MIRA
INFORM REPORT
|
Report Date : |
16.01.2014 |
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.: |
17-012841 |
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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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TAN No.: [Tax Deduction &
Collection Account No.] |
DELL00100C |
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PAN No.: [Permanent Account No.] |
AAACL0484G |
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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
: |
Manufacturer and Trader of Air-conditioner and consumer durable
products like LCD / LED, Chest freezers etc under "LLOYD" Brand. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 22459000 |
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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 part of “Lloyd group”. It is a well established company
having satisfactory track record. The management has seen an increase in its sales volume as well as net
profitability during 2013. The rating also take into consideration the moderation in subjects
financials profile because of working capital intensity and susceptibility of
its operating profitability to volatility in input prices. However, trade relations are fair. Business is active. Pyment terms
are reported as usually correct. In view of established market position, the subject can be considerd
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 |
September 26, 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
September 26, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ 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 DENIED
MANAGEMENT NON CO-OPERATIVE (91-1493-220724)
LOCATIONS
|
Registered Office / Factory : |
A-146, B and C, RIICO
Industrial Area, Bhiwadi, Alwar– 301 019, Rajasthan, India |
|
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, India |
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Tel. No.: |
91-11-40627200/300 |
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Fax No.: |
91-11-41609909 |
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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 |
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Overseas (Owned by subsidiaries) |
·
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 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Brij Raj Punj |
|
Designation : |
Chairman and Managing Director |
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Name : |
Mr. Bharat Raj Punj |
|
Designation : |
Executive Director |
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Name : |
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 and Chief Financial
Officer |
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Name : |
Nipun Singhal |
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Designation : |
Whole Time Director |
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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 |
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Designation : |
Non-Executive Independent Director |
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Name : |
Ms.Geeta Ajit Tekchand |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. Ramesh Kumar Vasudeva |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. Ajay Dogra |
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Designation : |
Non-Executive Independent Director |
KEY EXECUTIVES
|
Name : |
Anita K. Sharma |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4302939 |
12.25 |
|
|
12895019 |
36.71 |
|
|
17197958 |
48.96 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
17197958 |
48.96 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1911120 |
5.44 |
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|
1911120 |
5.44 |
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|
|
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|
6083554 |
17.32 |
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|
|
|
|
|
6749179 |
19.21 |
|
|
2188884 |
6.23 |
|
|
997565 |
2.84 |
|
|
29920 |
0.09 |
|
|
352718 |
1.00 |
|
|
614927 |
1.75 |
|
|
16019182 |
45.60 |
|
Total Public shareholding (B) |
17930302 |
51.04 |
|
Total (A)+(B) |
35128260 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
192000 |
0.00 |
|
|
192000 |
0.00 |
|
Total (A)+(B)+(C) |
35320260 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Air-conditioner and consumer durable
products like LCD / LED, Chest freezers etc under "LLOYD" Brand. |
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|
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Brand Name : |
LLOYD |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Ř State Bank of
Bikaner & Jaipur Ř State Bank of
India Ř Axis Bank Ř Standard
Chartered Bank Ř IDBI Bank Ř ING Vysya Bank Ř Exim Bank Ř Indusind Bank Ř Karnataka Bank Ř Kotak Mahindra
Bank Ř HDFC Bank |
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Facilities : |
NOTE: LONG TERM
BORROWINGS 1.
Indian rupee loan of Rs. 280.000 millions from IDBI
Limited carries interest @ 12.50% P.A. The Loan is repayable in 20 quarterly
installment of Rs. 14.000 millions each after monotorium of 12 Months from
the date of loan i.e. 31st March, 2010. 2.
Indian rupee loan of Rs. 350.000 millions from IDBI
Limited. carries interest @ 12.25% P.A. The Loan is repayable in 20 quarterly
installment of Rs. 17.500 millions each after monotorium of 12 Months from
the date of loan i.e. 30th March, 2013. Bank has disbursed Amount of Rs.
175.000 millions till 31st March, 2013 3.
