Corporate Presentation J. Kumar Infraprojects Limited

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Corporate Presentation
February 2011
Confidential
0
Table of Contents
1
Company Overview
02
2
Business Strategy
15
3
Order Book
16
4
Global Strategy
17
5
Industry Outlook
20
6
Key Highlights
21
7
Subsidiaries & Joint Ventures
22
8
Appendix
Financial Highlights
Confidential
24
1
Company Overview
Company Overview
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Pratibha Industries was established as a proprietory firm by Mr. Ajit B. Kulkarni to capture a share in the upcoming Infrastructure Industry in
India
Pratibha Industries Ltd. (PIL) was incorporated in 1995 and it took over Pratibha Industries the partnership firm in 1999
Today PIL is a well established, and the only listed infrastructure company with a backward integration into manufacturing of saw pipes and a
proven track record of delivering complex infrastructure projects since 2 decades
PIL’s core expertise is in the areas of water supply and environmental engineering, urban infrastructure, tunnels, high rises, airports, surface
transport, roads and manufacturing saw pipes. Our Company operates on various models such as BOT, PPP Projects, turnkey projects etc.
Proven track record of 20+ completed major projects and 40+ ongoing projects with an order book of INR 42000 mn in Infrastructure and
approximately INR 1,000 mn in saw pipes division as on Dec 31, 2010.
Gross revenue of INR 10,134 mn (FY 2010) with a revenue CAGR of 50% (FY 2007 – 2010) with a PAT of INR 565 mn for the same period.
PIL is an ISO 9001:2000 certified by Moody’s and the quality management system of the saw pipe manufacturing facility is certified by the
American Petroleum Institute
ISO-14001:2004 certification for Environment Management System and OHSAS 18001:2007 certification for Occupation Hazard and Safety
Management Systems
Winner in the ‘Urban Infrastructure’ category for 24X7 water supply scheme for Navi Mumbai – Essar Steel Infrastructure Excellence Awards,
2010
Confidential
2
Company Structure
Business Units
Shareholding Pattern
Public
19%
BU1 – Water, Waste Water,
Environmental Engineering and
Special Projects
Integrated Water Projects
Sewerage Plants
BU2 – Urban Infra and
Surface Transport
Airport Terminals
Water Projects
Railway Stations
Oil & Gas
Reservoirs
High Rises
Water Treatment
Malls
Surface
Transport
Recyclenation Plants
Saw Pipes
Mutual Funds/ FI
7%
Promoters
52%
FII
22%
Water Management
Distribution Systems
Major Foreign Institutional Investors
Confidential
No. of Shares
Merrill Lynch Capital Markets Espana S.A. S.V.
3731029
India Investment Partners Limited A/c. ICG Q Limited
1055108
Warhol Limited (Chrys Capital)
6097561
Cresta Fund Ltd
3753512
Van Dyck (Chrys Capital)
3804348
3
Milestones
Incorporation of our
Company
Took over Teknoworks
India – a mechanical
engineering firm – to
provide backward
integration
Entered construction
business of public
commercial utilities Railway Stations. Entered
Road Construction
Business
1999
1995
2004
Revenues crossed
INR 8000 Mn
Set up (PPP) PublicPrivate Partnership
Division
ISO 9001: 2000
certification
2010
2007
2006
2001
Took over the running
business of
partnership firm –
Pratibha Industries
Awarded a contract by
MJP in Water Supply
Management
Confidential
Listed on
BSE and NSE (IPO
subscribed 26 times)
Enter in the Construction
of Modern Buildings
(i.e.Malls, Offices,
Residential Towers)
2009
QIP of INR 607 Mn
Commissioning of
Saw Pipe Division
QIP/Placement of Rs.150
crs and in Dec’10
secured maiden
international order worth
Rs. 352 crs from Dubai.
4
Our Key Strengths
• Operational capability in different types of infrastructure
projects
• Experienced management team with proven execution
capabilities
• Increasing and diversified order book
• Large fleet of owned machineries and equipments
• Geographical benefits
• Stellar financial performance over a period of time generating
value for shareholders
Confidential
5
Experienced Management Team with Proven Execution Capabilities
Non-Executive Directors
Executive Directors
Board of Directors
Confidential
Mrs. Usha B. Kulkarni
Chairperson
Mr. Ajit B. Kulkarni
Managing Director
Mr. Vinayak B. Kulkarni
Whole Time Director
Mr. Rohit Katyal
Whole Time Director
Mr. Awinash M. Arondekar
Independent Director
Mr. Shrikant T. Gadre
Independent Director
Mr. V.B. Parulekar
Independent Director
Dr. S.L. Dhingra
Independent Director
Mr. V. Sivakumaran
Independent Director
6
Strong Financial Performance
Revenue
EBIDTA
CAGR
FY07 – FY10 : 57%
CAGR
FY07 – FY10 : 50%
PAT
Business Wise Break - up
CAGR
FY07 – FY10: 40%
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7
Nine Months Financial Performance ending on 31.12.2010
Confidential
Profit & Loss
Amt. (Rs. In million)
Income From Operations
8836.88
Operating Expenses
7570.02
EBITDA
1266.86
Depreciation
126.50
Financial Charges
514.23
PBT
626.13
PAT
440.22
8
Business Matrix
Business: 2002
Business: 2011
Water
Supply
Water Supply
Management &
Environmental
Engineering
Saw
Pipes
Infrastructure
Mass
Housing
Infrastructure
Urban
Infrastructure
& Surface
Transport
Road
Construction
Public Private
Partnerships
PIL has grown from a water supply and construction company to an integrated infrastructure company
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9
BU1 – Water, Waste Water, Environmental Engineering and Special Projects
Saw Pipes
Overview
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
BU2- Urban Infrastructure &
Surface Transport

