Mar 31, 2015
1) CORPORATE INFORMATION
REI Six Ten Retail Limited (RSTRL) was incorporated in March 2007 as
Retail chain. The first SixTen stores were set up as part of REI Agro
Limited. The business of retail was demerged into RSTRL since August
2007. The Company initially set up stores in the 'Company Owned Company
Operated' (COCO) model. However, with a view to increase the
efficiency, the company franchised all its stores and the logistics
were also being handled by Master Franchisees. Since 1st January,2014
the Company has discontinued with its retail franchisee model and only
operates wholesale 'Cash and Carry1 model.
2. Rights, Preferences and restrictions attached to equity shares:
The company has only one class of equity shares having a par value of
Rs.2 per share. Each share holder of equity shares is entitled to one
vote per share. 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 case of Interim Dividend.
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholders.
As per records of the company, including Register of members and other
declarations received from shareholders regarding beneficial interest,
the above shareholding represents both legal and beneficial ownerships
of shares.
*Based on the information available with the company there are no dues
payable to Micro, Small and Medium Enterprises as defined in the Micro,
Small and Medium Enterprises Development Act 2006.This has been
determined to the extent such parties have been identified on the basis
of information available with the Company. This has been relied upon by
the Auditors.
3. SEGMENT REPORTING:
The Company is engaged in only one segment ' Retail Business'.
4. During the year there is no Deferred Tax Liability due to
accumulated depreciation computed in accordance with the Income Tax
Act,1961 and Deferred Tax Asset has not been recognized in absence of
convincing evidence and virtual certainty of Income and also in view of
prudent accounting policy.
5. Short Term Borrowing from a Bank (as Stated in Note 7 above) is
payable on demand for which sanction letter stating the terms &
conditions is yet to be obtained.
6. Loan to a body corporate (as Stated in Note 15 above) has been
given for which terms & conditions are yet to be finalised.
7. RELATED PARTY DISCLOSURES:
In accordance with Accounting Standard 18 on Related Party Disclosure
issued by the Institute of Chartered Accountants of India, are given
below :
(I) List of Related Parties :
a) Name of the Companies where control exists (either individually or
with others)
i. REI Agro Limited
ii. Aspective Vanijya Pvt. Ltd.
iii. Jagadhatri Tracon Pvt. Ltd.
iv. REI Steel & Timber Pvt. Ltd.
v. Snehapusph Barter Pvt. Ltd.
vi. Shree Krishna Gyanodaya Flour Mills Pvt. Ltd.
vii. Subhchintak Vancom Pvt Ltd.
viii. Dr. ING N.K.Gupta Technical Consultants Pvt. Ltd.
b) Key Management Personnel :
Mr. Sandip Jhunjhunwala - Managing Director
c) Director's Relatives: -
i. Mr. Kailash Chandra Jhunjhunwala
ii. Mrs. Koushalya Devi Jhunjhunwala
iii. Mr.Sanjay Jhunjhunwala
iv. Mrs. Sangita Jhunjhunwala
v. Mrs. Suruchi Jhunjhunwala
vi. Mr. Shreyans Jhunjhunwala
8. CONTINGENT LIABILITIES
No Liability has been recognized in the Financial Statements against
the suits filed by the creditor & others amounting to Rs. 68,051,391/-
(68,051,391/-) . The management does not foresee any material liability
in other cases and such amount could not be ascertained with concrete
evidences.
9. Previous year's figures have been regrouped/re-arranged wherever
considered necessary.
Mar 31, 2014
1) SHARE CAPITAL
a) Rights,Preferences and restrictions attached to equity shares:
The company has only one class of equity shares having a par value of
Rs. 2 per share. Each share holder of equity shares is entitled to one
vote per share. 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 case of Interim Dividend.
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholders.
b) As per records of the company, including Register of members and
other declarations received from shareholders regarding beneficial
interest, the above shareholding represents both legal and beneficial
ownerships of shares.
2) TRADE PAYABLE
*Based on the information available with the company there are no dues
payable to Micro, Small and Medium Enterprises as defined in the Micro,
Small and Medium Enterprises Development Act 2006.This has been
determined to the extent such parties have been identified on the basis
of information available with the Company. This has been relied upon by
the Auditors.
