MIRA
INFORM REPORT
|
Report Date : |
03.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
PSL LIMITED |
|
|
|
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Formerly Known
As : |
PSL HOLDINGS LIMITED |
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Registered
Office : |
Kachigam, Daman, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
24.08.1987 |
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Com. Reg. No.: |
56-002395 |
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Capital
Investment / Paid-up Capital : |
Rs. 533.338 Millions |
|
|
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|
CIN No.: [Company Identification
No.] |
L67120DD1987PLC002395 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTP01477A |
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PAN No.: [Permanent Account No.] |
AAACP2734K |
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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
: |
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. |
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|
|
|
No. of Employees
: |
4000 (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 35000000 |
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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 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office and Pipe Mill : |
Kachigam, Daman, P. O. Box No. 25, Union Territory
of Daman and Diu Daman and Diu – 396 210, India |
|
Tel. No.: |
91-260-2242989 / 2252248 / 2244496 |
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Fax No.: |
91-260-2241932 |
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E-Mail : |
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Website : |
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Corporate
Office 1/ Marketing Office : |
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|
Tel. No.: |
91-22- 66447777 /
66447788 |
|
Fax No.: |
91-22- 66447700 /
66447711 |
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|
|
|
Corporate
Office 2 : |
386, Veer
Savarkar Marg, Prabhadevi, Mumbai – 400 025, |
|
Tel. No.: |
91-22-24307023 /
24306476 |
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Fax No.: |
91-22-24307365 |
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Marketing
offices : |
Located at:
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|
Legal and Secretarial office / Projects
Office: |
3rd
Floor, 'Punj House', M-13A, Connaught Circus, |
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Plant Sites: |
within indian boundries
Kachigam, Daman, P. O. Box No. 25, Union Territory of Daman and Diu Daman
and Diu – 396 210, India Survey No. 35/
and 37, 41, 301/1, and 308/1 and 2, Varsana and Nani Chirai, Anjar and
Bhachau, District - Kutch, Gujarat,
India Village Nani
Chirai, Taluka Bhachau District - Kutch, No. 22,
Vaiyavoor, Taluka Maduranthakam,
District - Chengai MGR, Tamil Nadu, India Survey No. 38/1,38/2,39,40 and 42, Varsana,
Anjar, Kutch, Plot No.4 and 5, Sector 12/B, Survey No. 207, Industrial Development Area
Gurrampalem, Survey No.124, Khadat, Pilwai, Towards East of N.H.-8 A,
Kandla Road, Gandhidham, Kutch, Gujarat, India Plot No. 2A,
APIIC, Layout Phase-II, Peddapuram-533437, Kakinada, District East Godavari,
Andhra Pradesh, India Khasra No.
46,48,73,82, Village-Gaduda, Tehsil- Phagi, Jaipur, Rajasthan, India ACROSS THE SEAS 13092, Sea Plane
Road, Bay Street Louis, Mississippi-39520, USA Post Box 42131,
Inner Harbour, Plot No. HJ02, Hamriyah Free Trade Zone, Sharjah, UAE |
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Subsidiary Companies : |
|
|
|
PSL Corrosion
Control Services Limited. Survey No.
