Mar 31, 2014
Dear Members,
The Board of Directors here with presents the Twenty Sixth Annual
Report together with Audited Statement of Accounts of the Company for
the year ended on 31st March, 2014.
FINANCIAL RESULTS Amount in rupees
2014 2013
Net Sales/Income From Operations - -
Other income 220732 594931
Profit/(Loss) before depreciation, finance cost,
exceptional items & taxes. (210826) (102503)
Less: Finance Cost 2811 1192
Profit/(Loss) before depreciation,
exceptional items & taxes. (208015) (103695)
Less: Depreciation - -
Profit/(Loss) before exceptional items & taxes (208015) (103695)
Exceptional items : Profit on sale of land
& building - 4559379
Profit/(Loss) before tax (208015) 4455684
Provision for Taxation - -
Profit/(Loss) after tax (208015) 4455684
Balance Brought forward from the last year (106052127) (110507811)
Balance Carried to Balance Sheet (106260142) (106052127)
PERFORMANCE : Due to financial constraints, manufacturing activities
stand discontinued. During the year under review company has incurred a
loss of Rs. 2.08 lakhs from non operating expenses, the company has now
been able to pay off all its secured lenders and can now look forward
to a new beginning. The management is examining various options to
gainfully utilize factory assets at Abu Road.
FUTURE PROSPECTS : The company is continuously examining the
possibility of starting some business to utilize the existing assets
gainfully. The proposed activities shall be finalized and implemented
based on final view of board and availability of funds. Also, company
is considering reviving of the activity of texturising of polyester
yarn (part of existing business) in view of changes in indirect tax
structure. As soon as the management is able to finalize any business
plans, it shall keep the valued shareholders informed through available
mode of communications.
CORPORATE GOVERNANCE : The company has complied with all the mandatory
requirements of the Corporate Governance specified under clause 49 of
the listing agreement. As required by the said clause a separate report
on corporate governance forms part of the Annual Report as Annexure -
I. A report from the Statutory Auditors of the Company regarding
compliance of conditions of corporate governance is part of this report
as Annexure - II.
MANAGEMENT DISCUSSION & ANALYSIS : This has been included as a separate
Annexure - III to this Report.
DIVIDEND : In view of the current year operational loss and carried
forward losses, your directors are unable to declare any dividend.
FIXED DEPOSITS : The company has not accepted any fixed deposit during
the year from the public.
DEPOSITORY SYSTEM : The company''s shares can now be traded in
electronic form. The company has entered into an agreement with CDSL to
act as depository and for dematerialization of shares. CDSL has issued
ISIN 1NE351D01013 and activated the same as on 25th August, 2014. The
shareholders are requested to convert their physical holding to
dematerialization.
DIRECTORS : Shri Chandra Mohan Khandelwal (holding DIN. 00420235)
Directors of the Company retire by rotation pursuant to Section 152 of
the Companies Act, 2013 being eligible offers himself for
re-appointment and Shri Kamal Kishore Kalani (holding DIN. 02275473)
and Shri Pradeep Kumar Loiwal (holding DIN 00403719) being eligible
offer themselves for re-appointment.
AUDITORS : M/s Jain Shrimal & Co. Chartered Accountants, Jaipur retire
at the ensuing Annual General Meeting and being eligible for
re-appointment have given their consent for re-appointment. Your
Directors recommend their appointment.
ENVIRONMENT : M/s. Rishab Special Yarns Ltd. is committed to minimize
the environmental impact of its operations on its products by adopting
sustainable practices and continuous improvements in environmental
performance.
DIRECTORS RESPONSIBILITY STATEMENT
In compliance of section 217 (2AA) of the Companies Act, 1956, your
directors confirm that:
1. In the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures.
2. The directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent as to give a true and fair view of the state of the affairs
of the company at the end of financial year and of the loss of the
company for that period.
3. The directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 1956 for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities.
4. The directors had prepared the annual accounts based on their
decision to stop operation at its Abu Road plant.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO : Information in accordance with Section 217 (1) (e) of the
Companies Act, 1956 read with the Companies (Disclosure of particulars
in Report of Board of Directors) Rules, 1988 are set out in Annexure-IV
forming part of the Report.
