MIRA
INFORM REPORT
|
Report Date : |
07.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
L AND T FINANCE HOLDINGS LIMITED |
|
|
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|
Registered
Office : |
L and T House, Ballard Estate, Mumbai – 400001, Maharashtra |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.05.2008 |
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Com. Reg. No.: |
11-181833 |
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Capital
Investment / Paid-up Capital : |
Rs.24667.605 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L67120MH2008PLC181833 |
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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
: |
Subject is engaged in the business of Non-Banking Financial Services. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 171221000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of L&T Group. It is a well-established company
having fine track record. Financial position of the company appears to be sound. Overall fundamentals
of the company appears to be sound and healthy. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. 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.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million estimated
losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
AA+ (Non-Convertible Debenture) |
|
Rating Explanation |
High degree at safety and very low credit
risk. |
|
Date |
October 14, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A1+ (Short Term Debt) |
|
Rating Explanation |
Very strange degree at safety and lowest
credit risk. |
|
Date |
October 14, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non Co-Operative (91-22-66217300)
LOCATIONS
|
Registered Office : |
L and T House, Ballard Estate, Mumbai – 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-67525656 |
|
Fax No.: |
91-22-67525858 |
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E-Mail : |
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Website: |
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Corporate Office : |
8th Floor, City 2, Plot No. 177, Vidyanagari Marg, CST Road, Kalian, Santacruz (East), Mumbai – 400098, Maharashtra, India |
|
Tel. No.: |
91-22-66217300/ 400 |
|
Fax No.: |
91-22-66217302 |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Y. M. Deosthalee |
|
Designation : |
Chairman and Managing Director |
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|
Name : |
Mr. N. Sivaraman |
|
Designation : |
President and Whole-time Director |
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|
Name : |
Mr. R. Shankar Raman |
|
Designation : |
Non-Executive Director |
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|
Name : |
Mr. A. K. Jain |
|
Designation : |
Independent Director |
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|
Name : |
Mr. S. V. Haribhakti |
|
Designation : |
Independent Director |
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|
Name : |
Mr. B. V. Bhargava |
|
Designation : |
Independent Director |
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|
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|
Name : |
Mr. Subramaniam N. |
|
Designation : |
Independent Director |
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|
Name : |
Mr. M. Venugopalan |
|
Designation : |
Independent Director |
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|
Name : |
Mr. P. V. Bhide |
|
Designation : |
Independent Director |
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|
Name : |
Ms. Kamakshi Rao |
|
Designation : |
Independent Director |
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|
Name : |
Mr. R. Gopalakrishnan |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
N. Suryanarayanan |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
1417024221 |
82.53 |
|
|
1417024221 |
82.53 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
1417024221 |
82.53 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
768235 |
0.04 |
|
|
11501870 |
0.67 |
|
|
1784192 |
0.10 |
|
|
48122983 |
2.80 |
|
|
62177280 |
3.62 |
|
|
|
|
|
|
17880052 |
1.04 |
|
|
|
|
|
|
132453002 |
7.71 |
|
|
28724426 |
1.67 |
|
|
58674081 |
3.42 |
|
|
4223998 |
0.25 |
|
|
8700 |
0.00 |
|
|
822474 |
0.05 |
|
|
53618909 |
3.12 |
|
|
237731561 |
13.85 |
|
Total Public
shareholding (B) |
299908841 |
17.47 |
|
Total (A)+(B) |
1716933062 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
1716933062 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the Shareholder |
Details of Shares held |
Total shares (including underlying shares assuming full
conversion of warrants and convertible securities) as a % of diluted share
capital |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|
||
|
1 |
Larsen and Toubro Limited |
1417024221 |
82.53 |
82.01 |
|
|
Total |
1417024221 |
82.53 |
82.01 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full
conversion of warrants and convertible securities) as a % of diluted share
capital |
|
|
1 |
Mace Cipef Limited |
51595484 |
3.01 |
2.99 |
|
|
2 |
Tioman Investments (Mauritius) Limited |
37835543 |
2.20 |
2.19 |
|
|
|
Total |
89431027 |
5.21 |
5.18 |
Details of Locked-in
Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares |
Locked-in Shares as % of |
|
1 |
Larsen and Toubro Limited |
342946958 |
19.97 |
|
|
Total |
342946958 |
19.97 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Non-Banking Financial
Services. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Not Divulged |
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|
|
|
|
