MIRA
INFORM REPORT
|
Report Date : |
18.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRICOL LIMITED |
|
|
|
|
Formerly Known
As : |
PREMIER
INSTRUMENTS AND CONTROLS LIMITED |
|
|
|
|
Registered
Office : |
702/7, |
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|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
06.03.1972 |
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|
|
|
Com. Reg. No.: |
181-641 |
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|
|
|
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 |
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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. |
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|
|
|
No. of Employees
: |
100 (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 7800000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually Correct |
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|
Litigation : |
Clear |
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|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
702/7, |
|
Tel. No.: |
91-422-4331100/ 4336000 |
|
Fax No.: |
91-422-4331144/ 4336299 |
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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.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 |
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Factory 1 : |
132, |
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Factory 2: |
Plot N0.34 and 35, Sector 4, IMT Manesar,
Gurgaon - 122 050, |
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Factory 3: |
4/558, Chinnamathampalayam, |
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Factory 4: |
2/439, |
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Factory 5: |
Survey No. 1065 and 1066, Pirangut, Taluk
Mulshi, Pune - 412 108, |
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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 31.03.2011
|
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 |
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|
|
|
Name : |
Mr. C.R. Swaminathan |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. D. Sarath Chandran |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Mitsuhiko Masegi |
|
Designation : |
Director |
|
|
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|
Name : |
Mr. V. Ramakrishnan |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. R. Vidhya Shankar |
|
Designation : |
Director |
|
Date of Appointment : |
21.05.2005 |
|
|
|
|
Name : |
Mr. Vikram Mohan |
|
Designation : |
Director |
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|
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|
Name : |
Mr. G. Soundararajan |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. K. Murali Mohan |
|
Designation : |
Director |
|
Name : |
Mr. Yasushi Nei, (From 27th October 2010) |
|
Designation : |
Alternate Director Mr. Mitsuhiko Masegi |
|
|
|
|
Name : |
Mr. Yoshihiko
Kato (up to 27.10.2010) |
|
Designation : |
Alternate
Director to Mr. Mitsuharu Kato |
|
|
|
|
Name : |
Mr.
M Lakshminarayan (upto 29th April 2011) |
|
Designation : |
Director |
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|
|
|
Name : |
Mrs. Vanitha Mohan |
|
Designation : |
Executive
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 30.09.2011
|
Category 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 |
|
|
|
|
|
|
|
|
3244943 |
3.61 |
|
|
142875 |
0.16 |
|
|
268966 |
0.30 |
|
|
26701 |
0.03 |
|
|
3683485 |
4.09 |
|
|
|
|
|
|
5818382 |
6.46 |
|
|
|
|
|
|
31553796 |
35.06 |
|
|
4615703 |
5.13 |
|
|
|
|
|
|
984688 |
1.09 |
|
|
11250000 |
12.50 |
|
|
54222569 |
60.25 |
|
Total Public shareholding (B) |
57906054 |
64.34 |
|
Total (A)+(B) |
90000000 |
100.000 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
90000000 |
100.000 |
(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. |
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Products : |
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PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Dashboard Instruments |
Nos. |
26211000 |
23034495 |
|
Speedometer Cables |
Mtrs. |
3370000 |
2668464 |
|
Sensors (all types) |
Nos. |
15303000 |
9944655 |
|
Oil Pumps |
Nos. |
18600000 |
9718879 |
|
Chain Tensioners |
Nos. |
3230000 |
2616563 |
|
Idle Speed Control Valve Assembly |
Nos. |
1113000 |
831950 |
GENERAL INFORMATION
|
No. of Employees : |
100 (Approximately) |
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Bankers : |
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Facilities : |
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|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountant |
|
Address : |
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|
|
|
|
Subsidiaries : |
|
|
|
|
|
Others ( significant
influence) : |
|
CAPITAL STRUCTURE
31.03.2011
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 |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
90.000 |
90.000 |
90.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1859.509 |
