Mar 31, 2015
Note 1 : In the opinion of Board of Directors, Non current / current
assets and Loans and Advances have value on realization in the ordinary
course of business, at least equal to the amount at which they are
stated in the Balance sheet and that the provision for known
liabilities is adequate and reasonable. There are no contingent
liabilities other than stated herein above.
Note 2 : LEASES - WHERE COMPANY IS LESSEE
The Company has taken various premises under operating leases with no
restrictions and is renewable / cancelable at the option of either
party. There are no sub leases. There are no restrictions imposed by
lease arrangements. The company has not recognized any contingent rent
as expense in the statement of profit and loss. The aggregate amount of
operating lease payment recognized in the statement of profit and loss
is Rs.1.69 Lacs (Previous year 1.14 Lacs )
Note 3 : Disclosure as per AS-15 Â EMPLOYEE BENEFITS GRATUITY
The Company has opted for scheme with Life Insurance Corporation of
India to cover its liabilities towards employees' gratuity. The annual
premium paid to Life Insurance Corporation of India is charged to
Profit and Loss Account. The Company also carries out actuarial
valuation of gratuity using Projected Unit Credit Method as required by
Accounting Standard 15 "Employee Benefits" (Revised 2005) and
difference between fair value of plan assets and liability as per
actuarial valuation as at year end is recognized in Profit and Loss
Account.
Note 4 : Exceptional item Nil (Previous year Rs. 4.30 Lacs) represent
value of Gratuity fund of earlier year not recognized, being excess of
fair value of planned assets over present value of defined obligation,
, hence now recognized.
Note 5 : Pursuant to enactment of new Companies Act, 2013 and as per
the schedule II of the Companies Act, 2013, the company has revised the
useful life of fixed Assets for providing depreciation on it.
Accordingly; carrying amount as on 01/04/2014 has been depreciated over
the remaining revised useful life of fixed Assets. Due to this change
depreciation for the year is lower by Rs.0.05 Lacs and profit before
tax is higher to the extent of Rs. 0.05 Lacs. In accordance with
transitional provision in respect of assets whose useful life is
already exhausted as on 01/04/2014, depreciation Rs. 0.19 Lacs . (Net
of tax expenses Rs. 0.09 Lacs) has been recognized in opening balance
of retained earnings as per requirement of schedule II of the Act.
Note 6 : Previous year's figures are regrouped / re  arranged
wherever considered necessary.
Note 7 : General Company Information Significant Accounting policies
and practices adopted by the Company are disclosed as under :- General
company information Ruchi Strips and Alloys Limited was incorporated as
a Limited Company on June 18th, 1987.
In the year 2011, Company has transferred its Plant along with Steel
Division situated at Village  Sejwaya, Ghatabillod, Dist. Dhar (M.P.)
to wholly owned subsidiary RSAL Steel Private Limited. Now, the main
business activity of the company is Trading activity in Steel and other
products.
The shares of the Company are listed at the Bombay Stock Exchange,
Mumbai.
Mar 31, 2014
1. SHARE CAPITAL
1.1 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.
The dividend proposed by the Board of Directors is subject to the
approval of 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
of their shareholding.
1.2 The details of Shareholders holding more than 5% shares:
2. CONTINGENT LIABILITIES AND COMMITMENTS
(to the extent not provided for)
2013-14 2011-13
A. Contingent Liabilities
i) Guarantees issued by Bank Nil Nil
ii) Income Tax demand disputed in appeal 6.76 6.76
iii) Corporate guarantee given on behalf
of subsidiary 24148.00 24148.00
B. Commitment Nil Nil
3. a. Trade Payables includes Rs. Nil (Previous Year Nil) amount due to
micro small and medium enterprises registered under the Micro, Small
and Medium Enterprises Development Act, 2006 (MSMED)Act.
b. The information 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.
4. The Company is engaged in trading/merchandising activities. No other
activity qualifies as a reportable segment in terms of AS-17 issued
by The Institute of Chartered Accountants of India. Hence disclosure
requirement as perAS-17 is not applicable.
5. RELATED PARTY DISCLOSURE
a. Related Party relationship is as identified by the Company and
relied upon by the Auditors.
b. Transaction carried out with related parties referred in above, in
ordinary course of business during the existence of related party
relationship.
6. In the opinion of Board of Directors, Non current/current assets
and Loans and Advances have value on realization in the ordinary course
of business, at least equal to the amount at which they are stated in
the Balance sheet and that the provision for known liabilities is
adequate and reasonable. There are no contingent liabilities other than
stated herein above.
7. DISCLOSURE ON FINANCIAL AND DERIVATIVE INSTRUMENTS:
The Company uses foreign currency forward exchange contracts to hedge
its exposures in foreign currency related to firm commitment and highly
probable forecasted transactions. The amount of foreign currency
exposure as at the end of the year is Nil (Previous year Nil).
