MIRA
INFORM REPORT
|
Report Date : |
27.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRICOL LIMITED |
|
|
|
|
Formerly Known As : |
PREMIER
INSTRUMENTS AND CONTROLS LIMITED |
|
|
|
|
Registered Office : |
702/7, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
06.03.1972 |
|
|
|
|
Com. Reg. No.: |
181-641 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.90.000 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L33129TZ1972PLC000641 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CMPB03136A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCP2380C |
|
|
|
|
Legal Form : |
A Public Limited
Liability Company. The company’s
shares are listed on the Stock Exchanges |
|
|
|
|
Line of Business : |
Manufacturer of Dashboard Instruments, Sensors and Accessories, Oil
Pumps and Other Auto Components. |
|
|
|
|
No. of Employees
: |
4600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7120000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established company having satisfactory track. Directors or reported to be
experienced and respectable businessman. Trade relations are reported as fair.
Business is active. Payments are reported to be usually correct. The company can
be considered good for normal 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered /
Corporate Office : |
702/7, |
|
Tel. No.: |
91-422-4331100/ 4336000 |
|
Fax No.: |
91-422-4331144/ 4336299 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Regional
Offices: |
North Zone: Jatinder
Punj, Regional Manager, Pricol Limited,
Plot
no.34and35, 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 and 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 |
|
|
|
|
Factory 1 : |
132, |
|
|
|
|
Factory 2: |
Plot N0.34 and 35, Sector 4, IMT Manesar,
Gurgaon - 122 050, |
|
|
|
|
Factory 3: |
4/558, Chinnamathampalayam, |
|
|
|
|
Factory 4: |
2/439, |
|
|
|
|
Factory 5: |
Survey No. 1065 and 1066, Pirangut, Taluk
Mulshi, Pune - 412 108, |
|
|
|
|
Factory 6: |
Plot No. 11, Sector
10, Integrated Industrial Estate, Pantnagar, SIDCUL, Rudrapur-263153,
District U.S Nagar (Uttarakhand) |
|
|
|
|
Factory 7: |
Plot No. 45,
Sector 11, Integrated Industrial Estate, Pantegrated Industrial Estate,
Pantnagar, SIDCUL, Rudrapur-263153, District U.S Nagar (Uttarakhand) |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. Vijay Mohan |
|
Designation : |
Chairman
and Managing Director |
|
Qualification : |
Bachelor of Engineering and Master of Management Science |
|
Experience : |
33 Years |
|
Date of Appointment : |
03.04.1973 |
|
|
|
|
Name : |
Mr. Suresh Jagannathan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. C.R. Swaminathan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D. Sarath Chandran |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. C.N. Srivatsan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V. Ramakrishnan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. Vidhya Shankar |
|
Designation : |
Director |
|
Date of Appointment : |
21.05.2005 |
|
|
|
|
Name : |
Mrs. Vanitha Mohan |
|
Designation : |
Executive
Director |
|
|
|
|
Name : |
Mr.
Mitsuharu Kato |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Yoshihiko Kato |
|
Designation : |
Alternate
Director to Mr. Mitsuharu Kato |
|
|
|
|
Name : |
Mr.
M Lakshminarayan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Vikram Mohan |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr. Mitsuhiko Masegi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. G. Soundararajan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. Murali Mohan |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. T.G. Thamizhanban |
|
Designation : |
Company Secretary |
|
Date of Appointment : |
27.05.2006 |
|
|
|
|
Name : |
Mr. K Udhaya Kumar |
|
Designation : |
President and Chief Operating Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
24593256 |
27.33 |
|
|
7500690 |
8.33 |
|
|
32093946 |
35.66 |
|
|
-- |
-- |
|
Total shareholding of Promoter and Promoter Group (A) |
32093946 |
35.66 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3222588 |
3.58 |
|
|
142875 |
0.16 |
|
|
268.966 |
0.30 |
|
|
26701 |
0.03 |
|
|
3661130 |
4.07 |
|
|
|
|
|
|
5039222 |
5.60 |
|
|
|
|
|
|
32449809 |
36.06 |
|
|
4507779 |
5.01 |
|
|
12248114 |
13.61 |
|
|
998114 |
1.11 |
|
|
11250000 |
12.50 |
|
|
54244924 |
60.27 |
|
Total Public shareholding (B) |
57906054 |
64.34 |
|
Total (A)+(B) |
90,000,000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
90,000,000 |
100.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Dashboard Instruments Sensors and Accessories Oil
Pumps and Other Auto Components. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
GENERAL INFORMATION
|
Customers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
4600 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Suri and Company Chartered
Accountants |
|
Address : |
|
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Associates : |
|
|
|
|
|
Promotee
Company : |
Terra
Agro Technologies Limited |
CAPITAL STRUCTURE
As on 31.03.2010
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 |
|
|
|
|
|
Note:
(Of the above 37500000
Equity Shares of Re.1/- each have been issued as fully paid-up Bonus Shares by
capitalization of Reserves)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
90.000 |
90.000 |
