MIRA INFORM REPORT

Report No. :	316409
Report Date :	07.04.2015

IDENTIFICATION DETAILS

Name :	LARSEN AND TOUBRO LIMITED
Registered Office :	L and T House, Ballard Estate, P. O. Box: 278, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.02.1946
Com. Reg. No.:	11-004768
Capital Investment / Paid-up Capital :	Rs.1853.800 Million
CIN No.: [Company Identification No.]	L99999MH1946PLC004768
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACL0140P
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Seller of Electrical and Electronics, Machinery and Industrial Products, and also provide Engineering and Construction Projects.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Aa (82)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is one of Asia’s Largest vertically integrated engineering and construction conglomerates, with a strong market position across segments such as infrastructure, power, metallurgical material handling, heavy engineering, electrical automation and industrial machinery products. It is a well-established company having excellent track. The company possesses a strong financial profile marked by decent networth base as well as capital structure along with favourable financial flexibility driven by large cash and cash equivalents and surplus current investments. Moreover, it enjoys a fair liquidity profile characterised by healthy adjustable georing and debt protection metrics. Management has witnessed a decent revenue base, supported by its diversified revenue profile as well as fair net profitability and adequate margins during FY14. Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments. In view of an established track record of around seven decades and a strong brand image, backed by experienced promoters, the company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk.
Date	30.01.2015

Rating Agency Name	CRISIL
Rating	Short term rating A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	30.01.2015

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 DENIED

MANAGEMENT NON CO-OPERATIVE (91-22-67050505)

LOCATIONS

Registered/ Head Office :	L and T House, Ballard Estate, P. O. Box: 278, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22618181/ 22618182/ 22685656/ 67525656
Fax No.:	91-22-22620223/ 22617480/ 22685893/ 67525858/ 67525893/ 55525858
E-Mail :	sdk@lth.ltindia.com subhodh.shetty@larsentoubro.com nh-sec@lth.ltindia.com akshay.shah@hed.itindia.com ss-sec@lth.ltindia.com
Website :	http://www.larsentoubro.com
ECC Division:	B and FOC, Factories and Residential BU, TCTC Building, 1^st Floor, Mount Poonamallee Road, Manapakkam, P.B. No.979, Chennai – 600089, Tamilnadu, India
Corporate Office 1:	C Block, Gate No. 1, L and T Powai Campus, Saki Vihar Road, Powai, Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-67050505
Fax No.:	91-22-67051462
E-Mail :	dattaraj_kasar@lntenc.com
Corporate Office 2:	Kiadb Industrial Area, Hebbal Hootagalli, Mysore – 570018, Andhra Pradesh, India
Tel No.:	91-821-6616161
Fax No.:	91-821-2402813
Headquarter/ Holck-Larsen Centre/ Engineering Design and Research Centre :	22 Mount Poonamallee Road, Manapakkam P.B.No.979, Chennai - 600089, Tamilnadu, India
Tel No.:	91-44-22526000
Fax No.:	91-44-22493317
E mail:	mayurak@lntecc.com
Headquarter/ Engineering, Design & Research Centres:	Kanak Building, 41, Jawaharlal Nehru Road, Kolkata - 700071, West Bengal, India
Tel. No.:	91-33-22882601
Fax No.:	91-33-22881225
E-Mail :	indranil_r@lntecc.com
ECC Division :	ECC Division, Mial Project Office – North Block II, 6th Floor, Gate No. 1, Powai, Mumbai – 400072, Maharashtra, India
Factory 1 :	TLT Works, Plot No. 158-B, Sector III, Pithampur, District Dhar - 454774, Madhya Pradesh, India
Tel. No.:	91-7292-256317/ 431
Fax No.:	91-7292-256316
E-Mail :	sg-pith@lntecc.com
Factory 2 :	TLT Works, Mailam Road, Sedarapet, Pondicherry 605111, India
Tel. No.:	91-413-2672500
Fax No.:	91-413-2677727
E-Mail :	asa@lntecc.com
Factory 3 :	167, Neervalur Village, Kancheepuram - 631502, Tamilnadu, India
Tel. No.:	91-4112-27248383/ 93/ 94
Fax No.:	91-4112-27248383/ 290
E-Mail :	kasokkumar@lntecc.com
Branch Office:	Heavy Engineering, 3rd Floor, North Block - I, Gate No.1, Powai, Mumbai, Maharashtra, India
Area Office:	Electrical Systems and Equipment 3B, Shakespeare Sarani, Kolkata - 700071, West Bengal, India
Factory :	Also located at : Faridabad Kandla Vadodara Ankleshwar Hazira Jafrabad Kovayya Nashik Pune Ahmednagar Ratnagiri Tadipatri Bangalore Mysore Awarpur Jharsuguda Kansbahal Ranoli (Baroda) Visakhapatnam Haldia
Regional Offices :	NCL Bandra Premises, Plot No. C/6, Bandra – Kurla Complex, P. O. Box No. 8119, Bandra (East), Mumbai - 400051, Maharashtra, India 2, Saki Vihar Road, P. O. Box No. 8901, Mumbai – 400072, Maharashtra, India 1/FL, Laxminarayan Complex, 10/1, Palace Road, P. O. Box 122, Bangalore – 560002, Karnataka, India Also located at: New Delhi Lucknow Kolkata Vadodara Ahmedabad Arakkonam Pune Hyderabad Chennai Bangalore
Overseas Offices :	Located At: Japan Nepal Sultanate of Oman Bangladesh Malaysia Sweden Russia UK USA Dubai Abu Dhabi Sharjah Saudi Arabia Bahrain Qatar Oman Kuwait Kenya Bhutan West Indies Jordan Kazakhstan Sri Lanka
Area Offices :	Located At: Ahmedabad Bangalore Chandigarh Chennai New Delhi Kolkata Hyderabad Pune Nagpur
Branch Offices :	Powai Switchgear Works, Gate No.07, Saki Vihar Road, Powai, Mumbai – 400072, Maharashtra, India Located At : Jaipur Guwahati Bhopal Vadodara Lucknow Jamshedpur Guwahati Bhubaneswar Vishakhapatnam Coimbatore Kochi
Engineering / Marketing Office :	12/4, Delhi Mathura Road, Near Sarai Khawaja Chowk, Faridabad – 121003, Haryana, India
Tel No.:	91-129-4291000/ 4291651/ 4291766
Fax No.:	91-129-4291222
Email:	siddharth.gupta@lntpower.com
Foundry Division :	Chettipalayam Palladam Road, Orthukuppai Village Casting Manufacturing Division, Coimbatore – 641201, Tamilnadu, India
Tel No.:	91-44-2588514

DIRECTORS

As on 31.03.2014

Name :	Mr. A. M. Naik
Designation :	Group Executive Chairman
Name :	Mr. K. Venkataramanan
Designation :	Chief Executive Officer and Managing Director
Name :	Mr. M. V. Kotwal
Designation :	Whole-time Director & President (Heavy Engineering)
Name :	Mr. S. N. Subrahmanyan
Designation :	Whole-time Director and Senior Executive Vice President (Infrastructure and Construction)
Name :	Mr. R. Shankar Raman
Designation :	Whole-time Director and Chief Financial Officer
Name :	Mr. Shailendra Roy
Designation :	Whole-time Director & Senior Executive Vice President (Power, Minerals & Metals)
Name :	Mr. S. Rajgopal
Designation :	Independent Director
Name :	Mr. S. N. Talwar
Designation :	Independent Director
Name :	Mr. M. M. Chitale
Designation :	Independent Director
Name :	Mr. Subodh Bhargava
Designation :	Independent Director
Name :	Mr. A. K. Jain
Designation :	Nominee – SUUTI
Name :	Mr. M. Damodaran
Designation :	Independent Director
Name :	Mr. Vikram Singh Sarker
Designation :	Independent Director
Name :	Mr. Sushobhan Sarker
Designation :	Nominee of LIC
Name :	Mr. Adil zainulbhai
Designation :	Independent Director

KEY EXECUTIVES

Name :	Mr. N. Hariharan
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2014

Category of Shareholder	Total No. of Shares	% of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	131908310	14.53
Financial Institutions / Banks	159047266	17.52
Central Government / State Government(s)	586938	0.06
Insurance Companies	43959354	4.84
Foreign Institutional Investors	167827628	18.48
Any Others (Specify)	300	0.00
Foreign Bank	300	0.00
Sub Total	503329796	55.44
(2) Non-Institutions
Bodies Corporate	76503777	8.43
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	186991198	20.60
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	13888818	1.53
Any Others (Specify)	127213628	14.01
Directors & their Relatives & Friends	3016907	0.33
Foreign Corporate Bodies	3432	0.00
Foreign Nationals	385608	0.04
Non Resident Indians	7906937	0.87
Trusts	111606174	12.29
Foreign Portfolio Investors	4294570	0.47
Sub Total	404597421	44.56
Total Public shareholding (B)	907927217	100.00
Total (A)+(B)	907927217	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	20922022	0.00
Sub Total	20922022	0.00
Total (A)+(B)+(C)	928849239	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Seller of Electrical and Electronics, Machinery and Industrial Products, and also provide Engineering and Construction Projects.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

¨ State Bank of India

¨ Bank of India

¨ Central Bank of India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Redeemable non-convertible fixed rate debentures	4000.000	9000.000
SHORT TERM BORROWINGS
Loans repayable on demand from banks	1044.500	2092.600
Short term loans and advances from banks	1039.200	1247.500
Short term borrowings against Government Securities	6988.600	0.000
Total	13072.300	12340.100

