MIRA
INFORM REPORT
|
Report Date : |
10.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
L&T TECHNOLOGY SERVICES LIMITED (w.e.f. 25.07.2012) |
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Formerly Known
As : |
L&T TECHNOLOGY AND ENGINEERING SERVICES COMPANY LIMITED |
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Registered
Office : |
L&T House, N.M. Marg, Ballard Estate, Mumbai
– 400001,
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of Incorporation
: |
14.06.2012 |
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Com. Reg. No.: |
11-232169 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.500 Million |
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CIN No.: [Company Identification
No.] |
U72900MH2012PLC232169 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUML08914D |
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PAN No.: [Permanent Account No.] |
AACCL4310P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged providing mechanical engineering
and embedded system services. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Yet to commence its business operations |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a wholly owned subsidiary of Larsen and Toubro an Indian multinational engineering,
technology, manufacturing and construction conglomerate. As per the financial statement of FY
13, the management has not commenced any business activity, whereas has
incurred some pre-operative expenses which are further reported as losses
during FY 13. However, trade relations are fair. Business is active as per the
status shown in the registrar of companies. Payment terms are unknown. In view of strong financial, managerial and technological support
extended from its parent, the company can be considered for business dealings
with some caution. |
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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. Pratik Prajapati |
|
Designation : |
Office Executive |
|
Contact No.: |
91-265-6705500 |
|
Date : |
07.07.2014 |
LOCATIONS
|
Registered Office : |
L&T House, N.M. Marg, Ballard Estate, Mumbai
– 400001, Maharashtra, India |
|
Tel. No.: |
91-22-67525656 |
|
Fax No.: |
91-22-67525858 |
|
E-Mail : |
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|
Website : |
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Corporate Office : |
L&T Knowledge
City, SEZ(IT/ITES) Third Floor, West Block, N.H. No. 8,
Ajwa-Waghodia Crossing, Vadodara-390 019, Gujarat, India |
|
Tel. No.: |
91-265-6705344 |
|
Fax No.: |
91-265-6705353 |
DIRECTORS
AS ON 21.08.2013
|
Name : |
Mr. Vijay Kumar Magapu |
|
Designation : |
Director |
|
Address : |
Flat No. 402/403, Verona, Hiranandani Gardens, Powai, Mumbai – 400076,
Maharashtra, India |
|
Date of Birth/Age : |
12.06.1945 |
|
Date of Appointment : |
14.06.2012 |
|
Qualification : |
B Tech (Mech), M.SC (Canada) |
|
DIN No. : |
00001658 |
|
|
|
|
Name : |
Mr. Keshab Panda |
|
Designation : |
Director |
|
Address : |
15 Hartlander Street, East Brunswick, New Jersey - 08816 |
|
Date of Birth/Age : |
01.10.1958 |
|
Date of Appointment : |
14.06.2012 |
|
Qualification : |
B. Tech, ME (IIS), PhD (IIT) |
|
DIN No. : |
05296942 |
|
|
|
|
Name : |
Mr. Narasimham Rama Lakshmi Kotikalapudi |
|
Designation : |
Director |
|
Address : |
2661, Venetian Ln, Elgin Il, United States of America - 60124 |
|
Date of Birth/Age : |
25.02.1947 |
|
Date of Appointment : |
14.06.2012 |
|
Qualification : |
BE (IIT), Post Graduate Diploma in Business Management. |
|
DIN No. : |
03499884 |
KEY EXECUTIVES
|
Name : |
Mr. Pratik Prajapati |
|
Designation : |
Office Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 21.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Larsen and Toubro Limited, India |
|
49994 |
|
Vijay Kumar Magapu Jointly with Larsen and Toubro Limited |
|
1 |
|
Narayanaswamy Hariharan Jointly with Larsen and Toubro Limited |
|
1 |
|
Naina Rajan Desai Jointly with Larsen
and Toubro Limited |
|
1 |
|
K.P. Janardhanan Jointly with Larsen
and Toubro Limited |
|
1 |
|
P. Ramakrishnan Jointly with Larsen
and Toubro Limited |
|
1 |
|
Prasad Vishnu Shanbhag Jointly with Larsen and Toubro Limited |
|
1 |
|
|
|
|
|
Total |
|
50000 |
DATE OF ALLOTTEE 16.01.2014
|
Names of Allottee |
No. of Shares |
|
Larsen and Toubro Limited, India |
102450000 |
|
|
|
|
Total |
102450000 |
DATE OF ALLOTTEE 15.02.2014
|
Names of Allottee |
No. of Shares |
|
Larsen and Toubro Limited, India |
400000000 |
|
|
|
|
Total |
400000000 |
AS ON 21.08.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
99.99 |
|
Other top fifty shareholders |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged providing mechanical
engineering and embedded system services. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
|
|
|
|
Bankers : |
·
The Hongkong and Shanghai Banking Corporation
Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra,
India ·
Citi Bank N.A., 293, D. N. Road, Fort, Mumbai - 400001,
Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Ravindra Annexe, 194 Churchgate Reclamation, Dinshaw Vachha Road,
Mumbai - 400020 |
|
PAN No.: |
AAAFS2967E |
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Holding company
: |
Larsen and Toubro Limited [L99999MH1946PLC004768] |
CAPITAL STRUCTURE
After 21.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 3000.000 Millions |
|
750,000,000 |
|
Rs.10/- each |
Rs. 7500.000 Millions |
|
|
Total |
|
Rs. 10500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
502500000 |
Equity Shares |
Rs.10/- each |
Rs. 5025.000 Millions |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
|
14.06.2012 to 31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
0.500 |
|
(b) Reserves & Surplus |
|
|
(0.029) |
|
(c) Money received against
share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
0.471 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax liabilities
(Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
0.000 |
|
Total
Non-current Liabilities (3) |
|
|
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
0.000 |
|
(b) Trade payables |
|
|
0.029 |
|
(c) Other current liabilities |
|
|
0.000 |
|
(d) Short-term provisions |
|
|
0.000 |
|
Total
Current Liabilities (4) |
|
|
0.029 |
|
|
|
|
|
|
TOTAL |
|
|
0.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
0.000 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
0.000 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
Total
Non-Current Assets |
|
|
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
0.000 |
|
(c) Trade receivables |
|
|
0.000 |
|
(d) Cash and cash equivalents |
|
|
0.500 |
|
(e) Short-term loans and
advances |
|
|
0.000 |
|
(f) Other current assets |
|
|
0.000 |
|
Total
Current Assets |
|
|
0.500 |
|
|
|
|
|
|
TOTAL |
|
|
0.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
14.06.2012 to 31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from operations |
|
|
0.000 |
|
|
Other Income |
|
|
0.000 |
|
|
TOTAL
|
|
|
0.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Other
Expenses |
|
|
0.029 |
|
|
TOTAL
|
|
|
0.029 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
|
(0.029) |
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
|
(0.029) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
(0.74) |
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2013 |
|
PAT / Total Income |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
|
|
(5.80) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
(0.06) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
17.24 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT
MATURITIES OF LONG TERM DEBTS : 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 |
Yes |
|
10] |
Designation
of contact person |
Yes |
|
11] |
Turnover of
firm for last nine months |
Yes |
|
12] |
Profitability
for last nine months |
Yes |
|
13] |
Reasons for
variation <> 20% |
-- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of
sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export / Import
details (if applicable) |
No |
|
21] |
Market
information |
-- |
|
22] |
Litigations
that the firm / promoter involved in |
-- |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct of
the banking account |
-- |
|
26] |
Buyer visit
details |
-- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last accounts
filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
VIEW INDEX OF
CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10491139 |
25/04/2014 |
500,000,000.00 |
The Hongkong and
Shanghai Banking Corporation Limited |
52/60, Mahatma
Gandhi Road,, Fort, Mumbai - 400001, Maharashtra -, INDIA |
C04012886 |
|
2 |
10488995 |
24/03/2014 |
500,000,000.00 |
Citi Bank N.A. |
Citi Bank N. A.,
293, D. N. Road, Fort, Mumbai - 400001, Maharashtra, INDIA |
C03068335 |
FINANCIAL RESULTS:
During the period,
the Company did not carry on any business activity. The net balance in the Statement
of Income and Expenditure during Pre-operational Period represents
preliminary/pre-operative expenses incurred by the Company, charged off as per
the policy of the Company.
WEBSITE DETAILS
NEWS / PRESS RELEASE
L&T TECHNOLOGY SERVICES AND PROXIMETRY
COLLABORATE TO ENABLE SMART GRID APPLICATIONS FOR THE INTERNET OF THINGS (IoT)
Partnership to provide modular device management
solutions to smart metering and substation monitoring solutions
SAN
DIEGO and MUMBAI, Jan. 28, 2014 – L&T
Technology Services has partnered with Proximetry, a device management and
configuration platform provider for the Internet of Things (IoT), to bring
modular device management to a variety of smart metering and substation
monitoring solutions. This combined solution from Proximetry and L&T
Technology Services will benefit a growing market of communicating devices
critical for operation of electrical sub-stations and large industrial
facilities. The companies announced their new collaboration and will showcase
it at DistribuTECH where Proximetry is exhibiting (booth 2968).
