MIRA INFORM REPORT

 

 

Report No. :

344130

Report Date :

08.10.2015

 

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 :

Regular

 

 

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, 1st 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 

 

 

Factory  :

Also located at :

 

  • Faridabad
  • Kandla
  • Vadodara
  • Ankleshwar
  • Hazira
  • Jafrabad
  • Kovayya
  • Nashik
  • Pune
  • Ahmednagar
  • Ratnagiri
  • Tadipatri
  • Bangalore
  • Mysore
  • Awarpur
  • Jharsuguda
  • Kansbahal
  • Ranoli (Baroda)
  • Visakhapatnam
  • Haldia

 

 

Regional Offices :

  • NCL Bandra Premises, Plot No. C/6, Bandra – Kurla Complex, P. O. Box No. 8119, Bandra (East), Mumbai - 400051, Maharashtra, India

 

  • 2, Saki Vihar Road, P. O. Box No. 8901, Mumbai – 400072, Maharashtra, India

 

  • 1/FL, Laxminarayan Complex, 10/1, Palace Road, P. O. Box 122, Bangalore – 560002, Karnataka, India

 

Also located at:

 

  • New Delhi
  • Lucknow
  • Kolkata
  • Vadodara
  • Ahmedabad
  • Arakkonam Pune
  • Hyderabad
  • Chennai
  • Bangalore

 

 

Overseas  Offices :

Located At:

 

  • Japan
  • Nepal
  • Sultanate of Oman
  • Bangladesh
  • Malaysia
  • Sweden
  • Russia
  • UK
  • USA
  • Dubai
  • Abu Dhabi
  • Sharjah
  • Saudi Arabia
  • Bahrain
  • Qatar
  • Oman
  • Kuwait
  • Kenya
  • Bhutan
  • West Indies
  • Jordan
  • Kazakhstan
  • Sri Lanka   

 

 

Area Offices :

Located At:

 

  • Ahmedabad
  • Bangalore
  • Chandigarh
  • Chennai
  • New Delhi
  • Kolkata
  • Hyderabad
  • Pune
  • Nagpur

 

 

Branch Offices :

Powai Switchgear Works, Gate No.07, Saki Vihar Road, Powai, Mumbai – 400072, Maharashtra, India

 

Located At :

 

  • Jaipur
  • Guwahati
  • Bhopal
  • Vadodara
  • Lucknow
  • Jamshedpur
  • Guwahati
  • Bhubaneswar
  • Vishakhapatnam
  • Coimbatore
  • Kochi

 

 

Engineering / Marketing Office :

12/4, Delhi Mathura Road, Near Sarai Khawaja Chowk, Faridabad – 121003, Haryana, India

Tel No.:

91-129-4291000/ 4291651/ 4291766

Fax No.:

91-129-4291222

Email:

siddharth.gupta@lntpower.com

 

 

Foundry Division :

Chettipalayam Palladam Road, Orthukuppai Village Casting Manufacturing Division, Coimbatore – 641201, Tamilnadu, India

Tel No.:

91-44-2588514

 

 

DIRECTORS

 

AS ON 31.03.2015

 

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

 

 

Name :

Mr. Shailendra Roy

Designation :

Whole-time Director and Senior Executive Vice President (Power, Minerals and Metals)

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 Sarker

Designation :

Independent Director

 

 

Name :

Mr. Sushobhan Sarker

Designation :

Nominee of LIC

Date of Birth / Age :

29.05.1954

 

 

Name :

Mr. Adil zainulbhai

Designation :

Independent Director

 

 

Name :

Mr. Akhilesh krishna gupta

Designation :

Independent Director

Date of Birth / Age :

20.07.1952

 

 

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 30.06.2015

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

 

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 --

--

http://www.bseindia.com/include/images/clear.gif(2) Foreign

--

--

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

143456685

15.80

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

154510911

17.02

http://www.bseindia.com/include/images/clear.gifCentral Government / State Government(s)

635309

0.07

http://www.bseindia.com/include/images/clear.gifInsurance Companies

42353526

4.66

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

150541056

16.58

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

26511372

2.92

http://www.bseindia.com/include/images/clear.gifOthers

26472013

2.92

http://www.bseindia.com/include/images/clear.gifOthers

39344

0.00

http://www.bseindia.com/include/images/clear.gifOthers

15

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

518008859

57.05

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

70722673

7.79

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 Million

183054370

20.16

Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million

13891480

1.53

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

122383052

13.48

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

7874723

0.87

http://www.bseindia.com/include/images/clear.gifTrusts

111606174

12.29

http://www.bseindia.com/include/images/clear.gifOthers

2512947

0.28

http://www.bseindia.com/include/images/clear.gifOthers

3432

0.00

http://www.bseindia.com/include/images/clear.gifOthers

385608

0.04

http://www.bseindia.com/include/images/clear.gifOthers

168

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

390051575

42.95

Total Public shareholding (B)

908060434

100.00

 

 

 

Total (A)+(B)

908060434

100.00

 

 

 

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

22238565

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

22238565

0.00

Total (A)+(B)+(C)

930298999

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

20000.000

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

22640.400

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.1547.95/-

 

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 v 14.25 per equity share.

 

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.

 

OUTLOOK

 

More international jobs are being targeted and the business is confident of achieving a higher share of revenues from the international operations.

 

On the domestic front, the business sees bright prospects in Tunnels/Ports/Bridges segment which are being actively pursued. The business will continue to be selective in Hydro projects and will focus more on private Hydro projects with equitable contracts. In the coming year, the Defence and Nuclear sectors have some very interesting prospects which will continue to be key areas.

