MIRA
INFORM REPORT
|
Report Date : |
07.01.2014 |
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) : |
31.03.2013 |
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Date of
Incorporation : |
10.11.1987 |
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Com. Reg. No.: |
17-12841 |
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Capital
Investment / Paid-up Capital : |
Rs.353.300 Millions |
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CIN No.: [Company Identification
No.] |
L29120RJ1987PLC012841 |
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Legal Form : |
A Public Limited Liability
Company. The 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
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 22500000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having a satisfactory track
record. The management has seen a better increase in its sales volume as well
as net profitability during 2013. The ratings also take into consideration the moderation in subject’s
financials profile because of increasing working capital intensity during
2013. However, trade relations are fair. Business is active. Payment terms
are reported as usually correct. In view of support from its group and established market position in the
industry, the subject can be considered 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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures to
curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous month,
even while indicating the fifth successive monthly contraction, according the
HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
26.09.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
26.09.2012 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-11-40627200
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/ 40645454 |
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Fax No.: |
91-11-41609909/ 41615416 |
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Email : |
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Lloyd Coils, L.P., |
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Tel No.: |
1-866-397-9400 |
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E-Mail : |
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Website : |
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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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Email : |
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Overseas
Manufacturing Office : |
Lloyd Coils
Europe s.r.o, Prague-5, Radotin, Vrazska 143, Czech Republic Postal Code 15300 Janka
Engineering s.r.o, Prague-5, Radotin, Vrazska 143, Czech Republic Postal Code 15300 |
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Manufacturing Plant: |
Domestic: · Industrial Area, Kala-Amb, Trilokpur Road, Sirmour, Nahan, Himachal Pradesh, India · Plot No. 24 Sector 2, IIE SIDCUL Pantnagar, Uttarakhand, India · Plot No. S 21 and S 22, NON SEZ, Phase III, Sipcot Road, Mugundarayapuram Ranipet, Vellore District, Tamilnadu, India ·
Bahadarabad, Mehdood Industririal Park, 2
Salempur SIDCUL, Haridwar, Uttrakhand, India |
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr. Brij Raj Punj |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Bharat Raj Punj |
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Designation : |
Executive Director |
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Name : |
Mr. Achin Kumar Roy |
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Designation : |
Whole Time Director |
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Name : |
Mr. Mukat B. Sharma |
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Designation : |
Whole Time Director |
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Name : |
Mr. Nipun Singhal |
|
Designation : |
Whole Time Director |
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Date of Birth : |
04.04.1972 |
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Date of Appointment : |
30.05.2013 |
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|
Name : |
Mr. Krishan Lall |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. Surjit Krishan Sharma |
|
Designation : |
Non-Executive Independent Director |
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Date of Birth : |
01.10.1944 |
|
Date of Appointment : |
31.01.2005 |
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|
|
|
Name : |
Dr. Geeta Ajit Tekchand |
|
Designation : |
Non-Executive Independent Director |
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Date of Birth : |
18.06.1950 |
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Date of Appointment : |
28.01.2010 |
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|
|
|
Name : |
Mr. Ramesh Kumar Vasudeva |
|
Designation : |
Non-Executive Independent Director |
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Date of Birth : |
05.03.1944 |
|
Date of Appointment : |
08.08.2012 |
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|
|
|
Name : |
Mr. Ajay Dogra |
|
Designation : |
Non-Executive Independent Director |
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Date of Birth : |
23.09.1942 |
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Date of Appointment : |
30.05.2013 |
KEY EXECUTIVES
|
Name : |
Ms. Anita K. Sharma |
|
Designation : |
Company Secretary |
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|
|
Name : |
