mail: |
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EDRC Centre : |
Kanak Building, 41, Jawaharlal Nehru Road, Kolkata - 700071, West
Bengal, India |
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Tel No.: |
91-33-22882601 |
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Fax No.: |
91-33-22881225 |
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E mail: |
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EDRC – Kolkata: |
DLF IT Park, Premises # 08, Block – AF, 2nd Floor, Tower-C, Newton,
Rajarhat, Kolkata-700156, West Bengal, India |
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Tel No.: |
91-33-44008700 |
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Fax No.: |
91-33-44005385 |
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Division : |
ECC Division, Mial Project Office – North Block II, 6th Floor, Gate
No. 1, Powai – 400072, |
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Factory 1 : |
TLT Works, Plot No. 158-B, Sector III, Pithampur, Dhar District, Madhya
Pradesh 454 774, |
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Tel. No.: |
91-7292-256317/ 256431 |
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Fax No.: |
91-7292-256316 |
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E-Mail : |
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Factory 2 : |
TLT Works, Mailam Road, Sedarapet, Pondicherry 605111, India |
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Tel. No.: |
91-413-2672500 |
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Fax No.: |
91-413-2677727 |
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E-Mail : |
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Factory 3 : |
167, Neervalur Village, Kancheepuram 631502, India |
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Tel. No.: |
91-4112-27248383, 93 and 94 |
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Fax No.: |
91-4112-27248383 and 290 |
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E-Mail : |
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Factory : |
Also located at : ·
·
Kandla ·
Vadodara ·
Ankleshwar ·
Hazira ·
Jafrabad ·
Kovayya ·
Nashik ·
Pune ·
Ahmednagar ·
Ratnagiri ·
Tadipatri ·
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·
Awarpur ·
Jharsuguda ·
Kansbahal ·
Ranoli ( ·
·
Haldia |
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Regional Offices
: |
·
NCL Bandra Premises, Plot No. C/6, Bandra – Kurla
Complex, P. O. Box No. 8119, Bandra (East), Mumbai - 400051, Maharashtra,
India ·
2, Saki Vihar Road, P. O. Box No. 8901, Mumbai –
400072, Maharashtra, India ·
1/FL, Laxminarayan Complex, 10/1, Palace Road, P.
O. Box 122, Bangalore – 560002, Karnataka, India Also located at:
·
·
·
Kolkata ·
Vadodara ·
Ahmedabad ·
Arakkonam Pune ·
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Chennai ·
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Overseas Offices : |
Located at: ·
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Sultanate of ·
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Sharjah ·
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Area Offices : |
Located at: ·
Ahmedabad ·
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Chennai ·
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Kolkata ·
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Pune ·
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Branches : |
Located at : ·
Jaipur ·
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Guwahati ·
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Vadodara ·
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Guwahati ·
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Railway Business
Unit: |
12/4, Delhi Mathura Road, Near Sarai Khawaja Chowk, Faridabad –
121003, Haryana, India |
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Tel No.: |
91-129-4291000 / 4291651 / 4291766 |
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Fax No.: |
91-129-4291650 / 4291303 |
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Email: |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. A. M. Naik |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. K. Venkataramanan |
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Designation : |
Chief Executive Officer and Managing
Director |
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Name : |
Mr. V. K. Magapu |
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Designation : |
Whole-time Director and President (IT,
Engineering Services and Corporate Initiatives) |
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Name : |
Mr. M. V. Kotwal |
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Designation : |
Whole-time Director and President (Heavy Engineering) |
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Name : |
Mr. Ravi Uppal |
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Designation : |
Whole-time Director and President (Power) |
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Name : |
Mr. S. N. Subrahmanyan |
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Designation : |
Whole-time Director and Senior Executive Vice President
(Infrastructure and Construction) |
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Name : |
Mr. R. Shankar Raman |
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Designation : |
Whole-time Director and Chief Financial
Officer |
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Name : |
Mr. Shailendra Roy |
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Designation : |
Whole-time Director and Senior Executive Vice President (Power
Development and Corporate Affairs) |
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Name : |
Mr. S. Rajgopal |
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Designation : |
Non-Executive Director |
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Name : |
Mr. S. N. Talwar |
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Designation : |
Non-Executive Director |
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Name : |
Mr. M. M. Chitale |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Thomas Mathew T. |
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Designation : |
Nominee — LIC |
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Name : |
Mr. N. Mohan Raj |
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Designation : |
Nominee — LIC |
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Name : |
Mr. Subodh Bhargava |
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Designation : |
Non-Executive Director |
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Name : |
Mr. A. K. Jain |
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Designation : |
Nominee – SUUTI |
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Name : |
Mr. J. S. Bindra |
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Designation : |
Non-Executive Director |
KEY EXECUTIVES
|
Name : |
Mr.
N. Hariharan |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of
Shareholders |
No. of Shares |
Percentage of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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(B) Public Shareholding |
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89623390 |
15.10 |
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102492977 |
17.27 |
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|
83497 |
0.01 |
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|
31055220 |
5.23 |
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|
102052770 |
17.20 |
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|
6308 |
0.00 |
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|
6308 |
0.00 |
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325314162 |
54.83 |
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|
44631693 |
7.52 |
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|
132951434 |
22.41 |
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|
8028462 |
1.35 |
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|
82411489 |
13.89 |
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|
258888 |
0.04 |
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|
5088459 |
0.86 |
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|
74404116 |
12.54 |
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|
2657738 |
0.45 |
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|
2288 |
0.00 |
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|
268023078 |
45.17 |
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Total Public shareholding (B) |
593337240 |
100.00 |
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Total (A)+(B) |
593337240 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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|
22048741 |
0.00 |
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|
22048741 |
0.00 |
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Total (A)+(B)+(C) |
615385981 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Sellers of Earthmoving Machinery including
Bulldozers, Dumpers, Scrappers, Loaders, Shovels, Vibratory Compactors and
Drag Lines. |
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Products : |
·
Chemicals
·
Petrochemical
·
Refinery
·
Fertilizer
|
PRODUCTION
STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Scrapper,
bulldozer, ripper and loader attachments |
Nos. |
250 |
250 |
35 |
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Road Rollers, hot
mix plants and other road construction and bridge construction machinery |
Nos. |
150 |
150 |
-- |
|
Chemical plant
and machinery including pharmaceutical, dyestuff, distillery, brewery and
solvent extraction plants, evaporator and crystalliser plants and pollution
control equipment in aggregate |
Tonnes |
6067 |
6067 |
21140 |
|
Equipment for food
processing industry |
Tonnes |
65 |
65 |
-- |
|
Complete cement
making machinery including rotary kilns and fluxo packers in aggregate |
Nos. |
2 |
2 |
Parts for 3 plants |
|
Sugarcane and beet
diffusion, beet preparation and beet pulp dehydration plants |
Nos. |
2 |
2 |
-- |
|
Nuclear purpose
equipment, de-aerators, ultra high pressure vessels including multiwall
vessels, high pressure heat exchangers and high pressure heaters in aggregate
|
Tonnes |
5000 |
3950 |
74 |
|
Plant and
equipment and modules for nuclear power projects, heavy water projects,
nuclear and space research and allied projects including items for chemical,
oil and gas, etc., industries |
Tonnes |
10000 |
10000 |
38680# |
|
Complete high
speed bottling plants |
Nos. |
6 |
6 |
-- |
|
Pulp and paper
making plants |
Tonnes |
2000 |
800 |
-- |
|
Suspended
particles drying plants |
Nos. |
6 |
6 |
-- |
|
Containers for
liquefied gases and chemicals |
Nos. |
Not Applicable * |
1000 tones carrying capacity |
-- |
|
Steel plant
valves |
Nos. |
40 |
40 |
-- |
|
Ship auxiliaries
and components of mechanised sailing vessels |
Tones |
1000 |
1000 |
44 |
|
Rubber Processing
Machinery |
Nos. |
109 |
600 |
276 |
|
Switchgear, all
types |
Nos. |
4952750 $ |
4952750 |
9940276 |
|
Miscellaneous
electrical items |
Nos. |
1049100 |
1039100 |
-- |
|
Petrol dispensing
and metering pumps |
Nos. |
-- |
-- |
-- |
|
Press tools, jigs,
fixtures, dies for pressure, castings, moulds for plastic injection and
bakelite |
Rs. Millions/ Nos. |
73.000 millions |
73.000 millions |
484 nos. |
|
Industrial
Machinery |
Tonnes |
42000 |
42000 |
25305 |
|
Industrial
Electronic Control Panels |
Nos. |
2500 |
2500 |
1100 |
|
Electro surgical
unit and accessories |
Nos. |
Not Applicable * |
2500 |
479 |
|
Ultrasound
equipment and accessories |
Nos. |
Not Applicable * |
1000 |
118 |
|
Patient
monitoring system and accessories |
Nos. |
Not Applicable * |
10000 |
9782 |
|
Relays |
Nos. |
Not Applicable * |
45000 |
43558 |
|
Electricity
meters |
Nos. |
Not Applicable * |
3264000 |
2947840 |
|
Transmission line
tower |
Tonnes |
95000 |
95000 |
91016 |
|
Steel structural
fabrication |
Metric Tonnes |
12000 |
12000 |
41898 |
|
Steel re-rolling |
Tonnes |
40000 |
40000 |
34885 |
|
Defence
equipment, all types |
Nos. |
3871 |
3871 |
1495 parts thereof |
|
Parts for
aircraft and other metal products |
Nos. |
100000 |
100000 |
-- |
|
Parts and accessories
for prime movers, boilers, steam generating plants and nuclear reactor |
Nos. |
25000 |
35000 |
-- |
|
Design,
development and manufacture of airborne assemblies, system and equipment for aircrafts,
helicopters and uninhabitated arial vehicles and equipments for the aviation
sector |
Nos. |
-- |
-- |
1130 |
|
Commercial Ships |
Nos. |
-- |
2 |
-- |
Notes
* Licensing not applicable. Installed capacity
is based on one of the following:
a)
Entrepreneur’s memoranda
filed with Government of India, Ministry of Industry,
b)
Registration with the
Directorate General of Technical Development
c)
Approval obtained from
the Government of India, Ministry of Industry,
d)
Agreement with Government
of
@ excludes Rs.20.000 millions in respect of
memoranda Nos.924/SUA/IMP/92 dated 27.03.1992 of which capacity of Rs. 7.500
millions was been installed.
$ Excludes 696250 nos. in respect of memoranda
nos. 924/SIA/IMO/91 and 922/SIA/IMO/91 dated 11.9.1991 of which capacity of
496250 nos. has been installed.
# includes production from external sources.
## Ready mix concrete business is divested
during the previous year.
