MIRA INFORM REPORT
|
Report
Date : |
18.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
KALPATARU POWER
TRANSMISSION LIMITED |
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Formerly
Known As : |
HT POWER STRUCTURE
LIMITED |
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Registered
Office : |
Plot
No. 101, Part III, G.I.D.C. Estate, Sector 28, Gandhinagar - 382 028, |
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Country
: |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
23.04.1981 |
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CIN
No.: [Company
Identification No.] |
L40100GJ1981PLC004281 |
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Legal
Form : |
It is a public
limited liability company. The
company’s shares are listed on the Stock Exchanges. |
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Line
of Business : |
Designing, Manufacturing and erection
of transmission line towers and steel structures on a turnkey basis. |
RATING & COMMENTS
|
MIRA’s
Rating : |
A |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base
are regarded healthy. General unfavourable factors will not cause fatal
effect. Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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Maximum
Credit Limit : |
USD
4500000 |
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Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well-established company
of the Kalpataru Group, a well-diversified group. It caters requirements of
Power Grid Corporation of India, National Thermal Power Corporation (NTPC),
State Electricity Boards, etc. Available information indicates high financial
responsibility of the company. Their trade relations are reported as fair.
Payments are usually correct and as per commitments. The company can be considered good
for normal business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office / Factory: |
Plot
No. 101, Part III, G.I.D.C. Estate, Sector 28, Gandhinagar - 382 028, |
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Tel.
No.: |
91 - 79 - 2321 1951 / 2321 1955 |
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Fax
No.: |
91 - 79 - 2321 1966 / 68 / 71 |
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E-Mail
: |
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Website
: |
www.kalpatarupower.com |
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Factory
1 : |
Plot No. A-4 /1, A-4/2, A-5, G. I. D. C.
Electronic Estate, Sector – 25, Gandhinagar – 382 025. |
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Tel.
No.: |
91-079-23244341
/ 942 |
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Corporate
Office : |
8th Floor, Opp. Grand
Hyatt Hotel, Vakola, |
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Tel.
No.: |
91-22-30645000 |
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Fax
No.: |
91-22-30643131 |
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Website: |
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Overseas
Office : |
Located at: Mexico, Peru,
Algeria, Turkey, Syria, Ethiopia, UAE, Thailand, Vietnam, Philippines,
Malaysia and Australia |
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Factory
2 : |
111,
Maker Chambers IV, Nariman Point, Mumbai - 400 021. |
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Tel.
No.: |
91 - 22 - 2282 2888 / 2288 4780 |
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Fax
No.: |
91 -22-2204 1548 |
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Branches
: |
Real Estate Division Kalpataru Habitat Telefax : 91-22-24185249 R & D Centre Tel. : 91-2770-255414 Biomass Energy Division 27BB, Tehsil
Padampur, Dist. Sriganganagar, Rajasthan – 335041 Tel.: 91-1505-224768/ 224433 Fax No.: 91-1505-224733 Near Village Khatoll, Tehsil Uniara, District Tonk, Rajasthan – 304 024. Tel: 91-01436-260665 Fax: 91-01436-260666 |
DIRECTORS
|
Name : |
Mr. Mofatraj P. Munot |
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Designation
: |
Chairman |
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Experience
: |
41 Years |
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Name : |
Mr. Mahendra G. Punatar |
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Designation
: |
Executive Vice Chairman |
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Experience
: |
46 Years |
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Name : |
Mr. K. V. Mani |
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Designation
: |
Managing Director |
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Experience
: |
41 Years |
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Name : |
Mr. Parag Munot |
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Designation
: |
Promoter Director |
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Experience
: |
13 Years |
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Name : |
Mr. Ajay Munot |
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Designation
: |
Executive Director |
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Experience
: |
11 Years |
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Name : |
Mr. Imtiaz Kanga |
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Designation
: |
Promoter Director |
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Experience
: |
26 Years |
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Name : |
Mr. Sajjanraj Mehta |
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Designation
: |
Independent Director |
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Experience
: |
31 Years |
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Name : |
Mr. Vimal Bhandari |
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Designation
: |
Independent Director |
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Experience
: |
21 Years |
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Name : |
Mr J.C.Shah |
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Designation
: |
Independent Director |
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Name : |
Mr. Dinesh B. Patel |
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Designation
: |
President (Operations) |
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Name : |
Mr. Kamal K. Jain |
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Designation
: |
President (Finance &
Administration) |
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Name : |
Mr. B. K. Satish |
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Designation
: |
President (Engineering &
Marketing) |
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Name : |
Mr. Gyan Prakash |
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Designation
: |
President (Pipelines) |
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Name : |
Mr Bajrang Ramdharani |
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Designation
: |
Company Secretary |
KEY
EXECUTIVES
|
Name : |
Mr.
