1. Summary Information
|
|
|
Country |
India |
|
Company Name |
PUNJ-LLOYD
LIMITED |
Principal Name 1 |
Mr. S N P Punj |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Atul Prakash Punj |
|
|
|
Registration # |
55-033314 |
|
Street Address |
Punj Lloyd House, 17-18, Nehru Place, New
Delhi – 110019, India |
||
|
Established Date |
26.09.1988 |
SIC Code |
-- |
|
Telephone# |
91-11-26200123/
26466105 |
Business Style 1 |
Service Provider |
|
Fax # |
91-11-26200111/
26427812 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Construction,
Project Related Activities and Engineering Services. |
|
|
# of employees |
2328
(Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.664,200,000/-
|
Product Name 3 |
-- |
|
Shareholders |
Promoter and Promoter Group - 37.23% Public shareholding - 62.77% |
Banking |
Andhra Bank |
|
Public Limited Corp. |
YES |
Business Period |
26 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
Ba
(49) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary Companies |
-- |
Spectra Punj Lloyd Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
114,483,300,000 |
Current Liabilities |
53,199,400,000 |
|
Inventories |
1,719,600,000 |
Long-term Liabilities |
45,847,600,000 |
|
Fixed Assets |
16,347,500,000 |
Other Liabilities |
1,958,600,000 |
|
Deferred Assets |
32,800,000 |
Total Liabilities |
101,005,600,000 |
|
Invest& other Assets |
6,904,600,000 |
Retained Earnings |
37,818,000,000 |
|
|
|
Net Worth |
38,482,200,000 |
|
Total Assets |
139,487,800,000 |
Total Liab. & Equity |
139,487,800,000 |
|
Total Assets (Previous Year) |
122,275,900,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
85,186,400,000 |
Net Profit |
196,200,000 |
|
Sales(Previous yr) |
58,953,800,000 |
Net Profit(Prev.yr) |
576,600,000 |
MIRA
INFORM REPORT
|
Report Date : |
13.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
PUNJ-LLOYD LIMITED |
|
|
|
|
Registered
Office : |
Punj Lloyd House,
17-18, Nehru Place, New Delhi - 110019 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
26.09.1988 |
|
|
|
|
Com. Reg. No.: |
55-033314 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 664.200 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1988PLC033314 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELP08758B /
DELP14623A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP0305Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in providing integrated design,
engineering procurement, construction and project management services for
energy and infrastructure sector. |
|
|
|
|
No. of Employees
: |
2328 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 153900000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track
record. There appears sharp dip in profit of the company during the financial
year 2013. However, the ratings continue to derive comfort from strong and
diversified order book position which gives a strong medium term revenue
visibility and established track record of operations of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of 4.9
%, Fitch Rating said. The global rating agency expects the economy to pick up
in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities : BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
January 15, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities : A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
January 15, 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
31-03-2012.
LOCATIONS
|
Registered Office : |
Punj Lloyd House,
17-18, Nehru Place, New Delhi - 110019, India |
|
|
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 |
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|
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 |
|
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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 : |
3 and 4 A, Level 4, The Centrium, Phoenix Market City, LBS
Marg, Kurla (West), Mumbai – 400070, Maharashtra, India |
|
|
Tel. No. : |
91-22-67487500 |
|
|
Fax No. : |
91-22-67487555 |
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Global Offices : |
Located at: · Australia Bahrain China Colombia Hong Kong Kenia Kazakhstan Indonesia Libya Malaysia Myanmar Oman Qatar South Arabia Singapore Thailand Turkmenistan UAE United Kingdom Yemen |
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DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. S N P Punj |
|
Designation : |
Chairman (Emeritus) |
|
|
|
|
Name : |
Mr. Atul Prakash Punj |
|
Designation : |
Executive Chairman |
|
Address : |
10, Prithviraj Road, New Delhi – 110011, India |
|
Date of Birth/Age : |
1958 |
|
Qualification : |
B. Com (Hons) |
|
Date of Appointment : |
01.07.1998 |
|
|
|
|
Name : |
Dr. Naresh Kumar Trehan |
|
Designation : |
Independent Director |
|
Address : |
B- 4, Maharani Bagh, |
|
Date of Birth/Age : |
12.08.1946 |
|
Qualification : |
MBBS |
|
|
|
|
Name : |
Mr. Sanjay Gopal Bhatnagar |
|
Designation : |
Independent Director |
|
Address : |
101 West, 79th St. # 24A, |
|
Date of Birth/Age : |
29.08.1961 |
|
Qualification : |
B Tech (Mech), M Tech (Mech.), MBA |
|
|
|
|
Name : |
Mr. Phiroz Vandrevala |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Ms. Ekaterina Sharashidze |
|
Designation : |
Independent Director |
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|
|
|
Name : |
M Madhavan Nambiar |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Luv Chhabra |
|
Designation : |
Director (Corporate Affairs) |
|
Address : |
H-16/4, DLF, Phase – 1, Gurgaon, |
|
Date of Birth/Age : |
57 Years |
|
Qualification : |
Bachelor of Technology, MBA |
|
Experience : |
36 Years |
|
|
|
|
Name : |
Mr. P K Gupta |
|
Designation : |
Whole Time Director |
|
Date of Birth/Age : |
61 Years |
|
Qualification : |
Bachelor of Engineering – Mechanical |
|
Experience : |
39 Years |
KEY EXECUTIVES
|
Name : |
Mr. Dinesh Thairani |
|
Designation : |
Group President-Legal and Company Secretary |
|
|
|
|
Audit Committee : |
· Naresh Kumar Trehan Independent Director (Chairman of the Committee) Sanjay Bhatnagar Independent Director Phiroz Vandrevala Independent Director Ekaterina Sharashidze Independent Director |
|
|
|
|
Investors' Grievance Committee : |
· Naresh Kumar Trehan Independent Director Atul Punj Executive Director Luv Chhabra Executive Director |
|
|
|
|
Remuneration Committee : |
· Naresh Kumar Trehan Independent Director Sanjay Bhatnagar Independent Director Phiroz Vandrevala Independent Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
Total No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
24342586 |
7.33 |
|
|
22158427 |
6.67 |
|
|
46501013 |
14.00 |
|
|
|
|
|
|
1430540 |
0.43 |
|
|
75691430 |
22.79 |
|
|
77121970 |
23.22 |
|
Total shareholding of Promoter and Promoter Group (A) |
123622983 |
37.23 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2985954 |
0.90 |
|
|
22818287 |
6.87 |
|
|
33273917 |
10.02 |
|
|
59078158 |
17.79 |
|
|
|
|
|
|
27516192 |
8.29 |
|
|
|
|
|
|
107392130 |
32.34 |
|
|
6805357 |
2.05 |
|
|
7680925 |
2.31 |
|
|
697477 |
0.21 |
|
|
52880 |
0.02 |
|
|
6930568 |
2.09 |
|
|
149394604 |
44.99 |
|
Total Public shareholding (B) |
208472762 |
62.77 |
|
Total (A)+(B) |
332095745 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
332095745 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing integrated design,
engineering procurement, construction and project management services for energy
and infrastructure sector. |
GENERAL INFORMATION
|
No. of Employees : |
2328 (Approximately) |
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Bankers : |
· Andhra Bank AXIS Bank Bank Muscat SAOG, Oman Bank of Baroda Bank of India Barwa Bank BNP Paribas, Abu Dhabi Canara Bank Central Bank of India DBS Bank Limited Dhanlaxmi Bank Doha Bank, Qatar Export - Import Bank of India First Gulf Bank, Abu Dhabi HDFC Bank Limited HSBC Bank ME ICICI Bank Limited IDBI Bank Limited Indian Bank Indian Overseas Bank Indusind Bank International Finance Corporation, Washington D.C. Life Insurance Corporation of India Mashreq Bank PSC, Dubai Oriental Bank of Commerce Ratnakar Bank Limited Standard Chartered Bank State Bank of Bikaner and Jaipur State Bank of Hyderabad State Bank of India State Bank of Patiala The Jammu and Kashmir Bank Limited The Karur Vysya Bank Limited UCO Bank Union National Bank, Abu Dhabi United Bank of India |
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Facilities : |
|
|
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Walker, Chandiok and Company Chartered Accountants |
|
|
|
|
Subsidiary
Companies : |
· 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 Punj Lloyd Upstream Limited PT Punj Lloyd Indonesia (upto December 31, 2012) PLN Construction Limited Punj Lloyd Pte Limited PL Engineering Limited Sembawang Infrastructure (India) Private Limited Indtech Global Systems Limited Punj Lloyd Systems Limited PLI Ventures Advisory Services Private Limited Dayim Punj Lloyd Construction Contracting Company Limited |
|
|
|
|
Step Down
Subsidiary Companies : |
· Sembawang Engineers and Constructors Pte. Limited PT Punj Lloyd Indonesia (w.e.f. January 01, 2013) PT Sempec Indonesia Sembawang Development Pte Limited PT Indo Precast Utama PT Indo Unggul Wasturaya Sembawang (Tianjin) Construction Engineering Co. Limited Contech Trading Pte Limited PT Contech Bulan Construction Technology (B) Sdn Bhd Sembawang Infrastructure (Mauritius) Limited Sembawang UAE Pte Limited SC Architects and Engineers Pte Limited Sembawang (Malaysia) Sdn Bhd Jurubina Sembawang (M) Sdn Bhd Simon Carves Limited- under liquidation (upto July 07,
2011) Tueri Aquila FZE (formerly Sembawang Engineers and
Constructors Middle East FZE) Simon Carves Singapore Pte Limited (upto March 31, 2012) Sembawang Bahrain SPC Punj Lloyd Oil and Gas (Malaysia) Sdn Bhd Punj Lloyd Engineers and Constructors Pte Limited Punj Lloyd Engineers and Constructors Zambia Limited
(w.e.f. January 14, 2013) * Punj Lloyd Delta Renewables Private Limited Punj Lloyd Delta Renewables (Bangladesh) Limited Punj Lloyd Delta Renewables Pte Limited Buffalo Hills Limited PLE TCI Engineering Limited (upto March 18, 2012) Sembawang Libya General Contracting and Investment Company Sembawang Australia Pty Limited Sembawang Hong Kong Limited Sembawang of Singapore - Global Project Underwriters Pte
Limited (formerly known as Sembawang Securities Pte Limited) Sembawang of Singapore - Global Project Underwriters
Limited (w.e.f. August 09, 2012) * Sembawang Equity Capital Pte Limited Sembawang Commodities Pte Limited (w.e.f. December 04,
2012) * Punj Lloyd Solar Power Limited Khagaria Purnea Highway Project Limited Indraprastha Metropolitan Development Limited (w.e.f.
