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Orient Press Ltd.

BSE: 526325 Sector: Industrials
NSE: ORIENTLTD ISIN Code: INE609C01024
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VOLUME 2573
52-Week high 123.80
52-Week low 63.30
P/E
Mkt Cap.(Rs cr) 80
Buy Price 80.00
Buy Qty 28.00
Sell Price 80.30
Sell Qty 54.00
OPEN 80.90
CLOSE 81.10
VOLUME 2573
52-Week high 123.80
52-Week low 63.30
P/E
Mkt Cap.(Rs cr) 80
Buy Price 80.00
Buy Qty 28.00
Sell Price 80.30
Sell Qty 54.00

Orient Press Ltd. (ORIENTLTD) - Auditors Report

Company auditors report

To the Members of ORIENT PRESS LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of Orient PressLimited ("the Company") which comprise the Balance Sheet as at March 31 2020and the Statement of Profit and Loss (Including Other Comprehensive Income) Statement ofChanges in Equity and Statement of Cash flows for the year then ended and notes to thefinancial statements including a summary of significant accounting policies and otherexplanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2020and profit total Comprehensive Income changes in equity and its cash flows for the yearended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We invite attention to Note 37(m) of Standalone Financial Statementswhich describes the impact of COVID-19 global pandemic on the operations and financialmatters of the Company.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report:

Key Audit Matters Auditors' response to Key Audit Matters
Provisions and Contingent Liabilities Our audit procedures involved the following -
(Refer note no. 37(f) of the standalone Ind AS financial statements) • Testing the effectiveness of controls around the recording and re-assessment of contingent liabilities.
The company has litigations in respect of certain tax matters and other disputes for which the final outcomes cannot be easily predicted and which could potentially result in significant liabilities. These have been disclosed under Contingent Liabilities. The assessment of the risks associated with the litigations is based on complex assumptions which require the use of judgement and such judgement relates primarily to the assessment of the uncertainties connected to the prediction of the outcome of the proceedings and to the adequacy of the disclosures in the financial statements. Because of the judgement required the materiality of such litigations and the complexity of the assessment process the area is a key matter for our audit
• Performing our assessment of assumptions used in the evaluation of potential legal and tax risks performed by the legal and tax department of the company considering the legal precedence and other rulings in similar cases.
• Inquiry with the legal and tax departments regarding the status of the most significant disputes and inspection of the key relevant documentation.
• Analysis of opinion received from the experts where available.
• Review of the adequacy of the disclosures in the notes to the financial statements.
Inventories To address the matter our audit procedure included amongst others:
(Refer note no. 11 of the Standalone Ind AS financial statements) Inventories are considered as Key Audit Matter due to nature of business technical indicators governing inventory valuation size of Balance sheet and because inventory valuation involves management judgment. According to accounting policy followed by the company inventories are valued at lower of cost or market value. Cost comprise in addition to other things overheads related to material labour and other overheads. The company has specific procedures to identify risk for obsolescence and valuation of inventories. • Assessing the compliance of accounting policies over inventory with applicable accounting standards.
• Assessing the inventory valuation process and practices.
• Assessing the analysis and assessment made by management with respect to slow moving or obsolete stock.
• Discussion with those charged with the responsibility of overlooking inventory management processes.
• Justification of management estimates and Judgments.
• Assessing the effectiveness of perpetual and physical inventory verification process

Information Other than the Financial Statements and Auditor's ReportThereon

The Company's Board of Directors is responsible for the Preparation ofthe Other Information. The Other Information comprises the Information included in theFinancial Performance highlights Board Report including Annexures to the Boards ReportManagement Discussions and Analysis Report on Corporate Governance ShareholdersInformation and Other Information in Annual Report but does not include the StandaloneFinancial Statements and our auditors' report thereon.

The Other Information to the extent not made available to us as of thedate of the Signing this report is expected to be made available to us after the date ofthis Auditors' Report.

Our opinion on the Standalone Financial Statements does not cover theother information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statements ourresponsibility is to read the Other information identified above when it becomesavailable and in doing so consider whether the other information is materiallyinconsistent with the Standalone Financial Statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated.

When we read the Other information if we conclude that there ismaterial misstatement therein we are required to communicate the matter to those chargedwith Governance.

Responsibilities of Management and Those Charged with Governance forthe Standalone Financial Statements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone financial statements that give a true and fair view of thefinancial position financial performance changes in equity and cash flows of the Companyin accordance with the accounting principles generally accepted in India including theaccounting Standards specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the financial statements the Board of Directors isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless the Board of Directors either intends to liquidate the Companyor to cease operations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material

misstatement whether due to fraud or error and to issue an auditor'sreport that includes our opinion. Reasonable assurance is a high level of assurance butis not a guarantee that an audit conducted in accordance with SAs will always detect amaterial misstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if individually or in the aggregate they could reasonably beexpected to influence the economic decisions of users taken on the basis of thesefinancial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

1. Identify and assess the risks of material misstatement of thefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

2. Obtain an understanding of internal control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Companies Act 2013 we are also responsible for expressing our opinionon whether the company has an adequate internal financial controls system in place and theoperating effectiveness of such controls.

3. Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

4. Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.

5. Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of the standalone financial statementsthat individually or in aggregate makes it possible that the economic decision of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and evaluating the results of our work.; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

We communicate with those charged to governance regarding among othermatters the planned scope and timing of the audit and significant audit findingincluding

any significant deficiencies in internal control that we identifyduring our audit.

We also provide those charged with governance regarding with astatement that we have complied with relevant ethical requirements regarding independenceand to communicate with them all relationships and other matters that may reasonably bethought to bear on our Independence and where applicable related safeguards.

From the matters communicated with those charged to governance wedetermine those matters that were most significant in the audit of standalone financialstatements for the current period and therefore the key audit matters. We describe thesematters in the auditor's report unless the law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016("the Order") issued by the Central Government of India in terms of sub-section(11) of section 143 of the Companies Act 2013 we give in the "Annexure 1" astatement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.

2. As required by Section 143(3) of the Act we report that:

a. We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

b. In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.

c. The Balance Sheet the Statement of Profit and Loss (Including OtherComprehensive Income) the Statement of Changes in Equity and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d. In our opinion the aforesaid standalone financial statements complywith the Accounting Standards specified under Section 133 of the Act read with Rule 7 ofthe Companies (Accounts) Rules 2014.

e. On the basis of the written representations received from thedirectors as on March 31 2020 taken on record by the Board of Directors none of thedirectors is disqualified as on March 312020 from being appointed as a director in termsof Section 164(2) of the Act.

f. With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure 2".

g. In our opinion the managerial remuneration for the year ended March31 2020 has been paid/provided by the Company to its directors in accordance with theprovisions of section 197 read with Schedule V to the Act.

h. With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:

- The Company has disclosed the impact of pending litigations on itsfinancial position in its financial statements - Refer Note 37(f) to the financialstatements;

- The Company has made provision as required under the applicable lawor accounting standards for material foreseeable losses if any on long term contractsincluding derivative contracts;

- There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

For SARDA & PAREEK
Chartered Accountants
FRN no. 109262W
Gaurav Sarda
Partner
Membership No. 110208
UDIN: 20110208AAAAHB5532
Mumbai 31st July 2020.

"ANNEXURE 1" TO THE INDEPENDENT AUDITORS' REPORT

Annexure referred to in Independent Auditors' Report of even

date to the members of Orient Press Limited on the standalone

financial statements for the year ended March 31 2020.

1. Fixed Assets

a. Maintenance of Records

The Company has generally maintaining proper records showing fullparticulars including quantitative details and situation of Property Plant and Equipment(PPE);

b. Physical verification

There is a regular programme of physical verification of all fixedassets annually which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets. In our opinion and as per the information given bythe Management the discrepancies observed were not material and have been appropriatelyaccounted in the books.

c. Title Deeds

According to the information and explanations given to us and on thebasis of our examination of the records of the Company the title deeds of immovableproperties are held in the name of the Company.

2. Inventory

a. Physical Verification

In our opinion physical verification of inventory has been conductedat reasonable intervals by the management. However due to the current pandemic situationthe company was not able to conduct physical verification of the Inventory as on March 312020.

On the basis of the roll forward procedures and other documentarysupport provided by the management we are of the opinion that there were no materialdiscrepancies. In case any non-material discrepancies have been observed they would beproperly dealt with. We further invite attention to the note no. 11 of the financialstatement for physical verification of the inventory at year end.

3. Investment Made Loans or Advances Given.

a. In our opinion and according to the information and explanationsgiven to us the Company has not granted any loan secured or unsecured during the yearto any companies firms and limited Liability Partnerships or other parties covered inregister maintained in section 189 of the Companies Act 2013.

In view of the above reporting under clause (iii) (a) (b) and (c) isnot applicable.

4. Loans Investments Guarantees or Securities falling under Section185 and 186 of the Companies Act.

In our opinion and according to information and explanation given tous in respect of loans investments guarantees and security the Company has compliedwith the provisions of sections 185 and section 186 of the Companies Act 2013.

5. Deposits Accepted

In our opinion and according to the information and explanations givento us the Company has complied with the directives issued by the Reserve Bank of Indiaand the provisions of Section 73 to 76 or any other relevant provisions of the CompaniesAct 2013 and rules made

thereunder with regard to the deposits accepted from the public.According to the information and explanations given to us no Order has been passed by theCompany Law Board or National Company Law Tribunal or Reserve Bank of India or any Courtor any other Tribunal on the company in respect of the aforesaid deposits.

6. Maintenance of Cost Records

We have broadly reviewed the books of account maintained by the companypursuant to the order made by the Central Government for the maintenance of cost recordsunder Section 209(1)(d) of the Companies Act 1956 and we are of the opinion that primafacie the prescribed accounts and records have been made and maintained. We have nothowever made a detailed examination of these records with a view to determine whetherthey are accurate and complete.