90.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1691.121 |
1478.297 |
1778.544 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1781.121 |
1568.297 |
1868.544 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2559.976 |
2969.165 |
2922.624 |
|
|
2] Unsecured Loans |
0.000 |
120.880 |
327.971 |
|
|
TOTAL BORROWING |
2559.976 |
3090.045 |
3250.595 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
37.190 |
|
|
|
|
|
|
|
|
TOTAL |
4341.097 |
4658.342 |
5156.329 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2293.661 |
2478.890 |
2428.689 |
|
|
Capital work-in-progress |
29.393 |
31.788 |
193.604 |
|
|
|
|
|
|
|
|
INVESTMENT |
252.407 |
182.907 |
182.907 |
|
|
DEFERREX TAX ASSETS |
56.810 |
29.810 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1250.221
|
1375.652
|
1737.209
|
|
|
Sundry Debtors |
1852.412
|
1539.036
|
1549.709
|
|
|
Cash & Bank Balances |
118.137
|
39.260
|
54.175
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
685.947
|
710.141
|
754.644
|
|
Total
Current Assets |
3906.717
|
3664.089
|
4095.737
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1746.316
|
1362.814 |
|
|
|
Other Current Liabilities |
18.715
|
22.218
|
1321.765
|
|
|
Provisions |
432.860
|
344.110
|
422.843
|
|
Total
Current Liabilities |
2197.891
|
1729.142
|
1744.608
|
|
|
Net Current Assets |
1708.826
|
1934.947
|
2351.129
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4341.097 |
4658.342 |
5156.329 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7423.924 |
6140.766 |
6064.625 |
|
|
|
Cost of In-House manufactured Machines and Tooling Capitalized |
63.149 |
119.592 |
129.430 |
|
|
|
Other Income |
33.297 |
38.027 |
69.407 |
|
|
|
TOTAL (A) |
7520.370 |
6298.385 |
6263.462 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials & Components Consumed |
4836.017 |
4074.384 |
3903.226 |
|
|
|
Employees' Cost |
909.910 |
864.395 |
896.636 |
|
|
|
Power & Utilities |
154.017 |
163.639 |
148.012 |
|
|
|
Stores & Spares Consumed |
35.882 |
44.374 |
66.104 |
|
|
|
Repairs & Maintenance |
74.875 |
110.482 |
136.811 |
|
|
|
Other Expenditure |
516.301 |
571.398 |
518.893 |
|
|
|
Increase or Decrease in stock |
50.559 |
92.100 |
(238.739) |
|
|
|
TOTAL (B) |
6577.561 |
5920.772 |
5430.943 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
942.809 |
377.613 |
832.519 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
316.452 |
395.505 |
287.003 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
626.357 |
(17.892) |
545.516 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
351.783 |
364.911 |
327.190 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
274.574 |
(382.803) |
218.326 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
19.771 |
(82.556) |
27.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
254.803 |
(300.247) |
190.826 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(115.612) |
184.635 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend – 40% |
36.000 |
0.000 |
NA |
|
|
|
Tax on Dividend |
5.979 |
0.000 |
NA |
|
|
|
General Reserve |
26.000 |
0.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
71.212 |
(115.612) |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1049.436 |
1286.326 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1648.905 |
1445.104 |
NA |
|
|
|
Stores & Spares |
3.763 |
8.203 |
NA |
|
|
|
Capital Goods |
22.697 |
37.274 |
NA |
|
|
TOTAL IMPORTS |
1675.365 |
1490.581 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.83 |
[3.34] |
2.12 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 (1st
Quarter) |
30.09.2010 (2nd
Quarter) |
31.12.2010 (3rd
Quarter) |
31.03.2011 (4th
Quarter) |
|
Net Sales |
1904.910 |
2013.760 |
2007.830 |
2229.450 |
|
Total Expenditure |
1658.700 |
1822.550 |
1877.440 |
2030.320 |
|
PBIDT (Excl OI) |
246.210 |
191.210 |
130.390 |
199.130 |
|
Other Income |
18.590 |
21.280 |
6.710 |
12.340 |
|
Operating Profit |
264.800 |
212.490 |
137.100 |
211.470 |
|
Interest |
67.820 |
69.340 |
69.260 |
66.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
196.980 |
143.150 |
67.840 |
144.770 |
|
Depreciation |
86.370 |
85.320 |
84.460 |
80.890 |
|
Profit Before Tax |
110.620 |
57.830 |
(16.610) |
63.890 |
|
Tax |
17.550 |
(0.510) |
0.000 |
[32.460] |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
93.070 |
58.340 |
(16.610) |
96.350 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
93.070 |
58.340 |
(16.610) |
96.350 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.39
|
[4.77]
|
3.05 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.70
|
[6.23]
|
3.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.43
|
[6.23]
|
3.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
[0.24]
|
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.67
|
3.07
|
2.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.78
|
2.12
|
2.35 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Subject is engaged in the business of manufacturing Dashboard
Instruments and Accessories Oil Pumps and
Idle Speed Control Valve Assembly. The company promoted by late
OPERATIONS
During 2009-10,
increase of sales to domestic vehicle manufacturers and sales of fleet
management products, sintered components and railway products increased their
company's domestic sales from Rs.4,766 million to Rs.6,338 million, a growth of
33%.
