Scrip Watch

Oricon Enterprises Ltd

Scrip Sanctuaries for protection from the wildlife in this jungle of Indian Equities

Oricon Enterprises Ltd

Oricon Enterprises Ltd
Speciality Chemicals
FV – Rs 2; 52wks H/L –73.80/39.25; TTQ – 1.24 Lacs; CMP – Rs 63 (As On July 11th 2016; 12.00);                                 

 Market Cap – Rs 989.40 Crs

Consolidated Financials and Valuations for FY16 (Amt in Rs Crs unless specified)


Equity Capital

Net worth
Long Term Debt
Total
Sales
PAT
BV
(Rs)

EPS (Rs)

P/E

Industry P/E

P/BV

Promoter’s
Stake
Beta
31.41 644 183 1169 18.67 41 1.19 52.94

 

5.53 1.54 66.96

 

Consolidated Financials and Valuations for Q4 FY16


Equity Capital

Net worth

Total
Sales
PAT
BV
(Rs)

TTM EPS (Rs)

TTM P/E

Industry P/E

P/BV

Promoter’s
Stake
Beta
31.41 644 272 -2.30 41 -0.15 5.53 1.54 66.96

 

Valuation Parameters:

  1. Long Term Debt to Equity – 0.28
  2. ROE % – 2.9
  3. Market Cap/Sales – 0.85

Clearwater Capital Partners exits its investment in the company by selling around 4.4% stake through open market.

India Holdings buys 1 Crs shares of Oricon Enterprises Ltd at Rs. 64.5 per share from the promoters as on March 2015.

http://www.moneycontrol.com/news/buzzing-stocks/india-holdings-buys-1cr-sharesoricon-enterprises_1334656.html

Indiabulls Real Estate Limited has announced that Tapir Realty Developers Ltd, a 100% subsidiary of the company, has entered into a joint development agreement with Oricon Properties Pvt. Ltd in which saleable property to the company will be 67000 sq.feet and 30% of the topline which the company expects to be around 650 – 700 Crs.

http://www.indiainfoline.com/article/news-top-story/indiabulls-real-estate-inks-pact-with-oricon-116060300807_1.html

Oricon Enterprises buys 70 per cent of Oriental Containers for Rs 105 crore

         (Marine logistics company Oricon Enterprises Ltd (OEL) has acquired 70 per cent stake in Oriental Containers Ltd (OCL) from its joint venture partners OC Holding Ltd, Mauritius, at a consideration of Rs 105 crore. With this, OCL has become, OEL’s 100 per cent subsidiary.)

http://articles.economictimes.indiatimes.com/2015-03-30/news/60644242_1_united-breweries-105-crore-united-spirits

 

Key Updates:

The company Owns about 1 acre land at prime location in Worli, Mumbai.

Subsidiaries:

  1. Oricon Properties Pvt.Ltd – 100% Subsidiary (Holds about 2 acre land at Worli, Mumbai, Land parcel adjoining India Bulls Blu & Near Four Seasons Hotel, Worli, Mumbai)
  2. Oriental Containers Ltd – 100 % Subsidiary (Market leader with experience of over 5 decades in Indian caps and closures Industry with well established brands across user industry and Strong presence across Globe through exports to ~40 countries)

The company manufactures complete range of Caps and Closures. During FY15-16 the company manufactured as follows:

Plastic Closures Annual Capacity (mn)
Plastic – CSD Caps 3400
Plastic – wf/hf Caps 400
Plastic – Water 1200
 
Metal Closures Annual Capacity (mn)
Crown Caps 9216
Ropp Caps 1800
Twist off Caps 140
Aluminium Tubes 120

 

  1. United Shippers Ltd – 59.05 % Subsidiary (India’s Largest Marine logistics company handling Dry Cargo. Operates at 8 minor ports across 3 states with Fleet size of more than 300 equipments. Bought back shares of existing shareholders, increasing OEL holding to 59.05% from 50.19%)

Logiscor Ltd (Scorpio Group) holds 10.88% in USL and Mr. Vallabh Bhansali holds 8.18% in USL through family investments.

