MIRA INFORM REPORT
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Report Date : |
29.04.2013 |
IDENTIFICATION DETAILS
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Name : |
KEC INTERNATIONAL LIMITED |
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Registered
Office : |
RPG House, 463, |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
18.03.2005 |
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Com. Reg. No.: |
11-152061 |
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Capital
Investment / Paid-up Capital : |
Rs. 514.177 Millions |
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CIN No.: [Company Identification
No.] |
L45200MH2005PLC152061 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK11457F |
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PAN No.: [Permanent Account No.] |
AAACK4279J |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on the
Stock Exchange. |
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Line of Business
: |
Manufacturer of Transmission Line Tower. |
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No. of Employees
: |
4800 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 39970000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well established and a reputed company having fine track
record. Financial position of the company appears to be sound. Directors are reported
to be experienced and respectable businessmen. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and as per
commitments. 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 – June 30, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long term Bank facilities: (CARE) A+ |
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Rating Explanation |
Having adequate degree of safety regarding
timely servicing of financial obligation. It carry low credit risk. |
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Date |
October 08, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
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Registered Office / International Transmission : |
1st Floor, RPG House, 463, Dr. Annie Besant Road, Worli,
Mumbai – 400030, Maharashtra, India |
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Tel. No.: |
91-22-66972777/ 28204045/ 66670200/ 66670297 |
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Fax No.: |
91-22-66972799/ 28204052/ 66670299/ 66670287/ 66670260 |
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E-Mail : |
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Website : |
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KEC
Manufacturing |
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Factory 1 : |
B-190, M.I.D.C. Industrial Estate, Butibori, Nagpur -
441108, Maharashtra, India |
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Tel. No.: |
91-7104-662209 |
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Fax No.: |
91-7104-662251 |
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E-Mail : |
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Factory 2 : |
Jhotwara, Jaipur – 302012, Rajasthan,
India |
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Tel. No.: |
91-141-2340214 / 91-141-6700201 |
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Fax No.: |
91-141-2340223 |
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E-Mail : |
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Factory 3 : |
Deori, P. O. Panagarh, |
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Tel. No.: |
91-761-2350024 |
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Fax No.: |
91-761-2350204 |
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E-Mail : |
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Factory 4 : |
2nd |
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Tel. No.: |
91-022-21731706 |
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Fax No.: |
91-022-21731700 |
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E-Mail : |
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Factory 5 : |
349, Hebbal
Industrial Area, Hootagalli, Belavadi Post, |
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Tel. No.: |
91-821-6559937/6559938/6553181 |
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Fax No.: |
91-821-2402499 |
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E-Mail : |
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Factory 6 : |
Plot No 273/4, |
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Tel. No.: |
91-260-2668518/2668519 |
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Fax No.: |
91-260-2268519 |
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E-Mail : |
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PLANTS TRANSMISSION |
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Factory 1 : |
B-190, M.I.D.C. Industrial Estate, Butibori, Nagpur -
441108, Maharashtra, India |
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Tel. No.: |
91-7104-662209 |
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Fax No.: |
91-7104-662251 |
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E-Mail : |
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Factory 2 : |
Jhotwara, Jaipur – 302012, Rajasthan,
India |
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Tel. No.: |
91-141-2340214 / 91-141-6700201 |
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Fax No.: |
91-141-2340223 |
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E-Mail : |
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Factory 3 : |
Deori, P. O. Panagarh, |
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Tel. No.: |
91-761-2350024 |
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Fax No.: |
91-761-2350204 |
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E-Mail : |
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Factory 4 : |
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Factory 5 : |
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CABLES |
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Factory 6: |
Hebbal Industrial
Area, Hootagalli, Belavadi Post, Mysore-571186, Karnataka, India |
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Factory 7: |
2nd |
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Factory 8: |
Demni Road,
Silvassa – 396191, Dadra and Nagar Haveli, India |
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Factory 9: |
Samlaya, Vadodara
– 391520, Gujarat, India |
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Projects
Locations : |
South
Asia Transmission : DLF Infinity Towers, 7th Floor, Tower-'B', DLF City, Phase-II,
Gurgaon-122002, Haryana, India Phone: 91-124-4188777 Fax: 91-124-4188721 Email: kecdomestic@kecrpg.com 1st Floor, RPG House, 463, Dr. Annie Besant Road, Worli,
Mumbai – 400030, Maharashtra, India Phone: 91-22-666770200 E-mail: kecindia@kecrpg.com 6th Floor RPG House, 463 Dr. Annie Besant Road, Worli , Mumbai –
400025, Maharashtra, India Tel:
91-22-66670300/66670305 Fax:
91-22-24930206/24930206 Power Division Email: sanjay.deosthali@rpgcables.com Telecom Division Email: nandanan@rpgcables.com Export Division Email: chatterjeet@rpgcables.com |
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Telecommunication: |
KEC International Limited Telecom Division, "The Pavilion",
3rd Floor, 339/2, Mehrauli-Gurgaon Road, Opposite State Bank of India, Sector
14, Gurgaon-122001, Haryana, India Phone:91-124-4607700 |
DIRECTORS
AS ON 31.03.2012
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Name : |
Mr. H. V. Goenka |
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Designation : |
Chairman |
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Address : |
