india based manufacturer of stainless steel ,india based manufacturer of alloy steel ,stainless steel billets ,exporter of hot rolled bars ,exporter of alloy steel billets ,manufacturers of special steel wire rods ,manufacturers of bright bars ,india based manufacturer of bars ,heavy steel castings ,exporters of heavy steel castings ,manufacturers of heavy steel castings ,exporters of blooms> ,exporters of hot rolled bars ,exporter of special steel billets ,exporter of stainless steel billets ,manufacturers of special steel wire rods india ,manufacturers of bright bars india ,manufacturer of bars india ,manufacturers of heavy steel castings india ,

 
 
     
 
 

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.
   
india based manufacturer of stainless steel, india based manufacturer of alloy steel, stainless steel billets, exporter of hot rolled bars, exporter of alloy steel billets, manufacturers of special steel wire rods, manufacturers of bright bars, india based manufacturer of bars, heavy steel castings, exporters of heavy steel castings, manufacturers of heavy steel castings, exporters of blooms, exporters of hot rolled bars, exporter of special steel billets, exporter of stainless steel billets, manufacturers of special steel wire rods india, manufacturers of bright bars india, manufacturer of bars india, manufacturers of heavy steel castings india
   
 
   
 
 
10 lakhs = 1 million
 
MUKAND LIMITED
Regd. Office : Bajaj Bhavan, Jamnalal Bajaj Marg, 226, Nariman Point, Mumbai 400 021
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30,2008
 
  MUKAND LIMITED     Rs. in lakhs
    Three Months ended Year ended
  Particulars Jun-08 Jun-07 31-Mar-08
(1) INCOME      
  Net Sales and Other Income      
a) Gross Sales 63,291.12 49,809.61 220,050.49
  Less : Excise Duty Recovered 7,358.86 6,447.54 27,371.69
  Net Sales 55,932.26 43,362.07 192,678.80
b) Other Income 310.85 395.28 2,145.41
  Net Sales and Other Income 56,243.11 43,757.35 194,824.21
         
(2) EXPENDITURE      
a) (Increase)/Decrease in Stock in Trade (1,401.55) (3,475.01) (14,530.01)
b) Consumption of Raw Materials 27,936.64 20,295.82 96,792.58
c) Purchase of Goods for Trade 385.06 643.34 2,764.29
d) Stores, Spares, Components,  Tools, etc. consumed 8,184.24 7,492.48 31,771.65
e) Staff Costs 2,240.44 1,994.17 8,530.26
f) Power & Fuel 3,925.27 3,059.19 12,770.16
g) Contract Execution Costs 2,559.04 2,212.42 8,751.20
h) Other Expenditure 6,833.07 6,274.16 26,265.29
i) Depreciation 1,411.29 1,380.24 5,794.26
j) Expenditure Capitalised (597.61) (815.22) (3,481.09)
  Total Expenditure 51,475.89 39,061.59 175,428.59
(3) Finance and Lease Charges 3,224.14 2,583.31 11,308.27
(4) Exceptional Items (net income)     (902.13)
(5) Profit from ordinary activities before tax 1,543.08 2,112.45 8,989.48
(6) Less : Provision for taxation      
  - Fringe Benefit Tax 28.71 22.50 100.24
  - Wealth Tax     6.30
  - Current Tax (MAT) 171.84 149.57 927.35
  - Deferred Tax 400.98 769.14 2,943.14
  - MAT Credit Entitlement (171.84) (149.57) (927.35)
(7) Profit from ordinary activities after Tax 1,113.39 1,320.81 5,939.80
(8) Prior Period Adjustments (net) 2.31 (0.68) (698.10)
(9) Excess/(Short) Provision for tax for earlier years (net)     (17.49)
(10) Net profit for the period 1,115.70 1,320.13 5,224.21
(11) Paid-up Equity ShareCapital (Face value Rs 10/- per share) 7,312.57 7,312.57 7,312.57
(12) Reserves (excluding Revaluation Reserve)     56,875.19
(13) Earnings per Share : 1.53 1.81 7.15
(14) Aggregate of Public Shareholding      
  Number of Shares 35,965,903 38,875,449 36,298,961
  Percentage of Holding 49.19% 53.17% 49.65%
   
 
 
 

  MUKAND LIMITED    Three Months ended Rs. Lakh
    Jun-08 Jun-07 31-Mar-08
         
  SEGMENT REVENUE      
         
1) Steel 55,009.69 42,979.14 190,163.15
         
2) Industrial Machinery 7,223.65 5,725.90 27,413.75
         
3) Road Construction 1,687.63 1,794.24 5,839.94
         
4) Other Products 164.94 414.17 1,310.40
         
  Sub-total 64,085.91 50,913.45 224,727.24
         
  Less : Inter Segment Revenue (794.79) (1,103.84) (4,676.75)
         
  Total Segment Revenue 63,291.12 49,809.61 220,050.49
         
  Less : Excise Duty (7,358.86) (6,447.54) (27,371.69)
         
