MIRA
INFORM REPORT
|
Report Date : |
03.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
PRICOL LIMITED |
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Formerly Known
As : |
PREMIER
INSTRUMENTS AND CONTROLS LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
06.03.1972 |
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Com. Reg. No.: |
18-000641 |
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Capital Investment
/ Paid-up Capital : |
Rs. 90.000
Millions |
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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 Automotive Components. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9800000 |
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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 a good track record.
Financially company appears to be strong. Liquidity position seems to be good. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term loan facilities : (ICRA) BBB |
|
Rating Explanation |
Having moderate degree of safety regarding
timely servicing of financial obligation it carry moderate credit risk. |
|
Date |
July 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered/ Corporate Office : |
CPM Towers, 109,
Race Course, Coimbatore - 641018, Tamilnadu, India |
|
Tel. No.: |
91-422-4336000 |
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Fax No.: |
91-422-4336299 |
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E-Mail : |
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Website : |
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PLANT I : |
132, Ooty Main Road, Perianaickenpalayam, Coimbatore – 641020,
Tamilnadu, India |
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PLANT II : |
Plot No.34 & 35, Sector 4, IMT Manesar, Gurgaon – 122050, Haryana,
India |
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PLANT III : |
4/558, Chinnamathampalayam, Billichi Village, Press Colony Post,
Coimbatore – 641019, Tamilnadu, India |
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PLANT IV : |
2/439, Main Road, Karamadai Post,
Coimbatore - 641104., |
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PLANT V : |
Survey No.1065 and 1066, Pirangut, Taluk Mulshi, Pune – 412108,
Maharashtra, India |
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PLANT VI : |
Plot No.11, Sector 10, Integrated Industrial Estate, Pantnagar,
SIDCUL, Rudrapur – 263153, District U.S. Nagar, Uttarakhand, India |
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PLANT VII : |
Plot No. 45, Sector 11, Integrated Industrial Estate, Pantnagar, SIDCUL,
Rudrapur – 263153, District U.S. Nagar, Uttarakhand, India |
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Marketing Representatives : |
Located at: Jalandhar Kanpur Ahmedabad Indore Nashik Hyderabad Hosur |
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Regional Marketing Offices : |
Located at: Mumbai New Delhi Kolkata Chennai |
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Overseas Offices : |
Located at: USA Germany Indonesia China Japan |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Vijay Mohan |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/ Age : |
64 Years |
|
Qualification : |
Bachelor of Engineering and Master of Management Science |
|
Experience : |
39 Years |
|
Date of Appointment : |
03.04.1973 |
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|
Name : |
Mrs. Vanitha
Mohan |
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Designation : |
Vice Chairman |
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Name : |
Mr. Vikram Mohan |
|
Designation : |
Managing Director |
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|
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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|
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|
Name : |
Mr. Hiroyuki Wakabayashi |
|
Designation : |
Director |
|
Date of Birth/ Age : |
56 Years |
|
Qualification : |
Bachelor's Degree in Industrial Analysis Chemistry Section |
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|
|
|
Name : |
Mr. V.
