1. Summary Information
|
|
|
Country |
|
|
Company Name |
PUNJ-LLOYD
LIMITED |
Principal Name 1 |
Mr. Atul Prakash Punj |
|
Status |
Good |
Principal Name 2 |
Dr. Naresh Kumar Trehan |
|
|
|
Registration # |
55-033314 |
|
Street Address |
Punj Lloyd House, 17-18, Nehru Place, New
Delhi - 110 019, India |
||
|
Established Date |
26.09.1988 |
SIC Code |
-- |
|
Telephone# |
91-11-26200123 |
Business Style 1 |
Service Provider |
|
Fax # |
91-11-26200111 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Construction,
Project Related Activities and Engineering Services. |
|
|
# of employees |
11268 (Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.
664,200,000/- |
Product Name 3 |
-- |
|
Shareholders |
Shareholding of
Promoter and Promoter Group (37.18%) Public
Shareholding (62.82%) |
Banking |
Andhra Bank. |
|
Public Limited Corp. |
Yes |
Business Period |
24 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
A
(63) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary |
India |
Spectra
Punj Lloyd Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
46,836,900,000 |
Current Liabilities |
43,916,200,000 |
|
Inventories |
51,859,700,000 |
Long-term Liabilities |
38,307,100,000 |
|
Fixed Assets |
15,536,200,000 |
Other Liabilities |
1,987,500,000 |
|
Deferred Assets |
24,800,000 |
Total Liabilities |
84,210,800,000 |
|
Invest& other Assets |
8,021,300,000 |
Retained Earnings |
37,400,900,000 |
|
|
|
Net Worth |
38,065,100,000 |
|
Total Assets |
122,278,900,000 |
Total Liab. & Equity |
122,278,900,000 |
|
Total Assets (Previous Year) |
139,609,800,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
58,953,800,000 |
Net Profit |
576,600,000 |
|
Sales(Previous yr) |
41,932,363,000 |
Net Profit(Prev.yr) |
123,838,000 |
MIRA
INFORM REPORT
|
Report Date : |
08.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
PUNJ-LLOYD LIMITED |
|
|
|
|
Registered Office : |
Punj Lloyd House,
17-18, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
26.09.1988 |
|
|
|
|
Com. Reg. No.: |
55-033314 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs.664.191 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L74899DL1988PLC033314 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELP08758B / DELP14623A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACP0305Q |
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|
|
Legal Form : |
Public Limited Liability Company. The Company’s shares are listed on the Stock Exchanges. |
|
|
|
|
Line of Business : |
The Company is engaged in providing integrated design, engineering,
procurement, construction and project management services for energy and
infrastructure sector. |
|
|
|
|
No. of Employees : |
11268
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 15000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established
company having fine track record. Financial position appears to be sound.
Fundamentals are strong and healthy. Trade relations are reported as fair.
Business is active. Payments are reported to be regular. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A+ (Long Term Bank Facilities) |
|
Rating Explanation |
Having adequate degree of safety regarding
timely securing of financial obligations. It carry low credit risk. |
|
Date |
June 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
|
Registered Office : |
Punj Lloyd House,
17-18, |
|
|
Tel. No.: |
91-11-26200123,
26466105 |
|
|
Fax No.: |
91-11-26200111,
26427812 |
|
|
E-Mail : |
||
|
Website : |
||
|
|
|
|
|
Corporate Office 1 : |
78 Institurtional Area, Sector 32, Gurgaon - 122001, |
|
|
Tel No.: |
91-124-2620123 / 2620493 |
|
|
Fax No. : |
91-124-2620111 |
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|
|
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Corporate Office 2 : |
Office 95, Institutional Area, Sector – 32, Gurgaon – 122001, |
|
|
Tel No.: |
91-124-2620493, 2620769 |
|
|
Fax No.: |
91-124-2620111, 2620777 |
|
|
E-Mail: |
||
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Factory : |
Corporate Tower – 1, Institutional Area, Gurgaon – 122001, |
|
|
Tel. No. : |
91-124-2620331 |
|
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Fax No. : |
91-124-2620111 |
|
|
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Branch Office 1 : |
Punj Lloyd
Engineering Limited 76, Institutional Area, Sector 32, Gurgaon – 122001, |
|
|
Tel. No. : |
91-124-2620700 |
|
|
Fax No. : |
91-124-2620701 |
|
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E-mail : |
||
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Branch Office 2 : |
Punj Lloyd
Engineering Limited Plot No. 39, Ananth Infopark, Phase II, |
|
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Tel. No. : |
91-40-40028735 |
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Fax No. : |
91-40-40028735 |
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Overseas
Representative Offices : |
Punj Lloyd (Malaysia) Sdn. Bhd, #14-01 B, Keck Seng Tower,
133, Cecil Street, Singapore - 069535 Tel. No.
65-22279130 Fax No.
65-22241078 PT Punj
Lloyd Tel. No. 62-21-27666147 / 27666178 Fax No.
