Unaudited Financial Results for the Quarter and Half Year Ended 30th September 2012

Unaudited Financial Results for the Quarter and Half Year Ended 30th September 2012

Pricol Limited
Regd. Office: CPM Towers, 109, Race Course, Coimbatore
– 641 018
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2012

(in Lakhs)

Particulars For the Three
Months Ended
For the Six
Months Ended
For the Year Ended
30.09.2012 30.06.2012 30.09.2011 30.09.2012 30.09.2011 31.03.2012
Unaudited Audited
1. Income from operations
(a) Net Sales / Income from operations (Net of excise duty) 20021.46 21885.60 24065.06 41907.06 45445.14 93147.93
(b) Other Operating Income 1027.46 1121.75 764.67 2149.21 1465.11 3346.08
Total Income from operations(net) [a+b] 21048.92 23007.35 24829.73 44056.27 46910.25 96494.01
2. Expenses
(a) Cost of Materials Consumed 13119.18 14625.03 16564.89 27744.21 30584.30 62261.76
(b) (Increase) / Decrease in inventories of finished goods 211.66 (214.77) (423.37) (3.11) (728.83) (311.97)
(c) (Increase) / Decrease in inventories of Work in Progress 76.91 (58.62) (117.52) 18.29 225.25 550.23
(d) Purchases of stock-in-trade 978.40 1059.51 704.24 2037.91 1371.42 3127.54
(e) Employee Benefits Expense 3183.93 3220.07 3283.33 6404.00 6295.18 12589.40
(f) Depreciation and amortisation expense 819.56 704.98 717.17 1524.54 1463.76 2919.11
(g) Exchange Fluctuation (Gain) / Loss (150.52) 513.86 (83.09) 363.34 (73.52) 346.86
(h) Other Expenses 2259.53 2394.99 3026.02 4654.52 5388.38 10556.95
Total Expenses 20498.65 22245.05 23671.67 42743.70 44525.94 92039.88
3. Profit / (Loss) from Operations before Other Income, finance costs and Exceptional Items [ 1 – 2 ] 550.27 762.30 1158.06 1312.57 2384.31 4454.13
4. Other Income
(a) Profit / (Loss) on Sale of Assets (16.09) 2.44 1.83 (13.65) 12.86 21.65
(b) Others 17.88 45.83 13.33 63.71 34.43 193.00
5. Profit / (Loss) from ordinary activities before finance costs and exceptional items [ 3 + 4 ] 552.06 810.57 1173.22 1362.63 2431.60 4668.78
6. Finance Costs 451.78 427.94 804.63 879.72 1530.73 2979.21
7. Profit / (Loss) from ordinary activities after finance costs but before exceptional items [ 5 – 6 ] 100.28 382.63 368.59 482.91 900.87 1689.57
8. Exceptional Items – Income – Net 4942.03
9. Profit / (Loss) from Ordinary Activities before Tax [ 7 + 8 ] 100.28 382.63 368.59 482.91 900.87 6631.60
10.Tax Expense – Net 15.00 45.00 30.00 60.00 130.00 990.00
11. Net Profit / (Loss) from Ordinary Activities After Tax [ 9 – 10 ] 85.28 337.63 338.59 422.91 770.87 5641.60
12. Extraordinary Item – (Net of Tax Expense)
13. Net Profit / (Loss) for the period [ 11- 12 ] 85.28 337.63 338.59 422.91 770.87 5641.60
14. Paid-up-Equity Share Capital (Face Value of 1/- each) 900.00 900.00 900.00 900.00 900.00 900.00
15. Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year 23399.89
16. Earnings per share (of 1/- each) (not annualised) :
(a) Basic [13 / 14] 0.09 0.38 0.38 0.47 0.86 6.27
(b) Diluted 0.09 0.36 0.38 0.45 0.86 6.18
SELECT INFORMATION FOR THE QUARTER ENDED 30TH SEPTEMBER, 2012
A. PARTICULARS OF SHAREHOLDING
(1) Public share holding : Number of Shares 57,906,054 57,906,054 57,906,054 57,906,054 57,906,054 57,906,054
Percentage of share holding 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 the total shareholding of promoter and promotor group)
– Percentage of shares (as a% of the total share capital of the company)
b) Non-encumbered
– Number of Shares 32,093,946 32,093,946 32,093,946 32,093,946 32,093,946 32,093,946
– Percentage of shares (as a% of the total shareholding of promoter and promotor group) 100.00 100.00 100.00 100.00 100.00 100.00
– Percentage of shares (as a % of the total share capital of the company) 35.66 35.66 35.66 35.66 35.66 35.66
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
Statement of Assets and Liabilities
Particulars As at 30.09.2012 As at 30.09.2011
I. EQUITY AND LIABILITIES
(1) Share Holder’s funds
(a) Share Capital 900.00 900.00
(b) Reserves & Surplus 23822.80 19365.96
(c) Money received against Share Warrants 202.50
(2) Non Current Liabilities
(a) Long Term Borrowings 3973.49 9772.69
(b) Deferred Tax Liabilities (Net) 570.00 200.00
(c) Long Term Provisions 326.23 326.23
(3) Current Liabilities
(a) Short Term Borrowings 4605.24 6811.55
(b) Trade Payables 17507.21 20859.46
(c) Other Current Liabilities 7643.45 9222.02
(d) Short Term Provisions 1145.55 1285.51
Total 60696.47 68743.42
II. ASSETS
(1) Non Current Assets
(a) Fixed Assets 18513.55 20696.05
(b) Non Current Investments 3588.77 2529.07
(c) Long Term Loans and Advances 297.85 374.09
(d) Other Non-Current Assets 6055.70 6075.54
(2) Current Assets
(a) Inventories 11856.64 15910.22
(b) Trade Receivables 17651.76 18931.87
(c) Cash and Cash Equivalents 474.45 1161.34
(d) Short Term Loans and Advances 2148.79 2961.43
(e) Other Current Assets 108.96 103.81
Total 60696.47 68743.42
Notes:
1. Previous Period’s figures have been regrouped wherever necessary to conform to the current period’s classification.
2. The Company’s Operations relate to one primary segment, Automotive Components.
3. The above results have been reviewed by the Audit Committee and taken on record by the Board at its meeting held on 6th November, 2012. The Statutory Auditors have carried out a “Limited Review” of the above financial results.
4. Exchange Fluctuation Loss for the Half year ended 30th September, 2012 represents Loss of 129.81 lakhs consequent to re-statement of foreign currency loans and export receivables as per Accounting Standard 11 and Loss of 233.53 lakhs consequent to actual settlements.
5. Net Sales of 41907.06 lakhs for the half year ended 30th September 2012 does not include sales relating to business transferred to Joint Venture,Johnson Controls Pricol Private Limited at Pune, effective March 2012. The sales growth in the half year ended 30th September 2012 is 5.45% over comparable figure of the corresponding period in the previous year.
Coimbatore
6th November,2012
By Order of the Board
VIJAY MOHAN
Chairman