L&T
Technology Services will provide integration and other services using
Proximetry’s AirSync5TM technology for mission-critical substation monitoring
solutions, large scale AMI deployments and wide area sensor networks including
IoT.
“We
are quite excited to partner with a market leader such as L&T,” said Tracy
Trent, Proximetry CEO. “The breadth of this relationship will enable crucial
new smart utility solutions, but also allow both of us to speed these solutions
into new markets and geographies. It’s great having a company like L&T with
significant depth and skillsets to help us drive the AirSync vision forward.”
“Many
exciting innovations are being developed in the Intelligent Electronic Devices
field. This partnership with Proximetry will allow us to provide our global
customers in the utilities and smart energy space, a comprehensive and
end-to-end solution for the internet of things,” said Dr Keshab Panda, Chief
Executive, L&T Technology Services. “Because of AirSync5’s modularity, we
have the opportunity to extend it into our full suite of smart utility
solutions”, he added.
AirSync5
is the leading integrated device management platform for the deployment of
machine-to-machine connectivity for the IoT. Robust, built to scale and
modular, AirSync 5, in its most current release, was designed to cater to the
needs of IoT by securely managing tens of millions of devices required for
smart utility, industry and process control, and intelligent applications.
AirSync5 is also designed to complement a customer’s current network management
solution (NMS) with customized modular plug-ins.
Proximetry
and L&T Technology Services will broaden their relationship with an AirSync
IoT Center of Excellence in Mumbai, India, which will offer AirSync
implementation and integration services to both companies’ set of ecosystem
partners
ABOUT
PROXIMETRY
Proximetry
is a comprehensive network and device management software platform provider
that manages the most crucial applications in the Internet of Things (IoT).
Proximetry’s AirSync™ family of applications features the robust, built to
scale, and modular AirSync 5 integrated device and configuration management
platform. Developed for the smart utility, industrial process control,
intelligent transportation and other industries; AirSync 5 securely manages and
can enable tens of millions of performance-critical devices in the IoT, is
compatible and can compliment almost any Network Management System. Founded in
2005, Proximetry is a privately held company and is headquartered in San Diego,
California and backed by Munich Venture Partners, Aeris Capital, Investec and
Rembrandt Venture Partners. For more information.
ABOUT
L&T TECHNOLOGY SERVICES
L&T
Technology Services is a strategic business unit of Larsen & Toubro with
focus in the engineering services space, partnering with many of the Fortune
500 companies globally. It offers design and development solutions throughout
the entire product development chain across various industries such as
industrial & consumer products, medical devices, telecommunications,
Automotive, aerospace, trucks & off-highway vehicles, and process
engineering. As a Global Partner helping clients achieve a sustainable
competitive advantage through value-creating Products, Processes, and Services
L&T Technology Services constantly finds flexible ways of working tailored
to our assignments and customer needs.
L&T Technology Services buys 74 per cent stake in Thales Software
India
Jun 26, 2014
MUMBAI: L&T Technology Services, a wholly- owned subsidiary of
Larsen & Toubro (L&T), today said it has bought 74 per cent stake in
Thales Software India for an undisclosed amount.
"L&T Technology Services has purchased 74 per cent of the equity
capital of Thales Software India, the Indian subsidiary of Thales, the global
technology leader in aerospace, transportation and defence and security
markets," L&T said in a release. With this transaction, the company
will now manage and oversee the management control, operations and delivery of
services of the new JV (joint venture), it said.
"This
JV represents each organisation's strong commitment to provide customers with a
single source of best services in avionics industry," L&T Technology
Services Chief Executive Keshab Panda said. By retaining 26 per cent equity
stake, Thales will help the company develop the latest trends in the avionics
industry, one of its core businesses, he said.
"We
are currently streamlining our expertise and strengthening our knowledge. In
such a phase, this collaboration adds to L&T Technology Services' growing
competencies," Panda added.
The
transaction will enable Thales to select this new group (JV) as its Indian offset
partner, resulting in inflow of offset related revenues in the joint venture.
