MIRA
INFORM REPORT
|
Report Date : |
16.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
ORICON ENTERPRISES LIMITED |
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Registered
Office : |
1076, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.12.1968 |
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Com. Reg. No.: |
11-014156 |
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CIN No.: [Company Identification
No.] |
L28100MH1968PLC014156 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUM002754D |
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PAN No.: [Permanent Account No.] |
AAAC00480F |
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Legal Form : |
A Public limited liability company. The company shares listed to the
stock exchange. |
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Line of Business
: |
Manufacturer of Detro Chemical Products, Master Batches for Plastic
Material. |
RATING & COMMENTS
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MIRA’s Rating : |
A (61) |
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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 16000000 |
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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. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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
|
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Joshi |
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Designation : |
Finance Department |
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Date : |
15.03.2011 |
LOCATIONS
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Registered Office : |
1076, Dr. E Moses Road, Parijat House, Worli, Mumbai-400018,
Maharashtra, India |
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Tel. No.: |
91-22-24964656 |
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Fax No.: |
91-22-24963055 |
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E-Mail : |
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Website : |
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Factory : |
Village Savroli, Khopoli - 410
203, District – Raigad, Maharashtra, India. |
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Factory 2 : |
A - 2/G MIDC, Murbad, District- Thane, Maharashtra,
India. |
DIRECTORS
As On : 11.12.2010
|
Name : |
Mr. Susheel G Somani |
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Designation : |
Chairman |
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Address : |
Olympus Apartment, Altamount Road, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
10.10.1941 |
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Date of Appointment : |
02.12.1969 |
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Election ID No : |
MT/04/024/354226 |
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DIN No : |
00601727 |
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Name : |
Mr. Surendra Somani |
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Designation : |
Director |
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Address : |
Shree Niketan, 5th Floor, 86-A, N S Road, Mumbai-400002,
Maharashtra, India |
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Date of Birth/Age : |
21.10.1954 |
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Date of Appointment : |
07.11.1976 |
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Election ID No : |
MT/04/024/306381 |
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DIN No : |
00600860 |
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Name : |
Mr. Sevantilal J Parekh |
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Designation : |
Director |
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Address : |
Bhartiya Bhavan, N S Road, Mumbai-400002, Maharashtra, India |
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Date of Birth/Age : |
21.07.1932 |
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Date of Appointment : |
03.08.1985 |
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DIN No : |
00010767 |
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Name : |
Mr. Sanjay Doshi |
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Designation : |
Director |
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Address : |
502, Manav Sthal, Gokuldhan, Goregaon (East), Mumbai-400063,
Maharashtra, India |
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Date of Birth/Age : |
20.06.1960 |
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Date of Appointment : |
April, 2002 |
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DIN No : |
00039107 |
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Name : |
Mr. Balkishan Toshniwal |
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Designation : |
Whole Time Director |
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Address : |
G5, Styanarayan Bhawan, Dr. R. G. Thandhani Marg, Worli Seaface,
Mumbai-400018, Maharashtra, India |
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Date of Birth/Age : |
22.01.1951 |
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Date of Appointment : |
01.03.1997 |
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DIN No : |
00048019 |
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Name : |
Mr. Rajendra Somani |
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Designation : |
Managing Director |
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Address : |
Shree Niketan, 5th Floor, 86-A, N S Road, Mumbai-400002,
Maharashtra, India |
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Date of Birth/Age : |
18.02.1948 |
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Date of Appointment : |
September, 1995 |
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DIN No : |
00332465 |
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Name : |
Mr. Vinod Mimani |
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Designation : |
Director |
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Address : |
71, Giri-Kunj, Marine Drive, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
07.06.1950 |
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Date of Appointment : |
06.08.1997 |
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DIN No : |
00053976 |
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Name : |
Mr. Karthik Atherya |
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Designation : |
Director |
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Address : |
Ramkrishna Sadan, Sir Pochkanwala Road, Mumbai-400018, Maharashtra,
India |
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Date of Birth/Age : |