Bajrang Ramdharani |
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Designation
: |
Company
Secretary |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
PROMOTERS' HOLDINGS |
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Indian Promoters & Relatives |
23,03,220 |
21.21 % |
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Person Acting in Concert |
61,35,113 |
56.48 % |
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Non promoter's holdings
|
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Mutual Funds And UTI |
4,84,061 |
4.46 |
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Banks, Financial Inst. Insurance
Coampany |
13,074 |
012 |
|
Flls |
3,21,124 |
2.96 |
Private
Corporate Bodies
|
6,60,143 |
608 |
|
NRIs/OCBs |
1,58,288 |
1.46 |
|
Indian Public |
6,65,871 |
6.13 |
|
Clearing Member |
1,20,606 |
1.10 |
|
Total |
10,861,500 |
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
Designing, Manufacturing and erection
of transmission line towers and steel structures on a turnkey basis. |
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Products
: |
ITEM CODE NO.
(ITC CODE) PRODUCT
DESCRIPTION
7308.20 ---------- Real
Estate Division ---------- Power Generation – Conventional |
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Exports
to : |
Philippines, Indonesia,
Malaysia, Thailand, Vietnam, Australia, Syria, Turkey, Abu Dhabi/UAE,
Algeria, Ethopia and Mexico |
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Imports
from : |
Europe, |
PRODUCTION
STATUS
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Transmission
line towers and steel structures |
MT |
84,000 |
62,452 |
GENERAL INFORMATION
|
Suppliers
: |
·
Bikaner
Ceramic Pvt. Ltd. ·
Dhaval
Electricals, Industrial Forging Industries, International ·
Transformers
Pvt. Ltd. ·
Kaybee
Electricals ·
L
& S Equipment Pvt. Ltd. ·
Lumino
Industries Ltd. ·
Laser
Cables Pvt.Ltd. ·
Oblum
Electrical Industries Pvt. Ltd. ·
·
Ultima
Switchgears Pvt. Ltd. ·
Bikaner
Porcelain Pvt. Ltd. ·
Capital
Power Cable Pvt. Ltd. ·
Laxmi
Power Cable Pvt. Ltd. ·
Amkieen
Specility Product ·
Sea
Linkers, Zebra Weblift, Interface Software Inc. ·
Maruti
Industries- Naroda, Modern Engineering ·
Rajesh
Engineering Works ·
Reliance
Wire Product ·
VNS
Chemical Industries ·
Nike
Industries
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No. of
Employees : |
10000 |
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Bankers
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Facilities : |
Secured loans A Term Loan
B Working Capital Facilities from bank
Unsecured Loan
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Banking Relations : |
Good |
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Auditors
: |
Mr. Kishan M. Mehta & Co.,
Ahmedabad Chartered Accountants 6, Premchand House,
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Parent
Companies: |
Kalpataru Group Established in the
year 1969, promoted by Mr. Mafotraj P. Munot |
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Associates/Subsidiaries
: |
v Kalpataru Construction Overseas Limited v Kalpataru Constructions Private Limited v Kalpataru Grih Nirman Private Limited v Kalpataru Holdings Private Limited v Kalpataru Land Development Private Limited v Kalpataru Plaza Private Limited v Kalpataru Homes Private Limited v Kalpataru Griha Vitt Viniyog Private Limited v Kalpataru Developers and Granite Industries Private Limited v Kalpataru Soham Property Developers Private Limited v Kalpataru Properties Private Limited v Kalpataru Tapes Private Limited v Kalpataru Estate Private Limited v Kalpataru Viniyog Private Limited v Kalpataru Premises Private Limited v Kalpataru Gardens Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