3) FIXED ASSETS
1) Impairment of Assets has been done on the basis of value of assets
existing up to 31.03.2013 and depreciation has been provided on SLM
after considering the Impairment. The impairment of assets is reviewed
at the end of every year.
2) Earlier Depreciation wrongly claimed on Gross Assets before
impairment, now reversed and shown in quarterly/Half yearly results as
exceptional Items.
4) SEGMENT REPORTING
As the company business activities fall within a single primary segment
viz. trading business.(mainly foodproducts),the disclosure requirements
of accounting Standard(As-17)"Segment Reporting" notified under the
Companies Act,1956 read with general circular 08/2014 dated
April,04,2014 issued by the Ministry of Corporate affairs are not
applicable.
5) RELATED PARTY DISCLOSURES
In accordance with Accounting Standard 18 on Related Party Disclosure
issued by the Institute of Chartered Accountants of India, are given
below (where transaction exists)
(I) List of Related Parties
a) Name of the Companies where control exists (either individually or
with others)
i. REI Agro Limited
ii. Aspective Vanijya Pvt. Ltd.
iii. Jagadhatri Tracon Pvt. Ltd.
iv REI Steel & Timber Pvt. Ltd.
v. Snehapusph Barter Pvt. Ltd.
vi. Shree Krishna Gyanodaya Flour Mills Pvt. Ltd.
vii. Subhchintak Vancom Pvt Ltd.
viii. Dr. ING N.K.Gupta Technical Consultants Pvt. Ltd.
b) Key Management Personnel
Mr. Sandip Jhunjhunwala - Managing Director
c) Director''s Relatives
i. Mr. Kailash Chandra Jhunjhunwala
ii. Mrs. Koushalya Devi Jhunjhunwala
iii. Mr.Sanjay Jhunjhunwala
iv Mrs. Sangita Jhunjhunwala
v. Mrs. Suruchi Jhunjhunwala
vi. Mr. Shreyans Jhunjhunwala
6) CONTINGENT LIABILITIES
No Liability has been recognized in the books against the suits filed
by the creditor & others amounting to Rs. 68,051,391/- (68,051,391/-)
as the management does not foresee any material liability in such cases
and such amount could not be ascertained with concrete evidences.
7) Previous year''s figures have been regrouped/re-arranged wherever
considered necessary.
Mar 31, 2013
1) CORPORATE INFORMATION
REI Six Ten Retail Limited (RSTRL) was incorporated in August 2007 as
Retail chain. The first 6Ten stores were set up as part of REI Agro
Limited. The business of retail was demerged into RSTRL since August
2007. The company initially set up stores in the ''company owned company
operated'' (COCO) model. However, with a view to increase the
efficiency, the company franchised all its stores. Similarly logistics
are now being handled by Master Franchisees.
2.1 Notes to Employee Benefits Expenses
a) Gratuity expenses includes provision reversed for the year ended
March 31, 2013 Rs. (5,16,050/-) {P.Y Rs. 5,18,642/-}
b) Leave Encashment includes provision reversed for the year ended
March 31, 2013 Rs. (16,807/-) {P.Y Rs. 36,154/-}
c) Disclosures pursuant to Accounting Standard-15 (Revised) ''Employees
Benefits'':
i) Defined Contribution Plans
In accordance with the Accounting Standard 15 on Employee Benefits
issued by The Institute of Chartered Accountants of India, the company
makes payment of its contribution to Recognized Provident Fund
Commissioner (RPFC).
ii) Defined Benefit Plans
In keeping with the company Gratuity scheme (Defined Benefit Plan)
eligible employees are entitled to gratuity benefits at one and half
month''s eligible salary for each completed year of service on
Retirement / Death / Termination. Vesting occurs upon completion of 5
years of service subject to the payment of Gratuity Act, 1972. The
present value of obligation is determined based on actuarial valuation
using the ''Projected Unit Credit Method''. Obligation for the leave
encashment is recognized in the same manner as Gratuity. Following are
the further particulars with respect to Gratuity & Leave Encashment.
