MIRA
INFORM REPORT
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Report Date : |
12.05.2007 |
IDENTIFICATION DETAILS
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Name : |
PRICOL LIMITED |
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Formerly Known As : |
PREMIER
INSTRUMENTS & CONTROLS LIMITED |
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Registered Office : |
Post Box 6331,
1087-A, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.03.1972 |
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Com. Reg. No.: |
000641 |
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CIN No.: [Company
Identification No.] |
L33129TZ1972PLC000641 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMPB03136A |
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PAN No.: [Permanent
Account No.] |
AABCP2380C |
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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 of Dashboard Instruments, Sensors and Accessories, Oil
Pumps and Other Auto Components. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 5900000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
– established company having fine track. Available information indicates high
financial responsibility of the company. Financial position is strong. Trade
relations are fair. Payments are correct and as per commitments. The company can
be considered good for any normal business dealings at usual trade teems and
conditions. |
LOCATIONS
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Registered /
Corporate Office : |
702/7, |
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Tel. No.: |
91-422-5336000 (5
lines) |
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Fax No.: |
91-422-5336299 |
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Mobile No.: |
91-9894499895/9894499896 |
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E-Mail : |
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Website : |
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Regional
Offices: |
North Zone: Jatinder
Punj, Regional Manager, Pricol Limited,
Plot
no.34&35, Sector 4, Imt Manesar,
Gurgaon -
122 050. Phone: 91 -
124 - 4312200, 2290866 - 68 Fax: 91 - 124 -
2290869 E mail: plant2@pricol.co.in East Zone: Flat 3C, Block B,
Mahananda Apartments Chandra
Jothi Nagar, Kunjvihar, Sonari
jamshetpur - 831 011, E-Mail: ranjanpricol2000@yahoo.com West Zone: 701 & 702 Phone: 91 - 22 -
26590357, 26590289 Fax: 91
- 22 - 26592677 E-Mail: pricolmbi@satyam.net.in South Zone: 1st Floor - A, Phone: 91- 44 - 28151560 Fax: 91- 44 -
28151560 E-Mail: pricochn@vsnl.com |
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Factory : |
PLANT I 132, PLANT II Plot
N0.34&35, Sector 4, IMT Manesar, Gurgaon - 122 050 PLANT III 4/558,
Chinnamathampalayam, PLANT IV 2/439, PLANT V Survey No. 1065 &
1066, Pirangut, Taluk Mulshi, Pune - 412 108. |
DIRECTORS
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Name : |
Mr. Vijay Mohan |
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Designation : |
Chairman & Managing Director |
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Qualification : |
Bachelor of Engineering & Master of Management Science |
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Experience : |
33 Years |
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Date of Appointment : |
03.04.1973 |
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Name : |
Mr. L. Lakshman |
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Designation : |
Director |
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Name : |
Mr. E.K. Parthasarathy |
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Designation : |
Director |
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Name : |
Mr. Suresh Jagannathan |
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Designation : |
Director |
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Name : |
Mr. C.R. Swaminathan |
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Designation : |
Director |
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Name : |
Mr. D. Sarath Chandran |
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Designation : |
Director |
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Name : |
Mr. K.N.V. Rarnani (upto 5th
August, 2005) |
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Designation : |
Director |
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Name : |
Mr. Takeshige Tabuchi |
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Designation : |
Director (upto 29th July, 2005) |
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Name : |
Mr. Shinji Shirasaki |
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Designation : |
Director |
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29th July, 2005 |
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Name : |
Mr. Haruo Ishida |
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Designation : |
Alternate Director |
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Name : |
Mr. C.N. Srivatsan |
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Designation : |
Director |
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Name : |
Mr. T.K. Balaji |
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Designation : |
Director |
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Name : |
Mr. V. Ramakrishnan |
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Designation : |
Director |
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Name : |
Mr. R. Vidhya Shankar |
