Click it and Unblock the Notifications
Notes to Accounts of Orient Press Ltd.
Mar 31, 2024
a) Disclosures relating to fair valuation of investment property
Fair value of the investment property situated at office premises at Lotus corporate park mumbai as at March 31, 2024 is '' 1714.00 Lakhs, based on external valuation. The company is in process of obtaining the valuation report from external valuer of other investment property situated at survey no. 297/1-P at Silvassa.
Fair Value Hierarchy
The fair value of investment property has been determined by external independent registered valuers as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017, having appropriate recognised professional qualification and recent experience in the location and category of the property being valued.
The fair value measurement for all of the investment property has been categorised as a level 3 fair value based on the inputs to the valuation techniques used.
Description of valuation technique used
The Company obtains independent valuations of its investment property after every three years. The fair value of the investment property have been derived using the Direct Comparison Method. The direct comparison approach involves a comparison of the investment property to similar properties that have actually been sold in arms-length distance from investment property or are offered for sale in the same region. This approach demonstrates what buyers have historically been willing to pay (and sellers willing to accept) for similar properties in an open and competitive market, and is particularly useful in estimating the value of the land and properties that are typically traded on a unit basis. This approach leads to a reasonable estimation of the prevailing price. Given that the comparable instances are located in close proximity to the investment property; these instances have been assessed for their locational comparative advantages and disadvantages while arriving at the indicative price assessment for investment property.
Investment Property :
1. The Investment Property consist of Part of Free Hold Land & Building situated at Survey No. 297/1-P ,Village Sayali, Silvassa -396240(U T of Dadra & Nagar Haveli), and office situated at Lotus Corporate Park, Mumbai.
2. Rent Income recognised in the statement of profit and loss for the above investment properties is '' 225.32 Lakhs (P.Y. '' 136.67 Lakhs) during the financial year ended March 31, 2024 and March 31, 2023 respectively.
Investment Property pledged/ mortgaged as security :
Refer Note no. 24 (1) and 29 (1) for information on Investment Property hypothecated / mortgaged as security by the Company.
The Company does not have any contractual obligations to purchase, construct or develop, for maintenance or enhancements of investment property.
b) Terms / rights attached to Equity Shares
The company has only one class of Equity Shares having a par value of '' 10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Under the erstwhile Companies Act, 1956, general reserve was created through an annual transfer of net income at a specified percentage in accordance with applicable regulations. The purpose of these transfers was to ensure that if a dividend distribution in a given year is more than 10% of the paid-up capital of the Company for that year, then the total dividend distribution is less than the total distributable results for that year. Consequent to introduction of the Companies Act 2013, the requirement to mandatorily transfer a specified percentage of the net profit to general reserve has been withdrawn. However, the amount previously transferred to the general reserve can be utilised only in accordance with the specific requirements of the Companies Act, 2013..
Securities Premium is credited when shares are issed at premium. It can be utilized in accordance with the provisions of the Companies Act, 2013.
This Reserve represents the cumulative profits of the Company. This Reserve can be utilized in accordance with the provisions of the Companies Act, 2013.
1. Term Loan from banks comprises of :
(a) '' 252.53 Lakhs ( P.Y. '' 334.92 Lakhs) from Kotak Mahindra Bank Ltd. for acquisition of machinery and same is secured by equitable mortgage of office premise unit no. 1101, G Wing Lotus Corporate Park, off Western Express Highway, Goregaon East, Mumbai - 400063. Repayable in equated monthly installment of Rs. 9.21 Lakhs each, starting from October 10, 2022 and ending on September 10, 2026 which carries interest @ 9.40% p.a.
(b) '' Nil ( P.Y? 20.00 Lakhs) from Axis Bank Ltd. for acquisition of Plant and Machinery at its Paper board carton / Rigid boxes manufacturing unit at Silvassa and same is secured by exclusive charge on assets funded from this term loan and collaterally secured by Pari Passu second charge on the immovable fixed assets of the company located at Silvassa unit, both present and future with Indian Bank (Allahabad bank). Repayable in equal quarterly instalments of '' 10 Lakhs each, ending on July 31,2023.
(c) '' 354.77 Lakhs ( P.Y.? 354.77 Lakhs) from Indian Bank to meet the working capital requirement of the Company and same
is secured by second Pari Passu charge or assets to be created by out of these loan proceeds and second charge over current and fixed assets created out off WCTL/Term Loan along with existing security and 100 per cent guarantee cover under ECLGS of National Credit Guarantee Trustee Company (NCGTC) for the GECLS exposure. Repayable in 36 monthly instalments of '' 9.81 Lakhs each from May 31, 2024 ending on April 30,2027. Which carries interest @ 9.25% p.a.
(d) '' 16.82 Lakhs ( P.Y. '' Nil ) from Hdfc Bank Ltd. for Purchase Vehicle and same are secured by hypothecation of Motor
Vehicle and are repayable over a period of 39 months,starting from September 07, 2023 and ending on November 07, 2026 which carries interest @ 8.80% p.a.
(e) '' 17.29 Lakhs ( P.Y. '' Nil ) from Hdfc Bank Ltd. for Purchase Vehicle and same are secured by hypothecation of Motor
Vehicle and are repayable over a period of 39 months,starting from October 05, 2023 and ending on December 05, 2026
which carries interest @ 8.80% p.a.
(f) all above balances are inclusive of Interest accrued but not due.
(g) The term loans aggregating to '' 252.53 Lakhs ( P.Y. '' 354.92 Lakhs) obtained from Kotak Mahindra Bank Ltd. and Axis Bank Ltd. are personally guaranteed by the Managing Director and Executive Director.
2. Deposits from Shareholders carry interest @ 9.00 % p.a.- (P.Y.@ 9.00 % p.a./9.50%.p.a.) and are repayable after 2 to 3 years
from the respective dates of deposit.
1. Interest free Sales Tax deferral is availed from the Government of Maharashtra in accordance with the 1988 Package Scheme of Incentives / The 1993 Package Scheme of Incentives. The said deferral is repayable in 15 annual instalments of unequal amounts ranging from '' 1.67 Lakhs to '' 219 Lakhs starting from 30th June 2010 and ending on 1st April 2024. The deferral facility availed have been repaid during the year.
1. Cash Credit and Packing Credit Facility from Banks comprises of :
(a) '' 2277.95 Lakhs (P.Y. '' 2160.71 Lakhs) from Axis bank Ltd. secured by Pari passu first charge on current assets of the company both present and future and collaterally secured by (i) Pari passu first charge on the immoveable fixed assets of the Company located at of its Silvassa unit, both present & future, (ii) Pari passu second charge on the entire moveable fixed assets of the company, both present & future. Excluding those charged exclusively to other term lenders and (iii) Negative lien on immovable fixed assets other than those of its Silvassa unit and those charged exclusively to other term lenders, and also personally guaranteed by Managing Director and Executive Director.
(b) '' 1096.72 Lakhs (P.Y. '' 1174.69 Lakhs) from Indian Bank (Allahabad Bank) secured by Pari passu first charge on current assets of the Company both present and future and collaterally secured by (i) Pari passu first charge on the immovable fixed assets of the company located at its Silvassa Unit, both present & future (ii) Pari passu second charge on the entire movable fixed assets of the company, both present & future except those charged exclusively to other term lenders and (iii) Negative lien on immovable fixed assets other than those of its Silvassa unit and those charged exclusively to other term lenders, and also personally guaranteed by Managing Director and Executive Director.
Note: The above other financial liabilities includes Foreign Currency Forward and Options Contracts.Fair value measurement is done considering the Level -1 of Fair Value Hierarchy as per the Ind-AS 113.
Note: 50 Financial Risk Management Objectives and Policies :
The Company''s principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other payables, and financial guarantee contracts. The main purpose of these financial liabilities is to finance the Company''s operations and to provide guarantees to support its operations directly or indirectly. The Company''s principal financial assets include investments, loans, trade and other receivables, cash and cash equivalents that derive directly from its operations.
The Company is exposed to market risk, credit risk and liquidity risk. The below note explains the sources of risk which the entity is exposed to and how the entity manages the risk:
Credit risk is the risk that counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.
Total Trade receivables as on 31 March 2024 is '' 3836.11 Lakhs (31 March 2023 : '' 3755.43 Lakhs). The Company does not have higher concentration of credit risks to a single customer.
The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk of the industry and country in which customers operate.
The Company has established a credit policy under which each new customer is analysed individually for credit worthiness before the Company''s standard payment and delivery terms and conditions are offered. The Company''s review includes external ratings, if they are available, and in some cases bank references. Sale limits are established for each customer and reviewed half yearly.
As per simplified approach, the Company makes provision of expected credit losses on trade receivables in accordance of the requirement of Ind AS 109.
Financial instruments and cash deposits
Credit risk from balances/investments with banks and financial institutions is managed in accordance with the Company''s treasury risk management policy. Investments of surplus funds are made only with approved counterparties and within limits assigned to each counterparty. The limits are assigned based on corpus of investable surplus and corpus of the investment avenue. The limits are set to minimize the concentration of risks and therefore mitigate financial loss through counterparty''s potential failure to make payments.
The company''s maximum exposure to credit risk as at 31 March 2024, and 31 March 2023 is the carrying value of each class of financial assets.
Liquidity Risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as and when required.
The Treasury Risk Management Policy includes an appropriate liquidity risk management framework for the management of the short-term. medium-term and long term funding and cash management requirements. The Company manages the liquidity risk by maintaining adequate cash reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The Company invests its surplus funds in bank fixed deposit and liquid schemes of mutual funds, which carry no/negligible mark to market risks.
Market risk comprises two types of risk: price risk, interest rate risk and currency risk. The risks may affect income and expenses, or the value of its financial instruments of the Company. The objective of the Management of the Company for market risk is to maintain this risk within acceptable parameters, while optimising returns. The Company exposure to, and the Management of, these risks is explained below:
Equity price risk is related to the change in market price of the investments in quoted equity securities. The value of the financial instruments is not material and accordingly any change in the value of these investments will not affect materially the profit or loss of the Company.
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Since, the Company has insignificant interest bearing borrowings, the exposure to risk of changes in market interest rates is very low. The Company has not used any interest rate derivatives.
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, after excluding the credit exposure for which interest rate swap has been taken and hence the interest rate is fixed. With all other variables held constant, the Company''s profit before tax is affected through the impact on floating rate borrowings, as follows:
Foreign exchange risk arises on future commercial transactions and on all recognised monetary assets and liabilities, which are denominated in a currency other than the functional currency of the Company. The Company''s management has set policy wherein exposure is identified. benchmark is set and monitored closely, and accordingly suitable hedges are undertaken. Policy also includes mandatory initial hedging requirements for exposure above a threshold.
The Company''s foreign currency exposure arises mainly from foreign exchange imports, exports and foreign currency borrowings, primarily with respect to USD, EURO & GBP.
As at the end of the reporting period, the carrying amounts of the company''s foreign currency denominated monetary assets and liabilities in respect of the primary foreign currency i.e. USD, EURO, GBP and derivative to hedge the exposure, are as follows:
The Company''s exposure to foreign currency changes for all other currencies is not material.
Foreign currency sensitivity analysis
The following table demonstrate the sensitivity to a reasonable possible change in USD exchange rate, with all other variables held constant. The impact on the Company''s profit before tax is due to changes in the fair value of monetary assets and liabilities and derivatives is as follows:
For the purpose of the Company''s capital management, capital includes issued equity share capital, securities premium and all other reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximise the value of the share and to reduce the cost of capital.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company can adjust the dividend payment to shareholders, issue new shares, etc. The Company monitors capital using a gearing ratio, which is net debt divided by total equity. The Company includes within net debt, interest bearing loans and borrowings, less cash and cash equivalents.
Information about Primary Business Segment
The company has identified Business Segment as the Primary Segment. Segments have been identified taking into account the nature of the products, differing risks and returns, organisational structure and internal reporting system. The Company is engaged in all kind of Printing, Flexible Packaging Material and Paper Board Packaging Material, consequently the Company have separate reportable business segment for the year ended March 31, 2024.
The company has availed the exemption given under Ind AS 116 for the Short term lease. Correspondingly company has recognized the lease payment on straight line basis in Statement of Profit and Loss over the life of lease term. The rental expenses in respect of premises taken on operating leases was '' 3.65 Lakhs (P.Y.? 4.25 Lakhs ). In respect of long term lease, the company has recognised Right of use assets and lease liabiities, refer note no. 6, 25 & 30 to the financial statements.
Operating Lease income are recognised in the Statement of Profit and Loss in respect of premises given on operating leases was '' 225.32 Lakhs (P.Y.? 136.67 Lakhs).
