MIRA
INFORM REPORT
|
Report Date : |
09.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
ORIENT PAPER AND INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Unit VIII, Plot
No. 7, Bhoinagar, |
|
|
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|
Country : |
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|
Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
25.07.1936 |
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|
|
|
Com. Reg. No.: |
15-000117 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.204.879
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L21011OR1936PLC000117 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDO00346D |
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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
: |
Manufacturer and Seller of Cement, Paper, Electrical
Consumer Durables, Chemicals, Industrial Blowers and Air Pollution Control
Equipments. |
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|
|
|
No. of Employees
: |
2739 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 17000000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track. The rating takes into consideration company’s improved financial risk
profile marked by fair profitability achieved by the company during financial
year 2014 and sound liquidity position of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply
with the requirements under the listing agreements with the Stock Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Instrument Commercial Paper = A1 |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
06.10.2014 |
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
31-03-2014.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-33-22483406)
LOCATIONS
|
Registered Office : |
Unit VIII, Plot
No. 7, Bhoinagar, Bhubaneswar – 751012, Orissa, India |
|
Tel. No.: |
91-674-2396930/
2392947 |
|
Fax No.: |
91-674-2396364 |
|
E-mail : |
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|
Website: |
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Principal
Office: |
9/1, R. N.
Mukherjee Road, Kolkata – 700001, West Bengal, India |
|
Tel. No.: |
91-33-22480135/
22131680/ 30573700/ 30410900 |
|
Fax No.: |
91-33-22430490 |
|
E-mail : |
|
|
|
|
|
Mills : |
ORIENT PAPER Mills ö P.O.:- Amlai Paper Mills, District Shahdol - 484117, Madhya Pradesh, India Tel No.:- 91-7652-286275/ 286277 Fax:- 91-7652-286274 E-mail: unit_amlai@orientpaperindia.com ö P.O.:- Brajrajnagar, District Jharsuguda - 768216, Orissa, India ORIENT FANS ö 6, Ghore Bibi Lane, Kolkata - 700054, West Bengal, India Tel No.:- 91-33-23203614/ 15/ 16/ 19 Fax :- 91-33-23205246 E-mail: custcare@orientfans.com ö 11, Industrial Estate, Sector – 6, Faridabad - 121006, Uttar Pradesh, India Tel No.:- 91-129-4283000 Fax:- 91-129-4283030 E-mail: custcare@orientfans.com |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. C.K. Birla |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Manohar Lal Pachisia |
|
Designation : |
Managing Director |
|
Address : |
8/12, Alipore Road, Kolkata – 700027, West Bengal, India |
|
Date of Appointment |
23-09-1997 |
|
|
|
|
Name : |
Mr. B.K. Jhawar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. Ghosh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Michael
Bastian |
|
Designation : |
Nominee – IDBI |
|
Address : |
Cecilia, 1186, 22nd Cross, 14th Main, HSR Layout, Sector III,
Bangalore- 560034, Karnataka, India |
|
Date of Appointment |
27-10-2009 |
|
|
|
|
Name : |
Mr. N. S. Sisodia |
|
Designation : |
Director |
KEY EXECUTIVES
|
BOARD COMMITTEES |
|
|
Audit Committee : |
v
A. Ghosh (Chairman) v
B. K. Jhawar v Michael Bastian v N. S. Sisodia |
|
|
|
|
Shareholders/Investors Relation Committee : |
v
Michael Bastian v M.L. Pachisia |
|
|
|
|
Remuneration Committee : |
v
B.K. Jhawar v Michael Bastian |
|
|
|
|
Committee of Directors : |
v
M.L. Pachisia v B.K. Jhawar |
|
Corporate Social Responsibility |
v
M.L. Pachisa v
B.K. Jhawar |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
7371250 |
3.60 |
|
|
70958672 |
34.64 |
|
|
78329922 |
38.23 |
|
|
|
|
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
78329922 |
38.23 |
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
25088254 |
12.25 |
|
|
148960 |
0.07 |
|
|
4000 |
0.00 |
|
|
22877671 |
11.17 |
|
|
545355 |
0.27 |
|
|
48664240 |
23.75 |
|
|
|
|
|
|
|
|
|
|
36215637 |
17.68 |
|
|
|
|
|
|
|
|
|
|
30497007 |
14.89 |
|
|
6133385 |
2.99 |
|
|
5028569 |
2.45 |
|
|
29040 |
0.01 |
|
|
1317289 |
0.64 |
|
|
3682240 |
1.80 |
|
|
77874598 |
38.01 |
|
|
|
|
|
Total Public shareholding (B) |
126538838 |
61.77 |
|
|
|
|
|
Total (A)+(B) |
204868760 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
204868760 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million 
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Cement, Paper, Electrical Consumer
Durables, Chemicals, Industrial Blowers and Air Pollution Control Equipments. |
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|
Products : |
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GENERAL INFORMATION
|
No. of Employees : |
2739 (Approximately) |
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Bankers : |
Not Available |
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Facilities : |
(Rs.
