MIRA
INFORM REPORT
|
Report Date : |
07.07.2011 |
IDENTIFICATION DETAILS
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Name : |
ORIENT CERAMICS AND INDUSTRIES LIMITED |
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Registered
Office : |
8, Industrial Area, Sikandrabad – 203 205, District Bulandshahr, Uttar
Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.05.1977 |
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Com. Reg. No.: |
20-21546 |
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Capital
Investment / Paid-up Capital : |
Rs.105.300 millions |
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CIN No.: [Company Identification
No.] |
L14101UP1977PLC021546 |
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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
: |
Manufacturer of Ceramic and Vitrified Tiles. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 2500000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. 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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 |
LOCATIONS
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Registered Office and Showroom : |
8, Industrial Area, Sikandrabad – 203 205, District Bulandshahr, |
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Website : |
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Corporate Office and Showroom : |
Iris House, 16, Business Centre, Nangal
Raya, |
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Tel. No.: |
91-11-28520168 / 28521206 |
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Fax No.: |
91-11-28521273 |
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E-Mail : |
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Factory : |
8, A-75 to A-80 and A-84 Industrial Area,
Sikandrabad - 203 205, District Bulandshahr, |
DIRECTORS
As on 31.03.2010
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Name : |
Mr. Mahendra K. Daga |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. R. N. Bansal |
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Designation : |
Director |
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Name : |
Mr. Madhur Daga |
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Designation : |
Executive Director |
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Name : |
Mr. Dhruv M. Sawhney |
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Designation : |
Director |
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Name : |
Mr. N. R. Srinivasan |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Yogesh Mendiratta |
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Designation : |
Company Secretary |
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Audit Committee : |
·
Mr. R. N. Bansal,
Chairman ·
Mr. N. R. Srinivasan ·
Mr. Mahendra K. Daga |
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Shareholders /
Investors Grievance and Share Transfer
Committee : |
·
Mr. N. R. Srinivasan,
Chairman ·
Mr. Mahendra K. Daga ·
Mr. Madhur Daga |
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Remuneration Committee : |
·
Mr. N. R. Srinivasan,
Chairman ·
Mr. Dhruv M. Sawhney ·
Mr. R. N. Bansal |
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Name : |
Mr. Sanjay Monga |
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Designation : |
Vice President – Sales and Marketing |
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Name : |
Ms. Maria Jose’ Castillo |
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Designation : |
Chief Product and Solution Designer |
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Name : |
Mr. Vijay Shankar Sharma |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Anil Agarwal |
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Designation : |
President Operations – Manufacturing |
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Name : |
Mr. Manoj Singh |
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Designation : |
General Manager – Human Resources |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
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Names of Shareholders |
No. of Shares |
% of No. of
Shares |
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(A) Shareholding of
Promoter and Promoter Group |
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4647651 |
44.14 |
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3222623 |
30.60 |
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7870274 |
74.74 |
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Total shareholding of Promoter and Promoter Group (A) |
7870274 |
74.74 |
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(B) Public
Shareholding |
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241368 |
2.29 |
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1602187 |
15.22 |
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796997 |
7.57 |
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19174 |
0.18 |
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19174 |
0.18 |
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2659726 |
25.26 |
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Total Public shareholding
(B) |
2659726 |
25.26 |
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Total (A)+(B) |
10530000 |
100.00 |
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(C) Shares held by
Custodians and against which Depository Receipts have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
10530000 |
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(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
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Line of Business : |
Manufacturer of Ceramic and Vitrified Tiles. |
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Brand Names : |
“Europa” and “Stiler” |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity* |
Actual
Production |
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Ceramic Tiles |
M.T. |
NA |
220000 |
177943 |
* Above Installed Capacity is certified by the Management, being a
technical matter.
