MIRA INFORM REPORT
|
Report No. : |
321075 |
|
Report Date : |
06.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
LARSEN AND TOUBRO INFOTECH LIMITED |
|
|
|
|
Formerly Known
As : |
L & T INFORMATION TECHNOLOGY LIMITED |
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Registered
Office : |
L&T House, Ballard Estate, Mumbai – 400001, Maharashtra |
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Tel. No.: |
91-22-67525656 |
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Country : |
India |
|
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Financials (as
on) : |
31.03.2014 |
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|
|
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Date of Incorporation
: |
23.12.1996 |
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|
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Com. Reg. No.: |
11-104693 |
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Capital
Investment / Paid-up Capital : |
Rs. 161.250 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH1996PLC104693 |
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|
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IEC No.: |
Not Available |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
PAN No.: [Permanent Account No.] |
AAACL1681P |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in Services Cluster includes Banking, Financial services, Insurance, Media and Entertainment, Travel and Logistics and Healthcare and also Industrials Cluster includes Hi Tech and Consumer Electronics, Consumer, Retail and Pharma, Energy and Process, Automobile and Aerospace, Plant Equipment and Industrial Machinery, Utilities and EandC and also Telecom segment refers to Product Engineering Services (PES). |
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|
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
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 |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a wholly owned subsidiary of Larsen and Toubro Limited. It is an established company having an excellent track record. Financial position of the company seems to be sound. Trade relations are fair. Business is active. Payment terms are
regular and as per commitments. The company can be considered 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA+ (Long Term Rating) |
|
Rating Explanation |
Having high degree of safety and carry very
low credit risk. |
|
Date |
March 17, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short Term Rating) |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
March 17, 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 DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-22-67525656]
LOCATIONS
|
Registered Office : |
L&T House, Ballard Estate, Mumbai – 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-67525656/ 67766138 |
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Fax No.: |
91-22-67525858/ 67768162 |
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E-Mail : |
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Website : |
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Technology Center : |
Located at: India ·
Powai, Mumbai ·
Navi Mumbai ·
Airoli, Navi
Mumbai ·
Pune ·
Hinjewadi, Pune ·
Yerwada, Pune ·
Chennai ·
Bangalore ·
Australia ·
Japan ·
South Korea ·
Singapore ·
Philippines ·
Shanghai |
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Overseas Offices : |
Located at: · Asia · North America · Europe · Middle East · South America · Africa |
DIRECTORS
AS ON 10.09.2014
|
Name : |
Mr. Anilkumar Manibhai Naik |
|
Designation : |
Director |
|
Address : |
High Trees, 54 Pali Hill, Bandra [West], Mumbai - 400050, Maharashtra, India |
|
Date of Birth/Age : |
09.06.1942 |
|
Qualification : |
B.E. (Mech) |
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Date of Appointment : |
23.12.1996 |
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PAN No.: |
AAAPN6700G |
|
DIN No.: |
00001514 |
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|
|
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Name : |
Mr. Vijay Kumar Magapu |
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Designation : |
Managing director |
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Address : |
