MIRA INFORM REPORT
|
Report No. : |
345061 |
|
Report Date : |
14.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
L & T FINANCE LIMITED |
|
|
|
|
Registered
Office : |
L & T House, Ballard Estate, Mumbai – 400001, Maharashtra |
|
Tel. No.: |
91-22-67525656 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
22.11.1994 |
|
|
|
|
Com. Reg. No.: |
11-083147 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2384.223 Million |
|
|
|
|
IEC No.: |
0395023181 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65990MH1994PLC083147 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL1079R |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject operates mainly in the business segment of fund based financing activity. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (71) |
|
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 a wholly-owned subsidiary of L&T Finance Holdings
Limited, having excellent track record. The company possesses good revenue profile marked by decent profit
margin of 9.15%. However it has recorded increase in its borrowings as
compared to previous year. Rating takes into account the established track record of the company,
well diversified revenue streams, decent cash equivalents and comfortable
capital adequacy. Trade relations are fair. Business is active. Payments are reported to
regular and as per commitments. In view of strong holdings and support of the promoter group and brand
name, the company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities=”AA+” |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
27.02.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities= “A1+” |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
27.02.2015 |
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
31-03-2015.
INFORMATION DENIED
Management Non-Cooperative (Tel No.:91-22-67525656/ 67372727/ 66217300)
LOCATIONS
|
Registered Office : |
L and T House, Ballard Estate, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-67525656 |
|
Fax No.: |
91-22-67525893 |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Administrative : |
C-26/27, E Block, The Metropolitan, Bandra Kurla Complex, Bandra
(East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-67372727 |
|
Fax No.: |
91-22-67372700 |
DIRECTORS
As on 08.09.2014
|
Name : |
Mr. Yeshwant Moreshwar Deosthalee |
|
Designation : |
Director |
|
Address : |
C/401,Chaitanya Towers Co-Operative Housing Society Limited, Appa, Saheb Marathe Marg, Prabhadevi, Opposite Mamta-D Building, Mumbai - 400025, Maharashtra, India |
|
Date of Birth/Age : |
06.09.1946 |
|
Date of Appointment : |
22.11.1994 |
|
DIN No.: |
00001698 |
|
|
|
|
Name : |
Mr. Sivaraman Narayanaswami |
|
Designation : |
Director |
|
Address : |
Flat No. 43, Kalpataru Residency, Tower A, Near Cine Planet, Sion (East), Mumbai - 400022, Maharashtra, India |
|
Date of Birth/Age : |
12.04.1958 |
|
Date of Appointment : |
16.3.2006 |
|
DIN No.: |
00001747 |
|
|
|
|
Name : |
Mr. Raghavan Sadagopan |
|
Designation : |
Director |
|
Address : |
Flat No.302, Emerald Green Apartments, 108, 6th Main, 8th Cross, Malleswaran, Bangalore - 560003, Karnataka, India |
|
Date of Birth/Age : |
25.03.1946 |
|
Date of Appointment : |
04.05.2006 |
|
DIN No.: |
00002647 |
|
|
|
|
Name : |
Mr. Narayanan Subramaniam |
|
Designation : |
Director |
|
Address : |
Flat No. 1309 A, Beverly Park Ii, Mehrauli Gurgaon Road, DLF Phase Ii, Gurgaon - 122002, Haryana, India |
|
Date of Birth/Age : |
02.08.1961 |
|
Date of Appointment : |
25.09.2010 |
|
DIN No.: |
00166621 |
|
|
|
|
Name : |
Mr. Mannil Venugopalan |
|
Designation : |
Director |
|
Address : |
Mannil House, House No. 17/229, Thalakkolly Desom, Ernakulam Aluva - 683102, Kerala, India |
|
Date of Birth/Age : |
23.04.1945 |
|
Date of Appointment : |
2709.2013 |
|
DIN No.: |
00255575 |
|
|
|
|
Name : |
Mr. Rajani Rajiv Gupte |
|
Designation : |
Director |
|
Address : |
10, Dream Residency, 128, Anand Park, Aundh, Pune, 411007, Maharashtra, India |
|
Date of Appointment : |
2003.2015 |
|
DIN No.: |
03172965 |
|
|
|
|
Name : |
Mr. Pradeep Vasudeo Bhide |
|
Designation : |
Director |
|
Address : |
D - 1/48 ,( First Floor ), Vasant Vihar, New Delhi - 110057, India |
