MIRA INFORM REPORT

 

 

Report No. :

335696

Report Date :

07.08.2015

 

IDENTIFICATION DETAILS

 

Name :

ORICON ENTERPRISES LIMITED

 

 

Registered Office :

1076, Dr. E Moses Road, Parijat House, Worli, Mumbai-400018, Maharashtra

Tel. No.:

91-22-24964656-60

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

07.12.1968

 

 

Com. Reg. No.:

11-014156

 

 

Capital Investment / Paid-up Capital :

Rs. 314.149 Million

 

 

CIN No.:

[Company Identification No.]

L28100MH1968PLC014156

 

 

IEC No.:

0306044048

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUM002754D

 

 

PAN No.:

[Permanent Account No.]

AAAC00480F

 

 

Legal Form :

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

 

 

Line of Business :

Subject is engaged in business of manufacturing of Pentanes, Liquid Colorants, and Pet Bottles and Coal briquettes an alternate fuel product for industries.

 

 

No. of Employees :

100 (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

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company having satisfactory track record.

 

The rating reflects company’s established track record of business operations supported by revenue diversification and it’s above average financial risk profile along with low gearing and healthy net worth position.

 

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 condition.

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long term rating BBB-

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

08.06.2015

 

Rating Agency Name

CRISIL

Rating

Short term rating A3

Rating Explanation

Moderate degree of safety and higher credit risk.

Date

08.06.2015

 

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 31-03-2013.

 

INFORMATION PARTED BY

 

Name :

Ms. Himangini

Designation :

Accounts Department

Contact No.:

91-22-24964656

Date :

05.08.2015

 

 

LOCATIONS

 

Registered Office :

1076, Dr. E Moses Road, Parijat House, Worli, Mumbai-400018, Maharashtra, India

Tel. No.:

91-22-24964656-60

Fax No.:

91-22-24963055

E-Mail :

share@oriconenterprises.com

share@ocl-india.com

sanjayjain@ocl-india.com

Website :

www.oriconenterprises.com 

Location:

Owned

 

 

Factory 1 :

Village Savroli, Khopoli - 410 203,      District – Raigad, Maharashtra, India.

 

 

Factory 2 :

 A - 2/G MIDC, Murbad, District- Thane, Maharashtra, India.

 

 

DIRECTORS

 

As on 31.03.2014

 

Name :

Mr. Susheel G Somani

Designation :

Chairman

Address :

Olympus Apartment, Altamount Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

10.10.1941

Date of Appointment :

02.12.1969

Election ID No :

MT/04/024/354226

DIN No :

00601727

 

 

Name :

Mr. Surendra Somani

Designation :

Director

Address :

Shree Niketan, 5th Floor, 86-A, N S Road, Mumbai-400002, Maharashtra, India

Date of Birth/Age :

21.10.1954

Date of Appointment :

07.11.1976

Election ID No :

MT/04/024/306381

DIN No :

00600860

 

 

Name :

Mr. Sevantilal J Parekh

Designation :

Director

Address :

Bhartiya Bhavan, N S Road, Mumbai-400002, Maharashtra, India

Date of Birth/Age :

21.07.1932

Date of Appointment :

03.08.1985

DIN No :

00010767

 

 

Name :

Mr. Sanjay Doshi

Designation :

Director

Address :

502, Manav Sthal, Gokuldhan, Goregaon (East), Mumbai-400063, Maharashtra, India

Date of Birth/Age :

20.06.1960

Date of Appointment :

April, 2002

DIN No :

00039107

 

 

Name :

Mr. Balkishan Toshniwal

Designation :

Whole Time Director

Address :

G5, Styanarayan Bhawan, Dr. R. G. Thandhani Marg, Worli Seaface, Mumbai-400018, Maharashtra, India

Date of Birth/Age :

22.01.1951

Date of Appointment :

01.03.1997

DIN No :

00048019

 

 

Name :

Mr. Rajendra Somani

Designation :

Managing Director

Address :