In Millions)
Note: LONG TERM
BORROWING Above term Loan
is secured / to be secured by first pari-passu charge on the fixed assets
(both present and future) pertaining to the Paper plants at Amlai , Brajrajnagar
and certain assets pertaining to Electrical Division. The above Term Loan
carries interest @ 13.00 % p.a. and is repayable in 20 equal quarterly
installments starting from June 28, 2014. SHORT TERM
BORROWING 1. Cash credit / Packing Credit ( including Working Capital Demand
Loans) from banks is secured / to be secured against hypothecation of stock
in trade, stock in progress, raw materials, stores and chemicals, book debts
and other current assets of the Company and second charge on fixed assets of
the Company and is repayable on demand. The above loans carries interest @
10.50% p.a. to 11.10% p.a. (9.95 % p.a. to 12.30% p.a) 2. Term Loans from Banks / Others carry interest @ 10.75% & 11.50%
p.a. and are repayable in 89 days & 180 days respectively. 3. Buyers Credit carries interest @ 1.13% to 1.54% (1.52 % p.a. to
2.32 % ) p.a and is repayable in 180 days. |
|
|
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|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Company Chartered Accountants |
|
Address : |
22, Camac Street, Block C, 3rd Floor, Kolkata - 700016,
West Bengal, India |
|
|
|
|
Associates : |
· Central India and Industries Limited |
|
|
|
|
Enterprises
owned or significantly influenced by key management personnel or their
relatives |
· Origami Products · Origami · Origami Tissues · Origami Ventures · Origami Cellulo Private Limited · Origami Enterprises |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000000 |
Equity Shares |
Rs.1/- each |
Rs.750.000 Millions |
|
2500000 |
Preference Shares |
Rs.100/- each |
Rs.250.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1000.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
204888000 |
Equity Shares |
Rs.1/- each |
Rs.204.888
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
|
|
|
|
|
204869000 |
Equity Shares |
Rs.1/- each |
Rs.204.869
Millions |
|
|
Add : Forfeited Shares (Amount
Originally Paid-Up) |
|
Rs.0.010
Million |
|
|
|
|
|
|
|
Total |
|
Rs.204.879 Millions |
NOTE:
(a) Reconciliation of
the shares outstanding at the beginning and at the end of the reporting period
Equity shares
|
Particulars |
31.03.2014 |
|
|
|
Number of Shares [In Lacs] |
Amount in Millions |
|
At the beginning of the period |
2048.69 |
204.869 |
|
Issued during the period - on conversion of share warrants |
-- |
-- |
|
Shares forfeited during the year |
-- |
-- |
|
Outstanding at the end of the period |
2048.69 |
204.869 |
(b) Terms/ rights
attached to equity shares
The Company has only one class of equity shares having a par value of Rs.1 per share. Each holder of equity 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 31 March 2014, the amount of per share dividend recognized as distributions to equity shareholders was Rs.0.10 per shares including interim dividend of Rs.1.00 per share.
In the event of
liquidaton of the Company, the holders of equity 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 equity shares
held by the shareholders.
