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Oricon Enterprises Ltd Directors Report

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Oct 3, 2025|12:00:00 AM

Oricon Enterprises Ltd Share Price directors Report

To

The Members,

Oricon Enterprises Limited

Your Directors have pleasure in presenting the 55TH ANNUAL REPORT of the Company together with the Audited Financial Statement(s) of the Company for the year ended March 31, 2025.

1. Financial Results: ( in Lakhs)

Particulars

Standalone Results Consolidated Results
FY 2024-25 FY 2023-24 FY 2024-25 FY 2023-24

(A) Continuing Operations

Gross profit

713.86 (987.97) 2069.82 (10.98)
Deduct there from
Finance Cost 826.43 1501.05 668.52 992.24
Depreciation 602.41 524.37 852.58 790.32
Profit (Loss) Before Exceptional Item and Tax from (714.98) (3013.39) 548.72 (1793.54)
continuing operations
Share of profit of Joint Venture - - (74.75) (36.62)
Exceptional Items - (328.77) 799.86
Proft (Loss) Before taxation and after exceptional items (714.98) (3013.39) 145.20 (1030.30)
from continuing operations
Tax on above (224.56) (1241.22) (85.72) (1074.55)

(i) Proft (Loss) after taxation form continuing operations

(490.42) (1772.18) 230.92 44.25

and exceptional items

(B) Discontinuing operations

Proft before tax from discontinuing operations 1839.36 3951.04 1839.36 3951.04
Tax on above 462.93 994.40 462.93 994.40
Profit after tax from discontinuing operations 1376.43 2956.64 1376.43 2956.64
Profit after tax from slump sale of discontinued business 12314.24 - 12314.24 -
(ii) Profit after tax from discontinuing operations 13690.67 2956.64 13690.67 2956.64

Net profit after tax for the year (i) + (ii)

13200.25 1184.46 13921.59 3000.87

*Previous years figures have been re-grouped / re-arranged and re-classified to confirm to the current years presentation.

2. Overview of Financial Performance Standalone

During the year under review the company has earned Rs. 532.29 Crores from Continuing , Discontinuing Operations as against Rs. 509.43 Crores in the previous Year. The Company has also earned exceptional income amounting to Rs. 142.15 crores previous year nil . The Net profit after tax for the year under review was Rs. 132.00 Crores as against Rs. 11.84 Crores in the previous financial year.

Consolidated

During the year under review the company has earned Rs. 585.84 Crores from Continuing, Discontinuing Operations as against Rs. 570.45 Crores in the previous Year. The Company has also earned exceptional income amounting to Rs. 142.15 crores as against Rs. 8.00 crores in the previous year. The Net profit after tax for the year under review was Rs. 139.22 Crores as against Rs. 30.00 Crores in the previous financial year.

2. Dividend

Your Directors are pleased to recommend Dividend @ 25% i.e. Rs. 0.50/- per equity share for the Financial Year 2024-25 which if approved at the forthcoming Annual General Meeting will be paid to the Members whose names are registered as on record date. The total outgo for dividend shall be Rs. 785.24 Lakhs.

4. Update on Plant

A. Update on Murbad Plant

The Board of Directors of the Company at its meeting held on Thursday , August 07,2025 has, Subject to the Approval of Members of the Company by way of Special Resolution through Postal Ballot and such other approvals, consents, permissions and sanctions as may be deemed necessary, approved sale and transfer of the Companys Business of manufacturing, trading and sale of Metal Crown Seals and Roll On Pilfer Proof Closures plant of which is situated at MIDC Murbad District Thane in the State of Maharashtra (‘Undertaking) by way of slump sale on a going Concern.

Subsequently, on August 08,2025, the Company executed a Business Transfer Agreement with GUALA

CLOSURES ( INDIA) PRIVATE LIMITED for sale and transfer of the Undertaking at an enterprise value of Rs. 42.50 Crores (Rupees Forty two Crores Fifty Lakhs Only) to be received, on completion of sale, subject to adjustments as set out in the Business Transfer Agreement, by way of "slump sale", (as contemplated under section 50B read with section 2(42C) of the Income Tax Act, 1961) on a going concern basis.

B. Update on Khopoli Plant

As informed earlier, The Board at its meeting held on 04th August, 2023 has approved sale of Companys non-core business of Petrochemicals situated at village Niphan and Anandwadi, District Raigarh, Maharashtra.

