CORPORATE INFORMATION

Oriental Trimex Limited was incorporated as a Private Limited Company on 22nd April 1996 under the provisions of companies Act,1956. The Company was converted into Public Company on February 06, 2001. The Company is engaged in the business of trading and processing of marble and mining of granite. The Company’s marble processing units are located at Greater Noida in NCR, at Singur near Kolkata and Gumidipoondi near Chennai. All the processing facilities of the Company are fully integrated processing facilities equipped with state-of-the-art machineries namely Gangsaws, automatic Resin Lines with robotic feeds, imported automatic Line Polishers and imported Grinding Machines. Apart from three marble processing units, the Company has a small granite processing unit in the state of Orissa. The Company has three granite quarries in the state of Orissa at Rairangpur, Behrampur and Palli which are under development. The Company has its own marketing outlets at New Delhi, Chennai, Greater Noida & Khushkhera. Oriental Trimex Limited is one of the highly spread and expanded marble processing Company’s in India. The Company had gone public in 2007 and is listed with National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange Limited (BSE).

1.1 Disposals shown in Gross Carrying Amount and Accumulated Depreciation depict the values of assets held for sale transferred out to be depicted separately as assets held for sale

1.2 The Company has revalued the freehold/leasehold lands of the Company located at (a) Greater Noida (b) Gumindipoondi, Tamil Nadu and (c) Hoogli, West Bengal, based upon the valuation report of a chartered engineer, so as to reflect the fair market value of the lands.

2.1 Mode of Valuation of Inventories -

Raw Materials: At lower of weighted average cost or net realizable value

Semi-finished: At lower of cost or net realizable value

Finished: At lower of production/landed cost or net realizable value.

Appropriate overheads are loaded on absorption costing basis. Goods in transit: At lower of cost or net realizable value

Stores and spares: At lower of cost or net realizable value

2.2 Raw Material in Transit includes many shipments of marble blocks were lying with Customs Authorities for the past many years. Custom duty and other clearance charges including demurrage had not been paid in full till date. Due to commercial unviability arising from the liability of huge demurrage and other charges including penalties which are leviable on the shipments at the time of their release, the management has decided to write off the stocks lying with the Custom authorities.

2.3 Since stock records for different varieties of finished goods are not separately maintained, it is not possible to identify the items where net realizable value is lower than the production/ landed cost.

2.4 Inventories include Slow Moving Stocks amounting to Rs. 7.81 lacs (Last Year 487.19 lacs), which have been valued at net realizable value (being less than the cost) as per management’s decision.

3.1 Due by a Private Company in which directors are interested - 254.64

3.2 Allowance for Doubtful Receivables has been made partly according to management perception.

4.1 Allowance for Doubtful Advances has been made at full value of doubtful advances only in case of certain parties and at nil value in case of other parties, according to management perception.

5.1 The reconciliation of the number of shares outstanding is stated in the Statement of Changes in Equity.

5.2 Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled 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.

6.1 Secured by pari passu charge on all present and future immovable and movable fixed assets of the company and further secured by personal guarantee of promoter directors of the company.

6.2 Jammu & Kashmir Bank Ltd. entered into a One Time Settlement with the Company vide letter dated 26.09.2017 according to which the loans of the Company were settled at Rs. 1200 lacs. Out of this, the Company has paid off Rs. 200 lacs upto 31st March, 2018 and the balance is repayable in 6 quarterly instalments of Rs. 167 lacs each commencing on June’18 and ending in Sept’19

7.1 Loan from ARCIL is secured by pari passu charge on all present and future immovable and movable fixed assets of the company and further secured by personal guarantee of promoter directors of the company.

7.2 The loan from ARCIL has become overdue during the year. The period of default is between 9 to 15 months. Meanwhile, the Company has applied to ARCIL for restructuring, which is under process.

7.3 Demand Loan from LIC secured against Keyman insurance policy.

7.4 The Company has not provided for interest on Unsecured Loans from Others of Rs. 47.47 lacs.

7.5 Loans from all the Related Parties are interest free, as certified by the management.

7.6 During the year, the Company has entered into an agreement to sell for the sale of it’s land and building at I-63, Greater Noida for Rs. 530 lacs and has received an advance of Rs. 411 from the buyer. This property was under mortgage with The Jammu & Kashmir Bank Ltd. and ARCIL and out of the advance Rs. 400 lacs have directly been paid to both the lenders equally.

8.1 The sales and Service income upto 30th June, 2018 is shown inclusive of Excise Duty. However, under the GST regime, the sales and service income is shown net of GST.

8.2 Many shipments of marble blocks were lying with Customs Authorities for the past many years. Custom duty and other clearance charges including demurrage had not been paid in full till date. Due to commercial unviability arising from the liability of huge demurrage and other charges including penalties which are leviable on the shipments at the time of their release, the management has decided to write off the stocks lying with the Custom authorities.

9.1 Jammu & Kashmir Bank Ltd. entered into a One Time Settlement with the Company vide letter dated 26.09.2017 according to which the loans of the Company were settled at Rs. 1200 lacs. Consequently, the excess balance outstanding in the books has been written back during the year.

9.2 Many shipments of marble blocks were lying with Customs Authorities for the past many years. Custom duty and other clearance charges including demurrage had not been paid in full till date. Due to commercial unviability arising from the liability of huge demurrage and other charges including penalties which are leviable on the shipments at the time of their release, the management has decided to write off the stocks lying with the Custom authorities.

Company has fulfilled the export obligation of USD 1.12 lacs (previous year 1.12 lacs) in respect of which application for export obligation discharge certificates (EODC) has been filed with the Director General Foreign Trade (DGFT) within the stipulated time.

10) Letters of confirmation of balances appearing under the heads Trade Receivables, Advances Recoverable and Other Current Assets, Recalled Debts, Trade and Other Creditors, Customers at credit, have not been received in many cases till the date of balance sheet.

11) Odissa Industrial Infrastructure Development Corporation vide their letter dated 20.11.2013 has cancelled the ownership of Plot No. 4, Somnathpur, Balasore, Odissa. The Management has already initiated efforts for revocation of the cancellation order.

12) No enterprises have been identified as a “Supplier” under the Micro, Small and Medium Enterprises Development Act, 2006. The aforesaid identification has been done on the basis of information, to the extent provided by the vendors to the Company. This has been relied upon by the Auditors.

13) TRANSACTIONS WITH RELATED PARTIES A) RELATIONSHIPS

i) Shareholders

a) Oriental Tiles Limited

b) Oriental Buildmat Exports Private Limited

c) Sunil Kumar

d) Narender Kumar Rustogi

e) Elite Stones Pvt. Ltd.

f) Yogya Wines Pvt Ltd

ii) Other Parties

a) Oriental Air & Ship Services

b) Deepali Granites Pvt. Ltd.

c) Oriental Overseas

d) Oriental Impex

e) Sunil Kumar (CHA)

iii) Directors and their Relatives

Mr. Rajesh Kumar Punia, Mrs. Savita Punia, Mr. Sunil Kumar, Mr. Vivek Seth, Mr. Rakesh K Takyar, Mr. Rakesh Punia (M/s Oriental Overseas), Mr. Dinesh Punia (M/s Oriental Impex)

iv) Key Managerial Personnel

Mr. Om Prakash Sharma (CFO); Mr. Uday Shankar Prashad (Coy. Secy.)

14) Figures of previous year have been regrouped and reclassified wherever necessary to make them comparable.

15) As per Indian Accounting Standard (Ind AS 19) “Employee Benefits”, the disclosures of Employee benefits as defined in the Accounting Standard are given below: