|
|
|
MIRA INFORM REPORT
|
Report No. : |
512616 |
|
Report Date : |
01.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
LARSEN AND TOUBRO LIMITED |
|
|
|
|
Registered
Office : |
L and T House,
Ballard Estate, P. O. Box: 278, Mumbai – 400001, Maharashtra |
|
Tel No.: |
91-22-67525656 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2018 |
|
|
|
|
Date of
Incorporation : |
07.02.1946 |
|
|
|
|
Com. Reg. No.: |
11-004768 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 2802.700 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1946PLC004768 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0388024011 |
|
|
|
|
TIN No.: |
27850300132 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL0140P |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAACL0140P1ZJ |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in following business segment · Manufacture of electric motors, generators, transformers and electricity distribution and control apparatus · Manufacture of parts and accessories for machinery / equipment used by construction and mining industries · Building of commercial vessels, passenger vessels, ferry boats, cargo ships, tankers, tugs, hovercraft (except recreation type hovercraft), etc. · Building of warships and scientific investigation ships, etc. · Construction of floating or submersible drilling platforms · Construction of buildings carried out on own-account basis or on a fee or contract basis · Construction and maintenance of motorways, streets, roads, other vehicular and pedestrian ways, highways, bridges, tunnels and subways. · Construction and maintenance of railways and rail-bridges · Construction and maintenance of power plants · Construction / erection and maintenance of power, telecommunication and transmission lines · Construction and maintenance of industrial facilities such as refineries, chemical plants, etc. · Wholesale of construction and civil engineering machinery and equipment · Real estate activities with own or leased property · Architectural and engineering activities and related technical consultancy. (Registered Activity) |
|
|
|
|
No. of Employees
: (As on 2018) |
41466 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A++ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Larsen & Toubro Limited, commonly known as L&T, is
the largest Indian multi-national company headquartered in Mumbai,
Maharashtra, India. The company was incorporated in the year 1946. It is a
manufacturer of Electric Motors, Generators, Transformers, and Electricity
distribution and Control Apparatus.
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term : AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest credit risk |
|
Date |
07.12.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term : A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
07.12.2017 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 01.06.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
Management non-cooperative (Tel No.: 91-22-67525656)
LOCATIONS
|
Registered/ Head Office : |
L and T House, Ballard Estate, P. O. Box: 278, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-67525656 |
|
Fax No.: |
91-22- 67525893 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office: |
Mount Poonamallee Road, Manapakkam, P.B.No.979, Chennai – 600 089, Tamilnadu, India |
|
|
|
|
Corporate Office 1: |
9th Floor, Ambadeep Building, 14, Kasturba Gandhi Marg, New Delhi-110001, India |
|
|
|
|
Corporate Office 2: |
C3-C7, Triton
Square, 4th floor, Thiru. Vi. Ka. Industrial Estate, Guindy, Chennai 600032,
Tamilnadu, India |
|
|
|
|
Corporate Office 3/Plant 1: |
Heavy Engineering, IC NB-1, 3rd Floor, Gate No. 1, Powai, Saki Vihar Road, Mumbai – 400072, Maharashtra, India |
|
|
|
|
Corporate Office 4: |
12th
Floor, Tower 2, Block P, Godrej Water Side Building, Sector-V, Salt Lake City,
Kolkata-700091, West Bengal, India |
|
|
|
|
Electrical &
Automation Corporate: |
TC-2, B Wing, 7th Floor, Gate No.5, Saki Vihar Road, Powai, Mumbai-400072, Maharashtra, India |
|
|
|
|
Defence Division: |
(L&T Heavy Engineering) Strategic Systems Complex, A5,7,10&11, MIDC Talegaon, Pune - 410 507, Maharashtra, India |
|
|
|
|
Aerospace Division:
|
(L&T Heavy Engineering) G4 Building, Second Floor, Gate No. 1, Powai Campus, Saki Vihar Road, Mumbai - 400 072, Maharashtra, India |
|
|
|
|
Area Office: |
TC1 Building, 2nd
Floor, Mount Poonamalle Road, Manapakkam Chennai- 600089, Tamilnadu, India |
|
|
|
|
Delhi office: |
No. 32, Near Moti Nagar, Shivaji Marg, New Delhi - 110015, India |
|
|
|
|
Plant: |
Also Located at: · Ahmednagar · Ankleshwar · Bangalore · Chennai · Coimbatore · Faridabad · Hazira · Kattupalli · Kanchipuram · Mumbai · Navi Mumbai · Mysuru · Pithampur · Puducherry · Rajpura · Kansbahal · Talegaon · Vadodara |
|
|
|
|
Overseas Plant: |
Located at: · Oman · Saudi Arabia · United Arab Emirates · South East Asia (Malaysia and Indonesia) · United Kingdom |
|
|
|
|
Area Offices: |
Located at: · Ahmedabad · Chandigarh · New Delhi · Hyderabad · Nagpur · Bangalore · Chennai · Kolkata · Pune |
|
|
|
|
Branch Offices: |
Located at: · Bhopal · Bhubaneswar · Coimbatore · Vadodara · Jaipur · Jamshedpur · Kochi · Lucknow |
DIRECTORS
AS ON 2018
|
Name : |
Mr. Sekharipuram Narayanan Subrahmanyan |
|
Designation : |
Whole Time Director |
|
Address : |
E-116, 16th Cross Street, Besant Nagar, Chennai – 600090, Tamilnadu, India |
|
Date of Appointment : |
01.10.2015 |
|
DIN No.: |
02255382 |
|
|
|
|
Name : |
Mr. Jayant Damodar Patil |
|
Designation : |
Whole Time Director |
|
Address : |
2702, Torino Cliff Avenue, Hiranandani Gardens, Mumbai -400076, Maharashtra, India |
|
Date of Appointment : |
01.07.2017 |
|
DIN No.: |
01252184 |
|
|
|
|
Name : |
Mr. Ramamurthi Shankar Raman |
|
Designation : |
Whole Time Director |
|
Address : |
Room No. 123, 12th Floor, Kalpataru Royale, Plot No.110, Road No. 29, Sion (East), Mumbai – 400022, Maharashtra, India |
|
Date of Appointment : |
01.10.2011 |
|
DIN No.: |
00019798 |
|
|
|
|
Name : |
Mr. Shailendra Roy Narain |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No. 603/604, Kalpana, Opposite Ramakrishna Mission Hospital, 11th Road, Khar (West), Mumbai – 400052, Maharashtra, India |
|
Date of Appointment : |
09.03.2012 |
|
DIN No.: |
02144836 |
|
|
|
|
Name : |
Mr. Dip Kishore Sen |
|
Designation : |
Whole Time Director |
|
Address : |
501, Vasundhara, Janki Kutir Society, Juhu Tara Road, Santacruz (West), Mumbai – 400049, Maharashtra, India |
|
Date of Appointment : |
01.10.2015 |
|
DIN No.: |
03554707 |
|
|
|
|
Name : |
Mr. Venkata Rao Satish Maddur |
|
Designation : |
Whole Time Director |
|
Address : |
Ecc Apartments, II Floor, 36-C, North Boag Road, T. Nagar, Chennai – 600017, Tamilnadu, India |
|
Date of Appointment : |
29.01.2016 |
|
DIN No.: |
|
|
|
|
|
Name : |
Mr. Narayanan Kumar |
|
Designation : |
Director |
|
Address : |
1, George Avenue, Chennai – 600018, Tamilnadu, India |
|
Date of Appointment : |