Commenting on the JV, Eric Lenseigne, Managing Director, Thales in India said,
"This (JV) is a reflection of our commitment to India and our objective to
strengthen our industrial footprint in the country.
"In
addition, the collaboration brings on-board a seamless integration of all
elements and assures our customers quality service and highest level of
long-term, local product support."
This
deal comes at a time when the engineering major is aiming to become one of the
largest technology services provider in the country by taking both its tech
subsidiaries -- L&T Technology Services and L&T Infotech -- public.
L&T Chairman A M Nayak had said while announcing the annual results that
the company will start the process for listing the two firms from July 2016.
"We
are the number one firm in the engineering space. Though we are too young in
the infotech business and smaller than competitors, we want to be one of the
strongest brands in the country and outside," Naik had said.
L&T
Technology Services provides end-to-end services, including product design,
analysis, prototyping and testing, embedded system design, manufacturing
engineering, plant and construction engineering, asset information management
and engineering process support. L&T Infotech provides IT services and
solutions in various verticals, including banking, insurance, energy and
utilities, auto and aerospace.
L&T TECHNOLOGY SERVICES FORMS
A JOINT VENTURE WITH THALES TO STRENGTHEN AVIONICS BUSINESS
Chennai, June 26, 2014:
L&T Technology
Services, a wholly-owned subsidiary of Larsen & Toubro Limited (L&T),
has purchased 74% of the equity capital of Thales Software India Pvt. Ltd., the
Indian subsidiary of Thales, the global technology leader in aerospace,
transportation and defence and security markets.
With this transaction,
L&T Technology Services will now manage and oversee the management control,
operations and delivery of services of the new joint venture.
The joint venture
brings together the strategic strengths of both the groups. By retaining 26%
equity stake, Thales will help the company develop the latest trends in the
avionics industry, one of its core businesses. This collaboration adds to
L&T Technology Services’ growing competencies by enhancing its expertise in
high-end avionic software.
The joint venture
capitalises on the existing strong relationship between the two groups, L&T
and Thales, and ensures a long term partnership in the engineering services
domain. Furthermore, the transaction should enable Thales to select this new
group as its Indian Offset Partner, resulting in inflow of Offset related
revenues in the joint venture.
Dr Keshab Panda, Chief
Executive, L&T Technology Services, expressed his confidence in this
association: “This Joint Venture represents each organisation’s strong
commitment to provide customers with a single source of best services in
avionics industry,” he said. “We as an organisation are at an interesting phase
of our journey where we are streamlining our expertise and strengthening our
knowledge. In such a phase joining hands with Thales adds to our proficiency in
the market,” he added.
Commenting on the
joint venture, Mr Eric Lenseigne, Managing Director of Thales in India said:
“This JV is a reflection of our commitment to India and our objective to
strengthen our industrial footprint in the country. In addition, this
collaboration with L&T Technology Services brings on-board a seamless integration
of all elements and assures our customers quality service and the highest level
of long-term, local product support. We are sure that together we would build
on our expertise and provide our customers with world-class technology and
services.”
About Larsen & Toubro
Larsen & Toubro is a USD
14.3 billion technology,
engineering, construction, manufacturing and financial services conglomerate,
with global operations. Its products and systems are marketed in over 30
countries worldwide. L&T is one of the largest and most respected companies
in India’s private sector. A strong, customer–focused approach and the constant
quest for top-class quality have enabled L&T to attain and sustain
leadership in its major lines of business over seven decades.
About L&T Technology Services:
L&T
Technology Services is a wholly owned subsidiary
of Larsen & Toubro with focus in the engineering services
space, partnering with many of the Fortune 500 companies globally.
It offers design and development solutions throughout the entire product
development chain across various industries such as Industrial Products,
Medical Devices, Transportation, Telecom and Hi-tech and Process Industry. The
company also offers solutions in the areas of Mechanical engineering Services,
Embedded Systems Services, Product Lifecycle Management (PLM), Engineering
Analytics and Power Electronics and M2M and the Internet of Things (IoT) With a
multi-disciplinary and multi-domain presence, we challenge ourselves every day
to help clients achieve a sustainable competitive advantage through
value-creating products, processes and services. Headquartered in India,
with close to 9500 highly skilled staff, 6 delivery centres and operations in
more than 30 locations around the world, we constantly find flexible ways of
working tailored to our assignments and customer needs.
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.59.73 |
|
|
1 |
Rs.102.36 |
|
Euro |
1 |
Rs.81.38 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.