MIRA
INFORM REPORT
|
Report Date : |
04.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
LARSEN AND TOUBRO LIMITED |
|
|
|
|
Registered
Office : |
L and T House,
Ballard Estate, Mumbai – 400001, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
07.02.1946 |
|
|
|
|
Com. Reg. No.: |
11-004768 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1224.800 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1946PLC004768 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL0140P |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Seller of Electrical and Electronics, Machinery and Industrial Products, and also provide Engineering and Construction Projects. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (71) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 1008900000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Inflation – Linked indexed non convertible
debenture issue : AAA |
|
Rating Explanation |
Highest degree of safety and lowest credit
risk. |
|
Date |
May 20, 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.
LOCATIONS
|
Registered/ Head Office : |
L and T House,
Ballard Estate, |
|
Tel. No.: |
91-22-22618181/
22618182/ 22685656/ 67525656 |
|
Fax No.: |
91-22-22620223/
22617480/ 22685893/ 67525858/ 67525893/ 55525858 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office
1: |
C Block, Gate No. 1, L and T Powai Campus, |
|
Tel. No.: |
91-22-67050505 |
|
Fax No.: |
91-22-67051462 |
|
E-Mail : |
|
|
|
|
|
Corporate Office
2: |
Kiadb Industrial Area, Hebbal Hootagalli, |
|
Tel No.: |
91-821-6616161 |
|
Fax No.: |
91-821-2402813 |
|
|
|
|
Headquarter/ Holck-Larsen
Centre/ Engineering Design and Research
Centre : |
22 Mount Poonamallee Road, Manapakkam P.B.No.979, Chennai - 600089, Tamilnadu, India |
|
Tel No.: |
91-44-22526000 |
|
Fax No.: |
91-44-22493317 |
|
E mail: |
|
|
|
|
Headquarter/ Engineering, Design & Research Centres :
|
Kanak Building, 41, Jawaharlal Nehru Road, Kolkata - 700071, West
Bengal, India |
|
Tel. No.: |
91-33-22882601 |
|
Fax No.: |
91-33-22881225 |
|
E-Mail : |
|
|
|
|
|
ECC
Division : |
ECC Division, Mial Project Office – North Block II, 6th Floor, Gate
No. 1, Powai, Mumbai – 400072, Maharashtra, India |
|
|
|
|
Factory 1 : |
TLT Works, Plot No. 158-B, Sector III, Pithampur, District Dhar -
454774, Madhya Pradesh, India |
|
Tel. No.: |
91-7292-256317/ 431 |
|
Fax No.: |
91-7292-256316 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
TLT Works, Mailam Road, Sedarapet, Pondicherry 605111, India |
|
Tel. No.: |
91-413-2672500 |
|
Fax No.: |
91-413-2677727 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
167, Neervalur Village, Kancheepuram - 631502, Tamilnadu, India |
|
Tel. No.: |
91-4112-27248383/ 93/ 94 |
|
Fax No.: |
91-4112-27248383/ 290 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Also located at
: v Faridabad v Kandla v Vadodara v Ankleshwar v Hazira v Jafrabad v Kovayya v Nashik v Pune v Ahmednagar v Ratnagiri v Tadipatri v Bangalore v Mysore v Awarpur v Jharsuguda v Kansbahal v Ranoli (Baroda) v Visakhapatnam v Haldia |
|
|
|
|
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 ·
·
Chennai ·
|
|
|
|
|
Overseas Offices : |
Located at: ·
·
·
Sultanate of ·
·
·
·
·
·
·
·
·
Sharjah ·
·
·
·
·
·
·
·
·
·
·
|
|
|
|
|
Area Offices : |
Located at: ·
Ahmedabad ·
·
·
Chennai ·
·
Kolkata ·
Hyderabad ·
Pune ·
Nagpur |
|
|
|
|
Branch Offices : |
Located at : ·
Jaipur ·
Guwahati ·
·
Vadodara ·
·
Jamshedpur ·
Guwahati ·
·
·
·
Kochi |
|
|
|
|
Engineering/
Marketing Office : |
12/4, Delhi Mathura Road, Near Sarai Khawaja Chowk, Faridabad –
121003, Haryana, India |
|
Tel No.: |
91-129-4291000/ 4291651/ 4291766 |
|
Fax No.: |
91-129-4291222 |
|
Email: |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. A. M. Naik |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. K. Venkataramanan |
|
Designation : |
Chief Executive Officer and Managing
Director |
|
|
|
|
Name : |
Mr. V. K. Magapu |
|
Designation : |
Whole-time Director and President (IT,
Engineering Services and Corporate Initiatives) |
|
|
|
|
Name : |
Mr. M. V. Kotwal |
|
Designation : |
Whole-time Director and President (Heavy Engineering) |
|
|
|
|
Name : |
Mr. Ravi Uppal |
|
Designation : |
Whole-time Director and President (Power) |
|
|
|
|
Name : |
Mr. S. N. Subrahmanyan |
|
Designation : |
Whole-time Director and Senior Executive Vice President
(Infrastructure and Construction) |
|
|
|
|
Name : |
Mr. R. Shankar Raman |
|
Designation : |
Whole-time Director and Chief Financial
Officer |
|
|
|
|
Name : |
Mr. Shailendra Roy |
|
Designation : |
Whole-time Director and Senior Executive Vice President (Power
Development and Corporate Affairs) |
|
|
|
|
Name : |
Mr. S. Rajgopal |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. S. N. Talwar |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. M. M. Chitale |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Thomas Mathew T. |
|
Designation : |
Nominee — LIC |
|
|
|
|
Name : |
Mr. N. Mohan Raj |
|
Designation : |
Nominee — LIC |
|
|
|
|
Name : |
Mr. Subodh Bhargava |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. A. K. Jain |
|
Designation : |
Nominee – SUUTI |
|
|
|
|
Name : |
Mr. J. S. Bindra |
|
Designation : |
Non-Executive Director |
KEY EXECUTIVES
|
Name : |
Mr.
