MIRA
INFORM REPORT
|
Report Date : |
20.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
LARSEN AND TOUBRO INFOTECH LIMITED (w.e.f.31.03.2002) |
|
|
|
|
Formerly Known
As : |
L&T INFORMATION TECHNOLOGY LIMITED |
|
|
|
|
Registered
Office : |
L and T House, Ballard Estate, Mumbai – 400001, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
23.12.1996 |
|
|
|
|
Com. Reg. No.: |
11-104693 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.161.250
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH1996PLC104693 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML04432B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL1681P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is mainly engaged in the business of Software
Development. |
|
|
|
|
No. of
Employees: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 41100000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a wholly owned subsidiary of L and T Limited. It is a well established and reputed company having a good track
record. The financial position of the company appears to be strong. Performance
capability is high. Liquidity position is good. The company gets strong financial support from its group companies.
The promoters appear to be experience businessman. Trade relations are
reported to be fair. Business is active. Payments are reported to be regular
and as per commitments. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA+ [Long Term] |
|
Rating Explanation |
Having high degree of safety regarding timely servicing of financial
obligation it carry very low credit risk. |
|
Date |
February 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
Management non co-operative. [91-22-67525656]
LOCATIONS
|
Registered Office : |
L and T House, Ballard Estate, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-67525656 / 67766138 |
|
Fax No.: |
91-22-67525858 / 67525893 / 67768162 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Technologies Centers : |
Located At: ·
Powai, Mumbai ·
Mahape Road, Navi Mumbai ·
Airoli, Navi Mumbai ·
Pune ·
Bengaluru ·
Chennai ·
Mysore ·
Hinjewadi, Pune |
|
|
|
|
Technologies Centre : |
Locate At: ·
Vadodara ·
Mysore |
|
Overseas Office: |
Located At: ·
USA ·
Canada ·
Europe ·
Japan ·
Korea ·
Singapore ·
South Africa ·
Kuwait ·
UAE ·
Saudi Arabia ·
Qatar ·
Oman ·
Australia ·
New Zealand |
DIRECTORS
AS ON 30.09.2012
|
Name : |
Mr. Anilkumar Manibhai Naik |
|
Designation : |
Director |
|
Address : |
High Trees, 54 Pali Hills, Bandra (West), Mumbai – 400050, |
|
Date of Birth/Age : |
09.06.1942 |
|
Date of Appointment : |
23.12.1996 |
|
DIN No.: |
00001514 |
|
|
|
|
Name : |
Mr. Yeshwant Moreshar Deosthalee |
|
Designation : |
Director |
|
Address : |
Flat No. 1001, Prabhu Kutir, 15, |
|
Date of Birth/Age : |
06.09.1946 |
|
Date of Appointment : |
23.12.1996 |
|
DIN No.: |
00001698 |
|
|
|
|
Name : |
Mr. Vijay Kumar Magapu |
|
Designation : |
Director / Manager |
|
Address : |
Flat No. 402/403, |
|
Date of Birth/Age : |
12.06.1945 |
|
Date of Appointment : |
13.08.2004 |
|
DIN No.: |
00001658 |
|
|
|
|
Name : |
Mr. Samir Thakorbhai Desai |
|
Designation : |
Director |
|
Address : |
7050, NW 126, Terrace, |
|
Date of Birth/Age : |
26.08.1946 |
|
Qualification: |
MBA, MS in Electrical Engineering, B.S. in Physics and Electrical
Engineering |
|
Date of Appointment : |
27.01.2007 |
|
DIN No.: |
01182256 |
|
|
|
|
Name : |
Mr. Sankaranarayana Rama Iyer |
|
Designation : |
Director |
|
Address : |
Flat No. 32, Rashmi Swarnakutir, Premises Co-operative Society,
Demonte Park Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
19.08.1939 |
|
Qualification: |
M Tech and Ph.D. from IIT Mumbai |
|
Date of Appointment : |
27.01.2007 |
|
DIN No.: |
00076549 |