402-403, Verona, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India |
|
Date of Birth/Age : |
12.06.1945 |
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Qualification : |
B.Tech (Mech), M.Sc (Canada) |
|
Date of Appointment : |
13.08.2004 |
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PAN No.: |
AABPM4456B |
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DIN No.: |
00001658 |
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|
|
|
Name : |
Mr. Ramamurthi Shankar Raman |
|
Designation : |
Director |
|
Address : |
Room No. 123, 12th Floor, Kalpataru Royale, Plot No.110, Road No. 29, SION (East), Mumbai - 400022, Maharashtra, India |
|
Date of Birth/Age : |
20.12.1958 |
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Qualification : |
CA, Graduate of ICWAI |
|
Date of Appointment : |
03.05.2013 |
|
DIN No.: |
00019798 |
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|
|
|
Name : |
Vedika Bhandarkar |
|
Designation : |
Additional director |
|
Address : |
B-8, Floor-3, Plot-50, B, Sea Face Park, Bhulabhai Desai Road, Cumballa Hill, Mumbai - 400026, Maharashtra, India |
|
Date of Appointment : |
16.03.2015 |
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DIN No.: |
00033808 |
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|
|
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Name : |
Mr. Mukund Manohar Chitale |
|
Designation : |
Director |
|
Address : |
4/46, Vishnuprasad Society, Shahaji Raje Marg, Vile Parle (East), Mumbai - 400057, Maharashtra, India |
|
Date of Birth/Age : |
16.11.1949 |
|
Qualification : |
B. Com, FCA |
|
Date of Appointment : |
17.10.2011 |
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PAN No.: |
AABPC3022H |
|
DIN No.: |
00101004 |
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|
|
|
Name : |
Samir Thakorbhai Desai |
|
Designation : |
Director |
|
Address : |
7050 NW 126 Terrace, Parkland, Florida 33076, United States of America |
|
Date of Birth/Age : |
26.08.1946 |
|
Qualification : |
MBA, MS in Electrical Engineering, B.S. in Physics and Electrical Engineering |
|
Date of Appointment : |
27.01.2007 |
|
PAN No.: |
AYKPD1408M |
|
DIN No.: |
01182256 |
|
|
|
|
Name : |
Sekharipuram Narayanan Subrahmanyan |
|
Designation : |
Additional director |
|
Address : |
E-116, 16th Cross Street, Besant Nagar, Chennai - 600090, Tamilnadu, India |
|
Date of Appointment : |
10.01.2015 |
|
DIN No.: |
02255382 |
|
|
|
|
Name : |
Mr. Chandra Shekara Kakal |
|
Designation : |
Whole-time director |
|
Address : |
Royal Park Residency, No 546, J P Nagar, 9th Phase, Avalahalli Post, Anjanapura Bangalore - 560062, Karnataka, India |
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Date of Birth/Age : |
01.06.1960 |
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Date of Appointment : |
21.07.2014 |
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DIN No.: |
02662215 |
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|
|
|
Name : |
Mr. Sunil Rameshchandra Pande |
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Designation : |
Whole-time director |
|
Address : |
703, Sovereign Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India |
|
Date of Appointment : |
10.01.2015 |
|
DIN No.: |
03060968 |
KEY EXECUTIVES
|
Name : |
Mrs. Angna Arora |
|
Designation : |
Secretary |
|
Address : |
C-703, Sunflower, Valley of Flowers, Gundecha, Thakur Village, Kandivali, Mumbai - 400101, Maharashtra, India |
|
Date of Birth/Age : |
16.09.1978 |
|
Date of Appointment : |
03.08.2011 |
|
PAN No.: |
AIBPA4887E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 10.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Larsen and Toubro Limited, India |
|
32249988 |
|
Anilkumar Manibhai Naik Jointly With Larsen and Toubro Limited, India |
|
2 |
|
Ramamurthi Shankar Raman Jointly With Larsen and Toubro Limited, India |
|
2 |
|
Ram Nath Mukhija Jointly With Larsen and Toubro Limited, India |
|
2 |
|
Krishnamurthi Venkataramanan Jointly With Larsen and Toubro Limited, India |
|
2 |
|
Vijay Kumar Magapu Jointly With Larsen and Toubro Limited, India |
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2 |
|
Narayanaswamy Hariharan Jointly With Larsen and Toubro Limited, India |
|
2 |
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|
|
|
