1. Summary Information
|
|
|
Country |
|
|
Company Name |
Punj-Lloyd
Limited |
Principal Name 1 |
Mr. Atul Prakash Punj |
|
Status |
Good |
Principal Name 2 |
Dr. Naresh Kumar Trehan |
|
|
|
Registration # |
55-33314 |
|
Street Address |
Punj Lloyd House, 17-18, |
||
|
Established Date |
26.09.1988 |
SIC Code |
-- |
|
Telephone# |
91-11-26200123 |
Business Style 1 |
Undertakes General
Construction, Accoustic Jobs, Slipforming and Cross country Piping and Gas
based Power Plants on Turnkey basis and laying of Optical Fiber Cables. |
|
Fax # |
91-11-26200111 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Construction,
Project Related Activities and Engineering Services. |
|
|
# of employees |
11268 (Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.664,191,000 /- |
Product Name 3 |
-- |
|
Shareholders |
Shareholding of
Promoter and Promoter Group (37.17%) Public
Shareholding (62.83%) |
Banking |
Andhra Bank. |
|
Public Limited Corp. |
Yes |
Business Period |
23 Years |
|
IPO |
-- |
International Ins. |
- |
|
Public |
---- |
Rating |
A
(63) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates |
-- |
Reliance Contractors Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
39,173,390,000 |
Current Liabilities |
26,385,419,000 |
|
Inventories |
36,964,269,000 |
Long-term Liabilities |
33,081,518,000 |
|
Fixed Assets |
12,462,043,000 |
Other Liabilities |
1,824,489,000 |
|
Deferred Assets |
5,928,000 |
Total Liabilities |
61,291,426,000 |
|
Invest& other Assets |
8,278,794,000 |
Retained Earnings |
34,928,807,000 |
|
|
|
Net Worth |
35,592,998,000 |
|
Total Assets |
96,884,424,000 |
Total Liab. & Equity |
96,884,424,000 |
|
Total Assets (Previous Year) |
92,515,063,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
41,932,363,000 |
Net Profit |
123,838,000 |
|
Sales(Previous yr) |
71,166,959,000 |
Net Profit(Prev.yr) |
3,674,021,000 |
MIRA
INFORM REPORT
|
Report Date : |
05.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
PUNJ-LLOYD LIMITED |
|
|
|
|
Registered Office : |
Punj Lloyd House, 17-18, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
26.09.1988 |
|
|
|
|
Com. Reg. No.: |
55-33314 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs.664.191 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L74899DL1988PLC033314 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELP08758B /
DELP14623A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACP0305Q |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges. |
|
|
|
|
Line of Business : |
Undertakes General
Construction, Accoustic Jobs, Slipforming and Cross country Piping and Gas
based Power Plants on Turnkey basis and laying of Optical Fiber Cables. |
|
|
|
|
No. of Employees : |
11268
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 140000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established
company having fine track. Financial position appears to be sound.
Fundamentals are strong and healthy. Trade relations are reported as fair.
Business is active. Payments are reported to be regular. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
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 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Punj Lloyd House, 17-18, |
|
|
Tel. No.: |
91-11-26200123 |
|
|
Fax No.: |
91-11-26200111 |
|
|
E-Mail : |
||
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Website : |
||
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Corporate Office 1 : |
78 Institurtional Area, Sector 32, Gurgaon - 122001, |
|
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Tel No.: |
91-124-2620123 / 2620493 |
|
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Fax No. : |
91-124-2620111 |
|
|
|
|
|
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Corporate Office 2 : |
Office 95, Institutional Area, Sector – 32, Gurgaon – 122001, |
|
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Tel No.: |
91-124-2620493 |
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Fax No.: |
91-124-2620111 |
|
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E-Mail: |
||
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Factory : |
Corporate Tower – 1, Institutional Area, Gurgaon – 122001, |
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Tel. No. : |
91-124-2620331 |
|
|
Fax No. : |
91-124-2620111 |
|
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|
|
|
|
Branch Office : |
Punj Lloyd
Engineering Limited 76, Institutional Area, Sector 32, Gurgaon – 122001, |
|
|
Tel. No. : |
91-124-2620700 |
|
|
Fax No. : |
91-124-2620701 |
|
|
E-mail : |
||
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|
|
|
|
Branch Office : |
Punj Lloyd
Engineering Limited Plot No. 39, Ananth Infopark, Phase II, |
|
|
Tel. No. : |
91-40-40028735 |
|
|
Fax No. : |
91-40-40028735 |
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|
|
|
|
|
Overseas Representative Offices: |
Punj Lloyd (Malaysia) Sdn. Bhd, #14-01 B, Keck Seng Tower,
133, Cecil Street, Singapore - 069535 Tel. No.
65-22279130 Fax No.
65-22241078 PT Punj
Lloyd Tel. No. 62-21-27666147 / 27666178 Fax No.
62-21-2766148 |
|
|
|
|
|
|
Representative
Offices: |
Banmore Industrial Area, Banmore 78, Institutional Area, Sector 32, Gurgaon
– 122001, Tel.: 91-124-2620123 Fax.: 91-124-2620111 1 TV
Industrial Estate, S K Ahire Marg
25 Punj
Lloyd Kazakhstan LLP Punj
Lloyd – LIMAK JV Office
213, Business- center «M-Style Office» PO Box 28907, 1206 Al Gaith Tower C/o
Eurotec Projects Development
Jamel Ben Amor
- Regional Director Maghreb and Africa Bin
Ashur Area -Said |
|
|
|
|
|
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Atul Prakash Punj |
|
Designation : |
Chairman |
|
Address : |
10, |
|
Date of Birth/Age : |
1958 |
|
Qualification : |
B. Com (Hons) |
|
Date of Appointment : |
01.07.1998 |
|
Previous Employment |
Own Business |
|
|
|
|
Name : |
Mr. S N P Punj |
|
Designation : |
Chairman (Emeritus) |
|
|
|
|
Name : |
Dr. Naresh Kumar Trehan |
|
Designation : |
Independent Director |
|
Address : |
B- 4, Maharani Bagh, |
|
Date of Birth/Age : |
12.08.1946 |
|
Qualification : |
MBBS |
|
|
|
|
Name : |
Mr. Sanjay Gopal Bhatnagar |
|
Designation : |
Independent Director |
|
Address : |
101 West, 79th St. # 24A, |
|
Date of Birth/Age : |
29.08.1961 |
|
Qualification : |
B Tech (Mech), M Tech (Mech.), MBA |
|
|
|
|
Name : |
Mr. Nitin Malhan |
|
Designation : |
Non Executive Director |
|
Address : |
112/ 122, “A” Wing Sarnath, |
|
Date of Birth/Age : |
02.08.1971 |
|
Qualification : |
B Sc., MBA |
|
|
|
|
Name : |
Mr. Phiroz Vandrevala |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Ms. Ekaterina Sharashidze |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Luv Chhabra |
|
Designation : |
Director (Corporate Affairs) |
|
Address : |
H-16/4, DLF, Phase – 1, Gurgaon, |
|
Qualification : |
B. Tech., MBA |
|
|
|
|
Name : |
Mr. P K Gupta |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Scott R. Bayman |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajan Jetley |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr.
