Annual Report
2008-2009		 Quarterly Update FIXED DEPOSIT Press Release
   
 
Mukand Ltd., registered under The Companies Act, 1956, is a widely-held public limited company with over 49,700 equity shareholders and over 45,600 cumulative preference shareholders. The Company is listed on The Stock Exchange, Mumbai and on the National Stock Exchange of India Limited.
       
   
   
       
   
  10 lakhs = 1 million    
       
MUKAND LTD. (CONSOLIDATED)
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DEC. 31,2009
  MUKAND LIMITED         Rs. in lakhs
    Quarter ended Nine months ended Year ended
  Particulars 31-Dec-09 31-Dec-08 31-Dec-09 31-Dec-08 31-Mar-09
    Reviewed Reviewed Reviewed Reviewed Audited
(1) INCOME          
  Net Sales and Other Operating Income          
a) Gross Sales 50,669.11 43,339.12 154,024.92 172,753.75 215,021.79
  Less : Excise Duty Recovered 3,516.46 4,497.25 11,331.91 19,704.61 23,132.76
  Net Sales 47,152.65 38,841.87 142,693.01 153,049.14 191,889.03
b) Other Operating Income 611.95 261.88 1,521.73 1,970.34 2,633.86
  Net Sales and Other Operating Income 47,764.60 39,103.75 144,214.74 155,019.48 194,522.89
             
(2) EXPENDITURE          
a) (Increase)/Decrease in Stock in Trade (3,673.00) 2,014.26 (9,410.27) (6,749.44) 3,611.10
b) Consumption of Raw Materials 19,788.32 20,234.65 61,535.29 82,480.36 102,472.92
c) Purchase of Goods for Trade 1,270.12 131.75 3,424.32 1,742.07 2,519.19
d) Stores, Spares, Components,  Tools, etc. consumed 7,782.10 6,806.37 24,727.47 24,806.37 31,216.60
e) Staff Costs 2,379.16 2,117.90 6,987.60 6,584.16 8,755.71
f) Power & Fuel 3,802.10 2,867.40 11,048.53 11,453.64 13,740.46
g) Other Expenditure 9,459.08 6,932.31 25,175.07 24,747.58 32,584.86
h) Depreciation 1,654.25 1,463.78 4,574.69 4,356.15 5,784.19
i) Expenditure Capitalised (49.68) (186.70) (103.94) (970.69) (1,098.47)
  Total Expenditure 42,412.45 42,381.72 127,958.76 148,450.20 199,586.56
(3) 'Profit / (Loss) from Operations after depreciation but before Loss / (Gain) on variation in foreign exchange rates (net), Other Income,Interest & Exceptional Items (1-2) 5,352.15 (3,277.97) 16,255.98 6,569.28 (5,063.67)
(4) Loss / (Gain) on variation in foreign exchange rates (net) (214.13) 797.37 197.48 2,009.61 2,157.32
5 Profit / (Loss) from Operations before Other Income,Interest & Exceptional Items (3-4) 5,566.28 (4,075.34) 16,058.50 4,559.67 (7,220.99)
6 Other Income 77.96 30.36 125.72 168.73 316.41
7 Profit / (Loss) before Interest & Exceptional Items (5+6) 5,644.24 (4,044.98) 16,184.22 4,728.40 (6,904.58)
8 Finance and Lease Charges (net) 4,129.16 2,751.13 11,610.73 9,855.13 13,523.46
9 Profit / (Loss) after interest but before Exceptional Items (7-8) 1,515.08 (6,796.11) 4,573.49 (5,126.73) (20,428.04)
10 Exceptional Items (Net)- Income / (Expenditure) -- -- -- -- (4,148.15)
11 Profit / (Loss) from ordinary activities before Tax (9+10) 1,515.08 (6,796.11) 4,573.49 (5,126.73) (24,576.19)
12 Less : Tax Expense / (Tax Saving) 258.26 (1,631.56) 777.79 (1,197.22) (5,842.52)
13 - MAT CREDIT (Entitlement) (258.26) 171.84 (777.79) --- ---
14 'Profit / (Loss) from ordinary activities after Tax 1,515.08 (5,336.39) 4,573.49 (3,929.51) (18,733.67)
15 Prior Period Adjustments (net) (2.13) (0.40) (3.57) (147.70) (146.72)
16 Excess/(Short) Provision for tax for earlier years (net) 5.47 9.56 11.74 9.56 9.56
17 Net Profit / (Loss) for the period 1,518.42 (5,327.23) 4,581.66 (4,067.65) (18,870.83)
18  Paid-up Equity Share Capital (Face value Rs 10/- per share) 7,312.57 7,312.57 7,312.57 7,312.57 7,312.57
19 Reserves (excluding Revaluation Reserve) -- -- -- -- 38,004.29
20 Earnings per Share (EPS) : 2.08 (7.29) 6.27 (5.56) (25.81)
21 Public Shareholding          
  Number of Shares 33,800,339 34,090,091 33,800,339  34,090,091  34,060,339
  Percentage of Shareholding 46.23% 46.63% 46.23% 46.63% 46.59%
MUKAND LIMITED
Regd. Office : Bajaj Bhavan, Jamnalal Bajaj Marg, 226, Nariman Point, Mumbai 400 021
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DEC. 31,2009
  MUKAND LIMITED      
    Quarter ended Six months ended Year ended
    31-Dec-09 31-Dec-08 31-Dec-09 31-Dec-08 31-Mar-09
    Reviewed Reviewed Reviewed Reviewed Audited
  Disclosure in respect of pledged shares of Promoter and Promoter Group
  Shares held by Promoters & Promoter Group - Nos. (A)     39,313,790 NA 39,053,790
  Percentage of Capital     53.77% NA 53.41%
             