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
·
State
Bank of ·
Bank
of ·
Central
Bank of |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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|
Name : |
Sharp and Tannan Chartered
Accountants |
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Solicitors: |
Manilal Kher Ambalal and Company |
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Related Party: |
·
Tractor Engineers Limited - Wholly owned
Subsidiary ·
Bhilai Power Supply Company Limited - Subsidiary* ·
L and T-Sargent and Lundy Limited - Subsidiary* ·
Spectrum Infotech Private Limited - Wholly owned
Subsidiary ·
L and T-Valdel Engineering Limited - Wholly owned
Subsidiary ·
L and T Shipbuilding Limited - Wholly owned
Subsidiary ·
L and T Electricals and Automation Limited -
Wholly owned Subsidiary ·
HI Tech Rock Products and Aggregates Limited -
Wholly owned Subsidiary ·
L and T Seawoods Private Limited - Wholly owned
Subsidiary ·
L and T-Gulf Private Limited - Subsidiary* ·
L and T - MHI Boilers Private Limited –
Subsidiary* ·
L and T - MHI Turbine Generators Private Limited
- Subsidiary* ·
Raykal Aluminium Company Private Limited -
Subsidiary* ·
L and T Natural Resources Limited - Wholly owned
Subsidiary ·
L and T Plastics Machinery Limited - Wholly owned
Subsidiary ·
L and T Technologies Limited - Wholly owned
Subsidiary ·
L and T Special Steels and Heavy Forgings Private
Limited - Subsidiary* ·
PNG Tollway Limited - Subsidiary* ·
L and T ·
Kesun Iron and Steel Company Private Limited -
Subsidiary* ·
L and T Howden Private Limited - Subsidiary* ·
L and T Solar Limited - Wholly owned Subsidiary ·
L and T Sapura Shipping Private Limited -
Subsidiary* ·
L and T Sapura Offshore Private Limited -
Subsidiary* ·
L and T PowerGen Limited - Wholly owned
Subsidiary ·
Ewac Alloys Limited - Wholly owned Subsidiary ·
L and T Kobelco Machinery Private Limited -
Subsidiary* ·
L and T Infra and Property Development Private
Limited $$ - Wholly owned Subsidiary ·
L and T Realty Limited (formerly known as LandT
Realty Private Limited) - Wholly owned Subsidiary ·
L and T Asian Realty Project LLP - Subsidiary of
L and T Realty Limited ·
L and T Parel Project LLP - Wholly owned
Subsidiary of L and T Realty Limited ·
Chennai Vision Developers Private Limited -
Wholly owned Subsidiary of L and T Realty Limited ·
L and T Urban Infrastructure Limited - Wholly owned Subsidiary of Land T Realty Limited ·
L and T South City Projects Limited - Subsidiary
of L and T Urban Infrastructure Limited # ·
L and T Siruseri Property Developers Limited -
Subsidiary of L and T South City Projects Limited ·
L and T Vision Ventures Limited - Subsidiary of L
and T Urban Infrastructure Limited # ·
L and T Tech Park Limited - Subsidiary of L and T
Urban Infrastructure Limited # ·
L and T Bangalore Airport Hotel Limited -
Subsidiary of L and T Urban Infrastructure Limited # ·
CSJ Infrastructure Private Limited - Subsidiary of L and T Urban
Infrastructure Limited # ·
L and T Arun Excello Commercial Projects Private
Limited - Subsidiary of L and T Urban Infrastructure Limited # ·
L and T Arun Excello IT SEZ Private Limited -
Subsidiary of LandT Urban Infrastructure Limited # ·
L and T Power Limited - Subsidiary* ·
L and T Cassidian Limited - Subsidiary* ·
L and T General Insurance Company Limited -
Wholly owned Subsidiary ·
L and T Aviation Services Private Limited -
Wholly owned Subsidiary ·
L and T Infocity Limited - Subsidiary* ·
L and T Hitech City Limited - Subsidiary of L and
T Infocity Limited # ·
Hyderabad International Trade Expositions Limited
- Subsidiary of L and T Infocity Limited # ·
Larsen and Toubro Infotech Limited - Wholly owned
Subsidiary ·
GDA Technologies Limited - Wholly owned Subsidiary
of GDA Technologies Inc ·
L and T Finance Holdings Limited - Subsidiary* ·
L and T Finance Limited - Subsidiary of L and T
Finance Holdings Limited # ·
L and T Investment Management Limited -
Subsidiary of L and T Finance Limited # ·
L and T Mutual Fund Trustee Limited - Subsidiary
of L and T Finance Limited # ·
L and T FinCorp Limited (formerly known as India
Infrastructure Developers Limited) - Wholly owned Subsidiary of L and T
Finance Holdings Limited # ·
L and T Infrastructure Finance Company Limited -
Wholly owned Subsidiary of L and T Finance Holdings Limited # ·
L and T Infra Investment Partners Advisory
Private Limited - Wholly owned Subsidiary of L and T Finance Holdings Limited
# ·
L and T Infra Investment Partners Trustee Private
Limited - Wholly owned Subsidiary of L and T Infrastructure Finance Company
Limited # ·
L and T Unnati Finance Limited - Wholly owned
Subsidiary of L and T Finance Holdings Limited # ·
L and T Access Financial Advisory Services
Private Limited - Wholly owned Subsidiary of L and T Finance Holdings Limited
# ·
L and T Capital Company Limited - Wholly owned
Subsidiary ·
L and T Trustee Company Private Limited - Wholly
owned Subsidiary of L and T Capital Company Limited ·
L and T Power Development Limited - Wholly owned
Subsidiary ·
L and T Uttaranchal Hydropower Limited - Wholly
owned Subsidiary of L and T Power Development Limited ·
L and T Arunachal Hydropower Limited - Wholly
owned Subsidiary of L and T Power Development Limited ·
L and T Himachal Hydropower Limited - Wholly
owned Subsidiary of L and T Power Development Limited ·
Nabha Power Limited - Wholly owned Subsidiary of
L and T Power Development Limited ·
L and T Infrastructure Development Projects
Limited - Subsidiary * ·
L and T Panipat Elevated Corridor Limited - Wholly
owned Subsidiary of L and T Infrastructure Development Projects Limited # ·
Narmada Infrastructure Construction Enterprise
Limited - Wholly owned Subsidiary of L and T Infrastructure Development
Projects Limited # ·
L and T KrishnagiriThopur Toll Road Limited -
Wholly owned Subsidiary of L and T Infrastructure Development Projects
Limited # ·
L and T Western Andhra Tollways Limited - Wholly
owned Subsidiary of L and T Infrastructure ·
Development Projects Limited # ·
L and T Vadodara Bharuch Tollway Limited - Wholly
owned Subsidiary of L and T Infrastructure Development Projects Limited # ·
L and T Transportation Infrastructure Limited -
Wholly owned Subsidiary of L and T Infrastructure Development Projects
Limited # ·
L and T Western India Tollbridge Limited - Wholly
owned Subsidiary of L and T Infrastructure Development Projects Limited # ·
L and T Interstate Road Corridor Limited - Wholly
owned Subsidiary of L and T Infrastructure Development Projects Limited # ·
International Seaports ( ·
L and T Port Kachchigarh Limited - Wholly owned
Subsidiary of L and T Infrastructure Development Projects Limited # ·
L and T Ahmedabad - Maliya Tollway Limited -
Wholly owned Subsidiary of L and T Infrastructure Development Projects
Limited # ·
L and T Halol - Shamlaji Tollway Limited - Wholly
owned Subsidiary of L and T
Infrastructure Development Projects Limited # ·
L and T Krishnagiri Walajahpet Tollway Limited -
Wholly owned Subsidiary of L and T Infrastructure Development Projects
Limited # ·
L and T Devihalli Hassan Tollway Limited - Wholly owned Subsidiary of L and T
Infrastructure Development Projects Limited # ·
L and T Metro Rail ( ·
L and T Transco Private Limited - Wholly owned
Subsidiary of L and T Infrastructure Development Projects Limited # ·
L and T Chennai – Tada Tollway Limited -
Subsidiary of L and T Transco Private Limited ·
L and T BPP Tollway Limited (formerly known as
BPP Tollway Private Limited) - Subsidiary of L and T Infrastructure
Development Projects Limited # ·
L and T Deccan Tollways Limited - Subsidiary of L
and T Infrastructure Development Projects Limited # ·
Sutrapada SEZ Developers Limited @@ - Wholly
owned Subsidiary of L and T Transco Private Limited ·
Sutrapada Shipyard Limited @@ - Wholly owned
Subsidiary of L and T Transco Private Limited ·
L and T Samakhiali Gandhidham Tollway Limited
(formerly known as L and T Samakhiali Gandhidham ·
Tollway Private Limited) - Wholly owned Subsidiary of L and T
Transco Private Limited ·
Larsen and Toubro LLC - Wholly owned Subsidiary ·
Larsen and Toubro Infotech, GmbH - Wholly owned
Subsidiary of Larsen and Toubro Infotech Limited ·
Larsen and Toubro Infotech Canada Limited -
Wholly owned Subsidiary of Larsen and Toubro Infotech Limited ·
Larsen and Toubro Infotech LLC - Wholly owned
Subsidiary of Larsen and Toubro Infotech Limited ·
L and T Infotech Financial Services Technologies
Inc. - Wholly owned Subsidiary of Larsen and Toubro Infotech Limited ·
GDA Technologies Inc. - Wholly owned Subsidiary
of Larsen and Toubro Infotech Limited ·
L and T Infrastructure Development Projects Lanka
(Private) Limited - Subsidiary of L and T Infrastructure Development Projects
Limited # ·
Peacock Investments Limited - Wholly owned
Subsidiary of L and T Capital Company Limited ·
Mango Investments Limited - Wholly owned
Subsidiary of L and T Capital Company Limited ·
Lotus Infrastructure Investments Limited - Wholly
owned Subsidiary of L and T Capital Company Limited ·
L and T Real Estate India Fund - Wholly owned
Subsidiary of L and T Capital Company Limited ·
L and T Asset Management Company Limited - Wholly
owned Subsidiary of L and T Capital Company Limited ·
L and T Realty FZE - Wholly owned Subsidiary of L
and T Realty Limited ·
Larsen and Toubro International FZE - Wholly
owned Subsidiary ·
Larsen and Toubro ( ·
Larsen and Toubro Electromech LLC - Subsidiary of
Larsen and Toubro International FZE # ·
L and T Modular Fabrication Yard LLC - Subsidiary of Larsen and Toubro
International FZE # ·
Larsen and Toubro ( ·
Larsen and Toubro ·
L and T Overseas Projects Nigeria Limited -
Wholly owned Subsidiary of Larsen and Toubro International FZE ·
L and T Electricals Saudi Arabia Company Limited,
LLC - Subsidiary of Larsen and Toubro International FZE # ·
Larsen and Toubro Kuwait Construction General
Contracting Company, WLL ## - Subsidiary of Larsen and Toubro International
FZE ## ·
Larsen and Toubro Kuwait Construction General Contracting
Company, WLL ## - Subsidiary of Larsen and Toubro International FZE ## ·
Larsen and Toubro Kuwait Construction General
Contracting Company, WLL ## - Subsidiary of Larsen and Toubro International
FZE ## ·
Larsen and Toubro ( ·
Qingdao Larsen and Toubro Trading Company Limited
- Wholly owned Subsidiary of Larsen and Toubro ( ·
Larsen and Toubro ( ·
Larsen and Toubro Readymix Concrete Industries
LLC ## - Subsidiary of Larsen and Toubro International FZE ## ·
Larsen and Toubro Saudi Arabia LLC - Wholly owned Subsidiary of Larsen and
Toubro International FZE ·
Larsen and Toubro ( ·
Larsen and Toubro ATCO Saudia Company LLC ## -
Subsidiary of Larsen and Toubro International FZE ## ·
TAMCO Switchgear ( ·
TAMCO Electrical Industries Pty Limited - Wholly
owned Subsidiary of Larsen and Toubro International FZE ·
PT TAMCO ·
Larsen and Toubro Heavy Engineering LLC -
Subsidiary of Larsen and Toubro International FZE # ·
Offshore International FZC**** - Subsidiary of
Larsen and Toubro International FZE # ·
L and T Electrical and Automation FZE – Wholly owned
Subsidiary of Larsen and Toubro International FZE ·
Pathways FZE@@@ - Wholly owned Subsidiary of
Larsen and Toubro International FZE ·
Larsen and Toubro Consultoria E Projeto Ltda -
Wholly owned Subsidiary of Larsen and Toubro International FZE ·
Larsen and Toubro T and D SA Pty Limited -
Subsidiary of Larsen and Toubro International FZE # Note: * The Company holds more than one-half in nominal value of the equity
share capital # The Company, together with its subsidiaries holds more than one-half
in nominal value of the equity share capital ## The Parent Company, together with its subsidiaries controls the
composition of the Board of Directors. $$ The Company is under liquidation and its name is struck off from
the register of ROC u/s 560(5) of the Companies Act, 1956 on April 16, 2011 @@ The Company is under liquidation and its name is struck off from
the register of ROC u/s 560(5) of the Companies Act, 1956 on October 14, 2011 @@@ The Company has been wound up w.e.f. November 9, 2011 **** The Company is under liquidation pursuant to shareholder’s
approval dated April 26, 2011 |
|
|
|
|
Associate Companies: |
·
Audco India Limited ·
Salzer Electronics Limited ·
L and T-Chiyoda Limited ·
L and T-Komatsu Limited ·
L and T-Ramboll Consulting Engineers Limited ·
Feedback Infrastructure Services Private Limited
(formerly known as Feedback Ventures Private Limited) ·
JSK Electricals Private Limited 8 Magtorq Private
Limited |
|
|
|
|
Joint ventures (other than associates): |
·
International Metro Civil Contractors Joint
Venture ·
Bauer-L and T Diaphragm Wall Joint Venture ·
Chennai Metro Rail Limited ·
L and T-Eastern Joint Venture ·
Metro Tunneling Group ·
L and T Hochtief Seabird Joint Venture ·
Desbuild-L and T Joint Venture ·
L and T- SUCG Joint Venture ·
L and T-AM Tapovan Joint Venture ·
HCC-L and T Purulia Joint Venture ·
The Dhamra Port Company Limited ·
Metro Tunnelling |
CAPITAL STRUCTURE
As on 31.03.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,625,000,000 |
Equity Shares |
Rs.2/- each |
Rs. 3250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
612398899 |
Equity Shares |
Rs.2/- each |
Rs. 1224.800 Millions |
|
|
|
|
|
Note:
Reconciliation of the number of equity shares and share capital:
|
Particulars |
As on 31.03.2012 |
|
|
|
Number of shares |
Rs. In Millions |
|
Issued, subscribed
and fully paid up equity shares outstanding at beginning of the year |
608852126 |
1217.700 |
|
Add: Shares
issued on exercise of employee stock options during the year |
3546773 |
7.100 |
|
|
|
|
|
Issued, subscribed
and fully paid up equity shares outstanding at the end of the year |
612398899 |
1224.800 |
Terms/rights
attached to equity shares:
The Company has
only one class of share capital, i.e. equity shares having face value of Rs.2 per
share. Each holder of equity share is entitled to one vote per share.