1691.121 |
1478.297 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1949.509 |
1781.121 |
1568.297 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2249.357 |
2559.976 |
2969.165 |
|
|
2] Unsecured Loans |
131.246 |
0.000 |
120.880 |
|
|
TOTAL BORROWING |
2380.603 |
2559.976 |
3090.045 |
|
|
DEFERRED TAX LIABILITIES |
7.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4337.112 |
4341.097 |
4658.342 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2140.082 |
2293.661 |
2478.890 |
|
|
Capital work-in-progress |
21.621 |
29.393 |
31.788 |
|
|
|
|
|
|
|
|
INVESTMENT |
252.407 |
252.407 |
182.907 |
|
|
DEFERREX TAX ASSETS |
0.000 |
56.810 |
29.810 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1325.518
|
1250.221
|
1375.652
|
|
|
Sundry Debtors |
2072.118
|
1852.412
|
1539.036
|
|
|
Cash & Bank Balances |
93.091
|
118.137
|
39.260
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
481.164
|
685.947
|
710.141
|
|
Total
Current Assets |
3971.891
|
3906.717 |
3664.089 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1854.871
|
1746.316
|
1362.814 |
|
|
Other Current Liabilities |
16.690
|
18.715
|
22.218
|
|
|
Provisions |
177.328
|
432.860
|
344.110
|
|
Total
Current Liabilities |
2048.889
|
2197.891 |
1729.142 |
|
|
Net Current Assets |
1923.002
|
1708.826
|
1934.947
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4337.112 |
4341.097 |
4658.342 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales and Services |
8140.942 |
7423.924 |
6140.766 |
|
|
|
Cost of In-House manufactured Machines and Tooling Capitalized |
54.487 |
63.149 |
119.592 |
|
|
|
Other Income |
72.161 |
33.297 |
38.027 |
|
|
|
TOTAL (A) |
8267.590 |
7520.370 |
6298.385 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials & Components Consumed |
5426.074 |
4836.017 |
4074.384 |
|
|
|
Employees' Cost |
1132.226 |
909.910 |
864.395 |
|
|
|
Power & Utilities |
183.572 |
154.017 |
163.639 |
|
|
|
Stores & Spares Consumed |
46.475 |
35.882 |
44.374 |
|
|
|
Repairs & Maintenance |
85.983 |
74.875 |
110.482 |
|
|
|
Other Expenditure |
516.957 |
516.301 |
571.398 |
|
|
|
Increase or Decrease in stock |
50.424 |
50.559 |
92.100 |
|
|
|
TOTAL (B) |
7441.711 |
6577.561 |
5920.772 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
825.879 |
942.809 |
377.613 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST AND FINANCIAL
EXPENSE (D) |
273.116 |
316.452 |
395.505 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
552.763 |
626.357 |
(17.892) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
337.040 |
351.783 |
364.911 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX (E-F) (G) |
215.723 |
274.574 |
(382.803) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(15.425) |
19.771 |
(82.556) |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
AFTER TAX (G-H) (I) |
231.148 |
254.803 |
(300.247) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
71.212 |
(115.612) |
184.635 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend – 40% |
36.000 |
36.000 |
0.000 |
|
|
|
Tax on Dividend |
5.979 |
5.979 |
0.000 |
|
|
|
General Reserve |
26.000 |
71.212 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
114.600 |
71.212 |
(115.612) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1002.222 |
1049.436 |
1286.326 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1533.388 |
1648.905 |
1445.104 |
|
|
|
Stores & Spares |
5.175 |
3.763 |
8.203 |
|
|
|
Capital Goods |
62.213 |
22.697 |
37.274 |
|
|
TOTAL IMPORTS |
1600.776 |
1675.365 |
1490.581 |
|
|
|
|
|
|
|
|
|
|
Earnings/Loss
Per Share (Rs.) |
2.57 |
2.83 |
(3.34) |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 (1st
Quarter) |
30.09.2011 (2nd
Quarter) |
|
Net Sales |
|
2139.030 |
2406.760 |
|
Total Expenditure |
|
1941.740 |
2227.550 |
|
PBIDT (Excl OI) |
|
197.290 |
179.210 |
|
Other Income |
|
3.210 |
9.830 |
|
Operating Profit |
|
200.50 |
189.040 |
|
Interest |
|
72.610 |
80.460 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
127.890 |
108.580 |
|
Depreciation |
|
74.660 |
71.720 |
|
Profit Before Tax |
|
53.230 |
36.860 |
|
Tax |
|
10.000 |
3.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
43.230 |
33.860 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
43.230 |
33.860 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.80
|
3.39
|
[4.77]
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.65
|
3.70
|
[6.23]
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.87
|
4.43
|
[6.23]
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.15
|
[0.24]
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.27
|
2.67
|
3.07
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.94
|
1.78
|
2.12
|
LOCAL AGENCY FURTHER INFORMATION
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Backed by the continued strong economic growth, the domestic auto industry registered a growth of 26.64 % in 2010-11 due to new model launches with moderate price band between the models coupled with easier financing opportunities.
