MIRA
INFORM REPORT
|
Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
LLOYD ELECTRIC AND ENGINEERING
LIMITED |
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Registered
Office : |
A-146, B and C, RIICO
Industrial Area, Bhiwadi, Alwar– 301 019, Rajasthan |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
10.11.1987 |
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Com. Reg. No.: |
17-012841 |
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Capital
Investment / Paid-up Capital : |
Rs. 310.067 millions |
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CIN No.: [Company Identification
No.] |
L29120RJ1987PLC012841 |
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Legal Form : |
Public limited liability
company. Company’s shares are listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturers of Condenser and
Evaporator Coils. |
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No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 16000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established reputed company having fine track.
Financials of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office/Factory : |
A-146, B and C, RIICO
Industrial Area, Bhiwadi, Alwar– 301 019, |
|
Tel. No.: |
91-1493-220724/222521/ 221348 |
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Fax No.: |
91-1493-220543 |
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E-Mail : |
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Website : |
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Corporate Office : |
159, Okhala Industrial Estate Phase- II, New Delhi-110 020, |
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Tel. No.: |
91-11-40627200/300 |
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Fax No.: |
91-11-41609909 |
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Lloyd Coils, L.P., |
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E-Mail : |
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Czech Office: |
LUVATA CZECH and s.r.o. Vrazska 143, 15300 Praha 5 - |
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Tel. No.: |
420- 257- 811129 |
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Fax No.: |
420- 257- 811136 |
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Manufacturing Plant: |
Domestic: ·
Industrial Area, Kala-Amb, ·
C-1/1, Industrial Area, Selakui Dehradun,
Uttaranchal, India ·
Plot No. 24, Sector 2, IIE Sidcul Pantnagar,
Uttarakhand, India |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. S.K. Sharma |
|
Designation : |
Director |
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Date of Birth/Age : |
01.10.1944 |
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Qualification and Expertise |
Mr. S.K. Sharma
holds a Master degree in Engineering in Electrical Communication from the Indian Institute of
Science, system. He also
posses vast experience in management, human resources and administrative fields. |
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Date of Appointment : |
31.01.2005 |
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Other Director Ship: |
Fedders Lloyd Corporation Limited, Non-Executive and Independent Director |
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Name : |
Mr. A.K. Roy |
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Designation : |
Whole Time Director |
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Date of Birth/Age : |
31.05.1950 |
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Qualification and Expertise |
Mr. A.K. Roy is
a graduate in Mechanical Engineering with specialization in areas of
industrial engineering, sales, marketing and management. Prior to his Appointment as Whole Time Director, Mr. A.K. Roy was associated with
the Company in the capacity of Chief Executive Officer. He posses vast
experience of over 37 years in engineering automobile and consumer durable
industry. |
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Date of Appointment : |
28.04.2007 |
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Name : |
Mr. K. Lall |
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Designation : |
Director |
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Name : |
Mr. Brij Raj Punj |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Mukat B Sharma |
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Designation : |
Whole Time Director cum Chief Financial Officer |
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Name : |
Ms. Geeta Ajit Tekchand |
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Designation : |
Director |
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Name : |
Mr. Mahesh Sreenivasan |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Anita K. Sharma |
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Designation : |
Company Secretary |
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Name : |
Mr. Mukat Sharma |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Category of
Shareholder |
Total No. of Shares |
% of total No.