Due to the
continuation of recession in the countries where they export, their export
turnover decreased from Rs.1,375 million to Rs.1,086 million. Overall, the
total sales increased to Rs.7,424 million from Rs.6,141 million, a growth of
21%.
In 2009-10, due to
effective cost control measures carried out by the company, the profit before
interest and depreciation has increased from Rs.378 million to Rs.943 million,
and Profit After Tax has gone up from a loss of Rs.300 million to a profit of
Rs.255 million. Due to the Indian Rupee having strengthened substantially
against Euro and to certain extent against US Dollar, the export realisation
will be affected. The financial crisis in
The long drawn
labour strike in the year 2007 resulted in cancellation of product development
for the new models to be released in this financial year. Therefore, the
phasing of old models for which their Company was supplying products and
introduction of new models where their Company will not be supplying similar
products, there will hardly be any growth in the domestic market.
Therefore, the
company's overall sales for 2010-11 is expected to go up only marginally by 3%.
But, the Company
will continue its efforts to further reduce the operational costs to improve
the profits. During February 2010, for administrative and operational
convenience, the manufacturing operations of Plant IV,
SUBSIDIARY COMPANIES
PT
The wholly owned
subsidiary manufacturing instruments for two wheelers, commenced operations
from April 2007. The major customer Suzuki Motorcycles lost substantial market
share in ASEAN countries.
Consequently for
the financial year 2009-10, sales reduced to Rs.95 million (Rs.122 million in
2008-09). Inspite of decreased sales, the profit after tax was Rs.16 million (against
a loss of Rs.38 million) mainly due to forex fluctuation gain of Rs.51 million.
In the financial
year 2010-11, sale to both Yamaha Motor Cycles and Astra Honda Motor will
commence. Sales to Yamaha Motor Cycles is expected to commence from July 2010
and to Astra Honda Motor from February 2011. This would help the Company to
make operational profits from the last quarter of the financial year 2010-11.
English Tools and Castings Limited
The wholly owned
subsidiary manufactures aluminium pressure die casting components, primarily
catering to commercial vehicle sector (80%) and industrial sector (20%).
In the latter half
of the financial year 2009-10, new customers like TVS Motors for three wheeler
components and Greaves Cotton for transmission components were added. But the
power crisis in Tamilnadu hampered the production and also increased the cost
of power substantially due to running of gensets. Due to the above, the company
was able to achieve only a turnover of Rs.127 million and incurred a loss of
Rs.35 million.
The outlook for
the Company is brighter for the financial year 2010-11 since at present, the
Company is having order book of Rs.25 million per month, due to the increased
requirements indicated by the customers now.
To help the subsidiary
company augment their financial needs, so as to enable growth and come back to
profitability, Pricol Limited invested Rs.69.500 million towards equity shares
of English Tools and Castings Limited.
Integral Investments Limited
The wholly owned
subsidiary during the financial year 2009-10 received a dividend of Rs.0.420
million. Due to adverse stock market condition, it ended with a loss of
Rs.0.285 million.
OUTLOOK
The vehicle
industry expects the growth in automobile sector to continue, fuelled by rising
disposable incomes. Global automakers are expected to continue their investment
into
FINANCE
During the year
the company has not accepted / renewed any fixed deposit from public. The total
deposits from public outstanding as on 31st March, 2010 is NIL. 3 deposits
amounting to Rs.0.065 million matured but had not been claimed by the
depositors as on that date. Reminders have been sent to unclaimed deposit
holders for suitable instructions.
