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Notes to Accounts of R&B Denims Ltd.

Mar 31, 2015

1. There was no employee in receipt of remuneration aggregating to Rs. 60,00,000/- or more per year or Rs. 5,00,000/- or more per month for the part or whole of the year. Previous year also there was no such employee.

2. Balances of loans, advances, Cash & Bank and Creditors & Debtors are subject to confirmation and have been taken as appeared in the books of account of the company.

3. The quantity and value of closing stock is certified by the management as true and correct.

4. The quantity and value of closing stock is certified by the management as true and correct.

5. The Company has made registration under Service Tax Statute in current financial year i.e. F.Y. 2013-14. Hence the provision of Service Tax Expense has been made in current of Rs. 3,48,989 ( Pre Year Rs. 1,34,748).

6. Contingent Liability

(Rs. In Thousand)

Particulars Amount in Rs. Date of Expiry of Gaurantee

1) Guarantees in lieu of Deposit

Dakshin Gujarat Vij Company Limited, Surat 4,770.88 27/08/2016

Particulars Amount in Rs. Date of Expiry of Gaurantee 2) Performance Guarantee

Director of Foreign Trade, New Delhi 703.00 17/11/2016

Director of Foreign Trade, New Delhi 63.00 22/02/2015

Commissioner of Customs, Nhava Seva, Mumbai 13,350.00 12/07/2021

Director of Foreign Trade, New Delhi 1,272.00 21/04/2016

Director of Foreign Trade, New Delhi 280.00 25/02/2016

Commissioner of Customs, Nhava Seva, Mumbai 300.00 13/12/2021

Director of Foreign Trade, New Delhi 1,900.00 10/06/2023

Director of Foreign Trade, New Delhi 107.00 12/06/2016

Director of Foreign Trade, New Delhi 830.00 21/06/2023

Director of Foreign Trade, New Delhi 20.00 30/06/2016

Director of Foreign Trade, New Delhi 25.00 30/08/2017

Director of Foreign Trade, New Delhi 768.00 27/11/2017

Commissioner of Customs, Nhava Seva, Mumbai 50.00 08/10/2014

7. The case of Company stands pending before Deputy Commissioner of Customs, Custom Division, Surat for payment of custom duty. The amount of custom duty involved is Rs. 1,93,179/-, against which duty of Rs. 14,488 is already paid. However, no provision for the liability of remaining amount of duty has been made being contigent in nature.


Mar 31, 2014

NOTE # 1

R&B Denims is a Limited Company incorporated in November 2010 by the RawatKhedia and the Borana group, two amongst the most influential textile houses in the polyester hub at Surat. Both of these companies have a long lineage of more than 30 years each, in the textile industry, and are very well known in their areas of expertise. The commercial production of the Company had been started in financial year 2012-13.

The Company is engaged in to the business of manufacturing and sale of quality Denim Textile Products. Today the Company is manufacturing various types of Denim ranging from 9 to 14 Oz/Sq. yd. with Open End Spun Yarns, Multi Count, Cottons and Polyester Spandex with Indigo Bottom Sulphur Toppings and Sulphar Bottom and Indigo Toppings with both Foam and Wet Finishes.

(a) Contingent Liability

(Rs. In Thousand) Amount in Date of Particulars Rs. Expiry of Gaurantee

1) Guarantees in lieu of Deposit

Dakshin Gujarat Vij Company Limited, Surat 4,770.88 27/08/2016

Dakshin Gujarat Vij Company Limited, Surat 4,549.12 21/03/2015

2) Performance Guarantee

Director of Foreign Trade, New Delhi 703.00 17/11/2014

Director of Foreign Trade, New Delhi 63.00 22/02/2015

Commissioner of Customs, Nhava Seva, Mumbai 13,350.00 12/07/2021

Director of Foreign Trade, New Delhi 1,272.00 21/04/2016

Director of Foreign Trade, New Delhi 280.00 25/02/2016

Commissioner of Customs, Nhava Seva, Mumbai 300.00 13/12/2021

Director of Foreign Trade, New Delhi 1,900.00 10/06/2023

Director of Foreign Trade, New Delhi 107.00 12/06/2016

Director of Foreign Trade, New Delhi 830.00 21/06/2023

Director of Foreign Trade, New Delhi 20.00 30/06/2016

Our Company and officers in default have filled applications u/s. 621 (a) of Companies Act, 1956 for compounding of offence u/s. 295 (Loans to Directors) & u/s. 211 (Employee Benefit) of Companies Act, 1956. However, no provision for the liability being of contigent nature have been made.

 
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