Shree Niketan, 5th Floor, 86-A, N S Road, Mumbai-400002, Maharashtra, India

Date of Birth/Age :

18.02.1948

Date of Appointment :

September, 1995

DIN No :

00332465

 

 

Name :

Mr. Vinod Mimani

Designation :

Director

Address :

71, Giri-Kunj, Marine Drive, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

07.06.1950

Date of Appointment :

06.08.1997

DIN No :

00053976

 

 

Name :

Mr. Karthik Atherya

Designation :

Director

Address :

Ramkrishna Sadan, Sir Pochkanwala Road, Mumbai-400018, Maharashtra, India

Date of Birth/Age :

29.04.1974

Date of Appointment :

29.01.2008

 

 

Name :

Mr. Shivrtan J Taparia

Designation :

Director

Address :

Konark Gardens, 6, Burodwan Road, Kolkata-700027, West Bengal, India

Date of Birth/Age :

07.08.1945

Date of Appointment :

02.08.1977

DIN No :

00112513

 

 

Name :

Mr. Adarsh Somani

Designation :

Director

Address :

G 15, Sheetal Cooperative Housing Society Limited, Seven Bunglows, Andheri (West), Mumbai-400053, Maharashtra, India

Date of Birth/Age :

20.04.1974

Date of Appointment :

23.05.2008

DIN No :

00192609

 

 

Name :

Mr. Vishnu Narain Khanna

Designation :

Whole Time Director

Address :

502, Gayatri Apartments, Hindu Colony, Dadar, Mumbai-400014, Maharashtra, India

Date of Birth/Age :

03.09.1932

Date of Appointment :

05.09.1993

DIN No :

00064502

 

 

KEY EXECUTIVES

 

Name :

Mr. Sanjay Jain

Designation :

Company Secretary

Address :

Shree Niketan, 5th Floor, 86-A, N S Road, Mumbai-400002, Maharashtra, India

Date of Birth/Age :

17.12.1965

Date of Appointment :

01.02.2001

 

 

Name :

Ms. Himangini

Designation :

Accounts Departments

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.06.2015

 

Names of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

92295529

58.77

http://www.bseindia.com/include/images/clear.gifBodies Corporate

12856660

8.19

http://www.bseindia.com/include/images/clear.gifSub Total

105152189

66.96

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

105152189

66.96

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

2501945

1.59

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

10000

0.01

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

18142338

11.55

http://www.bseindia.com/include/images/clear.gifOthers

18142338

11.55

http://www.bseindia.com/include/images/clear.gifSub Total

20654283

13.15

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

10169791

6.48

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

11508444

7.33

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

8119327

5.17

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

1443681

0.92

http://www.bseindia.com/include/images/clear.gifClearing Members

888659

0.57

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

555022

0.35

http://www.bseindia.com/include/images/clear.gifSub Total

31241243

19.89

Total Public shareholding (B)

51895526

33.04

Total (A)+(B)

157047715

100.00

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

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

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

157047715

0.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in business of manufacturing of Pentanes, Liquid Colorants, and Pet Bottles and Coal briquettes an alternate fuel product for industries.

 

 

Products :

Not Available

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • Gulf Countries
  • Arabia Countries

 

 

Imports :

 

Products :

Raw Material

Countries :

China

 

 

Terms :

 

Selling :

L/C and Credit

 

 

Purchasing :

L/C and Credit

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

 

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

100 (Approximately) 

 

 

Bankers :

Central Bank of India

 

Bank Name

Punjab National Bank

Branch

Mumbai Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

0564008700000756 (Not Confirmed )

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Term loans

Indian rupee loan from banks

0.000

8.362

Vehicle Loans

Deferred Payment Credit from Banks

0.218

0.000

Vehicle Loans

Deferred Payment Credit from Others

1.930

6.636

 

 

 

Short-term borrowings

 

 

Cash Credit from banks

54.228

19.728

Working Capital Demand Loan from Bank

35.434

0.000

Buyers Credit

30.565

27.084

Total

122.375

61.810

 

Note :

 

Indian Rupee Loan from banks (Secured) represents Term Loan amounting to Rs.8.222 Million taken from Bank and carries interest @ Base Rate + 3.25% + TP (current applicable rate of interest is 14%). The Term Loan is secured by way of hypothecation / mortgage of land and building, plant and machinery installed / to be installed out of proposed new plant at Murbad. The said Loan is repayable in 16 Quarterly installments of Rs.2.875 Million each and interest will be paid on monthly basis as and when charged. Further, the said loan is guaranteed by the Corporate Guarantee and personal guarantee of three directors of the Company.

