The Directors have pleasure in presenting their Twenty Fourth Report
 on the affairs of the Company, together with the Financial Statements
 for the year ended 31st March, 2012.
 
 1.  FINANCIAL RESULTS :
 
                                                         (Rs.In lacs)
 
                                           Year ended     Year ended
 
                                      31st March, 2012   31st March, 2011 
 
 Gross Revenue                                16935.30       16032.73
 
 Profit before Finance Costs, 
 Depreciation and Tax                          2029.80        1730.22
 
 Less: Finance Cost                             201.16         217.02
 
 Less: Depreciation                             382.63         398.63
 
 Profit before Taxation                        1446.01        1114.57
 
 Less : Provision for FBT 
 of earlier years                                 0.57           0.11
 
 Profit after taxation                         1445.44        1114.46
 
 Add: Profit Brought forward 
 from previous year                            3660.88        2546.42
 
                                               5106.32        3660.88
 Less: Appropriation
 
 Transferred to General Reserve                 144.55         NIL 
 Proposed Dividend on Equity
 Shares                                         201.87         NIL 
 
 Tax on Dividend                                 32.75         NIL 
 
 Closing Balance                               4727.15        3660.88
 
 2.  DIVIDEND:
 
 Your directors are pleased to recommend dividend of 25% (Rs 2.50 Per
 Equity Share of Rs 10 each) for the Financial Year 31s! March, 2012
 (Previous YearRs NIL).
 
 3.  MANAGEMENT DISCUSSION AND ANALYSIS :
 
 (i) Introduction :
 
 The Company is involved in manufacturing activities comprising printing
 of capital market stationery, commercial printing such as text books,
 annual reports etc., security printing like MICR cheques, dividend
 warrants, shares and debenture certificates, railway tickets and
 coupons, computer stationery, telephone cards (scratch cards), smart
 cards, recharge coupons and note books etc. The Company is also engaged
 in packaging activities which include flexible packaging material of
 multi-layer film laminates, paper board mono cartons, liner carton,
 display cartons and outer corrugated boxes etc. The performance of the
 Packaging vertical during the year under Report was satisfactory.
 However, the Company could not earn higher operating profit due to
 lower contribution by the Printing segment and increase in overheads
 due to inflation. The performance of the printing division suffered due
 to a very sluggish capital market and to offset this, the Company
 diversified in new areas of note book and text book printing resulting
 in lower margins. In the Packaging Segment, the performance of both
 divisions i.e. Flexible Packaging Division and Paper Board Carton
 Division improved with enhancement in both turnover and margins.
 
 (ii) Review of Operations:
 
 The Company earned a net profit of Rs 1446.01 lacs in the year under
 review as against a net profit of Rs 1114.57 lacs in the previous year.
 
 The Turnover of the Company was higher at Rs 169.35 Crores for the year
 as against Rs 160. 32 Crores for the previous year ended, registering an
 increase of 5.6%.
 
 The Turnover of different divisions of the Company was as under:
 
                                                     (Rs.In Crores)
 
                                    Current year     Previous year
 
 Printing Division                         60.53             61.91
 
 Flexible Packaging Division               78.10             74.54
 
 Paper Board Carton Division               30.72             23.87
 
 (iii) Segment wise Performance: The Business of Company falls under two
 Segment viz.
 
 (a) Printing (b) Packaging
 
 (a) Printing Division: The Turnover of Printing Division was almost
 equal compared to the previous year.
 
 (b)(i) Flexible Packaging: The turnover of Flexible Packaging Division
 of the Company has increased by 4.78% compared to the previous year.
 During the year the Division operated its full production capacity
 inspite of severe competition and low demand. However, the profit
 margin could not increase proportionate to the turnover due to thin
 margin because of high input cost.
 
 (ii) Paper Board Carton Division: The turnover of the Paper Board
 Carton Division increased by 28.70% compared to previous year. However
 the profit margin could not increase due to thin margin because of
 competition.
 
 The Company is keenly interested in inducting new technology aimed at
 upgrading its existing facilities to remain as one of the leading
 players in the printing and packaging industry. The Company''s main
 thrust now is in paper and paperboard related printing and packaging
 business to safeguard its business interest against any government
 legislation to curb plastic related packaging on the grounds of
 industrial pollution. The Company is committed to promote eco-friendly
 packaging for which it installed automatic Board to Kraft fluting
 Lamination Machines. All these machineries and equipment will help the
 Company enhance its business opportunity in value added printing and
 packaging sector and export market.
 
