MIRA
INFORM REPORT
|
Report Date : |
09.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
KALPATARU POWER TRANSMISSION LIMITED (w.e.f.
20.12.1993) |
|
|
|
|
Formerly Known
As : |
HT POWER STRUCTURE LIMITED |
|
|
|
|
Registered
Office : |
Plot
No.101, Part-III, G.I.D.C. Estate, Sector-28, Gandhinagar – 382 028, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
23.04.1981 |
|
|
|
|
Com. Reg. No.: |
04-004281 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.306.921
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40100GJ1981PLC004281 |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the
Stock Exchanges. |
|
|
|
|
Line of Business
: |
Designing, Manufacturing and Erection of
Transmission line Towers and steel Structures on a Turnkey Basis. |
|
|
|
|
No. of Employees
: |
10000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (76) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 63000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having good track. Financials of
the company appears to be sound. Fundamentals are strong and healthy. Trade
relations are fair. Business is active. Payments are regular and as per
commitments. The company can be considered good for normal business dealings under
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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/ Factory 1 : |
Plot
No.101, Part-III, G.I.D.C. Estate, Sector-28, Gandhinagar – 382 028, |
|
Tel. No.: |
91-79-23211951/ 23211955/ 23214000 |
|
Fax No.: |
91-79-23211966/ 68/ 71 |
|
E-Mail : |
|
|
Website : |
|
|
Area: |
48000 sq.mts ( 12 Acres) |
|
|
|
|
Corporate Office
: |
‘Kalpataru Synergy’, 8th Floor,
Opposite Grand Hyatt Hotel, Santacruz (East), Mumbai – 400 055, |
|
Tel. No.: |
91-22-30645000 |
|
Fax No.: |
91-22-30643131 |
|
|
|
|
Factory 2 : |
EOU Plant Plot No. A-4/1,
A-4/2, A-5, G.I.D.C., Electronic Estate, Sector – 25, Gandhinagar – 382 025, |
|
Tel. No.: |
079-23214400 |
|
Fax No. : |
079-23287215 |
|
|
|
|
Factory 3 : |
Biomass
Energy Division (Power Plant) 27BB, Tehsil Padampur, District Sri
Ganganagar, |
|
Tel. No.: |
91-154-2473725 |
|
Fax No.: |
91-154-2473724 |
|
|
|
|
Factory 4 : |
Biomass
Energy Division (Power Plant) Near Village
Khatoli, Tehsil Uniara, District Tonk – 304 024, |
|
Tel. No.: |
91-1436-260665 |
|
Fax No.: |
91-1436-260666 |
|
|
|
|
R
and D Centre : |
At |
|
Tel. No.: |
91-2770-255414 |
|
|
|
|
International Project
Office : |
Located At: v
v
v
v
UAE v
v
v
v
|
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Mofatraj P. Munot |
|
Designation : |
Chairman |
|
Profile : |
Founder, Promoter
and Chairman of Kalpataru Group with over 46 years of experience in the field
of Real Estate and Property Development, Civil Contracting & various
industries. |
|
|
|
|
Name : |
Mr. Mahendra G. Punatar |
|
Designation : |
Independent Director |
|
Profile : |
Structural
Engineer from |
|
|
|
|
Name : |
Mr. K.V. Mani |
|
Designation : |
Director |
|
Profile : |
Bachelor of Engineering
and MBA. Has 46 years of experience in Transmission industry, mainly
Construction, Project Management and Overseas Marketing. |
|
|
|
|
Name : |
Mr. Pankaj Sachdeva |
|
Designation : |
Managing Director |
|
Profile : |
B.E (Hons) in Electrical
Engineering and has over 27 years of Product Marketing and Project Execution
experience in Power Systems Sector. |
|
|
|
|
Name : |
Mr. Parag Munot |
|
Designation : |
Promoter Director |
|
Profile : |
An MBA from |
|
|
|
|
Name : |
Mr. Manish Mohnot |
|
Designation : |
Executive Director |
|
Profile : |
Chartered
Accountant and an ICWA with a rich experience of 16 years in the
infrastructure sector. He is also the Director of JMC Projects ( |
|
|
|
|
Name : |
Mr. Sajjanraj Mehta |
|
Designation : |
Independent Director |
|
Profile : |
Chartered
Accountant with over 36 years of experience. A Consultant in the field of
Foreign Exchange, Taxation and Corporate Affairs and Strategy. |
|
|
|
|
Name : |
Mr. Vimal Bhandari |
|
Designation : |
Independent Director |
|
Profile : |
Chartered
Accountant with an experience of more than 26 years in the Financial Services
sector. Presently, he is the Managing Director & CEO of Indostar Capital
Private Limited, an NBFC. |
|
|
|
|
Name : |
Mr. Narayan Seshadri |
|
Designation : |
Independent Director |
|
Profile : |
Chartered
Accountant with an experience of 29 years in the field of finance, account,
tax and business consulting. Presently, he is the Chairman and CEO of Halcyon
Resources and Management Private Limited |
|
|
|
|
Name : |
Mr. S.P. Talwar |
|
Designation : |
Independent Director |
|
Profile : |
Certified
Associate of the Indian Institute of Bankers and Member of Indian Council of Arbitration.