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Total |
|
32250000 |
AS ON 10.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Services Cluster includes Banking, Financial services, Insurance, Media and Entertainment, Travel and Logistics and Healthcare and also Industrials Cluster includes Hi Tech and Consumer Electronics, Consumer, Retail and Pharma, Energy and Process, Automobile and Aerospace, Plant Equipment and Industrial Machinery, Utilities and EandC and also Telecom segment refers to Product Engineering Services (PES). |
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Products/ Services : |
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Brand Names : |
“L&T
Infotech” |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Not Divulged |
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Countries : |
Not Divulged |
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Imports : |
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Products : |
Not Divulged |
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Countries : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
·
ABN Amro Bank N.V. 74, Sakhar Bhavan, 7th Floor, Nariman Point, Mumbai
- 400021, Maharashtra, India ·
The Hongkong and Shanghai Banking
Corporation Limited 52/60, Mahatma Gandhi
Road, Mumbai - 400001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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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 |
|
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 : |
Larsen
and Toubro Limited [L99999MH1946PLC004768] |
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Subsidiary company ; |
·
Larsen and Toubro Infotech Canada Limited ·
Larsen and Toubro Infotech GmbH ·
Larsen and Toubro Infotech LLC ·
GDA Technologies Inc ·
GDA Technologies Limited
[U72200TZ1997PLC008145] ·
L&T Infotech Financial Services
Technologies Inc ·
Larsen and Toubro Infotech South Africa
(Proprietary) Limited ·
L&T Information Technology Services
(Shanghai) Co. Limited |
|
|
|
|
Fellow Subsidiary company : |
·
L&T- MHPS Boilers Private Limited
[U29119MH2006PTC165102] ·
L&T East Asia ·
L&T Electricals Saudi Arabia Company
Limited, LLC ·
L & T Finance Limited
[U65990MH1994PLC083147] ·
L&T General Insurance Company Limited
[U66030MH2007PLC177117] ·
L&T Infrastructure Development Projects
Limited [U65993TN2001PLC046691] ·
L&T Modular Fabrication Yard LLC ·
L&T Power Development Limited
[U40101MH2007PLC174071] ·
L&T Power Limited
[U40100MH2006PLC160413] ·
L&T Realty Limited
[U74200MH2007PLC176358] ·
L&T-Sargent and Lundy Limited
[U74210MH1995PLC088099] ·
Larsen and Toubro Electromech LLC ·
Larsen and Toubro Kuwait Construction
General Contracting ·
L&T Infrastructure Finance Company
Limited [U67190TN2006PLC059527] ·
L&T Construction Equipment Limited
[U29119MH1997PLC109700] ·
L & T Infocity Limited
[U72200TG1997PLC026885] ·
L&T Hydrocarbon Engineering Limited
[U11200MH2009PLC191426] ·
L&T Metro Rail (Hyderabad) Limited
[U45300AP2010PLC070121] ·
L&T Technology Services Limited
[U72900MH2012PLC232169] ·
L&T Kobelco Machinery Private Limited
[U29253MH2010PTC210325] ·
L&T Valves Limited
[U74999MH1961PLC012188] ·
L&T Investment Management Limited
[U65991MH1996PLC229572] ·
Larsen and Toubro LLC ·
Tamco Switchgear (Malaysia) SDN, BHD ·
L&T Housing Finance Limited
[U45200DL1994PLC198639] |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32,750,000 |
Equity Shares |
Rs. 5/- each |
Rs. 163.750 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32,250,000 |
Equity Shares |
Rs. 5/- each |
Rs. 161.250 Million |
|
|
|
|
|
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 |
161.250 |
161.250 |
161.250 |
|
(b) Reserves & Surplus |
14529.181 |
12184.561 |
10116.056 |
|
(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) |
14690.431 |
12345.811 |
10277.306 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
266.289 |
361.900 |
452.222 |
|
(b) Deferred tax liabilities (Net) |
180.335 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
729.113 |
1256.885 |
2022.189 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
1175.737 |
1618.785 |
2474.411 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
806.984 |
1703.566 |
2033.365 |
|
(b)
Trade payables |
2259.136 |
1896.246 |
