1. Summary Information
|
|
|
Country |
|
|
Company Name |
PSL LIMITED |
Principal Name 1 |
Mr. S. P. Bhatia |
|
Status |
Good |
Principal Name 2 |
Mr. Ashok Punj |
|
|
|
Registration # |
56-002395 |
|
Street Address |
Kachigam, Daman, |
||
|
Established Date |
24.08.1987 |
SIC Code |
-- |
|
Telephone# |
91-260-2242989 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-260-2241932 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Spiral Arc Welded Pipes |
|
|
# of employees |
2500
(Approximately) |
Product Name 2 |
Coating on Steel Pipes |
|
Paid up capital |
Rs.533,338,000/- |
Product Name 3 |
Anode |
|
Shareholders |
Promoter and
Promoter Group – 39.25% Public
shareholding – 60.75% |
Banking |
State Bank of |
|
Public Limited Corp. |
YES |
Business Period |
24 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
A (57) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries |
|
PSL
Corrosion Control Services Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
12,164,655,000 |
Current Liabilities |
16,791,806,000 |
|
Inventories |
19,146,955,000 |
Long-term Liabilities |
17,781,021,000
|
|
Fixed Assets |
8,690,142,000 |
Other Liabilities |
520,547,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
35,093,374,000 |
|
Invest& other Assets |
3,995,833,000 |
Retained Earnings |
8,370,873,000 |
|
|
|
Net Worth |
8,904,211,000 |
|
Total Assets |
43,997,585,000 |
Total Liab. & Equity |
43,997,585,000 |
|
Total Assets (Previous Year) |
35,607,853,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
25786744000 |
Net Profit |
757,107,000 |
|
Sales(Previous yr) |
27,615,206,000 |
Net Profit(Prev.yr) |
882,975,000 |
MIRA
INFORM REPORT
|
Report Date : |
14.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
PSL LIMITED (w.e.f. 19.05.2003) |
|
|
|
|
Formerly Known
As : |
PSL HOLDINGS LIMITED |
|
|
|
|
Registered
Office : |
Kachigam, Daman, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
24.08.1987 |
|
|
|
|
Com. Reg. No.: |
56-002395 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.533.338 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L67120DD1987PLC002395 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTP01477A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP2734K |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of
Line Pipe for Oil and Gas Pipe Lines, Non-Galvanised Corrosion coating,
Cranes Designated for Mounting on road vehicles, Epoxy Powder for
Anti-Corrosion Treatment. |
|
|
|
|
No. of Employees
: |
2500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
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 36000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
– established company having fine track. Trade relations are fair. Financial
position is good. Payments are usually correct 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
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 : |
Kachigam, Daman, P. O. Box No. 25, |
|
Tel. No.: |
91-260-2242989 / 2252248 / 2244496 |
|
Fax No.: |
91-260-2241932 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office / Marketing Office 1 : |
|
|
Tel. No.: |
91-22- 66447777 /
66447788 |
|
Fax No.: |
91-22- 66447700 /
66447711 |
|
|
|
|
Legal and Secretarial Office / Project Office : |
3rd Floor, Punj House, M-13A, Connaught Circus, New Delhi-110001, |
|
|
|
|
Marketing
Office 2 : |
“PSL House”, B-96, Greater Kailash-I, |
|
|
|
|
Marketing Office 3 : |
Meridian House,
8/2, Montieth Lane, Egmore, Chennai - 600008, |
|
|
|
|
Plant 1 : |
Survey No. 35, 37,41,301/1, and 308/1 and 2, Varsana and
Nani Chirai, Anjar and Bhachau, Kutch, |
|
|
|
|
Plant 2 : |
Survey No. 38/1, 38/2, 39, 40 and 42 Varsana, Anjar,
Kutch, |
|
|
|
|
Plant 3 : |
East of N.H.-8 A, |
|
|
|
|
Plant 4 ; |
Plot No. 4 and 5, Sector-12/B, |
|
|
|
|
Plant 5 : |
Kachigam, Daman, Union |
|
|
|
|
Plant 6 : |
No. 22, Vaiyavoor, Maduranthakam Taluk, Kancheepuram Distirct, |
|
|
|
|
Plant 7 : |
Survey No. 207, Industrial Development Area, Gurrampalem, Pendurthi,
Vishakhapatnam, |
|
|
|
|
Plant 8 : |
Plot No. 2A, APIIC, Layout Phase-II, Peddapuram-533437, Kakinada
District, East Godavari, |
|
|
|
|
Plant 9 : |
Survey No. 124, Khadat, Pilwai, Towards |
|
|
|
|
Plant 10 : |
Khasra No. 46,48,73,82, Village-Gaduda, Tehsil- Phagi, Jaipur, |
|
|
|
|
Overseas Plant 1
: |
13092, |
|
|
|
|
Overseas Plant 2
: |
Post |
|
|
|
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Ashok Punj |
|
Designation : |
Managing Director |
|
Qualification : |
Bachelors in Electrical Engineering Masters in System Engineering |
|
|
|
|
Name : |
Mr. G. S. Sauhta |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. S. P. Bhatia |
|
Designation : |
Whole-time Director |
|
Qualification : |
B.Sc. (Mechanical Engineer) |
|
|
|
|
Name : |
Mr. N. C. Sharma |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
26.11.1942 |
|
Qualification : |
M.A English Literature |
|
Expertise in
specific functional area : |
Financial Management |
|
Directorship
held in other
Companies |
|
|
Brief Resume : |
Mr.
