ORIENT PAPER & INDUSTRIES LTD.
[Regd. Office : Unit VIII, Plot 7, Bhoinagar, Bhubaneswar - 751012 (Orissa)] |
|
Unaudited Financial Results for the quarter / half year ended 30th September,2010 |
(Rs. In lacs ) |
Sl. |
Particulars |
Quarter Ended |
Half Year Ended |
Year Ended |
No. |
|
30.09.2010
(Unaudited) |
30.09.2009
(Unaudited) |
30.09.2010
(Unaudited) |
30.09.2009
(Unaudited) |
31.03.2010
(Audited) |
1 |
Gross Sales/Income from Operations |
42521.92 |
38397.31 |
91909.67 |
76116.33 |
176854.39 |
|
Less : Excise duty |
4230.27 |
2954.09 |
9459.00 |
6061.61 |
14878.93 |
|
(a) Net Sales/Income from Operations |
38291.65 |
35443.22 |
82450.67 |
70054.72 |
161975.46 |
|
(b)Other Operating Income |
676.59 |
201.61 |
1440.44 |
376.34 |
987.14 |
|
Total Income |
38968.24 |
35644.83 |
83891.11 |
70431.06 |
162962.60 |
2 |
Expenditure |
38415.94 |
29414.58 |
77316.66 |
58566.82 |
136740.51 |
|
(a) Increase (-) / decrease (+) in Stock in trade and work-in-progress |
(835.23) |
(2379.46) |
(1128.31) |
(3455.63) |
(2768.11) |
|
(b) Purchases of Traded Goods |
1752.70 |
2050.45 |
3867.02 |
4207.09 |
8295.58 |
|
(c) Consumption of raw materials |
12970.58 |
10683.93 |
25575.48 |
21638.33 |
48112.70 |
|
(d) Consumption of Stores , Chemicals & Spares |
1764.12 |
1484.42 |
2413.16 |
2567.77 |
5428.33 |
|
(e) Power & Fuel |
8015.17 |
6246.37 |
16380.60 |
10645.71 |
26797.03 |
|
(f) Employees Cost |
2874.12 |
2740.76 |
5666.74 |
5193.65 |
10549.92 |
|
(g) Packing, Freight & Forwarding Charges |
5032.15 |
4173.05 |
11422.30 |
8363.36 |
18866.26 |
|
(h) Deferred Revenue Expenditure written off |
- |
58.02 |
- |
116.03 |
232.05 |
|
(I) Depreciation |
2002.08 |
1092.41 |
3920.21 |
1985.16 |
5501.36 |
|
(j) Other Expenditure |
4840.25 |
3264.63 |
9199.46 |
7305.35 |
15725.39 |
3 |
Profit from Operations before Other Income, Interest & tax (1-2) |
552.30 |
6230.25 |
6574.45 |
11864.24 |
26222.09 |
4 |
Other Income |
299.87 |
282.93 |
414.19 |
368.23 |
641.72 |
5 |
Profit before Interest & tax (3+4) |
852.17 |
6513.18 |
6988.64 |
12232.47 |
26863.81 |
6 |
Interest |
759.51 |
725.25 |
1766.87 |
1332.33 |
3453.27 |
7 |
Profit after Interest but before tax (5-6) |
92.66 |
5787.93 |
5221.77 |
10900.14 |
23410.54 |
8 |
Tax Expenses |
|
|
|
|
|
|
Current Tax |
(283.89) |
(865.31) |
1044.11 |
982.69 |
4780.65 |
|
MAT Credit Entitlement (Net) |
(414.00) |
- |
(414.00) |
- |
(3311.24) |
|
Deferred Tax |
740.71 |
2613.72 |
1117.74 |
2494.34 |
6010.25 |
|
Fringe Benefit Tax |
- |
(28.00) |
- |
- |
- |
9 |
Net Profit from Ordinary Activities after tax (7-8) |
49.84 |
4067.52 |
3473.92 |
7423.11 |
15930.88 |
10 |
Paid-up Equity Share Capital (Face Value per share : Re.1/-) |
1928.76 |
1928.53 |
1928.76 |
1928.53 |
1928.67 |
11 |
Paid-up Debt Capital |
|
|
10000.00 |
10000.00 |
10000.00 |
12 |
Reserves excluding Revalution Reserve |
|
|
|
|
74733.94 |
13 |
Debenture Redemption Reserve (included in item 12 above) |
|
|
4375.00 |
5000.00 |
4375.00 |
14 |
Basic and Diluted earning per share (EPS) (Rupees) |
0.02 |
2.11 |
1.80 |
3.85 |
8.26 |
15 |
Debt Equity Ratio |
|
|
0.40 |
0.40 |
0.43 |
16 |
Debt Service Coverage Ratio |
|
|
3.23 |
5.87 |
6.31 |
17 |
Interest Service Coverage Ratio |
|
|
5.29 |
6.68 |
7.46 |
18 |
Aggregate of Public Shareholding |
|
|
|
|
|
|
- Number of shares |
127989228 |
127595463 |
127989228 |
127595463 |
128259273 |
|
- Percentage of shareholding |
66.36% |
66.15% |
66.36% |
66.15% |
66.50% |
19 |