|
|
|
|
Name : |
Mr. Mukund Manohar Chitale |
|
Designation : |
Director |
|
Address : |
4/46, Vishnuprasad Society, Shahaji Raje Marg, Vile Parle (East),
Mumbai-400057, Maharashtra, India |
|
Date of Birth/Age : |
16.11.1949 |
|
Date of Appointment : |
17.10.2011 |
|
DIN No.: |
00101004 |
|
|
|
|
Name : |
Mr. Narasimham Rama Lakshmi Kotikalapudi |
|
Designation : |
Whole Time Director |
|
Address : |
2661, Venetian LN, Elgin IL, 60124, United States of America |
|
Date of Birth/Age : |
25.02.1947 |
|
Date of Appointment : |
31.03.2012 |
|
DIN No.: |
03499884 |
KEY EXECUTIVES
|
Name : |
Mr. Vijay Kumar Magapu |
|
Designation : |
Manager |
|
Address : |
Flat No. 402/403, Verona Hiranandani Gardens, Powai, Mumbai-400076,
Maharashtra, India |
|
Date of Birth/Age : |
12.06.1945 |
|
Date of Appointment : |
22.02.2011 |
|
Pan No.: |
AABPM4456B |
|
|
|
|
Name : |
Angna Arora |
|
Designation : |
Company Secretary |
|
Address : |
C-703, Sun Flower, Valley of Flowers, Gundecha Thakur Village, Kandivali
(East), Mumbai-400101, Maharashtra, India |
|
Date of Birth/Age : |
16.09.1979 |
|
Date of Appointment : |
03.08.2011 |
|
Pan No.: |
AIBPA4887E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Larsen and Toubro Limited, |
|
32249988 |
|
Anilkumar Manibhai Naik Jointly with Larsen and Toubro Limited,
|
|
2 |
|
Yeshwant Moreshwar Deosthalee Jointly with Larsen and Toubro
Limited, |
|
2 |
|
Jagdish Pandurang Nayak Jointly with Larsen and Toubro Limited, |
|
2 |
|
Ram Nath Mukhija Jointly with Larsen and Toubro Limited, |
|
2 |
|
Krishnanurthi Venkataramanan Jointly with Larsen and Toubro Limited, |
|
2 |
|
Vijaykumar Magapu Jointly with Larsen and Toubro Limited, |
|
2 |
|
|
|
|
|
TOTAL
|
|
32250000 |
AS ON 30.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is mainly engaged in the business of Software
Development. |
GENERAL INFORMATION
|
Customers : |
·
Bharat Petroleum ·
Chevron ·
Hitachi ·
Sundco ·
Flowserve ·
Lafarge |
||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
|
Bankers : |
·
Bank of Baroda, J.P. House, M.V. Road, Saki Naka,
Mumbai - 400072, Maharashtra, India ·
ABN Amro Bank, Amsterdam ·
ABSA Bank, South Africa ·
Bank of America, New Jersey ·
Citibank Australia ·
Citibank Japan ·
Citibank, South Korea ·
Citibank N.A., New Jersey ·
Citibank N.A., Paris ·
Citibank N.A., Singapore ·
Citibank, Philippines ·
Danske Bank, Denmark ·
Fokus Bank, Norway ·
Handelsbanken, Sweden ·
HSBC, London ·
Korean Exchange Bank, South Korea ·
Saudi British Bank, Saudi Arabia ·
State Bank of India, New York ·
State Bank of India, Tokyo ·
Tokyo Mitsubishi Bank, Tokyo |
||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Ravindra Annexe, 194, Churchgate Reclamation, Dinshaw Vachha Road,
Mumbai – 400020, Maharashtra, India |
|
PAN No: |
AAAFS2967E |
|
|
|
|
Holding Company: |
Larsen and Toubro Limited, CIN No.: L99999MH1946PLC004768 |
|
|
|
|
Subsidiaries : |
·
Larsen and Toubro Infotech GmbH ·
Larsen and Toubro Infotech Canada Limited ·
Larsen and Toubro Infotech LLC ·
GDA Technologies Inc ·
Gda Technologies Limited [U72200TZ1997PLC008145] ·
L and T Infotech Financial Services Technologies
Inc |
|
|
|
|
Fellow Subsidiaries : |
·
L and T - Mhi Boilers Private Limited
[U29119MH2006PTC165102] ·
L and T ATCO Saudi LLC ·
L and T East Asia ·
L and T Electrical and Automation FZE ·
L and T Electricals Saudi Arabia Company Limited,
LLC ·
L and T Finance Limited [U65990MH1994PLC083147] ·
L and T General Insurance Company Limited
[U66030MH2007PLC177117] ·
L and T Howden Private Limited [U31401MH2010PTC204403] ·
L and T Infrastructure Development Projects
Limited [U65993TN2001PLC046691] ·
L and T - Mhi Turbine Generators Private Limited
[U31101MH2006PTC166541] ·
