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Notes to Accounts of Oriental Rail Infrastructure Ltd.

Mar 31, 2023

A.Demand in respect of Excise matters for the period April-2016 to June-2017 for which appeal is pending. This is disputed by the Company and hence not provided for in the books of accounts. The company has paid demand of '' 15.37 Lakhs against the order dues.

B. Letter of Credit Outstanding with Saraswat Co-operative Bank Limited at the end of the year for '' 26.89 Lakhs (Previous Year '' 307.55 Lakhs) and Bank guarantee of '' 1566.24 Lakhs (Previous Year '' 1660.07 Lakhs).

NOTE 29 - 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 salary for each year of service subject to a maximum of Rs 20.00 Lakhs.

The Company has charged/reversed the gratuity provision of '' (30.15) Lakhs in the profit and loss accounts in the year ended March 31, 2023 (previous year, '' 24.32 Lakhs). The Projected obligation towards the gratuity at the end of the year '' 47.98 Lakhs (previous year '' 88.64 Lakhs).

NOTE 31 - DETAILS OF DUES TO MICRO AND SMALL ENTERPRISES AS DEFINED UNDER THE MSMED ACT, 2006

Dues to micro and small enterprises as defined under MSMED Act, 2006, on the basis of certificate received from vendors the company has informed under the Micro, Small and Medium Enterprises Development Act, 2006. In Some of the cases, date of acceptance may be differ due to quality of materials, hence interest provsion under the said act not booked.

NOTE 32 - 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 & Berth, 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.

NOTE 35 - CORPORATE SOCIAL RESPONSIBILTY

As per section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend 2% of its average net profit for the immediately preceding three financial years on corporate social resposibility (CSR) activities. The areas for CSR activities are eradicating poverty , hunger and malnutrition, promoting healthcare and improvement in education. A CSR committee has been by the company as per the Act. The funds were primarily allocated to a corpus and utilized through the year on there activities which

are specified in schedule VII of the Companies Act 2013:

The management has assessed that the carrying values of the Financial Assets and Liabilities at amortised cost approximate their fair value largely due to their short-term maturities of these instruments.

NOTE 37A - FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company''s principal financial assets include trade & other receivables, and cash & cash equivalents that derives directly from its operations. The Company''s principal financial liabilities comprise trade & other payables and short term borrowings. The main purpose of majority of these financial liabilities is to manage working capital of the Company.

The Company is exposed to credit risk, market risk and liquidity risk. The Company''s senior management oversees the management of these risks. The Company''s financial risk activities are governed by appropriate policies and procedures and financial risks are identified, measured and managed in accordance with the Company''s policies and risk objectives. The below note explains the sources of risk which the Company is exposed to and how the entity manage the risk :

A) 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. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its investing activities, primarily cash & cash equivalents.

i) Trade Receivables

Customer credit risk is managed in accordance with the Company''s established policy, procedures and controls relating to customer credit risk management. Credit quality of a customer is assessed based on individual credit limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored through credit lock and release effectively manage the exposure.

An impairment analysis is performed at each reporting date on an individual basis for major customers In addition,a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The calculation is based on historical data. The Company does not hold any collateral as security. The Company evaluates the concentration of risk with respect to trade receivables as low, as most of its external customers are established players in their industry.

The Company determines the allowance for credit losses based on historical loss experience adjusted to reflect current and estimated future economic conditions. The Company considered current and anticipated future economic conditions relating to industries the Company deals with and the countries where it operates. In calculating expected credit loss, the Company has also considered related credit information for its customer, that''s available in public domain to estimate the probability of default in future.

ii) Cash and Cash Equivalents and Other Financial Assets

Credit risk from balances with banks is managed by the Board of Directors in accordance with the Company''s policy. Investment of surplus funds are made for short-term in deposit with banks. Investments and Bank deposits are reviewed by the Board of Directors on a quarterly basis. Credit risk arising from short term liquid fund, cash and cash equivalents and other balances with banks is limited and no collaterals are held against these because the counterparties are banks.

Other financial assets mainly include security deposits & other receivables. There are no indications that defaults in payment obligations would occur in respect of these financial assets.

B) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: such as commodity risk, foreign currency risk and equity price risk. Financial instruments affected by market risk include FVTPL investments, trade payables, trade receivables, borrowings, other receivables etc.

i) Commodity Risk

Commodity risk for the Company is mainly related to availability of raw materials at right price which drives the prices of Finished Goods. Most of these input materials are procured from approved vendors and subject to price negotiations. In order to mitigate the risk associated with raw material and components prices, the Company manages its procurement through productivity improvements, expanding vendor base and constant pricing negotiation with vendor The Company renegotiates the prices with its customers in case there is more than normal deviation in the prices of its major raw materials. Additionally, the processes and policies related to such risks are reviewed and controlled by senior management team.

ii) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The risk of fluctuations in foreign currency exchange rates on its financial liabilities including trade and other payables etc. Hence, variation in the Foreign exchange rate would have reasonable impact on the profit or loss / equity of the Company. Net foreign currency exposure also reviewed by the Board of Directors on a quarterly basis.