 

d. Deferred payments credits (Secured) represents Vehicle Loan amounting to Rs.338,865/- taken from Bank and carries interest @ 11.45%. The Loan is repayable in 36 monthly installments. The Loans are secured against hypothecation of Specific Capital Assets i.e. Motor Cars.

 

Deferred payments credits (Secured) represents Vehicle Loan amounting to Rs.6,635,770/- taken from Others and carries interest in the range of 9.74% to 14.76%. The Loan is repayable in 35 to 36 monthly installments. The Loans are secured against hypothecation of Specific Capital Assets i.e. Motor Cars.

 

Deferred sales tax represents the Certificate of Entitlement issued by the Joint Director of Industries, Konkan Division, Thane on the basis of section 89 of the Maharashtra Value Added Tax Act 2002 ("M V A T Act") read with rule 81 of the M.V.A.T. Rules 2005 in respect of the manufacturing unit located at Savroli, Post- Khopoli to defer the sales tax liability as per the returns / assessment pertaining to the period from 01-July-2010 to 30-June-2012. The Company shall pay the entire amount in equal annual installments not exceeding five such installments on expiry of 10th year and also as per the provisions of Rules 81 M.V.A.T. Rules 2005.

 

Working Capital Loans represents Cash Credit and Working Capital Demand Loan from Bank and carries interest @ Base rate + 3.25% (current applicable rate of interest is 13.50%). The said facility is repayable on demand. The facility is secured by first charge on entire current assets, present and future, including entire stocks, book debts, loans and advances, etc. Further, the said loan is guaranteed by the

 

Corporate Guarantee of Subsidiary Company, Corporate Guarantee of another Company and personal guarantee of three directors of the

Company.

 

Buyers Credit represents Foreign Currency Buyers Credit from Bank and carries interest in the range of Libor + 1% to Libor + 1.25%. The facility is secured by first charge on entire current assets, present and future, including entire stocks, book debts, loans and advances, etc.

 

Further, the said loan is guaranteed by the Corporate Guarantee of Subsidiary Company, Corporate Guarantee of another Company and personal guarantee of three directors of the Company. The usance period of the said facility is upto 180 days.

 

Auditors :

 

Name :

Khandelwal Jain and Company

Chartered Accountant

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Subsidiary Companies :

·         Shinrai Auto Services Limited (SASL) and its subsidiary

Reay Road Iron and Metal warehousing Private Limited (w.e.f 04.05.2013)

·         Oricon Properties Private Limited (OPPL)

United Shippers Limited (USL) and its subsidiaries

·         USL Shipping DMCEST, Dubai

·         Bulk Shipping PTE Limited, Singapore

·         USL Packaging Limited, India

·         USL NMM Logistics Limited, India

·         USL Coeclerici Logistics Private Limited, India

·         Shakti clearing Ageng Private Limited (w.e.f 24.01.2014)

 

 

Joint Venture Companies :

·         Oriental Containers Limited (OCL)

·         Claridge Energy LLP

 

 

Joint Ventures of Company's Subsidiary United Shippers Ltd.