of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
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|
2919447 |
9.66 |
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|
8612947 |
28.51 |
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11532394 |
38.18 |
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Total shareholding
of Promoter and Promoter Group (A) |
11532394 |
38.18 |
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(B) Public
Shareholding |
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|
609385 |
2.02 |
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|
8155 |
0.03 |
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|
3878183 |
12.84 |
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|
1575 |
0.01 |
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|
1575 |
0.01 |
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|
4497298 |
14.89 |
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|
5179808 |
17.15 |
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|
6777537 |
22.44 |
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|
1610904 |
5.33 |
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|
610319 |
2.02 |
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|
94883 |
0.31 |
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|
515436 |
1.71 |
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|
14178568 |
46.94 |
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Total Public
shareholding (B) |
18675866 |
61.82 |
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Total (A)+(B) |
30208260 |
100.00 |
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
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Public |
792000 |
-- |
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|
792000 |
-- |
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Total
(A)+(B)+(C) |
31000260 |
-- |
(1) Indian
Individuals / Hindu Undivided Family
TrustsBUSINESS DETAILS
|
Line of Business : |
Manufacturers of Condenser and
Evaporator Coils. |
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Products : |
· Heat Exchangers ·
Rail Coach Air Conditioning Units ·
Window / Split Air Conditionor window |
PRODUCTION STATUS
AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Condensing and Evaporator Coil Set |
Nos. |
1225000 |
1225000 |
-- |
|
Fan coil units /Cooling Unit |
Nos. |
10000 |
10000 |
-- |
|
All types of air conditioners up to 15 ton
capacity |
Nos. |
603000 |
603000 |
-- |
|
Sheet Metal (for mfg. coil) |
Nos. |
300000 |
300000 |
-- |
|
Parts of air conditioner/cooling |
Nos. |
10000 |
-- |
-- |
|
Condenser Coil |
Nos. |
-- |
-- |
695134 |
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Evaporator Coil |
Nos. |
-- |
-- |
439208 |
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Air conditioners (RMPU/WAC/IDU/ODU) |
Nos. |
-- |
-- |
308101 |
GENERAL INFORMATION
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Customers: |
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No. of Employees : |
1500 (Approximately) |
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Bankers : |
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Facilities : |
Note: 1. Terms Loans
secured by the creation of first mortgage and charge on all the immovable and
movable assets, present and future of the Company. (subject to the
charge on specified movable assets created/to be created in favour of the
Company’s bankers by way of security for working capital requirements.) 2. The working
capital loans, fund based as well as non fund based are secured by way of
first hypothecation charge on the stocks/book debts, both present and future
and second charge on pari-passu basis on the fixed assets of the Company. 3. Short term
loan from banks are against Commercial Paper raised by the Company and
outstanding as on March 31, 2010. |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Suresh C. Mathur and Company Chartered Accountants |
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Address : |
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Foreign Subsidiary Company: |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- Each |
Rs.500.000 Millions |
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Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31013160 |
Equity Shares |
Rs.10/- Each |
Rs.310.132
Millions |
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Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
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|
31000260 |
Equity Shares |
Rs.10/- Each |
Rs.310.003
Millions |
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Add: Equity shares Forfeited |
|
Rs.0.064
Million |
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Total |
|
Rs.310.067 Millions |
Notes:
1. Out of the above equity shares
a) Include 40,
00,000 Equity Shares allotted in the year 2006-07 on conversion of warrants
issued on preferential basis during the year 2005-06
b) Includes 92,
00,000 underlying Equity Shares representing 46, 00,000 Global Depository
Receipts issued during the year 2005-06.
c) In the year
2006-2007 the Company had forfeited 13,300 equity shares due to the non-payment
of allotment money. The Board of Directors had annulled the forfeiture of 400
equity shares on receipt of payment advice by the shareholders and accordingly
400 equity shares had been restored back. Subsequent to the annullification of
forfeiture, the paid-up capital stands increased to Rs.310.003 Millions i.e.
