MIRA
INFORM REPORT
|
Report Date : |
18.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
PRICOL LIMITED |
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Registered
Office : |
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Country : |
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Financials (as on)
: |
31.03.2013 |
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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 (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 10262000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having good track record. There seems sharp dip in the profitability of the company during 2013
however, net worth of the company is strong. General financial position of
the company is good. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitment. 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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward Brown.
Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of
the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Fund Based Facilities BBB+ |
|
Rating Explanation |
Moderate degree of safety 1+ carry moderate credit risk |
|
Date |
July 2013 |
|
Rating Agency Name |
ICRA |
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Rating |
Short Term Fund Based Facilities A2+ |
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Rating Explanation |
Strong degree of safety and low credit risk |
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Date |
July 2013 |
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
31-03-2014.
INFORMATION DENIED
Management non co-operative (91-422-4331100)
LOCATIONS
|
Registered Office : |
CPM Towers, 109 Race Course, Coimbatore - 641018,
Tamilnadu, India |
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Tel. No.: |
91-422-4336000 |
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Fax No.: |
91-422-4336299 |
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E-Mail : |
cs@pricol.co.in |
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Website : |
Not Available |
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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 31.03.2013
|
Name : |
Mr. Vijay Mohan |
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Designation : |
Chairman |
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Name : |
Ms. Vanitha Mohan |
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Designation : |
Vice Chairman |
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Name : |
Mr. Vikram Mohan |
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Designation : |
Managing Directors |
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Name : |
K. Udhaya Kumar |
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Designation : |
President |
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Name : |
Suresh Jagannathan |
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Designation : |
Director |
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Name : |
C. R. Swaminathan |
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Designation : |
Director |
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Name : |
D. Sarath Chandran |
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Designation : |
Director |
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Name : |
R. Vidhya Shankar |
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Designation : |
Director |
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Name : |
G. Soundararajan |
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Designation : |
Director |
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Name : |
K. Murali Mohan |
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Designation : |
Director |
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KEY EXECUTIVES
|
Name : |
Mr. T. G. Thamizhanban |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category
of Shareholder |
Total No.
of Shares |
Total
Shareholding as a % of Total No. of Shares |
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As a % of (A+B) |
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(A) Shareholding of Promoter
and Promoter Group |
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24593256 |
26.02 |
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11910690 |
12.60 |
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36503946 |
38.63 |
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Total shareholding of Promoter
and Promoter Group (A) |
36503946 |
38.63 |
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(B) Public Shareholding |
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|
1634750 |
1.73 |
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315010 |
0.33 |
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1949760 |
2.06 |
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19573072 |
20.71 |
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27580277 |
29.19 |
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4991358 |
5.28 |
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|
3901587 |
4.13 |
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1201587 |
