MIRA INFORM REPORT
|
Report Date : |
24.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
KALPATARU POWER TRANSMISSION LIMITED (w.e.f. 20.12.1993) |
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Formerly Known
As : |
HT POWER STRUCTURE LIMITED |
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Registered
Office : |
Plot
No.101, Part-III, G.I.D.C. Estate, Sector-28, Gandhinagar – 382028, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
23.04.1981 |
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Com. Reg. No.: |
04-004281 |
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Capital
Investment / Paid-up Capital : |
Rs.306.900 Millions |
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CIN No.: [Company Identification
No.] |
L40100GJ1981PLC004281 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Distributor of Power Transmission Towers and also engaged in Infrastructure EPC. |
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No. of Employees
: |
1900 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (70) |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track. General financial position seems to be strong. Liquidity position is good.
Fundamental appears to be healthy. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
AA (Long Term Bank Facilities) |
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Rating Explanation |
High degree of safety and very low credit risk. |
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Date |
September 03, 2014 |
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Rating Agency Name |
CARE |
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Rating |
A1+ (Short Term Bank Facilities) |
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Rating Explanation |
Very strong degree of safety and lowest credit risk |
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Date |
September 03, 2014 |
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
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (91-79-23211955)
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot
No.101, Part-III, G.I.D.C. Estate, Sector-28, Gandhinagar – 382028, |
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Tel. No.: |
91-79-23211951 / 23211955 / 23214000 |
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Fax No.: |
91-79-23211966 / 68 / 71 |
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E-Mail : |
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Website : |
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Area: |
48000 sq.mts ( 12 Acres) |
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Corporate Office and International / Infrastructure Office : |
101, ‘Kalpataru Synergy’, 8th
Floor, Opposite Grand Hyatt Hotel, Santacruz (East), Mumbai – 400055, |
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Tel. No.: |
91-22-30645000 |
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Fax No.: |
91-22-30642500 / 36712608 / 30643131 |
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Factory 2 : |
EOU Plant Plot No. A-4/1, A-4/2,
A-5, G.I.D.C., Electronic Estate, Sector – 25, Gandhinagar – 382025, |
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Tel. No.: |
91-79-23214400 |
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Fax No. : |
91-79-23287215 |
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Factory 3 : |
Biomass
Energy Division (Power Plant) 27BB, Tehsil Padampur, District Sri Ganganagar,
Rajasthan, India |
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Tel. No.: |
91-154-2473725 |
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Fax No.: |
91-154-2473724 |
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Factory 4 : |
Biomass
Energy Division (Power Plant) Near Village
Khatoli, Tehsil Uniara, District Tonk – 304024, Rajasthan, India |
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Tel. No.: |
91-1436-260665 |
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Fax No.: |
91-1436-260666 |
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Factory 5 : |
Raipur Plant: Khasra No.1778, 1779, Old Dhamtari Road, Village : Khorpa, Tehsil : Abhanpur, District : Raipur, Chhattishgarh, India |
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Fax No.: |
91-771-2446988 |
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R and
D Centre : |
At Punadara
Village, Near Talod Dam, Taluka – Prantij, District Sabarkatha, Gujarat,
India |
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Tel. No.: |
91-2770-255414 |
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International
Project Office : |
Located At: ·
Algeria ·
Congo ·
Ethiopia ·
Kenya ·
Kuwait ·
Philippines ·
Qatar ·
South Africa ·
Srilanka · Tanzania · UAE ·
Ukraine |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Mofatraj P. Munot |
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Designation : |
Chairman |
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Name : |
Mr. Manish Mohnot |
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Designation : |
Executive Director |
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Name : |
Mr. Parag Munot |
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Designation : |
Promoter Director |
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Name : |
Mr. Sajjanraj Mehta |
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Designation : |
Independent Director |
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Name : |
Mr. K. V. Mani |
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Designation : |
Non-Executive Director |
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Name : |
Mr. S. P. Talwar |
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Designation : |
Independent Director |
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Name : |
Mr. Ranjit Singh |
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Designation : |
Managing Director |
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Name : |
Mr. Mahendra G. Punatar |
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Designation : |
Independent Director |
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Name : |
Mr. Vimal Bhandari |
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Designation : |
Independent Director |
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Name : |
Mr. Narayan Seshadri |
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Designation : |
Independent Director |
KEY EXECUTIVES
|
EXECUTIVE
MANAGEMENT TEAM |
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Name : |
Mr. Kamal K. Jain |
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Designation : |
Director (Finance) and CFO |
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Name : |
Mr. Dinesh B. Patel |
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Designation : |
Director (Operations) |
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Name : |
Mr. B. K. Satish |
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Designation : |
President and CEO (Distribution Projects) |
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Name : |
Mr. Sanjay Dalmia |
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Designation : |
Head - International Business |
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Name : |
Mr. Gyan Prakash |
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Designation : |
President & CEO (Infrastructure Projects) |
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Name : |
Mr. M. A. Baraiya |
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Designation : |
Dy. President (HR and Admin) |
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Name : |
Mr. Subhasish Mukherjee |
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Designation : |
President (International TL Business) |
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Name : |
Mr. S. Ayya. Durrai Pandian |
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Designation : |
President (Construction) |
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Name : |
Mr. Vinod Radadia |
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Designation : |
President (Production) |
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Name : |
Mr. Bajrang Ramdharani |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
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|
31142867 |
20.29 |
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|
59791796 |
38.96 |
