1 CORPORATE INFORMATION:
Rajasthan Tube Manufacturing Company Limited is a Public limited
company domiciled in India and incorporated under the provision of the
Company Act 1956. The Company is engaged in manufacturing and trading
of Black and Galvanised ERW Steel Tubes and Pipes.
2. Rights, Preferences and restrictions attached to shares.
Equity Shares:
The Company has one class of equity shares having a par value of
Rs.10/- each. Each Shareholder is eligible for one vote per share held.
In the event of Liquidation, The equity Shareholders are eligible to
receive the remaining assets of the Company after distribution of all
preferential amounts if any, in proportion to their shareholding.
The term loan on vehicle is secured by hypothecation of vehicle
financed repayment term is 36 equated monthly installment of Rs.12570/-
from 19.07.2013 to 10.06.2016 interest rate 10.69% monthly compounded.
Working Capital Loan is secured by way of first charge as hypothecation
over all the current assets of the company including its book Debts.
This loan is further secured by First Charge in respect of other
movable and immovable fixed assets of Company and personal guarantee of
Shri Harish Chand Jain, Managing Director of the company.
note: Pursuant to the enactment of Companies Act 2013, the company has
applied the estimated useful lives as specified in Schedule II.
Accordingly the unamortised carrying value is being depreciated /
amortised over the revised/remaining useful lives. The written down
value of Fixed Assets whose lives have expired as at 1st April 2014
have been adjusted net of tax, in the opening balance of Profit and
Loss Account amounting to Rs. 141966/-.
3. NOTES ON FINANCIAL STATEMENT :
As at As at
31.3.2015 31.3.2014
(Rs.) (Rs.)
4. Contingent liabilities not provided for :
(i) Guarantee given by Bank 50075000 55075000
against which the Directors
have given counter guarantees.
(ii) Letter Credit Outstanding 65552522 64300000
5. Sundry Debtors, Loans & Advances and Creditors balances are
subject to confirmation from respective parties and are considered good
by the management.
6. The company extends the benefit of encashment of leave to its
employees while in service as well as on retirement. As the company
does not have any defined retirement benefit scheme in this respect,
Accounting Standard AS-15 issued by the Institute of Chartered
Accountants of India is considered not Applicable to that extent. There
is no pending encashment of leave of employees at the end of year hence
no provision is required. Provision for Gratuity has not been
considered as none of the employees has Completed Prescribed year of
service.
7. In the opinion of the management the Current Assets and Advances
are approximately of the value stated, if realised in the ordinary
course of business unless otherwise stated. The provisions for all
liabilities are adequate.
8. Provision for taxation for the current year has been made after
taking into consideration benefits admissible under the provision of the
Income Tax Act, 1961 and as per section 115 JB of the Income Tax Act,
1961.
9. The company has not received any information from suppliers or
service providers whether they are covered under the micro small and
medium enterprises (Development) Act, 2006 disclosure relating to amount
unpaid at the year end together with interest payable if any as required
under the said act are not ascertainable.
10. The Company has filed suit against Two Parties for Rs.3180262/-
towards cheque return. No provision has been made in the books of
accounts as management is of the opinion that amount is recoverable as
it pertains to suit U/s138 of Negotiable Instrument Act.
11. Debit Note/ Credit Note pertaining to transaction with RAJSICO are
booked in the year of receipt of the respective debit note/ credit note.
12. The Company operates solely in the Steel Tube/Pipes and Sheets
segment hence no separate information for segment wise disclosure is
required.
13. Related Party Transactions:
(a) Relationship :
(i) Company under common Control of the Promoters.
(a) Tridev Finance Company Limited.
(ii) Key Management Personnel
(a) Shri Harish Chand Jain (Managing Director)
(b) Shri Pradeep Kumar Jain (CFO)
(iii) Relatives of Director :
(a) Pradeep Jain (CFO)
(b) Saurabh Jain
(c )Kanta Devi Jain
(b) The Following Transactions were carried out with related parties in
the Financial year 2014-2015.
1. Hiring Charges: Rs.72000/- paid to M/s Tridev Finance Co. Ltd.
2. Managerial Remuneration : Rs.720000/- was paid to Shri Harish Chand
Jain
3. Board Meeting Fees : Rs.22500/- paid to Key Management Personnel.
4. Salary Rs.480000/- Paid to Shri Pradeep Jain (CFO).
5. Salary Rs.480000/- Paid to Shri Saurabh Jain.
6. Loans & Advance Granted and received back Rs.16460000/-
(c) The following balance were due from/to the related parties as on
31.03.2015
1. Investment in Equity share of M/s Tridev Finance Co. Ltd.
Rs.5,45,000/-.
14. The managing director has been paid Rs 720000/-(previous year
RS.720000/-) as remuneration as per schedule V of the Companies
Act,2013.Computation of net profit for the purpose, of managerial
remuneration in accordance with the Companies Act,2013 has not been
given as no commission by way of a percentage of profit is payable for
the year under review.
15. Tax deducted at source on interest income included in other income
is Rs.107246/-(Previous year Rs.104485/-).
16. Inventory includes goods in transit and consignment stock pending
sale.
17. Excise Authorities have seized some books and papers of the
company on dated 08-01-2014. But so far no show cause notice has been
issued by the department.
18. C.I.F.value of imports : Rs. Nil (Previous year Nil)
19. F.O.B. value of exports : Rs. Nil (Previous year Nil)
20. Earning Per Share
Net Profit/ (Loss) after current and deferred tax (22644204) Weighted
average number of equity shares of Rs.10/- each : 4507800 EPS (Rs.) -
Basic and Diluted -
21. Corresponding figures of the previous year have been regrouped to
confirm with this year's grouping wherever necessary.
22. Figures have been rounded off to the nearest rupee.
|