14-16, Patazzo B. G. Khar Marg, Mumbai – 400008, Maharashtra, India |
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Qualification : |
Arts Graduate and BA, MBA ( |
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Other Directorship : |
Ø Bayer (India)
Limited Ø Zensar
Technologies Limited Ø RPG Enterprises
Limited Ø Raychem RPG
Limited Ø RPG Cables
Limited Ø RPG Paging
Services Limited Ø PRG Life
Sciences Limited Ø Spentex
Industries Limited Ø CEAT Limited
(Vice Chairman) Ø Bajaj
Electricals Ø Zensar
Technologies Inc., Ø Sprint RPG India
Limited Ø The State Industrial
and Investments Corporation of Maharashtra Limited (SICOM) |
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Name : |
Mr. R. D. Chandak |
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Designation : |
Managing Director and Chief Executive Officer |
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Address : |
B/44, |
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Qualification : |
M. Com., FCA |
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Name: |
Mrs. Sobha Singh Thakur |
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Designation: |
Director |
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Address: |
1161, |
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Qualification: |
M. Com., CAIIB |
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Name: |
Mr. Gulu Lalchand Mirchandani |
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Designation: |
Director |
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Address: |
22, Paras, Little Gibs Road, Malabar Hill, Mumbai – 400006,
Maharashtra, India |
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Qualification: |
B. Mechanical |
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Name : |
Mr. Dilip G Piramal |
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Designation : |
Director |
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Name : |
Mr. Sharad Madhav Kulkarni |
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Designation : |
Director |
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Qualification : |
Bechelor of Engineering : FIE ( |
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Other Directorship: |
Ø Sharvari
Investment Private Limited Ø Spentex
Industries Limited Ø Raychem RPG
Limited Ø Bayer ABS
Limited Ø Spencer
International Hotels Limited Ø Bayer India
Limited Ø Hindustan
Construction Company Limited Ø RPG Enterprises
Limited Ø Global
Procurement Consultants Limited Ø Jubilee
Investments and Industries Limited Ø Hilltop Holding
India Limited Ø ATR Consulting
Private Limited Ø Indiaco Com
(Private) Limited Ø Travel Voyages
(India) Limited |
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Name: |
Mr. Ajit Teckchand Vaswani |
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Designation: |
Director |
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Address: |
502, Solitalre Hirandani Gardens, Powai, Mumbai – 400076, Maharashtra,
India |
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Qualification: |
CA, CS |
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Name: |
Mr. Jotindra Mansukhlal Kothary |
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Designation: |
Director |
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Address: |
16 A, Thakur Niwas, 3rd Floor, 173, J. N. Tata Road, Churchgate,
Mumbai – 400020, Maharashtra, India |
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Qualification: |
B. Com LLB, MBA ( |
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Name : |
Mr. P. A. Makwana |
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Designation : |
Director |
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Name : |
Mr. M. K. Sharma |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Ch. V. Jagannadha Rao |
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Designation : |
Company Secretary |
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Name : |
Mr. Vimal Kejriwal |
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Designation : |
President – Transmission Business |
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Name : |
Mr. George Varghese |
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Designation : |
President – Distribution Business |
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Name : |
Mr. Vardhan Vasant Dharkar |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Yugesh Goutam |
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Designation : |
Senior Vice President – Human Resource |
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Name : |
Mr. Luigi Ruggieri |
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Designation : |
CEO – |
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Name : |
Mr. Nikhil Gupta |
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Designation : |
Executive Director – Cables |
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Name : |
Mr. Randeep Narang |
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Designation : |
Executive Director – |
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Name : |
Mr. Maadhav Digraskar |
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Designation : |
Chief Executive – Power System |
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Name : |
Mr. A. K. Sharma |
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Designation : |
Chief Executive – Telecom |
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Name : |
Mr. Sanjay Chandra |
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Designation : |
Chief Executive – Railways |
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Name : |
Mr. Dilip Shukla |
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Designation : |
Chief Executive – Water |
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Name : |
Mr. Akhil Saxena |
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Designation : |
Senior Vice President – Supply Chain |
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Name : |
Mr. V. Balasubramanian |
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Designation : |
Senior Vice President- International Project |
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Name : |
Mr. R.D. Chandak |
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Designation : |
Managing Director and Chief Executive Officer |
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Name : |
Mr. Vasant Pandit |
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Designation : |
Senior Vice president – Sales and Marketing (Cable) |
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Name : |
Mr. Jonathan Fletcher |
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Designation : |
Senior Vice President – Manufacturing (Cables) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A)
Shareholding of Promoter and Promoter Group |
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1205110 |
0.47 |
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113394104 |
44.11 |
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114599214 |
44.58 |
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Total
shareholding of Promoter and Promoter Group (A) |
114599214 |
44.58 |
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(B)
Public Shareholding |
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72078000 |
28.04 |
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6358834 |
2.47 |
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10285350 |
4.00 |
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6477174 |
2.52 |
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|
5480 |
0.00 |
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|