27.05.2016 |
|
DIN No.: |
00007848 |
|
|
|
|
Name : |
Mr. Anilkumar Manibhai Naik |
|
Designation : |
Director |
|
Address : |
High Trees, 54 Pali Hill, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Appointment : |
23.11.1989 |
|
DIN No.: |
00001514 |
|
|
|
|
Name : |
Naina Kidwai Lal |
|
Designation : |
Director |
|
Address : |
Mustail-29, Killa No 13, Opposite Dig Farm Village, Jaunapur, Mehrauli, New Delhi – 110047, India |
|
Date of Appointment : |
01.03.2016 |
|
DIN No.: |
00017806 |
|
|
|
|
Name : |
Mr. Sanjeev Aga |
|
Designation : |
Director |
|
Address : |
1301, Kavita Kunj Co-Operative Hosuing Society Limited, Satguru Sanskar, Plot No 19, TPS IV, 3rd Road, Near Almeida Park, Ban, Mumbai – 400050, Maharashtra, India |
|
Date of Appointment : |
25.05.2016 |
|
DIN No.: |
00022065 |
|
|
|
|
Name : |
Mr. Subodh Kumar Bhargava |
|
Designation : |
Director |
|
Address : |
A-15/1 DLF Phase-I, Gurugram – 122002, Haryana, India |
|
Date of Appointment : |
03.07.2007 |
|
DIN No.: |
00035672 |
|
|
|
|
Name : |
Mr. Vikram Singh Mehta |
|
Designation : |
Director |
|
Address : |
18, Friends Colony West, New Delhi – 110065, India |
|
Date of Appointment : |
22.10.2012 |
|
DIN No.: |
00041197 |
|
|
|
|
Name : |
Mr. Mukund Manohar Chitale |
|
Designation : |
Director |
|
Address : |
4/46, Vishnuprasad Society, Shahaji Raje Marg, Vile Parle (East), Mumbai – 400057, Maharashtra, India |
|
Date of Appointment : |
06.07.2004 |
|
DIN No.: |
00101004 |
|
|
|
|
Name : |
Mr. Thomas Mathew Thumpeparambil |
|
Designation : |
Director |
|
Address : |
A-1, Jeevan Jyot, Setalwad Lane Nepean Sea Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth / Age : |
03.06.1953 |
|
Date of Appointment : |
03.04.2015 |
|
DIN No.: |
00130282 |
|
|
|
|
Name : |
Mr. Akhilesh Krishna Gupta |
|
Designation : |
Director |
|
Address : |
4403, South Tower The Imperial, Bb Nakashe Marg, Tardeo, Mumbai – 400034, Maharashtra, India |
|
Date of Appointment : |
09.09.2014 |
|
DIN No.: |
00359325 |
|
|
|
|
Name : |
Mr. Subramanian Sudarsanam Sarma |
|
Designation : |
Director |
|
Address : |
Apartment No. 505, Building No. 5, Marina Residence, Palm Jumeirah Dubai 000000, AE |
|
Date of Appointment : |
19.08.2015 |
|
DIN No.: |
00554221 |
|
|
|
|
Name : |
Mr. Ajay Shankar |
|
Designation : |
Director |
|
Address : |
C-II / 16, Bapa Nagar, New Delhi – 110003, India |
|
Date of Birth / Age : |
26.12.1949 |
|
Date of Appointment : |
30.05.2015 |
|
DIN No.: |
01800443 |
|
|
|
|
Name : |
Meleveetil Damodaran |
|
Designation : |
Director |
|
Address : |
D-8/3, D-Block, Vasant Vihar, New Delhi – 110057, India |
|
Date of Appointment : |
22.10.2012 |
|
DIN No.: |
02106990 |
|
|
|
|
Name : |
Ms. Sunita Sharma |
|
Designation : |
Director |
|
Address : |
3/301, Millenium Apartment Plot -2, Dwarka, Sector -9, Delhi – 110077, India |
|
Date of Appointment : |
01.04.2015 |
|
DIN No.: |
02949529 |
|
|
|
|
Name : |
Adil Zainulbhai |
|
Designation : |
Director |
|
Address : |
The Imperial Apartment, Flat No 4701, B B Nakashe Marg, Tardeo, Mumbai – 400034, Maharashtra, India |
|
Date of Appointment : |
30.05.2014 |
|
DIN No.: |
06646490 |
|
|
|
|
Name : |
Mr. Arvind Gupta |
|
Designation : |
Additional Director |
|
Address : |
26, Jor Bagh, New Delhi -110003, Delhi, India |
|
Date of Appointment : |
01.07.2017 |
|
DIN No.: |
00090360 |
KEY EXECUTIVES
|
Name : |
Mr. Hariharan Narayanaswamy |
|
Designation : |
Company Secretary |
|
Address : |
1505/1506, Sparkle City Of Joy, Station Road, Mulund (West), Mumbai – 400080, Maharashtra, India |
|
Date of Appointment : |
05.04.2005 |
|
PAN No.: |
AAGPN5004P |
MAJOR
SHAREHOLDERS / SHAREHOLDING PATTERN
As on March, 2018
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated as per SCRR,
1957)As a % |
|
|
(A) Promoter & Promoter Group |
|
||
|
(B) Public |
1371726411 |
100.00 |
|
|
(C1) Shares underlying DRs |
29643045 |
0.00 |
|
|
(C) Non Promoter-Non Public |
29643045 |
0.00 |
|
|
Grand Total |
1401369456 |
100.00 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957 As a % |
|
|
B1) Institutions |
|
|
|
|
Mutual Funds/ |
202345408 |
14.75 |
|
|
ICICI PRUDENTIAL TOP 100 FUND |
28612818 |
2.09 |
|
|
HDFC TRUSTEE COMPANY LIMITED |
56649372 |
4.13 |
|
|
RELIANCE EMERGENT INDIA FUND |
14776397 |
1.08 |
|
|
SBI DUAL ADVANTAGE FUND SERIES IX |
20499688 |
1.49 |
|
|
Alternate Investment Funds |
1730 |
0.00 |
|
|
Foreign Portfolio Investors |
258141851 |
18.82 |
|
|
NOMURA INDIA INVESTMENT FUND MOTHER FUND |
14377891 |
1.05 |
|
|
Financial Institutions/ Banks |
37029634 |
2.70 |
|
|
ADMINISTRATOR OF THE SPECIFIED UNDERTAKING
OF THE UNIT TRUST OF INDIA |
35257393 |
2.57 |
|
|
Insurance Companies |
297216179 |
21.67 |
|
|
GENERAL INSURANCE CORPORATION OF INDIA |
24700000 |
1.80 |
|
|
LIFE INSURANCE CORPORATION OF INDIA |
246352777 |
17.96 |
|
|
Sub Total B1 |
794734802 |
57.94 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0.00 |
||
|
Central Government/ State Government(s)/
President of India |
3077602 |
0.22 |
|
|
Sub Total B2 |
3077602 |
0.22 |
|
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200
million |
265271777 |
19.34 |
|
|
Individual share capital in excess of INR
0.200 million |
29385457 |
2.14 |
|
|
NBFCs registered with RBI |
147990 |
0.01 |
|
|
Employee Trusts |
172128421 |
12.55 |
|
|
Any Other (specify) |
106980362 |
7.80 |
|
|
BANKS |
902608 |
0.07 |
|
|
Clearing Members |
1554477 |
0.11 |
|
|
FOREIGN BODIES CORPORATES |
35146 |
0.00 |
|
|
FOREIGN BODIES-DR |
953 |
0.00 |
|
|
Foreign Nationals |
568878 |
0.04 |
|
|
IEPF |
1288543 |
0.09 |
|
|
Bodies Corporate |
89908301 |
6.55 |
|
|
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD |
25773363 |
1.88 |
|
|
NON RESIDENT COMPANIES |
3260 |
0.00 |
|
|
Non-Resident Indian (NRI) |
12713629 |
0.93 |
|
|
Overseas Corporate Bodies |
4567 |
0.00 |
|
|
Sub Total B3 |
573914007 |
41.84 |
|
|
B=B1+B2+B3 |
1371726411 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in following business segment · Manufacture of electric motors, generators, transformers and electricity distribution and control apparatus · Manufacture of parts and accessories for machinery / equipment used by construction and mining industries · Building of commercial vessels, passenger vessels, ferry boats, cargo ships, tankers, tugs, hovercraft (except recreation type hovercraft), etc. · Building of warships and scientific investigation ships, etc. · Construction of floating or submersible drilling platforms · Construction of buildings carried out on own-account basis or on a fee or contract basis · Construction and maintenance of motorways, streets, roads, other vehicular and pedestrian ways, highways, bridges, tunnels and subways. · Construction and maintenance of railways and rail-bridges · Construction and maintenance of power plants · Construction / erection and maintenance of power, telecommunication and transmission lines · Construction and maintenance of industrial facilities such as refineries, chemical plants, etc. · Wholesale of construction and civil engineering machinery and equipment · Real estate activities with own or leased property · Architectural and engineering activities and related technical consultancy. (Registered Activity) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Products / Services