L and T Modular Fabrication Yard LLC ·
L and T Power Development Limited
[U40101MH2007PLC174071] ·
L and T Power Limited [U40100MH2006PLC160413] ·
L and T Realty Limited [U74200MH2007PLC176358] ·
L and T Sapura Offshore Private Limited
[U11200TN2010PTC077214] ·
L and T Seawoods Private Limited
[U45203MH2008PTC180029] ·
L and T -Sargent and Lundy Limited [U74210MH1995PLC088099] ·
L and T -Valdel Engineering Limited
[U74210KA2004PLC035094] ·
Larsen and Toubro Electromech LLC ·
Larsen and Toubro Kuwait Construction General
Contracting Company, WLL ·
Narmada Infrastructure Construction Enterprise
Limited [U45201TN1997PLC038175] ·
TRACTOR ENGINEERS LIMITED [U28920MH1952PLC008893] ·
TAMCO Switchgear (Malaysia) Sdn. Bhd |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
32750000 |
Equity Shares |
Rs.5/- each |
Rs.163.750 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
32250000 |
Equity Shares |
Rs.5/- each |
Rs.161.250
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
161.250 |
161.250 |
161.250 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10116.055 |
11014.959 |
9672.860 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10277.305 |
11176.209 |
9834.110 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1741.462 |
589.332 |
445.778 |
|
|
2] Unsecured Loans |
744.125 |
1789.139 |
0.000 |
|
|
TOTAL BORROWING |
2485.587 |
2378.471 |
445.778 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12762.892 |
13554.680 |
10279.888 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2471.616 |
1916.601 |
1618.472 |
|
|
Capital work-in-progress |
284.397 |
196.740 |
231.093 |
|
|
|
|
|
|
|
|
INVESTMENT |
4392.867 |
5108.416 |
2811.224 |
|
|
DEFERREX TAX ASSETS |
20.285 |
57.477 |
11.160 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000
|
|
|
Sundry Debtors |
6266.709
|
4661.990 |
3607.287
|
|
|
Cash & Bank Balances |
1229.352
|
1312.749 |
1539.713
|
|
|
Other Current Assets |
821.660
|
1142.061 |
810.329
|
|
|
Loans & Advances |
5511.530
|
4608.178 |
3900.344
|
|
Total
Current Assets |
13829.251
|
11724.978 |
9857.673 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1735.109
|
1733.269 |
2956.822
|
|
|
Other Current Liabilities |
3671.066
|
1561.057 |
159.482
|
|
|
Provisions |
2829.349
|
2155.206 |
1133.430
|
|
Total
Current Liabilities |
8235.524
|
5449.532 |
4249.734 |
|
|
Net Current Assets |
5593.727
|
6275.446 |
5607.939 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12762.892 |
13554.680 |
10279.888 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
29595.545 |
22837.412 |
17767.648 |
|
|
|
Other Income |
89.988 |
710.091 |
349.721 |
|
|
|
TOTAL (A) |
29685.533 |
23547.503 |
18117.369 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
17700.780 |
14153.663 |
|
|
|
|
Other expenses |
5700.039 |
5020.402 |
|
|
|
|
TOTAL (B) |
23400.819 |
19174.065 |
14459.947 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6284.714 |
4373.438 |
3657.422 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
358.026 |
92.562 |
27.512 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5926.688 |
4280.876 |
3629.910 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
565.839 |
594.997 |
482.374 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
5360.849 |
3685.879 |
3147.536 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1313.201 |
556.726 |
336.163 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
4047.648 |
3129.153 |
2811.373 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7705.800 |
6744.100 |
5170.101 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
500.000 |
400.000 |
300.000 |
|
|
|
Interim Dividend |
2547.800 |
1515.700 |
801.147 |
|
|
|
Tax on Dividend |
413.300 |
251.800 |
136.155 |
|
|
BALANCE CARRIED