|
Date of Birth/Age : |
08.01.1950 |
|
Date of Appointment : |
25.10.2010 |
|
DIN No.: |
03304262 |
|
|
|
|
Name : |
Mr. Dinanath Mohandas Dubhashi |
|
Designation : |
Managing Director |
|
Address : |
Flat No B1003, 10th Floor, Hiranandani Gardens, Avalon, Powai Mumbai, 400076, Maharashtra, India |
|
Date of Birth/Age : |
31.05.1966 |
|
Date of Appointment : |
22.07.2013 |
|
DIN No.: |
03545900 |
|
|
|
|
Name : |
Mr. Raman Shankar Ramamurthi |
|
Designation : |
Director |
|
Address : |
Flat No.123, 12th Floor, Kalpataru Royale, Plot No.110, Road No.29, Sion (East), Mubai – 400022, Maharashtra, India |
|
Date of Appointment : |
20.12.1958 |
|
DIN No.: |
25.04.2003 |
KEY EXECUTIVES
|
Name : |
Mr. Ruchir Vijay Shah |
|
Designation : |
Chief Executive Officer |
|
Address : |
A/501 Nirmal Apartments, 55 Shankar Lane, Opposite Shankar Temple, Kandivali (West), Mumbai - 400067, Maharashtra, India |
|
Date of Birth/Age : |
20.03.2015 |
|
PAN No.: |
AHHPS9122M |
|
|
|
|
Name : |
Mr. Kailash Chunnilal Purohit |
|
Designation : |
Secretary |
|
Address : |
4/302, Sonam Garden CHS, Phase- Xi, New Golden Nest, Thane - 401105, Maharashtra, India |
|
Date of Appointment : |
20.01.2014 |
|
PAN No.: |
AQMPP4881G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
L&T Finance Holdings Limited, India |
|
238422269 |
|
|
|
|
|
Total |
|
238422269 |
As on 27.08.2015
|
Names of Allottee |
|
No. of Shares |
|
Kotak Mahindra Trustee Company Limited, India |
|
120 |
|
|
|
|
|
Total |
|
120 |
As on 12.11.2014
|
Names of Allottee |
|
No. of Shares |
|
CITI Corp Investment Bank Singapore Limited, India |
|
120 |
|
|
|
|
|
Total |
|
120 |
As on 08.09.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject operates mainly in the business segment of fund based financing activity. |
|
|
|
|
Products : |
Not Available |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
Note: Security: The Debentures are secured by way of first/second charge, having pari passu rights, as the case may be, on the Company’s specified immovable properties and specified Lease/Term Loan receivables. During the year, the Company has bought
back and extinguished NIL (Previous Year 45,195) nos. of debentures of Rs.1000
each aggregating to Rs. NIL (Previous Year Rs.45.195
Million). Apart from this, the Company has bought back and is holding 58,832
nos. (Previous Year 150,722 nos.) debentures of Rs. 1000
each aggregating to Rs.58.832 Million (Previous Year Rs.150.722
Million) as on March 31, 2014, pending extinguishment / re-issue of the same. Utilisation of Proceeds: The funds
raised through the above issues have been utilized for the Company’s financing
activities, repayment of existing loans and for its business operations
including capital expenditure and working capital requirements. Term loan from bank is secured by
hypothecation of specified lease/term loan receivables. |
|
Financial Institution: |
IDBI Trusteeship Services Limited, Asian Building Ground Floor, 17 R
Kamani Marg Ballard Estate, Mumbai - 400001, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
|
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Ravindra Annexe, 194, Churchgate Reclamation, Dinshaw Vachha Road,
Mumbai – 400002, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFS2967E |
|
|
|
|
Memberships : |
38332 |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Ultimate Holding Company: |
|
|
|
|
|
Holding Company: |
|
|
|
|
|
Fellow Subsidiary Companies: |
|
|
|
|
|
Fellow
Associates |
|
CAPITAL STRUCTURE
As on 08.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
Rs.10/- each |
Rs.20000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
238422269 |
Equity Shares |
Rs.10/- each |
Rs.2384.223
Million |
|
|
|
|
|
Reconciliation of the
number of shares outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
As at March 31, 2014 |
|
|
No. of Shares |
Rs. In Million |
|
|
Balance at the beginning of the period |
238422269 |
2384.223 |
|
Issued during the period - Capital infusion from Holding Company |
-- |
-- |
|
Balance at the end of
the year |
238422269 |
2384.223 |
Terms/rights attached
to equity shares
The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share.
