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Notes to Accounts of Rishiroop Ltd.

Mar 31, 2019

Note :

During the year, the Company has classified leasehold land & building thereon situated at Plot no. 5807/08 GIDC, Ankleshwar, Gujarat - 393002 as “Non Current Assets held for Sale” in accordance with the provisions of IND-AS 105, “Non Current Assets Held for sale and Discontinued Operations” as the Board of Directors intend to dispose off the said assets within a period of 12 months. Moreover a plan to locate a buyer and complete the sale has already been initiated by the Company.

The assets classified as held for sale are stated at carrying cost, which is less than the fair value less the expected selling costs.

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.

Disclosure under Micro, Small and Medium Enterises Development Act, 2006.

There are no Micro, Small and Medium Enterprises, as defined in the Micro,Small and Medium Enterprises Development Act,2006 to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made. The information regarding Micro, Small & Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company.

2.1 Employee Benefits

Defined Contribution Plans

Contribution towards provident fund & employee’s state insurance corporation Rs. 18,92,627/- (Previous Year Rs. 17,68,142/-) is recognized as an expense and included in Note 26, ‘Employee Benefit Expenses’, in the Statement of Profit & Loss.

Defined Benefits Plans

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.

The following tables summarise :

3 RELATED PARTY INFORMATION :

As per Ind AS-24 issued by the Institute of Chartered Accountants of India, the Company’s related parties are as under

1 (a) Directors and their relatives

1. Arvind Kapoor Chairman

2. Aditya Kapoor Managing Director

3. Atul Shah Director

4. Hemant D. Vakil Independent Director

5. Dilip Shah Independent Director

6. Vijyatta Jaiswal Independent Director

7. Gouri A. Kapoor Relative of Director

8. Shradha Khanna Relative of Director

9. Richa Chadha Relative of Director

10. Radhika Kapoor Relative of Director

(b) Key Management Personnel

1. Suresh H. Khilnani. Chief Financial Officer

2. Agnelo Fernandes. Company Secretary

(c) Enterprises under significant influence

1. Rishiroop Polymers Pvt Ltd., 5. Rishiroop Holding Pvt Ltd

2. Devi Organics Pvt Ltd 6. Rishichem Mideast Ltd

3. Rishichem Distributors Pvt Ltd 7. Raga Holdings

4. Rishiroop Investments & Trading Co. Pvt Ltd 8. Puneet Polymers

4 CSR Expenditure

As per Section 135 of the Companies Act, 2013, a CSR committee has been constituted by the Company. Pursuant to the company’s CSR policy, the CSR committee has identified a project at Nashik and duely authorized expenditure of Rs. 11,93,225/Other expenses include Rs. 10,87,350/- spent towards various schemes of Corporate Social Responsibility.

(a) Gross amount required to be spent by the company during the year: 11,93,225

(b) Amount spent during the year is: 10,87,350

5 LEASES

The company has taken office premise & warehouse under leave and licence agreement. The leave and licence agreement is generally renewable or cancellable at the option of the Company or the Lessor and do not contain stipulation for increase in lease rental. The lease payment on account of office premises is amounting to Rs. 17,22,720/- (P.Y. Rs. 17,87,325) & warehousing ‘ 39,938/- and 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.

6 SEGMENT INFORMATION

6.1 Primary Segment

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

6.2 Secondary Segment

The Company has two geographical segments based upon location of its customers with and outside India.

6.3 The company has business operations only in India and does not hold any fixed / financial assets outside India.

7 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 in 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.

8 Risk Management

8.1 Financial Risk Managements

In the course of its business, the Company is exposed to a number of financial risks:; Liquidity Risk, Credit Risk, Market Risk, etc. This note presents the Company’s objectives, policies and processes for managing its financial risks and capital.

8.2 Liquidity Risk

Liquidity Risk refers to risk that the Company may encounter difficulties in meeting its obligations associated with financial liabilities that are settled in cash or other financial assets. The Company regularly monitors rolling for cast to ensure that sufficient liquidity is maintained on and ongoing basis to meet operational needs. The Company manages the liquidity risk by planning the investments in a manner such that the desired quantam of funds could be made available to meet any of the business requirments within a resonable period of time. In addition the Company also maintains flexibility in arranging the funds by mantaining commited credit lines with various banks to meet the obligations.

