INFORM
REPORT
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Report Date : |
06.12.2014 |
IDENTIFICATION DETAILS
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Name : |
LARSEN AND TOUBRO LIMITED |
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Registered
Office : |
L and T House,
Ballard Estate, Mumbai – 400001, |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
07.02.1946 |
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Com. Reg. No.: |
11-004768 |
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Capital
Investment / Paid-up Capital : |
Rs.1853.800 Millions |
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CIN No.: [Company Identification
No.] |
L99999MH1946PLC004768 |
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PAN No.: [Permanent Account No.] |
AAACL0140P |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Seller of Electrical and Electronics, Machinery and Industrial Products, and also provide Engineering and Construction Projects. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (81)
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 960000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is one of
Asia’s largest vertically integrated E&C conglomerates, with a strong market
position across segments such as infrastructure, power, metallurgical and
material handling, heavy engineering, electrical and automation, and
machinery and industrial products. It is a
well-established and reputed company having excellent track record. The rating
reflects L&T’s dominant position in the
engineering and construction (E&C) market in India supported by
diversified revenue profile, strong financial base and adequate liquidity
profile of the company. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitment. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation
arrested Manumeethi Cholan
after he accepted Rs 10 lakhs
as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central
Bank of Rs 4360 mn.
Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has
chosen India to pilot its e-commerce business model for the Asia-Pacific
region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real
estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs
7700 mn of loans and sought more time to comply with
the requirements under the listing agreements with the Stock Exchanges.
OnMobile likely to sack another 300 employees. The
lay-offs follow a spate of senior-level exits over the past two years, starting
with of its founder. The overall lay-offs could number around 600 and are
driven by the need to cut costs, says a former employee.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long term rating AAA |
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Rating Explanation |
Highest degree of safety and carry lowest
credit risk. |
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Date |
14.11.2014 |
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Rating Agency Name |
CRISIL |
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Rating |
Short term rating A1+ |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
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Date |
14.11.2014 |
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
31-03-2014.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-22-67050505)
LOCATIONS
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Registered/ Head Office : |
L and T House, Ballard Estate, Mumbai – 400001, Maharashtra, India |
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Tel. No.: |
91-22-22618181/ 22618182/ 22685656/ 67525656 |
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Fax No.: |
91-22-22620223/ 22617480/ 22685893/ 67525858/ 67525893/ 55525858 |
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E-Mail : |
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Website : |
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ECC Division: |
B and FOC, Factories and Residential BU, TCTC Building, 1st Floor, Mount Poonamallee Road, Manapakkam, P.B. No.979, Chennai – 600089, Tamilnadu, India |
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Corporate Office
1: |
C Block, Gate No. 1, L and T Powai Campus, Saki Vihar Road, Powai, Mumbai – 400072, Maharashtra, India |
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Tel. No.: |
91-22-67050505 |
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Fax No.: |
91-22-67051462 |
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E-Mail : |
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Corporate Office
2: |
Kiadb Industrial Area, Hebbal Hootagalli, Mysore – 570018, Andhra Pradesh, India |
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Tel No.: |
91-821-6616161 |
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Fax No.: |
91-821-2402813 |
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Headquarter/ Holck-Larsen Centre/ Engineering Design and Research Centre : |
22 Mount Poonamallee Road, Manapakkam P.B.No.979, Chennai - 600089, Tamilnadu, India |
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Tel No.: |
91-44-22526000 |
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Fax No.: |
91-44-22493317 |
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E mail: |
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Headquarter/ Engineering, Design & Research Centres:
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Kanak Building, 41, Jawaharlal Nehru Road, Kolkata - 700071, West Bengal, India |
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Tel. No.: |
91-33-22882601 |
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Fax No.: |
91-33-22881225 |
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E-Mail : |
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ECC
Division : |
ECC Division, Mial Project Office – North Block II, 6th Floor, Gate No. 1, Powai, Mumbai – 400072, Maharashtra, India |
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Factory 1 : |
TLT Works, Plot No. 158-B, Sector III, Pithampur, District Dhar - 454774, Madhya Pradesh, India |
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Tel. No.: |
91-7292-256317/ 431 |
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Fax No.: |
91-7292-256316 |
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E-Mail : |
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Factory 2 : |
TLT Works, Mailam Road, Sedarapet, Pondicherry 605111, India |
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Tel. No.: |
91-413-2672500 |
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Fax No.: |
91-413-2677727 |
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E-Mail : |
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Factory 3 : |
167, Neervalur Village, Kancheepuram - 631502, Tamilnadu, India |
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Tel. No.: |
91-4112-27248383/ 93/ 94 |
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Fax No.: |
91-4112-27248383/ 290 |
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E-Mail : |
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Factory : |
Also located at : · Faridabad · Kandla · Vadodara · Ankleshwar · Hazira · Jafrabad · Kovayya · Nashik · Pune · Ahmednagar · Ratnagiri · Tadipatri · Bangalore · Mysore · Awarpur · Jharsuguda · Kansbahal · Ranoli (Baroda) · Visakhapatnam · Haldia |
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Regional Offices
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· 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: · New Delhi · Lucknow · Kolkata · Vadodara · Ahmedabad · Arakkonam Pune · Hyderabad · Chennai · Bangalore |
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Overseas Offices : |
Located At: · Japan · Nepal · Sultanate of Oman · Bangladesh · Malaysia · Sweden · Russia · UK · USA · Dubai · Abu Dhabi · Sharjah · Saudi Arabia · Bahrain · Qatar · Oman · Kuwait · Kenya · Bhutan · West Indies · Jordan · Kazakhstan · Sri Lanka |
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Area Offices : |
Located At:
· Ahmedabad · Bangalore · Chandigarh · Chennai · New Delhi · Kolkata · Hyderabad · Pune · Nagpur |
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Branch Offices : |
Powai Switchgear Works, Gate No.07, Saki Vihar Road, Powai, Mumbai – 400072, Maharashtra,
India Located At : · Jaipur · Guwahati · Bhopal · Vadodara · Lucknow · Jamshedpur · Guwahati · Bhubaneswar · Vishakhapatnam · Coimbatore · Kochi |
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Engineering / Marketing
Office : |
12/4, Delhi Mathura Road, Near Sarai Khawaja Chowk, Faridabad – 121003, Haryana, India |
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Tel No.: |
91-129-4291000/ 4291651/ 4291766 |
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Fax No.: |
91-129-4291222 |
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Email: |
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Foundry Division
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Chettipalayam Palladam Road, Orthukuppai
Village Casting Manufacturing Division, Coimbatore
– 641201, Tamilnadu, India |
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Tel No.: |
91-44-2588514 |
DIRECTORS
As on 31.03.2014
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Name : |
Mr. A. M. Naik |
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Designation : |
Group Executive Chairman |
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Name : |
Mr. K. Venkataramanan |
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Designation : |
Chief Executive Officer and Managing
Director |
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Name : |
Mr. M. V. Kotwal |
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Designation : |
Whole-time Director & President (Heavy Engineering) |
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Name : |
Mr. S. N. Subrahmanyan |
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Designation : |
Whole-time Director and Senior Executive Vice President
(Infrastructure and Construction) |
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Name : |
Mr. R. Shankar Raman |
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Designation : |
Whole-time Director and Chief Financial
Officer |
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Name : |
Mr. Shailendra Roy |
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Designation : |
Whole-time Director & Senior Executive Vice President (Power, Minerals & Metals) |
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Name : |
Mr. S. Rajgopal |
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Designation : |
Independent Director |
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Name : |
Mr. S. N. Talwar |
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Designation : |
Independent Director |
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Name : |
Mr. M. M. Chitale |
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Designation : |
Independent Director |
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Name : |
Mr. Subodh Bhargava |
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Designation : |
Independent Director |
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Name : |
Mr. A. K. Jain |
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Designation : |
Nominee – SUUTI |
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Name : |
Mr. M. Damodaran |
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Designation : |
Independent Director |
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Name : |
Mr. Vikram Singh Sarker |
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Designation : |
Independent Director |
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Name : |
Mr. Sushobhan Sarker |
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Designation : |
