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Rishiroop Rubber (International) Ltd. Notes to Accounts, Rishiroop Rubber (International) Ltd. Company
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Notes to Accounts of Rishiroop Rubber (International) Ltd.

Mar 31, 2014

1.1 Employee benefits

The Company has a Defined benefit plan. Every employee who has completed five year or more of service gets a gratuity on departure at 15 days basic salary ( last drawn ) for each completed year of service. The scheme is funded with an insurance company in the form of a qualifying insurance policy.

The Company has a Defined unfunded obligation for leave encashment. Generally the leave encashment is paid to employees as and when claimed, as per company''s Policy.

2 DETAILS OF RELATED PARTY TRANSACTIONS :

Disclosure as required by Accounting Standard (AS) -18 ''Related Party Disclosures''

1 (a) Key Management Personnel :

1. Mahendra Kumar Kapoor (Chairman)

2. Arvind .M. Kapoor (Managing Director)

(b) Enterprises under significant infuence of key management personnel :

1. Puneet Resins Limited

2. Rishiroop Polymers Pvt. Limited

3. Rishichem Distributors Pvt. Limited

4. Rishiroop Holding Pvt. Limited

5. Rishichem Mideast Limited

6. Rishi Foods Private Limited

7. Devi Organics Private Limited

8. Rishiroop Investments and Trading Company Private Limited

9. Others - Puneet Polymers (Partnership Firm)

3 SEGMENT INFORMATION

The Company is engaged in the one business segment i.e. Polymers and it is primary segment.

4 DERIVATIVE INSTRUMENTS

4.1 The Company enters into forward contracts to offset foreign currency risk arising from the amounts denominated in currencies other than the Indian Rupee. The counter party of such forward contracts is a bank.

5 CONTINGENT LIABILITIES (NOT PROVIDED FOR) IN RESPECT OF :-

(a) Outstanding Bank Guarantees Rs. 10,00,000/- (Previous Year Rs. 10,00,000/-)

(b) During the year company has received demand of Rs. 1,47,460/- under section 156 of the Income Tax Act for Assessment Year 2011-12. However Company has fled appeal before Appellate authorities , hence no provision is made in the accounts.

6 Provision for taxation has been recognised with reference to the taxable profit for the year ended 31.03.2014 in accordance with the provision of the Income Tax Act, 1961.

7 Previous year figures have been re-grouped, re-cast and re-arranged wherever necessary to make them comparable with the current year figures.


Mar 31, 2013

1.1 Employee Benefits

The Company has a defined benefit plan. Every employee who has completed five year or more of service gets a gratuity on departure at 15 days basic salary (last drawn ) for each completed year of service. The scheme is funded with an Insurance Company in the form of a qualifying insurance policy.

The Company has a defined unfunded obligation for leave encashment. Generally the leave encashment is paid to employees as and when claimed, as per Company''s Policy.

2. DETAILS OF RELATED PARTY TRANSACTIONS

Disclosure as required by Accounting Standard (AS) -18 ''Related Party Disclosures'' a) Categories

i. Key Management Personnel:

1. Mahendra Kumar Kapoor (Chairman)

2. Arvind M. Kapoor (Managing Director)

ii. Enterprises under signficant influence of key management personnel:

1. Puneet Resins Ltd.

2. Rishiroop Polymers Pvt. Ltd.

3. Rishichem Distributors Pvt. Ltd.

4. Rishiroop Holding Pvt. Ltd.

5. Rishichem Mideast Ltd

6. Rishi Foods Pvt. Ltd.

7. Devi Organics Pvt. Ltd.

8. Rishiroop Investments and Trading Company Pvt. Ltd.

9. Puneet Polymers (Partnership Firm)

3. SEGMENT INFORMATION

The Company is engaged in the one business segment i.e. Polymers and it is primary segment.

4. DERIVATIVE INSTRUMENTS

4.1 The Company enters into forward contracts to offset foreign currency risks arising from the amounts denominated in currencies other than the Indian Rupee. The counter party such forward contracts is a bank. These contracts are entered into to hedge the foreign currency risks on the firm commitments. Details of forward contract outstanding as at the year end.

