INTRODUCTION

COMPANY PROFILE

Punj Lloyd Limited is one of the largest engineering construction companies in India and is
mainly in the business of providing integrated design, engineering, procurement, construction
and project management services for energy industry and infrastructure sector projects. It has
a strong presence in oil and gas sector. It is also engaged in the niche business of providing
engineering construction services for power plants. With operations spread across the Middle
East, Africa, the Caspian, Asia Pacific and South Asia, Punj Lloyd provides EPC services in
Oil & Gas, Process, Civil Infrastructure, and Thermal Power.

Further, Punj Lloyd is today a diversified conglomerate, owing to its successful foray into
aviation, defence, upstream, real estate and marine, through its subsidiaries and joint
ventures. The first Indian company to partner with an American nuclear company –Thorium
Power, after the 123 agreement, Punj Lloyd was also prompt in exploring the opportunity in
the defence sector with its tie-up with ST Kinetics, Singapore. Its stake in Pipavav Shipyard
Limited continues to throw new opportunities every day, be it fabrication of platforms, or the
requirements of Navy on the defence front or the nuclear industry. Punj Lloyd‟s operations
are spread across the Middle East, the Caspian, the Asia Pacific, Africa, south Asia, Turkey
and Georgia. The company has 13 subsidiaries including subsidiaries in Kazakhstan and
Indonesia, and 12 project and marketing offices including the United Kingdom, Tunisia,
Libya and Saudi Arabia.

The company has worked on projects for international energy majors such as ADNOC,
British Petroleum, Cairn Energy, Pertamina, Petrokazakhstan, Petroleum Development
Oman, Shell, Total and Tengizchevroil as well as energy majors in India such as BPCL,
CPCL, Dabhol Power Company, Essar Refineries, GAIL, Gujarat Gas, HPCL, IOC, Jindal
Power, Kochi Refineries, Nuclear Power Corporation, OIL, ONGC, RIL, NHAI, DMRC. As
a reflection of the international quality standards, construction and project management
techniques, Punj Lloyd holds ISO 9001:2000, ISO 14001:1996 and OHSAS 18001:1999
certification.

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ORIGIN AND EVOLUTION
Punj Lloyd limited (PLL) was incorporated as Punj Lloyd engineering pvt. Ltd. On 26th
September 1988with the specific aim of taking over all the engineering, turnkey & general
construction activities along with other specialized technical services business of the
erstwhile Punj Sons Pvt. Ltd. This had been in business since 1954. Punj Sons Pvt. Ltd. Was
a large diversified business group engaged in activities ranging from general construction to
specialized activities such as pipe laying, insulation etc.

Punj Lloyd Engineering Pvt. Ltd. was renamed Punj Lloyd Pvt. Ltd. on July 11, 1989. On
conversion into a public limited company on 22nd July 1992 the name was changed to Punj
Lloyd Ltd.

VISION
To be among the top five EPC companies in the segments and markets we serve by 2012.

MISSION
We will deliver reliable, high-quality solutions for global infrastructure, always ensuring
that integrity, safety and sustainability are at the heart of everything we do.

CORE VALUES
To realize the vision and mission, PLL always turn to the corporate values that it hold dear
• Performance
We are here to make a valuable difference to our stakeholders and we will make it happen
against all odds
• Passion
Differentiated by their „Can Do‟ attitude and the fire in their belly
• Team work
Can gain from the diversity within the Group by sharing knowledge and resources to
achieve individual and collective success
• Agility
Understand stakeholder needs and respond with speed and precision
• Reliability
Trustworthy and reliable, in both thought and action. Their stakeholders can count on them
to deliver, always

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SERVICES PROVIDED BY PUNJ LLOYD LTD.
Punj Lloyd Ltd. is a total engineering construction company with activities including cross
country pipelines, tank ages, cryogenic system, oil & gas, petrochemicals, oil & gas piping
projects, piping jobs, industrial construction, effluent treatment, fertilizers, bridges, highway
engineering, civil engineering, & construction for the power and irrigation, water supply,
water treatment, distribution networks, on-shore & off-shore pipelines, infrastructure
services, broadband services.

