Mar 31, 2015
1. Notes:
a) The Term Loan from State Bank of Bikaner and Jaipur is secured by
First hypothecation change by covering entire Fixed Assets of the
Company. Colleterial security by extending of 2nd change over
Company's entire Current Assets (present and future) and personal
Guarantee of promoter director Shri Raj Kumar Rathi.
b) Balance of Term Loan is payable in 6 quarterly installments started
from April, 2015 (Previous year repayable in 10 quarterly installments
from April, 2014).
c) The Term Loan from State Bank of India is secured by second pari
passu charges (including) equitable mortgage over entire Fixed Assets
of the Company. Collateral security by extending of 2nd charge over
Company's entire Current Assets (present and future) along with 2
crores TDR (exclusive of SBI) and personal Guarantee of two Directors.
d) The Term Loan from RIICO Limited is secured by second pari passu
charges (including) equitable mortgage over entire Fixed Assets of the
Company. Collateral security by extending of 2nd pari passu charge
over Company's entire Current Assets (present and future) and personal
Guarantee of two directors.
e) Balance outstanding of Rs. 9,50,00,000/- of Term Loan-I from SBI is
payable in 8 quarterly installments started from April, 2015 (Previous
year repayable in 12 quarterly installments from April, 2014).
f) Balance outstanding of Rs. 4,60,00,000/- of Term Loan-II from SBI
is payable in 12 quarterly installments started from April, 2015
(Previous year repayable in 22 quarterly installments from December,
2014).
g) Balance outstanding of Rs. 14,09,01,258/- of Term-III from SBI is
payable in 20 quarterly installments started from April, 2015
(Previous year repayable in 19 quarterly installments from April,
2014).
h) Balance outstanding Rs. 6,81,81,822/- of Term Loan from RIICO Ltd.
is payable in 15 quarterly installments started from April, 2015
(Previous year repayable in 19 quarterly installments from April,
2014).
j) Car Loan are secured against hypothecation of vehicles purchase
thereunder. Repayment of monthly installment till the tenure of loan
concerned.
Notes:
a) The Working Capital limit from State Bank of Bikaner and Jaipur is
covered by way of hypothecation over entire Current assets of the
Company. Collateral security emending or 2nd charges over Company's
entire fixed assets by way of equitable mortgage of Factory Land and
Building at Bhiwadi, Rajastan and Persona guarantee of promoter
director Shri Raj Kumar Rathi.
b) The Working Capital limit from State Bank of India is secured by
first pari passu charges by way of hyphothecation over entire current
assets of the Company. Collateral security by extending of 2nd pari
passu charges over Company's entire fixed assets by way of equitable
mortgage of Factory Land and Building and Plant & Machinery at
Chopanki, Rajastan aling with 2 crores TDR (exclusive for SBI) and
personal guarantee of two Directors.
c) The Working Capital limit from Bank of Maharastra is secured by
first pari passu charges by way of hypothecation over entire current
assets of the Company. Collateral security by extending of 2nd pari
passu charges over Company's entire fixed assets by way of equitable
mortgage of Factory Land and Building and Plant & Machinery at
Chopanki, Rajasthan and personal guarantee of two Directors.
2. Non Current Investment
a) Market value of quoted investment is Rs .82,206/- (Previous year
-Rs. 75,231/-).
3. PROVISION FOR CURRENT AND DEFERRED TAX
Provision far current tax assets and lability is estimated as per
provisions of the Income Tax Act. 1961.
Deferred Tax Assets/Liabilities is recognized subject to the
consideration of prudence on timing difference being the difference
between taxable incomes and accounting income that originate in one
period end are capable of reversal in one or more period. The
components of Defened Tax Assets/ liabilities in accordance with the
AS-22 "Accounting for taxes on Income" as on 31.03.2015 are as
follows:
4. RELATED PARTY DISCLOSURES
In accordance with ihe Accounting Standards rAS-10) on Related Party
Disclosures, where control exists and where key management personnel
are able to exercise significant influence and, where transactione
have taken place during tne year, along with description of re
ationahip as ide.ntified are given bek*v:
5. Interest @10% per annum has been provided on security deposit
received from dealers.