10861500 |
Equity Shares |
Rs. 10/- each |
Rs. 108.651 Millions |
FINANCIAL DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS
FUNDS |
|
|
|
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|
1] Share
Capital |
108.615 |
108.615 |
108.615 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3]
Reserves & Surplus |
1570.746 |
1029.406 |
805.220 |
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4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
1679.361 |
1138.021 |
913.835 |
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LOAN
FUNDS |
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|
1]
Secured Loans |
2327.817 |
1004.814 |
1081.902 |
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2]
Unsecured Loans |
0.000 |
100.000 |
50.000 |
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TOTAL
BORROWING
|
2327.817 |
1104.814 |
1131.902 |
|
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DEFERRED
TAX LIABILITIES |
57.947 |
54.692 |
46.325 |
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TOTAL
|
4065.126 |
2297.527 |
2092.062 |
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APPLICATION OF FUNDS
|
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FIXED ASSETS [Net Block]
|
1240.210 |
705.714 |
592.937 |
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Capital work-in-progress
|
1523.820 |
2.083 |
4.110 |
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INVESTMENT
|
294.458 |
101.331 |
1.011 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Accrued Value of
Work Done
|
811.865
|
369.107 |
96.249 |
|
|
Inventories
|
1387.025
|
1150.240 |
1241.761 |
|
|
Sundry Debtors
|
2973.483
|
908.868 |
850.062 |
|
|
Cash & Bank Balances
|
166.488
|
139.125 |
58.882 |
|
|
Loans & Advances
|
669.845
|
145.208 |
212.745 |
Total Current Assets
|
6008.707 |
3434.116 |
2712.548 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
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Current Liabilities
|
3402.128
|
1076.312 |
868.717 |
|
|
Provisions
|
360.733
|
44.277 |
85.182 |
Total Current Liabilities
|
3762.861 |
1947.220 |
1120.589 |
|
Net
Current Assets
|
2245.846 |
1486.896 |
1491.959 |
|
|
|
|
|
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MISCELLANEOUS EXPENSES
|
1.001 |
1.503 |
2.045 |
|
|
|
|
|
|
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TOTAL
|
4065.126 |
2297.524 |
2092.062 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
8436.685 |
4985.239 |
3295.023 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
Total
Income |
8436.685 |
4985.239 |
3295.023 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
944.058 |
434.564 |
183.383 |
|
|
Provision for Taxation |
278.655 |
147.414 |
42.163 |
|
|
Profit/(Loss) After Tax |
665.403 |
287.150 |
141.220 |
|
|
|
|
|
|
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Earnings
in Foreign Currency : |
|
|
|
|
|
|
Export of goods on FOB basis including |
|
|
|
|
|
Deemed exports |
1984.716 |
|
|
|
|
Services |
29.308 |
1294.971 |
544.379 |
|
|
Overseas projects earnings |
5.791 |
|
|
|
|
Certified emission reduction (CER’s) |
16.627 |
|
|
|
Total
Earnings |
2036.442 |
1294.971 |
544.379 |
|
|
|
|
|
|
|
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Imports
: |
|
|
|
|
|
|
Raw Materials |
1213.790 |
|
|
|
|
Stores & Spares |
31.291 |
825.553 |
291.648 |
|
|
Capital Goods |
300.492 |
|
|
|
Total
Imports |
1545.573 |
825.553 |
291.648 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Material Cost |