The company has used funds for the purpose for which they were borrowed from banks and financial institutions during the year. Note: 65 Change due to revaluation:
During the year company has not revalued its Property Plant and Equipment (PPE) and intangible assets.
Note: 66 Title Deeds of Immovable Property :
Title deed of all immovable property (other than properties where company is lessee and the lease agreements are duly executed in favour of the lessee) are in the name of the Company.
Note: 67 Valuation by registerd valuer :
During the year the company has not revalued its property, plant and equipment or intangible assets.
The company has not granted any loans and advances in the nature of loans to promoters, directors, Key Managerial Personnel (KMPs) and the related parties, repayable on demand or granted without specifying terms.
No proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
Note: 71 Borrowing Against Security of Current Assets:
The quarterly statements of current assets filed by the Company with banks are in agreement with books of accounts.
The company has not been declared as willful defaulter by any bank or financial institution or any other lender during the year.
Note: 73 Relationship with Struck off company:
The company has no transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.
Note: 74 Registration of Charges or satisfaction with Registrar of Companies (ROC):
There are no charges or satisfaction of charges pending for registration with the Registrar of Companies (ROC) beyond the statutory period.
Note: 75 Compliance with number of Layer of Companies:
The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules 2017.
During the year there is no Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 for the company.
Note: 78 Utilisation of Borrowed Fund and Share Premium:
a) The company has not advanced or loaned or invested any funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies, including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the intermediary shall
i) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
ii) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;
b) The company has not received any funds from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the company shall
i) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party (Ultimate Beneficiaries) or
ii) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries Note: 79 Undisclosed Income:
During the year the company has not disclosed any income in terms of any transaction not recorded in the books of accounts that has been surrendered or disclosed as income in the tax assessment under the Income Tax Act 1961.
Note: 80 Virtual Currency:
The Company has not traded or invested in Crypto currently or Virtual Currency during the financial year.
Note: 81 Information required under section 186(4) of Companies Act 2013 :
There are no loans, guarantee given, securities provided by the company. Further there are no investments made by the Company during the financial year.
Note: 82 Events after the reporting period :
There was no significant event after the end of the reporting period which requires any adjustment or disclosure in the Financial Statements.
In the opinion of Board of Directors, the assets other than fixed assets and non-current investments have value on realisation in ordinary course of business at least equal to the amount at which they are stated except as otherwise stated. Provision for all known and determined liabilities is adequate and not in excess of the amount reasonably required.
Note: 84 Approval of Financial Statements :
The Financial Statements were approved for issue by the Board of Directors on 28th May, 2024 Note: 85 Previous year regrouping:
Previous year''s figures have been regrouped / reclassified, where necessary, to confirm to current year''s classification. This does not impact recognition and measurement principles followed for preparation of standalone financial statements.
The accompanying notes 1 to 85 are an integral part of the financial statements
Mar 31, 2023
xii) Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognized when the company has present obligation (legal or constructive) as a result of past event and it is probable that outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense related to a provision is presented in the statement of profit and loss net of any reimbursement/ contribution towards provision made.
Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimates.
Contingent Liability:
Contingent liability is disclosed in the case;
⢠When there is a possible obligation which could arise from past event and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or;
⢠A present obligation that arises from past events but is not recognized as expense because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or;
⢠The amount of the obligation cannot be measured with sufficient reliability.
Contingent asset:
Contingent asset is disclosed in case a possible asset arises from past events and whose existence will be
confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company.
Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet date and adjusted to reflect the current best estimates.
xiii) Leases
Lease rental paid/received on assets taken/given under operating lease are recognized as expenses/income on accrual basis in accordance with the respective lease agreements.
xiv) Cash and Cash Equivalents
Cash and cash equivalents includes cash on hand, balances with bank in current accounts (Other than earmarked) and fixed deposits with bank (free from any encumbrances).
xv) Financial instruments
The Company recognizes financial assets and financial liabilities when it becomes party to the contractual provision of the instrument.
Part I - Financial Assets
⢠Initial recognition and measurement
Financial assets are initially measured at its fair value excepts for Trade Receivable which are initially recognized at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets (other than financial assets at fair value through profit or loss) are added to or deducted from the fair value of the concerned Financial assets, as appropriate, on initial recognition.
Transaction costs directly attributable to acquisition of financial assets at fair value through profit or loss are recognized immediately in profit or loss. However, trade receivable that do not contain a significant financing component are measured at transaction price.
⢠Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in four categories:
⢠Financial Assets at amortised cost
⢠Financial Assets at FVTOCI (Fair Value through Other Comprehensive Income)
⢠Financial Assets at FVTPL (Fair Value through Profit or Loss)
⢠Equity investments Financial Assets at amortised cost
A Financial Assets is measured at the amortised cost if both the following conditions are met:
⢠The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and
⢠Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.
This category is the most relevant to the Company. After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the profit or loss. The losses arising from impairment are recognised in the profit or loss.
Financial Assets at FVTOCI (Fair Value through Other Comprehensive Income)
A Financial Assets is classified as at the FVTOCI if following criteria are met:
The objective of the business model is achieved both by collecting contractual cash flows (i.e. SPPI) and selling the financial assets
Financial instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recognized in the other comprehensive income (OCI). However, the Company recognizes interest income, impairment losses and reversals and foreign exchange gain or loss in the statement of profit and loss. On de-recognition of the asset, cumulative gain or loss previously recognised in OCI is reclassified from the equity to the statement of profit and loss. Interest earned whilst holding FVTOCI debt instrument is reported as interest income using the EIR method.
Financial Assets at FVTPL (Fair Value through Profit or Loss)
FVTPL is a residual category for financial instruments. Any financial instrument, which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is classified as at FVTPL.
In addition, the Company may elect to designate a financial instrument, which otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as ''accounting mismatch''). The Company has not designated any financial instrument as at FVTPL.
Financial instruments included within the FVTPL category are measured at fair value with all changes recognized in the Statement of Profit and Loss.
Equity investments
All other equity investments are measured at fair value, with value changes recognised in Statement of Profit and Loss.
a) De-recognition
A financial asset is primarily derecognized when rights to receive cash flows from the asset have expired or the Company has transferred its contractual rights to receive cash flows of the financial asset and has substantially transferred all the risk and reward of the ownership of the financial asset.
b) Impairment of financial assets
In accordance with Ind AS 109, the Company uses ''Expected Credit Loss'' (ECL) model, for evaluating impairment of financial assets other than those measured at fair value through profit and loss (FVTPL).
ECL is the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original effective interest rate.
Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a financial asset. 12-month ECL is a portion of the lifetime ECL which results from default events that are possible within 12 months from the reporting date.
For trade receivables, Company applies ''simplified approach'', which requires expected lifetime losses to be recognised from initial recognition of the receivables. The Company uses historical default rates to determine impairment loss on the portfolio of trade receivables. At every reporting date, these historical default rates are reviewed and changes in the forward-looking estimates are analysed.
For other assets, the Company uses 12 month ECL to provide for impairment loss where there is no significant increase in credit risk. If there is significant increase in credit risk full lifetime ECL is used.
ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in the Statement of Profit and Loss under the head ''Other expenses''.
Part II - Financial Liabilities
a) Initial recognition and measurement
The Company''s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, financial guarantee contracts and derivative financial instruments. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
b) Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Company that are not designated as hedging instruments in hedge relationships as defined by Ind-AS 109. Gains or losses on liabilities held for trading are recognised in the profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss is designated as such at the initial date of recognition, and only if the criteria in Ind-AS 109 are satisfied. For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit risks are recognized in OCI. These gains/ loss are not subsequently transferred to statement of profit and loss. However, the Company may transfer the cumulative gain or loss within equity. All other changes in fair value of such liability are recognised in the statement of profit or loss. The Company has not designated any financial liability as at fair value through profit and loss.
Loans and borrowings
This is the category most relevant to the Company. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are de-recognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss. This category generally applies to borrowings.
c) De-recognition
A financial liability is de-recognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
d) Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
xvi) Fair value measurement
The Company measures financial instruments at fair value in accordance with the accounting policies mentioned above. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
⢠In the principal market for the asset or liability or;
⢠In the absence of a principal market, in the most advantageous market for the asset or liability.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy that categorizes into three levels, described as follows, the inputs to valuation techniques used to measure value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs).
Level 1 â quoted (unadjusted) market prices in active markets for identical assets or liabilities
Level 2 â inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly
Level 3 â inputs that are unobservable for the asset or liability
For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.
This note summarises accounting policy for fair value. Other fair value related disclosures are given in the relevant notes.
xvii) Earnings Per Share
Basic Earnings per Share (EPS) amounts are calculated by dividing the profit for the year attributable to equity holders by the weighted average number of equity shares outstanding during the year.
Diluted earnings per share adjust the figures used in the determination of basic earnings per share to take into account:
⢠The after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and
⢠Weighted average number of equity shares that would have been outstanding assuming the conversion of all the dilutive potential equity.
xviii) Segment Reporting
The Company identifies operating segments based on the internal reporting provided to the chief operating decisionmaker.
The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors that makes strategic decisions.
The accounting policies adopted for segment reporting are in line with the accounting policies of the Company. Segment revenue, segment expenses have been identified to segments on the basis of their relationship to the operating activities of the segment.
Revenue, expenses, assets and liabilities which relate to the Company as a whole and are not allocable to segments on a reasonable basis, are included under âUnallocatedâ.
3. KEY ACCOUNTING ESTIMATES AND JUDGEMENTS:
The preparation of the Company''s financial statements requires the management to make judgments'', estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below:
i) Income taxes and Deferred tax assets:
The Company''s tax jurisdiction is India. Significant judgments are involved in estimating budgeted profits for the purpose of paying advance tax, determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions. Deferred tax asset is recognised for all the deductible temporary differences to the extent that it is probable that taxable profit will be available against
which the deductible temporary difference can be utilized. The management assumes that taxable profit will be available while recognizing the deferred tax assets. The amount of total deferred tax assets may change if management estimates of projected future taxable income or if tax regulations undergo a change. (Refer Note No. 10 of the financial statements)
ii) Property, Plant and Equipment:
Property, Plant and Equipment represent a significant proportion of the asset base of the Company. The charge in respect of periodic depreciation is derived after determining an estimate of an asset''s expected useful life as prescribed in the Schedule II of the Companies Act, 2013 and the expected residual value at the end of its life. The useful lives and residual values of Company''s assets are determined by the management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technical or commercial obsolescence arising from changes or improvements in production or from a change in market demand of the product or service output of the asset.
Premium paid for Leasehold Land is amortised over primary lease period.
Cost of Cylinder Base shell is amortised over a period of 8 years from the year of its purchase as technically assessed. (Refer Note No. 4&5 of the financial statements)
iii) Impairment of non-financial assets:
The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, the Company estimates the asset''s recoverable amount. An asset''s recoverable amount is the higher of an asset''s or Cash Generating Units (CGU''s) fair value less costs of disposal and its value in use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or a group of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account, if no such transactions can be identified, an appropriate valuation model is used.
iv) Impairment of financial assets:
The impairment provisions for financial assets are based on assumptions about risk of default and expected cash loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on Company''s past history, existing market conditions as
well as forward looking estimates at the end of each reporting period.
v) Recognition and measurement of defined benefit obligation:
The obligation arising from the defined benefit plan is determined on the basis of actuarial assumptions. Key actuarial assumptions include discount rate, trends in salary escalation and vested future benefits and life expectancy. The discount rate is determined with reference to market yields at the end of the reporting period on the government bonds. The period to maturity of the underlying bonds correspond to the probable maturity of the post-employment benefit obligations. (Refer Note No.50 of financial statements)
vi) Recognition and measurement of other provisions:
The recognition and measurement of other provisions are based on the assessment of the probability of an outflow of resources, and on past experience and circumstances known at the balance sheet date. The actual outflow of resources at a future date may, therefore, vary from the figure included in other provisions.
Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it no longer probable that the outflow of resources would be requires to settle the obligation, the provision is reversed.
vii) Contingencies:
Management judgement is required for estimating the possible outflow of resources, if any, in respect of contingencies/claim/litigations against the Company as it is not possible to predict the outcome of pending matters with accuracy. (Refer Note No. 47 of the financial statements)
viii) Allowances for uncollected trade receivable and advances:
Trade receivables do not carry any interest and are stated at their normal value as reduced by appropriate allowances for estimated amounts which are irrecoverable. Individual trade receivables are written off when management deems them not collectible. Impairment is made on the expected credit losses, which are the present value of the cash shortfall over the expected life of the financial assets. The impairment provisions for financial assets are based on assumption about risk of default and expected loss rates. Judgment in making these assumptions and selecting the inputs to the impairment calculation are based on past history, existing market condition as well as forward looking estimates at the end of each reporting period. (Refer Note No. 45 of the financial statements)
ix) Functional and Presentation Currency :
The financial statements are presented in Indian Rupees, which is the functional currency of the company and the currency of primary environment in which the company operates and all values are rounded to the nearest lakhs up to two decimals place excepts as otherwise indicated.