Shares held by holding company
|
Equity Shares |
As at March 31, 2014 |
|
|
No. of Shares |
Rs. In Million |
|
|
L&T Finance Holdings Limited and it’s nominees(Equity Shares of Rs.10 each fully paid) |
238422269 |
2384.223 |
|
|
|
|
Details of shareholders
holding more than 5% shares in the Company
|
Equity Shares |
As at March 31, 2014 |
|
|
No. of Shares |
% holding |
|
|
Equity Shares of Rs. 10 each fully paid |
238422269 |
100% |
|
|
|
|
*Held by L&T Finance Holdings Limited (Holding company) and it’s nominee.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2384.223 |
2384.223 |
2384.223 |
|
(b) Reserves & Surplus |
19546.121 |
18704.686 |
17900.957 |
|
(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) |
21930.344 |
21088.909 |
20285.180 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
69635.163 |
61819.278 |
76403.603 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1593.575 |
1455.894 |
703.591 |
|
(d) long-term provisions |
220.510 |
188.600 |
181.661 |
|
Total
Non-current Liabilities (3) |
71449.248 |
63463.772 |
77288.855 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
27407.508 |
20108.840 |
12426.027 |
|
(b) Current
Maturities of Long term borrowings |
35861.950 |
36123.636 |
21093.686 |
|
(c) Trade payables |
1.206 |
1.295 |
7.077 |
|
(d) Other current liabilities |
8021.768 |
8178.847 |
6874.454 |
|
(e) Short-term provisions |
200.902 |
506.333 |
240.368 |
|
Total
Current Liabilities (4) |
71493.334 |
64918.951 |
40641.612 |
|
|
|
|
|
|
TOTAL |
164872.926 |
149471.632 |
138215.647 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3148.110 |
2751.264 |
4648.510 |
|
(ii) Intangible Assets |
109.494 |
54.931 |
54.985 |
|
(iii) Capital work-in-progress |
9.593 |
56.517 |
317.924 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1063.223 |
761.381 |
2091.864 |
|
(c) Deferred tax assets (net) |
847.440 |
407.380 |
378.930 |
|
(d) Long-term Loan and Advances |
352.687 |
608.535 |
996.366 |
|
|
91189.694 |
76913.752 |
69827.670 |
|
(e) Other Non-current assets |
140.254 |
364.453 |
159.837 |
|
Total
Non-Current Assets |
96860.495 |
81918.213 |
78476.086 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
968.083 |
|
(c) Trade receivables |
94.445 |
75.770 |
90.473 |
|
(d) Cash and cash equivalents |
2206.346 |
1057.873 |
946.277 |
|
(e)
Current maturities of long-term loans and advances
towards financing activities |
48995.494 |
45617.309 |
38619.888 |
|
(f) Short-term loans and
advances |
12490.367 |
17690.965 |
16662.311 |
|
(g) Other current assets |
4225.779 |
3111.502 |
2452.529 |
|
Total
Current Assets |
68012.431 |
67553.419 |
59739.561 |
|
|
|
|
|
|
TOTAL |
164872.926 |
149471.632 |
138215.647 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
21998.173 |
20471.966 |
17617.092 |
|
|
Other Income |
456.918 |
208.685 |
217.498 |
|
|
TOTAL
(A) |
22455.091 |
20680.651 |
17834.590 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits expense |
982.573 |
1019.903 |
964.378 |
|
|
Administration and Other expenses |
2712.092 |
2021.737 |
1769.161 |
|
|
Allowances and write offs |
2283.822 |
1876.387 |
1462.156 |
|
|
TOTAL
(B) |
5978.487 |
4918.027 |
4195.695 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
16476.604 |
15762.624 |
13638.895 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12729.206 |
12024.246 |
10100.558 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3747.398 |
3738.378 |
3538.337 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
699.592 |
604.292 |
588.606 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
3047.806 |
3134.086 |
2949.731 |
|
|
|
|
|
|
|
Less |
TAX (H) |
1035.540 |