5. CONTINGENT LIABILITIES (NOT PROVIDED FOR) IN RESPECT OF :-

(a) Outstanding Bank Guarantees Rs. 10,00,000/- (Previous Year Rs. 10,00,000/-)

6. Previous year figures have been re-grouped, re-cast and re-arranged wherever necessary to make them comparable with the current year figures.


Mar 31, 2012

1.1 Rights, Preferences and restrictions attached to each class of shares:

Equity Shares: The company has one class of equity shares having a par value of Rs 10/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. 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.

2.1 Micro, Small & Medium Enterprises disclosure

The Company has compiled this information based on the current data in its possession. As at March 31st, 2012, no supplier has intimated the Company about its status as Micro,Small and Medium enterprise or its registration with the appropriate authority under the Micro, Small and Medium Enterprises Development Act, 2006. However, in view of the management the impact of interest if any, that may be payable in accordance with provisions of this Act is not expected to be material.

3.1 Employee Benefits

The Company has a defined benefit plan Every employee who has completed five year or more of service gets a gratuity on departure at 15 days salary ( last drawn salary) for each completed year of service. The scheme is funded with an insurance company in the form of a qualifying insurance policy.

The Company has a defined unfunded obligation for leave encashment. Generally the leave encashment is paid to employees as and when claimed.

4 Related Party Information :

As per AS-18 issued by the Institute of Chartered Accountants of India, the Company's related parties are as under :

a) Categories

i. Key Management Personnel and their relatives :

Mahendra Kumar Kapoor (Chairman)

Arvind M. Kapoor (Managing Director)

ii. Enterprises under signicant influence of key management personnel:

Puneet Resins Limited Rishiroop Polymers Pvt. Ltd.

Rishichem Distributors Pvt. Ltd.

Rishiroop Holding Pvt. Ltd.

Rishichem Mideast Ltd Rishifoods Pvt. Ltd.

Devi Organics Pvt. Ltd.

Rishiroop Investment and Trading Company Pvt. Ltd.

Puneet Polymers

5 SEGMENT INFORMATION

The Company is engaged in the one business sigment i.e. Polymers and it is primary segment.

6 CONTINGENT LIABILITIES (NOT PROVIDED FOR) IN RESPECT OF :-

Outstanding Bank Guarantees Rs 10,00,000/- (Previous Year Rs 10,95,000/-)

7 Previous year figures have been re-grouped, re-cast and re-arranged wherever necessary to make them comparable with the current year figures.


Mar 31, 2011

1. Contingent liabilities (not provided for) in respect of :

(a) Outstanding Bank Guarantees : ` 10,95,000/- (Previous Year Rs. 10,95,000/-)

(b) The Company has paid Rs. 12,22,266/- towards Income Tax demand for A.Y.2007-08. However Company has filed appeal before Appellate Authority, hence no provision is made in Accounts.

(c) During the year Company has received penalty demand of Rs. 53,71,722/- under section 271(1)C of the Income Tax Act for A.Y.2007-08. However Company has filed appeal before Appellate Authority , hence no provision is made in the Accounts.

2. In view of the Carried forward Losses,Income Tax provision is not made.

3. The Company operates only in one business segment and hence segment wise reporting as required by AS 17 issued by Institute of Chartered Accountants of India, is not applicable

4. Micro, Small and Medium Enterprises disclosure:

The Company has compiled this information based on the current data in its possession. As at 31st March, 2011, no supplier has intimated the Company about its status as Micro,Small and Medium enterprise or its registration with the appropriate authority under the Micro, Small and Medium Enterprises Development Act, 2006. However, in view of the management the impact of interest if any, that may be payable in accordance with provisions of this Act is not expected to be material.

5. As per Accounting Standard AS (15) , Employees' Benefits, the disclosure of employees benefits are given below :

a) Defined Contribution Plan :

The Company makes contribution to Provident Fund for qualifying employees which is reconginsed in the Profit and Loss account on accrual basis.

6. Earning in Foreign Exchange

Export of goods on FOB basis ` 3,89,80,626/- (Previous year Rs. 4,39,95,818/-).

