MIRA INFORM REPORT

 

 

Report No. :

307797

Report Date :

17.02.2015

 

IDENTIFICATION DETAILS

 

Name :

ORIENT PRESS LIMITED (w.e.f.05.02.1991)

 

 

Formerly Known As :

ORIENT PRESS PRIVATE LIMITED

 

 

Registered Office :

L-31, MIDC, Tarapur Industrial Area, Boisar, Tarapur, Thane – 401506, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

02.01.1987

 

 

Com. Reg. No.:

11-042083

 

 

Capital Investment / Paid-up Capital :

Rs.80.750 Millions

 

 

CIN No.:

[Company Identification No.]

L22219MH1987PLC042083

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

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

 

 

Line of Business :

Manufacturer of printing material and packaging material.

 

 

No. of Employees :

1500 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (48)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established company having satisfactory track. Profitability of the company is low. However, general Financials of the company appears to be satisfactory.

 

Trade relations are reported as fair. Business is active. Payments are reported to be usually correct.

 

In the view of experienced promoters and Management, the company can be considered normal for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term rating = BBB

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

October 7, 2014

 

Rating Agency Name

CARE

Rating

Short term rating = A3+

Rating Explanation

Moderate degree of safety and higher credit risk.

Date

October 7, 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 PARTED BY

 

Name :

Mr. Kamal Sharma

Designation :

Accounts Manager

Contact No.:

91-9867452523

Date :

12.02.2015

 

 

LOCATIONS

 

Registered Office / Factory 1:

L-31, MIDC, Tarapur Industrial Area, Boisar, Tarapur, Thane – 401506, Maharashtra, India

Tel. No.:

91-2525-273393

Mobile No.:

91-9867452523 (Mr. Kamal)

Fax No.:

91-2525-273393

E-Mail :

share@orientpressltd.com

market@orientpressltd.com

info@orientpressltd.com

kamal@orientpressltd.com

Website :

www.orientpressltd.com

Area :

1500 Sq. Ft.

Location :

Rented

 

 

Corporate Office / Share Department :

20, Pragati Industrial Estate, N.M Joshi Marg, Lower Parel, Mumbai – 400 011, Maharashtra, India

Tel. No.:

91-22-23061251/ 52/53/ 40285828

Fax No.:

91-22-23090265/ 40285870

E-Mail :

printing@ori9entpressltd.com

share@orientpressltd.com

orient@orientpressltd.com 

 

 

Factory 2 :

Flexible and Packaging

G-73, M.I.D.C, Tarapur Industrial Area, Boisar, Thane – 401 506, Maharashtra, India

 

 

Factory 3 :

Multicolour Paper Board Cartons, Printing and Flexible Packaging

Survey No. 297/1/2, Village Sayali, Silvassa – 396 240, U.T of Dadra and Nagar Haveli

 

 

DIRECTORS

 

As on 27.09.2014

 

Name :

Mr. Ramvilas Maheshwari

Designation :

Chairman and Managing Director

 

 

Name :

Mr. Rajaram Maheshwari

Designation :

Executive Director

 

 

Name :

Mr. Sanjay Maheshwari

Designation :

Whole Time Director

 

 

Name :

Mr. Prakash Maheshwari

Designation :

Whole Time Director

 

 

Name :

Mr. R Kannan

Designation :

Director

 

 

Name :

Mr. Vilas Dighe

Designation :

Director

 

 

Name :

Mr. Ghanshyamdas Mundra

Designation :

Director

 

 

Name :

Mr. G. Ravishankar

Designation :

Director

 

 

SHAREHOLDING PATTERN

 

As on 31.12.2014

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

(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

1641500

20.33

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

4414750

54.67

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

6056250

75.00

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

 

 

Total shareholding of Promoter and Promoter Group (A)

6056250

75.00

(B) Public Shareholding

 

 

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

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

600

0.01

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

1550

0.02

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

2150

0.03

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

 

 

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

423284

5.24

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

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 1 lakh

450121

5.57

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 1 lakh

1096617

13.58

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

46578

0.58

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

8233

0.10

http://www.bseindia.com/include/images/clear.gifNRIs/OCBs

18345

0.23

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

20000

0.25

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

2016600

24.97

Total Public shareholding (B)

2018750

25.00

Total (A)+(B)

8075000

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)

8075000

100.00

 

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

 

Sl.No.