29.04.1974 |
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Date of Appointment : |
29.01.2008 |
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Name : |
Mr. Shivrtan J Taparia |
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Designation : |
Director |
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Address : |
Konark Gardens, 6, Burodwan Road, Kolkata-700027, West Bengal, India |
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Date of Birth/Age : |
07.08.1945 |
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Date of Appointment : |
02.08.1977 |
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DIN No : |
00112513 |
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Name : |
Mr. Adarsh Somani |
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Designation : |
Director |
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Address : |
G 15, Sheetal Cooperative Housing Society Limited, Seven Bunglows,
Andheri (West), Mumbai-400053, Maharashtra, India |
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Date of Birth/Age : |
20.04.1974 |
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Date of Appointment : |
23.05.2008 |
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DIN No : |
00192609 |
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Name : |
Mr. Vishnu Narain Khanna |
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Designation : |
Whole Time Director |
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Address : |
502, Gayatri Apartments, Hindu Colony, Dadar, Mumbai-400014,
Maharashtra, India |
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Date of Birth/Age : |
03.09.1932 |
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Date of Appointment : |
05.09.1993 |
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DIN No : |
00064502 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Jain |
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Designation : |
Secretary |
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Address : |
Shree Niketan, 5th Floor, 86-A, N S Road, Mumbai-400002,
Maharashtra, India |
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Date of Birth/Age : |
17.12.1965 |
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Date of Appointment : |
01.02.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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|
11155219 |
60.86 |
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1663552 |
9.08 |
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12818771 |
69.94 |
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Total shareholding of Promoter and Promoter Group (A) |
12818771 |
69.94 |
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(B) Public Shareholding |
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|
744140 |
4.06 |
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892528 |
4.87 |
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1636668 |
8.93 |
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1778512 |
9.70 |
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|
992186 |
682349 |
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975611 |
5.32 |
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|
127795 |
0.70 |
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|
38091 |
0.21 |
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|
89704 |
0.49 |
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3874104 |
21.14 |
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Total Public shareholding (B) |
5510772 |
30.06 |
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Total (A)+(B) |
18329543 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Petro Chemical Products, Master Batches for Plastic
Material. |
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Exports : |
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Products : |
Petro Chemical Products |
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Countries : |
Ř Gulf Countries Ř Arabic Countries |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Ř United Kingdom Ř China |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
GENERAL INFORMATION
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Customers : |
Ř End Users Ř OEM’s |
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No. of Employees : |
100 (In Office-30 and In Factory-70) (Approximately) |
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Bankers : |
Ř UCO Bank, UCO
Bank Building, Dr. D. N. Road, Fort, Mumbai-400001, Maharashtra, India |
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Facilities : |
Notes : Working Capital
Loans i.e. Cash Credit/Working Capital Demand Loan is secured by (i)
hypothecation of inventories, book debts, (ii)
first charge on Company's immovable properties at
khopoli and (iii)
Hypothecation on Machineries at Company's plant
at Khopoli and guaranteed by three Directors jointly and severally. Deferred payments
credits are secured against hypothecation of Specific Capital Assets i.e.
Motor Cars. installments
repayable within one year Rs.0.429 million (P.Y Rs. 14.587 millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Khandelwal Jain and Company Chartered Accountant |
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Address : |
Baldota Bhavan, M. K. Road, Churchgate, Mumbai-400020, Maharashtra,
India |
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Subsidiaries : |
Ř USL Shinrai
Automobiles Limited Ř National Cotton
Products Private Limited Ř USL Auto
Services Limited DIN No : U50103MH2004PLC149394 Ř United Shippers
Limited DIN No : U35110MH1952PLC009445 Ř Oricon
Properties Private Limited DIN No : U99999MH1943PTC004089 |
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Associates : |
·
National Cotton Products Private Limited (upto
30.09.2009) |
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Joint Venture Company : |
·
Oriental Containers Limited |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28750000 |
Equity Shares |
Rs. 10/- each |
Rs. 287.500 millions |
|
10000 |
11% Cumulative Redeemable Preference Shares |
Rs. 10/- each |
Rs. 1.000 millions |
|
|
Total |
|
Rs. 387.500
millions |
Issued:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9642072 |
Equity Shares |
Rs. 10/- each |
Rs. 96.421
millions |
|
|
|
|
|
Subscribed & Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9629543 |
Equity Shares |
Rs. 10/- each |
Rs. 96.295
millions |
|
|
Share Forfeited Account |
|
Rs. 0.054
million |
|
|
|
|
Rs. 96.349
millions |
Notes :
a)
19.30.800 Equity Shares are allotted as fully paid up
as Bonus shares by capitalizing Rs.3.100 millions from General Reserve.