Nominee of LIC |
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Name : |
Mr. Adil zainulbhai |
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Designation : |
Independent Director |
KEY EXECUTIVES
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Name : |
Mr. N.
Hariharan |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
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Category of
Shareholder |
Total
No. of Shares |
%
of Total No. of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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(B) Public Shareholding |
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127702866 |
14.07 |
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159137972 |
17.54 |
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338690 |
0.04 |
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44128905 |
4.86 |
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174723437 |
19.26 |
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506031870 |
55.77 |
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76863764 |
8.47 |
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187280696 |
20.64 |
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14305962 |
1.58 |
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99 |
0.00 |
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122909211 |
13.55 |
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385608 |
0.04 |
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7897090 |
0.87 |
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111606174 |
12.30 |
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3016907 |
0.33 |
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3432 |
0.00 |
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401359732 |
44.23 |
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Total Public shareholding (B) |
907391602 |
100.00 |
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Total (A)+(B) |
907391602 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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0 |
0.00 |
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20841049 |
0.00 |
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20841049 |
0.00 |
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Total (A)+(B)+(C) |
928232651 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Seller of Electrical and Electronics, Machinery and Industrial Products, and also provide Engineering and Construction Projects. |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
¨
State
Bank of India ¨
Bank
of India ¨
Central
Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sharp and Tannan Chartered Accountants |
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Solicitors: |
Manilal Kher Ambalal and Company |
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Related Parties : |
1 L&T Cutting Tools Limited (formerly
known as Tractor Engineers Limited) -
Wholly owned Subsidiary 2 Bhilai Power
Supply Company Limited - Subsidiary* 3 L&T-Sargent
& Lundy Limited - Subsidiary* 4 Spectrum Infotech
Private Limited - Wholly owned Subsidiary 5 L&T-Valdel
Engineering Limited - Wholly owned
Subsidiary 6 L&T Shipbuilding Limited - Subsidiary* 7 L&T Electricals
and Automation Limited - Wholly owned Subsidiary 8 Hi Tech Rock Products & Aggregates
Limited - Wholly owned Subsidiary 9 L&T Seawoods
Private Limited - Wholly owned Subsidiary 10 L&T-Gulf Private Limited -
Subsidiary* 11 L&T-MHI Boilers Private Limited -
Subsidiary* 12 L&T-MHI Turbine Generators Private
Limited - Subsidiary* 13 Raykal Aluminium Company Private Limited - Subsidiary* 14 L&T Natural Resources Limited -
Wholly owned Subsidiary 15 L&T Hydrocarbon Engineering Limited
(formerly known as L&T Technologies Limited) - Wholly owned Subsidiary 16 L&T Special Steels and Heavy
Forgings Private Limited - Subsidiary* 17 PNG Tollway
Limited - Subsidiary** 18 L&T Rajkot
- Vadinar Tollway Limited
- Subsidiary of L&T Infrastructure Development Projects Limited # 19 Kesun Iron
& Steel Company Private Limited - Subsidiary* 20 L&T Howden
Private Limited - Subsidiary* 21 L&T Solar Limited Wholly owned -
Subsidiary 22 L&T Sapura
Shipping Private Limited - Subsidiary* 23 L&T Sapura
Offshore Private Limited - Subsidiary* 24 L&T Powergen
Limited - Wholly owned Subsidiary 25 Ewac Alloys
Limited - Wholly owned Subsidiary 26 L&T Kobelco
Machinery Private Limited - Subsidiary* 27 L&T Realty Limited - Wholly owned
Subsidiary 28 L&T Asian Realty Project LLP -
Subsidiary of L&T Realty Limited # 29 L&T Parel
Project LLP - Subsidiary of L&T Realty Limited 30 Chennai Vision Developers Private
Limited - Wholly owned Subsidiary of L&T Realty Limited 31 L&T Urban Infrastructure Limited
^^^ - Wholly owned subsidiary 32 L&T South City Projects Limited -
Subsidiary of L&T Realty Limited# 33 L&T Siruseri
Property Developers Limited@@@ - Wholly owned Subsidiary of L&T South
City Projects Limited # 34 L&T Vision Ventures Limited -
Subsidiary of L&T Realty Limited # 35 L&T Tech Park Limited - Subsidiary
of L&T Realty Limited # 36 L&T Bangalore Airport Hotel
Limited@ - Subsidiary of L&T Realty Limited # 37 CSJ Infrastructure Private Limited -
Subsidiary of L&T Realty Limited # 38 L&T Chennai Projects Private Limited
@@ - Subsidiary of L&T Realty Limited # 39 L&T Power Limited - Subsidiary* 40 L&T Cassidian
Limited - Subsidiary* 41 L&T General Insurance Company
Limited - Wholly owned Subsidiary 42 L&T Aviation Services Private
Limited - Wholly owned Subsidiary 43 L&T Infocity
Limited - Subsidiary* 44 L&T Hitech
City Limited - Subsidiary of L&T Infocity
Limited # 45 Hyderabad International Trade
Expositions Limited - Subsidiary of L&T Infocity
Limited # 46 Larsen & Toubro
Infotech Limited - Wholly owned Subsidiary 47 GDA Technologies Limited - Wholly owned
Subsidiary of Larsen & Toubro Infotech Limited 48 L&T Finance Holdings Limited -
Subsidiary* 49 L&T Finance Limited - Wholly owned
Subsidiary of L&T Finance Holdings Limited 50 L&T Investment Management Limited -
Wholly owned Subsidiary of L&T Finance Holdings Limited 51 L&T Mutual Fund Trustee Limited -
Wholly owned Subsidiary of L&T Finance Holdings Limited 52 L&T FinCorp
Limited - Wholly owned Subsidiary of L&T Finance Holdings Limited 53 L&T Infrastructure Finance Company
Limited - Wholly owned Subsidiary of L&T Finance Holdings Limited 54 L&T Infra Investment Partners
Advisory Private Limited - Wholly owned Subsidiary of L&T Infrastructure
Finance Company Limited 55 L&T Infra Investment Partners
Trustee Private Limited - Wholly owned Subsidiary of L&T Infrastructure
Finance Company Limited 56 L&T Vrindavan
Properties Limited (formerly known as L&T Unnati
Finance Limited) - Wholly owned Subsidiary of L&T Finance Holdings
Limited 57 L&T Access Distribution Services
Limited (formerly known as L&T Access Financial Advisory Services
Limited) - Wholly owned Subsidiary of L&T Finance Holdings Limited 58 L&T Capital Company Limited -
Wholly owned Subsidiary 59 L&T Trustee Company Private Limited
- Wholly owned Subsidiary of L&T Capital Company Limited 60 L&T Power Development Limited -
Wholly owned Subsidiary 61 L&T Uttaranchal
Hydropower Limited - Wholly owned Subsidiary of L&T Power Development
Limited 62 L&T Arunachal
Hydropower Limited - Wholly owned Subsidiary of L&T Power Development
Limited 63 L&T Himachal
Hydropower Limited - Wholly owned Subsidiary of L&T Power Development
Limited 64 Nabha Power
Limited - Wholly owned Subsidiary of L&T Power Development Limited 65 L&T Infrastructure Development
Projects Limited - Subsidiary* 66 L&T Panipat
Elevated Corridor Limited - Wholly owned Subsidiary of L&T Infrastructure
Development Projects Limited 67 Narmada
Infrastructure Construction Enterprise Limited - Wholly owned Subsidiary of
L&T Infrastructure Development Projects Limited 68 L&T Krishnagiri
Thopur Toll Road Limited - Wholly owned Subsidiary
of L&T Infrastructure Development Projects Limited 69 L&T Western Andhra Tollways Limited - Wholly owned Subsidiary of L&T
Infrastructure Development Projects Limited 70 L&T Vadodara
Bharuch Tollway Limited -
Wholly owned Subsidiary of L&T Infrastructure Development Projects
Limited 71 L&T Transportation Infrastructure
Limited - Subsidiary of L&T Infrastructure Development Projects Limited 72 L&T Western India Tollbridge Limited - Wholly owned Subsidiary of L&T
Infrastructure Development Projects Limited 73 L&T Interstate Road Corridor
Limited - Wholly owned Subsidiary of L&T Infrastructure Development
Projects Limited 74 International Seaports (India) Private Limited
- Wholly owned Subsidiary of L&T Infrastructure Development Projects
Limited 75 L&T Port Kachchigarh
Limited - Wholly owned Subsidiary of L&T Infrastructure Development
Projects Limited 76 L&T Ahmedabad
- Maliya Tollway Limited
- Subsidiary of L&T Infrastructure Development Projects Limited 77 L&T Halol
- Shamlaji Tollway
Limited - Subsidiary of L&T Infrastructure Development Projects Limited 78 L&T Krishnagiri
Walajahpet Tollway
Limited - Subsidiary of L&T Infrastructure Development Projects Limited 79 L&T Devihalli
Hassan Tollway Limited -
Subsidiary of L&T Infrastructure Development Projects Limited 80 L&T Metro Rail (Hyderabad) Limited
- Subsidiary of L&T Infrastructure Development Projects Limited 81 L&T Transco Private Limited -
Wholly owned Subsidiary of L&T Infrastructure Development Projects
Limited 82 L&T Chennai – Tada Tollway Limited - Subsidiary of L&T Infrastructure
Development Projects Limited# 83 L&T BPP Tollway
Limited Wholly owned - Subsidiary of L&T Infrastructure Development
Projects Limited 84 L&T Deccan
Tollways Limited Wholly owned - Subsidiary of
L&T Infrastructure Development Projects Limited 85 L&T Samakhiali
Gandhidham Tollway
Limited - Subsidiary of L&T Infrastructure Development Projects Limited# 86 Larsen & Toubro
LLC Subsidiary* 87 Larsen & Toubro
Infotech, GmbH - Wholly owned Subsidiary of Larsen
& Toubro Infotech
Limited 88 Larsen & Toubro
Infotech Canada Limited - Wholly owned Subsidiary
of Larsen & Toubro Infotech
Limited 89 Larsen & Toubro
Infotech LLC - Wholly owned Subsidiary of Larsen
& Toubro Infotech
Limited 90 L&T Infotech
Financial Services Technologies Inc. - Wholly owned Subsidiary of Larsen
& Toubro Infotech
Limited 91 GDA Technologies Inc. ^ - Wholly owned
Subsidiary of Larsen & Toubro Infotech Limited 92 L&T Infrastructure Development
Projects Lanka (Private) Limited - Subsidiary of L&T Infrastructure
Development Projects Limited # 93 Peacock Investments Limited$ - Wholly
owned Subsidiary of L&T Capital Company Limited 94 Mango Investments Limited$ - Wholly owned
Subsidiary of L&T Capital Company Limited 95 Lotus Infrastructure Investments
Limited$ - Wholly owned Subsidiary of L&T Capital Company Limited 96 L&T Diversified India Equity Fund -
Wholly owned Subsidiary of L&T Capital Company Limited 97 L&T Asset Management Company
Limited$ - Wholly owned Subsidiary of L&T Capital Company Limited 98 L&T Realty FZE - Wholly owned
Subsidiary of L&T Realty Limited 99 Larsen & Toubro
International FZE - Wholly owned Subsidiary 100 Larsen & Toubro
(Oman) LLC - Subsidiary of Larsen & Toubro
International FZE # 101 Larsen & Toubro
Electromech LLC - Subsidiary of Larsen & Toubro International FZE # 102 L&T Modular Fabrication Yard LLC -
Subsidiary of Larsen & Toubro International FZE
# 103 Larsen & Toubro
(East Asia) SDN.BHD - Subsidiary of Larsen & Toubro
International FZE ## 104 Larsen & Toubro
Qatar LLC - Subsidiary of Larsen & Toubro
International FZE ## 105 L&T Overseas Projects Nigeria
Limited - Subsidiary of Larsen & Toubro
International FZE 106 L&T Electricals
& Automation Saudi Arabia Company Limited, LLC - Subsidiary of Larsen
& Toubro International FZE # 107 Larsen & Toubro
