MIRA
INFORM REPORT
|
Report Date : |
30.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
PUNJ-LLOYD LIMITED |
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Registered
Office : |
Punj Lloyd House,
17-18, |
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Country : |
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Financials (as on)
: |
31.03.2014 |
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Date of
Incorporation : |
26.09.1988 |
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Com. Reg. No.: |
55-033314 |
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Capital
Investment / Paid-up Capital : |
Rs. 664.200 Millions |
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CIN No.: [Company Identification
No.] |
L74899DL1988PLC033314 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELP08758B /
DELP14623A |
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PAN No.: [Permanent Account No.] |
AAACP0305Q |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the Business of Engineering, Procurement and Construction in the Oil, Gas and Infrastructure Sectors. |
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No. of Employees
: |
2006 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (42) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 150000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. Profit of the company has declined during financial year 2014. However, the rating into consideration established track record of
operations of PLL in the construction and fair liquidity position of the
company. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict
Implications: Apex court order may alter coal import dynamics. Traders go slow on
talks over coal supply contracts, uncertainty over cancellation of blocks weigh
on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs arm
that ensures that companies file all the information required by the Companies
Act is the latest manifestation of a messy fight between a father and his
adopted son for the control of Rs 40000 mn business empire. The Central Bureau
of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
NCD II: “BB” (Withdrawn) |
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Rating Explanation |
Inadequate credit quality and high credit risk. |
|
Date |
17.09.2014 |
Reason for withdrawn: Company has fully repaid the
amounts under said issue.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Pramod Mittal |
|
Designation : |
Deputy in Finance |
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Contact No.: |
91-124-2620123 |
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Date : |
24.09.2014 |
LOCATIONS
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Registered Office : |
Punj Lloyd House,
17-18, Nehru Place, New Delhi – 110019, India |
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Tel. No.: |
91-11-26200123/
26466105 |
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Fax No.: |
91-11-26200111/
26427812 |
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E-Mail : |
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Website : |
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Corporate Office 1 : |
78 Institurtional Area, Sector 32, Gurgaon - 122001, |
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Tel No.: |
91-124-2620123 / 2620493 |
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Fax No. : |
91-124-2620111 |
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Corporate Office 2 : |
Office 95, Institutional Area, Sector – 32, Gurgaon – 122001, |
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Tel No.: |
91-124-2620493/ 2620769 |
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Fax No.: |
91-124-2620111/ 2620777 |
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E-Mail: |
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Factory : |
Corporate Tower – 1, Institutional Area, Gurgaon – 122001, |
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Tel. No. : |
91-124-2620331 |
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Fax No. : |
91-124-2620111 |
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Branch Office : |
3 & 4 A, Level 4, The Centrium, Phoenix Market City, LBS Marg,
Kurla (West), Mumbai – 400070, Maharashtra, India |
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Tel. No. : |
91-22-67487500 |
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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 |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. S N P Punj |
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Designation : |
Chairman (Emeritus) |
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Name : |
Mr. Atul Prakash Punj |
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Designation : |
Executive Chairman |
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Address : |
10, Prithviraj Road, New Delhi – 110011, India |
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Date of Birth/Age : |
1958 |
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Qualification : |
B. Com (Hons) |
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Date of Appointment : |
01.07.1998 |
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Name : |
Dr. Naresh Kumar Trehan |
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Designation : |
Independent Director |
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Address : |
B- 4, Maharani Bagh, |
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Date of Birth/Age : |
12.08.1946 |
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Qualification : |
MBBS |
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Name : |
Mr. J P Chalasani |
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Designation : |
Managing Director & Group CEO |
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Name : |
Mr. Phiroz Vandrevala |