Rs.15.708 millions from Share Premium and Rs.0.500 million from Capital
Redemption Reserve.
b)
1,00.000 Equity Shares of Rs.10/-each are allotted
as fully paid up shares to the shareholders of erstwhile Hempri Containers
Private Limited pursuant to the scheme of Amalgamation.
c)
12,529 Partly paid Equity Shares have been
forfeited by the Company during the year 2003-04.
d)
42.73.875 Equity Shares of Rs.10/- each are
allocated as fully paid up shares to the shareholders of erstwhile Scientific
vacumecoatings Private Limited pursuant to the scheme of Amalgamation.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
96.349 |
96.349 |
96.349 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3945.840 |
916.841 |
837.849 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4042.189 |
1013.190 |
934.198 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
13.019 |
16.749 |
7.565 |
|
|
2] Unsecured Loans |
614.600 |
139.422 |
244.963 |
|
|
TOTAL BORROWING |
627.619 |
156.171 |
252.528 |
|
|
DEFERRED TAX LIABILITIES |
10.794 |
18.320 |
21.094 |
|
|
SHARE CAPITAL SUSPENSE |
196.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4876.601 |
1187.681 |
1207.820 |
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
89.735 |
90.320 |
99.484 |
|
|
Capital work-in-progress |
25.660 |
12.159 |
8.857 |
|
|
|
|
|
|
|
|
INVESTMENT |
3929.272 |
690.844 |
658.958 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7.053
|
13.038 |
17.377 |
|
|
Sundry Debtors |
185.298
|
201.180 |
39.551 |
|
|
Cash & Bank Balances |
73.847
|
10.210 |
32.946 |
|
|
Other Current Assets |
0.384
|
0.161 |
0.000 |
|
|
Loans & Advances |
935.763
|
492.352 |
526.267 |
|
Total
Current Assets |
1202.345
|
716.941 |
616.141 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
129.956 |
154.515 |
24.432 |
|
|
Other Current Liabilities |
195.619
|
169.119 |
158.306 |
|
|
Provisions |
44.836
|
17.219 |
16.742 |
|
Total
Current Liabilities |
370.411
|
340.853 |
199.480 |
|
|
Net Current Assets |
831.934
|
376.088 |
416.661 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
18.270 |
23.860 |
|
|
|
|
|
|
|
|
TOTAL |
4876.601 |
1187.681 |
1207.820 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
720.486 |
618.459 |
245.863 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
525.617 |
499.072 |
200.080 |
|
|
|
TOTAL (B) |
525.617 |
499.072 |
200.080 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
194.869 |
119.387 |
45.783 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
40.270 |
26.228 |
23.287 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
154.599 |
93.159 |
22.496 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.453 |
13.387 |
12.068 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ADJUSTMENT |
(3.131) |
(1.240) |
0.089 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
145.277 |
81.012 |
10.339 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
47.901 |
14.806 |
(14.036) |
|
|
|
|
|
|
|
|
|
Less |
INCOME / FRINGE
BENEFIT TAX FOR EARLIER YEARS |
1.821 |
0.079 |
0.367 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS |
0.000 |
(24.130) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
95.556 |
90.257 |
24.008 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
131.236 |
102.244 |
97.002 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
7.500 |
|
|
|
Proposed Dividend |
32.993 |
9.629 |
9.629 |
|
|
|
Tax on Proposed Dividend |
5.480 |
1.636 |
1.637 |
|
|
BALANCE CARRIED
TO THE B/S |
138.319 |
131.236 |
102.244 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
4.485 |
3.399 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
197.933 |
123.634 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.84 |
9.37 |
2.49 |
|
QUARTERLY RESULTS
(Rs.
