MIRA
INFORM REPORT
|
Report Date : |
21.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PUNJ LLOYD LIMITED |
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Registered Office : |
Punj Lloyd House, 17-18, Nehru Place, New Delhi - 110 019 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.07.1988 |
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Com. Reg. No.: |
55-33314 |
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CIN No.: [Company
Identification No.] |
U74899DL1988PLC033314 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELP08758B |
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PAN No.: [Permanent
Account No.] |
AAACP0305Q |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Undertakes General
Construction, Accoustic Jobs, Slipforming and Crosscountry Piping and Gas
based Power Plants on Turnkey basis and laying of Optical Fibre Cables. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 50000000 |
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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 one of
the largest engineering company having satisfactory track. Financials position
is satisfactory. Trade relations are fair. Payments are correct and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. It can be
regarded as a promising business partner in a medium to long – run. |
LOCATIONS
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Registered Office / Corporate office 1 : |
Punj Lloyd House, 17-18, Nehru Place, New Delhi - 110 019, India |
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Tel. No.: |
91 11 2620
0123 |
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Fax No.: |
91 11 2620
0111 |
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E-Mail : |
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Website : |
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Corporate Office 2 : |
Office 95, Institutional Area, Sector – 32, Gurgaon – 122001, Haryana,
India |
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Tel No.: |
91-124-2620493 |
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Fax No.: |
91-124-2620111 |
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E-Mail: |
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Overseas
Representative Offices: |
v
Punj Lloyd
(Malaysia) Sdn. Bhd., #14-01 B, Keck Seng Tower, 133, Cecil Street, Singapore - 069535 Tel. No. 65-22279130 Fax No. 65-22241078 v
PT Punj
Lloyd Indonesia Stadion
Lebak Bulus, Tribun Timur TS II B, JL. Raya Jagowari, Jakarta - 12440, Indonesia Tel. No. 62-21-27666147 / 178 Fax No. 62-21-2766148 |
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Factory : |
v
Kalkaji, New
Delhi – 110 019 v
Punj House,
Connaught Circus, New Delhi – 110 001 v
Banmore
Industrial Area, Banmore, District Morena – 476 444, Madhya Pradesh Tel.: 91-7532-243644 Fax: 91-7532-243297 |
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Branches : |
South Asia Banmore Industrial Area, Banmore
Asia
Pacific Pt. Punj Lloyd
Indonesia 25
International Business Park Central
Asia Punj
Lloyd Kazakhstan LLP Punj
Lloyd – LIMAK JV Office
213, Business- center «M-Style Office» Middle
East PO Box 28907, 1206 Al Gaith Tower
PO Box
704, Postal Code 133 Europe
Africa
Jamel Ben Amor -
Regional Director Maghreb and Africa
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DIRECTORS
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Name : |
Mr. Atul Prakash Punj |
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Designation : |
Chairman & Managing Director |
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Address : |
10, Prithviraj Road, New Delhi – 110 011 |
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Date of Birth/Age : |
1958 |
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Qualification : |
B. Com (Hons) |
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Experience : |
26 Years |
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Date of Appointment : |
01.07.1998 |
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Previous Employment |
Own Business |
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Name : |
Mr. Vimal Kishore Kaushik |
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Designation : |
Joint Managing Director & Chief Operating Officer |
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Address : |
S-27/1-D, DLF Qutab Enclave Phase – III, Gurgaon – 122 002, Haryana |
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Date of Birth/Age : |
22.11.1947 |
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Qualification : |
B. E. (Elec.) |
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Experience : |
35 years |
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Date of Appointment : |
01.11.1998 |
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Previous
Employment |
Punj Group |
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Name : |
Mr. Luv Chhabra |
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Designation : |
Wholetime Director |
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Address : |
H-16/4, DLF, Phase – 1, Gurgaon, Haryana |
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Date of Birth/Age : |
48 Years |
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Qualification : |
B. Tech., MBA |
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Experience : |
26 years |
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Date of Appointment : |
01.07.2001 |
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Previous
Employment |
KEC International
Limited |
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Name : |
Mr. Karamjit Singh Butalia |
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Designation : |
Non-executive Director |
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Name : |
Mr. Alain Aboudharam |
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Designation : |
Independent Director |
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Name : |
Mr. Keith Nicholas Henry |
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Designation : |
Independent Director |
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Name : |
Dr. Naresh Trehan |
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Designation : |
Independent Director |
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Name : |
Mr. Rajan Jetley |
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Designation : |
Independent Director |
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Name : |
Mr. Scott R. Bayman |
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Designation : |
Director |
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Name : |
Mr. Sanjay Gopal Bhatnagar |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Dinesh Thairani |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters |
140869640 |
53.92 |
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Mutual Funds
& UTI |
38426940 |
14.71 |
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Banks, Financial
Institutions, Insurance Companies |
663380 |
0.25 |
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Foreign
Institutional Investors |
24426965 |
9.35 |
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Private
Corporate Bodies |
9342535 |
3.58 |
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Indian Public |
22442185 |
8.59 |
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NRIs/OCBs |
2917855 |
1.12 |
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Froeign venture
Capital |
21505675 |
8.23 |
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Others
(Including shares in transit) |
665160 |
0.25 |
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Total |
261260335 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Undertakes
General Construction, Accoustic Jobs, Slipforming and Crosscountry Piping and
Gas based Power Plants on Turnkey basis and laying of Optical Fibre Cables. |
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Products : |
v
Construction
and Project Related Activities and Engineering Services v
Pressures
vessels silencing equipment |
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Exports : |
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Countries : |
South Korea,
Australia and Malaysia |
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Imports : |
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Countries : |
USA, Japan, UK
and Holland |
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Terms : |
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Selling : |
Contract terms |
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Purchasing : |
Cash, Contract,
L/C and Credit (60 days) terms |
GENERAL INFORMATION
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Customers : |
v
Abu Dhabi
National Oil Company Limited v
Bharat
Petroleum Corporation Limited v
Botas v
BTC Company v
British
Petroleum v
Chambal
Fertilizer & Chemical Limited, India v
Engineers
India Limited v
Gas
Authority of India Limited v
Gas Transmission
Company Limited v
Gujarat Gas
Company Limited v
Hindustan
Petroleum Corporation Limited v
Petro
Kazakhstan v
Hyundai v
ILF
Consulting Engineers v
Indian Oil
Corporation v
Indian
Petrochemicals Corporation Limited v
Kumpunan
Juri Teknik Sdn. Bhd. v
McConnell Dowell
Indonesia v
Nichimem
Corporation v
NKK
Corporation v
Oil and
Natural Gas Commission v
PDIL v
Pertamina v
Petronet MHB
Limited v
Petrosea
Engineering and Construction Company v
PT Bouygues
Offshore v
PT Trihasra
Bimanusa Tunggal v
PT.