377/2, Zari Cause Way Road, Kachigam, Daman-396210, Union Territory of Daman
and Diu, India PSL Gas
Distribution Private Limited Punj House,
M-13A, Connaught Circus, New Delhi-110001, Delhi, India PSL
Infrastructure and Ports Private Limited. 3rd Floor, Punj
House, M-13A, Connaught Circus, New Delhi-110001, Delhi, India OVERSEAS Pipeline Systems
Limited C/o IFS, IFS
Court, 28 Cybercity, Ebene, Mauritius PSL USA INC. Corporation Trust
Centre 1209, Orange Street, Wilmington, New Castle, 19801, Delaware, USA PSL North
America, LLC Corporation
Trust Centre 1209, Orange Street, Wilmington, Delaware, USA PSL FZE P.O. Box No. 42131, Inner Harbour Plot No. HJ-02 Hamriyah Free Zone, Sharjah, UAE |
|
|
|
|
Branch Office : |
Merdian House, 15/2, Montieth Lane, Egmore, Chennai-600008, India |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Ashok Punj |
|
Designation : |
Managing Director |
|
Address : |
Lfoyd Insulations ( |
|
Qualification
: |
M. S. Engineering ( |
|
Date of
Appointment : |
24.08.1987 |
|
|
|
|
Name : |
Mr. Alok Punj |
|
Designation : |
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 : |
- Eurocoustic Products Limited - Punj Investments Private Limited - Broken Hills International Private Limited - BHI Limited - Punj International Private Limited - Sai Shakti Properties Private Limited |
|
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. 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. Mathur’s association with
the Group now stretches to about four decades during which he has held
various Senior positions. Most of Mr. Mathur’ 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. |
|
|
|
|
Name : |
Mr. G. S. Sauhta |
|
Designation : |
Whole Time Director |
|
Qualification
: |
DME |
|
Date of
Appointment : |
01.04.1993 |
|
|
|
|
Name : |
Mr. R. K. Bahri |
|
Designation : |
Whole Time Director |
|
Qualification
: |
B.E. Mech. |
|
Date of
Appointment : |
01.06.1994 |
|
|
|
|
Name : |
Mr. D. N. Sehgal |
|
Designation : |
Whole Time Director |
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|
|
|
Name : |
Mr. Prakash Vinayak 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 : |
- Arohan Trustee Company Private Limited - Calcutta Promotions Private Limited |
|
Brief Resume : |
Mr. Prakash Vinayak
Apte, after completing Chartered Accountancy Programme from Since his first
appointment Mr. Apte 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, Remuneration Committee etc. |
|
|
|
|
Name : |
Mr. N. C. Sharma |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
26.11.1942 |
|
Qualification : |
M.A. English Litt. |
|
Expertise in specific functional area : |
Financial Management |
|
Directorship held in other companies : |
- Mukund Limited |
|
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 a unanimous Resolution in their meeting held on
25th September, 2003. On his retirement by rotation he was reappointed as
Director in the Annual General Meeting held on 31st August, 2006 Since his first
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. G. Gehani |
|
Designation : |
Director and Company Secretary |
|
Qualification
: |
FCS, M.Com., LLB, DCL, DPM and IR |
|
Date of
Appointment : |
25.09.1994 |
|
|
|
|
Name : |
Mr. Harry Harinder Shourie |
|
Designation : |
Independent Director |
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|
|
Name : |
Mr. Ashok Sharma |
|
Designation : |
Director |
|
Date of Birth/Age : |
04.07.1944 |
|
Qualification : |
B. Tech |
|
Expertise in
specific functional area : |
Information Technology |
|
Directorship
held in other companies : |
Advanced Business Solutions FZ LLC, |
|
Brief Resume : |
Mr. Ashok Sharma
after his graduation from Indian Institute of Technology – Mr. 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 a 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, Shareholders’/
Investors’ Grievance Committee. |
|
|
|
|
Name : |
Mr. S. P. Bhatia |
|
Designation : |
Additional Director |
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|
|
Name : |
Mr. C K Goel |
|
Designation : |
Additional Director |
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|
|
Name : |
Mr. Paresh J Shah |
|
Designation : |
Additional Director |
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|
|
|
Name : |
Mr. Harsh Pateria |
|
Designation : |
Director |
|
Date of
Birth/Age : |
24.09.1958 |
|
Qualification
: |
B. Sc. |
|
Expertise in specific functional area : |
Effective management of various business organizations involved in
diverse activities. |
|
Directorship held in other companies : |
Primo Pick N. Pack Limited (Chairman) |
|
Brief Resume : |
Mr. Harsh
Pateria, after his academic attainments promoted a company under the name and