Shareholders holding more than 5% of equity shares as at the end of the
year:
|
Particulars |
As on 31.03.2012 |
|
|
|
Number of shares |
Shareholding % |
|
Life Insurance Corporation of |
110405734 |
18.03 |
|
L&T Employees Welfare Foundation |
74404116 |
12.15 |
|
Administrator of
the Specified Undertaking of the Unit Trust of |
50572216 |
8.26 |
Shares reserved for issue under options outstanding as at the end of th
e year on un-issued share capital:
|
Particulars |
As on 31.03.2012 |
|
|
|
Number of shares |
Rs. In Millions (At face value) |
|
Employee stock options granted and outstanding # |
@ 11428854 |
2.29* |
|
3.5% 5 years
& 1 day convertible bonds (FCCB) ## |
4907243 |
0.98** |
* The equity
shares will be issued at a premium of Rs.6403.200 Millions (previous year:
Rs.7748.700 Millions)
** The equity shares
will be issued at a premium of Rs.9354.200 Millions (previous year: Rs.9354.200
Millions) on the exercise of options by the bond holders
# Refer Note
no.A(VIII) for terms of employee stock option schemes
## Refer Note
no.C(I)(b) for terms of foreign currency convertible bonds
@ The number of options have been adjusted consequent to bonus issue
wherever applicable
The aggregate
number of equity shares allotted as fully paid up by way of bonus shares in
immediately preceding five years ended March 31, 2012 are 29,25,92,054
(previous period of five years ended March 31, 2011: 43,26,11,409 shares)
The aggregate
number of equity shares issued pursuant to contract, without payment being
received in cash in immediately preceding last five years ended on March 31,
2012 – Nil (previous period of five years ended March 31, 2011: 2 shares)
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 |
1224.800 |
1217.700 |
1204.400 |
|
|
2] Share Application Money |
0.000 |
0.000 |
250.900 |
|
|
3] Reserves & Surplus |
251005.400 |
217244.900 |
178822.200 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
252230.200 |
218462.600 |
180277.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
14533.400 |
10630.400 |
9557.300 |
|
|
2] Unsecured Loans |
84424.300 |
60980.700 |
58451.000 |
|
|
TOTAL BORROWING |
98957.700 |
71611.100 |
68008.300 |
|
|
DEFERRED TAX LIABILITIES |
1330.100 |
2634.700 |
3892.700 |
|
|
Employee Stock options Outstanding |
0.000 |
0.000 |
2838.900 |
|
|
|
|
|
|
|
|
TOTAL |
352518.000 |
292708.400 |
255017.400 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
76661.300 |
66673.300 |
55081.000 |
|
|
Capital work-in-progress |
6975.300 |
7482.000 |
8576.600 |
|
|
|
|
|
|
|
|
INVESTMENT |
158719.000 |
146848.200 |
137053.500 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
3118.800 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
17766.200
|
15771.500 |
14153.700
|
|
|
Sundry Debtors |
187298.400
|
124276.100 |
111583.500
|
|
|
Cash & Bank Balances |
19052.600
|
17303.500 |
14318.700
|
|
|
Other Current Assets |
119176.400
|
110492.500 |
63532.200
|
|
|
Loans & Advances |
91280.400
|
82252.900 |
60364.500
|
|
Total
Current Assets |
434574.000
|
350096.500 |
263952.600 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
157528.100
|
128534.200 |
95852.100
|
|
|
Other Current Liabilities |
143012.600
|
127415.600 |
95052.600
|
|
|
Provisions |
23870.900
|
22441.800 |
21860.400
|
|
Total
Current Liabilities |
324411.600
|
278391.600 |
212765.100 |
|
|
Net Current Assets |
110162.400
|
71704.900 |
51187.500 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
352518.000 |
292708.400 |
255017.400 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (net) |
531705.200 |
439058.700 |
366751.500 |
|
|
|
Other Operational Income |
0.000 |
0.000 |
3596.500 |
|
|
|
Other Income |
13382.800 |
11474.600 |
20249.600 |
|
|
|
TOTAL (A) |
545088.000 |
450533.300 |
390597.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material components consumed |
101417.500 |
77376.700 |
|
|
|
|
Construction material consumed |
124777.900 |
100697.600 |
|
|
|
|
Purchase of stock in trade |
23694.000 |
22825.500 |
|
|
|
|
Stores spares and tools consumed |
16228.300 |
11877.900 |
|
|
|
|
Sub contracting charges |
106475.400 |
93959.700 |
|
|
|
|
Changes in inventories of finished goods and operating expense
|
(5397.700) |
(5326.400) |
|
|
|
|
Other manufacturing, construction and operating expenses |
43006.400 |
33270.700 |
|
|
|
|
Employee benefit expense |
36634.500 |
28300.800 |
|
|
|
|
Sales and administration and other expense |
22230.300 |
19778.200 |
|
|
|
|
Extraordinary items |
0.000 |
(708.400) |
|
|
|
|
Overheads charged to fixed assets |
(187.500) |
(97.700 |
|
|
|
|
Exceptional items |
(550.000) |
(2620.700) |
|
|
|
|
TOTAL (B) |
468329.100 |
379333.900 |
321221.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
76758.900 |
71199.400 |
69376.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6661.000 |
6192.500 |
5053.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
70097.900 |
65006.900 |
64322.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6994.600 |
5992.200 |
4159.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
63103.300 |
59014.700 |
60163.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
18538.300 |
19435.800 |
16408.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
44565.000 |
39578.900 |
43755.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1056.800 |
1072.900 |
1005.000 |
|
|
|
|
|
|
|
|
|
Less |
Dividend paid for previous year |
NA |
34.400 |
20.400 |
|
|
Less |
Transfer to Debenture redemption reserve |
NA |
5.700 |
3.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
29100.000 |
34600.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
NA |
498.300 |
433.400 |
|
|
|
Proposed Dividend |
NA |
8828.400 |
7527.500 |
|
|
|
Additional tax on dividend |
NA |
1128.200 |
1102.500 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1056.800 |
1072.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
8449.400 |
5553.400 |
5101.400 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
12731.000 |
10090.500 |
10538.800 |
|
|
|
Components & Spare Pats |
40272.400 |
35240.200 |
31352.100 |
|
|
|
Spare Parts for Sale |
0.000 |
3605.200 |
2291.500 |
|
|
|
Capital Goods |
7146.100 |
6416.100 |
4791.300 |
|
|
TOTAL IMPORTS |
60149.500 |
55352.000 |
48973.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
72.92 |
64.16 |
73.77 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
|
Type |
1st
Quarter |
|
Net Sales |
119553.500 |
|
Total Expenditure |
108683.600 |
|
PBIDT (Excl OI) |
10869.900 |
|
Other Income |
6058.400 |
|
Operating Profit |
16928.300 |
|
Interest |
2284.100 |
|
Exceptional Items |
(383.400) |
|
PBDT |
14260.800 |
|
Depreciation |
1919.400 |
|
Profit Before Tax |
12341.400 |
|
Tax |
3704.900 |
|
Profit After Tax |
8636.500 |
|
Extra ordinary items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
8636.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total
Income |
(%) |
8.18
|
8.78 |
11.20 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.87
|
13.44 |
16.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.34
|
14.16 |
18.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.27 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.39
|
0.33 |
0.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34
|
1.26 |
1.24 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAILS:
Particulars
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. in Millions) |
||
|
Acceptances |
1421.000 |
277.700 |
405.000 |
|
Due to related parties: |
|
|
|
|
Subsidiary
companies |
16598.500 |
4674.500 |
2042.700 |
|
Associate
companies |
1996.100 |
2987.000 |
0.000 |
|
Joint venture
companies |
63.400 |
52.600 |
0.000 |
|
Micro and small
enterprises |
492.700 |
287.400 |
220.700 |
|
Due to others |
136956.400 |
120255.000 |
93183.700 |
|
Total |
157528.100 |
128534.200 |
95852.100 |
|
Note: Due to others includes Rs. 420.800
Millions being provision for commission to directors. |
|||
|
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 |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
No |
|
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 |
LITIGATION DETAILS
HIGH COURT OF GUJARAT
|
TAX APPEAL No.
43 of 2013 |
|
Status : PENDING |
|
CCIN No : 001092201300043 |
|
|
|||||
|
|
||||
|
|
||||
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
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1 |
COMMISSIONER |
MR YN RAVANI for: Appellant(s) |
1|
S.NO. |
Name of the Respondant |
Advocate On Record |
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1 |
LARSEN AND TOUBRO LTD |
MR NITIN K MEHTA for :Opponent(s) |
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Presented On |
: 29/12/2012 |
Registered On |
: 10/01/2013 |
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Bench Category |
: DIVISION BENCH |
District |
: VADODARA |
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Case Originated From |
: THROUGH ADVOCATE |
Listed |
: 5 times |
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: FOR ADMISSION COMPANY MATTERS BOARD NO.I |
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CASEDETAILS |
TRIBUNAL REFERRENCE |
ORDER PASSED BY |
JUDGEMENT DATE |
PLACE |
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1 |
A/1664&1665/WZB/2012 |
CESTA WEST ZONAL BENCH AHMEDABAD |
JUDICIAL MEMBER AND
TECHNICAL MEMBER |
07/11/2012 |
VADODARA |
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Document Name |
Advocate Name |
Court Fee on
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29/12/2012 |
CERTIFIED COPY |
MR YN RAVANI ADVOCATE |
4 |
MR YN RAVANI:1 |
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2 |
29/12/2012 |
MEMO OF APPEAL/PETITION/SUIT |
MR YN RAVANI ADVOCATE |
50 |
MR YN RAVANI:1 |
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3 |
22/02/2013 |
VAKALATNAMA |
MR NITIN K MEHTA ADVOCATE |
5 |
MR NITIN K MEHTA:1 |
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4 |
12/03/2013 |
AFFIDAVIT IN REPLY |
MR NITIN K MEHTA ADVOCATE |
0 |
MR NITIN K MEHTA:1 |
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15/08/2013 |
VAKALATNAMA |
MR NITIN K MEHTA ADVOCATE |
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MR NITIN K MEHTA:1 |
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17/01/2013 |
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OFFICE OBJECTION REMOVED |
NEXT DATE |
· HONOURABLE MR.JUSTICE AKIL KURESHI ·
HONOURABLE MS JUSTICE SONIA GOKANI |
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20/02/2013 |
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NEXT DATE |
· HONOURABLE MR.JUSTICE AKIL KURESHI ·
HONOURABLE MS JUSTICE SONIA GOKANI |
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HONOURABLE MS JUSTICE SONIA GOKANI |
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10/04/2013 |
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HONOURABLE MS JUSTICE SONIA GOKANI |
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Case Details
Bench:-Bombay
Stamp No.:- FAST/24978/2012 Filing Date: - 07/09/2012 Reg. No.:- FA/1424/2012 Reg. Date:- 18/09/2012
Petitioner:- HOTEL OBEROI TOWERS NOW KNOWN AS Respondent:- M/S. LARSON &
TURBO
TRIDENT
LTD.
Petn.Adv.:- R.R.GEHANI Resp. Adv.:- P.M.PALSHIKAR
FOR
RESPONDENT
District:- MUMBAI
Bench:- SINGLE
Status:- Pre-Admission Category:-
FOR STAY
Last Date:- 21/01/2013
Stage:- APPEALS FOR ADMISSION – FRESH
[CIVIL
SIDE MATTERS]
Last Coram:- HON’BLE SHRI JUSTICE SHRIHARI P. DAVARE
Act :- Employees State Insurance Act, 1948
Case Details
Bench:-Bombay
Stamp No.:- FAST/24978/2012 Filing Date: - 07/09/2012 Reg. No.:- FA/1424/2012 Reg. Date:- 18/09/2012
Petitioner:- HOTEL OBEROI TOWERS NOW KNOWN AS Respondent:- THE REGISTERED
DIRECTOR,
TRIDENT
EMPLOYEES STATE
INSURANC CORPORATION.
Petn.Adv.:- R.R.GEHANI
District:- MUMBAI
Bench:- SINGLE
Status:- Pre-Admission Stage:- FOR ADMISSION – FRESH (CIVIL
SIDE MATTERS)
Last Date:- 25/04/2013 Stage:- FOR ADMISSION – FRESH
[CIVIL SIDE MATTERS]
Last Coram:- HON’BLE SHRI JUSTICE A. H. JOSHI
Act :- Employees State Insurance Act, 1948
UNSECURED DETAILS:
|
Unsecured Loan |
31.03.2012 |
31.03.2011 |
|
|
(Rs. in
millions) |
|
|
Redeemable non-convertible fixed rate debentures |
8000.000 |
2600.000 |
|
3.50% Foreign currency convertible bonds |
10175.000 |
8919.000 |
|
Term loans from banks |
25578.500 |
32625.600 |
|
Sales tax deferment loan |
155.400 |
383.700 |
|
Long-term maturities of finance lease obligations |
391.700 |
725.800 |
|
Loans repayable on demand from banks |
89.400 |
89.400 |
|
Short term loans and advances from banks |
20414.400 |
5441.900 |
|
Loans from related parties |
3330.000 |
1900.000 |
|
Redeemable non-convertible fixed rate debentures |
0.000 |
2500.000 |
|
Term loan from banks |
15726.800 |
5182.900 |
|
Loans and advances from related parties |
0.000 |
44.000 |
|
Finance lease obligation |
334.100 |
284.900 |
|
Sales tax deferment loan |
229.000 |
283.500 |
|
Total |
84424.300 |
60980.700 |
YEAR IN RETROSPECT
The gross sales and other income for the financial year were Rs.
