MIRA
INFORM REPORT
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Report Date : |
10.06.2011 |
Note: The Correct name of the company is PUNJ-LLOYD LIMITED
IDENTIFICATION DETAILS
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Name : |
PUNJ-LLOYD LIMITED |
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Registered Office : |
Punj Lloyd House, 17-18, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
26.09.1988 |
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Com. Reg. No.: |
55-33314 |
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Capital Investment / Paid-up Capital : |
Rs. 664.173 millions |
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CIN No.: [Company
Identification No.] |
L74899DL1988PLC033314 |
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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 Fiber Cables. |
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No. of Employees : |
1463
(Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 143082692 |
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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 an
established company having fine track. Financial position appears to be sound.
Fundamentals are strong and healthy. Trade relations are reported as fair.
Business is active. Payments are reported to be regular. The company can
be considered normal for 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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Punj Lloyd House, 17-18, |
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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, |
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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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Factory : |
Corporate Tower – 1, Institutional Area, Gurgaon – 122001, |
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Tel. No. : |
91-124-2620331 |
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Fax No. : |
91-124-2620111 |
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Branch Office : |
Punj Lloyd
Engineering Limited 76, Institutional Area, Sector 32, Gurgaon – 122001, |
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Tel. No. : |
91-124-2620700 |
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Fax No. : |
91-124-2620701 |
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E-mail : |
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Branch Office : |
Punj Lloyd
Engineering Limited Plot No. 39, Ananth Infopark, Phase II, |
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Tel. No. : |
91-40-40028735 |
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Fax No. : |
91-40-40028735 |
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Overseas Representative Offices: |
Punj Lloyd (Malaysia) Sdn. Bhd, #14-01 B, Keck Seng Tower,
133, Cecil Street, Singapore - 069535 Tel. No.
65-22279130 Fax No.
65-22241078 PT Punj
Lloyd Tel. No. 62-21-27666147 / 27666178 Fax No.
62-21-2766148 |
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Representative
Offices: |
Banmore Industrial Area, Banmore 78, Institutional Area, Sector 32, Gurgaon
– 122001, Tel.: 91-124-2620123 Fax.: 91-124-2620111 1 TV
Industrial Estate, S K Ahire Marg
25 Punj
Lloyd Kazakhstan LLP Punj
Lloyd – LIMAK JV Office
213, Business- center «M-Style Office» PO Box 28907, 1206 Al Gaith Tower C/o
Eurotec Projects Development
Jamel Ben Amor
- Regional Director Maghreb and Africa Bin
Ashur Area -Said |
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DIRECTORS
AS ON 31.03.2010
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Name : |
Mr. Atul Prakash Punj |
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Designation : |
Chairman and Managing Director |
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Address : |
10, |
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Date of Birth/Age : |
1958 |
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Qualification : |
B. Com (Hons) |
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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 : |
Managing Director and 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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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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Qualification : |
B. Tech., MBA |
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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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Address : |
B- 4, Maharani Bagh, |
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Date of Birth/Age : |
12.08.1946 |
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Qualification : |
MBBS |
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Name : |
Mr. Rajan Jetley |
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Designation : |
Independent Director |
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Address : |
No.9, Shakuntala Farms, |
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Date of Birth/Age : |
03.06.1950 |
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Qualification : |
BA, MBA |
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Name : |
Mr. Scott R. Bayman |
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Designation : |
Director |
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Address : |
40 Beachside drive No. 102 Vero Beach, Fl032963, |
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Date of Birth/Age : |
15.10.1946 |
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Qualification : |
BBA, MBA |
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Name : |
Mr. Sanjay Gopal Bhatnagar |
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Designation : |
Independent Director |
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Address : |
101 West, 79th St. # 24A, |
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Date of Birth/Age : |
29.08.1961 |
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Qualification : |
B Tech (Mech), M Tech (Mech.), MBA |
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Name : |
Mr. Pawan Kumar Gupta |
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Designation : |
Director |
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Address : |
126, Laburnum Sushant Loke Phase – 1, Sector 28, Gurgaon, Haryana |
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Date of Birth/Age : |
24.08.1952 |
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Qualification : |
BE (Mech) |
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Name : |
Mr. Mehar Karan Singh |
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Designation : |
Independent Director |
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Address : |
510, |
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Date of Birth/Age : |
12.04.1956 |
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Qualification : |
MBA, B. Tech (Mech.) |
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Name : |
Mr. Nitin Malhan |
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Designation : |
Non-Executive Director |
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Address : |
112/ 122, “A” Wing Sarnath, |
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Date of Birth/Age : |
02.08.1971 |
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Qualification : |
B Sc., MBA |
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Name : |
Mr. Phiroz Vandrevala |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr.
