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Notes to Accounts of Rajoo Engineers Ltd.

Mar 31, 2015

1. Corporate Information

Rajoo Engineers Ltd. (The Company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company''s shares are listed on Bombay stock exchange in India. The company is mainly engaged in the manufacturing and selling a reputed brand of Plastic Processing Machineries and Post Extrusion Equipments. The company caters to both domestic and international markets.

2. Basis of Preparations of Financial Statements

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in Indian (Indian GAAP). GAAP comprises mandatory accounting standards as prescribed under Section 133 of the Companies Act, 2013 (''Act'') read with Rule 7 of the Companies (Accounts) Rules, 2014 and guidelines issued by the Securities and Exchange Board of India (SEBI).

Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or are vision to an existing accounting standard requires a change in the accounting policy hitherto in use.

The financial statements have been prepared on an accrual basis and under the historical cost convention.

3. The Method of Accounting, Significant Accounting Policies and Compliance with various Applicable Accounting Standards are displayed below:-


Mar 31, 2013

1. Corporate Information

Rajoo Engineers Ltd. (The Company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company''s shares are listed on Bombay stock exchange in India. The company is mainly engaged in the manufacturing and selling a reputed brand of Plastic Processing Machineries and Post Extrusion Equipments. The company caters to both domestic and international markets.

2. Basis of Preparations of Financial Statements

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in Indian (Indian GAAP). The company has prepared these financial statements to comply in all material respect with the accounting standards notified under the companies (Accounting Standards) Rules,2006, (as amended) and the relevant provisions of the companies Act,1956. The financial statements have been prepared on an accrual basis and under the historical cost convention. The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.


Mar 31, 2012

1. Corporate Information

Rajoo Engineers Ltd. (The Company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company's shares are listed on Bombay stock exchange in India. The company is mainly engaged in the manufacturing and selling a reputed brand of Plastic Processing Machineries and Post Extrusion Equipments. The company caters to both domestic and international markets.

2. Basis of Preparations of Financial Statements

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in Indian (Indian GAAP). The company has prepared these financial statements to comply in all material respect with the accounting standards notified under the companies (Accounting Standards) Rules,2006, (as amended) and the relevant provisions of the companies Act,1956. The financial statements have been prepared on an accrual basis and under the historical cost convention. The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.


Mar 31, 2011

1. The previous year's figures have been regrouped/ reclassified, wherever necessary to conform to the current year presentation.

2. In the opinion of the Board of Directors, the current assets and loans & advances are approximately of the value stated, if realized in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

3. In due compliance of the Companies (Particulars of Employees) Amendment Rules, 2011 vide notification No. 2/29/1998-CLV dated 31.03.2011 issued by Ministry of Corporate Affairs, Government of India, we hereby state that there are no employees who were employed through out the year at a remuneration aggregating to at least Rs.60,00,000/- per annum or who were employed for a part of the year at a remuneration at least Rs.5,00,000/- per month.

4. The company has followed applicable accounting standards as prescribed under section 211 (3C) of the Companies Act, 1956 in the preparation of annual accounts of the year and there is no material departure from the accounting standards statutorily prescribed under the Companies Act.

5. The company has made adequate provisions for gratuity, leave encashment and ESIC in the books of accounts as per accounting standards (AS) -15.

6. Amount of borrowing costs capitalized as per Accounting Standard (AS) -16 during the year was Rs.Nil (Previous year Rs.Nil).

7. The company has complied with Accounting Standard (AS)-19 relating to Accounting for Leases during the year.

8. As the company's business activity falls within a single business segments viz. Plastic Processing Machineries and post extrusion equipments and as Nashik Unit do not affect predominantly risk and return of the enterprise on account of substantially lower turnover of Nashik Unit in relation to total turnover of the enterprise, the disclosure requirements of Accounting standard (AS) 17 "Segment reporting" issued by the Institute of Chartered Accountants of India is not applicable.

9. The Board of Directors, Members, Creditors and BSE have approved/Consented for scheme of merger of Hitesh Engineers Pvt. Ltd., Shruti Engineers Pvt. Ltd. and Vishwakarma Fabricators Pvt. Ltd. (Transferor Companies) with Rajoo Engineers Ltd. (Transferee Company) and petitions filed before Hon'ble High Court of Gujarat are pending for approval.

10. The Company has acquired on lease Factory of Wonderpack Industries Private Limited at Nashik (Maharashtra) w.e.f. 21.09.2010 and commenced operation of manufacturing Plastic Processing Machineries.

11. The company has transferred all movable assets of Manavadar Unit to Rajkot Shapar (veraval) Unit as on 01.04.2010 anddiscontinued the manufacturing operations of Manavadar Unit.

b) Names of the related party and description of relationship with whom there were transactions during the year.


Mar 31, 2010

1. The previous years figures have been regrouped/reclassified, wherever necessary to conform to the current year presentation.

2. During the year, the company has changed the method of accounting for purchase and sales. Earlier, the company was accounting purchase including Central Excise Duty and Central Sales Tax and sales were accounted including Central Excise Duty, During the current financial year, purchases are accounted excluding Central Excise Duty and Central Sales Tax and Sales is accounted excluding Central Excise Duty and Central Sales Tax.

3. In the opinion of the Board of Directors, the current assets and loans & advances are approximately of the value stated, if realized in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

4. The company has followed applicable accounting standards as prescribed under section 211 (3C) of the Companies Act, 1956 in the preparation of annual accounts of the year and there is no material departure from the accounting standards statutorily prescribed under the Companies Act.

5. The company has made adequate provisions for gratuity and leave encashment in the books of accounts as per accounting standards (AS)-15.

6. Amount of borrowing costs capitalized as per Accounting Standard (AS) -1 during the year was Rs. Nil (Previous year Rs. Nil),

7. There are no lease transactions during the year.

8. As the companys business activity falls within a single business segments viz. Plastic Processing Machineries and post extrusion equipments, the disclosure requirements of Accounting standard (AS) 17 "Segment reporting" issued by the Institute of Chartered Accountants of India is not applicable,

9. As required by Accounting Standard (AS)-18 "Related Party Disclosures" is made as under:

a) Name of the related party and description of relationship with whom there were no transactions during the year - REL International Pvt. Ltd. - Associate Concern Names of the related party and description of relationship with whom there were transactions during the year.

Sr. no. Name Designation Relationship

1 C. N. Doshi Chairman Key Management Personnel

2 R. N. Doshi Managing Director Key Management Personnel

3 J. R Aghera Whole Time Director Key Management Personnel

4 K. R Aghera Whole Time director Key Management Personnel

5 Sunil B Jain International Operations Key Management Personnel

6 Rajoo Cotex Limited Associate Concern

7 REL Finance Pvt. Ltd. Associate Concern



Note

(1) The disputed liabilities for A. Y. 2003-04 & 2004-05 is on accouni of DEPB income not considered for deduction u/s. 80 HHC Of I.T. Act, 1961.

B. Other Contingent Liabilities

As per Information and Explanation provided by the management, there is no Contingent liabilities

ii. Installed Capacity:

In view of considerable number of items, having diverse nature, it is not possible to determine the installed capacity.

Note: Installed capacity is as certified by the Management.

10. Quantitative information in respect of Opening Stock, Purchase, Sales, Closing Stock and Raw Material Consumed.

Note: As the raw material consists of large number of items having diverse nature of measurement, it is not possible to submit the quantitative information of raw material.

 
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