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Orient Press Ltd.

BSE: 526325 Sector: Industrials
NSE: ORIENTLTD ISIN Code: INE609C01024
BSE 00:00 | 22 Feb 135.55 -13.45
(-9.03%)
OPEN

163.50

HIGH

163.50

LOW

135.00

NSE 00:00 | 22 Feb 145.80 9.70
(7.13%)
OPEN

143.95

HIGH

146.95

LOW

127.80

OPEN 163.50
PREVIOUS CLOSE 149.00
VOLUME 410
52-Week high 445.95
52-Week low 135.00
P/E 215.16
Mkt Cap.(Rs cr) 136
Buy Price 135.55
Buy Qty 118.00
Sell Price 163.50
Sell Qty 25.00
OPEN 163.50
CLOSE 149.00
VOLUME 410
52-Week high 445.95
52-Week low 135.00
P/E 215.16
Mkt Cap.(Rs cr) 136
Buy Price 135.55
Buy Qty 118.00
Sell Price 163.50
Sell Qty 25.00

Orient Press Ltd. (ORIENTLTD) - Auditors Report

Company auditors report

To the Members of

ORIENT PRESS LIMITED

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of ORIENT PRESSLIMITED ("the Company") which comprise the Balance Sheet as at 31st March2017 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial

Statements

2. The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. While conducting the audit we have taken into account the provisionsof the Act the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules made thereunder.

4. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

5. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

6. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

7. I n our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2017 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

8. 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 ofthe Act we give in the "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order.

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

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

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

(d) I n our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note 29(a) to the financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company during the year.

iv. The Company has provided requisite disclosures in the standalone financialstatements as to holdings as well as dealings in Specified Bank Notes during the periodfrom 8th November 2016 to 30th December 2016. Based on audit procedures and relying onthe management representation we report that the disclosures are in accordance with booksof account maintained by the Company and as produced to us by the Management.(Refer Note35 to the standalone financial statements).

For B.L. Sarda & Associates

Chartered Accountants

Firm Registration No.109266W

(CA B.L. Sarda)

Partner

Membership No.014568

Place : Mumbai

Date : 29th May 2017

ANNEXURE "A" TO INDEPENDENT AUDITOR'S REPORT OF

EVEN DATE TO THE MEMBERS OF ORIENT PRESS LIMITED

ON THE STANDALONE FINANCIAL STATEMENTS AS AT AND

FOR THE YEAR ENDED 31st MARCH 2017

(i) (a) I n our opinion the Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) According to the information and explanations given to us fixed assets of theCompany have been physically verified by the management during the year which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. According to the information and explanations given to us no materialdiscrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) As explained to us the inventory of the company has been physically verified bythe management at the end of the year except in case of inventory in transit and lyingwith third parties. In our opinion the frequency of verification is reasonable. Asinformed to us discrepancies noticed on physical verification between the physical stockand book records were not material and have been properly dealt with the books of account.

(iii) The Company has not granted any secured or unsecured loan to Companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Act. Accordingly paragraph 3(iii) of the Order is not applicable tothe Company.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 186 of the Act with respect to theinvestments made. There are no loans guarantees and securities granted during the year inrespect of which provisions of Section 185 and 186 of the Act are applicable.

(v) In our opinion and according to the information and explanations given to us theCompany has complied with the provision of Sections 73 to 76 or any other relevantprovisions of the Act and the rules framed there under with regard to the depositsaccepted. Accordingly there have been no proceeding before the Company Law Board orNational Company Law Tribunal or any court or any other Tribunal in this matter and noorder has been passed by any of aforesaid authorities.

(vi) We have broadly reviewed the books of account maintained by the company in respectof products where pursuant to the rules made by the Central Government the maintenanceof cost records have been prescribed under section 148 (1) of the Act and are of theopinion that prima facie the prescribed accounts and records have been made andmaintained. However we have not carried out a detailed examination of the accounts andrecords with a view to determine whether they are accurate or complete.