550760.000 Millions as against Rs.454440.000 Millions for the previous
financial year registering an increase of 21%. The Profit before tax excluding
extraordinary and exceptional items was Rs. 62550.000 Millions and the Profit
after tax excluding extraordinary and exceptional items of Rs.44130.000
Millions for the financial year as against Rs.55690.000 Millions and Rs.
36760.000 Millions respectively for the previous financial year, registering an
increase of 12% and 20% respectively.
MANAGEMENT
DISCUSSION AND ANALYSIS 2011-2012
GLOBAL ECONOMIC
CONDITION
The world economy continues to face challenges on the road to sustained
recovery. Advanced Economies that seemed to be shaping well at the start of
2011 lost steam towards the fag-end of the year and this uncertainty is
clouding the prospects for global growth during 2012. The growth momentum was
impacted as the protracted debt crisis in the euro area and fiscal fragilities
dampened business and consumer confidence.
The economic crisis and its ramifications have accelerated the shift of
economic power from the developed to the emerging nations and exposed a fragile
world with limited capacity to respond to systemic risks. The consequence has
been volatile and low growth which is likely to stay for sometime to come.
Near term, the growth prospects for 2012-2013 remain uncertain, with
growth petering out in the euro area and moderating in the emerging markets, while
a better-thanexpected recovery is shaping up in the
The year 2011-2012 was abetted by the continuing global volatility and
challenges. These uncertainties led to widespread risk aversion and adversely
affected capital flows to new projects. The competition for limited
opportunities, led to socio-political tensions, increasing protectionism,
reassessment of regulation and more importantly, heightened competition for
scarce natural resources.
OVERVIEW OF INDIAN
ECONOMY
After a rebound in growth in 2010-2011, the Indian economy slowed down
to 6.5% in fiscal 2011-2012. This was the lowest annual growth in the last 9
years and was sub-par in comparison to not just the pre-crisis years up to 2008
but also compared to immediate post crisis period.
With increasing global integration, the Indian economy was impacted by
global uncertainties, while at the same time faced significant domestic
challenges of persistent and high inflation, tight monetary conditions, low
investment and delays in policy making.
The slowdown in 2011-12 was seen in all the major sectors of the economy
as compared with the previous year. The Services sector grew by 8.9%, Industry
by 3.4% and Agriculture by 2.8% as compared with 9.3%, 7.2% and 7% respectively
in 2010-2011. Industrial growth remained subdued due to supply-side
bottlenecks, particularly in the mining sector, and moderation in investment
demand. The most dismal picture has been presented by capital goods segment
which has been in a negative territory during the fiscal. Significantly,
slowdown was witnessed in capacity addition as defined by capital formation
which decelerated to 5.5% in 2011-2012 as against 7.5% achieved in 2010-2011.
BUSINESS SCENARIO:
Core sectors in the country which are of key importance to the
businesses of the Company, in particular, Power, Transportation Infrastructure,
Hydrocarbon, Fertiliser, Defence, faced multiple challenges due to policy
delays. Consequently the commitments on capital expenditure and fresh
investments were deferred, impacting the growth in the order inflow of the
Company during 2011-2012.
Delays in obtaining various clearances and approvals staggered progress
on a few ongoing projects in power, power transmission, roads and railways
segment. Product businesses of the Company witnessed sluggish industrial demand
and recorded moderate sales during 2011-2012.
Despite the prevailing economic uncertainties, the year 2012-2013 holds
prospects of gradual build-up in the growth momentum of the Indian economy.
Infrastructure development assumes prominence in the Government’s budget
proposals for the year 2012-2013. Apart from Power and Transportation
Infrastructure, the emphasis will be on strengthening certain other sectors
such as Fertiliser, Oil and Gas Pipelines, Irrigation, and Rural Market Network
with increase in the budgeted allocation of resources for funding growth in
these sectors.
In the long-term, India continues to offer considerable opportunities
aided by its favourable demographic profile. Its large consumer market has
attracted global companies, many of whom have made
Besides policy reforms, better governance, delivery systems and stronger
implementation, the leaders from the government, industry and society need to
collaborate to improve the education system, invest in much needed
infrastructure, increase the agricultural productivity and ensure an equitable
distribution of opportunities for achieving an inclusive and sustainable
growth.
With some signs of stability returning in the MENA region and crude
prices sustaining at remunerative levels, infrastructure development and
capacity expansion in Oil and Gas sector is expected to attract fresh
investments in the
CAPACITY
AUGMENTATION AND PRODUCTIVITY GAINS:
With an eye on capacity augmentation, the Company has
undertaken in 2011-2012 capital expenditure mainly to acquire various plant and
equipment for the businesses in Engineering and Construction segment and for
expansion of the Modular Fabrication Yard at Kattupalli, Tamilnadu. The
manufacturing facilities at Vadodara and
Ahmednagar for the Electrical and Electronics business
segment are being augmented to reap benefits of low cost locations.
The Company has made significant investments in the past few
years in expanding the fabrication and manufacturing facilities for its various
businesses. While these new capacities will enhance the competitive edge of the
Company, the returns on these investments are expected only over a longer term.
The businesses are focusing on increasing capacity utilization and enhancing
productivity in order to improve returns on these investments.
NEW
BUSINESS STRUCTURE AND STRATEGIC PLAN:
The Independent Companies (ICs) structure has been
institutionalized in LandT Group for empowering businesses for scaling up
performance. A mid-term review of the Strategic Plan 2015 was carried out and
requisite course corrections have been incorporated in the newly adopted
Lakshya 2016 plan. With improved organizational structure and strategic
direction, the businesses are enabled to harness opportunities and tackle
challenges. The Strategic Plan will aid the Company to take initiatives for
growing remunerative businesses. The Strategic Plan is also expected to
facilitate organizational and business portfolio restructuring for increased
value creation in the medium term.
HUMAN
RESOURCE DEVELOPMENT:
Talent management, leadership development and succession
planning are the major focus areas for the Company. The individual business
units have been focusing on acquiring and retaining the talent with requisite
competencies. Specific high impact programmes are being conducted for
leadership development. The Company
has invested in setting up various in-house training and
development centers. LandT-Project Management Institute in
With identified key strategic initiatives, large order book
and the proven track record, the Company is well positioned to chart out its
course on the growth trajectory and create value for all its stakeholders in
the medium term. It is in this background that the Company’s ICs, Subsidiary
and Associate Companies present their operations review for the year 2011-2012
as under:
HYDROCARBON IC
OVERVIEW
Hydrocarbon IC delivers design-to-build world class solutions in the
Engineering and Construction space for Oil and Gas sector. In-house expertise
and experience, synergized with strategic partnerships enable it to deliver a
singlepoint solution for every phase of project – from front end design through
engineering, fabrication, project management, procurement, construction and
installation right up to commissioning.
The key aspects of business philosophy are on-time delivery, cost
competitiveness, high quality standards with focus on best in class Healthy
Safety Environment and IT security practices. Integrated strengths coupled with
experienced and highly skilled work force, are the key enablers in delivering
critical and complex projects in
Major capabilities of the IC include in-house engineering, R and D
centers, engineering joint ventures with reputed international companies,
offshore installation capabilities, world class modular
fabrication facilities, experienced and competent project execution team and
safety oriented work culture. Hydrocarbon IC constantly strives to enhance
health safety and environment parameters during project execution through
safety cultural transformation across various disciplines. It has major work
centres in
Hydrocarbon IC is structured into the following three
Strategic Business Groups (SBGs):
·
Hydrocarbon Upstream
·
Hydrocarbon Mid and Downstream (HMD)
·
Hydrocarbon Construction and Pipelines
(HCP)
HYDROCARBON
UPSTREAM
Hydrocarbon Upstream SBG provides a wide range of EPIC solutions covering
entire value chain of offshore Oil and Gas encompassing drilling rigs, offshore
platforms and subsea pipelines. Its wide business portfolio includes well-head
platforms, process platforms and modules, subsea pipelines, brownfield
developments, floating systems and deep water sub-sea.
The SBG has successfully executed large size projects in East and West
Coast of India, the Gulf and Africa and has an elite clientele comprising
global companies such as ONGC, GSPC,
Upstream SBG has three state-of-art fabrication facilities offering
round the year delivery, accessing strategically important regions – Hazira
near Surat on the west coast of India, Kattupalli near Chennai on the east
coast of India, and at Sohar on the Gulf of Oman, with a capacity of about
150,000 MT per year catering to fabrication of large oil and gas modules and
heavy offshore and onshore structures. In addition, the deepwater yards at
Sohar and Kattupalli can execute construction / refurbishment of Jack-up Rigs
and Semis, FPSO’s and Integrated Decks. The SBG’s capabilities are further
augmented with the new Heavy Lift-cum-Pipelay installation Vessel, LTS3000.
The SBG recently completed installation of the country’s largest project
order bagged in 2009 – the US $ 1.2 Billion Mumbai High North complex, where it
achieved several firsts for Indian offshore such as largest jacket, heaviest
loadout, heaviest lift at offshore, largest offshore living quarter module and
largest process platform. The entire Engineering and Fabrication for this
project was done in-house, achieving an end-to-end delivery capability for such
mega projects. Installation vessel LTS 3000 owned by LandT’s JV LTSSPL was used
for installation of Jackets including heaviest MNP Jacket weighting 13,500 MT
for first time in India. A total of 80,000 MT of fabrication was involved in
this project.
During the year, Upstream SBG was successful in bagging major well head
platform orders from international clients like PTTEPI and ADMA OPCO.
As a part of strategic initiatives, newer geographies are being explored
to maintain the growth momentum.
HYDROCARBON MID
AND DOWNSTREAM (HMD)
Hydrocarbon Mid and Down Stream SBG offers turnkey solutions
encompassing engineering, procurement, construction and commissioning (EPCC) to
petroleum refining, petrochemicals, fertiliser and onshore gas processing
sectors.
The SBG has rich experience of project execution with diverse
technologies form process licensors like UOP, Axens, HaldorTopsoe, CB and I
Lummus, Black and Veatch, Ortloff, ExxonMobil, BOC Parsons, Du-Pont (Invista)
and Davy Process Technologies.
HMD has built the capabilities and has the resources to simultaneously
execute multiple large value complex projects meeting stringent delivery
schedules and safety norms. The multi-locational centres of engineering
excellence comprising L and T-Chiyoda and in-house design and engineering
centres, have over 1500 experienced engineers, equipped to address the complete
spectrum of process and detailed engineering. In
HMD has also been prequalified with major state owned oil and gas
producers in MENA and SEA such as ORPIC, ADCO, ADMA OPCO, KOC, KJO, Saudi
ARAMCO for large value upcoming projects.
During the year, SBG has bagged a green field gas processing project
from PDO Oman. HMD has actively participated in almost all the fertilizer
projects in
The SBG has excellent track record in executing hydrogen generation and
synthesis gas generation projects and has also executed several fast track
refinery projects including diesel hydrodesulphurisation and diesel
hydro-treating units. In the domestic Gas processing segment, two projects are
under execution for additional gas processing facilities from ONGC at Hazira
and Uran.
Major jobs completed during the year include commissioning of hydrogen
generation unit of GGSR at Bhatinda and mechanical completion of diesel
hydrotreating unit and hydrogen generation unit of MRPL at Mangalore. Reactor
regenerator package for IOCL-Paradip is also under advanced stage of execution.
HYDROCARBON
CONSTRUCTION AND PIPELINES (HCP)
Hydrocarbon Construction and Pipelines SBG undertakes turnkey
construction of refinery, petrochemicals, chemical plants, fertilizers, gas
gathering stations, crude oil and gas terminals, underground cavern storage
system for LPG covering civil, structural, piping, equipment and heavy lift
works. It also undertakes cross-country pipelines on lumpsum turnkey (LSTK)
basis.
Major capabilities include engineering design centers, heavy lift
competency and quality adherence. SBG has put
in focused efforts to set higher benchmarks in Health Safety Environment
Culture. The SBG has a joint venture with Gulf Interstate Engineering of USA to
provide world class engineering for cross-country pipelines. LandT’s capability
to meet the global standards in pipeline construction on EPC mode has been
proven in Cairn’s Barmer Salaya pipeline project which is the world’s longest
heated and PUF insulated waxy crude pipeline.
To cater to GCC opportunities, the SBG has well established at Sharjah
and Al Khobar supported by plant and machinery a fleet of key construction
equipment, including all-terrain cranes, entire range of pipeline spreads and
earthmoving equipment. In order to service the clients in the MENA region more
effectively, the SBG has entered into joint venture with reputed local partners
in
The SBG has executed various projects for key clients such as SABIC (
During the year, SBG achieved major milestone by bagging a 52” X 123 km
pipeline contract on EPC basis from GASCO in UAE and breakthrough order in
Saudi Arabia for CMIE construction work of poly ethylene plant from Sadara
Chemicals (a 50:50 JV of Saudi Aramco and Dow Chemical Company).
BUSINESS
ENVIRONMENT
Domestic Market is becoming increasingly competitive with new players
trying to establish themselves through aggressive bidding as also established
international players quoting on marginal cost basis to utilize their idle
capacities.
In order to achieve sustainable growth going forward, IC has embarked on
cost reduction and value engineering initiatives and diversification into new geographies.
Hydrocarbon IC is also focusing on modular process plant opportunities
including onshore LNG modules for international markets.
