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Notes to Accounts of Remi Elektrotechnik Ltd.

Mar 31, 2015

1. Company Profile:

Remi Elektrotechnik Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is an engineering company primarily engaged in manufacturing of electrical motors and laboratory equipments. The company is also developing commercial real estate property at Andheri (West), Mumbai. The Company is listed on BSE.

2. Contingent liabilities not provided for:

i) Guarantee to bank on behalf of other Companies Rs.8,40,00,000/- (P.Y. Rs.8,40,00,000/-).

ii) Guarantee issued by bank on behalf of the company Rs.82,10,317 /- (P.Y. Rs. 1,23,38,355/-).

iii) Service tax liability disputed by the Company Rs.8,65,563 /- (P.Y. Rs.9,89,963/-)

iv) Estimated amount of contracts remaining to be executed on Capital Account and not provided for (net of advances) Rs. 1,25,000 /- (P.Y. Rs. 1,53,349/-)

v) Sales Tax liability disputed by the Company Rs.25,227/- (P.Y. Rs. 25,227/-)

vi) Bills Discounted with Bank Rs.Nil (P.Y. Rs. 4,98,808 /-)

vii) Letter of credit issued by bank on behalf of the company Rs. 11,82,943/- (P.Y. Rs. Nil)

viii Income Tax liability disputed in appeal Rs.23,29,390/- (P.Y. Rs.Nil)

3. Related parties disclosures:

i) (a) Key Management Personal:

Shri V.C.Saraf- Managing Director Shri Ritvik.V.Saraf- Executive Director Shri Sunil Saraf - Executive Director

(b) Associate companies:

Bajrang Finance Ltd., Remi Process Plant & Machinery Ltd. and Remi Edelstahl Tubulers Ltd.

(c) Relatives of key management personal and their enterprises where transactions have taken place:

Rajendra Electric Motor Industries, Ritvik Saraf

4. (A) Defined Contribution Plans:

The Company has recognized the following amounts in the Statement of Profit and Loss for the year:

5. The Company has undertaken real estate development in earlier year on a leasehold land acquired in 1971. The Company converted the leasehold land rights into stock-in-trade in April 2010 at fair market value based on valuation report/ready reckoner rates. After conversion, the company obtained various permissions for development and incurred further total cost of Rs.101,31,49,756/- upto 31.03.2015 (P.Y. Rs.90,39,47,689/-). The income from real estate development has been calculated based on the guidance note issued by the Institute of Chartered Accountants of India on real estate transactions and the provisions of the Income Tax Act, 1961.

6. The company has not received details from its suppliers as to whether any of them are micro small and medium enterprises and hence any overdue amount payable to such enterprise s cannot be compiled. However, the company is paying to its suppliers as per agreed terms.

7.a) Imports of goods on CIF basis Rs.62,21,584/- (P.Y.Rs.68,95,073/-)

b) Expenses in Foreign Currency : Travelling Rs.11,30,885/-(P.Y.Rs.11,38 ,312/-)

: Sales Promotion Rs. 10,25,489/- (P.Y. Rs.12,16,325/-)

8. Earning in foreign Currency : FOB value of Exports Rs.3,50,08,177/- (P.Y. Rs.3,90,74,981/-)

9. Previous year figures are regrouped, rearranged and reclassified, wherever necessary, to conform to current year's presentation.

10. Figures within brackets are for previous year.

11. Figures have been rounded off to the nearest rupee.

(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 declares and pays dividend in Indian Rupees. The dividend proposed if any by the Board of Directors is subject to the approval of the shareholders in the ensuing annual general meeting.

In the event of liquidation of the company, the holders of the equity shares will be entitled to recieve 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

NOTE -1

1.1 Company Profile:

Remi Elektrotechnik Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is an engineering company primarily engaged in manufacturing of electrical motors and laboratory equipments. The company is also developing commercial real estate property at Andheri (West), Mumbai. The Company is listed on BSE.

1.2 Contingent liabilities not provided for:

i) Guarantee to bank on behalf of other Companies Rs.8,40,00,000/- (P.Y. Rs.6,65,00,000/-).

ii) Guarantee issued by bank on behalf of the company Rs. 1,23,38,355 /- (P.Y. Rs.1,14,38,806/-).

iii) Service tax liability disputed by the Company Rs.9,89,963/- (P.Y. Rs. 10,70,227/-)

iv) Estimated amount of contracts remaining to be executed on Capital Account and not provided for (net of advances) Rs. 1,53,349 /- (P.Y. Rs.76,65,350/-)

v) Sales Tax liability disputed by the Company Rs.25,227/- (P.Y. Rs. Nil)

vi) Bills Discounted with Bank Rs.4,98,808/- (P.Y. Rs. Nil)

Management has identified four separate segments namely:

a) Electrical Motors - Comprising of electrical motors of all types.

b) Instruments - Comprising of laboratory instruments and equipments and parts thereof.

c) Real Estate - Comprising of development of Commercial property.

d) Wind Power - Comprising of generation of Energy.