·         Dharamtar Infrastructure Limited

·         CGU Logistics Limited (ceased to be a Joint Venture)

 

 

Enterprises over which Key Management Personnel & their Relatives exercise significant influence where the Company has entered into Transactions during the period :

·         G. Claridge and Company Limited

·         Oriental Enterprises

·         Shree Gayatri Trust

 

 

Enterprise in which key Management Personnel of a Subsidiary Company is common :

·         Kopran Laboratories Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

119500,000

Equity Shares

Rs.2/- each

Rs. 239.000 Million

11000000

Preference Shares

Rs.10/- each

Rs. 110.000 Million

10000

11% Cumulative Redeemable Preference Shares

Rs.100/- each

Rs. 1.000 Million

 

 

 

 

 

Issued:

No. of Shares

Type

Value

Amount

 

 

 

 

102610360

Equity Shares

Rs. 2/- each

Rs. 205.221 million

10900000

10% Compulsorily Convertible Preference

Shares

Rs. 10/- each

Rs. 109.000 million

 

 

 

 

 

Total

 

Rs. 314.221 million

 

Subscribed & Paid-up Capital

No. of Shares

Type

Value

Amount

 

 

 

 

102547175

Equity Shares

Rs. 2/- each

Rs. 205.095 million

10900000

10% Compulsorily Convertible Preference

Shares

Rs. 10/- each

Rs. 109.000 million

 

Share Forfeited Account*

 

Rs. 0.054 million

 

 

 

 

 

Total

 

Rs. 314.149 million

 

 

 

* Share Forfeited Account represents 62,645 Partly paid Equity Shares of Rs.2/- each forfeited by the Company during the year 2003-04.

 

a.    Reconciliation of the Share outstanding at the beginning and at the end of reporting period Equity Shares

 

Equity Shares

31.03.2014

 

No of Shares

(Rs. 2/- each)

Rs. In Million

At the beginning of the period

102547715

205.095

On account of Conversion of Debentures in to Equity Shares during the year"

--

--

Issued during the year

--

--

Outstanding at the end of the period

102547715

205.095

 

** During the Previous year, the Company at Its Board meeting held on 13th June, 2011 has converted 15%, 21,80,000 fully convertible debentures into 21,80,000 equity shares of Rs.107- each fully paid up at a premium of Rs. 152.20 per share and allotted to M/s. Clearwater Capital Partners Singapore Fund III Private Limited. These equity shares allotted on conversion of Debentures (FCDs) ranks pari passu in all respects including as to dividend with the existing fully paid equity shares of the face value Rs.10/- each of the Company subject to relevant provisions contained in Articles of Association of the Company. Subsequently on 15th July 2011, these share has been sub-divided into 1,09,00,000 equity shares of Rs.2/- each fully paid.

 

10% Compulsorily Convertible Preference Shares (CCPS)

 

Equity Shares

31.03.2014

 

No of Shares

(Rs. 10/- each)

Rs. In Million

At the beginning of the period

10900000

109.000

Issued during the year

--

--

Outstanding at the end of the period

10.900

109.000

 

 

b. Term / Right attached to equity Share

 

The Company has only one class of equity shares having a par value of Rs.2/- 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.

 

The Board of Directors, in their meeting on 29th May, 2014, proposed a final dividend of Re.0.19 per equity share. The proposal is subject to the approval of shareholders at the Annual General Meeting to be held on 11th September, 2014. Further, the Board of

Directors, in their meeting on 14th March, 2014, has paid an interim dividend of Re.0.25 per equity share. The total dividend appropriation for the year ended 31st March, 2014 amounted to Rs.45,120,995/- excluding corporate dividend tax.

 

During the year ended 31st March, 2013, the amount of per share final dividend recognized as distributions to equity shareholders was Re.0.44. The total dividend appropriation for the year ended 31st March, 2013 amounted to Rs.45,120,995/- excluding corporate dividend tax.

 

In the event of liquidation 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 the proportion to the number of equity shares held by the shareholders.

 

c. Terms of conversion / redemption of CCPS

 

The Company had issued 1,09,00,000 CCPS of Rs.10 each on 17th September, 2010. CCPS carry a cumulative dividend of 10% p.a. 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.

 

The Board of Directors, in their meeting on 14th March, 2014, has paid an interim dividend to CCP shareholders was Re.1. The total dividend appropriation for the year ended 31st March, 2014 amounted to Rs.10.900 Million excluding corporate dividend tax.

