Mar 31, 2018
⢠Notes forming parts of financial statements for the year ended 31st March 2018.
1- Corporate Information:
Riba Textiles Limited (the Company) is public company domiciled in India had incorporated under the provisions of the Companies Act, 1956..the shares are listed on Bombay Stock Exchange (BSE). The Company is engaged in Manufacturing &Export of terry towels.
2- Significant Accounting Policies
A) Basic of Accounting & preparation of Financial Statement
The financial statements of the Company have been prepared in accordance with the Genera Accepted Accounting principles in India (India GAAP) to comply with the Accounting Standards notified under Section 211(3C) of the Companies Act, 1956 ("the 1956 Act") (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 ("the 2013 Act") in terms of General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs) and the relevant provisions of the 1956 Act/2013 Act, as applicable. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those follow the previous year.
B) Use of estimates
The preparation of the financial statements in conformity with India GAAP requires the Manage to make estimates and assumption considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent reasonable. Future results could differ due to these estimates and the if between the actual results and the estimates are recognised in the period in which the results are known/ materialize.
C) Inventories
1 Raw materials, stores and spares are valued at cost.
2 The value of work in process is taken on estimated cost of completed.
3. Finished goods are valued at cost or net realizable value, whichever is less.
D) Depreciation on tangible fixed assets
Depreciation is provided on straight line basis over the useful life of the assets, which is st at schedule II of Companies Act, 2013 or reassessed by the company based on technical evaluation.
E) Revenue recognition
Revenue including other income is recognized when no significant uncertain determination or realization exists.
F) Export Benefits
Export Ben£its available under prevalent schemes are accrued in the year when the right to received credit as per the terms of the scheme is established in respect of exports made and are accounted extent there is no significant uncertainty about the mealsity ultimate realization/utilization of such benefits.
G) Tangible fixed assets
Fixed assets are recorded at cost of acquisition or construction. They are started at the historic; less accumulated depreciation, amortization and impairment lofsriy.
H) Foreign currency transaction and translations
Transactions in foreign currency are recorded at the original rates of exchange in force at the tire transactions are effected. At the -year, monetary items denominated in foreign currency and forward exchange contracts are reported using closing rates of exchange. Exchange differences aris thereon and on realization/payment of foreign exchange are accounted, in the relevant year, as inco or expense.
In case of forward exchange contracts,other financial instruments that are in substance forwar exchange contracts, the premium or discount arising at the inception of the contracts is amortize expense or income over the life of the contacts. Gains/losses on settlement of transaction cancellation/renewal of forward exchange contracts are recognized as income or expense.
I) Investments
Long-term investments (excluding investment properties), are carried individually at cost provision for diminution, other than temporary the value of such investments. Current investments are carried individually, at the lower of cost and fair value cost of investments includes quisition charges such as brokerage, fees and duties. Investment properties are carried individually at cost accumulated depreciation and impairment, if any. Investment properties are capitalized an depreciated in accordance with the policy stated for Tangible Fixed Assets. Impairment of investm property is determined in accordance with the policy stated impairment of Tangible Assets.
J) Employee benefits
a) The Company contributes towards Provident Fund, Welfare funds which is defined contribution scheme. Liability in respect thereof is determined on the basis of contribution required to be made under the statues/rules.
b) Gratuity Liability, a defined benefit scheme, and provision for compensated absences are accrue and provided for on the basis of actuarial valuations made at the year /period end.
K) Borrowing Costs
Borrowing costs that are attribute to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily tal substantial period of time to get ready for its intended use. All other borconverge charged to revenue.
L) Taxes on income
Tax expenses comprise both current and deferred tax at the applicable enacted/substantively enact rates. Current tax represents the amount of income tax payable/recover able in respect of the income/loss for the reporting period.
M) Provisions and contingencies
A provision is recognized when the Company has a present obligation as a result of a past event, which it is probable that cash outflow will be required and a reliable estimate can be made of amount of the obligation. A contingent liability is disclosed when the Company has a possible c present obligation where it is not probable that an outflow of resources will be required to settle Contingent assets are not recognized in the final settlement..