OPERATIONS
As informed in last year's report, the prolonged labour strike in 2007 continues to affect the prospects of their Company. The loss in market share and more importantly, the cancellation on us of development of products meant for the new vehicles launched in 2010-11 resulted in only a modest growth of 11.75% in the domestic market.
Europe and
Thus, the overall sales of their company grew only by 9.66% as against the Industry growth of 26.64%.
The substantial increase in the cost of raw materials and electronic components, led to the Profit before Interest and Depreciation reducing from 943 million in the previous financial year to 826 million in this financial year. Consequently, the Profit after Tax also reduced from 255 million to 231 million.
Due to the continuous effort of management team, their company is able to get a moderate increase in the Share of Business in the domestic market for the year 2011-12. Hopefully this will lead to their company increasing the market share in the domestic market in the ensuing years. The Company's overall sales for 2011-12 are expected to grow by 15%, barring unforeseen circumstances.
Their Company will continue its efforts to control the operational costs and improve the bottom line.
SUBSIDIARYCOMPANIES
PT
Subject Pricol Surya's sales for the year 2010-11 are 317 million (95 million for 2009 - 10) and a Loss of 11 million (Profit Before Tax of 26 million for 2009-10). The operating loss for the year 2010-11 is primarily due to heavy increase in material cost and substantial decrease in forex gains.
Effective January 2011, Honda Motor Cycles in
The outlook for the year 2011-12 is bright due to the substantial increase in sales, leading to turn around of the company and a profit of 5% is expected for the financial year 2011-12.
English Tools and Castings Limited
The wholly owned subsidiary manufactures aluminum pressure die casting components, primarily catering to Automobile sector (90%) and Industrial sector (10%).
During the year 2010-11 due to increase off take from the customers, the turnover of the company has increased substantially to 264 million from 127 million in 2009-10. Even though there is a substantial improvement in sales in 2010-11, due to steep increase in the raw material price, power and fuel cost, it is yet to break even.
The outlook for the Company is promising for financial year 2011-12 as the order book position is very good, especially from key customers like TVS Motors, Greaves Cotton. Some new customers also have been added. The projected turnover will exceed 400 million. In addition, the manufacturing processes improvements have resulted in better yield. The company will break even and generate a modest profit of 5 million plus. The worrying factor is the erratic power supply.
Integral Investments Limited
The wholly owned subsidiary during the financial year 2010-11 received a dividend of 0.634 million and earned a profit of 0.336 million
Pricol Pune Limited
The Company has incorporated a Wholly Owned Subsidiary
Company “Pricol Pune Limited” at
Over the next few years the market share of European and US
Vehicle Makers in
By transferring a portion of instruments business, assets and liabilities related to Personal Passenger Vehicles (Scooter, Motor Cycle, Car and MPV) instrument cluster business of Plant V of the Company located at Survey No.1065 and 1066, Pirangut (Village), Mulshi (Taluk), Pune – 412 108 by way of slump sale to Pricol Pune Limited, the Wholly Owned Subsidiary and forming a Joint Venture with major supplier as mentioned above would be the ideal route to acquire the latest technology and access to European / US vehicle makers.
This association of the JV with the European / US Vehicle Makers, will pave the way for the parent company, Subject to get entry for other products such as sensors, oil pumps etc. and grow our company business. In addition as explained above, the tangible benefits will be purchase of electronic components at competitive prices for the balance instrument business of Subject
The said slump sale is subject to the prior approval of shareholders through postal ballot. To get the approval of shareholders, postal ballot forms will be dispatched separately.
OUTLOOK
The overseas economic downturn provided the impetus for a
massive structural change in the Indian Auto Industry. The global automakers
will continue to shift their production facilities from high cost regions.
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, 2011 is NIL. Two deposits amounting to 0.050 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.
