|
Report Date : |
07.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
L & T FINANCE LIMITED |
|
|
|
|
Registered
Office : |
L and T House, Ballard Estate, Mumbai – 400001, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
22.11.1994 |
|
|
|
|
Com. Reg. No.: |
11-083147 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2384.223 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65990MH1994PLC083147 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company operates mainly in the business segment of fund based financing activity. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
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 84000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a part of “L and T Group”. It is a well-established company
having fine track record. The rating reflects the established track record of company, well-established
revenue streams, and comfortable liquidity profile. 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 |
Non-convertible debenture: “AA+” |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
13.11.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term debt programme: “A1+” |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
13.11.2013 |
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 BY
|
Name : |
Mr. Pranav Desai |
|
Designation : |
Head Accounts |
|
Contact No.: |
91-22-66217515 |
|
Date : |
06.01.2014 |
LOCATIONS
|
Registered Office : |
L and T House, Ballard Estate, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-67525656 |
|
Fax No.: |
91-22-67525893 |
|
E-Mail : |
|
|
|
|
|
Administrative : |
C-26/27, E Block, The Metropolitan, Bandra Kurla Complex, Bandra
(East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-67372727 |
|
Fax No.: |
91-22-67372700 |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Y. M. Deosthalee |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. N. Sivaraman |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Milind P. Phadke |
|
Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Mr. Dinanath Dubhashi |
|
Designation : |
Chief Executive and Manger |
|
|
|
|
Name : |
Mr. Manoj Harlalka |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2013
|
Names of Shareholders |
|
No. of Shares |
|
L&T Finance Holdings Limited, India |
|
238422269 |
|
|
|
|
|
Total |
|
238422269 |
BUSINESS DETAILS
|
Line of Business : |
The Company operates mainly in the business segment of fund based financing activity. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
Not Available |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
|
|
|
Ultimate Holding Company: |
· Larsen and Toubro Limited |
|
|
|
|
Holding Company: |
· L&T Finance Holdings Limited |
|
|
|
|
Subsidiary Companies: |
· L&T Investment Management Limited (Up to 28.03.2013, from 29.03.2013 to 31.03.2013 Fellow subsidiary Company) · L&T Mutual Fund Trustee Limited (Up to 28.03.2013, from 29.03.2013 to 31.03.2013 Fellow subsidiary Company) |
|
|
|
|
Fellow Subsidiary Companies: |
· L&T Infrastructure Finance Company Limited · L&T Fin Corp Limited · L&T Capital Company Limited · Larsen and Toubro Infotech Limited · Ewac Alloys Limited · L&T General Insurance Company Limited · Family Credit Limited · L&T Capital Markets Limited · L&T Housing Finance Limited · L&T Unnati Finance Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
Rs.10/- each |
Rs. 20000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
238422269 |
Equity Shares |
Rs.10/- each |
Rs. 2384.223
Millions |
|
|
|
|
|
Reconciliation of the
number of shares outstanding at the beginning and at the end of the reporting
period
|
Equity Shares |
As at March 31, 2013 |
|
|
No. of Shares |
Rs. In Millions |
|
|
Balance at the beginning of the period |
238422269 |
2384.223 |
|
Issued during the period - Capital infusion from Holding Company |
-- |
-- |
|
Balance at the end
of the year |
238422269 |
2384.223 |
Terms/rights attached
to equity shares
The Company has only
one class of equity shares having a par value of Rs. 10 per share. Each holder
of equity shares is entitled to one vote per share.
