Home  »  Company  »  Refex Industries  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Refex Industries Ltd.

Mar 31, 2015

Not available


Mar 31, 2014

1. Corporate information

Refex Industriess Limited (formerly Refex Refrigerants Ltd referred to as "RRL" or the "Company") engaged in the business of refilling of eco friendly Refrigerant Gases. The Company''s portfolio consists of trading and re filling of Refrigerant Gases.

The Company''s registered office is in Chennai, Tamilnadu, India and its Factory is situated in Thiruporur, Kanchipuram District, Tamilnadu.

2. Rights, preferences and restrictions attached to Shares

The Company has one class of Equity Shares having a face value of Rs.10/- each. Each Shareholder is eligible for one vote per Share held. The dividend proposed, if any, by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting, except in the case of interim Dividend. In the event of liquidation, the Equity Shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Particulars As at 31 As at 31 March, 2014 March, 2013 Rs. Rs.

3. Contingent liabilities and Commitment to the extent not provided for Contingent liabilities

Contingent liabilities

(a) Disputed demand of Income Tax (Refer Auditor''s Report). - -

(b) Letter of Credit issued by the Bankers remaining outstanding - -

(c) Claim made by SBI presently sub judice with DRT, Chennai - 234,819,720


Mar 31, 2013

1. Corporate information

Refex Refrigerants Limited (referred to as "RRL" or the "Company") is engaged in the business of refilling of eco friendly Refrigerant Gases. The Company''s portfolio consists of trading and re filling of Refrigerant Gases.

The Company''s registered office is in Chennai, Tamilnadu, India and its Factory is situated in Thiruporur, Kanchipuram District, Tamilnadu.


Mar 31, 2012

1. Corporate information

Refex Refrigerants Limited (referred to as "RRL" or the "Company") is engaged in the business of refilling of eco friendly Refrigerant Gases. The Company's portfolio consists of trading and re filling of Refrigerant Gases.

The Company's registered office is in Chennai, Tamilnadu, India and its Factory is situated in Thiruporur, Kanchipuram District, Tamilnadu.

i) Rights, preferences and restrictions attached to Shares

The Company has one class of Equity Shares having a face value of Rs.10/- each. Each Shareholder is eligible for one vote per Share held. The dividend proposed, if any, by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting, except in the case of interim Dividend. In the event of liquidation, the Equity Shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

2 The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements.

This has significantly impacted the disclosure and presentation made in the financial statements. Previous years figures have been regrouped / reclassified wherever necessary to correspond with the current years classification / disclosure.


Jun 30, 2010

1. The previous years figures have been reworked, regrouped, rearranged and reclassified wherever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current period year financial statements and are to be read in relation to the amounts and other Disclosures relating to the current period.

2. (I) During the current financial period the Company Wholly Owned Subsidiary (WOS), Sherisha Technologies (S) Pte Ltd, Singapore disposed of its entire investment in both of its step down Subsidiaries namely Kaltech Engineering & Refrigeration Pte Ltd and Global Refrigerants (S) Pte Ltd both incorporated in Singapore.

Although the loss arising out of disposal of such investment primarily pertain to the books of WOS, the Company has also recognized the loss by writing off its investment in the Wholly Owned Subsidiary to a substantial extent and has reset the value of investment in wholly owned Subsidiary at a notional value @ Rs.0.65 per equity share held as at the end of financial period each in the Wholly Owned Subsidiary. Accordingly the Provision for Dimunition value of Investment has been made in the books of the Company at Rs.19,53,43,146/- the value being the total value of investment made in the Wholly Owned Subsidiary (including all Direct and other related cost both financial and non-financial after taking into account the terms of One Time Settlement given by Axis Bank on Loan borrowed from them , specifically for the purpose of investment) as reduced by the notional value as aforesaid.

The Board is of the opinion that this conservative and prudent accounting policy has been followed as the Wholly Owned Subsidiary was formed by the Company as a Special Purpose Vehicle for investing in other Companies in Singapore.

(ii) The Company has not complied with AS-21, relating to preparation of consolidated financial Statement, in respect of its Overseas Subsidiary Company, Sherisha Technologies (S) Pte Ltd., Singapore as the investments are not proposed to be held on a long term basis. Hence the Board is of the opinion that in terms of Para 11 of Accounting Standard 21 (AS 21) issued by Institute of Chartered Accountants of India, the Subsidiary Company have to be excluded from Consolidation of Accounts and hence no consolidated financial statements in terms of AS-21 have been prepared.

3. The Companys contribution paid/payable during the year to Employees Provident Fund Organization and Employee State Insurance Corporation are recognized in the Profit and Loss Account. As regards provision for Gratuity, the Company has estimated the provision based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The additional provision for Gratuity for the current period is Rs. 14, 21,508 ( Previous Year Rs. NIL) 30th June 2010 31st March 2009 Rs. Rs.

4. Contingent Liability

(a) Corporate Guarantees given by the Company Guaranteeing the loans of Subsidiary Companies 16,85,40,750 41,74,75,000

The Corporate Guarantee relates to Guarantee given in respect of Kaltech Engineering & Refrigeration (S) Pte Ltd, Singapore, an erstwhile Subsidiary of the Company in respect of loan availed by the said company from United Bank of Singapore. Although the said Company ceased to be the subsidiary as on 30th June 2010, the Bank is yet to surrender the related Corporate Guarantee.

(b) Estimated amount of Contracts remaining to be Executed on Capital Account and not provided for NIL NIL

(c) Letter of Credit issued by the bankers remaining Outstanding (net of margin deposits) 2,42,62,500 4.80,22,824

5 Related Party Transactions

(a) Key Management Personnel:

1) Mr.A.Tarachand Jain

2) Mr.T.Anil Jain

3) Mr.T.Jagdish Jain

(b) Other Related Parties

1) Sherisha Technologies Private Limited 2) Refex Energy Private Ltd 3) Sherisha Technologies (S) Pte Ltd, Singapore

6. The Company reviewed the disclosure of segment wise reporting and is of the view that it manufactures Refrigerant Gases and related products which is a single segment in accordance with Accounting Standard "17, Segment Reporting, issued by the Institute of Chartered Accountants of India.

 
Subscribe now to get personal finance updates in your inbox!