MIRA
INFORM REPORT
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Report Date : |
03.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
ORG INFORMATICS LIMITED |
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Registered Office : |
3rd Floor, Abhishek Akshar Chowk Old Pandra Road, Vadodara –
390 020, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
06.04.1976 |
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Com. Reg. No.: |
002889 |
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CIN No.: [Company
Identification No.] |
L29308GJ1976PLC002889 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDO00158E |
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PAN No.: [Permanent
Account No.] |
AACCS9395K |
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Legal Form : |
Public Limited Liability Company Company’s
Shares Are Listed On The Stock Exchange |
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Line of Business : |
Subject is a system integrator and service provider for
VSAT industry of installation, commissioning, testing and operations and
management. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 5000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having fine track. Trade
relations are fair. Business is active. General financial position is good.
Payments are reported as usually correct and as per commitments. The company can be considered good for any normal business dealings. |
LOCATIONS
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Registered Office : |
3rd Floor, Abhishek Akshar Chowk Old Pandra Road, Vadodara
– 390 020, Gujarat, India. |
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E-Mail : |
info@orgltd.com (General
Enquiries) sales@orgltd.com (Sales
Enquiries) support@orgltd.com (Technical
Support Enquiries) investors@orgltd.com
(Investor Enquiries) careers@orgltd.com (Employment
Enquiries) |
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Website : |
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Headquarters : |
3rd Floor, 301, Orchid Square, Sushant Lok – 1, Gugaon – 122001, Haryana, India. |
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Tel. No.: |
91-124-4109700 |
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Fax No.: |
91-124-4109750 |
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Regional Office : |
3rd Floor, Arka Apartment, 46, Prince Anwar Shah Road,
Kolkata – 700 033, West Bengal, India. |
DIRECTORS
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Name : |
Mr. Ajoy K. Khandheria |
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Designation : |
Managing Director and CEO |
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Name : |
Mr. Kartikeya V. Sarabhai |
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Designation : |
Director |
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Name : |
Mr. John Cornell |
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Designation : |
Director |
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Name : |
Mr. B.V. Suryakumar |
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Designation : |
Director |
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Name : |
Mr. R.L. Dube |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2008
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Category |
No. of Shares |
Percentage of
Holding |
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Promoters |
6051497 |
35.27 |
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Institutional Investors |
560 |
0.00 |
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Corporate Bodies |
1604792 |
9.35 |
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Indian Public |
5065027 |
29.52 |
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NRIs/ Foreign National |
40603 |
0.24 |
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OCBs/ FII |
2751487 |
16.03 |
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Trust |
186 |
0.00 |
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Clearing Members |
82072 |
0.48 |
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Foreign Bank (As Custodian) |
1562500 |
9.11 |
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Total |
17158724 |
100.00 |
As on 30.06.2008
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Category of Shareholder |
No. of Shares |
Percentage of
Holding |
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Shareholding of Promoter and Promoter Group2 |
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Indian |
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Individuals/ Hindu Undivided Family |
21754 |
0.14 |
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Bodies Corporate |
2935344 |
18.74 |
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Any Others(Specify) |
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Partnership Firm |
3161167 |
20.18 |
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Public shareholding |
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Institutions |
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Mutual Funds/ UTI |
42 |
0.00 |
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Financial Institutions / Banks |
507 |
0.00 |
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Central Government/ State Government(s) |
11 |
0.00 |
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Foreign Institutional Investors |
1177870 |
7.52 |
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Non-institutions |
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Bodies Corporate |
1615522 |
10.32 |
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Individuals |
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Individuals -i. Individual shareholders holding nominal
share capital up to Rs 0.100 Million |
3438674 |
21.95 |
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ii. Individual shareholders holding nominal share capital in excess of Rs. 0.100
Million |
1790889 |
11.43 |
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Any Other (specify) |
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Foreign National |
6 |
0.00 |
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Foreign Corporate Body |
1372038 |
8.76 |
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NRIs |
41851 |
0.27 |
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Trusts |
225 |
0.00 |
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Clearing Members |
107904 |
0.69 |
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Shares held by Custodians and against which Depository Receipts have been
issued |
1506670 |
0.00 |
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GRAND TOTAL |
17170474 |
100.000 |
BUSINESS DETAILS
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Line of Business : |
Subject is a system integrator and service provider for
VSAT industry of installation, commissioning, testing and operations and
management. |
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Products : |
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GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
280 |
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Bankers : |
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Facilities : |
Secured Loans (Repayable within a year)
Unsecured Loan
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Khanna and Annadhanam Chartered Accountants |
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Address : |
B – 3/ 7, Asaf Ali Road, New Delhi – 110 002, India. |
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Related parties : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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27,000,000 |
Equity Shares |
Rs.10/-each |
Rs.270.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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17,158,724 |
Equity Shares |
Rs.10/-each |
Rs.171.587
Millions |
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Note:
94,92,554 (Previous Year 94,92,554 Equity Shares of Face
Value of Rs.10 each) are issued and alloted pursuant to contracts for
consideration other than cash.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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171.587 |
170.443 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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832.107 |
827.912 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1003.694 |
998.355 |
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LOAN FUNDS |
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1] Secured Loans |
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415.983 |
297.890 |
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2] Unsecured Loans |
