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Notes to Accounts of Rishiroop Ltd.

Mar 31, 2015

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. Pursuant to the enactment of Companies Act, 2013, The Company has applied the estimated useful lives as specified in scheduled II, except in respect of certain assets as disclosed in Accounting Policy on Depreciation, Amortisation and Depletion. Accordingly the unamortised carrying value is depreciated / amortised over the revised / remaining lives. The written down value of Fixed Assets whose lives has expired as at 1st April, 2014 have been adjusted net of tax, in the opening balance of Profit and Loss Account amounting to 7 25.67 Lacs.

3. RELATED PARTY INFORMATION :

As per AS-18 issued by the institute of chartered accountants of India, the Company''s related parties are as under

1 (a) Key Management personnel and their relatives

1 Arvind Kapoor Chairman

2 Aditya Kapoor Managing Director

(b) Enterprises under significant influence of key management personnel

1. Rishiroop Polymers Pvt Ltd.

2. Rishiroop Rubber (International) Ltd.

3. Devi Organics Pvt Ltd

4. Rishichem Distributers Pvt Ltd

5. Rishiroop Investments & Trading Co. Pvt Ltd

6. Rishiroop Holding Pvt Ltd

7. Rishichem Mid- East Ltd

8. Rishi Foods Pvt Ltd

9. Puneet Polymers

(c) Trust under significant influence of key management personnel

Vidyadevi Kanta Kapoor Charitable Trust

4. LEASES

The company has taken office premise under leave and licence agreement. The leave and licence agreement is generally renewable or cancellable at the option of the Company or the Lessor. The lease payment on account of office amounting to RS. 17,26,392/- (P.Y. RS. 25,12,912/-) is recognised in the Statement of Profit and Loss. Future commitments in respect of minimum lease payments payable for non cancellable operating leases entered in to by the Company,

5. SEGMENT INFORMATION

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

6. DERIVATIVE INSTRUMENTS

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 to hedge the foreign currency risks on the firm commitments. Details of forward contract outstanding as at the year end.

7. The Board of Directors of the Company, on 2nd September 2014, announced and approved the scheme of Amalgamation of Rishiroop Rubber (International) Limited with Puneet Resins Limited and their respective shareholders and creditors. As per the Scheme of Amalgamation, the business of Rishiroop Rubber (International) Limited shall be amalgamated with the Company. The Scheme has been approved by the shareholders at the Court Convened Meeting held on 12th February, 2015. The Company has filed the Company Scheme Petition before Hon''ble High Court of Bombay and the court has passed an oral order on 8th May, 2015 approving the amalgamation. The certified true copy of the final order is yet to be received. Appointed date of the Scheme is 1st April ,2014. The Company petition filed by the Transferor Company Rishiroop Rubbber (International) Limited is pending before the Hon''ble High Court of Gujarat.

Further, in consideration of Amalgamation, the Company will issue 71,03,914, 1% Optionally Convertible Preference Shares to the shareholders of Rishiroop Rubber (International) Limited (In the ratio of 3, 1% Optionally Convertible Preference Shares of Puneet Resins Limited of RS. 10/- each at premium of RS. 34/-, for every 5 equity shares of RS. 10/- each fully paid up held in the Share Capital of Rishiroop Rubber (International) Limited.

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, 2014

1. LEASES

The company has taken office premise under leave and licence agreement The leave and licence agreement is generally renewable or cancellable at the option of the Company or the Lessor. The Rent payment on account of office amounting to Rs. 25,12,912 (P.Y. Rs. 14.60,608) is recognised in the Statement of Profit and Loss. Future commitments in respect of minimum Rent payments payable for non cancellable operating leases entered in to by the Company,

2. SEGMENT INFORMATION

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

3. DERIVATIVE INSTRUMENTS

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 to hedge the foreign currency risks on the firm commitments. Details of forward contract outstanding as at the year end.


Mar 31, 2013

1.1 Employee Benefits

The Company has a defined benefit plan. Every employee who has completed five years or more of service gets a Gratuity based on the 15 days last drawn basic 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.

2. Related Party Information :

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

1. (a) Key Management personnel and their relatives

1. Mahendra Kumar Kapoor Chairman

2. Arvind M Kapoor Director

3. Aditya Arvind Kapoor Managing Director

(b) Enterprises under significant influence of key management personnel

1. Rishiroop Polymers Pvt Ltd.

2. Rishiroop Rubber (International ) Ltd.

3. Devi Organics Pvt Ltd

4. Rishichem Distributers Pvt Ltd

5. Rishiroop Investments £t Trading Co. Pvt Ltd

6. Rishiroop Holding Pvt Ltd

7. Rishichem Mid- East Ltd

8. Rishi Foods Pvt Ltd

9. Puneet Polymers

3. LEASES

The company has taken office premise under leave and licence agreement. The leave and licence agreement is generally renewable or cancellable at the option of the Company or the Lessor. The lease payment on account of office amounting toRs. 14,60,608 (P.Y. Rs.16.57,540) is recognised in the Statement of Profit and Loss. Future commitments in respect of minimum lease payments payable for non cancellable operating leases entered in to by the Company,

4. SEGMENT INFORMATION

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

5. DERIVATIVE INSTRUMENTS

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 to hedge the foreign currency risks on the firm commitments. Details of forward contract outstanding as at the year end.