 (iv) Future Prospects/Outlook:
 
 The present scenario of the printing industry is fragmented and is
 dominated by a few big players. The printing and packaging industry has
 lately improved after receiving initial shock of financial crisis in
 the year 2008-09. There is strong belief that this business improvement
 will sustain in the future too. The printing and packaging industry is
 a service provider and it is co-related with the GDP growth of the
 country as well as the growth of country''s educational sector. Since
 the GDP growth of the country is pegged at 7%, it provides a lot of
 encouragement for growth of printing and packaging industry. In the
 present business scenario and with robust GDP growth, the Company is
 expecting 10% to 15% growth in its business, at least, for the next
 three years. Besides, India''s printing and packaging industry has
 upgraded to international standard in the last five years and thus
 provides a lot of export business opportunities for the sector. India
 is gradually establishing itself as a business sourcing hub for
 developed countries in printing and packaging materials.  Initially, it
 was China and now India is competing with that country in this sector.
 Today, the printing and packaging industry export growth is
 significant.compared to last five years. Orient Press has also
 increased its share of business in exports and will continue to do so
 in the future. We expect at least 10% growth in this field. Orient
 Press is constantly upgrading its technology to cater to this market
 and we expect that in three years our 25% to 30% earnings will be from
 the export sector which today stands at 20%. Exports are growing 10%
 and your company is upgrading its technology to cater to this market,
 to increase contribution of exports from existing 20% in future atlest
 25% of the total sales. Your company has also received the Export
 House status from the Govt, of India for its consistent export
 performance.
 
 (v) Industry structure:
 
 Though the printing and packaging industry is one of the biggest
 employers in the country, the nature of the industry is not organized
 and it has not been termed as an Unorganized.lndustry by the
 Government of India. The number of players in our industry is close to
 1,30,000 units ranging widely from the highly organized sector to a
 very small proprietary units. Due to this diversified structure of the
 industry, growth and profitability are affected by unhealthy
 competition.
 
 The packaging industry enjoys continuous growth in demand year after
 year, necessitating large investments for technology upgration and
 automation of manual operations. However fragmented nature of the
 industry, consequent unhealthy competition put pressures on margins,
 increasing payback periods for investments.  As demand from the larger
 customers is consistently increasing, it is expected the organised
 segment will secure larger market share and better margins.
 
 (vi) Opportunities and threats:
 
 a) Opportunities -Scenario for future opportunities is bright. In the
 case of printing segment, the enactment of RIGHT TO EDUCATION, by the
 Parliament, much larger and increasing allocation of budgetary
 resources by the Central and State Governments, demand for text books
 and note books is robust.
 
 b.  Government is determined to introduce new legislation to curb food
 adulteration and enforce higher standards of safe and hygienic
 packaging. This will result in greater opportunities for the entire
 packaging industry. Your Company is geared up to meet this challenge
 and is planning to expand its production capacity in the packaging
 field to capitalize on this new business opportunity.
 
 c.  Threats - Uncertainty regarding new policies or rules to be
 enforced for use of plastics in packaging and their impact on the
 pattern of demand for various types of packagings
 
 (vii) Risks and concern -Adverse or sudden changes in policies of
 environmental protection affecting use of plastics in packaging,
 international market conditions for petrochemicals affecting raw
 material prices and unstable demand scenario affecting export volumes
 and realisations are risk factors which can impact growth and
 profitability of the industry and your company.
 
 (viii) Internal Control Systems and their Adequacy - In our opinion
 there are adequate internal control procedures commensurate with the
 size of the Company and the nature of its business with regard to the
 purchase of stores, raw materials, plant and machinery, equipment and
 other assets and for the sale of goods as well.  However the Company is
 in the process of introducing more systems to strengthen its internal
 controls.
 
 (ix) Material Developments in Human Resources/Industrial Relations
 Front - Directly/ indirectly your Company is providing employment to
 500 persons at various levels at its factories and the Corporate
 Office. Its industrial relations continue to remain cordial.
 
 4.  FINANCE
 
 The Company is availing its Working Capital Limits from Axis Bank Ltd.
 
 5.  DEPOSITS
 
 The Company has accepted Fixed Deposits during the year under Report
 without inviting Fixed Deposits from public as permitted under the
 provisions of Companies (Acceptance) of Deposits) Rules, 1975 and
 Section 58 of the Companies Act, 1956. No matured and unclaimed Fixed
 Deposit is outstanding for payment as on the date of this Report.
 
 6.  CORPORATE GOVERNANCE
 
 As required by Clause 49 of the Listing Agreement, a Corporate
 Governance Report is attached as Annexure A to this Report. Certificate
 of Auditors regarding compliance of the conditions of Corporate
 Governance as stipulated in Clause 49 of the Listing Agreement of the
 Stock Exchanges is also attached in Annexure A and forms part of this
 Report.
 