4570.373 |
|
|
|
|
Manufacturing Expenses |
1618.039 |
|
|
|
|
Administrative Expenses |
516.863 |
4550.674 |
3111.640 |
|
|
Employees emolument |
389.006 |
|
|
|
|
Financial expenses |
310.478 |
|
|
|
|
Depreciation & Amortization |
87.867 |
|
|
|
Total
Expenditure |
7492.626 |
4550.674 |
3111.640 |
|
SUMMARISED
RESULTS
|
PARTICULARS |
|
|
31.03.2007 |
Type
|
|
|
Full year |
|
Sales Turnover |
|
|
15248.500 |
|
Other Income |
|
|
124.600 |
|
Total Income |
|
|
15373.100 |
|
Total Expenditure |
|
|
12759.400 |
|
Operating Profit |
|
|
2613.700 |
|
Interest |
|
|
279.600 |
|
Gross Profit |
|
|
2334.100 |
|
Depreciation |
|
|
167.600 |
|
Tax |
|
|
553.300 |
|
Reported PAT |
|
|
1594.800 |
|
Dividend (%) |
|
|
750.000 |
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
1.22 |
1.10 |
1.38 |
|
Long Term Debt Equity Ratio |
0.44 |
0.37 |
0.75 |
|
Current Ratio |
1.18 |
1.30 |
1.56 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
6.82 |
6.40 |
5.69 |
|
Inventory |
6.67 |
4.78 |
3.01 |
|
Debtors |
4.10 |
5.18 |
4.10 |
|
Interest Cover Ratio |
4.06 |
3.68 |
2.30 |
|
Operating Profit Margin (%) |
15.38 |
11.47 |
10.26 |
|
Profit Before Interest and Tax Margin
(%) |
14.37 |
10.50 |
9.01 |
|
Cash Profit Margin (%) |
8.64 |
6.02 |
5.17 |
|
Adjusted Net Profit Margin (%) |
7.63 |
5.06 |
3.92 |
|
Return on Capital Employed (%) |
40.19 |
27.93 |
16.00 |
|
Return on Net Worth (%) |
47.46 |
28.19 |
16.52 |
STOCK PRICES
|
Face Value |
Rs.10/- |
|
High |
Rs.1300/- |
|
Low |
Rs.1310/- |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets:
Leasehold land
Freehold land
Building
Plant and machinery
Electric installation
Furniture fixture and office equipments
Vehicles
Financial
Highlights
- Sales turnover up 54% to Rs.
8.71 Billion (USD 195 Million).
- The Profit Before Tax (PBT ) up
117% to Rs. 944 Million (USD 21 Million).
- Networth of Rs 1.68 Billion (USD
38 Million).
- Total order backlog (including expected
jobs wherein favorably placed) is in excess of Rs. 20 Billion (USD 450 Million), a record high for
the company.
- 1:1 Bonus Issue to reward the shareholders.
- 50% dividend proposed on enhanced
Equity Capital after the Bonus Issue.
- Improved operating margins at over
13%. Operational Highlights
Operational
Highlights
- Achieved record level
production of 62,452 MTs.
- New tower Fabrication unit (100%EOU)
at Gandhinagar with 30,000 MTs p.a. capacity commissioned during this year
to cater to growing export demand.
- Over 2,000 Kms. of 400KV lines under
execution in
- Secured 5 turnkey International
Transmission line jobs in
- Working for 2 pipeline projects
in excess of 500 Kms ( below 18") for BPCL & GAIL.
- Built up strong capabilities in
setting up Distribution networks / Rural Electrification. Over 1,000
villages electrified till March, 2006. Investment Highlights
Investment
Highlights
- The company has raised its stake
to 49.9% stake in JMC Projects (
- Planning GDR / Qualified Institutional
Placements upto USD 75 Million.
- Capex & Investment plans
for year 06-07 includea)
a) Investment in specialized equipments
for laying cross country Oil & Gas pipelines.
b)
Routine capital expenditure for maintaining growth and additional investments
in JMC Projects
(
OPERATIONS:
The substantial rise in Power and Infrastructure spending has played key role
in Company's robust performance in all the business areas of the Company.
During the year, your Company has achieved a record level of turnover of Rs.
8,712 Million (USD 195 Million) as against Rs. 5,668 Million (USD 128 Million)
in the previous year which shows a healthy growth of 54% for the year.
