directors’ report - infrastructure projects …€™ report ... these include panipat elevated...

S-597

L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED

DIRECTORS’ REPORT

The Directors have pleasure in presenting their Report and Accounts for the year ended March 31, 2009.

FINANCIAL RESULTS

2008-2009 2007-2008Particulars Rs. Lakhs Rs. Lakhs

SOURCES OF FUNDS

Profit Before Depreciation & Tax (PBDT) 1,252.79 2,213.06

Less Depreciation 49.45 19.77

Profit / (Loss) before Tax (PBT) 1,203.34 2,193.29

Provision for Taxes 120.30 205.97

Profit / (Loss) after Tax (PAT) 1,083.04 1,987.32

Balance brought forward from previous year 16,459.67 14,472.35

Balance carried to Balance Sheet 17,542.71 16,459.67

PERFORMANCE OF THE COMPANY

This year was eventful with several of its projects commencing commercial operations. These include Panipat Elevated Corridor (July 2008),Krishnagiri - Thopur Road (February 2009), Jadcherla - Kothakotta (March 2009) and Bangalore International Airport (May 2008). The Road annuityproject Palanpur – Swaroopganj too was ready for commercial operations (March 2009).

The operating results of the Company would have been better had the efforts to divest from some of the projects, in which it did not enjoymanagement control, materialized during the year.

The Management is fully conscious of the need to review its portfolio on a continual basis, especially in the current economic scenario. Owing to thesluggish real estate market, development of certain projects have been deferred or construction will now be done in phases. Despite the severeliquidity crunch during a good part of the year, your Company has made sure that disbursements from banks were received by its projects on time.

While its road subsidiary for Vadodara – Bharuch road stretch is expected to commence commercial operations in the first quarter of2009–2010, The Dhamra Port Company Limited is expected to commence operations during the first quarter of the next financial year.

DIVIDEND

In view of the further funding requirements for some of the projects of the Company, the Directors do not recommend any dividend for the year2008-2009.

CAPITAL EXPENDITURE

As at March 31, 2009, while the gross fixed assets of the Company is Rs. 1,844.09 Lakhs, the net fixed asset value is Rs. 1,759.68 Lakhs aftercharging a depreciation to the extent of Rs. 84.41 Lakhs. Additions to Fixed Assets during the year amounted to Rs. 1,668.05 Lakhs.

DEPOSITS

The Company has not accepted any deposits from the public.

AUDITORS’ REPORT

The Auditors’ Report to the Shareholders does not contain any qualifications.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

CONSERVATION OF ENERGY

The operations of your Company are not energy intensive as Company is not engaged in manufacturing activity and your Company is notunder the list of industries which should furnish information in form A (Rule 2).

TECHNOLOGY ABSORPTION

No technology has been developed and / or imported by way of foreign collaboration.

FOREIGN EXCHANGE EARNINGS AND OUTGO

During the year, the Company had the following transactions in foreign currency

Expenditure in Foreign Currency

Professional Fees - Rs. 32,17,535

Travel - Rs. 7,19,352

Earnings in Foreign Currency

Interest from Subsidiary - Rs. 2,29,35,203

Other - Rs. 8,89,842

S-598


SUBSIDIARIES

During the year, L&T Infocity Limited (a Subsidiary of your Company) sold its stake in L&T Infocity Infrastructure Limited. The statement pursuant to

Section 212 of the Companies Act, 1956 containing details of Subsidiaries of the Company, forms part of the Annual Report.

PARTICULARS OF EMPLOYEES

There are no employees covered by the provisions of the Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of

Employees) Rules, 1975.

Mr. K. Venkatesh is the Chief Executive and Manager of the Company.

DIRECTORS’ RESPONSIBILITY STATEMENT

The Board of Directors of the Company confirms

i. that in the preparation of the annual accounts, the applicable Accounting Standards have been followed and there has been no material

departure;

ii. that the selected accounting policies were applied consistently and the Directors made judgments and estimates that are reasonable and

prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2009;

iii. that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the

Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

iv. that the annual accounts have been prepared on a going concern basis.

DIRECTORS

Mr. Y. M. Deosthalee and Mr. N. Sivaraman, Directors of the Company, retire at the ensuing Annual General Meeting of the Company and being

eligible offer themselves for appointment.

At the Board Meeting of the Company held on December 9, 2008, Mr. Shishir Jain has been appointed as an Alternate Director to Mr. Sanjai Vohra

to represent JP Morgan Special Situations (Mauritius) Limited.

AUDIT COMMITTEE

The Audit Committee currently consists of three non-executive Directors. The members of the Audit Committee are

Mr. Y. M. Deosthalee

Mr. K. V. Rangaswami and

Mr. R. Shankar Raman

The role, terms of reference, the authority and power of Chairman are in conformity with the requirements of the Companies Act, 1956.

The Committee met periodically during the year and held discussions with the auditors on internal control systems and internal audit report.

AUDITORS

The Auditors, M/s. Sharp & Tannan, Chartered Accountants, being statutory auditors, of the Company hold office until the conclusion of the ensuing

Annual General Meeting and are recommended for re-appointment.

Certificate from Auditors has been received to the effect that their appointment, if made, would be within the limits prescribed under Section 224(1B)

of the Companies Act, 1956.

ACKNOWLEDGEMENTS

The Directors acknowledge the invaluable support extended to the Company by the financial institutions, bankers, employees of the Company, staff

and management of the parent company.

For and on behalf of the Board of Directors

Place : Mumbai Y. M. DEOSTHALEE R. SHANKAR RAMAN

Date : May 15, 2009 Director Director

S-599


AUDITORS’ REPORT

TO THE MEMBERS OF L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED

We have audited the attached Balance Sheet of L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED as at March 31, 2009 and also Profit

and Loss Account and the Cash Flow Statement for the year ending March 31, 2009 annexed thereto. The financial statement is the responsibility

of the Company’s management. Our responsibility is to express an opinion on the financial statement based on our audit.

We have conducted our audit in accordance with Auditing Standards generally accepted in India. Those Standards require that we plan and

perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes

examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the

accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation.

We believe that our audit provides a reasonable basis for our opinion.

In accordance with the provisions of Section 227 of the Companies Act, 1956, we report that

1. As required by the Companies (Auditors’ Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the

Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order.

2. Further to our comments in the Annexure referred to above, we report that

(a) we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of

the audit;

(b) in our opinion, proper books of accounts as required by law have been kept by the Company, so far as it appears from our examination

of these books;

(c) the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of

accounts;

(d) in our opinion, the Balance Sheet, Profit and Loss Account and the Cash Flow Statement dealt with by this report comply with the

Accounting Standards referred to in Sub-Section (3C) of Section 211 of the Companies Act, 1956;

(e) on the basis of the written representations received from the Directors of the Company as on March 31, 2009, and taken on record by the

Board of Directors, we report that none of the Directors is disqualified as on March 31, 2009 from being appointed as a Director in terms

of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; and

(f) in our opinion, and to the best of our information and according to the explanations given to us, the said accounts read together with the

Significant Accounting Policies in Schedule ‘M’ and Notes to Accounts in Schedule ‘N’ give the information required by the Companies

Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2009;

(ii) in the case of Profit and Loss Account, of the profit for the year ended March 31, 2009; and

(iii) in case of the Cash Flow Statement, of the cash flows for the year ended on that date.

SHARP & TANNANChartered Accountants

L. VAIDYANATHANPlace : Chennai / Mumbai PartnerDate : May 15, 2009 Membership No. 16368

ANNEXURE TO THE AUDITORS’ REPORT

With reference to the Annexure referred to in paragraph 1 of the report to the Members of L&T INFRASTRUCTURE DEVELOPMENT PROJECTS

LIMITED on the accounts for the year ended March 31, 2009, we report that

(i) (a) The Company has maintained proper records showing full particulars, including quantity details and situation of fixed assets.

(b) We are informed that the Company has physically verified during the year all its fixed assets and no material discrepancies were noticed

on such verification.

(c) The Company has not disposed off substantial part of its fixed assets so as to affect the going concern assumption.

(ii) The Company did not purchase any material / stores during the year and hence reporting on clauses relating to inventory under Clause

4(ii)(a),(b) and (c) of the Companies (Auditor’s Report) Order, 2003 does not arise.

S-600


(iii) According to the information and explanations given to us, the Company has not granted or taken any loans, secured and unsecured, to / from

companies, firms and other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Since the Company has

not taken / granted loans, reporting under Clause 4(iii)(b), (c), (d), (e), (f) and (g) of the Companies (Auditor’s Report) Order, 2003 does not

arise.

(iv) In our opinion, and according to the information and explanations given to us, there is an adequate internal control system commensurate with

the size of the Company and nature of its business for purchase of fixed assets and sale of services. In our opinion and according to the

information and explanations given to us, there is no continuing failure to correct major weaknesses in internal control system.

(v) In our opinion, and according to the information and explanations given to us, there are no transactions that need to be entered into the

register in pursuance of Section 301 of the Companies Act, 1956. Hence reporting on Clause 4(v)(b) of the Companies (Auditor’s Report)

Order, 2003 does not arise.

(vi) The Company has not accepted any deposit from the public with in the meaning of Sections 58A, 58AA or any other relevant provisions of the

Companies Act, 1956 and the rules framed thereunder.

(vii) In our opinion, the Company has an internal audit system commensurate with its size and nature of its business.

(viii) The Central Government has not prescribed the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 for the

operation of the Company and hence, reporting on this clause does not arise.

(ix) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has no

undisputed statutory dues during the year, hence reporting on Clauses 4(ix)(a) and (b) of the Companies (Auditor’s Report) Order, 2003 on

March 31, 2009 does not arise.