February 25, 2012) Indtech Trading FZ LLC Sembawang (Tianjin) Investment Management Co. Limited Sembawang Mining (Kekal) Pte Limited Sembawang Tianjin Pte Limited PLI Ventures Limited PT Sembawang Indonesia Punj Lloyd Kenya Limited Punj Lloyd Infrastructure Pte Limited Punj Lloyd Engineering Pte Limited PL Delta Technologies Limited (from September 10, 2012 to
March 01, 2013)* Sembawang International Limited Punj Lloyd Sdn Bhd Punj Lloyd Thailand Co. Limited (w.e.f. June 06, 2011) Punj Lloyd Iraq Pte Limited (upto September 25, 2012)* Sembawang Group Pte Limited (w.e.f. May 10, 2011) Simon Carves Engineering Limited (w.e.f. April 08, 2011) Punj Lloyd Singapore Pte Limited (w.e.f. February 15,
2012) Sembawang Tianjin Heping Pte Limited (w.e.f. July 07,
2011) Christos Trading Limited (w.e.f. February 23, 2012) Christos Aviation Limited (w.e.f. October 24, 2012) ** Graystone Bay Limited (w.e.f. February 05, 2013) ** |
|
|
|
|
Joint Ventures : |
· Thiruvananthpuram Road Development Company Limited Asia Drilling Services Limited (upto June 30, 2012)* Kaefer Punj Lloyd Limited (upto February 15, 2013)# Swissport Punj Lloyd India Private Limited (under
liquidation) (upto September 30, 2011) Joint Venture of Whessoe Oil and Gas Limited and Punj
Lloyd Limited Ramprastha Punj Lloyd Developers Private Limited 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 Malaysia Sdn Bhd Joint
Venture Sime Engineering Sdn Bhd SembCorp Malaysia Sdn Bhd Joint
Venture Punj Lloyd PT Sempec Indonesia PT Kekal Adidaya Punj Lloyd Group Joint Venture Public Works Company Tripoli Punj Lloyd Joint Venture Sembawang Precast System LLC Total Sempac joint Operation Aero Euro Engineering India Private Limited (w.e.f. May
13, 2011) Punj Lloyd Dynamic LLC (w.e.f. March 19, 2012) Sembawang Caspi Engineering and Construction LLP PLE TCI Engineering Limited (w.e.f. March 19, 2012) Sembawang-Leader Joint Venture (w.e.f. August 03, 2012)* PLE TCI Engenharia Ltda (w.e.f. March 09, 2012) |
|
|
|
|
Associates : |
· Reliance Contractors Private Limited Ventura Development (Myanmar) Pte Limited Reco Sin Han Pte Limited Air Works India (Engineering) Private Limited Olive Group Capital Limited Olive Group India Private Limited Hazaribagh Ranchi Expressway Limited |
|
|
|
|
Enterprises over
which Key Managerial Personnel or their relatives are exercising significant
influence : |
· Pt. Kanahya Lal Dayawanti Punj Charitable Society Collectible @ The Inside Story Spectra Punj Finance Private Limited Cawdor Enterprises Limited K.R. Securities Private Limited Vishwadeva Builders and Promoters Private Limited PTA Engineering and Manpower Services Private Limited PLE Hydraulics Private Limited Petro IT Limited Artcon Private Limited Mangalam Equipment Private Limited Intramural Design Limited |
Note:
* These entities have been incorporated / formed/ disposed off during the year.
** These entities have been acquired during the year.
# The Company has ceased to have the control over the operations of the joint venture w.e.f. February 15, 2013.
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450,000,000 |
Equity Shares |
Rs. 2/- each |
Rs. 900.000 Millions |
|
10,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
|
Total |
|
Rs. 1000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
332,095,745 |
Equity Shares |
Rs. 2/- each |
Rs. 664.200
Millions |
|
|
|
|
|
(a) Reconciliation of the shares outstanding at the beginning and at the
end of the reporting period
|
Equity shares |
31.03.2013 |
|
|
|
Number of Shares |
Rs. in Millions |
|
At the beginning of the year |
332,095,745 |
664.200 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
332,095,745 |
664.200 |
(b) 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, 2013, the amount of per share dividend recognized as
distribution to equity shareholders was Nil (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.
(c) Details of shareholders holding more than 5% of the equity share
capital of the Company
|
Name of the shareholder |
31.03.2013 |
|
|
|
Number of Shares |
% holding in the class |
|
Spectra Punj Finance Private Limited |
22,148,305 |
6.67 |
|
Cawdor Enterprises Limited |
75,691,430 |
22.79 |
As per of the
Company, including its register of shareholders/members, the above shareholding
represents both legal and beneficial ownerships of shares.
(d) Shares
reserved for issue under options
For details of shares reserved for issue under the employee stock option
(ESOP) plan of the Company.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
664.200 |
|
(b) Reserves & Surplus |
|
|
37818.000 |
|
(c) Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
38482.200 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
12973.000 |
|
(b) Deferred tax liabilities (Net) |
|
|
1284.800 |
|
(c) Other long
term liabilities |
|
|
0.000 |
|
(d) long-term
provisions |
|
|
494.200 |
|
Total Non-current
Liabilities (3) |
|
|
14752.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
32874.600 |
|
(b)
Trade payables |
|
|
20826.600 |
|
(c)
Other current liabilities |
|
|
32372.800 |
|
(d) Short-term
provisions |
|
|
179.600 |
|
Total Current
Liabilities (4) |
|
|
86253.600 |
|
|
|
|
|
|
TOTAL |
|
|
139487.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
16307.400 |
|
(ii) Intangible
Assets |
|
|
40.100 |
|
(iii)
Capital work-in-progress |
|
|
0.000 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
6904.600 |
|
(c) Deferred tax assets (net) |
|
|
32.800 |
|
(d) Long-term Loan and Advances |
|
|
4815.400 |
|
(e) Other
Non-current assets |
|
|
1005.800 |
|
Total Non-Current
Assets |
|
|
29106.100 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b) Unbilled revenue
(work-in-progress) |
|
|
51961.000 |
|
(c)
Inventories |
|
|
1719.600 |
|
(d)
Trade receivables |
|
|
29035.800 |
|
(e) Cash
and cash equivalents |
|
|
1930.200 |
|
(f)
Short-term loans and advances |
|
|
25121.000 |
|
(g) Other
current assets |
|
|
614.100 |
|
Total
Current Assets |
|
|
110381.700 |
|
|
|
|
|
|
TOTAL |
|
|
139487.800 |
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
664.200 |
664.191 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
37400.900 |
34928.807 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
38065.100 |
35592.998 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
39076.200 |
19869.278 |
|
|
2] Unsecured Loans |
|
1180.900 |
3362.240 |
|
|
3] Non Convertible Debenture |
|
(1950.000) |
9850.000 |
|
|
TOTAL BORROWING |
|
38307.100 |
33081.518 |
|
|
DEFERRED TAX LIABILITIES |
|
1225.100 |
1123.942 |
|
|
|
|
|
|
|
|
TOTAL |
|
77597.300 |
69798.458 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
15536.200 |
12462.043 |
|
|
Capital work-in-progress |
|
1316.300 |
1723.775 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
6705.000 |
6555.019 |
|
|
DEFERREX TAX ASSETS |
|
24.800 |
5.928 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
51856.700
|
36964.269 |
|
|
Sundry Debtors |
|
14043.200
|
12677.993 |
|
|
Cash & Bank Balances |
|
2509.800
|
4011.242 |
|
|
Other Current Assets |
|
1350.600
|
828.848 |
|
|
Loans & Advances |
|
28933.300
|
21655.307 |
|
Total
Current Assets |
|
98693.600
|
76137.659 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
15424.300
|
|
|
|
Other Current Liabilities |
|
28491.900
|
26385.419 |
|
|
Provisions |
|
762.400
|
700.547 |
|
Total
Current Liabilities |
|
44678.600
|
27085.966 |
|
|
Net Current Assets |
|
54015.000
|
49051.693 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
77597.300 |
69798.458 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
|
|
85186.400 |
|
|
|
Other Income |
|
|
2269.300 |
|
|
|
TOTAL (A) |
|
|
87455.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Projects materials consumed and cost of goods sold |
|
|
28294.900 |
|
|
|
Employee benefits expense |
|
|
9543.800 |
|
|
|
Other expenses |
|
|
40241.600 |
|
|
|
TOTAL (B) |
|
|
78080.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
9375.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
6795.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
2580.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
2278.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
301.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
105.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
196.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Hiring charges (including foreign operations Nil (Previous
year Rs. 2.200 Millions)) |
|
|
482.000 |
|
|
|
Management services (including foreign operations Rs.
120.200 Millions (Previous year Rs. 1418.300 Millions)) |
|
|
671.400 |
|
|
|
Exports at F.O.B. value |
|
|
2730.200 |
|
|
|
Interest received (including foreign operations Rs. 14.200 Millions (Previous year Rs. 20.900 Millions)) |
|
|
45.300 |
|
|
|
Contract revenue (including foreign operations Rs. 27931.000 Millions (Previous year Rs. 12601.300 Millions)) |
|
|
39212.900 |
|
|
|
Others (including foreign operations Rs. 13.400 Millions (Previous year Rs. 18.500 Millions)) |
|
|
13.400 |
|
|
TOTAL EARNINGS |
|
|
43155.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Project materials |
|
|
6139.000 |
|
|
|
Capital Goods |
|
|
206.600 |
|
|
TOTAL IMPORTS |
|
|
6345.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
0.59 |
|
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
58953.800 |
41932.363 |
|
|
|
Other Income |
|
2850.200 |
2869.642 |
|
|
|
TOTAL (A) |
|
61804.000 |
44802.005 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Project Materials Consumed |
|
19406.400 |
14208.754 |
|
|
|
Contractor Charges |
|
13110.400 |
9409.205 |
|
|
|
Other Operating Expenses |
|
|
4305.925 |
|
|
|
Salaries, Wages and Other employees benefits |
|
7113.400 |
6159.525 |
|
|
|
Managerial Remuneration |
|
87.200 |
47.625 |
|
|
|
Auditor’s Remuneration |
|
13.600 |
15.463 |
|
|
|
Bad debts/ Advances written off/ provision
for diminution in value of non-trade long term investments |
|
48.200 |
94.292 |
|
|
|
Other Expenses |
|
13822.400 |
5787.703 |
|
|
|
TOTAL (B) |
|
53601.600 |
40028.492 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
8202.500 |
4773.513 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
5469.100 |
3101.107 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
2733.400 |
1672.406 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
1874.300 |
1565.159 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
|
859.100 |
107.247 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
282.500 |
(16.591) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
|
576.600 |
123.838 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
9174.000 |
9108.087 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
0.000 |
0.000 |
|
|
|
Transfer to Debenture Redemption
Reserve |
|
153.700 |
0.000 |
|
|
|
Proposed Dividend for Equity Shares |
|
49.800 |
49.814 |
|
|
|
Tax on Proposed Dividend |
|
8.100 |
8.080 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
9539.000 |
9174.031 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
1.74 |
0.37 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
22648.500 |
22445.200 |
|
Total Expenditure |
|
20282.300 |
20030.500 |
|
PBIDT (Excl OI) |
|
2366.200 |
2414.700 |
|
Other Income |
|
40.600 |
79.300 |
|
Operating Profit |
|
2406.800 |
2494.000 |
|
Interest |
|
1786.800 |
1890.700 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
620.000 |
603.300 |
|
Depreciation |
|
545.500 |
578.300 |
|
Profit Before Tax |
|
74.500 |
25.000 |
|
Tax |
|
25.000 |
9.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
49.500 |
16.000 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
49.500 |
16.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.22
|
0.93
|
0.28
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.35
|
1.46
|
0.26
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.23
|
0.71
|
0.12
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.02
|
0.00
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.19
|
1.01
|
0.93
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28
|
2.21
|
2.81
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
41,932.363 |
58,953.800 |
85,186.400 |
|
|
|
40.593 |
44.497 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
41,932.363 |
58,953.800 |
85,186.400 |
|
Profit |
123.838 |
576.600 |
196.200 |
|
|
0.30% |
0.98% |
0.23% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of
the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
IN THE HIGH COURT OF DELHI AT NEW DELHI
CO.PET. 229/2014 and CA Nos.840-841/2014
M/S UT QUALITY INDIA PVT. LTD. ..... Petitioner
Through: Mr Sandeep Bhuraria, Advocate.
versus
M/S PUNJ LLOYD LTD. ..... Respondent
Through
CORAM:
HON'BLE MR. JUSTICE VIBHU BAKHRU
O R D E R
25.04.2014
A perusal of the petition indicates that although the petitioner had raised bills but there is no other contemporaneous correspondence produced on record which would indicate that the petitioner had pursued recovery of the said bills. The learned counsel for the petitioner seeks some time to ascertain whether there was any contemporaneous correspondence between the parties and if so, produce the same. At his request, renotify on 01.08.2014. The petitioner is at liberty to file an additional affidavit before the next date of hearing.