Kuwait Construction General Contracting Company, W.L.L. - Subsidiary of
Larsen & Toubro International FZE ## 108 Larsen & Toubro
(Qingdao) Rubber Machinery Company Limited - Wholly
owned Subsidiary of Larsen & Toubro
International FZE 109 Qingdao
Larsen & Toubro Trading Company Limited@@@ -
Wholly owned Subsidiary of Larsen &Toubro (Qingdao) Rubber Machinery Company Limited 110 Larsen & Toubro
Readymix Concrete Industries LLC - Subsidiary of
Larsen & Toubro International FZE ## 111 Larsen & Toubro
Saudi Arabia LLC - Subsidiary of Larsen & Toubro
International FZE 112 Larsen & Toubro
ATCO Saudia LLC - Subsidiary of Larsen & Toubro International FZE 113 Tamco
Switchgear (Malaysia) SDN. BHD - Wholly owned Subsidiary of Larsen & Toubro International FZE 114 Tamco
Electrical Industries Australia Pty Limited - Wholly owned Subsidiary of
Larsen & Toubro International FZE115 PT Tamco Indonesia Subsidiary of Larsen & Toubro International FZE 116 Larsen & Toubro
Heavy Engineering LLC - Subsidiary of Larsen & Toubro
International FZE # 117 L&T Electrical & Automation
FZE - Wholly owned Subsidiary of Larsen & Toubro
International FZE 118 Larsen & Toubro
Consultoria E Projeto Ltda Subsidiary of Larsen & Toubro
International FZE 119 Larsen & Toubro
T&D SA Proprietary Limited - Subsidiary of Larsen & Toubro International FZE # 120 L&T East-West Tollway
Limited - Wholly owned Subsidiary of L&T Infrastructure Development
Projects Limited 121 L&T Great Eastern Highway Limited
- Wholly owned Subsidiary of L&T Infrastructure Development Projects
Limited 122 Servowatch
System Limited - Wholly owned Subsidiary of Larsen & Toubro
International FZE 123 L&T Geostructure
LLP - Subsidiary* 124 Larsen Toubro
Arabia LLC - Subsidiary* 125 Henikwon
Corporation SDN. BHD - Wholly owned Subsidiary of Tamco
Switchgear (Malaysia) SDN. BHD 126 L&T Housing Finance Limited -
Wholly owned Subsidiary of L&T Finance Holdings Limited 127 L&T Tejomaya
Limited - Subsidiary of L&T Realty Limited # 128 L&T Valves Limited (formerly known
as Audco India Limited) - Wholly owned Subsidiary 129 L&T Technology Services Limited
Wholly owned Subsidiary 130 CSJ Hotels Private Limited - Wholly
owned Subsidiary of CSJ Infrastructure Private Limited 131 L&T Consumer Finance Services
Limited - Wholly owned Subsidiary of L&T Housing Finance Limited 132 Family Credit Limited - Wholly owned
Subsidiary of L&T Finance Holdings Limited 133 L&T Capital Markets Limited -
Wholly owned Subsidiary of L&T Finance Holdings Limited 134 L&T Infra Debt Fund Limited -
Wholly owned Subsidiary of L&T Finance Holdings Limited 135 L&T Trustee Services Private
Limited - Wholly owned Subsidiary of L&T Mutual Fund Trustee Limited 136 L&T Fund Management Private
Limited$$ - Wholly owned Subsidiary of L&T Finance Holdings Limited 137 Larsen & Toubro
Infotech South Africa (PTY) Limited - Subsidiary of
Larsen & Toubro Infotech
Limited 138 Thalest
Limited - Wholly owned Subsidiary of Larsen & Toubro
International FZE 139 Bond Instrumentation & Process
Control Limited% - Wholly owned Subsidiary of Thalest
Limited 140 L&T Construction Equipment Limited
(formerly known as L&T-Komatsu Limited) ^^ - Wholly owned Subsidiary 141 Kudgi
Transmission Limited - Wholly owned Subsidiary of L&T Infrastructure
Development Projects Limited 142 L&T Sambhalpur
Rourkela Tollway limited
- Wholly owned Subsidiary of L&T Infrastructure Development Projects
Limited 143 Larsen & Toubro
Hydrocarbon International Limited LLC - Subsidiary* 144 L&T Information Technology
Services (Shanghai) Co. Limited - Wholly owned Subsidiaryof
Larsen & Toubro Infotech
Limited 145 Kana Controls General Trading &
Contracting Company W.L.L. – Subsidiary of L&T Electrical &
Automation FZE## 146 Mudit Cement
Private Limited - Wholly owned subsidiary of L&T Vrindavan
Properties Limited 147 L&T IDPL Trustee Manager Pte Limited - Wholly owned Subsidiary of L&T
Infrastructure Development Projects Limited 148 PT Larsen & Toubro
Hydrocarbon Engineering Indonesia - Subsidiary* 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 Company has sold its shares on January 24, 2014 @@ The Company has sold its stake on October 3, 2013 @@@ The Company is in the process of being wound up # The Company’s subsidiary/wholly owned subsidiary holds more than one-half in nominal value of the equity share capital ## The Company, together with its subsidiaries controls the composition of the Board of Directors % The Company has been liquidated with effect from August 20, 2013 ^ The Company has been dissolved with effect from March 28, 2014. ^^ Associate became a wholly owned subsidiary w.e.f. April 15, 2013 ^^^ The Company has been merged with L&T Realty Limited w.e.f. April 1, 2012 pursuant to High Court order $ The Company has been liquidated w. e. f. December 2, 2013 $$
The Company has been merged with L&T Investment Management Limited w.e.f. November 22, 2013 |
|
|
|
|
Associate
companies: |
1 L&T-Chiyoda Limited 2 Salzer Electronics Limited 3 L&T Ramboll Consulting Engineers Limited 4 Magrtorq Private Limited 5 JSK Electricals Private Limited 6 Feedback Ventures Limited |
|
|
|
|
Joint ventures
(other than associates): |
1 Metro Tunneling Group 2 L&T Hochtief Seabird Joint Venture 3 Desbuild-L&T Joint Venture 4 Metro Tunneling Chennai L&T SUCG Joint Venture 5 L&T-AM Tapovan Joint Venture 6 HCC-L&T Purulia Joint Venture 7 The Dhamra Port Company Limited 8 L&T Shanghai Urban Construction (Group) Corporation Joint Venture 9 L&T-Shanghai Urban Construction (Group) CC27 Delhi 10 L&T-Eastern Joint Venture 11 L&T-Shapoorji Pallonji-TCS 12 Metro Tunneling Delhi L&T SUCG Joint venture |
CAPITAL STRUCTURE
AFTER 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1625000000 |
Equity Shares |
Rs.2/- each |
Rs.3250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
928232657 |
Equity Shares |
Rs.2 /- each |
Rs.1856.465 Millions |
|
|
|
|
|
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1625000000 |
Equity Shares |
Rs.2/- each |
Rs.3250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
926912658 |
Equity Shares |
Rs.2 /- each |
Rs.1853.800 Millions |
|
|
|
|
|
Reconciliation of the
number of equity shares and share capital:
|
Particulars |
31.03.2014 |
|
|
|
Number of shares |
Rs. In Millions |
|
Issued,
subscribed and fully paid up equity shares outstanding at beginning of the
year |
615385981 |
1230.800 |
|
Add: Shares
issued on exercise of employee stock options during the year |
323210 |
6.500 |
|
Add: Shares issued as bonus on July 15, 2013 |
308294576 |
616.500 |
|
Issued,
subscribed and fully paid up equity shares outstanding at the end of the year |
926912658 |
1853.800 |
Terms/rights
attached to equity shares:
The Company has only one class of share capital, i.e. equity shares having face value of 2 per share. Each holder of equity share is entitled to one vote per share.
Shareholder
holding more than 5% of equity shares as at the end of the year:
|
Particulars |
31.03.2014 |
|
|
|
Number of shares |
Shareholding % |
|
Life Insurance Corporation of |
157556473 |
17.00% |
|
L and T Employees Welfare Foundation |
111606174 |
12.04% |
|
Administrator of
the Specified Undertaking of the Unit Trust of India |
75925962 |
8.19% |
Shares reserved
for issue under options outstanding as at the end of the year on un-issued
share capital:
|
Particulars |
31.03.2014 |
|
|
|
Number of shares |
Rs. In Millions (At face value) |
|
Employee stock options granted and outstanding # |
9866116@ |
1.97* |
|
3.5% 5 years
& 1 day US$ denominated foreign currency convertible bonds (FCCB) ## |
7360864@ |
1.477** |
* The equity shares will be issued at a premium of 3674.300 million (previous year: 4919.600 millions)
**The equity shares will be issued at a premium of 9349.300 millions (previous year: 9354.200 millions) on the exercise of options by the bond holders
# Terms of employee stock option schemes
## Terms of foreign currency convertible bonds
@The
number of options have been adjusted consequent to bonus issue wherever
applicable
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1853.800 |
1230.800 |
1224.800 |
|
(b) Reserves & Surplus |
334764.500 |
290196.400 |
251005.400 |
|
(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) |
336618.300 |
291427.200 |
252230.200 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
54781.400 |
72710.300 |
53300.600 |
|
(b) Deferred tax liabilities (Net) |
4099.200 |
2422.200 |
1330.100 |
|
(c) Other long term liabilities |
935.700 |
5020.300 |
3763.500 |
|
(d) long-term provisions |
2996.100 |
2859.200 |
2750.500 |
|
Total Non-current Liabilities (3) |
62812.400 |
83012.000 |
61144.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
38760.400 |
7345.300 |
29367.200 |
|
(b) Current maturities of long term borrowings |
21047.400 |
8286.500 |
16289.900 |
|
(c) Trade payables |
163454.500 |
169326.500 |
156077.600 |
|
(d) Other current
liabilities |
139217.600 |
144004.700 |
140094.000 |
|
(e) Short-term provisions |
21135.200 |
20838.100 |
21120.400 |
|
Total Current Liabilities (4) |
383615.100 |
349801.100 |
362949.100 |
|
|
|
|
|
|
TOTAL |
783045.800 |
724240.300 |
676324.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
75608.100 |
82187.500 |
75280.000 |
|
(ii) Intangible Assets |
1139.900 |
863.900 |
769.800 |
|
(iii) Capital
work-in-progress |
4118.600 |
4910.500 |
6975.300 |
|
(iv) Intangible assets under development |
1505.500 |
1057.900 |
611.500 |
|
(b) Non-current Investments |
151684.100 |
105227.000 |
90847.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
37215.700 |
36690.700 |
40559.700 |
|
(e) Cash and bank balances |
95.400 |
390.200 |
1271.400 |
|
(e) Other Non-current assets |
532.400 |
433.000 |
140.700 |
|
Total Non-Current Assets |
271899.700 |
231760.700 |
216455.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
40462.300 |
55806.900 |
67871.900 |
|
(b) Inventories |
19825.300 |
20641.800 |
17766.200 |
|
(c) Trade receivables |
215387.600 |
226130.100 |
187169.400 |
|
(d) Cash and cash
equivalents |
17828.600 |
14556.600 |
17781.200 |
|
(e) Short-term loans and
advances |
63456.500 |
57437.600 |
50056.200 |
|
(f) Other current assets |
154185.800 |
117906.600 |
119223.600 |
|
Total Current Assets |
511146.100 |
492479.600 |
459868.500 |
|
|
|
|
|
|
TOTAL |
783045.800 |
724240.300 |
676324.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (Net) |
565989.200 |
516109.600 |
531705.200 |
|
|
|
Other Income |
18808.900 |
18872.900 |
13382.800 |
|
|
|
TOTAL (A) |
584798.100 |
534982.500 |
545088.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material components consumed |
60028.000 |
75749.300 |
101417.500 |
|
|
|
Construction material consumed |
159735.500 |
139270.000 |
124777.900 |
|
|
|
Purchase of stock in trade |
19221.600 |
20632.300 |
23694.000 |
|
|
|
Stores spares and tools consumed |
20540.700 |
20930.900 |
16228.300 |
|
|
|
Sub-contracting charges |
132729.400 |
121914.800 |
106475.400 |
|
|
|
Changes in inventories of finished goods and operating expense
|
1100.300 |
(10908.700) |
(5397.700) |
|
|
|
Other manufacturing, construction and operating expenses |
40109.000 |
34459.700 |
43006.400 |
|
|
|
Employee benefit expense |
46623.700 |
38609.300 |
36634.500 |
|
|
|
Sales and administration and other expense |
19320.300 |
20856.600 |
22230.300 |
|
|
|
Extraordinary items |
0.000 |
(781.100) |
0.000 |
|
|
|
Overheads charged to fixed assets |
(89.500) |
(136.000) |
(187.500) |
|
|
|
Exceptional items |
(5885.000) |
(1762.400) |
(550.000) |
|
|
|
TOTAL (B) |
493434.000 |
458834.700 |
468329.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
91364.100 |
76147.800 |
76758.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
10760.800 |
9547.500 |
6661.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
80603.300 |
66600.300 |
70097.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7924.200 |