style of Primo Pick N. Pack Limited which was incorporated in 1985. Additionally
he started getting involved in few other business activities. Since then he
has very 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. Considering his vast exposure as an
industrialist your Board co-opted Mr. Harsh Pateria as “Additional Director”
w.e.f. 15th January,2008. |
KEY EXECUTIVES
|
Name : |
Mr. G. Gehani |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Name : |
Mr. K. Ramanathan |
|
Designation : |
Chief Finance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2011
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
17361810 |
32.48 |
|
|
3621100 |
6.77 |
|
|
20982910 |
39.25 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
20982910 |
39.25 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
5316491 |
9.94 |
|
|
686560 |
1.28 |
|
|
2203936 |
4.12 |
|
|
8206987 |
15.35 |
|
|
|
|
|
|
8693027 |
16.26 |
|
|
|
|
|
|
10682850 |
19.98 |
|
|
3878649 |
7.26 |
|
|
1016488 |
1.90 |
|
|
826264 |
1.55 |
|
|
188224 |
0.35 |
|
|
1000 |
-- |
|
|
1000 |
-- |
|
|
24271014 |
45.40 |
|
Total Public
shareholding (B) |
32478001 |
60.75 |
|
Total (A)+(B) |
53460911 |
100.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacture 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. |
||||||||
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||||||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Licensed
and Installed Capacity |
|
Spiral Arc Welded Pipes |
MT |
1400000 |
|
Coating on Steel Pipes |
Meters |
NA |
|
Anode |
MT |
1500 |
|
Wire Mesh |
Sqm. |
720000 |
|
Outer Wrap |
Sqm. |
2500000 |
|
Rebar Coating |
Sqm. |
NA |
GENERAL INFORMATION
|
No. of Employees : |
4000
(Approximately) |
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Bankers : |
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Facilities : |
|
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|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Suresh C. Mathur and Company Chartered Accountant |
|
Address : |
64, Regal Building, Connasught Place, New Delhi-110001, Delhi, India |
|
|
|
|
Subsidiaries : |
·
PSL Corrosion Control Services
Limited ·
Pipeline Systems Limited, Mauritius ·
PSL USA INC., Delaware, USA ·
PSL Gas Distribution Private
Limited ·
PSL Infrastructure and Ports
Private Limited ·
PSL FZE, Sharjah. ·
PSL North America LLC. |
|
|
|
|
Companies in which control exists directly / indirectly: |
·
BHI Limited. ·
Broken Hills International Limited. ·
Eurocoustic Products Limited. ·
Punj International Private Limited ·
Punj Investments Limited. ·
Punj Corporation Private Limited ·
Rosoboronterra India Private
Limited. (Subsidiary of Punj Corporation Private Limited.) |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs. 1000.000 Millions |
|
|
|
|
|
Issued :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
53460911 |
Equity Shares |
Rs.10/- each |
Rs. 534.609
Millions |
|
|
|
|
|
Subscribed & 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 |
|
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 |
7136.488 |
4559.996 |
|
|
Capital work-in-progress |
1966.676 |
3156.255 |
2283.973 |
|
|
|
|
|
|
|
|
INVESTMENT |
2029.157 |
2024.337 |
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
|
4966.148
|
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
|
23290.773 |
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
|
15657.677
|
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 |
26698.949 |
28106.551 |
35499.504 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
26698.949 |
28106.551 |
35499.504 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials and Stores |
17509.626 |
20783.208 |
25428.533 |
|
|
|
Manufacturing Expenses |
1746.319 |
1358.437 |
2293.869 |
|
|
|
Excise Duty and Taxes |
2005.802 |
1683.640 |
3261.837 |
|
|
|
Employee Cost |
759.230 |
588.588 |
631.231 |
|
|
|
Other Expenses |
1036.435 |
766.351 |
1038.883 |
|
|
|
Bad Debts Written Off |
12.000 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
23069.412 |
25180.224 |
32654.353 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3629.537 |
2926.327 |
2854.151 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1414.473 |
1089.871 |
1007.193 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2215.064 |
1836.456 |
1846.958 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1167.956 |
663.481 |
570.664 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
1047.108 |
1172.975 |
1267.294 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
290.000 |
290.000 |
408.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
757.108 |
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 |
416.772 |
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
(Rs.