Banking Relations :	--
Auditors :
Name :	Sharp and Tannan Chartered Accountants
Solicitors:	Manilal Kher Ambalal and Company
Related Parties :	1 L&T Cutting Tools Limited (formerly known as Tractor Engineers Limited) - Wholly owned Subsidiary 2 Bhilai Power Supply Company Limited - Subsidiary* 3 L&T-Sargent & Lundy Limited - Subsidiary* 4 Spectrum Infotech Private Limited - Wholly owned Subsidiary 5 L&T-Valdel Engineering Limited - Wholly owned Subsidiary 6 L&T Shipbuilding Limited - Subsidiary* 7 L&T Electricals and Automation Limited - Wholly owned Subsidiary 8 Hi Tech Rock Products & Aggregates Limited - Wholly owned Subsidiary 9 L&T Seawoods Private Limited - Wholly owned Subsidiary 10 L&T-Gulf Private Limited - Subsidiary* 11 L&T-MHI Boilers Private Limited - Subsidiary* 12 L&T-MHI Turbine Generators Private Limited - Subsidiary* 13 Raykal Aluminium Company Private Limited - Subsidiary* 14 L&T Natural Resources Limited - Wholly owned Subsidiary 15 L&T Hydrocarbon Engineering Limited (formerly known as L&T Technologies Limited) - Wholly owned Subsidiary 16 L&T Special Steels and Heavy Forgings Private Limited - Subsidiary* 17 PNG Tollway Limited - Subsidiary** 18 L&T Rajkot - Vadinar Tollway Limited - Subsidiary of L&T Infrastructure Development Projects Limited # 19 Kesun Iron & Steel Company Private Limited - Subsidiary* 20 L&T Howden Private Limited - Subsidiary* 21 L&T Solar Limited Wholly owned - Subsidiary 22 L&T Sapura Shipping Private Limited - Subsidiary* 23 L&T Sapura Offshore Private Limited - Subsidiary* 24 L&T Powergen Limited - Wholly owned Subsidiary 25 Ewac Alloys Limited - Wholly owned Subsidiary 26 L&T Kobelco Machinery Private Limited - Subsidiary* 27 L&T Realty Limited - Wholly owned Subsidiary 28 L&T Asian Realty Project LLP - Subsidiary of L&T Realty Limited # 29 L&T Parel Project LLP - Subsidiary of L&T Realty Limited 30 Chennai Vision Developers Private Limited - Wholly owned Subsidiary of L&T Realty Limited 31 L&T Urban Infrastructure Limited ^^^ - Wholly owned subsidiary 32 L&T South City Projects Limited - Subsidiary of L&T Realty Limited# 33 L&T Siruseri Property Developers Limited@@@ - Wholly owned Subsidiary of L&T South City Projects Limited # 34 L&T Vision Ventures Limited - Subsidiary of L&T Realty Limited # 35 L&T Tech Park Limited - Subsidiary of L&T Realty Limited # 36 L&T Bangalore Airport Hotel Limited@ - Subsidiary of L&T Realty Limited # 37 CSJ Infrastructure Private Limited - Subsidiary of L&T Realty Limited # 38 L&T Chennai Projects Private Limited @@ - Subsidiary of L&T Realty Limited # 39 L&T Power Limited - Subsidiary* 40 L&T Cassidian Limited - Subsidiary* 41 L&T General Insurance Company Limited - Wholly owned Subsidiary 42 L&T Aviation Services Private Limited - Wholly owned Subsidiary 43 L&T Infocity Limited - Subsidiary* 44 L&T Hitech City Limited - Subsidiary of L&T Infocity Limited # 45 Hyderabad International Trade Expositions Limited - Subsidiary of L&T Infocity Limited # 46 Larsen & Toubro Infotech Limited - Wholly owned Subsidiary 47 GDA Technologies Limited - Wholly owned Subsidiary of Larsen & Toubro Infotech Limited 48 L&T Finance Holdings Limited - Subsidiary* 49 L&T Finance Limited - Wholly owned Subsidiary of L&T Finance Holdings Limited 50 L&T Investment Management Limited - Wholly owned Subsidiary of L&T Finance Holdings Limited 51 L&T Mutual Fund Trustee Limited - Wholly owned Subsidiary of L&T Finance Holdings Limited 52 L&T FinCorp Limited - Wholly owned Subsidiary of L&T Finance Holdings Limited 53 L&T Infrastructure Finance Company Limited - Wholly owned Subsidiary of L&T Finance Holdings Limited 54 L&T Infra Investment Partners Advisory Private Limited - Wholly owned Subsidiary of L&T Infrastructure Finance Company Limited 55 L&T Infra Investment Partners Trustee Private Limited - Wholly owned Subsidiary of L&T Infrastructure Finance Company Limited 56 L&T Vrindavan Properties Limited (formerly known as L&T Unnati Finance Limited) - Wholly owned Subsidiary of L&T Finance Holdings Limited 57 L&T Access Distribution Services Limited (formerly known as L&T Access Financial Advisory Services Limited) - Wholly owned Subsidiary of L&T Finance Holdings Limited 58 L&T Capital Company Limited - Wholly owned Subsidiary 59 L&T Trustee Company Private Limited - Wholly owned Subsidiary of L&T Capital Company Limited 60 L&T Power Development Limited - Wholly owned Subsidiary 61 L&T Uttaranchal Hydropower Limited - Wholly owned Subsidiary of L&T Power Development Limited 62 L&T Arunachal Hydropower Limited - Wholly owned Subsidiary of L&T Power Development Limited 63 L&T Himachal Hydropower Limited - Wholly owned Subsidiary of L&T Power Development Limited 64 Nabha Power Limited - Wholly owned Subsidiary of L&T Power Development Limited 65 L&T Infrastructure Development Projects Limited - Subsidiary* 66 L&T Panipat Elevated Corridor Limited - Wholly owned Subsidiary of L&T Infrastructure Development Projects Limited 67 Narmada Infrastructure Construction Enterprise Limited - Wholly owned Subsidiary of L&T Infrastructure Development Projects Limited 68 L&T Krishnagiri Thopur Toll Road Limited - Wholly owned Subsidiary of L&T Infrastructure Development Projects Limited 69 L&T Western Andhra Tollways Limited - Wholly owned Subsidiary of L&T Infrastructure Development Projects Limited 70 L&T Vadodara Bharuch Tollway Limited - Wholly owned Subsidiary of L&T Infrastructure Development Projects Limited 71 L&T Transportation Infrastructure Limited - Subsidiary of L&T Infrastructure Development Projects Limited 72 L&T Western India Tollbridge Limited - Wholly owned Subsidiary of L&T Infrastructure Development Projects Limited 73 L&T Interstate Road Corridor Limited - Wholly owned Subsidiary of L&T Infrastructure Development Projects Limited 74 International Seaports (India) Private Limited - Wholly owned Subsidiary of L&T Infrastructure Development Projects Limited 75 L&T Port Kachchigarh Limited - Wholly owned Subsidiary of L&T Infrastructure Development Projects Limited 76 L&T Ahmedabad - Maliya Tollway Limited - Subsidiary of L&T Infrastructure Development Projects Limited 77 L&T Halol - Shamlaji Tollway Limited - Subsidiary of L&T Infrastructure Development Projects Limited 78 L&T Krishnagiri Walajahpet Tollway Limited - Subsidiary of L&T Infrastructure Development Projects Limited 79 L&T Devihalli Hassan Tollway Limited - Subsidiary of L&T Infrastructure Development Projects Limited 80 L&T Metro Rail (Hyderabad) Limited - Subsidiary of L&T Infrastructure Development Projects Limited 81 L&T Transco Private Limited - Wholly owned Subsidiary of L&T Infrastructure Development Projects Limited 82 L&T Chennai – Tada Tollway Limited - Subsidiary of L&T Infrastructure Development Projects Limited# 83 L&T BPP Tollway Limited Wholly owned - Subsidiary of L&T Infrastructure Development Projects Limited 84 L&T Deccan Tollways Limited Wholly owned - Subsidiary of L&T Infrastructure Development Projects Limited 85 L&T Samakhiali Gandhidham Tollway Limited - Subsidiary of L&T Infrastructure Development Projects Limited# 86 Larsen & Toubro LLC Subsidiary* 87 Larsen & Toubro Infotech, GmbH - Wholly owned Subsidiary of Larsen & Toubro Infotech Limited 88 Larsen & Toubro Infotech Canada Limited - Wholly owned Subsidiary of Larsen & Toubro Infotech Limited 89 Larsen & Toubro Infotech LLC - Wholly owned Subsidiary of Larsen & Toubro Infotech Limited 90 L&T Infotech Financial Services Technologies Inc. - Wholly owned Subsidiary of Larsen & Toubro Infotech Limited 91 GDA Technologies Inc. ^ - Wholly owned Subsidiary of Larsen & Toubro Infotech Limited 92 L&T Infrastructure Development Projects Lanka (Private) Limited - Subsidiary of L&T Infrastructure Development Projects Limited # 93 Peacock Investments Limited$ - Wholly owned Subsidiary of L&T Capital Company Limited 94 Mango Investments Limited$ - Wholly owned Subsidiary of L&T Capital Company Limited 95 Lotus Infrastructure Investments Limited$ - Wholly owned Subsidiary of L&T Capital Company Limited 96 L&T Diversified India Equity Fund - Wholly owned Subsidiary of L&T Capital Company Limited 97 L&T Asset Management Company Limited$ - Wholly owned Subsidiary of L&T Capital Company Limited 98 L&T Realty FZE - Wholly owned Subsidiary of L&T Realty Limited 99 Larsen & Toubro International FZE - Wholly owned Subsidiary 100 Larsen & Toubro (Oman) LLC - Subsidiary of Larsen & Toubro International FZE # 101 Larsen & Toubro Electromech LLC - Subsidiary of Larsen & Toubro International FZE # 102 L&T Modular Fabrication Yard LLC - Subsidiary of Larsen & Toubro International FZE # 103 Larsen & Toubro (East Asia) SDN.BHD - Subsidiary of Larsen & Toubro International FZE ## 104 Larsen & Toubro Qatar LLC - Subsidiary of Larsen & Toubro International FZE ## 105 L&T Overseas Projects Nigeria Limited - Subsidiary of Larsen & Toubro International FZE 106 L&T Electricals & Automation Saudi Arabia Company Limited, LLC - Subsidiary of Larsen & Toubro International FZE # 107 Larsen & Toubro Kuwait Construction General Contracting Company, W.L.L. - Subsidiary of Larsen & Toubro International FZE ## 108 Larsen & Toubro (Qingdao) Rubber Machinery Company Limited - Wholly owned Subsidiary of Larsen & Toubro International FZE 109 Qingdao Larsen & Toubro Trading Company Limited@@@ - Wholly owned Subsidiary of Larsen &Toubro (Qingdao) Rubber Machinery Company Limited 110 Larsen & Toubro Readymix Concrete Industries LLC - Subsidiary of Larsen & Toubro International FZE ## 111 Larsen & Toubro Saudi Arabia LLC - Subsidiary of Larsen & Toubro International FZE 112 Larsen & Toubro ATCO Saudia LLC - Subsidiary of Larsen & Toubro International FZE 113 Tamco Switchgear (Malaysia) SDN. BHD - Wholly owned Subsidiary of Larsen & Toubro International FZE 114 Tamco Electrical Industries Australia Pty Limited - Wholly owned Subsidiary of Larsen & Toubro International FZE115 PT Tamco Indonesia Subsidiary of Larsen & Toubro International FZE 116 Larsen & Toubro Heavy Engineering LLC - Subsidiary of Larsen & Toubro International FZE # 117 L&T Electrical & Automation FZE - Wholly owned Subsidiary of Larsen & Toubro International FZE 118 Larsen & Toubro Consultoria E Projeto Ltda Subsidiary of Larsen & Toubro International FZE 119 Larsen & Toubro T&D SA Proprietary Limited - Subsidiary of Larsen & Toubro International FZE # 120 L&T East-West Tollway Limited - Wholly owned Subsidiary of L&T Infrastructure Development Projects Limited 121 L&T Great Eastern Highway Limited - Wholly owned Subsidiary of L&T Infrastructure Development Projects Limited 122 Servowatch System Limited - Wholly owned Subsidiary of Larsen & Toubro International FZE 123 L&T Geostructure LLP - Subsidiary* 124 Larsen Toubro Arabia LLC - Subsidiary* 125 Henikwon Corporation SDN. BHD - Wholly owned Subsidiary of Tamco Switchgear (Malaysia) SDN. BHD 126 L&T Housing Finance Limited - Wholly owned Subsidiary of L&T Finance Holdings Limited 127 L&T Tejomaya Limited - Subsidiary of L&T Realty Limited # 128 L&T Valves Limited (formerly known as Audco India Limited) - Wholly owned Subsidiary 129 L&T Technology Services Limited Wholly owned Subsidiary 130 CSJ Hotels Private Limited - Wholly owned Subsidiary of CSJ Infrastructure Private Limited 131 L&T Consumer Finance Services Limited - Wholly owned Subsidiary of L&T Housing Finance Limited 132 Family Credit Limited - Wholly owned Subsidiary of L&T Finance Holdings Limited 133 L&T Capital Markets Limited - Wholly owned Subsidiary of L&T Finance Holdings Limited 134 L&T Infra Debt Fund Limited - Wholly owned Subsidiary of L&T Finance Holdings Limited 135 L&T Trustee Services Private Limited - Wholly owned Subsidiary of L&T Mutual Fund Trustee Limited 136 L&T Fund Management Private Limited$$ - Wholly owned Subsidiary of L&T Finance Holdings Limited 137 Larsen & Toubro Infotech South Africa (PTY) Limited - Subsidiary of Larsen & Toubro Infotech Limited 138 Thalest Limited - Wholly owned Subsidiary of Larsen & Toubro International FZE 139 Bond Instrumentation & Process Control Limited% - Wholly owned Subsidiary of Thalest Limited 140 L&T Construction Equipment Limited (formerly known as L&T-Komatsu Limited) ^^ - Wholly owned Subsidiary 141 Kudgi Transmission Limited - Wholly owned Subsidiary of L&T Infrastructure Development Projects Limited 142 L&T Sambhalpur Rourkela Tollway limited - Wholly owned Subsidiary of L&T Infrastructure Development Projects Limited 143 Larsen & Toubro Hydrocarbon International Limited LLC - Subsidiary* 144 L&T Information Technology Services (Shanghai) Co. Limited - Wholly owned Subsidiaryof Larsen & Toubro Infotech Limited 145 Kana Controls General Trading & Contracting Company W.L.L. – Subsidiary of L&T Electrical & Automation FZE## 146 Mudit Cement Private Limited - Wholly owned subsidiary of L&T Vrindavan Properties Limited 147 L&T IDPL Trustee Manager Pte Limited - Wholly owned Subsidiary of L&T Infrastructure Development Projects Limited 148 PT Larsen & Toubro Hydrocarbon Engineering Indonesia - Subsidiary* NOTE: * The Company holds more than one-half in nominal value of the equity share capital ** The Company, together with its subsidiaries holds more than one-half in nominal value of the equity share capital @ The Company has sold its shares on January 24, 2014 @@ The Company has sold its stake on October 3, 2013 @@@ The Company is in the process of being wound up # The Company’s subsidiary/wholly owned subsidiary holds more than one-half in nominal value of the equity share capital ## The Company, together with its subsidiaries controls the composition of the Board of Directors % The Company has been liquidated with effect from August 20, 2013 ^ The Company has been dissolved with effect from March 28, 2014. ^^ Associate became a wholly owned subsidiary w.e.f. April 15, 2013 ^^^ The Company has been merged with L&T Realty Limited w.e.f. April 1, 2012 pursuant to High Court order $ The Company has been liquidated w. e. f. December 2, 2013 $$ The Company has been merged with L&T Investment Management Limited w.e.f. November 22, 2013
Associate companies:	1 L&T-Chiyoda Limited 2 Salzer Electronics Limited 3 L&T Ramboll Consulting Engineers Limited 4 Magrtorq Private Limited 5 JSK Electricals Private Limited 6 Feedback Ventures Limited
Joint ventures (other than associates):	1 Metro Tunneling Group 2 L&T Hochtief Seabird Joint Venture 3 Desbuild-L&T Joint Venture 4 Metro Tunneling Chennai L&T SUCG Joint Venture 5 L&T-AM Tapovan Joint Venture 6 HCC-L&T Purulia Joint Venture 7 The Dhamra Port Company Limited 8 L&T Shanghai Urban Construction (Group) Corporation Joint Venture 9 L&T-Shanghai Urban Construction (Group) CC27 Delhi 10 L&T-Eastern Joint Venture 11 L&T-Shapoorji Pallonji-TCS 12 Metro Tunneling Delhi L&T SUCG Joint venture