Dinesh Thairani |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Tariq Alan |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. Robert Allen |
|
Designation : |
President-Plant and Equipment |
|
|
|
|
Name : |
Mr. Paul Craig Birch |
|
Designation : |
Group President Human Resources |
|
|
|
|
Name : |
Mr. Sandeep Garg |
|
Designation : |
President Caspian |
|
|
|
|
Audit Committee: |
Mr. Naresh Kumar
Trehan - Independent Director Chairman of the Committee Mr. Sanjay
Bhatnagar - Independent Director Mr. Niten Malhan
- Non Executive Director Mr. Phiroz Vandrevala - Independent
Director |
|
|
|
|
Investors Grievance Committee: |
Mr. Naresh Kumar Trehan - Independent Director Mr. Atul Punj – Executive Officer Mr. Luv Chhabra – Executive Officer |
|
|
|
|
Remuneration Committee: |
Mr. Naresh Kumar
Trehan - Independent Director Mr. Sanjay
Bhatnagar - Independent Director Mr. Niten Malhan
- Non Executive Director Mr. Phiroz Vandrevala - Independent
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
24,143,218 |
7.27 |
|
|
22,158,537 |
6.67 |
|
|
46,301,755 |
13.94 |
|
|
|
|
|
|
1,430,540 |
0.43 |
|
|
75,691,430 |
22.79 |
|
|
77,121,970 |
23.22 |
|
Total shareholding of Promoter and Promoter Group (A) |
123,423,725 |
37.17 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
20,112,391 |
6.06 |
|
|
22,123,133 |
6.66 |
|
|
35,592,327 |
10.72 |
|
|
77,827,851 |
23.44 |
|
|
|
|
|
|
24,462,997 |
7.37 |
|
|
|
|
|
|
93,984,887 |
28.30 |
|
|
3,265,743 |
0.98 |
|
|
9,130,542 |
2.75 |
|
|
3,570,425 |
1.08 |
|
|
294,385 |
0.09 |
|
|
5,265,732 |
1.59 |
|
|
130,844,169 |
39.40 |
|
Total Public shareholding (B) |
208,672,020 |
62.83 |
|
Total (A)+(B) |
332,095,745 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
332,095,745 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Undertakes
General Construction, Accoustic Jobs, Slipforming and Crosscountry Piping and
Gas based Power Plants on Turnkey basis and laying of Optical Fibre Cables. |
|
|
|
|
Products Description : |
Construction,
Project Related Activities and Engineering Services. |
GENERAL INFORMATION
|
No. of Employees : |
11268
(Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Andhra Bank ·
Arab Bank plc, ·
AXIS Bank. ·
Bank Muscat saog, ·
Bank of ·
Bank of ·
BNP Paribas, ·
Canara Bank ·
Central Bank of ·
Citi Bank N.A. ·
Credit Agricole ·
DBS Bank Limited ·
Deutsche Bank AG ·
·
Emirates Bank International pjsc, ·
Export - Import Bank of ·
First Gulf Bank, ·
HDFC Bank Limited ·
HSBC Bank Middle East Limited, ·
ICICI Bank Limited ·
IDBI Bank Limited ·
Indian Bank ·
Indian Overseas Bank ·
IndusInd Bank ·
ING Vysya Bank ·
International Finance Corporation, ·
Life Insurance Corporation of ·
Mashreq Bank psc, ·
Oriental Bank of Commerce ·
Punjab National Bank ·
Standard Chartered Bank ·
State Bank of ·
State Bank of ·
State Bank of ·
State Bank of ·
The Federal Bank Limited ·
The Jammu and Kashmir Bank Limited ·
The Karur Vysya Bank Limited ·
UCO Bank ·
Union National Bank, ·
United Bank of · Yes Bank Limited |
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Facilities: |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Company Chartered Accountant |
|
|
|
|
Memberships : |
Confederation of
Indian Industry |
|
|
|
|
Associates (As on 31.03.2010) : |
·
Gaitry Cable Network Private Limited (upto May
31, 2008) ·
City Vision Private Limited (upto May 31, 2008) ·
Shitul Engineering Private Limited (upto May 31,
2008) ·
Sunstar Network and Technologies Private Limited
(upto May 31, 2008) ·
Dot Com Holdings Private Limited (upto May 31,
2008) ·
Satellite Vision Private Limited (upto May 31,
2008) ·
Reliance Contractors Private Limited ·
·
Regional Hotel Pte Limited (up to April 15,
2009)* ·
System-Bilt ( ·
Realand Pte Limited (up to May 06, 2009)* ·
Reco Sin Han Pte Limited ·
Pipavav Shipyard Limited ( up to March 27, 2010)* ·
Air Works India Engineering Private Limited ·
·
Olive Group India Private Limited (w.e.f. June 25,
2009)** ·
Hazaribagh Ranchi Expressway Limited (w.e.f
August 01, 2009)** ·
Ethanol Ventures Grimsby Limited (w.e.f. February
27, 2009) |
|
|
|
|
Subsidiary Companies (As on 31.03.2010) : |
·
Spectra Punj Lloyd Limited ·
Punj Lloyd International Limited ·
Punj Lloyd Kazakhstan LLP ·
Punj Lloyd Industries Limited ·
Punj Lloyd Aviation Limited ·
Punj Lloyd Infrastructure Limited ·
Atna Investments Limited ·
Spectra Net Limited (upto May 31, 2008) ·
Punj Lloyd Upstream Limited ·
PT Punj Lloyd Indonesia ·
PLN Construction Limited ·
Punj Lloyd Pte Limited ·
PL Engineering Limited (Formerly known as Simon
Carves India Limited) ·
Sembawang Infrastructure ( ·
Spectra ISP Networks Private Limited (Formerly
known as PL Engineering Private Limited (w.e.f. October 23, 2008)) ·
Indtech Global Systems Limited (Formerly known as
Punj Lloyd Systems Private Limited (w.e.f. March 31, 2009) ·
Punj Lloyd SKIL Marine Systems Limited (w.e.f
July 01, 2009)* |
|
|
|
|
Step Down Subsidiary
Companies (As on 31.03.2010) : |
·
Spectra Net Holding Limited (upto May 31, 2008) ·
Spectra Punjab Limited (upto May 31, 2008) ·
Sembawang Engineers and Constructors Pte. Limited ·
PT Sempec ·
Sembawang Development Pte Limited ·
PT Indo Precast Utama ·
PT Indo Unggul Wasturaya ·
Sembawang ( ·
Construction Technology Pte Limited ·
Contech Trading Pte Limited ·
PT Contech Bulan ·
Construction Technology (B) Sdn Bhd ·
Sembawang ( ·
Sembawang Infrastructure ( ·
Sembawang Infrastructure ( ·
Sembawang-JTCI ( ·
Sembawang UAE Pte Limited ·
SC Architects and Engineers Pte Limited ·
Sembawang ( ·
Jurubina Sembawang (M) Sdn Bhd ·
Simon Carves Limited ·
Sembawang Simon-Carves De Mexico S.A DE. CV ·
Sembawang Engineers and Constructors Middle ·
Simon Carves Singapore Pte Limited ·
Sembawang ·
Sembawang Precast System LLC ·
Punj Lloyd Oil and Gas ( ·
Punj Lloyd Engineers and Constructors Pte
Limited. (Formerly known as Abudhabi ·
Engineers and Construction Pte. Limited. (w.e.f.
November 26, 2008) ·
Technodyne International Limited (w.e.f. June 02,
2008) ·
Punj Lloyd Delta Renewables Private Limited
(w.e.f. November 5, 2009)** ·
Delta Solar ( ·
Punj Lloyd Delta Renewables Pte Limited (w.e.f.
November 5, 2009)** ·
Buffalo Hills Limited. (w.e.f September 30,
2009)** ·
Technodyne Engineers Limited (w.e.f March 9,
2010)* ·
Sembawang Caspi Engineers and Constructors LLP
(w.e.f. January 11, 2010)* ·
Sembawang Libya General Contracting &
Investment Company (w.e.f. August 11, 2009)* ·
Sembawang Australia Pty Limited (w.e.f. November
5, 2009)* ·
Sembawang Hong Kong Limited (w.e.f. October 13,
2009)* ·
Sembawang Securities Pte Limited (w.e.f. February
5, 2010)* ·
Sembawang Equity Capital Pte Limited (w.e.f.
