MIRA
INFORM REPORT
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Report Date : |
19.09.2007 |
IDENTIFICATION DETAILS
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Name : |
KAEFER PUNJ LLOYD LIMITED |
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Formerly Known as: |
PUNJ LLOYD INSULATIONS LIMITED |
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Registered Office : |
18, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.11.1994 |
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Com. Reg. No.: |
062696 |
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CIN No.: [Company
Identification No.] |
U74899DL1994PLC062696 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELP05244B |
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PAN No.: [Permanent
Account No.] |
AACCP7087P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Subject undertakes Civil Construction and Civil Engineering works and
services. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 74000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
II Institutional Area, Sector – 32, Gurgaon – 122 001, |
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Tel. No.: |
91-124-2620123 |
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Fax No.: |
91-124-2620777 |
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E-Mail : |
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Website : |
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Regional Head Office: |
Kaefer Engineering Thailand Limited 39/68 – 72, |
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Company Headquarters: |
Kaefer Isoliertechnik Gmbh and Company KG Burgermeister – Smidt- Str, 70, D-28195, |
DIRECTORS
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Name : |
Mr. Atul Punj |
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Designation : |
Chairman cum Managing Director |
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Address : |
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Date of Birth/Age : |
27.10.1957 |
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Date of Appointment : |
01.11.1997 |
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Name : |
Mr. Jagat Bhuvan Dewan |
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Designation : |
Managing Director |
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Address : |
C- 503 Sushant Lok- 1, Gurgaon, |
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E-Mail: |
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Date of Birth/Age : |
11.05.1950 |
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Date of Appointment : |
01.11.1997 |
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Name : |
Mr. Uday Punj |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
01.02.1962 |
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Date of Appointment : |
03.02.1995 |
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Date of Ceasing: |
02.09.2005 |
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Name : |
Mrs. Vimal Kishore Kaushik |
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Designation : |
Director |
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Address : |
S- 27/1-D, DLF Qutab Enclave, Phase – III, Gurgaon – 122 002, |
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E-Mail: |
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Date of Birth/Age : |
22.11.1947 |
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Date of Appointment : |
01.11.1997 |
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Name : |
Mr. Luv chhabra |
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Designation : |
Director |
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Address : |
H-16/4, |
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E-Mail: |
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Date of Appointment : |
232.11.2005 |
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Other Directorship Held: |
v
Punj Lloyd Limited
CIN No.: U74899DL1988PLC033314 v
Howden Insurance Brokers India Private Limited CIN No.:
U67200MH2004PTC144558 v
Thiruvananthapuram Road Development Company
Limited CIN No.:
U45203MH2004PLC144789 v
PL Engineering Private Limited CIN No.:
U65993DL2001PTC110209 v
VLC Fashion Redefined Private Limited CIN No.:
U00063HR2005PTC035845 |
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Name : |
Mr. Rajinder Kumar Khosla |
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Designation : |
Non-Executive Director |
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Address : |
39/68-72, |
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E-Mail: |
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Date of Birth/Age : |
30.03.1950 |
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Date of Appointment : |
26.10.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Punj Lloyd Limited |
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25520 |
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Category |
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Percentage
of Holding |
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Bodies Corporate |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject undertakes Civil Construction and Civil Engineering works and
services. |
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Products : |
v
Thermal Insulation v
Electric Heat Tracing with Insulation v
PU Panels for Cold storages and Telecom Shelter |
GENERAL INFORMATION
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Bankers : |
State Bank of Overseas Branch, Jawahar Vyapar Bhawan, 1 Tolstoy Marg, E-Mail: sbiobnde@vsnl.com |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
TAS Associates Chartered Accountants |
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Address : |
11/71, Flat No. 4, Punjabi Bagh
(West), |
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Associates/Subsidiaries : |
v
Punj Lloyd Limited
CIN No.: U74899DL1988PLC033314 v
Howden Insurance Brokers India Private Limited CIN No.:
U67200MH2004PTC144558 v
Thiruvananthapuram Road Development Company
Limited CIN No.:
U45203MH2004PLC144789 v
PL Engineering Private Limited CIN No.:
U65993DL2001PTC110209 v
VLC Fashion Redefined Private Limited CIN No.:
U00063HR2005PTC035845 |
CAPITAL STRUCTURE
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
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80000 |
Equity Shares |
Rs. 100.00 each |
Rs. 8.000 millions |
Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
|
25520 |
Equity Shares (Of the above 25514 Equity shares are held by the holding Company i.e.