VIBHU BAKHRU, J
APRIL 25, 2014
MK
$ 46
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10458253 |
11/12/2013 * |
2,000,000,000.00 |
IFCI LIMITED |
IFCI TOWER, 61, NEHRU
PLACE, NEW DELHI, DELHI - 110019, INDIA |
B91660746 |
|
2 |
10455591 |
07/09/2013 |
3,230,000,000.00 |
UNITED BANK OF
INDIA |
CORPORATE
FINANCE BRANCH, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
B87673075 |
|
3 |
10430123 |
17/05/2013 |
1,000,000,000.00 |
IDBI BANK
LIMITED |
INDIAN RED CROSS
SOCIETY BUILDING, 3RD FLOOR, 1 RED CROSS ROAD, NEW DELHI, DELHI - 110001,
INDIA |
B76724269 |
|
4 |
10409744 |
13/02/2013 |
39,167,250.00 |
L&T FINANCE
LIMITED |
L&T HOUSE, N.M.
MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B69921617 |
|
5 |
10402799 |
06/02/2013 |
500,000,000.00 |
DHANLAXMI BANK
LIMITED |
5 & 6 GROUND
FLOOR , 19, ARUNACHAL BUILDING, BARAKHAMBA ROAD CONNAUGHT PLACE NEW DELHI, NEW
DELHI, DELHI - 110019, INDIA |
B68008846 |
|
6 |
10391608 |
13/12/2012 |
500,000,000.00 |
UNITED BANK OF
INDIA |
106-109, ANSAL
TOWER,1ST FLOOR, 38, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
B63984132 |
|
7 |
10386901 |
11/12/2013 * |
2,500,000,000.00 |
STANDARD
CHARTERED BANK |
CREDIT
DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI -
110001, INDIA |
B91278226 |
|
8 |
10371144 |
10/07/2012 |
500,000,000.00 |
THE RATNAKAR
BANK LIMITED |
SHAHUPURI, KOLHAPUR,
KOLHAPUR - 416001, MAHARASHTRA, INDIA |
B55872659 |
|
9 |
10363612 |
29/06/2012 |
15,649,348.00 |
MAGMA FINCORP
LIMITED |
MAGMA HOUSE, 24
PARK STREET, KOLKATA, WEST BENGAL |
B42853036 |
|
10 |
10361464 |
11/06/2012 |
42,606,529.00 |
MAGMA FINCORP
LIMITED |
MAGMA HOUSE, 24
PARK STREET, KOLKATA - 700016, WEST BENGAL, INDIA |
B41970450 |
|
11 |
10360483 |
31/05/2012 |
17,901,801.00 |
MAGMA FINCORP
LIMITED |
MAGMA HOUSE, 24
PARK STREET, KOLKATA - 700016, WEST BENGAL, INDIA |
B41558693 |
|
12 |
10361419 |
01/05/2012 |
1,195,200,000.00 |
ORIENTAL BANK OF
COMMERCE |
89, HEMKUNT
CHAMBERS, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
B41915034 |
|
13 |
10358265 |
30/04/2012 |
23,752,438.00 |
MAGMA FINCORP
LIMITED |
MAGMA HOUSE, 24
PARK STREET, KOLKATA - 700016, WEST BENGAL, INDIA |
B40658338 |
|
14 |
10349867 |
29/03/2012 |
1,000,000,000.00 |
L&T
INFRASTRUCTURE FINANCE LIMITED |
MOUNT
POONAMALLEE ROAD, MANAPAKKAM, CHENNAI - 600089, TAMILNADU, INDIA |
B37646577 |
|
15 |
10344350 |
29/02/2012 |
1,632,500,000.00 |
STATE BANK OF
INDIA |
1, TOLSTOY MARG,
JAWAHAR VYAPAR BHAWAN, NEW DELHI, DELHI - 110001, INDIA |
B35843523 |
|
16 |
10342083 |
21/02/2012 * |
2,750,000,000.00 |
CENTRAL BANK OF
INDIA |
5 JEEVAN TARA BUILDING,
PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B37215845 |
|
17 |
10342207 |
21/02/2012 |
3,978,900,000.00 |
CENTRAL BANK OF
INDIA |
5 JEEVAN TARA
BUILDING, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B34992909 |
|
18 |
10340554 |
17/02/2012 |
1,217,500,000.00 |
AXIS BANK |
STATESMAN
HOUSE,, BARAKHAMBA ROAD, NEW DELHI, NEWDELHI, DELHI - 110001, INDIA |
B34311761 |
|
19 |
10335074 |
19/01/2012 |
1,140,000,000.00 |
IDBI BANK
LIMITED |
INDIAN RED CROSS
SOCIETY BUILDING, 3RD FLOOR, 1 RED CROSS ROAD, NEW DELHI, DELHI - 110001,
INDIA |
B31904527 |
|
20 |
10330813 |
30/12/2011 |
18,137,215.00 |
DHANLAXMI BANK
LIMITED |
DHANALAKSHMI
BANK BUILDINGNAICKANAL, NAICKANAL, TRICHUR - 680001, KERALA, INDIA |
B30246680 |
|
21 |
10324679 |
02/12/2011 |
9,991,500,000.00 |
STATE BANK OF
INDIA |
OVERSEAS BRANCH,
JAWAHAR VYAPAR BHAWAN, 1 TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
B28391712 |
|
22 |
10329179 |
30/11/2011 |
31,750,591.00 |
DHANLAXMI BANK
LIMITED |
DHANALAKSHMI
BANK BUILDINGNAICKANAL, NAICKANAL, TRICHUR - 680001, KERALA, INDIA |
B29673696 |
|
23 |
10323084 |
25/11/2011 |
18,410,403.00 |
ICICI BANK
LIMITED |
VIDECON TOWER,
JHANDEWALAN EXTENSION, NEW DELHI, NEW DELHI, DELHI - 110055, INDIA |
B27850825 |
|
24 |
10321990 |
17/11/2011 |
9,264,864.00 |
ICICI BANK
LIMITED |
VIDECON TOWER,
JHANDEWALAN EXTENSION, NEW DELHI, NEW DELHI, DELHI - 110055, INDIA |
B27344845 |
|
25 |
10327738 |
15/11/2011 |
500,000,000.00 |
SREI EQUIPMENT
FINANCE PRIVATE LIMITED |
'VISHWAKARMA',
86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA |
B29318276 |
|
26 |
10321988 |
21/10/2011 |
6,145,396.00 |
ICICI BANK
LIMITED |
VIDECON TOWER,
JHANDEWALAN EXTENSION, NEW DELHI, NEW DELHI, DELHI - 110055, INDIA |
B27343516 |
|
27 |
10316328 |
18/10/2011 |
500,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL
BRANCH, CHANDRALOK BUILDING, 36, JANPAT, NEW DELHI, DELHI - 110001, INDIA |
B24810905 |
|
28 |
10316330 |
18/10/2011 |
500,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL BRANCH,
CHANDRALOK BUILDING, 36, JANPAT, NEW DELHI, DELHI - 110001, INDIA |
B24811572 |
|
29 |
10314257 |
10/10/2011 |
5,487,500,000.00 |
UNITED BANK OF
INDIA |
CORPORATE
FINANCE BRANCH, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
B23963929 |
|
30 |
10313141 |
29/09/2011 |
65,288,084.00 |
ICICI BANK LTD |
VIDECON TOWER,
JHANDEWALAN EXTENSION, NEW DELHI, NEW DELHI, DELHI - 110055, INDIA |
B23524986 |
|
31 |
10317337 |
22/09/2011 |
3,058,200,000.00 |
STATE BANK OF
INDIA |
OVERSEAS BRANCH,
JAWAHAR VYAPAR BHAWAN, 1 TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
B25184102 |
|
32 |
10297025 |
08/07/2011 |
114,000,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
36-38A, NARIMAN
BHAVAN, 227,D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B16789521 |
|
33 |
10297131 |
01/07/2011 |
671,900,000.00 |
STATE BANK OF
HYDERABAD |
COMMERCIAL
BRANCH, 74 JANPATH, 74 JANPATH, NEW DELHI, DELHI - 110001, INDIA |
B16836165 |
|
34 |
10297845 |
23/06/2011 |
42,600,000.00 |
TATA CAPITAL
LIMITED |
ONE FORBES, DR V
B GANDHI MARG,FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B17082801 |
|
35 |
10297311 |
23/06/2011 |
53,000,000.00 |
TATA CAPITAL
LIMITED |
ONE FORBES, DR V
B GANDHI MARG,FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B16888208 |
|
36 |
10296314 |
23/05/2011 |
65,318,700.00 |
RELIGARE FINVEST
LIMITED |
D3, P3B,
DISTRICT CENTRE, SAKET, NEW DELHI, DELHI - 110017, INDIA |
B16581621 |
|
37 |
10291123 |
23/05/2011 |
500,000,000.00 |
TATA CAPITAL
LIMITED |
ONE FORBES, DR V
B GANDHI MARG,FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B14591036 |
|
38 |
10291782 |
23/05/2011 |
500,000,000.00 |
ANDHRA BANK |
M 35, CONNAUGHT
PLACE, NEW DELHI, DELHI - 110001, INDIA |
B14849822 |
|
39 |
10292920 |
06/05/2011 |
300,000,000.00 |
SREI EQUIPMENT
FINANCE PRIVATE LIMITED |
'VISHWAKARMA',
86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B15256696 |
|
40 |
10281128 |
11/04/2011 |
5,000,000,000.00 |
IDBI BANK
LIMITED |
INDIAN RED CROSS
SOCIETY BUILDING, 3RD FLOOR, 1 RED CROSS ROAD, NEW DELHI, DELHI - 110001,
INDIA |
B10833812 |
|
41 |
10273448 |
28/02/2011 |
210,000,000.00 |
RELIGARE FINVEST
LIMITED |
D3, P3B,
DISTRICT CENTRE, SAKET, NEW DELHI, DELHI - 110017, INDIA |
B08619504 |
|
42 |
10267938 |
21/01/2011 |
3,000,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
B05717103 |
|
43 |
10270763 |
15/01/2011 |
450,000,000.00 |
SREI EQUIPMENT FINANCE
PRIVATE LIMITED |
'VISHWAKARMA',
86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B07292295 |
|
44 |
10259621 |
21/12/2010 |
1,550,000,000.00 |
STATE BANK OF
BIKANER & JAIPUR |
G-72, CONNAUGHT
CIRCUS, NEW DELHI, DELHI - 110001, INDIA |
B02421048 |
|
45 |
10255387 |
26/11/2010 |
200,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA |
B01114388 |
|
46 |
10251177 |
21/10/2010 |
3,660,000,000.00 |
IDBI BANK
LIMITED |
INDIAN RED CROSS
SOCIETY BUILDING, 3RD FLOOR, 1 RED CROSS ROAD, NEW DELHI, DELHI - 110001,
INDIA |
A99124430 |
|
47 |
10246143 |
13/10/2010 |
1,000,000,000.00 |
SREI
INFRASTRUCTURE FINANCE LIMITED |
VISHWAKARMA,86C,TOPSIA
ROAD (SOUTH),, KOLKATA - 700046, WEST BENGAL, INDIA |
A96918180 |
|
48 |
10242684 |
09/09/2010 |
2,691,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL
BRANCH, CHANDRALOK BUILDING, 36, JANPATH , NEW DELHI, DELHI - 110001, INDIA |
A95665436 |
|
49 |
10239606 |
09/08/2010 * |
2,471,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
89, HEMKUNT
CHAMBERS, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
A95613428 |
|
50 |
10221031 |
23/03/2012 * |
5,500,000,000.00 |
BANK OF BARODA |
CORP. FINANCIAL SERVICE,
GROUND FLOOR, BANK OF BARODA BUILDING 16 SANSAD MARG, NEW DELHI, DELHI -
110001, INDIA |
B37250693 |
|
51 |
10220443 |
29/03/2010 |
2,958,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA |
A85842961 |
|
52 |
10212939 |
18/03/2010 |
4,161,300,000.00 |
ORIENTAL BANK OF
