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Notes to Accounts of Rishi Laser Ltd.

Mar 31, 2015

1. Corporate Information

Rishi Laser Limited is a public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on one stock exchange in India. The Company is engaged in manufacturing of sheet metal components, Machines.

2. Basis of Preparation

These financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis. GAAP comprises mandatory accounting standards as prescribed under Section 133 of the Companies Act, 2013 ('the Act'), read with Rule 7 of the Companies (Accounts) Rules, 2014. The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

3 : DETAILS OF DUES TO MICRO AND SMALL ENTERPRISES AS DEFINED UNDER THE MSMED ACT, 2006

Pursuant to the Micro, Small and Medium Enterprise Development Act. 2006, the Company had asked for confirmation from its vendors regarding their status under the said Act. The Company is yet to receive verifiable confirmations from the vendors and hence the amounts unpaid as at the year end together with interest payable if any, under this Act have not been given.

4 : CONTINGENT LIABILITIES

(i) Guarantee given by banks on behalf of company Rs.41,20,000

(ii) Letter of credit Rs.Nil

(iii) Appeal filed by us in respect of demand from Central Excise & Service Tax Authorities for payment of Custom Duty and other duties together with penalties for clearance in excess of 50% of FOB value for the financial year 2007-08 to June 11 from EOU Unit was decided in favour of Revenue by the Commissioner of Central Excise (Appeals), Pune III. Aggrieved by such order, Company went into appeal before the Customs, Excise & Service Tax Appellate Tribunal. Tribunal on 1st April 2014 stayed the order of the Commissioner of Central Excise (Appeals), Pune - III during the pendency of the Appeal.

5 : Due to challenging economic environment in the last few quarters, the Company has been facing difficulty in servicing its obligations to lenders on time. At present, the Company is in advanced stage of discussion with its lenders to finalise on revival package.


Mar 31, 2014

1. Corporate Information

Rishi Laser Limited is a public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on one stock exchange in India. The Company is engaged in manufacturing of sheet metal components, Machines.

2. Basis of Preparation

The financial statements of the company have been prepared in accordance with the generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956.The financial statements have been prepared on an accrual basis and under the historical cost convention.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

3 : RELATED PARTY DISCLOSURE Details of Related Parties:

Description of Relationship Names of Related Parties

Subsidiary Rishi Consfab Pvt. Ltd.

Related parties Rishi Techtex Ltd.

Rishi Vocational Education Pvt. Ltd.

Total Schweisstechnik Pvt. Ltd.

Krishak Saaj Pvt. Ltd.

Key Management Personnel (KMP) - Mr. Harshad B. Patel

- Mr. Jayesh K. Sheth

- Mr. Dinesh Mehta

- Mr. Vasant D. Goray

4 : DETAILS OF DUES TO MICRO AND SMALL ENTERPRISES AS DEFINED UNDER THE MSMED ACT, 2006

Pursuant to the Micro, Small and Medium Enterprise Development Act. 2006, the Company had asked for confirmation from its vendors regarding their status under the said Act. The Company is yet to receive verifiable confirmations from the vendors and hence the amounts unpaid as at the year end together with interest payable if any, under this Act have not been given.

5 : CONTINGENT LIABILITIES

(i) Guarantee given by banks on behalf of company Rs.41,88,215

(ii) Letter of credit Rs.1,91,67,115

(iii) Claims against the company not acknowledged as debt includes demand from Central Excise & Service Tax Authorities for payment of balance amount of Custom Duty and other duties together with Penalty of Rs. 68.24 lakh plus Interest, if any, for scrap clearance in Domestic Tariff Area in excess of 50% of FOB value of exports for the Financial Year 2007-08 to 30 June 2011 from EOU Unit. The company has gone into appeal before the Commissioner of Central Excise & Customs (Appeals), Pune III contesting the demand and the management is of the view that the demand will not stand in the appellate process. The management believes that the ultimate outcome of the legal proceedings will not have any material adverse impact on its financial and operating position.


Mar 31, 2013

1. Corporate Information

Rishi Laser Limited is a Public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on one stock exchange in India. The Company is engaged in manufacturing of Fabricated Sheet Metal components.

2. Basis of Preparation

The financial statements of the Company have been prepared in accordance with the generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

3 : DETAILS OF DUES TO MICRO AND SMALL ENTERPRISES AS DEFINED UNDER THE MSMED ACT, 2006

Pursuant to the Micro, Small and Medium Enterprise Development Act. 2006, the Company had asked for confirmation from its vendors regarding their status under the said Act. The Company is yet to receive verifiable confirmations from the vendors and hence the amounts unpaid as at the year end together with interest payable if any, under this Act have not been given.

4 : CONTINGENT LIABILITIES

(i) Guarantee given by banks on behalf of company Rs.1,82,78,939.

(ii) Letter of credit Rs.22,66,000.

(iii) Claims against the company not acknowledged as debt includes demand from the Income Tax Authorities for payment of additional tax (including interest) of Rs.13.22 Lakh upon completion of assessment for the Assessment Year 2010-11. The company has gone into appeal before the Commissioner of Income Tax (Appeals), Mumbai contesting the demand and the management is of the view that the demand will not stand in the appellate process. The management believes that the ultimate outcome of the legal proceedings will not have any material adverse impact on its financial and operating position.