(c) Details of
shareholders holding more than 5% shares in the company
|
Particulars |
31.03.2014 |
|
|
Name of the
shareholders |
Number in lacs |
% holding in the class |
|
Equity shares of Rs.1 each fully paid |
|
|
|
Central India Industries Limited |
506.44 |
24.72% |
|
Reliance Capital Trustee Company Limited A/c Reliance Growth Fund |
133.42 |
6.51% |
|
Shekhavati Investments and Traders Limited |
123.21 |
6.01% |
As per of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
204.879 |
204.879 |
204.879 |
|
(b) Reserves & Surplus |
4124.576 |
4179.755 |
10980.836 |
|
(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) |
4329.455 |
4384.634 |
11185.715 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
400.000 |
0.000 |
1489.052 |
|
(b) Deferred tax liabilities (Net) |
74.107 |
79.332 |
1462.349 |
|
(c) Other long term liabilities |
335.142 |
327.888 |
8.743 |
|
(d) long-term provisions |
188.442 |
187.312 |
189.354 |
|
Total Non-current Liabilities (3) |
997.691 |
594.532 |
3149.498 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2871.629 |
3052.884 |
2367.861 |
|
(b) Trade payables |
3049.017 |
2139.360 |
2217.107 |
|
(c) Other current
liabilities |
739.076 |
718.068 |
2943.376 |
|
(d) Short-term provisions |
189.370 |
171.495 |
438.780 |
|
Total Current Liabilities (4) |
6849.092 |
6081.807 |
7967.124 |
|
|
|
|
|
|
TOTAL |
12176.238 |
11060.973 |
22302.337 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5177.074 |
5465.642 |
12205.198 |
|
(ii) Intangible Assets |
7.630 |
10.625 |
113.842 |
|
(iii) Capital work-in-progress |
17.414 |
49.677 |
1442.733 |
|
(iv) Expenditure on Expansion/ New Projects
(Pending allocation) |
7.129 |
5.790 |
292.058 |
|
(b) Non-current Investments |
89.024 |
89.744 |
90.165 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
230.038 |
150.611 |
369.705 |
|
(e) Trade
Receivables |
61.682 |
0.000 |
0.000 |
|
(f) Other Non-current assets |
8.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
5597.991 |
5772.089 |
14513.701 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
784.414 |
|
(b) Inventories |
1629.067 |
1332.178 |
1964.266 |
|
(c) Trade receivables |
4233.275 |
3290.242 |
3469.505 |
|
(d) Cash and cash
equivalents |
253.460 |
180.615 |
514.919 |
|
(e) Short-term loans and
advances |
370.498 |
420.420 |
989.397 |
|
(f) Other current assets |
91.947 |
65.429 |
66.135 |
|
Total Current Assets |
6578.247 |
5288.884 |
7788.636 |
|
|
|
|
|
|
TOTAL |
12176.238 |
11060.973 |
22302.337 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15766.342 |
12695.181 |
24906.374 |
|
|
|
Other Income |
395.112 |
176.691 |
222.949 |
|
|
|
TOTAL (A) |
16161.454 |
12871.872 |
25129.323 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6429.922 |
5913.295 |
7394.668 |
|
|
|
Purchases of Stock-in-Trade |
3586.460 |
1959.953 |
1250.041 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(177.448) |
(91.410) |
(138.922) |
|
|
|
Employees benefits expense |
1455.371 |
1226.608 |
1467.630 |
|
|
|
Other expenses |
4013.194 |
3757.618 |
10665.131 |
|
|
|
TOTAL (B) |
15307.499 |
12766.064 |
20638.548 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
853.955 |
105.808 |
4490.775 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
371.235 |
191.891 |
423.322 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
482.720 |
-86.083 |
4067.453 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
468.125 |
367.104 |
884.004 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
14.595 |
-453.187 |
3183.449 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(27.769) |
(130.838) |
1060.691 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
42.364 |
(322.349) |
2122.758 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1304.340 |
1700.658 |
1050.400 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
1000.000 |
|
|
|
Dividend |
20.487 |
20.487 |
0.200 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
397.700 |
|
|
|
Dividend on ordinary shares |
0.000 |
0.000 |
10.000 |
|
|
|
Capital Redemption Reserves |
3.482 |
3.482 |
64.600 |
|
|
|
Total
(M) |
73.969 |
73.969 |
1472.500 |
|
|
BALANCE CARRIED
TO THE B/S |
1272.735 |
1304.340 |
1700.658 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1552.526 |
1083.777 |