7. Related Parties a) Categories

i. Key Management Personnel and their relatives :

A. M. Kapoor (Managing Director) M. K. Kapoor (Chairman)

ii. Entities under common control :

Devi Organics Pvt. Ltd.

Puneet Resins Limited

Rishichem Mideast Ltd.

Rishifoods Pvt. Ltd.

Rishiroop Polymers Pvt. Limited

Rishichem Distributors Pvt. Ltd.

Rishiroop Holding Pvt. Ltd.

Rishiroop Investment and Trading Company Pvt. Ltd.

8. Previous year figures have been re-grouped, re-cast and re-arranged wherever necessary to make them comparable with the current year figures.


Mar 31, 2010

1. As per Accounting Standard AS (15) , Employees Benefits, the disclosure of employees benefit as clarified in AS are given below

a) Defined Contribution Plan:

The company makes contribution to provident fund for qualifying employees which is reconginsed in the profit and loss account on accrual basis.

b) Defined Benefit Plan :

Gratuity Liability under the Provision of Gratuity Act or by Contribution to Gratuity fund is made in terms of the Group Gratuity Scheme of Life Insurance Corporation of India and charged to Profit & Loss Account on an accrual basis. Effect of changes in assumption adopted by the actuary, are duly given effect to in the Profit and Loss Account. Companys Contribution to Provident Fund is charged to Profit and Loss Account on accrual basis. Provision for Leave entitlement is on the basis of acturial valuation and leave travel Allowance are in accordance with Companys rules

2. Contingent liabilities (riot provided for) in respect of :-

(a) Outstanding Bank Guarantees Rs. 10,95,000/- (Previous Year Rs. 10,95,000/-)

(b) During the year company has paid Rs. 12,22,266/- towards Income Tax demand for A.Y.2007-08. However company has filed appeal before Appelete authorities , hence no provision is made in the accounts.

(c) During the year company has received penalty demand of.Rs.8,13,835/- under section 271(1)0 of the Income Tax Act for A.Y.2006-07. However Company has filed appeal before Appelete authorities , hence no provision is made in the accounts.

3. DEFERRED TAX ASSETS/ LIABILITIES

In view of uncertainty of future profit in earlier years, the company had not provided any deferred tax assets / liabilities. However, during the year due to revival of business.the company has made profit. Hence, a deferred tax asset in respect of unabsorbed depreciation and carry forward of losses are recognized. Deferred Tax charged to Profit & Loss Account Rs.50,54,198 beinq difference between Rs.3,41,83,988 & Rs.2,91,29,790.

4. In view of the Carried forward Losses,Income Tax provision is not made.

5. The Company operates only in one business segment hence segment wise reporting as required by AS 17 issued by Institute of Chartered Accountant of India, is not applicable

6. Additional information required under Para 3,4,4-A,4-B,4-C,4-D of Part II of the Schedule VI of the Companies Act, 1956.

7. Micro, Small and Medium Enterprises disclosure:

The Company has complied this information based on the current information in its possession. As at March 31st 2010, no supplier has intimated the Company about its status as Micro or Small enterprise or its registration with the appropriate authority under the Micro, Small and Medium Enterprises Development Act, 2006. However, in view of the management the impact of interest if any, that may be payable in accordance with provisions of this Act is not expected to be material.

(I) EARNING IN FOREIGN EXCHANGE

(J) Export of goods on FOB basis Rs. 4,39,95,818 /- (Previous year Rs.2,67,99,968/-). (K) RELATED PARTIES A) Categories

a. Key Management Personnel and their relatives

Arvind Kapoor Mahendrakumar Kapoor

b. Associates:

Rishiroop Polymers Pvt. Limited Puneet Resins Limited Rishichem Mideast Ltd Rishichem Distributors Pvt. Ltd. Rishiroop Holding Pvt. Ltd.

Rishiroop Investment and Trading Company Pvt. Ltd. Rubtrade.Com India Pvt. Ltd Devi Organics Pvt. Ltd.

Previous year figures have been re-grouped, re-cast and re-arranged wherever necessary to make them comparable with the current year figures.

 
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