CONSTRUCTION CAPABILITIES

In over 18 years of experience in construction, Punj Lloyd Limited has constructed more
than 8,000 km of pipelines and 6 million m³ of tanks and terminals capacity and has executed
11 refinery modernisation and quality improvement projects. It has also successfully executed
projects in South Asia, the Asia Pacific region, the C.I.S., the Middle East, and in Turkey and
Georgia, in difficult terrain and extreme climatic conditions. Some of the projects the
company has undertaken are construction of Dahej-Vijapur Pipeline for GAIL, LPG Storage
Tank for Reliance at its Jamnagar Refinery, LNG Storage Tanks for LNG Terminal at Hazira
etc. Some of the projects the company is currently working on are construction 12 highways
falling under Golden Quadrilateral Project, Motor Spirit Quality Upgradation at IOCL Haldia
Refinery, Hydrocracker Units projects at IOCL Panipat Refinery and Mathura Refinery.

CLIENTELE BASE
Punj Lloyd has catered to more than 120 clients and executed more than 180 projects in over
14 countries. Some of its prominent clients are Qatar Petroleum, British Petroleum, Cairn
Energy, Shell, BHEL, BPCL, CPCL, Dabhol Power Company, Essar Refineries, GAIL,
Gujarat Gas, HPCL, IOC, Jindal Power, Kochi Refineries, OIL, ONGC, RIL, Skoda,
Engineers India Limited, NHAI and Delhi Metro.

CONSISTENT DIVIDEND
Punj Lloyd is the consistent dividend paying company. It paid 10% dividend in the year
2004, 7% dividend in the year 2005 and 10% dividend in the year 2006.In the year 2008-09,
the directors have recommended a dividend of 15% .

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CORPORATE SOCIAL RESPONSIBILITY
The corporate philosophy of Punj Lloyd is to bring about an improvement of the lives of
those less privileged than us.They care for the upliftment of communities not only in our own
country but everywhere we work. Various initiatives taken by Punj Lloyd are:

• The biggest manifestation of our social responsibility is the „Dayawanti Punj Model
School‟, located between Varanasi and Allahbad, run by SNP Punj, Chairman (Emiratus)
Punj Lloyd and established in 2003.The school has 600 students and 25 teachers of mainly
backward class. Out of these hundred students, mainly girls get free education, books and
school uniform under the “sponsorship scheme”. Punj Lloyd has contributed INR 32.30 lakhs
to this venture in the current fiscal year.

• We take measures to protect neighbouring communities from harmful effects of

construction activities or pollution that may result from it at all our international and domestic
sites. We generate employment for the locals, impart new skills to them through training to
add value so that they become a part of our international multicultural, multi lingual
workforce, improving local infrastructure, offering medical services to local communities,
arranging for drinking water or water for irrigation areas.

• Health and safety of employees is of prime importance to us. Punj Lloyd‟s aim is to
eliminate any chances of accidents, harm to people or damage to the environment. We have
achieved following safe man-hours without lost time injury at our sites. 16 million at
Belgaum- Maharashtra, 4million each at Haldia, Turkey, 2.5 million in Georgia and 1 million
in Oman. We have won IPLOCA Safety Award for the year 2004 on the basis of more than
1,500,000 safe man-hours worked, the prestigious Greentech gold award for safety for 2004-
05, Five star rating from British Safety Council for our BTC project in Turkey, Safety
Milestone Award for working more than 3,500,000 hours and safety award for initiation and
exemplary performance of an Internal Safety Audit system in Kazakhstan, “good” rating for a
3.3 out of 4 score in Oman, this is the highest rating scored by a contractor for a PDO safety
audit, and 6 consecutive awards in Panipat for the Best Safety Performance, the last of which
was won in 2004.

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PRODUCT PROFILE

PIPELINES
The pipeline system is much more economical mode of transport for high volume products as
compared to other means of transport. Pipelines can be used for oil distribution, petroleum
refining, thermal power plant, nuclear power plant, and cement plant etc.

As far as India is concerned, there is a great scope in the pipeline sector. The country has less
than 15000 kms of oil and gas pipelines as compared to 329600 kms in US. Government‟s
decision to open up the oil retailing to the private sector has rustled up tremendous
excitement in the industry which has nearly 17000 outlets run by state owned Indian oil
corporation (IOC), IBP, BPCL, and Hindustan Petroleum Corporation.