7277.400 |
6994.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
72679.100 |
59322.900 |
63103.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
17747.800 |
10216.400 |
18538.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
54931.300 |
49106.500 |
44565.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2857.500 |
1523.900 |
1056.800 |
|
|
|
|
|
|
|
|
|
Less |
Dividend paid for previous year |
23.800 |
27.100 |
38.900 |
|
|
Less |
Transfer to Debenture redemption reserve |
4.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
40000.000 |
35000.000 |
32500.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
440.000 |
502.500 |
440.000 |
|
|
|
Proposed Dividend |
13208.500 |
11384.700 |
10104.600 |
|
|
|
Additional tax on dividend |
778.000 |
858.600 |
1014.400 |
|
|
BALANCE CARRIED
TO THE B/S |
3334.500 |
2857.500 |
1523.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods |
10067.200 |
10160.300 |
8529.700 |
|
|
|
Construction and project related activities |
67284.000 |
106938.900 |
61734.300 |
|
|
|
Export of services |
16143.900 |
13197.700 |
8844.900 |
|
|
|
Commission |
67.300 |
190.800 |
271.900 |
|
|
|
Interest received |
0.200 |
0.500 |
0.400 |
|
|
|
Other receipts |
534.900 |
748.700 |
999.300 |
|
|
TOTAL EARNINGS |
94097.500 |
131236.900 |
80380.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
19543.600 |
19613.400 |
12731.000 |
|
|
|
Components & Spare Pats |
17019.300 |
30511.900 |
40272.400 |
|
|
|
Capital Goods |
2053.700 |
3779.300 |
7146.100 |
|
|
TOTAL IMPORTS |
38616.600 |
53904.600 |
60149.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
59.36 |
52.55 |
72.92 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT/ Sales |
(%) |
12.84 |
11.49 |
11.87 |
|
|
|
|
|
|
|
PBIDT / Sales |
(%) |
16.14 |
14.75 |
14.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.62 |
9.68 |
10.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.20 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.28 |
0.27 |
0.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
1.41 |
1.27 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
1224.800 |
1230.800 |
1853.800 |
|
Reserves & Surplus |
251005.400 |
290196.400 |
334764.500 |
|
Net
worth |
252230.200 |
291427.200 |
336618.300 |
|
|
|
|
|
|
long-term borrowings |
53300.600 |
72710.300 |
54781.400 |
|
Short term borrowings |
29367.200 |
7345.300 |
38760.400 |
|
Total
borrowings |
82667.800 |
80055.600 |
93541.800 |
|
Debt/Equity
ratio |
0.328 |
0.275 |
0.278 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
531705.200 |
516109.600 |
565989.200 |
|
|
|
(2.933) |
9.665 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
531705.200 |
516109.600 |
565989.200 |
|
Profit |
44565.000 |
49106.500 |
54931.300 |
|
|
8.38% |
9.51% |
9.71% |
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] |
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 |
LITIGATION DETAILS
CASE DETAILS
BENCH:-BOMBAY
|
Presentation Date:- |
17/07/2014 |
|
||||
|
|
Lodging No.:- |
CEXAL/219/2014 |
Filing Date:- |
17/07/2014 |
|
|
|
|
Petitioner:- |
THE COMMISSIONER OF CENTRAL EXCISE MUMBAI-II |
|
Respondent:- |
M/S LARSEN & TOUBRO LTD |
|
||||||||||||||||||||||||||||||||||
|
|
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs. In Millions) |
31.03.2013 (Rs. In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Redeemable non-convertible fixed rate debentures |
10500.000 |
10500.000 |
|
Redeemable non-convertible inflation linked debentures |
1053.400 |
0.000 |
|
3.50% Foreign currency convertible bonds |
0.000 |
10857.000 |
|
Term loans from banks |
39217.300 |
42270.800 |
|
Sales tax deferment loan |
10.700 |
82.500 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable on demand from banks |
812.200 |
89.400 |
|
Short term loans and advances from banks |
27737.900 |
3915.800 |
|
Loans from related parties (Subsidiary companies) |
1138.000 |
0.000 |
|
|
|
|
|
Total |
80469.500 |
67715.500 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
90214183 |
27/06/1983 * |
180,000,000.00 |
STATE BANK OF INDIA |
NEW ADMINIETRATIVE BUILDING, MADAME CAMA ROAD, MUMBAI, MAHARASHTRA -
400021, INDIA |
- |
|
2 |
10398963 |
04/12/2012 |
225,694,754.00 |
CHENNAI METRO RAIL LIMITED |
NO.7, "HARINI TOWERS", CONRAN SMITH ROAD, GOPALA PURAM, CHENNAI, TAMIL NADU - 600086, INDIA |
B66434689 |
|
3 |
10148310 |
21/01/2011 * |
4,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA
- 400001, INDIA |
B04764122 |
|
4 |
90213928 |
15/02/2003 |
100,000,000.00 |
STATE ANK OD INDIA |
CAG BRANCH, NARIMNA POINT, MUMBAI, MAHARASHTRA - |
- |
|
5 |
90214910 |
02/11/2002 |
1,150,000,000.00 |
UTI BANK LTD |
OFFICE : MAKER TOWERS (F) 13 FLOOR CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
- |
|
6 |
90213817 |
25/02/2002 |
100,000,000.00 |
THE INDDUSTRIAL CREDIT AND INVESTMENT CORPORATION |
163 BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
7 |
90214856 |
03/08/2001 |
5,000,000,000.00 |
UTI BANK LTD |
TOWER (F) 13 FLOOR CUFFE PARADE, MUMBAI, MUMBAI, |
- |
|
8 |
90213742 |
13/12/1998 * |
104,000,000.00 |
ABN AMRO BNAK N V |
41 VEER NAROMAN ROAD, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
9 |
90213735 |
10/06/2002 * |
10,000,000.00 |
UTI BANK LIMITED |
MAKER TOWER (F) 13 FLOOR CUFFICE PARADE, MUMBAI, |
- |
|
10 |
90213721 |
13/12/1998 * |
40,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRA ONE FLOOR 21 TRADE CENTRE, CUFFE PARADE, |
- |
|
11 |
90214851 |
15/10/2001 * |
75,000,000.00 |
UTI BANK LTD |
OFFICE MAKER TOWER 13 FLOOR CUFE PARADE, MUMBAI, MUMBAI, MAHARASHTRA -
400005, INDIA |
- |
|
12 |
90214842 |
22/03/2001 |
400,000,000.00 |
UTI BANK LTD |
OFFICE : MAKER TOWERS (F) 13 FLOOR CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
- |
|
13 |
90214836 |
08/02/2001 |
500,000,000.00 |
UTI BANK LTD |
OFFICE : MAKER TOWER (F0 13 FLOOR CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
- |
|
14 |
90213610 |
28/11/2000 * |
500,000.00 |
ICICI LIMITED |
ICIVU TOWER, BADRA(E) MUMBAI, MUMBAI, MAHARASHTRA |
- |
|
15 |
90214807 |
27/06/2000 |
250,000,000.00 |
UTI BANK LTD |
OFFICE : MAKER TOWERS (F) 13 FLOOR CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
- |
|
16 |
90214796 |
28/03/2000 |
1,200,000,000.00 |
UTI BANK LTD |
OFFICE MAKER TOWER 13 FLOOR CUFE PARADE, MUMBAI, MUMBAI, MAHARASHTRA -
400005, INDIA |
- |
|
17 |
90213487 |
10/06/2002 * |
500,000,000.00 |
UTI BANK LIMITED |
MAKER TOWER (F) 13 FLOOR CUFFICE PARADE, MUMBAI, |
- |
|
18 |
90214767 |
14/08/1999 |
12,500,000,000.00 |
UTI BANK LTD |
TOWER (F) 13 FLOOR CUFFE PARADE, MUMBAI, MUMBAI, |
- |
|
19 |
90214765 |
29/07/1999 |
250,000,000.00 |
UTI BANK LTD |
OFFICE : MAKER TOWERS (F) 13 FLOOR CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
- |
|
20 |
90214753 |
29/05/1998 * |
200,000,000.00 |
UTI BANK LTD |
OFFICE MAKER TOWER 13 FLOOR CUFE PARADE, MUMBAI, MUMBAI, MAHARASHTRA -
400005, INDIA |
- |
|
21 |
90213320 |
28/11/2001 * |
10,000,000.00 |
ICICI LIMITED |
ICIVU TOWER, BADRA(E), MUMBAI, MAHARASHTRA - 400051, INDIA |
- |
|
22 |
90213156 |
17/03/1998 |
11,300,000.00 |
GENERAAL INSURANCE COPORATINON OF INDIA |
BHACAM INDUSSTRIAL ASSSURANCE, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
23 |
90213141 |
28/11/2000 * |
500,000,000.00 |
ICICI LIMITED |
ICIVU TOWER, BADRA(E) MUMBAI, MUMBAI, MAHARASHTRA |
- |
|
24 |
90215582 |
24/11/1996 * |
500,000,000.00 |
ICICI LTD. |
163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
25 |
90215575 |
31/12/1997 |
1,000,000,000.00 |
THE INDUSTRIAL AND INVESTMENT CORPORATION UF INDIA |
163 BACLBAU RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
26 |
90213119 |
18/12/1997 |
10,250,000.00 |
EXPORT IMPORT BANK OF INDIA |
MAKER CHAMBERS IV, 222 NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021,
INDIA |
- |
|
27 |
90215562 |
25/11/1997 * |
1,500,000,000.00 |
THE INDUSTRIAL AND INVESTMENT CORPORATION UF INDIA |
163 BACLBAU RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
28 |
90215547 |
25/11/1984 * |
50,000,000.00 |
LIFE UNSURANCE CORPORATION UF INDIA |
YAGAKSEMA JEEVAN BIMA MAR, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
29 |
90215520 |
24/09/1996 |
100,000,000.00 |
STATE BANK OF PATIALA |
CORPORATE BRANCH, ARCADE 13 WORLD TRADE CENTRE CUFFEPARADE, BOMBAY,
MAHARASHTRA, INDIA |
- |
|
30 |
90212924 |
18/12/1996 * |
83,333,333.00 |
BANK OF AMERICA |
WXPRESS TOWER, NARIMAN POINT, MUMBAI, MAHARASHTRA |
- |
|
31 |
90212910 |
11/08/1996 |
25,000,000.00 |
ANZ GRINDLAYAS BANK LI MITED |
90 MAHATMA GANDHI ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
32 |
90212908 |
18/12/1996 * |
100,000,000.00 |
STATE ABNK OF INDORE |
INDUSTRIAL FINANCE BRANSH, 10. NANDHAI LANE, MUMBAI, MAHARASHTRA -
400020, INDIA |
- |
|
33 |
90212907 |
18/12/1996 * |
350,000,000.00 |
PUNJAB NATIONAL BANK |
INDUSTRIAL FINANCE BRANSH, MAKER TOWERS (E) CUFFE |
- |
|
34 |
90215498 |
24/11/1996 * |
1,000,000,000.00 |
ICICI LTD. |
163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
35 |
90212824 |
19/02/1996 |
105,000,000.00 |
INDUSTRIAL FINANCE BRANCH |
BHACAM MARG, 239 VIDHAN BHAVAM NARIMAN POINT, MUMBAI, MAHARASHTRA -
400021, INDIA |
- |
|
36 |
90215482 |
24/11/1998 * |
750,000,000.00 |
STATE BANK OF INDIA |
20TH FLOOR; EXPRESS TOWERS, NARIMAN POINT, MUMBAI, MAHARASHTRA -
400021, INDIA |
- |
|
37 |
90212809 |
30/03/1998 * |
500,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK IF INDIA |
IDBE TOWERS, CUFFE PRADAE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
38 |
90212803 |
23/01/1996 |
50,000,000.00 |
INDUSTRIAL DEVELOPMENT BA NK OF INDIA |
IDBI TOWER VUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
39 |
90214579 |
23/11/1995 |
800,000,000.00 |
CANARA BANK |
CALCOT HOUSE, TAMRND LAND, BOMBAY, MAHARASHTRA - |
- |
|
40 |
90215464 |
29/09/1995 |
500,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRNACH, KILLICK HOUSE; CHARANJIT RAI MARG,
BOMBAY, MAHARASHTRA - 400001, I |
- |
|
41 |
90215980 |
25/04/1995 |
420,000,000.00 |
ANZ GRINDLAYS BANK |
M.G. ROAD, BOMBAY, MAHARASHTRA, INDIA |
- |
|
42 |
90215445 |
10/04/1995 |
300,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH;, JUSTICE G.N. VAIDAY MARG, BOMBAY, MAHARASHTRA -
400023, INDIA |
- |
|
43 |
90212649 |
08/04/1995 |
380,000,000.00 |
STATE BANK OF INDIA |
COMMERCEAL BTANCH JUSTICE B N VAEBY A MARG, MUMBAI, MAHARASHTRA -
400023, INDIA |
- |
|
44 |
90212626 |
18/03/1995 |
143,000,000.00 |
BANK OF INDIA |
N.M. ROAD, BALLARD STATE, BOMBAY, MAHARASHTRA - 400058, INDIA |
- |
|
45 |
90212592 |
06/01/1995 |
16,700,000.00 |
BANK OF BARODA |
BOMBAY MAIN OFFICE, BOMBAY SAMACHAR MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
46 |
90212571 |
18/11/1994 |
30,000,000.00 |
ICICI LIMITED |
163; BACKBAY RECLAMTION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
47 |
90212492 |
31/03/1994 |
600,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE; COLOBA, BOMBAY, MAHARASHTRA - 400005, INDIA |
- |
|
48 |
90212477 |
09/03/1994 |
20,932,325.00 |
ADB PROJECT |
ENGINEER ADB PROJECT, S4; PACKAGE; ROURKELA, ORISSA, INDIA |
- |
|
49 |
90212473 |
05/03/1994 |
6,767,490.00 |
ANB PROJECT |
52 PACKAGE, SAMBALPUR, ORISSA, INDIA |
- |
|
50 |
90212454 |
05/02/1994 |
1,750,000,000.00 |
STATE BNK OF INDIA |
COMMERCIAL BRANCH, JUSTICE GN VAIDYA MARG, MUMBAI, MAHARASHTRA -
400023, INDIA |
- |
* Date of charge modification
MANAGEMENT DISCUSSION
AND ANALYSIS
GLOBAL ECONOMIC
CONDITION:
In the year
2013-14, the global economy showed signs of revival after almost 4 years since the
onset of the financial crisis. The recovery this time was different as
developed economies consolidated while most emerging markets faced challenges
to reviving growth. In the process, the financial system has emerged stronger
while fiscal balances in the developed world are improving. The synchronized
efforts of central banks and governments continued with record low interest
rates and monetary stimulus measures.