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Designation : |
Director |
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Date of Appointment : |
21.05.2005 |
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Name : |
Mrs. Vanitha Mohan |
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Designation : |
Executive Director |
KEY EXECUTIVES
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Name : |
Mr. T.G. Thamizhanban |
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Designation : |
Company Secretary |
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Date of Appointment : |
27.05.2006 |
SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters &
Associates |
31804860 |
35.34 % |
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Foreign
Collaborator - DENSO Corporation, |
11250000 |
12.50 % |
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Non-resident
Indians |
456950 |
0.51 % |
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Foreign
Institution Investor |
151325 |
0.17 % |
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Banks |
353875 |
0.39 % |
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Indian Financial
Institutions / Insurance Companies |
494716 |
0.55 % |
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Bodies Corporate |
4753497 |
5.28 % |
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Mutual Funds |
9646809 |
10.72 % |
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Public |
31087968 |
34.54 % |
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Total |
90000000 |
100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Dashboard Instruments, Sensors and Accessories, Oil
Pumps and Other Auto Components. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Dashboard Instruments |
Nos. |
16890000 |
11784308 |
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Speedometer
Cables (in Mtrs) |
Nos. |
3370000 |
2440572 |
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Sensors (all
types) |
Nos. |
7932000 |
5819130 |
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Oil Pumps |
Nos. |
6470000 |
5033908 |
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Chian Tensioners |
|
1970000 |
1739445 |
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Idle Speed
Control Valve Assy |
Nos. |
682000 |
546953 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
4600 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Suri and Company Chartered Accountants |
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Address : |
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Foreign Collaborator : |
IVECO
FIAT SPA, Kawasaki
Heavy Industries Limited, Denso
Corporation, General Motors Corporation, Honda Motor Company Limited, Honda
Motor Company Limited, Daelim
Motor Company Suzuki
Motor Corporation, Toyota
Motor Corporation, Visteon Corporation, Yamaha
Motor Company Limited, |
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Subsidiaries : |
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Associates : |
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Promotee Company : |
Terra Agro Technologies Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100,000,000 |
Equity Shares |
Rs. 1/- Each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90,000,000 |
Equity Shares |
Rs. 1/- Each |
Rs. 90.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
90.000 |
90.000 |
60.000 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
1394.064 |
1163.800 |
919.000 |
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4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
1484.064 |
1253.800 |
979.000 |
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LOAN FUNDS |
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1] Secured Loans |
1806.851 |
1129.500 |
717.900 |
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2] Unsecured
Loans |
527.307 |
429.200 |
434.400 |
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TOTAL BORROWING
|
2334.158 |
1558.700 |
1152.300 |
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DEFERRED TAX
LIABILITIES |
87.190 |
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TOTAL
|
3905.412 |
2812.500 |
2131.300 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
1954.516 |
1417.800 |
1258.000 |
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Capital work-in-progress
|
48.059 |
385.900 |
39.400 |
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INVESTMENT
|
277.742 |
49.800 |
76.500 |
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DEFERREX TAX ASSETS
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CURRENT ASSETS, LOANS &
ADVANCES
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Inventories
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779.532
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764.100
|
570.400 |
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Sundry Debtors
|
1185.122
|
697.200
|
696.300 |
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Cash & Bank Balances
|
226.094
|
60.900
|
60.000 |
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Other Current Assets
|
0.000
|
0.000
|
0.000 |
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Loans & Advances
|
866.299
|
602.800
|
607.400 |
Total Current Assets
|
3057.047
|
2125.000
|
1934.100 |
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Less :
CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
768.214
|
839.200
|
701.700 |
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Provisions
|
663.738
|
326.800
|
475.000 |
Total Current Liabilities
|
1431.952
|
1166.000
|
1176.700 |