Punj Lloyd Ltd. is recognised as a major player in this field both in domestic as well as the
international market the future outlook of the company is encouraging. The SBU expects to
win substantial orders, both domestic and international in the current year. One of the major
achievements of the Pipeline SBU has been the execution of the Baku-Tbilisi-Ceyhan
pipeline in turkey and Georgia. The work on Gas Export Pipeline in Oman is going as per
schedule. Company‟s major projects in the pipeline sector are:
• Baku-Tbilisi-Ceyhan Crude Oil Pipeline
• Gas Export Pipeline for PDO Oman
• Dahej-Vijaipur Pipeline
• Panaran Pemping
• Tunu Field Development Phase 9
• Jamnagar-Loni LPG Pipeline

CIVIL CONSTRUCTION
There has been an upsurge in the in the road sector with the Government of India
emphasizing on implementation of the national highways development project (NHDP)
which is being implemented through budgetary grants and aid from the World Bank and other
multilateral agencies.

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The Civil Construction SBU of Punj Lloyd has been working on various road construction
projects in India. Major projects are:
• Upgradation of Belgaum-Maharashtra Border Section of NH-4, Karnataka
• Construction of Jaipur Bypass Zone D, Rajasthan
• Construction of Vadodara-Halol Tollway
• Thiruvananthapuram City Road Improvement Project
• Delhi Metro Rail Corporation
• Dukhan Support Services Area, Qatar
• Duri Steam Flooding Area 10, Indonesia

PROCESS PLANTS
This SBU of Punj Lloyd deals with construction of plants for the production of
Gasoline/petrol, refineries, EPC projects in hydrocarbon sector. The achievements of SBU
are:
• Sulphur Recovery Units
VisBreaker Unit (VBU) and Sulphur Block for CPCL Refinery III Project, Sulphur Block and
Utilities/Offsite at IOCL Guwahati Refinery, Sulphur Block at Kochi, Mathura, Koyali
Refinery
• Hydrocracker Units
Hydrocracker Unit at IOCL Panipat Refinery and at the Mathura Refinery
Peciko Development Project Phase 4, Indonesia
Gas Field Development, Dandewalan & Tanot
Motor Spirit Quality Upgradation, Haldia

TANKAGE & TERMINALS

In India, the demand for tankages for storing crude oil products is expected to increase
substantially on account of :
(i) expected increase in the refining capacity from the present level,
(ii) (ii) increase in import of crude oil to meet its shortfall in the country. The
achievements of this SBU are:
• LNG Storage and Regasification Terminal at Dabhol
• Low Temperature LPG / Propylene Storage at Reliance Jamnagar Refinery
• Product Storage Tanks at Marine Tank Farm Area, Jamnagar

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• LNG Storage Tanks for LNG Terminal at Hazira
• Ravva Oil Field Development

POWER
SBU Power has been working with many reputed domestic and international players over the
years. Achievements of SBU Power are:
• SBU Power made a breakthrough with the award of a contract worth Rs. 208 crore by the
Jindal Group for setting up a 4X250 MW power plant at Raigarh in Chattisgarh.
• The SBU has recently been awarded, jointly with BHEL‟s international division, 2X60 MW
Merak Energy power project worth USD 50.43 million at Indonesia
• SBU Power expects to participate in all future projects of BHEL, NTPC, and IPPs.

TELECOMMUNICATION
Given the very low penetration levels as compared to the world average, large registered
waiting list and existence of latent demand, the potential for the growth of telecommunication
sector in India is quite high. Punj Lloyd Ltd. is in discussion with several ISPs and software
technology parks for laying fibre Optic Cables.
• During the year the company applied for the Internet Telephony License in its name with
the Department of Telecommunication (DOT).
• The SBU has two certifications of ISO 9001:2000 and BS 7799:2002, making it the second
ISP in India to achieve this milestone.

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 SWOT ANALYSIS OF PUNJ LLOYD LIMITED

STRENGTHS
• Strong resource base
Equipment base
Financial capacity
Manpower strengths
• Ability to organize additional resources at short notice.
• Excellent „track record‟
• Presence in Asian and European market (Indonesia, Oman, Turkey etc.)
• Association with leading oil and gas majors
• Strategic alliances with large construction and engineering companies
• Highly competitive in terms of cost with its competitors.
• Strong IT aided analysis
• Strong communication network
• ISO 9002 and ISO 14001 company
• Impressive safety record

WEAKNES
Weak presence in Power sector
Pressure vessels fabrication – Qualification
The company is over dependent on Oil & Gas sector.