  Total Segment Revenue  (net ofexcise duty) 55,932.26 43,362.07 192,678.80
         
  SEGMENT RESULT      
         
1) Steel 3,460.53 4,161.87 15,117.37
         
2) Industrial Machinery 1,922.88 1,190.41 6,851.60
         
3) Road Construction (385.92) (419.33) (1,514.84)
         
4) Other Products 35.12 28.83 54.47
         
  Less : Inter segment margin (114.24) (159.39) (679.78)
         
  Total Segment Result 4,918.37 4,802.39 19,828.82
         
  Add / (Less) :      
         
  Other un-allocable expenditure net of un-allocable income (148.84) (107.31) (1,131.30)
         
  Profit before Interest and exceptional items 4,769.53 4,695.08 18,697.52
  Add / (Less) :      
  Finance /  Lease charges  (net) (3,224.14) (2,583.31) (11,308.27)
         
  Exceptional Items -  net income     902.13
         
  Profit after Prior period adjustments and before tax 1,545.39 2,111.77 8,291.38
         
  Capital Employed as on 30-Jun-08 30-Jun-07 31-Mar-08
         
1) Steel 162,350.74 122,790.90 152,885.06
         
2) Industrial Machinery 5,891.95 6,560.94 5,701.27
         
3) Road Construction 23,382.22 20,677.97 23,093.37
         
4) Other Products 29.82 292.32 70.62
         
5) Unallocable 28,995.91 35,709.11 30,512.27
         
  Total Capital Employed 220,650.64 186,031.24 212,262.59

Notes :

  1. The turnover for the quarter increased by 27% to Rs. 633 crore compared to Rs. 498 crore in the corresponding period in the previous year. The margins of the Steel Division were under pressure during the quarter due to increase in the cost of major inputs such as, metallurgical coke, ferro-alloys, fuel, etc. The selling price is being revised for new orders to absorb the increased input costs.

  2. Industrial Machinery Division has orders aggregating Rs.606 crore on hand as at the end of the quarter.

  3. The dispute in connection with revision in prices of calibrated iron ore sought by a supplier is yet not settled as Arbitration proceedings continue. However, pending determination of the final price, the supplier has raised invoices at an interim price on the marketing contractor who in turn, has billed the Company at this price and the liability is accordingly accounted for.

  4. Management's response to the qualifications of auditors on the financials statement's for the year ended 31.3.2008, the sub points below them have bullets. It should be as follows:
    5. a The Company continues to rely upon market value of unencumbered assets and the earnings from ongoing business of Stainless India Limited and Bombay Forgings Limited. As regards exposure of investments and other dues from its two wholly owned subsidiaries, it relies upon the unsecured financial assets of Vidyavihar Containers Limited and the realization from the financial assets of Mukand Global Finance Ltd.
       
    b Regarding recoverability of loans from Companies whose net-worth have eroded, the Company continues to rely upon the amounts likely to be realized from the unsecured financial assets of these companies in a time bound schedule given by these companies for re-payment of loans.
       
    c Regarding recoverability of loans from Companies whose net-worth have eroded, the Company continues to rely upon the amounts likely to be realized from the unsecured financial assets of these companies in a time bound schedule given by these companies for re-payment of loans.
  5. Mr. Vinod S. Shah has ceased to be a Whole-time Director with effect from 5th July, 2008. However, he continues to be on the Board as a Non-Executive Director.

  6. Figures in respect of previous quarter / year have been regrouped / recast wherever necessary.

  7. No complaints of investors were pending at the beginning of the quarter as well as at the end of the quarter. The Company received one complaint during the quarter, which has been resolved.

  8. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 29th July, 2008. Statutory Auditors have carried out the “Limited Review” of the Financial Results shown above.



Place : Mumbai
Date : 29th July, 2008

By Order of the Board of Directors

For Mukand Ltd.

Niraj Bajaj
   Chairman & Managing Director

Rajesh V. Shah
     Co-Chairman & Managing Director
 
SHAREHOLDING PATTERN AS ON 30 JUNE 2008
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
         
As a % age of (A+B)
As a % age 'of (A+B+C)
             
             
(A) Shareholding of Promoter and promoter Group      
             
(1)
Indian
          
 
 
          
(a)
Individuals/HUF
 21 9,425,560 8,922,804 12.89 12.89
 
 
          
(b)
Central Govt. State Govt.
   - -    
 
 
          
( c )
Bodies Corporate
 19 27,722,666 26,971,786 37.92 37.92
 
 
          
(d)
Financial Institutions/Banks
   - -    
 
 
          
(e)
Any other (Specify)
   - -    
 
 
          
 
Sub-Total (A)(1)
 40 37,148,226 35,894,590 50.81 50.81
 
 
          
(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
 10 2,801,224 2,800,223 3.83 3.83
 
 
          
(b)
Financial Institutions/Banks
 45 255,062 250,573 0.35 0.35
 
 
          
( c )
Central Govt. State Govt.
   - -    
 
         
(d)
Venture Capiral funds
   - -    
 
         
(e)
Insurance Companies
 6 7,604,184 7,603,209 10.40 10.40
 
         
(f)
Foreign Institutional Investors
 25 5,652,410 5,621,447 7.73 7.73
 
         
(g)
Foreign Venture Capital Investors
   - -    
 
         
(h)
Any Other
           
 
         