Perusahaan Gas Negara v
Reliance Industries
Limited v
Skoda Export v
Snamprogetti v
Zuari Agro
Industries Limited, India v
Bharat Heavy
Electricals Limited, India |
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No. of Employees : |
1463 |
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Bankers : |
v
Allahabad
Bank v
Bank of
India v
Bank of
Maharashtra v
Bank Muscat v
Canara Bank,
Nehru Place, New Delhi v
Central Bank
of India v
Citibank
N.A. v
Exim Bank of
India v
Federal Bank
Limited v
ICICI Bank
Limited v
IDBI Bank v
ING Vysya
Bank Limited v
Indian
Overseas Bank v
Jammu &
Kashmir Bank Limited v
MashreqBank
psc v
Oriental
Bank of Commerce v
Punjab National
Bank v
Punjab &
Sind Bank v
Standard
Chartered Bank v
State Bank
of Hyderabad v
State Bank
of India v
Syndicate
Bank v
The Karur
Vysya Bank Limited v
UCO Bank v
United Bank
of India v
Vijaya Bank |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. R. Batliboi & Company Chartered Accountant |
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Memberships : |
Confederation of
Indian Industry |
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Associates/Subsidiaries : |
˜
PLN
Construction Private Limited Subject is a subsidiary of company, specialising in Horizontal Directional
Drilling. Active in the Indian market since 1997, PLN has executed crossings
totalling 23,027 metres. It has laid pipelines under expressways, railways,
rivers and canals. The company owns a 250 T rig spread, which can handle
crossings upto 56” dia. Significant
Projects :- The longest
HDD crossings in India i.e. 1700 and 1770 metres at the Krishna-Godavari
basin on the eastern coast of India for GAIL India Longest
crossings in India to pull 42” dia pipeline i.e. 1041 metres at Tapi River
near Surat for ONGC Has crossed almost all the perennial rivers of India ˜
Rajahmundry
Expressway Limited ˜
Andhra
Expressway Limited ˜
Vadodara
Halol Toll Road Company Limited ˜
North
Karnataka Expressway Private Limited ˜
Bistro
Hospitality Limited ˜
Jacob Ballas
Capital India Private Limited ˜
Punj Lloyd –
Limak JV ˜
Punj Lloyd –
Progressive Constructions Limited ˜
Persys –
Punj Lloyd JV ˜
Punj Lloyd –
PT Punj Lloyd Indonesia JV ˜
D & A
Foods Private Limited, India ˜
Indtech
Construction Private Limited, India ˜
Jay Agro
Flora Private Limited, India ˜
Gujarat Toll
Road Limited subsidieries
˜
Spectra Punj
Lloyd Limited Specialised company for renting the equipment to construction industry
was formed in the year 1985. This company helps the company’s operations by
hiring in at competitive rates when the captive asset base cannot meet the
total requirement and facilitates hiring out in case of certain assets being
under utilized ˜
Punj Lloyd
Insulations Limited, India Over the years PLIL has completed a diverse range of prime insulation
projects. These industrial, hospitality and residential projects - executed
for leading international as well as Indian clients and consultants - have
varied in scale and complexity. Meticulous planning, precision engineering,
global materials’ sourcing, and comprehensive project management, backed by
an inherent regard for health, safety and environment are the main reasons
for this division’s exceptional achievements. A subsidiary of the Punj Lloyd Group specialising in insulation
technologies. Its areas of expertise extend from thermal insulation to
waterproofing to acoustic treatment to refractory and acid - resistant
lining. v
Punj Lloyd
(Malaysia) SDN BHD, Malaysia v
Punj Lloyd
Inc, USA v
Punj Lloyd
International Limited, USA v
Punj Lloyd
Kazakhstan Limited v
Spectra
Infrastructure Limited, India v
Atna
Investment Limited, India v
Spectranet
Limited, India v
Spectra Punjab
Limited v
Pt. Punj
Llyod Indonesia v
Indudyog
Company Limited v
Uppal Hotels
Limited, India v
Spectranet
Holdings Limited v
Spectra Net
Limited v
Spectra Net
Holding Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000000 |
Equity Shares |
Rs.2/- each |
Rs.700.000
millions |
|
10000000 |
Preferences Shares |
Rs.10/- each |
Rs.100.000
millions |
|
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Total |
|
Rs.800.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
261260335 |
Equity Shares |
Rs. 2/- Each |
Rs.522.520
Millions |
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OF THE ABOVE i) 136,700
equity shares of Rs. 10 each were allotted as fully paid up pursuant to a
contract for consideration other than cash, ii) 28,615,239 equity
shares of Rs. 10 each were allotted as fully paid up bonus shares by
capitalisation of profits, iii) During the
previous year, the Company had converted 917,928 zero percent convertible
preference shares of Rs. 10 each into 3,098,296 equity shares of Rs. 10 each, iv) The Company
has sub-divided nominal value of its equity shares from Rs. 10 each to Rs. 2
each on March 6, 2007.Consequently, the number of authorised equity shares
have increased from 70,000,000 to 350,000,000 and the issued, subscribed and
paid up equity shares have increased from 52,252,067 to 261,260,335. |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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SHAREHOLDERS FUNDS |
|
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|
|
|
1] Share Capital |
522.521 |
522.198 |
252.300 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
12266.566 |
10113.488 |
4434.900 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
12789.087 |
10635.686 |
4687.200 |
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Minority
Interest |
58.569 |
0.000 |
0.000 |
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LOAN FUNDS |
|
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|
1] Secured Loans |
11231.857 |
3460.109 |
4529.800 |
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2] Unsecured Loans |
5760.227 |
629.355 |
1168.400 |
|
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TOTAL BORROWING |
16992.084 |
4089.464 |
5698.200 |
|
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DEFERRED TAX LIABILITIES |
683.216 |
558.192 |
0.000 |
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|
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|
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TOTAL |
30522.956 |
15283.342 |
10385.400 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12471.524 |
4614.973 |
4202.100 |
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Capital work-in-progress |
709.984 |
771.792 |
142.900 |
|
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Preoperative Expenditure |
147.928 |
47.847 |
0.000 |
|
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INVESTMENT |
1698.474 |
1244.085 |
548.600 |
|
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DEFERREX TAX ASSETS |
322.326 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
15016.674
|
6261.853
|
2319.174 |
|
|
Sundry Debtors |
12233.876
|
3784.834
|
1572.491 |
|
|
Cash & Bank Balances |
10026.796
|
732.759
|
302.356 |
|
|
Other Current Assets |
510.574
|
109.903
|
0.000 |
|
|
Loans & Advances |
4461.774
|
1951.436
|
1786.127 |
|
Total
Current Assets |
42249.694
|
12840.785
|
8920.500
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
25430.336
|
4030.117
|
2465.153 |
|
|
Provisions |
1646.889
|
206.023
|
963.547 |
|
Total
Current Liabilities |
27077.225
|
4236.140
|
3428.700
|
|
|
Net Current Assets |
15172.469
|
8604.645
|
5491.800
|
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.251 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
30522.956 |
15283.342 |
10385.400 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
51265.783 |
13682.149 |
14294.286 |
|
|
Other Income |
793.706 |
348.213 |
499.862 |
|
|
Total Income |
52059.489 |
14030.362 |
14794.148 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
2649.923 |
562.919 |
114.943 |
|
|
Provision for Taxation |
689.602 |
211.449 |
33.511 |
|
|
Profit/(Loss) After Tax |
1960.321 |
351.470 |
81.432 |
|
|
|
|
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|
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Earnings in Foreign Currency : |
|
|
|
|
|
Total Earnings |
NA |
5127.058 |
6554.861 |
|
|
|
|
|
|
|
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Imports : |
|
|
|
|
|
|
Stores & Spares |
NA |
485.354 |
172.163 |
|
|
Capital Goods |
NA |
445.811 |
0.000 |
|
Total Imports |
|
931.165 |
172.163 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Administrative Expenses |
30790.233 |
7765.226 |
9208.692 |
|
|
Raw Material Consumed |
16372.752 |
4517.011 |
3775.000 |
|
|
Other Expenditure |
2246.581 |
593.306 |
1061.591 |
|
Total Expenditure |
49409.566 |
12875.543 |
14045.283 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2007 1st Quarter |
30.09.2007 2nd Quarter |
|
Sales Turnover |
|
7068.500 |
10385.700 |
|
Other Income |
|
155.200 |
160.500 |
|
Total Income |
|
7223.700 |
10546.200 |
|
Total Expenditure |
|
6342.700 |
9445.700 |
|
Operating Profit |
|
881.000 |
1100.500 |
|
Interest |
|
269.300 |
323.400 |
|
Gross Profit |
|
611.700 |
777.100 |
|
Depreciation |
|
253.000 |
269.100 |
|
Tax |
|
131.900 |
151.200 |
|
Reported PAT |
|
212.000 |
313.700 |
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio |
0.90 |
0.64 |
1.68 |
|
Long Term Debt Equity Ratio |
0.81 |
0.43 |
1.49 |
|
Current Ratio |
2.17 |
1.91 |
1.90 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
2.75 |
1.95 |
2.31 |
|
Inventory |
2.74 |
2.76 |
4.76 |
|
Debtors |
4.67 |
4.05 |
6.29 |
|
Interest Cover Ratio |
2.41 |
1.85 |
1.03 |
|
Operating Profit Margin (%) |
11.43 |
11.97 |
12.09 |
|
Profit Before Interest and Tax Margin (%) |
7.58 |
7.78 |
7.29 |
|
Cash Profit Margin (%) |
6.65 |
6.42 |
4.98 |
|
Adjusted Net Profit Margin (%) |
2.80 |
2.23 |
0.18 |
|
Return on Capital Employed (%) |
8.16 |
8.76 |
11.46 |
|
Return on Net Worth (%) |
5.72 |
4.12 |
0.77 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets:
²
Land Building
²
Leasehold Improvements
²
Plant and Machinery
²
Furniture and Fixture
²
Office Equipments
²
Tools
²
Vehicles
BUSINESS
Subject is engaged in the business of undertaking General Construction,
Accoustic Jobs, Slipforming and Crosscountry Piping and Gas based Power Plants
on Turnkey basis and laying of Optical Fibre Cables.