N. Hariharan |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of
Shareholder |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
-- |
-- |
|
|
-- |
-- |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
89623390 |
15.10 |
|
|
102492977 |
17.27 |
|
|
83497 |
0.01 |
|
|
31055220 |
5.23 |
|
|
102052770 |
17.20 |
|
|
6308 |
0.00 |
|
|
6308 |
0.00 |
|
|
325314162 |
54.83 |
|
|
|
|
|
|
44631693 |
7.52 |
|
|
|
|
|
|
132951434 |
22.41 |
|
|
8028462 |
1.35 |
|
|
82411489 |
13.89 |
|
|
258888 |
0.04 |
|
|
5088459 |
0.86 |
|
|
74404116 |
12.54 |
|
|
2657738 |
0.45 |
|
|
2288 |
0.00 |
|
|
268023078 |
45.17 |
|
Total Public shareholding (B) |
593337240 |
100.00 |
|
Total (A)+(B) |
593337240 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
22048741 |
0.00 |
|
|
22048741 |
0.00 |
|
Total (A)+(B)+(C) |
615385981 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Electrical and Electronics, Machinery and Industrial Products, and also provide Engineering and Construction Projects. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
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 |
|
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 Available |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
·
State
Bank of India ·
Bank
of India ·
Central
Bank of India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered
Accountants |
|
|
|
|
Solicitors: |
Manilal Kher Ambalal and Company |
|
|
|
|
Wholly
owned Subsidiary : |
·
Tractor Engineers Limited ·
Spectrum Infotech Private Limited ·
L and T-Valdel Engineering Limited ·
L and T Shipbuilding Limited ·
L and T Electricals and Automation Limited ·
HI Tech Rock Products and Aggregates Limited ·
L and T Seawoods Private Limited ·
L and T Natural Resources Limited ·
L and T Plastics Machinery Limited ·
L and T Technologies Limited ·
L and T Solar Limited ·
L and T PowerGen Limited ·
Ewac Alloys Limited ·
L and T Infra and Property Development Private
Limited $$ ·
L and T Realty Limited (formerly known as L and T
Realty Private Limited) ·
L and T General Insurance Company Limited ·
L and T Aviation Services Private Limited ·
Larsen and Toubro Infotech Limited ·
L and T Capital Company Limited ·
L and T Power Development Limited ·
Larsen and Toubro LLC ·
Larsen and Toubro International FZE |
|
|
|
|
Subsidiary
of L and T Infrastructure Development Projects Limited # : |
L and T Rajkot - Vadinar Tollway Limited |
|
|
|
|
Wholly
owned Subsidiary of L and T Power Development Limited : |
·
L and T Uttaranchal Hydropower Limited ·
L and T Arunachal Hydropower Limited ·
L and T Himachal Hydropower Limited ·
Nabha Power Limited |
|
|
|
|
Wholly
owned Subsidiary of L and T Capital Company Limited : |
·
L and T Trustee Company Private Limited ·
Peacock Investments Limited ·
Mango Investments Limited ·
Lotus Infrastructure Investments Limited ·
L and T Real Estate India Fund ·
L and T Asset Management Company Limited ·
L and T Realty FZE |
|
|
|
|
Subsidiary
of L and T Realty Limited : |
L and T Asian Realty Project LLP |
|
|
|
|
Wholly
owned Subsidiary of L and T Realty
Limited : |
·
L and T Parel Project LLP ·
Chennai Vision Developers Private Limited ·
L and T Urban Infrastructure Limited |
|
|
|
|
Subsidiary of L
and T Urban Infrastructure Limited # : |
·
L and T South City Projects Limited ·
L and T Vision Ventures Limited ·
L and T Tech Park Limited ·
L and T Bangalore Airport Hotel Limited ·
CSJ Infrastructure Private Limited ·
L and T Arun Excello Commercial Projects Private
Limited ·
L and T Arun Excello IT SEZ Private Limited |
|
|
|
|
Subsidiary of L
and T South City Projects Limited : |
L and T Siruseri Property Developers Limited |
|
|
|
|
Subsidiary of L
and T Infocity Limited # : |
·
L and T Hitech City Limited ·
Hyderabad International Trade Expositions Limited |
|
|
|
|
Wholly
owned Subsidiary of GDA Technologies Inc : |
GDA Technologies Limited |
|
|
|
|
Subsidiary of L
and T Finance Holdings Limited # : |
L and T Finance Limited |
|
|
|
|
Subsidiary of L
and T Finance Limited # : |
·
L and T Investment Management Limited ·
L and T Mutual Fund Trustee Limited |
|
|
|
|
Wholly owned Subsidiary
of L and T Finance Holdings Limited # : |
·
L and T FinCorp Limited (formerly known as India
Infrastructure Developers Limited) ·
L and T Infrastructure Finance Company Limited ·
L and T Infra Investment Partners Advisory
Private Limited ·
L and T Unnati Finance Limited ·
L and T Access Financial Advisory Services
Private Limited |
|
|
|
|
Wholly owned
Subsidiary of L and T Infrastructure Finance Company Limited # : |
L and T Infra Investment Partners Trustee Private Limited |
|
|
|
|
Subsidiary of L
and T Transco Private Limited : |
L and T Chennai – Tada Tollway Limited |
|
|
|
|
Subsidiary of L
and T Infrastructure Development Projects Limited # : |
·
L and T BPP Tollway Limited (formerly known
as BPP Tollway Private Limited) ·
L and T Deccan Tollways Limited ·
L and T Infrastructure Development Projects Lanka
(Private) Limited |
|
|
|
|
Wholly owned
Subsidiary of L and T Transco Private Limited : |
·
Sutrapada SEZ Developers Limited @@ ·
Sutrapada Shipyard Limited @@ ·
L and T Samakhiali Gandhidham Tollway Limited
(formerly known as LandT Samakhiali Gandhidham Tollway Private Limited) |
|
|
|
|
Wholly owned
Subsidiary of L and T Infrastructure Development Projects Limited # : |
·
L and T Panipat Elevated Corridor Limited ·
Narmada Infrastructure Construction Enterprise
Limited ·