: |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Brand Names : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Agencies Held : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Exports : |
Not Divulged |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Imports : |
Not Divulged |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees
: (As on 2017) |
41466 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors 1: |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address: |
Ravindra Annexe, 194, Churchgate Reclamation, Dinshaw Vachha Road,
Mumbai - 400020, Maharashtra, India |
|
|
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address: |
Indiabulls, Finance Centre, Tower 3, 27th – 32nd
Floor, Senapati Bapat Marg, Elphinstone Road, Elphinstone (West), Mumbai –
400013, Maharashtra, India |
|
|
|
|
Other Related
Parties: |
1 L&T Cutting Tools Limited Wholly owned subsidiary 2 Bhilai Power Supply Company Limited Subsidiary 3 Spectrum Infotech Private Limited Wholly owned subsidiary 4 L&T-Valdel Engineering Limited %% Wholly owned subsidiary of L&T Hydrocarbon Engineering Limited 5 L&T Shipbuilding Limited Subsidiary 6 L&T Electricals and Automation Limited Wholly owned subsidiary 7 Hi-Tech Rock Products & Aggregates Limited Wholly owned subsidiary 8 L&T Seawoods Limited Wholly owned subsidiary 9 Kesun Iron and Steel Company Private Limited Subsidiary 10 L&T Infocity Limited** Subsidiary 11 L&T Hitech City Limited** Subsidiary of L&T Infocity Limited 12 Hyderabad International Trade Expositions Limited** Subsidiary of L&T Infocity Limited 13 EWAC Alloys Limited Wholly owned subsidiary 14 L&T Geostructure LLP Subsidiary 15 L&T Valves Limited Wholly owned subsidiary 16 L&T Realty Limited Wholly owned subsidiary 17 L&T Asian Realty Project LLP Subsidiary of L&T Realty Limited 18 L&T Parel Project LLP Subsidiary of L&T Realty Limited 19 Chennai Vision Developers Private Limited Wholly owned subsidiary of L&T Realty Limited 20 L&T South City Projects Limited % Subsidiary of L&T Realty Limited 21 L&T Vision Ventures Limited Subsidiary of L&T Realty Limited 22 L&T Power Limited Subsidiary 23 CSJ Infrastructure Private Limited* Wholly owned subsidiary of L&T Realty Limited 24 L&T Cassidian Limited Subsidiary 25 Consumer Financial Services Limited %%% Wholly owned subsidiary of L&T Housing Finance Limited 26 L&T General Insurance Company Limited*** Wholly owned subsidiary 27 L&T Aviation Services Private Limited Wholly owned subsidiary 28 Larsen & Toubro Infotech Limited Subsidiary 29 GDA Techlogies Limited @@@ Wholly owned subsidiary of Larsen & Toubro Infotech Limited 30 L&T Finance Holdings Limited Subsidiary 31 L&T Housing Finance Limited Wholly owned subsidiary of L&T Finance Holdings Limited 32 L&T Infra Investment Partners # Subsidiary of L&T Infrastructure Finance Company Limited 33 L&T Finance Limited (formerly kwn as Family Credit Limited) Wholly owned subsidiary of L&T Finance Holdings Limited 34 L&T Finance Limited ~ Wholly owned subsidiary 35 L&T Capital Markets Limited Wholly owned subsidiary 36 L&T Investment Management Limited Wholly owned subsidiary of L&T Finance Holdings Limited 37 L&T Mutual Fund Trustee Limited Wholly owned subsidiary of L&T Finance Holdings Limited 38 L&T FinCorp Limited ~ Wholly owned subsidiary of L&T Finance Holdings Limited 39 L&T Infrastructure Finance Company Limited Wholly owned subsidiary of L&T Finance Holdings Limited 40 L&T Infra Debt Fund Limited Wholly owned subsidiary of L&T Finance Holdings Limited 41 L&T Infra Investment Partners Advisory Private Limited Wholly owned subsidiary of L&T Infrastructure Finance Company Limited 42 L&T Infra Investment Partners Trustee Private Limited Wholly owned subsidiary of L&T Infrastructure Finance Company Limited 43 L&T Financial Consultants Limited (formerly kwn as L&T Vrindavan Properties Limited) Wholly owned subsidiary of L&T Finance Holdings Limited 44 L&T Access Distribution Services Limited Wholly owned subsidiary of L&T Finance Holdings Limited 45 Mudit Cement Private Limited Wholly owned subsidiary of L&T Financial Consultants Limited (formerly kwn as L&T Vrindavan Properties Limited) 46 L&T Capital Company Limited Wholly owned subsidiary 47 L&T Trustee Company Private Limited Wholly owned subsidiary of L&T Capital Company Limited 48 L&T Power Development Limited Wholly owned subsidiary 49 L&T Uttaranchal Hydropower Limited Wholly owned subsidiary of L&T Power Development Limited 50 L&T Arunachal Hydropower Limited Wholly owned subsidiary of L&T Power Development Limited 51 L&T Himachal Hydropower Limited Wholly owned subsidiary of L&T Power Development Limited 52 Nabha Power Limited Wholly owned subsidiary of L&T Power Development Limited 53 L&T Metro Rail (Hyderabad) Limited Wholly owned subsidiary 54 L&T Techlogy Services Limited Subsidiary 55 L&T Construction Equipment Limited Wholly owned subsidiary 56 L&T Infrastructure Engineering Limited Wholly owned subsidiary 57 L&T Thales Techlogy Services Private Limited Subsidiary of L&T Techlogy Services Limited 58 L&T Hydrocarbon Engineering Limited Wholly owned subsidiary 59 Sahibganj Ganges Bridge-Company Private Limited^ Wholly owned subsidiary of L&T Capital Limited 60 Seawoods Retail Private Limited^^ Wholly owned subsidiary 61 Seawoods Realty Private Limited^^^ Wholly owned subsidiary 62 Marine Infrastructure Developer Private Limited Subsidiary 63 AugmentIQ Data Sciences Private Limited ## Subsidiary of L&T Infotech Limited 64 L&T Infra Contractors Private Limited ### Wholly owned subsidiary of L&T Capital Limited 65 Larsen & Toubro LLC Subsidiary 66 Larsen & Toubro Infotech, GmbH Wholly owned subsidiary of Larsen & Toubro Infotech Limited 67 Larsen & Toubro Infotech Canada Limited Wholly owned subsidiary of Larsen & Toubro Infotech Limited 68 Larsen & Toubro Infotech LLC Wholly owned subsidiary of Larsen & Toubro Infotech Limited 69 L&T Infotech Financial Services Techlogies Inc. Wholly owned subsidiary of Larsen & Toubro Infotech Limited 70 Larsen & Toubro Infotech South Africa (PTY) Limited Subsidiary of Larsen & Toubro Infotech Limited 71 L&T Information Techlogy Services (Shanghai) Co. Ltd. Subsidiary 72 L&T Realty FZE Wholly owned subsidiary of L&T Realty Limited 73 Larsen & Toubro International FZE Wholly owned subsidiary of L&T Global Holdings Limited 74 Larsen & Toubro Hydrocarbon International Limited LLC Subsidiary 75 Thalest Limited Wholly owned subsidiary of Larsen & Toubro International FZE 76 Servowatch Systems Limited Wholly owned subsidiary of Thalest Limited 77 Larsen & Toubro (Oman) LLC Subsidiary of Larsen & Toubro International FZE 78 L&T Modular Fabrication Yard LLC