Mr. Mukat B. Sharma |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2013)
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
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|
|
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|
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|
4302939 |
12.25 |
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|
12895019 |
36.71 |
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|
17197958 |
48.96 |
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Total
shareholding of Promoter and Promoter Group (A) |
17197958 |
48.96 |
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(B) Public
Shareholding |
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|
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|
1911120 |
5.44 |
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|
1911120 |
5.44 |
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|
6083554 |
17.32 |
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|
6749179 |
19.21 |
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|
2188884 |
6.23 |
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|
|
|
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|
997565 |
2.84 |
|
|
29920 |
0.09 |
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|
352718 |
1.00 |
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|
614927 |
1.75 |
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|
16019182 |
45.60 |
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|
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Total Public
shareholding (B) |
17930302 |
51.04 |
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Total (A)+(B) |
35128260 |
100.00 |
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
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|
|
|
0 |
0.00 |
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|
192000 |
0.00 |
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|
192000 |
0.00 |
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Total
(A)+(B)+(C) |
35320260 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Condenser and
Evaporator Coils. |
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Products : |
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GENERAL INFORMATION
|
Customers : |
·
Voltas
Limited ·
LG
Electronics ·
Samsung ·
Carrier ·
Emerson ·
Hitachi ·
Electrolux ·
Whirlpool ·
Daikin ·
Indian
Railways ·
Blue Star |
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No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of ·
State Bank of ·
Axis Bank ·
Standard Chartered Bank ·
IDBI Bank ·
ING Vysya Bank ·
Exim Bank ·
Indusind Bank ·
Karnataka Bank ·
Kotak Mahindra Bank ·
HDFC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Suresh C. Mathur and Company Chartered Accountants |
|
Address : |
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Foreign
Subsidiary Company: |
· Lloyd Coils Europe s.r.o. ·
Janka Engineering s.r.o. |
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Related
Companies : |
· Airserco Private Limited · Fedders Lloyd Corporation Limited · Perfect Radiators and Oil Coolers Private Limited · PSL Engineering Private Limited · Regal Information Technology Private Limited · Lloyd Aircon Private Limited · Lloyd Credit Limited · Lloyd IT Technology Private Limited · Lloyd Sales Private Limited · Lloyd Manufacturing Private Limited ·
Himalayan Mineral Water Private
Limited |
CAPITAL STRUCTURE
(AS ON 31.03.013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- Each |
Rs.500.000 Millions |
|
|
|
|
|
Issued &Subscribed Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31013160 |
Equity Shares |
Rs.10/- each |
Rs.10.131 Millions |
|
|
|
|
|
|
|
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|
Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31000260 |
Equity Shares |
Rs.10/- each |
Rs.310.000 Millions
|
|
|
Add: Equity Shares Forfeited |
|
Rs.0.100
Million |
|
|
Share Capital Suspense Account |
|
Rs.43.200
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.353.300 Millions |
NOTE:
1. Out of the above Equity Shares
a) Includes 40,00,000
Equity Share 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
2006-07 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 nullification of
forfeiture, the paid-up Equity Share Capital stands increased to Rs.310.002
Millions i.e. 31000260 Equity Shares of Rs.10/- each fully paid-up.
d) 4320000 no of Equity
Shares for Rs.10/- each are poised for allotment (for consideration) in favour
of shareholders of erstwhile Perfect Radiators and Oil Coolers Private Limited
(PROC) on account of consideration of merger of PROC with the Company
retrospectively since 01.04.2011. Pending allotment of said shares, entire
consideration money has been shown as share capital suspense account.
(a) Reconciliation of the shares
outstanding at the beginning and at the end of the reporting period
|
Particulars |
31.03.2013 |
|
|
|
No of shares |
Amount in
Millions |
|
Equity Shares |
|
|
|
Shares outstanding at the beginning of the
year |
31000260 |
310.002 |
|
Shares Issued during the year |
-- |
|
|
Shares
outstanding at the End of the year |
31000260 |
310.002 |
(b) Terms/rights
attached to equity shares
The Company has
only one class of equity shares having par value of Rs.10 per share. Each
holder of equity shares is entitled to one vote per share. The Company declares
and pays dividends in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting.