N. C. Sharma is an eminent Insurance Expert having successfully held various
senior positions in LIC of India where he rose to the position of its
"Managing Director". It is only after his retirement from LIC after
serving for more than four decades that Mr. Sharma joined Company's Board as
Additional Director with effect from July, 2003 which appointment was later
confirmed by the shareholders as they passed an unanimous Resolution in their
meeting held on 25th September, 2003. Since his appointment, Mr. Sharma has been rendering
valuable service to the Company by way of being not only on Company’s Board,
but even on few important Committees of Board such as Audit Committee,
Shareholders'/ Investors' Grievance Committee etc. |
|
|
|
|
Name : |
Mr. Harry H. Shourie |
|
Designation : |
Independent Director |
|
Qualification : |
Master Degree in International Relations MBA |
|
|
|
|
Name : |
Mr. Alok Punj |
|
Designation : |
Non-Executive Director |
|
Date of Birth/Age : |
29.05.1950 |
|
Qualification : |
B.E. (Industrial Engineering) |
|
Expertise in
specific functional area : |
General Management |
|
Directorship
held in other
Companies |
|
|
Brief Resume : |
Mr. Alok Punj, who attended a Bachelor of Engineering Programme
in Industrial Engineering at Illinois Institute of Technology, Chicago has
over three decades of experience in senior positions in different Engineering
Companies of the world and also has experience in International Marketing and
Projects, both in the Middle East and |
|
|
|
|
Name : |
Mr. R. K. Bahri |
|
Designation : |
Whole-time Director |
|
Qualification : |
Mechanical Engineer |
|
|
|
|
Name : |
Mr. G. Gehani |
|
Designation : |
Whole-time Director |
|
Qualification : |
M.Com, LLB, DPM and IR, DCl and SP |
|
|
|
|
Name : |
Mr. Prakash V. Apte |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
17.08.1943 |
|
Qualification : |
B. Com, FCA |
|
Expertise in specific
functional area : |
Finance, Banking and Accounts |
|
Directorship
held in other
Companies |
|
|
Brief Resume : |
Mr. Prakash Vinayak Apte, after completing Chartered Accountancy
Programme from |
|
|
|
|
|
|
|
Name : |
Mr. Paresh J. Shah |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. M. M. Mathur |
|
Designation : |
Whole-time Director |
|
Date of Birth/Age : |
11.09.1936 |
|
Qualification : |
M.A. and Diploma in Management |
|
Expertise in
specific functional area : |
General Management and Marketing |
|
Brief Resume : |
Mr.
M.M. Mathur after completing his Graduation in Science obtained a Masters
Degree in English in addition to a Diploma in Management. Mr. M.M. Mathur's
association with the Group now stretches to about four decades during which
he has held various Senior positions. Most of Mr. Mathur's experience is in
the Energy Sector as Service provider in oil and gas transmission of
pipelines, onshore and offshore in areas of Internal and External Coatings
and Cathodic Protection System. Mr. Mathur is a member of several International
Associations viz; National Association of Pipeline Applicators, U.S.A.
Indo-German Chamber of Commerce etc. Since his first appointment, he has been
rendering valuable service to the Company by way of being not only on
Company's Board, but even on few important Committees of Board such as
Committee of Directors and Share Transfer Committee. |
|
|
|
|
|
|
|
Name : |
Mr. D. N. Sehgal |
|
Designation : |
Whole-time Director |
|
Qualification : |
Post Graduation Programme in Industrial
Management and Engineering |
|
|
|
|
Name : |
Mr. C. K. Goel |
|
Designation : |
Whole-time Director |
|
Qualification : |
Post Diploma in Mechanical Engineering Diploma in Business Management |
|
|
|
|
Name : |
Mr. Ashok Sharma |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
04.07.1942 |
|
Qualification : |
B. Tech |
|
Expertise in
specific functional area : |
Information Technology |
|
Directorship
held in other
Companies |
Advanced Business Solutions FZE LLC, |
|
Brief Resume : |
Mr.
Ashok Sharma after his graduation from Indian Institute of Technology - Mr.
Ashok Sharma has an in-depth knowledge of IT activities and related fields of
Business Development, Marketing, Sales, Manufacturing and Personnel
Management. Based on a unique blend of experience - gained through working
for some of the world's largest Organizations - he offers practical advice
for implementing Best Practices - to help make corporate strategy work. Looking
at the vast knowledge that Mr. Sharma has in the field of Information
Technology, he was inducted on Company's Board as "Additional
Director" on 15th December, 2005. Subsequently the shareholders of the
Company in their meeting held on 31st August, 2006 passed an unanimous
Resolution appointing Mr. Sharma as a Director on the Board. Since his appointment, Mr. Ashok Sharma has been
rendering valuable services to the Company by way of being not only on
Company's Board, but even on few important Committees of Board such as
Remuneration Committee and Shareholders'/ Investors' Grievance Committee. |
|
|
|
|
Name : |
Mr. Harsh Pateria |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. G. Gehani |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Name : |
Mr. K. Ramanathan |
|
Designation : |
Chief Finance Officer (from 01.06.2011) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
17,361,810 |
32.48 |
|
|
3,621,100 |
6.77 |
|
|
20,982,910 |
39.25 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
20,982,910 |
39.25 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
4,820,203 |
9.02 |
|
|
639,620 |
1.20 |
|
|
2,132,366 |
3.99 |
|
|
7,592,189 |
14.20 |
|
|
|
|
|
|
8,857,820 |
16.57 |
|
|
|
|
|
|
11,161,799 |
20.88 |
|
|
3,920,698 |
7.33 |
|
|
945,495 |
1.77 |
|
|
860,014 |
1.61 |
|
|
81,481 |
0.15 |
|
|
1,000 |
-- |
|
|
3,000 |
0.01 |
|
|
24,885,812 |
46.55 |
|
Total Public
shareholding (B) |
32,478,001 |
60.75 |
|
Total (A)+(B) |
53,460,911
|
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) |
53,460,911 |
