MIRA INFORM REPORT
|
Report No. : |
302135 |
|
Report Date : |
08.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
L&T TECHNOLOGY SERVICES LIMITED (w.e.f. 25.07.2012) |
|
|
|
|
Formerly Known
As : |
L&T TECHNOLOGY AND ENGINEERING SERVICES COMPANY LIMITED |
|
|
|
|
Registered
Office : |
L&T House, N.M. Marg, Ballard Estate, Mumbai
– 400001,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation
: |
14.06.2012 |
|
|
|
|
Com. Reg. No.: |
11-232169 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 5025.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH2012PLC232169 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUML08914D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCL4310P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged providing mechanical engineering
and embedded system services. |
|
|
|
|
No. of Employees
: |
Information declined by the
management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 140000 |
|
|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is a wholly owned subsidiary of Larsen and Toubro, an Indian multinational
engineering, technology, manufacturing and construction conglomerate. The company possesses a strong financial profile and healthy growth
its presence in niche service lines and industry. Management has reported decent revenue base from its first year of
commercial operations during FY 14. In view of strong financial, managerial and technological support
extended from its parent, the company can be considered for business dealings
at usual trade terms and conditions. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
13.10.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest
credit risk. |
|
Date |
13.10.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON – COOPERATIVE (91-22-67525656)
LOCATIONS
|
Registered Office : |
L&T House, N.M. Marg, Ballard Estate, Mumbai
– 400001, Maharashtra, India |
|
Tel. No.: |
91-22-67525656 |
|
Fax No.: |
91-22-67525858 |
|
E-Mail : |
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|
Website : |
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|
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|
Corporate Office : |
L&T Knowledge City, SEZ(IT/ITES) Third Floor, West Block, N.H. No. 8, Ajwa-Waghodia Crossing, Vadodara-390 019, Gujarat, India |
|
Tel. No.: |
91-265-6705344 |
|
Fax No.: |
91-265-6705353 |
DIRECTORS
As on 18.08.2014
|
Name : |
Mr. Vijay Kumar Magapu |
|
Designation : |
Director |
|
Address : |
Flat No. 402/403, Verona, Hiranandani Gardens, Powai, Mumbai – 400076,
Maharashtra, India |
|
Date of Birth/Age : |
12.06.1945 |
|
Date of Appointment : |
14.06.2012 |
|
Qualification : |
B Tech (Mech), M.SC (Canada) |
|
DIN No. : |
00001658 |
|
|
|
|
Name : |
Mr. Keshab Panda |
|
Designation : |
Director |
|
Address : |
15 Hartlander Street, East Brunswick, New Jersey - 08816 |
|
Date of Birth/Age : |
01.10.1958 |
|
Date of Appointment : |
14.06.2012 |
|
Qualification : |
B. Tech, ME (IIS), PhD (IIT) |
|
DIN No. : |
05296942 |
|
|
|
|
Name : |
Mr. Narasimham Rama Lakshmi Kotikalapudi |
|
Designation : |
Director |
|
Address : |
2661, Venetian Ln, Elgin Il, United States of America - 60124 |
|
Date of Birth/Age : |
25.02.1947 |
|
Date of Appointment : |
14.06.2012 |
|
Qualification : |
BE (IIT), Post Graduate Diploma in Business Management. |
|
DIN No. : |
03499884 |
|
|
|
|
Name : |
Mr. Anilkumar Manibhai Naik |
|
Designation : |
Director |
|
Address : |
High Tress, 54Pali Hill, Bandra West, Mumbai – 400050, Maharashtra,
India |
|
Date of Birth/Age : |
09.06.1942 |
|
Date of Appointment : |
27.06.2014 |
|
DIN No. : |
00001514 |
|
|
|
|
Name : |
Mr. Hasit Bharatkumar Joshipura |
|
Designation : |
Director |
|
Address : |
501, Harjhar Niwas, 15th Road, Khar (West), Mumbai –
400052, Maharashtra, India |
|
Date of Birth/Age : |
06.05.1957 |
|
Date of Appointment : |
30.04.2014 |
|
DIN No. : |
00274288 |
|
|
|
|
Name : |
Mr. Samir Thakdrabhn Desai |
|
Designation : |
Director |
|
Address : |
7050 NW, 126 Terace Parkland, Florida, 33076, Florida 33076, United
State of America |
|
Date of Birth/Age : |
26.08.1946 |
|
Date of Appointment : |
30.04.2014 |
|
DIN No. : |
01182256 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 18.08.2014