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Designation : |
Independent Director |
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Name : |
Ms. Ekaterina Sharashidze |
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Designation : |
Independent Director |
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Name : |
M Madhavan Nambiar |
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Designation : |
Independent Director |
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Name : |
Mr. Luv Chhabra |
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Designation : |
Director (Corporate Affairs) |
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Address : |
H-16/4, DLF, Phase – 1, Gurgaon, |
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Date of Birth/Age : |
57 Years |
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Qualification : |
Bachelor of Technology, MBA |
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Experience : |
36 Years |
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Name : |
Mr. P N Krishnan |
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Designation : |
Director - Finance & CFO |
KEY EXECUTIVES
|
Name : |
Mr. Dinesh Thairani |
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Designation : |
Group President-Legal and Company Secretary |
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Audit Committee : |
· Naresh Kumar Trehan Independent Director (Chairman of the Committee) · Phiroz Vandrevala Independent Director · Ekaterina Sharashidze Independent Director |
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Investors' Grievance Committee : |
· Naresh Kumar Trehan Independent Director · Atul Punj Executive Director · Luv Chhabra Executive Director |
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Remuneration Committee : |
· Naresh Kumar Trehan Independent Director · Ekaterina Sharashidze Independent Director · Phiroz Vandrevala Independent Director |
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Corporate Social
Responsibility Committee : |
· Atul Punj Executive Director · Luv Chhabra Executive Director · M. Madhavan Nambiar Independent Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category of
Shareholder |
Total No. of Shares |
As a % |
|
(A) Shareholding of
Promoter and Promoter Group |
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24112251 |
7.26 |
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22158427 |
6.67 |
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|
46270678 |
13.93 |
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|
1430540 |
0.43 |
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|
75691430 |
22.79 |
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|
77121970 |
23.22 |
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Total shareholding
of Promoter and Promoter Group (A) |
123392648 |
37.16 |
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(B) Public
Shareholding |
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|
3605 |
0.00 |
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21678018 |
6.53 |
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|
25492307 |
7.68 |
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|
47173930 |
14.20 |
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|
38283574 |
11.53 |
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|
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|
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|
105459201 |
31.76 |
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|
8480252 |
2.55 |
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|
9306140 |
2.80 |
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|
2316567 |
0.70 |
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|
50330 |
0.02 |
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|
6939243 |
2.09 |
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|
161529167 |
48.64 |
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Total Public
shareholding (B) |
208703097 |
62.84 |
|
Total (A)+(B) |
332095745 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
332095745 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the Business of Engineering,
Procurement and Construction in the Oil, Gas and Infrastructure Sectors. |
GENERAL INFORMATION
|
No. of Employees : |
2006 (Approximately) |
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Bankers : |
· Andhra Bank · AXIS Bank · Bank Muscat, Oman · Bank of Baroda · Bank of India · Barwa Bank · Canara Bank · Central Bank of India · DBS Bank Limited · Dhanlaxmi Bank · Doha Bank, Qatar · Export - Import Bank of India · Bank Emirates · First Gulf Bank, Abu Dhabi · HDFC Bank Limited · ICICI Bank Limited · IDBI Bank Limited · IFCI Limited · Indian Bank · Indian Overseas Bank · IndusInd Bank · International Finance Corporation, · Washington DC · Life Insurance Corporation of India · Mashreq Bank PSC, Dubai · Oriental Bank of Commerce · RBL Bank · 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 : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Walker, Chandiok and Company Chartered Accountants |
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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 |
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|
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|
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) ** |
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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) |
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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: 31.03.2014
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 |
31.03.2014 |
|
|
|
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.
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 |
31.03.2014 |
|
|
|
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.