Land & Building :
Refer Note no. 22 (1) and 25 (1) for hypothecation of Land & building, office premises & Plant and Machinery.
âCapital work-in-progress :
a) Capital work-in-progress mainly comprises of Factory Building, Plant & Machinery, Other Fixed asset not put to use before the end of the Financial Year.
b) For ageing analysis of Capital work in progress refer to Note 64.
Investment Property :
1. The Investment Property consist of Part of Free Hold Land & Building situated at Survey No. 297/1-P ,Village Sayali, Silvassa -396240 (U T of Dadra & Nagar Haveli).
2. Rent Income recognised in the statement of profit and loss for the above investment properties is '' 136.67 Lakhs (P.Y. '' 138.17 Lakhs) during the financial year ended March 31, 2023 and March 31, 2022 respectively.
Investment Property pledged/ mortgaged as security :
Refer Note no. 22 (1) and 25 (1) for information on Investment Property hypothecated / mortgaged as security by the Company.
The Company does not have any contractual obligations to purchase, construct or develop, for maintenance or enhancements of investment property.
1) General Reserve:
Under the erstwhile Companies Act, 1956, general reserve was created through an annual transfer of net income at a specified percentage in accordance with applicable regulations. The purpose of these transfers was to ensure that if a dividend distribution in a given year is more than 10% of the paid-up capital of the Company for that year, then the total dividend distribution is less than the total distributable results for that year. Consequent to introduction of the Companies Act 2013, the requirement to mandatorily transfer a specified percentage of the net profit to general reserve has been withdrawn. However, the amount previously transferred to the general reserve can be utilised only in accordance with the specific requirements of the Companies Act, 2013.
2) Security Premium Reserve:
Securities Premium is credited when shares are issed at premium. It can be utilized in accordance with the provisions of the Companies Act, 2013.
3) Retained Earning
This Reserve represents the cumulative profits of the Company. This Reserve can be utilized in accordance with the provisions of the Companies Act, 2013.
Notes:
1. Term Loan from banks comprises of :
(a) '' 334.17 Lakhs ( P.Y. '' Nil) from Kotak Mahindra Bank Ltd. for acquisition of machinery and same is secured by equitable mortgage of office premise unit no. 1101, G Wing Lotus Corporate Park, off Western Express Highway, Goregaon East, Mumbai - 400063. Repayable in equated monthly installment of Rs. 9.21 Lakhs each, starting from October 10, 2022 and ending on September 10, 2026 which carries interest @ 9.40% p.a.
(b) '' 20.00 Lakhs ( P.Y.'' 60.00 Lakhs) from Axis Bank Ltd. for acquisition of Plant and Machinery at its Paper board carton / Rigid boxes manufacturing unit at silvassa and same is secured by exclusive charge on assets funded from this term loan and collaterally secured by Pari Passu second charge on the immovable fixed assets of the company located at Silvassa unit, both present and future with Indian Bank (Allahabad bank). Repayable in equal quarterly instalments of '' 10 Lakhs each, ending on 31st July,2023. Remaining 2 quarterly installment of ''10.00 Lakhs each. Which carries interest @ 10.90% p.a.
(c) '' 354.77 Lakhs ( P.Y.'' Nil) from Indian Bank to meet the working capital requirement of the Company and same is secured by second Pari Passu charge or assets to be created by out of these loan proceeds and second charge over current and fixed assets created out off WCTL/Term Loan along with existing security and 100 per cent guarantee cover under ECLGS of National Credit Guarantee Trustee Company (NCGTC) for the GECLS exposure. Repayable in 36 monthly instalments of ''9.81 Lakhs each from May 31, 2024 ending on 30th April,2027. Which carries interest @ 9.25% p.a..
(d) all above balances are inclusive of Interest accrued but not due.
(e) The term loans aggregating to '' 354.17 Lakhs ( P.Y. '' 60 Lakhs) obtained from Kotak Mahindra Bank Ltd. and Axis Bank Ltd. are personally guaranteed by the Managing Director and Executive Director.
2. Deposits from Shareholders carry interest @ 9.00 % p.a./ 9.50%.p.a.- (P.Y.@ 9.00 % p.a./9.50%.p.a.) and are repayable after 2
to 3 years from the respective dates of deposit.
1. Cash Credit and Packing Credit Facility from Banks comprises of :
(a) '' 2,160.71 Lakhs (PY '' 2,338.47 Lakhs) from Axis bank Ltd. secured by Pari passu first charge on current assets of the company both present and future and collaterally secured by (i) Pari passu first charge on the immoveable fixed assets of the Company located at of its Silvassa unit, both present & future, (ii) Pari passu second charge on the entire moveable fixed assets of the company, both present & future. Excluding those charged exclusively to other term lenders and (iii) Negative lien on immovable fixed assets other than those of its Silvassa unit and those charged exclusively to other term lenders, and also personally guaranteed by Managing Director and Executive Director.
(b) '' 1,174.69 Lakhs (P.Y. '' 1,170.93 Lakhs) from Indian Bank (Allahabad Bank) secured by Pari passu first charge on current assets of the Company both present and future and collaterally secured by (i) Pari passu first charge on the immovable fixed assets of the company located at its Silvassa Unit, both present & future (ii) Pari passu second charge on the entire movable fixed assets of the company, both present & future except those charged exclusively to other term lenders and (iii) Negative lien on immovable fixed assets other than those of its Silvassa unit and those charged exclusively to other term lenders, and also personally guaranteed by Managing Director and Executive Director.
Note: 75 Undisclosed Income:
During the year the company has not disclosed any income in terms of any transaction not recorded in the books of accounts that has been surrendered or disclosed as income in the tax assessment under the Income Tax Act 1961.
Note: 76 Virtual Currency:
The Company has not traded or invested in Crypto currently or Virtual Currency during the financial year.
Note: 77 Information required under section 186(4) of Companies Act 2013 :
There are no loans, guarantee given, securities provided by the company. Further there are no investments made by the Company during the financial year.
Note: 78 Events after the reporting period :
There was no significant event after the end of the reporting period which requires any adjustment or disclosure in the Financial Statements.
Note: 79
In the opinion of Board of Directors, the assets other than fixed assets and non-current investments have value on realisation in ordinary course of business at least equal to the amount at which they are stated except as otherwise stated. Provision for all known and determined liabilities is adequate and not in excess of the amount reasonably required.
Note: 80 Approval of Financial Statements :
The Financial Statements were approved for issue by the Board of Directors on 27th May, 2023 Note: 81 Previous year regrouping:
Previous year''s figures have been regrouped / reclassified, where necessary, to confirm to current year''s classification. This does not impact recognition and measurement principles followed for preparation of standalone financial statements.
The accompanying notes 1 to 81 are an integral part of the financial statements
For and on behalf of the Board of Orient Press Limited
As per our report of even date
For SARDA & PAREEK LLP R.V. Maheshwari R.R. Maheshwari Prakash Maheshwari
Chartered Accountants Chairman & Managing Director Executive Director Whole-Time-Director
FRN: 109262W / W100063 DIN:00250378 DIN:00249954 DIN:00249736
CA. Giriraj Soni CA. Gopal Somani Shubhangi Lohia
Partner Chief Financial Officer Company Secretary
Membership No:109738
Place : Mumbai Place : Mumbai
Date : May 27, 2023 Date : May 27, 2023
Mar 31, 2018
1) General Reserve:
The Company transferred certain percentage of retained earnings to general reserve as per the provisions for dividend distribution under the Companies Act, 2013.
2) Security Premium Reserve:
Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provisions of the Companies Act, 2013.
Expenses incurred by the Company during the year ended 31 March 2018 aggregating to Rs, 8.91 Lakhs in connection with the Preferential equity shares allotment have been adjusted towards the securities premium reserve. Expenses includes (listing fees, Legal and professional charges, Depository service charges, fees & stamp, share registrar fees).
3) Retained Earning
This Reserve represents the cumulative profits of the Company and effects of measurement of defined benefit obligations. This Reserve can be utilized in accordance with the provisions of the Companies Act, 2013.
Notes:
1. Term Loan from banks comprises of :
(a) Rs, 121.52 Lakhs ( P.Y. Rs, 200.00 Lakhs) from Allahabad Bank for acquisition of an Office Premise and same is secured by exclusive charge on assets funded from this term loan. It is repayable in 20 equal quarterly installments of Rs, 20 Lakhs each beginning from 31st Dec.2014 and ending on 30th Sept. 2019 .
(b) Rs, 29.06 Lakhs (P.Y. Rs, 44.68 Lakhs) from Allahabad Bank for acquisition of Plant and Machinery at its Silvassa unit and same is secured by exclusive charge on assets funded from this term loan and collaterally secured by Pari Passu second charge on the immovable assets of the company located at Silvassa unit, both present and future with Axis bank limited. It is repayable in quarterly installment of Rs, 4 Lakhs beginning from 30th Sept.2016 and ending on 31st march 2020 .
(c) (i) Rs, 517.24 Lakhs (P.Y. Rs, 152.04 Lakhs) from Kotak Mahindra Bank Ltd. out of total sanctioned term loan of Rs, 800 Lakhs-for acquisition of Plant and Machinery at its Noida Unit and same is secured by exclusive charge on assets funded from this term loan and it is repayable in 20 equal quarterly installments.
(ii) Rs, 375.00 Lakhs ( P.Y. Rs, 475.00 Lakhs) from Kotak Mahindra Bank Ltd. for acquisition of an Office Premise and same is secured by exclusive charge on assets funded from this term loan. It is repayable in 20 equal quarterly installments of Rs, 25 Lakhs each beginning from 25th Jan. 2017 and ending on 25th Oct. 2021.
(iii) Both the above term loans from Kotak Mahindra Bank Limited are collaterally secured by registered mortgage of certain office premises and equitable mortgage of lease hold land and building of its Noida unit.
(d) Rs, 41.50 Lakhs (P.Y. Rs, 13.33 Lakhs) from ICICI bank andRs, Nil/-( P.Y. Rs, 4.96 Lakhs) from Kotak Mahindra Bank Ltd. for Vehicles and same are secured by hypothecation of Motor Vehicles and are repayable over a period of three Years.
2. The term loans aggregating to Rs, 1042.82 Lakhs ( P.Y. Rs, 871.72 Lakhs) obtained from Allahabad Bank and Kotak Mahindra Bank Ltd. are personally guaranteed by the Managing Director and Executive Director.
3. Interest free Sales Tax deferral is availed from the Government of Maharashtra in accordance with the 1988 Package Scheme of Incentives / The 1993 Package Scheme of Incentives. The said deferral is repayable in 15 annual instalments of unequal amounts ranging from Rs,1.67 Lakhs to Rs, 219 Lakhs starting from 30th June 2010 and ending on 1st April 2024.
4. Deposits from Shareholders carry interest @ 10% p.a./11%.p.a./12% p.a.- (P.Y.11%.p.a./12% p.a.) and are repayable after 2 to 3 years from the respective dates of deposit.
Total 3,503.20 3,579.62 3,773.45
1. Cash Credit and Packing Credit Facility from Banks comprises of :
(a) Rs, 2205.89 Lakhs (P.Y. Rs, 1821.90 Lakhs) from Axis bank secured by Pari passu first charge on current assets of the company both present and future and collaterally secured by (i) Pari passu first charge on the immoveable fixed assets of the Company located at of its Silvassa unit, both present & future, (ii) Pari passu second charge on the entire moveable fixed assets of the company, both present & future. Excluding those charged exclusively to other term lenders and (iii) Negative lien on immovable fixed assets other than those of its Silvassa unit and those charged exclusively to other term lenders, and also personally guaranteed by Managing Director and Executive Director.
(b) Rs, 961.20 Lakhs (P.Y. Rs, 915.47 Lakhs) from Allahabad Bank secured by Pari passu first charge on current asstets of the Company both present and future and collaterally secured by (i) Pari passu first charge on the immovable fixed assets of the company located at its Silvassa Unit, both present & future (ii) Pari passu second charge on the entire movable fixed assets of the company,both present & future except those charged exclusively to other term lenders and (iii) Negative lien on immovable fixed assets other than those of its Silvassa unit and those charged exclusively to other term lenders, and also personally guaranteed by Managing Director and Executive Director.
iv) Consequent to the introduction of Goods and Services Tax (GST) with effect from 1st July, 2017, Central Excise Value Added Tax (VAT) etc. have been replaced by GST. In accordance with Indian Accounting Standard - 18 on Revenue and Schedule III of the Companies Act, 2013, GST is excluded and Excse Duty is not excluded from Gross Revenue from sale of products and services for applicable periods. In view of the aforesaid restructuring of indirect taxes, Gross Revenue from sale of products and services and Excise duty for the year ended 31st March, 2018 is not comparable with the previous year.