1.27 |
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2700000 |
2.86 |
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56046294 |
59.31 |
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Total Public shareholding (B) |
57996054 |
61.37 |
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Total (A)+(B) |
94500000 |
100.00 |
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(C) Shares held by Custodians and
against which Depository Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
94500000 |
0.00 |
BUSINESS DETAILS
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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 |
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Dashboard Instruments |
Nos. |
26211000 |
23034495 |
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Speedometer Cables |
Mtrs. |
3370000 |
2668464 |
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Sensors (all types) |
Nos. |
15303000 |
9944655 |
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Oil Pumps |
Nos. |
18600000 |
9718879 |
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Chain Tensioners |
Nos. |
3230000 |
2616563 |
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Idle Speed Control Valve Assembly |
Nos. |
1113000 |
831950 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Stare Bank of India ·
IDBI Bank Limited ·
ICICI Bank Limited ·
The Bank of Nova Scotia ·
Indian Overseas Bank |
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Facilities : |
Corporate Loan of Rs. 400 Million from State Bank of India is secured by (a) First Charge on the Current Assets of the company on pari-passu basis and (b) First Charge on the specific Land and Building situated at Perianaickenpalayam, Coimbatore District and Udhagamandalam, Nilgiris District, Tamilnadu. The outstanding as on 31st March, 2013 is Rs. 258.400 Million (Previous year – Rs. 400 Million). The same is repayable in 21 monthly instalments of Rs 11.800 Million each and balance in the last instalment. Interest is payable on monthly basis. Term Loan of Rs. 500 Million from Indian Overseas Bank is secured by (a) Hypothecation of specific Plant and Machineries located at Plant I, Perianaickenpalayam, Plant III - Billichi, and Poochiyur in Coimbatore District, Plant II, IMT Manesar, Gurgaon, Haryana and Plant VI & VII, Rudrapur, Uttarkhand and (b) Exclusive charge on the Land and Building of Plant VII, Rudrapur, Uttarkhand. The outstanding as on 31st March, 2013 is Rs. 250 Million (Previous year – Rs. 350 Million). The same is repayable in 30 monthly instalments of Rs. 8.334 Million each. Interest is payable on monthly basis. Secured Term Loans from Others of Rs. 35.326 Million from Maruti Suzuki India Limited is secured byhypothecation of specific vehicles purchased out of the loan. The outstanding as on 31st March, 2013 is Rs. 2.810 Million (Previous year – Rs. 5.277 Million). The loans are repayable in equated monthly instalments ranging from 5 to 17 months. Working Capital Facilities from Andhra Bank, State Bank of India, Indian Overseas Bank, ICICI Bank,The Bank of Nova Scotia and IDBI Bank, are secured by pari-passu first charge on the current assets of the company. Working Capital Facilities from Andhra Bank, State Bank of India, and ICICI Bank are further secured by paripassu second charge on the immovable properties situated at Plant I, Perianaickenpalayam, Coimbatore District, Udhagamandalam, Nilgirs District, Tamilnadu. Working Capital Facilities from Indian Overseas Bank is further secured by pari-passu second charge on the immovable properties situated at Plant I, Perianaickenpalayam, Coimbatore District. Working Capital Facilities from The Bank of Nova Socita and IDBI Bank are further secured by pari-passu econd charge on the immovable properties situated at Plant III - Billichi Village, Coimbatore District, Tamilnadu. Working Capital Facilities from Banks are repayable on demand and carries interest rates varying from 10.50% to 13.25% per annum. |
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Banking
Relations : |
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Auditors : |
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Name : |
M/s. Haribhaktiand Company Chartered Accountants |
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Subsidiary Companies: |
· Pricol Castings Limited · PT Pricol Surya · Indonesia, Pricol · Asia Pte Limited · Singapore · Pricol Components Limited · Integral Investments Limited · Shanmuga Steel Industries Limited (Subsidiary of Integral Investments Limited) |
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Joint Venture: |
·
Johnson Controls ·
Pricol Private Limited, |
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Others : (Enterprise
over which key management personnel are able to exercise significant
influence): |
· Pricol Holdings Limited · Pricol Packaging Limited · Pricol Travel Limited · PricolTechnologies Limited · Pricol Medical Systems Limited · Pricol Properties Limitet · Pricol Corporate ServicesLimited · Xenos Automotive Limited · Penta Enterprises (India) Limited · Vascon Pricol Infrastructures Limited, · Prinfra 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 & Company · Rudra Industries · Bhavani Treads. |