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Banking
Relations : |
-- |
|
|
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|
Statutory Auditors
: |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Ravindra Annexe, 194, Churchgate Reclamation, Dinshaw Vachha Road,
Mumbai - 400020, Maharashtra, India |
|
Tel. No.: |
91-22-22047722/ 23/ 66338343-47 |
|
Fax No.: |
91-22-66338352 |
|
E-Mail : |
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|
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|
Holding Company : |
Larsen and Toubro Limited |
|
|
|
|
Subsidiary
Companies : |
· L and T Finance Limited · L and T Infrastructure Finance Company Limited · L and T Fincorp Limited · L and T Unnati Finance Limited · L and T Access Financial Advisory Services Limited · L and T Investment Management Limited · L and T Mutual Fund Trustee Limited · L and T Infra Investment Partners Advisory Private Limited · L and T Infra Investment Partners Trustee Private Limited · L and T Housing Finance Limited (Formerly Indo Pacific Housing Finance Limited) (w.e.f. October 9, 2012) · Family Credit Limited (w.e.f. December 31, 2012) · L and T Capital Markets Limited (w.e.f. February 7, 2013) · L and T Fund Management Limited (Formerly FIL Fund Management Private Limited) (w.e.f. November 23, 2012) · L and T Trustee Services Private Limited (FIL Trustee Company Private Limited (w.e.f. November 23, 2012) · Consumer Financial Services Limited (w.e.f October 9, 2012) |
|
|
|
|
Fellow Subsidiary
(with whom Company has undertaken transaction during current or previous
year) : |
· L and T Capital Company Limited ·
Larsen and Toubro Infotech Limited |
|
|
|
|
Associate Company : |
· NAC Infrastructure Equipment Limited · Feedback Infrastructure Services Private Limited (w.e.f. September 28, 2012) |
CAPITAL STRUCTURE
As on: 31.03.2013
As on: 01.08.2013
Authorised Capital : Rs.60000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.27175.979 Millions
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
Rs.10/- each |
Rs.50000.000 Millions |
|
100000000 |
Preference Shares |
Rs.100/- each |
Rs.10000.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.60000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1716760532 |
Equity Shares |
Rs.10/- each |
Rs.17167.605 Millions |
|
75000000 |
8.75% Cumulative Compulsorily Redeemable Preference Shares |
Rs.100/-
each |
Rs.7500.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.24667.605
Millions |
(II) Terms/rights
attached to equity shares
The Company has only one class of equity shares having a par value of Rs.10 per share. Members of the Company holding equity shares therein have a right to vote, on every resolution placed before the Company and right to receive dividend. The voting rights on a poll is in proportion to the share of the paid up equity capital of the Company held by the shareholders. The Company declares dividends in Indian rupees. The final dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting.
(III) Terms/rights
attached to preference shares
The CRPS will not have voting rights other than in respect of matters directly affecting it. In the event any due and payable dividends remain unpaid for aggregate period of at least 2 years prior to the start of any general meeting of the equity shareholders, CRPS holders shall have voting rights in line with their voting rights of the equity shareholders. The CRPS will be redeemed at the end of 3 years from the date of allotment. Provided that the tenure may be extended by a further period, not exceeding 5 days from the Proposed Tenure, which shall be notified to the Investors at the time of allotment.
(IV) Reconciliation
of the shares outstanding at the beginning and at the end of the year
|
Equity Shares |
As at March 31, 2013 |
|
|
|
No. of Shares |
Rs. In Millions |
|
At the beginning of the year |
1714761612 |
17147.616 |
|
Issued during the year |
|
|
|
- Pre-IPO Placement |
- |
- |
|
- Issued under IPO |
- |
- |
|
- Issued under ESOP |
1998920 |
19.989 |
|
Outstanding at the end of
the year |
1716760532 |
17167.605 |
|
8.75% Cumulative
Compulsorily Redeemable Preference Shares (CRPS) of Rs.100 each fully paid |
As at March 31, 2013 |
|
|
|
No. of Shares |
Rs. In Millions |
|
At the beginning of the year |
|
|
|
Issued during the year |
75000000 |
7500.000 |
|
Outstanding at the
end of the year |
75000000 |
7500.000 |
(V) Equity shares in the
Company held by the Holding Company
|
Equity Shares |
As at March 31, 2013 |
|
|
|
No. of Shares |
Rs. In Millions |
|
Larsen and Toubro Limited and its nominees |
1417024221 |
14170.242 |
|
|
1417024221 |
14170.242 |
(VI) Details of shareholders holding more
than 5% shares in the Company
|
Equity Shares |
As at March 31, 2013 |
|
|
|
No. of Shares |
% holding |
|
Larsen & Toubro Limited and its nominees |
1417024221 |
82.54% |
|
|
1417024221 |
82.54% |
|
8.75% Cumulative
Compulsorily Redeemable Preference Shares (CRPS) of Rs. 100 each fully paid |
As at March 31, 2013 |
|
|
|
No. of Shares |
% holding |
|
Azim H. Premji |
9131304 |
12.18% |
|
ICICI Securities Primary Dealership
Limited |
7913796 |
10.55% |
|
Azim Premji Trust |
6087536 |
8.12% |
(VII) Details of
shares reserved to be issued under ESOP
|
Equity Shares |
As at March 31, 2013 |
|
|
|
No. of Shares |
Millions |
|
Equity Shares of Rs. 10 each |
11125955 |
111.260 |
|
|
11125955 |
111.260 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
24667.605 |
17147.616 |
14170.244 |
|
(b) Reserves & Surplus |
18137.887 |
16388.947 |
3658.457 |
|
(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) |
