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Notes to Accounts of Remi Edelstahl Tubulars Ltd.

Mar 31, 2015

Current Previous Accounting Accounting Year Ended Year ended 31.03.2015 31.03.2014

(Rs. in Lacs) (Rs. in Lacs)

1. CONTINGENT LIABILITIES NOT PROVIDED FOR :

a) Bank Guarantees given by bankers on behalf of the Company. 1,574.21 1,398.19

b) Guarantee given by the Company to Bankers on behalf of associate Company 840.00 840.00

c) Bills Discounted 1,026.56 564.48

d) Claim of Collector 353.47 353.47

e) Central Excise disputed in appeal -

i) Show cause notices pending for Adjudication. 70.94 70.94

ii) Appeal filed by Dept. in High Court against Tribunal order — 207.24

f) In respect of Custom Duty 406.60 33.01

g) Income Tax disputed in appeal 12.68 0.19

1.3 Rent receivable in respect of assets given on operating lease in next one year is Rs. 60.00 Lacs (P.Y. Rs. 38.75 Lacs), beyond one year to five years Rs. 300.00 Lacs (P.Y. Rs. 210.00 Lacs) and beyond five years Rs. 5.00 Lacs (P.Y. Rs. 3.50 Lacs).

2. RELATED PARTIES DISCLOSURES: -

I) (a) Key Management Personnel:

Shri. Rishabh R. Saraf - Managing Director

(b) Associates with whom the Company has transactions:

Remi Process Plant and Machinery Limited, Remi Elektrotechnik Limited, Calplus Trading Private Limited, Magnificent Trading Private Limited & Aura Realfinvest Private Limited.

(c) Relatives of key management personnel and other related parties with whom the Company has transactions:

Rajendra Electrical Motor Industries, Remi International, Dholishakti International, Shri V.C. Saraf, Shri R.C. Saraf & Shri Ritvik V. Saraf

Note: Related party relationship is as identified by the Company and relied upon by the Auditors.

d) The overall expected rate of return on assets is based on the expectation of the average long-term rate of return expected on investments of the Fund during the estimated term of the obligations.

3. Payments to Micro, Small and Medium Enterprises are made in accordance with the agreed credit terms and to the extent ascertained from available information, there is no overdue payable to MSME units beyond the period specified in Micro, Small and Medium Enterprises Development Act, 2006.

4. As per the requirement of Schedule II to the Companies Act, 2013 w.e.f. 01.04.2014 the company has charged depreciation based on revised remaining useful lives of the assets. As a result, the depreciation charge for the year ended 31st March 2015 is higher by Rs.135.00 Lacs. Further, wherever remaining useful lives of assets have ended, the carrying value as at 1st April, 2014 amounting to Rs. 42.67 Lacs (Net of deferred tax Rs. 20.49 Lacs) have been adjusted against opening balance of the retained earnings.

5. Previous year figures are regrouped / rearranged and reclassified whenever necessary to confirm to current year's presentation.

a) Terms/ Rights Attached to Equity Shares:

The company has only one class of equity shares having par value of Rs. 10/- Each holder of equity shares is entitled to one vote per share. The compnay delcares and pays dividend, if any, in Indian Rupees.

b) In the event of liquidation of the company, the holders of the 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.


Mar 31, 2014

1. CONTINGENT LIABILITIES NOT PROVIDED FOR :

Current Previous Accounting Accounting Year Ended Year ended 31.03.2014 31.03.2013

(Rs. in Lacs) (Rs. in Lacs)

a) Bank Guarantees given by bankers on behalf of the Company. 1,398.19 722.62

b) Guarantee given by the Company to Bankers on behalf of associate Company 500.00 665.00

c) Bills Discounted 564.48 562.70

d) Claim of Collector 353.47 353.47

e) Central Excise disputed in appeal 278.18

i) Show cause notices pending for Adjudication. 70.94 -

ii) Appeal filed by Dept. in High Court against Tribunal order 207.24 -

f) Sales Tax disputed in appeal - 1.96

g) In respect of Custom Duty 33.01 33.01

h) Income Tax disputed in appeal 0.19 0.19

2 Rent receivable in respect of assets given on operating lease in next one year is Rs. 38.75 Lacs (P.Y. Rs. 3.00 Lacs), beyond one year to five years Rs. 210.00 Lacs (P.Y. Rs. 15.00 Lacs) and beyond five years Rs. 3.50 Lacs (P.Y. Rs. 0.25 Lacs).

3 SEGMENT REPORTING:

The Company operates in two segments namely (i) Manufacturing of S.S. Pipes & Tubes and (ii) Wind Power Generation. Since revenue, result and assets of Wind Power Generation are below the prescribed criteria, same is not treated as reportable segment.

4 RELATED PARTIES DISCLOSURES: -

i) (a) Key Management Personnel:

Shri. Rishabh R. Saraf - Managing Director

(b) Associates with whom the Company has transactions:

Remi Process Plant and Machinery Ltd., Remi Elektrotechnik Ltd., Calplus Trading Pvt. Ltd., Magnificent Trading Pvt. Ltd. & Aura Realfinvest Pvt. Ltd.

(c) Relatives of key management personnel and other related parties with whom the Company has transactions: Rajendra Electrical Motor Industries, Shri Ritvik V. Saraf

NOTE: Related party relationship is as identified by the Company and relied upon by the Auditors.

5 Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs.4.77 Lacs (P.Y. Rs. 432.02 Lacs)

6 Payments to Micro, Small and Medium Enterprises are made in accordance with the agreed credit terms and to the extent ascertained from available information, there is no overdue payable to MSME units beyond the period specified in Micro, Small and Medium Enterprises Development Act, 2006.