(x) The Company has no accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and also in the

immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the Company has not availed any loan from financial

institution / bank or debenture holders and hence reporting on default in repayment of dues in respect of loan from financial institution / bank

or debentureholders does not arise.

(xii) According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way

of pledge of shares, debentures and other securities.

(xiii) The Company is not a chit fund / nidhi / mutual benefit fund / society and hence reporting under Clause 4(xiii)(a), (b), (c) & (d) of the

Companies (Auditor’s Report) Order, 2003 does not arise.

(xiv) According to the information and explanations given to us, the Company is not dealing in or trading in shares, securities, debentures. However

the surplus funds have been invested in mutual funds. Proper records have been maintained for the transactions and contracts for the

investments in mutual funds and are updated on a timely basis. The investments have been held by the Company in its own name.

(xv) The Company has not given any guarantee for loans taken by others from banks or financial institution. However the Company has given

undertakings to lenders of Subsidiaries, Associates and Jointly Controlled Entities as stated in Schedule ‘N’ of Notes to Accounts.

(xvi) The Company has not availed term loan and hence reporting on the purpose for which they were raised under Clause 4(xvi) of the Companies

(Auditor’s Report) Order, 2003 does not arise.

(xvii) According to the information and explanations and on overall examination of the Balance Sheet of the Company, we report that no funds raised

on short-term basis have been used for long term investments.

(xviii) The Company has not made any preferential allotment of shares to parties or companies to be covered in the register maintained under

Section 301 of the Companies Act, 1956 during the year.

(xix) The Company has not issued debentures or securities during the year and no charges have been created.

(xx) The Company has not raised any money by public issue during the year.

(xxi) During the course of our examination of the books and the records of the Company, carried out in accordance with the generally accepted

auditing practices in India, and according to the information and explanations given to us, we have neither come across any instances of

material fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by management.

SHARP & TANNANChartered Accountants

L. VAIDYANATHANPlace : Chennai / Mumbai PartnerDate : May 15, 2009 Membership No. 16368

S-601


BALANCE SHEET AS AT MARCH 31, 2009

As at 31.03.2009 As at 31.03.2008Schedule Rupees Rupees Rupees Rupees

SOURCES OF FUNDS

Shareholders’ Funds

Share Capital A 2,432,083,038 2,432,083,038

Advance against Share Capital 551,626,321 551,626,321

2,983,709,359 2,983,709,359

Reserves & Surplus B 8,113,124,347 8,004,820,269

11,096,833,706 10,988,529,628

Loan Funds

Unsecured loans C 2,272,800,000 415,000,000

Deferred Tax Liabilities - 696,712

Less: Deferred Tax Assets - 53,028[See Note No. 28 in Schedule N]

- 643,684

TOTAL 13,369,633,706 11,404,173,312

APPLICATION OF FUNDS

Fixed Assets

Tangible Assets D (i)

Gross Block 31,858,762 17,923,360

Less: Depreciation 7,156,863 2,220,940

Net Block 24,701,899 15,702,420

Capital work-in-progress 4,026,575 1,968,540

28,728,474 17,670,960

Pre-operative expenses pending allocation E 9,019,381 3,390,659

[See Note No. 11 in Schedule N]

37,747,855 21,061,619

Intangible Assets D (ii)

Gross Block 152,550,000 -

Less: Amortisation 1,284,090 -

Net Block 151,265,910 -

Capital work-in-progress 6,816,811 3,530,646

158,082,721 3,530,646

Investments F 11,120,942,990 10,240,680,644

Deferred Tax Assets 391,629 -

Less: Deferred Tax Liabilities 216,294 -[See Note No. 28 in Schedule N]

175,335 -

Current Assets, Loans and Advances G

Current Assets

Sundry Debtors 31,886,326 126,245,045

Cash and Bank Balances 39,644,859 4,937,545

Loans and Advances 2,256,269,099 1,636,949,991

2,327,800,284 1,768,132,581

S-602


Less: Current Liabilities and Provisions H

Liabilities 256,987,407 609,842,938

Provisions 18,128,072 19,389,240

275,115,479 629,232,178

Net Current Assets 2,052,684,805 1,138,900,403

TOTAL 13,369,633,706 11,404,173,312

SIGNIFICANT ACCOUNTING POLICIES M

NOTES FORMING PART OF ACCOUNTS N

The schedules referred to above and the notes attached form an integral part of the Balance Sheet.

As per our report attached For and on behalf of the Board

SHARP & TANNAN

Chartered Accountants

L. VAIDYANATHAN K. VENKATESH R. CHANDRASEKARAN Y. M. DEOSTHALEE R. SHANKAR RAMAN

Partner Manager Secretary Director Director

Membership No. 16368

Place : Mumbai Place : Mumbai

Date : May 15, 2009 Date : May 15, 2009

BALANCE SHEET AS AT MARCH 31, 2009 (Contd.)

As at 31.03.2009 As at 31.03.2008Schedule Rupees Rupees Rupees Rupees

S-603


PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2009

2008-2009 2007-2008Schedule Rupees Rupees Rupees Rupees

INCOME

Income from operations I 136,534,140 155,065,475

Interest income J (i) 24,559,343 202,462,939

Other income J (ii) 222,879,325 30,240,786

TOTAL 383,972,808 387,769,200

EXPENDITURE

Operating expenses K (i) 52,516,686 110,200,681

Administration and other expenses K (ii) 38,370,949 42,699,306

Interest expenses L 167,806,242 13,562,627

Depreciation 4,945,335 1,976,891

TOTAL 263,639,212 168,439,505

Profit before Tax 120,333,596 219,329,695

Provision for Taxes [See Note 25 in Schedule N]

Current Tax 16,710,875 19,651,150

MAT credit entitlement (4,550,330) -

Deferred Tax (819,019) 429,398

Fringe Benefit Tax 687,992 516,946

12,029,518 20,597,494

Profit after Tax 108,304,078 198,732,201

Add: Balance brought forward from previous year 1,645,967,143 1,447,234,942

Balance carried to Balance Sheet 1,754,271,221 1,645,967,143

Earnings per equity share

Basic 0.45 0.82

Diluted 0.43 0.78

Face value per equity share 10.00 10.00

SIGNIFICANT ACCOUNTING POLICIES M

NOTES FORMING PART OF ACCOUNTS N

The schedules referred to above and the notes attached form an integral part of the Profit and Loss Account.


SHARP & TANNAN






Date : May 15, 2009 Date : May 15, 2009

S-604



SHARP & TANNAN






Date : May 15, 2009 Date : May 15, 2009

CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2009

2008-2009 2007-2008

Rupees Rupees

A. Cash Flow from Operating Activities

Profit before tax 120,333,596 219,329,695

Adjustments for

Depreciation and amortisation 4,996,828 1,994,951

Dividend received (15,002,482) (53,940,010)

Interest paid 167,806,242 13,562,627

Interest received (24,559,343) (202,462,939)

(Profit) / Loss on sale of investments (net) (193,674,196) (86,306)

Operating Profit before Working Capital changes 59,900,645 (21,601,982)

(Increase) / Decrease in trade and other receivables (252,708,079) 3,531,140,153

Increase / (Decrease) in trade payables (366,965,236) 262,744,249

Cash generated from Operations (559,772,670) 3,772,282,420

Direct taxes paid (net of refund) (23,512,905) (55,349,163)

Net Cash from / (used in) Operating Activities (A) (583,285,575) 3,716,933,257

B. Cash Flow from Investing Activities

Purchase of Fixed Assets (176,494,323) (22,585,964)

Sale of Fixed Assets 259,184 –

Investment in subsidiaries, associates and joint ventures (922,742,000) (6,891,487,090)

Divestment of stakes in subsidiaries and associates 400,033,850 –

Purchase of other investments (net) (163,880,000) 1,063,326,916

Advance towards equity commitment (248,739,405) 1,164,229,090

Dividend received from subsidiaries and associates 14,745,000 23,905,800

Dividend received from other investments 257,482 30,034,210

Interest received 24,559,343 202,462,939

Net Cash (used in) / from Investing Activities (B) (1,072,000,869) (4,430,114,099)

C. Cash Flow from Financing Activities

Proceeds from loans from holding company and subsidiaries 1,857,800,000 415,000,000

Interest paid (167,806,242) (13,562,627)

Net Cash (used in) / from Financing Activities (C) 1,689,993,758 401,437,373

Net increase in Cash and Cash Equivalents (A+B+C) 34,707,314 (311,743,469)

Cash and Cash Equivalents at the beginning of the year 4,937,545 316,681,014

Cash and Cash Equivalents at the end of the year 39,644,859 4,937,545

Notes :

1. Cash Flow Statement has been prepared under the indirect method as set out in the Accounting Standard 3: “Cash Flow Statements” as

specified in the Companies (Accounting Standards) Rules, 2006.

