MIRA INFORM REPORT

Report Date :

13.06.2014

IDENTIFICATION DETAILS

Name :	L&T TECHNOLOGY SERVICES LIMITED (w.e.f. 25.07.2012)
Formerly Known As :	L&T TECHNOLOGY AND ENGINEERING SERVICES COMPANY LIMITED
Registered Office :	L&T House, N.M. Marg, Ballard Estate,  Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.06.2012
Com. Reg. No.:	11-232169
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U72900MH2012PLC232169
TAN No.: [Tax Deduction & Collection Account No.]	MUML08914D
PAN No.: [Permanent Account No.]	AACCL4310P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged providing mechanical engineering and embedded system services.
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

Maximum Credit Limit :	USD 2000
Status :	Yet to commence its business operations
Payment Behaviour :	Unknown
Litigation :	Clear
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.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 :	12.06.2014

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 :	subhodh.shetty@larsentoubro.com infodesk@larsentoubro.com
Website :	www.larsentoubro.com
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

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L99999MH1946PLC004768	LARSEN AND TOUBRO LIMITED	Whole-time director	06/07/2009	06/07/2004	01/10/2012	Active	NO
2	U72900MH1996PLC104693	LARSEN AND TOUBRO INFOTECH LIMITED	Managing director	01/10/2013	13/08/2004	-	Active	NO
3	U27100GJ2009PTC055901	KESUN IRON AND STEEL COMPANY PRIVATE LIMITED	Director	16/01/2009	16/01/2009	17/12/2010	Active	NO
4	U11200MH2009PLC191426	L&T HYDROCARBON ENGINEERING LIMITED	Director	02/04/2009	02/04/2009	05/10/2010	Active	NO
5	U72900MH2012PLC232169	L&T TECHNOLOGY SERVICES LIMITED	Director	14/06/2012	14/06/2012	-	Active	NO

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

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72900MH2012PLC232169	L&T TECHNOLOGY SERVICES LIMITED	Director	14/06/2012	14/06/2012	-	Active	NO
2	U72200TZ1997PLC008145	GDA TECHNOLOGIES LIMITED	Director	22/08/2012	31/07/2012	-	Active	NO
3	U72900MH1996PLC104693	LARSEN & TOUBRO INFOTECH LIMITED	Director	26/08/2013	13/09/2012	30/04/2014	Active	NO

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

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72200TZ1997PLC008145	GDA TECHNOLOGIES LIMITED	Director	10/08/2011	12/04/2011	17/01/2013	Active	NO
2	U72900MH1996PLC104693	LARSEN & TOUBRO INFOTECH LIMITED	Whole-time director	23/08/2012	31/03/2012	-	Active	NO
3	U72900MH2012PLC232169	L&T TECHNOLOGY SERVICES LIMITED	Director	14/06/2012	14/06/2012	-	Active	NO

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

Banking Relations :	--
Auditors :
Name :	Sharp and Tannan Chartered Accountants
Address :	Ravindra Annexe, 194 Churchgate Reclamation, Dinshaw Vachha Road, Mumbai - 400020
PAN No.:	AAAFS2967E
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

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 TO SET UP NEW ARM L&T TECHNOLOGY SERVICES

PTI Aug 22, 2013, 08.37PM IST

MUMBAI: After hiving off its hydrocarbon division, the engineering major Larsen & Toubro (L&T) today said it is planning to form a new subsidiary `L&T Technology Services'.

"We have a part of engineering services within L&T as a division. We are best-known for our engineering services and setting up a new subsidiary is a step towards this," L&T Group Chairman A M Naik told reporters after its 68th annual general meeting today.

He said the company will also buy over the engineering business which is in L&T Infotech.

"Then we will transfer (the businesses) at the right time between now and April 1, 2014," he said, adding, "so that will become a technology services company."

L&T recently formed L&T Hydrocarbon Engineering Limited by spinning off the hydrocarbon businesses.

Expressing concerns over the overall slowdown in the economic environment and depreciating rupee, Naik said, "The current economic and political conditions has had an impact on the overall economic growth.

"However, as a company we will strive to maintain our guidance of 20 per cent increase in order inflow and 15 per cent rise in sales for FY14. We will also try our level best to maintain our margins."

He said the company will continue to focus on its overseas business to offset the challenges in India.

"This is a challenging period for the country. We are into the business of capital goods and infrastructure. We will take all possible measures to increase revenue outside India," Naik told shareholders during the AGM.

The company expects to bag nearly Rs 30,000 crore-worth orders from overseas, he said.

"Two years ago, our order intake from the Middle East was Rs 60000.000 Millions, which rose to Rs 120000.000 Millions in FY13. For this fiscal, we expect it to touch Rs 300000.000 Millions," he said.

On the domestic front, the company will be very selective about bidding for contracts, he said.