Gujarat Water Supply
Revenue – BU1
BU1 – Water & Environmental
Engineering
Business Verticals

Our Company covers the entire gamut of the Water Supply
system from Pipelines, Sewerage Plants, Reservoirs, Water
Treatment, Recyclenation Plants, Water Management,
Distribution Systems, Integrated Water Projects to Tunnels
Implement projects from designing to construction to
maintenance
We execute these projects on Annuity/Deferred and on cash
contract basis and BOT all over India
Some of the prominent projects executed in this segment are
NMMC Pipeline, Sarita Vihar Water Supply, Barve Ambernath
Pipeline, Indore Water Supply, Gujarat Water Supply
PIL undertakes fully integrated water supply management and environmental engineering projects
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10
BU2- Urban Infrastructure and Surface Transport
Saw Pipes
Overview
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
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BU2- Urban Infrastructure &
Surface Transport
BU1 – Water & Environmental
Engineering
Business Verticals
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This business vertical includes constructing airport terminals, railway
stations, high end residential and commercial high rises, malls, city
roads, flyover and bridges for third parties
Tie-ups with vendors to provide complex custom built structures
We cater to private as well as government entities
Planning to bid for larger sized projects on stand alone or through JV’s
for NHAI and other authorized agencies
Some of the prominent projects undertaken by us include Mumbai,
Delhi and Amritsar Airport, Airoli and Ghansoli Railway Stations, Nirmal
Lifestyle Mall, Lanco Mall, Green Building Commercial, BKC, Imperial
Height Building at Andheri, Pune Solapur Highway Road, Sangamwadi
Bridge, Katraj Road and Bibewadi to Kondhwa Road etc
Mumbai Airport, Arrival Terminal
Revenue – Urban Infrastructure and Surface Transport
Mumbai Airport, Mumbai
Bandra Terminus
Executed prominent projects for government and private sector
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11
Saw Pipes
Saw Pipes
Overview
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
BU2- Urban Infrastructure &
Surface Transport
BU1 – Water & Environmental
Engineering
Business Verticals
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Our Company started the saw pipes division in 2007 as a backward
integration for water management projects
We have an installed pipe-forming capacity of 90,000 MTPA and a
3LP coating division with a capacity of 1.8 mn. sq. mtrs. per annum
Our HSAW pipes can be used in the water supply management
projects and oil and gas transmission
Our Company has obtained API 5L certification from ‘American
Petroleum Institute and is an approved supplier of gas pipes to GAIL
We plan to tap export markets such as Turkey, Oman & Middle East
Hydraulic Piling Rig
Saw Pipe Coating Division, Wada
Revenue – Saw Pipes
Concrete Boom Placer and Piling Rig
Saw Pipes are used in the water supply management segment as well as in oil and gas transmission
Confidential
12
Some of our Prestigious Completed Projects
Use of innovative technology to complete complex structures
Confidential
13
Projects Under Execution
Airports, Tunnels, Pipelines, High Rises Projects undertaken across the country
Confidential
14
Business Strategy
Emerge
as a leader
Drive Revenues and
Margin Expansion
Enter new niches in EPC
Pursue overseas opportunities in existing niches
Develop diversified PPP portfolio in core niches
of Water Supply & Urban Development
Develop Proprietary Skill Sets through R & D, Alliances and
Continuous Human Resources Development
- creating Sustainable Competitive Advantage
Leverage Leadership in Water and Urban Infrastructure Segments