EMPLOYEES : None of the employees of the company is in receipt of
remuneration of Rs. 60,00,000/- or more per annum, if employed for
whole of the year or of Rs. 5,00,000/- or more per month, if employed
for part of the year.
ACKNOWLEDGEMENT : The Board gratefully acknowledges the co-operation
and support given by the Shareholders, Banks, Financial Institutions
and others.
For & on behalf of the Board of Directors
(Amitabh Hirawat)
Jaipur Managing Director and Chairman
Date : 03/11/2014 (DIN 00349697)
Mar 31, 2013
TO The Members of RISHAB SPECIAL YARNS LIMITED
JAIPUR
The Board of Directors here with presents the Twenty Fifth Annual
Report together with Audited Statement of Accounts of the Company for
the year ended on 31st March, 2013.
FINANCIAL RESULTS Amount in rupees
2013 2012
Net Sales/ Income From Operations
Other Income 594931 886000
Profit/(Lbss) before depreciation,
finance cost, (102503) 66990
exceptional items & taxes.
Less: Finance Cost 1192 3695
Profit/(Loss) before depreciation, (103695) 63295
exceptional items & taxes.
Less: Depreciation 417053
Profit/(Loss) before exceptional
items & taxes (103695) (353758)
Exceptional items: Profit on sale
of land & building 4559379
Profit/(Loss) before tax 4455684 (353758)
Provision for Taxation
Profit/(Loss) after tax 4455684 (353758)
Balance Brought forward
from the last year (110507811) (110154053)
Balance Carried to Balance Sheet (106052127) (110507811)
PERFORMANCE: Due to financial constraints, manufacturing activities
stand discontinued. During the year under review company has earned a
profit of Rs. 44.56 lakhs on sale of extra land, the company has now
been able to pay off all its secured lenders and can now look forward
to a new beginning. The management is examining various options to
gainfully utilize factory assets at Abu Road.
FUTURE PROSPECTS : The company is in process of examining the
possibility of starting some business to utilize the existing assets
gainfully. The proposed activities shall be finalized and implemented
based on final view of board and availability of funds. Also, company
is considering reviving of the activity of texturising of polyester
yarn (part of existing business) but stands deferred till change in
indirect tax structure or GST regime, is made applicable, at a new
location identified by the management. As soon as the management is
able to finalize any business plans, it shall keep the valued
shareholders informed through available mode of communications.
CORPORATE GOVERNANCE : The company has complied with all the mandatory
requirements of the Corporate Governance specified under clause 49 of
the listing agreement. As required by the said clause a separate report
on corporate governance forms part of the Annual Report as Annexure -
I. A report from the Statutory Auditors of the Company regarding
compliance of conditions of corporate governance is part of this report
as Annexure - II.
MANAGEMENT DISCUSSION & ANALYSIS: This has been included as a separate
Annexure - III to this Report.
DIVIDEND: In view of the current year operational loss and carried
forward losses, your directors are unable to declare any dividend.
FIXED DEPOSITS : The company has not accepted any fixed deposit from
the public within the meaning of Section 58-A of Companies Act, 1956
and the Companies (Acceptance of Deposit) Rules, 1975 during the year.
DEPOSITORY SYSTEM : The company''s shares are not tradable in electronic
form. Although the company has appointed Share Transfer Agent but the
formalities of dematerlisation are yet to be completed. As soon as this
is done, trading of company''s shares shall commence in demat form.
DIRECTORS : Shri Chandra Mohan Khandelwal and Shri Pradeep Loiwal,
Directors of the Company retire by rotation pursuant to Section 256 of
the Companies Act, 1956 and being eligible offer himself for
reappointment.
AUDITORS: M/s Jain Shrimal & Co. Chartered Accountants, Jaipur retire
at the ensuing Annual General Meeting and being eligible for
re-appointment have given their consent for re-appointment. Your
Directors recommend their appointment.
ENVIRONMENT : M/s. Rishab Special Yarns Ltd. is committed to minimize
the environmental impact of its operations on its products by adopting
sustainable practices and continuous improvements in environmental
performance.