During the year, a few orders, mainly domestic, got deferred due to lack
of clear policies on fertilisers, fuel pricing and weaker financial condition
of oil marketing PSUs. Internationally, select GCC countries saw some
sluggishness namely Qatar due to gas moratorium and Kuwait due to political
reasons. On the contrary, UAE and
Saudi are seen to be active on new project announcements.
Successful execution of jobs bagged during the year from some
prestigious international client like ADMA OPCO,
PDO, PTTEP, GASCO and SADARA Chemical, would lead to potential of
repetitive orders.
OUTLOOK
Oil prices are steady at elevated level and have upward bias in near
term given the political tensions between
Major triggers in domestic markets would be clarity on gas pricing and
availability which will facilitate award of fertilizer projects and expected
impetus to cross country pipeline projects. Good business opportunities are
also seen in upcoming onshore gas processing projects.
On the international front, the IC is confident of securing a few large
size orders from
BUILDINGS AND
FACTORIES IC
OVERVIEW
Buildings and Factories (B and F) IC undertakes engineering design and
construction of Airports, IT office spaces and institutional buildings,
hospitals, hotels, residential buildings, factories and cement plants. Their
thrust is on diversifying in various building segments and expanding customer
base by providing “Concept to Commissioning” solutions thus maintaining its
leadership position, retaining key customers and bagging major orders.
B and F IC, as a part of L and T’s Construction business has completed
many landmark projects in
BUSINESS
ENVIRONMENT
Despite a decline in overall GDP growth, the B and F IC maintained its
leadership in the market during 2011-2012.
Elite and luxury housing segment in the metro cities, commercial complexes
for Retail and IT industry provided good opportunities to B and F IC during
2011-2012. The Order book of B and F IC recorded significant growth with major
orders bagged during 2011-2012. In Airports, B and F bagged the prestigious
project of Bangalore International Airport Limited Terminal 1 expansion at
Bengaluru on a design and build model. In IT Parks and offices, the IC received
orders from IT Giants like TCS, Cognizant and HCL at
Repeat orders from Cognizant, TCS, Omkar and DLF, to name a few,
indicates the capability of the IC in project deliveries to the satisfaction of
their customers. B and F IC has reported significant growth in the revenues
during the year 2011-2012. Some of the key notable projects completed by B and
F IC include the Punjab War Memorial and Mumbai International Airport Limited
(MIAL) Airside. The completion of these prestigious projects within stringent
timeline, demonstrates B and F IC’s superior project management / project
execution capabilities in handling large design build / turnkey projects.
OUTLOOK
The opportunities in airports in domestic expansions and international
projects, IT campus development, government thrust on healthcare, retail,
demand for housing, factories and cement plant expansion plans by major players
will be the key drivers for B and F IC’s growth. Construction market is also expected
to remain attractive in MENA countries. Given the fact that the global
construction majors have been witnessing slowdown in their home markets, the
growth hubs of
Nevertheless, B and F IC is poised to register a satisfactory growth in
the revenues during the year 2012-2013 on the back drop of a healthy order book
and proven track record.
INFRASTRUCTURE IC
OVERVIEW
Infrastructure (Infra) IC undertakes design, engineering and construction
of projects in Roads and Runways, Elevated Corridors, Metros, Tunnels, Ports,
Special Bridges, Hydro Power, Nuclear Power, Defence and Railway infrastructure
sectors.
BUSINESS
ENVIRONMENT
The slowdown in economic growth adversely affected the investment in
various infrastructure projects in 2011-2012. Apart from deferment of ordering,
the IC also witnessed stiff competition on the available business prospects
during the year 2011-2012. Tight liquidity position, issues relating to land
acquisition slowed down the pace of execution of certain large scale projects.
The prices of key inputs remained volatile during 2011-2012.
Some of the major orders secured in during the year 2011-2012 include
Hosur-Krishnagiri, Bewar-Pindwara, Kishangarh-Ahmedabad and Shivpuri-Dewas
projects in road sector, various underground and elevated metro packages of
Delhi, Chennai and Kolkata, common service package for Kakrapar and
Rajasthan Atomic Power Projects. The IC has also secured two orders for
construction of roads in the Sultanate of Oman.
Some of the key projects completed by Infra IC include
Halol-Godhra-Shamlaji, Rajkot-Jamnagar-Vadinar, Kattupalli port, railway
electrification of Moradabad-Roza and Barauni – Chappra sections, gauge
conversion for Nagore – Karaikal section and port connectivity for Bharuch –
Dahej section.
OUTLOOK
Given the huge gap between infrastructure demand and supply in a growing
economy like
Infra IC is clearly focussing in capitalising the current market trend.
With the specific and continuous thrust on business development, the IC is
looking at new opportunities across various business segments in
METALLURGICAL AND
MATERIAL HANDLING IC
OVERVIEW
Metallurgical and Material Handling (MMH) IC undertakes EPC
(Engineering, Procurement and Construction) projects for ferrous (iron and
steel making) and non-ferrous (Aluminium, copper, lead and zinc)
metal industries, bulk material and ash handling systems in power, port,
steel and mining sectors. It has a well-established
fabrication unit at Kanchipuram, Tamil Nadu to meet the specific needs of its
customers.
BUSINESS
ENVIRONMENT
MMH IC retained its market leadership in its areas of operation during
the year 2011-2012.
MMH IC had won orders from Tata Steel for Blast Furnace, Coke Oven, Raw
Material Handling System, Civil and Structural works for SMS, HSM and PDS at
Kalinganagar and rebuild of Blast Furnace F and G at Jamshedpur. Other orders
won include Civil and Structural works for CDQ and DRI at Bellary from JSW,
Civil and Structural works for Alumina Refinery at Raigarh from Utkal Alumina,
Civil and Structural works for BOF and Slab Caster for Phase III at Angul from
Bhushan Steel, Civil and Structural works for Phase II at Amravati, Nashik from
India Bulls, Raw Material Handling System at Tuticorin from Sterlite, Coal
Handling Plant at Bara from Jaypee and supply and Erection of CHP at Parsa
Kente Mines for Adani Group.
MMH IC had successfully completed India’s largest pellet plant (6 MTPA),
LD-3 and Thin Slab Caster Rolling Mill
at Jamshedpur, Bedding and Blending System for Iron Ore Fines at
Noamundi, Yard Machines at Joda Mines for Tata Steel, Blast Furnace-4 at
Bellary for JSW, Coal handling plant for stage II at Simhadri for NTPC, coal
handling plant at Kodermafor DVC and at Tiroda for Powergen Infrastructure.
MMH IC is currently executing projects involving various facilities at
steel plant at Kalinganagar for Tata steel, at Bhila for SAIL, at Angul for
Bhushan Steel, at Bellary for Jindal Steel, Alumina refinery at Raigarh for
Utkal Alumina and 13 Coal Handling Plants concurrently for various customers,
which is a landmark achievement.
MMH IC is also involved in fabrication of Coke Oven Battery equipment
including primary gas cooler for Tata steel and Bhushan steel, Blast furnace
shell, lower tower structures and hot stove shell including dome for SAIL-
Bhilai
Plant, surface condensers for power plants, N2 vessel for Bhushan steel
plant, wagon shifter for India Bulls and Pot shells for Hindalco.
Key success factor for the IC is high customer retention, operational
efficiency and consistent performance.
The deployment of Business development Head dedicatedly focusing on
International market has resulted in securing first order in
OUTLOOK
Growth in the field of Ferrous and Non-Ferrous, Power sector and
Government commitment towards infrastructure spending are going to be the key
drivers for the Metals and Minerals business. Healthy order book gives MMH IC
confidence of achieving the revenue growth in 2012-2013.
POWER TRANSMISSION
AND DISTRIBUTION IC
OVERVIEW
Power Transmission and distribution (PT and D) IC with its foot
prints in India and GCC Countries, is one of the major players in EPC space for
High Voltage Substations, Industrial Electrification and Power Transmission
Lines.
The Industrial Electrification Business provides turnkey Electrical and
Instrumentation and Communication solutions for major Power plants including
Thermal and Nuclear plants, Process plants and Infrastructure projects. The
Substation and Transmission Line Businesses cater to the needs of Power
Transmission and Distribution in Domestic and International Market, boosted by
its state of the art tower testing facility at Kanchipuram and tower
manufacturing units at Pondicherry and Pithampur, with an installed capacity of
50,000 TPA in each location.
Over the last few years, IC has established strong presence in GCC
countries and is now set to expand to African countries.
BUSINESS
ENVIRONMENT
The business environment for PT and D business was challenging during
2011-2012. Increased Competition from local and small players, volatility in
currency and commodity prices, entry of new players, delays in Power capacity
additions and Power density improvement projects imposed constraints for growth
in PT and D business.
Some of the major orders bagged by PT and D IC include transmission
lines projects from PGCIL for Varanasi to Kanpur, Raipur to Wardha, Wardha to
Aurangabad, Substation projects of Phagi from RVPN, E-BOP for 2X660 MW Thermal
power plant for Abhijeeth Power in Bihar.
International orders include EHV Substations and Cabling projects from
PT and D IC had commissioned
PT and D IC also commissioned 400kV D/C Karcham Wangtoo- Abdullapur
Transmission line in the toughest terrain of Himachal Pradesh and 34 No’s of
Substations/Package Units and 89 KM of Overhead Transmission Line in overall
Gulf region.
Despite several challenges, IC has demonstrated an impressive growth of
about 60% in Order Intake this financial year, and is well positioned to
continue the momentum next year owing to the increased private player
participation, domestic demand for Power transmission and opportunities in
overseas. The IC is also ambitious about its GCC operations where T and D
investments in strengthening of Transmission Grids provide significant business
opportunities.
OUTLOOK
Power shortage scenario in
WATER AND SOLAR
SBG
OVERVIEW
Water and Solar SBG brings under one umbrella the water and effluent
treatment (WET) business, the water technology business and Solar EPC business
to cater to the entire value chain of Water business and Solar EPC business.
The water and effluent treatment business caters waterintake,
transmission, treatment and distribution including industrial waste water
treatment and disposal and ordinary waste water treatment and reuse segments.
Water technology business by deploying advanced and complex water treatment
technologies caters to advance water and waste water treatment for very complex
treatment plants, concentrating mostly on the
Solar EPC business comprises Solar photovoltaic (PV), Concentrated solar
power (CSP) and Solar thermal which
are the three emerging segments of the solar business.
BUSINESS
ENVIRONMENT
Investments in water management systems are on the rise throughout the world.
The huge outlay envisaged in water supply, water treatment, waste water
management and desalination plants in
Some of the orders bagged in water business are Combined Water Supply
Scheme to Attur, Melur and Vellore Package I, II and III for Tamil Nadu Water
Supply and Sewerage Board, 60 Km MS Pipeline from Dhanki to Navada - NC – 34
Water Supply Project for Gujarat Water Infrastructure Limited, Development
Works of Kamal Vihar for Raipur Development Authority, Chhattisgarh and
development Works of Aerocity for Greater Mohali Area Development Authority,
Punjab.
The water business completed the projects of Water Supply Scheme to 392
villages for Ananthapur Phase III Water Supply Project, Andhra Pradesh, 50 MGD
Water Supply Scheme covering 172 KM of MS Pipeline from Narayanapura Dam to
Jindal Steel Plant at Bellary, Karnataka, Pumped Water Supply Scheme with 65 km
of MS Pipeline from Kadiyali to Kesaria for NC – 24 Water Supply Project,
Gujarat.
Solar Business Unit has set track record of putting up largest and
fastest solar power plants in
Some of the major orders executed in Solar business are 40 MW solar PV
power plant for Reliance Power at Pokhran, Rajasthan, 10 MW solar PV tracker
based power plant for Millennium Synergy at Dhama, Surendranagar, Gujarat, 25
MW solar PV power plant for SunEdison at Charankha, Gujarat, 20 MW solar PV
power plant for Kiran Energy at Charankha, Gujarat.
OUTLOOK
Indian Government’s consistent support to bridge the demand supply gap
in water segment coupled with the interest shown by water bodies towards water
management contracts, offer promising growth prospects for the water segment in
Water Technology BU which will concentrate on the
prospects in Desalination and Reuse in
With further ease in external sources of financing, prices of solar panels
stabilizing, grid parity to be achieved by
2014-2015, the solar segment appears promising. With the Indian
government already having unveiled the National Solar Mission to target of
20,000 MW of solar generating capacity by the end of the 13th Five Year Plan,
there are many favourable growth prospects for solar EPC for 2012-2013.
POWER IC
OVERVIEW
Power IC specializes in setting up of power generation projects for
utilities like electricity boards and independent power producers on a lump sum
turnkey basis.
Power IC undertakes coal based and gas-based projects and specialises in
the super critical technology equipments. Its in house manufacturing facilities
in the form of Boiler and Steam Turbine, pressure piping fabrication, Axial
fans and air-preheaters and Electrostatic Precipitators together with its
decades strength in the areas of project management, engineering and
construction management has made Power IC as en d to end solution provider
under one cloud in setting up the thermal based power plants, particularly of
the supercritical type.
During the year 2011-2012, the Power IC focused on timely execution of
its existing projects amid multiple challenges on the business prospects front.