Dinesh Thairani |
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Designation : |
Company Secretary |
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Shareholders/ Investors Grievance Committee: |
Mr. Naresh Kumar Trehan Mr. Atul Jetley Mr. Luv Chhabra |
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Audit Committee: |
Mr. Naresh Kumar Trehan Mr. Rajan Jetley Mr. Sanjay Gopal Bhatnagar Mr. Niten Malhan |
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Remuneration Committee: |
Mr. Naresh Kumar Trehan Mr. Rajan Jetley Mr. Sanjay Gopal Bhatnagar Mr. Niten Malhan |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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23,993,218 |
7.22 |
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22,158,537 |
6.67 |
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46,151,755 |
13.90 |
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1,430,540 |
0.43 |
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75,691,430 |
22.79 |
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77,121,970 |
23.22 |
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Total shareholding of Promoter and Promoter Group (A) |
123,273,725 |
37.12 |
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(B) Public Shareholding |
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22,644,481 |
6.82 |
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22,208,053 |
6.69 |
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32,634,319 |
9.83 |
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77,486,853 |
23.33 |
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28,019,306 |
8.44 |
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93,462,918 |
28.14 |
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2,967,916 |
0.89 |
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6,885,027 |
2.07 |
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1,578,491 |
0.48 |
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294,135 |
0.09 |
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5,012,401 |
1.51 |
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131,335,167 |
39.55 |
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Total Public shareholding (B) |
208,822,020 |
62.88 |
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Total (A)+(B) |
332,095,745 |
100.00 |
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(C) Shares held by Custodians and against which
Depository Receipts have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
332,095,745 |
- |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs. 0.100 MillionBUSINESS 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 : |
v
v
v
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Imports : |
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Countries : |
v
v
v
v
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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 v Bharat Petroleum Corporation Limited v Botas v BTC Company v British Petroleum v Chambal Fertilizer and Chemical Limited, v Engineers v Gas Authority of v Gas Transmission Company Limited v v v Petro v Hyundai v ILF Consulting Engineers v Indian Oil Corporation v Indian Petrochemicals Corporation Limited v Kumpunan Juri Teknik Sdn. Bhd. v McConnell Dowell 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, v Bharat Heavy Electricals Limited, |
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No. of Employees : |
1463
(Approximately) |
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Bankers : |
v AXIS Bank v ABN Amro Bank NV v
Arab Bank plc v
Bank v
BNP Paribas, v Barclays Bank plc v Canara Bank v
Central Bank of v Citi Bank NA v DBS Bank Limited v Deutsche Bank AG v Development Credit Bank Limited v
v
v
Emirates Bank International PJSC, v
Export - Import Bank of v Federal Bank v
First Gulf Bank, v HDFC Bank Limited v
HSBC Bank Middle East Limited, v ICICI Bank Limited v IDBI Bank Limited v Indian Bank v
International Finance Corporation, v Indian Overseas Bank v IndusInd Bank v ING Vysya Bank v Jammu and Kashmir Bank Limited v Kotak Mahindra Bank Limited v
Mashreq Bank psc, v Oriental Bank of Commerce v Punjab National Bank v Standard Chartered Bank v
State Bank of v
State Bank of v
State Bank of v
State Bank of v
State Bank of v
State Bank of v UCO Bank v
Union National Bank, v
United Bank of v Vijaya Bank v Yes 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 and Company Chartered Accountant |
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Memberships : |
Confederation of
Indian Industry |
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Associates : |
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Subsidiary Companies: |
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Step Down
Subsidiary Companies: |
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Joint Venture: |
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* These entities have been incorporated / formed/ disposed off during
the year.
**These entities have been acquired during
the year.
CAPITAL STRUCTURE
AS ON 31.03.2010
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 |
|
332086295 |
Equity Shares |
Rs. 2/- Each |
Rs. 664.173 millions |
of the above:
136,700 equity
shares of Rs. 10 each were allotted as fully paid up pursuant to a contract for
consideration other than cash.
