Thursday, 25 November 2010

LEEL-Notes from AR 2010

  • Acquired “Janka” - Czech based manufactures of Air Handling Units in 2009. Price paid was Euros 4.5 million (Rs 33.17 cr) for a 100% stake. This was paid from internal accruals.

  • Margins have improved in 2010 and is expected to be around this level

  • The 2008 acquisition (Lloyds Coil Europe) has turned around and reported profits of 1.04 cr as opposed to a loss of 16.4 cr in the previous year.

  • A new manufacturing facility has been setup at Pantnagar, Uttarakhand with backward integration of major components like coils required in the manufacturing of ACs.

  • Executive management salary is not exhorbitant. Mr. B.R. Punj gets 28.8 lakhs and Mr. A.K.Roy gets 41.4 lakhs as total compensation.

  • Last equity dilution took place in 2005-06 due to conversion of preference shares and issuance of GDR.

  • Rs 50 cr has been put as corporate guarantee given against loan taken by related parties.

  • Promoters have bought 4.68% from the market in November.

Price Realization for manufactured Items



2010


2009


Growth%


Nos

Price(in lacs)

Price/unit

Nos

Price(in lacs)

Price/unit


Condenser Coils

703347

4824.03

685.87

509857

2466.77

483.82

41.76%

Evaporator Coil

438299

2329.61

531.51

283707

1457.65

513.79

3.45%

Air Conditioners

308863

22076.08

7147.53

271616

21500.66

7915.83

-9.71%

Sheet Metal

63406

34877.56

55006.72

74110

30382.59

40996.61

34.17%



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