1.7 Related parties disclosures:

i) (a) Key Management Personal:

Shri V.C.Saraf- Managing Director Shri Ritvik.V.Saraf- Executive Director Shri Sunil Saraf - Executive Director

(b) Associate companies:

Bajrang Finance Ltd., Remi Process Plant & Machinery Ltd., Calplus Trading Pvt. Ltd. and Remi Edelstahl Tubulers Ltd.

(c) Relatives of key management personal and their enterprises where transactions have taken place:

Rajendra Electric Motor Industries

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

1.10 The company has not received details from its suppliers as to whether any of them are micro small and medium enterprises and hence any overdue amount payable to such enterprises cannot be compiled. However, the company is paying to its suppliers as per agreed terms.

1.11 a) Imports of goods on CIF basis Rs.68,95,073/- (P.Y.Rs.96,88,068/-)

b) Expenses in Foreign Currency : Travelling Rs.11,38,3121- (P.Y.Rs.9,29,548/-)

: Sales Promotion Rs.12,16,325/- (P.Y. - Rs. 12,21,606/-)

1.12 Earning in foreign Currency : FOB value of Exports Rs.3,90,74,981/- (P.Y. - Rs.3,97,69,926/-)

1.13 Previous year figures are regrouped, rearranged and reclassified, wherever necessary, to conform to current year''s presentation.

1.14 Figures within brackets are for previous year.

1.15 Figures have been rounded off to the nearest rupee.


Mar 31, 2013

Company Profile:

Remi Elektrotechnik Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is an engineering company primarily engaged in manufacturing of electrical motors and laboratory equipments. The company is also developing commercial real estate property at Andheri (West), Mumbai. The Company is listed on BSE.

1.1. Contingent liabilities not provided for:

i) Guarantee to bank on behalf of other Companies Rs.Nil (P.Y. Rs.6,65,00,000/-).

ii) Guarantee issued by bank on behalf of the company Rs.1,14,38,806 /- (P.Y.

Rs.1,11,02,307/-).

iii) Service tax liability disputed by the Company Rs.10,70,227/- (P.Y. Rs.82,143/-)

iv) Estimated amount of contracts remaining to be executed on Capital Account and not provided for (net of advances) Rs.76,65,350 /- (P.Y. Rs.3,22,100/-)

1.2. Related parties disclosures:

i) (a) Key Management Personal:

Shri V.C.Saraf- Managing Director Shri Ritvik.V.Saraf- Executive Director Shri Sunil Saraf – Executive Director

(b) Associate companies:

Bajrang Finance Ltd., Remi Process Plant & Machinery Ltd., Calplus Trading Pvt. Ltd. and Hanuman Forging & Engineering Pvt.Ltd.

(c) Relatives of key management personal and their enterprises where transactions have taken place:

Rajendra Electric Motor Industries

1.3. During the year Company has recognised revenue from Real Estate development activity in accordance with Guidance Note on Accounting for Real Estate Transactions (Revised 2012) issued by ICAI. The Company has recognised revenue during the year ended 31.03.2013 of Rs. 3,641.20 lacs (P.Y. Rs. Nil) by following Percentage Completion Method. Further stage of completion of project is determined by dividing cost incurred till date of reporting period to total estimated cost of the project.

Till 31.03.2013, the company has incurred total cost of Rs. 8,196.11 lacs (P.Y.Rs.6,388.98 lacs) and recognised profit of Rs. 527.38 lacs (P.Y. Rs. Nil) in its financial statements and shown work in progress of Rs. 5,014.94 lacs (P.Y.Rs.6,388.98 lacs).

1.4. The company has not received details from its suppliers as to whether any of them are micro small and medium enterprises and hence any overdue amount payable to such enterprises cannot be compiled. However, the company is paying to its suppliers as per agreed terms.

1.5. a) Imports of goods on CIF basis Rs.96,88,068/- (P.Y.Rs.52,76,360/-)

b) Expenses in Foreign Currency : Travelling Rs.9,29,548/- (P.Y.Rs.12,02,466/-)

: Sales Promotion Rs.12,21,606/- (P.Y. - Rs.6,94,323/-)

1.6. Earning in foreign Currency : FOB value of Exports Rs.3,97,69,926/- (P.Y. - Rs.1,57,91,354/-)

1.7. Previous year figures are regrouped, rearranged and reclassified, wherever necessary, to conform to current year"s presentation.

1.8. Figures within brackets are for previous year.

1.9. Figures have been rounded off to the nearest rupee.


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 company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors ,if any, is subject to the approval of the shareholders in the ensuing annual general meeting.

