MIRA
INFORM REPORT
|
Report Date : |
10.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
LARSEN AND TOUBRO INFOTECH LIMITED (w.e.f. 31.03.2002) |
|
|
|
|
Formerly Known
As : |
L AND T INFORMATION TECHNOLOGY LIMITED |
|
|
|
|
Registered
Office : |
L and T House, Ballard Estate, Mumbai – 400001, |
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Country : |
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Financials (as
on) : |
31.03.2014 (Profit and Loss Account) |
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Date of Incorporation
: |
23.12.1996 |
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|
|
|
Com. Reg. No.: |
11-104693 |
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|
Capital
Investment / Paid-up Capital : |
Rs.161.250
Millions (As on 31.03.2013) |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH1996PLC104693 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML04432B |
|
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PAN No.: [Permanent Account No.] |
AAACL1681P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is mainly engaged in the business of Software
Development. |
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|
No. of Employees
: |
Information declined by the management. |
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 |
|
Status : |
Good |
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|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a wholly owned subsidiary of Larsen and Toubro Limited. It is an established company having a fine track record. Financial position of the company seems to be sound. Trade relations are fair. Business is active. Payment terms are
regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. Note: Balance Sheet for the year 2014 is not available from any
source. |
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce
business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA+ (Long Term Rating) |
|
Rating Explanation |
Having high degree of safety and carry very
low credit risk. |
|
Date |
October 09, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short Term Rating) |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
October 09, 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
31-03-2014.
INFORMATION DECLINED
Management Non Co-operative (91-22-67525656)
LOCATIONS
|
Registered Office : |
L and T House, Ballard Estate, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-67525656 / 67766138 |
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Fax No.: |
91-22-67525858 / 67525893 / 67768162 |
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E-Mail : |
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|
Website : |
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|
Technologies Centers : |
Located At: · Powai, Mumbai · Mahape Road, Navi Mumbai · Airoli, Navi Mumbai · Pune · Bengaluru · Chennai · Mysore · Hinjewadi, Pune |
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|
|
Technologies Centre : |
Locate At: · Vadodara · Mysore |
|
Overseas Office: |
Located At: · USA · Canada · Europe · Japan · Korea · Singapore · South Africa · Kuwait · UAE · Saudi Arabia · Qatar · Oman · Australia · New Zealand |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Anilkumar Manibhai Naik |
|
Designation : |
Director |
|
Address : |
High Trees, 54 Pali Hills, Bandra (West), Mumbai – 400050, |
|
Date of Birth/Age : |
09.06.1942 |
|
Date of Appointment : |
23.12.1996 |
|
DIN No.: |
00001514 |
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|
|
|
Name : |
Mr. Vijay Kumar Magapu |
|
Designation : |
Director / Manager |
|
Address : |
Flat No. 402/403, |
|
Date of Birth/Age : |
12.06.1945 |
|
Date of Appointment : |
01.10.2012 |
|
DIN No.: |
00001658 |
|
|
|
|
Name : |
Mr. Samir Thakorbhai Desai |
|
Designation : |
Director |
|
Address : |
7050, NW 126, Terrace, |
|
Date of Birth/Age : |
26.08.1946 |
|
Qualification: |
MBA, MS in Electrical Engineering, B.S. in Physics and Electrical
Engineering |
|
Date of Appointment : |
27.01.2007 |
|
DIN No.: |
01182256 |
|
|
|
|
Name : |
Mr. Sankaranarayana Rama Iyer |
|
Designation : |
Director |
|
Address : |
Flat No. 32, Rashmi Swarnakutir, Premises Co-operative Society,
Demonte Park Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
19.08.1939 |
|
Qualification: |
M Tech and Ph.D. from IIT Mumbai |
|
Date of Appointment : |
27.01.2007 |
|
DIN No.: |
00076549 |
|
|
|
|
Name : |
Mr. Mukund Manohar Chitale |
|
Designation : |
Director |
|
Address : |
4/46, Vishnuprasad Society, Shahaji Raje Marg, Vile Parle (East), Mumbai-400057,
Maharashtra, India |
|
Date of Birth/Age : |
16.11.1949 |
|
Date of Appointment : |
17.10.2011 |
|
DIN No.: |
00101004 |
|
|
|
|
Name : |
Mr. Narasimham Rama Lakshmi Kotikalapudi |
|
Designation : |
Whole Time Director |
|
Address : |
