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Notes to Accounts of Oriental Veneer Products Ltd.

Mar 31, 2015

1. Corporate information

Oriental Veneer Products Ltd. company incorporated under the provisions of the Companies Act, 2013[ Earlier Companies Act, 1956] on 8th March 1991 as a Private Limited Company in the name of "ORIENTAL VENEER PRODUCTS PRIVATE LIMITED". The name of Company subsequently changed from "ORIENTAL VENEER PRODUCTS PRIVATE LIMITED" to " ORIENTAL VENEER PRODUCTS LIMITED" as on 3rd july 1995 and it became as public Ltd. company, Limited by Shares.

The company is engaged in the manufacturing, buying and selling of all type Recron, Seat & Bearth, Coompreg Boards and also engaged in trading of timber woods and all its products. The Company caters to both domestic and international markets.

2. Terms/Rights attached to Equity Shares

The company has only one class of equity shares having a per value of Rs.10/- per share. Each Equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be receive remaining assets of the company, after distribution of all preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders.

3. - Details of dues to Micro and Small Enterprises as defined under the MSMED Act, 2006

The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act,2006 and hence disclosure, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

4. - Segment Information

i) Primary (Business) Segment

In accordance with the requirements of Accounting Standard 17 "Segment Reporting" issued by the ICAI, the Company's business consist of one reportable segment i.e. Seat & Bearth, Recorn Densified Thermal Bonded Blocks, Recorn Wadding, Comperg, Foldable Mattress hence no separate disclosures pertaining to attributable Revenues, Profits, Assets, Liabilities, Capital Employed are given.

ii) Secondary (Geographical) Segment

Secondary segment reporting is performed on the basis of geographical location of the Customers. The operation of the Company comprises domestic sales and export sales. The export sale consideration is not materialized hence no separate disclosure pertaining to attributable Revenues, Profits, Assets, Liabilities, Capital Employed are given.

5. Gratuity

The company operates one-defined plans, viz., gratuity Under the gratuity plan, every employee who has completed atleast five years of service gets a gratuity on departure @ 15 days of last drawn salary for each completed year of service.

The Company has charged the gratuity provision of Rs. 7,43,821/- in the profit and loss accounts in the year ended 31st March, 2015 (previous year, Rs. 6.23 lacs). The gross obligation toward the gratuity at the end of the year on discountinuance is Rs. 63.44 Lacs (previous year, Rs. 60.49 Lacs). The Company has not funded the gratuity obligation against any plan assets.

6. Related Party Disclosures

(a) Names of related parties and nature of relationship:

i) names of related parties where control exists irrespective of whether transactions have occurred or not

M/s. V. K. Mithiborwala & Co. Pvt. Ltd M/s. Industrial Laminates (I) Pvt. Ltd.

M/s. Gen Wood Products Pvt Ltd.

M/s. Exim Trade Links (I) Pvt Ltd.

M/s. Vision Housing & Infrastructure Co Pvt Ltd.

M/s. Oriental Technocraft Pvt Ltd.

M/s. Oriental Foundry Pvt Ltd.

ii) Key Management Personnel

Mr. Karim N. Mithiborwala

Mr. Saleh N. Mithiborwala

Mr. Khalid Abdulrehman Dabilkar

Mr. Mustufa Saifuddin Pardawala

iii) Enterprises owned or significantly influenced by key management personnel or their relatives

M/s. V K. Mithiborwala & Co. Pvt. Ltd

M/s. Industrial Laminates (I) Pvt. Ltd.

M/s. Gen Wood Products Pvt Ltd.

M/s. Exim Trade Links (I) Pvt Ltd.

M/s. Vision Housing & Infrastructure Co Pvt Ltd.

M/s. Oriental Technocraft Pvt Ltd.

M/s. Oriental Foundry Pvt Ltd.

M/s. Doldrum Investment & Finance Pvt Ltd.

