punj lloyd valuation

8/6/2019 Punj Lloyd Valuation

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Particulars As at March 31, 200Sources of FundsShareholders Funds1 Equity Share Capital 6069642 Advance received against issue of share Warrants -

3 Reserves and SurplusCapital Reserve 256138Share Premium Reserve 18493584Asset Revaluation Reserve 50044General Reserve 581818Foreign Project Utilised Reserve 7500Foreign Currency Monetary Items Translation Difference Account -462946Foreign Currency Translation Reserve -303215Debenture Redemption Reserve 375000Profit and Loss Account Balance 6484711

Loan FundsSecured Loans 22198817Non Convertible Debenture 1500000Rs. 150,000 thousand ( Previous Year: Nil) , 12% Secured redeemableNon Convertible Debenture redeemable in 10 equal half yearly install-ments from the date of allotment viz, December 22, 2008.Unsecured Loans 5679722

Deferred Tax Liabilities 118020856648346

Fixed Assets Net Block 10722771Capital work-in-progress including Capital Advances 1236543

Investments1 Investment in Subsidiary Companies

Unquoted 47076842 Others

Quoted 963(Market Value Rs. 2,150 thousand (Previous year Rs.2,218 thousand))Unquoted 5224818

Deferred Tax Assets -Current Assets, Loans and Advances

Inventories 29502874Sundry Debtors 15235620Cash and Bank Balances 358.93 3589257Other Current Assets 924054Loans and Advances

To Subsidiary Companies 6210979 To Others 4762046

60224830


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Less :Current Liabilities and ProvisionsCurrent Liabilities 24006211Provisions 1463052

25469263Net Current Assets (IV - V) 34755567

56648346

W.C excluding cash 31166310W.C % of sales 45.25%W.C Expenditure 1257.23


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As at March 31, 2008

606892254000

2138188590075381136110844000-

-21052-

4239804

11148444

DEBT 09 2787.85

252804076354838839740

9894344928476

2087789

963

51888031085

1505148196396722144231 2144231812473

2779252467305635100165


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1363510472678114361885

20738280 ######

18594049 ### Average %41.43% 28.87% 38.52%


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Abridged Profit a for the year ended March 31,2009 (Amount In IN

Profit & Loss Account Year ended March 31, 2009 Year ended March 31, 20

IncomeRS.(Cr) RS.(Cr)

Contract Revenue 67345638 6734.56 44211652 4421.17Income from Hire Charges 1471505 147.15 127728 12.77Management Fees - 178802 17.88Sales - Export 478 0.05 5581 0.56Sales - Others 115 0.01 8242 0.82Rs. 717,753 thousand). 61762 6.18 353678 35.37Sales 68879498 6887.95 44885683 4488.57Dividend on Long Term Investment 532 0.05 341 0.03Interest 317667 31.77 224940 22.49Other Income 358474 35.85 306599 30.66Total 6955.62 45417563 4541.76Expenditure 0.00 0.00Project Material 23817614 2381.76 16253630 1625.36Contractor Charges 15268979 1526.90 9963084 996.31Other Operating Expenses 8632486 863.25 5080684 508.07Salaries, Wages 5701882 570.19 3475743 347.57Managerial Remuneration 44052 4.41 109513 10.95Interest 1942796 194.28 1132814 113.28Depreciation 1194805 119.48 1133872 113.39

Auditors Remuneration 23175 2.32 18945 1.89Bad debts/ Advances written off 176126 17.61 79875 7.99Other Expenses 7806494 780.65 4759902 475.99Total 6460.84 42008062 4200.81EBITDA 7408690 740.87 5144307 514.43EBIT 6213885 621.39 4010435 401.04Profit Before Tax 4947762 494.78 3409501 340.95Provision for 0.00 0.00Current Tax 1293000 129.30 1032803 103.28Deferred Tax 418000 41.80 156511 15.65

Fringe Benefit Tax (Net of write back of Rs. Nil 0.00 0.00thousand)) 25785 2.58 5761 0.58

r o 3210977 321.10 2214426 221.44Balance brought forward from Previ 4239804 423.98 2366384 236.64

Transfer from Foreign Exchange Tra -21052 -2.11 - Transfer from Foreign Project Utilis 36500 3.65 26000 2.60Profit available for Appropriatio7466229 746.62 4606810 460.68

