MIRA INFORM REPORT

 

 

Report Date :

20.05.2014

 

IDENTIFICATION DETAILS

 

Name :

OCL INDIA LIMITED (w.e.f. 23.01.1996)

 

 

Formerly Known As :

ORISSA CEMENT LIMITED

 

 

Registered Office :

AT/PO - Rajgangpur, Sundargarh – 770017, Orissa

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

11.10.1949

 

 

Com. Reg. No.:

15-000185

 

 

Capital Investment / Paid-up Capital :

Rs.113.850 Millions

 

 

CIN No.:

[Company Identification No.]

L26942OR1949PLC000185

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALO00890B

 

 

PAN No.:

[Permanent Account No.]

AAACP1354J

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.

 

 

Line of Business :

Manufactures and Sells of Cement and Refractory Products.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (64)

 

RATING

STATUS

PROPOSED CREDIT LINE

 

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

 

 

Maximum Credit Limit :

USD 42000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a well-established company having fine track.

 

The rating reflects healthy financial risk profile marked by adequate liquidity position and fair profitability of the company.

 

Trade relations are reported as fair. Business is active. Payment 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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

 

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

 

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

 

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

 

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

 

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

 

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

 

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

 

Indian Oil Corporation plans to invest Rs.7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

 

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Long Term Loans: AA-

Rating Explanation

High degree of safety and very low credit risk.

Date

September, 2013

 

 

Rating Agency Name

ICRA

Rating

Commercial Paper: A1+

Rating Explanation

Very Strong degree of safety and lowest credit risk. 

Date

September, 2013

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

INFORMATION DECLINED

 

MANAGEMENT NON CO-OPERATIVE

 

Contact No.:91-6624-221212

 

 

LOCATIONS

 

Registered Office/ Cement and Refractory Works :

AT/PO - Rajgangpur, Sundargarh District – 770 017, Orissa, India

Tel. No.:

91-6624 221212/ 24220121 (4 Lines)

Fax No.:

91-6624 220133/ 24220933

E-Mail :

oclrpg@cal.vsnl.net.in

skjain@oclindia.com

sunilkumar@oclindia.com

ocl_rajgangpur@ocl.in

Website :

http://www.oclindia.com

http://www.ocl.in

 

 

Kapilas Cement Works:

Cuttack-753004, Orissa, India

 

 

Branch Office :

17th, Floor, Narain Manzil, 23 Barakhamba Road, New Delhi-110001, India

 

DIRECTORS

 

(AS ON 31.03.2013)

 

Name :

Mr. Pradip Kumar Khaitan

Designation :

Chairman

 

 

Name :

Mr. Gaurav Dalmia

Designation :

Managing Director

 

 

Name :

Mr. D. N. Davar

Designation :

Director

 

 

Name :

Mr. (Dr). S. R. Jain

Designation :

Director

 

 

Name :

Mr. (Dr). Ramesh C. Vaish

Designation :

Director

 

 

Name :

Mr. Puneet Yadu Dalmia

Designation :

Director

 

 

Name :

Mr. V. P. Sood

Designation :

Director

 

 

Name :

Mr. D. D. Atal

Designation :

Whole Time Director and Chief Executive Office

 

 

KEY EXECUTIVES

 

Name :

Mr. M. H. Dalmia

Designation :

Presidents

 

 

Name :

Mr. R. H. Dalmia

Designation :

Presidents

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

(AS ON 31.03.2014)

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

168874

0.30

Bodies Corporate

27312107

48.00

Any Others (Specify)

12798564

22.49

 

 

 

Trusts

12798564

22.49

Sub Total

40279545

70.79

 

 

 

(2) Foreign

 

 

Individuals (Non-Residents Individuals / Foreign Individuals)

2354310

4.14

Sub Total

2354310

4.14

 

 

 

Total shareholding of Promoter and Promoter Group (A)

42633855

74.93

 

 

 

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

17500

0.03

Financial Institutions / Banks

62500

0.11

Foreign Institutional Investors

226773

0.40

Sub Total

306773

0.54

 

 

 

(2) Non-Institutions

 

 

Bodies Corporate

6641804

11.67

 

 

 

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs.0.100 Million

5648932

9.93

Individual shareholders holding nominal share capital in excess of Rs.0.100 Million

1402618

2.47

Any Others (Specify)

266238

0.47

Non Resident Indians

180498

0.32

Foreign Nationals

17080

0.03

Clearing Members

68660

0.12

Sub Total

13959592

24.53

 

 

 

Total Public shareholding (B)

14266365

25.07

 

 

 

Total (A)+(B)

56900220

100.00

 

 

 

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

(1) Promoter and Promoter Group

0

0.00

(2) Public

0

0.00

Sub Total

0

0.00

 

 

 

Total (A)+(B)+(C)

56900220

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufactures and Sells of Cement and Refractory Products.

