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Notes to Accounts of Raghuvir Synthetics Ltd.

Mar 31, 2015

1. Rights, Preferences and Restrictions

The authorised share capital of the Company has only one class of shares referred to as 'equity shares' having a par value of Rs. 10/- each. The rights and privileges to equity shareholders are general in nature and defined under the Articles of Association.

The equity shareholders shall have:

(i) One Vote and a poll when present in person (including a body corporate by a duly authorised representative) or by an agent duly authorised under a power of attorney or by a proxy his voting right shall be in proportion to his share of the paid equity share capital of the company. However, no member shall exercise any voting rights in respect of any share registered in his name on which any calls or other sums presently payable by him have not been paid or in regard to which the company has exercised any right of lien,

(ii) subject to the rights of person if any, entitled to share with special rights as to dividends, all dividends shall be declared and paid according to the amount paid or credited as paid to the shares in respect where of the dividend is paid but if and so long as nothing is paid upon any shares in the company , dividends may be declared and paid according to the amounts of the shares.

(iii) A special resolution sanctioning a sale to any other company duly passed pursuant to section 494 of the act may, subject to the provision of the act, in like manner as aforesaid determined that any shares or other consideration receivable by the liquidator be distributed against the members otherwise then in accordance with their existing rights and any such determination shall be binding upon all the members subject to the rights of dissent and consequential right conferred by the said section.

2. Contingent Liabilities and Capital commitments

[Amount in Rs.]

Particulars 2014-2015 2013-2014

Contingent Liabilities

* Bank Guarantee NIL 5,00,000

* Claims not acknowledged as debts - ESI

[See note no. 32 (a)] 4,97,990 4,97,990

[See note no. 32 (b)] 25,34,922 25,34,922

* Claims Related to employees pending with Hon'ble Supreme Court of India 3,00,000 3,00,000

* Pending export obligations liability on account of Excise Duty on Procurement 1,30,26,531 78,54,185 of Machinery

* Demand under Textile committee (Cess) 12,33,153 12,33,153 Rules 1975

* Demand under Central Excise 13,80,542 13,80,542

Capital Commitments

* Estimated amount of contracts remaining to be executed on capital account and not NIL 15,00,000 provided for

* Other commitments NIL NIL

(a) The Company has received order u/s 45-A of the ESI Act 1948 for the year 2000 to 2002 raising demand of Rs. 7 97 990/-. The company has disputed the demand raised by the corporation by filing a case in the court of Kamdar Rajya Bima Adalat, Ahmedabad and Rs. 3,00,000/- has been deposited under the direction of E.S.I Court Ahmedabad in the Registrar Industrial Court Ahmedabad.

(b) The Company has received order u/s 45-A of the ESI Act 1948 for the year 2002 to 2005 raising demand of Rs. 25,34,922/-. The company has disputed the demand raised by the corporation by filing a case in the court of Kamdar Rajya Bima Adalat Ahmedabad and Bank Guarantee of Rs. 13,00,000/- has been given under the direction of E.S.I Court Ahmedabad.

3. Employee Benefits

(a) Defined contribution to provident fund employee state insurance fund and Employees Death Linked Insurance

The Company makes contribution towards Employees' Provident Fund Employee State Insurance fund and Employees Death Linked Insurance. In accordance with the provisions of these schemes the Company is required to contribute a specified percentage of payroll costs. The Company has during the year recognized the sum of Rs. 6,85,612 (March 31 2014: Rs. 5,51,248) as expense towards contributions to these plans.

(b) Defined Contribution Benefit Plans (Gratuity)

The following table sets out the status of the gratuity plans as at 31st March, 2015.

4. The company operates in a solitary business segment i.e. textile business. Accordingly no further financial information for business segment is required to be given.

5. Related Party Disclosures

As required by accounting standard - AS 18 "Related Parties Disclosure" issued by The Institute of Chartered Accountants of India are as follows:

(a) List of related parties with whom transactions have taken place during the year and relationship:

Sr.No. Name of related party Relationship

1 Sunil R. Agarwal

2 Yash S. Agarwal Key Management Personnel

3 Hardik S. Agarwal

4 Raghuvir Exim Limited Enterprise over which key 5 The Sagar Textiles Mills management personnel exercise Pvt. Ltd. significant influence by controlling interest.

6 Raghukaushal Textile Pvt. Ltd. Enterprise over which relatives of key management

7 Raghuvir Life Style Pvt. Ltd. personnel exercise significant influence.

6. Assets retired from active use amounting to Rs. 4,02,05,150/- (P.Y. Rs. 4,08,82,000/-) being assets retired from active use on which depreciation has not been charged from the date of retirement.