Subsequently, The Company has, agreed to sale its fixed assets of petrochemical division to Narendra Plastochem Private Limited (NPPL) for a consideration Rs. 19.00 crores to be received in tranches subject to the receipt of necessary approvals, permissions, consents from appropriate authorities and has entered into agreements viz. Lease agreement, Asset Purchase Agreement and Conducting Agreement on September 07, 2023.

NPPL has obtained required approvals, permissions, consents from appropriate authorities and the Company is in process for execution of required documents for transfer of assets of Khopoli division to NPPL to complete the transaction.

5. Subsidiary Companies and Joint Venture

A separate statement containing the salient features of financial statements of all the subsidiaries of your Company forms part of Annual Report in the prescribed Form AOC-1 as Annexure I in compliance with Section 129 and other applicable provisions, if any, of the Companies Act, 2013.

The Financial Statements of the subsidiary companies and related information are available for inspection by the Members at the Registered Office of the Company during the business hours on all days except Saturdays, Sundays and public holidays up to the date of the Annual General Meeting (AGM) as required under Section 136 of the Companies Act,

2013. Further in line with the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 and in accordance with IND AS 110, Consolidated Financial Statement prepared by the Company includes financial information of its subsidiaries.

The Company will provide a copy of Annual Report and other documents of its subsidiary companies on the request made by any Member, investor of the Company/ Subsidiary Companies. The Financial Statements of the Subsidiary Companies have been kept for inspection by any Member at the Registered Office of the Company. The statements are also available on the website of the Company www.oriconenterprises.com

6. Capital Structure

During the year under review there has not been any change in authorized and paid up share capital of the Company.

7. Transfer of Unpaid/ Unclaimed Dividend and Shares thereof to IEPF

During the year under review, the Company has transferred a sum of Rs. 2,99,473/-to the Investor Education and Protection Fund established by the Central Government, in compliance with the provisions of Section 125 of the Companies Act, 2013. The said amount represents dividends which were declared by the Company in the financial year 2016-17 and were lying unpaid/unclaimed with the Company for a period of seven years from the date of its transfer into unpaid dividend account.

The detailed list of members whose unpaid / unclaimed dividend has been transferred to IEPF is uploaded on the website of the Company at https://www.oriconenterprises.com/pdf/Dividend-Transferred-to-IEPF-2022.pdf

Further pursuant to the provisions of Section 125 of the Companies Act, 2013, the Company has transferred shares to IEPF on which dividend has not been claimed for the last 7 years i.e. dividend declared by the Company for the financial year 2016-17. The detailed list of members whose shares have been transferred to IEPF is uploaded on the website of the Company at https://www.oriconenterprises.com/pdf /Shares-Transferred-to-IEPF-2022.pdf

8. Directors and Key Managerial Personnel

In accordance with the requirements of the Companies Act, 2013 and Articles of Association of the Company, Mr. Varun Somani, Director of the Company retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves, for re-appointment as Director liable to retire by rotation.

Cessation:

During the Year under review, Mr. Krishnagopal Badriprasad Gupta (DIN: 00997067) and Mr. Vijaykumar Bhatia (DIN: 00088762), ceased to be Director w.e.f. July 01, 2024 on completion of their Second and Final Term as Independent Director(s).

Mr. Susheel G. Somani and Mrs. Sujata Parekh Kumar ceased to be Director w.e.f. July 01, 2024 on account of their resignation(s).

9. Details of Committees of the Board

At present, the Board has following five (5) Committees: i. Audit Committee, ii. Nomination and Remuneration Committee, iii. Stakeholders Relationship Committee and iv. Corporate Social Responsibility Committee. v. Executive Committee

The Composition of the Committees and relative compliances, are in line with the applicable provisions of the Companies Act, 2013 read with the Rules and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Details of terms of reference of the Committees, Committees Membership and attendance at meetings of the Committees, except CSR Committee are provided in the report on Corporate Governance.

10. Corporate Social Responsibility Committee

The constitution, composition, terms of reference, role, powers, rights, obligations of ‘Corporate Social Responsibility Committee [‘CSR Committee] are in conformity with the provisions of Section 135 and all other applicable provisions of the Companies Act, 2013, read with the Companies (Corporate Social Responsibility Policy) Rules, 2014.

The CSR Committee have been reconstituted on July 01, 2024 due to change in Composition of Board of Directors of the Company. T he CSR Committee consists of the following Members:

Name

Designation Non-Executive / Independent
Mr. Adarsh Somani Chairman Managing Director
Mr. Vijay Bhatia* Member Independent Director
Mr. Sumant Mimani Member Independent Director
Mrs. Mamta Biyani# Member Independent Director

*Mr. Vijay Bhatia ceased to be a member of CSR Committee w.e.f. July 01, 2024 #Mrs. Mamta Biyani was appointed as a member of CSR

Committee w.e.f. July 01, 2024

11. Expenses for Corporate Social Responsibility

The Company has not incurred any expenditure towards Corporate Social Responsibility during the year under review, as there is an excess CSR amount carried forward from the previous year.