8. LEASES-WHERE COMPANYIS LESSEE
The Company has taken various premises under operating leases with no
restrictions and is renewable/cancelable at the option of either
party.There are no sub leases.There are no restrictions imposed by
lease arrangements. The company has not recognized any contingent rent
as expense in the statement of profit and loss. The total future
minimum lease rentals payable at the balance sheet date is as under:
The aggregate amount of operating lease payments recognized in the
statement of profit and loss is Rs. 1.14 Lacs (Previous period Rs. 1.37
Lacs). The company has not recognized any contingent rent as expense in
the statement of profit and loss.
9. DISCLOSURE AS PER AS-15-EMPLOYEE BENEFITS
GRATUITY
The Company has opted for scheme with Life Insurance Corporation of
India to cover its liabilities towards employees gratuity. The annual
premium paid to Life Insurance Corporation of India is charged to
Profit and Loss Account. The Company also carries out actuarial
valuation of gratuity using Projected Unit Credit Method as required by
Accounting Standard 15 "Employee Benefits" (Revised 2005) and
difference between fair value of plan assets and liability as per
actuarial valuation as at year end is recognized in Profit and Loss
Account.
10. Exceptional item Rs. 4.30 Lacs represent value of Gratuity fund of
earlier year being excess of fair value of planned assets over present
value of defined obligation, hence now recognized.
11. Disclosure Pursuant to Clause 32 of Listing Agreement with Stock
Exchanges
A) Loans and Advances in the nature of Loans to Subsidiary-Nil
B) Loans and Advances in the nature of Loans to Related Party-Nil
C) None of the parties to whom loans were given have made investment in
the shares of the Company-Nil
D) Loans and advances in the nature of Loans to firms/companies in
which directors are interested-Nil
E) Loans and advances in the nature of Loans where there is:
i) No repayment schedule or repayment beyond seven years-Nil
ii) No interest or interest below the rates prescribed in section 372A
of companies act 1956 - Nil
12. The financial statements have been prepared in line with the
requirements of Revised Schedule VI of Companies Act, 1956 as
introduced by the Ministry of Corporate Affairs from the financial year
ended on 31 st March 2012. Accordingly, assets and liabilities are
classified between current and non-current considering 12 month period
as operating cycle.
13. The financial statement of current and previous period are not
comparable since previous period figures are of eighteen months.
14. Previous period''s figures are regrouped/re-arranged wherever
considered necessary.
15. General Company Information Significant Accounting policies and
practices adopted by the Company are disclosed as unde
General company information
Ruchi Strips and Alloys Limited was incorporated as a Limited Company
on June 18th, 1987.
In the year 2011, Company has transferred its Plant along with Steel
Division situated at Village -Sejwaya, Ghatabillod, Dist. Dhar(M.P.) to
wholly owned subsidiary RSAL Steel Private Limited.
Now, the main business activity of the company is Trading activity in
Steel and other products.
The shares of the Company are listed at the Bombay Stock Exchange,
Mumbai.
Mar 31, 2013
NOTE 1 : Trade payables include bills payable for purchase of goods Rs.
NIL (Previous Year Rs. 5505.63 Lacs).
NOTE 2 : a. Trade Payables includes Rs. Nil (Previous Year Nil) amount
due to micro, small and medium enterprises registered under the Micro,
Small and Medium Enterprises Development Act, 2006 (MSMED Act).
b. The details of amount outstanding to Micro, Small and Medium
Enterprises are as under :
c. The information 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.
NOTE 3 : RELATED PARTY DISCLOSURE
List of Related Parties and Relationships Party Name
a) Subsidiary Company RSAL Steel Private Limited
b) Key Management Personnel & their relative
Mr. Kailash Chandra Shahra Chairman
Mr. Umesh Shahra Managing Director
Mr. Arvind Mishra Director (Executive Director up to 30.03.2011)
c) Entities where Key Management Personnel & their relatives of Key
Management Personnel have significant Influence over the Company.
Suyash Trust
Shahra Brothers Private Limited
Indian Steel Corporation Limited
NICPL Infralinks Private Limited ( Associate)
Note : Related Party relationship is as identified by the Company and
relied upon by the Auditors.
d) Transaction carried out with related parties referred in above, in
ordinary course of business during the existence of
NOTE 4 : In the opinion of Board of Directors, current assets, loans
and advances have value on realization in the ordinary course of
business, at least equal to the amount at which they are stated in the
Balance sheet and that the provision for known liabilities is adequate
and reasonable. There are no contingent liabilities other than stated
herein above.
NOTE 5 : DISCLOSURE ON FINANCIAL AND DERIVATIVE INSTRUMENTS
The Company uses foreign currency forward exchange contracts to hedge
its exposures in foreign currency related to firm commitment and highly
probable forecasted transactions. The amount of foreign currency
exposure as at the end of the period is Nil (Previous year Nil).