to maintain a robust, high margin core order book
Confidential
15
Strong Order Book of Infrastructure & Construction (As on Dec 31, 2010)
Growth in Order Book
45000
Business Wise Break – up
42382
40000
Urban
Infra
38%
35000
30000
25000
20000
20312
19352
Water
61%
21000
Business
Verticals
15000
10000
5000
Outstanding
Work (INR in
Mn)
1
0
2007
2008
Road
1%
2009
Dec-10
Urban
Infra
Road
Total
25767
16,255
360
42,382
Client Wise Break - up
Geographical Break – up
Business
Verticals
Water and
Environment
al
Engineering
Outstanding Work
(INR. in Mn)
Maharashtra
15,531
Rest of India
19,929
Dubai
6,922
Total
42,382
Business Verticals
Outstanding Work
(INR in Mn)
Government Contracts
Private Contracts
Total
Our Company has a strong order book, with an order book to revenue (FY10) ratio of 3.5x
We have diversified our order book globally with the maiden order from Dubai as well as have strong foothold in India
across 12 states with less than 50% in Maharashtra.
Confidential
33,076
9,304
42,382
16
Global Strategy
• Secured maiden overseas order of Rs. 352 crores from Dubai
Electric & Water Authority for construction of Al-Ghafat water
reservoir.
• Pratibha is planning to expand its global operations & hopes
to secure more orders in middle east countries like Saudi
Arabia, Oman, Qatar, etc.
• Capitalise on its strong track record in executing complex
infrastructure projects on EPC basis in water supply and
Urban infrastructure sectors
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17
Key Customers
Water Supply
Management
Municipal
Indore Municipal J & K Economic Delhi Jal Karnataka Urban
Corporation of Navi Mumbai
Reconstruction Board Water Supply &
Corporation
Greater Mumbai Municipal
Drainage Board
Agency
Corporation
Urban Infrastructure
Public Health Gujarat Water
Jabalpur
Engineering
Supply and
Municipal
Department, Sewerage Board Corporation
Rajasthan
National Buildings
Construction
Corporation
Delhi Metro Rail
Corporation
Airport Authority
of India
Surface Transport
MMRDA
Indore Development Authority
Pune Municipal Corporation
MSRDC
Saw Pipes
GAIL
Kalpataru Power
Transmission
Petron Civil Engineering
Larsen & Toubro
Indian Oil
Prominent names in the industry choose to BUILD their growth with Pratibha
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18
Pan India Presence
1) Jammu & Kashmir
● Nisphat Doodhganga Water Supply
Scheme
7) Maharashtra
● Andheri-Kurla Link Road
● Imperial Heights Building, Oshiwara
● C- 70 Building, BKC
● Tunnel from Malabar Hill to Cross Maidan
● Irla Pumping Station
● Water Pumping Station at Bhandup
● High Rise Residential Tower, Borivali
1
2) Punjab
●Expansion of Amritsar airport
2
3) Haryana
●Designing, Constructing, Testing,
Commissioning of Water works
at Chadu Budhera, Gurgaon,
3
4
5
12
10
4) Delhi
● Expansion of Delhi International Airport
● Laying of Pipeline for Delhi Jal Board
●Muti Level Parking in New Friends Colony
and New Delhi Railway Station
●High end commercial complex and car park
on BOOT basis for DMRC’s City Airport
Terminal at New Delhi Railway Station
11
6
9
7
8) Karnataka
● Water Supply & Sewerage Project,
Bangalore
9) Madhya Pradesh
● Urban Water Supply & Environmental
Improvement Project
● Construction of Link Road, Indore
● Clear water raising mains and feeder
mains
10)Uttar Pradesh
● Water Treatment Plant, Meerut
5) Rajasthan
● Water Supply Management project
at Nagaur
6) Gujarat
● New International Terminal
Building at SVPI Airport, Ahmedabad
8
11) Bihar
● Construction of ESIC Medical College,
Patna
12) Assam
● Construction of Administrative Block,
Lepetkata, Assam
PIL has spread its wings across India and remains the preferred partner for urban areas
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19
Industry Outlook - Infrastructure
Mega Infrastructure Outlay - India