OPPORTUNITIES
• Upcoming Expansion in grass root projects in refinery sector
• Market to take off in LNG & LPG sectors
• Additional oil storage being planned by the Government
• BOOT projects
• Infrastructure sector, in India, opening with emphasis on :
Water and Sewerage
Roads
Ports

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• Telecom sector opening up with international players.
• Major pipeline network planned in India and Bangladesh
• New market areas available, like Africa & Central Asia.

THREATS
• Entry of foreign companies in Indian market
• Low bidding by non organized sectors in small and medium sized projects
• PSU does not appreciate value added in terms of modern management techniques&
scientific project execution.
• Unstable political scenario in the region.

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 ANSOFF’S MATRIX

Diversification
Diversification

Punj Lloyd has signed Memorandum of Understanding (MOU) with an America based
company Thorium Power, thus entering into a new market of nuclear as well as solar power.
Henceforth, in the Ansoff‟s Matrix currently they are in the diversification stage wherein they
are entering a new market of nuclear and solar energy with new products i.e. nuclear and
solar energy.
Due to FDI regulations, Thoruim Power is not allowed to enter the Indian market but possess
a very good experience in the construction of nuclear power projects and is a dominant player
in the international market. According to the MOU, this joint venture would facilitate Punj
Lloyd with experience of Thorium Power in the constructions of the nuclear power projects.
Thorium as well would gain the permission to enter the Indian market with this venture.

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 PRICING

Pricing has been very market oriented and competitor based for Punj Lloyd ltd. In its policy it
is mentioned that 12 % growth per annum is sought for the company. So company always go
for value based pricing to lure customers. As several major players are there in the market,
the company keeps a vigil on the pricing front according to the changing scenario.

A) Value based pricing: They believe in providing optimum value for the price
customer is paying. They serve there clients at the most affordable industry oriented
price and give proper attention to the client‟s need.

B) Customer based pricing: They price their service or project according to the need of
the client. They strictly adhere to the budget of the client and specificity of the project
details.
They have different set of raw materials and construction materials for different
project. If a client need higher quality product then they can provide A-CLASS
product and if customer wants B-class product then they priced accordingly.

C) Cost based pricing: it is based on the sum total of the cost of the raw material and
the finished product which is used to deliver the final product to the customer.

BUYER SUPPLIER RELATIONSHIP

Be it purchase decision, manufacturing orders or construction assignments, Company always
stresses on the relationship management. Liasoning is a important aspect in this context.
Apart from it they have focussed on collaborative management. Ex. When Reliance industries
ltd handed them a pipeline project, they worked with a team of RIL to finalise the roadmap.
They offer attractive package and rewards to their clients to build long term relationship in
terms of extra maintenance period. Some part of the Golden Quadrilateral are made by them
and taken care of them till now.

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 COMPETITORS

52-Week
Sales Current Change P/E Market
Company High/Lo
(Rs.Million) Price (%) Ratio Cap.(Rs.Million)
w
Larsen & Toubro 336648.70 1599.55 1.51 24.10 945849.87 1800/557

Jaiprakash Assoc 57641.80 229.75 0.86 16.70 319387.30 270/53

Lanco Infratech 40825.86 525.80 2.28 28.51 123785.25 575/99

IRB Infra 0.90 267.00 8.78 133.84 81578.77 264/65

Punj Lloyd 68817.74 215.80 1.70 27.14 70448.28 299/67

IVRCL Infra 49830.92 376.45 2.46 23.33 49049.71 425/82

Nagarjuna
41514.08 168.55 2.77 26.87 42079.74 184/34
Constuctn
Hindustan
31048.10 137.65 2.61 41.40 40680.93 147/29
Constructn
Era Infra Engg 23768.99 194.45 2.21 13.59 33995.79 205/62

Patel Engineering 14787.22 464.20 0.22 17.19 27634.09 526/103

Gammon India 36820.00 229.50 -2.36 17.22 25288.25 255/47

Simplex Infra 46626.56 518.30 2.62 22.99 24986.00 546/102

Reliance Indl
709.94 955.30 0.86 62.76 14302.72 1287/231
Infra
Gammon Infra
373.41 19.20 0.52 121.20 13789.05 31/8
Project
Consolidated
3570.91 363.65 2.80 18.12 13108.36 400/105
Constn.
Sadbhav Engg. 10624.81 943.05 -0.86 18.30 11890.00 999/220