He is a Law Graduate and Arts honors. He is a hard core Banker and retired as
Deputy Governor, RBI. He is a Senior Advisor to Yes Bank Limited |
KEY EXECUTIVES
|
Name : |
Mr. Kamal K. Jain |
|
Designation : |
President and Chief Financial Officer |
|
|
|
|
Name : |
Mr. Dinesh B. Patel |
|
Designation : |
President and Chief Executive Officer (Domestic – TL Projects) |
|
|
|
|
Name : |
Mr. B. K. Satish |
|
Designation : |
President and Chief Executive Officer (Distribution Projects) |
|
|
|
|
Name : |
Mr. N. Sai Mohan |
|
Designation : |
President and Chief Executive Officer (Overseas Projects) |
|
|
|
|
Name : |
Mr. Gyan Prakash |
|
Designation : |
President and Chief Executive Officer (Pipeline Projects) |
|
|
|
|
Name : |
Mr. Harjinder Singh |
|
Designation : |
Head – Railways |
|
|
|
|
Name : |
Mr. M.A. Baraiya |
|
Designation : |
Head – HR |
|
|
|
|
Name : |
Mr. Bajrang Ramdharani |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Category
of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
24,838,413 |
16.19 |
|
|
59,791,796 |
38.96 |
|
|
84,630,209 |
55.15 |
|
|
|
|
|
|
300,000 |
0.20 |
|
|
300,000 |
0.20 |
|
Total shareholding of Promoter and Promoter Group (A) |
84,930,209 |
55.34 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
17,750,154 |
11.57 |
|
|
557,199 |
0.36 |
|
|
7,195,000 |
4.69 |
|
|
9,604,894 |
6.26 |
|
|
18,755,032 |
12.22 |
|
|
1,000 |
- |
|
|
1,000 |
- |
|
|
53,863,279 |
35.10 |
|
|
|
|
|
|
4,025,131 |
2.62 |
|
|
|
|
|
|
6,320,816 |
4.12 |
|
|
3,186,445 |
2.08 |
|
|
1,134,690 |
0.74 |
|
|
75,473 |
0.05 |
|
|
1,059,217 |
0.69 |
|
|
14,667,082 |
9.56 |
|
Total Public shareholding (B) |
68,530,361 |
44.66 |
|
Total (A)+(B) |
153,460,570 |
100.00 |
|
© Shares held by Custodians and against which Depository Receipts have
been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
153,460,570 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Foreign Financial InstitutionsBUSINESS DETAILS
|
Line of Business
: |
Designing, Manufacturing and Erection of
Transmission line Towers and steel Structures on a Turnkey Basis. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS
(31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Transmission line towers and steel
structures |
MT |
108000 |
127055* |
|
Generation of electricity [net of captive
consumption] |
MT |
-- |
87.15 |
NOTE: * The quantity
includes production, on job work basis 16 M.T. (86 M.T. in previous year)
material of others and 22,557 M.T. (19,756 M.T. in previous year) purchased
from/got processed from third parties.
GENERAL INFORMATION
|
No. of Employees
: |
10000 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
v Indian Bank v Oriental Bank of Commerce v
Union Bank of v
State Bank of v EXIM Bank v ICICI Bank Limited v Citi Bank N.A. v
BNP Paribas, v
Commercial Bank of v IDBI Bank Limited v Standard Chartered Bank |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name 1 : |
Kishan M. Mehta and Company Chartered Accountants |
|
Address : |
|
|
|
|
|
Name 2 : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
|
|
|
|
|
Legal Advisor : |
Singhi and Company, Ahmedabad |
|
|
|
|
Subsidiaries : |
·
JMC Projects (India) Limited ·
Shree Shubham Logistics Limited ·
Energy Link (India) Limited ·
Amber Real Estate Limited ·
Kalpataru Power Transmission (Mauritius) Limited ·
Kalpataru South Africa (Pty) Limited ·
Kalpataru Power Transmission Nigeria Limited ·
Kalpataru Power Transmission USA INC ·
Adeshwar Infrabuild Limited ·
Jhajjer Power Transmission Private Limited ·
Kalpataru Metfab Private Limited |
|
|
|
|
Indirect
Subsidiaries: |
·
JMC Mining and Quarries Limited ·
Saicharan Properties Limited ·
Brij Bhoomi Expressway Private Limited |
|
|
|
|
Enterprises
under significant influence, which are having transaction with Companies: |
·
Kalpataru Properties Private Limited ·
Kalpataru Theatres Private Limited ·
Property Solution (India) Private Limited ·
P.K. Velu and Company Private Limited |
|
|
|
|
Joint Ventures : |
·
Jhajjer KT Transco Private Limited ·
KPTL-JMC-Yadav-JV (Dankuni to Baruipara Line-
Eastern Railways) ·
KPTL-JMC-Yadav-JV (Taljhari to Maharajpur Line-
Eastern Railways) ·
KPTL-JMC-Yadav-JV (Baruipara to Chandanpur Line-
Eastern Railways) ·
KPTL-JMC-Yadav-JV (Deshparan Nanigaram Line-
South Eastern Railways) ·
GPT-KPTL-JV (Kalukhali to Bhatiapara Line),
Bangladesh |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
175000000 |
Equity Shares |
Rs.2/- each |
Rs.350.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
153460570 |
Equity Shares |
Rs.2/- each |
Rs.306.921
Millions |
NOTE:
OUT OF ABOVE:
a) 70,932,500
(14,186,500) shares of Rs 2(10) allotted as fully paid up bonus shares in
earlier years by capitalization out of general reserve, capital redemption
reserve and share premium account, and
b) 15,300,000
(3,060,000) shares of Rs 2(10) allotted in earlier years for consideration
other than cash
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 |
306.921 |
265.000 |
265.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
15603.828 |
9615.632 |
8104.504 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
15910.749 |
9880.632 |
8369.504 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3635.786 |
5126.024 |
4854.396 |
|
|
2] Unsecured Loans |
895.050 |
917.167 |
1692.666 |
|
TOTAL BORROWING
|
4530.836 |
6043.191 |
6547.062 |
|
|
DEFERRED TAX LIABILITIES |
106.651 |
140.784 |
127.984 |
|
|
|
|
|
|
|
TOTAL
|
20548.236 |
16064.607 |
15044.550 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
3593.584 |
3349.294 |
2583.990 |
|
Capital work-in-progress
|
146.259 |
35.492 |
99.950 |
|
|
|
|
|
|
|
INVESTMENT
|
3955.797 |
1265.140 |
1268.252 |
|
DEFERRED TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Accrued Value of Work Done
|
2410.372
|
3292.080
|
3553.202
|
|
|
Inventories
|
14184.858
|
2689.212
|
2368.861
|
|
|
Sundry Debtors
|
1442.562
|
13221.268
|
9771.565
|
|
|
Cash & Bank Balances
|
4125.793
|
368.715
|
445.189
|
|
|
Loans & Advances
|
4991.044
|
4278.198
|
3117.767
|
Total Current Assets
|
27154.629 |
23849.473 |
19256.584 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Sundry Creditors
|
4803.643
|
4801.588
|
3162.448
|
|
|
Other Current Liabilities
|
8006.468
|
6357.301
|
4051.844
|
|
|
Provisions
|
1491.922
|
1275.903
|
949.934
|
Total Current Liabilities
|
14302.033 |
12434.792 |
8164.226 |
|
Net Current Assets
|
12852.596 |
11414.681 |
11092.358 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
20548.236 |
16064.607 |
15044.550 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services-Net |
28740.613 |