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|
90934663 |
59.26 |
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|
300000 |
0.20 |
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|
300000 |
0.20 |
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Total shareholding of Promoter and Promoter Group (A) |
91234663 |
59.45 |
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(B) Public Shareholding |
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|
19415722 |
12.65 |
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|
461633 |
0.30 |
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|
7195000 |
4.69 |
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|
7181443 |
4.68 |
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|
13736877 |
8.95 |
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|
187517 |
0.12 |
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|
1000 |
0.00 |
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|
186517 |
0.12 |
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|
48178192 |
31.39 |
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Bodies Corporate |
4134012 |
2.69 |
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|
7913369 |
5.16 |
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|
741197 |
0.48 |
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|
1259137 |
0.82 |
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|
282838 |
0.18 |
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|
976299 |
0.64 |
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|
14047715 |
9.15 |
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Total Public shareholding (B) |
62225907 |
40.55 |
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Total (A)+(B) |
153460570 |
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 |
|
|
0 |
0.00 |
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Total (A)+(B)+(C) |
153460570 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the Shareholder |
Details of Shares held |
Encumbered shares (*) |
|||
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
||
|
1 |
Kalpataru Constructions Private Limited |
2,33,50,000 |
15.22 |
10409601 |
44.58 |
6.78 |
|
2 |
K C Holdings Private Limited |
2,11,42,600 |
13.78 |
16815000 |
79.53 |
10.96 |
|
3 |
Mofatraj Pukharaj Munot |
1,37,36,822 |
8.95 |
0 |
0.00 |
0.00 |
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4 |
Kalpataru Properties Private Limited |
1,36,46,196 |
8.89 |
0 |
0.00 |
0.00 |
|
5 |
Parag Mofatraj Munot |
1,34,63,615 |
8.77 |
800000 |
5.94 |
0.52 |
|
6 |
Tara Kanga |
15,54,130 |
1.01 |
0 |
0.00 |
0.00 |
|
7 |
Kalpataru Viniyog Private Limited |
13,20,000 |
0.86 |
0 |
0.00 |
0.00 |
|
8 |
Sudha Rajesh Golecha |
8,71,650 |
0.57 |
0 |
0.00 |
0.00 |
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9 |
Sunita Vijay Choraria |
8,71,650 |
0.57 |
0 |
0.00 |
0.00 |
|
10 |
Kalpataru Holdings Private Limited |
3,33,000 |
0.22 |
0 |
0.00 |
0.00 |
|
11 |
Mohammed Ismail Kanga |
3,00,000 |
0.20 |
0 |
0.00 |
0.00 |
|
12 |
Imtiaz Kanga |
3,00,000 |
0.20 |
0 |
0.00 |
0.00 |
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13 |
Imran Imtiaz Kanga |
1,00,000 |
0.07 |
0 |
0.00 |
0.00 |
|
14 |
Ishrat Imtiaz Kanga |
1,00,000 |
0.07 |
0 |
0.00 |
0.00 |
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15 |
Ismat Imtiaz Kanga |
1,00,000 |
0.07 |
0 |
0.00 |
0.00 |
|
16 |
Chandra Amar Munot |
10,000 |
0.01 |
0 |
0.00 |
0.00 |
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17 |
Jash Choraria |
7,000 |
0.00 |
0 |
0.00 |
0.00 |
|
18 |
Khushali Rajesh Golechha |
7,000 |
0.00 |
0 |
0.00 |
0.00 |
|
19 |
Rajesh Bhagchand Golechha |
7,000 |
0.00 |
0 |
0.00 |
0.00 |
|
20 |
Umang Golechha |
7,000 |
0.00 |
0 |
0.00 |
0.00 |
|
21 |
Vijay K Choraria |
7,000 |
0.00 |
0 |
0.00 |
0.00 |
|
|
Total |
9,12,34,663 |
59.45 |
28024601 |
30.72 |
18.26 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
IDBI Trusteeship Services
Limited (India Advangate Fund V) |
7195000 |
4.69 |
|
|
2 |
ICICI Prudential Life
Insurance Company Limited |
6821328 |
4.45 |
|
|
3 |
ICICI Prudential
Infrastructure Fund |
6694357 |
4.36 |
|
|
4 |
HSBC Global Investment Funds
A/c HSBC GIF Mauritius Limited |
5454094 |
3.55 |
|
|
5 |
Birla Sun Life Trustee Company
Private Limited A/c Birla Sun Life Midcap Fund |
2726500 |
1.78 |
|
|
6 |
DSP Blackrock India T.I.G.E.R.
Fund |
2490743 |
1.62 |
|
|
7 |
UTI Energy Fund |
2351054 |
1.53 |
|
|
8 |
Morgan Stanley Mauritius
Company Limited |
2085114 |
1.36 |
|
|
9 |
Eastspring Investments India
Infrastrucre Equity Open Limited |
1785679 |
1.16 |
|
|
10 |
Land T Infrastructure Limited |
1666618 |
1.09 |
|
|
11 |
Franklin Templetion Mutual
Fund A/c Franklin India Opportunities Fund |
1644832 |
1.07 |
|
|
|
Total |
40915319 |
26.66 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributor of Power Transmission Towers and also engaged in Infrastructure EPC. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
1900 (Approximately) |
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Bankers : |
· Indian Bank · Oriental Bank of Commerce · Union Bank of India · State Bank of India · Indian Bank · Oriental Bank of Commerce · Union Bank of India · State Bank of India · DBS Bank · BNP Paribas, Abu Dhabi ·
HSBC, Qatar |
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Facilities : |
Note: Long term
borrowings Foreign Currency Loans from Banks carries interest of 3M $ Libor + Spread and is repayable in 13 equal quarterly instalments starting from 21.10.2013. The loan is secured by charge over specific movable fixed assets financed through this loan. Rupee Loans: (a) Rupee loans from NBFC carries interest of 10.25% p.a. and is repayable in 35 equal monthly instalments along with interest. The loan is secured by hypothecation of specific moveable fixed assets of the Company. (b) Rupee loans from Bank carries interest in the range of 6.99% - 10.85% p.a. and is repayable in 35 / 36 equal monthly instalments along with interest. The loan is secured by hypothecation of Vehicles. Short term borrowings Working Capital Facilities from Banks are secured in favour of consortium of bankers by hypothecation of stocks, stores and spares, books debts, bills receivables and all other movable assets on pari passu basis. Also secured by movable and immovable fixed assets (including land and building situated at Gandhinagar, Gujarat) of transmission and distribution division and infrastructure division of company, on which debenture holders have first exclusive charge to the extent of 1.25 times of outstanding NCDs. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells, Chartered Accountants |
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Address : |
Ahmedabad, Gujarat, India |
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Legal Advisor : |
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Name : |
Singhi and Company |
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Address : |
Ahmedabad, Gujarat, India |
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Subsidiaries (As
on: 31.03.2013) : |
· JMC Projects (India) Limited · Shree Shubham Logistics Limited · Energy Link (India) Limited · Amber Real Estate Limited · Kalpataru Power Transmission (Mauritius) Limited · Kalpataru South Africa (Pty) Limited · Kalpataru Power Transmission Nigeria Limited · Kalpataru Power Transmission USA INC · Adeshwar Infrabuild Limited · Jhajjer Power Transmission Private Limited * · Kalpataru Power Transmission International BV · Kalpataru Power Transmission Ukraine |
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Indirect
Subsidiaries (As on: 31.03.2013) : |
· JMC Mining and Quarries Limited · Saicharan Properties Limited · Brij Bhoomi Expressway Private Limited · Wainganga Expressway Private Limited · Kalpataru Power JLT · Vindhyachal Expressway Private Limited · Kalpataru Industria E comercia S.A.** |
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|
Enterprises under
significant influence, which are having transaction with Companies (As on:
31.03.2013) : |
· Kalpataru Properties Private Limited · Kalpataru Theatres Private Limited · Property Solution (India) Private Limited · P.K. Velu and Company Private Limited · Kalpataru Enterprises · Kalpataru Limited · Argos International Marketing Private Limited |
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Joint Ventures (As
on: 31.03.2013) : |
· Jhajjer KT Transco Private Limited · Gestamp Kalpataru Solar Steel Structure Private Limited |