62-21-2766148 |
|
|
|
|
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Representative
Offices : |
303, Leela
Business, Park, 3rd Floor, Andheri Kurla Road, Andheri (East), Mumbai 400 059 Tel 91 22 4068 9500 Fax 91 22 4068 9555 E-Mail: dmankame@punjlloyd.com
East Asia C1303, Orient International Plaza, 85 Loushanguan Road, Shanghai 200336 Tel 861 39187 76307 E-Mail: sethunataraj@punjlloyd.com
Tel 971 2 6261604 Fax 971 2 6267789 E-Mail: pllme@punjlloyd.com PO Box # 55174,
18th Floor, Al Fardan Tower, West Bay, Doha, State of Qatar Tel 974 407 4555 Fax 974 407 4500 E-Mail: pllme@punjlloyd.com
Office No. 61,
Building 2080, Road 2825, Block 428, Seef Tower Building, Al Seef, PO Box
65017, Bab Al Bahrain, Kingdom of Bahrain Tel 973 1756 4500 Fax 973 1767 8500 E-Mail: pllme@punjlloyd.com
Tel 968 24 597728, 968 2450 4594 Fax 968 24 597493, 968 2450 4593 E-Mail: pllme@punjlloyd.com
T +44 207 495
4143 F +44 207 495
7937 E-Mail; farah@punjlloyd.com Bin Ashur Area
-Said Tel 218 92 582 4381, 218 21 5567
0123 Fax 218 21 363 0080 E-Mail: vminhas@punjlloyd.com
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|
DIRECTORS
AS ON 30.09.2012
|
Name : |
Mr. Atul Prakash Punj |
|
Designation : |
Chairman |
|
Address : |
10, |
|
Date of Birth/Age : |
1958 |
|
Qualification : |
B. Com (Hons) |
|
Date of Appointment : |
01.07.1998 |
|
|
|
|
Name : |
Mr. S N P Punj |
|
Designation : |
Chairman (Emeritus) |
|
|
|
|
Name : |
Dr. Naresh Kumar Trehan |
|
Designation : |
Independent Director |
|
Address : |
B- 4, Maharani Bagh, |
|
Date of Birth/Age : |
12.08.1946 |
|
Qualification : |
MBBS |
|
|
|
|
Name : |
Mr. Sanjay Gopal Bhatnagar |
|
Designation : |
Independent Director |
|
Address : |
101 West, 79th St. # 24A, |
|
Date of Birth/Age : |
29.08.1961 |
|
Qualification : |
B Tech (Mech), M Tech (Mech.), MBA |
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|
|
Name : |
Mr. Nitin Malhan |
|
Designation : |
Non Executive Director |
|
Address : |
112/ 122, “A” Wing Sarnath, |
|
Date of Birth/Age : |
02.08.1971 |
|
Qualification : |
B Sc., MBA |
|
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|
Name : |
Mr. Phiroz Vandrevala |
|
Designation : |
Independent Director |
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|
Name : |
Ms. Ekaterina Sharashidze |
|
Designation : |
Independent Director |
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|
|
Name : |
Mr. Luv Chhabra |
|
Designation : |
Director (Corporate Affairs) |
|
Address : |
H-16/4, DLF, Phase – 1, Gurgaon, |
|
Qualification : |
B. Tech., MBA |
|
|
|
|
Name : |
Mr. P K Gupta |
|
Designation : |
Whole Time Director |
KEY EXECUTIVES
|
Name : |
Mr. Dinesh Thairani |
|
Designation : |
Company
Secretary |
|
|
|
|
Name : |
Mr. Tariq Alan |
|
Designation : |
Chief Executive Officer
|
|
|
|
|
Name : |
Mr. Robert Allen |
|
Designation : |
President-Plant and
Equipment |
|
|
|
|
Name : |
Mr. Paul Craig
Birch |
|
Designation : |
Group President Human
Resources |
|
|
|
|
Name : |
Mr. Sandeep Garg |
|
Designation : |
President Caspian |
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|
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Audit Committee: |
Mr. Naresh Kumar
Trehan - Independent Director Chairman of the Committee Mr. Sanjay
Bhatnagar - Independent Director Mr. Niten Malhan
- Non Executive Director Mr. Phiroz Vandrevala - Independent
Director |
|
|
|
|
Investors Grievance Committee: |
Mr. Naresh Kumar Trehan - Independent Director Mr. Atul Punj –
Executive Officer Mr. Luv Chhabra
– Executive Officer |
|
|
|
|
Remuneration Committee: |
Mr. Naresh Kumar
Trehan - Independent Director Mr. Sanjay
Bhatnagar - Independent Director Mr. Niten Malhan
- Non Executive Director Mr. Phiroz Vandrevala - Independent
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
24184628 |
7.28 |
|
|
22158427 |
6.67 |
|
|
46343055 |
13.95 |
|
|
|
|
|
|
1430540 |
0.43 |
|
|
75691430 |
22.79 |
|
|
77121970 |
23.22 |
|
Total shareholding of Promoter and Promoter Group (A) |
123465025 |
37.18 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
23260349 |
7.00 |
|
|
22371884 |
6.74 |
|
|
31147071 |
9.38 |
|
|
76779304 |
23.12 |
|
|
|
|
|
|
20179887 |
6.08 |
|
|
|
|
|
|
97849417 |
29.46 |
|
|
4658144 |
1.40 |
|
|
9163968 |
2.76 |
|
|
2641085 |
0.80 |
|
|
323040 |
0.10 |
|
|
6199843 |
1.87 |
|
|
131851416 |
39.70 |
|
Total Public shareholding (B) |
208630720 |
62.82 |
|
Total (A)+(B) |
332095745 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
000 |
0.00 |
|
|
000 |
0.00 |
|
|
000 |
0.00 |
|
|
000 |
0.00 |
|
Total (A)+(B)+(C) |
332095745 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Undertakes
General Construction, Accoustic Jobs, Slipforming and Crosscountry Piping and
Gas based Power Plants on Turnkey basis and laying of Optical Fibre Cables. |
|
|
|
|
Services : |
Construction,
Project Related Activities and Engineering Services. |
GENERAL INFORMATION
|
No. of Employees : |
11268
(Approximately) |
||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||
|
Bankers : |
·
Axis Bank ·
Arab Bank plc, Bahrain ·
Andhra Bank ·
Bank of Baroda ·
Bank Muscat saog, Oman ·
Bank of India ·
Barwa Bank ·
BNP Paribas, Abu Dhabi ·
Canara Bank ·
Central Bank of India ·
DBS Bank Limited ·
Doha Bank, Qatar ·