25960.368 |
18823.942 |
|
|
|
Other Income |
510.702 |
346.480 |
313.977 |
|
|
|
TOTAL (A) |
29251.315 |
26306.848 |
19137.919 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
12767.963 |
11448.079 |
10733.069 |
|
|
|
Employees Emoluments |
1934.191 |
1617.573 |
1086.179 |
|
|
|
Manufacturing & Operating Expenses |
8640.546 |
7973.851 |
4228.149 |
|
|
|
Administrative, Selling & Other Expenses |
1629.982 |
1489.810 |
1073.376 |
|
|
|
Increase/Decrease in Stock |
125.415 |
104.026 |
(517.764) |
|
|
|
Transferred from Revaluation Reserve |
(0.465) |
(0.510) |
(0.465) |
|
|
|
TOTAL (B) |
25097.632 |
22632.829 |
16602.544 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4153.683 |
3674.019 |
2535.375 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1127.893 |
1015.170 |
1055.881 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3025.790 |
2658.849 |
1479.494 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
459.732 |
382.887 |
273.646 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2566.058 |
2275.962 |
1205.848 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
660.168 |
571.400 |
261.738 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1905.890 |
1704.562 |
944.110 |
|
|
|
|
|
|
|
|
|
Add Less |
PRIOR YEARS
ADJUSTMENTS |
(0.263) |
0.010 |
(0.403) |
|
|
|
|
|
|
|
|
|
Add Less |
PRIOR YEARS
TAXES |
0.000 |
8.020 |
(1.094) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4873.971 |
3759.254 |
3199.169 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
300.000 |
250.000 |
120.000 |
|
|
|
Proposed Dividend on Equity |
230.191 |
230.191 |
198.750 |
|
|
|
Corporate tax on Proposed dividend |
33.509 |
32.684 |
33.778 |
|
|
|
Transfer to Debentures Redemption Reserve |
85.000 |
85.000 |
30.000 |
|
|
BALANCE CARRIED
TO THE B/S |
6130.898 |
4873.971 |
3759.254 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
5989.895 |
8957.665 |
3383.940 |
|
|
|
Services |
175.313 |
202.495 |
168.474 |
|
|
|
Overseas Projects Earning |
339.716 |
10.473 |
347.898 |
|
|
|
Certified Emission Reduction (CER’s) |
39.881 |
52.869 |
57.828 |
|
|
TOTAL EARNINGS |
6544.805 |
9223.502 |
3958.140 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1458.607 |
1214.043 |
647.282 |
|
|
|
Stores & Spares |
10.848 |
51.442 |
7.160 |
|
|
|
Capital Goods |
327.215 |
380.554 |
276.294 |
|
|
TOTAL IMPORTS |
1796.670 |
1646.039 |
930.736 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.58 |
64.32 |
35.63 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
5845.800 |
5833.400 |
8008.100 |
|
Total Expenditure |
5178.600 |
5125.800 |
7099.800 |
|
PBIDT (Excl OI) |
667.200 |
707.600 |
908.300 |
|
Other Income |
144.400 |
137.500 |
114.900 |
|
Operating Profit |
811.600 |
845.100 |
1023.200 |
|
Interest |
220.700 |
242.000 |
334.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
590.900 |
603.100 |
688.700 |
|
Depreciation |
117.400 |
120.600 |
121.200 |
|
Profit Before Tax |
473.500 |
482.500 |
567.500 |
|
Tax |
137.500 |
140.000 |
164.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
336.000 |
342.500 |
403.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
336.000 |
342.500 |
403.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.52 |
6.48
|
4.93
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.93 |
8.77
|
6.41
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.35 |
8.37
|
5.52
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.23
|
0.14
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.18 |
1.87
|
1.76
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.90 |
1.92
|
2.36
|
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info
Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
No |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
HISTORY:
Subject is a part of the diversified Kalpataru Group and it
was incorporated in 23rd April of the year 1981 as HT Power Structures Private
Limited subject is one of the companies in the field of Turnkey projects for
EHV Transmission Lines up to and including 800 KV in
BUSINESS OVERVIEW:
Kalpataru Power
Transmission Limited (KPTL) is one of the largest and fastest growing EPC
companies in India engaged in power transmission and distribution, oil and gas
pipeline, infrastructure development, railway works, civil contracting and
warehousing and logistics business. With a strong international presence in
power transmission and distribution the Company is amongst the world’s leading
companies in design, testing, fabrication, erection and construction of
transmission lines and substation structures on a turnkey basis. Additionally,
KPTL has also established a small presence in power generation using
renewable/non conventional energy sources such as agricultural waste and crop
residues (biomass) in Rajasthan.
FINANCIAL and OPERATIONAL REVIEW:
The gross revenue
of the Company grew by 10% to Rs.29.85 billion (USD 669 million) as against
Rs.27.13 billion (USD 601 million) in the previous year. Total Export Turnover
(including overseas projects) was Rs. 9.70 billion (USD 217 million) or approx.
32% of gross revenues in 2010-11.
The company
reported rise by 13% in profit before tax of Rs.2.57 billion in 2010-2011 as
against Rs.2.28 billion in 2009-10. The company has supplied 129,217 MTs of
Transmission Line Towers as against 120,760 MTs in preceding year, which is
higher by 7%.
The company has an
order book of over Rs.55 billion excluding fairly placed bids.
Having 108,000 MTs
of production capacity at Gandhinagar, Gujarat, the company has planned to
expand its capacity by further 30,000 MTs by creating ultra modern state of the
art manufacturing capacity near Raipur in the state of Chhattisgarh to cater
the demand in eastern and southern region of India having promising market
going forward. Land acquisition is almost over and proposed facilities are
expected to achieve commercial production by January, 2012.
Transmission BOOT Project
A SPV of the
Company namely, Jhajjar KT Transco Pvt. Limited Has successfully achieved
Financial Closure of 1st DBFOT Project (VGF basis) of 400 KV, 100 Km. Power
Transmission line from Jharli to Bawana Project from Haryana Vidyut Prasaran
Nigam Limited (HVPNL). The SPV has secured term debt of Rs. 2.76 billion from
consortium of lenders.
The project has to
be completed over a period of 14 months from the date of financial closure. The
SPV has also obtained transmission licence from Haryana Electricity Regulatory
Commission (HERC ) to construct and operate this line for initial concession
period of 25 years with an options of extension for another 10 years.