2661, Venetian LN, Elgin IL, 60124, United States of America |
|
Date of Birth/Age : |
25.02.1947 |
|
Date of Appointment : |
31.03.2012 |
|
DIN No.: |
03499884 |
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|
|
|
Name : |
Mr. Mukesh Aghi |
|
Designation : |
Whole Time Director |
|
Address : |
36, Poorvi Marg, 2nd Floor, Vasant Vihar, New Delhi - 110057, India |
|
Date of Birth/Age : |
10.03.1959 |
|
Date of Appointment : |
13.09.2012 |
|
DIN No.: |
00292205 |
|
|
|
|
Name : |
Mr. Vivek Chopra |
|
Designation : |
Whole Time Director |
|
Address : |
2711, Sweetbroom Court, Naperville, Il, USA, 60564 |
|
Date of Birth/Age : |
20.087.1958 |
|
Date of Appointment : |
13.09.2012 |
|
DIN No.: |
02600169 |
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|
|
|
Name : |
Mr. Keshab Panda |
|
Designation : |
Director |
|
Address : |
15 Hartlander Street, East Brunswick, New Jersey,08816, USA |
|
Date of Birth/Age : |
01.10.1958 |
|
Date of Appointment : |
13.09.2012 |
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DIN No.: |
05296942 |
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|
|
|
Name : |
Mr. Ramamurthy Shankar Raman |
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Designation : |
Additional Director |
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Address : |
Kalpataru Royale, Flat No. 123,12th Floor, Plot No. 110, Road No. 29,,Off Sion Circle, Near Cine Planet, Sion East, Mumbai – 400022, Maharashtra, India |
|
Date of Birth/Age : |
20.12.1958 |
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Date of Appointment : |
03.05.2013 |
|
DIN No.: |
00019798 |
KEY EXECUTIVES
|
Name : |
Angna Arora |
|
Designation : |
Company Secretary |
|
Address : |
C-703, Sun Flower, Valley of Flowers, Gundecha Thakur Village, Kandivali
(East), Mumbai-400101, Maharashtra, India |
|
Date of Birth/Age : |
16.09.1979 |
|
Date of Appointment : |
03.08.2011 |
|
Pan No.: |
AIBPA4887E |
|
Date of Appointment : |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Larsen and Toubro Limited, |
|
32249988 |
|
Anilkumar Manibhai Naik Jointly with Larsen and Toubro Limited,
|
|
2 |
|
Yeshwant Moreshwar Deosthalee Jointly with Larsen and Toubro
Limited, |
|
2 |
|
Ram Nath Mukhija Jointly with Larsen and Toubro Limited, India |
|
2 |
|
Krishnanurthi Venkataramanan Jointly with Larsen and Toubro Limited, |
|
2 |
|
Vijaykumar Magapu Jointly with Larsen and Toubro Limited, |
|
2 |
|
Narayanaswamy Hariharan Jointly With Larsen and Toubro
Limited, India |
|
2 |
|
TOTAL
|
|
32250000 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is mainly engaged in the business of Software
Development. |
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Products : |
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GENERAL INFORMATION
|
Customers : |
· Bharat Petroleum · Hitachi · Chevron · Sundcd · Flowserve · Lafarce |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
·
Bank of Baroda, J.P. House, M.V. Road, Saki Naka,
Mumbai - 400072, Maharashtra, India ·
ABN Amro Bank, Sakhar Bhavan, Nariman Point,
Mumbai – 400021, Maharashtra, India |
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Facilities : |
(Rs.
In Millions)
|
|
|
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|
Banking
Relations : |
-- |
|
|
|
|
Financial
Institution: |
· BNP Paribas, 20 Collyer Quay, #01-01 Tung Centre, Singapore – 049319 · The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Mumbai - 400001, Maharashtra, India |
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|
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Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Ravindra Annexe, 194, Churchgate Reclamation, Dinshaw Vachha Road, Mumbai
– 400020, Maharashtra, India |
|
PAN No.: |
AAAFS2967E |
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Ultimate Holding
company: |
Larsen and Toubro Limited CIN No.: L99999MH1946PLC004768 |
|
|
|
|
Subsidiary company: (As on 31.03.2013) |
· Larsen and Toubro Infotech Canada Limited · Larsen and Toubro Infotech GmbH · Larsen and Toubro Infotech LLC · GDA Technologies Inc · L and T Infotech Financial · Services Technologies Inc · Larsen and Toubro Infotech South Africa (Proprietary) Limited |
|
|
|
|
Fellow Subsidiary
company : (As on 31.03.2013) |
