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Notes to Accounts of RLF Ltd.

Mar 31, 2015

1. Contingent liabilities not provided for in respect of:

a) The Sales Tax Department had created a demand on the company in respect of cases for 2 years against which the company has preferred appeals to the appropriate appellate authorities aggregating to

Rs. 28,64,433/ - (Previous Year Rs 28,64,433)

b) The company has provided a Corporate Guarantee in favour of Syndicate Bank in respect of the credit facility availed by M/s Chitra UtsavVideo Pvt Ltd amounting to Rs 2475 Lacs .(PreviousYear 2475 Lacs)

2. Segment Reporting

The company business income consist of textiles only .The segment wise details as per Accounting Standard AS -17 issued by the Institute of Chartered Accountants of India is not required to be disclosed .

3. In accordance with the requirement of Accounting Standards (AS) -18 on Related Party Disclosure ,the name of the parties where control exists and/or with whom the transaction have taken place during the year are as follows :-

a) Key Management Personal

Anil Kumar Khanna - Chairman Aditya Khanna - Director

b) Entities where Key Management Personal exercises significant influence

i) Saurer Embroidery Systems India Pvt Ltd

ii) Chene Capital Pvt Ltd

iii) Chitra Utsav Pvt. Ltd.

iv) ADAB Infrastructure Pvt. Ltd.

4. Figures of the previous year have been regrouped & recast wherever necessary.

5. The company has a unutilized balance of Cenvat Credit amounting to Rs 16,76,338 which is lying in the books ,the matter has been decided by the H'onoble High Court . The Company based on the decision of the High Court has approached the Department for refund of Rs 27,05,026 for which the refund has been granted by the department during the year.

6. The Company has an dispute going on with Central Bank of India regards to Excess interest charged by the Bank under the Scheme of Ministry of Textile, Government of India in the year 2005 on our Term Loan accounts amounting to Rs 19.82 Lacs for which the company is following up with the Bank for the refund .

7. Loan from others include a sum of Rs 46,34,698 which has been borrowed from MrAnil Kumar Khanna Director of the company .

8. The company had a Company Secretary during the year who has resigned on 28th February 2015 , the company has taken steps and initiative to appoint new Company Secretary .


Mar 31, 2014

Company Overview

RLF Limited ("the Company") was incorporated in 02 April, l979.The Company is primarily engaged in the business of embroidery manufacturing on Job Work basis.

1. Income taxes:

a) Current tax:

Current tax for the year includes earlier year taxes charge of Rs. 48,769 (previous year charge of Rs.20,93,154 ).

b) Deferred tax:

In compliance with Accounting Standard 22 (AS 22) "Accounting forTaxes on lncome",as notified under the Companies (Accounting Standards) Rules, 2006, as amended, the Company has recognized deferred tax Charge of Rs. 5,86,974 (previous year credit of Rs. 3,96,691) in the statement of prof it and loss during the year ended March 3 1,2014.

2. In accordance with the requirement of Accounting Standards (AS) -18 on Related Party Disclosure ,the name of the parties where control exists and/or with whom the transaction have taken place during the year are as follows :-

a) Key Management Personal

Anil Kumar Khanna- Chairman Aditya Khanna ~ Director

b) Associate Companies

Chitra UtsavVideo Private Limited

c) Entities where Key Management Personal exercises significant influence

i) Saurer Embroidery Systems India Pvt Ltd

ii) Chene Capital Pvt Ltd

iii) ADAB Infrastructure Pvt. Ltd.

3. Basic and Diluted Earning Per Share (Accounting Standard No:-20):

The Basic Earnings Per equity share is computed by dividing the net profit attributable to equity shareholders for the year by the weighted average number of equity shares outstanding during the year. Diluted earnings per equity share is computed using the weighted average number of equity shares and also the weighted average number of equity shares that could have been issued on the conversion of all dilutive potential equity shares.The dilutive potential equity shares are adjusted for the proceeds receivable, had the shares been actually issued at fair value. Dilutive potential equity shares are deemed converted as of the beginning of the year, unless they have been issued at a later date.The number of equity shares and potential diluted equity shares are adjusted for stock split, bonus shares and the potential dilutive effect of Employee stockoption plans/Schemes as appropriate.