Spending on Infrastructure in 11th Five Year Plan
USD bn @ Rs. 48/$
Government of India has made a provision of Investment of USD
400-500 bn (2.3x the estimated expenditure in the 10th plan) in the
infrastructure sector during the 11th Five Year Plan
Sectors
Roads and bridges
Railways (incl. MRTS)
Irrigation (incl. WD)
Water supply and sanitation
Airports
Total
This is to be achieved through a combination of public investment,
public-private partnerships (PPP) and exclusive private investment,
wherever feasible
Water Supply - Environment Engineering - India
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
Water sector in India grew 18 - 20% in the past three years

There is need to create infrastructure to ensure sustainable water
supply for the country’s agricultural, industrial and domestic use

The scope in the sector has extended to distribution systems, water
treatment, waste water treatment, recycling plants, sewerage plants
and water management

11th Five Year Plan estimates an investment of INR 1.4 trillion in the
sector and aims to provide drinking water, sanitation and waste
management to 100% of the urban population
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
The NHAI plans to award orders for 36,500 km in the next three
years amounting to INR 2.6 trillion
Most road projects to be developed would be through a publicprivate partnership (PPP) on the BOT – annuity or toll mode
Sectoral share (%)
plan
11th Plan
65.4
54.5
52.8
29.9
6.5
428.4
15.3%
12.7%
12.3%
7.0%
1.5%
100.0%
Urban Infrastructure
Surface Transport