The SPV will
receive terminal value equivalent to 20 months revenue i.e. approx. Rs. 1
billion at the end of 25th year of concession period in case the concession
period does not get extended to 35 years. The project is progressing as per
schedule and both SPV partners are working towards achieving the commissioning
before time.
SUBSIDIARIES
JMC Projects (India) Limited and its subsidiaries
(JMC):
JMC has reported
consolidated revenue of Rs. 13.85 billion (USD 310 million) as against Rs.13.25
billion (USD 297 million) in corresponding period. Profit before tax as well as
profit after tax stood at Rs.475 million and Rs.372 million as against Rs.531
million and Rs.396 million in the previous year respectively. The company could
not achieve the desired growth due to delay in commencement of work in few
projects due to external factors.
JMC has also
received it’s 2 DBFOT basis project for Two Laning of Agra to Aligarh of NH-97
from NHAI.
JMC has an order
book exceeding Rs.41.50 billion (USD 929 million). The company has strengthened
JMC in terms of its capital base and business profile (through diversification)
which will enable the company to achieve rapid growth. The company has invested
Rs.905 million through preferential allotment in JMC and on account of
preferential allotment and open offer to existing shareholders, the company’s
stake in JMC increased to 67.19% from 53.01%.
Shree Shubham Logistics Limited (SSLL):
In reporting period,
SSLL has achieved a turnover of Rs.1360 million as against Rs.884 million in
corresponding period, registering a growth of 54%. SSLL reported net profit of
Rs. 23.9 million as against loss of Rs.36.5 million in the corresponding
period. The progress of company is satisfactory and expected to improve year on
year.
At the year end,
investment of the company in SSLL was Rs.1091 million as equity shares,
preference share and loan. SSLL is an
85% Subsidiary of the company.
Energylink (India) Limited (ELL):
ELL plans to foray
in to construction of commercial complexes and integrated township targeting
middle and upper middle class households. ELL has 100% Subsidiary, Saicharan
Properties Limited which has land to implement commercial cum retail project in
Indore.
At the year end,
investment of the company in ELL was Rs. 1.39 billion as capital and loan. ELL
is a Wholly Owned Subsidiary of the company.
Amber Real Estate Limited (Amber):
Amber is in
process of creating leasing space for IT/Software Technology park at Thane,
Mumbai is expected to be completed in 2012. At year end, investment of the
company in Amber was Rs. 265 million as capital and loan and it is a Wholly
Owned Subsidiary of the company.
Saicharan Properties Limited, 100% Subsidiary of
Energylink (India) Limited (SPL):
SPL is proposing a
commercial cum retail project in the heart of city of Indore where it has
approximately 12,600 sq. meter of free hold land. Project completion would take
2-3 years from the date of commencement of construction. At the year end,
investment by ELL in SPL was Rs. 1.38 billion as capital and loan.
Adeshwar Infrabuild Limited (Adeshwar):
Adeshwar was
incorporated as wholly owned subsidiary to venture into new areas of business
which can be conveniently or advantageously run by company in the coming year
which may include mining, cement etc. At the year end, investment of the
company in Adeshwar was Rs. 2.4 million as capital and loan. It is Wholly Owned
Subsidiary of the company.
Jhajjar Power Transmission Private Limited (JPTPL):
During the year
Company has incorporated one more subsidiary company for doing transmission
project on BOOT, BOOM, DBFOT basis. At the year end, investment of the Company
in JPTPL was Rs.0.051 million as capital.
Kalpataru Metfab Private Limited (KMPL):
This company was
incorporated as a wholly owned subsidiary of the company during the year for
venturing into newer business opportunities. At the year end, investment in
KMPL was Rs.0.10 million as capital.
Kalpataru SA (Proprietary) Limited:
This Company was
formed in South Africa to bid for EPC Power Transmission jobs in South Africa.
This is a Joint Venture between the company and a local company named as PDNA
Holdings (Pty) Limited who are 25.1% stakeholder in this company. The Company
made an initial investment of Rs.4.9 million towards equity capital and other
expenses.
Kalpataru Power Transmission Nigeria Limited:
This Company was
incorporated as a 100% subsidiary of the Company to explore the Power Transmission
market in Nigeria. The company made an investment of Rs.3.9 million towards
equity capital and loan.
Kalpataru Power Transmission (Mauritius) Limited:
This company is a 100%
subsidiary in which the company has invested Rs.2.0 million as capital and
loan.
Kalpataru Power
Transmission-USA, INC.
This company was
incorporated as a 100% subsidiary of the company to increase their focus on
American markets with local presence. This Company has received two start up
orders worth Rs.98 Million. Total income of the company for the year was Rs.
12.93 million with loss of Rs. 2.60 million. The company has invested Rs. 22.8
million as capital and loan in this company.
MANAGEMENT DISCUSSION
AND ANAL YSIS
Economic Scenario
The world economy
continued to grow at 4.7% during 2011, demonstrating a broad-based recovery,
mainly driven by stronger consumption in the developed countries, coupled with
continued stimulus measures by Governments around the world. Recovery was also
marked in Middle East and North Africa (MENA); however, there have been growing
concerns of geopolitical unrest since the onset of the Jasmine revolution in
Tunisia in December, 2010. Going ahead, according to IMF forecasts, the world
Gross Domestic Product (GDP) is estimated to clock a growth of 4.5% per annum
in both 2011 and 2012. The advanced economies are expected to grow at 2.5%,
while developing economies are expected to grow at a higher rate of 6.5% a year
in both 2011 and 2012.
In contrast, the
Indian economy grew at 8.6% in 2010-11 and the growth rate is expected to be
around 9% in the next fiscal year. The growth witnessed has been on the back of
a rebound in the agriculture sector and impressive gains from the manufacturing
and services sector. However, the country is currently facing challenges of
rising food prices and commodity prices, along with inflation. The headline
inflation in the country stood at around 9% at the end of March 2011.
Industrial output grew marginally by 3.6% year on year as tight monetary policy
affected manufacturing activity. The Government is currently focussing on
controlling the inflationary pressure with the help of a tight monetary policy,
which is expected to moderate the growth prospects of the country.