CAPITAL STRUCTURE

AFTER 22.08.2014

Authorised Capital : Rs.3250.000 Million

Issued, Subscribed & Paid-up Capital : Rs.1859.124 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1625000000	Equity Shares	Rs.2/- each	Rs.3250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
926912658	Equity Shares	Rs.2 /- each	Rs.1853.800 Million

Reconciliation of the number of equity shares and share capital:

Particulars	31.03.2014
	Number of shares	Rs. In Million
Issued, subscribed and fully paid up equity shares outstanding at beginning of the year	615385981	1230.800
Add: Shares issued on exercise of employee stock options during the year	323210	6.500
Add: Shares issued as bonus on July 15, 2013	308294576	616.500
Issued, subscribed and fully paid up equity shares outstanding at the end of the year	926912658	1853.800

Terms/rights attached to equity shares:

The Company has only one class of share capital, i.e. equity shares having face value of 2 per share. Each holder of equity share is entitled to one vote per share.

Shareholder holding more than 5% of equity shares as at the end of the year:

Particulars	31.03.2014
	Number of shares	Shareholding %
Life Insurance Corporation of India	157556473	17.00%
L and T Employees Welfare Foundation	111606174	12.04%
Administrator of the Specified Undertaking of the Unit Trust of India	75925962	8.19%

Shares reserved for issue under options outstanding as at the end of the year on un-issued share capital:

Particulars	31.03.2014
	Number of shares	Rs. In Million (At face value)
Employee stock options granted and outstanding #	9866116@	1.97*
3.5% 5 years & 1 day US$ denominated foreign currency convertible bonds (FCCB) ##	7360864@	1.477**

* The equity shares will be issued at a premium of 3674.300 million (previous year: 4919.600 Million)

**The equity shares will be issued at a premium of 9349.300 Million (previous year: 9354.200 Million) on the exercise of options by the bond holders

# Terms of employee stock option schemes

## Terms of foreign currency convertible bonds

@The number of options have been adjusted consequent to bonus issue wherever applicable

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1853.800	1230.800	1224.800
(b) Reserves & Surplus	334764.500	290196.400	251005.400
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	336618.300	291427.200	252230.200
(3) Non-Current Liabilities
(a) long-term borrowings	54781.400	72710.300	53300.600
(b) Deferred tax liabilities (Net)	4099.200	2422.200	1330.100
(c) Other long term liabilities	935.700	5020.300	3763.500
(d) long-term provisions	2996.100	2859.200	2750.500
Total Non-current Liabilities (3)	62812.400	83012.000	61144.700
(4) Current Liabilities
(a) Short term borrowings	38760.400	7345.300	29367.200
(b) Current maturities of long term borrowings	21047.400	8286.500	16289.900
(c) Trade payables	163454.500	169326.500	156077.600
(d) Other current liabilities	139217.600	144004.700	140094.000
(e) Short-term provisions	21135.200	20838.100	21120.400
Total Current Liabilities (4)	383615.100	349801.100	362949.100
TOTAL	783045.800	724240.300	676324.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	75608.100	82187.500	75280.000
(ii) Intangible Assets	1139.900	863.900	769.800
(iii) Capital work-in-progress	4118.600	4910.500	6975.300
(iv) Intangible assets under development	1505.500	1057.900	611.500
(b) Non-current Investments	151684.100	105227.000	90847.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	37215.700	36690.700	40559.700
(e) Cash and bank balances	95.400	390.200	1271.400
(e) Other Non-current assets	532.400	433.000	140.700
Total Non-Current Assets	271899.700	231760.700	216455.500
(2) Current assets
(a) Current investments	40462.300	55806.900	67871.900
(b) Inventories	19825.300	20641.800	17766.200
(c) Trade receivables	215387.600	226130.100	187169.400
(d) Cash and cash equivalents	17828.600	14556.600	17781.200
(e) Short-term loans and advances	63456.500	57437.600	50056.200
(f) Other current assets	154185.800	117906.600	119223.600
Total Current Assets	511146.100	492479.600	459868.500
TOTAL	783045.800	724240.300	676324.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations (Net)	565989.200	516109.600	531705.200
		Other Income	18808.900	18872.900	13382.800
		TOTAL (A)	584798.100	534982.500	545088.000
Less	EXPENSES
		Cost of raw material components consumed	60028.000	75749.300	101417.500
		Construction material consumed	159735.500	139270.000	124777.900
		Purchase of stock in trade	19221.600	20632.300	23694.000
		Stores spares and tools consumed	20540.700	20930.900	16228.300
		Sub-contracting charges	132729.400	121914.800	106475.400
		Changes in inventories of finished goods and operating expense	1100.300	(10908.700)	(5397.700)
		Other manufacturing, construction and operating expenses	40109.000	34459.700	43006.400
		Employee benefit expense	46623.700	38609.300	36634.500
		Sales and administration and other expense	19320.300	20856.600	22230.300
		Extraordinary items	0.000	(781.100)	0.000
		Overheads charged to fixed assets	(89.500)	(136.000)	(187.500)
		Exceptional items	(5885.000)	(1762.400)	(550.000)
		TOTAL (B)	493434.000	458834.700	468329.100
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		91364.100	76147.800	76758.900
Less	FINANCIAL EXPENSES (D)		10760.800	9547.500	6661.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		80603.300	66600.300	70097.900
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7924.200	7277.400	6994.600
	PROFIT BEFORE TAX (E-F) (G)		72679.100	59322.900	63103.300
Less	TAX (H)		17747.800	10216.400	18538.300
	PROFIT AFTER TAX (G-H) (I)		54931.300	49106.500	44565.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2857.500	1523.900	1056.800
Less	Dividend paid for previous year		23.800	27.100	38.900
Less	Transfer to Debenture redemption reserve		4.000	0.000	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	40000.000	35000.000	32500.000
		Transfer to Debenture Redemption Reserve	440.000	502.500	440.000
		Proposed Dividend	13208.500	11384.700	10104.600
		Additional tax on dividend	778.000	858.600	1014.400
	BALANCE CARRIED TO THE B/S		3334.500	2857.500	1523.900
	EARNINGS IN FOREIGN CURRENCY
		Export of goods	10067.200	10160.300	8529.700
		Construction and project related activities	67284.000	106938.900	61734.300
		Export of services	16143.900	13197.700	8844.900
		Commission	67.300	190.800	271.900
		Interest received	0.200	0.500	0.400
		Other receipts	534.900	748.700	999.300
	TOTAL EARNINGS		94097.500	131236.900	80380.500
	IMPORTS
		Raw Materials	19543.600	19613.400	12731.000
		Components & Spare Pats	17019.300	30511.900	40272.400
		Capital Goods	2053.700	3779.300	7146.100
	TOTAL IMPORTS		38616.600	53904.600	60149.500
	Earnings Per Share (Rs.)		59.36	52.55	72.92