 

During the year ended 31st March, 2013, the amount of per share final dividend recognized as distributions to CCP shareholders was Re.1. The total dividend appropriation for the year ended 31st March, 2013 amounted to Rs.10.900 Million excluding corporate dividend tax.

 

The CCPS shall be converted into equity shares in the ratio of five (5) new equity share of the face value of Rs.2/- each of the Company for every one (1) CCPS of the face value of Rs.10/- each credited as fully paid up.

 

Out of the total 1,09,00,000, 10% CCPS, 19,00,000 CCPS are convertible into equity shares anytime after 1st April, 2011 but within a period of five years from the date of allotment i.e. 17th September, 2010, 30,00,000 CCPS are convertible into equity shares anytime after 1st April, 2012 but within a period of five years from the date of allotment i.e. 17th September, 2010 on equal proportionate basis amongst CCPS holders to the extent of their holding in the Company and 60,00,000 CCPS are convertible into equity shares anytime after 1st April, 2013 but within a period of five years from the date of allotment i.e. 17th September, 2010 on equal proportionate basis

amongst CCPS holders to the extent of their holding in the Company.

 

25% of above 1,09,00,000 CCPS numbering to 27,25,000 equity shares arising out of conversion of CCPS shall be kept under lock-in for three years from the date of listing of new shares on the Bombay Stock Exchange.

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

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

314.149

314.149

314.149

(b) Reserves & Surplus

4479.695

4447.052

4377.794

(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)

4793.844

4761.201

4691.943

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

192.863

237.303

235.099

(b) Deferred tax liabilities (Net)

3.688

5.005

6.636

(c) Other long term liabilities

25.545

94.788

116.188

(d) long-term provisions

6.077

6.317

6.135

Total Non-current Liabilities (3)

228.173

343.413

364.058

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

120.227

46.812

95.209

(b) Trade payables

28.921

100.847

51.522

(c) Other current liabilities

182.817

109.603

122.481

(d) Short-term provisions

34.927

72.297

71.938

Total Current Liabilities (4)

366.892

329.559

341.150

 

 

 

 

TOTAL

5388.909

5434.173

5397.151

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

160.008

155.298

154.231

(ii) Intangible Assets

0.208

0.280

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

3918.475

3917.416

3920.819

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

673.448

669.861

652.270

(e) Other Non-current assets

0.265

0.000

0.226

Total Non-Current Assets

4752.404

4742.855

4727.546

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

48.217

45.527

34.246

(c) Trade receivables

139.912

201.656

151.397

(d) Cash and cash equivalents

23.546

25.234

13.705

(e) Short-term loans and advances

354.345

369.678

427.545

(f) Other current assets

70.485

49.223

42.712

Total Current Assets

636.505

691.318

669.605

 

 

 

 

TOTAL

5388.909

5434.173

5397.151

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

706.090

616.826

501.477

 

Other Income

181.173

238.062

241.954

 

TOTAL (A)

887.263

854.888

743.431

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

383.637

268.997

245.894

 

Purchases of Stock-in-Trade

190.183

238.197

172.981

 

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

(10.242)

3.592

(4.690)

 

Employees benefits expense

43.755

39.279

24.781

 

Other expenses

99.983

81.266

69.439

 

Prior Period Items

0.028

0.002

(0.002)

 

TOTAL (B)

707.344

631.333

508.403

 

 

 

 

 

Less

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

179.919

223.555

235.028

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

39.401

46.553

56.000

 

 

 

 

 

 

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

140.518

177.002

179.028

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

20.447

19.413

15.924

 

 

 

 

 

 

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

120.071

157.589

163.104

 

 

 

 

 

Less

TAX (H)

34.404

30.015

44.634

 

 

 

 

 

 

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

85.667

127.574

118.470

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD  (K)

157.733

138.475

130.296

 

 

 

 

 

Add

Earlier year excess proposed dividend and dividend distribution tax (L)

6.308

7.226

4.817

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

40.000

50.000

50.000

 

Proposed dividend on Equity Shares

19.484

45.121

45.121

 