31000260 equity shares of Rs.10/- each fully paid-up.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
310.067 |
310.067 |
310.067 |
|
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2]Equity Share Warrant |
0.000 |
0.000 |
112.500 |
|
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3] Share Application Money |
0.000 |
0.000 |
0.000 |
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4] Reserves & Surplus |
3711.636 |
3404.010 |
3087.788 |
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5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4021.703 |
3714.077 |
3510.355 |
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1659.125 |
1536.149 |
1535.929 |
|
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2] Unsecured Loans |
250.000 |
200.000 |
0.000 |
|
|
TOTAL BORROWING |
1909.125 |
1736.149 |
1535.929 |
|
|
DEFERRED TAX LIABILITIES |
77.705 |
45.705 |
33.005 |
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|
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|
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TOTAL |
6008.533 |
5495.931 |
5079.289 |
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APPLICATION OF FUNDS |
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|
|
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|
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|
|
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FIXED ASSETS [Net Block] |
1944.662 |
1899.213 |
1718.325 |
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Capital work-in-progress |
181.292 |
97.543 |
220.949 |
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INVESTMENT |
766.371 |
197.492 |
48.386 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1536.362
|
1275.715
|
1183.853 |
|
|
Sundry Debtors |
1823.585
|
1746.074
|
1613.492 |
|
|
Cash & Bank Balances |
173.683
|
324.996
|
710.149 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
438.482
|
610.866
|
358.878 |
|
Total
Current Assets |
3972.112
|
3957.651
|
3866.372 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
671.373
|
443.234
|
504.675 |
|
|
Other Current Liabilities |
38.694
|
41.941
|
47.742 |
|
|
Provisions |
219.039
|
218.549
|
222.326 |
|
Total
Current Liabilities |
929.106
|
703.724
|
774.743 |
|
|
Net Current Assets |
3043.006
|
3253.928
|
3091.629 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
73.202 |
47.756 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6008.533 |
5495.931 |
5079.289 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6765.163 |
5853.213 |
6650.145 |
|
|
|
Other Income |
30.114 |
25.809 |
48.835 |
|
|
|
TOTAL (A) |
6795.277 |
5879.022 |
6698.980 |
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|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Cost |
5873.629 |
5180.191 |
5639.223 |
|
|
|
Manufacturing Expenses |
56.500 |
47.986 |
46.981 |
|
|
|
Administrative Expenses |
117.282 |
137.677 |
165.317 |
|
|
|
Selling Expenses |
16.676 |
12.222 |
17.709 |
|
|
|
Misc. Expenditure Written Off |
0.000 |
0.000 |
1.500 |
|
|
|
TOTAL (B) |
6064.087 |
5378.076 |
5870.730 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
731.190 |
500.946 |
827.781 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
158.364 |
144.739 |
114.107 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
572.826 |
356.207 |
713.674 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
120.050 |
108.505 |
92.337 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
452.776 |
247.702 |
621.805 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
109.000 |
43.980 |
94.632 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
343.776 |
203.722 |
527.173 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
173.898 |
5.176 |
7.271 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
31.000 |
0.000 |
31.000 |
|
|
|
Tax on Proposed Dividend |
5.149 |
0.000 |
5.268 |
|
|
|
Transfer to General Reserve |
48.000 |
35.000 |
490.000 |
|
|
BALANCE CARRIED
TO THE B/S |
433.525 |
173.898 |
5.176 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1013.820 |
44.140 |
72.768 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Condenser Coil |
0.000 |
52122.500 |
55394.100 |
|
|
|
Raw Materials |
1064.093 |
419.975 |
932.469 |
|
|
|
Capital Goods |
1.026 |
10.212 |
57.541 |
|
|
TOTAL IMPORTS |
1065.119 |
52552.687 |
56384.110 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.09 |
6.57 |
17.01 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
2117.260 |
1827.840 |
1734.090 |
|
Total Expenditure |
1893.780 |
1631.680 |
1549.320 |
|
PBIDT (Excl OI) |
223.480 |
196.160 |
184.770 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
223.480 |
196.160 |
184.770 |
|
Interest |
43.030 |
41.430 |
52.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
180.450 |
154.730 |
132.470 |
|
Depreciation |
32.500 |
34.500 |
35.290 |
|
Profit Before Tax |
147.950 |
120.230 |
97.180 |
|
Tax |
29.500 |
28.550 |
19.440 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
118.450 |
91.680 |
77.740 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
118.450 |
91.680 |
77.740 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.06
|
3.47
|
7.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.69
|
4.23
|
9.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.65
|
4.23
|
11.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.07
|
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.72
|
0.66
|
0.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.28
|
5.62
|
4.99 |
LOCAL AGENCY FURTHER INFORMATION
Company History:
Incorporated on 10 Nov.'87, subject became public in 1994.