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.

1.1. Contingent liabilities not provided for:

i) Guarantee to bank on behalf of other Companies Rs.6,65,00,000/- (P.Y. Rs.6,65,00,000/-).

ii) Guarantee issued by bank on behalf of the company Rs.1,11,02,307/- (P.Y. Rs.1,32,43,930/-).

iii) Service tax liability disputed in appeal Rs.82,143/- (P.Y. Rs.82,143/-)

iv) Estimated amount of contracts remaining to be executed on Capital Account and not provided for (net of advances) Rs.3,22,100/- (P.Y. Rs.2,61,938/-)

Note:-

Management has identified three separate segments namely:

a) Electrical Motors - Comprising of electrical motors of all types.

b) Instruments - Comprising of laboratory instruments and equipments and parts thereof.

c) Real Estate - Comprising of development of Commercial property.

1.2. Related parties disclosures:

i) (a) Key Management Personal:

Shri V.C.Saraf- Managing Director Shri Ritvik.V.Saraf- Executive Director Shri Sunil Saraf - Executive Director

(b) Associate companies:

Bajrang Finance Ltd., Remi Edelstahl Tubulars Ltd.,Remi Process Plant & Machinery Ltd., Remi Metal Gujarat Ltd., Rajendra Finance Pvt. Ltd., Remi Finance & Investment Pvt. Ltd., Kuber Kamal Industrial Investments Ltd., Calplus Trading Pvt. Ltd. & Remi Securities Ltd.

(c) Relatives of key management personal and their enterprises where transactions have taken place:

Rajendra Electric Motor Industries

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

1.3. The company has not received details from its suppliers as to whether any of them are micro small and medium enterprises and hence any overdue amount payable to such enterprises cannot be compiled. However, the company is paying to its suppliers as per agreed terms.

1.4. a) Imports of goods on CIF basis Rs.52,76,360/- (P.Y.Rs.2,07,355/-)

b) Expenses in Foreign Currency : Travelling Rs.12,02,466/- (P.Y.Rs.13,24,959/-)

: Sales Promotion Rs.6,94,323/- (P.Y. - Rs.9,28,057/-)

1.5. Earning in foreign Currency : FOB value of Exports Rs.1,57,91,354/- (P.Y. -

Rs.2,36,60,666/-)

1.6. Closing Stock of finished goods includes consignment stock of Rs. Nil/- (P.Y. - Rs.76,988/-) with various consignees.

1.7 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 notified under the Companies Act, 1956, has become applicable to Company. The Company has reclassified previous year"s figure to conform to this year"s classification.

1.8 Figures within brackets are for previous year.

1.9 Figures have been rounded off to the nearest rupee.


Mar 31, 2010

1) Other Long-term Employee Benefit:

Liability for Compensated Absences (unutilized leave benefit) is provided on the basis of valuation, as at the Balance Sheet Date, carried out by an independent actuary. The actuarial valuation method used for measuring the liability is the Proj- ected Unit method in respect of past service.

2) Termination benefits are recognized as an expense as and when incurred.

3) The actuarial gains and losses arising during year are recognized in the Profit and Loss Account of the year without resorting to any amortization.

i)Investments

Long term investments are stated at cost or fair value, whichever is less, temporary fall in market value, if any, is not provided for. Current Investments are carried at lower of cost and fair value.

ii)Sales

Sales are inclusive of excise duty and net of sales tax, sales returns, claims and discount etc. Domestic sale is recognised at the point of billing & exports sale is recognised on date of Bill of lading.

iii) Borrowing cost

Borrowing costs that are directly attributable to the acquisition of fixed assets are capitalised for the period until the asset is ready for its intended use. Other borrowing costs are recognised as an expense in the period in which they are incurred.

iv) Taxes on Income

income Tax expense for the year comprises of current tax and de- ferred tax. Current tax provision has been determined on the basis of reliefs, deduction available under the Income Tax Act. Deferred Tax is recognized for all timing differences, subject to the con- sideration of prudence, applying the tax rates and laws that have been enacted or substantiveLv enacted on Balance Sheet Date.

v) Foreign Currency Transaction

a) Foreign currency transactions are recorded at exchange rate Prev- aling on the date of transaction.

b) Foreign currency receivable/payables at the year end are translat- ed at exchange rates applicable as on that date.

c) Any gains or losses arising due to exchange differences at the time of translation or settlement are accounted for in the Profit & Loss Account.

vi)Impairment of Assets

Impairment of assets are assessed at each balance sheet date and loss is recognized wherever the receivable amount of an assets is less than its carrying amount.

vii)Provisions, Contingent Liabilities and Contingent Assets:

Provision involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent assets are neither recognized nor disclosed in the financial statements. Contingent liabilities are disclosed separately.

viii)Excise Duty:

Excise Duty payable on products is accounted for at the time of dispatch of goods from the factory but is accrued for stocks held at the year end.

