e-Auction Annual Report
2009-2010		 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.
STANDALONE FINANCIAL RESULTS (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30,2010
  MUKAND LIMITED   Rs. in lakhs
    Three months ended Year ended
  Particulars 30-Jun-10 30-Jun-09 31-Mar-10
    Unaudited Reviewed Audited
(1) INCOME
   
  Net Sales and Other Operating Income      
a) Gross Sales 60,068.84 47,382.13 212,287.63
  Less : Excise Duty Recovered 5,504.75 3,723.28 15,993.43
  Net Sales 54,564.09 43,658.85 196,294.20
b) Other Operating Income 769.11 471.31 2,537.48
  Net Sales and Other Operating Income 55,333.20 44,130.16 198,831.68
         
(2) EXPENDITURE      
a) (Increase)/Decrease in Stock in Trade (7,301.98) (4,621.41) (10,098.99)
b) Consumption of Raw Materials 30,826.71 20,464.57 84,200.88
c) Purchase of Goods for Trade 328.98 856.04 4,479.19
d) Stores, Spares, Components,  Tools, etc. consumed 8,270.03 7,986.24 33,563.74
e) Staff Costs 2,647.27 2,294.00 9,625.13
f) Power & Fuel 4,232.19 3,230.96 15,134.97
g) Other Expenditure 8,765.13 7,297.45 34,853.59
h) Depreciation 1,591.24 1,403.61 6,323.47
i) Expenditure Capitalised (61.78) (29.62) (106.45)
  Total Expenditure 49,297.79 38,881.84 177,975.53
(3) Profit from Operations after depreciation but before Loss/(Gain) on variation in foreign exchange rates (net), Other Income, Interest & Exceptional Items (1-2) 6,035.41 5,248.32 20,856.15
(4) Loss / (Gain) on variation in foreign exchange rates (net) 249.34 251.75 (65.20)
5 Profit from Operation before Other Income, Interest & Exceptional Items (3-4) 5,786.07 4,996.57 20,921.35
6 Other Income 154.78 21.08 519.47
7 Profit before Interest & Exceptional Items (5+6) 5,940.85 5,017.65 21,440.82
8 Finance and Lease Charges (net) 4,199.75 3,594.81 15,154.62
9 Exceptional Items (Net) - Income / (Expenditure)     (86.02)
10 Profit from ordinary activities before Tax (7-8+9) 1,741.10 1,422.84 6,200.18
11 Less : Tax Expense      
             Current Tax (incl Wealth tax) 347.00 242.38 1,064.26
             MAT CREDIT (Entitlement) (347.00) (242.38) (1,058.01)
             Deferred Tax 336.34    
12 Profit from ordinary activities after Tax 1,404.76 1,422.84 6,193.93
13 Prior Period Adjustments (net)   3.37 (6.41)
14 Excess/(Short) Provision for tax for earlier years (net) 2.82 6.27 11.74
15 Net Profit for the period 1,407.58 1,432.48 6,199.26
16 Paid-up Equity Share Capital (Face value Rs 10/- per share) 7,312.57 7,312.57 7,312.57
19 Reserves (excluding Revaluation Reserve)     43,348.08
20 Earnings per Share (EPS) : 1.93 1.96 8.48
21 Public Shareholding      
  Number of Shares 32,880,745 34,045,339 32,880,745
  Percentage of Shareholding 44.97% 46.56% 44.97%
MUKAND LIMITED
Regd. Office : Bajaj Bhavan, Jamnalal Bajaj Marg, 226, Nariman Point, Mumbai 400 021
STANDALONE FINANCIAL RESULTS (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30,2010
  MUKAND LIMITED    
    Three Months Ended Year ended
    30-Jun-10 30-Jun-09 31-Mar-10
    Unaudited Reviewed Audited
  Disclosure in respect of pledged shares of Promoter and Promoter Group    
  Shares held by Promoters & Promoter Group - Nos. (A) 40,233,384 39,068,790 40,233,384
  Percentage of Total Share Capital 55.03% 53.44% 55.03%
         