-- |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Line Pipe for Oil and Gas Pipe Lines, Non-Galvanised Corrosion coating, Cranes
Designated for Mounting on road vehicles, Epoxy Powder for Anti-Corrosion
Treatment. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS
As on 31.03.2011
Installed Capacity
and Licensed Capacity
|
Particulars |
Unit |
|
|
Installed
Capacity and Licensed Capacity |
|
Spiral Arc Welded Pipes |
Mt. |
|
|
1400000 |
|
Coating on Steel Pipes |
Mtrs. |
|
|
NA |
|
Anode |
Mt. |
|
|
1500 |
|
Wire Mesh |
Sqm. |
|
|
720000 |
|
Outer Wrap |
Sqm. |
|
|
2500000 |
|
Rebar Coating |
-- |
|
|
NA |
Actual Production
|
Particulars |
Unit |
|
|
Actual
Production |
|
HSAW Pipes |
Mt. |
|
|
398451.116 |
|
Coating on Steel Pipes |
Mtrs. |
|
|
Turnkey Jobs |
|
Anodes |
Kgs. |
|
|
55050.770 |
|
Wire Mesh |
Sqm. |
|
|
NIL |
|
Outer Wrap |
Sqm. |
|
|
NIL |
GENERAL INFORMATION
|
No. of Employees : |
2500 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Suresh C. Mathur and Company Chartered Accountants |
|
Address : |
64, Regal Building, Connaught Place, New Delhi-110001, |
|
|
|
|
Subsidiaries : |
Indian Subsidiaries PSL Corrosion Control Services Limited Survey No. 377/2, PSL Gas Distribution Private Limted Punj House, M-13A, Connaught Circus, New Delhi-110001, PSL Infrastructure and Ports Private Limited 3rd Floor, Punj House, M-13A, Connaught Circus, New Delhi-110001, Foreign Subsidiaries Pipeline Systems Limited C/o IFS, PSL USA INC. Corporation Trust Centre, 1209, PSL Corporation Trust Centre, 1209, PSL FZE P.O. Box No. 42131, |
|
|
|
|
Companies in which control exist directly / indirectly : |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
1000.000 Millions |
|
|
|
|
|
Issued and Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
53460911 |
Equity Shares |
Rs.10/- each |
Rs.534.609
Millions |
|
|
Less : Allotment Money in Arrears Pertaining to The
Shares Allotted Prior to Merger (Directors Nil) |
|
Rs.1.271
Millions |
|
|
Total |
|
Rs.533.338 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
533.338 |
533.320 |
425.819 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8370.873 |
7850.937 |
5859.349 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8904.211 |
8384.257 |
6285.168 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
15281.021 |
18871.080 |
6196.383 |
|
|
2] Unsecured Loans |
2500.000 |
612.850 |
127.375 |
|
|
TOTAL BORROWING |
17781.021 |
19483.930 |
6323.758 |
|
|
DEFERRED TAX LIABILITIES |
58.314 |
106.570 |
4.252 |
|
|
|
|
|
|
|
|
TOTAL |
26743.546 |
27974.757 |
12613.178 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8690.142 |
7134.488 |
4559.996 |
|
|
Capital work-in-progress |
1966.676 |
3156.256 |
2283.973 |
|
|
|
|
|
|
|
|
INVESTMENT |
2029.157 |
1943.582 |
1942.692 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
19146.955
|
11229.482
|
17177.836
|
|
|
Sundry Debtors |
5537.634
|
5046.902
|
5232.642
|
|
|
Cash & Bank Balances |
1935.998
|
1071.936
|
1206.186
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
4691.023
|
6023.207
|
5064.291
|
|
Total
Current Assets |
31311.610
|
23371.527
|
28680.955
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
15227.246
|
4802.295
|
23010.077 |
|
|
Other Current Liabilities |
1564.560
|
2316.328
|
1233.584
|
|
|
Provisions |
462.233
|
514.473
|
610.777
|
|
Total
Current Liabilities |
17254.039
|
7633.096
|
24854.438 |
|
|
Net Current Assets |
14057.571
|
15738.431
|
3826.517 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
26743.546 |
27974.757 |
12613.178 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
25786.744 |
27615.206 |
34879.572 |
|
|
|
Other Income |
912.205 |
491.344 |
619.932 |
|
|
|
TOTAL (A) |
26698.949 |
28106.550 |
35499.504 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
17509.626 |
20783.208 |
25428.533 |
|
|
|
Manufacturing Expenses |
1746.319 |
1358.437 |
2293.869 |
|
|
|
Excise Duty |
2005.803 |
1683.640 |
3261.837 |
|
|
|
Employee Cost |
759.230 |
588.588 |
631.231 |
|
|
|
Bad Debts Written off |
12.000 |
0.000 |
0.000 |
|
|
|
Other Expenses |
1036.435 |
766.351 |
1038.883 |
|
|
|
TOTAL (B) |
23069.413 |
25180.224 |
32654.353 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3629.536 |
2926.326 |
2845.151 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1414.473 |
1089.871 |
1007.193 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2215.063 |
1836.455 |
1837.958 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1167.956 |
663.481 |
570.664 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1047.107 |
1172.974 |
1267.294 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
290.000 |
290.000 |
408.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
757.107 |
882.975 |
859.294 |
|
|
|
|
|
|
|
|
|
Less |
Prior
Year Expenses (Income Tax) |
16.350 |
28.503 |
(19.171) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
75.711 |
88.297 |
100.000 |
|
|
|
Interim Dividend |
106.594 |
0.000 |
106.351 |
|
|
|
Proposed Dividend |
106.668 |
213.162 |
106.455 |
|
|
|
Tax on Interim Dividend |
17.704 |
0.000 |
18.074 |
|
|
|
Tax on Proposed Dividend |
17.309 |
35.404 |
18.097 |
|
|
BALANCE CARRIED
TO THE B/S |
416.771 |
517.609 |
529.488 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4635.245 |
1432.663 |
715.172 |
|
|
TOTAL EARNINGS |
4635.245 |
1432.663 |
715.172 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
10638.136 |
937.717 |
21788.586 |
|
|
|
Stores & Spares |
26.918 |
195.937 |
71.261 |
|
|
TOTAL IMPORTS |
10665.054 |
1133.654 |
21859.847 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
14.16 |
18.03 |
20.12 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 1St
Quarter |
|
Net Sales |
5279.200 |
|
Total Expenditure |
4342.800 |
|
PBIDT (Excl OI) |
936.400 |
|
Other Income |
0.000 |
|
Operating Profit |
936.410 |
|
Interest |
444.400 |
|
Exceptional Items |
0.000 |
|
PBDT |
492.000 |
|
Depreciation |
285.100 |
|
Profit Before Tax |
206.900 |
|
Tax |