The company is engaged in engineering and construction activities,
projects related activities, pressure vessels and silencing equipments,
etc.
It is also engaged in a diverse range of project activities and has
executed projects in diverse sectors such as oil & gas, chemicals,
petrochemicals, fertilizers and other infrastructure civil projects.
Subject is a leading construction company.
The company has been accredited with ISO 9001 Certification for
engineering, designing, procurement, construction and commissioning of tankages
and ISO 9002 Certification for other activities.
The company is targeting major projects for EPC and construction work in
thrust sectors such as oil & gas, power, terminals, infrastructure for
telecommunication projects, roads and bridges, etc.
The company has restructured its activities into strategic business
units in the areas of pipelines, tankages, EPC, industrial civil and
telecom.
The company
undertakes the following projects :-
Pipeline
·
Baku-Tbilisi-Ceyhan
·
Tunu Field Development Phase 9
·
Dahej Vijaipur Gas
·
Panaran Pemping Gas
·
KAM
·
Mangalore Bangalore Pipelines
·
Jamnagar Loni
·
Effluent Outfall
·
Gas Rehabilitation and Expansion
·
Kandla Bhatinda
·
South Bvassein Hazira Trunkline
·
Tunu Field EPSC 4 & 5
·
Balongan, Jakarta
·
Jarn Yaphour Field Development
·
Mumbai Pune Products
Tankage and Terminals
·
LNG Hazira
·
LNG Dabhol
·
Steel Storage Tanks, Fujairah
·
LPG Terminal
Turnkey and Composite Construction
·
Gas Compressor Trains Peciko
·
Gas Field Development Dandewalan
·
Hydrocracker for Mathura Refinery
Civil Construction
·
Belgaum Maharashtra Highway
·
Jaipur Bypass
·
Infrastructure Services Qatar
Telecom
·
OFC Laying of Gail in MP
·
Western Regions for Power Grid
·
OFC Laying for Bharati Telenet
The company is in trade terms with :
v
Berger Paints Limited
v
Wirtgen GmbH, Hohner Street 2, 53578 Windhagen, Germany
v
Parker Plant Limited, P. O. Box 146, Cannon Street, Leicester, Le4 6HD,
UK
v
Metso Minerals Singapore Private. Limited., 501, Orchard Road, 05-09,
Weelock Place, Singapore 238880
v
MBW (UK) Limited, Bradley Fold Trading Estates Unit 6, Radcliffe Moore
Road, Bolton BL2 6RT, England
v
Stetter GmbH, Dr. Karl-Lenz-St. 70, D-87700 Memmingen, P. O. Box 1942,
D- 87689 Memmingen, Germany
v
Lincoln Electric Co., 22801 Saint Clair Avenue, Cleveland, Ohio, U.S.A
v
Metso Dynapac AB, P.O. Box 504, SE-37123, Karlskrona, Sweden
v
Volvo East Asia Pte Limited, 31, Jurong Logistics HUB, Singapore 619115
v
Tyco Adhesives B.V.B.A, Nieuwlandlaan B15, B-3200 Aarschot, Belgium
v
Ph : +32-16-553600, Fax : +32-16-553672
v
Pipeline Inspection Co., P. O. Box 55648, Houston TX, 77255-5648
Ph :
+713-681-5837, Fax : +713-681-4838
v
CRC-Evans Pipeline International Inc., P. O. Box 50368, Tulsa OK 74150 -
0368
The
company has joint venture with :-
v Koop
International, The Netherlands
v Whessoe LGA Gas
Technology Limited, Darlington, UK
v
Rajahmundry Expressway Limited
v
Andhra Expressway Limited
v
PLN Construction Private Limited
v
Vadodara Halol Toll Road Company Limited
v
North Karnataka Expressway Private Limited
v
Bistro Hospitality Limited
v
Jacob Ballas Capital India Private Limited
v
Punj Lloyd – Limak JV
v
Punj Lloyd – Progressive Constructions Limited
v
Persys – Punj Lloyd JV
v
Punj Lloyd – PT Punj Lloyd Indonesia JV
Director Report
OPERATIONS REVIEW
Total Revenue of the
Company rose by 64.32 percent from Rs. 14030.36 million in financial year (FY)
2005-06 to Rs. 23054.78 million in FY 2006-07. The profit before interest,
depreciation and tax (PBIDT), increased by 54.69 percent from Rs. 1622.81
million in FY 2005-06 to Rs..2,510.36 million in FY 2006-07.
During the year,
the unsecured loans of the Company have increased from Rs. 629.36 million to
Rs. 5754.98 million primarily due to issuance of USD 125 million, Zero Coupon
Foreign Currency Convertible Bonds (FCCB) in April 2006. The secured loans have
also increased during the year from Rs.3475.30 million to Rs. 9431.42 million
due to the additional working capital required for execution of various new
projects being undertaken by the Company. Interest charges have also increased
from Rs. 467.99 million to Rs. 692.42 million as result of increased borrowings
and higher interest rates owing to revision in PLR.
The Profit before
tax (PBT) has increased by 72.91 percent from Rs. 562.92 million in FY 2005-06
to Rs. 973.33 million in FY 2006-07 and the Profit after tax (PAT) has
increased by 75.22 percent from Rs. 351.47 million in FY 2005-06 to Rs. 615.84
million in FY 2006-07.
BUSINESS REVIEW
A detailed
business review is being given in the Management Discussion and Analysis
section of the annual report.
SUBSIDIARY COMPANIES AND JOINT
VENTURES
Subsidiaries
During the year under review, the Company has through its wholly owned
subsidiary in Singapore viz Punj Lloyd Pte. Limited, acquired 100% stake in
SembCorp Engineers & Constructors (SEC), a wholly-owned subsidiary of
SembCorp Industries (SCI) which is a leading utilities and marine group in
Asia. The SEC Group is a major design-and-build engineering and construction
service provider with core capabilities encompassing heavy civil engineering,
building and process and plant engineering and its experience spans across 35
countries. The SEC Group has contributed significantly to the top line of
consolidated results of the Company as its revenues for the ten months period
ended March 31, 2007 was Singapore Dollars 744 million (approx. Rs. 21520
million). This acquisition will help the Company in achieving its objective of
becoming a top global EPC Company with an increasing scale of operations.