In Millions)
|
PARTICULARS |
30.06.2011 |
|
Net Sales |
5279.200 |
|
Total Expenditure |
4342.800 |
|
PBIDT (Excl OI) |
936.400 |
|
Other Income |
0.000 |
|
Operating Profit |
936.400 |
|
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) |
(%) |
3.92
|
4.17
|
3.57
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.62
|
3.86
|
3.57
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.14
|
0.20
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.94
|
3.25
|
4.96
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81
|
3.05
|
1.15
|
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE HIGHLIGHTS
DURING THE YEAR
The Directors are happy
to report that 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.
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 & 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 approx. 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
Middle East, exports could improve and imports did take a dip resulting into an
appreciable balance of payment position.
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.
OUTLOOK
As stated above,
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 US administration post the infamous gas leak is a
big hope for Company's US establishment.
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 ongoing 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.
FIXED
ASSETS
v
Free
v
v
v
v
Furniture and Fixture
v
Plant and Machinery
v
Office Equipment
v
Lab Equipment
v
Computer
v
Motor Car
v
Commercial Vehicles
v
Cycle
v
Earth Moving Equipments
v
Shed Construction
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2011
(Rs. in millions)
|
Sr. No. |
Particular |
Unaudited |
|
|
|
Quarter
ended 30.06.2011 |
|
1. |
Gross
Sales / Income |
|
|
|
a. Net Sales / Income from Operations (Net of Excise and Discounts) |
5168.700 |
|
|
b. Other Operating Income |
110.500 |
|
|
Total
Income (a+b) |
5279.200 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
a) (Increase) / Decrease in Stock in Trade and Work In
Process |
(668.100) |
|
|
b) Consumption of Raw Materials (Net) |
3545.000 |
|
|
c) Purchase of Traded Goods |
0.000 |
|
|
d) Employee Cost |
161.400 |
|
|
e) Depreciation |
285.100 |
|
|
f) Other Expenditure |
1304.500 |
|
|
g)
Total Expenditure (a to f) |
4627.900 |
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
651.300 |
|
|
|
|
|
4. |
Other Income |
0.000 |
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
651.300 |
|
|
|
|
|
6. |
Interest |
444.400 |
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
206.900 |
|
|
|
|
|
8. |
Exceptional Items |
-- |
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
206.900 |
|
|
|
|
|
10. |
Tax Expense |
62.100 |
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
144.800 |
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
144.800 |
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
533.300 |
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
a) Basic and diluted EPS before extraordinary items |
2.71 |
|
|
b) Basic and diluted EPS after extraordinary items |
2.71 |
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
-Number of Shares |
32478001 |
|
|
- Percentage of Shareholding |
60.75% |
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of Shares |
Nil |
|
|
- Percentage of Shares (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 Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100% |
|
|
- Percentage of Shares (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 under review, 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
Bombay and National Stock Exchanges where the Company's Securities are listed.
WEB SIDE DETAILS
PROFILE
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, USA. For the nine months ended 31 December 2010, PSL Limited's revenues
totaled RS24.42B. Net income totaled RS504.7M. Results cannot be compared since
the Company has reported the consolidated financials only for the current
period. Subject is engaged in pipe manufacturing. Subject manufactures and supplies
spiral weld pipes conforming to American Petroleum Institute standards for oil,
gas and water transmission.
MANAGEMENT
PRAKASH VINAYAK APTE - INDEPENDENT NON-EXECUTIVE
DIRECTOR
Shri. Prakash
Vinayak Apte serves as Independent Non-Executive Director of PSL Limited. He
completed his Chartered Accountancy Programme from England in November 1968
worked with many Accounting Firms in England up to 1975. Subsequently, after a
short spell with Maharashtra Electrosmelt Limited, Mr. Apte joined Hong Kong and
Shanghai Banking Corporation Limited (HSBC) and worked in various senior
positions both within and outside the country for 23 long years. Keeping in
view his experience in the field of Banking, Company’s Board of Directors
appointed him as Additional Director with effect from March 2003, which
appointment was later confirmed by the shareholders as they passed a unanimous
Resolution in their meeting held on 25th September, 2003. Since then Mr. Apte
has been rendering service to the Company by way of being not only on PSL
Limited’s Board, but even on few important Committees of Board such as Audit
Committee and Remuneration Committee.