|
Equity Shares |
As at March 31, 2013 |
|
|
No. of Shares |
Rs. In Millions |
|
|
L&T Finance Holdings Limited and it’s nominees(Equity Shares of Rs.10 each fully paid) |
238422269 |
2384.223 |
|
|
|
|
Details of
shareholders holding more than 5% shares in the Company
|
Equity Shares |
As at March 31, 2013 |
|
|
No. of Shares |
% holding |
|
|
Equity Shares of Rs. 10 each fully paid |
238422269 |
100% |
|
|
|
|
*Held by L&T Finance Holdings Limited (Holding company) and it’s nominee.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2384.223 |
2384.223 |
2309.223 |
|
(b) Reserves & Surplus |
18704.686 |
17900.957 |
15014.524 |
|
(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) |
21088.909 |
20285.180 |
17323.747 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
61819.278 |
76403.603 |
54573.576 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
1455.894 |
703.591 |
493.626 |
|
(d) long-term
provisions |
188.600 |
181.661 |
153.178 |
|
Total Non-current
Liabilities (3) |
63463.772 |
77288.855 |
55220.380 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
20108.840 |
12426.027 |
15734.981 |
|
(b)
Current maturities of long-term borrowings |
36123.636 |
21093.686 |
18116.200 |
|
(c)
Trade payables |
1.295 |
7.077 |
6.334 |
|
(d) Other
current liabilities |
7677.584 |
6874.454 |
4773.005 |
|
(e) Short-term
provisions |
709.897 |
240.368 |
132.745 |
|
Total Current
Liabilities (4) |
64621.252 |
40641.612 |
38763.265 |
|
|
|
|
|
|
TOTAL |
149173.933 |
138215.647 |
111307.392 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2751.264 |
4648.510 |
4248.149 |
|
(ii)
Intangible Assets |
54.931 |
54.985 |
62.049 |
|
(iii) Capital
work-in-progress |
56.517 |
317.924 |
162.715 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
761.381 |
2091.864 |
2834.126 |
|
(c) Deferred tax
assets (net) |
407.380 |
378.930 |
98.990 |
|
(d) Long-term Loan and Advances |
812.099 |
996.366 |
0.558 |
|
(e)Long-term loans and advances towards financing activities |
76913.752 |
69827.670 |
51711.316 |
|
(f) Other
Non-current assets |
28.817 |
159.837 |
464.975 |
|
Total Non-Current
Assets |
81786.141 |
78476.086 |
59582.878 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
968.083 |
253.858 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
111.648 |
90.473 |
17.451 |
|
(d) Cash
and cash equivalents |
1057.873 |
946.277 |
1218.653 |
|
(e)Current maturities of long-term loans and advances towards financing activities |
45638.692 |
38619.888 |
30766.779 |
|
(f)
Short-term loans and advances |
17690.965 |
16662.311 |
17421.757 |
|
(g)
Other current assets |
2888.614 |
2452.529 |
2046.016 |
|
Total
Current Assets |
67387.792 |
59739.561 |
51724.514 |
|
|
|
|
|
|
TOTAL |
149173.933 |
138215.647 |
111307.392 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
20605.366 |
17617.092 |
13784.411 |
|
|
|
Other Income |
188.633 |
217.498 |
211.962 |
|
|
|
TOTAL (A) |
20793.999 |
17834.590 |
13996.373 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefits expense |
1019.903 |
964.378 |
659.889 |
|
|
|
Administration and Other expenses |
2097.068 |
1769.161 |
1295.919 |
|
|
|
Allowances and write offs |
1876.467 |
1462.156 |
861.491 |
|
|
|
Write offs/ loss on foreclosure of loans |
0.000 |
0.000 |
733.272 |
|
|
|
TOTAL (B) |
4993.438 |
4195.695 |
3550.571 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
15800.561 |
13638.895 |
10445.802 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12062.183 |
10100.558 |
6412.877 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3738.378 |
3538.337 |
4032.925 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
604.292 |
588.606 |
534.383 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3134.086 |
2949.731 |
3498.542 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1023.800 |
959.600 |
1194.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2110.286 |
1990.131 |
2304.442 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1752.518 |
2484.987 |
2141.545 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
211.030 |
49.760 |
0.000 |
|
|
|
Dividend |
1001.374 |
262.264 |
0.000 |
|
|
|
Tax on Dividend |
179.871 |
42.546 |
0.000 |
|
|
|
Proposed final dividend |
102.522 |
0.000 |
0.000 |
|
|
|
Transfer to Special Reserve U/S 45-IC of RBI Act, 1934 |
422.060 |
398.030 |
461.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
(3210.000) |
1970.000 |
1500.000 |
|
|
BALANCE CARRIED
TO THE B/S |
5155.947 |
1752.518 |
2484.987 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.85 |
8.48 |
10.85 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
10.15 |
11.16 |
16.47 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.21 |
16.74 |
25.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.11 |
2.18 |
3.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.15 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.89 |
4.38 |
4.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04 |
1.47 |
1.33 |
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 |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