August 1, 2009)* |
|
|
|
|
Joint Venture (As on
31.03.2010) : |
·
Thiruvananthpuram Road Development Company
Limited ·
Persys-Punj Lloyd JV ·
·
Kaefer Punj Lloyd Limited ·
Swissport Punj Lloyd India Private Limited (under
liquidation) ·
Dayim Punj Lloyd Construction Contracting Co.
Limited ·
Joint Venture of Whessoe Oil and Gas Limited and
Punj Lloyd Limited ·
Ramprastha Punj Lloyd Developers Private Limited ·
Syna Petrochemical Engineering Company (up to
January 25, 2010) ·
Total-CDC-DNC Joint Operation ·
Kumagai-Sembawang-Mitsui Joint Venture ·
Kumagai-SembCorp Joint Venture (DTSS) ·
Kumagai-SembCorp Joint Venture ·
Philipp Holzmann-SembCorp Joint Venture ·
Semb-Corp Daewoo Joint Venture ·
Sime Engineering Sdn Bhd Sembawang ·
Sime Engineering Sdn Bhd SembCorp ·
Punj Lloyd PT Sempec |
* These entities have been incorporated / formed/ disposed off during
the year.
**These entities have been acquired during
the year.
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000000 |
Equity Shares |
Rs.2/- each |
Rs.700.000
millions |
|
10000000 |
Preferences Shares |
Rs.10/- each |
Rs.100.000
millions |
|
|
Total |
|
Rs.800.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
332086295 |
Equity Shares |
Rs. 2/- Each |
Rs.664.173 millions |
of the above:
136,700 equity shares
of Rs. 10 each were allotted as fully paid up pursuant to a contract for
consideration other than cash.
28,615,239 equity
shares of Rs.10 each were alloted as fully paid up bonus shares by
capitalization of profits.
During the earlier
years, the Company had converted 917,928 zero percent convertible preference
shares of Rs. 10 each into 3,098,296 equity shares of Rs. 10 each.
The Company had
sub- divided nominal value of its equity shares from Rs. 10 each to Rs. 2 each
on March 6, 2007. Consequently, the number of authorised, issued, subscribed
and paid up equity shares have increased accordingly during the year ended
March 31, 2007.
As on 02.08.2010
Authorised Capital : Rs.1000.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.664.191 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
664.191 |
664.173 |
606.964 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
34928.807 |
35106.500 |
25482.635 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
35592.998 |
35770.673 |
26089.599 |
|
|
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
19869.278 |
22806.962 |
22198.817 |
|
|
2] Non Convertible Debenture |
9850.000 |
7500.000 |
1500.000 |
|
|
3] Unsecured Loans |
3362.240 |
4723.043 |
5679.722 |
|
|
TOTAL BORROWING |
33081.518 |
35030.005 |
29378.539 |
|
|
DEFERRED TAX LIABILITIES |
1123.942 |
1200.134 |
1180.208 |
|
|
|
|
|
|
|
|
TOTAL |
69798.458 |
72000.812 |
56648.346 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
12462.043 |
11799.849 |
10722.771 |
|
|
Capital work-in-progress |
1723.775 |
1343.808 |
1236.543 |
|
|
|
|
|
|
|
|
INVESTMENT |
6555.019 |
6762.659 |
9933.465 |
|
|
DEFERREX TAX ASSETS |
5.928 |
2.142 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
36964.269
|
35060.942
|
29502.874
|
|
|
Sundry Debtors |
12677.993
|
14975.760
|
15235.620
|
|
|
Cash & Bank Balances |
4011.242
|
1812.414
|
3589.257
|
|
|
Other Current Assets |
828.848
|
3408.593
|
924.054
|
|
|
Loans & Advances |
21655.307
|
17348.896
|
10973.025
|
|
Total
Current Assets |
76137.659
|
72606.605
|
60224.830
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
9918.500
|
11855.295
|
|
|
Current Liabilities |
|
9124.094
|
12150.916
|
|
|
Provisions |
700.547
|
1471.657
|
1463.052
|
|
Total
Current Liabilities |
27085.966
|
20514.251
|
25469.263
|
|
|
Net Current Assets |
49051.693
|
52092.354
|
34755.567
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
69798.458 |
72000.812 |
56648.346 |
|
PROFIT & LOSS
ACCOUNT
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011 UnAudited |
|
Net Sales |
|
|
13501.900 |
|
Total Expenditure |
|
|
11962.100 |
|
PBIDT (Excl OI) |
|
|
1539.800 |
|
Other Income |
|
|
29.200 |
|
Operating Profit |
|
|
1569.000 |
|
Interest |
|
|
1004.200 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
564.800 |
|
Depreciation |
|
|
426.100 |
|
Profit Before Tax |
|
|
138.700 |
|
Tax |
|
|
84.500 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
54.200 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
54.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.28
|
4.87
|
4.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.26
|
5.80
|
7.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.12
|
4.89
|
6.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.12
|
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.69
|
1.55
|
2.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.81
|
3.54
|
2.36 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS REVIEW
During the year,
the Company’s operations were under pressure as a result of inflationery
pressures on account of steep hike of commodities and oil prices, being
critical inputs to the operations. The inflationary pressures forced Central
Banks to adopt tight monetary policies, resulting into higher interest rates.
The infrastructure sector was badly hit as a result thereof.
Total Revenues of
the Company decreased from Rs.75416.000 millions in FY 2009-10 to Rs.44802.000
millions in FY 2010-11. Profit before interest, depreciation and tax (PBIDT)
decreased by 41% from Rs.8091.700 millions in FY 2009-10 to Rs.4773.400
millions in FY 2010-11.
During the year,
the unsecured loans of the Company have decreased from Rs.4720.000 millions to
Rs.3360.000 millions. The secured loans have decreased during the year from
Rs.30310.000 millions to Rs.29720.000 millions. During the year, the Company
issued 10.50% Secured Redeemable Non Convertible Debentures aggregating to
Rs.3000.000 millions.
Profit Before Tax
(PBT) of the Company decreased from
Rs.4126.900 millions in FY 2009-10 to Rs.107.200 millions in FY 2010-11 and
Profit After Tax (PAT) decreased from Rs.3674.000 millions in FY 2009-10 to Rs.123.800
millions in FY 2010-11.
MANAGEMENT
DISCUSSION AND ANALYSIS
BUSINESS
PERFORMANCE
While the
macro-economic recovery across emerging economies augurs well for large project
construction companies like subject, there is always a time lag before the
recovery kicks off widespread and sustained infrastructure development.
Investors tend to wait and see whether the recovery is robust and with a long
term upside before committing to large scale, high outlay infrastructure
investments. Moreover, conceptualizing, planning and developing such projects
also takes time. Thus, the improved market conditions are reflected to some
extent in terms of new orders, but the
revenues and profits will be generated in forthcoming quarters.
From an
operational perspective, 2010-11 saw subject still recovering from the slowdown
of 2008 and 2009. Thus, the financial numbers reflect slow progress on a
relatively low order book. While some of
the Company’s projects have mobilised equipment and people, project work and
completion have not yet occurred to be reflected in revenues.
Consequently,
Subject’s total income reduced from Rs.108750.000 millions in 2009-10 to
Rs.81870.000 millions in 2010-11. EBIDTA increased from Rs.5540.000 millions in
2009-10 to Rs.6420.000 millions in
2010-11.
Even so, the
Company intensified its efforts to tap new opportunities. Consequently, the
unexecuted order book increased to Rs.205770.000 millions as on 31 March 2011.