· GDA Technologies Limited CIN No.: U72200TZ1997PLC008145 · L and T - MHI Boilers Private Limited CIN No.: U29119MH2006PTC165102 · L and T ATCO Saudi LLC · L and T East Asia · L and T Electricals Saudi Arabia Company Limited, LLC · L and T Finance Limited CIN No.: U65990MH1994PLC083147 · L and T General Insurance Company Limited CIN No.: U66030MH2007PLC177117 · L and T Infrastructure Development Projects Limited CIN No.: U65993TN2001PLC046691 · L and T - Mhi Turbine Generators Private Limited CIN No.: U31101MH2006PTC166541 · L and T Modular Fabrication Yard LLC · L and T Powe R Development Limited CIN No.: U40101MH2007PLC174071 · L and T Power Limited CIN No.: U40100MH2006PLC160413 · L and T Realty Limited CIN No.: U74200MH2007PLC176358 · L and T-SARGENT And LUNDY LIMITED CIN No.: U74210MH1995PLC088099 · L and T-Valdel Engineering Limited CIN No.: U74210KA2004PLC035094 · Larsen and Toubro Electromech LLC · Larsen and Toubro Kuwait Construction General Contracting · Narmada Infrastructure Construction Enterprise Limited CIN No.: U45201TN1997PLC038175 · L and T Infrastructure Finance Company limited CIN No.: U67190TN2006PLC059527 · L and T Construction Equipment Limited CIN No.: U29119MH1997PLC109700 · L and T Cutting Tools Limited CIN No.: U28920MH1952PLC008893 · L and T Infocity Limited CIN No.: U72200AP1997PLC026885 |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32750000 |
Equity Shares |
Rs.5/- each |
Rs.163.750 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32250000 |
Equity Shares |
Rs.5/- each |
Rs.161.250
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
161.250 |
161.250 |
|
(b) Reserves & Surplus |
|
12184.561 |
10116.056 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
12345.811 |
10277.306 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
361.900 |
452.222 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
1256.885 |
2022.189 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
1618.785 |
2474.411 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1703.565 |
2033.365 |
|
(b) Trade payables |
|
1899.199 |
1735.109 |
|
(c) Other current
liabilities |
|
2469.933 |
1648.876 |
|
(d) Short-term provisions |
|
1877.116 |
1655.939 |
|
Total Current Liabilities (4) |
|
7949.813 |
7073.289 |
|
|
|
|
|
|
TOTAL |
|
21914.409 |
19825.006 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2225.535 |
2170.148 |
|
(ii) Intangible Assets |
|
316.138 |
301.469 |
|
(iii) Capital
work-in-progress |
|
462.058 |
74.327 |
|
(iv)
Intangible assets under development |
|
321.152 |
210.070 |
|
(b) Non-current Investments |
|
4019.287 |
4037.277 |
|
(c) Deferred tax assets (net) |
|
57.931 |
20.285 |
|
(d) Long-term Loan and Advances |
|
1931.575 |
1355.385 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
9333.676 |
8168.961 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
217.300 |
355.590 |
|
(b) Inventories |
|
0.000 |
0.000 |
|
(c) Trade receivables |
|
7233.994 |
6266.709 |
|
(d) Cash and cash equivalents |
|
1135.875 |
1229.352 |
|
(e) Short-term loans and
advances |
|
2979.546 |
2982.734 |
|
(f) Other current assets |
|
1014.018 |
821.660 |
|
Total Current Assets |
|
12580.733 |
11656.045 |
|
|
|
|
|
|
TOTAL |
|
21914.409 |
19825.006 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
46439.403 |
36134.206 |
29595.545 |
|
|
|
Other Income |
(810.918) |
167.352 |
89.988 |
|
|
|
TOTAL (A) |
45628.485 |
36301.558 |
29685.533 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
26456.656 |
21085.735 |
17700.804 |
|
|
|
Other expenses |
9330.781 |
7002.757 |
5700.014 |
|
|
|
Extraordinary items before tax |
(2594.000) |
|
|
|
|
|
TOTAL (B) |
33193.437 |
28088.492 |
23400.818 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12435.048 |
8213.066 |
6284.715 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
297.693 |
197.670 |
358.027 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
12137.355 |
8015.396 |
5926.688 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
682.910 |
622.467 |
565.839 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
11454.445 |
7392.929 |
5360.849 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2431.482 |
1777.228 |
1313.201 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
9022.963 |
5615.701 |
4047.648 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9784.790 |
8292.389 |
7705.812 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
600.000 |
500.000 |
|
|
|
Dividend |
NA |
3031.500 |
2547.750 |
|
|
|
Tax on Dividend |
NA |
491.800 |
413.321 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
9784.790 |
8292.389 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
|
34037.500 |
|
|
|
|
Other Income |
|
|
|
|
|
TOTAL EARNINGS |
NA |
34037.500 |
27892.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
279.78 |
174.13 |
125.51 |
|
|
|
Diluted |
268.43 |
167.06 |
120.42 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
19.77 |
15.50
|
13.63 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
24.67 |
20.46
|
18.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
43.35
|
34.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.60
|
0.52 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
NA
|
0.17
|
0.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA
|
1.58
|
1.65 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2012 |
31.03.2013 |
|
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
|
161.250 |