Simon Carves
Limited, U.K., a subsidiary of SEC is a well known and established process
engineering contractor and offers full range of process design and engineering
services to various industries worldwide and provides end to end solutions
including basic and detailed engineering, front end engineering design,
procurement services, construction and construction management services. Simon
Carves has a strong order book, which will form a strong business platform for
2007-08 and on into following year.
For the purpose of
integrating the engineering expertise of the Company with that of its two
recent acquisitions viz. Sembawang Engineers & Constructors and Simon
Carves, UK, a new Company - Simon Carves India Limited has been incorporated in
India as a Wholly Owned Subsidiary of the Company for carrying out back office
engineering activities for the Punj Lloyd Group in India. In addition to the
above, Simon Carves India Limited shall provide design and engineering services
to all types of industries/ sectors including oil & gas, infrastructure,
etc.
After the closure of current financial year, two new wholly owned
subsidiaries i.e. Punj Lloyd Upstream Limited and Punj Lloyd Infrastructure
Limited have been incorporated to carry on the business of drilling in the
fields of oil exploration and promoting and developing SEZs respectively.
The process of
winding up of Punj Lloyd Inc., a wholly owned subsidiary (WOS) in US and Punj
Lloyd (Malaysia) Sdn. Bhd., WOS in Malaysia are in progress and will be
completed on receipt of necessary clearance from the appropriate authorities of
the respective countries.
On an application
by the Company under section 212(8), the Central Government has vide its letter
No. 47/78/2007-CL-III dated March 6, 2007 exempted the Company from attaching a
copy of Balance Sheet, Profit and Loss Account, and other documents in respect
of its subsidiaries for the year ended March 31, 2007.
A statement in respect of each of the subsidiaries, giving the details of
capital, reserves, total assets and liabilities, details of investment,
turnover, profit before taxation, provision for taxation, profit after taxation
and proposed dividend is attached to this report.
Joint Ventures
During the year
under review, the Company has entered into a joint venture with Swissport
International, one of the world leaders in ground handling services. In terms
of the Joint Venture Agreement with Swissport, a new company in the name of
Swissport Punj Lloyd India Private Limited has been incorporated with equity
participation in the ratio of 51:49 by Swissport and the Company respectively.
Leveraging on Swissport's brand and know-how and Subjectlocal expertise, both
partners will take advantage of this joint venture to develop projects in the
Indian ground handling sector.
The Company has
also entered into a joint venture with KAEFER GmbH, Germany, a world leader in
the insulation business. In terms of the above joint venture, KAEFER GmbH has
acquired 51% stake in Punj Lloyd Insulations Limited, a Wholly Owned Subsidiary
of the Company. Consequent to the above acquisition, the name of Punj Lloyd
Insulations Limited' has been changed to KAEFER Punj Lloyd Limited'. This joint
venture will open avenues for developing innovative insulation solutions for
various applications.
HEALTH, SAFETY AND ENVIRONMENT (HSE)
As a rapidly
growing engineering and construction contractor with presence in different
global locations with diverse cultures and operations in remote locations,
Subject strives to minimize accidents and occupational risks through systematic
assessment and control of hazards by providing training to employees and
subcontractors. HSE considerations are put at the forefront of everything their
employees do - whether designing an oil storage tank farm or constructing that
facility.
MANAGEMENT DISCUSSION AND ANALYSIS
Economic Overview
India's GDP grew
at 9.4 per cent in 2006-07, its highest in recent times.
This comes on the
back of an equally robust 9 per cent growth recorded in the last fiscal.
GDP growth in 2006-07
was essentially led by the manufacturing sector, which grew by 12.3 per cent
(compared to 9.1 per cent in 2005-06). Growth in the Services sector too
witnessed acceleration (up from 9.8 per cent in fiscal 2005-06 to 11 per cent
in 2006-07).
The twin engines
of this robust growth have been investments and consumption, both of which,
given their current trend, appear well poised for an encore in 2007-08.
Foreign direct
investment increased to USD 16,000 million and exports recorded an impressive
growth of 23.9 per cent to USD 124.600 million in 2006-07. Foreign exchange
reserves continued their ascent and crossed the USD 200,000 million mark.
With India's per
capita disposable income currently at USD 556 per annum and expected to double
by 2015, the Indian economy appears set to maintain its momentum in the future.
Strong corporate performance combined with a conducive macro environment is
reflecting a healthy uptrend in the secondary market.
The infrastructure
sector has been expanding significantly. The overall index of six core
infrastructure industries that largely reflect the undercurrent of the economy,
registered a robust growth of 8.6 per cent in 2006-07, compared to a 6.2 per
cent increase in 2005-06.
The Government is
actively pursuing Public Private Partnerships (PPPs) to bridge the
infrastructure deficit in the country. Several initiatives have been taken to
promote PPPs in sectors like power, ports, highways, airports, tourism and
urban infrastructure.
The outlook going
forward remains optimistic although the growth rate may rationalize owing to a
higher base, hardening of interest rates and an unpredictable scenario of
energy and commodity prices.
BUSINESS SEGMENTS
Oil & Gas
Subject provides
comprehensive engineering, procurement and construction services to the Oil and
Gas sector which includes the setting up of complex storage tanks and
terminals, refinery and process facilities, cross-country oil and gas
pipelines, offshore pipelines and platforms.
Pipelines
Today, Subject is a pipeline contractor in Asia with a significant
international presence. The Company is an all terrain specialist having laid
pipelines in the most demanding and challenging areas around the world.
With global demand for energy rising at a rapid pace along with substantial
discoveries of gas, the need to transport crude oil and gas for refining,
storage and transportation has increased manifold. There are numerous major
pipeline projects being planned and built across the globe. According to
Simdex, an agency that monitors pipeline projects across-the-globe, total
pipeline projects planned over the next few years totaled 246,473 km., as of
May 2007. Given the rising demand, and therefore higher investments in the
Asian region led by India and China, pipeline investments in Asia dominate with
a 33 per cent share in total pipeline projects.
Subject has laid in excess of 8,000 km. of cross-country pipelines for
hydrocarbons and water services. The Company has the resources, experience and
expertise to provide EPC solutions for pipeline projects upto 56' in diameter
in terrains such as deserts, rain forests, rocky and marshy areas.
The Company's
fleet of equipment includes shallow water pipe laying barge, a push pull pipe
laying barge, 4 Nos. of HDD rigs of capacity upto 400mt and 11 Automatic
Welding Stations (a technology introduced by Punj Lloyd), 160 Side Booms and
more than 200 excavators.
In India, an
increase in the domestic demand for energy, the recent discovery of large oil
and gas reserves in various parts of the country and the Government's decision
to permit oil retailing by the private sector have led to the demand for a huge
pipeline network covering the whole nation. Companies like GAIL and Reliance
Industries plan to make investment in the region of Rs. 300.000 million in a
pipeline grid across the country that will stretch 10,000 km. Other companies
such as IOCL, ONGC, HPCL, BPCL and Gujarat State Petronet have announced
similar plans.
Subject core
competence and experience in laying pipelines; give it an enviable position in
the energy transportation business. The Company is currently executing five
major pipeline construction works in India alone.
For 2006-07,
Subject bagged onshore orders worth Rs. 5.932 million and an offshore pipeline
order worth Rs. 13.037 million. The offshore pipeline order is for the Heera
Redevelopment project from ONGC. The project involves design and detailed
engineering and off-shore installation of 4 Wellhead Platforms, 57 Km Rigid
Pipeline, and a 10.5 Km Flexible Pipeline.
Further, the
Company's experience and technological acumen led to a rise in new pipeline
laying orders, especially from the Middle-East and its first ever order from a
new market - North Africa. Subject received an order of USD 290 million from
Sirte Oil Company, Libya, on an EPC basis, which is the largest single contract
ever won by the Company.