QUARTERLY RESULTS

Particulars	30.06.2014 1^st Quarter	30.09.2014 2^nd Quarter	31.12.2014 3^rd Quarter
Audited / UnAudited	UnAudited	UnAudited	UnAudited
Net Sales	103,376.200	127,168.400	149,950.200
Total Expenditure	92,502.800	113,756.400	134,255.800
PBIDT (Excl OI)	10,873.400	13,412.000	15,694.400
Other Income	4,880.300	6,033.300	6,218.900
Operating Profit	15,753.700	19,445.300	21,913.300
Interest	2,719.400	3,125.900	5,004.100
Exceptional Items	1,714.400	0.000	0.000
PBDT	14,748.700	16,319.400	16,909.200
Depreciation	2,609.300	2,376.000	2,638.100
Profit Before Tax	12,139.400	13,943.400	14,271.100
Tax	3,203.900	3,521.600	3,673.100
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	8,935.500	10,421.800	10,598.000
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	8,935.500	10,421.800	10,598.000

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT/ Sales	(%)	12.84	11.49	11.87
PBIDT / Sales	(%)	16.14	14.75	14.44
Return on Total Assets (PBT/Total Assets}	(%)	11.62	9.68	10.94
Return on Investment (ROI) (PBT/Networth)		0.22	0.20	0.25
Debt Equity Ratio (Total Debt/Networth)		0.28	0.27	0.33
Current Ratio (Current Asset/Current Liability)		1.33	1.41	1.27

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1224.800	1230.800	1853.800
Reserves & Surplus	251005.400	290196.400	334764.500
Net worth	252230.200	291427.200	336618.300
long-term borrowings	53300.600	72710.300	54781.400
Short term borrowings	29367.200	7345.300	38760.400
Total borrowings	82667.800	80055.600	93541.800
Debt/Equity ratio	0.328	0.275	0.278

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	531705.200	516109.600	565989.200
		(2.933)	9.665

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	531705.200	516109.600	565989.200
Profit	44565.000	49106.500	54931.300
	8.38%	9.51%	9.71%

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	No
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	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

CASE DETAILS

BENCH:-BOMBAY

Presentation Date:-				21/04/2014
	Stamp No.:-	WPST/11278/2014	Filing Date:-	21/04/2014	Reg. No.:-	WP/9853/2014	Reg. Date:-	03/11/2014

Petitioner:-

RACHANA CONSULTANTS, THROUGH PROP. SHRI. RAMGOPAL P. CHANDAK

Respondent:-	LARSEN AND TOURBRO LTD AND ORS
Petn.Adv.:-	MEENAKSHI SAKHARE (I2442)

District:-

PUNE

Bench:-	SINGLE
Status:-	Pre-Admission

Next Date:-

08/06/2015

Stage:-

FOR ADMISSION - FRESH [CIVIL SIDE MATTERS]

Coram:-

ACCORDING TO SITTING LIST

Last Date:-

23/02/2015

Stage:-

FOR ADMISSION - CIRCULATION (CIVIL SIDE MATTERS)

Last Coram:-

HON'BLE SHRI JUSTICE R.M. SAVANT

Act :-

C.P.C.- (Interlocutory Order)

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Redeemable non-convertible fixed rate debentures	10500.000	10500.000
Redeemable non-convertible inflation linked debentures	1053.400	0.000
3.50% Foreign currency convertible bonds	0.000	10857.000
Term loans from banks	39217.300	42270.800
Sales tax deferment loan	10.700	82.500
SHORT TERM BORROWINGS
Loans repayable on demand from banks	812.200	89.400
Short term loans and advances from banks	27737.900	3915.800
Loans from related parties (Subsidiary companies)	1138.000	0.000
Total	80469.500	67715.500

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90214183	27/06/1983 *	180,000,000.00	STATE BANK OF INDIA	NEW ADMINIETRATIVE BUILDING, MADAME CAMA ROAD, MUMBAI, MAHARASHTRA - 400021, INDIA	-
2	10398963	04/12/2012	225,694,754.00	CHENNAI METRO RAIL LIMITED	NO.7, "HARINI TOWERS", CONRAN SMITH ROAD, GOPALA PURAM, CHENNAI, TAMIL NADU - 600086, INDIA	B66434689
3	10148310	21/01/2011 *	4,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B04764122
4	90213928	15/02/2003	100,000,000.00	STATE ANK OD INDIA	CAG BRANCH, NARIMNA POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-
5	90214910	02/11/2002	1,150,000,000.00	UTI BANK LTD	OFFICE : MAKER TOWERS (F) 13 FLOOR CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
6	90213817	25/02/2002	100,000,000.00	THE INDDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA L	163 BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA	-
7	90214856	03/08/2001	5,000,000,000.00	UTI BANK LTD	TOWER (F) 13 FLOOR CUFFE PARADE, MUMBAI, MUMBAI, MAHARASHTRA - 400005, INDIA	-
8	90213742	13/12/1998 *	104,000,000.00	ABN AMRO BNAK N V	41 VEER NAROMAN ROAD, MUMBAI, MAHARASHTRA - 400023, INDIA	-
9	90213735	10/06/2002 *	10,000,000.00	UTI BANK LIMITED	MAKER TOWER (F) 13 FLOOR CUFFICE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
10	90213721	13/12/1998 *	40,000,000.00	EXPORT IMPORT BANK OF INDIA	CENTRA ONE FLOOR 21 TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
11	90214851	15/10/2001 *	75,000,000.00	UTI BANK LTD	OFFICE MAKER TOWER 13 FLOOR CUFE PARADE, MUMBAI, MUMBAI, MAHARASHTRA - 400005, INDIA	-
12	90214842	22/03/2001	400,000,000.00	UTI BANK LTD	OFFICE : MAKER TOWERS (F) 13 FLOOR CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
13	90214836	08/02/2001	500,000,000.00	UTI BANK LTD	OFFICE : MAKER TOWER (F0 13 FLOOR CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
14	90213610	28/11/2000 *	500,000.00	ICICI LIMITED	ICIVU TOWER, BADRA(E) MUMBAI, MUMBAI, MAHARASHTRA - 400051, INDIA	-
15	90214807	27/06/2000	250,000,000.00	UTI BANK LTD	OFFICE : MAKER TOWERS (F) 13 FLOOR CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
16	90214796	28/03/2000	1,200,000,000.00	UTI BANK LTD	OFFICE MAKER TOWER 13 FLOOR CUFE PARADE, MUMBAI, MUMBAI, MAHARASHTRA - 400005, INDIA	-
17	90213487	10/06/2002 *	500,000,000.00	UTI BANK LIMITED	MAKER TOWER (F) 13 FLOOR CUFFICE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
18	90214767	14/08/1999	12,500,000,000.00	UTI BANK LTD	TOWER (F) 13 FLOOR CUFFE PARADE, MUMBAI, MUMBAI, MAHARASHTRA - 400005, INDIA	-
19	90214765	29/07/1999	250,000,000.00	UTI BANK LTD	OFFICE : MAKER TOWERS (F) 13 FLOOR CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
20	90214753	29/05/1998 *	200,000,000.00	UTI BANK LTD	OFFICE MAKER TOWER 13 FLOOR CUFE PARADE, MUMBAI, MUMBAI, MAHARASHTRA - 400005, INDIA	-
21	90213320	28/11/2001 *	10,000,000.00	ICICI LIMITED	ICIVU TOWER, BADRA(E), MUMBAI, MAHARASHTRA - 400051, INDIA	-
22	90213156	17/03/1998	11,300,000.00	GENERAAL INSURANCE COPORATINON OF INDIA	BHACAM INDUSSTRIAL ASSSURANCE, MUMBAI, MAHARASHTRA - 400020, INDIA	-
23	90213141	28/11/2000 *	500,000,000.00	ICICI LIMITED	ICIVU TOWER, BADRA(E) MUMBAI, MUMBAI, MAHARASHTRA - 400051, INDIA	-
24	90215582	24/11/1996 *	500,000,000.00	ICICI LTD.	163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA	-
25	90215575	31/12/1997	1,000,000,000.00	THE INDUSTRIAL AND INVESTMENT CORPORATION UF INDIA	163 BACLBAU RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA	-
26	90213119	18/12/1997	10,250,000.00	EXPORT IMPORT BANK OF INDIA	MAKER CHAMBERS IV, 222 NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA	-
27	90215562	25/11/1997 *	1,500,000,000.00	THE INDUSTRIAL AND INVESTMENT CORPORATION UF INDIA	163 BACLBAU RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA	-
28	90215547	25/11/1984 *	50,000,000.00	LIFE UNSURANCE CORPORATION UF INDIA	YAGAKSEMA JEEVAN BIMA MAR, MUMBAI, MAHARASHTRA - 400021, INDIA	-
29	90215520	24/09/1996	100,000,000.00	STATE BANK OF PATIALA	CORPORATE BRANCH, ARCADE 13 WORLD TRADE CENTRE CUFFEPARADE, BOMBAY, MAHARASHTRA, INDIA	-
30	90212924	18/12/1996 *	83,333,333.00	BANK OF AMERICA	WXPRESS TOWER, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-
31	90212910	11/08/1996	25,000,000.00	ANZ GRINDLAYAS BANK LI MITED	90 MAHATMA GANDHI ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA	-
32	90212908	18/12/1996 *	100,000,000.00	STATE ABNK OF INDORE	INDUSTRIAL FINANCE BRANSH, 10. NANDHAI LANE, MUMBAI, MAHARASHTRA - 400020, INDIA	-
33	90212907	18/12/1996 *	350,000,000.00	PUNJAB NATIONAL BANK	INDUSTRIAL FINANCE BRANSH, MAKER TOWERS (E) CUFFE PAFADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
34	90215498	24/11/1996 *	1,000,000,000.00	ICICI LTD.	163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA	-
35	90212824	19/02/1996	105,000,000.00	INDUSTRIAL FINANCE BRANCH	BHACAM MARG, 239 VIDHAN BHAVAM NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-
36	90215482	24/11/1998 *	750,000,000.00	STATE BANK OF INDIA	20TH FLOOR; EXPRESS TOWERS, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-
37	90212809	30/03/1998 *	500,000,000.00	INDUSTRIAL DEVELOPMENT BANK IF INDIA	IDBE TOWERS, CUFFE PRADAE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
38	90212803	23/01/1996	50,000,000.00	INDUSTRIAL DEVELOPMENT BA NK OF INDIA	IDBI TOWER VUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
39	90214579	23/11/1995	800,000,000.00	CANARA BANK	CALCOT HOUSE, TAMRND LAND, BOMBAY, MAHARASHTRA - 400023, INDIA	-
40	90215464	29/09/1995	500,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRNACH, KILLICK HOUSE; CHARANJIT RAI MARG, BOMBAY, MAHARASHTRA - 400001, I NDIA	-
41	90215980	25/04/1995	420,000,000.00	ANZ GRINDLAYS BANK	M.G. ROAD, BOMBAY, MAHARASHTRA, INDIA	-
42	90215445	10/04/1995	300,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH;, JUSTICE G.N. VAIDAY MARG, BOMBAY, MAHARASHTRA - 400023, INDIA	-
43	90212649	08/04/1995	380,000,000.00	STATE BANK OF INDIA	COMMERCEAL BTANCH JUSTICE B N VAEBY A MARG, MUMBAI, MAHARASHTRA - 400023, INDIA	-
44	90212626	18/03/1995	143,000,000.00	BANK OF INDIA	N.M. ROAD, BALLARD STATE, BOMBAY, MAHARASHTRA - 400058, INDIA	-
45	90212592	06/01/1995	16,700,000.00	BANK OF BARODA	BOMBAY MAIN OFFICE, BOMBAY SAMACHAR MARG, BOMBAY, MAHARASHTRA - 400023, INDIA	-
46	90212571	18/11/1994	30,000,000.00	ICICI LIMITED	163; BACKBAY RECLAMTION, BOMBAY, MAHARASHTRA - 400020, INDIA	-
47	90212492	31/03/1994	600,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER, CUFFE PARADE; COLOBA, BOMBAY, MAHARASHTRA - 400005, INDIA	-
48	90212477	09/03/1994	20,932,325.00	ADB PROJECT	ENGINEER ADB PROJECT, S4; PACKAGE; ROURKELA, ORISSA, INDIA	-
49	90212473	05/03/1994	6,767,490.00	ANB PROJECT	52 PACKAGE, SAMBALPUR, ORISSA, INDIA	-
50	90212454	05/02/1994	1,750,000,000.00	STATE BNK OF INDIA	COMMERCIAL BRANCH, JUSTICE GN VAIDYA MARG, MUMBAI, MAHARASHTRA - 400023, INDIA	-