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of ·
Punjab National Bank ·
Standard Chartered Bank ·
Barclays Bank PLC |
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Facilities : |
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Banking
Relations : |
-- |
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Statutory Auditors : |
M/s. S.R. Dinodia and Company |
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Address : |
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Associates : |
·
Freesia Investment and Trading Company Limited ·
Goodteam Investment and Trading Company Private
Limited ·
Alfa Mercantile Limited ·
Morning Glory Leasing and Finance Limited ·
Iris Designs Private Limited ·
Orient Rave Mercantile Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10530000 |
Equity Shares |
Rs.10/- each |
Rs.105.300
millions |
Out of the above
Issued, Subscribed and Paid-up Capital :
8190000
(P.Y.-8190000) Equity Shares of Rs. 10/- each are issued as fully paid up bonus
shares by way of Capitalisation Rs.0.055 millions (P.Y.-0.055 millions) from
Capital Reserve, Rs.14.400 millions (P.Y.-14.400 millions) from Share Premium,
Rs.67.445 millions (P.Y.-67.445 millions) from General Reserve.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
105.300 |
105.300 |
105.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
509.759 |
419.725 |
374.518 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
615.059 |
525.025 |
479.818 |
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LOAN FUNDS |
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1] Secured Loans |
535.331 |
591.872 |
725.057 |
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2] Unsecured Loans |
102.748 |
132.732 |
217.706 |
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TOTAL BORROWING |
638.079 |
724.604 |
942.763 |
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DEFERRED TAX LIABILITIES |
54.531 |
67.141 |
71.340 |
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TOTAL |
1307.669 |
1316.770 |
1493.921 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
808.059 |
875.369 |
931.355 |
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Capital work-in-progress |
2.604 |
7.274 |
12.988 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
573.652
|
413.730 |
423.999 |
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Sundry Debtors |
316.049
|
263.397 |
404.471 |
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Cash & Bank Balances |
15.995
|
11.884 |
6.963 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
127.777
|
118.782 |
149.640 |
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Total
Current Assets |
1033.473
|
807.793 |
985.073 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
295.946
|
184.965 |
292.656 |
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Other Current Liabilities |
210.606
|
168.337 |
119.186 |
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Provisions |
29.915
|
20.364 |
23.653 |
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Total
Current Liabilities |
536.467
|
373.666 |
435.495 |
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Net Current Assets |
497.006
|
434.127 |
549.578 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1307.669 |
1316.770 |
1493.921 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
2539.351 |
2241.430 |
2145.680 |
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Other Income |
23.113 |
15.237 |
11.305 |
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TOTAL (A) |
2562.464 |
2256.667 |
2156.985 |
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Less |
EXPENSES |
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Purchases (Traded Goods) |
364.514 |
125.420 |
199.561 |
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Manufacturing and Other Expenses |
1992.603 |
1830.872 |
1829.128 |
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|
Increase / (Decrease) in stocks |
(145.604) |
(6.112) |
(107.123) |
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TOTAL (B) |
2211.513 |
1950.180 |
1921.566 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
350.951 |
306.487 |
235.419 |
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Less |
FINANCIAL
CHARGES
(D) |
67.623 |
97.653 |
95.473 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
283.328 |
208.834 |
139.946 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
108.212 |
106.262 |
96.260 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
175.116 |
102.572 |
43.686 |
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Less |
TAX (H) |
59.288 |
38.885 |
18.813 |
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PROFIT AFTER TAX
(G-H) (I) |
115.828 |
63.687 |
24.873 |
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Income Tax
Adjustments for earlier years |
(1.236) |
0.000 |
1.049 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
199.220 |
164.012 |
144.250 |
|
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Less |
APPROPRIATIONS |
|
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Proposed Dividend |
21.060 |
15.795 |
5.265 |
|
|
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Provision for Tax on Dividend |
3.498 |
2.684 |
0.895 |
|
|
|
Transfer to General Reserve |
50.000 |
10.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
