MIRA
INFORM REPORT
|
Report Date : |
15.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
LARSEN AND TOUBRO INFOTECH LIMITED (w.e.f.31.03.2002) |
|
|
|
|
Formerly Known
As : |
L AND T INFORMATION TECHNOLOGY LIMITED |
|
|
|
|
Registered Office
: |
L and T House, Ballard Estate, Mumbai – 400001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
23.12.1996 |
|
|
|
|
Com. Reg. No.: |
11-104693 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.161.250
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH1996PLC104693 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML04432B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL1681P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is mainly engaged in the business of Software
Development. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 49000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a wholly owned subsidiary of L and T Limited. It is a well established and reputed company having a good track
record. The financial position of the company appears to be strong.
Performance capability is high. Liquidity position is good. The company gets strong financial support from its group companies.
The promoters appear to be experience businessman. Trade relations are
reported to be fair. Business is active. Payments are reported to be regular
and as per commitments. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another megatrend happening. The World order is changing as
economic power shifts from West to East. According to McKinsey study, it took
Britain more than 100 years to double its economic output per person during its
industrial revolution and the US later took more than 50 years to do the same.
More than a century later, China and India have doubled their GDP per capital
in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s
largest consuming block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA+ (Long Term Rating) |
|
Rating Explanation |
Having high degree of safety and carry very low credit risk. |
|
Date |
27.02.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short Term Rating) |
|
Rating Explanation |
Strong degree of safety and carry lowest credit risk. |
|
Date |
27.02.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (EMPLOYEE PROVIDENT FUND) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non Cooperative. (91-22-67525656)
LOCATIONS
|
Registered Office : |
L and T House, Ballard Estate, Mumbai – 400001, Maharashtra,
India |
|
Tel. No.: |
91-22-67525656 / 67766138 |
|
Fax No.: |
91-22-67525858 / 67525893 / 67768162 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Technologies Centers : |
Located At: ·
Powai, Mumbai ·
Mahape Road, Navi Mumbai ·
Airoli, Navi Mumbai ·
Pune ·
Bengaluru ·
Chennai ·
Mysore ·
Hinjewadi, Pune |
|
|
|
|
Technologies Centre : |
Locate At: ·
Vadodara ·
Mysore |
|
Overseas Office: |
Located At: ·
USA ·
Canada ·
Europe ·
Japan ·
Korea ·
Singapore ·
South Africa ·
Kuwait ·
UAE ·
Saudi Arabia ·
Qatar ·
Oman ·
Australia ·
New Zealand |
DIRECTORS
As on: 23.08.2012
|
Name : |
Mr. Anilkumar Manibhai
Naik |
|
Designation : |
Director |
|
Address : |
High Trees, 54 Pali Hills, Bandra (West), Mumbai – 400050, |
|
Date of Birth/Age : |
09.06.1942 |
|
Date of Appointment : |
23.12.1996 |
|
DIN No.: |
00001514 |
|
|
|
|
Name : |
Mr. Yeshwant Moreshar
Deosthalee |
|
Designation : |
Director |
|
Address : |
Flat No. 1001, Prabhu Kutir,
15, |
|
Date of Birth/Age : |
06.09.1946 |
|
Date of Appointment : |
23.12.1996 |
|
DIN No.: |
00001698 |
|
|
|
|
Name : |
Mr. Vijay Kumar Magapu |
|
Designation : |
Director / Manager |
|
Address : |
Flat No. 402/403, |
|
Date of Birth/Age : |
12.06.1945 |
|
Date of Appointment : |
13.08.2004 |
|
DIN No.: |