L and T KrishnagiriThopur Toll Road Limited ·
L and T Western Andhra Tollways Limited ·
L and T Vadodara Bharuch Tollway Limited ·
L and T Transportation Infrastructure Limited ·
L and T Western India Tollbridge Limited ·
L and T Interstate Road Corridor Limited ·
International Seaports (India) Private Limited ·
L and T Port Kachchigarh Limited ·
L and T Ahmedabad - Maliya Tollway Limited ·
L and T Halol - Shamlaji Tollway Limited ·
L and T Krishnagiri Walajahpet Tollway Limited ·
L and T Devihalli Hassan Tollway Limited ·
L and T Metro Rail (Hyderabad) Limited ·
L and T Transco Private Limited |
|
|
|
|
Wholly owned
Subsidiary of Larsen and Toubro Infotech Limited : |
·
Larsen and Toubro Infotech, GmbH ·
Larsen and Toubro Infotech Canada Limited ·
Larsen and Toubro Infotech LLC ·
LandT Infotech Financial Services Technologies
Inc ·
GDA Technologies Inc. |
|
|
|
|
Subsidiary of
Larsen and Toubro International FZE # : |
·
Larsen and Toubro (Oman) LLC ·
Larsen and Toubro Electromech LLC ·
LandT Modular Fabrication Yard LLC ·
Larsen and Toubro (East Asia) SDN.BHD ## ·
Larsen and Toubro Qatar LLC ## ·
LandT Electricals Saudi Arabia Company Limited,
LLC ·
Larsen and Toubro Kuwait Construction General
Contracting Company, WLL ## ·
Larsen and Toubro Readymix Concrete Industries
LLC ## ·
Larsen and Toubro ATCO Saudia Company LLC ## ·
Larsen and Toubro Heavy Engineering LLC ·
Offshore International FZC**** ·
Larsen and Toubro TandD SA Pty Limited |
|
|
|
|
Wholly
owned Subsidiary of Larsen and Toubro International FZE : |
·
L and T Overseas Projects Nigeria Limited ·
Larsen and Toubro (Qingdao) Rubber Machinery
Company Limited ·
Larsen and Toubro (Jiangsu) Valve Company Limited ·
Larsen and Toubro Saudi Arabia LLC ·
Larsen and Toubro (Wuxi) Electric Company Limited ·
TAMCO Switchgear (Malaysia) SDN. BHD ·
TAMCO Electrical Industries Pty Limited ·
PT TAMCO Indonesia ·
L and T Electrical and Automation FZE ·
Pathways FZE@@@ ·
Larsen and Toubro Consultoria E Projeto Ltda |
|
|
|
|
Wholly owned
Subsidiary of Larsen and Toubro (Qingdao) Rubber Machinery Company
Limited : |
Qingdao Larsen and Toubro Trading Company Limited |
|
|
|
|
Subsidiary*
: |
·
Bhilai Power Supply Company Limited ·
L and T-Sargent and Lundy Limited ·
L and T-Gulf Private Limited ·
L and T - MHI Boilers Private Limited ·
L and T - MHI Turbine Generators Private Limited ·
Raykal Aluminium Company Private Limited ·
L and T Special Steels and Heavy Forgings Private
Limited ·
PNG Tollway Limited ·
Kesun Iron and Steel Company Private Limited ·
L and T Howden Private Limited ·
L and T Sapura Shipping Private Limited ·
L and T Sapura Offshore Private Limited ·
L and T Kobelco Machinery Private Limited ·
L and T Power Limited ·
L and T Cassidian Limited ·
L and T Infocity Limited ·
L and T Finance Holdings Limited ·
L and T Infrastructure Development Projects
Limited |
|
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
AFTER 24.08.2012
Authorized Capital: Rs. 3250.000 Millions
Issued, Subscribed & Paid-up Capital: Rs. 1232.455
Millions
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 |
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 |
31.03.2012 |
|
|
|
Number of shares |
Shareholding % |
|
Life Insurance Corporation of |
110405734 |
18.03 |
|
L and T Employees Welfare Foundation |
74404116 |
12.15 |
|
Administrator of
the Specified Undertaking of the Unit Trust of India |
50572216 |
8.26 |
Shares reserved for issue under options outstanding as at the end of the
year on un-issued share capital:
|
Particulars |
31.03.2012 |
|
|
|
Number of shares |
(At face value) |
|
Employee stock options granted and outstanding # |
@ 11428854 |
2.29* |
|
3.5% 5 years
& 1 day US$ denominated foreign currency 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 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
1224.800 |
1217.700 |
|
(b) Reserves & Surplus |
|
251005.400 |
217244.900 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
252230.200 |
218462.600 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
53300.600 |
54254.100 |
|
(b) Deferred tax liabilities (Net) |
|
1330.100 |
2634.700 |
|
(c) Other long
term liabilities |
|
3760.200 |
324.100 |
|
(d) long-term
provisions |
|
2750.500 |
2420.800 |
|
Total Non-current
Liabilities (3) |
|
61141.400 |
59633.700 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
29367.200 |
9061.700 |
|
(b) Current maturities of long term borrowings |
|
16289.900 |
8295.300 |
|
(c)
Trade payables |
|
157528.100 |
128534.200 |
|
(d)
Other current liabilities |
|
139252.400 |
127091.500 |
|
(e) Short-term
provisions |
|
21120.400 |
20021.000 |
|
Total Current Liabilities
(4) |
|
363558.000 |
293003.700 |
|
|
|
|
|
|
TOTAL |
|
676929.600 |
571100.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
75280.000 |
65690.600 |
|
(ii)
Intangible Assets |
|
769.800 |
751.300 |
|
(iii)
Capital work-in-progress |
|
6975.300 |
7482.000 |
|
(iv) Intangible assets under development |
|
611.500 |
231.400 |
|
(b) Non-current
Investments |
|
90847.100 |
74008.400 |
|
(c) Deferred tax
assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term
Loan and Advances |
|
40428.000 |
33170.600 |
|
(e) Cash and bank balances |
|
1271.400 |
8.000 |
|
Total Non-Current
Assets |
|
216183.100 |
181342.300 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
67871.900 |
72839.800 |
|
(b)
Inventories |
|
17766.200 |
15771.500 |
|
(c)
Trade receivables |
|
187298.400 |
124276.100 |
|
(d) Cash