COMMERCE |
89, HEMKUNT
CHAMBERS, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
A83062570 |
|
53 |
10197314 |
08/11/2013 * |
2,550,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI -
400025, MAHARASHTRA, INDIA |
B89690556 |
|
54 |
10179456 |
23/09/2009 |
1,500,000,000.00 |
CENTRAL BANK OF
INDIA |
5 JEEVAN TARA
BUILDING, PARLIAMENT STREET, NEW DELHI, DELHI - 110019, INDIA |
A71250732 |
|
55 |
10167351 |
25/06/2009 |
500,000,000.00 |
UNITED BANK OF
INDIA |
106-109, ANSAL TOWER,
38, NEHRU PLACE, NEW DELHI,DELHI - 110019, INDIA |
A66148883 |
|
56 |
10164717 |
30/07/2011 * |
1,500,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
B17651530 |
|
57 |
10164180 |
06/06/2009 |
750,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
89, HEMKUNT
CHAMBER, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
A64657356 |
|
58 |
10155853 |
31/03/2009 |
1,500,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL BRANCH,
36 JANPATH, NEW DELHI, DELHI -110001, INDIA |
A60516200 |
|
59 |
10151149 |
27/03/2009 |
930,000,000.00 |
IDBI BANK
LIMITED |
11TH FLOOR,
SURYA KIRAN BUILDING, 19, K.G.MARG, NEW DELHI, DELHI - 110001, INDIA |
A60239886 |
|
60 |
10150420 |
16/03/2009 |
1,850,000,000.00 |
IDBI BANK
LIMITED |
11TH FLOOR,
SURYA KIRAN BUILDING, 19, K.G.MARG, NEW DELHI, DELHI - 110001, INDIA |
A59947176 |
|
61 |
10141039 |
28/01/2009 |
700,000,000.00 |
ANDHRA BANK |
SCO 19 & 20,
SECTOR 31, GURGAON, HARYANA - 122001, INDIA |
A56239866 |
|
62 |
10127743 |
21/10/2008 |
1,000,000,000.00 |
INDIAN OVERSEAS
BANK |
PRAKASH DEEP
BUILDING, 7, TOLSTOY MARG BRANCH, NEW DELHI, DELHI - 110001, INDIA |
A49706740 |
|
63 |
10114405 |
12/05/2011 * |
1,000,000,000.00 |
THE KARUR VYSYA
BANK LIMITED |
882 EAST PARK
ROAD, KAROL BAGH, NEW DELHI, DELHI -110005, INDIA |
B15039084 |
|
64 |
10098808 |
10/09/2013 * |
5,000,000,000.00 |
AXIS BANK
LIMITED |
STATESMAN HOUSE,
148 BARAKHAMBA ROAD, NEW DELHI,DELHI - 110001, INDIA |
B86323672 |
|
65 |
10096409 |
04/03/2008 |
806,830,000.00 |
INTERNATIONAL
FINANCE CORPORATION |
2121,
PENNYSYLVANIA AVENUE, NW,, WASHINGTON DC, -20433, UNITED STATES OF AMERICA |
A35858620 |
|
66 |
10081283 |
17/03/2011 * |
3,500,000,000.00 |
JAMMU AND
KASHMIR BANK LIMITED |
(CORPORATE
HEADQUARTERS), M.A.ROAD, SRINAGAR, KASHMIR, SRINAGAR - 190001, JAMMU AND
KASHMIR, INDIA |
B09048489 |
|
67 |
10079143 |
29/11/2007 |
210,000,000.00 |
STATE BANK OF HYDERABAD |
COMMERCIAL
BRANCH, 74 JANPATH, NEW DELHI, DELHI - 110001, INDIA |
A28671972 |
|
68 |
10067539 |
06/09/2007 |
600,000,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE
FINANCE BRANCH "MADHUBAN", 55 NEHRU PLACE, NEW DELHI, DELHI -
110019, INDIA |
A23076011 |
|
69 |
10067141 |
30/07/2007 |
250,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA |
A22876940 |
|
70 |
10058639 |
30/05/2007 |
3,607,100,000.00 |
ARAB BANK PLC |
PO BOX 813, MANAMA,
- 200001, BAHRAIN |
A18478305 |
|
71 |
10053505 |
13/04/2007 |
225,000,000.00 |
EXPORT- IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE, CUFFEE PARADE, MUMBAI - 400005,
MAHARASHTRA, INDIA |
A16145377 |
|
72 |
10044979 |
14/03/2007 |
47,295,930.00 |
L & T
FINANCE LIMITED |
L&T HOUSE,
BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
A13363015 |
|
73 |
10035627 |
13/08/2007 * |
1,014,000,000.00 |
DBS BANK LIMITED |
UPPER GROUND FLOOR,
BIRLA TOWER, 25,, BARAKHAMB ROAD, NEW DELHI, DELHI - 110001, INDIA |
A22360598 |
|
74 |
10028543 |
29/11/2006 |
250,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
G 72 , CONNAUGHT
CIRCUS, NEW DELHI, DELHI - 110001, INDIA |
A07537145 |
|
75 |
10031676 |
29/10/2009 * |
1,788,600,000.00 |
UNITED BANK OF
INDIA |
106-109 ANSAL
TOWER, 38 NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
A73697641 |
|
76 |
10033597 |
02/11/2006 |
1,347,900,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE FINANCE
BRANCH, 1ST FLOOR, MMO BUILDING, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA |
A05793120 |
|
77 |
10024715 |
02/01/2008 * |
1,000,000,000.00 |
CENTURIAN BANK
OF PUNJAB LIMITED |
M-39, CANNAUGHT
CIRCUS, NEW DELHI, DELHI - 110001, INDIA |
A30507784 |
|
78 |
10023412 |
19/01/2012 * |
3,000,000,000.00 |
IDBI BANK
LIMITED |
INDIAN RED CROSS
SOCIETY BUILDING, 3RD FLOOR, 1 RED CROSS ROAD, NEW DELHI, DELHI - 110001,
INDIA |
B32126708 |
|
79 |
10022166 |
24/04/2009 * |
7,458,600,000.00 |
STATE BANK OF
INDIA |
1, TOLSTOY MARG,
JAWAHAR VYAPAR BHAWAN, NEW DELHI, DELHI - 110001, INDIA |
A63709265 |
|
80 |
10021939 |
29/11/2007 * |
164,200,000.00 |
STATE BANK OF
HYDERABAD |
COMMERCIAL
BRANCH, 74 JANPATH, NEW DELHI, DELHI - 110001, INDIA |
A28671287 |
|
81 |
10006532 |
30/06/2006 |
7,785,120,000.00 |
THE WESTERN
INDIA TRUSTEE AND EXECUTOR COMPANY LIM |
VISWASTA BHAWAN
218PRATAPGANJ PETH, , SATARA - 415002, MAHARASHTRA, INDIA |
A01833441 |
|
82 |
10006039 |
22/06/2006 |
400,000,000.00 |
UNITED BANK OF
INDIA |
106-109,ANSAL
TOWER, 38, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
A01548924 |
|
83 |
10002888 |
25/04/2006 |
493,900,000.00 |
ICICI BANK
LIMITED |
9 RAFFLES PLACE,
50-01 REPUBLIC PLAZA, SINGHPORE, - 048619, SINGAPORE |
A00840306 |
|
84 |
10000818 |
22/02/2006 |
990,600,000.00 |
ICICI BANK
LIMITED |
ICICI BANK
TOWERS, NBCC PLACE,, BHISHAM PITAMAH MARG, PRAGATI VIHAR,, NEW DELHI, DELHI -
110003, INDIA |
A00259374 |
|
85 |
80028074 |
05/02/2013 * |
1,000,000,000.00 |
INDUSIND BANK
LIMITED |
M-56, M BLOCK MARKET,
GREATER KAILASH-II, NEW DELHI, DELHI - 110048, INDIA |
B70820964 |
|
86 |
80035684 |
05/05/2008 * |
1,000,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A40753287 |
|
87 |
80039480 |
25/08/2005 |
500,000,000.00 |
ALLAHABAD BANK |
17 PARLIAMENT
STREET, NEW DELHI, DELHI - 110001, INDIA |
- |
|
88 |
80039902 |
24/07/2009 * |
5,472,800,000.00 |
STATE BANK OF
HYDERABAD |
COMMERCIAL
BRANCH, 74 JANPATH, NEW DELHI, DELHI -110001, INDIA |
A68460385 |
|
89 |
90059073 |
07/02/2011 * |
2,944,000,000.00 |
CENTRAL BANK OF
INDIA |
5 JEEVAN TARA
BUILDING, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B07784226 |
|
90 |
90059006 |
07/12/2007 * |
410,000,000.00 |
STATE BANK OF
PATIALA |
CHANDER LOK
BUILDING,, 36 JANPATH,, NEW DELHI, DELHI - 110001, INDIA |
A30133920 |
|
91 |
80035685 |
29/11/2011 * |
7,589,000,000.00 |
STANDARD
CHARTERED BANK |
CREDIT RISK
CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B26206888 |
|
92 |
80039478 |
14/11/2007 * |
12,068,120.00 |
ALLAHABAD BANK |
PARLIAMENT
STREET BRANCH, 17 PARLIAMENT STREET, NE W DELHI, DELHI - 110001, INDIA |
A29049053 |
|
93 |
90058868 |
24/01/2005 |
450,000,000.00 |
ORIANTAL BANK OF
COMMERCE |
89; HEMKUND
CHAMBER, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
- |
|
94 |
90058655 |
25/11/2013 * |
5,350,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B90579970 |
|
95 |
90058550 |
04/06/2004 |
250,000,000.00 |
THE FEDERAL BANK
LIMITED |
32; BOMBAY
SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
96 |
80020798 |
31/03/2004 |
8,389,500.00 |
ABN AMRO BANK N
V |
SANSAD MARG, NEW
DELHI, DELHI - 110001, INDIA |
- |
|
97 |
80002132 |
31/03/2004 |
12,802,312.00 |
ABN AMRO BANK |
DLF CENTER
SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA |
- |
|
98 |
80001809 |
31/03/2004 |
500,000,000.00 |
ABN AMRO BANK |
N.V DLF CENTRE,
SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA |
- |
|
99 |
90058400 |
30/01/2004 |
250,000,000.00 |
UNITED BANK OF
INDIA |
106-109; ANSAL
TOWER, NEHRU PLACE, NEW DELHI, DELHI, INDIA |
- |
|
100 |
80001113 |
18/02/2011 * |
2,000,000,000.00 |
UCO BANK |
FLAGSHIP CORPORATE
CENTRE, 5 PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B07293277 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
Buyer's line of
credit from a bank carrying weighted average rate of interest 1.41% (Previous
year 3.06%). |
1604.000 |
|
10% Inter-corporate deposit repayable on demand. |
27.000 |
|
These borrowings from banks carried weighted average rate of interest
6.61%. |
0.000 |
|
Commercial papers from bank and others carried interest rate of
10.60%. |
0.000 |
|
|
|
|
Total |
1631.000 |
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
|
Unsecured Loan |
1180.900 |
|
|
|
|
TOTAL |
1180.900 |
CORPORATE
INFORMATION
Subject is a public limited Company domiciled in India and incorporated under
the provisions of the Companies Act, 1956. Its shares are listed on two stock
exchanges in India. The Company is engaged in the business of engineering,
procurement and construction in the oil and gas sector and infrastructure
sector. The Company caters to both domestic and international markets.
