MIRA
INFORM REPORT
|
Report Date : |
08.09.2014 |
IDENTIFICATION DETAILS
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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) : |
31.03.2014 |
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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. 94.500 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
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
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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 13000000 |
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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. The company has shown a huge in the profit of the company during 2014.
Financial position of the company is sound. 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund manager
Jim Chanos has been keenly following the political and economic development in
the dragon economy and has figured out something that is quite worrying. He is
of the view that the Chinese economy could be heading toward trouble on account
of new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes tat many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period with
an annualized return of 20 % ! Equities came in second with annualized return
of 15.5 % ! However, while these returns may seem mouthwatering, the fact is
that the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term fund based facilities:
A- |
|
Rating Explanation |
Adequate degree of safety. It carry low credit risk. |
|
Date |
April 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short – Term Non fund based facilities: A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
April 2014 |
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 DECLINED
MANAGEMENT NON – COOPERATIVE (91-422-4336000)
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 : |
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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 and 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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Factory: |
523/1, Chinnamathampalayam, Bilichi Village, Press Colony Post,
Coimbatore, Tamilnadu, 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 31.03.2014
|
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 : |
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 |
KEY EXECUTIVES
|
Name : |
Mr. T. G. Thamizhanban |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category
of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total
No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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|
24593256 |
26.02 |
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Bodies Corporate |
13378440 |
14.16 |
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|
37971696 |
40.18 |
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Total shareholding of Promoter and Promoter Group (A) |
37971696 |
40.18 |
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(B) Public Shareholding |
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|
4135750 |
4.38 |
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|
34207 |
0.04 |
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2700000 |
2.86 |
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|
268966 |
0.28 |
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|
570000 |
0.60 |
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|
7708923 |
8.16 |
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|
16610412 |
17.58 |
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|
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|
25993091 |
27.51 |
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|
4265503 |
4.51 |
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|
1950375 |
2.06 |
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|
1948375 |
2.06 |
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|
2000 |
0.00 |
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|
48819381 |
51.66 |
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Total Public shareholding (B) |
56528304 |
59.82 |
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Total (A)+(B) |
94500000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
94500000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automotive Components. |
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Products/ Services : |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers : |
·
Stare Bank of India ·
IDBI Bank Limited ·
ICICI Bank Limited ·
The Bank of Nova Scotia |
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Facilities : |
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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, · Integral Investments Limited · Shanmuga Steel Industries Limited (Subsidiary of Intergral Investments Limited) |
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Joint Venture : |
· Johnson Controls Pricol Private Limited · Denso Pricol India Limited (Formerly, Pricol Components Limited) |
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Others: (Enterprise
over which key managerment personnel are able
to exercise significant influence): |
· Pricol Holdings Limited · Pricol Packaging Limited · Pricol Travel Limited · Pricol Technologies Limited · Pricol Properties Limited · Pricol Corporate Services Limited · Xenos Automotive Limited · Pricol Engineering Industries Limited (Formerly, Penta Enterprises (India) Limited) Vascon Pricol Infrastructures Limited · Prinfra Limited · Prime Agri Solutions (India) Limited · Priara Enterprises 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 and Ellargi and Company |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs. 1 /- each |
Rs.100.000 Millions |
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|
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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|
|
|
|
NOTE:
Reconciliation of the
Shares Outstanding at the beginning and at the end of the reporting period:
|
|
31.03.2014 |
||
|
Equity Shares |
No of Shares (Million) |
Rs. In Millions |
|
|
At the Beginning / Closing of the period |
90.000 |
90.000 |
|
|
Add : Shares issued during the year |
4.500 |
4.500 |
|
|
At the closing of the period |
94.500 |
94.500 |
|
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.
The company had issued 4,500,000 Share Warrants of Rs.1/- each on preferential basis with each warrant convertible into one equity share of the company, for a price of Rs.18/- per share (including a premium of Rs.17/-). The share warrants were 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 had received 25% of value of the warrants in December 2011 and the balance amount on conversion. As per the terms of issue the said warrants were converted into Equity Shares in June 2013.