Note: 5 Transition to Ind AS:
The financial statements have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind-AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and polices to the extent applicable. The Company has adopted Ind-AS on April 1, 2017 with the transition date as April 1, 2016, and adoption was carried out in accordance with Ind-AS 101 - First Time Adoption of Indian Accounting Standards. The previous period''s figures have been regrouped or rearranged wherever necessary.
a) Exemptions and exception availed
Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from Previous Indian GAAP to Ind AS.
(i) Ind AS optional exemptions
1) Deemed Cost
As per Ind AS 101, an entity may elect to use carrying values of all property, plant and equipment and other intangible assets as recognized in the financial statements as at the date of transition to Ind AS, measured as per the Previous Indian GAAP and use that as its deemed cost as at the date of transition.
Accordingly, the Company has elected to measure property, plant and equipment and other intangible assets at their Previous Indian GAAP carrying values. Refer to Note 4 and 5.
2) Determining whether an arrangement contains a lease
I nd AS 101 includes an optional exemption that permits an entity to apply the relevant requirements in Appendix C of Ind AS 17 for determining whether a contract or an arrangement existing at the date of transition contains a lease. If the entity elects the optional exemption, then it assesses whether the lease contracts / arrangements existing at the date of transition contain lease are based on the facts and circumstances existing at that date except where the effect is expected not to be material. The Company has elected to apply this exemption on the basis of facts and circumstances existing as at the transition date.
(i) Ind AS mandatory exceptions 1) Estimates
Under Ind AS 101, an entity''s estimates in accordance with Ind AS at ''the date of transition to Ind AS'' (i.e. 1 April 2016) or ''the end of the comparative period presented in the entity''s first Ind AS financial statementsâ (i.e. 31 March 2017), as the case may be, should be consistent with estimates made for the same date in accordance with the Previous Indian GAAP.
The Company''s Ind AS estimates as at the transition date are consistent with the estimates made as at the same date made under Previous Indian GAAP. Key estimates considered in preparation of the financial statements that were not required under the Previous Indian GAAP are listed below:
- Fair valuation of financial instruments carried at FVTPL.
- Determination of the discounted value for financial instruments carried at amortized cost.
(ii) Classification and measurement of financial assets
Ind AS 101 requires an entity to assess classification and measurement of financial assets on the basis of the facts and circumstances that exists at the date of transition to Ind AS.
b) Notes to the reconciliation of equity as at 1 April 2015 and 31 March 2016 and profit and loss for the year ended 31 March 2016
1) Fair valuation of investments
Under Previous Indian GAAP, investments in equity instruments were classified as long-term investments and current investments, respectively, based on intended holding period and reliability. The long-term investments were carried at cost less provision for other than temporary decline in the value of such investments. The current investments were carried at lower of cost or fair value. Under Ind AS, these investments are required to be measured at fair value. The resulting fair value changes of these investments amounting to Rs, 64.16 Lakhs have been recognized in other equity as at the date of transition (i.e. 1 April 2016). The profit and other equity for the year ended 31 March 2017 has increased by Rs, 8.29 Lakhs due to the fair value changes.
2) Deferred tax assets / liabilities (net)
Previous Indian GAAP requires accounting for deferred tax, using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. In addition, the various transitional adjustments lead to temporary differences. On the date of transition (i.e 1 April 2016), the net impact on deferred tax liabilities is of Rs, 60.31 Lakhs (31 March 2017: Rs, 42.67 Lakhs). The profit and other equity for the year ended 31 March 2016 have increased by Rs, 257.60 Lakhs due to differences in temporary differences.
3) Other Comprehensive Income
Under Previous Indian GAAP, there was no requirement to disclose any item of profit or loss in Other Comprehensive income. However, Ind AS requires certain items of profit or loss to be reclassified to other comprehensive income. Consequent to this, the Company has reclassified measurement of defined benefit plans from Statement of Profit and Loss to other comprehensive income
4) Retained earnings
Retained earnings as at 1 April 2016 has been adjusted consequent to the above Ind AS transition adjustments.
Note: The above other financial liabilities includes Foreign Currency Forward and Options Contracts. Fair value measurement is done considering the Level -1 of Fair Value Hierarchy as per the Ind-AS 113.
Note: 38(d) Financial Risk Management Objectives and Policies :
The Companyâs principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other payables, and financial guarantee contracts. The main purpose of these financial liabilities is to finance the Company''s operations and to provide guarantees to support its operations directly or indirectly. The Company''s principal financial assets include investments, loans, trade and other receivables, cash and cash equivalents that derive directly from its operations.
The Company is exposed to market risk, credit risk and liquidity risk. The below note explains the sources of risk which the entity is exposed to and how the entity manages the risk :
Credit Risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.
Trade receivables
Customer credit risk is managed by the Company''s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed by the management on regular basis with market information and individual credit limits are defined accordingly. Outstanding customer receivables are regularly monitored and any further services to major customers are approved by the senior management. Based on the business environment in which the company operates, Management considers that Trade receivable for both local customers, foreign customers and Government parties are default if the(credit impaired) if receivables are outstanding for more than 3 years.
On account of adoption of Ind-AS 109, the Company uses expected credit loss model to assess the impairment loss or gain. The Company uses a provision matrix to compute the expected credit loss allowance for trade receivables. The provision matrix takes into account available external and internal credit risk factors and the Company''s historical experience for customer. The company manages its credit risk through credit approvals, establishing credit limits & monitoring credit worthiness of customer.
Financial instruments and cash deposits
Credit risk from balances/investments with banks and financial institutions is managed in accordance with the Company''s treasury risk management policy. Investments of surplus funds are made only with approved counterparties and within limits assigned to each counterparty. The limits are assigned based on corpus of investable surplus and corpus of the investment avenue. The limits are set to minimize the concentration of risks and therefore mitigate financial loss through counterparty''s potential failure to make payments.
Liquidity Risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as and when required.
The Treasury Risk Management Policy includes an appropriate liquidity risk management framework for the management of the short-term, medium-term and long term funding and cash management requirements. The Company manages the liquidity risk by maintaining adequate cash reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The Company invests its surplus funds in bank fixed deposit and liquid schemes of mutual funds, which carry no/negligible mark to market risks.
The table below provides details regarding the maturities of significant financial liabilities as of March 31, 2018, March 31, 2017 and March 31, 2016:
Market Risk
Market risk comprises two types of risk: price risk, interest rate risk and currency risk. The risks may affect income and expenses, or the value of its financial instruments of the Company. The objective of the Management of the Company for market risk is to maintain this risk within acceptable parameters, while optimizing returns. The Company exposure to, and the Management of, these risks is explained below:
Price risk
Equity price risk is related to the change in market price of the investments in quoted equity securities. The value of the financial instruments is not material and accordingly any change in the value of these investments will not affect materially the profit or loss of the Company.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Since, the Company has insignificant interest bearing borrowings, the exposure to risk of changes in market interest rates is very low. The Company has not used any interest rate derivatives.
Interest rate sensitivity
No sensitivity analysis is prepared as the Company does not expect any material effect on the Company''s results arising from the effects of reasonably possible changes to interest rates on interest bearing financial instruments at the end of the reporting period.
Foreing Exchange Risk
Foreign exchange risk arises on future commercial transactions and on all recognized monetary assets and liabilities, which are denominated in a currency other than the functional currency of the Company. The Company''s management has set policy wherein exposure is identified, benchmark is set and monitored closely, and accordingly suitable hedges are undertaken. Policy also includes mandatory initial hedging requirements for exposure above a threshold.
The Company''s foreign currency exposure arises mainly from foreign exchange imports, exports and foreign currency borrowings, primarily with respect to USD, EURO & GBP.
As at the end of the reporting period, the carrying amounts of the company''s foreign currency denominated monetary assets and liabilities in respect of the primary foreign currency i.e. USD , EURO, GBP and derivative to hedge the exposure, are as follows:
Note: 38(e) Capital Management :
For the purpose of the Company''s capital management, capital includes issued equity share capital, securities premium and all other reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximize the value of the share and to reduce the cost of capital.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company can adjust the dividend payment to shareholders, issue new shares, etc. The Company monitors capital using a gearing ratio, which is net debt divided by total equity. The Company includes within net debt, interest bearing loans and borrowings, less cash and cash equivalents.
(b) No provision for disputed income tax demands of Rs, 105.01 Lakhs (P.Y. Rs, 105.01 Lakhs) has been made since the same are contested at appropriate forum and the company do not expect any liability. Payment of Rs, 105.01 Lakhs (P.Y. Rs, 105.01 Lakhs) against said disputed demands has been shown under the head "Non-Current Assets-Income Tax Assets (net) ".
Note: 38(h) Segment Information:
Information about Primary Business Segment
The company has identified Business Segment as the Primary Segment. Segments have been identified taking into account the nature of the products, differing risks and returns, organisational structure and internal reporting system. The Company is engaged in all kind of Printing and Packaging of Material & Paper Board Carton, consequently the Company have separate reportable business segment for the year ended March 31, 2018.
Note: 38 (j) Related Party Disclosure : i) Relationship
Description of relationship Names of Related Parties
Key Management Personnel : Mr. R.V. Maheshwari - Chairman & Managing Director
Mr. R.R. Maheshwari - Executive Director Mr. Prakash Maheshwari - Whole time Director Mr. Sanjay Maheshwari - Whole time Director
Relatives of Key Management Personnel / Mr. Naveenkr Maheshwari - Relative of Chairman & Managing Director
Individuals having control or significant influence Mr. Rahul Maheshwari -Relative of Executive Director
Enterprises owned/controlled by Key Management Orient Fincorp Limited Personnel/ individuals having control or significant Orient Printers influence or their relatives
N.L. Packaging Private Limited
Salasar Investment & Leasing Private Limited
Vedant Stones Private Limited
Enterprise of which the Company is an Associate Fortune Couriers Limited
Notes:
1) The list of related parties above has been limited to entities with which transactions have taken place.
2) Related party transactions have been disclosed till the time the relationship existed.
(iv) Related parties identified by the Management and relied upon by the Auditors.
(v) No balances in respect of related parties have been written off.
Note: 8(k) Operating lease arrangements :
The Company has taken/given various premises under cancellable operating leases. These lease arrangements are normally renewable on expiry. The rental expenses in respect of premises taken on operating leases was Rs, 61.86 Lakhs (P.Y. Rs, 53.30 lakhs) and rental income in respect of premises given on operating leases was Rs, 55.42 Lakhs (P.Y. Rs, 41.75 Lakhs).
Note: 38(l) Expenditure on Corporate Social Responsibility :
Section 135 of the Companies Act provides the threshold limit for applicability of the CSR to a Company i.e. (a) net worth of the company to be Rs, 500 crore or more; (b) turnover of the company to be Rs, 1000 crore or more; (c) net profit of the company to be Rs, 5 crore or more. Further as per the CSR Rules, the provisions of CSR are not only applicable to Indian companies, but also applicable to branch and project offices of a foreign company in India CSR Committee and Policy:
Every qualifying company requires spending of at least 2% of its average net profit for the immediately preceding 3 financial years on CSR activities. Further, the qualifying company will be required to constitute a committee (CSR Committee) of the Board of Directors (Board) consisting of 3 or more directors. The CSR Committee shall formulate and recommend to the Board, a policy which shall indicate the activities to be undertaken (CSR Policy); recommend the amount of expenditure to be incurred on the activities referred and monitor the CSR Policy of the company. The Board shall take into account the recommendations made by the CSR Committee and approve the CSR Policy of the company. The company is not meeting the Thrashold limit specified under companies Act. so CSR provision is not applicable for the current year.
Note: 7 (m) Revenue recognition under Ind AS 115 :
Under Ind AS 115, an entity recognises revenue when (or as) it satisfies a performance obligation by transferring a promised good or service to a customer. A good or service is considered to be transferred when the customer obtains control. Control of the good or service refers to the ability to direct its use and to obtain substantially all of its remaining benefits (i.e., right to cash inflows or reduction of cash outflows generated by the good or service). Control also means the ability to prevent other entities from directing the use of and receiving the benefit from, a good or service.
Ind AS 115 would be applicable for accounting periods beginning on or after 1 April 2018. The application of this standard is not expected to have any significant mpact on the companies financial statements.
Note: 8(n)
In the opinion of Board of Directors, the assets other than fixed assets and non-current investments have value on realisation in ordinary course of business at least equal to the amount at which they are stated except as otherwise stated. Provision for all known and determined liabilities is adequate and not in excess of the amount reasonably required.