* The Company has sold its stake on 13-03-2013
** Earlier known as Brafer Kalpataru Industria E Comercio S.A.
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175,000,000 |
Equity Shares |
Rs.2/- each |
Rs.350.000 Millions |
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|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
153,460,570 |
Equity Shares |
Rs.2/- each |
Rs.306.921 Millions |
|
|
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|
Reconciliation of the
Equity Shares outstanding at the beginning and at the end of the reporting
period
|
Equity Shares |
31.03.2014 |
|
|
Numbers |
Rs. In Milllions |
|
|
Shares outstanding at the beginning of the year |
153,460,570 |
306.921 |
|
Shares outstanding at the end of the year |
153,460,570 |
306.921 |
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 dividend is declared
and paid on being proposed by the Board of Directors after the 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 liabilities.
The distribution will be in proportion to the number of Equity Shares held by
the shareholders.
Details of
shareholders holding more than 5% shares in the Company
|
Equity Shares |
31.03.2014 |
|
|
No. of Shares held |
% of Holding |
|
|
Mofatraj P. Munot |
13,736,822 |
8.95 |
|
Parag M. Munot |
13,463,615 |
8.77 |
|
Kalpataru Construction Private Limited |
23,350,000 |
15.22 |
|
K. C. Holding Private Limited |
21,142,600 |
13.78 |
|
Kalpataru Properties Private Limited |
13,646,196 |
8.89 |
|
ICICI Prudential Life Insurance Company |
7,946,979 |
5.18 |
|
ICICI Prudential Mutual Fund |
9,334,994 |
6.08 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
306.921 |
306.921 |
306.921 |
|
(b) Reserves & Surplus |
19234.833 |
18156.474 |
17122.164 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
19541.754 |
18463.395 |
17429.085 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
677.063 |
1526.135 |
2096.155 |
|
(b) Deferred tax liabilities
(Net) |
137.727 |
118.110 |
98.151 |
|
(c) Other long term
liabilities |
11.657 |
6.875 |
9.510 |
|
(d) long-term provisions |
890.691 |
669.153 |
618.839 |
|
Total
Non-current Liabilities (3) |
1717.138 |
2320.273 |
2822.655 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
6310.279 |
3796.901 |
2377.208 |
|
(b) Trade payables |
12714.650 |
11944.106 |
10484.780 |
|
(c) Other current liabilities |
5065.964 |
4314.222 |
2607.156 |
|
(d) Short-term provisions |
821.269 |
747.251 |
791.195 |
|
Total
Current Liabilities (4) |
24912.162 |
20802.480 |
16260.339 |
|
|
|
|
|
|
TOTAL |
46171.054 |
41586.148 |
36512.079 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5706.882 |
5260.626 |
3891.484 |
|
(ii) Intangible Assets |
30.978 |
46.526 |
45.827 |
|
(iii) Capital work-in-progress |
180.446 |
79.294 |
591.493 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3834.016 |
3339.215 |
3287.957 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5123.214 |
5419.341 |
3525.927 |
|
(e) Other Non-current assets |
926.338 |
552.706 |
590.165 |
|
Total
Non-Current Assets |
15801.874 |
14697.708 |
11932.853 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1.500 |
11.500 |
761.397 |
|
(b) Inventories |
5437.695 |
4439.671 |
3211.549 |
|
(c) Trade receivables |
15416.526 |
12878.977 |
12625.081 |
|
(d) Cash and cash equivalents |
647.001 |
569.024 |
1045.496 |
|
(e) Short-term loans and
advances |
3914.629 |
4298.641 |
2994.206 |
|
(f) Other current assets |
4951.829 |
4690.627 |
3941.497 |
|
Total
Current Assets |
30369.180 |
26888.440 |
24579.226 |
|
|
|
|
|
|
TOTAL |
46171.054 |
41586.148 |
36512.079 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
40552.461 |
33353.973 |
30327.119 |
|
|
Other Income |
483.771 |
477.251 |
511.833 |
|
|
TOTAL
(A) |
41036.232 |
33831.224 |
30838.952 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
19094.791 |
16491.735 |
14885.798 |
|
|
Employee Benefits Expense |
2601.985 |
2006.396 |
1702.311 |
|
|
Other Expenses |
15425.686 |
12435.809 |
10312.838 |
|
|
(Increase) / Decrease in Stocks |
(432.458) |
(800.794) |
133.702 |
|
|
TOTAL
(B) |
36690.000 |
30133.146 |
27034.649 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
4346.300 |
3698.078 |
3804.303 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1459.900 |
1220.106 |
1082.486 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2886.400 |
2477.972 |
2721.817 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
695.500 |
522.535 |
480.974 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
2190.900 |
1955.437 |
2240.843 |
|
|
|
|
|
|
|
Less |
TAX
(H) |
727.100 |
578.909 |
591.762 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
(I) |
1463.800 |
1376.528 |
1649.081 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
7947.486 |
7153.139 |
6130.898 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend on Equity
Shares [Dividend per Share Rs.1.50 (Previous year Rs. 1.50)] |
230.191 |
230.191 |
230.191 |
|
|
Corporate Tax on Proposed
Dividend |
33.574 |
31.990 |
31.649 |
|
|
Transfer to Debentures
Redemption Reserve |
0.000 |
20.000 |
65.000 |
|
|
Transfer to General Reserve |
300.000 |
300.000 |
300.000 |
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO THE B/S |
8847.463 |
7947.486 |
7153.139 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export of goods on FOB basis |
9642.620 |
8046.944 |
5881.686 |
|
|
Services |
451.844 |
191.379 |
88.915 |
|
|
Overseas Projects Earning |
1351.918 |
216.048 |
998.268 |
|
|
Certified Emission Reduction (CER’s) |
11.359 |
3.101 |
50.999 |
|
|
TOTAL
EARNINGS |
11457.741 |
8457.472 |
7019.868 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1183.851 |
2501.928 |
1641.516 |
|
|
Stores, Spares and Tools |
162.073 |
63.842 |
25.618 |
|
|
Capital Goods |
365.988 |
332.751 |
435.777 |
|
|
TOTAL
IMPORTS |
1711.912 |
2898.521 |
2102.911 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
9.54 |
8.97 |
10.75 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.61 |
4.13 |
5.44 |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
10.72 |
11.09 |
12.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.20 |
5.12 |
6.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.11 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.36 |