and cash equivalents |
|
17781.200 |
17295.500 |
|
(e)
Short-term loans and advances |
|
50852.400 |
49082.300 |
|
(f)
Other current assets |
|
119176.400 |
110492.500 |
|
Total
Current Assets |
|
460746.500 |
389757.700 |
|
|
|
|
|
|
TOTAL |
|
676929.600 |
571100.000 |
|
SOURCES OF
FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1204.400 |
|
|
2] Share Application Money |
|
|
250.900 |
|
|
3] Reserves & Surplus |
|
|
178822.200 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
180277.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
9557.300 |
|
|
2] Unsecured Loans |
|
|
58451.000 |
|
|
TOTAL BORROWING |
|
|
68008.300 |
|
|
DEFERRED TAX LIABILITIES |
|
|
3892.700 |
|
|
Employee Stock options Outstanding |
|
|
2838.900 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
255017.400 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
55081.000 |
|
|
Capital work-in-progress |
|
|
8576.600 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
137053.500 |
|
|
DEFERREX TAX ASSETS |
|
|
3118.800 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
14153.700
|
|
|
Sundry Debtors |
|
|
111583.500
|
|
|
Cash & Bank Balances |
|
|
14318.700
|
|
|
Other Current Assets |
|
|
63532.200
|
|
|
Loans & Advances |
|
|
60364.500
|
|
Total
Current Assets |
|
|
263952.600 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
95852.100
|
|
|
Other Current Liabilities |
|
|
95052.600
|
|
|
Provisions |
|
|
21860.400
|
|
Total
Current Liabilities |
|
|
212765.100 |
|
|
Net Current Assets |
|
|
51187.500 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
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 |
321221.600 |
|
|
|
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 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
|
Sales Turnover |
119553.500 |
131952.300 |
154293.600 |
202938.300 |
|
Total Expenditure |
108683.600 |
117898.500 |
139544.300 |
178429.700 |
|
PBIDT (Excl OI) |
10869.900 |
14053.800 |
14749.300 |
24508.600 |
|
Other Income |
6058.400 |
3293.900 |
5301.800 |
3743.800 |
|
Operating Profit |
16928.300 |
17347.700 |
20051.100 |
28252.400 |
|
Interest |
2284.100 |
2350.200 |
2379.800 |
2809.900 |
|
Exceptional Items |
(383.400) |
2142.900 |
00 |
.0 |
|
PBDT |
14260.800 |
1710.400 |
17671.300 |
25442.500 |
|
Depreciation |
1919.400 |
2039.600 |
2003.500 |
2222.100 |
|
Profit Before Tax |
12341.400 |
15100.800 |
15667.800 |
23220.400 |
|
Tax |
3704.900 |
4256.600 |
4450.300 |
5528.200 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
8636.500 |
10844.200 |
11217.500 |
17692.200 |
|
Extraordinary Items |
0.000 |
528.900 |
0.000 |
187.200 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
8636.500 |
11373.100 |
11217.500 |
17879.400 |
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} |
(%) |
10.93
|
12.08 |
18.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.27 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.33
|
0.29 |
0.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27
|
1.33 |
1.24 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
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 |
Yes |
|
31] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
32] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
HIGH COURT OF GUJARAT
|
CIVIL
APPLICATION No. 21 of 2013 In TAX APPEAL/
42/ 2013 ( PENDING ) |
|
Status : PENDING |
|
CCIN No :
001073201300021 |
|
|
|||
|
|
||
|
|
||
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
|
1 |
COMMISSIONER |
MR YN RAVANI for: Applicant(s) |
|
S.NO. |
Name of the Respondant |
Advocate On Record |
|
1 |
LARSEN AND TOUBRO LIMITED |
|
|
|
|||
|
Presented On |
: 29/12/2012 |
Registered On |
: 10/01/2013 |
|
Bench Category |
: DIVISION BENCH |
District |
: VADODARA |
|
Case Originated From |
: THROUGH ADVOCATE |
Listed |
: 5 times |
|
Stage Name |
ADJOURNED MATTERS |
||
|
Classification |
DB - CIVIL APPLICATION - CODE OF CIVIL
PROCEDURE, 1908 - STAY / INTERIM RELIEF - IN SPECIAL CIVIL APPLICATION |
|
Act |
CENTRAL EXCISES AND SALT ACT, 1944 |
Office
Details
|
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
|
1 |
29/12/2012 |
MEMO OF APPEAL/PETITION/SUIT |
MR YN RAVANI ADVOCATE |
20 |
MR YN RAVANI:1 |
Court
Proceedings
|
|||||
|
S. No. |
Notified Date |
Court Code |
Board Sr. No. |
Stage |
Action |
Coram |
|
1 |
17/01/2013 |
7 |
27 |
OFFICE OBJECTION REMOVED |
NEXT DATE |
·
HONOURABLE MR.JUSTICE AKIL KURESHI ·
HONOURABLE MS JUSTICE SONIA GOKANI |
|
2 |
10/04/2013 |
7 |
73 |
ADJOURNED MATTERS |
NEXT DATE |
·
HONOURABLE MR.JUSTICE AKIL KURESHI ·
HONOURABLE MS JUSTICE SONIA GOKANI |
|
3 |
01/05/2013 |
7 |
44 |
ADJOURNED MATTERS |
NEXT DATE |
·
HONOURABLE MR.JUSTICE AKIL KURESHI ·
HONOURABLE MS JUSTICE SONIA GOKANI |
|
4 |
19/06/2013 |
7 |
25 |
ADJOURNED MATTERS |
NEXT DATE |
·
HONOURABLE MR.JUSTICE M.R. SHAH ·
HONOURABLE MS JUSTICE SONIA GOKANI |
|
5 |
24/07/2013 |
7 |
25 |
ADJOURNED MATTERS |
undefined |
·
HONOURABLE MR.JUSTICE M.R. SHAH ·
HONOURABLE MS JUSTICE SONIA GOKANI |
UNSECURED DETAILS:
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. in
millions) |
|
|
LONG-TERM
BORROWINGS |
|
|
|
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 |
|
SHORT TERM
BORROWINGS |
|
|
|
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 |
|
CURRENT MATURITIES
OF LONG-TERM BORROWINGS |
|
|
|
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.
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
