Home  »  Company  »  Orient Press Ltd  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Orient Press Ltd.

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.

 
Subscribe now to get personal finance updates in your inbox!