Madhucon
10254.34 138.85 7.01 20.48 9574.89 139/21
Projects
Shriram EPC 9187.66 223.65 1.75 22.34 9559.47 265/77

Maytas Infra. 13348.70 172.55 9.97 17.07 9233.70 520/31

Noida Toll
792.11 37.30 2.33 21.97 6786.81 48/16
Bridge

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Unity
11323.28 433.75 0.34 7.90 5778.99 476/67
Infraprojects
NESCO 850.98 737.95 1.89 18.07 5103.06 970/358

Subhash Projects 12572.21 134.25 -1.00 20.66 4969.78 171/36

C&C Constructn 5332.58 231.45 2.48 9.92 4124.02 284/87

Gayatri Projects 10045.95 353.10 4.39 8.39 3756.19 394/42

Pratibha
7528.09 206.80 2.20 7.16 3376.21 242/47
Industries
KNR
6496.08 112.65 2.60 6.96 3087.96 138/21
Construction
Supreme Infra 3822.50 150.70 3.93 7.38 2011.99 155/19

ITD Cementation 9406.34 179.90 3.60 34.76 1999.72 234/60

MSK Projects 3534.99 91.20 5.74 7.26 1968.32 107/31

Atlanta 1943.24 127.00 6.01 7.27 1952.74 142/31

Valecha Engg. 6063.74 97.45 0.93 11.78 1731.14 124/22

Petron Engg
4375.46 228.40 4.41 25.98 1649.03 229/58
Constn
Tantia
4494.51 103.45 1.22 6.04 1591.57 127/28
Constructions
UB Engg. 4531.06 81.25 -0.98 6.20 1400.34 97/28

PBA Infra 3642.99 68.25 2.40 5.69 899.81 84/21

Roman Tarmat 1498.25 51.25 4.81 20.85 535.98 72/18

Niraj Cement
791.74 47.60 4.96 8.07 469.05 89/13
Struct.
Kaushalya Infra. 822.80 19.55 1.82 12.59 376.43 35/7

Mukand
535.14 31.60 9.91 6.99 361.46 38/9
Engineers
Stewards &
953.74 88.15 3.52 48.20 255.45 121/38
Lloyds
CCAP 147.05 38.25 2.55 19.55 133.17 68/8

Acrow India 27.51 148.00 0.68 18.48 94.08 165/59

Bhagheeratha 123.39 11.32 0.00 0.00 88.50 13/12

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Engg
RJ Shah 76.95 243.80 0.00 5.78 68.29 244/244

Conart Engg 284.78 19.75 3.95 3.40 57.00 23/7

Jog Engineering 2.90 2.74 0.00 0.00 23.29 6/3

Numero Uno 0.00 1.02 0.00 0.00 5.10 0/0

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 CORE COMPETENCIES

It has unique set of skills which is better known as :

E- Engineering- It designs and engineers a product with little help from technologies
from abroad
P- Procurement- Here procurement of raw materials (sand, bricks, steel, cements,
electrodes ) as well as finished products (vessels, heat exchangers, boilers) takes place
C- Construction- Here the project manager manages the entire project by optimally
utilising the resources and at the same time concentrating on quality and productivity.
C- Commission- Here the step of post completion takes place like plan expansion, de-
bottle necking and turnaround support.

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The process as follows:
Open tenders for the projects which are to be undertaken by the clients.
The tender can be published in either newspapers or online.

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 Interested companies participate in the bidding, PUNL and competing companies
participates too if interested in the project.
PUNL bids for the lowest prices and wins the tender.
The client describes the tit-bits of the project in the tender.
The tender also includes an approved vendor list which is an Engineering India
Limited vendor list.
The vendor list consists of major suppliers of bricks, electrodes ( Dwikam, Hanover),
cement (Ultratech, Jindal, JP), Steel (SAIL, Jindal, Tata) , sands.
PUNL has to follow the tender requirements on a strict basis. It should fulfil the client
requirement of a minimum cost.
A third party called as project manager consultant is appointed by the client. This
third party has to be communicated about the happenings of the project.
This third party also monitors the tit-bits of the project like TQM, cost reduction,
productivity and lean manufacturing.