Indian rupee loan of Rs. 210.000 millions from
SBBJ carries interest @ 11.50% to 13% P.A. The loan is repayable in 16
quarterly installment of Rs. 13.100 millions each after monotorium of 12
Months from the date of loan i.e. 24.06.2010. 4.
Foreign currency loan of Rs. 270.000 millions
from EXIM Bank carries interest LIBOR + 4.50% p. a. The loan is repayable in
17 quarterly installment of Rs. 15.900 millions after monotorium of 12 months
from the date of loan i.e. 14.07.2010. Outstanding as on 31.03.2013 in USD
3397298.07. 5.
Indian rupee loan of Rs. 100.000 millions Dated
03.05.2012 and 100.000 millions Dated 30.06.2012 from Kotak Mahindra carries
interest @ 12.65% P.A. The loan is repayable in 50 Monthly installment of Rs.
2.000 millions each from dated i.e. 31.07.2012 and 03.12.2012 respectively 6.
Term loan of SBBJ is repayable in 20 quarterly
installment of Rs. 7.750 millions each. Interest shall however be served as
and when applied. This pertains to erstwhile PROC which has been merged with
the Company. 7.
The above loans are Secured by way of first
charge on Pari-Passu basis on the fixed Assets of the Company and Second
hypothecation charge on the Stock/Book Debts 8.
As per Board Resolution dated 14.03.2011 the
Company has alloted 400 Nos. 11.25% secured redeemable nonconvertible
Debentures @ Rs. 10,00,000/- each on 14.03.2011 and balance 100 Nos., 11.25%
Secured Redeemable Non convertible Debentures @ Rs. 10,00,000/- each on
29.03.2011 for a tenure of 5 Years on private placement basis. The interest
on Debentures is payable quarterly from the date of allotment @ 11.25% P.A.
Debentures will be redeemed at par in Six Equal half Yearly installments at
the end of 30th Month, 36th Month, 42nd month, 48th month, 54th
month and 60th month from the date of allotment and secured by first ranking
pari passu charge on all fixed assets including the immovable properties
together with structures and appurtenances thereon and there under and
movable properties, persent and future. SHORT TERM BORROWINGS 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
furture and second charge on pari-passu basis on the fixed assets of the
Company. |
|
Banking Relations
: |
-- |
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Auditors : |
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|
Name : |
Suresh C. Mathur and Company Chartered Accountants |
|
Address : |
New Delhi, India |
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|
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Foreign Subsidiary Company: |
Ř Lloyd Coils
Europe s.r.o. Ř Janka
Engineering s.r.o. |
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|
Associate Company / Subsidiary
Company / Directors Interested : |
Ř Airserco Private
Limited Ř Fedders Lloyd
Corporation Limited Ř Perfect
Radiators and Oil Coolers Private Limited
Ř PSL Engineering
Private Limited Ř Regal
Information Technology Private Limited
Ř Lloyd Aircon
Private Limited Ř Lloyd Credit
Limited Ř Lloyd IT
Technology Private Limited Ř Lloyd Sales
Private Limited Ř Lloyd
Manufacturing Private Limited Ř Himalayan
Mineral Water Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
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.310.100 Millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31000260 |
Equity Shares |
Rs.10/- each |
Rs.310.000 Millions |
|
|
Equity Shares Forfeited |
|
Rs.0.100 Million |
|
|
Share Capital Suspense Account |
|
Rs.43.200 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.353.300
Millions |
NOTES:-
Out of the above
Equity Shares
a)
Includes 40,00,000 Equity Share alloted 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 annullification of forfeiture, the paid-up
Equity Share Capital stands increased to Rs. 310002600 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.