Export - Import Bank of India ·
Federal Bank ·
First Gulf Bank, Abu Dhabi ·
HDFC Bank Limited. ·
ICICI Bank Limited ·
IDBI Bank Limited ·
Indian Bank ·
International Finance Corporation, Washington DC ·
Indian Overseas Bank ·
IndusInd Bank ·
Jammu AND Kashmir Bank Limited ·
Karur Vysya Bank ·
Life Insurance Corporation of India ·
Mashreq Bank psc, Dubai ·
Oriental Bank of Commerce ·
Standard Chartered Bank ·
State Bank of India ·
State Bank of Bikaner and Jaipur ·
State Bank of Hyderabad ·
State Bank of Patiala ·
UCO Bank ·
Union National Bank, Abu Dhabi ·
United Bank of India ·
Yes Bank Limited |
||||||||||||||||||||||||||
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Facilities : |
|
|
|
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|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi
and Company Chartered Accountant |
|
|
|
|
Subsidiaries : |
·
Spectra Punj Lloyd Limited ·
Punj Lloyd International Limited ·
Punj Lloyd Kazakhstan LLP ·
Punj Lloyd Industries Limited ·
Punj Lloyd Aviation Limited ·
Punj Lloyd Infrastructure Limited ·
Atna Investments Limited ·
Spectra Net Limited (upto May 31, 2008) ·
Punj Lloyd Upstream Limited ·
PT Punj Lloyd Indonesia ·
PLN Construction Limited ·
Punj Lloyd Pte Limited ·
PL Engineering Limited (Formerly known as Simon
Carves India Limited) ·
Sembawang Infrastructure ( ·
Spectra ISP Networks Private Limited (Formerly
known as PL Engineering Private Limited (w.e.f. October 23, 2008)) ·
Indtech Global Systems Limited (Formerly known as
Punj Lloyd Systems Private Limited (w.e.f. March 31, 2009) ·
Punj Lloyd SKIL Marine Systems Limited (w.e.f
July 01, 2009)* |
|
Step Down Subsidiary Companies : |
·
Spectra Net Holding Limited (upto May 31, 2008) ·
Spectra Punjab Limited (upto May 31, 2008) ·
Sembawang Engineers and Constructors Pte. Limited ·
PT Sempec ·
Sembawang Development Pte Limited ·
PT Indo Precast Utama ·
PT Indo Unggul Wasturaya ·
Sembawang ( ·
Construction Technology Pte Limited ·
Contech Trading Pte Limited ·
PT Contech Bulan ·
Construction Technology (B) Sdn Bhd ·
Sembawang ( ·
Sembawang Infrastructure ( ·
Sembawang Infrastructure ( ·
Sembawang-JTCI ( ·
Sembawang UAE Pte Limited ·
SC Architects and Engineers Pte Limited ·
Sembawang ( ·
Jurubina Sembawang (M) Sdn Bhd ·
Simon Carves Limited ·
Sembawang Simon-Carves De Mexico S.A DE. CV ·
Sembawang Engineers and Constructors Middle ·
Simon Carves Singapore Pte Limited ·
Sembawang ·
Sembawang Precast System LLC ·
Punj Lloyd Oil and Gas ( ·
Punj Lloyd Engineers and Constructors Pte Limited.
(Formerly known as Abudhabi ·
Engineers and Construction Pte. Limited. (w.e.f.
November 26, 2008) ·
Technodyne International Limited (w.e.f. June 02,
2008) ·
Punj Lloyd Delta Renewables Private Limited
(w.e.f. November 5, 2009)** ·
Delta Solar ( ·
Punj Lloyd Delta Renewables Pte Limited (w.e.f.
November 5, 2009)** ·
Buffalo Hills Limited. (w.e.f September 30,
2009)** ·
Technodyne Engineers Limited (w.e.f March 9,
2010)* ·
Sembawang Caspi Engineers and Constructors LLP (w.e.f.
January 11, 2010)* ·
Sembawang Libya General Contracting AND
Investment Company (w.e.f. August 11, 2009)* ·
Sembawang Australia Pty Limited (w.e.f. November
5, 2009)* ·
Sembawang Hong Kong Limited (w.e.f. October 13,
2009)* ·
Sembawang Securities Pte Limited (w.e.f. February
5, 2010)* ·
Sembawang Equity Capital Pte Limited (w.e.f.
August 1, 2009)* |
|
Joint Venture : |
·
Thiruvananthpuram Road Development Company
Limited ·
Persys-Punj Lloyd JV ·
·
Kaefer Punj Lloyd Limited ·
Swissport Punj Lloyd India Private Limited (under
liquidation) ·
Dayim Punj Lloyd Construction Contracting Co.
Limited ·
Joint Venture of Whessoe Oil and Gas Limited and
Punj Lloyd Limited ·
Ramprastha Punj Lloyd Developers Private Limited ·
Syna Petrochemical Engineering Company (up to
January 25, 2010) ·
Total-CDC-DNC Joint Operation ·
Kumagai-Sembawang-Mitsui Joint Venture ·
Kumagai-SembCorp Joint Venture (DTSS) ·
Kumagai-SembCorp Joint Venture ·
Philipp Holzmann-SembCorp Joint Venture ·
Semb-Corp Daewoo Joint Venture ·
Sime Engineering Sdn Bhd Sembawang ·
Sime Engineering Sdn Bhd SembCorp ·
Punj Lloyd PT Sempec |
|
|
·
|
|
Associate of
holding company : |
·
Olive Group India Private Limited*** India ·
Hazaribagh Ranchi Expressway Limited*** India |
|
Associate of
Subsidiary company : |
·
Air Works India (Engineering) Private Limited
India ·
Olive Group Capital Limited India |
|
Associates of Step down Subsidiaries : |
·
Reliance Contractors Private Limited, Singapore ·
Ventura Development (Myanmar) Pte Limited,
Singapore ·
Reco Sin Han Pte Limited, Singapore ·
Ethanol Ventures Grimsby Limited, (Up to May 31,
2010), United Kingdom |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000000 |
Equity Shares |
Rs.2/- each |
Rs. 900.000 Millions |
|
10000000 |
Preference Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
TOTAL |
|
Rs. Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
332095745 |
Equity Shares |
Rs.2/- each |
Rs. 664.200
Millions |
·
Terms/ rights attached to Equity Shares The Company
has only one class of Equity Shares having par value of Rs. 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 the approval of the shareholders in the ensuing Annual
General Meeting.