In Millions)
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
126.420 |
109.660 |
133.720 |
|
Total Expenditure |
126.320 |
114.630 |
140.990 |
|
PBIDT (Excl OI) |
0.100 |
(4.970) |
(7.270) |
|
Other Income |
63.530 |
71.440 |
58.260 |
|
Operating Profit |
63.630 |
66.470 |
50.990 |
|
Interest |
21.510 |
21.810 |
21.810 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
42.120 |
44.660 |
29.190 |
|
Depreciation |
3.020 |
3.590 |
3.390 |
|
Profit Before Tax |
39.100 |
41.070 |
25.800 |
|
Tax |
12.580 |
9.650 |
8.460 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
26.520 |
31.430 |
17.340 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
26.520 |
31.430 |
17.340 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
13.26
|
14.59 |
9.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
112.44
|
10.03 |
1.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.08 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.25
|
0.51 |
0.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.25
|
2.10 |
3.09 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITOS
DETAILS
(Rs.
In Millions)
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Amount outstanding to Micro, Small and Medium Enterprises |
0.000 |
0.000 |
0.000 |
|
Others (Includes due to subsidiary Rs. 0.054 million (P. Y. Nil)) |
129.956 |
154.515 |
24.432 |
|
Total |
129.956 |
154.515 |
24.432 |
FINANCIAL PERFORMANCE: Standalone The Sales and other income for the year were Rs. 720.500 millions as against Rs. 618.500 millions in the previous financial year. The net Profit for the year is Rs. 95.500 millions as against Rs. 90.200 millions in the previous financial year. MERGER/AMALGAMATION: The Honble High Court Bombay vide its order dated 27th August 2010 has approved the Scheme of merger of Naman Tradvest Private Limited and Zeuxite Investments Private Limited with the Company. a) In terms of the scheme 57,00,000 (Fifty Seven Lacs) Equity Shares and 30,00,000 (Thirty Lacs) Equity Shares, aggregating to 87,00,000 (Eighty Seven Lacs) Equity Shares of Rs. 10/- each fully paid up aggregating to Rs. 87.000 millions are to be allotted to the shareholders of Naman Tradvest Private Limited and Zeuxite Investment Private Limited respectively. b) 19,00,000 (Nineteen Lacs) Compulsorily Convertible Preference Shares of Rs.10/each , 90,00,000 (Ninety Lacs) Compulsorily Convertible Preference Shares of Rs.10/-each , aggregating to 1,09,00,000 (One Crores Nine Lacs) CCPS of Rs. 10/- each fully paid up aggregating to Rs.109.000 millions are to be allotted to the shareholders of Naman Tradvest Private Limited and Zeuxite Investment Private Limited respectively. Accordingly 87,00,000 Equity Shares of Rs. 10/- each and 1,09,00,000 Compulsorily Convertible Preference Shares of Rs. 10/- each have been allotted by the Board of Directors at their meeting held on 17th September, 2010. The Company has also received in - principle approval for listing of 87,00,000 Equity shares from Bombay Stock Exchange. NEW BUSINESS DIVISIONS: a) Alternate Fuel Plant : The Company has become a partner of a Limited Liability Partnership named as CLARIDGE ENERGY LLP to set up a manufacturing plant to manufacture solid agro briquettes a product used as an alternate fuel/power generation at Jaipur in the state of Rajasthan. The Production of the unit is expected to commence by end of month of November 2010. b) Liquid Colorant Plant : The Company has also set up a state-of-art plant at Murbad Dist. Thane in the State of Maharashtra for manufacturing Liquid Colorants in Collaboration with Colormatrix, UK who are the world leaders in Liquid Colorants for Plastics. The Liquid Colorants are produced using the patented Dosixpress technology