(iv) Claims against the company not acknowledged as debt includes demand from Central Excise & Service Tax Authorities for payment of balance amount of Custom Duty and other duties together with Penalty of Rs.68.24 lakh plus Interest, if any, for scrap clearance in Domestic Tariff Area in excess of 50% of FOB value of exports for the Financial Year 2007-08 to 30 June 2011 from EOU Unit. The company has gone into appeal before the Commissioner of Central Excise & Customs (Appeals), Pune III contesting the demand and the management is of the view that the demand will not stand in the appellate process. The management believes that the ultimate outcome of the legal proceedings will not have any material adverse impact on its financial and operating position.


Mar 31, 2012

1. CORPORATE INFORMATION

Rishi Laser Limited is a Public Company domiciled in india and incorporated under the provisions of the Companies Act, 1956. its shares are listed on one stock exchange in india. The Company is engaged in manufacturing of Fabricated sheet Metal Components.

2. BASIS OF PREPARATION

The financial statements of the Company have been prepared in accordance with the generally accepted accounting principles in india (indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained below.

24.85.000 shares out of the issued, subscribed and paid-up share capital were allotted as preferential shares in the last five years.

5.49.000 shares out of the issued, subscribed and paid up share capital were allotted under EsOP in the last five years.

a) Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed 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 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.

b. Shares reserved for issuance under Stock Option Plans of the Company:

The Company has reserved issuance of 2,51,000 shares (P.Y. 6,04,300) equity shares of Rs. 10 each for offering to eligible employees of the Company under EsOP. During the year the Company has granted 3,53,300 (P.Y. 91,800) Options to the eligible employees at Rs. 20 (P.Y. Rs. 20) per option.

1. The discount rate is based on the prevailing market yields of Government of india securities as at the Balance sheet date for the estimated term of the obligations.

2. The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevant factors.

Pursuant to the Micro, small and Medium Enterprise Development Act, 2006, the Company had asked for confirmation from its vendors regarding their status under the said Act. The Company is yet to receive verifiable confirmations from the vendors and hence the amounts unpaid as at the year end together with interest payable if any, under this Act have not been given.

i) Guarantee given by banks on behalf of Company Rs. 52.77 lakhs.

ii) Letter of credit Rs. 1,260.05 lakhs.


Mar 31, 2011

1. Contingent Liabilities

(i) Guarantees given by banks on behalf of company Rs. 73.26 lakhs.

(ii) Letter of Credit Rs. 1340.25 lakhs.

2. Deferred tax is recognised on timing differences between the accounting income and the taxable income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the balance sheet date. Deferred tax assets relating to unabsorbed depreciation/business losses are recognised and carried forward to the extent there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised. Other deferred tax assets are recognised and carried forward to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.

3. Unclaimed Dividend Account is under reconciliation

4. Related Party Disclosure

(A) List of Related Parties with

(a) Controlling Interest: Rishi Consfab Pvt. Ltd.

(b) Other related parties where common control exit and with whom the Company had transaction during the year

(1) Rishi Techtex Ltd. (Formerly known as Rishi Packers Limited)

(2) Rishi Technical Services Pvt. Ltd. (c ) Directors

- Mr. Harshad B. Patel

- Mr. Jayesh K. Seth

- Mr. Vandan Shah

- Mr. Dinesh Mehta

- Mr. Vasant D. Goray

5. Pursuant to the Micro, Small and Medium Enterprise Development Act, 2006, the Company had asked for confirmation from its vendors regarding their status under the said Act. The Company is yet to receive verifiable confirmations from the vendors and hence the amounts unpaid as at the year end together with interest payable if any, under this Act have not been given.

6. During the year, Company raised amount of Rs. 18,36,000 /- by way of issue of 91,800 Equity Shares of Rs. 10 /- each at a premium of Rs. 10 /- each under ESOP.

7. Previous years figures have been regrouped/rearranged wherever necessary.


Mar 31, 2010

1. Contingent Liabilities

(i) Guarantees given by banks on behalf of company Rs. 25.06 lacs.

(ii) Letter of Credit Rs. 3.22 Lacs.

12) Deferred tax is recognised on timing differences between the accounting income and the taxable income for the year, and quantified using the tax rates and laws enacted or substantively enacted as on the balance sheet date. Deferred tax assets relating to unabsorbed depreciation/business losses are recognised and carried forward to the extent there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised. Other deferred tax assets are recognised and carried forward to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.

2) Unclaimed Dividend Account is under reconciliation.

3) Related Party Disclosure

(A) List of Related Parties with

(a) Controlling Interest : Rishi Consfab Pvt. Ltd.

(b) Other related parties where common control exit and with whom the company had transaction during the year

(1) Rishi Packers Limited

(2) Rishi Technical Services Pvt. Ltd.

(c) Directors

- Mr. Harshad B Patel

- Mr. Jayesh K Sheth

- Mr. Vandan Shah

- Mr. Dinesh Mehta

- Mr. Vasant Goray

4) Pursuant to the Micro, Small and Medium Enterprise Development Act. 2006, the Company had asked for confirmation from its vendors regarding their status under the said Act. The Company is yet to receive verifiable confirmations from the vendors and hence the amounts unpaid as at the year end together with interest payable if any, under this Act have not been given.

5) Previous years figures have been regrouped / rearranged wherever necessary.

6) During the year, the Company raised an amount of Rs. 2,18,56,800/- by way of issue of 47,840 Equity Shares of Rs. 10/- each at a premium of 10/- per share under ESOP and 5,50,000 Equity Shares of Rs. 10/- each at a premium of Rs.28/- per share under Preferential Allotment Basis. However 6,70,000 war- rants which were issued to Promoters and others on preferential basis on 07.03.2008 and were due for conversion on 06.09.2009 were lapsed and the 10% upfront amount received was forfeited.

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