Chief financial officer R Shankar Raman told reporters that the company has USD 1.5 billion worth foreign loans out of which only 10 per cent or USD 150 million are unhedged.

"We will continue to hedge our assets, but it will happen over a period," he added.

The company has a debt of Rs 600000.000 Millions on its balance sheet.

L&T TO FOCUS ON ENGINEERING SERVICES WITH NEW ENTITY

Hopes to garner Rs 250000.000 Millions from overseas biz

MUMBAI, AUG. 22:  

L&T will form a subsidiary, L&T Technology Services, to focus on engineering services.

The subsidiary will buy out the engineering segment in L&T Infotech. By April 1, 2014, L&T will transfer the major part of the engineering services within itself to the new entity, said L&T Chairman A.M. Naik.

He was speaking after the conclusion of the company’s AGM here on Thursday.

The restructuring programme is aimed at increasing the focus on engineering services, which L&T is best known for, he added.

Naik said the company was stepping up its efforts outside India as challenges have become more intense in the domestic environment. L&T expects to garner about Rs 25,000 crore from overseas business this year.

“Our order book is at Rs 1.75 lakh crore and we should reach another Rs 10,0000.000 Millions to Rs 15,0000.000 Millions by the end of the year. Last year, it was Rs 1.55 lakh Millions,” he said.

Naik said overseas business would account for about 25 per cent of L&T’s total revenue this year.

The primary focus is West Asia. The company has also started looking at Far East and CIS countries for projects, he said.

On road projects, Naik said the company was extremely selective, and currently, it had not bid for any.

“Nobody is willing to put money into PPP projects and now projects are coming via the EPC (engineering, procurement and construction) route.”

On when he expected the economy to recover, he said it would take well over a year for any improvement.

On the rupee depreciation, R. Shankar Raman, Chief Financial Officer, said the company’s dollar-denominated debt was about 1.5 billion, of which, about 10 per cent was unhedged.

At the group level, total debt stood at Rs 60,0000.000 Million. Most of this was financial services and concession businesses debt, and largely in rupee terms, he added.

L&T TECHNOLOGY SERVICES’ MULTI VERTICAL LEADERSHIP PROWESS RECOGNIZED BY ZINNOV MANAGEMENT CONSULTING PRIVATE LIMITED

Friday, September 20, 2013:  L&T Technology Services, the Global Engineering Services division of Larsen & Toubro, announced that it has been rated in the Leadership zone across six industry verticals – Automotive, Telecom, Energy, Industrial Products, Transport and Construction and Heavy Machinery by Zinnov Management Consulting Private Limited, a leading Globalization and Market Expansion Advisory firm.

In the Industrial Products vertical, L&T Technology Services continues its run at the #1 position in the leadership zone for the third year in a row!!

This recognition reiterates L&T Technology Services’ commitment and focus to bring to market next generation technologies, and solutions in various industry segments it serves. Building on the legacy of Larsen & Toubro, L&T Technology Services is perfectly in step with the business needs, while driving engineering innovation to drive top-line growth for its clients.

Remarking on this latest feat, Dr Keshab Panda, Chief Executive, L&T Technology Services said "We are excited to receive this accolade. We are now in the leadership zone for not just Industrial products but across verticals. The goodwill of our customers and commitment of the entire team has ensured this success. This achievement is a clear indication of our continuous efforts in re-organization of our services to be strategic partners to our customers.

The GSPR study is an initiative of Zinnov. L&T Technology Services featured in the study that follows a structured process of selection from the filtered list of top 75 Research & Development service providers across geographies. Service Providers are assessed on parameters like human capital, product development capabilities, financials, ecosystem linkages and infrastructure & innovation / IP creation.

Zinnov has a distinct framework of classifying the service providers in Nurture, Breakout, Execution and Leadership Zone where leadership zone refers to the ability to provide concept to go-to market solutions for the customers.

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, Telecom, Transportation and Plant Engineering. With a multi-disciplinary and multi-domain presence, L&T Technology Services challenges itself every day to help clients achieve a sustainable competitive advantage through value-creating products, processes and services.

As a Global Partner helping clients achieve a sustainable competitive advantage through value-creating Products, Processes, and Services L&T Technology Services constantly find flexible ways of working tailored to assignments and customer needs.

L&T Technology Services is headquartered in India, with close to 8,000 highly skilled staff, 5 delivery centres and operations in more than 30 locations around the world.

ABOUT ZINNOV

Founded in 2002, Zinnov is a leading management consulting company providing advisory services in the area of Global Sourcing, Emerging Markets Expansion and Human Capital Optimization to Fortune 1000 and reputed SMB companies. Zinnov works collectively with clients to tackle prevailing organizational challenges by analyzing the changing dynamics, improving performance, and building institutional capability.

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.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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.59.33
UK Pound	1	Rs.99.68
Euro	1	Rs.80.30

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.