Foreign Currency Sensitivity Analysis

The Company is exposed to the currencies USD & EURO on account of outstanding receivables ( ) and payables (-). The Company''s net exposure to foreign currency risk at the end of the reporting period expressed in respective currencies given below;

Foreign currency exposures are not hedged by derivative instrument as on the March 31, 2023 is USD$ 0.32 Lakhs [Previous Year USD$ 3.14 Lakhs).

iii) Equity Price Risks

Equity price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in equity prices, whether those changes are caused by factors specific to the individual financial instrument or its issuer, or by factors affecting all similar financial instrument straded in the market.

The Company only invests in the equity shares of the subsidiary as part of the Company''s overall business strategy and policy. The Company manages the equity price risk through placing limits on individual and total equity investment in tthe subsidiary. The Company''s investment in quoted equity instruments (other than subsidiaries) is Nil.

C) Liquidity Risk

Liquidity risk is defined as a risk that the Company will not be able to meet its obligations on time or at a reasonable price. An effective liquidity risk management takes into consideration in maintaining optimum level of cash and cash equivalents and the availability of funding through an credit facilities at a reasonable cost to meet the obligation when due. Additionally, the processes and policies related to such risks are reviewed and controlled by senior management team. Management continuously reviews the actual cash flows and forecasts the expected cash flows to monitor the liquidity position. All the current financial liabilities of the Company are due to be paid with in twelve months from the date from the Balance sheet date. All non-current financial liabilities are due to be paid in more than twelve months from the Balance sheet date. However the interest component of all the non-current financial liabilities if any will be payable as and when due, which may be with in twelve months from the date of Balance sheet date.

NOTE 39 - OTHER STATUTORY INFORMATION

a. The Company does not have any Benami property, where any proceeding has been initiated or pending against the Group for holding any Benami property.

b. The Company does not have any transactions with struck off companies.

c. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

d. The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or

disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

e. The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

f. The Company has complied with the number of layers prescribed under the Companies Act, 2013.

NOTE 40

Sundry Debtors, Sundry Creditors, loans & advances and outstanding balance are subject to confirmation and reconciliation.

NOTE 41

Previous Year Figures has been reclassfied /recast to conform to this year classification


Mar 31, 2018

Note 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 & Berth, Compreg Boards and also engaged in trading of timber woods and all its products. The Company caters to both domestic and international markets.

a. 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.

Note 2 - 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.

Note 3- Segment information

i) Primary (Business) Segment

In accordance with the requirements of Ind AS 108 “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.

Note - 4 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. 4.31 Lakhs in the profit and loss accounts in the year ended March 31, 2018 (previous year, Rs. 17.40 lacs). The gross obligation toward the gratuity at the end of the year on discountinuance is Rs. 55.40. Lacs (previous year, Rs. 42.12 Lacs). 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 5- Out of the total debtors of’ 3651.89 Lakhs As at March 31, 2018,’ 2419.03 Lakhs has been received subsequent to the year end. For the balance of Rs. 1232.85 Lakhs 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.

Letter of Credit outstanding with Saraswat Co-Operative Bank Ltd. at the end of the year for Rs. 122.73 Lakhs (Previous year Rs. 149.58 Lakhs ) and Bank Gurantee of Rs. 198.93 Lakhs (Previous Year Rs. 77.35).


Mar 31, 2016

b. 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.

* As per records of the Company, Including its Register of Shareholders/ Members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

Note 1 - Details of dues to mien and small enterprises as defined under the M5MED 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.

Note 2- 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.

Note 3- Diminution in the Value of Investment

As at 31st March 2016, The company has decided to make Provision for Permanent Dimunition of Rs. 5,833,915/- the Company''s quoted (Suspended) investment, Nageshwar Investment Ltd, as share of the company are suspended to be traded on all stock exchanges since 30-nov-2005 till further order by SEBI, Competent Authority and non-availabity of the latest financial statements of the investee company.

* The Company has provided Corporate guarantees aggregating Rs. 22.25 crores (March 31,2015: Rs. 22.25 crores) to third parties on behalf of its subsidiary Oriental Foundry Pvt. Ltd. The Company does not expect any outflow of resources in respect of the above.

Letter of Credit outstanding with Saraswat Co-Operative Bank Ltd. at the end of the year for Rs. 44,993,006/- (Previous year Rs. 40,437,820 /-) and Bank Gurantee of75,556,739/- (Previous YearRs.8,684,507/-).

Note 4 - Out of the total debtors of Rs. 213,74B,329/- As at March 31, Rs.610 7 178,220,852/- has beer received subsequent to the year end. For the balance of 7 35,527,477/- 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.

Note 5- Previous Year Figures

Previous Year Figures has been recast/restated.


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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