Name of the Shareholder

Details of Shares held

No. of Shares held

As a % of grand total

1

Rajaram Maheshwari1

252172

3.12

2

Anita Sanjay Maheshwari

32150

0.40

3

Kaushaladevi Maheshwari

30100

0.37

4

Maheshwari Prakash Ramvilas

74850

0.93

5

Navin Ramvilas Maheshwari

139800

1.73

6

Rahul Maheshwari

144750

1.79

7

Ramvilas Maheshwari

454150

5.62

8

Ramvilas Maheshwari HUF

85250

1.06

9

Rajaram Maheshwari HUF

84750

1.05

10

Sanjay Maheshwari

149900

1.86

11

Sejal Maheshwari

30000

0.37

12

Shantidevi Maheshwari

29550

0.37

13

Sunita Maheshwari

32500

0.40

14

Vandana Maheshwari

32250

0.40

15

Vikas Maheshwari

44328

0.55

16

Parul Maheshwari

25000

0.31

17

Fortune Couriers Ltd

3402800

42.14

18

Orient Fincorp Ltd

641250

7.94

19

Salasar Investment & Leasing

370700

4.59

 

Total

6056250

75.00

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

 

Sl. No.

Name of the Shareholder

No. of Shares held

Shares as % of Total No. of Shares

1

Abhay Gandhi

114467

1.42

2

Narayan P Mundhra

90095

1.12

3

Naveen Mandhana

145509

1.80

4

Chhattisgarh Invest

245604

3.04

5

Trask Infrastructure

117795

1.46

 

Total

713470

8.84

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of printing material and packaging material.

 

 

Products :

Not Available

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

·         Printing Material

·         Packaging Material

Countries :

·         Ghana

·         Nigeria

·         Dubai

·         Uk

 

 

Imports :

 

Products :

Machine Parts

Countries :

·         Germany

·         China

 

 

Terms :

 

Selling :

Cash and Cheque

 

 

Purchasing :

Cash and Cheque

 

PRODUCTION STATUS = NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

1500 (Approximately)

 

 

Bankers :

·         Axis Bank

·         Allahabad Bank

·         Bank of Maharashtra

·         Bank of Baroda

·         HDFC Bank Limited

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

LONG TERM BORROWINGS

 

 

Term Loan

 

 

From Banks

6.408

36.612

From Others

0.119

0.592

SHORT TERM BORROWINGS

 

 

Loans repayable on Demand

 

 

From Banks

 

 

Cash credit facilities

300.982

213.715

Total

307.509

250.919

 

Notes :

LONG TERM BORROWING :

 

1.       Term Loan from banks comprises of :

a)       Rs. 27.648 /- Millions ( P.Y. Rs. 52.282 /- Millions ) from Axis Bank for acquisation of Plant and Machinery and same is secured by exclusive first hypothecation charge on entire movable fixed assets of the company, present and future including machineries acquired out of this Term Loan and is collaterally secured by charge on immovable fixed assets of company's Silvassa Unit. It is repayable in 10 equal quarterly installments of Rs. 6.000 /- Millions each commencing after moratorium period of 6 Months i.e., beginning from March, 2013 and ending on June 2015 and carrying interest @ bank's base rate plus 3% p.a. {Presently 13.25% (P.Y.13.00% ) p.a. }.