ICRA has maintained the credit rating of 'LBBB-' for Working Capital fund based facilities and Term Loan facilities and 'A3' for working capital non fund based facilities like Letters of Credit and Buyers Credit for imports.
BUSINESS
DESCRIPTION
Subject is an India-based company engaged in the
manufacturing of automotive components. The Company offers automotive
components for motorcycles, scooters, three wheelers, cars, sports utility
vehicles, trucks and buses, tractors and construction equipment. The Company’s
products include instrument clusters, fuel level sensors, secondary air valves,
auto fuel cocks, oil pumps, vehicle security systems, speed sensors, power sockets,
fuel feed pumps, oil level switches, warning indicators and chain tensioners.
The Company’s wholly owned subsidiaries include English Tools and Castings
Limited, PT Pricol Surya,
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND
NINE MONTHS ENDED 31st September 2011
(Rs. In Millions)
|
Particulars |
For the Three |
For the Six Months
Ended |
|
30.09.2011 |
30.09.2011 |
|
|
(a) Net Sales / Income
from operations |
2400.721 |
4536.421 |
|
(b) Other Operating
Income |
6.043 |
9.369 |
|
(c) Total Income (A+B) |
2406.764 |
4545.790 |
|
d) Expenditure |
|
|
|
(1) (Increase) / Decrease
in Stock in Trade |
(42.337) |
(72.883) |
|
(2) (Increase) / Decrease in
Work in Progress |
(11.752) |
22.525 |
|
(3) Consumption of
Raw Materials and Components |
1665.629 |
3072.534 |
|
(4) Employees Cost |
336.795 |
642.248 |
|
(5) Depreciation |
71.717 |
146.376 |
|
(6) Exchange Fluctuation
(Gain) / Loss |
(8.399) |
(7.352) |
|
(7) Other Expenditure |
296.817 |
530.745 |
|
(8) Cost of In-house
manufactured Machines & Tools Capitalised |
(17.602) |
(26.834) |
|
Total Expenditure |
2290.958 |
4307.359 |
|
(e) Profit / (Loss) from
Operations before Other Income, Interest & Exceptional Items [ C - D ] |
115.806 |
238.431 |
|
(f) Other Income |
|
|
|
1. Profit / Loss on |
0.183 |
1.286 |
|
2. Others |
1.333 |
3.443 |
|
(g) Profit / (Loss) before Interest
and Exceptional items [ E + F ] |
117.322 |
243.160 |
|
(h) Interest |
80.463 |
153.073 |
|
(i) Profit / (Loss) after
Interest but before Exceptional items [ G - H ] |
36.859 |
90.087 |
|
(j) Exceptional Items |
- |
- |
|
(k) Profit / (Loss) from
Ordinary Activities before Tax [ I + J ] |
36.859 |
90.087 |
|
(l)Tax Expense - Net |
3.000 |
13.000 |
|
(m) Net Profit / (Loss) from
Ordinary Activities After Tax [K - L] |
33.859 |
77.087 |
|
(n) Extraordinary Item (Net of Tax
Expense) |
- |
- |
|
(o) Net Profit / (Loss) for the
period [M-N] |
33.859 |
77.087 |
|
(p) Paid-up-Equity Share
Capital (Face Value of Rs 1/- each) |
90.000 |
90.000 |
|
(q) Reserves excluding
revaluation reserves of previous accounting year |
|
|
|
(r) Basic and diluted Earnings
Per Share (Rs) (not annualised) [O/P] |
0.38 |
0.86 |
|
(s) Public share holding : |
|
|
|
1.Number of Shares |
57906054 |
57906054 |
|
2. Percentage of share holding |
64.34 |
64.34 |
|
(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 |
32093946 |
32093946 |
|
- Percentage of shares (as a %
of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
|
- Percentage of shares (as a %
of the total share capital of the company) |
35.66 |
35.66 |
STATEMENT
OF ASSETS AND LIABILITIES
|
Particulars |
As at 30t Sept 2011 Unaudited |
|
1) Share Holders Fund |
|
|
a) Share Capital |
90.000 |
|
b) Reserve and Surplus |
1936.596 |
|
2) Loan Funds |
2088.963 |
|
TOTAL |
4115.559 |
|
3) Fixed Assets |
2085.196 |
|
4) Investments |
252.907 |
|
5) Deferred Tax Assets/ Liabilities |
(20.000) |
|
6) Current assets, Loans and Advances |
|
|
a) Inventories |
1591.022 |
|
b) Sundry Debtors |
2262.822 |
|
c) Cash and Bank Balance |
116.134 |
|
d) Loans and Advances |
566.261 |
|
7) Less: Current Liabilities and Provision |
|
|
a) Current Liabilities |
2621.752 |
|
b) Provision |
117.031 |
|
8) Net Current Assets |
179.456 |
|
TOTAL |
4115.559 |
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, 2011 represents gain of Rs. 16.766 millions
consequent to re-statement of foreign currency loans and export receivables as
per Accounting Standard 11 and loss of Rs. 9.414 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
