Audited Financial Results for the Quarter and Year Ended 31st March 2012

Audited Financial Results for the Quarter and Year Ended 31st March 2012

Pricol Limited
Regd. Office:CPM Towers,109 Race Course, Coimbatore
– 641 018
AUDITED FINANCIAL RESULTS FOR THE QUARTERAND YEAR ENDED 31st
MARCH, 2012

(in Lakhs)

Particulars Standalone Financials Consolidated Financials
ThreeMonths Ended Year Ended March 31 Year Ended March 31
31.03.2012 31.12.2011 31.03.2011 2012 2011 2012 2011
1. Income from Operations
(a) Net Sales / Income from operations(Net of excise duty) 24200.54 23502.25 22330.96 93147.93 81630.87 105016.56 86264.49
(b) Other Operating Income 1024.62 856.35 685.37 3346.08 2642.43 3232.71 2642.43
Total Income from Operations (net) [a+b] 25225.16 24358.60 23016.33 96494.01 84273.30 108249.27 88906.92
2. Expenses
(a) Cost of Materials Consumed 16027.62 15649.84 15212.33 62261.76 54211.77 70365.66 57145.41
(b) (Increase) / Decrease in Inventories of finished goods. 444.44 (27.58) 257.20 (311.97) 504.24 (480.18) 483.38
(c) (Increase) / Decrease in Inventories of Work in Progress 339.58 (14.60) (21.55) 550.23 (290.90) 225.04 (457.05)
(d) Purchase of stock-in-trade 959.90 796.22 656.46 3127.54 2492.29 3127.54 2492.29
(e) Employee Benefits Expense 3071.91 3222.31 2833.94 12589.40 11117.26 14375.67 11891.78
(f) Depreciation and amortization expense 723.41 731.94 808.86 2919.11 3370.40 3256.76 3635.21
(g) Exchange Fluctuation (Gain) / Loss 130.15 290.23 (6.70) 346.86 247.38 144.60 195.40
(h) Other Expenses 2402.12 2766.45 2086.66 10556.95 8303.94 11598.74 9234.46
Total Expenses 24099.13 23414.81 21827.20 92039.88 79956.38 102613.83 84620.88
3. Profit / (Loss) from Operations before Other Income, finance costsand Exceptional Items [ 1 – 2 ] 1126.03 943.79 1189.13 4454.13 4316.92 5635.44 4286.04
4. Other Income
(a) Profit / (Loss) on Sale of Assets 6.96 1.83 91.91 21.65 444.03 (8.06) 448.67
(b) Others 99.39 59.18 24.79 193.00 127.44 210.47 153.51
5. Profit / (Loss) from ordinary activities before finance costs and exceptional items [3 + 4 ] 1232.38 1004.80 1305.83 4668.78 4888.39 5837.85 4888.22
6. Finance Costs 734.67 713.81 666.97 2979.21 2731.16 3309.03 2907.05
7.Profit / (Loss) from ordinary activities after finance costs but before exceptional items[5 – 6] 497.71 290.99 638.86 1689.57 2157.23 2528.82 1981.17
8. Exceptional Items – Income – Net 4942.03 4942.03 4942.03
9. Profit / (Loss) from Ordinary Activities before Tax [7 + 8] 5439.74 290.99 638.86 6631.60 2157.23 7470.85 1981.17
10.Tax Expense – Net 1095.00 (235.00) (324.64) 990.00 (154.25) 1173.48 (171.41)
11. Net Profit / (Loss) from Ordinary Activities After Tax [9 – 10] 4344.74 525.99 963.50 5641.60 2311.48 6297.37 2152.58
12.Extra ordinary Item (Net of Tax Expense)
13. Net Profit / (Loss) for the period [11 – 12] 4344.74 525.99 963.50 5641.60 2311.48 6297.37 2152.58
14. Share of Profit/ (loss) of associates
15.Minority Interest
16. Net Profit / (Loss) after taxes, minority interest and share of profit/ (loss) of associates [13 + 14 + 15] 4344.74 525.99 963.50 5641.60 2311.48 6297.37 2152.58
17. Paid-up-Equity Share Capital (Face Value of 1/-each 900.00 900.00 900.00 900.00 900.00 900.00 900.00
18.Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year 23399.89 18595.09 25799.97 17168.92
19. Earnings per share (of 1/-each (not annualized)
(a) Basic [16 / 17] 4.83 0.58 1.07 6.27 2.57 7.00 2.39
(b) Diluted # 4.76 0.58 6.18 6.89
SELECT INFORMATION FOR THE QUARTER AND YEAR ENDED 31st MARCH, 2012
A. PARTICULARS OF SHAREHOLDING
(1) Public share holding : Number of Shares 5,79,06,054 5,79,06,054 5,79,06,054 5,79,06,054 5,79,06,054 5,79,06,054 5,79,06,054
Percentage of share holding 64.34 64.34 64.34 64.34 64.34 64.34 64.34