7. Diminution in the Value of Investment

As at 31st March 2015, There is diminution in the value of the Company's quoted (Suspended) investment, Nageshwar Investment Ltd, considering the market, as share of the company are suspended to be traded on all stock exchanges from 30-nov-2005 till further order by SEBI, Competent Authority. However no provision has been made in the accounts for such fall, as the investment is in the nature of a long term strategic investment and as per the management, the diminution in the value is on account of temporary factors.

8. Out of the total debtors of Rs. 181,619,016/- As at March 31, 2015, Rs. 141,582,137/- has been received subsequent to the year end. For the balance of Rs. 4,00,36,879/- the management is in discussion with these debtors to expedite the recoverability of the above aforesaid outstanding amounts and belevies that the entire amount is fully recoverable. In view of the forgoing, no provision is considered necessary in these financial statements in this regard.

9. CONTIGENT LIABILITIES

Central Excise 1,427,168 1,427,168

Income Tax 18,135,000 18,135,000

Corporate Guarantee 222,500,000 -

Letter of Credit outstanding with Saraswat Co-Operative Bank Ltd. at the end of the year for Rs. 4,04,37,820 /- (Previous year Rs. 8,19,91,000 ) and Bank Gurantee of Rs. 86,84,507/- (Previous Year Rs. "1,03,54,207").

10. There were no litigations pending from the previous years or made during the year on the Company.

11. Previous Year Figures

Previous Year Figures has been recast/restated.


Mar 31, 2014

Note 1 - Details of dues to micro and small enterprises as defend under the MSMED Act, 2006

The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act,2006 and hence disclosure, if any, relating to amounts unpaid as at the yearend together with interest paid/payable as required under the said Act have not been given.

i) Primary (Business) segment

In accordance with the requirements of Accounting Standard 17 "Segment Reporting" issued by the ICAI, the Company's business consist of one reportable segment i.e. Seat & Berth, Recon Deified Thermal Bonded Blocks, Recon Wadding, Compeer, Foldable Mattress hence no separate disclosures pertaining to attributable Revenues, Profits, Assets, Liabilities, Capital Employed are given.

ii) secondary (Geographical) segment

Secondary segment reporting is performed on the basis of geographical location of the Customers. The operation of the Company comprises domestic sales and export sales. The export sale consideration is not materialized hence no separate disclosure pertaining to attributable Revenues, Profits, Assets, Liabilities, Capital Employed are given.

NOTE - 2 GRATUITY

The company operates one-defend plans, viz., gratuity Under the gratuity plan, every employee who has completed at least five years of service gets a gratuity on departure @ 15 days of last drawn salary for each completed year of service.

The Company has charged the gratuity provision of Rs, 677,606/- in the profit and loss accounts in the year ended 31st March, 2014 (previous year, Rs, 10.65 laces). The gross obligation toward the gratuity at the end of the year on discontinuance is Rs, 60.49 Laces (previous year, Rs, 47.83 Laces). The Company has not funded the gratuity obligation against any plan assets.

The estimates of future salary increases, considered in actuarial valuation, taking into consideration the general trend in salary rise and inflation rate.

note 38- diminution in the Value of investment As at 31st March 2014, There is diminution in the value of the Company's quoted (Suspended) investment, Nageshwar Investment Ltd, considering the market, as share of the company are suspended to be traded on all stock exchanges from 30-nov-2005 till further order by SEBI, Competent Authority. However no provision has been made in the accounts for such fall, as the investment is in the nature of a long term strategic investment and as per the management, the diminution in the value is on account of temporary factors.

b) Out of the total debtors of Rs, 14,01,72,448/- As at March 31, 2014, Rs, 10,74,47,835/- has been received subsequent to the year end. For the balance of Rs, 3,27,24,613/- the management is in discussion with these debtors to expedite the recoverability of the above aforesaid outstanding amounts and believes that the entire amount is fully recoverable. In view of the forgoing, no provision is considered necessary in these financial statements in this regard.

Letter of Credit outstanding with Sara swat Co-Operative Bank Ltd. at the end of the year for Rs, 8,19,91,000 (Previous year Rs, 5,78,67,000 ) and Bank Guarantee of Rs,. 1,03,54,207 (Previous Year Rs, "62,67,345").

 
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