62.100 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
144.800 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
144.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.84
|
3.14
|
2.42
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.06
|
4.24
|
3.63
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.61
|
3.85
|
3.57
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.14
|
0.20
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.93
|
3.25
|
4.96
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81
|
3.06
|
1.15
|
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL PERFORMANCE
During the Year
While the Indian economy was still trying to come out from the adverse
effects of recessionary trends, which affected the whole world in turn
affecting the top line of many of the Indian Companies, the Company’s Total
Income stood at Rs.26698.900 Millions, which almost equaled the Company’s
income in the previous year. Moreover, in spite of absence of any growth in the
turnover, Net Profit before Depreciation and Interest registered an impressive
growth of 24%. However, consequent upon the charge of higher depreciation to
Profit and Loss Account due to wider Capital goods base, the Net Profit before
Tax did decrease marginally from Rs.1173.000 Millions in the previous year to
Rs.1047.100 Millions during the year.
For the Year
a) As a direct result of decline of Profit before Tax during the year,
the General Reserve Account is proposed to be credited with Rs.75.700 Millions,
which is lesser than the amount of credit accorded in the previous Financial
Year.
b) Due to similar reason as above, the Credit Balance of Profit and Loss
Account proposed to be carried to Balance Sheet is Rs.416.800 Millions, which
is lesser than similar balance credited in the previous year.
c) Keeping in view the interest of the investors of the Company and to
abide by Long Term Dividend Policy of the Company, in addition to an Interim
Dividend of Rs.2.00 per share already paid by the Company in March 2011, the
Board has recommended further payment of Rs.2.00 per share as Final Dividend
also. If the members approve the said recommendation in the forthcoming Annual
General Meeting, the aggregate dividend for the Financial Year 2010-11 would be
Rs.4.00 per share working out to a 40% Dividend Payout Ratio.
OPERATIONAL
ACHIEVEMENTS
The Company has, over the course of the Financial Year, achieved a number
of milestones in spite of facing a difficult and complex business and operating
environment.
STATUS OF DOMESTIC
FRONT
Several delays in implementation and expansion of the natural gas grid coupled
with deteriorating macro-sector business conditions in terms of raw material,
inflation and interest rate enhancement, have adversely impacted Indian
businesses operating within the pipeline sector.
(The Company has seized the opportunity to position itself competitively
vis-a-vis these developments by initiating the process of related
diversification within the pipeline field, thereby yielding the prospect of
considerable synergies in the years to come.)
Despite these difficulties, the Company has managed to complete a host of
projects on time and within budget. It has also had the privilege to be part of
the growth story in terms of the country’s water sector developments. The brief
list of Oil and Gas and Water projects successfully completed during the course
of the year.
In this 25th year of operation, the Company stands as an example of
progress in the field of nation building and infrastructure development.
PROGRESS ON
OVERSEAS FRONT
A)
Upon successful completion of its maiden order within the continental
PSL North America’s quality record has been appreciated in view of the
fact that ‘zero’ failures have occurred under field hydro-testing conditions of
its supplied pipes. This is despite an extremely stringent quality assurance
and testing procedure imposed on
Prospects of an improvement in the natural gas pipeline industry segment
within the North American market are bright because of the new development
‘Shale Gas’ discoveries. This newly developing component of the natural gas
industry is likely to provide a growth impetus to pipe manufacturers within the
continental
B) UAE Project
The Company’s associate in the UAE – PSL FZE has seen a veritable
turnaround in market prospects in the
The Company is active in providing anti-corrosion and negative buoyancy
services to the offshore pipe industry in the gulf which has seen a strong
revival with both gas and oil offshore construction being stimulated by
prevailing higher crude oil prices.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENT
Consequent upon
collapse in the global businesses and international trade due to major financial
crisis in the period 2007-09, the Indian economy also had an adverse impact
although much lesser in quantum than that for major developed countries of the
world. Hence, as compared to many other economies of the world, their economy
could sustain itself not only during the peak of the crisis period but even in
the two succeeding financial years i.e. 2009-10 and 2010-11 during which the
ripple effect of the crisis continued. Again, in spite of the fact that the
three successive years i.e. 2008-09, 2009-10 and 2010- 11 witnessed erratic
agricultural growth and its direct and indirect adverse effect on the economy,
it could generally grow at approximatley 8% in 2010-11 if the Government
statistics are to be believed. The medium to long term prospect of the economy
including the Industrial Sector continued to be positive in spite of a little
declaration in Industry and Manufacturing Sectors. The GDP could grow as a
direct result of rise in savings and investments coupled with enhanced
consumption. Although, inflationary trends were witnessed but the focus of such
inflationary pressures remained generally driven by food items pushing the
inflation to elevated levels for a large part of the Financial Year, 2010-11.