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Net Current Assets
|
1625.095
|
959.000
|
757.400 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
3905.412 |
2812.500 |
2131.300 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
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Sales Turnover |
4816.882 |
4489.682 |
4435.800 |
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Other Income |
85.349 |
129.428 |
0.000 |
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Total Income |
4902.231 |
4619.110 |
4435.800 |
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Profit/(Loss) Before Tax |
428.960 |
622.534 |
512.000 |
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Provision for Taxation |
125.870 |
210.000 |
176.000 |
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Profit/(Loss) After Tax |
303.090 |
412.534 |
336.000 |
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Earnings in Foreign Currency : |
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|
578.475 |
572.231 |
413.459 |
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Insurance &
Freight on Sales |
24.609 |
29.998 |
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Total Earnings |
603.084 |
602.229 |
413.459 |
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Imports : |
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Raw Materials |
826.280 |
770.641 |
NA |
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Stores & Spares |
5.207 |
6.875 |
NA |
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Capital Goods |
49.456 |
73.881 |
NA |
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Total Imports |
880.943 |
851.397 |
NA |
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Expenditures : |
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Raw Materials
& Components Consumed |
2,755.349 |
2,495.365 |
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Employees' Cost |
785.998 |
717.016 |
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Power &
Utilities |
113.542 |
95.262 |
3006.000 |
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Stores &
Spares Consumed |
33.991 |
34.059 |
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Repairs &
Maintenance |
101.427 |
83.394 |
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Other
Expenditure |
333.798 |
303.703 |
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Total Expenditure |
4,124.105 |
3,728.799 |
3006.000 |
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QUARTERLY RESULTS
|
PARTICULARS |
30.06.2006 |
30.09.2006 |
31.12.2006 |
|
Type |
1st
Qtr |
2nd
Qtr |
3rd
Qtr |
|
Sales
Turnover |
1329.800 |
1468.500 |
1509.700 |
|
Other
Income |
06.500 |
06.000 |
07.200 |
|
Total
Income |
1336.300 |
1474.500 |
1516.900 |
|
Total
Expenditure |
1094.000 |
1244.200 |
1258.000 |
|
Operating
Profit |
242.300 |
230.300 |
258.900 |
|
Interest |
34.000 |
43.200 |
41.200 |
|
Gross
Profit |
208.300 |
187.100 |
217.700 |
|
Depreciation |
73.100 |
74.600 |
75.900 |
|
Tax |
48.200 |
35.200 |
44.200 |
|
Reported
PAT |
96.000 |
81.300 |
102.600 |
Notes
200606
Quarter 1 –
Expenditure Includes (Increase)/Decrease in Stock in Trade
Rs (46.331) million Consumption of Raw Materials & Components Rs 799.486 million
Employees Cost Rs 209.198 million Other Expenditure Rs 153.941 million Cost of
in-house manufactured machines & tools capitalised Rs (22.253) million Tax
Includes Provision for Current Tax Rs 47.000 million Fringe Benefit Tax Rs
1.226 million Deferred Tax Rs (9.000)million EPS is Basic & Diluted Status
of Investor Complaints for the quarter ended June 30, 2006 Complaints Pending
at the beginning of the quarter 01 Complaints Received during the quarter 02
Complaints disposed off during the quarter 03 Complaints unresolved at the end
of the quarter Nil 1. Previous Period's figures have been regrouped wherever
necessary to conform to the current period's classification. 2. The Company's
Operations mainly relate to One Segment.
200609
Quarter 2 –
EPS is Basic & Diluted Status of Investor Complaints for
the quarter ended September 30, 2006 Complaints Pending at the beginning of the
quarter Nil Complaints Received during the quarter 11 Complaints disposed off
during the quarter 11 Complaints unresolved at the end of the quarter Nil 1.
Previous Period's figures have been regrouped wherever necessary to conform to
the current period's classification. 2. The Company's Operations mainly relate
to One Segment. 3. In terms of the revised Accounting standard-15 (AS-15)
regarding Retirement Benefits to Employees w.e.f. 01.04.06, the additional
liability, if any, are being ascertained by the company and the necessary
adjustments will be done at the year end.
200612
Quarter 3 –
Expenditure Includes (Increase)/Decrease in Stock in Trade
Rs (12.188) million Consumption of Raw Materials & Components Rs 895.345
million Employees Cost Rs 223.010 million Other Expenditure Rs 180.983 million
Cost of in-house manufactured machines & tools capitalised Rs (29.083)million
Tax Includes Provision for Current Tax Rs 43.00 million Fringe Benefit Tax Rs
1.20 million Deferred Tax Rs (5.00)million EPS is Basic & Diluted Status of
Investor Complaints for the quarter ended December 31, 2006 Complaints Pending
at the beginning of the quarter Nil Complaints Received during the quarter 27
Complaints disposed off during the quarter 20 Complaints unresolved at the end
of the quarter 07 1. Previous Period's figures have been regrouped wherever
necessary to conform to the current period's classification. 2. The Company's
Operations mainly relate to One Segment.