239.254 |
199.220 |
164.012 |
|
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EARNINGS IN
FOREIGN CURRENCY |
6.692 |
2.748 |
5.337 |
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IMPORTS |
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Raw Materials |
36.461 |
39.254 |
84.990 |
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|
Stores & Spares |
47.157 |
40.051 |
18.888 |
|
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|
Finished Goods |
0.000 |
0.000 |
22.821 |
|
|
|
Capital Goods |
15.285 |
2.433 |
30.191 |
|
|
TOTAL IMPORTS |
98.903 |
81.738 |
156.890 |
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Earnings Per
Share (Rs.) |
10.88 |
6.05 |
2.46 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
608.800 |
681.400 |
685.300 |
942.900 |
|
Total Expenditure |
549.500 |
600.700 |
617.600 |
892.700 |
|
PBIDT (Excl OI) |
59.300 |
80.700 |
67.700 |
50.200 |
|
Other Income |
0.000 |
0.000 |
0.00 |
0.000 |
|
Operating Profit |
59.300 |
80.700 |
67.700 |
50.200 |
|
Interest |
17.000 |
19.300 |
23.100 |
23.800 |
|
Exceptional Items |
67.800 |
0.000 |
0.000 |
0.000 |
|
PBDT |
110.100 |
61.400 |
44.600 |
26.400 |
|
Depreciation |
27.100 |
27.500 |
28.800 |
14.400 |
|
Profit Before Tax |
83.000 |
33.900 |
15.800 |
12.000 |
|
Tax |
29.900 |
10.000 |
4.000 |
3.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
53.100 |
23.900 |
11.800 |
8.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
53.100 |
23.900 |
11.800 |
8.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.52
|
2.82 |
1.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.90
|
4.58 |
2.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.51
|
6.09 |
2.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.20 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.91
|
2.09 |
2.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.93
|
2.16 |
2.26 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
PERFORMANCE
The Company
performed very well during the financial year 2009-10. The Company recorded a
growth of 13% in sales turnover to Rs.2720.600 millions for the financial year 2009-10
(previous year Rs.2401.800 millions) and 80% in profit after tax to Rs.114.600
millions for the financial year 2009-10 (previous year Rs.63.700 millions). The
Company’s Earning Per Share (EPS) also grown by 80% to Rs.10.88 for the
financial year 2009-10 (previous year Rs.6.05).
During the
financial year 2009-10, the company worked on product innovation, display and
branding. The Company took part in two ACETECH exhibitions organized by The
Economic Times at
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
As per the
requirement of Clause 49 of the Listing Agreement the Management Discussion and
Analysis Report is as under:
Industry Structure
and Development
The Indian Ceramic
tile Industry ranks among the top 5 in the world in terms of production and is
approximately Rs.80000.000 millions out of which Rs.45000.000 millions is
accounted for by Organized sector. Indian Tile Industry has continued to grow
at an impressive growth rate of approx 15% p.a. Despite the sustained growth of
around 15% p.a. over the last several years, per capita consumption in
The factors that
add to attractions of tiles as a solution for walls and floor surfaces include
low water absorption compared to stones, marbles and wood, hygiene, attractive
designs and ease of maintenance. Although
Outlook
They see great
potential in housing, hotel, IT and retail sectors and positive outlook on
Indian Tile Industry with the continued Government’s thrust towards infrastructure
and real estate sector in
Segment wise or
product wise performance
The Company deals
with products which come under one segment only i.e. ‘Ceramic Tiles’. As per
the recent market trends the tiles can be classified into Wall and Floor tiles.
Wall tiles comes with finishes like marbles, leather, rustics, wooden, fabrics,
metallic whereas floor tiles comes with finishes like marbles, wooden,
geometricos. Glazed Vitrified tiles are latest in trend and come in finishes
like marbles, double charge, rustics, stone finish etc. The Company’s
rationalized brand portfolio includes ‘Orient Tiles’, ‘Europa’ and ‘Stiler’.
‘Orient Tiles’ is the umbrella brand and Europa and Stiler are two brands in
the premium segment. Europa and Stiler, launched in the year 2009-10, having
higher price realization, contributed 8% to the total sale during the financial
year 2009-10. The contribution to sales by ‘Europa’ and ‘Stiler’ is expected to
more than double in 2010-11.
Discussion of
Financial performance with respect to operational performance
The financial
statements have been prepared in compliance with the requirements of the
Companies Act and the Accounting Standards issued by the Institute of Chartered
Accountants of India.
·
Capacity: The utilized capacity of the plant was 81%.
The technical performance of the Company has continued to remain satisfactory.
·
Sales: The Company’s gross turnover increased by
13%. This includes export sales of Rs.6.700 millions (FOB).
·
Finance charges: Finance charges for the year amounted to
Rs.67.600 millions as against the previous year of Rs.97.600 millions.
·
Depreciation: The current year depreciation amounted to Rs.108.200
millions as against Rs.106.300 millions of previous year.
