MIRA
INFORM REPORT
|
Report Date : |
11.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
ORIENT ABRASIVES LIMITED |
|
|
|
|
Registered
Office : |
1307, Chiranjiv Tower, 43, Nehru Place, New Delhi -110019 |
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|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
12.11.1971 |
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|
|
|
Com. Reg. No.: |
55-5854 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.119.652
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24299DL1971PLC005854 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RKTO00158 E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACO0221C |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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|
|
|
Line of Business
: |
Manufacturers of Fused Aluminium Oxide Grains, Calcined Products, Bonded Abrasives, Refractories, Monolithics and Waste. |
|
|
|
|
No. of Employees
: |
600 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7300000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a well – established company having satisfactory track. Trade relations are fair. Financial position of the company appears to be sound. Business is active. Payments are reported to be regular. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Amit Srivastava |
|
Designation : |
Accounts Manager |
LOCATIONS
|
Registered Office : |
1307, |
|
Tel. No.: |
91-11-26449480/ 26462225/ 26425446/ 26425447/ 46425400 |
|
Fax No.: |
91-11-26443859/ 46425444 |
|
E-Mail : |
|
|
Website : |
http://www.orientabrasives.com |
|
|
|
|
Factory 1 : |
High Alumina Raw Materials (Abrasives Grains & Power Division ) GIDC Industrial Area, Porbandar - 360 577, Gujarat, India Tel. No. 91-286-242913/ 241788/ 789/ 246064 Fax No. 91-286-242719 E Mail : oal@ad1.vsnl.net.in |
|
|
|
|
Factory 2 : |
Bonded Abrasives
Division: SP-148A, RIICO Industrial Area, Bhiwadi, District Alwar, Rajasthan, India |
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|
|
|
Factory 3 : |
Refractories Division: SP – 148B, RIICO Industrial Area, Bhiwadi, Dist. Alwar, |
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|
|
|
Factory 4 : |
13/1B, Mullathopu, Mamangam Post, |
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|
|
|
Regional offices: |
Located at: ·
·
Mumbai, ·
Kolkata, ·
· Bhadravati |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Rajendra Kumar Rajgarhia |
|
Designation : |
Chairman |
|
Date of Birth : |
14.08.1938 |
|
Date of Appointment : |
09.12.1980 |
|
Experience : |
Mr. R K Rajgarhia is an eminent industrialist with about
48 years of experience. He is the eldest brother of Company’s Managing
Director. He has been associated with the Company since 1980 as an ordinary
Director. He has been the Chairman of the Company since May, 1998. |
|
Directorship in
other Companies : |
1. APM Industries Limited 2. Perfectpac Limited 3. Gini Silk Mills Limited 4. Rajgarhia Leasing and Financial Services Private Limited |
|
|
|
|
Name : |
Mr. Rama Shankar Bajoria |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Umesh Khaitan |
|
Designation : |
Director |
|
Date of Birth : |
20.12.1948 |
|
Date of Appointment : |
11.02.1997 |
|
Experience : |
Mr. Umesh Kumar Khaitan is an accomplished Lawyer practicing
both in the Supreme Court and the High Courts. He has experience of about 42
years in the field of law. He is also on the Board of some other well known
companies. |
|
Directorship in
other Companies : |
1. United Holdings Private Limited 2. Sutlej Textiles and Industries Limited 3. Indo Continental Hotels and Resorts Limited 4. Amrit Agro Industries Limited 5. Aiyer Manis Rubber Estate Limited 6. Nehru Place Hotels Limited 7. Hindustan Everest Tools Limited 8. Ashutosh Holdings Private Limited 9. Shreeparna Holdings Private Limited 10. K and K Feast Makers Private Limited 11. Oriental Bank of Commerce 12. Ferro Alloys Corporation Limited 13. Combine Accurate Financial Services (India) Limited 14. Numero Uno Clothing Limited 15. Geepee Agri Products Private Limited 16. Combine Fin Products Private Limited |
|
|
|
|
Name : |
Mr. Tribhuvan Nath Chaturvedi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shri Gopal Rajgarhia |
|
Designation : |
Managing Director |
|
Qualification : |
B. Tech. (Hons.), S. M. (MIT) |
|
Date of Appointment : |
01.08.1973 |
|
|
|
|
Name : |
Mr. Sudhir Kumar Samarendra Narayan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Prem Prakash Khanna |
|
Designation : |
Executive director |
KEY EXECUTIVES
|
Name : |
Mr. Amit Srivastava |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Mr. B. L. Gupta |