42805.492 |
33536.563 |
17828.701 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1000.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
1.358 |
1.358 |
0.000 |
|
(d) long-term provisions |
82.856 |
8.689 |
0.000 |
|
Total Non-current
Liabilities (3) |
1084.214 |
10.047 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2956.133 |
0.000 |
3560.000 |
|
(b) Trade payables |
3490.000 |
0.000 |
0.000 |
|
(c) Other current liabilities |
3403.797 |
86.832 |
0.911 |
|
(d) Short-term provisions |
1366.017 |
31.136 |
0.070 |
|
Total Current
Liabilities (4) |
11215.947 |
117.968 |
3560.981 |
|
|
|
|
|
|
TOTAL |
55105.653 |
33664.578 |
21389.682 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4.983 |
4.948 |
0.000 |
|
(ii) Intangible Assets |
0.271 |
0.434 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
41225.611 |
30467.779 |
21187.779 |
|
(c) Deferred tax assets (net) |
17.649 |
5.504 |
0.000 |
|
(d) Long-term Loan and Advances |
4905.992 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
189.287 |
|
Total Non-Current
Assets |
46154.506 |
30478.665 |
21377.066 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
7529.161 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash and cash equivalents |
489.389 |
39.398 |
2.977 |
|
(e) Short-term loans and advances |
840.300 |
2945.349 |
0.000 |
|
(f) Other current assets |
92.297 |
201.166 |
9.639 |
|
Total Current
Assets |
8951.147 |
3185.913 |
12.616 |
|
|
|
|
|
|
TOTAL |
55105.653 |
33664.578 |
21389.682 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1719.761 |
1118.350 |
56.938 |
|
|
|
Other Income |
286.961 |
175.864 |
0.000 |
|
|
|
TOTAL |
2006.722 |
1294.214 |
56.938 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefits expense |
150.901 |
111.589 |
0.000 |
|
|
|
Administration and other expenses |
252.831 |
140.642 |
6.356 |
|
|
|
Provisions and contingencies |
7.000 |
7.400 |
45.000 |
|
|
|
TOTAL |
410.732 |
259.631 |
51.356 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1595.990 |
1034.583 |
5.582 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
277.718 |
145.467 |
3.430 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1318.272 |
889.116 |
2.152 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.956 |
0.117 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE EXCEPTIONAL
AND EXTRAORDINARY ITEMS AND TAXES |
1317.316 |
888.999 |
2.152 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL ITEMS |
2357.292 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3674.608 |
888.999 |
2.152 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
561.356 |
176.496 |
0.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
3113.252 |
712.503 |
1.352 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
593.384 |
23.381 |
22.329 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Statutory Reserve |
625.000 |
142.501 |
0.300 |
|
|
|
Proposed Dividend on Preference Shares |
15.000 |
0.000 |
0.000 |
|
|
|
Proposed Dividend on Equity Shares |
1287.570 |
0.000 |
0.000 |
|
|
|
Dividend Distribution Tax on Proposed Dividend |
9.215 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1769.851 |
593.383 |
23.381 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.81 |
0.44 |
0.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
155.14 |
55.05 |
2.37 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
213.67 |
79.49 |
3.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.51 |
27.86 |
1.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.03 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.09 |
0.00 |
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.80 |
27.01 |
0.00 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG-TERM DEBT DETAILS – NOT AVAILABLE
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
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 |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
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 |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG-TERM
BORROWINGS |
|
|
|
Redeemable non-convertible debentures |
1000.000 |
0.000 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Commercial Papers |
|
|
|
Face Value |
3000.000 |
0.000 |
|
Less: Unexpired discount |
(43.867) |
0.000 |
|
|
|
|
|
Total |
3956.133 |
0.000 |
Notes:
Unsecured Redeemable
non-convertible debentures : Private Placement
|
Serie s |
Face value per
Debentures |
Date of Allotment |
Rs. In Millions |
Non Current Portion (Rs. In Millions) |
Current Maturities (Rs. In
Millions) |
Interest rate % P.a. |
Date of Redemption |
Redeemable term |
|
Series A |
Rs. 10 Lakhs each |
15/11/2012 |
1000.000 |
1000.000 |
-- |
10.07% |
May 16, 2014 |
Redeemable at par on maturity |
|
Series B |
Rs. 10 Lakhs each |
15/11/2012 |
2250.000 |
-- |
2250.000 |
10.01% |
March 26, 2014 |
Redeemable at par on maturity |
|
Series C |
Rs. 10 Lakhs each |
3/12/2012 |
750.000 |
-- |
750.000 |
9.78% |
Jun 3, 2014 with an Call Option on Dec 3, 2013 |
Redeemable at par on maturity |
|
Series D |
Rs. 10 Lakhs each |
3/12/2012 |
490.000 |
-- |
490.000 |
9.78% |
Jun 3, 2014 with an Call Option on Dec 3, 2013 |
Redeemable at par on maturity |
|
|
|
|
4490.000 |
1000.000 |
3490.000 |
|
|
|
BOARD OF DIRECTORS
Y. M. Deosthalee
Chairman and Managing
Director
Mr. Deosthalee is a Chartered Accountant and Law graduate. He was the Chief Financial Officer and a Member of the Board of Larsen and Toubro Limited (L and T). He is also a Member of the Board of several subsidiary and associate companies of the L and T Group. He has been associated with the L and T Group for the past 39 years.