8 .3 Credit Risk

Credit Risk refers to risk of financial loss to the Company if a customer or counter- party fails to meet its contractual obligations. The Company has following categories of financial assets that are subject to credit risk evaluation;

8.3.1 Trade receivable

Credit risk arising from trade receivable is managed in accordance with the Company’s established policies with regard to credit limits, control and approval procedures.

8.3.2 Other financial assets

Other financial assets include employee loans,security deposits etc. Based on historical experience and credit profiles of counterparties, the Company does not expect any significant risk of default.

The Company’s maximum exposure to credit risk for each of the above categories of financial assets in their carrying values at the reporting dates.

8 .4 Market Risk

8.4.1 Interest rate risk

Interest rate risk refers to risk that the fair value of future cash flows of a financial instrument may fluctuate because of changes in market interest rates. The company does not have significant borrowings as at the balance sheet date and accordingly impact of interest rate risk due to borrowing is insignificant.

8.4.2 Price Risk

Price Risk refers to risk that the fair value of a financial instrument may fluctuate because of the change in the market price. The Company is exposed to the price risk mainly from investment in mutual funds and investment in equity instruments.

The management deligently monitors the fluctuation in the price of the investments on regular basis to ensure that the company is not impacted by any significant decline in investments value.

8.4.3 Foreign currency risk

Foreign currency risk refers to risk that the fair value of future cash flows of an exposure may fluctuate due to change in the foreign exchange rates.

The Company is exposed to foreign currency risk arising out of transactions in foreign currency. Foreign exchange risk are managed in accordance with the Company’s established policy for foreign exchange management. The Company enters in to forward contracts as per the hedging policy to hedge against its foreign currency exposures. The impact of strengthening /weakening of foreign currencies on the outstanding exposures remaining unhedged at the year-end is not significant

9 Payment of Dividend

9.1 Dividend paid during the year

Final dividend at Rs. 1.20/- per quity share of Rs. 10/- each for the year 2017-2018 Rs. 1,16,41,545/- (excluding dividend distribution tax).

9.2 Proposed final dividend

The Board of Directors have recommended a final dividend of Rs. 1.20 (Previous year Rs. 1.20) per equity shares amounting to Rs. 1,16,41,545/- for the year 2018-2019 (Previous year Rs. 1,16,41,545/ ) after the balance sheet date. The same is subject to approval by the shareholders at ensuing Annual General Meeting of the Company and therefore proposed final dividend ( including dividend distribution tax) has not been recognised as the liability as at the balance sheet date in line with Ind AS 10 on ‘Events after the reporting period’.

(b) Fair Value Hierarchy

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and consist of the following three levels :

Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 - Inputs are other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)

Level 3 - Inputs are not based on observable market data (unobservable inputs). Fair value are determined in whole or in part using a valuation model based on assumption that are neither supported by prices from observable current market transaction in the same instrument nor are they based on available market data.

The Investments included in level 3 of fair value heirachy have been valued using the cost approach to arrive at their fair value. The cost of unquoted investments approximate the fair value because there is a wide range of possible fair value measurements and the cost represents estimate of fair value within the range.

10 Previous year figures have been re-grouped, re-cast and re-arranged wherever necessary.


Mar 31, 2018

36 CSR EXPENDITURE

In view of the Management as per Section 135 (1) of the Companies Act, 2013 read with sub rule (2) of Rule 3 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 the Company is not covered by the provisions relating to CSR for the year under report.

(a) Gross amount required to be spent by the company during the year - Nil

(b) Amount spent during the year on account of balance of previous year -Nil

37 LEASES

The company has taken office premise under leave and licence agreement. The leave and license agreement is generally renewable or cancellable at the option of the Company or the Lessor and do not contain stipulation for increase in lease rental. The lease payment on account of office amounting to Rs, 17,87,325/-(P.Y. Rs, 19,79,704) is recognized 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.

* Current Assets (Export Receivables)

38.3 The company has business operations only in India and does not hold any fixed / financial assets outside India.

38.4 Revenue from Major Customers

There is no single customer that accounts for more than 10% of the Company''s revenue.

39 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 in 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.

41 DISCLOSURE UNDER MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006.

There are no Micro, Small and Medium Enterprises, as defined in the Micro,Small and Medium Enterprises Development Act,2006 to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made. The information regarding Micro, Small

& 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.