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

Not Available

 

 

GENERAL INFORMATION

 

Suppliers :

Not Available

 

 

Customers :

Not Available

 

 

No. of Employees :

Not Available

 

 

Bankers :

·         United Bank of India

·         State Bank of India

·         Punjab National Bank

·         UCO Bank

·         AXIS Bank Limited

·         International Finance Corporation

·         Export-Import Bank of India Limited

·         Yes Bank Limited

 

 

Facilities :

Secured Loan

31.03.2013

(Rs. in Millions)

31.03.2012

(Rs. in Millions)

Long Term Borrowing

 

 

Redeemable Non-Convertible Debentures

 

 

Syndicate Bank @ 9.40% (Redeemable during 2014-15 to 2016-17)

110.000

110.000

Life Insurance Corporation of India @ 10.80% (Redeemable during 2014-15 to 2016-17)

600.000

600.000

Indian Overseas Bank @ 10.50% (Redeemable during 2012-13)

0.000

0.000

Term Loans - From Banks

 

 

State Bank of India (Repayable in 32 quarterly installments from Dec, 10)

425.549

521.949

State Bank of India #

(Repayable in 24 quarterly instalments from Dec, 12)

639.308

0.000

State Bank of India #

(Repayable in 31 quarterly instalments from June, 15)

130.000

0.000

Punjab National Bank (Repayable in 32 quarterly installments from Dec, 10)

0.000

520.708

Export Import Bank of India (Repayable in 27 quarterly installments from June, 10)

187.204

255.278

Export Import Bank of India (Foreign Currency Loan) (Repayable in 27 quarterly installments from June, 10)

238.229

305.028

Axis Bank Limited (Repayable in 20 quarterly installments from Mar, 10)

150.000

349.999

United Bank of India (Repayable in 24 quarterly installments from Apr, 11)

250.004

333.336

United Bank of India (Repayable in 32 quarterly installments from Apr, 11)

606.245

727.497

From Others

 

 

International Finance Corporation (Repayable in 13 half yearly installments from Oct, 10)

947.078

1262.770

PTC India Financial Services Limited (Repayable in 32 quarterly installments from Jan, 11)

0.000

286.750

 

 

 

Short Term Borrowings

 

 

Loans repayable on demand

Cash Credits from Banks*

1304.049

778.202

Other Loans and Advance

Buyers credit from Banks $

1117.546

0.000

 

 

 

Total

 

6705.212

6051.517

NOTE:

 

Long Term Borrowings

 

# Secured by First pari passu charge by way of mortgage and hypothecation over all immovable properties and moveable fixed assets of Cement Division, (both present and future) and further secured by second pari pasu charge on all current assets of the Company.

$ Secured by First charge on fixed assets of the Cement Division of Company , both present and future to be shared pari passu with the providers of the other debt and existing lenders, further secured by way of second pari pasu charge on current assets of Cement Division.

@ Secured by First ranking mortgage on all immovable and movable, present and future assets related to the Cement Division (excluding Current Assets) to be shared pari passu with other lenders in respect of other debts and existing secured lenders to the Cement Division in respect of the existing debt.

 

Short Term Borrowings

*Working capital facilities (fund based and non-fund based limits) are secured by first pari passu charge over stocks, stores, raw materials, inventories, work in progress, finished goods and also book debts, bills and moneys receivable of the Company by way of hypothecation.

 

These facilities are further secured by second charge over the fixed assets of the Cement Division of the Company.

 

$ Buyers credit is secured by subservient charges on moveable fixed assets of cement division of the company.