898.152 |
|
|
TOTAL EARNINGS |
1552.526 |
1083.777 |
898.152 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
560.249 |
270.210 |
303.131 |
|
|
|
Components and Stores parts |
29.529 |
23.349 |
43.537 |
|
|
|
Trading goods |
32.641 |
125.487 |
50.120 |
|
|
|
Capital Goods |
27.793 |
132.239 |
78.239 |
|
|
TOTAL IMPORTS |
650.212 |
551.285 |
475.027 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.21 |
(1.57) |
10.94 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.26 |
(2.50) |
8.45 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.09 |
(3.57) |
12.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.12 |
(4.15) |
15.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
(0.10) |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.76 |
0.70 |
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96 |
0.87 |
0.98 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
204.879 |
204.879 |
204.879 |
|
Reserves & Surplus |
10980.836 |
4179.755 |
4124.576 |
|
Net
worth |
11185.715 |
4384.634 |
4329.455 |
|
|
|
|
|
|
long-term borrowings |
1489.052 |
0.000 |
400.000 |
|
Short term borrowings |
2367.861 |
3052.884 |
2871.629 |
|
Total
borrowings |
3856.913 |
3052.884 |
3271.629 |
|
Debt/Equity
ratio |
0.345 |
0.696 |
0.756 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
24906.374 |
12695.181 |
15766.342 |
|
|
|
(49.028) |
24.192 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
24906.374 |
12695.181 |
15766.342 |
|
Profit |
2122.758 |
(322.349) |
42.364 |
|
|
8.52% |
(2.54)% |
0.27% |
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 |
Yes |
|
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 |
No |
|
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 |
Yes |
|
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 Miscellaneous Applications (CMAPL) 34 of 2009 Grasim Industries Vs. Orient Paper and Industries Limited Pet’s Adv.: -- Res’s Adv.: -- Last Listed On: No Date Mentioned Category: OTHERS Case Status As on: Tuesday, September 22, 2009. |
UNSECURED
LOAN
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
SHORT TERM
BORROWING |
|
|
|
Other Loans and Advances |
|
|
|
Term Loan |
|
|
|
From a Bank |
400.000 |
0.000 |
|
From Others |
500.000 |
0.000 |
|
Commercial Paper |
|
|
|
From a Bank |
0.000 |
100.000 |
|
From Others |
0.000 |
1350.000 |
|
Buyers Credit |
118.282 |
134.745 |
|
Loan from resulting company under the Scheme of Arrangement |
0.000 |
465.598 |
|
|
|
|
|
Total |
1018.282 |
2050.343 |
CORPORATE INFORMATION
Subject is a public
Company domiciled in India and incorporated under the provisions of the
Companies Act, 1956. Its shares are listed on two stock exchanges in India. The
Company is primarily engaged in manufacture & sale of Paper, Electrical
Consumer Durables, Chemicals, Industrial Blowers and Air Pollution Control
Equipments. The Company presently has manufacturing facilities at Amlai,
Brajrajnagar, Faridabad, Noida & Kolkata. The Cement Undertaking of the
Company had been transferred during the previous year to Orient Cement Limited
on going concern basis w.e.f. April 01, 2012 pursuant to the scheme of
arrangement approved by the Hon’ble Orissa High Court.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2014
|
Sr. No. |
Particulars |
30.06.2014 (Unaudited) |
|
|
1 |
Income From
Operations |
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
3812.458 |
|
|
|
b. Other Operating Income |
118.464 |
|
|
|
Total Income from
Operations (Net) |
3930.922 |
|
|
2 |
Expenditure |
4177.042 |
|
|
|
Increase / Decrease (+) in stock in trade and work in progress |
(204.872) |
|
|
|
Purchases of Traded Goods |
672.942 |
|
|
|
Consumption of raw material |
1839.094 |
|
|
|
Consumption of stores, chemical and spares |
169.303 |
|
|
|
Power and Fuel |
290.211 |
|
|
|
Employees benefits expenses |
401.176 |
|
|
|
Packing, Freight and Forwarding Charges |
2242.201 |
|
|
|
Depreciation and Amortisation Expenses |
105.813 |
|
|
|
Total Expenses |
679.174 |
|
|
3 |
Profit from Operations
before Other Income, Interest and Exceptional Items |
(246.120) |
|
|
4 |
Other Income |
16.394 |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
(229.726) |
|
|
6 |
Finance Costs |
106.165 |
|
|
7 |
Profit from ordinary