N) Earnings per share:
Basic earnings per share are calculated by dividing the net profit or loss for the year attributed equity shareholders by the weighted average number of equity shares outstanding at end of the year
O) Operating Cycle
Based on the nature of products/activities of the Company and the normal time between acquisitions assets and their realization in cash or cash equivalents, the Company has determined its oper at cycle as 12 months for the purpose of classification of its assets and liabilities as current and non current.
3. Share Capital |
(in Rupees) |
|||
Particulars |
As at March 31, 2018 |
As at March 31, 2017 |
||
Number |
Amount |
Number |
Amount |
|
Authorised |
15,100,000 |
151,000,000 |
15,100,000 |
151,000,000 |
Equity shares of 10 each( with voting rights) |
||||
Issued |
9,652,870 |
96,528,700 |
9,652,870 |
96,528,700 |
Equity shares of 10 each (with voting rights) |
||||
Subscribed & Paid up |
9,652,870 |
96,528,700 |
9,652,870 |
96,528,700 |
Equity shares of 10 each (with voting rights) |
||||
Total |
96,528,700 |
96,528,700 |
(a) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:
Particulars |
As at March 31, 2O18 |
As at March 31, 2O17 |
||
Number |
Amount |
Number |
Amount |
|
(1) Issued, Subscribed and Paid up equity shares |
||||
Shares outstanding at the beginning of the |
9,652,870 |
96,528,700 |
96,52,870 |
96,52,8700 |
year Shares issued during the year |
_ |
_ |
_ |
_ |
Shares outstanding at the end of the year |
9,652,870 |
96,528,700 |
9,652,870 |
96,528,700 |
(b) Rights, preference and restrictions attached to shares issued:
The Company has only one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. The dividend if proposed by the Board of Directors is subject to the approval of the 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 to their shareholding.
(c)The detail of shareholder holding more than 5% shares:
Name of Shareholder |
As at 31 March 2018 |
As at 31 March 2017 |
||
No. of Shares held |
% of Holding |
No. of Shares held |
% of Holding |
|
Asha Garg |
1,697,131 |
17.58% |
1,697,131 |
17.58% |
Anand Rathi Global Finance Limited |
1059652 |
10.98% |
- |
- |
Amit Garg |
992,400 |
10.28% |
992,400 |
10.28% |
Nitin Garg |
817,953 |
8.47% |
817,953 |
8.47% |
Ravi Promoters Pvt Ltd |
700,000 |
7.25% |
700,000 |
7.25% |
Bhawna Garg |
649,095 |
6.72% |
649,095 |
6.72% |
Ravinder Garg |
558,212 |
5.78% |
558,212 |
5.78% |
Mar 31, 2016
1- Corporate Information:
Riba Textiles Limited (the Company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares is listed on Bombay Stock Exchange (BSE). The Company is engaged in Manufacturing & Export of terry towels.
2- Significant Accounting Policies
A) Basic of Accounting & preparation of Financial Statement
The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting principles in India (India GAAP) to comply with the Accounting Standards notified under Section 211(3C) of the Companies Act, 1956 (âthe 1956 Actâ) (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 (âthe 2013 Actâ) in terms of General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs) and the relevant provisions of the 1956 Act/2013 Act, as applicable. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.
B) Use of estimates
The preparation of the financial statements in conformity with India GAAP requires the Management to make estimates and assumption considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognized in the period in which the results are known/ materialize.
C) . Inventories
1. Raw materials, stores and spares are valued at cost.
2. The value of work in process is taken on estimated cost of process completed.
3. Finished goods are valued at cost or net realizable value, whichever is less.
D) Depreciation on tangible fixed assets
Depreciation is provided on straight line basis over the useful life of the assets, which is stated in schedule II of Companies Act, 2013 or reassessed by the company based on technical evaluation.
E) Revenue recognition
Revenue including other income is recognized when no significant uncertainty as to itsâ determination or realization exists.
F) Export Benefits
Export Benefits available under prevalent schemes are accrued in the year when the right to receive credit as per the terms of the scheme is established in respect of exports made and are accounted to the extent there is no significant uncertainty about the measurability and ultimate realization/utilization of such benefits.
G) Tangible fixed assets
Fixed assets are recorded at cost of acquisition or construction. They are started at the historical cost less accumulated depreciation, amortization and impairment loss, if any.