In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
(c) Details of shareholders holding more than 5% shares in the Company
|
Particulars |
31.03.2013 |
|
|
|
No of shares |
% of holding |
|
Equity Shares
of Rs.10/- each fully paid-up |
|
|
|
PSL Engineering Private Limited |
3,713,520 |
11.98 |
|
Zenith Impex Private Limited |
2,975,418 |
9.60 |
|
Airserco Private Limited |
1,956,800 |
6.31 |
|
Kotak India Focus Fund |
1,355,397 |
4.37 |
|
Morgan Stanley Mauritius Company Limited |
1,744,828 |
5.63 |
|
Lloyd Sales Private Limited |
1,645,005 |
5.31 |
As per the of the Company,
including its register of shareholders/members and other declaration received
from the shareholders regarding beneficial interest, the above shareholding
represents both legal and beneficial ownerships of shares.
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
353.300 |
353.300 |
310.067 |
|
(b) Reserves & Surplus |
5261.500 |
4710.600 |
4107.854 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
5614.800 |
5063.900 |
4417.921 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
946.700 |
1012.400 |
1170.969 |
|
(b) Deferred tax liabilities (Net) |
152.500 |
132.600 |
105.705 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
20.700 |
17.000 |
8.338 |
|
Total Non-current Liabilities (3) |
1119.900 |
1162.000 |
1285.012 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3363.700 |
2529.700 |
1969.589 |
|
(b) Trade payables |
1034.000 |
874.200 |
711.468 |
|
(c) Other current
liabilities |
669.700 |
408.600 |
253.350 |
|
(d) Short-term provisions |
257.700 |
203.700 |
160.413 |
|
Total Current Liabilities (4) |
5325.100 |
4016.200 |
3094.820 |
|
|
|
|
|
|
TOTAL |
12059.800 |
10242.100 |
8797.753 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2941.200 |
2670.200 |
2178.300 |
|
(ii) Intangible Assets |
90.600 |
118.300 |
0.000 |
|
(iii) Capital
work-in-progress |
60.400 |
167.700 |
223.367 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
863.400 |
868.300 |
838.021 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
486.500 |
342.200 |
121.693 |
|
(e) Other Non-current assets |
169.000 |
169.600 |
174.014 |
|
Total Non-Current Assets |
4611.100 |
4336.300 |
3535.395 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
4448.400 |
3354.200 |
2026.820 |
|
(c) Trade receivables |
2296.300 |
1713.900 |
2185.691 |
|
(d) Cash and cash
equivalents |
139.700 |
271.500 |
603.434 |
|
(e) Short-term loans and
advances |
393.300 |
278.900 |
296.574 |
|
(f) Other current assets |
171.000 |
287.300 |
149.839 |
|
Total Current Assets |
7448.700 |
5905.800 |
5262.358 |
|
|
|
|
|
|
TOTAL |
12059.800 |
10242.100 |
8797.753 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
11693.800 |
10471.700 |
7822.795 |
|
|
|
Other Income |
59.100 |
31.600 |
13.563 |
|
|
|
TOTAL (A) |
11752.900 |
10503.300 |
7836.358 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
9621.300 |
9081.800 |
6799.453 |
|
|
|
Purchases of stock in Trade |
403.500 |
834.300 |
0.000 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and
Stock-in-Trade |
(761.800) |
(1326.400) |
(98.498) |
|
|
|
Employee Benefit Expenses |
344.400 |
312.800 |
133.592 |
|
|
|
Other Expenses |
686.700 |
533.800 |
159.897 |
|
|
|
TOTAL (B) |
10294.100 |
9436.300 |
6994.444 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1458.700 |
1067.100 |
841.914 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
507.400 |
324.000 |
205.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
951.300 |
743.100 |
636.914 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
222.700 |
212.900 |
150.354 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
728.600 |
530.200 |
486.560 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
167.100 |
136.900 |
126.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
561.500 |
393.300 |
360.560 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
901.600 |
1264.800 |
1162.812 |
|
|
TOTAL EARNINGS |
901.600 |
1264.800 |
1162.812 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.90 |
11.14 |
11.63 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.78
|
3.74 |
4.60 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.23
|
5.06 |
6.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.54
|
5.76 |
6.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.10 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.77
|
0.70 |
0.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40
|
1.47 |
1.70 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
PERFORMANCE
HIGHLIGHTS
The Financials for
the year includes the figures of the Heat Exchanger business of Perfect Radiators
and Oil Coolers Private Limited and to that extent not comparable with the
previous year reportable figures.