It should be noted that this is after subtracting the Sembawang orders in
Broadly speaking,
Company’s business is divided into four global verticals — energy, civil and
infrastructure, engineering and ‘other businesses’. During 2010-11, on a
consolidated basis, revenue generated by:
·
Energy was Rs.50600.000 millions
·
Civil and Infrastructure was Rs.27000.000 millions
·
Engineering and Other businesses including
Defence, Renewable
Energy and Upstream Operations was Rs.4270.000 millions. The sections that follow detail developments in the
different business and key support functions.
ENERGY
With a share of
62% in revenues and 56% in unexecuted order book, energy is the most prominent
vertical in Company’s business portfolio. This includes businesses related to
oil and gas and power.
OIL AND GAS
In the oil and gas
business, the Company focuses on onshore field development projects,
pipelines including cross-country
pipelines, process plants and tanks and terminals. Within the process plants
business the Company also caters to the chemicals and petrochemical industry.
In 2010-11,
Rs.21990.000 millions of revenue was Generated from pipelines; Rs.4520.000
millions came from tanks and terminals and Rs.15590.000 millions from the
process business.
The business is
spread across
During 2010-11,
new projects secured in
·
Residual process design, balance design and
detailed engineering including verification of work already undertaken,
procurement and supply of all balance bulk items and other materials,
fabrication and inspection for Indian Oil Corporation Limited (IOCL) Refinery
at
·
Installation of ISBL (In Side Battery Limit) units,
crude and vacuum distillation unit, gasoline and saturated gas plant and
catalytic hydride sulphurization and isomerisation units for Nagarjuna Oil
Corporation Limited (NOCL) at
·
·
The Dabhol-Bangalore pipeline for GAIL. This
project is valued at Rs.5390.000 millions.
·
Mechanical and piping work for Fluid Catalytic
Cracker (FCC-Indmax) and the Propylene Recovery Unit -PRU at Paradip, India for
IOCL, whose contract value is Rs.1690.000 millions.
·
Offsite and utilities, namely the mechanical and
piping work for Mangalore Refinery and Petrochemicals Limited. This project is
worth Rs.1000.000 millions.
·
Construction of eight ethylene cracking furnaces
for Linde at
·
The Bhagyam Trunk Pipeline for Cairn India Limited
at Rajasthan, carrying a contract value of Rs.400.000 millions
·
Bhilwara-Chittorgarh Pipeline for GAIL in
Two major projects
that were successfully commissioned during 2010-11 include:
·
Motor Spirit Quality Upgradation facilities at IOCL, Barauni.
·
Delayed Coking Unit along with LPG Merox at IOCL,
Vadodara.
OVERSEAS
OPERATIONS
While MENA
witnessed considerable investments in the pre-crisis phase during 2010-11, the
markets also saw very competitive bidding. Projects were often secured by the
lowest bidder at prices which were unnaturally low. Consequently, Subject had a low success rate
in winning projects in this region.
The following
projects are in an advanced stage of completion.
·
Engineering, procurement, installation and
commissioning (EPIC) of Strategic Gas Transmission Project for Qatar Petroleum
in
·
EPIC of the Multi-Product Pipelines for
·
Fluorine complex for Gulf Fluor LLC, UAE.
·
Fuel systems for
·
Ras Lanuf Floating Roof Tank for Harouge Oil
Operations in
·
EPC for Oil and Gas Export Pipelines, Kashagan
Experimental Programme for Agip KCO in
POWER
Power is an
important vertical in subject’s energy portfolio. Today, the Company has gone
up the value chain from being a pure construction player to a total solution
provider for complete thermal power plants on EPC basis.
Given the strong
market demand, Subject has been aggressively pushing this business. In
addition, it has also made a foray on nuclear power where it is starting to
gain market traction.
CIVIL AND
INFRASTRUCTURE
The infrastructure
business is carried out primarily by company based out of
During 2010-11,
Subject’s infrastructure business generated Rs.27000.000 millions of revenues.
Highway Projects
The Company’s core
strength is in the highway sector where it has a large and specialized
equipment base. Unfortunately, after considerable promise in the first quarter,
highway development in
(annuity) basis
under NHDP-III, and is valued at Approximately Rs.7350.000 millions
In addition, the
following projects were under execution in 2010-11:
·
Four/Six laning of Hyderabad-Vijayawada Section of NH-9
on a BOT (toll) basis under NHDP Phase-III in Andhra Pradesh.
·
Four-laning of the Silchar to Balachera section
from 275 km to 306.54 km of NH-54 in
·
Widening and strengthening of the existing national
highway from two-lane to four-lane from 10936 km to 1121 km of the Guwahati to
Nalbari section in NH-31 in
·
Widening and strengthening of existing national
highway from two-lane to four-lane from 1065 km to 1093 km of the Guwahati to
Nalbari section in NH-31 in
·
Widening and strengthening of existing national
highway from two-lane to four-lane from 983 km to 1013 km of the Nalbari to
Bijni section in NH-31 in
·
Widening and strengthening of existing national
highway from two-lane to four-lane from 961.5 km to 983 km of the Nalbari to
Bijni section in NH-31 in
·
Widening and strengthening of existing national
highway from single lane to four-lane from 2.4 km to 22 km of the Lanka to
Daboka section in NH-54 and the Daboka Bypass in
Projects in
In November 2010,
to add to its technical capabilities, Subject signed an MoU with Hopetech Sdn
Bhd (
Building Projects
The Company is
also aggressively pursuing the less capital intensive, yet profitable buildings
construction business, which includes hospitals, education institutions, IT
parks, residential building and commercial centres. Subject is executing the
following building projects:
·
Construction of AIIMS,
·
Civil, structural, waterproffing work, including
site development, for the Rajiv Gandhi Institute of Petroleum Technology at
Jais, in the district of Rae Bareli (UP), valued at Rs.1800.000 millions.
·
Planning, design and construction of three medical
colleges in
·
Construction of IT Park, SEZ at the
·
Civil work for housing project, La
·
Construction of Ascendas IT
Metro Projects
For Delhi Metro,
subject has executed the following projects –
·
Elevated viaduct (
·
Part design and construction of elevated viaduct
including structural work of four elevated stations (Nangloi-Mundka section): a
length of 4.8 km valued at Rs.1850.000 millions.
As of now, Subject
is executing projects in the Bangalore Metro Project across different lines and
phases. This includes construction of two elevated metro stations, i.e.
M.G.Road and Trinity Circle Terminals in Reach-1; three elevated metro stations, namely Mysore Road Terminal,
Deepanjali Nagar and Magadi Road Stations In Reach-2; and three elevated metro
stations, i.e. Rajajinagar, Kuvempu and
Malleshwaram in Reach-3. The combined value of these projects is Rs.3250.000
millions.
Urban
Infrastructure Projects
Subject has
executed a project for MCD, which involved covering of Sunehri and Kushak Nalla
for providing parking facilities for Commonwealth Games 2010. The value of the project was Rs.3039.500 millions.
Railway Projects
Subject has also
gained entry into the Railways sector, by winning a contract for railway siding
work at Anpara, UP. This contract is worth Rs.1140.000 millions.
Airport Projects
Subject is also
executing work worth Rs.2640.000 millions for building a new airport at
Going forward, the
Company is looking to widen its portfolio by pursuing opportunities in water
supply, civil work in power plants, railways and offshore breakwaters. It is
also exploring overseas projects in Middle East, South East Asia and
SIMON CARVES LIMITED,
Simon Carves has
delivered over 130 years of proven innovative engineering across a broad
spectrum of process sectors. In alliance and partnering arrangements with
global organisations, it delivers a complete range of turnkey services. Using
advanced project methodologies, SCL adds value to projects from the concept to
handover, including detail design, procurement, construction and commissioning.