The Company undertook several steps to
restructure its borrowings to keep a control over the cost of borrowings. As
the Company turned around and made profits, ICRA upgraded the credit rating to
'LBBB-' (Previous year - 'LBB' ) for Working Capital fund based facilities and
Term Loan facilities and 'A3' (Previous year - 'A4') for working capital non
fund based facilities like Letters of Credit and Buyers Credit for imports.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND
NINE MONTHS ENDED 31st December 2010
(Rs.
In Millions)
|
Particulars |
For the Three |
For the Nine Months
Ended |
|
31.12.2010 |
31.12.2010 |
|
|
(a) Net Sales / Income
from operations |
2004.551 |
5914.381 |
|
(b) Other Operating
Income |
3276 |
12.123 |
|
(c) Total Income (a+b) |
2007.827 |
5926.504 |
|
d) Expenditure |
|
|
|
(1) (Increase) / Decrease
in Stock in Trade |
54.670 |
24.704 |
|
(2) (Increase) / Decrease in
Work in Progress |
20.310 |
(26.935) |
|
(3) Consumption of
Raw Materials & Components |
1300.396 |
3924598 |
|
(4) Employees Cost |
296.817 |
840.930 |
|
(5) Depreciation |
84.463 |
256.154 |
|
(6) Exchange Fluctuation
(Gain) / Loss |
11.320 |
|
|
(7) Other Expenditure |
204.537 |
603.783 |
|
(8) Cost of In-house
manufactured Machines & Tools Capitalised |
(10.614) |
(34.917) |
|
Total Expenditure |
1961.899 |
5613.725 |
|
(e) Profit / (Loss) from
Operations before Other Income, Interest & Exceptional Items [ c - d ] |
45.928 |
312.779 |
|
(f) Other Income |
|
|
|
1. Profit / Loss on |
1.594 |
35.212 |
|
2. Others |
5.124 |
10.265 |
|
(g) Profit / (Loss) before
Interest and Exceptional items [ e + f ] |
52.646 |
358.256 |
|
(h) Interest |
69.260 |
206.419 |
|
(i) Profit / (Loss) after
Interest but before Exceptional items [ g - h ] |
(16.614) |
151.837 |
|
(j) Exceptional Items |
- |
- |
|
(k) Profit / (Loss) from
Ordinary Activities before Tax [ i + j ] |
(16.614) |
151.837 |
|
(l)Tax Expense - Net |
- |
17.039 |
|
(m) Net Profit / (Loss) from
Ordinary Activities After Tax [k - l] |
(16.614) |
134.798 |
|
(n) Extraordinary Item (Net of Tax
Expense) |
- |
- |
|
(o) Net Profit / (Loss) for the
period [m-n] |
(16.614) |
134.798 |
|
(p) Paid-up-Equity Share
Capital (Face Value of |
90.000 |
90.000 |
|
(q) Reserves excluding
revaluation reserves of previous accounting year |
- |
- |
|
(r) Basic and diluted Earnings
Per Share ( |
(0.18) |
1.50 |
|
(s) Public share holding : |
|
|
|
1.Number of Shares |
5,78,38,910 |
5,78,38,910 |
|
2. Percentage of share holding |
64.27 |
64.27 |
|
(t) Promoters and Promoter group
share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
- |
- |
|
- 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 |
3,21,61,090 |
3,21,61,090 |
|
- Percentage of shares (as a %
of the total shareholding of promoter and promotor group) |
100.00 |
100.00 |
|
- Percentage of shares (as a %
of the total share capital of the company) |
35.73 |
35.73 |
Notes:
1. Previous Period's figures have been
regrouped wherever necessary to conform to the current period's classification.
2. The Company's Operations relate to One
Primary Segment, Automotive Components.
3. Investors' Complaints: Pending as at the beginning
of the quarter - 1, Received during the quarter – 6, Disposed off during the
quarter - 6, Pending at the end of the quarter – 1 (Since Resolved).
4. The above results have been reviewed by
the Audit Committee and taken on record by the Board at its meeting held on
25th January, 2011. The statutory auditors have carried out a "Limited
Review" of the above financial results.
5.
Exchange Fluctuation Loss for the Nine months ended 31st December, 2010
represents 
20.981
millions consequent to re-statement of foreign currency loans and export
receivables as per Accounting Standard 11 and 
4.427
millions consequent to actual settlements.
Fixed
assets
v
Land
v
Building
v
Plant
and machinery
v
Furniture
v
Fittings
Equipments
v
Vehicles
As per Website
Details:
Subject was established in 1972 at Coimbatore Tamil
Nadu
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 Coimbatore
Tamil Nadu
In 1997 Pricol joined hands with DENSO Corporation
Denso Corporation
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.44.37 |
|
|
1 |
Rs.72.34 |
|
Euro |
1 |
Rs.63.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
TOTAL |
|
49 |
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.