|
Report Date : |
22.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
JOHNSON CONTROLS PRICOL PRIVATE LIMITED (w.e.f. 11.07.2012) |
|
|
|
|
Formerly Known
As : |
PRICOL PUNE PRIVATE LIMITED (w.e.f. 30.04.2012) PRICOL PUNE LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 1065 and 1066, Pirangut, Taluka Mulshi, Pune - 412108, |
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|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
18.05.2011 |
|
|
|
|
Com. Reg. No.: |
11-139594 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.100.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34200PN2011PTC139594 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCP0139E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Automobile Parts like, Speed Sensor, Oil Pumps, Fuel
Feed Pumps etc. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3100000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a relatively new company started as a wholly owned
subsidiary of ‘Pricol Limited’. And later it became a 50:50 Joint venture between ‘Pricol Limited’ and
‘Johnson Controls Enterprises Limited’. In its first year of business operation the company has performed
well. The networth of the company seems to be strong. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be slow but correct. In view of strong holding company
can be considerd for normal business dealings at usual trare 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.
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.
INFORMATION PARTED BY (PARTIAL DETAILS)
|
Name : |
Mr. Srinivasan Balram |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-20-39115074 |
|
Date : |
21.06.2013 |
LOCATIONS
|
Registered Office/ Factory : |
Survey No. 1065 and 1066, Pirangut, Taluka Mulshi, Pune - 412108,
Maharashtra, India |
|
Tel. No.: |
91-20-39115074/ 22923901 |
|
Fax No.: |
91-20-22923911 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on: 20.06.2012
|
Name : |
Mr. Vijay Mohan |
|
Designation : |
Director |
|
Address : |
‘'Shrimayi", New No 232, Old No 170, Tea Estates, Race Course, Coimbatore – 641018, Tamilnadu, India |
|
Date of Birth/Age : |
11.10.1947 |
|
Date of Appointment : |
18.05.2011 |
|
DIN No.: |
00001843 |
|
|
|
|
Name : |
Mr. Prashanth Raghunath Nayak |
|
Designation : |
Director |
|
Address : |
803, Kumar Presidency-II, Lane No 6, Koregaon Park, Pune – 411001, Maharashtra, India |
|
Date of Birth/Age : |
06.03.1971 |
|
Date of Appointment : |
26.03.2012 |
|
DIN No.: |
03371824 |
|
|
|
|
Name : |
Mr. Mitul Rustagi |
|
Designation : |
Director |
|
Address : |
L 411, Second Floor, Sarita Vihar, New Delhi – 110076, New Delhi, India |
|
Date of Birth/Age : |
29.07.1968 |
|
Date of Appointment : |
26.03.2012 |
|
DIN No.: |
03379848 |
|
|
|
|
Name : |
Mr. Jambunathan Sridhar |
|
Designation : |
Director |
|
Address : |
Flat No S 1 Marutham Ruby Apartments, 36 Ramalingam Nagar, 1st Cross, K K Pudur, Coimbatore – 641038, Tamilnadu, India |
|
Date of Birth/Age : |
29.10.1954 |
|
Date of Appointment : |
30.12.2011 |
|
DIN No.: |
02715298 |
|
|
|
|
Name : |
Mr. Robert Ritchie Vallance |
|
Designation : |
Director |
|
Address : |
804 Hazel Wood, Holland Michigan Michigan, United States of America 49424 |
|
Date of Birth/Age : |
26.08.1960 |
|
Date of Appointment : |
26.03.2012 |
|
DIN No.: |
05219321 |
KEY EXECUTIVES
|
Name : |
Mr. Srinivasan Balram |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
As on: 20.06.2012
|
Names of Shareholders |
|
No. of Shares |
|
Pricol Limited, India |
|
5000000 |
|
Johnson Controls Enterprise Limited, United Kingdom |
|
5000000 |
|
Total |
|
10000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 20.06.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automobile Parts like, Speed Sensor, Oil Pumps, Fuel
Feed Pumps etc. |
||||
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Products : |
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|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||
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|
|
||||||||||||
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Bankers : |
Indian Bank, 31 Variety Hall Road, Coimbatore - 641001, Tamilnadu, India |
||||||||||||
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|
||||||||||||
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Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Haribhakthi and Company Chartered Accountants |
|
Address : |
Shree Shanmugapriya, 2nd Floor, Ponniayan Street, Crosscut Raod, Gandhipuram, Coimbatore-641012, Tamilnadu, India |
|
PAN No.: |
AAAFH2010F |
|
|
|
|
Joint venture : |
Pricol Limited CIN No.: L33129TZ1972PLC000641 |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
100.000 |
|
(b) Reserves & Surplus |
|
|
684.716 |
|