2. Purchase of fixed assets includes movement of Capital Work-in-Progress & pre-operative expense during the year.

3. Cash and Cash Equivalents represent Cash and Bank Balances.

4. Previous year’s figures have been regrouped / reclassified wherever applicable.

S-605


SCHEDULES FORMING PART OF BALANCE SHEET

As at 31.03.2009 As at 31.03.2008

Rupees Rupees Rupees Rupees

SCHEDULE - A

SHARE CAPITAL

Authorised

27,50,00,000 Equity Shares of Rs. 10/- each 2,750,000,000 2,750,000,000

Issued & Subscribed

24,93,00,870 Equity Shares of Rs. 10/- each 2,493,008,700 2,493.008,700

Paid-up 2,432,083,038 2,432,083,038

24,25,31,352 Equity Shares of Rs. 10/- each fully paid and

67,69,518 Equity Shares of Rs. 10/- each on which Re. 1/- paid-up

(19,30,31,352 Shares of Rs. 10/- each fully paid and 67,69,518

shares of Re. 1/- paid-up are held by Larsen & Toubro Limited,

the Holding Company and its nominees)

TOTAL 2,432,083,038 2,432,083,038

SCHEDULE - B

RESERVES & SURPLUS

Securities Premium 6,358,853,126 6,358,853,126

Profit and Loss Account

Transferred from Profit and Loss Account 1,754,271,221 1,645,967,143

TOTAL 8,113,124,347 8,004,820,269

SCHEDULE - C

UNSECURED LOANS

Loans from

Holding Companies 350,000,000 -

Subsidiary Companies 1,759,400,000 415,000,000

Fellow subsidiaries 163,400,000 -

2,272,800,000 415,000,000

TOTAL 2,272,800,000 415,000,000

SCHEDULE - D (i)

FIXED ASSETS

PARTICULARS COST DEPRECIATION BOOK VALUE

Fixed Assets - Tangible As at Additions Deductions As at Up to For the year Deductions Up to As at As at

01.04.2008 31.03.2009 31.03.2008 31.3.2009 31.3.2009 31.03.2008

Rupees Rupees Rupees Rupees Rupees Rupees Rupees Rupees Rupees Rupees

Building 1,329,550 – – 1,329,550 83,066 21,672 – 104,738 1,224,812 1,246,484

Computers 3,491,435 2,843,933 179,891 6,155,477 616,082 743,516 25,172 1,334,426 4,821,051 2,875,353

Office Equipment 1,774,163 1,179,992 76,000 2,878,155 102,067 148,081 4,211 245,937 2,632,218 1,672,096

Plant & Machinery 2,809,900 1,995,658 – 4,805,558 113,896 342,969 – 456,865 4,348,693 2,696,004

Electrical Installations 1,407,571 260,300 29,300 1,638,571 224,200 400,917 6,104 619,013 1,019,558 1,183,371

Furniture & Fixtures 7,110,741 7,975,608 34,898 15,051,451 1,081,629 3,339,673 25,418 4,395,884 10,655,567 6,029,112

TOTAL 17,923,360 14,255,491 320,089 31,858,762 2,220,940 4,996,828 60,905 7,156,863 24,701,899

Previous year 3,602,241 14,321,119 – 17,923,360 225,989 1,994,951 – 2,220,940 15,702,420

Add: Capital work-in-progress 4,026,575 1,968,540

TOTAL 28,728,474 17,670,960

S-606


SCHEDULE - D (ii)

FIXED ASSETS

COST AMORTISATION BOOK VALUE

Fixed Assets - Intangible As at Additions Deductions As at Up to For the year Deductions Up to As at As at

01.04.2008 31.03.2009 31.03.2008 31.3.2009 31.3.2009 31.03.2008

Rupees Rupees Rupees Rupees Rupees Rupees Rupees Rupees Rupees Rupees

Land - Leasehold @ – 152,550,000 – 152,550,000 – 1,284,090 – 1,284,090 151,265,910 –

TOTAL – 152,550,000 – 152,550,000 – 1,284,090 – 1,284,090 151,265,910 –

Previous year – – – – – – – – – –

Add: Capital work - in - progress 6,816,811 3,530,646

TOTAL 158,082,721 3,530,646

Notes:

Tangible Assets - Schedule D (i)

1. Cost of Building represents ownership accommodation in a co-operative society including 5 shares of Rs. 50/- each.

2008-2009 2007-2008

2. Depreciation / amortisation for the year 6,280,918 1,994,951

Less: Transferred to Pre-operative expenses pending allocation 1,335,583 18,060

(including amortisation of leasehold land)

Charged to Profit and Loss Account 4,945,335 1,976,891

Intangible Assets - Schedule D (ii)

@ Pending registration, the Company has capitalised leasehold land of 50.85 acres at Nagpur taken on lease from Maharashtra Airport

Development Company Ltd. vide agreement dated June 20, 2008. The lease agreement is for a period of ninety nine years effective from

June 1, 2008 for developing IT infrastructure facilities.

SCHEDULE - E

PRE-OPERATIVE EXPENSES PENDING ALLOCATION

(Rupees)

Particulars Balance as at For the year Balance as at

01.04.2008 31.03.2009

Survey expenses 458,050 – 458,050

Salaries & wages – 423,293 423,293

Provident Fund – 24,780 24,780

Cost of service 940,391 1,551,235 2,491,626

Welfare expenses 31,812 67,002 98,814

Rent 306,666 575,000 881,666

Professional fees 495,078 400,629 895,707

Repairs & maintenance - others 82,406 9,930 92,336

Printing & stationery 23,203 23,084 46,287

Power & fuel 6,510 57,678 64,188

Communication expenses 80,810 102,887 183,697

Travelling & conveyance 592,832 781,272 1,374,104

Miscellaneous expenses 306,567 276,349 582,916

Depreciation 18,060 51,493 69,553

Amortisation of leasehold land – 1,284,090 1,284,090

Fringe Benefit Tax 48,274 – 48,274

TOTAL 3,390,659 5,628,722 9,019,381

SCHEDULES FORMING PART OF BALANCE SHEET (Contd.)

S-607



As at 31.03.2009 As at 31.03.2008Rupees Rupees Rupees Rupees

SCHEDULE - F

INVESTMENTS (At cost, unless otherwise specified)

Long Term Investments

Fully paid equity shares of subsidiary companies 5,249,227,330 4,676,485,330

Fully paid preference shares of subsidiary companies 2,916,355,000 2,916,355,000

Trade Investments :

Fully paid equity shares of associate companies 539,450,000 745,809,654

Fully paid equity shares of jointly controlled entity 1,585,590,660 1,235,590,660

Fully paid equity shares of other companies 725,320,000 561,440,000

Fully paid preference shares of associate companies 100,000,000 100,000,000

11,115,942,990 10,235,680,644

Current Investments

Bonds 5,000,000 5,000,000

5,000,000 5,000,000

TOTAL 11,120,942,990 10,240,680,644

Notes :As at 31.03.2009 As at 31.03.2008

Rupees Rupees

Unquoted Investments

Book Value 11,120,942,990 10,240,680,644


Perticulars of Investments

Long Term Investments (At cost)

Subsidiary Companies - Unquoted

Fully paid equity shares

L&T Transportation Infrastructure Limited 531,366,014 531,366,014

3,05,36,000 equity shares of Rs. 10/- each

Narmada Infrastructure Construction Enterprise Limited 638,991,261 638,991,261


L&T Interstate Road Corridor Limited 541,171,640 179,171,640


(3,62,00,000 equity shares of Rs. 10/- each subscribed during the year)

L&T Krishnagiri Thopur Toll Road Limited 787,500,000 787,500,000


L&T Panipat Elevated Corridor Limited 843,000,000 805,586,000


(37,41,400 equity shares of Rs. 10/- each subscribed during the year)

L&T Vadodara Bharuch Tollway Limited 435,000,000 435,000,000


L&T Western Andhra Tollways Limited 565,000,000 391,672,000



L&T Urban Infrastructure Limited 750,000,000 750,000,000


S-608


L&T Infrastructure Development Projects Lanka (Private) Limited 157,198,370 157,198,370

3,50,00,020 equity shares of Sri Lankan Rs. 10/- each

International Seaports (India) Private Limited 45 45

25,00,560 equity shares of Rs. 10/- each

5,249,227,330 4,676,485,330

Fully paid preference shares

L&T Urban Infrastructure Limited 2,916,355,000 2,916,355,000

(29,16,35,500 - 0.01% Cumulative Redeemable

Preference shares of Rs. 10/- each)

8,165,582,330 7,592,840,330

Trade Investments - Unquoted

Associate Companies


International Seaports Haldia (Private) Limited 98,300,000 98,300,00098,30,000 equity shares of Rs. 10/- each

Second Vivekananda Bridge Tollway Company Private Limited 323,500,000 323,500,000(3,23,50,000 equity shares of Rs. 10/- each)

Kakinada Seaports Limited – 205,859,654(2,05,50,955 equity shares of Rs. 10/- each sold during the year)

Gammon - L&T Infra MRTS Limited – 500,000(5,000 equity shares of Rs. 100/- each sold during the year)

Ennore Tank Terminals Private Limited 117,650,000 117,650,000


539,450,000 745,809,654

Jointly Controlled entity

Fully Paid equity shares

The Dhamra Port Company Limited 1,585,590,660 1,235,590,660



1,585,590,660 1,235,590,660

Other Companies


Bangalore International Airport Limited 653,820,000 555,390,000



SICAL Iron Ore Terminals Limited 71,500,000 6,050,000

71,50,000 equity shares of Rs. 10/- each


725,320,000 561,440,000

Fully paid preference shares of Associate companies

Fully paid preference shares

Second Vivekananda Bridge Tollway Company Private Limited 100,000,000 100,000,000

0.01% Cumulative Redeemable Preference shares 1,00,00,000

of Rs. 10/- each

100,000,000 100,000,00

Long Term Investments - Total 11,115,942,990 10,235,680,644



S-609


Current Investment

Bonds

Rural Electrification Corporation Ltd - 5.25% NCR taxable Bonds 5,000,000 5,000,000

500 bonds of Rs. 10,000/- each

Current Investment - Total 5,000,000 5,000,000

TOTAL 11,120,942,990 10,240,680,644

Details of investments purchased and sold during the year 2008-2009

Particulars Face Value Rs. Units (Nos.) Cost (Rs.)