Profit before tax increased by 117% from Rs. 434
Million in 2004-2005 to Rs. 944 Million (USD 21 Million) in 2005-2006 and
Profit after tax increased by 132% from Rs. 287 Million in 2004-2005 to Rs. 665
Million (USD 15 Million) in 2005-2006.
TRANSMISSION & DISTRIBUTION DIVISION
(T&D)
The Company continuously strives to enhance its
infrastructure capabilities and project management skills to retain its
position as one of the leading EPC player in the Power T&D Sector in
In the domestic markets, the Company remains one
of the largest and most reliable contractors for Power Grid Corporation of
India Ltd., (PGCIL) with over 2000 Kms of 400 KV lines under execution. PGCIL's
increasing capex in pursuit of its objective of setting up the National Grid
remains on schedule. During the year the Company has set up a 100% Export
Oriented Unit (EOU) for design, fabrication and galvanizing of Transmission
line towers and structures thereof at a cost of Rs. 160 Million at a capacity
of 30,000 MTs per annum. The Division will cater to higher export demand in the
International markets particularly in Sub Saharan African countries and
The EOU plant has been accredited ISO 9001:000
and ISO 14000: 2004 by Intertek Group Plc,
The Company has produced 62,452 MTs as against
49,110 MTs in the preceding year.
The reporting year was also extremely good for International business,
especially in Africa and
Management Discussion and Analysis
A) ECONOMIC SCENARIO
The
Indian economy continued to show buoyancy in its growth parameters, in the
presence of a strong backing from a robust industrial growth rate, accompanied
by a better growth in the service sector. This was reflected by a high 8.1% GDP
growth rate estimated for 2005-06, that adequately met expectations. The real
GDP growth for the current fiscal has efficiently carried forward the growth
momentum initiated with growth rates of 8.5% in FY 2003-04 and 7.5% during FY
2004-05. Despite spiraling global crude oil prices, the inflation rate remained
modest.
B) POWER SECTOR SCENARIO
Power
Generation & Transmission: Power is a critical infrastructure for economic development
and for improving the quality of life. Considering energy shortages in the
country, the Government has embarked on a plan to add 33,000 MW of
capacity in the public sector and 6,500 MW of capacity in the private
sector in immediate few years. The planned generation capacity
expansion, if achieved, is expected to plug the demand supply gap. In addition
to these five ultra mega power projects of 4,000 MW each are to be set
up on priority for which award is to be given by December, 2006. The
Government has also announced in budget proposal that an empowered
committee would be set up in order to create an enabling frame work to carry
out reforms in transmission and distribution. Inadequate investments in
transmission and distribution infrastructure have resulted in power evacuation
constraints from the generating stations of fuel rich regions, and therefore an
effective inter regional grid network is required to be built. Accordingly, a
perspective plan has been developed to build 30,000 MW inter regional transmission
capability by 2012. As solution to the problems of inter regional imbalances, development
of the national grid has been accorded top priority.
Distribution
and Rural Electrification:
Electricity
has been one of the basic human needs and every household must have access to
24 hours electricity for broad based economic and human development.
Accordingly, it is planned to cover all non-electrified households by the year
2012. In order to accelerate rural electrification, it has been proposed to
treat Rural Electrification as a basic minimum service in the Prime Ministers
Gramodaya Yojana. As per Budget announcement, under "Rajiv Gandhi Grameen
Vidhyutikaran Yojana" 40,000 more villages will be electrified in 2006-07
as compared to 10,000 villages in 2005-06. In view of the above, the overall
economic growth in the Indian Economy is likely to sustain at least in the near
future upto X & XI five year plans. Therefore, lot many opportunities will
be available to power generation, transmission & distribution industry.
REAL ESTATE DIVISION
'Kalpataru Habitat' the real estate residential project has been fully sold out
except one flat. The project has generated total revenue of Rs. 1,448 Million
over the last 3 years including revenue of Rs. 275 Million during the reporting
year.
Looking to the booming real estate markets all over the country and the
Kalpataru Group's core competence, your Company will further venture into real
estate projects.