(1) Pledged / Encumbered - No. of Shares     16,395,975 NA 19,180,715
  Percentage of Total Capital     22.43% NA 26.23%
  Percentage of (A)     41.71% NA 49.11%
a) Non Encumbered - No. of Shares     22,917,815 NA 19,873,075
  Percentage of Total Capital     31.34% NA 27.18%
  Percentage of (A)     58.29% NA 50.89%
  NA denotes Not Applicable          
            Rs. in lakhs
  SEGMENT REVENUE          
1 Steel 42,660.07 37,695.97 128,561.81 150,624.87 185,814.73
2 Industrial Machinery  7,459.47 5,228.16 23,553.01 20,230.00 26,725.47
3 Road Construction 619.13 673.63 2,077.89 2,994.38 3,766.14
4 Other Products       260.58 296.34
  Sub-total 50,738.67 43,597.76 154,192.71 174,109.83 216,602.68
  Less : Inter Segment Revenue (69.56) (258.64) (167.79) (1,356.08) (1,580.89)
  Total Segment Revenue 50,669.11 43,339.12 154,024.92 172,753.75 215,021.79
  Less : Excise Duty (3,516.46) (4,497.25) (11,331.91) (19,704.61) (23,132.76)
  Total Segment Revenue  (net of excise duty) 47,152.65 38,841.87 142,693.01 153,049.14 191,889.03
             
  SEGMENT RESULT          
             
1 Steel 4,921.34 (4,820.15) 12,296.19 680.85 (10,855.84)
2 Industrial Machinery  1,561.67 1,436.78 5,503.34 5,393.52 6,966.32
3 Road Construction (479.53) (373.39) (1,077.70) (1,091.56) (3,031.47)
4 Other Products --- --- --- 21.95 26.55
  Less : Inter  segment margin (5.92) (31.85) (6.94) (178.45) (198.33)
  Total Segment Result 5,997.56 (3,788.61) 16,714.89 4,826.31 (7,092.77)
             
             
  Add / (Less) :          
  Other un-allocable expenditure net of un-allocable income (355.45) (256.77) (534.24) (245.61) 41.47
             
  Profit / (Loss) before Interest and exceptional items  5,642.11 (4,045.38) 16,180.65 4,580.70 (7,051.30)
             