  Pledged / Encumbered - No. of Shares 15,965,975 16,120,715 16,395,975
  Percentage of Total Share Capital 21.84% 22.05% 22.43%
  Percentage of (A) 39.68% 41.26% 40.75%
  Non Encumbered - No. of Shares 24,267,409 22,948,075 23,837,409
  Percentage of Total Share Capital 33.19% 31.39% 32.60%
  Percentage of (A) 60.32% 58.74% 59.25%
         
        Rs. in lakhs
  SEGMENT REVENUE (net of Excise Duty)      
1 Steel 47,818.34 35,820.80 16,3310.79
2 Industrial Machinery  6,371.20 7,217.38 30,310.50
3 Road Construction 480.80 668.55 2,853.94
  Sub-total 54,670.34 43,706.73 196,475.23
  Less : Inter Segment Revenue (106.25) (47.88) (181.03)
  Total Segment Revenue (net of Excise Duty) 54,564.09 43,658.85 196,294.20
         
  SEGMENT RESULT      
         
1 Steel 4,080.74 3,042.63 16,241.07
2 Industrial Machinery  1,758.48 2,035.67 7,357.01
3 Road Construction (64.35) (89.28) (1,986.31)
  Less : Inter segment margin (12.34) (0.58) (3.30)
  Total Segment Result 5,762.53 4,988.44 21,608.47
  Add / (Less) :      
  Other net un-allocable (expenditure) / income 178.32 32.58 (174.06)
         
  Profit before Interest and exceptional items 5,940.85 5,021.02 21,434.41
         
  Add / (Less) :      
  Finance /  Lease charges  (net) (4,199.75) (3,594.81) (15,154.62)
  Exceptional Items - (Net Expenditure) / Net Income     (86.02)
  Profit after Prior period adjustments and before tax 1,741.10 1,426.21 6,193.77
         
  Capital Employed as on 30-Jun-10 30-Jun-09 31-Mar-10
         
1 Steel 280,585.97 255,043.62 276,538.92
2 Industrial Machinery  33,616.55 28,277.98 30,392.83
3 Road Construction 19,707.41 20,161.88 19,269.09
4 Unallocable (net) (147,042.89) (122,271.67) (141,077.72)
         
  Total Net Capital Employed 186,867.04 181,211.81 185,123.12

The Company is on the growth track to utilize the additional steel making and rolling capacity created and has recorded higher net sales and other operating income for the quarter by 25% at Rs.553 crore as against Rs.441 crore in the corresponding quarter of the previous year. The Industrial Machinery Division has orders on hand aggregating Rs.413 crore as at the end of the quarter.

The profit before tax was higher by 22% at Rs.17.41 crore as compared to Rs. 14.23 crore in the corresponding quarter of the previous year. The profits however, have not improved in tandem with increase in turnover on account of higher input prices and time gap in passing on these cost increases to customers.
 

Notes:

  1. Company has entered into a Memorandum of Understanding during June 2010 with an intending buyer for transfer and assignment of its lease hold rights in land admeasuring approx. 20,000 Sq. Mtrs. situated at MIDC, TTC Industrial Area, within the village limits of Dighe, Thane. The formalities to complete the transaction and execute a deed of assignment are in process. Income will be accounted for on completion of the transaction.

  2. Management's response to the qualifications / reservations of the auditors on the financial statements for the year ended 31.03.2010 :