 

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

V. Sankar Aiyar and Company

Chartered Accountants

Address :

Flat No.: 202, 203 and 301, Satyam Cinema Complex, Ranjit Nagar Community Centre, New Delhi – 110008, India 

Tel No.:

91-11-25702074/ 25702691/ 25704639

Fax No.:

91-11-25705010

Email :

newdelhi@vsa.co.in

 

 

Subsidiary Company :

·         OCL Global Limited (w.e.f 01.01.2013)

 

 

Step Down Subsidiary :

·         OCL China Limited (w.e.f 01.01.2013)

 

 

Enterprises over which key management personnel are able to exercise significant influence:

·         Hari Machines Limited

·         Dalmia Bharat Seva Trust

·         Dapel Investments Private Limited 

·         Dalmia Institute of Scientific and Research (DISIR)

·         Dalton International Limited

·         Agrico Limited

·         Dalmia Cement (Bharat) Limited

·         Landmark Property Development Company Limited

·         Shree Natraj Ceramic and Chemical Industries Limited

·         Chirawa Navyuvak Trust

·         Astir Properties Private Limited 

·         Dalmia Shiksha Pratishthan, Landmark Landholdings Private Limited 

·         Dalmia Bharat Sugar and Industries Limited 

·         Dalmia Bharat Limited (Formally Dalmia Bharat Enterprise Limited),

·         DCB Power Ventures Limited 

·         Calcom Cement India Limited 

·         Debikay Systems Limited,

·         Kiran Resources Private Limited 

 

 

CAPITAL STRUCTURE

 

(AS ON 31.03.2013)

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100000

Equity Shares

Rs.100/- each

Rs.10.000 Millions

70000000

Equity Shares

Rs.2/- each

Rs.140.000 Millions

 

Total

 

 

Rs.150.000 Millions

 

Issued Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

63631805

Equity Shares

Rs.2/- each

Rs.127.264 Millions

 

 

 

 

 

Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

56900220

Equity Shares

Rs.2/- each

Rs.113.800 Millions

 

Add: Shares Forfeited Account

 

Rs.0.050 Millions

 

Total

 

 

Rs.113.850 Millions

 

a) Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period

 

Particulars

31.03.2013

No of Shares

(In Lakhs)

Rs. in Millions

Ordinary Shares outstanding at the beginning of the year

569.00

113.800

Ordinary Shares outstanding at the beginning of the year

-

-

Ordinary Shares bought back during the year

-

-

Ordinary Shares outstanding at the end of the year

569.00

113.800

 

b) Terms/ rights attached to ordinary shares

 

The Company has issued only one class of ordinary shares having a par value of Rs.2/- per share. Each holder of ordinary shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

 

During the year ended 31st March 2012, the amount of dividend per share recognised for distribution to ordinary shareholders is Rs.2/- (Previous year: Rs.4/- per share).

 

In event of liquidation of the company, the holders of ordinary shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts.

 

The distribution will be in proportion to the number of ordinary shares held by the shareholders.

 

c) Details of shareholders holding more than 5% shares in the Company

 

Name of the Shareholders

31.03.2013

 

No of Shares held

(In Lakhs)

% of Holding

Mridu Hari Dalmia (C/o M H Dalmia Parivar Trust)

122.56

21.54%

Dalmia Cement (Bharat) Limited

258.15

45.37%

Dharti Investments and Holdings Limited

35.06

6.16%

 

d) Aggregate number of bonus shares issued and shares bought back during the period of five years immediately preceding the reporting date: Nil.

 

In respect of shares issued for consideration other than cash, 1,23,52,500/- ordinary shares of Rs.2/- each fully paid up where alloted during the year 2007-08 to the shareholders of erstwhile Dalmia Cement (Meghalaya) Limited pursuant to a scheme of arrangement for merger.

 

 

LISTING DETAILS:

 

 

Subject Stock Code :

 

BSE : 502165

 

NSE : OCL

 

 

Stock Exchange Place :

·         Bombay Stock Exchange Limited and

·         The National Stock Exchange of India Limited

 

Listed Date :

 

Not Available

 

 

 

 

 

FINANCIAL DATA

[All figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.        EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

113.850

113.850

113.850

(b) Reserves & Surplus

10,272.812

8,916.452

8,730.313

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1)+(2)

10,386.662

9,030.302

8,844.163

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

4,325.914

5,324.468

6,567.991

(b) Deferred tax liabilities (Net)

1,295.224

1,204.680

1,143.545

(c) Other long term liabilities

317.999

198.333

172.210

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

5,939.137

6,727.481

7,883.746

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

2,464.438

795.694

845.414

(b) Trade payables

1,609.733

1,104.229

1,182.333

(c) Other current liabilities

2,988.803

2,512.102

2,490.421

(d) Short-term provisions

134.703

163.144

300.823

Total Current Liabilities (4)