0.29 |
0.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22 |
1.29 |
1.51 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
306.921 |
306.921 |
306.921 |
|
Reserves & Surplus |
17122.164 |
18156.474 |
19234.833 |
|
Net
worth |
17429.085 |
18463.395 |
19541.754 |
|
|
|
|
|
|
long-term borrowings |
2096.155 |
1526.135 |
677.063 |
|
Short term borrowings |
2377.208 |
3796.901 |
6310.279 |
|
Total
borrowings |
4473.363 |
5323.036 |
6987.342 |
|
Debt/Equity
ratio |
0.257 |
0.288 |
0.358 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
30327.119 |
33353.973 |
40552.461 |
|
|
|
9.981 |
21.582 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
30327.119 |
33353.973 |
40552.461 |
|
Profit |
1649.081 |
1376.528 |
1463.742 |
|
|
5.44% |
4.13% |
3.61% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG TERM DEBTS
(Rs. In Millions)
|
Particular |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of Long Term debts |
862.757 |
587.521 |
259.347 |
|
|
|
|
|
|
Total |
862.757 |
587.521 |
259.347 |
|
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
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 |
No |
|
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 |
No |
|
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 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10532697 |
17/11/2014 |
420,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
Centre One Building, Floor 21,, World Trade Center Complex, Cuffe Parade,,
Mumbai, Maharashtra - 40 |
C34525592 |
|
2 |
10532701 |
17/11/2014 |
1,440,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
Centre One Building, Floor 21,, World Trade Center Complex, Cuffe
Parade,, Mumbai, Maharashtra - 40 |
C34527325 |
|
3 |
10532702 |
17/11/2014 |
1,550,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
Centre One Building, Floor 21,, World Trade Center Complex, Cuffe
Parade,, Mumbai, Maharashtra - 40 |
C34526467 |
|
4 |
10534603 |
14/11/2014 |
712,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL |
C35799121 |
|
5 |
10534959 |
13/11/2014 |
923,500.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL |
C35988054 |
|
6 |
10532527 |
03/11/2014 |
1,132,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL |
C34425124 |
|
7 |
10529785 |
16/09/2014 |
2,122,500,000.00 |
ALLBANK FINANCE LTD |
14, INDIA EXCHANGE PLACE,, 1ST FLOOR, KOLKATA, West Bengal - 700001,
INDIA |
C32711152 |
|
8 |
10515567 |
01/08/2014 |
564,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL |
C16943714 |
|
9 |
10516038 |
01/08/2014 |
975,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL |
C17414236 |
|
10 |
10513815 |
28/07/2014 |
983,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL |
C15613367 |
* Date of Charge Modification
UNSECURED LOANS
|
Particulars |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Short term
borrowings |
|
|
|
Loans repayable on demand from Banks |
49.171 |
684.419 |
|
|
|
|
|
Total |
49.171 |
684.419 |
UNAUDITED
FINANCIAL RESULTS FOR THE 1ST QUARTER ENDED 30TH
SEPTEMBER, 2014
(STANDALONE
RESULTS)
|
S.NO. |
PARTICULAR |
Quarter Ended |
|
|
30.09.2014 |
30.06.2014 |
||
|
Unaudited |
Unaudited |
||
|
1 |
Income From
Operations |
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
11235.500 |
10488.500 |
|
|
b. Other Operating Income |
172.200 |
145.300 |
|
|
Total Income from
Operations (Net) |
11407.700 |
10633.800 |
|
2 |
Expenditure |
|
|
|
|
a. Cost of material Consumed |
5103.800 |
4695.400 |
|
|
b. Purchase of Stock-in trade |
0.000 |
0.000 |
|
|
c. erection and sub contracting expenses |
2925.900 |
2855.400 |
|
|
d. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
159.500 |
(265.600) |
|
|
e. Employees Benefit Expenses |
778.300 |
741.800 |
|
|
f. Depreciation and Amortisation Expenses |
222.700 |
204.400 |
|
|
g. Other expenses |
1402.200 |
1544.100 |
|
|
Total Expenses |
10592.400 |
9775.500 |
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
815.300 |
858.300 |
|
4 |
Other Income |
195.700 |
105.600 |
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
1011.000 |
963.900 |
|
6 |
Finance Costs |
368.000 |
327.800 |
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
643.000 |
636.100 |
|
8 |
Exceptional items |
0.000 |
0.000 |
|
9 |
Profit from
ordinary activities before tax |
643.000 |
636.100 |
|
10 |
Tax Expense |
216.000 |
217.500 |
|
11 |
Net Profit from
ordinary activity after tax |
427.000 |
418.600 |
|
12 |
Extraordinary Items |
0.000 |
0.000 |
|
13 |
Net Profit After
Tax |
427.000 |
418.600 |
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
306.900 |
306.900 |
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
--- |
--- |
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
Basic EPS |
2.78 |
2.73 |
|
|
Diluted EPS |
2.78 |
2.73 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
17 |
Public Shareholding |
|
|
|
|
- No. of shares |
6225907 |
6225907 |
|
|
- Percentage of shareholding |
40.55% |
40.55% |
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- No. of shares |
28024601 |
31524601 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
30.72% |
34.55% |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
18.26% |
20.54% |
|
|
b) Non-encumbered |
|
|
|
|
- No. of shares |
63210062 |
59710062 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
69.28% |
65.45% |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
41.19% |
38.91% |
|
B |
Investor Complaints |
Pending
at the beginning of the quarter |
Received
during the quarter |
Disposed
of during the quarter |
Remaining
unresolved at the end of the quarter |
|
|
|
NIL |
NIL |
NIL |
NIL |
UNAUDITED SEGMENT WIE REVENUE, RESULTS AND
CAPITAL EMPLOYED
(Rs. In Millions)
|
S.NO. |
Particular |
As on 30.09.2014 (Unaudited) |
As on 30.06.2014 (Unaudited) |
|
A. |
Segment revenue |
|
|
|
|
a. Transmission and Distribution |
10804.500 |
9928.000 |
|
|
b. Infrastructure EPC |
440.200 |
566.400 |
|
|
c. others |
163.000 |
139.400 |
|
|
Total |
11407.700 |
10633.8 |
|
|
Less :Inter Segment Revenue |
0.000 |
0.000 |
|
|
|
|
|
|
B. |
Segment Result |
|
|
|
|
[profit (+)/loss (-) before tax and finance cost] |
|
|
|
|
a. Transmission and Distribution |