In spite of adequate movement in prices of crude oil mainly caused by political
turmoil in the
With the aforesaid
background of Global as well as Indian economy, one can confidently say that as
the global economy gradually returns to normalcy and achieve pre-recession
status, the future of Indian economy will also gradually improve thereby
pushing the Manufacturing Sector in general and Pipe making Industry in
particular.
OPPORTUNITIES AND
THREATS
In accordance with
the reports released by various surveys, the Indian Pipe Industry is still
considered among the top threemanufacturing hubs with
A) OPPORTUNITIES
Based on reports
of a survey, the Pipe line Projects identified for the current year alone will
require an aggregate of 700,000 tonnage out of which the Water Sector alone
will require approximately 577,000 tonnes of Pipeline.
While continuing
the subject of "Opportunities for Pipeline Industry" Government of
India is aiming to add 11 million hectares of irrigational facilities entailing
an investment of Rs.1.580 billion just for the XIth Five Year Plan. Again, in
order to reduce the imports of crude oil, Government has formulated a New
Exploration Licensing Policy for exploration and production of oil and gas. The
National Gas Grid requiring an investment of Rs.210 billion is being set up and
mega private players like Reliance Industries Limited (RIL) and Cairn has shown
adequate interest in setting up of Pipe infrastructure for oil and gas
transport. On the City gas front, the required Pipeline is already available in
10 cities. However, in the next five years, the coverage is expected to grow to
100 cities entailing an investment of Rs.250-300 million.
B) THREATS
The Pipeline
Industry suffers from some major threats. Firstly, this industry is highly raw
material intensive with the raw-material cost accounting for more than 70% of
the total cost of the Pipe. Secondly, freight is another major concern as due
to higher imports of the heavy raw material comprising of HR Coil and the
export of Pipes manufactured after conversion of HR Coil the freight cost in
this industry is exorbitant and so becomes another major cost element in the
landed cost of the pipes at the customer's destination. Thirdly, the frequent
fluctuation in the international prices of H.R. coil further affected by
frequent adverse fluctuations in foreign exchange result into making the Pipe
making Business as a whole as a business which is subjected to many factors not
within the control of individual enterprises.
OUTLOOK
The clouds of
global recession, which made the whole world suffer, are slowly and slowly
getting cleared from the sky of uncertainties. As a result of such pleasant
developments, Indian economy is looking forward for playing a vital role in the
world economy with each of its three important Sectors namely Agricultural,
Manufacturing and Services playing a significant role in contributing their
respective might to boost the GDP of the country.
Regarding the
Company's own outlook, it can confidently claim that the high-tech State of the
Art Plant set up by Company's Subsidiary namely, 'PSL North America LLC' at St.
Bay Louise near Gulf of Mexico has established itself very well in the North
America particularly after very successfully completing the first major Project
awarded to it by Florida Gas Company. While few competitors have come on the US
Pipeline Industry map, huge demand arising in North America as a result of Gas
and Oil Policies followed by
On the Middle East
front, while at the Plant established by Company's Subsidiary at Hamriya Free
Trade Zone in Sharjah, UAE, another Pipe Mill is being added to it has, after
successfully completing an earlier prestigious Order awarded by Multinational
Construction Company has bagged another Saudi Arabian Order worth US$ 80
Million, which shall be adequate enough to keep the Plant in full operation for
the entire Current Financial Year.
The outlook on
domestic front is also encouraging as apart from prestigious orders bagged by
the Company from Indian Oil Corporation Limited (IOCL), Gas Authority of India
Limited (GAIL) and National Thermal Power Corporation Limited (NTPC) in the
recent past, many more Pipeline Projects have been bid by the Company and it is
hoped that based on its strategic planning of establishing Pipe Mills at
different strategic locations of the country, Company will be successful in
bagging many of the Projects bid by it.
FINANCIAL
PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
With the wide network
of Plants, Branches and Offices of the Company across the length and breadth of
the Country, it is important that apart from achievement of good performance of
the various production facilities, excellent financial performance of each Unit
is also achieved. While adequate decentralization of powers at Plants and
Branches level has been resorted to, all crucial decisions pertaining to
operation as well as finance are taken at Company's Headquarters at Mumbai. The
centralized purchase of the major raw-materials and the centralized fund
raising exercise at Headquarters level has indeed proved beneficial to the
Company as both these areas are fairly sensitive keeping in view the peculiar
nature of Company's operations. As an on going exercise continuous planning by
senior personnel based at Headquarters in Mumbai with respect to crucial
operational matters goes a long way in exercising strict cost controls
eventually resulting into profit maximization.
CONTINGENT LIABILITIES
(Rs.