H) Foreign currency transaction and translations
Transactions in foreign currency are recorded at the original rates of exchange in force at the time the transactions are affected. At the year-end, monetary items denominated in foreign currency and forward exchange contracts are reported using closing rates of exchange. Exchange differences arising thereon and on realization/payment of foreign exchange are accounted, in the relevant year, as income or expense.
In case of forward exchange contracts, or other financial instruments that are in substance forward exchange contracts, the premium or discount arising at the inception of the contracts is amortized as expense or income over the life of the contacts. Gains/losses on settlement of transactions arising on cancellation/renewal of forward exchange contracts are recognized as income or expense.
I) Investments
Long-term investments (excluding investment properties), are carried individually at cost less provision for diminution, other than temporary, in the value of such investments. Current investments are carried individually, at the lower of cost and fair value. Cost of investments include acquisition charges such as brokerage, fees and duties. Investment properties are carried individually at cost less accumulated depreciation and impairment, if any. Investment properties are capitalized and depreciated in accordance with the policy stated for Tangible Fixed Assets. Impairment of investment property is determined in accordance with the policy stated for Impairment of Tangible Assets.
J) Employee benefits
a) The Company contributes towards Provident Fund, Welfare fund. Fund which is defined contribution scheme. Liability in respect thereof is determined on the basis of contribution as required to be made under the statues/rules.
b) Gratuity Liability, a defined benefit scheme, and provision for compensated absences are accrued and provided for on the basis of actuarial valuations made at the year /period end.
K) Borrowing Costs
Borrowing costs that are attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes a substantial period of time to get ready for its intended use. All other borrowing costs are charged to revenue.
L) Taxes on income
Tax expenses comprise both current and deferred tax at the applicable enacted/substantively enacted rates. Current tax represents the amount of income tax payable/recoverable in respect of the taxable income/loss for the reporting period.
M) Provisions and contingencies
A provision is recognized when the Company has a present obligation as a result of a past event, for which it is probable that cash outflow will be required and a reliable estimate can be made of the amount of the obligation. A contingent liability is disclosed when the Company has a possible or present obligation where it is not probable that an outflow of resources will be required to settle it. Contingent assets are not recognized in the financial statement.
N) Earnings per share:
Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding at end of the year.
O) Operating Cycle
Based on the nature of products/activities of the Company and the normal time between acquisition of assets and their realization in cash or cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as current and noncurrent.
Mar 31, 2015
1- Corporate Information:
Riba Textiles Limited (the Company) is a public company domiciled in
India and incorporated under the provisions of the Companies Act, 1956.
Its shares is listed on Bombay Stock Exchange (BSE). The Company is
engaged in Manufacturing & Export of terry towels.
A) Basic of Accounting & preparation of Financial Statement
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting principles in India
(India GAAP) to comply with the Accounting Standards notified under
Section 211(3C) of the Companies Act, 1956 ("the 1956 Act") (which
continue to be applicable in respect of Section 133 of the Companies
Act, 2013 ("the 2013 Act") in terms of General Circular 15/2013 dated
13 September, 2013 of the Ministry of Corporate Affairs) and the
relevant provisions of the 1956 Act/2013 Act, as applicable. The
financial statements have been prepared on accrual basis under the
historical cost convention. The accounting policies adopted in the
preparation of the financial statements are consistent with those
followed in the previous year.
B) Use of estimates
The preparation of the financial statements in conformity with India
GAAP requires the Management to make estimates and assumption
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the period in which
the results are known/ materialize.
C) . Inventories
1. Raw materials, stores and spares are valued at cost.
2. The value of work in process is taken on estimated cost of process
completed.
3. Finished goods are valued at cost or net realizable value,
whichever is less.
D) Depreciation on tangible fixed assets
Depreciation is provided on straight line basis over the useful life of
the assets, which is stated in schedule II of Companies Act, 2013 or
reassessed by the company based on technical evaluation. Accordingly
Rs. 9.67 Lac on account of assets with no remaining useful life as on
1st April 2014 has been adjusted to retained earnings.
E) Revenue recognition
Revenue including other income is recognized when no significant
uncertainty as to its' determination or realization exists.