Industry Scenario
In order to
sustain the continued growth rate of the country, there is a need for
developing a robust and efficient infrastructure base. India’s infrastructure has
been improving slowly but steadily over the recent years. In the budget for the
year 2011-12, the GOI continued its emphasis on infrastructure development,
increasing the allocation for this sector to Rs.2,140 billion, which is over
48% of the planned expenditure.
The country’s
economy registered around 8% robust growth during 2005 to 2010. This in turn
has placed a tremendous pressure on the existing infrastructure base, viz
power, roads and highways, railway, airports and telecom. The power sector has
witnessed a significant demand–supply gap due to sustained growth in demand of
power, which stood at a CAGR of 4.8% during FY 09-10. Supporting the country’s
economic growth, the demand for power is estimated to grow at a CAGR of 7.8%
during 2010 -15, on the back of an estimated GDP growth rate of 8% to 8.5% over
the next five years.
Thus, in line with
the power requirement of the country, the government has plans to add 62 GW of
generation capacity in the XIth Five Year Plan, and another 100 GW of capacity
additions are envisaged in the XIIth Five Year Plan. This aggressive capacity
expansion would in turn require an estimated investment of Rs. 4,109 billion in
the XIth Plan and Rs. 4,950 billion in the XIIth Plan.
Transmission
Domestic
To cater to the
increase in generation capacity there is a robust need for power transmission
lines which will enable seamless flow of power. Hence, the sector foresees a
significant addition of transmission lines and substations during the XIth and
XIIth Five Year Plans. A target of 95,283 circuit kilometers (ckm) of
transmission lines is planned for the XIth Plan and 155,000 to 180,000 circuit
kilometers (ckm) during the XIIth Plan. With capacity additions in the
transmission sector, approximate investments worth Rs. 3,400 billion are
expected over the next 5 years as compared to Rs. 1,640 billion made during
2005-10.
The Power Grid
Corporation (PGCIL) and the state transmission utilities, with 85% investment
share in both XIth and XIIth Five Year Plans, have envisaged massive capital
expenditure plans towards transmission capacity. Power Grid plans to invest
about Rs. 1.85 billion during 2011-12 out of the total estimated investment of
Rs. 5.50 billion in XIth Plan and more than Rs. 1,000 billion in XIIth Plan for
providing matching transmission system for generation capacity addition under
the central sector and other projects entrusted to it, including UMPPs.
Additionally, State Electricity Boards (SEBs) also plan to invest Rs. 650
billion in the XIth Plan to expand intra-state transmission network. Apart from
state and central government playing a dominant role in the sector, private
players are also involved in setting up the additional capacity. In the XIth
Plan, an investment of Rs. 200 billion has been envisioned from the private
sector players, directed towards expanding inter-state transmission network.
Several PPP projects have been awarded by SEBs, including Haryana, Rajasthan
and Maharashtra, to name a few.
These investments
in the sector present a significant set of opportunities for the companies
operating in the transmission and distribution segment.
Global
Driven by
investments in inter-connection projects, and transmission projects for new
generation capacities or replacement demand, the international markets are
expected to show strong growth over the next five to seven years. The
International Energy Association forecasts world energy consumption to grow to
28,141 Twh from 15,665 Twh at a CAGR of 2.5% over 2006-30. To support this
massive energy consumption target, global generation capacity is expected to
reach 2,837 GW by 2030, which would require investments valued at USD6.7
trillion in the T and D sector over 2006-30.
Key international
markets which are expected to infuse large investments in the T and D
infrastructure include South Asia, the Middle East, Africa and North America,
which are at different thresholds of power capacity addition. Over 2010-15,
total investments worth USD 158 billion are expected to be made in the Middle
East, Africa and North America.
Given this
positive scenario, the Company continues to see growth opportunities in Africa,
North America, Australia and GCC and CIS countries.
Distribution
The distribution networks
and state grids are primarily owned and operated by the respective SEBs. GOI,
under the programme ‘Power for all by 2012’, envisioned sufficient, reliable
and quality power to all at optimum cost. Under this programme, it formulated
the Accelerated Power Development Reform Programme (APDRP), under which states
are given loans, grants and incentives for upgrading and modernising their
sub-transmission and distribution (below 33 KV or 66 KV) networks. With the
objective of providing electricity to all villages and habitations, the Union
Government, in April 2005, initiated the Rajiv Gandhi Grameen Vidyutikaran
Yojana (RGGVY). The RGGVY targets to electrify 1,25,000 un-electrified
villages, giving access to 780 million uncovered rural households, and the
total estimated cost of the scheme is estimated at Rs. 160 billion. But till
September 2010, only 66,547 villages were electrified against the target number
of villages. Hence, in order to facilitate efficient distribution of power
there is need of huge investments and distribution franchisees.
They would like to
tap the opportunities in this sector on a very selective basis, taking into
consideration the risk and return-related parameters.
Oil and Gas pipeline
The strong growth
of the Indian economy, infrastructure and rise in energy consumption has
necessitated the need to develop an efficient distribution network for oil and
natural gas transportation. According to the U.S. Energy Information
Administration (short-term outlook), the supply of crude oil and liquid fuels
in India is estimated at 1.03 million barrels per day in 2011 and 1.04 million
barrels per day in 2012. The consumption of liquid fuels in the country is
estimated at 3.33 million barrels per day in 2011 and 3.45 million barrels per day
in 2012. It is estimated that about 45% of the total energy needs would be met
by the oil and gas sector. The current levels of per capita energy consumption
in India are extremely low as compared to the rest of the world. Apart from
crude oil, natural gas is also emerging as the preferred fuel of the future,
being an environment-friendly economically attractive fuel. During 2010, the
domestic gas demand is estimated at 300 million cubic meters per day and the
production is estimated at around 169 million standard cubic meters per day.
With recent oil
and gas discoveries, strong growth is expected in expanding the pipeline
network by domestic oil and gas companies. This opens up an opportunity of over
Rs. 450 billion over the next few years, as pipeline laying contracts of 10,000
km are expected to be offered by domestic public and private sector companies.
Railways
Currently, the
route kilometre for railways stands at 64,015 kms, and GOI, in its Vision 2020,
targets to add 25,000 kms of new lines in the next ten years. This would
require huge investments in the railway infrastructure sector.
GOI, in its
railway budget for 2010-11, has allocated Rs. 576 billion for 2011-12 for
expansion and upgradation of railways. Additionally, with several metro rail projects
also being implemented in the cities of Delhi, Kolkata, Mumbai, Bengaluru and
Hyderabad, the sector is expected to foresee investments in tandem with
expansions in the coming years.