5480 |
0.00 |
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95204838 |
37.03 |
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15558553 |
6.05 |
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27281810 |
10.61 |
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1316017 |
0.51 |
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3127938 |
1.22 |
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1083899 |
0.42 |
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282369 |
0.11 |
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1761630 |
0.69 |
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40 |
0.00 |
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|
47284318 |
18.39 |
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Total
Public shareholding (B) |
142489156 |
55.42 |
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Total
(A)+(B) |
257088370 |
100.00 |
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(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
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|
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total
(A)+(B)+(C) |
257088370 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Transmission Line Tower. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
4800 (Approximately) |
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Bankers : |
Ø
Bank of India Ø
IDBI Bank Limited Ø
Abu Dhabi Commercial
Bank Ø
Punjab National Bank Ø
Allahabad Bank Ø
The Royal Bank of
Scotland N.V. Ø
Andhra Bank Ø
Standard Chartered
Bank Ø
Axis Bank Limited Ø
State Bank of
Bikaner and Jaipur Ø
Bank of Baroda State
Ø
Bank of Hyderabad Ø
Barclays Bank Plc Ø
State Bank of India Ø
Central Bank of
India Ø
Syndicate Bank Ø
Corporation Bank Ø
UCO Bank Ø
Dena Bank Ø
YES Bank Limited Ø
Export Import Bank
of India Ø
The Dhanlaxmi Bank
Limited Ø
ICICI Bank Limited Ø
Punjab and Sind Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskin
and Sells Chartered Accountants |
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Address : |
Mumbai, |
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Subsidiaries -
Wholly Owned : |
Ø RPG Transmission
Nigeria Limited Ø KEC Global FZ –
LLC, Ras UL Khaimah Ø Jay Railway
Projects Private Limited (formerly known as Jay Railway Signaling Private
Limited) (w.e.f. September 14, 2010) Ø KEC Investment
Holdings, Mauritius (w.e.f. August 2, 2010) Ø KEC Global
Mauritius, Mauritius (w.e.f. November 16, 2010) Ø KEC
International Holdings LLC, USA* Ø KEC Brazil LLC,
USA* Ø KEC Mexico LLC,
USA* Ø KEC Transmission
LLC, USA* Ø KEC US LLC, USA* Ø SAE Towers
Holdings, LLC, USA# Ø SAE Towers
Brazil Subsidiary Company LLC, USA# Ø SAE Towers
Mexico Subsidiary Holding Company LLC, USA# Ø SAE Towers
Mexico S de RL de CV, Mexico # Ø SAE Towers
Brazil Torres de Transmission Limited, Brazil # Ø SAE Prestadora
de Servicios Mexico, S de RL de CV, Mexico # Ø
SAE Towers 2 Investmentos e Participacoes Ltda,
Brazil# {Merged with SAE Towers Brazil Torres de Transmission Ltda, Brazil
w.e.f. April 01, 2011} Ø
SAE Towers Limited, USA # Ø SAE Towers
Panama Holdings LLC, USA # Ø SAE Towers
Panama S de RL, Panama # Ø KEC Power India
Private Limited (Status changed from Joint Venture to Subsidiary w.e.f. March
31, 2012) * w.e.f. September 7, 2010 # w.e.f. September 23, 2010 |
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Subsidiaries : |
Ø RPG Transmission
Nigeria Limited, Nigeria Ø KEC Global FZ –
LLC, Ras UL Khaimah Ø Jay Railway
Projects Private Limited Ø KEC Investment
Holdings, Mauritius Ø KEC Global
Mauritius, Mauritius Ø SAE Towers
Holdings, LLC, USA Ø KEC Transmission
LLC, USA Ø KEC US LLC, USA Ø KEC Power India
Private Limited (Status changed frm Joint Venture to Subsidiary w.e.f. March
31, 2012) Ø SAE Towers Mexico
S de RL de CV, Mexico |
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Joint Ventures: |
Ø
Al-Sharif Group and KEC Company Limited, Saudi
Arabia (Formerly known as Faiz Abdul Hakim Al-Sharif Group and KEC Company
Limited, Saudi Arabia) Ø KEC Power India Private Limited (Status changed frm Joint Venture to Subsidiary w.e.f. March 31, 2012) Ø EJP KEC Joint Venture, South Africa Ø KEC – ASSB JV, Malaysia Ø KEC – Asiakom – UB JV Ø KEC – Asiakom JV Ø KEC – JEI JV Ø KEC – Delco – Varaha JV Ø KEC – Varaha – Khazana JV Ø KEC – Valecha – Delco JV Ø KEC – Sidharth JV Ø KEC – Triveni – KPIPL JV Ø KEC – Universal JV Ø KEC – Delco – Dustan JV Ø KEC – ANPR – KPIPL JV Ø KEC – PLR – KPIPL JV Ø KEC – BJCL JV |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000000 |
Equity Shares |
Rs. 2/- each |
Rs. 600.000 Millions |
|
50000000 |
Equity Shares |
Rs. 10/- each |
Rs. 500.000 Millions |
|
1500000 |
Redeemable Preference
Shares |
Rs. 100/- each |
Rs. 150.000 Millions |
|
|
Total |
|
Rs. 1250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
257088370 |
Equity Shares |
Rs. 2/- each |
Rs. 514.177
Millions |
|
|
|
|
|
Reconciliation of number of Equity Shares and amount outstanding at the beginning
and at the end of the year
|
Equity Shares: |
Nos. |
Rs. in millions |
|
Outstanding at
the beginning of the year (#Face Value ` 10 each) |
2,57,088,370 |
514.177 |
|
Add : a) Shares allotted
pursuant to the Scheme of Amalgamation to the shareholders of the erstwhile
RPG Cables Limited ( #Face Value ` 10 each) |
-- |
-- |
|
b) Incremental
number of shares due to split/ sub-division of face value from ` 10 per share
to ` 2 per share |
-- |
-- |
|
Outstanding as at the end of the year |
2,57,088,370 |
514.177 |
Shareholders holding more than 5% Equity Shares in the Company as at the
end of the year
|
Name of the
shareholder |
Nos. of Shares
Held |
Percentage of
shares held |
|
Swallow Associates Limited @ |
6,42,86,025 |
25.01 |
|
RPG Cellular
Investments And Holdings Private Limited* @ |
-- |
-- |
|
Summit Securities Limited* |
2,49,92,520 |
9.72 |
|
HDFC Trustee
Company Limited A/c HDFC Balanced Fund (AAATH1809A) |
2,32,82,899 |
9.06 |
|
Life Insurance Corporation of India (AAACL0582H) |
1,52,13,235 |
5.92 |
|
Instant Holdings Limited* |
1,34,40,425 |
5.23 |
|
Reliance Capital
Trustee Company Limited A/c Reliance Diversified Power Sector Fund
(AAATR0090B) |
1,31,68,280 |
5.12 |
*Shares held in
Multiple Folios have been combined.
@ With effect from
March 27, 2012 the shareholders of the Company RPG Cellular Investments And
Holdings Private Limited (holding 5,27,18,360 shares, equivalent to 20.51%),
Petrochem International Limited, South Asia Electricity Holdings Limited and
Blue Niles Holdings Limited pursuant to the Scheme of Amalgamation merged with
Swallow Associates Limited, however transfer of their shareholding in favour of
Swallow Associates Limited pursuant to the said Scheme is pending as at March
31, 2012
6,86,59,100 Equity
Shares of ` 2 each were allotted as fully paid up pursuant to contracts without
payment being received in cash, during the period of five years immediately
preceding the balance sheet date. Out of these shares :
(i) 5,82,90,010
Equity Shares of ` 2 each allotted in 2007-08 to the shareholders of the
erstwhile RPG Transmission Limited (RPGT) and the erstwhile National
Information Technologies Limited pursuant to the Scheme of Arrangement.
3,750 fully paid
up Equity Shares of ` 2 each were allotted to a trustee against 1,688 equity
shares of RPGT, where rights were kept in abeyance under section 206A(b) of the
Companies Act, 1956 by RPGT. On settlement of the relevant court cases/issues,
the Equity Shares issued to the trustee will be transferred.
(ii) 1,03,65,340
Equity Shares of ` 2 each allotted in 2010-11 to the shareholders of the
erstwhile RPG Cables Limited (RPGCL) pursuant to the Scheme of Amalgamation.