F) Export Benefits
Export Benefits available under prevalent schemes are accrued in the
year when the right to receive credit as per the terms of the scheme is
established in respect of exports made and are accounted to the extent
there is no significant uncertainty about the measurability and
ultimate realization/utilization of such benefits.
G) Tangible fixed assets
Fixed assets are recorded at cost of acquisition or construction. They
are started at the historical cost less accumulated depreciation,
amortization and impairment loss, if any.
H) Foreign currency transaction and translations
Transactions in foreign currency are recorded at the original rates of
exchange in force at the time the transactions are effected. At the
year-end, monetary items denominated in foreign currency and forward
exchange contracts are reported using closing rates of exchange.
Exchange differences arising thereon and on realization/payment of
foreign exchange are accounted, in the relevant year, as income or
expense.
In case of forward exchange contracts, or other financial instruments
that are in substance forward exchange contracts, the premium or
discount arising at the inception of the contracts is amortized as
expense or income over the life of the contacts. Gains/losses on
settlement of transactions arising on cancellation/renewal of forward
exchange contracts are recognized as income or expense.
I) Investments
Long-term investments (excluding investment properties), are carried
individually at cost less provision for diminution, other than
temporary, in the value of such investments. Current investments are
carried individually, at the lower of cost and fair value. Cost of
investments include acquisition charges such as brokerage, fees and
duties. Investment properties are carried individually at cost less
accumulated depreciation and impairment, if any. Investment properties
are capitalized and depreciated in accordance with the policy stated
for Tangible Fixed Assets. Impairment of investment property is
determined in accordance with the policy stated for Impairment of
Tangible Assets.
J) Employee benefits
a) The Company contributes towards Provident Fund, Welfare fund. Fund
which are defined contribution scheme. Liability in respect thereof is
determined on the basis of contribution as required to be made under
the statues/rules.
b) Gratuity Liability, a defined benefit scheme, and provision for
compensated absences are accrued and provided for on the basis of
actuarial valuations made at the year /period end.
K) Borrowing Costs
Borrowing costs that are attributable to the acquisition, construction
or production of qualifying assets are capitalized as part of the cost
of such assets. A qualifying asset is one that necessarily takes a
substantial period of time to get ready for its intended use. All other
borrowing costs are charged to revenue.
L) Taxes on income
Tax expenses comprise both current and deferred tax at the applicable
enacted/substantively enacted rates. Current tax represents the amount
of income tax payable/recoverable in respect of the taxable income/loss
for the reporting period.
M) Provisions and contingencies
A provision is recognized when the Company has a present obligation as
a result of a past event, for which it is probable that cash outflow
will be required and a reliable estimate can be made of the amount of
the obligation. A contingent liability is disclosed when the Company
has a possible or present obligation where it is not probable that an
outflow of resources will be required to settle it. Contingent assets
are not recognized in the financial statement.
N) Earnings per share:
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding at end of the year.
O) Operating Cycle
Based on the nature of products/activities of the Company and the
normal time between acquisition of assets and their realization in cash
or cash equivalents, the Company has determined its operating cycle as
12 months for the purpose of classification of its assets and
liabilities as current and non- current.
Mar 31, 2014
A) Basic of Accounting & preparation of Financial Statement
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting principles in India
(India GAAP) to comply with the Accounting Standards notified under
Section 211(3C) of the Companies Act, 1956 ("the 1956 Act") (which
continue to be applicable in respect of Section 133 of the Companies
Act, 2013 ("the 2013 Act") in terms of General Circular 15/2013
dated 13 September, 2013 of the Ministry of Corporate Affairs) and the
relevant provisions of the 1956 Act/2013 Act, as applicable. The
financial statements have been prepared on accrual basis under the
historical cost convention. The accounting policies adopted in the
preparation of the financial statements are consistent with those
followed in the previous year.
B) Use of estimates
The preparation of the financial statements in conformity with India
GAAP requires the Management to make estimates and assumption
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the period in which
the results are known/ materialize.
C) . Inventories
1. Raw materials, stores and spares are valued at cost.
2. The value of work in process is taken on estimated cost of process
completed.
3. Finished goods are valued at cost or net realizable value, whichever
is less.
D) Depreciation on tangible fixed assets
Depreciation is provided using the Straight Line Method, pro rata to
the period of use, as per the useful life of the assets estimated by
the management or at the rates prescribed in Schedule XIV to the
companies Act, 1956 whichever is higher.