During the year ended March 31, 2012, the amount of per share dividend
recognized as distribution to equity shareholders was Rs. 0.15 (Previous year
Rs. 0.15).
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.
·
One of the subsidiary of the group has issued total
50,000 shares during the period of five years immediately preceding the
reporting date on exercise of options granted under the employee stock option
plan (ESOP) wherein consideration was received in form of employee services.
·
Details of shareholders holding more than 5% shares
in the Company
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 |
664.200 |
664.191 |
664.173 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
37400.900 |
34928.807 |
35106.500 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
38065.100 |
35592.998 |
35770.673 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
39076.200 |
19869.278 |
22806.962 |
|
|
2] Unsecured Loans |
1180.900 |
3362.240 |
4723.043 |
|
|
3] Non Convertible Debenture |
(1950.000) |
9850.000 |
7500.000 |
|
|
TOTAL BORROWING |
38307.100 |
33081.518 |
35030.005 |
|
|
DEFERRED TAX LIABILITIES |
1225.100 |
1123.942 |
1200.134 |
|
|
|
|
|
|
|
|
TOTAL |
77597.300 |
69798.458 |
72000.812 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
15536.200 |
12462.043 |
11799.849 |
|
|
Capital work-in-progress |
1316.300 |
1723.775 |
1343.808 |
|
|
|
|
|
|
|
|
INVESTMENT |
6705.000 |
6555.019 |
6762.659 |
|
|
DEFERREX TAX ASSETS |
24.800 |
5.928 |
2.142 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
51856.700
|
36964.269 |
35060.942 |
|
|
Sundry Debtors |
14043.200
|
12677.993 |
14975.760 |
|
|
Cash & Bank Balances |
2509.800
|
4011.242 |
1812.414 |
|
|
Other Current Assets |
1350.600
|
828.848 |
3408.593 |
|
|
Loans & Advances |
28933.300
|
21655.307 |
17348.896 |
|
Total
Current Assets |
98693.600
|
76137.659 |
72606.605 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
15424.300
|
|
9918.500 |
|
|
Other Current Liabilities |
28491.900
|
26385.419 |
9124.094 |
|
|
Provisions |
762.400
|
700.547 |
1417.657 |
|
Total
Current Liabilities |
44678.600
|
27085.966 |
20514.251 |
|
|
Net Current Assets |
54015.000
|
49051.693 |
52092.354 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
77597.300 |
69798.458 |
72000.812 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
58953.800 |
41932.363 |
71166.959 |
|
|
|
Other Income |
2850.200 |
2869.642 |
4249.040 |
|
|
|
TOTAL (A) |
61804.000 |
44802.005 |
75415.999 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Project Materials Consumed |
19406.400 |
14208.754 |
32532.358 |
|
|
|
Contractor Charges |
13110.400 |
9409.205 |
11933.997 |
|
|
|
Other Operating Expenses |
|
4305.925 |
0.000 |
|
|
|
Salaries, Wages and Other employees benefits |
7113.400 |
6159.525 |
7021.083 |
|
|
|
Managerial Remuneration |
87.200 |
47.625 |
6982.963 |
|
|
|
Auditor’s Remuneration |
13.600 |
15.463 |
14.673 |
|
|
|
Bad debts/ Advances written off/ provision
for diminution in value of non-trade long term investments |
48.200 |
94.292 |
132.889 |
|
|
|
Other Expenses |
13822.400 |
5787.703 |
8643.074 |
|
|
|
TOTAL (B) |
53601.600 |
40028.492 |
67324.295 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8202.500 |
4773.513 |
8091.704 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5469.100 |
3101.107 |
2637.995 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2733.400 |
1672.406 |
5453.709 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1874.300 |
1565.159 |
1326.788 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
859.100 |
107.247 |
4126.921 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
282.500 |
(16.591) |
452.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
576.600 |
123.838 |
3674.021 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9174.000 |
9108.087 |
6484.711 |
|
|
|
|
|
|
|
|
|
Add |
TRANSFER FROM
FOREIGN PROJECT UTILISED RESERVE |
0.000 |
0.000 |
7.500 |
|
|
|
|
|
|
|
|
|
Add |
TRANSFER
FROM FOREIGN EXCHANGE TRANSLATION RESERVE |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
400.000 |
|
|
|
Transfer to Debenture Redemption
Reserve |
153.700 |
0.000 |
600.000 |
|
|
|
Proposed Dividend for Equity Shares |
49.800 |
49.814 |
49.872 |
|
|
|
Tax on Proposed Dividend |
8.100 |
8.080 |
8.273 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
9539.000 |
9174.031 |
9108.087 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
NA |
11.577 |
|
|
|
Hiring Charges |
|
NA |
221.141 |
|
|
|
Interest Received (including foreign branches Rs.17.754 millions) |
|
NA |
183.755 |
|
|
|
Contract Revenue (including foreign branches Rs.43275.354 millions) |
|
NA |
44179.060 |
|
|
|
Others (including foreign branches Rs.353.964 millions) |
NA |
NA |
353.964 |
|
|
TOTAL EARNINGS |
|
NA |
44949.497 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Project Materials |
|
NA |
1929.564 |
|
|
|
Capital Goods |
|
NA |
2207.086 |
|
|
TOTAL IMPORTS |
|
NA |
4136.650 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.74 |
0.37 |
11.42 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2012 |
30.09.2012 |
|
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
|
18769.600 |
21402.900 |
|
Total Expenditure |
|
|
16654.200 |
18945.500 |
|
PBIDT (Excl OI) |
|
|
2115.400 |
2457.400 |
|
Other Income |
|
|
36.000 |
36.600 |
|
Operating Profit |
|
|
2151.400 |
2494.000 |
|
Interest |
|
|
1504.100 |
1783.100 |
|
Exceptional Items |
|
|
0.000 |
0.000 |
|
PBDT |
|
|
647.300 |
710.900 |
|
Depreciation |
|
|
569.800 |
600.100 |
|
Profit Before Tax |
|
|
77.500 |
110.800 |
|
Tax |
|
|
24.900 |
44.500 |
|
Provisions and contingencies |
|
|
0.000 |
0.000 |
|
Profit After Tax |
|
|
52.600 |
66.300 |
|
Extraordinary Items |
|
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
0.000 |
|
Other Adjustments |
|
|
0.000 |
0.000 |
|
Net Profit |
|
|
52.600 |
66.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.93
|
0.28
|
4.87
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.46
|
0.26
|
5.80
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.71
|
0.12
|
4.89
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.00
|
0.12
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.17
|
1.69
|
1.55
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.21
|
2.81
|
3.54
|
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 |
Yes |
|
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 |
Yes |
|
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 |
No |
|
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 |
No |
OVERVIEW
OVERVIEW
Punj Lloyd Limited (‘Punj Lloyd’, ‘PLL’ or ‘the Company’) is a global
engineering, procurement and construction (EPC) conglomerate that provides
services in energy, infrastructure and defense. With international offices in
21 countries, Punj Lloyd is focusing on catering to emerging markets across the
globe including India and South Asia, South East Asia, the Caspian region in
Central Asia, Middle East and Africa (MEA) and in some parts of UK and Europe.
