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Notes to Accounts of Remi Sales & Engineering Ltd.

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.

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.

2. SHORT TERM BORROWING

[Secured by first hypothecation charge on entire current assets consisting of finished goods and receivables. Extension of Equitable Mortgage of land at Brahmanwel, Dist. Dhule, and hypothecation of Windmill. The Loans also guaranteed by two corporate bodies and two individuals.]


Mar 31, 2013

1.1 Contingent Liabilities not provided for :

i) Bank Guarantees given Rs. 47,46,154.00 (P.Y. Rs. 10,76,891.00)

ii) Claim of third party towards rent not acknowledged by Company

Rs. 30,07,038.00 ( P.Y. Rs. 30,07,038.00) iii) Sales Tax demand disputed in appeal Rs. 59,47,031/- (P.Y. 59,47,031) iv) Bills discounted with State Bank of India

Rs.23,02,788/- (P.Y. NIL)

1.2 Payment to Micro, Small & Medium Enterprises are made in accordance with the agreed credit terms and to the extent ascertained from available information, there was no amount overdue beyond the period specified in Micro, Small and Medium Enterprises Development Act, 2006.

1.3 Segment Reporting: The Company operates in two segments namely (i) Trading and (ii) Wind Power Generation. Since revenue, result and assets of wind power generation are below the prescribed criteria and hence the same is not treated as reportable segment.

1.4 Value of Imports calculated on CIF basis: Rs.32,20,702/- (P.Y. Rs. 33,10,544/-)

1.5 Expenditure in foreign currency - Travelling expenses Rs.3,48,767/- (P.Y. 4,11,747/-)

- Payment of Imported Material Rs.32,20,702/- (P.Y 3310544/-)

- Sales promotion 274963 (P.Y. NIL)

1.6 Disclosures in accordance with Revised AS 15 on Employee Benefits".

(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.

The estimates of future salary increases considered in actuarial valuation takes into account inflation, seniority, promotion and other relevant factors.

1.7 Previous year figures are regrouped, rearranged and reclassified, wherever necessary to confirm with current year presentation.


Mar 31, 2010

1. Contingent Liabilities not provided for:

i) Bank Guarantees given Rs. 7,85,107.00 (P.Y. Rs. 16,33,941.00)

ii) Guarantees given to bank on behalf of third party Rs.4,30,00,000/-

(P.Y.Rs. 8,46,00,000/-) iii) Claim of third party towards rent not acknowledged by Company Rs. 30,07,038.00 ( P.Y. Rs. 30,07,038.00).

2. Closing stock of inventory includes stock of Rs. 83,84,040/- (P.Y. Rs.83,84,040/- lying with third party. The party cancelled the order after sale was effected and the products installed at their locations in earlier year. The matter is disputed in Court and the Company is hopeful of favourable order and hence no provision is made for decline in realizable value of the said products, if any.

3. Payment to Micro & Small Enterprises are made in accordance with the agreed credit terms and to the extent ascertained from available information, there was no amount overdue beyond the period specified in Micro, Small and Medium Enterprises Development Act, 2006.

4. Value of Imports calculated on CIF basis: Rs. 2,04,30,097/- (P.Y. Rs. 1,07,68,041/-)

5. Expenditure in foreign currency - Travelling expenses Rs.2,18,857/- (P.Y. 1,69,025/-)

- Payment of Imported Material Rs.1,97,01,914/- (P.Y. 1,10,25,824/-)

6. Related parties disclosures:-

1. (a) Key Management Personnel :

Shri Sandeep Kasera

(b) Associate Concerns

Kuberkamal Ind. Invest. Ltd., Remi Securities Ltd., Rajendra Finance P. Ltd., Remi Finance & Invest. P. Ltd. Bajrang Finance Ltd.

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

7. Disclosures in accordance with Revised AS-15 on Employee Benefits".

The Accounting Standard -15 (Revised 2005) on "Employee Benefits" issued by the Institute of Chartered Accountants of India has been adopted by the Company effective from April 1,2007.

8. Disclosures in accordance with Revised AS -15 on Employee Benefits".

The Accounting Standard -15 (Revised 2005) on "Employee Benefits" issued by the Institute of Chartered Accountants of India has been adopted by the Company effective from April 1,2007.

9. Additional information pursuant to part IV schedule VI to the Companies Act, 1956 are as per Annexure enclosed.

10. Previous years figures have been regrouped and rearranged wherever necessary in order to make them comparable with current year figures.

 
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