Interim dividend on Equity Shares

25.637

0.000

0.000

 

Tax on above proposed dividend

3.311

7.668

7.319

 

Proposed dividend on Preference Shares

0.000

10.900

10.900

 

Interim dividend on Preference Shares

10.900

0.000

0.000

 

Tax on above proposed dividend

0.000

1.853

1.768

 

Total (M)

99.332

115.542

115.108

 

 

 

 

 

 

Balance Carried to the B/S

150.376

157.733

138.475

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

67.758

20.311

11.185

 

TOTAL EARNINGS

67.758

20.311

11.185

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

6.514

8.292

18.884

 

Packing and Stores

0.000

0.000

5.671

 

Trading

190.182

236.918

153.313

 

TOTAL IMPORTS

196.696

245.210

177.868

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 

 

 

 

Basic

0.71

1.12

1.05

 

Diluted

0.55

0.81

0.76

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

43.145

43.525

61.401

Cash generated from operations

62.018

105.145

(37.634)

Net Cash From Operating Activities:

17.147

71.126

(84.295)

 

 

QUARTERLY RESULTS

 

Particulars

 

30.09.2014

(Unaudited)

31.12.2014

(Unaudited)

31.03.2015

(Unaudited)

 

1st  Quarter

2nd Quarter

3rd Quarter

Net Sales

173.090

166.290

166.790

Total Expenditure

182.580

171.920

175.640

PBIDT (Excl OI)

(9.490)

(5.630)

(8.850)

Other Income

70.580

31.520

48.560

Operating Profit

61.090

25.890

39.710

Interest

9.530

9.810

20.570

Exceptional Items

0.000

0.000

0.000

PBDT

51.560

16.080

19.140

Depreciation

4.980

5.040

4.940

Profit Before Tax

46.580

11.040

14.190

Tax

3.400

4.070

5.550

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

43.180

6.970

8.690

Extraordinary Items

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

Net Profit

43.180

6.970

8.690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

12.13

20.68

23.62

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

25.48

36.24

46.87

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

8.17

10.39

11.05

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.03

0.03

0.03

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.07

0.07

0.08

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.73

2.10

1.96

 

 

STOCK PRICES

 

Face Value

Rs.2.00

Market Value

Rs.52.50

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

314.149

314.149

314.149

Reserves & Surplus

4377.794

4447.052

4479.695

Net worth

4691.943

4761.201

4793.844

 

 

 

 

long-term borrowings

235.099

237.303

192.863

Short term borrowings

95.209

46.812

120.227

Current maturities of long-term debts

61.401

43.525

43.145

Total borrowings

391.709

327.640

356.235

Debt/Equity ratio

0.083

0.069

0.074

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

501.477

616.826

706.090

 

 

23.002

14.472

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

501.477

616.826

706.090

Profit

118.470

127.574

85.667

 

23.62%

20.68%

12.13%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of establishment

Yes

2]

Constitution of the entity -Incorporation details

Yes

3]

Locality of the entity

Yes

4]

Premises details

No

5]

Buyer visit details

--

6]

Contact numbers

Yes

7]

Name of the person contacted

Yes

8]

Designation of contact person

Yes

9]

Promoter’s background

Yes

10]

Date of Birth of Proprietor / Partners / Directors

Yes

11]

Pan Card No. of Proprietor / Partners

No

12]

Voter Id Card No. of Proprietor / Partners

No

13]

Type of business

Yes

14]

Line of Business

Yes

15]

Export/import details (if applicable)

Yes

16]

No. of employees

Yes

17]

Details of sister concerns

Yes

18]

Major suppliers

No

19]

Major customers

No

20]

Banking Details

Yes

21]

Banking facility details

Yes

22]

Conduct of the banking account

--

23]

Financials, if provided

Yes

24]

Capital in the business

Yes

25]

Last accounts filed at ROC, if applicable

Yes

26]

Turnover of firm for last three years

Yes

27]

Reasons for variation <> 20%

--

28]

Estimation for coming financial year

No

29]