In Millions)
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
|
Counter
Guarantees Given by the Company for Bank Guarantees |
5996.168 |
8842.360 |
|
Other Guarantees Given by the
Company on behalf of |
|
|
[Includes
Corporate Guarantee as Security for a Standby Letter of Credit (SBLC) given
by a bank in USA amounting to Rs.3120.000 Millions (equivalent to USD 78 mn)
towards security for Tax Exempt Variable Rate Demand Revenue Bonds - Series
2007A and Taxable Variable Rate Demand Revenue Bonds - Series 2007B issued by
Mississippi Business Finance Corporation USA on behalf of company's wholly
owned subsidiary] |
11988.525 |
7696.370 |
|
198.784 |
195.603 |
|
Letter
of Credit Outstandings (Not yet Commited) |
6576.735 |
555.614 |
|
Bills
Discounting |
809.228 |
1480.876 |
|
Estimated
amount of contracts remaining to be executed on capital account and not
provided for (net of advances) |
300.000 |
300.000 |
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE,
2011
(Rs.In Millions)
|
Particulars |
30.06.2011 Quarter Ended (Unaudited) |
|
1. Sales / Income from operation |
5168.700 |
|
2. Other Operating Income |
110.500 |
|
Total Income
(1+2) |
5279.200 |
|
Expenditure |
|
|
1. (Increase)/decrease in Stock in Trade |
(668.100) |
|
2. Consumption of Raw Materials(Including project bought outs) |
3545.000 |
|
3. Purchase of traded goods |
0.000 |
|
4. Employees Cost |
161.400 |
|
5. Depreciation |
285.100 |
|
6. Other Expenditure |
1304.500 |
|
Total Expenditure |
4627.900 |
|
Profit / (Loss) From Operations before other Income Interest and Exceptional Items |
651.300 |
|
Other Income |
0.000 |
|
Profit/(Loss) before Interest and Exceptional items |
651.300 |
|
Interest |
444.400 |
|
Profit / (Loss) after interest before Exceptional items |
206.900 |
|
Exceptional Items |
0.000 |
|
Profit / (Loss) From
Ordinary activities before Tax |
206.900 |
|
Tax Expenses |
62.100 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
144.800 |
|
Extraordinary Items |
0.000 |
|
Net Profit/(Loss) for the period |
144.800 |
|
Paid Up Equity Share Capital ( Face Value of the share
Rs.10/- each ) |
533.300 |
|
Reserves (Excluding Revaluation Reserves) |
|
|
Earning / loss per
share |
|
|
A ) EPS BEFORE
Extraordinary items for the year to date and for the previous year (not
annualized) |
|
|
-Basic |
2.71 |
|
-Diluted |
2.71 |
|
B ) EPS BEFORE Extraordinary items for the year to date and for the previous year (not annualized) |
|
|
-Basic |
2.71 |
|
-Diluted |
2.71 |
|
Public Share
Holding |
|
|
- Number of Shares |
32478001 |
|
- Percentage of shareholding |
60.75% |
|
Promoters and Promoter
group share holding |
|
|
a) Pledged / Encumbered |
|
|
- Number of Shares |
NIL |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
NIL |
|
- Percentage of shares(as a % of the total share capital of the company) |
NIL |
|
b) Non-encumbered |
|
|
- Number of Shares |
20982910 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100% |
|
- Percentage of Share (as a % of the total share capital of the company) |
39.25% |
NOTES:-
1 The above
results, after their review by the Audit Committee were taken on record by the
Board of Directors in its meeting held today i.e. 12th August, 2011. These
shall now be subjected to "Limited Review" by Statutory Auditors of
the Company.
2 The Accounting
Standard (AS 17) relating to "Segment Reporting" has been complied
with. As the gross income and profit from the other segments are below the
norms prescribed in AS-17, separate disclosures have not been made.
3 No Complaints of
any investor was pending at the end of the quarter, since all the 36 complaints
received by the Company were disposed off within the quarter itself.
4 The Audited
figures for the year ended 31st March 2011 as in Column (5) are subject to
consideration and adoption by the shareholders in their forthcoming Annual
General Meeting scheduled to be held on 22nd September' 2011.
5 The above
results have also been submitted to the
FIXED ASSETS
- Free
- Furniture and
Fixture
- Plant and
Machinery
- Office
Equipment
- Lab Equipment
- Computer
- Motor Car
- Commercial
Vehicles
- Cycle
- Earth Moving
Equipments
- Shed
Construction
WEBSITE DETAILS
corporate overview
With
a production capacity in excess of the 1 million ton mark, we are
These
facilities are backed by sound technology, state-of-the-art infrastructure,
technical collaborations with leading Design and Engineering consultancies of
Germany and Italy and most importantly, by a human resources pool that is
amongst the best in the industry - ensuring that your project is completed on
target, time after time.
Milestones
1985 -Sets up 124800 m2
3-LPE pipe coating plant in Gandhidham - Kutch (
1987 - Sets up 149760 m2
CTE pipe coating plant in Gandhidham - Kutch (
1988 - Sets up 46800 tonnes
CWC pipe coating plant in Gandhidham - Kutch (
1989 - Sets up 300km CTE
pipe coating plant in Daman (U.T.)
1989 - Sets up 600km 2/3
Layer PE pipe coating plant in Daman (U.T.)
1993 - Sets up 46800 tonnes
CWC pipe coating plant in Gandhidham - Kutch (
1993 - Sets up 46800 tonnes
CWC pipe coating plant in Gandhidham - Kutch (
1994 - Sets up 18,000 m2
Fusion bonded Epoxy powder Rebar coating plant in Daman (U.T.)
1995 - Sets up 15,00,000 m2
3LPE pipe coating plant in Vizag
1996 - Sets up 100 Nos
Mobile Cranes Mfg. plant in Daman (U.T.)
1996 - Sets up 75,000
tonnes MS Saw Pipe plant in Vaiyavoor - Chennai (Tamil Nadu)
1997 - Sets up 1,50,000
tonnes MS Saw Pipe plant in Nani Chirai - Kutch (
1997 - Sets up 75,000 m2
CTE pipe coating plant in Vaiyavoor - Chennai (Tamil Nadu)
1997 - Sets up 70,000 m2
CML Internal pipe coating plant in Vaiyavoor - Chennai (Tamil Nadu)
1998 - Sets up 2000km CML
pipe coating plant in Varsana - Kutch (
1999 - Sets up 2500km CTE
pipe coating plant in Nani Chirai - Kutch (
2000 - Sets up 1200 tonnes
Epoxy and Resin plant in Daman (U.T.)
2000 - Sets up1,50,000
tonnes Pipes mill in Daman (U.T.)
