Oriental Rail Infrastructure Ltd

Oriental Rail Infrastructure Ltd

Oriental Veneer Products Ltd. was incorporated on March 081991 as a Private Limited Company in the name of 'Oriental Veneer Products Private Limited'. The name of Company subsequently changed from 'Oriental Veneer Products Private Limited' to 'Oriental Veneer Products Ltd' as on July 031995 and it became as Public Ltd. Company limited by shares. The company is engaged in manufacturing buying and selling of all type Recron Seat & Bearth Compreg Boards and also trading of timber woods and all its products. The Company operates only in one segment i.e Indian Railway Products. As on 31 March 2019 the company had 1 wholly owned subsidiary namely Oriental Foundry Pvt Ltd. M/s. Oriental Foundry Private Limited a Subsidiary Company was incorporated on 25th July 2014 with a motive set up a plant for manufacturing casting foundry products in FY 2015.During the year under review the Board of Directors at its meeting dated September 17 2018 approved sub-division of the equity shares of Rs. 10/- each in the Authorised Equity Share Capital of the Company into 10 (Ten) equity shares having a face value of Rs. 1/- each. The Members approved the proposal of sub-division through Postal Ballot on October 22 2018. Subsequently the Board of Directors fixed November 15 2018 as the record date for this purpose. Accordingly the shareholding of the entitled Members in the Company as on the said record date was adjusted in the ratio of 10:1 to give effect of the sub-division.During the year 2019 the Company bagged the following orders:1. Secured orders from Indian Railways' worth Rs 1523.10 million for manufacturing and supply wagons.2. Secured orders from Titagarh Wagons Limited' and Cimmco Limited' worth Rs 370.13 million for manufacturing and supply boogies. 3. Secured orders from SAIL RITES' worth Rs 559.64 million for manufacturing and supply boogies. The Indian Railways have a fleet of more than 2.51 lac wagons 70241 coaches and 11112 locomotives. Construction of the eastern and the western Dedicated Freight Corridors will lead freight volumes to more than double by FY 2020. Increasing carrying capacity cost effectiveness and improved quality of service will escalate railways share of freight movement from 35% to 50% by 2020.