The Company has a marquee client base amongst leading major global oil and gas
companies, government institutions and developers. The Company has always
focused on investing in state of the art equipment and adopted global best
practices for environment management, quality, health and safety. Today, it has
an equipment base worth over US$ 439 million and a multicultural workforce that
spans across 37 nationalities. With the organizational base firmly in place, the
challenge today is to build a large order book with robust profitability in a
difficult business environment.
BUSINESS PERFORMANCE
BUSINES
PERFORMANCE
Macro-economic signals were not very positive in calendar year (CY) 2011.
World output growth reduced to 3.9% against 5.6% in CY2010. While advanced
economies witnessed a reduction from 3.2% in CY2010 to 1.6% in CY2011, even
emerging and developing economies witnesses some slowdown – growth reduced from
7.5% in CY2010 to 6.2% in CY2011
Specifically, as chart B shows, there was slowdown across Punj Lloyd’s
key markets. Output growth in India reduced from 10.6% in CY2010 to 7.2% in
CY2011, in the Middle East and North Africa (MENA) it reduced from 4.9% in
CY2010 to 3.5% in CY2011, while amongst the ASEAN countries it fell from 7.5%
in CY 2010 to 6.2% in CY2011. This contributed to lowering of business
confidence and affected investments across sectors.
In India, there have been several obstacles in implementation arising
out of issues like land acquisition, environmental clearances, policy ambiguity
and administrative delays by sector specific nodal agencies. Faced by adverse
market conditions and non-availability of appropriate long term finance, many
of the large infrastructure project developers are facing cash flow pressures.
This has spiralled across all levels of the entire infrastructure value chain
of which Punj Lloyd is an integral part. Operation pressures from the cash flow
squeeze was further aggravated on the cost front by high interest rates. In
India, the reverse repo rate, which is the benchmark, increased from around
5.5% at the beginning of April 2011 to 7.5% by the end of March 2012. Given the
pricing mechanism, there are under-recoveries in the oil and gas sector.
Typically, the public sector companies – public sector oil companies and oil
marketing companies – share the under-recoveries proportionately along with the
government based on proportions determined by the government. However, the
absence of a fixed annual sharing-mechanism for under-recoveries and the
uncertain timing of cash pay-outs from the government adversely affect the
profitability and working capital management of the OMCs and subsequently on
all the companies down the value chain. Estimates suggest that the
under-recoveries of oil marketing companies or OMCs are likely to almost double
to about Rs. 1.4 trillion in 2011-12 from Rs 780 billion in 2010-11, largely on
account of high crude oil prices and a weak rupee in terms of the US dollar. This
has resulted in a reduction in investment cycle of the upstream companies,
affecting order books of Companies, like Punj Lloyd that provide engineering
and construction services to the sector. Also, the consequent cash crunch
across the oil and gas value chain is putting pressure on working capital
management and increasing leverage of all downstream companies. In the global
environment, there has been an overall reduction in opportunities for large
scale construction players. As a result, the intensity of competition has
increased significantly in geographies where there are new projects. This has
increased the emphasis on effective prospecting for securing new contracts
and laid even more importance on streamlining operations to deliver
projects at the lowest possible costs. Punj Lloyd has already established its
presence in key emerging markets and built strong relationships with leading
customers. This market presence and positioning provides the Company with a
competitive edge in identifying and leveraging emerging opportunities.
ENERGY
The energy vertical comprises businesses related to oil and gas, petchem
and power. It is the largest vertical in Punj Lloyd’s portfolio, with a share
of 65% in revenues and 63% in unexecuted order book. Table 1 lists the details
of revenues and order backlog for the different components of the energy
vertical in 2011-12. In terms of geography, the entire energy vertical is
spread across three primary clusters – South Asia, South East Asia and Middle
East and Africa (MEA). Given the market conditions, there were divergence in
performances across geographies.
• South Asia: While revenues increased at a healthy rate with the
execution of the existing order book, there was a slowdown in awarding of new
contracts. Consequently, there has been some pressure on the order book
• South East Asia: The Company has successfully leveraged opportunities
in this market and both revenues and the order book has shown healthy growth
• MEA: In a very competitive market, the Company has shown healthy
growth in order book.
OIL
AND GAS
Punj Lloyd’s oil and gas business focuses on onshore field development
projects, pipelines including offshore pipelines, process plants, and tanks and
terminals. Within the process plants business, the Company also caters to the
chemicals and petrochemical industry. Table 2 gives the value of revenues and
the order backlog across pipelines, tanks & terminals and process plants
across all geographies in the oil and gas sector.