42 RISK MANAGEMENT

42.1 Financial Risk Managements

In the course of its business, the Company is exposed to a number of financial risks: Liquidity Risk, Credit Risk, Market Risk. This note present the Company''s objective, policies and processes for managing its financial risk and capital.

42.2 Liquidity Risk

Liquidity Risk refers to risk that the Company may encounter difficulties in meeting its obligations associated with financial liabilities that are settled in cash or other financial assets. The Company regularly monitors rolling forcast to ensure that sufficient liquidity is maintained on and ongoing basis to meet operational needs. The Company manages the liquidity risk by planning the investments in a manner such that the desired quantum of funds could be made available to meet any of the business requirements within a reasonable period of time. In addition the Company also maintains flexibility in arranging the funds by maintaining committed credit lines with various banks to meet the obligations.

42.3 Credit Risk

Credit Risk refers to risk of financial loss to the Company if a customer or counter- party fails to meet its contractual obligations. The Company has following categories of financial assets that are subject to credit risk evaluation;

42.4 Trade receivable

Credit risk arising from trade receivable is managed in accordance with the Company''s established policies with regard to credit limits, control and approval procedures.

42.5 Other financial assets

Other financial assets include employee loans, security deposits etc. Based on historical experience and credit profiles of counterparties, the Company does not expect any significant risk of default.

The Company''s maximum exposure to credit risk for each of the above categories of financial assets in their carrying values at the reporting dates.

42.6 Market Risk 42.6.1Interest rate risk

Interest rate risk refers to risk that the fair value of future cash flows of a financial instrument may fluctuate because of changes in market interest rates. Also, there are no significant borrowings as at the balance sheet date.

42.6.2Price Risk

Price Risk refers to risk that the fair value of a financial instrument may fluctuate because of the change in the market price. The Company is exposed to the price risk mainly from investment in mutual funds and investment in equity instruments.

42.6.3Foreign currency risk

Foreign currency risk refers to risk that the fair value of future cash flows of an exposure may fluctuate due to change in the foreign exchange rates. The Company is exposed to foreign currency risk arising out of transactions in foreign currency. Foreign exchange risk are managed in accordance with the Company''s established policy for foreign exchange management. The Company enters in to forward contracts as per the hedging policy to hedge against its foreign currency exposures. The impact of strengthening /weakening of foreign currencies on the outstanding exposures remaining unheeded at the year-end is not significant

42.6.4Foreign curreny exposure at the year end not hedged by derivative instruments.

43. PAYMENT OF DIVIDEND

43.1 Dividend paid during the year

Final dividend at '' 1/- per equity share of '' 10/- each for the year 2016-2017 '' 97,01,288/-(excluding dividend distribution tax).

43.2 Proposed final dividend

The Board of Directors have recommended a final dividend of '' 1.20 (Previous year '' 1.00) per equity shares amounting to '' 1,16,41,545/- for the year 2018 (Previous year '' 97,01,288/-) after the balance sheet date. The same is subject to approval by the shareholders at ensuing Annual General Meeting of the Company and therefore proposed final dividend (including dividend distribution tax) has not been recognized as the liability as at the balance sheet date in line with Ind AS 10 on ''Events after the reporting period''.

45 FIRST TIME ADOPTION - MANDATORY EXCEPTIONS AND OPTIONAL EXEMPTIONS:

45.1 Overall principle

The Company has prepared the opening balance sheet as per Ind AS as at 1st April 2016 (the transition date) by recognizing all the assets and liabilities whose recognition is required by Ind AS, not recognizing items of assets or liabilities which are not permitted by Ind AS, by reclassifying items from the previous GAAP to Ind AS as required under Ind AS, and applying Ind AS in measurement of recognized assets and liabilities. However, this principle is subject to certain exception and certain optional exemptions availed by the Company detailed as below.

45.2 Derecognition of financial assets and liabilities:

The Company has applied the Derecognition requirements of financial asset and financial liability prospectively for transactions occuring on or after 1st April 2016 (the transition date).

45.3 Impairment of financial asset:

The Company has applied the impairment requirement of Ind AS 109 retrospectively; however as permitted by Ind AS 101, it has used reasonable and supportable information that is available without undue cost or effort to determine the credit risk at the date that financial instrument were initially recognized in order to compare it with the credit risk at the transition date. Further, the Company has not undertaken an exhaustive search for information when determining, at the date of transition to Ind AS, whether there has been significant increase in credit risk since initial recognition as permitted by Ind AS 101.