4. The company has a untilized balance of Cenvat Credit amounting to Rs 16,76,338 which is lying in the books ,the matter has been decided by the H''onoble High Court. The Company based on the decision of the High Court has approached the Department for refund of Rs 27,05,026 ,the matter which is pending.

5. The Company has not entered into any derivative instrument during the year. The Company does not have any foreign currency exposures towards receivables, payables or any other derivative instrument that have not been hedged.

6. In the opinion of the Board of Directors, all current assets and long term loans & advances, appearing in the financial statement as at March 3 1,2014, have a value on realization, in the ordinary course of the Company''s business, at least equal to the amount at which they are stated in the financial statement. In the opinion of the board of directors, no provision is required to be made against the recoverability of these balances.

7. Figures of the previous year have been regrouped & recast wherever necessary.


Mar 31, 2013

1. Company Overview:

RLF Limited (“the Company”) was incorporated in April, 1979. The Company is primarily engaged in the business of doing embroidery on Job Work basis.

2. Basis of preparation of financial statements

a) Statement of compliance

The financial statements are prepared under the historical cost convention on an accrual basis, in accordance with the generally accepted accounting principles in India and in compliance with the applicable accounting standards as notified under the Companies (Accounting Standards) Rules, 2006, as amended and as per Revised Schedule VI to the Companies Act,1956. All assets and liabilities have been classified as current or non-current as per the Company''s normal operating cycle and other criteria set out in the Revised Schedule VI to the Companies Act, 1956.

b) Use of estimates

The presentation of financial statements in conformity with the generally accepted accounting principles requires estimates and assumptions to be made that affect the reported amount of assets and liabilities and disclosure of contingent liabilities as on the date of the financial statements and the reported amount of revenues and expenses during the reporting year. Differences between the actual results and estimates are recognized in the year in which the results are known or materialized

3. Contingent liabilities not provided for in respect of:

- The Sales Tax Department had created a demand on the company in respect of cases for 2 years against which the company has preferred appeals to the appropriate appellate authorities aggregating to Rs. 28,64,433/ - (Previous Year Rs 28,64,433)

- The company has provided a Corporate Guarantee in favour of Syndicate Bank in respect of the credit facility availed by M/s Chitra Utsav Video Pvt. Ltd. amounting to Rs 2475 Lacs .

a) The group''s primary business segments are reflected based on principal business activities carried on by the Company. The Company operates in two reportable business segments i.e.

(i) Embroidery

(ii) Synthetic Sports

No activity has taken place in Stone Handicraft segment during the financial year 2012-13.

b) Segment revenue, results, assets and liabilities include amounts identifiable to each segment and amounts allocated on a reasonable basis.

c) The accounting policies adopted for segment reporting are in line with the accounting policies adopted for preparation of financial information as disclosed in Significant Accounting Policies above.

4. Figures of the previous year have been regrouped & recast wherever necessary.

5. The company has a unutilized balance of Cenvat Credit amounting to Rs 16,76,338 which is lying in the books ,the matter has been decided by the H''onoble High Court. The Company based on the decision of the High Court has approached the Department for refund of Rs 27,05,026 ,the matter which is pending.

6. The company holds more than 20% equity share capital of ADAB Infrastructure Pvt. Ltd. This investment is held for sale in future hence consolidation has not been done as per AS 23 “Accounting for investments in Associates in Consolidated Financial Statements”

7. The company previous year has sold shares of ADAB Infrastructure Pvt. Ltd. amounting to Rs 3,50,000 Lacs which has been shown as recoverable as the payment for the same has not been realized.

8. The company during the year has reversed an amount of Rs.11,57,502 on account of excess interest charged by Central Bank of India on Term Loan accounts , the company has made representation to the Bank for reversal of the same .