POWER
While the power sector has great scope in a power deficit country like
India, many of the new power projects in thermal power have been affected due
to issue related to coal linkages, environment clearances and tariff related
issues. Consequently, one is not witnessing the kind of growth that one
envisaged for this sector. As a result, even as power remains an important
vertical in Punj Lloyd’s business, there has been Assembled modules for
Platform Compression Fac ilities (PCF) Project, Thailand Management Discussion
and Analysis 23 a reduction in the Company’s activities in this sector.
However, in the nuclear power segment, the Company has been fairly aggressive.
CIVIL AND
INFRASTRUCTURE
The civil and infrastructure business is carried out primarily by Punj
Lloyd Limited based out of India and its Singapore based subsidiary Sembawang
Engineers and Constructors Pte Limited (‘Sembawang’). While Punj Lloyd Limited
focuses on the Indian market as well as Middle East, and Africa, Sembawang’s
thrust is in Singapore and the South East Asian region.
Punj Lloyd Limited’s infrastructure business generated Rs. 4,270
Millions of revenues and completed the year with an unexecuted order backlog of
Rs. 12,098 Millions. Table 5 gives the details of revenue and order backlog of
Punj Lloyd Limited’s civil and infrastructure business across the different
regions.
HIGHWAY
PROJECT
Historically, the Company’s core strength was in the highway sector.
While there has been some improvement in new road projects floated by NHAI, the
sector is witnessing rapid margin erosion due to intense competition. There are
also several issues at the implementation stage primarily to do with problems
of land acquisition.
In this competitive environment, Punj Lloyd succeeded in securing a highway
project from GMR Projects Private Limited for undertaking design, engineering,
procurement and construction of 124 km of six lane of Chittorgarh bypass to
Udaipur, in the state of Rajasthan worth Rs. 10500.000 Millions. The project is
scheduled for commissioning in 36 months and has been awarded to Punj Lloyd on
a turnkey fixed EPC price basis. On the execution front,
• One of the six packages in Assam for NHAI has been completed, while
the others are in different stages of completion
• The Hyderabad-Vijayawada four to six-laning project is progressing
well and one expects it to be completed in the first half of 2012
• The Khagaria-Purnea (Bihar) project is in its early stage of work.
METRO PROJECT
As of now, Punj Lloyd is executing projects in the Bangalore Metro
Project across different lines and phases. In total PLL is constructing eight
stations in three Reaches. It has already completed two stations, i.e. M.G.
Road and Trinity Circle Terminals in Reach-1. The successful completion ahead
of time has helped secure some additional work on the plaza adjacent to the
stations. In addition there are three elevated metro stations, namely Mysore
Road Terminal, Deepanjali Nagar and Magadi Road Stations in Reach-2; and three
elevated metro stations, i.e. Rajajinagar, Kuvempu and Malleshwaram in Reach-3.
RAILWAY PROJECT
Punj Lloyd had gained entry into the Railways sector, by winning a
contract for Elevated Metro Station at M G Road, Bangalore, India 26 Punj Lloyd
Limited Annual Report 2011 – 2012 railway siding work at Anpara, UP. This
contract is worth Rs. 1140.000 Millions.
AIRPORT
PROJECT
Punj Lloyd is also executing work worth Rs. 2640.000 Millions for
building a new airport at Pakyong, Sikkim. This includes earthwork in cutting
and filling, geo-grid reinforced retaining wall, drainage system including box
culvert and aerodrome pavements. Approx. 60% of the project work has been
completed.
DEFENCE
The Punj Lloyd Group forayed into the defense sector business with the
objective to emerge as a credible indigenous player for manufacturing of
defense equipment, with focus on adoption of state-of-the-art technology.
The opportunity in the defense sector stems
from the fact that there is a capacity constraint amongst Government
entities and increasingly there is a trend to promote private players
who have indigenously developed capability and infrastructure to meet the needs
of the armed forces.
To support its foray into the defense production space, Punj Lloyd has
set up a state-of-the-art manufacturing and
assembly facility for defense systems in Malanpur (near Gwalior, Madhya
Pradesh).
The manufacturing facility is set up on 65 acres of land, which is
capable of:
• Machining, welding and fabrication of land system components.
• Assembly, integration and testing of weapons. Maintenance and repair
facility for existing weapons of the Indian army.
• Production of aero structure and components for the aerospace
industry.
The facility has been commissioned in Quarter 1 – 2012. It has a
workforce of around 70 people in place and has received necessary certification
for it to conduct operations. It has already started executing development
orders for nondefense industries like power and heavy engineering.
Most of the emphasis in the business is on the market development front.
While defense is a sector with huge potential, projects do have long gestation
periods and constant efforts are required to convert the potential into business
on the ground. Today, Punj Lloyd is committed to its efforts in building the
long term relationships essential for success in this business
The Company has been registered with the Ordnance Factory Board and is
executing development programmer along with them. The Company is in the process
of registering with the Defense Research Development Organisation (DRDO) for
carrying out defense related Research and Development work.
RENEWABLES AND
WATER
With a mission to be a global technology and solution provider for water
and renewable, Punj Lloyd’s subsidiary, Punj Lloyd Delta Renewable has forayed
into these sectors. The Company is continuously developing capabilities and
credentials to provide integrated turnkey solutions for sustainable development,
with special emphasis on designing, developing appropriate and sustainable
technology solutions which will create a lasting impact on communities in the
developing world.
Initially the primary focus has been on India. Punj Lloyd Delta
Renewable is currently targeting opportunities in two sectors - solar and
water. The strategy for solar is primarily driven by the vision and goals set
out by the India National Solar Mission.
The strategy for water is to provide technological solutions for waste
water management and also for providing
safe, clean drinking water in the rural and municipal regions of the
developing countries. This burning need is an
essential step for human health and development.