NOTE 6 : LEASES - WHERE COMPANY IS LESSEE
The Company has taken various premises under operating leases with no
restrictions and is renewable / cancelable at the option of either
party. There are no sub leases. There are no restrictions imposed by
lease arrangements. The Company has not recognized any contingent rent
as expense in the statement of profit and loss. The aggregate amount of
operating lease payments recognized in the statement of profit and loss
is Rs.1.37 Lacs (Previous period Rs. 24.44 Lacs). The Company has not
recognized any contingent rent as expense in the statement of profit
and loss.
NOTE 7 : DISCLOSURE AS PER AS-15 - EMPLOYEE BENEFITS GRATUITY
The Company has opted for scheme with Life Insurance Corporation of
India to cover its liabilities towards employee''s gratuity. The annual
premium paid to Life Insurance Corporation of India is charged to
Profit and Loss Account. The Company also carries out actuarial
valuation of gratuity using Projected Unit Credit Method as required by
Accounting Standard 15 "Employee Benefits" (Revised 2005) and
difference between fair value of plan assets and liability as per
actuarial valuation as at year end is recognized in Profit and Loss
Account.
NOTE 8 : The financial statements have been prepared in line with the
requirements of Revised Schedule VI of Companies Act, 1956 as
introduced by the Ministry of Corporate Affairs from the financial year
ended on 31st March, 2012. Accordingly, assets and liabilities are
classified between current and non-current considering 12 month period
as operating cycle. Consequently, the Company has re-classified
previous period figures to confirm to this period''s classification.
NOTE 9 : The financial statement of current and previous period are
for eighteen months.
10. General Company Information
Ruchi Strips and Alloys Limited was incorporated as a Limited Company
on 18th June, 1987.
In the year 2011, Company has transferred its Plant along with Steel
Division situated at Village - Sejwaya, Ghatabillod, District Dhar
(Madhya Pradesh) to it s wholly owned subsidiary namely RSAL Steel
Private Limited.
Now, the main business activity of the Company is Trading activitiy in
Steel & other products.
The shares of the Company are listed at the Bombay Stock Exchange,
Mumbai (BSE).
Mar 31, 2010
2009-10 2008-09
Rs. in Lacs Rs. in Lacs
1. Contingent Liabilities not
provided for
a) Outstanding Bank guarantees 625.97 183.23
b) Disputed liabilities not
acknowledged as debts. 475.45 402.76
2. Sundry Creditors includes bills
payable for purchases of material
Rs. 9103.71 lacs (previous year
Rs. 3722.51 lacs)
3. During the year, the Company has forfeited 34200 equity shares of
Rs. 10/- each (Amount paid up Rs. 5/-).
4. Preferential issue of Equity Shares :
a) In order to repay the existing unsecured loans raised as margin for
availing Working Capital Term Loan(s) and augment its working capital,
the Company has come out with preferential allotment of equity shares
to Promoters and other investors during the year, at an issue price
calculated in accordance with SEBI (ICDR) Guidelines, 2009, duly
approved by the Board of Directors and Share holders of the company.
b) The Company has allotted 95,47,075 Equity Sharers of Rs. 10/- each
at a premium of Rs. 1.05 per shares on 25th January, 2010.
c) The entire proceeds have been utilized for the purpose for which it
was raised.
5. Issue of Preference Shares:
a) The Company has issued and allotted 9,50,000 5% Non-cumulative
redeemable preference shares of Rs. 100/- each on 14th December, 2009,
aggregating to Rs. 950 lacs, to meet margin requirements for availing
Working Capital Term Loan(s). The shares, issued to Promoter group, are
redeemable on completion of 14 years from the date of issue.
b) The entire proceeds have been utilized for the purpose for which it
was raised.
*Excluding Rs. Nil (Previous Year Rs. 0.75 lacs) paid during the year
to Executive Director relating to period prior to his appointment as a
director.
6. Related Party Disclosures:
1. Relationships
(a) Key Management Personnel & relatives
Shri Kailash Chandra Shahra Chairman
Shri Umesh Shahra Managing Director
Shri Arvind Mishra Executive Director
(b) Entities where key management personnel or relative of key
management personnel have significant interest Suyash Trust.
Shahra Bros. Pvt. Ltd.
Indian Steel Corporation Limited
Note: Related party relationship is as identified by the Company and
relied upon by the Auditors.
7. In the opinion of the Board of Directors the current assets, loans
and advances have value on realization in the ordinary course of
business, at least equal to the amount at which they are stated in the
Balance Sheet and provision for known liabilities is adequate and
reasonable. There are no contingent liabilities other than those stated
herein above.
8. There are no delays in payment to Micro, Small and Medium
enterprises as required to be disclosed under Micro, Small and Medium
Enterprises Development Act, 2006. The information given in Schedule L:
"Current Liabilities" regarding Micro, Small and Medium enterprises has
been determined to the extent such parties have been identified on the
basis of information avai lable with the Company. This has been relied
upon by the Auditors.
9. Previous years figures have been re-grouped and re-arranged
wherever necessary to make them comparable.
10. Confirmation of loans, advances, deposits, debtors and creditors
have been partly received, therefore same has been shown as per books
of accounts. Necessary adjustments, if any, wil I be made on reconcil
lation of the same.
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