 

There are bright prospects for Metros domestically and some in the Gulf region.

 

Recently, the business signed an MOU with the French firm Areva for cooperation to maximize localization for the 9000 MW Jaitapur Nuclear Plant in Maharashtra.

 

The strength of Heavy Civil Infrastructure business is its team which is presently 3956 with an increase of ~ 375

people compared to last year. More training programmes focusing on technical, leadership and soft skills will be introduced to develop more future leaders.

 

With the commissioning of Kudankulam Atomic Power project Unit I & II, prospects for further units are looking bright. Heavy Civil infrastructure business is expected to have a healthy year on the domestic front. With a healthy order book backed by a strong team spread geographically, the Heavy civil infrastructure business is confident of achieving the revenue targets for 2015-16.

 

            UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AS ON 30.06.2015

 

(Rs. In Million)

 

 

 

Particulars

Quarter ended 30.06.2015

1

Income from Operations

 

 

a) Gross Sales/Income from Operations

108505.900

 

b) Excise duty

1404.400

 

Net Sales/Income from Operations

107101.500

2

Expenses

 

 

 

Cost of Materials consumed

16362.800

 

 

Sub contracting charges

28841.100

 

 

Construction of Materials consumed

32407.200

 

 

Purchase of stock in-trade

2885.800

 

 

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(9609.600)

 

 

Manufacturing, construction and operating expenses

11244.700

 

 

Employee benefit expenses

9905.400

 

 

Depreciation and amortization expense

2463.400

 

g)

Sales and Administrative and Other expenses

5318.000

 

Total Expenses

99818.800

3

 

Profit /(Loss) from operations before other income, finance costs and exceptional items (1-2)

7282.700

4

Other Income

5534.500

5

 

Profit /(Loss) from ordinary activities before finance costs and exceptional items (3+4)

12817.200

6

Finance Costs

2871.500

7

 

Profit /(Loss) from ordinary activities after finance costs but before exceptional items (5-6)

9945.700

8

Exceptional Items

---

9

Profit /(Loss) from ordinary activities before tax

9945.700

10

Tax Expense

 

 

-       Current Tax

2963.000

 

-       Deferred Tax

(27.00)

 

-       MAT Credit Entitlement / Tax Adjustment

0.000

11

Net Profit /(Loss) from ordinary activities after tax (9-10)

7009.700

12

Extraordinary items (net of tax expense)

--

13

Net Profit /(Loss) for the period (11-12)

7009.700

14

Paid up equity share capital (Eq. shares of  Rs.22/- each)

1860.600

15

Reserve excluding revaluation reserves

 

16

 

Earnings per share (before/after extraordinary items) of  Rs.2/- each

 

 

 

Basic

7.54

 

 

Diluted

7.49

A

 

PARTICULARS OF SHAREHOLDING

 

1

 

Public Shareholding

 

 

 

- No. of Shares

908060

 

 

- Percentage of Shareholding

97.61

2

 

Promoters and promoter group shareholding

 

 

 

a) Pledged/Encumbered

 

 

 

- Number of shares

Nil

 

 

- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)

Nil

 

 

- Percentage of shares (as a % of the total share capital of the Company)

Nil

 

 

b) Non- encumbered

 

 

 

- Number of shares

Nil

 

 

- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)

Nil

 

 

- Percentage of shares (as a % of the total share capital of the Company)

Nil

 

 

Particulars

Quarter ended 30.06.2015

B

 

Investor Complaints

 

 

 

Pending at the beginning of the quarter

1

 

 

Received during the quarter

8

 

 

Disposed during the quarter

7

 

 

Remaining unresolved at the end of the quarter

2
 

 

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED

30TH JUN, 2015

 

Particulars

Quarter ended 30.06.2015

Gross Segment Revenue (Sales and Other Operating Income)

 

Infrastructure

72006.000

Power

10910.800

Metallurgical and Material Handling

5278.000

Heavy and Engineering

5955.500

Electrical and Automation

8693.800

Other

7524.900

TOTAL

110369.000

Less: Inter-segment transfers

1863.100

Net Sales / Income from operation

108505.900

Segment Results: [Profit/ (Loss) before tax and interest from each segment]

 

Infrastructure

7440.300

Power

203.500

Metallurgical and Material Handling

(228.200)

Heavy and Engineering

400.600

Electrical and Automation

971.600

Other

1552.000

TOTAL

10339.800

Less : Inter-Segment margins on capital jobs

5.000

Less: Interest Expenses 

2871.500

Other unallocable expenditure, net of unallocable income

2482.400

Total Profit/ Loss –before tax

9945.700

Capital Employed:

 

Infrastructure

138884.900

Power

2133.400

Metallurgical and Material Handling

31741.800

Heavy and Engineering

20912.000

Electrical and Automation

17920.400

Other

12337.200

Total capital employed in segments

223929.700

Unallocated corporate assets less corporate liabilities

300122.100

TOTAL

524051.800

 

Note :

 

1. During the quarter ended June 30, 2015, 7,36,938 equity shares of Rs. 2 each fully paid-up were allotted on exercise of stock options by employees, in accordance with the Company's stock option schemes.

 

2. The Company has no promoters or promoter group. Consequently, the promoters and promoter group shareholding is Nil and accordingly the information on shares pledged/encumbered is also Nil.

 

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

4. 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 July 31, 2015.

 

 

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.65.26

UK Pound

1

Rs.99.53

Euro

1

Rs.73.47

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SNT

 

 

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.