Subsidiary of Larsen & Toubro International FZE 79 Larsen & Toubro (East Asia) SDN. BHD Subsidiary 80 Larsen & Toubro Qatar LLC Subsidiary of Larsen & Toubro International FZE 81 L&T Overseas Projects Nigeria Limited Wholly owned subsidiary of Larsen & Toubro International FZE 82 PT Larsen & Toubro Hydrocarbon Engineering Indonesia Subsidiary of Larsen & Toubro International FZE 83 L&T Electricals & Automation Saudi Arabia Company Limited LLC Subsidiary of Larsen & Toubro International FZE 84 Larsen & Toubro Kuwait Construction General Contracting Company WLL Subsidiary of Larsen & Toubro International FZE 85 Larsen & Toubro Readymix & Asphalt Concrete Industries LLC Subsidiary of Larsen & Toubro International FZE 86 Larsen & Toubro (Saudi Arabia) LLC Subsidiary 87 Larsen Toubro Arabia LLC Subsidiary 88 Larsen & Toubro ATCO Saudia LLC Subsidiary of Larsen & Toubro International FZE 89 Tamco Switchgear (Malaysia) SDN. BHD Wholly owned subsidiary of Larsen & Toubro International FZE 90 Henikwon Corporation SDN. BHD Wholly owned subsidiary of Tamco Switchgear (Malaysia) SDN. BHD 91 Larsen & Toubro Consultoria E Projeto Ltda @ Subsidiary of Larsen & Toubro International FZE 92 Larsen & Toubro (Qingdao) Rubber Machinery Company Limited @@ Wholly owned subsidiary of Larsen & Toubro International FZE 93 Tamco Electrical Industries Australia Pty Ltd. Wholly owned subsidiary of Larsen & Toubro International FZE 94 PT Tamco Indonesia Subsidiary of Larsen & Toubro International FZE 95 Larsen & Toubro Heavy Engineering LLC Subsidiary of Larsen & Toubro International FZE 96 L&T Electrical & Automation FZE Wholly owned subsidiary of Larsen & Toubro International FZE 97 Kana Controls General Trading & Contracting Company WLL Subsidiary of L&T Electrical & Automation FZE 98 Larsen & Toubro T&D SA (Proprietary) Limited Subsidiary of Larsen & Toubro International FZE 99 L&T Techlogy Services LLC Wholly owned subsidiary of L&T Techlogy Services Limited 100 L&T Infotech Austria GmbH Wholly owned subsidiary of Larsen & Toubro Infotech Limited 101 L&T Global Holdings Limited Wholly owned subsidiary 102 L&T Information Techlogy Spain SL Wholly owned subsidiary of Larsen & Toubro Infotech Limited 103 L&T Natural Resource Limited %%%% Wholly owned subsidiary of L&T Capital Company Limited 104 L&T Solar Limited %%%% Wholly owned subsidiary of L&T Capital Company Limited 105 L&T Powergen Limited %%%% Wholly owned subsidiary of L&T Capital Company Limited Note: * The Company through its subsidiary has sold its stake on November 16, 2015 ** The Company through its subsidiary has sold its stake on March 31, 2016 *** The Company has sold its stake on September 9, 2016 @ The Company is dissolved on November 6, 2015 @@ The Company is dissolved on June 9, 2015 @@@ The Company is merged with Larsen & Toubro Infotech Limited w.e.f. April 1, 2016 ~ The Company is merged with Family Credit Limited (subsequently renamed as L&T Finance Limited) w.e.f. April 1, 2016 ^ The Company is incorporated on July 14, 2016 ^^ The Company is incorporated on September 2, 2016 ^^^ The Company is incorporated on October 23, 2016 # The Fund is incorporated on August 22, 2013 ## The Company through its subsidiary acquired stake on November 30, 2016 ### The Company is incorporated on March 17, 2017 % The Company through its subsidiary has sold its stake on March 20, 2017 %% The Company is merged with L&T Hydrocarbon Engineering Limited w.e.f. April 1, 2016 %%% The Company is merged with L&T Housing Finance Limited w.e.f. April 1, 2015 %%%% Companies merged with L&T Capital Company Limited with effect from April 1, 2015 |
|
|
|
|
Associate
companies: |
1 L&T-Chiyoda Limited 2 Feedback Infra Private Limited 3 Salzer Electronics Limited* 4 JSK Electricals Private Limited # 5 Magtorq Private Limited Note: * The Company has sold its stake in July and August, 2015 # The Company has sold its stake on March 29, 2016 |
|
|
|
|
Joint ventures: |
1. Larsen & Toubro Electromech LLC 2. L&T-Sargent & Lundy Limited 3. L&T IDPL Trustee Manager Pte. Ltd. 4. L&T Chennai–Tada Tollway Limited 5. L&T BPP Tollway Limited 6. L&T Rajkot-Vadinar Tollway Limited 7. L&T Deccan Tollways Limited 8. L&T Samakhiali Gandhidham Tollway Limited 9. Kudgi Transmission Limited 10. L&T Sambalpur-Rourkela Tollway limited 11. L&T Infrastructure Development Projects Limited 12. Panipat Elevated Corridor Limited (formerly known as L&T Panipat Elevated Corridor Limited) 13. Krishnagiri Thopur Toll Road Limited (formerly known as L&T Krishnagiri Thopur Toll Road Limited) 14. Western Andhra Tollways Limited (formerly known as L&T Western Andhra Tollways Limited) 15. Vadodara Bharuch Tollway Limited (formerly known as L&T Vadodara Bharuch Tollway Limited) 16. L&T Transportation Infrastructure Limited 17. L&T Western India Tollbridge Limited 18. L&T Port Kachchigarh Limited 19. Ahmedabad-Maliya Tollway Limited (formerly known as L&T Ahmedabad-Maliya Tollway Limited) 20. L&T Halol-Shamlaji Tollway Limited 21. L&T Krishnagiri Walajahpet Tollway Limited 22. Devihalli Hassan Tollway Limited (formerly known as L&T Devihalli Hassan Tollway Limited) 23. L&T Howden Private Limited 24. L&T Sapura Shipping Private Limited 25. L&T Sapura Offshore Private Limited 26. L&T-Gulf Private Limited 27. L&T-MHPS Boilers Private Limited 28. L&T-MHPS Turbine Generators Private Limited 29. Raykal Aluminium Company Private Limited 30. L&T Special Steels and Heavy Forgings Private Limited 31. PNG Tollway Limited 32. L&T Kobelco Machinery Private Limited |
CAPITAL STRUCTURE
As on 31.03.2018
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : INR 2802.700
Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1625000000 |
Equity Shares |
INR 2/- each |
INR 3250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
932965803 |
Equity Shares |
INR 2 /- each |
INR 1865.900 Million |
|
|
|
|
|
Reconciliation of the
number of equity shares and share capital:
|
Particulars |
31.03.2017 |
|
|
|
Number of shares |
INR In Million |
|
Issued, subscribed and fully paid up equity shares outstanding at beginning of the year |
931478845 |
1863.000 |
|
Add: Shares issued on exercise of employee stock options during the year |
1486958 |
2.900 |
|
Issued, subscribed and fully paid up equity shares outstanding at the end of the year |
932965803 |
1865.900 |
Terms/rights attached
to equity shares:
The Company has only one class of share capital, i.e., equity shares having face value of v 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 |
31.03.2017 |
|
|
|
Number of shares |
Shareholding % |
|
Life Insurance Corporation of |
146424938 |
15.69 |
|
L and T Employees Welfare Foundation |
114752281 |
12.30 |
|
Administrator of
the Specified Undertaking of the Unit Trust of India |
61102860 |
6.55 |
Shares
reserved for issue under options outstanding as at the end of the year on
un-issued share capital:
|
Particulars |
31.03.2017 |
|
|
|
Number of equity shares
to be issued as fully paid |