28,615,239 equity shares
of Rs.10 each were alloted as fully paid up bonus shares by capitalization of
profits.
During the earlier
years, 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.
The Company had
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, issued, subscribed
and paid up equity shares have increased accordingly during the year ended
March 31, 2007.
As on 02.08.2010
Authorised Capital : Rs. 1000.000
Millions
Issued, Subscribed & Paid-up Capital : Rs. 664.191 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
664.173 |
606.964 |
606.892 |
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2] Share Application Money |
0.000 |
0.000 |
254.000 |
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3] Reserves & Surplus |
35106.500 |
25482.635 |
23538.816 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
35770.673 |
26089.599 |
24399.708 |
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LOAN FUNDS |
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1] Secured Loans |
30306.962 |
22198.817 |
11148.444 |
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2] Non Convertible Debenture |
0.000 |
1500.000 |
0.000 |
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3] Unsecured Loans |
4723.043 |
5679.722 |
2528.040 |
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TOTAL BORROWING |
35030.005 |
29378.539 |
13676.484 |
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DEFERRED TAX LIABILITIES |
1200.134 |
1180.208 |
763.548 |
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TOTAL |
72000.812 |
56648.346 |
38839.740 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11799.849 |
10722.771 |
9894.344 |
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Capital work-in-progress |
1343.808 |
1236.543 |
928.476 |
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INVESTMENT |
6762.659 |
9933.465 |
7277.555 |
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DEFERREX TAX ASSETS |
2.142 |
0.000 |
1.085 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
35060.942
|
29502.874
|
15051.481
|
|
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Sundry Debtors |
14975.760
|
15235.620
|
9639.672
|
|
|
Cash & Bank Balances |
1812.414
|
3589.257
|
2144.231
|
|
|
Other Current Assets |
3408.593
|
924.054
|
812.473
|
|
|
Loans & Advances |
17348.896
|
10973.025
|
7452.308
|
|
Total
Current Assets |
72606.605
|
60224.830
|
35100.165
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
9918.500
|
11855.295
|
|
|
|
Current Liabilities |
9124.094
|
12150.916
|
13635.104
|
|
|
Provisions |
1471.657
|
1463.052
|
726.781
|
|
Total
Current Liabilities |
20514.251
|
25469.263
|
14361.885
|
|
|
Net Current Assets |
52092.354
|
34755.567
|
20738.280
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
72000.812 |
56648.346 |
38839.740 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
71166.959 |
67345.638 |
44211.652 |
|
|
|
Other Income |
4249.040 |
2210.533 |
1205.911 |
|
|
|
TOTAL (A) |
75415.999 |
69556.171 |
45417.563 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
32532.358 |
23817.614 |
16253.630 |
|
|
|
Contract Charges |
0.000 |
15268.979 |
9963.084 |
|
|
|
Employees Remuneration |
0.000 |
5701.882 |
3475.743 |
|
|
|
Auditor’s Remuneration |
0.000 |
23.175 |
18.945 |
|
|
|
Bad debts/ Advances written off/ provision
for Doubtful Receivables |
0.000 |
176.126 |
79.875 |
|
|
|
Managerial Remuneration |
0.000 |
44.052 |
109.513 |
|
|
|
Administrative Expenses |
33143.126 |
7806.494 |
4759.902 |
|
|
|
Other Operating Expenses |
0.000 |
8632.486 |
5080.684 |
|
|
|
TOTAL (B) |
65675.484 |
61470.808 |
39741.376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9740.515 |
8085.363 |
5676.187 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4286.806 |
1942.796 |
1132.814 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5453.709 |
6142.567 |
4543.373 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1326.788 |
1194.805 |
1133.872 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4126.921 |
4947.762 |
3409.501 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
452.900 |
1736.785 |
1195.075 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3674.021 |
3210.977 |
2214.426 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6484.711 |
4239.804 |
NA |
|
|
|
|
|
|
|
|
|
Add |
Transfer
from Foreign Projects Utilized Reserve |
7.500 |
36.500 |
NA |
|
|
|
|
|
|
|
|
|
Less |
Transfer
from Foreign Exchange Translation Reserve |
0.000 |
21.052 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
400.000 |
500.000 |
NA |
|
|
|
Dividend |
49.872 |