Storage Tanks and Terminals
The market for LNG
has been growing at a tremendous pace spanning all the continents. Within the
Indian region, growth in LNG demand is strong and expected to stay strong
through the next decade owing to increasing demand for electricity and for
industrial usage. New projects have led to a boom in the LNG market and
resultantly for setting up storage tanks and terminals. Transportation of Oil
& Gas has also spurred the setting up of storage tanks and terminals.
Subject is an
acknowledged storage system EPC company having successfully executed projects
in India and abroad. The client list includes major public sector undertakings,
Oil & Gas majors and multinational engineering & construction
companies. Till date the Company has built in excess of 6 million cubic meters
of storage capacities. Punj Lloyd Group's experience in tankage and terminals
extends from the construction of cryogenic to floating and fixed roof storage
tanks for oil, gas, and water, and EPC capabilities, including insulation in
LNG Tanks.
The Company
leverages its in-house project management and EPC capabilities to take on tank
and terminal mega projects.
Process
Plants
Proven
capabilities in turnkey & composite construction have made Subject is a
leader in the process plant engineering, procurement and construction business.
Oil and gas companies require various process facilities in the production and
refining of oil and gas and derivative products.
The Company's clients have recognized Subject track record in delivering
plants which provide guaranteed performance and demonstrate high reliability,
low maintenance requirements and low overall life cycle costs.
The Company has a chain of successful projects on portfolio, in the
Indian sub-continent, Middle East, South East Asia, and CIS countries. Subject
acquisitions of Sembawang Engineers and Constructors Pte Limited and Simon
Carves Limited has added significantly to its processing capabilities and
increased its scale of operations.
As Per
Website Details
Profile
Subject is one of the largest engineering
construction companies in India providing integrated design, engineering, procurement,
construction and project management services for energy industry and
infrastructure sector projects. Punj Lloyd Limited provides engineering
construction services for onshore and offshore pipelines, gas gathering
systems, oil and gas tanks and terminals including cryogenic LNG and LPG
storage terminals, process facilities in the oil and gas industry including
refineries and for power plant projects. In the infrastructure sector, Punj
Lloyd Limited has worked on various civil infrastructure projects for highways,
flyovers, bridges and elevated railroads. In addition, Punj Lloyd Limited
provides value added engineering services for energy industry and
infrastructure projects as well as comprehensive plant and facility maintenance
and management services.
Punj Lloyd Limited's operations are spread across the regions of the Middle
East, the Caspian, the Asia Pacific, Africa and South Asia. Punj Lloyd Limited
has 13 subsidiaries including subsidiaries in Kazakhstan and Indonesia, and 12
project and marketing offices, including in the United Kingdom, Tunisia, Libya
and Saudi Arabia. Over the years, Punj Lloyd Limited has received repeat orders
from several major clients in different countries. Punj Lloyd Limited has
successfully executed projects in South Asia, the Asia Pacific, the C.I.S., the
Middle East, and in Turkey and Georgia, in difficult terrain and extreme
climatic conditions. In the years ended March 31, 2004 and 2005 and in the six
months ended September 30, 2005 Punj Lloyd Limited generated approximately
26.40%, 57.54% and 56.28% of its consolidated sales and contracts revenue from
projects executed outside India.
Subject services include detailed engineering, field services, material
procurement and overall project and construction management. It owns a
large fleet of sophisticated construction equipment including pipelaying
equipment, amphibious equipment for offshore work, automatic welding machines,
horizontal directional drilling rigs, barges, swamp excavators, heavy construction
equipment, concrete pavers, piling rigs, and transportation and camp equipment.
As of September 30, 2005, Punj Lloyd Limited's experienced multinational
and multicultural work force consisted of approximately 1,472 full time
employees and more than 4,500 casual and temporary contract employees based
around the world. Punj Lloyd Limited is strongly committed to health, safety
and environment policies and practices in the execution of its projects and has
received several awards and certifications for its operations and projects from
the British Safety Council as well as from its clients. Punj Lloyd
Limited also enjoys various accreditation such as the ISO 9001:2000 QMS, the
ISO 14001:1996 EMS and the OHSAS 18001:1999 OHSMS from Det Norske Veritas.
Punj Lloyd Limited has worked on projects
for international energy majors such as ADNOC, British Petroleum, Cairn Energy,
Pertamina, PetroKazhakstan, Petroleum Development Oman, Shell, Total and
TengizChevroil (a joint venture of Chevron) as well as energy majors in India
such as BHEL, BPCL, CPCL, Dabhol Power Company, Essar Refineries, GAIL, Gujarat
Gas, HPCL, IOC, Jindal Power, Kochi Refineries, Nuclear Power Corporation, OIL,
ONGC and RIL. Punj Lloyd Limited has also worked on projects for major
engineering construction companies including Bechtel, Parsons Fluor Daniel,
Petrofac, Saipem, Siirtech Nigi, Skanska, Skoda, Snamprogetti, Technip and Toyo
as well as Engineers India Limited and Lurgi. On infrastructure projects, Punj
Lloyd Limited has worked on various projects for NHAI and Delhi Metro.
In over 20 years of experience in
construction projects, Punj Lloyd Limited has constructed more than 5,300 km of
pipelines and 4 million m³ of tanks and terminals capacity and has executed 11
refinery modernisation and quality improvement projects. Punj Lloyd
Limited has also worked on or is working on 14 highway projects in the
infrastructure sector.
Punj Lloyd Limited
has received various awards in relation to its performance, including the
following:
- Export award for the year 2004-2005 for
second best performance in the category of maximum value of overseas
contracts secured from the Projects Exports Promotion Council of India;
- Export award for the year 2004-2005 for
second best performance in the category of maximum turnover from overseas
construction contracts from the Projects Exports Promotion Council of
India;
- Export award for the year 2003-2004 in
recognition of foreign works secured in new areas from the Projects
Exports Promotion Council of India;
- Export award for the year 2003-2004 in
recognition of second best performance in maximum overseas construction
contracts secured from the Projects Exports Promotion Council of India;
- Export award for the year 2002-2003 in
recognition of maximum foreign works secured in new areas from the
Overseas Construction Council of India; and
- Export award for the year 2002-2003 in
recognition of maximum overseas construction contracts secured from the
Overseas Construction Council of India.
Punj Lloyd Limited
has executed or is currently engaged in executing several landmark projects
within and outside India, including pipeline projects such as the Baku –
Tbilisi – Ceyhan crude oil pipeline for BP – Botas in Turkey, the KAM oil
pipeline project for PetroKazhakstan in Kazakhstan, the South Sumatra – West
Java pipeline project for PGN, Indonesia, the Kandla – Bhatinda oil pipeline
for IOC in India, the Dahej -Vijaipur gas pipeline project for GAIL, the Uran
Trombay oil pipeline project for ONGC, the Mangalya-Bijwasan pipeline project
for BPCL and the Pune-Sholapur pipeline project of HPCL. Punj Lloyd Limited
believes it is one of the few engineering construction companies to have laid
48 inches diameter gas pipelines and to have laid pipelines in shallow water
and swampy or marshy terrain.
Punj Lloyd Limited has also undertaken several significant tank and terminal
projects including the LNG storage and regasification terminal for the Dabhol
project, the LNG storage tank project for Shell at Hazira, tanks for the bulk
liquid products terminal for Horizon in Singapore, tank projects for PB Tankers
in Singapore, tank projects of GASCO for Bechtel in Abu Dhabi, water storage
tanks projects for Technip's Fujairah water and power project and the tank farm
project for the Jamnagar refineries for RIL. Punj Lloyd Limited believes it is
one of the few engineering construction companies internationally to have
in-house capability to provide comprehensive mechanical fabrication, erection,
pre-stressed wall construction and insulation works for LNG tanks.