1735.109 |
|
(c)
Other current liabilities |
3632.681 |
2472.886 |
1648.876 |
|
(d)
Short-term provisions |
2502.906 |
1877.116 |
1655.939 |
|
Total
Current Liabilities (4) |
9201.707 |
7949.814 |
7073.289 |
|
|
|
|
|
|
TOTAL |
25067.875 |
21914.410 |
19825.006 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2610.359 |
2225.535 |
2170.148 |
|
(ii)
Intangible Assets |
332.212 |
316.138 |
301.469 |
|
(iii)
Capital work-in-progress |
88.125 |
462.058 |
74.327 |
|
(iv) Intangible assets under development |
418.267 |
321.152 |
210.069 |
|
(b) Non-current
Investments |
3146.149 |
4019.287 |
4037.277 |
|
(c) Deferred tax assets
(net) |
0.000 |
57.931 |
20.286 |
|
(d) Long-term Loan
and Advances |
2534.840 |
1931.575 |
1355.385 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
9129.952 |
9333.676 |
8168.961 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1402.107 |
217.300 |
355.590 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
8495.816 |
7233.994 |
6266.709 |
|
(d)
Cash and cash equivalents |
1455.397 |
1135.875 |
1229.352 |
|
(e)
Short-term loans and advances |
3519.966 |
2979.547 |
2982.734 |
|
(f)
Other current assets |
1064.637 |
1014.018 |
821.660 |
|
Total
Current Assets |
15937.923 |
12580.734 |
11656.045 |
|
|
|
|
|
|
TOTAL |
25067.875 |
21914.410 |
19825.006 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
46439.403 |
36134.206 |
29595.545 |
|
|
|
Other Income |
(810.918) |
167.352 |
89.988 |
|
|
|
TOTAL |
45628.485 |
36301.558 |
29685.533 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
26456.566 |
21085.735 |
17700.804 |
|
|
|
Other expenses |
9330.781 |
7002.757 |
5700.014 |
|
|
|
TOTAL |
35787.347 |
28088.492 |
23400.818 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
9841.138 |
8213.066 |
6284.715 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
297.693 |
197.671 |
358.027 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
9543.445 |
8015.395 |
5926.688 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
682.910 |
622.467 |
565.839 |
|
|
|
|
|
|
|
|
|
|
EXTRAORDINARY
ITEMS |
2594.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
11454.535 |
7392.928 |
5360.849 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2431.481 |
1777.227 |
1313.201 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
9023.054 |
5615.701 |
4047.648 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
44157.131 |
34037.495 |
27892.458 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
2.023 |
16.809 |
48.831 |
|
|
|
Capital Goods |
4.967 |
39.265 |
95.824 |
|
|
TOTAL IMPORTS |
6.990 |
56.074 |
144.655 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
279.78 |
174.13 |
125.51 |
|
|
|
Diluted
|
268.43 |
167.06 |
120.42 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
19.43 |
15.54 |
13.68 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
21.19 |
22.73 |
21.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
53.49 |
43.35 |
34.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.78 |
0.60 |
0.52 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.07 |
0.17 |
0.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.73 |
1.58 |
1.65 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
161.250 |
161.250 |
161.250 |
|
Reserves & Surplus |
10116.056 |
12184.561 |
14529.181 |
|
Net
worth |
10277.306 |
12345.811 |
14690.431 |
|
|
|
|
|
|
Long-term borrowings |
452.222 |
361.900 |
266.289 |
|
Short term borrowings |
2033.365 |
1703.566 |
806.984 |
|
Total
borrowings |
2485.587 |
2065.466 |
1073.273 |
|
Debt/Equity ratio |
0.242 |
0.167 |
0.073 |
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 |
29595.545 |
36134.206 |
46439.403 |
|
|
|
22.093 |
28.519 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
29595.545 |
36134.206 |
46439.403 |
|
Profit |
4047.648 |
5615.701 |
9023.054 |
|
|
13.68% |
15.54% |
19.43% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date: 26.09.2013 |
|
Lodging No: ITXAL/1606/2013 Filing
Date: 26.09.2013 Reg. No.: ITXA/698/2014 Reg. Date: 28.03.2014 |
|
Petitioner: THE COMMISSIONER OF INCOME TAX-2 Respondent: LARSEN AND
TOUBRO INFOTECH LIMITED Petn. Adv : SURESH KUMAR () District: MUMBAI |
|
Bench: DIVISION Status: Pre-Admission
Category: TAX APPEALS Next Date: 11.06.2015
Stage: FOR REJECTION [ORIGINAL SIDE MATTERS] Coram: ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