* Date of charge modification

MANAGEMENT DISCUSSION AND ANALYSIS

GLOBAL ECONOMIC CONDITION:

In the year 2013-14, the global economy showed signs of revival after almost 4 years since the onset of the financial crisis. The recovery this time was different as developed economies consolidated while most emerging markets faced challenges to reviving growth. In the process, the financial system has emerged stronger while fiscal balances in the developed world are improving. The synchronized efforts of central banks and governments continued with record low interest rates and monetary stimulus measures.

USA finally introduced a gradual taper of its stimulus which has so far not destabilized global financial markets. The remarkable turnaround in their fiscal balance due to steep expenditure cuts introduced earlier can once again be restored thus providing a fillip to growth. While the housing sector has seen some credible recovery, the shale gas boom has driven industrial growth and jobs.

The European Union also made some recovery though an uneven one. The north, led by Germany, had a solid year, reducing unemployment and boosting living standards. Across the Mediterranean the pattern was more disappointing, with Italy, Spain, Portugal and Greece all enduring a year of rising unemployment, however, the numbers have started to improve. Europe and the euro are not out of trouble, but the acute phase of their difficulties may be past.

The emerging and developing economies faced challenges to growth, with some easing in the second half of 2013. Investment weakness continues to hamper the economy with tightening of external funding and financial conditions. New investments have stagnated amid an erosion of business sentiment, unfavourable global environment and weak domestic demand. These economies were impacted by supply side constraints due to structural and policy bottlenecks leading in turn to high inflation and volatile exchange rates. In 2014, investment cycle is unlikely to pick up in a robust manner until business sentiment improves and credible signs of domestic demand revival are seen.

Growth was also tepid in the Middle East and North Africa region (MENA) in 2013 due to lower buoyancy in oil revenues, as the region saw a decline in oil production.

In 2014-15, growth is expected to strengthen as public spending on non-oil activity increases and oil production recovers. On the other hand, the sub-Sahara Africa region registered a strong growth of 4.8% in 2013 underpinned by investments in natural resources and infrastructure. Growth is projected to accelerate to about 5.5% in 2014 reflecting positive domestic supply-side developments and the strengthening in global recovery.

Global growth is expected to be better in the current year, as the developed world consolidates further. In the advanced economies, risks to economic activity associated with very low inflation have come to the fore, especially in the euro area, where large output gaps have contributed to low inflation. Emerging market economies will have to tackle inflationary pressures and currency volatility in the short and medium-term as they attempt to revive growth. There is a risk of continuing tight financial conditions leading to a higher cost of capital leading to a further slowdown in investments. Also the recent geo-political risks may lead to a renewed bout of increased risk aversion in global financial markets.

OVERVIEW OF INDIAN ECONOMY:

The GDP growth of Indian economy was 4.7% in the year 2013-14. The economy has remained challenged as growth has been below 5% in the last 7 quarters between Q1, 2012-2013 to Q4, 2013-2014. The only exception in this period was Q2, 2013- 2014 when GDP grew by 5.2%. This slowdown has coincided with a decline in financial savings, low and sluggish growth in fixed capital formation over successive quarters, persistently high inflation, low business confidence and particularly inadequate structural policy measures which have had a profound effect on potential growth.

The year witnessed sustained high inflation and a highly volatile exchange rate in the first half of the year. The subsequent tightening of monetary policy effectively choked economic recovery. Domestically, structural reforms did not proceed at the pace expected by markets, as bottlenecks continued to hamper investment projects, particularly in the critical power sector.

Since early September, external pressures have eased somewhat, in large part due to the postponement of “tapering” by the US Federal Reserve, which helped to stabilize global interest rates. This has led to a return of capital inflows. Simultaneously, the RBI took a number of measures to boost reserves, while the government has acted to reduce the current account deficit and shore up investor confidence. Indeed, the current account deficit has shrunk quite remarkably from a high of 4.7% of GDP in 2012-13 to 1.7% in 2013-14. As a result, the INR has recovered, and asset prices have moved higher.

With the exception of agriculture, all the other sectors in the economy continued to remain weak in 2013-14. The industrial sector continued to lag and declined by 0.1%, a 22 year low. The entrenched stagnation in economic growth over two year’s reflects a subdued investment and consumption demand which has resulted in contraction in production of manufacturing sector, capital goods and consumer durables in the current year. Also, growth in services sector which is the largest contributor to GDP remained almost stagnant at 6.2% in 2013-14 with growth decelerating in the trade, hotel, transport and communication sector. The only sub-sector that recorded a strong growth of 12.9% was financing, insurance and real estate.

India’s earlier consumption-lead growth story post 2008 continued to falter, with both private and government sector consumption decelerating in 2013-14. Growth in government consumption, which sharply picked up in the first quarter, remained subdued for the rest of the year as fiscal pressures intensified. Also, private final consumption expenditure which has the largest share of 60% in the GDP, slowed down further at 4.9% in 2013-14 from 5.0% in 2012-13. On the investment side, gross fixed capital formation declined by 0.1% in 2013-14 from an already negligible growth of 0.8% in 2012-13. However, it was the external sector that stemmed the rot, with a gradual recovery in the exports (8.4%) due to competiveness gains from weaker currency and pickup in demand in some advanced economies, and a contraction in imports (-2.6%) due to a sharp policy driven moderation in gold imports.

BUSINESS SCENARIO:

Macro-economic and policy uncertainties, persisting inflation, tight liquidity conditions and high interest rates adversely impacted business environment in India in the year 2013-14. While the Company continued to focus on maximizing the domestic opportunities, it also strengthened its presence in the select overseas markets amidst strong competitive pressures.

The core sectors such as infrastructure, power, minerals and metals, defense, oil and gas which hold business prospects for the Company, await policy decisions and structural reforms. Speedy resolution of issues, in these sectors, is important for boosting the Company’s prospects. The reform initiatives and their rigorous implementation by the new government is expected to remove the bottlenecks, presently impeding the economic growth in India and thereby improve business environment.

The Middle East economies appear to be on the path of sustainable development with projection of consistent growth in coming years on the back of investment in Infrastructure and Oil and Gas sectors.

BUILDINGS AND FACTORIES BUSINESS

OVERVIEW:

Buildings and Factories (B and F) business undertakes engineering design and construction of Airports, IT Parks, High rise structures, office spaces, educational institutions, stadiums, convention centres, metro stations, hospitals, hotels, residential buildings, factories, cement plants and warehouses.

The thrust is on providing world-class “Concept to Commissioning” solutions to their customers in various building segments. This helps us in maintaining the leadership position, retaining key customers, entering new geographies and securing relatively large value orders. Construction excellence coupled with technology, experience and expertise gained over several decades has helped B and F to project itself as one of the premium contractors in the industry.

OUTLOOK:

On the domestic front, stable government in the centre, should hasten the decision making and implementation of planned infrastructure projects. In the private sector, the Company is optimistic on expansion plans of IT companies and major residential orders in Tier – II cities. Opportunities in sectors like aviation, manufacturing, cement, automobiles and pharmaceuticals may continue to be slow.

In the International sector, opportunities in GCC region have opened up and BandF is highly focused on the market with a target to secure major airport, metro stations and hospital orders. BandF is positive on the scenario in the regions.

TRANSPORTATION INFRASTRUCTURE BUSINESS

OVERVIEW:

INDUSTRY STRUCTURE AND DEVELOPMENTS:

Transportation Infrastructure business comprises of Roads, Runways (Airside Infrastructure) and Elevated Corridors (RREC), International Infrastructure, Railways Construction and Railways Systems. It has sustained its growth momentum despite challenges posed domestically by sluggish economic growth resulting from policy paralysis, inflation and higher interest rates

The Roads, Runways and Elevated Corridors business is largely dependent on PPP and EPC projects of National Highways Authority of India (NHAI), State Road Corporations, PWDs and City Development authorities.

For Railway business, Rail Vikas Nigam Limited (RVNL) is an important client providing consistent business opportunities with competition for small packages. Indian market continues to expand as Tier II cities are going for Mass Rapid Transit Systems (MRTS).

International Infrastructure business is mainly concentrated in GCC countries of Oman, UAE, Qatar, Saudi Arabia and Kuwait.

OUTLOOK:

L and T continues to be a leader in both roads and rails business in India. Domestically, many of the bottlenecks in the road sector are expected to get resolved. Award process in Road Sector will improve vastly. Delhi-Meerut and Agra Lucknow Expressway are potential prospects during current year. In the Airport segment, they would continue to leverage their excellent track record and capabilities.

As per FY 2014-15 plan of NHAI, approximately 15000 crore of EPC Road projects and 35000 crore PPP projects will be bid out this year.

In the airport segment, the Navi Mumbai and Bengaluru airport airside work projects are major opportunities in

FY 2014-15.

In the Elevated Corridor Segment, there are quite a few projects in anvil in FY 2014-15 from various state authority bodies like MMRDA (Mumbai Metropolitan Region Development Authority), GDA (Ghaziabad Development Authority), KMDA (Kolkata Metropolitan Development Authority) etc.

In India, several Expressway Projects by NHAI and State governments are expected in FY 2014-15 in PPP or in EPC mode in addition to planned outlay in National Highways Development Project (NHDP). However, the solution to the existing problem of stalled projects and award of fresh projects in PPP segment will take some more time due to the economic sluggishness.

