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Notes to Accounts of Ruttonsha International Rectifier Ltd.

Mar 31, 2015

NOTE 1 : DISCLOSURE UNDER TME MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006

Based on the information available with the Company and further clarification sought from all the suppliers, none of our suppliers are registered/covered under the Micro, Small and Medium Enterprises Development Act, 2006.

NOTE 2 : INCOME TAX AND SALES TAX ASSESSMENTS

Income Tax assessments have been completed upto the Assessment Year 2012-13 and adjustments in the accounts have been made upto the said Assessment year.

Sales Tax assessments have been completed upto 31st March, 2011.

NOTE 3 : UNPAID AND UNCLAIMED DIVIDENDS

Unclaimed dividends of Rs. 7,46,660/- are lying in Unpaid Dividend Accounts of the Company awaiting Dividend claims from the shareholders for the Financial Year 2009-10; 2010-11; 2011-12 and 2012-13. In terms of Section 124 of the Companies Act, 2013 read with the Companies (Declaration & Payment of Dividend) Rules, 2014, any dividend remaining unpaid/unclaimed for a period of seven years, needs to be transferred to the Investor Education and Protection Fund (IEPF). Shareholders who have not received Dividend for Financial Year 2009-10; 2010-11; 2011-12 and 2012-13 are hereby requested to ensure that they claim the dividend(s) from our Registrar and Transfer Agents - M/s Adroit Corporate Services Pvt. Ltd. before the said amount is transferred to the Investor Education and Protection Fund.

NOTE 4 : The financial statements are prepared under Schedule III of the Companies Act, 2013. Accordingly, the previous year's figures have been re-grouped/re-classified to conform to the current year's classification.


Mar 31, 2014

1. 3,750,000 Equity Shares out of the issued, subscribed and paid up share capital were issued to the erstwhile shareholders of Orient Semiconductors Pvt. Ltd. pursuant to the scheme of Amalgamation.

2. 4,050,000 2% Redeemable Optionally Convertible Cummulative Preference Shares out of the issued, subscribed and paid up share capital were issued to the erstwhile shareholders of Orient Semiconductors Pvt. Ltd. pursuant to the scheme of Amalgamation.

3. The Advance Income Tax for the Assessment Years 1987-88 and 1988-89 relate to matter under dispute with Income Tax Department, the judgement of which has already been passed by the Tribunal in favour of the Company. Accordingly, there is no demand of Tax due from the Company. The Company is yet to receive refund of the said amount.

4. During the year 1999 - 2000 the Government of Gujarat vide notice issued under Land Acquisition Act, 1894 had acquired 15000 Sq. ft. of land belonging to the Company for purpose of widening of Vadodara - Halol road and had awarded compensation of only Rs. 46,309/- towards acquisition. The Company had filed an application against the Govt, of Gujarat, with the Deputy Collector, Godhra Region claiming inadequacy of compensation towards the above mentioned acquisition of land. The case is pending before statutory authorities.

As at 31st As at 31st March, 2014 March, 2013 (Amt. in Rs.) (Amt. in Rs.)

OTHER DISCLOSURE NOTES : 27 to 41

NOTE 5 : CONTINGENT LIABILITIES

Contingent Liabilities not provided for in respect of :

(a) Guarantee issued to the Development Commissioner in respect of E.O.U. unit 15,000,000 15,000,000

(b) Performance Guarantee issued by Banks 1,583,216 2,732,541

6. During the year, the Company was not required to make any contribution under the Scheme of Group Gratuity with Life Insurance Corporation of India (LIC) as per the deferred plan of contribution sanctioned by LIC. The total fund requirements is worked out by LIC at Rs. 23,19,645/- to administer total Gratuity Liability of the Company.

NOTE 7 : DISCLOSURE UNDER THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006 Based on the information available with the Company and further clarification sought from all the suppliers, none of our suppliers are registered / covered under the Micro, Small and Medium Enterprises Development Act, 2006.

NOTE 8 : INCOME TAX AND SALES TAX ASSESSMENTS

Income Tax assessments have been completed upto the Assessment Year 2011-12 and adjustments in the accounts have been made upto the Assessment year 2011-12.

Sales tax assessments have been completed upto 31st March, 2010.

NOTE 9 : UNPAID AND UNCLAIMED DIVIDENDS

There are no unclaimed interest due and payable by the Company, as on 31st March, 2014. However, there are still Rs. 7,52,870/- lying in Unpaid Dividend Account of the Company awaiting Dividend claims from the shareholders for the Financial Year 2009-10; 2010-11; 2011-12 and 2012-13. In terms of Section 205A and 205C of The Companies Act, 1956, the Company is required to transfer the amount of dividend remaining unclaimed for a period of seven years from the date of transfer in the unpaid dividend account of the Company to Investor Education and Protection Fund (IEPF). Shareholders who have not received Dividend for Financial Year 2009-10; 2010-11; 2011-12 and 2012-13 are hereby requested to ensure that they claim the dividend(s) from our Registrar and Transfer Agents - M/s. Adroit Corporate Services Pvt. Ltd. before the said amount is transferred to the Investor Education and Protection Fund.