OPERATIONS REVIEW
Amidst the Global Challenges, the Company continued to focus on
efficiently executing the projects in hand. The total order inflow during the year
was Rs. 62520.000 Millions taking total order backlog reduced to Rs.224990.000
Millions by the end of financial year 2012-13. Total revenues of the Company
increased from Rs. 61803.000 Millions in FY 2011-12 to Rs. 87455.700 Millions
in FY 2012-13. Earnings Before Interest, Tax, Depreciation and Amortisation
(EBITDA) increased by 14.30% to Rs. 9375.400 Millions in FY 2012-13 in
comparison to previous year. Finance costs however rose to Rs. 6795.300
Millions accounting for lower Profit Before Tax (PBT) of Rs. 301.300 Millions
as against Rs. 859.100 Millions in previous financial year. Profit after Tax
(PAT) reduced to Rs. 196.200 Millions in FY 2012-13 from Rs. 576.600 Millions
in previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS
OVERVIEW
Punj Lloyd Limited ('Punj Lloyd', 'PLL' or 'the Company') is a global
company engaged in the core sectors of energy and infrastructure providing
Engineering, Procurement and Construction Services, Infrastructure Development
and Manufacturing Support for the Indian Defence Sector. The Company's major
subsidiaries include Sembawang Engineers and Constructors Pte Limited, a
leading EPC player based out of Singapore, Punj Lloyd Infrastructure Limited,
an infrastructure development arm of Punj Lloyd presently engaged in development
and financing of various infrastructure projects and PL Engineering Limited, an
engineering services company. Since its inception 25 years ago, the Company has
successfully delivered complex projects and nurtured strong relationship with
marquee global customers that include governments, major oil and gas companies,
power developers and large private sector companies. Headquartered in India,
PLL and its subsidiaries have a presence in 21 countries across South East
Asia, South Asia, CIS countries, Middle East, UK and Africa. The Company's
diversified business strategy across industries and geographies allows it to
adopt a growth oriented path while managing the risks of specific sector or
regional market downturns.
BUSINESS
ENVIRONMENT
The calendar year (CY) 2011 had already been a harbinger for global
macro-economic slowdown and the conditions worsened in CY2012. World output
growth reduced further from 4% in CY2011 to 3.2% in CY2012. In line with the
trend in the last few years, advanced economies witnessed a reduction in
economic output growth from 1.6% in CY2011 to 1.2% in CY2012. Unfortunately,
even the emerging and developing economies witnessed a reduction in economic
activity-output growth reduced from 6.4% in CY2011 to 5.1% in CY2012.
Punj Lloyd's operations are primarily in global emerging markets of
South Asia, South-east Asia, Middle East and Africa (MEA) and in countries
belonging to the erstwhile Commonwealth of Independent States (CIS). While the
emerging markets as a block of nations recorded a lower growth rate, growth
trends were different across its various sub-regions. As Chart B shows, IMF
estimates suggest that while India's growth rate reduced significantly from
7.7% in CY2011 to 4% in CY 2012, economic growth increased in Middle East and
North Africa (MENA) from 4% in CY2011 to 4.8% in CY2012 and the ASEAN region
recorded a notable improvement from 4.5% in CY 2011 to 6.1% in CY2012.
Market conditions for the infrastructure development sector mirrored
this macro-economic trend: India witnessed a significant slowdown while both
the Middle East and the ASEAN region saw new projects and better implementation
of ongoing projects.
The Indian economic story has been particularly disappointing in the
last couple of years. As a country it continues to operate at levels that are
well below potential. There has been a dramatic slowdown in activity on the
infrastructure development front both in terms of projects under implementation
and new projects. Construction Growth in real terms was 5.9% in FY2013, while
incremental Gross Fixed Capital Formation (GCFC) reduced to 2.5% in FY2013.
Infrastructure development needs long term large scale investments and
both the government and the private sector are finding it difficult to mobilise
such funds. The GoI is already riddled with high levels of fiscal deficits and
commitments for investments into other social schemes. The private sector has
seen a drying up of international investments into India and increased risk
perception of such large scale lumpy investments particularly on issues
covering land acquisition and environmental clearances. The pressures on
government and private sector funding have created a major cash crunch across
the entire infrastructure development supply chain.
The lack of liquidity in the system is spiralling into new rounds of
delays in execution for want of working capital and further enhancing financial
woes. Apart from the problem of liquidity, the sector is facing a major problem
of lack of decision making. It is important to appreciate that large scale
infrastructure development often involves a large number of different
stakeholders with varying objectives. Government agencies have to play the
difficult role of resolving conflicts arising out of such differing perspectives
and promote development. Most of the time such solutions involve lengthy
procedures and the interim period is one of decision inertia. India is going
through such a time across most segments of infrastructure development. The
twin factors of liquidity and lack of decision making has resulted in emphasis
shifting from project execution and delivery to deliberations on contractual
interpretations and litigations. The claims settlement process has also got
plagued with delays further accentuating liquidity pressures on contractors.
While there is recognition for the need to rejuvenate the economy with a
further stimulus to the infrastructure sector, issues facing the industry like
land acquisition, environment degradation, social relocation and standalone
financial viability are very complex and have very difficult solutions. It is
important for the various stakeholders in infrastructure development in India
to rise above internal issues and evolve an effective mechanism to find
solutions for this predicament. While the long term need for large scale
infrastructure development in India is imperative to sustain better growth
levels and a turnaround is bound to happen soon, in the short to medium term
the sector will continue to face laggardness.
South East Asia and the Middle East have witnessed better rate of
development in infrastructure in FY2013. However, with the significant slowdown
in established markets of Europe and USA, major construction players
aggressively pushed for securing projects wherever there were opportunities.
This has significantly increased competition and bidding margins are under
pressure. While in both markets there is stiff competition, Punj Lloyd is
confident of increasing its presence by adopting various region specific strategies.
The Company continues to explore new markets in both these regions and is
working on extending its relationships with key customers to secure greater
work.
ENERGY
Energy is the largest vertical in Punj Lloyd's portfolio with a share of
77% in revenues and 61% in unexecuted order book. It comprises a range of
engineering and construction activities, primarily mechanical and associated
civil of tanks and terminals including cryogenic tanks, process, pipelines,
petro-chemicals and power industries. Given the complexities of the nature of
business, the vertical is divided into three broad segments-oil and gas,
offshore and power.
The energy vertical is divided in terms of regions for better management
and deeper penetration of markets in different geographies. There are three
primary regional clusters – South Asia, South East Asia and Middle East and
Africa (MEA).
OIL AND GAS
Given the differences on the technical side of the business, the overall
Oil and Gas space has been divided into onshore projects and offshore projects.
However, some of the projects have both elements of offshore and onshore work.
Punj Lloyd's Onshore Oil and Gas business works on Field Development,
Pipelines including cross-country Pipelines, Process Plants, and Tanks and
Terminals. Within the Process Plant business, the Company also caters to the
chemicals and petrochemical industry. Table 3 gives the value of revenues and
the unexecuted order book across Pipelines, Tanks and Terminals and Process
plants across all geographies in the Oil and Gas sector.
OFFSHORE
For complex offshore pipelines and platforms, Punj Lloyd provides
engineering, procurement, fabrication and installation of offshore wellhead and
process platforms, including topsides and jackets, risers, submarine pipelines,
underwater cables and single buoy mooring systems.
The Company had entered FY2013 with a very robust order book and much of
the year was about executing these orders. While there has been good progress
in some areas, in certain others there have been very difficult challenges.
The update on the major projects being executed is:
· Installation of three compressor units for the platform compressor station on the PTT Riser Offshore Platform in Thailand: The project has faced several issues including delays and stoppages from the client. Mechanical completion is expected in the first half of FY 2014.
Composite
works for laying of pipeline (onshore and offshore) for the project of LPG
pipeline from BPCR/HPCR to Uran over 30 km for Bharat Petroleum Limited: After
the necessary statutory approvals were in place in December 2012 Punj Lloyd has
restarted work at the site. The Company expects the project to be completed in
the next financial year
6
km each offshore and shore piping including fibre optical cable laying, testing
and commissioning. Both sections have been completed. Dredging for final phase
is on and their work is expected to be completed by end of Q1, FY 2014.
British
Gas awarded a prestigious offshore contract in the Panna oil and gas fields,
offshore Mumbai, India, for the installation of PLEM (Pipe Line End Manifold),
PLEM piles and 1.54 km of 12” pipeline and CALM buoy, replacing the existing
Single Point Mooring (SPM) system. The Company has addressed some of the issues
faced in the initial stage of the project that hindered fast progress and work
is progressing as per revised schedule. So far, the pipeline is done,
modifications completed, riser installed and platform sub-sea hook up done.
Work on the PLEM end is left.
WO-16
Cluster & SB-14 Pipeline Project - in Bombay High from ONGC. The scope
includes laying of 122 km of submarine pipeline, risers and I/J tubes,
modifications of existing facilities, hook-up, and testing. Difficult weather
conditions arising from the Western disturbance in February 2013 and interface
issues arising from too many contractors working on the same project resulted
in multiple changes to the initial project schedule. Project execution will
commence in full swing post monsoon.
Gujarat
State Petroleum Corporation Limited awarded a contract for submarine pipeline
on lump-sum turnkey (LSTK) contract basis. The scope of work includes 20” OD
pipeline (Approx. 24.5 km), 10” OD pipeline (Approx. 15 km), optic fibre cable
and onshore work. Being in an environmentally sensitive zone, which is 10 km
from Coringa Wild Life Sanctuary, work is not permitted and the client is
seeking permission from the National Board of Wildlife under the Wildlife Act.
Punj Lloyd was directed to remove all vehicles within the forest area. As the
forest approval is being sought, Punj Lloyd is focusing on the offshore part
which will be completed by the end of the first quarter of FY 2014.
In terms of new orders, the Company is well placed for some new bids in
the domestic market.
The Company received its first offshore contract in the Middle East. The
project is in Al-Khafji, Saudi Arabia from AlKhafji Joint Operations. The
project, worth Rs. 3140.000 Millions (US$ 57.75 million), is scheduled for
commissioning in September, 2014. The scope of work for the project entails
detail design, engineering, procurement, testing, transportation and
construction/installation of a new 20" OD crude transmission line, 40km
submarine rigid pipeline, mechanical completion, precommissioning,
commissioning / start up, and performance testing. The scope also includes
modification work at Ratawi Gathering Station, scraper launcher, tie-ins with
existing facilities including utilities, valves and piping, riser and riser
clamps, deck extension for installation of new facilities and onshore section
at Al-Khafji from landfall to scraper receiver, scraper receiver, tie-ins with
existing facilities including utilities, valves and piping.
This is a high margin business. However, it is also highly capital
intensive. To maintain steady rate of execution, the Company needs to
constantly maintain its equipment base. Innovative methods are being adopted to
operate this with the lightest of capital intensity.
THERMAL POWER
SOUTH ASIA
While the need and opportunity for capacity creation in the power sector
is immense in India, there are several issues on the execution side related to
coal linkages, environment clearances and tariff sharing that have crippled the
sector and new projects have virtually stalled. However, the Company continued
to execute its existing projects well, which have contributed to revenue
growth.
The major projects under execution include:
· Design, EPC and testing of balance of plant package for 2x270 MW Goindwal Sahib Power Project, Tarn Taaran, Punjab. The project, promoted by GVK Power has progressed well and is close to synchronisation.
