| 1. Corporate Information
Rishi Laser Limited is a public Company domiciled in India and
incorporated under the provisions of the Companies Act, 1956. Its
shares are listed on one stock exchange in India. The Company is
engaged in manufacturing of sheet metal components, Machines.
2. Basis of Preparation
These financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis. GAAP comprises mandatory
accounting standards as prescribed under Section 133 of the Companies
Act, 2013 ('the Act'), read with Rule 7 of the Companies (Accounts)
Rules, 2014. The accounting policies adopted in the preparation of
financial statements are consistent with those of previous year.
3 : DETAILS OF DUES TO MICRO AND SMALL ENTERPRISES AS DEFINED UNDER
THE MSMED ACT, 2006
Pursuant to the Micro, Small and Medium Enterprise Development Act.
2006, the Company had asked for confirmation from its vendors regarding
their status under the said Act. The Company is yet to receive
verifiable confirmations from the vendors and hence the amounts unpaid
as at the year end together with interest payable if any, under this
Act have not been given.
4 : CONTINGENT LIABILITIES
(i) Guarantee given by banks on behalf of company Rs.41,20,000
(ii) Letter of credit Rs.Nil
(iii) Appeal filed by us in respect of demand from Central Excise &
Service Tax Authorities for payment of Custom Duty and other duties
together with penalties for clearance in excess of 50% of FOB value for
the financial year 2007-08 to June 11 from EOU Unit was decided in
favour of Revenue by the Commissioner of Central Excise (Appeals), Pune
III. Aggrieved by such order, Company went into appeal before the
Customs, Excise & Service Tax Appellate Tribunal. Tribunal on 1st April
2014 stayed the order of the Commissioner of Central Excise (Appeals),
Pune - III during the pendency of the Appeal.
5 : Due to challenging economic environment in the last few quarters,
the Company has been facing difficulty in servicing its obligations to
lenders on time. At present, the Company is in advanced stage of
discussion with its lenders to finalise on revival package.
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