MIRA INFORM REPORT
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Report No. : |
343243 |
|
Report Date : |
01.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
FEDDERS LLOYD CORPORATION LIMITED |
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Registered
Office : |
Plot No-6 and 6/1,
UPSIDC Industrial Area, Sikanderabad – 203205, Uttar Pradesh |
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Tel. No.: |
91-11-41609457 |
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Country : |
India |
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Financials (as
on) : |
30.06.2015 |
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Date of
Incorporation : |
16.01.1957 |
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Com. Reg. No.: |
20-021118 |
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Capital
Investment / Paid-up Capital : |
Rs.307.700 Million |
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CIN No.: [Company Identification
No.] |
L29299UP1957PLC021118 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELF00021A |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
The company provides customized solutions on a turnkey basis in the areas of infrastructure, involving manufacturing, engineering, designing of Steel Structures; Engineering, Procurement and Construction (EPC) for transmission of power; manufacture and supply of towers for wind turbines; and environment control systems for industrial and customized applications. |
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No. of Employees
: |
Information Decline by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 11310000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Not Available |
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Comments : |
Subject is flagship company of “Fedders Lloyd Group” and was incorporated by the Punj group in 1957. The company provides customized solutions on a turnkey basis in the areas of infrastructure, involving manufacturing, engineering, designing of Steel Structures and Engineering and environment control systems for industrial. The gross revenue from operations of the company for the year ended 2015 stood at Rs.13322.900 Million as against Rs.11719.400 Million for the year ended 2014 recorded significant growth of 13.34%. The company has recorded healthy profitability margin backed by its strong networth and comfortable debt protection metrics. Rating further derive strength on company diversified revenue profile backed by reputed cliental base along with healthy order book. However, the rating is constrained by elongating working capital cycle and relatively competitive nature of business. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long term bank facilities : A- |
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Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
13.01.2015 |
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Rating Agency Name |
CARE |
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Rating |
Short term bank facilities : A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
13.01.2015 |
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
31-03-2015.
INFORMATION DENIED
Management non-cooperative (Tel. No.: 91-11-41609457)
LOCATIONS
|
Registered Office / Factory 1 : |
Plot No-6 and 6/1,
UPSIDC Industrial Area, Sikanderabad – 203205, Uttar Pradesh, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office 1 : |
159, Okhala Industrial Estate, Phase- III, New Delhi- 110020, India |
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Tel. No.: |
91-11-41609457 / 58/ 59/40627200-300 |
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Fax No.: |
91-11-41609909 |
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Corporate Office 2 : |
Plot No.2, Industrial Area, Kalkaji, New Delhi-110019, |
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Tel. No.: |
91-11-47100666 |
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Factory 2: |
C-4, Phase – II, Noida, District Gautam Budh Nagar – 201305, Uttar
Pradesh, India |
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Tel. No.: |
91-120-2563031-33 / 2567945 / 2567946 |
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Fax No.: |
91-120-2562632 |
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Factory 3: |
836, 837, Jambusar - Bharuch Road, Village
- Magnad, District Bharuch,
Gujarat – 392150, , India |
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Factory 4: |
Saketi Road, Industrial Area, Kala Amb,
Tehsil Nahan, District Sirmor, Himachal
Pradesh, India |
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Factory 5: |
S-23 & S-24, Phase-III, SIPCOT Industrial
Complex, Mukundarayapuram, Ranipet 632405 |
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Factory 6: |
Plot No. 24, Sector 2, IIE Pantnagar District Udham Singh Nagar, Uttarakhand, |
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Factory 7 : |
Industrial Area, Park-2,
Salempur, Mehdood, Near SIDCUL, Haridwar, Uttarakhand, India |
DIRECTORS
|
Name : |
Mr. Brij Raj Punj |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Sham Sunder Dhawan |
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Designation : |
Whole Time Director |
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Name : |
Mr. Nemichandra D. Jain |
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Designation : |
Whole Time Director |
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Name : |
Mr. Arun Kumar Joshi |
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Designation : |
Independent and Non-Executive Director |
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Name : |
Mrs. Ritushri Sharma |
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Designation : |
Independent and Non-Executive Director |
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Name : |
Mrs. Bindu Dogra |
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Designation : |
Independent and Non-Executive Director |
KEY EXECUTIVES
|
Name : |
Mrs. Purnima Sharma |
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Designation : |
Company Secretary |
