Mar 31, 2014
1. 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 company declares and pays dividend in Indian Rupees. The dividend
proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing annual general meeting.
(b) During the year ended 31st March 2014, the amount of per share
dividend recognised as distributions to equity shareholders was Rs.
0.60 (31st March 2014 Rs. 0.60).
(c) 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
1.1 The Company revalued its factory building, plant & machinery and
electric installation in earlier years. Consequently their gross values
net of transfers, have increased by Rs. 52,89,706/, Rs. 27,55,912/- and Rs.
3,68,880/- respectively. Depreciation on revalued amount has been
directly charged to Capital Reserve account. Consequently Fixed Assets
and Reserves & Surplus are still higher by Rs. 14,77,325/- (PY Rs.
16,54,002/-)
1.2 Related parties disclosures: -
1) (a) Key Management Personnel: Shri Rajendra C. Saraf.
(b) Associate Concerns:
Remi Edelstahl Tubulars Ltd., Remi Elektrotechnik Ltd.,
(c) Relatives of key management personnel and their enterprises where
transactions have taken place:
Rajendra Electrical Motor Industries, Rishabh R. Saraf, Ritvik V.
Saraf, Minakshi R. Saraf, Vishwambhar C. Saraf, Dholishakti
International and Remi International.
Note: Related party relationship is as identified by the Company and
relied upon by the Auditors.
1.3 Contingent Liabilities not provided for:
a) Guarantees given by the Bankers on behalf of the Company
Rs.87,89,889/- (P.Y. Rs. 76,60,478/-).
b) Letters of Credit Rs.15,72,050/- (P.Y. Rs. 2,16,42,703/-)
c) Sales Tax demands disputed in appeals Rs.13,483/- (P.Y. Rs. 63,148/-).
d) Liability in respect of Lease rent including interest thereon
disputed by the Company Rs.2,34,86,874/- (P.Y. Rs. 2,34,86,874/-)
e) Demand of Excise Duty and penalty disputed in appeal Rs.19,584/- (P.Y.
Rs.NIL)
f) Bills discounting of Rs.88,59,364/- (P.Y. Rs. 17,96,890/-)
g) Show cause notice in respect of excise duty amounting to Rs.
5,23,617/- (P.Y Rs. NIL)
1.4 Confirmations have not been received of debit and credit balances
of the parties'' accounts. Hence, the said balances are as per books of
account only.
1.5 In the opinion of the Board, the current assets, loans and
advances are approximately of the values stated if realised in the
ordinary course of business. The provisions for all known liabilities
are adequate and not in excess of the amounts reasonably necessary.
There are no contingent liabilities other than those stated
hereinabove.
1.6 Details of Micro, Small and Medium Enterprises are not available.
As per the management payment 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.
1.7 a) - Imports of Materials on C.I.F basis Rs. 1,78,71,232/- (P.Y. Rs.
2,61,39,983/-)
b) Foreign Exchange Earnings:
- FOB Value of Exports Rs. 2,17,795/- (P.Y. Rs. 1,48,09,466/-)
c) Expenditure in Foreign Currency:
- Travelling Expenses Rs.6,14,125/- (P.Y. Rs. 5,23,211/-)
- Payment for Material Rs.3,38,94,034/- (P. Y. Rs. 4,49,25,619/-)
1.8 Figures within brackets are for previous year and in case of loss
same has been shown double brackets.
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 is subject to the approval of the
shareholders in the ensuing annual general meeting.
(b) During the year ended 31st March 2012, the amount of per share
dividend recognised as distributions to equity shareholders was Rs. 0.60
(31st March 2011 Rs. 0.60)
(c) 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 The Company revalued its factory building, plant & machinery and
electric installation in earlier years. Consequently their gross values
net of transfers, have increased by Rs. 52,89,706/, Rs. 27,55,912/- and
Rs. 3,68,880/- respectively. Depreciation on revalued amount has been directly charged to Capital Reserve account. Consequently Fixed Assets
and Reserves & Surplus are still higher by Rs. 16,54,002/-
(PY Rs. 18,46,722/-)
1.2 Related parties disclosures: -
1) (a) Key Management Personnel:
Shri Rajendra C. Saraf.
(b) Associate Concerns:
Remi Edelstahl Tubulars Ltd., Remi Elektrotechnik Ltd., Remi Sales and
Engineering Ltd., Remi Securities Ltd., Remi Metals Gujarat Ltd., Remi
Finance & Investment Pvt. Ltd. and Rajendra Finance Pvt. Ltd.
(c) Relatives of key management personnel and their enterprises where
transactions have taken place:
Rajendra Electrical Motor Industries, Rishabh R. Saraf, Ritvik V.
Saraf, Minakshi R. Saraf, Vishwambhar C. Saraf, Dholishakti
International and Remi International.
Note: Related party relationship is as identified by the Company and
relied upon by the Auditors.
(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.
1.3 Contingent Liabilities not provided for:
a) Guarantees given by the Bankers on behalf of the Company
76,60,478/- (P.Y. Rs. 1,99,88,118/-).
b) Letters of Credit Rs. 2,16,42,703/- (P.Y. Rs. 44,24,063/-)
c) Sales Tax demands disputed in appeals Rs. 63,148/- (P.Y. Rs. 63,148/-).
d) Liability in respect of Lease rent including interest thereon
disputed by the Company Rs. 2,34,86,874/- (P.Y. Rs. 2,37,44,721/-)
e) Demand of Excise Duty and penalty disputed in appeal Rs.NIL/- (P.Y.
Rs.19,615/-)
f) Demand of Service Tax and penalty disputed in appeal Rs. NIL/- (P.Y. Rs.