9. The Company has not made provision for Gratuity as per AS 15 “Employee Benefits”. Provident fund is accounted for on Accrual Basis while Leave Encashment & Gratuity is accounted for on Cash basis.

10. In respect of amounts as mentioned under Section 205C of the Companies Act, 1956, there were no dues required to be credited to the Investor Education and Protection Fund as at March 31, 2013.

11. In the opinion of the Board of Directors, all current assets and long term loans & advances, appearing in the balance sheet as at March 31, 2013, have a value on realization, in the ordinary course of the Company''s business, at least equal to the amount at which they are stated in the financial statements and hence no provision is required to be made against the recoverability of these balances.

12. There are no other particulars to be disclosed in accordance with Part II to Schedule VI of the Companies Act, 1956.


Mar 31, 2012

1. In accordance with the requirement of Accounting Standards (AS) -18 on Related Part Disclosure, the name of the parties where control exists and/or with whom the transaction have taken place during the year are as follows :-

a) Key Management Personal

Anil Kumar Khanna - Chairman

b) Associate Company

Chitra Utsav Video Pvt Ltd

2. Expenditure in foreign currency Nil Nil

3. Previous year figures have been regrouped and/or reclassified wherever necessary to conform to those of the Current year grouping and/or classification.


Mar 31, 2011

1. Contingent liabilities not provided for in respect of: 31.3.2011 31.3.2010 (in Rupees) (in Rupees)

a) Bank Guarantee (100% Margin) 12,50,000 12,50,000

b) The Sales Tax Department had created a demand on the company in respect of cases for 3 years against which the company has preferred appeals to the appropriate appellate authorities aggregating to Rs. 31,48,523/ - (Previous Year Rs 31,48,523)

2 During the year there is impairment of assets amounting to Rs. Nil (Prev.Yr. Rs. 2,08,84,755) as these assets were no longer in use and no recoverable value left and hence impairment/depreciation has been charged in full on the full value during the year on the lease assets as contemplated under Accounting Standard No:-28 issued by The Institute Of Chartered Accountants of India.

3. In accordance with the requirement of Accounting Standards (AS) -18 on Related Party Disclosure ,the name of the parties where control exists and/or with whom the transaction have taken place during the year are as follows :-

a) Key Management Personal

Anil Kumar Khanna - Chairman

b) Subsidiary Companies

Chitra UtsavVideo Pvt. Ltd

c) Entities where Key Management Personal exercises significant influence

i) Saurer Embroidery Systems India Pvt Ltd

ii) Chene Capital Pvt Ltd

iii) Chitra Utsav Pvt. Ltd.

iv) ADAB Infrastructure Pvt Ltd.


Mar 31, 2010

1. Contingent liabilities not provided for in respect of: 31.3.2010 31.3.2009

(in Rupees) (in Rupess)

a) Bank Guarantee (100% Margin) 12,50,000 14,12,856

b) The Sales Tax Department had created a demand on the company in respect of cases for 3 years against which the company has preferred appeals to the appropriate appellate authorities aggregating to Rs. 31,48,523/ -.

2. Segment Reporting (Accounting Standard No :-17):

The company business unit consist of textiles & stone handicraft .The segment wise break up is as follows :-

3 During the year there is a impairment of assets amounting to Rs 2,08,84,755 as these assets were no longer in use and no recoverable value left and hence impairment /depreciation has been charged in full on the full value during the year on the lease assets as contemplated under Accounting Standard No:-28 issued by The Institute Of Chartered Accountants Of India.

4. In accordance with the requirement of Accounting Standards (AS) -18 on Related Party Disclosure ,the name of the parties where control exists and/or with whom the transaction have taken place during the year are as follows :-

a) Key Management Personal

Anil Kumar Khanna - Director

5. During the year as per High Court order an amount of Rs. 16,76,338/-unutilized Cenvat Credit on Capital Good capitalized in the Year 2004-05 has been transferred from Fixed Assets to Cenvat Receivable Account and accordingly depreciation of Rs 3,83,514 has been written back.

6.Figures of the previous year have been regrouped & recast wherever necessary.

 
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