954.500 |
987.500 |
|
|
b. Infrastructure EPC |
(123.800) |
(135.400) |
|
|
c. others |
11.100 |
8.100 |
|
|
Total |
841.800 |
860.200 |
|
|
Less : Interest |
368.000 |
327.800 |
|
|
Add : Other Un-allocable income Net |
|
|
|
|
Off un- allocable expenditure |
1692.000 |
103.700 |
|
|
Total Profit Before Tax |
643.000 |
636.100 |
|
|
|
|
|
|
c. |
Capital Employed (Segment Assets-Segment
Liabilities) |
|
|
|
|
a. Transmission and Distribution |
16515.600 |
15859.500 |
|
|
b. Infrastructure EPC |
3445.400 |
3005.300 |
|
|
c. others |
509.500 |
595.800 |
|
|
d. Unallocable |
8521.000 |
8685.500 |
|
|
Total |
28991.500 |
28146.100 |
|
SOURCES OF FUNDS |
As on 30.09.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders'
Funds |
|
|
(a) Share Capital |
306.900 |
|
(b) Reserves & Surplus |
20051.700 |
|
|
|
|
(2)
Minority Interest |
0.000 |
|
|
20358.600 |
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
2060.700 |
|
(b) Deferred tax liabilities (Net) |
132.100 |
|
(c) Other long term
liabilities |
11.600 |
|
(d) long-term
provisions |
1097.100 |
|
|
3301.500 |
|
(4) Current Liabilities |
|
|
(a) Short term
borrowings |
5882.900 |
|
(b) Trade payables |
14405.600 |
|
(c) Other current
liabilities |
3283.300 |
|
(d) Short-term
provisions |
595.700 |
|
|
24167.500 |
|
|
|
|
TOTAL |
47827.600 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
5779.400 |
|
(b)Goodwill on
Consolidation |
0.000 |
|
(c) Non-current Investments |
3834.000 |
|
(d) Deferred tax assets (net) |
0.000 |
|
(e) Long-term Loan and Advances |
5265.400 |
|
(f) Other
Non-current assets |
949.600 |
|
|
15828.400 |
|
(2) Current assets |
|
|
(a) Current investments |
1.500 |
|
(b) Inventories |
6297.100 |
|
(c) Trade receivables |
16833.700 |
|
(d) Cash and cash
equivalents |
554.300 |
|
(e) Short-term loans
and advances |
3766.500 |
|
(f) Other current
assets |
4546.100 |
|
|
31999.200 |
|
|
|
|
TOTAL |
47827.600 |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2014 |
|
i) Bank guarantees given by the Company |
179.609 |
|
ii) Claims against Company not acknowledged as debt |
244.608 |
|
iii) Notices / Demands by Excise / Income Tax / Stamp Duty and other Tax/ Revenue Authorities, disputed by the company |
319.607 |
|
iv) VAT/WCT demands disputed in Appeals |
11.748 |
|
v) Bills Discounted |
1398.464 |
FIXED ASSETS
v Tangible Assets
·
Leasehold Land
·
Freehold Land
·
Buildings
·
Plant and Equipment
·
Electric Installation
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
v Intangible Assets
·
Software (Other than internally generated)
PRESS RELEASES
Mumbai, May 29, 2014:
KPTL ACHIEVED REVENUE GROWTH OF 22% IN FY14
KPTL AND JMC WON NEW ORDERS IN EXCESS OF RS 60000.000 MILLIONS IN FY14
CONSOLIDATED ORDER BOOK IN EXCESS OF RS 116000.000 MILLIONS
DECLARED DIVIDEND OF RS 1.50 PER SHARE
Kalpataru Power Transmission Limited (KPTL), a leading global EPC player
in power T and D sector has announced its results for quarter and year ended
March 31, 2014.
KPTL Consolidated results – FY14
Revenue for the year is Rs 70903.000 Millions
as compared to Rs 60850.000 Millions in the previous year, a growth of 17%
Core Earning Before Interest, Depreciation,
Tax and Ammortisation (EBIDTA) excluding other income is Rs 5897.000 Millions
as compared to Rs 4747.000 Millions in the previous year, a growth of 24%
Profit before tax for the year is Rs 2153.000
Millions as compared to Rs 1940.000 Millions in the previous year, a growth of
11%
Profit after tax for the year is Rs 1239.000
Millions as compared to Rs 1345.000 Millions in the previous year, a decline of
8%
KPTL Standalone results – FY14
Revenue for the year is Rs 40553.000 Millions
as compared to Rs 33354.000 Millions in the previous year, a growth of 22%
Core Earning Before Interest, Depreciation,
Tax and Ammortisation (EBIDTA) excluding other income is Rs 3862.000 Millions
as compared to Rs 3221.000 Millions in the previous year, a growth of 20%
Profit before tax for the year is Rs 2191.000
Millions as compared to Rs 1955.000 Millions in the previous year, a growth of
12%
Profit after tax for the year is Rs 1464.000
Millions as compared to Rs 1377.000 Millions in the previous year, a growth of
6%
JMC Projects (67% subsidiary) Standalone results – FY14
Revenue for the year is Rs 26588.000 Millions
as compared to Rs 25359.000 Millions in the previous year, a growth of 5%
Core Earning Before Interest, Depreciation,
Tax and Ammortisation (EBIDTA) excluding other income is Rs 1403.000 Millions
as compared to Rs 1185.000 Millions in the previous year, a growth of 18%
Profit before tax for the year is Rs 302.000
Millions as compared to Rs 159.000 Millions in the previous year, a growth of
90%
Profit after tax for the year is Rs 230.000
Millions as compared to Rs 183.000 Millions in the previous year, a growth of
25%
Shree Shubham Logistics Limited (70% subsidiary) – FY14
Revenue for the year is Rs 3694.000 Millions
as compared to Rs 2319.000 Millions in the previous year, a growth of 59%
Core Earning Before Interest, Depreciation, Tax
and Ammortisation (EBIDTA) excluding other income is Rs 558.000 Millions as
compared to Rs 278.000 Millions in the previous year, a growth of 101%
Profit before tax for the year is Rs 329.000
Millions as compared to Rs 197.000 Millions in the previous year, a growth of
67%
Profit after tax for the year is Rs 222.000
Millions as compared to Rs 146.000 Millions in the previous year, a growth of
52%
Order Book
As on March 31, 2014, company has consolidated
order book of above Rs 116000.000 Millions
KPTL has order book of over Rs 65000.000
Millions including new orders worth over Rs 7000.000 Millions received during
the last quarter of the year
JMC Projects has order book of over Rs
51000.000 Millions including new orders worth Rs 4700.000 Millions received
during the last quarter of the year
Commenting on the results, Mr Ranjit Singh
(Managing Director) said "We have achieved growth of 20%+ this year
despite headwinds in the domestic infrastructure sector. With strong order
inflows from international markets and expected improvement in domestic
scenario, this momentum should continue going forward. Our subsidiaries i.e.