34,851/-).
g) Demand in respect of N. A. Tax Disputed by company Rs. NIL/- (P.Y. Rs.
1,06,589/-). h) Bills discounting of Rs. 17,96,890/- (P.Y. Rs. NIL)
1.4 Confirmations have not been received of debit and credit balances
of the parties' accounts. Hence, the said balances are as per books of
account only.
1.5 In the opinion of the Board, the current assets, loans and
advances are approximately of the values stated if realised in the
ordinary course of business. The provisions for all known liabilities
are adequate and not in excess of the amounts reasonably necessary.
There are no contingent liabilities other than those stated
hereinabove.
1.6 Details of Micro, Small and Medium Enterprises are not available.
As per the management payment 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.
1.7 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 the Company. The Company has
reclassified previous Year's figures to conform to this years
classification.
1.8 Figures within brackets are for previous year and in case of loss
same has been shown double brackets.
1.9 Figures have been rounded off to the nearest rupee.
Mar 31, 2010
1. The Company revalued its factory building, plant & machinery and
electric installation in earlier years. Consequently their gross values
net of transfers, have increased by Rs. 52,89,708/-, Rs. 27,55,912/-
and Rs. 3,68,880/- respectively. Depreciation on revalued amount has
been directly charged to Capital Reserve account. Consequently Fixed
Assets and Reserves & Surplus are still higher by Rs. 20,54,633/-
(Previous Year Rs. 22,48,832/-)
2. During the year the Company has commenced a new factory at Palghar
all related interest expenses of Rs.23,38,820/- & other expenses of
Rs.6,95,768/- has been capitalized to respective Fixed Assets.
3. Related parties disclosures: -
1) (a) Key Management Personnel:
Shri Vishwambhar C. Saraf and Shri Rajendra C. Saraf.
(b) Associate Concerns:
Remi Edelstahl Tubulars Ltd., Remi Elektrotechnik Ltd., Remi Sales and
Engineering Ltd., Remi Securities Ltd., Remi Engineering Fans Ltd.,
Remi Metals Gujarat Ltd., Remi Anupam Mixie Ltd., Remi Cool Fans Ltd.,
Remi Finance & Investment Pvt. Ltd. and Rajendra Finance Pvt. Ltd.
(c) Relatives of key management personnel and their enterprises where
transactions have taken place:
Rajendra Electrical Motor Industries, Rishabh R. Saraf, Ritvik V. Saraf
and Minakshi R. Saraf.
Note: Related party relationship is as identified by the Company and
relied upon by the Auditors.
4. Contingent Liabilities not provided for:
a) Guarantees given by the Bankers on behalf of the Company
Rs1,53,01,878/- (P.Y. Rs.4,22,21,392/-).
b) Letters of Credit Rs. NIL/- (P.Y. Rs.15,94,246/-)
c) Sales Tax demands disputed in appeals Rs.1,09,403/- (P.Y.
Rs.68,148/-).
d) Liability in respect of Lease rent disputed by the Company
Rs.1,94,27,677/- (P.Y. Rs.1,44,70,726/-)
e) Demand of Excise Duty and penalty disputed in appeal Rs.19,615/-
(P.Y. Rs.19,615/-)
f) Demand of Service Tax and penalty disputed in appeal Rs.1,85,360/-
(P.Y. Rs.1,85,360/-).
g) Demand in respect of N. A. Tax Disputed by company Rs.1,06,589/-
(P.Y. NIL).
5. During the year company has disputed the demand of lease rent. As
per the concerned authority there is revision in lease rentals from Rs.
19,777/- p.a. to Rs.59,57,213/- p.a. w.e.f. 22.03.2007 to which Company
has disputed. The Company has also disputed the effective date from
which such revised lease rental will be applicable, hence it has
partially provided for the revised lease rent from 16.07.2009 and the
balance liability has been disclosed as contingent liability.
6. Confirmations have not been received of debit and credit balances
of the parties accounts. Hence, the said balances are as per books of
account only.
7. In the opinion of the Board, the current assets, loans and
advances are approximately of the values stated if realised in the
ordinary course of business. The provisions for all known liabilities
are adequate and not in excess of the amounts reasonably necessary.
There are no contingent liabilities other than those stated
hereinabove.
8. Quantitative and value-wise information in regard to class of
goods manufactured by the Company:
a. Licenced Capacity : N.A.
b. Installed Capacity:
i) Process Plant & Machinery : The Company does not manufacture any
standard item and therefore the
installed capacity cannot be
quantified.
ii) Wind Power : 0.750
9. Payments to Micro, Small and Medium Enterprises are made in
accordance with the agreed credit terms and to the extent ascertained
from available information, the overdue amount beyond the period
specified in Micro, Small and Medium Enterprises Development Act 2006
is Rs.1,91,132/-.
10. a) - Imports of Raw Materials on C.I.F basis Rs. 15,09,348/-
(P.Y.Rs. 1,92,85,975/-)
b) Foreign Exchange Earnings:
- FOB Value of Exports Rs.7,45,793/- ( P.Y. Rs. NIL)
c) Expenditure in Foreign Currency:
Travelling Expenses Rs.6,27,753/- (P.Y. Rs.1,94,629/-)
- Payment for Material Rs.30,09,696/- (P. Y. Rs.5,24,36,361/-)
11. Additional information pursuant to part IV of Schedule VI to the
Companies Act, 1956 are as per Annexure enclosed.
12. Previous Years figures are re-grouped and re-arranged wherever
necessary.
13. Figures within brackets are for previous year and in case of loss
same has been shown double brackets.
14. Figures have been rounded off to the nearest rupee.
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