91.045 |
NA |
|
|
|
Transfer to Debenture Redemption
Reserve |
600.000 |
375.000 |
NA |
|
|
|
Tax on Dividend |
8.273 |
15.473 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
9108.087 |
6484.711 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
11.577 |
0.478 |
NA |
|
|
|
Hiring Charges |
221.141 |
1417.713 |
NA |
|
|
|
Interest Received (including foreign branches Rs. 17.754 millions) |
183.755 |
316.099 |
NA |
|
|
|
Contract Revenue (including foreign branches Rs. 43275.354 millions) |
44179.060 |
36868.205 |
NA |
|
|
|
Others (including foreign branches Rs. 353.964 millions) |
353.964 |
28.790 |
NA |
|
|
TOTAL EARNINGS |
44949.497 |
38631.285 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Project Materials |
1929.564 |
2331.490 |
NA |
|
|
|
Capital Goods |
2207.086 |
628.915 |
NA |
|
|
TOTAL IMPORTS |
4136.650 |
2960.405 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.42 |
10.58 |
-- |
|
QUARTERLY RESULTS
|
PARTICULARS |
June 2010 |
Sep 2010 |
Dec 2010 |
|
Net Sales |
11155.200 |
10525.100 |
11031.700 |
|
Total Expenditure |
10261.700 |
9332.600 |
10052.200 |
|
PBIDT (Excl OI) |
893.500 |
1192.500 |
979.500 |
|
Other Income |
46.200 |
27.400 |
115.500 |
|
Operating Profit |
939.700 |
1219.900 |
1095.000 |
|
Interest |
702.100 |
786.400 |
753.800 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
237.600 |
433.500 |
341.200 |
|
Depreciation |
376.500 |
392.000 |
395.300 |
|
Profit Before Tax |
(138.900) |
41.500 |
(54.100) |
|
Tax |
46.000 |
29.000 |
(31.400) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(184.900) |
12.500 |
(22.700) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(184.900) |
12.500 |
(22.700) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.87
|
4.61 |
4.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.79
|
7.34 |
7.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.88
|
6.97 |
7.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.18 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.58
|
2.14 |
1.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.53
|
2.36 |
2.44 |
LOCAL AGENCY FURTHER INFORMATION
History:
The Company was incorporated in September 26th of the year
1988 as subject While it started operations with pipelines, followed by tanks and
terminals, refineries, power and civil infrastructure, the company has grown
rapidly to augment its portfolio to include a whole gamut of services ranging
from Upstream, Midstream to Downstream segments of the energy sector, to
petrochemicals, chemicals, biofuels, utilities and buildings. Subject is a
transnational company specialising in the energy and infrastructure sectors.
The Company provides integrated design, engineering, procurement, construction
and project management services. Its operations spread across the Middle East,
Africa, the Caspian, Asia Pacific and
During the year 1989, the company name was renamed as Punj Lloyd Private
Limited and subsequently became Public Limited in 1992. Again the name was
changed to the present name subject. In the same year Subject wins its first
overseas pipeline contract in
The Company launched new brand identity to its own. In the same year 2006,
Subject added the petrochemicals, engineering, buildings and urban infrastructure
projects like airports, jetties, Mass Rapid Transit, Light Rail Transit System,
hotels, resorts, to its portfolio. To address the opportunities in the
Integrated Drilling Services market, the company incorporated Punj Lloyd
Upstream Limited in April of the year 2007. Subject made Joint venture
agreement with the Pipavav Shipyard for offshore and shipbuilding and also made
JV with Ramprastha Group to forge into Real Estate Development during the year
2007.
Subject has been awarded a $400-million (INR 11192.000 Millions) contract by
Marina Bay Sands Private Limited thorough its wholly-owned subsidiary company
Sembawang Engineers and Constructors Private Limited (Sembawang EandC) in
February 2008 to construct and build the North Podium of Marina Bay Sands integrate
The Company has secured a Rs. 6490.000 Millions contract for the Motor Spirit
Quality (MSQ) Upgradation Project of Indian Oil Corporation Limited at Barauni
Refinery,
Subject is on the way to achieving its vision of being among the top five
global companies of the world in the segments and markets where the company
serve during the upcoming years.
CAPITAL STRUCTURE
The share capital
of the Company was changed/ altered by further allotments as under:
- 7,03,320 equity shares of Rs. 2/- each to
employees under ESOP 2005 and ESOP 2006 of the Company.