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
1.42 |
1.21 |
1.21 |
|
Long Term Debt Equity Ratio |
0.93 |
0.77 |
0.75 |
|
Current Ratio |
1.28 |
1.21 |
1.25 |
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TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
1.74 |
1.97 |
1.87 |
|
Inventory |
7.47 |
7.99 |
9.27 |
|
Debtors |
6.04 |
7.51 |
7.29 |
|
Interest Cover Ratio |
4.34 |
9.28 |
9.78 |
|
Operating Profit Margin (%) |
14.11 |
17.18 |
23.97 |
|
Profit Before Interest and Tax Margin (%) |
9.66 |
13.08 |
19.32 |
|
Cash Profit Margin (%) |
9.71 |
11.84 |
18.01 |
|
Adjusted Net Profit Margin (%) |
5.26 |
7.73 |
13.37 |
|
Return on Capital Employed (%) |
16.81 |
28.23 |
39.90 |
|
Return on Net Worth (%) |
22.14 |
36.95 |
61.03 |
STOCK PRICES
|
Face Value |
Rs.1/- |
|
High |
Rs.32.85/- |
|
Low |
Rs.32.05/- |
LOCAL AGENCY FURTHER INFORMATION
Fixed
assets
v
Land
v
Building
v
Plant
and machinery
v
Furniture,
v
Fittings
Equipments
v
Vehicles
Business
Manufacturing of
instruments and accessories, oil pumps, electronic counters and controls,
industrial pressure gauges and small precision machine tools such as electronic
speedometers, tachometers, mechanical speedometers, quartz hour counters, fuel
gauges and sensors, temperature gauges and sensors, pressure gauges and
sensors, pressure switches, voltmeters, ammeters, Speedo cables, auto fuel
cocks for two wheelers, handlebar switches, wind shield washer pump kits and
panel instruments, centreless grinders, coil winding machines, foil stamping
machines, screen printing machine, special purpose machine, etc.
History
Premier Instruments & Controls (PRICOL), is engaged in
the business of manufacturing Dashboard Instruments & Accessories , Oil
Pumps and Idle Speed Control Valve Assembly. The company promoted by late
Primarily an automobile ancillary unit, it diversified into electronic control
instruments, precision machine tools, panel and sensor instruments for defence
and industrial gauges. It plants at
The company came out with a rights issue in March 1995 to augment its long-term
resources and to meet additional working capital requirements.
The company entered into technical collaboration with various foreign companies
like N S International, US; Denso Corporation, Nippon Seiki Company Ltd, Toyoda
Gosei Company, Kojima Press Inds., all of Japan and Deok Chang Machinery
Company of Korea to upgrade its technology.
The company has marketing agents in
The company's new product - Disk Brake is under testing at various two-wheeler
manufacturers and the commercial supplies are expected to be commence
soon.
The name of the company has been changed from Premier Instruments &
Controls Ltd to PRICOL Limited
OPERATIONS
During fiscal 2005-06, the company's domestic turnover has increased from
Rs.3,891 million to Rs.4,217 million recording a marginal growth of 8.4% over
the previous year. Though it looks low comparing with the overall growth of
automotive industry, it has been achieved under fierce price competitive
environment and change in product mix. In Export, the turnover hardly increased
from Rs.598 million to Rs.600 million, due to loss of contract from a large
customer.
In 2005-06, the margins were under pressure due to intense competitive prices
offered to customers to retain market share, steep increase in cost of
materials and other inputs. This has resulted in reduction in operating profit
from Rs.910 million to Rs.807 million.
The increase in financial cost was due to hardening of interest rates and
higher borrowing to meet increased Capex for new projects.
GREEN FIELD PROJECTS
A wholly owned subsidiary PT PRICOL SURYA was established for manufacturing
company's two wheelers products in Karawang, near
Some of our OEM customers are setting up manufacturing plants in Pantnagar,
OUTLOOK
The Indian automobile industry, according to the Industry sources, will grow at
CAGR of 9.5% for the next few years. To tap this opportunity, Indian automobile
companies have announced expansion plans. Efforts are on to seize the
prevailing opportunities by offering our products with international standards
at competitive prices to achieve reasonable growth in domestic markets.
The company is also focusing more on garnering overseas business. Opening of
marketing and sales offices in Europe and
FOREIGN EXCHANGE EARNINGS AND OUTGO
During the year the Company's foreign exchange earnings were Rs.603.084 million
(Rs.602.229 million in 2004-05). The revenue expenditure in foreign currency
was Rs.985.077 million (Rs.882.914 million in 2004-05) and the capital
expenditure was Rs.50.251 million (Rs.78.299 million in 2004-05).