and Equipment from Colormatrix. The current installed capacity of the plant is 800 MT per year with further scope for expansion. Trial production has been taken and being a new technology in India the Company is in process of creating market for this product. JOINT VENTURE COMPANY: During the year the Company has become joint venture partner of Oriental Containers Limited a leading manufacturer of packaging products, with 30% shareholding in that Company. INCREASE IN AUTHORISED SHARE CAPITAL Pursuant to the approval of Scheme of Amalgamation/ Merger of Naman Tradvest Private Limited and Zeuxite Investments Private Limited with the Company the Authorized Share Capital of the Company is increased to Rs. 350.000 millions comprising of 23.900 millions Equity Shares of Rs. 10/- (Rupees Ten) each 1,10,00,000/- (One Crore Ten Lacs) Preference Shares of Rs. 10/- (Rupees Ten) each and 10,000 (Ten Thousand) 11% Cumulative Redeemable Preference Shares of Rs. 100/-(Rupees Hundred). SUBSIDIARY COMPANIES USL Shinrai Automobiles Limited. USL Auto Services Limited are the existing subsidiary companies. Pursuant to the Scheme of merger of Naman Tradvest Private Limited and Zeuxite Investments Private Limited with the Company National Cotton Products Private Limited (100%), and United Shippers Limited (50.19%), have become subsidiary of the Company. United Shippers Limited is engaged in the business of lighterage, stevedoring and logistics - one of the largest services to handle dry cargo. United Shippers Limited operates through Ports in Gujarat like Navlakhi, Sikka, Dharamtar, Dahanu and MBPT in Maharashtra and Panjim in Goa. It handles various cargos like coal, petcoke, polypropylene polymer, cent, clinter, steel plates and pipes, salt, sugar etc. The Company has a 100% subsidiary in Dubai - USL Shipping DMCEST and also has various Joint Ventures with Daramtar Infrastructure Limited, USL NMM Logistics, USL Packaging Limited and CGU Logistics Limited. Its strategic investors include Odbow Coal B.V. of USA, Logiscor Limited and Coeclerici Logistics S.p.A. of Italy. National Cotton Products Private Limited owns plot admeasuring 7080 Sq. meter in prime location of Worli in Mumbai and plans to redevelop the said plbt into a commercial cum residential complex. The Company has applied to the Central Government for grant of an exemption to the Company under Section 212(8) of the Companies Act, 1956, from attaching a copy of the Balance Sheet, Profit and Loss Account, Report of the Board of Directors and the Report of the Auditors to all the Subsidiary Companies. Subject to receipt of the approval, aforesaid documents are not being attached with the financial statements of your Company. These documents can be requested by any member, investor of the company / subsidiary company. Further, in line with the Listing Agreement and in accordance with the Accounting Standard 21 (AS- 21), Consolidated Financial Statements prepared by the Company include financial information of its subsidiaries. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
A. ECONOMY AND BUSINESS OUTLOOK:
The global ewnomy
continues to recover amidst ongoing policy support and improving financial
market conditions. During the fiscal 2010, India witnessed a significant
revival in economic activity despite deterrent factors like errant monsoon. The
economic recovery was evident across a wide range of sectors with the momentum
gaining strength in the second half of the fiscal 2010. The overall growth of
GDI as per revised estimates of the central statistical organization (CSO) was
7.2%. As at March 31. 2010 India’s foreign exchange reserves stood at USD 27.1
billion as compared to previous years as at March 31, 2009.