TO THE B/S |
8292.348 |
7705.753 |
6744.172 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Software exports |
|
21817.396 |
16828.143 |
|
|
|
Other Income |
|
2.484 |
123.157 |
|
|
TOTAL EARNINGS |
27773.200 |
21819.880 |
16951.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
35.310 |
136.283 |
|
|
|
Others |
NA |
39.558 |
21.311 |
|
|
TOTAL IMPORTS |
NA |
74.868 |
157.594 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
Basic |
125.51 |
97.03 |
87.73 |
|
|
|
Diluted |
123.25 |
95.91 |
86.79 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
13.64
|
13.29 |
15.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.11
|
16.14 |
17.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
32.89
|
27.02 |
27.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.33 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.24
|
0.21 |
0.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.68
|
2.15 |
2.32 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
31.03.2010 [Rs. in millions] |
|
Sundry Creditors |
1735.109
|
1733.269 |
2956.822
|
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
PERFORMANCE OF THE
COMPANY:
In a volatile
operating environment, the Indian IT-BPO industry continued to exhibit
resilience. Customer demands fluctuated and the industry had to rapidly change to
stay ahead of the curve and continue to be relevant. New technologies
especially the cloud, mobility, social and big data analytics are impacting
service providers who are reviewing how industry verticals and customer
segments will adjust themselves to the changing technology landscape. At the
same time, efforts to achieve cost efficiencies, newer business models and
non-linear growth are gaining focus. Also, the rise of the Indian MNC with
global footprint and talent has contributed significantly to increase the
market share of India.
In terms of
business segments for L and T Infotech, the contribution from Financial
Services remained at 39% (previous year 40%) for 2011-12 while Manufacturing
increased to 49% (previous year 46%) and Telecom 12% (previous year 14%). The
revenue contribution from North America increased marginally from 67.3% in
previous year to 67.6%, while contribution from Europe increased from 14.9% to
15.7%. Japan/ South East Asia contributed 6% (previous year 7%) whereas share
of domestic business and rest of the world remained unchanged at 5.9% and 4.8%
respectively.
AWARDS/RECOGNITIONS:
·
The Company has been ranked 9th in NASSCOMs IT
service providers list; compared to last year, it has moved up one position.
The Company is also featured in the latest Top 20 IT-BPO Employers list of
NASSCOMs 2010-2011 India listings.
·
The Honourable Mayor of Edison, New Jersey, Ms.
Antonia Toni Ricigliano presented the Company with a proclamation from the
Government of Edison which recognized the good work done by the Company in the
industries it serves as well as the communities in which it operates in a
ceremony in Edison, New Jersey, USA.
·
The Company was awarded with ?Best of the Best CMMI
High Maturity Leadership Award during the 2nd International Colloquium on High
Maturity Best Practices held on August 26, 2011 in Bengaluru, India. Instituted
by QAI Global Services in 2010, the award aims to recognize leadership and
contribution in the field of the CMMI® High Maturity.
·
The Company was featured for the first time in
Information Week 500 list of Most Innovative Business Technology Organizations
and in Fin Tech 100 list in association with IDC Financial Insights and
American Banker. Fin Tech 100 comprises top 100 vertical technology vendors
that derive more than one-third of their revenue from financial services
clients based on calendar year revenues.