CAPITAL STRUCTURE
AS ON 02.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs. 1 /- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
94500000 |
Equity Shares |
Rs. 1/- each |
Rs. 94.500
Millions |
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AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs. 1 /- each |
Rs.100.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000000 |
Equity Shares |
Rs. 1/- each |
Rs. 90.000
Millions |
|
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|
|
|
Reconciliation of the
Shares Outstanding at the beginning and at the end of the reporting period:
|
|
31.03.2013 |
||
|
Equity Shares |
No of Shares (Million) |
Rs. In Millions |
|
|
At the Beginning / Closing of the period |
90.000 |
90.000 |
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|
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Terms / rights attached
to equity shares :
The Company has only one class of equity shares having a par value of Rs. 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, if any, 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:
|
|
31.03.2013 |
||
|
Equity Shares of Rs,
1/- each fully paid |
No of Shares (Million) |
Percentage Held |
|
|
Vijay Mohan |
9,544,440 |
10.60% |
|
|
Viren Mohan |
6,522,615 |
7.25% |
|
|
Precot Meridian Limited |
5,462,250 |
6.07% |
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
90.000 |
90.000 |
90.000 |
|
(b) Reserves &
Surplus |
2455.275 |
2339.989 |
1859.509 |
|
(c) Money received
against share warrants |
20.250 |
20.250 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
2565.525 |
2450.239 |
1949.509 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
595.962 |
1183.499 |
|
(b) Deferred tax
liabilities (Net) |
40.000 |
51.000 |
7.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
39.243 |
32.623 |
41.460 |
|
Total Non-current
Liabilities (3) |
79.243 |
679.585 |
1231.959 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
502.619 |
206.075 |
717.086 |
|
(b) Trade payables |
1628.816 |
1902.257 |
1588.892 |
|
(c) Other current
liabilities |
839.492 |
1290.899 |
751.138 |
|
(d) Short-term provisions |
75.138 |
238.644 |
97.435 |
|
Total Current Liabilities
(4) |
3046.065 |
3637.875 |
3154.551 |
|
|
|
|
|
|
TOTAL |
5690.833 |
6767.699 |
6336.019 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1738.012 |
1822.472 |
2068.044 |
|
(ii) Intangible Assets |
69.447 |
75.267 |
72.038 |
|
(iii) Capital
work-in-progress |
26.048 |
15.422 |
18.371 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
388.050 |
302.407 |
252.407 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
55.151 |
33.036 |
34.949 |
|
(e) Other Non-current
assets |
578.693 |
549.346 |
483.063 |
|
Total Non-Current Assets |
2855.401 |
2797.950 |
2928.872 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1062.456 |
1337.930 |
1325.518 |
|
(c) Trade receivables |
1639.644 |
1800.875 |
1702.141 |
|
(d) Cash and cash
equivalents |
22.092 |
684.669 |
93.091 |
|
(e) Short-term loans and
advances |
102.004 |
132.058 |
274.443 |
|
(f) Other current assets |
9.236 |
14.217 |
11.954 |
|
Total Current Assets |
2835.432 |
3969.749 |
3407.147 |
|
|
|
|
|
|
TOTAL |
5690.833 |
6767.699 |
6336.019 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
8738.943 |
9649.401 |
8427.330 |
|
|
Other Income |
15.160 |
21.465 |
57.147 |
|
|
TOTAL (A) |
8754.103 |
9670.866 |
8484.477 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
5447.852 |
6226.176 |
5421.177 |
|
|
Purchases of Stock-in-Trade |
435.182 |
312.754 |
249.229 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
73.640 |
23.826 |
21.334 |
|
|
Employees benefits expense |
1278.735 |
1258.940 |
1111.726 |
|
|
Other expenses |
899.169 |
1090.381 |
855.132 |
|
|
TOTAL (B) |
8134.578 |
8912.077 |
7658.598 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C) |
619.525 |
758.789 |
825.879 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
163.307 |
297.921 |
273.116 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
456.218 |
460.868 |
552.763 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
319.501 |
291.911 |
337.040 |
|
|
|
|
|
|
|
|
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX |
136.717 |
168.957 |
215.723 |
|
|
|
|
|
|
|
Add |
EXCEPTIONAL ITEMS |
0.000 |
494.203 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
136.717 |
663.160 |
215.723 |
|
|
|
|
|
|
|
Less |
TAX (I) |
(20.687) |
99.000 |
(15.425) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-I) (J) |
157.404 |
564.160 |
231.148 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1233.704 |
1325.521 |
1002.222 |
|
|
TOTAL EARNINGS |
1233.704 |
1325.521 |
1002.222 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1415.858 |
1639.462 |
1533.388 |
|
|
Spares |
5.594 |
7.375 |
5.175 |
|
|
Capital Goods |
8.984 |
55.950 |
62.213 |
|
|
TOTAL IMPORTS |
1430.436 |
1702.787 |
1600.776 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (Rs.) |
1.75 |
6.27 |
2.57 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
PAT / Total Income |
(%) |
1.80 |
5.83 |