The Company has
only one class of equity shares having a par value of ` 2 per share. Each
holder of equity shares is entitled to one vote per share. The Company declares
and pays dividends in Indian rupees. The dividend proposed by the Board of
Directors is subject to approval of the shareholders in the ensuing Annual
General Meeting. In the event of liquidation of the Company, the holders of
equity shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
514.177 |
514.177 |
493.446 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9478.434 |
8135.922 |
7161.569 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
5] Equity Share Suspense |
0.000 |
0.000 |
20.731 |
|
|
NETWORTH |
9992.611 |
8650.099 |
7675.746 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6016.611 |
8574.124 |
7755.089 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
112.348 |
|
|
TOTAL BORROWING |
6016.611 |
8574.124 |
7867.437 |
|
|
DEFERRED TAX LIABILITIES |
666.120 |
579.505 |
461.105 |
|
|
|
|
|
|
|
|
TOTAL |
16675.342 |
17803.728 |
16004.288 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6993.133 |
7017.289 |
6750.240 |
|
|
Capital work-in-progress |
1076.861 |
193.432 |
378.644 |
|
|
Advances for capital expenditure |
0.000 |
0.000 |
4.383 |
|
|
|
|
|
|
|
|
INVESTMENT |
62.113 |
53.649 |
18.694 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3180.153
|
2128.839 |
2497.529
|
|
|
Sundry Debtors |
22142.418
|
20440.859 |
19449.195
|
|
|
Cash & Bank Balances |
941.285
|
596.144 |
678.011
|
|
|
Other Current Assets |
6229.687
|
5801.967 |
0.000
|
|
|
Loans & Advances |
4850.366
|
4002.646 |
3972.552
|
|
Total
Current Assets |
37343.909
|
32970.455 |
26597.287 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
18813.323
|
15548.346 |
9578.173
|
|
|
Other Current Liabilities |
9036.325
|
6208.721 |
7610.677
|
|
|
Provisions |
951.026
|
674.030 |
556.110
|
|
Total
Current Liabilities |
28800.674
|
22431.097 |
17744.960 |
|
|
Net Current Assets |
8543.235
|
10539.358 |
8852.327 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16675.342 |
17803.728 |
16004.288 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
46043.338 |
39651.173 |
38772.439 |
|
|
|
Other Income |
851.330 |
41.914 |
9.893 |
|
|
|
TOTAL |
46894.668 |
39693.087 |
38782.332 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
25099.319 |
20276.205 |
20108.935 |
|
|
|
Changes in inventories of finished goods, work-in-progress and scrap |
(183.003) |
99.833 |
0.000 |
|
|
|
Erection and Subcontracting Expenses |
10826.098 |
9167.761 |
9504.382 |
|
|
|
Employee Benefit Expenses |
2417.922 |
2002.820 |
0.000 |
|
|
|
Other Expenses |
4478.850 |
4275.751 |
3620.401 |
|
|
|
Personal Expenses |
0.000 |
0.000 |
1681.434 |
|
|
|
TOTAL |
42639.186 |
35822.370 |
34915.152 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4255.482 |
3870.717 |
3867.180 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1337.066 |
1052.971 |
865.263 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2918.416 |
2817.746 |
3001.917 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
360.485 |
344.910 |
262.435 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL ITEMS |
9.783 |
84.900 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2548.148 |
2387.936 |
2739.482 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
729.761 |
917.035 |
1029.570 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1818.387 |
1470.901 |
1709.912 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5192.894 |
4226.445 |
3048.461 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
181.839 |
147.090 |
170.991 |
|
|
|
Dividend on Equity Shares |
308.506 |
308.506 |
308.506 |
|
|
|
Tax on distributed profits |
50.047 |
48.856 |
52.431 |
|
|
BALANCE CARRIED
TO THE B/S |
6470.889 |
5192.894 |
4226.445 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
At FOB price |
7611.323 |
4438.048 |
4677.128 |
|
|
|
Freight recovered on sales |
370.969 |
0.000 |
0.000 |
|
|
|
At invoiced value (Tower testing charges) |
250.667 |
11.866 |
67.752 |
|
|
|
Sales and Services: Overseas projects |
11854.397 |
13269.857 |
16796.477 |
|
|
|
Interest |
0.489 |
0.214 |
0.255 |
|
|
|
Dividend received from a wholly owned subsidiary |
272.189 |
0.000 |
0.000 |
|
|
|
Others (Insurance claims, etc.) |
16.307 |
1.535 |
1.896 |
|
|
|
Gain on Foreign Exchange (net) |
0.000 |
0.000 |
97.885 |
|
|
TOTAL EARNINGS |
20376.341 |
17721.520 |
21641.393 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2567.17 |
1331.321 |
893.506 |
|
|
|
Stores & Spares |
47.292 |
43.910 |
1.255 |
|
|
|
Purchase of Fixed Assets |
539.396 |
131.020 |
40.155 |
|
|
TOTAL IMPORTS |
3153.858 |
1506.251 |
934.916 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
7.07 |
5.72 |
6.91 |
|
|
|
Diluted |
7.07 |
5.72 |
2.00 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
10479.200 |
12892.400 |
14392.500 |
|
Total Expenditure |
10038.500 |
12403.300 |
13703.100 |
|
PBIDT (Excl
OI) |
440.700 |
489.100 |
689.400 |
|
Other Income |
54.900 |
19.200 |
89.100 |
|
Operating
Profit |
495.600 |
508.300 |
778.500 |
|
Interest |
326.400 |
366.600 |
455.400 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
169.200 |
141.700 |
323.100 |
|
Depreciation |
92.000 |
104.600 |
108.800 |
|
Profit
Before Tax |
77.200 |
37.100 |
214.300 |
|
Tax |
25.500 |
12.200 |
59.900 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
51.700 |
24.900 |
154.400 |
|
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 |
51.700 |
24.900 |
154.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.88
|
3.71 |
4.41
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.53
|
6.02 |
7.07
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.75
|
5.97 |
8.21
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.28 |
0.07
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.60
|
0.99 |
1.02
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30
|
1.47 |
1.50
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
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 |
Yes |
|
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAIL:
|
Case Details |
|
Bench: |
|
|
|
Stamp No.:
WPST/16267/2012 Filling Date: 20.06.2012 Reg.
No.: WP/5894/2012 Reg. Date: 02.07.2012 |
|
Petitioner: M/S. KUMKUM
SILK MILLS AND ORS - Respondent: KEC International Limited
- |
|
Petn. Adv.: LEX FIRMUS |
|
District: MUMBAI |
|
|
|
Bench: SINGLE |
|
Status: DISPOSED |
|
Disp. Date: 18.02.2013 Disp. Type: DISMISSED |
|
Disp. By: HON’BLE SHRI
JUSTICE S.C. DHARMADHIKARI |
|
Last Date: 18.02.2013
Stage: FOR PASSING ORDER |
|
Last Coram: HON’BLE SHRI
JUSTICE S.C. DHARMADHIKARI |
|
|
|
Act: Rent Act |
ECONOMIC REVIEW
During
FY12, the Indian GDP grew at ~ 6.9% as compared to 8.4% in previous year. With
agriculture and services continuing to perform well,
The
global economic environment has been fragile throughout the year, owing to the
challenges in the Euro-zone, political turmoil in the Middle East & North
Africa, aftermath of the earthquake and tsunami in Japan and concerns of US
economy downgrade by rating agencies. However, in recent months, there are
signs of conditions stabilising and a gradual improvement in the global
economic environment.