The Report on CSR in accordance with the Companies (Corporate Social Responsibility Policy) Rules, 2014 is set out as Annexure II forming part of this Report.

12. Policy on Directors appointment and remuneration

The Nomination and Remuneration Committee is entrusted with the responsibility of identifying and ascertaining the integrity, qualification, expertise and experience of the person for appointment as Director, KMP or at Senior Management level and recommending their appointment for the consideration of the Board.

The Company has drawn up Nomination and Remuneration policy in line with the requirement of Section 178 of the Companies Act, 2013. The Policy inter alia provides that a person should possess adequate qualification, expertise and experience for the position he / she is considered for appointment. The Committee has discretion to decide whether qualification, expertise and experience possessed by a person is sufficient / satisfactory for the concerned position.

13. Vigil Mechanism / Whistle Blower Policy

The Company has a Vigil Mechanism cum Whistle Blower Policy (‘Vigil Mechanism) in place. The Vigil Mechanism is a system for providing a tool to the employees of the Company to report violation of personnel policies of the Company, unethical behavior, suspected or actual fraud, violation of code of conduct. The Company is committed to provide requisite safeguards for the protection of the persons who raise such concerns from reprisals or victimization.

The Policy provides for direct access to the Chairperson of the Audit Committee in appropriate or exceptional cases. The Board of Directors affirm and confirm that no employee of the Company has been denied access to the Committee.

Details of the Vigil Mechanism are available on the Companys website www.oriconenterprises.com

14. Risk Management

The Company has adopted a Risk Management Policy in accordance with the provisions of the Companies Act, 2013 which laid down the framework to identify, evaluate business risks and opportunities. The Company has vested powers to the Audit Committee to regulate the risk identification, assessment, analysis and mitigation with the assistance of the Internal Auditor. The Company has procedures in place for informing the Board of Directors on risk assessment and management procedures. Senior management periodically reviews this risk management framework to keep updated and address emerging challenges. The management is however, of the view that none of the risks may threaten the existence of the Company as risk mitigation mechanism is put in place to ensure that there is nil or minimum impact on the Company in case any of these risks materialize.

15. Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)

The Company is committed to create and maintain an environment in which employees can work together without fear of sexual harassment, exploitation or intimidation. A

Complaint Redressal Committee has been set up by the Company to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. During the period under review, no complaints were received.

16. Declaration of Maternity Benefit Compliance under Maternity Benefit Act, 1961

We declare that the Company is in the compliance with all the sections of the Maternity Benefit Act, 1961. Under Maternity Act, 1961 we provide maternity leave (26 weeks for the first two children, 12 weeks for subsequent children or adoption), medical benefits, and other entitlements as outlined in the Act. Company have informed all employees about the benefits available under the Maternity Benefit Act.

17. Adequacy of Internal Financial Controls with reference to the Financial Statements

The Company has devised appropriate systems and framework for adequate internal financial controls with reference to financial statements commensurate with the size, scale and complexity of its operations including proper delegation of authority, policies and procedures, effective IT systems aligned to business requirements, risk based internal audit framework and risk management framework.

The Audit Committee regularly reviews the internal control system to ensure that it remains effective and aligned with the business requirements. In case weaknesses are identified as a result of the reviews, new procedures are put in place to strengthen controls.

Further, the Board annually reviews the effectiveness of the Companys internal control system. The Directors and Management confirm that the Internal Financial Controls (IFC) are adequate with respect to the operations of the Company.

A report of the Auditors pursuant to Section 143(3) (i) of the Companies Act, 2013 certifying the adequacy of Internal Financial Controls is annexed with the Auditors Report.

18. Number of Board Meetings

7(Seven) meetings of Board of Directors were held during the financial year 2024-25 on April 09, 2024, May 30, 2024, July 01, 2024, August 14, 2024, October 28, 2024, November 14, 2024, and February 13, 2025. The details of the Board Meeting and the attendance of the Directors are provided in the Corporate Governance Report, forming part of this Annual Report.

19. Annual Evaluation of Board Performance

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, the performance evaluation of the Chairman and the Non-Independent Directors was carried out by the Independent Directors in their meeting held on March 28, 2025 who also reviewed the performance of the Board as whole.