2.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.56 |
6.87 |
2.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.59 |
10.28 |
3.56 |
|
|
|
|
|
|
|
Return on Investment
(ROI) (PBT/Networth) |
|
0.05 |
0.27 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.20 |
0.33 |
0.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93 |
1.09 |
1.08 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
90.000 |
90.000 |
90.000 |
|
Reserves & Surplus |
1859.509 |
2339.989 |
2455.275 |
|
Money received against
shares warrants |
0.000 |
20.250 |
20.250 |
|
Net worth |
1949.509 |
2450.239 |
2565.525 |
|
|
|
|
|
|
long-term borrowings |
1183.499 |
595.962 |
0.000 |
|
Short term borrowings |
717.086 |
206.075 |
502.619 |
|
Total borrowings |
1900.585 |
802.037 |
502.619 |
|
Debt/Equity ratio |
0.975 |
0.327 |
0.196 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
8427.330 |
9649.401 |
8738.943 |
|
|
|
14.501 |
(9.435) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
8427.330 |
9649.401 |
8738.943 |
|
Profit |
231.148 |
564.160 |
157.404 |
|
|
2.74% |
5.85% |
1.80% |
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 |
No |
|
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% |
No |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of
sister concerns |
No |
|
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 |
Yes |
|
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 |
No |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
No |
|
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 |
LITIGATION
DETAILS :
|
CHENNAI COURT CASE STATUS INFORMATION SYSTEM Case Ststus : Pending
Status of : CIVIL
MISC. APPEAL
Case No.: 1265 Year.: 2012
Petitioner: THE
COMMISSIONER OF CENTRAL
Respondent: PRICOL
LTD Pet’s
Advocate: M/S.S
THIRUMAVALAVAN Res’s
Advocate :
Category: NO
CATEGORY MENTIONED LAST
LISTEED on: No Date Mentioned Case
Updated on: Jun 27, 2012 |
UNSECURED
LOANS :
|
Particular |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
Long Term Borrowing |
|
|
|
Rupee Term Loan
from Others |
0.000 |
34.411 |
|
Total |
0.000 |
34.411 |
Unsecured Term Loans from Others of Rs. 150 Million from Bajaj Finance Limited is against Demand Promissory Note and Post dated cheques for the loan amount. The outstanding as on 31st March, 2013 is Rs. 35.411 Million (Previous year – Rs. 84.671 Million). The loan is repayable in 7 monthly equated instalments of Rs. 4.875 Million and balance in the last instalment.
Interest for the above Term Loans ranges between 12.20% to 13.00% per annum. All the above loans have been preclosed since the date of the Balance Sheet. Hence the same have been classified under "Current Maturities of Long Term Debt".
OPERATIONS
Their domestic sales in 2011-12 was Rs.6,747 Million (excluding sales of Rs.1,140 Million transferred in March, 2012 to wholly owned subsidiary Pricol Pune Limited. This wholly owned subsidiary subsequently became JV with Johnson Controls).
During 2012-13, our domestic sales increased to Rs. 6,997 Million, an increase of 3.70% despite a negative growth in passenger car, commercial vehicles, 3 Wheelers and only negligible growth in 2 Wheeler Segment.
Our export sales decreased to 1,286 Million from Rs. 1,428 Million, a decline of nearly 10%, due to adverse economic conditions prevailing in Europe and slow economic recovery in USA, the two major areas of our exports.
The overall sales increased from Rs. 8,175 Million in 2011-12 (excluding sales transferred to Pricol Pune Limited) to Rs. 8,283 Million, a growth of 1.32%.
The company was able to achieve profit from operation of Rs. 137 Million ( Rs. 169 Million in 2011-12), in spite of negligible growth in domestic market, negative growth in exports coupled with increase in power cost due to heavy power shutdowns in State of Tamilnadu and increase in all input costs. This was achieved mainly due to several cost reduction initiatives implemented by the company.
For the ensuing year 2013-14, the Company's balance business (excluding the business sold to wholly owned
subsidiary, Pricol Components Limited) is expected to grow by 10%, mainly due to new business generated.
The company has embarked upon further improving operational efficiency, efforts to control cost and expects
to improve profits for the year 2013-14.
OUTLOOK,
OPPORTUNITIES, CHALLENGES, RISKS & CONCERNS
The slowdown in economic activity coupled with high interest rates and rising fuel and vehicle prices have dampened consumer sentiments. With inflation expected to reduce and interest rates softening, the Overall Indian Auto Industry in 2013-14 is expected to grow at a moderate rate of 5 - 6% only over the previous year. The Global Economy recovery is still weak. This would mean weak exports forecasts for India in 2013-14. Global OEMs continue to look to India as a preferred manufacturing location, for both the domestic and export markets.
While the long term prospects for the industry remain strong in line with the outlook for the OEM segment, the industry faces strong challenges in the form of threat of low cost imports, currency volatility and ability to invest on product development to be able to move up the value chain.