Punj Lloyd Limited (PLL) and 6 shares are held by PLL jointly with other
share holders) |
Rs. 100.00 each |
Rs. 2.552 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 |
2.552 |
2.552 |
2.552 |
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2] Share Application Money |
5.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.106 |
8.270 |
7.718 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
18.658 |
10.822 |
10.270 |
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LOAN FUNDS |
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1] Secured Loans |
2.064 |
7.376 |
12.356 |
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2] Unsecured Loans |
0.000 |
5.000 |
0.000 |
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TOTAL BORROWING |
2.064 |
12.376 |
12.356 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.405 |
0.564 |
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TOTAL |
20.722 |
23.603 |
23.190 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.948 |
3.849 |
4.707 |
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Capital work-in-progress |
0.000 |
0.000 |
6.077 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.457 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.828
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2.937 |
4.069 |
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Sundry Debtors |
33.335
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13.126 |
8.653 |
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Cash & Bank Balances |
5.313
|
2.985 |
2.924 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
3.059
|
3.941 |
4.213 |
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Total
Current Assets |
43.535
|
22.989 |
19.859 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
23.000
|
2.736 |
7.453 |
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Provisions |
2.218
|
0.499 |
0.000 |
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Total
Current Liabilities |
25.218
|
3.235 |
7.453 |
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Net Current Assets |
18.317
|
19.754 |
12.406 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
20.722 |
23.603 |
23.190 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
106.859 |
37.107 |
48.653 |
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Other Income |
0.508 |
1.055 |
1.975 |
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Total Income |
107.367 |
38.162 |
50.628 |
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Profit/(Loss) Before Tax |
4.198 |
0.635 |
0.602 |
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Provision for Taxation |
1.309 |
0.083 |
0.063 |
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Profit/(Loss) After Tax |
2.889 |
0.552 |
0.539 |
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Imports Value |
NA |
1.824 |
NA |
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Expenditures : |
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Raw Material Consumed |
73.708 |
19.572 |
25.606 |
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Salaries, Wages and bonus |
4.162 |
3.783 |
0.000 |
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Managerial Remuneration |
1.276 |
1.083 |
0.000 |
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Payment of Auditors |
0.112 |
0.110 |
0.000 |
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Interest and Financial Charges |
0.632 |
1.356 |
1.816 |
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Insurance Expenses |
0.248 |
0.182 |
0.000 |
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Power and Fuel |
1.434 |
0.470 |
0.000 |
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Depreciation and amortization |
0.447 |
0.642 |
0.653 |
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Other Expenditure |
21.150 |
10.329 |
21.950 |
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Total Expenditure |
103.169 |
37.527 |
50.025 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
2.69
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1.45 |
1.06 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.93
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1.71 |
1.24 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.23
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2.37 |
2.45 |
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Return on Investment (ROI) (PBT/Networth) |
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0.22
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0.06 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.46
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1.44 |
1.93 |
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Current Ratio (Current Asset/Current Liability) |
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1.73
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7.11 |
2.66 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
v
Plant and Machinery
v
Furniture and Fixtures
v
Office Equipments
v
Vehicles
v
Computers / Softwares
Contingent Liabilities – As on 31.03.2005
a)
Guarantees issued, to the
extent not acknowledged as debt, by the Bankers on behalf of the Company
amounting to Rs. 2.364 millions
b)
Letters of Credit issued,
to the extent not acknowledged as debt, by the Bankers on behalf of the Company
amounting to Rs. 9.235 millions
c)
The above Guarantees and
Letters of Credit are secured by way of lien marked fixed deposits to the
extent of Rs. 2.645 millions
Form 8
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Name of the company |
PUNJ LLOYD INSULATIONS LIMITED |
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Presented By |
Mr. Gian Bansal –
Director |
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1) Date and description of instrument creating the change |
Agreement of Hypothecation
for Goods and Assets and Agreement of Loan for overall limit and Agreement of
Pledge of Goods and Assets dated 11.05.1999 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit of
Rs. 12.500 millions, Letter of Credit
of Rs. 5.000 millions Bank Guarantee of
Rs. 5.000 millions aggregating to Rs. 22.500 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
1.