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 |
203.800 |
160.413 |
|
Total Current Liabilities (4) |
5325.100 |
4016.300 |
3094.820 |
|
|
|
|
|
|
TOTAL |
12059.800 |
10242.200 |
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 |
169.700 |
174.014 |
|
Total Non-Current Assets |
4611.100 |
4336.400 |
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 |
10242.200 |
8797.753 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
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 |
|
|
|
Purchase 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 expense |
344.400 |
312.800 |
133.592 |
|
|
|
Other expenses |
686.800 |
533.800 |
159.897 |
|
|
|
TOTAL (B) |
10294.200 |
9436.200 |
6994.444 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) 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
/ (LOSS) 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/
(LOSS) BEFORE TAX (E-F) (G) |
728.600 |
530.200 |
486.560 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
167.100 |
136.900 |
126.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
561.500 |
393.300 |
360.560 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1104.487 |
767.487 |
433.524 |
|
|
|
|
|
|
|
|
|
Add |
MAT Credit Receivable Booked in current Year |
18.500 |
14.700 |
97.447 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
15.000 |
10.000 |
45.000 |
|
|
|
Transfer to Debenture Redemption
Reserve |
75.000 |
25.000 |
25.000 |
|
|
|
Dividend |
35.300 |
31.000 |
46.500 |
|
|
|
Tax on Dividend |
6.000 |
5.000 |
7.544 |
|
|
BALANCE CARRIED
TO THE B/S |
1553.187 |
1104.487 |
767.487 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
15.90 |
11.14 |
11.63 |
|
QUARTERLY RESULTS
|
Particulars |
|
30.06.2013 |
30.09.2013 |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
3742.800 |
2302.700 |
|
Total Expenditure |
|
3338.800 |
2040.900 |
|
PBIDT (Excl OI) |
|
404.000 |
261.800 |
|
Other Income |
|
0.000 |
0.000 |
|
Operating Profit |
|
404.000 |
261.800 |
|
Interest |
|
150.300 |
155.900 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
253.700 |
105.900 |
|
Depreciation |
|
55.200 |
56.300 |
|
Profit Before Tax |
|
198.500 |
49.600 |
|
Tax |
|
39.700 |
9.900 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
158.800 |
39.700 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
158.800 |
39.700 |
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 |
0.71 |
|
|
|
|
|
|
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
Yes |
|
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 |
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 HOUSE SENAPATI 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, Red Cross Road, New
Delhi, Delhi - 110001, INDIA |
B74869280 |
|
4 |
10424952 |
29/03/2013 |
350,000,000.00 |
IDBI Bank Limited |
3rd Floor, Indian Red Cross Society Building, 1, Red Cross Road, New
Delhi, Delhi - 110001, INDIA |
B74852385 |
|
5 |
10400401 |
05/12/2012 |
200,000,000.00 |
YES BANK LIMITED |
9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road,
Worli, Mumbai, Maharashtra - 400018, INDIA |
B67054833 |
|
6 |
10382312 |
13/09/2012 |
70,000,000.00 |
ING VYSYA BANK LIMITED |
NARIAN MANZIL,GROUND FLOOR,SHOP NO. G1 TO G5, I |
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, Karnataka - 575002, INDIA |
B72529621 |
|
9 |
10315458 |
22/02/2013 * |
322,500,000.00 |
KOTAK MAHINDRA BANK LIMITED |
7th Floor, Ambadeep Building, 14, K. G. Marg, Connaught Place, New
Delhi, Delhi - 110001, INDIA |
B71608939 |
|
10 |
10316078 |
22/02/2013 * |
500,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI 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, Ballard Estate, MUMBAI,
Maharashtra - 400001, INDIA |
B39758214 |
|
12 |
10307488 |
22/03/2011 |
2,485,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI 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, 1st Floor, Shop No.
1001 to 1007, Barakhamba Road, New Delhi, Delhi - 110001, INDIA |
B71134449 |
|
14 |
10223985 |
07/05/2012 * |
270,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTR ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE
PARADE, MUMBAI, Maharashtra - 400005, INDIA |
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, Red Cross Road, New
Delhi, Delhi - 110001, INDIA |
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 |
10/12/2013 * |
3,522,500,000.00 |
STATE BANK OF BIKANER & JAIPUR |
101-104 NEW DELHI HOUSE, 27 BARAKHAMBA ROAD, NEW DELHI, Delhi -
110001, INDIA |
B93411874 |
|
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 floor, Jawahar Vyapar
Bhawan 1, Tolstoy Marg, New Delhi, Delhi - 110001, INDIA |
B81659005 |
* Date of charge modification
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) & 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 11 June, 2013 with appointed date as 1 April, 2011. The said
scheme approved by the respective courts and has been given effect to in these
financial statements.