Punj Lloyd Limited has also successfully completed or are working on EPC
contracts for various process facility projects including phase IV of the
Peciiko development project in Indonesia, the Vis-breaker unit and sulphur
block at the CPCL refineries for Petrofac, the MSQ upgradation project for IOC
at Haldia in India and the sulphur and utilities package for Siirtech Nigi at
the IOC refinery at Guwahati in India. Punj Lloyd Limited is also executing the
off-sites and utilities (piping and mechanical erection) project of GASCO for
Bechtel in Abu Dhabi and is working on two contracts for 2 X 250 MW thermal
power plant stations for Jindal Power Limited at Raigarh in India as well as a
contract for BHEL for 2 X 60 MW thermal power plant stations of PT Merak Energi
Indonesia.
In the infrastructure sector, Punj Lloyd Limited's assignments include the
six/four-lane approximately 77 km Belgaum - Maharashtra highway, the four–lane
approximately 62 km Rajasthan RJ-8 highway, the four-lane approximately 32 km
Vadodara – Halol toll road project as well as the Thiruvananthapuram city and
road improvement project.
Punj Lloyd Limited's key strengths as one of the largest engineering
construction companies in India with a strong international presence are its
significant experience and strong track record, ability to manage operations in
diverse industries and economies, long term relationships with world-class
clients, strong operational results and ability to mobilise financial resources
and its highly qualified and motivated employee base and proven management
team.
Manpower
Punj Lloyd is a people-driven enterprise. Delivering on their
mission requires people who are determined, dynamic, dedicated and share the
company’s core business values and its passion for quality.
Subject innovative and diverse workforce
has the will not just to take on challenges but to see them through. Their
approach to excellence is focussed. Working in the scorching desert sun, fierce
monsoons, or at temperature extremes ranging from –45° Celsius to +45° Celsius
are all in a day’s work.
With diverse projects spread all over the world, the
company's engineers have generated multi-disciplinary skills and a wide range
of experience in project management and execution.
As of March, 2006 the Punj Lloyd team comprised about 1850
employees of which 31 per cent are engineers and 28 per cent hold engineering
diplomas. Their hunt for talent is however an unending quest.
News:
Punj Lloyd registers
phenomenal growth in turnover for H1FY08 Order backlog expands to Rs 148520
Millions Q2 net profit up by 166.59% to Rs 894.400 Millions; operating revenues
up 138.38% at Rs 1967.600 Millions
H1FY08 Results (all comparisons with H1FY07)
- Consolidated net Income at Rs 33426.600
Millions, up by 65.27 % from Rs 20225.500 Millions
- Consolidated EBIDTA at Rs 3411.700
Millions, up by 122.39 % from Rs 1534.100 Millions
- Consolidated PAT at Rs 1489.100
Millions, up by 148.89 % from Rs 598.300 Millions
- EPS (non-annualized) of Rs 5.56, up by
142.79 % from Rs 2.29
- Operating profit margin increased to
10.21 % from 7.58 %
- PAT margin increased to 4.45 % from
2.96 %
Q2FY08 Results (all comparisons with Q2FY07)
- Consolidated Net income at Rs 19247.100
Millions, up by 60.78 % from Rs 11970.800 Millions
- Consolidated EBIDTA at Rs 1970.500
Millions, up by 138.73% from Rs 825.400 Millions
- Consolidated PAT at Rs 894.400
Millions, up by 166.59 % from Rs 335.500 Millions
- EPS (non-annualized) of Rs 3.26, up by
154.69% from Rs 1.28
- Operating profit margin increased to
10.24 % from 6.90 %
- PAT margin increased to 4.65 % from
2.80 %
Operational Highlights
- Raised Rs 8140 Millions through QIP
route
- Acquired 22.23% stake in Pipavav
Shipyard Limited
- Announced 50:50 JV with Ramprastha
Group
- Announced incorporation of Punj Lloyd
Upstream (PLUL)
- Group order backlog of Rs 14.85 billion
New Delhi, October 31, 2007
Punj Lloyd Limited (PLL), a global EPC services provider in energy
and infrastructure domains has recorded spectacular performance with
consolidated income of Rs 33426.600 Millions for the first half of the FY 08;
an increase of 65.27% as compared to Rs 20225.500 Millions in the corresponding
previous period. On a consolidated basis, EBITDA for H1FY08 improved to Rs
3411.700 Millions; an increase of 122.39% as compared to Rs 1534.100 Millions
in the corresponding previous period. Net profit for the H1FY08 was at Rs
1489.100 Millions as against Rs 598.300 Millions in H1FY07. The basic earnings
per share (EPS) (not annualized) for H1FY2008 stood at Rs 5.56.
Consolidated revenues for the Q2FY08 stood at Rs 19247.100
Millions. Consolidated EBIDTA for Q2FY08 was at Rs 1967.600 Millions. Operating
margins for Q2FY08 stood at 10.22%. The share of revenue from international
operations during the quarter constituted 66% of the Consolidated Revenue.
Order Inflow during the quarter at Rs 24550 Millions signifies the Company’s
sustained leadership position in the industry.
Consolidated net profit at Rs 894.400 Millions for the
quarter ended September 30, 2007 registered a robust growth of 166.59% over the
corresponding quarter of the previous year. Continued improvement in
operational efficiencies and a judicious selection of orders with improved
margins have enabled it to register an increase in the Operating Margins by
48.41 % from 6.90% in Q2FY07 to 10.24% in Q2FY08.
Commenting on the Company’s performance for H1 & Q2
FY2008, Mr Atul Punj, Chairman, Punj Lloyd Limited, said, “Strong execution
combined with a diverse business portfolio helped PLL achieve excellent
results. With the positive investment outlook, we are well positioned and have
the pre qualifications to avail the opportunities in the market.”
OPERATIONAL HIGHLIGHTS
During H1FY2008, Punj Lloyd successfully completed placement
of 2,96,00,000 equity shares of Rs 2 each for cash at a price of Rs 275
per equity share aggregating to Rs 8140 Millions to QIPs. Post QIP placement,
the paid-up equity capital of the company has increased from Rs 522.500
Millions to Rs 581.800 Millions.
PLL has invested Rs 3490 Millions in Pipavav Shipyard Limited
(PSL), this translates to 22.23% of PSL’s current equity. This acquisition of a
strategic stake in PSL will complement the businesses of both the companies to
leverage the opportunities which abound in the offshore sector. Punj Lloyd,
which works as an engineering procurement construction contractor in the
exploration and production area, would gain access to fabrication facilities for
platforms, single buoy moorings, rigs and jackets. The facility at Pipavav
Shipyard can also be used for fabrication of vessels for petrochemicals and
refineries. Punj Lloyd is currently executing the Heera Field Redevelopment
project for ONGC. Growth in the shipyard industry is expected to be over 30%
per annum in the next few years.
It has also signed a MOU with Ramprastha group for a large
development of real estate in the National Capital Region. Sembawang Engineers
& Constructors, a subsidiary of Punj Lloyd in Singapore has proven
expertise in the master planning, design and construction of residential
complexes and townships. Sembawang has expertise in the use of advanced
integrated precast systems which enable faster project execution. This joint venture
with Ramprastha will help to leverage the expertise of Sembawang in creating
landmark residential and commercial complexes.
In April 2007, Punj Lloyd announced incorporation of Punj
Lloyd Upstream (PLUL) for providing onshore integrated drilling services to
exploration and production companies in the domestic oil and gas sector. The
company is making an initial investment of Rs 440 Millions in PLUL. The
drilling requirements under the NELP coupled with the high crude oil prices has
resulted in a substantial increase in the requirement of Integrated Drilling
Services (IDS). The current fleet of drilling rigs is unable to meet the market
requirements. The new subsidiary will address the huge demand supply gap with
the deployment of two onshore drillings rigs by early 2008 and the fleet shall
be periodically increased for PLUL to become a significant player in the IDS
space.