2000 - Sets up 30,000 m2
Fusion bonded Epoxy powder Rebar coating plant in Vaiyavoor - Chennai (Tamil
Nadu)
2001 - Sets up 1,50,000
tonnes MS Saw Pipe plant in Varsana - Kutch (
2001 - Sets up 7,50,000 m2
Internal Coating Plant in Vizag
2001 - Sets up 70,000 m2
Internal Epoxy pipe coating plant in Vaiyavoor - Chennai (Tamil Nadu)
2002 - Sets up 1200km CWC
pipe coating plant in Daman (U.T.)
2002 - Sets up 1200km CML
pipe coating plant in Daman (U.T.)
BUSINESS
DESCRIPTION
Subject
is an India-based company engaged in pipe manufacturing. The Company is engaged
in the business of production of steel products. This Company is presently
focuses on providing anti-corrosive treatment on steel bars. It is a
producer/manufacturer of helically submerged arc welded (HSAW) pipes. It
manufactures and supplies spiral weld pipes conforming to American Petroleum
Institute (API) standards for oil, gas and water transmission, as well as
structural and piling applications for both onshore and offshore sector. The
Company’s products include other tubes, pipes and hollow profiles in spiral or
straight welded seam of dia 300 millimeters and above and made out of iron
steel of all type, external and internal coatings of line pipes, and
anti-corrosion coatings of re-enforced rebears. The Company’s subsidiaries
include PSL Corrosion Control Services Limited, Pipeline Systems Limited, PSL
USA INC, PSL FZE, UAE, PSL North America LLC,
BOARD
OF DIRECTORS
Mr. Prakash Vinayak Apte
Independent
Non-Executive Director
Mr. Prakash Vinayak Apte serves as Independent Non-Executive
Director of Subject. He completed his Chartered Accountancy Programme from
Mr. G. Gehani
Compliance Officer, Company Secretary,
Whole-time Director
Mr. G. Gehani serves as Compliance Officer, Company Secretary, Whole-time Director of Subject. He is a Fellow Member of Institute of Company Secretary of India (ICSI) has to his credit few other. Degrees and Diplomas in different disciplines such as M.Com, LLB, DPM and IR and DCL and SP. Since completion of his Company Secretaryship way back in 1978 and prior to joining PSL in 1991 he worked in various Senior positions in Public and Private Sector Companies such as Pawan Hans, CCIC, Taj Group of Hotels etc. Hence out of a total of 28 years post qualification experience, Mr. Gehani has been heading the Legal and Secretarial Department of Subject for more than 16 years now. He had effectively contributed in completion of Company’s maiden IPO, FCCB issue, Right issue and few Preferential Allotments which directly helped in raising adequate funds for establishment of new Production Facilities. Mr. Gehani has been associated with various Professional and Social Organizations of the country for last 20 years and has held Senior responsible position in some of them.
Mr. C. K. Goel
Whole-time Director
Mr. C. K. Goel serves as Whole-time Director of Subject. He has
a Post Diploma in Mechanical Engineering with specialization apart from a
Diploma in Business Management Refrigeration and Air Conditioning. He had
joined PSL way back in 1978 and has now completed 28 years of working in
responsible positions. Before taking over as In-charge of an important
production facility at Varsana in
Mr. M. M. Mathur
Whole-time Director
Mr. M. M. Mathur serves as Whole-time Director of Subject. Mr. Mathur after completing his Graduation in Science obtained a Masters Degree in English in addition to a Diploma in Management. Shri M.M. Mathur's association with the Group now stretches to about four decades during which he has held various Senior positions. Most of Shri Mathur's experience is in the Energy Sector as Service provider in oil and gas transmission of pipelines, onshore and offshore in areas of Internal and External Coatings and Cathodic Protection System. Shri Mathur is a member of several International Associations viz; National Association of Pipeline Applicators, U.S.A. Indo-German Chamber of Commerce etc. Since his first appointment, he has been rendering service to the Company by way of being not only on Company's Board, but even on few important Committees of Board such as Committee of Directors and Share Transfer Committee.
Mr. Harsh Pateria
Independent
Non-Executive Director
Mr. Harsh Pateria serves as Independent Non-Executive Director of Subject. He completed his academic attainments and promoted as company under the name and style of Pri mo Pick N. Pack Limited, which was incorporated in 1985. Additionally he started getting involved in few other business activities. Since then he has ably managed the various business ventures and has acquired adequate exposure in company’s management involving different activities associated with scheduling, planning, organizing and implementing the policies of the organizations in optimal manner.
Ashok Punj
Managing Director,
Executive Director
Mr. Ashok Punj is a Managing Director, Executive Director of
Subject. Mr. Ashok Punj completed his Bachelors in Electrical Engineering and Masters
in System Engineering from Illinois Institute of Technology,
Mr. Alok Punj
Non-Executive
Director
Mr. Alok Punj serves as Non-Executive Director of Subject.
He attended a Bachelor of Engineering Programme in Industrial Engineering at
Illinois Institute of Technology,
G. S. Sauhta
Director
D. N. Sehgal
Whole-time Director
Mr. D. N. Sehgal serves as Whole-time Director of Subject. He is a qualified Production Engineer having completed his Post Graduation Programme in Industrial Management and Engineering with distinction. Mr. Sehgal has spent three decades in core sector of Indian Economy—eg. Marketing and Project Management of value complex industrial projects in Refinery, Petrochemical, Metallurgical and other onshore and offshore pipeline projects. Prior to joining PSL 15 years ago he has held important portfolios in senior capacities in Dodsal Private Limited, BST Engineering Services Limited, Dynacraft Machine Limited Limited and Mukund Iron Steel Works. He joined the Company’s Board on September,’ 1994 and is directly responsible for execution of various important projects of the Company.