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.
INDUSTRY STRUCTURE AND DEVELOPMENT
The Indian room
air conditioning industry experienced yet another downtrend , with an overall
decline of 5% in volume, owing to a host of economic factors, generally on
account of negative market sentiments due to steep increase in inflation, high
interest rates and sharp depreciation of Indian rupee against the US Dollar.
Relatively mild summers also affected the growth of room air conditioner
industry.
The market size
for Indian air conditioning industry during the year 2012-2013 was estimated
around Rs. 137 Billion. Out of this, the market for room airconditioners
comprise of Rs. 68 Billion, while the market for central plants,
packaged/ducted systems was about Rs. 69 Billion.However, as per the industry
sources the current penetration level of air conditioners in the country is
merely 3-5%. With the pace of growth of the economy and the economic as well as
geographic climate being favorable in future, air conditioner business has its
long term potential intact of around 10- 12% per annum despite large number of
players.
Despite the
de-growth witnessed during the year, the Company registered a decent growth of
10% over the previous year.
Energy is critical
and the demand for clean and efficient energy devices is growing rapidly.
During the previous year, Bureau of energy efficiency (BEE) has raised the bar
for energy efficiency on split ACs. Now, the air conditioner manufacturers will
have to comply with tighter energy efficiency norms. The new rating norms
entail phasing out of Air conditioners that were one star rated last year. The
Company continued its efforts in promoting energy efficiency with a wide range
of star-rated products. The Companies are heavily promoting the high-end energy
saving inverter AC, which reduces energy consumption by substantial amounts.
INTRODUCTION
Subject is an
established diversified engineering corporation with a history in business
excellence. It is an acknowledged name in Heating Ventilation Air Conditioning
and Refrigeration (HVAC and R) industry and Consumer Durable goods segment.
Lloyd is a leading manufacturer of heat exchanger and evaporator coils serving
the entire spectrum of HVAC and R industry. The Company is an original
equipment manufacturer (OEM) to majorAC giants in India and exporters to
leading brands in the rapidly growing markets of Africa and the Middle East.
The Company also provides customized AC solutions for institutional clients like
railways, defense and metro rails and has also sustained in the transport
segment. Lloyd is a premier name in the air conditioning and consumer durable
goods segment.The Company has further expanded its horizons by acquiring the
Heat Exchanger business of Perfect Radiators and Oil Coolers Private Limited
pursuant to the approval of scheme of Arrangement by the Hon’ble High Court of
Delhi and Rajasthan thereby adding significant value by integrating and
consolidating the Heat Exchanger business of Lloyd globally.The extensive
product range of Heat Exchanger business includes copper and brass heat
exchangers, shell and tube heat exchanger for industrial application, oil
coolers for railways, and heavy automobile and tube mill for MB radiators for
its existing and new customers.
FINANCIAL 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.
Post- Merger of
the Heat Exchanger business of PROC, the Total Income from operations of the
Company stood at Rs. 11752.900 millions as against Rs. 10503.400 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.
EXPANSION AND FUTURE PROSPECTS
The roller coaster
ride that the last two years took the global economy through proved one fact
that a successful enterprise needs to have the resilience to withstand the
highs and lows of a future that often comes unpredicted.
As a global
enterprise, Lloyd was not unaffected by the challenges of the last two years.
Yet the Company demonstrated resilience by taking several proactive initiatives
across all geographies. A tough start to the year was balanced by a rebound at
a latter stage, when these initiatives began to pay off.
Company has made
strategic plans for growth and taken various initiatives intended to match the
customer’s requirements with suitable air conditioning product and service
offerings, leverage in-house RandD capabilities for developing new
differentiated products and providing customized solutions. During the year,
the Company has introduced Split air conditioners with R22 refrigerant for
domestic and export market. New star rated room air conditioners meeting with
the high energy efficiency norms were also introduced during the year. As their
next step towards energy saving, the Company is focusing on the development of
the split air-conditioners with inverter
technology.