JMC and SSLL have also generated good numbers with a PAT growth of 25% and 52%
respectively"
About Kalpataru Power Transmission Limited (KPTL)
KPTL is one of the largest and fastest growing
specialized EPC companies in India engaged in power transmission and
distribution, oil and gas pipeline, railways, infrastructure development, civil
contracting and warehousing and logistics business with a strong international
presence in power transmission and distribution. The company is currently
executing several projects in India, Africa, Middle East, Australia, North
America, CIS region and Far East.
Mumbai, March 31, 2014:
Kalpataru Power Transmission Limited (KPTL), a leading global EPC player
in the power and infrastructure contracting sector has secured following new
orders worth over Rs 700 Millions, of which major orders are as follows:
Supply and Erection of 765KV D/C
Solapur-Aurangabad transmission line of 140 km worth over Rs 350 Millions from
PGCIL
Supply of transmission towers worth Rs
1340.000 Millions in Saudi Arabia and Ethiopia
Infrastructure division has secured various
orders of around Rs 1880.000 Millions
Commenting on the announcements, Mr Ranjit
Singh (Managing Director) said :
“We continued to expand in international
market in African region and also maintained order flow from PGCIL.
We also succeeded in getting traction in
infrastructure division with a healthy mix of orders.”
Mumbai, January 29 2014 :
KPTL ACHIEVED REVENUE GROWTH OF 18%
JMC ACHIEVED REVENUE and NET PROFIT GROWTH OF 9% and 75% RESPECTIVELY
KPTL and JMC WON NEW ORDERS IN EXCESS OF RS 23300.000 MILLIONS
CONSOLIDATED ORDER BOOK IN EXCESS OF RS 125000.000 MILLIONS
Kalpataru Power Transmission Limited (KPTL), a
leading global EPC player in power T and D sector has announced its results for
the quarter ended December 31, 2013. Below are the key highlights of the
results :
KPTL
Revenue for the quarter is Rs 10513.000
Millions as compared to Rs 8897.000 Millions in the corresponding quarter of
previous year, a growth of 18%.
Earning Before Interest, Depreciation, Tax and
Ammortisation (EBIDTA) excluding other income is Rs 940.000 Millions as
compared to Rs 886.000 Millions in the corresponding quarter of previous year,
a growth of 6%.
Profit before tax for the quarter is Rs
513.000 Millions as compared to Rs 503.000 Millions in the corresponding
quarter of previous year, a growth of 2%.
Profit after tax for the quarter is Rs 337.000
Millions as compared to Rs 351.000 Millions in the corresponding quarter of
previous year, a decline of 2%.
JMC Projects
Revenue for the quarter is Rs 6651.000
Millions as compared to Rs 6086.000 Millions in the corresponding quarter
previous year, a growth of 9%.
Earning Before Interest, Depreciation, Tax and
Ammortisation (EBIDTA) excluding other income is Rs 341.000 Millions as
compared to Rs 287.000 Millions in the corresponding quarter of previous year,
a growth of 19%.
Profit before tax for the quarter is Rs 63.000
Millions as compared to Rs 11.000 Millions in the corresponding quarter of
previous year, a growth of 4.5 times.
Profit after tax for the quarter is Rs 58.000
Millions as compared to Rs 33.000 Millions in the corresponding quarter of
previous year, a growth of 75%.
Shree Shubham Logistics Limited
Revenue for the quarter is Rs 732.000 Millions
as compared to Rs 643.000 Millions in the corresponding quarter of previous
year, a growth of 14%.
Earning Before Interest, Depreciation, Tax and
Ammortisation (EBIDTA) excluding other income is Rs 107.000 Millions as
compared to Rs 63.000 Millions in the corresponding quarter of previous year, a
growth of 70%.
Profit before tax for the quarter is Rs 30.000
Millions as compared to Rs 21.000 Millions in the corresponding quarter of
previous year, a growth of 41%.
Profit after tax for the quarter is Rs 20.000
Millions as compared to Rs 16.000 Millions in the corresponding quarter of
previous year, a growth of 25%.
Order Book
As on December 31, 2013, company has
consolidated order book of above Rs 125000.000 Millions
KPTL has order book of over Rs 70000.000
Millions including new orders worth over Rs 14500.000 Millions received during
the quarter.
JMC Projects has order book of over Rs
55000.000 Millions including new orders worth over Rs 8800.000 Millions
received during the quarter.
KALPATARU POWER'S SUBSIDIARY SIGNS AGREEMENT WITH TANO INDIA TO RAISE RS
800 MN
April 15, 2013
Kalpataru Power Transmission Ltd has informed BSE regarding "Tano Capital to invest INR 800 million in Shree Shubham Logistics Limited (Subsidiary of Kalpataru Power Transmission Ltd.)" Shree Shubham Logistics, a subsidiary of Kalpataru Power Transmission, has signed an agreement with Tano India Private Equity Fund II to raise Rs 800 million to fund its capacity expansion plan.
KALPATARU POWER TRANSMISSION: BUY
September 7, 2013:
The overhang of the troubled power and
infrastructure space, concerns on the presence of foreign currency borrowings
at a time when the rupee is depreciating and market volatility has taken a toll
on the stock of Kalpataru Power Transmission. From our earlier ‘buy’
recommendation in April at Rs 80, the stock has seen a 25 per cent fall till
date. However, this fall seems to give a good entry point for long-term
investors.
GAINING FROM INTERNATIONAL ORDERS
Though the power sector has been affected by policy bottlenecks in recent times, presence in the power transmission space has helped Kalpataru, thanks to order flows from Power Grid Corporation (PGCIL) and abroad. Besides, with international orders constituting a little over half the order book, the company is a net forex earner, placing it in favourable light in current times.
A low debt-to-equity ratio of about 0.3 times and a reasonable interest cover of 2.4 times also stand the company in good stead. Finally, faster execution coupled with good order backlogs at its listed infrastructure subsidiary JMC Projects, is also a positive for the company. At the current market price of Rs 60, the stock trades at 5.3 times its expected earnings for FY14. Investors with an appetite for risk and a perspective of more than a year can buy the stock.
BETTER ORDER FLOWS
Kalpataru derives over 90 per cent of its revenues from transmission projects, and the rest from its small presence in the pipeline infrastructure (oil and gas) and biomass energy generation segments. As of June 2013, its order book stands at Rs.73000.000 Millions. The current order backlog works out to 2.2 times its sales for the year-ended March 2013, placing the company on a strong wicket. In the domestic market, Kalpataru has been a beneficiary of the order flows from PGCIL during 2012-13. In the June quarter of this year too, it won an order worth Rs.3300.000 Millions from PGCIL. The company also won its second BOOT (Build-Own-Operate-Transfer) project — an order from the Madhya Pradesh Power Transmission Company, in addition to a Rs.5000.000 Millions order from Zambia.