In terms of
business, Simon Carves was affected adversely by the global economic downturn
of 2008. Consequently, the company has gone through re-sizing and
consolidation. Today, it is well positioned to execute a sustainable growth
plan for engineering activities over the near future. The stress of the new
growth plan is on:
·
Developing new and emerging markets, while
maintaining its strengths in low density polyethylene (LDPE) through plant life
extensions and asset integrity services.
·
Diversification and growth through the acquisition
of new customers in new markets as well as exploiting existing markets such as
bio-fuels, polymers, chemicals, and the nuclear fuel cycle.
·
Introduction of best practices which should enable improved
performance across all areas of the business through consistency and commercial
robustness.
·
Re-establishing Simon Carves as a global brand in
process engineering and technology through increased marketing efforts that
leverage the best-in-class engineering work performed in the past.
As a result of the
re-organisation, Simon Carves has divided its projects into two groups: legacy
projects (old EPC contracts) and new companies or contracts (contracts secured
in 2010-11). Legacy contracts generated revenues of £ 6.8 million with losses
at the gross profit level of £ 11.3 million in 2010-11. The new company
business generated revenues of £ 5.3 million with significant gross margin.
With the new company contracts, SCL is moving towards improvements in profits.
Some of the key
milestones achieved by SCL during 2010-11 include:
·
Successful execution of FEED engineering for an oil
and gas major generating revenues of approximately £ 2.5 m with significant
gross margin. Awards of other
engineering services contracts for FEED will be awarded in the first half of
2011-12, amounting to £ 1 million each.
·
Master framework agreement signed with an
international chemical conglomerate for provision of on-going engineering
design services, with Simon Carves as a preferred supplier. In 2010-11, work
was executed of around £ 1 million, with significant gross margin.
·
New contract secured with GS E and C of Korea to
deliver basic engineering services for a new LDPE plant in
·
earned revenues of £ 1.6 million.
·
MoU received from TPE in
·
Successful closure of the Saudi Kayan project.
Simon Carves began
the year with an order backlog worth £ 8.6 million. During 2010-11, it secured
new businesses worth £ 12.9 million, executed orders and booked revenues of £
9.9 million. The unexecuted order book at the end of the year is valued at £
11.6 million. In terms of value of bids submitted, Company had a
success rate of
around 30%. Some of the major projects
secured during 2010-11.
Going forward,
there are healthy signs of recovery in the market as a whole, and particularly in
the company’s established areas of polymers, sulphuric acid and chlor alkali.
LDPE continues to be one of its core strengths, and as the world’s leading high
pressure polyethylene engineering specialist, it is leveraging 60 years’
experience in LDPE to provide customers with innovative, value-driven
solutions.
Renewables,
specifically bio-fuels, are a rapidly developing market, and Simon Carves is
well positioned to exploit growth globally. It is also looking to re-invigorate
its long history in nuclear engineering. With the current nuclear
decommissioning
spend in the UK expected to be £ 4.5 billion over the next three years, as
well as nuclear new builds, where the UK
will see investment in at least two new nuclear power plant in the period,
typically £ 3-5 billion per power plant.
Plant life
extensions and asset integrity within Simon Carves installed capacity will be
pursued as a new market opportunity. Thus, the company is now well positioned
to develop long term sustainable growth through a balanced market portfolio.
DEFENCE
The Company Group
is emerging as a credible player for defence equipment, with focus on adoption
of state-of-the-art technology. The objective is to indigenously develop
capability and infrastructure so as to produce genuine
force multipliers
that will provide a decisive edge to the Indian armed forces.
The Group has a
multi-pronged defence strategy with an objective to:
·
Become a supplier of choice to the Indian armed
forces.
·
Be a preferred partner for transfer of technology
from global majors.
·
Be a part of the global defence equipment supply
chain.
·
Undertake maintenance, repair and overhaul of
defence equipment.
·
Work in partnership with global majors to meet
offset requirements as per the Indian Defence Procurement Procedure.
Subject has
responded to several Requests for Information of the Indian armed forces and
has submitted a bid for an air gun up-grade programme. It has also been
shortlisted by the Ministry of Defence for several other projects.
It has established
long term relationships with several global defence majors and is undertaking
portions of the work share for future programmes.
WATER IN
Unsafe water and
lack of basic sanitation cause up to 80% of diseases. The UN predicts that
one-tenth of the global disease burden can be prevented simply by improving
water supply and sanitation. In
While accessing drinking
water continues to be a problem, assuring that it is safe is a challenge by
itself. Water quality problems are caused by pollution and over-exploitation.
It is affected by both point and non-point sources
of pollution.
These include sewage discharge, discharge from industries, run-off from
agricultural field and urban run-off, Water quality is also affected by floods,
droughts and can also arise from lack of awareness and education among users.
Consequently, there is a massive need for water treatment initiatives in
Subject Delta
Renewables’s strategy is to provide water treatment plants that will provide
clean drinking water supply to both urban and rural
Thus, the idea is
to provide turnkey solutions where solar power is used as the energy source for
distributed water purification plants.
company is currently executing
in
INFORMATION
TECHNOLOGY (IT)
The key objectives
for IT initiatives in 2010- 11 were: (i) creating business alignment, (ii)
Promoting new technology; (iii) putting process and IT controls in place; (iv)
greater automation; and (v) global
expansion.
Alignment with business: To reduce manual
intervention and create a seamless Procure to Pay system, a shared services
initiative covering account payables and electronic payments was put in place.
This process aims at improving controllership, productivity, cost deflation and
vendor satisfaction. Other initiatives like Enterprise Asset Management allow
use of technology like RFID and hardware sensors communicating over a GPRS
network with Oracle ERP. This initiative is targeted at bringing down fuel
loss, controlling maintenance costs and reducing unscheduled downtime of the
large plant and equipment fleet.
New technology: Subject is exploring how both public and
private cloud architecture can be leveraged. As a first step, it is moving from a legacy based mailing system to a cloud
based system. This solution also provides a real time collaboration platform
for business to jointly work on globally distributed projects. Subsequent
phases will involve moving onto newer applications on subject’s private cloud.
In addition, Documentum has become the Document Management System for the
entire group. New projects have been defined
in the system, and it will act as the central repository for all project
data. The solution brings in version control of documents, advanced search
criteria and collaborative working for users.
Controls: A number of compliance and process controls
were put in place to ensure that industry best practices are followed to
increase efficiency and productivity.
Key initiatives ranged from implementing Encumbrance Controls on project
budgets and spending to creating Business Intelligence dashboards to help
senior leadership making strategic decisions. IT Systems and Security Audits
are conducted based on ISO 27001 Standard across the Group companies to ensure
information security compliance.
Automation: Improvement in productivity by eliminating
non-value added activities was another focus area. Initiatives like electronic
funds transfer for vendor payments and automatic purchase transactions by
project teams helped in reduction of manual activities. E-bidding (reverse
auctions) performed in real-time via the internet, has created a transparent
competitive process and brought in cost savings.
Expansion: Subject has its presence across 20
countries. A major focus area in 2010-11 was to bring all entities,
geographies and
business divisions on the same IT platform. Geographies like
Overall, 2010-11
was a year where IT at subject evolved from being a service provider to a
business enabler.
FINANCIAL PERFORMANCE
Total Revenue of
the Company decreased by 40.6% from Rs.75416.000 millions in FY 2009-10 to Rs.44802.000
millions in FY 2010-11. Profit before interest, depreciation and tax (PBIDT)
decreased by 41% from Rs.8091.700 millions in FY 2009-10 to Rs.4773.500
millions in FY 2010-11.
Profit Before Tax
(PBT) of the Company decreased from Rs.4126.900 millions in FY 200-10 to
Rs.107.200 millions in FY 2010-11 and Profit After Tax (PAT) decreased from
Rs.3674.000 millions in FY 200-10 to Rs.123.800 millions in FY 2010-11.