During the recent
years the metro segment business has offered earnest opportunity to the players
in HVACandR industry as more and more cities are coming out with metro
projects. To keep up with the pace of growth offered by metro segment, during
the previous year the Company has developed prototype Roof Mounted HVAC unit
for Delhi Metro and HVAC units and new generation PLC based controllers for
metro rail HVAC units. Lloyd has also developed roof mounted packaged units
with environment friendly refrigerants for LHB and conventional coaches for
Indian railways. Some of the other additions made by the Company to its product
portfolio include Roof Mounted ventilation unit for EMU coaches of MRVC II
project, for Bombardier; Oil Cooling unit for electric loco engines for Indian
Railways and HVAC unit for Diesel Loco made by DLW, Varanasi.
The Company is
expanding its Lloyd branded product portfolio in Indian market by introducing
innovative products that are ideally suited to the market. Under the Lloyd
branded products, the Company has introduced Ultra High Definition, Smart, 3D
LED’s ; chest freezers including new and exciting range of room
air-conditioners in premium and mass premium segment. They are constantly
strengthening their after sales service network. On distribution front, they
are expanding beyond the larger cities into fast growing Tier –III and IV
markets.
Lloyd has all the
capabilities and strengths to navigate through the challenges presented by
dynamic and evolving
customer preferences.
FIXED ASSETS
Ř Leasehold Land
Ř Temporary
Constructions
Ř Buildings
Ř Plant and
Machinery
Ř Office Equipments
Ř Vehicles
Ř
Furniture and Fixtures
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED 30TH SEPTEMBER 2013
(Rs. In Millions)
|
|
Particulars |
Quarter Ended |
|||||
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
||||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||||
|
1 |
a. Net Sales (Net of excise duty) |
2299.100 |
3742.300 |
6041.400 |
|||
|
|
b. Other Operating Income |
3.600 |
0.400 |
0.400 |
|||
|
|
Total Income from Operations (Net) |
2302.700 |
3742.800 |
6045.400 |
|||
|
2 |
Expenditure |
|
|
|
|||
|
|
a. Cost of Materials Consumed |
2279.000 |
3214.300 |
5493.300 |
|||
|
|
b. Purchase of Stock-in-Trade |
-- |
-- |
-- |
|||
|
|
c. Changes in Inventories of Finished Goods & Stock in trade |
(474.900) |
(184.900) |
(659.500) |
|||
|
|
d. Employee Benefits Expenses |
97.200 |
86.900 |
184.100 |
|||
|
|
e. Depreciation and amortisation Expense |
66.300 |
55.200 |
111.500 |
|||
|
|
f. Other Expenses |
139.600 |
222.200 |
381.800 |
|||
|
|
Total Expenses |
2097.200 |
3394.000 |
6491.200 |
|||
|
3 |
Profit from Operations before Other Income, Finance Costs & Exceptional Items (1-2) |
205.500 |
348.800 |
554.200 |
|||
|
4 |
Other Income |
-- |
-- |
-- |
|||
|
5 |
Profit Before Finance Costs & Exceptional Items (3+4) |
205.500 |
348.800 |
554.200 |
|||
|
6 |
Finance Costs |
155.900 |
150.300 |
306.200 |
|||
|
7 |
Profit after Finance Cost but before exceptional items (5-6) |
49.600 |
198.500 |
248.000 |
|||
|
8 |
Exceptional Items |
-- |
-- |
-- |
|||
|
9 |
Profit before Tax (7+8) |
49.600 |
198.500 |
248.000 |
|||
|
10 |
Tax Expense |
9.900 |
39.700 |
49.600 |
|||
|
11 |
Net Profit for the period (9-10) |
39.700 |
158.800 |
198.400 |
|||
|
12 |
Paid up Equity Share Capital (Face Value of Rs.2/- Each) |
353.200 |
353.200 |
353.200 |
|||
|
13 |
Reserves excluding Revaluation Reserves |
-- |
-- |
-- |
|||
|
14 |
Basic and Diluted Earnings Per Share (Rs.) (Not Annualised) |
1.12 |
4.50 |
5.02 |
|||
|
|
|
|
|
|
|||
|