00001658 |
|
|
|
|
Name : |
Mr. Samir Thakorbhai
Desai |
|
Designation : |
Director |
|
Address : |
7050, NW 126, Terrace, |
|
Date of Birth/Age : |
26.08.1946 |
|
Qualification: |
MBA, MS in Electrical Engineering, B.S. in Physics and Electrical
Engineering |
|
Date of Appointment : |
27.01.2007 |
|
DIN No.: |
01182256 |
|
|
|
|
Name : |
Mr. Sankaranarayana Rama
Iyer |
|
Designation : |
Director |
|
Address : |
Flat No. 32, Rashmi Swarnakutir,
Premises Co-operative Society, Demonte Park Road, Bandra (West), Mumbai – 400050, Maharashtra,
India |
|
Date of Birth/Age : |
19.08.1939 |
|
Qualification: |
M Tech and Ph.D. from IIT Mumbai |
|
Date of Appointment : |
27.01.2007 |
|
DIN No.: |
00076549 |
|
|
|
|
Name : |
Mr. Mukund Manohar
Chitale |
|
Designation : |
Director |
|
Address : |
4/46, Vishnuprasad Society, Shahaji Raje Marg, Vile Parle (East), Mumbai-400057, Maharashtra, India |
|
Date of Birth/Age : |
16.11.1949 |
|
Date of Appointment : |
17.10.2011 |
|
DIN No.: |
00101004 |
|
|
|
|
Name : |
Mr. Narasimham Rama
Lakshmi Kotikalapudi |
|
Designation : |
Whole Time Director |
|
Address : |
2661, Venetian LN, Elgin IL, 60124, United States of America |
|
Date of Birth/Age : |
25.02.1947 |
|
Date of Appointment : |
31.03.2012 |
|
DIN No.: |
03499884 |
KEY EXECUTIVES
|
Name : |
Mr. Vijay Kumar Magapu |
|
Designation : |
Manager |
|
Address : |
Flat No. 402/403, Verona Hiranandani
Gardens, Powai, Mumbai-400076, Maharashtra,
India |
|
Date of Birth/Age : |
12.06.1945 |
|
Date of Appointment : |
22.02.2011 |
|
Pan No.: |
AABPM4456B |
|
|
|
|
Name : |
Angna Arora |
|
Designation : |
Company Secretary |
|
Address : |
C-703, Sun Flower, Valley of Flowers, Gundecha
Thakur Village, Kandivali
(East), Mumbai-400101, Maharashtra, India |
|
Date of Birth/Age : |
16.09.1979 |
|
Date of Appointment : |
03.08.2011 |
|
Pan No.: |
AIBPA4887E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 23.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Larsen and Toubro Limited, |
|
32249988 |
|
Anilkumar Manibhai Naik Jointly with Larsen and Toubro
Limited, |
|
2 |
|
Yeshwant Moreshwar Deosthalee Jointly with Larsen and Toubro
Limited, |
|
2 |
|
Jagdish Pandurang Nayak Jointly with Larsen and Toubro
Limited, |
|
2 |
|
Ram Nath Mukhija
Jointly with Larsen and Toubro Limited, |
|
2 |
|
Krishnanurthi Venkataramanan Jointly with Larsen and Toubro Limited, |
|
2 |
|
Vijaykumar Magapu Jointly
with Larsen and Toubro Limited, |
|
2 |
|
|
|
|
|
TOTAL
|
|
32250000 |
Equity Share Break up (Percentage of Total Equity)
As on: 23.08.2012
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is mainly engaged in the business of Software Development. |
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Products : |
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GENERAL INFORMATION
|
Customers : |
· Bharat Petroleum · Hitachi · Chevron · Sundcd · Flowserve · Lafarce |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
·
Bank of Baroda, J.P. House, M.V. Road, Saki Naka, Mumbai - 400072, Maharashtra,
India ·
ABN Amro Bank, Sakhar Bhavan, Nariman Point, Mumbai – 400021, Maharashtra,
India |
|||||||||||||||||||||
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|
|||||||||||||||||||||
|
Facilities : |
(Rs. In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial
Institution: |
· BNP Paribas, 20 Collyer Quay, #01-01 Tung Centre, Singapore – 049319 · The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Mumbai - 400001, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Ravindra Annexe, 194, Churchgate Reclamation, Dinshaw
Vachha Road, Mumbai – 400020, Maharashtra,
India |
|
PAN No.: |
AAAFS2967E |
|
|
|
|
Ultimate Holding
company: |
Larsen and Toubro Limited CIN No.: L99999MH1946PLC004768 |