Per unit

Mutual Funds

HSBC Liquid Plus Inst. Plus DDR 10 8,836,839 92,257,482


SCHEDULE - G

Current Assets, Loans and Advances

Sundry Debtors

Unsecured, considered good

Outstanding for more than six months – –

Others 31,886,326 126,245,045

31,886,326 126,245,045

Cash and Bank Balances

Balances with scheduled banks on current account 39,644,859 4,937,545

39,644,859 4,937,545

Loans & Advances

Unsecured, considered good

Subsidiary companies

Loans including interest accrued thereon 1,779,614,213 1,278,373,843

[interest accrued Rs. NIL; Previous Year Rs. 48,020,782]

Others 11,639,543 3,585,717

Advances towards share capital

Subsidiaries 346,957,831 161,574

Others 50,000 98,430,000

Advances recoverable in cash or in kind or

for value to be received 118,007,512 256,398,857

Considered doubtful

Advances recoverable in cash or in kind 323,180 –

2,256,592,279 1,636,949,991

Less: Provision for doubtful advances 323,180 –

2,256,269,099 1,636,949,991

TOTAL 2,327,800,284 1,768,132,581



S-610



SCHEDULE - H

CURRENT LIABILITIES & PROVISIONS

Current Liabilities and Provisions

Sundry Creditors

Due to Micro and small industries – –

Due to holding company 7,492,024 47,562,546

Due to subsidiary companies 2,212,157 1,312,259

Due to fellow subsidiaries 2,362,853 6,396,706

Others [See Note No.9 in Schedule N] 244,920,373 547,840,161

Interest accrued but not due – 6,731,266

256,987,407 609,842,938Provisions for

Income Tax 16,611,070 18,680,090

Fringe Benefit Tax 687,992 553,140

Leave Encashment 829,010 156,010

18,128,072 19,389,240

TOTAL 275,115,479 629,232,178

SCHEDULES FORMING PART OF PROFIT AND LOSS ACCOUNT

2008-2009 2007-2008Rupees Rupees Rupees Rupees

SCHEDULE - I

INCOME FROM OPERATIONS

Project facilitation and advisory service fees 121,789,140 131,159,675

Dividend income from long term investments

Subsidiaries – 9,160,800

Associate company 14,745,000 14,745,000

14,745,000 23,905,800

TOTAL 136,534,140 155,065,475

SCHEDULE - J (i)

INTEREST INCOME

Interest income from

Bank deposits 91,087 4,182,962[Tax deducted at source: Rs. 18,764; Previous Year: Rs. 883,020]Subsidiaries 24,205,756 198,034,018

Others 262,500 245,959

24,559,343 202,462,939

TOTAL 24,559,343 202,462,939

SCHEDULE - J (ii)

OTHER INCOME

Income from current investments in mutual funds 257,482 30,034,210

Exchange gain 28,830,531 –

Profit on sale of long term investments (net) 193,674,196 –[See Note No. 7 and 8 in Schedule N]

Profit on sale of current investments (net) – 86,306

Miscellaneous income 117,116 120,270

TOTAL 222,879,325 30,240,786


S-611


SCHEDULES FORMING PART OF PROFIT AND LOSS ACCOUNT (Contd.)

SCHEDULE - K (i)

OPERATING EXPENSES

Salaries, wages & bonus 17,140,564 12,899,192

Contribution to and provision for

Provident Fund 1,277,974 793,922

Gratuity 373,510 174,999

Leave Encashment 737,068 112,833

2,388,552 1,081,754

Staff welfare expenses 810,570 560,482

Cost of services 15,440,274 23,805,367

Consultancy charges 9,566,588 65,399,539

Bid expenses 1,904,000 2,629,348

Insurance 5,266,138 3,824,999

TOTAL 52,516,686 110,200,681

SCHEDULE - K (ii)

ADMINISTRATION AND OTHER EXPENSES

Rent 8,152,354 7,636,304

Rates & taxes 347,624 142,343

Other Professional fees 5,228,241 4,543,279

Repairs & maintenance

Building 10,487 5,676

Others 1,191,561 586,987

1,202,048 592,663

Establishment expenses 2,835,000 3,360,000

Insurance 88,083 137,841

Printing & stationery 524,104 440,048

Power & electricity charges 460,244 292,689

Communication & postage 1,348,010 952,190

Bank charges 2,872,369 562,727

Travelling & conveyance 8,578,404 10,747,073

Exchange loss – 9,044,421

Miscellaneous expenses 5,991,251 4,247,728

Bad debts and advances written off 420,037 –

Provision for doubtful advances 323,180 –

TOTAL 38,370,949 42,699,306

SCHEDULE - L

INTEREST EXPENSES

Interest on inter corporate deposits 167,806,242 13,562,627

TOTAL 167,806,242 13,562,627

2008-2009 2007-2008Rupees Rupees Rupees Rupees

S-612


SCHEDULE - M

SIGNIFICANT ACCOUNTING POLICIES

a. Basis of Accounting

The Company maintains its accounts on accrual basis following the historical cost convention in accordance with Generally Accepted Accounting

Principles (“GAAP”) except for the revaluation of certain fixed assets, in compliance with the provisions of the Companies Act, 1956 and the

Accounting Standards as specified in the Companies (Accounting Standards) Rules, 2006, prescribed by the Central Government. However,

certain escalation and other claims, which are not ascertainable / acknowledged by customers, are not taken into account.

The preparation of financial statements in conformity with GAAP requires that the management of the Company makes estimates and assumptions

that affect the reported amounts of income and expenses of the period, the reported balances of assets and liabilities and the disclosures

relating to contingent liabilities as of the date of the financial statements. Examples of such estimates include the useful lives of tangible and

intangible fixed assets, provision for doubtful debts / advances, future obligations in respect of retirement benefit plans, etc. Difference, if any,

between the actual results and estimates is recognized in the period in which the results are known.

b. Revenue Recognition

i) Project facilitation and advisory fees are accounted based on agreement / arrangement with customers.

ii) Dividend income is recognised when the right to receive is established.

iii) Interest income is accounted at applicable rates on the respective investments.

iv) Other items of income are accounted as and when the right to receive arises.

c. Employee Benefits

The following are the accounting policies of the Company with regard to Employee Benefits

(i) Short Term Employee Benefits

All employee benefits payable wholly within twelve months of rendering the services are classified as short term employee benefits.

Benefits such as salaries, wages, short term compensated absences, etc. and the expected cost of bonus, ex gratia are recognized in the

period in which the employee renders the related service.

(ii) Post-employment benefits

Defined Contribution Plans

State Governed Recognised Provident Fund linked with Employee Pension Scheme, Company’s LIC Group Super Annuation Scheme’

and LIC’s Employees’ Group Gratuity Scheme are Defined Contribution Plans. The contribution paid / payable under the schemes is

recognized during the period in which the employee renders the related service.

(iii) Long Term Employee Benefits

The obligation for long term employee benefits like long term compensated absences, etc. is determined based on actuarial valuation

using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit

entitlement and measures each unit separately to build up the final obligation.

The obligation is measured at the present value of the estimated future cashflows. Actuarial gains and losses are recognized immediately

in the Profit & Loss Account.

d. Fixed Assets

Fixed Assets are stated at original cost net of tax / duty credits availed, if any, less accumulated depreciation.

Pre-operative expenses on projects are capitalized upon commencement of commercial operation.

e. Depreciation

Depreciation on asset has been provided on straight-line basis at the rates specified in the Schedule XIV of the Companies Act, 1956. Depreciation

on additions / deductions is calculated pro-rata from / to the month of additions / deductions.

Improvements to leasehold premises are amortised over the primary lease period.

f. Intangible Assets and Amortisation

Intangible assets are recognised as per the criteria specified in Accounting Standard (AS) 26 “Intangible Assets” as specified in the Companies

(Accounting Standard) Rules, 2006.

Leasehold land is amortised over the period of lease.

g. Investments

Long-term investments are carried at cost, after providing for any diminution in value, if such diminution is other than temporary in nature.

Current investments are stated at lower of cost or market value.

The determination of carrying amount of such investments is done on a weighted average basis.

SCHEDULES FORMING PART OF ACCOUNTS

S-613


SCHEDULES FORMING PART OF ACCOUNTS (Contd.)

h. Impairment

The carrying amounts of assets are reviewed at Balance Sheet date to assess whether they are recorded in excess of their recoverable

amount. Where carrying values exceed this recoverable amount, assets are written down to their recoverable amount. Where the recoverable

amount exceeds the carrying value the impairment provided in earlier years is reversed to the extent of provision made earlier.

i. Foreign Currency Transactions

(i) Foreign currency assets and liabilities are converted at contracted / year-end rates as applicable.

(ii) All other foreign currency transactions are accounted for at the rates prevailing on the dates of the transactions.

(iii) The exchange differences on settlement / conversion are adjusted to Profit & Loss Account.

j. Taxes on income

Taxes on income for the current year is determined on the basis of taxable income and tax credits computed in accordance with the provisions

of the Income Tax Act, 1961, and based on expected outcome of assessments / appeals.

Deferred tax is recognized on timing differences between the accounting income and the taxable income for the year and quantified using the

tax rates and laws enacted or substantively enacted as on the Balance Sheet date.