PART - II SELECT INFORMATION FOR THE QUARTER AND
SIX MONTHS ENDED 30TH SEPTEMBER 2013 |
|||||||
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|||
|
1 |
Public shareholding |
|
|
|
|||
|
|
a. |
Number of shares |
18122302 |
18529635 |
18122302 |
||
|
|
b. |
Percentage of shareholding |
51.31 |
52.48 |
51.31 |
||
|
2 |
Promoters and promoter group shareholding |
|
|
|
|||
|
|
a. |
Pledged/Encumbered |
|
|
|
||
|
|
Number of shares |
Nil |
Nil |
Nil |
|||
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
||
|
|
|
Percentage of shares (as a % of the total share capital of the Company) |
-- |
-- |
-- |
||
|
|
b. |
Non-encumbered |
|
|
|
||
|
|
Number of shares |
17197958 |
18790625 |
17197958 |
|||
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
||
|
|
|
Percentage of shares (as a % of the total share capital of the Company) |
48.69 |
47.54 |
48.69 |
||
Note:
1. The accounting standered (AS-17) relating to segment reporting is not applicable as the company has one reporteable business segment.
2. The above standalone financial results have been reviewed by the audit committee and subsequently approved by the board of directors at their meeting held on 11th November 2013.
3. The standalone result for the quarter ended September 30, 2013 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 filed the insurance claim with the insurance company for the amount Rs. 464.500 Millions in respect of the loss of stock due to fire at the company’s godown in kalkaji, New Delhi. The same is under process with the insurance company and is reflected under current assets claim receivables.
5. The fifures of the previous periods 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 paid dividend of Re. 1/- per equity shares Rs. 10/- each for financial year 2012-13.
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
Particular |
30.09.2013 |
|
EQUITY AND
LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
353.300 |
|
(b) Reserves and surplus |
5453.300 |
|
Sub-total
- Shareholders' funds |
5806.600 |
|
Share Application
money pending allotment |
0.000 |
|
|
|
|
Minority
Interest |
0.000 |
|
|
|
|
Non-current
liabilities |
|
|
(a) Long-term borrowings |
1578.400 |
|
(b) Deferred Tax Liabilities (Net) |
159.200 |
|
(c) Long-term provision |
20.400 |
|
Sub-total
- Non-current liabilities |
1758.000 |
|
|
|
|
Current
liabilities |
|
|
(a) Short-term borrowings |
4162.900 |
|
(b) Trade payables |
1026.600 |
|
(c) Other current liabilities |
181.300 |
|
(d) Short-term provision |
136.200 |
|
Sub-total - Current liabilities |
5507.000 |
|
|
|
|
TOTAL - EQUITY AND
LIABILITIES |
13071.500 |
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
3093.000 |
|
(b) Goodwill on consolidation |
883.400 |
|
(c) Non-current investments |
180.100 |
|
(d) Deferred Tax Assets (Net) |
167.600 |
|
(e) Long-term loans and advances |
-- |
|
(f) other non-current assets |
--- |
|
Sub-total
- Non-current assets Current assets |
4304.200 |
|
Current assets |
|
|
(a) Current Investment – Claim receivables |
464.500 |
|
(b) Inventories |
4044.100 |
|
(c) Trade receivables |
2835.700 |
|
(d) Cash and cash equivalents |
685.400 |
|
(e) Short-term loans and advances |
284.800 |
|
(f) Other current assets |
452.800 |
|
Sub-total
- Current assets |
8767.300 |
|
TOTAL
- ASSETS |
13071.500 |
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 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.61.59 |
|
|
1 |
Rs.101.09 |
|
Euro |
1 |
Rs.83.99 |
INFORMATION DETAILS
|
Information Gathered
by : |
HET |
|
|
|
|
Report Prepared
by : |
ANK |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.