During his stint at L and T, in addition to the finance function, he has also been responsible for personnel and human resource functions, risk management, mergers and acquisitions, shared services centre and providing strategic inputs. He has also helped in building the business portfolio of L and T Infotech, amongst other things. Mr. Deosthalee was instrumental in promoting the Financial Services business of the L and T Group. In 2008, he was appointed as a member of the Advisory Committee for Liquidity Management set up by the Finance Ministry.
In 2009, he was appointed as a member of the Takeover Regulations Advisory Committee, which was constituted by SEBI to examine the Takeover Regulations and suggest amendments. He is a member of the Confederation of Indian Industry’s (CII) National Council on Corporate Governance and the National Council on Banking.
He has also won several awards including the Best CFO of the Year and also the Best CFO in the Capital Goods
Sector at the CNBC TV18 Business Leaders Awards in 2009. He also oversees the L and T Group’s development projects business.
N. Sivaraman
President and
Whole-time Director
Mr. Sivaraman is a Chartered Accountant and is a fellow member of the Institute of Chartered Accountants of India. Over the last 31 years at L and T, he has been involved in all aspects of finance and accounts, mergers and acquisitions and investor relations.
He is responsible for and oversees the following entities – L and T Finance Limited, L and T Infrastructure Finance Company Limited, L and T Investment Management Limited, L and T General Insurance Company Limited, L and T Housing Finance Limited and Family Credit Limited.
During his career at L and T, Mr. Sivaraman has played a key role in structuring the demerger of the cement business of L and T and inducting private equity investors in L and T Infrastructure Development Projects Limited.
R. Shankar Raman
Non-Executive
Director
Mr. R. Shankar Raman is the Chief Financial Officer and a member of the Board at L and T. He is a non-executive director on the board of their Company and L and T Finance.
Mr. Shankar Raman has a bachelor’s degree in commerce from Madras University. He is a Chartered and Cost Accountant by profession and has close to 30 years of experience in the field of finance. He has experience in other varied areas such as audit, accounts, treasury, capital markets, corporate finance, project finance and general management. He joined L and T group in 1994 for setting up L and T Finance. After six successful years with L and T Finance, he moved to L and T to oversee the Finance and Accounting functions.
He is on the board of several companies including international subsidiaries within the L and T group. Mr. Shankar Raman has participated and presented papers in several conventions/seminars including international conferences.
Ajit Kumar Jain
Independent Directors
Mr. Jain is a B.Com (Honours) graduate and holds a Master's Diploma in Public Administration from the Indian Institute of Public Administration. He completed his graduation in Commerce from the University of Delhi. Mr. Jain is a nominee of the specified undertaking of the Unit Trust of India on the Board of Larsen and Toubro Limited. A retired Indian Administrative Service officer, he has held important posts in the Government of India, including those of Director and Additional Controller of Capital Issues in the Investment Division of Ministry of Finance; Assistant to Executive Director, Asian Development Bank; Joint Secretary in the Banking Division of Ministry of Finance; Special Secretary, Ministry of Power and Secretary to the Government of India, Ministry of Finance (Department of Disinvestment).
Mr. Jain has also served as a non-executive director on the boards of several central and state PSUs including Canara Bank, Cochin Shipyard Limited, The Industrial Finance Corporation of India Limited and ITI Ltd. He has served as a member of the ADB Institute Advisory Council of the Asian Development Bank for a tenure of two years, from September 11, 2006 to September 10, 2008 and as a Member of the Advisory Board on Bank, Commercial and Financial Frauds, constituted by the Central Vigilance Commission, Government of India, from July 1, 2007 to June 30, 2009.
S. V. Haribhakti
Mr. S. V. Haribhakti is a Chartered and Cost Accountant, and a Certified Internal Auditor, Financial Planner and Fraud Examiner. During a career span of four decades, he has successfully established and led many innovative services. His current passions involves Outsourcing of Knowledge Processes, Engaged Investing, and efficiency and effectiveness enhancement in Social, Commercial and Governmental organisations. He strongly believes in ‘shared value’ creation, good public and corporate governance and promoting a green environment. He actively promotes these causes, and contributes towards their evolution by participating in the process of framing regulations and standards.
B. V. Bhargava
Mr. Bhargava has had a distinguished career spanning almost three decades in development banking and project finance. He is currently the Chairman of the Rating Committee of CRISIL Limited. A Law graduate from the University of Mumbai and a post-graduate in Commerce. Mr. Bhargava’s varied professional life began with the Tariff Commission of India, where he was involved with various industries including cement, sugar and paper. His next assignment was with the Indian Investment Centre, where, as Assistant Director at New York, he was closely involved in the promotion of joint ventures. He joined ICICI in 1968 in the Project Appraisal department and rose to head various departments including the Projects department and the Regional Office at Delhi.