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Name : |
Mr. A.A. Siddiqi |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
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||
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(A) Shareholding of Promoter
and Promoter Group |
||
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|
3756809 |
12.21 |
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|
10727773 |
34.86 |
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|
14484582 |
47.07 |
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Total shareholding of
Promoter and Promoter Group (A) |
14484582 |
47.07 |
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(B) Public Shareholding |
||
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|
68237 |
0.22 |
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|
10000 |
0.03 |
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|
78237 |
0.25 |
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|
9089165 |
29.54 |
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Individual shareholders
holding nominal share capital up to Rs. 0.100 Million |
5231189 |
17.00 |
|
Individual shareholders holding
nominal share capital in excess of Rs. 0.100 Million |
1094616 |
3.56 |
|
|
791911 |
2.57 |
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|
42654 |
0.14 |
|
|
407681 |
1.32 |
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|
2000 |
0.01 |
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|
339576 |
1.10 |
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|
16206881 |
52.67 |
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Total Public shareholding
(B) |
16285118 |
52.93 |
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Total (A)+(B) |
30769700 |
100.00 |
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(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
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Total (A)+(B)+(C) |
30769700 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The company provides customized solutions on a turnkey basis in the areas of infrastructure, involving manufacturing, engineering, designing of Steel Structures; Engineering, Procurement and Construction (EPC) for transmission of power; manufacture and supply of towers for wind turbines; and environment control systems for industrial and customized applications. |
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Products / Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Divulged |
PRODUCTION STATUS- NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
n ABB n Indian Army n Bharat Sanchar
Nigam Limited n HAL |
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No. of Employees : |
Information Decline by the management |
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Bankers : |
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Facilities : |
Note Long-term
Borrowings 1. Indian rupee loan from State Bank of Hyderabad carries interest @ 12.50%.The loan is repayable in 16 quarterly installment of Rs.15.625 Million each after monotorium of 1 year from the date of loan i.e.24 March 2011. 2. Indian rupee loan from Karnataka Bank carries interest @ 12.5% P.A. The loan is repayable in equal monthly instalment of Rs. 2.676 Million, with last instalment due on January’16. 3. Foreign Currency Loan (ECB )-1 of USD 7.32 Million from ICICI BANK carries interest @ 6 months LIBOR plus 4% .The loan is repayable in 22 quarterly installments starting from 18 months from the date of first draw-down i.e.3 October 2011. 4. Foreign Currency Loan (ECB)-2 of USD 3.3 Million from ICICI BANK carries interest @ 6 months LIBOR plus 4 %.The loan is repayable in 22 quarterly Installment starting from 18 months from the date of first draw-down i.e. 1st June’11 5. Foreign Currency Loan (ECB)-3 of USD 4 Million from ICICI BANK carries interest @ 6 months LIBOR plus 4 %. The loan is repayable in 22 quarterly Installment starting from 18 months from the date of first draw-down i.e.29 April 2011 6. Foreign Currency Loan(ECB) of USD 5.5 Million from Standard Chartered Bank carries interest @ LIBOR plus 2.90%.The loan is repayable in 16 equal quarterly instalments beginning from 15th month from the date of first draw-down i.e.3rd Oct’11 7. Indian rupee loan from State Bank of India carries interest @ 12.50%.The loan is repayable in 16 quarterly installment of Rs.15.625 Million each after monotorium of 1 year from the date of loan i.e.28.09.2012. |
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Auditors : |
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|
Name : |
Suresh C Mathur and Company Chartered Accountants |
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Address : |
New Delhi, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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100% Subsidiary: |
Fedders Lloyd Trading FZE |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 30.06.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,00,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 700.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,07,69,700 |
Equity Shares |
Rs. 10/-
each |
Rs. 307.700
Million |
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|
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Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
|
Particulars |
As on 30.06.2015 |
|
|
No. of Shares |
Rs. In Million |
|
|
Equity Shares |
|
|
|
Shares outstanding at the beginning of the year |
30769700 |
307.700 |
|
Shares Issued during the year |
-- |
-- |
|
Shares outstanding
at the End of the year |
30769700 |
307.700 |
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.
Details of
shareholders holding more than 5% shares in the Company
|
Particulars |
As on 30.06.2015 |
|
|
No. of Shares |
% of holding |
|
|
Equity Shares of Rs. 10 each fully
paid-up |
|
|
|
Zenith Impex Private Limited |
3,771,910 |
12.26 |
|
Rajul Estates Private Limited |
3,295,562 |
10.71 |
|
Lloyd Sales Private Limited |
4,293,619 |
13.95 |
|
Perfect Radiators and Oil Coolers Private Limited |
3,826,525 |
12.44 |
|
Brij Raj Punj |
1,632,667 |
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.
