MIRA INFORM REPORT

 

 

Report Date :

16.08.2011

 

IDENTIFICATION DETAILS

 

Name :

LANCO INFRATECH LIMITED

 

 

Registered Office :

Plot No.4, Software Units Layout, HITEC City, Madhapur, Hyderabad – 500 081, Andhra Pradesh

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

26.03.1993

 

 

Com. Reg. No.:

01-015545

 

 

Capital Investment / Paid-up Capital :

Rs.2385.470 Millions

 

 

CIN No.:

[Company Identification No.]

L45200AP1993PLC015545

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

HYDL00805A

 

 

PAN No.:

[Permanent Account No.]

AAACL3499H

 

 

Legal Form :

Public Limited Liability Company. Company’s Shares are listed on the stock Exchange.

 

 

Line of Business :

Subject is engaged in Construction and Development of Infrastructure Facilities, Property Development, Generation of Power and Trading in Power.

 

 

No. of Employees :

Around 3200 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (65)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

Maximum Credit Limit :

USD 126425000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and a reputed company having good track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.

 

The company can be considered good for normal business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

LOCATIONS

 

Registered Office :

Plot No.4, Software Units Layout, HITEC City, Madhapur, Hyderabad – 500 081, Andhra Pradesh, India

Tel. No.:

91-40-40090400

Fax No.:

91-40-23116109

E-Mail :

info@lancogroup.com

krishnakumar@lancogroup.com

complianceofficer.litl@lancogroup.com

lanco@intimespectrum.com

Website :

http://www.lancogroup.com

 

 

Corporate Office :

Plot No 397 Udyog Vihar, Phase III Gurgaon 122 016, Haryana, India

Tel. No.:

91-124-4741000 - 044

Fax No :

91-124-4741764

 

 

Factory  :

Plot No. 229, Udyog Vihar, Phase No. I, Gurgaon – 122 016, Haryana, India

Tel. No.:

91-124-4691000/ 46910001/ 46910002/ 46910003/ 46910004

Fax No.:

91-124-46910005

 

 

DIRECTORS

 

AS ON 31.07.2010

 

Name :

Mr. L. Madhusudhan Rao

Designation :

Executive Chairman

Date of Birth/Age :

42 Years

Qualification ;

M.Tech, M.S. (Industrial Engg)

Experience :

19 Years

 

 

Name :

Mr. G. Bhaskara Rao

Designation :

Executive Vice Chairman

Date of Birth/Age :

53 Years

Qualification ;

M.E. (Mechanical Design)

Experience :

27 Years

 

 

Name :

Mr. L. Sridhar

Designation :

Vice- Chairman

 

 

Name :

Mr. G. Venkatesh Babu

Designation :

Managing Director

 

 

Name :

Dr. P. Kotaiah

Designation :

Director

 

 

Name :

Mr. P. Abraham

Designation :

Director

 

 

Name :

Dr. Uddesh Kumar Kohli

Designation :

Director

 

 

Name :

Mr. P. Narasimharamulu

Designation :

Director

 

 

Name :

Dr. B. Vasanthan

Designation :

Director

 

 

Name :

Mr. C. Krishna Kumar

Designation :

Sr. Vice Presdient and

 

 

KEY EXECUTIVES

 

Name :

Mr. J. Suresh Kumar

Designation :

Chief Financial Officer

Date of Birth/Age :

38 Years

Qualification :

ACA

Experience :

13 Years

Date of Commencement :

01.04.2006

 

 

Name :

Mr. C. Krishna Kumar

Designation :

Company Secretary

 

 

Senior Management Team :

 

Power :

Mr. P. Panduranga Rao

Mr. K. Raja Gopal

Mr. Pradeep Lenka

Mr. Sanjay Kumar Mittal

Mr. K.K.V. Nagaprasad

Mr. M.N. Ravi Shankar

 

 

EPC :

Mr. S.C. Manocha

 

 

Construction :

Mr. S. M. Roy

 

 

Property Development :

Mr. S. Pochendar

 

 

Solar Power – Manufacturing:

Mr. V. Saibaba

 

 

Finance :

Mr. J. Suresh Kumar

 

 

Business Development :

Mr. Sanjay Divakar Joshi

 

 

Corporate Affairs :

Mr. V. Sreenivas

 

 

Human Resource :

Dr. K.P. Kumar

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.06.2011

 

Category of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

217,169,903

9.02

Bodies Corporate

319,114,320

13.25

Any Others (Specify)

88,929,551

3.69

Directors/Promoters & their Relatives & Friends

88,319,136

3.67

Any Other

610,415

0.03

Sub Total

625,213,774

25.97

(2) Foreign

 

 

Bodies Corporate

1,017,830,524

42.27

Sub Total

1,017,830,524

42.27

Total shareholding of Promoter and Promoter Group (A)