7,197.677

4,575.169

4,818.991

 

 

 

 

TOTAL

23,523.476

20,332.952

21,546.900

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

10,467.262

10,625.384

9,975.115

(ii) Intangible Assets

45.593

10.338

9.412

(iii) Capital work-in-progress

1,363.946

1,481.842

2,711.313

(iv) Intangible assets under development

3.106

3.960

3.103

(b) Non-current Investments

621.239

488.582

75.886

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

384.901

89.955

240.528

(e) Other Non-current assets

2.702

4.599

3.957

Total Non-Current Assets

12,888.749

12,704.660

13,019.314

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

2,651.872

1,274.280

0.000

(b) Inventories

3,525.425

2,602.517

2,540.551

(c) Trade receivables

1,749.503

1,206.878

1,314.337

(d) Cash and cash equivalents

1,402.458

1,328.171

3,901.890

(e) Short-term loans and advances

1,270.198

1,149.016

751.445

(f) Other current assets

35.271

67.430

19.363

Total Current Assets

10,634.727

7,628.292

8,527.586

 

 

 

 

TOTAL

23,523.476

20,332.952

21,546.900

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income/ Revenue from Operations

18,172.889

14,704.350

14,850.241

 

 

Other Income

253.140

331.514

243.013

 

 

TOTAL                                     (A)

18,426.029

15,035.864

15,093.254

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

4,468.651

4,664.702

4,421.296

 

 

Purchases of Stock-in-Trade

773.466

236.781

240.119

 

 

Freight, clearing and Gandling on own Clinker

265.800

130.707

158.176

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(1,037.117)

443.707

(315.648)

 

 

Employees benefits expense

965.921

760.840

711.483

 

 

Power and Fuel

3,172.274

2,695.562

2,654.278

 

 

Other expenses

5,397.882

3,698.637

3,839.513

 

 

TOTAL                                     (B)

14,006.877

12,630.936

11,709.217

 

 

 

 

 

Less

PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

4,419.152

2,404.928

3,384.037

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

770.410

749.350

638.322

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

3,648.742

1,655.578

2,745.715

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

1,384.339

1,275.807

1,227.523

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX (E-F)                   (G)

2,264.403

379.771

1,518.192

 

 

 

 

 

Less

TAX                                                                  (H)

700.544

61.670

373.459

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX (G-H)                    (I)

1,563.859

318.101

1,144.733

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1957.091

1918.617

1185.775

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Proposed Dividend

85.350

113.801

227.601

 

 

Tax on proposed, Interim dividend

179.832

18.461

1144.733

 

 

Transfer to Debenture Redemption Reserve

12.367

27.365

27.367

 

 

Transfer to General Reserve

1200.000

120.000

120.000

 

BALANCE CARRIED TO THE B/S

2043.401

1957.091

810.807

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Goods exported (F.O.B. Value)

351.515

412.252

304.026

 

 

Interest receipt

0.040

0.000

1.382

 

 

Service charges

13.037

13.326

9.928

 

 

UK Vat refund

0.023

0.032

0.018

 

 

Sale of Goods on High Seas

0.797

0.000

0.000

 

TOTAL EARNINGS

365.412

425.610

315.354

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

1725.287

691.456

580.710

 

 

Components and Spare parts

470.114

86.586

82.245

 

 

Capital Goods

14.921

18.540

10.076

 

TOTAL IMPORTS

2210.322

796.582

673.031

 

 

 

 

 

 

Earnings Per Share (Rs.)

27.48

5.59

20.12

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)

7.92

2.12

7.16

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

12.46

2.58

10.22

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

10.51

2.07

8.09

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.22

0.04

0.17

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.65

0.68

0.84

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.48

1.67

1.77

 

 

 

 

 

 

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

 

Particular

31.03.2011

31.03.2012

31.03.2013

 

(INR in Mlns.)

(INR in Mlns.)

(INR in Mlns.)