7. Balances of sundry creditors sundry debtors loans and advances and amounts due to sundry debtors are subject to confirmations and reconciliation if any by the respective parties.

8. Pursuant to section 203 of The Companies Act, 2013("the act"), every listed company is required to appoint whole time Key Managerial Personnel as referred at section 2(51) of the act. During the current financial year the company has made sincere attempt to recruit such personnel through advertisement in print media however the company could not found the Company Secretary and the company is still in process of appointing the same.

9. Previous year figures have been regrouped, reclassified and reworked wherever necessary for comparative purpose.


Mar 31, 2014

Explanatory Notes to Cash Flow Statement

1 The Cash Flow Statement is prepared in accordance with the format prescribed by Securites and Exchange Board of India & as Accounting Standard 3 as Prescribed by the Institute of Chartered Accountants of India.

2 In Part A of the Cash Flow Statements, figures in brackets indicates deductions made from the net profit for deriving the cash flow from operating activities. In part B & part C, figures in brackets indicates cash outflows.

3 Figures of the previous year have been regrouped wherever necessary,to confirm to current years presentation.

[Amount in Rs.] Particulars 2013-2014 2012-2013

Contingent Liabilities

- Bank Guarantee 5,00,000 —

- Claims not acknowledged as debts - ESI [See note no. 2.32 (a)] 4,97,990 4,97,990

[See note no. 2.32 (b)] 25,34,922 25,34,922

- Claims Related to employees pending with Hon''ble Supreme Court of India 3,00,000 3,00,000

- Pending export obligations liability on account of Excise Duty on

Procurement of Machinery 78,54,185 54,15,061

- Demand under Textile committee (Cess) Rules 1975 12,33,153 —

Capital Commitments

- Estimated amount of contracts remaining to be executed on capital account and not provided for 15,00,000 50,00,000

- Other commitments NIL NIL

3.2 (a) The Company has received order u/s 45-A of the ESI Act 1948 for the year 2000 to 2002 raising demand of Rs. 7 97 990/-. The company has disputed the demand raised by the corporation by filing a case in the court of Kamdar Rajya Bima Adalat, Ahmedabad and Rs. 3,00,000/- has been deposited under the direction of E.S.I Court Ahmedabad in the Registrar Industrial Court Ahmedabad.

(b) The Company has received order u/s 45-A of the ESI Act 1948 for the year 2002 to 2005 raising demand of Rs. 25,34,922/-. The company has disputed the demand raised by the corporation by filing a case in the court of Kamdar Rajya Bima Adalat Ahmedabad and Bank Guarantee of Rs. 13,00,000/- has been given under the direction of E.S.I Court Ahmedabad.

3.3 Employee Benefits

(a) Defined contribution to provident fund employee state insurance fund and Employees Death Linked Insurance

The Company makes contribution towards Employees'' Provident Fund Employee State Insurance fund and Employees Death Linked Insurance. In accordance with the provisions of these schemes the Company is required to contribute a specified percentage of payroll costs. The Company has during the year recognized the sum of Rs. 5.51 lacs (March 31 2013: Rs. 6.25 lacs) as expense towards contributions to these plans.

3.4 The company operates in a solitary business segment i.e. textile business. Accordingly no further financial information for business segment is required to be given.

3.5 Related Party Disclosures

As required by accounting standard - AS 18 "Related Parties Disclosure" issued by The Institute of Chartered Accountants of India are as follows:

Note : 1. The particulars given above have been identified on the basis of information available with the company 2. Figures in brackets relate to previous year.

3.6 Assets retired from active use amounting to Rs. 4,08,82,000/- (P.Y. Rs. 1,71,82,000/-) being assets retired from active use on which depreciation has not been charged from the date of retirement.

3.7 Balances of sundry creditors sundry debtors loans and advances and amounts due to sundry debtors are subject to confirmations and reconciliation if any by the respective parties.

3.8 Previous year figures have been regrouped, reclassified and reworked wherever necessary for comparative purpose.


Mar 31, 2013

1.1 (a) The Company has received order u/s 45-A of the ESI Act 1948 for the year 2000 to 2002 raising demand of Rs. 7 97 990/-. The company has disputed the demand raised by the corporation by filing a case in the court of Kamdar Rajya Bima Adalat, Ahmedabad and Rs. 3,00,000/- has been deposited under the direction of E.S.I Court Ahmedabad in the Registrar Industrial Court Ahmedabad.