It was promoted by Ashok Punj and Maya Rani Punj. The company is engaged in the
manufacture of condenser coils and evaporator coils. The products of the
company are used as original equipment in window, package, automotive and split
air conditioners. The company has entered into an agreement with its group
company Fedders Lloyd Corporation for offtake of 40% of its production. It also
supplies to OEMs such as Shriram Industrial Enterprises, Sandaw Vikas, Air
Command and to Indian Railways. The company came out with a public issue in
Oct.'94 at a premium of Rs.20/- to part-finance the expansion and modernisation
projects, increasing the capacity from 25,000 pa to 1,25,000 pa. Company has
received anticipated demand from countries like UAE,
OPERATING RESULTS
The after effects of
the Global slowdown of 2008, spilled over into the first half of the financial
year 2009-10.
Against this back
drop, the total income of the Company stood at Rs. 6795.28 Million as compared
to Rs. 5879.02 Million last year, thereby registering a growth of 15.58%.
Operating Profit,
before interest tax and depreciation (EBIDTA) of Rs. 731.19 Million and Profit
after tax of Rs. 343.78 Million for the financial year as against Rs. 500.94
Million and Rs. 203.72 Million respectively for the previous financial year,
improved by 46% and 68% respectively.
The growth of the
Company was due to both external factors as well as efforts of the Management.
On the external front, as the general outlook improved, the consumer resumed
the spending, thereby resulting in the increased demand for the Company’s
products.
On 23 November
2009, the Company completed its second overseas acquisition of all corporeal
and non corporeal assets, along with trade mark “JANKA” of Janka Radotin a. s., having
a track record of 137 years and a leading Czech based manufacturer of Air
Handling Units, blowers, industrial coolers, heating and cooling coils, a major
component of HVAC system, with manufacturing facility spread over an area of
2,00,000 sq. ft. thus another step towards realizing its goal of becoming a “global player”. The acquisition was
done through a special purpose vehicle, which was renamed as Janka Engineering
s. r. o., 100% subsidiary of the Company.
The said
acquisition sets forth a major step forward in the Company’s Global strategy
leading to significant business synergies, arising from strong brand name of “JANKA” well
positioned in Czech market, wide spread client portfolio, technology absorption
and export potential to Central and Eastern Europe.
EXPANSION AND
FUTURE PROSPECTS
The Company
considering the growth in AC sector and to economize on the product cost had
set-up a fully integrated manufacturing facility with cutting edge technology
in Pantnagar, Uttarakhand with backward integration of major components
required for making the air conditioners. This facility has been created to
meet the challenge of future by producing the air conditioners and its
components under one roof.
A fully integrated
condenser manufacturing facility with parallel flow technology is being
installed in Pantnagar facility which will facilitate the company to
manufacture air conditioners with higher output capacity and lower power
consumption. The Company is further expanding into transport air conditioning
like Bus Air conditioning, Metro Rail Air conditioning and has developed new
models for bus air conditioners and for regional metros.
SUBSIDIARY COMPANY
On 12 October
2009, the company acquired 100% ownership interest in Janka Engineering s.r.o.
MANAGEMENT DISCUSSION AND ANALYSIS 2008
INDUSTRY STRUCTURE
AND DEVELOPMENTS
In 2009-10, the
estimated total market size for air conditioning in
During the year,
the economic slowdown continued to affect certain segments such as retail and builders.
However, the air conditioning market witnessed significant growth in segments
such as healthcare, hospitality, data centers and education. In addition,
infrastructure segments such as airports, power plants, steel and metro rail
were unaffected by the economic downturn and project plans were largely on
track.