  Add / (Less) :          
  Finance /  Lease charges  (net) (4,129.16) (2,751.13) (11,610.73) (9,855.13) (13,523.46)
  Exceptional Items - (Net Expenditure) / Net Income --- --- --- --- (4,148.15)
             
  Profit/ (Loss) after Prior period adjustments and before tax 1,512.95 (6,796.51) 4,569.92 (5,274.43) (24,722.91)
             
  Capital Employed as on     # 30-Sep-09 30-Sep-08 # 31-Mar-09
             
1 Steel     273,347.45 158,448.22 246,295.00
2 Industrial Machinery      29,866.72 8,748.10 27,828.58
3 Road Construction     19,625.44 21,738.14 19,924.50
4 Other Products     (125.62) (133.75) (128.05)
5 Unallocable (net)     (138,353.00) (110,787.52) (114,140.70)
             
  Total Net Capital Employed     184,360.99 78,013.19 179,779.33
             
  # Includes further revaluation made in Mar'09        
             

Notes:

  1. The sale of steel products in terms of quantity is higher by 58% at 68,726 MT as compared to 43,482 MT on YOY basis.  However, the turnover has not correspondingly increased on account of reduction in the rate of Excise Duty and reduced selling prices of steel products consequent to fall in input prices.  Overall gross turnover for the quarter is higher by 17% only at Rs.507 crores as against Rs.433 crores on YOY basis.

    The demand for specialty steel products has been improving consequent to higher sales in the auto sector. Company’s industrial machinery division has been showing continuous improvement in its performance and has orders on hand aggregating Rs.507 crores as at the end of the quarter.

  2. As regards the debts aggregating Rs.8,302.05 lakhs as at 31st December,2009 (‘the Exposures’) due from Bombay Forgings Limited (BFL), the Company, considering its long term view on the Exposures, barring any significant uncertainties in future, relies upon the projected future earnings from the business activities of BFL which are considered by the mangement to be adequate to cover full realisability of the Company’s exposures, which are classified as ‘Good’.

  3. As regards the debts and advances aggregating Rs.5,938.67 lakhs as at 31st December, 2009 (‘the Exposures’) due from Stainless India Limited (SIL), the Company, barring any significant uncertainties, relies upon the estimated realisable values of the unencumbered assets of SIL currently estimated at a value of Rs. 6,000 lakhs, are considered by the management to be adequate to cover full realisability of the Company’s exposures, which are classified as ‘Good’.

  4. In view of the substantially large outstanding claims by the Company for incremental jobs executed, escalations and time – overruns for Road Construction Division, losses currently expected are recognised as per the judgement of the Management and the shortfall, if any, will be adjusted only on final settlement of claims which is expected by 30th September 2011.

  5. Management’s response to the qualifications of the auditors on the financial  statements for the year ended 30.9.2009 :

    6. a
    In respect of advances due from and investments made in Vidyavihar Containers Limited (VCL) aggregating Rs.11,063.79 lakhs (‘the Exposures’) as at 31st December 2009, the Company, barring any significant uncertainties in future, relies upon the VCL management’s estimation of realizable values of the financial assets of VCL, and the Company also relies upon VCL management’s estimation of its additional expected realization from its real estate development arrangement with a developer, to be able to recover its Exposures;
       
    b
    As regards the investments made in Mukand Global Finance Limited (MGFL) aggregating Rs.2,624.95 lakhs, the Company does not consider any provision on this account at present, since it is in the process of disposing off this investment and is negotiating the sale accordingly
       
  6. Figures in respect of previous quarter / year have been regrouped / recast wherever necessary.

  7. During the quarter, two complaints were received from investors which have been resolved.  No complaints of investors were pending at the beginning of the quarter as well as at the end of the quarter.

  8. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held 20th January, 2010.  Statutory Auditors have carried out a “Limited Review” of the financial results shown above
    By Order of the Board of Directors
    For Mukand Ltd.,
    Niraj Bajaj
    Chairman & Managing Director    		 Rajesh V. Shah
    Co-Chairman & Managing Director
    Place : Mumbai
    Date : 20th January, 2010.    		  
 