(b) The Company has received order u/s 45-A of the ESI Act 1948 for the year 2002 to 2005 raising demand of Rs. 25,34,922/-. The company has disputed the demand raised by the corporation by filing a case in the court of Kamdar Rajya Bima Adalat Ahmedabad and Bank Guarantee of Rs. 13,00,000/- has been given under the direction of E.S.I Court Ahmedabad.

1.2 Employee Benefits

(a) Defined contribution to provident fund employee state insurance fund and Employees Death Linked Insurance

The Company makes contribution towards Employees'' Provident Fund Employee State Insurance fund and Employees Death Linked Insurance. In accordance with the provisions of these schemes the Company is required to contribute a specified percentage of payroll costs. The Company has during the year recognized the sum of Rs. 6.25 lacs (March 31 2012: Rs. 3.60 Lacs) as expense towards contributions to these plans.

1.3 The company operates in a solitary business segment i.e. textile business. Accordingly no further financial information for business segment is required to be given.

1.4 Related Party Disclosures

As required by accounting standard -AS 18 "Related Parties Disclosure" issued by The Institute of Chartered Accountants of India are as follows:

1.5 Assets.retired from active use amounting to Rs. 1,71,82,000/-(P.Y. Rs. 1,79,07,000/-) being assets retired from active use on which depreciation has not been charged.

1.6 Balances of sundry creditors sundry debtors loans and advances and amounts due to sundry debtors are subject to confirmations and reconciliation if any by the respective parties.

1.7 Previous year figures have been regrouped, reclassified and reworked wherever necessary for comparative purpose.


Mar 31, 2012

(a) Rights, Preferences and Restrictions

The authorised share capital of the Company has only one class of shares referred to as ''equity shares'' having a par value of Rs. 10/- each. The rights and privileges to equity shareholders are general in nature and defined under the Articles of Association.

The equity shareholders shall have :

(i) One Vote and a poll when present in person (including a body corporate by a duly authorised representative) or by an agent duly authorised under a power of attorney or by aproxy his voting right shall be in proportion to his share of the paid equity share capital of the company. However, no member shall exercise any voting rights in respect of any share registered in his name on which any calls or other sums presently payable by him have not been paid or in regard to which the company has exercised any right of lien,

(ii) subject to the rights of person if any, entitled to share with special rights as to dividends, all dividends shall be declared and paid according to the amount paid or credited as paid to the shares in respect where of the dividend is paid but if and so long as nothing is paid upon any shares in the company, dividends may be declared and paid according to the amounts of the shares.

(iii) A special resolution sanctioning a sale to any other company duly passed pursuant to section 494 of the act may, subject to the provision of the act, in like manner as aforesaid determined that any shares or other consideration receivable by the liquidator be distributed against the members otherwise then in accordance with their existing rights and any such determination shall be binding upon all the members subject to the rights of dissent and consequential right conferred by the said section.

1.1 Contingent Liabilities and Capital Commitments

Particulars 2011-2012 2010-2011 Amount (Rs.) Amount (Rs.)

1. Claims not acknowledged as debts - Excise Duty 4,73,162 4,73,162 (See note no. 2.30)

2. Claims not acknowledged as debts - ESI 33,32,912 33,32,912 (See note no. 2.30)

3. Claims related to employees pending with honeble highcourt of Gujarat 3,00,000 -

1.2 (i) The company had received a show cause notice dated 25/06/199.9 from excise authorities for Rs. 4,73,162/- (including Rs. 10,892/- interest) on 30/06/1999. The company has disputed the same by filing a reply with the Central Excise Department. Against this reply, the Excise Department sent another notice vide their letter no. 54/15-96/Demand/99, dtd.22/ 6/2000. This new notice was also disputed by the company and an appeal against the same is filed by the company with the commissioner of Central Excise (Appeals) Ahmedabad on 25/07/2000. The matter is still pending with Excise Authority.

(ii) (a) The Company has received order u/s 45-A of the ESI Act, 1948, for the year 2000 to 2002 raising demand of Rs. 7,97,990/-. The company has disputed the demand raised by the corporation by filing a case in the court of Kamdar Rajya Bima Adalat, Ahmedabad and Rs 3,00,000/- has been deposited under the direction of E.S.I Court, Ahmedabad in the Registrar, Industrial Court Ahmedabad.

(b) The Company has received order u/s 45-A of the ESI Act, 1948, for the year 2002 to 2005 raising demand of Rs. 25,34,922/-. The company has disputed the demand raised by the corporation by filing a case in the court of Kamdar Rajya Bima Adalat, Ahmedabad and Bank Guarantee of Rs. 13,00,000/- has been given under the direction of E.S.I Court, Ahmedabad.