6. Sales include trading sales of Rs. 19,34,65,524 (Previous Rs.
21,60,00,120).
7. In the opinion of the Management all the current assets are
realizable at the stated value.
8. CONTINGENT LIABILITIES
Contingent Liabilities not provided for:
I. Letter of Credit established in favour of the suppliers for raw
materials Rs.1,34,77,210/- (Previous year Rs.1,13,95,403/-).
II. Bank Guarantee Rs.11,00,000/- (Previous year Rs.1,00,000/-).
III. The Company has given corporate to its subsidiary M/s RGTL
Industries Limited for loan taken by others from bank or financial
institutions.
9. Necessary disclosures required under the Micro, Small and Medium
Enterprises Development Act,2006, can only be considered once relevant
information to identify the suppliers who are covered the said Act are
received from such parties/suppliers.
10. Expenditure in Foreign Currency is Rs. Nil (Previous year Rs.Nil)
11. EARNINGS PER SHARE
The basic earnings per share is calculated by dividing the net profit
after tax for the year by weighted average number of equity shares
outstanding during the year.
12. The Company has made investment in M/s Rathi Steel And Power
Limited which is listed in stock exchange. The company has not made a
provision of diminution in investment of Rs.11,63,344/- .
13. To comply with the guidance note on "Accounting Treatment of
excise duty" issued by the Institute of Chartered
Accountants of India, excise duty amounting to Rs. 12,11,418/- has
been included in the value of inventories as on 31st March, 2015 and
the corresponding amount of Excise Duty payable has been included in
other liabilities. However this accounting policy has no impact on the
profit for the year.
14. Balance of debtors, creditors, loans and advances are subject to
reconciliation and confirmation.
15. Previous year figures have been regrouped / rearranged wherever
necessary, to correspond to current year figures.
Mar 31, 2014
Nature of Operation
Rathi Graphic Technologies Limited ("the Company") was incorporated on
December 02, 1991. The company is engaged in the business of
manufacturing of Tonners and Developers for use in photocopier machines
& laser printers.
1. PROVISION FOR CURRENT AND DEFERRED TAX
Provision for current tax assets and liability is estimated as per
provisions of the Income Tax Act, 1961.
Deferred Tax Assets / Liabilities is recognized subject to the
consideration of prudence on timing difference being the difference
between taxable incomes and accounting income that originate in one
period and are capable of reversal in one or more period. The
components of Deferred Tax Assets/Liabilities in accordance with the
AS-22 "Accounting for taxes on Income" as on 31.03.2014 are as
follows:
2. RELATED PARTY DISCLOSURES
In accordance with the Accounting Standards (AS- 18) on Related Party
Disclosures, where control exists and where key management personnel
are able to exercise significant influence and , where transactions
have taken place during the year, along with description of
relationship as identified, are given below:
a) Relationships
I. Key Management Personnel
particulars Name of Related parties
Associates RGTL Industries Limited
Alpha Stocks & Finservices Pvt.Ltd. Shark Packaging (India) Pvt.Ltd.
Rathi Electro Steel Limited Rathi Infrastructure Pvt. Limited
Key Management Personnel Sh.Raj Kumar Rathi (Managing Director)
Relatives of Key Management Punam Chand Rathi (HUF) Pe|-sonnel Raj
Kumar Rathi (HUF)
3. Interest @10% per annum has been provided on security deposit
received from dealers.
4. Sales include trading sales of Rs. 21,60,00,120 (Previous Rs.
15,49,47,970).
5. In the opinion of the Management all the current assets are
realizable at the stated value.