Excise Duty related to the difference between the closing stock and opening stock of finished goods has been recognized separately in the profit and Loss Account under schedule of "Manufacturing Expenses".

2. During the year the company has recouped out of revaluation reserve Rs.1,54,277/-(P.Y.Rs.1,54,277/-) being depreciation on the amount debited to Fixed Assets on revaluation of assets in earlier years. The Fixed Assets and Reserves & Surplus are stated higher by Rs.16,77,471/- as on 31.03.2010. (P.Y.Rs.18,31,748/-)

3. Contingent liabilities not provided for:

i) Guarantee to bank on behalf of other companies Rs .4,65,00,000/-

(P.Y Rs.6,44,37,000/-).

ii)Guarantee issued by bank on behalf of the company Rs.52,43,897/-

(P.Y Rs.32,11,374/-).

iii)Service tax liability disputed in appeal Rs.5,97,658/-(P.Y.Rs.5,97,658/-)

iv) Show cause notice inrespect of service tax Rs.2,09,413/-(P.Y.Rs.2,25,572/-)

4. Estimated amount of contracts remaining to be executed on Capital Account and not provided for (net of advances) Rs.80,25,300/-

(P.Y. Rs.6,46,183/-)

5. During the year Company has paid Rs.1,79,78,573/- to District Collector, Mumbai Suburban District towards regularization of lease and other charges for factory property situated at Andheri and has shown the same under the heading of Loans and Advances. Subsequently, Management of the Company has decided to convert the said property into Stock-in-Trade vide board resolution Dated 12th April,2010 to commercially exploit the said property by developing it and these expenses will be accounted accordingly.

6. The significant component and classification of deferred tax assets and liabilities on account of timing differences are:-

Note:-

Management has indentified two separate segments namely:- a)Electrical motors - Comprising of electrical motors of all types. b)Instruments - Comprising of laboratory instruments and equipments and parts thereof.

7. Related parties disclosures:- i) (a) Key Management Personal

Shri V.C.Saraf- Managing Director Shri R.C.Saraf- Director Shri Ritvik.V.Saraf- Executive Director Shri Sunil Saraf - Executive Director Shri Sandeep Shriya - Director

(b) Associate companies:

Bajrang Fianance ltd. Remi Process Plant & Machinery Ltd. Remi Metal Gujarat Ltd.. Rajendra finance pvt.Ltd.

Remi finance & Investment pvt.Ltd. Remi Securities Ltd.

(c) Relatives of key management personal and their enterprises where transactions have taken place: Rajendra Electric Motor Industries, Remi International.

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

ii) Transactions carried out with related parties referred in i) above,are in ordinary course of business:

8. QUANTITATIVE DETAILS IN REGARD TO :

a. Licenced Capacity Not applicable

b. Installed Capacity :

(As certified by management)

Electric Motors -83,000 Nos (83,000) Laboratory Instruments ;Not ascertainable

c. Production 79838 Nos : Electrical Motors.

(63952) Nos

28811 Nos : Laboratory Instruments

(22414) Nos

9 Disclosures in accordance with Revised AS -15 on "Employee Benefits":

(iii) Amount recognized in the Balance sheet including a reconcilation of the present value of defined benefit obligation and the fair Value of Assets

(vi) 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;

10. The company has not received details from its suppliers as to whether any of them are micro small and medium enterprises and hence any overdue amount payable to such enterprises cannot be compiled. However, the company is paying to its suppliers as per agreed terms.

11.a)Imports of goods on CIF basis Rs.66,85,297/- (P.Y.Rs.1,21,504/-)

b)Expenses in foreign currency: Travelling Rs.3,72,012/- (P.Y. Rs.4,99,110/-) Sales Promotion Rs.4,39,474/-(P.Y.Rs.597373/-)

12.Earning in foreign Currency: FOB value of Exports Rs.1,57,18,213/- (P.Y.Rs.1,66,54,157/-) 17. Closing Stock of finished goods includes consignment stock of Rs.96,30,741/- (P.Y.Rs.59,60,036/-) with various consignees.

13.a)Computation of Net Profit under section 349/198(1) of the Companies Act, 1956 for the purpose of Directors Commission:-

14. The Name of the Company has been changed to Remi Elektrotechnik Ltd. W.e.f 10.11.2009.

15. Additional information pursuant to Part IV of Schedule VI to the Companies Act, 1956 are as per ANNEXURE enclosed.

16. Previous Years figures have been regrouped / rearranged wherever necessary.

17. Figures within brackets are for previous year.

18. Figures have been rounded off to the nearest rupee.

 
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