1.3. Employee Benefits

(a) Defined contribution to provident fund, employee state insurance fund and Employees Death Linked Insurance

The Company makes contribution towards Employees'' Provident Fund, Employee State Insurance fund and Employees Death Linked Insurance. In accordance with the provisions of these schemes, the Company is required to contribute a specified percentage of payroll costs. The Company has, during the year, recognized the sum of Rs. 3.60 lacs (March 31, 2011: Rs.2.81 Lacs) as expense towards contributions to these plans.

(b) Defined contribution benefit plan (Gratuity)

The following table sets out the status of the gratuity plans as at 31st March, 2012.

1.4 The company operates in a solitary business segment i.e. textile business. Accordingly, no further financial information for business segment is required to be given.

1.5 Assets retired from active use amounting to Rs. 1,75,07,000 (P.Y. Rs. 1,78,57,000) being assets retired from active use on which depreciation has not been charged.

1.6 Balances of unsecured loans, sundry creditors, sundry debtors, loans and advances and amounts due to sundry debtors are subject to confirmations and reconciliation if any, by the respective parties.

1.7 In the absence of necessary information relating to the suppliers registered as Micro, Small and Medium enterprises under the Micro, Small and Medium Enterprises (Development) Act, 2006, the company has not been able to identify such suppliers and the information required under the said Act could not be complied and disclosed.

1.8 The financial statements for the year ended 31st March,2011 had been prepared as pee the then applicable pre-revised Schedule VI to the companies Act, 1956. Consequent to the notification to the Revised Schedule VI under the companies Act,1956, the financial statement for the year ended 31st March, 2012 are prepared as per the Revised Schedule VI. According to previous year figures have also been reclassified to conform this year''s classification.

As per our attached Report of even date.


Mar 31, 2011

1. Estimated amount of contracts remaining to be executed on capital account and not provided for (Net of advance) Rs.NIL (Previous Year Rs. 2173120/-).

2. Contingent Liabilities not provided for:

[Amount in Rs.]

Particulars 2010-2011 2009-2010

1. Claims not acknowledged as debts- Excise Duty 4,73,162 4,73,162 (See note no. 3(i))

2. Claims not acknowledged as debts - ESI 33,32,912 33,32,912 (See note no. 3 (ii)(a) & (b))

3. (i) The company had received a show cause notice dated 25/06/1999 from excise authorities for Rs. 4,73,162/- (including Rs. 10,892/- interest) on 30/06/1999. The company has disputed the same by filing a reply with the Central Excise Department. Against this reply, the Excise Department sent another notice vide their letter no. 54/15- 96/Demand/99, dtd.22/6/2000. This new notice was aiso disputed by the company and an appeal against the same is filed by the company with the commissioner of Central Excise (Appeals) Ahmedabad on 25/07/2000. The matter is still pending with Excise Authority.

(ii) (a) The Company has received order u/s 45-A of the ESI Act, 1948, for the year 2000 to 2002 raising demand of Rs. 7,97,990/-. The company has disputed the demand raised by the corporation by filing a case in the court of Kamdar Rajya Bima Adalat, Ahmedabad and Rs 300000/- has been deposited under the direction of E.S.I Court, Ahmedabad in the Registrar, Industrial Court Ahmedabad.

(b) The Company has received order u/s 45-A of the ESI Act, 1948, for the year 2002 to 2005 raising demand of Rs. 25,34,922/-. The company has disputed the demand raised by the corporation by filing a case in the court of Kamdar Rajya Bima Adalat, Ahmedabad and Bank Guarantee of Rs. 1300000/- has been given under the direction of E.S.I Court, Ahmedabad.

4. Employee Benefits

(a) Defined contribution to provident fund, employee state insurance fund and Employees Death Linked Insurance

The Company makes contribution towards Employees' Provident Fund, Employee State Insurance fund and Employees Death Linked Insurance. In accordance with the provisions of these schemes, the Company is required to contribute a specified percentage of payroll costs. The Company has, during the year, recognized the sum of Rs. 2.81 lacs (March 31, 2010: Rs.2.72 Lacs) as expense towards contributions to these plans.

5. The company operates in a solitary business segment i.e. textile business. Accordingly, no further financial information for business segment is required to be given.

6. Related Party Disclosures

As required by accounting standard - AS 18 "Related Parties Disclosure" issued by The Institute of Chartered Accountants of India are as follows:

(a) List of related parties with whom transactions have taken place during the year and relationship:

7. Adhering to significant Accounting Policy on Fixed Assets and Depreciation, based on quotes received from parties interested in buying the assets retired from active use & held for sale, written down value of such assets have been reduced to their net realizable value & loss to the tune of Rs.1.52 has been recognized in the Profit & Loss Account for the year under review,

8. Balances of debtors, creditors, loans, advances and deposits are subject to confirmation by the parties concerned.

9. In the absence of necessary information relating to the suppliers registered as Micro, Small and Medium enterprises under the Micro, Small and Medium Enterprises (Development) Act, 2006, the company has not been able to identify such suppliers and the information required under the said Act could not be complied and disclosed.