|
|
|
|
Subsidiary company: |
· Larsen and Toubro Infotech Canada Limited · Larsen and Toubro Infotech GmbH · Larsen and Toubro Infotech LLC · GDA Technologies Inc · L and T Infotech Financial · Services Technologies Inc · Larsen and Toubro Infotech South Africa (Proprietary) Limited |
|
|
|
|
Fellow Subsidiary
company : |
· GDA Technologies Limited CIN No.: U72200TZ1997PLC008145 · L and T - MHI Boilers Private Limited CIN No.: U29119MH2006PTC165102 · L and T ATCO Saudi LLC · L and T East Asia · L and T Electricals Saudi Arabia Company Limited, LLC · L and T Finance Limited CIN No.: U65990MH1994PLC083147 · L and T General Insurance Company Limited CIN No.: U66030MH2007PLC177117 · L and T Infrastructure Development Projects Limited CIN No.: U65993TN2001PLC046691 · L and T - Mhi Turbine Generators Private Limited CIN No.: U31101MH2006PTC166541 · L and T Modular Fabrication Yard LLC · L and T Powe R Development Limited CIN No.: U40101MH2007PLC174071 · L and T Power Limited CIN No.: U40100MH2006PLC160413 · L and T Realty Limited CIN No.: U74200MH2007PLC176358 · L and T-SARGENT And LUNDY LIMITED CIN No.: U74210MH1995PLC088099 · L and T-Valdel Engineering Limited CIN No.: U74210KA2004PLC035094 · Larsen and Toubro Electromech LLC · Larsen and Toubro Kuwait Construction General Contracting · Narmada Infrastructure Construction Enterprise Limited CIN No.: U45201TN1997PLC038175 · L and T Infrastructure Finance Company limited CIN No.: U67190TN2006PLC059527 · L and T Construction Equipment Limited CIN No.: U29119MH1997PLC109700 · L and T Cutting Tools Limited CIN No.: U28920MH1952PLC008893 · L and T Infocity Limited CIN No.: U72200AP1997PLC026885 |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32750000 |
Equity Shares |
Rs.5/- each |
Rs.163.750 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32250000 |
Equity Shares |
Rs.5/- each |
Rs.161.250
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
161.250 |
161.250 |
161.250 |
|
(b) Reserves & Surplus |
12184.561 |
10116.056 |
11014.959 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
12345.811 |
10277.306 |
11176.209 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
361.900 |
452.222 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
1256.885 |
2022.189 |
815.660 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
1618.785 |
2474.411 |
815.660 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1703.565 |
2033.365 |
2378.471 |
|
(b) Trade payables |
1899.199 |
1735.109 |
1733.268 |
|
(c) Other current
liabilities |
2469.933 |
1648.876 |
745.397 |
|
(d) Short-term provisions |
1877.116 |
1655.939 |
2155.206 |
|
Total Current Liabilities (4) |
7949.813 |
7073.289 |
7012.342 |
|
|
|
|
|
|
TOTAL |
21914.409 |
19825.006 |
19004.211 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2225.535 |
2170.148 |
1662.756 |
|
(ii) Intangible Assets |
316.138 |
301.469 |
253.845 |
|
(iii) Capital
work-in-progress |
462.058 |
74.327 |
82.837 |
|
(iv)
Intangible assets under development |
321.152 |
210.070 |
113.902 |
|
(b) Non-current Investments |
4019.287 |
4037.277 |
4077.667 |
|
(c) Deferred tax assets (net) |
57.931 |
20.285 |
57.477 |
|
(d) Long-term Loan and Advances |
1931.575 |
1355.385 |
1783.749 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
9333.676 |
8168.961 |
8032.233 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
217.300 |
355.590 |
1030.749 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
7233.994 |
6266.709 |
4661.990 |
|
(d) Cash and cash
equivalents |
1135.875 |
1229.352 |
1312.749 |
|
(e) Short-term loans and
advances |
2979.546 |
2982.734 |
2824.429 |
|
(f) Other current assets |
1014.018 |
821.660 |
1142.061 |
|
Total Current Assets |
12580.733 |
11656.045 |