Logistics and warehousing
As businesses of
the country progress, the need for development and upgradation of
infrastructure, logistics and warehousing also grows. The logistics and
warehousing industry comprises inbound and out bound segments of the
manufacturing and services supply chain. It is estimated that the logistics
industry in India is growing at an estimated 15% to 18% annually, and overall
spending of this sector is approximately 13% of the GDP. As India’s
infrastructure logistics network capacity is not sufficient to support the
expected growth rates over the next decade, this will require huge investments
by the country in the coming years. In its budget, the Government further
enhanced its thrust on improving the storage facilities in the agriculture
sector by allocating funds for creation of warehousing facilities. Further,
facilitating private sector participation will ensure reduction in wastage of
farm output, thereby enhancing grater food security going ahead.
Another critical
factor deterring growth in the business is that the long-awaited Warehousing
Development and Regulation Act, 2007, has been passed by the Government and
made effective from 26 October, 2010, whereby Warehouse Receipt (WR) will
become negotiable instrument which will benefit to large players in agri
logistics and warehousing sector.
Segment Wise Operational Performance the company
has four primary business segments:
Power Transmission
and Distribution, Real Estate, Bio-mass Energy and Infrastructure.
The revenue of the Company can further be divided geographically in two
different segments - sales within India and sales outside India, considering
the location of customers. Out of the total revenue (Net of Excise Duty) of Rs.
28.74 billion of the Company, revenue within India stood at Rs. 19.04 billion
(66%) and outside India at Rs. 9.70 billion (32%), as of 31st March, 2011.
Transmission and Distribution Division (T and D):
Division’s revenue
was higher by 14% at Rs. 25.39 billion
It has been quite
challenging to work and perform for different sets of customers in diverse geo-political
regions and for numerous types of power transmission needs. The Company has
been outperforming in this business and will continue to do so. KPTL has more
than 50 active locations in different climatic conditions to execute projects,
specific to customer needs in a planned manner.
Following the
successful testing and trial production of 1200 KV transmission tower, they are
now geared to design, test, manufacture, install and commission 1200 KV
transmission lines, which would significantly reduce transmission losses of
grids. This, they feel, shall be the future of the power transmission industry.
At the operational level, the following are the
major highlights for this division:
• Production
(including outsourced) and dispatches of transmission line towers were at an
all time high of 127,055
MT and 129,217 MT,
respectively.
• Over 110,000 MT
of transmission towers were erected at various domestic and international
sites.
• Over 2400 CKM of
stringing work done to connect the grid to substation or sub-station to
sub-station. This includes over 400 CKM of stringing work in a month at one of
their overseas projects.
• Commissioning of
400 KV, 110 kms transmission line of their largest value contract from MEW,
Kuwait (1st phase) with GZTACSR 410 MM˛ conductor.
• Financial
closure of the first transmission BOOT project for the Company was achieved
within the stipulated deadline.
• ISO audits have
been successfully completed and ISO quality certificates have been renewed
accordingly. Now
their domestic and
international construction sites have also certified as ISO compliant.
The division has also secured the following
prestigious projects:
• First overseas
750 KV, turnkey power transmission contract from NEC UKRENERGO, Ukraine, worth
over Rs. 8.45 billion.
• 2 contracts of
400/200 KV, turnkey power transmission line projects from KETRCO, Kenya, worth
over Rs. 4.50 billion.
• 450 KV turnkey
power transmission contract from Societe National D’Electricite (SNEL), Democratic
Republic of Congo, worth over Rs. 3.50 billion.
• 400 KV turnkey
power transmission contract from Maharashtra State Electricity Transmission Co.
Limited (MSETCL), worth over Rs. 4.50 billion.
• Multiple 765 KV
power transmission contracts from Power Grid Corporation of India Limited
(PGCIL), worth over Rs.7.80 billion.
This business
segment has secured orders worth Rs. 40 billion during the year, and further
orders worth Rs. 13.50 billion were secured till date in which they were fairly
placed at year end. Their order book position can be divided into 70:30 for
domestic and international. Out of this, majority of orders are backed by price
escalation clauses, which will protect us in the present uncertain market
conditions.
The Company made
its maiden entry in the CIS countries by securing 750 KV turnkey power
transmission contract from NEC UKRENERGO, Ukraine, worth Rs. 8.45 billion,
which is funded by EBRD (European Bank for Reconstruction and Development).
This breakthrough will open up the potential CIS market for the Company.
The Company has
also made successful entry into new countries, namely Ukraine, Congo, Tanzania,
and continues to keep its focus on new markets and territories to expand its
wings.
Real Estate Division
There has been no
major activity in this division during the year 2010-11. One of the
subsidiaries is constructing IT Park in Thane, Mumbai, of which progress is
satisfactory.
Bio-mass Energy Division
Their two power
generation plants of 7.8 MW each at Sri Ganganagar and Tonk District of
Rajasthan, generating power from non-conventional energy resources i.e. using
agricultural waste as fuel, registered a revenue of Rs. 430 million during the
year, as against Rs. 509 million in the corresponding period of the previous year,
showing negative growth of 16%. The revenue was down as the Padampur plant was
shut down for 15 days due to fire and Tonk Plant after having been shut down
due to water scarcity since April 2010, commenced operations from August 2010
onwards.
Both plants have
been running at 93% PLF (excluding shutdown) and have generated 96 million
units, out of which 87 million units were exported to Rajasthan Vidyut Vitran
Nigam Limited (RVVNL). Both plants are earning Certified Emission Reductions
(CERs) on usage of agriculture residues and the CERs are being realised time to
time after following stringent validation process.
Infrastructure Division
Due to stiff
competition, the division has not been able to make significant breakthroughs
in order booking during the year. Delay in award of few contracts and delay in
arranging right of use by customer have also impacted the revenues of the
division, which stood at Rs. 2.97 billion as against Rs. 3.61 billion in
corresponding period of the previous fiscal.
The division has
completed main pipeline work of its largest project of 544 kms of Mundra –
Bhatinda Pipeline for HPCL– Mittal JV, of which commissioning is under
progress.
The division has
secured its first Process Plant Contract on EPC basis from Oil India Limited,
worth Rs. 2.72 billion. During the year, orders were received from IOCL, Cairn
India Limited, Oil India Limited and GAIL worth Rs. 4.36 billion. The Company
has now worked for almost all the oil and gas majors of India and has
established itself as major Indian EPC contractor for cross country oil and gas
pipeline projects.