Design,
engineering, procurement of equipment, erection, testing and commissioning of
balance of plant packages, complete civil work on EPC basis for 2 x 300 MW
Thermal Power Plant at Chandrapur, Maharashtra for Dhariwal Infrastructure
Private Limited. This also included Erection, Testing and Commissioning (ETC) of
main plant equipment which includes boiler, turbine, generator and its
auxiliaries. This project progressed as per schedule. All major milestones have
been achieved for unit-1 and balance milestones for unit-2 are expected to be
achieved by Q2, FY 2014.
EPC
project for BOP work and ETC of main plant equipment which includes boiler,
turbine, generator and its auxiliaries for 2 x 300 MW Thermal Power project for
CESC (Haldia Energy Limited) located in Haldia, India. Work is progressing well
and the boiler drum has been lifted on schedule.
The Company is also executing civil construction work for two other
projects NTPC (Kokrajhar, 3x250 MW Power Plant) and KSK Energy through SEPCO
(Chhattisgarh, 6x600 MW power plant).
SOUTH EAST ASIA
The projects under execution include:
· 2x30 MW Adaro Power plant in Indonesia. One unit has been completed, while 95% work is completed on the other unit. Commissioning is expected in Q1, FY 2014
3x18
MW coal fired power plant at Sangatta, Indonesia for CEKIT Power Plant (CKP).
The project is around 20% complete.
NUCLEAR POWER
While the process of confidence building measures for nuclear as a power
source continues in India, the Department of Atomic Energy (DAE) remains
committed to its revised targets of having nuclear power generation capacity to
10,080 MWe by the end of 2017 and 14,580 MWe by the end of FY2021.
Punj Lloyd continued to make most of the opportunities in this sector.
During FY2013, the Company was awarded an EPC project for main plant air
conditioning and ventilation package for 2x700 MWe Kakrapar Atomic Power
Project's (KAPP) Unit 3 and 4 and 2x700 MWe Rajasthan Atomic Power Project's
(RAPP) Unit 7 and 8 being developed by the Nuclear Power Corporation of India
Limited (NPCIL). This project is worth Rs.180 crore which is expected to be
completed by December, 2015.
Infrastructure work for this package is in progress. On the execution
front, the Company continued with its progress on the primary piping package
for 2 x 700 MWe KAPP Unit 3 and 4 in Gujarat and 2 x 700 MWe RAPP Unit 7 and 8
in Rajasthan. This project is worth Rs.678 crore and was secured in FY2012.
Engineering and procurement for these projects is at an advanced stage.
Manufacturing of most of the ordered items is in progress, while pipes and pipe
fittings have been received at both sites. At the Kakrapar site, infrastructure
work is complete and fabrication of pipe spools is in progress, while at the
Rajasthan site, infrastructure work is in progress and is expected to be completed
by June 2013.
In addition to the above, Punj Lloyd Group is executing some projects in
the nuclear space through its engineering arm, PL Engineering. This includes
engineering design and analysis for RAPP Unit 7 and 8, engineering consultancy
services for Department of Atomic Energy (DAE) and engineering consultancy
service for conversion of AutoCAD flow sheets into Smart Plant Intelligent
Process and Instrumentation Diagrams (SPPID) for Kudankulam Nuclear Power
Project.
In the near term, one continues to expect some new opportunities. The
Government has given approval in principle for setting up indigenous
Pressurised Heavy Water Reactor (PHWR) of 700 MWe at Haryana, Madhya Pradesh
and Karnataka. For setting up of imported Light Water Reactors (LWRs) ranging
between 1,000 MWe and 1,650 MWe, the government has in principle, given
approval for greenfield sites at Andhra Pradesh, Gujarat and Maharashtra.
Kudankulam Nuclear Power Project unit 1 and 2, which are 1000 MWe each, are in
the advanced stages of commissioning. On 20 March, 2013, the Union Cabinet has
given approval for two more units - Kudankulam Nuclear Power Project unit 3 and
4.
Pre-project activities are in progress at Haryana Unit 1 and 2 for PHWR
type and Jaitapur, Maharashtra, Gujarat and Andhra Pradesh sites for imported
LWRs. Nuclear Power Corporation of India Limited (NPCIL) will be announcing the
EPC packages for these projects in FY2014. Punj Lloyd will be actively bidding
for major packages in these projects.
SOLAR POWER
Punj Lloyd Delta Renewables is aggressively focussing on increasingly
the business in solar voltaic power, both in MW scale and rooftops, hybrid
projects like Bihar solar water treatment plants and surface water based
multi-village piped water supply projects with the support from parent company,
Punj Lloyd.
The Company has completed a 5MW solar power plant in Rajasthan. There
were some orders secured in the year including rooftop solar projects in
Chandigarh. In an important development, the Company's solar team was qualified
and are providing ancillary solar power to support pipeline projects wherever
possible.
CIVIL AND
INFRASTRUCTURE
Punj Lloyd has steadily grown its civil and infrastructure business
across geographies. Today, it not only has a presence in India but is also
actively pursuing projects in MEA and Asia Pacific. In addition its Singapore
based subsidiary, Sembawang also plays an active role in the Singapore market
and is growing its business to Hong Kong and other South East Asian countries
like Indonesia.
During FY2013, Punj Lloyd Limited's Civil and Infrastructure vertical
accounted for around 19% of the Company's total revenues by recording sales of
Rs. 18140.000 Millions. This segment accounts for an even larger share of 37%
of the Company's total order backlog, which is worth Rs. 94000.000 Millions.
SEMBAWANG
ENGINEERS AND CONSTRUCTORS PTE. LIMITED
Sembawang is one of the leading Engineering, Procurement and
Construction companies of Singapore. Established in 1982, the Company is
registered with the Singapore Building and Construction authority as a Grade A1
category player for both general building and civil engineering works that
allows it to undertake projects of high value.
Sembawang has a global presence with offices in Malaysia, Indonesia,
Hong Kong SAR, the People's Republic of China, India, United Arab Emirates and
Bahrain.
The Company specialises in handling a diverse spectrum of
technologically complex projects in the niche areas of mega infrastructures,
high-rise buildings and utility works, such as power and water plants. The
group has world-class competency across a full range of engineering disciplines
and is an established leading turnkey contractor capable of providing technology-based
solutions and quality products and services. It is also able to undertake
projects under the build-own-operate and the build-own-operate-transfer bases.
While enjoying a leadership position in its home market in Singapore, it
has rich experience in other parts of South-East Asia and the middle-east,
which has helped it achieve a strong reputation for its ability in delivering
state of the art construction methods and more importantly on time completion.
The Company offers a complete range of services including master planning,
concept design, detailed engineering design, development management,
construction management and main contracting.
With the successful completion of existing projects, Sembawang continued
to deliver strong revenue and profit growth. During the latter half of FY2013,
the Singapore market has started witnessing strong cut-throat competition with
aggressive entry of other Asian players. This has put severe pressure on
securing new projects and maintaining margins. To combat this development,
Sembawang actively pursues new growth opportunities in the Hong Kong market.
It secured its first project in Hong Kong worth S$260 million to build
MTR Corporation Limited's Shatin to Central Link Contract 1106 - Diamond Hill
Station. The project is with joint venture partner, Leader Civil Engineering
Corporation Limited. The scope of work includes the relocation of heritage
structures and archaeological diggings required to facilitate the site,
construction of a 250 metre long by 30 metre deep underground station and
connecting adits to the existing station, together with coordination with
interfacing railway operating systems and specialist contractors. Modifications
to the adjacent existing live station will also be required to aid the flow of
passengers between the Kwun Tong Line and the Shatin to Central Link.
The Company was also successful in securing a major contract by the
Housing and Development Board of Singapore (HDB) to build McNair Towers, a
public-housing development of four residential blocks. Located in
Kallang/Whampoa precinct, McNair Towers is in the Boon Keng Housing Estate,
near Boon Keng MRT Station. Launched in May 2012 by HDB, Singapore's
public-housing authority and a statutory board under the Ministry of National Development,
the 861 premium apartments comprise 270 studios, 115 3-rooms and 476 4-rooms,
in four residential blocks of 28 and 35 storeys.
In April 2011 a subsidiary, Sembawang Development had acquired a 50%
stake in a thermal coal mine company in Central Kalimantan, Indonesia. The
mining company holds a coal IUP (Izin Usaha Pertambangan mining license) and is
located in the district of Barito Utara, Central Kalimantan, Indonesia. The
concession, has currently estimated resources of 134 million MT, and the
potential in situ reserves is calculated at 57 million MT. However, given the
reduction in the price of coal in the international market, the Company has
taken an impairment of assets of SG$ 6.83 million in its financial books.
ENGINEERING
As Punj Lloyd Group evolves into a major player in the EPC space, it is
imperative to have strong engineering. Over the years, Punj Lloyd has developed
its engineering competencies to not only support internal projects but offer
engineering services to external customers as well. This is done through its
subsidiary, PL Engineering Limited, a full spectrum design and engineering
company providing services in Energy, Product and Infrastructure sectors.
In FY2012, PL Engineering had acquired Simon Carves Engineering Limited,
a UK based engineering company. Simon Carves operates across a diverse range of
process and industrial sectors, offering technology and engineering design in
polymers, chemicals, pharmaceuticals, nuclear, renewable energy and chemicals.
With the acquisition and successful integration of Simon Carves
Engineering, PL Engineering operates through a network of integrated
multi-cultural delivery centers in India and other international centres. The
company is actively leveraging Simon Carves' credentials in the petrochemicals
and chemicals space and also as a front end contact point for marketing efforts
in EU, USA, Middle East and Latin America.
PL Engineering had entered FY2013 with a healthy order book and the
Company has successfully executed these orders resulting in the turnover
increasing from Rs. 1200.000 Millions in FY2012 to Rs. 2000.000 Millions in
FY2013. The Company has also generated healthy profits in the current financial
year.
However, due to the ongoing slowdown of the macro-economic environment,
and challenging business climate globally, PL Engineering is under pressure in
developing new business. As the company enters FY2014 the order book of PL
Engineering is lower than expected. The markets in India, Middle East and South
East Asia remained depressed. The depreciation of the Brazilian Real took away
the cost arbitrage in outsourcing jobs from Brazil to India. As a result, the
newly set up joint venture in Brazil could not develop the envisaged growth in
orders.
PL Engineering also operates in the product engineering space through
Aero Euro Engineering India, a JV between PL Engineering and GECI of France.
GECI is currently under severe financial stress which has impacted in Aero Euro
as well, resulting in low utilization and weak order booking. The JV has not
grown as per business expectation.
However, as PL Engineering enters the new financial year, it is working
on securing a number of significant prospects globally, with reasonable chance
of winning the orders. The Company has also intensified its business
development efforts, by expanding the BD team globally. It has secured projects
in the new geographies of Libya and China. PL Engineering has also been
empanelled with GASCO (UAE) where we expect steady annuity business in the next
financial year.
Going forward, the Company's strategy is on stabilising the order book
with more emphasis on annuity type of businesses. The focus is on targeting
mid-sized clients in Europe or America, who do not have their own captive engineering
facility in India and providing them an offshore development centre (ODC) with
a dedicated team of engineers. The Company is already in talks with a few UK
based companies to develop business on this model.
Given the difficult business environment, PL Engineering will focus on
penetrating new geographies and emphasise on partnering existing clients in a
strategic manner to generate repeat business.
PUNJ LLOYD
INFRASTRUCTURE LIMITED
Punj Lloyd's project development arm, Punj Lloyd Infrastructure Limited
(PLIL) was setup in 2010 to pursue infrastructure development opportunities in
India and international markets under the asset ownership route. Recognising
the high capital intensity and widespread risks of development, management and
operations of long gestation infrastructure assets, the Company has moved very
cautiously in the space. The focus has been on Public Private Partnership (PPP)
projects in transportation, energy and urban infrastructure. Today, the Company
has an asset base of a little over Rs.2100 crore.