Year Volume Handled (Million MT) Revenue (Rs.Crs) % gain in Revenue
FY10 6.3 162  
FY11 1 240 48
FY12 7.8 312 30
FY13 11.9 402 29
FY14 12.9 380 -5
FY15 12.6 412 8

Minor ports contributing ~44% of total traffic in FY15

  1. Shinrai Auto Services Ltd – 100 % Subsidiary (Exclusive dealer of Toyota cars in South Mumbai. It Operates 2 showrooms in Nariman Point and Worli)

Financials of Subsidiaries:

Particulars Sales (Rs.Crs) Net Profit/ Loss (Rs.Crs)
  FY15 FY14 FY15 FY14
Oricon Properties Ltd 0.06 0.08 -0.07 -0.03
Oriental Containers Ltd 394 315 13.48 3.6
Unites Shippers Ltd 544 484 80.38 42.49
Shinrai Auto Services Ltd 337 246 -0.24 -1.49

 

Overview:

  • Oricon Enterprises Ltd is engaged in business of manufacturing of pentanes, liquid colorants, pet bottles and coal briquettes, which is a fuel product for industries.
  • The Company operates in four segments, which include petrochemicals, trading, liquid colorants and pet bottle.
  • The Company is the flagship company of Parijat Enterprises and is in real estate, marine logistics, packaging, petrochemicals and automobile dealership.
  • The company has manufacturing facilities at Khopoli, Maharashtra for Pentanes & Murbad, Maharashtra for PET Bottles
  • The company owns 1 acre at Worli which it plans to re-develop for residential and commercial purposes.
Particulars (Rs.Crs)  
Segment Revenue FY15 FY14 % gain/loss
(a) Logistics 393 528 -26
(b) Automobiles 308 332 -7
(c) Packaging 406 117 247
(d) Petrochemical 28 34 -18
(e) Trading 27 23 17
(f) Liquid Colorants 3 1 200
(g) Others 7 13 -46
       
PBIT      
(a) Logistics 18.28 110 -83
(b) Automobiles -2.78 5.15 -154
(c) Packaging 30.25 7.11 325
(d) Petrochemical 2.69 2.6 3
(e) Trading 0.53 0.48 10
(f) Liquid Colorants 0.02 -0.2 -110
(g) Others -0.56 0.03 -1967

 

Management:

  • Mr. S. J. Taparia – Chairman
  • Mr. Rajendra Somani – MD
  • Mr.Pramod Sarda – CFO

 

Major Non-Promoter Holdings:

Sr.No Non – Promoters No. of shares held % of shares held
1 LIC 2874491 1.83
2 NAF India Holdings Ltd 10169813 6.48
3 Shree Venkatesh Metal Packs Pvt Ltd 5172790 3.29
  Total 18217094 11.6

 

Unquoted Investments by Oricon Enterprises:

Particulars No. of Shares FV FY16 FY15 Cost per share
Investment in Equity Instrument          
Investment in Subsidiary :     (Amt Rs.Crs) (Rs.)
Shinrai Auto Services Ltd 7000000 10 7 5 10
Oricon Properties Ltd 6120000 10 159.4 159.4 260
United Shippers Ltd 2969552 10 195.4 195.4 658
Oriental Containers Ltd 10820836 10 136  – 126

 

Consolidated Financial Trends (In Rs. Crs) :

Particulars FY16 FY15 FY14 FY13 FY12
Equity Paid Up 31.41 31.41 31.41 31.41 31.41
Networth 644 632 596 578 545
Total Debt 376 354 186 172 136
Net Sales 1169 1081 913 1020 1007
Other Income 7 33 27 28 34
PAT 18.67 43.25 21.73 34.75 38.58
Book Value (Rs) 41 40 38 37 35
EPS (Rs) 1.19 2.75 1.38 2.21 2.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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