MIRA INFORM REPORT

Report No. :	349794
Report Date :	19.11.2015

IDENTIFICATION DETAILS

Name :	LARSEN AND TOUBRO LIMITED
Registered Office :	L and T House, Ballard Estate, P. O. Box: 278, Mumbai – 400001, Maharashtra
Tel No.:	91-22-22618181
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	07.02.1946
Com. Reg. No.:	11-004768
Capital Investment / Paid-up Capital :	Rs.1859.100 Million
CIN No.: [Company Identification No.]	L99999MH1946PLC004768
IEC No.:	0388024011
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 :	Slow but correct
Litigation :	Exist
Comments :	Subject is one of Asia’s largest vertically integrated E and C conglomerates, with a strong market position across segments such as infrastructure, power, metallurgical and material handling, heavy engineering, electrical and automation, and machinery and industrial machinery products. Rating reflect company’s dominant position in the engineering and construction market in India backed by its diversified revenue profile and strong financial flexibility. The company financial flexibility is driven by large cash and cash equivalents of Rs.15158.000 Million and surplus current investments of Rs.53800.000 Million as on March 31, 2014, along with its demonstrated ability to raise funds at competitive rates. However, the company business risk is expected to increase because of exposure to risks related to large infrastructure development projects being undertaken by various special purpose vehicles, primarily through the subsidiaries, L&T Infrastructure Development Projects Limited (L&T IDPL), L&T Power Development Limited (L&T PDL) and L&T Realty Limited. The company is likely to maintain its healthy cash accruals despite the challenging market conditions for the E and C segment, and will continue with its diversified project-mix strategy to mitigate concentration risks and profitability pressures. In view of aforesaid, the company regarded as promising business partner for medium to long team business dealings.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	23.09.2015

Rating Agency Name	CRISIL
Rating	Short term debt programme : A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	23.09.2015

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 31-03-2013.

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 / 67051085
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
Plant:	Kanbahal works, Kanbahal, Sundargarh, Orissa, 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
Plant Locations:	Also located at : Ahmednagar Bangalore Chennai Coimbatore Faridabad Hazira, Surat Katupalli, Ennore Raigad Rourkela Mumbai Mysore Pithampur Puducherry Talegaon Vadodara
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 31.03.2015

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
Date of Birth / Age :	20.12.1958
Date of Appointment on the Board :	01.10.2011
Qualifications :	B.Com, ACA and Grad. CWA
Expertise :	Vast experience in the field of Finance
Directorships held in other public companies including private companies which are subsidiaries of public companies (excluding foreign and private companies) :	L&T Power Development Limited L&T Infrastructure Development Projects Limited L&T General Insurance Company Limited L&T Finance Holdings Limited L&T Investment Management Limited Larsen & Toubro Infotech Limited L&T Hydrocarbon Engineering Limited L&T Seawoods Limited L&T Realty Limited
Memberships/ Chairmanships of committees across all companies :	Member Audit Committee L&T Finance Holdings Limited Larsen & Toubro Infotech Limited L&T General Insurance Company Limited L&T Infrastructure Development Projects Limited L&T Power Development Limited L&T Investment Management Limited L&T Realty Limited L&T Hydrocarbon Engineering Limited L&T Seawoods Limited
Name :	Mr. Shailendra Roy
Designation :	Whole-time Director and Senior Executive Vice President (Power, Minerals and Metals)
Date of Birth:	18.09.1952
Date of Appointment on the Board :	09.03.2012
Qualifications :	B. Tech (Civil)
Expertise:	Vast experience in general management
Directorships held in other public companies including private companies which are subsidiaries of public companies (excluding foreign and private companies) :	L&T Power Development Limited L&T-Sargent & Lundy Limited Nabha Power Limited L&T-MHPS Boilers Private Limited L&T-MHPS Turbine Generators Private Limited Raykal Aluminium Company Private Limited Kesun Iron And Steel Company Private Limited L&T-Howden Private Limited L&T Natural Resources Limited
Memberships/ Chairmanships of committees across all companies :	Member Audit Committee L&T-Sargent & Lundy Limited
Date of Birth / Age :	18.09.1952
Name :	Mr. M. M. Chitale
Designation :	Independent Director
Name :	Mr. Subodh Bhargava
Designation :	Independent Director And Sr. Vice President (Electrical and Automation)
Name :	Mr. M. Damodaran
Designation :	Independent Director
Name :	Mr. Vikram Singh Mehta
Designation :	Independent Director
Name :	Mr. Sushobhan Sarker
Designation :	Nominee of Life Insurance Corporation of India
Date of Birth / Age :	29.05.1954
Date of Appointment on the Board :	15.12.2012
Qualifications :	B.Sc, Diploma in Management Studies, Masters in Financial Management
Expertise :	Vast Experience in Insurance and Housing Finance
Directorships held in other public companies including private companies which are subsidiaries of public companies (excluding foreign and private companies) :	L&T Infrastructure Development Projects Limited L&T Metro Rail (Hyderabad) Limited Corporation Bank
Memberships/ Chairmanships of committees across all companies :	Member Audit Committee Larsen & Toubro Limited Stakeholders Relationship Committee (formerly Investor Grievance Committee) Corporation Bank
Name :	Mr. Adil zainulbhai
Designation :	Independent Director
Name :	Mr. Akhilesh krishna gupta
Designation :	Independent Director
Date of Birth / Age :	20.07.1952
Date of Appointment on the Board :	09.09.2014
Qualifications :	B.Tech(Civil), MBA
Expertise :	Expertise in Private Equity, Oil & Gas, Real Estate
Directorships held in other public companies including private companies which are subsidiaries of public companies (excluding foreign and private companies) :	All Cargo Logistics Limited Jagaran Prakashan Limited Hindustan Power Projects Private Limited Agile Electric Sub Assembly Private Limited
Memberships/ Chairmanships of committees across all companies :	Member Audit Committee All Cargo Logistics Limited
Name :	Mr. Bahram N. Vakil
Designation :	Independent Director
Date of Birth / Age :	12.09.1958
Name :	Mr. Swapan Dasgupta
Designation :	Nominee of the Administrator of the SUUTI
Name :	Mrs. Sunita Sharma
Designation :	Nominee of Life Insurance Corporation of India
Name :	Mr. Thomas Mathew T.
Designation :	Independent Director
Date of Birth / Age :	03.06.1953
Name :	Mr. Ajay Shankar
Designation :	Independent Director
Date of Birth / Age :	26.12.1949