|
Act: Income Tax Act, 1961 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10350500 |
30/03/2012 |
508,750,000.00 |
BNP PARIBAS |
20 COLLYER QUAY, #01-01 TUNG CENTRE,
SINGAPORE, - 049319, SINGAPORE |
B37820966 |
|
2 |
10244870 |
13/12/2010 * |
250,000,000.00 |
BANK OF BARODA |
J.P. HOUSE, M.V. ROAD, SAKI NAKA, MUMBAI,
MAHARASHTRA - 400072, INDIA |
B02679587 |
|
3 |
10240298 |
01/09/2010 |
250,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, GUJARAT - 390015, INDIA |
A95086781 |
|
4 |
90164528 |
10/12/2008 * |
400,000,000.00 |
ABN AMRO BANK N.V. |
74, SAKHAR BHAVAN, 7TH FLOOR, NARIMAN
POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A53599445 |
|
5 |
80067753 |
24/08/2004 |
320,000,000.00 |
CITIBANK N.A |
CITIGROUP CENTER, 6TH FLOOR, BANDRA KURLA COMPLEX,
MUMBAI, MAHARASHTRA - 400051, INDIA |
- |
|
6 |
90164342 |
25/04/2010 * |
250,000,000.00 |
CORPORATION BANK |
VEENA CHAMBERS, 21 DALAL STREET, MUMBAI,
MAHARASHTRA - 400026, INDIA |
A85512739 |
|
7 |
90163952 |
22/06/2009 * |
580,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
52/60, MAHATMA GANDHI ROAD, MUMBAI,
MAHARASHTRA - |
A65628497 |
* Date of charge modification
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable on demand from banks |
626.923 |
754.275 |
|
Other loans and advances |
46.916 |
0.000 |
|
|
|
|
|
Total |
673.839 |
754.275 |
TRANSFER OF PRODUCT ENGINEERING SERVICES
(PES) BUSINESS TO L&T TECHNOLOGY SERVICES LIMITED (LTTSL) AND WINDING UP OF
GDA TECHNOLOGIES INC. (GDA INC.)
As
part of business restructuring undertaken within L&T Group, it was decided
to consolidate the engineering services businesses under a separate subsidiary
of L&T, L&T Technology Services Limited (LTTSL). Pursuant to this, the
Company initiated and completed transfer of its Product Engineering Services
(PES) Business Unit to LTTSL effective January 1, 2014. PES Business Unit was
transferred by way of slump sale for total sales consideration of Rs.4895.300
Million based on fair valuation. GDA Technologies Inc., USA (GDA Inc.), a
wholly owned subsidiary of the Company was part of PES business with synergy in
terms of the end customers they serve, primarily the semiconductor companies.
Over last few years, the performance of GDA Inc. was adversely affected
resulting in falling revenues and operational losses. Consequent to the
transfer of PES business, certain IPs (Intellectual properties) owned by GDA
Inc. were transferred to LTTSL and the company was wound up during the year.
PERFORMANCE OF THE COMPANY
SEGMENTAL PERFORMANCE
The
Company had three Business Segments namely, Services Cluster, Industrials
Cluster and Telecom (Product Engineering Services). As mentioned above Product
Engineering Services business was transferred to LTTSL effective January 1,
2014. Hence post January 1, 2014, the Company has two Business Segments.
For
the period April-December 2013, the contribution of 3 segments mentioned above
to the Revenue was 44.4% from Services Cluster, 45.7% from Industrials Cluster
and 9.9% from Telecom Segment (previous year 45.7%, 43.1% and 11.2%,
respectively).
For
the full year, contribution of 3 Segments was 43.5% (previous year 43.1%) to
the Revenue from Services Cluster, 48.6% (previous year 45.3%) from Industrials
Cluster and 7.9 % (for nine months)(previous year 11.6%) from Telecom Segment.
INDUSTRY SCENARIO AND BUSINESS OUTLOOK
FY14
has been a year of transition and improved growth outlook for the Indian IT-BPM
industry. The industry toiled hard to continue its growth trajectory amidst
global economic uncertainty. Services, software exports and BPO remain the mainstay
of the sector. A majority of the Fortune 500 and Global 2000 corporations are
sourcing IT and ITES from India and it is the premier destination for the
global sourcing of IT and ITES accounting for 55 per cent of the global market
in offshore IT services and garnering 35 per cent of the ITES/BPO market.
The
Indian IT-BPM industry has exhibited rapid evolution - in terms of expanding
their vertical and geographic markets, attracted new customer segments,
transformed from technology partners to strategic business partners imbibing a
shared vision, offering considerably wider spectrum of services over the years.
