Orient Beverages is in the business of supplying ‘Bisleri’ branded mineral water. It is also engaged in real estate activities. The company has reported no growth in revenues but reported consistent net profits (including rental income – see below) over the last five years. It reported a net profit of 1cr on revenues of 13cr in the last financial year. It operated with a relatively high net debt load of 5cr (as at 30 th September 2010). The mineral water business has been on a declining trend and is exposed to further deterioration of revenues as a result of slowing demand for its products with no real prospect of a turnaround. It has been a victim of labour unrest at its plants and there doesn’t appear to be a reason why this wouldn’t happen again in the future. It has also veered away from its core business and into real estate with currently one major rental customer (United Credit) generating its rental income – this would require a different assessment of its business pr
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