3) SEGMENT REPORTING:
The company is engaged in Retail business which constitutes single
business segment. The company''s operation is only in India. In view of
this Primary and Secondary reporting disclosures for business and
geographical segment as envisaged in Accounting Standard  17 issued by
''ICAI'' are not applicable to the company.
4) RELATED PARTY DISCLOSURES:
In accordance with Accounting Standard 18 on Related Party Disclosure
issued by the Institute of Chartered Accountants of India, are given
below (where transaction exists):
(I) List of Related Parties :
a) Name of the Companies where control exists (either individually or
with others) i. REI Agro Limited
ii. Aspective Vanijya Pvt. Ltd.
iii. Jagadhatri Tracon Pvt. Ltd.
iv. REI Steel & Timber Pvt. Ltd.
v. Snehapusph Barter Pvt. Ltd.
vi. Shree Krishna Gyanodaya Flour Mills Pvt. Ltd.
vii. Subh Chintak Vancom Pvt Ltd.
viii. Dr. ING N.K.Gupta Technical Consultants Pvt. Ltd.
b) Key Management Personnel :
Mr. Sandip Jhunjhunwala - Managing Director
c) Director''s Relatives :
i. Mr. Kailash Chandra Jhunjhunwala
ii. Mrs. Koushalya Devi Jhunjhunwala
iii. Mr. Sanjay Jhunjhunwala
iv. Mrs. Sangita Jhunjhunwala
v. Mrs. Suruchi Jhunjhunwala
vi. Mr. Shreyans Jhunjhunwala
5) CONTINGENT LIABILITIES
No Liability has been recognised in the books against the suits filed
by the creditor & others amounting to Rs. 68,051,391/- as the management
does not foresee any material liability in such cases and such amount
could not be ascertained with concrete evidences.
6) Previous year''s figures have been re-grouped/re-arranged wherever
considered necessary.
Mar 31, 2012
1) CORPORATE INFORMATION
REI Six Ten Retail Limited (RSTRL) was incorporated in August 2007 as
Retail chain and today it is a leading name in small store format in
the neighborhood convenience stores space. The first 6 Ten stores were
set up as part of REI Agro Limited. The business of retail was demerged
into RSTRL since August 2007. The company initially set up stores in
the ,company owned company operated, (COCO) model. However, with a view
to increase the efficiency, the company franchised all its stores.
Similarly logistics are now being handled by Master Franchisees. With
this the company could achieve remarkable presence in a short period.
2.1 Notes to Employee Benefits Expenses
a) Gratuity expenses includes provision reversed for the year ended
March 31, 2012 Rs. (-) 5,18,642 (P.Y Rs. 1,65,331)
b) Leave Encashment includes provision made for the year ended March
31, 2012 Rs. 36,154 (P.Y Rs. (-) 4,36,026)
c) Disclosures pursuant to Accounting Standard-15 (Revised) ,Employees
Benefits,:
i) Defined Contribution Plans
In accordance with the Accounting Standard 15 on Employee Benefits
issued by The Institute of Chartered Accountants of India, the company
makes payment of its contribution to Recognized Provident Fund
Commissioner (RPFC).
ii) Defined Benefit Plans
In keeping with the company Gratuity scheme (Defined Benefit Plan)
eligible employees are entitled to gratuity benefits at one and half
month,s eligible salary for each completed year of service on
Retirement/Death/Termination. Vesting occurs upon completion of 5 years
of service subject to the payment of Gratuity Act, 1972. The present
value of obligation is determined based on actuarial valuation using
the ,Projected Unit Credit Method,. Obligation for the leave encashment
is recognized in the same manner as Gratuity. Following are the further
particulars with respect to Gratuity & Leave Encashment.
The principal assumption used in the calculation are the (1) Discount
Rate (2) Salary increase. The Discount rate is based upon the market
yields available on government bonds at the accounting date with a term
that matches that of the liabilities and the salary increase take
account of inflation, seniority, promotion and other relevant factors.
3) SEGMENT REPORTING:
The company is engaged in Retail business which constitutes single
business segment. The company,s operation is only in India. In view of
this Primary and Secondary reporting disclosures for business and
geographical segment as envisaged in Accounting Standard - 17 issued by
,ICAI, are not applicable to the company.