    3. a
    In respect of advances due from and investments made in Vidyavihar Containers Limited (VCL) aggregating Rs. 11,063.79 lakhs (Rs 10,975.99 lakhs as at 30.06.2010), 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 and outstanding loans made in Mukand Global Finance Limited (MGFL) aggregating Rs. 2,684.95 lakhs (Rs. 2,684.95 lakhs as at 30.06.2010), the Company is in the process of disposing off this investment and is negotiating the sale;
       
    cAs regards the debts due from Bombay Forgings Ltd. (BFL) aggregating Rs 8,033.36 lakhs (Rs 8,341.72 lakhs as at 30.06.2010) , 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 management to be adequate;
       
    d As regards the debts and advances due from Stainless India Ltd. (SIL) aggregating Rs 5,869.90 lakhs ( Rs 5,870.48 lakhs as at 30.06.2010), the Company, barring any significant uncertainties, relies upon the estimated realizable value of the unencumbered assets of SIL as at 30th June, 2010 which are considered by the management to be adequate;
       
    e In view of the substantially large outstanding claims by the Company for incremental jobs executed, escalations and time-overruns for Road Construction Division, amounting to Rs. 11,919.33 lakhs (Rs. 11,919.33 lakhs as at 30.06.2010) losses currently expected are recognized as per the judgment of the management and the shortfall, if any, will be adjusted only on final settlement of claims which is expected by 30th September 2011.
       
    The status of the above continue to remain the same as at 30th June,2010, except for minor changes in certain amounts.
     
  3. Figures in respect of previous quarter / year have been regrouped / recast wherever necessary.

  4. During the quarter, 24 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.

  5. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 28th July, 2010.
    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 : 28th July, 2010.    		  
 
(1) (a) Statement showing Shareholding Pattern (as per Clause 35 of the Listing Agreement)
as on 30, July 2010
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) Promoter and promoter Group          
                 
(1)
Indian
              
 
 
              
(a)
Individuals/HUF
 22 11,778,374 11,434,800 16.11 16.11 6,805,089 57.78
 
 
              
(b) Central Govts./ State Govts.   - -        
 
 
              
( c )
Bodies Corporate
 19 28,455,010 28,454,750 38.92 38.92 9,160,886 32.19
 
 
              
(d)
Financial Institutions/Banks
   - -        
 
 
              
(e)
Any other (Specify)
   - -        
 
 
              
  Sub-Total (A)(1) 41 40,233,384 39,889,550 55.03 55.03 15,965,975 39.68
                 
(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
 44 235,020 230,531 0.31 0.31    
                 
( c ) Central Govts./ State Govts.   - -        
                 
(d) Venture Capital Funds   - -        
                 
(e) Insurance Companies 7 7,600,304 7,599,329 10.40 10.40    
                 
(f) Foreign Institutional Investors 17 2,477,137 2,446,174 3.39 3.39    
                 
(g) Foreign Venture Capital Investors   - -        
                 
(h)
Any Other
               
                 
 
Sub-Total (B)(1)
 76 10,318,488 10,281,060 14.10 14.10    
                 
(2) Non-institutions              
                 
(a) Bodies Corporate 823 8,477,889 8,033,608 11.60 11.60    
                 
(b)
( I ) Individual shareholders holding nominal share capital up to Rs 1 laks
47,642 9,432,850 8,031,470 12.90 12.90    
  ( II ) Individual shareholders holding nominal share capital in excess of Rs. 1 laks 127 4,378,405 4,123,187 5.99 5.99    
                 
( c ) Any other (Clearing Members) 82 70,890 70,890 0.10 0.10    
                 
 
Any Other (NRIs)
 226 202,223 190,058 0.28 0.28    
                 
  Sub-total (B)(2) 48,900 22,562,257 20,449,213 30.86 30.86    
                 
 
Total Public Shaeholding
              
  (B)=(B)(1) + (B)(2) 48,976 32,880,745 30,730,273 44.97 44.97    
                 
  TOTAL (A) + (B) 49,017 73,114,129 70,619,823 100.00 100.00 15,965,975 21.84
                 
(C)
Shares held by custodians and against against which depository receipts have been issued
   - -        
                 
  Total (C)              
                 
  GRAND TOTAL (A)+(B)+(C) 49,017 73,114,129 70,619,823 100.00 100.00 15,965,975 21.84
                 
 
(1)(b) Statement showing shareholding of persons belonging to the category of ''Promoter and Promoter Group"
 
