Olympic Cards Ltd

Olympic Cards Ltd

Olympic Cards Ltd is mainly involved in manufacturing and trading of Wedding Invitation Cards Greeting Cards Visiting Cards Office Envelopes Cloth lined Covers Student Notebooks Account Books Files etc. The company is also involved in the trading of the items like Screen -Offset Inks. The company sells its products under the 'OLYMPIC' brand. The company enjoys big share of the organized sector in the Southern Region of the country in the fields of Wedding Cards and other related products. Their products are used in various social occasions and also by businesses schools general consumers. The company's main manufacturing facility is set up at Vyasarpadi Chennai. The company sells their products through Franchisees Wholesalers dealers as well as through its own sales force. Their major marketing set up is established at the company's registered office at Parrys Chennai. They have their own 5 sales showrooms in Chennai city and one is situated at Coimbatore. They have also appointed a fleet of agents and franchisees all over Tamilnadu Andhra Pradesh Karnataka and Kerala. They are also having dealers in the countries such as Malaysia Singapore Dubai and Sri Lanka to sell their products. Presently the Company also has more than 75 dealers all over India and overseas.Olympic Cards Ltd Company was originally incorporated as 'Olympic Business Credits (Madras) Pvt Ltd' on April 21 1992. Initially the company was established as a proprietary concern in November 1962 under the name of 'Olympia Paper & Stationery Stores'. The Proprietary concern was later converted into a partnership firm in the year 1974. In the year 1992 the company was formally incorporated.In March 22 1995 the company became a public limited company and the name was changed to 'Olympic Business Credits (Madras) Ltd'. In June 2 1998 the name of the Company was changed to 'Olympic Cards Ltd' so as to reflect business activities of the company in the name of the company.During the year 1998-99 the company opened two retail outlets in Chennai at 195 N.S.C Bose Road and 23 Anderson Street. Also they opened their first retail outlet at Coimbatore.During the year 1999-2000 the company launched the new products namely Vergo Print Cards Political Leader's Cards and Paper Carry Bags. During the year 2003-04 they purchased land at Vyasarpadi Industrial Estate for the purpose of setting up of factory. During the year 2003-04 they launched Metallic Coated Cards.During the year2005-06 the company opened their third retail outlet in Chennai at Kodambakkam. Also they launched Multi-Colour Card with Mat & Gloss Laminated Finish. During the year 2007-08 the company opened their fourth retail outlet in Chennai at Thiruvanmiyur. During the year 2007-08 the company launched new products namely Wedding Cards with Zari Powder Coating and Cards with UV Coating.During the year 2008-09 the company launched two new types of cards namely Scroll Type cards made up of Velvet Cloth and Non-Woven Cards. During the year 2009-10 the company opened their fifth retail outlet in Chennai at T. Nagar. They launched new products namely Decorated Cards (with Materials such as Bindhi Metal Stickers Diamonds and other Ornaments) Card embedded with Musical Chips containing pre-recorded slogans and Box Type Cards containing Dry Fruits and Chocolates.Olympic Cards collected a sum of Rs. 2336.94 Lakhs through Initial Public Offer of 7789800 Equity Shares of Rs.10/- each with a premium of Rs.20/- each fully paid in March 2012 for setting up of a new manufacturing Unit near Chennai and establishment of 4 Own Retail Outlets at Chennai. The shares of your Company were listed at the Bombay Stock Exchange Ltd (BSE Ltd) on 28 March 2012.The average time for implementation of the project as disclosed in the IPO offer document was January 2013. But due to delays in getting the required approvals from various authorities for construction of the new manufacturing unit the company has completed the implementation of the project and commenced the commercial production with effect from 31 March 2014. In the IPO Prospectus it has been stated that the company do not intend to purchase any second hand machinery. Since some suitable second hand imported machinery at a comparatively lower price were available in good working condition with latest model the company purchased imported second hand machinery using Rs.255.21 Lakhs for the above purpose.Initially the company had planned to identify and establish 4 retail outlets at (1) Ambattur Chennai (2) Anna Nagar Chennai (3) Tondiarpet Chennai and (4) Valasarawakkam Chennai. Due to non availability of suitable places at Ambattur and Tondiarpet the company identified suitable places at Peravallur and Velachery in Chennai. The average time for implementation of the project as disclosed in the offer document was December 2012. But due to delays in identifying and locating suitable places the company could complete the opening of all the four retail outlets before January 2014 and sales in the above four retail outlets are encouraging.