Notes to Accounts of Orient Press Ltd.

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 statements’ (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 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

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 O_ri_ent P_rint_ers 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.

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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 31^st 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 31^st March 2015 and of Rs.40,36,612/-, for the year ended 31^st March 2014 under the provisions of MAT of the Act which has been recognized as an asset during the previous year ended 31^st 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 “Employee Benefits”, 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 1^st 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.

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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.