Share Capital

113.850

113.850

113.850

Reserves & Surplus

8730.313

8916.452

10272.812

Net worth

8844.163

9030.302

10386.662

 

 

 

 

long-term borrowings

6567.991

5324.468

4325.914

Short term borrowings

845.414

795.694

2464.438

Total borrowings

7413.405

6120.162

6790.352

Debt/Equity ratio

0.838

0.678

0.654

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2011

31.03.2012

31.03.2013

 

(INR in Mlns)

(INR in Mlns)

(INR in Mlns)

 Revenue from Operations

14,850.241

14,704.350

18,172.889

 

 

(0.982)

23.589

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2011

31.03.2012

31.03.2013

 

(INR in Mlns)

(INR in Mlns)

(INR in Mlns)

 Revenue from Operations

14,850.241

14,704.350

18,172.889

Profit

1,144.733

318.101

1,563.859

 

7.71%

2.16%

8.61%

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report

 (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

No

8]

No. of employees

No

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

-----

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

-----

22]

Litigations that the firm / promoter involved in

Yes

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

-----

26]

Buyer visit details

-----

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

No

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

------------------------------------------------------------------------------------------------------------------------------

 

HIGH COURT OF ORISSA

 

CASE STATUS INFORMATION SYSTEMS

 

CASE STATUS: PENDING

 

Status of Other Tax Applications (OTAPL) 5 of 2014

 

Commissioner, Central Vs. M/s OCL India Limited

 

Pet’s Adv.: Mrinalini Padhi, Sr. S.C.

 

Res’s Adv.: --

 

Last Listed On: Tuesday, May 13, 2014

 

Category: Motor Accident claim Matters Relating to Other Injuries.

 

Case status as on: Monday, May 12, 2014

 

 

------------------------------------------------------------------------------------------------------------------------------

 

UNSECURED LOANS

 

Particulars

31.03.2013

(Rs. in Millions)

31.03.2012

(Rs. in Millions)

 

 

 

Long Term Borrowing

 

 

Public Deposits - Related Parties

0.000

1.500

Public Deposits- Others

42.297

49.653

Short Term Borrowings

 

 

Public Deposits

- Other than Related Parties

42.843

17.492

 

 

 

Total

 

85.140

68.645

 

 

OPERATIONS

 

The operational results of the current year vis a vis the previous year have registered an increase of 24% in net sales and 84% and 122% in the operating profits and profit before depreciation and tax, respectively.

 

 

EXPANSION AND FUTURE PLANS

 

The Company has been progressing well with the project of setting up a 1.35 MnTPA cement manufacturing unit in West Bengal. Civil construction work has been progressing well and erection work is planned to be started shortly. The target for commissioning is set for March, 2014.

 

The Company is also setting up a 2.5 MW Solar Power Plant for use of green energy and to trade in power market to harness Solar certificate. The plant is expected to be commissioned by December, 2013.

 

The Company is also in the process of setting up 4.2 MW Waste Heat Recovery Power Plant at Rajgangpur, attached to Line-II clinkerisation plant, to generate power from waste heat of the cement unit. Order is likely to be placed by June, 2013.

 

This cogeneration plant will meet cogeneration obligation of their 2x27 MW Captive Power Plant. All the formalities in this regard are being completed.

 

The Company is identifying the opportunities for manufacturing special refractories with the use of Japanese Technology for supplying the same to the Indian Steel Industry. The company has also started working in the area of raw material security by exploring various possibilities, e.g., mining and manufacturing of synthetic raw materials.

 

 

PROGRESS UPON CAPTIVE COAL BLOCK

 

Radhikapur (West) Coal Mining Private Limited, the joint venture company incorporated for development of coal block at Radhikapur, District Angul, Odisha along with Rungta Mines Limited and Ocean Ispat Private Limited, the Joint Venture partners, is in the process of obtaining statutory clearances like Environmental and Forest Clearance. The process of issuance of TOR and Forest Right Acts formalities have already been completed. The land acquisition process is yet to start by Odisha Industrial Infrastructure Development Corporation for which Company has already deposited the necessary advance money. The process of statutory clearance is slow due to the reasons beyond control.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

BUSINESS PERFORMANCE OVERVIEW

 

FY13 was yet another year of profitable growth in OCL India’s sustained journey of delivering stakeholder value. Following a year of weak performance and tough business environment, FY13 was marked with all round growth across Company’s operations. Financially, the Company recorded both high revenues and impressive profitability. Operationally the year was marked with heightened operational efficiency, power self-sufficiency and  stabilization of existing operations.

 

OPERATIONAL Performance:

 

Subject has been at the forefront of Eastern India’s cement sector. The Company has a 4 MnTPA cement plant at Rajgangpur (Odisha), 1.35 MnTPA cement plant at Kapilas (Odisha) and a 1,06,400 Tonne PA refractory plant at Rajgangpur (Odisha). During the year, the Company’s operational performance was the best, considering the challenges which the Company had faced.