OVERALL COMPANY’S
PERFORMANCE
The Company is
manufacturer of Evaporator and Condensor Coils for Air Conditioners and is also
undertaking contract manufacturing of air conditioners, along with designing on
behalf of OEM’s through captive consumption of its own coils including roof
mounted packaged Air conditioners (RMPUs) for Railways. To meet the growth
challenge and to economize on the product cost a new fully integrated
manufacturing facility has been set up in Pantnagar, Uttarakhand in a tax free
zone with backward integration of major components required for making the air
conditioners. This facility has been created to meet the challenge of future by
producing the air conditioners and components under one roof.
The Bureau of
Energy Efficiencies (Ministry of Power, Government of India) has made energy
labeling mandatory w.e.f. January 7, 2010. With this legislation finally
getting implemented, Lloyd has spruced up its product portfolio and has
introduced extensive range of ‘Star’ rated air conditioners for window and wall
mounted spilt air conditioners. Following its pioneering launch of
energy-efficient air conditioners, the company continued to hold the high
ground in this market. Further to meet the challenge of the energy consumption
and to upgrade the product performance and reliability the Company is planning
to set-up a AC test lab and the same is expected to be operational in the year
2010-11. This integrated air conditioning test facility which will help the
company in developing product up to 5 tonnes capacity will give more strength
to the R&D activities by developing products, going beyond energy
efficiency norms specified by BEE (Bureau of Energy Efficiencies) in time to come.
Keeping in view,
the Governments’ proposal for phasing out the CFC (Chlorofluoro Carbon)
refrigerant, the company has already initiated the process of developing
products with hydro carbon (R290 refrigerant) which is totally non CFC. The
company has developed special coil which are used for refrigeration cooling
system visicooler etc and has become a major supplier of coils for such cooling
appliances in the country.
During the year,
the commercial air conditioning production also commenced with the range up to
17 tonnes. The commercial air conditioners are being made for well known multi
national brands and the company forsees robust growth in this segment. During
the year, the transport air conditioning business registered good growth in
both bus air-conditioning and Rail Transport. The company has developed new
models for Bus Air Conditioners 15-80 seaters and 5 kw to 50 kw capacity units
with split and roof top models with Bitzer compressor. The Company also
developed heat exchanger coils for all these models during the year. A range of
evaporator-condensor-compressor combinations makes for extreme flexibility and
customization. All systems use environmentally sound R-134A refrigerant. The
Company is also focusing on OEM’s for this business segment. The Company bagged
orders for Metro Rail air conditioners and the execution of that has also
started. They expect metro rail air conditioning business to be strong in times
to come as the Metro Rail transport system is getting a boost in most of the
metro cities across the countries. Further to tap the export market for its
products, during the year the company had opened an office in UAE, Dubai to
boost the sale of window and split air conditioners in Gulf and African market.
OPPORTUNITIES AND
OUTLOOK
With the economic
recovery expected to gain momentum in 2010-11, domestic markets are likely to
attract new or renewed investment and growth. Those which hold significant
opportunities for the Company include healthcare, which attracts both
governmental and private investment in hospitals; urban infrastructure,
especially metro rail transport, airports and ports; power, steel and
manufacturing sectors; and educational/ research institutions. The Company is
well placed to seize these opportunities through its proven integrated
capabilities.
CONTINGENT
LIABILITY OUTSTANDING AS NOT PROVIDED FOR:
|
Particulars |
31.03.2010 |
31.03.2009 |
|
Bank Guarantees |
20.014 |
7.300 |
|
Corporate Guarantees given against loan taken by related parties |
500.000 |
724.000 |
|
Irrevocable and un-conditional corporate guarantee of 15 million Euro
given by the Company for 12 million Euro Loan availed by Lloyd Coils Europe
s.r.o. a wholly owned subsidiary (as at March 31, 2009) |
960.000 |
1012.200 |
FIXED ASSETS:
·
·
Temporary Construction
·
Buildings
·
Plant and Machinery
·
Office Equipments
·
Vehicles
·
Furniture and Fixture
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31.03.2011
(Rs.