|
Designation : |
Senior Vice President – Finance |
|
|
|
|
Name : |
Mr. Deepak C. S. |
|
Designation : |
Company Secretary |
|
Address: |
1307, |
|
Tel. No.: |
91-11-26449480/26425446/7 |
|
Fax No.: |
91-11-26443859 |
|
E-mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
No. of Shares |
Percentage |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
57,600,246 |
48.14 |
|
|
65,580 |
0.05 |
|
|
231,000 |
0.19 |
|
|
231,000 |
0.19 |
|
|
57,896,826 |
48.39 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
57,896,826 |
48.39 |
|
|
|
|
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
44,000 |
0.04 |
|
|
19,000 |
0.02 |
|
|
63,000 |
0.05 |
|
|
|
|
|
|
|
|
|
|
11,696,402 |
9.78 |
|
|
|
|
|
|
|
|
|
|
27,841,237 |
23.27 |
|
|
21,041,070 |
17.59 |
|
|
|
|
|
|
1,100,665 |
0.92 |
|
|
455,089 |
0.38 |
|
|
50,436 |
0.04 |
|
|
595,140 |
0.50 |
|
|
61,679,374 |
51.55 |
|
|
|
|
|
Total
Public shareholding (B) |
61,742,374 |
51.61 |
|
|
|
|
|
Total
(A)+(B) |
119,639,200 |
100.00 |
|
|
|
|
|
(C) Shares
held by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
|
|
|
Total
(A)+(B)+(C) |
119,639,200 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
TrustsBUSINESS DETAILS
|
Line of Business : |
Manufacturers of Fused Aluminium Oxide Grains, Calcined Products, Bonded Abrasives, Refractories, Monolithics and Waste. |
||||||||||
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|
|
||||||||||
|
Products : |
· Fused Aluminium Oxide Grains · Calcined Products · Bonded Abrasives · Refractories · Monolithics · Ceramic Paper · Waste
|
PRODUCTION STATUS (AS ON 31.03.2011);-
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Fused Aluminium Oxide Grains |
MT |
28500 |
27538 |
|
Calcined Products |
MT |
74250 |
25279 |
|
Refractories |
MT |
16000 |
15830 |
|
Monolithics |
MT |
28000 |
17334 |
|
Ceramic Paper |
Pcs |
20000 |
1476 |
|
Waste |
MT |
--- |
24564 |
|
Windmill Power |
MW |
9.6 MW/Hour |
9922 |
NOTES:
1. Production of Fused Aluminum
Oxide Grains includes 7,661 MT for captive consumption (Previous year 6,978
MT).
2. Production of Calcined Products
includes 8,530 MT for captive consumption (Previous year 36,980 MT).
3. Production of Refractories
includes Nil for captive consumption (Previous year 6 MT).
4. Production of Monolothics
includes 72 MT for captive consumption (Previous year 3231 MT).
5. Production of waste includes
521 MT used for captive consumption (Previous year 519 MT).
GENERAL INFORMATION
|
No. of Employees : |
600 Approximately |
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Bankers : |
v HDFC Bank v
State Bank of v CITI Bank v ICICI Bank v Standard Chartered Bank |
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Facilities : |
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|
|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
S. R. Batliboi and Company Chartered Accountants |
|
|
|
|
Subsidiaries : |
Orient Refractories Limited |
|
|
|
|
Other Related Parties : |
v
Perfectpac Limited v
Rajgarhia Leasing and Financial Services Private
Limited v
Pyramid Abrasives Private Limited v
Orient Abratech Private Limited v
Faridabad Paper Mills Limited v
APM Industries Limited v
Orient Abratool Private Limited v
Hindustan General Industries Limited v
Orient Coated Private Limited v
HGI Finance and Leasing Limited v
Orient Steel and Industries Limited v
Rovo Marketing Private Limited v
Rajat Leasing Limited v
Madhushree Properties Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000 |
% Redeemable Cumulative Preference shares |
Rs.100/- each |
Rs.40.000 millions |
|
120000000 |
Equity Shares |
Re.1/- each |
Rs.120.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs.160.000
Millions |
Issued, Subscribed :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
119659200 |
Equity Shares |
Re.1/- each |
Rs.119.659
millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
119639200 |
Equity Shares |
Re.1/- each |
Rs.119.639
millions |
|
Add : |
Shares Forfeited |
|
Rs.0.013
millions |
|
|
|
|
|
|
|
Total |
|
Rs.119.652 millions |
Notes:
Of the above: 104,684,300
(Previous year 104,684,3000) Equity shares of Re.1/- each are allotted as fully
paid bonus shares by capitalization of Capital Redemption Reserve, Securities
Premium and General Reserve.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
119.652 |
119.652 |
59.833 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1717.427 |
1385.520 |
1076.266 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1837.079 |
1505.172 |
1136.099 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
908.700 |