 
Sub-Total (B)(1)
 86 16,312,880 16,275,452 22.31 22.31
 
         
 
         
(2)
Non-institutions
          
 
         
(a)
Bodies Corporate
 799 6,177,894 5,733,570 8.45 8.45
 
         
(b)
Individual shareholders holding
         
 
nominal share capital up to Rs 1 laks
 45,882 8,502,718 7,251,239 11.63 11.63
 
         
 
Individual shareholders holding
         
 
nominal share capital in excess
         
 
of Rs. 1 laks
 120 4,717,857 4,078,454 6.45 6.45
 
         
( c )
Any other (Clearing Members)
 68 94,002 94,002 0.13 0.13
 
         
 
Any Other (NRIs)
 199
160,552
148,387
0.22 0.22
 
         
 
Sub-total (B)(2)
 47,068 19,653,023 17,305,652 26.87 26.87
 
         
 
Total Public Shaeholding
          
 
(B)=(B)(1) + (B)(2)
 47,154 35,965,903 33,581,104 49.19 49.19
 
         
 
         
(C)
Shares held by custodians and against
          
 
against which depository receipts
          
 
have been issued
   - -    
 
         
 
GRAND TOTAL (A)+(B)+(C)
 47,194 73,114,129 69,475,694 100.00 100.00
 
         
 
 
       
(1)(b) Statement showing shareholding of persons belonging to the category of  Promoter and Promoter Group
      Quarter Ended JUNE 30, 2008
Sr No. Name of the Shareholder 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}
1 Shri Rahul Bajaj          166,792 0.23
2 Shri Niraj Bajaj           98,200 0.13
3 Shri Rajesh V Shah       3,648,065 4.99
4 Shri Suketu V Shah       3,647,668 4.99
5 Smt Savitridevi Bajaj             6,018 0.01
6 Shri Shishir Bajaj           42,037 0.06
7 Shri Shekhar Bajaj          128,911 0.18
8 Shri Madhur Bajaj          313,070 0.43
9 Smt Ruparani Bajaj          100,200 0.14
10 Smt Minakshi Bajaj             4,680 0.01
11 Shri Apoorva Bajaj             4,000 0.01
12 Shri Anant Bajaj             9,000 0.01
13 Smt Suman Jain             1,520 0.00
14 Smt Sunaina Kejriwal                100 0.00
15 Shri Viren J Shah           18,352 0.03
16 Shri Narendrakumar J Shah           99,605 0.14
17 Kum Amita Virendrakumar Shah             3,875 0.01
18 Smt Anjana K Munsif           12,282 0.02
19 Smt Jyoti Shah           18,117 0.02
20 Smt Bansri Rajesh Shah          551,186 0.75
21 Smt Czaee Sukumar Shah          551,882 0.75
22 Bachhraj & Co Pvt.Ltd       1,360,471 1.86
23 Jeewan  Limited       3,688,336 5.04
24 Jamnalal Sons Pvt Ltd     12,981,061 17.75
25 Bajaj Holdings & Investment Ltd       4,012,030 5.49
26 Niraj Holdings Pvt Ltd.                500 0.00
27 Bachhraj Factories Ltd          689,084 0.94
28 Bajaj Sevashram Ltd                  80 0.00
29 Bajaj Hindusthan Ltd             9,750 0.01
30 Baroda Industries Pvt Ltd          956,349 1.31
31 Akhil Investments & Traders Pvt Ltd                260 0.00
32 Sidya Investments  Ltd          160,000 0.22
33 Conquest Investments & Finance Ltd          288,320 0.39
34 Catalyst Finance Ltd          647,160 0.89
35 Econium Investments & Finance Ltd          391,760 0.54
36 Fusion Investments & Financial Services Ltd          825,680 1.13
37 Lineage Investments Ltd          664,000 0.91
38 Primus Investments & Finance Ltd          366,365 0.50
39 Mukand Engineers Ltd          681,200 0.93
40 Valiant Investments & Trades Pvt Ltd                260 0.00
  TOTAL 37,148,226 50.81
   
(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 the total No of Shares {I.e grand total (A)+(B)+(C) indicated in statement at para (1)(a) above}
1 Life Insurance Corporation of India 7,228,076 9.89
2 Vinamran Universal Traders Pvt Ltd 2,994,909 4.10
2 ICICI Prudential Mutual Fund 2,795,197 3.82
3 Goldman Sachs Investments (Mauritius) I Ltd 1,691,670 2.31
4 Swiss Finance Corporation (Marutius) I Ltd 1,360,659 1.86
6 Clsa (Marutius) Limited 1,027,279 1.41
7 JM Financial Services Private Limited 1,000,100 1.37
8 Union Investment :uxembourg S A a/c 800,000 1.09
9 Bajaj Auto Employees Welfare Funds  784,682 1.07
       
  TOTAL 19,682,572 26.92
       
(1)(d) 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    
       
       
(1)(a) 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    
       
       
(1)(b) 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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