India’s strong
domestic fundamentals are expected to remain operative over the long term as
the twin drivers of growth viz. consumption and the investment continues to
remain strong and positive. The Government's proposed move to a common Gwds and
service tax (GST) regime, the adoption of Direct Tax Code, the decision to make
scarce resources such as Telecom spectrum, oil and gas blocks, Coal mine
through available auction, the proposed disinvestment in public sector units
are all opening up revenues avenues for the government and expected to impact
.positively on the growth stow of the Indian economy. The upsurge in economic
recovery is expected to impact
positively on the growth story of the Indian ewnomy. The upsurge in economic
recovery is expected to strengthen further and broad based in nature.
B. INDUSTRY STRUCTURE AND DEVELOPMENT:
Standalone:
The Company is now
engaged in manufacturing of Pentanes. The Company has not witnessed growth in
Pentanes business during thk Gar.
The Company is in
process of setting up of two Manufacturing plants one for manufacturing solid
agro based briquettes and other for manufacturing liquid colorants. These have
been covered in the main Directors' Report.
FORM 8 |
Corporate
identity number of the company |
L28100MH1968PLC014156 |
|
Name of the
company |
ORICON
ENTERPRISES LIMITED |
|
Address of the registered
office or of the principal place of
business in |
1076, Dr. E Moses Road, Parijat House, Worli, Mumbai-400018,
Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Others |
|
Particular of charge
holder |
UCO Bank, UCO Bank Building, Dr. D. N. Road, Fort, Mumbai-400001,
Maharashtra, India |
|
Nature of
instrument creating charge |
Agreement
for assignment of rent Agreement
relating to term loan |
|
Date of
instrument Creating the charge |
29.12.2009 |
|
Amount secured by
the charge |
Rs. 150.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 1.00
% P.A + Above The UCO Bank Prime Lending At Present 12.25%P.A I.E 13.25% P.A Terms of
repayment The
entire term loan will be repayable in 55 equal monthly installments of Rs
3.400 millions Commencing from January 2010. Extent and
operation of the charge Rent
receivable from UTV news and Genx Entertainment Limited are charged to the
bank. |
|
Short particulars
of the property charged (Including location of the property) |
Rent
receivable from UTV news and Genx Entertainment Limited are charged to the
bank. |
STANDALONE Unaudited financial results for the Quarter ended
DECEmber 31ST, 2010
(Rs. in millions)
|
Particulars |
30.11.2010 (Unaudited) |
30.11.2009 (Unaudited) |
|
Net Sales/Income from Operations |
133.723 |
369.801 |
|
Other Operating Income |
0.000 |
0.000 |
|
Expenditure |
|
|
|
(Increase)/decrease in stock in trade and work-in
Progress |
4.093 |
(2.647) |
|
Consumption of raw materials |
31.261 |
108.187 |
|
Purchase of Traded Goods |
89.309 |
225.232 |
|
Employee Cost |
5.296 |
14.981 |
|
Depreciation |
3.392 |
10.001 |
|
Other Expenditure |
11.029 |
36.178 |
|
Total Expenditure |
144.379 |
391.932 |
|
Profit from Operations before Other Income and
Interest |
(10.656) |
(22.131) |
|
Other Income |
58.264 |
193.235 |
|
Profit Before Interest |
47.609 |
171.104 |
|
Interest |
21.813 |
65.130 |
|
Profit before Tax |
25.796 |
105.974 |
|
Tax Expenses
(including current tax, deferred taxation, fringe benefit tax and prior
period adjustments for the period) |
8.458 |
30.691 |
|
Net Profit
for the period |
17.338 |
75.283 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
183.295 |
183.295 |
|
Reserves
excluding revaluation reserves (as per last audited balance sheet) |
---- |
---- |
|
Basic and diluted
Earnings per share for the period, for the year to date (not annualized) and