7. Depositing Statutory Dues

a. According to the information and explanations given to us and on thebasis of our examination of the books of accounts the Company is generally regular indepositing with appropriate authorities undisputed statutory dues including Goods andServices Tax Provident Fund Employees' State Insurance Income Tax Customs Duty Cessand other material statutory dues applicable to it.

According to the records examined by us and information andexplanations given to us no undisputed dues payable in respect of Goods and Services TaxProvident Fund Employees' State Insurance Income Tax Customs Duty and Cess were inarrears as at March 312020 for more than six months from the date they became payable.

b. The details of dues of statutory dues which have not been depositedon account of any dispute are given in the Annexure to this report.

Name of the Statute

Nature of dues

Amount

Period

Forum where dispute is pending

The Maharashtra Value Added Tax Act2002 Value Added Tax and interest 11.17 F.Y.2005-06 Joint Commissioner of Sales Tax (Appeals)
The Central Sales Tax Act1956 Sales Tax and interest 17.17 F.Y.2007-08 Appellate Tribunal
Dadra & Nagar Haveli Central Sales Tax Act1956 Sales Tax and interest 22.77 F.Y.2014-15 Joint Commissioner of Sales Tax (Appeals)
The Maharashtra Value Added Tax Act 2002 Value Added Tax and interest 0.17 F.Y.2014-15 Joint Commissioner of Sales Tax (Appeals)
The Central Excise Act1944 Duty of excise penalty and interest 1.30 April2014 to November 2015 Commissioner of (Appeals) Central Excise
Mah. Mathadi Kamgar Hamal & Or. Manu Work 1969 wages and levy payable to registered mathadi workers 45.85 June 2010 to March 2018 High Court Mumbai
Income tax Act 1961 Income tax Demand u/s 156 47.43 F.Y. 2016-17 CIT appeal
Total

145.86

Out of above amount paid under protest (47.16)
Net Amount

98.70

8. Default in Repayment of Loan or Other Borrowings

In our opinion and according to the information and explanations givento us the Company has not defaulted in repayment of the loans or other borrowings or inthe payment of interest thereon to any lender.

In view of the above reporting under clause (ix) (b) (c) (d) (e) and(f) is not applicable.

9. Moneys Raised

During the year the company has not raised money through initial publicoffer or further public offer (including debt instruments).

10. Fraud Reported or Noticed

As represented to us by the management and based on our examination ofthe books and records of the Company in accordance with the generally accepted auditingpractices in India we have neither come across any material fraud on or by the Companynoticed or reported during the year nor we have been informed of any such case by themanagement that causes the financial statements to be materially misstated.

11. Managerial Remuneration

In our opinion and according to the information and explanations givento us the Company has paid / provided managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theCompanies Act 2013.

12. Nidhi Company

In our opinion and according to the information and explanations givento us the Company is not a nidhi company and therefore the reporting under clause (xiii)is not applicable.

13. Transaction with Related Parties

In our opinion and according to the information and explanations givento us the Company is in compliance with Sections 177 and 188 of the Companies Act 2013where applicable for all transactions with the related parties and the details of relatedparty transactions have been disclosed in the standalone financial statements etc. asrequired by the applicable Indian accounting standards.

14. Preferential Allotment / Private Placement

According to the information and explanations given to us and based onour examination of the records of the company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly reporting under clause (xiv) of the order is not applicable.

15. Non-Cash Transactions

In our opinion and according to the information and explanations givento us during the year the Company has not entered into any non-cash transactions with itsdirectors or directors of its holding subsidiary or associate company or personsconnected with them and hence provisions of Section 192 of the Companies Act 2013 andreporting under clause (xv) is not applicable.

16. Applicability of Section 45-IA of Reserve Bank of India Act 1934

In our opinion and according to the information and explanations givento us Company is not required to register under Section 45 - IA of the Reserve Bank ofIndia Act 1934. Hence Clause 3 (xvi) of the Order is not applicable to the Company

For SARDA & PAREEK
Chartered Accountants
FRN no. 109262W
Gaurav Sarda
Partner
Membership No. 110208
UDIN: 20110208AAAAHB5532
Mumbai 31st July 2020.

"ANNEXURE 2" TO THE INDEPENDENT AUDITOR'S REPORT

Annexure Referred to in Independent Auditors' Report on the StandaloneFinancial Statements of Even date to the members of Orient Press Limited forthe year ended March 31 2020.

Report on the Internal Financial Controls Over Financial Reportingunder Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financialreporting of Orient Press Limited ("the Company") as of March 312020 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financialcontrols over financial reporting of the Company based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") issued by the Institute of CharteredAccountants of India and the Standards on Auditing prescribed under Section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controls.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting

Meaning of Internal Financial Control over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) Pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) Provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company;(3) Provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at March 31 2020 basedon the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For SARDA & PAREEK
Chartered Accountants
FRN no. 109262W
Gaurav Sarda
Partner
Membership No. 110208
UDIN: 20110208AAAAHB5532
Mumbai 31st July 2020