USA finally
introduced a gradual taper of its stimulus which has so far not destabilized global
financial markets. The remarkable turnaround in their fiscal balance due to
steep expenditure cuts introduced earlier can once again be restored thus
providing a fillip to growth. While the housing sector has seen some credible
recovery, the shale gas boom has driven industrial growth and jobs.
The European Union
also made some recovery though an uneven one. The north, led by Germany, had a
solid year, reducing unemployment and boosting living standards. Across the
Mediterranean the pattern was more disappointing, with Italy, Spain, Portugal
and Greece all enduring a year of rising unemployment, however, the numbers
have started to improve. Europe and the euro are not out of trouble, but the
acute phase of their difficulties may be past.
The emerging and
developing economies faced challenges to growth, with some easing in the second
half of 2013. Investment weakness continues to hamper the economy with
tightening of external funding and financial conditions. New investments have
stagnated amid an erosion of business sentiment, unfavourable
global environment and weak domestic demand. These economies were impacted by
supply side constraints due to structural and policy bottlenecks leading in
turn to high inflation and volatile exchange rates. In 2014, investment cycle
is unlikely to pick up in a robust manner until business sentiment improves and
credible signs of domestic demand revival are seen.
Growth was also
tepid in the Middle East and North Africa region (MENA) in 2013 due to lower
buoyancy in oil revenues, as the region saw a decline in oil production.
In 2014-15, growth
is expected to strengthen as public spending on non-oil activity increases and
oil production recovers. On the other hand, the sub-Sahara Africa region
registered a strong growth of 4.8% in 2013 underpinned by investments in
natural resources and infrastructure. Growth is projected to accelerate to
about 5.5% in 2014 reflecting positive domestic supply-side developments and
the strengthening in global recovery.
Global growth is
expected to be better in the current year, as the developed world consolidates
further. In the advanced economies, risks to economic activity associated with
very low inflation have come to the fore, especially in the euro area, where
large output gaps have contributed to low inflation. Emerging market economies
will have to tackle inflationary pressures and currency volatility in the short
and medium-term as they attempt to revive growth. There is a risk of continuing
tight financial conditions leading to a higher cost of capital leading to a
further slowdown in investments. Also the recent geo-political risks may lead
to a renewed bout of increased risk aversion in global financial markets.
OVERVIEW OF INDIAN
ECONOMY:
The GDP growth of
Indian economy was 4.7% in the year 2013-14. The economy has remained
challenged as growth has been below 5% in the last 7 quarters between Q1,
2012-2013 to Q4, 2013-2014. The only exception in this period was Q2, 2013-
2014 when GDP grew by 5.2%. This slowdown has coincided with a decline in
financial savings, low and sluggish growth in fixed capital formation over
successive quarters, persistently high inflation, low business confidence and
particularly inadequate structural policy measures which have had a profound
effect on potential growth.
The year witnessed
sustained high inflation and a highly volatile exchange rate in the first half
of the year. The subsequent tightening of monetary policy effectively choked
economic recovery. Domestically, structural reforms did not proceed at the pace
expected by markets, as bottlenecks continued to hamper investment projects,
particularly in the critical power sector.
Since early
September, external pressures have eased somewhat, in large part due to the
postponement of “tapering” by the US Federal Reserve, which helped to stabilize
global interest rates. This has led to a return of capital inflows.
Simultaneously, the RBI took a number of measures to boost reserves, while the
government has acted to reduce the current account deficit and shore up
investor confidence. Indeed, the current account deficit has shrunk quite
remarkably from a high of 4.7% of GDP in 2012-13 to 1.7% in 2013-14. As a
result, the INR has recovered, and asset prices have moved higher.
With the exception
of agriculture, all the other sectors in the economy continued to remain weak
in 2013-14. The industrial sector continued to lag and declined by 0.1%, a 22
year low. The entrenched stagnation in economic growth over two year’s reflects
a subdued investment and consumption demand which has resulted in contraction
in production of manufacturing sector, capital goods and consumer durables in
the current year. Also, growth in services sector which is the largest
contributor to GDP remained almost stagnant at 6.2% in 2013-14 with growth
decelerating in the trade, hotel, transport and communication sector. The only
sub-sector that recorded a strong growth of 12.9% was financing, insurance and
real estate.
India’s earlier consumption-lead
growth story post 2008 continued to falter, with both private and government
sector consumption decelerating in 2013-14. Growth in government consumption,
which sharply picked up in the first quarter, remained subdued for the rest of
the year as fiscal pressures intensified. Also, private final consumption
expenditure which has the largest share of 60% in the GDP, slowed down further
at 4.9% in 2013-14 from 5.0% in 2012-13. On the investment side, gross fixed
capital formation declined by 0.1% in 2013-14 from an already negligible growth
of 0.8% in 2012-13. However, it was the external sector that stemmed the rot,
with a gradual recovery in the exports (8.4%) due to competiveness
gains from weaker currency and pickup in demand in some advanced economies, and
a contraction in imports (-2.6%) due to a sharp policy driven moderation in
gold imports.
BUSINESS SCENARIO:
Macro-economic and
policy uncertainties, persisting inflation, tight liquidity conditions and high
interest rates adversely impacted business environment in India in the year
2013-14. While the Company continued to focus on maximizing the domestic
opportunities, it also strengthened its presence in the select overseas markets
amidst strong competitive pressures.
The core sectors such
as infrastructure, power, minerals and metals, defense, oil and gas which hold
business prospects for the Company, await policy decisions and structural
reforms. Speedy resolution of issues, in these sectors, is important for
boosting the Company’s prospects. The reform initiatives and their rigorous
implementation by the new government is expected to remove the bottlenecks,
presently impeding the economic growth in India and thereby improve business
environment.
The Middle East
economies appear to be on the path of sustainable development with projection
of consistent growth in coming years on the back of investment in
Infrastructure and Oil and Gas sectors.
BUILDINGS AND FACTORIES BUSINESS
OVERVIEW:
Buildings
and Factories (B and F) business undertakes engineering design and construction
of Airports, IT Parks, High rise structures, office spaces, educational
institutions, stadiums, convention centres, metro
stations, hospitals, hotels, residential buildings, factories, cement plants
and warehouses.
The
thrust is on providing world-class “Concept to Commissioning” solutions to
their customers in various building segments. This helps us in maintaining the
leadership position, retaining key customers, entering new geographies and
securing relatively large value orders. Construction excellence coupled with
technology, experience and expertise gained over several decades has helped B
and F to project itself as one of the premium contractors in the industry.
OUTLOOK:
On the domestic
front, stable government in the centre, should hasten the decision making and
implementation of planned infrastructure projects. In the private sector, the
Company is optimistic on expansion plans of IT companies and major residential
orders in Tier – II cities. Opportunities in sectors like aviation,
manufacturing, cement, automobiles and pharmaceuticals may continue to be slow.
In the
International sector, opportunities in GCC region have opened up and BandF is highly focused on the market with a target to
secure major airport, metro stations and hospital orders. BandF
is positive on the scenario in the regions.
TRANSPORTATION INFRASTRUCTURE BUSINESS
OVERVIEW:
INDUSTRY STRUCTURE AND DEVELOPMENTS:
Transportation Infrastructure
business comprises of Roads, Runways (Airside Infrastructure) and Elevated
Corridors (RREC), International Infrastructure, Railways Construction and
Railways Systems. It has sustained its growth momentum despite challenges posed
domestically by sluggish economic growth resulting from policy paralysis,
inflation and higher interest rates
The Roads, Runways
and Elevated Corridors business is largely dependent on PPP and EPC projects of
National Highways Authority of India (NHAI), State Road Corporations, PWDs and City Development authorities.
For Railway
business, Rail Vikas Nigam
Limited (RVNL) is an important client providing consistent business
opportunities with competition for small packages. Indian market continues to
expand as Tier II cities are going for Mass Rapid Transit Systems (MRTS).
International
Infrastructure business is mainly concentrated in GCC countries of Oman, UAE,
Qatar, Saudi Arabia and Kuwait.
OUTLOOK:
L and T continues
to be a leader in both roads and rails business in India. Domestically, many of
the bottlenecks in the road sector are expected to get resolved. Award process
in Road Sector will improve vastly. Delhi-Meerut and
Agra Lucknow Expressway are potential prospects
during current year. In the Airport segment, they would continue to leverage
their excellent track record and capabilities.
As per FY 2014-15
plan of NHAI, approximately 15000 crore of EPC Road
projects and 35000 crore PPP projects will be bid out
this year.
In the airport
segment, the Navi Mumbai and Bengaluru
airport airside work projects are major opportunities in
FY 2014-15.
In the Elevated
Corridor Segment, there are quite a few projects in anvil in FY 2014-15 from
various state authority bodies like MMRDA (Mumbai Metropolitan Region Development
Authority), GDA (Ghaziabad Development Authority), KMDA (Kolkata
Metropolitan Development Authority) etc.
In India, several
Expressway Projects by NHAI and State governments are expected in FY 2014-15 in
PPP or in EPC mode in addition to planned outlay in National Highways
Development Project (NHDP). However, the solution to the existing problem of
stalled projects and award of fresh projects in PPP segment will take some more
time due to the economic sluggishness.
In Metros and Mono
Rails, projects are expected from Kochi Metro and Kerala
Monorail Authorities, besides Metros in Ahmedabad and
Lucknow. In the mainline market, more tenders are
expected from RVNL and other private players 83 in railway sidings. However, in
metros and RVNL projects, there will be severe competition.
In the countries
like UAE, Oman and Qatar, next five years expenditure on development of road is
estimated in excess of $ 5 Billion. However, severe competition will be faced
and also good performance in the on-going projects must be consistently
maintained.
UAE Expo-2020 and
FIFA 2022 in Qatar promise for fast track infrastructure developmental in
Airports, Rails and Expressways.
Saudi Railway
Corporation, Oman National Rail project, Qatar Rail Corporation, and ETIHAD Rail
are coming up with huge opportunities in development of railway network of
around $ 9.4 Billion. Transportation Infrastructure business has consolidated
their position in GCC countries and it is a major step towards realizing the
objective of establishing LandT as a recognized EPC
contractor in Gulf Countries for Infrastructure projects.
The future looks
to be promising for Railways Strategic Business Unit (SBG) in the domestic
fronts too. The remaining projects of Phase I & Phase II (Civil &
Track, Electrical & Mechanical, Signaling & Telecom packages) of WDFC
are expected to be awarded along with Eastern Dedicated Freight Corridor (EDFC)
packages.
HEAVY CIVIL
INFRASTRUCTURE BUSINESS
OVERVIEW:
Heavy Civil
Infrastructure business undertakes Design, Engineering and Construction of
infrastructure projects of the nation in Metros, Nuclear, Hydel,
Ports, Special Bridges, Tunnels and Defence
Infrastructure segments. The goal is to become a Total Infrastructure solution providernot just in India but abroad as well. Their
In-house design strength and Unique Construction methodology cell give us an
edge over their competitors in the market and helps us serve their customers
from concept to commissioning.
OUTLOOK:
Even though an
election year, the view on infrastructure spending remained upbeat with the
country trying to stabilise the growth rate through
internal public spending. Few port projects have got environmental clearances.