As part of the 20,000 MW of new solar power generation base prescribed
in the Jawaharlal Nehru National Solar
Mission (JNNSM), a total capacity of 150 MW was contracted out in the
first phase. Each prospective developer was allowed a maximum allocation of 5
MW. Punj Lloyd Infrastructure Limited was one of the 30 developers to secure a
PPA, which was executed by Punj Lloyd Delta Renewable. Punj Lloyd Delta
Renewable has successfully implemented this project on a turnkey basis and was
one of the few companies to have successfully commissioned this plant ahead of
schedule during 2011-12. In addition to this, the Company had received
contracts for a number of rooftop projects that have all been successfully
commissioned during 2011-12. One of the projects was for the very prestigious
site at the Golden Temple, Amritsar, India.
In addition, the company has also forayed into the Oil and Gas sector,
providing solar application specific solutions for the stations that are placed
at intervals along the Oil and Gas Pipelines. The company also secured its
first international contract for providing solar power to unmanned offshore
platforms in Indonesia.
With millions of people in India not having access to clean drinking
water, Punj Lloyd Delta Renewables had identified that one of the barriers to
providing water treatment plants in the rural areas was the lack of electricity
supply. With its strong innovative culture, the Company developed an
integrated solution where a treatment facility was designed that removed the
contaminants in the local ground water and energy was provided completely from
solar. Subsequently, the Company is currently executing the world’s largest
project for 850 solar powered water treatment plants across the state of Bihar,
India. A significant number of the plants have been completed and are operational
and already hundreds of lives have been positively changed by being able to
drink
safe water.
Another project that is currently in implementation is the 6.22 MLD
water treatment and distribution plant also in Bihar. This larger scale
centralized treatment plant will provide the Company with the opportunity to be
able to implement similar projects across many parts of the country and abroad
and positively impact millions of lives.
Clearly, 2011-12 was a year focused on execution for the Company. The
successful completion of projects translated into revenues growing to
Rs.1551.000 Millions. The early success on the execution front has helped build
credibility for the company and given it greater confidence to further grow the
business across these two sectors. The company will continue to strive to lead
in invention and development of technology advancements in water and renewable
energy to relentlessly deliver integrated solution platforms that will become
essential for changing lives amongst communities across the world.
INFORMATION
TECHNOLOGY
Punj Lloyd has always invested and leveraged information technology
tools to enhance its business competitiveness. Over the years, with the rapid
spread of its business, the IT back-bone supporting it has undergone several
transformations. Today, the entire system is getting revamped and reorganized
to transform it into an effective business enabler that has direct impact on
the Company’s bottom-line. The technology adoption roadmap is aimed at
“Business Anywhere and Everywhere” and in making technology one of the key
differentiators for competitive advantage.
This transformation journey is through three major stages –
consolidation, success and significance - with careful
adoption of Cloud and Mobility and other contemporary technologies in a
series of initiatives. While 2011 was largely dedicated to the consolidation
activities, there were few milestones that were achieved. These include –
• Implementation of Oracle HRMS (MIDAS) on hosting service mode,
• Rollout of Enterprise Content Manage System (Documented) in MEA
countries and in Indian projects,
• Migration of the enterprise Messaging System (Lotus Notes) to a cloud
based messaging system – Google Applications,
• Implementation of Talent Management and Performance Management
Services,
• Implementation of Hiring Management services, using state-of-the art
application “Hirecraft”,
• Cloud computing environment by server Virtualization is under process
• Implementation of comprehensive web-security system (Web sense),
• Implementation of Electronic Fund Transfer (EFT) with Bankers using
third party EDIs.
• Creation of BC and DR site using third party hosting services. The
following technology roadmap has been drawn for 2012-13 and the near term
future:
• Processes are being mapped for efficiency to become SOPs and aligning
technology with business with user configurable approach (web 2.0 technology ),
enabling end-users to drive their needs for configuration and customization
• Bringing standardization for enterprise-wise IT adoption
• Building robust and secure network connecting all for Punj Lloyd
entities,
• Various training and skill up-gradation initiatives to the existing
team to build internal capabilities,
• Empowering peers by unambiguously defining roles and responsibilities
and ascertaining accountability,
• Deploying multi-layer security policy on an unified communication
framework to enable safe and secured transaction,
• Virtualization of Desktops, Servers and also designing intelligent thin
client environment,
• Building up Corporate Information Vault (CIV) with multi-layered
security through LDAP, Antivirus/anti-spam, IRM and firewall,
• Making Scalable, Secured and Robust IT infrastructure to support
enterprise wise technology adoption
• Creating Enterprise Program Management Office ( PMO) using various
Project and Portfolio management tool and techniques, etc.
The journey of consolidation-success significance is expected to take
2-3 years when its tangible benefits can be identified and measured.
FUTURE
OUTLOOk
Economic conditions are expected to remain uncertain in India and across
the globe for the next 2 to 3 years. The global EPC market will remain highly
competitive. Punj Lloyd has succeeded in building a good order book in 2011-12.
Revenue growth in 2012-13 and 2013-14 will be driven by the successful
execution of this order book. The challenge will be to keep replenishing and
growing the order book to take the Company to the next level of growth. The
Company has already identified new geographies like East Africa and is focusing
its energies to develop business. Going forward, it will be imperative to tune
the business to different risk-return profile. The foray into the development
business has been a step in aligning to the new requirements. Also, developing
businesses in underdeveloped economies in Africa and Asia will have its share
of challenges.
Each vertical has specific opportunities and the Company is working on
best methods of prospecting for these and turning them into long term revenues
for the Company. In addition, there are continuous efforts at improving
efficiencies and delivering excellence in project execution. The ability to
grow the order book in a difficult environment in 2011-12 gives Punj Lloyd the
confidence to believe that its recovery is back on track and the Company remain
cautiously optimistic about its prospects in 2012-13.
OPERATION
REVIEW
During the year, THE Company gradually covered from the global economic
slowdown. THE company has been successful in growing the order book despite the
highly competitive business environment. The total order inflow during the year
was Rs. 138170.000 Millions making total order back log to Rs. 272760.000
Millions by the end of financial year 2011-12.
During the year total revenues of THE Company increased from Rs.
44802.000 Millions in FY 2010-11 to Rs. 61804.000 Millions in FY 2011-12.
Profit before interest, depreciation and tax (PBIDT) increased by 44.53% to Rs.