11th

India has INR 300 mn urban residents comprising about 30% of the
population and contributing over 60% to GDP
The JNNURM involves investment of INR 1.2 trillion over FY 05 -12
(Maharashtra’s share is 10%)
Opportunities in tier II category; Bangalore, Chennai, Hyderabad and
Jaipur are expected to have PPP opportunities in the short term in a
large way
The government plans to spend INR 300 bn on the airports sector
during the 11th Five-Year-Plan. Of this, INR 140 Bn is slated for
upgrading the 35 non-metro airports and modernizing aeronautical
facilities
80% of demand in the real estate sector arises from the housing
segment. The affordable housing sub-segments have been on an
uptrend since May’ 09
Source: 11th Five Year Plan, Planning Commission Report
Infrastructure is the backbone of a growing India
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20
Key Highlights
Reputed
client base Government
and Private
Proven
execution
capabilities
since 2
decades
Operate with
margins
better then
the industry
Large fleet of
owned
machineries
Increasing
and
diversified
order book
Experienced
management
team
Confidential
Huge macro
potential to
ride upon
21
Our Subsidiaries & Joint Ventures
Wholly Owned Subsidiaries
Joint Ventures/SPVs
Pratibha Infrastructure Pvt. Ltd.
Pratibha China State JV
Prime Infrapark Private Ltd.
Pratibha Ostu Stettin JV
Patel Pratibha JV
Gammon Pratibha JV
Niraj Pratibha JV
ITD Pratibha Consortium
Pratibha SMS JV
Pratibha GINKJI Consortium
KBL PIL Consortium
Unity Pratibha Consortium
Unity Pratibha Multimedia JV
Pratibha Pipes & Structural Consortium
Pratibha JV
Pratibha Al – Ambia JV
Bhopal Sanchi Highways Pvt. Ltd.
Confidential
22
Appendices
Confidential
Financial Highlights (Consolidated)
Profit & Loss Account (INR in Mn.)
FY 2007
FY 2008
FY 2009
FY 2010
3,004
5,651
8,058
10,072
72.5%
88.1%
42.6%
25.0%
2,637
4,991
7,142
8,643
367
660
916
1,429
12.2%
11.7%
11.4%
14.2%
Other Income
4
1
50
63
Depreciation
11
36
71
140
EBIT
359
624
895
851
Financial Charges
123
223
341
522
PBT
236
402
554
766
7.8%
7.1%
6.9%
7.6%
Tax
32
59
107
201
PAT
204
343
447
565
6.8%
6.1%
5.6%
5.6%
FY 2007
FY 2008
FY 2009
FY 2010
Equity Share Capital
143
167
167
167
Reserves and Surplus
806
1,672
2,080
2,587
1,363
1,328
2,484
4,347
214
921
1,455
2,890
2,673
4,378
5,618
8,279
878
3,283
2,977
4,103
Income from Operation
Growth
Operating Expenses
EBIDTA
Margin
Margin
Margin
Balance Sheet (INR in Mn.)
Loan Funds
Net Fixed Assets
Current Assets
Current Liabilities
Confidential
Income from
Operation
(FY 2007–10)
CAGR of 50%
EBIDTA
(FY 2007–10)
CAGR of 57%
PAT
(FY 2007–10)
CAGR of 40%
24
Disclaimer
This Information Package is distributed by Pratibha Industries Ltd. on a strictly confidential basis for information only. This Information Package and
the information and projections contained herein may not be disclosed, reproduced or used in whole or in part for any purpose whatsoever or
furnished to any other persons without the express prior written permission of Pratibha Industries Ltd. This Information Package is distributed by
Pratibha Industries Ltd. upon the express understanding that no information herein contained has been independently verified. Further, no
representation or warranty expressed or implied is made nor is any responsibility of any kind accepted with respect to the completeness or accuracy
of any information. Also, no representation or warranty, express or implied, is made that such information remains unchanged in any respect as of
any date or dates after those stated herein with respect to matters concerning any statement made in this Information Package. This Information
Package contains several forward looking statements and projections, and there is no express or implied warranty that such forward looking
statements and /or projections would materialize or that Pratibha Industries Limited would achieve the same, wholly or in part or at all. All forward
looking statements and projections are subject to changes and modifications (including the risk of discontinuation) based on several factors, both
internal and external. No duty is owed to any person to update, from the date hereof, as regards any changes or modifications (including
discontinuance) in projections and / or forward looking statements in this Information Package. Certain visual representations of properties under
construction/ yet to be constructed herein are merely artists’ impressions. We cannot assure that the completed projects would resemble the artists’
impression. The charts and maps herein are merely indicative of what they depict, and may not necessarily be proportionate or to scale. Pratibha
Industries Ltd and its directors, employees, agents and consultants shall have no liability (including liability to any person by reason of negligence or
negligent misstatement) for any statements, opinions, information or matters (express or implied), projections and forward looking statements arising
out of, contained in or derived from, or for any omissions from the Information Package. All recipients of the Information Package should make their
own independent evaluations and should conduct their own investigation and analysis and should check the accuracy, reliability and completeness of
the Information and obtain independent and specific advice from appropriate professional advisers, as they deem necessary. Where this Information
Package summarizes the provisions of any other document, that summary should not be relied upon and the relevant documentation must be
referred to for its full effect.
For any further information / queries regarding this document please contact:
Pratibha Industries Limited, Univeral Magistic, 13th & 14th Floor, Off. Eastern Express Highway, P.L. Lokhande Marg, Govandi,Mumbai – 400071.
Confidential
25
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