 

b)       Rs. 6.445 /- Millions ( P.Y. Rs. 11.107 /- Millions ) from Allahabad bank for acquisation of Plant and Machinery and same is secured by exclusive charge on Assets funded from this Term Loan and collaterally secured by second pari passu charge on all the assets of the Company (Fixed Assets and Current Assets).It is repayable in 10 equal quartarly installments of Rs. 1.500 /- Millions each commencing after moratorium period of 6 Months i.e., beginning from June 2013 and ending on September 2015 and bearing interest @ bank's base rate plus 3.00% p.a. {Presently 13.25% (P.Y.14.00% ) p.a.}.

 

c)       Rs. 4.352 /- Millions ( P.Y. Rs. 5.550 /- Millions) from H.D.F.C. Bank and Rs. 0.589 /- Millions ( P.Y. Nil) from ICICI bank are for Vehicles and same are secured by hypothecation of Motor Vehicles and are repayable over a period of three Years.

 

2.       The term loans aggregating to Rs. 34.094 /- Millions (P.Y. Rs. 63.390 /- Millions) obtained from Axis bank and Allahabad bank are personally guaranteed by the Managing Director and Executive Director.

 

3.       Term Loans from others are for Vehicles and same are secured by hypothecation of Motor Vehicles and are repayable over a period of three years.

 

4.       Interest free Sales Tax deferral is availed from the Government of Maharashtra in accordance with the 1988 Package Scheme of Incentives / The 1993 Package Scheme of Incentives. The said deferral is repayable in 15 annual installments of unequal amounts ranging from Rs. 0.167 /- Millions to Rs. 21.899 /- Millions starting fro.m 30th June 2010 and ending on 1st April 2024 as rescheduled by the Sales Tax Authorities in term of sanctioned Scheme of BIFR.

 

5.       Deposits from public carry interest @12% p.a. and are repayable after 2 years from the respective dates of deposit.

 

 

SHORT TERM BORROWING :

 

Cash Credit facilities from Banks comprises of :

 

a)       Rs. 204.045 /- Millions (P.Y. Rs. 213.715 /- Millions) from Axis bank are secured by Pari passu first charge on current assets of the company both present and future and collaterally secured by (i) Pari passu second charge on the land, building and machinery of its Silvassa unit, except for those funded by Term Loan of Allahabad bank, (ii) Pari passu second charge on movable fixed assets of the company other than its Silvassa Unit (iii) negative lien on immovable fixed assets other then those of its Silvassa unit and (iv) Second charge on the assets acquired out of the term loan of Allahavad bank, and also personally guaranteed by Managing Director and Executive Director.

 

b)       Rs. 96.937 /- Millions (P.Y. Nil ) from Allahabad Bank are secured by Pari passu first charge on current assets of the Company both present and future and collaterally secured by (i) Pari passu first charge on land, building and machinery located at its Silvassa Unit (ii) second Pari passu charge on movable fixed assets of the company other than its Silvassa Unit and (iii) negative lien on immovable fixed assets other then those of its Silvassa unit and also personally guaranteed by Managing Director and Executive Director.

 

 

 

Auditors :

 

Name :

B.L. Sarda and Associates

Chartered Accountants

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Enterprises owned/controlled by Key

Management Personnel or their relatives :

·         Orient Fincorp Limited

·         Orient Printers

·         Fortune Couriers Limited

·         N. L. Packaging Private Limited

·         N. L. Packaging

·         Salasar Investment and Leasing Private Limited

·         Vedant Stones Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

13500000

Equity Shares

Rs.10/-each

Rs.135.000 Millions

300000

Cumulative Redeemable Preference Shares

Rs.100/-each

Rs.30.000 Millions

 

Total

 

Rs.165.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

8075000

Equity Shares

Rs.10/-each

Rs.80.750 Millions

 

 

Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

 

Particulars

As at 31st March 2014

Equity Shares

No of Shares

Rs. In Millions

At the beginning of the period

8075000

80.750

Issued during the period

---

---

Outstanding at the end of the period

8075000

80.750

 

 

Terms/rights attached to equity shares

 

The company has only one class of issued and paid up Shares , i.e., Equity Shares having a par value of Rs.10/- per share. Each holder of equity shares is entitiled 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 except in case of interim dividend.