Promoters and Promoter Group Share Holding |
|
|
|
|
|
a) |
Pledged / Encumbered |
|
|
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
Nil |
Nil |
|
Percentage of shares (as % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
Nil |
Nil |
|
Percentage of shares (as % of the total share capital of the company) |
Nil |
Nil |
Nil |
Nil |
Nil |
b) |
Non- EncumberedNumber of shares |
64895542 |
65289307 |
64895542 |
65289307 |
64625497 |
|
Percentage of shares (as % of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
100% |
100% |
|
Percentage of shares (as % of the total share capital of the company) |
33.64% |
|
33.85% |
33.64% |
|
33.85% |
33.50% |
|
Notes :- |
1 |
Limited Review of the above quarterly / six months results has been carried out by the statutory auditors of the company. |
2 |
There were no investor complaints at the begining and the close of the quarter. The company had received five complaints during the quarter, which were resolved during the quarter. |
3 |
Ratios have been computed as follows: |
|
Debt Service Coverage Ratio = Earning before interest, depreciation and tax / [interest expenses (including interest capitalised)+ principal repayment of debt] |
|
Interest Service Coverage Ratio = Earning before interest, depreciation and tax / interest expenses(including interest capitalised). |
|
Debt represents long term loans / debentures. |
|
Equity represents Issued, Subscribed and Paid up Share Capital and Reserves & Surplus ( excluding revaluation reserve). |
4 |
Paid up Debt Capital represents listed Debentures. |
5 |
There were no exceptional and extraordinary items during the quarter / six months ended 30th September, '2010. |
6 |
The Board of Directors of the Company has decided to amalgamate its wholly owned Subsidiary, namely OPI Exports Ltd with the Company with effect from 1st April'2010 subject to necessary approvals. Pending approvals of the aforesaid amalgamation, the operational results pertaining to the said subsidiary for the period from 1st April,2010 to 30th September,2010 have not been incorporated in the above results. |
7 |
The Auditors in their Report on the Accounts for the year ended 31st March,2010 and subsequent Limited Review Report for the quarter ended 30th June,2010 had commented upon the basis of provision against water tax demand which had been made to the extent of liability admitted by the Company since the demand was continued to be stayed and was under reconsideration by the Govt. of Madhya Pradesh. During the quarter, the Company has entered in to a new agreement with the Water Resource Department with effect from 27th May,2009 and accordingly the water tax has since been paid along with liability for the period prior to the date of said agreement to the extent admitted by the Company as stated above. No provision against the balance demand of Rs.10334 lacs has been made since the Company’s application for waiver thereof is pending with the Government of Madhya Pradesh. |
8 |
Figures for the Quarter / six months ended 30th September, 2009 have been recasted to give effect of the amalgamation of Company's erstwhile wholly owned subsidiary,namely Air Conditioning Corporation Ltd with the Company, which has became effective from the appointed date 1st April, 2009 |
9 |
Previous period figures have been regrouped / rearranged wherever necessary. |
10 |
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 13th November, 2010. |
11 |
Statement of Assets and Liablities: |