INDUSTRY OUTLOOK AND OPPORTUNITIES ACROSS
BUSINESSES AND RELATED GEOGRAPHIES
KEC
International Limited (the Company) has presence in six business verticals –
Power Transmission, Power Systems, Cables, Telecom, Railways and Water. The
business is spread over 45 countries across South Asia, Middle East and North
Africa (MENA), Rest of Africa, Central Asia and Americas. This section
highlights industry outlook and opportunities in each of the businesses.
POWER SECTOR REVIEW
Growth
in Power Sector is one of the key demand drivers for a significant part of the
Company’s businesses (Power Transmission, Power Systems and Cables) and
therefore this section takes a closer look at the global power scenario.
Globally 25.9% of world’s population is still without access to power. Region
wise,
Worldwide power
shortage and its increasing demand is driving substantial investments in power
generation. The world’s net electricity generation capacity is expected to increase
from 19.1 trillion kwh in 2008 to 35.2 trillion kwh by 2035. There is a strong
growth opportunity in the Company’s conventional EPC markets of
Investments in
generation capacity must be supported with corresponding investments in
transmission and distribution infrastructure. Therefore the global power
transmission and distribution (T&D) sector has strong growth prospects for
the years to come. Apart from generation based T&D demand, there will be
demand in the form of replacements of old existing networks and implementation
of grid strengthening and interconnections. Many regions have planned for
interconnection of their grids.
POWER TRANSMISSION - OUTLOOK AND OPPORTUNITIES
This
is the largest business vertical of the Company.
Region-wise
highlights are as follows:
I)
In the 12th Five
Year Plan (12th Plan), the Working Group of Power, Government of India has
recommended a capacity addition target of 76 GW of conventional capacity as
compared to actual capacity addition of ~ 51 GW in the 11th Five Year Plan (11th
Plan).
In order to
support the expansion in power generation, the transmission and distribution
network will have to be significantly expanded and strengthened. In the 12th
Plan, transmission line addition target is expected at 109,440 circuit kms as
compared to actual addition of 76,955 circuit kms during the 11th Plan.
During the 12th
Plan, the Central Transmission Utility, Power Grid Corporation of India
Limited. (PGCIL) has planned investment of ` 1,00,0000.000 Million for
transmission systems associated with central sector linked generation, Ultra
Mega Power projects (UMPP) & Independent Power Producers (IPP) and Grid
Strengthening. Further, investments are also being lined up by the State
Electricity Boards (SEBs) to expand the intra-state transmission networks. In
some cases, PGCIL and SEBs investments are backed by multilateral funding
agencies like World Bank, Asian Development Bank etc.
A
substantial increase in inter-regional transmission networks is required as
power generation sources are unevenly distributed and power needs to be
transmitted over large distances from power generation areas to the ultimate
consumers. Eleven High Capacity Transmission Corridors (HCTC) are planned and
are being developed in phases. Private sector participation in the transmission
sector has been low so far. However, it is expected that
there
will be increasing contribution of private sector investments due to more
number of projects planned through competitive bidding process (BOO/BOOT). The
power sector faces challenges related to fuel linkages, land acquisition,
environmental clearances, statutory clearances, right of way (RoW) and poor
financial health of SEBs. However, the Government of India is expected to take
adequate steps to address these concerns. Further, many of the SEBs are hiking
their power tariffs to reduce their financial losses and improve cash flows.
SAARC Countries -
II] MIDDLE EAST AND
Total
estimated investment in the Middle East as per IEA’s World Energy Outlook 2009
Report is ~ $86 Billion in Transmission between years 2008 and 2030.
GCC Countries - GCC
countries have grown ~ 7% in 2011 backed by increase in crude prices and higher
public spending. Strong economic growth, rapid population increase, commercial
and industrial growth are the major demand drivers for the power sector in this
region. Within GCC,
III] REST OF AFRICA AND
REST OF
IV)
UNITED STATES - The
POWER SYSTEMS - OUTLOOK AND OPPORTUNITIES
In
this space, the Company’s majority business comes from the Substation segment.
Apart from this, the Company also focuses on Power Distribution, Rural
Electrification and other related segments.
In
rural electrification scheme, the Government of India, through its scheme Rajiv
Gandhi Grameen Vidyutikaran Yojana (RGGVY) has taken several initiatives to
ensure electricity access to all the villages and households. Implementation of
RGGVY has so far electrified almost 93.5% of the villages. Another Scheme is
the Restructured-Accelerated Power Development and Reforms Programme (R-APDRP)
to strengthen the urban distribution network. The scheme also focuses on
T&D loss reduction.
CABLES BUSINESS – OUTLOOK AND OPPORTUNITIES
KEC’s
cable manufacturing can be divided into two broad areas - Power Cables and
Telecom Cables. Power Cables constitute the major portion (~ 80%) of its Cable
business. The current size of Cables Market in
TELECOM BUSINESS – OUTLOOK AND OPPORTUNITIES
In
this space, the Company’s business mainly comes from installation of Optical
Power Ground Wire (OPGW) Network and
RAILWAYS BUSINESS – OUTLOOK AND OPPORTUNITIES
In
this space, the Company’s business comes from Conventional Railway projects.
The Company is also focusing on upcoming Dedicated Rail Freight Corridors and
Mass Rapid Transit System opportunities.
CONVENTIONAL RAILWAY
The
Annual Railway Budget of Government of India has proposed the highest ever plan
outlay at Rs. 60,1000.000 Million for FY13 on
Indian Railways.
DEDICATED FREIGHT CORRIDORS
The
Government of India has planned to construct two Dedicated Freight Corridors
(DFC) – 1) Western DFC (1,534 kms) and 2) Eastern DFC (1,839 kms). The
scheduled completion of these projects is by 2016-17.
MASS RAPID TRANSIT SYSTEM
Increasing
urbanization and strain on the existing transport infrastructure is
necessitating investment in modern Mass Rapid Transit System (metro and mono rails).
To facilitate this, the Ministry of Urban Development is planning metro systems
for cities with a population of over two Million.
Metro
projects involving a total investment of Rs. 60,0000.000 Million with a total route length of over 272 Kms are currently in
the advanced planning stage and their implementation is likely to begin in next
two-three years. These include metro projects in Ahmedabad, Navi Mumbai,
WATER BUSINESS – OUTLOOK AND OPPORTUNITIES
In
this space, the Company is focusing on opportunities in water resource
management as well as water and waste water treatment. Water is a relatively
scarce resource in
resources
in a sustainable manner. The Government of India has given high priority for
construction of Water Infrastructure. It has initiated several schemes which
include Rajiv Gandhi National Drinking Water Mission (RGNDWM), Jawaharlal Nehru
National Urban Renewal Mission (JNNURM) and Urban Infrastructure Development
for Small and Medium Towns (UIDSSMT) in the form of central and state
government grants for the sector.