The facility for manufacture of Electrostatic Precipitators was commissioned
during 2011- 2012. The facilities of the joint venture with Howden
During the year, most projects entered into the critical phase. The
Phase 2 of GMR Vemagiri gas based combined cycle power plant progressed
substantially during the year, with Unit 2 being commissioned in record time of
24 months and the mechanical completion of Unit 3 was also completed. A
significant milestone in power projects, ‘Ceiling Girder Final Jackup’ was
completed for 2 units of the JPVL Nigrie project (Madhya Pradesh) and 1 unit of
the Nabha Power project (Rajpura,
The year 2011-2012 also saw dispatch of ODC consignments and critical
supplies for Boiler for the Koradi and Nigrie projects, notably the Generator
Stator and related assemblies. In case of APPDCL project, the 392MT Generator
Stator was successfully erected.
Currently, 3 BOP projects are under execution and will enter the
critical phase of completion in the year 2012-2013.
The Dhuvaran gas based project being constructed for Gujarat State
Electricity Corp. Ltd. saw the HRSG primary structures executed in a record 14
days.
The challenging economic environment reflected on lower order inflow
during 2011-2012. The IC has, however, registered substantial growth in sales
and profitability.
BUSINESS
ENVIRONMENT
Recently,
The planned capacity addition target of 76000 MW in the XII plan also
look increasingly difficult to achieve, considering the myriad problems
plaguing the power sector. Over the last 12 to 18 months, business
opportunities for players in thermal power space have shrunk dramatically,
despite high demand for power. The Power industry faced unexpected headwinds on
many fronts such as fuel shortages, difficulties in financial closure of new
projects, delayed environmental clearance, land acquisition issues and the
financial troubles of SEBs. The domestic coal and gas supply did not reach the
expected levels. The domestic market for gas-based projects has, therefore,
pretty much evaporated. The IC also faced intense competition from BHEL,
Chinese equipment suppliers as also from Korean and European players, battling
for shrinking opportunities with aggressive bidding strategies.
The Union Budget 2012 also left the domestic power equipment industry
largely disappointed. The much sought after demand for levy of duties on import
of power equipment from
OUTLOOK
The Government has recently taken certain measures, which indicate its
seriousness about the problems plaguing the power sector. The recent directive
to Coal
IC expects the first half of 2012-2013 to be challenging; the second
half, however, seems promising with some awards materializing especially from
state owned companies.
The focused initiatives taken by ICs in the overseas market will help
getting awards in
The IC with all its factories commissioned, offering of energy efficient
solutions, a robust technology and manpower base with relevant capabilities, is
poised to capitalize on the opportunities of the future.
HEAVY ENGINEERING
IC
OVERVIEW
Heavy Engineering (HE) IC manufactures and supplies customdesigned,
engineered critical equipment and systems to the core sector industries like
Fertiliser, Refinery, Petrochemical, Chemical, Oil and Gas, Thermal and Nuclear
Power, Aerospace and Equipment and Systems for Defence applications.
HE IC has manufacturing and fabrication facilities at Mumbai in
Maharashtra, at
Dedicated production engineering and manufacturing process development
centres support manufacturing at each location. Detailed design and engineering
centers support Project Management teams at all locations. The IC has three
“Technology Development Centres” that operate from Powai – for new product
development in process plant equipment and for strategic equipment and systems,
as well as one focused on electronic systems/sub-systems. Defence Electronics
Systems’ design and engineering is supported through a dedicated Strategic
Electronics Centre including a new product development centre at Bengaluru in
Karnataka.
IC has warship Design Centre, which is well-equipped with latest
software tools and know-how and has developed in-house designs for surface
ships such as Fast Speed Boats, Attack Crafts, Offshore Patrol Vessels and
Corvettes.
A heavy fabrication facility, set up as a Joint Venture in
BUSINESS
ENVIRONMENT
The sluggish global economic scenario, the
the domestic front have adversely impacted the Order Inflow and Sales
during Financial Year 2011-2012 in most of the business segments of the IC.
Deferment/cancellation of planned projects across geographies has led to a
sharp drop in Export Orders.
Despite large scale induction programmes of the Armed Forces and the
Indian Coast Guard, not many orders were awarded to private players during the
year 2011-2012. For the Defence Marine business, competition from other Indian
Private Shipyards has intensified. The IC, however, managed to secure a
breakthrough order for the Strategic Communications Programme, which would open
up fresh avenues in this segment.
In the process plant equipment businesses, the margins are under
pressure due to aggressive pricing from competitors having idle capacities. The
localization policies of some of the countries and preference to local
suppliers by some of the EPC Companies due to socio-political compulsions, is
putting the IC at a disadvantage. International sanctions on
OUTLOOK
In the hydrocarbon sector, business is expected to look up in the medium
term with expected investments in refinery upgrade and revamp / modification
projects, new valueadded petrochemical products, grass root Refinery projects
in Middle-East, Turkey, Vietnam, Taiwan, Latin America, Russia and CIS
countries likely to come up in 2012-2013.
Major Oil and Gas investments including LNG are also slated in
In the Nuclear Equipment business, post
The enhanced budget allocation for defence and the first wave of “Make”
programmes and “Buy and Make Indian” programmes in Defence, the IC sees major
opportunities in co-development to be followed by co-production over
medium to long term. The recent Government guidelines for establishing
joint ventures by Defence Public Sector
undertakings in the Public-Private Partnership mode usher in a range of
opportunities to the IC.
With superior technology, state of the art manufacturing facilities, HE
IC is well-poised to tap upcoming business opportunities.
ELECTRICAL AND
AUTOMATION IC
OVERVIEW
Electrical and Automation (EA) IC includes low and medium voltage
switchgear products, electrical systems, energy meters, automation solutions
and a stand-alone strategic business unit - Medical Equipment and Systems.
A major strength of EAIC is its in-house design and development center
for switchgear as well as tooling facility that designs and manufactures a wide
range of high precision tools, a pre-requisite for high quality products.
The manufacturing operations of EAIC are located at Mumbai (Powai), Navi
Mumbai, Ahmednagar, Coimbatore, Vadodara and Mysore in India and its subsidiary
companies have facilities in Saudi Arabia, UAE (Jabel Ali, Dubai), Malaysia,
Indonesia and Australia outside India.
EA IC comprises of two Strategic Business Groups (SBGs) – Products SBG
and Projects SBG. Product SBG has two
Business Units (BUs) –namely, Electrical Standard Products (ESP) and
Metering and Protection System (MPS) while Projects SBG has Electrical Systems
and Equipment (ESE) and Control and Automation (CandA).
BUSINESS
ENVIRONMENT
The businesses of the IC witnessed subdued industrial demand in domestic
and international markets, volatile commodity prices, tight liquidity
conditions and stiff competition.
While certain stronghold sectors of ESP business such as textile,
telecom and sugar industries slowed down, agricultural, agro-based industry and
electrical sectors witnessed good growth. The demand from Tier 2-3 cities and
retail segment also showed improvements. The market for energy meters grew with
good demand for single phase and 3-phase meters.
In spite of these odds, EAIC managed to earn double-digit growth, and
worked around achieving excellence in many operational areas in order to
maintain its competitive capabilities.
OUTLOOK
With Government’s focus on Agricultural sector, the growth momentum in
Agri segment is expected to continue. Some of the industry segments like Steel,
Cement, Sugar and other agro-based industries are likely to see enhanced growth
which will benefit ESP business. Some of their focused International markets
have also started showing signs of recovery. Retail segment is also expected to
continue the growth momentum. It is also expected that the energy consumption
for commercial and residential applications will grow that will trigger a
positive growth for ESP business.
Most electrical systems are expected to use automation – in industries,
buildings and homes for greater control, comfort and convenience. ESP is
well-positioned to capture these opportunities.
Meter market is expected to grow albeit at a lower rate than 2011-2012.
The market will witness a technology change with utilities more open to
obtaining data from remote. This will increase the requirement for meters with
built-in radio.
MACHINERY AND
INDUSTRIAL PRODUCTS IC
OVERVIEW
Machinery and Industrial Products (MIP) IC comprises three Strategic
Business Groups (SBGs) – Construction and Mining Machinery, Industrial
Machinery and Industrial Products.
CONSTRUCTION AND
MINING MACHINERY SBG C
onstruction and Mining Machinery SBG markets and renders support for
Construction and Mining Equipment. The SBG comprises Construction and Mining
Business Unit (CMB) which markets Equipment manufactured by LandT-Komatsu Limited,
INDUSTRIAL
MACHINERY SBG
Industrial Machinery SBG consists of Machinery for Paper and Pulp,
Crushing, Mining and Mineral processing industries, Steel, Rubber and Plastic
Processing Industries and also castings for Wind power and other engineering
sectors. Industrial Machinery SBG comprises of Rourkela Campus Kansbahal plant,
Foundry business unit, Rubber Processing Machinery Unit.
Rourkela Campus, which includes Kansbahal Plant, undertakes Design,
Manufacturing and Marketing of Mineral Crushing Solutions (Limestone, Coal and
other minerals), Surface Miners, Specialised Equipment for Steel Plants (such
as Torpedo Ladle Cars) and Machinery for Paper and Pulp. Foundry Business Unit
comprises two foundries, one at
The state-of-the-art Casting Manufacturing Unit at
The other Foundry operates at Kansbahal Works, Orissa (Rourkela Campus)
manufacturing Steel, Alloy Iron, SG
Iron and Grey Iron castings and also addresses requirement of large Wear
and Abrasion resistant castings for Power and Cement sectors.
Industrial Machinery SBG also includes LTM Business Unit (LTMBU) which
manufactures and markets Rubber Processing Machinery for the tyre industry
across the globe. Currently, the Unit has manufacturing facilities at
Manapakkam, Chennai and Kancheepuram near Chennai.
The IC has set up through the subsidiary companies manufacturing
facilities for various businesses such as Rubber Processing Machinery, Internal
Mixes and Twin Screw Roller Head Extruders for Tyre Industry and Plastic
Injection Moulding Machines.
INDUSTRIAL
PRODUCTS SBG
Industrial Products (IP) SBG consists of businesses related to
Industrial Valves, Welding Equipment and Products and Cutting tools. The IP SBG
comprises Valves business and Industrial Cutting Tool business.
Valves Business Unit (VBU) markets valves and allied products
manufactured by Audco India Limited (AIL), a JV Company and Larsen and Toubro (
The IC has also set up Valves Manufacturing Unit (VMU) in Coimbatore is
responsible for manufacturing of Valves for Power Sector through its
Manufacturing Plant at Coimbatore as well as Contract Manufacturing of Valves
in ranges not fully supported by AIL; besides providing the technology support
for new product development of Valves.
MIP IC has under its fold the business of welding products housed in
EWAC Alloys Limited (EWAC), a wholly owned subsidiary of LandT. It has
manufacturing facilities at Powai and Ankleshwar. The principal products and
services comprise Maintenance and Repair (MandR) consumables, specification
grade electrodes, flux-cored welding wires, wear plates/parts, welding and
cutting equipment, Terro Cote Lab services etc.
Industrial Cutting Tools (INP) Business of MIP IC provides metal cutting
solutions to the Indian manufacturing industry covering automobile, engineering
and machine tool segments through marketing of Industrial Cutting tools
manufactured by ISCAR Limited,
BUSINESS
ENVIRONMENT
The Construction Equipment Industry has sustained the performance largely
on account of the road sector and general construction activities. IC’s foray
into large size Mining Equipment has been successfully received by the market
and the business is strengthening its position in this market.
Capacity additions in Indian Cement and Power Sector during 2011-2012
helped realise revenue growth for Kansbahal’s Industrial Machinery business
through supply of Limestone and Coal Crushing Plants. Adoption of more
energy-efficient processes in Indian Steel industry also saw continued demand
for Torpedo Ladle Cars. Renewed focus by the State Governments on
non-conventional energy has favoured investment in wind turbines. Automotive
and Engineering Sectors fared better and showed good growth during 2011-2012
resulting in better performance in both their EWAC and Cutting tools business.
The year 2011-2012 saw slowing down of the domestic market due to
over-capacity in the conventional Car and Truck tyre market. However, the
domestic market experienced green field investment in Off-the Road tyre. Rubber
Machinery Business secured a large order for OTR tyre curing presses against
tough Chinese competition for this project. Rubber Machinery Business has been
successful in getting project orders from some of the Japanese and European tyre
companies for supplies to their sites in
Sustained oil and gas project activity in the Middle East, North Africa
and
Despite the slow down in the mining activity in
OUTLOOK
With renewed focus on infrastructure development in
Demand for Industrial Machinery from Mineral Processing and
Infrastructure segments continue to show an upward trend. This should give us
good business opportunities for KBL in their Crushing and Screening segment as
well as Wheel Loaders.
In the year 2012-2013, it is expected that the Domestic Tyre Companies
would reach full utilization of installed capacity and may look for further
expansion opportunities.
Augmentation in power generation and distribution capacity in
Overall, moderate improvement in the Industrial growth indices in the
coming year are expected to enable their businesses to register better growth
trends.