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Larsen and Toubro Limited, India |
|
102499994 |
|
Vijay Kumar Magapu Jointly with Larsen and Toubro Limited |
|
1 |
|
Narayanaswamy Hariharan Jointly with Larsen and Toubro Limited |
|
1 |
|
K.P. Janardhanan Jointly with Larsen
and Toubro Limited |
|
1 |
|
P. Ramakrishnan Jointly with Larsen
and Toubro Limited |
|
1 |
|
Prasad Vishnu Shanbhag Jointly with Larsen and Toubro Limited |
|
1 |
|
Mr. Subhodh Shetty Jointly with Larsen and Toubro Limited |
|
|
|
Total |
|
102500000 |
Equity Share Break up (Percentage of Total Equity)
As on 18.08.2014
|
Category |
Percentage |
|
Bodies corporate |
99.99 |
|
Other top fifty shareholders |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged providing mechanical
engineering and embedded system services. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the
management |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Ravindra Annexe, 194 Churchgate Reclamation, Dinshaw Vachha Road, Mumbai – 400020, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFS2967E |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding company: |
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Fellow
Subsidiaries: |
|
CAPITAL STRUCTURE
As on 18.08.2014
Authorised Capital : Rs. 10500.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 10500.000
Millions
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000000 |
Equity Shares |
Rs.10/- each |
Rs. 3000.0000 Millions |
|
750000000 |
Equity Shares |
Rs.10/- each |
Rs. 7500.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 10500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
102500000 |
Equity Shares |
Rs.10/- each |
Rs. 1025.000 Millions |
|
400000000 |
Equity Shares |
Rs.10/- each |
Rs. 4000.0.00 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 5025.000
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
5025.000 |
0.500 |
|
(b) Reserves & Surplus |
|
(178.164) |
(0.029) |
|
(c) Money received against
share warrants |
|
2.200 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
4849.036 |
0.471 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
|
0.565 |
0.000 |
|
(c) Other long term
liabilities |
|
11.029 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
11.594 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
486.874 |
0.000 |
|
(b) Trade payables |
|
502.884 |
0.029 |
|
(c) Other current liabilities |
|
186.605 |
0.000 |
|
(d) Short-term provisions |
|
331.916 |
0.000 |
|
Total
Current Liabilities (4) |
|
1508.279 |
0.029 |
|
|
|
|
|
|
TOTAL |
|
6368.909 |
0.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
85.296 |
0.000 |
|
(ii) Intangible Assets |
|
3961.582 |
0.000 |
|
(iii) Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
155.288 |
0.000 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
4202.166 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
0.000 |
0.000 |
|
(c) Trade receivables |
|
1499.895 |
0.000 |
|
(d) Cash and cash equivalents |
|
294.972 |
0.500 |
|
(e) Short-term loans and
advances |
|
132.243 |
0.000 |
|
(f) Other current assets |
|
239.633 |
0.000 |
|
Total
Current Assets |
|
2166.743 |
0.500 |
|
|
|
|
|
|
TOTAL |
|
6368.909 |
0.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
|
1261.704 |
0.000 |
|
|
Other Income |
|
(39.699) |
0.000 |
|
|
TOTAL
(A) |
|
1222.005 |
0.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits expense |
|
799.276 |
0.000 |
|
|
Other expenses |
|
266.722 |
0.029 |
|
|
TOTAL
(B) |
|
1065.998 |
0.029 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
|
156.007 |
(0.029) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
29.248 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
126.759 |
(0.029) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
|
11.239 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
|
115.520 |
(0.029) |
|
|
|
|
|
|
|
Less |
TAX
(I) |
|
53.381 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
|
62.139 |
(0.029) |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(0.029) |
0.000 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Proposed dividend on preference shares (including Dividend distribution tax) |
|
57.700 |
0.000 |
|
|
Balance
