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Notes to Accounts of Rishab Special Yarns Ltd.

Mar 31, 2014

1. Contingent Liabilities - Not Provided For

S. Particulars Amount Amount Amount No. (Rs. in Lacs) (Rs. in Lacs) 31.03.2014 31.03.2013

a) In respect of Cess demanded by Textile Committee under the Textile Committee (Cess) Rules, 1975, for the period from 1989 to 1997, against which company has filed writ petition at Raj. High Court for holding the levy of Cess and for setting aside the demand (Rs. 400000/- deposited under protest & Rs. 426749/- retained as security against the demand by The Office of NHAI land acquisition, Abu Road which is included in Deposits under the head Current Assets.) 8.27 8.27

b) In respect of Excise Duty (NCCD) and Penalty demanded by Excise Department for clearances during March, 2003, against which the company has filed appeal with Hon''ble Tribunal Excise Custom & Service Tax, New Delhi which in its order remanded the matter to The Commissioner (Appeals) Customs, Excise & Service Tax for hearing on merits (Rs. 801632/- Deposited included in Deposits under the head Current Assets.) 83.36 83.36

2. Figures of the previous year have been regrouped and rearranged to correspond to current year''s classification.

3. Provision for Current and Deferred Tax

No provision for tax for the year has been made in view of current year''s loss and in view of uncertainty of future business deferred tax assets has not been recognized.

4. Due to Micro, Small & Medium Enterprises

To the extent of information available with management, there are no SSI units to whom Company owes money for more than 30 days.

The Company has not received any communication from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

5. In the opinion of management, loans and advances and other assets are approximately of the value stated, it realized in the ordinary course of business unless and otherwise stated. The provisions of all liabilities are adequate and not in excess of the amount reasonably necessary.

6. Additional information pursuant to the provisions of paragraphs 3 and 4 of Part II of Schedule VI of the Companies Act, 1956 is not applicable.

7. Disclosure as required by "Accounting Standard 24: Discontinuing Operations" and "Accounting Standard 28: Impairment of Assets"

The company was incurring heavy losses in textile business. Under the circumstances the Board of directors in their meeting held on 29.10.2005 decided to discontinue the business operations of the company and to sell the company''s machinery & equipments and surplus land to repay the liabilities of the company. The company has sold entire Tangible Assets except major part of land & building and some part of furniture & fixtures.

8. Disclosure as required by Accounting Standard - 18 on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are as follows:

a. Relationship

i. Key Management Personnel & their relatives

Mr. Amitabh Hirawat - Managing Director

Smt. Padam Devi Hirawat

ii. Enterprises owned or significantly influenced by key management personnel or their relatives where transactions have taken place:

Trepechy Trading Pvt. Ltd.

Shashwin Textiles Ltd.

Trepechy Textiles Pvt. Ltd,

Note: Related party relationship is as identified by the company & relied upon by the Auditors.

b. Transactions carried out with related parties referred in A above, in ordinary course of business:

9. SHARE CAPITAL

(i) The Company has only one class of Equity shares having a par value of Rs 10/-. Each holder is eligible for one vote per share held, in the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company, after distribution of all preferential amounts in proportion to their shareholding.

10. Long Term Borrowings

The Long Term Borrowing will be payable after 12 months.

11. Related Parties Disclosures:

A. Relationship

(i) Key Management Personnel & their relatives

Mr. Amitabh Hirawat - Managing Director

Smt Padam Devi Hirawat

(ii) Enterprises owned or significantly influenced by key management personnel or their relatives where transactions have taken place:

M/s Trepechy Trading Pvt. Ltd.


Mar 31, 2013

1. CORPORATE INFORMATION:

M/s Rishab Special Yams Limited was incorporated under Companies Act, 1956 ( No. 1 of 1956) on 17.08.1987 as a public Limited company with its registered office at 2070, Rasta Bara Gangore, Jaipur -302017, to carry on the business of manufacturing, processing, texturising, twisting, doubling, processing, packing, colorouring, dyeing, printing, bleaching,, finishing, crimping, lenitting of polyester filament yarn, and all other types of yams and fibres. The company went on public issue in February 1992 and the issue was oversubscribed by 11 times. The basis of allotment was finalized on 10.04.1992 and company raised a total sum of Rs.290.43 lakhs through this Initial public offer. Due to incurrence of continuous losses year after year the company has decided in its Board Meeting held on 29.10.2005 to discontinue the business operations of the company. Subsequently the company is trying to revive the business and evaluating various options to utilized its available assets gainfully.