KEY EXECUTIVES

Name :	Mr. N. Hariharan
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B+C)
(A) Shareholding of Promoter and Promoter Group
(1) Indian	0	0
(2) Foreign	0	0
(B) Public Shareholding	0	0
(1) Institutions
Mutual Funds / UTI	146323995	15.72
Financial Institutions / Banks	155963067	16.76
Central Government / State Government(s)	745846	0.08
Insurance Companies	42211213	4.54
Foreign Institutional Investors	141588778	15.21
Any Others (Specify)	27637986	2.97
Foreign Portfolio Investments Corporation	27606724	2.97
Others	31262	0.00
Sub Total	514470885	55.28
(2) Non-Institutions
Bodies Corporate	70770393	7.60
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	186781537	20.07
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	14410890	1.55
Any Others (Specify)	122238272	13.13
Non Resident Indians	8063383	0.87
Trusts	111606174	11.99
Others	3432	0.00
Directors & their Relatives & Friends	2179507	0.23
Foreign Individuals	385608	0.04
Foreign Portfolio Investors	168	0.00
Sub Total	394201092	42.36
Total Public shareholding (B)	908671977	97.64
Total (A)+(B)	908671977	97.64
(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	21990018	2.36
Sub Total	21990018	2.36
Total (A)+(B)+(C)	930661995	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Electrical and Electronics, Machinery and Industrial Products, and also provide Engineering and Construction Projects.

products / Services :

Name and Description Of main products / Services	NIC Code of the Product/ Service
Construction of buildings	410
Construction of roads and railways	421
Construction of utility projects	422

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

¨ State Bank of India

¨ Bank of India

¨ Central Bank of India

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG TERM BORROWINGS
Redeemable non-convertible fixed rate debentures	4000.000	4000.000
SHORT TERM BORROWINGS
Loans repayable on demand from banks	577.900	1044.500
Short term loans and advances from banks	2062.500	1039.200
Short term borrowings against Government Securities	0.000	6988.600
Total	6640.400	13072.300

NOTE :

SHORT TERM BORROWINGS

Loans repayable on demand from banks include fund based working capital facilities viz. cash credits and demand loans. The secured portion of loans repayable on demand from banks of Rs. 577.900 Million (previous year: Rs. 1044.500 Million), short term loans and advances from the banks of Rs. 2062.500 Million (previous year: Rs. 1039.200 Million), working capital facilities and other non-fund based facilities viz. bank guarantees and letters of credit, are secured by hypothecation of inventories, book debts and receivables.

Auditors :
Name :	Sharp and Tannan Chartered Accountants
Solicitors:	Manilal Kher Ambalal and Company
Related Parties :	1 L&T Cutting Tools Limited - Wholly owned Subsidiary 2 Bhilai Power Supply Company Limited - Subsidiary* 3 L&T-Sargent and 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 Limited (formerly known as L&T Seawoods Private Limited) - - Wholly owned Subsidiary 10 L&T-Gulf Private Limited - Subsidiary* 11 L&T - MHPS Boilers Private Limited (formerly known as L&T - MHI Boilers Private Limited) - Subsidiary* 12 L&T - MHPS Turbine Generators Private Limited (formerly known as 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 -- 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 Thales Technology Services Private Limited (formerly known as Thales Software India Private Limited) - Subsidiary of L&T Technology Services Limited No 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 # No 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 Infrastructure Engineering Limited (formerly known as L&T Ramboll Consulting Engineers Limited) ^ - Wholly owned Subsidiary 37 CSJ Infrastructure Private Limited - Wholly owned Subsidiary of L&T Realty Limited 38 Information Systems Resource Centre Private Limited - Wholly owned Subsidiary of Larsen & Toubro Infotech Limited No 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 No 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 - Wholly owned Subsidiary of L&T Finance Holdings Limited 57 L&T Access Distribution 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 No 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 No 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 No 90 L&T Infotech Financial Services Technologies Inc. - Wholly owned Subsidiary of Larsen & Toubro Infotech Limited 91 L&T Technology Services LLC - Wholly owned Subsidiary of L&T Technology Services Limited 92 L&T Infrastructure Development Projects Lanka (Private) Limited - Subsidiary of L&T Infrastructure Development Projects Limited # No 93 PT Larsen & Toubro Hydrocarbon Engineering Indonesia - Subsidiary* No 94 L&T IDPL Trustee Manager Pte Limited - Wholly owned Subsidiary of L&T Infrastructure Development Projects Limited 95 Kana Controls General Trading & Contracting Company W.L.L. - Subsidiary of L&T Electrical & Automation FZE ## No 96 L&T Diversified India Equity Fund $ - Wholly owned Subsidiary of L&T Capital Company Limited No 97 L&T Information Technology Services (Shanghai) Co. Ltd. - Wholly owned Subsidiary of Larsen & Toubro Infotech Limited 98 L&T Realty FZE - Wholly owned Subsidiary of L&T Realty Limited No 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 ## No 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 $$ - Wholly owned Subsidiary of Larsen &Toubro (Qingdao) Rubber Machinery Company Limited 110 Larsen & Toubro Readymix and Asphalt Concrete Industries LLC (formerly known as Larsen & Toubro Readymix Concrete Industries LLC) - Subsidiary 111 Larsen & Toubro Saudi Arabia LLC - Subsidiary of Larsen & Toubro International FZE 112 Larsen & Toubro ATCO Saudia LLC - Subsidiary of Larsen & Toubro International FZE 113 Tamco Switchgear (Malaysia) SDN. BHD - Wholly owned Subsidiary of Larsen & Toubro International FZE 114 Tamco Electrical Industries Australia Pty Limited - Wholly owned Subsidiary of Larsen & Toubro International FZE 115 PT Tamco Indonesia - Subsidiary of Larsen & Toubro International FZE 116 Larsen & Toubro Heavy Engineering LLC - Subsidiary of Larsen & Toubro International FZE # 117 L&T Electrical & Automation FZE - Wholly owned Subsidiary of Larsen & Toubro International FZE 118 Larsen & Toubro Consultoria E Projeto Ltda - Subsidiary of Larsen & Toubro International FZE 119 Larsen & Toubro T&D SA Proprietary Limited - Subsidiary of Larsen & Toubro International FZE # 120 L&T East-West Tollway Limited ^^^ - Wholly owned Subsidiary of L&T Infrastructure Development Projects Limited 121 L&T Great Eastern Highway Limited ^^^ - Wholly owned Subsidiary of L&T Infrastructure Development Projects Limited 122 Servowatch System Limited - Wholly owned Subsidiary of Larsen & Toubro International FZE 123 L&T Geostructure LLP - Subsidiary* 124 Larsen Toubro Arabia LLC - Subsidiary* 125 Henikwon Corporation SDN. BHD - Wholly owned Subsidiary of Tamco Switchgear (Malaysia) SDN. BHD 126 L&T Housing Finance Limited - Wholly owned Subsidiary of L&T Finance Holdings Limited 127 L&T Tejomaya Limited @ - Subsidiary of L&T Realty Limited # No 128 L&T Valves Limited - Wholly owned Subsidiary 129 L&T Technology Services Limited - Wholly owned Subsidiary 130 CSJ Hotels Private Limited $$$ - 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 Mudit Cement Private Limited - Wholly owned Subsidiary of L&T Vrindavan Properties 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 Larsen & Toubro Hydrocarbon International Limited LLC - Subsidiary* 140 L&T Construction Equipment 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
Associate companies:	1 L&T-Chiyoda Limited 2 Salzer Electronics Limited 3 Feedback Ventures Limited 4 Magtorq Private Limited 5 JSK Electricals Private 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 Shanghai Urban Construction (Group) Corporation 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) Corporation Joint Venture CC27 Delhi 10 L&T-Eastern Joint Venture $ 11 Laren and Toubro Limited - Shapoorji Pallonji & Company Limited Joint Venture 12 Metro Tunneling Delhi - L&T Shanghai Urban Construction (Group) Corporation Joint Venture 13 International Metro Civil Contractors Joint Venture 14 Civil Works Joint Venture 15 Aktor- Larsen and Toubro-Yapi Merkezi-stfa-Al Jaber Engineering 16 L&T-Delma Mafraq Joint Venture 17 Larsen and Toubro Limited and NCC Limited Joint Venture