Amidst these uncertain market conditions, we can still aim for opportunities in the domestic market especially in the two wheeler segment. It is driven by the increasing spending power and disposable income, especially with the younger population. Passenger Vehicles, Small & Light CVs and Tractor segments are experiencing steady growth rates which should be viewed as opportunities for achieving higher growth during the fiscal year.
Hence focusing on increasing the Company's share of business with the Major Customers with our wide variety of products would allow us to grow in times of uncertain market conditions.
During the fiscal year, the pressure on selling prices will have an impact on the profitability. Further weakening ofthe Rupee could impact Auto Component Supplier's profitability, as cost increases for imported components would only be partially compensated by OEMs. Theliquidity stress faced by OEMs could be passed down the value chain leading to longer credit periods and higher working capital needs.
They are planning to reduce the above risks through optimisation of material costs through consolidation of supplier base, strategic sourcing initiatives, product innovation resulting into creating product differentiators, focused cost reduction drives across the company thereby leading to reducing costs and improvement in profitability. A Company Management Committee comprising all heads of various functions has been formed to achieve the above stated plans.
CONTINGENT
LIABILITIES AND COMMITMENTS AS ON THE CLOSING DATE :
|
CONTINGENT
LIABILITIES |
31.03.2013 (Rs. In Millions) |
31.03.2012 (Rs. In Millions) |
|
Sales Tax Matters
|
33.313 |
33.313 |
|
Excise Matters |
187.793 |
168.631 |
|
Corporate Guarantee to Subsidiaries |
401.885 |
355.398 |
|
Letter of Credit |
104.827 |
240.456 |
|
|
727.818 |
797.798 |
INDEX
CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
80011618 |
04/06/2014 * |
400,000,000.00 |
IDBI Bank Limited |
"Excellance", 4th Floor, 104, Race Course Road, Coimbatore, Tamil Nadu - 641018, INDIA |
C05807938 |
|
2 |
80011628 |
28/05/2014 * |
250,000,000.00 |
The Bank of Nova Scotia |
Classic Towers, 1547, Trichy Road, Coimbatore, Tamil Nadu - 641018, INDIA |
C05110713 |
|
3 |
80011622 |
08/03/2014 * |
470,000,000.00 |
ICICI BANK LIMITED |
1090, Trichy Road, COIMBATORE,
Tamil Nadu - 641018 |
C00193573 |
|
4 |
80011623 |
23/04/2014 * |
1,000,000,000.00 |
State Bank of India |
1443, TRICHY ROAD,
Coimbatore, Tamil Nadu - 641018 |
C05170535 |
Unaudited Financial Results for the Quarter and Nine Months Ended 31st
December, 2013
(Rs. In Millions)
|
Particulars |
For the Three
Months Ended |
For the Nine
Months Ended |
|
|
31-Dec-2013 |
30-Sep-2013 |
31-Dec-2013 |
|
|
1. Income from
Operations |
Unaudited |
||
|
(a) Net Sales / Income from
operations (Net of
excise duty) |
2106.668 |
2081.251 |
6164.554 |
|
(b) Other Operating Income |
271.323 |
118.198 |
493.990 |
|
Total Income from Operations (net) [ a + b ] |
2377.991 |
2199.449 |
6658.544 |
|
2. Expenses |
|
|
|
|
(a) Cost of Materials Consumed |
1429.501 |
1350.885 |
4101.237 |
|
(b) (Increase) / Decrease in
inventories of finished
goods |
6.315 |
21.047 |
17.742 |
|
(c) (Increase) / Decrease in inventories of Work
in Progress |
10.410 |
9.119 |
14.953 |
|
(d) Purchases of stock-in-trade |
128.973 |
108.086 |
334.526 |
|
(e) Employee Benefits Expense |
346.390 |
328.179 |
984.985 |
|
(f) Depreciation and amortisation
expense |
86.001 |
87.566 |
254.525 |
|
(g) Exchange Fluctuation (Gain) /
Loss |
(2.548) |
16.502 |
11.991 |
|
(h) Other Expenses |
218.565 |
226.199 |
667.016 |
|
Total Expenses |
2223.607 |
2147.583 |
6386.975 |
|
3. Profit /
(Loss) from Operations before Other Income, finance costs and |