No bonus shares or shares issued for consideration other than cash or shares bought back over the last five years immediately preceding the reporting date.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
664.200 |
664.200 |
664.200 |
|
(b) Reserves & Surplus |
36839.900 |
37818.000 |
37400.900 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
37504.100 |
38482.200 |
38065.100 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
12489.300 |
12973.000 |
14489.300 |
|
(b) Deferred tax liabilities (Net) |
1286.100 |
1284.800 |
1225.100 |
|
(c) Other long
term liabilities |
282.700 |
0.000 |
0.000 |
|
(d) long-term
provisions |
11.600 |
1.100 |
529.300 |
|
Total Non-current
Liabilities (3) |
14069.700 |
14258.900 |
16243.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
35218.900 |
32874.600 |
23817.800 |
|
(b)
Trade payables |
23001.400 |
20826.600 |
15424.500 |
|
(c)
Other current liabilities |
30235.400 |
32375.500 |
28491.900 |
|
(d) Short-term
provisions |
783.100 |
672.700 |
233.100 |
|
Total Current
Liabilities (4) |
89238.800 |
86749.400 |
67967.300 |
|
|
|
|
|
|
TOTAL |
140812.600 |
139490.500 |
122276.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible
assets |
15070.600 |
16307.400 |
15491.500 |
|
(ii)
Intangible Assets |
30.500 |
40.100 |
44.800 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
1316.300 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
15785.500 |
6904.600 |
6705.200 |
|
(c) Deferred tax
assets (net) |
24.100 |
32.800 |
24.800 |
|
(d) Long-term Loan and Advances |
5646.500 |
4815.400 |
5346.000 |
|
(e) Other
Non-current assets |
1077.900 |
1026.600 |
993.000 |
|
Total Non-Current
Assets |
37635.100 |
29126.900 |
29921.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1226.000 |
1719.600 |
1938.300 |
|
(b)
Inventories |
60735.300 |
51961.000 |
49918.400 |
|
(c)
Trade receivables |
23777.200 |
29035.800 |
14043.200 |
|
(d) Cash
and cash equivalents |
1763.100 |
1912.100 |
2509.800 |
|
(e)
Short-term loans and advances |
14574.600 |
25121.000 |
23504.800 |
|
(f)
Other current assets |
1101.300 |
614.100 |
440.000 |
|
Total
Current Assets |
103177.500 |
110363.600 |
92354.500 |
|
|
|
|
|
|
TOTAL |
140812.600 |
139490.500 |
122276.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
82291.700 |
83660.600 |
58780.300 |
|
|
|
Other Income |
2819.200 |
2269.300 |
3022.700 |
|
|
|
TOTAL (A) |
85110.900 |
85929.900 |
61803.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Projects materials consumed and
cost of goods sold |
33642.700 |
28294.900 |
19405.400 |
|
|
|
Employees benefits expense |
8296.800 |
9543.800 |
7200.600 |
|
|
|
Other expenses |
32892.200 |
38715.800 |
26994.500 |
|
|
|
TOTAL (B) |
74831.700 |
76554.500 |
53600.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10279.200 |
9375.400 |
8202.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7711.500 |
6795.300 |
5469.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2567.700 |
2580.100 |
2733.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2447.600 |
2278.800 |
1874.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
120.100 |
301.300 |
859.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
42.000 |
105.100 |
282.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
78.100 |
196.200 |
576.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9545.200 |
9349.000 |
8984.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
153.700 |
|
|
|
Dividend |
0.000 |
0.000 |
49.800 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
8.100 |
|
|
BALANCE CARRIED
TO THE B/S |
9623.300 |
9545.200 |
9349.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
8725.900 |
2730.200 |
0.000 |
|
|
TOTAL EARNINGS |
8725.900 |
2730.200 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Project materials |
10551.400 |
6139.000 |
1158.300 |
|
|
|
Capital goods |
7.600 |
206.600 |
3061.900 |
|
|
TOTAL IMPORTS |
10559.000 |
6345.600 |
4220.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.24 |
0.59 |
1.74 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.09 |
0.23 |
0.93 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.15 |
0.36 |
1.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.10 |
0.23 |
0.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.01 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.27 |
1.19 |
1.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16 |
1.27 |
1.36 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
664.200 |
664.200 |
664.200 |
|
Reserves & Surplus |
37400.900 |
37818.000 |
36839.900 |
|
Net worth |
38065.100 |
38482.200 |
37504.100 |
|
|
|
|
|
|
long-term borrowings |
14489.300 |
12973.000 |
12489.300 |
|
Short term borrowings |
23817.800 |
32874.600 |
35218.900 |
|
Total borrowings |
38307.100 |
45847.600 |
47708.200 |
|
Debt/Equity ratio |
1.006 |
1.191 |
1.272 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
58780.300 |
83660.600 |
82291.700 |
|
|
|
42.328 |
(1.636) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
58780.300 |
83660.600 |
82291.700 |
|
Profit |
576.600 |
196.200 |
78.100 |
|
|
0.98% |
0.23% |
0.09% |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
SHORT TERM
BORROWINGS |
|
|
|
Buyer’s line of credit from a bank carrying weighted average rate of interest 1.29% (Previous year 1.41%). |
303.200 |
1604.000 |
|
13% (Previous year 10%) Inter-corporate deposit repayable on demand. |
340.500 |
27.000 |
|
|
|
|
|
Total |
643.700 |
1631.000 |
LISTING DETAILS
IN THE HIGH COURT OF DELHI AT NEW DELHI
ARB.P. 459/2014
M/S RAUNAQ INTERNATIONAL LTD ..... Petitioner
Through: Mr Pradeep K. Mittal, Adv.