NOTE 10 :

Consequent to the notification under the Companies Act, 1956, the financial statements are prepared under revised Schedule VI. Previous year''s figures have been re-grouped/ re-classified wherever necessary to correspond with the current year''s classification/ disclosure.


Mar 31, 2013

NOTE 1 : EMPLOYEE BENEFITS

Disclosure as required by Accounting Standard 15

(a) The amount recognized in the Statement of Profit and Loss are as follows:

2.1) During the year, the Company was not required to make any contribution under the Scheme of Group Gratuity with Life Insurance Corporation of India (LIC) as per the deferred plan of contribution sanctioned by LIC. The total fund requirements is worked out by LIC at Rs. 30,03,878/- to administer total Gratuity Liability of the Company.

NOTE 3 : RELATED PARTY TRANSACTIONS

Information on related party transactions as required by Accounting Standard 18. I. LIST OF RELATED PARTIES :

Key Managerial Personnel :

(a) Mrs. Bhavna H. Mehta Related party relationship is as identified by the Company and relied upon by the Auditors.

NOTE 4 : DISCLOSURE UNDER THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006

Based on the information available with the Company and further clarification sought from all the suppliers, none of our suppliers are registered / covered under the Micro, Small and Medium Enterprises Development Act, 2006.

NOTE 5 : INCOME TAX AND SALES TAX ASSESSMENTS

Income Tax assessments have been completed upto the Assessment Year 2011-12 and adjustments in the accounts have been made upto the Assessment year 2011-12.

Sales tax assessments have been completed upto 31st March, 2010.

NOTE 6 : UNPAID AND UNCLAIMED DIVIDENDS

There are no unclaimed interest due and payable by the Company, as on 31st March, 2013. However, there is still Rs. 5,54,769/- lying in Unpaid Dividend Account of the Company awaiting Dividend claims from the shareholders for the Financial Year 2009-10; 2010-11 and 2011-12. In terms of Section 205A and 205C of The Companies Act, 1956, the Company is required to transfer the amount of dividend remaining unclaimed for a period of seven years from the date of transfer in the unpaid dividend account of the Company to Investor Education and Protection Fund (IEPF). Shareholders who have not received dividend for Financial Year 2009-10; 2010-11 and 2011-12 are hereby requested to ensure that they claim the dividend(s) from our Registrar and Transfer Agents - M/s Adroit Corporate Services Pvt. Ltd. before the said amount is transferred to the Investor Education and Protection Fund.

Currently, there is no amount due to be transferred to Investor Education and Protection Fund in terms of Section 205 C (1) of the Companies Act, 1956 vide notification dated October 1, 2001. The unpaid dividend amounts shall be credited to the said fund as and when they become due.

NOTE 7 :

Consequent to the notification under the Companies Act, 1956, the financial statements are prepared under revised Schedule VI. Previous year''s figures have been re-grouped/ re-classified wherever necessary to correspond with the current year''s classification/ disclosure.


Mar 31, 2012

1.1) Vehicle Loan are secured by hypothecation of Vehicles against which Loans have been taken from Banks.

1.2) Loans from Directors is inclusive of interest accrued and due to Directors.

2.1) Cash credit from bank is secured by hypothecation of stocks and current assets as primary security and by first charge on Land and Building under Survey Nos. 338/ P1, 338/P2, 338/P3 and 338/P4 situated at Baska, Taluka Halol, District Panchmahal and hypothecation of entire plant and machinery and other fixed assets both present and future, as collateral security to the bank. The said facility is further secured by lien on STDR of Rs. 50 Lacs kept with the bank.

3.1) There is no amount due and outstanding to be credited to Investor Education and Protection Fund as at 31st March, 2012. These amounts shall be credited to the Fund as and when they become due.

3.2) Statutory Remittances include amount due and payable to various Government and statutory authorities.

4.1) Provision for employee benefits includes provision for bonus and ex-gratia.

5.1) Gross Block of Fixed Assets includes Land, Building and Machinery which have been revalued on 30/05/1986 for Rs. 2,029,839.

5.2) Depreciation on Assets acquired through amalgamation are provided on Straight Line Method basis.

5.3) Depreciation on revalued assets has been adjusted against Revaluation Reserve.

5.4) Individual fixed assets having cost upto Rs. 5,000/- are written off during the year.

6.1) The Advance Income Tax for the period 1987-89 relates to matter under dispute with Income Tax Department, the judgement of which has already been passed by the Tribunal in favour of the Company. Accordingly there is no demand of tax due from the Company. The Company is yet to receive the refund of the said amount.