The shares allotted during the year have a restriction on transfer of Shares. Of the shares allotted 2.7 million shares are locked in upto 13th December 2014 and the balance of 1.8 million shares are locked in upto 13th December 2016.
Details of
Shareholders holding more than 5% shares in the company:
|
|
31.03.2014 |
||
|
Equity Shares of Rs,
1/- each fully paid |
No of Shares (Million) |
Percentage Held |
|
|
Vijay Mohan |
9,544,440 |
10.10% |
|
|
Viren Mohan |
6,522,615 |
6.90% |
|
|
Precot Meridian Limited |
5,462,250 |
5.78% |
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
94.500 |
90.000 |
90.000 |
|
(b) Reserves & Surplus |
3113.320 |
2455.275 |
2339.989 |
|
(c) Money received against
share warrants |
0.000 |
20.250 |
20.250 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3207.820 |
2565.525 |
2450.239 |
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
595.962 |
|
(b) Deferred tax liabilities
(Net) |
81.000 |
40.000 |
51.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
60.564 |
39.243 |
32.623 |
|
Total
Non-current Liabilities (3) |
141.564 |
79.243 |
679.585 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
439.417 |
502.619 |
206.075 |
|
(b) Trade payables |
1654.288 |
1628.816 |
1902.257 |
|
(c) Other current liabilities |
323.801 |
856.969 |
1290.899 |
|
(d) Short-term provisions |
60.674 |
57.661 |
238.644 |
|
Total
Current Liabilities (4) |
2478.180 |
3046.065 |
3637.875 |
|
|
|
|
|
|
TOTAL |
5827.564 |
5690.833 |
6767.699 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1715.862 |
1738.012 |
1822.472 |
|
(ii) Intangible Assets |
76.608 |
69.447 |
75.267 |
|
(iii) Capital work-in-progress |
17.329 |
26.048 |
15.422 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
603.853 |
388.050 |
302.407 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
35.047 |
55.151 |
33.036 |
|
(e) Other Non-current assets |
624.716 |
578.693 |
549.346 |
|
Total
Non-Current Assets |
3073.415 |
2855.401 |
2797.950 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
965.958 |
1062.456 |
1337.930 |
|
(c) Trade receivables |
1589.746 |
1639.644 |
1800.875 |
|
(d) Cash and cash equivalents |
37.797 |
22.092 |
684.669 |
|
(e) Short-term loans and
advances |
146.423 |
102.004 |
132.058 |
|
(f) Other current assets |
14.225 |
9.236 |
14.217 |
|
Total
Current Assets |
2754.139 |
2835.432 |
3969.749 |
|
|
|
|
|
|
TOTAL |
5827.564 |
5690.833 |
6767.699 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
8911.483 |
8738.943 |
9649.401 |
|
|
Other Income |
36.225 |
15.160 |
21.465 |
|
|
TOTAL
(A) |
8947.708 |
8754.103 |
9670.866 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
5508.331 |
5447.852 |
6226.176 |
|
|
Purchases of Stock-in-Trade |
441.192 |
435.182 |
312.754 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
58.918 |
73.640 |
23.826 |
|
|
Employees benefits expense |
1316.505 |
1278.735 |
1258.940 |
|
|
Other expenses |
928.409 |
899.169 |
1090.381 |
|
|
Exceptional items |
(516.334) |
0.000 |
(494.203) |
|
|
TOTAL
(B) |
7737.021 |
8134.578 |
8417.874 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
1210.687 |
619.525 |
1252.992 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
65.196 |
163.307 |
297.921 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1145.491 |
456.218 |
955.071 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
306.646 |
319.501 |
291.911 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
838.845 |
136.717 |
663.160 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
168.852 |
(20.687) |
99.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