Note: 9 o) Previous year regrouping:
Previous year''s figures have been regrouped / reclassed, where necessary, to confirm to current year''s classification. This does not impact recognition and measurement principles followed for preparation of standalone financial statements.
Mar 31, 2016
1. Terms/rights attached to equity shares
2. The company has only one class of issued and paid up Shares , i.e., Equity Shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend.
During the year ended 31 March 2016, the amount of per share dividend recognized as distributions to equity shareholders was Rs. 1.25 ( 31st March 2015 : Rs. 1.00).
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
3. Term Loan from banks comprises of :
4. Rs. 2,28,48,151/- (P.Y. Rs. 3,30,00,000/- ) from Allahabad bank for acquisition of Office Premises and same is secured by exclusive charge on Assets funded from this Term Loan. It is repayable in 20 equal quarterly installments of Rs. 20,00,000/- each begging from 31st Dec. 2014 and ending on 30th September 2019 and carrying interest @ bank''s base rate plus 3.00% p.a., i.e.,12.70% (P.Y. 13.25 ) p.a.
5. Rs. Nil ( P.Y. Rs. 36,48,590/- ) from Axis Bank for acquisition of Plant and Machinery and same is secured by exclusive first hypothecation charge on entire movable fixed assets of the company, present and future including machineries acquired out of this Term Loan and is collaterally secured by charge on immovable fixed assets of company''s Silvassa Unit. It is repaid in 10 equal quarterly installments of Rs. 60,00,000/- each commencing after moratorium period of 6 Months i.e., beginning from March, 2013 and ending on June 2015 and carrying interest @ bank''s base rate plus 3% p.a., i.e., 12.85% (P.Y.13.25% ) p.a.
6. Rs. Nil ( P.Y. Rs. 19,49,974/- ) from Allahabad bank for acquisition of Plant and Machinery and same is secured by exclusive charge on Assets funded from this Term Loan and collaterally secured by second pari passu charge on all the assets of the Company (Fixed Assets and Current Assets). It is repaid in 10 equal quarterly installments of Rs. 15,00,000/- each commencing after moratorium period of 6 Months i.e., beginning from June 2013 and ending on September 2015 and bearing interest @ bank''s base rate plus 3.00% p.a.,i.e.,12.95% (P.Y. 13.25% ) p.a.
7. Rs. 2,16,113/-( P.Y. Rs. 19,11,747/-) from H.D.F.C. Bank and Rs. 25,18,660/-( P.Y. Rs. 4,01,277/-) from ICICI bank are for Vehicles and some are secured by hypothecation of Motor Vehicles and are repayable over a period of three Years.
8. The term loans aggregating to Rs. 2,28,48,151/- ( P.Y. Rs. 3,85,98,564/-) obtained from Axis bank and Allahabad bank are personally guaranteed by the Managing Director and Executive Director.
9. Term Loans from others are for Vehicles and some are secured by hypothecation of Motor Vehicles and are repayable over a period of three Years.
10. Interest free Sales Tax deferral is availed from the Government of Maharashtra in accordance with the 1988 Package Scheme of Incentives / The 1993 Package Scheme of Incentives. The said deferral is repayable in 15 annual installments of unequal amonts ranging from Rs. 1,67,063/- to Rs. 2,18,99,823/- starting from 30th June 2010 and ending on 1st April 2024.
11. Deposits from Shareholders carry interest @12% p.a. and are repayable after 2 to 3 years from the respective dates of deposit.
12. Cash Credit and Packing Credit Facility from Banks comprises of :
13. Rs. 20,00,00,000/- (P.Y. Rs. 20,49,59,012/-) from Axis bank, secured by Pari passu first charge on current assets of the company both present and future and collaterally secured by (i) Pari passu second charge on the land, building and machinery of its Silvassa unit, except for those funded by Term Loan of Allahabad bank, (ii) Pari passu second charge on movable fixed assets of the company other than its Silvassa Unit (iii) negative lien on immovable fixed assets other than those of its Silvassa unit and (iv) Second charge on the assets acquired out of the term loan of Allahabad bank, and also personally guaranteed by Managing Director and Executive Director.
14. Rs. 10,00,00,000/- (P.Y. Rs.10,00,00,000/-) from Allahabad Bank, secured by Pari passu first charge on current assets of the Company both present and future and collaterally secured by (i) Pari passu first charge on land, building and machinery located at its Silvassa Unit both present & future (ii) second Pari passu charge on movable fixed assets of the company other than its Silvassa Unit and (iii) negative lien on immovable fixed assets other than those of its Silvassa unit and also personally guaranteed by Managing Director and Executive Director.
15. There is no amounts due and outstanding, to be transferable to the Investor Education and Protection Fund (I.E.P.F) as on 31st March 2016.
16. No provision for disputed income tax demands of Rs. 105.01 Lacs (P.Y. Rs.105.01 Lacs) has been made since the same are contested at appropriate forum and the company do not expect any liability. Payment of Rs.105.01 Lacs (P.Y. Rs.105.01 Lacs) against said disputed demands has been shown under the head "Long-Term Loans and Advances".
17. Commitments:
Estimated amounts of contracts remaining to be executed on capital account and not provided for (net of advances) Rs.1,76,58,427/- (P.Y. Rs. NIL).
18.. Capital work-in-progress represents fixed assets acquired but not put to use before the end of the financial year and expenses pertaining thereto.
19. Other current liabilities includes Rs. 66,188/- (P.Y. Rs.1,81,654/-) being aggregate amount of deposit in Company''s bank accounts made directly by customers whose details are awaited.
20.. In the opinion of Board of Directors, the assets other than fixed assets and non-current investments have value on realization in ordinary course of business at least equal to the amount at which they are stated except as otherwise stated. Provision for all known and determined liabilities is adequate and not in excess of the amount reasonably required.
21. Provision for taxation for the previous year ended 31st March 2015 has been made considering the provisions of Section 115JB of the Income Tax Act, 1961 ("the Act") pertaining to Minimum Alternate Tax (MAT).
22. The Company is entitled to MAT Credit of Rs.41,85,600/-for the year ended 31st March 2015 and of Rs.40,36,612/-, for the year ended 31st March 2014 under the provisions of MAT of the Act which has been recognized as an asset during the previous year ended 31st March,2015 as there were convincing evidence for the realization of the same.
23. Segmental Reporting
24. Primary Segment Reporting (by business segment)
25. The company has identified Business Segment as the Primary Segment. Segments have been identified taking into account the nature of the products, differing risks and returns, organizational structure and internal reporting system.
26. Composition of the business segment:
Name of the Segment
27. Printing All kind of Printing
28. Packaging Flexible Packaging Material and Paper Board Carton
29. Segment Revenue, Segment Results, Segments Assets and Segment Liabilities includes the respective amounts identifiable to each of the Segments as also amounts allocated on a reasonable (estimated) basis, if any.
30. Secondary Segment Reporting (by Geographical demarcation) :
31. The Secondary Segment is based on geographical market i.e. Domestic Market and Overseas Markets.
32. Information about Secondary Segments are as follows:
33. The Company has common fixed assets for producing goods/providing services to domestic as well as overseas markets. Hence, separate figures for fixed assets/ addition to fixed assets have not been furnished.
34. Related parties with whom transactions have taken place and relationships :
Name of related party and nature of related party relationship
35. Key Management Personnel /Individuals having control or significant influence
36. Mr. R.V. Maheshwari - Chairman & Managing Director
37. Mr. R.R. Maheshwari - Executive Director
38. Mr. Prakash Maheshwari - Whole time Director
39. Mr. Sanjay Maheshwari - Whole time Director
40. Relatives of Key Management Personnel / Individuals having control or significant influence
41. Mr. Naveenkr Maheshwari
42. Mrs.Sunita Maheshwari
43. Mr.Vikas Maheshwari Relative of Chairman & Managing Director
44. Mrs.Vandana Maheshwari
45. Mrs.Shantadevi Maheshwari ,
46. Mrs.Kaushalyadevi Maheshwari >
47. Mr.Rahul Maheshwari , Relative of Executive Director
48. Mrs.Shejal Maheshwari
49. Mrs.Parul Maheshwari «
50. Mrs.Anita Maheshwari } Relative of Whole Time Director
51 Enterprises owned/controlled by Key Management Personnel/ individuals having control or significant influence or their relatives
52. Orient Fincorp Ltd.
53. Orient Printers
54. Fortune Couriers Ltd
55. N.L. Packaging Private Limited
56. Salasar Investment &Leasing Private Limited
57. Vedant Stones Private Limited
58. Related parties identified by the Management and relied upon by the Auditors.
59. No balances in respect of related parties have been written off.
60. Lease on and after 1st April, 2001 Assets taken/given on Operating Leases
The Company has taken/given various premises under cancellable operating leases. These lease arrangements are normally renewable on expiry. The rental expenses in respect of premises taken on operating leases was Rs. 56,10,093/- (P.Y. Rs. 59,35,621/-) and rental income in respect of premises given on operating leases was Rs. 14,40,000/- (P.Y. Rs. 14,40,000/-).
61. The disclosures as required by Accounting Standard 15 (AS - 15) on âEmployee Benefitsâ, are given below :-
62. Defined Contribution Plan
The Company has recognized the following amounts in Statement of Profit and Loss towards Contribution to Defined Contribution Plans which are included under "Contribution to Provided fund and other funds":
63. Defined Benefits Plan/Long Term benefits :-
The Details of the Company''s post retirement benefit plan for gratuity and long term benefits for leave encashment for its employees in conformity with the principles set out in AS-15 which has been determined by an Actuary appointed for the purpose and relied upon by the Auditors are given below:
64.. Income includes Rs. 626,108/- (P.Y. Rs. NIL) and Expenses includes Rs.43,909/-( P.Y. Rs. 2,733,638/-) pertaining to earlier year.
65. Value of imported and indigenous material, stores & spare parts and components consumed:
66. During the previous year, pursuant to enactment of Companies Act 2013, the Company has adopted the estimated useful lives as specified in Schedule II for depreciating fixed assets and has also initiated amortizing Leasehold Land over primary Lease period. Due to this:
67. Depreciation and amortization for the previous year is higher by Rs. 34,97,155/- and
68. Written down value of Fixed Assets whose lives have expired as at 1st April, 2014 have been adjusted net of tax, in the opening balance of Statement of Profit And Loss amounting to Rs. 22,58,456/- in the previous year.
69. Disclosure regarding loans given, investments made and guarantee given pursuant to section 186(4) of the Companies Act, 2013
70. Loans Given - NIL
71. Investments made - Refer note no.13
72. Guarantee given- NIL
73. Expenditure related to Corporate Social Responsibility as per Section 135 of the Companies Act,2013 read with Schedule VII thereof :
74. Gross amount required to be spent by the company during the year Rs. 8,53,418/- (P.Y. Rs.13,22,087/-)
75. Amount spends during the year on:
76. Payment to Auditors includes Rs. 3,606/- (P.Y. Rs. NIL) in Audit Fees, Rs. 469/- (P.Y. Rs. NIL) in Tax Audit Fees, Rs. 741/- (P.Y. Rs. NIL) in Taxation Matter, Rs. 463/- (P.Y. Rs. NIL) in Other Services towards Swacch Bharat Cess.
77. Other additional information required pursuant to Part II of Schedule III of the Companies Act, 2013 are not applicable to the company.
78. Previous year figures have been regrouped, recasted and reclassified wherever necessary to make them comparable with the figures of the current year.
79. Figures have been rounded off to the nearest rupee and those in brackets represent corresponding figures for the previous year.
Mar 31, 2015
1. CORPORATE INFORMATION:
The Company was incorporated on 2nd January, 1987 as a private limited
company by the name of Orient Press Private Limited. On 5th February,
1991 the Company was converted into a public limited company and the
name got changed to Orient Press Limited. The Company came out with the
initial public offer in the year 1993 and got listed on NSE and BSE on
21st February, 1994. The Company is engaged in manufacturing activities
of printing of capital market stationery, commercial printing like Text
book, Annual Reports etc., security printing like MICR Cheques,
Dividend Warrants, Shares & Debenture certificates, Railway tickets and
coupons etc., computer stationery, telephone scratch cards, smart
cards, recharge coupons and note books etc. in Printing Segment and
all kinds of packaging materials i.e. flexible packaging material of
multi layer film laminates, paper board mono cartons, linear carton,
display cartons and outer corrugated boxes etc in Packaging Segment.
2. Terms/rights attached to equity shares
(i) The company has only one class of issued and paid up Shares , i.e.,
Equity Shares having a par value of Rs. 10/- per share. Each holder of
equity shares is entitiled to one vote per share. The company declares
and pays dividends in Indian rupees. The dividend proposed by the Board
of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting.
