| 1.1 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
basic salary ( last drawn ) 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, as per company's Policy.
2 DETAILS OF RELATED PARTY TRANSACTIONS :
Disclosure as required by Accounting Standard (AS) -18 'Related Party
Disclosures'
1 (a) Key Management Personnel :
1. Mahendra Kumar Kapoor (Chairman)
2. Arvind .M. Kapoor (Managing Director)
(b) Enterprises under significant infuence of key management personnel :
1. Puneet Resins Limited
2. Rishiroop Polymers Pvt. Limited
3. Rishichem Distributors Pvt. Limited
4. Rishiroop Holding Pvt. Limited
5. Rishichem Mideast Limited
6. Rishi Foods Private Limited
7. Devi Organics Private Limited
8. Rishiroop Investments and Trading Company Private Limited
9. Others - Puneet Polymers (Partnership Firm)
3 SEGMENT INFORMATION
The Company is engaged in the one business segment i.e. Polymers and it
is primary segment.
4 DERIVATIVE INSTRUMENTS
4.1 The Company enters into forward contracts to offset foreign
currency risk arising from the amounts denominated in currencies other
than the Indian Rupee. The counter party of such forward contracts is a
bank.
5 CONTINGENT LIABILITIES (NOT PROVIDED FOR) IN RESPECT OF :-
(a) Outstanding Bank Guarantees Rs. 10,00,000/- (Previous Year Rs.
10,00,000/-)
(b) During the year company has received demand of Rs. 1,47,460/- under
section 156 of the Income Tax Act for Assessment Year 2011-12. However
Company has fled appeal before Appellate authorities , hence no
provision is made in the accounts.
6 Provision for taxation has been recognised with reference to the
taxable profit for the year ended 31.03.2014 in accordance with the
provision of the Income Tax Act, 1961.
7 Previous year figures have been re-grouped, re-cast and re-arranged
wherever necessary to make them comparable with the current year
figures.
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