Tamilnadu
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
BOARD OF DIRECTOR
Vijay Mohan - Executive Chairman of the Board, Managing
Director Chairman
Mr. Vijay Mohan is Executive Chairman of the Board, Managing Director of Subject. He is managing the affairs of the company since, 1974. He is a B.E. (Mech.,) and Master of Management-Science (USA). He is also a director in Precot Meridian Limited, English Tools and Castings Limited, Pricol Holdings Limited, Pricol Technologies Limited, Pricol Properties Limited, Pricol Packaging Limited, Pricol Medical Systems Limited, Xenos Jechnologies Limited, Ananya Innovations Limited and Bhavani Infin Services India Private Limited. He is a member of the Investors Relations Committee of Precot Meridian Limited.
D. Sarath Chandran - Non-Executive Director
Mr. D. Sarath Chandran is Non-Executive Director of Subject.
He holds BSC Tech (Hons) (
Suresh Jagannathan -
Non-Executive Independent Director
Shri. Suresh Jagannathan is Non-Executive Independent Director of Subject. He holds B.S. - Management Science, is an Industrialist and Managing Director of KLRF Limited. He is also a director in Elgi Rubber Company Limited, Precot Meridian Limtied, Cape Flour Mills Private Limited and Chempaka General Finance Private Limited. He is a member of the Audit Committee of Elgi Rubber Company Limited and Investors Grievance Committee of KLRF Limited.
K. Udhaya Kumar
President - Chief Operating Officer, Executive Director
Mr. K. Udhaya Kumar is President, Chief Operating Officer,
and Executive Director of Subject. He has underwent practical training for an
year and half in an industry in
Vikram Mohan -
Non-Executive Director
Mr. Vikram Mohan is Non-Executive Director of Subject. He
holds a Bachelor Degree in Production Engineering with Honours from PSG College
of Technology,
Vanitha Mohan - Executive Director
Mrs. Vanitha Mohan is Executive Director of Subject, since
1st June 1999. She is a commerce graduate with a post graduate diploma in
Business Management from the
K. Murali Mohan -
Non-Executive Independent Director
Mr. K. Murali Mohan is Non-Executive Independent Director of
Subject. He holds Bachelor of Engineering (Electrical) from PSG College of
Technology and a Fellow Chartered Accountant (FCA). He is practicing as a
Chartered Accountant since 1973. He is engaged in Statutory Audit, Internal
Audit, Tax representation, management and company law consultancy, compliance
with FEMA requirements and other allied activities. He is a visiting faculty of
PSG College of Technology and Director in M/s. SKDC Consultants Limited,
V. Ramakrishnan -
Non-Executive Independent Director
Mr. V. Ramakrishnan is Non-Executive Independent Director of
Subject. Mr. V. Ramakrishnan holds a Bachelor of Engineering (BE) in Mechanical
from College of Engineering, Guindy, Chennai, Master of Technology (M Tech) in
Mechanical Engineering from IIT, Kanpur, Post Graduate Diploma in Business
Management (PGDBM) in Finance and Marketing from Symbiosis Institute of
Management, Pune and Diploma holder in Public Speaking. He had training in
R. Vidhya Shankar -
Non-Executive Independent Director
Mr. R. Vidhya Shankar is Non-Executive Independent Director
of Subject. He is a Bachelor of Commerce and Bachelor of Law from Bharathiar
-University,
G. Soundararajan -
Non-Executive Independent Director
Mr. G. Soundararajan is Non-Executive Independent Director
of Subject. He is a Bachelor of Science from PSG College of Arts and Science,
C. R. Swaminathan Non-Executive Independent Director
Shri. C. R. Swaminathan is Non-Executive Independent
Director of Subject. He is presently the Chief Executive of PSG Industrial
Institute,
PRESS RELEASE
Updates
on Outcome of Board Meeting (EGM on Dec 09, 2011)
Accord Fintech (
08 November 2011
Pricol
seeks non-auto avenues of growth
HT Columnists (
03 September 2011
"We are looking for more growth to come from the non-auto sectors to de-risk the business," Vikram Mohan, director of the Pricol Group, said in an interview. "We have Vision 2016: We've said that one-third of our business should come from non-automotive businesses."