2. Contingent Liabilities - Not Provided for:

S. Particulars Amount Amount No. (Rs. in Lacs) (Rs. in Lacs) 31.03.2013 31.03.2012

a) In respect of Cess demanded by Textile Committee under 8.27 8.27 the Textile Committee (Cess) Rules, 1975, for the period from 1989 to 1997, against which company has filed writ petition at Raj. High Court for holding the levy of Cess and for setting aside the demand (Rs. 400000/- deposited under protest & Rs. 426749/- retained as security against the demand by The Office of NHAI land acquisition, Abu I Road which is included in Loans & Advances)

b) ] In respect of Excise Duty (NCCD) and Penalty demanded I BM I 8^34 by Excise Department for clearances during March, 2003, against which the company has filed appeal with Hon''ble Tribunal Excise Custom & Service Tax, New Delhi (Rs. I 801632/- Deposited included in Loans & Advances).

3. Figures of the previous year have been regrouped and rearranged to correspond to current year''s classification.

4. Provision for Current and Deferred Tax

No provision for tax for the year has been made in view of availability of brought forward losses for set off against current year''s income and in view of uncertainty of future business deferred tax assets has not been recognized.

5. Due to Micro, Small & Medium Enterprises

To the extent of information available with management, there are no SSI units to whom Company owes money for more than 30 days.

The Company has not received any communication from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

6. In the opinion of management, loans and advances and other assets are approximately of the value stated, if realized in the ordinary course of business unless and otherwise stated. The provisions of all liabilities are adequate and not in excess of the amount reasonably necessary.

7. Additional information pursuant to the provisions of paragraphs 3 and 4 of Part II of Schedule VI of the Companies Act, 1956 is not applicable.

8. Disclosure as required by "Accounting Standard 24: Discontinuing Operations" and "Accounting Standard 28: Impairment of Assets"

The company was incurring heavy losses in textile business. Under the circumstances the Board of directors in their meeting held on 29.10.2005 decided to discontinue the business operations of the company and to sell the company''s machinery & equipments and surplus land to repay the liabilities of the company. The company has sold entire Tangible Assets except major part of building and some part of land & furniture & fixtures.

9. Disclosure as required by Accounting Standard - 18 on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are as follows:

a. Relationship

i. Key Management Personnel & their relatives

Mr. Amitabh Hirawat - Managing Director

Smt. Padam Devi Hirawat ii. Enterprises owned or significantly influenced by key management personnel or their relatives where transactions have taken place:

Trepechy Trading Pvt. Ltd.

Shashwin Textiles Ltd. Trepechy Textiles Pvt. Ltd,


Mar 31, 2012

1 CORPORATE INFORMATION:

M/s Rishab Special Yarns Limited was incorporated under Companies Act, 1956 ( No. 1 of 1956) on 17.08.1987 as a public Limited company with its registered office at 2070, Rasta Bara Gangore, Jaipur -302003, to carry on the business of manufacturing, processing, texturising, twisting, doubling, dyeing of polyester filament yarn, and all other types of yarns and fibres.

The company went public in February 1992. The basis of allotment was finalized on 10.04.1992 and company raised a total sum of Rs.290.43 lakhs through this Initial public offer. Shares of the Company are listed with The Bombay Stock Exchange Ltd., Mumbai ,The Delhi Stock Exchange Association Ltd., New Delhi,Jaipur Stock Exchange Limited, Jaipur

The company has decided in its Board Meeting held on 29.10.2005 to discontinue the then existing business operation of the company. Now company is evaluating to enter new businesses viz. Granite cutting & Polishing etc and business related to production and recycling and to trade, deal in import or export of various plastic materials and to manufacture various products of aforesaid material at present location at Abu Road.