·
Profit :
- Profit before Depreciation and Taxation
amounted to Rs.283.300 millions as against the previous year of Rs.208.800
millions.
- Provision for taxation
- Provisions for deferred tax/charge for
the year amounting to Rs.(12.600) millions and the provision for the
current tax was Rs.71.800 millions.
- Net Profit for the year amounted to
Rs.114.600 millions as against the previous year of Rs.63.700 millions.
- Cash from Operation: During the year
Rs.213.000 millions were generated from operations as against the previous
year figure of Rs.370.200 millions.
·
Fixed Assets: During the year the Company spent Rs.43.400
millions on CAPEX.
·
Net Working Capital:
Inventories increased to Rs.573.700 millions from Rs.413.700 millions in
the previous year due to introduction of many more Stock Keeping Units (SKUs)
and opening of new depots at Dehradun,
Sundry Debtors increased to Rs.316.000 millions as against Rs.263.400
millions of previous year in line with increase in sales.
Loans and advances of Rs.127.800 millions representing advances paid for
raw materials, stores and spares, advance taxes, Customs duty, un-utilised
Cenvat/ Service Tax credit, export entitlement benefit receivable, sundry
deposits etc.
Current liabilities and provisions: The amount of Rs.536.500 millions
includes creditors for suppliers of raw materials, stores and spares,
provisions for expenses and taxes, dividend and tax payable thereon,
liabilities for gratuity and leave encashment.
·
Borrowed funds: During the year the Company repaid principal
of Rs.55.200 millions against Term Loan from Banks. The balance term loan
outstanding as on 31.03.2010 was Rs.54.400 millions. As on 31.03.2010, the
total loan outstanding was Rs.638.100 millions which was lower by Rs.86.500
millions from the previous year balance of Rs.724.600 millions. The Company
remained prompt, as usual, in repayment of principal and interest during the
year.
CONTINGENT
LIABILITIES
|
Particulars |
As
on 31.03.2010 Rs.
in millions |
As
on 31.03.2009 Rs.
in millions |
|
Outstanding Letter of Credit (Net of Margins) furnished in favour of
suppliers |
39.683 |
54.964 |
|
Outstanding Guarantees furnished by Company’s Banker in favour of
Central Excise, Customs and Others (Net of Margins) |
9.225 |
12.787 |
|
Custom/Excise Duty / Service Tax / Income Tax / Sales Tax demands and Show
Cause notice issued against which company has preferred appeals (During the
year contingent liability of Rs.0.054 millions pending in consumer court has been settled) |
16.221 |
50.180 |
AUDITED STANDALONE
FINANCIAL RESULTS FOR THE QUARTER/YEAR ENDED ON 31ST MARCH 2011
(Rs. in Millions)
|
No. |
Particulars |
Quarter
Ended As
on 31.03.2011 Audited
|
Year
Ended As
on 31.03.2011 Audited |
|
|
1 |
|
Gross Sales |
1016.200 |
3119.700 |
|
2 |
|
Less : Excise Duty |
82.500 |
223.300 |
|
3 |
|
Net Sales |
933.700 |
2896.400 |
|
4 |
|
Other Operating Income |
9.200 |
22.000 |
|
5 |
|
Total Income |
942.900 |
2918.400 |
|
6 |
|
Expenditures |
|
|
|
|
a. |
(Inc)/Dec in stock in trade and work in progress |
59.000 |
(118.500) |
|
|
b. |
Consumption of Raw Material |
197.600 |
634.800 |
|
|
c. |
Purchase of Traded goods |
246.300 |
659.400 |
|
|
d. |
Power and Fuel |
135.500 |
494.900 |
|
|
e. |
Employee cost |
78.400 |
329.700 |
|
|
f. |
Depreciation |
14.400 |
97.800 |
|
|
g. |
Other Expenditures |
175.900 |