 

During the year ended 31 March 2014, the amount of per share dividend recognized as distributions to equity shareholders as interim and final dividend was Rs. Nil ( 31st March 2013 : Rs. 2.00) and Rs. 1.00 (31st March 2013 Rs. 0.50) respectively.

 

In the event of liquidation of the company, the holders of equity shares will be entitiled 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.

 

 

Details of shareholders holding more than 5% shares in the company

 

Name of Shareholder

As at 31st March 2014

No. of Shares

% of Shares

Fortune Couriers Limited

3402800

42.14

Orient Fincorp Limited

641250

7.94

Ramvilas Maheshwari

454150

5.62

Rajaram Maheshwari

252172

3.12

 

 

 

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

80.750

80.750

80.750

(b) Reserves & Surplus

541.207

540.399

487.170

(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)

621.957

621.149

567.920

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

147.536

181.862

125.506

(b) Deferred tax liabilities (Net)

18.184

12.526

0.000

(c) Other long term liabilities

0.450

0.250

0.300

(d) long-term provisions

12.727

13.540

10.362

Total Non-current Liabilities (3)

178.897

208.178

136.168

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

333.285

225.735

131.006

(b) Trade payables

268.737

220.667

179.613

(c) Other current liabilities

101.622

98.048

89.886

(d) Short-term provisions

12.135

6.982

25.888

Total Current Liabilities (4)

715.779

551.432

426.393

 

 

 

 

TOTAL

1516.633

1380.759

1130.481

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

519.439

451.266

384.424

(ii) Intangible Assets

1.797

0.915

0.974

(iii) Capital work-in-progress

17.643

61.935

0.915

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

8.550

8.560

8.573

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

44.735

43.231

39.394

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

592.164

565.907

434.280

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

421.351

321.444

223.446

(c) Trade receivables

414.247

367.044

381.891

(d) Cash and cash equivalents

23.117

30.772

32.875

(e) Short-term loans and advances

50.738

57.819

44.042

(f) Other current assets

15.016

37.773

13.947

Total Current Assets

924.469

814.852

696.201

 

 

 

 

TOTAL

1516.633

1380.759

1130.481

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

1785.391

1741.854

1618.970

 

Other Income

16.513

8.296

6.271

 

TOTAL

1801.904

1750.150

1625.241

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

1211.501

1100.535

1058.971

 

Purchases of Stock-in-Trade

7.402

26.910

2.334

 

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

(7.940)

(26.898)

(14.152)

 

Employees benefits expense

130.258

118.516

103.214

 

Exceptional items

0.000

0.000

(56.396)

 

Other expenses

336.396

365.887

326.467

 

TOTAL

1677.617

1584.950

1420.438

 

 

 

 

 

Less

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

124.287

165.200

204.803

 

 

 

 

 

Less

FINANCIAL EXPENSES

49.457

32.480

21.939

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

74.830

132.720

182.864

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

53.167

43.471

38.263

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

21.663

89.249

144.601

 

 

 

 

 

Less

TAX

11.408

12.526

0.058

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

10.255

76.723

144.543

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

518.270

472.715

366.089

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

0.000

7.675

14.455

 

Dividend

8.075

20.187

20.187

 

Tax on Dividend

1.372

3.306

3.275

 

Total

9.447

31.168

37.917

 

 

 

 

 

 

Balance Carried to the B/S

519.078

518.270

472.715

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

408.076

345.910

333.048

 

TOTAL EARNINGS

408.076

345.910

333.048

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

65.098

30.448

32.515

 

Components and Stores parts

4.295

4.714

3.330

 

Capital Goods

0.000

41.780

38.910

 

TOTAL IMPORTS

69.393

76.942

74.755

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

1.27

9.50

17.90

 

Expected Sales (2014-2015) : Rs.2250.000 Millions

 

The above information has been parted by Mr. Kamal Sharma (Account Manager).