activities after finance costs & exceptional items |
(335.891) |
|
|
8 |
Exceptional items |
0.000 |
|
|
9 |
Profit from
ordinary activities before tax |
|
|
|
10 |
Tax Expense |
|
|
|
|
- Income Tax |
(112.948) |
|
|
|
- Deferred Tax |
0.000 |
|
|
11 |
Net Profit from
ordinary activity after tax |
(222.943) |
|
|
12 |
Extraordinary Items |
0.000 |
|
|
13 |
Net Profit After
Tax |
(222.943) |
|
|
14 |
Paid-up equity share capital (face value of Rs.1/- per share) |
204.879 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
-- |
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
-- |
|
|
|
Basic EPS |
(1.09) |
|
|
|
Diluted EPS |
(1.09) |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
17 |
Public Shareholding |
|
|
|
|
- No. of shares |
126538838 |
|
|
|
- Percentage of shareholding |
61.77% |
|
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- No. of shares |
-- |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
-- |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
--- |
|
|
|
b) Non-encumbered |
|
|
|
|
- No. of shares |
78329922 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
38.23% |
|
|
|
Investor Complaints |
3 months ended 30.06.2014 |
|
|
- Pending at the beginning of the quarter |
NIL |
|
|
- Received during the quarter |
1 |
|
|
- Disposed of during the quarter |
1 |
|
|
Remaining unresolved at the end of the quarter |
NIL |
Note :
1. Limited Review of the above quarterly results has been carried out by the statutory auditors of the Company.
2.
Provision against demand for Water Tax,
which had been referred to by the auditors in their report on accounts for the
year ended 31st March, 2014 has been paid / provided to the extent of liability
admitted by the Company for the period upto April, 2009 i.e. the period prior
to new agreement (effective from May, 2009) entered into with the Water
Resources Department. No provision against the balance demand of Rs. 31079.10
lacs (including compounded interest & penalty),based on latest bill
received from the department, has been made since the Company's application for
waiver thereof is under consideration by the Government of Madhya Pradesh.
3. Other expenditure for the quarter ended 30th June 2014 includes Rs.244.622 Millions incurred towards promotion of new brand namely Orient Electric at the Company's Electrical Consumer Durables division.
4. Effective from April 1, 2014, the Company has charged depreciation based on the revised remaining useful life of the assets as per the requirement of Schedule II of the Companies Act 2013. Due to above, depreciation charge for the quarter ended 30th June 2014 is lower by Rs. 9.887 Millions. Further, based on transitional provision provided in Note 7(b) of Schedule II, an amount of Rs. 25.317 Millions (net of deferred Tax) has been adjusted with retained earnings.
5. Tax expenses / credit include deferred tax, MAT Credit (Entitlement) / Reversal and Income Tax refund in respect of earlier years.
6. There were no exceptional and extraordinary items during the quarter ended 30th June '2014
7. Previous period figures have been regrouped / rearranged wherever necessary.
8. The figures for the quarter ended 31st March, 2014 are the balancing figures between audited figures in respect of the full financial year ended 31st March, 2014 and the unaudited published year-to-date figures upto 31st December, 2013, being the end of the third quarter of the previous financial year, which were subjected to a limited review.
9. The above results were reviewed by the Audit Committee and taken on record by the Board of Directors of the Company at their respective meetings held on 22nd July, 2014.
OVERALL ECONOMY
GDP growth rate
for the year is estimated to have come down below 5%. Manufacturing sector has
been affected even more and has registered only a negligible growth. Progress on
infrastructure development has also been far below expectations. As a result,
demand for most product segments has been virtually stagnant. On the other hand
cost of most inputs has continued to rise putting pressure on margins.
However, we still
believe in the inherent strength of the Indian economy and are convinced that
we shall soon return to a period of good growth and achieve our potential.