FUTURE OUTLOOK
Clearly, over the
last few years subject is in recovery mode. While the worst is over, the road
ahead is also fairly challenging. The positive is that subject is well
positioned across countries in the emerging markets and with experience across
a wide variety of sectors to cater to the intrinsic need for infrastructure development
in these countries. There continue to be uncertainties in
down investments
in an environment of high inflation.
While these
concerns exist, the macroeconomic trends in terms of growth parameters are
positive across the developing and emerging markets. As a Company, Subject has
entered 2011-12 with a healthy order book with a
backlog of
Rs.205570.000 millions worth of projects to be executed. There has been a good
flow of new orders in 2010-11, not only
in the Company’s traditional areas of strength in pipelines but also in civil
and infrastructure projects, and in new businesses like renewables. Simon
Carves, which was going through a very difficult period has secured new orders with much better
margins and is poised for a turnaround. The opportunities are there, but the
Company has to focus on its internal capabilities and excel on the execution
front. Subject remains cautiously
optimistic about
its prospects in 2011-12.
CONTINGENT
LIABILITIES NOT PROVIDED FOR
|
Particulars |
As
on 31.03.2011 Rs.
in millions |
As
on 31.03.2010 Rs.
in millions |
|
Bank Guarantees given by the Company |
8321.696 |
7303.547 |
|
Bank Guarantees given on behalf of subsidiaries and joint ventures |
179.500 |
179.000 |
|
Liquidated damages deducted by customers not accepted by the Company
and pending final settlement. * |
2206.562 |
2709.427 |
|
Corporate Guarantees given on behalf of subsidiaries, joint ventures
and associates |
48292.915 |
61874.700 |
* excludes
possible liquidated damages which can be levied by customers for delay in execution
of projects. The management believes that there exist strong reasons why no
liquidated damages shall be levied by these customers.
FIXED ASSETS
·
·
Leasehold Improvements
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Tools
·
Vehicles
UNAUDITED RESULTS FOR THE QUARTER ENDED 30.06.2011
(Rs. In Millions)
|
Particulars |
Three
months ended June
30, 2011 |
|
Net Sales / Income from Operations |
13401.500 |
|
Other Operating Income |
100.400 |
|
|
|
|
Expenditure |
|
|
Material Consumed and Cost of Goods Sold |
4949.700 |
|
Contractor Charges |
2627.900 |
|
Employees Cost |
1544.300 |
|
Other Expenditure |
2840.200 |
|
Depreciation |
426.100 |
|
Total |
12388.200 |
|
|
|
|
Profit From Operations before other Income Interest and Exceptional Items |
1113.700 |
|
Other Income |
29.200 |
|
Profit before Interest and Exceptional items |
1142.900 |
|
Interest |
1004.200 |
|
Profit / (Loss) after interest but before Exceptional items |
138.700 |
|
Exceptional items |
-- |
|
Profit / (Loss) from Ordinary Activities before Tax |
138.700 |
|
Tax Expenses |
|
|
Current Tax Expenses |
45.500 |
|
Deferred Tax Charge / (Credit) |
39.000 |
|
Net Profit/(Loss) for the period |
54.200 |
|
Paid Up Equity Share Capital (Face Value of Rs.2 each) |
664.200 |
|
Reserve excluding Revaluation Reserves |
-- |
|
Earning Per Share |
|
|
Basic Earning Per Share (in Rs.) |
0.16 |
|
Diluted Earning Per Share (in Rs.) |
0.16 |
|
(Face Value of Rs.2 each) |
(Not Annualised)
|
|
Public Share Holding |
|
|
Number of Shares |
208672020 |
|
Percentage of Shareholding |
62.83 |
|
Promoters and
Promoter group share holding |
|
|
a) Pledged /
Encumbered |
|
|
- Number of Shares |
6015000 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
4.87 |
|
- Percentage of shares(as a % of the total share capital of the company) |
1.81 |
|
b) Non-encumbered |
|
|
- Number of Shares |
117408725 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
95.13 |
|
- Percentage of Share (as a % of the total share capital of the company) |
35.36 |
Note
1.
The status of
Investor complaints received by the Company is as follows:
|
Particulars |
Pending
As on April 01, 2011 |
Received
during the Quarter |
Disposed
off during the Quarter |
Pending
as on June 30, 2011 |
|
No. of Complaints |
NIL |
19 |
19 |
NIL |
2.
As on June 30 2011, out of total 4,000,000 stock options
under ESOP 2005, 3217,445 and 771,040 stock options have been 0ranted to the
eligible employees on November 17, 2005 and May 10, 2006 respectively. The
stock options shall vest in the ratio of 10%, 20%, 30% and 40% at the end of
one, two, three and four years respectively from the date of grants. During the
quarter ended June 30, 2011, Nil stock options have been exercised, resulting
in allotment of Nil equity shares As at June 30, 2011, the total stock options
exercised under ESOP 2005 are 1,027,240.
3.
As on Tune 30, 2011, out of total 5,000,000 stock
options under ESOP 2006, 1,491,050; 30,000; 40,000: 30,000; 30,000 and 30,000
stock options have been granted to the eligible employees on October 30, 2006,
September 27, 2007, May 30, 2008, March 30, 2009, January 22, 2010 and August
03, 2010 respectively. The stock options shall vest in the ratio of 10%, 20%.
3011, and 40% at the end of one, two, three and four years respectively from
the date of grant. During the quarter ended June 30, 2011. Nil stock option
have been exercised, resulting in allotment of Nil equity shares. As at June
30, 2011, the total stock options exercised under ESOP 2006 are 217,135.
4.
During the quarter, a wholly owned step down
subsidiary, Punj Lloyd Engineers and Constructors Pte Limited.
5.
During the quarter, wholly owned subsidiary, Punj
Lloyd Pte. Limited,
6.
Subsequent to quarter end, wholly owned subsidiary,
PL Engineering Limited India incorporated a subsidiary company i.e. Simon
Carves Engineering Limited w.e.f. July 07, 2011.
7.
The auditors of the Company have qualified their
report on standalone and consolidated financial results for the quarter ended
June 30, 2011 and standalone and consolidated financial statement for the year
ended March 31, 2011 in respect of accounting of claim of Rs.2430.300 millions
on Heera Redevelopment Project (HRP) with Oil and Natural Gas Corporation
Limited (ONGC), based on management’s assessment of cost over-run arising due
to design changes and consequent changes in the scope of work on a project and
also non-accounting of liquidated damages amounting to Rs.654.900 millions
deducted by the customer Further, there are other debtors outstanding of
Rs.832.600 millions and unbilled work in progress of Rs.1657.000 millions
relating to the said project as at June 30, 2011. The Company has initiated
arbitration proceedings against the customer. during the previous year, The
management is confident of recovery of amounts exceeding the, recognized clam
and waiver of liquidated damages and is also confident of recovery of other
debtors sod unbilled work in progress.
8.
The auditors of the Company have qualified their
report on standalone and consoIidated financial results for the quarter ended
June 30, 2011 and standalone and consolidated financial statement for the year
ended March 31, 2011 in respect of the accounting of claims of Rs.897.300
millions on two projects, based upon management’s assessment of cost over-run
arising due to delay in supply of free issue materials by the customers,
changes in scope of work and/or price escalation of materials used in the
execution of the project. The management, based on its assessment, is confident
of recovery of amounts exceeding the recognized claims.
9.