Contingent Liabilities - Not Provided for:

S. Particulars Amount Amount No (Rs. in Lacs) (Rs. in Lacs)

31.03.2012 31.03.2011

a) In respect of Cess demanded by Textile Committee under the Textile 8.27 8.27 Committee (Cess) Rules, 1975, for the period from 1989 to 1997, against which company has filed writ petition at Raj. High Court for nullifying the levy of Cess and for setting aside the demand (Rs. 400000/- deposited under protest & Rs. 426749/- retained as security against the demand by The Office of NHAI land acquisition, Abu Road which is included in Loans & Advances)

b) In respect of Excise Duty and Penalty demanded by Excise Department for 83.36 83.36 clearances during March, 2003, against which the company has filed appeal with Hon'ble Tribunal Excise Custom & Service Tax, New Delhi (Rs. 801632/-deposited, included in Loans & Advances).





2. Figures of the previous year have been regrouped and rearranged to correspond to current year's classification.

3. Provision for Current and Deferred Tax: No provision for tax for the year has been made in view of losses in current year and in view of uncertainty of future business deferred tax assets has not been recognized.

4. Due to Micro, Small & Medium Enterprises: To the extent of information available with management, there are no SSI units to whom Company owes money for more than 30 days.

The Company has not received any communication from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

5. In the opinion of management, loans and advances and other assets are approximately of the value stated, if realized in the ordinary course of business unless otherwise stated. The provisions of all liabilities are adequate and not in excess of the amount reasonably necessary.

6. Additional information pursuant to the provisions of paragraphs 3 and 4 of Part II of Schedule VI of the Companies Act, 1956 is not applicable.

7. Disclosure as required by "Accounting Standard 24 : Discontinuing Operations" and "Accounting Standard 28 : Impairment of Assets"

The company was incurring heavy losses in textile business. Under the circumstances the Board of directors in their meeting held on 29.10.2005 decided to discontinue the business operations of the company and to sell the company's machinery & equipments and surplus land to repay the liabilities of the company. The company has sold entire fixed assets except major part of land & building and some furniture & fixtures.

8. Disclosure as required by Accounting Standard - 18 on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are as follows:

a. Relationship

i. Key Management Personnel & their relatives

Mr. Amitabh Hirawat - Managing Director

Mr. Nathmal Hirawat - Father of Mr. Amitabh Hirawat

Srnt. Padam Devi Hirawat - Mother of Mr. Amitabh Hirawat

ii. Enterprises owned or significantly influenced by key management personnel or their relatives where transactions have taken place:

Trepechy Trading Pvt. Ltd. Shashwin Textiles Ltd. Trepechy Textiles Pvt. Ltd,

Note: Related party relationship is as identified by the company & relied upon by the Auditors.

Notice Pursuant to Section 192A (2) of the of the Companies Act, 1956 read with the Companies (Passing of the Resolutions by Postal Ballot) Rules, 2011.


Mar 31, 2010

1. Disclosure as required by "Accounting Standard 24: Discontinuing Operations" and "Accounting Standard 28: Impairment of Assets"

a. The company was incurring heavy losses in textile business. Under the circumstances the Board of directors in their meeting held on 29.10.2005 decided to discontinue the business operations of the company and to sell the companys machinery & equipments and surplus land to repay the liabilities of the company. The company has sold entire plant & machinery and misc. fixed assets except for land & building and some furniture & fixture during the year 2008.

2. Deferred Tax - In view of no certainty of future business deferred tax assets has not been recognized.

3. Contingent Liability-

S. Particulars Amount Amount No. (Rs. in Lacs) (Rs. in Lacs) 31.03.2010 31.03.2009

a) In respect of Cess demanded by Textile Committee under 8.27 8.27 the Textile Committee (Cess) Rules, 1975, for the period from 1989 to 1997, against which company has filed writ petition of Raj. High Court for holding the levy of Cess and for setting aside the demand (Rs. 400000/- deposited under protest & Rs. 426749/- retained as security against the demand by The Office of NHAI land acquisition, Abu Road which is included in Loans & Advances)

b) In respect of Excise Duty (NCCD) and Penalty demanded 83.36 83.36 by Excise Department for clearances during March, 2003, against which the company has filed appeal with Honble Tribunal Excise Custom & Service Tax, New Delhi (Rs. 801632/ Deposited included in Loans & Advances).