10971.978 |
|
|
|
|
|
|
TOTAL |
21914.409 |
19825.006 |
19004.211 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
36134.206 |
29595.545 |
22837.412 |
|
|
|
Other Income |
167.352 |
89.988 |
710.091 |
|
|
|
TOTAL (A) |
36301.558 |
29685.533 |
23547.503 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
21085.735 |
17700.804 |
14153.663 |
|
|
|
Other expenses |
7002.757 |
5700.014 |
5020.402 |
|
|
|
TOTAL (B) |
28088.492 |
23400.818 |
19174.065 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8213.066 |
6284.715 |
4373.438 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
197.670 |
358.027 |
92.562 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8015.396 |
5926.688 |
4280.876 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
622.467 |
565.839 |
594.997 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
7392.929 |
5360.849 |
3685.879 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1777.228 |
1313.201 |
556.726 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5615.701 |
4047.648 |
3129.153 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8292.389 |
7705.812 |
6744.171 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
600.000 |
500.000 |
400.000 |
|
|
|
Dividend |
3031.500 |
2547.750 |
1515.750 |
|
|
|
Tax on Dividend |
491.800 |
413.321 |
251.762 |
|
|
BALANCE CARRIED
TO THE B/S |
9784.790 |
8292.389 |
7705.812 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
34037.500 |
27892.500 |
21817.396 |
|
|
|
Other Income |
|
|
2.484 |
|
|
TOTAL EARNINGS |
34037.500 |
27892.500 |
21819.880 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
NA |
35.310 |
|
|
|
Others |
NA |
NA |
39.558 |
|
|
TOTAL IMPORTS |
NA |
NA |
74.868 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
174.13 |
125.51 |
97.03 |
|
|
|
Diluted |
167.06 |
120.42 |
95.91 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
15.50
|
13.63 |
13.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.46
|
18.11 |
16.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
43.35
|
34.62 |
25.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.60
|
0.52 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.17
|
0.24 |
0.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58
|
1.65 |
1.56 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT
MATURITIES OF LONG-TERM DEBT: NOT AVAILABLE
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
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] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs. In Millions)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
SHORT TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
754.275 |
744.125 |
|
Total |
754.275 |
744.125 |
PERFORMANCE OF THE
COMPANY
During the year, with a view to accelerate growth in IT services space, the Company has reorganized its business into three clusters, in form of Services Cluster (comprising Banking, Financial Services and Insurance, Media and Entertainment and Travel and Logistics) and Industrials Cluster comprising all manufacturing sectors, while Telecom relates to Product Engineering Services. The revenue contribution from North America dropped marginally from 67.6% in previous year to 65.3%, while contribution from Europe increased from 15.7% to 17.2%. The contribution from Asia Pacific was unchanged at 6.2% (previous year 6.2%), domestic business contributed 5.8% (previous year 5.9%) and rest of the world contributed 5.5% (previous year 4.6%). During F. Y. 2012-13, the Company grew its revenue by 22.1% and PAT by 38.7%. In terms of Business Segments for F. Y. 2012-13, the contribution from Services was 43.1% (previous year 42.7%), while Industrials was 45.3% (previous year 45.3%) and Telecom 11.6% (previous year 12.0%).