 

FINANCIAL PERFORMANCE:

 

Subject registered one of its best performances during the year. The Company posted a decent Net Sales growth of 24% from Rs.14580 000 Millions in FY12 to Rs.18090.000 Millions in FY13. The EBITDA grew by a strong 84% from Rs.2400 000 Millions to rs.4410.000 Millions on account of better capacity utilization, operational cost control and better sales realization. The Net Profit recorded a robust growth of 388% from Rs.320.000 Millions in FY 12 to Rs.1560.000 Millions in FY13.

 

This strong performance came at the back of a gloomy FY 2012 which witnessed a weak performing 4th quarter. The production, dispatch and sales were lowest during FY 12 owing to temporary suspension of Lanjiberna Limestone and Dolomite mines between January to March 2012. Subject had put its best foot forward and years of experience to post a rebound in performance in FY13. While posting a profitable growth, company maintained its consistent track record of providing dividends to its shareholders. The Directors have recommended a final dividend of Rs.1.50 per equity share of Rs.2/- each in addition to interim dividend of Rs.2.50 per equity share, making a total of Rs.4/- (200%) per equity share. This is the 58th consecutive year of dividend declaration since 1955.

 

 

CONTINGENT LIABILITIES

 

Contingent Liability not provided for, in respect of: -

 

Particulars

31.03.2013

 

31.03.2012

 

(Rs. In Millions)

(i) Claims against the Company not acknowledged as debts

 

 

(a) Disputed liability relating to ESI Contribution on overtime wages and other allowances

5.595

7.259

(b) Disputed liability relating to PF Contribution on certain allowances

7.122

9.497

(c) Disputed liability relating to payment of premium on forest land used for Mining purpose

15.413

15.413

(d) For Pollution Control Board, Orissa

0.886

1.182

(e) Disputed claim for supply of Refractories

15.630

15.630

(f) Disputed liabilities relating to Railway for enhanced Godown rent and over loading penal charges

17.591

12.319

(g) Disputed Sales Tax demand(including interest and penalty)-matter under appeal

62.900

70.707

(h) Disputed Entry Tax demand-matter under appeal

14.966

12.273

(i) Disputed Excise matters

426.549

398.067

(j) Disputed counterclaim in Arbitration matter

0.000

46.826

(k) disputed liabilities relating to purchases of electricity

35.892

--

(I) Others

36.304

22.118

(ii) Other monies for which the Company is contingently liable :

 

 

(a) Disputed liability relating to labour matters-pending in Courts

0.457

0.457

(b) Disputed liability relating to Land matters-pending in Courts

3.951

6.201

(c) Others

7.850

7.850

(iii) Disputed liability in respect of Income Tax demands

30.288

85.546

In respect of items above, future cash outflows in respect of contingent liabilities are determinable only on receipt of judgments / decisions pending at various forums / authorities.

 

 

(iv) (a) Guarantee given to Banks for loan facilities on behalf of OCL Global Ltd (USD 15.88 Lakhs) an associate concern.

--

81.830

(b) Guarantee given to Banks on behalf of OCL China Ltd (USD 15.00 Lakhs)

--

77.295

(c) Guarantee given to Banks on behalf of Radhikapur (West) Coal Mining Private Limited against which counter guarantee of Rs.561.00 Lakhs has been received from OISL

107.600

107.600

 

 

INDEX OF CHARGES:

 

S.

No.