·
The Company was featured in the Major Contenders
category on a leading Analysts PEAK matrix for large Insurance AO
relationships. The positioning is based on primarily the Insurance revenues
specific to large applications outsourcing relationships, and the ability of
service providers to deliver in different geographies and acquire new clients.
Only 19 leading global service providers have been featured on this PEAK
matrix.
·
The Company was quoted in a recent report by a
leading analyst titled Cloud Strategies of The Leading IT Global Service
Providers, for its work in Cloud Computing. NASSCOM carried the same story in
the latest issue of its newsletter, Newsline, which focused on the theme of
Cloud Computing. The Company has also won an EDGE award in the Cloud Computing
category at INTEROP for leveraging Information Technology to maximize business
impact and an EMC Cloud Pioneer award 2011 for its strategy of aligning
business needs with cloud strategy.
FIXED ASSETS:
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Computers
NEWS:
L AND T
RESTRUCTURES INFOTECH AND ENGINEERING SERVICES BUSINESSES
INDUCTS THREE
DIRECTORS ON L AND T INFOTECH BOARD
Mumbai, September 14, 2012: L and T has restructured its IT and L and T
Integrated Engineering Services businesses with a view to accelerate growth in
the technology space. L and T Infotech has been reorganized around two business
clusters, “Industrial” and “Services” and the current L and T Integrated
Engineering Services (IES) will be rebranded as L and T Technology Services. As
a part of this strategy, it has inducted three US-based professionals – Dr.
Keshab Panda, Dr. Mukesh Aghi and Mr. Vivek Chopra on the L and T Infotech
Board.
The L and T Technology Services (IES) will offer customized engineering
services and will also include embedded systems deployed in product and plant
electronics and custom firmware for the telecom equipment industry. Dr. Keshab
Panda, currently the Chief Executive of L and T Integrated Engineering
Services, will be the Chief Executive of L and T Technology Services and will
also be on the board of L and T Infotech for maximizing synergies.
Dr. Keshab Panda has over 27 years of
global industry experience in conceptualizing, creating, operational zing and
turning around complex IT and engineering services businesses. Before joining L and T, he had served as
President, Americas and Head of Europe Operations, Satyam Computer Services
Limited.
Under L and T Infotech’s new structure, the ‘Services’ cluster will
include banking, financial services, insurance and areas like travel and
logistics, media and entertainment and healthcare. This group will house
horizontals of testing, mobility, infrastructure management system and business
intelligence / data warehouse. Dr. Mukesh Aghi will be the Chief Executive of
“Services” cluster and the Whole-time Director of L and T Infotech.
Dr. Mukesh Aghi has over 25 years of experience in the global IT
industry. Prior to joining L and T Infotech, he was CEO-Asia Pacific and Global
Executive Sales Director with Steria Inc-India, a global IT services firm.
The ‘Industrials’ cluster will leverage the Company’s existing strengths
and heritage to address manufacturing plants, establishments including
wholesale, retail sale of products and establishments dealing with energy and
utilities. This group will house horizontals of SAP, enterprise integration,
Oracle as well as manufacturing execution systems. Mr. Vivek Chopra will be the
Chief Executive of “Industrial” cluster and the Whole-time Director of L and T
Infotech.
Mr. Vivek Chopra has over 30 years of
professional IT experience. He has held senior positions spread across the
Americas, Europe, Middle-East, Africa and Asia Pacific. Prior to joining L and T Infotech, Mr.
Chopra was Group President, CSC and instrumental in driving strategy, delivery
and top-line growth for their global applications business.
L and T believe this restructure will help the company in growing these
businesses.
BACKGROUND:
Larsen and Toubro is a USD 12.8 billion technology, engineering,
construction, manufacturing and financial services conglomerate, with global operations.
It is one of the largest and most respected companies in India’s private
sector. A strong, customer–focused approach and the constant quest for
top-class quality have enabled L and T to attain and sustain leadership in its
major lines of business over seven decades.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
69 |
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.