 

 

QUARTERLY RESULTS

 

Particulars (Rs. In Millions)

Jun 2014

Sep 2014

Dec 2014

Audited / Unaudited

Unaudited

Unaudited

Unaudited

Net Sales

515.000

505.100

516.000

Total Expenditure

474.700

475.700

485.600

PBIDT (Excl OI)

40.300

29.400

30.300

Other Income

1.800

1.900

1.900

Operating Profit

42.100

31.300

32.200

Interest

14.600

13.400

15.300

Exceptional Items

0.000

0.000

0.000

PBDT

27.600

17.900

16.900

Depreciation

15.500

14.300

14.300

Profit Before Tax

12.100

3.600

2.600

Tax

6.500

0.800

0.700

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

5.500

2.800

1.900

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

5.500

2.800

1.900

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

Net Profit Margin

PAT / Sales

(%)
0.57

4.40

8.92

 

 
 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)
6.96

9.48

12.65

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.45

6.81

12.90

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.03

0.14

0.25

 

 

 

 

 

Debt Equity Ratio

(Total Debts/Networth)

 

0.77

0.66

0.45

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.29

1.48

1.63

 

 

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

80.750

80.750

80.750

Reserves & Surplus

487.170

540.399

541.207

Net worth

567.920

621.149

621.957

 

 

 

 

long-term borrowings

125.506

181.862

147.536

Short term borrowings

131.006

225.735

333.285

Total borrowings

256.512

407.597

480.821

Debt/Equity ratio

0.452

0.656

0.773

 

 

 

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

1618.970

1741.854

1785.391

 

 

7.590

2.499

 

 

 

 

 

 

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

1618.970

1741.854

1785.391

Profit

144.543

76.723

10.255

 

8.93%

4.40%

0.57%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

CURRENT MATURITIES OF LONG-TERM DEBTS

(Rs. In Millions)

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long-Term Borrowings

64.174

46.950

44.263

Total

64.174

46.950

44.263

 

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

Yes

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

Yes

10]

Designation of contact person

Yes

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

Yes

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

21]

Market information

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

22]

Litigations that the firm / promoter involved in

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

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

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10531500

01/11/2014

40,000,000.00

Allahabad Bank

Office no. 4, Mittal Chambers,Plot no. 228, Gr Flr , Nariman Point, Mumbai, Maharashtra - 400021, INDIA

C33741422

2

10462200

11/10/2013 *

410,000,000.00

Axis Bank Limited

Corporate Banking Branch, Axis House, Gr. Flr., Bombay Dyeing Mills Compound, P. B. Marg, Worli, Mumbai, Maharashtra - 400025, INDIA

B90701061

3

10396710

27/12/2012

15,000,000.00

Allahabad Bank

Office No.4, Mittal Chambers,, Ground Floor, Opp.CR2, Nariman Point, Mumbai, Maharashtra - 400021 , INDIA

B65788184

4

10247719

12/12/2012 *

337,500,000.00

Axis Bank Limited

Corporate Banking Branch, Axis House, Gr. Flr., Bombay Dyeing Mills Compound, P. B. Marg, Worli, Mumbai, Maharashtra - 400025, INDIA

B67400432

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULAR

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

LONG TERM BORROWINGS

 

 

Deferred Payment Liabilities

 

 

Sales tax deferral

97.334

108.823

Deposits

 

 

Public Fixed Deposits

43.675

35.835

SHORT TERM BORROWINGS

 

 

Loans repayable on demand

 

 

From a body corporate

1.500

1.500

Loan from related parties

30.803

10.520

Total

173.312

156.678

 

 

CORPORATE INFORMATION:

 

