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Rubber Products Ltd. Notes to Accounts
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You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (Rs.) 2.64 Cr. P/BV 0.67 Book Value (Rs.) 9.67
52 Week High/Low (Rs.) 7/3 FV/ML 10/1 P/E(X) 10.03
Bookclosure 28/09/2020 EPS (Rs.) 0.64 Div Yield (%) 0.00
Year End :2015-03 
1. Nature of operations

The Rubber Products Limited is primarily engaged in the business of manufacturing rubber products.

2. Consistent with the past prsuice, no provision has been made for excise duty estimated at Rs.911389/- {Previous Year Rs.624468/-) on stock lying at the year end. Accordingly the said amounts are not included in the inventory valuation. This has no effect on the profit for the year Though the said accounting treatment differs from the revised "Guidance Note on Accounting treatment for Excise Duty " issued by the iCAL The Company is of the view that the excise duty is effectively not payable till the manufactured goods are removed from the factory premises.

3. Contingent Liability not provided for:

                                                            (In Rupees)

                                                  2014-15       2013-14

(a) Guarantees given by Bank on behalf
    of the Company                              2,56,559/-   9,37,346/-

(b) Letters of Credit issued by Bank on
    behalf of the Company                    1,08,48,967/-  92,61,204/-
(c) Excise - Rubberised Textile Fabric/ Furnace Oil (including Penalty) 68,91,001/- 6891001/-

(d) Excise - Rubberised Coated Fabrics - Ordiance Parachute Factory, Kanpur 2,06,995/- 2,06,995/-

(e) Excise - Silicone Transparent Tubing under 9018 instead of 3917 (including Penalty) 74,14,244/- 74,14,244/-

(f) Sales Tax FY 200S-09 (CST & MVAT)(Ex- parte order based on Sales &

    Purchase no set off has been
    considered)                              6,06,61,949/-        -

    Sales Tax FY 2009-10 (CST & MVAT)          29,29,854/-  29,29,854/-

    Sales Tax FY 2010-11 (CST & MVAT)          31,49,093/-

    Income Tax A.Y. 2011-12                    76,31,740/-  76,31,740/-
4. Pursuant of the Rehabilitation Scheme approved by the Board for Industrial and Financial Reconstruction (B1FR) vide order dated 23.5.96 Company had joined as Co-Promoters in The Cosmos India Rubber Works (P.) Ltd. during the year 1996-97. terms of the said scheme, the company had invested Rs.21.00 lacs by way of Share Capital in the erstwhile subsidiary compay . The amount outstanding from the said Company as Loans & Sundry Debtors are Rs.25,00,000/- ( Previous Year rs 26,73.744/-) & Rs.1,41,60,252/- (Previous Year Rs. 1,39,57,567/-) respectively. The said company is a sick industrial Company within the meaning of section 3(1)(o) of Sick Industrial Companies (Special Provisions) Act, 1985 and BIFR, vide order dt8.09.2010 have recommended winding of the said. This order of BIFR was set aside by AAIFR vide it's order dated 06.09.2012 and also directed BIFR to consider the scheme submitted by The Cosmos India Rubber Works (P.) Ltd of Revival cum merger with the Company.

The said Company has since suspended manufacturing activities and the chances of immediate recovery of the Company's dues are doubtful. However, No provision has been made in view of pending final decision by BIFR on revival Scheme.

5. Sundry Debtors are subject to confirmation and include some debts, which are overdue. It includes dues from Railways, Govt. Depts/PSU etc. No provision has been made for doubtful debts.

6. With regard to disclosure of outstanding dues for more than 45 days payable to Sundry Creditors covered under MSME Act, is under process of being worked out as the details relating to their status are being called for.

7. Gratuity Provision:

As per the working of Independent Actuarial Valuer M/s K.A. Pundit, the Projected Benefit Obligations of the Company in respect of gratuity benefits as on 31.03.2015 is Rs 127.68 lacs, against which the Company has made provision of Rs 99.75 lacs and for the the balance Rs 28.33 lacs no provision has been made. As per LIC Fund available is Rs.,0.32 lacs, hence gratuity fund available with LIC is not sufficient to cover up existing gratuity liability to the extent of Rs.127.36 lacs. To the extent of shortfall of, Rs. 28.33 lacs the provisions of the revised AS-15 are not compiiad with the gratuity LIC policy has been lapsed and the management is in process of renewing the same

Defined Benefit Plan

The employee's gratuity fund scheme managed by a Trust(Life Insurance Corporation of Indians a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to built up the final obligation.

8. Provisions for Leave Encashment:

Company -as retained the policy as per last year relating to Leave encashment with regard to staff/managers and accordingly provisions for leave is revised from Rs. 5,72,934/- as on 31.3.2014 to Rs. 8,64,770/- as on 31.3.2015, as per which an employee is eiigible for maximum of 15 days leave only if he has more than 60 days of accumulated leave. Accordingly has made provision for only 15 days. This was done based on assumption that an employee will be availing of at ess; 30"days of leave during the year. This is applicable to both staff as well as workers.

provision is made of Rs.18 lacs in the previous year on account of interest payable to one of the associate concern of M/S B Fouress Pvt. Ltd., Loss will increase to that extent.

9. No provision is made for service tax payable on GTA and Other services which are payable on RCM, quantum of liability is not worked out.


 
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