|
||
|
Exceptional Items [ 1 - 2 ] |
154.384 |
51.866 |
271.569 |
|
4. Other Income |
|
||
|
a) Profit / (Loss) on Sale of Assets |
6.167 |
3.373 |
10.881 |
|
(b) Others |
4.834 |
3.984 |
12.153 |
|
5. Profit / (Loss) from ordinary
activities before finance
costs and |
|
|
|
|
exceptional items [ 3 + 4 ] |
165.385 |
59.223 |
294.603 |
|
6. Finance Costs |
20.085 |
13.026 |
50.784 |
|
7. Profit / (Loss) from ordinary activities after finance
costs but before |
|
|
|
|
exceptional items [ 5 - 6 ] |
145.300 |
46.197 |
243.819 |
|
8. Exceptional Items – Income – Net |
- |
- |
516.334 |
|
9. Profit / (Loss) from Ordinary Activities before Tax [ 7 +
8 ] |
145.300 |
46.197 |
760.153 |
|
10.Tax Expense – Net |
26.000 |
10.359 |
163.358 |
|
11. Net Profit / (Loss) from Ordinary Activities After
Tax [ 9 -10 ] |
119.300 |
35.838 |
596.795 |
|
12. Extraordinary Item – (Net of Tax Expense) |
- |
- |
- |
|
13. Net Profit / (Loss) for the period [ 11- 12 ] |
119.300 |
35.838 |
596.795 |
|
14. Paid-up-Equity Share Capital
(Face Value of Rs.1/-
each) |
94.500 |
94.500 |
94.500 |
|
15. Reserves excluding Revaluation Reserves as
per balance sheet |
|
|
|
|
of previous accounting year |
|
|
|
|
16. Earnings per share (of Rs. 1/- each) (not annualised) : |
|
|
|
|
(a) Basic [16 / 17] |
1.26 |
0.38 |
6.40 |
|
(b) Diluted |
1.26 |
0.38 |
6.40 |
|
|
|
|
|
|
SELECT INFORMATION FOR THE QUARTER ENDED 31ST DECEMBER, 2013 |
|
|
|
|
A. PARTICULARS OF SHAREHOLDING |
|
|
|
|
(1) Public share holding : Number of Shares |
5,79,96,054 |
5,79,96,054 |
5,79,96,054 |
|
Percentage of share holding |
61.37 |
61.37 |
61.37 |
|
(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 |
3,65,03,946 |
3,65,03,946 |
3,65,03,946 |
|
– 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) |
38.63 |
38.63 |
38.63 |
|
B. INVESTOR COMPLAINTS |
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Received during the quarter |
9 |
|
|
|
Disposed off during the quarter |
9 |
|
|
|
Remaining unresolved at the end of the quarter |
Nil |
|
|
1. Previous Period’s figures have been regrouped wherever necessary to conform to the current period’s classification
2. The Company’s Operations 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 8th November, 2013. The Statutory Auditors have carried out a “Limited Review” of the above financial results
4.The Board of Directors at their meeting on 24th January 2014 approved a Scheme for Amalgamation of Xenos Automotive Limited with the Company, subject to General Body and regulatory approvals. The appointed date for the amalgamation is 1st January 2014.
*5. Exchange Fluctuation for the Nine Months ended 31st December, 2013 represents notional Loss of Rs. 11.544 Millions consequent to re-statement of foreign currency loans and export receivables as per Accounting Standard 11 and Loss of Rs.0.447 Millions consequent to actual settlements.
*6. Net Sales for the nine months ended 31st December 2013 does not include sales relating to business transferred to Denso Pricol India Limited (a Joint Venture), effective April 2013. The sales performance for the nine months ended 31st December 2013 is 7.16% over comparable figure of the corresponding period in the previous year.
7. Other Operating Income includes income from Sale of Land
held as Stock-in-Trade amounting to Rs. 133.110 Millions which has resulted in
a profit of Rs. 113.833 Millions.
FIXED
ASSETS:
·
Freehold Land
·
Leasehold Land
·
Building
·
Leasehold Building
·
Plant and Machinery
·
Computer Equipment
·
Furniture and Fittings
·
Office Equipments
·
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. 60.14 |
|
|
1 |
Rs. 103.00 |
|
Euro |
1 |
Rs. 81.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.