INR In Million (At face value) |
|
Employee stock options granted and outstanding # |
4247360 |
8.500* |
|
0.675% 5 years & 1 day US$ denominated foreign currency convertible bonds (FCCB) ## |
6346986 |
12.700** |
Note:
* The equity shares will be issued at a premium of INR 1467.100 million
** The equity shares will be issued at a premium of INR 12151.300 million
on the exercise of options by the bond holders
# Note 17(h) for terms of employee stock option schemes
## Note 19(b) for terms of foreign currency convertible bonds
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES
OF FUNDS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2802.700 |
1865.900 |
1863.000 |
|
(b) Reserves & Surplus |
488939.800 |
458261.500 |
419490.100 |
|
(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) |
491742.500 |
460127.400 |
421353.100 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
54951.600 |
71342.800 |
83124.700 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1099.100 |
924.300 |
782.800 |
|
(d) long-term provisions |
4728.700 |
4706.800 |
3715.000 |
|
Total
Non-current Liabilities (3) |
60779.400 |
76973.900 |
87622.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
41295.700 |
23348.400 |
41759.800 |
|
(b) Current maturities of long
term borrowings |
9362.700 |
11115.900 |
14360.300 |
|
(c) Trade payables |
310971.100 |
240318.300 |
222159.200 |
|
(d) Other current liabilities |
230926.600 |
199162.800 |
199981.700 |
|
(e) Short-term provisions |
11022.200 |
10921.500 |
8972.900 |
|
Total
Current Liabilities (4) |
603578.300 |
484866.900 |
487233.900 |
|
|
|
|
|
|
TOTAL |
1156100.200 |
1021968.200 |
996209.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
62724.600 |
65228.500 |
71298.900 |
|
(ii) Intangible Assets |
1930.900 |
1250.400 |
1385.800 |
|
(iii) Capital work-in-progress |
4521.000 |
3025.300 |
2532.200 |
|
(iv) Intangible assets under
development |
2007.700 |
2012.500 |
1589.100 |
|
(b) Non-current Investments |
234692.400 |
201735.100 |
196347.600 |
|
(c) Deferred tax assets (net) |
4006.200 |
2852.200 |
1561.400 |
|
(d) Long-term Loan and Advances |
16841.300 |
17705.400 |
27975.200 |
|
(e) Cash and bank balances |
0.000 |
0.000 |
0.000 |
|
(f) Other Non-current assets |
33675.400 |
27230.000 |
22607.900 |
|
Total
Non-Current Assets |
360399.500 |
321039.400 |
325298.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
43449.800 |
69820.800 |
48033.200 |
|
(b) Inventories |
25000.400 |
17628.600 |
19551.100 |
|
(c) Trade receivables |
244542.400 |
199199.700 |
189677.500 |
|
(d) Cash and cash equivalents |
43178.700 |
22022.600 |
20758.300 |
|
(e) Short-term loans and
advances |
9923.400 |
19194.100 |
24322.600 |
|
(f) Other current assets |
425726.000 |
369183.000 |
368568.700 |
|
(g) Group of assets classified
as held for sale |
3880.000 |
3880.000 |
0.000 |
|
Total
Current Assets |
795700.700 |
700928.800 |
670911.400 |
|
|
|
|
|
|
TOTAL |
1156100.200 |
1021968.200 |
996209.500 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (Net) |
744625.500 |
657238.600 |
631772.600 |
|
|
|
Other Income |
18848.200 |
19718.500 |
23410.400 |
|
|
|
TOTAL |
763473.700 |
676957.100 |
655183.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials,
components consumed |
80925.400 |
73705.700 |
73975.500 |
|
|
|
Construction materials consumed |
222375.700 |
184933.100 |
188047.000 |
|
|
|
Purchase of stock-in-trade |
12966.200 |
13908.400 |
11294.500 |
|
|
|
Stores, spares and tools
consumed |
18152.100 |
14466.700 |
13492.300 |
|
|
|
Sub-contracting charges |
196209.900 |
167706.100 |
155678.700 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and stock in trade |
(9623.600) |
1315.900 |
765.700 |
|
|
|
Other manufacturing,
construction and operating expenses |
63885.900 |
58085.200 |
52083.300 |
|
|
|
Employee benefits expense |
57135.900 |
51464.700 |
49748.000 |
|
|
|
Sales, administration and
other expenses |
28310.800 |
27415.500 |
28457.700 |
|
|
|
Overheads charged to fixed
assets |
0.000 |
(15.100) |
(55.300) |
|
|
|
Exceptional items |
(4305.300) |
(8939.700) |
(5602.800) |
|
|
|
TOTAL |
666033.000 |
584046.500 |
567884.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
97440.700 |
92910.600 |
87298.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
14322.300 |
13180.300 |
14768.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
83118.400 |
79730.300 |
72530.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
10494.600 |
12151.900 |
9974.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS
BEFORE TAX |
72623.800 |
67578.400 |
62556.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
18750.800 |
13041.000 |
12560.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS
AFTER TAX |
53873.000 |
54537.400 |
49995.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods |
|
|
8780.600 |
|
|
|
Construction and project related activities |
|
|
96939.400 |
|
|
|
Export of services |
|
|
1293.300 |
|
|
|
Commission |
|
|
86.100 |
|
|
|
Interest received |
|
|
8.700 |
|
|
|
Other receipts |
|
|
3782.200 |
|
|
TOTAL EARNINGS |
|
161330.500 |
110890.300 |
|
|
|
|
NA |
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
4735.600 |
|
|
|
Construction material |
|
|
12625.000 |
|
|
|
Components and spare parts |
|
|
11789.600 |
|
|
|
Capital goods |
|
|
1208.800 |
|
|
TOTAL IMPORTS |
|
NA |
30359.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(INR) |
|
|
|
|
|
|
Basic |
38.46 |
58.49 |
53.71 |
|
|
|
Diluted |
38.37 |
58.30 |
53.47 |
|
CURRENT MATURITIES
OF LONG TERM BORROWING DETAILS
|
Particulars |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Maturities
of Long term Borrowing |
|
|
|
|
Redeemable non-convertible fixed rate debentures |
|
0.000 |
5988.800 |
|
Term loan from banks |
|
11108.900 |
8368.100 |
|
Sales tax deferment loan |
|
2.000 |
3.400 |
|
Finance lease obligation |
|
5.000 |
0.000 |
|
Total |
|
11115.900 |
13871.500 |
|
Cash (used in)/generated from operations |
|
76666.6000 |
49160.900 |
|
Net cash (used in)/from operating activities |
NA |
61473.700 |
32998.600 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Average Collection Days (Sundry Debtors /
Income * 365 Days) |
119.87 |
110.63 |
109.58 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
3.04 |
3.30 |
3.33 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
36.40 |
46.31 |
61.47 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
3.90 |
5.27 |
4.47 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
1.37 |
1.30 |
1.14 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Debt Ratio ((Borrowing + Current
Liabilities) / Total Assets) |
0.57 |
0.56 |
0.59 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.20 |
0.23 |
0.33 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.23 |
1.05 |
1.16 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.14 |
0.16 |
0.18 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
6.80 |
7.05 |
5.91 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
PAT to Total