(c) Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
0.000 |
|
|
|
|
|
|
(3) Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
57.500 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.344 |
|
(c) Other long term liabilities |
|
|
1.089 |
|
(d) long-term provisions |
|
|
0.000 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
100.786 |
|
(b) Trade payables |
|
|
153.674 |
|
(c) Other current liabilities |
|
|
63.194 |
|
(d) Short-term provisions |
|
|
0.212 |
|
TOTAL |
|
|
1161.515 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
482.285 |
|
(i) Tangible assets |
|
|
298.633 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
1.554 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
116.853 |
|
(c) Trade receivables |
|
|
208.295 |
|
(d) Cash and cash equivalents |
|
|
51.279 |
|
(e) Short-term loans and advances |
|
|
2.607 |
|
(f) Other current assets |
|
|
0.009 |
|
TOTAL |
|
|
1161.515 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
47.279 |
|
|
|
Other Income |
|
|
0.183 |
|
|
|
TOTAL (A) |
|
|
47.462 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
41.260 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
|
|
41.260 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
6.202 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
1.873 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
4.329 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
3.268 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
1.061 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
0.344 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
0.717 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
0.07 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2012 |
|
PAT / Total Income |
(%) |
|
|
1.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
2.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
0.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
|
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.19 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS:
(Rs.
in Millions)
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
|
|
|
Trade payables |
|
|
153.674 |
|
|
|
|
|
|
Total |
|
|
153.674 |
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last one year |
Yes |
|
12] |
Profitability for last one year |
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 |
No |
BACKGROUND:
The Company was incorporated on 18th May 2011 (As a wholly owned subsidiary of Pricol Limited), Pricol Limited transferred the business, assets and Liabilities related to Personal Passenger Vehicle (Scooter, Motorcycle, Cars and MPVs) instrument cluster business of its Plant V situated at Survey No.1065 and 1066, Pirangut Village, Mulshi Taluk, Pune-412108 by way of slump sale to Pricol Pune Limited on 18th March 2012 for Rs.734.000 Million. The Company issued 4,950,000 Equity Shares of Rs.10/- each to M/s.Pricol Limited as a part consideration for slump sale.
As per the joint venture agreement entered between Pricol Limited and Johnson Controls Enterprise Limited, UK, the company issued 5,000,000 Equity Shares of Rs.10/- Each at a premium of Rs.136.80 per Share to Johnson Controls Enterprise Limited on 26th March 2012.
The Company became a 50:50 Joint Venture Company of Pricol Limited and Johnson Controls Enterprise Limited effective from 26th March 2012.
REVIEW OF OPERATIONS
AND OUTLOOK:
During the year, the company’s turnover is Rs.47.279 million and the Profit After Tax is Rs.0.717 Million.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U34200PN2011PTC139594 |
|
Name of the
company |
PRICOL PUNE
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Survey No.1065
And 1066, Pirangut, Taluk Mulshi, Pune – 412108, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Indian Bank, 31 Variety
Hall Road, Coimbatore - 641001,Tamilnadu, India |
|
Nature of
instrument creating charge |
Memorandum of
Deposit of Title Deeds dated 21st day of June 2012 |
|
Date of instrument
Creating the charge |
21.06.2012 |
|
Amount secured by
the charge |
Rs.110.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Term Loan : 14% Terms of Repayment Term Loan : Quarterly
instalment Margin Term Loan : Nil Extent and Operation of the charge Equitable
Mortgage by way of Deposit of Title Deed for Term Loan |
|
Short particulars
of the property or asset(s) charged (including complete address and location of
the property) |
6.793 Acres of
land in Survery No.1/1066, 1065,2/1066, 1062, 1065, 1066 and 1071located at
Pirangut Village, Mulshi Taluka, Pune, Maharashtra, India |
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Factory equipments
· Furniture and fixtures
· Vehicles
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.59.35 |
|
|
1 |
Rs.92.11 |
|
Euro |
1 |
Rs.78.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.