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741.139 |
27.662 |
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TOTAL BORROWING |
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1157.122 |
325.552 |
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DEFERRED TAX LIABILITIES |
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22.452 |
15.274 |
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TOTAL |
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2183.268 |
1339.181 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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114.353 |
139.968 |
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Capital work-in-progress |
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12.500 |
17.674 |
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INVESTMENT |
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1180.010 |
588.698 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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106.259 |
81.531 |
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Sundry Debtors |
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1778.294 |
982.325 |
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Cash & Bank Balances |
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176.732 |
341.043 |
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Other Current Assets |
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0.013 |
46.632 |
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Loans & Advances |
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284.593 |
160.455 |
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Total
Current Assets |
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2345.891 |
1611.986 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1406.135 |
987.220 |
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Provisions |
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63.351 |
31.925 |
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Total
Current Liabilities |
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1469.486 |
1019.145 |
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Net Current Assets |
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876.405 |
592.841 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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2183.268 |
1339.181 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
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Revenue from Operation |
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1616.627 |
2490.480 |
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Other Income |
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19.666 |
41.460 |
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Total Income |
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1636.293 |
2531.940 |
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Profit/(Loss) Before Tax |
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105.961 |
125.276 |
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Provision for Taxation |
|
43.734 |
52.959 |
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Profit/(Loss) After Tax |
|
62.227 |
72.317 |
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Earnings in Foreign Currency : |
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Export Earnings |
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71.586 |
1494.826 |
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Total Earnings |
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71.586 |
1494.826 |
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Imports : |
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Traded Products |
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110.705 |
1669.118 |
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Services |
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2.805 |
1.846 |
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Total Imports |
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113.510 |
1670.964 |
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Expenditures : |
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Purchases of Trading Goods |
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1269.679 |
2162.630 |
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Stores and Spares Consumed |
|
12.885 |
20.901 |
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Increase/(Decrease) in Finished Goods |
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(20.723) |
(28.608) |
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Operating and Maintenance Expenses |
|
60.033 |
89.493 |
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Personnel Costs |
|
62.165 |
58.992 |
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Administrative and Other Expenses |
|
43.627 |
46.414 |
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Interest and Financial Charges |
|
71.610 |
39.230 |
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Depreciation & Amortization |
|
31.056 |
17.612 |
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Total Expenditure |
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1530.332 |
2406.664 |
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QUARTERLY RESULTS
|
PARTICULARS |
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|
30.06.2008 |
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Type |
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(1st
Quarter) |
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Sales turnover |
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|
2211.100 |
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Other income |
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|
3.300 |
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Total income |
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|
214.400 |
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Total expenditure |
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|
167.900 |
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Operating profit |
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|
46.500 |
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Interest |
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|
27.600 |
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Gross profit |
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|
18.900 |
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Depreciation |
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|
7.800 |
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Tax |
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|
6.200 |
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Reported PAT |
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|
4.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
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Debt-Equity Ratio |
|
0.74 |
0.38 |
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Long Term Debt-Equity Ratio |
|
0.36 |
0.02 |
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Current Ratio |
|
1.20 |
1.19 |
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TURNOVER RATIOS |
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Fixed Assets |
|
8.25 |
16.86 |
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Inventory |
|
17.23 |
34.95 |
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Debtors |
|
1.17 |
3.09 |
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Interest Cover Ratio |
|
2.49 |
4.15 |
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Operating Profit Margin(%) |
|
12.94 |
7.24 |
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Profit Before Interest And Tax
Margin(%) |
|
11.02 |
6.53 |
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Cash Profit Margin(%) |
|
5.17 |
3.54 |
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Adjusted Net Profit Margin(%) |
|
3.25 |
2.83 |
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Return On Capital Employed(%) |
|
10.22 |
19.58 |
|
Return On Net Worth(%) |
|
5.24 |
11.72 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:
Sarabhai Electronics Limited
(SEL) originally incorporated in 1976 as a Public Limited Company. SEL has
formed a Joint Venture with M/s.eHuset A/S, Denmark (formerly known as Dansk
Data Electronik A/S) by transferring its electronic division (ORG Systems) as a
going concern during 1993-94 and has contributed 50% of the equity share
capital of new Joint Venture Company DDE ORG Systems Private Limited (DOSPL),
the balance 50% being contributed jointly by eHuset A/S and The
Industrialisation Fund for Developing Countries (IFU), Denmark.