The Nomination and Remuneration Committee has defined the evaluation criteria, procedure for the performance evaluation of the Board of Directors.

The Boards functioning was evaluated on various aspects, including inter alia degree of fulfillment of key responsibilities,

Board Structure and Composition, effectiveness of Board process, information and functioning.

The Directors were evaluated on aspects such as attendance and contribution at Board/Committee Meeting and guidance/support to the management outside Board/ Committee Meetings. In addition, the Chairman was also evaluated on Key aspects of his role, including setting the strategic agenda of the Board, encouraging active engagement of all Board Members.

Evaluation of Independent Directors was done by the entire Board.

20. Particulars of Loans, Guarantees and Investments

Particulars of Loans, Guarantees and Investment as required under Section 186 of the Companies Act, 2013 read with the Companies (Meeting of Board and its Powers) Rules, 2014 are given in Notes no. 09, 10 and 16 forming part of Standalone Financial Statements.

21. Particulars of contracts or arrangements with Related Parties

All Related Party Transactions that were entered into during the financial year were on an arms length basis, in the ordinary course of business and were in compliance with the applicable provisions of the Companies Act, 2013 (‘the Act) and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

There are no material contracts or arrangements or transactions during the year. Thus, the disclosure in Form AOC-2 under Section 134(3)(h) of the Companies Act, 2013 is not applicable.

The Disclosures as required under IND AS 24 ‘Related Party Disclosures notified under Rule 7 of the Companies (Accounts) Rules, 2014 have been provided in Note No. 51 of the Notes forming part of the Financial Statements.

22. Declaration of Independent Directors

The Independent Directors have submitted their disclosures/ declarations to the Board that they fulfill all the requirements as stipulated in Section 149(6) of the Companies Act, 2013 so as to qualify themselves to be appointed as Independent Directors under the provisions of the Companies Act, 2013 and the relevant rules.

23. Directors Responsibility Statement

The Board of Directors of the Company confirm:

(I) that in the preparation of the annual accounts for the year ended March 31, 2025 the applicable Accounting Standards have been followed;

(ii) that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the year under review;

(iii) that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the Provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) that the Directors have prepared the annual accounts for the year ended 31st March, 2025 on a ‘going concern basis;

(v) that the Directors have laid down internal financial control and that such internal financial control are adequate and

(vi) that the Directors have devised proper system to ensure compliance with the Provisions of all applicable laws.

24. Credit Rating

During the year under review, Company have been awarded following rating by CRISIL.

Sr. No.

Date of Rating Rating Term Rating assigned
1. April 22, 2024 Long-Term Rating CRISIL A-
Short-Term Rating CRISIL A1
2. August 29, 2024 Long-Term Rating CRISIL BBB
Short-Term Rating CRISIL A2

25. Disclosures Relating to Remuneration of Directors, Key Managerial Personnel and Particulars of Employees

The information required under Section 197 of the Companies Act, 2013 read with Rule 5(1) Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of Directors/ Employees of the Company is appended in Annexure III forming part of this Report.

In accordance with provisions of Section 197 of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are required to be given in Directors Report. In terms of provisions of Section 136(1) of the Companies Act, 2013 this report is being sent to the members without this annexure. Members interested in obtaining copy of the annexure may write to the Company Secretary and the same will be furnished on request. The said information is available also for inspection at the registered office of the Company during working hours.

26. Annual Return

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on March 31, 2025 is available on the Companys website at www.oriconenterprises.com and can be accessed at https://www.oriconenterprises.com/pdf/MGT%20-7%202024-25%20-%20Annual%20return%20upload%20website.pdf

27. Disclosure of Particulars

Informations as per the provisions of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014, relating to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo is given in Annexure IV forming part of this Report.

28. Management Discussion and Analysis Report

Management Discussion and Analysis Report for the year under review, as stipulated under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed as Annexure V and forms part of this Annual Report.

29. Corporate Governance

Pursuant to Regulation 34 (3) read with Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015, a Report on Corporate Governance together with a certificate from, Ms. Mayuri Thakkar, Practicing Company Secretary confirming compliance is annexed hereto as Annexure VI-A and Annexure VI-B and forms part of this Annual Report.

30. Auditors

a) Statutory Auditors

At the Annual General Meeting held on 28th September, 2022 SGN& Co., Chartered Accountants (FRN No. 134565W) were appointed as Statutory Auditors for second term of 5 years.