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 |
CASE DETAILS
|
Lodging No.:- |
ARBPL/1372/2012 |
Filing Date:- |
20/10/2012 |
Reg. No.:- |
ARBP/14/2013 |
Reg. Date:- |
07/01/2013 |
|
Petitioner:- |
ROBUST SILICONS PRIVATE LIMITED AND K. SATYANARAYAN RAO |
Respondent:- |
L AND T FINANCE LIMITED |
|
Petn.Adv.:- |
RAKESH REDDY () |
Resp.Adv.:- |
S.I. JOSHI AND COMPANY() |
|
District:- |
OUTSIDE MAHARASHTRA |
|
|
|
Bench:- |
SINGLE |
|
|
|
Status:- |
Pre-Admission |
Category:- |
ARBITRATION ACT. |
|
Next Date:- |
06/01/2014 |
Stage:- |
ARBP FOR ADMISSION U/S 34 FRESH |
|
Coram:- |
HON'BLE SHRI JUSTICE N.M. JAMDAR |
|
|
|
Last Date:- |
02/12/2013 |
Stage:- |
ARBP FOR ADMISSION U/S 34 FRESH |
|
Last Coram:- |
HON'BLE SHRI JUSTICE N.M. JAMDAR |
|
|
|
Act :- |
Arbitration and Conciliation Act 1996 |
Under Section:- |
34 |
UNSECURED LOAN
(Rs. In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long-term
borrowings |
|
|
|
Redeemable non-convertible debentures |
3500.000 |
750.000 |
|
Term loans From banks |
21000.000 |
10000.000 |
|
Term loans Perpetual debt |
2000.000 |
0.000 |
|
Perpetual debt Loans and advances from related parties Perpetual debt |
0.000 |
2000.000 |
|
|
|
|
|
Short term
borrowings |
|
|
|
Term loans From banks |
1000.000 |
9500.000 |
|
Term loans bank overdraft |
397.116 |
0.000 |
|
Commercial papers |
15099.500 |
0.000 |
|
Less: Unexpired discounting charge |
(262.703) |
0.000 |
|
Inter corporate borrowings |
1874.927 |
426.027 |
|
Total |
44608.840 |
22676.027 |
PERFORMANCE OF THE COMPANY
The Company has achieved enhanced business performance during the year under review, in comparison to the year ended March 31, 2012, in spite of the challenging economic environment and slowdown in several sectors. Gross portfolio assets (including operating lease*) recorded 11.50% growth from Rs. 128720.000 Millions as at March 2012, to Rs.143520.000 Millions as at March 2013.
Amount of operating lease included in 2012 is Rs. 2291.000 Millions and Rs. 2212.700 Millions in 2013.
Income from operations has grown from Rs. 17617.100 Millions in the year ended March 31,2012 to Rs. 20605.400 Millions in the year, an increase of 17%. Total income has also grown 17% from Rs. 17834.600 Millions to Rs. 20794.000 Millions in the same period.
During the Financial Year 2013, the Company had undertaken several initiatives with an objective to enhance customer reach, improve operating efficiencies, reduce operating cost and build up a leadership pool at various levels.
Two such major initiatives which the Company had undertaken were:
Project Srijan – This project has led to realignment of the business model, with emphasis on a multi-product, branch based structure in place of the product based verticals earlier.
Project Prayaag – As a logical extension of Project Srijan, Project Prayaag has focused on creation of a distribution platform with multi product capability, enhancing customer experience and enhancement of the efficiency and productivity of the sales force.
CORPORATE/ STRATEGIC
INITIATIVES
The Company has divested its entire stake in L&T Investment Management Limited and L&T Mutual Fund Trustee Limited to its parent Company, L&T Finance Holdings Limited, after complying with regulatory requirements.
A substantial portion of the immovable properties owned by the Company has been transferred to L&T Unnati Finance Limited, a co-subsidiary of the Company.
The car financing business of the Company has been transferred to Family Credit Limited, a co-subsidiary of the Company to enable the Company to focus on Asset Financing business and also considering that Family Credit Limited, acquired during the year by the parent Company, has a sizeable car financing portfolio and its acquisition of this business from the Company would facilitate economies of scale.
The Company being an Asset Finance Company had identified a few non-asset finance business exposures that could be shifted out of it in order to focus on the core business activities. Accordingly, the Company had assigned a portion of its corporate portfolio to L&T Fin Corp Limited, a co-subsidiary of the Company.
PERFORMANCE OF
BUSINESSES:
RETAIL FINANCE
SEGMENT
Small Commercial Vehicles, Passenger Vehicles and Farm business have grown at a reasonable rate whilst Construction Equipment, Medium and Heavy Commercial Vehicle and Light Commercial Vehicle loan businesses showed stressed growth in line with the performance of the respective sectors.
MID MARKET LOANS
SEGMENT
Interest Margin of this segment saw improvement over the last financial year. Further, the total disbursement, average business assets and average networth also saw an increase over the last financial year. However, overall profitability of the said segment was under strain due to increased credit costs.
Small Business Loans segment (which includes Supply Chain Finance and Rural Enterprise Finance) showed considerable growth despite pressure on yields.