The Company was incorporated on 2nd January, 1987 as a private limited company by the name of Orient Press Private Limited. On 5th February, 1991 the Company was converted into a public limited company and the name got changed to Orient Press Limited. The Company came out with the initial public offer in the year 1993 and got listed on NSE and BSE on 21st February, 1994. The Company is engaged in manufacturing activities of printing of capital market stationery, commercial printing like Text book, Annual Reports etc., security printing like MICR Cheques, Dividend Warrants, Shares & Debenture certificates, Railway tickets and coupons etc., computer stationery, telephone scratch cards, smart cards, recharge coupons and note books etc. in Printing Segment and all kinds of packaging materials i.e. flexible packaging material of multi layer film laminates, paper board mono cartons, linear carton, display cartons and outer corrugated boxes etc in Packaging Segment.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

Introduction

 

The Company is involved in manufacturing activities comprising printing of capital market stationery, commercial printing such as text books, annual reports etc., security printing like MICR cheques, dividend warrants, shares and debenture certificates, railway tickets and coupons, computer stationery, telephone cards (scratch cards), smart cards, recharge coupons and note books etc. The Company is also engaged in packaging activities which include flexible packaging material of multi-layer film laminates, paper board mono cartons, liner carton, display cartons and outer corrugated boxes etc.

 

There was some reduction in total income and profitability of printing division. However, overall profit margin was better. The performance of the Packaging segments during the year was not up to the mark in spite of increase in total income. This was mainly due to increase in raw material prices and other costs and very high currency movements during the year under Report resulting in vide circulation in raw material prices. The operating profit declined to Rs. 124.300 Millions in the year under report from Rs. 165.200 Millions in previous year.

 

Review of Operations

 

The Turnover of the Company was higher at Rs.1899.100 Millions for the year as against Rs.1852.300 Millions in the previous year, registering an increase of 2.68%.

 

 

Segment wise Performance: The Business of Company falls under two Segments

 

Printing Division: The Turnover of Printing Division decreased by 26% Compared to the previous year mainly due to very low level of IPO issue printing and general slowdown in the economy.

 

Flexible Packaging: The turnover of Flexible Packaging Division of the Company increased by 22.59% with commissioning of new expert make Printing Machine. In current year with increased capacity utilisation, turnover of this division should improve further.

 

Paper Board Carton Division: The turnover of the Paper Board Carton Division increased by 14.50% compared to previous year. This turnover should increase further in current year with increase in capacity utilisation of newly added Man Roland printing machine.

 

The Company is keenly interested in inducting new technology aimed at upgrading its existing facilities to remain

as one of the leading players in the printing and packaging industry. The Company’s main thrust now is in paper and paperboard related printing and packaging business to safeguard its business interest against any government legislation to curb plastic related packaging on the grounds of environmental pollution. The Company is committed to promote eco-friendly packaging for which it has installed automatic Board to Kraft fluting Lamination Machines. All these machineries and equipment’s will help the Company to enhance its business opportunity in value added printing and packaging sector and in export market.

 

Future Prospects/Outlook

 

The present scenario of the printing industry is fragmented and is dominated by a few big players. The printing and packaging industry has lately improved after receiving initial shock of financial crisis in the year 2008-09. There is strong belief that this business improvement will sustain in the future too. The printing and packaging industry is a service provider and it is co-related with the GDP growth of the country as well as the growth of country’s educational sector. Since the GDP growth of the country is pegged at 7%, it provides a lot of encouragement for growth of printing and packaging industry. In the present business scenario and with robust GDP growth, the Company is expecting 10% to 15% growth in its business, at least, for next three years. Besides, India’s printing and packaging industry has upgraded to international standard in the last five years and thus provides a lot of export business opportunities for the sector. India is gradually establishing itself as a business sourcing hub for developed countries in printing and packaging materials. Initially, it was China and now India is competing with that country in this sector. Today, the printing and packaging industry export growth is significant compared to last five years. Orient Press has also increased its share of business in exports and will continue to do so in the future. They expect at least 10% growth in this field. Orient Press is constantly upgrading its technology to cater to this market and we expect that in three years our 25% to 30% earnings will be from the export sector which today stands at 22%. Exports are growing by 10% and the company is upgrading its technology to cater to this market. The Company has also received the “Export House” status from the Govt. of India for its consistent export performance.