Some strategic decisions by the Government are expected to facilitate major prospects
in coming years. Feasibility studies and budget allocations for freight
corridors, Metros at Tier II cities have already been planned. There are some
more bright prospects for Metro segments in Gulf region. With commissioning of Kudankulam Atomic Power project Unit I and II, prospects
for further units are looking bright. Many interesting special bridge projects
are under various stages of tendering and approval. Indian government has
approved 4 new hydro power projects in Bhutan.
With healthy order
book backed by strong team spread geographically, Heavy Civil business is
confident of achieving its revenue targets for 2014-15.
POWER TRANSMISSION
and DISTRIBUTION BUSINESS
OVERVIEW:
LandT’s Power
Transmission and Distribution (PTandD) is a leading
EPC player in the field of Power Transmission and Distribution business
offering integrated solutions and endto end services
ranging from Design, Manufacture, Supply, Installation and Commissioning of
Transmission Lines, Underground Cable Networks, Substations, Distribution
Networks, Electrical, Instrumentation and Communication works for Power,
Process and Infrastructure Projects in both Domestic and International markets.
Extra High Voltage
Substation Systems and Power Distribution Business Unit focuses on providing
turnkey solutions for Extra High Voltage Air Insulated/Gas Insulated
Substations for Utilities and Power Plants, EHV Cable Networks, Utility Power
Distribution and Power Quality Improvement works with associated DMS/Smart grid
systems, complete Electrical, Instrumentation and Communication (EI and C)
solutions for large Power Plants including Thermal and Nuclear plants, various
industrial and infrastructure projects such as Metallurgical Plants,
Hydrocarbon and Pipeline Projects, IT Parks, Airports, Sea Ports, Metros, OFC
networks etc.
Transmission Line
Business Unit offers turnkey solutions in building overhead lines for Power
Evacuation and Transmission Systems, bolstered by its state of the art tower
manufacturing units at Puducherry and Pithampur supplying over 1.2 lakh
tonnes of tower components annually and complimented
by its NABL accredited tower testing facility at Kanchipuram.
(NABL- National Accreditation Board for Testing and Calibration Laboratories)
PT and D’s International
Business Units offer complete solutions in the field of Power Transmission and
Distribution including High Voltage Substations, Power Transmission Lines,
Extra High Voltage (EHV) Cabling and Electrical, Instrumentation and Controls
(EI and C) Works for Infrastructure Projects such as Airports, Oil and Gas
Industries etc. in Gulf and African countries namely UAE, Qatar, Kuwait, Oman,
Saudi Arabia, Algeria and Kenya.
OUTLOOK:
Electrical Power
is the propelling force for strong economic growth of a country and must be
complemented by capacity additions which will necessitate a corresponding
development of transmission and distribution assets. The investment outlook in
power sector is promising. To meet the unmet and growing demands, decongest the
transmission corridors and strengthen the transmission system, the Central and
State utilities have identified several transmission projects to be executed
over the next coming years. Debt Restructuring Plan of DISCOM/State Utilities
will pave way for revival of their financial health and in turn faster project
implementation. Ministry of Power sponsored Power Distribution and Power
Quality Improvement Projects supported by central funding agencies will drive
the business substantially. However concerted efforts will be required to
overcome the regulatory and financial challenges that are hindering timely
implementation of the above projects.
In the Power
Generation and Industries front, though some revival is expected during the
later part of the year, key contribution to growth is likely to emerge from the
potential opportunities available in Electrical and Telecom works, Optical fibre cabling (OFC) and EHV Power Cabling Networks.
In International
(Gulf) market, the business is poised for a positive growth in view of upcoming
prospects in Power and infrastructure projects. Strong opportunities are
foreseen on the backdrop of GCC investment plans on Grid Strengthening and
Power System Interconnection. Utilities in UAE are mainly concentrating on
upgrading the existing network offering significant business potential. There
is a rapid increase in power demand in countries such as Qatar, Kuwait, Saudi
and UAE to expand oil production in order to meet its rising requirement across
the globe which necessitates augmentation of power distribution networks.
Africa’s low
electrification rate serves as a hindrance to economic growth and
industrialization. Addressing this issue has been a key emphasis for local
government especially among East African countries leading to bulk investments,
unleashing significant potential and opportunities for us in T and D sector.
Intensifying power demand in South East Asian countries also offers huge
potential.
WATER AND RENEWABLE ENERGY BUSINESS
OVERVIEW:
The process of
building a nation must factor in the importance of sustainability. The Water
and Renewable Energy Business is a live example of the industry’s growing focus
on efficient utilization of water resources and increasing the mix of renewable
energy in their daily lives. The Business comprises Water and Effluent
Treatment Strategic Business Group (SBG) and the Renewable Energy Business Unit
(BU).
The Water and
Effluent Treatment SBG caters to turnkey infrastructure projects including
water supply and distribution, desalination plants, water management system,
waste water networks, water and waste water treatment plants, industrial water
systems, lift irrigation systems and canal rehabilitation.
The Renewable
Energy BU provides EPC services for projects on photo voltaic (PV) and
concentrated solar power plants, wind power plants, micro-grid systems,
smart-grid systems and integrated security solutions.
OUTLOOK:
Huge prospects
have been identified for the year 2014-15 in Water and Effluent Treatment
market in India. Various water supply & distribution projects are expected
to be announced under Jawaharlal Nehru National Urban Renewal Mission (JNNURM)
phase-II. With more than 75% of sewage generated in India flowing untreated,
major investments are anticipated from urban local bodies for waste water
collection, treatment and disposal/ re-use. More waste water projects are
expected in the eastern states under the National Ganga
River Basin Authority (NGRBA). Lift irrigation schemes combined with
distribution systems are coming up in a major way to boost agriculture growth.
Rehabilitation of existing canal networks, including canal relining is
witnessing traction. As far as finance is concerned, leading institutions like
World Bank & Japan International Cooperation Agency (JICA) are committing
funding in various water and waste water schemes in India.
Coming to
Renewable Energy BU, year 2014-15 is expected to be positive with the
allocations of 750 MW of solar plants under JNNSM Ph-2 and 500 MW of solar
plants under various state solar policies (Tamil Nadu,
Andhra Pradesh, Karnataka, Punjab and Rajasthan). The BU has envisaged that
post elections there would be a good thrust in renewable energy projects.
Keeping the long term vision of JNNSM in perspective, MNRE has envisaged setting
up of large scale solar plants (up to 4000 MW) utilizing surplus land/wasteland
in the deserts. Major potential is envisaged in the Middle East, especially in
Qatar and the
Kingdom of Saudi
Arabia.
In Integrated Security
Solutions space, all the state governments are providing major thrust on city
surveillance and intelligent traffic management systems. There is an increased
focus on implementation of security systems at critical infrastructure areas
like nuclear power plants, metros, airports etc. Local Police communication
networks are being automated in various states.
POWER BUSINESS
OVERVIEW:
Power business
provides end-to-end EPC solutions for setting up coal and gas based power
plants on a lump sum turnkey basis, with capabilities stretching across the
spectrum of power generation value chain from design to commissioning.
With world class
In-house manufacturing facilities for super critical Boilers, Turbines and
Generators, Pressure Piping, Axial Fans, Air-Preheaters
and Electrostatic Precipitators are its added and unmatched advantage, having
the capability to cater to over 90% (by value) of the power generation value
chain.
The business has
incomparable experience in Project Management, Engineering and Construction
Management which gives it competitive edge over its competitors. This is amply
demonstrated by the achievement of COD (commercial operations date) in a record
time of 46 months for Nabha Power Limited’s
first unit of 2x700 MW supercritical thermal power plant at Rajpura
in Punjab.
Geographically,
the business has a pan India presence with multiple project sites, project
management centers at Vadodara, Faridabad
and Chennai and world class manufacturing facilities at Hazira.
The business has
made its way in the international arena by getting EPC order for gas based
power plant in Bangladesh.
OUTLOOK:
While the year
2013-14 saw some positive developments on the policy front, project awards
continued to be lackluster on account of regulatory and political
uncertainties. They expect the business sentiment to improve post elections as
the political uncertainty is expected to be resolved by then. With IPP market
having dried up, opportunities for the business during the year will come from PSUs like NTPC and State Electricity Boards. For gas based
opportunities, they will capitalize on their successful foray into Bangladesh
market to further strengthen their presence in the South East Asian region.
Driven by its
relentless focus on execution excellence and foray into international market,
the business is aiming to capitalise on the thermal
power opportunities as they emerge and fortify its place as a credible,
integrated EPC player in the power sector.
METALLURGICAL AND
MATERIAL HANDLING BUSINESS
OVERVIEW:
Metallurgical and
Material Handling (MMH) 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, Ports, Steel and Mining sector. It
has a well-established Industrial Machinery and Foundry work shop at Kansbahal, Odisha and a high end
fabrication shop at Kancheepuram, Tamil Nadu to cater to the specific requirements of the customer.
MMH business has International presence in Gulf region as well.
OUTLOOK:
The Steel and Power sector has started to show some signs
of improvement towards the end of the year 2013 14 and with the firming up of steel
prices, regulatory impediment of iron ore mine easing gradually and commitment
of fresh coal linkage (11000 MW). Ministry of environment has started clearing
large scale projects. Coal Mining opportunities started to increase in both
private and PSUs sector. The government is expected
to show accelerated implementation in the Power sector to meet 13th plan and
improvement of fund availability to power projects.
Domestic Aluminum
Industry is expected to move upward in tandem with the Steel sector and a
turnover is expected in the second half of 2014-15. With a strong management
team and dedicated workforce, MMH is confident of posting good performance in
2014-15.
HEAVY ENGINEERING
BUSINESS
OVERVIEW:
The Heavy
Engineering (HE) business manufactures and supplies custom designed, engineered
critical equipment and systems to core sector industries like Fertiliser, Refinery, Petrochemical, Chemical, Oil and Gas,
Thermal and Nuclear Power, Aerospace and Defence
applications. The HE has good track record of executing large size and complex
projects with a high technology base with major capabilities including in-house
engineering, R and D centers with world class fabrication facilities and
experienced and competent project team and safe work culture.
HE has
manufacturing and fabrication facilities at Mumbai in Maharashtra,
at Vadodara and Hazira in
Gujarat, at Visakhapatnam in Andhra Pradesh and at Sohar in Oman. At Coimbatore in
Tamil Nadu, it has a Precision Manufacturing Facility
to cater to the needs of precision machined/manufactured components and
assemblies. A Strategic Systems Complex for integration and testing of weapon
system, sensors and engineering systems is located at Talegaon
in Maharashtra. Defence
Electronic Systems’ design and engineering, catering to Military Communications
and Avionics facility, is supported through a dedicated Strategic Electronics
Centre including a new product development centre at Bengaluru
in Karnataka. Manufacturing teams are backed by production engineering and manufacturing
process development centers at each location. The business has “Technology and
Product Development Centers” in Mumbai and Bengaluru
– for new product development, research and development for process plant and
nuclear equipment and for equipment and systems (including electronic
systems/subsystems) for strategic sector. Strategic Submarine Design Centre is
also located in Mumbai. A heavy fabrication facility, set up as a Joint Venture
in Oman, manufactures a range of equipment for the hydrocarbon and power
sector.
MACHINERY AND
INDUSTRIAL PRODUCTS BUSINESS
OUTLOOK:
Demand for
Hydraulic Excavators is likely to remain generally flat during FY 2014-15,
however CMB is expected to improve market share by aiming growth of 5% over
previous year. Demand from realty and general construction sectors are expected
to remain sluggish. The demand will sustain from ongoing new metro-rail
projects and other industrial construction. Coal and other non-ferrous mining
activity is expected to grow during 2014-15. Opening up of mining in Goa is expected to drive growth in second half of FY
2014-15. About 14 highway projects have been identified by NHAI and it is
expected that total of 24300 Cr worth projects will be undertaken under EPC
Model in the next 2-3 years. It is anticipated that formation of a new
government at the centre may see some policy changes which shall help revival
in second half of FY 2014-15.