Deferred tax assets are recognized and carried forward to the extent that there is a reasonable certainty that sufficient future taxable income will

be available against which such deferred tax assets can be realised.

k. Fringe Benefit Tax

Fringe Benefit Tax is determined as per the provisions of Chapter XII-H of the Income Tax Act, 1961.

l. Accounting for Interests in Joint Ventures

Interests in Joint Ventures are accounted as follows

Incorporated Jointly Controlled Entities

a) Income on investments in incorporated Jointly Controlled Entities is recognized when the right to receive the same is established.

b) Investments in such Joint Ventures are carried at cost after providing for any permanent diminution in value.

m. Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognized for liabilities that can be measured only by using a substantial degree of estimation, if

a) the Company has a present obligation as a result of a past event.

b) a probable outflow of resources is expected to settle the obligation and

c) the amount of the obligation can be reliably estimated.

Reimbursement expected in respect of expenditure required to settle a provision is recognized only when it is virtually certain that the

reimbursement will be received.

Contingent Liability is disclosed in the case of

a) a present obligation arising from a past event, when it is not probable that an outflow of resources will be required to settle the obligation.

b) a present obligation when no reliable estimate is possible; and

c) a possible obligation arising from past events where the probability of outflow of resources is not remote.

Contingent Assets are neither recognized, nor disclosed.

Provisions, Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet date.

SCHEDULE - N

NOTES FORMING PART OF ACCOUNTS

1. a. The Company had, under a Shareholders Agreement and Share Subscription Agreement dated April 21, 2006, made in 2006-2007 a

preferential issue of 5,50,00,000 Equity Shares of Rs. 10/- each at a premium of Rs. 90/- each to JP Morgan Special Situations Mauritius

Limited (formerly M/s. Silver Peak Investments (Mauritius) Limited), India Development Fund, Infrastructure Development Finance Company

Limited, Old Lane Mauritius III Limited for a total consideration of Rs. 550 Crore.

asdgg

S-614


b. Advance against share capital represents

S. No. Investor Amount (Rs.)

1 IDBI Trusteeship Services A/c IDFC Infrastructure Fund A/c India Development Fund 125,000,000

2 Infrastructure Development Finance Company Limited 60,000,000

3 JP Morgan Special Situations (Mauritius) Limited 300,000,000

4 Old Lane Mauritius III Limited 65,000,000

5 Larsen & Toubro Limited 1,626,321

Total 551,626,321

2. Unsecured loans comprise of inter corporate deposits as detailed below

S. No. Particulars Amount (Rs.)

1 Larsen & Toubro Limited 350,000,000

2 L&T Transportation Infrastructure Limited 1,136,400,000

3 Narmada Infrastructure Construction Enterprise Limited 623,000,000

4 L&T Western India Tollbridge Limited 163,400,000

Total 2,272,800,000

3. The Company has provided unsecured subordinated debt of Rs. 145,98,44,213 to its wholly owned subsidiary viz., M/s L&T Vadodara BharuchTollway Limited. Pursuant to the loan agreement dated December 13, 2006, with the term lenders to the project, no interest is payable by thesubsidiary on this subordinated debt until twelve months from the Commercial Operation Date of the project. No interest has been accruedsince the said project is under implementation and has not commenced commercial operations.

4. Loans and advances include Rs. 31,97,70,000 representing interest free convertible loan to L&T Urban Infrastructure Limited.

5. There were no transactions during the year with micro and small enterprises covered under the Micro, Small and Medium Enterprises Development(MSMED) Act, 2006. Hence reporting details of principal and interest does not arise.

6. The Company’s management is of the opinion that the Company is a service company and accordingly furnishing of information requiredunder paragraph 4C of Part II of Schedule VI of the Companies Act, 1956 is not applicable.

7. Net profit on sale of long term investments includes profit of Rs. 19,41,40,346 towards sale of 2,05,50,955 equity shares of Rs. 10/- each heldin Kakinada Seaports Limited vide Share Purchase Agreement dated Feb 23, 2008.

8. The Company has sold its investment of 5,000 equity shares of Rs. 100/- each in Gammon L&T Infra MRTS Limited purchased in the year2005-2006 for Rs. 500,000 to Gammon Infrastructure Projects Limited for Rs. 33,850 and has incurred a loss of Rs. 4,66,150.

9. “Others” under Current Liabilities includes

a) Advance of Rs. 11,76,50,000 received from M/s. JRE Tank Terminals Private Limited under an agreement dated August 24, 2007 towardssale of 1,17,65,000 equity share of Rs. 10/- each in M/s. Ennore Tank Terminals Private Limited to be transferred on fulfillment of thefollowing conditions:

(i) Maximum 15% of the shares upon completion of construction of the terminal and

(ii) Balance shares upon completion of 3 calendar years from the date of commencement of commercial operation.

b) Advance of Rs. 7,15,50,000 received from M/s. Sical Logistics Limited. The Company has entered into an Agreement for Share Sale andPurchase dated December 17, 2008 with M/s. Sical Logistics Limited for sale of its stake in M/s. Sical Iron Ore Terminals Limited. Accordingly,71,50,000 equity shares of Rs. 10/- each held by the Company and further shares, if any, subscribed to by the Company will be sold atcost. The sale will be subject to following condition under the License Agreement dated September 23, 2006 with Ennore Port Limited

(i) Completion of 3 years from the date of commencement of commercial operation of Sical Iron Ore Terminals Private Limited.

c) The Company has entered into an agreement to sell its investment in International Seaports (Haldia) Private Limited (ISPH) of 49,15,000equity shares of Rs. 10/- each to Energy Investment Ltd., UAE and International Lighterage Ltd., Mauritius respectively vide Agreementsfor Share Sale dated December 30, 2008 and has received a down payment of Rs. 1,59,30,000 each aggregating to Rs. 3,18,60,000.However, the sale can be effected only after fulfilling the conditions stipulated in the Conditions Precedent referred to in clause 7 to thesaid Agreement, viz., receipt of balance consideration, approval of lenders to the project and receipt of appropriate acknowledgementfrom Kolkata Port Trust.

10. The Company has been granted SEZ status vide gazette notification no. F2/31/2005 – EPZ dated December 29, 2008 by the Ministry ofCommerce & Industry, for setting up the Special Economic Zone for developing IT infrastructure facilities at Nagpur.


S-615


11. Pre-operative expenses represents expenses incurred for setting up of a Special Economic Zone for developing IT infrastructure facilities at

Nagpur.

12. Leases

The Company has taken residential premise and office premises under cancellable operating leases. These lease agreements are normally

renewed on expiry.

13. (a) The Company had pledged its investment in the equity shares of the following companies to the lenders of term loan of the respective

companies

(i) Second Vivekananda Bridge Tollway Company Private Limited (SVBTC), an associate, of Rs. 32,35,00,000 and preference shares

of Rs. 10,00,00,000.

(ii) The Dhamra Port Company Limited (DPCL), an incorporated jointly controlled entity of Rs. 80,86,51,440.

(iii) Bangalore International Airport Limited (BIAL) of Rs. 19,61,46,000. However, the Company has signed “pledge and non-disposal

agreements” with lenders to BIAL for the total shareholding held by the Company in BIAL.

(b) The Company had pledged its investment in the equity shares of the following subsidiary companies to the lenders of term loan of the

respective companies

(Amount in Rs.)

S. No. Name of the Subsidiary As at 31.03.2009 As at 31.03.2008

1 L&T Panipat Elevated Corridor Limited (L&T PECL) 42,99,29,970 17,11,48,830

2 L&T Krishnagiri Thopur Toll Road Limited (L&T KTTRL) 40,16,24,970 13,31,57,400

3 L&T Western Andhra Tollways Limited (L&T WATL) 28,81,49,970 8,20,74,270

4 L&T Vadodara Bharuch Tollway Limited (L&T VBTL) 22,18,49,960 22,15,94,970

5 L&T Interstate Road Corridor Limited (L&T IRCL) 27,59,97,510 14,81,71,640

14. The Company has given the following undertakings jointly with Pacific Alliance Stradec Group Infrastructure Company LLC and SVBTC to the

term lenders of SVBTC

a. not to reduce the joint shareholding below 51% during the construction period and for 3 years following Commercial Operations Date and

below 26% during balance remaining operations period.

15. The Company has given the following undertakings jointly with Larsen & Toubro Limited (Holding Company), to the term lenders of L&T

Transportation Infrastructure Limited (LTTIL)

i. not to reduce their joint shareholding in LTTIL below 51% until the financial assistance received from the term lenders is repaid in full by

LTTIL and

ii. to jointly meet the shortfall in the working capital requirements of LTTIL until the financial assistance received from the term lenders is

repaid in full by LTTIL.

16. The Company has given the following undertaking to the term lenders of Narmada Infrastructure Construction Enterprise Limited (NICE)

i. to facilitate the Borrower (NICE) to discharge its debt obligation to the extent the loan funds have been placed with L&T IDPL and its

Group Companies.

17. The Company has given the following undertakings jointly with Tata Steel Limited and DPCL to the term lenders of DPCL

i. to meet the cost overrun to the extent of 10% of the project cost and

ii. not to reduce the joint shareholding below 51% upto the Commercial Operations Date and below 26% during balance remaining operations

period.

18. The Company has given the following undertaking, to the term lenders of five subsidiary companies viz., L&T PECL, L&T KTTRL, L&T WATL,

L&T VBTL, L&T IRCL

a. not to reduce its shareholding in the said subsidiary companies below 51% upto a period of 3 years after Commercial Operation Date

(COD) and below 26% till final settlement date.

b. to meet the cost overrun to the extent of 5% of the project cost.

c. in the case of L&T VBTL; to provide financial support to the Borrower to meet shortfall, if any, in meeting the debt repayment after receipt

of Termination payment from NHAI, in the event of a termination of the Concessionaire Agreement pursuant to occurrence of the

Concessionaire Event of Default or any Force Majeure Event as stated in the said Concessionaire Agreement.