versus
M/S PUNJ LLOYD LTD ..... Respondent
Through: Nemo.
CORAM:
HON'BLE MS. JUSTICE DEEPA SHARMA
O R D E R
08.09.2014
IA No. 17224/2014 (Exemption)
Exemption allowed, subject to just exceptions.
The application stands disposed of.
ARB.P. 459/2014
Subject to the petitioner taking fresh steps and filing PF/RC within 15 days, issue notice to respondent through ordinary process, registered
AD Post, speed post, courier, returnable on 08.12.2014.
DEEPA SHARMA, J
SEPTEMBER 08, 2014
BG
$ 8
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 |
* Date of charge modification
CORPORATE INFORMATION
Subject is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its equity shares are listed on two stock exchanges in India. The Company is engaged in the business of engineering, procurement and construction in the oil, gas and infrastructure sectors. The Company caters to both domestic and international markets.
OPERATIONS REVIEW
While the focus has been on execution, slowdown in progress of projects due to external factors and the financial squeeze faced by construction companies, had an adverse impact on project work and revenues were affected. In this backdrop, the Company did take a more cautious approach in bidding for new projects, and the order backlog as on May 20, 2014 was Rs. 20,222 millions.
The Company achieved total revenues of Rs. 85110.000 Millions in FY 2013-14 in comparison to Rs. 85930.000 Millions in FY 2012-13. Earnings before Interest, Tax, Depreciation and Amortisation (EBIDTA) increased by 9.6% to Rs. 10280.000 Millions in FY 2013-14 in comparison to previous year. Finance costs rose to Rs. 7710.000 Millions in comparison to Rs. 6800.000 Millions in previous year. Profit before Tax (PBT) stood at Rs. 120.000 Millions as against Rs. 300.000 Millions in previous year. Profit after Tax (PAT) reduced to Rs. 80.000 Millions in FY 2013-14 from Rs. 200.000 Millions in previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS
OVERVIEW
With primary focus on large-scale EPC projects, Punj Lloyd Limited (‘Punj Lloyd’, ‘PLL’ or ‘the Company’), is a global business conglomerate with geographical diversification in a variety of services. While positioning itself in emerging economies, the Company has a wide presence across countries in South Asia, Middle-East, Africa and South East Asia. The Company provides a bouquet of services in Engineering, Procurement and Construction (EPC) in the energy and infrastructure sectors. It also provides onshore drilling services and builds, owns and operates infrastructure assets. It has a state-of-the-art manufacturing, fabrication, assembly and integration facility for defence, aerospace systems and precision engineering sector at Malanpur in Central India that has been designed on the principle of lean manufacturing.
The businesses are carried out through the parent Company - Punj Lloyd Limited - and a host of other subsidiaries, domestic and global. Today, the Group has international offices in 23 countries and workforce enveloping 37 nationalities.