He retired from ICICI with effect from May 1, 1996 as Vice-Chairman and Managing Director. At ICICI, he was closely involved with the company’s innovative efforts in developing financial instruments and mechanisms tailored to the needs of contemporary Indian industry. He was also actively involved in raising foreign currency and rupee resources for ICICI. During his tenure with ICICI, he has acquired deep knowledge of Indian industry and the problems of industrial development. In the telecommunications sector, Mr. Bhargava was the chairman of the ICICI telecom group, a special group constituted to advise the Government on key issues pertaining to reforms in the telecommunications sector.
These include the creation of an independent regulatory body and the entry conditions for the private sector in telecom services.
Mr. Bhargava has participated in a number of seminars on project evaluation and management and has addressed several forums on this topic. He is also on the boards of various large organisations including CRISIL.
Subramaniam N.
Mr. Subramaniam has a degree in Management and Business Administration from the Indian Institute of Management, Ahmedabad. He is a fellow of the Institute of Chartered Accountants of India, an FCS and ICWA. He has over two decades of experience in the areas of private equity, investment management, banking, finance, accounts, risk management, system implementation and corporate governance, MIS and human resource management. He is the founder and managing partner of MCAP Fund Advisors. He is also a faculty member at top tier business schools and professional institutes.
M. Venugopalan
Mr. Venugopalan holds a Bachelor of Commerce degree from Kerala University and has worked as a Commercial Banker for nearly four and a half decades. He started his career as a Probationary Officer with Bank of India in 1966. In 2000, he joined Union Bank as an Executive Director. In 2003, he returned to Bank of India as the Chairman and Managing Director. In May 2005, he joined Federal Bank as the Managing Director and Chief Executive Officer. Mr. Venugopalan has also been runner-up for the EandY Entrepreneur of the Year 2009 award.
P.V. Bhide
Mr. Bhide is a retired IAS Officer with MBA, L.L.B and B.Sc. degrees. During his career spanning about four decades, he has held various Government positions, including the Secretary, Department of Revenue, Ministry of Finance, Secretary and Joint Secretary, Department of Disinvestment, Ministry of Finance, Government of India, Additional Secretary/Spl. Secretary, Ministry of Home Affairs, and Deputy Secretary/Director in the Department of Economic Affairs, Ministry of Finance. Mr. Bhide has also held positions as Director Fund-Bank Division of the Department and Advisor to India’s Executive Director to the International Board for Reconstruction and Development, Washington D.C, Secretary, Department of Finance, Government of Andhra Pradesh, Secretary, Department of Energy, Government of Andhra Pradesh and Managing Director, Godavari Fertilisers and Chemicals Limited.
Kamakshi Rao
Ms. Rao is a Chartered Financial Analyst and investment professional with over 16 years of experience. She earned her undergraduate degree from Harvard University and her Master’s degree from the University of Pennsylvania. Ms. Rao’s last assignment was at the Capital Group, where, as a Senior Vice-President, she was responsible for managing investments. She has managed investments in companies spanning a wide range of industries across Asia, Europe, the Middle East and Africa.
Throughout her career, India has always been a core area of her responsibilities. She has a wealth of international work experience, having been based in the United States, Singapore and Japan during the course of her career. Ms. Rao retired from the Capital Group in 2010.
R. Gopalakrishnan
Mr. R. Gopalakrishnan has been a professional manager for 45 years from 1967 onwards, 31 years in Unilever and 14 years in TATA. He had served in Jeddah as Chairman of Unilever Arabia, in Bangalore as Managing Director of Brooke Bond Lipton India, and finally as Vice Chairman of Hindustan Lever. Currently, he is Director, Tata Sons Ltd. He is the Chairman of Tata Auto-Component Systems and Rallis India, the Vice Chairman of Tata Chemicals, and is a Director of Tata Power and Tata Technologies. He is an Independent Director on the boards of Akzo Nobel India and Castrol India.
Mr. Gopalakrishnan studied physics at St Xavier’s Calcutta, engineering at IIT Kharagpur and attended the Advanced Management Program at Harvard Business School. He is a Past President of All India Management Association.
MANAGEMENT DISCUSSION
AND ANALYSIS
Macro-economic review
and outlook
GDP
FY13 was a challenging year for the global economy, and in particular, for India. Continuing the downturn, which started in FY12, macroeconomic variables further deteriorated and the economy witnessed a broad-based slowdown in FY13, with GDP growing at 5% - the slowest in 10 years.
As per the economic survey conducted by the Ministry of Finance, the economy is projected to grow at an optimistic 6.1 - 6.7% for FY14, signaling that the economy is looking up. The International Monetary Fund has also projected a 6.2% growth for FY14. To achieve this growth, the country would need a normal monsoon ensuring agriculture growth and lower interest rates, along with improved exports and raised industrial and services activity.