FINANCIAL PERFORMANCE
(Based
on consolidated results)
Net
Sales increased by 29.89 % to Rs. 58147.400 Million in FY12.
EBITDA
is Rs. 4713.200 Million as against Rs. 4767.800 Million in the FY11
Depreciation
and Amortisation expense (net) is Rs. 479.200 Million against
Rs. 408.100 Million in the FY11.
Finance
Costs is Rs. 1597.400 Million against Rs. 1176.400 Million in the FY11.
Other
Income for the year is Rs. 616.300 Million. This includes
profit from assignment of leasehold rights in the land at Vashi of Rs. 531.800 Million.
Net
profit increased by 1.78% to Rs. 2093.000 Million.
Earnings
per Share (EPS) stood at Rs. 8.14 against Rs. 8.00 in FY11.
Proposed
Dividend for the year is 60% of face value of equity share, reflecting a
proposed distribution of Rs. 358.600 Million (including
dividend distribution tax).
Book
Value per share increased to Rs. 43.09 per share as against Rs. 36.82 per share
in FY11.
Net
debt to equity ratio reduced to 0.94 times against 1.34 times in FY11.
Net
working capital days reduced to 73 days against 106 days in FY11.
OPERATIONAL PERFORMANCE
The
Company has received many orders during FY12. The orders were spread across
various businesses and geographies. The Company’s Order Book increased to Rs.
8,5720.000 Million against Rs. 7,8000.000 Million FY11 end.
PERFORMANCE
On standalone basis, the Net Sales
increased by 16.12% to Rs. 4,604.33 Million in FY12.
The Net profit increased by 23.62% to Rs. 1818.400 Million. During FY12, the
Company has secured many orders and these were spread across various businesses
and geographies. This helped in increasing the order book from Rs. 7,8000.000
Million in FY11 end to Rs. 8,5720.000 Million in FY12 end.
The
Company is continuously spreading its wings for further growth every year by
entering into new geographies, adding its customer base and expanding its
businesses.
New Geographies – During FY12,
Transmission business entered into DR Congo by
securing order of ` 213 Million.
Adding Customers –
Traditionally, KEC has secured most of its business from the government sector
across the globe. However, in recent years, the Company has been focusing on
diversifying and adding to its customer base in the private sector. During the
year, it secured 5 transmission lines EPC orders in
Expanding Businesses – The
Company has gradually ventured into new businesses– Power Systems, Cables,
Railways and Water. Its’ order book from these businesses increased from Rs.
1,1730.000 Million in FY10 to ` 2,3430.000 Million in FY12. The Company is
leveraging its project execution capabilities and experience along with its
strong global presence in each of these businesses. The Company aims to
consolidate and grow these new businesses to achieve, in the long term, a balanced
business portfolio. During the year, the company has enhanced its tower
manufacturing capacity from 151,000 MTs to 174,000 MTs by debottlenecking and
adding balancing equipment.
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR QUARTER AND NINE MONTHS ENDED 31.12.2012
(Rs. in millions)
|
Sr. No. |
Particulars |
Quarter ended |
Nine months ended |
|
|
|
|
31.12.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
|
1. |
Income from
Operations |
|
|
|
|
|
a) Net Sales/Income from operations (Net of excise duty) |
14203.300 |
12671.300 |
37140.900 |
|
|
b) Other Operating Income |
189.200 |
221.100 |
623.200 |
|
|
Total Income
from Operations (net) |
14392.500 |
12892.400 |
37764.100 |
|
|
|
|
|
|
|
2. |
Expenses |
|
|
|
|
|
a) Cost of Materials Consumed |
8104.500 |
7274.100 |
20766.100 |
|
|
b) Purchases of Stock-in-trade |
-- |
-- |
-- |
|
|
c) Changes in inventories of finished goods, works-in-process and
stock-in-trade |
(213.000) |
166.900 |
(381.500) |
|
|
d) Erection and Subcontract Charges |
3426.800 |
2713.900 |
9135.300 |
|
|
e) Employee benefits expense |
34.900 |
775.500 |
2166.500 |
|
|
f) Depreciation and Amortization expenses |
108.800 |
104.600 |
305.400 |
|
|
g) Other Expenses |
1649.900 |
1472.900 |
4458.500 |
|
|
Total Expenses |
13811.900 |
12507.900 |
36450.300 |
|
3. |
Profit From Operations
before Other Income, Finance Cost and Exceptional Items (1-2) |
580.600 |
384.500 |
1313.800 |
|
4. |
Other Income |
89.100 |
19.200 |
163.200 |
|
5. |
Profit from
Ordinary Activities Before finance Costs and Exceptional Items (3+4) |
669.700 |
403.700 |
1477.000 |
|
6. |
Finance Costs |
455.400 |
366.600 |
1148.400 |
|
7. |
Profit from
Ordinary Activities after finance Costs but before Exceptional Items (5-6) |
214.300 |
37.100 |
328.600 |
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
9. |
Profit from
Ordinary Activities before Tax (7+8) |
214.300 |
37.100 |
328.600 |
|
10. |
Tax Expense |
59.900 |
12.200 |
97.600 |
|
11. |
Net Profit from
Ordinary Activities after Tax (9-10) |
154.400 |
24.900 |
231.000 |
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
13. |
Net Profit for
the period (11-12) |
154.400 |
24.900 |
231.000 |
|
14. |
Paid-up Equity
Share Capital (Face Value of Rs.2/- Each) |
514.200 |
514.200 |
514.200 |
|
15. |
Reserves Excluding Revaluation Reserve |
|
|
|
|
16. |
Basic and
Diluted Earning Per Share (EPS) before and After extra ordinary items) (Not
Annualized) |
0.60 |
0.10 |
0.90 |
|
|
|
|
|
|
|
A |
Particulars of
Shareholding |
|
|
|
|
|
|
|
|
|
|
1. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
142,645,949 |
142,645,949 |
142,645,949 |
|
|
- Percentage of Shareholding |
55.49% |
55.49% |
55.49% |
|
|
|
|
|
|
|
18. |
Promoters and
Promoter Group Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Shareholding of promoter
and promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non
Encumbered |
|
|
|
|
|
- Number of Shares |
114,442,421 |
114,442,421 |
114,442,421 |
|
|
- Percentage of Shares (as a % of the Total Shareholding of Promoter
and Promoter Group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
44.51% |
44.51% |
44.51% |
Notes:
1.