Simon Carves India Limited, a wholly owned subsidiary of Punj Lloyd is an
engineering centre providing design services to the group and over time will
emerge as an engineering service provider for other industries as well.
ORDER BOOK UPDATE
Punj Lloyd Group has an order backlog of Rs 148520 Millions.
This is the unexecuted value of orders on 30th September 2007 plus new orders
received till date. The new order bookings in H1FY08 for Punj Lloyd Group stood
at Rs 32980 Millions.
In terms of geographical distribution, Punj Lloyd’s current
order backlog comprises of 42% from India and 58 % from overseas. On a regional
break-up basis the 57 % of orders from Asia Pacific and South Asia; 32 % in
MENA region (Middle East and North Africa) and 11 % from rest of the world.
Of the Company’s total backlog on September 30, 2007, 58% is
in the oil, gas and petrochemical sectors, and remaining 42% represents
infrastructure and other sectors. Sembawang’s contribution to the order backlog
is 22%. As a focused strategy, Punj Lloyd is now bidding for high value
strategic orders which will help it scale the value chain.
Driven by a slew of opportunities in the oil & gas and
infrastructure sectors, PLL reported a healthy growth in its order Inflow
during the quarter compared to the corresponding quarter of the previous year.
The order inflow is Rs 24550 Millions for the quarter ended September 30, 2007.
The share of international orders booked during the quarter was 56% of the
segment’s total order inflow. The quality and the complexity of the orders
bagged reflect the company’s technical skills and dominant position in the
infrastructure and hydrocarbon sectors.
NEW REPRESENTATIVES ON BOARD
Punj Lloyd appoints Warburg Pincus representative to the
Board of Directors
Punj Lloyd today announced the induction of Niten Malhan,
Managing Director, Warburg Pincus to its Board of Directors. An affiliate of
Warburg Pincus holds a 5.087 % ownership interest in the company.
Warburg Pincus, a leading international private equity firm
has invested approximately US $2 billion in India over a twelve-year period.
Some of the firm’s key investments in India include Ambuja Cements, Bharti
Airtel, Dainik Bhaskar, Housing Development Finance Corporation (HDFC), Kotak
Mahindra Bank, Max India, Moser Baer, Nicholas Piramal, Sintex Industries,
Lemon Tree Hotels and WNS Global Services and now, Punj Lloyd.
Punj Lloyd appoints Mr M K Singh as Independent Director on
the Board
MK Singh has vast experience in different areas of Business
Management, with Real Estate Development and Financing. His expertise extends
to project management, industrial and general administration. In July 2004, he
was appointed the Chief Executive and Executive Director in the Real Estate
Division of Bombay Dyeing, to lead the initiative in the property development
business for the Mill Land Development of the Wadia. He is also a Director on
the Board of Group Company, Sembawang Engineers and Constructors Pte Limited
About Punj Lloyd Limited
Punj Lloyd (BSE SCRIP ID: PUNJLLOYD, NSE SYMBOL: PUNJLLOYD),
is the second largest engineering and construction companies in India providing
integrated design, engineering, procurement, construction and project
management services for energy and infrastructure sector projects with
operations spread across many regions in the Middle East, Caspian, Asia
Pacific, Africa and South Asia. For FY07, PLL has recorded consolidated income
of Rs 52060 Millions and consolidated net profit of Rs 1960.300 Millions. On a
consolidated basis, EBIDTA for the fiscal was Rs 4897 Millions. Further
information about the Company is available at www.punjlloyd.com.
For further information, please contact:
Punj Lloyd Limited
Ms. Louise Sharma - 0124 2620152 | louise@punjlloyd.com
Ms. Bhavna Dayal - 0124 2620158 | bhavnadayal@punjlloyd.com
Adfactors PR Private Limited
Mr. Kunal Takalkar - +91 98100 73217 | kunal.takalkar@adfactorspr.com
Mr. Saurabh Saxena - +91 98102
33370 | saurabh.saxena@adfactorspr.com
Forward-Looking Statements:- This
report contains forward -looking statements, which may be identified by their
use of words like 'plans', 'expects', 'will', 'anticipates', 'believes',
'intends', 'projects', 'estimates' or other words of similar meaning. All
statements that address expectations or projections about the future, including
but not limited to statements about the company's strategy for growth, market
position, expenditures, and financial results, are forward -looking statements.
Forward -looking statements are based on certain assumptions and expectations
of future events. The company cannot guarantee that these assumptions and
expectations are accurate or will be realized. The company's actual results,
performance or achievements could thus differ materially from those projected
in any such forward - looking statements. The company assumes no responsibility
to publicly amend, modify or revise any forward looking statements, on the
basis of any subsequent developments, information or events.
Punj Lloyd
announces Annual Results
New Delhi, June 26,
2006
About Punj Lloyd
Punj Lloyd is amongst the largest
engineering and construction companies in India providing integrated design,
engineering, procurement, construction and project management services for
energy and infrastructure sector projects with operations spread across many
regions in the Middle East, Caspian, Asia Pacific, Africa and South Asia. With
a presence in 14 countries, Punj Lloyd has executed as many as 180 projects:
onshore and offshore pipelines, cryogenic tanks and terminals, process plants,
highways, bridges, railways and infrastructure services, plant & facility
management and power plants. The Company has recently acquired a majority stake
in SembCorp
Engineers & Constructors , a Singapore $ 1 billion company. Punj
Lloyd also entered into a JV with Saudi Prince to form ‘Dayim-Punj Lloyd
Engineering Limited'. Punj Lloyd JV has recently bagged an order worth Rs. 4280
Millions for the completion of Dabhol LNG Terminal
Punj Lloyd JV bags
Rs 1420.000 Millions order from Delhi Metro
New Delhi, June 21,
2006
Punj Lloyd Limited., along with its
joint venture partner, Persys, has bagged a Rs 1420.000 Millions project from
Delhi Metro Rail Corporation (DMRC) for the Inderlok – Mundka Corridor of
Phase-II.
Persys is a Malaysian construction
company with whom Punj Lloyd had successfully completed the DMRC project
earlier as well. This project involves design and construction of elevated
via-duct of 4.784 km length including structural work of four elevated stations
- Nangloi, Nangloi Railway station, Rajdhani Park, Mundka on Inderlok -Mundka
corridor of phase II. The project would be completed within 30 months from the
date of its starting.
Punj Lloyd had earlier completed a 6.3 km long
Flyover between Kirti Nagar and Tilak Nagar as a part of CP-Dwarka Corridor in
Phase-I of DMRC. It involved construction of a Metro Corridor over the existing
Raja Garden flyover at a record height of 17 meters from ground, a unique feat
for construction companies in India. The pile foundation work in the project
had been challenging considering several existing underground utilities and
round-the-clock traffic movement in congested areas.
About Punj Lloyd
Punj Lloyd is amongst the largest
engineering and construction companies in India providing integrated design,
engineering, procurement, construction and project management services for
energy and infrastructure sector projects with operations spread across many
regions in the Middle East, Caspian, Asia Pacific, Africa and South Asia. With
a presence in 14 countries, Punj Lloyd has executed as many as 180 projects:
onshore and offshore pipelines, cryogenic tanks and terminals, process plants,
highways, bridges, railways and infrastructure services, plant & facility
management and power plants. The Company has recently acquired a majority stake
in SembCorp
Engineers & Constructors , a Singapore $ 1 billion company. Punj
Lloyd also entered into a JV with Saudi Prince to form ‘Dayim-Punj Lloyd
Engineering Limited'. Punj Lloyd JV has recently bagged an order worth Rs.