INTEGRATED
ENGINEERING SERVICES
OVERVIEW
Integrated Engineering Services (IES) has registered a three year CAGR
of 51% and is today acknowledged as one of the emerging leaders in the Indian
Engineering Research and Development (ERandD) service segment. Recent analyst
studies on Global Service Provider Ranking for 2011 have positioned IES as
highest amongst the pure play Engineering Services companies. For Industrial
Products Domain, IES has been ranked in the Leadership Zone. This is a true
reflection of their commitment to be on the fast track of being the “BEST” in
engineering outsourcing service industry.
IES head office is at
IES’s service offerings include product design, analysis, prototyping,
testing, embedded system design, manufacturing engineering, plant engineering
and construction management and asset information management using cutting-edge
Computer Aided Design / Computer Aided Manufacturing / Computer Aided
Engineering technology in various domains. IES has supported innovation through
co-authoring of over 70 patents.
IES has alliances and partnerships with AUTOSAR (Automotive Open System Architecture),
National Instruments, Intel, GENIVI. IES maintains high quality and data
security standards. IES was the first in the world which received ISO/IEC
27001:2005 certification for IT Security Management Systems. IES is an ISO
9001:2008 and a CMMI level 5 certified organization.
IES has marquee clientele in automotive, aerospace, industrial products,
medical devices, consumer electronics, consumer packed goods, oil and gas, etc.
and over 30 of its clients are Fortune 500 companies.
BUSINESS ENVIRONMENT
Analysts are highly optimistic on the prospects of outsourcing business
to
Engineering Research and Development (ERandD) outsourcing to
Revenue from North America contributes 70% of the total revenues, the
visa policies of North America especially
IES being in an export oriented service business, any fluctuation in the
foreign currency exchange rate has a considerable impact on its performance.
IES has undertaken a range of measures like hedging to minimize these exchange
fluctuation impact.
ER and D outsourcing sector is predominantly a project based business.
IES is actively working to increase its annuity business portfolio and some of
the significant long term contracts won during the year are a testimony to
that. A significant growth in ER andD market will be in the industry sectors of
Transportation, Industrial Products and Plant Engineering. These sectors together
will account for more than 70% of ER D market. IES is uniquely positioned to
have strong presence in each of these industry sectors as compared to their
domestic and international competitors.
OUTLOOK
Global trends in the economy today motivate the people in general to
invest in businesses which have been growing significantly over the years.
Engineering Services is one such industry. During the current fiscal year, IES
has been able to achieve a revenue growth of 60%. To cater to this growth, IES
has added more than 1200 employees in the year and more than 50 clients
including 15 fortune 500 companies.
With the initiatives taken in 2011-2012, actions planned in the next
year and addition of new geographies, IES is confident of achieving impressive
growth in the 2012-2013.
REVENUE FROM
OPERATIONS
Gross Revenue from Operations for the year at Rs.537380.000 Millions
registered a growth of 21% over 2010-2011 on the back of healthy Order Book at
the start of the year. Most of the projects progressed well as scheduled, in
particular, EPC Power, Buildings and Factories and Hydrocarbon businesses
contributed significantly to the Company’s Revenue growth. The product
businesses, however, recorded a modest revenue increase with sluggish
industrial off-take during the year 2011-2012. International Revenue grew by
38% constituting 12% of the total Revenue, mostly contributed by various
projects under execution in Power Transmission and Distribution, Infrastructure
and Oil and Gas sectors in GCC countries and sales by Integrated Engineering
Services business.
CONTINGENT LIABILITIES
(Rs. In Millions)
|
|
31.03.2012 |
|
(a) Claims against the Company not acknowledged as debts |
1981.500 |
|
(b) Sales-tax liability that may arise in respect of matters in appeal |
1070.400 |
|
(c) Excise
duty/service tax liability that may arise in respect of matters in appeal/challenged by the Company in WRIT |
285.900 |
|
(d) Income-tax liability
(including penalty) that may arise in respect of which the Company is in appeal |
1983.800 |
|
(e) Corporate guarantees given on behalf of Subsidiary Companies |
15704.700 |
UNAUDITED STANDALONE
FINANCIAL RESULT FOR QUARTER ENDED DECEMBER 31, 2012
(Rs. In Millions)
|
|
Particulars |
3 months ended |
9 months ended |
|
|
December 31, 2012 |
September 30, 2012 |
December 31, 2012 |
||
|
1 |
Gross Sales / Revenue from operations |
155809.900 |
133275.300 |
409868.700 |
|
|
Less: Excise duty |
1516.300 |
1323.000 |
4069.100 |
|
|
|
154293.600 |
131952.300 |
405799.600 |
|
2 |
Expenses: |
|
|
|
|
a) |
i) Consumption of raw materials,
components, and stores, spares & tools |
28203.600 |
31910.100 |
97314.100 |
|
|
ii) Sub-contracting charges |
41383.800 |
28688.000 |
95501.700 |
|
|
iii) Construction materials consumed |
41583.900 |
33494.600 |
95444.900 |
|
|
iv) Purchases of stock-in-trade |
5165.800 |
4371.200 |
14553.600 |
|
|
v) Changes in inventories of finished
goods, work-in-progress and stock-in-trade |
(5129.200) |
(8750.600) |
(18994.900) |
|
|
vi) Other manufacturing, construction and
operating expenses |
13159.800 |
9923.700 |
33711.200 |
|
b) |
Employee benefits expense |
10485.200 |
13000.100 |
32959.300 |
|
c) |
Sales, administration and other expenses |
4691.400 |
5243.400 |
15618.400 |
|
d) |
Depreciation, amortisation and obsolescence |
2003.500 |
2039.600 |
5962.600 |
|
|
|
141547.800 |
119920.100 |
372070.900 |
|
|
|
|
|
|
|
3 |
Profit from operations before other income,
finance costs and exceptional items (1-2) |
12745.800 |
12032.200 |
33728.700 |
|
4 |
Other income |
5301.800 |
3275.900 |
14635.900 |
|
5 |
Profit from ordinary activities before
finance costs and exceptional items (3+4) |
18047.600 |
15308.100 |
48364.600 |
|
6 |
Finance costs |
2379.800 |
2350.200 |
7014.100 |
|
7 |
Profit from ordinary activities after finance
costs but before exceptional items (5-6) |
15667.800 |
12957.900 |
41350.500 |
|
8 |
Exceptional items |
- |
2142.900 |
1759.500 |
|
9 |
Profit from ordinary activities before tax
(7+8) |
15667.800 |
15100.800 |
43110.000 |
|
10 |
Provision for taxes: |
|
|
|
|
a) |
Provision for current tax |
3789.200 |
4231.700 |
11780.400 |
|
b) |
Provision for deferred tax |
661.100 |
24.900 |
631.400 |
|
|
Total provision for taxes |
4450.300 |
4256.600 |
12411.800 |
|
|
|
|
|
|
|
11 |
Net profit after tax from ordinary
activities (9-10) |
11217.500 |
10844.200 |
30698.200 |
|
12 |
Extraordinary items |
- |
528.900 |
528.900 |
|
13 |
Net profit after tax for the period (11+12) |
11217.500 |
11373.100 |
31227.100 |
|
|
|
|
|
|
|
14 |
Paid-up equity share capital (face value of
share: Rs. 2 each) |
|
|
12298 |
|
15 |
Reserves excluding revaluation reserve Earnings per share (Not annualised): |
|
|
|
|
16 |
Basic EPS before extraordinary items (Rs.) |
18.26 |
17.67 |
50.04 |
|
17 |
Diluted EPS before extraordinary items
(Rs.) |
18.11 |
17.54 |
49.63 |
|
18 |
Basic EPS after extraordinary items (Rs.) |
18.26 |
18.54 |
50.90 |
|
19 |
Diluted EPS after extraordinary items (Rs.) |
18.11 |
18.39 |
50.48 |
|
20 |
Profit
after tax from normal operations (i.e. excluding exceptional and
extraordinary items) |
112175 |
91476 |
292606 |
SELECT INFORMATION FOR THE QUARTER ENDED
DECEMBER 31, 2012
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public shareholding: |
|
|
|
|
2 |
- Number
of shares ('000s) - Percentage
of shareholding Promoters and promoter group shareholding
[refer note (ii) ] |
|
594100 96.79% Nil |
594038 96.60% Nil |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
3 months ended December 31, 2012 |
|
|
Pending at the beginning of the quarter Received during the quarter Disposed of during the quarter Remaining unresolved at the end of the
quarter |
Nil 18 18 Nil |
Notes:
The Company, during the quarter ended December
31, 2012, has allotted 11,13,270 equity shares of Rs. 2 each, fully paid up, on
exercise of stock options by employees, in accordance with the Company's stock
option schemes.
The promoters and promoter group shareholding
is nil and accordingly the information on shares pledged / encumbered is not
applicable.
Figures for the previous periods have been
re-grouped / re-classified to conform to the figures of the current periods.
The above results have been subjected to
Limited Review by the Statutory Auditors, reviewed by the Audit Committee and
approved by the Board of Directors at its meeting held on January 24, 2013.
SEGMENT-WISE REVENUE, RESULT AND CAPITAL EMPLOYED IN
TERMS OF CLAUSE 41 OF THE LISTING AGREEMENT:
(Rs. In Millions)
|
Particulars |
3 months ended |
9 months ended |
|
|
|
December 31, 2012 |
September 30, 2012 |
December 31, 2012 |
||
|
Gross segment revenue |
|
|||
|
1
Engineering and Construction |
138818.000 |
116690.600 |
361092.400 |
|
|
2
Electrical and Electronics |
8864.900 |
8803.300 |
25270.900 |
|
|
3
Machinery and Industrial Products |
5932.200 |
5507.900 |
16506.800 |
|
|
4 Others |
3382.800 |
3320.000 |
10333.000 |
|
|
Total |
156997.900 |
134321.800 |
413203.100 |
|
|
|
|
|
|
|
|
Less: Inter-segment revenue |
1188.000 |
1046.500 |
3334.400 |
|
|
Net
Segment Revenue |
155809.900 |
133275.300 |
409868.700 |
|
|
|
|
|
|
|
|
Segment result (Profit before interest and
tax) |
|
|
|
|
|
1
Engineering and Construction |
12801.800 |
12594.400 |
35328.300 |
|
|
2 Electrical
and Electronics |
987.300 |
730.200 |
2121.100 |
|
|
3
Machinery and Industrial Products |
1607.300 |
695.300 |
2984.700 |
|
|
4 Others |
1451.000 |
680.400 |
3175.000 |
|
|
Total |
16847.400 |
14700.300 |
43609.100 |
|
|
|
|
|
|
|
|
Less: Inter-segment margins on capital jobs |
26.500 |
9.800 |
113.500 |
|
|
Less: Interest expenses |
2379.800 |
2350.200 |
7014.100 |
|
|
Add: Unallocable
corporate income net of expenditure |
1226.700 |
2760.500 |
6628.500 |
|
|
|
|
|
|
|
|
Profit before tax |
15667.800 |
15100.800 |
43110.000 |
|
|
|
|
|
|
|
|
Capital Employed |
|
|
|
|
|
(Segment assets less segment liabilities) |
|
|
|
|
|
1
Engineering and Construction |
|
|
153554.400 |
|
|
2
Electrical and Electronics |
|
|
13839.500 |
|
|
3 Machinery
and Industrial Products |
|
|
5629.100 |
|
|
4 Others |
|
|
7138.300 |
|
|
Total capital employed in segments |
|
|
180161.300 |
|
|
Unallocable corporate assets less corporate liabilities |
|
|
217895.800 |
|
|
Total capital employed |
|
|
398057.100 |
|
|
|
|
|
|
|
Notes:
Segments have been identified in accordance
with Accounting Standard (AS) 17 on Segment Reporting, considering the
risk/return profiles of the businesses, their organisational structure and the internal
reporting systems. The operations of industrial machinery business and the
Foundry at the Kansbahal Business unit which were earlier part of the Machinery
and Industrial Products segment have been integrated with the Engineering and
Construction segment during the quarter ended September 30, 2012 considering
the risk / return profile of these businesses and the same have been reported
as part of Engineering and Construction segment for the quarter and nine month
period ended December 31, 2012. The figures pertaining to the corresponding
previous periods have been regrouped and restated for proper comparison.
Segment composition: Engineering and
Construction comprises execution
of engineering and construction projects in India / abroad to provide solutions
in civil, mechanical, electrical and instrumentation engineering (on turnkey
basis or otherwise) to core/infrastructure sectors including railways,
shipbuilding and supply of complex plant and equipment to core sectors. Electrical and Electronics comprises manufacture and sale of low and
medium voltage switchgear components, custom built low and medium voltage
switchboards, electronic energy meters/protection (relays) systems, control and
automation products and medical equipment. Machinery and Industrial
Products comprises manufacture and sale of rubber
processing machinery and castings, manufacture and marketing of industrial
valves, construction equipment and industrial products. Machinery and
Industrial Products also includes marketing of welding products in the previous
year. Others comprise property development and integrated
engineering services.
Segment revenue comprises sales and
operational income allocable specifically to a segment. Unallocable expenditure
mainly includes expenses incurred on common services provided to segments and
other corporate expenses. Unallocable income primarily includes interest
income, dividends and profit on sale of investments. Corporate assets mainly
comprise investments.