4. Segment Reporting- The company was engaged in manufacturing of texturised, twisted & dyed yarns, however no business is being done presently. Hence, no separate disclosure as required by AS-17 "SEGMENT REPORTING" is given.

5. Due to Micro, Small & Medium Enterprises - To the extent of information available with management, there are no SSI units to whom Company owes money for more than 30 days. The Company has not received any communication from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

6. In the opinion of management, loans and advances and other assets are approximately of the value stated, if realized in the ordinary course of business unless and otherwise stated. The provisions of all liabilities are adequate and not in excess of the amount reasonably necessary.

7. Disclosure as required by Accounting Standard -18 on "Related Party Disclosures" Issued by the Institute of Chartered Accountants of India are as follows: a. Relationship

i. Key Management Personnel & their relatives

Mr. Amitabh Hirawat - Managing Director

Mr. Nathmal Hirawat - Chairman

Smt. Padam Devi Hirawat

ii. Enterprises owned or significantly influenced by key management personnel or their relatives where transactions have taken place :

Shashwin Textiles Limited

Trepechy Trading Co. Pvt. Ltd.

Jaipur Green Fuels

Note : Related party relationship is as identified by the company & relied upon by the Auditors.

8. Figures of the previous year have been regrouped and rearranged to correspond to current years classification.

9. Figures have been rounded off to the nearest rupee


Mar 31, 2009

1. Disclosure gj required by "Accounting Standard 24 rDiscontinuina Operations and "Accounting Standard 22 :lmpairment of Assets

a. The company was incurring heavy losses in textile business. Under the circumstances mentioned above, As per the Board of directors in their meeting held on 29.10.2005 decided to discontinue the business operations of the company and to sell the companys machinery & equipments and surplus land to repay the liabilities of the company. The company has sold entire plant & machinery and misc. fixed assets except for land & building during 2008.

2. Deferred Tax

In view of no certainty of future business deferred tax assets has not been recognised.

3. Fringe Benefit Tax

In view of no employees in the company, no provision has been made for Fringe Benefit Tax.

4. Contingent liability AMOUNT (RS. IN LACS)

31.03.2009 31.03.3008

a) In respect of Cess demanded by Textile Committee under the Textile Committee (Cess) Rules, 1975, for the period from 1989 to 1997, against 8.27 8.27 which company has filed writ petition at Raj. High Court for holding the levy of Cess and for setting aside the demand (Rs. 400000/- deposited under protest & Rs. 426749/- retained as security against the demand by The Office of NHAI land acquisition, Abu Road which is included in Loans & Advances)

b) in respect of Excise Duty (NCCD) and Penalty demanded by Excise Department for clearances during March, 2003, against which the 83.36 83.36 company has fled appeal with Honble Tribunal Excise Custom & Service Tax, New Delhi (Rs. 801632/- Deposited included in Loans & Advances).

5. Segment Reporting

The company was engaged in manufacturing of texturised, twisted & dyed yams, however no bussiness is being done presently. Hence, no separate disclosure as required by AS-17 "SEGMENT REPORTING" is given.

6. Due to Micro, Small & Medium Enterprises

To the extent of information available with management, there are no SSI units to whom Company owes money for more than 30 days.

The Company has not received any communication from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

7. In the opinion of management, loans and advances and other assets are approximately of the value stated, if realised in the ordinary course of business unless and otherwise stated. The provisions of all liabilities are adequate and not in excess of the amount reasonably necessary.

8. Disclosure as required by Accounting Standard - 18 on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are as follows:

a) Relationship

i. Key Management Personnel & their relatives Mr. Amitabh Hirawat (Managing Director) Mr.Nathmal Hirawat, Chairman Smt. Padam Devi Hirawat

ii. Enterprises owned or significantly influenced by key management personnel or their relatives where transactions have taken place: Shashwin Textiles Limited Jaipur Green Fuels

9. Figures of the previous year have been regrouped and rearranged to correspond to current years classification.

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

 
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