492.127 |
561.586 |
|
|
2] Unsecured Loans |
14.510 |
141.125 |
28.380 |
|
|
TOTAL BORROWING |
923.210 |
633.252 |
589.966 |
|
|
DEFERRED TAX LIABILITIES |
99.332 |
55.984 |
42.524 |
|
|
|
|
|
|
|
|
TOTAL |
2859.621 |
2194.408 |
1768.589 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1401.048 |
1189.319 |
923.875 |
|
|
Capital work-in-progress |
159.149 |
133.202 |
23.977 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.526 |
0.027 |
0.027 |
|
|
DEFERREX TAX ASSETS |
2.292 |
3.398 |
4.249 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
829.217
|
658.051
|
613.005
|
|
|
Sundry Debtors |
707.191
|
576.059
|
594.748
|
|
|
Cash & Bank Balances |
37.769
|
25.955
|
19.774
|
|
|
Other Current Assets |
39.295
|
3.920
|
3.468
|
|
|
Loans & Advances |
170.097
|
134.726
|
97.832
|
|
Total
Current Assets |
1783.569
|
1398.711
|
1328.827
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
403.593
|
302.680
|
288.547
|
|
|
Other Current Liabilities |
56.236
|
60.208
|
380.720
|
|
|
Provisions |
27.134
|
167.361
|
131.646
|
|
Total
Current Liabilities |
486.963
|
530.249
|
512.366
|
|
|
Net Current Assets |
1296.606
|
868.462
|
816.461
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2859.621 |
2194.408 |
1768.589 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3658.897 |
3217.836 |
3020.094 |
|
|
|
Other Income |
39.014 |
58.191 |
25.964 |
|
|
|
TOTAL (A) |
3697.911 |
3276.027 |
3046.058 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Trading Goods |
351.621 |
253.877 |
297.024 |
|
|
|
Raw materials consumed |
1199.332 |
918.707 |
893.034 |
|
|
|
Personnel Expenses |
305.559 |
257.564 |
243.860 |
|
|
|
Operating and other Expenses |
1168.028 |
954.638 |
945.674 |
|
|
|
Decrease/(Increase) in Inventories |
(129.161) |
43.592 |
(51.644) |
|
|
|
(Gain)/Loss on derivative contracts |
0.000 |
0.000 |
51.452 |
|
|
|
TOTAL (B) |
2895.379 |
2428.378 |
2379.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
802.532 |
847.649 |
666.658 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
78.388 |
51.573 |
79.150 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
724.144 |
796.076 |
587.508 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
129.821 |
108.061 |
97.126 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
594.323 |
688.015 |
490.382 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
125.972 |
176.365 |
171.940 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX (G-H) (I) |
468.351 |
511.650 |
318.442 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
384.534 |
312.395 |
284.934 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
300.000 |
300.000 |
200.000 |
|
|
|
Interim Dividend on Equity Shares |
119.639 |
0.000 |
0.000 |
|
|
|
Proposed Dividend on Equity Shares |
0.000 |
119.639 |
77.765 |
|
|
|
Corporate Dividend Tax |
19.871 |
19.872 |
13.216 |
|
|
BALANCE CARRIED
TO THE B/S |
413.375 |
384.534 |
312.395 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
408.078 |
311.399 |
342.492 |
|
|
|
Royalty |
3.101 |
2.338 |
1.367 |
|
|
TOTAL EARNINGS |
411.179 |
313.737 |
343.859 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
190.882 |
170.424 |
97.792 |
|
|
|
Stores & Spares |
40.669 |
39.386 |
28.193 |
|
|
|
Capital Goods |
0.804 |
2.203 |
3.580 |
|
|
|
Goods purchased for resale |
7.380 |
10.367 |
12.353 |
|
|
TOTAL IMPORTS |
239.735 |
222.380 |
141.918 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.91 |
4.28 |
2.66 |
|
QUARTERLY
RESULTS
|
PARTICULARS |
|
|
30.06.2011 |
|
Type |
|
|
1st
Quarter |
|
Net
Sales |
|
|
1016.050 |
|
Total
Expenditure |
|
|
808.250 |
|
PBIDT
(Excl OI) |
|
|
207.800 |
|
Other
Income |
|
|
6.230 |
|
Operating
Profit |
|
|
214.030 |
|
Interest |
|
|
24.430 |
|
Exceptional
Items |
|
|
0.000 |
|
PBDT |
|
|
189.600 |
|
Depreciation |
|
|
36.540 |
|
Profit
Before Tax |
|
|
153.060 |
|
Tax |
|
|
40.940 |
|
Provisions
and contingencies |
|
|
0.000 |
|
Profit
After Tax |
|
|
112.120 |
|
Extraordinary
Items |
|
|
0.000 |
|
Prior
Period Expenses |
|
|
0.000 |
|
Other
Adjustments |
|
|
0.000 |
|
Net
Profit |
|
|
112.120 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
12.67
|
15.62 |
10.45 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.24
|
21.38 |
16.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.66
|
26.58 |
21.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.46 |
0.43 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.77
|
0.77 |
0.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.66
|
2.64 |
2.59 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Subject is a manufacturer of fuses aluminium oxide grains.