single point 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 L and T’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 hydro
treating 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. L and T’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).
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
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.
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.
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.
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 water intake,
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.
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 Middle East markets
predominantly has seen very favourable prospects in Desalination and Reuse in
Oman and KSA. Industries in these countries are going for Reuse projects to
meet water demand. The BU is building up on its technology tie-ups, which is
seen to be the main differentiator among the competitors.
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.
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 custom designed,
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
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 value added 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 (C
and A).
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
Construction 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 L and T. It has
manufacturing facilities at Powai and Ankleshwar. The principal products and
services comprise Maintenance and Repair (M and R) 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,
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 (ER and D) 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.
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.
AUDITED FINANCIAL
RESULT FOR YEAR ENDED MARCH 31, 2013
(Rs. In Millions)
|
|
Particulars |
3 months ended |
Year ended |
||
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|||
|
1 |
Gross Sales / Revenue from operations |
204845.100 |
155809.900 |
614708.600 |
|
|
|
Less: Excise duty |
1906.800 |
1516.300 |
5976.000 |
|
|
|
|
202938.300 |
154293.600 |
608732.600 |
|
|
2 |
Expenses: |
|
|
|
|
|
a) |
i) Consumption of raw materials,
components, and stores, spares & tools |
34489.800 |
28203.600 |
131803.900 |
|
|
|
ii) Sub-contracting charges |
48365.400 |
41383.800 |
144720.600 |
|
|
|
iii) Construction materials consumed |
50436.300 |
41583.900 |
145811.200 |
|
|
|
iv) Purchases of stock-in-trade |
6078.600 |
5165.800 |
20632.300 |
|
|
|
v) Changes in inventories of finished
goods, work-in-progress and stock-in-trade |
8220.600 |
(5129.200) |
(11320.300) |
|
|
|
vi) Other manufacturing, construction and
operating expenses |
14401.900 |
13159.800 |
47876.300 |
|
|
b) |
Employee benefits expense |
11343.900 |
10485.200 |
44363.200 |
|
|
c) |
Sales, administration and other expenses |
5093.200 |
4691.400 |
20774.800 |
|
|
d) |
Depreciation, amortisation and obsolescence |
2222.100 |
2003.500 |
8184.700 |
|
|
|
Total |
180651.800 |
141547.800 |
552846.700 |
|
|
|
|
|
|
|
|
|
3 |
Profit from operations before other income,
finance costs and exceptional items (1-2) |
22286.500 |
12745.800 |
55885.900 |
|
|
4 |
Other income |
3743.800 |
5301.800 |
18509.000 |
|
|
5 |
Profit from ordinary activities before
finance costs and exceptional items (3+4) |
26030.300 |
18047.600 |
74394.900 |
|
|
6 |
Finance costs |
2809.900 |
2379.800 |
9824.000 |
|
|
7 |
Profit from ordinary activities after
finance costs but before exceptional items (5-6) |
23220.400 |
15667.800 |
64570.900 |
|
|
8 |
Exceptional items |
- |
- |
1759.500 |
|
|
9 |
Profit from ordinary activities before tax
(7+8) |
23220.400 |
15667.800 |
66330.400 |
|
|
10 |
Provision for taxes: |
|
|
|
|
|
a) |
Provision for current tax |
4801.700 |
3789.200 |
16582.100 |
|
|
b) |
Provision for deferred tax |
726.500 |
661.100 |
1357.900 |
|
|
|
Total provision for taxes |
5528.200 |
4450.300 |
17940.000 |
|
|
|
|
|
|
|
|
|
11 |
Net profit after tax from ordinary
activities (9-10) |
17692.200 |
11217.500 |
48390.400 |
|
|
12 |
Extraordinary items |
187.200 |
- |
716.100 |
|
|
13 |
Net profit after tax for the period (11+12) |
17879.400 |
11217.500 |
49106.500 |
|
|
|
|
|
|
|
|
|
14 |
Paid-up equity share capital (face value of
share: Rs. 2 each) |
|
|
1230.800 |
|
|
15 |
Reserves excluding revaluation reserve |
|
|
289994.500 |
|
|
|
Earnings per share (Not annualised): |
|
|
|
|
|
16 |
Basic EPS before extraordinary items (Rs.) |
28.75 |
18.26 |
78.82 |
|
|
17 |
Diluted EPS before extraordinary items
(Rs.) |
28.56 |
18.11 |
78.18 |
|
|
18 |
Basic EPS after extraordinary items (Rs.) |
29.06 |
18.26 |
79.99 |
|
|
19 |
Diluted EPS after extraordinary items (Rs.) |
28.86 |
18.11 |
79.33 |
|
|
|
Debt
service coverage ratio (DSCR) [no. of times]* |
|
|
2.27 |
|
|
|
Interest
service coverage ratio (ISCR) [no. of times]** |
|
|
7.57 |
|
|
|
Profit after tax from normal operations
(i.e. Excluding exceptional and extraordinary items) |
17692.200 |
11217.500 |
46952.800 |
|
SELECT INFORMATION FOR THE QUARTER AND YEAR
ENDED MARCH 31, 2013
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public shareholding: |
|
|
|
|
2 |
- Number
of shares ('000s) - Percentage
of shareholding Promoters and promoter group shareholding
[refer note (ii) ] |
|
|
593337 96.42% Nil |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS [Nos.] |
3 months ended March 31, 2013 |
|
|
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 33 33 Nil |
Notes:
1.