Under the umbrella
of oil and gas work, they are also targeting the promising work of submarine
pipelines, platforms, floating production and storage systems, offshore services-
pipeline services, process facilities and plants, fabrication yards, all of
which will help us in expanding their breadth and width in this business. Apart
from the domestic market, they are continuously focusing on the overseas
market, where they are expecting an early breakthrough.
Last year, the
Company ventured into Railways EPC contracting work and has successfully
secured a few contracts worth Rs. 3.5 billion under joint ventures with
different companies. These include their maiden foray into the overseas
railways market, with the award of a project from Bangladesh Railways,
Bangladesh.
Financial Review
The consolidated
revenue of the Company grew at 8%, with total revenue of Rs. 43.55 billion
during the year. The consolidated order book of the Company is above Rs. 96
billion.
On a standalone
basis, the net sales and service revenue of the Company for 2010-11 stood at
Rs. 28.74 billion. This represents a growth of 9% over 2009-10. Revenue of
power transmission and distribution segment grew by 14%, with negative growth
in infrastructure segment by 18% and bio-mass energy segment by 16%. On a
standalone basis, the order book of the Company, as on March 31, 2011, stands
at Rs. 55 billion, the break-up of which is as follows: -
• Transmission and
Distribution - Rs. 48 billion
• Infra ( Pipeline
and Railways) - Rs. 7 billion
Exports revenue
(including overseas projects) earnings during the year were at Rs. 9.70
billion, representing over 32% of the Company’s gross revenue.
The Company’s
profit before tax has increased to Rs. 2.57 billion from Rs. 2.28 billion.
Profit after tax stood at Rs. 1.91 billion as against Rs. 1.71 billion during
the previous fiscal.
Net fixed assets
(including capital work in progress), as at March 31, 2011, were Rs. 3.74
billion as compared to Rs. 3.38 billion in the previous year, indicating
increase of Rs. 0.36 billion, mainly for addition in construction related
equipments and acquisition of land for new manufacturing facilities at Raipur.
During the year,
the Company launched a Qualified Institutional Placement (QIP) issue of Rs. 4.5
billion, which was successfully subscribed by several investors. The funds
raised in QIP will be used primarily to focus on BOOT projects, investments in
subsidiaries, additional manufacturing capacity for transmission line division,
etc. They have already invested Rs. 1.95 billion in subsidiaries, SPVs and new
tower manufacturing facilities. The balance unutilised fund has been
temporarily invested in bank fixed deposit and mutual funds.
Net current assets
as at March 31, 2011 increased to Rs. 12.85 billion, as against Rs. 11.41
billion in the previous year. Current assets levels of the Company increased
mainly on account of increased level of debtors, due to milestone-based terms
of payments and accrued value of work done, which is in line with growth in
revenue.
The total
debt/equity ratio currently stands at 0.29. The Company enjoys PR1 + and AA
rating for its short-term and long-term borrowing from CARE Limited and P1+ and
AA – rating from CRISIL. The Company has sufficient working capital limits to
support its growth plan.
The operating cash
flow of the Company stood at Rs. 2.83 billion, as against Rs. 3.51 billion
during the previous year.
FIXED ASSETS:
v
v
v Buildings
v Plant and Machineries
v Electric Installation
v Furniture, Fixtures and Office Equipments
v Vehicles
WEBSITE DETAILS:
PROFILE:
Subject, an integral part of dynamic and versatile Kalpataru Group is a leading multidimensional EPC Contracting company with a diversified portfolio in Power Transmission and Distribution, Cross Country Pipeline, Oil and Gas field Surface Facilities, Civil Infrastructure Projects, Power Generation (biomass) as well as Railway projects.
Our strengths lie in design and engineering, procurement, fabrication, erection, installation and construction, testing and commissioning, post commissioning operation and maintenance.
Kalpataru has excellent project management skills and track record in following areas:
Power (constructed towers upto 1200 KV in
Infrastructure
Asset Creation
Subject is a public listed company (on National Stock Exchange – code
KALPATPOWR and Bombay Stock Exchange – code 522287) headquartered at Gandhinagar-
capital city of the State of Gujarat, in Western India with turnover in excess
of Rs.27 bn. (more than USD 600 mn) and an annual installed capacity in excess
of 100,000 MT of galvanized steel towers. It was the first Indian company to be
ISO 9001 certified in the transmission industry.
Subject owns two large Fabrication plants for galvanized steel towers equipped with modern machineries (more than a dozen CNC machines) and automated temperature controlled galvanising baths, besides its state-of-the-art Testing Station and R and D Centre.
In addition to trained workmen at the plant and construction sites, the Company has a competent resource of more than 2,000 managers and staff including a full-fledged Design / Engineering Department with more than 50 qualified design engineers using PLS Tower, i-tower, STADD, PLSCADD, BOCAD, AUTOCAD facilities.
A strong emphasis on Health, Safety and Environmental (HSE) issues, we are committed to provide a safe and healthy work environment for all out personnel. Their HSE policy is based on their belief that ’All our employees must return home to their loved ones without injury after work each day’.
Select clientele for Turnkey projects - India
Power
Power Grid Corporation of India, State Electricity Boards (SEBs) viz., Gujarat,
Karnataka, Maharashtra, Rajasthan, Andhra Pradesh, Orissa, Tamil Nadu,
Madhya Pradesh, Chhatistgarh and private players such as Adani, Essar
etc.
Infrastructure
Gas Authority Of India Limited (GAIL), Bharat Petroleum Corporation Limited
(BPCL), Gujarat State Petronet Limited (GSPL), Indian Oil
Corporation Limited (IOC), Hindustan Petroleum Corporation
Limited (HPCL), Engineers
India Limited (EIL) etc.
AWARDS AND RECOGNITION :
·
Star
Trading house status confirmed by Ministry of Commerce and Industries for the
year 2010-2014.
·
Gujarat
State Safety Award – 2008
·
Exporter Excellence and Emerging Exporter Award from Dun
and Bradstreet, June - 08.
·
JMC
ranked as The Best Wealth Creator among the Construction companies by
Construction World in November, 2007 issue.
·
Listed as India's most investor
friendly companies in Business Today, August 07.