4280.000 Millions for the completion of Dabhol LNG Terminal.
Punj
Lloyd wins contract for Dabhol - Panvel Pipeline Project (DPPL) from GAIL
Punj Lloyd announces Annual Results
Punj Lloyd JV bags Rs 1420.000 Millions order from Delhi Metro
Punj Lloyd on order acquisition spree
Bags another order from RIDCOR valued at Rs 3020.000
Millions
Punj Lloyd takes over
SembCorp Engineers & Constructors, Singapore
Punj Lloyd bags contract
worth Rs 1380.000 Millions
Construction of Spread 1 of Dahej-Uran Pipeline Project
from GAIL
Punj
Lloyd joins hands with Kingdom of Saudi Arabia
New jointly-owned company - "Dayim-Punj Lloyd
Engineering Limited"
Punj
Lloyd Limited. to raise US$ 125 million through Foreign Currency Convertible
Bonds
Punj
Lloyd announces award of Rs 860 million multi-speciality hospital building
structure project and updates financial information.
PLN Construction
PLN Construction Limited. is a subsidiary of Punj Lloyd
Limited., specialising in Horizontal Directional Drilling. Active in the Indian
market since 1997, PLN has executed crossings totalling 25,700 mtrs. It has
laid pipelines under expressways, railways, rivers and canals. The company owns
2 x 250 T rigs, which can handle crossings upto 56” dia.
Significant Projects
- The
longest HDD crossings in India i.e. 1700 and 1770 metres at the
Krishna-Godavari basin on the eastern coast of India for GAIL India
- Longest
crossings in India to pull 42” dia pipeline i.e. 1041 metres at Tapi River
near Surat for ONGC
- Have crossed almost all the perennial
rivers of India
PUNJ LLOYD
INSULATIONS
Over the years PLIL has completed a diverse range of prime
insulation projects. These industrial, hospitality and residential projects -
executed for leading international as well as Indian clients and consultants -
have varied in scale and complexity. Meticulous planning, precision engineering,
global materials’ sourcing, and comprehensive project management, backed by an
inherent regard for health, safety and environment are the main reasons for
this division’s exceptional achievements.
A subsidiary of the Punj Lloyd Group specialising in
insulation technologies, it's areas of expertise extend from thermal insulation
to waterproofing to acoustic treatment to refractory and acid - resistant
lining.
Some of PLIL’s key assignments include complex insulation projects
for the hydrocarbon processing, cryogenic (ammonia, PP/LPG, LNG terminals),
pharmaceutical, metallurgical, power and other continuous process industries,
hotels/resorts and residential buildings.
SPECTRA PUNJ LLOYD
Specialised company for renting the equipment to construction
industry was formed in the year 1985. This company helps the Punj Lloyd
operations by hiring in at competitive rates when the captive asset base cannot
meet the total requirement and facilitates hiring out in case of certain assets
being under utilised.
Punj Lloyd to
build Expanded Capacity Fuel System of NDIA
Order valued at
Rs 258.000 Millions
New Delhi, March 21, 2007
Punj Lloyd Limited (PLL), a global EPC services provider in energy and infrastructure domains, has received approval of extension of their existing contract with New Doha International Airport (NDIA). The extension will enhance the capacity of the fuel system to take care of phase II expansion of the new airport. The extension order is valued at Rs 258.000 Millions. With this approval, the contract value for the extended scope becomes Rs 618.000 Millions.
The new contract with extension involves the engineering, procurement and construction of fuel farm, fuel receiving station, jet fuel hydrant system, ground service equipment fuel system, ground service equipment washing system, portable water station and operation office, parking facility for hydrant dispenser vehicles, triturator facility, special fuel system equipment, special systems in building / facilities (BMS/CCTV) etc. The project would be completed by December 2008.
Punj Lloyd is at an advanced stage of completing engineering phase for the fuel system and Client’s approval of extension of the contract reinforces the confidence of project management consultant, Overseas Bechtel Inc. in Punj Lloyd.
About Punj
Lloyd Limited
Punj Lloyd (BSE SCRIP ID: PUNJLLOYD, NSE SYMBOL: PUNJLLOYD), is the second largest engineering and construction companies in India providing integrated design, engineering, procurement, construction and project management services for energy and infrastructure sector projects with operations spread across many regions in the Middle East, Caspian, Asia Pacific, Africa and South Asia.
About New
Doha International Airport
Qatar’s mega project, The New Doha International Airport (NDIA) with its ultimate development is to be fully operational by 2015 with a 50 million passenger capacity. Initial phase is going to begin operations in 2009 to cater to 24 million passengers and 750,000 tonnes of cargo per year. The new facility will set a new standard in airport and airline efficiency, passenger convenience and service standards. As the new home for Qatar Airways, it is envisioned to become a major international gateway to the region.
Editor’s
Synopsis
Consolidated Net Income of Rs 34,861 million for 9MFY07
Consolidated EBITDA of Rs 2,667 million for 9MFY07
Profit after Tax of Rs 1,080 million for 9MFY07
Punj Lloyd Group order backlog of Rs 143,579 million as on 31/12/06.
Sembawang E&C becomes 100% subsidiary of Punj Lloyd
About Punj Lloyd Limited
Punj Lloyd (BSE SCRIP ID: PUNJLLOYD, NSE SYMBOL: PUNJLLOYD), is amongst the largest engineering and construction companies in India providing integrated design, engineering, procurement, construction and project management services for energy and infrastructure sector projects with operations spread across many regions in the Middle East, Caspian, Asia Pacific, Africa and South Asia. Sembawang E&C became a wholly owned subsidiary of Punj Lloyd in Q3FY07. Following this, the group also unveiled its new corporate identity.
Punj Lloyd bags Rs.5900.000 millions contract from
Bharat Oman Refineries Limited
Editor’s Synopsis
Rs5900.000 millions
contract to be executed within 25 months
Group order backlog of Rs164800.000 millions as on
date, which is scheduled to be executed over next 24 to 30 months
New Delhi, August 6, 2007
Punj Lloyd Limited
(PLL), a global EPC services provider in energy and infrastructure domains, has
secured a Rs.5900.000 millions contract for building a sulphur block at Bina
Refinery of Bharat Oman Refineries Limited at Bina, Madhya Pradesh. The
lump-sum turnkey contract entails engineering, procurement, construction and
commissioning assistance (EPCC) services and has been bagged amidst stiff
international competitive bidding.
The scope of work
includes a 360 TPD Sulphur Recovery Unit, 470 TPH Amine Recovery Unit, 360 TPD
Tail Gas Treatment Unit and 125 TPH & 49 TPH Sour Water Stripping Units.
The project is
scheduled to be completed within 25 months. This will be the largest process
unit in a grass root refinery for Punj Lloyd, which has a rich experience of
executing 6 other Sulphur Recovery Units for major refineries in India.
Bina Refinery Project
is a 6 MMTPA grass root refinery being implemented in the state of Madhya
Pradesh.
With this, the order
backlog (anticipated revenues from the uncompleted portion of existing
contracts as on 30 June 2007 and contracts obtained thereafter) for the group
stands at Rs.16480 0.000 millions. .
About Punj Lloyd Limited
Punj Lloyd (BSE SCRIP ID: PUNJLLOYD, NSE SYMBOL: PUNJLLOYD), is the second largest engineering and construction companies in India providing integrated design, engineering, procurement, construction and project management services for energy and infrastructure sector projects with operations spread across many regions in the Middle East, Caspian, Asia Pacific, Africa and South Asia. For FY07, PLL has recorded consolidated income of Rs52060.000 millions and consolidated net profit of Rs1960.300 millions. On a consolidated basis, EBIDTA for the fiscal was Rs.48970.000 millions.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 39.39 |
|
UK Pound |
1 |
Rs. 81.49 |
|
Euro |
1 |
Rs. 58.49 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|