During the year 2001-2002 eHuset A/S has applied for insolvency and its
shareholding in DOSPL aggregating 26% of the equity has been transferred to
Human Resources Organisation Private Limited a wholly owned subsidiary of the
Company. With this Joint Venture agreement has ceased with eHuset A/S and new
shareholders agreement between the Company and IFU, the continuing partners has
been executed.
Currently SEL has two divisions SPEC and ORG GIS. SPEC is mainly engaged in
manufacturing of mechanical parts and in job work and ORG GIS is in the
business of providing high-end consulting services in the field of Geographic
Information Systems.
During the year 2003, the name of the company was changed to ORG Informatics
Limited
Operations
Global
uncertainty and adverse development across the sector has also impacted the
Revenue and profit margin of the company compared to the previous year. The
Company had reported last year that they were considering acquisition of
Satellite Communication Business in Europe. They have acquired the running Satellite
Communication Business of M/s Belgacom, SA, Belgium by incorporating a wholly
owned subsidiary company namely Belgium Satellite Services SA (BSS). The
acquisition was funded by issue of Foreign Currency Convertible Bonds (FCCB)
raised by company in November, 2007. During the year the new subsidiary BSS has
contributed revenue of approximately Rs.402.5 Millions and profit Rs.63.7
Millions. The company is confident that in the coming year BSS will contribute
significantly in the growth of ORG Group.
Subsidiaries
The
company has four wholly owned subsidiary companies namely, ORG Telecom
Limited., Unified Technologies Private Limited., ORG Singapore Pte. Limited.
(formally known as DGIT Solutions Pte. Limited, Singapore) and Belgium
Satellite Services SA (Belgium). The Belgium Satellite Services SA has been
incorporated under the law of Belgium on 18th October, 2007 to acquire running
business of M/s Belgacom SA. During the period the subsidiary has achieved
revenue of Rs.402.5 Millions and earned a net profit of Rs.63.7 Millions. These
are unaudited results as the first financial year of the subsidiary will be
closed on 31st March, 2009, which is permissible under the Law of Belgium.
Audited Balance Sheets, Profits & Loss accounts, Directors reports and
auditor’s report of these subsidiary companies are not attached with this
Annual Report as the company has taken the Central Government approval under
section 212 of the Companies Act, 1956, except for the Belgium Setallite
Services SA (Belgium) whose first financial year will be closed on 31st March,
2009.
Management Discussion and Analysis Report:
Introduction
ORG is
currently engaged in the business of Systems Integration Satellite
Communication Services and Telecom.
For
the financial year ended on March 31,2008 the Company has registered a turnover
of Rs.2468.1 Millions, thus having continuous profitability over last five
years period. The Company has been able to consolidate its position at third
top player with market share of around 9% for turnkey projects (Source: Telecom
Magazine Voice and Data, 13th Annual survey ‘V&D100’) and develop its brand
equity during the year. The platform has been built on which company can embark
on its journey towards higher growth rates.
DIVISIONWISE REVIEW
Systems Integration and Services
Industry structure and Developments:
Indian
economy has been showing continuous growth and there is increased acceptance of
IT as strategic growth
initiative
to boost productivity and competitiveness in the market places, which has
resulted in increased IT spending by Corporate and Government sector alike.
There has been increased emphasis on the turnkey solution requirement from the
market, which has resulted in increased consumption of computing infrastructure
and networks. A significant trend was increase in server and laptop sales with
further emphasis on data networks and security. All these have been traditional
markets for ORG.
Opportunities
and Threats:
The
established client relationships and corporates renewed emphasis on solutions
and services provide ideal target market for the company, which is
traditionally recognized in the above space. The renewed emphasis and
consolidation among its client base provides company an exciting opportunity to
be able to expand its business and target higher profitability.