Related parties

* 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 stake on May 22, 2014

@@ Companies merged with L&T Infrastructure Development Projects Limited pursuant to high court order with retrospective effect from April 1, 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’s - Wholly owned Subsidiary holds one-half of the capital and has management control

^ Associate became a - Wholly owned Subsidiary w.e.f. September 8, 2014

^^ The company is merged with L&T Mutual Fund Trustee Limited with retrospective effect from April 1, 2013

^^^ Companies merged with L&T Infrastructure Development Projects Limited pursuant to high court order with retrospective effect from April 1, 2014

% The Company is dissolved w.e.f. April 24, 2014

$ The Company is dissolved w.e.f. August 20, 2014

$$ The Company is dissolved w.e.f. February 16, 2015

$$$ The Company is dissolved w.e.f. December 19, 2014

Associates and joint ventures

@ The Company has sold its stake on June 23, 2014

$ The Joint Venture is in the process of dissolution

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
1,62,50,00,000	Equity Shares	Rs.2/- each	Rs.3250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
92,95,62,061	Equity Shares	Rs.2 /- each	Rs.1859.100 Million

Reconciliation of the number of equity shares and share capital:

Particulars	31.03.2015
	Number of shares	Rs. In Million
Issued, subscribed and fully paid up equity shares outstanding at beginning of the year	92,69,12,658	1853.800
Add: Shares issued on exercise of employee stock options during the year	26,49,403	5.300
Add: Shares issued as bonus on July 15, 2013	–	--
Issued, subscribed and fully paid up equity shares outstanding at the end of the year	92,95,62,061	1859.100

Terms/rights attached to equity shares:

The Company has only one class of share capital, i.e. equity shares having face value of Rs.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	31.03.2015
	Number of shares	Shareholding %
Life Insurance Corporation of India	15,55,22,285	16.73
L and T Employees Welfare Foundation	11,16,06,174	12.01
Administrator of the Specified Undertaking of the Unit Trust of India	7,59,25,962	8.17

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

Particulars	31.03.2015
	Number of equity shares to be issued as fully paid	Rs. In Million (At face value)
Employee stock options granted and outstanding #	77,08,842	15.400 *
3.5% 5 years & 1 day US$ denominated foreign currency convertible bonds (FCCB) ##	--	--
0.675% 5 years & 1 day US$ denominated foreign currency convertible bonds (FCCB) ##	63,46,986	12.700 **

* The equity shares will be issued at a premium of Rs. 2780.900 Million (previous year: Rs. 3674.300 Million)

** The equity shares will be issued at a premium of Rs. 12151.300 Million (previous year: Rs. 9349.300 Million) on the exercise of options by the bond holders

# Note A(VIII) for terms of employee stock option schemes

## Note C(I)(b) for 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	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1859.100	1853.800	1230.800
(b) Reserves & Surplus	368986.700	334764.500	290196.400
(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)	370845.800	336618.300	291427.200
(3) Non-Current Liabilities
(a) long-term borrowings	85086.000	54781.400	72710.300
(b) Deferred tax liabilities (Net)	3629.900	4099.200	2422.200
(c) Other long term liabilities	1196.200	935.700	5020.300
(d) long-term provisions	3504.500	2996.100	2859.200
Total Non-current Liabilities (3)	93416.600	62812.400	83012.000
(4) Current Liabilities
(a) Short term borrowings	37910.800	38760.400	7345.300
(b) Current maturities of long term borrowings	6369.100	21047.400	8286.500
(c) Trade payables	188447.700	163454.500	169326.500
(d) Other current liabilities	147038.800	139217.600	144004.700
(e) Short-term provisions	25008.800	21135.200	20838.100
Total Current Liabilities (4)	404775.200	383615.100	349801.100
TOTAL	869037.600	783045.800	724240.300
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	74022.000	75608.100	82187.500
(ii) Intangible Assets	851.600	1139.900	863.900
(iii) Capital work-in-progress	3045.400	4118.600	4910.500
(iv) Intangible assets under development	1895.000	1505.500	1057.900
(b) Non-current Investments	176728.200	151684.100	105227.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	27208.300	37215.700	36690.700
(e) Cash and bank balances	754.300	95.400	390.200
(f) Other Non-current assets	524.300	532.400	433.000
Total Non-Current Assets	285029.100	271899.700	231760.700
(2) Current assets
(a) Current investments	53800.800	40462.300	55806.900
(b) Inventories	22077.900	19825.300	20641.800
(c) Trade receivables	230511.100	215387.600	226130.100
(d) Cash and cash equivalents	15158.000	17828.600	14556.600
(e) Short-term loans and advances	78123.500	63456.500	57437.600
(f) Other current assets	184337.200	154185.800	117906.600
Total Current Assets	584008.500	511146.100	492479.600
TOTAL	869037.600	783045.800	724240.300