1,643,044,298

68.24

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

15,927,195

0.66

Financial Institutions / Banks

42,494,174

1.76

Foreign Institutional Investors

399,624,027

16.60

Sub Total

458,045,396

19.02

(2) Non-Institutions

 

 

Bodies Corporate

74,616,172

3.10

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs.0.100 million

87,071,923

3.62

Individual shareholders holding nominal share capital in excess of Rs.0.100 million

19,749,442

0.82

Any Others (Specify)

125,277,689

5.20

Trusts

79,376,123

3.30

Clearing Members

31,160,577

1.29

Non Resident Indians

14,071,079

0.58

Foreign Corporate Bodies

669,910

0.03

Sub Total

306,715,226

12.74

Total Public shareholding (B)

764,760,622

31.76

Total (A)+(B)

2,407,804,920

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

-

-

(1) Promoter and Promoter Group

-

-

(2) Public

-

-

Sub Total

-

-

Total (A)+(B)+(C)

2,407,804,920

-

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in Construction and Development of Infrastructure Facilities, Property Development, Generation of Power and Trading in Power.

 

 

 

 

GENERAL INFORMATION

 

No. of Employees :

Around 3200 (Approximately)

 

 

Bankers :

Ř       Allahabad Bank

Ř       Andhra Bank

Ř       Bank of Baroda

Ř       Bank of Maharashtra

Ř       Canara Bank

Ř       Central Bank of India

Ř       Corporation Bank

Ř       DBS Bank Limited

Ř       Dena Bank

Ř       HDFC Bank Limited

Ř       ICICI Bank Limited

Ř       IDBI Bank Limited

Ř       Indian Overseas Bank

Ř       IndusInd Bank Limited

Ř       ING Vysya Bank Limited

Ř       Kotak Mahindra Bank Limited

Ř       Life Insurance Corporation of India

Ř       Oriental Bank of Commerce

Ř       Punjab and  Sind Bank

Ř       Punjab National Bank

Ř       Srei Infrastructure Finance Limited

Ř       State Bank of Bikaner and  Jaipur

Ř       State Bank of Hyderabad

Ř       State Bank of India

Ř       State Bank of Mysore

Ř       State Bank of Patiala

Ř       Syndicate Bank

Ř       The Catholic Syrian Bank Limited

Ř       The Jammu and  Kashmir Bank Limited

Ř       UCO Bank

Ř       Union Bank of India

Ř       Vijaya Bank

Ř       Yes Bank Limited

 

Banking Relations :

--

 

 

Financial Institutions :

Ř       Tata Capital Limited

Ř       Infrastructure Development Finance company Limited

 

 

Auditors 1 :

 

Name :

Price Water House

Chartered Accountants

Address :

Building 8, 7th and 8th Floor, Tower – B, DLF Cyber City, Gurgoan – 122 002, Haryana, India

 

 

Auditors 2 :

 

Name :

Brahmayya and Company

Chartered Accountant

Address :

No.48, Masilamani Road, Balaji Nagar, Royapettah Chennai - 600 014, Tamilnadu, India

 

 

Subsidiaries :

1. Lanco Kondapalli Power Private Limited ( LKPPL)

2. Aban Power Company Limited (APCL)

3. Lanco Amarkantak Power Limited (LAPL)

4. Lanco Hills Technology Park Private Limited (LHTPPL)

5. Lanco Power Trading Limited (LPTL) (Earlier Lanco Electric Utility Limited)

6. Lanco Energy Private Limited (LEPL)

7. Lanco Green Power Private Limited (LGPPL)

8. Lanco Hydro Power Ventures Private Limited (LHPVPL)

9. Telesto Properties Private Limited (TePPL)

10. Cordelia Properties Private Limited (CPPL)

11. Dione Properties Private Limited (DPPL)

12. Deimos Properties Private Limited (DePPL)

13. Pearl Farms Private Limited (PFPL)

14. Uranus Projects Private Limited (UPPL)

15. Neptune Projects Private Limited (NPPL)

16. Vamshi Industrial Power Limited (VIPL)

17. Vamshi Hydro Energies Private Limited (VHEPL)

18. Lanco Hydro Energies Private Limited (LHEPL)

19. Mercury Projects Private Limited ( MPPL )

20. Lanco Wind Power Private Limited (LWPPL)

21. Lanco Solar Private Limited (LSPL)

22. Lanco Vidarbha Thermal Power Private Limited (LVTPPL)

(Earlier Lanco Mahanadi Power Private Limited)

23. Amrutha Power Private Limited (APPL)

24. Spire Rotor Private Limited (SRPL)

25. Lanco Infratech (Mauritius) Limited (LIML)

26. Lanco Enterprise PTE Limited (LEnPL)

27. P.T. Lanco Indonesia Energy (LInE)

28. Leda Properties Private Limited (LPPL)

29. Thebe Properties Private Limited (ThPPL)

30. Jupiter Infratech Private Limited (JIPL)

31. Coral Orchids Private Limited (COPL)

32. Uranus Infratech Private Limited (UIPL)

33. Cressida Properties Private Limited (CrPPL)

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

5000000000

Equity shares

Re.1/- each

Rs.5000.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

2407804920

Equity shares

Re.1/- each

Rs.2407.800 millions

 

Less: Amount Receivable from LCL Foundation Employees Stock Option Plan (ESOP) Trust

 

Rs.22.330 millions

 

Total

 

Rs.2385.470 millions

 

NOTE: (Out of the above shares 15,81,24,443 Equity shares of Rs. 10/- each were allotted as fully paid-up by way of Bonus Shares from capitalisation of Securities Premium).