Outlook
:
Company
had embarked on solution and service focus during the year which has resulted
in acceptance of company as a solution provider is evident from the increased
larger size deal company is able to attract and win. The renewed brand
awareness in the market would help company to forecast higher growth in the
year 2008-09.
Telecom:
Industry Structure and Developments
Telecom
sector in Indian Subcontinent, CIS, Africa and South East Asia are under
tremendous growth stage. With the technological advances and newer service
offerings there is a renewed growth in the systems requirement for servicing
the growth. The main impetus is from the subscriber growth being witnessed in
these markets which is driving the growth for equipments and services.
Opportunity
and Threats
Telecom
operators are under massive expansion phase for their network because of
unprecedented subscriber growths. This has brought in increased focus in
network equipment supply and solutions. Larger subscriber base has prompted
requirements for IT solutions in Telecom sector. India is currently the hotbed
of activities for network equipment vendors, propelled by tremendous growth
rates in the industry, which is touted, to grow to much larger numbers in the
coming years.
Outlook
Company
has a healthy pipeline of projects under execution as well as for sales.
Telecom segment for the company though the newest of service offering from the
stable has shown tremendous growth and is on path to much higher numbers.
Risk
and Concerns
Telecom
subscriber growth has attracted global solution providers which has resulted in
increase competition and
lower
margins. Additionally, cash flow remains a major constraint as ORG’s ability to
secure and execute large project profitably.
Satellite Services
Industry
Structure and Developments
Broadcasting,
music and cinema industries, more traditional broadcasting tools are also
evolving: digital TV allows interactive information services without the need
for PCs; internet radio stations are multiplying to satisfy a thousand unfilled
niche markets; mobile TV services are expected to reach 69 million global
subscribers by 2009. While this revolution challenges Europe’s broadcasting
industry, it also offers incredible opportunities to reach global audiences.
Europe’s industry is well placed to exploit these opportunities, with numerous
world-class broadcasters from both public and private sectors already providing
content to global markets.
Opportunity
and Threats
The
satellite services business of the company has being carried out through its
wholly owned subsidiary, Belgium Satellite Services SA, Belgium, Which is a new
venture for the company and started its operation in the third quarter of the
fiscal year ended March, 2008. The company is making its strategy to grape the
opportunities available within the Europe and other part of the Glob
considering the internal or external threats.
Outlook
The
Company has plan for expansion and strengthen the penetration to increase the
subscriber base within the
Belgium
and PAN Europe. Going ahead in the direction the Company join hand with some
major player for marketing and increasing subscriber base. They will see some
significant revenue growth and increase in profit margin through this segment
of business.
Risk and Concerns
According
to Ofcom (the regulatory body), nearly 90% of households already have some
means of receiving digital television. The various systems used to receive
digital television include: Sky Digital by satellite; Virgin Media by cable;
Freeview decoder boxes to use with analogue televisions; integrated digital
television sets (containing decoders); and even watching television live on
home personal computers (PCs) wich is basically the risk and concern for the
Companies business under the segment.
Adequacy of Internal Controls
The
Company has a proper and adequate system of internal controls to ensure that
all assets are safeguarded and protected against loss from unauthorised use or
disposition and that transactions are authorised, recorded and reported
correctly.
The
internal control system is designed to ensure that the financial and other
records are reliable for preparing financial statements and other data and for
maintaining accountability of assets.
Human
Resources
The
Company considers the quality of its human resources to be its most important
asset and constantly endeavors to attract and recruit best possible talent and
to retain, nurture and groom it to meet its current and future needs. The
Company promotes open and transparent way of working. The Company currently
employs 280 people and its subsidiary ORG Telecom Limited employs 74 people,
Unified Technologies Private Limited. employs 78, ORG Singapore Pte. Limited.
employs 9 and Belgium Satellite Services SA (Belgium) employs 13. The
industrial relations are very cordial and no problems have been encountered
during the year under review.
Notes to Accounts
1. Contingent liabilities not provided for:
a)
Bank Guarantees given in respect of projects
undertaken
by the company and outstanding Rs.281.684 Millions (Previous Year Rs.246.517
Millions)
b)
Counter guarantees given to a bank in respect of various projects undertaken by
the subsidiary company and outstanding Rs.55.792 Millions (Previous year
Rs.21.115 Millions).
c)
Claims against the Company not acknowledged as debts: Income Tax Matters - TRs.