In the Engineering and Construction segment,
sales and margins do not accrue uniformly during the year. Hence the
operational / financial performance of aforesaid segment can be discerned only
on the basis of figures for the full year.
WEBSITE DETAILS
PRESS RELEASES
L&T TO SELL PLASTICS
BUSINESS TO JAPANESE FIRM TOSHIBA MACHINE
PTI Mumbai Last
Updated: August 28, 2012 | 00:00 IST
Larsen & Toubro (L&T) will sell its plastics machinery business
to Japanese firm Toshiba Machine for an undisclosed sum. The company also said
it has won orders worth Rs 20510.000 millions from Oil and
Natural Gas Corp (ONGC) and Petroleum Development Oman.
Toshiba Machine is part of Toshiba group of companies and is involved in
manufacture of injection moulding machines and other machinery.
"L&T
signed a share sale and purchase agreement, pending final closing
conditions, with Toshiba Machine Co Ltd, Japan to sell its entire stake in
L&T Plastics Machinery Ltd (LTPML)," it said in a statement.
Without disclosing the sale price for the LTPML, the company said, "The
move is in line with L&T's strategic road map to exit non-core businesses
and rationalises its portfolio".
LTPML, which manages the plastics business, is a wholly-owned subsidiary of
L&T and had reported a
profit of Rs 110.000 millions in the last fiscal, while its total
sales stood at Rs 2060.000 millions.
Toshiba Machine has manufacturing units in Japan and China and it
primarily caters to the Asian and North American markets. The company had
reported a sales of 119 billion yen and PAT of 6 billion yen for the year ended
March, 2012.
L&T also announced that it has won Rs 13020.000 millions order from
Petroleum Development Oman and Rs 7490.000 millions contract from ONGC.
The ONGC contract is for total Engineering Procurement Construction and
Installation (EPCI) of four wellhead platforms in the Mukta, Bassein and Mumbai
High South oil fields and will have to be completed by April 2014, it said.
The contract was won in an international competitive bidding, L&T said,
adding that the project is part of ONGC's strategy to develop marginal fields
to meet India's rising energy demands.
The Rs 13020.000 millions ($235 million) order from Petroleum
Development Oman (PDO) is for executing EPC of Oman's Saih Rawl Depletion
Compression phase-II project, L&T said.
PDO is the leading oil exploration and production firm in Sultanate of
Oman and accounts for more than 70 per cent of country's crude oil production
and nearly all of its natural gas supply.
The project involves installation of 76 MW of gas compression capacity
with 4 trains and modification of the condensate handling system at the captive
power project.
"This will enable the Saih Rawl main (oil) field to produce maximum
annual daily load of 30 million standard cubic meters a day (MSCMD) gas,"
L&T said.
PERFORMANCE FOR
THE QUARTER ENDED DECEMBER 31, 2012
Order inflow up 14%
PAT increases by 13%
Mumbai, 24 January
2013: Larsen & Toubro recorded
Gross Revenue of Rs. 155810.000 millions for the quarter ended December 31, 2012,
taking total Revenue for nine months period April-December 2012 to Rs.
409870.000 millions, higher by 17%.
The upward trend in the Order Inflow was sustained in the third
consecutive quarter of the year. Order
Inflow at Rs. 195450.000 millions during the quarter October-December 2012
recorded y-o-y growth of 14%, translating into a cumulative growth of 22% in
the Order Inflow for the nine months period April-December 2012. International
order inflow contributed 22% of the total order inflow during the quarter. The
major orders came from Building & Factories, Infrastructure and Power
Transmission & Distribution sectors.
Order Book stood robust at Rs. 1623340.000 millions as at December 31,
2012. International Order Book constituted 13% of the total Order Book.
Profit after Tax (PAT) for the quarter October-December 2012 stood at
Rs. 11220.000 millions, recording an increase of 13% over the corresponding
quarter of the previous year. For the nine months period ended December 31,
2012, the recurring PAT at Rs. 29260.000 millions registered a y-o-y growth of
15%.
Engineering &
Construction (E&C) Segment
The E&C Segment achieved Net Segment Revenue of Rs. 138580.000 millions for the quarter ended December 31, 2012
registering a y-o-y growth of 11%. While growth in the segment revenue was
moderate during the quarter, the cumulative revenue growth is higher at 19% for
the nine months period April-December 2012. International sales constituted 23%
of the total revenue as compared to 9% in the corresponding quarter of the
previous year.
The businesses of the E&C Segment garnered fresh orders of Rs.
178180.000 millions, during the quarter ended December 2012 registering a y-o-y
growth of 16% despite weak investment climate and intense competition. International
orders constituted 22% of the total order inflow of the segment as compared to
10% in the corresponding quarter of the previous year.
The Order Book of the Segment stood at Rs. 1599850.000 millions as at
December 31, 2012.
The Segment recorded cumulative Operating Margin for the nine months
period April-December 2012 at 11.1%. Being essentially project business, the
margins for the Segment do not accrue evenly during the quarters.
Electrical &
Electronics (E&E) Segment
E&E Segment recorded Net Segment Revenue of Rs. 8300.000 millions
for the quarter ended December 31, 2012, recording a moderate y-o-y growth of
7%, as demand in the domestic market decelerated. International sales, however,
increased by 26%, contributing to 11% of the total segment revenue for the
quarter.
The Segment recorded Operating Margin at 18% during the quarter ended
December 31, 2012.
“Others” Segment
This Segment, which includes Integrated Engineering Services and Property
Development, recorded Revenue of Rs. 3300.000 millions, registering a smart
growth of 30% over the corresponding quarter of the previous year. The Segment
recorded Operating Margin of 23.2% for the quarter ended December 31, 2012.
Outlook
The Indian economy continues to grapple with the challenges of
persisting inflationary pressures, volatile currency market, tight liquidity
conditions and impaired investment climate. Speedy implementation of proposed
reforms and follow-through policy measures hold the key for rediscovery of the
growth momentum. The recent policy measures aiming to correct the fiscal
situation and boost growth are expected to improve economic outlook in India
and revive the investments in the various sectors in which the Company
operates.
Global economic conditions remain fragile, though green shoots of
recovery are visible. The Company is strengthening its presence in select
international markets, amidst intense competition.
Braving these challenges, the Company has delivered consistent
performance on the back of execution efficiencies, proven track record,
diversified portfolio and international presence. With strong order book, the
Company expects to sustain its growth in the period ahead.
February 28, 2013
L&T GETS RS 15040.000
MILLIONS ORDERS IN FEBRUARY
Engineering and
construction firm Larsen and Toubro (L&T) today said it has secured orders
worth Rs. 15040.000 Millions order during the ongoing month from India and
abroad
Engineering and construction
firm Larsen and Toubro (L&T) today said it has secured orders worth Rs
15040.000 millions order during the ongoing month from India and abroad.
The company's water and effluent treatment
business unit has bagged orders worth Rs 6210.000 millions for two projects in West
Bengal and one in Qatar, it said in a BSE filing.
The solar business unit of L&T Construction,
which is a brand name for L&T, has received an engineering, procurement and
construction (EPC) order worth Rs 4130.000 millions from Kiran Energy for the construction of
solar photo-voltaic plants in Tamil Nadu.
The power transmission and distribution business
got a Rs 2650.000 millions order from Tamil Nadu Generation and Distribution
Corporation for power distribution work across various districts in Tamil Nadu.
"In the heavy civil business, various
additional orders worth Rs 2050.000 millions have been secured from ongoing
projects," it said.
The scrip of the company was trading at Rs
1,406.20 apiece, up 2.85% during the afternoon trade in the BSE.
March 08, 2013
L&T APPROACHES GOVT TO SURRENDER SEZ
Reflecting lack of enthusiasm for special economic zones, 16
developers including Cognizant Technology Solutions and Parsvnath SEZ have sought
more time from the government for implementing their projects.
Reflecting lack of enthusiasm for special
economic zones, 16 developers including Cognizant Technology Solutions and
Parsvnath SEZ have sought more time from the government for implementing their
projects.
Besides, four developers, including L&T
Chennai Projects and Welspun Anjar,
have approached the commerce ministry to surrender their IT and textile zones
respectively.
"These proposals will be taken up by the Board of
Approval (BoA) headed by commerce secretary SR Rao on March 15," an
official said.
L&T Chennai Projects Pvt Ltd, has requested for SEZ
de-notification on the grounds of global recession in IT/ITES sector, general
slowdown in macroeconomic scenario and introduction of minimum alternate tax
and dividend distribution tax, the official said.
The other developers, which have sought more time to
implement their projects, include Gujarat Industrial Development Corporation,
Cochin Port Trust and Hyderabad Metropolitan Development Authority.
Parsvnath's project for setting up of Biotech SEZ in Andhra
Pradesh was notified on December 20, 2011.
The developer has been granted two extensions, the validity
of which was up to August 2012.
It has sought further
extension on the ground that the state government had changed the location
allotted to them earlier, which needed the approval of Commerce department. BoA
is a 19-member inter-ministerial body that deals with special economic zones
related matters.
According to an industry expert, uncertainty
over tax exemptions to new SEZs has also led to declining interest in these
tax-free enclaves. Investors are very apprehensive about the new draft Direct
Taxes Code (DTC), he added.
According to the revised DTC draft, which will
replace the Income Tax Act of 1961, tax exemptions for SEZs will be confined to
the existing units.
SEZs have emerged as major route for attracting
investments and increasing exports. So far, 166 zones are operational.
SEZs contributed about 30% to the country's overall
exports.
Exports from these tax-free enclaves increased
by over 35% year-on-year to Rs 3.53 lakh crore during April-December 2012
period.
SEZ units are eligible for 100% tax exemption
for first five years and 50% for the next five. The developers of the zones
also avail 100% income tax exemption for 10 years.
ISSUED BY CORPORATE BRAND MANAGEMENT AND
COMMUNICATIONS
L AND T COMPLETES
ACQUISITION OF AUDCO INDIA LIMITED
Mumbai,
March 28, 2013: Larsen and Toubro - the $13.5 billion technology, engineering,
construction, manufacturing and financial services conglomerate, today
announced the completion of ownership transactions related to its Group
Company- Audco India Limited (AIL). AIL is' India's leading manufacturer of
industrial valves and a joint venture with Audco Limited, UK, a wholly owned
subsidiary of Flowserve Corporation, USA (Flowserve).
As
a result of these transactions, L and T obtains full ownership of AIL and
acquires the key product lines, viz. Gate, Globe and Check valves, Forged Steel
GGC Valves, Ball Valves, including Trunnion Mounted Ball Valves, Butterfly
Valves (including Aquaseal rubber-lined valves and Triple Offset Butterfly
Valves. It will retain the manufacturing plants at Manapakkam (Chennai) and
Kanchipuram of AIL
The
acquisition is in line with L and T's overall portfolio rationalization. The
deal will help grow L and T's Valve Business globally with a comprehensive
range of valve offerings. Together L and T and AIL will provide cutting-edge
flow-control solutions to global oil and gas and power sectors. AIL is a
preferred manufacturer for critical valves including cryogenic, low-emission
and large-size valves. AIL's international customers includes world-leaders in
oil and gas and global EPC majors. The Company's high-calibre design team has
played a major role in its consistent growth over the years.
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 WINS RS.
56890 MILLIONS CONTRACT FOR 2 x 660 MW SUPERCRITICAL POWER PLANT IN RAJASTHAN
First-of-its-kind EPC Order from Stats
Utility Affirms L and T's Capability for Execution of Mega Power Projects
Mumbai, April 01,
2013 : L and T has secured an order valued at Rs. 56890 millions from the Rajasthan Rajya Vidyut Utpadan Nigam
Ltd for setting up a 2 x 660 MW Supercritical Thermal Power Project on a
complete EPC - Engineering Procurement and Construction -basis.
The order involves design, engineering,
manufacture, supply, erection and commissioning of two coal-fired thermal units
of 660 MW each with supercritical parameters at Chhabra in Baran District in
Rajasthan.
This is the country's first complete EPC
order for 2x660MW supercritical units placed by a state utility on the private sector.
The contract was won following international competitive bidding, involving
several bidders. The project has a stringent completion schedule of 42 months
for Unit 1 and 45 months for Unit 2.
The Rajasthan order comes as L and T enters the advanced execution phase of several large supercritical
thermal power projects. These include complete projects being built on an EPC
basis as well as boiler-turbine-generator units and Balance-of-Plant packages.
With this contract, L and T now has orders for supply and installation of 26 Supercritical Steam
Generators and Steam Turbine Generators of 660 MW, 700 MW and SO0MW.
L and T 's advanced manufacturing plants in Hazira,
Surat are among the world's largest integrated facilities for power plant
equipment. The Company has joint ventures with global leader Mitsubishi Heavy
Industries, Japan for the manufacture of supercritical boilers and turbines, in
addition, the facilities at Hazira also manufacture critical equipment and
components Including high pressure piping, coal pulverizers, fans, heaters,
condensers, Electro Static Precipitators and heavy forgings.
L and T 's strengths in design, engineering, project
execution and construction backed by its quality and safety standards
contribute to the critical role the Company plays in the power plant equipment
sector.
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 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.54.33 |
|
|
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
71 |
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.