Income ((PAT / Sales) * 100) |
% |
7.23 |
8.30 |
7.91 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
4.66 |
5.34 |
5.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
10.96 |
11.85 |
11.87 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Ratio (Current Assets /
Current Liabilities) |
1.32 |
1.45 |
1.38 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.28 |
1.41 |
1.34 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.43 |
0.45 |
0.42 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
34.34 |
56.71 |
74.48 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.32 |
1.45 |
1.38 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICE
|
Face Value : |
INR 2.00/- |
|
Market Value : |
INR 1370.95/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
1863.000 |
1865.900 |
2802.700 |
|
Reserves & Surplus |
419490.100 |
458261.500 |
488939.800 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
421353.100 |
460127.400 |
491742.500 |
|
|
|
|
|
|
long-term borrowings |
83124.700 |
71342.800 |
54951.600 |
|
Short term borrowings |
41759.800 |
23348.400 |
41295.700 |
|
Total borrowings |
124884.500 |
94691.200 |
96247.300 |
|
Debt/Equity ratio |
0.296 |
0.206 |
0.196 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
631772.600 |
657238.600 |
744625.500 |
|
|
|
4.031 |
13.296 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
631772.600 |
657238.600 |
744625.500 |
|
Profit/(Loss) |
49995.800 |
54537.400 |
53873.000 |
|
|
7.91% |
8.30% |
7.23% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2802.700 |
1865.900 |
1863.000 |
|
(b) Reserves &
Surplus |
553767.200 |
500299.300 |
439940.600 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
(3) Non-controlling
interest |
56250.000 |
35636.000 |
28928.400 |
|
Total Shareholders’ Funds
(1) + (2) |
612819.900 |
537801.200 |
470732.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
729147.600 |
673405.800 |
612238.400 |
|
(b) Deferred tax
liabilities (Net) |
6379.200 |
6109.500 |
6354.800 |
|
(c) Other long term
liabilities |
4219.200 |
3634.700 |
3225.400 |
|
(d) long-term provisions |
5235.400 |
5265.900 |
4246.600 |
|
Total Non-current
Liabilities (3) |
744981.400 |
688415.900 |
626065.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
193318.500 |
165567.900 |
148967.500 |
|
(b) Trade payables |
377949.600 |
297742.500 |
270035.600 |
|
(c) Other current
liabilities |
329232.200 |
288740.900 |
288138.200 |
|
(d) Short-term provisions |
24837.500 |
26583.400 |
23035.200 |
|
(e) Current maturities of
long term borrowing |
152774.700 |
100789.000 |
120149.000 |
|
(f) Liabilities
associated with group |
14619.700 |
14956.000 |
138.800 |
|
Total Current Liabilities
(4) |
1092732.200 |
894379.700 |
850464.300 |
|
|
|
|
|
|
TOTAL |
2450533.500 |
2120596.800 |
1947261.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
106420.400 |
112426.600 |
121721.700 |
|
(ii) Intangible Assets |
20305.100 |
4325.900 |
5565.700 |
|
(iii) Capital
work-in-progress |
21430.700 |
21181.900 |
17905.300 |
|
(iv) Intangible assets
under development |
113003.600 |
113532.300 |
91839.200 |
|
(b) Non-current
Investments |
101929.200 |
93833.600 |
79708.900 |
|
(c) Deferred tax assets
(net) |
21319.800 |
17361.500 |
13719.100 |
|
(d) Long-term Loan and Advances |
636103.900 |
486076.800 |
489259.200 |
|
(e) Other Non-current
assets |
52020.600 |
41786.500 |
38547.300 |
|
(f) Goodwill |
15617.800 |
13986.600 |
14469.600 |
|
Total Non-Current Assets |
1088151.100 |
904511.700 |
872736.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
94642.500 |
137993.900 |
74941.900 |
|
(b) Inventories |
48478.000 |
41397.400 |
48542.100 |
|
(c) Trade receivables |
346540.800 |
279696.000 |
260249.800 |
|
(d) Cash and cash
equivalents |
80325.300 |
55724.900 |
53899.100 |
|
(e) Short-term loans and
advances |
270077.300 |
254082.200 |
193574.800 |
|
(f) Other current assets |
507194.200 |
430697.000 |
427523.200 |
|
(g) Group of assets
classified as held for sale |
15124.300 |
16493.700 |
15794.600 |
|
Total Current Assets |
1362382.400 |
1216085.100 |
1074525.500 |
|
|
|
|
|
|
TOTAL |
2450533.500 |
2120596.800 |
1947261.500 |
PROFIT
AND LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
1196832.000 |
1093118.100 |
1011224.800 |
|
|
Other Income |
14120.300 |
14010.100 |
9043.500 |
|
|
TOTAL
|
1210952.300 |
1107128.200 |
1020268.300 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of raw materials,
components consumed |
153772.100 |
143209.800 |
137299.800 |
|
|
Construction materials
consumed |
240572.000 |
207323.900 |
202567.700 |
|
|
Purchase of stock-in-trade |
13577.600 |
16105.700 |
13334.400 |
|
|
Stores, spares and tools
consumed |
23849.100 |
20904.200 |
18341.900 |
|
|
Sub-contracting charges |
246390.200 |
225561.300 |
207888.600 |
|
|
Changes in inventories of finished
goods, work-in-progress and stock-in-trade |
(12301.900) |
840.000 |
(5148.600) |
|
|
Other manufacturing,
construction and operating expenses |
105207.400 |
105834.800 |
91605.600 |
|
|
Finance cost of financial services
business and finance lease activity |
60197.400 |
53620.900 |
49671.100 |
|
|
Employee benefits expense |
152924.800 |
138530.700 |
133308.400 |
|
|
Sales, administration and
other expenses |
76929.100 |
70455.000 |
57785.200 |
|
|
Exceptional items |
(1230.000) |
(1214.300) |
(942.200) |
|
|
Transfer from revaluation reserve |
0.000 |
(15.100) |
(57.700) |
|
|
TOTAL
|
1059887.800 |
981156.900 |
905654.200 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
151064.500 |
125971.300 |
114614.100 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
15385.600 |
13398.400 |
16550.600 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
135678.900 |
112572.900 |
98063.500 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
19287.300 |
23699.300 |
17867.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
116391.600 |
88873.600 |
80196.200 |
|
|
|
|
|
|
|
Less |
TAX |
31988.700 |
21485.500 |
24369.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
84402.900 |
67388.100 |
55826.600 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
|
|
|
|
Basic |
52.62 |
64.80 |
45.48 |
|
|
Diluted |
52.49 |
64.58 |
45.27 |
LEGAL CASES
|
LITIGATION DETAILS |
|
Bench:- Bombay |
|||||
|
Presentation Date:- 04/08/2016 |
|||||
|
Lodging No. : |
|
Filing Date:- |
04/08/2016 |
Reg.
No.:- |
CAA/1009/2016 |
|
Reg.
Date:- |
22.08.2016 |
|
|
|
|
|
Main Matter |
|||||
|
Stamp No.:- |
AOST/4904/2016 |
|
|
||
|
Petitioner:- |
J.G. SHAH FINANCIAL CONSULTANTS PRIVATE LIMITED |
Respondent:- |
LARSEN AND TOUBRO LIMITED |
||
|
Petn.Adv:- |
MESSERS PUROHIT AND COMPANY (I6356) |
|
|
||
|
District:- |
MUMBAI |
||||
|
Bench:- |
|
Category:- |
CONDONATION OF DELAY |
||
|
Status:- |
Pre-Admission |
Stage:- |
FOR ORDERS [CIVIL SIDE MATTERS] |
||
|
Next
Date:- |
|
|
|
||
|
Coram:- |
HON'BLE SMT. JUSTICE ANUJA PRABHUDESSAI |
|
|||
|
Act. : |
|
|
|||
|
Bench:- Bombay |
|||||
|
Lodging No. : |
|
Filing Date:- |
21.03.2017 |
Reg.
No.:- |
WP/8870/2017 |
|
Reg.