DIRECTORS RESPONSIBILITY STATEMENT
In compliance of section 217 (2AA) of the Companies Act, 1956, your
directors confirm that:
1. In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
2. The directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent as to give a true and fair view of the state of the affairs
of the company at the end of financial year and of the loss of the
company for that period.
3. The directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 1956 for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities.
4. The directors had prepared the annual accounts based on their
decision to stop operation at its Abu Road plant.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO : Information in accordance with Section 217 (1) (e) of the
Companies Act, 1956 read with the Companies (Disclosure of particulars
in Report of Board of Dirctors) Rules, 1988 are set out in Annexure-IV
forming part of the Report.
EMPLOYEES : None of the employees of the company is in receipt of
remuneration of Rs. 60,00,000/- or more per annum, if employed for
whole of the year or of Rs. 5,00,000/- or more per month, if employed
for part of the year.
ACKNOWLEDGEMENT : The Board gratefully acknowledges the co-operation
and support given by the Shareholders, Banks, Financial Institutions
and others.
Jaipur For & on behalf of the Board of Directors
Date: 30/05/2013 Managing Director and Chairman
Mar 31, 2011
The Board of Directors here with presents the Twenty Third Annual
Report together with Audited Statement of Accounts of the Company for
the year ended on 31 st March 201T.
Amount in rupees
2011 2010
FINANCIAL RESULTS
Profit/f Loss) before depreciation misc.
expenses w/off & taxes 3759331 (96000)
Less: Depreciation 417278 -
Less: Misc. Exp. W/off - -
Provision for Taxation - -
Profit/(Loss) aftertax 3342053 (96000)
Balance Brought forward from the last year (113496106) (113400160)
Balance Carried to Balance Sheet (110154053) (113496106)
PERFORMANCE
Due to financial constraints, manufacturing activities stand
discontinued. During the year under review company has earned a profit
of Rs. 33.42 lakhs on sale of some land and building and as income of
rent, the company has now been able to pay off all its secured lenders
and can now look forward to a new beginning. The management is
examining various options to gainfully utilize factory assets at Abu
Road. Any decision is to be taken keeping in mind the locational
situations and avoid pitfalls as experienced in the past.
FUTURE PROSPECTUS:
The company is considering of reviving the activity of texturising of
polyester yarn (part of its earlier business) at, a new location
identified by the management and also looking for utilizing existing
assets gainfully. As soon as the management is able to finalize any
business plans, it shall be communicate the same to the shareholders
through available channels.
CORPORATE GOVERNANCE
The company has complied with all the mandatory requirements of the
Corporate Governance specified by Securities & Exchange Board of India
in terms of clause 49 of the listing agreement, as required by the said
clause a separate report on corporate governance forms part of the
Annual Report as Annexure-I. A report from the Statutory Auditors of
the Company regarding compliance of conditions of corporate governance
is part of this report as Annexure-ll.
MANAGEMENT DISCUSSION & ANALYSIS
This has been included as a separate Annexure-lll to this Report.
DIVIDEND
In view of carried forward losses, your directors are unable to declare
any dividend.
FIXED DEPOSITS
The company has not accepted any fixed deposit from the public in
contravention of Section 58-A of Companies Act, 1956 and the Companies
(Acceptance of Deposit) Rules, 1975 during the year.
DEPOSITORY SYSTEM
The companys shares are not tradable in electronic form. Although the
company has appointed Share Transfer Agent but the formalities of
dematerlisation are yet to be completed. As soon as this is done
trading of companys shares shall commence in demat form.
DIRECTORS
Shri. Chandra Mohan Khandelwal and Shri. Sushil Kumar Jalan, Director
of the Company retire by rotation pursuant to Section 256 of the
Companies Act, 1956 and eligible offer themselves for reappointment.
AUDITORS
M/s. N.C.Dhadda & Co., Chartered Accountants, Jaipur retire at the
ensuing Annual General Meeting, and being eligible for re-appaintment.
ENVIRONMENT
M/s. Rishab Special Yarns Ltd. is committed to minimizes the
environmental impact of its operations and its products by adopting
sustainable practices and continuous improvements in environmental
performance.