Mr. Paresh J. Shah
Independent
Non-Executive Director
Mr. Paresh J. Shah serves as Independent Non-Executive Director of Subject. He is an eminent Lawyer. He is Partner of a reputed legal firm namely Sah and Sanghvi and has variety of experience on various aspect of corporate legal matters. He is practicing in High Court of Bombay for last 25 years
Mr. N. C. Sharma
Independent
Non-Executive Director
Mr. N. C. Sharma serves as Independent Non-Executive Director of Subject. He is an eminent Insurance Expert having held various senior positions in LIC of India where he rose to the position of its "Managing Director". It is only after his retirement from LIC after serving for more than four decades that Shri Sharma joined Company's Board as Additional Director with effect from July, 2003 which appointment was later confirmed by the shareholders as they passed an unanimous Resolution in their meeting held on 25th September, 2003. Since his appointment, Shri Sharma has been rendering service to the Company by way of being not only on Company’s Board, but even on few important Committees of Board such as Audit Committee, Shareholders'/ Investors' Grievance Committee etc.
Mr. Ashok Sharma
Independent
Non-Executive Director
Mr. Ashok Sharma serves as Independent Non-Executive
Director of Subject. He completed his graduation from Indian Institute of
Technology -
Harry Harinder
Shourie
Independent
Non-Executive Director
Mr. Harry Harinder Shourie serves as Independent
Non-Executive Director of Subject. He holds Masters degree in International Relations
from
PRESS RELAESE
June 14, 2011
Kochi-Koottanad-Bangalore-Mangalore
Gas Pipeline (KKBMPL) Project
PSL Limited, a global leader in
manufacturing and coating of pipes, today announced that after successful
completion of the 130 km., 30-inch and 18-inch diameter, Dabhol-Bangalore
Pipeline Project, it has been awarded with an order for supply of line pipe and
three-layer polyethylene (3LPE) coating for GAIL’s KKBMPL project. PSL shall be
supplying 24-inch diameter pipe conforming to API 5L X-70 and X-80 Grades out
of its Chennai and
The total order value stands at
approximately Rs.75.300 Millions, and the total length of pipe to be supplied
is an estimated 735 km. Both PSL’s Chennai and Vizag pipe mills are in close
proximity to the pipeline’s right-of-way (ROW), which enabled the company to
offer competitive prices. PSL has developed numerous state-of-the-art
API-certified pipe mills and onshore coating plants across the country, and it
is found that this regionally-distributed capacity-readiness has provided the
best economical and logistical solution to clients, ensuring faster delivery of
high-quality products during the order-fulfilment process.
Commenting on these developments, PSL Limited MD,
Ashok Punj, stated “The recent orders we have secured from GAIL have special
significance for PSL as a company, since they stand as a testament to our
capability as a key enabler of
The pipe supply contract’s technical delivery
conditions include usage of high-end pipe manufacturing technology, viz. X-70
and X-80 Grades (signifying a minimum yield-strength of 70,000 psi and 80,000
psi). PSL has been partnering with GAIL since inception, and was the sole
pipe-coater for the 1,760 km. Hazira-Bijaipur-Jagdishpur (HBJ) pipeline, the
first major gas pipeline project in India.
With proactive initiatives of GAIL in successive
creation of
BBC International Reports (
06 October 2011
Ruling
party leads opinion poll ahead of election in
Text
of report in English by Polish national independent news agency PAP
Support
for the Palikot Movement rose to 10 per cent and fell to 7 per cent for the
left-wing Democratic Left Alliance (SLD).
Junior
coalition partner Polish People's Party (PSL) was supported by 6 per cent of
voters.
TNS
OBOP conducted the survey by telephone survey on 4 October on a sample group of
1,000 adult Poles.
According
to a CBOS survey
03 October 2011
Muhsin
Ertugral will today be named as the new head coach of Golden Arrows.
Ertugral,
who has |previously coached Kaizer Chiefs, Santos and Ajax Cape Town in the PSL,
replaces Manqoba Mngqithi, who was last week fired by the Durban side.
The
52-year-old Ertugral spent last season coaching in
The
wily coach has extensive knowledge of the South African game - and is certain
to bring his unique style and approach to Arrows. The
27 September 2011
In
football, in sport and in life, it's always critical to remain grounded.
Allow
overconfidence and |arrogance to simmer, and there's likely to be a vicious
curve ball coming your way.
In
contrast, remain humble and focus on the job at hand, and the game has its
eventual rewards.
Ajax
Cape Town coach Maarten Stekelenburg is well aware of this and he has impressed
on his squad that, |having played just six games of the new PSL season, they
have achieved nothing as yet.
In
fact, for the Dutch coach, there is still lots of room for improvement.
"I'm
happy with the way we |performed against Stars last Friday," said
Stekelenburg. "We were dominant in possession and we held on to the ball
for long periods. The confidence in the team is growing, and the desire to play
well against AmaZulu tonight will be there.
"But
it's still all about hard work. The league season is long and another loss or
two could easily set us back again. So the important thing is to keep doing
what we do best, which is to play football, and remain focused on what we want
to achieve in the long run."
Originally
from
Having
convinced Stekelenburg of his quality after training with the
In
Last
season,
This
time around, AmaZulu are in deep trouble, but therein lies the |problem for
AmaZulu
have appointed Swede Roger Palmgren as head coach after giving Manqoba Mngqithi
the boot.
Palmgren
had a disappointing start to his tenure, seeing his team |hammered 3-1 by
Bidvest Wits over the weekend. The coach, though, is confident he can get
things to turn.
"There
is pressure in every game you play and this one will be no different,"
Palmgren said on the PSL's |website. "It will be the same tonight. The
message is quite clear to my team.... being anxious is natural, but then the
players know one win can change things. Hopefully that will come against
"
"My
players are aware of it, but the emphasis should be more on getting our systems
to run better, both defensively and offensively."
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.49.02 |
|
|
1 |
Rs.77.13 |
|
Euro |
1 |
Rs.67.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
57 |
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.