It is also produces Slide gate refractory and Grinding wheels.
The company has three divisions viz, Abrasive grains division (at Porbandar,
Gujarat); Bonded Abrasive division (at Alwar Dist., Rajasthan) and Refractories
division(at Alwar Dist. Rajasthan and
The abrasive grains division manufactures calcined bauxite and aluminium oxide
which are important raw materials for refractories used by the steel industry.
The company has set up a Power plant at Porbandar with an installed capacity to
produce 4.2 MW of power for the captive consumption by its abrasive grains
division. This power plant was commissioned in August, 1998 and is now
operating at full capacity.
In the coming years Steel and Engineering industries are expected to perform
well. Which consumes company's products as raw materials.
OPERATIONS
REVIEW AND FUTURE OUTLOOK
Turnover of the Company increased to Rs.3956.800 Millions
during the year from Rs.3437.000 Millions in the previous year. However, gross
profit and net profit declined to Rs.594.300 Millions and Rs.468.400 Millions
respectively during the year as compared to Rs.688.000 Millions and Rs.511.700
Millions respectively in the previous year. General increase in raw material
costs was one of the reasons for decline in the profit. Besides, abnormal rise
in fuel costs especially of furnace oil and coal reduced the margins. Increase
in financial expenses on account of higher interest rates on borrowings and
loss on account of foreign exchange and derivative contracts as against a gain
of about Rs.34.600 Millions last year also contributed to the decrease in
profits. The Company could not absorb the increased costs by a corresponding
increase in sales price. The Company could also not achieve the expected
revenue from the wind farms due to delay in commissioning of the turbines.
Exports grew from Rs.311.400 Millions to Rs.408.000 Millions
during the year, by developing new customers and consolidating existing markets
Both the abrasive grains division and the refractory
division performed satisfactory in terms of sales. The thermal power plants at
Porbander division fulfilled a major share of the power requirements of the
Abrasives Grains Division.
The operating cost of these power plants was higher due to a
substantial rise in fuel costs.
The wind farm capacity of the Company increased to 9.6 mw
during the year. Another turbine of 1.5 mw was commissioned in June 2011
thereby making the total capacity, 11.1 mw comprising of 6 mw located in
Rajasthan and 5.1 mw in Karnataka.
The financial results of the Company in the first 4 months
of the current year was satisfactory. The directors hope that the sales and
profitability of the Company shall improve in the current year.
DEMERGER OF
REFRACTORY BUSINESS
The
Company decided to demerge its refractory undertaking situated at SP-148, RIICO
Industrial Area, Bhiwadi, Rajasthan with a view to de-risk and segregate the
refractory business from the other two businesses viz. abrasive grains and
power generation as the economic and market factors guiding the refractory
business are distinct from those applicable to the other two. The demerger will
also allow a focused strategy in operations of the Refractory Undertaking along
with providing scope for independent collaboration and expansion without
committing the existing organization in its entirety. The demerger would also
help in enhancing the stakeholder value with the two businesses growing
independently of each other as the management can formulate separate business
strategy for each considering the independent characteristics of each entity and
without being affected by the constraints faced by each other.
A
subsidiary Company named Orient Refractories Limited, was incorporated on
November 26, 2010 for this purpose. The demerger process is at an advanced
stage. The equity shareholders, secured creditors and unsecured creditors at
their respective meetings held on February 26, 2011 approved the scheme of
demerger. The final petition for demerger has been filed before the Hon’ble
High Court of Delhi at New Delhi and the date of hearing on the demerger is
fixed for September 19, 2011.
NATURE
OF OPERATIONS
Orient Abrasives Limited (‘The Company’) is engaged in the
production and selling of Fused Aluminum Oxide Grains, Calcined Products,
Refractories and Monolithics and Ceramic Paper and generation of power. The
Company has manufacturing facilities at Porbandar (Gujarat) and Bhiwadi
(Rajasthan) and Wind Power Generation facilities at Rajasthan and Karnataka and
thermal Power Generation facilities at its works at Porbandar, Gujarat.
The Company decided to demerge its refractory undertaking
situated at SP-148, RIICO Industrial Area, Bhiwadi, District Alwar, Rajasthan
(hereinafter referred as ‘Refractory Undertaking’) at the board meeting held on
December 8, 2010 and transfer the same to a subsidiary company named Orient
Refractories Limited (‘ORL’) incorporated for this purpose. The scheme of
demerger is under process before the Hon’ble High court of Delhi.