During the year ended 31 March 2015, the amount of per share dividend
recognized as distributions to equity shareholders as dividend was Rs.
1.00 ( 31st March 2014 : Rs.1.00).
In the event of liquidation of the company, the holders of equity
shares will be entitiled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholders.
Notes :
3. Term Loan from banks comprises of :
(a) Rs.36,48,590/- ( PY Rs. 2,76,48,590/- ) from Axis Bank for
acquisition of Plant and Machinery and same is secured by exclusive
first hypothecation charge on entire movable fixed assets of the
company, present and future including machineries acquired out of this
Term Loan and is collaterally secured by charge on immovable fixed
assets of company's Silvassa Unit. It is repayable in 10 equal
quarterly installments of Rs.60,00,000/- each commencing after
moratorium period of 6 Months i.e., beginning from March, 2013 and
ending on June 2015 and carrying interest @ bank's base rate plus 3.00%
p.a. {Presently 13.15% (PY 13.25% ) p.a.}.
(b) Rs.19,49,974/- ( PY Rs.64,45,974/- ) from Allahabad bank for
acquisition of Plant and Machinery and same is secured by exclusive
charge on Assets funded from this Term Loan and collaterally secured by
second pari passu charge on all the assets of the Company (Fixed Assets
and Current Assets).It is repayable in 10 equal quarterly installments
of Rs.15,00,000/- each commencing after moratorium period of 6 Months
i.e., beginning from June 2013 and ending on September 2015 and bearing
interest @ bank's base rate plus 3.00% p.a. {Presently 13.25% (PY
13.25% ) p.a.}.
(c) Rs.3,30,00,000/- ( PY Rs.NIL/- ) from Allahabad bank for
acquisition of Office Premises and same is secured by exclusive charge
on Assets funded from this Term Loan.It is repayable in 20 equal
quartarly installments of Rs.20,00,000/- each begnning from 31st
Dec.2014 and ending on 30th September 2019 interest @ bank's base rate
plus 3.00% p.a. {Presently 13.25% (PY.NA ) p.a.}.
(d) Rs. 19,11,747/-( PY Rs. 43,52,041/-) from H.D.F.C. Bank and Rs.
4,01,277/-( PY Rs. 5,89,403/-) from ICICI bank are for Vehicles and
same are secured by hypothecation of Motor Vehicles and are repayable
over a period of three Years.
4. The term loans aggregating to Rs. 3,85,98,564/- ( PY. Rs.
3,40,94,564/-) obtained from Axis bank and Allahabad bank are
personally guaranteed by the Managing Director and Executive Director.
5. Term Loans from others are for Vehicles and same are secured by
hypothecation of Motor Vehicles and are repayable over a period of
three Years.
6. Interest free Sales Tax deferral is availed from the Government of
Maharashtra in accordance with the 1988 Package Scheme of Incentives /
The 1993 Package Scheme of Incentives. The said deferral is repayable
in 15 annual installments of unequal amounts ranging from Rs.
1,67,063/- to Rs. 2,18,99,823/- starting from 30th June 2010 and ending
on 1st April 2024.
7. Deposits from Public / Shareholders carry interest @12% p.a. and
are repayable after 2 to 3 years from the respective dates of deposit.
8. Cash Credit and Packing Credit Facility from Banks comprises of :
(a) Rs. 20,49,59,012/- (PY Rs. 20,00,00,000/-) from Axis bank are
secured by Pari passu first charge on current assets of the company
both present and future and collaterally secured by (i) Pari passu
second charge on the land, building and machinery of its Silvassa unit,
except for those funded by Term Loan of Allahabad bank, (ii) Pari passu
second charge on movable fixed assets of the company other than its
Silvassa Unit, (iii) negative lien on immovable fixed assets other then
those of its Silvassa unit and (iv) Second charge on the assets
acquired out of the term loan of Allahabad bank, and also personally
guaranteed by Managing Director and Executive Director.
(b) Rs. 10,00,00,000/- (P.Y Rs. 9,69,37,751/-) from Allahabad Bank are
secured by Pari passu first charge on current asstets of the Company
both present and future and collaterally secured by (i) Pari passu
first charge on land, building and machinery located at its Silvassa
Unit, (ii) second Pari passu charge on movable fixed assets of the
company other than its Silvassa Unit and (iii) negative lien on
immovable fixed assets other then those of its Silvassa unit and also
personally guaranteed by Managing Director and Executive Director.
9. Contingent liabilities and commitments to the extent not provided
for:
(a) (i) Contingent liabilities :
As at As at
Particulars 31.03.2015 31.03.2014
a) Tax Liabilities and interest
there on demanded by the Income 1,338,075 1,338,075
Tax Department towards Tax
Deduction at Source not
accepted and disputed.
b) Sales Tax and Interest on Sales 1,116,955 1,116,955
Tax demanded by Sales Tax
Department not accepted and
disputed.
c) Outstanding Letter of Credit 74,426,056 86,773,777
d) Guarantees given by Company's 20,387,862 12,398,074
Banker
e) Bonds executed in favour of NIL 3,068,368
excise authorities.
f) Claim against the Company not 488,039 NIL
acknowledged as debts
(ii) No provision for disputed income tax demands of Rs. 105.01 Lacs
(P.Y. Rs. 105.01 Lacs) has been made since the same are contested at
appropriate forum and the company do not expect any liability. Payment
of Rs. 105.01 Lacs (P.Y. Rs. 105.01 Lacs) against said disputed demands
has been shown under the head "Long-Term Loans and Advances".
(b) Capital commitments:
Estimated amounts of contracts remaining to be executed on capital
account and not provided for (net of advances) Rs. NIL (P.Y. Rs.
24,97,939/-).
10. Capital work-in-progress represents fixed assets acquired but not
put to use before the end of the financial year and expenses pertaining
thereto.
11. Debit and Credit balances are subject to confirmation.
12. In the opinion of Board of Directors, the assets other than fixed
assets and non-current investments have value on realisation in
ordinary course of business at least equal to the amount at which they
are stated except as otherwise mentioned.
13. (i) Provision for taxation for the year ended 31st March 2015 has
been made considering the provisions of Section 115JB of the Income Tax
Act, 1961 ("the Act") pertaining to Minimum Alternate Tax (MAT).
(ii) The Company is entitled to MAT Credit of Rs. 41,85,,600/-,i.e.to
the extent of current tax provided under the provisions of MAT of the
Income Tax Act for the year and of Rs. 40,36,612/-, for last year which
has been recognised as an asset during the year as there are convincing
evidence for the realisation of the same.
14. Segmental Reporting
(a) Primary Segment Reporting (by business segment)
(i) The company has identified Business Segment as the Primary Segment.
Segments have been identified taking into account the nature of the
products, differing risks and returns, organisational structure and
internal reporting system.
(ii) Composition of the business segment:
Name of the Segment
a) Printing All kind of Printing
b) Packaging Flexible Packaging Material and Paper Board
Carton
15. Related parties with whom transactions have taken place and
relationships :
(A) Name of related party and nature of related party relationship
(i) Key Management Personnel
1. Mr. R.V. Maheshwari - Chairman & Managing Director
2. Mr. R.R. Maheshwari - Executive Director
3. Mr. Prakash Maheshwari - Whole time Director
4. Mr. Sanjay Maheshwari - Whole time Director
(ii) Relatives of Key Management Personnel
1. Mr.Naveenkr Maheshwari
2. Mrs.Sunita Maheshwari
3. Mr.Vikas Maheshwari Relative of Chairman & Managing Director
4. Mrs.Vandana Maheshwari
5. Mrs.Shantadevi Maheshwari
6. Mrs.Kaushalyadevi Maheshwari
7. Mr.Rahul Maheshwari Relative of Executive Director
8. Mrs.Shejal Maheshwari
9. Mrs.Parul Maheshwari Relative of Whole Time Director
10. Mrs.Anita Maheshwari
(iii) Associates
1. Orient Share & Stock Brokers Ltd. ( upto 29th March, 2014)
(iv) Enterprises owned/controlled by Key Management Personnel or their
relatives.
1. Orient Fincorp Ltd.
2. Orient Printers
3. Fortune Couriers Ltd
4. N.L. Packaging Private Limited
5. Salasar Investment & Leasing Private Limited
6. Vedant Stones Private Limited
16. Lease on and after 1st April,2001 Assets taken/given on Operating
Leases
The Company has taken/given various premises under cancellable
operating leases. These lease arrangements are normally renewable on
expiry. The rental expenses (net of recovery) in respect of premises
taken on operating leases was Rs. 59,35,621/- (PY Rs. 55,87,718/-) and
rental income in respect of premises given on operating leases was Rs.
14,40,000/- (PY Rs. 9,00,000/).
17. Prior period expenditure of Rs. 27,33,638/-( P.Y. Rs. 6,40,720/-)
debited to Statement of Profit & Loss.
18. Pursuant to enactment of Companies Act 2013, the company has
applied the estimated useful lives as specified in Schedule II.
Accordingly, the unamortized carrying value is being depreciated over
the revised/remaining useful lives.
The Company has also initiated amortising Leasehold Land over primary
Lease period. The written down value of Fixed Assets whose lives have
expired as at 1st April, 2014 have been adjusted net of tax, in the
opening balance of Statement of Profit And Loss amounting to Rs.
22,58,456/-. Consequently, depreciation/amortization for the year ended
31.03.2015 is higher by Rs. 34,97,155/-.
19. Disclosure regarding loans given, investments made and guarantee
given pursuant to section 186(4) of the Companies Act, 2013 :
a) Loans Given - NIL
b) Investments made - Refer note no.13
c) Guarantee given- NIL
20. Other additional information required pursuant to Part II of
Schedule III of the Companies Act, 2013 are not applicable to the
company.
21. Previous year figures have been regrouped, recasted and
reclassified wherever necessary to make them comparable with the
figures of the current year.
22. Figures have been rounded off to the nearest rupee and those in
brackets represent corresponding figures for the previous year.
Mar 31, 2014
1. CORPORATE INFORMATION:
The Company was incorporated on 2nd January, 1987 as a private limited
company by the name of Orient Press Private Limited. On 5th February,
1991 the Company was converted into a public limited company and the
name got changed to Orient Press Limited. The Company came out with the
initial public offer in the year 1993 and got listed on NSE and BSE on
21st February, 1994. The Company is engaged in manufacturing activities
of printing of capital market stationery, commercial printing like Text
book, Annual Reports etc., security printing like MICR Cheques,
Dividend Warrants, Shares & Debenture certifcates, Railway tickets and
coupons etc., computer stationery, telephone scratch cards, smart
cards, recharge coupons and note books etc. in Printing Segment and all
kinds of packaging materials i.e. fexible packaging material of multi
layer flm laminates, paper board mono cartons, linear carton, display
cartons and outer corrugated boxes etc in Packaging Segment.
2. Contingent liabilities and commitments to the extent not provided
for:
(a)
(i) Contingent liabilities
As at As at
Particulars 31.03.2014 31.03.2013
a) Tax Liabilities and interest thereof
demanded by the Income Tax Department 13,38,075 13,38,075
towards Tax Deduction at Source not
accepted and disputed.
b) Sales Tax and Interest on Sales Tax
demanded by Sales Tax Department not ac- 11,16,955 NIL
cepted and disputed.
c) Outstanding Letter of Credit 8,67,73,777 3,37,08,250
d) Guarantees given by Company''s Banker 1,23,98,074 1,48,40,105
e) Bonds executed in favour of excise
authorities. 30,68,368 23,07,403
f) In respect of Custom Duty benefits
availed on imports of capital goods
under EPCG NIL 33,03,218
Scheme against Export obligations.
(ii) No provision for disputed income tax demands of Rs. 105.01 Lacs
(P.Y. Rs.105.01 Lacs) has been made since the same are contested at
appropriate forum and the company do not expect any liability. Payment
of Rs.105.01 Lacs (P.Y. Rs.105.01 Lacs) against said disputed demands has
been shown under the head "Long-Term Loans and Advances".
(b) Capital commitments:
Estimated amounts of contracts remaining to be executed on capital
account and not provided for (net of advances) Rs. 24,97,939/- (P.Y. Rs.
25,68,418/-).
3. Capital work-in-progress represents fixed assets acquired but not
put to use before the end of the financial year and expenses pertaining
thereto.
4. Debit and Credit balances are subject to confirmation.
5. In the opinion of Board of Directors, the assets other than fixed
assets and non-current investments have value on realisation in
ordinary course of business at least equal to the amount at which they
are stated except as otherwise mentioned.
6. (i) Provision for taxation for the year ended 31st March 2014 has
been made considering the provisions of Section 115JB of the Income
Tax Act, 1961 ("the Act") pertaining to Minimum Alternate Tax (MAT).