1

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Profit & Loss Account

Year ended March 31 2009 2008

IncomeRS.(Cr) RS.(Cr)

Contract Revenue 6734.56 4421.17Income from Hire Charges 147.15 12.77Management Fees 17.88Sales - Export 0.05 0.56Sales - Others 0.01 0.82Others 6.18 35.37Sales 6887.95 4488.57Dividend on Long Term Investment 0.05 0.03Interest 31.77 22.49

Other Income 35.85 30.66Total 6955.62 4541.76Expenditure 0.00 0.00Project Material 2381.76 1625.36Contractor Charges 1526.90 996.31Other Operating Expenses 863.25 508.07Salaries, Wages 570.19 347.57Managerial Remuneration 4.41 10.95Interest 194.28 113.28Depreciation 119.48 113.39Auditors Remuneration 2.32 1.89Bad debts/ Advances written off 17.61 7.99Other Expenses 780.65 475.99Total 6460.84 4200.81EBITDA 740.87 514.43EBIT 621.39 401.04Profit Before Tax 494.78 340.95


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R 000)

08


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Abridged Cash For the Year Ended March 31, 2009 (Amount In INR 000)

Year ended March Year ended March 31, 2008Cash Flows used in operating activities RS.(Cr) RS.(Cr)Net Profit before Taxation 4947762 494.78 3409501 340.95Adjustments for - 0.00 0.00Depreciation/Amortization 1194805 119.48 1133872 113.39Amortization of Foreign Currency Monetary I 328338 32.83 0.00Loss / (Profit) on Sale / Discard of Fixed Asse (367,887) -36.79 23684 2.37Loss on Sale of Non Trade Long Term Inves 15645 1.56 0.00Loss on Disposal of ISP Business 169463 16.95 0.00Interest Income (317,668) -31.77 (224,940) -22.49Dividend on Long Term Investments (532) -0.05 (341) -0.03Unrealised Foreign Exchange Fluctuation (N 127265 12.73 (7,105) -0.71

Interest Expense 1942797 194.28 1132814 113.28Bad Debts/ Advances written off 176126 17.61 76382 7.64Unspent Liabilities and Provisions written ba (13,066) -1.31 (46,365) -4.64Provision for Doubtful Receivable 0.00 - 3493 0.35Operating Profit before working capital 8203048 820.30 5500995 550.10Movements in Working Capital: 0.00 0.00(Increase)/Decrease in Inventories -1447.97 (3,404,56 -340.46(Increase) in Sundry Debtors (5,702,01 -570.20 (3,975,63 -397.56(Increase) in Other Current Assets (123,570) -12.36 (318,433) -31.84(Increase)/Decrease in Margin Money Depos (19,117) -1.91 7934 0.79

(Increase) in Loans and Advances (3,122,72 -312.27 (1,476,22 -147.62Increase in Current Liabilities and Provisions9875172 987.52 1814975 181.50Cash used in Operations (5,368,89 -536.89 (1,850,95 -185.10Direct Taxes paid [Net of Refunds (Including (1,088,06 -108.81 (476,219) -47.62Rs. 5,761 thousand)] 0.00 0.00Net Cash used in operating activities (6,456,9 -645.70 (2,327,1 -232.72Cash Flows used in investing activities 0.00 0.00Purchase of Fixed Assets (including Ca (3,414,57 341.46 (3,504,13 350.41Purchase of Investments in Subsidiaries (2,721,21 -272.12 (4,099,58 -409.96Proceeds from Sale of Investments 1416 0.14 0.00

Proceeds from Sale of Fixed Assets 1121452 112.15 71140 7.11Dividend Received 532 0.05 341 0.03Interest Received 329659 32.97 237537 23.75Net Cash used in investing activities (4,682,7 -468.27 (7,294,6 -729.47Cash Flows from financing activities 0.00 0.00Inflow in Share Capital 72 0.01 338371 33.84Share Issue Expenses 0.00 - (106,475) -10.65Increase in Premium on Issue of Share Capit5022 0.50 11066308 1106.63Increase in Short-Term Working Capital Loa 9301960 930.20 1873204 187.32

14479689


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Repayment of Long-Term Borrowings (1,965,86 -196.59 (7,929,55 -792.96Proceeds from Long-Term Borrowings 7877521 787.75 4379446 437.94Interest Paid (1,894,50 -189.45 (1,125,37 -112.54Dividend Paid (121,372) -12.14 (78,378) -7.84