Microfinance Business segment has seen positive contribution especially towards the end of the Financial Year 2013.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10464753 |
05/12/2013 |
2,000,000,000.00 |
THE ROYAL BANK OF SCOTLAND N.V. |
4TH NORTH AVENUE, LEVEL 3, MAKER MAXITY, BANDRA |
B91366088 |
|
2 |
10457751 |
08/11/2013 * |
2,040,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B90139767 |
|
3 |
10457753 |
08/11/2013 * |
1,050,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B90139403 |
|
4 |
10455446 |
27/09/2013 |
2,000,000,000.00 |
BANK OF INDIA |
NARIMAN POINT LARGE CORPORATE, 92-93,FREE PRESS, HOUSE, FREE PRESS JOURNAL MARG, 215, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B87687224 |
|
5 |
10454411 |
24/09/2013 |
2,000,000,000.00 |
ORIENTAL BANK OF COMMERCE |
LARGE CORPORATE BRANCH AT NO. 63, DR. RADHAKRISHNA, MYLAPORE, CHENNAI, TAMIL NADU - 600004, INDIA |
B87268009 |
|
6 |
10457820 |
24/09/2013 |
2,500,000,000.00 |
DEUTSCHE BANK AG |
4TH FLOOR, DLF SQUARE, JACARANDA MARG, DLF PHASE II, GURGAON, HARYANA - 122002, INDIA |
B88635123 |
|
7 |
10454102 |
24/09/2013 |
2,000,000,000.00 |
ALLAHABAD BANK |
OFFICE NO -4, GROUND FLOOR, MITTAL CHAMBERS, PLOT NO-228, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B87120184 |
|
8 |
10449920 |
07/09/2013 |
1,000,000,000.00 |
UNITED BANK OF INDIA |
2ND FLOOR, UNITED BANK OF INDIA BUILDING, 25, SIR |
B85344943 |
|
9 |
10449323 |
02/09/2013 |
5,000,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH, 3
WALCHAND HIRACHAND MARG, BALLARD PIER, MUMBAI, MAHARASHTRA |
B85124071 |
|
10 |
10447915 |
31/08/2013 |
5,000,000,000.00 |
INDIAN OVERSEAS BANK |
763,ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA |
B84492792 |
|
11 |
10445231 |
22/08/2013 |
2,000,000,000.00 |
PUNJAB & SIND BANK |
J.K. SOMANI BUILDING, BRITISH HOTEL LANE, FORT, |
B83141143 |
|
12 |
10442378 |
04/12/2013 * |
1,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B91361162 |
|
13 |
10438164 |
03/07/2013 |
6,800,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B79011938 |
|
14 |
10437879 |
26/06/2013 |
10,000,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B80063910 |
|
15 |
10412855 |
04/12/2013 * |
250,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B91521575 |
|
16 |
10395428 |
18/02/2013 * |
2,550,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR,, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B68519842 |
|
17 |
10377143 |
12/09/2012 |
7,050,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B58348939 |
|
18 |
10367266 |
27/06/2012 |
2,500,000,000.00 |
CORPORATION BANK |
CORPORATE BANKING BRANCH ,RALLA RAM BUILDING, NO.30, MISSION ROAD , BANGALORE, KARNATAKA - 560027, INDIA |
B44092179 |
|
19 |
10366141 |
27/06/2012 |
2,500,000,000.00 |
BANK OF MAHARASHTRA |
INDUSTRIAL FINANCE BRANCH, APEEJAY HOUSE-GROUND, FLOOR,1, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B44005999 |
|
20 |
10366242 |
27/06/2012 |
1,350,000,000.00 |
PUNJAB AND SIND BANK |
J.K. SOMANI BUILDING, BRITISH HOTEL LANE, FORT, |
B44054161 |
* Date of charge modification
PRESS RELEASE
L&T FINANCE
TIES-UP WITH SANY FOR A PRIVATE LABEL ARRANGEMENT
Chakan, Pune June 2, 2012 – L&T Finance Limited and Sany Heavy Industry IndiaPrivate Limited have signed a
Private Label Agreement to offer Financing assistance to Sany Customers.
Sany Heavy Industry Managing Director Mr Richard Deng, CEO Mr T. R. Badarinarayan along with the CEO of
L&T Finance, Mr. Dinanath Dubhashi were present at the ceremony.
This agreement will help L&T Finance serve the customers of SANY India in a highly personalized and focused manner by providing customized solutions suiting their individual needs. This agreement will also enable L&T Finance to offer attractive finance schemes to all Sany customers. This will help in joint business development for both organizations through the sale and financing of the Sany product range in India which includes excavators, crawler cranes, truck cranes, motor graders, drilling rigs, port machines, asphalt pavers, etc.
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. 62.38 |
|
|
1 |
Rs. 102.25 |
|
Euro |
1 |
Rs. 84.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
68 |
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.