During FY2013, PLIL has been very selective with bidding for new
businesses and focused only on projects where value could be added given the
group's expertise. Given the cautious approach, it did not secure any new
project and focused on the implementation of the 3 projects existing in its
portfolio. The status of these projects is:
· Solar Power Project in Rajasthan - Developed a 5 MW solar power plant under the Jawaharlal Nehru Solar National Mission, which has a Power Purchase Agreement (PPA) of 25 years with NTPC Vidyut Vyapar Nigam Limited (NVVN). The US Exim Bank funded project worth about Rs.70 crore, has been operational since January 2012. The first year of operations has given the Company a lot of technical insights on solar power projects which should hold it in good stead for future expansion in this sector. They are exploring setting up an additional 5MW solar power plant adjacent to their existing plant in Bap.
NHAI
Road Project in Bihar - Two-laning with paved shoulder of Khagaria-Purnea
section of NH-31 from 270 km to 410 km in the State of Bihar to be executed as
BOT (Annuity) project on DBFOT basis under NHDP Phase III. Construction is
progressing as per schedule. It is 60% complete and the project will be
delivered before April 2014.
Ministry
of Home Affairs Housing Project for Delhi Police in Dheerpur, Delhi - Signed
concession agreement for development of a housing project for Delhi police
personnel comprising of residential zone(5200 units), non-residential zone
(retail space, schools, healthcare facility and banquet halls) in Public
Private Partnership with Ministry of Home Affairs on DBFOT (Annuity) basis. As
per the concession agreement, the project start date will commence after
receipt of all statutory approvals. The process of acquiring such approvals is
on at the moment.
The Company continues to selectively evaluate project opportunities in
roads, highways, power and other infrastructure sectors in India. It also
intends to participate in the forthcoming round of Jawaharlal Nehru Solar
Mission. Internationally, the Company is carrying out focused business
development efforts for road and power projects in East Africa.
UPSTREAM
OPERATIONS
To address growing opportunities in the oilfield services space buoyed
by high oil prices, Punj Lloyd Upstream was set up as a subsidiary in 2007. It
had secured its first contract in 2009 in the Sirte basin, Libya for drilling
of both exploratory and development wells, including horizontal and extended
reach development wells. The project included the operation of two onshore
drilling rigs. Execution was carried out efficiently across difficult
geographic terrain before Libya went into political turmoil in 2011. Although
there was a considerable period of no operations, Punj Lloyd Upstream's
facilities survived the phase suffering rudimentary damage during the year of
turmoil. In June 2012, the Company restarted one of its rigs and production has
subsequently reached normal levels. Punj Lloyd Upstream is today the only
international contractor functioning in Libya. The other rig was moved to
Gabon, Africa, in September 2012 and is drilling for Oil India in the Shakti
block. So the Company's core assets have resumed operations and generated
revenues through the second half of FY 2013.
As Libya continues to normalise, the Company intends to remain engaged
in the country and leverage its deep rooted relations to restore greater share
of operations in the country. As per contractual obligations, the Company could
ask for compensation under the force majeure clause for the period during the
turmoil. Punj Lloyd has raised claims based on this contractual term and one
expects these compensations will be mutually settled with the authorities in
Libya once the democratic process sets in and the administration stabilises.
Punj Lloyd Upstream will continue to pursue these claims; however, the long
term objective is to develop its business further in Libya. The Company has
also been prospecting for work in other geographies in Africa and the Middle
East. In addition, it has won a new project in Assam for Oil India Limited.
Going forward, Punj Lloyd Upstream will continue to focus on improving
operational efficiencies with special emphasis on delivering even better cash
flows. There are several opportunities opening up for turnkey oil field
development in India. Punj Lloyd has positioned itself well to try and secure
these projects going forward. Through these projects it will also move up the
value chain.
OPERATIONS: SUPPORT
SERVICES
The Company's business operations are backed up by corporate support
services. Some of these are outlined below.
PROCUREMENT
Global financial meltdown and overall slowdown in business activity has
resulted in reduction of procurement activities. The market dynamics presented
tough challenges for procurement.
The primary challenge was to arrange material on time and in a cost
effective manner in an environment of constrained working capital and tough
payment terms for suppliers. To the company's credit, there were no issues with
availability of materials and no arbitration or litigation with suppliers even
if there were issues at times with delayed payments from clients leading to
delays in supplier payments.
There has been special focus on inventory management across the group.
The company initiated and put efforts on managing project inventory with
periodic cycle counts and physical inspection of material which resulted in
rationalising data in the ERP system. Emphasis has been put on the policies and
processes for procurement including issue of material to enable better
controls.
The company continued with its efforts to reap efficiency benefits from
centralised purchase of major bulk items like cement and steel. Long term
contracts have been worked out with certain suppliers to take advantage of
group buying power. The company has also worked on less capital intensive
models for equipment sourcing and reduced cost of equipment with strategic
purchases from low cost countries like China.
OUTLOOK
Economic conditions are expected to remain uncertain in India and across
the globe for the short/medium term. The global EPC market will remain highly
competitive. While the order book has reduced, it is at a healthy level. FY
2014 will witness revenue growth as the Company focuses on executing this order
book. Successful completions and cash collections will be important in creating
the cash flows necessary to sustain the diversified growth objective.
In the immediate term, there will be severe competition and pressures at
securing new orders. The challenge will be to keep replenishing and growing the
order book to provide the foundation for Punj Lloyd's topline growth in the
near term. In addition, focus on collecting outstanding dues from the clients
is expected to improve cash flows. The Company has already identified new
geographies in Africa and is focusing its energies to develop business. There
are also specific efforts in the South East Asian market. With these
developments, it will be imperative to tune the business to different
risk-return profiles of projects. Certainly, developing businesses in
underdeveloped and developing 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 Company remain
cautiously optimistic about its prospects in FY2014.
STATEMENT OF
UNAUDITED RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2013
(RS.
IN MILLIONS)
|
Particulars |
Three months ended |
Six months ended |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income from
operations |
|
|
|
|
Net sales/income from operations |
19827.200 |
22605.100 |
42432.300 |
|
Other operating income |
2618.000 |
(342.100) |
2275.900 |
|
Total income from
operations |
22445.200 |
22263.000 |
44708.200 |
|
Expenses |
|
|
|
|
Cost of material consumed |
9666.700 |
7515.900 |
17182.600 |
|
Contractor charges |
5304.500 |
5738.800 |
11043.300 |
|
Employee benefit expense |
2329.700 |
2173.200 |
4502.900 |
|
Depreciation and amortisation expense |
578.300 |
545.500 |
1123.800 |
|
Other expenses |
2729.600 |
4468.900 |
7198.500 |
|
Total expenses |
20608.800 |
20442.300 |
41051.100 |
|
Profit from
operations before other income, finance costs and exceptional items |
1836.400 |
1820.700 |
3657.100 |
|
Other income |
79.300 |
40.600 |
119.900 |
|
Profit from ordinary
activities before finance costs and exceptional items |
1915.700 |
1861.300 |
3777.000 |
|
Finance costs |
1890.700 |
1786.800 |
3677.500 |
|
Profit from
ordinary activities before exceptional Items |
25.000 |
74.500 |
99.500 |
|
Exceptional items |
-- |
-- |
-- |
|
Profit from
ordinary activities before tax |
25.000 |
74.500 |
99.500 |
|
Tax expense |
9.000 |
25.000 |
34.000 |
|
Net Profit / (Loss)
for the period |
16.000 |
49.500 |
65.500 |
|
Share of profit / (loss) of associates |
|
|
|
|
Minority interest |
|
|
|
|
Net Profit / (Loss)
after taxes, minority interest and share of profit / (loss) of associates |
|
|
|
|
Paid-up equity share capital (Face value of Rs. 2 each) |
664.200 |
664.200 |
664.200 |
|
Reserves excluding Revaluation Reserves |
|
|
|
|
Paid Up Debt capital |
|
|
14827.700 |
|
Debenture redemption reserve (included in reserves mentioned above) |
|
|
1128.700 |
|
Earnings per share |
|
|
|
|
Basic (in Rs.) |
0.05 |
0.15 |
0.20 |
|
Diluted (in Rs.) |
0.05 |
0.15 |
0.20 |
|
|
(Not annualised) |
(Not annualised) |
(Not annualised) |
|
Debt Equity Ratio |
|
|
0.39 |
|
Debt Service
Coverage Ratio |
|
|
1.70 |
|
Interest Service
Coverage Ratio |
|
|
1.40 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
Public
shareholding |
|
|
|
|
- Number of shares |
208,472,762 |
208,743,905 |
208,472,762 |
|
- Percentage of shareholding |
62.77 |
62.86 |
62.77 |
|
Promoters and Promoter Group Shareholding |
|
|
|
|
Pledged /
Encumbered |
|
|
|
|
- Number of shares |
7,700,000 |
7,000,000 |
7,700,000 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
6.23 |
5.67 |
6.23 |
|
Percentage of shares (as a % of the total share capital of the Company) |
2.32 |
2.11 |
2.32 |
|
Non-encumbered |
|
|
|
|
- Number of shares |
115,922,983 |
116,351,840 |
115,922,983 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
93.77 |
94.33 |
93.77 |
|
Percentage of shares (as a % of the total share capital of the Company) |
34.91 |
35.03 |
34.91 |
|
Particulars |
Pending as on July 01, 2013 |
Received during the Quarter |
Disposed off during the Quarter |
Pending as on September 30, 2013 |
|
No. of Complaints |
NIL |
16 |
16 |
NIL |
NOTES:
1.
The above unaudited financial results for the
quarter ended September 30, 2013 were subject to a limited review by the auditors
of the Company, reviewed and recommended by the Audit Committee and thereafter
approved by the Board of Directors at their board meeting held on November 01,
2013.
2. As on September 30, 2013, out of total 4,000,000 stock options under ESOP 2005, 3,217,445 and 771,040 stock options have been granted to the eligible employees on November 17, 2005 and May 10, 2006 respectively. The stock options shall vest in the ratio of 10%, 20%, 30% and 40% at the end of one, two, three and four years respectively from the date of grants. During the quarter ended September 30, 2013, Nil stock options have been exercised. As at September 30, 2013, the total stock options exercised under ESOP 2005 are 1,027,240.
3. As on September 30, 2013, out of total 5,000,000 stock options under ESOP 2006, 1,491,050; 30,000; 40,000; 30,000; 30,000 and 30,000 stock options have been granted to the eligible employees on October 30, 2006, September 27, 2007, May 30, 2008, March 30, 2009, January 22, 2010 and August 03, 2010 respectively. The stock options shall vest in the ratio of 10%, 20%, 30% and 40% at the end of one, two, three and four years respectively from the date of grant. During the quarter ended September 30, 2013, Nil stock options have been exercised. As at September 30, 2013, the total stock options exercised under ESOP 2006 are 217,135.
4. The auditors of the Company in their report on standalone and consolidated financial results for the quarter and nine months ended September 30, 2013and standalone and consolidated financial statements for the year ended March 31, 2013 have invited attention to deductions made / amount withheld by some customers aggregating to Rs. 539.100 Millions. The management is taking appropriate steps for recovery of these deductions / withheld amounts and believes that these amounts are fairly stated.
5. Subsequently to the current quarter, Punj Lloyd Pte Limited, a Singapore based wholly owned subsidiary of the Company, has sold its entire shareholding in Olive Group Capital Limited.
6. The Company's business activity falls within a single business segment i.e. Engineering and Construction.
7. Tax expenses are net of deferred tax effects and minimum alternative tax credit.
8. Other operating income include exchange differences (net).
9. Ratios haven been computed as follows:
-
Interest Service Coverage Ratio = Profit before
Interest, Depreciation and Tax / Interest
-
Debt Service Coverage Ratio = Profit before
Interest, Depreciation and Tax / (Interest on ‘Debt’ + Principal repayment of
Debt during the period)
-
Debt = Long term borrowings, including their
current maturities and excluding working capital loans.