Exceptional
items in standalone financial for the year ended March 31, 2013 represent
compensation to employees pursuant to Voluntary Retirement Scheme and gain on
divestment of stake in a subsidiary company. Exceptional items in consolidated
financials additionally include net gain on divestment of stake in subsidiary
& associate companies, net of loss on impairment of group's share in net
worth of a subsidiary. It also includes gain on sale of shares held as equity
investment by a subsidiary.
2.
Extraordinary
items for the year ended March 31, 2013 in the standalone and consolidated
financials represent gain on sale of Medical Equipment business and reversal of
provision made in earlier years on Company's investment in the equity shares of
Satyam Computer Services Limited (SCSL).
3.
During
the quarter and year ended March 31, 2013, the Company has revised its
accounting policy of amortisation of goodwill on consolidation for more
appropriate presentation of financial statements. Accordingly, the goodwill on
consolidation will be subjected to impairment test and will not be amortised.
Consequently, the accumulated amortisation of goodwill till December 31, 2012
has been credited to the Consolidated Financials. Had the Company continued to
follow the accounting policy of amortisation of goodwill the profit for the
year in the Consolidated Financials would have been lower by Rs. 5257.200
Millions (including write back of Rs. 3520.400 Millions being accumulated
amortisation in respect of earlier years).
4.
The
Board of Directors has recommended a dividend of Rs. 18.50 per equity share of
face value of Rs. 2 each.
5.
The
Board of Directors has recommended for the approval of shareholders, the issue
of bonus equity shares in the ratio of 1:2 [one bonus equity share of Rs. 2
each for every two equity shares of Rs. 2 each held].
6.
The
Company, during the quarter ended March 31, 2013, has allotted 462,078 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.
7. Statement
of assets and liabilities as per clause 41 (v) (h) of the listing agreement:
|
|
Standalone |
|
Particulars |
31.03.2013 |
|
|
|
|
EQUITY AND LIABILITIES |
|
|
Shareholders' funds: |
|
|
(a)
Share capital |
1230.800 |
|
(b) Reserves
and surplus (including revaluation reserve) |
290196.400 |
|
Sub-total - Shareholders' funds |
291427.200 |
|
Minority
interest |
|
|
Non-current liabilities |
|
|
(a)
Long-term borrowings |
72710.300 |
|
(b)
Deferred tax liabilities (net) |
2422.200 |
|
(c)
Other long term liabilities |
5020.300 |
|
(d)
Long-term provisions |
2859.200 |
|
Sub-total - Non-current liabilities |
83012.000 |
|
Current liabilities |
|
|
(a)
Short-term borrowings |
7345.300 |
|
(b)
Current maturities of long term borrowings |
8286.500 |
|
(c)
Trade payables |
167306.500 |
|
(d)
Other current liabilities |
143526.500 |
|
(e)
Short-term provisions |
20838.100 |
|
Sub-total - Current liabilities |
347302.900 |
|
TOTAL EQUITY AND LIABILITIES |
721742.100 |
|
ASSETS |
|
|
Non-current assets |
|
|
(a)
Fixed Assets |
89019.800 |
|
(b)
Goodwill on consolidation |
|
|
(c)
Non-current investments |
105227.000 |
|
(d)
Deferred tax assets (net) |
|
|
(e)
Long-term loans and advances |
36641.700 |
|
(f)
Other non-current assets |
823.200 |
|
Sub-total - Non-current assets |
231711.700 |
|
Current assets |
|
|
(a)
Current investments |
55806.900 |
|
(b)
Inventories |
20641.800 |
|
(c)
Trade receivables |
226130.100 |
|
(d) Cash
and bank balances |
14556.600 |
|
(e) Short-term
loans and advances |
54988.400 |
|
(f)
Other current assets |
117906.600 |
|
Sub-total - Current assets |
490030.400 |
|
TOTAL ASSETS |
721742.100 |
8.
The
figures for the quarter ended March 31, 2013 and March 31, 2012 are the
balancing figures between audited figures in respect of the full financial year
and the year-to-date published figures upto the quarter ended December 31, 2012
and December 31, 2011 respectively.
9.
The
promoters and promoter group shareholding is Nil and accordingly the
information on shares pledged/encumbered is not applicable.