- 2,79,00,920 equity shares of Rs. 2/- each
were allotted to Quali_ ed Institutional Buyers under Chapter XIIIA of SEBI
(DIP) Guidelines, 2000 as amended from time to time.
OPERATIONS REVIEW
Total Revenue of
the Company rose by 8.4% from Rs. 69556.2 millions in FY 2008-09 to Rs.75416.0
millions in FY 2009-10. The profit before interest, depreciation and tax
(PBIDT) has increased marginally from Rs. 8036.5 millions in FY 2008-09 to Rs.
8091.7 millions in FY 2009-10. During the year, the unsecured loans of the
Company have decreased to Rs. 956.7 millions from Rs. 5679.7 millions. The
secured loans have increased during the year from Rs. 23698.8 millions to Rs.
30307.0 millions owing to, interalia, the additional working capital required
for execution of various new projects being undertaken by the Company. During
the year, the Company issued Secured Redeemable Non Convertible Debentures
amounting to Rs. 6000 millions. The Profit Before Tax (PBT) has decreased by
16.59% from Rs. 4947.8 millions in FY 2008-09 to Rs. 4126.9 millions in FY
2009-10 and the Profit After Tax (PAT) has increased by 14.42% from Rs. 3211.0
millions in FY 2008-09 to Rs. 3674.0 millions in FY 2009-10.
BUSINESS REVIEW
A detailed
business review is being given in the Management Discussion and Analysis
section of the Annual Report.
ECONOMIC OVERVIEW
The World Economy >The global economy shrank by
about half a percentage point in 2009. The effect was widespread – especially
so in the Western economies, which shrank by over 3% in 2009. Even the Asian
powerhouse economies reflected sharply reduced rates of growth – a modest 2.5%
in 2009.
In 2010, the
world’s economies are poised for recovery, but with sharp regional disparities.
While overall global output is expected to grow by 4.25% in 2010, advanced
economies are predicted to grow at not more than 2.25%. Even the 2.25% growth
comes with a caveat: the public debt situation of a number of economies,
especially in
THE BUSINESS SEGMENTS
Subject (‘Punj Lloyd’ or ‘the Company’) operates in four major segments:
Energy, Civil and Infrastructure, Power and Renewables.
ENERGY
Spread across
PROCESS, PIPELINE
AND TANKAGE
During the year,
Punj Lloyd won the following significant contracts in each of the above
segments:
Process– The process
segment won two major orders: one in
Pipeline– Gas Authority of
India Limited (GAIL) awarded the Company a Rs. 167.51 millions project for 43
km of pipelaying for its Dahej terminal along with associated facilities.
Tankage– Propane/Butane/LPG
Import Terminal Project at Ennore Tamil Nadu, for Indian Oil Petronas Private
Limited – valued at Rs. 275.80 millions. Additionally, this segment has also
won, from Cairn Energy India Pty Limited, an order for crude oil storage
tanksat their Bhogat terminal (value: Rs. 160.45 millions). On the execution
side, some of the large projects that were won during previous years saw
substantial progress in 2009-10.
Power
For Punj Lloyd, Power
is a key business vertical. The company is a comprehensive solution provider
for Thermal power plants in
Thermal and
Conventional Power
In 2009-10, the
business portfolio of the power vertical has grown to five major projects.
During the year, the Company won the following orders:
- Partial balance of plant and civil work
for a 2x350 MW thermal power project for Ind-Bharath Energy (Utkal)
Limited at Jharsuguda Orissa; the value of the order is Rs. 947 millions.
- EPC for complete BOP systems including
civil and structural work for the entire plant, erection, testing and
commissioning services for boiler, turbine and generators for a 2x300 MW
thermal power plant, near Chandrapur (Maharashtra); the customer is
Dhariwal Infrastructure Private Limited, RPG Group company and the order
is valued at Rs. 1,023 millions
- Execution of civil of BTG area unit 1,2
and 3 and structural work for all units for 6X600 MW valued at Rs. 177
millions for KSK Energy (through SEPCO) for their plant in Chhattisgarh.
As stated in last
year’s Annual Report, Punj Lloyd was executing the complete EPC for BOP package
of the 2x250 MW Chhabra Thermal Power Project in Rajasthan; the second unit at
Chhabra is under trial run. In the Govindwal Sahib Power Project in Taran
Taran, the site work has commenced and the major equipment ordering is in
progress – the order is valued at Rs. 1,005 millions.