 

 

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2013

(Rs. In Millions)

Particulars

Quarter Ended

( Unaudited)

Half Year Ended

( Unaudited)

 

 

30.09.2014

30.06.2014

30.09.2014

1. Income from operations

 

 

 

a) Net sales/ Income from operation (net of excise duty)

499.859

512.341

1012.200

b) Other operating income

5.278

2.653

7.931

Total income from Operations(net)

505.137

514.994

1020.131

2.Expenditure

 

 

 

a) Cost of material consumed

359.402

346.855

706.257

b) Purchases of stock in trade

10.455

---

10.455

c) Changes in inventories of finished goods, work-in-progress and stock-in-trade

(15.578)

11.636

(3.942)

d) Employees benefit expenses

36.559

33.974

70.533

e) Depreciation and amortization expenses

14.280

15.507

29.787

f) Other expenditure

84.873

82.192

167.065

Total expenses

489.991

490.164

980.155

3. Profit from operations before other income and financial costs

15.146

24.830

39.976

4. Other income

1.895

1.788

3.683

5. Profit from ordinary activities before finance costs

     17.041

26.618

43.659

6. Finance costs

13.432

14.563

27.995

7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items

      3.609

12.055

15.664

8. Exceptional item

---

---

---

9. Profit from ordinary activities before tax Expense:

3.609

12.055

15.664

10.Tax expenses

 

 

 

a)       Current Tax

(0.460)

2.415

1.955

b)       Deferred Tax Charge\(benefit)

1.304

4.102

5.406

Total

0.844

6.517

7.361

11.Net Profit / (Loss) from ordinary activities after tax (9-10)

2.765

5.538

8.303

12.Extraordinary Items (net of tax expense)

---

---

---

13.Net Profit / (Loss) for the period (11 -12)

2.765

5.538

8.303

14.Paid-up equity share capital (Nominal value Re. 1/- per share)

80.750

80.750

80.750

15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year

 

 

 

16.i) Earnings per share (before extraordinary items) of Re. 1/- each) (not annualised):

 

 

 

(a) Basic and diluted

0.34

0.69

1.03

ii) Earnings per share (after extraordinary items)

 

 

 

(a) Basic and diluted

0.34

0.69

1.03

 

 

A. Particulars of shareholding

 

 

 

1. Public Shareholding

 

 

 

- Number of shares

2018750

2018750

2018750

- Percentage of shareholding

25.00%

25.00%

25.00%

2. Promoters and Promoters group Shareholding-

 

 

 

a) Pledged /Encumbered

 

 

 

Number of shares

---

---

---

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

---

---

---

Percentage of shares (as a % of total share capital of the company)

---

---

---

 

 

 

 

b) Non  Encumbered

 

 

 

Number of shares

6056250

6056250

6056250

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

100.00%

100.00%

100.00%

 

 

 

 

Percentage of shares (as a % of total share capital of the company)

75.00%

75.00%

75.00%

 

 

B. Investor Complaints

3 Months ended 30.09.2014

Pending at the beginning of the quarter

Nil

Receiving during the quarter

Nil

Disposed of during the quarter

Nil

Remaining unreserved at the end of the quarter

Nil

 

 

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

 

(Rs. In Millions)  

Particulars

Quarter Ended

( Unaudited)

Half Year Ended

( Unaudited)

 

 

30.09.2014

30.06.2014

30.09.2014

1. Segment Revenue

 

 

 

a. Printing

135.469

168.759

304.228

b. Packaging

370.390

346.235

716.625

Total

505.859

514.994

1020.853

Less : Inter Segment Revenue

0.722

---

0.722

Net Sales

505.137

514.994

1020.131

 

 

 

 

2. Segment Result

(Profit before Interest and Tax)

 

 

 

a. Printing

21.262

21.438

42.700

b. Packaging

(1.118)

8.443

7.325

Total

20.144

29.881

50.025

 

 

 

 

Less : (i) Finance Cost

13.432

14.563

27.995

(ii) Other un-allocable expenditure

net off un-allocable income.