(2) Promoters and promoter group share holding
(a) Pledged / Encumbered
– Number of Shares
– Percentage of Shares(as a% of total shareholding of promoter and promoter group)
– Percentage of Shares(as a% of total share capital of the Company)
b) Non – encumbered
– Number of Shares 3,20,93,946 3,20,93,946 3,20,93,946 3,20,93,946 3,20,93,946 3,20,93,946 3,20,93,946
– Percentage of Shares(as a% of total shareholding of promoter and promoter group) 100.00 100.00 100.00 100.00 100.00 100.00 100.00
– Percentage of Shares(as a% of total share capital of the Company) 35.66 35.66 35.66 35.66 35.66 35.66 35.66
B. INVESTORS 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
Statement of Assets and Liabilities as per clause 41 (v)(h) of the listing Agreement ( in lakhs)
Standalone Consolidated
Particulars 31.03.2012 31.03.2011 31.03.2012 31.03.2011
A. EQUITY AND LIABILITIES
1. Shareholder’s funds
a) Share Capital 900.00 900.00 900.00 900.00
b) Reservesand Surplus 23399.89 18595.09 25799.97 17168.92
c) Money received against share warrants 202.50 202.50
Sub-total-Shareholders’ funds 24502.39 19495.09 26902.47 18068.92
2. Non-current liabilities
(a) Long-term borrowings 5959.62 11834.99 6576.20 12351.32
(b) Deferred tax liabilities (net) 510.00 70.00 491.74
(c) Long term provisions 326.23 414.60 334.86 421.06
Sub-total-Non-current liabilities 6795.85 12319.59 7402.80 12772.38
3. Current Liabilities
(a) Short-term borrowings 2060.75 7170.86 4122.54 8073.69
(b) Trade payables 19176.50 15888.92 21216.83 17542.66
(c) Other current liabilities 12746.84 7511.38 13609.74 7990.49
(d) Short-term provisions 2386.44 974.35 2476.92 1021.32
Sub-total-Current Liabilities 36370.53 31545.51 41426.03 34628.16
TOTAL – EQUITY AND LIABILITIES 67668.77 63360.19 75731.30 65469.46
B.ASSETS
1.Non-current assets
(a) Fixed Assets 19131.61 21584.53 26065.29 24574.04
(b) Non-current investments 3024.07 2524.07 72.00 73.60
(c) Deferred tax assets (net) 122.66
(d) Long-term loans and advances 330.36 349.49 361.09 393.93
(e) Other non-current assets 5488.88 4830.63 5831.89 5115.10
Sub-total-Non-current Assets 27974.92 29288.72 32330.27 30279.33
2.Current Assets
(a) Current Investments 164.58 160.62
(b) Inventories 13379.30 13255.18 15532.15 14622.09
(c) Trade Receivables 18008.75 17021.41 18083.06 17029.41
(d) Cash and cash equivalents 6846.69 930.91 7675.54 1145.03
(e) Short-term loans and advances 1316.94 2744.43 1803.49 2113.42
(f) Other current assets 142.17 119.54 142.21 119.56
Sub-total-Current assets 39693.85 34071.47 43401.03 35190.13
TOTAL – ASSETS 67668.77 63360.19 75731.30 65469.46
Notes:
1. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31st March 2012 have been prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year’s classification.
2. The Company’s Operations relate to one primary segment, Automotive Components.
3. The above results have been reviewed by the Audit Committee and taken on record by the Board at its meeting held on 29th May, 2012.
4. Exchange Fluctuation for the year ended 31st March, 2012 represents Gain of 113.32 lakhs consequent to re-statement of foreign currency loans and export receivables as per Accounting Standard 11 and Loss 460.18 lakhs consequent to actual settlements.
5. # The company issued 45, 00,000 share warrant to PHI Capital Solutions LLP on 14th December, 2011 and the same has been appropriately considered in arriving at Diluted Earnings per share.
6. During the year the company has sold its Pune Unit on a going concern basis, the profit there from is included in Exceptional Item.
7. The Board of Directors recommended a dividend @ 40% plus a special dividend of 40% from profit on sale of Unit, aggregating to 80% (0.80 Per 1.00 Share).
Coimbatore
By Order of the Board
29th May, 2012
VIJAY MOHAN
Chairman