 7.  DIRECTOR''S RESPONSIBILITY STATEMENT
 
 A Director''s Responsibility Statement as required under section
 217(2AA) of the Companies Act, 1956 is given below :-
 
 i) Directors have followed the applicable accounting standards in the
 preparation of the Annual Accounts and proper explanations relating to
 material departures have been given in Note No. 2 of Accounts forming
 part of the accompanying Accounts.
 
 ii) Directors have selected the Accounting Policies as given in Note
 No. 2 of Accounts and applied them consistently and made judgments and
 estimates that are reasonable and prudent so as to give a true and fair
 view of the state of affairs of the Company as at 31st March, 2012 and
 of the Profits of the Company for the year ended on that date.
 
 iii) Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of Companies Act, 1956 for safeguarding the assets of the
 Company and for preventing and detecting of fraud and other
 irregularities.
 
 (iv) Directors have prepared the Annual Accounts for the year ended
 31st March, 2012 on a going concern basis.
 
 8.  DIRECTORS
 
 Shri R. Kannan and Shri Prakash Maheshwari retire by rotation at the
 ensuing Annual General Meeting and being eligible offer themselves for
 re-appointment. Shri G. Ravishankar was appointed as an Additional
 Director of the Company w.e.f. 2nd April, 2012 and his term of office
 will expire at the end of ensuing Annual General Meeting and therefore
 he is proposed to be re-appointed.
 
 9.  AUDITORS AND AUDITORS'' REPORT
 
 The Auditors M/s. B.L. Sarda & Associates, who hold office until the
 conclusion of the ensuing Annual General Meeting have furnished
 certificate under Section 224(1) of the Companies Act, 1956 for their
 eligibility for reappointment. The proposal for their re-appointment
 will be set out in the ensuing Notice of the Annual General Meeting.
 
 The Auditors without qualifying their opinion, have drawn attention to
 Note no. 33 of Notes regarding non provision for taxation under Section
 115JB of the Income Tax Act, 1961, based on expert opinion.
 
 As the said note is self explanatory the Directors do not have any
 further comment to offer.
 
 10.  COST AUDITORS
 
 As per the requirement of the Central Government and pursuant to
 Section 233B of the Companies Act, 1956, the Company is required to
 maintain the cost accounting records of Company for the year 2011-2012
 and submit Compliance Report. Accordingly the Company had appointed Mr.
 Rohit J. Vora, Cost Accountants, Mumbai as Cost Accountant for the year
 2011 -2012 who shall submit the Compliance Report for that year by 30th
 September, 2012.
 
 Further in term of the Notification no. G S R 430E dated 3rd June 2011
 issued by the Central Government, the Company is required to carry out
 an audit of cost records relating to Paperboard Division commencing
 from year 2011-12. The Company had appointed Mr. Rohit J. Vora, Cost
 Accountants, Mumbai as Cost Accountant for the year 2011 -2012 who
 shall submit the Audit Report for that year by 30th September, 2012.
 
 11.  PARTICULARS OF EMPLOYEES
 
 Information in accordance with the provisions of section 217(2A) of the
 Companies Act, 1956 read with Companies (particulars of employees)
 Rules, 1975 are not applicable to the Company as Company has not
 employed any person drawing a salary of Rs 60,00,000/- in a year or Rs
 5,00,000/- per month if employed for part of the year.
 
 12 CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNING AND OUTGO:-
 
 A) Conservation of Enerav:-
 
 The Company is not covered under the list of industries specified in
 the Schedule to furnish the information in Form A under Rule 2 of
 the Companies (Disclosures of Particulars in the Report of Board of
 Directors) Rules 1988. The manufacturing operations of the Company are
 not power intensive. However, the Company makes every possible effort
 to conserve energy.
 
 B) Technology absorption:-
 
 The Company does not have any technical collaboration. The Company uses
 the latest technology and process available in the printing and
 packaging industry. Accordingly, the Company has the latest equipment
 and its personnel are trained, from time to time, on the use, operation
 and maintenance of such sophisticated equipment.
 
 c) Foreign Exchange Earnings and Outgo:-
 
                                                              Rs. (lacs)
 
 Foreign Exchange earned - Exports                              3330.49
 
 Foreign Exchange used for
 
 a) Raw materials, Stores and Spares and capital goods           747.56
 
 b) Expenses                                                      33.79
 
 13. ACKNOWLEDGEMENT
 
 The Directors wish to place on record their appreciation of the
 continuous support received by the Company from Banks, Central/State
 Government Departments, it customers, suppliers and shareholders. The
 Directors express their appreciation for the dedication and commitment
 shown by the employees at all levels.
 
                                     By Order of the Board of Directors 
 
                                                       (R.V. Maheshwari) 
 
                                           Chairman & Managing Director
 
 Mumbai, 30th May, 2012 
 
 Registered Office:
 
 L-31 MIDC Tarapur Industrial Area 
 
 Boisar 401 506, Dist. Thane.