The favourable mix of orders in the transmission segment provides scope for margin expansion in the coming quarters, from the current 9-10 per cent levels. For one, international orders currently constitute 58 per cent of the order book. These are typically more margin-accretive than domestic orders. A chunk of the international orders come from African and Central Asian countries which are expanding their transmission networks. This bodes well for continued order flows from abroad. This would also shield against a slowdown in orders from PGCIL back home.
Two, many orders are based on variable price contracts, reducing the risk of margin contraction due to increase in prices of raw material imports. Three, the recent spurt in ultra-high voltage transmission line orders is also expected to aid margins as the company expects the competitive intensity to be lower in this segment. For the June quarter, net sales grew 27.5 per cent year-on-year to Rs.8800.000 Millions, thanks to better execution of projects. Finance costs moved up by 22 per cent to Rs.380.000 Millions. Higher working capital requirement due to changed payment terms at PGCIL and a forex mark-to-market loss of Rs 77.000 Millions on finance costs were the main reasons. Net profits grew at a strong 27 per cent to Rs 350.000 Millions.
Mumbai, November 25, 2013:
Kalpataru Power Transmission Limited (KPTL), a leading global EPC player in the power and infrastructure contracting sector has secured following new orders worth over Rs 10000.000 Millions:
Execution of Suez Gulf/Samalaut 500 KV D/C over-head transmission line worth Rs 6300.000 Millions in Egypt
Supply and Installation of 220 KV transmission systems worth Rs 2460.000 Millions in Rwanda and D. R. Congo
Installation of cross-country pipeline worth Rs 1310.000 Millions from HPCL
Commenting on the announcements, Mr Ranjit Singh (Managing Director) said :
“The order inflow for the year to date is satisfactory having received orders over Rs 27500.000 Millions, with international segment being major contributor. We are expecting similar traction going forward”.
KPTL ACHIEVED
REVENUE GROWTH OF 27%
KPTL ACHIEVED NET
PROFIT GROWTH OF 27%
JMC PROJECTS
ACHIEVED REVENUE GROWTH OF 19%
KPTL AND JMC WON
NEW ORDERS IN EXCESS OF RS 15000.000 MILLIONS
CONSOLIDATED ORDER
BOOK IN EXCESS OF RS 124000.000 MILLIONS
Gandhinagar, July 25, 2013
Kalpataru Power
Transmission Limited (KPTL), a leading global EPC player in power T&D
sector has announced its results for quarter ended June 30, 2013. Below are the
key highlights of the results
KPTL
· Revenue for the quarter is Rs 8896.000 millions as compared to Rs 6994.000 millions in the corresponding quarter of previous year, an increase of 27%.
· Earning Before Interest, Depreciation, Tax and Ammortisation (EBIDTA) excluding other income is Rs 920.000 millions as compared to Rs 728.000 millions in the corresponding quarter of previous year, an increase of 26%.
· Profit before tax for the quarter is Rs 512.000 millions as compared to Rs 401.000 millions in the corresponding quarter of previous year, an growth of 28%.
JMC Projects
· Revenue for the quarter is Rs 6767.000 millions as compared to Rs 5684.000 millions in the corresponding quarter previous year, an increase of 19%.
· Earning Before Interest, Depreciation, Tax and Ammortisation (EBIDTA) excluding other income is Rs 325.000 millions as compared to Rs 273.000 millions in the corresponding quarter of previous year, an increase of 19%.
· Profit before tax for the quarter is Rs 38.000 millions as compared to Rs 31.000 millions in the corresponding quarter of previous year, an growth of 21%.
Shree Shubham
Logistics Limited
· Revenue for the quarter is Rs 651.000 millions as compared to Rs 379.00 millions in the corresponding quarter of previous year, an increase of 72%.
· Earning Before Interest, Depreciation, Tax and Ammortisation (EBIDTA) excluding other income is Rs 940.000 millions as compared to Rs 51.000 millions in the corresponding quarter of previous year, an increase of 86%.
· Profit after tax for the quarter is Rs 68.000 millions as compared to Rs 40.000 millions in the corresponding quarter of previous year, an increase of over 14 times.
Order Book
As on June 30, 2013,
company has consolidated order book of above Rs 124000.000 millions
· KPTL has order book of over Rs 73000.000 millions including new orders worth over Rs 11300.000 millions received during the quarter
· JMC Projects has order book of over Rs 51000.000 millions including new orders worth over Rs 3500.000 millions received during the quarter
Other Developments
· Company has signed transmission agreement with MP Power Transmission Company Limited (MPPTCL) to develop a transmission line BOOT project. The project scope involves designing, financing, construction, commissioning, operate, and maintenance of 240 kms of 400 KV Satpura – Ashta transmission line for the period 25 years with an extension of 10 years on annuity basis.
· KPTL’s subsidiary Shree Shubham Logistics Limited has received Rs 800.000 millions from Tano India Private Equity Fund II to fund its capacity expansion plans.
· Company’s latest tower manufacturing plant with a capacity of 55,000 MTs p.a. at Raipur is operating at full load. Company plans to manufacture over 50,000 MTs in the current year i.e. first year of commercial operation.
Commenting on the results, Mr Manish Mohnot (Executive Director) said :
“Our first quarter results are in-line with estimates, with a decent growth in revenues along with a healthy margin. We have been successful in expanding our international order book which today accounts for more than 50% of KPTL’s order book”.
COMPANY RECEIVED NEW ORDERS OF OVER RS 11300.000 MILLIONS
Mumbai, June 27, 2013
KPTL SIGNED TRANSMISSION AGREEMENT FOR DEVELOPMENT OF 400 KV SATPURA – ASHTA DCDS TRANSMISSION LINE UNDER PPP MODEL.
Kalpataru Power Transmission Limited (KPTL), a leading global EPC player in power and infrastructure contracting sector has secured new orders worth over Rs 11300.000 millions, the brief details are as follows
·
Supply and Erection of two projects consisting
330 KV transmission line of 466 kms of over Rs 5000.000 millions in Zambia
·
Supply and Erection of 765 KV D/C transmission
line of 140 kms of around Rs 3300.000 millions from PGCIL
·
Supply and Erection of 400 KV Satpura – Ashta
DCDS transmission line of around 240 kms of over Rs 3000.000 millions from
company’s 100% SPV to construct transmission line for Madhya Pradesh
Transmission Company Limited (MPPTCL), Jabalpur, MP
The company has signed transmission agreement with MP Power Transmission Company Limited (MPPTCL) to develop a transmission line BOOT project. The project scope involves designing, financing, construction, commissioning, operate, and maintenance of 240 kms of 400 KV Satpura – Ashta transmission line for the period 25 years with an extension of 10 years on annuity basis.