660.200 |
|
|
|
Total |
907.100 |
2758.300 |
|
7 |
|
Profit from Operations before Other Income Interest and Exceptional
Items |
35.800 |
160.100 |
|
8 |
|
Other Income |
0.000 |
0.000 |
|
9 |
|
Profit before Interest and Exceptional Items |
35.800 |
160.100 |
|
10 |
|
Interest |
23.800 |
83.200 |
|
11 |
|
Profit after Interest but before Exceptional Items |
12.000 |
76.900 |
|
12 |
|
Exceptional Items |
0.000 |
67.800 |
|
13 |
|
Profit from ordinary activities before tax |
12.000 |
144.700 |
|
14 |
|
Tax Expenses |
3.200 |
47.100 |
|
15 |
|
Net Profit from Ordinary activities after tax |
8.800 |
97.600 |
|
16 |
|
Prior Period Adjustment |
0.000 |
0.000 |
|
17 |
|
Extraordinary Items |
0.000 |
0.000 |
|
18 |
|
Net Profit for the period |
8.800 |
97.600 |
|
|
|
Less : Minority Interest |
0.000 |
0.000 |
|
|
|
Net Profit after taxation and minority interest |
8.800 |
97.600 |
|
19 |
|
Paid up Equity Share Capital |
105.300 |
105.300 |
|
|
|
(Face Value per share Rs. 10/-) |
|
|
|
20 |
|
Reserve (Excluding Revaluation Reserve) |
0.000 |
607.400 |
|
21 |
|
Earning per share for the period/year (Rs.) |
|
|
|
|
a. |
Basic and diluted before extra ordinary items |
0.84 |
9.27 |
|
|
b. |
Basic and diluted after extra ordinary items |
0.84 |
9.27 |
|
22 |
|
Public Shareholding |
|
|
|
|
a. |
Number of Shares |
2659726 |
2659726 |
|
|
b. |
Percentage of Shareholding |
25.26 |
25.26 |
|
23 |
|
Promoters and Promoter group shareholding |
|
|
|
|
a. |
Pledged/Encumbered |
|
|
|
|
|
No. of Shares |
Nil |
Nil |
|
|
|
Percentage of shares (as a % of the total share holding of Promoter
& Promoter group) |
Nil |
Nil |
|
|
|
Percentage of shares (as a % of the total share capital of the
company) |
Nil |
Nil |
|
|
b. |
Non Encumbered |
|
|
|
|
|
No. of Shares |
7870274 |
7870274 |
|
|
|
Percentage of shares (as a % of the total share holding of Promoter
and Promoter group) |
100% |
100% |
|
|
|
Percentage of shares (as a % of the total share capital of the company) |
74.74 |
74.74 |
STATEMENT OF ASSETS
AND LIABILITIES AS AT MARCH, 31, 2011
(Rs. In Millions)
|
Particulars |
Standalone As
on 31.03.2011 Audited
|
|
SHAREHOLDERS’
FUNDS: |
|
|
(a) Capital |
105.300 |
|
(b) Reserves and Surplus |
582.900 |
|
MINORITY INTEREST |
0.000 |
|
LOAN FUNDS |
1028.000 |
|
DEFERRED TAX LIABILITY |
45.100 |
|
TOTAL |
1761.300 |
|
|
|
|
GOODWILL |
0.000 |
|
FIXED ASSETS |
806.300 |
|
INVESTMENTS |
200.800 |
|
DEFERRED TAX ASSETS |
0.000 |
|
CURRENT ASSETS, LOANS AND ADVANCES |
|
|
(a) Inventories |
690.500 |
|
(b) Sundry Debtors |
403.200 |
|
(c) Cash and Bank balances |
18.900 |
|
(d) Other current assets |
0.000 |
|
(e) Loans and Advances |
301.400 |
|
Less: Current Liabilities and Provisions |
|
|
(a) Liabilities |
(629.200) |
|
(b) Provisions |
(30.600) |
|
MISCELLANEOUS EXPENDITURE (NOT WRITTEN
OFF OR ADJUSTED) |
0.000 |
|
PROFIT AND LOSS ACCOUNT |
0.000 |
|
TOTAL |
1761.300 |
Notes
1. The Board of Directors has recommended a dividend of 20% (Rs.2/- per share) for the financial year ended on 31.03.2011 subject to approval of shareholders in the Annual General Meeting. The total fund outflow in this respect will be Rs.24.558 millions as against Rs.24.558 millions last year.
2. The above financial results have been reviewed by Audit Committee and thereafter approved and taken on record by the Board of Directors in their meeting held on 26.05.2011.