ALLOTMENT OF WARRANTS
Pursuant to approval granted by shareholders through Postal Ballot results dated 17 July 2015 and in-principal approval granted by Stock Exchanges dated 30 July 2015, the Company has allotted 50,00,000 convertible Preferential Warrants to the promoter group entities on 03 August 2015 at the rate of Rs.75 per warrant (Warrant Price) on receiving the upfront consideration of 25% of total Warrant Price amounting to Rs. 93.750 Million from the allottees by complying with the guidelines prescribed by the Companies Act, 2013 read with the Rules framed thereunder, the procedures prescribed by the Listing Agreement entered with the Stock Exchanges, Regulations of SEBI (ICDR) Regulations, 2009 or all other provisions for the time being in force. The warrants are convertible into equal number of equity shares by 2 February 2017 at the option of warrant holders.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
30.06.2015 |
30.06.2014 |
30.06.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
307.700 |
307.700 |
307.700 |
|
(b) Reserves &
Surplus |
3651.800 |
3287.100 |
2883.890 |
|
(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) |
3959.500 |
3594.800 |
3191.590 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
602.800 |
967.700 |
1334.020 |
|
(b) Deferred tax
liabilities (Net) |
86.900 |
46.600 |
5.530 |
|
(c) Other long term
liabilities |
209.700 |
193.700 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
41.900 |
|
Total Non-current
Liabilities (3) |
899.400 |
1208.000 |
1381.450 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4460.000 |
4128.400 |
3593.040 |
|
(b) Trade payables |
2143.500 |
1140.600 |
751.450 |
|
(c) Other current
liabilities |
454.700 |
494.200 |
403.690 |
|
(d) Short-term provisions |
123.600 |
196.000 |
160.760 |
|
Total Current Liabilities
(4) |
7181.800 |
5959.200 |
4908.940 |
|
|
|
|
|
|
TOTAL |
12040.700 |
10762.000 |
9481.980 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2618.100 |
2572.200 |
2601.740 |
|
(ii) Intangible Assets |
6.300 |
6.000 |
7.230 |
|
(iii) Capital
work-in-progress |
111.900 |
114.600 |
50.120 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
178.240 |
|
(b) Non-current
Investments |
7.300 |
7.300 |
10.320 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
68.900 |
75.900 |
200.580 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2812.500 |
2776.000 |
3048.230 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
4162.600 |
4046.000 |
2875.130 |
|
(c) Trade receivables |
4295.300 |
3324.900 |
2991.170 |
|
(d) Cash and cash
equivalents |
187.300 |
70.300 |
58.480 |
|
(e) Short-term loans and
advances |
583.000 |
544.800 |
508.970 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
9228.200 |
7986.000 |
6433.750 |
|
|
|
|
|
|
TOTAL |
12040.700 |
10762.000 |
9481.980 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
30.06.2015 |
30.06.2014 |
30.06.2013 |
|
|
SALES |
|
|
|
|
|
Income |
13161.700 |
11603.500 |
10155.980 |
|
|
Other Income |
29.300 |
34.400 |
58.600 |
|
|
TOTAL |
13191.000 |
11637.900 |
10214.580 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
11483.200 |
9018.900 |
8714.120 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
103.510 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(643.300) |
303.500 |
(743.130) |
|
|
Employees benefits
expense |
329.300 |
353.200 |
355.510 |
|
|
Other expenses |
657.500 |
450.200 |
449.030 |
|
|
TOTAL |
11826.700 |
10125.800 |
8879.040 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1364.300 |
1512.100 |
1335.540 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
642.500 |
728.100 |
439.430 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
721.800 |
784.000 |
896.110 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
127.200 |
134.800 |
277.390 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
594.600 |
649.200 |
618.720 |
|
|
|
|
|
|
|
Less |
TAX |
192.800 |
201.100 |
122.210 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
401.800 |
448.100 |
496.510 |
|
|
|
|
|
|
|
|
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
268.500 |
264.030 |
153.280 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend |
30.700 |
30.700 |
30.770 |
|
|
Provision for Tax on
dividend |
5.300 |
5.300 |
4.990 |
|
|
Provision for Tax on
dividend for previous year |
0.000 |
0.200 |
0.000 |
|
|
Depreciation adjustment |
0.000 |
7.500 |
0.000 |
|
|
Transferred to General
Reserve |
500.000 |
400.000 |
350.000 |
|
|
|
|
|
|
|
|
Balance Carried to the B/S |
134.300 |
268.500 |
264.030 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
2091.100 |
4662.160 |
2524.710 |
|
|
TOTAL EARNINGS |
2091.100 |
4662.160 |
2524.710 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials, Components
and Stores parts |
1457.500 |
3373.88 |
642.48 |
|
|
Capital Goods |
54.300 |
16.83 |
4.15 |
|
|
TOTAL IMPORTS |
1511.800 |
3390.710 |