Shareholding pattern as on March 31, 2009
Category Code
Category of Shareholder
No of 'Share-holders
Total No of Shares
No of Shares held in Dematerialised Form
 Total Shareholding as % age of total shares Shares pledged or otherwise encumbered
          As a % age of (A+B) As a % age of (A+B+C) No. of shares As a % age
(I) (II) (III) (IV) (V) (VI) (VII) (VIII) (IX) = (VIII)/(IV)*100
                 
(A)
Shareholding of Promoter and promoter Group
          
                 
(1)
Indian
              
 
 
              
(a)
Individuals/HUF
 20 10,532,280 9,847,185 14.41 14.41 8,235,089 78.19
 
 
              
(b) Central Govt. State Govt.   - -        
 
 
              
( c )
Bodies Corporate
 18 28,521,510 27,770,630 39.00 39.00 10,945,626 38.38
 
 
              
(d)
Financial Institutions/Banks
   - -        
 
 
              
(e)
Any other (Specify)
   - -        
 
 
              
  Sub-Total (A)(1) 38 39,053,790 37,617,815 53.41 53.41 19,180,715 49.11
                 
(2)
Foreign
              
 
 
              
(a)
Individuals NR Individuals/
              
 
Foreign Individuals
   - -        
 
 
              
(b)
Bodies Corporate
   - -        
 
 
              
( c )
Institutions
   - -        
 
 
              
(d)
Any other (specify)
   - -        
                 
  Sub-Total (A)(2)   - -        
                 
 
 
              
(B)
Public Shareholding
              
 
 
              
(1)
Institutions
              
 
 
              
(a)
Mutual Funds/UTI
 8 6,027 5,026 0.01 0.01    
 
 
              
(b)
Financial Institutions/Banks
 44 231,623 227,134 0.31 0.31    
                 
( c ) Central Govt. State Govt. - - - - -    
                 
(d) Venture Capital Funds   - -        
                 
(e) Insurance Companies 6 7,604,184 7,603,209 10.40 10.40    
                 
(f) Foreign Institutional Investors 25 6,425,634 6,394,671 8.79 8.79    
                 
(g) Foreign Venture Capital Investors   - -        
                 
(h)
Any Other
               
                 
 
Sub-Total (B)(1)
 83 14,267,468 14,230,040 19.51 19.51    
                 
(2) Non-institutions              
                 
(a) Bodies Corporate 703 7,086,508 6,642,152 9.69 9.69    
                 
(b)
Individual shareholders holding
             
  nominal share capital up to Rs 1 laks 46,338 8,670,245 7,477,328 11.86 11.86    
                 
  Individual shareholders holding              
  nominal share capital in excess of Rs. 1 laks 107 3,835,310 3,461,948 5.25 5.25    
                 
( c ) Any other (Clearing Members) 55 22,772 22,772 0.03 0.03    
                 
 
Any Other (NRIs)
 206 178,036 165,871 0.24 0.24    
                 
  Sub-total (B)(2) 47,409 19,792,871 17,770,071 27.07 27.07    
                 
 
Total Public Shaeholding
              
  (B)=(B)(1) + (B)(2) 47,530 73,114,129 69,617,926 100.00 100.00 19,180,715 26.23
                 
                 
(C)
Shares held by custodians and against
              
 
against which depository receipts
              
 
have been issued
   - -        
                 
  GRAND TOTAL (A)+(B)+(C) 47,530 73,114,129 69,617,926 100.00 100.00 19,180,715 100.00
                 
 