3. The Company is engaged mainly in the business of tiles. Since all activities are related to the main activity, there are no reportable segments as per the requirement of AS–17
4. During the year ended March 31, 2011, Company has acquired Bell Ceramics Limited making it a subsidiary w.e.f. 29.12.2010. Hence, the Consolidated figures for the corresponding previous year are not disclosed. Consolidated results include the financial results of Bell Ceramics Limited for the period 29.12.2010 to 31.03.2010.
5. The previous year figures have been re-grouped, re-arranged and re-classified, wherever considered necessary.
6. No investor complaint was pending as on April 1, 2010. Four investor complaints were received during the financial year and none was pending on March 31, 2011.
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fittings
·
Vehicles
WEB DETAILS
OVERVIEW
Subject was formed on 18th May 1977 as a
public limited company and has been at the forefront of innovation in home décor
ever since. In 1993, Mr M K Daga, the foremost ceramic tile technologist in
An
innovative and forward-looking brand, the company has many firsts to its name. Subject is the pioneer in the manufacturing
of Ultra Vitrified Tiles in
Subject manufactures one of the widest
range of
Non-Vitrified, Vitrified, Ultra Vitrified and 3rd Fired Decorative Tiles for walls,
floors and facades. The company also imports and markets Vitrified Porcelain
Tiles, Borders, Motifs and other value added accessories from various countries
to complement its wide range of tiles.
From
an initial installed capacity of 4,000 TPA in 1977, the company’s production
capacity now stands at 220000 TPA or 38,000 square metres per day. Subject has state-of-the-art, environment-friendly
manufacturing facilities. The technologically sound
manufacturing units conform to the ISO 13753-56:1993 of BIS and ISO 10545-1/17,
ISO 13006 specifications. The company has been accredited with ISO 9001:2000,
ISO 14001 and ISO 18001 certifications for quality control management systems.
Such
standards of quality and commitment to product innovation have earned Orient
Ceramics a wide and diverse customer base. Orient Tiles clientele, comprising
individuals, house builders, architects and institutions, are not only found in
India, but are also spread across Europe, South East Asia, Middle East and the
SAARC countries. The company has plans to expand the export base and to also
leverage its strong network of over 1200 retailers and more than 4000 secondary
retailers spread all over the country.
Subject clientele in the real estate
development space includes leading developers like DLF, Unitech, Parsvnath,
Shobha Developers, Rahejas, Larsen and Tourbo, Rites, CPWD, MES, AAI and other
large and small builders. Subject
products have been extensively used in the construction of the prestigious
Rashtrapati Bhawan in addition to beautifying structures like India Habitat
Centre (
The company owns two exclusive showrooms – in
HISTORY
Headquartered at New Delhi, Subject was incorporated
as a Public Limited Company on 18th May 1977 for the manufacture of ceramic
tiles with an installed capacity of 0.4 Million sq. mtrs. per annum which has
now grown to 14 million sq. mtrs. per annum.
Mr. Mahendra K. Daga currently heads Subject as
Chairman and Managing Director with the credo of delivering products of
sustained excellence and superior quality.
The state of the art manufacturing unit at Sikandrabad
(Bulandshar, U.P.) is spread across 40 acres of land and conforms to the IS
13753-56:1993 of BIS, ISO 10545-1/17 and ISO 13006 specifications. They have also
been accredited with the ISO 9001:2000 certification for quality control
management.
Since inception, Subject has been scaling new heights
and has evinced a steady growth rate. The commitment to excellence and quality
has earned them a wide and diverse customer base, which spreads across Europe,
South East Asia,
BOARD OF DIRECTORS
A successful
businessman and a sound technocrat, Mr. Mahendra K. Daga's name is synonymous
with the tiles industry. He has vast experience in erecting, commissioning and
successfully managing various multi location tiles plants, and is acclaimed as
an authority in this field. He has successfully commissioned various Ceramic
Tile Plants / Ceramic Refractories / Ceramic Transfers at various locations.
He takes an active
part in overall functional areas of the Company. Under the overall supervision
of the Board of Directors, he has been instrumental in taking the company from
strength to strength.