BI-MASS ENERGY DIVISION
After the Boiler modification, the Padampur
plant is running successfully. During the year the plant has exported 47
Million units (MU). The total revenue was Rs. 181 Million as against revenue of
Rs. 132 Million in the year 2004-05.
BIO-MASS ENERGY DIVISION
After the Boiler modification, the Padampur
plant is running successfully. During the year the plant has exported 47
Million units (MU). The total revenue was Rs. 181 Million as against revenue of
Rs. 132 Million in the year 2004-05.
Infrastructure Division
Our first oil & gas pipeline project has
made a good progress during the year by achieving the revenue of Rs. 371
Million as against Rs. 99 Million in the last year.
FINANCIAL REVIEW
The Company's performance during the year
2005-06 reflects improved business environment. The industrial revival in
infrastructure and power sector has played major role in Company's phenomenal
growth. The competition continues to be intense and prices & margins
continue to be subject to competitive pressure.
Sales and services income of the Company for the year 2005-06 was at Rs.8,712
Million. This represents a growth of 54% over the Company's revenues for
2004-05. The increase was largely on account of all-round good performance by
all the Segments of the business. The revenues of Power Transmission segment
grew by 66%, Infrastructure segment grew by 275% and Biomass Energy segment grew
by 38%.
Export (including deemed exports & overseas
projects) earnings during the year were at Rs. 2,492 Million, representing more
than 29% of the Company's total turnover.
Trade
Terms:
·
Reliance Wire Products,
·
EMI Transmission Limited,
·
Maharashtra Steel Private Limited ,
·
Jyoti Power Transmission Private
Limited,
·
Power Grid Corporation of India
Limited,
·
·
Gujarat Electricity Board,
·
Tamilnadu Electricity Board,
·
Madhya Pradesh Electricity Board,
·
RRVOPNL,
·
APTRANSCO,
·
GRIDCO,
·
KPTCL,
·
·
ADB,
·
·
KEC,
·
Hyundai Motors India Limited,
·
NPC,
·
PEEGT,
·
EGAT,
·
·
·
HEC,
·
HEC,
·
CFE,
·
PT.PLN,
·
TNB,
·
EVN,
·
GCEP,
·
·
EEPCO, Ethopia
·
Powergrid Company of
·
TEAIS,
·
ABB SAE,
·
Evans Deakin Industries,
·
Alstom /
·
·
·
Power Transmission Corporation, Part of
ETA Group, UAE
·
ABB,
·
·
GYM,
It imports the following technology:
·
CNC Fabrication
·
·
CNC Drilling machine,
·
Drill Sharpening
·
Milling
Subject has been accredited with ISO 9001
Certification.
The
company’s fixed assets of important value include leasehold land, freehold
land, buildings, plant & machinery, electric installation, furniture,
fixtures & office equipments and vehicles.
The Group’s core
competence lies in the following fields:
-
Real Estate and Property Development
-
Power Transmission Lines
The Group also has
presence in:
-
Plastic Films and Sheets
-
Stationery / Office Supplies
-
International Trading
-
Consumer Products & E-commerce
The group has an
asset base of over USD 150 millions, annual turnover over USD 100 millions.
As per
website:
An
integral part of the well-diversified Kalpataru Group, our company is empowered
to offer turnkey solutions in the field of EHV Transmission Lines up to 800 KV.
Our core competencies lie in EPC services to the Power Transmission &
Distribution industry and Oil & Gas Pipeline sectors.
Subject is one of the leading companies in
the field of Turnkey projects for EHV Transmission Lines up to and including
800 KV in
They also provide EPC services for Distribution Projects of 11/33 kv and also
construct cross country Pipelines, besides
Located at Gandhinagar Gujarat, in Western India, Kalpataru Power Transmission
is a public listed company with a
turnover of USD 365 Million (Rs. 15 Billion) and annual production was in
excess of 72,000 MTs. The company has a net worth of over USD 100
Million and an order backlog of over Rs 20
Billion (USD 485 Miliion).