19. Based on (a) estimated future cash flows of the investee project companies and (b) definitive agreements for sale that have already been

entered into for certain of its investments, the Company is of the view that there is no diminution of a permanent nature in the value of its long

term investment as of March 31, 2009.


S-616


20. Auditor’s Remuneration (excluding service tax)

2008-2009 2007-2008

Particulars Rupees Rupees

Audit fees 3,50,000 2,50,000

Certification fees 1,12,250 69,500

Audit of Consolidated Accounts 2,50,000 2,50,000

Tax Audit fees 60,000 60,000

Reimbursement of expenses 18,333 –

Other matters 75,000 –

21. Employee Benefits

a. Provision for Gratuity is made on actuarial basis as summarized below.

TABLE 1

AMOUNT TO BE RECOGNIZED IN BALANCE SHEET (In Rupees)

Year ended Year ended

Particulars 31.03.2009 31.03.2008

Present Value of Funded Obligations 6,59,247 3,21,005

Fair Value of Plan Assets 6,85,496 3,26,007

Present Value of Unfunded Obligations – –

Unrecognised Past Service Cost – –

Net Liability – –

Amounts recognized in Balance Sheet

Liabilities – –

Assets 26,249 5,002

Net Liability / (asset) 26,249 5,002

TABLE 2

EXPENSE TO BE RECOGNIZED IN STATEMENT OF PROFIT & LOSS ACCOUNT (In Rupees)


Particulars 31.03.2009 31.03.2008

Current Service Cost 1,75,615 41,494

Interest on Defined Benefit Obligation 23,020 5,801

Expected Return on Plan Assets (39,410) (12,038)

Net Actuarial Losses / (Gains) Recognised during the Year 2,19,287 2,03,395

Past Service Cost – –

Losses / (Gains) on “Curtailments & Settlements” – –

Adjustment for earlier years (5,002) (63,653)

Total recognized in Profit & Loss Account 3,73,510 174,999

Actual Return on Plan Assets 26,249 5,002


S-617


TABLE 3

SUMMARY OF ACTUARIAL ASSUMPTIONS


Particulars 31.03.2009 31.03.2008

A Principle rules to compute Benefit Obligations

1 Salary reckoned for calculating Benefit Obligations As per rule of the Company As per rule of the Company

2 Vesting Period 5 Years for Gratuity 5 Years for Gratuity

3 Benefit formula for Gratuity for all exits except death A1 x Completed year of A1 x Completed year of

service x 15/26 subject to service x 15/26 subject to

benefit having vested benefit having vested

4 Benefit formula for Gratuity on death Same as A3 but no Same as A3 but no

vesting condition vesting condition

B Mean Financial Assumptions

1 Interest Rate for discount per unit per annum 8% 8%

2 Salary escalation rate per unit per annum 6% 4.50%

3 Expected rate of return on Plan Assets per unit per annum 8% 8%

C Mean Demographic Assumptions

1 Mortality Rate LIC 94-96 Rates LIC 94-96 Rates

2 Attrition rate 1-3% depending on age 1-3% depending on age

3 Disability / ill health retirement No explicit assumption No explicit assumption

b. Provision for Leave Encashment is made on actuarial basis as summarized below


Particulars 31.03.2009 31.03.2008

. A Summary of employee data

1. No. of employees 65 49

2. Notional benefit obligations on current salary in rupees 968,025 187,440

3. Projected actuarial value of benefit obligation in rupees 829,010 156,010

B Principle rules to compute benefit obligations

1. Salary reckoned for calculating benefit obligations Basic pay Basic pay

2. Benefit formula for all exits B1 x Leave Balance / 30 B1 x Leave Balance / 30

C Mean financial assumptions

1. Discount rate per unit per annum 6.50% 7.50%

2. Salary escalation rate per unit per annum 6.00% 6.00%

D Mean demographic assumptions

1. Mortality LIC 94-96 rates LIC 94-96 rates

2. Withdrawal 15% for all age 15% for all age

3. Disability No explicit assumption No explicit assumption

c. Contribution to Provident Fund is made on actual basis.


S-618


22. Expenditure in Foreign Currency (net of recovery)

2008-2009 2007-2008


Professional Fees 32,17,535 73,13,040

Travel 7,19,352 400,488

23. Earnings in Foreign Currency

2008-2009 2007-2008


Interest from subsidiary 2,29,35,203 3,35,75,584

Other 889,842 –

24. Segmental reporting

The Company is engaged in the business of providing services, developing & investing in infrastructure projects in a single business segment.

Hence reporting on primary segment does not arise. The Company does not have any exports; hence, disclosure of secondary / geographical

segment information does not arise.

25. Provision for taxes includes

a) Current Tax

i) provision made for previous year Rs. 99,805;

ii) an amount of Rs. 45,50,330 towards MAT credit entitlement recognized in the Profit and Loss Account.

b) The Company does not have taxable wealth under the provisions of the Wealth Tax Act, 1952.

26. Basic and Diluted Earnings per Share (‘EPS’) computed in accordance with Accounting Standard (AS) 20 ‘Earnings per Share’

Particulars 2008-2009 2007-2008

Basic

Profit after Tax as per Accounts (Rupees) 108,304,078 198,732,201

Weighted average number of shares 243,208,304 243,208,304

Basic EPS (Rupees) 0.45 0.82

Diluted

Profit after Tax as per Accounts (Rupees) A 108,304,078 198,732,201

Weighted average number of shares B 243,208,304 243,208,304

Add: Weighted average number of Potential equity shares

that could arise on allotment of share for which amount has been

received in advance. C 8,871,626 8,871,626

Add: Weighted average number of potential equity shares

in respect of partly paid-up shares. D 2,720,940 2,720,940

Weighted average number of shares (E=B+C+D) E 254,800,870 254,800,870

Diluted EPS (Rupees) 0.43 0.78

27. Disclosure of related parties / related party transactions

A. List of related parties

Holding Company Larsen & Toubro Limited

Subsidiary companies L&T Urban Infrastructure Limited

Cyber Park Development and Construction Limited

L&T Infocity Limited

CSJ Infrastructure Private Limited

L&T Phoenix Infoparks Private Limited


S-619


L&T Vision Ventures Limited

L&T Bangalore Airport Hotel Limited

L&T Tech Park Limited

L&T South City Projects Limited

L&T Siruseri Property Developers Limited

L&T Arun Excello Commercial Projects Private Limited

L&T Arun Excello IT SEZ Private Limited

Hyderabad International Trade Expositions Limited

Andhra Pradesh Expositions Private Limited

L&T Infocity Infrastructure Limited (Up to March 15, 2009)

L&T Infocity Lanka Private Limited

L&T Hitech City Limited

L&T Infrastructure Development Projects Lanka (Private) Limited

L&T Transportation Infrastructure Limited

Narmada Infrastructure Construction Enterprise Limited

L&T Krishnagiri Thopur Toll Road Limited

L&T Vadodara Bharuch Tollway Limited

L&T Western Andhra Tollways Limited

L&T Interstate Road Corridor Limited

L&T Panipat Elevated Corridor Limited

International Seaports (India) Private Limited

Incorporated jointly controlled entity The Dhamra Port Company Limited

Associates International Seaports Haldia (Private) Limited

Second Vivekananda Bridge Tollway Company Private Limited

Ennore Tank Terminals Private Limited

Fellow Subsidiaries L&T Western India Tollbridge Limited

L&T Infrastructure Finance Company Limited

L&T Uttaranchal Hydropower Limited

Larsen & Toubro Infotech Limited

L&T Transco Private Limited

L&T Chennai–Tada Tollway Limited

L&T Port Sutrapada Limited

Sutrapada SEZ Developers Limited

Sutrapada Shipyard Limited

L&T PNG Tollway Private Limited

L&T Ahmedabad–Maliya Tollway Private Limited

L&T Halol – Shamlaji Tollway Private Limited

L&T Rajkot – Vadinar Tollway Private Limited


S-620


B Details of transactions with related parties

2008-2009 2007-2008

Name / Relationship / Nature of transaction Rupees Rupees

i. Holding Company

Larsen & Toubro Limited

� Project advisory fees earned (incl. service tax) 10,88,03,331 11,80,24,947

� ICD-received / repaid 35,00,00,000 33,30,00,000

� Interest paid on ICD 1,91,73,288 30,71,331

� Rent received 1,16,280 1,20,270

� Rent paid (incl. service tax) 23,85,579 27,79,560

� Cost of services from 1,37,87,854 2,26,05,862

� Cost of services to 746,971 838,418

� Payroll Processing Fee (incl. service tax) 67,210 1,85,256

� Business Support Service (incl. service tax) 35,27,773 37,75,296

� Design Fee to EDRC 12,00,000 18,00,000

� Reimbursement of Expenses from 81,03,305 2,09,41,714

� Reimbursement of Expenses to 1,04,05,709 35,95,030

ii. Subsidiaries

Cyber Park Development and Construction Limited

� Loan repaid (through L&T Urban Infrastructure Limited) 4,52,00,000 –

� Interest earned 12,70,553 45,20,000

� Cost of Services to – 2,10,580

� Reimbursement of expenses from 767,473 10,880

Narmada Infrastructure & Construction Enterprise Limited


� Services rendered to (incl. service tax) 36,38,289 36,24,717

� ICD received 52,80,00,000 15,50,00,000

� ICD repaid – 6,00,00,000

� Cost of Services from 518,633 –

� Reimbursement of expenses to 44,64,589 16,240

L&T Transportation Infrastructure Limited

� ICD received 81,64,00,000 32,00,00,000

� Cost of Service to 3,74,733 66,140



� Dividend received – 91,60,800

� Reimbursement of expenses from 750 –


L&T Panipat Elevated Corridor Limited

� Equity infused (including advance) 3,74,13,940 47,00,00,000

� Cost of services to 3,82,712 10,40,857

� Service rendered to (incl. service tax) 28,65,978 –

� Reimbursement of expenses to 17,84,200 16,24,350

� Reimbursement of expenses from 15,35,887 14,66,956


S-621



L&T Tech Park Limited

� Reimbursement of expenses from – 13,856

L&T Krishnagiri Thopur Toll Road Limited

� Equity infused (including advance) – 46,64,07,000


� Reimburse of expenses to 45,81,502 7,60,006

� Cost of services to – 86,466

L&T Vadodara Bharuch Tollway Limited

� Subordinate debt 77,75,00,000 18,39,53,000

� Cost of service to 14,46,700 46,289



L&T Western Andhra Tollways Limited



� Cost of service to 8,30,770 2,50,451


L&T Interstate Road Corridor Limited


� Project Advisory Fees – 2,25,39,416

� Reimbursement of expenses to 3,16,97,937 10,63,510

� Reimbursement of expenses from 79,566 –

L&T Urban Infrastructure Limited

� Loan of subsidiary (Cyber Park Development & Construction Limited) taken over 4,52,00,000 –