161.250 |
|
Reserves & Surplus |
|
10116.056 |
12184.561 |
|
Net worth |
|
10277.306 |
12345.811 |
|
|
|
|
|
|
long-term borrowings |
|
452.222 |
361.900 |
|
Short term borrowings |
|
2033.365 |
1703.565 |
|
Total borrowings |
|
2485.587 |
2065.465 |
|
Debt/Equity ratio |
|
0.242 |
0.167 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
29595.545 |
36134.206 |
46439.403 |
|
|
|
22.093 |
28.519 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
29595.545 |
36134.206 |
46439.403 |
|
Profit |
4047.648 |
5615.701 |
9022.963 |
|
|
13.68% |
15.54% |
19.43% |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT
MATURITIES OF LONG-TERM DEBT: 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 |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Presentation Date : 26/09/2014 |
|||||||
|
Lodging No. : |
ITXAL/1606/2013 |
Failing Date:- |
26/09/2013 |
Reg. No.:- |
ITXA/698/2014 |
Reg. Date:- |
28/03/2014 |
|
|
|||||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX – 2 |
Respondent:- |
LARSEN AND TOUBRO INFOTECH |
||||
|
Petn.Adv:- |
SURESH KUMAR () |
Resp. Adv.: |
|
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Pre-Admission |
Stage:- |
FOR REJECTION (ORIGINAL SIDE MATTERS) |
||||
|
Last Date:- |
27/10/2014 |
|
|||||
|
Last Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
||||||
|
|
|
||||||
|
Act. : |
Income Tax Act,1961 |
|
|||||
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
SHORT TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
754.275 |
744.125 |
|
|
|
|
|
Total |
754.275 |
744.125 |
PERFORMANCE OF THE
COMPANY (As on 31.03.2013)
During the year, with a view to accelerate growth in IT services space, the Company has reorganized its business into three clusters, in form of Services Cluster (comprising Banking, Financial Services and Insurance, Media and Entertainment and Travel and Logistics) and Industrials Cluster comprising all manufacturing sectors, while Telecom relates to Product Engineering Services. The revenue contribution from North America dropped marginally from 67.6% in previous year to 65.3%, while contribution from Europe increased from 15.7% to 17.2%. The contribution from Asia Pacific was unchanged at 6.2% (previous year 6.2%), domestic business contributed 5.8% (previous year 5.9%) and rest of the world contributed 5.5% (previous year 4.6%). During F. Y. 2012-13, the Company grew its revenue by 22.1% and PAT by 38.7%. In terms of Business Segments for F. Y. 2012-13, the contribution from Services was 43.1% (previous year 42.7%), while Industrials was 45.3% (previous year 45.3%) and Telecom 11.6% (previous year 12.0%).
INDUSTRY SCENARIO AND
BUSINESS OUTLOOK (As on 31.03.2013)
Outlook for FY 14 for IT Services Industry is positive. IT services spending in North America and Europe which was subdued in FY 13 is expected to pick up. IT market in Emerging geographies EMEA and Asia Pacific is also expected to grow at higher rate. These projections augur well for IT Services Industry in general. Technology trends show that Social Media, Mobility, Analytics and Cloud (SMAC) will continue to garner attention across all Verticals. According to Nasscom, IT exports from India are expected to grow at 12-14% during FY 14, faster than the revised 10.9% growth it predicted for FY13. Since the base of the Indian IT sector is now almost twice the size it was five years ago, revenue growth would not be as high as it used to be.
However, the Industry also faces key issues such as increasing protectionist measures by developed economies, exchange rate volatility, etc.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10350500 |
30/03/2012 |
508,750,000.00 |
BNP PARIBAS |
20 COLLYER QUAY,, #01-01 TUNG CENTRE,, SINGAPORE - 049319, SINGAPORE |
B37820966 |
|
2 |
10244870 |
13/12/2010 * |
250,000,000.00 |
BANK OF BARODA |
J.P. HOUSE, M.V. ROAD, SAKI NAKA, MUMBAI, MAHARASHTRA - 400072, INDIA |
B02679587 |
|
3 |
10240298 |
01/09/2010 |
250,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A95086781 |
|
4 |
90164528 |
10/12/2008 * |
400,000,000.00 |
ABN AMRO BANK N.V. |
74, SAKHAR BHAVAN, 7TH FLOOR, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA |
A53599445 |
|
5 |
90164342 |
25/04/2010 * |
250,000,000.00 |
CORPORATION BANK |
VEENA CHAMBERS, 21 DALAL STREET, MUMBAI, MAHARASHTRA - 400026, INDIA |
A85512739 |
|
6 |
90163952 |
22/06/2009 * |
580,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
52/60, MAHATMA GANDHI ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA |
A65628497 |
* Date of charge modification
FIXED ASSETS
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Computers
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.04 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.77.74 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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.