In Metros and Mono Rails, projects are expected from Kochi Metro and Kerala Monorail Authorities, besides Metros in Ahmedabad and Lucknow. In the mainline market, more tenders are expected from RVNL and other private players 83 in railway sidings. However, in metros and RVNL projects, there will be severe competition.

In the countries like UAE, Oman and Qatar, next five years expenditure on development of road is estimated in excess of $ 5 Billion. However, severe competition will be faced and also good performance in the on-going projects must be consistently maintained.

UAE Expo-2020 and FIFA 2022 in Qatar promise for fast track infrastructure developmental in Airports, Rails and Expressways.

Saudi Railway Corporation, Oman National Rail project, Qatar Rail Corporation, and ETIHAD Rail are coming up with huge opportunities in development of railway network of around $ 9.4 Billion. Transportation Infrastructure business has consolidated their position in GCC countries and it is a major step towards realizing the objective of establishing LandT as a recognized EPC contractor in Gulf Countries for Infrastructure projects.

The future looks to be promising for Railways Strategic Business Unit (SBG) in the domestic fronts too. The remaining projects of Phase I & Phase II (Civil & Track, Electrical & Mechanical, Signaling & Telecom packages) of WDFC are expected to be awarded along with Eastern Dedicated Freight Corridor (EDFC) packages.

HEAVY CIVIL INFRASTRUCTURE BUSINESS

OVERVIEW:

Heavy Civil Infrastructure business undertakes Design, Engineering and Construction of infrastructure projects of the nation in Metros, Nuclear, Hydel, Ports, Special Bridges, Tunnels and Defence Infrastructure segments. The goal is to become a Total Infrastructure solution providernot just in India but abroad as well. Their In-house design strength and Unique Construction methodology cell give us an edge over their competitors in the market and helps us serve their customers from concept to commissioning.

OUTLOOK:

Even though an election year, the view on infrastructure spending remained upbeat with the country trying to stabilise the growth rate through internal public spending. Few port projects have got environmental clearances. Some strategic decisions by the Government are expected to facilitate major prospects in coming years. Feasibility studies and budget allocations for freight corridors, Metros at Tier II cities have already been planned. There are some more bright prospects for Metro segments in Gulf region. With commissioning of Kudankulam Atomic Power project Unit I and II, prospects for further units are looking bright. Many interesting special bridge projects are under various stages of tendering and approval. Indian government has approved 4 new hydro power projects in Bhutan.

With healthy order book backed by strong team spread geographically, Heavy Civil business is confident of achieving its revenue targets for 2014-15.

POWER TRANSMISSION and DISTRIBUTION BUSINESS

OVERVIEW:

LandT’s Power Transmission and Distribution (PTandD) is a leading EPC player in the field of Power Transmission and Distribution business offering integrated solutions and endto end services ranging from Design, Manufacture, Supply, Installation and Commissioning of Transmission Lines, Underground Cable Networks, Substations, Distribution Networks, Electrical, Instrumentation and Communication works for Power, Process and Infrastructure Projects in both Domestic and International markets.

Extra High Voltage Substation Systems and Power Distribution Business Unit focuses on providing turnkey solutions for Extra High Voltage Air Insulated/Gas Insulated Substations for Utilities and Power Plants, EHV Cable Networks, Utility Power Distribution and Power Quality Improvement works with associated DMS/Smart grid systems, complete Electrical, Instrumentation and Communication (EI and C) solutions for large Power Plants including Thermal and Nuclear plants, various industrial and infrastructure projects such as Metallurgical Plants, Hydrocarbon and Pipeline Projects, IT Parks, Airports, Sea Ports, Metros, OFC networks etc.

Transmission Line Business Unit offers turnkey solutions in building overhead lines for Power Evacuation and Transmission Systems, bolstered by its state of the art tower manufacturing units at Puducherry and Pithampur supplying over 1.2 lakh tonnes of tower components annually and complimented by its NABL accredited tower testing facility at Kanchipuram. (NABL- National Accreditation Board for Testing and Calibration Laboratories)

PT and D’s International Business Units offer complete solutions in the field of Power Transmission and Distribution including High Voltage Substations, Power Transmission Lines, Extra High Voltage (EHV) Cabling and Electrical, Instrumentation and Controls (EI and C) Works for Infrastructure Projects such as Airports, Oil and Gas Industries etc. in Gulf and African countries namely UAE, Qatar, Kuwait, Oman, Saudi Arabia, Algeria and Kenya.

OUTLOOK:

Electrical Power is the propelling force for strong economic growth of a country and must be complemented by capacity additions which will necessitate a corresponding development of transmission and distribution assets. The investment outlook in power sector is promising. To meet the unmet and growing demands, decongest the transmission corridors and strengthen the transmission system, the Central and State utilities have identified several transmission projects to be executed over the next coming years. Debt Restructuring Plan of DISCOM/State Utilities will pave way for revival of their financial health and in turn faster project implementation. Ministry of Power sponsored Power Distribution and Power Quality Improvement Projects supported by central funding agencies will drive the business substantially. However concerted efforts will be required to overcome the regulatory and financial challenges that are hindering timely implementation of the above projects.

In the Power Generation and Industries front, though some revival is expected during the later part of the year, key contribution to growth is likely to emerge from the potential opportunities available in Electrical and Telecom works, Optical fibre cabling (OFC) and EHV Power Cabling Networks.

In International (Gulf) market, the business is poised for a positive growth in view of upcoming prospects in Power and infrastructure projects. Strong opportunities are foreseen on the backdrop of GCC investment plans on Grid Strengthening and Power System Interconnection. Utilities in UAE are mainly concentrating on upgrading the existing network offering significant business potential. There is a rapid increase in power demand in countries such as Qatar, Kuwait, Saudi and UAE to expand oil production in order to meet its rising requirement across the globe which necessitates augmentation of power distribution networks.

Africa’s low electrification rate serves as a hindrance to economic growth and industrialization. Addressing this issue has been a key emphasis for local government especially among East African countries leading to bulk investments, unleashing significant potential and opportunities for us in T and D sector. Intensifying power demand in South East Asian countries also offers huge potential.

WATER AND RENEWABLE ENERGY BUSINESS

OVERVIEW:

The process of building a nation must factor in the importance of sustainability. The Water and Renewable Energy Business is a live example of the industry’s growing focus on efficient utilization of water resources and increasing the mix of renewable energy in their daily lives. The Business comprises Water and Effluent Treatment Strategic Business Group (SBG) and the Renewable Energy Business Unit (BU).

The Water and Effluent Treatment SBG caters to turnkey infrastructure projects including water supply and distribution, desalination plants, water management system, waste water networks, water and waste water treatment plants, industrial water systems, lift irrigation systems and canal rehabilitation.

The Renewable Energy BU provides EPC services for projects on photo voltaic (PV) and concentrated solar power plants, wind power plants, micro-grid systems, smart-grid systems and integrated security solutions.

OUTLOOK:

Huge prospects have been identified for the year 2014-15 in Water and Effluent Treatment market in India. Various water supply & distribution projects are expected to be announced under Jawaharlal Nehru National Urban Renewal Mission (JNNURM) phase-II. With more than 75% of sewage generated in India flowing untreated, major investments are anticipated from urban local bodies for waste water collection, treatment and disposal/ re-use. More waste water projects are expected in the eastern states under the National Ganga River Basin Authority (NGRBA). Lift irrigation schemes combined with distribution systems are coming up in a major way to boost agriculture growth. Rehabilitation of existing canal networks, including canal relining is witnessing traction. As far as finance is concerned, leading institutions like World Bank & Japan International Cooperation Agency (JICA) are committing funding in various water and waste water schemes in India.

Coming to Renewable Energy BU, year 2014-15 is expected to be positive with the allocations of 750 MW of solar plants under JNNSM Ph-2 and 500 MW of solar plants under various state solar policies (Tamil Nadu, Andhra Pradesh, Karnataka, Punjab and Rajasthan). The BU has envisaged that post elections there would be a good thrust in renewable energy projects. Keeping the long term vision of JNNSM in perspective, MNRE has envisaged setting up of large scale solar plants (up to 4000 MW) utilizing surplus land/wasteland in the deserts. Major potential is envisaged in the Middle East, especially in Qatar and the

Kingdom of Saudi Arabia.

In Integrated Security Solutions space, all the state governments are providing major thrust on city surveillance and intelligent traffic management systems. There is an increased focus on implementation of security systems at critical infrastructure areas like nuclear power plants, metros, airports etc. Local Police communication networks are being automated in various states.

POWER BUSINESS

OVERVIEW:

Power business provides end-to-end EPC solutions for setting up coal and gas based power plants on a lump sum turnkey basis, with capabilities stretching across the spectrum of power generation value chain from design to commissioning.

With world class In-house manufacturing facilities for super critical Boilers, Turbines and Generators, Pressure Piping, Axial Fans, Air-Preheaters and Electrostatic Precipitators are its added and unmatched advantage, having the capability to cater to over 90% (by value) of the power generation value chain.

The business has incomparable experience in Project Management, Engineering and Construction Management which gives it competitive edge over its competitors. This is amply demonstrated by the achievement of COD (commercial operations date) in a record time of 46 months for Nabha Power Limited’s first unit of 2x700 MW supercritical thermal power plant at Rajpura in Punjab.

Geographically, the business has a pan India presence with multiple project sites, project management centers at Vadodara, Faridabad and Chennai and world class manufacturing facilities at Hazira.

The business has made its way in the international arena by getting EPC order for gas based power plant in Bangladesh.

OUTLOOK:

While the year 2013-14 saw some positive developments on the policy front, project awards continued to be lackluster on account of regulatory and political uncertainties. They expect the business sentiment to improve post elections as the political uncertainty is expected to be resolved by then. With IPP market having dried up, opportunities for the business during the year will come from PSUs like NTPC and State Electricity Boards. For gas based opportunities, they will capitalize on their successful foray into Bangladesh market to further strengthen their presence in the South East Asian region.

Driven by its relentless focus on execution excellence and foray into international market, the business is aiming to capitalise on the thermal power opportunities as they emerge and fortify its place as a credible, integrated EPC player in the power sector.

METALLURGICAL AND MATERIAL HANDLING BUSINESS

OVERVIEW:

Metallurgical and Material Handling (MMH) undertakes EPC (Engineering, Procurement and Construction) projects for Ferrous (iron and steel making) and Non-Ferrous (aluminium, copper, lead and zinc) metal industries, Bulk Material and Ash handling systems in Power, Ports, Steel and Mining sector. It has a well-established Industrial Machinery and Foundry work shop at Kansbahal, Odisha and a high end fabrication shop at Kancheepuram, Tamil Nadu to cater to the specific requirements of the customer. MMH business has International presence in Gulf region as well.

OUTLOOK:

The Steel and Power sector has started to show some signs of improvement towards the end of the year 2013 14 and with the firming up of steel prices, regulatory impediment of iron ore mine easing gradually and commitment of fresh coal linkage (11000 MW). Ministry of environment has started clearing large scale projects. Coal Mining opportunities started to increase in both private and PSUs sector. The government is expected to show accelerated implementation in the Power sector to meet 13th plan and improvement of fund availability to power projects.