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.

The details of shareholders holding more than 5% shares

2.1 Micro, Small & Medium Enterprises disclosure

The below information regarding Micro,Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company.

3.1 Employee Benefits

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

* Excise Duty shown under other expenses represents the difference between Excise Duty on opening and closing stock of Finished Goods.

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

1 (a) Key Management personnel and their relatives

1 Aditya Arvind Kapoor

(b) Enterprises under significant influence of key management personnel

1 Rishiroop Polymers Pvt Ltd

2 Rishiroop Rubber (International) Ltd

3 Devi Organics Pvt Ltd

4 Rishichem Distributors Pvt Ltd

5 Rishiroop Investments & Trading Co. Pvt Ltd

6 Rishiroop Holding Pvt Ltd

7 Rishichem Mid-East Ltd

8 Rishifoods Pvt Ltd

9. Puneet Polymers

5 LEASES

The company has taken office premise under leave and license agreement.

This leave and licence agreement is generally renewable or cancellable at the option of the Company or the Lessor.

The lease payment on account of Office amounting to Rs. 16,57,540 (P.Y. Rs. 13,80,000) is recognised in the Statement of Profit and Loss

Future commitments in respect of minimum lease payments payable for non cancellable operating leases entered in to by the Company


Mar 31, 2011

1. Previous years figures have been regrouped, recast and restated wherever necessary.

2. Micro, Small & Medium Enterprises

The below information regarding Micro,Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

3. Secured loan

Cash credit and packing credit Rs.Nil (previous year Rs. 19,00,000/-) from The Sarswat Co-Op Bank Ltd are secured against hypothecation of inventories &, book debts.

Term Loan Rs. 4,99,864/- (previous year Rs. 13,24,354/-) from The Sarswat Co-Op Bank Ltd, are secured against equitable mortgage of immovable property and guarnteed by two directors. Motor Car Loan Rs. 35,25,322/- (previous year Rs. Nil) is secured by Hypothication of Motor Car.

4. 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.

5. Related Party Information :

As per AS-18 issued by the institute of chartered accountants of India, the Companys related parties are as under

1 (a) Key Managmement personnel and their relatives

1 Aditya Kapoor Managing Director

(b) Enterprises under signficant influence of key management personnel

1 Devi Organics Pvt Ltd

2 Rishiroop Polymers Pvt Ltd.,

3 Rishiroop Rubber (Int) Ltd.,

4 Rishichem Distributers Pvt Ltd

5 Rishiroop Investments & Trading Pvt Ltd

6 Rishiroop Holdings Pvt Ltd

7 Rishichem Mid-East Ltd

8 Rishifoods Pvt Ltd

6. Leases- AS 19

Operating Lease :

Premises is obtained on operating lease and is non cancellable for a period of two years at mutual consent.

There are no restrictions imposed by lease arrangements. The lease term is based on individual agreements.

There are no sub-lease.

The aggregate lease rentals payable are charged as rent (refer Schedule 17 ) in the Profit & Loss Account.

Future commitments in respect of minimum lease payments payable for non cancellable operating leases entered in to by the Company

7. Earning per share :

The basic earning per share ("EPS") is calculated by dividing the Profit after Tax by the number of Equity Shares outstanding.


Mar 31, 2010

1. Previous years figures have been regrouped, recast and restated wherever necessary.

2. Micro, Small & Medium Enterprises

The below information regarding Micro,Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

3. Secured loan

Cash credit and packing credit Rs. 19,00,000/- (previous year Rs, 23,86,230/-) from The Sarswat Co-Op Bank Ltd are secured against hypothecation of inventories &, book debts.

Term Loan Rs, 13,24,354/- (previous year Rs. 21,09,604/-) from The Sarswat Co-Op Bank Ltd,are secured against equitable mortgage of immovable property and guaranteed by two directors.

6. 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.

7. Related Party Information :

As per AS-18 issued by the institute of chartered accountants of India, the Companys related parties are as under

1 (a) Key Management personnel and their relatives

1 Aditya Kapoor Managing Director

(b) Enterprises under signficant influence of key management personnel

1 Rishiroop Polymers Private Limited

2 Rishiroop Rubber (International) Limited

3 Devi Organics Private Limited

4 Rishichem Distributers Private Limited

5 Rishiroop Investments & Trading Private Limited

6 Rishiroop Holdings Private Limited

7 Rishichem Mid-East Limited

8 Rubtrade.com (India) Private Limited

8. Leases-AS 19

Operating Lease :

Premises is obtained on operating lease and is non cancellable for a period of two years at mutual consent. Thereare no restrictions imposed by lease arrangements. The lease term is based on individual agreements. There are no sub-lease.

The aggregate lease rentals payable are charged as rent (refer Schedule 18 ) in the Profit & Loss Account.

Future commitments in respect of minimum lease payments payable for non cancellable operating leases entered in to by the Company

 
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