It is a part of the
diversified Kalpataru Group which has a presence in Real Estate / Property
Development, Civil Contracting, International Trading and Consumer Goods &
Services. The Kalpataru group holds over 63% of the equity.
Kalpataru Power has two large Fabrication Plants with an annual installed
capacity of 84,000 MTs one of the largest in the world and is equipped with
modern machineries (including 7 CNC machines) and automated temperature
controlled Galvanising Baths, besides its own state-of-the-art Testing Station
and R & D Centre. It was the first company in 1994 in the Indian
transmission industry to be ISO 9001 certified.
About 500,000+ MTs of towers and substation structures have already been
designed, manufactured and supplied over the last few years of which over
150,000 MTs has been exported. Over 225 Tower Tests of 132-500KV have been
carried out successfully, including 100 nos. at their own Testing Station,
which is one of the largest facilities of its kind in the world.
Besides workmen at the plant & construction sites, the Company employs over
1,000 Managers and Staff. Also, a full-fledged Design / Engineering Department
with over 35 qualified design engineers using PLS Tower, i-tower, STADD,
PLSCADD, BOCAD, AUTOCAD facilties.
Their Construction division has completed over 8,000+ kms of turnkey projects
in
With a strong
thrust on Overseas markets, the Company has already exported Towers or
completed Turnkey projects in :
UAE
Ethopia
Also the
Company has worked closely with reputed International EPC contractors like
> ABB SAE (
> Alstom / Cegelec (France) > Enel Power (
> Cobra (
> ETA (UAE) and
more.
Major part of the business is either from physical exports or
deemed exports (i.e domestic projects funded by multilateral funding agencies
like World Bank, Asian Development Bank, JBIC/OECF, Arab Fund etc). The company
is also keen to participate in Infrastructure projects under BOT/ BOOM or
deferred credit financing basis.
In line with core competence of Kalpataru group, the Real Estate Division of
the company is also developing a luxurious Residential Complex at Parel,
Mumbai, comprising of two Buildings of 23 storeys covering total area of over
270,000 sq.ft, for which Occupation Certificate has already been received.
Transmission Line Experience
Total supplies Over 5,00,000 MTs
Total physical exports Over 1,50,000 MTs
Tested Over 225 Towers (including over
100 at own Testing Station)
Construction of lines
Total lines from 130kv to 500KV HVDC
over 8,000
kms
OPGW stringing Over
650 kms
Their
evolution as a leading Infrastructure Player
Kalpataru Power is adapting its strategy and business profits
to emerge as a Infrastructure player in the country. Some of the major
initiatives taken by the company include :
Distribution Projects: The company has
ventured into 11/33 kv lines & substation projects to benefit from the
thrust given to Rural Electrification / APDRP programs of the Ministry of
Power/Distribution Utilities. It has already secured several projects in
Oil & Gas Pipelines: A specialised team
and Capex investment in Pipeline equipments has been done to execute several
cross-country pipeline projects for BPCL, GAIL etc.
Civil Contracting: Their acquisition of a controlling stake
(51%+) in the Rs 5 Billion JMC Projects, since Feb, 2005 gives them a strong
presence in Factories, Industrial Structures, Buildings, Software Parks and
Roads & Bridges. Please visit them at www.jmcprojects.com
.
CMT REPORT [Corruption, Money laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED PARTY
No
exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.97 |
|
|
1 |
Rs.80.73 |
|
Euro |
1 |
Rs.54.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP
CAPITAL |
1~10 |
7 |
|
OPERATING
SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT
LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT
POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT
POINTS |
|
|
|
--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This
score serves as a reference to assess SC’s credit risk and to set the amount of
credit to be extended. It is calculated from a composite of weighted scores
obtained from each of the major sections of this report. The assessed factors
and their relative weights (as indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound
financial base with the strongest capability for timely payment of interest
and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working
capital. No caution needed for credit transaction. It has above average
(strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base
are regarded healthy. General unfavourable factors will not cause fatal
effect. Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent.
Repayment of interest and principal sums in default or expected to be in
default upon maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists.
Caution needed to be exercised |
Credit not recommended |