Commenting on the announcements, Mr Ranjit Singh (Managing Director) said :
“We continue to hold strong presence in Africa region by winning the latest Zambia project, along with maintaining a good share in PGCIL contracts. The MP TL BOOT project holds strategic importance for the company’s growth plans in terms of improving ROE’s, sustainable growth and right asset allocation. Our judicious approach in taking BOOT projects is evident from the fact that, we have taken second project only after successfully starting operations of first project”
KPTL (CONSOLIDATED) ACHIEVED REVENUE GROWTH OF 15% IN FY13
JMC PROJECTS ACHIEVED REVENUE GROWTH OF 23%
KPTL AND JMC WON NEW ORDERS IN EXCESS OF RS 18000.000 MILLIONS IN
Q4FY13
CONSOLIDATED ORDER BOOK IN EXCESS OF RS 124000.000 MILLIONS
Mumbai, May 16, 2013
Kalpataru Power Transmission Limited (KPTL), a leading global EPC player in power T&D sector has announced its results for quarter and year ended March 31, 2013.
KPTL Consolidated
results – FY13
·
Revenue for the year is Rs 60850.000 millions as
compared to Rs 53020.000 millions in the previous year.
·
Profit after tax for the year is Rs 1345.000
millions as compared to Rs 2040.000 millions in the previous year.
KPTL Standalone
results – FY13
·
Revenue for the year is Rs 33354.000 millions as
compared to Rs 30327.000 millions in the previous year.
· Profit after tax for the year is Rs 1377.000 millions as compared to Rs 1649.000 millions in the previous year.
JMC Projects (67% subsidiary) Standalone results – FY13
·
Revenue for the year is Rs 25419.000
millions as compared to Rs 20703.000 millions in the previous year.
·
Profit after tax for the year is Rs 183.000
millions as compared to Rs 519.000 millions in the previous year.
Shree Shubham Logistics Limited (85%
subsidiary) – FY13
·
Revenue for the year is Rs 2319.000 millions as
compared to Rs 2030.000 millions in the previous year, growth of 14%.
· Profit after tax for the year is Rs 146.000 millions as compared to Rs 32.000 millions in the previous year, growth of 5 times.
Order Book
As on March 31, 2013, company has consolidated order book of above Rs. 124000.000 millions.
·
KPTL has order book of over Rs 6,800 crore
including new orders worth over Rs. 8000.000 millions received during the
quarter. Company has entered into 2 new countries i.e. Bhutan and Tajikistan.
·
JMC Projects has order book of over Rs 56000.000
millions including new orders worth Rs 10100.000 millions received during the
quarter. Company has forayed into international markets by securing a road EPC
contract in Ethiopia.
Other Developments
·
KPTL has expanded manufacturing capacity to
180,000 MT’s per annum by setting up green-field tower manufacturing plant of
55,000 MT’s at Raipur.
· KPTL’s subsidiary Shree Shubham Logistics Limited, has signed an agreement with Tano India Private Equity Fund II to raise Rs 800.000 millions to fund its capacity expansion plans.
Commenting on the results, Mr Manish Mohnot (Executive Director) said “Our
focus in this year is to maintain growth momentum with better profitability and
to improve ROCE. For the purposes a lot of steps has been taken, which will
start yielding results very soon”.
EYEING
ORDER WINS WORTH RS 1,400 CR IN Q3: KALPATARU POWER
Kalpataru Power Transmission is gaining in trade today after Quantum
Securities initiated its coverage on the stock with a buy rating. Quantum
Securities has set a target of Rs 240, an upside of nearly 60 percent on
the stock by FY16 end. The stock is currently trading around Rs 200.
Speaking to CNBC-TV18, Mofatraj Munot, chairman,
Kalpataru Power Transmission said their margins will be better in FY15 on the
back of completion of projects. The company is eyeing margins of around 10
percent for FY15.
Kalpataru Power’s order wins are seen at Rs 1,400.000 millions and the FY15
revenue growth around 14-15 percent. The company has secured order wins
from Cairn India and GAIL of around Rs 140.000 millions each. Their
current order book stands at Rs 5,000.000 millions, added Munot.
CENTRE SANCTIONS
SCHEME FOR STRENGTHENING POWER TRANSMISSION IN ARUNACHAL PRADESH AND SIKKIM
In tune with its commitment for development of north eastern States, the Centre has sanctioned a comprehensive scheme of Rs 4,7542.000 millions for strengthening of transmission and distribution system in Arunachal Pradesh and Sikkim.
The scheme has been prepared by Central Electricity Authority (CEA) in consultation with Power Grid Corporation of India Ltd. for laying EHT transmission capacity, addition of high tension transmission capacity and augmentation of existing capacity, an official press note said here today.
The Centre has approved this ambitious scheme for intra- state transmission, sub-transmission and distribution system. An amount of Rs. 4,7542.000 millions has been sanctioned to accomplish this project, the press note said.
Of this Rs 3,1994.500 millions is earmarked for project to be implemented in Arunachal Pradesh, the press note said. Union Minister of State for Home Affairs Kiren Rijiju convened a meeting with officials of power ministry and Power Grid yesterday to discuss the process of implementation of the project.
In order to ensure local capacity building and timely completion of the project, Rijiju emphasised that there should be an active participation of Arunachal Pradesh government in coordination with the Union power ministry and Power Grid, the consultant for the project.
Accordingly, the project should be implemented by the state power department, the press note said.
Government to clear $2 billion transmission projects in South
The government will soon clear transmission projects worth $2 billion in the Southern region and has sought greater private participation to meet its target of $50 billion investments in the segment over the next five years.
"The government has cleared transmission projects worth $2 billion in the North-east, and another $2 billion worth of transmission network in the south will be cleared soon," said an official.
The Ministry of Power has estimated investments to the tune of $50 billion in the power transmission sector for which it has sought participation of the private sector, he said.
The government is also encouraging more private sector participation in the transmission sector as there is remarkable opportunity and going forward it will certainly be a robust business proposition, he added.
"We are doing capacity building in Power Grid Corporation (central transmission utility)," the official said.
Power Minister Piyush Goyal has maintained that with the existing 0.250 millions installed generation capacity the electricity output can be doubled by improving efficiency of the transmission networks.
Last month, the Cabinet cleared two schemes - Deendayal Upadhyaya Gram Jyoti Yojana and Integrated Power Development Scheme.
DDUGJY aims to separate agriculture and non-agriculture feeders facilitating judicious rostering of supply rural areas. The estimated cost of the scheme is Rs 43,033.000 millions.
IPDS has been launched with the objective of strengthening of sub-transmission and distribution network in the urban areas. The estimated cost of the scheme is Rs 32,612.000 millions.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.44 |
|
|
1 |
Rs.98.88 |
|
Euro |
1 |
Rs.77.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
70 |
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.