They have utilised
this period of slowdown to improve our efficiencies and cost competitiveness
which has enabled us to achieve a good growth and improved bottom line.
These efforts are
being intensified even further with a view to continuosly EVOLVE towards a more
sustainable and profitable future.
OUTLOOK
Fans
Fan division has
further strengthened its position as one of the market leaders in the Domestic
market and continues to be the leader in the export arena. Continuous
improvement in distribution network resulting in deeper penetration,
introduction of new models for emerging segments and continued special focus on
weaker geographical areas are expected to overcome the risks and concerns. In
the international markets also we expect to consolidate our performance further
in the already developed markets and
entering potential
new markets.
A well laid out
marketing plan, including the recently launched new identity of the brand shall
help to further consolidate its position in India. Continued association with
the Celebrity Cricketer, Shri Mahendra Singh Dhoni, has helped in the brand
getting readily recalled at the retail level. Planned investments in terms of
market promotion in relatively weak markets will continue to be made so as to
improve our share in these
markets.
Overall the Fan
division is well placed to manage the competition and economic uncertainties
while capitalizing on
emerging
opportunities.
Lighting
The company has
further augmented its production capacity at Faridabad for CFLs. We had also
started our
own manufacturing
unit for PCBs for CFLs at Noida during 2012-13. This facility is now working at
its full capacity. We intend to produce most of the PCBs in-house during
2014-15 under own design for all major categories of CFLs sold by us. This will
help us to further improve the quality with stringent QC norms. We have also
commenced design and manufacture of ballasts for linear fluorescent lamps and
drivers for LEDs in the same plant in view to run the plant to its optimum
potential.
APPLIANCES
They plan to
introduce several new SKUs and continue their products already. These key
cities contribute about 62% of focus on 45 key cities in which we have launched
these the potential. All the resources in terms of marcom, manpower etc. will
be channelized in these focused cities to achieve critical mass.
CONTINGENT
LIABILITIES: (RS. IN MILLIONS)
|
Particulars |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
a) Outstanding bank guarantees |
152.713 |
94.834 |
|
b)
Demands/claims by various Government authorities and others not acknowledged
as debts and contested by the Company: |
|
|
|
Excise Duty |
158.830 |
152.318 |
|
Sales Tax |
50.596 |
59.573 |
|
Income Tax |
2.489 |
272.977 |
|
Water Tax |
508.623 |
397.640 |
|
Cess on Captive Power Consumption |
362.566 |
128.920 |
|
Escot Charges |
-- |
-- |
|
Others |
412.219 |
490.407 |
|
Against the
above, payments have been made under protest and/ or debts have been withheld
by respective parties. |
614.346 |
70.273 |
Note:
* Based on
discussions with the solicitors/ favourable decisions in similar cases/legal opinions
taken by the Company, the management believes that the Company has a good
chance of success in above-mentioned cases and hence, no provision there
against is considered necessary.
c) Outstanding
claims from employees not acknowledged as debts, including Bonus claims under
adjudication and wages for suspension period at Brajrajnagar Unit.
d) The Company has filed a writ petition in the High Court of Jabalpur,
contesting the order of Commissioner Commercial Tax in the case of IOC Limited
regarding taxability of furnace oil at par with diesel. Pending final disposal
of this matter, the Company is unable to ascertain the impact of the order, if
any, on the accounts of the Company.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10495880 |
27/05/2014 |
750,000,000.00 |
INDUSIND BANK LTD. |
SAVITRI TOWERS, 3A, UPPER WOOD STREET, KOLKATA, W |
C04816898 |
|
2 |
10491082 |
26/03/2014 |
500,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MA |
C04000774 |
|
3 |
10199483 |
25/03/2013 * |
3,468,300,000.00 |
STATE BANK OF INDIA (LEAD BANK) |
Commercial Branch, Kolkata, 24, Park Street, Kolk |
B72213002 |
* Date of charge modification
FIXED ASSETS
· Freehold Land
· Leasehold Land
· Factory Buildings
· Railway Sidings
· Plant and equipment
· Furniture and fixtures
· Office equipment
· Vehicles
· Computer software
· Mining Rights
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.61.46 |
|
|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.77.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ART |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
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.