The Wholesale Price Index (WPI)-based inflation fell to 5.96% in March 2013 from 6.84% in the month of February 2013. This was the first instance of WPI going below the 6% mark since November 2009. Core inflation continued its downward momentum and food inflation also fell due to lower inflation in the prices of fruits, vegetables and protein-foods. The easing of core inflation is expected to set the stage for monetary easing going forward.
Business overview
Construction
Equipment Industry
The construction equipment (CE) industry witnessed a drop of around 20% in sales volumes, mainly due to the ban on mining and pending environmental clearances in Orissa, Karnataka and Goa. Delays in capital infusion and development policies also led to negative sentiments. Sales volumes for backhoe loaders - a main constituent of the CE industry - dropped approximately by 7%, excavators by 15%, wheel loaders by 25%, compactors by 15%. The drop in cranes and concrete equipment was over 40%. In line with the industry’s de-growth, their construction equipment business also experienced a 19% dip in the number of units financed.
Commercial Vehicle
Industry
Medium and Heavy
Commercial Vehicles
(M and HCV>12T)
Since the M and HCV category draws its demand from the economy, it is prone to cyclicality. The M and HCV segment was hit the hardest by slowing industrial activity, weak investment sentiment and the addition of significant fleet capacity over the past three years. While the buses segment witnessed a healthy off-take by private operators and state transport undertakings, contraction in demand for higher tonnage trucks was the sharpest - over 30%. These factors shrunk overall M and HCV sales by 28% and as a result, they experienced a decrease of 32% in the units financed.
Light commercial
vehicles (LCV up to 12T)
The LCV segment is categorised into up to 3.5T (Small Commercial Vehicles or SCV) and 3.5T to 12T vehicles. Both categories were expected to benefit from the hub and spoke model of the transportation business, but the slowdown and overall negative sentiment around the CV industry impacted the segment negatively. Sales dropped by close to 14% and LCV goods vehicle sales in particular, dropped by almost 18%.
On the other hand, the SCV category benefitted from the hub and spoke model, new government restrictions banning overloading of cargo vehicles and restricted entry of heavy commercial vehicles into cities. The popularity of early movers in this segment prompted many OEMs from the three-wheeler and LCV segments to foray into the SCV four-wheeler market.
As compared to the previous year, their business witnessed a 24% increase in units financed in the LCV segment and a 13% increase in the SCV four-wheeler segment.
Passenger vehicle
industry
The Passenger Vehicle (PV) industry comprises 3 main segments – passenger car, utility vehicles(UV) and vans. During FY13, total PV sales grew by around 2%, driven by a 52% growth in the UV segment. Car sales dropped by 7% while van sales increased by just a percent.
They continued to expand their presence in the Passenger Vehicle segment, which resulted in a 28% growth in the units financed.
Farm equipment
industry
The Indian tractor industry is the largest in the world by volume. Improved agricultural growth, combined with factors such as increasing land holdings, better minimum support price as well as labour shortage, has propelled the demand for farm equipment over the last few years.
In FY13, the Indian tractor industry experienced a 2% de-growth due to delayed monsoon and drought in parts of India. The Southern markets of Andhra Pradesh and Tamil Nadu accounted for a drop of over 30% and the West - Gujarat, Maharashtra and Karnataka - witnessed a drop of around 25%. Alongside, the harvester market took a hard hit of over 50%, with approximately a 75% drop in the South alone. On the other hand, Central India accounted for growth - over 30% in Madhya Pradesh and over 20% in Bihar and Rajasthan. This was due to an increasing need for farm mechanization in these states. L and T Finance outperformed the growth of the market by registering a growth of 3% in tractor volumes.
L and T Infra –
overview
L and T Infra is positioned as a financial solutions platform catering to the entire value chain of infrastructure development and is committed to providing appropriate financing to its diverse client base. The Company commenced business operations in January 2007 with project financing and has expanded its offerings to cover equity, debt underwriting and syndication and private equity. A broad spectrum of services comprising innovative products and financing structures helps it deliver value propositions to customers. Pursuant to this strategy, the institution has developed expertise along the value chain of infrastructure financing, and over the years, has extended its operating platform from fund-based to fee-based businesses across infra and allied sectors.
In the pursuit of sustainable growth, L and T Infra has been investing in manpower development, upgrading systems, technology and processes. The Company’s endeavour is to engage with policy makers and regulators on an on-going basis in order to make suitable suggestions to the government and regulators on policy matters.
L and T Infra’s business proposition is not confined to providing finance, but extends to advising customers on diverse financing structures, business planning, risk mitigation and enhancing sustainability. It has followed a proactive engagement approach with affected borrowers and co-lenders to identify and manage incipient stress, which has helped in containing risks and improving overall asset quality.
The Company has a qualified and experienced management team and the emphasis is on acquiring talent, skill building, enhancing knowledge and refining it to meet client needs. It has leveraged the experience, expertise and command that the parent L and T Group holds over the complex and technical world of infrastructure and this has helped it to stand apart in the market place.