The group, known primarily for its flagship auto-component maker, is also looking to expand its travel business through acquisitions worth '100-150 crore this year, for which it is seeking private equity investment.
Pricol Limited, which supplies to auto makers such as
Mahindra and Mahindra Limited, Tata Motors Limited and Maruti Suzuki India
Limited from six plants in
The turmoil depressed revenues in fiscal 2009, but also took a toll on development work for models due this year.
Finding itself on the back foot in the face of changing technology in the auto-instrument business, with first quarter profit this fiscal dropping to less than half than in the same period last year, Pricol, which is the market leader in auto-instruments with a 46% market share according to Mohan, is now looking for new business in non-auto sectors.
The company's revenue grew just 9.67% to '814 crore in the year ended March, during which the Indian auto component industry grew 34%, according to the Automotive Component Manufacturers Association of India. Mohan attributed the dismal growth rate last fiscal to the impact of past work stoppages on the product development cycle, but said the company expects to match the automotive industry's growth rate projection of 12-15% this fiscal. However, with auto instruments in general moving toward new technologies, Pricol is looking to increase its non-auto business from 5% to 35% in the next five years, and also decrease its dependence on instrumentation within the automotive sector, Mohan said.
"In 10 years, I think there's no more going to be an instrument in a car," he said. "By 2020, Samsung is probably going to be the biggest player, and will be making huge LCD screens which will be the control interface, the way you have the fly-by-wire in the Airbuses today. And we're not an LCD manufacturer. That's why we're consciously moving away, saying that the life-cycle of an instrument is also going to go away."
"The auto-instrument business is challenging because
the replacement is low in dashboard instruments, unless you wreck the
car," said Kumar Kandaswami, manufacturing industry leader at Deloitte
Touche Tohmatsu India Pvt. Ltd. "So your after-market presence is
relatively small. Also, with cars getting tech-heavy, with multi-functional
displays and computer read-outs, the (conventional) instrument business is
getting increasingly pushed to motorcycles, three-wheelers and entry-level
cars, where the margins are low." Besides manufacturing, the Pricol Group
is focusing on growing its engineering services, realty and travel businesses,
Mohan said. Pricol Travel, which primarily facilitates corporate travel, plans
to develop its leisure travel business this year, for which the company is
looking to acquire mid-sized or small travel companies across
The acquisitions will be worth '100-150 crore, and will be funded through a combination of internal accruals and private equity investment whose value was yet to be decided, he said, adding the deals would likely be finalized by December.
The travel company which, according to Mohan, saw revenue of '120 crore in the year ended March, with 50% revenue growth year-on-year for the last three years, also plans to operate 10 "boutique, destination, uber-luxury" hotels across south India by 2016 to add to its single operational resort near Coimbatore. To fund this growth, the company is looking to offload a 26-49% stake in each of its properties to hotel operators, with the deals to be finalized in October
Result
of Postal Ballot
Accord Fintech (
17 August 2011
Pricol
changes its directorate
Accord Fintech (
30 July 2011
India, July 30 -- Pricol has informed that Mitsuhiko Masegi
has resigned his directorship from the company and Yasushi Nei vacates the
office as alternate director of Mitsuhiko Masegi, with effect from July 29,
2011.Further the company has informed that, Hiroyuki Wakebayashi has been
appointed as an additional director of the company and Yasushi Nei has been
appointed as alternate director of Hiroyuki Wakabayashi with effect from July
29, 2011.The above information is part of the company's filing submitted to the
BSE.
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.50.56 |
|
|
1 |
Rs.80.29 |
|
Euro |
1 |
Rs.68.79 |
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.