MANAGEMENT DISCUSSION AND ANALYSIS General Review The Company was incorporated in the year 1971 in New Delhi.
The Company has three business divisions namely the
Abrasives Grains Division (AGD) at Porbander, Gujarat that manufactures fused
alumina grains and calcined products, the Refractory Division (RD) that
manufactures refractories and monolithics and the Power division comprising of
thermal power plants and wind turbine generators.
The Abrasives Grains Division, the first of Company’s all
divisions, was established in the year 1974.
Thereafter the Company established the Bonded Abrasives Division
in 1980 at Bhiwadi, Rajasthan, which was divested in the year 2006-07. The
Refractory Division was set up in the year in 1985 at Bhiwadi, Rajasthan.
The Company also has a Power Division that generates
electricity for captive consumption which was set up in 1998 and expanded in
2007 with the addition of a 9 MW coal based thermal power plant. In 2010, the
Company ventured into green energy projects by setting up wind turbines. At
present the total commissioned capacity of the wind farms is 11.1 mw. The power
generated from the windmills is sold to the state electricity board with which
there are power purchase agreements in place.
BUSINESS DIVISIONS/SEGMENTS As mentioned above, the Company has three major business segments
in terms of the nature of output
i) Fused Aluminium Oxide Grains including Calcined Products
and
ii) Refractories and Monolithics and
iii) Electricity (Power Division), which have been
elucidated in the following paragraphs :
Abrasives Grains Division The Abrasives Grains Division at Porbander is the first manufacturing unit set up by the Company. The Division manufactures calcined bauxite and fused aluminium oxide abrasive grains. Raw bauxite and calcined alumina are the basic raw materials used for the manufacture of abrasive grains. Raw bauxite is procured from mines owned by the Company and others and calcined alumina is purchased from aluminium companies, hindalco Industriex Limited being prominent amongst them. A portion of these products is captively consumed by the Refractory Division at Bhiwadi and the rest is sold in the domestic market.
Refractory Division The unit manufactures various types of continuous casting and slide gate refractories, low cement castables etc. which are exclusively consumed in the steel plants.
The Refractory Division exports a fair share of its output
to various overseas customers. The major export customers are based in Egypt,
Turkey, Indonesia, Italy, Pakistan, Kingdom of Saudi Arabia, Sultanate of Oman,
Greece, Spain, Nigeria, Azerbaijan, Malaysia, Bulgaria, Thailand, Iran,
Germany, Italy etc.
Power Division
The Company has a total thermal power plant capacity of 18
MW out of which 9 MW is based on coal and 9 MW on furnace oil. The thermal
power plant based on coal is more economical and is operated at full capacity.
The electricity from this power division is meant for captive consumption by
the manufacturing division at Porbander.
Besides, as mentioned elsewhere, the Company also has wind
power generation capacity of 11.1 mw. The power generated by these plants are
sold to the respective state power distribution companies.
FINANCIALS AND INTERNAL CONTROL
The gross turnover of the Company during the year ended
March 31, 2011 increased to Rs.3956.800 Millions. Gross profit and net profit
were Rs.594.300 Millions and Rs.468.400 Millions respectively. However the
gross profit and the net profit declined due to abnormal increase under various
heads of expenditure, like fuel costs, interest on loan, and general
manufacturing and other overhead expenses. Foreign exchange fluctuation loss
and loss on derivative contracts.
The Company has an adequate internal control system which is
commensurate with its size and which adopts the best practices prevalent in the
industry. Besides conducting internal audit at regular intervals and
implementing the measures suggested from time to time there is a statutory
audit committee comprising of independent directors in place to oversee the
internal control processes in the Company. The Company has also received ISO
9001: 2000 certification for the plant at Bhiwadi.
The enterprise resource planning system (ERP) implemented in
January, 2008 at Bhiwadi to integrate the operations of various divisions of
the Company in a phased manner is operational and is yielding the desired
results.
CONCERNS AND FUTURE OUTLOOK The sales of both the abrasives grains and refractories is increasing
steadily. The demand for these products both on the domestic front and overseas
is robust. The company has adequate production capacity and technology to meet
the increased demand while maintaining the quality.
The abrasive grains division is a power intensive unit and at present it
depends on the State supplier and captive thermal power plant to fulfill its
energy needs. The in house power plant was set up to economies on the cost of
electricity and to avail uninterrupted supply. However since the cost of
generation has increased over the years due to steep rise in fuel costs, the
capacity availed from the State Electricity Board is being reviewed as an
alternative. There was an increase in demand of royalty by the Gujarat
Government for the low grade bauxite mined and exported by the Company in the
previous years, which is being contested at higher levels by all the affected
parties including the Company. The availability of abrasive grade bauxite is a
matter of concern. The reserves in our mines are depleting. The Company is
making efforts to get more mining leases. Efforts are also underway for
importing the raw material.