7.1) During the year 1999 - 2000, the Government of Gujarat vide notice issued under Land Acquisition Act, 1894 had acquired 15000 Sq. ft. of Land belonging to the Company for purpose of widening of Vadodara - Halol road and had awarded compensation of only Rs. 46,309 towards acquisition. The Company had filed an application against the Govt, of Gujarat, with the Deputy Collector, Godhra Region claiming inadequacy of compensation towards the above mentioned acquisition of Land. The case is pending before statutory authorities.

8.1) The Company has made provision of Rs. 3,831,278 for recovery of amount due from two State Government undertakings against whom legal proceedings have been initiated and the matter is subject to adjudication.

NOTE 9 : CONTINGENT LIABILITIES

Contingent Liabilities not provided for in respect of

(a) Guarantee issued to the Development

Commissioner in respect of E.O.U. unit 15,000,000 15,000,000

(b) Performance Guarantee issued by Banks 2,846,805 1,666,418

(c) Letter of Credit 1,986,903 4,498,103

10.1) During the year, the Company was not required to make any contribution under the Scheme of Group Gratuity with Life Insurance Corporation of India (LIC) as per the deferred plan of contribution sanctioned by LIC. The total fund requirements is worked out by LIC at Rs. 33,01,757 to administer total Gratuity Liability of the Company.

NOTE 11 : RELATED PARTY TRANSACTIONS

Information on related party transactions as required by Accounting Standard 18.

I. LIST OF RELATED PARTIES:

Key Managerial Personnel, their enterprise where transactions have taken place:

(a) Mrs. Bhavna H. Mehta

(b) Mr. Manoj P. Mehta

(c) Plus Securities Management Pvt. Ltd.

NOTE 12 : DISCLOSURE UNDER THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006

Based on the information available with the Company and further clarification sought from all the suppliers, none of our suppliers are registered / covered under the Micro, Small and Medium Enterprises Development Act, 2006.

NOTE 13 : INCOME TAX AND SALES TAX ASSESSMENTS

Income Tax assessments have been completed upto the Assessment Year 2010-11 and adjustments in the accounts have been made upto the Assessment year 2010-11.

Sales tax assessments have been completed upto 31st March, 2008.

NOTE 14 : UNPAID AND UNCLAIMED DIVIDENDS

There are no unclaimed interest due and payable by the Company, as on 31st March, 2012. However, there is still Rs. 3,49,846 lying in Unpaid Dividend Account of the Company awaiting Dividend claims from the shareholders for the Financial Year 2009-10 and 2010-11. In terms of Section 205A and 205C of the Companies Act, 1956, the Company is required to transfer the amount of dividend remaining unclaimed for a period of seven years from the date of transfer in the unpaid dividend account of the Company to Investor Education and Protection Fund (IEPF). Shareholders who have not received dividend for Financial Year 2009-10 and 2010-11 are hereby requested to ensure that they claim the dividend(s) from our Registrar and Transfer Agents - Adroit Corporate Services Pvt. Ltd. before the said amount is transferred to the Investor Education and Protection Fund.

NOTE 15 :

Consequent to the notification under the Companies Act, 1956, the financial statements for the year ended 31st March, 2012 are prepared under revised Schedule VI. Accordingly, the previous year's figures have also been re-grouped/ re-classified to conform to the current year's classification.


Mar 31, 2010

(Fig. in Rs.)

Current Previous Year Year

(i) Contingent liabilities in respect of :-

(a) Guarantees issued by Banks towards Bond given by the Company to the Development Commissioner of Kandla in respect of EOU Unit. 158.77 158.77 (b) Letter of Credit 25.00 -



(ii) (a) Cash Credit Advances

(I) From Union Bank of India is secured by hypothecation of stocks and current assets and by first charge on Land and Building under Survey Nos. 338/P2, 338 /P3 and 338 / P4 situated at Baska, Taluka Halol, District Panchmahal and hypothecation of entire plant and machinery and other fixed assets both present and future, installed therein as collateral security to the bank. The said facility is further secured by lien on STDR of Rs.75 Lacs kept with the bank.

(II) From State Bank of India is secured by hypothecation of stocks and current assets and by first charge on land and building under Survey Nos. 338/1 situated at Baska, Taluka Halol, District Panchmahal and hypothecation of entire plant and machinery and other fixed assets both present and future, of the EOU Unit, installed therein as collateral security to the bank. The said facility is further secured by lien on STDR of Rs. 50.00 Lacs kept with the bank.