In Millions)
|
Particulars |
Quarter Ended |
Year Ended |
|
|
31.03.2011 (Unaudited) |
30.09.2010 (Unaudited ) |
|
|
|
|
|
Net sales/ Income from operations |
2196.457 |
7869.260 |
|
Other Operating Income |
0.331 |
6.717 |
|
Total Income |
2196.788 |
7875.977 |
|
|
|
|
|
Expenditure |
|
|
|
a) Increase and Decrease in stock in trade |
(99.217) |
(234.980) |
|
b) Consumption of raw materials |
1977.860 |
6999.329 |
|
c) Employees cost |
40.336 |
108.749 |
|
d) Depreciation |
38.892 |
139.184 |
|
e) Other expenditure |
49.628 |
170.295 |
|
f) Total |
2005.499 |
7182.577 |
|
|
|
|
|
Profit(+) /Loss
(-) from operations before other income, interest and exceptional items and
tax |
191.289 |
693.400 |
|
Other income |
-- |
-- |
|
Profit(+) / Loss
(-) from operations before interest
and exceptional items and tax |
191.289 |
693.400 |
|
Interest and Finance cost |
69.530 |
206.288 |
|
Profit(+) / Loss
(-) after interest but before
Exceptional items |
121.759 |
487.112 |
|
Exceptional Items |
-- |
-- |
|
|
|
|
|
Profit/
(Loss)(-) from ordinary Activities after tax |
121.759 |
487.112 |
|
Tax expenses |
24.340 |
101.820 |
|
Net Profit/
(Loss) from ordinary Activities after tax |
97.419 |
385.292 |
|
Extraordinary Items |
-- |
-- |
|
Net Profit(+) / Loss
(-) for the Period |
97.419 |
385.292 |
|
|
|
|
|
Paid up Equity share capital (face value of the share of Rs.10/- each) |
310.003 |
310.003 |
|
Reserve excluding Revaluation Reserve |
-- |
-- |
|
Earning per share (EPS) |
|
|
|
Basic |
3.14 |
12.43 |
|
Diluted |
3.14 |
12.43 |
|
|
|
|
|
Public Share
holding |
|
|
|
Number of Shares |
19467866 |
19467866 |
|
% of Shareholding |
62.80% |
62.80% |
|
|
|
|
|
Promoters and Promoter Group shareholding |
|
|
|
a) Pledge/
emcumberred |
|
|
|
Number of Shares |
Nil |
Nil |
|
% of Shareholding of Promoter and Promoter group |
Nil |
Nil |
|
% of Shareholding to total share capital of the company |
Nil |
Nil |
|
|
|
|
|
b) Non-
Encumbered |
|
|
|
Number of Shares |
11532394 |
11532394 |
|
% of Shareholding of Promoter and Promoter group |
100% |
100.00% |
|
% of Shareholding to total share capital of the company |
37.20% |
37.20% |
Notes :
1.
The Accounting standard relating to “Segment Reporting”
is not applicable as the Company has only one reportable business segment.
2.
The above standalone financial results have been
reviewed by the Audit Committee and subsequently approved by the Board of
Directors of their meeting held on 28the April 2011.
3.
The standalone results for the quarter ended March
31, 2011 have been subjected to limited review by the Statutory Auditors of the
Company in compliance with the requirement of listing agreement with stock
exchanges.
4.
The company has opled to publish only standalone
results. The consolidated un-audited figures of the company along with
subsidiaries are as follows:
(Rs. In Millions)
|
Particulars |
Un-audited for
quarter ended March 2011 |
Un-audited for
year ended March 2011 |
|
Consolidated Turnover |
2813.047 |
10281.423 |
|
Consolidated Profit after Tax |
47.649 |
341.161 |
|
Consolidated Earnings per share |
0.154 |
1.100 |
5.
The figures of the previous period have been
re-grouped / recast wherever necessary to make them comparable with the figures
of the current period.
6.
During the quarter, the Company has opened a branch
office in Shajah Free Zone in United Arab Emirales for carrying out listing and
marketing activities and provide support to the distributors of the Company in
UAE.