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from operations (Net)	570174.100	565989.200	516109.600
		Other Income	22833.700	18808.900	18872.900
		TOTAL	593007.800	584798.100	534982.500
Less	EXPENSES
		Cost of raw material components consumed	52246.600	60028.000	75749.300
		Construction material consumed	187618.900	161067.900	139270.000
		Purchase of stock in trade	12967.500	19221.600	20632.300
		Stores spares and tools consumed	18314.600	19208.300	20930.900
		Sub-contracting charges	132325.700	132784.100	121914.800
		Changes in inventories of finished goods and operating expense	(2785.300)	1100.300	(10908.700)
		Other manufacturing, construction and operating expenses	43277.500	40104.900	34459.700
		Employee benefit expense	41508.400	46569.000	38609.300
		Sales and administration and other expense	19971.100	19324.400	20856.600
		Extraordinary items	0.000	0.000	(781.100)
		Overheads charged to fixed assets	(149.600)	(89.500)	(136.000)
		Exceptional items	(3571.600)	(5885.000)	(1762.400)
		TOTAL	501723.800	493434.000	458834.700
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		91284.000	91364.100	76147.800
Less	FINANCIAL EXPENSES		14190.300	10760.800	9547.500
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		77093.700	80603.300	66600.300
Less/ Add	DEPRECIATION/ AMORTISATION		10081.500	7924.200	7277.400
	PROFIT BEFORE TAX		67012.200	72679.100	59322.900
Less	TAX		16450.400	17747.800	10216.400
	PROFIT AFTER TAX		50561.800	54931.300	49106.500
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3334.500	2857.500	1523.900
Less	Dividend paid for previous year		22.000	27.800	27.100
Less	Transfer to Debenture redemption reserve		0.000	0.000	0.000
Less	Depreciation charged against retained earnings		862.800	0.000	0.000
Add	Reversal of deferred tax on depreciation charged against retained earnings		293.000	0.000	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	40000.000	35000.000
		Transfer to Debenture Redemption Reserve	2565.000	440.000	502.500
		Proposed Dividend	15105.400	13208.500	11384.700
		Additional tax on dividend	1343.300	778.000	858.600
	BALANCE CARRIED TO THE B/S		34291.100	3334.500	2857.500
	EARNINGS IN FOREIGN CURRENCY
		Export of goods	6874.500	10067.200	10160.300
		Construction and project related activities	84313.600	67284.000	106938.900
		Export of services	1287.100	16143.900	13197.700
		Commission	56.900	67.300	190.800
		Interest received	0.000	0.200	0.500
		Other receipts	1875.100	534.900	748.700
	TOTAL EARNINGS		94407.200	94097.500	131236.900
	IMPORTS
		Raw Materials	14128.600	19543.600	19613.400
		Components & Spare Pats	10745.200	17019.300	30511.900
		Capital Goods	2196.900	2053.700	3779.300
	TOTAL IMPORTS		27070.700	38616.600	53904.600
	Earnings Per Share (Rs.)
	Basic		54.46	59.36	52.55
	Diluted		54.10	59.00	52.55

CURRENT MATURITIES OF LONG TERM BORROWING DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term Borrowing
Redeemable non-convertible fixed rate debentures	6000.000	0.000	0.000
3.50% Foreign currency convertible bonds	0.000	11983.000	0.000
Term loan from banks	364.600	8992.600	7821.900
Sales tax deferment loan	4.500	71.800	72.900
Finance lease obligation	0.000	0.000	391.700
Total	6369.100	21047.400	8286.500
Cash (used in)/generated from operations	48681.800	30240.300	31250.900
Net cash (used in)/from operating activities	31431.300	10472.400	14722.400

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin PAT/ Sales	(%)	8.87	9.71	9.51
PBIDT / Sales	(%)	16.01	16.14	14.75
Return on Total Assets (PBT/Total Assets}	(%)	9.76	11.62	9.68
Return on Investment (ROI) (PBT/Networth)		0.18	0.22	0.20
Debt Equity Ratio (Total Debt/Networth)		0.35	0.34	0.30
Current Ratio (Current Asset/Current Liability)		1.44	1.33	1.41

STOCK PRICE

Face Value :	Rs. 2.00/-
Market Value :	Rs. 357.00/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1230.800	1853.800	1859.100
Reserves & Surplus	290196.400	334764.500	368986.700
Share Application money pending allotment	0.000	0.000	0.000
Net worth	291427.200	336618.300	370845.800
long-term borrowings	72710.300	54781.400	85086.000
Short term borrowings	7345.300	38760.400	37910.800
Current Maturities of long term borrowing	8286.500	21047.400	6369.100
Total borrowings	88342.100	114589.200	129365.900
Debt/Equity ratio	0.303	0.340	0.349

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	516109.600	565989.200	570174.100
		9.665	0.739

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	516109.600	565989.200	570174.100
Profit	49106.500	54931.300	50561.800
	9.51%	9.71%	8.87%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	---
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

CASE DETAILS

BENCH:-BOMBAY

Presentation Date:-				26/02/2015
	Lodging No.:-	WPL/572/2015	Filing Date:-	26/02/2015
	Reg. No.:	WP/2011/2015	Reg. Date:	21.08.2015

Petitioner:-

VISUL DEFENCE TECHNOLOGY PRIVATE LIMITED

Respondent:-

LARSEN AND TOUBRO LIMITED

Petn.Adv.:-

Charles J DE Souza (I3609)

Resp.Adv.:-

Manilal Kher Ambalal and Company (101)

District:-

MUMBAI

Bench:-	DIVISION
Status:-	Pre-Admission	Category:-	WRIT PETITION(OTHERS)

Next Date:-

29.10.2015

Stage:-

FOR ADMISSION – FRESH [ORIGINAL SIDE MATTERS]

Coram:-

HON'BLE SHRI JUSTICE S.C. DHARMADHIKARI

HON'BLE SHRI JUSTICE B.P. COLABAWALLA

Last Date:-

05.08.2015

Stage:-

MATTERS AT 3.00 PM [ORIGINAL SIDE MATTERS]