Domestic Aluminum Industry is expected to move upward in tandem with the Steel sector and a turnover is expected in the second half of 2014-15. With a strong management team and dedicated workforce, MMH is confident of posting good performance in 2014-15.

HEAVY ENGINEERING BUSINESS

OVERVIEW:

The Heavy Engineering (HE) business manufactures and supplies custom designed, engineered critical equipment and systems to core sector industries like Fertiliser, Refinery, Petrochemical, Chemical, Oil and Gas, Thermal and Nuclear Power, Aerospace and Defence applications. The HE has good track record of executing large size and complex projects with a high technology base with major capabilities including in-house engineering, R and D centers with world class fabrication facilities and experienced and competent project team and safe work culture.

HE has manufacturing and fabrication facilities at Mumbai in Maharashtra, at Vadodara and Hazira in Gujarat, at Visakhapatnam in Andhra Pradesh and at Sohar in Oman. At Coimbatore in Tamil Nadu, it has a Precision Manufacturing Facility to cater to the needs of precision machined/manufactured components and assemblies. A Strategic Systems Complex for integration and testing of weapon system, sensors and engineering systems is located at Talegaon in Maharashtra. Defence Electronic Systems’ design and engineering, catering to Military Communications and Avionics facility, is supported through a dedicated Strategic Electronics Centre including a new product development centre at Bengaluru in Karnataka. Manufacturing teams are backed by production engineering and manufacturing process development centers at each location. The business has “Technology and Product Development Centers” in Mumbai and Bengaluru – for new product development, research and development for process plant and nuclear equipment and for equipment and systems (including electronic systems/subsystems) for strategic sector. Strategic Submarine Design Centre is also located in Mumbai. A heavy fabrication facility, set up as a Joint Venture in Oman, manufactures a range of equipment for the hydrocarbon and power sector.

MACHINERY AND INDUSTRIAL PRODUCTS BUSINESS

OUTLOOK:

Demand for Hydraulic Excavators is likely to remain generally flat during FY 2014-15, however CMB is expected to improve market share by aiming growth of 5% over previous year. Demand from realty and general construction sectors are expected to remain sluggish. The demand will sustain from ongoing new metro-rail projects and other industrial construction. Coal and other non-ferrous mining activity is expected to grow during 2014-15. Opening up of mining in Goa is expected to drive growth in second half of FY 2014-15. About 14 highway projects have been identified by NHAI and it is expected that total of 24300 Cr worth projects will be undertaken under EPC Model in the next 2-3 years. It is anticipated that formation of a new government at the centre may see some policy changes which shall help revival in second half of FY 2014-15.

Global Tyre demand is likely to maintain its growth path at 4.7% to 3.3 Bn units (USD 220 Bn) by 2015. Passenger Car Radial segment is likely to grow across the continents and Truck Bus Radial is also likely to witness growth in most of the areas. Tyre Companies are harnessing their energy to focus onto the replacement tyre market to keep up the growth trend. Another promising area is “Automation Projects” which are becoming more active. RPM Business is restructuring its operations to focus on a “Product Unit” basis to facilitate growth of products across the portfolio. This is aimed at optimizing cost and enhancing accountability and growth in business. Spares and Re-Manufacturing will get a Product Unit focus in order to improve the bottom-line.

Wind Turbine installation in India is expected to be around 2200 MW in 2014-15. Rising import costs from China and stabilization in key input prices in local markets are expected to drive sales of WTG Castings in 2014-15. FBU has received newer export orders (including some sample orders from Siemens) from WTG players from countries including Europe and the US. Securing repeat orders from these customers are likely to open up newer markets and geographies for FBU and thereby positioning itself as the premium supplier to the major WTG players around the globe.

Overall, the business outlook for 2014-15 is optimistic for businesses of MIP. Government stability post-election, inflation control and recovery from policy paralysis are likely to be key factors that would help revival of business growth in 2014-15

HYDROCARBON BUSINESS

OVERVIEW:

The Hydrocarbon business provides “design to build” engineering, procurement and construction solutions on turnkey basis in oil and gas, petroleum refining, chemicals and petrochemicals, fertilizer sectors and cross country pipelines. Capabilities include front end design through engineering, procurement, fabrication, project management, construction and installation up to commissioning services.

The Company has time and again proved its mettle in delivering large, complex projects due to its integrated strengths coupled with an experienced and highly skilled work force. The Company has key capabilities including in-house engineering, R and D center, world class modular fabrication facilities, an experienced and competent project execution team and a safe work culture. The key aspects of business philosophy are excellence in corporate governance, high quality standards, best in class HSE protocol, IT security practices, timely execution and cost competitiveness.

The Company has major work centers in India at Powai (Mumbai), Vadodara, Chennai, Faridabad, Hazira and Kattupalli and international presence in Middle East and South East Asia. The Company’s project execution capabilities in Middle East are located in UAE (Sharjah and Abu Dhabi), Saudi Arabia (Al-Khobar), Kuwait, Oman (Muscat) & Qatar (Doha). In addition the company has a major modular fabrication facility in Sohar in Oman.

The Company’s presence in South East Asia is spread across offices at Singapore, Malaysia (Kuala Lumpur) and Indonesia (Jakarta).

The Company has operations across the Hydrocarbon Value-Chain in India and Overseas:

• Hydrocarbon Upstream
• Hydrocarbon Mid and Downstream - Domestic
• Hydrocarbon Construction and Pipelines - Domestic
• Hydrocarbon Mid and Downstream including Pipelines
• International

OUTLOOK:

After a lull in ONGC orders in FY 2013-14, new project awards by ONGC are expected to pick up in FY 2014-15, both in the offshore platform projects as well as onshore gas processing projects. The Company is also adapting to changing competitive landscape by building higher competencies in Offshore Pipeline Projects and Brownfield Projects. As part of de-risking strategy, the Company is looking beyond traditional PSU clients and actively developing relationships with private sector customers. To provide long term stable growth, the Company is also exploring the possibility of entering into “Long Term Frame Agreements” with International Oil Companies for their yearly capex requirements. To diversify its business profile, the Company is also looking at building new Jack-up Rigs for drilling companies.

In the Mid and Downstream sector, the Company is witnessing a number of exciting opportunities in Middle East. United Arab Emirates has planned several field development projects to achieve a production of 3.5 million bpd crude oil by 2017 from current 2.8 million bpd. Opportunities in Oman exist mainly in redevelopment of existing fields undertaking by National Oil Companies to boost recovery rates. Saudi Arabia is developing gas facilities to replace the domestic consumption of crude oil with gas and hence free up the crude for export. However, the country has recently brought greater regulation for localization which is eventually increasing the cost and complexity of doing business. The Company is also participating in multiple bids for supply of modular process plants in consortium with leading international EPC Companies.

Consequent to a stable government regime in India, the Company is optimistic that the capex cycle will receive the much needed boost including fast-tracking the Fertiliser Expansion projects, ONGC offshore and gas processing projects and cross-country pipeline projects. Accordingly, the Company expects improved order inflows in FY

2014-15.

INFORMATION TECHNOLOGY BUSINESS

OVERVIEW:

Information Technology business forms part of the IT and Technology services segment of Larsen and Toubro. Information Technology business is housed in a wholly owned subsidiary viz. Larsen and Toubro Infotech Limited (“L and T Infotech”). L and T Infotech comprises of two business clusters ‘Industrials’ and ‘Services’ with a view to accelerate growth in the technology space.

The ‘Industrials’ cluster leverages the parent Company’s existing strengths and heritage to cater to manufacturing plants, establishments including wholesale, retail sale of products and establishments dealing with energy and utilities. This cluster also houses horizontals of SAP, enterprise Integration, Oracle as well as Manufacturing Execution Systems. Horizontals are responsible to serve clients across both clusters.

The ‘Services’ cluster focuses on Banking, Financial Services, Insurance, Travel and Logistics, Media and Entertainment and Healthcare. This cluster houses horizontals of Testing, Mobility, and Infrastructure Management System and Business Intelligence/Data Warehouse. Horizontals are responsible to serve clients across both clusters.

OUTLOOK:

As the global macro-economic scenario continues to improve with positive signs from US and Europe, there has been a gradual improvement in IT budgets across the globe.

As per NASSCOM, the Indian IT sector exports are set to cross USD 99 Billion during FY 2014-15 and y-o-y growth of 13-15% is due owing to increase in demand from US and European clients.

With firms moving towards more revenue focused models and disruptive technologies such as social media, analytics & cloud, avenues for more vertical oriented solutions are opening. Opportunities seem promising but it requires companies to continuously innovate and evolve.

True to these global trends, L&T Infotech has taken number of initiatives like increased focus on regions such as Europe by strengthening the sales efforts, building IMS capabilities in the wake of growing opportunities, and strengthening management team with induction of senior leaders from industry. By targeting and offering services across verticals in sync with L and T Infotech’s three pronged strategy, L&T Infotech plans to continue higher growth momentum in FY 2014-15.

TECHNOLOGY SERVICES BUSINESS

OVERVIEW:

Technology Services business forms part of the IT & Technology Services segment of Larsen and Toubro (L and T). To achieve the next level of growth through comprehensive solutions across industries, the Integrated Engineering Services (IES) business of L and T and Product Engineering Services (PES) business of L and T Infotech Ltd. Came together and formed L and T Technology Services Limited (“L and T Technology Services”), a 100% subsidiary of L and T. This allows L and T Technology Services to expand its footprint in the engineering services market through a multitude of industry verticals.

L and T Technology Services offers design and development solutions throughout the entire development chain across various industries such offering include Industrial Products, Medical Devices, Transportation, Telecom and Hi-tech and to the Process Industry. The company also offers solutions in the areas of Mechanical engineering Services, Embedded Systems Services, and Product Lifecycle Management (PLM).

With a CAGR of 40% over the last 3 years, technology Services is today acknowledged amongst the top 5 in the Indian Engineering Research and Development (ER and D) service segment.

The Zinnov 2013 Global Service Provider Ranking, (GSPR) has placed 6 of the company’s verticals in the leadership zone and the Industrial Products vertical in the Leadership Zone for the third time in a row. This is a true reflection of the commitment to be on the fast track of being the “BEST” in engineering outsourcing service industry.

OUTLOOK

Global trends in the economy today motivate the people in general to invest in businesses which have been growing significantly over the years. Engineering Services is one such industry. L and T Technology Services added 33 new clients during the year out of which 12 clients are Fortune 500 companies. In the race towards capturing a sizeable pie of this market, L and T technology Services has been able to achieve a revenue growth of 20% during the current fiscal year.

Investments in emerging geographies and new solutions are expected to add substantially towards incremental revenues in the year 2014-15.

FINANCIAL SERVICES BUSINESS

OVERVIEW:

The goal of L and T Finance Holdings (LTFH) is to become a comprehensive provider of financial solutions. The company’s businesses, carried out through its wholly owned subsidiaries, are structured as Retail Finance, Wholesale Finance, Investment Management and Wealth Management.

Despite the challenging macroeconomic environment during the year 2013-14, the company achieved a new milestone by crossing 40000 crore in consolidated loans and advances, registering a healthy growth of 20% on a Y-o-Y basis.