R. K. BAHRI - WHOLE-TIME DIRECTOR
Shri. R. K. Bahri
serves as Whole-time Director of PSL Limited. He is primarily a qualified
Mechanical Engineer, had joined P.S.L Limited as a Director in 1989 and later
elevated to the position of Whole Time Director in April 1994. Prior to his
induction, he had spent over two decades with M/s Fedders Lloyd Corporation in
various senior positions. Mr. Bahri introduced Fusion Bonded Epoxy Coating for
Reinforced Steel Bars for the first time in India. He is also serving the
Indian Institute of Interior Designs since its inception in various capacities
and is the Trustee of NACE International India Section, Ex-Chairman of the
Society for Advancement of Electrochemical Science and Technology (SAEST),
Bombay Chapter.
S. P. BHATIA - WHOLE-TIME DIRECTOR
Shri. S. P. Bhatia
serves as Whole-time Director of PSL Limited. He graduated in B.Sc. Engineering
(Mechanical) from Regional Engineering College, Kurukshetra is working with the
Group since 1983 and has served in different capacities in various divisions of
the Group such as Insulation, Pipe Coating, Pipe Making etc. Mr. Bhatia, as
Head of the Projects Department, has been responsible for setting up of various
Projects and facilities at different locations of the Company in India. He has
also been responsible for acquiring know-how on behalf of PSL from Byard
Engineering Consultants - UK, UMRAN - Turkey and Dr. G. Valle - Italy, PWS -
Germany and S.I.M. - Korea for Pipe Making and Induction Bending Technologies.
Education
BS Mechanical
Engineering, National Institutes of Technology
G. GEHANI - COMPLIANCE OFFICER, COMPANY SECRETARY,
WHOLE-TIME DIRECTOR
Shri. G. Gehani
serves as Compliance Officer, Company Secretary, Whole-time Director of PSL
Limited. He is a Fellow Member of Institute of Company Secretary of India
(ICSI) has to his credit few others. Degrees and Diplomas in different
disciplines such as M.Com, LLB, DPM and IR and DCL and SP. Since completion of
his Company Secretary Ship 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 PSL Limited 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.
Education
·
M, University of Delhi
·
LLB, University of Delhi
C. K. GOEL - WHOLE-TIME DIRECTOR
Shri. C. K. Goel
serves as Whole-time Director of PSL Limited. 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
Gujarat, which includes the latest Two-Step Helical Spiral Pipe Mill, Mr. Goel
has handled and headed various Projects and Operations in Company’s different
Plants.
M. M. MATHUR - WHOLE-TIME DIRECTOR
Shri. M. M. Mathur
serves as Whole-time Director of PSL Limited. 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.
HARSH PATERIA - INDEPENDENT NON-EXECUTIVE DIRECTOR
Shri. Harsh Pateria
serves as Independent Non-Executive Director of PSL Limited. 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
Shri. Ashok Punj
is a Managing Director, Executive Director of PSL Limited. Mr. Ashok Punj
completed his Bachelors in Electrical Engineering and Masters in System
Engineering from Illinois Institute of Technology, Chicago, USA, before taking
charge of high responsibility of Managing Director of the Company. Shri Punj
was actively involved in the business of Industrial Insulation concentrating on
the Manufacturing Segment of the business where he assisted in the setting up
of several Industrial Units in collaboration with few well known international
organizations. His technical and managerial experience spreading to 35 years
has resulted into sizable growth and success of the Company under his able
guidance.
Education
·
M Systems Engineering, Illinois Institute of
Technology
·
B Electrical Engineering, Illinois Institute of
Technology
ALOK PUNJ - NON-EXECUTIVE DIRECTOR
Shri. Alok Punj
serves as Non-Executive Director of PSL Limited. He 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 Far East.