Except for the above concerns, the future of these manufacturing
divisions looks encouraging. The crisis in Europe and other global markets has
subsided and the export turnover is expected to grow substantially. The wind
turbines have started generation on full scale which will increase the sales
and profits in the coming years.
CONTINGENT LIABILITIES (NOT PROVIDED) IN RESPECT OF: Particulars |
31.03.2011(Rs. In Millions) |
|
|
Power claim matters decided in favour of the Company by the District Court (Civil Court, Senior Division, Porbandar) but Pashim Gujarat Vidyut Company Limited has gone into further appeal before Hon'ble High Court of Gujarat,* |
33.802 |
|
|
|
|
Sales tax and interest demand raised by Kolkata Sales tax
authorities for non- submission of declarations forms for the year 1993-94. |
0.375 |
|
|
|
|
Demand raised by the Income Tax Authorities, being
disputed by the Company |
175.669 |
|
|
|
|
Show cause issued by service tax authorities for input tax
credit availed on foreign business
auxiliary services, consulting engineer service, Telephone service and
insurance service. |
8.548 |
|
|
Demand for payment of royalty |
128.907 |
|
|
Cases pending with Labour Courts # |
(Amount unascertainable) |
* In
view of decision already in favour of company by the District Court (Civil
Court, Senior Division, Porbandar) and based on discussion with the solicitors,
the management believes that the Company has a strong chance and hence no
provision there against is considered necessary.
# In
view of large number of cases, it is not practical to disclose individual details
of all the cases. On the basis of current status of individual case and as per
legal advice obtained by the Company, wherever applicable, the Company is of
the view that no provision is required in respect of these cases.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2011
RS. IN MILLIONS
|
|
Unaudited |
|
Particulars |
For the Quarter Ended 30.06.2011 |
|
|
|
|
Gross Sales/Income from operations |
1082.311 |
|
Less: Excise Duty |
76.669 |
|
a) Net Sales / Income from Operations |
1005.642 |
|
b) Other Operating Income |
10.412 |
|
Total Income |
1016.054 |
|
|
|
|
Expenditure |
|
|
(a) (Increase)/decrease in Stock in Trade and Work in Progress |
[37.939] |
|
(b) Consumption of Raw Materials |
345.990 |
|
(c) Power and Fuel |
110.382 |
|
(d) Stores and spares consumed |
133.673 |
|
(e) Employees Cost |
66.835 |
|
(f) Purchase of traded goods |
87.638 |
|
(g) Depreciation |
36.543 |
|
(i) Other Expenditure |
101.665 |
|
Total Expenditure |
844.787 |
|
|
|
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
171.267 |
|
Other Income |
6.226 |
|
Profit/(Loss) before Interest and Exceptional items |
177.493 |
|
Interest |
24.427 |
|
Profit / (Loss) after interest before Exceptional items |
153.066 |
|
Exceptional Items |
-- |
|
Profit / (Loss) From
Ordinary activities before Tax |
153.066 |
|
Tax Expenses |
|
|
Provision fro tax including differed tax |
40.944 |
|
Net Profit/(Loss) for the period |
112.172 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
119.652 |
|
Reserves (Excluding Revaluation Reserves) |
-- |
|
|
|
|
Public Share Holding |
|
|
Before
Extraordinary Items |
|
|
-Basic/ Diluted |
0.94 |
|
|
|
|
Average of Public Share Holding |
|
|
- Number of Shares |
58475659 |
|
- Percentage of shareholding |
48.88 |
|
|
|
|
Promoters and
Promoter group share holding |
|
|
a) Pledged / Encumbered |
|
|
- Number of Shares |
NIL |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
NA |
|
- Percentage of shares(as a % of the total share capital of the company) |
NA |
|
|
|
|
b) Non-encumbered |
|
|
- Number of Shares |
61163541 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100 |
|
- Percentage of Share (as a % of the total share capital of the company) |
51.12 |
NOTES:
1.
Financial results for the were reviewed by the Audit
Committee and the Auditors and approved by the Board of Directors at its
meeting held on July 30, 2011.
2.
There were no investors complaints outstanding at
the beginning of the quarter. During the quarter, 5 complaints were received
and disposed of
3.
The company has opted not to publish the
consolidate financial results for the quarter.
4.
Previous year figures have been regrouped, wherever
considered necessary.
5.
The company has filed final position for approval
of the scheme of demerger of the refractory business with Hon’ble high court
of
6.
Includes from discounting operations (refractory
business being demerged) Rs. 99.600 Millions (Previous year Rs.88.332
Millions.)
7.