Implementation of the process

1. Engineering- includes designing as well as close monitoring of the raw
materials and equipments.
2. Ordering- Ordering of raw materials like sand, bricks, electrodes, cement as
well as the finished products eg. Heat exchanger vessels, boilers, tanks etc.
3. Manufacturing-they check on the following details:
o Total Quality Management (TQM)
o Cost reduction
o Lean manufacturing
o Timely delivery
o Productivity
4. Construction- assembling of the raw material as well as finished products to
deliver the end user.
5. Commissioning- periodic check up and monitoring of the industrial
happening to remain updated.

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 ADVERTISEMENT STRATEGIES

 MEDIA BROADCAST
Company advertisements are exclusively flashed in NDTV Profit channel only because
it‟s the only channel which has the major viewership among the industrial clients and
customers.

 PRINT ADS
The leading business magazines such as India Today, Business Line, Forbes flashes the
print advertisements of Punj Lloyd. Apart from this they also have hoardings at Delhi
airport and metro stations.

 SPONSERSHIPS
It exclusively sponsors Narayan Karthikeyan‟s attire (Formula1 racer) and also features
its logo on the Formula1 car. Recently in 2008, Mumbai held a squash tournament which
was sponsored by Punj Lloyd.

 TRADE SHOW
A recent conference was conducted by PUNL last month in Delhi in Taj Residency,
Dhaula Kuan. This conference was attended by several other B2B firms that showcased
their product and services in the trade show which included companies like PUNL, L&T,
GAMEN, Uday Energy, BHEL.

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 L&T VS PUNJ LLOYD: A COMPARISON

ORDER BACKLOG AND TOPLINE COMPARISON:

L&T‟s E&C arm has an order backlog of

nearly Rs 537 bn as on June 2008 (2.6 times its
FY08 E&C divisions sales) while PUNL‟s
order backlog stood at over Rs 200 bn (2.6
times its FY08 sales). PUNL‟s topline and
order backlog have been rising rapidly over the
past three years. As we can see in the adjacent chart, in FY04, L&T‟s order backlog was 7.1
times that of PUNL‟s, but at present times, it has come down to 2.7 times its peer‟s order
backlog size. During the same period, the sales have tapered down to 2.7 times from 5.6
times in FY04. PUNL‟s acquisitions of Sembawang E&C (SEC) and its wholly owned
subsidiary Simon Carves (SC) have been one of the main reasons behind this high growth.
While PUNL‟s sales have been growing at a four-year CAGR of 49%, L&T‟s topline has
been growing at a CAGR of 25% over the past four years.

FINANCIAL PERFORMANCE COMPARISON:

Due to reasons such as the delay of road

projects and the acquisitions‟ low margin
legacy orders, PUNL‟s consolidated margins
have significantly dampened since FY06.
Infact, the company‟s EBIT margins have
reduced to 7.4% as of its FY08 results as
compared to 13.5% margins in FY04. On the other hand, L&T‟s performance has been
steadily improving over the past few years. In FY08, the company‟s EBIT margins were
9.8% as compared to its FY04 margins of 7.5%.

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 STOCK VS INDEX PERFORMANCE:

The BSE Capital Goods index is one of the worst hit indices since the beginning of this year.
Infact, L&T has fallen nearly 53% from its 52 week high, while PUNL has fallen a whopping
61% from its 52 week high as compared to the index, which fell by 49%. If one would have
had invested Rs 100 in Punj Lloyd, L&T and the BSE Capital Goods index in January 2006
(since PUNL got listed then), it would have been worth Rs 120, 251 and 146 respectively as
of today. Currently, PUNL is trading at Rs 222, a trailing twelve months price to earnings of
21x. L&T on the other hand, is trading at Rs 2,217, a price to earnings of 31x on trailing
twelve months basis.

We believe that both these players will continue to dominate the E&C space going forward.
We are positive on both the companies‟ future outlook, as the potential remains immense in
the hydrocarbon and infrastructure space. Due to L&T‟s vast experience, size and long
history, it will always continue to play a dominant role in the domestic E&C space. However,
looking at PUNL‟s fast growth, it will not lag far behind its peer group leader.

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 REFERENCES

http://deadpresident.blogspot.com/2009/10/annual-report-punj-lloyd-2008-2009.html
http://www.citefin.com/160-final-report-punj-lyod.html
http://www.acchoksi.com/update/Fundamental_Reports/2007_06_04(Punj%20Lloyd
%20Ltd).pdf

http://info.shine.com/company/Punj-Lloyd-Limited/867.aspx

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