( Rs. In lacs ) |
|
Particulars |
UNAUDITED |
|
|
As at 30TH SEPTEMBER 2010 |
As at 30TH SEPTEMBER 2009 * |
|
|
|
SHAREHOLDERS' FUNDS: |
|
|
(a) Share Capital |
2028.76 |
2028.53 |
|
|
(b) Reserves & Surplus |
79086.83 |
70688.29 |
|
|
LOANS FUNDS |
55309.94 |
48421.38 |
|
|
DEFERRED PAYMENT LIABILITIES |
222.25 |
303.51 |
|
|
DEFERRED TAX LIABILITY (Net) |
12145.55 |
7511.90 |
|
|
Total |
148793.33 |
128953.61 |
|
|
FIXED ASSETS |
122819.29 |
113070.58 |
|
|
INVESTMENTS |
6217.02 |
892.30 |
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
(a) Inventories |
19338.88 |
15901.02 |
|
|
(b) Sundry Debtors |
12655.19 |
12321.42 |
|
|
(c) Cash and Bank Balances |
3476.77 |
2077.41 |
|
|
(d) Other Current Assets |
338.59 |
1006.14 |
|
|
(e) Loans and Advances |
12630.99 |
9159.86 |
|
|
Sub Total |
48440.42 |
40465.85 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
(a) Current Liabilities |
23404.53 |
21746.83 |
|
|
(b) Provisions |
5278.87 |
3844.32 |
|
|
Sub Total |
28683.40 |
25591.15 |
|
|
NET CURRENT ASSETS |
19757.02 |
14874.70 |
|
|
MISCELLANEOUS EXPENDITURE (to the extent not written off) |
- |
116.03 |
|
|
TOTAL |
148793.33 |
128953.61 |
|
|
* Assets and Liablities as at 30th September2009, disclosed above have not been reviewed by the auditors of the Company. |
Segment wise Revenue, Results and Capital Employed under Clause 41 of the Listing Agreement |
(Rs. In lacs ) |
Sl. |
Particulars |
Quarter Ended |
Half Year Ended |
Year Ended |
No. |
30.09.2010
(Unaudited) |
30.09.2009
(Unaudited) |
30.09.2010
(Unaudited) |
30.09.2009
(Unaudited) |
31.03.2010
(Audited) |
1 |
Segment Revenue : |
|
|
|
|
|
|
a) Cement |
18606.00 |
19247.06 |
47038.77 |
40796.45 |
89475.79 |
|
b) Paper & Board |
6912.58 |
6018.07 |
9055.88 |
8811.49 |
23938.18 |
|
c) Electrical Consumer Durables |
12638.16 |
10052.72 |
26112.55 |
20236.04 |
48084.92 |
|
d) Others |
134.91 |
125.37 |
243.47 |
210.74 |
476.57 |
|
Total |
38291.65 |
35443.22 |
82450.67 |
70054.72 |
161975.46 |
|
Less : Inter Segment Revenue |
- |
- |
- |
- |
- |
|
Net Sales/Income from Operations |
38291.65 |
35443.22 |
82450.67 |
70054.72 |
161975.46 |
2 |
Segment Results : (Profit (+)/Loss(-) before interest & Tax from each segment) : |
|
|
|
|
|
|
a) Cement |
536.39 |
6062.08 |
8287.44 |
12874.01 |
25390.60 |
|
b) Paper & Board - Amlai |
(215.12) |
(586.84) |
(2,397.54) |
(2710.06) |
-3596.11 |
|
- Brajrajnagar * |
(120.39) |
(175.82) |
(239.39) |
(351.34) |
(716.36) |
|
|
(335.51) |
(762.66) |
(2,636.93) |
(3061.40) |
-4312.47 |
|
c) Electrical Consumer Durables |
663.02 |
1189.14 |
1635.16 |
2699.71 |
6174.52 |
|
d) Others |
16.12 |
13.83 |
27.45 |
23.67 |
26.17 |
|
Total |
880.02 |
6502.39 |
7313.12 |
12535.99 |
27278.82 |
|
Less : |
|
|
|
|
|
|
(i) Interest |
759.51 |
725.25 |
1766.87 |
1332.33 |
3453.27 |
|
(ii) Other un-allocable expenditure net of un-allocable income |
27.85 |
(10.79) |
324.48 |
303.52 |
415.01 |
|
Profit Before Tax |
92.66 |
5787.93 |
5221.77 |
10900.14 |
23410.54 |
3 |
Capital Employed : |
|
|
|
|
|
|
a) Cement |
91037.93 |
83884.09 |
91037.93 |
83884.09 |
88877.62 |
|
b) Paper & Board |
32169.28 |
28493.90 |
32169.28 |
28493.90 |
28858.71 |
|
c) Electrical Consumer Durables |
12408.72 |
9159.81 |
12408.72 |
9159.81 |
14374.96 |
|
d) Others |
82.91 |
188.13 |
82.91 |
188.13 |
134.97 |
|
Total |
135698.84 |
121725.93 |
135698.84 |
121725.93 |
132246.26 |
|
* Shown seperately since the unit is non - operational. |