Date:- |
02.08.2017 |
|
|
|
|
|
Petitioner:- |
LOYAL TIGERS WELFARE ASSOCIATION |
Respondent:- |
LARSEN AND TOUBRO LIMITED |
||
|
Petn.Adv:- |
SHUKLA DEVMANI JAGDISH (I2821) |
Resp. Adv: |
KHAITAN AND COMPANY (I955) |
||
|
District:- |
THANE |
||||
|
Bench:- |
|
|
|
||
|
Status:- |
Pre-Admission |
Stage:- |
FOR ADMISSION |
||
|
Next
Date:- |
30.05.2018 |
|
|
||
|
Coram:- |
HON'BLE SHRI JUSTIC SHANTANU S KEMKAR HONBLE SHRI JUSTIC G S KULKARNI |
Stage:- |
FOR ADMISSION |
||
|
Last
Date: |
05/12/2017 |
|
|||
|
Last
Coram:- |
HON'BLE SHRI JUSTIC SHANTANU S KEMKAR HONBLE SHRI JUSTIC G S KULKARNI |
|
|||
|
Act. : |
Companies Act and
Rules 1956 |
|
|||
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
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 |
UNSECURED LOANS
|
PARTICULAR |
31.03.2018 (INR
In Million) |
31.03.2017 (INR
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
|
|
21794.800 |
|
Redeemable non-convertible inflation linked debentures |
|
1136.100 |
|
0.675% Foreign currency convertible bonds |
|
12017.800 |
|
Term loans from banks |
|
32305.800 |
|
Sales ta deferment loan |
|
0.800 |
|
Finance Lease |
|
2.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Short term loans and advances from banks |
|
14492.000 |
|
Commercial paper |
|
4427.100 |
|
Loans from related parties (Subsidiary companies) |
|
55.200 |
|
|
|
|
|
Total |
NA |
86231.600 |
INDEX OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G41333436 |
100090645 |
SBICAP TRUSTEE COMPANY LIMITED |
30/03/2017 |
- |
- |
114780000000.0 |
202 MAKER TOWER ECUFFE PARADE MUMBAI-400005, MAHARASHTRA, INDIA |
|
2 |
B04764122 |
10148310 |
IDBI TRUSTEESHIP SERVICES LIMITED |
03/03/2009 |
21/01/2011 |
- |
4000000000.0 |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAI-400001, MAHARASHTRA, INDIA |
|
3 |
Y10315827 |
90213928 |
STATE BANK OF INDIA |
15/02/2003 |
- |
- |
100000000.0 |
CAG BRANCHNARIMNA POINTMUMBAIMH400021IN |
|
4 |
Y10316809 |
90214910 |
UTI BANK LTD |
02/11/2002 |
- |
- |
1150000000.0 |
OFFICE : MAKER TOWERS (F) 13 FLOOR CUFFE PARADE MUMBAI-400005, MAHARASHTRA, INDIA |
|
5 |
Y10315716 |
90213817 |
THE INDDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA L |
25/02/2002 |
- |
- |
100000000.0 |
163 BACKBAY RECLAMATION MUMBAI-400020, MAHARASHTRA, INDIA |
|
6 |
Y10315634 |
90213735 |
UTI BANK LIMITED |
09/07/2001 |
10/06/2002 |
- |
10000000.0 |
MAKER TOWER (F) 13 FLOOR CUFFICE PARADE MUMBAI-400005, MAHARASHTRA, INDIA |
|
7 |
Y10315620 |
90213721 |
EXPORT IMPORT BANK OF INDIA |
12/06/2001 |
13/12/1998 |
- |
40000000.0 |
CENTRA ONE FLOOR 21 TRADE CENTRECUFFE PARADE MUMBAI-400005, MAHARASHTRA, INDIA |
|
8 |
Y10316750 |
90214851 |
UTI BANK LTD |
20/04/2001 |
15/10/2001 |
- |
75000000.0 |
OFFICE MAKER TOWER 13 FLOOR CUFE PARADE, MUMBAI-400005, MAHARASHTRA, INDIA |
|
9 |
Y10315509 |
90213610 |
ICICI LIMITED |
28/09/2000 |
28/11/2000 |
- |
500000.0 |
ICIVU TOWERBADRA(E) MUMBAI-400051, MAHARASHTRA, INDIA |
|
10 |
Y10316695 |
90214796 |
UTI BANK LIMITED |
28/03/2000 |
- |
- |
1200000000.0 |
OFFICE MAKER TOWER 13 FLOOR CUFE PARADE, MUMBAI-400005, MAHARASHTRA, INDIA |
CONTINGENT
LIABILITIES:
|
PARTICULAR |
31.03.2018 (INR
In Million) |
31.03.2017 (INR
In Million) |
|
Claims against the Company not acknowledged as debts |
|
17439.500 |
|
Sales-tax liability that may arise in respect of matters in appeal |
|
1415.000 |
|
Excise duty/Service Tax liability that may arise in respect of matters in appeal/challenged by the Company in WRIT |
|
692.000 |
|
Income-tax liability (including penalty) that may arise in respect of which the Company is in appeal |
|
4605.500 |
|
Corporate guarantees for debt given on behalf of - Subsidiary companies |
|
84506.100 |
|
Corporate guarantees for performance given on behalf of - Subsidiary companies |
|
163841.200 |
|
Contingent liabilities, if any, incurred in relation to interests in joint operations |
|
70182.400 |
|
Share in contingent liabilities of joint operations for which the Company is contingently liable |
|
532.400 |
|
Contingent liabilities in respect of liabilities of other joint operators of joint operations |
NA |
62309.600 |
FIXED ASSETS
- Land
- Buildings
- Plant and Equipment
- Computers
- Office Equipment
- Furniture and Fixtures
- Vehicles
WEBSITE DETAILS:
NEWS / PRESS RELEASE
LARSEN & TOUBRO
SIGNS AGREEMENT WITH SCHNEIDER ELECTRIC TO DIVEST E&A BUSINESS
DATE: 02.05.2018
Larsen & Toubro,
signed definitive agreements with Schneider Electric for strategic divestment
of its Electrical and Automation (E&A) business for an all-cash
consideration of Rs14,000cr, as per BSE press release.
L&T’s E&A business offers a wide range of low and medium voltage
switchgear, electrical systems, marine switchgear, industrial and building
automation solutions, energy management systems and metering solutions. Over
the years, the E&A business has built strong research and development
capabilities and has a wide network of channel partners across India and
international markets.
The E&A business reported net revenue of INR 50380.000 million during
FY2016-17.
Management says that the divestment of E&A business is in-line with
L&T’s stated intent of unlocking value within the existing business
portfolio to streamline and allocate capital and management focus for creating
long-term value for stakeholders.
The transaction includes all the current business segments of E&A except
marine switchgear and Servowatch Systems.
Larsen & Toubro Ltd is currently trading at INR 1,410.45 up by Rs9.85 or
0.7% from its previous closing of INR 1400.60 on the BSE.
The stock is currently trading above its 50 DMA.
L&T IS SAID TO AGREE
TO SELL UNIT TO SCHNEIDER FOR $2.1 BILLION
DATE: 01.05.2018
Larsen & Toubro
Ltd., India’s largest engineering and construction company, has agreed to sell
its electrical unit to a consortium led by Schneider Electric SE, people with
knowledge of the matter said.
Larsen & Toubro, signed definitive agreements with
Schneider Electric for strategic divestment of its Electrical and Automation
(E&A) business for an all-cash consideration of INR 14,0000.000 million, as
per BSE press release.
L&T’s E&A business offers a wide range of low and medium voltage
switchgear, electrical systems, marine switchgear, industrial and building
automation solutions, energy management systems and metering solutions. Over
the years, the E&A business has built strong research and development
capabilities and has a wide network of channel partners across India and
international markets.
The E&A business reported net revenue of INR 50380.000 million during
FY2016-17.
Management says that the divestment of E&A business is in-line with
L&T’s stated intent of unlocking value within the existing business
portfolio to streamline and allocate capital and management focus for creating
long-term value for stakeholders.
The transaction includes all the current business segments of E&A except
marine switchgear and Servowatch Systems.
Larsen & Toubro Ltd is currently trading at INR 1410.45 up by INR 9.85 or
0.7% from its previous closing of INR 1400.60 on the BSE.
The stock is currently trading above its 50 DMA.