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

2385.470

2198.340

2197.930

2] ESOP Outstanding

746.010

207.460

0.000

3] Reserves & Surplus

28474.880

16209.320

13733.120

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

31606.360

18615.120

15931.050

LOAN FUNDS

 

 

 

1] Secured Loans

18893.350

9734.390

2278.830

2] Unsecured Loans

8444.130

3697.040

3249.840

TOTAL BORROWING

27337.480

13431.430

5528.670

DEFERRED TAX LIABILITIES

53.860

178.130

171.010

 

 

 

 

TOTAL

58997.700

32224.680

21630.730

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

3988.980

3652.750

1788.180

Capital work-in-progress (including capital advances)

334.360

223.720

778.060

 

 

 

 

INVESTMENT

33941.140

20746.210

16535.500

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
4472.140
4219.750

1559.720

 

Sundry Debtors
23039.820
11709.200

5847.810

 

Cash & Bank Balances
3674.840
876.010

4259.390

 

Other Current Assets
8.000
10.780

23.960

 

Loans & Advances
23547.010
18366.280

14329.480

Total Current Assets
54741.810

35182.020

26020.360

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
33385.500
27076.460

5132.080

 

Other Current Liabilities
 
 

18179.790

 

Provisions
623.090
503.560

179.500

Total Current Liabilities
34008.590
27580.020

23491.370

Net Current Assets
20733.220
7602.000

2528.990

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

58997.700

32224.680

21630.730

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Operating Income

58866.990

40825.860

15672.990

 

 

Other Income

1115.150

150.610

363.260

 

 

TOTAL                                     (A)

59982.140

40976.470

16036.250

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Construction and Operating Expenses

34564.900

25978.930

4485.050

 

 

Other operating expenses

11868.180

6921.990

7090.120

 

 

Salaries, Wages and other employee benefits

1896.060

1199.550

503.780

 

 

Managerial Remuneration

117.190

114.250

48.380

 

 

Auditor’s Remuneration

10.780

6.470

5.510

 

 

Other Expenses

1735.250

933.560

471.690

 

 

Provision for Debts/ Claim

11.640

0.000

0.000

 

 

TOTAL                                     (B)

50204.000

35154.750

12604.530

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

9778.140

5821.720

3431.720

 

 

 

 

 

Less

INTEREST & FINANCIAL EXPENSES                 (D)

1979.400

1386.120

344.750

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

7798.740

4435.600

3086.970

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

597.710

405.260

116.150

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

7201.030

4030.340

2970.820

 

 

 

 

 

Less

TAX                                                                  (H)

2337.210

1381.660

969.060

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

4863.820

2648.680

2001.760

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

5853.820

3205.140

1203.380

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

10717.640

5853.820

3205.140

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Sale of Verified Emission Reductions

NA

NA

6.860

 

TOTAL EARNINGS

NA

NA

6.860

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Engineering goods

NA

NA

3425.720

 

 

Capital Goods

NA

NA

223.20

 

TOTAL IMPORTS

NA

NA

3648.920

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

- Basic

2.17

1.25

9.48

 

- Diluted

2.14

1.24

9.26

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2010

30.09.2010

31.12.2010

31.03.2011

Type

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Net Sales

10755.100

10950.600

20271.100

16746.400

Total Expenditure

8882.900

9871.400

17500.000

14596.300

PBIDT (Excl OI)

1872.200

1079.200

2771.100

2150.100

Other Income

157.300

612.000

122.400

(463.100)

Operating Profit

2029.500

1691.200

2893.500

1687.000

Interest

806.300

881.300

734.100

955.700

Exceptional Items

0.000

0.000

0.000

0.000

PBDT

1223.200

809.900

2159.400

731.300

Depreciation

150.500

178.100

170.700

221.300

Profit Before Tax

1072.700

631.800

1988.700

510.000

Tax

359.500

173.900

653.100

233.500

Provisions and contingencies

0.000

0.000

0.000

0.000

Profit After Tax

713.200

457.900

1335.600

276.500

Extraordinary Items

0.000

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

0.000

Net Profit

713.200

457.900

1335.600

276.500

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)

8.11

6.46

12.48

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

12.23

9.87

18.96

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

12.26

10.38

10.68

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.23

0.22

0.19

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)