Brief note on Directors retiring by rotation and seeking reappointment
at the ensuing AGM:
Mr. Suresh Jagannathan,
BS
(USA) aged 49 years is a leading Industrialist and Managing Director of
Kovilpatti Lakshmi Roller Flour Mills Limited. He is also a director in
Elgitread (
Mr. D. Sarath
Chandran, BSc Tech (Hons) (UK) MBA (USA), aged 60 years, is a leading
Industrialist and Chairman & Managing Director of Precot Mills Limited and
Meridian Industries Limited. He is also a Director in Super Spinning Mills
Limited, Super Farm Products Limited, Suprem Textiles Processing Limited,
Vantex Limited, Multiflora Processing (Coimbatore) Limited, Benwood Corporation
Sdn Bhd and Precot Spintex Limited. He is also the member of Investor Relations
Committee of Precot Mills Limited, Meridian Industries Limited and Super
Spinning Mills Limited.
Mr. L. Lakshman, B.E. (Mech) aged
59 years, is a leading Industrialist. He is the Chairman and Managing Director
of Rane Holdings Limited and Rane Brake Linings Limited. He is also the
Chairman of Rane (Madras) Limited, Rane Engine Valves Limited, Rane TRW
Steering Systems Limited, Rane NSK Steering Systems Limited, Rane Investments
Limited and Techcons Limited. He is a Director on the Boards of JMA Rane
Marketing
Limited and Kar
Mobiles Limited. He is the Chairman of Audit Committee of Kar Mobiles Limited,
Rane TRW Steering Systems Limited and Rane NSK Steering Systems Limited. He is
the Chairman of Investors Service Committee of Rane Engine Valves Limited and
Rane (
STATEMENT IN PURSUANCE OF SECTION 212 OF THE COMPANIES ACT, 1956
|
1. Name of the
Subsidiary Company |
Integral Investments Limited |
English Tools and Castings Limited (w.e.f 11th June 05) |
PT |
|
2. Financial
year of the Subsidiary ended on |
31st March 2006 |
31st March 2006 |
31st March 2006 |
|
3. Holding
Company's interest in the Subsidiary |
2,250,000 equity shares of Rs.10/- each (100%) |
19,389,245 equity shares of Rs.10/- each (70%) |
1,500 equity shares of USD 1000 each (100%) |
|
4. Net aggregate
amount of the Profit / (Loss) of the Subsidiary not dealt with in the Holding
Company's Accounts |
|
|
|
|
a) For the
current financial year of the Subsidiary Company |
Rs.32.963 million |
(Rs.5.424 million) |
Nil |
|
b) For the
previous financial years of the Subsidiary Company |
(Rs.5.373 million) |
Not Applicable |
Not Applicable |
|
5. Net aggregate
amount of the Profit / (Loss) of the Subsidiary dealt with in the Holding
Company's Accounts |
|
|
|
|
a) For the
current financial year of the Subsidiary Company |
Nil |
Nil |
Nil |
|
b) For the previous
financial years of the Subsidiary Company |
Rs.1.294 million |
Nil |
Nil |
|
Contingent Liabilities as on the closing date are
as follows |
31-3-2006 Rs. Millions |
|
Sales Tax
Matters |
33.313 |
|
Factoring
Facilities from Banks |
4.371 |
|
Other Claims
against the Company not acknowledged as debts |
14.100 |
|
Total |
51.784 |
As per Website
Details:
Pricol limited was established in 1972 at
Today, Pricol is the market leader enjoying 53% of
the Automotive Instruments market share.
Plant II at Gurgaon near
Plant III and Plant IV were established at
In 1997, Pricol joined hands with DENSO Corporation,
Denso Corporation,
Automotive Dashboard
Instruments and Accessories for two-wheelers, three-wheelers, four-wheelers,
commercial vehicles, tractors, earth-moving equipments and industrial
applications
Instrument Clusters, Programmable Electronic Speedometers
and Tachometers, Mechanical Speedometers, Mechanical and Electrical Pressure
Gauges, Mechanical and Electrical Temperature Gauges, Ammeters, Battery
Condition Indicators, Voltmeters, Fuel Gauges, Electronic RPM Meters,
Mechanical RPM Meters, Electronic Hour Meters, Combination Meters, Oil Level
Gauges, Quartz Hour Counters, Quartz Clocks, Warning Lamps, etc.