Includes from discontinuing operations (refractory
business being demerged) Rs.68.408 Millions (Previous quarter Rs.56.926
Million)
8.
Another with turbine of 1.5 mw was commissioned on
June 27, 2011 in Karnataka making the total commissioned capacity fo wind
farms, 11 lmw.
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED REPORTING FOR THE QUARTER ENDED
30.06.2011 AND FOR THE YEAR ENDED 31.03.2011
RS. IN MILLIONS
|
|
Particulars |
For the Quarter Ended 30.06.211 |
|
1 |
Segment Revenue |
|
|
|
A. Fund
Aluminium Oxide Grains including calcined products |
326.630 |
|
|
B. Refractories and
monolithics |
737.877 |
|
|
C. Power
Division |
112.472 |
|
|
Total |
1176.979 |
|
|
Add: Unallocated
corporate income |
0.163 |
|
|
Less: inter
segment revenue |
154.861 |
|
|
Net sales / income from operations |
1022.281 |
|
|
|
|
|
2. |
Segment results (Profit before interest and tax) |
|
|
|
A. Fund
Aluminium Oxide Grains including calcined products |
56.386 |
|
|
B. Refractories
and monolithics |
123.452 |
|
|
C. Power
Division |
13.327 |
|
|
Total |
193.165 |
|
|
Add: Interest |
24.427 |
|
|
Less:
Unallocated expenditure net off unallocable income |
15.672 |
|
|
Profit before tax |
153.066 |
|
|
|
|
|
3. |
Capital employed |
|
|
|
A. Fund
Aluminium Oxide Grains including calcined products |
894.943 |
|
|
B. Refractories and
monolithics |
1060.774 |
|
|
C. Power
Division |
942.568 |
|
|
D. Others |
[949.082] |
|
|
|
|
|
|
Total |
1949.203 |
FIXED ASSETS
v Land (Leasehold, Freehold and Improvement)
v Building
v Plant and Machinery
v Furniture and Fixture
v Office Equipments
v Vehicles
BUSINESS
DESCRIPTION
Subject
is an India-based company. It is engaged in the production
and selling of fused aluminium oxide grains, calcined products, refractories
and monolithics, and ceramic paper, and generation of power. The Company
operates in three divisions: fused aluminium oxide grains including calcined
products, refractories and monolithics and electricity (power division). The
abrasives grains division manufactures calcined bauxite and fused aluminium
oxide abrasive grains, raw bauxite and calcined alumina are the basic raw
materials used for the manufacture of abrasive grains. The refractory division
is engaged in manufacturing of continuous casting, slide gate refractories and
low cement castables. The Company has a total thermal power plant capacity of
18 megawatt out of which 9 megawatt is based on coal and 9 of furnace oil. Its
manufacturing facilities are located at Porbandar (Gujarat), Bhiwadi
(Rajasthan) and power generation facilities at Rajasthan and Karnataka. For the
nine months ended 31 December 2010, subject’s revenues increased 9% to RS2.65B.
Net income decreased 18% to RS319M. Revenues reflects an increase in income
from refractories and monolithics segment. Net income was offset by an increase
in consumption of raw materials, higher power and fuel expense, a rise in
employee cost, higher interest expenses and an increase in depreciation
expense.
BOARD
OF DIRECTORS:
Mr.
Rajendra Kumar Rajgarhia
Mr. Rajendra Kumar Rajgarhia is Non-Executive Non
Independent Chairman of the Board of Subject. He is an eminent industrialist
with about 48 years of experience. He is the eldest brother of Company’s
Managing Director. He has been associated with the Company since 1980 as an
ordinary Director. He has been the Chairman of the Company since May, 1998. He
is Director of APM Industries Limited, Perfectpac Limited, Perfectpac Limited.
Mr.
Tribhuvan Nath Chaturvedi
Mr. Tribhuvan Nath Chaturvedi is Non-Executive Independent
Director of Subject. Mr. T. N. Chaturvedi is a chartered accountant qualified
in the year 1987. He is a senior partner of a reputed Chartered. Accountants'
firm having 22 years of experience in institutional finance, corporate
restructuring, financial due diligence, auditing, corporate law and taxation.
He is on the Board of Directors of Punjab National Bank and other several
listed companies and is also chairman of their audit committees.
Mr.
Umesh Kumar Khaitan
Mr. Umesh Kumar Khaitan is Non-Executive Independent
Director of Subject. He is an accomplished Lawyer practicing both in the
Supreme Court and the High Courts. He has experience of about 42 years in the
field of law. He is also on the Board of some other well known companies. He is
Director of United Holdings Private Limited, Sutlej Textiles and Industries
Limited, Indo Continental Hotels and Resorts Limited, Amrit Agro Industries
Limited, Aiyer Manis Rubber Estate Limited, Estate Limited.