(1)(b)     Statement showing shareholding of persons belonging to the category of Promoter and Promoter Group
Sr No. Name of the Shareholder No. of Shares Total Shares as % age of
grand total (A)+(B)+(C)
(I) (II) (III) (IV)
1 Shri Rahul Bajaj 206,022 0.28
2 Shri Niraj Bajaj 8,200 0.13
3 Shri Rajesh V Shah 3,648,065 4.99
4 Shri Suketu V Shah 3,647,668 4.99
5 Shri Sanjivnayan Bajaj 787 0.00
6 Shri Shekhar Bajaj 138,298 0.19
7 Shri Madhur Bajaj 313,070 0.43
8 Smt Ruparani Bajaj 100,200 0.14
9 Shri Anant Bajaj 9,000 0.01
10 Smt Sunaina Kejriwal 363 0.00
11 Shri Viren J Shah 18,352 0.03
12 Shri Narendrakumar J Shah 99,605 0.14
13 Kum Amita Virendrakumar Shah 3,000 0.00
14 Smt Anjana K Munsif 12,282 0.02
15 Smt Jyoti Shah 18,117 0.02
16 Smt Bansri Rajesh Shah 551,186 0.75
17 Smt Czaee Sukumar Shah 551,882 0.75
18 Bajaj Auto Employees Welfare Funds 784,682 1.07
19 Shri Moti Bhagwandas Malkani (Bajaj Electrical EHWF) 5,460 0.01
20 Shri Surendra Bhaichand Jhaveri (Mukand EWF) 326,041 0.45
21 Akhil Investments & Traders Pvt Ltd 260 0.00
22 Bachhraj & Co Pvt.Ltd 1,675,346 2.29
23 Bachhraj Factories Pvt Ltd 689,084 0.94
24 Bajaj Holdings & Investment Ltd 4,041,782 5.53
25 Bajaj Sevashram Ltd 80 0.00
26 Baroda Industries Pvt Ltd 1,253,616 1.71
27 Catalyst Finance Ltd 647,160 0.89
28 Conquest Investments & Finance Ltd 288,320 0.39
29 Econium Investments & Finance Ltd 391,760 0.54
30 Fusion Investments & Financial Services Ltd 825,680 1.13
31 Jamnalal Sons Pvt Ltd 13,147,761 17.98
32 Jeewan  Limited 3,688,336 5.04
33 Lineage Investments Ltd 664,000 0.91
34 Mukand Engineers Ltd 681,200 0.93
35 Niraj Holdings Pvt Ltd. 500 0.00
36 Primus Investments & Finance Ltd 366,365 0.50
37 Sidya Investments  Ltd 160,000 0.22
38 Valiant Investments & Trades Pvt Ltd 260 0.00
  TOTAL 39,053,790 53.41

Shares held by Employees Welfare Funds of Mukand Ltd, Bajaj Auto Ltd and Bajaj Electricals Ltd have been included in Promoter Category.

(1)( c )    'Statement showing shareholding of persons belonging to the category ' "Public" and holding more than 1% of the total number of shares
Sr No. Name of the Shareholder No. of Shares Shares as % age of grand
total (A)+(B)+(C) of
Sub Clause (I) (a)
1 Life Insurance Corporation of India 7,228,076 9.89
2 Vinamran Universal Traders Pvt Ltd 3,601,783 4.93
3 Goldman Sachs Investments (Mauritius) I Ltd 1,690,160 2.31
4 Swiss Finance Corporation (Marutius) I Ltd 1,333,017 1.82
5 Clsa (Marutius) Limited 1,027,279 1.41
6 JM Financial Services Private Limited 1,000,000 1.37
7 Macquarie Bank Ltd 825,000 1.13
8 Union Investment Luxembourg S A a/c 800,000 1.09
       
  TOTAL 17,505,315 23.94
 
(1)(d)    Statement showing details of locked-in-shares
 
Sr No Statement showing details
of locked-in-shares		 No. of Shares Shares as % age of the total No of
Shares {I.e grand total (A)+(B)+(C)
indicated in statement at para (1)(a) above}
       
  Nil    
       
 
(II)(a)    Statement showing details of Depository Receipts (DRs)
 
Sr No Statement showing details
of locked-in-shares		 No. of Shares Shares as % age of the total No of
Shares {I.e grand total (A)+(B)+(C)
indicated in statement at para (1)(a) above}
       
  Nil    
       
 
(II)(b)    Statement showing holding of Depository Receipts (DRs) where underlying shares are in excess of 1% of the total number of shares.
 
Sr No Statement showing details
of locked-in-shares		 No. of Shares Shares as % age of the total No of
Shares {I.e grand total (A)+(B)+(C)
indicated in statement at para (1)(a) above}
       
  Nil    
       
 
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