Website Details:
Profile:
Subject is in the business of manufacturing Heat Exchanger
Coils for air conditioning and refrigeration application, ' U ' bend and return
bend for heat exchanger coils, system tubing and header line for air
conditioner equipment and sheet metal items for air conditioner systems made
from CNC presses and are leaders in India.
The company is OEM supplier to almost all AC
manufacturers in India, and have overseas business of
approximately 20% of its sales turnover. The heat exchangers are made out of
Aluminium and Copper Fin stock and Copper tube, having facility of using pre
coated Fin stock and in house facility of painting and tin plating.
The facilities include manufacturing Heat
Exchanger Coils of 3/8" dia Copper tube and 7mm dia Copper tube.
The plant has state of the art equipment imported from Burroak
History:
1988 Year
of Incorporation. Factory in Bhiwadi, Rajasthan
1980 Plant
and Machinery Imported Fm Bur Oak
1990 Production
Started. Capacity 300 Coils Per Day.
1994 Capacity
Expanded To 900 Coils Per Day
1995 Largest
Coil Manufacturer In
1997 Capacity
Expanded To 1500 Coils Per Day and Developed Air conditioner units for Railway
Coaches.
1998 ISO
9002 Certification
2000 Capacity
Expanded To 3500 Coils Per Day.
2001 Started
Exporting To Gulf Countries and Opened Office In
2002 Got
ISO 9000 Certification
2004 Established
new manufacturing Facility in Kala Amb, Himachal Pradesh, for Window and Split
Type Air
Conditioners with capacity of 120 Thousand sets Per Annum with
Integrated Manufacturing of Coils, Suction Tubing and Discharge Tubing.
2005 Manufacturing
Capacity of Air Conditioners being increased To 300 Thousand Per Annum, besides
that also got UL Certification
Corporate Lines:
Lloyd Electric and Engineering Limited (LEEL) acquires Luvata Czech s.r.o.
• Lloyd Electric is the
first Indian coil manufacturer to have its own coil manufacturing facilities in
• Luvata Czech is a
significant player in manufacturing customized finned pack heat exchangers
(coils) serving the heating ventilation, air conditioning and refrigeration for
its customers throughout
Lloyd
Electric and Engineering Limited (LEEL), one of the largest manufacturers of
Air Conditioner coils in
Commenting on the acquisition, Mr. Brij Raj Punj, Chairman and Managing
Director, LEEL, said,
“We are very excited about this acquisition. Luvata Czech, represents a unique
opportunity in the European market, offering LEEL entry into the attractive,
regulated, high growth finned pack heat exchanger (coils) market in
Commenting at the time of the Commission’s ruling, John-Peter Leesi, CEO
and President of Luvata commented:" A healthy market cannot exist without fair
competition and so we respect the Commission’s judgment. We wish the best of
futures to our former Czech company under its new owners and I hope it will
continue with some of the Luvata tradition that made it so successful.”
LEEL has acquired Luvata Czech s.r.o. to provide a strong foothold
into the European markets.
The
European market is fragmented and most OEM’s (Original Equipment Manufacturers)
are now looking to outsource the same to specialized coil manufacturers. This
would help LEEL to increase its business volume by working closely with clients
and developing products as per their requirement. LEEL with this acquisition
would be able to establish a global presence and an overseas manufacturing
base. The initiative would allow LEEL access to the strong portfolio (customer
base) of Luvata
Luvata Czech is the leading manufacturer of customized finned pack heat exchangers (coils) serving the heating,
ventilation, air conditioning and refrigeration (HVACandR) for customers
throughout
The
acquisition has been funded through a combination of debt and equity. Lloyd coils
Czech s.r.o. (SPV of LEEL) has raised necessary debt on its balance sheet. LEEL
has not shared the consideration for this transaction due to
regulatory/purchase agreement related limitations on disclosure around this
initiative. The transaction is not subject to any further regulatory and
statutory approvals that may be required in this regard. European Commission
has approved Lloyd as a suitable buyer.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.89 |
|
|
1 |
Rs.73.84 |
|
Euro |
1 |
Rs.64.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.