Carried to the B/S |
|
4.400 |
(0.029) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
0.21 |
(0.74) |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
|
4.93 |
0.00 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
|
12.36 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.81 |
(5.80) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.02 |
(0.06) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
0.10 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.44 |
17.24 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
0.500 |
5025.000 |
|
Reserves & Surplus |
(0.029) |
(178.164) |
|
Money received against share
warrants |
0.000 |
2.200 |
|
Net
worth |
0.471 |
4849.036 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
486.874 |
|
Total
borrowings |
0.000 |
486.874 |
|
Debt/Equity
ratio |
0.000 |
0.100 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
0.000 |
1261.704 |
|
|
|
|
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
0.000 |
1261.704 |
|
Profit |
(0.029) |
62.139 |
|
|
4.93% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
two 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 |
-- |
|
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 |
PERFORMANCE OF THE COMPANY
During the period, the Company commenced commercial operations and generated revenue of Rs.1222.000 Millions for the period January-March 2014. The geographical revenue contribution for HiTech and Telecom VDU is primarily from North America (63%) followed by APAC (19%), Domestic (14%), Europe and ROW (4%).
The Profit after tax (PAT) for the three months period stands at Rs.62.100 Millions.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
Intercorporate borrowings |
150.000 |
0.000 |
|
|
|
|
|
Total |
150.000 |
0.000 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10511135 |
10/07/2014 |
250,000,000.00 |
ICICI BANK |
TRANS TRADE CENTRE, NEAR FLORAL DECK PLAZA, SEEPZ, ANDHERI (E), MUMBAI, MAHARASHTRA - 400009, INDI A |
C13654561 |
|
2 |
10491139 |
25/04/2014 |
500,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
52/60, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
C04012886 |
|
3 |
10488995 |
24/03/2014 |
500,000,000.00 |
CITI BANK N.A. |
CITI BANK N. A.,
293, D. N. ROAD, FORT, MUMBAI, M |
C03068335 |
FIXED ASSETS
Tangible assets
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Other equipments
Intangible assets
- Goodwill
- Computer software
L&T to set up new arm L&T
Technology Services.
MUMBAI: After hiving off its hydrocarbon division, the engineering major
Larsen and Toubro (L and T) today said it is planning to form a new subsidiary
`L and T Technology Services'.
"We have a part of engineering services
within L and T as a division. We are best-known for our engineering services
and setting up a new subsidiary is a step towards this," L and T Group
Chairman A M Naik told reporters after its 68th annual general meeting
today.
He said the company will also buy over
the engineering business which is in L and T Infotech.
"Then we will transfer (the
businesses) at the right time between now and April 1, 2014," he said,
adding, "so that will become a technology services company."
L and T recently formed LANDT Hydrocarbon
Engineering Ltd by spinning off the hydrocarbon businesses.
Expressing concerns over the overall
slowdown in the economic environment and depreciating rupee, Naik said, "The
current economic and political conditions has had an impact on the
overall economic growth.
"However, as a company we will
strive to maintain our guidance of 20 per cent increase in order inflow and 15
percent rise in sales for FY14. We will also try our level best to maintain our
margins.
" He said the company will
continue to focus on its overseas business to offset the challenges in India.
"This is a challenging period for the
country. We are into the business of capital goods and infrastructure. We will
take all possible measures to increase revenue outside India," Naik told
shareholders during the AGM.
The company expects to bag nearly Rs
300.000 Millions-worth orders from overseas, he said.
"Two years ago, our order intake from the
Middle East was Rs 60.000 Millions, which rose to Rs 120.000 Millions in FY13.