The above results of the Company were reviewed by
the Audit Committee and approved by the Board of Directors at its meeting held
on January 30, 2013.
2.
The statutory auditors of the Company have
conducted a "Limited Review" of the above unaudited financial
results.
3.
Other income includes:
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
31.12.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
|
Dividend income from subsidiaries |
51.700 |
-- |
51.700 |
|
Profit on assignment of leasehold rights in the land at Vashi along with
structures thereon |
-- |
-- |
-- |
4. The execution of the construction works under contracts of the
Company with General Electric Company, Libya (a Government of Libya
undertaking) is disrupted since February, 2011 due to civil/political unrest in
that country. The net assets (including fixed assets, debtors etc.) as at
December 31, 2012 of the Company relating to these contracts aggregate Rs.
599.800 Millions (net of Rs. 172.800 Millions realised during the nine months
ended December 31, 2012). The situation in Libya is returning to normal and the
Company is confident of completing these projects.
5. The Company is primarily engaged in the business of Engineering,
Procurement and Construction (EPC). As such there is no separate reportable
segment as defined by the Accounting Standard (AS) 17 - "Segment
Reporting" notified under the Companies (Accounting Standards) Rules,
2006.
6. Previous
periods' figures have been regrouped / reclassified wherever necessary.
CONTINGENT
LIABILITIES IN RESPECT OF:
(a)
Claims against the Company not acknowledged as debts:
(Rs. In Millions)
|
Nature of Claims
|
Relating to various years comprise
in the period |
31.03.2012 |
|
|
|
|
|
Sales
Tax/Value Added Tax* (Tax/Penalty/Interest) |
1993-2010 1993-2010 |
257.020 |
|
Excise
Duty * (Tax/Penalty/Interest) |
1994-2012 1994-2011 |
251.412 |
|
Service
Tax * (Tax/Penalty/Interest) |
2002-2010 2004-2010 |
1.646 |
|
Entry
Tax (Tax/Penalty/Interest) |
1995-2012 1995-2008 |
150.962 |
|
(i)
Income Tax matters mainly in respect of disallowance of depreciation etc. relating
to Power Transmission Business acquired by the Company |
A.Y.2006-07
to 2009-10 A.Y.2006-07 and 2009-10 |
724.144 |
|
(ii)
Income Tax matters at overseas unit/s |
2002 2002 |
119.327 |
|
Customs
Duty |
1995-1996 |
6.014 |
|
Civil Suits |
1993-1994 1993-1994 |
0.500 |
|
Demands of employees/ sub contractors |
|
Amount
Not Determinable |
*These
claims mainly relate to the issues of applicability, issue of disallowance of
cenvat credit and in case of Sales Tax/Value Added Tax, and also relate to the
issue of submission of ‘C’ forms.
(b)
Other matters for which the Company is contingently liable:
|
Particulars |
31.03.2012 |
|
|
(Rs.
In Millions) |
|
Guarantees
given to banks for credit facilities extended/ loans given to the wholly
owned subsidiary companies Rs.6088.276 Millions. Facilities / loans
outstanding at the year end |
5020.525 |
|
Performance
guarantee given to a customer of the wholly owned subsidiary Company |
2239.651 |
|
Bank
guarantees provided by the Company to customers of the wholly owned
subsidiary companies in connection with the respective contracts awarded/bids
made |
239.136 |
|
Performance
guarantee provided by a bank to the customer of the wholly owned subsidiary Company
by utilising the Company’s credit facility with that bank |
26.499 |
(c) Other money for which the Company is
contingently liable:
|
Sr. No |
Particulars |
31.03.2012 |
|
1 |
Bills discounted |
678.395 |
|
2 |
Contingent liability
of Income Tax taken over by the Company in terms of the
Composite Scheme of Arrangement under which the Power
Transmission Business was acquired by the Company |
73.125 |
FIXED ASSETS:
·
Freehold and
·
Buildings
·
Plant and Machinery
·
Computers
·
Furniture and Fixtures
·
Electrical Installations
·
Vehicles
·
Computer Software
·
Brand
·
Goodwill
WEBSITE DETAILS
PRESS
RELEASE
KEC INTERNATIONAL
WINS ORDERS WORTH RS. 9140.000 MILLIONS
Ø Secures Rs. 8000.000 Millions orders in transmission business
Ø SAE Towers secures Rs. 1880.000 Millions orders, including Rs. 730.000 Millions pole supply orders. Also expanding its existing poles production capacity at an investment of Rs. 250.000 Millions
Ø Re-enters Indonesia after 10 years; secures Rs. 1290.000 Millions order
Ø Enters 765 kV Gas Insulated Substation (GIS) segment; Secures Rs. 400.000 Millions order
Ø Secures Rs. 740.000 Millions orders in cable business
Mumbai, April 1, 2013: KEC International Limited (KEC), a global infrastructure EPC major, an RPG Group company, has secured new orders worth Rs. 9140.000 Millions in its Transmission, Power Systems and Cables businesses from India and International markets. Details are as follows -
Transmission
Business:
Americas - SAE Towers, the wholly owned subsidiary of the Company, has secured largest ever poles supply order worth Rs. 730.000 Millions from Canada. SAE Towers is expanding its pole production capacity from 5,000 MTs to 12,000 MTs at its existing facility in Mexico at an investment of Rs. 250.000 Millions to cater to the increasing demand of poles in the North America region. The expansion is likely to be completed by September 2013.
In addition to above, SAE Towers has also secured orders for supply of lattice
towers and hardware from Canada, United States, Brazil and Mexico. The total
value of these orders is Rs. 1150.000 Millions.
Indonesia – - Design, Supply and Erection of 150 kV transmission line between Bengkayang – Ngabang – Tayanwith. The order is secured from the client PT PLN (Persero), i.e. Indonesia’s State Electricity Corporation. The order value is Rs. 1290.000 Millions. With this order, the Company re-enters Indonesia after more than 10 years and strengthens its presence in South East Asia. This year, the Company has already secured orders in Malaysia and Philippines.
Saudi Arabia – – Design, Supply and Erection of 380 kV transmission lines associated with interconnection of Al Salam, Madinah. The order is secured from the Saudi Electricity Company. The order value is Rs. 1960.000 Millions.
India – Supply and Erection of 400 kV transmission line between Kurukshetra - Jalandhar and 220 kV transmission line between Jalandhar - Hamirpur. The order is secured from the Power Grid Corporation of India Limited (PGCIL). The order value is Rs. 2190.000 Millions.
Others – - Secured additional orders from its existing Transmission projects. The total value of these orders is Rs. 680.000 Millions.