·
Rated as fastest growing Mid-Cap Company of India Mumbai
by Business Today, April 07.
Shri Kamal Jain,
CFO and President signed an MOU for investment in new Fabrication Plant at
Gandhinagar and Pipeline Equipments during Vibrant Gujarat- Global Investors
Summit in presence of Hon. C.M. Shri Narendra Modi on Jan 05.
Certified with
Export Excellence for achieving highest export in 02-03 among Non SSI units,
Awards were presented by Hon. Minster for Industry and Commerce Shri Kamal Nath
at Kolkatta on Jan 05.
Awarded with All
India Trophy for highest exporter to Difficult / New Markets, Non SSI” – 01-02.
Shri Mofatraj. P.
Munot, Director awarded with Certificate of Merit form Hon. Prime Minister of
India Shri Atal Behari Vajpayee on May 8th,2000.
Winner of Awards
for Export Performance from Engineering Export Promotion Council (EEPC) in
1995-96, 1997-98 and 1998-99 and 1999-2000.
Excellence Award
for second highest number of containers ICD- Sabarmati, Gujarat exported in
Trading House
Status by Ministry of Commerce, Government of
MILESTONES:
|
2010 |
|
|
|
Company's revenue from international
operations crossed Rs.10 Bn (USD 220 Mn.) mark. |
|
|
Secured first BOOT – Transmission Project-
Jhajjar `Haryana’. |
|
|
Secured first order from |
|
|
Secured first EPC contract for Oil and Gas
Surface Facilities (GGS and FGS) OIL India Ltd. |
|
|
Star Trading house status confirmed by
Ministry of Commerce and Industries for the period 2010-2014. |
|
|
|
|
2009 |
|
|
|
Established in-house medical care centre -
Kalpa Seva Arogya Kendra. |
|
|
Won largest overseas transmission project
worth approx. Rs.12 bn (USD 265 mn) project from |
|
|
Received largest domestic order of approx.
Rs.12 bn (USD 265 bn) from MSETCL. |
|
|
Tested 200th Tower at test Bed. |
|
|
ERP SAP - Go Live. |
|
|
Secured largest cross country pipeline contract for more than 500 KMs
(48”, 30”, 28”) and largest Oil Pumping Station from HMEL. |
|
|
|
|
2008 |
|
|
|
Consolidated revenue crossed approx. Rs.25
bn (USD 550 mn) mark. |
|
|
Manufacturing annual capacity increase to
more than 1,00,000 MT/year. |
|
|
Secured 48
dia Gas pipeline contract from GAIL for 165 kms. |
|
|
|
|
2007 |
|
|
|
Acquired strategic stake in Shree Shubham
Logistic. |
|
|
Received one of the largest order of
approx. Rs.10 bn (USD 220 mn)from MSEDCL. |
|
|
"Kalpa Vriksha Learning Centre"
for imparting technical and other training. |
|
|
|
|
2006 |
|
|
|
Bonus share issue in ratio 1:1 |
|
|
Second Biomass based power plant of 7 MW
capacity commissioned at Tonk, Rajasthan |
|
|
|
|
2005 |
|
|
|
Strategic diversification in Distribution
projects. |
|
|
Acquired 46% stake in JMC Projects ( |
|
|
Tested 100th Tower at Test Bed. |
|
|
Commissioning of new fabrication plant -
EOU at Gandhinagar with c.c 30,000 MT/year. |
|
|
|
|
2004 |
|
|
|
Completed 200 kms of 330 KV OHL Project
for |
|
|
|
|
2001 |
|
|
|
First overseas turnkey contract – 380KV in
|
|
|
|
|
1995 |
|
|
|
First export supply order ( |
|
|
First 800KV tower supply |
|
|
|
|
1994 |
|
|
|
Become first Indian transmission line company be ISO certified |
|
|
|
|
1986 |
|
|
|
First turnkey transmission line project - 400 KV from NTPC |
|
|
|
|
1983 |
|
|
|
Established tower manufacturing plant |
PRESS RELEASES:
Mumbai, February
08, 2012:
KPTL REGISTERED REVENUE
OF RS 8010.000 MILLIONS
JMC PROJECTS REGISTERED REVENUE AND PROFIT GROWTH OF 57% AND 19% RESPECTIVELY
KPTL and JMC WON
NEW ORDERS WORTH OVER RS.13000.000 MILLIONS
CONSOLIDATED ORDER
BOOK AT ABOVE RS.110000.000 MILLIONS
COMPLETED FIRST
TRANSMISSION BOOT PROJECT
Kalpataru Power Transmission Limited (KPTL), a leading global EPC player
in power T and D sector has announced
its unaudited results for third quarter of financial year ending March
31, 2012.
FINANCIAL REVIEW
·
Revenue for the quarter stood at Rs.800.81 Millions
as compared to Rs.8052.100 Millions in the corresponding quarter of previous
year, a decrease of 0.5%. Revenue for nine month period stood at 19687.300
Millions as compared to Rs.19940.700 Millions in the corresponding period, a decrease
of 1%.
·
Earning Before Interest, Depreciation, Tax and
Ammortisation (EBIDTA) for the quarter stood at Rs.1023.200 Millions as
compared to Rs.1042.100 Millions in the corresponding quarter of previous year
·
EBIDTA Margin and PAT Margin was 12.8% and 5.0%
respectively for the quarter ended December 31, 2011
·
JMC Projects (67% subsidiary) has registered a
growth of 57% in turnover, by achieving turnover of Rs.5735.400 Millions
against Rs.3644.100 Millions in the corresponding quarter of previous year.
·
JMC Projects has achieved net profit of Rs.118.200
Millions in the quarter, a growth of over 19%
Order Book Review
As on December 31, 2011, company has consolidated order book of above
Rs.110000.000 Millions.
·
KPTL order book stood at Rs.55000.000 Millions
including new orders worth over Rs.2600.000 Millions. The order book
constituents over 60% from domestic markets and 40% from international markets
·
JMC Projects order book stood at Rs.55000.000
Millions including new orders worth Rs.10560.000 Millions.
The company’s SPV Jhajjar Power Transmission Limited, has completed
construction of first transmission BOOT project of the country on Viability Gap
Funding (VGF) basis. The commercial operations are expected very soon. The
project is expected to generate revenues of Rs.540.000 Millions per annum on
annuity basis.
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 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.51.05 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
76 |
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.