BUSINESS ENVIRONMENT
World economic output remained steady during Calendar Year CY2013 growing at 3% and is showing early signs of improvement in CY2014. In fact, IMF estimates suggest world output growth will improve to 3.6% in CY2014 (see Chart A). The positive thrust is primarily driven by a better performance of the US economy and some stabilisation in Europe. There has been some moderation in growth for countries that constitute the emerging economies. In CY2013, growth in emerging economies reduced to 4.7%. Amongst emerging economies, Punj Lloyd’s presence is primarily in Middle East and North Africa (MENA), South East Asia and India, where there have been mixed signals. In MEA output growth reduced to 2.4%, while the ASEAN (South East Asia) region clocked 5.2% growth.
BUSINESS PERFORMANCE
While the focus has been on execution, slowdown in progress of projects due to external factors and the financial squeeze faced by construction companies like Punj Lloyd, had an adverse impact on project work and revenues were affected. Consequently, the Company was in losses. The abridged profit and loss statement for the Company on a stand-alone and consolidated basis is given in Table 1. In this backdrop, Punj Lloyd did take a more cautious approach in bidding for new projects, and the order backlog as on 20 May 2014 was Rs. 202220.000 millions. Table 2 gives the break-up of the order backlog and revenues in FY2014 between the Company’s two primary business segments of energy and civil infrastructure. Chart C gives the geographical spread of the Company’s revenues and order backlog. Table 2 and Chart C best capture the changing face of the Company’s operations in terms of geography and industry focus. If one looks at revenues, the large section (87.7%) is from the energy vertical, while in terms of future orders or order backlog, the majority (58.0%) is from civil infrastructure. Thus, given the market opportunities, Punj Lloyd’s project profile is shifting from energy to civil infrastructure. In terms of geography, while the revenues are distributed equally between MEA, South East Asia and South Asia, the order backlog has a larger portion of the MEA.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs. In Millions) |
31.03.2013 (Rs. In Millions) |
|
a) Liquidated
damages deducted by customers not accepted by the Company and pending final
settlement. * |
1700.500 |
1717.500 |
|
b) Corporate guarantees
given on behalf of subsidiaries, joint ventures and associates |
30202.000 |
43897.400 |
|
# 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 an adverse effect on the results of operations, financial position or liquidity of the Company. *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. |
||
STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER ENDED JUNE 30, 2014
(Rs.
In millions)
|
Particulars |
Three months ended |
|
|
30.06.2014 |
|
|
(Unaudited) |
|
Income from
operations |
|
|
Net sales/income from operations |
11074.700 |
|
Other operating income |
63.600 |
|
Total income from
operations |
11138.300 |
|
Expenses |
|
|
Cost of material consumed |
5969.400 |
|
Contractor charges |
3897.000 |
|
Employee benefit expense |
1511.600 |
|
Depreciation and amortisation expense |
797.900 |
|
Other expenses |
2281.900 |
|
Total expenses |
14457.800 |
|
Profit from operations
before other income, finance costs and exceptional items |
(3319.500) |
|
Other income |
87.400 |
|
Profit from
ordinary activities before finance costs and exceptional items |
(3232.100) |
|
Finance costs |
2153.900 |
|
Profit from ordinary
activities before exceptional Items |
(5386.000) |
|
Exceptional items |
-- |
|
Profit from
ordinary activities before tax |
(5386.000) |
|
Tax expense |
(1746.800) |
|
Net Profit / (Loss)
for the period |
(3639.200) |
|
|
|
|
Paid-up equity share capital (Face value of Rs. 2 each) |
664.200 |
|
Reserves excluding Revaluation Reserves |
|
|
Earnings per share |
|
|
Basic (in Rs.) |
(10.96) |
|
Diluted (in Rs.) |
(10.96) |
|
|
|
|
PARTICULARS OF
SHAREHOLDING |
|
|
Public shareholding |
|
|
- Number of shares |
208703097 |
|
- Percentage of shareholding |
62.84 |
|
Promoters and Promoter Group Shareholding |
|
|
Pledged /
Encumbered |
|
|
- Number of shares |
82367260 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
66.75 |
|
Percentage of shares (as a % of the total share capital of the Company) |
24.80 |
|
Non-encumbered |
|
|
- Number of shares |
41026388 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
33.25 |
|
Percentage of shares (as a % of the total share capital of the Company) |
12.36 |
|
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 |
-- |
4 |
4 |
-- |
Note:
The above unaudited financial results for the quarter ended June
30, 2014 have been reviewed and recommended by the Audit Committee and approved
by the Board of Directors at its meeting held on August 04, 2014.