Business Prospects
and Growth Plans
2009-10 was
witness to intense competition between global EPC players for the Indian oil
and gas projects. This was primarily due to three reasons. First, an overall
slump of EPC projects across the world, especially in the Gulf
and Caspian
markets. This brought in global players to book orders at extremely low bids,
in order to fill order books and maintain operations. Second, new entrants in
this business offered ‘strategic entry prices’ for projects, eager to secure a
foothold in the Indian markets. And, finally, EPC players wanted to build up an
unexecuted order backlog for the next three years – given that the rate of
growth in
FUTURE OUTLOOK
After having gone
through one of the worst recessionary phases in memory, economies across the
world are starting to look up. As global demand picks up, the demand for energy
and infrastructure is also expected to grow,
especially in
emerging Asian economies. Punj Lloyd’s business segments specifically address
these areas of burgeoning demand: oil and gas, petrochemicals, civil and
infrastructure, power and renewables. Also, the Company operates in potentially
high growth geographies: Asia, Africa and the
Fixed Assets:
˛
˛
Leasehold
Improvements
˛
Plant
and Machinery
˛
Furniture
and Fixture
˛
Office
Equipments
˛
Tools
˛
Vehicles
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED
31.12.2010
(Rs. In Millions)
|
Particulars |
Three Months Ended 31.12.2010 |
Nine Months Ended 31.12.2010 |
|
Income |
|
|
|
a) Net Sales / Income from Operations |
9347.700 |
29871.600 |
|
b) Other Operating Income |
1484.000 |
2361.000 |
|
Expenditure |
|
|
|
Material Consumed and Cost of Goods Sold |
3496.100 |
9939.700 |
|
Contractor Charges |
2529.500 |
7054.200 |
|
Employees Cost |
1327.500 |
4411.900 |
|
Other Expenditure |
2699.100 |
7761.200 |
|
Depreciation |
395.300 |
1163.800 |
|
Total |
10447.500 |
30330.800 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
584.200 |
1901.800 |
|
Other Income |
115.500 |
189.100 |
|
Profit/(Loss) before Interest and Exceptional items |
699.700 |
2000.000 |
|
Interest |
753.800 |
2242.400 |
|
Profit / (Loss) after interest before Exceptional items |
(54.100) |
(151.500) |
|
Exceptional Items |
-- |
-- |
|
Profit / (Loss) From
Ordinary activities before Tax |
(54.100) |
(151.500) |
|
Tax Expenses |
|
|
|
Current Tax Expenses |
29.300 |
103.500 |
|
MAT credit Entitlement |
-- |
-- |
|
Deferred Tax Charged/ (Credit) |
(60.700) |
(60.000) |
|
Fringe Benefit Tax/ (Credit) |
-- |
-- |
|
Net Profit/(Loss) for the period |
(22.700) |
(195.000_ |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.2/- each ) |
664.200 |
664.200 |
|
Reserves (Excluding Revaluation Reserves) |
-- |
-- |
|
Public Share
Holding |
|
|
|
Before
Extraordinary Items |
|
|
|
-Basic |
(0.07) |
(0.59) |
|
-Diluted |
(0.07) |
(0.59) |
|
(Face value of Rs.2/- each) |
(Non annualised) |
(Non annualised) |
|
Average of Public Share Holding |
|
|
|
- Number of Shares |
208722110 |
20872210 |
|
- Percentage of shareholding |
62.85 |
62.85 |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
3750000 |
3750000 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
3.04 |
3.04 |
|
- Percentage of shares(as a % of the total share capital of the company) |
1.13 |
1.13 |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
119623635 |
119623635 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
96.96 |
96.96 |
|
- Percentage of Share (as a % of the total share capital of the company) |
36.02 |
36.02 |
As Per
Website Details
With operations spread across the Middle East, Africa, the
Caspian, Asia Pacific and
Further, Punj Lloyd is today a diversified conglomerate, owing to its successful foray into aviation, defence, upstream, real estate and marine, through its subsidiaries and joint ventures.
The expanding list of satisfied clients reflects the ability to execute challenging projects, despite all odds. Difficult weather or terrain has been no deterrent to their team which has delivered consistently and brought accolades to the company. The high percentage of repeat orders stand testimony to this. They have achieved many milestones and broken many records.