Last Coram:-

HON'BLE SHRI JUSTICE V.M. KANADE

HON'BLE SHRI JUSTICE B.P. COLABAWALLA

Act :-

Constitution of India

UNSECURED LOANS

PARTICULAR	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG TERM BORROWINGS
Redeemable non-convertible fixed rate debentures	16000.000	10500.000
Redeemable non-convertible inflation linked debentures	1097.600	1053.400
3.50% Foreign currency convertible bonds	12500.000	0.000
Term loans from banks	51482.200	39217.300
Sales tax deferment loan	6.200	10.700
SHORT TERM BORROWINGS
Loans repayable on demand from banks	0.000	812.200
Short term loans and advances from banks	24840.400	27737.900
Commercial paper	9857.500	0.000
Loans from related parties (Subsidiary companies)	572.500	1138.000
Total	116356.400	80469.500

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	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
2	10148310	21/01/2011 *	4,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BA  LLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B04764122
3	90213928	15/02/2003	100,000,000.00	STATE ANK OD INDIA	CAG BRANCH, NARIMNA POINT, MUMBAI, MAHARASHTRA -  400021, INDIA	-
4	90214910	02/11/2002	1,150,000,000.00	UTI BANK LTD	OFFICE : MAKER TOWERS (F) 13 FLOOR CUFFE PARADE, M  UMBAI, MAHARASHTRA - 400005, INDIA	-
5	90213817	25/02/2002	100,000,000.00	THE INDDUSTRIAL CREDIT AND INVESTMENT CORPORATION  OF INDIA L	163 BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400  020, INDIA	-
6	90213735	10/06/2002 *	10,000,000.00	UTI BANK LIMITED	MAKER TOWER (F) 13 FLOOR CUFFICE PARADE, MUMBAI,  MAHARASHTRA - 400005, INDIA	-
7	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	-
8	90214851	15/10/2001 *	75,000,000.00	UTI BANK LTD	OFFICE MAKER TOWER 13 FLOOR CUFE PARADE, MUMBA  I, MUMBAI, MAHARASHTRA - 400005, INDIA	-
9	90213610	28/11/2000 *	500,000.00	ICICI LIMITED	ICIVU TOWER, BADRA(E) MUMBAI, MUMBAI, MAHARASHTRA  - 400051, INDIA	-
10	90214796	28/03/2000	1,200,000,000.00	UTI BANK LTD	OFFICE MAKER TOWER 13 FLOOR CUFE PARADE, MUMBA  I, MUMBAI, MAHARASHTRA - 400005, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

PARTICULAR	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
Claims against the Company not acknowledged as debts	8830.600	1847.500
Sales-tax liability that may arise in respect of matters in appeal	1739.600	1221.100
Excise duty/Service Tax liability that may arise in respect of matters in appeal/challenged by the Company in WRIT	554.100	418.000
Income-tax liability (including penalty) that may arise in respect of which the Company is in appeal	8264.400	4635.800
Corporate guarantees for debt given on behalf of - Subsidiary companies	87235.500	37728.500
Corporate guarantees for performance given on behalf of - Subsidiary companies	92019.600	56270.700
Notes: 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 twelve 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.

CAPITAL AND FINANCE

During the year, the Company allotted 26,49,403 equity shares upon exercise of stock options by the eligible employees under the Employee Stock Option Scheme. The Company tied up long term foreign currency loans of approximately Rs.10937.500 Million and issued Non-Convertible Debentures (NCDs) worth Rs.11500.000 Million. In addition, the Company also refinanced USD 200 million foreign currency loan through a Foreign Currency Convertible Bond (FCCB) issuance to reduce its interest cost. Apart from this, the Company also repaid a part of its long term foreign currency debt of USD 5.83 million.

PERFORMANCE OVERVIEW:

Notwithstanding the uncertainties of the economic environment and the execution blips encountered from time to time, the Company has turned in a laudable performance on most key performance parameters for 2014-15.

Order Inflows, which are the lifeblood of the Company’s integrated Engineering Procurement & Construction (EPC) business model, clocked in at v Rs.15536.700 Million at the Group level, which represents a strong growth of 22% over the corresponding inflows of the Previous Year. The unexecuted Order Book stood at an all-time high of Rs. 23264.900 Million and represents a 28% growth over the Order Book at the end of the Previous Year. Considering that several execution challenges were encountered, such as ‘Right of Way’, land availability and other issues, Group Revenues for the year, which stood at Rs. 9276.200 Million, grew by 8% over the Previous Year. Profit after Tax at the Group level stood at Rs. 47650.000 Million and represents a decline of 2.8%, caused by losses incurred in some challenging Hydrocarbon projects in the Middle East as well as under-recoveries in the investment-constrained segments of Power, Metallurgical & Material Handling and Heavy Engineering.

The Company has recommended a Dividend of Rs.16.25 per equity share on a face value of Rs. 2 per share for the year. The corresponding dividend during the previous fiscal was at Rs. 14.25 per equity share.

OUTLOOK:

While private sector investments in industrial capex are yet to take off, spends by the public sector in core infrastructure have been improving. Funding from increased budgetary allocation by the Central Government, increased level of ordering by healthy public sector undertakings and a steady inflow of soft loans from external multilateral lending agencies have contributed to a perceptible rise in the core infrastructure investment momentum. This has considerably enhanced potential business opportunities for the Company.

Segments that hold promise in FY16 include:

1. Infrastructure:

a. Roads:

This segment has seen a shift from the earlier focus on the PPP (Public Private Partnership) model to EPC contracts in FY15. It is likely that this trend will continue and we expect significant construction contracts to be awarded by the National Highways Authority of India. This opportunity basket is likely to be augmented by orders for tunnels and special bridges as well as orders from state governments for expressways. We will continue to selectively target road construction prospects in the Middle East, where we have an impressive track record.

b. Railways:

In FY15, the Company has won some significant contracts for segments of the Dedicated Freight Corridor. Substantial ordering of more jobs under this program is expected in FY16 and provides good prospects. FY16 is also likely to see the commencement of awards for new railway lines in the Middle East, where L&T intends to participate.

c. Metro Rail:

The Company has successfully executed metro rail projects in multiple cities across the country, since most State-level urban development authorities view metro rail as the most viable solution for urban traffic decongestion. Continuing spends are likely in this segment, providing robust business potential for the Company Execution of two large metro rail projects in the Middle East won in FY14 is progressing satisfactorily.

d. Urban Infrastructure:

This segment encompasses multiple areas such as residential buildings, IT & office complexes, hospitals, educational institutions and shopping malls. Collectively, they represent substantial opportunities for L&T.

e. Smart Cities and Communication Infrastructure:

This is a new segment that has opened up over the last year, and includes city surveillance systems, basic infrastructure for proposed smart cities and telecom infrastructure. The segment holds good business potential.

f. Water infrastructure:

Falling water tables across the country, coupled with the new Government’s drive towards sanitation, Ganga Action Plan and irrigation programs, will result in increased business prospects for the Company. Opportunities targeted by this business segment include bulk transmission & treatment of water, waste water treatment, effluent treatment plants and lift irrigation programmes.