(b) Term Loan Advances

(I) From Union Bank of India is secured by hypothecation of plant and machinery purchased and by first charge on land and building under Survey Nos. 338/P2, 338 /P3 and 338 / P4 situated at Baska, Taluka Halol, District Panchmahal and hypothecation of entire plant and machinery and other fixed assets both present and future, installed therein as collateral security to the bank. The said facility is further secured by lien on STDR of Rs.75.00 Lacs kept with the bank.

(II) From State Bank of India is secured by Hypothecation plant and machinery purchased and by first charge on land and building under Survey Nos. 338/1 situated at Baska, Taluka Halol, District Panchmahal and hypothecation of entire plant and machinery and other fixed assets both present and future, of the EOU Unit, installed therein as collateral security to the Bank. The said facility is further secured by lien on STDR of Rs.50.00 Lacs kept with the bank.

(c) Vehicle Loans From Union Bank of India is secured by hypothecation of the vehicles purchased.

(iii) During the year 1999 - 2000 the Government of Gujarat vide notice issued under Land Acquisition Act 1984 had acquired 15000 Sq. ft. of land belonging to the Company for purpose of widening of Vadodara - Halol road and had awarded compensation of Rs. 46,309/- towards acquisition. The Company had filed an application against the Govt, of Gujarat, with the Deputy Collector, Godhra Region claiming inadequacy of compensation towards the above-mentioned acquisition of land. The case is pending to be heard.

(iv) Confirmations have been received from most of the Debtors and Creditors. The letters sent to the parties containing a note to the effect that the correctness would be presumed if not contested. Debtors outstanding for more than 180 days amount to Rs. 74.12 Lacs (Previous year Rs.88.53 Lacs) are considered recoverable as per management. During the year Rs. 2.86 Lacs (Previous year Rs. 1.00 Lacs) was considered bad and written off and a further provision for bad and doubtful debts has been made for Rs. 8.04 Lacs (Previous Year: Rs.10.45 Lacs) during the year. The same also includes dues from three state Government undertakings against whom legal proceedings have been initiated for recovery amounting to Rs. 39.31 Lacs towards which provision has been made as mentioned above. The earnest money deposits received from customers are also not confirmed.

During the year, the Company has contributed Rs. 31.25 Lacs under the Scheme of Group Gratuity with Life Insurance Corporation of India (LIC) as per the deferred plan of contribution sanctioned by LIC against the total fund requirements worked out by LIC at Rs. 46.00 Lacs to administer the total Gratuity Liability of the Company.

(vii) In accordance with Accounting Standard - 28 Impairment of Assets the Company has not written off any assets during the year. There are no other assets of this nature. Hence no future liability.

(viii) Income tax assessments have been completed up to the Assessment Year 2007-08 and adjustments in the accounts have been made up to the Assessment year 2007-08.

(ix) During the year, the Company has made provision for Deferred tax liability relating to the current year of Rs. 47.48 Lacs (Previous Year: Rs. 111.70) as per AS-22 on Accounting for Taxes on Income, issued by the Institute of Chartered Accountants of India.

(x) As on the date of the balance sheet Sales-tax assessments have been completed up to 31st March, 2007.

(xi) Depreciation on revalued assets amounting to Rs. 4,530/- has been directly adjusted against Capital Reserve on revaluation of assets. (xii) As on the date of the balance sheet there are no unclaimed/unpaid deposits as per the Companies (Acceptance of Deposits) Rules, 1975.

(xiii) Sundry creditors include Rs. 88.62 Lacs due to small-scale industrial undertakings (SSI) to the extent such parties have been identified from the available documents/information. The names of SSI units to whom amounts are due for more than 30 days are furnished below.

1. M. M. Associates

2. Shree Ambica Steel Industries

3. Dinbond Engg.Worls

4. McCom Industries(l) PvtLtd.

5. S. P. Rubber Industries

6. Ganesh Industries

7. Sri Ram Fluxes

8. Shri Ram Industries

9. Sahjanand Engg.Works

10. Aseem Technologies Pvt.Ltd.

11. Western Rubber Industries India Pvt.Ltd.

12. Shree Tulja Industry

13. Hylite Cables Pvt.Ltd.

14. Gujarat Engg.Works Pvt.Ltd.

15. Samir Tech-Chem Pvt. Ltd.

16. Shreejee Electricals

17. Silica Scientific Works

(xiv) There are no unclaimed amounts due against interest and dividend payable by the Company. As such no amount is due to be transferred to the Investor Education and Protection Fund in terms of section 205 C (1) of the Companies Act, 1956 vide notification dated October 1, 2001.

(xv) The Board of Directors recommended a dividend of Rs.0.60 per equity share for the year ended 31st March, 2010 in their meeting held on 23rd July, 2010. Though, the accounts for the year were duly approved in their meeting held on 29th May, 2010, for the limited purpose of appropriation as a result of the proposed dividend, the accounts were amended to show the appropriation and corresponding effect in the balance sheet.

 
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