669.993 |
157.404 |
564.160 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
185.366 |
145.080 |
114.600 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Interim Dividend Rs.0.40 per
share of Rs.1.00 face value from profit on sale of unit |
37.800 |
0.000 |
0.000 |
|
|
Final Dividend Rs.0.40 per
share of Rs.1.00 face value |
37.800 |
36.000 |
72.000 |
|
|
Tax on Dividend |
12.848 |
6.118 |
11.680 |
|
|
General Reserve |
67.000 |
75.000 |
450.000 |
|
|
Balance
Carried to the B/S |
699.911 |
185.366 |
145.080 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Exports Sales |
1360.086 |
1233.704 |
1002.222 |
|
|
TOTAL
EARNINGS |
1360.086 |
1233.704 |
1002.222 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1325.847 |
1415.858 |
1639.462 |
|
|
Components and Stores parts |
7.130 |
5.594 |
7.375 |
|
|
Capital Goods |
32.557 |
8.984 |
55.950 |
|
|
TOTAL
IMPORTS |
1365.534 |
1430.436 |
1702.787 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
|
Basic |
7.16 |
1.75 |
6.27 |
|
|
Diluted |
7.16 |
1.67 |
6.18 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
7.49 |
1.80 |
5.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.41 |
1.56 |
6.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.11 |
2.59 |
10.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.05 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.14 |
0.20 |
0.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11 |
0.93 |
1.09 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
90.000 |
90.000 |
94.500 |
|
Reserves & Surplus |
2339.989 |
2455.275 |
3113.320 |
|
Money received against share
warrants |
20.250 |
20.250 |
|
|
Net
worth |
2450.239 |
2565.525 |
3207.820 |
|
|
|
|
|
|
long-term borrowings |
595.962 |
0.000 |
0.000 |
|
Short term borrowings |
206.075 |
502.619 |
439.417 |
|
Total
borrowings |
802.037 |
502.619 |
439.417 |
|
Debt/Equity
ratio |
0.327 |
0.196 |
0.137 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
9649.401 |
8738.943 |
8911.483 |
|
|
|
(9.435) |
1.974 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
9649.401 |
8738.943 |
8911.483 |
|
Profit |
564.160 |
157.404 |
669.993 |
|
|
5.85% |
1.80% |
7.52% |
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 |
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 |
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 |
LITIGATION DETAILS
CHENNAI COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status: |
Pending |
|
Status Of: |
CIVIL MISC. APPEAL |
|
Case No.: |
1265 |
|
Year : |
2012 |
|
Petitioner : |
THE COMMISSIONER OF CENTRAL |
|
Respondent : |
PRICOL LIMITED |
|
Pet's Advocate : |
M/S.S.THIRUMAVALAVAN |
|
Res's Advocate : |
|
|
Category : |
NO CATEGORY MENTIONED |
|
|
Last Listed on: No Date Mentioned |
|
Case Updated on : |
Jun 27 2012 |
OPERATIONS
Business totalling Rs.561.000 Millions relating to sales of Instrument Clusters to Toyota Kirloskar Motors Limited and Maruti Suzuki India Limited (in the previous financial year) was hived off in April 2013 to Wholly Owned Subsidiary, Pricol Components Limited by way of slump sale. Later, Pricol Components Limited was converted as a Joint Venture with Denso Corporation, Japan. The net profit out of slump sale was Rs.516.000 Millions.
The domestic sales during 2013-14 increased by 7% to Rs.6900.000 Millions (on a comparable basis Rs.6435.000 Millions in 2012-13, excluding the above Rs.561.000 Millions sales) despite a negative growth in passenger vehicles, commercial vehicles and marginal growth in 2 Wheeler Segment. Their export sales increased by 9% to Rs.1403.000 Millions from Rs.1286.000 Millions.