10. Two of the subsidiaries of the Company viz. L&T
Special Steels and Heavy Forgings Limited and L&T Shipbuilding Limited
commenced commercial operations during the year ended March 31, 2013.
11. Figures for the previous periods have been
re-grouped/re-classified to conform to the figures of the current periods.
12. The above results have been reviewed by the Audit
Committee and approved by the Board of Directors at its meeting held on May 22,
2013.
SEGMENT-WISE REVENUE, RESULT AND CAPITAL EMPLOYED IN
TERMS OF CLAUSE 41 OF THE LISTING AGREEMENT:
(Rs. In Millions)
|
Particulars |
3 months ended |
Year ended |
|
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
||
|
Gross segment revenue |
|
|||
|
1
Engineering and Construction |
183922.500 |
138818.000 |
545009.700 |
|
|
2
Electrical and Electronics |
11168.600 |
8864.900 |
36439.500 |
|
|
3
Machinery and Industrial Products |
7445.100 |
5932.200 |
23951.900 |
|
|
4 Others |
3805.500 |
3382.800 |
14138.500 |
|
|
Total |
206341.700 |
156997.900 |
619539.600 |
|
|
|
|
|
|
|
|
Less: Inter-segment revenue |
1496.600 |
1188.000 |
4831.000 |
|
|
Net
Segment Revenue |
204845.100 |
155809.900 |
614708.600 |
|
|
|
|
|
|
|
|
Segment result (Profit before interest and
tax) |
|
|
|
|
|
1
Engineering and Construction |
20653.400 |
12801.800 |
55981.700 |
|
|
2
Electrical and Electronics |
1458.900 |
987.300 |
3580.000 |
|
|
3 Machinery
and Industrial Products |
1048.800 |
1607.300 |
4033.500 |
|
|
4 Others |
1051.200 |
1451.000 |
4226.200 |
|
|
Total |
24212.300 |
16847.400 |
67821.400 |
|
|
|
|
|
|
|
|
Less: Inter-segment margins on capital jobs |
61.700 |
26.500 |
175.200 |
|
|
Less: Interest expenses |
2809.900 |
2379.800 |
9824.000 |
|
|
Add: Unallocable
corporate income net of expenditure |
1879.700 |
1226.700 |
8508.200 |
|
|
|
|
|
|
|
|
Profit before tax |
23220.400 |
15667.800 |
66330.400 |
|
|
|
|
|
|
|
|
Capital Employed |
|
|
|
|
|
(Segment assets less segment liabilities) |
|
|
|
|
|
1
Engineering and Construction |
|
149713.800 |
|
|
|
2
Electrical and Electronics |
12810.900 |
|
||
|
3
Machinery and Industrial Products |
5960.100 |
|
||
|
4 Others |
8502.000 |
|
||
|
Total capital employed in segments |
176986.800 |
|
||
|
Unallocable corporate assets less corporate liabilities |
205204.700 |
|
||
|
Total capital employed |
382191.500 |
|
||
Notes:
1.
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 year ended March 31,
2013. The figures pertaining to the corresponding previous periods have been
regrouped and restated for proper comparison.
2.
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 (upto the date of sale). Machinery and Industrial Products in standalone
financials 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. Machinery
and Industrial Products in consolidated financials also includes manufacture and sale
of plastic processing machinery (upto the date of sale of stake), manufacture
and sale of undercarriage assemblies, manufacture and sale of welding and
cutting equipments. IT
and Technology Services comprises information technology and integrated engineering
services. Financial Services comprises retail and corporate
finance, housing finance, infrastructure finance, general insurance, asset
management of mutual fund schemes and related advisory services. Developmental Projects comprises development, operation and
maintenance of basic infrastructure projects, toll collection, development of
urban infrastructure, power development development and operation of port facilities
and providing related advisory services. Others
in standalone financials include property development and integrated engineering
services. Others in consolidated
financials also
include ready-mix concrete, mining and aviation but do not include property
development and integrated engineering services, which are classified under
Developmental Projects and Technology Services respectively.
3.
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.
4.
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.
CONTINGENT LIABILITIES
|
|
31.03.2012 (Rs. in
Millions) |
|
(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 |
|
Notes: 1. The Company does not expect any reimbursements in respect of the above contingent liabilities. 2. It is not practicable to estimate the timing of cash outflows, if any, in respect of matters at (a) to (d) above pending resolution of the arbitration/appellate proceedings. 3. In respect of matters at (e), the cash outflows, if any, could generally occur up to eight years, being the period over which the validity of the guarantees extends except in a few cases where the cash outflows, if any, could occur any time during the subsistence of the borrowing to which the guarantees relate. |
|
PRESS RELEASES
AMONG GROUP COS, L AND T FIN MAY APPLY FOR BANK
LICENSE: CMD
Jun 20, 2013
Among group companies, L AND T Finance
Holdings is most likely to apply for banking license, CMD YM
Deosthalee today clarified to CNBC-TV18.
After the recent clarification issued by Reserve Bank of India on new banking
license norms, many market participants believe that instead of L AND T
Finance, holding company Larsen and Toubro would have to apply for the banking
license.
"I don't believe that any mergers or demergers are required, so
that is not envisaged. It is not possible for me to comment on which entity is
going to apply, but it is suffice to say L AND T group is going to apply,"
Deosthalee said.
Most experts believe that companies like L&T, which are applying for
bank license will face challenges in meeting RBI’s requirements on statutory
liquidity ratio (SLR), cash reserve ratio (CRR) and non-performing loans.
Addressing these challenges, Deosthalee said that the group's business
plan had already assumed that there will not be any forbearance for such
requirements. "I hope we should be able to resolve the issues. It is
possible that in the first one or two years there will be some impact on
account of this. But we are not looking at this model for a short period of
time. This is a long-term perpetual business model and one has to look at it
from that perspective," he stressed.