6. CONTINGENT LIABILITIES
Contingent Liabilities not provided for:
I. Letter of Credit established in favour of the suppliers for raw
materials Rs. 1,13,95,403/- (Previous year Rs.1,07,57,965/-).
II. Bank Guarantee Rs.1,00,000/- (Previous year Rs. 2,50,000/-)
III. The Company has given corporate guarantee to M/s RGTL Industries
Limited for loan taken by others from bank or financial institutions.
IV. Sales Tax Demand of Rs. 509.00 Lacs under Rajasthan Value Added Tax
Act 2003.
7. Our product i.e. tonner was taxable under the category of 4 / 5%
tax rate up to 09-03-2010. However in the Budget of 2010-11, the
Government of Rajasthan, vide notification no.10.83 dated 09.03.2010
deleted Entry 268 of Clause-4 of the Commercial Tax Act, resulting into
classification of Tonner with Chemicals subject to Commercial Tax @14%.
The Commercial Tax Officer had issued an Ex-parte Order dated
26-05-2011 and raised a demand and penalty of Rs.509.00 Lacs for the
period from 09-03-2010 to 26- 03-2012. The application for re-opening
of Ex-parte assessment is pending before Dy .Commissioner (Admn),
Commercial Taxes, Alwar. The Company had also filed its representation
before the Hon''ble Minister of Industries, Government of Rajasthan.
8. Loans and advances include Rs. 2,80,231/- This figure represents
the excess amount paid to the Sales tax department and correspondingly,
Current liabilities also include this amount as refundable to the
customers.
9. Necessary disclosures required under the Micro, Small and Medium
Enterprises Development Act,2006, can only be considered once relevant
information to identify the suppliers who are covered the said Act are
received from such parties/suppliers.
10. Expenditure in Foreign Currency is Rs. Nil (Previous year Rs.Nil)
11. EARNINGS PER SHARE
The basic earnings per share is calculated by dividing the net profit
after tax for the year by weighted average number of equity shares
outstanding during the year.
12. The Company has made investment in M/s Rathi Steel And Power
Limited which is listed in stock exchange. The company has not made a
provision of diminution in investment of Rs.11,70,319/-
13. To comply with the guidance note on "Accounting Treatment of
excise duty" issued by the Institute of Chartered Accountants of
India, excise duty amounting to Rs. 11,07,268/-has been included in the
value of inventories as on 31st March, 2014 and the corresponding
amount of Excise Duty payable has been included in other liabilities.
However this accounting policy has no impact on the profit for the
year.
14. Balance of debtors, creditors, loans and advances subject to
reconciliation and confirmation.
15. Previous year figures have been regrouped/rearranged wherever
necessary, to correspond to current year figures.
Mar 31, 2013
1. Interest @10% per annum has been provided on security deposit
received from dealers.
2. CAPITAL COMMITMENTS
Estimated amount of contracts remaining to be executed on capital
account is Nil. {Previous year Rs.Nii).
3. The unavaiied exemption for sales tax vide department letter dated
13.01.2004 as per details given below From To Extent of exemption
6.9.2012 5.9.2013 * 30 %
4. Sales include trading sales of Rs. 15,49,47,970.00 (Previous Rs.
2,56,41,559.00)
5. In the opinion of the Management all the current assets are
realizable at the stated value.
6. CONTINGENT LIABILITIES
Contingent Liabilities not provided for: -
I. Letter of Credit established in favour of the suppliers for raw
materials Rs. 1,07,57,965/- [Previous year Rs.1,10,75,124/-).
II. Bank Guarantee Rs.2,50,000/- (Previous year Rs.2,50,000/-)
III. The Company has given corporate guarantee to Ws
RGTL Industries Limited for loan taken by others from bank orfinancial
institutions.
IV. Sales Tax Demand of Rs 509.00 Lacs under Rajasthan Value Added Tax
Act 2003.