Ramakrishnan |
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Designation : |
Director |
|
Date of Birth/ Age : |
56 Years |
|
Qualification : |
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. |
|
|
|
|
Name : |
Mr. R. Vidhya
Shankar |
|
Designation : |
Director |
|
Date of Birth/ Age : |
42 Years |
|
Qualification : |
Bachelor of
Commerce and Bachelor of Law from Bharathiar University, Coimbatore. |
|
Date of Appointment : |
21.05.2005 |
|
|
|
|
Name : |
Mr. G. Soundararajan |
|
Designation : |
Director |
|
Date of Birth/ Age : |
54 Years |
|
Qualification : |
Bachelor of
Science from PSG College of Arts and Science, Coimbatore. |
|
|
|
|
Name : |
Mr. K. Murali Mohan |
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Designation : |
Director |
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|
Name : |
Mr. Yasushi Nei |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. T.G. Thamizhanban |
|
Designation : |
Company Secretary |
|
Date of Appointment : |
27.05.2006 |
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|
|
|
Name : |
Mr. K Udhaya Kumar |
|
Designation : |
President and Chief Operating Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
24593256 |
27.33 |
|
|
11910690 |
13.23 |
|
|
36503946 |
40.56 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
36503946 |
40.56 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
3513359 |
3.90 |
|
|
125 |
0.00 |
|
|
2700000 |
3.00 |
|
|
268966 |
0.30 |
|
|
6482450 |
7.20 |
|
|
|
|
|
|
5862221 |
6.51 |
|
|
|
|
|
|
30702520 |
34.11 |
|
|
5337713 |
5.93 |
|
|
5111150 |
5.68 |
|
|
971150 |
1.08 |
|
|
4140000 |
4.60 |
|
|
47013604 |
52.24 |
|
Total Public
shareholding (B) |
53496054 |
59.44 |
|
Total (A)+(B) |
90000000 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
90000000 |
0.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automotive Components. |
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Products/ Services : |
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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 : |
Not Available |
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Bankers : |
State Bank of India The Bank of Nova Scotia Andhra Bank Indian Bank IDBI Bank Limited Canara Bank ICICI Bank Limited Indian Overseas Bank |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
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|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
Coimbatore, Tamilnadu, India |
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|
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Subsidiary Companies: |
Integral Investments Limited Pricol Castings Limited (formerly English Tools and Castings Limited) PT Pricol Surya Indonesia and Shanmuga Steel Industries Limited (Subsidiary of Integral Investments Limited) |
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|
|
|
Joint Venture : |
Pricol Pune Private Limited |
|
|
|
|
Others: (Enterprise
over which key management personnel are able to exercise significant
influence) |
Pricol Holdings Limited Pricol Packaging Limited Pricol Travel Limited Pricol Technologies Limited Pricol Medical Systems Limited Pricol Properties Limited Pricol Corporate Services Limited Xenos Automotive Limited (formerly Xenos Technologies Limited) Penta Enterprises (India) Limited Ananya Innovations Limited Vascon Pricol Infrastructures Limited Prime Agri Solutions (India) Limited M and M Enterprises (India) Limited Bhavani Infin Services India Private Limited Shrimay Enterprises Private Limited Sagittarius Investments Private Limited Carcerano Pricoltech (India) Private Limited Libra Industries Leo Industries Ellargi and Company Rudra Industries Bhavani Treads |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
Re. 1/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90,000,000 |
Equity Shares |
Re. 1/- each |
Rs. 90.000
Millions |
|
|
|
|
|
Reconciliation of the Shares Outstanding at the beginning and at the end
of the reporting period:
|
Equity Shares |
31.03.2012 |
|
|
|
No. of Shares |
Rs. in Millions |
|
At the beginning / closing of the period |
90,000,000 |
90.000 |
Terms / rights attached
to equity shares:
The Company has
only one class of equity shares having a par value of ` 1/- per share. Each
holder of equity shares is entitled to one vote per share. The Company declares
and pays dividend in Indian Rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting.