The overall sales on a comparable basis increased by 7.5% to Rs.8302.000 Millions from Rs.7722.000 Millions. The company was able to achieve profit before tax of Rs.208.000 Millions from operations (Rs.137.00 Millions in 2012-13), an increase of 52%. This was achieved by several cost reduction measures initiated by the company to offset the steep increase in material costs as well as reducing interest burden through repayment of all long term loans. For the ensuing year 2014-15, the Company's balance business 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 2014-15.
AMALGAMATION
The Board at its meeting held on 24th January 2014 approved the draft scheme of amalgamation of Xenos Automotive Limited (a related party) with Pricol Limited effective 1st January 2014, subject to the required approvals in the manner as required under the Companies Act and Securities and Exchange of Board of India (SEBI).
Xenos is dealing in automotive accessories in the aftermarket and has established its brand name. In the recent past all automobile manufacturers have started fitting accessories as part of original equipment or selling them in their show rooms. Pricol with its market connection with all major OEMs will be able to tap this potential market. This will help Pricol in creation of new business vertical and help in grow the business. By this amalgamation Pricol would serve as "One Stop Solution Provider".
The scheme provides for transfer of assets and liabilities pertaining to Xenos on a going concern basis. The debit
balance in Profit and Loss Account appearing in the financial statement of Xenos shall be transferred and adjusted against the General Reserves of Pricol. Intercompany outstanding balances between Xenos and Pricol of Rs.361.464 Millions owed by Xenos towards the supplies made by Pricol, the obligations in respect thereof shall come to an end and there shall be no liability in that behalf and corresponding effect shall be given in the books of account and of Pricol.
There will not be any impact in the ongoing Statement of Profit and Loss of Pricol.
The Company had filed the Draft Scheme with BSE Limited (Designate Stock Exchange) and National Stock Exchange of India Limited as per SEBI circulars, for their 'No-objection' to the Draft Scheme. The Stock Exchanges have given their 'No-objection' to the draft scheme.
The Company is in process of filing necessary applications, petitions etc. with Honourable High Court of Madras for getting their approval.
OUTLOOK,
OPPORTUNITIES, CHALLENGES, RISKS AND CONCERNS
The downtrend in the Indian Economy is expected to stabilise and revert to a modest growth of 5.5% to 6%, the growth mainly driven by the revival of the developed economies. Due to the expected political stability and revival of increased investments, the industrial segment is set to grow. There is a time lag of atleast a year for the automotive industry to follow suit. Consequently, for this year the Indian Automotive Industry is expected to have only a marginal improvement over last year's performance due to the continuing high interest rates and fuel prices, which is a grave concern.
Commercial vehicle segment which witnessed decline for the past 2 years is expected to recover and show a modest growth. The Tractor segment also is expected to do better.
Pricol Limited has a wide customer base in all segments of the vehicle industry. Their company is expected to achieve a higher growth than the industry average.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
Working Capital Facilities from Banks In Rupee |
100.000 |
0.000 |
|
Total |
100.000 |
0.000 |
INDEX OF 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, C |
C05807938 |
|
2 |
80011628 |
28/05/2014 * |
250,000,000.00 |
THE BANK OF NOVA SCOTIA |
CLASSIC TOWERS, 1547,
TRICHY ROAD, COIMBATORE, TA |
C05110713 |
|
3 |
80011622 |
08/03/2014 * |
470,000,000.00 |
ICICI BANK LIMITED |
1090, TRICHY ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA |
C00193573 |
|
4 |
80011623 |
23/04/2014 * |
1,000,000,000.00 |
STATE BANK OF INDIA |
1443, TRICHY ROAD, COIMBATORE, TAMIL NADU - 641018 , INDIA |
C05170535 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2014 |
|
|
|
|
Sales Tax Matters |
33.313 |
|
Excise, Service Tax and Customs Matters |
210.094 |
|