Speedometer Cables
Switches and Sensors such as Speed Sensors, Pressure
Sensors, Temperature Sensors, Fuel Level Sensors, Pressure Switches, Oil Level
Switches
Four-wheeler items such as
Wind Shield Washer Motor Kits, Cigarette Lighters, Heater Ventilation Air
Condition Control Units, Idle Speed Control Valves
Two-wheeler items such as Handle Bar Switches, Auto
Decompression Units, Chain Tensioner Assemblies, Auto Fuel Cocks, Gears &
Pinions, Hub Drives
Oil Pumps for two-wheelers and industrial engines
Disc Brakes for two-wheelers
Electronic
Textile Counters and Controls, Fare Meters, Engine Monitoring Systems, Data
Acquisition and Control Systems
Electronic Road
Speed Limiters for Commercial Vehicles
Precision Machined Components
Sintered Components
Product
Manufactured
- Commercial Vehicles & Engines
- Motorcycles, Scooters, Mopeds &
Three-Wheeler
- Multi Point Fuel Injection Systems
- HCVs & LCVs
- Cars & MUVs
- Motorcycles
- Motorcycles & Scooters
- Motorcycles & Scooters
- Passenger Cars, MUVs & MPVs
- LCVs, MPVs, MUVs, MPVs, Jeeps, LCVs &
Three-Wheelers
- Tractors
- HCVs, MCVs, LCVs, MPVs, MUVs, SUVs &
Passenger Cars
- MPVs
- Motorcycles, Scooters & Mopeds
- Air Conditioning Systems, Powertrain
Controls &
Instrument Clusters - Motorcycles
Exports
Pricol
exports about 12% of its turnover to the
R and D
Pricol spends, on
an average, 3% of its turnover on research and development.
Pricol
is an ISO 9001 company since 1993 and certified for TS 16949 since August 2004.
Pricol
has initiated Total Quality Management (TQM), Total Productive Manufacturing
(TPM), Supply Chain Management (SCM), Enterprise Resource Planning (SAP R3
ERP), Collaborative Product Commerce (CPC - Windchill) to render faster and
efficient service to customers.
Corporate Vision
Strive for
excellence in all we do through socially and environmentally acceptable means
Corporate
We
will have market leadership through customer delight. We will be a responsible
corporate citizen and share the benefits with society. We will make our
customers, employees, suppliers and share-holders feel proud of our association
and want a long-term relationship with us
Corporate
Care Values
Respect and concern
for individuals
Customers,
Employees and Suppliers - Partners in the Value Chain
Encourage innovation
and improvement; accept noble failures
Continuous learning
Quality Policy
Pricol will
provide value and satisfaction to customers on products and services. This will
be achieved through systematic training and motivation of employees
TPM Policy
Establish
an excellent Total Productive Manufacturing system with total involvement of
all employees to achieve effective utilization of all resources
Theme of the Year 2004
Creation
& Execution of Better Ideas for a Better Planet.
ENVIRONMENTAL MANAGEMENT SYSTEM (
Pricol shall be a responsible
corporate citizen in all its business operations and systems to promote the
health and well being of people and environment. This shall be achieved through
its occupational Safety, Health and Environmental (SHE) policy and objectives
with Total Employee Involvement (TEI).
1. SAFETY
Achieve zero accidents through
eternal vigilance, technology, employee education/motivation / participation
and prevent loss of precious resources of people, machines and materials.
2. HEALTH
Promote Employee Welfare and
Quality of Work Life (EW & QWL) to achieve the physical, emotional, mental
and spiritual health in their personal and professional lives through education
and habit formation.
3. ENVIRONMENT
Carry out eco-friendly
manufacturing and management practices that will comply with environmental
legislation / regulations, minimize wastes and create environment preservation
awareness amongst employees and the community.
SHE shall be continually improved
through the P-D-C-A spiral in daily management with strategic and operational
intent.
Pricol introduces lot of new products for various
applications to meet the growing market needs and drastic changes taking place
in automobile sector globally.
Following are our new products introduced recently,
for various segments.
For Fleet
management Solution
Centralised
Lubrication System
For Fuel Management System
Manifold
Absolute Pressure Sensors
For motorcycles and Scooters
For
Cars and MUV’s Commercial Vehicles and Tractors
Heater
Ventilation Air Conditioner Control Units
Fuel Level
Sensors with Thick Film Resistors
Programmable
Speedometers with LCD Odometer
For
Public Transport
Electronic
Auto Rickshaw Fare Meters
For Commercial Vehicles and Tractors
Full Sweep
Electrical Pressure Gauges and Temperature Gauges
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.64 |
|
|
1 |
Rs.80.17 |
|
Euro |
1 |
Rs.54.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
TOTAL |
|
72 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|