Profitability for last three years

Yes

30]

Major shareholders, if available

Yes

31]

External Agency Rating, if available

Yes

32]

Litigations that the firm/promoter involved in

Yes

33]

Market information

--

34]

Payments terms

Yes

35]

Negative Reporting by Auditors in the Annual Report

No

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Term loans

Indian rupee loan from banks

171.153

199.503

Other loans and advances

 

 

Deferred Sales Tax

18.362

18.362

Inter Corporate Deposit

1.200

4.440

Total

190.715

222.305

 

Note :

 

Indian Rupee Loan from banks (Unsecured) includes Term Loan amounting to Rs.112.775 Million taken from Bank and carries interest @ Base Rate + 2.50% + TP (current applicable rate of interest is 12.75%). The Loan is repayable in 82 monthly installments of Rs.3.000 Million each starting from September 2011 to June 2018 along with interest. Further, the said loan is guaranteed by the personal guarantee of three directors of the Company.

 

Indian Rupee Loan from banks (Unsecured) includes Term Loan amounting to Rs.88.472 Million taken from Bank and carries interest @ Base Rate + 3.15% (current applicable rate of interest is 13.15%). The Loan is repayable in 120 monthly installments of Rs.1.152 Million each starting from September 2012 and Rs.0.284 Million starting from October 2012 along with interest.

 

Indian Rupee Loan from banks (Secured) represents Term Loan amounting to Rs.8.222 Million taken from Bank and carries interest @ Base Rate + 3.25% + TP (current applicable rate of interest is 14%). The Term Loan is secured by way of hypothecation / mortgage of land and building, plant and machinery installed / to be installed out of proposed new plant at Murbad. The said Loan is repayable in 16

 

Quarterly installments of Rs.2.875 Million each and interest will be paid on monthly basis as and when charged. Further, the said loan is guaranteed by the Corporate Guarantee and personal guarantee of three directors of the Company.

 

Inter Corporate Deposits (Unsecured) are interest free.

 

Fixed Deposits (Unsecured) represents Deposits borrowed from Public. The said deposit carried interest in the range of 6% to 15%. However during the year, all unclaimed Fixed Deposit has been transferred to Investor Education Protection Fund (IEPF).

 

 

LITIGATION DETAILS

Bench:- Bombay

Presentation Date:- 12/03/2015

Lodging No. :

ITXAL/327/2015

Failing Date:-

12/03/2015

Reg. No.:-

ITXA/384/2015

Reg. Date:-

18/04/2015

 

 

 

 

Petitioner:-

THE COMMISSIONER OF INCOME TAX –(CENTRAL)-IV-

Respondent:-

M/S.ORICON ENTERPRISES LIMITED

Petn.Adv:-

PADMA DIVAKAR (I3287)

 

 

District:-

MUMBAI

Bench:-

DIVISION

Category:-

TAX APPEALS

Status:-

Pre-Admission

Stage:-

--

Next Date:-

27/07/2015

Stage:-

--

Coram:-

ACCORDING TO SITTING LIST

 

ACCORDING TO SITTING LIST

 

 

Act. :

Income Tax Act, 1961

Under Section:

260A

 

 

FINANCIAL PERFORMANCE:

 

The sales and other income for the year were Rs. 887.200 Million as against Rs 854.800 Million in the previous financial year. The Net Profit for the year is Rs 85.600 Million as against Rs. 127.500 Million in the previous financial year.

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

 

The Management of Oricon Enterprises Limited, presents the analysis of Company for the year ended on 31st March, 2014 and its outlook for the future. This outlook is based on assessment of current business environment. It may vary due to future economic and other developments both in India and abroad.

 

This management discussion and analysis (MD&A) of Oricon Enterprises Limited for the year ended on 31st March 2014 contains financial highlights but does not contain the complete financial statements of the Company. It should be read in conjunction with the Company’s audited financial statements for the year ended on 31st March, 2014.