Tax on Dividend Paid (20,628) -2.06 (13,320) -1.33Net Cash from Financing Activities 1318.22 8404226 840.42Net Increase / (Decrease) in Cash and C 2042521 204.25 (1,217,6 -121.76

Exchange Fluctuation Translation Difference (563,134) -56.31 (9,196) -0.92Total 1479387 147.94 (1,226,8 -122.68Cash and Cash Equivalents at the begin 2113926 211.39 3340767 334.08Cash out Flow due to Disposal of Intern 53478 5.35 0.00Cash and Cash Equivalents at the end o 3539835 353.98 2113926 211.39Components of Cash and Cash Equivalents 0.00 0.00Cash on hand 99559 9.96 47965 4.80Balance with Scheduled Banks 0.00 0.00On Current Accounts 544879 54.49 648423 64.84On Cash Credit Accounts 98771 9.88 49259 4.93

On EEFC Accounts 25082 2.51 400279 40.03On Fixed Deposits 83286 8.33 99397 9.94Less : Margin Money Deposits (37,360) -3.74 (30,305) -3.03Balances with non scheduled banks 0.00 0.00On Current Accounts 633226 63.32 669141 66.91On Fixed Deposits 2104454 210.45 229767 22.98Less : Margin Money Deposits -12062 -1.21 0.00

3539835 353.98 2113926 211.39

0


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ValutionEstimate

As on 31st March 2006 2007 2008 2009 2010 2011 2012

Sales 1403 2238.8 4488.57 6887.95 10331.92 15497.89 23246.83% Growth 59.57% 100.49% 53.46% 50% 50% 50%EBITDA 514.43 740.87 1343.15 2169.70 3487.02%Margin 11.46% 10.76% 13% 14% 15%EBIT 401.04 621.39 1217.70 2037.98 3348.71%Margin 8.93% 9.02% 11.79% 13.15% 14.41%INTEREST 113.28 194.28 194.28 194.28 194.28D&A 113.39 119.48 125.45 131.73 138.31TAX RATE 35% 35% 35% 35%PAT 221.44 321.10 665.22 1198.40 2050.38PAT Margin 4.93% 4.66% 6.44% 7.73% 8.82%

CAPEX 412.3 350.41 341.46 512.19 768.28 1152.42%Capex of sales 18.42% 7.81% 4.96% 4.96% 4.96% 4.96%W.C % Sales 28.87% 41.43% 45.25% 40.00% 35.00% 30.00%W.C Expenditure 1257.23 1016.14 1291.49 1549.79

FCFF[EBIT(1-tax)+D&A-capex- W.C Exp] -1075.30 -611.37 -603.36 -387.23

Discount Rate (WACC) 20.91% 20.91% 20.91%Projection Year 1 2 3

0.83 0.68 0.57Present Value of FCFF -505.66 -412.74 -219.09

nt Rate (WACC) Worksheet Terminal Value

Public Market Price/Sh 218.9 Sum of PV of FCFF (5 years)

Diluted Shares O/S 311555312 WACCPublic Market Capital 6819.95 Long term growth rate in sales

Debt 2009A 2787.85 Present value of terminal Value

Cash 2009A 358.93 Terminal Value as % of Total Value

Net Debt 2009A 2428.93

Public Market Enterp 9248.87 Intrinsic ("Fair") Value Calc

EVE/(D+E) @ Public Mkt 73.7% - Debt

D/(D+E) @ Public Mkt 30.1% + Cash

Avg. Pretax Int.Exp. ( 6.97% Equity Value (Market Capitalization)

Marginal Tax Rate 35.00% Diluted Shares O/S

Cost of Equity= rf+bet 26.50% Fair Value Per Share

Risk Free rate: Rf 5.69%

Discount Factor 1/((1+WACC)^ Projection Year )


12/20

Beta 1.61

Risk premium (Rm-Rf) 12.91%

WACC=E/(D+E)* Re 20.91%


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Terminal value2013 2014

34870.25 52305.37 53874.5350% 50% 3%

5230.54 7845.81 8081.1815% 15% 15%

5085.31 7693.31 7921.0614.58% 14.71% 14.70%

194.28 194.28 194.28145.23 152.49 160.12

35% 35% 35%3179.17 4874.37 5022.41

9.12% 9.32% 9.32%

1728.63 2592.94 2670.734.96% 4.96% 4.96%25.00% 20.00% 15.00%1743.51 1743.51 -2379.89