INDUSTRY SCENARIO AND
BUSINESS OUTLOOK
Outlook for FY 14 for IT Services Industry is positive. IT services spending in North America and Europe which was subdued in FY 13 is expected to pick up. IT market in Emerging geographies EMEA and Asia Pacific is also expected to grow at higher rate. These projections augur well for IT Services Industry in general. Technology trends show that Social Media, Mobility, Analytics and Cloud (SMAC) will continue to garner attention across all Verticals. According to Nasscom, IT exports from India are expected to grow at 12-14% during FY 14, faster than the revised 10.9% growth it predicted for FY13. Since the base of the Indian IT sector is now almost twice the size it was five years ago, revenue growth would not be as high as it used to be.
However, the Industry also faces key issues such as increasing protectionist measures by developed economies, exchange rate volatility, etc.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10350500 |
30/03/2012 |
508,750,000.00 |
BNP Paribas |
20 Collyer Quay,, #01-01 Tung Centre, Singapore, |
B37820966 |
|
2 |
10244870 |
13/12/2010 * |
250,000,000.00 |
Bank of Baroda |
J.P. House, M.V. Road, Saki Naka, Mumbai, Maharashtra - 400072, INDIA |
B02679587 |
|
3 |
10240298 |
01/09/2010 |
250,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
A95086781 |
|
4 |
90164528 |
10/12/2008 * |
400,000,000.00 |
ABN Amro Bank N.V. |
74, Sakhar Bhavan, 7th Floor, Nariman Point, Mumbai, Maharashtra - 400021, INDIA |
A53599445 |
|
5 |
90164348 |
27/03/2003 |
100,000,000.00 |
ABN AMRO BANK .V. |
14 VEERNARIMAN POINT, MUMBAI, Maharashtra
- 400023, |
- |
|
6 |
90164342 |
25/04/2010 * |
250,000,000.00 |
Corporation Bank |
Veena Chambers, 21 Dalal Street, Mumbai, Maharashtra - 400026, INDIA |
A85512739 |
|
7 |
90164297 |
19/07/2004 * |
100,000,000.00 |
ABN AMRO NAMLN.V. |
14 VEERNARIMA ROAD, MUMBAI, Maharashtra - 400023, INDIA |
- |
|
8 |
90163952 |
22/06/2009 * |
580,000,000.00 |
The Hongkong and Shanghai Banking Corporation Ltd |
52/60, Mahatma Gandhi Road, Mumbai, Maharashtra - 400001, INDIA |
A65628497 |
* Date of charge modification
FIXED ASSETS:
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Computers
AS PER WEBSITE DETAILS:
PRESS RELEASE:
L AND T INFOTECH OPENS BRUSSELS OFFICE
Brussels, 01 October, 2013: L and T Infotech has opened an office in Brussels, the capital city of Belgium. The Brussels office further extends L and T Infotech's presence in the France-Belux region. It provides a strategic presence for L and T Infotech in the European Union. The office is in the heart of Brussels, a few meters from the Central Station and a stone’s throw from the historical and beautiful 16th century 'Grand Place/Grote Markt'. It is a few minutes' drive from 'Gare du Midi/Zuid Station' – which is the terminal for all trains from the UK, France, Netherlands and Germany. It is also only 20 minutes by train from the airport.
Belgium has some leading companies in pharmaceuticals, hi-tech, retail, chemical, industrial manufacturing and the food and beverage industries. It is also home to the European headquarters of many global organizations, some of which are already L and T Infotech clients.
This office will be a base location for the Belgium-based L and T Infotech team and will also serve as a hub for the entire France/Belux team to support the Belgian market. From this new strategic location, L and T Infotech will provide support for some of its global clients who have a significant presence in Europe. It will also be a launch pad for L and T Infotech to engage with leading Belgium-based companies in multiple target industries. The opening of a Belgian office will bridge L and T Infotech's presence in France and the Netherlands.
L and T Infotech has invested significantly over the last 12 months to enhance its presence close to the clients. The local management team has been strengthened by additions from across the IT Services industry. This has enabled L and T Infotech to provide a local and closer relationship with current and potential new clients in the region. It has also extended L and T Infotech's partner relationship by building local interfaces with some of our largest global partners.
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.61.30 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.83.15 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
69 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.