29,616 (Previous year Rs.18.093 Millions) Sales Tax Matters - Rs. Nil (Previous
year Rs.0.357 Million)
d) The
Company had received during earlier years equipment worth Rs.7.377 Millions
(Previous year Rs 7.377 Millions) on loan from eHuset A/S, Denmark for its
software facilities at Bangalore. The equipment is to be returned on completion
of specific projects undertaken on behalf of eHuset A/S, Denmark. The Company
has given a bond for Rs.30.000 Millions (Previous yearRs.30.000 Millions) to
the customs authorities against the import of the aforesaid equipment.
e)
Capital Commitment for purchase of Land (net of advances) Rs.12.500Millions
(Previous year Rs.12.500 Millions).The Company had, in terms of Memorandum of
Understanding dated 30th day of March, 2007, with a view to providing
additional space for its expanding activities, decided to acquire 2,50,000
square meters of land (at Baroda) at a consideration at Rs.25.000 Millions from
M/s Ambalal Sarabhai Enterprises Limited (ASEL, one of its group Companies).
The consideration was to be settled as advance Rs.12.500 Millions and the
balance payable on or before execution of the deed of conveyance. Meanwhile one
of the shareholders of ASEL has filed a petition before the Company Law Board
under sections 295, 397, 398, 399, and 406 of the Companies Act, 1956 wherein
the company has been made a party and had prayed for relief as sought for in
the recitals (viz for cancellation / setting aside the agreement and / or the
arrangement referred to above). Pending clearance / finality in the matter, the
amount paid continues to appear under capital work in progress and the balance
Rs. 12.500 Millions shown above.
Operating Leases (AS - 19)
The
company has entered into cancelable lease transactions during the current
financial year mainly for leasing of office premises and company leased
accommodation for its employees for period up to three years (with the option
to extend for a further period of six years).Terms of lease includes terms of
renewal, increase in rents in future periods and terms of cancellation. The
Operating lease payments recognized in the Profit and Loss account amounts to
Rs.4.280 Millions ( Previous Year Rs.4.590 Millions).
STATEMENT PURSUANT TO SECTION 212 OF THE COMPANIES ACT, 1956 RELATING TO
SUBSIDIARY
COMPANIES
A. Domestic Subsidiaries
|
Name of the Subsidiary Company |
ORG Telecom
Limited |
Unified Technologies Private Limited |
|
Financial Year of the Subsidiary Company ended on |
31.03.2008 |
31.03.2008 |
|
No. of shares held by ORG Informatics Limited. and/or its nominees |
737,500equity shares of Rs.10/ each |
11,314 equity shares of Rs.10 each |
|
Extent of Holding Company’s interest in the subsidiary as on 31.3.2007 |
100% |
100% |
|
Net Aggregate amount of the profits/ losses of the subsidiary company
so far as it concerns the members of ORG Informatics Limited. |
Net Loss Rs.89.939
Millions |
Net Loss Rs.7.368
Millions |
|
Not dealt within the accounts of ORG Informatics Limited. |
N.A. |
N.A. |
|
For the subsidiary’s financial year ended on 31.3.2008 |
N.A. |
N.A. |
|
For the previous Financial Years |
N.A. |
Rs.17.053
Millions |
|
Dealt within the accounts of From 1st April ’07 to ORG Informatics
Limited. |
From 1st
April’07 to 31st March’08 |
From 1st
April’07 to 31st March’08 |
|
For the subsidiary’s Financial Year ended on 31.3.2008 |
Net Loss Rs.89.939
Millions |
Net Loss Rs.7.368
Millions |
|
For the previous financial years |
Net Profit Rs.13.134
Millions |
Net Profit Rs.87.493
Millions |
|
B. Overseas Subsidiaries |
|
|
|
Name of the Subsidiary Company |
ORG Singapore
Pte. Limited |
Belgium
Satellite Services SA |
|
Financial Year of the Subsidiary Incorporation |
31.12.2007 |
31.03.2009 (date
of Company ended on 18.10.07) |
|
No. of shares held by ORG Informatics Limited and/or its nominees |
320,000equity shares |
61,500 equity
shares |
|
Extent of Holding Company’s interest in the subsidiary as on 31.12.2007 |
100% |
100% |
|