Power Systems
Business:
The Company has secured an order for establishment of a 765 kV Gas Insulated Substation (GIS) in Tamil Nadu for PGCIL. The order value is Rs. 400.000 Millions. With this, KEC marks its entry in 765 kV GIS substation space.
Cable Business:
The Company has secured Rs. 740.000 Millions orders for the supply of Power and Telecom Cables.
About KEC
International Limited
KEC International is global infrastructure Engineering, Procurement and Construction (EPC) major. It has presence in the verticals of Power Transmission, Power Systems, Cables, Railways, Telecom and Water. The Company has powered infrastructure development in 48 countries across South Asia, Middle East, Africa, Central Asia and Americas. It is the flagship Company of the RPG Group.
About RPG Enterprise.
RPG Enterprises is one of India's largest industrial conglomerates. The group consists of over fifteen companies managing diverse business interests in the areas of Tyre, Infrastructure, IT and Speciality. Established in 1979, RPG Enterprises today has a turnover of Rs. 160000.000 Millions.
KEC INTERNATIONAL
RECEIVES IGBC GREEN FACTORY 'PLATINUM' CERTIFICATION FOR ITS GREEN-FIELD CABLES
FACILITY AT VADODARA, GUJARAT
BECOMES THE FIRST
CABLES FACTORY IN INDIA TO RECEIVE THIS CERTIFICATION
Mumbai, April 23, 2013: KEC International Limited (KEC), today announced that its green-field Cables manufacturing facility in Vadodara (Gujarat), has been awarded the prestigious 'Platinum' certification by the Indian Green Building Council (IGBC) formed by CII. The IGBC Green Factory certification system recognises significant efforts in green concepts and techniques in the industrial sector. These concepts help address national priorities like waste material handling, water efficiency and reduction in use of fossil fuels, energy efficiency and conservation of natural resources.
KEC setup its green-field facility at Vadodara to manufacture High Tension (HT) and Extra High Voltage (EHV) cables up to 220 kV. Right from the project design phase, several eco-friendly concepts were implemented across parameters such as Site Selection and Planning, Water, Energy and Material Conservation, Indoor Environmental Quality, Occupational Health, Innovation in Design etc.
Mr. Ramesh Chandak, MD & CEO, KEC International Limited commented, "This is a very prestigious award which puts our factory in a different league altogether. Only 5 companies in India have received the 'Platinum' certification and ours is the only cables factory to receive this certification from IGBC. This dream was realised due to the relentless efforts put in by our team."
"This world-class manufacturing facility will help KEC to consolidate its position as a significant player in the HT and EHV cables space" he added.
About KEC
International Limited
KEC International is global infrastructure Engineering, Procurement and Construction (EPC) major. It has presence in the verticals of Power Transmission, Power Systems, Cables, Railways, Telecom and Water. The Company has powered infrastructure development in 48 countries across South Asia, Middle East, Africa, Central Asia and Americas. It is the flagship Company of the RPG Group.
About RPG Enterprise.
RPG Enterprises, established in 1979, is one of India's fastest growing business groups with turnover over Rs. 160000.000 Millions. The group has more than fifteen companies managing diverse business interests in the areas of Tyre, Infrastructure, IT and Specialty.
KEC INTERNATIONAL
WINS ORDERS WORTH RS. 6460.000 MILLIONS
Mumbai, February 15, 2013: KEC International Limited (KEC), a global infrastructure EPC major, an RPG Group company, has secured new orders worth Rs. 6460.000 Millions in its Transmission and Cable businesses.
Transmission
Business:
In Transmission business, the Company has secured Rs. 5590.000 Millions orders from India and Americas.
Details are as follows -
1) Two orders worth Rs. 2910.000 Millions from Power Grid Corporation of India Limited (PGCIL).
Rs. 1730.000 Millions order for supply and erection of 765 kV single circuit transmission line between Varanasi-Balia in Uttar Pradesh on turnkey basis. The project is associated with the Transmission System for Phase-I Generation Projects in Jharkhand & West Bengal.
Rs. 1180.000 Millions order for supply and erection of 220 kV and 132 kV transmission lines in Jharkhand on turnkey basis.
2) Order worth Rs. 1890.000 Millions for supply and erection of 400 kV double circuit transmission line from Rangampet to Gajwel in Andhra Pradesh on turnkey basis. The order is secured from Transmission Corporation of Andhra Pradesh Limited (APTransco).
3) SAE Towers, the wholly owned subsidiary of the Company, has secured various orders for supply of lattice towers and poles to United States, Mexico and Brazil. The total value of these orders is Rs. 790.000 Millions.
Cable Business:
In Cable business, the Company has secured Rs. 870.000 Millions orders for supply of Power and Telecom Cables.
About KEC
International Limited
KEC International is global infrastructure Engineering, Procurement and Construction (EPC) major. It has presence in the verticals of Power Transmission, Power Systems, Cables, Railways, Telecom and Water. The Company has powered infrastructure development in 48 countries across South Asia, Middle East, Africa, Central Asia and Americas. It is a flagship Company of the RPG Group.
About RPG Enterprise.
RPG Enterprises is one of India's largest industrial conglomerates. The group consists of over fifteen companies managing diverse business interests in the areas of Tyre, Infrastructure, IT and Speciality. Established in 1979, RPG Enterprises today has a turnover of Rs. 160000.000 Millions.
RPG GROUP COMPANY KEC
INTERNATIONAL UNDER I-T LENS
Ashwin Mohan, ET
Now Jan 3, 2013, 07.50PM IST
Infrastructure major and RPG Group company KEC International is under the scanner of revenue authorities as the investigative wing of the Mumbai income tax department carried out extensive nationwide survey operations on nearly 9 official premises of the company and its associated entities on Thursday, three individuals privy to the ongoing probe told was the first to report the development.
Sources indicate that the survey operations are spread across Mumbai, Nagpur, Gurgaon, Kolkata, Jabalpur and Jaipur amongst other locations. "There could be possible instances of bogus billing, although we will get further clarity only when the survey operations conclude," said one of the three individuals cited above.
When contacted, a KEC spokesperson responded saying, "We are extending all assistance to the IT officials. We are confident that the officials will find our corporate practices and books satisfactory."
The company had recently bagged domestic and overseas projects worth Rs 15110.000 Millions in the transmission, power systems and cable businesses. The survey operations come on the back of growing pressure on the income tax department to meet the direct tax collection target of Rs 5.7 lakh crore for the fiscal.
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 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. 54.29 |
|
|
1 |
Rs. 83.88 |
|
Euro |
1 |
Rs. 70.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.