Hypothecation
of company’s stocks of raw materials stores, spares, stock-in-process,
finished goods etc lying at various project sites 2.
Hypothecation
of the Company’s all present and future book-debts / receivables 3.
Extension
of charge on all assets of the Company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit I.
Margins Raw Materials: 25% Stock in process: 25% Finished Goods: 25% Book Debts: 25% Stores and Spares: 25% II.
Corporate
Guarantee of Punj Lloyd Limited III.
Rate
of Interest – 1.75% above State Bank of IV.
Penal
Rate of Interest – 1.25% for non-submission of stock-statements for the month
for which the statement is either not submitted or submitted with delay, on
the entire outstandings 1.25% for irregularities in the Cash Credit for the period of
irregularity on the entire outstandings. However, if the Irregularity occurs
on only one or two occasions (duration of each occasion not exceeding one
week) in a calendar year penal interest will be charged on the irregular
portion only. 1.25% on the entire outstandings for non-submission of renewal data
for the period of delay. The renewal data are required to be submitted to the
Bank by the company about three months before expiry of the validity period
of sanction of the working capital limits. Bank Guarantee I.
Margins
– 25% II.
Period
– 18 months exclusive of claim period for general guarantees III.
Securities
– Counter guarantees of the Company IV.
Commission
– as per extent instructions V.
Commitment
under the guarantees will be honoured by the company out of own resources Letter of credit I.
Margin
– 25% II.
Securities
– Counter guarantee of the Company III.
Commission
– as per FEDAI rules Commitment charges A minimum
commitment charge of one percent per annum is leviable in respect of the
unutilized portion of the working capital limits sanctioned to the borrowers
involving outlay of funds subject to a tolerance level of 15 percent of the
quarterly operative limit. Validity Period of Sanction The cash credit
(Stocks and / or Book Debts) limit is repayable on demand. The Sanction is
valid for one year from the date of sanction |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Overseas Branch, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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Corporate
identity number (CIN) Foreign company registration number |
U74899DL1994PLC062696 |
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Name of the
Company |
PUNJ LLOYD INSULATIONS LIMITED |
|
Address |
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This form is for |
Modification of
charge |
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Type of Charge |
Hypothecation |
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Particulars of
the charge holder |
State Bank of Overseas Branch, Jawahar Vyapar Bhawan, 1 Tolstoy Marg, E-Mail: sbiobnde@vsnl.com |
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Date of the
instrument creating or modifying the charge |
15.06.2006 |
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Amount secured by
the charge |
Rs. 22.500
millions |
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Description of
the property charged indicating whether it is a charge on: |
a) Plant and Machinery b) Furniture and Fixtures c) Stock in trade d) Book Debts e) Vehicles |
Website details attached:
Subject is a joint venture between KAEFER,
In August 2006, KAEFER acquired a majority stake in Punj Lloyd Insulations Limited., which was renamed KAEFER Punj Lloyd Limited. Today, the Company is among the biggest insulation contracting companies in India and can quickly mobilize skilled manpower, expert site managers and tools and equipment (including CNC insulation cutting machinery manufactured in Europe/Australia) for jobs of any size in the areas of thermal insulation (hot, cold, dual and cryogenic), refractories, acoustic insulation, hydro insulation.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 39.82 |
|
|
1 |
Rs. 80.85 |
|
Euro |
1 |
Rs. 56.22 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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. |
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 |
|