Net Aggregate amount of the profits/losses of the subsidiary company so far as it concerns the members of ORG Informatics Limited. |
Rs.0.833 Million |
Rs.63.718
Millions |
|
Not dealt within the accounts of ORG Informatics Limited |
|
|
Fixed Assets:
- Plant and Machinery
- Furniture Fixture and Computers
- Vehicles
- Goodwill on Amalgamation
- Technical Know How
- Software
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2008
|
Particulars |
|
|
30.06.2008 (unaudited) (Rs. In Million) |
|
Net Sales/ Income from Operations |
|
|
211.101 |
|
Other Income |
|
|
3.132 |
|
Total Income |
|
|
214.233 |
|
Total
Expenditure |
|
|
|
|
Increase/(Decrease) in Finished Goods |
|
|
(8.914) |
|
Consumption of Materials/ Goods |
|
|
2.875 |
|
Purchases of Trading Goods |
|
|
150.792 |
|
Personnel Costs |
|
|
16.409 |
|
Depreciation & Amortization |
|
|
7.798 |
|
Other Expenses |
|
|
6.804 |
|
Total
Expenditure |
|
|
175.764 |
|
Interest and
Finance Items |
|
|
|
|
Prior Period adjustment |
|
|
(0.156) |
|
Profit/(Loss)
before tax |
|
|
11.055 |
|
Provision for taxation |
|
|
|
|
Current Tax |
|
|
5.789 |
|
Deferred Tax Charge |
|
|
0.354 |
|
Fringe Benefit |
|
|
0.424 |
|
Profit/(Loss)
after tax |
|
|
4.488 |
|
Paid –up equity share capital (Face value Rs.10/- per share) |
|
|
171.705 |
|
Earnings per share – Basic- Rs. |
|
|
0.26 |
|
Earnings per share – Diluted- Rs. |
|
|
0.26 |
|
Aggregate of Public Shareholding |
|
|
|
|
Number of Shares |
|
|
11052209 |
|
Percentage of
holding |
|
|
64.37 |
SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Particulars |
|
|
30.06.2008 (unaudited) (Rs.In Million) |
|
Segment Revenue |
|
|
|
|
SI/ Services |
|
|
32.373 |
|
Telecom |
|
|
178.728 |
|
Net Sales/ Income from Operations |
|
|
|
|
Segment Results |
|
|
|
|
SI/ Services |
|
|
3.098 |
|
Telecom |
|
|
41.341 |
|
Total
Profit/(Loss) Before Interest and Taxes |
|
|
44.439 |
|
Less: Interest (Net) |
|
|
27.570 |
|
Less: Unallocated Expenditure net of other unallocated Income |
|
|
5.814 |
|
Less: Income Taxes |
|
|
6.567 |
|
Total
Profit/(Loss) After Tax |
|
|
4.488 |
|
Capital Employed |
|
|
|
|
SI/ Services |
|
|
85.292 |
|
Telecom |
|
|
767.532 |
|
Total Capital
employed in Segments |
|
|
852.824 |
|
Unallocated Corporate Assets less Corporate Liabilities |
|
|
158.258 |
|
Total Capital
employed |
|
|
1011.082 |
|
|
|
|
|
Notes:
The above results for the quarter ended
30.06.2008 have been reviewed by the Audit Committee of Directors and Approved
by the Board of Directors at their meeting held on 31.07.2008.
The above consolidated results include the
results include the results of the Company’s wholly owned subsidiaries viz. ORG
Telecom Limited, Unified Technologies Private Limited, ORG Singapore Pte.
Limited and Belgium Satellite Services S.A.
During the quarter, on 23.05.2008 the Board of
Directors allotted 11750 equity shares of Rs.10/- each with a premium of Rs.
NIL, per share under ESOSI
Detail of investors Complaints received,
disposed off and lying unresolved during the quarter ended 30.06.2008
Complaints pending at the beginning of the
quarter Nil, complaints received during the quarter : 8, Complaints disposed
off during the quarter: 8, Complaints lying unresolved at the end of the
quarter: Nil
Aggregate of Public Shareholding includes
number of Shares held by Custodians and against which Depository Receipts have
been issued.
Figures for the prior periods have been
regrouped and/ or reclassified wherever considered necessary.
WEBSITE DETAILS:
ORG Informatics fixes Book Closure for AGM
Subject has informed that the Register of Members and Share
Transfer Books of the Company will remain closed from September 26, 2008 to
September 29, 2008 for the purpose of Annual General Meeting (AGM) of the
Company.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records 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.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
68 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|