646.630 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(Rs.) |
13.06 |
14.56 |
16.14 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
30.06.2015 |
30.06.2014 |
30.06.2013 |
|
Current maturity of
Long Term Borrowings |
|
|
|
|
Foreign Currency
loan |
261.700 |
219.200 |
139.030 |
|
Indian Currency
Loan |
125.400 |
157.100 |
141.490 |
|
Loan against
Vehicles (secured by hypothecation of vehicle financed) |
0.200 |
1.100 |
0.950 |
|
Total |
387.300 |
377.400 |
281.470 |
|
Cash generated from operations |
1463.500 |
1014.600 |
557.80 |
|
Net Cash Flow from Operating Activities |
1236.200 |
949.600 |
705.88 |
KEY
RATIOS
|
PARTICULARS |
|
30.06.2015 |
30.06.2014 |
30.06.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.05 |
3.86 |
4.89 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
10.37 |
13.03 |
13.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.99 |
6.10 |
6.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.18 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.38 |
1.52 |
1.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28 |
1.34 |
1.31 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.71.35/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
30.06.2013 |
30.06.2014 |
30.06.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
307.700 |
307.700 |
307.700 |
|
Reserves & Surplus |
2883.890 |
3287.100 |
3651.800 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
3191.590 |
3594.800 |
3959.500 |
|
|
|
|
|
|
long-term borrowings |
1334.020 |
967.700 |
602.800 |
|
Short term borrowings |
3593.040 |
4128.400 |
4460.000 |
|
Current Maturities of
Long Term Debt |
281.470 |
377.400 |
387.300 |
|
Total borrowings |
5208.530 |
5473.500 |
5450.100 |
|
Debt/Equity ratio |
1.632 |
1.523 |
1.376 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
30.06.2013 |
30.06.2014 |
30.06.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
10155.980 |
11603.500 |
13161.700 |
|
|
|
14.253 |
13.429 |
NET PROFIT MARGIN
|
Net Profit Margin |
30.06.2013 |
30.06.2014 |
30.06.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
10155.980 |
11603.500 |
13161.700 |
|
Profit |
496.510 |
448.100 |
401.800 |
|
|
4.89% |
3.86% |
3.05% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
Fedders Lloyd Corporation Limited 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 and well diversified in the field of Environment Control Systems (ECS), fabrication of steel structures for Power, commercial and industrial construction projects and implementation of high power transmission lines. The Company has also been into exports of power Equipments / components to various funded projects by multilateral agencies like World Bank etc.in African countries.
The Company has been
generating revenues mainly from three segments:-
1. Environmental Control Systems
2. Steel structures and Engineering
3. Power Transmission and Distribution and Overhead Electrification (OHE)
FINANCIAL
PERSPECTIVE, BUSINESS OUTLOOK AND SEGMENTAL
REVIEW
The Gross revenue from operations of the Company for the year ended 30 June 2015 stood at Rs. 13322.900 Million as against Rs.11719.400 Million for the year ended 30 June 2014 and signifies a growth of 13.68% as compared to the revenue generated in the previous year ended on 30 June 2014. The Profit after tax for the year ended 30 June 2015 stood at Rs.401.800 Million as compared to Rs.448.100 Million in the previous year ended 30 June 2014.The decline in profit after tax by 10.34% is due to inflationary pressure during the year.
Total revenue from the various segments of the Company during the year are as follows:
Steel Structures and Engineering: Rs.9737.400 Million
Power projects: Rs.3173.100 Million
Environmental Control Systems: Rs.280.500 Million
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
THE INDIAN ECONOMY
The Indian economy witnessed yet another challenging year with only a marginal pick-up in economic growth. Indian Economy grew at 7.3% in 2014-15 fiscal. Expectations ran high for the Indian economy since early 2014 on hopes that the domestic economy would be recharged and investments would pick-up with the change in leadership at the center. Although the new government has taken positive steps in boosting the economy and investments, the progress and impact of the same has been limited in terms of economic numbers. The economy has benefited more from the extraneous factors viz. the softening of commodity prices i.e. crude oil, metals and agricultural commodities, providing much needed respite from persistent high inflation. The country’s current account deficit has improved as a result of the decline in crude oil prices which lowered the country’s import bill. Lower oil prices has also helped the fiscal situation as the constraints imposed by the subsidy bill on the overall ability to balance the budget have eased substantially when combined with the rationalization moves taken on this front.