45.4 Deemed cost for property, plant and equipment:

The Company has elected to continue with the carrying value of all its plant and equipment recognized as of 1st April 2016 (transition date) measured as per the previous GAAP and use that carrying value as its deemed cost as of the transition date.

46.5 Adjustments to Statements of Cash Flows

There were no material differences between the Statement of Cash Flows presented under Ind AS and the previous GAAP.

46.6 Notes to first time adoption

1 Under the previous GAAP, investments in equity instruments and mutual funds were classified as long-term investments or current investments based on the intended holding period and reliability. Long-term investments were carried at cost less permanent diminution, if any in the value of such investments. Current investments were carried at lower of cost and market value. Under Ind AS, these investments are required to be measured at fair value. The resulting fair value changes of these investments have been recognized in retained earnings as at the date of transition and subsequently in the statement of profit or loss in case of equity instruments or through other comprehensive income statement in case of debt instruments for the year ended 31st March 2017. This increased the retained earnings by '' 7,93,76,234/- as at 31st March 2017 (1st April 2016 - '' 3,45,75,048/-).

2 Under the previous GAAP, interest free lease security deposits (that are refundable in cash on completion of the lease term) are recorded at their transaction value. Under Ind AS, all financial assets are required to be recognized at fair value. Accordingly, the Company has fair valued these security deposits and under Ind AS difference between the fair value and transaction value of the security deposit has been recognized as prepaid rent. Consequent to this change, the amount of security deposits decreased by Rs, 1,22,883/- as at 31st March 2017 (1st April 2016 - Rs, 1,77,585). The prepaid rent increased by Rs, 1,22,883/- as at 31st March 2017 (1st April 2016 - Rs, 1,77,585/-).

3 Under Ind AS classification of compound financial instrument (OCPS) into equity & liability is very important to present true & fair view of financial statements. Therefore company has accordingly classified liability portion of OCPS as financial liability amounting to Rs, 2,61,84,470/- and according dividend paid is also charged as finance cost thereby increasing finance cost by Rs, 3,15,150/-. Under Indian GAAP no notified accounting standard prescribes distinction between equity / liability and was earlier shown as part of share capital.

4 Under the previous GAAP, dividends proposed by the Board of Directors after the balance sheet date but before the approval of the financial statements were considered as adjusting events. Accordingly, provision for proposed dividend was recognized as a liability. Under Ind AS, such dividends are recognized when the same is approved by the Shareholders in the general meeting. Accordingly, the liability for proposed dividend of Rs, 74,97,236/- as at 1st April 2016 has been reversed with corresponding adjustment to retained earnings. Consequently, the total equity increased by an equivalent amount.

5 Under Ind AS 19, remeasurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognized in other comprehensive income instead of statement of profit and loss. Under the previous GAAP, these remeasurements were forming part of the statement of profit and loss for the year. As

a result of this change, the Statement of profit for the year ended 31st March 2017 decreased by Rs, 3,17,916/-(Net of tax). There is no impact on the total equity as at 31st March 2017.

6 Under the previous GAAP, depreciation was charged under Straight Line method on Assets held under other divisions. To comply wih Ind AS 16 Property, Plant and Equipment, the Company has adopted WDV method of depreciation for similar class of assets. Since the change in method of depreciation is considered as change in accounting estimate as per Ind AS 8, the effect is given prospectively. The effect of change is method on Financial statements has resulted in increase in depreciation by Rs, 23,88,351/-which is shown in above reconciliation statement.

7 Under Ind AS, all items of income and expense recognized in a period should be included in profit and loss for the period, unless a standard requires or permits otherwise. Items of income and expense that are not recognized in statement of profit and loss but are shown in the statement of profit and loss as ''other comprehensive income'' includes measurements of defined benefits plans. The concept of other comprehensive income did not exist under previous GAAP.

(b) Fair Value Hierarchy

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and consist of the following three levels :

Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 - Inputs are other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)

Level 3 - Inputs are not based on observable market data (unobservable inputs). Fair value are determined in whole or in part using a valuation model based on assumption that are neither supported by prices from observable current market transaction in the same instrument nor are they based on available market data.

The Investments included in leval 3 of fair value heir achy have been valued using the cost approach to arrive at their fair value. The cost of unquoted investments approximate the fair value because there is a wide range of possible fair value measurements and the cost represents estimate of fair value within the range.


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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