SFIO GETS COMPLAINT AGAINST
L&T, FIRM DISMISSES CHARGES AS BASELESS
Date: 06.04.2018
SFIO has received a complaint against Larsen and Toubro alleging ‘thousands of crores’ of financial irregularities, including money laundering and tax evasion
New Delhi: The Serious Fraud Investigation Office (SFIO) has received a complaint against Larsen and Toubro Ltd (L&T) alleging “thousands of crores” of financial irregularities, including money laundering and tax evasion, a charge that the infrastructure giant called the allegations “baseless”.
Acting on the complaint received, SFIO’s Mumbai regional office has written to the head-office here stating that it “is a fit case to be investigated” as it will “help in unearthing wrong doings of L&T group, in terms of misappropriation of money, money laundering and tax evasion”.
In the complaint, Rajya Sabha MP Kahkashan Perween has alleged that loans worth INR 8,0000.0000 million given to the group for road projects face serious threat of turning into non-performing assets (NPAs). It alleged irregularities in two projects—L&T Halol Shamlaji Tollway Ltd (L&T Halol) and L&T Chennai Tada Ltd.
L&T and its arms, which are engaged in highway projects have been termed as “habitual defaulters” by the National Highway Authority of India (NHAI), which is likely to have a severe negative impact on loans worth INR 8,0000.000 million given by various banks to the group, as per the complaint by the MP.
L&T, however, dismissed the allegations as “baseless and without any merit”, and said it has no information about any investigation.
“Efforts by public sector banks to bail out L&T Halol Shamlaji Tollway Ltd (L&T Halol) under the guise of debt-restructuring schemes will only benefit unscrupulous promoters i e L&T at the cost of banks, financial institutions and public at large,” the complaint alleged.
Besides, it added that loan accounts of Chennai Tada Ltd have already turned non performing assets since September 2015 and recovery of the same is under serious threat. “L&T and its group companies be black listed and the banks and public financial institutions be prohibited from granting any further loans to them considering their record of frittering away public money,” the MP said in the letter written to the SFIO.
The complaint also sought to direct the L&T (being the holding company) to repay the loans due to banks and institutions.
When contacted, L&T said, “We are not aware of any so called investigation . We strongly deny the allegations which are entirely baseless and without merit. L&T has always maintained high standards of corporate governance and compliance of statutory and regulatory requirements”.
The company said it is important to note that L&T Infrastructure Development Pvt Ltd (L&TIDPL), the promoter of L&T Chennai Tada Tollways and L&T Halol Shamlaji Tollway, “has neither received a return of nor a return on its investments made in these two companies.”
In spite of the specific commercial understanding that the projects are funded on a non-recourse basis, the promoter has infused into the two projects substantial amounts over and above its obligations and commitments under the loan documents to service the loans from the lenders, the letter said.
“Attributing any motives of mismanagement against the project company, promoters L&TIDPL (or the parent company L&T) is entirely baseless and totally uncalled for,” the company said. L&T said, as far as L&T Chennai Tada Tollways Ltd was concerned, the NHAI despite fixing 1 October 2011 for completion, “was never in a position to hand over either 60 per cent of the total Right of Way on the Appointed Date (3 April 2009) or 100% of the Right of Way within 90 days from the Appointed Date.
“NHAI’s failure to honour its commitment even after 6 years from the Appointed Date under the Concession Agreement (CA) resulted in considerable losses for the Concessionaire. Failure of NHAI to hand over the land in time and pay damages had adversely impacted the construction schedule, both in terms of time and cost, and as a consequence, the SPV had to invoke Material Adverse Effect as defined in the CA”.
L&T said the company had requested NHAI to pay Rs453.4 crores on 18 March 2015 for losses suffered and an arbitration process is pending against the authority. “As NHAI refused to compensate the Concessionaire and as the continued breach by NHAI was causing irreparable financial burden on the Concessionaire, the Concessionaire was left with no option but to terminate the Concession Agreement,” the company said, adding that the pact was terminated with effect from 24 June 2015.
It said an application was filed under the Arbitration Act before the Delhi High Court. The court in its Order dated May 2016 directed NHAI that the toll collected by it through the tolling contractor be deposited in the Escrow Account as large amount of debt is still owed to the lenders/banks.
About L&T Halol Shamlaji Tollway Ltd, it said the bid was awarded for a four lane state highway on BOT in Gujarat and despite various challenges the road was built within stipulated time. The bidding was based on estimates of base year traffic and growth projections linked to economic growth of Gujarat, but due to development of an alternate road by the state there was a significant change in traffic pattern.
“Despite the challenges, the promoter had infused into the Project INR 2470.000 million over and above the INR 5240.000 million required under the loan documents primarily to service lenders,” L&T said, adding that HSTL served a notice of termination to GSRDC in April 2016 citing an Authority Event of Default.
It said since no termination action was forthcoming from the GSRDC, the Allahabad Bank-led consortium sought to revive the project under the SDR Scheme of RBI.
INSOLVENCY ROW:
L&T TERMS BHUSHAN STEEL'S RESOLUTION PLAN 'DISCRIMINATORY'
Date: 09.04.2018
Larsen & Toubro Ltd (L&T), which is an operational creditor to Bhushan Steel Ltd, on Monday termed the resolution plan of debt-ridden firm as "discriminatory" and "arbitrary" saying its INR 9 billion (INR 9000.000 million) outstanding has not been given due priority by the Committee of Creditors (CoC).
L&T, through its counsel claimed it to be an "operational secured creditor" of Bhushan Steel as it has also contributed into the company by providing plants and machinery, like the other secured creditors of the debt-ridden firm and sought a higher preference in repayment of dues before NCLT.
Meanwhile, another firm Bhushan Energy Ltd (BEL) today moved the National Company Law Tribunal(NCLT) over termination of its power purchase agreement (PPA) with Bhushan Steel Ltd.
According to senior advocate Mukul Rohatgi, appearing for the engineering and construction firm L&T, only INR 1,2000.000 million has been allotted for the operational creditors under the resolution plan.
ALSO READ: Tata Steel to pay INR 352 bn cash for Bhushan Steel, becomes
highest bidder "INR 2000.000 million (INR 2 billion) is for pro rata
distribution to all operational creditors and balance INR 10 billion (INR
1,0000.000 million) would depend on their discretion," Rohatgi said,
adding "according to me, this type of treatment is discriminatory and
arbitrary".
He further said: "Our case is different... We have contributed to their plant with goods and machinery which are embedded in the earth and are immovable property... We are a secured creditor."
Rohatgi contended that L&T can not be treated like other operational
creditors of Bhushan Steel and it should be given
"priority" over them.
Under the Insolvency and Bankruptcy Code, 2016 (IBC), the CoC consists mainly of secured financial creditors and they have a priority in the repayment of debt.
While resolution professionals of BEL, which is also going through insolvency proceedings, contended before the NCLT that termination of PPA with Bhushan Steel and avoidance of any payment by the successful bidder would be against the contract.
"It did not provide for unilateral termination of the contract," said the counsel appearing for BEL adding that it was like a capital power plant of Bhushan Steel which used to purchase its 100 per cent power generation.
NCLT would continue its argument tomorrow and CoC and Tata Steel, the successful bidder, are expected to argue.
Meanwhile, the employees of the Bhushan Steel Ltd today concluded their arguments, where they have contended that Tata Steel was not entitled to bid for the company under Section 29 A of the IBC Code.
Tata steel has emerged as the highest bidder for Bhushan Steel with offer of INR 352 billion (INR 352000.000 million) in cash along with 12.27 per cent of equity.
As on February 1, 2018, Bhushan Steel had a total debt of INR 571.6 billion (INR 571600.000 million).
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 records 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 records 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
|
INR |
|
US Dollar |
1 |
INR 67.52 |
|
|
1 |
INR 91.48 |
|
Euro |
1 |
INR 80.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial condition covering various ratios
·
Company background and operations size
·
Promoters / Management background
·
Payment record
·
Litigation against the subject
·
Industry scenario / competitor analysis
·
Supplier / Customer / Banker review (wherever
available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.