Growth has been both organic and inorganic, resulting in the emergence of the
first Indian MNCs - over 580 global centers in over 75 countries delivering
IT-BPM services. At the same time there has been no let down in focus on
operational efficiencies. India's IT and BPO sector exports are expected to
grow by 12-14 per cent in FY14 to touch US$ 85-87 billion, according to
NASSCOM. The Indian IT infrastructure market is projected to grow by 9.7 per
cent y-o-y to reach US$ 2.1 billion. The Indian IT industry exports are
expected to grow by 13-15% to reach $97-99 billion in 2014-15 mainly on account
of increased demand from US and Europe and return of discretionary spending.
BRANDING
The
“L&T Infotech” Brand has grown steadily across the globe, riding on
increasing visibility of the Company in new geographies and new industry
sectors. The Company’s efforts to contribute value to its global clients and
making them more successful, more cost-effective and more agile have also
strengthened the “L&T Infotech” Brand. This has been apparent as existing
clients have made referrals to their peers concerning The Company’s skill sets.
The
overall brand recall and brand experience amongst their stakeholders is being
continuously monitored, reviewed, and enhanced. The Company’s clients also hold
them as a “trusted business partner” rather than a mere supplier of
commoditized IT services and cost arbitrage.
The
Company has recently adopted following 3-pronged value proposition to elevate
its engagements with clients to the next level and thereby infusing new energy
in the Company Brand; internally and externally:
1)
Business-to-IT Connect: The business value that
drives IT is also reflected during the process of conceiving designing,
delivering and maintaining IT solutions designed with an appreciation key of
the business domain where these solutions will be deployed.
2)
Engage the Future: A Point of View around technologies
that will disrupt traditional business and personal behavior. Articulation of
IT Services based on such a Point of View has resonated with clients, analysts
and advisors alike. This market posture has assisted in elevating them beyond
the pack of their industry peers.
3)
Execution Excellence: Flawless, world-class and
consistent execution; this concept extends beyond delivering to technical
specifications, it also matures their posture with their clients to that of a
Trusted Business partner; a partner involved not only in IT but also in
business-critical decisions beyond IT.
OPERATIONAL EXCELLENCE PROGRAM
The
Company has embarked on an Operational Excellence program to drive operational
efficiencies across the organisation. As part of the program, various
initiatives around improving utilization and cost optimization have been
initiated. A dedicated program management office has been set up to spearhead
these initiatives.
AWARDS / RECOGNITION
The
Company consistently ranks in the top 10 of NASSCOM?s IT service providers list
annually and was ranked 8th in NASSCOM?s IT service providers list for F.Y.
2012-13.
The
Company has won following awards/recognition.
1)
Empower,
L&T Infotech’s SAP-HCM (Human Capital Management) implementation, was adjudged
the “Best Run HR Implementation” At SAP India’s ACE Award 2013.
2)
L&T
Infotech has emerged winner at the 53rd Annual Communicators” Awards Nite
organized by the Association of Business Communicators of India (ABCI).
3)
The
Company was conferred the Big Data and Business Analytics Award for its
valuable contribution towards innovation in the “Big Data and Analytics
Innovation Product” category at the World Brand Congress Summit.
4)
L&T
Infotech won the Edge Award for implementation of1-View, a solution for enterprise
master data management at INTEROP-2013 conference.
5)
L&T
Infotech won two awards during the World Innovation Congress (WIC) 2014 for
innovating products like Sapphire TM and Campus Next TM, which are based on
cloud technologies.
6)
The
International Association of Outsourcing Professionals (IAOP) has selected
L&T Infotech in its list of the Leader category of "2014 Global
Outsourcing 100" awards.
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Motor vehicles
·
Office equipment
·
Computer equipments
·
Other equipments
·
Computer software
·
Services and operating rights
·
Copyrights, patents and other operating rights
PRESS RELEASES
L&T INFOTECH
SEE'S MAJOR ORGANISATIONAL CHANGE AT TOP LEVEL
February 17, 2015
L&T Infotech, the information technology (IT) services and solutions subsidiary of Larsen & Toubro, is witnessing a churn at the top management. Vivek Chopra and Mukesh Aghi, the two chief executives who joined in 2011, have resigned.
Chopra, the chief executive of the industrial
cluster, has left.