The Directors at
their meeting held on 30 May 2013 approved the Audited financial statements of
the Company for the year ended March 31, 2013. Subsequently, on 31 May 2013,
the scheme got sanctioned by the Hon’ble High Court of Rajasthan, at Jaipur
bench which became effective on 11 June 2013 upon filing the scheme with
Registrar of Companies with appointed date as 1 April’11.
Since, the Heat
Exchanger undertaking of PROC stood transferred with retrospective effect i.e.
1 April 2011, the directors has revised
the Audited Financial statements for the year ended March 31, 2013 to give
effect to the scheme, which included the figures of the heat exchanger business
of PROC. Also, the figures for the previous year ended March 31, 2012 were
revised to the said extent.
Post- Merger of
the Heat Exchanger business of PROC, the Total Income from operations of the Company
stood at Rs.1175. 29crores as against Rs.105.034 Millions during the previous
year registering a growth of 11% over the previous year. Profit before tax was
Rs.728.600 Millions as compared to Rs.530.300 Millions during the previous year
and profit after tax was Rs.561.400 Millions as compared to Rs.393.400 Millions
during the previous year, an increase of 37% and 42% respectively over the
previous year.
OPERATIONS
Despite the
challenging economic conditions, the Company managed to record a decent
performance owing to the extensive market research, various mitigation
initiatives taken to reduce operational and administrative costs and the key
decisions taken by the management for the sustainability and growth of the
company.
The company has
expanded its air-conditioning and refrigeration product portfolio by
introducing eco-friendly products that combine aspirational features, credible
quality, dependable after-sales service and great value for money in order to
achieve highest level of customer delight while staying committed to accelerate
growth as in the past and to achieve the best standards of Corporate Governance
coupled with transparency, accountability and professionalism in their working
with the aim of enhancing long term economic value of all the stakeholders and
the society at large.
With the Merger of
the Heat Exchanger business of PROC with the company, Lloyd is likely to attain
an attractive position in the Heat exchanger industry thereby leveraging PROC’s
strong customer base to further grow the business. This is likely to lead to
significant business synergies, especially in controlling costs, technology
absorption and the addition of PROC’s experienced management team who has
strong and long term relations with their suppliers and customers.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC SCENARIO
AND OUTLOOK
The global economy
has yet to shake off the fallout from the crisis of 2008-2009. Four years after
the eruption of the global financial crisis, the world economy is still struggling
to recover. During 2012, global economic growth has weakened further. Mature
economies are still healing the scars of the 2008-2009 crises. A growing number
of developed economies have fallen into a double-dip recession. Weaknesses in
the major developed economies are at the root of continued global economic
woes. Most of them, but particularly those in Europe, are dragged into a
downward spiral.
Those in severe
sovereign debt distress moved even deeper into recession, caught in the
downward spiraling dynamics from high unemployment, weak aggregate demand
compounded by fiscal austerity, high public debt burdens, and financial sector
fragility. Growth in the major developing countries and economies in transition
has also decelerated notably, reflecting both external vulnerabilities and
domestic challenges. Most low-income countries have held up relatively well so
far, but now face intensified adverse spillover effects from the slowdown in
both developed and major middle-income countries. The prospects for the next
two years continue to be challenging, fraught with major uncertainties and
risks slanted towards the downside.