2. Thermal Power Generation :

The sector has been hampered by a number of constraints including fuel shortages, tardy environment clearances, intense competition from power equipment manufacturers, paucity of long-term funding, and slow progress in raising end-user tariffs in line with power production costs. Some of these constraints have been mitigated in the last one year, and thermal power investment programmes saw a much needed improvement in FY15. The Company bagged some significantly large orders in the last fiscal arising from the larger opportunity base. The increased investment momentum, driven by Central and State Power Generation Utilities, continues to gather pace and the Company expects to garner business arising from such investments. In the meantime, L&T continues to focus on cost-competitiveness through cost reduction and operational efficiency measures.

3. Power Transmission & Distribution:

This sector has seen increasing investment trends and the Company has benefited from such investments by way of sustained and increased Order Inflows. The momentum is likely to continue by way of grid augmentation by Central and State Transmission Utilities. We continue to be a significant player in this space in the Gulf Region. Increased T&D investments in countries like Saudi Arabia, Qatar, Oman, UAE and Kuwait continue to offer good business potential. We are also targeting business in select African countries in FY16.

4. Hydrocarbon:

On the domestic front, a reduced price of crude oil in the international markets has relieved domestic oil producers and retailers from the onerous subsidy burden that they have traditionally been saddled with. Coupled with the hike in the administered price of gas as well as the introduction of the new urea investment policy, the investment momentum of hydrocarbon investments in the country is likely to increase and the Company is ideally poised to tap this growth. In Middle East markets, the drop in oil prices has led to a reduction in Upstream capex. However, Mid and Downstream investments, for the time-being, are not affected and the Company proposes to bid for such opportunities as and when they enter the tendering stage.

5. Defence Sector:

Over the years, the Company has built significant capabilities in the manufacture of defence equipment, primarily for the Indian Navy and the Army. These capabilities have been built internally as well as in combination with foreign technology providers. The Company’s new shipbuilding facility at Kattupalli, built primarily for defence warships has, however, seen significant under-utilisation due to non-involvement of the private sector in defence equipment manufacturing in any meaningful manner. The new Government has taken substantial steps to involve the private sector in defence equipment manufacturing and this is at the heart of its ‘Make in India’ initiative. The Company now sees opportunities in this sector that it can tap. The bids for some major naval craft and artillery guns have been submitted.

6. Heavy Engineering:

This segment has been adversely affected by the global shrinkage in ordering of Hydrocarbon equipment, arising out of a decline in oil prices as well as the contraction of investments in Coal Gasifiers and Nuclear Power plants. The new steel-making and heavy forgings facility at Hazira (Gujarat) remains heavily underutilised. We are, however, seeing a revival in the building of new nuclear power plants over the next year or so.

7. Metallurgical and Material Handling:

Investments in the metals space in India have been severely affected by the Supreme Court ban on iron ore mining in the States of Karnataka, Goa and Odisha over the last few years. This had led to a significant depletion of the Order Book of this segment. Lifting of the ban in some select areas and for captive steel producers has now led to an uptick in investments for capacity addition in the ferrous metals sector. The business has recently bagged a few orders which is expected to improve revenue streams in FY16. The Material Handling business has also been adversely affected by lacklustre Industrial capex for a prolonged period. Outlook for this business is expected to improve once Industrial capex picks up.

8. Electrical & Automation (E&A):

The Electrical and Automation business continues to maintain its leadership position in LV switchgear. During the course of 2014-15, E and A has increased its operating margin and also improved its market share in the domestic market. Product Development in both LV and MV switchgear continues to forge ahead and the business continues to be at the forefront of technology through the launch of its in-house designed products. With the slowdown in the Oil & Gas market, the Business has enhanced its focus towards the Infrastructure sector by increasing the offering of dedicated products specifically designed to meet the needs of the Infrastructure sector market.

9. Realty:

This business, which was recently started by L&T, continues to grow in terms of revenue and profits. The business develops and sells real estate, either by developing its own land parcels or through Joint Ventures with select real estate developers. The business is likely to further expand in Mumbai as well as in Chennai and Bengaluru during 2015-16. During 2014-15, the Group level revenues of this business stood at Rs.19290.000 Million, which represents an increase of 45% over the revenues of the Previous Year. EBITDA for FY15 at Rs. 10650.000 Million registered an increase of 41% over the EBITDA of the Previous Year, thus making a meaningful contribution to the Company’s overall business.

10. Information Technology and Technology Services (IT&TS):

The IT&TS business has been growing steadily and revenues clocked in at Rs. 76590.000 Million in FY15, representing a 19% growth over the Previous Year. The business is focusing on increasing its presence in the Americas, Europe, Gulf countries and the Far East. We intend to unlock the value of the Business. We are evaluating various options, subject to various factors, to discover the value of this business.

11. Financial Services:

This business was listed in 2011 and continues to expand. It had a loan book of over Rs. 470000.000 Million at the end of FY15 and its Assets Under Management have grown to over Rs. 210000.000 Million. The business has successfully integrated its earlier acquisitions in the Mutual Funds and Housing Finance areas and has a positive growth outlook for FY16.

12. Developmental Projects:

During FY15, L&T IDPL, an intermediate holding company with step-down subsidiaries (Special Purpose Vehicles) primarily developing transportation infrastructure, received a v 1,000 Million capital infusion from a large Canadian Pension Fund and the second tranche of equal amount is expected to be received in December 2015. The Developmental Projects business has profitably monetized its stake in Dhamra Port. Such value monetisation initiatives have reduced the dependency on the Company’s balance sheet. The construction of the Hyderabad Metro is progressing in full swing and the project is expected to become a showcased ‘Transit Oriented Development’ model when operational. The slowdown in the economy in the past few years has adversely affected revenues and profitability of several PPP infrastructure projects in the country and the Company has been making concerted efforts to find solutions to the challenges faced in this space. It will continue to monetize mature assets from time-to-time and may selectively bid for value-accretive projects in the roads and transmission line businesses. Nabha Power Limited which houses investments in a 2x700 MW coal fired power plant in Rajpura, Punjab is also part of the business portfolio and the plant went fully operational in FY15. The operations are expected to stabilise in FY16 and the Company will look for selective value monetisation as and when the opportunity arises. In conclusion, I would like to thank my fellow Board Members, L&T-ites, customers, vendors and other stakeholders who have collectively enabled sustainable and profitable growth in business year after year.