The auditors of the Company have qualified their
report on standalone arid consolidated financial results for the quarter ended
June 30, 2011 and for the year ended March 31, 2011 in respect of the one of
the Company’s branch and subsidiary at Libya which has assets aggregating to
Rs.10077.700 millions and Rs.12447.600 millions respectively at Company and
Group level as at June 30, 2011. The Branch has also received advances from
customers of Rs.5166.700 millions. Due to civil and political disturbances and
unrest in Libya, the work on all else projects has stopped, the resources have
been demobilized and necessary intimation has been given to the customers The
Company has also filed the details of the outstanding assets with the Ministry
of External Affairs, Government of India Pending the outcome of the
uncertainty, the aforesaid amounts are being carried forward as realizable.
10.
On July 07, 2011, the Company had announced
withdrawal of financial support provided to a step dawn subsidiary, Simon
Carves Limited (SCUK) incorporated in
11.
The auditors of the Company in their report on
standalone and consolidated financial results for the quarter ended June 30,
2011 and standalone and consolidated financial statement for the year ended
March 31, 2011 have invited attention so deductions made / amount withheld by
some customers aggregating to Rs.725.100 millions. The management is taking
appropriate steps for recovery of these deductions / withheld amounts and
believes that these amounts are fairly stated.
12.
The standalone end consolidated financial results for
the quarter ended June 30, 2011 ate after adjusting prior period expenses of
Rs.99.400 millions and Rs.84.400 millions respectively.
13.
The Company’s business activity falls within a
single business segment i.e. Engineering and Construction. Therefore, segment
reporting in terms of Accounting Standard 17 on Segmental Reporting is not
applicable.
14.
The above unaudited financial results for the
current quarter ended June 30, 2011 were subjected to a “Limited Review” by the
auditors of the Company and reviewed and recommended by the Audit Committee and
approved by the Board of Directors at its meeting held on August 12, 2011.
15.
Previous quarter / year figures have been regrouped
/ re-arranged wherever necessary to confirm to the current quarter’s
presentation.
* Wherever diluted earnings per share is anti-dilutive in nature, basic
EPS is reported.
WEB DETAILS
THE HISTORY
For the large, global player that it is today, Subject had a modest
start. Atul Punj, Chairman – Subject was the third generation in the Punj
family business. He started the pipeline division of Punj Sons Private Limited
in 1982 which was later incorporated as Punj Lloyd Engineering Private Limited
in 1988. The company was rechristened Punj Lloyd Private Limited in the
following year and subsequently became Public Limited in 1992.
From what started with pipelines, grew to constructing tanks and
terminals, refineries, power plants and civil infrastructure.
Subject was also quick to spot opportunities in overseas markets and
secured its first overseas contract – Balongan Jakarta Product Pipeline, in
Subject became listed in 2006 and in the same year, Subject made another
significant move. It acquired Sembawang Engineers and Constructors in
Growing from strength to strength, the group embarked on a branding
initiative in 2006 to focus on creating a powerful EPC brand that unites global
operations and diverse service offerings. The new logo is based on the idea of
synergy - different entities working together to create a whole that is larger
than the sum of its parts.
The Group acquired a significant stake in
From its evolution from a pipeline company to a renowned EPC player to
today an over US$ 2.4 billion diversified player, also in Defence, Aviation,
Upstream and Marine, Subject’s history is dotted with interesting and
heartening anecdotes of its rich experiences gained in different geographies,
of people who stood tall to bring it so far, of complexities of its various
diverse projects and the challenges of time.
MILESTONES
|
1988 |
The dawn of Punj Lloyd Engineering Private Limited |
|
1989 |
Renamed Punj Lloyd Private Limited |
|
1992 |
Becomes Public Limited and wins its first overseas pipeline contract
in |
|
1993 |
Gets its first Middle East Contract for Field Development |
|
1995 |
Gets its 1st EPC contract in Oil and Gas sector in |
|
1998 |
·
Awarded a project for the construction of ·
Gets its first Refinery project,
De-sulphurisation unit, IOCL’s Mathura Refinery |
|
1999 |
Gets its |
|
2001 |
Gets its first highway project in the Golden Quadrilateral – |
|
2002 |
·
Gains entry into the Caspian with KAM pipeline,
Kazakshtan ·
Gets its first Offshore pipeline project –
Penaran |
|
2004 |
EPC Tank Contract in Asia Pacific, Bulk Liquid |
|
2005 |
Gets its 1st Thermal Power Plant, |
|
2006 |
·
Became a listed company ·
Acquires Singapore-based Sembawang and Simon
Carves, ·
Adds petrochemicals, engineering, buildings and
urban infrastructure projects like airports, jetties, Mass Rapid Transit,
Light Rail Transit System, hotels, resorts, to its portfolio ·
Launches new brand identity |
|
2007 |
·
Punj Lloyd Upstream Limited incorporated to
address the opportunities in the Integrated Drilling Services market ·
1st Offshore Platform project in |
|
2008 |
·
Forays into the Defence Sector ·
Bagged first drilling contract in |
|
2009 |
·
Forays into Solar Utility space ·
Announces new organizational structure |
|
2010 |
·
Opens offices in ·
Bags first offshore project in ·
Wins |
BUSINESS
DESCRIPTION
The Company is engaged in providing integrated design, engineering, procurement,
construction and project management services for energy and infrastructure
sector. The Company’s business is divided into four verticals: energy, civil
and infrastructure, engineering and other. Energy business is engaged in
business of oil and gas and power. In the oil and gas business, the Company
focuses on onshore field development projects, pipelines, including
cross-country pipelines, process plants and tanks and terminals. The
infrastructure business is carried out by the Company based out of
BOARD OF DIRECTORS
Mr. Atul Punj –
Chairman
Mr. Atul Punj is Executive Chairman of the Board of Company. He is
Chairman of company, a global EPC Group headquartered in
Education
B Commerce,
Mr. Sanjay Gopal
Bhatnagar - Independent Director
Mr. Sanjay Gopal Bhatnagar is Independent Director of company. He is
Chief Executive Officer of WaterHealth International (WHI), a new generation
water company developing decentralized water purification solutions. WHI, is a
US based company that focuses on providing sustainable community water
solutions to underserved population worldwide. It currently serves a population
of over 2 million people through more than 300 purification plants in
Education
MBA ,
M Engineering,
B Mechanical Engineering, Indian Institute of Technology
Mr. Luv Chhabra –
Director
Mr. Luv Chhabra is Director - Corporate Affairs, Whole-Time Director of
company. He is an engineering graduate from Indian Institute of Technology,
Education
MBA ,
Engineering, Indian Institute of Technology,
Mr. Niten Malhan -
Non-Executive Director
Shri. Niten Malhan is Non-Executive Director of company. He has been
with Warburg Pincus since 2001 and focuses on the firm’s investment activities
in
Education
MBA , Indian Institute of Management, Ahmedabad
BS Computer Science, Indian Institute of Technology,
Ms. Ekaterina A.
Sharashidze - Independent Director
Ms. Ekaterina A. Sharashidze is Independent Director of company. She
holds a Bachelor’s Degree in Economics, English and Art History from
Education
MBA ,
M Public Policy,
B English and Art History,
Mr. Naresh Kumar
Trehan - Independent Director
Dr. Naresh Kumar Trehan is Independent Director of company. He is an
Indian national is a cardiovascular and cardiothoracic surgeon. He graduated
and completed his internship from
Education
Mr. Phiroz
Vandrevala - Independent Director
Mr. Phiroz Vandrevala is Independent Director of company. He is
Executive Director, Head, Global Corporate Affairs, Mr. Phiroz Vandrevala is
responsible for corporate affairs at Tata Consultancy Services. Mr. Vandrevala
is also a member of the strategy group at TCS. An active spokesperson for the
Indian IT Industry on the important issues confronting the sector, Mr.