Reacting on the sharp fall seen in rupee today, Deosthalee said that
this was just a knee-jerk reaction and there is no need to panic. "I don't
think that there is any reason for rupee to remain at this particular
level,"
On possibility of rate cuts after such unprecedented fall in rupee,
Deosthalee said that he was hopeful that given the fall in inflation RBI would
cut rates. However wether the banks will pass on that 25-50 bps cut in repo
rate to customers is questionable and would solely depend on liquidity
situation.
L AND T EYEING
DEFENCE ORDERS WORTH UP TO $1.4 BILLION
(Reuters) - Larsen & Toubro Limited
(LART.NS) is competing for defence contracts worth up to 80 billion rupees that
will be awarded in the next few months, M. V. Kotwal, president of the
company's heavy engineering department, said on Monday.
It has bid for four contracts from the Indian coast guard to supply training ships and support vehicles, worth about 40 billion rupees in total. The orders are likely to be finalised in the next six months, Kotwal said.
Larsen & Toubro, India's largest engineering and construction
company, also plans to bid for two landing platform docks, worth 10 billion to
20 billion rupees each, to be awarded by the Indian government.
The government is planning to offer contracts to build four multipurpose
landing platform docks, two of which will be given to private-sector firms. A
request for proposals for the docks will be finalised in the next few months,
Kotwal said.
To foster the growth of Indian defence companies, the government has
rolled out a new procurement programme seen as favouring domestic firms in a
field that has been dominated by state companies and foreign firms, and is
looking to partially remove restrictions on foreign companies investing in
Indian defence-sector firms.
"In the next two years, we can see a clear swing in defence orders
given to Indian companies," Kotwal told reporters.
Larsen & Toubro has already won a coast guard contract worth more
than 16 billion rupees to supply 54 speed boats, at a cost of 300 million to
340 million rupees each. (Reporting by Kaustubh Kulkarni; Editing by Supriya
Kurane and Edmund Klamann)
L AND T CONSTRUCTION SECURES RS. 67000.000
MILLIONS WESTERN DEDICATED FREIGHT CORRIDOR PROJECT
Mumbai, June 10, 2013: The Railways Strategic Business Unit of L and T Construction’s Transportation Infrastructure Business has won a major order worth Rs.66995.000 Millions from the Dedicated Freight Corridor Corporation of India Limited. (DFCCIL). This prestigious order has been secured by a consortium of Larsen and Toubro Limited and Sojitz Corp., Japan. The EPC order involves construction of 626 km of a double track corridor from Rewari in Haryana to Iqbalgarh in Gujarat, via Rajasthan, spanning three states. This is the country’s largest project awarded so far in rail sector and the first of its kind in India.
DFCCIL is a special purpose vehicle of the Indian Railways, mandated to build dedicated freight corridors. This project will be funded by Japan International Cooperation Agency (JICA) and is part of the 1,490 km western corridor proposed between Dadri (near Delhi) and Jawaharlal Nehru Port Trust (near Mumbai).
The track will be designed for 25 MT axle load to run double stack containers dedicated for freight. Around 1.5 lacs MT of rails will be imported from Japan for this project. The scope of work includes construction of 1400 track km of railway line, 50 major and 1250 minor bridges, 20 stations along with supply of all associated equipment.
The project has been planned to be executed using completely mechanized means of track linking using the latest technology in railway construction. The project is expected to be completed in four years.
The successful award of this Design and Build contract by DFCCIL will pave way for finalization of other DFCC packages which are in various stages of the bidding process.
L AND T
CONSTRUCTION WINS ORDERS VALUED RS. 20020.000 MILLIONS
Mumbai, June 6, 2013: L and T Construction has won new orders worth Rs.20020.000 Millions across various business segments in May and June 2013.
The Building and Factories Business has bagged orders worth `5280.000 Millions for construction of office buildings at Bangalore and Ahmedabad from esteemed customers.
The Water and Renewable Energy Business has secured orders worth Rs.8060.000 Millions, of which Rs.7000.000 Millions is for the turnkey EPC of a solar photovoltaic power plant in Tamil Nadu.
In the Transportation Infrastructure Business, the Company bagged orders worth `4510.000 Millions. Orders secured are for design, detail engineering, testing and commissioning of 25 kV AC traction, 33 kV auxiliary sub stations, associated cabling and SCADA systems for underground corridor of line-8 of the Delhi Mass Rapid Transport System (MRTS) Project - Phase 3 for Delhi Metro Rail Corporation Limited.
In the Power Transmission and Distribution Business new orders worth Rs.2170.000 Millions have been received. The orders secured are from Delhi Metro Rail Corporation Limited for supply, installation, testing and commissioning of E and M fire detection and fire suppression system of elevated stations of Delhi MRTS Project - Phase 3. Another order was from the West Bengal State Electricity Transmission Company Limited for supply and erection of two 132 kV D/C transmission line and substation at West Bengal.
L AND T GETS RS
15040.000 MILLIONS ORDERS IN FEBRUARY
February 28, 2013
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 and 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.
L AND T APPROACHES GOVT TO SURRENDER SEZ
March 08, 2013
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 and 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 and T Chennai Projects Private Limited, 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.
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.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its
beneficial owners, controlling shareholders or senior officers as terrorist or
terrorist organization or whom notice had been received that all financial
transactions involving their assets have been blocked or convicted, found
guilty or against whom a judgement or order had been entered in a proceedings
for violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the
property or assets of the subject are derived from criminal conduct or a
prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No
record exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our
market survey revealed that the amount of compensation sought by the subject is
fair and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.10 |
|
|
1 |
Rs. 91.07 |
|
Euro |
1 |
Rs. 77.95 |
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 |
YES |
|
--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.