8202.400 Millions in FY 2011-12 in comparison to PBIDT of Rs. 5675.200 Millions
in FY 2010-11. Profit Before Tax (PBT) of the Company increased from Rs.
107.200 Millions in FY 2010-11 to Rs. 859.100 Millions in FY 2011- 12 and Pr
ofit After Tax (PAT) increased from Rs. 123.800 Millions in FY 2010-11 to Rs.
576.600 Millions in FY 2011-12.
CORPORATE
GOVERNANCE
The Report on Corporate Governance as stipulated under Clause 49 of the
Listing Agreements executed with the Stock Exchanges is attached and forms part
of the Annual Report.
The requisite Certificate from the Auditors of the Company confirming
compliance with the conditions of Corporate Governance as stipulated under the
aforesaid Clause 49 is attached to this report.
FIXED ASSETS
·
Land Building
·
Leasehold Improvements
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Tools
·
Vehicles
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND SIX
MONTHS ENDED ON 30.09.2012
(Rs. in millions)
|
Sr. No. |
Particular |
3 months |
6 months |
|
|
|
|
31.06.2012 (Unaudited) |
31.09.2012 (Unaudited) |
31.09.2012 (Unaudited) |
|
1. |
Net Sales/Income
from Operations |
18449.200 |
20769.500 |
39218.700 |
|
|
Other
Operating Income |
320.400 |
633.400 |
953.800 |
|
|
Total
Income from Operation |
18769.600 |
21402.900 |
40172.500 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Material Consumed |
4758.00 |
7013.200 |
11771.200 |
|
|
Contractor Charges |
5386.200 |
5426.800 |
10813.000 |
|
|
Employee Benefits Expenses |
2333.300 |
2582.900 |
4916.200 |
|
|
Depreciation and Amortization Expenses |
569.800 |
600.100 |
1169.900 |
|
|
Other Expenses |
4176.700 |
3922.600 |
8099.300 |
|
|
f) Total |
17224.000 |
19545.600 |
36769.600 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
1545.600 |
1857.300 |
3402.900 |
|
|
|
|
|
|
|
4. |
Other Income |
36.000 |
36.600 |
72.600 |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
1581.600 |
1893.900 |
3475.500 |
|
|
|
|
|
|
|
6. |
Interest |
1504.100 |
1783.100 |
3287.200 |
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
77.500 |
110.800 |
188.300 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
77.500 |
110.800 |
188.300 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
24.900 |
44.500 |
69.400 |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
52.600 |
66.300 |
664.200 |
|
|
|
|
|
|
|
|
Paid-up Debt Capital |
0.000 |
0.000 |
14326.900 |
|
|
|
|
|
|
|
|
Debenture redemption reserve |
0.000 |
0.000 |
1128.700 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.2/- Each) |
664.200 |
664.200 |
664.200 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
0.16 |
0.20 |
0.36 |
|
|
b) Basic and diluted EPS after extraordinary items |
0.16 |
0.20 |
0.36 |
|
|
|
|
|
|
|
|
Debt equity ration |
0.000 |
0.000 |
0.38 |
|
|
Debt service coverage ratio |
0.000 |
0.000 |
1.43 |
|
|
Interest service coverage ration |
0.000 |
0.000 |
1.49 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
208594720 |
208630720 |
208630720 |
|
|
- Percentage of Shareholding |
62.80 |
62.82 |
62.82 |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
6972000 |
6972000 |
6972000 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
5.64 |
5.65 |
5.65 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
2.10 |
2.10 |
2.10 |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
116592025 |
116493025 |
116493025 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
94.35 |
94.35 |
94.35 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
35.10 |
35.08 |
35.08 |
PRESS RELEASES
PUNJ LLOYD BAGS RS 528-CR PROJECT IN SINGAPORE
Diversified global conglomerate Punj Lloyd Group today said it has bagged a contract worth Rs 528 crore in Singapore to construct a new prison headquarter.
"Punj Lloyd Group today said it bagged Rs 528 crore worth project from the Singapore prison service to construct the new prison headquarters of the Changi prison complex," the company said in a statement.
As per the Letter of Award (LoA) received from the Singapore prison service, which comes under the purview of the Ministry of Home Affairs, Sembawang Engineers and Constructors, a Punj Lloyd Group company, will execute the project for the construction of four buildings and several ancillary buildings, substantial earthworks with retaining walls, road widening and external work, it said.
The project is expected to be completed over a period of 24 months. When completed, the headquarters will provide office facilities, a multi-purpose hall, club house and an auditorium, the statement said.
"Sembawang, with extensive experience in building complex landmark structures, will be able to deliver the new prison headquarters to support the Singapore prison service in helping inmates to turn over a new leaf and reintegrate into society after their release," Sembawang President and chief executive officer Richard Grosvenor said.
With this order, the total order backlog for the Group on a consolidated basis now stands at Rs 25,941 crore, reflecting the total value of unexecuted orders as on September 30 and new orders received after that, the release said
PUNJ LLOYD RISES 2% AS ARM WINS
PROJECT IN HONG KONG
Engineering company Punj Lloyd gained more than 2 percent on Thursday as its subsidiary Sembawang Engineers and Constructors has received its first project in Hong Kong to build MTR Corporation's Shatin to Central Link Diamond Hill Station.
The project worth over Rs 1,168 crore will be executed by Sembawang along with consortium partner Leader Civil Engineering Corporation.
"Work on the Diamond Hill station will start in the first quarter of 2013," the company said in its release.
At 15:47 hours IST, the stock rose 1.95 percent to Rs 60.20 amid large volumes on the Bombay Stock Exchange. Market capitalisation of the company currently stands at Rs 1,999.22 crore
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 :
There
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.54.97 |
|
|
1 |
Rs.88.10 |
|
Euro |
1 |
Rs.71.66 |
INFORMATION DETAILS
|
Report Prepared
by : |
SPR |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.