Details of Shareholders holding more than 5% shares in the company:
|
Equity Shares of Re. 1/- each fully paid |
31.03.2012 |
|
|
|
No. of Shares |
% held |
|
- DENSO Corporation, Japan |
11,250,000 |
12.50% |
|
- Vijay Mohan |
9,544,440 |
10.60% |
|
- Viren Mohan |
6,522,615 |
7.25% |
|
- Precot Meridian Limited |
5,462,250 |
6.07% |
The Company has during
the year issued 4,500,000 Share Warrants of Re.1/- each on preferential basis
with each warrant convertible into one equity shares of the company, for a
price of Rs.18/- per share (including a premium of Rs.17/-). The share warrants
are convertible into equity shares of the company within eighteen months from
the date of allotment. As per the SEBI (Issue of Capital and Disclosure
Requirements) Regulations, 2009 the company has received 25% of value of the
warrants on allotment.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
90.000 |
90.000 |
|
(b) Reserves & Surplus |
|
2339.989 |
1859.509 |
|
(c) Money received against share warrants |
|
20.250 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
2450.239 |
1949.509 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
595.962 |
1183.499 |
|
(b) Deferred tax liabilities (Net) |
|
51.000 |
7.000 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
32.623 |
41.460 |
|
Total Non-current
Liabilities (3) |
|
679.585 |
1231.959 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
206.075 |
717.086 |
|
(b)
Trade payables |
|
1917.650 |
1588.892 |
|
(c)
Other current liabilities |
|
1274.684 |
751.138 |
|
(d) Short-term
provisions |
|
238.644 |
97.435 |
|
Total Current
Liabilities (4) |
|
3637.053 |
3154.551 |
|
|
|
|
|
|
TOTAL |
|
6766.877 |
6336.019 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
1822.472 |
2068.044 |
|
(ii)
Intangible Assets |
|
75.267 |
72.038 |
|
(iii)
Capital work-in-progress |
|
15.422 |
18.371 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
302.407 |
252.407 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
33.036 |
34.949 |
|
(e) Other
Non-current assets |
|
548.888 |
483.063 |
|
Total Non-Current
Assets |
|
2797.492 |
2928.872 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1337.930 |
1325.518 |
|
(c) Trade
receivables |
|
1800.875 |
1702.141 |
|
(d) Cash
and cash equivalents |
|
684.669 |
93.091 |
|
(e)
Short-term loans and advances |
|
131.694 |
274.443 |
|
(f)
Other current assets |
|
14.217 |
11.954 |
|
Total
Current Assets |
|
3969.385 |
3407.147 |
|
|
|
|
|
|
TOTAL |
|
6766.877 |
6336.019 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
90.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1691.121 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1781.121 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2559.976 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
2559.976 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4341.097 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2293.661 |
|
|
Capital work-in-progress |
|
|
29.393 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
252.407 |
|
|
DEFERREX TAX ASSETS |
|
|
56.810 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1250.221
|
|
|
Sundry Debtors |
|
|
1852.412
|
|
|
Cash & Bank Balances |
|
|
118.137
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
685.947
|
|
Total
Current Assets |
|
|
3906.717 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1746.316
|
|
|
Other Current Liabilities |
|
|
18.715
|
|
|
Provisions |
|
|
432.860
|
|
Total
Current Liabilities |
|
|
2197.891 |
|
|
Net Current Assets |
|
|
1708.826
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4341.097 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
9649.401 |
8427.330 |
7423.924 |
|
|
|
Cost of In-House manufactured Machines and Tooling Capitalized |
0.000 |
0.000 |
63.149 |
|
|
|
Other Income |
21.465 |
57.147 |
33.297 |
|
|
|
TOTAL (A) |
9670.866 |
8484.477 |
7520.370 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6226.176 |
|
|
|
|
|
Purchases of Stock-in-Trade |
312.754 |
249.229 |
|
|
|
|
Changes in inventories of Work-in-progress & Finished Goods |
23.826 |
21.334 |
|
|
|
|
Employee Benefits Expense |
1258.940 |
1111.726 |
|
|
|
|
Other Expenses |
1090.381 |
855.132 |
|
|
|
|
Exceptional items (Net) |
(494.203) |
0.000 |
|
|
|
|
TOTAL (B) |
8417.874 |
7658.598 |
6577.561 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1252.992 |
825.879 |