Mr. Daga is a Founder member of the Indian Council of Ceramic Tiles and
Sanitaryware (ICCTAS) , the apex body in
He is
an environmentalist having foreseen the related problems of pollution by
forbidden smoking, falling of trees and conservation of water in all his
organizations as early as 1971. He occasionally delivers talks on horticulture
and preservation of nature.
Management and
Organisation
The overall
management of the Company is vested with the Board of Directors, which comprises
of people with rich experience in diverse fields:
Mr. Madhur Daga
Executive Director
Mr. Madhur Daga is Executive Director, Subject. Mr. Daga graduated in 1993 with
a BBA degree from the University of Southern California (USC),
Mr. R. N. Bansal
Director and a practicing Chartered Accountant
Mr. Bansal is also a retired member of Company Law board and one of the most
recognized person in the Company Law matters. Being on the board of various
other well-known companies, he plays a valuable role in advising subject on
Financial and legal matters from time to time.
Mr. Dhruv M Sawhney
Non-Executive and Independent Director
Director with the
company, Mr. Sawhney is a well-known Industrialist and is also the Chairman of
‘Triveni' Group of Companies.
Mr. N.R Srinivasan
Non-Executive and Independent Director
An M.Sc (Tech) and
a Fellow of the Institute of Ceramics (UK), Mr. Srinivasan is a well-known
Ceramists and has represented various committees and delegation sponsored by
Govt. of India.
The Board of
Directors of the Company is ably assisted by a team of experienced
professionals.
THE MANAGEMENT TEAM
Mr. Madhur Daga
Executive Director
Mr. Madhur Daga is Executive Director,
Subject. Mr. Daga graduated in 1993 with a BBA degree from the University of
Southern California (USC),
Mr. Vijay Shankar Sharma
Chief executive Officer
Mr. Vijay Shankar Sharma is an all
India rank holder Charted Accountant with approximately 20 years of
distinguished career in leading MNCs like ICI India, Ranbaxy Laboratories, Idea
Cellular and Vodafone.
His Previous Organization was
Vodafone, the largest telecom company in the world. He was heading a team of
nearly 100 professionals as CFO of Vodafone Karnataka and was responsible for
Corporate Finance functions at Vodafone Essar South Limited.
Mr Vijay Shankar Sharma joined
subject as CFO in early 2008. He has implemented world class systems in the
company in various fields. With his business and analytical acumen, many new
insights were found and acted upon to make subject have best profitability
performance in the industry in the year 2009-10. After also taking charge of
procurement and logistics and implementing many innovative and path breaking
solutions, in 2009-10, Mr Sharma was also given charge of Sales and Marketing
in H2 of 2010-11.
He was instrumental in acquiring Bell
Ceramics Limited; making the subject group the company having the largest own
manufacturing capacity in the industry and the only one to have plants in
north, west and south. Bell Ceramics is a perfect strategic fit to subject and
will enable the group to achieve a lot more than they could have done
individually.
Recognising his multi faceted role
and potential, Mr Vijay Shankar Sharma was appointed as the Chief Executive
Officer w.e.f April 2011.
He has identified brand building and
improved product distribution as the major focus areas of the company. With the
new brand strategy that includes outdoor displays, product display centers,
online initiatives on facebook and Corporate Social Responsibility (CSR)
initiatives like Kill Civil Evil, the brand popularity and recognition has
visibly gone up.
He has defined organization’s core
values of Integrity, Quality, Customers, Agility, Partners and Performance
which are followed by all employees. These values help define an organisation’s
basic fabric and help it move towards its organizational goals in unison.
Mr. Anil Agarwal
COO
As the manufacturing head at Orient, Mr. Agarwal has
23 years of valuable work experience in the Ceramics Industry. A Bachelor of
Engineering from
Ms. Maria Jose Castillo
Chief Product and Solution Designer
Ms. Maria is currently the Chief Product and Solution
Designer at Orient Tiles, where she is responsible for setting the Design and
Development roadmap at subject and leading a team of designers and developers.
The Europa Design label which represents Inspired Innovative Quality, is the
result of the unique and pioneering combination of Maria's product design and
development experience and subject's manufacturing excellence. Maria has a
Bachelors Degree in Industrial Ceramics from the renowned Ceramic Institute at
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 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.44.38 |
|
|
1 |
Rs.71.24 |
|
Euro |
1 |
Rs.64.16 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.