The company has been advised that the computation of Net Profits for the purpose of Director's Remuneration under section 349 of the companies Act, 1956 need not be enumerated since no commission has been paid to the Directors. Fixed monthly remuneration has been paid to the directors as per Section II of Part II of Schedule-XIII to the companies Act, 1956.

10. The Previous Year's figures have been regrouped and reclassified wherever necessary so as to make them comparable with those of the Current Year.


Mar 31, 2010

1. Estimated amount of contracts remaining to be executed on capital account and not provided for (Net of advance) Rs.2173120/- (Previous Year Rs. 3712000/-)

2. Contingent Liabilities not provided for:

2009-10 2008-09

Particulars Amount (Rs.) Amount (Rs.)

1. Claims not acknowledged as debts - Excise Duty 4,73,162 4,73,162 (See note no. 3(i))

2. Claims not acknowledged as debts - ESI 33,32,912 33,32,912

(See note no. 3 00(a) & (b))

3. (i) The company had received a show cause notice dated 25/06/1999 from excise authorities for Rs. 4,73,162/- (including Rs. 10,892/- interest) on 30/06/1999. The company has disputed the same by filing a reply with the Central Excise Department. Against this reply, the Excise Department sent another notice vide their letter no. 54/15-96/Demand/99, dtd.22/6/2000. This new notice was also disputed by the company and an appeal against the same is filed by the company with the commissioner of Central Excise (Appeals) Ahmedabad on 25/07/2000. The matter is still pending with Excise Authority.

(ii) (a) The Company has received order u/s 45-A of the ESI Act, 1948, for the year 2000 to 2002 raising demand of Rs. 7,97,990/-. The company has disputed the demand raised by the corporation by filing a case in the court of Kamdar Rajya Bima Adalat, Ahmedabad and Rs 300000/- has been deposited under the direction of E.S.I Court, Ahmedabad in the Registrar, Industrial Court Ahmedabad.

(b) The Company has received order u/s 45-A of the ESI Act, 1948, for the year 2002 to 2005 raising demand of Rs. 25,34,922/-. The company has disputed the demand raised by the corporation by filing a case in the court of Kamdar Rajya Bima Adalat, Ahmedabad and Bank Guarantee of Rs. 1300000/- has been given under the direction of E.S.I Court, Ahmedabad

4. Employee Benefits

(a) Defined contribution to provident fund, employee state insurance fund and Employees Death Linked as Insurance

The Company makes contribution towards Employees Provident Fund, Employee State Insurance fund and Employees Beath Linked Insurance. In accordance with the provisions of these schemes, the Company is required to contribute a specified percentage of payroll costs. The Company has, during the year, recognized the sum of Rs. 3.90 lacs (March 31, 2009: Rs.2.21 Lacs) as expense towards contributions to these plans.

5. The company operates in a solitary business segment i.e. textile business. Accordingly, no further financial information for business segment is required to be given.

6. Related Party Disclosures

As required by accounting standard - AS 18 "Related Parties Disclosure" issued by The Institute of Chartered Accountants of India are as follows:

(a) List of related parties with whom transactions have taken place during the year and relationship:

Sr. Name of related party Relationship No.

1 Kamlesh R Agarwal

2 Sunil R. Agarwal Key Management Personnels

3 Girish R. Agarwal Enterprise under significant

4 RSL Dyecot Limited influence of Key Management

5 Kashiram Textile Mills (Prop. R.R. Family Trust) Personnel or their relatives.

6 Raghuvir Exim Limited Associate Enterprise

7. Adhering to significant Accounting Policy on impairment of assets and based on reports by independent consultant on impairment of various assets of the Company, the loss on impairment to the tune of Rs.5.34 lacs has been recognized in the Profit & toss Account for the year under review

8. Balances of debtors, creditors, loans, advances and deposits are subject to confirmation by the parties concerned.

9. In the absence of necessary or information relating to the suppliers registered as Micro, Small and Medium enterprises under the Micro, Small and Medium Enterprises (Development) Act, 2006, the company has not been able to identify such suppliers and the information required under the said Act could not be complied and disclosed.

10. The Previous Years figures have been regrouped and reclassified wherever necessary so as to make them comparable with those of the Current Year.

 
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