942.809 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
297.921 |
273.116 |
316.452 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
955.071 |
552.763 |
626.357 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
291.911 |
337.040 |
351.783 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
663.160 |
215.723 |
274.574 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
99.000 |
(15.425) |
19.771 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
564.160 |
231.148 |
254.803 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
114.600 |
71.212 |
(115.612) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend – 40% |
72.000 |
54.000 |
36.000 |
|
|
|
Tax on Dividend |
11.680 |
8.760 |
5.979 |
|
|
|
General Reserve |
450.000 |
125.000 |
26.000 |
|
|
BALANCE CARRIED
TO THE B/S |
145.080 |
114.600 |
71.212 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1325.521 |
1002.222 |
1049.436 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1639.462 |
1533.388 |
1648.905 |
|
|
|
Stores & Spares |
7.375 |
5.175 |
3.763 |
|
|
|
Capital Goods |
55.950 |
62.213 |
22.697 |
|
|
TOTAL IMPORTS |
1702.787 |
1600.776 |
1675.365 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
6.27 |
2.57 |
2.83 |
|
|
|
Diluted |
6.18 |
2.57 |
2.83 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
|
Sales Turnover |
2300.700 |
2104.900 |
2094.700 |
2238.600 |
|
Total Expenditure |
2154.000 |
1984.600 |
1951.900 |
2060.800 |
|
PBIDT (Excl OI) |
146.700 |
120.300 |
142.900 |
177.800 |
|
Other Income |
4.800 |
16.800 |
7.500 |
2.700 |
|
Operating Profit |
151.600 |
137.200 |
150.400 |
180.400 |
|
Interest |
42.800 |
45.200 |
37.300 |
38.100 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
108.800 |
92.000 |
113.100 |
142.400 |
|
Depreciation |
70.500 |
82.000 |
83.300 |
83.800 |
|
Profit Before Tax |
38.300 |
10.000 |
29.800 |
58.600 |
|
Tax |
4.500 |
1.500 |
3.000 |
(29.700) |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
33.800 |
8.500 |
26.800 |
88.300 |
|
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 |
33.800 |
8.500 |
26.800 |
88.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.83
|
2.72 |
3.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.87
|
2.56 |
3.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.28
|
3.56 |
4.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.11 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.33
|
0.97 |
1.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09
|
1.08 |
1.78 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
LONG TERM BORROWINGS |
|
|
|
Rupee Term Loan from Others |
34.411 |
85.296 |
|
Total |
34.411 |
85.296 |
Note:
The Registered Office of the Company has been shifted from 702/7, Avanashi Road, Coimbatore – 641037, Taminadu, India to the present w.e.f.25.05.2012
OPERATIONS
During 2011-12,
their domestic sales increased from Rs.7100.000 million to Rs. 7887.000
million, a growth of 11% only, since we are yet to regain the full market share
lost.
Their export sales
increased from Rs. 1063.000 million to Rs. 1428.000 million, a growth of 34%,
partially due to recovery of automotive markets in countries where we export
and addition of new customers.
The overall sales
increased from Rs. 8163.000 million to Rs. 9315.000 million, a growth of 14%.
The increase in
cost of all inputs, especially imported raw materials and electronic
components, coupled with higher finance costs resulted in the Profit from
Operations decreasing from Rs. 216.000 million to Rs. 169.000 million.
The Company had an
exceptional expense of Rs. 98.500 million towards compensation for retrenched
labour. As informed last year about formation of wholly owned subsidiary, on
18th March 2012, their company sold business, assets and liabilities related to
Personal Passenger Vehicles (Scooter, Motor Cycle, Car and MPV) instrument cluster
business out of their Plant V, Pune by way of slump sale to Pricol Pune
Limited, the erstwhile wholly owned subsidiary, for a value of Rs. 734.000
million. The profit out of slump sale is Rs. 593.000 million. Consequently, the
Profit before Tax increased from Rs. 216.000 million to Rs. 663.000 million.
For the ensuing
year 2012-13, the Company's balance business (excluding the business sold) is
expected to grow by 11 to 13 %, barring unforeseen circumstances arising out of
the economic uncertainty faced by India.