1023.800 |
959.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
2012.266 |
2110.286 |
1990.131 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
5155.947 |
1752.518 |
2484.987 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Interim Dividend |
989.452 |
1001.374 |
262.264 |
|
|
Proposed final dividend |
0.000 |
102.522 |
0.000 |
|
|
Dividend Distribution Tax |
168.158 |
179.871 |
42.546 |
|
|
Transfer to General Reserve |
201.227 |
211.030 |
49.760 |
|
|
Transfer to Special Reserve U/S 45-IC of RBI Act, 1934 |
402.456 |
422.060 |
398.030 |
|
|
Transfer to Debenture Redemption Reserve |
343.400 |
(3210.000) |
1970.000 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
5063.520 |
5155.947 |
1752.518 |
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
8.44 |
8.85 |
8.42 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
35861.950 |
36123.636 |
21093.686 |
|
Cash generated from operations |
2110.030 |
3970.365 |
(20235.369) |
|
Net cash flow from operating activity |
(10904.852) |
(10900.369) |
(21682.825) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
9.15 |
10.31 |
11.30 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
74.90 |
77.00 |
77.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.25 |
4.39 |
4.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.15 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.43 |
3.88 |
4.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.95 |
1.04 |
1.47 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
2384.223 |
2384.223 |
2384.223 |
|
Reserves & Surplus |
17900.957 |
18704.686 |
19546.121 |
|
Net
worth |
20285.180 |
21088.909 |
21930.344 |
|
long-term borrowings |
76403.603 |
61819.278 |
69635.163 |
|
Short term borrowings |
12426.027 |
20108.840 |
27407.508 |
|
|
21093.686 |
36123.636 |
35861.950 |
|
Total
borrowings |
109923.316 |
118051.754 |
132904.621 |
|
Debt/Equity
ratio |
5.419 |
5.598 |
6.060 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
17617.092 |
20471.966 |
21998.173 |
|
|
|
16.205 |
7.455 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
17617.092 |
20471.966 |
21998.173 |
|
Profit |
1990.131 |
2110.286 |
2012.266 |
|
|
11.30% |
10.31% |
9.15% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
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 |
Yes |
|
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 |
CASE
DETAILS
Bench:-Bombay
|
Lodging No.:- |
ARBPL/26146/2015 |
Filing Date:- |
22/09/2015 |
Reg. No.:- |
ARP/58/2015 |
Reg. Date:- |
30/09/2015 |
|
Petitioner:- |
MANAS CONSTRUCTION- |
Respondent:- |
L & T FINANCE LIMITED |
|
Petn.Adv.:- |
JJ ASSOCIATES (I3206) |
||
|
District:- |
PARBHANI |
||
|
Bench:- |
SINGLE |
|
|
|
Status:- |
Pre-Admission |
||
|
Next Date:- |
29/10/2015 |
Stage:- |
FOR CIRCULATION [CIVIL SIDE] |
|
Coram:- |
HON'BLE SMT. JUSTICE R.P. SONDURALDOTA |
|
|
|
Last Date:- |
08/10/2015 |
Stage:- |
FOR CIRCULATION [CIVIL SIDE] |
|
Last Coram:- |
HON'BLE SMT. JUSTICE R.P. SONDURALDOTA |
|
|
|
Act :- |
Arbitration and Conciliation Act 1996 |
PERFORMANCE OF THE COMPANY
The Company has, during the year, decided to strategically exit the car financing business (now carried out through a fellow subsidiary) to focus on the B2B segment. Consequently, the financial data for the 2 years is not fully comparable.
The Company has achieved enhanced business performance during the year under review, in comparison to the year ended March 31, 2013, in spite of the challenging economic environment and slowdown in several sectors. Gross portfolio assets recorded 9.29% growth from Rs.143494.223 Million as at March 2013, to Rs.156831.766 Million as at March 2014.