L and T Mutual Fund’s managed assets stood 18255 crore this fiscal and the Wealth Management business crossed 5000 crore in serviced assets.

OUTLOOK:

The fiscal has seen a continued growth slowdown combined with high inflation. Though the global slowdown has definitely hurt exports and affected investment, according to an IMF study, two-third of the downslide in GDP growth can be attributed to domestic factors such as supply bottlenecks, delayed project approval and implementation and policy uncertainty. Growth in industrial output and new capital expenditure saw significant deceleration during the fiscal. Though recent policy actions have reduced India’s vulnerabilities, structural issues and high inflation continue to remain key concerns, which need to be tackled for a sustainable turnaround.

CONTINGENT LIABILITIES:

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Claims against the Company not acknowledged as debts	1847.500	1779.700
Sales-tax liability that may arise in respect of matters in appeal	1221.100	1126.000
Excise duty/Service Tax liability that may arise in respect of matters in appeal/challenged by the Company in WRIT	418.000	412.100
Income-tax liability (including penalty) that may arise in respect of which the Company is in appeal	4635.800	3903.900
Corporate guarantees for debt given on behalf of Subsidiary companies	37728.500	34917.200
Corporate guarantees for performance given on behalf of Subsidiary companies	56270.700	9306.000

NOTE:

1. The Company does not expect any reimbursements in respect of the above contingent liabilities.

2. It is not practicable to estimate the timing of cash outflows, if any, in respect of matters at (a) to (d) above pending resolution of the arbitration/appellate proceedings.

3. In respect of matters at (e), the cash outflows, if any, could generally occur up to thirteen years, being the period over which the validity of the guarantees extends except in a few cases where the cash outflows, if any, could occur any time during the subsistence of the borrowing to which the guarantees relate.

4. In respect of matters at (f), the cash outflows, if any, could generally occur up to four years, being the period over which the validity of the guarantees extends.

FIXED ASSETS

œ Land

œ Buildings

œ Plant and Equipment

œ Computers

œ Office Equipment

œ Furniture and Fixtures

œ Vehicles

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 31.12.2014

(Rs. in Million)

			3 Months Ended		9 Months Ended
		Particulars	31.12.2014	30.09.2014	31.12.2014
1	Income from Operations
		Gross Sales / Revenue from operations	151248.900	128406.400	384121.600
		Less: Excise Duty	1298.700	1238.000	3626.800
	Net Sales / Revenue from operations		149950.200	127168.400	380494.800
2	Expenses
	a	i) Consumption of raw materials, components, and stores, spares & tools	17449.100	17126.500	49912.300
		ii) Sub-contracting charges	32012.900	27705.400	85853.800
		iii) Construction materials consumed	48628.000	41873.200	124282.700
		iv) Purchases of stock-in-trade	2787.000	3135.500	8850.500
		v) Changes in inventories of finished goods, work-in-progress and stock-in-trade	6427.900	(2906.900)	(4354.100)
		vi) Other manufacturing, construction and operating expenses	11903.700	10272.600	31340.600
	b	Employee benefits expense	9588.400	12743.700	31337.300
	c	Sales, administration and other expenses	5458.800	3806.400	13292.200
	d	Depreciation, amortisation and obsolescence	2638.100	2376.000	7623.200
	Total Expenses		136893.900	116132.400	348138.600
3		Profit /(Loss) from operations before other income, finance costs and exceptional items (1-2)	13056.300	11036.000	32536.300
4	Other Income		6218.900	6033.300	17132.500
5		Profit /(Loss) from ordinary activities before finance costs and exceptional items (3+4)	19275.200	17069.300	49488.800
6	Finance Costs		5004.100	3125.900	10849.400
7		Profit /(Loss) from ordinary activities after finance costs but before exceptional items (5-6)	14271.100	13943.400	38639.400
8	Exceptional Items		0.000	0.000	1714.400
9	Profit /(Loss) from ordinary activities before tax		14271.100	13943.400	40353.800
10	Tax Expense
	a) Provision for current tax		3613.100	3291.600	10255.500
	b) Provision for deferred tax		600.000	230.000	143.000
11	Net Profit /(Loss) from ordinary activities after tax (9-10)		10598.000	10421.800	29955.300
12	Extraordinary items (net of tax expense)		0.000	0.000	0.000
13	Net Profit /(Loss) for the period (11-12)		10598.000	10421.800	29955.300
14	Paid up equity share capital (Eq. shares of Rs.10/- each)		--	1856.500	1857.700
15	Reserve excluding revaluation reserves
16		Earnings per share (before/after extraordinary items) of Rs.10/- each
		Basic
		Diluted	11.41	11.23	32.28
			11.34	11.16	32.06
A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding
		- No. of Shares	--	907392	907392
		- Percentage of Shareholding	---	97.75	97.75
2		Promoters and promoter group shareholding	--	NIL	NIL

	Particulars		Quarter ended 31.12.2014
B		Investor Complaints
		Pending at the beginning of the quarter	Nil
		Received during the quarter	23
		Disposed during the quarter	23
		Remaining unresolved at the end of the quarter	1

NOTE:

The Company provided depreciation on the basis of useful life of fixed assets mandated by Schedule II of the Companies Act, 2013. Further, in line with Schedule II, the Company undertook technical evaluation of certain fixed assets to determine the true useful life and recomputed the depreciation on that basis. Consequently, the depreciation for the quarter ended December 31, 2014 is higher and the profit before tax is lower by Rs. 326.200 Million.

The Company, during the quarter ended December 31, 2014, has allotted 6,16,588 equity shares of Rs. 2 each fully paid-up, on exercise of stock options by employees, in accordance with the Company's stock option schemes.

The Company has no promoters or promoter group. Hence, the promoters and promoter group shareholding is Nil and accordingly the information on shares pledged / encumbered is not applicable.

Figures for the previous periods have been re-grouped / re-classified to conform to the figures of the current periods.

The above results have been subjected to Limited Review by the Statutory Auditors, reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on February 9, 2015.

STANDALONE SEGMENT-WISE REVENUE, RESULT AND CAPITAL EMPLOYED IN TERMS OF CLAUSE 41 OF THE LISTING AGREEMENT:

Particulars	3 Months Ended		9 Months Ended
Gross segment revenue	31.12.2014	30.09.2014	31.12.2014
1 Infrastructure	107201.400	88985.400	263740.400
2 Power	10746.900	10232.600	30337.300
3 Metallurgical and Material Handling	6960.600	7789.300	23777.000
4 Heavy Engineering	7486.100	8047.900	23605.100
5 Electrical and Automation	10595.700	9843.500	28137.500
6 Others	10304.900	5828.600	20858.600
Total	153295.600	130727.300	390455.900
Less: Inter-segment revenue	2046.700	2320.900	6334.300
Net segment revenue	151248.900	128406.400	384121.600
Segment result (Profit before interest and tax)
1 Infrastructure	9374.100	8988.400	24854.700
2 Power	658.400	488.100	1496.000
3 Metallurgical and Material Handling	364.700	531.000	1779.600
4 Heavy Engineering	640.300	883.300	2254.900
5 Electrical and Automation	1262.900	1177.300	3075.500
6 Others	3522.300	1012.200	5535.700
Total	15822.700	13080.300	38996.400
Less: Inter-segment margins on capital jobs	6.300	21.500	38.800
Less: Interest expenses	5004.100	3125.900	10849.400
Add: Unallocable corporate income net of expenditure	3458.800	4010.500	12245.600
Profit before tax	14271.100	13943.400	40353.800
Capital employed (Segment assets less segment liabilities)
1 Infrastructure			133006.100
2 Power			(1694.200)
3 Metallurgical and Material Handling			33590.900
4 Heavy Engineering			28883.900
5 Electrical and Automation			16099.000
6 Others			15390.700
Total capital employed in segments			225276.400
Unallocable corporate assets less corporate liabilities			293288.800
Total Capital Employed			51865.200

NOTE:

1. Segments have been identified in accordance with Accounting Standard (AS) 17 on Segment Reporting, considering the risk / return profiles of the businesses, their organisational structure and the internal reporting systems. The smaller business segments not separately reportable have been grouped under "Others" segment. The businesses of marketing and servicing of construction & mining machinery and parts thereof, manufacture and sale of rubber processing machinery & castings which were hitherto reported as the Machinery and Industrial Products segment have been grouped under “Others” segment during the quarter ended April 1, 2014 based on internal restructuring. The figures pertaining to the corresponding previous periods have been regrouped and restated for proper comparison. The businesses of manufacture and marketing of industrial valves and cutting equipment (up to the date of transfer) which were reported as part of the Machinery and Industrial Products segment in the previous year have also been grouped under “Others” segment in the corresponding previous periods.

2. Pursuant to the agreement dated March 15, 2014, the Company has transferred at book value to its wholly owned subsidiary, the business of integrated engineering services effective April 1, 2014. The same was hitherto reported as part of the "Others" segment.

3. The segment information for the quarter ended June 30, 2013 has been restated to exclude the operations of erstwhile Hydrocarbon business undertaking which has been transferred to L&T Hydrocarbon Engineering Limited w.e.f. April 1, 2013.

4. Segment composition: Infrastructure comprises engineering and construction of building and factories, transportation infrastructure, heavy civil infrastructure, power transmission & distribution and water & renewable energy projects. Power comprises turnkey solutions for Coal-based and Gas-based thermal power plants including power generation equipment with associated systems and / or balance-of-plant packages. Metallurgical & Material Handling comprises turnkey solutions for ferrous (iron & steel making) and non-ferrous (aluminium, copper, lead & zinc) metal industries, bulk material & ash handling systems in power, port, steel and mining sector including manufacture and sale of industrial machinery and equipment. Heavy Engineering comprises manufacture and supply of custom designed, engineered critical equipment & systems to core sector industries like Fertiliser, Refinery, Petrochemical, Chemical, Oil & Gas, Thermal & Nuclear Power, Aerospace and Defence. Electrical & Automation comprises manufacture and sale of low and medium voltage switchgear components, custom built low and medium voltage switchboards, electronic energy meters / protection (relays) systems and control & automation products. Others include realty, shipbuilding, marketing and servicing of construction & mining machinery and parts thereof, manufacture and sale of rubber processing machinery & castings. Others also included integrated engineering services, manufacture and marketing of industrial valves and cutting equipment (up to the date of transfer) in the previous year

5. Segment revenue comprises sales & operational income allocable specifically to a segment including profit on sale of stake in the subsidiary and/or joint venture companies under realty business grouped under "Others" segment. Unallocable income primarily includes interest income, dividends and profit on sale of investments. Unallocable expenditure mainly includes expenses incurred on common services provided to segments and other corporate expenses. Corporate assets mainly comprise investments.

6. In respect of majority of the segments for the Company, sales and margins do not accrue uniformly during the year. Hence, the operational / financial performance of aforesaid segments can be discerned only on the basis of figures for the full year.

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.16
UK Pound	1	Rs.92.73
Euro	1	Rs.68.23

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		81

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.