Their Company will
continue its efforts to control the operational costs and improve the bottom
line.
SUBSIDIARY
COMPANIES
PT Pricol Surya,
Indonesia
As informed last
year Honda Motor Cycles became a new customer from January 2011. With supplies
to Honda Motor Cycles for the whole year in 2011-12, the company's sales
increased steeply to Rs. 1110.000 million (Rs. 317.000 million for 2010-11).
The Company generated a Profit before Tax of Rs. 83.000 million (Loss of Rs.
11.000 million for 2010-11).
Effective January
2012, Yamaha Motor Indonesia has increased the order for Electronic Instrument
Cluster. Yamaha Motor is also showing interest in procuring Mechanical
Instrument Cluster. Suzuki Motor Cycles have awarded new Instrument Cluster
Business for their forthcoming model.
The outlook for
the year 2012-13 is a growth of 18 to 20 % with increase in profits.
Pricol Castings
Limited (formerly English Tools and Castings Limited)
During 2011-12, the
Company made a sales turnover of Rs. 239.000 million against Rs. 264.000
million last year, a decrease of 10%.
The Company took
efforts to streamline the business by pulling out of non profitable business.
Further, sale to one of the existing customer changed to supply of casting with
aluminium raw material supplied by them. This has resulted in drop in sale
value of Rs. 11.000 million, but helped the company to improve operating
margins.
Even though the
company had a loss of Rs. 6.000 million for the whole year 2011-12, various
cost control measures implemented during the financial year 2011-12, resulted
in nominal profits for each of the last 3 quarters of 2011-12.
For the ensuing
year, the company has won new orders from domestic and overseas customers. All
the new business is with higher value addition like machining, painting etc.
Gravity Die Casting Process is also given more focus to take the company to
next level of growth. The Company is having an order book of Rs. 320.000
million. With some more new customers expected, turnover of Rs. 400.000 million
is expected for financial year 2012-13. This increase in sales will lead to
profits.
The existing
erratic power situation and raising LPG cost is a cause of concern. Various new
initiatives are planned to manage cost and generate the projected
profitability. In order to create a brand image for the Company, the name of
the Company has been changed from “English Tools and Castings Limited” to
“Pricol Castings Limited” from 24th November 2011.
Integral
Investments Limited
A wholly owned
subsidiary during the financial year 2011-12 received a dividend of Rs. 0.777
million and earned
a Profit Before
Tax of Rs. 0.105 million.
Shanmuga Steel
Industries Limited
A wholly owned
subsidiary of Integral Investments Limited during the year 2011-12 earned a
Profit before Tax of Rs. 10.535 million, through sale of its Land and Building.
JOINT VENTURE
Pricol Pune
Private Limited
The Wholly Owned
Subsidiary Pricol Pune Limited became a 50:50 joint venture between Johnson
Controls Enterprise Limited, UK (a Wholly Owned Subsidiary of Johnson Controls,
Inc. USA) and Pricol Limited on 26th March, 2012. During the period 18th May
2011 to 31st March, 2012 the company made a sales turnover of Rs. 47.279
million and earned a Profit Before Tax of Rs.1.061 million.
The status of the
company has been changed from Public to Private Limited from 30th April, 2012.
AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR
ENDED 31ST MARCH, 2013
[Rs. in Millions]
|
|
For the Three Months Ended |
Year Ended |
|
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
Particulars |
Audited |
Unaudited |
Audited |
|
1. Income from Operations |
|
|
|
|
(a) Net Sales / Income from operations (Net of
excise duty) |
2107.047 |
1984.843 |
8282.596 |
|
(b) Other Operating Income |
131.538 |
109.888 |
456.347 |
|
Total Income from Operations (net) [ a + b ] |
2238.585 |
2094.731 |
8738.943 |
|
2. Expenses |
|
|
|
|
(a) Cost of Materials Consumed |
1391.761 |
1281.670 |
5447.852 |
|
(b) (Increase) / Decrease in inventories of
finished goods |
49.617 |
4.873 |
54.179 |
|
(c) (Increase) / Decrease in inventories of
Work in Progress |
(2.330) |
19.962 |
19.461 |
|
(d) Purchases of stock-in-trade |
123.505 |
107.886 |
435.182 |
|
(e) Employee Benefits Expense |
315.874 |
322.461 |
1278.735 |
|
(f) Depreciation and amortisation expense |
83.750 |
83.297 |
319.501 |
|
(g) Exchange Fluctuation (Gain) / Loss |
0.261 |
1.422 |
38.017 |
|
(h) Other Expenses |
182.118 |
213.582 |
861.152 |
|
Total Expenses |
2144.556 |
2035.153 |
8454.079 |
|
3. Profit / (Loss) from Operations before Other Income, finance costs
and |
|
|
|
|
Exceptional Items [ 1 - 2 ] |
94.029 |
59.578 |
284.864 |
|
4. Other Income |
|
|
|
|
(a) Profit / (Loss) on Sale of Assets |
0.834 |
5.646 |
5.115 |
|
(b) Others |
1.821 |
1.853 |
10.045 |
|
5. Profit / (Loss) from ordinary activities before finance costs and |
|
|
|
|
exceptional items [ 3 + 4 ] |
96.684 |
67.077 |
300.024 |
|
6. Finance Costs |
38.078 |
37.257 |
163.307 |
|
7. Profit / (Loss) from ordinary activities after finance costs but
before |
|
|
|
|
exceptional items [ 5 - 6 ] |
58.606 |
29.820 |
136.717 |
|
8. Exceptional Items – Income – Net |
- |
- |
- |
|
9. Profit / (Loss) from Ordinary Activities before Tax [ 7 + 8 ] |
58.606 |
29.820 |
136.717 |
|
10.Tax Expense – Net |
(29.687) |
3.000 |
(20.687) |
|
11. Net Profit / (Loss) from Ordinary Activities After Tax [ 9 - 10 ] |
88.293 |
26.820 |
157.404 |
|
12. Extraordinary Item – (Net of Tax Expense) |
- |
- |
- |
|
13. Net Profit / (Loss) for the period [ 11- 12 ] |
88.293 |
26.820 |
157.404 |
|
14. Share of Profit / (Loss) of associates |
- |
- |
- |
|
15. Minority Interest |
- |
- |
- |
|
16. Net Profit / (Loss) after taxes, minority interest and share
of |
88.293 |
26.820 |
157.404 |
|
Profit / (Loss) of
associates [ 13 + 14 + 15] |
|
|
|
|
17. Paid-up-Equity Share Capital (Face Value of ` 1/- each) |
90.000 |
90.000 |
90.000 |
|
18. Reserves excluding Revaluation Reserves as per balance sheet |
|
|
|
|
of previous accounting year |
|
|
24552.75 |
|
19. Earnings per share (of ` 1/- each) (not annualised) : |
|
|
|
|
(a) Basic [16 / 17] |
0.98 |
0.30 |
1.75 |
|
(b) Diluted |
0.93 |
0.28 |
1.67 |
|
|
|
|
|
|
SELECT INFORMATION FOR THE QUARTER AND YEAR ENDED
31ST MARCH, 2013 |
|||
|
A. PARTICULARS OF SHAREHOLDING |
|
|
|
|
(1) Public share holding : Number of Shares |
53496054 |
57906054 |
53496054 |
|
Percentage of share holding |
59.44 |
64.34 |
59.44 |
|
(2) 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 |
36503946 |
32093946 |
36503946 |
|
– Percentage of shares (as
a% of the total shareholding of promoter |
|
|
|
|
and
promoter group) |
100.00 |
100.00 |
100.00 |
|
– Percentage of shares (as a % of
the total share capital of the company) |
40.56 |
35.66 |
40.56 |
|
B. INVESTOR
COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed off during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