� Equity / Preference Share infused – 3,63,08,25,000

� ICD placed with – 24,20,00,000

� ICD repaid / adjusted – 3,91,20,00,000

� Interest on ICD – 15,99,38,434

� Cost of services to 14,54,369 12,21,163

� Cost of service from 13,14,055 14,38,279


� Reimbursement of expenses to 77,193 1,47,952

L&T Infocity Limited

� Cost of Services from 237,180 2,51,623

� Sale of Assets 104,465 –


� Reimbursement of expenses to – 23,400

L&T Infrastructure Development Projects Lanka (Private) Limited

� ICD placed with (in USD) (net of exchange difference) 5,00,14,836 7,87,78,816

� Equity infused 34,85,27,089 –

� Interest on loan received 2,29,35,203 3,35,75,584


CSJ Infrastructure Private Limited

� Reimbursement of expenses to 7,791 –

2008-2009 2007-2008


S-622



L&T South City Projects Limited

� Reimbursement of expenses from – 13,857

L&T Bangalore Airport Hotels Limited


L&T Phoenix Infoparks Private Limited

� Reimbursement of expenses to 9,670 80,900

L&T Arun Excello IT SEZ Private Limited

� Reimbursement of expenses to 3,52,97,710 –

International Seaports (India) Private Limited

� Reimbursement of expenses to 17,730 –

iii. Fellow Subsidiaries

L&T Western India Tollbridge Limited

� ICD received (previous year received & repaid) 16,34,00,000 8,50,00,000





L&T Uttaranchal Hydropower Limited


� Cost of Services to 14,25,963 9,65,726

L&T Infrastructure Finance Limited

� Cost of Services from 55,02,870 25,10,857

� Reimbursement of expense from 1,88,927 2,15,344

Larsen & Toubro Infotech Limited

� Support Service (incl. service tax) 8,65,524 –

L&T Transco Private Limited

� Reimbursement of expense to 67,64,254 –

� Cost of Services to 66,52,387 –

L&T Chennai-Tada Tollway Limited


� Sale of Assets 1,54,719 –

L&T Port Sutrapada Limited

� Reimbursement of expense to 1,50,16,018 –

� Reimbursement of expense from 4,380 –

� Cost of Services to 20,58,604 –

� Facility management service (incl. service tax) 17,11,727 –

L&T Ahmedabad–Maliya Tollway Private Limited



L&T Halol – Shamlaji Tollway Private Limited



2008-2009 2007-2008


S-623



L&T Rajkot – Vadinar Tollway Private Limited


� Reimbursement of expense from 2,32,649 –


L&T PNG Tollway Private Limited


iv. Jointly Controlled Entity

The Dhamra Port Company Limited

� Equity infused 35,00,00,000 30,00,00,000

� Reimbursement of expense from 1,37,500 8,96,000

v. Associates

International Seaports Haldia (Private) Limited

� Dividend received 1,47,45,000 1,47,45,000

Gammon - L&T Infra MRTS Limited

� Amount due written off 4,20,037 –

C. Amount due to and due from related parties (Net) (Rupees)

Name / Relationship 2008-2009 2007-2008

Due to Due from Due to Due from

i. Larsen & Toubro Limited (Holding Company) 32,56,05,698 5,70,90,175

ii. Subsidiaries

Cyber Park Development and Construction Limited – 4,86,95,768

Narmada Infrastructure & ConstructionEnterprise Limited 62,35,18,633 9,52,02,395

L&T Transportation Infrastructure Limited 113,64,00,000 32,51,73,900

L&T Panipat Elevated Corridor Limited – 2,39,396

L&T Vadodara Bharuch Tollway Limited 145,98,44,213 68,23,44,213

L&T Interstate Road Corridor Limited – 1,99,85,700

L&T Urban Infrastructure Limited 31,97,70,000 31, 90,80,189

L&T Infrastructure Development Projects Lanka(Private) Limited 25,68,701 23,08,73,018

International Seaports India Private Limited – 6,22,448

L&T Bangalore Airport Hotels Limited – 25,414

L&T Arun Excello IT SEZ Private Limited 16,93,524 –

iii. Fellow Subsidiary

L&T Infrastructure Finance Company Limited 76,041 27,15,791

L&T Western India Tollbridge Limited 16,34,00,000 2,63,404

L&T Uttaranchal Hydropower Limited – 10,179

Larsen & Toubro Infotech Limited 7,67,460 –

L&T Transco Private Limited 56,88,711 –

L&T PNG Tollway Private Limited 33,82,131 –

iv Associate

Gammon - L&T Infra MRTS Limited – 8,91,018

D. No amount due to or due from has been written off or written back during the year except amount of Rs. 420,037 due fromGammon - L&T Infra MRTS Limited has been written off.

2008-2009 2007-2008


S-624


28. Deferred Tax

Taxes on income have been accounted for in accordance with the provisions of Accounting Standard 22, as per the details given below

Details As at 31.03.2009 As at 31.03.2008

Rupees Rupees

Deferred Tax Assets (DTA)

Leave encashment 281,780 53,028

Provision for doubtful advances 109,849 -

391,629 53,028

Less: Deferred Tax liabilities (DTL)

Difference between carrying amounts of fixed assets in the

books and WDV for income tax purposes. 216,294 696,712

216,294 696,712

Net deferred tax liability / (asset) (175,335) 643,684

Net incremental provision for deferred tax liability / (asset) (819,019) 429,398

29. The Company has reviewed the estimated value-in-use and being higher than the carrying amount of the assets, no adjustment for impairment

is required.

30. Estimated amount of contract remaining to be executed on capital account (net of advances) as at 31.03.2009 is Rs. 1,01,18,976

(Previous Year Rs. 1,07,34,215).

31. Disclosure in respect of Joint Ventures

(i) Details of Joint Ventures

Name of the Description of Interest Proportion of Country of

Joint Venture Ownership

interest Incorporation Residence

The Dhamra Port Incorporated Jointly Controlled Entity. 0.50 India India

Company Limited (Develop the existing minor port at Dhamra into

(DPCL) a modern, deepwater, all weather port).

(ii) Financial Interest in Jointly Controlled Entity

Name of the Joint Venture Company’s share of

Assets Liabilities Income Expenses Tax

As at 31.03.2009 2008-2009

DPCL 7,509,188,774 5,930,101,969 697 408,922 55,958

(3,433,413,072) (2,203,362,083) (303,624) (330,349) (514,560)

Share of Net Assets 1,579,086,805

(1,230,050,989)

Profit / Loss (-) after tax (-) 964,183

((-) 541,285)

Notes: Figures in italics and brackets relate to previous year.

(iii) Share in Contingent Liabilities of the said Entity for which the Company is contingently liable as at March 31, 2009: Rs. 46,037

(Previous Year: Rs. NIL).

(iv) Contingent liability incurred in relation to interest in the said Entity – please refer note no. 32 (b)(ii).

(v) Capital commitments, if any, incurred in relation to interest in Joint Ventures as at March 31, 2009 Rs. 43,299.48 Lakhs (Previous Year

Rs. 51,820.07 Lakhs).