DIRECTORS RESPONSIBILITY STATEMENT
In compliance of section 21 7 (2AA) of the Companies Act, 1956, your
directors confirm that:
1. In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper
explanationrelating to material departures;
2. The directors have selected such accounting policies and applied
them consistently and made judgements and estimates that are reasonable
and prudent as to give a true and fair view of the state of the affairs
of the company at the end of financial year and of the loss of the
company for that period;
3. The directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 1956 for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities;
4. The directors had prepared the annual accounts based on their
decision to stop operations at its Abu Road Plant.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO:
Information in accordance with Section 217(l)(e) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988 are set out in Annexure-IV forming
part of the Report.
EMPLOYEES
None of the employees of the company is in receipt of remuneration of
Rs. 2400000/- or more per annum, if employed for whole of the year of
Rs. 200000/-or more per month, if employed for part of the year.
ACKNOWLEDGEMENT
The Board gratefully acknowledges the co-operation and support given by
the Auditors and Shareholders.
Jaipur
Date : 27/05/2011 For & on behalf of the Board of Directors
Managing Director
Mar 31, 2010
The Board of Directors here with presents the Twenty Second Annual
Report together with Audited Statement of Accounts of the Company for
the year ended on 31 st March 2010.
Amount in rupees
2010 2009
FINANCIAL RESULTS
Profit/(Loss) before depreciation
misc. expenses w/off & taxes (96000) (368411)
Less: Depreciation - -
Less: Misc. Exp. W/off - -
Provision for Taxation - -
Profit/(Loss) after tax (96000) (368411)
Balance Brought forward from the
last year (113400160) (113031695)
Balance Carried to Balance Sheet (113496106) (113400106)
PERFORMANCE
Due to financial constraints and continued cash losses, manufacturing
activities stand discontinued. The company has now been able to pay off
all its secured lenders and can now look forward to a new beginning.
The management is examining various options to gainfully utilize
factory assets at Abu Road. Any decision is to be taken keeping in mind
the locational situations and avoid pitfalls as experienced in the
past. The idea is to utilize the locational benefits which can be
taken advantage off.
CORPORATE GOVERNANCE
The company has complied with all the mandatory requirements of the
Corporate Governance specified by Securities & Exchange Board of India
in terms of clause 49 of the listing agreement, as required by the said
clause a separate report on corporate governance forms part of the
Annual Report as Annexure-I. A report from the Statutory Auditors of
the Company regarding compliance of conditions of corporate governance
is part of this report as Annexure-ll.
MANAGEMENT DISCUSSION & ANALYSIS
This has been included as a separate Annexure-lll to this Report.
DIVIDEND
In view of losses, your directors are unable to declare any dividend.
FIXED DEPOSITS
The company has not accepted any fixed deposit from the public in
contravention of Section 58-A of Companies Act, 1956 and the Companies
(Acceptance of Deposit) Rules, 1975 during the year.
DEPOSITORY SYSTEM
The companys shares are not tradable in electronic form. Although the
company has appointed Share Transfer Agent but the formalities of
dematerlisation are yet to be completed. As soon as this is done
trading of companys shares shall commence in demat form.
DIRECTORS
Shri. Pradeep Laiwal and Shri. Sushil Kumar Jalan, Director of the
Company retire by rotation pursuant to Section 256 of the Companies
Act, 1956 and eligible offer themselves for reappointment.
AUDITORS
M/s. N.C.Dhadda & Co., Chartered Accountants, Jaipur retire at the
ensuing Annual General Meeting, and being eligible for re-appaintment.
ENVIRONMENT
M/s. Rishab Special Yarns Ltd. is committed to minimizes the
environmental impact of its operations and its products by adopting
sustainable practices and continuous improvements in environmental
performance.
DIRECTORS RESPONSIBILITY STATEMENT
In compliance of section 217 (2AA) of the Companies Act, 1956, your
directors confirm that:
1. In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
2. The directors have selected such accounting policies and applied
them consistently and made judgements and estimates that are reasonable
and prudent as to give a true and fair view of the state of the affairs
of the company at the end of financial year and of the loss of the
company for that period;
3. The directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 1956 for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities;
4. The directors had prepared the annual accounts based on their
decision to exit the present line of business.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO:
Information in accordance with Section 217(1) (e) of the Companies Act,
1956 read with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 are set out in Annexure-IV forming part of the Report.