(ii) The Company is entitled to MAT Credit to the extent of current tax
provided under the provisions of MAT of the Act which shall be
recognised as an asset as and when there are convincing evidence for
the realisation of the same.
(iii) In the sanctioned Rehabilitation Scheme, the Board for Industrial
& Financial Reconstruction (BIFR) had directed the Income Tax
Authorities to consider granting relief u/s.115JB and other reliefs
under the Act to the Company. The company has in response submitted all
the details sought by the Tax Authorities and the matter is pending for
disposal before them. The company has been opined by the expert that
in view of no rejection of the relief by Tax Authorities which was
directed by the BIFR, provision for taxation u/s.115JB of the said Act
is not required to be made and accordingly no provision has been made
during the previous year ended 31st March, 2013. Further, the writ
petition fled by the Income Tax Authorities against the direction of
BIFR has been dismissed by Delhi High Court and special leave petition
against the said order has been dismissed by Supreme Court.
7. Segmental Reporting
(a) Primary Segment Reporting (by business segment)
(i) The company has identified Business Segment as the Primary Segment.
Segments have been identified taking into account the nature of the
products, differing risks and returns, organisational structure and
internal reporting system.
(ii) Composition of the business segment:
Name of the Segment
a) Printing : All kind of Printing
b) Packaging : Flexible Packaging Material and Paper Board Carton
iv) Segment Revenue, Segment Results, Segments Assets and Segment
Liabilities includes the respective amounts identifable to each of the
Segments as also amounts allocated on a reasonable (estimated) basis,
if any.
(b) Secondary Segment Reporting (by Geographical demarcation) :
i) The Secondary Segment is based on geographical market i.e. Domestic
Market and Overseas Markets.
iii) The Company has common fixed assets for producing goods/providing
services to domestic as well as overs markets. Hence, separate figures
for fixed assets/ addition to fixed assets have not been furnished.
8. Related parties with whom transactions have taken place and
relationships :
(A) Name of related party and nature of related party relationship
(i) Key Management Personnel
1. Mr. R.V. Maheshwari -Chairman & Managing Director
2. Mr. R.R. Maheshwari - Executive Director
3. Mr. Prakash Maheshwari - Whole time Director
4. Mr. Sanjay Maheshwari - Whole time Director (ii) Relatives of Key
Management Personnel
5. Mrs.Shantadevi Maheshwari
9 . MMrr.sR.Kaahuusl hMaal yhaedsehvwi aMriaheshwari } - Relative of
Executive Director
9.1. Mrs.Shejal Maheshwari
10.0. Mrs.Paanritual Maheshwwari } - Relative of Whole
Time Director
(iii) Associates
1. Orient Share & Stock Brokers Ltd. ( upto 29th March, 2014) (iv)
Enterprises owned/controlled by Key Management Personnel or their
relatives.
1. Orient Fincorp Ltd.
2. Orient Printers
3. Fortune Couriers Ltd
4. N.L. Packaging Private Limited
5. N. L. Packaging
6. Salasar Investment & Leasing Private Limited
7. Vedant Stones Private Limited
12. Lease on and after 1st April,2001Assets taken/given on Operating
Leases:- The Company has taken/given various premises under cancellable
operating leases. These lease arrangements are normally renewable on
expiry. The rental expenses (net of recovery) in respect of premises
taken on operating leases was Rs.55,87,718/- (P.Y. Rs.56,72,638/-) and
rental income in respect of premises given on operating leases was Rs.
9,00,000/- (P.Y. Rs.10,60,000/-).
13. The disclosures as required by Accounting Standard 15 (AS - 15) on
"Employee benefits", are given below :- i) Defined Contribution Plan
The Company has recognized the following amounts in Statement of profit
and Loss towards Contribution to Defined Contribution Plans which are
included under "Contribution to Provided fund and other funds":
14. Other additional information required pursuant to Part II of
Schedule VI to the Companies Act, 1956 are not applicable to the
company.
15. Previous year figures have been regrouped, recasted and reclassified
wherever necessary to make them comparable with the figures of the
current year.
16. Figures have been rounded off to the nearest rupee and those in
brackets represent corresponding figures for the previous year.
Mar 31, 2013
1. CORPORATE INFORMATION:
The Company was incorporated on 2nd January, 1987 as a private limited
company by the name of Orient Press Private Limited. On 5th February,
1991 the Company was converted into a public limited company and the
name got changed to Orient Press Limited. The Company came out with the
initial public offer in the year 1993 and got listed on NSE and BSE on
21st February, 1994. The Company is engaged in manufacturing activities
of printing of capital market stationery, commercial printing like Text
book, Annual Reports etc., security printing like MICR Cheques,
Dividend Warrants, Shares & Debenture certifcates, Railway tickets and
coupons etc., computer stationery, telephone scratch cards, smart
cards, recharge coupons and note books etc. in Printing Segment and all
kinds of packaging materials i.e. fexible packaging material of multi
layer flm laminates, paper board mono cartons, linear carton, display
cartons and outer corrugated boxes etc in Packaging Segment.
2. Contingent liabilities and commitments to the extent not provided
for:
(a) (i) Contingent liabilities :-
Particulars As at As at
31.03.2013 31.03.2012
a) Tax Liabilities and interest
thereof demanded by the Income
Tax 13,38,075 13,38,075
Department towards Tax
Deduction at Source not accepted
and disputed.
b) Outstanding Letter of Credit 3,37,08,250 3,45,49,952
c) Guarantees given by Company''s
Banker 1,48,40,105 1,06,60,153
d) Bonds executed in favour of
excise authorities. 23,07,403 10,57,687
e) In respect of Custom Duty
benefts availed on imports of
capital goods 33,03,218 48,52,602
under EPCG Scheme against
Export obligations.
(ii) No provision for disputed income tax demands of Rs. 105.01 Lacs
(P.Y. Rs. 105.01 Lacs) has been made since the same are contested at
appropriate forum and the company do not expect any liability. Payment
of Rs. 105.01 Lacs (P.Y. Rs. 105.01 Lacs) against said disputed demands has
been shown under the head "Long-Term Loans and Advances".
(b) Capital commitments:
Estimated amounts of contracts remaining to be executed on capital
account and not provided for (net ofadvances) Rs. 25,68,418/- (P.Y. Rs.
39,37,500/-).
3. Capital work-in-progress represents fxed assets acquired but not
put to use before the end of the fnancial year and expenses pertaining
thereto.
4. Debit and Credit balances are subject to confrmation.
5. In the opinion of Board of Directors, the assets other than fxed
assets and non-current investments have value on realisation in
ordinary course of business at least equal to the amount at which they
are stated except as otherwise mentioned.
6. In the sanctioned Rehabilitation Scheme, the Board for Industrial
& Financial Reconstruction (BIFR) had directed the Income Tax
Authorities to consider granting relief u/s.115JB and other reliefs
under the Income Tax Act, 1961 to the Company. The company has in
response submitted all the details sought by the Tax Authorities and
the matter is pending for disposal before them. The company has been
opined by the expert that in view of no rejection of the relief by Tax
Authorities which was directed by the BIFR, provision for taxation
u/s.115JB of the said Act is not required to be made and accordingly no
provision has been made. Further, the writ petition fled by the Income
Tax Authorities against the direction of BIFR has been dismissed by
Delhi High Court and special leave petition against the said order has
been dismissed by Supreme Court.
7. Other operating income includes Rs. Nil (P.Y.Rs.1,24,28,711/-) being
waiver from unsecured creditors on settlement of dues in terms of
sanctioned scheme of BIFR.
8. Exceptional items of Rs. Nil ( P.Y.Rs. 5,63,96,445/- ) represents
Proft on sale of a factory premises.
9. As per Accounting Standard (AS-20) on "Earning Per Share" (EPS)
issued by the Institute of Chartered Accountantsof India, the
particulars of EPS for equity shareholders are as below:
10. Segmental Reporting
(a) Primary Segment Reporting (by business segment)
(i) The company has identifed Business Segment as the Primary Segment.
Segments have been identifed taking into account the nature of the
products, differing risks and returns, organisational structure and
internal reporting system.
(ii) Composition of the business segment:
Name of the Segment
a) Printing All kind of Printing
b) Packaging Flexible Packaging Material and Paper Board Carton
11. Related parties with whom transactions have taken place and
relationships : (A) Name of related party and nature of related party
relationship (i) Key Management Personnel
1. Mr. R.V. Maheshwari - Chairman & Managing Director
2. Mr. R.R. Maheshwari - Executive Director
3. Mr. Prakash Maheshwari - Whole time Director
4. Mr. Sanjay Maheshwari - Whole time Director (ii) Relatives of Key
Management Personnel
1. Mr. Navin Maheshwari - Relative of Chairman & Managing Director
2. Mr. Vikas Maheshwari - Relative of Chairman & Managing Director
3. Mr. Rahul Maheshwari - Relative of Executive Director (iii)
Associates
1. Orient Share & Stock Brokers Ltd. (iv) Enterprises
owned/controlled by Key Management Personnel or their relatives.
1. Orient Fincorp Ltd.
2. Orient Printers
3. Fortune Couriers Ltd
4. N.L. Packaging
5. N.L. Packaging Private Limited
12. Lease on and after 1st April,2001Assets taken/given on Operating
Leases:
The Company has taken/given various premises under cancellable
operating leases. These lease arrangements are normally renewable on
expiry. The rental expenses (net of recovery) in respect of premises
taken on operating leases was Rs. 56,72,638/- (P.Y. Rs. 49,62,274/-) and
rental income in respect of premises given on operating leases was Rs.
10,60,000/- (P.Y. Rs. 25,52,833/-).
13. The disclosures as required by Accounting Standard 15 (AS - 15) on
"Employee Benefts", are given below :- i) Defned Contribution Plan
The Company has recognized the following amounts in Statement of Proft
and Loss towards Contribution to Defned Contribution Plans which are
included under "Contribution to Provided fund and other funds":
14. Other additional information required pursuant to Part II of
Schedule VI to the Companies Act, 1956 are not applicable to the
company.
15. Previous year fgures have been regrouped, recasted and reclassifed
wherever necessary to make them comparable with the fgures of the
current year.
16. Figures have been rounded off to the nearest rupee and those in
brackets represent corresponding fgures for the previous year.
Mar 31, 2012
(1) Cash Flow Statement has been prepared under the indirect method as
set out in the Accounting Standard: 3 (AS-3) - "Cash Flow Statement"
issued by The Institute of Chartered Accountants of India.
(2) Cash and Cash equivalents excludes Fixed Deposits with Banks which
have been pledged.
(3) Previous year figures are re-grouped / recast / re-arranged
wherever considered necessary.
1. CORPORATE INFORMATION:
The Company was incorporated on 2nd January, 1987 as a private limited
company by the name of Orient Press Private Limited. On 5th February,
1991 the Company was converted into a public limited company and the
name got changed to Orient Press Limited. The Company came out with the
initial public offer in the year 1993 and its shares are listed on NSE
and BSE on 21st February, 1994. The Company is engaged in manufacturing
activities of printing of capital market stationery, commercial
printing like Text book, Annual Reports etc., security printing like
MICR Cheques, Dividend Warrants, Shares & Debenture certificates,
Railway tickets and coupons etc., computer stationery, telephone
scratch cards, smart cards, recharge coupons and note books etc. in
Printing Segment and all kinds of packaging materials i.e. flexible
packaging material of multi layer film laminates, paper board mono
cartons, linear carton, display cartons and outer corrugated boxes etc
in Packaging Segment.
a. Terms/rights attached to equity shares
(i) The company has only one class of issued and paid up Shares, i.e.,
Equity Shares having a par value of Rs 10/- per share. Each holder of
equity shares is entitiled to one vote per-share. The company declares
and pays dividends in Indian rupees. The dividend proposed by the Board
of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting.
During the year ended 31 March 2012, the amount of per share dividend
recognized as distributions to equity shareholders was Rs 2.50 (31 March
2011 : Rs NIL).
In the event of liquidation of the company, the holders of equity
shares will be entitiled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares heid by the
shareholders.
Notes :
1. Term Loans from banks and others are for Vehicles and same are
secured by hypothecation of Motor Vehicles and are repayable over a
period of three Years.
"2. Intrest free Sales Tax deferral is availed from the Government of
Maharashtra in accordance with the 1988 Package Scheme of Incentives /
The 1993 Package Scheme of Incentives. The said deferral is repayable
in 15 annual installments of unequal amonts ranging from Rs 167063/- to
Rs 21899823/- starting from 30th June 2010 and ending on 1st April 2024
as rescheduled by the Sales Tax Authorieties in term of sanctioned
Scheme of BIFR."
3. Deposits from public carry interest @ 12% p.a. and are repayable
after 2 years from the respective dates of deposit.