4) RELATED PARTY DISCLOSURES:
In accordance with Accounting Standard 18 on Related Party Disclosure
issued by the Institute of Chartered Accountants of India, are given
below (where transaction exists):
(I) List of Related Parties :
a) Name of the Companies where control exists (either individually or
with others) i. REI Agro Limited
ii. Aspective Vanijya Pvt. Ltd.
iii. Jagadhatri Tracon Pvt. Ltd.
iv. REI Steel & Timber Pvt. Ltd.
v. Snehapusph Barter Pvt. Ltd.
vi. Shree Krishna Gyanodaya Flour Mills Pvt. Ltd.
vii. Subh Chintak Vancom Pvt Ltd.
viii. Dr. ING N.K.Gupta Technical Consultants Pvt. Ltd.
b) Key Management Personnel :
Mr. Sandip Jhunjhunwala - Managing Director
c) Director,s Relatives: -
i. Mr. Kailash Chandra Jhunjhunwala
ii. Mrs. Koushalya Devi Jhunjhunwala
iii. Mr. Sanjay Jhunjhunwala
iv. Mrs. Sangita Jhunjhunwala
v. Mrs. Suruchi Jhunjhunwala
vi. Mr. Shreyans Jhunjhunwala
5) CONTINGENT LIABILITIES
No Liability has been recognised in the books against the suits fled by
the creditor & others as the management does not foresee any material
liability in such cases and such amount could not be ascertained with
concrete evidences. Previous year,s figures have been
regrouped/re-arranged wherever considered necessary.
Mar 31, 2011
1) Fully Convertible Debentures:
The company has issued 27,00,000 , Zero % fully Convertible Debentures
of Rs. 100/- each on Preferential basis to other than Promoters and is
convertible into 13,95,002 Equity Share of Rs 21- each on conversion.
The Equity Share of Rs 2/-has been allotted as above at a price of Rs
193.55 (Including Security Premium of Rs 191.55) on 26th April 2011,
2) Disclosure underthe Micro, Small & Medium Enterprises Development
Act 2006:
Based on the information available with the company there are no dues
payable to Micro, Small and Medium Enterprises as defined in the Micro,
Small and Medium Enterprises Development Act 2006.
This information has been determined to the extent such parties have
been identified on the basis of information available with the Company.
This has been relied upon by the Auditors.
3) Disclosures pursuant to Accounting Standard-15 (Revised) 'Employees
Benefits':
a) Defined Contribution Plans
In accordance with the Accounting Standard 15 on employee benefits
issued by The Institute of Chartered Accountants of India, employer-
established provident fund trust are treated as defined benefits plans.
b) Defined Benefit Plans
In keeping with the company Gratuity scheme (Defined Benefit Plan)
eligible employees are entitled to gratuity benefits at one and half
month's eligible salary for each completed year of service on
Retirement / Death / Termination. Vesting occurs upon completion of 5
years of service subject to the payment of Gratuity Act, 1972. The
present value of obligation is determined based on actuarial valuation
using the 'projected unit credit method'. Obligation for the leave
encashment is recognized in the same manner as Gratuity. Following are
the further particulars with respect to Gratuity & Leave Encashment.
The Principal assumptions used in the calculation are the (1) Discount
Rate, (2) Salary increase. The Discount rate is based upon the market
yields available on Government Bonds at the accounting date with a term
that matches that of the liabilities and the salary increase take
account of inflation, seniority, promotion and other relevant factors.
Note: - With the change in Company's policy gradually from own retail
outlets to Franchise Outlets, number of employees has significantly
varying resulting in change in Provision during the year for Gratuity
and Leave Encashment Rs 1.65 lacs and Rs (-)4.36 lacs {Previous year Rs
(-)32.14 lacs and (-) Rs 32.94 lacs respectively.
4) The company is engaged in Retail business which constitutes single
business segment. The company's operation is only in India. In view of
this Primary and Secondary reporting disclosures for business and
geographical segment as envisaged in Accounting Standard -17 issued by
'ICAI' are not applicable to the company.