7. Our product i.e. tonner was taxable under the category of 4 / 5%
tax rate up to 09-03-2010. However in the Budget of 2010-11, the
Government of Rajasthan, vide notification nollO.83 dated 09.03.2010
deleted Entry 268 of Clause-4 of the Commercial Tax Act, resulting into
classification of Tonner with Chemicals subject to Commercial Tax @14%.
The Commerdai Tax Officer had issued an Ex-parte Order dated 26-05-2011
and raised a demand and penalty of Rs.509.00 Lacs for the period from
09-03-2010 to 26- 03-2012, The application for re-opening of Ex-parte
assessment is pending before Dy.Commissioner (Admn), Commercial Taxes,
Aiwar. The Company had also filed its representation before the Hon''ble
Minister of Industries, Government of Rajasthan.
8. Loans and advances include Rs. 280231/- This figure represents the
excess amount paid to the Sales tax department and correspondingly.
Current liabilities also include this amount as refundable to the
customers.
9. The Company has made investment in M/s Rathi Steel And Power
Limited which is listed in stock exchange. The company has not made a
provision of diminution in investment of Rs,11,45,657/-
10. To comply with the guidance note on "Accounting Treatment of excise
duty" issued by the Institute of Chartered Accountants of India, excise
duty amounting to Rs. 12,11,418/-has been included in the vaiue of
Inventories as on 31st March, 2013 and the corresponding amount
Excise Duty payable has been included in other liabilities. However
this accounting policy has no impact on the profit for the year.
11. Balance of debtors, creditors, loans and advances subject to
reconciliation and confirmation.
12. Previous year figures have been regrouped/rearranged wherever
necessary, to correspond to current year figures.
Mar 31, 2010
1. Contingent Liabilities not provided for:
i) Letter of Credit established in favour of the suppliers for import
of raw materials Rs. 62,61,779/- (Previous Year Rs.97,37,760/-).
ii) The Company has filed an appeal against the
balance of Rs.12.81 Lacs against imported capital goods on
03.03.2007.The Central Excise Authorities have issued a stay order vide
order no.1141/2007 ex dated 26/11/2007.The Present impugned order is
passed in pursuance to remand order passed by the Tribunal. The Amount
already deposited is sufficient for hearing of the appeal.
2. In the opinion of the Management all the current assets are
realizable at the stated value.
3. Interest @10 % per annum, has been provided on security deposit
received from dealers.
4. Loans & Advances include an amount of Rs.31,54,505/ - towards CST
including surcharge recoverable from Sales Tax Authority. This figure
represents the excess amount paid to the Authority and correspondingly,
Current liabilities also include this amount as refundable to the
customers.
5. Necessary disclosures required under the Micro, Small and Medium
Enterprises Development Act,2006, can only be considered once relevant
information to identify the suppliers who are covered the said Act are
received from such parties/suppliers.
6. Additional information pursuant to provisions of Part - II,
schedule VI of the Companies Act, 1956 to the extent not applicable has
not been given.
7. The Company has acquired 100% shares of M/s.Rathi Rajasthan Steel
Mills Limited and resolution have been passed by Board of Directors on
dated 24 September,2007 . M/s. Rathi Rajasthan Steel Mills Limited is
setting up a plant for manufacture of superior quality reinforcement
CTD/TMT bars and wire roads etc. with an installed capacity of 75,000
TPA. The Company has already started commercial production in May,2009
and achieved sales of Rs. 127 Crores for the financial year 2009-2010.
8. Quantitative information pursuant to the provisions of paragraphs
3,4 C and 4 D of part II of schedule VI of the companies Act, 1956.
Previous Years figures have been given in brackets.
9. NOTE
Schedule 1 to 20 form an integral part of the Balance Sheet and Profit
& Loss Account together with the Auditors Report.
Previous year figures have been regrouped/ rearranged wherever
necessary.
10. Balance Sheet Abstract and Companys General Business Profile as
per Part III of Schedule VI of the Act.
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