Having guided different companies as a Senior Management Personnel, the Company
is now being benefited by his being there on Company's Board and even on few
important Committees of Board such as Audit Committee, Committee of Directors,
Remuneration Committee, and Shareholders'/ Investors' Grievance Committee.
D. N. SEHGAL - WHOLE-TIME DIRECTOR
Shri. D. N. Sehgal
serves as Whole-time Director of PSL Limited. 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 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 Company 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.
PARESH J. SHAH - INDEPENDENT NON-EXECUTIVE DIRECTOR
Shri. Paresh J.
Shah serves as Independent Non-Executive Director of PSL Limited. 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.
N. C. SHARMA - INDEPENDENT NON-EXECUTIVE DIRECTOR
Shri. N. C. Sharma
serves as Independent Non-Executive Director of PSL Limited. 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.
ASHOK SHARMA - INDEPENDENT NON-EXECUTIVE DIRECTOR
Shri. Ashok Sharma
serves as Independent Non-Executive Director of PSL Limited. He completed his
graduation from Indian Institute of Technology - Madras, India worked in key
senior positions in multinational companies, rising to Senior Regional
Management positions in the internationally known companies such as IBM and
Microsoft. Shri Ashok Sharma has 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 Organizations - he offers practical advice for implementing
Best Practices - to help make corporate strategy work. Looking at the knowledge
that Shri. 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 Shri Sharma as a
Director on the Board. Since his appointment, Shri Ashok Sharma has been
rendering 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.
Education
·
Indian Institute of Technology, Chennai
HARRY HARINDER SHOURIE - INDEPENDENT NON-EXECUTIVE
DIRECTOR
Shri. Harry
Harinder Shourie serves as Independent Non-Executive Director of PSL Limited.
He holds Masters degree in International Relations from University of Chicago
in addition to an MBA from East Texas State University and a Bachelor Degree
from Delhi University. He is primarily a Finance professional having
specialization in trade finance. Apart from being advisor for many export
projects of United technologies, Hughes aircraft, Northrop aviation, Honeywell,
Lockheed, Boeing, HP etc., he has also worked on different projects like south
Korean pipeline export, Greenfields telecom in Philippines and also in Nigeria.
He has also handled a project for Union Bank of California. Having considered
Mr. Shourie’s experience in diverse fields such as Finance and International
Business, the Board of Directors appointed him as Additional Director on 15’s
December, 2005 and since then Mr. Shourie is rendering useful advice in the
Board deliberations.
Education
·
MBA, Texas State University
·
M International Relations, University of Chicago
·
B, University of Delhi
NEWS
PRESS RELEASE
PIRATES'
BENNI GOES FROM HERO TO ZERO
Cape Argus (South Africa): 25 August 2011
Benni McCarthy scored a goal and then got sent off as Orlando Pirates lost 2-1 to |Maritzburg United last night, while Kaizer Chiefs shot to the top of the PSL log with a 2-1 |victory over Bidvest Wits.
HILL
FALLS AT FINAL OBSTACLE IN TOUR TEST
Derby Evening Telegraph (UK): 24 August 2011
DUFFIELD'S Laura Hill made it through to her first WISPA Tour final in five years as Nottingham hosted its first professional event.
This was a rare
venture into tournament squash for Hill these days, though she was a regular in
the PSL last season, but, seeded seven for the Tour 4 Mantis Nottingham Open,
she beat the second and fourth seeds before losing to former world number one
Vanessa Atkinson in the final.