Global Tyre demand is likely to maintain its growth path at 4.7%
to 3.3 Bn units (USD 220 Bn)
by 2015. Passenger Car Radial segment is likely to grow across the continents
and Truck Bus Radial is also likely to witness growth in most of the areas. Tyre Companies are harnessing their energy to focus onto
the replacement tyre market to keep up the growth
trend. Another promising area is “Automation Projects” which are becoming more
active. RPM Business is restructuring its operations to focus on a “Product
Unit” basis to facilitate growth of products across the portfolio. This is
aimed at optimizing cost and enhancing accountability and growth in business.
Spares and Re-Manufacturing will get a Product Unit focus in order to improve
the bottom-line.
Wind Turbine
installation in India is expected to be around 2200 MW in 2014-15. Rising
import costs from China and stabilization in key input prices in local markets
are expected to drive sales of WTG Castings in 2014-15. FBU has received newer
export orders (including some sample orders from Siemens) from WTG players from
countries including Europe and the US. Securing repeat orders from these
customers are likely to open up newer markets and geographies for FBU and
thereby positioning itself as the premium supplier to the major WTG players
around the globe.
Overall, the
business outlook for 2014-15 is optimistic for businesses of MIP. Government
stability post-election, inflation control and recovery from policy paralysis
are likely to be key factors that would help revival of business growth in
2014-15
HYDROCARBON
BUSINESS
OVERVIEW:
The Hydrocarbon business
provides “design to build” engineering, procurement and construction solutions
on turnkey basis in oil and gas, petroleum refining, chemicals and
petrochemicals, fertilizer sectors and cross country pipelines. Capabilities
include front end design through engineering, procurement, fabrication, project
management, construction and installation up to commissioning services.
The
Company has time and again proved its mettle in delivering large, complex
projects due to its integrated strengths coupled with an experienced and highly
skilled work force. The Company has key capabilities including in-house
engineering, R and D center, world class modular fabrication facilities, an
experienced and competent project execution team and a safe work culture. The
key aspects of business philosophy are excellence in corporate governance, high
quality standards, best in class HSE protocol, IT security practices, timely
execution and cost competitiveness.
The
Company has major work centers in India at Powai
(Mumbai), Vadodara, Chennai, Faridabad,
Hazira and Kattupalli and
international presence in Middle East and South East Asia. The Company’s
project execution capabilities in Middle East are located in UAE (Sharjah and Abu Dhabi), Saudi Arabia (Al-Khobar), Kuwait, Oman (Muscat) & Qatar (Doha). In
addition the company has a major modular fabrication facility in Sohar in Oman.
The
Company’s presence in South East Asia is spread across offices at Singapore,
Malaysia (Kuala Lumpur) and Indonesia (Jakarta).
The
Company has operations across the Hydrocarbon Value-Chain in India and
Overseas:
·
Hydrocarbon Upstream
·
Hydrocarbon Mid and Downstream -
Domestic
·
Hydrocarbon Construction and Pipelines
- Domestic
·
Hydrocarbon Mid and Downstream
including Pipelines
·
International
OUTLOOK:
After a lull in
ONGC orders in FY 2013-14, new project awards by ONGC are expected to pick up
in FY 2014-15, both in the offshore platform projects as well as onshore gas
processing projects. The Company is also adapting to changing competitive landscape
by building higher competencies in Offshore Pipeline Projects and Brownfield
Projects. As part of de-risking strategy, the Company is looking beyond
traditional PSU clients and actively developing relationships with private
sector customers. To provide long term stable growth, the Company is also
exploring the possibility of entering into “Long Term Frame Agreements” with
International Oil Companies for their yearly capex
requirements. To diversify its business profile, the Company is also looking at
building new Jack-up Rigs for drilling companies.
In the Mid and
Downstream sector, the Company is witnessing a number of exciting opportunities
in Middle East. United Arab Emirates has planned several field development
projects to achieve a production of 3.5 million bpd crude oil by 2017 from
current 2.8 million bpd. Opportunities in Oman exist mainly in redevelopment of
existing fields undertaking by National Oil Companies to boost recovery rates.
Saudi Arabia is developing gas facilities to replace the domestic consumption
of crude oil with gas and hence free up the crude for export. However, the
country has recently brought greater regulation for localization which is
eventually increasing the cost and complexity of doing business. The Company is
also participating in multiple bids for supply of modular process plants in
consortium with leading international EPC Companies.
Consequent to a
stable government regime in India, the Company is optimistic that the capex cycle will receive the much needed boost including
fast-tracking the Fertiliser Expansion projects, ONGC
offshore and gas processing projects and cross-country pipeline projects.
Accordingly, the Company expects improved order inflows in FY
2014-15.
INFORMATION
TECHNOLOGY BUSINESS
OVERVIEW:
Information
Technology business forms part of the IT and Technology services segment of
Larsen and Toubro. Information Technology business is
housed in a wholly owned subsidiary viz. Larsen and Toubro
Infotech Limited (“L and T Infotech”).
L and T Infotech comprises of two business clusters
‘Industrials’ and ‘Services’ with a view to accelerate growth in the technology
space.
The
‘Industrials’ cluster leverages the parent Company’s existing strengths and
heritage to cater to manufacturing plants, establishments including wholesale,
retail sale of products and establishments dealing with energy and utilities.
This cluster also houses horizontals of SAP, enterprise Integration, Oracle as
well as Manufacturing Execution Systems. Horizontals are responsible to serve
clients across both clusters.
The
‘Services’ cluster focuses on Banking, Financial Services, Insurance, Travel
and Logistics, Media and Entertainment and Healthcare. This cluster houses
horizontals of Testing, Mobility, and Infrastructure Management System and
Business Intelligence/Data Warehouse. Horizontals are responsible to serve
clients across both clusters.
OUTLOOK:
As the global
macro-economic scenario continues to improve with positive signs from US and
Europe, there has been a gradual improvement in IT budgets across the globe.
As per NASSCOM,
the Indian IT sector exports are set to cross USD 99 Billion during FY 2014-15
and y-o-y growth of 13-15% is due owing to increase in demand from US and
European clients.
With firms moving
towards more revenue focused models and disruptive technologies such as social
media, analytics & cloud, avenues for more vertical oriented solutions are
opening. Opportunities seem promising but it requires companies to continuously
innovate and evolve.
True to these
global trends, L&T Infotech has taken number of
initiatives like increased focus on regions such as Europe by strengthening the
sales efforts, building IMS capabilities in the wake of growing opportunities,
and strengthening management team with induction of senior leaders from
industry. By targeting and offering services across verticals in sync with L
and T Infotech’s three pronged strategy, L&T Infotech plans to continue higher growth momentum in FY
2014-15.
TECHNOLOGY
SERVICES BUSINESS
OVERVIEW:
Technology
Services business forms part of the IT & Technology Services segment of
Larsen and Toubro (L and T). To achieve the next
level of growth through comprehensive solutions across industries, the
Integrated Engineering Services (IES) business of L and T and Product
Engineering Services (PES) business of L and T Infotech
Ltd. Came together and formed L and T Technology Services Limited (“L and T
Technology Services”), a 100% subsidiary of L and T. This allows L and T
Technology Services to expand its footprint in the engineering services market
through a multitude of industry verticals.
L and T Technology Services offers design and
development solutions throughout the entire development chain across various industries
such offering include Industrial Products, Medical Devices, Transportation,
Telecom and Hi-tech and to the Process Industry. The company also offers
solutions in the areas of Mechanical engineering Services, Embedded Systems
Services, and Product Lifecycle Management (PLM).
With a CAGR of 40%
over the last 3 years, technology Services is today acknowledged amongst the
top 5 in the Indian Engineering Research and Development (ER and D) service
segment.
The Zinnov 2013 Global Service Provider Ranking, (GSPR) has
placed 6 of the company’s verticals in the leadership zone and the Industrial
Products vertical in the Leadership Zone for the third time in a row. This is a
true reflection of the commitment to be on the fast track of being the “BEST” in
engineering outsourcing service industry.
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. L and T Technology Services added 33 new clients during the year
out of which 12 clients are Fortune 500 companies. In the race towards
capturing a sizeable pie of this market, L and T technology Services has been
able to achieve a revenue growth of 20% during the current fiscal year.
Investments in
emerging geographies and new solutions are expected to add substantially
towards incremental revenues in the year 2014-15.
FINANCIAL SERVICES
BUSINESS
OVERVIEW:
The goal of L and
T Finance Holdings (LTFH) is to become a comprehensive provider of financial
solutions. The company’s businesses, carried out through its wholly owned
subsidiaries, are structured as Retail Finance, Wholesale Finance, Investment
Management and Wealth Management.
Despite the
challenging macroeconomic environment during the year 2013-14, the company
achieved a new milestone by crossing 40000 crore in
consolidated loans and advances, registering a healthy growth of 20% on a Y-o-Y
basis.
L and T Mutual
Fund’s managed assets stood 18255 crore this fiscal
and the Wealth Management business crossed 5000 crore
in serviced assets.
OUTLOOK:
The fiscal has
seen a continued growth slowdown combined with high inflation. Though the
global slowdown has definitely hurt exports and affected investment, according
to an IMF study, two-third of the downslide in GDP growth can be attributed to
domestic factors such as supply bottlenecks, delayed project approval and
implementation and policy uncertainty. Growth in industrial output and new
capital expenditure saw significant deceleration during the fiscal. Though
recent policy actions have reduced India’s vulnerabilities, structural issues
and high inflation continue to remain key concerns, which need to be tackled
for a sustainable turnaround.
CONTINGENT
LIABILITIES:
|
PARTICULAR |
31.03.2014 (Rs. In Millions) |
31.03.2013 (Rs. In Millions) |
|
Claims against the Company not acknowledged as debts |
1847.500 |
1779.700 |
|
Sales-tax liability that may arise in respect of matters in appeal |
1221.100 |
1126.000 |
|
Excise duty/Service Tax liability that may arise in respect of matters in appeal/challenged by the Company in WRIT |
418.000 |
412.100 |
|
Income-tax liability (including penalty) that may arise in respect of which the Company is in appeal |
4635.800 |
3903.900 |
|
Corporate guarantees for debt given on behalf of Subsidiary companies |
37728.500 |
34917.200 |
|
Corporate guarantees for performance given on behalf of Subsidiary companies |
56270.700 |
9306.000 |
NOTE:
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 thirteen 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.
4. In respect of matters at (f), the cash outflows, if any, could generally occur up to four years, being the period over which the validity of the guarantees extends.