The Indian economy
grew at its slowest pace in a decade in 2012-13 on account of poor performance
of manufacturing, agriculture and services sector posing another fresh
challenge. The economy grew 5% in 2012-13, compared to 6.2% expansion in the
previous year. The Indian economy, Asia’s third-largest, has slowed sharply
from the scorching growth notched a few years ago due to a string of factors,
including high inflation, high interest rates, slowing global economy, delay in
implementation of projects, policy deadlock, slowing industrial growth,
volatile exchange rate resulting in sharp depreciation of the Indian Rupee
against the US Dollar and declining business sentiment. Stubborn inflation has
acted as obstacles to easing monetary policy aggressively. While the Reserve
Bank of India has cut interest rates it has cautioned about the persisting
inflationary pressures and risks still facing the economy. Business confidence
has taken a knock. With no visible pick-up in any key levers of the economy,
the situation remains grim. Demand in the system is weak with low levels of
consumption, government expenditure and investments.
CORPORATE INFORMATION
Subject is a
public Company domiciled in India and incorporated under the provisions of the
Companies Act, 1956. Its shares are listed on National Stock Exchange of India
Limited (NSE) and Bombay Stock Exchange Limited (BSE) in India. The Company has
also issued GDR's, which are listed on London Stock Exchange. The Company is
the largest manufacturer of heat exchanger coils in India. It manufactures air
conditioners for various brands as OEM / ODM including its own brand of LLOYD.
It is also engaged in trading of Air-conditioner and consumer durable products
like LCD / LED, Chest freezers etc. under "LLOYD" Brand. The Company
caters to both domestic and international markets.
During the year,
Scheme of arrangement under Section 391 to 394 of the Companies Act, 1956 was
sanctioned by the Hon'ble High courts of Delhi and Rajasthan which became
effective of 11th June, 2013 with appointed date as 1stApril,
2011. The said scheme approved by the respective courts and has been given
effect to in these financial statements.
CONTINGENT LIABILITY NOT PROVIDED FOR:
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In
Millions) |
|
|
Bank Guarantees |
58.000 |
157.800 |
|
Corporate Guarantee
of Euro 15 million given by the Company for Euro million Loan availed by
Lloyd Coils Europe s.r.o. a wholly owned subsidiary from SBI , London .
Balance Outstanding as at March 31, 2013 is Euro 1.50 million (Euro 4.50
Million as at March 31, 2012) |
105.000 |
382.100 |
|
(i) Stand by
Line of Credit of Euro 1.00 million from ING Vysya Bank given by the Company
for Euro 2.00 million working capital facility availed by Lloyd Coils Europe s.r.o.
a wholly owned subsidiary from ING Czech Republic (Euro 2 million as at March
31, 2012) |
70.000 |
169.800 |
|
(ii) Stand by
Line of Credit of Euro 1.50 Million from ING Vysya Bank given by the Company for Euro 2 million
working capital facility availed by Janka Engineering s.r.o.a wholly owned
subsidiary from ING Czech Republic.(Euro 2.00 Millions as at March 31, 2012) |
105.000 |
135.800 |
|
(iii) Stand by
Line of Credit of Euro 1.50 Million from Standard Chartered Bank given by the Company for Euro
1 million working capital facility availed by Janka Engineering s.r.o.a
wholly owned subsidiary from Komercni Bank Czech Republic. (Euro 1.50
Millions as at March 31, 2012) |
105.000 |