The auditors have confirmed that they are not disqualified from continuing as Auditors of the Company.

b) Secretarial Auditor and Secretarial Audit Report

The Board had appointed Ms. Mayuri Thakkar, Practicing Company Secretaries, (M. No. F12337, COP No. 26189) to carry out Secretarial Audit under the provisions of Section 204 of the Companies Act, 2013 for the Financial Year 2024-25. The Report of Secretarial Auditor is annexed to this report as Annexure VI-C.

In Compliance with the Regulations 24A of the SEBI Listing Regulations and Section 204 of the Companies Act, 2013, the Board in its meeting held on 28th May, 2025 on recommendation of audit committee, subject to the approval of shareholder in the ensuing AGM, has appointed Ms. Mayuri Thakkar, Practicing Company Secretaries, (M. No. F12337, COP No. 26189), as Secretarial Auditors of the Company for conducting Secretarial Audit for the term of 5(five) consecutive years i.e. FY 2025-26 to FY 2029-30.

Thus, a resolution for the appointment of Secretarial Auditor for the term of 5(five) consecutive years i.e. FY 2025-26 to FY 2029-30 is included in the notice of 55th Annual General Meeting.

c) Internal Auditors

The Board in its meeting held on May 28, 2025 has reappointed Maximus Management Advisory Services Private

Limited as Internal Auditor for the Financial Year 2025-26.

d) Cost Auditors

The Board at its meeting held on May 28, 2025, on the recommendation of Audit Committee, the Board has appointed Dilip M Malkar & Co. Firm Registration No: 101222 for the Financial Year 2025-26.

The remuneration payable to the Cost Auditor for Financial Year 2025-26 is required to be ratified by the members in ensuing Annual General Meeting. Accordingly, a resolution for the remuneration of Cost Auditor is included in the notice of 55th Annual General Meeting.

31. Annual Secretarial Compliance Report

The Company has undertaken an Audit under Regulation 24A of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), 2015 for the Financial Year 2024-25. The Annual Secretarial Compliance Report has been duly submitted to the Stock Exchange(s) and is annexed to this report as Annexure VI-E.

32. Certificate on Non-disqualification of Directors

The Company has obtained certificate from Ms. Mayuri Thakkar, Practicing Company Secretary regarding non-disqualification of Directors. The certificate is annexed to this report as Annexure VI-F.

33. Secretarial Standards

The Directors state that applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to ‘Meetings of the Board of Directors and ‘General Meeting, respectively, have been duly followed by the Company.

34. Other Disclosures/Reporting:

Your Directors further state that during the year under review: a) no amount was transferred to General Reserve; b) there was no change in nature of Business;

c) there was no change in the Authorized Share Capital of the Company during the year.

d) the Company has not taken any deposits from Public or Members of the Company;

e) there were no significant / material orders passed by the Regulators or Courts or Tribunals impacting going concern status of your Company and its operations in future;

f) there were no other material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which these financial statements relate and the date of this Report;

g) there are no qualifications, reservation or adverse remark or disclaimer made by the Statutory Auditors in their Report; h) there are no qualifications, reservation or adverse remark or disclaimer made by the Secretarial Auditors in their Report;

i) the Company has not issued equity shares with differential rights as to dividend, voting or otherwise and

j) the Company has not issued any sweat equity shares to its employees.

35. Details of Difference between amount of the valuation done at the time of one-time settlement or while taking the loan from the banks or financial institutions:

There were no instances where the Company required the valuation for one time settlement or while taking the loan from the Banks or Financial institutions

36. Disclosure regarding corporate insolvency resolution process initiated / pending under the insolvency and bankruptcy code, 2016 (IBC):

There are no proceedings initiated/pending against the Company under the Insolvency and Bankruptcy Code, 2016.

37. Material Changes and Commitments Affecting the Financial Position of The Company Which Have Occurred Between the End of The Financial Year of The Company to Which the Financial Statements Relate and The Date of The Report

There have been no material changes and commitments affecting the financial position of the Company between the end of the financial year and the date of this report.

38. Personnel

Your Company continued to enjoy cordial relations with its employees at all locations. Your Directors take this opportunity to record their appreciation for the significant outstanding contribution made by the employees at all levels.

39. Acknowledgement

Your Directors express their deep gratitude for the cooperation and support extended to the Company by its Members, Customers, Suppliers, Bankers, Financial Institutions and various Government agencies.

For and on behalf of the Board

Adarsh Somani

B.K. Toshniwal

Managing Director

Executive Director

(DIN: 00192609)

(DIN: 00048019)

Place: Mumbai

Date: August 14, 2025

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