Corporate Guarantee to Subsidiaries |
274.700 |
|
Letter of Credit |
97.299 |
STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED
30.06.2014
(Rs. In Millions)
|
Particulars |
Quarter Ended |
|
30.06.2014 (unaudited) |
|
|
1. Income from
Operations |
|
|
(a) Net Sales / Income from
operations (Net of
excise duty) |
2182.413 |
|
(b) Other Operating Income |
129.205 |
|
Total Income from Operations (net) [ a + b ] |
2311.618 |
|
2. Expenses |
|
|
(a) Cost of Materials Consumed |
1455.376 |
|
(b) (Increase) / Decrease in
inventories of finished
goods |
(7.356) |
|
(c) (Increase) / Decrease in inventories of Work
in Progress |
(8.532) |
|
(d) Purchases of stock-in-trade |
121.133 |
|
(e) Employee Benefits Expense |
337.543 |
|
(f) Depreciation and amortisation
expense |
99.128 |
|
(g) Exchange Fluctuation (Gain) /
Loss |
7.804 |
|
(h) Other Expenses |
224.372 |
|
Total Expenses |
2229.468 |
|
3. Profit /
(Loss) from Operations before Other Income, finance costs and |
|
|
Exceptional Items [ 1 - 2 ] |
82.150 |
|
4. Other Income |
|
|
a) Profit / (Loss) on Sale of Assets |
-- |
|
(b) Others |
5.034 |
|
5. Profit / (Loss) from ordinary
activities before finance
costs and |
|
|
exceptional items [ 3 + 4 ] |
87.184 |
|
6. Finance Costs |
13.612 |
|
7. Profit / (Loss) from ordinary activities after finance
costs but before |
|
|
exceptional items [ 5 - 6 ] |
73.572 |
|
8. Exceptional Items – Income – Net |
-- |
|
9. Profit / (Loss) from Ordinary Activities before Tax [ 7 +
8 ] |
73.572 |
|
10.Tax Expense – Net |
12.156 |
|
11. Net Profit / (Loss) from Ordinary Activities After
Tax [ 9 -10 ] |
61.416 |
|
12. Extraordinary Item – (Net of Tax Expense) |
-- |
|
13. Net Profit / (Loss) for the period [ 11- 12 ] |
61.416 |
|
14. Paid-up-Equity Share Capital
(Face Value of Rs.1/-
each) |
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] |
0.65 |
|
(b) Diluted |
0.65 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
56528304 |
|
- Number of shares |
59.82 |
|
- Percentage of shareholding |
|
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
37971696 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
40.18 |
|
*Excludes shares represebted by Global Depository
Receipts. |
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
NIL |
|
Receiving during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unreserved at the end of the quarter |
Nil |
NOTE:
Previous Period's figures have been regrouped wherever necessary to conform to the current period's classification.
The figures for the quarter ended 31.03.2014 are the balancing figure between the audited figure in respect of the full year ended 31.03.2014 and the year to date figures upto third quarter of the financial year ended 31.03.2014
The Company's Operations relate to one primary segment, Automotive Components.
The above results have been reviewed by the Audit Committee and taken on record by the Board at its meeting held on 6th August, 2014.
The Statutory Auditors have carried out a "Limited Review" of the above financial results.
The Board of Directors at their meeting on 24th January, 2014 approved a Scheme for Amalgamation of Xenos Automotive Limited with the Company, which will be given effect to after the General Body and Regulatory approvals. The appointed date for the amalgamation is 1st January, 2014.
Effective from 1st April, 2014, the Company has charged depreciation based on the revised remaining useful life of the assets as per the requirement of Schedule II to the Companies Act, 2013. Consequently, the depreciation for the Quarter ended 30th June, 2014 is higher by Rs.25.438 Millions. Further, based on transitional provision as per Note 7(b) of Schedule II, an amount of Rs.33.928 Millions (Net of Deferred Tax) has been adjusted with Retained Earnings.
The Company has entered into a long term productivity linked Wage Settlement.
FIXED ASSETS
Tangible Assets
· Freehold Land
· Leasehold Land
· Buildings
· Leasehold Buildings
· Plant & 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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.44 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.78.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
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 |
|
54 |
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.