Aghi, responsible for the services cluster, will
be leaving by the end of this month.
The company acknowledged the exit of Chopra, but
it did not comment on Aghi’s resignation. The firm announced the appointment of
Rajat Mathur as the head of business for Asia-Pacific and West Asia.
All top executives at L&T Infotech report to V K Magapu, managing
director of the company.
Meanwhile, L&T chairman A M Naik has already
announced the listing plans for L&T Infotech. The company, which is at
present $900 million in revenue, expects to tap the market by March of 2016.
Along with the listing of L&T Infotech, the engineering services business
unit called L&T Technology Services headed by Keshab Panda will also get
listed.
L&T INFOTECH
PLANS TO ENTER NEW MARKETS, MAKE ACQUISITIONS
The company is
already working with a clutch of investment bankers; continental Europe ‘huge
focus area’
Mumbai: L&T Infotech Limited, the unlisted information technology (IT) services arm of engineering and construction company Larsen and Toubro Ltd (L&T), plans to make acquisitions and enter newer markets in an attempt to double revenue by 2015, company executives said on Monday. Meanwhile, it has put plans for a stock exchange listing on hold.
“We are about a billion dollars in size and our objective is to double our revenue in the next two years. We have the brand and customers who believe in us in place. All we now need is to invest in sales and marketing,” said Vivek Chopra, chief executive (industrial cluster), in an interview.
The company is already working with a clutch of investment bankers to assist in potential acquisitions.
Avinash Lele, head of strategy and mergers and acquisitions (M&As), said the company will look at acquisitions that “will give us an undisputed leadership stamp, be it in a vertical, geography or platform”.
“They will have to be in range that will allow us to integrate them successfully, say, in the $100 million dollar range. We look at M&As very carefully and try not to bite off more than we can chew. Continental Europe is a huge focus area and we have hired a lot of local leaders in France, the UK, and are looking at possible acquisitions (there),” Lele said.
L&T Infotech has had a series of failed acquisition attempts in the past.
The company had bid unsuccessfully for Satyam Computer Services Ltd (now merged with Tech Mahindra Ltd), Patni Computer Systems (acquired by iGate Ltd) and Hexaware Technologies Ltd (bought by Baring Private Equity Asia) in the past.
More recently, the company was in the news as a potential bidder forHewlett-Packard Co.’s stake in Mphasis Ltd and Polaris Financial Technology Ltd’s IT services unit—both dismissed as speculation by the respective companies.
Asked about the failed acquisition efforts, Chopra said: “Acquisitions are not just to add revenue; our intention is not one plus one makes two. What’s important is that it should be a cultural fit, as acquisitions do fail.”
L&T Infotech wants to acquire a company that would help it enter a new geography or a new vertical.
“In a recession, people spend more money on acquisitions, but not huge chunks. The focus is on smaller chunks, to move up the value chain and provide your customers a better service,” said Sanjoy Sen, a senior director at consulting firm Deloitte Touche Tohmatsu India Private Limited.
Currently, 70% of the company’s revenue comes from the US, 25% from Europe, and the remaining from the rest of the world, said Chopra, adding that “after de-risking, we are looking at 50% US and 50% outside of the US”.
Chopra added that the company sees promise in continental Europe.
“Going forward, in the next three years, we expect a lot of business coming from there considering the economic scenario in Europe. They have no option but to outsource, as they are competing with American companies,” he said.
Mukesh Aghi, chief executive (services), said L&T Infotech has hired over 100 sales leaders and country managers across geographies, and stepped up efforts in South Africa, the Middle East and France, “where we believe we will get returns”. “This will be done by doing the right acquisitions, which will complement and provide value to what do and believe in”.
Pradeep Udhas, a partner at the Indian unit of KPMG, said L&T Infotech has “to scale up to $2-3 billion revenue mark across various industries segments and broad geographies in order to compete with competitive landscape of IT and engineering services”.
L&T Infotech has put its plan to seek a stock exchange listing on hold. Aghi said: “We want to focus on building the company first. (On listing) we will talk in three years.”
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. 63.52 |
|
|
1 |
Rs. 95.96 |
|
Euro |
1 |
Rs. 70.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
75 |
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.