That was after a
less than encouraging start, as she lost the opening game in the first round
11-7 and faced game balls in the second against Zephanie Curgenven of England
but she recovered to go through 13-11,11-7, 11-1. Hill then came through the
closest of the quarter-finals, edging out second seed Lauren Selby in a high
quality match of contrasting styles. British racket ball champion Hill kept on
the pressure throughout and forced Selby into crucial errors. In the second and
fourth games, Hill had no answer to Selby's precise shot-making but she got a
strong start in the fifth and this was enough to hold on for an 11-6, 6-11,
11-8, 5-11, 11-7 victory. The semi-final was a testament to Hill's resilience
as Maud Duplomb, the young number four seed from France, led in all three games
but her opponent always managed to find another gear and force the mistakes as
she came through 11-8, 12-10, 11-7. Atkinson announced her retirement from the
tour in April but could not resist the chance to take her 24th title so close
to home and was a strong favourite for the final after dropping only one game
in the earlier rounds.
They had met once
before, with Atkinson winning but Hill made the better start, pushing the
Netherlands international to the front of the court and winning the first game
11-9. From then on, however, it was Atkinson who was in command, finishing the
match off in style with a backhand cross court volley nick off the serve for a
9-11, 11-3, 11-3, 11-4 victory
LETTER:
HOW TO GET MUGGED BY THE STATE
Guardian (UK): 23 August 2011
An incident during the riots (Mugged Malaysian student speaks out, 11 August) draws comparison with my own experiences. Unemployed in an area where job prospects seemed remote, I went to work in the Netherlands. Due to bad Jobcentre Plus advice about working in the EU, I found myself homeless. Now back in the UK, I have been "assisted" by several successful (ie profitable) agencies and private companies funded by the government.
After a referral
from a homelessness agency, the council housed me through the private sector
leasing (PSL) scheme. This was supposed to be temporary. During my 20 months in
the scheme so far, their management fees have totaled pounds 9,000, on top of
the rent for the ex-council flat (50% more than if it were still local
authority). The private advisers Jobcentre Plus referred me to have calculated,
using the council and HM Revenue's websites, that I can't afford to work while
in this PSL scheme. Instead of getting pounds 67 a week jobseeker's allowance,
I'd have to find pounds 70 a week to pay for the privilege of working. This is
based on a full-time job at pounds 7.50 an hour, although the types of jobs
essential to society such as cleaners, drivers, store staff etc are paid at
pounds 6.30 an hour, and are often less than 16 hours a week.
Jobcentre Plus insist
I must be seeking work and willing to take any job offered. One section of
government insists PSL is the best way to deal with my situation and yet if I
leave the flat I will have made myself homeless and will no longer be eligible
for help; another section says it is an unacceptable arrangement and threatens
to stop my pounds 67-a-week lifeline. I enquired about going self-employed and
was referred to a private company, which explained there was no government
funding for anyone starting up a business. I discovered that they are paid
pounds 1,600 for each person they advise.
So, what we
basically have is a homeless, unemployed man being surrounded by "good
Samaritans" who - instead of helping him - mug him.
SUPER
SPORT, PSL SIGN R2BN DEAL
Cape Argus (South Africa): 22 August 2011
Super Sport has again won the bidding process to televise PSL games.
The current deal
between the two organizations ends at the end of the current season, and the
new deal, a five-year contract, commences with the 2012/13 season. The deal is
worth around R2 billion.
"The winning
tender was Super Sport and it's for five years, and offered a composite package
that includes internet and mobile rights," said PSL chairman Irvin Khoza.
"We need to
be clear that it wasn't just the money that influenced us, but we looked at the
growth and enhancement of our product on our current deal, where we moved from
being 30th-ranked league in the world to the top ten."
Imtiaz Patel, the
group CEO of SuperSport's parent company Multichoice, said he was delighted
with a renewed partnership. Local football on television was now among their
most popular programmes, he added.
"It's a vote
of confidence on the PSL and a clear sign of the responsive relationship that
we have with each other," said Patel.
The deal means
that the 16 PSL clubs and the 16 national First Division teams could be in line
for an increase in their monthly grants.
"We are
planning on sitting down with the rest of the board to discuss the budgets for
2012 going forward," said Khoza.
"But we have
to draw up plans with certain considerations and have to be careful with the
decisions we make." - Sports Staff.
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. 45.89 |
|
|
1 |
Rs. 74.31 |
|
Euro |
1 |
Rs. 65.41 |
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.