7) Related party disclosures:
In accordance with Accounting Standard 18 on Related Party Disclosure
issued by the Institute of Chartered Accountants of India, are given
below (where transaction exists):
(I) List of related parties:
a) Name of the Companies where control exists (either individually or
with others) i. REIAgro Limited
ii. AspectiveVanijya Pvt. Ltd.
iii. JagadhatriTraconPvt. Ltd.
iv. REI Steel & Timber Pvt. Ltd.
v. Snehpusph Barter Pvt. Ltd.
vi. Shree Krishna Gyanodaya Flour Mills Pvt. Ltd.
vii. SubhchintakVancomPvtLtd.
viii. Dr. ING N.K.Gupta Technical Consultants Pvt. Ltd.
b) Key Management Personnel:-
Mr. Sandip Jhunjhunwala Managing Director
c) Director's Relatives: -
d) i. Mr. Kailash Chandra Jhunjhunwala
ii. Mrs. Koushalya Devi Jhunjhunwala
iii. Mr.SanjayJhunjhunwala
iv. Mrs. Sangita Jhunjhunwala
v. Mrs. Suruchi Jhunjhunwala
Mar 31, 2010
1) Share Capital:
Authorized Share Capital of the Company has since been increased to Rs.
50,00,00,000 divided into 25,00,00,000 equity shares of Rs.2 each.
2) Fully Convertible Debentures:
The company has issued 27,00,000, Zero % Fully Convertible Debentures
of Rs 100/- each on Preferential basis to other than Promoters and is
convertible into 13,95,002 Equity Shares of Rs 2/- each on conversion.
3) Impairment of Fixed Assets:
During the year impairment loss on Fixed Assets (Gross - Rs. 489.88
Lacs, net of deferred taxes Rs. 323.37 Lacs) relates to various items
of Fixed Assets that have been brought down to their recoverable values
upon evaluation of future economic benefits from their use.
4) Disclosure under the Micro, Small & Medium Enterprises Development
Act 2006:
Based on the information available with the company there is no dues
payable to Micro, Small and Medium Enterprises as defined in Micro,
Small and Medium Enterprises Development Act 2006.
5) Disclosures pursuant to Accounting Standard-15 (Revised) Employees
Benefits:
a) Defined Contribution Plans
In accordance with the Accounting Standard 15 on employee benefits
issued by The Institute of Chartered Accountants of India, employer-
established provident fund trust are treated as defined benefits plans.
b) Defined Benefit Plans
In keeping with the company Gratuity scheme (Defined Benefit Plan)
eligible employees are entitled to gratuity benefits at one and half
months eligible salary for each completed year of service on
Retirement / Death / Termination. Vesting occurs upon completion of 5
years of service subject to the payment of Gratuity Act, 1972. The
present value of obligation is determined based on actuarial valuation
using the projected unit credit method. Obligation for the leave
encashment is recognised in the same manner as Gratuity.
6) The company is engaged in Retail business which constitutes single
business segment. The companys operation is only in India. In view of
this Primary and Secondary reporting disclosures for business and
geographical segment as envisaged in Accounting Standard - 17 issued by
ICAI are not applicable to the company.
7) Related party disclosures:
In accordance with Accounting Standard 18 on Related Party Disclosure
issued by the Institute of Chartered Accountants of India, are given
below (where transaction exists):
(I) List of related parties with whom transaction have taken place
during the year:
a) Name of the Companies where control exists (either individually or
with others)
i. REI Agro Limited
ii. Aspective Vanijya Pvt. Ltd.
iii. Jagadhatri Tracon Pvt. Ltd.
iv. REI Steel & Timber Pvt. Ltd.
v. Snehpusph Barter Pvt. Ltd.
vi. Subhchintak Vancom Pvt. Ltd.
vii. Shree Krishna Gyanodaya Flour Mills Pvt. Ltd.
viii. Dr. ING N.K.Gupta Technical Consultants Pvt. Ltd.
b) Key Management Personnel: -
Mr. Sandip Jhunjhunwala Managing Director
c) Directors Relatives: -
i. Mr. Kailash Chandra Jhunjhunwala
ii. Mrs. Koushalya Devi Jhunjhunwala
iii. Mr.Sanjay Jhunjhunwala
iv. Mrs. Sangita Jhunjhunwala
v. Mrs. Suruchi Jhunjhunwala
8 ) Previous years figures have been regrouped/re-arranged wherever
considered necessary.