EMPLOYEES
None of the employees of the company is in receipt of remuneration of
Rs. 2400000/- or more per annum, if employed for whole of the year of
Rs. 200000/-or more per month, if employed for part of the year.
ACKNOWLEDGEMENT
The Board gratefully acknowledges the co-operation and support given by
the Auditors and Shareholders.
For & on behalf of the Board of Directors
Jaipur Chairman
Date: 20/08/2010
Mar 31, 2009
The directors here with present the Twenty First Annual Report
together with Audited Statement of Accounts of the Company for the year
ended on 31 st March 2009.
Amount In rupees
2009 2008
FINANCIAL RESULTS
Profit/(Loss) before depreciation
misc. expenses w/off & taxes (368411) (1732579)
Less: Depreciation
Less: Misc. Exp. W/off
Provision for Taxation
Profit/(Loss) after tax (368411) (1732579)
Balance Brought forward from
the last year (113031695) (111299116)
Balance Carried to Balance Sheet (113400106) (113031695)
PERFORMANCE
Due to financial constraints and continued cash losses, manufacturing
activities stand discontinued.
Company is yet to clear the dues of M/s. Kalaptaru Constructions
Overseas Private limited and is making earnest efforts to do so. The
Company is utilizing the proceeds of asset sale for the same. Only
after all these dues are repaid, Shall the Company be in a position to
determine its course of future activities.
CORPORATE GOVERNANCE
The company has complied with all the mandatory requirements of the
Corporate Governance specified by Securities & Exchange Board of India
in terms of clause 49 of the listing agreement, as required by the said
clause a separate report on corporate governance forms part of the
Annual Report as Annexure-I. A report from the Statutory Auditors of
the Company regarding compliance of conditions of corporate governance
is part of this report as Annexure-II.
MANAGEMENT DISCUSSION & ANALYSIS
This has been included as a separate Annexure-III to this Report.
DIVIDEND
In view of losses, your directors are unable to declare any dividend.
FIXED DEPOSITS
The company has not accepted any fixed deposit from the public in
contravention of Section 58-A of Companies Act, 1956 and the Companies
(Acceptance of Deposit) Rules, 1975 during the year.
DEPOSITORY SYSTEM
The companys shares are not tradable in electronic form. Although the
company has appointed Share Transfer Agent but the formalities of
dematerlisation are yet to be completed. As soon as this is done
trading of companys shares shall commence in demat form.
DIRECTORS
Smt. Padam Devi Hirawat & Shri Chandra Mohan Khandelwal, Director of
the Company retire by rotation pursuant to Section 256 of the Companies
Act, 1956 and eligible offer themselves for reappointment.
AUDITORS
M/s. R. Mohnot & Co., Chartered Accountants, Jaipur retire at the
ensuing Annual General Meeting.
M/s. N.C. Dhadda 8. Co. has given their consent for appointment.
DIRECTORSRESPONSIBILITY STATEMENT
In compliance of section 21!7 (2AA) of the Companies Act, 1956, your
directors confirm that:
1. In the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
2. The directors have selected such accounting policies and applied
them consistently and made judgements and estimates that are reasonable
and prudent as to give a true and fair view of the state of the affairs
of the compqny at the end of financial year and of the loss of the
company for that period;
3. The directors have takjen proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 1956 for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities;
4. The directors had prepared the annual accounts based on their
decision to exit the present line of business.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO:
Information in accordance with Section 217(l)(e) of the Companies Act,
1956 read with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 are set out in Annexure-IV forming part of the Report.
EMPLOYEES
None of the employees of the company is in receipt of remuneration of
Rs. 2400000/- or more per annum, if employed for whole of the year of
Rs. 200000/-or more per month, if employed for part of the year.
ACKNOWLEDGEMENT
The Board gratefully acknowledges the co-operation and support given by
the Auditors and Shareholders.
For & on behalf of the Board of Directors
Jaipur Chairman
Date: 11/11/2009