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Notes to Accounts of Rishi Techtex Ltd.

Mar 31, 2015

1. CORPORATE INFORMATION :

The company was incorporated in 1984-85 in the name of Rishi Packers Pvt. Ltd. with an initial project costing Rs. 80/- Lacs. The Company has over the last two and half decades undertaken a number of expansion, modernization and diversification programs successfully. The gross block which was Rs. 131.70 Lacs in the first year has gone up to Rs. 3212.62 Lacs by the end of March 2015. The turnover has gone up from Rs. 28.50 Lacs and has reached at its highest level at Rs. 5276.81 Lacs in 2014-15.

The Company, which started as a woven sack unit supplying bags to fertilizer and cement industry, has consistently developed a number of products to cater to a wide spectrum of industries such as cement, fertiliser, chemical. Petrochemical, etc.

In the year 1998-99 the company undertook a major expansion and started manufacturing agro shade net for the first time in India. Presently the company is the largest exporter and manufacturer of agro shade net in India.

We are a technical textile company operating in India for over 30 years. Our yarn, fabric, bag and agro shade net manufacturing plant with latest technology is located at Survey No. 381, Zari Causway Road, Kachigam, Daman.

2. Terms/rights attached to equity shares

The company has only one class of equity shares having a per value of Rs.10 per share. Each holder of equity shares in entitled to one vote per share.

Notes: Details of the security for the secured short-term borrowings:

a. Working capital loans outstanding at Rs.793.68 Lacs is seucred against exclusive hypothication of Inventories and Receivables / Repayable on demand and carries Interest at 14.70%.

3. ADDITIONAL INFORMATION:

Contigent Liability and Commitments Rs. in Lacs

31.03.2015 31.03.2014

Contigent Liability:

a) Claims against the company not acknowledge 0.00 0.00 as debt

b) Guarantee given by bank on behalf of Company 0.00 0.00

Commitments:

a) Estimated amount of Capital contract remaining 0.00 0.00 to be executed for tangible assets

0.00 0.00

4. Details of dues to MICRO AND SMALL ENTERPRISES as defined under the MEMED 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 and together with interest payable if any, under this Act have not been given.

5. 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.

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

7. RELATED PARTY DISCLOSURE

Description of relationship (As per AS18) Names of related parties

Associates Company Rishi Laser Limited

Rishi Vocational Education Pvt. Ltd.

Key Management person Mr. Harshad B. Patel (Upto 18.02.2015)

Mr. Abhishek Patel

Mr. Jagdish Dokwal

Ms. Nidhi Shah (from July 2014)

Mr. Vasant Goray (upto June 2014)

Non Executive/Independent Directors Mr. Arvind Nopany

Mr. Pranav Patel

8. Previous Years Figures have been regrouped / recalssified where-ever necessary to correspond with the current Year's Classification/Disclosure.


Mar 31, 2014

NOTE NO. 1

CORPORATE INFORMATION:

The company was incorporated in 1984-85 in the name of Rishi Packers Pvt. Ltd. with an initial project costing Rs.80/- Lacs. The Company has over the last two and half decades undertaken a number of expansion, modernization and diversification programs successfully. The gross block which was Rs.131.70 Lacs in the first year has gone up to Rs.3207.67 Lacs by the end of March 2014. The turnover has gone up from Rs.28.50 Lacs and has reached at its highest level at Rs.4726.79 lacs in 2013-14.

The Company, which started as a woven sack unit supplying bags to fertilizer and cement industry, has consistently developed a number of products to cater to a wide spectrum of industries such as cement, fertiliser, chemical. Petrochemical, etc.

In the year 1998-99 the company undertook a major expansion and started manufacturing agro shade net for the first time in India. Presently the company is the largest exporter and manufacturer of agro shade net in India.

We are a technical textile company operating in India for over 29 years. Our yarn, fabric, bag and agro shade net manufacturing plant with latest technology is located at Survey No. 381, Zari Causway Road, Kachigam, Daman.

ADDITIONAL INFORMATION:

1.1 Contigent Liability and Commitments

Rs. in Lacs 31-03.2014 31.03.2013

Contigent Liability:

a) Claims against the company not acknowledge as debt 0.00 0.00

b) Guarantee given by bank on behalf of Company 6.00 6.30

Commitments:

a) Estimated amount of Capital contract remaining to be executed for 0.00 10.00

tangible assets 6.00 16.30

1.2 Details of dues to MICRO AND SMALL ENTERPRISES as defined under the MEMED 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 and together with interest payable if any, under this Act have not been given.

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.

3. Previous Years Figures have been regrouped / recalssified whereever necessary to correspond with the current Year''s Classification/Disclosure.


Mar 31, 2013

CORPORATE INFORMATION

The company was incorporated in 1984-85 in the name of Rishi Packers Pvt. Ltd. with an initial project costing Rs.80/- Lacs. The Company has over the last two and half decades undertaken a number of expansion, modernization and diversification programs successfully. The gross block which was Rs.131.70 Lacs in the first year has gone up to Rs.3295.76 Lacs by the end of March 2013. The turnover has gone up from Rs.28.50 Lacs and has reached Rs.3882.82 lacs in 2012-13.

The Company, which started as a woven sack unit supplying bags to fertilizer and cement industry, has consistently developed a number of products to cater to a wide spectrum of industries such as cement, fertiliser, chemical. Petrochemical, etc.