STATEMENT OF ASSETS AND LIABILITIES
|
Particulars |
30.09.2013 |
|
|
A. EQUITY AND LIABILITIES |
(Unaudited) |
|
|
1.
Shareholders Funds |
|
|
|
a] Share Capital |
664.200 |
|
|
b] Reserves and Surplus |
36998.600 |
|
|
Sub-total –
Shareholders’ funds |
37662.800 |
|
|
Minority
Interest * |
-- |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long term Borrowings |
10901.000 |
|
|
b] Deferred Tax Liabilities |
1313.300 |
|
|
c] Other current liabilities |
267.500 |
|
|
d] Long term provisions |
0.000 |
|
|
Sub-total -
Non-current Liabilities |
12481.800 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
34020.800 |
|
|
b] Trade Payables |
25858.100 |
|
|
c] Other Current Liabilities |
34478.100 |
|
|
d] Short Term Provision |
683.400 |
|
|
Sub-total - Current Liabilities |
95040.400 |
|
|
TOTAL - EQUITY
AND LIABILITIES |
145185.000 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
16072.700 |
|
|
b] Goodwill on consideration * |
0.000 |
|
|
c] Non-current investment |
15735.700 |
|
|
d] Deferred tax assets (net) |
36.500 |
|
|
e] loans and Advances |
5274.000 |
|
|
e] Other assets |
1024.800 |
|
|
Sub-total – Non- current assets |
38143.700 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Inventories |
1427.300
|
|
|
Unbilled revenue (Work in progress) |
57604.500
|
|
|
Trade Receivables |
29066.900
|
|
|
Cash & Bank Balances |
1870.200
|
|
|
loans and advances |
16328.500
|
|
|
Other Assets |
743.900
|
|
Sub-total – Current Assets |
107041.300
|
|
|
|
|
|
|
TOTAL - ASSETS |
145185.000 |
|
* Applicable in case of consolidated statement of assets and
liabilities.
-
Equity = Issued, Subscribed and Paid-Up Share
Capital plus Reserves and Surplus (Mentioned below)
-
Reserves and Surplus = General Reserve, Capital
Reserve, Debenture Redemption Reserve, Securities Premium Account, Foreign
Currency Translation Reserve and Surplus Closing Balance in the Statement of
Profit and Loss
10. Previous quarter / six months / year’s figures have been regrouped /
re-arranged wherever necessary to conform to the current quarter’s
presentation.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
a) Liquidated
damages deducted by customers not accepted by the Company and pending final
settlement. * |
1717.500 |
1717.500 |
|
b) Corporate
guarantees given on behalf of subsidiaries, joint ventures and associates |
43897.400 |
44989.700 |
|
* excludes
possible liquidated damages which can be levied by customers for delay in execution
of projects. The management, based on consultation with various experts,
believes that there exist strong reasons why no liquidated damages shall be
levied by these customers. Although, there can be no assurances, the Company
believes, based on information currently available, that the ultimate
resolution of these proceedings is not likely to have a material adverse
effect on the results of operations, financial position or liquidity of the
Company c) (i) Sales tax
demands of Rs. 228.200 Millions (Previous year Rs. 687.600 Millions) on
disallowance of deduction on labour and services of the works contracts
pending with Sales Tax Authorities and High Court.* (ii) Sales tax
demands of Rs. 66.000 Millions (Previous year Rs. 67.000 Millions) for non-submission
of statutory forms.* (iii) Sales tax
demands of Rs. 86.100 Millions (Previous year Rs. 296.600 Millions) for
purchases against sales tax forms not accepted by department.* (iv) Entry tax
demands of Rs. 44.900 Millions (Previous year Rs. 42.600 Millions) against
entry of goods into the local area not accepted by department.* (v) Sales tax
demands of Rs. 0.700 Million (Previous year Rs 0.700 Million) against the
central sales tax demand on sales in transit.* (vi) Sales tax demands of Rs. 27.700 Millions (Previous year Rs.
27.700 Millions) for non-admissible of deduction of supply turnover.* * Based on
favorable decisions in similar cases/legal opinions taken by the
Company/consultations with solicitors, the management believes that the
Company has good chances of success in above mentioned cases and hence, no
provision there against is considered necessary. d) On March 17,
2010, the Company was subjected to a search and seizure operation under
Section 132 and survey under Section 133A of the Income Tax Act, 1961. During
the search and seizure operation, statements of Company’s officials were
recorded in which they were made to offer some unaccounted income of the
Company for the financial year 2009-10. The above statements were made under
undue mental pressure and physical exhaustion and therefore Company has
retracted the above statements subsequently. The Company has filed fresh
returns of income for Assessment years 2004-05 to 2009-10 in pursuance of the
notices dated August 25, 2010 from the Income Tax Department (“the
Department”). Till the previous year ended March 31, 2012, the Department has
completed the assessments for the assessment years 2004-05 to 2006-07 and has
raised demands aggregating to Rs. 1465.700 Millions by making some frivolous
additions to the total income of the Company which has been adjusted against
the income tax refunds of the subsequent years. The Company had filed the
appeals against these additions on January 27, 2012 and based on the expert
opinion, the Company is hopeful that it will get relief in appeal. During the
current year, the assessment proceedings for the assessment years 2007-08 to
2010-11 have been completed and the draft assessment orders have been issued
by the Department. The amount of demand, if any, can be ascertained only upon
issue of the final orders by the Department. |
||
FIXED ASSETS:
· Land
Buildings
Plant
and equipment
Furniture
and fixtures
Office
equipments
Tools
Vehicles
Computer
software
PRESS RELEASE
PUNJ LLOYD WINS RS 6640.000
MILLIONS RESIDENTIAL INFRASTRUCTURE PROJECTS
Group to build residential complexes in India
and Singapore
New Delhi, October 29, 2012: Diversified global conglomerate, Punj Lloyd Group today announced winning Rs 6640.000 Millions worth infrastructure orders in India and Singapore. “FY 2011-12 has been a mixed bag of opportunities, it is encouraging to note that spending on infrastructure is beginning to get a boost. Both these orders reflect a cautious change in global sentiments. As a global entity, they will remain focused on executing challenging projects both in India and abroad” said Atul Punj, Chairman, Punj Lloyd.
In Singapore, Sembawang Engineers and Constructors Pte. Limited, a Punj Lloyd company won a major contract from the Housing and Development Board of Singapore (HDB) to build McNair Towers, a public-housing development of four residential blocks. Back home, Punj Lloyd won an order for the construction of integrated residential and retail complex titled Capitol Heights by TRIF Real Estate and Development Private Limited, a Special Purpose Vehicle (SPV) of Tata Realty and Infrastructure Limited, the real estate and infrastructure development arm of Tata Sons.
Located in Kallang/Whampoa precinct of Singapore, McNair Towers is in the Boon Keng Housing Estate, near Boon Keng MRT Station. Launched in May this year by HDB, Singapore’s public-housing authority and a statutory board under the Ministry of National Development, the 861 premium apartments comprise 270 studio, 115 3-room and 476 4-room, in four residential blocks of 28 and 35 storeys. The studio apartments are designed to meet the needs of senior citizens. The McNair Towers project includes the construction of facilities and amenities such as children’s playgrounds, fitness stations, gardens and courtyards, precinct pavilion, 6-storey carpark with landscaped roof garden and a substation. The contract will complete in 4Q 2016.
A build-to-order project, McNair Towers will add to Sembawang’s portfolio of highly-specialised, high-rise residential building projects.
Project Capitol Heights entails the civil, excavation and other auxiliary work of the integrated residential & retail complex across an area of approximately 10 acres in the heart of Nagpur City in Maharashtra. Scheduled for completion in 27 months, Capitol Heights will comprise four residential towers - two 23 storeyed and two 20 storeyed - along with a retail complex. Nagpur is a major political & commercial centre of the state and often considered Maharashtra’s second capital after Mumbai.
Capitol Heights promises to be a plush property featuring modern aesthetics and design, located close to schools, transport hubs and hospitals. Contemporary architectural aesthetics like the use of a podium style development will elevate the property and give it a modern and exceptional look. The property will encompass landscaped green areas, elaborate parking and security features and an array of leisure activities. With these contracts, the order backlog for the Punj Lloyd Group on a consolidated basis has gone up to Rs. 26,870 Millions, reflecting the total value of unexecuted orders as on June 30, 2012 and new orders received after that day.
About Punj Lloyd:
Punj Lloyd (BSE SCRIP ID: PUNJLLOYD, NSE SYMBOL: PUNJLLOYD) is a diversified international conglomerate offering EPC services in Energy and Infrastructure along with engineering and manufacturing capabilities in the Defence sector. The second largest engineering company in India, Punj Lloyd has operations spread across 21 countries, a mix across the Middle East, Africa, the Caspian, Europe, Asia Pacific and South Asia.
With a turnover of US $2.13 billion, the Group’s three brands - Punj Lloyd and PL Engineering headquartered in India and Sembawang Engineers & Constructors in Singapore, each with its own subsidiaries and joint ventures, converge to offer complementary services, rich experiences and best practices from across the globe. The Group has over 30,000 skilled multicultural workforce worldwide. Known for its capabilities in delivering mega projects ‘on time,’ thereby ensuring repeat customers, the Group delivers reliable, high-quality solutions for global infrastructure always ensuring integrity, safety and sustainability.
Punj Lloyd strongly believes in contributing towards the betterment of society and endeavours to create a positive impact while achieving business goals. Punj Lloyd was ranked 8th in the Trans Nationality Index (TNI) basis the international assets, revenue and overseas employees, according to an Indian School of Business 2012 survey, representing the most global companies, this year. It was also listed the fifth time in the prestigious ‘Top 225 International Contactors’ and ‘Top 225 Global Contractors’ ranking by Engineering News Record (ENR) 2011.
About Sembawang
Engineers and Constructors
Sembawang Engineers and Constructors Pte. Limited (Sembawang) is one of the leading engineering, procurement and construction groups in South-east Asia. Sembawang has a global presence with offices in Malaysia, Indonesia, Hong Kong SAR, the People’s Republic of China, India, United Arab Emirates, Bahrain and Australia. Sembawang specialises in handling a diverse spectrum of technologically challenging and complex projects in the niche areas of mega infrastructures, high-rise buildings and utility works, such as power and water plants. The group has world-class competency across a full range of engineering disciplines and is an established leading turnkey contractor capable of providing technology-based solutions and quality products and services. It is also able to undertake projects under the build-own-operate and the build-own-operate-transfer bases.
Housing and
Development Board, Singapore
The Housing and Development Board (HDB) Singapore develops public-housing towns that provide Singaporeans with quality homes and living environments. In that effort, HDB engages in active research and development work to ensure that cost-effectiveness and quality standards are maintained and continually improved upon.
About Tata Realty and
Infrastructure Limited, India
Keeping up with the Tata philosophy of leadership in sectors of national economic significance, Tata Realty and Infrastructure Limited was set up to identify the most promising opportunities for growth in the Indian real estate and infrastructure arena. TRIL is currently focused on long term infrastructure projects of national significance, as well as mixed use projects in the real estate sector. As is with all Tata companies, selection of projects is a specialized process, with the eventual selection list scoring high not only on business objectives, but also on the guiding Tata values and policies. Tata’s is one of India's largest conglomerates, with a total market capitalization of nearly $105 billion, and 107 operating companies in seven business sectors, employing over 365,000 people worldwide.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.73 |
|
|
1 |
Rs.100.82 |
|
Euro |
1 |
Rs.82.22 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.