(vii) (a) According to the information and explanations given to us and the records ofthe Company examined by us the Company is generally regular in depositing withappropriate authorities undisputed statutory dues including provident fund employees'state insurance income tax sales-tax service tax duty of customs duty of excisevalue added tax cess and other statutory dues applicable to it. According to theinformation and explanations given to us no undisputed amounts payable in respect of theaforesaid statutory dues were in arrears as on 31st March2017 for a period ofmore than six months from the date they became payable.

(b) As at 31st March 2017 according to the information and explanationsgiven to us and the records of the Company examined by us there are no dues of income taxservice tax and duty of customs which have not been deposited on account of any dispute.The particulars of dues on account of duty of excise and value added tax /sales tax as at31st March 2017 which have not been deposited by the Company on account of adispute are as follows:

Name of the Statute Nature of dues Amount of demand (Rs. ) Period to which the amount relates Forum where dispute is pending
The Maharashtra Value 1116955/- F.Y.2005-2006 Joint
Value Added Tax Act2002 Added Tax and interest Commissioner of Sales Tax (Appeals)
The Central Sales Tax Act1956 Sales Tax and interest 1674640/- F.Y.2007-2008 Joint Commissioner of Sales Tax (Appeals)
The Central Sales Sales Tax 842003/- F.Y.2011-2012 Joint Commissioner of Sales Tax (Appeals)
Tax Act1956 and Value
The Maharashtra Added
Value Added Tax Act2002 Tax and interest
The Central Sales Tax Act1956 Sales Tax and interest 6946159/- F.Y.2012-2013 Joint Commissioner of Sales Tax (Appeals)
The Central Excise Act1944 Duty of excise penalty and interest 956827/- April 2014 to November 2015 Commissioner of (Appeals) Central Excise

(viii) According to the information and explanations given to us the Company has notdefaulted in repayment of loan or borrowings to the banks and Government. The Company hasnot obtained any loan or borrowings from financial institution. Further the Company doesnot have any debentures issued/ outstanding at any time during the year.

(ix) In our opinion and according to the information and explanations given to usmonies raised by way of the term loans during the year have been applied by the Companyfor the purposes for which they were raised.The Company has not raised any money by way ofinitial public offer or further public offer (including debt instruments) during the year.

(x) Based on the audit procedures performed and according to the information andexplanations given by the management we report that no fraud by the company or on theCompany by its officers or employees has been noticed or reported during the year ended 31stMarch 2017 nor have we been informed of such case by the management during the course ofour audit.

(xi) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/ provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the order is notapplicable to the Company.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with section 177 and 188 of the Act where applicable and details of suchtransaction have been disclosed in note 36 of the financial statements as required underAccounting Standard (AS) 18 Related Party Disclosures specified under section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014.

(xiv) According to the information and explanations give to us and based on ourexamination 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 paragraph 3(xiv) of the order is not applicable to the Company.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him as prescribed under section 192of the Act. Accordingly paragraph 3(xv) of the order is not applicable to the Company.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Accordingly paragraph 3(xvi) of the order is not applicable to theCompany.

For B.L. Sarda& Associates

Chartered Accountants

Firm Registration No.109266W

(CA B.L. Sarda)

Partner

Membership No.014568

Place : Mumbai

Date :29th May 2017

ANNEXURE "B" TO INDEPENDENT AUDITOR'S REPORT OF EVEN DATE TO THE MEMBERS OFORIENT PRESS LIMITED ON THE STANDALONE FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED31st MARCH 2017

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

1. We have audited the internal financial controls over financial reporting of ORIENTPRESS LIMITED ("the Company") as of March 31 2017 in conjunction with our auditof the standalone financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial

Reporting

6. A Company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally 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 authorisations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of theCompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over

Financial Reporting

7. Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2017based on 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 B.L. Sarda & Associates

Chartered Accountants

Firm Registration No.109266W

(CA B.L. Sarda)

Partner

Membership No.014568

Place : Mumbai

Date :29th May 2017