The first Indian company to partner with an American nuclear company –Thorium Power, after the 123 agreement, Punj Lloyd was also prompt in exploring the opportunity in the defence sector with its tie-up with ST Kinetics, Singapore. Its stake in Pipavav Shipyard Limited continues to throw new opportunities every day, be it fabrication of platforms, or the requirements of Navy on the defence front or the nuclear industry.
As a reflection of the international quality standards, construction and project management techniques, Punj Lloyd holds ISO 9001:2000, ISO 14001:1996 and OHSAS 18001:1999 certification.
Theirability to manage operations in diverse industries and economies, coupled with their track record in mobilising financial and human resources, makes us the preferred contractor for critical projects.
Their large fleet of sophisticated construction equipment, including
horizontal directional drilling rigs and pipe-laying barges, gives us a
competitive edge over their competitors. Their central workshop and equipment
maintenance yards in
Punj Lloyd Consortium
wins project worth Rs.20560.000 Millions in Abu Dhabi
Punj Lloyd Group, a global engineering, procurement and
construction (EPC) conglomerate today announced that it has won an EPC contract
for the Shah Gas Development project in
The package includes development of well pads, flow lines; inter pad lines, transfer lines and overhead lines. The project is scheduled to be completed by August 2014.
The UAE has the world's fifth-largest gas reserves and much of it is sour. The Shah Gas Development project once completed will play a crucial and significant part in bridging the energy demand-supply gap of the state. On completion, the gas field would pump around 1000 MMSCFD of feed gas, which after processing would give more than 500 MMSCFD of fuel gas and 10,000 tons of sulphur per day.
Notes to editors;
About Punj Lloyd:
Punj Lloyd (BSE SCRIP ID: PUNJLLOYD, NSE SYMBOL: PUNJLLOYD) is a globally diversified conglomerate providing engineering, procurement and construction services in Oil & Gas, Petrochemical and Infrastructures sectors, with interests in aviation, defence and marine. Known for its capabilities in delivering mega projects ‘ontime,’ thereby ensuring repeat customers, the Group possesses a rich experience of successfully delivered projects across the globe, while maintaining the highest standards of health, safety, environment and quality (HSEQ). Further information about the Group is available at www.punjlloydgroup.com
PRESS RELEASE
Punj Lloyd wins landmark railway contract for Rs 114 crore, a first for
the company
New Delhi, April 18, 2011: Punj Lloyd Group, a diversified global engineering, procurement and construction (EPC) conglomerate, today announced winning its first ever railway contract. The contract worth Rs 1140.000 Millions is for building a railway siding for the Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL), a wholly owned state thermal power utility. The contract is scheduled to be completed in fifteen months.
The scope of the work for the project includes earthwork in formation, ground improvement, construction of bridges, P-way works, workshop building, S and T (Signaling & Telecommunication), electrical and other miscellaneous activities in connection with the augmentation of MGR (Merry Go Round) system and railway siding for supply of coal to two 500-MW thermal power plants at Anpara in the Sonebhadra district of Uttar Pradesh.
On winning the contract, S S Raju, President & CEO,
Buildings & Infrastructure (
With this latest contract, the order backlog for the Punj Lloyd Group on a consolidated basis has gone up to Rs 215,120.000 Millions. This is the total value of unexecuted orders as on December 31, 2010, and new orders received after that day.
- Ends-
About Punj Lloyd:
Punj Lloyd (BSE SCRIP ID: PUNJLLOYD, NSE SYMBOL: PUNJLLOYD) The Punj Lloyd Group is a diversified international conglomerate offering EPC services in Energy and Infrastructure along with engineering and manufacturing capabilities in the Defence sector. Known for its capabilities in delivering mega projects “on time,” thereby ensuring repeat customers, the Group possesses a rich experience of successfully delivered projects across the globe, while maintaining the highest standards of health, safety, environment and quality (HSEQ). Further information about the Group is available at www.punjlloydgroup.com.
CMT REPORT (Corruption, Money
Laundering & Terrorism]
The Public Notice information has been collected from various
sources including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 :
The market
survey revealed that the amount of compensation sought by the subject is fair
an
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.
The 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.44.72 |
|
|
1 |
Rs.73.47 |
|
Euro |
1 |
Rs.65.38 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING 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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.