7 Previous year figures are regrouped/rearranged and reclassified whenever necessary to confirm to current year''s presentation.

8 SHARE CAPITAL

a) Terms/Rights Attached to Equity Shares:

The company has only one class of equity shares having par value of Rs.10/- Each holder of equity shares is entitled to one vote per share. The compnay delcares and pays dividend, if any, in Indian Rupees.

b) In the event of liquidation of the company, the holders of the 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.


Mar 31, 2013

Current Previous Accounting Accounting Year Ended Year ended 31.03.2013 31.03.2012 (Rs. in Lacs) (Rs. in Lacs)

1.1 Contingent Liabilities not provided for :

a) Bank Guarantees given by bankers on behalf of the Company 722.62 728.49

b) Guarantee given by the Company to Bankers on behalf of associate Company 665.00 665.00

c) Bills Discounted 562.70 312.60

d) Claim of Collector 353.47 353.47

e) Central Excise disputed in appeal 278.18 70.94

f) Sales Tax disputed in appeal 1.96 --

g) In respect of Custom Duty 33.01 33.01

h) Income Tax disputed in appeal 0.19 --

1.2 Rent receivable in respect of assets given on operating lease in next one year is Rs. 3.00 Lacs (P.Y. Rs. 23.23 Lacs), beyond one year to five years Rs. 15.00 Lacs (P.Y. Rs. 82.94 Lacs) and beyond five years Rs. 0.25 Lacs (P.Y. Rs. 0.25 Lacs).

1.3 Segment Reporting:

The Company operates in two segments namely (i) Manufacturing of S.S. Pipes & Tubes and (ii) Wind Power Generation. Since revenue, result and assets of Wind Power Generation are below the prescribed criteria, same is not treated as reportable segment.

1.4 Related Parties disclosures:

i) (a) Key Management Personnel:

Shri. V. C. Saraf - Chairman

Shri. Rajendra C. Saraf - Director

Shri. Rishabh R. Saraf - Managing Director

(b) Associates:

Remi Process Plant and Machinery Ltd., Remi Elektrotechnik Ltd., Calplus Trading Pvt. Ltd., Magnificent Trading Pvt. Ltd. & Aura Realfinvest Pvt. Ltd.

(c) Relatives of key management personnel and other related parties Rajendra Electrical Motor Industries, Shri Ritvik V. Saraf

Note: Related party relationship is as identified by the Company and relied upon by the Auditors.

1.5 Payments to Micro, Small and Medium Enterprises are made in accordance with the agreed credit terms and to the extent ascertained from available information, there is no overdue payable to MSME units beyond the period specified in Micro, Small and Medium Enterprises Development Act, 2006.

1.6 Previous year figures are regrouped/rearranged and reclassified whenever necessary to confirm to current year''s presentation.


Mar 31, 2012

A) Terms/ Rights Attached to Equity Shares:

The company has only one class of equity shares having par value of Rs. 10/-each holder of equity shares is entitled to one vote per share. The compnay delcares and pays dividend in Indian Rupees.

b) In the event of liquidation of the company, the holders of the 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.

Current Accounting Year Previous Accounting Year Ended 31-03-2012 Ended 31-03-2011 (Rs.in Lacs) (Rs.in Lacs)

1.1. Contingent Liabilities not provided for :

a) Bank Guarantees given by bankers on behalf of the Company 728.49 864.86

b) Guarantee given by the Company to Bankers on behalf 665.00 665.00 of associate Company

c) Bills Discounted 312.60 487.27

d) Claim of Collector 353.47 353.47

e) Central Excise (Disputed in Appeal) 70.94 70.94

f) Subletting Charges - 1.37

g) In respect of Custom Duty 33.01 10.67

h) Income Tax matters - 6.02

1.2 Rent receivable in respect of assets given on operating lease in next one year is Rs. 23.23 Lacs (P.Y. Rs. 21.50 Lacs), beyond one year to five years Rs. 82.94 Lacs (P.Y. Rs. 93.02 Lacs) and beyond five years Rs. 0.25 Lacs (P.Y. Rs. 0.25 Lacs).

1.3. Related Parties disclosures: -

i) (a) Key Management Personnel:

Shri. V. C. Saraf - Chairman, Shri. Rajendra C. Saraf - Director, Shri. Rishabh R. Saraf - Managing Director,

Shri. Ritvik V. Saraf - Executive Director

(b) Associates:

Remi Process Plant and Machinery Ltd., Remi Elektrotechnik Ltd., Remi Metals Gujarat Ltd., Remi Finance & Investment Pvt. Ltd., Remi Sales & Engineering Ltd., Bajrang Finance Ltd., Remi Securities Ltd., Rajendra Finance Pvt. Ltd. Calplus Trading Pvt. Ltd. and Aura Realfinvest Pvt. Ltd.

(c) Relatives of key management personnel and other related parties:

Rajendra Electrical Motor Industries.

Note: Related party relationship is as identified by the Company and relied upon by the Auditors.

1.4 Payments to Micro, Small and Medium Enterprises are made in accordance with the agreed credit terms and to the extent ascertained from available information, there is no overdue payable to MSME units beyond the period specified in Micro, Small and Medium Enterprises Development Act, 2006.

1.5 Till the year ended 31st March, 2011, the Company was using pre-revised Schedule VI to the Companies Act, 1956, for preparation and presentation of its Financial Statements. During the year ended 31st March, 2012, the revised Schedule VI to the Companies Act, 1956 has become applicable to the Company. The Company has reclassified previous year figures to conform to this year's classification. The adoption of the revised Schedule VI does not impact recognition and measurement principles followed for preparation of Financial Statements.

 
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