3.103

3.263

6.365

 

 

 

 

Profit before Tax

3.609

12.055

15.664

3. Capital Employed

 

 

 

a. Printing

477.060

471.665

477.060

b. Packaging

676.632

694.775

676.632

d. Unallocated

62.977

33.567

62.977

Total

1216.669

1200.007

1216.669

 

 

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

 (Rs. In Millions)

SOURCES OF FUNDS

 

30.09.2014

(Unaudited)

I.        EQUITY AND LIABILITIES

 

(1)Shareholders' Funds

 

(a) Share Capital

80.750

(b) Reserves & Surplus

547.252

Total Shareholders’ Funds

628.002

 

 

(2) Non-Current Liabilities

 

(a) long-term borrowings

85.039

(b) Deferred tax liabilities (Net)

22.572

(c) Other long term liabilities

0.450

(d) long-term provisions

14.732

Total Non-current Liabilities (3)

122.793

 

 

(3) Current Liabilities

 

(a) Short term borrowings

402.622

(b) Trade payables

289.336

(c) Other current liabilities

139.654

(d) Short-term provisions

13.046

Total Current Liabilities (4)

844.658

 

 

TOTAL

1595.453

II.      ASSETS

 

(1) Non-current assets

 

(a) Fixed Assets

525.361

(b) Non-current Investments

8.545

(c)  Long-term Loan and Advances

45.630

Total Non-Current Assets

579.536

 

 

(2) Current assets

 

(a) Inventories

481.086

(b) Trade receivables

424.763

(c) Cash and cash equivalents

29.645

(d) Short-term loans and advances

44.353

(e) Other current assets

36.070

Total Current Assets

1015.917

 

 

TOTAL

1595.453

 

Note :

 

1.       The above unaudited Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 12th November 2014. The Statutory Auditors of the Company have carried out a limited review of the above financial results of the Company for the quarter and six months ended on September 30, 2014.

 

2.       As per requirement of the Companies Act, 2013 ("Act"), the Company has computed depreciation with reference to the useful life of respective assets specified and in the manner prescribed in Schedule II of the Act. The Company has also initiated amortising lease hold land over primary lease period. Consequently, depreciation and amortization for the quarter and six months ended September 30,2014 is higher by Rs. 0.597 Millions and Rs. 2.528 Millions respectively. Further, based on transitional provision provided in Note 7(b) of Schedule II, an amount of Rs. 2.258 Millions (Net of Deferred Tax Assets : Rs. 1.018 Millions) being carrying value of assets after retaining the residual value with nil revised remaining useful life has been adjusted against retained earnings.

 

 

3.       Current Tax is provided under the provisions of Section 115JB of the Income Tax Act, 1961 pertaining to Minimum Alternative Tax (MAT). Further, MAT credit entitlement shall be recognized as and when there are convincing evidences for realization of the same.

 

4.       The Company’s operations comprises of two reportable business segments, i.e. printing and Packaging in accordance with Accounting Standard - 17 on Segment Reporting.

 

5.       The Previous period/year figures have been regrouped and rearranged, wherever necessary to make them comparable.

 

 

FIXED ASSETS

 

·         Freehold Land

·         Leasehold Land

·         Buildings

·         Plant and Machinery

·         Furniture and Fixture

·         Air Conditioners

·         Office Equipments

·         Computers

·         Electrical Fittings

·         Vehicles

 

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.62.20

UK Pound

1

Rs.95.99

Euro

1

Rs.71.00

 

 

INFORMATION DETAILS

 

Information Gathered by :

HNA

 

 

Analysis Done by :

SUM

 

 

Report Prepared by :

PNM

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

4

--LIQUIDITY

1~10

4

--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

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

48

 

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.