  Name of the Shareholder Total Shares held Shares Pledged or otherwise encumbered
Sr. No. Name of the Shareholder Number as % of grand total (A)+(B)+( C ) Number As a percentage As a % of grand
total (A+B+C) of
sub-clause (I)(a)
(I) (II) (III) (IV) (V) (VI)=(V)/(III)*100 (VII)
1 Shri Rahul Bajaj 136,022 0.19      
2 Shri Niraj Bajaj 992,150 1.36      
3 Shri Rajesh V Shah 3,644,642 4.98 3,130,545 85.89 4.28
4 Shri Suketu V Shah 3,647,668 4.99 2,974,544 81.55 4.07
5 Shri Sanjivnayan Bajaj 787 0.00      
6 Shri Shekhar Bajaj 88,298 0.12      
7 Shri Madhur Bajaj 3,100 0.00      
8 Smt Ruparani Bajaj 200 0.00      
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 615,586 0.84 350,000 56.86 0.48
17 Smt Czaee Sukumar Shah 551,882 0.75 350,000 63.42 0.48
18 Priyaradhika Rajesh Shah 435,023 0.59      
19 Kaustubh Rajesh Shah 48,000 0.07      
20 Bajaj Auto Employees Welfare Funds 1,122,796 1.54      
21 Shri Moti Bhagwandas Malkani (Bajaj Electrical EHWF) 5,460 0.01      
22 Shri Surendra Bhaichand Jhaveri (Mukand EWF) 326,041 0.45      
23 Akhil Investments & Traders Pvt Ltd 260 0.00      
24 Bachhraj & Co Pvt.Ltd 1,675,346 2.29
   
25 Bachhraj Factories Pvt Ltd 689,084 0.94      
26 Bajaj Holdings & Investment Ltd 4,056,782 5.55      
27 Bajaj Sevashram Private Ltd 80 0.00
   
28 Baroda Industries Pvt Ltd 1,253,616 1.71
   
29 Catalyst Finance Ltd 616,160 0.84 550,000 89.26 0.75
30 Conquest Investments & Finance Ltd 282,320 0.39      
31 Econium Investments & Finance Ltd 345,760 0.47 62,000 17.93 0.08
32 Fusion Investments & Financial Services Ltd 806,180 1.10 131,500 16.31 0.18
33 Jamnalal Sons Pvt Ltd 13,147,761 17.98 3,869,090 29.43 5.29
34 Jeewan Limited 3,688,336 5.04 3,688,336 100.00 5.04
35 Lineage Investments Ltd 569,000 0.78 116,500 20.47 0.16
36 Mukand Engineers Ltd 681,200 0.93 681,200 100.00 0.93
37 Niraj Holdings Pvt Ltd. 500 0.00      
38 Primus Investments & Finance Ltd 332,365 0.45 62,000 18.65 0.08
39 Sidya Investments Ltd 160,000 0.22      
40 Valiant Investments & Trades Pvt Ltd 260 0.00 260 100.00 0.00
41 Bahar Mercantile Ltd 150,000 0.21   0.00 0.00
  TOTAL 40,233,384 55.03 15,965,975 39.68 21.84
 
(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 Vinamra Universal Traders Pvt Ltd 3,601,783 4.93
3 Clsa (Marutius) Limited 806,036 1.10
4 Union Investment Luxembourg S A a/c Uniasia Pacific 800,000 1.09
       
  TOTAL 12,435,895 17.01
 
(1)(d)    Statement showing details of locked-in-shares
 
Sr No Name of the Shareholder No. of Shares As a % of grand total (A+B+C)
of sub-clause (I)(a)
       
  Nil    
       
 
(II)(a)    Statement showing details of Depository Receipts (DRs)
 
Sr No Name of the Shareholder No. of Shares As a % of grand total (A+B+C)
of sub-clause (I)(a)
       
  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 Name of the Shareholder No. of Shares As a % of grand total (A+B+C) of
sub-clause (I)(a)
       
  Nil    
       
 
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