Notes:
1. Cash Credit and Packing Credit facility from a bank are secured by
first charge on current assets of the company and collaterally secured
by (i) first charge on the land, building and machinery of its Silvassa
unit,
(ii) second charge on movable fixed assets of the company other than
Silvassa Unit and (iii) negative lien on immovable fixed assets of the
Company other than those of its Silvassa unit and also guaranteed by
Managing Director and Executive Director.
Notes:
1. Amounts due to Micro .Small and Medium Enterprises is disclosed to
the extent such parties have been identified by the management from the
information available with the Company regarding the status of the
supplier and relied upon by the Auditors. There are no such
undertakings to which the company owes a sum exceeding Rs 1 lac for more
than 30 days. No interest is paid/payable to such undertakings.
Notes:
1. In accordance with Accounting Standard 22 " Accounting for taxes on
Income" issued by The Institute of Chartered Accountants of India, the
company has accounted for deferred tax during the year. The Company has
significant amount of unabsorbed depreciation under Income Tax Act.
However, as matter of prudence, deferred tax assets have been
recognised only to the extent there is deferred tax liability.
Notes:
1. Deposits with banks includes deposits of Rs 2,24,88,907/- ( P.Y. Rs
27,45,641/-) with maturity of more than 12 months
2. Deposits with banks includes
- Deposit of Rs 1,98,74,020/- ( P.Y. Rs 1,35,93,933/-) held as margin for
Bank Guarantee/Letter of Credit/ Buyers credit.
- Deposit of Rs 2,21,084/-( P.Y.Rs 12,15,008/-) lodged with customers as
margin/security deposit.
- Deposit of Rs NIL ( P.Y.Rs 7,996/-) lodged with Sales Tax Authorities.
2. Pursuant to the Notification No.447(E) dated February 28, 2011 and
Notification No. 653(E) dated March 30, 2011, issued by the Ministry of
Corporate Affairs, the Company has prepared its financial statements
for the year ended March 31, 2012 as per revised Schedules VI to the
Companies Act, 1956. Accordingly, the previous year's figures have
been regrouped / reclassified, wherever required to align the financial
statements to the revised format.
3. Contingent liabilities and commitments to the extent not provided
for:
(a) (i) Contingent liabilities
Particulars As at As at
31.03.2012 31.03.2011
a) Tax Liabilities and interest
thereof demanded by the Income Tax NIL 43,033
Department towards fringe benefit
tax not accepted and disputed.
b) Tax Liabilities and interest
thereof demanded by the Income Tax 13,38,075 NIL
Department towards Tax Deduction at
Source not accepted and disputed.
c) Outstanding Letter of Credit 3,45,49,952 2,46,78,090
d) Guarantees given by Company's
Banker 1,06,60,153 1,70,62,829
e) Bonds executed in favour of
excise authorities. 10,57,687 8,55,369
f) In respect of Custom Duty
benefits availed on imports of
capital goods 48,52,602 2,81,08,682
under EPCG Scheme against Export
obligations.
(ii) No provision for disputed income tax demands of Rs 105.01 Lacs
(P.Y. Rs 105.01 Lacs) has been made since the same are contested at
appropriate forum and the company do not expect any liability. Payment
of Rs 105.01 Lacs (P.Y. Rs 105.01 Lacs) against said disputed demands has
been shown under the head "Long-Term Loans and Advances".
(b) Capital commitments:
Estimated amounts of contracts remaining to be executed on capital
account and not provided for (net of advances) Rs 39,37,500/- (P.Y.
Rs2,18,69,640/-).
4. Capital work-in-progress represents fixed assets acquired but not
put to use before the end of the financial year and expenses pertaining
thereto.
5. Debit and Credit balances are subject to confirmation.
6. In the opinion of Board of Directors, the assets other than fixed
assets and non-current investments have value on realisation in
ordinary course of business at least equal to the amount at which they
are stated except as otherwise stated.
7. In the sanctioned Rehabilitation Scheme, the Board for Industrial
and Financial Reconstruction (BIFR) had directed the Income Tax
Authorities to consider granting relief under section 115JB and other
reliefs under the said Act to the Company. The Company has in response
submitted all the details sought by the Tax Authorities and the matter
is pending for disposal before them. The Company has been opined by
Expert that in view of no rejection of the reliefs by Tax Authorities
which was directed by the BIFR, provision for taxation u/s.115JB of the
said Act is not required to be made and accordingly no provision has
been made.
8. Other operating income includes X Nil (P.Y. Rs 54,05,789/-) being
waiver of Sales Tax dues granted by the Sales Tax Department and Rs
1,24,28,711/- ( P.Y. 160,32,440/-) being waiver from unsecured
creditors on settlement of dues in terms of sanctioned scheme of BIFR.
9. Exceptional items of Rs 5,63,96,445/- (P.Y. Rs NIL ) represents
Profit on sale of a factory premises.
10. Segmental Reporting
(a) Primary Segment Reporting (by business segment)
(i) The company has identified Business Segment as the Primary Segment.
Segments have been identified taking into account the nature of the
products, differing risks and returns, organisational structure and
internal reporting system.
(iv) Segment Revenue, Segment Results, Segments Assets and Segment
Liabilities includes the respective amounts identifiable to each of the
Segments as also amounts allocated on a reasonable (estimated) basis if
any.
(b) Secondary Segment Reporting (by Geographical demarcation):
i) The Secondary Segment is based on geographical market i.e. Domestic
Market and Overseas Markets.
C) Provision for diminution in value of investment has been made in
earlier years of Rs 72,00,000/- (P.Y. Rs 72,00,000/-) in respect of
investment made in a related party.
D) Related parties identified by the Management and relied upon by the
Auditors.
11. Lease on and after 1st April,2001 assets taken/given on Operating
Leases :
The Company has taken/given various premises under cancellable
operating leases. These lease arrangements are normally renewable on
expiry. The rental expenses (net of recovery) in respect of premises
taken on operating leases was Rs 49,62,274/- (P.Y. Rs 29,96,255/-) and
rental income in respect of premises given on operating leases was Rs
25,52,833/- (P.Y. Rs 38,38,835/-).
12. Other additional information required pursuant to Part II of
Schedule VI to the Companies Act, 1956 are not applicable to the
company.
13. Figures have been rounded off to the nearest rupee and those in
brackets represent corresponding figures for the previous year.
Mar 31, 2010
1. The Board of Directors of the Company have decided to close the
current accounting period on 31 st March,2010 instead of 30th
September,2010 and therefore the current period under review is for 6
months, i.e. from 1st October,2009 to 31st March,2010.
2. Previous periods figures have been regrouped / recast / rearranged
wherever necessary to conform to classification adopted for the current
period and are not comparable as the accounts represent the period of 6
months from 1st October,2009 to 31st March,2010 as against the previous
period of 18 months.
3. (i) Contingent liabilities not provided for in the books of
accounts:-
Particulars As at As at
31.03.2010 30.09.2009
a) Tax Liabilities and interest
thereof demanded by the 43,033 Nil
Income Tax Department towards
fringe benefit tax not
accepted and disputed.
b) Sales Tax matter in dispute
( net of part payment) Nil 37,44,061
c) Outstanding Letter of Credit 80,53,150 9,77,44,760
d) Guarantees given by Companys
Banker 73,76,762 92,05,148
e) Claims against the Company not
acknowledged as debts Nil 22,58,277
f) Liability for partly paid
up equity shares. Nil 1,00,000
g) Bonds executed in favour of
excise authorities. 11,90,960 3,29,937
h) In respect of Custom Duty benefits
availed on imports 2,41,73,542 2,41,73,542
of capital goods under EPCG Scheme
against Export obligations.
(ii) No provision for disputed income tax demands of Rs. 105.01 Lacs
(P.Y. Rs.105.01 Lacs) has been made since the same are contested at
appropriate forum and the company do not expect any liability. Payment
of Rs.105.01 Lacs (P.Y. Rs.105.01 Lacs) against said disputed demands
has been shown under the head "Loans and Advances".
(iii) Capital commitments:
Estimated amounts of contracts remaining to be executed on capital
account and not provided for (net of advances) Rs.96,97,089/- (P.Y.
Rs.53,24,681/-)
4. Capital work-in-progress represents capital advances, fixed assets
acquired but not put to use before the end of the financial period and
expenses pertaining thereto.
5. Balance of debtors, Creditors, loans and advances and advance
payments from customers are subject to confirmation/reconciliation and
adjustments, if any.
6. Sales Purchases, Stores and spares parts, Jobwork charges received
and paid, are net of CENVAT, VAT, returns, discounts rate differences
and rebates received and paid/allowed.
7. Lease on and after 1st April,2001
Assets taken/given on Operating Leases
The Company has taken/given various premises under cancellable
operating leases. These lease arrangements are normally renewable on
expiry. The rental expenses (net of recovery) in respect of premises
taken on operating leases was Rs. 10,31,518/- (P.Y. Rs.25,09,176/-) and
rental income in respect of premises given on operating leases was
Rs.26,40,540/- (P.Y. Rs.77,37,360/-).
8. Expenses/Income pertaining to previous year debited/credited to
Profit & Loss Account is Rs.6,29,689/- (P.Y. Rs.69,306/-) and Rs. Nil
(P.Y. Rs.2,31,070/-) respectively.
9. Additional information required pursuant to the provisions of part
II of schedule VI to the Companies Act, 1956, as certified by the
management of the Company:-
A. PARTICULARS OF GOODS MANUFACTURED
I. PRINTING ACTIVITIES
a) Class of Goods Manufactured : Printed products of all kinds
including annual reports, capital issue documentation, books.
periodicals, catalogues, publicity materials, continuous stationery
including Cheques, Divided / Debenture Warrants, Scratch and other
Cards etc.
b) The nature of printing divisions operation is such that there is no
known physical measures or standard classification for its saleable
product and jobwork done because each product has different type.
Consequently quantitative information regarding production, turnover
and opening and closing stocks of finished goods has not been given.
c) i) The Government has specified registered annual production
capacity of 362.88 million (362.88 million) standard impressions for
offset printing and 515.36 million (515.36 million) impressions for
continuous stationery.
ii) The installed capacity is 362.88 million (362.88 million) standard
impressions for offset printing and 515.36 million (515.36 million)
impressions for continuous stationery.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article
More Information on Orient Press Ltd.
-
Orient Press Ltd. Tools
- Bulk Deals
-
Orient Press Ltd. Company Details
- Company Profile
- Company History
- Management Team
- Capital Structure
- Product Mix
- Banker/Auditor/Registrar
-
Company History
- BSE Price History
- NSE Price History
-
Orient Press Ltd. Key Financial Ratios
- Ratios
-
Orient Press Ltd. Results
- Quarterly Results
- Half Yearly Results
- Nine Months Results
- Annual Results
-
Orient Press Ltd. Financial Data
- Audited Results
- Cash Flow
- Balance Sheet
-
Orient Press Ltd. Reports
- Accounting Policies
- Auditors Report
- Directors Report
- Notes To Account
-
Orient Press Ltd. Corporate Announcements
- Book Closure
- Dividend
- Board Meetings
-
Stocks To Buy Today, Dec 19: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Friday -
Stocks To Buy Today, Dec 18: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Thursday -
Stocks To Buy Today, Dec 17: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Wednesday -
Stocks To Buy Today, Dec 16: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Tuesday -
India Stock Market Weekly Review: Nifty and Sensex Fall as Caution Spreads -
Stocks To Buy Today, Dec 15: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Monday
-
Stocks To Buy Today, Dec 12: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Friday -
Market Outlook 2026: Kotak Securities Sees Nifty 50 at 30,000; THESE 4 Sectors Lead Rally, Gold To Stay Strong -
Stocks To Buy Today, Dec 10: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Wednesday -
D-Street Bleeds For 2nd Day! Sensex Slumps 678 Pts; Nifty Cracks 25,800; Why Stock Market Is Falling Today? -
Stocks To Buy Today, Dec 9: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Tuesday -
Stocks To Buy Today, Dec 8: Top 4 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Monday -
Stock Market Alert! Major Pre-Open Session Change From Dec 8: Full Timings, Rules & All You Need To Know -
Bank Nifty Surges: RBI’s 25 bps Rate Cut Triggers Strong Upside in Major Banking Stocks -
Closing Bell: Sensex Ends 158 pts Higher, Nifty Climbs Above 26,000; Hero MotoCorp, HAL Up 2% Each -
Stocks To Buy Today, Dec 4: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Thursday
-
Block for 8 hours
-
Block for 12 hours
-
Block for 24 hours
-
Don't block
Sign in with Google- Male
- Female
- Others
- Under 18
- 18 to 25
- 26 to 35
- 36 to 45
- 45 to 55
- 55+