In the year 1998-99 the company started a new division called KNITTING DIVISION at Daman factory to manufacture specialized products for agriculture. This division has achieved a turnover of Rs. 1666.88 Lacs as on 31.03.2013 with an export turnover of Rs.695.61 Lacs. At present we are the largest exporter of this product from India and also the largest seller in India.

We are a multiproduct company operating in India for over 28 years. Our yarn, fabric and bag manufacturing plant with latest technology is located at Survey No. 381, Zari Causway Road, Kachigam, Daman.

1.1 Contigent Liability and Commitments

Rs. in Lacs

31.03.2013 31.03.2012

Contigent Liability:

a) Claims against the company not acknowledge as debt 0.00 0.00

b) Guarantee given by bank on behalf of Company 6.30 28.10

Commitments:

a) Estimated amount of Capital contract remaining to be executed for 10.00 220.00 tangible assets

16.30 248.10

1.2 Details of dues to MICRO AND SMALL ENTERPRISES as defined under the MEMED 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 and together with interest payable if any, under this Act have not been given.

2. Previous Years Figures have been regrouped / recalssified whereever necessary to correspond with the current Year''s Classification/Disclosure.


Mar 31, 2012

CORPORATE INFORMATION:

The company was incorporated in 1984-85 in the name of Rishi Packers Pvt. Ltd. with an initial project costing Rs.80/- Lacs. The Company has over the last two and half decades undertaken a number of expansion, modernization and diversification programs successfully. The gross block which was Rs.131.70 Lacs in the first year has gone up to Rs.2921.30 Lacs by the end of March 2012. The turnover has gone up from Rs.28.50 Lacs and has reached Rs.3880.30 Lacs in 2011-12.

The Company, which started as a woven sack unit supplying bags to fertilizer and cement industry, has consistently developed a number of products to cater to a wide spectrum of industries such as cement, fertiliser, chemical, Petrochemical, etc.

In the year 1998-99 the company started a new division called KNITTING DIVISION at Daman factory to manufacture specialized products for agriculture. This division has achieved a turnover of Rs. 1765/- Lacs as on 31.03.2012 with an export turnover of Rs.533.30 Lacs. At present we are the largest exporter of this product from India and also the largest seller in India.

We are a multiproduct company operating in India for over 27 years. Our yarn, fabric and bag manufacturing plant with latest technology is located at Survey No. 381, Zari Causway Road, Kachigam, Daman.

a. Terms/rights attached to equity shares

The company has only one class of equity shares having a per value of Rs.10 per share. Each holder of equity shares in entitled to one vote per share.

Notes: Details of the security for the secured short-term borrowings:

a. Working capital loans outstanding at Rs. 665.13 lacs is seucred against exclusive hypothication of Inventories and Receivables / Repayable on demand and carries Interest at 14.25%.

1.1 Details of dues to MICRO AND SMALL ENTERPRISES as defined under the MEMED act, 2006

Pursuant to the Micro, Small and Medium Enterprise Development Act 2008, 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 and together with interest payable if any, under this Act have not been given.

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.

2. Previous Years Figures have been regrouped / recalssified whereever necessary to correspond with the current Year''s Classification Disclosure.


Mar 31, 2011

Rs. in Lacs

1. Contingent Liabilities 31.03.2011 31.03.2010

i) Foreign Bills Discounted 0.00 0.00

ii) Guarantees given by bank on 30.30 30.30 behalf of the Company

2. There are no Employees who are in receipt of remuneration in the aggregate of Rs. 60,00,000/-, where employed throughout the year or Rs.5,00,000/- per month where employed for part of the year.

3. The Liability in respect of future payments of gratuity to retiring employees is provided on the basis of acturial valuation.

4. There are no dues outstanding for more than Rs.1.00 Lac to Small scale undertaking which are outstanding for more than 30 days to the extent such parties have been identified from available information.

5. Balances of Debtors and Creditors are subject to confirmation.

6. (A) Related Party Disclosure :

List of Related Parties with Controlling Interest Mr. Harshad Patel

Others Rishi Laser Ltd.

7. The operation of the Company are Confined to manufacture and sale of plastic wovenand Knitted fabrics. There is no seperately reportable segment as far as dominent source of risks and returns is concerned.

8. During the year Company has issued 6,00,000/- Equity shares of Rs.10/- each under preferential allotment at premium of Rs.0.10 per share.

9. Previous year's figures have been regrouped wherever necessary.


Mar 31, 2010

Rs. in Lacs

1. Contingent Liabilities : 31.03.2010 31.03.2009

i) Foreign Bills Discounted 0.00 0.00

ii) Guarantees given by bank on behalf of the Company 30.30 34.80

2. Managerial Remuneration paid under section 198 of the Companies Act,1956.

Salaries 10.80 6.00

Contribution to Provident Fund 0.71 0.00

11.51 6.00

2. There are no Employees who are in receipt of remuneration in the aggregate of Rs. 24,00,000/-, where employed throughout the year or Rs.2,00,000/- per month where employed for part of the year.

3. The Liability in respect of future payments of gratuity to retiring employees is provided on the basis of acturial valuation.

4. There are no dues outstanding for more than Rs.1.00 Lac to Small scale undertaking which are outstanding for more than 30 days to the extent such parties have been identified from available information.

5. Balances of Debtors and Creditors are subject to confirmation.

6. The operation of the Company are confined to manufacture and sale of plastic woven and Knitted fabrics. There is no seperatly reportable segment as far as dominent source of risks and returns is concerned.

7. Previous years figures have been regrouped wherever necessary.

 
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