For this fiscal, we expect it to touch Rs 300.000 Millions," he said.
On the domestic front, the company will
be very selective about bidding for contracts, he said.
Chief financial officer R Shankar Raman
told reporters that the company has USD 1.5 billion worth foreign loans out of
which only 10 per cent or USD 150 million are unhedged.
"We will continue to hedge our assets,
but it will happen over a period," he added.
The company has a debt of Rs 600.000
Millions on its balance sheet.
PRESS RELEASE
L&T Technology Services closes acquisition of Dell's
Engineering Services Business
Mumbai
India: Peoria, Illinois, United States, 21.11.2014:
L&T Technology Services, the wholly owned subsidiary of $14.3Bn Larsen
& Toubro Group, today announced that it has closed the acquisition of the
assets of U.S.-based Dell Product and Process Innovation Services, the
Engineering Services division of Dell ("Dell Engineering Services").
With the close of this acquisition, L&T Technology Services will provide
one of the industry's most comprehensive ER&D service offerings for
transportation customers, through its global delivery centers in USA and
India.
The transaction enhances L&T
Technology Services' ability to offer differentiated technology solutions and
full program management services by leveraging global-local talent base at any
point in the product development cycle. Dell Engineering Services has delivery
centers in Illinois, Iowa and Texas in the US and Bangalore and Hyderabad in
India. The U.S. entity of Dell Engineering Services will be part of L&T
Technology Services' North America Offsite Delivery center. Headquartered in
Peoria, Illinois, Dell Engineering Services has more than 15 years of extensive
experience in Mechanical Design & Analysis, Embedded Engineering, Applied
Engineering, and Manufacturing Consulting across multiple industries and has
long-term relationships with marquee clients in North America, especially in
the transportation industry. This acquisition enables L&T Technology
Services to consolidate its position as preferred vendor in the USD $4 billion
Transportation ER&D market. The acquired assets will enable L&T
Technology Services to leverage the customer base and complementary
capabilities of Dell Engineering Services along with L&T Technology
Services' broader portfolio of Embedded and PLM offerings, supported by a global
sales force.
Commenting on the
transaction, Dr. Keshab Panda,
Chief Executive of L&T Technology Services said:
"Product engineering is undergoing structural shifts with evolving
technologies, shorter development cycles, regulatory demands, and a shortage of
skilled talent. This is a tremendous opportunity for us to have a strong local
presence in North America where a majority of our clients are based. That along
with Dell Engineering Services' strong expertise in Embedded, and Mechanical
Design & Analysis and a history of successful relationships in North
America will help us ride the next level of growth."
L&T Technology Services and Tele2 announce strategic
M2M/IoT partnership, addressing the transportation industry
The partnership between L and T Technology
Services, an engineering services major and Tele2 holds a great potential for
the transportation market including Auto, Aero, Rail, Shipping and Off Highway
and specialized vehicles. For example, it offers solutions that would allow
passengers to keep updated regarding departures and arrival times as well as
delays. Another area include remote monitoring of engine performance. Data can
be collected automatically and show when it is time for maintenance and thereby
reduce the risk of damage to the engines. L and T Technology Services with its
deep domain expertise in the Transportation sector and Tele2, with its proven
credentials as the foremost provider of convergent communication services makes
it possible to provide comprehensive solutions for costumer with a high quality
of service. Rami Avidan, Head of Tele2 M2M Global Solutions, comments: “I am
really excited about the partnership with L and T Technology Services and to
see how our different expertise can influence the transportation industry to
become even more efficient and cost conscious with new business models” For
further information, contact: Lars Torstensson, EVP Corporate Communication and
Strategy, Telephone: +46 702 73 48 79 For contact with L and T Technology
Services: Jeevan Prakash, Telephone: +46 76 346 56 60 TELE2 IS ONE OF
EUROPE'S FASTEST GROWING TELECOM OPERATORS, ALWAYS PROVIDING CUSTOMERS WITH
WHAT THEY NEED FOR LESS. We have 14 million customers in 9 countries. Tele2
offers mobile services, fixed broadband and telephony, data network services
and content services. Ever since Jan Stenbeck founded the company in 1993, it
has been a tough challenger to the former government monopolies and other
established providers. Tele2 has been listed on the NASDAQ OMX Stockholm since
1996. In 2013, we had net sales of SEK 30 billion and reported an operating
profit (EBITDA) of SEK 6 billion.