E) Revenue recognition
Revenue including other income is recognized when no
significantuncertainty as to its'' determination or realization
exists.
F) Export Benefits
Export Benefits available under prevalent schemes are accrued in the
year when the right to receive credit as per the tenns of the scheme is
established in respect of exports made and are accounted to the extent
there is no significant uncertainty about the measurability and
ultimate realization/utilization of such benefits.
G) Tangible fixed assets
Fixed assets are recorded at cost of acquisition or construction. They
are started at the historical cost less accumulated depreciation,
amortization and impairment loss, if any. H)
Foreign currency transaction and translations
Transactions in foreign currency are recorded at the original rates of
exchange in force at the time the transactions are effected. At the
year-end, monetary items denominated in foreign currency and forward
exchange contracts are reported using closing rates of exchange.
Exchange differences arising thereon and on realization/payment of
foreign exchange are accourted, in the relevant year, as income or
expense.
In case of forward exchange contracts, or other financial instruments
that are in substance forward exchange contracts, the premium or
discount arising at the inception of the contracts is amortized as
expense or income over the life of the contacts. Gains/losses on
settlement of transactions arising on cancellation/renewal of forward
exchange contracts are recognized as income or expense.
I) Investments
Long-term investments (excluding investment properties), are carried
individually at cost less provision for diminution, other than
temporary, in the value of such investments. Current investments are
carried individually, at the lower of cost and fair value. Cost of
investments include acquisition charges such as brokerage, fees and
duties. Investment properties are carried individually at cost less
accumulated depreciation and impairment, if any. Investment properties
are capitalized and depreciated in accordance with the policy stated
for Tangible Fixed Assets. Impairment of investment property is
determined in accordance with the policy stated for Impairment of
Tangible Assets.
J) Employee benefits
a) The Company contributes towards Provident Fund, Welfare fund. Fund
which arc defined contribution scheme. Liability in respect thereof is
determined on the basis of contribution as required to be made under
the statues/rules.
b) Gratuity Liability, a defined benefit scheme, and provision for
compensated absences are accrued and provided for on the basis of
actuarial valuations made at the year /period end.
K) Borrowing Costs
Borrowing costs that are attributable to the acquisition, construction
or production of qualifying assets are capitalized as part of the cost
of such assets. A qualifying asset is one that necessarily takes a
substantial period of time to get ready for its intended use. All other
borrowing costs are charged to revenue.
L) Taxes on income
Tax expenses comprise both current and deferred tax at the applicable
enacted/substantivcly enacted rates. Current tax represents the amount
of income tax payabie/recoverablc in respect of the taxable income/loss
for the reporting period.
M) Provisions and contingencies
A provision is recognized when the Company has a present obligation as
a result of a past event, for which it is probable that cash outflow
will be required and a reliable estimate can be made of the amount of
the obligation. A contingent liability is disclosed when the Company
has a possible or present obligation where it is not probable that an
outflow of resources will be required to settle it. Contingent assets
are not recognized in the financial statement.
N) Earnings per share:
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding at end of the year.
O) Operating Cycle
Based on the nature of products/activities of the Company and the
normal time between acquisition of assets and their realization in cash
or cash equivalents, the Company has determined its operating cycle as
12 months for the purpose of classification of its assets and
liabilities as current and non- current.
Mar 31, 2010
A) Basis of preparation of financial statements:
The financial statements are prepared under the historical cost
convention in accordance with the generally accepted principals and the
provisions of the Companys Act 1956.
B) Fixed Assets:
i) Fixed assets are shown at cost of acquisition or construction less
accumulated depreciation. All
costs including financial cost till the date of commencement of
commercial production are capitalized.
ii) Depreciation on fixed assets is provided by Schedule XIV to the
Companys Act 1956 in state line method on prorate basis
C) Inventories
i) Raw Materials, Chemicals, Stores and Spares and Fuels are valued at
cost.
ii) The value of work in process is taken on estimated cost of process
completed.
iii) Finished goods are valued at cost or net realizable value,
whichever is less.
D) Miscellaneous Expenditure
1) Unsecured loans are received from the promoters only.