S-625



32. Contingent liabilities

a) Contingent liability in respect of

i. Guarantees issued on behalf of subsidiaries Rs. 41,13,80,000 (Previous Year : Rs. 32,02,69,750)

ii. Letter of credit opened for subsidiaries Rs. 84,06,507 (Previous Year : Rs. NIL).

b) The Company is contingently liable to the extent of its investments for loans taken by

i. Associates - Refer Note 13 (a) (i) above

Current year: Rs. 42,35,00,000; Previous Year : Rs. 42,35,00,000.

ii. Jointly Controlled entity - Refer Note 13(a)(ii) above


iii. Subsidiaries – Refer Note 13 (b) (i) to (v) above


iv. Others – Refer Note 13 (a) (iii)


33. Managerial remuneration amounting to Rs. NIL (Previous year Rs. NIL) has been charged to Profit and Loss Account.

34. Figures for the previous year have been regrouped / reclassified wherever necessary.


SHARP & TANNAN






Date : May 15, 2009 Date : May 15, 2009

Signatures to Schedules A to N

S-626


BALANCE SHEET ABSTRACT AND COMPANY’S GENERAL BUSINESS PROFILE

I. Registration Details

Registration No. U65993TN2001PLC46691 State Code 1 8

Balance Sheet Date 3 1 0 3 2 0 0 9

Date Month Year

II. Capital raised during the year (Amount in Rs. Thousands)

Public Issue Rights Issue

N I L N I L

Bonus Issue Private Placement

N I L N I L

III. Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)

Total Liabilities Total Assets

1 3 3 6 9 6 3 4 1 3 3 6 9 6 3 4

Sources of Funds

Paid-up Capital (Including Advance against Share Capital) Reserves & Surplus

2 9 8 3 7 0 9 8 1 1 3 1 2 4

Unsecured Loans Deferred Tax Liability

2 2 7 2 8 0 0 N I L

Application of Funds

Net Fixed Assets Investments

1 9 5 8 3 1 1 1 1 2 0 9 4 3

Net Current Assets Misc. Expenditure

2 0 5 2 6 8 5 N I L

Deferred Tax Asset Deferred Tax Asset

1 7 5 N I L

IV. Performance of Company (Amount in Rs. Thousands)

Turnover (Including other income) Total Expenditure

3 8 3 9 7 3 2 6 3 6 3 9

+ – Profit / (Loss) before tax + – Profit / Loss after tax

+ 1 2 0 3 3 4 + 1 0 8 3 0 4

Earnings per Share in Rs. Dividend Rate %

0 . 4 5 N A

V. Generic Names of three principal Products / Services of the Company (as per monetory terms)

Item Code No. N A

(ITC Code)

Product Description INFRASTRUCTURE PROJECTS DEVELOPMENT

For and on behalf of the Board

Place : Mumbai K. VENKATESH R. CHANDRASEKARAN Y. M. DEOSTHALEE R. SHANKAR RAMAN

Date : May 15, 2009 Manager Secretary Director Director

STATEMENT PURSUANT TO PART IV OF SCHEDULE VI TO THE COMPANIES ACT, 1956

S-627


STATEMENT PURSUANT TO SECTION 212 OF THE COMPANIES ACT, 1956,

RELATING TO SUBSIDIARY COMPANIES

Name of the subsidiary L&T Narmada L&T Interstate L&T Krishnagiri L&T Panipat L&T Vadodara L&T Western L&T Urban L&T InfrastructureTransportation Infrastructure Road Corridor Thopur Elevated Bharuch Andhra Infrastructure DevelopmentInfrastructure Construction Limited Toll Road Corridor Tollway Tollways Limited Projects (Lanka)

Limited Enterprise Limited Limited Limited Limited Private LimitedLimited

Financial year of the subsidiary company ended on 31-03-2009 31-03-2009 31-03-2009 31-03-2009 31-03-2009 31-03-2009 31-03-2009 31-03-2009 31-03-2009

Number of Shares in the subsidiary company held byL&T Infrastructure Development Projects Limitedat the above date - Equity shares 30,536,000 34,701,500 54,117,164 78,750,000 84,300,000 43,500,000 56,500,000 75,000,000 35,000,020

- Preference shares – – – – – – – 291,635,500 –

The net aggregate of profits, less losses, of thesubsidiary company so far as it concerns the membersof L&T Infrastructure Development Projects Limited

(Rupees in (Rupees in (Rupees in (Rupees in (Rupees in (Rupees in (Rupees in (Rupees in (Rupees inthousands) thousands) thousands) thousands) thousands) thousands) thousands) thousands) thousands)

(i) Dealt with in the accounts of L&T InfrastructureDevelopment Projects Limited amounted to

(a) for the subsidiary’s financial year endedMarch 31, 2009 – – – – – – – – –

(b) for previous financial years of the subsidiarysince it became subsidiary of L&T InfrastructureDevelopment Projects Limited 36,642 – – – – – – – –

(ii) Not dealt with in the accounts of L&T InfrastructureDevelopment Projects Limited amounted to

(a) for the subsidiary’s financial year endedMarch 31, 2009 62,703 124,217 (1,241) (54,877) (310,539) 2,398 (18,558) 44,653 –

(b) for previous financial years of the subsidiarysince it became subsidiary of L&TInfrastructure Development Projects Limited 28,349 122,949 – – – – – (21,140) –

Changes in the interest of L&T InfrastructureDevelopment Projects Limited between the end of thesubsidiary’s financial year and March 31, 2009

Number of shares acquired NA NA NA NA NA NA NA NA NA

Material changes between the end of the subsidiary’sfinancial year and March 31, 2009

(i) Fixed assets (net additions) NA NA NA NA NA NA NA NA NA

(ii) Investments (Fixed deposit with scheduled bank) NA NA NA NA NA NA NA NA NA

(iii) Moneys lent by the subsidiary NA NA NA NA NA NA NA NA NA

(iv) Moneys borrowed by the subsidiary company otherthan for meeting current liabilities NA NA NA NA NA NA NA NA NA

S-628



RELATING TO SUBSIDIARY COMPANIES (Contd.)

Name of the subsidiary International Cyber Park L&T Phoenix CSJ L&T L&T Vision L&T Tech L&T Banglore L&T SouthSeaports (India) Development & Infoparks Infrastructure Infocity Ventures Park Limited Airport Hotel City Projects

Private Limited Construction Private Limited Private Limited Limited Limited Limited LimitedLimited

Financial year of the subsidiary company ended on 31-03-2009 31-03-2009 31-03-2009 31-03-2009 31-03-2009 31-03-2009 31-03-2009 31-03-2009 31-03-2009

Number of Shares in the subsidiary company held byL&T Infrastructure Development Projects Limitedat the above date - Equity shares 2,500,560 – – – – – – – –

- Preference shares – – – – – – – – –


(Rupees in (Rupees in (Rupees in (Rupees in (Rupees in (Rupees in (Rupees in (Rupees in (Rupees inthousands) thousands) thousands) thousands) thousands) thousands) thousands) thousands) thousands)


(a) for the subsidiary’s financial year endedMarch 31, 2009 – – – – – – – – –

(b) for previous financial years of the subsidiarysince it became subsidiary of L&T InfrastructureDevelopment Projects Limited – – – – 33,642 – – – –

(ii) Not dealt with in the accounts of L&T InfrastructureDevelopment Projects Limited amounted to

(a) for the subsidiary’s financial year endedMarch 31, 2009 (119) 42,617 (5,483) (2,455) 314,414 (383) (7,234) (206) (286)

(b) for previous financial years of the subsidiarysince it became subsidiary of L&TInfrastructure Development Projects Limited (38,854) 54,326 (148) – 995,315 – 3,446 – –


Number of shares acquired NA NA NA NA NA NA NA NA NA


(i) Fixed assets (net additions) NA NA NA NA NA NA NA NA NA

(ii) Investments (Fixed deposit with scheduled bank) NA NA NA NA NA NA NA NA NA

(iii) Moneys lent by the subsidiary NA NA NA NA NA NA NA NA NA

(iv) Moneys borrowed by the subsidiary company otherthan for meeting current liabilities NA NA NA NA NA NA NA NA NA

S-629



RELATING TO SUBSIDIARY COMPANIES (Contd.)

Name of the subsidiary L&T Infocity Andhra Hyderabad L&T Siruseri L&T Arun Excello L&T Arun L&T HitechLanka Private Pradesh International Property Commercial Excello IT SEZ City Limited

Limited Expositions Trade Expositions Developers Projects Private LimitedPrivate Limited Limited Limited Private Limited

Financial year of the subsidiary company ended on 31-03-2009 31-03-2009 31-03-2009 31-03-2009 31-03-2009 31-03-2009 31-03-2009

Number of Shares in the subsidiary company held byL&T Infrastructure Development Projects Limitedat the above date - Equity shares – – – – – – –

- Preference shares – – – – – – –


(Rupees in (Rupees in (Rupees in (Rupees in (Rupees in (Rupees in (Rupees inthousands) thousands) thousands) thousands) thousands) thousands) thousands)


(a) for the subsidiary’s financial year endedMarch 31, 2009 – – – – – – –

(b) for previous financial years of the subsidiary sinceit became subsidiary of L&T InfrastructureDevelopment Projects Limited – – – – – – –

(ii) Not dealt with in the accounts of L&TInfrastructure Development Projects Limitedamounted to

(a) for the subsidiary’s financial year endedMarch 31, 2009 7,677 (3) (2,903) (16) (155) (1,309) (2,215)

(b) for previous financial years of the subsidiarysince it became subsidiary of L&TInfrastructure Development Projects Limited 7,906 – (14,178) – – – –


Number of shares acquired NA NA NA NA NA NA NA


(i) Fixed assets (net additions) NA NA NA NA NA NA NA

(ii) Investments (Fixed deposit with scheduled bank) NA NA NA NA NA NA NA

(iii) Moneys lent by the subsidiary NA NA NA NA NA NA NA

(iv) Moneys borrowed by the subsidiary company otherthan for meeting current liabilities NA NA NA NA NA NA NA

Note:L&T Interstate Road Corridor Limited, L&T Vadodara Bharuch Tollway Limited, CSJ Infrastructure Private Limited, L&T Vision Ventures Limited, L&T Bangalore Airport Hotel Limited, L&T South City Projects Limited,Andhra Pradesh Exposions Private Limited, L&T Siruseri Property Developers Limited, L&T Hitech City Limited, L&T Arun Excello Commercial Projects Private Limited, L&T Arun Excello IT SEZ Private Limited, L&TInfrastructure Development Projects (Lanka) Private Limited are yet to commence operations.

For and on behalf of the Board

Place : Mumbai R. CHANDRASEKARAN Y. M. DEOSTHALEE R. SHANKAR RAMAN

Date : May 15, 2009 Secretary Director Director

directors’ report - infrastructure projects …€™ report ... these include panipat elevated...

Documents