Income from operations has grown from Rs.20471.966 Million in the year ended March 31, 2013 to Rs.21998.173 Million in the year, an increase of 7.46%. Total income has also grown 8.58% from Rs.20680.651 Million to Rs.22455.091 Million in the same period.
Profitability was lower, due to higher provisioning in construction equipment, commercial vehicles and corporate lending businesses.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Redeemable non-convertible debentures |
4000.000 |
3500.000 |
|
Term loans From banks |
20000.000 |
21000.000 |
|
Term loans Perpetual debt |
2000.000 |
2000.000 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Term loans From banks |
0.000 |
1000.000 |
|
Term loans bank overdraft |
0.000 |
397.116 |
|
Working Capital Demand Loan |
2200.000 |
0.000 |
|
Commercial papers |
20050.000 |
15099.500 |
|
Less: Unexpired discounting charge |
(376.992) |
(262.703) |
|
Inter corporate borrowings |
495.500 |
1874.927 |
|
|
|
|
|
Total |
48368.508 |
44608.840 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10595441 |
28/09/2015 |
1,000,000,000.00 |
Oriental Bank of
Commerce |
Large Corporate
Branch at no. 63, Dr. Radhakrishna, Mylapore, Chennai, Tamil Nadu - 600004,
INDIA |
C66481714 |
|
2 |
10590410 |
27/08/2015 |
300,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
Asian Building Ground
Floor, 17 R Kamani Marg Ballard Estate, Mumbai, Maharashtra - 400001, INDIA |
C63381719 |
|
3 |
10590409 |
19/08/2015 |
730,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
Asian Building Ground
Floor, 17 R Kamani Marg Ballard Estate, Mumbai, Maharashtra - 400001, INDIA |
C63379713 |
|
4 |
10582123 |
20/08/2015 * |
1,560,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
Asian Building Ground
Floor, 17 R Kamani Marg Ballard Estate, Mumbai, Maharashtra - 400001, INDIA |
C63542591 |
|
5 |
10578506 |
20/08/2015 * |
2,192,500,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
Asian Building Ground
Floor, 17 R Kamani Marg Ballard Estate, Mumbai, Maharashtra - 400001, INDIA |
C64142177 |
|
6 |
10577168 |
20/08/2015 * |
562,500,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
Asian Building Ground
Floor, 17 R Kamani Marg Ballard Estate, Mumbai, Maharashtra - 400001, INDIA |
C63541023 |
|
7 |
10577167 |
20/08/2015 * |
1,340,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
Asian Building Ground
Floor, 17 R Kamani Marg Ballard Estate, Mumbai, Maharashtra - 400001, INDIA |
C63987812 |
|
8 |
10573968 |
10/06/2015 * |
605,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
Asian Building Ground
Floor, 17 R Kamani Marg Ballard Estate, Mumbai, Maharashtra - 400001, INDIA |
C57205924 |
|
9 |
10573967 |
10/06/2015 * |
1,835,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
Asian Building Ground
Floor, 17 R Kamani Marg Ballard Estate, Mumbai, Maharashtra - 400001, INDIA |
C57287377 |
|
10 |
10573338 |
10/06/2015 * |
1,375,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
Asian Building Ground
Floor, 17 R Kamani Marg Ballard Estate, Mumbai, Maharashtra - 400001, INDIA |
C57204661 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
Claim against the Company not acknowledged as debt: |
|
|
|
- Income Tax matter in dispute |
968.466 |
908.347 |
|
- Sales tax/ VAT / Service Tax matter in dispute |
86.904 |
89.634 |
|
- Legal matter in dispute |
6.760 |
12.106 |
|
Bank Guarantees |
20.000 |
23.769 |
|
Other money for which the Company is contingently liable Liability towards Letter of Credit |
3105.014 |
2460.462 |
FIXED ASSETS
- Buildings
- Office equipment
- Furniture and fixtures
- Leasehold renovation
- Computers
- Plant and machinery
- Office equipment
- Furniture and fixtures
- Motor cars
- Vehicles
- Computers
- Specialised software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.02 |
|
|
1 |
Rs.99.88 |
|
Euro |
1 |
Rs.73.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
AMT |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
71 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.