101.900 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/ Modification |
Charge amount
secured |
Charge Holder |
ADDRESS |
Service Request
Number (SRN) |
|
1 |
10455485 |
27/08/2013 |
1,100,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B87702338 |
|
2 |
10427569 |
13/05/2013 |
300,000,000.00 |
INDUSIND BANK
LTD. |
DR. GOPAL DAS
BHAWAN, 28, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B75768507 |
|
3 |
10424946 |
29/03/2013 |
350,000,000.00 |
IDBI Bank
LIMITED |
3RD FLOOR,
INDIAN RED CROSS SOCIETY BUILDING,, 1, |
B74869280 |
|
4 |
10424952 |
29/03/2013 |
350,000,000.00 |
IDBI Bank
LIMITED |
3RD FLOOR, INDIAN
RED CROSS SOCIETY BUILDING,, 1, |
B74852385 |
|
5 |
10400401 |
05/12/2012 |
200,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B67054833 |
|
6 |
10382312 |
13/09/2012 |
70,000,000.00 |
ING VYSYA BANK
LIMITED |
NARIAN MANZIL,
GROUND FLOOR,SHOP NO. G1 TO G5,, I FLOOR,SHOP NO.1001 TO 1007,BARAKHAMBA ROAD,,
NEW DELHI, DELHI - 110001, INDIA |
B60388808 |
|
7 |
10347569 |
22/02/2013 * |
400,000,000.00 |
INDUSIND BANK
LTD. |
DR. GOPAL DAS
BUILDING, 28, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B71131890 |
|
8 |
10355726 |
22/02/2013 * |
303,000,000.00 |
Karnataka Bank
Ltd. |
KARNATAKA BANK
LIMITED, REGD. AND HEAD OFFICE, P. B. NO. 599, MAHAVEERA CIRCLE, KANKANADY
MANGLORE, |
B72529621 |
|
9 |
10315458 |
22/02/2013 * |
322,500,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
7TH FLOOR,
AMBADEEP BUILDING, 14, K. G. MARG, CON |
B71608939 |
|
10 |
10316078 |
22/02/2013 * |
500,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B71155329 |
|
11 |
10292354 |
07/05/2012 * |
500,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG,, BA |
B39758214 |
|
12 |
10307488 |
22/03/2011 |
2,485,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B12953360 |
|
13 |
10238959 |
22/02/2013 * |
610,000,000.00 |
ING VYSYA BANK
LIMITED |
NARAIN MANZIL,
GROUND FLOOR, SHOP NO. G1 TO G5, 1 |
B71134449 |
|
14 |
10223985 |
07/05/2012 * |
270,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTR ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE |
B39989231 |
|
15 |
10215166 |
07/05/2012 * |
280,000,000.00 |
IDBI Bank
Limited |
IDBI TOWERWTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B39992227 |
|
16 |
10215168 |
01/07/2013 * |
1,250,000,000.00 |
IDBI Bank
Limited |
3RD FLOOR,
INDIAN RED CROSS SOCIETY BUILDING, 1, |
B79643474 |
|
17 |
10209000 |
22/02/2013 * |
210,000,000.00 |
STATE BANK OF
BIKANER & JAIPUR |
27, BARA KHAMBA
ROAD, NEW DELHI, DELHI - 110001, INDIA |
B70510946 |
|
18 |
10101020 |
22/02/2013 * |
2,625,000,000.00 |
STATE BANK OF
BIKANER & JAIPUR |
27, BARA KHAMBA ROAD,
NEW DELHI, DELHI - 110001, INDIA |
B70897236 |
|
19 |
10083283 |
10/12/2013 * |
1,450,000,000.00 |
Axis Bank
Limited |
2ND FLOOR,
STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B91560789 |
|
20 |
10075589 |
07/05/2012 * |
750,000,000.00 |
STANDARD
CHARTERED BANK |
CREDIT
DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI -
110001, INDIA |
B40672859 |
|
21 |
10037072 |
20/07/2013 * |
4,310,000,000.00 |
State Bank of
India |
INDUSTRIAL
FINANCE BRANCH, CREDIT DIVISION, 14TH |
B81659005 |
* Date of charge modification
FIXED ASSETS:
·
Leasehold Land
·
Temporary Constructions
·
Buildings
·
Plant and Machinery
·
Office Equipments
·
Vehicles
·
Furniture and Fixtures
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 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.62.38 |
|
|
1 |
Rs.102.24 |
|
Euro |
1 |
Rs.84.97 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.