MANAGEMENT DISCUSSION AND ANALYSIS 2014-15

The global economy is expected to grow 3.5% in 2015 with improved economic indicators in US. However, fragility may continue in Euro zone and the pace of development is expected to slow down in China in 2015. Although new investments in Oil & Gas Sector in the Middle East may get impacted due to low crude oil prices, infrastructure development would remain in focus. Successful demand recovery process in the key emerging market economies and a staggered roll back of the accommodative monetary policies of the advanced economies hold the key for a more stable and growth oriented outlook for the global economy.

OVERVIEW OF INDIAN ECONOMY

The investment climate remained sluggish throughout the year 2014-15. The GDP growth of Indian economy was 7.3% in the year 2014-15 via-a-vis 6.9% recorded in 2013-14 based on the new series. The new government in

the centre, assumed the office with the high expectations. In order to improve macroeconomic parameters, the

government has taken certain policy initiatives such as enhancing limits of FDI in defence, insurance, real estate, reduction of subsidies, decontrol of petroleum pricing, transparent mechanism for allocation of telecom and natural resources etc. The government has also significantly stepped up budgetary allocation for infrastructure development with several new initiatives like development of Smart cities, Digital India, High Speed Rail Corridors, new Industrial Clusters and has announced ambitious projects such as linking of rivers and Clean Ganga along with the measures for revival of power sector.

Investment climate, however, remained subdued during 2014-15, as the reform process would take some more time to gain ground. Industrial demand was weak and capacity utilisation remained low across the sectors. Tight liquidity position prevailed throughout the year with elevated interest rates.

The government is addressing policy hurdles by fasttracking decision-making and is putting in place some crucial building blocks for enhancing the ease of doing business. Going forward, sectors like Roads, Railways, Security Systems, Communication, and Water offer good opportunities in short to the medium term. With its significant capabilities in defence equipment manufacturing, the Company sees opening up of significant opportunities in the defence sector under ‘Make in India Program’ in the medium term. Lower oil prices, higher FDI inflows and the reform initiatives of the new government at the centre, along with its commitment to sound fiscal management and consolidation augur well for the growth prospects and the overall macroeconomic situation.

BUSINESS SCENARIO

The Company has sustained the growth momentum in the order inflows amidst a difficult business environment over the last 2-3 years on the back of its diversified portfolio, timely mapping of emerging opportunities and proven capabilities. The year 2014-15 witnessed sluggish demand and sectoral bottlenecks, impacting the revenue and margins of certain core businesses of the Company. Cost overruns and close-out costs of international jobs pulled down the overall expected consolidated profits during 2014-15. Increasing levels of net working capital and limited fresh cash flows exerted pressure on availability of surplus funds.

The Company has identified certain key thrust areas and strategies for leveraging on the capabilities in order to benefit from the emerging growth opportunities. Major thrust areas and growth strategies are enumerated below. Growth Strategies and Thrust Areas:

• Focus on Quality of new orders: The businesses are selective in order intake and are focusing on robust due diligence of prospects, especially in International markets, as a part of risk management process so that the execution and other risks are mitigated.

• Profitable and efficient execution: Efficient contract management, sound execution strategies, cost competitiveness and improved operational efficiency are pre-requisites for achieving profitable growth in the competitive business environment. Close monitoring, timely deployment of resources, efficient sourcing strategies, reduction in the fixed costs and rigorous negotiation of service contracts are some of the major initiatives that are pursued to enhance the execution efficiencies.

• Working Capital: To address the increasing levels of working capital, the Company has embarked upon tightening of capital allocation to various businesses. Regular focus on day-to-day cash management, monitoring of exposures to customers and maximization of vendor credits are being pursued to bring down the funds deployed in working capital. Specific measures for liquidation of sticky receivables, accelerating invoicing of work completed and liquidation of surplus / unserviceable inventories are also being pursued.

• Manpower: People are the key enablers in translating growth aspirations into reality. Manpower resource planning is accordingly being focussed on building up and retention of talent with the requisite skill sets and managerial / leadership bandwidth. Given the challenging business environment and increasingly demanding customers, the focus is on strengthening the performance-oriented culture and identification of redundancies.

The Company with its healthy balance sheet, diversified presence and proven capabilities is well placed to benefit early as sustainable growth opportunities emerge over the next few years.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIXTH MONTH ENDED AS ON 30.09.2015

(Rs. In Million)

		Particulars	Quarter ended 30.09.2015	Quarter ended 30.06.2015	Half year ended 30.09.2015
1	Income from Operations
	a) Gross Sales/Income from Operations		133881.700	108505.900	242387.600
	b) Excise duty		1538.800	1404.400	2943.200
	Net Sales/Income from Operations		132342.900	107101.500	239444.400
2	Expenses
		Cost of Materials consumed	20352.100	16992.100	37344.200
		Sub contracting charges	26924.000	28894.600	55818.600
		Construction of Materials consumed	36939.400	32407.200	69346.600
		Purchase of stock in-trade	2471.600	2885.800	5357.400
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	6138.700	(10238.800)	(4100.100)
		Manufacturing, construction and operating expenses	10891.000	11197.900	22088.900
		Employee benefit expenses	12544.800	9888.500	22433.300
		Depreciation and amortization expense	5957.300	5328.100	11285.400
	g)	Sales and Administrative and Other expenses	2536.200	2463.400	4999.600
	Total Expenses		124755.100	99818.800	224573.900
3		Profit /(Loss) from operations before other income, finance costs and exceptional items (1-2)	7587.800	7282.700	14870.500
4	Other Income		4874.700	5534.500	10409.200
5		Profit /(Loss) from ordinary activities before finance costs and exceptional items (3+4)	12462.500	12817.200	25279.700
6	Finance Costs		3834.300	2871.500	6705.800
7		Profit /(Loss) from ordinary activities after finance costs but before exceptional items (5-6)	86280.200	9945.700	18573.900
8	Exceptional Items		5458.500	---	5458.500
9	Profit /(Loss) from ordinary activities before tax		14086.700	9945.700	24032.400
10	Tax Expense
	- Current Tax		2191.500	2963.000	5154.500
	- Deferred Tax		11.000	(27.00)	(16.000)
	- MAT Credit Entitlement / Tax Adjustment		0.000	0.000	5138.500
11	Net Profit /(Loss) from ordinary activities after tax (9-10)		2202.500	7009.700	18893.900
12	Extraordinary items (net of tax expense)		--	--	--
13	Net Profit /(Loss) for the period (11-12)		11884.200	7009.700	18893.900
14	Paid up equity share capital (Eq. shares of Rs.22/- each)		--	1860.600	1861.300
15	Reserve excluding revaluation reserves
16		Earnings per share (before/after extraordinary items) of Rs.2/- each
		Basic	12.77	7.54	20.31
		Diluted	12.71	7.49	20.20
A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding
		- No. of Shares	908672	908060	908672
		- Percentage of Shareholding	97.64%	97.61%	97.64%
2		Promoters and promoter group shareholding
		a) Pledged/Encumbered
		- Number of shares	Nil	Nil	Nil
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	Nil	Nil	Nil
		- Percentage of shares (as a % of the total share capital of the Company)	Nil	Nil	Nil
		b) Non- encumbered
		- Number of shares	Nil	Nil	Nil
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	Nil	Nil	Nil
		- Percentage of shares (as a % of the total share capital of the Company)	Nil	Nil	Nil