Charge ID

Date of Charge Creation/

Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10477022

11/03/2014 *

2,000,000,000.00

INTERNATIONAL FINANCE CORPORATION

2121, PENNSYLVANIA AVENUE, NW, WASHINGTON DC, WASHINGTON DC, - 20433, UNITED STATES OF AMERICA

C00407759

2

10440970

11/03/2014 *

250,000,000.00

UNITED BANK OF INDIA

UNITED TOWER( GROUND FLOOR), NO.11, HEMANTA BASUSARANI, KOLKATA, West Bengal - 700001, INDIA

C00342261

3

10414992

11/03/2014 *

250,000,000.00

AXIS BANK LIMITED

2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA

C00353102

4

10412512

11/03/2014 *

500,000,000.00

UNITED BANK OF INDIA

UNITED TOWER( GROUND FLOOR), NO.11, HEMANTA BASU SARANI, KOLKATA, West Bengal - 700001, INDIA

C00339879

5

10370546

19/07/2012

195,265,000.00

State Bank of India

SME Branch, Bisra Chowk, Rourkela, Orissa - 769001, INDIA

B45671591

6

10369352

15/02/2013 *

1,500,000,000.00

YES BANK LIMITED

9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra - 
400018, INDIA

B69189561

7

10355003

09/05/2012

600,000,000.00

Axis Bank Limited

STATESMAN HOUSE, 2ND FLOOR, 148, BARAKHAMBA ROAD, 
NEW DELHI, DELHI - 110001, INDIA

B39415948

8

10345331

05/03/2012

400,000,000.00

Axis Bank Limited

STATESMAN HOUSE, 2ND FLOOR, 148, BARAKHAMBA ROAD, 
NEW DELHI, DELHI - 110001, INDIA

B36194231

9

10175596

11/03/2014 *

970,000,000.00

UNITED BANK OF INDIA

CORPORATE FINANCE BRANCH, 106-109, ANSAL TOWER, 1ST FLOOR, 38, NEHRU PLACE, NEW DELHI- 110019, INDIA

C00604264

10

10153194

22/02/2009

50,000,000.00

State Bank of India

COMMERCIAL BRANCH, ROURKELA, BISRA CHOWK, DISTRICT: SUNDERGARH, ORISSA - 769001, INDIA

A60104478

11

10153198

11/03/2014 *

2,138,500,000.00

STATE BANK OF INDIA

SME BRANCH,ROURKELA, BIRSA CHOWK, DISTRICT SUNDAR 
GARH, ODISHA, ORISSA - 769001, INDIA

C00425819

12

10142197

01/10/2010 *

400,000,000.00

Axis Bank Limited

STATESMAN HOUSE, 2ND FLOOR, 148, BARAKHAMBA ROAD, 
NEW DELHI, DELHI - 110001, INDIA

A99076655

13

10093278

11/03/2014 *

500,000,000.00

UNITED BANK OF INDIA

CORPORATE FINANCE BRANCH, 106-109, ANSAL TOWER, 1ST FLOOR, 38, NEHRU PLACE, NEW DELHI 110019, INDIA

C00601112

14

10086807

11/03/2014 *

600,000,000.00

Axis Bank Limited

AXIS HOUSE, 2ND FLOOR, WADIA INTERNATIONAL CENTRE, PANDURANG BUDHKAR MARG WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA

C00556456

15

10084603

11/03/2014 *

2,052,000,000.00

INTERNATIONAL FINANCE CORPORATION

2121, PENNSYLVANIA AVENUE, NW, WASHINGTON DC, WASHINGTON DC, - 20433, UNITED STATES OF AMERICA

C00437095

16

10085535

11/03/2014 *

1,000,000,000.00

EXPORT-IMPORT BANK OF INDIA

FLOOR 21, CENTRE ONE BUILDING, WORLD TRADE CENTRE 
, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA

C00612663

17

10039649

11/03/2014 *

1,000,000,000.00

AXIS BANK LIMITED

2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA

C00347856

18

90080218

25/02/2005 *

387,900,000.00

PUNJAB NATIONAL BANK

LARGE CORPORATE BRANCH, A-9; CONNAUGHT PLACE, NEW 
DELHI - 110001, INDIA

-

19

80020108

05/01/2004

369,300,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH, BISRA CHOWK, ROURKELA, Orissa 
- 769011, INDIA

-

20

80044047

22/02/2006 *

185,700,000.00

UTI BANK LIMITED

BRANCH OFFICE AT 148, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA

-

21

90079658

25/06/1999

259,500,000.00

UNITED BANK OF INDIA

12/4 ASAT ALI ROAD, NEW DELHI, Delhi, INDIA

-

22

80010393

11/03/2014 *

3,000,000,000.00

United Bank of India

15 C, HEMANTA BASU SARANI, KOLKATA, WEST BENGAL - 
700001, INDIA

C00435941

 

* Date of charge modification

 

 

FIXED ASSETS:

 

Tangible Assets

·         Land

·         Land under lease

·         Buildings

·         Plant and Equipment

·         Plant and Equipment under lease

·         Furniture and Fixtures

·         Vehicles

·         Office equipments

·         Railway Line

·         Live Stock

 

Intangible Assets

·         Computer software

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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.58.86

UK Pound

1

Rs.98.82

Euro

1

Rs.80.79

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

7

--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

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

64

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.