Mr.
Prem Prakash Khanna
Mr. Prem Prakash Khanna is Non Independent Wholetime
Director of Subject. Mr. P. P. Khanna is a qualified engineer with the degrees
BSc, BE and AMIE. He has been associated with Orient Abrasives Limited for the
last 47 years i.e since inception in various capacities. Mr. Khanna made
contribution in setting up various manufacturing divisions of the Company,
especially that in Porbander. He was previously employed in Hindustan Motors
Ltd. as a Works Manager for 10 years.
Mr.
Sudhir Kumar Samarendra Narayan
Mr. Sudhir Kumar Samarendra Narayan is Non-Executive
Independent Director of Subejct. He has exposure of 40 years in the various steel
plants in India like the Rourkela Steel Plant, Vishakhapatnam Steel Plant and
the Bokaro Steel Plant. He retired as Director (Commercial) of Vizag Steel
Plant in 2003 after serving there for over 14 years. He was responsible for
commissioning of all the units of the said steel plant.
Mr.
Gopal Rajgarhia
Mr. Shri Gopal Rajgarhia is Managing Director, Non
Independent Executive Director of Subject. He is a entrepreneur and an
accomplished industrialist having 40 years of experience. He is a chemical engineer
by profession; did his post graduate studies in USA acquiring a Masters degree
from Massachusetts Institute of Technology (USA). He has been associated with
the Company since inception and has been the Executive/Managing Director for
the last 38 years.
NEWS:
ORIENT
ABRASIVES GETS NOD FOR PROPOSED SCHEME OF DEMERGER
Accord Fintech (India): 20
September 2011
India, Sept. 20 -- Orient Abrasives has received an approval for the proposed scheme of demerger between Orient Abrasives and Orient Refractories. The company has received an approval from High Court of Delhi in a hearing held on September 19, 2011. The appointed date of the scheme is April 01, 2011.Orient Abrasives offers a wide range of Refractory and Monolithic products for the iron and steel industry, which enjoys large domestic and international clientele. An in-house R&D facility supports the division's product development initiatives. This makes OAL the preferred choice for quality products.
ORIENT
ABRASIVES SPURTS ON GETTING NOD FOR PROPOSED SCHEME OF DEMERGER
20 September 2011
India, Sept. 20 -- Orient Abrasives is currently trading at
Rs.34.75, up by 1.00 points or 2.96% from its previous closing of Rs.33.75 on
the BSE. The scrip opened at Rs.34.50 and has touched a high and low of
Rs.35.30 and Rs.34.15 respectively. So far 9482 shares were traded on the
counter. The BSE group 'B' stock of face value Rs.1 has touched a 52 week high
of Rs.42.65 on 11-Nov-2010 and a 52 week low of Rs.27.00 on 24-Sep-2010.Last
one week high and low of the scrip stood at Rs.35.50 and Rs.33.60 respectively.
The current market cap of the company is Rs.4037.800 Millions. The promoters
holding in the company stood at 51.12% while Institutions and Non-Institutions
held 0.05% and 48.82% respectively.�Orient Abrasives has received an approval
for the proposed scheme of demerger between Orient Abrasives and Orient
Refractories. The company has received an approval from High Court of Delhi in
a hearing held on September 19, 2011. The appointed date of the scheme is April
01, 2011.Orient Abrasives offers a wide range of Refractory and Monolithic
products for the iron and steel industry, which enjoys large domestic and
international clientele. An in-house R&D facility supports the division's
product development initiatives. This makes OAL the preferred choice for
quality products.
UPDATES
ON SCHEME OF ARRANGEMENT
19 September 2011
India, Sept. 19 -- Orient Abrasives Limited has informed BSE that the Honble High Court of Delhi was, in a hearing held on September 19, 2011, pleased to approve the Scheme of Demerger between Orient Abrasives Limited and Orient Refractories Limited. The appointed date of the scheme is April 01, 2011.
ORIENT
ABRASIVES BOARD DECLARES INTERIM DIVIDEND
10 March 2011
India, March 10 -- Orient Abrasives has informed that the board of directors of the company at its meeting held on March 09, 2011, has declared interim dividend at Re.1 per equity share of Re 1 each of the company. The above information is part of the company's filing submitted to the BSE.
BOARD
DECLARES INTERIM DIVIDEND
09 March 2011
India, March 09 -- Orient Abrasives Limited has informed BSE that the Board of Directors of the Company at its meeting held on March 09, 2011, has declared interim dividend @ Re. 1 (100%) per equity share of Re.1 each 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,
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.49.38 |
|
|
1 |
Rs.79.20 |
|
Euro |
1 |
Rs.67.84 |
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 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
no |
|
--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 |
|
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.