	Particulars		Quarter ended 30.06.2015
B		Investor Complaints
		Pending at the beginning of the quarter	2
		Received during the quarter	23
		Disposed during the quarter	24
		Remaining unresolved at the end of the quarter	1

Notes:

1. During the quarter ended September 30, 2015, 3,62,996 equity shares of Rs. 2 each fully paid-up were alloted on exercise of stock options by employees, in accordance with the Company's stock option schemes.
2. Exceptional items during the quarter ended September 30, 2015 represent gains on divestment of part stake in a subsidiary company and stake in an associate company.
3. Statement of assets and liabilities as per clause 41(v) (h) of the listing agreement:

STANDALONE STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2015

Rs. In Million

SOURCES OF FUNDS	30.09.2015 (Unaudited)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1861.300
(b) Reserves & Surplus	388528.500
(c) Pending Call Money
Sub-total Shareholders’	390389.800
(2) Non-Current Liabilities
(a) long-term borrowings	81169.800
(b) Deferred tax liabilities (Net)	3553.400
(c) Other long term liabilities	973.100
(d) long-term provisions	3596.400
Sub-total of Non-Current liabilities	89292.700
(3) Current liabilities
(a) Short term borrowings	57690.800
(b) Current maturities of long term borrowings	23066.600
(c) Trade payables 1. Total outstanding dues of micro enterprises and small enterprises	927.600
2. Total outstanding dues of creditors other than micro enterprises and small enterprises	169819.800
(d) Other current liabilities	172404.500
(e) Short-term provisions	8289.000
Sub-total of Current liabilities	432198.300
TOTAL	911880.800
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	78435.400
(b) Non-Current investments	202947.800
(c) Deferred tax assets (net)	0.000
(d) Long term loans and advances	21350.200
(e) Other non-current assets	1149.700
Sub-total of Non-Current Assets	303883.100
(2) Current assets
(a) Current investments	66477.500
(b) Inventories	24572.300
(c) Trade receivables	227285.400
(d) Cash and cash equivalents	12240.200
(e) Short-term loans and advances	89240.900
(f) Other current assets	188181.400
Sub-total of Current Assets	607997.700
TOTAL	911880.800

4. 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.
5. Figures for the previous periods have been re-grouped/re-classified to conform to the figures of the current periods.
6. 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 October 30, 2015.

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND HALF YEAR ENDED 30^TH September, 2015

Particulars	Quarter ended 30.09.2015	Quarter ended 30.06.2015	Half year Ended 30.09.2015
Gross Segment Revenue (Sales and Other Operating Income)
Infrastructure	92412.200	72006.000	164418.200
Power	13522.200	10910.800	24433.000
Metallurgical and Material Handling	6460.100	5278.000	11738.100
Heavy and Engineering	5675.200	5955.500	11630.700
Electrical and Automation	10377.500	8693.800	19071.300
Other	8326.000	7524.900	15850.900
TOTAL	136773.200	110369.000	247142.200
Less: Inter-segment transfers	2891.500	1863.100	4754.600
Net Sales / Income from operation	133881.700	108505.900	242387.600
Segment Results: [Profit/ (Loss) before tax and interest from each segment]
Infrastructure	7026.700	7440.300	14467.000
Power	822.400	203.500	1025.900
Metallurgical and Material Handling	73.100	(228.200)	(155.100)
Heavy and Engineering	(878.100)	400.600	(477.500)
Electrical and Automation	1034.100	971.600	2005.700
Other	1616.100	1552.000	3168.100
TOTAL	9694.300	10339.800	20034.100
Less : Inter-Segment margins on capital jobs	12.300	5.000	17.300
Less: Interest Expenses	3834.300	2871.500	6705.800
Other unallocable expenditure, net of unallocable income	8239.000	2482.400	10721.400
Total Profit/ Loss –before tax	14086.700	9945.700	24032.400
Capital Employed:
Infrastructure			148426.500
Power			5045.800
Metallurgical and Material Handling			31392.900
Heavy and Engineering			16619.800
Electrical and Automation			17662.600
Other			13180.500
Total capital employed in segments			232328.100
Unallocated corporate assets less corporate liabilities			323542.300
TOTAL			555870.400

Notes:

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
2. Segment composition: Infrastructure segment comprises engineering and construction of building and factories, transportation infrastructure, heavy civil infrastructure, power transmission and distribution and water, smart world and communication projects. Power segment 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 and Material Handling segment comprises turnkey solutions for ferrous (iron and steel making) and non-ferrous (aluminum, copper, lead and zinc) metal industries, bulk material and ash handling systems in power, port, steel and mining sector including manufacture and sale of industrial machinery and equipment. Heavy Engineering segment comprises manufacture and supply of 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. Electrical and Automation segment 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 and automation products. Others segment includes realty, shipbuilding, marketing and servicing of construction and mining machinery and parts thereof, manufacture and sale of rubber processing machinery and castings.
3. Segment revenue comprises sales and 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.
4. 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.

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Computers
• Office Equipment
• Furniture and Fixtures
• Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.11
UK Pound	1	Rs.100.51
Euro	1	Rs.70.39

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAR
Report Prepared by :	SYL

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	10
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	10
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	10
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	8
--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	YES
--OTHER MERIT FACTORS	YES /NO	YES
DEFAULTER
--RBI	YES /NO	NO
--EPF	YES /NO	NO
TOTAL		82

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.