The auditors of the Company in their report on financial results for the
quarter ended June 30, 2014 have invited attention in respect of certain cost
over-runs amounting to Rs. 7339.800 millions, arising due to design changes and
consequent changes in the scope of work on Heera Redevelopment Project with Oil
and Natural Gas Corporation Limited. Due to the said reasons certain
differences and disputes arose between both the parties and several rounds of
discussions were held to explore the possibility of amicable resolution of the
disputes mutually. The matter is now pending before a new Outside Expert Committee,
The Company, based on the developments so far in the said matter, is confident
of a satisfactory settlement of the disputes and recovery of the said amount,
Accordingly, no adjustments have been considered necessary in these financial
results. The auditors of the Company have expressed an emphasis on this matter
in their report on financial results for the year ended March 31, 2014.
Subsequent to the quarter ended June 30, 2014, on a project being executed by
the Company’s branch in Thailand, the customer has exercised its contractual
right to encase the performance bond amounting to Rs. 1710.800 millions. The
auditors of the Company in their report on financial results for the quarter
ended June 30, 2014 have invited attention in respect of the above matter and
on recoverability of claims from the said contract amounting to Rs. 3910.900
millions, on which the auditors of the Company’s branch in Thailand have drawn
an emphasis of matter in their report on the branch’s financial results for the
quarter ended June 30, 2014. The management is taking appropriate steps for the
recovery of the said amounts and is confident of recovery of the amounts
exceeding the recognized claims and performance bonds. Accordingly, no
adjustments have been considered necessary in these financial results. The
auditors of the Company have expressed an emphasis on this matter in their
report on financial results for the year ended March 31, 2014.
Due to enactment of Schedule II to the Companies Act, 2013, certain assets
required a reassessment of their remaining useful lives from the previous
estimates. Accordingly, the management has made the necessary revision with
effect from the date of Schedule II becoming effective, i.e., April 1, 2014.
The Company, based on the transitional provision under the said schedule, has
adjusted the carrying amount of assets, as on April 1, 2014, to the opening
balance of retained earnings where the assets have nil remaining useful life on
April 1, 2014. The carrying amount of other assets has been depreciated over
their remaining useful life and charged to the statement of profit and loss.
The auditors of the Company in their report on financial results for the
quarter ended June 30, 2014 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. The auditors of the Company
have expressed an emphasis on this matter in their report on financial results
for the years ended March 31, 2014.
The Company has accounted for deferred tax assets on timing differences
including those on unabsorbed depreciation and business losses. The same has
been done after considering the estimated margins on unexecuted portion of the
projects as at the reporting date. The management is virtually certain that the
Company will generate sufficient profits to realize the deferred tax assets.
Tax expenses are net of deferred tax effects and minimum alternative tax
credit.
Other expenses include exchange differences (net).
The figures for the quarter ended March 31, 2014 are the balancing figures
between audited figures in respect of full financial year ended March 31, 2014 and
the unaudited published year to date figures up to December 31, 2013, being the
end of the third quarter of the previous financial year, which were subject to
a limited review.
Previous quarters / year's figures have been regrouped / re-arranged wherever
necessary to conform to the current quarter's presentation.
FIXED ASSETS:
· Land
Buildings
Plant
and equipment
Furniture
and fixtures
Office
equipment’s
Tools
Vehicles
Computer
software
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. 61.42 |
|
|
1 |
Rs. 99.72 |
|
Euro |
1 |
Rs. 77.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.