LandT Technology
Services and Cisco to Transform the Transport and Mass Transit Industry in
India Through IoE Innovation
·
Jointly collaborate
to establish a Global Internet of Everything (IoE) Solutions Centre to drive
innovation in multiple Industry verticals
·
The two companies intend to project a
$1.8B opportunity over the next 3 years for the transport and mass transit industry through increased
economic, productivity and safety benefits
L and T Technology
Services, a wholly owned subsidiary of Larsen and Toubro, announced today that
it is entering into a strategic collaboration with Cisco to explore potential
IoE opportunities for Transportation and other industry verticals and joint
go-to-market opportunities globally.
Cisco and L and T
Technology Services will make joint contributions to a Global Solution Centre to
showcase innovative and breakthrough connectivity and convergence based solutions. The Solution Centre which will
be housed within the L and T Technology Services facility in Bangalore will focus on both technical and business
considerations of connected transportation as well as ways to make Rails and mass
transit more productive, intelligent and safe. The Solution Centre will offer a
range of products and services addressing both on-board and trackside
deployments in a variety of applications.
The collaboration
will focus on bringing together the best-in-class, complementary capabilities
of Cisco’s end-to-end IoT architecture and robust vertical solutions with L and
T Technology Services’ deep understanding of the needs of the industrial sector
along with global technology services capabilities.
Cisco is a leader in
designing IoE solutions based on the company’s advanced IP-based technologies.
IoE solutions have deep relevance across a number of industries and Cisco’s
recently announced Cisco® Connected Transportation Solutions is at the forefront. Cisco Connected Transportation Solutions includes Cisco Connected Station, which integrates multiple in-station
networks and retail communication systems into a standards-based IP network, Cisco
Connected Trackside, a
ruggedized IP infrastructure platform designed to support operational services,
lower costs of network operations, and reduce complexity of older, proprietary
networks, Cisco Connected Train for onboard, IP-based communications,
including Wi-Fi services, entertainment, video surveillance, and automated
operations, and Cisco's
positive train control (PTC) system,
which can determine the train's location and speed, and augment the safety
measures set by the train operator or engineer.
L and T Technology
Services will collaborate with Cisco to develop new solutions and customize
existing solutions based on needs of the target market. As the pre-eminent
infrastructure major, L and T, with its strength in the transportation
infrastructure and as a market leader in rail transportation, will provide its
expertise and a view into the market opportunities available.
The joint
collaboration will - focus on assessing the business value of various IoE
solutions for the railway segment, and plans include expanding to other areas
such as manufacturing, defense, CPG and the off-highway transport segment.
India and the Middle
East are seeing a robust opportunity in the infrastructure sector. The current
market scenario in India is optimistic; with the Indian governments relaxing
metro eligibility requirements, new metro projects are expected to be launched
every year. Several new freight corridors as well as high-speed lines are also
planned. The market opportunity in India for signaling and telecom is expected
to be about $1.8B over the next 3 years.
The size of the opportunity
and the
need towards improved safety and security, converged networks for greater
mobility, and increased operational efficiency and productivity will help
transform the transportation and mass transit industry. The collaboration
between Cisco and L and T Technology Services will include networked mobility
and innovations for connected stations and connected railway infrastructure;
smart video surveillance systems with edge analytics for securing stations and
rail cars; and complete railway infrastructure with converged communication
systems for emergency response.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.38 |
|
|
1 |
Rs.96.71 |
|
Euro |
1 |
Rs.75.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ANU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
67 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.