The outlook for India's long-term growth is moderately positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. Overall, the Indian economy is expected to further strengthen through higher infrastructure spending, increased fiscal devolution to states and continued reforms in financial and monetary policy. The industrial segment, in particular, is likely to see a demand uptick, to trigger an all-round impact which could lead to greater revival in the sluggish consumer’s sentiments.
GLOBAL ECONOMIC
OVERVIEW
The global economy continued to expand during 2014-15 at a moderate and uneven pace, as the prolonged recovery process from the global financial crisis was still saddled with unfinished post-crisis adjustments. Global recovery was also hampered by some new challenges, including a number of unexpected shocks, such as the heightened geopolitical conflicts in various areas of the world. Geopolitical tensions remain a major downside risk for the economic outlook. In addition to the severe human toll, the crises in Iraq, Libya, the Syrian Arab Republic and Ukraine have already had pronounced economic impacts at the national and sub-regional levels, although the global economic effect has so far been relatively limited. The lowering of crude prices in the international market has raised optimism about the overall growth scenario, indicating a turn for the positive in the global economic sentiment. More significantly, the global outlook towards the Indian sub-continent, led by India, is highly positive.
In order to mitigate the risks and meet challenges as discussed above, it is imperative that international policy coordination is strengthened. In particular, macroeconomic policies worldwide should be aligned towards supporting robust and balanced growth, creating productive jobs, and maintaining economic and financial stability in the long run.
COMPANY’S BUSINESS
AND PERFORMANCE
Fedders Lloyd is an established diversified company with history of 59 years in business excellence. It is an acknowledged name in the field of infrastructure and engineering sector dealing in the following business verticals:
• Light, Medium and Heavy Steel fabrication and Engineering for Defense, Rail & Industrial sectors & Civil Substructures for Railway Bridges
• Power Transmission and Distribution including Overhead Electrification
• Environment Control Systems for Defense, Rail, Industrial and Commercial sectors
CONTINGENT
LIABILITIES:
1. Bank Guarantees: Rs.2617.500 Million * (Previous year Rs.3003.100 Million)
*includes the bank guarantees amounting to USD 5,425,915 (INR 338.100 Million) invoked by the beneficiaries in respect of certain contracts in Ethiopia under execution, against which the Company has got permanent injunction from Ethiopian court. The matter is under arbitration proceedings on direction of Ethiopian court. The Company expects the matter to be decided in its favour and therefore has made no provision in the Accounts.
2. Sales Tax Assessment demand for Financial Year 2011-12 of Rs.6.100 Million was raised by the UP sales tax department.
The Company has filed the appeal and the tribunal has granted stay against the demand.
3. Recovery suits filed by the parties in different court but not acknowledged as debts/ liabilities: Rs.60.100 Million.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10549099 |
20/01/2015 |
14,350,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
C43358431 |
|
2 |
10510922 |
15/10/2014 * |
14,350,000,000.00 |
STATE BANK OF INDIA |
14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARG, NEW DELHI - 110001, INDIA |
C32889404 |
|
3 |
10348047 |
07/04/2014 * |
361,500,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
C10164010 |
|
4 |
10322745 |
06/02/2013 * |
154,600,000.00 |
THE KARNATAKA BANK LIMITED |
KARNATAKA BANK LIMITED,REGD. AND HEAD OFFICE, P.B |
B70744990 |
|
5 |
10315109 |
17/06/2013 * |
275,000,000.00 |
STANDARD CHARTERED BANK |
(ACTING AS AN SECURITY AGENT) C D U, NARAIN MANZI |
B78612819 |
|
6 |
10276364 |
06/02/2013 * |
250,000,000.00 |
STATE BANK OF HYDERABAD |
SCOPE COMPLEX, LODHI ROAD, JANPATH, NEW DELHI - - 110003, INDIA |
B70744495 |
|
7 |
10273410 |
07/04/2014 * |
153,500,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
C10162337 |
|
8 |
10273465 |
07/04/2014 * |
185,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
C10171932 |
|
9 |
10273408 |
28/02/2011 |
153,500,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B08614273 |
|
10 |
10273409 |
28/02/2011 |
185,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B08615411 |
* Date of charge modification
FIXED ASSETS
- Building Factory
- Furniture and Fixtures
- Plant and Machinery
- Office Equipments
- Electric Equipments
- Air-conditioners
- Motor Car
- Refrigerators
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.65.74 |
|
|
1 |
Rs.99.53 |
|
Euro |
1 |
Rs.73.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
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 |
|
50 |
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.