Olympic Cards Limited is a long-standing Indian manufacturer and trader specializing in the paper and board-based stationery sector. Established in **1962** and incorporated in **1992**, the company operates under the well-recognized brand name **"Olympic"** and the marketing tagline **"A Home for Wedding Cards."** While historically a dominant player in the South Indian market, particularly Chennai, the company is currently undergoing a period of significant financial restructuring and strategic pivot to address shifting consumer behaviors and legacy debt. --- ### **Product Portfolio & Market Presence** OCL operates through a single primary segment: **Paper and Paper Products**. Its offerings span social, corporate, and industrial categories: * **Social & Personal Stationery:** The core of the business, including **Wedding Invitation Cards**, **Wedding Bags**, **Greeting Cards**, and **Gift Articles**. * **Corporate & Office Stationery:** Business Cards, Office Envelopes, Letterheads, Cloth-lined Covers, Files, Account Books, Diaries, and Calendars. * **Educational Products:** Student Notebooks and specialized stationery. * **Disposable Paper Items:** Paper Napkins, Plates, and Disposable Cups. * **Printing Materials & Services:** Trading of **Screen and Offset Printing Inks** and related materials, alongside custom printing services. --- ### **Strategic Asset Restructuring & Debt Deleveraging** To address a history of financial distress and bank defaults, OCL has executed a series of aggressive asset monetization moves designed to stabilize the balance sheet. | Asset Event | Timeline | Financial Impact / Purpose | | :--- | :--- | :--- | | **Major Property Sale** | **Nov 2025** | Sold factory land and building at **Kannigaiper Village** for **Rs. 18.00 Crores**. | | **Debt Clearance** | **Nov 2025** | Proceeds used to clear bank loan defaults, statutory dues, and long-pending supplier payments. | | **Religare Loan Closure** | **Nov 2025** | Fully repaid and closed a **Mortgage Loan** facility (Original: **Rs. 5.05 Crores**). | | **HDFC Loan Closure** | **July 2023** | Closed **Rs. 3.34 Crore** loan using an unsecured loan from a Director. | | **Plant Disposal** | **Feb 2026** | Reported a loss on the sale of plant machinery as part of operational downsizing. | | **Inventory Cleanup** | **FY 2025-26** | Disposed of obsolete/unsold stock valued at **Rs. 99 Lakhs** (including **Rs. 50 Lakhs** in old designs). | --- ### **Financial Performance Trends** While the company has faced consecutive years of net losses, recent data suggests a narrowing of these losses as interest burdens decrease following debt repayments. | Metric (₹ in Crore) | FY 2023-24 | FY 2022-23 | FY 2021-22 | | :--- | :---: | :---: | :---: | | **Gross Income** | **17.03** | **16.61** | **9.05** | | **Depreciation** | **1.52** | **1.69** | **1.79** | | **Loss Before Tax (LBT)** | **(1.15)** | **(4.27)** | **(5.66)** | | **Loss After Tax (LAT)** | **(1.03)** | **(4.24)** | **(5.59)** | | **Reserves & Surplus** | **(10.60)** | **(9.58)** | **-** | *Note: No dividends have been recommended for the last three fiscal years due to the absence of profits.* --- ### **Operational Strategy & Governance** OCL is attempting to modernize its operations while relying heavily on promoter support to maintain liquidity. * **Digital Adaptation:** Management is implementing technological upgrades and advanced consultation techniques to counter the **"Digital Threat"**—the shift from physical cards to electronic invitations. * **Promoter Funding:** The company relies on interest-free loans from directors. For **FY 2025-26**, the Board approved availing up to **Rs. 7 Crores** from directors, within a total cumulative limit of **Rs. 20 Crores**. * **Related Party Synergy:** OCL utilizes entities like **Olympic Plastic Products** and **Olympic Paper Products** for operational efficiency. Transactions are conducted at **arm's length**, with a limit of **Rs. 7 Crores** set for **FY 2025-26**. * **Key Leadership:** * **N. Mohamed Faizal:** Managing Director (Re-appointed until **Nov 2027**). * **Alagarsamy Uthandan:** Independent Director (Tenure until **June 2031**). * **Dr. S. Kuppan:** Company Secretary. --- ### **Critical Risk Factors & Compliance Issues** Investors should note several high-impact risks and regulatory challenges currently facing the company: **1. Industry & Market Risks** * **Structural Decline:** Management has expressed doubt regarding a turnaround in the traditional paper card industry due to software-based alternatives. * **Competitive Landscape:** Intense pressure from small-scale local players with lower overheads and tax advantages in the unorganized sector. * **High Operating Costs:** Frequent design changes require constant capital infusion and continuous staff training due to high employee migration. **2. Regulatory & Statutory Defaults** The company has a history of persistent delays in remitting statutory dues: * **GST:** Disputed liability of **Rs. 2.17 Crores** for FY 2018-19; frequent monthly defaults in 2024. * **Provident Fund (PF):** Unpaid from **May 2022 to March 2025** (**Rs. 34.68 Lakhs** outstanding). * **ESI:** Unpaid from **July 2022 to March 2025** (**Rs. 4.17 Lakhs** outstanding). * **BSE Listing:** Trading was previously suspended due to non-payment of **Annual Listing Fees** for **FY 2022-23** and **FY 2023-24**. **3. Audit Qualifications** Statutory auditors have issued **Qualified Opinions** based on: * **Non-confirmation of Balances:** Inability to verify **Trade Receivables (Rs. 3.37 Cr)**, **Trade Payables (Rs. 10.51 Cr)**, and **Related Party Loans (Rs. 11.6 Cr)**. * **Willful Defaulter Status:** The company has been categorized as a **willful defaulter** by certain financial institutions. * **Internal Control Weaknesses:** Discrepancies between quarterly returns filed with banks and the company’s actual books of accounts. --- ### **Corporate Identity** * **BSE Scrip Code:** **534190** * **Paid-up Equity Capital:** **Rs. 16.31 Crore** (as of March 31, 2024) * **CIN:** **L65993TN1992PLC022521** * **Headcount:** **44** employees * **Website:** **www.oclwed.com**