Vandrevala is a former chairman of NASSCOM,
Mr. Pawan Kumar
Gupta - Executive Director
Mr. Pawan Kumar Gupta is Whole-Time Director of company. He holds a
degree in mechanical engineering from the Thapar Institute of Engineering and
Technology,
Education
Mechanical Engineering,
PRESS RELEASE
PUNJ LLOYD: BETTER
RESULTS, BUT THE PAST HAUNTS VALUATIONS
Mint: 17 August 2011
But over the last
six months, it has gradually cut losses through improved project execution.
June quarter revenue grew 30.6% from a year ago, though it was lower than in
the March quarter, which is typically the best for construction firms.
Operationally,
efforts to reduce costs have seen lower staff expenses, contractor charges and
other expenses as a percentage of sales, when compared with the year-ago
period. But raw material costs shot up during the quarter.
Consequently,
profitability fell, although thanks to higher revenue that provided operating
leverage, the operating margin for the quarter was slightly better than the
year ago. Operating profit also rose about 34% during the period.
Yet, the past
continues to haunt overall performance. Project delays some on account of
political and administrative problems overseas, as in
Interest costs
were up 40% year-on-year and about 15%, quarter-on-quarter, obviously hurting
cash flows. It registered a net loss of about '124.000 millions, which is lower
than that registered a year ago.
Analysts say that
high tax rates hit profitability as projects are spread across multiple
subsidiaries and losses in one cannot offset the tax in profitable units.
Punj Lloyd's order
inflows during the quarter rose 3% from a year ago. However, the order backlog
contracted 6% to '239000.000 millions. But about one-fifth of this is in
Last month, the
company announced that it would withdraw any further financial support to its
The Street,
however, has not been impressed by the firm's performance, which was a shade
better this quarter as revenue grew and losses were lower. After
underperformance against the CNX Nifty index for several quarters, its shares
fell sharply by 10% on Tuesday to '56.10. The results seem to be masked by the
negative sentiment that shrouds the firm, given several unresolved issues.
Published by HT Syndication with permission from MINT.
PUNJ LLOYD CONS
NET LOSS AT RS.130.000 MILLIONS IN JUN QTR
PUNJ LLOYD GROUP ANNOUNCES Q1 RESULTS FOR FY 2012
New Delhi, August 12, 2011: Punj
Lloyd Group, the diversified engineering, procurement and construction
conglomerate, today announced its financial results for the first quarter of FY
2011-2012 at its Board of Directors’ meeting today.
Standalone Results –
Q1 FY2012 Financial highlights
(All comparisons with Q1 FY2011)
·
Revenues for the quarter at
Rs.13530.000 millions as compared to Rs.11200.000 millions during the corresponding previous period (Q1 FY2011)
·
EBIDTA at Rs.1570.000 millions compared
to Rs.940.000 millions in Q1 FY2011
·
PBT at Rs.140.000 millions compared to
Rs.(140.000) millions in Q1 FY2011
·
PAT at Rs.50.000 millions compared to
PAT at Rs.(19.000) millions in Q1 FY2011
·
Basic EPS stands at Rs.0.16
Consolidated Results -
Q1 FY2012 Financial highlights
(All comparisons with Q1 FY2011)
·
Revenues for the quarter at
Rs.22660.000 millions as compared to Rs.17380.000 millions during the
corresponding previous period (Q1 FY2011)
·
EBIDTA at Rs.1840.000 millions compared
to Rs.1380.000 millions in Q1 FY2011
·
PBT at Rs.90.000 millions compared to
Rs.(70.000) millions in Q1 FY2011
·
PAT at Rs.(130.000) millions compared
to Rs.(300.000) millions in Q1 FY2011
·
Basic EPS stands at Rs.(0.37)
Commenting on the Company’s performance for Q1 FY2012, Atul
Punj, Chairman, Punj Lloyd, said, “Rising
inflation, interest costs and commodity prices coupled with strong competitive
pressures and political concerns pose a challenging environment in many parts
of the world. However, with our strong order book and diverse execution
capability, I remain confident of our company’s ability to deliver growth and
create value.”
The company also announced a new contract worth Rs.3070.000
millions for Engineering, Procurement and Construction (EPC) of the Balance of
Plant and Civil Work for 3 X 18 MW Coal Fired Steam Power Plant of P. T. Citra
Kusuma Perdana at Sangatta, East Kalimantan, Indonesia.
As on August 12, 2011, Punj Lloyd Group has an order backlog
of Rs.239380.000 millions. This is the total value of unexecuted orders as on
June 30, 2011, and new orders received after that day.
Key projects bagged during this year:
·
Submarine pipeline project worth
Rs.8250.000 millions from Gujarat State Petroleum Corporation in an exploration
block on the east coast of
·
EPC nuclear power contract worth
Rs.6780.000 millions from Nuclear Power Corporation of India Limited.
·
EPC project for laying of Oil and Gas
Pipelines worth Rs.21140.000 millions (*Client name and project details are not
specified owing to client confidentiality requirements)
·
A railway contract worth Rs.1010.000
millions for building a railway siding for the Uttar Pradesh Rajya Vidyut
Utpadan Nigam Limited
·
Contract to build process facilities
for a crude oil storage cavern. This EPCC contract, worth Rs.3300.000 millions,
is the first cavern project for the Group and has been awarded by Indian
Strategic Petroleum Reserves Limited
·
A civil contract for a thermal power
project worth Rs.2100.000 millions from NTPC Limited.
·
A contract for the construction of 194
villas at Kolkata West International City (KWIC), a satellite township in West
Bengal, India
PUNJ LLOYD LIMITED
SECURES CONTRACT FOR THERMAL POWER PROJECT WORTH INR 2100.000 MILLIONS FROM
NTPC LIMITED
Jul 21, 2011
Punj Lloyd Limited announced that it has been awarded a civil contract
for a thermal power project worth INR 2100.000 millions from NTPC Limited. Punj
Lloyd will undertake balance offloaded work for the power plant in Bongaigaon
district of lower
NEFTYANAYA
KOMPANIYA LUKOIL OAO, PUNJ LLOYD LIMITED AND PARTNERS SECURES DEAL TO DRILL 23
Jul 14, 2011
Dow Jones reported that Neftyanaya kompaniya LUKOIL OAO and its partners have
awarded a deal to a 'known' service company to drill some 23 new wells at
PUNJ LLOYD LIMITED
SEEKS SHAREHOLDER NOD TO ENTER MANUFACTURING-BUSINESS STANDARD
Jul 04, 2011
Business Standard reported that Punj Lloyd Limited is seeking shareholder
approval to expand into manufacturing, assembly and repair of general and
special purpose equipments.
PUNJ LLOYD LIMITED
SECURES INR 8260.000 MILLIONS OFFSHORE CONTRACT FROM GUJARAT STATE PETROLEUM
CORPORATION
Jun 27, 2011
Punj Lloyd Limited announced that the Company has received a letter of award
(LOA) from Gujarat State Petroleum Corporation, for submarine pipeline project
in an exploration block on the east coast of
PUNJ LLOYD LIMITED
RECEIVES EPC NUCLEAR POWER CONTRACT WORTH INR 6780.000 MILLIONS (INR6.78
BILLION)
Jun 13, 2011
Punj Lloyd Limited announced winning an EPC Nuclear Power contract from NPCIL
worth INR 6780.000 millions (INR6.78 billion) for critical nuclear piping work
at Pressurised Heavy Water Reactors (PHWR) of 700 MWe (Mega Watt electric)
each. The scope of work includes engineering, procurement, erection and
commissioning of nuclear equipment and piping for all the systems inside the
nuclear reactor buildings. Out of the four Pressurised Heavy Water Reactors
(PHWR), two are located at Kakrapara Atomic Power Project, KAPP 3 and 4 near
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various
sources including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
The market
survey revealed that the amount of compensation sought by the subject is fair
an
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
The Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.90 |
|
|
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 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.