 

OVERVIEW:

 

The Financial Year 2013-2014 continued to be a challenging year for the world and domestic economy. The global economy began its modest recovery in financial year 2013-2014, while the trend is expected to accelerate in the current year. Emerging markets like India faced multiple challenges Capital Affairs, interse Exchange rate, pressure and volatile current account movement. A combination of persistent inflation, fiscal imbalance, external sector vulnerabilities and low investments resulted in sluggish domestic demand growth. Fiscal and monetary initiatives taken by Indian government and Reserve Bank of India (RBI) helped stabilized financial market conditions, but the domestic macro-economic environment still remains challenging.

 

With the new Central Government it is expected that it will do well to focus on the fiscal deficit, combat inflation give impetus to growth, commitment to reforms including introduction of GST.

 

BUSINESS AND INDUSTRY OVERVIEW:

 

The company is a diversified Company and is engaged in business of manufacturing of Pentanes, Liquid Colorants, and Pet Bottles and Coal briquettes an alternate fuel product for industries. The product manufactured by the Company are well accepted in the market particularly Pet Bottles demand is high and the Company is in the process to install new machineries to increase capacities.

 

RISKS AND CONCERNS:

 

The Company has appropriate risk management system in place for identification of risks and assessment of risks, measure to mitigate them and mechanism for their proper and timely monitors and reports.

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10505942

05/06/2014

17,500,000.00

SIEMENS FINANCIAL SERVICES PRIVATE LIMITED

130, PANDURANG BUDHKAR MARG,, WORLI, MUMBAI, Maharashtra - 400018, INDIA

C09176397

2

10283034

02/04/2011

80,000,000.00

PUNJAB NATIONAL BANK

SHIV E NUMH,, DR ANNIE BESANT ROAD, WORLI, MUMBAI 
, Maharashtra - 400018, INDIA

B11046869

3

10093928

12/12/2014 *

410,000,000.00

PUNJAB NATIONAL BANK

READY MONEY TERRACE, DR ANNIE BESANT ROAD, WORLI 
NAKA, MUMBAI, Maharashtra - 400018, INDIA

C36389542

4

10018183

18/08/2006

45,000,000.00

ORIENTAL BANK OF COMMERCE

ANDHERI (WEST) BRANCH, 212 MANUBHARTI,, S. V. ROAD,, MUMBAI, Maharashtra - 400058, INDIA

A04063715

5

80026315

15/02/1999

100,000,000.00

IDBI

IDBI Tower,, Cuffe parade, Mumbai, Maharashtra - 400005, INDIA

-

6

80026310

16/01/1998

150,000,000.00

IDBI

IDBI Tower , Cuffe parade, mumbai, Maharashtra - 
400005, INDIA

-

7

80026319

30/10/1996

90,000,000.00

CBET

Jehangir Wadia Bldg., Fort , Mumbai, Maharashtra 
- 400023, INDIA

-

8

80026309

15/02/1996

90,000,000.00

IDBI

IDBI Tower ,, Cuffe parade , , Mumbai, Maharashtra - 400005, INDIA

-

 

* Date of charge modification

 

 

CONTINGENT LIABILITIES:

 

(Rs. in million)

PARTICULARS

31.03.2014

31.03.2013

Disputed demands of Excise Duty

12.573

12.573

Income Tax disputed in appeals

101.589

54.060

Assignment of sales tax liability

118.844

154.827

On account of corporate guarantees to a Bank for financial

facility extended to Subsidiary Company and a Partnership Company

120.000

120.000

Letter of Credit

106.940

94.247

 

 

FIXED ASSETS

 

Tangible Assets

 

  • Leasehold Land
  • Freehold Land
  • Building
  • Residential Flats
  • Plant and Machinery
  • Electric Installations
  • Office Equipments
  • Computer
  • Furniture and Fixtures
  • Vehicles
  • Fire Fighting Equipments
  • Laboratory Equipments
  • Weighing Machines

 

Intangible Assts

 

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 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.63.76

UK Pound

1

Rs.99.60

Euro

1

Rs.69.71

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

JYTK

 

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

--PROFITABILITY

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

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--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

 

--

 

 

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.