L and T Infra was classified as an Infrastructure Finance Company (IFC) by RBI in July 2010, and notified by the Government of India as a Public Financial Institution (PFI) later in June 2011. Over time, L and T Infra has witnessed its approvals, disbursements and assets increase at a healthy pace and despite FY13 being a very difficult year, L and T Infra posted appreciable growth, which is a validation of its focused growth strategy. In FY13, L and T Infra’s pioneering leadership in financing solar power projects in India was recognised by Asian Development Bank (ADB). This was by way of the ADB awarding accreditation to L and T Infra as its partner in India for financing solar power plants for the private sector. The ADB’s partial credit guarantee facility being made available to L and T Infra will entail ADB sharing 50% of the payment default risk on L and T Infra loans provided to the eligible solar project developers.
In terms of the Loan Assets portfolio, L and T Infra’s business in FY13 continued its commitment and focus on infrastructure sectors - comprising power, roads, telecom and ports among other segments. Given the continuing deficit in the power sector, it remains to be a priority sector for L and T Infra in terms of exposure.
With challenges in fuel and fuel logistics still continuing, L and T Infra consciously decided to calibrate its growth in the coal thermal sector and focused on emerging sectors like renewable energy as a way to maintain its presence in the power sector. L and T Infra believes that such an effort hedges the portfolio well. The thrust on renewable energy assets, at 21% of total outstanding, forms the single largest part of the power portfolio. Almost all renewable energy projects financed in FY12 and FY13 by L and T Infra have commenced commercial operations, thereby enhancing the overall quality of its portfolio.
L and T Infra has continued its focus on the road sector, with an emphasis on projects with bid prices assessed for their reasonableness. With not many road projects being tendered out in FY13, the focus was to offer competitive financing to operational road projects that were supported by healthy traffic and cash flows. A substantial 60% (percentage share of outstanding) of road projects are operational and have demonstrated a steady growth in cash flows, backed by both traffic as well as the consequence of inflation linked toll.
In FY13, L and T Infra cautiously and very selectively added telecom projects (including networks and telecom towers) to its portfolio, with a focus on highly rated clients with a sound promoter backing. Further, as a conscious strategy to diversify its customer base and enhance the overall portfolio quality, L and T Infra targeted a few corporate clients with better credit rating - albeit offering relatively lower returns in the near term. Such projects are expected to achieve higher returns on the back of improved operating parameters in the medium term.
L and T Infra’s concentration risk with respect to single borrower and single promoter group remains comfortably low, with the top 10 borrowers and promoter groups constituting 19% and 28% of L and T Infra’s total exposure respectively, as on March 31, 2013.
Performance
Despite high market volatility and poor investor sentiment, the Indian mutual fund industry grew by 19% with overall assets under management closing at ` 701,443 crores as at March 2013 versus ` 587,217 crores for March 2012. (Source: Association of Mutual Fund of India website).
Against this backdrop, aided by the acquired business and subsequent new business momentum, L and T Mutual Fund's assets grew rapidly and stood at ` 11,389 crores as at March 31, 2013 versus ` 3,109 crores last year - an increase of 266%. The market share of the business grew from 0.5% to 1.6% based on the closing assets from March 2012 to March 2013. The number of investor folios increased to 895,475 as of March 31, 2013 from 145,712 as of March 31, 2012 - a six-fold increase in the customer base. Further, the Portfolio Management Services (PMS) business remained steady with around ` 100 crores in assets from over 1000 customers as at end March 2013.
Notes: No Charges Exist for Company
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30.09.2013
(Rs. In Millions)
|
Sr. No. |
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
|
30.09.2013 (Unaudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|
1 |
Income from
Operations |
1693.148 |
116.090 |
1809.238 |
|
2 |
Expenses |
|
|
|
|
|
(a) Employee benefits |
31.948 |
38.837 |
70.785 |
|
|
(b) Professional fees |
32.887 |
19.690 |
52.577 |
|
|
(c) Advertisement expenses |
18.928 |
3.165 |
22.093 |
|
|
(d) Administration and other expenses |
30.558 |
13.663 |
44.221 |
|
|
(e) Allowances and contingencies |
(2.663) |
(2.700) |
(5.363) |
|
|
(f) Depreciation and amortisation |
0.270 |
0.281 |
0.551 |
|
|
Total Expenses |
111.928 |
72.936 |
184.864 |
|
3 |
Profit/(loss) from
operations before other income, finance costs and exceptional items (1-2) |