FIXED ASSETS
œ Land
œ Buildings
œ Plant and Equipment
œ Computers
œ Office Equipment
œ Furniture and Fixtures
œ Vehicles
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED ON SEPTEMBER 30, 2014
(Rs.
in millions)
|
|
|
|
3 Months Ended |
6 Months Ended |
|
|
|
|
Particulars |
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
1 |
Income from Operations |
|
|
|
|
|
|
|
Gross Sales / Revenue from operations |
12840.6400 |
104466.200 |
232872.600 |
|
|
|
Less: Excise Duty |
1238.000 |
1090.000 |
2328.000 |
|
|
Net Sales /
Revenue from operations |
127168.400 |
103376.200 |
230544.600 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a |
i) Consumption of raw materials, components, and stores, spares & tools |
17126.600 |
15336.600 |
32463.200 |
|
|
|
ii) Sub-contracting charges |
27705.400 |
26135.500 |
53840.900 |
|
|
|
iii) Construction materials consumed |
41873.200 |
33781.500 |
75654.700 |
|
|
|
iv) Purchases of stock-in-trade |
3135.500 |
2927.900 |
6063.400 |
|
|
|
v) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(2906.900) |
(7875.000) |
(10781.900) |
|
|
|
vi) Other manufacturing, construction and operating expenses |
10272.500 |
91650.000 |
19437.500 |
|
|
b |
Employee benefits expense |
12743.700 |
9005.200 |
21748.900 |
|
|
c |
Sales, administration and other expenses |
3806.400 |
4026.100 |
7832.500 |
|
|
d |
Depreciation, amortisation and obsolescence |
2376.000 |
2609.300 |
4985.300 |
|
|
Total Expenses |
116132.400 |
95112.100 |
211244.500 |
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items (1-2) |
11036.000 |
8264.100 |
19300.100 |
|
4 |
Other Income |
6033.300 |
4880.300 |
10913.600 |
|
|
5 |
|
Profit /(Loss) from
ordinary activities before finance costs and exceptional items (3+4) |
17069.300 |
13144.400 |
30213.700 |
|
6 |
Finance Costs |
3125.900 |
2719.400 |
5845.300 |
|
|
7 |
|
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
13943.400 |
10425.000 |
24368.400 |
|
8 |
Exceptional Items |
0.000 |
1714.400 |
1714.400 |
|
|
9 |
Profit /(Loss) from ordinary activities before tax |
13943.400 |
12139.400 |
26082.800 |
|
|
10 |
Tax Expense |
|
|
|
|
|
|
a) Provision for current tax |
3291.600 |
3350.900 |
6642.500 |
|
|
|
b) Provision for deferred tax |
230.000 |
(147.000) |
83.000 |
|
|
11 |
Net Profit /(Loss) from ordinary activities after tax
(9-10) |
10421.800 |
8935.500 |
19357.300 |
|
|
12 |
Extraordinary items (net
of tax expense) |
-- |
-- |
--- |
|
|
13 |
Net Profit /(Loss) for the period (11-12) |
10421.800 |
8935.500 |
19357.300 |
|
|
14 |
Paid up equity share
capital (Eq. shares of Rs.10/- each) |
|
1855.400 |
1856.500 |
|
|
15 |
Reserve excluding
revaluation reserves |
|
|
|
|
|
16 |
|
Earnings per share
(before/after extraordinary items) of
Rs.10/- each |
|
|
|
|
|
|
Basic |
11.23 |
9.63 |
20.86 |
|
|
|
Diluted |
11.16 |
9.57 |
20.73 |
|
|
|
|
|
|
|
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of Shares |
-- |
906055 |
907392 |
|
|
|
- Percentage of
Shareholding |
-- |
97.67% |
97.75% |
|
2 |
|
Promoters and promoter group shareholding |
-- |
NIL |
NIL |
|
|
Particulars |
Quarter
ended 30.09.2014 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning
of the quarter |
Nil |
|
|
|
Received during the
quarter |
16 |
|
|
|
Disposed during the
quarter |
16 |
|
|
|
Remaining unresolved at
the end of the quarter |
Nil |
During the quarter ended June 30, 2014, the Company provided depreciation on the basis of useful life of fixed assets mandated by Schedule II of the Companies Act, 2013. In the quarter under review, in line with Schedule II amendment dated August 29, 2014, the Company undertook technical evaluation of certain fixed assets to determine the true useful life and recomputed the depreciation on that basis. Consequently, the depreciation for the quarter ended September 30, 2014 is higher and the profit before tax is lower by Rs. 338.700 Millions.
STATEMENT OF ASSETS AND
LIABILITIES
|
SOURCES
OF FUNDS |
30.09.2014 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
1856.500 |
|
(b) Reserves & Surplus |
354104.300 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
355960.800 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
68865.200 |
|
(b) Deferred tax liabilities
(Net) |
3820.700 |
|
(c) Other long term
liabilities |
870.800 |
|
(d) long-term provisions |
2812.200 |
|
Total
Non-current Liabilities (3) |
76368.900 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
62505.500 |
|
(b) Trade payables |
143103.900 |
|
(c) Other current liabilities |
146551.700 |
|
(d) Short-term provisions |
6713.500 |
|
€ Current maturities of long
tem borrowings |
12714.700 |
|
Total
Current Liabilities (4) |
371589.300 |
|
|
|
|
TOTAL |
803919.000 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
80229.900 |
|
(b) Non-current Investments |
158898.900 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
35554.300 |
|
(e) Other Non-current assets |
471.700 |
|
Total
Non-Current Assets |
275154.800 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
38281.500 |
|
(b) Inventories |
22705.600 |
|
(c) Trade receivables |
199423.000 |
|
(d) Cash and cash equivalents |
10950.700 |
|
(e) Short-term loans and
advances |
85808.900 |
|
(f) Other current assets |
171594.500 |
|
Total
Current Assets |
528764.200 |
|
|
|
|
TOTAL |
803919.000 |
NOTE:
The figures for the previous quarter and half-year ended September 30, 2013 have been restated to exclude the financial results of erstwhile Hydrocarbon business undertaking consequent to its transfer to L&T Hydrocarbon Engineering Limited w.e.f. April 1, 2013, as per the Scheme of Arrangement.
The Company, during the quarter ended September 30, 2014, has allotted 5,22,181
equity shares of Rs. 2 each fully paid-up, on
exercise of stock options by employees, in accordance with the Company's stock
option schemes.
The Company has no promoters or promoter group. Hence, the promoters and
promoter group shareholding is Nil and accordingly the information on shares
pledged / encumbered is not applicable.
The Company has mobilised USD 200 million by issue of
0.675% (payable semi-annually) Foreign Currency Convertible Bonds on October
21, 2014. The bonds are convertible into equity shares of the Company at the
option of the bondholders at a conversion price of Rs.
1916.50 per share, at any time on or before October 15, 2019. Any outstanding
bonds that are not converted shall be redeemed at par on October 22, 2019.
Figures for the previous periods have been re-grouped / re-classified to
conform to the figures of the current periods.
The above results have been subjected to Limited Review by the Statutory
Auditors, reviewed by the Audit Committee and approved by the Board of
Directors at its meeting held on November 7, 2014.
STANDALONE
SEGMENT-WISE REVENUE, RESULT AND CAPITAL EMPLOYED IN TERMS OF CLAUSE 41 OF THE
LISTING AGREEMENT:
|
Particulars |
3 Months Ended |
6 Months Ended |
|
|
Gross segment
revenue |
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
|
|
|
1 Infrastructure |
88985.400 |
67553.600 |
156539.000 |
|
2 Power |
10232.600 |
9357.800 |
19590.400 |
|
3 Metallurgical and Material Handling |
7789.300 |
9027.100 |
16816.400 |
|
4 Heavy Engineering |
8047.900 |
8071.100 |
16119.000 |
|
5 Electrical and Automation |
9843.500 |
7698.300 |
17541.800 |
|
6 Others |
5828.600 |
4725.100 |
10553.700 |
|
Total |
130727.300 |
106433.000 |
232872.600 |
|
Less: Inter-segment revenue |
2320.900 |
1966.800 |
4287.700 |
|
Net segment
revenue |
128406.400 |
104466.200 |
232872.600 |
|
|
|
|
|
|
Segment result
(Profit before interest and tax) |
|
|
|
|
1 Infrastructure |
8988.400 |
6492.200 |
15480.600 |
|
2 Power |
488.100 |
349.500 |
837.600 |
|
3 Metallurgical and Material Handling |
531.000 |
883.900 |
1414.900 |
|
4 Heavy Engineering |
883.300 |
731.300 |
1614.600 |
|
5 Electrical and Automation |
1177.300 |
635.300 |
1812.600 |
|
6 Others |
1012.200 |
1001.200 |
2013.400 |
|
Total |
13080.300 |
10093.400 |
23173.700 |
|
Less: Inter-segment margins on capital jobs |
21.500 |
11.000 |
32.500 |
|
Less: Interest expenses |
3125.900 |
2719.400 |
5845.300 |
|
Add: Unallocable corporate income net of expenditure |
4010.500 |
4776.400 |
8786.900 |
|
Profit before tax |
13943.400 |
12139.400 |
26082.800 |
|
|
|
|
|
|
Capital
employed (Segment assets less segment liabilities) |
|
|
|
|
1 Infrastructure |
|
|
129052.300 |
|
2 Power |
|
|
1723.100 |
|
3 Metallurgical and Material Handling |
|
|
32108.000 |
|
4 Heavy Engineering |
|
|
27740.000 |
|
5 Electrical and Automation |
|
|
15750.200 |
|
6 Others |
|
|
13702.700 |
|
Total capital
employed in segments |
|
|
220076.300 |
|
Unallocable corporate assets less corporate liabilities |
|
|
283790.600 |
|
Total
Capital Employed |
|
|
503866.900 |
NOTE:
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 smaller business segments not separately reportable have been
grouped under "Others" segment. The businesses of marketing and
servicing of construction & mining machinery and parts thereof, manufacture
and sale of rubber processing machinery & castings which were hitherto
reported as the Machinery and Industrial Products segment have been grouped
under “Others” segment during the quarter ended April 1, 2014 based on internal
restructuring. The figures pertaining to the corresponding previous periods
have been regrouped and restated for proper comparison. The businesses of
manufacture and marketing of industrial valves and cutting equipment (up to the
date of transfer) which were reported as part of the Machinery and Industrial
Products segment in the previous year have also been grouped under “Others”
segment in the corresponding previous periods.
2.
Pursuant
to the agreement dated March 15, 2014, the Company has transferred at book
value to its wholly owned subsidiary, the business of integrated engineering
services effective April 1, 2014. The same was hitherto reported as part of the
"Others" segment.
3. The segment information for the quarter ended June 30,
2013 has been restated to exclude the operations of erstwhile Hydrocarbon business
undertaking which has been transferred to L&T Hydrocarbon Engineering
Limited w.e.f. April 1, 2013.
4. Segment composition: Infrastructure comprises
engineering and construction of building and factories, transportation
infrastructure, heavy civil infrastructure, power transmission &
distribution and water & renewable energy projects. Power comprises turnkey
solutions for Coal-based and Gas-based thermal power plants including power
generation equipment with associated systems and / or balance-of-plant packages.
Metallurgical & Material Handling comprises turnkey solutions for ferrous
(iron & steel making) and non-ferrous (aluminium,
copper, lead & zinc) metal industries, bulk material & ash handling
systems in power, port, steel and mining sector including manufacture and sale
of industrial machinery and equipment. Heavy Engineering comprises manufacture
and supply of custom designed, engineered critical equipment & systems to
core sector industries like Fertiliser, Refinery,
Petrochemical, Chemical, Oil & Gas, Thermal & Nuclear Power, Aerospace
and Defence. Electrical & Automation comprises
manufacture and sale of low and medium voltage switchgear components, custom
built low and medium voltage switchboards, electronic energy meters /
protection (relays) systems and control & automation products. Others
include realty, shipbuilding, marketing and servicing of construction &
mining machinery and parts thereof, manufacture and sale of rubber processing
machinery & castings. Others also included integrated engineering services,
manufacture and marketing of industrial valves and cutting equipment (up to the
date of transfer) in the previous year
5. Segment revenue comprises sales & operational
income allocable specifically to a segment including profit on sale of stake in
the subsidiary and/or joint venture companies under realty business grouped
under "Others" segment. Unallocable income
primarily includes interest income, dividends and profit on sale of
investments. Unallocable expenditure mainly includes
expenses incurred on common services provided to segments and other corporate
expenses. Corporate assets mainly comprise investments.
6.
In
respect of majority of the segments for the Company, sales and margins do not
accrue uniformly during the year. Hence, the operational / financial
performance of aforesaid segments can be discerned only on the basis of figures
for the full year.
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.61.85 |
|
|
1 |
Rs.96.73 |
|
Euro |
1 |
Rs.76.53 |
INFORMATION DETAILS
|
Information Gathered
by : |
DIP |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
81 |
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.