|
STATEMENT OF ASSETS
AND LIABILITIES AS PER CLAUSE 41 (v) (h) OF THE LISTING AGREEMENT |
|
|
|
Standalone |
|
A. EQUITY AND
LIABILITIES |
31.03.2013 |
|
1. Shareholders’ funds |
|
|
(a) Share Capital |
90.000 |
|
(b) Reserves and Surplus |
2455.275 |
|
(c) Money received against share warrants |
20.250 |
|
Sub-total-Shareholders’ funds |
2565.525 |
|
2. Non-current liabilities |
|
|
(a) Long-term borrowings |
- |
|
(b) Deferred tax liabilities (net) |
40.000 |
|
(c) Long-term provisions |
39.243 |
|
Sub-total-Non-current liabilities |
79.243 |
|
3. Current liabilities |
|
|
(a) Short-term borrowings |
502.619 |
|
(b) Trade payables |
1628.816 |
|
(c) Other current liabilities |
839.492 |
|
(d) Short-term provisions |
75.138 |
|
Sub-total-Current liabilities |
3046.065 |
|
TOTAL – EQUITY AND LIABILITIES |
5690.833 |
|
B. ASSETS |
|
|
1. Non-current assets |
|
|
(a) Fixed Assets |
1833.507 |
|
(b) Non-current investments |
388.050 |
|
(c) Deferred tax assets (net) |
- |
|
(d) Long-term loans and advances |
55.151 |
|
(e) Other non-current assets |
578.693 |
|
Sub-total-Non-current assets |
2855.401 |
|
2. Current Assets |
|
|
(a) Current Investments |
- |
|
(b) Inventories |
1062.456 |
|
(c) Trade Receivables |
1639.644 |
|
(d) Cash and cash equivalents |
22.092 |
|
(e) Short-term loans and advances |
102.004 |
|
(f) Other current assets |
9.236 |
|
Sub-total-Current assets |
2835.432 |
|
TOTAL – ASSETS |
5690.833 |
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. The above results have been reviewed by the Audit Committee and taken on record by the Board at its meeting held on 29th May, 2013.
4. Exchange Fluctuation for the year ended 31st March, 2013 represents Gain of Rs.3.501 Millions consequent to re-statement of foreign currency loans and export receivables as per Accounting Standard 11 and Loss Rs.41.518 Millions consequent to actual settlements.
5. Net Sales of Rs. 8282.596 Millions for the year ended 31st March 2013 does not include sales relating to business transferred to Joint Venture, Johnson Controls Pricol Private Limited at Pune, effective March 2012. The sales growth for the year ended 31st March 2013 is 1.32% over comparable figure of the corresponding period in the previous year.
6. On 22nd April 2013, the company sold its Denso Technology Instrument Cluster Business to its subsidiary Pricol Components Limited (presently Denso Pricol India Limited) on a going concern basis. The financial impact has been considered in first quarter of financial year 2013-14.
7. The figures for the quarter ended 31st March 2013 and 31st March 2012 are the balancing figures between audited figures in respect of the full financial year and the year to date figures upto the third quarter.
8.
The Board of Directors has recommended a
dividend @ 40 % ( Rs.0.40 per Rs.1.00 Share)
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. in Millions) |
|
|
Sales Tax Matters |
33.313 |
33.313 |
|
Excise Matters |
168.631 |
139.331 |
|
Corporate Guarantee to Subsidiaries |
355.398 |
138.415 |
|
Letter of Credit |
240.456 |
166.708 |
FIXED ASSETS:
Tangible Assets
Freehold Land
Leasehold Land
Buildings
Plant and Machinery
Computer Equipments
Furniture and Fittings
Office Equipments
Vehicles
Intangible Assets
Computer Software
Technical Knowhow
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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. 59.41 |
|
|
1 |
Rs. 90.38 |
|
Euro |
1 |
Rs. 77.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.