for the previous year – Rs. |
0.77 |
3.91 |
|
Public
shareholding |
|
|
|
Number of
Shares |
5510772 |
5510772 |
|
Percentage of Shareholding |
30.06 |
30.06 |
|
Promoters and
promoter group shareholding |
69.94 |
69.94 |
|
Non -
encumbered Number of
Shares Percentage of
Shares (as a % of
the total shareholding of promoter and promoter
group) Percentage of
Shares (as a % of
the total share capital of the company) |
12818771 100.00 69.94 |
12818771 100.00 69.94 |
STANDALONE
SEGEMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE
LISTING AGREEMENT FOR THE QUARTER ENDED 31ST DECEMBER, 2010
(Rs. in millions)
|
Sl. No. |
|
Particulars |
Quarter Ended |
Quarter Ended |
|
|
30.09.2010 |
30.09.2010 |
||
|
|
(Un-audited) |
(Un-audited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
|
|
|
|
|
a) Petrochemical |
41.713 |
139.265 |
|
|
|
|
|
|
|
|
|
b) Trading |
90.097 |
227.230 |
|
|
|
|
|
|
|
|
|
c) Liquid Colorants |
1.913 |
3.306 |
|
|
|
|
|
|
|
|
|
Total |
133.723 |
369.801 |
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Net Sales / Income
from Operation |
133.723 |
369.801 |
|
|
|
|
|
|
|
2 |
|
Segment Results (Net Profit(+)/Loss(-) before Tax & Interest from each Segment) |
|
|
|
|
|
|
|
|
|
|
|
a) Petrochemical |
0.695 |
12.808 |
|
|
|
|
|
|
|
|
|
b) Trading |
0.750 |
3.115 |
|
|
|
|
|
|
|
|
|
c) Liquid Colorants |
0.465 |
(1.524) |
|
|
|
|
|
|
|
|
|
Total |
1.910 |
14.399 |
|
|
|
|
|
|
|
|
|
Less :Interest |
(21.813) |
(65.130) |
|
|
|
Less : Other Unallocable Expenses and Extra Ordinary Items |
45.699 |
156.700 |
|
|
|
Net Profit Before
Tax |
25.796 |
105.974 |
|
|
|
|
|
|
|
3 |
|
Capital Employed (Segment Assets - Segment Liabilities) |
|
|
|
|
|
a) Petrochemical |
54.681 |
54.681 |
|
|
|
|
|
|
|
|
|
b) Trading |
1.661 |
1.661 |
|
|
|
|
|
|
|
|
|
c) Liquid Colorants |
59.359 |
59.359 |
|
|
|
|
|
|
|
|
|
d) Unallocable |
4802.719 |
4802.719 |
|
|
|
Total |
4918.421 |
4918.421 |
NOTES :
1) The above results have been reviewed by the audit committee and
approved by the Board of Directors, at their respective meeting held on 11th
February, 2011. The same are subject to limited review by the auditors of the
Company.
2) Potential equity shares that could arise on conversion of 21,80,000
fully convertible debentures are not resulting into dilution of EPS. Hence,
they have not been considered in calculation of diluted EPS in accordance with
Accounting Standard 20 "Earning Per Share".
3) Postal ballot notice in terms of Section 192A of the Companies Act
1956, has been sent to the shareholders of the Company for seeking their
consent for sub division of shares from the face value of Rs.10/- to Rs.2/ per
share. The results of the postal ballot will be announced on Wednesday 23rd
March, 2011 at 5.00 p.m.
4) The figures of current quarter / nine months are not comparable with
the corresponding previous quarter / nine months due to amalgamation of Naman
Tradvest Private Limited (NTPL) and Zeuxite Investment Private Limited (ZIPL)
with the Company from the appointed date 1st October, 2009 and the effect of
which had been given in the audited financial result for the financial year
ended 31st March, 2010.
5) Other income includes Rs.6.456 millions being interest received on
income tax refund during the quarter.
6) Previous quarter, year to date and year's figures are regrouped /
rearranged wherever necessary to make them comparable with those of the current
period.
7) No. of investors complaints received during the quarter ended 31st
December, 2010 opening Nil, received 5 disposed off 5 and pending Nil.
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.45.27 |
|
|
1 |
Rs.72.95 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
61 |
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.