1581.220 |
43.154 |
1624.374 |
|
4 |
Other Income |
60.299 |
129.195 |
189.494 |
|
5 |
Profit from
ordinary activities before finance costs and exceptional items (3+4) |
1641.519 |
172.349 |
1813.868 |
|
6 |
Finance Costs |
175.100 |
181.506 |
356.606 |
|
7 |
Profit/Loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
1466.419 |
(9.157) |
1457.262 |
|
8 |
Exceptional items |
- |
- |
- |
|
9 |
Profit/(loss) from
ordinary activities before Tax (7+8) |
1466.419 |
(9.157) |
1457.262 |
|
10 |
Tax Expenses |
|
|
|
|
|
a) Current tax |
1.883 |
3.500 |
5.383 |
|
|
b) Deferred tax |
(0.132) |
(0.386) |
(0.518) |
|
|
Total Tax expense |
1.751 |
3.114 |
4.865 |
|
11 |
Net profit/(Loss)
from ordinary activities after tax (9-10) |
1464.668 |
(12.271) |
1452.397 |
|
12 |
Extraordinary item |
- |
- |
- |
|
13 |
Net profit/(Ioss)
for the period/year (11+12) |
1464.668 |
(12.271) |
1452.397 |
|
14 |
Paid-up equity share capital (Face Value Rs. 10/- Per Share) |
17169.331 |
17168.424 |
17169.331 |
|
13 |
Reserves as per Balance Sheet at year ended |
|
|
|
|
12 |
Earnings per share
(of Rs.10/- each) (Not Annualised): |
|
|
|
|
|
(a) Basic |
*0.76 |
*(0.10) |
*0.65 |
|
|
(b) Diluted |
*0.76 |
*(0.10) |
*0.65 |
|
Sr. No. |
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
|
30.09.2013 (Unaudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|
(A) |
PARTICULARS OF SHAREHOLDING = |
|
|
|
|
1 |
Public
shareholding |
|
|
|
|
|
- Number of shares |
299908841 |
299818142 |
299908841 |
|
|
- Percentage of shareholding |
17.47% |
17.46% |
17.47% |
|
|
|
|
|
|
|
2 |
Promoter and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of
Shares |
Nil |
Nil |
Nil |
|
|
- Percentage of
Shares (as a % of total shareholding of promoter and promoter group) |
NA |
NA |
NA |
|
|
- Percentage of
Shares (as a % of total share capital of the Company) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
b) Non-Encumbered |
|
|
|
|
|
- Number of
Shares |
1417024221 |
1417024221 |
1417024221 |
|
|
- Percentage of
Shares (as a % of total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
|
- Percentage of
Shares (as a % of total share capital of the Company) |
82.53% |
82.54% |
82.53% |
|
|
|
|
|
|
|
|
Invest Complaints |
|
|
|
|
|
Pending at the
beginning of the quarter |
NIL |
|
|
|
|
Received during
the quarter |
2 |
|
|
|
|
Disposed of
during the quarter |
2 |
|
|
|
|
Remaining unresolved
at the end of the quarter |
NIL |
|
|
STANDALONE STATEMENT
OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2013
(Rs. In Millions)
|
SOURCES OF FUNDS |
As at 30.09.2013 |
|
EQUITY AND
LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
24669.331 |
|
(b) Reserves and Surplus |
19598.300 |
|
Sub-Total -
Shareholders' Funds |
44267.631 |
|
|
|
|
(2) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
0.000 |
|
(c) Other long term liabilities |
1.358 |
|
(d) long-term provisions |
7.251 |
|
Sub-Total -
Non-Current Liabilities |
8.609 |
|
|
|
|
(3) Current
Liabilities |
|
|
(a) Short term borrowings |
2440.796 |
|
(b) Current maturities of long term borrowings |
4490.000 |
|
(c) Other current liabilities |
454.012 |
|
(d) Short-term provisions |
66.357 |
|
Sub-Total - Current
Liabilities |
7451.165 |
|
|
|
|
TOTAL - EQUITY AND
LIABILITIES |
51727.405 |
|
|
|
|
ASSETS |
|
|
(1) Non-current
assets |
|
|
(a) Fixed Assets |
4.717 |
|
(b) Non-current Investments |
46498.611 |
|
(c) Deferred tax assets (net) |
18.167 |
|
(d) Long-term Loan and Advances |
44.421 |
|
Sub-Total -
Non-Current Assets |
46565.916 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
1328.342 |
|
(d) Cash and cash equivalents |
13.266 |
|
(c) Short-term loans and advances |
714.500 |
|
(d) Other current assets |
3105.384 |
|
Sub-Total - Current
Assets |
5161.492 |
|
|
|
|
TOTAL – ASSETS |
51727.405 |
Notes :
1. The Company during the current quarter has allotted 90,699 equity shares of Rs.10/- each fully paid up on exercise of options by employees, in accordance with the Company’s Employee Stock Option Scheme(s).
2. The Company, during the current quarter has received dividend of Rs.1589.514 Millions from its wholly owned subsidiaries.
3. The main business of the Company is investment activity. Further, all activities are carried out within India As such, there are no separate reportable segments as per the Accounting Standard (AS) 17 Segment Reporting notified by the Companies (Accounting Standards) Rules, 2006.
4. Previous periods/year figures have been regrouped/reclassified to make them comparable with those of current period/year.
5. The results for the quarter ended September 30, 2013 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 October 23. 2013.
FIXED ASSETS
Tangible Assets
· Motor Car
· Computers
Intangible Assets
· Computer Software
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.62.33 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.84.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
65 |
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.