-21.46 816.69 5017.97

20.91% 20.91%4 5

0.47 0.39-10.04 316.09

-831.4

20.9%

3.0%

10,846.5

108.3%

lation

10,015.02,787.9

358.9

7,586.1

311,555,312.0

243.49


14/20


15/20

BETA 1.88PUNJ LLOYD SENSEX

Month Closed % Change Month Closed % ChangeMar-07 162.55 Mar-07 13072.1Apr-07 187.15 15.13% Apr-07 13872.37 6.12%

May-07 182.5 -2.48% May-07 14544.46 4.84%Jun-07 256.9 40.77% Jun-07 14650.51 0.73%Jul-07 265.2 3.23% Jul-07 15550.99 6.15%

Aug-07 278.85 5.15% Aug-07 15318.6 -1.49%Sep-07 309 10.81% Sep-07 17291.1 12.88%Oct-07 443.35 43.48% Oct-07 19837.99 14.73%

Nov-07 509.95 15.02% Nov-07 19363.19 -2.39%Dec-07 561.5 10.11% Dec-07 20286.99 4.77%Jan-08 401 -28.58% Jan-08 17648.71 -13.00%Feb-08 377.9 -5.76% Feb-08 17578.72 -0.40%Mar-08 333.15 -11.84% Mar-08 15644.44 -11.00%

Apr-08 355.6 6.74% Apr-08 17287.31 10.50%May-08 320.85 -9.77% May-08 16415.57 -5.04%

Jun-08 222.35 -30.70% Jun-08 13461.6 -17.99%Jul-08 254 14.23% Jul-08 14355.75 6.64%

Aug-08 301.85 18.84% Aug-08 14564.53 1.45%Sep-08 283.1 -6.21% Sep-08 12860.43 -11.70%Oct-08 174.75 -38.27% Oct-08 9788.06 -23.89%

Nov-08 136.8 -21.72% Nov-08 9092.72 -7.10%Dec-08 142.8 4.39% Dec-08 9647.31 6.10%Jan-09 94.7 -33.68% Jan-09 9424.24 -2.31%

Feb-09 79.1 -16.47% Feb-09 8891.61 -5.65%Mar-09 90.35 14.22% Mar-09 9708.5 9.19%Apr-09 115.85 28.22% Apr-09 11403.25 17.46%

May-09 203.65 75.79% May-09 14625.25 28.26%Jun-09 218.15 7.12% Jun-09 14493.84 -0.90%Jul-09 250 14.60% Jul-09 15200 4.87%

W. BETA 1.61


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17/20

BALANCE SHEETParticulars March 31, 2009 March 31Sources of Funds Rs(Cr)Shareholders FundsEquity Share Capital 60.70Advance received -Reserves and SurplusCapital Reserve 25.61Share Premium Reserve 1849.36Asset Revaluation Reserve 5.00General Reserve 58.18Foreign Project Utilised Reserve 0.75Foreign Currency Monetary Items 46.14Foreign Currency Translation Reserve 30.32Debenture Redemption Reserve 37.50Profit and Loss Account Balance 648.47Loan FundsSecured Loans 2219.88Non Convertible Debenture 150.00Unsecured Loans 567.97Deferred Tax Liabilities 118.02TOTAL 5664.83Fixed AssetsNet Block 1072.28Capital WIP including Capital Advances 123.65InvestmentsInvestment in Subsidiary CompaniesUnquoted 470.77OthersQuoted 0.10Unquoted 522.48Deferred Tax Assets -Current Assets, Loans & AdvancesInventories 2950.29 1505.15Sundry Debtors 1523.56 963.97Cash and Bank Balances 358.93 214.42

Other Current Assets 92.41 81.25Loans and Advances To Subsidiary Companies 621.10 277.93 To Others 476.20 467.31TOTAL 6022.48 3510.02Less :Current Liabilities & ProvisionsCurrent Liabilities 2400.62 1363.51Provisions 146.31 72.68

2546.93 1436.19


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Net Current Assets (IV - V) 3475.565664.83


19/20

2008

60.6925.4

.211,885.9

.3836.11

44,000-

2.11-

423.98

1,114.84

252.876.35

3,883.97

989.4392.85

208.78

.1518.88

.11


20/20

2,073.833,883.97

punj lloyd valuation

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